Annual Report 2010 - CMVM

Management Report of the Board of Directors 2010Evolution of Consolidated Net Debt(Values in thousand Euros)1,316,8921,677,8181,851,9021,992,7411,066,789The total net Debt of the Group decreased by 46.5% inrelation to the end of 2009, corresponding to a reduction ofEUR 925,952 thousand, to stand at EUR 1,066,789 thousand,with this amount being particularly adjusted to the currenteconomic environment.2006 2007 2008 2009 2010Evolution of Total Equity(Values in thousand Euros)782,806834,385514,637562,006Total Equity decreased by 9.2% in relation to 31 December2009, having reached EUR 562,006 thousand.338,7622006 2007 2008 2009 2010Evolution of Financial Autonomy(Values in thousand Euros)28.6%25.9%10.7%14.7%20.7%Financial Autonomy increased from 14.7% as at 31December 2009 to 20.7% by the end of 2010, havingincreased by 41%.2006 2007 2008 2009 2010The Company's objectives and policies with respect to financial risks are described in Note 42 of the Notes to the ConsolidatedFinancial Statements.Although there were no alterations to the consolidation perimeter during 2010, the following operations took place with entitiesof the Teixeira Duarte group during the year:- Extinction of TDCIM-SGPS, S.A. through its incorporation into another sub-holding of the Teixeira Duarte Group, TEDAL-Sociedade Gestorade Participações Sociais, S.A.;18