Annual Report 2010 - CMVM

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