Notes to the consolidated financial statements - Efacec

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4. Intangible assets As at 31 December 2008 there were no Intangible Assets. 5. Financial Investments 5.1. Investments in group and associated companies This line includes the value of the shareholdings involved and loans granted. The movements during the year were as follows: 60 31.12.2008 31.12.2007 Opening balance 124,446,805 129,965,394 Share in profi t 0 0 Increase in shareholding 2,870,870 1,269,165 Decrease in shareholdings -250,000 0 Other equity movements 0 992,801 Impairment loss 0 0 Loans granted 0 -7,280,555 Supplementary services 18,488,000 -500,000 Closing balance 145,555,675 124,446,805 The acquisition of fi nancial holdings refers essentially to the acquisition of subsidiary capital: Aura de Agudo (884,628 Euro), Aura de Guijo de Coria (1,329,943 Euro), Efacec Central Europe (244,137 Euro) and C&S EFACEC MV Índia (376,763 Euro). The shareholdings of the company in the main group and associated companies, none of which are quoted on stock exchanges, were as follows: 31.12.2008 31.12.2007 Value % Holding Cap. Propr. Value % Holding Cap. Propr. Group companies Efacec Energia, Máq. Equip. Elect. S.A. 34,882,194 100.0% 52,506,403 34,882,194 100.0% 41,652,659 Efacec Engenharia, S.A. 7,481,968 100.0% 18,856,650 7,481,968 100.0% 11,817,985 Efacec Ambiente 1,246,995 100.0% 8,105,582 1,246,996 100.0% 7,830,747 Efacec Serviços Manutenção Assistênca, S,A. 2,849,772 38.0% 8,427,993 2,849,772 38.0% 7,498,994 Efacec Sistemas de Electrónica, S.A. 8,203,618 100.0% 21,187,713 8,203,618 100.0% 20,970,724 Efacec Automação e Robótica, S.A. 6,572,918 100.0% 6,104,570 6,572,918 100.0% 4,336,310 Efacec Investimentos e Concessões, SGPS, S.A. 1,350,000 75.0% 910,575 1,350,000 75.0% 849,152 Efacec International Financing, SGPS 419,738 55.0% 732,067 419,738 55.0% 736,335 Efacec Marketing Internacional, S.A. 3,307,628 100.0% 756,924 3,307,628 100.0% 1,827,662 Gemp - Emprendim. Imobiliários, S.A. 142,157 100.0% 775,027 142,157 100.0% 810,859 Empovar, S.A. 15,844,886 100.0% 4,210,845 15,844,886 100.0% 4,695,752 Tech M5 Capital, SGPS 250,000 49.7% 1,438,875 Efacec Angola, Lda. 1,269,165 98.3% 1,534,321 1,269,165 80.0% 539,540 Efacec Moçambique, Lda. 5,649 2.4% 1,347,475 0 49.0% -1,697,601 Efacec do Brasil, Lda. 521,813 3.9% 2,472,801 521,813 3.9% 3,089,311 BAUEN Efacec, S.A. 679,797 76.6% 1,970,333 679,796 76.6% 1,197,045 Efacec Praha, s.r.o. 263,223 100.0% 731,654 263,223 100.0% 979,817 Efacec Malaysia SDN. BHD. (a) 12,097 1.0% 675,273 12,097 1.0% 658,736 Efacec Sist. Venezuela, C.A. 88,721 65.0% 2,732 88,721 65.0% 2,583 Efacec Central Europe Limited, SRL 244,137 100.0% 227,186 Aura de Agudo, SL 884,628 100.0% 789 Aura de Guijo de Coria, SL 1,329,943 100.0% -349 C&S Efacec MV India Pvt. Ltd. 376,763 50.0% 441,452 Efacec Contracting Central Europe GmbH 29,750 85.0% -315,518 Associated companies 88,007,560 85,386,690 EID - Emp. Invest. Desenvolv. Elect.,S.A. 2,319,737 25.0% 10,903,557 2,319,737 25.0% 9,825,135 O&M Serviços – Operação e Manutenção Industrial, S.A. 10,000 2.0% 997,035 10,000 2.0% 899,199 Liaoyang EFACEC Elect. Equip. Corp. (b) 812,428 36.3% 2,146,955 812,428 36.3% 2,153,624 3,142,165 3,142,165 Total Inv. in Group and Assoc. companies 91,149,725 88,528,855
a) The last accounts available were as at December 2007. b) The last accounts available were as at November 2006. The values shown correspond to the cost of acquisition of the holdings, except in those cases where an impairment loss had been recorded, presented in the following table: Acquisition Cost Impairment Net Value Liaoyang EFACEC Elect. Equip. Corp. 2,458,442 -1,646,014 812,428 Efacec Moçambique, Lda. 123,827 -118,178 5,649 EFACEC Angola, Lda. 1,370,545 -101,380 1,269,165 3,952,814 -1,865,571 2,087,242 This line also includes benefi ts and fi nancing loans to the following subsidiaries and associated companies: Supplementary Services 61 31.12. 2008 31.12. 2007 Efacec Energia, Máquinas e Equipamentos Eléctricos, S.A. 28,000,000 14,000,000 Efacec Engenharia, S.A. 3,000,000 1,000,000 Efacec Ambiente, S.A. 5,000,000 4,000,000 Efacec Sistemas de Electrónica, S.A. 3,900,000 3,900,000 Efacec Automação e Robótica, S.A. 2,000,000 600,000 GEMP – Empreendimentos Imobiliários, S.A. 600,000 600,000 Efacec Moçambique, Lda. 88,000 0 Financing Loans 42,588,000 24,100,000 Empovar, S.A. 1,997,596 1,997,596 Efacec Serviços de Manutenção e Assistência, S.A. 8,038,315 8,038,315 Efacec Automação e Robótica, S.A. 0 0 Efacec Investimentos e Concessões, SGPS, S.A. 1,319,420 1,319,420 Efacec Angola, Lda. 350,171 350,171 Efacec Moçambique, Lda. 112,448 112,448 11,817,950 11,817,950 Total Loans 54,405,950 35,917,950 5.1 Financial investments in other companies This line includes the value of the shareholdings in Other companies and loans granted. The movements during the year were as follows: 31.12.2008 31.12.2007 Opening balance 11,517 15,365 Increase in share capital 0 0 Acquisition of investments 163,158 0 Disposal of investment 0 -3,848 Financing Loans 359,259 0 Other 0 0 Closing balance 533,934 11,517 The movements within the period refer to the acquisition of a position in the share capital of MARL Energia - Central Fotovoltaica, SA and to the concession of a loan to the same company. 6. Derivatives In relation to fi nancial risk management described in Note 2, the evaluation of fi nancial instruments as at 31 December 2008 and 2007 was as follows: Interest rate risk As at 31 December 2008, Efacec featured a portfolio of interest rate derivatives totalling 87 million Euro for BEI loans and Commercial paper (Note 12), whose market valuation was negative by 2,347,029 Euro. 2008 Consolidated and Individual Financial Statements
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1 2 Index Consolidated Financial St
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Non-current assets EFACEC Capital,
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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
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Page 21 and 22: D. Notes to the Balance Sheets as a
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Page 27 and 28: 9. Customers and accrued income The
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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
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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: C. Notes on the Balance Sheets as a
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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Notes to the consolidated financial statements - Efacec

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