Notes to the consolidated financial statements - Efacec

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31.12.2008 31.12.2007 Bank overdrafts EUR 4.53% 4.91% USD 1.94% 13.23% MZN 15.05% 16.25% ARS 20.20% 13.94% Commercial paper EUR 5.45% 4.74% Medium/Long-Term Loans EUR 3.50% 4.92% USD 4.59% Reimbursable Subsidies EUR 3.67% 4.62% The above currencies correspond to those in which loans are denominated, and can vary from time to time from the indices used (in the case of the USD, in 2007). The fair value of current and non-current Debt to Credit Institutions is close to the balance sheet value due to the fact that the contracted interest rate is the same as the market rate, given the fi nancing conditions in those countries in which Efacec operates. Interest rate risk During 2008, the net cash outfl ow of interest was 6,210 thousand Euro (Note 21). Due to the growth of the Group and accrued fi nancing needs, the gross fi nancial debt as at 31 December 2008 totalled 240,700 thousand Euro. On the other hand, interest rates tended to rise until the end of the third quarter. As at 31 December 2008, the overall rate of global EFACEC fi nancing increased to 5.17%% (compared to 4.81% in 2007), involving several currencies, countries and fi nancing methods. Statistically, as at 31 December 2008, this rate meant an annual gross cost of 12,437 thousand Euro. On the assumption that the value of debt as of that date will continue, the sensitivity to changes in interest rates can be calculated as follows: Tx Final Annual Cost Impact As at December 2008 EUR Reference fi gures (Base: 31.Dec.2008) Sensitivity 5.17% 12,437,164 -If fi nal rate increases 1% 6.17% 14,844,166 2,407,002 -If fi nal rate decreases 1% 4.17% 10,030,163 -2,407,002 As at December 2007 EUR Reference fi gures (Base: 31.Dec.2008) Sensitivity 4.81% 5,341,447 -If fi nal rate increases 1% 5.81% 6,453,037 1,111,590 -If fi nal rate decreases 1% 3.81% 4,229,857 -1,111,590 If there were a worsening of the overall average rate of the Euro in 1%, the annual interest cost would be 14,844 thousand Euro. If on the other hand there were a relief in overall interest rates of 1%, the annual interest rate cost would be 10,030 thousand Euro. The gross impact would be +/- 2,407 thousand Euro (+/- 1,112 thousand Euro in 2007). As pertains to the other currencies used in Group company fi nancing, the values are not too relevant: for debt values at Balance date, the sensitivity to variations of the USD was +/- 54 thousand Euro, and in the case of the Metical (Mozambique) it was +/- 29 thousand Euro. The Group manages the interest rate risk through derivatives contracted on its medium and long-term fi nancing, thus enabling the impact of interest changes to be mitigated (Note 2.1, 2.2 and 8). Unused Credit Lines The Group also has the following credit lines that have not yet been used: 31 2008 Consolidated and Individual Financial Statments
At variable rates 32 31.12.2008 31.12.2007 Due within one year 13,876,047 35,109,890 Due over one year 0 12,500,000 13,876,047 47,609,890 The credit lines due up to one year are automatically renewed on an annual basis. The amount presented in 2007 due over 1 year referred to a Commercial Paper Programme agreed upon at the end of the year, whose issues effectively occurred in 2008. 16. Deferred taxes The deferred tax assets and liabilities are as follows: 31.12.2008 31.12.2007 Deferred tax assets: Deferred tax assets recoverable after 12 months 10,445,617 4,243,415 Deferred tax assets recoverable within 12 months 0 0 Deferred tax liabilities: 10,445,617 4,243,415 Deferred tax liabilities recoverable after 12 months 5,691,747 6,342,351 Deferred tax liabilities recoverable within 12 months 0 0 5,691,747 6,342,351 4,753,80 -2,098,936 Deferred tax assets Deferred tax assets were split as follows: Impairment losses invest- Impairment losses works Impairment losses receivables/other Tax losses Options Adjust. IFRS Other Total As at 01.01.2007 564,025 519,934 2,296,580 42,607 53,963 48,124 1,634,031 5,159,264 Carried to profi t and loss -295 -90,852 189,111 -40,608 144,534 5,728 -1,067,994 -860,376 Entries to consolidation perim- 0 0 0 0 0 125,086 0 125,086 Exchange rate differences 0 0 0 0 0 -13,179 0 -13,179 Carried to equity 0 0 0 0 -167,379 0 0 -167,379 Exits from the consolidation 0 0 0 0 0 0 0 0 Other variations -41,411 -130,175 171,389 0 0 -13,452 13,649 0 As at 31.12.2007 522,319 298,907 2,657,080 1,999 31,118 152,307 579,686 4,243,415 Carried to profi t and loss 0 238,500 -20,113 423,494 1,536,523 -2,209 2,026,802 4,202,997 Entries to consolidation perim- 0 0 0 0 0 0 7,469 7,469 Exchange rate differences 0 0 0 59,408 0 -154 -810 58,444 Carried to equity 0 0 0 0 1,500,682 0 0 1,500,682 Exits from the consolidation 0 0 0 0 0 0 0 0 Other variations 0 0 0 585,763 0 -149,779 -3,374 432,610 As at 31.12.2008 522,319 537,407 2,636,967 1,070,663 3,068,323 165 2,609,773 10,445,617 The deferred tax assets for impairment losses will be carried to profi t and loss proportionately to the use of the related provisions. The deferred tax assets concerning impairment losses for investments are for shareholdings in Liaoyang EFACEC Electric Equipment Co Ltd (Note 6) and in Portugal Space (Note 7). The deferred tax asset for tax losses refers mainly to the subsidiary Advanced Control Systems, a company acquired by the Group in 2007. Deferred tax assets on tax losses are recognised depending on the probability of taking advantage of the related tax benefi t through future taxable profi ts. The line "Others" includes deferred tax assets pertaining to the tax benefi ts for research and development (within the scope of SIFIDE) carried on to the value of 2,114 thousand Euro.
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 and 30: 14. Suppliers, other creditors and
Page 31: Companies and has period of 5 years
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

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