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 48 - LOANS OBTAINED As at 31 st December 2008, the medium/long-term “Accounts payable to credit institutions” item refers to the following loans: - A loan amounting to EUR 29,250 thousand, signed with Banco Comercial Português, for a rate of interest equal to one-month Euribor. The capital shall be redeemed in two instalments, the first amounting to EUR 13,000 thousand, becoming due on 30 th June 2010, and the second to EUR 16,250 thousand on 31 st December 2010. - A global commercial paper programme, by individual subscription, signed on 14 th October 2005 with Banco Comercial Português, for the total amount of EUR 150,000 thousand, in which the Company and its associate Teixeira Duarte - Gestão de Participações de Investimentos Imobiliários, S.A. participate in the amounts of EUR 15,000 thousand and EUR 135,000 thousand, respectively. The participation of each company in the programme may vary according to each programme’s uses, but all participating companies must hand in at least 10% of the total value. Sixteen half-yearly and subsequent issues are contracted for the total nominal value of the programme, bearing deferred interest every six months at a rate equal to six-month Euribor plus 0.875% and ascertained in accordance with the auction date, with the reimbursement of the last issue taking place on 14 th October 2013. - A global commercial paper programme signed on 14 th February 2006 with Banco Comercial Português, for the total amount of EUR 50,000 thousand, in which the Company and its associate Teixeira Duarte - Gestão de Participações de Investimentos Imobiliários, S.A. participate in the amounts of EUR 5,000 thousand and EUR 45,000 thousand, respectively. The participation of each company in the programme may vary according to each programme’s uses, but all participating companies must hand in at least 10% of the total value. Sixteen half-yearly and subsequent issues are contracted for the total nominal value of the programme, bearing deferred interest every six months at a rate equal to six-month Euribor plus 0.875% and ascertained in accordance with the auction date, with the reimbursement of the last issue taking place on 14 th February 2014. - A global commercial paper programme, by individual subscription, signed on 6 th January 2006 with Banco Comercial Português, for the used amount of EUR 25,000 thousand, in which the Company and its associate Teixeira Duarte - Gestão de Participações de Investimentos Imobiliários, S.A. participate in the amounts of EUR 22,500 thousand and EUR 2,500 thousand, respectively. The participation of each company in the programme may vary according to each programme’s uses, but all participating companies must hand in at least 10% of the total value. The programme has a duration of five years starting from the contract signing date, bearing deferred interest every six months, with the intervention rate indexed on Euribor from one to six months by competitive auction or 7 to 180 days by direct placement plus 0.4% and ascertained in accordance with the auction date, with the reimbursement of the last issue taking place on 6 th January 2011. - A global commercial paper programme signed on 27 th September 2007 with Caixa - Banco de Investimento and with Caixa Geral de Depósitos, for the used amount of EUR 100,000 thousand, in which the Company and its associate Teixeira Duarte - Gestão de Participações de Investimentos Imobiliários, S.A. participate, all of which is being used by the Company. The participation of each company in the programme may vary according to each of its uses. The programme has a utilisation of five years starting from the contract signing date, and the commercial paper can be issued in periods between 7 and 181 days in accordance with the participants’ options. Interest becomes due later at the date of reimbursement of each issue at a rate indexed on Euribor for the respective issue period, in force on the second working day before the subscription date plus 0.45%. As at 31 st December 2008, the short-term “Debenture loans – non-convertible” item refers to the following debenture loans: - A debenture loan amounting to EUR 120,000 thousand, issued on 29 th March 2004, for a period of 5 years, corresponding to 2,400,000 nonconvertible debenture bonds with a nominal value of 50 Euros each, bearing deferred interest every six months at a rate equal to six-month Euribor plus 0.875%. Reimbursement is made in one single instalment on 29 th March 2009. - A debenture loan amounting to EUR 80,000 thousand, issued on 12 th May 2004, for a period of 5 years, corresponding to 1,600,000 nonconvertible debenture bonds with a nominal value of 50 Euros each, bearing deferred interest every six months at a rate equal to six-month Euribor plus 0.875%. Reimbursement is made in one single instalment on 12 th May 2009. As at 31 st December 2008, the short-term “Accounts payable to credit institutions” item refers to the following loans: - A credit transfer contract signed on 30 th May 2006 with Banco Comercial Português, amounting to EUR 2,051 thousand. The Company is liable for the risk of non-payment of the credits granted thirty days after the payment deadline, which is on 30 th June 2009. Charges for this operation are borne by the customer. The remaining short-term “Accounts payable to credit institutions” bear interest at the normal market rate. 166
Notes to the Financial Statements as at 31 st December 2008 49 - STATE AND OTHER PUBLIC ENTITIES As at 31 st December 2008, the balances with these entities were broken down as follows: Debit balances Corporate Income Tax – IRC: Tax estimate 192 Special payment on account 210 402 Value Added Tax 8,289 Others 693 9,384 Credit balances Corporate Income Tax - IRC: Tax estimate 6,603 Withholding taxes (985) 5,618 Value Added Tax 451 Corporate Income Tax - Withholding tax 683 Social Security Contribution 1,285 Remaining taxes 9,481 17,518 The amounts stated in the items: "Estimated Tax", “Special payment on account" and "Withholding taxes", relate to the ascertainment of the Corporate Income Tax (IRC) within the scope of the Special Taxation Scheme for Groups of Companies, as mentioned Note 6. The individual amounts of the Company, for the items: "Estimated Tax" and "Withholding taxes" are EUR 8,923 thousand and EUR 654 thousand respectively. 50 - ACCRUALS AND DEFERRALS As at 31 st December 2008, the balances in these items were broken down as follows: Profit accruals: Supplies and services rendered and not invoiced 8,730 Interest receivable 5,963 Others 7 14,700 Deferred costs: Incurred expenses to be charged 11,542 Expenses incurred in issuing commercial paper 2,211 Insurance paid in advance 573 Expenses incurred in issuing bonds 426 Revenues 185 Others 3,314 18,251 Cost accruals: Staff costs 13,393 Unpaid overdue financial charges 3,791 Expenditures incurred and not invoiced by suppliers 3,552 Revenues 1,329 Litigation expenses 196 Others 1,661 23,922 Deferred profits: Deferred profits in works ( Note 3e) ) 36,135 Works invoiced but not executed 11,756 Interest charged but not due 183 Others 410 48,484 The deferred profits in works correspond to values not recognised as results and which are intended to cover the costs to be incurred during the waiting period of the works, as mentioned in Note 3e). The works invoiced but not executed result from the application of the percentage-of-completion method, as mentioned in Note 3e). 167
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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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