Notes to the consolidated financial statements - Efacec

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31.12.2008 31.12.2007 Income Tax 1,659,590 0 Value added tax - to pay 0 2,931,110 Social security contributions 2,566,419 2,249,188 Personal income tax 1,336,524 1,167,584 Others 0 353,068 29 5,562,533 6,700,951 In 2008, debt and credit balances with the State were compensated between Assets and Liabilities, respecting the equivalent natures of the taxes. For comparison purposes, if the compensation was not carried out, the VAT to be paid would be 3,129,968 Euro 15. Debt to Credit Institutions As at 31 December 2008 and 31 December 2007, loans and bank overdrafts, their average annual interest rates and other conditions were as follows: 31.12.2008 31.12.2007 Non-current Bank loans 22,802,328 22,500,000 Commercial paper 77,500,00 40,000,000 Reimbursable Subsidies 3,409,542 1,840,649 Other loans 2,792,928 0 Current 104,504,798 64,340,649 Bank overdrafts 34,631,407 15,533,256 Bank loans 13,404,339 7,594,589 Commercial paper 87,500,000 20,000,000 Reimbursable Subsidies 659,622 389,280 Other loans 0 3,302,301 136,195,368 46,819,426 Total loans 240,700,165 111,160,075 Bank financing The Group has a long-term loan from 16 November 2004 with the European Investment Bank that as at 31 December 2008, registered a value of 22,500,000 Euro, of which 4,500,000 Euro booked in current liabilities. The loan features half-yearly interest rates indexed to Euribor rate, plus a maximum spread of 0.13%. The fi rst capital amortisation was on 15 June 2008 and the others will be made on a yearly basis until 2013. Commercial paper On 8 July 2005, a Commercial Paper programme was agreed with a bank trade union, involving fi ve banks, up to a maximum value of 40,000,000 Euro. The programme has a contract period of 5 years with a requirement in excess of one year. The companies included in the Programme can issue Commercial Paper by direct placement or by auction. The issues underway are due on 12 January 2009. In November 2006, a second Commercial Paper programme was also agreed with the Santander Totta Bank to a maximum value of 7,500,000 Euro. The programme has a contract period of 5 years with annual renewals. EFACEC Capital can issue Commercial Paper by direct placement. The current issue falls due on 13 July 2009. In November 2007, a Commercial Paper Programme was also agreed with the Fortis Bank S.A. to a maximum value of 12,500,000 Euro. The programme has a contract period of 5 years, which can be extended for periods of time to be agreed between the parties. The current issue falls due on 13 November 2009. In April 2008, a Commercial Paper Programme was also agreed with the Santander Totta Bank to a maximum value of 20,000,000 Euro. This programme has a contract period of 3 years, and its reimbursement is made through half-yearly and consecutive amortisations to the value of 5,000,000 Euro, as of the 2nd year of the Programme. The current issue falls due on 15 October 2009. In June 2008, a Commercial Paper Programme was also agreed with the Caixa Geral de Depósitos to a maximum value of 30,000,000 Euro. This programme has a contract period of 3 years with one year exemption period and the reimbursement is carried out through half-yearly amortisations to the value of 7,500,000 €. There are two simultaneous issues, one of 10,000,000 € which falls due on 21 April 2009 and another to the value of 20.000.000 € which falls due on 2 February 2009. In August 2008 a Commercial paper programme was agreed upon with BPI to a maximum value of 15,000,000 Euro. The programme has a contract period of 6 months without renewal. The current issue falls due on 30 January 2009. In September 2008, a Commercial Paper Programme was also agreed with BARCLAYS to a maximum value of 10,000,000 Euro. This programme comprises Efacec Group 2008 Consolidated and Individual Financial Statments
Companies and has period of 5 years with yearly renewals. Efacec Capital SGPS, SA carried out an issue for the total Programme that falls due on 8 April 2009. In October 2008 a Commercial Paper Programme was agreed upon with the Espírito Santo Bank to a maximum value of 30,000,000 Euro. This programme comprises Efacec Group Companies and has period of 5 years with yearly renewals. Efacec Capital SGPS, SA carried out an issue for the total Programme that falls due on 5 May 2009. Reimbursable subsidies These arise from contracts for investment projects fi nanced by European Union and Portuguese funds under the POE scheme. As at 31 December 2008, this line included 4,069,163 Euro received from AICEP – Agência para o Investimento e Comércio Externo de Portugal, by the subsidiary Efacec Energia between 2005 and 2008, pertaining to the three investment contracts. The reimbursement plans are half-yearly and go until 2015. The due part is less than a year away to the value of 659,622 Euro. Bank overdrafts Bank overdrafts involve the use of current credit accounts according to limits and conditions previously negotiated with fi nancial institutions and without defi ned reimbursement periods, although they are assumed to be of short duration. The average rate of these credits is indexed to Euribor plus an average spread of 0.96%. Other loans The line Other Non-Current Loans refers to a fi nancing operation celebrated with the Santander Totta Bank within the scope of the MAIS Programme, for investment projects carried out by the company which can be assigned community funds. Debt Maturity The maturity dates of the loans as at 31 December 2008 are as follows: Non-current5 Denomination of Loans < 1 year 1-5 years > 5 years Total Bank loans 0 20,802,328 0 20,802,328 Commercial paper 0 77,500,000 0 77,500,00 Reimbursable Subsidies 0 3,321,094 88,448 3,409,542 Other loans 0 2,792,928 0 2,792,928 Total Current 0 104,416,350 88,448 104,504,798 Bank loans 34,631,407 0 0 34,631,407 Commercial paper 13,404,339 0 0 13,404,339 Bank overdrafts 87,500,00 0 0 87,500,00 Reimbursable Subsidies 659,622 0 0 659,622 Other loans 0 0 0 0 136,195,368 0 0 136,195,368 Total loans 136,195,368 104,416,350 88,448 240,700,165 The accounting value of Group loans is denominated in the following currencies: 31.12.2008 31.12.2007 Euro 229,264,998 105,532,281 US Dollar 8,172,888 3,906,325 New Metical 2,961,343 1,398,791 Argentinian Peso 300,937 322,679 30 240,700,166 111,160,075 Debt contracted by Group companies based in Portugal is wholly denominated in Euro. The other fi gures relate to fi nancing contracted locally by international companies. Effective interest rates The effective interest rates as at the balance sheet date were 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 and 28: 9. Customers and accrued income The
Page 29: 14. Suppliers, other creditors and
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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