Consolidated Financial Statements 1st Semester 2009 - Sonae Sierra

SONAE SIERRA S.G.P.S., S.A. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIODS ENDED 30 JUNE 2009 AND 2008
(Translation of balance sheets originally issued in Portuguese - Note 13)
(Amounts stated in Euro)
Attributable to Equity Holders of Sonae Sierra
Reserves
Share Legal Translation Hedging Retained Net Minority
Notes capital Reserves reserve reserve earnings profit Total Interests Total
Balance at 31 December 2007 162,244,860 57,329,112 2,642,409 5,697,406 896,326,381 214,896,663 1,339,136,831 448,969,565 1,788,106,396
Appropriation of consolidated net profit for 2007:
Transfer to legal reserves and retained earnings - - - - 165,150,243 (165,150,243) - - -
Dividends distributed - - - - - (49,746,420) (49,746,420) (6,704,366) (56,450,786)
- - - - 165,150,243 (214,896,663) (49,746,420) (6,704,366) (56,450,786)
Currency translation differences - - 6,556,564 - - - 6,556,564 280,909 6,837,473
Fair value of hedging instruments
7 - - - 12,758,694 - - 12,758,694 9,454,464 22,213,158
Deferred tax in fair value of hedging instruments
7 - - - (3,267,418) - - (3,267,418) (2,338,764) (5,606,182)
Capital increase - 78,065,960 78,065,960
Acquisitions/sale of subsidiaries effect (Note 3) 4 (778,457) 778,457 - 82,770,453 82,770,453
Consolidated net profit for period ended 30 June 2008 - - - - - 17,478,759 17,478,759 (16,141,754) 1,337,005
Others - - - - (6,584) - (6,584) (178) (6,762)
Balance at 30 June 2008 162,244,860 57,329,112 9,198,973 14,410,225 1,062,248,497 17,478,759 1,322,910,426 594,356,289 1,917,266,715
Balance at 31 December 2008 162,244,860 57,329,112 (44,900,171) (17,883,782) 1,062,445,216 (116,126,337) 1,103,108,898 419,990,239 1,523,099,137
Appropriation of consolidated net profit for 2007:
Transfer to legal reserves and retained earnings - - - - (116,126,337) 116,126,337 - - -
Dividends distributed - - - - (46,820,160) - (46,820,160) (15,735) (46,835,895)
- - - - (162,946,497) 116,126,337 (46,820,160) (15,735) (46,835,895)
Currency translation differences - - 30,786,773 - - - 30,786,773 1,226,195 32,012,968
Fair value of hedging instruments
7 - - - (8,869,564) - - (8,869,564) (4,696,871) (13,566,435)
Deferred tax in fair value of hedging instruments
7 - - - 2,287,002 - - 2,287,002 1,100,468 3,387,470
Capital increase - 101,771 101,771
Consolidated net profit for period ended 30 June 2009 - - - - - (94,183,115) (94,183,115) (44,561,314) (138,744,429)
Others - - - - (403,277) - (403,277) (354,275) (757,552)
Balance at 30 June 2009 162,244,860 57,329,112 (14,113,398) (24,466,344) 899,095,442 (94,183,115) 985,906,557 372,790,478 1,358,697,035
The accompanying notes form an integral part of these consolidated statement of changes in equity.
The Board of Directors