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

Consolidated Balance Sheet at 31 st December 2008 and 2007
Notes 2008 2007
Non-current assets:
Goodwill 18 58,646 46,746
Intangible assets 19 9,807 7,379
Tangible fixed assets 20 506,670 419,144
Investment properties 21 418,296 362,074
Investments in associated companies 7 and 22 891,625 860,101
Financial assets available for sale 24 266,753 678,140
Other investments 25 9,576 12,762
Deferred taxes assets 26 117,389 44,576
Customers 27 - 8,731
Other debtors 27 790 690
Other non-current assets 5,395 7,163
Total non-current assets 2,284,947 2,447,506
Current assets:
Stocks 9 and 10 365,717 288,070
Customers 27 270,734 251,060
Other debtors 27 49,267 43,604
Cash and cash equivalents 29 105,478 114,628
Other current assets 30 101,894 77,642
Total current assets 893,090 775,004
TOTAL ASSETS 7 3,178,037 3,222,510
Equity capital:
Capital 32 210,000 210,000
Capital share adjustments in associated companies (112,959) (37,738)
Exchange rates adjustments (50,472) (38,883)
Reserves and results carried forward 33 543,702 409,985
Net consolidated result (347,244) 122,252
Equity capital ascribable to shareholders 243,027 665,616
Minority interests 34 95,905 168,769
TOTAL EQUITY CAPITAL 338,932 834,385
Non-current liabilities:
Loans 35 1,421,049 1,444,281
Provisions 36 8,382 10,583
Suppliers 37 - 781
Financial leasing 38 247,106 37,509
Liabilities due to deferred taxes 26 53,070 45,940
Other creditors 37 25,342 49,384
Other non-current liabilities 39 47,127 78,800
Total non-current liabilities 1,802,076 1,667,278
Current liabilities:
Loans 35 536,331 348,165
Provisions 36 3,011 6,231
Suppliers 37 222,631 187,378
Financial leasing 38 13,395 5,650
Other creditors 37 31,508 6,546
Other current liabilities 40 230,153 166,877
Total current liabilities 1,037,029 720,847
TOTAL LIABILITIES 7 2,839,105 2,388,125
TOTAL LIABILITIES AND EQUITY CAPITAL 3,178,037 3,222,510
(Thousand Euros)
The note is an integrant part of the consolidated balance sheet on the 31 st of December 2008.
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