Notes to the consolidated financial statements - Efacec

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.