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 21 - INVESTMENT PROPERTIES As referred in Note 2.8., the Group registers investment properties at its market value. During the financial years ended on the 31 st December 2008 and 2007, the movement occurred in investment properties was the following: 2008 2007 Balance on the 1 st January 362,074 352,504 Exchange rate conversion effect 2,365 (319) Increases / Alienations (2,943) (11,924) Variance in fair value (Notes 8 and 13) 53,263 7,018 Tangible assets transfers 3,537 14,795 Balance on the 31 st December 418,296 362,074 The fair value of each investment property under exploration was determined through evaluations reported at the balance sheets dates, done in some cases by specialized and independent entities and in accordance with generally accepted evaluation criteria for the real estate market. In the remaining cases, the market value determination was done internally, based on similar criteria to those considered by external evaluators, considering the expected cash-flows discounted. The main assumptions and methods inherent to the evaluations to support the market value of the investment properties were the following: - Yield between 7% and 10%; - Average of the comparative method and of yield multiples; - Average of the comparative method and of cost. The yield obtained with investment properties deriving from the existence of operational leasing contracts amounted to 29,060 thousand Euros (24,8458 thousand Euros, at the end of the year ended on the 31 st of December 2007). Direct operational expenses with investment properties for the year ended on the 31 st of December 2008 amounted to 9,243 thousand Euros (9,530 thousand Euros in 2007). 22 - INVESTMENTS IN ASSOCIATED COMPANIES The associated companies which on the 31 st of December 2008, were registered by the equity method, are the following: Company name Registered Head Office Percentage of effective holding SCP AK10 - Empreendimentos e Participações SPE Ltda. Avenida Alameda Santos, nº 960 - 19º, 25.00% Edifício CYK, Cerqueira César, São Paulo ALVORADA PETRÓLEO, S.A. Rua Major Lopes, 800, 3º andar 23.33% Belo Horizonte - Minas Gerais - Brasil ALSOMA, GEIE. 3 Av André Malraux 27.00% Levallois Peret ARENOR, S.L. Calle Monte Carmelo, nº 1, 5ºC 25.26% Sevilha AVIA PORTUGAL - Produtos Petrolíferos, S.A. Edifício 1, Lagoas Park 21.02% Porto Salvo CIMPOR - Cimentos de Portugal, SGPS, S.A. Rua Alexandre Herculano, 35 22.17% Lisboa CIMPOR MACAU Investment Company, S.A. (a) Av. da Praia Grande, nº 693, Edifício Tai Wah, 15º andar 13.00% Macau CONSTRULINK - Tecnologias de Informação, S.A. Av. Engenheiro Arantes e Oliveira, nº 6 - 8º H 20.00% Lisboa Concessionária de Rodovias TEBE, S.A. Praça Barão do Rio Branco, nº 48, S/L 23.33% Bebedouro - São Paulo IMOC - Empreendimentos Imobiliários, S.A.R.L. Av. 24 de Julho, 135 46.40% Maputo INFRAENGE Construções, Ltda. Praça Barão do Rio Branco, nº 48, 1º andar, Sala 13ª A, Bairro Centro 23.33% Bebedouro - São Paulo ISA - Intelligent Sensing Anywhere, S.A. (b) Rua D. Manuel I, 92 14.08% Coimbra LIMA PETRÓLEOS - Combustíveis do Lima, Lda. (c) Rua Nova de Santana, 190, 2º Andar Esquerdo Traseiras 16.95% Viana do Castelo STELGEST - Gestão Hoteleira, S.A. Edifício 2, Lagoas Park 45.00% Porto Salvo TRAVERSOFER - Industrie et Service Ferroviaire, S.A.R.L. 27, Cheminndu Réservoir, hydra, Alger, 30.00% Algérie (a) Through its subsidiary C +P.A. - Cimento e Produtos Associados, S.A.. (b) Through its subsidiary DIGAL - Distribuição e Comércio, S.A. (c) Through its subsidiary TDARCOL – SGPS, S.A. 204
Notes to the Consolidated Financial Statements at 31 st December 2008 Capital shares held in associated companies had the following movements in the financial years ended on the 31 st December 2008 and 2007: Capital shares Goodwill Total Balance on the 1 st January 2007 344,543 450,764 795,307 Effects resulting from the application of the equity method: - Effect in the financial year’s result (Note 14) 65,681 - 65,681 - Effect in the equity capital 8,088 - 8,088 - Dividends received (32,562) - (32,562) Increases 33,230 34,300 67,530 Alienations (26,980) (21,566) (48,546) Perimeter change 4,271 - 4,271 Others 332 - 332 Balance on the 31 st December 2007 396,603 463,498 860,101 Balance on the 1 st January 2008 396,603 463,498 860,101 Effects resulting from the application of the equity method: - Effect in the financial year’s result (Note 14) 58,754 - 58,754 - Effect in the equity capital (75,221) - (75,221) - Dividends received (33,852) - (33,852) Increases 42,415 43,495 85,910 Alienations (384) (478) (862) Perimeter change (a) (984) - (984) Others (458) (1,763) (2,221) Balance on the 31 st December 2008 386,873 504,752 891,625 The increases in the year ended on the 31 st December 2008 essentially result from the acquisition of shares from Cimpor – Cimentos de Portugal, SGPS, S.A. amounting to 67,271 thousand Euros and the acquisition of the financial participation in Alvorada Petróleos S.A. amounting to 14,303 thousand Euros. Additionally, TEDAL - SGPS, S.A. made an advance for the acquisition of a financial share of associated company Arenor, S.L. amounting to 3,200 thousand Euros. This advance is framed within a promissory contract for the acquisition of 22.86% of Arenor, S.L., for the global amount of 12,800 thousand Euros, to be realized until 30 th October 2009. Alienations of the financial year ended on the 31 st December 2008 refer to the sale of a group of shares of Cimpor - Cimentos de Portugal, SGPS, S.A., from which resulted a decreased value of 107 thousand Euros (added value of 2,822 thousand Euros in 2007) (Note 14). (a) The perimeter change in the year ended on the 31 st December 2008 results essentially from the integral consolidation of TDF - Sociedade Gestora de Fundos de Investimento Imobiliário, S.A.. The detail of the investments in associated companies on the 31 st December 2008 and 2007 is as follows: 2008 2007 Capital Goodwill Balance Capital Goodwill Balance Subsidiaries shares value shares value Cimpor - Cimentos de Portugal, S.G.P.S., S.A. 333,666 482,108 815,774 366,537 447,402 813,939 Arenor, S.L. 24,024 16,033 40,057 14,443 16,033 30,476 Alvorada Petróleos, S.A. 8,773 6,001 14,774 - - - Cimpor Macau Investment Company, S.A. 11,777 - 11,777 7,426 - 7,426 Concessionária de Rodovias TEBE, S.A. 3,018 - 3,018 2,705 - 2,705 IMOC - Empreendimentos Imobiliários, S.A.R.L. 2,988 - 2,988 2,310 - 2,310 ISA - Intelligent Sensing Anywhere, S.A. 564 493 1,057 - - - SCP AK-10 Empreendimentos e Participações SPE LTDA. 883 50 933 1,027 63 1,090 Infraenge Construções, Ltda. 522 - 522 473 - 473 TDF - Sociedade Gestora de Fundos de Investimento Imobiliário, S.A. - - - 1,013 - 1,013 Others 658 67 725 669 - 669 386,873 504,752 891,625 396,603 463,498 860,101 205
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A N N U A L R E P O R T A N D A C C
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ANNUAL REPORT AND ACCOUNTS 2 0 0 8
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