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

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Notes to the Financial Statements as at 31 st December 2008 Profit/(loss) carried forward: The amount recorded under transfers in the profit/(loss) carried forward item basically results from: (i) the payment of the financial shares amounting to EUR 16,186 thousand; and (ii) the application of deferred tax to the revaluation reserve created in the year ended 31 st December 2008, amounting to EUR 470 thousand. Allocation of the profit for 2007 In the General Meeting of Shareholders held on 14 th May 2008, the financial statements for the year ended 31 st December 2007 were approved, and the following allocation of profit was decided: Financial Year 2007 Dividends 7,560 Distribution to employees 4,800 Legal reserve 3,000 Free reserves 41,575 56,935 41 - COST OF MATERIALS CONSUMED The cost of materials consumed during the year ended 31 st December 2008 was determined as follows: Opening inventory 10,764 Purchases 189,159 Inventory regularisation 9 Closing inventory (15,046) 184,886 42 - VARIATION IN PRODUCTION The variation in production reported during the year ended 31 st December 2008 was as follows: Finished goods and Work partly finished goods in progress Closing inventory 1,242 50,300 Inventory regularisation 11 - Opening inventory (1,263) (21,288) Decrease / Increase in the financial year (10) 29,012 43 - REMUNERATION OF THE MEMBERS OF THE GOVERNING BODIES The remunerations paid to the members of the Governing Bodies during the year ended 31 st December 2008 were, respectively: Fixed Variable Total Board of Directors Executive Members 1,100 879 1,979 Non-executive Members 160 153 313 Supervisory Board 33 - 33 Statutory Auditor 66 - 66 1,359 1,032 2,391 164
Notes to the Financial Statements as at 31 st December 2008 44 - SALES AND SERVICES RENDERED BY ACTIVITY AND GEOGRAPHIC MARKETS The sales and services rendered in the year ended 31 st December 2008 are distributed as follows: Markets Total Domestic External Civil construction and public works 260,627 279,148 539,775 Services rendered 11,126 42,029 53,155 271,753 321,177 592,930 45 - FINANCIAL RESULTS STATEMENTS The financial results for the years ended 31 st December 2008 and 2007 are broken down as follows: Costs and losses Financial Years Profits and gains Financial Years 2008 2007 2008 2007 Interest paid 42,943 27,481 Interest earned 22,693 34,610 Losses in Group companies and assoc. companies 350,867 11,537 Gains in Group companies and assoc. companies 7,162 30,953 Depreciation of investments in fixed assets 2 2 Fixed assets revenues 41 32 Provisions for financial instruments (Note 34) 1,766 1,728 Revenues from capital shares 1,277 898 Unfavourable exchange rate movements 1,063 5,205 Favourable exchange rate movements 1,100 3,915 Costs with the issue of bonds 1,415 1,415 Cash discounts obtained 709 644 Other financial costs and losses 5,823 12,034 Earnings in the Alienation of Treasury Applications 31,035 - 403,879 59,402 Outros proveitos e ganhos financeiros 2,256 601 Financial profit/(loss) (337,606) 12,251 66,273 71,653 66,273 71,653 46 - EXTRAORDINARY RESULTS STATEMENTS The extraordinary results for the years ended 31 st December 2008 and 2007 are broken down as follows: Costs and losses Financial Years Profits and gains Financial Years 2008 2007 2008 2007 Donations 95 187 Taxes return 2 - Inventory losses 38 15 Inventory gains 47 21 Losses on Fixed Assets 564 157 Gains on fixed assets 130,951 47,007 Fines and penalties 26 30 Contractual benefits and penalties 29 322 Corrections regarding previous financial years 29 43 Provisions reduction (Note 34) 31 42 Insufficiency of the estimation for taxes 2,652 - Corrections of previous financial years 7 - Other extraordinary costs and losses 4,835 5,944 Indemnities 579 310 Other extraordinary profits and gains 1,515 596 8,239 6,376 Extraordinary profit/(loss) 124,922 41,922 133,161 48,298 133,161 48,298 165
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A N N U A L R E P O R T A N D A C C
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ANNUAL REPORT AND ACCOUNTS 2 0 0 8
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TEIXEIRA DUARTE - ENGENHARIA E CONS
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Organisational Chart - 2008 8 9
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Management Report of the Board of D
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A N N U A L R E P O R T A N D A C C O U N T S - CMVM

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