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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21. Financial costs - net<br />
22. Income Tax<br />
31.12.2008 31.12.2007<br />
Interest payable:<br />
Bank loans (Note 15) 6,622,123 4,291,270<br />
35<br />
6,622,337 4,291,270<br />
Net foreign exchange gains /losses<br />
Gains/losses of fair value on fi nancial instruments:<br />
Transfer from Shareholders’ funds (Note 8):<br />
6,381,337 -57,834<br />
Foreign exchange options: Cash fl ow hedging 680,293 344,278<br />
O<strong>the</strong>r 679,641 287,869<br />
14,363,394 4,865,583<br />
31.12.2008 31.12.2007<br />
Current tax 10,367,592 3,540,141<br />
Deferred tax (note 16) -4,665,634 499,589<br />
Tax estimate 5,701,958 4,039,730<br />
Tax from previous years 465,996 -102,658<br />
The reconciliation of <strong>consolidated</strong> corporation tax is as follows:<br />
23. Profit per share<br />
6,167,954 3,937,072<br />
31,12,2008 31,12,2007<br />
Profi ts before Tax 30,892,576 21,685,135<br />
Tax rate 26.50% 26.50%<br />
Tax at rate of 26.5% 8,186,533 5,746,561<br />
Tax rate difference of foreign subsidiaries<br />
Permanent differences<br />
1,331,414 -32,127<br />
Costs not accepted fi scally 814,865 462,051<br />
Income not subject <strong>to</strong> tax<br />
Impairment losses of cus<strong>to</strong>mers<br />
-425,632 141,842<br />
Consolidation adjustments -166,842 -287,816<br />
Deducted R&D tax credit not deferred in 2007 -1,945,473 -1,924,250<br />
R&D tax credit <strong>to</strong> carry -2,113,991 0<br />
O<strong>the</strong>r 21,084 -66,530<br />
Income tax for <strong>the</strong> period 5,701,958 4,039,730<br />
Effective tax rate 18.46% 18.63%<br />
Basic<br />
The basic profi t per share is calculated by dividing shareholders’ profi t by <strong>the</strong> average weighted number of ordinary shares issued<br />
during <strong>the</strong> year, excluding possible own shares acquired by <strong>the</strong> company (Note 13).<br />
31.12.2008 31.12.2007<br />
Profi t attributable <strong>to</strong> shareholders 24,136,981 17,401,185<br />
Average weighted number of ordinary shares issued 41,641,416 41,641,416<br />
Basic profi t per share (euro per share) 0.58 0.42<br />
Diluted<br />
The diluted profi t per share is calculated adjusting <strong>the</strong> average weighted number of shares in circulation by including <strong>the</strong> impact<br />
of <strong>the</strong> conversion of all potentially diluting ordinary shares. In view of <strong>the</strong> fact that <strong>the</strong>re are nei<strong>the</strong>r options nor any convertible<br />
obligation on shares, <strong>the</strong> diluted profi t per share is equal <strong>to</strong> <strong>the</strong> basic profi t per share.<br />
2008 Consolidated and<br />
Individual Financial Statments
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