C M Y CM MY CY CMY K 2008 ANNUAL REPORT · cubierta informe 08 ing af 21/4/09 16:32 p˜gina 1 c m y...

CUBIERTA INFORME 08 ing AF 21/4/09 16:32 P�gina 1

C M Y CM MY CY CMY K

2008 ANNUAL REPORTCOMPAÑÍA ESPAÑOLA DE FINANCIACIÓN DEL DESARROLLO, COFIDES, S.A.

www.cofides.es

COMPAÑÍA ESPAÑOLADE FINANCIACIÓNDEL DESARROLLO, COFIDES, S.A.

Headquarters

C/ Príncipe de Vergara, 13228002 Madrid (Spain)Phone: (+34) 91 562 60 08

(+34) 91 745 44 80Telefax: (+34) 91 561 00 15E-mail: [email protected]

COFIDES branch office in Catalonia

C/ Pau Clarís nº 172 - planta 5ª - puerta 2ª A08037 Barcelona (Spain)Phone: (+34) 93 215 13 03Telefax: (+34) 93 467 53 46E-mail: [email protected]

COFIDES branch office in Morocco

33, Bvd Moulay Youssef, 1ère étageCasablanca (Morocco)Phone: (+212) 5 22 47 56 22

(+212) 5 22 47 56 16Telefax: (+212) 5 22 47 56 88E-mail: [email protected]

COFIDES branch office in Mexico

Avenida Presidente Mazaryk, 473Colonia Los Morales Polanco11510 México D.F. (Mexico)Phone: (+52) 55 5280 9577Telefax: (+52) 55 9138 6045E-mail: [email protected]

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15

Mapof activity

COFIDES

14 MAP OF ACTIVITY

17

Portfolio ofinvestments

under COFIDES

managementon 31/12/2008

16 PORTFOLIO OF INVESTMENTS UNDER COFIDES MANAGEMENT ON 31/12/2008

AFRICA

COUNTRY INDUSTRY BUSINESS PROJECT COMPANY SPONSOR EQUITY QUASI-EQUITY LOAN

Algeria Energy BO&M solar thermal plant Solar Power Plant One Abener Energía XMauritius Services Preventive health at the workplace Careworks Africa EFP (IFU) XKenya Energy Electric power generation Rabai Power EFP (PROPARCO) XKenya Finance Micro-finance Equity Bank EFP (FMO) XKenya Energy Geothermal power generation OrPower4 EFP (DEG) XMali Textiles and footwear Tanning TAO Curtidos Corderroura XMorocco Chemistry Vegetable packaging Madera Fibra Maroc Maderfibra XMorocco Agri-food Fruit and vegetable preserves Debbagh et Rodenas Conserverie Agroalimentaire Antonio Ródenas Meseguer XMorocco Textiles and footwear Textile production Interpunt Pulligan Internacional XMorocco Construction Real estate development: social housing Mixta Maroc Mixta África XMozambique Services Private hospital Maputo Private Hospital EFP (DEG) XRegional Finance Investment project financing European Financing Partners EDFI-EIB XSenegal Chemistry Cement production Les Cements du Sahel EFP (DEG) XSenegal Hostelry Hotel construction Baobab Investments Tegecovi XSouth Africa Transport infrastructure Toll motorway Bakwena Platinum Corridor Consortium Dragados y Construcciones XTanzania Services Air line Precision Air Services EFP (FINNFUND) XTanzania Telecommunications Mobile telephony operator Millicom EFP (PROPARCO) X

LATIN AMERICA


Argentina Capital goods Machinery for the food industry Frigoríficos Doina Grupo Fibosa XArgentina Capital goods Plumbing articles Tres Sietes Genebre XArgentina Chemistry Plastic packaging EDP-Míguez EDP XArgentina Automobile Large-scale press-forming Gestamp Argentina Gestamp XArgentina Leisure DVD recording and sale Ediciones Folio Argentina Ediciones Folio XArgentina Agri-food Cuttlefish fishery Vieira Argentina Grupo Vieira XArgentina Hostelry Tourism and hotels La Sireneuse Mareire Consulting XBrazil Tourism Hotel construction and operation Alagamar Empreendimentos Turisticos Grupo Sehrs XBrazil Leisure Cineplex Cinebox do Brasil Cineocio Desarrollo XBrazil Agri-food Natural extracts Exnama Natra XBrazil Metal working Plumbing and drainage material Genebre do Brasil Genebre XBrazil Capital goods Irrigation systems Azud do Brasil Sistema Azud XBrazil Energy Electric power transmission line ATE Transmisora do energía Abengoa XBrazil Environment Waste management Karumbé Grupo de inversiones Ros Roca Group XBrazil Environment Wind generation Ventos do Sul Energía Elecnor XBrazil Energy Electric power generation Guascor do Brasil Guascor XChile Agri-food Salmon fish farm Pescachile Pescanova XChile Chemistry Varnish and paint Barpimo Chile Barpimo XChile Mining and quarrying Marble quarrying Rocas Chile Mármoles San Marino XChile Transport infrastructure Toll motorway Americo Vespucio Norte Dragados y Construcciones X XChile Agri-food Mussel processing Blue Shell Mascato XChile Agri-food Preserves Inmuebles Cataluña Conservas Dani X XChile Services Chemical analyses Agriquem América Labs&Technological Holding Solea XEcuador Agri-food Preserves Conservas Garavilla Ecuador Conservas Garavilla XEl Salvador Chemistry Veterinary laboratory Lhisa El Salvador Invesa Internacional XMexico Textiles and footwear Sports clothing Lorpen México Industrias Savidai XMexico Capital goods Machinery for livestock Gashor Equipos de Panificación Equipos de Panificación XMexico Transport infrastructure Toll motorway CONMEX OHL Concesiones X

18 PORTFOLIO OF INVESTMENTS UNDER COFIDES MANAGEMENT ON 31/12/2008


Mexico Capital goods Medical equipment I.L. Diagnostics C.H. Werfen XMexico Agri-food Glasshouse vegetables Almerimex Agrupaejido XMexico Capital goods Irrigation systems Siberline México Siberline XMexico Tourism Hotel construction and operation Newco México Occidental Hoteles XMexico Textiles and footwear Shoe laces Murtraleón SA Grober XMexico Automobile Large-scale press-forming Gestamp Cartera de México Gestamp XMexico Automobile Large-scale press-forming Gestamp Cartera de México Toluca Gestamp XMexico Consumer electronics Valves for barbeque grills Copreci de México Copreci Sociedad Cooperativa XMexico Environment Waste water treatment ADESA AREMA XMexico Hostelry Hotel construction and operation OHCM OHL XMexico Consumer electronics Vitroceramic hobs Eika México Eika XMexico Metal working Bridge cranes Equipos de elevación y mantenimiento Industrias Electromecánicas GH XMexico Telecommunications Antenna manufacture RYMSA de México Radiación y Microondas XMexico Consumer electronics Lamp manufacture TM Industrial J. Feliu de la Penya XMexico Automobile Automobile tooling Auxim de México Auxim XMexico Chemistry Plastic packaging and applicator manufacture Menshen Mexicana Menshen Iber XMexico Automobile Automobile components Tapsa de CV Bravo Enterprises XMexico Services Textile logistics warehouse Logisfashion México Logisfashion XMexico Environment Industrial waste management Sistemas Desarrollo Sustentables Befesa Medio Ambiente XMexico Electronics Measuring and electrical instrument manufacture Arteche México Arteche Lantegi Elkartea XMexico Transport infrastructure Road construction and operation Concesionaria de Autopistas del Sureste Aldesa Construcciones XMexico Telecommunications Information technologies Dominion México Global Dominion Access XMexico Textiles and footwear Children’s clothing retail Operadora Chaval Neck Child XMexico Metal working Steel component man. Aernnova Componentes Aeronaúticos de México Aernnova Aerospace XMexico Metal working Steel component man. Aernnova Estructuras Aeronaúticas de México Aernnova Aerospace XMexico Services Library software Baratz México Baratz XPeru Agri-food Scallop aquiculture Vieira Perú Grupo Vieira XDominican Rep. Tourism Theme park Arrecife Grupo Nimo XDominican Rep. Consumer electronics Compact equipment man. and dist. Isofotón Dominicana Isofotón XUruguay Capital goods Machinery for the food industry Fibosa Hispania Grupo Fibosa X

ASIA


China Agri-food Mushroom growing Ayecué Liaocheng Foodstuff Ayecué XChina Capital goods Lift components Shouzhou Savera Shangwu Elevator Perfiles Especiales Selak XChina Chemistry Thermoplastic injection Suzhou Giravi JST Plastic 1 Giravi XChina Electronics Electrical induction components Premo China Premo XChina Consumer electronics IT hardware repair Compuspar China Compuspar XChina Textiles and footwear Elastic fibre manufacture Dogi China Dogi XChina Environment Photovoltaic panels Isofotón Beijing Isofotón XChina Metal working Plumbing valve distribution Genebre Ningbo Plumbing Genebre XChina Textiles and footwear Industrial textile manufacture Relats Insulation Material Relats XChina Extractive industry Natural stone transf. and sales Tino China Tino Stone Group XChina Electronics Electrical transformers Arteche DYH Arteche Lantegi Elkartea XChina Automobile Automobile component man. Nantong Daojia Auto Parts Doga XChina Automobile Automobile component man. Dongguan Facomsa Motorcycle Components Manufacture Facomsa XIndia Automobile Vehicle lights equipment Rinder India Rinder Industrial XIndia Textiles and footwear Long fibre spinning Hindesa Yarns Private Hilaturas Miel XJordan Agri-food Oil Borges Middle East Aceites Borges Pont XKazakhstan Construction Civil works explosives UEE Kazajstán Maxam (UEE) XThailand Chemistry Organic lenses Indelor Lens Thailand Indo Internacional X X


under COFIDES


19

LATIN AMERICA (cont.)

20 21PORTFOLIO OF INVESTMENTS UNDER COFIDES MANAGEMENT ON 31/12/2008

EASTERN AND CENTRAL EUROPE


Belarus Agri-food Meat Belis Aruni-2 XSlovakia Automobile Plastic components Precision Process Technology Slovakia Precision Process Technology XSlovenia Others Prefabricated mobile homes Sun Roller Adriatik Sun Roller XHungary Automobile Automobile components Fersinth KFT Metasint XPoland Iron & steel manufacture Forging CELSA Polska Grupo Celsa XPoland Construction Bridge cranes Intertech Polska Industrias Electromecánicas GH XPoland Automobile Automobile components Teknia Polska Teknia Manufacturing Group XPoland Automobile Automobile components Ficomirrors Polska Ficosa International XPoland Automobile Automobile components Sic Lazaro Polska Sic Lázaro XPoland Capital goods Medical equipment Comesa Polska C.H. Werfen XPoland Chemistry Plastic and rubber parts for automobiles Plásticos Durex Polonia Plásticos Durex XPoland Metal working Lighting products Aga Light J. Feliu de la Penya XPoland Metal working Stainless steel commercialization Irestal Service Centre Polska Aceros Bergara XCzech Rep. Automobile Automobile components CIE Plasty CZ CIE Automotive XCzech Rep. Construction Construction materials ZPSV Uhersky Ostroh Grupo OHL XCzech Rep. Metal working Stainless steel Mikra Metal Aceros Bergara XCzech Rep. Agri-food Fodder Dibaq Dibaq Diproteg X XRomania Electronics Outdoor and underground cabinets Casbar Romania Casbar Tecnología Industrial XRomania Iron & steel manufacture Body work and press-forming CSC Transmetal Consuegra Soc. Coop. X XRomania Iron & steel manufacture Steel service centre Bamesa Otel Bamesa Aceros XRomania Automobile Automobile components GJM Components GJM Components XRomania Automobile Tools for automobile glass production Utilar Divers Utilar Iberia XRussia Construction Civil works explosives UEE Siberia Maxam (UEE) XRussia Agri-food Oil and olive sales ITLV Corporación Borges XRussia Agri-food Spirits RISP ARPOSA XTurkey Iron & steel manufacture Valves for barbeque grills Copreci Turquía Copreci Soc. Coop. X

NORTH AMERICA, WESTERN EUROPE AND OTHERS


USA Services Engineering consultants AEC Engineering IDOM XUSA Chemistry Plasma centres Biomat USA Grifols XUSA Environment Industrial waste management Tradebe Environmental Services Grupo Tradebe Medioambiente XFrance Iron & steel manufacture Cylinder tooling Atelier de Cylindres de Seremange SSC XItaly Trade Toy prod. and distribution Eureka Kids Italia Damerik XUnited Kingdom Automobile Wire insulation Relats UK Relats XRegional Finance Exchange rate hedging derivatives TCX FMO Holanda X


under COFIDES


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CHAIRMANSHIP GENERAL COUNSEL

Remedios RomeoChairwoman

Pilar Cruz Carlos Moreno

GENERAL MANAGER

Luis CachoGeneral Manager

Fernando AceñaDeputy Manager

Regina PállaDeputy Manager

Susana Iglesias

STRATEGY AND BUSINESS DEVELOPMENT / BRANCH OFFICES

Ángel Díez Cristina Mena

BARCELONA

José Salgado Meritxell Ródenas

CASABLANCA

Néstor Montoya

MÉXICO D.F.

Abelardo de la Torre Mª Esther BurgosAhlam BenhamouCristina Rodríguez Javier Pamies

Ana Victoria FernándezSecretary General

Eva Guerrero Volkert Reig

Teresa MadrigalNuria Calleja Silvia Rodado

Lola Vázquez Nuria Blanco Pelayo Menéndez

CORPORATE SOCIAL DEVELOPMENT / QUALITY & SUSTAINABLE DEVELOPMENT / HH. RR. GENERAL SERVICES / INFORMATION

Luis Torres May Sánchez Silvia Sánchez Teresa Tamés

TECHNOLOGIES

Alfonso Sánchez Daniel Martínez José Luis Viana Laura Valeriani

INVESTMENT DEPARTMENT

José Luis CurbeloManager

Ángela PérezDeputy Manager

Sol García

ANALYSIS LEGAL AREA

Raúl Sánchez Álvaro Justo Miguel A. Ladero Antonio FernándezAna Cebrián Ana Flor Manuel FernándezGloria Santiago Iván Butragueño

ECONOMIC AND FINANCE DEPARTMENT

Darío PoloManager

Consuelo DíazDeputy Manager

Mar Ríos

PROJECT MONITORING FINANCE

Álvaro Hernández José Carlos Villena José Luis Ocasar Mª Victoria de Luis Sonia GómezNatalia Ruiz Paloma ChillónHéctor Turiel Ana Romero Ángeles Prieto Isabel Barril Laura Sánchez Laura Sanz

www.cofides.es

FINANCIAL STATEMENTS 2008COMPAÑÍA ESPAÑOLA DE FINANCIACIÓN DEL DESARROLLO, COFIDES, S.A.

www.cofides.es

Financial Statements31 december 2008

Auditors’letter

3AUDITORS’ LETTER

4

Balance sheet on 31 December 2008

(In thousand euros)

COFIDES, S.A.

ASSETS Note 2008

NONCURRENT ASSETS 30,409

Intangible fixed assets 5

Patents, licences, brands and similar -

Computer software 575

Other intangible fixed assets 40

Tangible assets 6

Tech. facilities and other tangible assets 230

Long-term financial investments 9 29,564

CURRENT ASSETS 29,817

Trade and non-trade accounts receivable 9 3,808

Short-term financial investments 9 8,135

Cash and other current assets 10 17,813

Short-term accrual accounts 61

TOTAL ASSETS 60,226

52008 FINANCIAL STATEMENTS

EQUITY AND LIABILITIES Note 2008

EQUITY 11 53,086

Declared capital 39,396

Reserves

Legal and statutory reserves 1,142

Other reserves 9,914

Results for the year 2,634

NONCURRENT LIABILITIES 3,238

Long-term receivables 13 3,212

Deferred taxes 26

CURRENT LIABILITIES 3,902

Payable to financial institutions 13 1,850

Trade accounts payable 14 744

Non-trade accounts payable 15 882

Short-term accrual accounts 16 426

TOTAL EQUITY AND LIABILITIES 60,226

6

Income statements on 31 December 2008

(In thousand euros)

COFIDES, S.A.

ONGOING OPERATIONS Note 2008

Other operating revenues

Ancillary and other management revenues 19.1 9,195

Personnel expenses 19.5 (3,676)

Other operating revenues

Outside services 19.4 (3,495)

Taxes (62)

Loss, deterioration and variation in provisions

for commercial operations (8)

Amortization and depreciation on fixed assets 5 & 6 (314)

Deterioration and results for alienation of fixed assets (3)

Other results (13)

OPERATING EARNINGS OR LOSS 1,624

Financial revenues

Returns on loans 19.2 2,289

Excess cash management 19.3 700

Financial expenses (214)

Exchange rate differences 38

Deterioration and results for alienation of financial instruments 21 (492)

FINANCIAL EARNINGS OR LOSS 2,321

EARNINGS OR LOSS BEFORE TAXES 3,945

Tax on earnings 17 (1,311)

RESULT FOR THE YEAR FOR ONGOING OPERATIONS 2,634

RESULT FOR THE YEAR 2,634

A) Statement of Revenues and Expenses recorded in the year ending on 31 December 2008.

2008

Result from income statement 2,634

Total revenues less expenses 2,634


Statement of Changes in Equity for the financial year ending on 31 December 2008

(In thousand euros)

COFIDES, S.A.

B) Statement of Total Changes in Equity for the year ending on 31 December 2008.

Thousand eurosDeclared Legal Voluntary Results Totalcapital reserve reserve for the year

Balance on 31 December 2007 39,396 921 7,931 2,204 50,452

Transition adjustments - - - - -

Adjusted balance on 1 January 2008 39,396 921 7,931 2,204 50,452

Total revenues and expenses - - - 2,634 2,634

Other variations in equity

Distribution of 2007 earnings - 221 1,983 (2,204) -

Balance on 31 December 2008 39,396 1,142 9,914 2,634 53,086

8

Cash Flow in the financial year endingon 31 December 2008

(In thousand euros)

COFIDES, S.A.

2008

Operating cash flow

Earnings before taxes 3,945

Adjustments (1,240)

Depreciation on fixed assets (+) 313

Variation in provisions (+/-) 533

Results for retirements and alienation of fixed assets (+/-) 3

Financial revenues (-) (2,265)

Financial expenses (+) 214

Exchange rate differences (+/-) (38)

Changes in current capital 1,338

Other current liabilities (+/-) 1,338

Other operating cash flow (2,323)

Capital repayments on loans 7,316

Interest on loans (+) 2,183

Outlays for loans granted (10,752)

Advance collection of capital repayments on loans granted 153

Payment (refund) of corporation tax (-/+) (1,223)

Operating cash flow 1,720

Investment business cash flow

Investment payments (-)

Intangible fixed assets (74)

Tangible fixed assets (26)

Other assets -

Revenues for divestments (+)

Other group and associated companies 267

Investment business cash flow 167

Financial cash flow

Inflows and outflows for financial liability instruments

Payable to financial institutions (+) 547

Return and redemption

Payable to financial institutions (-) (1,509)

Financial cash flow (962)

Net decline in cash 925

Cash at beginning of year 18,738

Cash at year end 17,813

Notes toFinancial Statements

1. Nature of Company, Business Activity and Group Composition

Compañía Española de Financiación del Desarrollo, COFIDES S.A., is a state-owned company whose corporatepurpose is to provide financial support for private direct investment projects involving Spanish interest and sitedin developing or emerging countries.

In addition to deploying its own resources to meet that purpose, the company draws from various financing agreementsconcluded with public or multilateral financial institutions.

Pursuant to Act 66/1997 of 30 December, COFIDES manages the Fund for Foreign Investments (FIEX – Spanish acronymfor Fondo para Inversiones en el Exterior) and the Fund for Small and Medium-sized Enterprise Foreign Investment Oper-ations (FONPYME, Spanish acronym for Fondo para Operaciones de Inversión en el Exterior de la Pequeña y Mediana Em-presa), on its own behalf and on behalf of such funds. In addition, fund activities and operations are governed by RoyalDecree 1226/2006 of 27 October, which supersedes previous legislation. Provisioned yearly from the national budget, bothFIEX and FONPYME pursue the internationalization of Spanish companies and the Spanish economy in general throughsyndicated financial instruments under co-financing arrangements with project sponsors.

On 24 January 2000 a ten million-dollar co-financing facility was formalized between the Multilateral Investment Fund(FOMIN) and COFIDES to finance investment projects undertaken by Spanish SMEs under joint venture arrangements inall Latin American and Caribbean countries except Cuba. While the facility has a maximum term of 10 years, the deadlinefor charging new operations to the line was reached in 2006.

The company’s registered office for business and tax purposes is located at 132 Príncipe de Vergara Street, 12th storey,Madrid, Spain.

2. Criteria for Presenting Statements

2.1 True and fair view

The financial statements were drawn from COFIDES, S.A.’s accounts. The financial statements for 2008 were preparedpursuant to existing commercial legislation and in accordance with the standards established in the National Chart of Ac-counts to provide a true and fair view of the company’s financial situation on 31 December 2008, as well as of the resultsof its operations, changes in its equity and its cash flow during the financial year ending on that date. The financial state-ments for 2008 were the first to be prepared by the company under the National Chart of Accounts approved by RoyalDecree 1514/2007. For that reason, pursuant to Transitional Provision Four, paragraph 1 of the above Royal Decree, thefinancial statements for the year 2008 were regarded to be first-year statements and therefore contain no comparativefigures. Note 25 includes the balance sheet and income statement for 2007 approved by the General Meeting of Share-holders on 29 April 2008, prepared in accordance with the National Chart of Accounts in effect in that year. The note alsoexplains the main differences between the accounting criteria applied in the preceding and target years, and quantifiesthe impact of this change in accounting criteria on equity on 1 January 2008, the transition date and consequently thedate of the opening balance sheet.

10

Notes to Financial Statements

As indicated in Note 25 and further to the provisions of Transitional Provision One of Royal Decree 1514/2007, the com-pany opted to value all the elements on the opening balance sheet in accordance with the principles and rules in effecton 31 December 2007, with the exception of its financial instruments, which were appraised at reasonable value.

The company’s directors expect the attached financial statements for 2008, prepared by the said directors, to be approvedby the General Meeting of Shareholders with no amendments whatsoever.

2.2 Critical aspects of the valuation and estimation of uncertainties and relevantjudgements in the application of accounting policies

The preparation of the financial statements and application of the company’s accounting policies called for significant de-cision-making in terms of accounting estimates, judgements, and assumptions. In this regard, the aspects entailing greaterdiscretion or complexity or in which the assumptions and estimates had a significant impact on the preparation of the fi-nancial statements are summarized below.

• Assumptions and relevant accounting estimates

The company has a specific Project Tracking Area to supervise and manage the risks involved in its commercial financial op-erations, one of whose tasks is to analyze the possible deterioration of the quality of such financial assets throughout the year.The Financial Area, in turn, draws up two types of budgets: a one-year or short-term budget, and a medium- or long-termbudget covering several years. The formulation of these budgets was based on assumptions befitting current economic andfinancial market circumstances, as well as to the company’s own situation.

3. Distribution of Earnings

The distribution of earnings for the year ending on 31 December 2007, proposed by the directors and approved by the Gen-eral Meeting of Shareholders on 29 April 2008, was as follows:

Euros

Legal reserve 220,352.34Voluntary reserve 1,983,171.02

2,203,523.36

The distribution of earnings proposed by the directors for the year ending on 31 December 2008, outstanding approval bythe General Meeting of Shareholders, is as follows:

Euros

Legal reserve 263,000.00Voluntary reserve 2,370,435.06

2,633,435.06


4. Accounting and Valuation Standards

4.1 Intangible fixed assets

Intangible fixed assets are booked at their purchase price or production cost and carried on the balance sheet at that valueless amortization and, as appropriate, any corrections in valuation stemming from cumulative deterioration.

4.1.1 Industrial property

The sum shown for “Patents, licences, brands and similar” on 31 December 2008 reflects the charge for registering thecompany name or trade name.

4.1.2 Computer software

Whether purchased or developed in-house, software is posted against each project insofar as the costs can beclearly attributed and charged thereto in a specific time frame, and there are sound reasons for believing in the tech-nical success and economic-commercial profitability of the project. Software maintenance expenses are bookedwhen incurred.

4.1.3 Service life and amortization

Intangible fixed assets are amortized by distributing the sum subject to amortization evenly across the service life of the asset,pursuant to the following criteria:

Amortization Estimated service method life (years)

Industrial property Straight-line 10Computer software Straight-line 4

For these intents and purposes, the sum subject to amortization is understood to be the acquisition cost less the resid-ual value, as appropriate.

The company revises intangible asset residual value, service life and amortization method at the end of each financialyear. Any amendments to the criteria initially established are posted as changes in the estimate.

4.1.4 Deterioration of fixed asset value

The company assesses and corrects valuations and reversals of loss due to the deterioration of the value of intangible fixedassets pursuant to the criteria set out in Note 4.3.

4.2 Tangible fixed assets

4.2.1 Initial value

Tangible fixed assets are booked at their purchase price or production cost and carried on the balance sheet at that valueless depreciation and, as appropriate, any corrections in valuation stemming from cumulative deterioration.

4.2.2 Depreciation

Tangible fixed asset elements are depreciated by distributing the sum subject to depreciation evenly across their servicelife. For these intents and purposes, the sum subject to depreciation is understood to be the acquisition cost less the resid-ual value. The company determines the depreciation expense for each tangible asset or, as appropriate, independently foreach component thereof accounting for a significant portion of the total cost of the asset and having a longer or shorterservice life than the asset as a whole.

12

Tangible fixed assets are depreciated in accordance with the criteria shown below:

Amortization Estimated service method life (years)

Technical facilities and machinery Straight-line 10Other facilities, tools and furnishings Straight-line 10Computer hardware Straight-line 4

The company revises tangible asset residual value, service life and amortization method at the end of each financial year.Amendments to the criteria initially established are booked as changes in the estimate.

4.2.3 Subsequent costs

Subsequent to the initial posting, only costs that entail an increase in asset capacity, productivity or service life are capital-ized. The book value of elements replaced, in turn, must be written off. In this regard, the routine maintenance costs fortangible fixed assets are expensed against income when they are incurred.

4.2.4 Deterioration of asset value

The company assesses and corrects valuations and reversals of loss due to the deterioration of the value of tangible fixedassets pursuant to the criteria set out in Note 4.3.

4.3 Deterioration of the value of non-financial assets subject to amortization ordepreciation

The company is alert to indications that might denote deterioration of the value of non-financial assets subject to amorti-zation or depreciation. The purpose of such monitoring is to verify whether their carrying value exceeds their recoverablevalue, understood to be the higher of their value in use, or the net selling price, less costs of disposal, that they can be ex-pected to command.

Loss due to deterioration is expensed against income.

The recoverable value is computed for each asset individually, unless any one such asset fails to generate cash inflows thatare largely independent of those from other assets or groups of assets. In the latter case, the recoverable sum is determinedfor the Cash-Generating Unit (CGU) to which it pertains.

After the correction in valuation for deterioration or reversal is made, subsequent years’ amortization/depreciation is basedon the new book value.

That notwithstanding, if analysis of the specific circumstances of any given asset reveals an irreversible loss, such loss isexpensed directly against losses on fixed assets and shown as such on the income statement.

4.4 Financial instruments

4.4.1 Classification and separation of financial instruments

When initially booked, financial instruments are classified as financial assets, financial liabilities or equity instruments, de-pending on the economic content of the respective agreement and in accordance with the definitions of financial asset, fi-nancial liability and equity instrument.

The company classifies its financial instruments into different categories for valuation purposes, depending on their char-acteristics and Management’s intention when they are initially posted.


4.4.2 Loans and accounts receivable

Loans and accounts receivable consist in loans for trade and non-trade operations with fixed or determinable pay-ments that are not listed on an active market. These assets are initially carried at reasonable value, including thetransaction costs incurred, and are subsequently valued at their amortized cost, computed using the effective inter-est rate method.

Nonetheless, financial assets with no established interest rate, with a maturity of under one year or for which repayment isexpected in the short term and not significantly affected by possible updating, are appraised at face value.

4.4.3 Other financial assets carried at reasonable value

Investments in group companies are initially carried at cost, which is the same as the reasonable value of the considera-tion including the transactions costs incurred, and subsequently valued at cost, less any deterioration-induced correctionsin valuation.

Although the company holds stakes of over 20 % in some firms, as these are support investments subject to repurchaseagreements by a specific deadline, they are not consolidated in company accounts. Consequently, they are neither re-garded to be long-term investments nor is their management, which is not incumbent upon the company, integrated in itsoverall strategy.

4.4.4 Deterioration of financial asset value

A financial asset or group of financial assets deteriorates, generating a loss, if objective evidence of deterioration is forth-coming. Such evidence consists in one or several events occurring after the asset is initially booked that have a reliablyestimable impact on the future cash flows reckoned for the financial asset or group of financial assets.

Company policy is to record all pertinent deterioration-related corrections in the valuation of loans or receivables where re-ductions or postponements are expected in estimated future cash flows as a result of debtor insolvency.

In this regard, value in use is computed on the grounds of the company’s holdings in the real value of the estimated cashflow from ordinary business plus final sale of the asset, or the flows expected from the distribution of dividends and final di-vestment.

Loss or reversal due to deterioration is expensed against income.

4.5 Financial liabilities

Financial liabilities, including trade and non-trade accounts payable, are initially carried at reasonable value less, as ap-propriate, the transaction costs directly attributable to their issue. After the initial entry, the liabilities classified in this cat-egory are valued at the cost after amortization calculated with the effective interest rate method.

4.6 Foreign exchange transactions, balances and flows

Foreign exchange transactions are converted to euros at the cash exchange rate in effect on the date of the transaction.

Monetary and non-monetary assets and liabilities denominated in foreign currencies are converted to euros at the ex-change rate in effect at year-end.

Non-monetary assets carried at reasonable value are converted to euros at the exchange rate in effect at year-end.

In the cash flow statement, flows from foreign exchange transactions are converted to euros at the cash exchange rate ineffect on the date of the transaction.

14

The effect of variations in exchange rates on cash and equivalent current assets denominated in foreign currency is shownseparately on the cash flow statement under the caption “Effect of exchange rate variations”.

The positive and negative differences arising in foreign currency transaction settlements and in the conversion to euros ofmonetary assets and liabilities denominated in foreign currency are booked against results.

Exchange rate losses or gains on non-monetary financial assets and liabilities assessed at reasonable value are bookedtogether with variations in such reasonable value. That notwithstanding, the exchange rate variation component in non-mon-etary financial assets denominated in foreign currency is booked against results when the assets are classified as saleableand hedging is in place for such component at reasonable value. The rest of the variation in reasonable value is posted asdescribed in Note 4.4 (Financial instruments).

4.7 Cash and other current assets

Cash and other current assets include cash and demand deposits in financial institutions. This item also includes othershort-term, highly liquid investments that can be readily converted into cash and whose risk of change in value is in-significant. For these intents and purposes, this includes investments with a maturity of less than three months from thedate of purchase.

4.8 Severance pay

Severance payments are booked as soon as a detailed formal plan is in place and the staff affected has been made awareof the intention to sever the employment relationship, either because the plan is underway or because its chief character-istics have been announced.

4.9 Provisions

4.9.1 General criteria

At year-end 2008 the company had no provisions. Assuming it had, such provisions would be posted: when the companyincurs an obligation, be it legal, contractual, implicit or tactical, as the result of a past event; when an outlay of resourcesfrom future economic earnings is likely to be needed to meet such obligation; and when the sum of the obligation can bereliably estimated.

The financial effects of such provisions are expensed against income as financial expenses.

Provisions include neither the fiscal effect nor the earnings expected from the sale or abandonment of assets.

Provisions are reversed against results when it becomes unlikely that outflows will be required to cancel the obligation.

4.9.2 Provisions for insolvency

The company maintains an individualized provisioning policy for its loan portfolio and project receivables based on credit-worthiness, ascertained on the grounds of the in-house rating assigned to each operation.

The schedule of provisions applied ranges from a minimum of 0.1 % to a maximum of 20 %. The 20 % ceiling may beexceeded where necessary, based on the age of the receivables, up to 100 % of risk not secured by collateral.

4.10 Tax on earnings

Expenses or revenues under this item include both current and deferred taxes on earnings.

Current tax assets or liabilities are assessed as the sums expected to be paid to or refunded by tax authorities, further tothe legislation and tax rates in effect or approved and pending publication at the end of the financial year.


Timing adjustments are posted in all cases, barring the exceptions laid down in the existing legislation, while deductible tim-ing adjustments are recorded whenever they are likely to be offset by future positive taxable income.

Deferred tax assets and liabilities are estimated at the tax rates that will be applicable in the years when the assets are ex-pected to be refunded or the liabilities to be paid.

Deferred tax assets and liabilities are carried on the balance sheet as noncurrent assets or liabilities, regardless of the ex-pected refund or payment date.

4.11 Classification of current and noncurrent assets and liabilities

The company’s assets and liabilities are divided into current and noncurrent on its balance sheet. For these intents and pur-poses, all assets and liabilities meeting the following criteria are current:

• Assets are classified as current when they are expected to be converted into cash within twelve months of closingor they constitute cash or a cash equivalent, except where they cannot be exchanged or used to cancel liabilities, atleast within twelve months of closing.

• Liabilities are classified as current when settlement is expected within twelve months of closing or the com-pany is not unconditionally entitled to postpone their cancellation beyond twelve months subsequent to clos-ing.

• Financial liabilities are classified as current when they must be settled within twelve months of closing, even ifthe original term is for a period of more than twelve months, or when a refinancing or long-term payment re-structuring agreement is in place that expires after the end of the financial year but before the financial state-ments are prepared.

4.12 Revenues and expenses

Revenues and expenses resulting from increases or decreases in the company’s resources are recorded on an accrual basisin the year of the financial statements, providing the sum thereof can be reliably determined.

Revenues for the provision of services are booked at reasonable value of the consideration received or to be received, inproportion to the fraction of the service provided by the end of the financial year.

16

5. Intangible Fixed Assets

The composition of and entries in the intangible fixed asset accounts are as follows:

Thousand eurosIndustrial Computer Advances on TotalProperty software computer soft.

Cost on 1 January 2008 2 1,324 8 1,334Acquisitions - 15 59 74Transfers - 27 (27) -Cost on 31 December 2008 2 1,366 40 1,408Accumulated amortization on 1 January 2008 (2) (549) - (1,458)Amortization - (242) - (242)Accumulated amortization on 31 December 2008 - (575) - (1,464)

Net book value on 31 December 2008 - 575 40 615

5.1 Totally amortized assets

The cost of totally amortized intangible assets still in use on 31 December 2008 is as follows:

Thousand eurosComputer software 478

6. Tangible Fixed Assets

The composition of and entries in the tangible fixed asset accounts are as follows:

Thousand eurosComputer

Other hardwarefacilities Furnishings information Total

Cost on 1 January 2008 281 242 271 794Acquisitions 2 6 18 26Retirements (7) (7) (7) (21)Cost on 31 December 2008 276 241 282 799Accumulated amortization on 1 January 2008 (170) (173) (173) (516)Amortization (22) (13) (36) (71)Retirements 5 6 7 18Accumulated amortization on 31 December 2008 (187) (180) (202) (569)Net book value on 31 December 2008 89 61 80 230

6.1 Totally depreciated assets

The cost of totally depreciated tangible assets still in use on 31 December 2008 is as follows:

Thousand eurosOther facilities 68Furnishings 111Computer hardware 132

311


7. Risk Policy and Management

7.1 Financial risk factors

The financial risks to which the company’s business is exposed include exchange rate, credit, liquidity and cash flowinterest rate risks. The company’s overall risk management focuses on the uncertainty of the economic environmentand attempts to minimize its potentially adverse effects on its own financial profitability.

Risk management is incumbent upon COFIDES’ Investment and Economic-Financial Management Divisions, whichimplement the policies adopted by the Board of Directors, and more specifically, the policies laid down in the com-pany’s Operating Criteria, last revised in December 2008. The Investment Division identifies, assesses and analyzesthe financial risks in new proposals for operations submitted to the company. The Economic-Financial Division’s Proj-ect Tracking Area manages live financial risks in financial operations underway, with a view to anticipating future con-tingencies.

7.1.1 Credit risk

Honouring the provisions of its own Operating Criteria, the company has not incurred in any significant concentra-tion of credit risk. It implements policies able to correctly evaluate its financing operations and ensure that all itsclients have a suitable credit history.

Corrections in valuations due to client insolvency entail a fair amount of discretion on the part of Management, as wellas a revision of individual balances based on client credit ratings, current market trends and a historical analysis ofaggregate insolvencies. The country-specific component in corrections of individual valuations is determined from thecountry’s credit rating based on information furnished by external agents. In corrections in valuations deriving froman aggregate analysis of default history, a reduction in the size of the balance implies a reduction in valuation cor-rections, and vice-versa.

7.1.2 Exchange rate risk

Since the company operates in the international domain, some of its operations are exposed to exchange rate risk, specif-ically as regards the U.S. dollar. Exchange rate risk is incurred in forward trade transactions, booked assets and liabilities, andnet investments in business abroad.

The company has a refinancing line with the Official Credit Institute, one of its shareholders, denominated in U.S. dollars, tohedge its exchange rate risk. Under this formula, all financial asset operations with its clients are refinanced under a financialliability operation charged to that line.

7.1.3 Liquidity risk

The company conducts prudent liquidity risk management, based on maintaining sufficient cash and marketable securi-ties, guaranteeing the availability of financing for a sufficient sum under credit facility commitments, and retaining sufficientcapacity to unwind market positions.

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8. Investments in Group and Associate Company Instruments and Equity

8.1 Long-term securities portfolio

The itemized information on long-term securities at reasonable value is as follows:

Company Country Business Shareholding Thousand % euros

Rocas Chile S.A. Chile Marble works 7.41 133

Indelor Lens (Thailand) co., ltd. Thailand Optics 21.60 1,210European Financing Partners Luxembourg Financial intermediation

for Asian, Caribbean and Pacific countries 0.00 6

CSC TRANSMETAL S.R.L. Romania Precision sheet metal working, stamping and tooling, design and assembly of metal and electronic items 2.30 25

TOTAL 1,374

(see note 9)

In financial year 2008, COFIDES sold its holding in Informa del Perú, Información Económica S.A., a company head-quartered in Peru. The total revenue for this sale, 300 thousand euros, generated capital gains of 33 thousandeuros.

Be it said here that all equity capital operations are subject to a minimum divestment charge, established yearly inthe agreement with the respective shareholders.

9. Financial Assets by Category

9.1 Financial assets classified by category

The company’s financial assets on 31 December 2008, classified by category and class, were as follows:

Thousand eurosNoncurrent Current

Loans and accounts receivableFinancial investments Loans 28,113 7,508Debt securities - 6Equity instruments (Note 8) 1,374 -Other financial assets 77 -Short-term interest on loans - 621

29,564 8,135Trade and non-trade accounts receivable

Accounts receivable - 818Non-trade accounts receivable - 2,990

3,808

29,564 11,943


20

The total balance outstanding on long-term loans at year end amounted to 28,113 thousand euros. The interest accruingand not collected at year end is booked under the item “Short-term interest on loans”.

The above loans bear interest at a representative market rate.

As a general rule, for the intents and purposes of mitigating the risk assumed, the loans granted by COFIDES are securedby real or personal collateral, depending on the case.

The item “Non-trade accounts receivable” primarily comprises fund management fees outstanding collection.

The directors esteem the reasonable values accorded the financial assets to be very close to their book value.

The entries in the accounts generated to correct losses due to deterioration resulting from the credit risk involved in valu-ing financial assets at their amortized cost are analyzed below.

9.2 Noncurrent assets

The following table shows the amounts and variations posted during the year under the items comprising the company’slong-term financial investments and their deterioration on 31 December 2008:

Thousand euros1 January 2008 29,143Increases 9,899Decreases (64)Short-term transfers (Note 9.3) (8,269)Cost on 31 December 2008 30,709Deterioration of value on 1 January 2008 (2,298)Increases (918)Decreases 12Short-term transfers (Note 9.3) 608Accumulated amortization on 31 December 2008 (2,596)

Net book value on 31 December 2008 28,113

9.3 Current assets

The following table shows the amounts and variations posted during the year under the items comprising the company’sshort-term financial investments and the respective provisions:

Thousand eurosLoans Interest

1 January 2008 7,316 539Increases - 2,265Decreases (7,316) (2,183)Long-term transfers (Note 9.2) 8,269 -Cost on 31 December 2008 8,269 621Deterioration of value on 1 January 2008 (534) -Increases (131) -Decreases 512 -Long-term transfers (Note 9.2) (608) -

(761) -

Net book value on 31 December 2008 7,508 621

9.4 Trade accounts receivable

The breakdown of the total under the “Trade accounts receivable” item is as follows:

Thousand eurosTrade accounts 1,405Non-trade accounts receivable 2,990

4,395

Insolvency provision (587)

3,808

The item “Trade accounts” includes, among others, short-term debt on ongoing projects, projects in arrears and ac-crued interest outstanding collection.

The item “Non-trade accounts receivable” primarily comprises fund management fees accruing and outstanding col-lection.

The summary of entries posted in the “Provision for customer insolvency” account is as follows:

Balance on 31.12.07 Increases Decreases Balance on 31.12.08(579) (10) 2 (587)

The above loans bear interest at a representative market rate.

As a general rule, for the intents and purposes of mitigating the risk assumed, the loans granted by COFIDES are securedby real or personal collateral, depending on the case.

9.5 Sums denominated in foreign currency

The breakdown of the total sums denominated in foreign currency (U.S. dollars) is as follows:

Thousand euros2008

Long-term financial investmentsLoans 3,331Debt securitiesTotal noncurrent financial assets 3,331

Short-term trade and non-trade accounts receivableLoans 216

Short-term financial investmentsLoans 1,382Debt securities 45

1,427Cash and other current assets

Cash 275Total current financial assets 1,918

Total financial assets 5,249


10. Cash and Other Current Assets

The sum under the caption “Cash and other current assets” on 31 December 2008 can be broken down as follows:

Thousand eurosCash and demand accounts 2,314Short-term deposits with financial institutions 15,499

17,813

11. Shareholders’ Equity

The composition of and entries in shareholders’ equity are given in the statement on changes in equity.

11.1 Capital

COFIDES’ share capital consists of 6 555 fully subscribed and paid up registered shares with a par value of 6 010.12 euroseach, held by:

Holding(thousand

Shareholder Holding (%) euros)Instituto Español de Comercio Exterior 28.15 11,089Instituto de Crédito Oficial 25.25 9,947Banco Bilbao Vizcaya Argentaria, S.A. 21.81 8,594Santander Central Hispano, S.A. 13.73 5,409Empresa Nacional de Innovación, S.A. 7.63 3,005Banco de Sabadell, S.A. 3.43 1,352

100.00 39,396

11.2 Legal reserve

Under Spanish law, ten per cent of companies’ yearly profit must be earmarked for the legal reserve until the funds so pro-visioned amount to at least 20 % of the share capital. This reserve, which cannot be distributed among shareholders, maybe used solely to cover a debit balance in the income statement, and only in the event no other reserves are available. Undercertain conditions, it may also be used to increase the company’s share capital.

The company has not funded this reserve to the minimum ceiling established by law.

11.3 Voluntary reserve

Voluntary reserves may be drawn freely.

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12. Liabilities by Category

12.1 Classification

The company’s financial liabilities on 31 December 2008, classified by categories and classes, were as follows:


Debits and items payablePayable to financial institutions 3,212 1,850

Trade and non-trade accounts payableSundry accounts payable (Note 14) - 744Non-trade accounts payable (Note 15) - 882

Total financial liabilities 3,212 3,476

13. Financial liabilities

The breakdown of this item on 31 December 2008 is as follows:


Final balance on 31/12/2008ECIP Programme - 104EIB line 217 57ICO line 2,995 1,635Accrued interest payables - 54

TOTAL 3,212 1,850

In addition to the above sums, the company incurred financial interest on borrowings during the year for a sum 54 thou-sand euros.

By virtue of the agreement between COFIDES and the European Union in the framework of the ECIP programme, COFIDESwas given access to a line of credit to finance productive investment projects undertaken by Spanish companies under jointventure arrangements in eligible countries. Moneys could be drawn under the above programme until 31 December 1999.

On 7 December 2000, a credit line was formalized between the European Investment Bank (EIB) and the members,COFIDES among them, of the European Development Finance Institutions (EDFI). The total available under the facilityamounted to 70 million euros. This line was closed for further operations on 2 December 2004.

On 5 February 2008 the Official Credit Institute (ICO) and COFIDES concluded their Agreement on Financing the Interna-tionalization of Spanish Enterprise, which enabled COFIDES to apply ICO resources to projects supported by the company.This line was closed for further operations on 31 December 2008. A new agreement will be concluded early in 2009.

On 18 July 2005 COFIDES concluded a Framework Agreement on the Evaluation and Administration of Loans and Secu-rity with the European Investment Bank. This facility, which has a ceiling of 25 million euros, is intended for Latin Americanand Asian countries only.

An addendum to the ICO-COFIDES agreement regarding a multi-currency line for up to six million euros was concludedon 14 July 2008. The deadline for drawing on this line is 31 May 2009.


On 14 May 2004, the Framework Agreement for Investment in European Financing Partners, S.A. (EFP) was formalized bythe European Investment Bank (EIB) and the other members of the European Development Finance Institutions (EDFI). Theaddendum to that Framework Agreement concluded on 12 July 2007 established an investment capacity for European Fi-nancing Partners, S.A. (EFP) of 140 million euros.

The company uses the financing obtained from the aforementioned facilities to grant loans to eligible investment projects.

13.1 Sums denominated in foreign currency

The itemized list of financial liabilities denominated in foreign currency (U.S. dollars) is as follows:

Thousand euros2008

Long term payables to financial institutions 2,399Total noncurrent financial liabilities 2,399

Short-term trade and non-trade accounts payableSundry accounts payable 1,315

Total current financial liabilities 1,315

Total financial liabilities 3,714

13.2 Classification by maturity date

The schedule of financial liabilities by maturity date is as follows:

Thousand euros2008

2010 1,5012011 7882012 5842013 or later 339

3,212

14. Trade Accounts Payable

14.1 Trade accounts payable

The balance in “Trade accounts payable” on 31 December 2008 came to 744 thousand euros, corresponding tocurrent liabilities for both services rendered and settlements outstanding on European Union ECIP and EIB pro-gramme operations.

24

15. Non-trade Accounts Payable

The breakdown of the “Non-trade accounts payable” item is as follows:

Thousand eurosRemuneration outstanding 364Tax payables

Tax payables for withholdings 90Social security payables 52Tax payables for corporation tax (Note 17) 376

518

TOTAL 882

16. Accrual Accounts

The item “Short-term accrual accounts” under current liabilities showed a balance on 31 December 2008 of 426 thou-sand euros, which includes an adjustment entry for consultant fees charged to the Fund for Foreign Investment accru-ing during the year, in accordance with Provision Two of the Order issued by H.E. the Minister of the Economy andFinance on 28 July 1999 .

Current assets, in turn, had a balance of 61 thousand euros under the same caption, for expenses accrued and attrib-utable to fiscal year 2009.

17. Tax Matters

The tax payables on 31 December 2008 can be broken down as follows:


LiabilitiesDeferred taxes 26 -Current taxes - 376Social security - 52Withholdings - 90

- 518

TOTAL 26 518

The company is liable to tax audits by the authorities for the four last financial years, in connection with all the taxes to whichit is subject.

As a result of possible differences in the interpretation of the existing tax legislation, among others, such audits may giverise to additional liabilities. In any event, the company’s directors deem that in the event, such liabilities would have no ma-terial effect on the financial statements.


(1) “…If at the end of each financial year, the expenses incurred by the Fund for Foreign Investment’s fund manager in the study and tendering phase specified above amountto less than seventy five (75) per cent of the sums accruing thereto for the respective consultant fees laid down in paragraph 1.a above, fifty (50) per cent of this differencewill be held in the fund manager’s account and used to pay fees accruing in subsequent financial years. The fund manager may receive no further sums for this item untilsuch surplus has been fully expended…”

17.1 Tax on earnings

Companies are required to file a yearly corporation tax return. Taxable earnings, determined as specified in legislation, aresubject to a 30 % corporation tax. Certain deductions may be applied to the resulting tax liability.

Due to a number of provisions in tax legislation respecting certain types of operations, book earnings may differ from thetaxable earnings. The following is the conciliation between the book earnings for the financial year and the taxable earn-ings that the company expects to report after the financial statements for 2008 are approved:

Thousand eurosIncreases

Earnings for the year 2,634Corporation tax 1,311Before tax earnings 3,945

Permanent differences 13Temporary differences originating during the year 571

Taxable earnings 4,52930 % tax 1,359Deductions for the year (48)

Tax on earnings 1,311

The company’s payments on account towards the corporation tax amounted to 763 thousand euros.

18. Environmental Information

On 31 December 2008, no significant assets were earmarked for environmental protection or improvement, nor were anyrelevant expenses incurred under that item during the year.

The company’s directors have identified no significant contingencies in connection with environmental protection or im-provement and consequently deem provisions in this regard to be unnecessary.

19. Revenues and Expenses

19.1 Current management revenues

The company’s “Operating revenues” are generated by the fees earned for managing not only the FIEX and FONPYMEfunds, but also the programmes and funds sponsored by multilateral organizations (see Note 1).

The 8 846 thousand euros in fees recorded in financial year 2008 for managing the aforementioned funds are included inthe caption “Other operating revenues” on the attached income statement. The Company took in an additional 349 thou-sand euros in 2008 in fees for managing other investments.

26

The breakdown of such fees in 2008 is shown below:

Item Thousand euros Basis for calculationStudy fees 2,059 1.65 % of the investment proposedFormalization fees 1,035 1 % of investments to be drawn from FIEX

and 1.5 % of sums formalized under FONPYMEOutlay fees 57 1 % of the sums actually laid outManagement fees 3,710 1.25 % of the value of the live investment portfolioPerformance fees 1,581 20 % of the dividends and other returns

actually collected by the fundSettlement fees 399 1.5 % of the value of the investment laid out

and actually settled with the fundOthers 5

8,846

These amounts are computed on the grounds of the provisions of the Order signed by H.E. the Minister of Economy andFinance on 28 July 1999. The study and settlement fees are only applied to FIEX investments and the outlay fees only toFONPYME operations.

19.2.1Financial revenues

The breakdown for this item on 31 December 2008 is as follows:

Thousand eurosRevenues from loans 2,289Earnings on short-term financial investments 700

2,989

The item “Revenues from loans” includes the interest generated by the loan portfolio in 2008.

The 700 thousand euros shown under the item “Earnings on short-term financial investments” refers to the returns onhighly liquid short-term investment accruing during 2008.

19.2.2Financial expenses

The 214 thousand-euro balance in the item “Financial expenses” on the income statement as of 31 December 2008 re-flects the interest paid during the year on the lines drawn on for financing.


19.3 Other operating expenses

The accounts comprising the “Other operating expenses” listed on the income statement are itemized below:

Thousand eurosAdvertising 152Leases 673Repairs and upkeep 58Independent professional services 1,740Insurance premiums 2Training costs 68Travel expenses 379Other expenses 424Taxes 62

3,558

The item “Independent professional services” essentially covers the sums paid to outside consultants for the study and ap-praisal of company projects.

19.4 Employee welfare

The figure for personnel expenses and employee welfare on 31 December 2008 can be broken down as follows:

Thousand eurosSalaries and wages 2,732Indemnities 28Board member per diem 147Employee welfareSocial Security tax 499Other personnel expenses 270

3,676

20. Balances and Transactions with Stakeholders

20.1 Information on the company’s directors and senior management

During the year ending on 31 December 2008, the company’s directors received salaries and per diem for a total of 147thousand euros.

On 31 December 2008 the books showed no advances or loans to any of its directors or managers, nor had any obliga-tions been assumed as security on their behalf. The company undertaken no pension or life insurance obligations for anyof its present or former directors.

The members of the COFIDES, S.A. Board of Directors attest that they comply with the provisions of Article 127 ter., num-ber 4 of the Companies Act (included therein by Act 26/2003 of 17 July). Details on their shareholdings, positions or du-ties, on their own or third party behalf, in companies engaging in the same business as COFIDES are contained in AnnexIII hereto.

28

21. Deterioration and Results of Sale of Financial Instruments

The 492 thousand-euro balance under this caption on the 31 December 2008 income statement is the sum of net lossesdue to the deterioration in the value of loans for 525 thousand euros, and the 33 thousand-euro revenue obtained from thesale of the company’s holding in Informa, a Peruvian company (Note 8.1).

22. Information on Employees

The company’s average headcount, broken down by category, was as follows in 2008:

Senior managers 12Junior managers and technicians 31Support staff 8

51

The distribution of company staff and directors by sex is as follows:

Women Men TotalBoard members 4 10 14Senior managers 5 8 13Others 26 15 41

35 33 68

23. Auditors’ fees

The fees charged by KPMG Auditores S.L. for auditing the company’s 2008 accounts amounted to 32 thousand euros,including VAT.

The sum specified in the preceding table includes all the fees for auditing services provided in 2008, regardless of the dateon which they were invoiced.

24. Events Subsequent to Closing

No event worthy of note that would have any material effect on the financial statements was forthcoming between 31 De-cember 2008 and the date on which they were prepared by the Board of Directors.

25. Aspects relating to the Transition to the New Accounting Rules

As mentioned in Note 2.1, the financial statements for 2008 were regarded to be initial statements, and therefore con-tain no comparative figures. The present note includes the balance sheet and income statement for financial year 2007approved by the General Meeting of Shareholders on 29 April 2008, prepared in accordance with the National Chart ofAccounts in effect in that year. The note also explains the main differences between the accounting criteria applied inthe preceding and target years and quantifies the impact of this change in accounting criteria on equity on 1 January2008, the transition date and consequently the date on the opening balance sheet.


25.1 Balance sheet and income statement

Annexes I and II show the balance sheet and income statement for financial year 2007, respectively.

25.2 Conciliation for the opening balance sheet

The following discussion addresses the main variations in: i) shareholders’ equity on 1 January 2008, the date of the tran-sition balance sheet, with respect to the sum recorded on 31 December 2007, and ii) the sum of the earnings for the fi-nancial year ending on 31 December 2008, as a result of applying the National Chart of Accounts approved by RoyalDecree 1514/2007:

a) Redenomination of the accounts to conform to the numbering and denominations laid down in the new National Chartof Accounts.

b) Modification of the grouping and structure of the financial statements based on the models laid down in such chart.

c) The company formally holds a stake in BAOBAB INVESTMENTS, S.A., wholly financed by a zero-interest loan with noset payback periods, granted by European Financing Partners (EFP). That holding is legally tied to the aforementionedloan under back-to-back conditions, so that any variations in equity affecting the holding ultimately revert back to EFP,via variations in the amount of the loan. Therefore, the company has transferred the risks and profit inherent in the own-ership of this financial asset to EFP and is released from any major responsibility for BAOBAB’s liabilities. Consequently,since the criteria laid down in the Part Three of the NGPC, NECA 6, item 2, are met, the above asset and respectiveliability have been netted on the balance sheet, reducing the total by 4 229 thousand euros.

The main variations generated by the National Chart of Accounts approved by Royal Decree 1514/2007 between share-holders’ equity on 1 January 2008 (date of the transition balance sheet) and equity, are shown below:

Thousand eurosDeclared Legal Voluntary Results for

capital reserve reserve the year TotalBalance on 1 January 2008 39,396 921 7,931 2,204 50,452Conversion differences - - - - -

Balance on 1 January 2008 in accordance with new accounting criteria 39,396 921 7,931 2,204 50,452

30

Annexes

32

ASSETS 2007

FIXED ASSETS 33,933.61

Intangible fixed assets Industrial property 2.34Computer software 1,323.74Amortization (551.14)Advances on intangible fixed assets 8.19

Tangible fixed assets Other facilities and furnishing 522.96Other fixed assets 271.10Depreciation (515.17)

Financial investments 32,871.59

CURRENT ASSETS 29,118.48

Accounts receivable 1,202.71Short-term financial investment 27,480.78Cash 356.72Accrual accounts, assets 78.27

GRAND TOTAL 63,052.09

Balance Sheet on 31 December 2007 (included in the Financial Statements 2007)

(In thousand euros)

COFIDES, S.A.

332008 FINANCIAL STATEMENTS / ANNEX I

LIABILITIES 2007

SHAREHOLDERS’ EQUITY 50,452.26

Subscribed capital 39,396.34Reserves

Legal reserve 921.20Voluntary reserve 7,931.20

Previous years’ results 0.00Income for the year 2,203.52

DEFERRED REVENUES 16.89

PROVISIONS FOR CONTING AND EXPENSES 0.00

LONG-TERM DEBT 8,630.09

CURRENT LIABILITIES 3,952.85

Payable to financial institutions 1,974.86Trade accounts payable 814.62Other non-trade payables 850.58Accrual accounts, liabilities 312.79

GRAND TOTAL 63,052.09

34

DEBIT 2007

EXPENSES

Personnel expenses 3,614.04Period depreciation and amortization 214.03Other operating expenses 2,626.61

Outside services 2,614.77Taxes 11.84

ORDINARY INCOME 1,232.94

Financial and similar expenses 377.44Variation in financial investement provisions 435.54Exchange losses 585.18

FINANCIAL EARNINGS 2,049.49Loss on financial investment 0.00Loss on tangible fixed assets 3.02Extraordinary expenses 2.09Previous years’ expenses and loss 7.31

EXTRAORDINARY INCOME 46.30

INCOME BEFORE TAXES 3,328.73Corporation tax 1,125.21Negative tax adjust. on anticipated earnings 0.00

INCOME FOR THE YEAR 2,203.52

Income Statement on 31 December 2007(included in the Financial Statements 2007)

(In thousand euros)

COFIDES, S.A.

352008 FINANCIAL STATEMENTS / ANNEX II

CREDIT 2007

REVENUES

Other operating revenues Management revenues 7,687.62

ORDINARY LOSS

Financial revenues 3,447.56

Earnings on tangible fixed assets -Extraordinary revenues 5.66Previous years’ revenues and income 53.06

EXTRAORDINARY LOSS -

LOSS BEFORE TAXES

LOSS FOR THE YEAR

36

DIRECTOR COMPANY CORPORATE NUMBER OF HOLDING IN POSITIONS ANDPURPOSE SECURITIES PER CENT DUTIES

José Corral Vallespín Banco Financial Assistant Deputy Santander S.A. Institution General Director – Wholesale

Banking and Global BusinessRisk Area Manager

María del Mar Rodrigo Casanova Banco Bilbao Financial Transactional Vizcaya Argentaria Institution Services Manager

This annex forms an integral part of Note 20 to the Notes to the Financial Statements, with which it should be read.

Breakdown of COFIDES Directors’ holdings and positions in othercompanies on 31 December 2007

(In thousand euros)

COFIDES, S.A.

2008 FINANCIAL STATEMENTS / ANNEX III

CUBIERTA INFORME 08 ing AF 21/4/09 16:32 P�gina 1

C M Y CM MY CY CMY K

2008 ANNUAL REPORTCOMPAÑÍA ESPAÑOLA DE FINANCIACIÓN DEL DESARROLLO, COFIDES, S.A.

www.cofides.es

COMPAÑÍA ESPAÑOLADE FINANCIACIÓNDEL DESARROLLO, COFIDES, S.A.

Headquarters

C/ Príncipe de Vergara, 13228002 Madrid (Spain)Phone: (+34) 91 562 60 08

(+34) 91 745 44 80Telefax: (+34) 91 561 00 15E-mail: [email protected]

COFIDES branch office in Catalonia

C/ Pau Clarís nº 172 - planta 5ª - puerta 2ª A08037 Barcelona (Spain)Phone: (+34) 93 215 13 03Telefax: (+34) 93 467 53 46E-mail: [email protected]

COFIDES branch office in Morocco

33, Bvd Moulay Youssef, 1ère étageCasablanca (Morocco)Phone: (+212) 5 22 47 56 22

(+212) 5 22 47 56 16Telefax: (+212) 5 22 47 56 88E-mail: [email protected]

COFIDES branch office in Mexico

Avenida Presidente Mazaryk, 473Colonia Los Morales Polanco11510 México D.F. (Mexico)Phone: (+52) 55 5280 9577Telefax: (+52) 55 9138 6045E-mail: [email protected]

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C M Y CM MY CY CMY K 2008 ANNUAL REPORT · cubierta informe 08 ing af 21/4/09 16:32 p˜gina 1 c m y...

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