Consolidated Financial Statements 1st Semester 2009 - Sonae Sierra

The Aegean Park investment property in progress corresponds to the value of a site in Athens, Greece. In
accordance with the information received, the local Municipal Authorities intention is to classify part of the
site as green area, and Management is being involved in negations with the local Municipal Authorities with
the objective of determining which will be the final use of that site. The Board of Directors still believes that
there are no losses in the realization value of the site.
Investment properties in progress include borrowing expenses incurred during the construction period. As of
30 June 2009 and 31 December 2008, total borrowing expenses capitalised amounted to Euro 2,674,084
and Euro 17,087,140, respectively.
6 GOODWILL
During the years ended 30 June 2009 and 31 December 2008, the movement in Goodwill was as follows:
30.06.09 31.12.08
(6 months) (12 months)
Assets:
Opening balance 70,906,376 96,294,760
Increases (Note 4) - 7,765,255
Sales (Note 4) - (17,706,829)
Transfer to associated companies (Note 4) - (12,823,766)
Price adjustment - 389,500
Exchange rate change - (165,480)
Disposals and regularisations - (2,847,064)
Closing balance 70,906,376 70,906,376
Accumulated depreciation and
impairment losses:
Opening balance 21,015,242 13,331,443
Impairments for the year - 10,530,863
Sales and disposals - (2,847,064)
Closing balance 21,015,242 21,015,242
Ne t ass ets 49,891,134 49,891,134
During the year ended at 31 December 2008 it was made in “Sierra Management Spain, SA” the write-off of
the Goodwill, because its net balance was null.
The impairment losses recognized in 2008 refer to the following goodwill:
Craiova 5,139,604
Larissa 1,956,461
Ploiesti 3,434,798
10,530,863
SONAE SIERRA CONSOLIDATED ACCOUNTS JUNE 2009 13/23