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

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).
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