Notes to the consolidated financial statements - Efacec

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There are no contingent liabilities for the shareholdings of the Group in ACEs (joint ventures),likewise, the joint ventures do not have contingent liabilities. 29. Multi-year contracts Amounts relating to multi-year contracts for the year ended 31 December 2008 were as follows: 41 Notes 31.12.2008 31.12.2007 Income recognised in the period (closed and open contracts) 29.1 441,284,778 277,156,087 Multi-Year Contracts still open as at 31 Dec. 2008 Accumulated costs incurred to date (a) 1,079,477,534 744,245,214 Margins recognised to date (a) 200,609,995 140,897,511 Inventory in progress 29.2 9,590,454 8,096,899 Income accruals 29.2 89,828,258 57,936,793 Deferred income 29.2 130,362,696 51,423,942 a) Non consolidated values, including those for previous fi nancial years for multi-year contracts still open as at 31.12.08. 29.1 The reconciliation of the amount shown in the line Income recognised in the year concerning multi-year contracts closed or still open with the total of sales and services rendered, can be shown as follows: 31.12.2008 31.12.2007 Income recognised concerning multi-year contracts (note 1.10) 411,284,778 277,156,087 Income relating to standard manufactured products 63,084,398 46,340,012 Income relating to maintenance and assistance services 88,599,156 70,673,766 Other income 43,248,172 46,153,236 Total consolidated sales and services 606,216,504 440,323,101 29.2 Multi-year contracts for stocks relate to costs incurred, which has not yet been used in a construction work or installation, and thus the margin resulting thereof has not been recognised yet. The accrued income represents situations in which the stage of invoicing is less than the stage of completion of the project involved, so an increase is made to recognize the respective margin. This situation involves a debit to the customer for the work/ installation already carried out (Note 9 – Accrued Income). When the opposite situation occurs, when the level of invoicing is greater than that of completion, there is deferred income, which represent a credit of the customer in relation to the project being worked on (Note 18 – Deferred Invoicing), the value of which will only be recognised in future years. 2008 Consolidated and Individual Financial Statments
G. List of companies consolidated 30. Consolidation perimeter 30.1 Companies included in consolidation Companies included in the consolidation, their registered offi ces, the shareholding held by EFACEC Capital SGPS, directly or indirectly, and the method of consolidation are as follows: Portuguese companies Company name Headquarters % Control Consol. Method Efacec Capital, SGPS, S.A. Matosinhos H INT Efacec Investimentos e Concessões, SGPS, S.A. (a) Oeiras 75,0 INT Efacec International Financing, SGPS, S.A. (b) Matosinhos 55.0 INT Efacec Energia, Máquinas e Equipamentos Eléctricos, S.A. (c) Matosinhos 100.0 INT Efacec Engenharia, S.A. Maia 100.0 INT Efacec Ambiente, S.A. Maia 100.0 INT Efacec Serviços de Manutenção e Assistência, S.A. Matosinhos 80.11 INT ATM – Assistência Total em Manutenção, S.A. Barreiro 100.0 INT BCI – BRISA Conservação de Infra-estruturas, S.A. Cascais 100.0 INT Efacec Sistemas de Electrónica, S.A. (d) Maia 100.0 INT Efacec Automação e Robótica, S.A. Maia 100.0 INT Efacec Marketing Internacional, S.A. Maia 100,0 INT GEMP – Empreendimentos Imobiliários, S.A. Matosinhos 100.0 INT Empovar, S.A. Matosinhos 100.0 INT SVEP – Segurança e Vigilância Electrónica de Pessoas, Lda. Oeiras 92.0 INT S2M – Sociedade de Manutenção de Metropolitanos (Install. Fixas), S.A. Matosinhos 40.0 MEP O&M Serviços – Operação e Manutenção Industrial, S.A. Mortágua 40.0 MEP EID – Empresa de Investigação e Desenvolvimento de Electrónica, S.A. Lisbon 25.0 MEP Águas da Figueira, S.A. (e) Figueira da Foz 20.0 MEP SMA - Serv. Manut. Centrais Termoeléctricas, ACE Oeiras 100.0 PRO SPORTSER - Serv. Manut. Electromecânica, ACE Oeiras 90.0 PRO OMAP - Operação e Manut. do Sector de Adubos, ACE Oeiras 90.0 PRO SMIQ - Serv. Manut. da Indústria Química, ACE Oeiras 60.0 PRO ASIQUIM - Assist. e Serviços p/ Indústria Química, ACE Estarreja 50.0 PRO Etarlima - Tratamento de Efl uentes, ACE Viana do Castelo 50.0 PRO Ecobarcelos - Tratamento de Efl uentes, ACE Barcelos 49.0 PRO Siemens, Setal, Dégremont e Efacec - Serv. Manut., ACE Amadora 33.0 PRO Siemens e Efacec, ACE Amadora 5.0 PRO MCT - Manut. em Centrais Térmicas ACE Oeiras 90.0 PRO Etarlis, ACE Leiria 50.0 PRO Efacec Omnistal, ACE Maia 50.0 PRO EME2 - Engenharia, Manutenção e Serviços, ACE Lisbon 40.0 PRO 42
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 and 38: 24. Dividends per share The dividen
Page 39 and 40: 27.1 Transactions in 2008 and 2007
Page 41: 31.12.2008 31.12.2007 Associated co
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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