Notes to the consolidated financial statements - Efacec
Notes to the consolidated financial statements - Efacec
Notes to the consolidated financial statements - Efacec
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The lines included in <strong>the</strong> active balances with State and o<strong>the</strong>r Public Entities as at 31 December 2008 and 31 December 2007<br />
registered <strong>the</strong> following breakdown:<br />
31.12.2008 31.12.2007<br />
Income Tax 0 1,849,185<br />
Value added tax <strong>to</strong> recover 6,039,066 12,398,015<br />
O<strong>the</strong>r taxes <strong>to</strong> recover 1,927,710 0<br />
27<br />
7,966,776 14,247,200<br />
The legislation change that occurred in 2007 concerning Value Added Tax in relation <strong>to</strong> construction contracts had a signifi cant<br />
impact on some Group companies. This change means <strong>the</strong> continuous existence of VAT credit balances with <strong>the</strong> State of substantial<br />
amounts, which are periodically subject <strong>to</strong> recovery processes. The line O<strong>the</strong>r Deb<strong>to</strong>rs is made up of balances with entities of<br />
various kinds, which overall are considered acceptable taking in<strong>to</strong> account <strong>the</strong> operational activities of <strong>the</strong> Group.<br />
11. S<strong>to</strong>cks<br />
31.12.2008 31.12.2007<br />
Raw materials 20,605,179 12,850,082<br />
Merchandise 2,816,071 1,484,131<br />
Work in progress 30,918,869 26,281,915<br />
Finished goods 5,932,612 6,609,368<br />
60,272,731 47,225,497<br />
The line Work in Progress includes work relating <strong>to</strong> multi-year contracts (Note 1.10 and 29).<br />
Buildings held for sale by <strong>the</strong> real estate company GEMP for <strong>the</strong> amount of 931,196 Euro (1,242,908 Euro at <strong>the</strong> end of 2007)<br />
were shown in <strong>the</strong> line Assets Held for Sale.<br />
12. Monetary instruments<br />
31.12.2008 31.12.2007<br />
Cash and cash equivalents<br />
Cash and Sight Deposits 17,249,589 10,213,594<br />
Time Deposits 58,936,577 0<br />
Short-term cash investments 34,340,246 1,526,260<br />
O<strong>the</strong>r Financial Investments<br />
110,526,411 11,739,854<br />
Captive deposits 16,992,032 0<br />
13. Share Capital<br />
The authorised capital is made up of 41,641,416 ordinary registered shares each having a par value of 1 Euro, and is entirely paid<br />
up. The company does not hold any own shares.<br />
2008 Consolidated and<br />
Individual Financial Statments