Notes to the consolidated financial statements - Efacec

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The lines included in the active balances with State and other Public Entities as at 31 December 2008 and 31 December 2007 registered the following breakdown: 31.12.2008 31.12.2007 Income Tax 0 1,849,185 Value added tax to recover 6,039,066 12,398,015 Other taxes to recover 1,927,710 0 27 7,966,776 14,247,200 The legislation change that occurred in 2007 concerning Value Added Tax in relation to construction contracts had a signifi cant impact on some Group companies. This change means the continuous existence of VAT credit balances with the State of substantial amounts, which are periodically subject to recovery processes. The line Other Debtors is made up of balances with entities of various kinds, which overall are considered acceptable taking into account the operational activities of the Group. 11. Stocks 31.12.2008 31.12.2007 Raw materials 20,605,179 12,850,082 Merchandise 2,816,071 1,484,131 Work in progress 30,918,869 26,281,915 Finished goods 5,932,612 6,609,368 60,272,731 47,225,497 The line Work in Progress includes work relating to multi-year contracts (Note 1.10 and 29). Buildings held for sale by the real estate company GEMP for the amount of 931,196 Euro (1,242,908 Euro at the end of 2007) were shown in the line Assets Held for Sale. 12. Monetary instruments 31.12.2008 31.12.2007 Cash and cash equivalents Cash and Sight Deposits 17,249,589 10,213,594 Time Deposits 58,936,577 0 Short-term cash investments 34,340,246 1,526,260 Other Financial Investments 110,526,411 11,739,854 Captive deposits 16,992,032 0 13. Share Capital 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 up. The company does not hold any own shares. 2008 Consolidated and Individual Financial Statments
14. Suppliers, other creditors and accruals The breakdown of this line is as follows: 28 31.12.2008 31.12.2007 Suppliers - Current account 88,246,600 72,418,135 Suppliers - related parties (Note 27) 2,965,770 2,101,381 Suppliers - bills payable 0 0 Suppliers,invoices received and being checked 12,003,948 5,269,094 103,216,319 79,788,610 Fixed asset suppliers, Current account 1,649,404 2,598,015 Total 104,865,722 82,386,625 Non-current 1,051,246 2,598,015 Current 103,814,476 79,788,610 31.12.2008 31.12.2007 State and other public entities 5,562,533 6,700,951 Other creditors - related parties 1,141,357 879,818 Other creditors - various 21,640,286 11,015,417 Accruals: 21,952,737 11,933,052 Accruals - costs for work in progress 8,322,483 524,837 Accruals - remuneration to pay 9,908,650 8,542,833 Accruals - interest to pay 578,082 1,029,176 Accruals - insurance to pay 217,713 320,852 Accruals - royalties to pay 154,729 119,776 Accruals - other 2,771,080 1,395,578 Total 50,296,912 30,529,238 *Non-current 3,958,939 3,477,160 *Current 46,337,973 27,052,078 The non-current part of Other Creditors includes the amount of 3,669,818 Euro corresponding to the discounted value of future payments in dollars within the scope of the acquisition of Advanced Control Systems, Inc. On 31 December 2008 the respective update was carried out resulting in a time effect of 297,603 Euro, and an unfavourable interest rate effect of 184,176 Euro, both booked under fi nancial cost for the year. The current amount due to Suppliers, for raw-materials and other services, is almost entirely due within 90 days, which refl ects the normal conditions negotiated with the company’s suppliers. As pertains Suppliers of fi xed assets, the value of 1,019,395 refers to a leasing contract for equipment which will be written off on a monthly basis across an 8-year period. 31.12.2008 31.12.2007 Suppliers Suppliers to pay - Current To be paid within 90 days 103,202,647 79,778,480 To be paid in over 90 days 13,672 10,130 Suppliers balance 103,216,319 79,788,610 31.12.2008 31.12.2007 Fixed Assets Suppliers Suppliers to pay - Non-current To be paid within 90 days 630,009 2,598,015 To be paid in over 90 days 1,019,395 0 Fixed assets suppliers balance 1,649,404 2,598,015 The credit balances with State and Other Public Entities as at 31 December 2008 and 31 December 2007 were made up as follows:
Page 2: 1 2 Index Consolidated Financial St
Page 5 and 6: Non-current assets EFACEC Capital,
Page 7 and 8: EFACEC Capital, S.G.P.S., S.A. and
Page 9 and 10: EFACEC Capital, S.G.P.S., S.A. and
Page 11 and 12: In view of the fact that applying t
Page 13 and 14: 1.5 Tangible Fixed Assets Land and
Page 15 and 16: 1.11 Accounts receivable from custo
Page 17 and 18: 2. Financial risk management 2.1 Fa
Page 19 and 20: C. Segment Information 3. Reporting
Page 21 and 22: D. Notes to the Balance Sheets as a
Page 23 and 24: 22 31.12.2008 31.12.2007 ATM - Assi
Page 25 and 26: 24 31.12.2008 31.12.2007 Opening ba
Page 27: 9. Customers and accrued income The
Page 31 and 32: Companies and has period of 5 years
Page 33 and 34: At variable rates 32 31.12.2008 31.
Page 35 and 36: The amount shown as a reduction in
Page 37 and 38: 24. Dividends per share The dividen
Page 39 and 40: 27.1 Transactions in 2008 and 2007
Page 41 and 42: 31.12.2008 31.12.2007 Associated co
Page 43 and 44: G. List of companies consolidated 3
Page 45 and 46: (f) This company is held by the gro
Page 47 and 48: 47 2008 Consolidated and Individual
Page 49 and 50: Efacec Capital, SGPS, S.A. Consolid
Page 51 and 52: Merger Reserve Other Reserves Retai
Page 53 and 54: A. General information Notes to the
Page 55 and 56: in the profi t and loss account of
Page 57 and 58: 1.16 Subsidies Subsidies received a
Page 59 and 60: C. Notes on the Balance Sheets as a
Page 61 and 62: a) The last accounts available were
Page 63 and 64: 9. Stocks The company features no s
Page 65 and 66: The fair value of current and non-c
Page 67 and 68: Revaluation Options Total As at 1 d
Page 69 and 70: 19. Income Tax The reconciliation o
Page 71 and 72: 2008 2007 Current transactions Grou
Page 73 and 74: To the Shareholders, Report and Opi

Notes to the consolidated financial statements - Efacec

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