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
13 - OTHER OPERATIONAL COSTS
The other operational costs in the financial years ended on the 31 st December 2008 and 2007 were as follows:
2008 2007
Taxes 29,016 25,895
Adjustment to Stocks (Notes 9 and10) 10,808 329
Losses in Stocks 4,442 2,227
Adjustment variance of investment property (Note 21) 3,287 5,987
Adjustment to receivables 2,266 4,917
Corrections to previous financial years 1,537 469
Losses incurred in the alienation of assets (a) 794 9,962
Fines and penalties 495 239
Donations 460 511
Stocks Offers and Samples 357 264
Levies 238 192
Expenditures with industrial property 116 10
Uncollectible debts 71 98
Other operating costs 5,568 3,937
59,455 55,037
(a) On the 31 st December 2008, the reinforcements to adjustments in stocks essentially refer to estimated losses to be incurred in construction contracts amounting to 9,903 thousand
Euros (26 thousand Euros in 2007) (Note 2.20).
(b) The indicated losses were incurred, essentially, with the alienation of tangible fixed assets, amounting to 738 thousand Euros (1,888 thousand Euros in 2007) and with the alienation
of 5% of KARIBIB Portland Cement (PTY) and of TEJOVILLAGE – Promoção Imobiliária, S.A., ECT – Empresa de Comércio de Tabacos, Lda. and of EUROGTD – Sistemas de
Informação, S.A. that left the consolidation perimeter in the financial year ended on 31 st December 2008, amounting to 56 thousand Euros (8,074 thousand Euros in 2007).
14 - FINANCIAL RESULTS
The financial results of the financial years ended on the 31 st December 2008 and 2007, were the following:
2008 2007
Financial Costs and Losses:
Interest paid 121,444 88,295
Unfavourable exchange rate differences 50,357 25,290
Other financial costs and losses 19,411 10,464
191,212 124,049
Financial profits and gains:
Interest received 23,811 30,099
Favourable exchange rate differences 44,487 8,142
Discounts for cash payments 785 702
Other financial profits and gains 1,710 408
70,793 39,351
Results related to investment activities:
Results related to associated companies (a) 58,647 108,011
Dividends (b) 2,938 16,938
Other investments (504) (8))
Benefits / losses in assets available for sale (Note 24) (536,101) 23,624
(475,020) 148,565
Financial results (595,439) 63,867
(a)
The results regarding associated companies in the financial year ended on the 31 st December 2008, include the effect of the equity method application to the investments in
associated companies of 58,754 thousand Euros (65,681 thousand Euros in 2006) (Note 22), as well as capital losses ascertained in the alienation of shares of CIMPOR - Cimentos
de Portugal, SGPS, S.A., amounting to 107 thousand Euros (2,822 thousand Euros in 2007) (Note 22).
(b) On the 31 st December 2008 the values submitted correspond to the dividends received from the financial assets available for sale of 1,352 thousand Euros and the remaining of
the “Other Investments”, while on the 31 st December 2007, the values submitted correspond essentially to dividends received from financial assets available for sale, of 15,666
thousand Euros.
On the 31 st December 2008 was capitalized interest amounting to 6,984 thousand Euros (4.839 thousand Euros in 2007).
199