Notes to the Consolidated Financial Statements as at 31 December <strong>2010</strong>The investments in associated companies showed the following movements in the year ended on 31 December <strong>2010</strong>:Holdings Goodwill TotalBalance as at 1 January <strong>2010</strong> 470,746 506,450 977,196Effects of the application of the equity method:- Effect on net income for the year (Note 14) 9,460 - 9,460- Effect on equity 2,830 - 2,830- Dividends received (2,101) - (2,101)Increases 980 - 980Disposals (421,052) (482,108) (903,160)Currency conversion adjustments 2,557 1,034 3,591Transfers (551) (493) (1,044)Other 361 - 361Balance as at 31 December <strong>2010</strong> 63,230 24,883 88,113As indicated in Note 14, in the year ended on 31 de December <strong>2010</strong>, the Group sold its entire state in Cimpor - Cimentos de Portugal, SGPS, S.A. for the amount of EUR 968,32thousand (Note 29), having recorded capital gains of EUR 71,183 thousand (Note 14).Investments in associated companies as at 31 December <strong>2010</strong> and 2009 are broken down as follows:<strong>2010</strong> 2009Associated companies Holdings Goodwill Book value Holdings Goodwill Book valueArenor, S.L. 26,718 16,033 42,751 30,187 16,033 46,220Alvorada Petróleos, S.A. 20,113 8,777 28,890 12,237 7,751 19,988Cimpor Macau Investment Company, S.A. 9,424 - 9,424 10,332 - 10,332IMOC - Empreendimentos Imobiliários, S.A.R.L. 5,854 - 5,854 4,719 - 4,719SCP AK-10 Empreendimentos e Participações SPE LTDA. 380 73 453 1,425 65 1,490RPK Gulfstream Ltd. 430 - 430 - - -Concessionária de Rodovias TEBE, S.A. - - - 4,399 - 4,399ISA - Intelligent Sensing Anywhere, S.A. - - - 675 493 1,168Infraenge Construções, Ltda. - - - 312 - 312Cimpor - Cimentos de Portugal, SGPS, S.A. - - - 405,804 482,108 887,912Other 311 - 311 656 - 65663,230 24,883 88,113 470,746 506,450 977,196180
Notes to the Consolidated Financial Statements as at 31 December <strong>2010</strong>These holdings are recorded through the equity method which, in the year ended on 31 December <strong>2010</strong>, had the following impacts:Associated companiesGains and losses inassociate companies(Note 14)Adjustments ofholdingsDividendsTotalCimpor - Cimentos de Portugal, SGPS, S.A. 9,237 - - 9,237Arenor, S.L. (704) (2,765) - (3,469)Alvorada Petróleos, S.A. 666 4,574 (4) 5,236Cimpor Macau Investment Company, S.A. (2,049) 1,141 - (908)Concessionária de Rodovias TEBE, S.A. 724 (233) - 491Infraenge Construções, Ltda. 109 (3) - 106IMOC - Empreendimentos Imobiliários, S.A.R.L. 771 364 - 1,135SCP AK-10 Empreendimentos e Participações SPE LTDA. 742 81 (2,097) (1,274)ISA - Intelligent Sensing Anywhere, S.A. 47 (168) - (121)Other (83) (161) - (244)9,460 2,830 (2,101) 10,189The main financial information relative to the associated companies as at 31 December <strong>2010</strong> and 2009 is as follows:Total assets Total liabilities Total net assetsShare of the Group innet assets<strong>2010</strong> 2009 <strong>2010</strong> 2009 <strong>2010</strong> 2009 <strong>2010</strong> 2009Alvorada Petróleos, S.A. 50,768 26,867 7,346 6,576 43,422 20,291 20,113 12,237ARENOR, S.L. 59,699 70,732 24,455 28,346 35,244 42,386 26,718 30,187CIMPOR - Cimentos de Portugal, SGPS, S.A. - 4,927,362 - 3,096,859 - 1,830,503 - 405,804Cimpor Macau Investment Company, S.A. 185,060 140,057 181,507 132,873 3,553 7,184 9,424 10,332Concessionária de Rodovias TEBE, S.A. - 30,608 - 17,409 - 13,199 - 4,399IMOC - Empreendimentos Imobiliários, S.A.R.L. 15,132 10,553 2,515 382 12,617 10,171 5,854 4,719INFRAENGE Construções, Ltda. - 1,612 - 675 - 936 - 312ISA - Intelligent Sensing Anywhere, S.A. - 5,502 - 4,113 - 1,389 - 675SCP AK-10 Empreendimentos e Participações SPE LTDA. 4,861 7,612 3,342 1,911 1,519 5,701 380 1,425Outros 2,268 4,119 2,165 3,602 103 517 741 656317,788 5,225,024 221,330 3,292,746 96,458 1,932,277 63,230 470,746Sales andservices renderedNet incomefor the yearShare of the Group in netincome for the yearAlvorada Petróleos, S.A. 3,344 1,411 666ARENOR, S.L. - (1,449) (704)CIMPOR - Cimentos de Portugal, SGPS, S.A. a) a) 9,237Cimpor Macau Investment Company, S.A. - (8,196) (2,049)Concessionária de Rodovias TEBE, S.A. a) a) 724IMOC - Empreendimentos Imobiliários, S.A.R.L. - 1,660 771INFRAENGE Construções, Ltda. a) a) 109ISA - Intelligent Sensing Anywhere, S.A. b) b) 47SCP AK-10 Empreendimentos e Participações SPE LTDA. 8,934 2,968 742Other 1,622 (201) (83)13,900 (3,807) 9,460181