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 Consolidated Financial Statements at 31 st December 2008 Other information: Depreciations Expenditures with and amortizations Provisions and losses fixed assets in results due to impairment Business Segment 2008 2007 2008 2007 2008 2007 Construction 105,848 78,578 32,561 25,646 - (50) Cement, Concrete and aggregates 20,321 31,118 3,603 1,693 796 - Concessions and services 32,933 15,203 4,067 3,594 8 - Real Estate 49,638 20,447 3,957 2,111 937 70 Hotel Services and Hospitality Industry 4,883 4,541 5,934 5,236 - - Food Trading 13,591 19,568 1,056 987 - - Petroleum Products Sales 10,706 12,678 2,819 2,935 56 37 Vehicles Sales 2,759 18,435 930 885 21 - Not allocated to any segment 35,186 30,170 3 1 - - 275,865 230,738 54,930 43,088 1,818 57 The assets and liabilities items by segment, on the 31st of December 2008 and 2007, and respective conciliation with the consolidated total are as follows: Assets Liabilities 2008 2007 Investments in Investments in associated Other associated Other Business Segment companies assets Total companies assets Total 2008 2007 Construction 18,723 1,725,130 1,743,853 252,806 1,222,259 1,475,065 1,013,126 942,102 Cement, Concrete and aggregates 51,834 197,842 249,676 37,902 255,091 292,993 106,725 79,539 Concessions and services - 167,002 167,002 - 106,435 106,435 139,006 73,007 Real Estate 933 2,372,255 2,373,188 1,291 1,948,204 1,949,495 2,068,203 1,551,074 Hotel Services and Hospitality Industry 173 230,585 230,758 - 196,767 196,767 155,295 123,270 Food Trading - 94,908 94,908 - 62,590 62,590 83,802 55,567 Petroleum Products Sales 1,149 73,496 74,645 92 99,016 99,108 52,791 49,012 Vehicles Sales - 168,547 168,547 - 96,636 96,636 98,398 74,229 Not allocated to any segment 818,813 466,142 1,284,955 568,010 578,279 1,146,289 24,707 15,899 Write-offs - (3,209,495) (3,209,495) - (2,202,868) (2,202,868) (902,948) (575,574) 891,625 2,286,412 3,178,037 860,101 2,362,409 3,222,510 2,839,105 2,388,125 Sales and services rendering by geographical segment present the following composition in the financial years ended on the 31 st of December 2008 and 2007: Geographical Segment 2008 2007 Portugal 553,355 489,760 Angola 445,015 334,027 Algeria 135,042 64,708 Brazil 53,410 39,384 Ukraine 27,560 20,623 Spain 26,782 24,000 Mozambique 26,034 28,514 Morocco 13,177 4,812 Venezuela 9,090 4,396 France 917 1,129 San Tomé and Príncipe 383 124 Tunisia 262 - Macao 46 36 1,291,073 1,011,513 194
Notes to the Consolidated Financial Statements at 31 st December 2008 8 - OPERATING PROFIT In the financial years ended on the 31 st December 2008 and 2007, the operating profit was as follows: 2008 2007 Sales and services rendered: Sales 1,021,757 714,604 Services Rendered 269,316 296,909 1,291,073 1,011,513 Other operating profits: Fair value variance of investment property (Note 21) 56,550 13,005 Supplementary profits 10,727 7,268 In-house works (a) 6,693 14,213 Adjustment reversion of accounts receivable 3,311 1,107 Corrections of previous financial years 1,028 2,605 Assets alienation (b) 241 8,139 Benefits from contractual penalties 143 590 Subsidies for investment 104 442 Gains in Stocks 56 1,160 Stocks adjustments reversion (Note 10) 12 1,262 Subsidies for operation 11 4 Other operating profits 7,232 5,419 86,108 55,214 1,377,181 1,066,727 (a) In-house works correspond essentially to costs associated to construction of real estate in the Lagoas Park development. (b) The gains indicated were essentially obtained with the alienation of tangible fixed assets amounting to 209 thousand Euros (5,922 thousand Euros in 2007) and with the alienation of assets and liabilities of companies that left the consolidation perimeter in the financial year ended on 31 st December 2008, amounting to 32 thousand Euros (2,217 thousand Euros in 2007) (Note 5). 195
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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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