Notes to the consolidated financial statements - Efacec

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In April 2008, a Commercial Paper programme was agreed with the Santander Totta Bank to a maximum value of 20,000,000 Euro. This programme has a contract period of 3 years, and its reimbursement is made through half-yearly and consecutive amortisations to the value of 5,000,000 Euro, as of the 2nd year of the Programme. The current issues fall due on 15 de October de 2009. In June 2008, a Commercial Paper programme was agreed with Caixa Geral de Depósitos to a maximum value of 30,000,000 Euro. This programme has a contract period of 3 years with one year exemption period and the reimbursement is carried out through half-yearly amortisations to the value of 7,500,000 €. There are two simultaneous issues, one to the value of 10,000,000 € which falls due on 21 April 2009 and the other to the value of 20,000,000 € which falls due on 2 February 2009. In August 2008, a Commercial Paper programme was agreed with the BPI Bank to a maximum value of 15,000,000 Euro. The programme has a contract period of 6 months without renewal. The current issues fall due on 30 January 2009. In September 2008, a Commercial Paper programme was agreed with BARCLAYS to a maximum value of 10,000,000 Euro. This programme comprises Efacec Group Companies and has period of 5 years with yearly renewals. Efacec Capital carried out an issue for the total Programme that falls due on 8 de April de 2009. In October 2008, a Commercial Paper programme was agreed with the Banco Espírito Santo to a maximum value of 30,000,000 Euro. This programme comprises Efacec Group Companies and has period of 5 years with yearly renewals. Efacec Capital carried out an issue for the total Programme that falls due on 05 May 2009. Bank overdrafts Bank overdrafts involve the use of current credit accounts according to limits and conditions previously negotiated with fi nancial institutions and without defi ned reimbursement periods, although they are assumed to be of short duration. The average rate of these credits is indexed to Euribor plus an average spread of 0.96%. Debt Maturity The maturity dates of the loans as at 31 December 2008 are as follows: < 1 year 1-5 years > 5 years Total Non-current Bank loans 18,000,000 18,000,000 Commercial paper 63,500,000 63,500,000 Bond loans 0 0 Reimbursable Subsidies 0 Other loans 0 0 81,500,000 0 81,500,000 Current Bank overdrafts 13,986,688 13,986,688 Bank loans 4,500,000 4,500,000 Commercial paper 87,500,000 87,500,000 Bond loans 0 Bank current accounts 0 Reimbursable Subsidies Other loans 0 105,986,688 0 0 105,986,688 Total loans 105,986,688 81,500,000 0 187,486,688 Denomination of Loans The Company loans are all in Euro. Effective interest rates The effective interest rates as at the balance sheet date were as follows: 64 31.12.2008 31.12.2007 Euro Euro Bank overdrafts 4.53% 4.91% Commercial paper 5.43% 4.74% Bank loans 3.50% 4.92%
The fair value of current and non-current bank loans is close to that of the balance sheet, in view of the fact that the contracted interest rate is the same as that of the market. Interest rate risk During 2008, the net cash outfl ow of interest was 6,423 thousand Euro (Note 18). Due to the growth of Efacec Capital and accrued fi nancing needs, the gross fi nancial debt as at 31 December 2008 totalled 187,487 thousand Euro. On the other hand, interest rates tended to rise until the end of the third quarter. As at 31 December 2008, the overall average rate of fi nancing of Efacec Capital was 5.131%. Statistically, as at 31 December 2008, this rate meant an annual gross cost of 9,620 thousand Euro. On the assumption that the value of loans as of that date will continue, the sensitivity to changes in interest rates can be calculated as follows: December 2008 Final Rate Annual Cost Impact Reference fi gures (base 31 Dec.2008) Sensitivity 5.13% 9,620,131 If fi nal rate increases 1% 6.13% 11,494,998 1,874,867 If fi nal rate decreases 1% 4.13% 7,745,265 -1,874,867 December 2007 Final Rate Annual Cost Impact Reference fi gures (base 31 Dec.2007) Sensitivity 4.81% 3,587,829 If fi nal rate increases 1% 5.81% 4,333,739 745,910 If fi nal rate decreases 1% 3.81% 2,841,919 -745,910 If there were a worsening of the overall average rate of 1%, the annual interest cost would be 11,495 thousand Euro. If on the other hand there were a relief in overall interest rates of 1%, the annual interest rate cost would be 7,745 thousand Euro. The gross impact would be +/- 1,875 thousand Euro. Efacec Capital manages the interest rate risk through derivatives contracted on its medium and long-term fi nancing, thus enabling the impact of interest changes to be mitigated (Note 6). Unused Credit Lines The Company also has the following credit lines that have not yet been used: 31.12.2008 31.12.2007 At variable rates Due within one year 4,031,124 15,155,000 Due after 1 year 0 12,500,000 4,031,124 27,655,000 The credit lines due up to one year are annually automatically renewed for working capital. 13. Suppliers, creditors and accruals Suppliers 31.12.2008 31.12.2007 Suppliers - Current account 133,907 10,331 Suppliers - related parties (Note 23) 1,034,361 0 Suppliers - bills payable 0 0 Suppliers,invoices received and being checked -2,148 0 1,166,121 10,331 Fixed Assets Suppliers 74 412,611 Total 1,166,195 422,942 Non-current 0 0 Current 1,166,195 422,942 65 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
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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 and 62: a) The last accounts available were
Page 63: 9. Stocks The company features no s
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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