Annual Report 2010 - CMVM

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Notes to the Consolidated Financial Statements as at 31 December 2010Other information:SegmentFixed capitalexpendituresAmortisation anddepreciationProvisions andimpairment lossesConstruction 44,650 33,496 7,298Cement, concrete and aggregates 4,798 3,918 48Concessions and services 5,240 5,119 -Real estate 14,233 2,137 -Hotel services 26,799 7,261 -Distribution 6,037 2,912 -Energy 1,971 2,339 -Automobile 1,811 1,839 -Not allocated to segments - 4 -105,539 59,025 7,346The asset and liability items by segment, as at 31 December 2010 and 2009 and their respective reconciliation with the consolidated total are as follows:SegmentInvestmentsin associatesFinancialassetsavailablefor saleAssets2010 2009OtherassetsTotalInvestments inassociatesFinancialassetsavailable forsaleOtherassetsTotalLiabilities2010 2009Construction 29,170 - 1,602,338 1,631,508 25,008 - 1,490,285 1,515,293 1,073,981 1,102,859Cement, concrete andaggregates52,605 - 93,154 145,759 46,952 - 99,631 146,583 73,525 44,522Concessions and services - 19,361 228,562 247,923 - 27,164 210,517 237,681 185,607 200,345Real estate 453 177,510 1,634,689 1,812,652 1,490 257,716 2,186,729 2,445,935 1,321,989 2,120,750Hotel services 8 - 329,023 329,031 292 - 232,578 232,870 289,665 164,680Distribution - - 148,791 148,791 - - 120,377 120,377 92,200 100,974Energy 23 - 77,966 77,989 1,190 - 67,950 69,140 52,937 47,076Automobile - - 177,978 177,978 - - 193,878 193,878 119,685 138,911Not allocated to segments 5,854 11,349 586,781 603,984 902,264 - 317,552 1,219,816 82,272 20,527Eliminations - - (2,454,363) (2,454,363) - - (2,669,102) (2,669,102) (1,132,615) (942,810)88,113 208,220 2,424,919 2,721,252 977,196 284,880 2,250,395 3,512,471 2,159,246 2,997,834The sales, services rendered and information on non-current non-monetary assets by geographical segment were composed as follows for the year ended on 31 December2010 and 31 December 2009, respectively:Sales andservices renderedNon-monetary non-currentassetsGeographical segment 2010 2010 2009Portugal 592,633 663,697 668,162Angola 449,239 324,332 285,115Algeria 73,031 12,874 16,676Brazil 162,706 45,554 19,868Spain 25,089 16,416 16,497Morocco 3,328 1,717 2,802Mozambique 53,380 14,904 14,081Ukraine 10,556 27,484 25,066Venezuela 6,720 85 171Other 2,946 2,652 2,4801.379.628 1.109.715 1.050.918170
Notes to the Consolidated Financial Statements as at 31 December 20108 - OPERATING INCOMEOperating income for the year ended on 31 December 2010 and 2009 was as follows:2010Sales and services rendered:Sales 1,027,316Services rendered 352,3121,379,628Other operating income:Change in the fair value of investment property (Note 21) 16,876Supplementary income 7,192Inventory gains 7,122Own work capitalised (a) 4,251Reversal of impairment losses of accounts receivable (Note 27) 2,595Disposal of assets (b) 2,569Correction of previous financial years 2,467Tax refunds 1,036Operating grants 564Benefits from contractual penalties 133Investment grants 84Reversal of impairment losses of inventories (Note 10) 71Other operating profits and gains 20,83065,7901,445,418(a) Own work capitalised essentially corresponds to costs associated to the construction of property.(b) The gains indicated were mainly obtained through the sale of tangible fixed assets of the amount of EUR 2,562 thousand.9 - COST OF SALESDuring the year ended 31 December 2010 the cost of sales was calculated as follows:Raw materialsand consumablesGoodsTotalGross assets:Balance as at 1 January 2010 31,432 143,887 175,319Currency conversion adjustments 2,086 9,438 11,524Adjustments (11) - (11)Purchases 120,132 304,071 424,203Cost of the year (133,523) (330,748) (464,271)Balance as at 31 December 2010 20,116 126,648 146,764Accumulated impairment losses of inventories:Balance as at 1 January 2010 655 2,112 2,767Currency conversion adjustments 54 147 201Reinforcements (Note 13) - 2,581 2,581Adjustments - (75) (75)Balance as at 31 December 2010 709 4,765 5,474Net value as at 31 December 2010 19,407 121,883 141,290171
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