Consolidated Financial Statements 1st Semester 2009 - Sonae Sierra

31 December 2008
Head Net Balance sheet Net profit
Office Assets Liabilities Equity Profit % own amount
held
Associated companies:
Campo Limpo Lda S. Paulo (Brazil) 29,144,678 6,419,124 22,725,554 5,109,965 10.00% 2,272,558 510,996
Mediterranean Cosmos Shopping Centre Investments S.A. Athens (Greece) 205,964,757 131,419,616 74,545,141 12,576,854 19.95% 14,871,756 2,509,084
SIC INDOOR - Gestão de Suportes de Publicidade, S.A. Lisbon 182,686 1,376,426 (1,193,740) (149,634) 35% - -
Sierra Portugal Real Estate ("SPF") (*) Luxemburg 410,203,997 266,291,257 143,912,740 (24,412,469) 42% 60,443,352 (10,253,237)
Goodw ill SPF 12,823,766 -
Sonaegest - Soc. Gestora de Fundos de Investimento, S.A. Maia 1,939,235 140,099 1,799,136 125,023 20% 359,827 25,005
90,771,259 (7,208,152)
Other participations:
Ercasa Cogeneración S:A Grancasa (Spain) 5% 48,091 -
48,091 -
(*) Amounts related to to the consolidated accounts of "SPF". This company ow ns the follow ing investments:
90,819,350 (7,208,152)
% own
8ª Avenida Centro Comercial, S..A. 100%
Arrábidashopping- Centro Comercial, S.A. 50%
Gaiashopping I- Centro Comercial, S.A. 50%
Gaiashopping II- Centro Comercial, S.A. 50%
Loureshopping- Centro Comercial, S.A. 50%
Oeste Retail Park - Gestão Galerias Comerciais, SA 50%
Rio Sul- Centro Comercial, S.A. 50%
Serra Shopping- Centro Comercial, S.A. 50%
Sol Retail Park - Gestão Galerias Comerciais, SA 50%
The associated companies were included in the consolidation by the equity method.
During the years ended 30 June 2009 and 2008, the movement occurred in associated companies was as
follows:
30.06.09 30.06.08
Opening balance 90,771,259 24,150,282
Capital decrease (2,094,750) (7,978,005)
Effect of the application of the equity method:
Hedging reserve (932,859) 194,926
Translation reserve 419,174 88,500
Net profit (6,039,868) 521,850
Dividends (18,011) -
82,104,945 16,977,553
4 ACQUISITION AND SALE OF COMPANIES
The main acquisitions and sales of companies occurred during 2009 were as follows:
Sale of subsidiaries:
During the half year ended 30 June 2009 no significant acquisitions or sales occurred. The most important
operation was the exchange of shares of Sociedade Parque Principado, S.L. 50 % held in 31 December
2008 by Shopping Centre Principado, BV: in April 2009 the company Shopping Centre Principado BV (50%
held by the Group) acquired 50% of Harvey Dos Iberica, S.L. (“Harvey”) in exchange for the shares held on
Vuelta Omega, S.L. (“Omega”), in the amount of Euro 5,700,168. The Shopping Centre Principado BV sold
to Vuelta, also during the halfyear ended in 30 June 2009, the 50% held on Parque Principado S.L., and
Harvey acquired the remainder 50% of share capital of Parque Principado. After these operations, the
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