A N N U A L R E P O R T A N D A C C O U N T S - CMVM

Balance Sheets as at 31 st December 2008 and 2007
2008 2007
Gross Depreciation Net Net
Notes Assets and adjustments Assets Assets
ASSETS
FIXED ASSETS:
Intangible Fixed Assets:
Start-up costs 10 2 (2) - 1
Goodwill 10 - - - 107,084
2 (2) - 107,085
Tangible Fixed Assets:
Buildings and other constructions 10 and 13 23,815 (6,034) 17,781 18,734
Plant and machinery 10 and 15 92,844 (61,361) 31,483 22,019
Transport equipment 10 26,271 (14,329) 11,942 7,788
Fixtures and fittings 10 26,846 (23,225) 3,621 2,731
Office equipment 10 13,167 (11,569) 1,598 1,779
Other tangible fixed assets 10 178 (178) - -
Fixed assets in progress 10 5,899 - 5,899 14,345
189,020 (116,696) 72,324 67,396
Financial Investments:
Capital shares in Group companies 10 and 16 183,986 - 183,986 224,963
Loans to Group companies 10 and 16 60,000 - 60,000 7,600
Capital shares in associated companies 10 and 16 - - - -
Loans to associated companies 10 and 16 20,955 - 20,955 20,955
Securities and other financial instruments 10 and 16 4,559 (12) 4,547 78,161
Other loans 10 and 16 849 - 849 979
Prepayments for financial investments 440 - 440 440
270,789 (12) 270,777 333,098
CURRENT ASSETS:
Inventory:
Raw materials and consumables 21 and 41 15,046 (796) 14,250 10,236
Work in progress 42 50,300 - 50,300 21,288
Finished and partly finished goods 42 1,242 - 1,242 1,263
66,588 (796) 65,792 32,787
Accounts receivable – Medium- and long-term:
Group companies 16 7,724 - 7,724 485
Investee and investing companies 16 3,881 - 3,881 3,681
Other receivables 647 - 647 611
12,252 - 12,252 4,777
Accounts receivable – Short-term:
Customers, current account 230,825 - 230,825 194,759
Customers, bills receivable 578 - 578 178
Customers, bad debt 21 and 23 16,890 (16,435) 455 1,461
Group companies 16 330,456 - 330,456 309,578
Investee and investing companies 16 696 - 696 1,666
Prepayments to suppliers 14,255 - 14,255 12,629
State and other public entities 49 9,384 - 9,384 811
Other receivables 21 and 23 19,063 (1,750) 17,313 10,282
622,147 (18,185) 603,962 531,364
Marketable securities:
Other marketable securities - - - 59,002
Bank deposits and cash:
Bank deposits 51 19,206 19,206 19,680
Cash 51 1,483 1,483 1,492
20,689 20,689 21,172
Accruals and Deferrals:
Income accruals 50 14,700 14,700 17,437
Deferred costs 50 18,251 18,251 10,259
Deferred tax assets 6 4,473 4,473 4,449
37,424 37,424 32,145
Total depreciation (116,710)
Total adjustments (18,981)
Total assets 1,218,911 (135,691) 1,083,220 1,188,826
(thousands of Euros)
146