Grupo Soares da Costa, SGPS, S.A.€¦ · Grupo Soares da Costa, SGPS, S.A. Public company...

Grupo Soares da Costa, SGPS, S.A. Public company

Registered Office: Rua de Santos Pousada, 220 – 4000-478 Porto

Share capital 160,000,000 Euros

NIPC 500 265 763, Registered at the Porto CRC

CONTACTS:

General [email protected] 228 342 200 Media, Public relations [email protected] 228 342 692

Investor support [email protected] 228 342 534

Information on the activity of the 1st Quarter of 2 009

(non-audited accounts)

I - HIGHLIGHTS

• Consolidated turnover of 226,8 million euros, 30.2% higher than the previous

year;

• Consolidated net income attributable to the Group i ncreases by 5.1%, reaching

1.824 million euros;

• Beginning of the construction of the Transmontana M otorway;

• Portfolio of works reaches 1,941 million euros by t he end of the quarter, growing

3.3% relative to 31.12.2008 and 49.9% in comparison to the previous year.

II - General context

The world economy is experiencing the most serious crisis of the last decades and for the first time

since World War II, the global economy will register negative growth in 20091 accompanied by a very

strong retraction of world trade flows (-9% according to the World Trade Organisation). Now, this last

quarter showed signs of deterioration in the international economic climate, with successive downward

reviews of growth (and higher unemployment), especially in Europe, a trend which, in view of the

constraints of a structural nature affecting the Portuguese economy, will inevitably be shared by the

national economy.

Indeed, the persistence of the effects of the interaction between the financial and economic crises at a

global level, and the maintenance of heavy uncertainty in relation to the evolution of demand, in spite

of the incentive measures taken by the authorities, are reflected in the strong contraction of the

external demand directed towards national exports in 2009, as well as in a reversion or delay in

consumption and investment decision-making.

Regarding the activity developed by the Soares da Costa Group, it could be said that during the first

quarter of 2009 it is following the expected path in view of the strategy pursued, the specific conditions

of the company and the external economic-financial environment.

The Soares da Costa Group has so far managed to attenuate the effects of the crisis through its

strategic positioning and a series of measures, of which the following are of particular relevance:

• Diversity of the geographical markets of action

• Cost control

• Its strong portfolio of orders where a group of major projects at different stages of

development are of significant importance.

Hence, and notwithstanding the general context outlined above, during the last quarter there was a

considerable increase in turnover, a rise in EBITDA and in operating net income, as well as growth in

overall net income, in spite of a less favourable evolution in the financial results.

1 Between -0.5 and -1% according to the IMF, after having registered 3.2% growth in 2008.

III – Economic-Financial Indicators. Activity.

Notwithstanding the importance of the attached financial statements - the first which the Groups

presents with reference to the interim quarterly periods, under the terms of the provisions of IAS 34 -

the table below presents a summary of the main indicators on 31 March 2009 in comparison with the

previous year:

Main Consolidated Indicators

Values in thousand euros

Headings 1st Quarter 2009 1st Quarter

2008 ∆ %

Turnover 226.788 174.223 +30,2

EBITDA 25.540 10.844 +135,5

EBITDA Margin / Business Turnover 11,26% 6,22% +5p.p

Operating Result (EBIT) 16.306 6.933 +135,2

Financial Results -14.008 -5.801 +141,5

Net result attributable to the Group 1.824 1.735 +5,1

During this last quarter there were no important alterations in terms of the consolidation perimeter

relative to the end of 2008, but it should be noted, for the effects of homologous comparison, that the

1st Quarter of last year did not yet incorporate the proportional consolidation of Scutvias and also that

the acquisition and consequent incorporation of Prince in the «Soares da Costa» universe occurred

only in the 2nd Semester of the year.

Business turnover increased by 30.2%, and excluding from 2009 the effect of Scutvias and Prince, it

would have revealed growth of 15.9%, which is still remarkable.

The table on the following page presents a breakdown of business turnover by geographical market.

It should be noted that growth was registered in all the important markets, with particularly strong

expansion in the market of the USA. São Tomé e Príncipe, as forecast by the finalisation of the main

works which occurred in 2008, has a minor effect during the present year, being replaced in

importance by Romania.

The national market, the contribution of which increased in terms of absolute value (+13.3 million),

decreased in relative terms from 48.5% to 43.1%, although it remains the most important single

market.

Turnover by geographical area


Markets 1st Q. 2009 % 1st Q. 2008 % ∆ %

Portugal 97.762 43,1% 84.427 48,5% 15,8% Angola 87.071 38,4% 60.264 34,6% 44,5% U.S.A. 19.998 8,8% 11.433 6,6% 74,9% S. Tomé e Príncipe 459 0,2% 5.095 2,9% -91,0% Mozambique 7.010 3,1% 4.788 2,7% 46,4% Guinea Bissau 4.159 1,8% 3.536 2,0% 17,6% Romania 6.897 3,0% - - - Others 3.432 1,5% 4.680 2,7% -26,7%

Total 226.788 100% 174.223 100% 30,2%

Volume de Negócios - 1º. Trim. 2008Desdobramento por mercados

2%

43%

9%3%

2%

38%

3%Portugal

Angola

E.U.A.

Moçambique

Guiné

Roménia

Outros

During the quarter, special note should be made of the beginning of the development of the

construction of the infrastructure related to the Transmontana Motorway sub-concession and the

conclusion of the Tróia Resort enterprise for the Sonae Group and which involved various sectors and

several companies of the Group's Construction and Industrial area.

In absolute terms, EBITDA reached the value of 25.540 million euros, broken down by Business Area

as follows:


Business Areas Value

Soares da Costa SGPS Group + Shared Services -478 SDC Construções SGPS, SA 14.258 Soares da Costa Indústria, SGPS, SA -241 Soares da Costa Imobiliária, SGPS, S.A. 357 Soares da Costa Concessões, SGPS, S.A. 11.644 Overall Total 25.540

In contrast to the strong operational component, a deterioration was registered over the same period

at the level of the financial results from -5.8 to -14.0 million. The decomposition of the financial results

by nature is described in Note 26. This evolution should be viewed in consideration of the effect of the

proportional consolidation of Scutvias in 2009, which is not yet present in the data recorded in the 1st

Quarter of 2008 and whose methodological alteration has an impact on this variation of -3.3 million

euros. Financial costs increased in value by 3.5 million euros relative to the costs associated with

creating the company “Auto-Estradas XXI, Subconcessionária Transmontana, S.A.”, which are not

recurrent and are unparalleled in the previous year.

The net income attributable to the Group increased, with the structural alterations noted above, by

more than 5% in comparison to the same period of the previous year.

The different levels of results are distributed over the business areas as follows:

Consolidated Operating, Financial and Net Results b y business area


Business Areas Operat. Res. Financ. Res. Net Res.

Grupo SGPS, SA + Shared Services -698 -1.971 -2.021

AN Construction 10.373 -1.705 6.883

AN Industry -624 374 -284

AN Real Estate -55 -467 -421

AN Concessions 7.311 -10.239 -2.335

TOTAL 16.306 -14.008 1.824

On 31 march 2008, the Net Debt reached 636.2 million euros (incorporating 188.6 million without the

concessions area) in comparison to the value of 606.3 at the end of 2008 (+29.9 million).

This variation includes an investment in the period of approximately 17.1 million in fixed tangible

assets and 2.5 million in financial investments, with the remaining value having been allocated to the

working capital, justified by both the growth in activity and the very unfavourable economic climate.

IV – Subsequent events

It is our responsibility to note, that after the closing date of the quarter (27 April 2009), a Special

Meeting was held, reserved to shareholders owning preferred shares without voting rights, as well as

the Annual General Meeting, which took, amongst other deliberations, that of converting non-voting

preferred shares into ordinary shares and the approval of the Individual and Consolidated Accounts

and reports for 2008 and the respective distribution of the results (See communication of 27 April on

the company and CMVM websites).

Porto, 25th May 2009

The Board of Directors

(Values in units of Euros)A S S E T S Notes 31-Mar-09 31-Dez-08

Net Assets Net AssetsNON-CURRENT

Goodwill 11 87.730.659 87.730.659 Intangible assets 11 341.593 346.717

88.072.252 88.077.375

Fixed tangible assets: 12 and 13 Land and buildings 428.099.209 432.911.356 Basic equipment 65.804.882 64.467.618 Fixed assets under construction 20.782.273 9.208.551 Other fixed tangible assets 27.584.461 27.034.980

542.270.825 533.622.505 Financial investments: Investment properties 14 and 23 7.089.553 5.967.645 Financial investments in equity 14 481.223 1.005.770 Loans to associated companies 14 2.593.659 2.593.659 Other financial investments 14 14.086.713 12.214.452 Advances on financial investments 14 - -

24.251.148 21.781.526

Deferred tax assets 27 14.935.157 13.908.985

Total non-current assets 669.529.382 657.390.390

CURRENT

Inventories 15 and 23 155.857.753 152.431.603

Third party debts: 16 and 23 Customers 413.194.500 332.559.575 Income tax for the year 4.441.122 2.997.722 Other third party debts 35.665.992 39.537.051

453.301.614 375.094.348

Derivative financial instruments 20 - 749.900 Other current assets 17 132.576.717 127.938.882 Cash and equivalent 18 91.857.308 66.755.099

Total current assets 833.593.392 722.969.831

Total assets 1.503.122.773 1.380.360.221

The Accountant The Board of Directors

STATEMENT OF THE CONSOLIDATED FINANCIAL POSITION ON 31 MARCH 2009 AND 31 DECEMBER 2008

(Values in units of Euros)EQUITY AND LIABILITIES Notes 31-Mar-09 31-Dez-08

EQUITY

Share capital 19 160.000.000 160.000.000 Treasury shares 19 (1.306.746) (1.306.746) Reserves and retained earnings 19 (25.247.075) (29.045.665) Net income for the year 1.823.665 8.206.863 Equity attributable to Group 135.269.844 137.854.453

Minority interests 1.091.929 971.761

Total equity 136.361.773 138.826.213

LIABILITIES

NON-CURRENT

Provisions 23 563.601 563.601

Loans: Debenture loans 20 100.000.000 100.000.000 Bank loans 20 423.150.721 410.188.000

523.150.721 510.188.000 Accounts payable: Fixed assets suppliers 9.000.553 9.017.157 Other accounts payable 12.686.614 11.663.076

Deferred tax liabilities 27 26.750.222 26.460.431

Total non-current liabilities 572.151.711 557.892.264

CURRENT

Loans: Bank loans 20 150.602.295 118.817.800 Other loans obtained 32.858.572 20.625.059

183.460.867 139.442.859 Accounts payable: Suppliers 224.481.555 224.629.467 Fixed assets suppliers 8.280.018 8.873.628 Advances on sales 142.756.599 111.204.051 Income tax for the year 4.750.040 2.490.545 Other accounts payable 21 40.681.310 39.029.031

420.949.522 386.226.722

Derivative financial instruments 20 18.555.526 14.435.890 Other current liabilities 22 171.643.374 143.536.273

Total current liabilities 794.609.289 683.641.744

Total liabilities 1.366.761.000 1.241.534.008

Total equity and liabilities 1.503.122.773 1.380.360.221


STATEMENT OF THE CONSOLIDATED FINANCIAL POSITION ON 31 MARCH 2009 AND 31 DECEMBER 2008

(Values in units of Euros)STATEMENT OF PROFIT AND LOSS Notes 31-Mar-09 31-Mar-08

Sales and services rendered 226.788.196 174.223.115 Variation in production (11.052.111) 6.048.843 Other operating gains 24 12.798.816 1.088.119 Operating turnover 228.534.901 181.360.076

Cost of goods sold and materials consumed (54.264.388) (33.812.386) External supplies and services (108.487.406) (103.916.564) Staff costs (35.826.650) (30.310.231) Amortizations and impairment losses (9.047.376) (3.671.190) Provisions and adjustments (203.178) (499.532) Other operating losses 24 (4.400.130) (2.217.326) Operating costs (212.229.128) (174.427.229)

Operational result of ongoing activities 16.305.773 6.932.847

Net financing costs (9.616.345) (5.317.864) Profits and losses in associated companies (412.224) (807.536) Other financial gains and losses (3.979.581) 324.872 Financial result 26 (14.008.150) (5.800.528)

Profit before taxation 2.297.623 1.132.319

Income taxes 27 (377.896) 633.487

Consolidated result for the year 1.919.727 1.765.806 Attributable to the Group 1.823.665 1.735.466 Attributable to minority interests 96.063 30.339

Profit per share of ongoing activities: 28 Basic 0,011 0,011 Diluted 0,011 0,011

Profit per share: 28 Basic 0,011 0,011 Diluted 0,011 0,011


STATEMENT OF THE CONSOLIDATED RESULTS SEPARATED FOR THE PERIODS ENDED ON 31 MARCH 2009 AND 2008

(Values in units of Euros)31-Mar-09 31-Mar-08

Net consolidated result for the period 1.919.727 1.765.806

Other full income

Currency conversion differences of the transposition of the financial statements expressed in foreign currency 201.664 (1.231.071)

Variation, net of taxes, in the fair value of derivative financial instruments (4.630.232) -

Other variations 45 281.145

Total Full Consolidated Income (2.508.796) 815.880

Attributable: to minority interests 120.168 4.755 to the Group (2.628.964) 811.125


STATEMENT OF THE FULL CONSOLIDATED INCOME FOR THE P ERIODS ENDED ON 31 MARCH 2009 AND 2008

(Values in units of Euros)

Heading

Balance on 01/Jan/2009

FS transposition currency

conversion differences

Others Net Income on 31/Mar/2009

Balance on 31/Mar/2009

Share capital 160.000.000 - - - 160.000.000Fair value reserve 65.825.999 - - - 65.825.999Currency conversion reserve 678.254 201.664 - - 879.918Treasury shares - - - - - Other reserves and retained earnings (88.649.802) - (4.609.937) - (93.259.739)Net income for the year - - - 1.823.665 1.823.665Interim dividends - - - - - Minority interests 971.762 - 24.105 96.063 1.091.930

138.826.213 201.664 (4.585.832) 1.919.728 136.361.773

Heading

Balance on 01/Jan/2008

FS transposition currency

conversion differences

Others Net Income on 31/Mar/2008

Balance on 31/Mar/2008

Share capital 160.000.000 - - - 160.000.000Fair value reserve 65.863.386 - - - 65.863.386Currency conversion reserve 185.615 (1.231.071) - - (1.045.456)Treasury shares - - - - - Other reserves and retained earnings (90.695.130) - 191.144 - (90.503.986)Net income for the year - - - 1.735.466 1.735.466Interim dividends - - - - - Minority interests 889.668 - (25.584) 30.339 894.423

136.243.539 (1.231.071) 165.560 1.765.805 136.943.833


STATEMENT OF THE ALTERATIONS IN EQUITY FOR THE QUARTERS ENDED ON 31 MARCH 2009 AND 2008

CONSOLIDATED CASHFLOW STATEMENT FOR THE PERIOD ENDED ON 31 MARCH 2009

(Values in units of Euros)

31-Mar-09 31-Dez-08

Operating activities:Receipts from customers 203.885.305 744.285.412Payments to suppliers (174.911.503) (643.818.313)Payments to staff (30.783.996) (126.883.595)

(1.810.194) (26.416.496)Payment of /receipt from income tax (191.649) (3.550.564)Other receipts/payments relative to operating activities (9.934.638) 20.150.559

(10.126.287) 16.599.995Cashflow from operating activities (11.936.481) (9.816.500)

Investment activities: Receipts from:

Financial investments 714.250 73.430.180Fixed tangible assets 135.951 177.376Interest and similar revenue 189.763 1.184.124Dividends - 1.039.964 1.773.011 76.564.691

Payments relative to:Financial investments 2.270.195 112.706.479Fixed tangible assets 3.355.621 24.468.084Intangible assets 1.335.813 6.961.629 593 137.175.156

Cashflow from investment activities (5.921.665) (60.610.464)

Financing activities: Receipts from:

Loans obtained 159.545.567 524.851.303Capital increases, supplementary instalments and issue premiums 166.000 264.120Interest obtained 47.164 159.758.731 570.520 525.685.943

Payments relative to:Loans obtained 103.178.771 402.311.701Amortization of financial leasing contracts 3.367.839 8.659.880Interest and similar costs 9.388.808 45.817.777Dividends - 969.889Acquisition of treasury shares (quotas) - 115.935.418 1.226.696 458.985.942

Cashflow from financing activities 43.823.313 66.700.001

Variation in cash and equivalent 25.965.167 (3.726.964) Currency conversion differences (862.958) 1.270.033 Effect of the holding alterations - 36.976.747 Cash and equivalent at the beginning of the period 66.755.099 32.235.283 Cash and equivalent at the end of the period 91.857.308 66.755.099


1

ACCOUNTING POLICIES AND SELECTED EXPLANATORY NOTES TO THE INTERIM FINANCIAL STATEMENTS

ON 31 MARCH 2009

1. INTRODUCTORY NOTE The company currently named GRUPO SOARES DA COSTA, SGPS, S.A. (“Company”) was incorporated on 02 June 1944, under the corporate name Soares da Costa, Lda., a private limited company, which was transformed into a public limited company by notary deed on 01 May 1968 under the corporate name of“Sociedade de Construções Soares da Costa, S.A.”. On 30 December 2002, after a process of reorganisation of the Group, the company took on its current name and amended its corporate object to “Management of shareholdings as an indirect form of carrying out economic activities”. The current structure of the Company's holdings is represented in the attached diagram which shows the holdings of the Group, “GRUPO SOARES DA COSTA, SGPS, S.A.”, a company open to public investment and four “sub-holdings”, one for each major segment or business area:

• Soares da Costa Construção, SGPS, S.A. – which is part of the portfolio of holdings in the area of civil construction and public works, where Sociedade de Construções Soares da Costa, S.A. is of particular importance, being a national construction company of the Group.

• Soares da Costa Indústria, SGPS, S.A. – which is part of the holdings of companies dedicated to

industrial activities complementary to construction, namely in the areas of metalwork and mechanical engineering and railway and maritime infrastructures.

• Soares da Costa Imobiliária, SGPS, S.A. – which is part of the holdings in companies dedicated to

the real estate and real estate management segment.

• Soares da Costa Concessões, SGPS, S.A. – which centralises the portfolio of financial holdings of companies linked to the concessions.

The full list of the companies included in the consolidation and the methods of consolidation are described in the following notes. In the activity sectors where the Soares da Costa Group operates there are no effects of business seasonality. The monetary values used in the following notes are expressed in units of Euro, unless indicated otherwise. The financial statements were not audited. The members of the Board of Directors who sign the present report, state that, to the best of their knowledge, the information contained herein was prepared in conformity with the applicable Accounting Standards, and provide a true and appropriate reflection of the assets and liabilities, financial situation and results of the companies included in the Group's consolidation perimeter. 2. BASES OF PRESENTATION The interim consolidated financial statements for the quarterly period ended on 31 March 2009 were prepared in accordance with the provisions laid down in International Accounting Standard number 34 – Interim Financial Reporting.

2

The interim consolidated financial statements were prepared under the assumption of the continuity of the operations, based on the accounting books and records of the companies included in the consolidation (notes 3, 4 and 5), kept in accordance with the accounting principles generally accepted in Portugal and adjusted, in the consolidation process, so that the interim consolidated financial statements are in conformity with the International Financial Reporting Standards as adopted by the European Union, applicable for the economic years started on 01 January 2005, the date corresponding to the beginning of the period of the first application of the IAS/IFRS by the Company. The notes below were selected so as to contribute to the understanding of the most significant alterations to the Group's consolidated financial position and to its performance in comparison with the last annual reporting date with reference to 31 December 2008. 3. ACCOUNTING POLICIES The accounting policies applied in the preparation of the present interim consolidated financial statements are consistent with those used in the preparation of the financial statements for the year ended on 31 December 2008, and described in the respective notes which were attached. 4. ESTIMATES AND JUDGEMENTS For the preparation of the interim consolidated financial statements attached, estimates were used which affect the reported amounts of assets and liabilities, as well as the reported amounts of revenues and costs during the reporting period. All the estimates and assumptions made by the Board of Directors were based on the best existing knowledge, at the date of the approval of the financial statements, on the events and transactions in progress. The Company's Board of Directors believes that the attached consolidated financial statements and the notes below assure an appropriate presentation of the consolidated financial information. For the present financial statements, the Group did not implement any standards or interpretation which may have been issued by the IASB whose compulsory date of application is subsequent. The alterations which have already been approved will not result in any significant effects on the Group's financial statements. 5. CONVERSION OF THE FINANCIAL STATEMENTS OF FOREIGN ENTITIES The exchange rates used for the conversion into Euros of the accounts of the foreign companies of the Group, joint ventures and associated companies, were as follows:

Cambio em Cambio médio Cambio em Cambio médio31-Mar-09 1º Trim. 2009 31-Dez-08 1º Trim. 2008

Dólar Americano EUR/USD 1,3308 1,2923 1,3917 1,5283Metical de Moçambique EUR/MZN 38,09 34,58 35,25 36,71Dobra de S. Tomé e Príncipe EUR/STD 20.079,55 19.812,30 20.557,10 22.309,18Kuanza de Angola EUR/AOA 100,49 97,82 106,19 113,61Leu Romeno EUR/ROL 4,2385 4,2833 4,0225 3,7256Shekel Israel EUR/ILS 5,5666 5,3493 5,2606 5,5166

3

6. GROUP COMPANIES INCLUDED IN THE CONSOLIDATION The Group companies included in the consolidation through the full consolidation method, their registered offices and proportion of capital held on 31 March 2009, are as follows:

Denominação social Sede Directa Indirecta Total

Grupo Soares da Costa SGPS, S.A. Rua Santos Pousada, 220 4000-478Porto

Empresa Mãe - -

Soares da Costa Serviços Partilhados, S.A. Rua Santos Pousada, 220 4000-478Porto

100,00% - 100,00%

Soares de Costa Desenvolvimento, S.A. Rua Santos Pousada, 220 4000-478Porto

100,00% - 100,00%

Construção Civil e Obras Públicas

SDC Construções SGPS, S.A. Rua Santos Pousada, 220 4000-478Porto

100,00% - 100,00%

Soares da Costa América, Inc. 7270 N.W. 12 TH Street, Suite PH3 -

Miami - Florida - 33126 U.S.A.

- 100,00% 100,00%

Porto Construction Group, LLC 7270 N.W. 12 TH Street, Suite #207 -


- 60,00% 60,00%

Soares da Costa Construction Services, LLC 751 Park of Comm. Drive, Suite #108 -

Boca Raton - Florida - 33487 U.S.A.

- 80,00% 80,00%

Soares da Costa CS, LLC 751 Park of Comm. Drive, Suite #108 -

Boca Raton - Florida - 33487 U.S.A.

- 100,00% 100,00%

Soares da Costa Contractor, LLC 7270 N.W. 12 TH Street, Suite PH3 -


- 100,00% 100,00%

Gaia Contracting and Construction ManagementServices, LLC

7270 N.W. 12 TH Street, Unit 205 -

Miami - Florida - 33126 - U.S.A.

- 100,00% 100,00%

Soares da Costa Moçambique, SARL Av. Ho Chi Min nº 1178, Maputo

Moçambique

- 80,00% 80,00%

Soares da Costa S. Tomé e Principe - Construções,Lda

S. Tomé e Príncipe - 100,00% 100,00%

Soares da Costa Construcciones CentroAmericanas, S.A.

Cantón Cero Uno - S. José Costa Rica - 100,00% 100,00%

Carta - Cantinas e Restauração, Lda Rua Santos Pousada, 220 4000-478Porto

- 100,00% 100,00%

Carta - Restauração e Serviços, Lda Rua Cónego Manuel das Neves, 19

Luanda - República de Angola

- 100,00% 100,00%

Soc. Construções Soares da Costa, S.A. Rua Santos Pousada, 220 4000-478Porto

- 100,00% 100,00%

CONTACTO - Soc. Construções, S.A. Rua Santos Pousada, 220 4000-478Porto

- 100,00% 100,00%

Percentagem do capital detido

4


CLEAR - Instalações Electromecânicas, S.A. Rua Srª do Porto, 874 4250-453 Porto - 100,00% 100,00%

CLEAR ANGOLA, S.A. Rua Cónego Manuel das Neves, 874

Luanda - Angola

- 95,00% 95,00%

MTA - Máquinas e Tractores de Angola, Lda Rua Cônego Manuel das Neves, casa

19, Bairro Patrice Lumumba - Angola

- 50,50% 50,50%

Prince Contracting, LLC 5411 Willis Road Palmetto, Florida

34221 - USA

- 100,00% 100,00%

LusoAir Corp, INC 7270 NW 12TH STREET - PH3 MIAMI,

FL 33126 - USA

- 100,00% 100,00%

Imobiliária

Soares da Costa Imobiliária, SGPS, S.A. Rua Santos Pousada, 220 4000-478Porto

100,00% - 100,00%

MZI - Sociedade de Construções, Lda. Rua Santos Pousada, 220 4000-478Porto

- 100,00% 100,00%

SODEL - Empreendimentos Imobiliários, S.A. Rua Srª do Porto, 930 4250-453 Porto - 100,00% 100,00%

CIAGEST - Imobiliária e Gestão, S.A. Rua Santos Pousada, 220 4000-478Porto

- 100,00% 100,00%

Mercados Novos - Imóveis Comerciais, Lda. Rua Santos Pousada, 220 4000-478Porto

- 100,00% 100,00%

SOARTA - Soc Imob. Soares da Costa, S.A. Rua Santos Pousada, 220 4000-478Porto

- 100,00% 100,00%

HABITOP - Sociedade Imobiliária, S.A. Rua Santos Pousada, 220 4000-478Porto

- 100,00% 100,00%

Soares da costa Imobiliária, Lda Estrada Farol das Lagostas Município

da Sambízanga, C. do N'Golakiluange -

Luanda

- 100,00% 100,00%

Cais da Fontinha - Investimentos Imobiliários, S.A. Rua do Campo Alegre, 830 - 9º

Massarelos - Porto

- 100,00% 100,00%

IMOKANDANDU - Promoção Imobiliária, Lda. Estrada Farol das Lagostas, Município

do Sambízanga, Comuna do N'Gola

Kiluange - Angola

- 51,00% 51,00%

NAVEGAIA - Instalações Industriais S.A. Rua Srª do Porto, 930 4250-453 Porto - 100,00% 100,00%

IMOSEDE, Lda Rua Conego Manuel das Neves Casa nº

19 - Luanda

- 100,00% 100,00%

Costa Sul Sociedade de Promoção Imobiliária, Lda Rua Conego Manuel Dasa Neves Casa

nº 19 - Luanda

- 100,00% 100,00%

Concessões

Soares da Costa Concessões, SGPS, S.A. Rua Santos Pousada, 220 4000-478Porto

100,00% - 100,00%

Soares da Costa Concesiones - Costa Rica, S.A. 100 Est,200 Sul, 50 Oest - H. de La

Mujer - San José - Costa Rica

- 100,00% 100,00%


5


COSTAPARQUES - Estacionamentos, S.A. Rua Santos Pousada, 220 4000-478Porto

- 100,00% 100,00%

Soares da Costa Serviços Técnicos e de Gestão,S.A.

Rua Santos Pousada, 220 4000-478

Porto

- 100,00% 100,00%

Infraestructuras Soares da Costa Costa Rica, S.A. 100 Est,200 Sul, 50 Oest - H. de La

Mujer - San José - Costa Rica

- 100,00% 100,00%

C.P.E. - Companhia de Parque de estacionamento,S.A.

Parque Estacionamento Subterrâneo da

Praça do Município - 1100 Lisboa

- 100,00% 100,00%

Intevias - Serviços e Gestão, S.A. Rua Santos Pousada, 220 4000-478Porto

- 100,00% 100,00%

Hidroequador Santomense - Exploração de CentraisHidroeléctricas, Lda.

Av. Repatriamento dos Poveiros, nº 67,

Edifício Cecominsa, Póvoa de Varzim

- 75,00% 75,00%

Hidroeléctrica STP, Limitada Avenida Água Grande, São Tomé - S.

Tomé e Príncipe

- 45,00% 45,00%

Soares da Costa Indústria, SGPS, S.A. Rua Santos Pousada, 220 4000-478Porto

100,00% - 100,00%

Construções Metálicas SOCOMETAL, S.A. Rua Santos Pousada, 220 4000-478Porto

- 100,00% 100,00%

Indústrias relacionadas com a actividade de constru ção civil e obras públicas


During the first quarter of 2009, there were no alterations in the companies integrated in the consolidation perimeter through the full consolidation method. 7. JOINT VENTURES The joint ventures included in the consolidation through the proportional consolidation method, their registered offices and proportion of capital held on 31 March 2009, are as follows:

6



TRANSMETRO - Construção do Metropolitano doPorto, ACE

Rua Santos Pousada, 220 - 4000-478

Porto

- 50,00% 50,00%

Normetro - Agrupamento do Metropolitano do Porto,ACE

Rua Santos Pousada, 300 - 7º Bonfim

Porto

- 17,90% 17,90%

ASSOC - Soares da Costa - Construção do Estádiode Braga, ACE

Av. Imaculada Conceição, 756 - Dume -

4700-034 Braga

- 40,00% 40,00%

ACESTRADA - Construção de Estradas, ACE Rua Julieta Ferrão, nº 12, 11º andar

Lisboa

- 20,00% 20,00%

Estádio de Coimbra, SC/Abrantina, ACE Rua Santos Pousada, 220 - 4000-478

Porto

- 60,00% 60,00%

Casais, Eusébios, FDO, J. Gomes, Rodrigues eNévoa - Soares da Costa, Construção do Estádio de Braga - Acabamentos e Instalações/InfraestruturasInteriores, ACE

Av. Imaculada Conceição, 756 - Dume -4700-034 Braga

- 40,00% 40,00%

Três ponto dois - T.G. Const. Civil - Via e Cat Mod.Linha do Norte, ACE

Avª das Forças Armadas, 125 - 2ºC -

Lisboa

- 50,00% 50,00%

Somague, Soares da Costa - AgrupamentoConstrutor do Metro de Superfície, ACE

Rua Engº Ferreira Dias, 164 4100-247

Porto

- 50,00% 50,00%

Ramalho Rosa Cobetar & Soares da Costa, ACE Rua Soeiro Pereira Gomes, nº7, sala 9 -

Edifício América - Lisboa

- 50,00% 50,00%

Remodelação Teatro Circo - S.C., A.B.B., D.S.T.,ACE


Porto

- 50,00% 50,00%

Fomento de Construcciones Y Contratas e Soaresda Costa, ACE

Rua Soeiro Pereira Gomes, nº7, sala 9 -

Edifício América Lisboa

- 50,00% 50,00%

GCF - Grupo Construtor da Feira, ACE Rua da Paz, 66, Sala 19 - 4050 Porto - 28,57% 28,57%

Coordenação & Soares da Costa, SGPS, Lda. Rua Julieta Ferrão, nº 12, 13º Andar, N.

Senhora de Fátima - 1000 Lisboa

- 50,00% 50,00%

GCVC, ACE Rua do Rêgo Lameiro, nº 38,

Campanhã, 4300-454 Porto

- 28,57% 28,57%

Mota-Engil, Soares da Costa, MonteAdriano -Matosinhos, ACE

Via Adelino Amaro da Costa nº 315,Lugar da Guarda 4470-557 Moreira daMaia

- 28,57% 28,57%

HidroAlqueva, ACE Av. Frei Miguel Contreiras, nº 54 7º

Andar, Lisboa

- 50,00% 50,00%

Nova Estação, ACE Av. Frei Miguel Contreiras, nº 54 - 7º

Andar, 1749-083 Lisboa

- 25,00% 25,00%

CAET XXI - Construções,ACE Rua de Santos Pousada, 220 Bonfim,

Porto

- 50,00% 50,00%


7


Israel Metro Builders - a Registered Partnership 132 Derekh Menakhem begin, Tel-Aviv,

Israel

- 30,00% 30,00%

SOMAFEL - Engenharia e Obras Ferroviárias, S.A. Avª da República, 42 - 3º 1069-207

Lisboa

- 40,00% 40,00%

OFM - Obras Públicas, Ferroviárias e Marítimas,S.A.

Avª Columbano Bordalo Pinheiro, 93-7º -

1000 Lisboa

- 40,00% 40,00%

Somafel e Ferrovias, ACE Avª Columbano Bordalo Pinheiro, 93-7º -

1000 Lisboa

- 24,00% 24,00%

Concessões

SCUTVIAS - Autoestradas da Beira Interior, S.A. Praça de Alvalade nº 6 7º Andar Lisboa - 33,33% 33,33%

OPERESTRADAS XXI, S.A. Rua Santos Pousada, nº 220 - Bonfim,

4000 - Porto

- 50,00% 50,00%

Exproestradas XXI - AE Transmontana, S.A. Rua Santos Pousada, nº 220, 4000 -

Porto

- 50,00% 50,00%

Auto-estradas XXI - Subconcessionária, S.A. Rua Santos Pousada, Nº 220, 4000 -

Porto

- 50,00% 50,00%

Indústrias relacionadas com a actividade de constru ção civil e obras públicas


During the first quarter of 2009, there were no alterations in the companies integrated in the consolidation perimeter through the proportional consolidation method. On 31 March 2009, the aggregate amounts, weighted by the percentage of joint control, of the current assets, non-current assets, current liabilities, non-current liabilities, income and costs related to interests in joint ventures, are as follows:

Activo Activo Passivo Passivo Resultado Empresa Não Corrente Corrente Não corrente Corrente Gastos Rendi mentos LíquidoACESTRADA - Construção de Estradas, ACE 835 982.192 18.096 93.564 1.866 5.539 3.673

ASSOC - Soares da Costa - Construção do Estádio de Braga, ACE 56 76.263 - 76.320 2.104 2.104 -

Casais, Eusébios, FDO, J. Gomes, Rodrigues e Névoa - Soares da Costa, ACE 522 24.390 - 7.149 431 122 (309)Estádio de Coimbra, SC/Abrantina, ACE - 289.589 - 289.588 - - -

Fomento de Construcciones Y Contratas e Soares da Costa, ACE - 26.223 - 26.223 - - -

GCF - Grupo Construtor da Feira, ACE 12.435 7.112.438 - 7.124.874 721.857 721.857 -

Normetro - Agrupamento do Metropolitano do Porto, ACE 551 5.671.154 - 5.671.704 2.777.306 2.777.306 - OFM - Obras Públicas, Ferroviárias e Marítimas, S.A. 2.030.715 3.445.806 246.399 2.631.839 1.727.416 1.668.359 (59.059)

Ramalho Rosa Cobetar & Soares da Costa, ACE - 90.141 - 90.663 720 198 (522)

Remodelação Teatro Circo - S.C., A.B.B., D.S.T., ACE - 1.756.600 - 1.756.600 137 137 -

SOMAFEL - Engenharia e Obras Ferroviárias, S.A. 10.088.422 10.751.760 924.395 6.799.318 3.746.938 3.412.835 (334.103)Somafel e Ferrovias, ACE 18.179 48.050 - 28.472 4.794 7.518 2.725

Somague, Soares da Costa - Agrupamento Construtor do Metro de Superfície, ACE 151 3.336.801 - 1.242.416 450.933 2.564.399 2.113.465

TRANSMETRO - Construção do Metropolitano do Porto, ACE 7.447 5.680.992 - 5.721.349 66.534 55.235 (11.299)

Três ponto dois - T.G. Const. Civil - Via e Cat Mod. Linha do Norte, ACE - 538.861 - 387.748 - - - Coordenação & Soares da Costa, SGPS 99.000 147.392 - 300 2.005 - (2.004)

SCUTVIAS - Autoestradas da Beira Interior, S.A. 231.510.512 48.676.022 219.692.074 49.439.641 9.135.176 9.590.045 454.870

Auto-estradas XXI - Subconcessionária, S.A. 8.735.043 2.238.619 8.973.811 1.297.942 7.376.767 7.378.677 1.910

Exproestradas XXI - AE Transmontana, S.A. - 113.198 - 121.336 33.138 - (33.138) HidroAlqueva, ACE 350.622 2.057.168 - 2.475.039 1.380.285 1.290.834 (89.452)

Israel Metro Builders - a Registered Partnership 66.666 3.217.061 - 3.283.727 653.454 653.453 -

Mota-Engil, Soares da Costa, MonteAdriano - Matosinhos, ACE 1.065 1.672.973 - 1.674.038 983.705 983.705 -

Nova Estação, ACE 294 765.619 - 840.735 383.394 392.760 9.367Operestradas XXI, S.A. 19.082 395.767 - 369.219 270.536 291.165 20.630

Total 252.941.597 99.115.079 229.854.775 91.449.804 29.719.496 31.796.248 2.076.754

On 31 March 2009, there were no contingent commitments or capital commitments relative to joint ventures. 8. COMPANIES INCLUDED IN THE CONSOLIDATION THROUGH THE EQUITY METHOD

8

The companies included in the consolidation through the equity method, their registered offices and proportion of capital held on 31 March 2009, are as follows:


Grupul Portughez de Constructii S.R.L. 10873 Bucharest - Roménia - 50,00% 50,00%

Alsoma, AEIE 3 Av André Malrau 92300 Leval loisPerret

- 18,00% 18,00%

Traversofer Industrie & Services Ferroviaires, SARL 27 Chemin du Reservoir - Hydra - Alger - 20,00% 20,00%

Metropoli tan Transportation Solutions, Ltd. 14 Hamelecha Street, Park Afek, Rosh

Haya'in Israel

- 20,00% 20,00%

GAYAEXPLOR - Construção e Exploração deParques de Estacionamento, Lda.


Porto

- 25,00% 25,00%

INDÁQUA - Indústria e Gestão de Águas, S.A. Rua Antero de Quental, 221-3º Sala 303

- 4455-586 Perafita

- 28,57% 28,57%

INDÁQUA MATOSINHOS - Gestão de Águas deMatosinhos, S.A.

Rua 1º de Maio, nº 273 4451-956

Matosinhos

- 28,14% 28,14%

Indáqua Vila do Conde - Gestão de Águas de Vi lado Conde, S.A.

Praça Luís de Camões, 9, 3º 1480-719

Vila do Conde

- 28,00% 28,00%

Mini Price Hotels (Porto), S.A. Rua Senhora do Porto, 930 4250-453

Porto

- 34,00% 34,00%


On 31 March 2009, the details of the total value of the assets, liabilities, revenues and net income of the companies integrated in the consolidation perimeter through the equity method, are as follows:

Activo Capitais ResultadoEmpresas Líquido Passivo Próprios Gastos Rendimentos Líquido

INDÁQUA - Indústria e Gestão de Águas, S.A. 39.194.013 30.721.821 8.472.192 1.277.431 1.599.125 321.694Traversofer Industrie & Services Ferroviaires 58.026.798 54.631.140 3.395.657 1.411.064 1.525.631 114.567

GAYAEXPLOR - Construção e Exploração de Parques de Estacionamento, Lda 268.584 240.524 28.059 - - -Alsoma, AEIE (a) 3.105.767 2.366.189 739.578 1.930.484 1.737.030 (193.454)Grupul Portuguhez de Constructii S.R.L. 4.546.895 4.391.576 155.318 830.445 57 (830.388)Mini-Price Hotels (Porto), S.A. 5.598.734 4.530.592 1.068.142 226.614 234.651 (8.038)Indáqua Matosinhos, S.A. 22.327.843 21.752.716 575.127 3.970.100 4.151.031 180.931

Indáqua Vila do Conde, S.A. 10.770.534 10.243.701 526.833 1.879.150 1.965.517 86.367Total 143.839.167 128.878.259 14.960.906 11.525.289 11.213.042 (328.322)(a) Contas referentes a 31 de Março de 2008

During the first quarter of 2009, there were no alterations in the companies integrated in the consolidation perimeter through the equity method. During the year, no impairment losses were recorded for these holdings since there was no indication of their existence.

9

9. COMPANIES EXCLUDED FROM CONSOLIDATION The companies excluded from consolidation due to immateriality, their registered offices and proportion of capital held on 31 March 2009, are as follows:


Agrupamento p/ Construção Ponte do Sado, ACE Bairro do Forno da Cal - Alcácer do Sal - 33,33% 33,33%

ÁGUAMINHO - Constr. Abastecimento Águas, ACE Rua Santos Pousada, 220 - 4000-478

Porto

- 45,00% 45,00%

Construção Estação Tratamento das Águas doPaiva, ACE

Av. Fabri l do Norte, 1601 - Matosinhos - 50,00% 50,00%

Engil, Soares da Costa, Mota - Hosp. Vale Sousa,ACE

Av. Fabri l do Norte, 1601 - Matosinhos - 45,00% 45,00%

FERDOURO - Constr. Pontes e Ferrovias, ACE Rua Santos Pousada, 220 - Porto - 45,00% 45,00%

GPCC - Grupo Português de Construção deInfraestruturas de Gás Natural, ACE

Rua Santos Pousada, 220 - Porto - 25,00% 25,00%

GPCIE - Grupo Português de Construção deInfrestruturas da Expo, ACE

Quinta de Beirolas - Estaleiro

Moscavide (Parque Expo) Stª Maria dos

Olivais - 2685 Sacavém

- 25,00% 25,00%

Grupo Construtor do Edifício Gil eanes, ACE Edifício Gil Eanes - Expo 98 - lotes

1.13.03 e 1.14.01 - Santa Maria dos

Olivais

- 50,00% 50,00%

Molinorte Linha do Norte - Construção Civil, ACE Rua Santos Pousada, 220 - 4000-478

Porto

- 23,50% 23,50%

Soares da Costa, Engil, ACE - (Hosp. De Tomar) Rua Santos Pousada, 220 - 4000-478

Porto

- 50,00% 50,00%

Soares da Costa, Engil, Mota, ACE Rua Santos Pousada, 220 - 4000-478

Porto

- 37,50% 37,50%

Teisomar - Obras Marítimas, ACE Avª República, 42 - 1000 Lisboa - 50,00% 50,00%

REVIA - Redes Rodoviárias e ferroviárias deAngola, Lda.

Rua Assalto de Moncada, 9 - R/C

Luanda - Angola

- 22,00% 22,00%


The companies included in the list above are Complementary Groups of Companies whose projects are practically concluded. 10. INFORMATION BY SEGMENT The main activities developed by the Group are organised into the following business segments: - Civil construction and public works - Industries related to civil construction activity - Real estate - Concessions The following description of the results by segment is based on the consolidated financial information of each of the business areas on 31 March 2009:

10

Construção Civil e Obras

Públicas

Indústrias relacionadas

Imobiliário Concessões Participações financeiras

Eliminações Consolidado

Réditos:Vendas externas 209.057.368 5.645.349 53.924 12.026.163 5.391 - 226.788.196 Vendas intersegmentais 5.282.318 2.065.031 938.109 1.390 2.345.346 (10.632.194) - Réditos Totais 214.339.686 7.710.380 992.034 12.027.553 2.350.737 (10.632.194) 226.788.196

Resultado segmentado 10.919.657 (694.430) (78.915) 7.310.556 (698.229) (452.866) 16.305.773 Gastos da empresa não imputados - Resultado operacional das actividades continuadas

10.919.657 (694.430) (78.915) 7.310.556 (698.229) (452.866) 16.305.773

Resultado liquido das operações descontinuadas

-

Gastos de juros (4.074.683) (41.131) (495.944) (6.022.847) (3.147.510) 2.823.783 (10.958.332) Proveitos de juros 1.497.442 434.900 48.935 467.052 1.602.124 (2.708.465) 1.341.987 Partes de lucros líquidos em Associadas 136.752 238 2.652 - - (551.866) (412.224) Outros ganhos e perdas financeiros 722.476 (20.421) (22.722) (4.683.609) 31.472.601 (31.447.906) (3.979.582) Impostos s/ lucros (1.687.969) (32.866) 99.440 595.085 648.415 - (377.896) Resultado das actividades ordinárias 7.513.675 (353.710) (446.555) (2.333.764) 29.877.401 (32.337.321) 1.919.727 Interesses minoritários 97.147 - (1.860) 776 - - 96.063 Resultado líquido atribuível ao grupo 7.416.528 (353.710) (444.694) (2.334.539) 29.877.401 (32.337.321) 1.823.665

Outras Informações:

Activos do segmento 1.056.888.009 69.938.928 134.773.375 443.351.595 530.790.521 (735.694.537) 1.500.047.892

Investimento em associadas 1.122.434 68.867 352.487 2.551.856 12.000 (1.032.762) 3.074.882 Activos totais consolidados 1.503.122.773

Passivos do segmento 927.334.351 33.856.527 59.253.483 465.735.164 326.772.624 (446.191.149) 1.366.761.000 Passivos totais consolidados 1.366.761.000

Depreciações 3.696.093 382.358 414.463 4.332.088 245.987 (23.613) 9.047.376 Outros gastos não desembolsadosdiferentes da depreciação 188.836 12.894 - 1.448 - - 203.178

On 31 March 2008, the results are broken down by segment as follows:

11

Construção Civil e Obras

Públicas

Indústrias relacionadas

Imobiliário Concessões Participações financeiras

Eliminações Consolidado

Réditos:Vendas externas 162.414.084 10.608.428 278.565 944.600 (22.562) - 174.223.115 Vendas intersegmentais 422.732 1.408.134 942.344 - 2.168.096 (4.941.307) - Réditos Totais 162.836.816 12.016.562 1.220.909 944.600 2.145.534 (4.941.307) 174.223.115

Resultado segmentado 9.193.989 (2.414) (359.981) (805.720) (1.096.587) 3.561 6.932.847 Gastos da empresa não imputados - Resultado operacional das actividades continuadas

9.193.989 (2.414) (359.981) (805.720) (1.096.587) 3.561 6.932.847

Resultado liquido das operações descontinuadas

-

Gastos de juros (2.573.442) (97.822) (404.040) (1.638.506) (2.770.896) 1.018.639 (6.466.067) Proveitos de juros 1.128.447 51.712 145.091 316 844.751 (1.022.114) 1.148.203 Partes de lucros líquidos em Associadas (58.481) - (3.261) (745.695) - (99) (807.536) Outros ganhos e perdas financeiros (1.244.000) 3.424.529 (20.942) 2.101.657 8.310.152 (12.246.525) 324.872 Impostos s/ lucros (2.008.139) 13.639 43.285 1.728.069 856.633 - 633.487 Resultado das actividades ordinárias 4.438.373 3.389.644 (599.848) 640.121 6.144.053 (12.246.537) 1.765.806 Interesses minoritários 42.341 - - (12.002) - - 30.339 Resultado líquido atribuível ao grupo 4.396.032 3.389.644 (599.848) 652.123 6.144.053 (12.246.537) 1.735.466

Outras Informações:

Activos do segmento 624.779.647 68.566.898 120.219.365 143.594.556 340.764.820 (372.137.644) 925.787.642

Investimento em associadas 883.388 174.266 324.947 15.021.687 10.000 (153) 16.414.135 Activos totais consolidados 942.201.777

Passivos do segmento 506.454.721 36.390.115 36.204.540 140.291.539 184.976.262 (99.059.233) 805.257.944 Passivos totais consolidados 805.257.944

Depreciações 2.303.816 482.502 441.472 368.942 78.020 (3.562) 3.671.190 Outros gastos não desembolsadosdiferentes da depreciação 159.067 - 340.465 - - - 499.532

The inter-segmental transactions are carried out at market values. - The sales and services rendered by geographical market are distributed as follows:

Réditos de vendas por mercados geográficos 31-Mar-20 09 % 31-Mar-2008 %

Portugal 97.761.603 43,12% 84.427.086 48,46%Angola 87.070.769 38,39% 60.264.329 34,59%E.U.A. 19.998.010 8,82% 11.433.103 6,56%S. Tomé e Príncipe 458.795 0,20% 5.095.143 2,92%Moçambique 7.010.211 3,09% 4.787.794 2,75%Guiné 4.159.177 1,83% 3.535.569 2,03%Roménia 6.897.339 3,04% - 0,00%Israel 819.253 0,36% 1.193.813 0,69%Argélia 1.555.828 0,69% 2.340.555 1,34%Marrocos 349.199 0,15% 1.058.472 0,61%Outros 708.012 0,31% 87.252 0,05%Totais 226.788.196 100,00% 174.223.115 100,00%

11. DETAILS ON THE MOVEMENT IN INTANGIBLE ASSETS FOR THE PERIOD

a) Gross Assets The movement occurred in the gross value of the intangible assets is as follows:

12

Variação no Efeito de Transfer.

Activos intangíveis Saldo Inicial perímetro Aumentos Alienações conv. cambi al e Abates Saldo Final

Goodwill 87.730.659 - - - - - 87.730.659 Outros activos intangíveis 514.169 - - - 24 - 514.193

88.244.828 - - - 24 - 88.244.852

The goodwill registered in the “Initial balance” column refers to the following acquisitions occurred in previous years:

a) acquisition of the participated company Indáqua – Indústria e Gestão de Águas, S.A., which resulted in the recording of goodwill in the value of 5,962,136 Euros.

b) acquisition, during 2008, of the participated company Contacto – Sociedade de Construção, S.A.,

which resulted in the recording of goodwill in the value of 44,134,341 Euros. c) acquisition, during 2008, of 13.33% of the share capital of the associated company Scutvias –

Autoestradas da Beira Interior, S.A., with this acquisition having resulted in a total effective holding of 33.33% and created goodwill in the value of 28,128,844 Euros.

d) acquisition, during the second half of 2007, of 75% of the share capital of the participated company

Hidroequador Santomense – Exploração de Centrais Hidroeléctricas, Lda., which resulted in goodwill of 765,846 Euros, recorded in 2008 but calculated with reference to 31 December 2007, since in 2007 the Group was still in the process of determining the fair value of the assets and liabilities of the abovementioned company.

e) Acquisition of the participated company Prince Contracting, LLC. which resulted in the recording of

goodwill in the value of 8,739,491 Euros.

On 31 March 2009 there were no contractual commitments for the acquisition of intangible fixed assets and no costs were recognised relative to research and development as expenditure for the period.

f) Accumulated Amortization The movement occurred in the value of the accumulated amortization of the intangible assets is as follows:

Variação no Efeito deActivos intangíveis Saldo Inicial perímetro Reforço Regularizações conv cambial Saldo Final

Outros activos intangíveis 167.453 - 5.145 - 2 172.600 167.453 - 5.145 - 2 172.600

12. DETAILS ON THE MOVEMENT IN FIXED TANGIBLE ASSETS FOR THE PERIOD

a) Gross Assets The movement occurred in the gross value of the fixed tangible assets is as follows:

13

Variação no Efeito de Transfer.Activos fixos tangíveis Saldo Inicial perímetro Aument os Alienações conv cambial e Abates Saldo Final

Terrenos e edifícios 538.887.966 - 191.136 - 208.541 2.365 539.290.007 Equipamento básico 131.569.415 - 2.832.454 (1.083.208) 769.293 400.819 134.488.773 Imobil izações em curso 9.208.551 - 12.293.674 - 116.529 (836.481) 20.782.273 Outros activos fixos tangíveis 59.353.681 - 1.741.304 (154.558) 681.396 (845.172) 60.776.650

739.019.613 - 17.058.567 (1.237.767) 1.775.759 (1.278.470) 755.337.703

The “Increases” column of the “Fixed assets in progress” heading records work for the Company itself to the sum of 8,378,032 Euros. The information relative to the gross values of the concessioned tangible fixed assets for the quarter ended on 31 March 2009 may be analysed as follows:

Activos tangíveis Saldo InicialVariação no

perímetroAumentos Alienações

Transf. e Abates

Regularizações Saldo Final

Terrenos e edifícios 366.135.304 - 896.254 - (47) - 367.031.512Equipamento básico 1.884.017 - 30.831 - - - 1.914.848Imobilizações em curso 164.843 - 7.838.789 - (7.796) - 7.995.836Outros activos fixos tangíveis 1.016.005 - 19.889 - - - 1.035.894

369.200.169 - 8.785.762 - (7.842) - 377.978.089

On 31 March 2009 all the concessioned fixed assets had originated in the Concessions business segment.

b) Accumulated Amortization The movement occurred in the value of the accumulated amortization of the tangible fixed assets is as follows:

Variação Anulação Efeito deActivos fixos tangíveis Saldo Inicial no perímetro Ref orço Reversão conv cambial Saldo Final

Terrenos e edifícios 105.976.610 - 5.215.705 - (1.517) 111.190.798 Equipamento básico 67.101.797 - 2.301.267 (1.183.668) 464.495 68.683.891 Outros activos fixos tangíveis 32.318.701 - 1.502.881 (951.983) 322.590 33.192.189

205.397.109 - 9.019.852 (2.135.651) 785.568 213.066.878

On 31 March 2009, there were no materially relevant contractual commitments for the acquisition of tangible fixed assets. The information relative to the values of the amortizations of the concessioned tangible fixed assets for the quarter ended on 31 March 2009 may be analysed as follows:

Activos tangíveisSaldo Inicial

Variação no perímetro

Aumentos AlienaçõesTransf. e Abates

Regularizações Saldo Final

Terrenos e edifícios 66.532.101 - 4.220.111 - - - 70.752.211Equipamento básico 1.517.055 - 59.724 - - - 1.576.780Outros activos fixos tangíveis 837.899 - 17.985 - - - 855.884

68.887.055 - 4.297.820 - - - 73.184.875

14

The information relative to the net values of the intangible fixed assets and tangible fixed assets by primary reporting segment on 31 March 2009 may be analysed as follows:


Indústrias Relacionadas Imobiliário Concessões

Participações Financeiras

Total

Goodwill 52.873.832 - - 34.856.826 - 87.730.659Outros activos intangíveis 8.925 2.193 - 330.475 - 341.593Total de activos fixos intangíveis 52.882.757 2.193 - 35.187.301 - 88.072.252

Terrenos e edifícios 55.383.178 2.023.548 73.330.398 298.657.290 (1.295.206) 428.099.209Equipamento básico 56.591.327 8.360.761 221.644 631.151 0 65.804.882Outros activos fixos tangíveis 22.332.318 278.389 610.768 225.482 4.137.504 27.584.461Imobilizações em curso 6.571.377 451.730 3.322.622 10.675.609 (239.065) 20.782.273Total de activos fixos tangíveis 140.878.200 11.114.4 28 77.485.432 310.189.532 2.603.233 542.270.825

On 13 September 1999, the participated company Scutvias – Autoestradas da Beira Interior, S.A. signed a Concession Contract with the Portuguese State through which the “SCUT da Beira Interior” concession was attributed to Scutvias. This contract defines, amongst other aspects, the 30 year validity period of the concession, and also includes other provisions related to payments, guarantees, liabilities, financing and other affairs relative to the Company's activity. The supervisory powers relative to compliance with the Company's obligations arising from the Concession Contract are exercised by the Ministry of Finance for the economic and financial aspects and by the Ministry of Public Works, Transport and Housing for the rest.

The concession has two distinctive phases: (i) the Pre-Operational Period, which took place from the beginning of the Concession up to 31 December 2004, and (ii) the Operational Period, which started on 01 January 2005 and will continue until 2029.

In January 2005, SCUTVIAS entered into the Operational Period of the Concession, with this date corresponding to the effective start of the activity, during which the revenue effectively reflected the valuation of the traffic which circulates on the motorway, in accordance with the tariff levels established in the concession contract.

Furthermore, under the concession contract, the Portuguese State placed some stretches which had already been constructed at the disposal of Scutvias, which will revert to the Grantor at the end of the concession period.

On 31 March 2009, the value of the net fixed assets included in the statement of the consolidated financial position allocated to the concessioned activity, and which, in accordance with the concession contract, will revert in favour of the Portuguese State at the end of the concession contract (2029), without any compensation to Scutvias, reached 230,354,978 Euros. These fixed assets are subject to the public domain regime and are allocated to the activity of the Company, which may administer them under the concession contract, but may not dispose of them with respect to the private judicial commercial system.

No impairment losses were recognised during the period (or loss reversion) relative to the tangible fixed assets. 13. INFORMATION ON ASSETS UNDER FINANCIAL AND OPERATIONAL LEASING REGIMES Financial Leasing The Group possesses tangible fixed assets included in the statement of the consolidated financial position under a financial leasing regime. On 31 March 2009, the book value of these assets is as follows:

15

Locação financeira Imob. Bruto Amort Acum. Imob. Líquido

Terrenos e Edifícios 776.894 132.615 644.279 Equipamento básico 22.424.243 9.319.205 13.105.038 Outros activos fixos tangíveis 9.543.032 3.402.450 6.140.582

32.744.169 12.854.270 19.889.899

The Group's responsibility for these contracts is as follows:

Curto Prazo 7.708.645Médio e Longo Prazo 9.000.553

The reconciliation between the total minimum future payments of the financial leases on 31 March 2009 and their present value, by periods, is as follows:

31-Mar-09

Pagamentos mínimos da locação financeira:2009 6.606.908 2010 5.471.197

2011-2014 5.994.286 após 2014 47.198

18.119.590

Actualização/Juros 1.410.392

Valor presente dos pagamentosmínimos da locação financeira 16.709.198

Corrente 7.708.645

Não Corrente 9.000.553

The financial leasing contracts earn interest at the market rate and have defined periods of working life. On 31 March 2009, there are no contingent rents or restrictions relative to dividends (or any additional debt) associated to the financial leasing contracts in force. Furthermore, the Group carried out two real estate lease-back operations whose liability is presented in the statement of the consolidated financial position as “Bank loans”. On 31 March 2009, the short term liabilities and medium and long term liabilities associated to these contracts reached 1,023,361 Euros and 15,861,885 Euros, respectively. The main conditions associated to the real estate lease-back contracts are as follows:

16

Contrato Contrato de locação financeira Imobil iário nº 45000 3696

Data do contrato 28 de Dezembro de 2005

Locador Banco Comercial Português, S.A.

Locatário Ciagest - Imobiliária e Gestão, S.A.

Objecto Aquisição com financiamento de benfeitorias de imóveisalienados pela HABITOP - Sociedade Imobiliária S.A. e pelaCIAGEST - Imobiliária e Gestão S.A.

Valor do financiamento Valor total financiado: 17.352.500 Euros

Valor residual 2% do valor total do financiamento

Prazo 15 anos

Número de rendas 60 rendas, antecipadas

Periodicidade Trimestral, com inicio em 25 de Março de 2006

Taxa de juro Euribor a 3 meses + 1,750%

Contrato Contrato de locação financeira Imobil iário nº 45000 7448

Data do contrato 29 de Fevereiro de 2008

Locador Banco Comercial Português, S.A.

Locatário Ciagest - Imobiliária e Gestão, S.A.

Objecto Fracções de prédio urbano sito na Rua Alvaro Pais, Rua Sousa

Lopes e Rua Julieta Ferrão - Lisboa

Valor do financiamento Valor total financiado: 3.000.000 Euros

Valor residual 300.000 Euros

Prazo 12 anos

Número de rendas 48 rendas, antecipadas

Periodicidade Trimestral, com inicio em 25 de Maio de 2008

Taxa de juro Euribor a 3 meses + 1,50%

Operational Leasing During the first quarter of 2009, costs of 361,804 Euros were recognised relative to rents from operational leasing contracts. The rents from operational leasing contracts (fixed rents) maintained by the Group on 31 March 2009, essentially relative to vehicle operational leasing contracts, present the following maturities:

Vencimentos:

2009 899.0762010 947.7272011 577.0482012 198.6122013 8822014 - 2014 e seguintes -

2.623.345

17

14. DETAILS ON THE ANNUAL MOVEMENT OF THE FINANCIAL INVESTMENTS

a) Gross Assets The movement occurred in the gross value of the financial investments is as follows:

Variação no Equivalência Transfer.Investimentos financeiros Saldo Inicial perímetro Efei to cambial Aumentos Alienações Patrimonial e Abates Sal do Final

a)

Propriedades de investimento 7.469.671 - - 1.161.980 - - - 8.631.651 Inv. fin. em equiv. patrimonial 1.005.770 - - - - (411.976) (112.571) 481.223 Emprést. a empresas associadas 2.593.659 - - - - - - 2.593.659 Outros investimentos financeiros 12.610.209 - 196.973 1.696.275 - - - 14.503.458

23.679.309 - 196.973 2.858.255 - (411.976) (112.571) 26.209.990

The value recorded in the “Increases” column in the “Investment Properties” heading refers to the transfer of the“Bloco J” fraction, a building owned by the participated company Ciagest, from “Inventories” to “Investment Properties”. The value recorded in the “Increases” column in the “Other financial investments” heading essentially refers to the loan granted by the participated company Infraestructuras Soares da Costa Costa Rica, S.A. to Autopistas Del Sol, S.A., a company which is 17% held indirectly by the Soares da Costa Group, to the value of 1,286,470 Euros. On 31 March 2009 and 31 December 2008, the composition of the balance recorded under the “Other financial investments” heading is as follows:

31-Mar-09 31-Dez-08

Activos financeiros em instrumentos de capital próprio ao custo 4.271.327 4.271.327Activos financeiros em instrumentos de capital próprio ao justo valor por resultados 4.614.446 4.614.446Outros investimentos financeiros 5.617.684 3.724.436

14.503.457 12.610.209

The financial investments in equity instruments are recorded at acquisition value, with the exception of those listed on the market which are recorded at market prices.

b) Accumulated amortization and Adjustments The movement occurred in the value of the accumulated amortization and adjustments to the value of the financial investments is as follows:

Variação Efeito deInvestimentos financeiros Saldo Inicial no perímetro R eforço Regularizações conv cambial Saldo Final

Propriedades de investimento 1.502.026 - 40.072 - - 1.542.098 Outros investimentos financeiros 395.757 - 22.140 - (1.153) 416.744

1.897.783 - 62.212 - (1.153) 1.958.842

During the first quarter of 2009, total rents of 49,934 Euros were recognised relative to investment properties. During the period there were no direct operational costs relative to investment properties and no contractual obligations to purchase, construct or develop investment properties or to repair, maintain or increase them. On 31 March 2009, the book value of these investment properties reflects their fair value.

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15. DETAILS OF THE INVENTORIES

Inventários 31-Mar-09 31-Dez-08

Matérias-primas, subsidiarias e de consumo 40.201.308 37.656.366 Produtos e trabalhos em curso 61.615.885 77.393.119 Produtos acabados e intermédios 37.864.333 34.593.669 Mercadorias 17.465.851 3.504.128 Adiantamentos p/conta de compras 1.620.602 2.279.915 Ajustamentos de valor (2.910.226) (2.995.594)

155.857.753 152.431.603

The details of the main “Products and work in progress” on 31 March 2009 is as follows:

Empreitadas em curso 54.852.331

Bechtel - Lng Project -Soyo 4.053.200Sana Luanda Royal Hotel 2.936.792Sigma - Omega Compound 2.860.792

Remodelação do Palácio Presidencial 2.782.858

Diversos Trabalhos na Base da Sonils 2.292.643Sonils -ampliação da base da Sonils 2.263.764

Zambezi Bridge Between Caia And Chimuara 1.160.000Sonils - Terminal De Contentores 1.152.165

Sonangol - Sonair Hangar Renovation 1.084.483

Sonangol - Research & Prodution Building (Park Lot Bui lding) 998.549Sonils - Instalações da BP - Storage A e Storage B 932.215Quatro Vistas - Remodelação E Ampliação Do Hotel S João 784.855

Taourirt / Beni Ansar ( Marrocos ) 770.303Sonils - Oil Well Jumper Area for FMC 757.587

INEA - Construção da Via Rápida Expresso Luanda - Viana 725.898Empreitada Geral De Infraestruturas Da Quinta Do Brinçal 715.927

Sonangol-Novo Edifício Sede Da Sonangol 641.682

Ligne De Tanger ( Marrocos ) 565.405SPFA - Residencia Lara 564.993

Sonangol - Laboratório Central Da Sonangol e Arranjos Exteriores 446.800Outras Empreitadas em curso (valores por obra inferiores a 500.000 Euros) 26.361.420

Empreendimentos Imobiliários em curso 6.763.554

Alcantara Mescal - Santo Amaro 102 C/D 3.152.653

Alcantara Luis de Camões 38-40 Jacinta 1.322.948Casas de Gaia 1.261.935

Edifício de escritórios em Luanda 627.296

Outros empreendimentos imobiliários em curso 398.722

Total de Produtos e trabalhos em curso 61.615.885

16. DETAILS OF ACCOUNTS RECEIVABLE

19

Dívidas de terceiros 31-Mar-09 31-Dez-08

Clientes c/c 408.422.185 326.423.379 Clientes-títulos a receber 5.023.225 6.369.252 Clientes de cobrança duvidosa 19.361.693 19.206.391 Ajustamentos de valor (19.612.603) (19.439.447) Clientes 413.194.500 332.559.575

Empresas participadas e participantes 6.954.361 6.699.896 Adiantamentos a fornecedores/fornecedores imobilizado 1.851.140 2.154.084 Estado e outros entes públicos 9.730.006 11.433.465 Outros devedores 22.356.128 24.479.996 Ajustamentos de valor (5.225.644) (5.230.390) Outras dívidas de terceiros 35.665.991 39.537.051

The exposure of the Group to credit risk arises from the accounts receivable resulting from the Group's normal commercial activity, with the maximum exposure to credit risk being the nominal value of the accounts receivable. On 31 March 2009, there were no situations of significant concentration of credit risk. On 31 March 2009 and 31 December 2008, the balances of the “State and other public entities” heading has the following composition:

31-Mar-09 31-Dez-08

Imposto sobre o valor acrescentado 9.721.502 11.425.338Outros 8.505 8.126

9.730.007 11.433.465

17. DETAILS OF OTHER CURRENT ASSETS

Outros activos correntes 31-Mar-09 31-Dez-08

Acréscimos de proveitos 70.573.307 71.745.117 Custos diferidos 62.003.410 56.193.765

132.576.717 127.938.882

On 31 March 2009 and 31 December 2008, these headings had the following composition:

31-Mar-09 31-Dez-08Acréscimos de proveitos

Trabalhos executados não facturados 67.475.516 69.767.817Outros acréscimos de proveitos 3.097.791 1.977.300

70.573.307 71.745.117

Custos diferidosCustos iniciais de arranque de obra 51.475.057 46.618.878Custos de montagem de operações de financiamento 5.039.565 5.256.783Outros custos diferidos 5.488.788 4.318.104

62.003.410 56.193.765

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The “Financing operations organisational costs” heading essentially includes costs related to the issue of bonds occurred in 2007 to be distributed throughout the respective settlement period. 18. DETAILS OF CASH AND EQUIVALENT

Caixa e seus equivalentes 31-Mar-09 31-Dez-08

Depósitos bancários 90.703.010 65.004.783 Caixa 1.154.298 1.750.316

91.857.308 66.755.099

Of the total balances presented on 31 March 2009 and 31 December 2008, 23,025,476 Euros and 23,013,272 Euros, respectively, refer to unused cash and equivalent accounted for under time deposits arising from the motorway concessionary company Scutvias - Autoestradas da Beira Interior, S.A.. The financing and concession contracts contracted by the associated company Scutvias – Autoestradas da Beira Interior, S.A. force the maintenance of deposit balances equivalent to 5/3 of the amount due on the following maturity date of the debt service. Hence, on 31 March 2009 and 31 December 2008, the reserve accounts under the form of sight or time deposits included in the statement of the consolidated financial position reach the amounts referred to above. 19. COMPOSITION OF THE SHARE CAPITAL AND RESERVES Following the extraordinary General meeting of 04 July 2006 which deliberated the renominalisation of the shares from 5 Euros to 1 Euro, the share capital of Grupo Soares da Costa SGPS, S.A., fully subscribed and paid up, is composed of 160,000.000 bearer shares with the nominal value of 1 Euro each, with 133,000,000 being ordinary shares and 27,000,000 being preferred shares. The latter are currently under the conditions of the provisions laid down in article 342 of the Commercial Companies Code and therefore benefit from voting rights. During 2008, the Group acquired 1,594,738 treasury shares, ordinary, of the unitary nominal value of 1 €, at the average price of 0.8194 €. This operation may be summarised as follows:

Numero Descontosde acções e prémios Valor

Saldo Inic ial 01-01-2008 - - - Compras 1.594.738 (287.992) 1.306.746Alienações - - - Saldo Final 31-12-2008 1.594.738 (287.992) 1.306.746

During the first quarter of 2009 no treasury shares were acquired or divested. Portuguese commercial legislation establishes that at least 5% of annual net income should be destined to reinforce the “Legal reserve” until it represents at least 20% of the share capital. This reserve is not distributable, except in the case of liquidation, but may be used to absorb losses, after all the other reserves have been exhausted, and for incorporation in the capital. The currency conversion reserve reflects the exchange rate variations occurred in the transposition of the financial statements of subsidiaries into a currency other than the Euro and cannot be distributed or used to absorb losses. The revaluation reserves cannot be distributed to the shareholders, unless they have been fully amortised or if the respective assets object of the revaluation have been divested.

20. BANK LOANS

21

On 31 March 2009 bank loans, under the form of secured current accounts, earned interest at the annual average rate of 5.969%. On 31 March 2009, the “Bank loans” heading of the non-current liabilities includes the financing drawn by the associated company Scutvias – Autoestradas da Beira Interior, S.A. in the context of the financing of the construction of the motorway object of concession, from the European Investment Bank and bank syndicate, of 110,091,156 Euros and 99,653,117 Euros, respectively. The main conditions associated to these loans are as follows:

LinhaÚltima

Amortização

1º sem. de 20191º sem. de 2024

Sindicato BancárioBanco Europeu Investimento

Taxa de Juro

1º semestre de 20062º Semestre de 2007

1ª Amortização

Taxa variável indexada à Euribor 6 Taxa fixa de 6,43%

Under the financing contracts, the Company is also subject to comply with Financial Restriction Ratios. These ratios, described below, cannot fall below the minimum values, a case which would imply contractual default. On 31 March 2009, the participated company complies with the indicated requirements.

Mínimo

1,05 x

1,15 x

Rácio

Rácio de Cobertura Anual do Serviço de Dívida sem Caixa

Rácio de Cobertura da Vida do Empréstimo

Descrição

(Cash Flow para Serviço de Dívida) / Serviço da Dívida

Somatório do Valor Actual de ((Cash Flow para Serviço de Dívida + Saldo de Reservas

c/ excepção de Reserva de Liquidez e Reserva de Serviço de Dívida)/ Serviço da

Dívida)

The nominal value of the loans recorded in the statement of the consolidated financial position on 31 March 2009 has the following maturities:

MaturidadesEmpréstimos

bancáriosEmprest. por obrigações

Outros emprést. obtidos

Descobertos bancários

Factoring Total

2009 117.491.812 - - 13.658.385 32.858.572 164.008.7692010 99.584.223 - - - - 99.584.2232011 30.024.513 - - - - 30.024.5132012 28.652.542 - - - - 28.652.5422013 37.654.306 - - - - 37.654.3062014 26.354.370 - - - - 26.354.370

Após - 2014 220.332.865 100.000.000 - - - 320.332.865560.094.631 100.000.000 - 13.658.385 32.858.572 706.611.588

The amounts relative to unused indebtedness recorded in the statement of the consolidated financial position on 31 March 2009 exclusively derive from bank loans and are as follows:

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Maturidades2.0092.0102.0112.0122.0132.014

após 2014229.106.600

13.342.77015.417.21517.109.103

145.553.313

Empréstimos bancários12.205.93812.569.48512.908.776

On 31 March 2009, the Group's loans earned interest at the following rates:

Natureza Mínimo Máximo

Contas caucionadas 2,382% 9,556%

Hot Money 3,110% 3,486%

Empréstimos bancários 2,706% 2,635%Empréstimo obrigacionis ta 3,005% 3,036%

Emissão de papel comercial 2,635% 3,610%

The bank loans, with the exception of the loans of the associated company Scutvias – Autoestradas da Beira Interior, S.A. and the participated company Intevias – Serviços e Gestão, S.A., presented in the statement of the consolidated financial position of 107,067,982 Euros and 64,530,000, respectively, which are associated to the financial instruments described below, earn interest at variable market rates with the Group thus being exposed to the effect of alterations in market interest rates. Hence, and based on the net financing level on 31 March 2009 and 31 December 2008, a variation of one percentage point in the reference interest rate will produce an annual impact on the financial costs of 4.6 million Euros and 4.3 million Euros, respectively. Furthermore, a rise in the interest rate will produce a positive impact on the financial results arising from the appreciation of the financial instruments described below. In the Concessions area, the companies of Grupo Scutvias – Autoestradas da Beira Interior, S.A. e Intevias – Serviços e Gestão, S.A. have contracted the following interest rate hedging instruments:

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Swap Scutvias - Autoestradas da Beira Interior, S.A .

Tipo de instrumento financeiro: Derivado

Descrição do derivado: Cobertura de taxa de juro, de 100% da Dívida à Banca Comercial (para todo o período da Dívida).

Bancos: BCP / BPI / BAYERISCHE / CGD

Moeda: Euro

Data do contrato: 24-09-1999

Data de ínicio: 01-10-1999

Data de vencimento: 04-10-2018

Periodic idade: Semestral

Swap: 7,14

Montante total coberto em 31-03-2009: 320.195.992 Euros

Referência: Euribor + 1% em fase de construção; Euribor + 0,9% em fase de Exploração

In December 2008, the participated company Intevias – Serviços e Gestão, S.A. contracted, with a financial institution, an interest rate derivative instrument – Interest Rate Swap – to the value of 57,92,00 Euros, amortizable, so as to hedge against the interest rate risk relative to a medium and long term loan of 63,880,000 Euros. The abovementioned financial instrument may be summarised as follows:

Intevias

Tipo de instrumento financeiro: Derivado

Descrição do derivado: Cobertura de taxa de juro

Banco: BPI

Moeda: Euro

Data do contrato: 04-12-2008

Data de ínicio: 03-12-2008

Data de vencimento: 15-07-2023

Periodic idade: anual

Swap: 3,45

Montante total coberto em 31-03-2009: 57.492.000 Euros, amortizável

Referência: Euribor a 12 meses

On 31 March 2009 these instruments were designated as hedged items since they complied with the formal requirements established in IAS 39 related to the documentation on the hedging relationship and effectiveness of the derivative instrument. These financial instruments are assessed by the financial instruments with which they were contracted.

21. DETAILS OF OTHER ACCOUNTS PAYABLE On 31 March 2009, the “Other accounts payable” heading is broken down as follows:

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Dívidas a terceiros 31-Mar-09 31-Dez-08

Outros credores 12.686.614 11.663.076Divídas a terceiros - não corrente 12.686.614 11.663.076

Empresas participadas e participantes 182.600 214.937

Outros accionistas (sócios) 91.548 60.136 Estado e outros entes públicos 4.659.826 4.803.072

Outros credores 35.747.336 33.950.886Divídas a terceiros - corrente 40.681.310 39.029.031

On 31 March 2009, the details of the “State and other public entities” heading shown above, are as follows:

31-Mar-09 31-Dez-08

Imposto sobre o valor acrescentado 1.980.313 2.007.785Constribuições para a segurança social 1.687.154 1.603.873Outros 992.359 1.191.414

4.659.826 4.803.072

22. DETAILS OF OTHER CURRENT LIABILITIES

Outros passivos correntes 31-Mar-09 31-Dez-08

Acréscimos de custos 109.927.772 90.829.721 Proveitos diferidos 61.715.601 52.706.552

171.643.374 143.536.273

On 31 March 2009 and 31 December 2008, these headings were broken down as follows:

31-Mar-09 31-Dez-08Acréscimos de custos

Facturas por recepcionar 79.250.611 69.437.019Remunerações a liquidar 12.125.892 10.228.307Juros a liquidar 11.701.524 2.265.808Outros acréscimos de custos 6.849.745 8.898.587

109.927.772 90.829.721

Proveitos diferidosTrabalhos facturados não executados 59.834.387 51.557.090Rendas antecipadas 297.003 301.445Outros proveitos diferidos 1.584.211 848.017

61.715.601 52.706.552

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23. DETAILS ON THE MOVEMENT IN ADJUSTMENTS AND PROVISIONS FOR THE PERIOD The movement occurred in the adjustments is as follows:

AlteraçõesAjustamentos de valor Nota Saldo Inicial no perímetro Aumento Redução Saldo Final

Clientes cobrança duvidosa 19.439.447 - 182.872 (9.716) 19.612.603 Clientes 16 19.439.447 - 182.872 (9.716) 19.612.603

Outros devedores 5.230.391 - - (4.747) 5.225.644 Outras dívidas de terceiros 16 5.230.391 - - (4.747) 5.225.644

Matérias-primas, subsidiarias e de consumo 115.631 - - (8.196) 107.435 Produtos e trabalhos em curso 250.202 - 12.894 (87.430) 175.666 Produtos acabados e intermédios 2.469.515 - - (652) 2.468.863 Mercadorias 160.246 - 41.117 (43.101) 158.262 Inventários 15 2.995.594 - 54.011 (139.379) 2.910.226

Outros investimentos financeiros 395.757 - 22.140 (1.154) 416.743 Investimentos financeiros 14 395.757 - 22.140 (1.154) 416.743

Total de ajustamentos de valor 28.061.189 - 259.023 (154.996) 28.165.218

The movement occurred in the provisions is as follows:

AlteraçõesProvisões Saldo Inicial no perímetro Aumento Redução Saldo Final

Outras provisões para riscos e encargos 563.601 - - - 563.601563.601 - - - 563.601

The existing provisions, essentially recorded by the participated company Contacto – Sociedade de Construções, S.A. (consolidated for the first time in 2008, through the full consolidation method), refer to legal processes in progress on 31 March 2009. These provisions were measured in accordance with the expected value of the future outflow. The recording of the impairment losses related to accounts receivable is based on individualised risk analysis, which weights the nature of the debtor, loan default or its late payment and the accumulated experience of the Group in similar situations. The details of the adjustments and existing provisions on 31 March 2009, by primary reporting segment, is as follows:

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Construção

Civil e Obras

Indústrias

relacionadas Imobiliário Concessões

Participações

financeiras

Total

Consolidado

Investimentos Financei ros

Outros investimentos financeiros 53.164 - - - 363.579 416.74353.164 - - - 363.579 416.743

InventáriosMatérias-primas, subsidiárias e de consumo 107.435 - - - - 107.435Produtos acabados e intermédios 2.300.000 - 168.863 - - 2.468.863

Produtos e trabalhos em curso - 175.667 - - - 175.667Mercadorias - - 158.261 - - 158.261

2.407.435 175.667 327.124 - - 2.910.22

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