Consolidated Financial Statements 1st Semester 2009 - Sonae Sierra

SONAE SIERRA, SGPS, S.A. AND SUBSIDIARIES
Notes to the consolidated financial statements
as of 30 June 2009
(Translation of notes originally issued in Portuguese – Note 13)
(Amounts stated in Euro)
1 INTRODUCTION
SONAE SIERRA, S.G.P.S., S.A. (“the Company” or “Sonae Sierra”), which has its head office in Lugar do
Espido, Via Norte, Apartado 1197, 4471-909 Maia – Portugal, is the parent company of a group of
companies (“the Group”).
The Group’s operations consist of Investment, Management and Development of Shopping Centres.
The Group operates in Portugal, Brazil, Spain, Greece, Germany, Italy, Romania and Netherlands.
These financial statements are presented in Euro because that is the currency of the primary economic
environment in which the Group operates.
2 PRINCIPAL ACCOUNTING POLICIES
The half year consolidated financial statements of Sonae Sierra have been prepared on a going concern
basis, from the accounting records of the companies included in the consolidation, maintained in
accordance with generally accepted accounting principles in the countries of each company adjusted in the
consolidation process, to International Financial Reporting Standards (“IFRS”), as approved by the
European Union, applicable to economic years beginning on 1 January 2009.
The accompanying consolidated financial statements refer to the half year ended 30 June 2009
consolidated accounts of Sonae Sierra and have been prepared according to the International Financial
Reporting Standards (“IFRS”), as adopted by the European Union, for the interim financial reporting
(IAS34).
The Board of Directors of the Company considers that the accompanying consolidated financial statements
and their notes have, under IAS 34 – Interim Financial Reporting, an adequate presentation of the interim
consolidated information. For additional information about the accounting policies of the Group and other
information, the consolidated financial statements of the Company and their notes for the year 2008 should
be consulted.