Notes to the consolidated financial statements - Efacec

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21. Financial costs - net 22. Income Tax 31.12.2008 31.12.2007 Interest payable: Bank loans (Note 15) 6,622,123 4,291,270 35 6,622,337 4,291,270 Net foreign exchange gains /losses Gains/losses of fair value on fi nancial instruments: Transfer from Shareholders’ funds (Note 8): 6,381,337 -57,834 Foreign exchange options: Cash fl ow hedging 680,293 344,278 Other 679,641 287,869 14,363,394 4,865,583 31.12.2008 31.12.2007 Current tax 10,367,592 3,540,141 Deferred tax (note 16) -4,665,634 499,589 Tax estimate 5,701,958 4,039,730 Tax from previous years 465,996 -102,658 The reconciliation of consolidated corporation tax is as follows: 23. Profit per share 6,167,954 3,937,072 31,12,2008 31,12,2007 Profi ts before Tax 30,892,576 21,685,135 Tax rate 26.50% 26.50% Tax at rate of 26.5% 8,186,533 5,746,561 Tax rate difference of foreign subsidiaries Permanent differences 1,331,414 -32,127 Costs not accepted fi scally 814,865 462,051 Income not subject to tax Impairment losses of customers -425,632 141,842 Consolidation adjustments -166,842 -287,816 Deducted R&D tax credit not deferred in 2007 -1,945,473 -1,924,250 R&D tax credit to carry -2,113,991 0 Other 21,084 -66,530 Income tax for the period 5,701,958 4,039,730 Effective tax rate 18.46% 18.63% Basic The basic profi t per share is calculated by dividing shareholders’ profi t by the average weighted number of ordinary shares issued during the year, excluding possible own shares acquired by the company (Note 13). 31.12.2008 31.12.2007 Profi t attributable to shareholders 24,136,981 17,401,185 Average weighted number of ordinary shares issued 41,641,416 41,641,416 Basic profi t per share (euro per share) 0.58 0.42 Diluted The diluted profi t per share is calculated adjusting the average weighted number of shares in circulation by including the impact of the conversion of all potentially diluting ordinary shares. In view of the fact that there are neither options nor any convertible obligation on shares, the diluted profi t per share is equal to the basic profi t per share. 2008 Consolidated and Individual Financial Statments
24. Dividends per share The dividend distribution of Efacec Capital SGPS, for 2008 and 2007, including anticipated distributions of profi t was as follows: Dividends paid 36 31.12.2008 31.12.2007 Pertaining to fi nancial year 2006 7,537,096 Pertaining to fi nancial year 2007 13,221,000 12,216,00 Pertaining to fi nancial year 2008 6,034,000 Total 19,255,000 19,753,096 Average weighted number of ordinary shares issued 41,641,416 41,641,416 Dividends per share (euro per share) 0.46 0.47 The amount of dividends for minorities was 225,642 Euro (163,674 Euro in 2007), of which 218,842 Euro pertain to the subsidiary Efacec Serviços de Manutenção e Assistência, SA and 6,800 Euro were paid by SVEP – Segurança e Vigilância Electrónica de Pessoas, Lda.
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 and 32: Companies and has period of 5 years
Page 33 and 34: At variable rates 32 31.12.2008 31.
Page 35: The amount shown as a reduction in
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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