Notes to the consolidated financial statements - Efacec

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F. Other notes 25. Contingencies The Group has contingent liabilities for bank guarantees and other contingencies related to its business. It is not believed that any signifi cant liabilities will arise from the contingent liabilities. 37 31.12.2008 31.12.2007 Bank bills and other discounted securities 59,212 289,697 Guarantees and performance bonds 377,143,814 217,140,025 377,203,026 217,429,722 Bank guarantees are nearly totally connected to projects and orders in which the Group is involved and the customers feature as benefi ciaries. The solid increase noted refl ects the growth of the commercial portfolio with special focus on the South American countries. 26. Commitments 26.1 Commitments for investments No materially relevant commitments made by the Group exist to acquire tangible or intangible fi xed assets. 26.2 Commitments for operational leases, where the Group is lessee The Group leases a number of vehicles through irrevocable leasing contracts. The contracts have various lease periods, readjustment clauses and renewal rights. At the date of the Balance Sheet, the Group continued to have Long-Term Rental contracts (“renting”) considered as operational leases, for which future rental payments due totalled 4,010,182 Euro, with the following maturity dates: 31.12.2008 31.12.2007 Within 1 year 1,662,906 1,580,054 Between 1 and 5 years 2,246,624 2,322,998 Over 5 years 0 0 27. Related party transactions/balances 3,909,530 3,903,052 The scope of this note concerns the disclosure of transactions that took place during the period under consideration, and debit and credit balances between the Efacec Group and entities which can be considered as related parties, taking into consideration the decision making infl uence involved. Related parties are understood as Associated companies, Shareholders and Board Directors. Transactions and balances between Group companies which were eliminated on consolidation, are not disclosed. Those entities which have a over 20% of qualifi ed shareholding in the Group are: - Efacec Sistemas de Gestão, S.A 49.2% - Grupo José de Mello 25.4% - Grupo Têxtil Manuel Gonçalves 25.4% 2008 Consolidated and Individual Financial Statments
27.1 Transactions in 2008 and 2007 31.12.2008 31.12.2007 Financial transactions Associated companies Supplementary services 0 71,871 Loans granted 0 35,871 Loans received 0 0 Dividends received Shareholders 725,105 818,685 Loans granted 0 -1,070,000 Loans received 1,195,000 7,100,000 Dividends paid Other entities 19,255,000 19,753,096 Loans granted 0 -108,073 Loans received 0 0 Dividends paid 225,642 163,674 Current transactions Associated companies -17,560,537 -10,927,755 Operational income and gains 1,851,448 2,127,887 Operational costs and losses 323,902 383 Financial income and gains 89,551 80,976 Financial costs and losses 0 0 Shareholders Operational income and gains 1,235,545 227,574 Operational costs and losses 10,546,860 10,393,092 Financial income and gains 0 0 Financial costs and losses 358,558 52,079 38 -8,052,777 -8,009,117 The commercial conditions under which these transactions and services took place were under the same conditions for independent third parties. Received dividends refer essentially to the associate company S2M – Sociedade de Manutenção de Metropolitanos, SA (689,300 Euro in 2008 and 818,685 Euro in 2007). Efacec Sistemas de Gestão, in addition to being the main shareholder, also includes the Efacec Group shared services unit, which means that it has the role of a service provider to all Group companies. Therefore, the Group presents operational costs to the value of 10,546,860 Euro (in 2007 these services represented 10,392,994 Euro). The value of Loans made and received also refers to Efacec Sistemas de Gestão, S.A.
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 and 36: The amount shown as a reduction in
Page 37: 24. Dividends per share The dividen
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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