Annual Report 2010 - CMVM

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Management Report of the Board of Directors 2010Energy9%Automobile8%In this way, the contribution of each activity sector to the totalvalue of consolidated operating income was as follows:Distribution8%Construction55%Contribution of each ActivitySector(Values in thousand Euros)Hotel services5%Real estate10%Concessions and Services4%Cement, Concreteand Aggregates1%187,842212,556117,867 113,051150,249EBITDA fell by 29.3% in relation to the previous year to standat EUR 150,249 thousand.Evolution of Consolidated EBITDA(Values in thousand Euros)2006 2007 2008 2009 2010Evolution of EBITDA by Activity(Values in thousand Euros)Activity Sector 2010 2009 Var (%)(TD. SA) (TD-EC)Construction 65,918 67,559 (2.4%)Cement. Concrete and Aggregates (7,416) 1,312 -Concessions and Services 11,753 7,978 47.3%Real Estate 62,453 80,498 (22.4%)Hotel Services 23,414 38,287 (38.8%)Distribution 7,814 7,737 1.0%Energy 7,943 7,846 1.2%Automobile (2,317) 14,333 -Not allocated to segments (17,745) (13,895) -Eliminations (1,568) 901 -150,249 212,556 (29.3%)Analysing this indicator by sector of activity, the table belowshows very divergent performance amongst the thesebusiness areas according to the specific characteristics of eachand the respective markets in which they operate.16
Management Report of the Board of Directors 2010The EBITDA / Turnover Margin decreased by 32.2% inrelation to December 2009, moving from 16.1% to 10.9%as at December 2010.15.6%14.5%16.1%11.2%10.9%2006 2007 2008 2009 2010Evolution of the EBITDA /Consolidated Turnover Margin(Values in thousand Euros)The financial results were negative by EUR 17,680 thousand, compared with the negative results of EUR 5,368 thousand in the previousyear.It is particularly significant that the reduction of the total debt and average interest rate level led to a decrease in financial charges of 21.3%compared with the same period of the previous year.In this regard, it should also be noted that the appropriation of the net income of the holding in CIMPOR – Cimentos de Portugal, SGPS, S.A.(estimated up to the date of its disposal) and the respective sale contributed positively to the financial results (Net income relative to associatedcompanies) by EUR 80,420 thousand. This indicator was also influenced, to the value of EUR 14,994 thousand, by the positive exchange rateeffect of the appreciation of the Currencies with which the Group operates relative to the Euro, as well as by the recording of an impairmentloss (Gains/losses in the measurement of assets available for sale) in the stake held in Banco Comercial Português, S.A., to the value ofEUR 73,599 thousand.Income Tax for the year ended on 31 December 2010, reached the value of EUR 26,820 thousand, compared with the EUR 36,562 thousandreached in 2009.3,222,510 3,177,7303,512,471Total Net Assets decreased by 22.5% in relation to 31December 2009, having reached EUR 2,721,252 thousand.This reduction was essentially due to the disposal of thestake held in CIMPOR - Cimentos de Portugal, SGPS, S.A.2,733,9862,721,252Evolution of Net Assets(Values in thousand Euros)2006 2007 2008 2009 201017
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Annual Report 2010 - CMVM

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