Annual Report 2010 - CMVM

Notes to the Consolidated Financial Statements as at 31 December 201020 - TANGIBLE FIXED ASSETSDuring the year ended on 31 December 2010, the movements occurred in the tangible fixed assets, as well as in the respective accumulated depreciation and impairmentlosses, were as follows:Land andnaturalresourcesBuilding andotherconstructionsBasicequipmentTransportequipmentTools andutensilsAdministrativeequipmentOther tangiblefixed assetsTangiblefixed assetsin progressAdvancepayments fortangible fixedassetsGross assets:Balance as at 1 January 2010 52,627 276,358 335,826 61,502 35,447 33,946 20,858 69,657 320 886,541Currency conversion effect 378 12,557 6,158 3,165 332 1,406 1,588 4,512 29 30,125Additions 393 3,843 44,518 5,048 892 1,158 10,088 38,082 10 104,032Transfers and write-offs (15,002) 52,884 4,036 3,057 (632) 1 (22,681) (39,113) (349) (17,799)Disposals (126) (1,092) (6,358) (2,471) (39) (202) (306) (469) - (11,063)Balance as at 31 December 2010 38,270 344,550 384,180 70,301 36,000 36,309 9,547 72,669 10 991,836TotalAccumulated depreciationand impairment losses:Balance as at 1 January 2010 164 73,103 231,311 34,370 28,175 25,288 3,545 - - 395,956Currency conversion effect - 2,617 5,681 977 132 998 65 - - 10,470Reinforcements - 10,975 31,538 10,572 1,626 2,363 1,272 - - 58,346Transfers and write-offs - (26) 1,779 42 154 125 (734) - - 1,340Disposals - (345) (5,011) (1,623) (33) (162) (2) - - (7,176)Balance as at 31 December 2010 164 86,324 265,298 44,338 30,054 28,612 4,146 - - 458,936Net value:As at 31 December 2010 38,106 258,226 118,882 25,963 5,946 7,697 5,401 72,669 10 532,900The additions to tangible fixed assets held for the year ended on 31 December 2010 refer mainly to investments in facilities and equipment.As at 31 December 2010 the tangible assets in progress include EUR 67,974 thousand relative to buildings and other constructions in progress, in particular the following:- Development of the Tancagem project in Aveiro;- Expansion of the network of “Cash & Carry” shops in Angola;- Construction of Hotel Baía, a four star Hotel in Luanda Sul – Angola;- Construction of two buildings integrated in Empreendimento Lagoas Park;21 - INVESTMENT PROPERTIESDuring the year ended on 31 December 2010, the movement which occurred in investment property was as follows:2010Balance as at 1 January 492,066Currency conversion adjustments 5,164Increases / disposals 2,968Change in fair value (Notes 8 and 13) 10,428Transfer of tangible assets (1,110)Balance as at 31 December 509,516178