Notes to the consolidated financial statements - Efacec

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62 31.12.2008 31.12.2007 Assets Liabilities Assets Liabilities Financing options - cash fl ow hedging 0 2,347,029 345,574 0 Total 0 2,347,029 345,574 0 Non-current 0 2,347,029 345,574 0 Current 0 0 0 0 The hedging option contracts were booked in Shareholders’ Funds as described in Note 2.2. The movement in the line Financial Instruments Reserves was the result of the change in fair value between the various reporting periods, less the related deferred tax assets/liabilities (note 15). 7. Customers and accrued income 31.12.2008 31.12.2007 Customers - Current 34,407 22,224 Customers - Related parties (Note 23) 0 239,371 Accrued Income - multi-year contracts 0 0 34,407 261,594 Provision for customer accounts impairment 0 0 Accounts Receivable from Customers - Net 34,407 261,594 Accrued Income - not covered by IFRS 7 231,974 0 Total 266,381 261,594 Non-current 0 0 Current 266,381 261,594 8. Other debtors and deferred costs The breakdown of this line as at 31 December 2008 and 31 December 2007 was as follows: 31.12.2008 31.12.2007 Other Debtors 327,559 665,565 - Impairment Losses -249,399 -249,399 Accounts receivable from other Debtors - net 78,160 416,166 Accounts receivable from related parties (Note 23) 51,136,467 21,396,294 Other debtors - Financial assets IFRS7 51,214,627 21,812,461 Other Debtors - not covered by IFRS7 26,242 28,257 State and other public entities 46,219 1,649,928 Deferred costs 7,870 12,342 Total 51,294,958 23,502,987 Non-current 462,598 27,000 Current 50,832,360 23,475,987 All third party non-current debts are due within fi ve years of the balance sheet date. As at 31 December 2008 and 2007, the values to receive from Other Debtors featured the following seniority analysis based on due dates for payment on balances outstanding: 31.12.2008 31.12.2007 Balances not due Balances due 50,808,957 21,812,460 Up to 90 days 0 0 From 90 to 360 days 0 0 Over 360 days 405,670 405,670 Other debtors - fi nancial assets IFRS 7 51,214,627 22,218,130 Impairment -405,670 -405,670 Net balance of other debtors - IFRS7 50,808,958 21,812,460
9. Stocks The company features no stocks. 10. Cash and cash equivalents 11. Share Capital Cash and cash equivalents 31.12.2008 31.12.2007 Cash and Sight Deposits 203,340 113,267 Time Deposits 52,700,000 0 Short-term cash investments 0 0 52,903,339 113,267 Other fi nancial investments 31.12.2008 31.12.2007 Captive deposits 6,236,577 0 The authorised capital is made up of 41,641,416 ordinary registered shares each having a par value of 1 Euro, and is entirely paid up. The company does not hold any own shares. 12. Debt to Credit Institutions As at 31 December 2008 and 31 December 2007, loans and bank overdrafts, their average annual interest rates and other conditions were as follows: 31.12.2008 31.12.2007 Non-current Bank loans 18,000,000 22,500,000 Commercial paper 63,500,000 26,000,000 Current 81,500,000 48,500,000 Bank loans 4,500,000 4,500,000 Commercial paper 87,500,000 7,500,000 Bank current accounts 13,986,688 6,156,341 105,986,688 18,156,341 Total loans 187,486,688 66,656,341 Bank financing Efacec Capital has a long-term loan from 16 November 2004 with the European Investment Bank that as at 31 December 2008, registered a value of 22,500,000 Euro, of which 4,500,000 Euro booked in current liabilities. The loan features half-yearly interest rates indexed to Euribor rate, plus a maximum spread of 0.13%. The fi rst capital amortisation was on 15 June 2008 and the others will be made on a yearly basis until 2013. Commercial paper On 8 July 2005, a Commercial Paper programme was agreed with a bank trade union, involving fi ve banks, up to a maximum value of 40,000,000 Euro. The programme has a contract period of 5 years with a requirement in excess of one year. The companies included in the Programme can issue Commercial Paper by direct placement or by auction. Efacec Capital made an issue of 26,000,000 Euro which falls due on 12 January 2009. In November 2006, a Commercial Paper programme was agreed with the Santander Totta Bank to a maximum value of 7,500,000 Euro. The programme has a contract period of 5 years with annual renewals. EFACEC Capital can issue Commercial Paper by direct placement. The current issues fall due on 13 de July de 2009. In November 2007, a Commercial Paper programme was agreed with the Fortis Bank to a maximum value of 12,500,000 Euro. The programme has a contract period of 5 years, which can be extended for periods of time to be agreed between the parties. The current issues fall due on 13 de November de 2009. 63 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
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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 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: a) The last accounts available were
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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