Notes to the consolidated financial statements - Efacec

Other Creditors 31.12.2008 31.12.2007
Other creditors - various 356,433 53,545
Other creditors: related parties 1,744,948 15,450,546
Other debtors - Financial assets IFRS7 2,101,381 15,504,091
Other various creditors not covered by IFRS7 245,736 0
State and other public entities 914,434 281,294
Cost Accruals: 390,856 545,616
Cost Accruals - costs for work in progress 4,641 0
Cost Accruals - remuneration to pay 218,248 148,476
Cost Accruals - interest to pay 0 394,384
Cost Accruals - insurance to pay 0 181
Cost Accruals - other 167,968 2,576
Total 3,652,407 16,331,001
Non-current 0 0
Current 3,652,407 16,331,001
The current amount due to Suppliers, whether for services or fi xed assets, is almost entirely due within 90 days, which refl ects the
normal conditions negotiated with the Company’s Suppliers.
14. Deferred income
There is no Deferred Income.
15. Deferred taxes
Deferred tax assets and liabilities are set off against each other if the company has a legally executable right to set off current
tax assets against current tax liabilities, and when the deferred taxes concern the same tax authority. End of year values were as
follows:
2008 2007
Deferred tax assets
Deferred tax assets recoverable after 12 months 1,221,721 598,579
Deferred tax assets recoverable within 12 months 0 0
Deferred tax liabilities
1,221,721 598,579
Deferred tax liabilities recoverable after 12 months 3,531,672 3,513,491
Deferred tax liabilities recoverable within 12 months 0 0
3,531,672 3,513,491
Total -2,309,951 -2,914,912
The movements on deferred tax assets and liabilities during the year were as follows:
Impairment
Losses Inv. Fin.
Impairment Losses
Customers/Other
66
Options Adjust. IFRS Other Total
As at 1 de January de 2007 564,025 0 15,447 27,432 606,904
Carried to profi t and loss -294 0 -1,877 6,366 4,195
Carried to equity 0 0 -12,520 -12,520
Other variations -41,412 41,412 0
As at 31 de December de 2007 522,319 41,412 0 1,050 33,798 598,579
Carried to profi t and loss 0 0 0 -885 2,064 1,179
Carried to equity 0 0 621,963 0 0 621,963
Other variations 0 0 0 0 0 0
As at 31,12,2008 522,319 41,412 621,963 165 35,862 1,221,721
Deferred tax assets for provisions will be written off proportionately to the use of the related provisions.
Deferred tax assets for provisions on investments correspond to shareholdings in Liaoyang Efacec Electric Equipment Corp. Ltd.
and Portugal Space, SA.
Deferred tax booked in shareholders’ funds during the period concerns hedging operations for fi nancing (Note 6).