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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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. 170
Consolidated Statement of Income at 31 st December 2008 and 2007 Notes 2008 2007 Operating profits: Sales and services rendered 7 and 8 1,291,073 1,011,513 Other operating profits 8 86,108 55,214 Total operating profits 1,377,181 1,066,727 Operating Costs: Cost of sales 9 (553,469) (402,400) Production variance 10 52,683 (969) Supplies and outsourcing (411,211) (311,022) Costs with personnel 11 (217,887) (184,248) Amortizations and depreciations 7, 19 and 20 (54,930) (43,088) Provisions and losses due to odd-parity 7 and 36 (1,818) (57) Other operating costs 13 (59,455) (55,037) Total operating costs (1,246,087) (996,821) Operating results 7 131,094 69,906 Financial costs and losses 14 (191,212) (124,049) Financial profits and gains 14 70,793 39,351 Results related to investment activities 14 (475,020) 148,565 Financial results (595,439) 63,867 Results before taxes 7 (464,345) 133,773 Income tax 15 51,368 (6,182) Net result of the financial year (412,977) 127,591 (Thousand Euros) Ascribable to: Capital holders 16 (347,244) 122,252 Minority interests 34 (65,733) 5,339 Result per share: Basic 16 (0.83) 0.29 Diluted 16 (0.83) 0.29 The note is an integrant part of the consolidated financial statement for the financial year ended on the 31 st of December 2008. 171
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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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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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