Full Report - Soares da Costa

REPORT AND
ACCOUNTS 2011
GRUPO SOARES
DA COSTA, SGPS, SA

Note: This report is a translation of the original, issued in Portuguese. In the event of discrepancies,
the Portuguese version prevail.
REPORT AND
ACCOUNTS 2011
GRUPO SOARES
DA COSTA, SGPS, SA

Index
Message from the Chairman
of the Board of Directors 06
Message from the Chief
Executive Officer 08
I. MANAGEMENT REPORT 10
Highlights 13
Introduction 15
1. SOARES DA COSTA GROUP 18
1.1 Profile 20
1.2 Strategy 30
2. OVERVIEW OF THE ACTIVITY 32
3. RELEVANT FACTS OF THE YEAR 40
4. ANALYSIS OF THE ACTIVITIES:
CONSOLIDATED ACCOUNTS 44
5. PERFORMANCE BY BUSINESS AREA 56
5.1 Construction 58
5.2 Concessions 76
5.3 Real Estate 90
5.4 Energia Própria 92
6. INDIVIDUAL ACCOUNTS 94
7. HUMAN RESOURCES 98
8. SUSTAINABLE DEVELOPMENT 106
9. PRINCIPAL RISKS AND UNCERTAINTIES 110
10. SOARES DA COSTA
ON THE STOCK EXCHANGE 114
11. ORDER BOOK AND PROSPECTS 120
12. SUBSEQUENT EVENTS 128
13. PROPOSAL FOR THE APPROPRIATION
OF RESULTS 132
14. STATEMENT OF CONFORMITY 136
15. ACKNOWLEDGEMENTS 140
II. ANNEXES TO THE MANAGEMENT
REPORT 144
III. CONSOLIDATED FINANCIAL
STATEMENTS 206
IV. INDIVIDUAL FINANCIAL
STATEMENTS 302
V. CERTIFICATIONS 348

Chairman of the Board of Directors
Manuel Roseta Fino
The world is changing fast and one of the sectors that react to
that context in an intense way is precisely the Construction, as it
reflects in an immediate way the public entities options in terms
of investment and because it is affected, also in a direct way, by
the flotation of the economic agents confidence levels and by their
investment decisions.
In 2011, there was a rapid inflection of the context, which
nevertheless was not entirely surprisingly, as it represents the
beginning of one more phase of the 2008’s world crisis cycle, and
that assumed, in our country, as well known, particularly harsh
features .
Therefore, and as a consequence of the permanent reflection over
the strategic options that are the base of the Soares da Costa
Group’s orientation, we believe that, despite of the timing being
the middle of the planning cycle and in an intermediary moment of
the corporate bodies term of office, it was opportune to adjust the
mentioned orientation’s guidelines, redefining strategic options.
This adjustment of strategy included, in general terms, a
strong focus on the construction activity in the Group’s core
geographies/ markets. The strategic guidelines are oriented to
INTERNACIONALISATION, to the CONSTRUCTION business area and
to the activities’ FINANCIAL SUSTAINABILITY. We intent to secure
growth level of the Group’s activities compatible with the external
restrictions, namely financial, protecting profitability levels and
allowing, by the end of the plan’s implementation period, to attain
an expressive indebtness reduction.
Message from the Chairman of the Board of Directors | Grupo Soares da Costa, SGPS, SA
06 07
The Group’s executive committee – whose leadership and
composition were reaffirmed - is in charge of the materialisation
of those changes, in the “Renewed Ambitions” horizon, 2013-15.
Results and financial position, which are detailed in the financial
statements, clearly reflect the consequences of a turbulent year,
during which the context changes’ effect were felt and exception
difficulties in the activities’ financing sources were witnessed; but
also express, in a determined way, the Group’s great vitality and
its capacity to fit to the circumstances and to quickly adapt itself
to the new conditions.
We believe that the Shareholders will continue to give their
unequivocal support to this reality, inspiring the financing
institutions to persist in the indispensable backing of the Group,
as a way to embody the technical achievements and international
visibility of Soares da Costa, which are reasons to be proud of for
those interested in the Portuguese industrial capacity.

Chief Executive Officer
António Castro Henriques
In 2011 the construction industry, the Group’s core activity,
suffered exceptionally harsh conditions. In the domestic market,
demand contracted strongly, the global activity financing
conditions were severely hurt by the Portuguese state pre-rupture
financial situation and consequent external economic and financial
assistance, with the business’ environment being destabilized
and disturbed by an abnormally high number of situations and
variables..
The earnings reported by the Group – by contrast with the
strongly negative features of the context – are cause for relative
satisfaction, namely in the following items: turnover’s resilience,
progress achieved in terms of the Group’s international expansion
and presence, efficient adoption of cost reduction programs
and the improvement achieved in the operational profitability
indicators.
In fact, turnover was almost in line with the previous year’s figure,
as a result of the higher weight of the activity in the external
markets, which represented 62% of global turnover and 66% of
the order book by year-end. Regarding the costs’ structure, staff
costs and external supplies decreased 6% and 5%, respectively,
while operational results rose 18%, reaching a 6.7% margin over
turnover (more 1.1 p.p. than in the previous year), enough to
cover the net financial costs, that grew 54%, and still, marginally,
generate a positive net income.
The Group’s executive management believes that, the proved skills
to generated and efficiently manage business portfolios, namely in
external markets, and the capacity to extract and put
Message from the Chief Executive Officer | Grupo Soares da Costa, SGPS, SA
08
into circulation the financial surpluses that are vital to assure the
fulfilment of our financial liabilities, are reasons that support the
continuity of this performance. With time and the continuation
of the management’s effort that was been developed, the
rebalance of the businesses portfolios, focusing on the sectors
and geographies strategically considered as key, and the effect
of the resizing of the support structures, will create conditions
for additional financial sustainability and the gradual rebound of
performance from the shareholders’ point of view..
In the aftermath of the year in which I have assumed the Group’s
executive management leadership, I would like to thank the
trust of the Chairman of the Board of Directors, the advice and
collaboration of my Colleagues in the corporate bodies of all the
companies of the Group, the commitment and dedication of the
Workers, the preference, and with frequency the solidarity, of
Customers and Suppliers, and the indispensable support signs
given by the Financial Institutions.
Soares da Costa Group gathers a set of resources, skills and
competences unique in its sector, which has already proven to
be able to provide priceless services to the Portuguese economy,
in relevant fields as qualified employment, external growth and
a significant contribution to the country’s balance of payments.
Inspired by realistic goals, that reflect in an appropriate way the
strategic guidelines adopted and the continuation of difficult
business environment, and with the vital support of our business
counterparts, commercial and financial, we will successfully face
the current threats and will emerge stronger and more agile to
meet the challenges that will arise in the future.

1. I
Management
O Grupo
Report
Soares
10
da Costa
11

Highlights
// Consolidated turnover amounted to 873.5 million Euros in 2011.
slightly below (-2.2%) the 2010 amount;
// Operating indicators improved. evolving favourably. but financial
results deteriorated:
• EBITDA of 94.1 million Euros exceeded in 6.6% the amount of the
previous year. and the margin increased to 10.8% (+0.9 percentage points);
• EBIT of 58.9 million Euros. increasing 18.0%;
• Net financial results totalled -51.8 million Euros. deteriorating in relation
to 2010 (-33.5 million);
// Income before taxes amounted to 7.1 million Euros. 56.7% below
that of 2010;
// Consolidated net income for the period attributable to the Group
decreased to 2.4 million Euros (-84.8%);
// Individual net income of 0.9 million Euros (27.7 million Euros in 2010).
13
Consolidated Financial Indicators 2011 2010
(Million Euros)
Var. %
Turnover 873.5 893.5 -2.2%
Portugal 328.9 380.2 -13.5%
International Markets 544.7 513.3 6.1%
EBITDA 94.1 88.2 6.6%
EBITDA Margin 10.8% 9.9% 0.9 p.p.
EBIT 58.9 49.9 18.0%
EBIT Margin 6.7% 5.6% 1.1 p.p.
Net Financial Results -51.8 -33.5 54.4%
Income before Taxes 7.1 16.4 -56.7%
Net Income Attributable to Group 2.4 15.6 -84.8%

Management Report | Grupo Soares da Costa, SGPS, SA
14
Introduction
The Board of Directors of the company Grupo Soares da Costa, S.G.P.S.,
S.A., in compliance with the applicable legal dispositions, namely articles
65 and 66 of the Commercial Companies Code, and the By-laws, presents
and submits for approval at the Shareholders General Meeting, the
Management Report and the Proposal for the Appropriation of Results,
the financial statements and the other reporting documents, for the
period ended on 31 December 2011.
It is the Board of Directors’ conviction that these documents present
fairly the evolution of the business, the performance and the financial
position of the company Grupo Soares da Costa, S.G.P.S., S.A. and of the
respective group of companies it leads, as well as the principal risks and
uncertainties they face.
The financial statements, individual and consolidated, were prepared in
accordance with the International Financial Reporting Standards (IAS/
IFRS) as adopted by the European Union.
The annual corporate governance and Investor support report (Corporate
Governance), prepared in accordance with CMVM Regulation
no. 1/2010, the list of shareholders with qualified holdings as well as the
shareholdings in the company held by members of the corporate bodies,
are presented as appendices to this management report, forming an
integral part of it.
15

In this Report, for simplicity, the following abbreviations and expressions
are used:
AP&EN: “Accounting Policies and Explanatory Notes” which form part of
the individual and/or consolidated Financial Statements
EBIT: Earnings before Interest and Tax (Operating Results)
EBITDA: Earnings before Interest, Tax, Depreciation and Amortization
(Operating Cash Flows = Operating Results + Depreciation and
Amortization for the Period + Provisions and fair value adjustments, net
of reversals)
Net debt: Remunerated Net debt = Debentures + Bank Borrowings +
Other Borrowings + Finance Lease Creditors + Discounted Bills – Cash and
Cash Equivalents
Management Report | Grupo Soares da Costa, SGPS, SA
16

1.
Soares
da Costa
Group
Management Report | Grupo Soares da Costa, SGPS, SA
18
19
Francisco Sá Carneiro Airport, Portugal (Sociedade de Construções Soares da Costa)

1.1 PROFIlE
Who We Are
The Soares da Costa Group is one of the largest
economic groups in the construction and public
works sector in Portugal. In addition to the activity
carried out in the domestic market, which covers
continental Portugal and extends into the autonomous
regions, Soares da Costa has a strong international
component, with a permanent presence in the USA,
Angola and Mozambique and sporadically in other
counties. Currently, Romania, Brazil, S. Tomé e
Príncipe, Costa Rica and the Maghreb Central countries
constitute markets worked by the Company’s
subsidiaries, joint ventures and associated companies.
Globally, Soares da Costa is 104th in the International
Contractors ranking (in foreign turnover), prepared
by the North-American magazine Engineering News
Record’s (2011).
Management Report | Grupo Soares da Costa, SGPS, SA
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Grupo Soares da Costa, S.G.P.S., S.A. is the holding
company of the Soares da Costa economic group, which
organizational structure, as from the end of 2002, was
built on four sub-holding companies, each heading
one of the four business areas into which the Group’s
activity was organized: Construction, Concessions,
Industry and Real Estate. The Industry business area
lost its autonomy as a specific segment when, in
2011, it was merged into the holding company of the
Construction Business Area.
Historical References
21
The origins of the Group date back to 1918, to the incorporation in Oporto of a small company, dedicated to
the execution of top quality finishings and to painting with fine gold. The following decades saw this company’s
skills expand significantly, coming to lead the sector in the northern regions of Portugal whilst expanding its
activity to the rest of the country. The 80’s were crucial to the development of the Group, with the start of its
internationalization: first into Venezuela and later to Egypt, Guinea-Bissau, Angola, Nigeria, Mozambique, Iraq,
Algeria, Guiana, Cape Verde, Macau, Spain, Germany and the United States. At the end of 1986 its shares were
admitted to the Lisbon Stock Exchange (currently Euronext Lisbon).
The following decade was marked by the company’s growing specialization in large-scale engineering and
public works and by the consolidation of a strong internationalization and diversification strategy, still
characteristic of the Group today. The growth in activity lead to the restructuring and reorganization of the
company in 2002, with the incorporation of a holding company, Grupo Soares da Costa, S.G.P.S., S.A., with
a share capital of 160 million Euros, branching into the various activity areas through four sub-holding
companies: construction, concessions, industry and real estate.
The company’s shareholding structure altered as from mid-2006, with the exit of the founding family and the
entrance of a new majority shareholder, Investifino – Investimentos e Participações, S.G.P.S., S.A., formalized
with the execution of the takeover bid in January 2007.
Following the shareholder change, in its strategic plan “Sustainable Ambition 2007-2012”, presented in
October 2007, the Group defined Construction and Concessions/Services as the strategic areas for the
future; with one of the six lines of development defined being the consequent adaptation of its business
portfolio. The transactions conducted in 2008, namely the acquisition of the construction companies -
Contacto (Portugal) and Prince (United States) – and the reinforcement of the shareholding in the motorway
concessionaire Scutvias, fall within the scope of this adaptation.

The Strategic Plan “Renewed Ambitions 2014”,
realigned the strategic guidelines of the Group,
refocusing on the business diversification component,
under which strategy roll-out the Group acquired,
at the end of 2010, a control position in the share
capital of Energia Própria.
In 2011, in light of the substantial macroeconomic
changes, the liquidity shortage and the strong
contraction of the local construction market, Group
management adjusted the strategic plan, as will be
further developed in the appropriate section.
Management Report | Grupo Soares da Costa, SGPS, SA
22
Corporate Bodies
The current composition of the corporate bodies is
as follows:
GENERAl MEETING BOARD
Fernando Enes Gaião (Chairman)
João Pessoa e Costa (Secretary)
BOARD OF DIRECTORS
Manuel Roseta Fino (Chairman)
António Manuel Pereira Caldas Castro Henriques
(Executive member)
Pedro Gonçalo de Sotto-Mayor de Andrade Santos
(Executive member)
Jorge Domingues Grade Mendes (Executive member)
António Manuel Formigal de Arriaga (Non-executive,
independent member)
Carlos Moreira Garcia (Non-executive, independent
member)
António Pereira da Silva Neves (Non-executive
member)
José Manuel Baptista Fino (Non-executive member)
Martim Salema de Sande e Castro Fino (Non-executive
member)
PARINAMA - Participação e Investimentos, SGPS, SA,
taxpayer no. 509 016 987, that nominated Ana Maria
Martins Caetano (Non-executive member)
SUPERvISORy BOARD
Júlio de Lemos de Castro Caldas (Chairman)
Carlos Pedro Machado de Sousa Góis
Joaquim Augusto Soares da Silva
Júlio de Jesus Pinto (Substitute)
STATUTORy AUDITOR
Grant Thornton Associados, SROC, Lda, represented
by Jorge Bento Martins Ledo.
Remuneration Commission
José Manuel Baptista Fino (Chairman)
António Jorge Gonçalves Afonso
João Pessoa e Costa
Per deliberation of the Board of Directors of April 26,
2010, Messrs Jorge Manuel de Oliveira Alves and Pedro
Miguel Tigre Falcão Queirós were nominated, Company
Secretary and Substitute Secretary, respectively.
23
The changes occurring during the period to which
this report relates were the following: on 28 July
2011 Mr. Pedro Manuel de Almeida Gonçalves handed
in his resignation from the office of Director and,
consequently, from the post he held as President
of the Executive Commission, effective from 30
August 2011; on the same date, Mr António Manuel
Pereira Caldas Castro Henriques was nominated to
the office of President of the Executive Commission
effective from the effective cessation of duties of his
predecessor; on 30 August 2011, Mr Jorge Domingues
Grade Mendes was co-opted as Member of
the Board of Directors and the Executive Commission
was recomposed as follows:
Mr. António Manuel Pereira Caldas Castro Henriques
(Chairman - CEO)
Mr. Pedro Gonçalo de Sotto-Mayor de Andrade Santos
(Member)
Mr. Jorge Domingues Grade Mendes (Member)

Shareholders
At 31 December 2011, the holders of qualified shareholdings in the share capital of the company were:
Management Report | Grupo Soares da Costa, SGPS, SA
24
Manuel Fino, SGPS, S.A. Number of shares % Share capital % Voting rights (*)
Indirectly through Investifino - Investimentos e Participações SGPS, S.A. 113,302,682 70.814% 71.042%
TOTAL IMPUTABLE 113,302,682 70.814% 71.042%
PARINAMA - Participações e Investimentos, SGPS, S.A. Number of shares % Share capital % Voting rights (*)
Directly 17,600,000 11.000% 11.035%
TOTAL IMPUTABLE 17,600,000 11.000% 11.035%
Santander Asset Management - Sociedade Gestora de Fundos de Investimento
Mobiliários, S.A.
Number of shares % Share capital % Voting rights (*)
Indirectly through:
Fundo Santander Ações Portugal 2,930,324 1.831% 1.837%
Fundo Santander PPA 312,634 0.195% 0.196%
TOTAL IMPUTABLE 3,242,958 2.027% 2.033%
(*) Considers the impact of the 5,518 preferred shares carrying no voting rights and the existence of the 507,292 own shares held at 31 December 2011.
Group Governance
Organizational Structure
Management
Control and
Strategic
Planning Unit
Conceição Vaz
Sousa
Corporate
Governance
Committee
Internal
Audit & Risk
Management
Sandra Paredes
25
Corporate Governance
Chairman
Manuel Roseta Fino
6 Non Executive members
and 3 Executive members
Executive Committee
Report and
Tax Unit
Fernando
Semana
Secretary
General
António Frada
Legal Oce
Jorge Alves
Company
Secretary
Jorge Alves
Pedro Queirós
(substitute)
Investor
Relations
Oce
Rita Carles
Communication,
Sustainability
and
Organizational
Change
Rita Nunes Pinto

Group Organizational Chart
The structure of the financial shareholdings comprising the Soares da Costa Group is represented in the
organizational chart that follows:
Full COnsolidation Method
Proportional Method
Eq. Patrimonial
Acquisition Cost
Management Report | Grupo Soares da Costa, SGPS, SA
26
Grupo Soares da Costa, SGPS, SA
100% 100% 100%
SDC Construção, SGPS, SA
SDC Imobiliária, SGPS, SA
SDC Concessões, SGPS, SA
100%
SDC América, INC
100%
CIAGEST, SA
100%
SDC CONCESIONES C.RICA, SA
60%
80%
100%
100%
Porto Construction Group, LLC
SDC Construction Services, LLC
Prince, LLC
SDC Contractor, LLC
100%
Mercados Novos, LDA
100%
SOARTA, SA
100%
HABITOP, SA
100%
100%
100%
COSTAPARQUES, SA
SDC Serv. Técnicos Gestão, SA
Infraestruct. SDC C.RICA, SA
51%
GEC - Guiné Ecuatorial Construcciones
100%
NAVEGAIA, SA
100%
CPE, SA
80%
100%
100%
100%
100%
100%
100%
99.96%
100%
51%
SDC Moçambique, SARL
SDC S. Tomé e Príncipe, Construções, Lda.
SOCOMETAL, SA
SDC Construcciones Centro Americanas, SA
Coordenação & SDC
99%
CARTA, LDA Carta Angola, Lda (11)
95%
CLEAR, SA CLEAR ANGOLA, SA
0,04%
Soares da Costa Brasil, Ltda.
65%
35%
Contacto, SA SDC/Contacto ACE
100%
SANTOLINA Holding B.V
CERENNA, SA
99%
SDC IMOBILIÁRIA, LDA (2)
50.6%
HOTTI-Angola Hotéis, S.A.
98%
COSTA SUL, LDA (7)
98%
IMOSEDE, LDA (7)
100%
CAIS da FONTINHA, SA
51%
IMOKANDANDU, LDA
99% 1%
IMOSDC-Investimentos, LDA
100%
75%
100%
75%
0.2%
0.2%
0.2%
0.2%
100%
INTEVIAS, SA
Hidroequador S. Tomense
60%
Hidroeléctrica STP, Lda.
INR - Inv. Nac. Rodoviários
SDC Hidroenergia, S.A. (6)
99.8%
SDC Hidroenergia 1T,Lda
99.8%
SDC Hidroenergia 8C,Lda
99.8%
SDC Hidroenergia 8T,Lda
99.8%
SDC Hidroenergia 4T,Lda
SDC Concessions USA, Inc.
100%
Soc. Construções Soares da Costa, SA
TRANSMETRO, ACE
ASSOC - Estádio de
50%
40%
28.57%
40%
GCVC, ACE
Estádio de Braga,
14.7%
Talatona Imobiliária, Lda.
34.3%
33.33%
SCUTVIAS, SA
33.33%
0.002%
MRN-Man. Rod. Nacionais
Braga, ACE
Estádio Coimbra, ACE
60% 25%
ACE
Nova Estação, ACE
46%
Auto-estradas XXI, S.A. (4)
Somague-SDC, ACE
50% 28.57%
Matosinhos, ACE
46%
Operestradas XXI, S.A. (4)
Três ponto dois, ACE
50% 50%
Teatro Circo, ACE
50%
Exproestradas XXI, S.A. (5)
HidroAlqueva, ACE
50% 50%
CAET XXI, ACE
40%
Oper. Estradas Zambeze, S.A.
GCF, ACE
28.57% 17.25%
LGV, ACE
40%
Estradas do Zambeze, S.A.
Israel Metro Builders
30% 30%
LGC, ACE
33.33%
Portvias, S.A. (9)
NORMETRO, ACE
17.9% 50%
SdC e Lena, ACE
Terceira Onda, Lda
50% 24%
GACE - Gondomar,
ACE
40%
SOMAFEL, SA
100%
OFM, SA
60%
Somafel e Ferr., ACE
95% Somafel, Ltda. (Brasil)
5%
45%
Alsoma, AEIE
25%
GAYAEXPLOR, LDA
49%
50%
Traversofer, SARL
SDC Emirates, LLC
MTA, LDA (11)
33%
28.57%
0.5%
INDÁQUA, SA
Indáqua Matosinhos, SA
97.5%
50%
Construtora S. José Caldera, SA
Grupul Portughez de Constructii
17%
0.5%
98%
Indáqua V. do Conde, SA
93%
Indáqua Feira, SA (10)
CFE-Indústria de Condutas, SA (1)
20%
MTS, LDA
11.3%
7.24%
VSL, SA
VORTAL SGPS, SA
Construtora-S. José S. Ramon, SA
17%
16,3%
17%
Autopistas del Sol
17%
Autopistas del Valle
Elos - OM, S.A.
16.3%
Elos, S.A. (8)
SCSP-SDC Serviços
Partilhados, SA (3)
Energia Própria, S.A.
Self Energy Engineering &
Innovation, S.A.
60%
Ventos do
Horizonte, S.A.
Self Energy UK
Roof Tops of Spain, S.A.
99.96%
57.26%
100%
78.1%
50%
Ute Efacec/Self Energy
Self Energy Moçambique
45%
Larvick Espanha
49.5%
MY WATT, LDA
50%
Refelxos Púrpura, LDA
50%
10%
(1) Company held (33.33%) by Clear – Instalações Electromecânicas, S.A..
(2) Additionally, Ciagest, SA has a 1% participation in SDC Imobiliária, lda.
27
(3) Additionally, Sociedade de Construções Soares da Costa, SA, Ciagest, SA, Clear, SA and SDC Serviços Técnicos e de Gestão, SA have, each, a 0.01% participation in
SCSP – Soares da Costa Serviços Partilhados, SA.
(4) Additionally, Sociedade de Construções Soares da Costa, SA holds a 4% participation in Auto-estradas XXI, S.A. and Operestradas XXI, SA..
(5) Additionally, Sociedade de Construções Soares da Costa, S.A. holds a 0.004% participation in Exproestradas XXI, S.A..
(6) Additionally, SDC Serviços Técnicos e de Gestão, SA and Hidroequador Santomense hold, each, a 0.002% participation in SDC Hidroenergia, SA..
(7) Additionally, Clear Angola, S.A. holds a 2% participation in Costa Sul, lda. and in Imosede, lda..
(8) Company held (16.302%) by Soares da Costa Concessões, SGPS, S.A. and by (0.002%) Sociedade de Construções Soares da Costa, S.A.
(9) Additionally, Intevias – Serviços e Gestão, S.A. holds a 0.002% of Portvias, S.A..
(10) Additionally, Grupo Soares da Costa, SGPS, S.A. holds a 0.5% participation in Indáqua Feira, S.A..
(11) Additionally, Sociedade de Construções Soares da Costa, S.A. Holds a 1% stake in MTA, lDA. and in Carta Angola, lDA.

New shareholdings and changes in the
consolidation perimeter during the 2011 period
I. Inclusion of Soares da Costa Brasil – Construções,
Ltda., a wholly owned Brazilian company incorporated
in January 2011, which object is civil construction in
general, particularly in the areas of civil, electrical and
mechanical engineering, be it through construction
management or for contracted work, as well as the
preparation of projects, calculations and studies,
acquisition and disposal of movable assets, real estate
and construction materials, real estate incorporations,
public services and public utilities and related
concessions, seeking always sustainable practices in
civil construction to reduce energy consumption and
other ecological solutions to preserve the environment;
II. Inclusion in the consolidation perimeter of Soares
da Costa e Lena, A.C.E., a joint venture set up in March
2011, 50% held by the Group, which object is to
improve the operational conditions, the optimization
of the resources and the results of the economic
activities of the grouped companies, through the
combined realization of all the acts, material and
judicial, necessary to execute all the civil construction
work on Lot 2, with a length of 52.206 Km, of the
Poceirão – Caia section of the high velocity train line
corridor between Lisbon and Madrid;
Management Report | Grupo Soares da Costa, SGPS, SA
28
III. Inclusion in the consolidation perimeter of the
company Cerenna – Cerâmica Nacional de Angola,
S.A., a company 51% held by the Group, which object
is the production and trade of red or white clay roof
tiles, bricks, jack-arches and similar artefacts, as
well as the implementation and/or management of
investment and development projects related with
the mining industry and its derivatives, ceramics,
metal-mechanical, trade, import-export, information
technology, transport, hotel management and
tourism, civil and industrial construction, real estate,
professional training, agency contracts, intermediation,
management and operation of buildings or real estate
developments, owned or otherwise, including their
commercial or tourism related operation;
Iv. Inclusion in the consolidation perimeter of the
company Santolina Holding B.V., a wholly owned
subsidiary set up in April 2011, which object is
the incorporation, participation, management
and acquisition of financial shareholdings in other
companies, the rendering of administrative, technical,
financial, economic or management services to
other companies or persons, acquisition, disposal,
management and operation of movable assets and real
estate, including patents, brands, licences, permissions
and industrial property and other rights, loan cash to/
from, act as surety or guarantor, perform and promote
all the activities that are directly or indirectly related
with its object;
v. Reinforcement of the shareholding in the company
Coordenação & Soares da Costa, SGPS, Lda., a
company that is now wholly owned by the Group;
vI. Merger, by incorporation, of Soares da Costa
Indústria, SGPS, S.A. into Soares da Costa Construção,
SGPS, S.A., and the consequent transfer of all the
financial shareholdings it held to the Construction
business area;
vII. Disposal of the shareholding in the company Mini
Price Hotels (Porto), S.A., a company that had been
34% held by the Group;
vIII. Inclusion in the consolidation perimeter
of the company Terceira Onda Planejamento e
Desenvolvimento LTDA, a Brazilian company,
incorporated on 10 February 2011, 50% held by the
Group, which object is the planning, development,
management and preparation of projects, consultancy
and execution of civil engineering works, rendering
of electrical and mechanical services, relating to the
development of the Rio Branco – PR and the São Luiz
– MA units, to the company Votorantim Cimentos,
S.A., as per the terms laid down in the Announcement
regarding the Contracting of Construction Services
(Edital para Contratação de Serviços de Construção)
dated as of 20 September 2010;
29
IX. Inclusion in the consolidation perimeter of the
company MY WATT, LDA, a company 50% owned by
Energia Própria, S.A. and that has as its object the
installation, operation and maintenance of solar plants;
X. Within the scope of the reorganization of the Vortal
Group: transmission, through the disposal of the shares
held in Vortal – Comércio Electrónico, Consultadoria
e Multimédia, S.A., and acquisition of a shareholding
in the company Vortal SGPS, S.A., in a percentage
corresponding to that previously held in Vortal –
Comércio Electrónico, Consultadoria e Multimédia, S.A.;
XI. Merger in the Energia Própria Group: Energia
Própria, SGPS, SA, holding company of the Self Energy
Group, absorbed through incorporation, during the
2011 period, its subsidiaries Self Energy Serviços de
Energia, S.A., and Self Energy Solutions, S.A., changed
its name to Energia Própria, SA and started carrying
out its economic activities directly;
XII. Cession of 66% of the share capital of MTA –
Máquinas e Tractores de Angola, Lda., a company now
consolidated under the equity method;
XIII. During the 4th quarter of 2011, the inactive
companies Soares da Costa Desenvolvimento, S.A.,
MZI, Soc. de Construções, Lda. and Soares da Costa
Ambiente e Energia, S, A. were judicially dissolved.

1.2 STRATEGy
Vision and Strategic Objectives
To be an economic Group in the construction and
services/concessions sector with an international
projection, with levels of profitability and the creation
of value for its shareholders on par with that of the
best global references in the sector, are the vision and
strategic objectives of the Soares da Costa Group.
Mission
The Group’s mission is to satisfy the demands of
the market and of its clients through a sustainable
business model, with qualified and motivated
resources, generators of economic, social and
environmental value, in a manner that provides an
attractive return for the shareholders.
Management Report | Grupo Soares da Costa, SGPS, SA
30
People, respect for the environment and economic
growth are the pillars of Soares da Costa. Acting
always in an ethical, responsible and honest manner,
the Group abides by the following values:
• Permanent market orientation and client satisfaction;
• Growth sought through the efficiency and
effectiveness of management;
• Group culture based on the principles of fairness
and impartiality;
• Socially responsible conduct;
• Creation of long-lasting relationships with partners,
both domesticaly and internationally;
• Promotion of the respect for the environment.
Strategic Plan “Renewed Ambitions 2014” Update
During the second half of 2011 Group management, taking into consideration the substantial macroeconomic
changes, the reduced financing liquidity and the strong contraction of the domestic construction market,
adjusted and updated the strategic plan1 .
31
This adaptation of the strategy, in general terms, places a strong emphasis on the construction activity
in the Group’s core geographies. The strategic guidelines to be implemented are strongly aimed at the
INTERNATIONALIZATION of the CONSTRUCTION BUSINESS AREA and the FINANCIAL SUSTAINABILITY of the
activities. With a view to adjusting the growth of the Group’s activities to a level compatible with the external
constraints, namely of a financial nature, protecting the profitability levels and permitting, at the end of the plan
period, an expressive reduction in net debt, the following vectors were selected for action:
• Maintenance of the growth in Africa;
• Development of the Brazilian market through organic growth, with the prospect of an acquisition in the
mediumterm;
• Permanence in the United States, with an emphasis on profitability;
• Postponement of investments in new energy and environment businesses;
• Disposal of non-strategic and/or mature assets;
• Concessions: minimization of the capital/ equity needs;
• Reduction of structure costs.
1 See Privileged Information dated 28 November 2011 in the CMvM website (www.cmvm.pt).

2.
Activity
Overview
Management Report | Grupo Soares da Costa, SGPS, SA
32
33
Caldas das Taipas Junior High School, Portugal (Contacto)

General Analysis
The year 2011 was characterized, on a global scale,
by weakened growth and increased uncertainly. World
product expanded 4.0% 2 driven by the emerging
markets, with Asia in the lead. The world economy is
under the confluence of two adverse developments:
the almost complete stagnation of the advanced
economies and the increased uncertainty in the
financial and fiscal planes. The fiscal consolidation
underway in many of the more developed economies
impacts their internal demand; on the other hand,
the level of scepticism in the market has increased
regarding many of the countries’ ability to stabilize
their public debt, and these concerns are more
widespread and less focused, as was the case before,
on the countries in the European periphery.
The US economy grew some 1.7% during 2011 and a
slightly higher growth (2.0%), although still below the
historical average, is estimated for 2012. The need
to accelerate the fiscal consolidation process places
pressure on public spending, which will cease to be a
growth stimulant, whilst private investment, though
positive, has evolved only timidly. The draining of
the real estate bubble is evident, with a decrease in
real estate stocks and less pronounced decreases in
house prices, but it is clear that this sector will not be
boosting economic growth in the near future.
2
International Monetary Fund projections, IMF – World Economic Outlook,
September 2011
Management Report | Grupo Soares da Costa, SGPS, SA
34
The Euro Zone, affected by its concerns over public
debt, saw its economic activity very much conditioned
during 2011. Conservative budget policies, in some
cases severely restrictive, the need to accelerate the
financial deleveraging process and the increase in the
price of petroleum resulted in a weak product growth,
tending to an expected stagnation for 2012, with
the main economies, such as Germany and France,
showing very limited product expansion.
The Portuguese Economy
35
The year 2011 was dominated by the Portuguese State’s request for financial assistance from the International
Monetary Fund and the European Union, a request made prior to the election that led to the substitution of
the dominant political party in the Government. This request resulted in the formalization of an Economic and
Financial Assistance Programme (EFAP), under which the Government of Portugal undertook to adopt measures
to correct the macroeconomic and structural imbalances.
These measures, which have basically materialized in a significant reduction in public investment and a heavier
tax burden, aimed at budgetary consolidation, have resulted in an economic retraction due to the decrease in
private consumption (both current and durable). One can also observe a contraction in the investment, with the
GFCF indicator recording the lowest historical minimum since the beginning of the series commencing in 1995,
with negative contributions from all the components: transportation equipment, machinery and equipment and
construction, the latter recording the most significant contribution.
The good progress recorded in international trade, with exports achieving a notable increase (+15.1 in terms of
homologous variation in November, with imports decreasing by 3.6%), is insufficient to compensate the strong
reduction in internal demand3 .
Consequently, the Portuguese economy contracted 1.6% in 2011 and the Bank of Portugal, in its Spring
Bulletin, projects a steeper drop of 3.4% for 2012, followed by stagnation in 2013 (reviewing the projections
made in the 2011 Winter Bulletin from -3.1 and +0.3, respectively).
In terms of inflation, the Consumer Price Index (CPI) recorded an average rate increase of 3.7% in 2011 (1.4%
in 2010). This change reflects the significant increase in energy prices and the VAT rate changes applicable as
from January 2011. On the other hand, the average annual increase in the Harmonized Consumer Price Index
(HCPI) moved from 1.4% in 2010 to 3.6% in 2011, attaining a differential of 0.9 p.p.(-0.2 p.p. the previous
year) 4 versus the Euro Zone.
3 The source used here was the “Síntese Económica de Conjuntura” – December 2011, INE (Economic Survey).
4 Índice de Preços no Consumidor, December 2011, INE 11 Jan. 2012 (CPI).

Management Report | Grupo Soares da Costa, SGPS, SA
36
Unemployment continues to be a variable displaying a worrisome variation at the economic and social
levels. Recent data disclosed by INE5 places the estimated unemployment rate for the 4th quarter of 2011 at
14.0%, 1.6 percentage points over that of the previous quarter. The average annual unemployment rate for
2011 was 12.7%.
Internal Market: The Construction Sector
The indicators measuring the evolution of the construction sector reflect its progressive deterioration in 2011.
Last December, the construction production index reflected a homologous variation of -12.7%, reflecting
variations of -12.2% in the construction of buildings and of -13.1% in the civil engineering segment. This
deterioration of the monthly homologous variations, took the average rate change of the global index over the
last twelve months down to -9.9%, with the construction of buildings showing an average variation of -10.2%
in November, which is even worse than that recorded in the civil engineering segment (-9.6%) 6 .
Despite the habitual delay in the adjustment of the labour market, the unusually long recessionary cycle being
experienced by the sector has inevitably resulted in lower employment, with the average variation rate over the
last twelve months, measured in December, coming in at -10.1%.
The drop in the value of public bids launch in 2011, which attained 29.7%, corresponding to a contraction of
1.2 million Euros, compared to the 4.3 million Euros launched in 20107 , is a clear indication that this recessive
climate will be prolonged. Likewise, licensing of new houses and dwellings recorded homologous drops in
December of –25.2% and -35.0% (-21.7% and -29.6% in the previous month), respectively8 .
5 Unemployment Statistics – 4th quarter 2011 - 16 Feb. 2012.
6 Production, Employment and Remuneration in Construction indices, December 2011, INE, 10 February 2012.
7 Conjuntura da Construção no. 58, January/2012, FEPICOP (Construction Survey).
8 Economic Survey – January 2012, 17 Feb. 2012 INE.
External Market
37
A brief reference on the macroeconomic environment of the main external markets in which the company has a
direct intervention follows:
ANGOlA
In Angola, the IMF report dated 16 September 2011 on the Fifth Evaluation within the scope of the Stand-By
Agreement, refers that ”the economic growth in 2010 and in the first half of 2011 was strong, although
way below the levels predating the crisis. The main constraints were the production of petroleum below the
level expected and the deceleration in the credit flows and in the activity of the sectors affected by delays in
government-debt settlements”. Even so, the same report projected a 7.7% growth rate for the non-petroleum
GDP for 2011, although the overall GDP growth is estimated at 3.4%.
Indeed, the Angolan economy’s growth rate estimates continue to suggest a strong performance, even though
the scenarios of a meagre performance by the global economy and of a petroleum production decrease bring in
an element of uncertainty that recommends prudence in projecting the economy’s expansion rate.
The control over inflation is one of the authorities’ priorities. A decreasing trend has been achieved, with the
variation rate for various prices over the last twelve months coming in at 11.3% in November, with the objective
for 2012 being set at 10%.
MOzAMBIQUE
This country is considered a success story amongst the African economies and has assumed an increasingly
important role in Southern Africa, given, namely its potential as a supplier of energy.
Both internal entities (State Budget Amendment for 2011) and international entities project expansion rates
for the Mozambican economy for 2011 and for subsequent years in excess of 7% 9 , higher than the growth rate
recorded in 2010, 6.8%, which, of itself, was one of the most pronounced growth rates in Sub-Saharan Africa.
9
7.4% at the end of the first half of 2011, according to a statement made by the Governor of the Mozambique Central Bank in official speech at the end of the
economic year of 2011.

This growth rate acceleration results from the progress
brought about by direct foreign investment, via
megaprojects particularly in the mineral resource
extraction sector, through the increase in public
investment as well as due to the good performance
of the agricultural sector, all factors fundamental to
the progress made in attaining the overall strategic
objective of eradicating absolute poverty in the country.
Despite these indicators, its continued heavy
dependence on international aid must be referred.
One of the political priorities has been the war on
inflation which is, however, affected by exogenous
factors such as the increase in the price of
commodities and of foodstuff at an international level.
The adoption of restrictive monetary measures by the
Banco de Moçambique (Mozambican Central Bank) and
the increased stability of the local currency (Metical)
have permitted the reduction of inflation which, even
so, presents an annual average variation rate of
11.3%, measured in November.
UNITED STATES
As stated above, the USA economy expanded some
1.7% during the year just ended and the projections
for 2012 are of an economic growth of some 2%.
In the real estate area the credit restrictions and
Management Report | Grupo Soares da Costa, SGPS, SA
38
the continuing adjustment underway to drain the
excessive residential market stocks, lead one to
expect a market with a poor dynamic, although
the bottom of the cycle has been passed. On the
other hand, the federal budget policy and that of
many states, less expansionist, will lead to a public
investment that will not constitute a great economic
growth propulsion factor.
The responses to opinion surveys carried out by AGC
of America (The Associated General Contractors of
America) with reference to the construction sector
in the State of Florida for 2012 are, for the majority
of the segments, conservative or pessimistic
(motorways, other transport, water/sewerage, public
buildings, offices, etc.), with the energy segment
being the only one for which the responses predicting
an increase in turnover for 2012 exceeded those
predicting a decrease.
At the PPP level, following a disappointing 2011
marked by an anaemic behaviour and the cancellation
of projects, namely in Florida - Florida High-Speed Rail
– and in Georgia - West by Northwest Project – projects
for which the Group was prequalified, the expectations
for 2012 are those of a reanimation in various fields:
Greenfield and Brownfield transport infrastructure
projects, social infrastructure and water projects.
ROMANIA
Romania attained a GDP growth in the order of 1.5%
in 2011 and forecasts point to a GDP growth rate of
some 4.3% for 2012.
The construction sector in the country demonstrated
some dynamism in 2011, supported essentially by
the development and construction of infrastructure.
39

3.
Management Report | Grupo Soares da Costa, SGPS, SA
40
Relevant
facts of
the year
41
SDC’s Residential Area, Angola (Sociedade de Construções Soares da Costa)

The disclosure of the 2010 Results: on 4 April
2011 the Group disclosed the results for the 2010
economic period;
// Realization of the Shareholder General Meeting
on 12 May 2011, that amongst other deliberations
approved the Consolidated and Individual
Management Report and Financial Statements for the
2010 economic period and approved the proposal for
the appropriation of the Individual Net Income for
the Period;
// Adjudication of a construction project to Prince:
on 30 June 2011 the market was informed of the
adjudication of a project to extend a motorway
segment on the I-75, in the Tampa area, in Florida,
United States, in an amount equivalent to 65.4 million
Euros;
// Change in the Executive Commission – on 28 July
Mr Pedro Almeida Gonçalves resigned from his position
as Director and, consequently, from that of President
of the Executive Commission, which was accepted with
effect from 30 August 2011; with effect from Mr Pedro
Almeida Gonçalves’ cessation of functions as director,
Mr António Castro Henriques was nominated to the
post of President of the Executive Commission;
// Signature of the assignment of a project, launched
by the Direção Nacional de Infraestruturas Públicas
(National Directorate of Public Infrastructure) of the
Ministry of Urbanism and Construction of the Republic
Management Report | Grupo Soares da Costa, SGPS, SA
42
of Angola, to Sociedade de Construções Soares da
Costa, SA, in an amount equivalent to 63 million
Euros, integrated within the requalification of the
“Município de Sambizanga e Encostas da Boa Vista”
project, in Luanda;
// First projects contracted in Brazil: on 19 August
2011 the Group disclosed that Sociedade de
Construções Soares da Costa, SA, in association with
the Brazilian company SERPAL, signed two contracts
with Votorantim Cimentos;
// Adjudication of a conception-construction project to
Prince, in the United States: the Florida Department of
Transportation (FDOT) announced Prince as the winner
of the tender for a conception-construction project
for the substitution of the junction of motorways
US27 (SR25) and SR 50 in Lake County, Florida.
Prince teamed with the USA subsidiary of the English
company Atkins, a leading global consultant in the area
of engineering and conception. The project is worth an
amount equivalent to 14.5 million Euros;
// On 30 August 2011, following Mr Pedro de Almeida
Gonçalves’ resignation from the post of member of
the Board of Directors, the Board of Directors co-opted
to that post Mr Jorge Domingues Grade Mendes,
integrating the Executive Commission that thereafter
had the following composition: Mr António de Castro
Henriques (President), Mr Gonçalo Andrade Santos and
Mr Jorge Grade Mendes (Members);
// On 20 October 2011 the company disclosed that it
had denounced, with effect from 31 December 2011,
the liquidity contract celebrated on 21 September
2010 with Lisbon Brokers Sociedade Corretora, SA
(which contractual position had been assumed in the
meantime by Banco L. J. Carregosa, SA);
// Update of the strategic plan: on 28 November
2011 the Group announced the need to update/adapt
its strategy due to the strong deterioration of the
economic and sector context and to the degradation in
the availability of credit. The strategic guidelines were
therefore strongly oriented to internationalization, to
the construction business area and to the financial
sustainability of the activities (vide the development in
section 1.2 above, in this Report).
43

4.
Analysis of
the activity:
consolidated
Management Report | Grupo Soares da Costa, SGPS, SA
44
accounts
45
Agromed Project, Spain (Energia Própria)

Consolidated Financial Indicators
Management Report | Grupo Soares da Costa, SGPS, SA
(Million Euros)
Consolidated Financial Indicators 2011 2010 Var. %
Turnover 873.5 893.5 -2.2%
Portugal 328.9 380.2 -13.5%
External Market 544.7 513.3 6.1%
EBITDA 94.1 88.2 6.6%
EBITDA Margin 10.8% 9.9% 0.9 p.p.
EBIT 58.9 49.9 18.0%
EBIT Margin 6.7% 5.6% 1.1 p.p.
Financial Results -51.8 -33.5 54.4%
Earnings before Tax 7.1 16.4 -56.7%
Net Income Attributable to Group 2.4 15.6 -84.8%
Turnover
The Group’s turnover amounted to 873.5 million
Euros, 20 million less in absolute terms and 2.2%
below that recorded in the previous year. This drop
was determined by the accentuated decrease in the
domestic market activity, consequence of the adverse
macroeconomic and sector framework, indeed already
sufficiently portrayed in a previous chapter of this
report, and that even the significant developments
occurring in the construction of the Transmontana
motorway infrastructure were insufficient to
compensate.
46
However, the external market had a global growth of 6.1% which, associated with the decrease of 13.5% in
the domestic market, progressively accentuates the international dimension of the Group, with the external
turnover quota representing 62.4%, compared with 57.4% in 2010.
BREAkDOWN OF TURNOvER By GEOGRAPHICAl MARkET
47
(Million Euros)
Market 2011 % 2010 % Variação %
Portugal 328.9 37.6% 380.0 42.6% -13.5%
Angola 325.4 37.3% 344.8 38.6% -5.6%
U.S.A. 114.1 13.1% 78.8 8.8% 44.8%
Mozambique 80.4 9.2% 38.3 4.3% 109.7%
Romania 6.6 0.8% 25.9 2.9% -74.4%
S. Tomé & Príncipe 2.6 0.3% 6.6 0.7% -60.9%
Other 15.6 1.8% 18.9 2.1% -17.6%
TOTAL 873.5 100.0% 893.5 100.0% -2.2%
In the external markets very expressive growths were recorded in the United States and in Mozambique. In the
United States turnover attained an historical maximum of 114 million Euros in 2011, revealing a growth of
44.8% and in Mozambique it exceeded 80 million Euros, more than doubling the amount of the previous year.
Angola, however, saw its 2011 turnover decrease slightly (5.6%) when compared to the maximum amount
recorded the previous year, but approaches to compete with the domestic market for primacy in terms of
turnover.
The remaining markets (S. Tomé and Príncipe, Romania and other) present a global amount close to 25 million
Euros but lost relevance in comparative terms with the previous year.

DISTRIBUTION OR TURNOvER By BUSINESS AREA
Management Report | Grupo Soares da Costa, SGPS, SA
48
(Million Euros)
2011 % 2010 % Var. %
Turnover 873.5 100.0% 893.5 100.0% -2.2%
Construction 796.2 91.1% 842.0* 94.2% -5.4%
Concessions 187.6 21.5% 102.2 11.4% 83.6%
Real Estate 7.1 0.8% 14.6 1.6% -51.2%
Energia Própria 8.6 1.0% - - -
Group + Shared Serv. 13.6 1.6% 11.3 1.3% 20.2%
Eliminations -139.6 -16.0% -76.5 -8.6% -
* For comparative purposes the Construction indicators include Industry, previously separately disclosed.
In terms of the contribution of each business area to the consolidated turnover, the highlights were the
significant increase in the amount and weight of the activity in the Concessions area, in detriment to the
Construction area, that suffered a drop of 5.4%; the real estate area, in the absence of the development of
new projects and with the anaemic state of the market, had a decreasing weight, below that of the Self Energy
segment, consolidated for the first time in 2011 and still only representing a mere 1% of total turnover.
Profitability
The income statement, summarized below by major caption, shows that, despite the slight decrease in
turnover, the operating margin increased from 5.6% to 6.7% in relation to total operating gains, reflecting the
Group’s strategic concern with the sustainability of the activities in detriment to an aggressive growth based on
the practice of a risky pricing policy, increasingly widespread, but unsustainable in the medium/long-term.
CONSOlIDATED INCOME STATEMENT
49
(Million Euros; structure in % of Operating Revenue and Gains)
2011 % 2010 % Var. %
Turnover 873.5 98.5% 893.5 98.9% -2.2%
Production variation -19.1 -2.2% -17.2 -1.9% 10.8%
Other operating gains 32.4 3.6% 27.3 3.0% 18.7%
Revenue and Operating Gains (OG) 886.8 100.0% 903.6 100.0% -1.9%
Cost of Goods Sold 186.5 21.0% 176.2 19.5% 5.8%
External Supplies and Services 437.2 49.3% 460.9 51.0% -5.1%
Staff Costs 146.4 16.5% 156.5 17.3% -6.5%
Provisions and value Adjust. 1.9 0.2% 4.1 0.5% -52.9%
Amort. / Depr. and Impairment losses 33.8 3.8% 34.5 3.8% -2.2%
Other Operating losses 22.1 2.5% 21.4 2.4% 3.2%
EBIT 58.9 6.6% 49.9 5.5% 18.0%
Financial Results -51.8 -5.8% -33.5 -3.7% 54.4%
Earnings before Tax 7.1 0.8% 16.4 1.8% -56.7%
Corporate Income Tax 4.7 0.5% 0.3 0.0% -
Net Income for the Priod 2.3 0.3% 16.0 1.8% -85.4%
Net income Attributable to Group 2.4 0.3% 15.6 1.7% -84.8%
EBITDA attained 94.1 million Euros in 2011 (corresponding to 46.6 million Euros obtained in the 2nd half of the
year and 47.5 in the 1st half), increasing by 6.6% over the previous year. Consequently, the EBITDA/turnover
margin recorded a positive evolution, due to in addition to the EBITDA being higher in absolute terms (+5.9
million Euros), it having been obtained with a lower turnover, increasing to 10.8%, 0.9 percentage points over
the 2010 value.

PROFITABIlITy By BUSINESS AREA
Management Report | Grupo Soares da Costa, SGPS, SA
50
(Million Euros)
2011 % Margin 2010 % Margin Var. %
EBITDA 94.1 100.0% 10.8% 88.2 100.0% 9.9% 6.6%
Construction 47.7 50.7% 6.0% 53.9 61.1% 6.4% -11.5%
Concessions 43.3 46.0% 23.1% 34.0 38.5% 33.3% 27.3%
Real Estate 4.1 4.3% 57.0% 5.5 6.2% 37.7% -26.1%
Energia Própria -2.1 -2.2% -23.9% - - - -
Group + Shared Services 0.7 0.7% 5.1% -1.9 -2.1% -16.5% 137.2%
Eliminations 0.4 0.4% - -3.4 -3.8% - -
EBIT 58.9 100.0% 6.7% 49.9 100.0% 5.6% 18.0%
Construction 29.4 50.0% 3.7% 32.3 64.7% 3.8% -8.9%
Concessions 29.0 49.3% 15.5% 19.9 39.8% 19.5% 45.9%
Real Estate 2.5 4.2% 35.0% 3.9 7.8% 26.6% -35.7%
Energia Própria -2.2 -3.7% -25.4% - - - -
Group + Shared Services -0.2 -0.4% -1.7% -2.8 -5.7% -25.0% 91.8%
Eliminations 0.4 0.6% - -3.3 -6.7% - -
Note: The margin is calculated in relation to the turnover of each segment.
Financial Results
Financial Results totalled -51.8 million Euros, when it had been -33.5 million Euros in 2010. Within this change
special significance is attributed to the decrease in the revenue and capital gains from shareholdings (-16.9
million Euros), that were trongly influenced in 2010 by the disposal of the shareholding the Group held in Banco
Africano de Investimentos.
Net financing costs (interest borne less interest earned) increased from 36.0 million Euros to 41.1 million Euros,
which was ultimately compensated by the exchange differences that, having been marginally negative in 2010
(-0.5 million Euros), contributed with a positive 6.4 million Euros in the year under review.
Earnings before Tax and Net Income
51
The conjugation of the operating and financial results analysed above resulted in a pre-tax profit of 7.1 million
Euros, significantly below (-56.7%) that obtained in the preceding year. Additionally, the tax impact on 2011
was more burdensome than it was over 2010, due to the different natures of the taxable income as well as the
fact that the tax amount includes the effect of the de-recognition of some deferred tax assets of a subsidiary
of the concessions area. Hence, net income was even more penalized in relation to the previous year (-84.8%),
totalling 2.4 million Euros.
Consolidated Statement of Financial Position
At the level of the consolidated statement of financial position and in a comparative analysis between 2011 and
the previous year, two dominant and related aspects permeate this statement:
• A balance sheet growth with significant increases in assets and liabilities;
• A structural change clearly revealing the growing weight of the business of the Concessions area in the Group,
namely in terms of the infrastructure projects under construction that have adopted the financial asset model
of accounting (in particular the Transmontana motorway, but also the Zambeze motorway, in Mozambique).
Reference will now be made to some relevant aspects that result from the above-mentioned comparative
analysis of this financial statement, starting with the breakdown and evolutionary analysis of the Assets:
• Total assets grew by 102.4 million Euros, to 1,763.7 million, with the variation being split into an increase of
136.7 million Euros in non-current assets (that move from 800.5 to 937.2 million Euros), whilst current assets
decrease (-34.3 million Euros);
• The increase in non-current assets is fundamentally related to accounts receivable that increased by 135.7
million Euros, relating, to a large extent, to the accounting in the consolidated statement of financial position of
the financial assets of the above-mentioned concessions, that follow the financial asset accounting model;

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• At the level of current assets the most important change is related to the decrease in inventories, from 158.3
to 127.9 million Euros.
Equity, which increased in 2010, suffered a drop of 23.0 million Euros in 2011. The main changes relate to the
following factors:
• Change, net of deferred taxes, in the fair value of derivative financial instruments (essentially interest rate
swaps in the concessions area) of -20.7 million Euros;
• The distribution of dividends to the shareholders out of the 2010 net income, approved at the Ordinary
General Meeting of 12 May, in an amount of 3.5 million Euros;
• The consolidated result for the period that amounted to +2.4 million, in this case with a positive impact;
• Other variations in equity (foreign exchange reserves, movements in own shares and other changes), in a
global amount of -1.2 million Euros.
Given the fundamental equation of the balance sheet, with an increase in assets of 102.4 million Euros and
a decrease in equity of 23.0 million Euros, liabilities increased by 125.4 million Euros, This increase was
concentrated in non-current liabilities (Δ= 141.4 million), since current liabilities decreased by 16.0 million
Euros. In addition to the captions that contribute to net debt, which evolution is analysed below, the largest
changes occurred in derivative financial instruments, essentially from the concessions area, that now amount of
66.4 million Euros (the sum of the current and non-current elements), versus the amount of 38.3 million Euros
a year before. At the current liabilities level and in the working capital captions, a decrease is evident in amounts
due to suppliers (-25.8 million Euros), as is a reduction in advances from clients (-37.2 million Euros).
Net debt
Remunerated net debt at the end of 2011 amounted to 863.0 million Euros and included an amount of 399.8
million Euros of debt without recourse, in the concessions business segment.
EvOlUTION OF NET DEBT
53
(Million Euros)
DEC. 2011 DEC. 2010 Variation %
Total Net debt 863.0 735.4 16.7%
With recourse 463.2 442.5 4.7%
Without recourse 399.8 292.9 36.5%
The amount of 463.2 million Euros in debt with recourse is at the level recorded at the end of the 1st half-year
of the previous year (461.9 million Euros). The financing of the reinforcement of own funds in some projects,
namely in the Transmontana motorway sub-concessionaire, is the main factor justifying the increase in
corporate debt in 2011 that, were it not for that component, would have decreased compared to the amount of
the previous year. On the other hand, the debt without recourse increased significantly due to the direct external
financing of the sub-concessionaire.
The following table shows the evolution of net debt and of EBITDA over the last few years, with the respective
multiple, in 2011, at an amount of 9.2x compared to the amount of 8.3x a year before.
EvOlUTION OF NET DEBT AND RATIO OF NET DEBT/ EBITDA
(Million Euros)
2007 2008 2009 2010 2011
Net debt 313.6 606.3 675.9 735.4 863.0
EBITDA 313.6 347.1 379.7 442.5 463.2
Multiple (Net debt / EBITDA) 8.7x 7.0x 7.8x 8.3x 9.2x
Multiple (recourse Net debt / recourse EBITDA) 8.7x 6.9x 7.2x 8.3x 8.2x

Investiment
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The amount of the investment in Tangible Fixed Assets totalled, in 2011, 25.7 million Euros, 11.8% lower than
the 29.2 million Euros in 2010. The breakdown by investment caption is as follows:
EvOlUTION OF INvESTMENT
(Million Euros)
Investimento 2011 2010 Variation %
land and buildings 6.2 7.1 -12.9%
Basic equipment 6.9 8.4 -17.7%
Fixed tangible assets in-progress 10.5 9.6 9.4%
Other tangible fixed assets 2.2 4.1 -47.2%
TOTAL 25.7 29.2 -11.8%
This investment is substantially concentrated in the construction segment and relates, over and above the
investment in plant, to the effort put into improving the production support infrastructure, with a particular
emphasis on the Viana and Luanda construction yards, in Angola.

5.
Performance
by business
area
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57
CUF Hospital, Portugal (ClEAR)

5.1 CONSTRUCTION
The Construction area, being the traditional sector
of intervention, is the most important vector in
the business of the Soares da Costa Group and its
internationalization assumes a preponderant role.
Soares da Costa Construção, S.G.P.S., S.A. leads this
business area, and it should be pointed out that in
2011, as a result of the merger through incorporation
of Soares da Costa Indústria, SGPS, SA, it also went
on to incorporate the original shareholdings of this
previously autonomous industrial segment, namely
Socometal, Somafel and OFM. However, for greater
ease and understanding of all subsequent analyses,
the indicators presented below with respect to 2010
have been re-expressed as if the industry area already
belonged to the construction business area, thereby
permitting a complete comparability.
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The chart shown below presents a summary of the
principal consolidated indicators of this business area,
evidencing a global decrease of 5.4% in turnover,
result of the combination of a significant decrease in
the domestic market activity that a slight increase
in the external market did not compensate, a certain
resilience in the margins of an operational nature (with
the EBITDA/turnover margin at 6.0%) and a slight
deterioration of the financial function. Were it not
for the less interesting behaviour in the profitability
level achieved in the United States market, we would
be concluding that the difficulties and challenges
resulting from the adverse economic environment that
marked 2011, were completely and successfully over.
Key Peformance Indicators - Construction
59
(Million Euros)
2011 2010* Variation %
Turnover 796.2 842.0 -5.4%
Portugal 264.2 314.0 -15.9%
International Market 532.0 528.0 0.8%
EBITDA 47.7 53.9 -11.5%
EBIT 29.4 32.3 -8.9%
Financial results -16.9 -14.1 19.5%
Net income 7.4 13.4 -44.8%
* Note: 2010 amounts presented as if the Industry business area already formed part of the Construction business area.
Turnover
The Construction business area turnover attained the amount of 796.2 million Euros in 2011, which compares
with 842.0 million Euros in the previous year (-5.4%). The relative weight of the external market, which grew
globally in terms of annual variation (+0.8%), was significantly accentuated and it came to represent 2/3 of
total turnover, due to the significant decrease recorded in the domestic market. The latter resulted from the
demand restrictions in the internal market, profusely illustrated by the various indicators discussed in the
sector overview analysis and which effects were passed on, in a very relevant manner, in the contribution to the
consolidated turnover made by some of the subsidiaries focused on this market, as was the case, in particular,
of the subsidiary Contacto.
TURNOvER OF THE CONSTRUCTION BUSINESS AREA By GEOGRAPHICAl MARkET
(Million Euros)
2011 % 2010 % ∆ 2011/10
Portugal 264.2 33.2% 314.0 37.3% -15.9%
Angola 327.6 41.1% 364.3 43.3% -10.1%
United States 114.2 14.3% 78.9 9.4% 44.7%
Mozambique 72.1 9.1% 36.3 4.3% 98.5%
Brazil 4.2 0.5% - - -
Romania 6.6 0.8% 25.9 3.1% -74.4%
Others 7.3 0.9% 22.6 2.7% -67.7%
TOTAL 796.2 100.0% 842.0 100.0% -5.4%

The following table presents the contribution of each subsidiary/joint venture/associated company of the
Construction business area to the consolidated turnover of this area and the respective comparison with the
previous year:
TURNOvER By COMPANy - CONSTRUCTION
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(Million Euros)
Companies Gross Adjust. Consol. Consol. Var.
Soc. Construções Soares da Costa, SA 605.7 -164.5 441.1 507.8 -13.1%
CONTACTO - Soc. Construções, S.A. 25.2 -4.5 20.7 51.1 -59.4%
Prince Contracting, llC 113.7 0 113.7 76.6 48.5%
Soares da Costa América, Inc. 0.3 -0.3 0 0.1 -100.0%
Porto Construction Group, llC 0 0 0 2.5 -99.0%
Soares da Costa Construction Services, llC 0.2 0 0.2 0.4 -49.8%
Soares da Costa Contractor, INC 0.3 0.1 0.2 0.3 -31.8%
ClEAR - Instalações Eletromecânicas, S.A. 36.3 -31.6 4.7 9.3 -49.6%
ClEAR ANGOlA, S.A. 57.5 -46.7 10.8 13.9 -22.6%
Soares da Costa Moçambique, SARl 18.7 -0.1 18.6 16.2 14.7%
Soares da Costa S. Tomé e Príncipe - Construções, lda 0.6 0 0.6 3.2 -82.4%
SDC Construcciones Centro Americanas, SA 1.5 0 1.5 0.7 126.3%
Carta - Restauração e Serviços, lda. 10.7 -7.4 3.3 2.5 32.1%
CAET XXI - Construções, ACE 125.5 -0.2 125.3 37.8 231.2%
SDC/Contacto - Modernização de Escolas, ACE 4.1 0 4.1 14.9 -72.3%
GACE - Gondomar, ACE 2.2 -0.1 2.1 13.5 -84.5%
lGC - linha de Gondomar, Construtores, ACE 1.2 -1.4 -0.3 4.2 -106.2%
HidroAlqueva, ACE 20.9 -5.5 15.4 14.6 4.8%
Nova Estação, ACE 5.4 -0.6 4.8 8.9 -45.5%
TRANSMETRO -Const. Metropolitano do Porto, ACE 0.7 -0.2 0.5 5.1 -90.2%
Normetro - Agrup. do Metrop. do Porto, ACE 0.2 0 0.2 6.5 -96.7%
lGv - Eng. e Const. de linhas de Alta velocidade, ACE 1.5 0 1.5 3.2 -54.7%
GCvC, ACE 2.2 0 2.2 3.0 -28.3%
Mota-Engil, SDC, Mte. Adriano - Matosinhos, ACE 3.2 0 3.2 3.2 1.1%
SOMAFEl - Engenharia e Obras Ferroviárias, S.A., SA 7.8 -0.1 7.7 28.2 -72.8%
OFM - Obras Públicas, Ferroviárias e Marítimas, S.A. 5.4 -0.1 5.2 7.7 -31.9%
Construções Metálicas SOCOMETAl, S.A. 12.3 -8.0 4.2 5.9 -27.8%
Terceira Onde Planejamento e Desenvolvimento, ltda. 3.9 0 3.9 0 -
Restantes 0.6 0.2 0.8 0.7 15.9%
TOTAL 1,067.4 -271.2 796.2 842.0 -8.5%
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Next are summarized the most relevant aspects of the development of the activity in this business area during
2011, in the different geographical markets:
Portugal
The companies of the Construction business area consolidated using the full consolidation method and with a
significant intervention in the country are:
• Sociedade de Construções Soares da Costa, SA;
• Contacto – Sociedade de Construções, SA;
• Clear – Instalações Electromecânicas, SA;
• Construções Metálicas Socometal, SA, originally from the Industry area.
Furthermore, various joint ventures, in which, namely Sociedade de Construções Soares da Costa, SA, has
shareholdings, are in operation and are consolidated using the proportional method; during the 2011 economic
period additional companies were consolidated using the proportional method, namely those with share capital
held by the rail and maritime project area, that transferred in from the Industry area: Somafel and OFM.
The performance of these companies in 2011 was conditioned by the depressive climate hanging over the
domestic civil construction and public works market described above. Adding to this, and despite the signing of
the reformulated concession contract in February 2011, was the Court of Auditors’ delay in issuing the formal
approval (visto) on the contract (the contract is with the concessionaire Elos), relating to the high velocity train
line project for the section Poceirão-Caia, and which, subsequent to the period end, was ultimately rejected by
the Court of Auditors.
Even though the market constraints that conditioned the activity of the sector’s companies in Portugal were
strong, Sociedade de Construções Soares da Costa, SA, was able to turn around the year 2011, and it can be
said that the company’s performance positively overcame the difficulties it faced.
Of great relevance to the year’s activity was the Transmontana motorway construction project developed by
the complementary group of companies (ACE) CAET XXI - Construções, ACE, in which the company has a 50%

shareholding. In reality, were it not for this project the domestic turnover of the company, which was in line
(even slightly above, +1.8%) with that of the previous year, would have been significantly lower.
In addition to the merited highlighting of this project in particular, the following important works were
completed in Portugal, during the 2011 economic period:
• Parque Escolar – Lote 2AN2 (School Premises Network – Lot 2AN2);
• ETAR do Barreiro (WWTP);
• Barreiro-Moita Drainage Sub-system;
• Capinha Irrigation Network, in Cova da Beira;
• Pousada da Cidadela de Cascais (Heritage Hotel);
• Bypass to Madalena do Mar, in Madeira;
• Organic Recovery Centre in Seixal, which entered the testing phase of the equipment and systems.
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Regarding the works started in 2011, and despite the climate of economic containment installed in Portugal,
the following should be highlighted:
• Pousada da Serra da Estrela (Heritage Hotel), in Covilhã;
• World Hotel, in Praia da Tocha;
• Hotel Sana Evolution, in Lisbon;
• EDIA – Bloco de Aljustrel (Block);
• EDIA – Bloco de Pedrógão 3 (Block);
• Tróia Housing Development Infrastructure;
• Substitution of the Vitória Plant roofing, in Madeira.
Regarding the geographical distribution of the domestic operating activity of the main construction company
of the Group, a strong stagnation was confirmed in Madeira (1% of activity in 2011, compared to 4% in
2010 and 14% in 2009) and a strong concentration was evident in the north of the country. It should be
pointed out that this percentage results primarily from the Transmontana motorway, which represents a
huge portion of this amount.
DOMESTIC ACTIvITy IN 2011: DISTRIBUTION By GEOGRAPHICAl AREA
Madeira 1%
South 31%
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The distribution by activity segment followed the sector trend already manifested in 2010, in which a clear
deceleration in private activity was detected, in that there was a shift to the Engineering and Infrastructure
segment, that increased its quota from a mere 27% in 2008 to almost 54% in 2009, representing some twothirds
in 2010 and almost 90% in 2011. Once again, it must be stressed that this number does not reflect any
public investment intention trend but rather an abrupt drop in private investment.
DOMESTIC ACTIvITy IN 2011: DISTRIBUTION By SEGMENT
Civil Construction 8.8%
North 68%
Engineering and
infrastructures 91.2%
Within the segment of Civil Construction, almost three-quarters of the activity occurred in the Hotel subsegment,
with the remaining activity in 2011 split between Residential and School construction. The latter subsegment,
given its public sector investment nature, highlights the undeniable stagnation in private investment.

DOMESTIC ACTIvITy IN 2011 – CIvIl CONSTRUCTION: DISTRIBUTION By SUB-SEGMENT
Oce buildings 1.8%
Schools 11.8%
Industry 0.6%
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Within the Engineering and Infrastructure segment, Roads represented some two-thirds of the activity, followed
by Infrastructure and Environment with a weight of some 10%, Dams (corresponding essentially to the
reinforcement of the Alqueva Dam energy production capacity) with some 6% and Bridges, with 5%.
DOMESTIC ACTIvITy IN 2011 – ENGINEERING AND INFRASTRUCTURE: DISTRIBUTION By SUB-SEGMENT
Infrastructures 10.5%
Roads 65.2%
Residential buildings 12.2%
Hotels 73.6%
Tunnels 0.1%
Railway 1.7%
Bridges 4.8%
Environment 11.3%
Dams 6.4%
At the level of the complementary group of companies (ACE) in which the company participates, in addition
to the CAET XXI– Construções, ACE (50%) referred to above and the LGV- Engenharia e Construção de Linhas
de Alta Velocidade, ACE (17.25%), set up with the object of “executing the work underlying the contract to be
signed with ELOS – Ligações de Alta Velocidade, S.A., the company that is to celebrate the contract covering
the concession, construction, financing, maintenance and availability, throughout the entire RAVE concession
period, of the Poceirão-Caia line as well as all the operating activities at Évora Station, including those of
management and sale of advertising, of the commercial areas integrated in it and of the car parks adjacent to
it” the following must also to be referred to:
• HidroAlqueva, ACE (50%), with the object of executing the global construction contract for the capacity
increase of the Alqueva hydroelectric plant (Escalão), for EDP;
• Mota-Engil, Soares da Costa, MonteAdriano - Matosinhos, ACE (28.57%), for the construction of the
infrastructure necessary for the implementation of Indáqua Matosinhos, SA’s investment plan;
65
• GCVC – Grupo Construtor de Vila do Conde, ACE (28.57%), in respect of the conception, project and construction
of the infrastructure necessary for the implementation of Indáqua Vila do Conde, SA’s investment plan;
• Nova Estação, ACE (25%) – Contract for the conception/construction of the structural work on the extension
between the Amadora East and the Reboleira Stations on the Blue Line of the Metropolitano de Lisboa E.P.(Metro).
The domestic market has been the target market of the subsidiary Contacto. This subsidiary recorded a
substantial drop in its activity in 2011. The considerable decrease in the demand for commercial buildings from
the client Sonae, a very depressed private market due to the domestic and international funding shortage and
the aversion to risk assumed by the investors who have also delayed the start-up of projects, and a very limited
public investment programme, have turned 2011 into one of the years, in the company’s more recent history,
recording the lowest activity levels.
2011 saw the continued strategic widening of Contacto’s client portfolio and the relative weight of public works
in its works mix was strengthened even if, as is patent above, the scarcity of the demand determined a very
relevant decrease in the activity.

During the 2011 economic period the following works
were completed:
• Construction of the 2nd segment of the Pisão-Roxo
Adductor of the Alqueva Multipurpose Complex;
• Construction of the A12 Setúbal / Montijo Motorway
Sub-section Junction A2 – A12 Setúbal (EN 10) – Alto
da Guerra;
• Construction of the reformulation of the Campo
junction, with the widening and improvement from
2 to 3 lanes, between Km 19+800 and Km 20+825,
of the subsection Valongo/Campo – A4 Oporto /
Amarante Motorway;
• Monserrate High School;
• Caldas das Taipas High School;
• Carlos Amarante High School.
Individual turnover amounted to 25.2 million Euros,
with an operating result of 115 thousand Euros,
compared to the amounts of 73.2 million Euros and
576 thousand Euros, respectively, in 2010.
Clear is another subsidiary with a relevant activity
both in the country as well as in Angola, in this case
through its subsidiary Clear Angola.
In Portugal, in terms of production and benefitting from
a relatively comfortable works volume that transitioned
from the previous year, the activity ran as expected,
and the company’s resources achieved a significant
occupancy rate. The company’s participation in the
following projects is to be highlighted:
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• Pousada da Cidadela de Cascais (Heritage Hotel),
with its involvement in the hydraulic, mechanical and
electrical installations;
• CVO - Central de Valorização Orgânica do Seixal
(Organic Recovery Centre): a contract won in 2010 by
the Hydraulics area, had a significant evolution during
the year just ended and is currently in its final stage;
• Vila Verde High School, in the Braga district, with its
intervention in the acclimatization area.
Within the scope of the construction of the
Transmontana motorway and through the electrotechnical
area some subcontracts were undertaken
in the “electrical public lighting infrastructure in the
Espinheiro, Alto de Espinho, Vila Real Centro and Vila
Real Norte junctions”, “telecommunication and public
lighting networks infrastructure in the Amendoeira
junction” and “telecommunication and public lighting
networks infrastructure in Lot 10”.
In Madeira, Hydraulics concluded the “hydraulics
installation and equipment at the São Martinho High/
Professional School”.
Close to end of the period, contract work was restarted
on the “hydraulics installation and equipment at
Quinta do Lorde – Marina and Resort Hotel – Phase II”,
following the interruption that occurred in 2010.
In the railways sector, which activity segment is run
by the subsidiary Somafel, 2011 saw a degradation of
the production activity due to the inexistence of new
adjudications. Indeed, the limits imposed on debt levels in companies falling within the State corporate sector
practically implied the cessation of the launch of any public tenders. Additionally, the expectations regarding
some projects on the Linha do Norte (North Line) were not realized, justified by the infrastructure’s poor
performance, primarily in the segments not yet modernized.
In this manner the activity of the company in the domestic market was insignificant, and it had to redirect itself
to the external market, to countries in the Maghreb region (Kingdom of Morocco and the Popular and Democratic
Republic of Algeria) where it has been consolidating its presence since 2005 and 2007, respectively.
67
With regard to Socometal, its activity in the domestic market ran as planned and in line with the previous year. The
most significant works undertaken were the bypass over the Fervença River and the 6.2 A overhead passage in Vila
Real, both within the scope of CAET XXI and, for clients totally external to the Group the highlight goes to the Bridge
over the Febros River, within the scope of the Douro Litoral (Teixeira Duarte, SA) concession and the structural project,
supply and installation of metallic shading coverage structures for Warehouse 08 (Gran Cruz Porto, SA), all in the
“iron” specialty, whilst in “aluminium” the highlight goes to the Pousada da Cidadela (Heritage Hotel) in Cascais.
Globally, the consolidated turnover of the Construction area in the domestic market amounted to 264.2 million
Euros, a drop of 15.9% on the 314.0 million Euros of the previous year.
Angola
The Angolan market contributed globally, in 2011, with 327.6 million Euros, effectively constituting the largest
activity quota, representing 41.1% of global turnover.
In this market the activity of Sociedade de Construções Soares da Costa, S.A. is of a fundamental significance but
so is that of the subsidiary Clear, Clear Angola, which has been assuming a position of growing relevance.
With reference to the activity of Sociedade de Construções Soares da Costa, SA in this country during
2011, despite not having met the levels of the previous year it continued, however, to maintain high levels. Its
notoriety and acknowledged prestige and the technical reputation earned in the construction of buildings in the
diverse sub-segments (residential, commercial and offices), justify and call for the participation of the company
in varied important projects.

However, the infrastructure segment, a strategic
development vector in the diversification and
enlargement of the business portfolio, already
assumes an important operational significance in this
market. Amongst the most relevant works included in
the production for the year were the following:
• Construction of the Bayview office blocks;
• Rehabilitation of the Marginal de Luanda
(Waterfront Road);
• Largo do Ambiente Building (completed);
• Torre do 1º Congresso (Tower);
• Atrium Independência Building (completed);
• Museu da Ciência e da Tecnologia (Science and
Technology Museum) – GOE;
• INE – New Building;
• Sana Luanda Royal Hotel (completed).
It is important to highlight the progressive expansion
of the activity of the company to regions outside
the Luanda area, with the execution of works,
namely in Soyo (Bechtel – LNG Project: Bairro Fina
School), Benguela (BESA headquarters in Lobito), and
Huambo (Huambo Cultural Centre), projects that were
adjudicated and started during the period.
Clear Angola invariably continues to grow its activity
and its turnover increased by 18.2% when expressed
in local currency and 9.9% when expressed in Euros,
attaining the amount of 57.5 million Euros, even after
having had a growth of 43.5% in 2010 that followed
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on a growth of 35% in 2009.
Indeed, in 2011, Clear had an active role in the
majority of the residential and office block projects
that were being built in Luanda, such as Torre
Dipanda, Torre Atrium, the Total building, the
Sonangol Distribuidora building as well as in other
areas, examples of which are the Hospitals of
Sambizanga, Cazenga and Futungo, which endowed
the company with a growing and valuable affirmation
in the market and also a notable progress in its
technical execution capabilities.
The activity mix did not alter significantly, with
“electricity” representing 41% of the output (43%
a year before), “acclimatization” growing somewhat
(29% versus 26% in 2010) and “hydraulics”
representing 27% (versus 28% a year before). Finally,
“maintenance” generated revenue representing
3%, an amount equal to that of the previous year.
Nevertheless, the growth of the revenue in nominal
terms from all the specialties compared to that of the
previous year should be highlighted.
Socometal has also sought to implement itself
in this market even though, for now, its activity
has only derived from subcontracting work from
Sociedade de Construções Soares da Costa, SA, with
the more notable interventions during the year in
the “aluminium” area being the Largo do Ambiente
Building and the new office block for Total in Luanda.
United States
Prince assumes itself as a nuclear company within the
scope of the construction activities of the Soares da
Costa Group, in the United States.
The company’s activity centred on the transport
infrastructure construction segment with public
clients, validating, thus, the important strategic
change made following the company’s acquisition by
the Soares da Costa Group, in 2008.
Amongst the projects completed during 2011 the
most noteworthy are:
• SR683/US 301: This 18.3 million Dollar project for
FDOT relating to the construction and widening of
2,604 miles of SR 683 (US301) in Sarasota County,
Florida, included the reconstruction and widening of
the motorway, a new drainage system, improvement
in water and sewerage systems and new road signs,
was completed during the 1st half of the year, before
the deadline, enabling Prince to earn a premium of
580 thousand Dollars for early conclusion;
• SR50/West Colonial Drive – Last December Prince
completed the reconstruction of SR50, a 19.4 million
Dollar contract, that consisted of the widening from 4
to 6 lanes of this primary connecting artery between
Clermont and Orlando. Started in the summer of 2009,
this project was completed within the deadline, earning
Prince two incentives totalling 1.3 million Dollars;
69
• Other projects – Prince also completed, in 2011, two
other projects adjudicated by Liberty Mutual during
the summer of 2010: SR50/Dean Road in the amount
of 10.6 million Dollars and Narcoossee Road in the
amount of 9 million Dollars.
Prince continued to develop its capabilities in bridge
construction. At the end of 2010 Prince had 13
bridges under construction. This number increased to
31 during 2011. This diversification will allow Prince
to increase its competency in projects in this segment
and will make it more competitive in projects that
combine motorway construction with bridges.
Of note, within the scope of the geographical
expansion of the company’s activity, is the opening of
offices in Dallas, Texas, where proposals have already
been submitted and the expectations are of the
adjudication of some projects.
Other internacional markets
In addition to the core markets: Portugal, Angola and
the United States we present below a summary of the
main aspects of the company’s activities during 2011,
carried out in other international markets through its
subsidiaries, joint ventures and associated companies:
Mozambique, Romania, S. Tomé e Príncipe, Brazil,
Costa Rica and Israel.

MOzAMBIQUE
Mozambique is also a market of historic permanence
for Soares da Costa. In addition to the activity carried
out by its permanent establishment, activity is also
carried out through the Mozambican subsidiary,
Soares da Costa Moçambique, S.A.R.L., whose share
capital is 80% held by the Group.
This market merits an important reference in this
report not only due to the significant increase in
turnover and profitability achieved but also because
of the relevance, quality and importance of the works/
projects being carried out.
One of the internationally most relevant public events
for Mozambique in 2011 was the organization of the X
African Games. The dedication of the intervening parties
to the construction of the Olympic Village, respective
infrastructure, training areas and the Olympic pools
complex, permitted meeting the objectives, with the
delivery of the 848 apartments on the due date,creating
the ideal accommodation and event conditions for
the athletes present at the X Games, which took place
during September 2011. The professionalism and
capacity of the company continue to reflect an image
of credibility and trust, recognized by the market in
general, be they public or private entities.
The evolution of the rehabilitation of Estrada EN 221
(Road), namely the two lots contracted to SDC, was
conditioned by the extreme delay in the formalization
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of the Portuguese Commercial Credit Facility
underlying it. Despite the resulting constraints, the
human resources necessary were not demobilized
so as to guarantee a rapid start-up as soon as the
necessary conditions were in place, which occurred on
the threshold of the third-quarter of 2011.
With all the human and technical resources mobilized,
the Ponte de Tete (Bridge) already evidences an
appreciable progress, with the stake construction (on
land and in water) pace progressively improving with
the experience gained, whilst the abutments and pillars
of the super-structure are being raised. Except for the
consequences of a possible overflow, above the norm,
of the Zambezi River, on the normal evolution of the
works (as a result of the rain typical in this season and
in this area), all the indications are that the conditions
have been garnered to guarantee regular and sustained
production and productivity indices. This infrastructure
involves both the constructing company as well as
the Group concessionaire (integrated in the company
Estradas do Zambeze), and is of particular importance
to this Mozambican regional road network and to the
connections to the Interland countries, namely Malawi,
Zambia and Zimbabwe.
Additionally, regarding Soares da Costa Moçambique, S.A. this subsidiary completed the following projects
during 2011:
• Construction of the new building for the Direção Províncial do Plano e Finanças – Inhambane;
• Finishings works of the Millennium Developers building;
• Construction of the Petromoc Moatize gas station (Tete);
• Construction of the Mosteiro das Irmãs Clarissas (Monastery) – Namaacha;
• Construction of the Petromoc Muelé gas station – Inhambane;
• Rehabilitation of the official residence of the Banco de Moçambique – Maputo;
• Rehabilitation of the facilities of the TDM Call Centre – Maputo;
• Adaptation of the branch facilities of the Banco Único in Matola, in Sommershield and in Mica;
• Construction of the Feira do Artesanato (Handicraft Fair) parking lot – Maputo.
and started the following works:
• Construction of the INSS building – Tete;
• Construction of the Hotel Vip Inn Beira parking lot and conference centre - Beira;
• Construction of the TVCABO headquarters in Beira;
• Construction of the twin building of the Hotel Vip Inn Beira (2nd Phase);
• Demolition of the existing buildings on the Ex-Facim property;
• Construction of the Petromoc Zoo gas station – Maputo.
ROMANIA
During 2011 the following works were completed in this market:
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• Pitesi Water and Sewerage Infrastructure, a project carried out in consortium with MAEC (with Soares da Costa
leading the consortium), with an executed turnover volume of 18.2 million Euros, and in respect of which the
delivery was formalized on 16 December 2011;
• Galati Water and Sewerage Infrastructure, a project carried out in consortium with MAEC (with Soares da
Costa leading the consortium), with an executed turnover volume of 40.7 million Euros, completed in November
2011 and under guarantee until November 2012;

• Accesses to the Vutcani wind farm in Vaslui, Romania, a project for the client Global Services Provider (EDP
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Renováveis – Espanha) with a contractual amount of 4.3 million RON (1.05 million Euros), a joint-venture
project with ISIS Europa (50/50) and in which the latter is the Consortium leader; completed in November 2011;
• Corugea Bypass in Tulcea, Romania, a project for the consortium Alpha Wind/Beta Wind/Enel Green Power
Romania,with a contracted amount of 610 thousand RON (140 thousand Euros); a project undertaken by a
joint-venture of the company with ISIS Europa (50/50), with Soares da Costa leading the consortium; work was
finalized in November 2011.
Work is on-going on the access works to the Casimcea and Alpha Wind wind farms, both in Tulcea.
BRAzIl
Brazil, in line with the Group’s strategic plan, is considered one of the priority markets in terms of selecting new
geographies for the company’s activities. 2011 formalized the start of this expansion into Brazil. To this end,
Sociedade de Construções Soares da Costa, SA set up a branch in this territory in June 2011, enabling it to
conduct new business, directly, in the future.
In addition to the commercial activity carried out, aimed essentially at private clients in the industrial area, it
should be noted that through another entity named Terceira Onda Planejamento e Desenvolvimento, ltda.,
in which Sociedade de Construções Soares da Costa, SA holds 50% of the share capital (the remaining 50%
being held by a local construction company), the participation in two civil construction projects, integrated
in an investment undertaken by the cement company Votorantim designated “3ª Onda de Investimentos da
Votorantim Cimentos”, was already possible during this first year.
The first contract, for the civil construction of a cement grinding plant in S. Luís do Maranhão, in the amount of
12.7 million Reais, with an 8 month execution period, started in March 2011 and was finalized in November of
the same year.
The second contract, for the civil construction of a 5,000 tonne/day production line in Rio Branco do Sul,
Paraná, amounts to 36.3 million Reais and, having also started in March 2011, has its completion foreseen,
within the deadline set, for July 2012.
The Brazilian company Soares da Costa Brasil, Lda., wholly owned by the Soares da Costa Group, was also
set up and is registered with CREA (Conselho Regional de Engenharia e Agronomia – Regional Engineering and
Agronomy Council), which endows upon it the legal capacity to carry out activities in that country.
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The approach vis-à-vis a new market always represents a challenge, be it through cultural or legal differences
or due to the financing needs posed by the investment required. However, the presence of the company in
Brazil, with the ambition of staying on permanently, is assumed to constitute an important vector of the
current strategic plan.
S. TOMÉ AND PRÍNCIPE
The activity in this market is carried out through the subsidiary: Soares da Costa, STP Construções, lda. The
year 2011, with the conclusion of the work on the Trindade High School (inaugurated officially at the end of
August), was characterized by a reduced activity level. At the end of the year work was started on the extension
project of the Banco Internacional de São Tomé and Príncipe headquarters, contracted in November following
the selection of the company out of six firms invited to bid and in respect of which the company had the second
best financial proposal, benefitting from the technical evaluation result to win the tender.
Between the end and the start of the projects referred to above, in addition to various interventions in the
Palmar Central shipyard the company carried out various works at Resort Bombom for the HBD Group, a
South African group with economic interests in the region and which approximation to the Group might be of
great interest in the future.
COSTA RICA
The construction activity in this market is carried out through Sociedade de Construciones Centro-Americanas,
SA, a Costa Rican company, wholly owned by the Construction area sub-holding company.
In 2011, this company’s activity was fundamentally centred on the rehabilitation and execution of the new
deck of the bridge over the Virilla River on the General Cañas (National Road no. 1) motorway, in an amount of
approximately 2 million Dollars.

ISRAEl
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In Israel, the participation of the construction area takes place in collaboration with the Group’s concessions area,
within the scope of the Telavive Metro project. In addition to Sociedade de Construções Soares da Costa, SA’s branch,
this company also has a 30% shareholding in the consortium “Israel Metro Builders” (IMB).
This project, as explained in last year’s Management Report, was interrupted by the project owner, who unilaterally
terminated the concession contract; international arbitration proceedings are running their course and will
ultimately decide this conflict.
The company shares the conviction of the concessionaire entity, the direct party to the process, that there were
no grounds for that unilateral termination and awaits the Arbitration Court‘s decision on this litigation. It, however,
recognizes that the realisation of the assets relating to this project, namely those that result from the proportional
incorporation of IMB, may be dependent on the direction this decision takes.
Profitability
If turnover had the behaviour noted above, the operational results of the construction area stood at a level of
relative efficiency. Indeed, EBITDA totalled 47.7 million Euros, dropping from the 53.9 million of the previous
year due to the combined effects of the decrease in turnover and the lower profitability level of the business
carried out in the United States in 2011, which determined a slight reduction in the global margin, from 6.4%
to 6.0%.
Financial results suffered a moderate deterioration from -14.1 million Euros in 2010 to -16.9 million Euros
in 2011, denoting the influence of the general aggravating factors affecting the financing conditions, even if
benefitting from a comparatively favourable evolution in the foreign exchange balance.
The consolidated net income of the Construction business area amounted to 7.4 million Euros, lower than the
14.1 million attained in 2010 (Construction business area + Industry business area).

5.2 CONCESSIONS
From the economic context described in a previous
chapter, and with a special impact on the concessions
area, the restrictions to the financing of the economy
and the budget re-equilibrium programme of the
Portuguese State standout; significantly conditioning
the launch of new projects or even the progress and
execution of projects already launched. Despite this,
the Concessions activity in the Soares da Costa Group
recorded, in 2011, a manifestly positive development,
the Group’s main aspects of note in this area, being:
Transport Concessions
In the scope of road concessions, under development
and under the management of the Concessions
business area of the Group, there are currently
1,146 Km of roads (of which 446 Km with a motorway
profile) under construction, in operation and under
maintenance, corresponding to a global investment
of 1,532 million Euros.
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Of note are Scutvias (the Beira Interior motorway)
and San José–Caldera (Costa Rican motorway),
already operating at cruising speed, achieving positive
results that enable us to estimate the generation of
cash flows that will permit the combined payment
of dividends and of shareholder loan interest in an
amount of approximately 44 million Euros over the
next three years.
Construction worked proceeded at a good rhythm on the
Transmontana motorway, and this project is expected
to be completed during the course of the current period.
This project’s accumulated investment amount already
ascends to 402 million Euros. Finally, and no less
important, reference goes to the project Estradas do
Zambeze (Roads), in Mozambique, which conclusion is
foreseen for 2014 but already permits the operation
and maintenance of approximately 700 Km of roads.
Below are analysed the main aspects of the activity of
the Group’s subsidiaries in this sub-segment of road
concessions during 2011:
Scutvias – Auto-Estradas da Beira Interior, S.A.
The Portuguese State defined the sector’s financing options, deciding on the application of the principle “user/
payer ” on road concessions previously available without costs for the users (SCUT). In respect of the Beira
Interior motorway concession, the toll regime applicable to vehicles circulating on it came into effect on 8
December 2011, in accordance with Decree-Law 111/2011 of 28 November. Scutvias decided to transfer the
responsibility for the supply and installation of the MLFF (Multi-Lane Free Flow) system to a company-vehicle
named Portvias – Vias de Portagem, SA with the objective of separating the risks that the MLFF system could
pass on to Scutvias itself.
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This legislative change had a considerable impact on the level of the concession traffic, which combined with
the scenario of economic crisis in existence led to traffic recorded coming in below that expected and below that
recorded in the previous year. Indeed, traffic volume attained 99.2 million vehicles, to which corresponds an
average daily traffic volume (ADTV) of 9,671 vehicles/Km, circa -8.5% below that of 2010. On the other hand,
traffic recorded between 8 December and the end of the year indicates a strong contraction, a clear result of the
introduction of tolls.
Nevertheless, turnover increased by some 2% given that the services rendered in general and the receipts by
band, in particular, were influenced by the increase, contractually foreseen, in the higher limit of band 1 traffic.
The receipts by band are responsible for 96.6% of the total revenue and gains and correspond to the road traffic
valuation determined for the year 2011. Bearing in mind the unilateral decision taken by the Portuguese State
to start toll collection in December 2011, the receipts by band were calculated based on the real traffic up until
that date and on an estimated traffic from that date to the end of the year (24 days). The estimated traffic
corresponds to the traffic foreseen in the Base Case, adjusted for the deviation calculated between the traffic
foreseen in the base case for 2010 and the real traffic recorded in that same year.
The increase in supplies and external services in general and in the caption maintenance and repairs, in
particular, brought EBITDA down slightly (-2%) to 92.4 million Euros, a decrease which, with an unchanged
annual amount in depreciation and amortization costs, resulted in a small decrease in operating results from
60.6 million Euros to 58.6 million Euros.

Nevertheless, the decrease occurring in the net financing costs of the company, from 42.0 to 39.0 million
Euros, improved the financial result thereby producing a net income in this subsidiary in the order of 12.7
million Euros (10.0 million Euros a year before).
It must be indicated that the data reflected to above refer to Scutvias in its entirety, whilst the company is
consolidated based on the proportional interest held by the Group (33.3%).
Autoestradas XXI, Subconcessionária Transmontana, S.A.
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The delay in the concession of the formal approval (visto) by the Court of Auditors, which only occurred on 15
July 2010, resulted in the request for an extension of the deadline to conclude the project of a further 13 months,
request which was approved by the Assistant Secretary of State for Public Works and Communications, by EP –
Estradas de Portugal, S.A. and by the Instituto Nacional de Infraestruturas Rodoviárias (National Institute of Road
Infrastructure) (InIR). The formalization of the agreements referred to above and the respective addenda to the
contracts in place occurred during the year 2011.
During this period road circulation on lots 2, 7, 10 and 13, in their entirety, and lots 5 and 12, in part, came into
service, with tolls starting to be charged on lot 10.
For 2012, the prospects are for a high rhythm of construction, at a level adequate to guarantee meeting the
deadlines established to complete the work. The company will continue to rely on a policy of quality in order to
satisfy both the grantor and its shareholders, employees and other stakeholders. The increased efficiency of the
internal controls, through operational adjustments, used as a means to obtain productivity and competitiveness
gains, will continue to be one of the strategic lines of the company.
During 2011 this company’s turnover amounted to 250 million Euros, EBITDA totalled 7.6 million and net
income 928 thousand Euros, with Soares da Costa Group’s share of these indicators being 50%.
Estradas do zambeze, SA
This Mozambican company has its registered office in Maputo and is 40% held by the Group. The concession
contract signed with the State will have the duration of 30 years and covers the conception, construction,
operation and maintenance of the project named “Nova Ponte de Tete e Estradas”, with a system of real
tolls together with a subsidiary mechanism that guarantees the receipts. The concession includes the new
Tete bridge, with circa 2 Km, and approximately 14 Km of new 2x1 roads; the rehabilitation, financing,
operation, maintenance of the national roads between Cuchamano and Zóbuè (N7 and N8), with a stretch
of approximately 260 Km; the maintenance of the road between Cassacatiza and Tete (N9), with a length
of approximately 268 Km; the maintenance of the road between Colomué and Mussacama (N304), with an
extension of approximately 156 Km; and the operation and maintenance of the Samora Machel Bridge in Tete.
The date established for the start of the concession period was 1 April 2011. At the beginning of May the
first transfer of receipts from the grantor to Estradas do Zambeze, originating from the collection of border
taxes, took place.
This company contributed – numbers already reflected at the consolidation percentage in the Group – with a
turnover of 11.6 million Euros (2.0 million in 2010), recording an EBITDA of 280 thousand Euros and a net
income of 204 thousand Euros versus, in these last two captions, inexpressive amounts in the previous year.
In terms of the road operation and maintenance activity, carried out by the associated company Operadora das
Estradas do Zambeze SA, the assistance and vigilance activity started on 1 October 2011.
Soares da Costa Concessions USA
This North-American company wholly owned by Soares da Costa Concessões, SGPS, SA, was incorporated
in 2010 with the object of working the North-American market in the areas of investment in infrastructure
projects, positioning the Soares da Costa Group in the concessions market in the United States, which is still
at a growth and development phase. Its technical competence was soon recognized in that it was pre-qualified
for the Tampa-Orlando High Speed Rail and Georgia West by Northwest Managed Lanes projects. However,
given decisions taken at political and public strategy guidance level, these projects were cancelled by the
governmental entities of the States of Florida and Georgia, respectively.

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Nevertheless, promising horizons for the development of 3P projects in the North-American market are opening
up in 2012 and beyond.
Still within the transport concessions segment, but now focusing exclusively the rail sub-segment, note is given
of the activity carried out:
ElOS – ligações de Alta velocidade, SA
This company was incorporated in 2010 following the adjudication to the consortium co-led by Soares da Costa
of the public private partnership contract for the construction, financing, maintenance and availability of the
Poceirão-Caia segment that forms part of the future high-velocity train line between the cities of Lisbon and
Madrid. Given the Group’s shareholding in the company (16.7%) it is not consolidated and the investment made
is recorded at cost.
At the end of 2010 ELOS prepared all the elements necessary for the reformulation of the concession contract.
The company was notified of the decision adjudicating the reformulated concession contract on 19 January
2011. Subsequently, on 8 February, the new Financial Close of the concession was made within the scope of
the reformulated concession contract. Following this action, which objective was to settle the doubts raised by
the Court of Auditors, namely in respect of changes in the risk profile of the grantor, the formal approval by the
said Court was expected for soon which, however, did not come to happen.
The constraints provoked by the Portuguese State’s inability to guarantee the financial execution of the
concession contract, and the restrictions placed by the banking entities on the approved financing lines resulting
from the failure to obtain the formal approval, resulted in a significant slowdown of the company’s activity in
the second-half of the year, with the activity having been reduced to a minimum that guarantees the meeting
of the commitments established with the grantor and with the financial entities.
In this context, the company saw itself in position where it was obliged to continue to comply with the punctual
servicing of the debt, which constitutes a peculiar “gap” given the slowdown in the activity induced by the
grantor, due to the absence of the formal approval. For ELOS to honour these obligations it was, however, given
the impossibility of using the existing approved financing lines, necessary for its shareholders to approve in a
General Meeting, in December 2011, an increase in the company’s shareholders equity.
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Despite the uncertainty that had been increasing throughout the year (more intensely in the second-half of the
year), the company continued to develop the ante-project and the remaining technical documentation relating
to this phase of the project, having completed it, and thus, meeting its main objective for the period.
Subsequent to the period end, the Court of Auditors decided not to concede the formal approval to the
concession contract.
To close this section reference is made to the project:
Telavive Metro Project - Israel
Regarding this project, it is important to refer to the litigation existing between the grantor (the State of Israel)
and Metropolitan Transportation Solutions (MTS), a concessionaire company in which the Soares da Costa Group
holds, through Soares da Costa Concessões, SGPS, SA, a shareholding of 20%. During the 3rd quarter of 2010,
MTS was confronted with the grantor’s unilateral position to resolve the contract, for alleged non-compliance
by the concessionaire, unless the latter accepted both to make a number of concessions/compensations to the
grantor as well as other conditions. The Concessionaire decided to reject both the Grantor’s position as well
as the conditions imposed – that would make the project unviable - and referred the dispute to the Arbitration
Court for a decision, undertaking all the necessary formalities. The arbitration proceedings have taken place with
the normalcy and delay typical of these kinds of processes. It is our conviction that the proceedings underway
are being carried out with the necessary independence and in compliance with the international canons, and we
therefore await a decision, during 2012, that safeguards the interests of the Group.

Car Parking Concessions
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Despite the economic retraction and the consequent inevitable decrease in the use of individual transport in
favour of public transport, the subsidiary CPE – Companhia de Parques de Estacionamento, S.A. attained a new
total revenue maximum of the last three years, in 2011, of close to 5.1 million Euros. The significant reduction
achieved in operating costs (approximately 0.5 million Euros), as a result of management measures implemented,
enabled the company to achieve positive results for the first time. Of note is the EBITDA growth that reached, in
2011, an amount of 2.6 million Euros, corresponding to a margin in excess of 50% of revenue earned.
kEy PERFORMANCE OPERATORS OF CPE – COMPANHIA DE PARQUES DE ESTACIONAMENTO, S.A.
(Million Euros)
2011 2010 2009
Total operating revenue 5.1 4.9 4.9
Total operating costs 4.7 5.2 5.2
Amortization and depreciation 2.3 2.4 1.2
Operating costs excl. amort./deprec. 2.4 2.8 3.9
EBITDA 2.6 2.1 0.9
EBITDA Margin 52.0% 43.2% 19.3%
It still presents, however, a strong negative net result (-3.0 million Euros) due to the high level of debt servicing
and to the non-recurring recognition, in 2011, of an annulment of deferred tax assets of 1.2 million Euros.
The car park segment, in the Soares da Costa Group, is complemented by Costaparques - Estacionamentos,
S.A., whose activity is circumscribed to the management of the Galeria Central car park, in Campo 24 de
Agosto, in Oporto and to the operation of the subterranean car park Gemini and that of its defined surface
parking area, in Oliveira de Azeméis, with a total of 1,860 parking spaces.
Whilst the occupation rates of the Galeria Central Car Park in Campo 24 Agosto – Oporto remains stable,
the Gemini Car Park, in the square with that name, in Oliveira de Azeméis, has still not attained a minimally
satisfactory demand, which will only happen with the maintenance of an effective monitoring system over
parking in the surrounding roads. Therefore, we recognize the appropriateness of the measures taken by the
company in establishing a communication and information platform, implemented in 2010, that will permit
the Municipality of Oliveira de Azeméis to issue payment notices, which results will now be incremented with
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the charging of a maximum daily fare, and to apply fines on payment notices not settled. Costaparques will
hence see its objective met, through a process with evident results since it maintains its
contractual percentage of the receipts, which will now have an increase in the maximum daily fare of 2.5 Euros
to 8.5 Euros, further increased by the deterrent effect of the fines.
The company presented an operating revenue volume of 303 thousand Euros, 20% higher than that earned in
the previous year and a positive EBITDA of 59.6 thousand Euros.
Water and Energy Concessions
Indaqua, S.A.
Indaqua, S.A. is a company that results from a strategic partnership in the water sector created by some
national economic groups, with competencies in different business areas, active in the environmental sector
and in the management of the water cycle, including the treatment, transport and distribution of water and the
collection and treatment of wastewater.
Soares da Costa Concessões SGPS (and through this subsidiary the Soares da Costa Group) has a 28.57%
shareholding in the capital of Indaqua, which is consolidated using the equity method.
During 2011, Indaqua continued the management, at normal pace, of the concessions previously contracted.
It is to be noted that the Fafe, Sto. Tirso/Trofa and Feira concessionaires recorded important increases in water
volumes invoiced. In consolidated terms, Indaqua presented operating revenue of 54 million Euros and operating
costs of 37 million Euros for an EBITDA of circa 17 million Euros. Net financing costs, in consolidated terms,
were approximately 10 million Euros. Indaqua, S.A.’s net income was 766 thousand Euros.
The year just ended was intense in terms of searching for new geographical markets in South America (Brazil
and Peru), in Africa (Angola) and in Asia (Macau). In Angola, Indaqua started its activity through the companies

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Vista Water and Akwangola. The prior, during 2011, had in execution the technical assistance contract to the
programme “Água para Todos (Water for All)” for the Ministry of Energy and Water. During the year it was
adjudicated the contract for advisory services in the creation and start-up of Águas de Saurimo e Dundo (Waters
of Saurimo and Dundo) and the contract for training in the operation and maintenance of the basic sewerage
infrastructure, a programme sponsored by the European Union. Vista Water presented total operating gains, in
2011, of 1.7 million USD and Akwangola of circa 0.5 million USD.
In 2011 Indaqua was adjudicated a contract for the operation and maintenance of a wastewater treatment
plant in Macau, which caters for over half-a-million people, for a period of 5 years. The biological treatment of
the wastewater will be carried out in reactors with membrane technology. With this new membrane technology,
the Macau WWTP will become one of the world’s largest infrastructures with this type of treatment. This tender
won by Indaqua is worth over 28 million Euros.
This associated company is not only reaching a phase of maturity but, with the new business, is also seeing its
international dimension significantly reinforced.
Hidroequador Santomense – Exploração de Centrais Hidroelétricas, lda.
This company has a 60% shareholding in the company Hidroeléctrica STP, Lda., in S. Tomé e Príncipe, that
has as its object the conception, study, construction and operation of energy generating plants, management
of energy resources, electromechanical, electrical and civil projects, with the remaining 40% belonging to
EMAE, the public company responsible for the distribution of electricity and water in S. Tomé e Príncipe. At 31
December 2011, the company had in operation the Guegue hydroelectric power plant, in São Tomé, and the
Papagaio hydroelectric power plant, on the Príncipe Island.
Work on the construction of the Bombaim hydroelectric power plant progresses. The road which had subsided
and blocked the access to the work site and stopped the work on the hydroelectric power plant has been
recovered and was opened to traffic. The most important equipment, that has already been acquired, namely
generators, turbines and transformers, as well as a large part of the pipeline, is warehoused at the port of S.
Tomé e Príncipe, awaiting transport to the works and installation. The corresponding medium voltage overhead
line has been erected and is ready to be connected.
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Hidroequador Santomense and Hidroelectrica Lda signed, at the end of 2009, a contract for the supply of
electricity generated by a set of generators installed at the Bobo Forro II Plant, with the Government of S. Tomé
e Príncipe. Total revenue from the operation of this Plant amounted, in 2011, to 2.4 million Euros.
In accordance with the provisions of the contract in force, the S. Tomé e Príncipe Government proposed, in June
2011, the advance acquisition of the set of generators and transformers, with the corresponding negotiations
taking place as from the end of September 2011 and also including the substation attached to the referred
equipment and which guarantees the interconnection to the public grid. Negotiations were completed at
the end of January 2012 and the proposal made by this company’s shareholders has been accepted by the
high representatives of the Government of S. Tomé e Príncipe, who undertook to define the terms that fit the
intended transaction.
Soares da Costa Hidroenergia, SA
Soares da Costa Hidroenergia, S.A. was incorporated in March 2010, under the majority control of Soares da
Costa Concessões, SGPS, SA and its object is the construction and operation of hydroelectric power plants.
In December 2010, it celebrated four contracts for the implementation of hydroelectric operations covering
a period of 45 years, two on the Zêzere River, one in Abrantes and another in Castro D’Aire, with an installed
capacity totalling approximately 28 MW, at a total investment of circa 44 million Euros. At 31 December 2011,
the investment already made in this subsidiary totalled some 10 million Euros.
During the 2011 economic period the company took steps and made contact with different entities in an
effort to find a new partner who combines the technical profile with the desired financial capacity, to develop
the hydroelectric plants adjudicated. However, it worked on and presented to the competent authorities the
studies relating to the Proposed Scope Definition for the implementation of the hydroelectric operations,
which construction, depending on the projects, is foreseen for 2012 and 2013, with the industrial start-up
expected in 2014.

Development of new concession businesses
In this matter and in the domestic market, reference
must be made to the new Hospital Oriental de Lisboa
(previously called “Todos-os-Santos”) project, for
which the Consortium SALVEO, led by Soares da
Costa Concessões SGPS, has already received a
preliminary adjudication. The hospital is to be located
in the east side of Lisbon, and will substitute five of
the units presently operating in central Lisbon (the
São José, Capuchos, Desterro, Santa Marta and D.
Estefânia Hospitals) serving a total of 950 thousand
inhabitants. The hospital, with 165,000 m2 will have
a construction period of three years and the contract
concession period is expected to last for thirty years.
The final adjudication of this project is awaited.
In the external market, the Group, through several
of its subsidiaries, has made relevant commercial
inroads and noteworthy concession tenders for which
we have proposed include, namely the Chincero-Cusco
international airport in Peru and the S. Petersburg
Metro, in Russia, both under evaluation by the
grantors and awaiting development.
Having completed a brief panorama of the general
activity of the subsidiaries, joint ventures and
associated companies of this business area during
2011, we now present the general consolidated
indicators of this business segment:
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kEy PERFORMANCE INDICATORS - CONCESSIONS
87
(Million Euros)
2011 2010 Variation %
Turnover 187.6 102l2 83.6%
EBITDA 43.3 34l0 27.3%
EBIT 29.0 19l9 45.9%
Financial Results -27.8 -28l2 -1.4%
Consol. Result. Attributed to Group -1.0 -6.9 -85.9%
The concessions business is based, in general terms, on the realization of large scale investments with longterm
returns and a moderate risk and requires a strong financial structure and a significant dimension. The
booster characteristic of the concessions area in the Construction segment is evident, constituting, in reality, a
complementary area with important synergetic factors.
Concessions Business Area – Turnover by Company
(Million Euros)
Company Gross Adjust. 2011 Consol. Consol. 2010 Var.
Soares da Costa Concessões, SGPS, S.A. 2.2 -0.8 1.4 0.2 832.8%
C.P.E. - Comp. de Parque de Estacionamento, S.A. 4.8 0.0 4.7 4.9 -3.0%
COSTAPARQUES - Estacionamentos, S.A. 0.3 0.0 0.3 0.3 20.6%
Soares da Costa Serviços Téc. e de Gestão, S.A. 0.9 -1.4 -0.5 1.1 -
SCUTvIAS - Autoestradas da Beira Interior, S.A. 39.1 0.0 39.1 38.3 2.2%
Portvias - Portagem de vias, S.A. 0.6 -0.1 0.5 0 -
MRN - Manutenção de Rodovias Nacionais, S.A. 13.8 -13.8 0 4.3 -100.0%
Estradas do zambeze, S.A. 11.6 0.0 11.6 2.0 476.8%
OPERESTRADAS XXI S.A. 4.4 -1.8 2.6 0.1 -
Autoestradas XXI - Subconc. Transmontana, S.A. 125.3 0.0 125.3 47.5 163.7%
Exproestradas XXI - AE Transmontana, S.A. 3.9 -3.9 0 0.4 -
Hidroequador Santomense - Exp. Centrais Hidroel. 2.4 0.0 2.4 2.8 -14.2%
Soares da Costa Hidroenergia, S.A. 0.4 -0.3 0.1 0.2 -38.5%
Soares da Costa Concesiones - Costa Rica, S.A. 0 0 0 0.1 -
Hidroelétrica STP, limitada 0.1 -0.1 0 0 -
Operadora das Estradas do zambeze 0.5 -0.5 0 0 -
TOTAL 210.4 -22.8 187.6 102.2 83.6%

The consolidated accounts of Soares da Costa Concessões, S.G.P.S., S.A. are revealing of the specificity of this
business segment: strong positive operating results (29.0 million Euros compared to the 19.9 million a year
before, growing by 45.9%), even higher EBITDA (+43.3 million Euros, versus +34.0 million a year before, that
is +27.3%), due to significant levels of amortization/depreciation10 , evidencing margins to turnover without
parallel in other segments, but with negative financial results of a relevant amount (-27.8 million Euros,
practically in line with the previous year), reflecting the cost of financing the investments.
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With an activity mix, as shown above, in which mature investments generating profits coexist with investments
that have yet to reach break-even and some still in the implementation phase, the net result for the
Concessions Area progressed quite expressively in 2011, moving from a negative -6.9 million Euros in 2010 to
an amount of -1.0 million Euros.
10 Due to the changes introduced by IFRIC 12, this statement is not accurate for concessions that apply the financial asset model of accounting.

5.3 REAl ESTATE
In addition to real estate promotion, this business
area also includes the management of own real
estate assets, from which several Group companies
physically operate.
Key Performance Indicators - Real Estate
Management Report | Grupo Soares da Costa, SGPS, SA
(Million Euros)
2011 2010 ∆ %
Turnover 7.1 14.6 -51.2%
EBITDA 4.1 5.5 -26.1%
EBIT 2.5 3.9 -35.7%
Financial Results -3.4 -4.9 -30.9%
Consol. Result. Attributed Group -0.5 -0.7 -31.8%
Consolidated turnover for this area was 7.1 million
Euros, an amount slightly below half that made the
previous year. The table presented below breaks these
amounts down by company, revealing the decreased
contribution of Soarta, that in 2010 had sales of some
significance relating to the Soarta-República projects,
in Matosinhos and Alcântara in Lisbon, which have
been practically sold in their entirety.
90
91
The consolidated indicators in this area reveal an EBITDA of 4.1 million Euros and an operating result of 2.5 million
(which compare with 5.5 and 3.9 million Euros in 2010, respectively) and a consolidated result for the period of
-0.5 million Euros, compared to the amount of -0.7 million Euros recorded in the homologous previous period.
REAl ESTATE BUSINESS AREA – TURNOvER By COMPANy
(Million Euros)
Company Gros. Adjust. 2011 Consol. Consol. 2010 Var.
SOARTA - Soc. Imob. Soares da Costa, S.A. 1.0 0 1.0 8.2 -87.4%
CIAGEST - Imobiliária e Gestão, S.A. 4.5 0 4.5 5.1 -11.3%
Mercados Novos - Imóveis Comerciais, lda. 0.1 0 0.1 0.3 -64.6%
Cais da Fontinha - Investim. Imobil., S.A. 0.6 0 0.6 0.2 227.4%
HABITOP - Sociedade Imobiliária, S.A. 0.3 0 0.3 0.1 353.6%
NAvEGAIA - Instalações Industriais, S.A. 0.1 0 0.1 0.1 0.1%
Soares da Costa Imobiliária, lda. 0.4 0 0.4 0.6 -36.3%
TOTAL 7.2 0 7.1 14.6 -51.2%
Regarding the main projects, 2011 saw the marketing phase of the Cais da Fontinha project, in Gaia, and the
conclusion of the construction of the Condomínio Residencial da Talatona (Residential Condominium) project, in
Angola, which marketing will occur in 2012.
Even though the real state area is not nuclear to the strategy of the Group, opportunities for business will not
be lost, namely those occurring in the scope of the urban rehabilitation policies in Portugal, and in the core
international markets in which the Group is present.

5.4 ENERGIA PRÓPRIA
The consolidated Financial Statements were influenced
for the first time by the performance of the companies
constituting the Energia Própria Group. As previously
stated, the Group acquired at the end of 2010 a
controlling interest (57.26%) in the company Energia
Própria, SGPS, SA, holding company of the Self Energy
Group, which involved an investment of 6.5 million
Euros; this company wholly owns the companies
Self Energy Serviços de Energia, SA, the first ESCO
(Energy Services Company) company operating in
Portugal, Self Energy Solutions, SA, sector leader in
solar and wind micro-generation solutions and Self
Energy Engineering & Innovation, SA, dedicated to
engineering and innovation, research and technological
development services in the area of energetic efficiency
and renewable energy.
Energia Própria also holds a controlling interest in Self
Energy UK and has shareholdings in other companies
in Portugal, Mozambique and Espanha.
During the period, the holding company “Energia
Própria” was merged with its two subsidiaries Self
Energy Serviços de Energia, SA and Self Energy
Solutions, SA, thereby concentrating the various
attributes of the “Energy” business (energetic
efficiency, micro-generation and construction of
photovoltaic plants) in a single entity seeking greater
robustness, a position of reference in the market,
synergies and cost rationalization.
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In 2011 the energetic efficiency business, with the
brand “Self Energy ESCO”, had a sustained growth and
operating margins in line with historical results prior
to its integration in the Soares da Costa Group, of
note being the turnover increase and the net positive
contribution brought in by the energetic efficiency
areas in the United Kingdom, Spain and Mozambique.
This sub-segment represents circa 36% of the turnover
of this area. On the other hand, the micro-generation
business in Portugal, with the brand “Self Energy
Solutions”, suffered a slight decrease.
The photovoltaic plants area was the one most affected
by the economic crisis as it is totally dependent on the
access to finance.
The deadlock of projects such as the 8MW one in
Ferreira do Alentejo adjudicated in 2010, despite the
Preliminary Information Request’s (PIP) validity until
October 2012, greatly affected the indicators that are
presented below in consolidated terms:
kEy PERFORMANCE INDICATORS - ENERGIA PRÓPRIA, SGPS, SA
(Million Euros)
2011
Turnover 8.6
EBITDA -2.1
EBIT -2.2
Financial Results -0.7
Consol. Res. for Period Attrib. Group -1.9
Despite the economic and financial situation, which
realistically will not improve in a particularly relevant
manner in 2012, the prospects for this area are of a
significant improvement in the profitability indicators.
The energetic efficiency area will have new challenges
and opportunities in Portugal through the regulation
of the ESCOs (Energy Services Companies), the
implementation of the ECO-AP programme that
aims to attain a 30% savings in energy use in State
buildings and also through the opportunities arising
with the release of the European Fund JESSICA, for
urban rehabilitation. In the United Kingdom, the
photovoltaic mini-generation business has gained
new interest for plants with up to 250 KW following
important legislative changes. At the energetic
efficiency level, the existence of mechanisms such as
“Green Deal” or “Renewable Heat Incentive” will also
turn some projects under study at some clients for
over a year, and that were not economically viable
at the time, viable. To this end, a memorandum of
understanding signed in 2011 with a large Facilities
Management Company will enable Self Energy to
act in the energetic efficiency area on a portfolio of
over 50 buildings, the majority of which belonging
to public entities. The commercial order book in the
United Kingdom exceeds 10 million Euros, with good
financing prospects in the market itself.
93
In the micro-generation area one will see the gradual
decline in the subsidized tariffs and in the capacity
made available at those tariffs, up till the moment
that the prices attain parity with the real costs of
the grid to clients (“grid parity”). At that point, the
regulatory environment will have a minor impact and
new opportunities will surge, namely through the
introduction of formats such as net metering, which
are estimated to start being tested in Spain in 2012.
This new framework is also a great opportunity for
positioning both the brand “Self Energy Solutions” and
its Authorized Agents network.
The photovoltaic plants area will have as its primary
objectives the execution of works-in-progress and
their connection to the grid in the established
timeframes, the potential disposal of some of the
plants in operation for over two years, namely through
the company Rooftops of Spain and the start-up of
the installation of the Project in Poland, the main
development Project of the company and that may
come to represent an appreciable turnover.

6.
Individual
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accounts
95
Braga Stadium, Portugal (Sociedade de Construções Soares da Costa)

The individual accounts of Grupo Soares da Costa,
S.G.P.S, S.A., are also prepared in accordance with
International Financial Reporting Standards (IAS/IFRS),
as adopted by the European Union. They reflect the
realization of a turnover of 6.2 million Euros, higher
than that recorded in the previous year (4.0 million
Euros). This revenue relates essentially to the rendering
of technical management services to other Group
companies.
Operating results were negative in 0.7 million Euros but
substantially better than those of the previous period
which amounted to -3.2 million Euros.
Overall financial results amounted to +0.8 million
Euros (versus the 29.4 million a year before), with
the difference being influenced by the very expressive
reduction in revenue and capital gains on shareholding
disposals, that in 2010 amounted to 33.8 million
Euros and in the year just ended did not exceed 3.7
million Euros.
Indeed, dividend earnings in 2011 from the subholding
of the Construction area amounted to 3.7
million Euros in 2011 versus the amount of 15.5
million Euros in 2010, a year in which the disposal of
the shareholding in BAI also contributed significantly to
financial results, without parallel in 2011.
The amount of net assets increased from 489.1 million
Euros at the end of 2010 to 542.3 million Euros
(+53.2 million Euros), significantly influenced by the
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increase occurring in the amount of loans conceded to
Group, associated and other investment companies,
included in non-current assets, that increased by 75.2
million Euros, and the reduction of cash and cash
equivalents of 11.4 million Euros.
In terms of capital shareholdings and other financial
investments no relevant changes occurred.
On the liabilities side one notes, in correlation with
the increase in assets, an increase from 271.3 to
329.8 million Euros, again fundamentally influenced
by the level of internal debt to the Group, with the
caption “group, associated and investment companies”
recording an increase of 52.8 million Euros.
Most expressive in liabilities continue to be the medium
and long-term debenture loans, contracted towards
the end of the 2007 economic period, one having a
nominal value of 20 million and an eight-year maturity
and the other with a nominal value of 80 million Euros
at ten years, both bearing interest rates indexed to
EURIBOR. During the year the company paid, on the
respective due dates, the coupon interest on numbers
7 and 8 of these debenture issues.
The change in equity amounted to -2.7 million Euros,
fundamentally due to the outflow of own funds –
distribution of dividends to shareholders (3.5 million
Euros) out of part of the 2010 net income – not having
been offset by the individual net income earned in
2011, that amounted to 0.9 million Euros.
97

7.
Human
resources
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99
votorantim’s Cement Plant, Brazil (Soares da Costa Brasil)

Human resources constitute one of the pillars of the
competitiveness and development of organizations.
Since the principles and strategic orientation
guidelines in matters of human resource development
within the Group are already consolidated, there has
been a progressive implementation and consolidation
of a set of methodologies and good practices
designed to promote human capital growth. Below are
summarized the most relevant aspects of the Group
activity in matters relating to human resources in its
varied dimensions:
Staff Recruitment and Selection
With the aim of aligning human capital with its
organizational development strategy, Soares da
Costa Group sought to give continuity in 2011 to a
recruitment strategy that guarantees the admission
of new workers not only with the skills required for
the function but also with significant professional
development potential.
Internal recruitment was the preferred approach
applied during 2011 to satisfy human resource
needs, an approach which tends to enhance the
employees’ career management, with the consequent
motivational gains, as well as to reduce costs
with external recruitment processes and with the
integration of new employees.
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During 2011, 21 requests were received to fill
34 functions. By and large these recruitment
requests were aimed at closing gaps in the
operations of the Soares da Costa Group in Angola.
Of greater prevalence were the recruitment and
selection processes for the functions of Works
Manager, Designer/Planner, Works Dispenser and
HVAC (Heating, Ventilation and Air Conditioning)
Technicians for the company Clear Angola.
Training
The primary characteristic of the investment in
training in 2011 was the number of training hours,
19,833, worth 127 thousand Euros in enrolment fees.
This volume covered 4,010 participations involving
1,186 participants. An analysis of the distribution of
hours amongst the professional categories reveals
that the Senior Staff and the Qualified Professionals
used up a significant portion of the training hours.
This distribution reveals lower levels of training at
the Intermediate-level Staff, highlighting a clear need
to act at these levels. “Civil Construction and Civil
Engineering” was the thematic area that recorded the
highest number of training hours in 2011 – 7,737
hours, followed by “Management” with 3,698 hours
and “Work Safety” with 3,329 hours.
101
TRAINING By PROFESSIONAl CATEGORy
(Hours)
2011
Management 563
Senior staff 7,334
Mid-level staff 2,445
Intermediate-level staff 713
Qualified professionals 8,658
Semi-qualified professionals 48
Unqualified professionals 96
Trainees and apprentices 12
TOTAL 19,833

TRAINING By THEMES
Management Report | Grupo Soares da Costa, SGPS, SA
(Hours)
2011
Computer sciences 180
Computing from a user perspective 1,046
Social and behavioural sciences 167
Civil construction and civil engineering 7,737
Electricity and energy 110
Electronics and automation 225
Engineering and the like 305
Management 3,698
languages and foreign literature 990
Marketing and advertising 78
Accounting and management 816
law 431
Unspecified 300
Environmental protection 320
Health 101
Safety and hygiene in the workplace 3,330
TOTAL 19,833
The training events held within the Soares da Costa
Group are divided into planned and unplanned
training. In the prior were contemplated the training
actions resulting from the diagnosis of training
needs, whilst the latter relate to training sessions not
originally planned, but which need was determined
subsequently, such as is the case with participations
in congresses, seminars and conferences. In so far
as planned training is concerned, the year 2011
had as its main objective to develop in the holders
of certain critical functions, a set of technical and
behavioural skills that are considered strategic for the
improvement of the Group’s human capital, namely:
Project Management, Languages, Leadership, Business
102
Innovation and Technical Skills in Engineering and
Management. Regarding project management, the 2nd
edition of the Advanced Management and Negotiation
Programme, in partnership with Católica Executive
Education Lisbon took place in September 2011.
Covering a total of 98 hours, this programme had
as recipients Works Managers, Project Managers and
Budget Coordinators.
At top management level, 2011 was marked by
the Top Management Encounter. This event, led by
organizational development consultants, brought
together fifty top-level managers for two days, to work
on the themes of leadership and business innovation.
This Encounter was an important formative moment,
with undeniable gains in terms of aligning values and
attitudes applied in the leadership of work teams.
The methodology adopted combined the speakers’
discussions on the themes with animated group
dynamics oriented to the sharing, cohesion and the
development of work teams.
With a great impact on the sharing and on the transfer
of the knowledge existing in the Group, Engineering
and Management Thematic Workshops were created.
The format used in these workshops brings together
internal speakers, experienced on a given theme, who
share their knowhow with an audience comprising
colleagues with a professional interest in that theme.
Given that some of the themes were of an engineering
nature, the workshop presentations, where applicable,
were complemented with study visits to construction
works, where some of the technical aspects discussed
in the workshops could be visualized in loco. These
thematic workshops in Engineering and Management
brought together 1,100 participants and covered the
following themes: methodologies used in assembling
metallic and mixed structures, reinforcing the energy
production capacity at the Alqueva Dam, FIDIC
contracts, decentralized production of energy and
energetic efficiency, Public Contracts Code, Technical
Conferences 2011, sustainability management
indicators project, LEED – Evaluation of Sustainable
Construction, International Procurement and visit to
the Corgo viaduct works.
Finally, 2011 saw the creation of the Academy of
Knowledge which, complying with the concept and
model of a corporative university, has as its mission
to: Promote the sharing of experiences and transfer
knowledge from the more experienced generation in
the Group to the younger generations; Offer a set of
specific formative programmes that aim to develop a
series of corporative skills, transversal to the various
functional groups; Disseminate a set of values and a
behavioural pattern that permits the consolidation
of the Organizational Culture required at the core
of every company of the Group; Take the formative
programmes of a corporative nature to the expatriate
employees, namely through e-learning solutions.
In the pursuit of this mission, partnerships are
established with the best domestic business schools
in terms of developing the formative programmes.
In 2011 we formalized the first partnership between
the Academy of Knowledge and Católica Executive
103
Education Lisbon, which resulted in the Advanced
Project Management and Negotiation Programme.
The Academy of Knowledge will increase the
qualification levels of the human resources of the
Soares da Costa Group and, simultaneously, give
them more specific and predictable professional
career prospects. We will thus be promoting
the improvement of our human capital and,
consequently, the capacity to assume more
demanding challenges.
Internship Programmes
Within the scope of the Prémio Talento (Talent
Award) three newly qualified civil engineers saw
their investigative work awarded a prize: a 6 month
internship at Sociedade de Construções Soares da
Costa. The interns had an opportunity to get to know,
under the guidance of experienced coordinators, two
important functional activity areas in the company:
Technical and Technical-Commercial.
The Soares da Costa Group received other types
of internships throughout 2011, namely 11
curricular and 4 professional internships. One of the
professional interns was received by the company
Self Energy Solutions S.A., and the remaining interns
were taken in by Sociedade de Construções Soares
da Costa, S.A. Amongst the entities promoting
internships are CICCOPN, IEFP, the Professional
School of Fundão, the Fundação da Juventude (Youth
Foundation) and the Escola Superior de Tecnologia e

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Gestão do Instituto Politécnico de Beja (Higher School of Technology and Management of the Beja Polytechnic
Institute). Soares da Costa Group’s readiness to take in interns promoted by external entities reflects the high
level of social responsibility the Group assumes towards the community it forms part of.
Performance Evaluation
The performance evaluation system in place at the Soares da Costa Group has as its main objectives the
promotion of the professional development of the employees, the rewarding of excellence and the increase
in the operating results of the various business areas. This system ties individual performance with team,
company and Group results, in order to instil joint responsibility, cooperation and cohesion within the work
teams. It also sustains an evaluation system that balances performance indicators based on process, activity
or task results with qualitative indicators that gauge the pattern of attitudes with which the employees
perform their functions. In 2011 some 950 employees were integrated in the performance evaluation
process and this total includes not only the employees working in Portugal but also those working in Angola,
Mozambique, Romania, Costa Rica and Brazil.
Evaluation of Potential
The Evaluation of Potential and Management of Talent process combines, in an integrated manner, the data
relating to technical skills, operational skills of a behavioural nature, professional interests, motivational factors,
career projects and international mobility disposition, amongst other aspects. These evaluation processes
continued throughout 2011, with the aim of increasing the knowledge available on the skills, interests,
availability and career projects of the employees of the Soares da Costa Group.
Number of Employees and Staff Costs
105
The number of employees at the service of the companies’ consolidated using the full consolidation method was
5,549 in 2011, decreasing by 403 relative to the previous year.
Consolidated staff costs amounted to 146.4 million Euros, representing 17.7% of total operating costs versus
156.5 million Euros and 18.3% respectively, for 2010.
Sociedade de Construções Soares da Costa, SA, continues to be the main employer of the Group, with 3,249
employees (3,775 indefinite term employees a year before).
A comparative analysis shows an important decrease in the number of employees. The company’s strategy in
the management of human resources gives preference, as stated above, to inter-sector and geographic mobility
and, within the wider scope of the Group, inter-company mobility, as a means to mitigate the effects of the
scarcity prevalent in the domestic construction market that has resulted in human resource redundancies in
certain professional categories; the severity of this problem, however, has resulted in the implementation of
corrective actions in the allocation of this important production factor, actions which the company has sought
to implement in a cautious and progressive manner, abiding by the law in force and, even more importantly,
imbued in the social responsibility concerns that are transversal to the conduct of all its activities.
In this matter, it is important to note that Sociedade de Construções Soares da Costa, SA was declared, by
order of the Secretary of State for Employment dated 7 December 2011, a company under restructuring,
in the terms of and for the purposes foreseen in paragraph d) of no. 2 and no. 4 of article 10 of Decree-Law
220/2006, of 3 November.
Complementing this analysis, of note is the fact that the number of indefinite term employees in the
companies’ consolidated using the proportional method totalled 881 employees, number analogous to the
878 of the previous year.
The company, individually, has 40 indefinite term employees (28 the previous year).

8.
Sustainable
development
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107
Marina Blue, US (SDC América)

Soares da Costa Group’s commitment to Sustainable
Development is continually reaffirmed through
the various initiatives that involve the creation of
value for the shareholder, the protection and wellbeing
of the employees and of the community
with which it interacts, the preservation of the
environment, through the minimization of the
negative environmental impacts, and the continuous
improvement in the value created for the priority
interest groups.
During 2011, Soares da Costa Group continued to
develop and support various initiatives (internal
and external) which objectives are in line with the
sustainable activity guidelines, seeking a balance
between the business carried out and the well-being
of the communities with which it interacts, privileging
the pillars of health, education and environment.
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108
Support of Education and knowledge
• Scholarship Programme for children of employees
(3rd Edition);
• Prémio Talento SdC (Talent Prize) aimed at university
students (end of the 2nd Edition – that was awarded to
3 students – and launch of the 3rd Edition);
• Organization of Evening Talks, with the cooperation
of various external guests;
• Sharing of knowledge and of the personal and
professional experiences of our employees, in the
Technical Conferences on Construction (2nd Edition),
Technical Workshops on Construction, Technical
Workshops on Management and Technical Visits
to works-in-progress.
Support of Sporting and Cultural Initiatives
• Clínica de Golfe SdC (Golf Clinic);
• Torneio de Bowling SdC (Bowling Tournament)
(2nd Edition);
• Support for the athletics team SdC Runners;
• Conclusion of the Rehabilitation Project of the
Campanhã Juvenile Centre (Social Corporative
Responsibility Programme).
109
Support to leisure
• Organization of Summer Camps for children of
employees;
• Realization of Outdoor SdC;
• Realization of the Christmas Party for the children
of the employees, during which various presents are
handed out.
Support of Society
• With various collaborations (sponsorships,
materials’ donations, labour, etc.) in Portugal, Angola
and Mozambique;
• With thousands of articles collected in solidarity
campaigns carried out in the fixed units of the
company, within the scope of Ecoponto Solidário.
More information on Sustainable Development at
Grupo Soares da Costa, SGPS, SA, may be consulted
in the 2011 Sustainability Report, available at
www.soaresdacosta.pt

9.
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Main risks
and uncer-
tainties
111
Strengthening of the Power of the Alqueva Waterways, Portugal (Sociedade de Construções Soares da Costa)

Soares da Costa Group, as the various parts that
comprise this Report and Accounts attest, carries
out its activity in various business segments and in
various geographical areas. Consequently, the Group
is exposed, naturally, to various risks that can be
classified as:
BUSINESS RISkS
• Operating risks: those that can impact the
effectiveness and efficiency of the operational and
service rendering processes of the Group, client
satisfaction and the reputation of the companies;
• Integrity risks: those related with internal and
external frauds that the group companies may be
subject to;
• Management and human resource risks: risks
related, amongst others, with management,
leadership, authority limits, displacement, local
insertion, etc.;
• Financial risks. Namely currency risk, interest rate
risk, liquidity risk and credit risk.
INFORMATION RISkS
• Operating, financial and strategic evaluation
information.
ENvIRONMENTAl RISkS
• Competition;
• Political, economic, legal and fiscal environment;
• Regulation of and changes in the sector.
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From an organizational perspective, important
steps were taken in 2011 to improve the analysis
and risk management system. Consequently, at
the corporate centre, and therefore with transversal
application throughout the Group, an Analysis and
Risk Management unit was set up with the objective
of guaranteeing the efficiency and effectiveness of the
Group’s operations, the safeguarding of its assets,
the reliability of the financial data and the compliance
with the law and applicable norms.
The risk analysis is undertaken by the various
corporative units of the Group. Work is carried out to
identify and prioritize upfront the risks classified as
more critical (determined through the combination
of the probability of occurrence with the potential
impact) and Risk Management strategies are defined
so as to implement the control procedures that will
reduce these to an acceptable level. In this manner
the Group has been implementing control activities
that permit the mitigation of these risks. The objective
is to maximize the trade-off between the risks and
the business margins so as to attain, in a sustained
manner, the strategic objectives.
This matrix is based on the general lines of the
strategic plan in force, the goals that are to be met,
the type of activity carried out and the countries
that constitute the preferred areas for a stable
intervention. Subsequently, and in obedience to these
guidelines, a set of parameters are defined that guide
the strategic objectives covering the assumption
of risk and all the monitoring actions carried out
to guarantee the conformity of the risks actually
incurred with those objectives.
To perform the assessment and subsequent
monitoring, through their internal organizations, the
different management areas of the company (Business
Development, Finance Management, Management
Control, Human Resources, Legal Services, etc.)
identify and evaluate the risks that their decisions, in
their respective areas of intervention and competence,
involve and list the measures that may prevent or
minimize these. In function of that analysis, critically
monitored by the central unit, decisions are taken
relating to the business, country or project in question,
namely the decision to contract or not to contract or
of the contracting conditions.
The analysis and management system is an
interactive process that extends throughout all the
phases of the project, from the original potential
set-up, at a moment of pure prospecting, right
through to its epilogue, when all the responsibilities
connected to it are extinguished. Naturally, during its
evolution, some fundamental milestones requiring
a wider scope in terms of decision making are
set-up, both to evaluate if the potential risks and the
forms in which best to broach these fit the strategic
113
profile defined, as well as to ensure that the control
mechanisms and procedures are being complied with
and are proving to be adequate. For their thorough
management, detailed information procedures are
created, with the content adequate to each phase,
which will permit the timely monitoring of the various
vicissitudes and the taking of action at the exact
moment of an occurrence. The full process is open to
contributions from reviews and to the improvements
that any structure wishes to propose, and is the object
of periodic reflection and evaluation involving both the
supporting services as well as the operational areas.
The objective of capital risk management at Soares
da Costa Group is to safeguard the continuity of
the operations of the Group, thus providing returns
for the shareholders and benefits for the remaining
stakeholders, maintaining a solid capital structure that
supports the development of the business. The Group
has reinforced its risk analysis policies in order to be
better prepared to respond to the uncertainties and
vicissitudes that derive from adapting its activity to
the retraction in the domestic market, and is actively
searching for alternatives that boost its capacities.

10.
Soares
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114
da Costa
on the stock
exchange
115
Cais da Fontinha, Portugal (Soares da Costa Imobiliária)

Share Capital Representation
Pursuant to article 4, no. 3, of the By-laws, the
company’s share capital is represented by one
hundred and sixty million scriptural bearer shares,
with a par value of one Euro each, divided into two
categories of shares, reciprocally convertible through
a general meeting deliberation: a) one hundred and
fifty-nine million nine hundred and ninety-four
thousand four hundred and eighty-two (159,994,482)
ordinary shares; b) five thousand five hundred and
eighteen (5,518) preferred nonvoting share, but
with a preferential right to a dividend and to the
reimbursement of the respective nominal amount in
the event of the liquidation of the company.
Own Shares
In October 2011, the company informed the market,
through the CMVM internet site and through its own
website, and in terms of and for the purposes laid
down in article no. 248 of the Securities Code, that
it had renounced the liquidity contract celebrated on
21 September 2010 with Lisbon Brokers Sociedade
Corretora, S.A. (whose contractual position had, in the
meantime, been assumed by Banco L.J. Carregosa,
S.A). This termination took effect as from 31 December
2011. Consequently, and still considering transactions
carried out under the said contract, as disclosed on
11 January 2012, Grupo Soares da Costa held, at 31
December 2011, 507,292 own shares, corresponding
to 0.317% of its share capital.
Management Report | Grupo Soares da Costa, SGPS, SA
116
Dividends
As was proposed by the board of directors in the
shareholders general meeting held on 12 May 2011,
the distribution of a gross dividend of 0.0217 Euros per
ordinary share and of 0.05 Euros per preferred share
was approved. As was communicated on 27 May 2011,
the dividends were placed at the shareholders disposal
as from 13 June 2011, with the shares transacting on
the stock exchange without the right to the dividend as
from 8 June 2011.
Share Price Evolution
Grupo Soares da Costa’s stock price evolution was
negative for the second consecutive year, losing
circa 31.5% in 2011, following a drop of 55% in the
previous year. At 31 December 2011, each share of
Soares da Costa was worth 0.37 Euros, corresponding
to a market capitalization of approximately 59 million
Euros, versus the 86 million Euros at the end of the
previous year.
This drop reflects the very negative evolution of the
Portuguese share market as a whole (PSI20, the index
of reference, fell 28% in accumulated terms, and the
PSI General index, that the Group’s shares integrate,
fell circa 20% in 2011), with a strong increase in
risk aversion by investors in relation to the domestic
market in consequence of various facts (although all
of them intertwined): sovereign debt crisis, request
for international financial aid from IMF/ EU/ Central
European Bank, retraction of both the economy and the companies’ liquidity and the contraction of GDP.
Additionally, Soares da Costa’s share price evolution also reflects, specifically, the strong break in the activity
and in the expectations for the construction and infrastructure sector in Portugal.
An additional consequence of this recessive context for the Portuguese economy and for its companies, was
the very sharp drop in the liquidity of the share when compared to the previous year: the volume of shares
transacted fell by 64%, whilst the accumulated transacted value fell by 81% (already reflecting the previously
referred to share price drop). As a comparative reference, the accumulated transacted value of the companies
integrating the PSI20 index fell by 31% and that of the companies integrating the PSI Geral index fell by 30%.
Key Performance Indicators of Soares da Costa Share Price
117
Ordinary Shares 2011 2010 2009 2008 2007
Quotation at start of period (Euro) 0.54 1.19 0.63 2.09 0.69
Quotation at end of period (Euro) 0.37 0.54 1.19 0.63 2.09
Maximum quotation (Euro) 0.59 1.27 1.31 2.13 2.87
Minimum quotation (Euro) 0.27 0.49 0.49 0.58 0.69
No. shares transacted (million shares) 21.3 59.1 186.8 81.1 510.2
Accumulated amt. transacted shares (million Euros) 9.8 50.8 190.5 123.1 857.5
Source: Euronext.

EvOlUTION OF THE SOARES DA COSTA SHARE PRICE (EURO) AND DAIly TRANSACTED vOlUME (NUMBER OF SHARES)
0,65
0,60
0,55
0,50
0,45
0,40
0,35
0,30
0,25
1000.000
900.000
800.000
700.000
600.000
500.000
400.000
300.000
200.000
100.000
0
Font: Euronext.
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118
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

11.
Order
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120
book and
prospects
121
Sonangol’s laboratory, Angola (Sociedade de Construções Soares da Costa)

The construction sector is experiencing in Portugal,
we repeat, a very severe context: a climate of public
budget constraints, oversupply in the real estate
market, uncertainty and aversion to risk on the part
of private agents, shortage of finance and a negative
external perception as to the country’s solvability
conditions (ratings and devaluation of assets).
All these “springs” flowed into a very relevant break in
construction investment, conditioned the commercial
activity and revealed themselves in 2011, in
manifestations such as:
• General shortage of tenders, with the consequent
degradation of prices;
• Even greater stagnation of tenders launched in the
Madeira island;
• Suspension of the School Infrastructures Renovation;
• Suspension of the public private partnerships in road
infrastructure;
• Suspension of the expansion plans of the Lisbon and
Oporto underground transportation;
• Suspension of all new tenders for the high speed
railway network;
• Suspension of the new Lisbon Airport;
• Suspension of private projects in the offices
sub-segment;
• Postponement of private projects in the hotels
sub-segment.
Compounding the challenge even more is the minute
rate of decisions taken on tenders launched: the
Hospital Oriental de Lisboa, is currently in a deadlock,
and various other tenders in the domain of water
Management Report | Grupo Soares da Costa, SGPS, SA
122
supply and treatment have also been suspended.
The only positive note in terms of investment in
Portugal is the National Dam Plan, with various tenders
launched both by EDP as well as by Iberdrola. Despite
these prospects, no actual projects materialized in
2011 from Iberdrola, and EDP postponed the execution
of one of the dams tendered –Alvito dam.
Even so, some important adjudications were won
in 2011 amongst which we highlight: Bypass to
Madalena do Mar, 2nd phase, in Madeira, Fajã da
Ovelha – Ponte do Pargo Expressway (in consortium)
in Madeira, the Irrigation, Road and Drainage
infrastructure construction contracts of the Bloco
(Block) in Aljustrel and of Bloco (Block) 3 in Pedrogão,
the infrastructure construction of the Pestana Tróia
Resort, structural interventions in the Trofa and
Sortes Tunnels (Refer), the Moura-Safara adductor
(AGDA), the Hotel da Tocha (Hotel) for the client
World Hotel and Hotel Sana Evolution. With regard
to the subsidiary Contacto, reference is made to the
adjudication of a hotel unit in Praça da Ribeira, in
Oporto and the supermarket Continente Bom Dia, in
Ramalde, also in Oporto.
In terms of Sociedade de Construções Soares da
Costa’s international commercial activity, during 2011
the following occurred:
• Start-up of commercial activity in the African West
Coast, with the presentation on a series of bids in
Senegal and Gambia;
• Pre-qualification for a high velocity railroad network between Tangier and Kenitra, in Morocco, with effective
participation in various tenders;
• Presentation for various tenders in Oman, with an adjudication coming through after the year end;
• Maintenance of a high level of commercial activity in the Portuguese-speaking African countries where the
company maintains a traditional presence (Angola and Mozambique – with the widening and extension of the
effective activity to the geographic limits of these countries – and S. Tomé e Príncipe);
• Relevant steps to consolidate the presence, recently initiated, in Brazil.
123
In Angola, we highlight the adjudications of: Edifício Blue Plaza (Building), which will be one of the tallest
buildings in the centre of Luanda with 17 stories and 4 basements; the Luanda Sul Development, comprising
two residential buildings; the“Shopping Fortaleza” complex that is to grow next to the new waterfront bypass,
facing the bay of Luanda and integrating a seven-storied building for the promoter Sopros – Sociedade Angolana
de Promoção de Shoppings and, due to its representativeness considering the highly selective criteria imposed,
Soares da Costa’s entrance into the “universe” of Nestlé contractors/ suppliers, with the adjudication of a project
with a 9 month execution period and worth more than 6 million Dollars.
Evidencing the policy of expanding and widening the activity to the entire Angolan territory are the adjudication
of works in other regions outside the Luanda area, as is the case of namely, in Soyo (Bechtel – LNG Project:
Bairro Fina School), Benguela (BESA headquarters in Lobito), and Huambo (Cultural Centre of Huambo), that
were already started during the period.
Within the scope of infrastructure, the important project launched by the Direcção Nacional de Infraestruturas
Públicas of the Ministry for Urbanism and Construction of the Republic of Angola, for the requalification of the
“Municipality of Sambizanga and Encostas da Boa Vista”, in Luanda, partially in the ex-“Roque Santeiro” area
(encompassing the execution of the public rainwater drainage infrastructure, the construction of road accesses,
the assembly of power supply distribution and the public lighting network infrastructure), in an amount of 90
million Dollars (63 million Euros) and an execution period of 12 months, must be highlighted.
As to Clear Angola’s activity, this company had a good commercial performance during the year just ended,
that resulted from winning new projects in an amount of 4.9 thousand million Kwanzas (with electricity

Management Report | Grupo Soares da Costa, SGPS, SA
124
representing 67%, acclimatization 21% and hydraulics 12%). Amongst the projects won are the Torre do
1º Congresso (Tower) for BESA, the New Parking Lot Building to be executed by the consortium Namkwang/
Soares da Costa, the Empreendimento Residencial Talatona (Residential Development), in South Luanda, for the
consortium Hagen/Goecimenta and the Edifício Fénix (Building), for Somague.
In Mozambique, the level of adjudications and new contractings occurred at a reasonable pace. Reference
is made to the adjudication of various works for the set-up of various branches of Banco Único (Matota,
Sommerschield – Maputo and in Mica), the construction of the technical building and offices of TV Cabo in Beira
and the extension of Hotel Vip Inn Beira (2nd phase: new twin building). With the objective of increasing the
potential project universe, the activity is being extended to practically all the country, such that, at the end of
the period, the Group is present in the provinces of Maputo, Gaza, Inhambane, Sofala and Tete.
In the United States the highlight, in terms of the main commercial happenings, goes to the adjudication
of a project with the highest value in the history of the subsidiary Prince: the widening and reconstruction
of I-75/SR 93, in Tampa, Florida, a contract of 94.7 million Dollars, for the FDOT (Florida Department of
Transportation), with an execution period of 1,500 days and that consists of the reconstruction and widening
of 10 miles of the interstate motorway I-75 from SR56 to Fowler Avenue and 3 miles of road, including the
construction of 13 bridges.
In addition to this project, on 15 March 2011 Prince was announced project contractor for the construction of
the New Tampa Boulevard Bridge, in the city of Tampa, over the I-75 and that is to connect the New Tampa
Boulevard to Commerce Park, a 12.5 million Dollar project.
Cattlemen Road - Sarasota County announced, on 6 April 2011, Prince as the bidder with the lowest price for
the 14.5 million Dollar project relating to the construction of a new highway with 3 miles with an execution
period until January 2013, earthwork activities having already started.
Regarding US27 (SR25) X SR50 DB, the Prince-Atkins conception-construction team will carry out this project,
worth 20.8 million Dollars, with an execution period of 700 days, for District Five of the FDOT.
In summary, Prince’s commercial activity during 2011 allowed it to get works amounting to 142 million Dollars.
The company will continue focused on widening its geographical scope of activity, with the expansion into the
State of Texas and open to market opportunities within the scope of the so-called 3P projects (public private
partnerships) for which growth is expected in 2012, following an anaemic 2011 in this domain, with the
cancellation of several projects amongst which: Florida High-Speed Rail and Georgia’s West by Northwest, for
which the company was already qualified.
In Costa Rica, the local company is pre-qualified for the construction and supply of basic equipment for the
“Hospital de Trauma (Trauma Hospital)” in an amount of circa 60 million Dollars. The tender is expected to be
launched during 2012.
Additionally, in 2011 budgets were prepared for the reconstruction and extension of 28 bridges, in a global
amount of 7.6 million Dollars. The respective decisions are awaited, although, as of now, it is already known
that some of these projects will not carry on.
125
Together with Prince (consortium leader) and two local partners, the local company budgeted the extension and
rehabilitation work on National road no. 1, the Interamericana Norte road, section Cañas – Liberia, with
an length of 50 Km, in a global amount of circa 114 million Dollars, with the Group’s participation in the
consortium being 55%.
The subsidiaries in the railroad and maritime work segments with an activity of some relevance generally
focused on the North-African markets and we highlight, in 2011, the adjudication of an intervention project in
the Porto de La Guaira (Port), in Venezuela, in an amount in excess of 27 million Euros.

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126
In summary, the order book reflects the following composition:
ORDER BOOk AS OF 31 DECEMBER 2011 AND 2010
(Million Euros)
DEC-2011 % DEC-2010 % ∆ 2011/10
TOTAL 1,404.6 100.0 1,667.7 100.0 -15.8%
Portugal 482.6 34.4 720.6 43.2 -33.0%
Angola 467.0 33.3 446.4 26.8 4.6%
USA 201.7 14.4 197.3 11.8 2.2%
Mozambique 131.6 9.4 170.2 10.2 -22.7%
Romania - 0.0 7.2 0.4 -99.5%
S. Tomé & Príncipe 2.0 0.1 15.3 0.9 -86.6%
Costa Rica 43.4 3.1 43.5 2.6 -0.3%
Brazil 5.4 0.4 - - -
Algeria 38.1 2.7 53.7 3.2 -29.0%
Morocco 3.6 0.3 8.8 0.5 -59.0%
Cape verde 1.6 0.1 4.7 0.3 -66.2%
venezuela 27.6 2.0 - - -
Prospects and objectives for 2012
Within the scope of the implementation and execution of the strategic guidelines, the Group’s activity in 2012
will focus on the construction business and on the core geographies. Angola tends to dispute with Portugal the
status of first market in terms of turnover contribution to the Group. In the domestic market the Transmontana
motorway construction project will continue to assume a significant role. In the wake of 2011, the prospects
are for high activity levels in the United States and Mozambican markets. On the other hand, material growth is
expected in Brazil.
The challenges at profitability level require further efforts in structural cost reduction, particularly in the
domestic market.
In terms of debt, debt without recourse associated with the concession projects in progress is likely to expand,
but no new relevant investments are foreseen in the energy and environment business and in the real estate
area and, on the other hand, the Group will seek to sell, selectively and when opportune, non-strategic assets
with a fund generating/debt with recourse reduction potential.
127
Given a climate of greater uncertainty as to the economic variables, the production of prospective financial
information involves additional risks. Without prejudice to the recognition of the existence of exogenous factors,
that may be highly conditioning, the Group considers it reasonable to set as its turnover goal for 2012 an
amount of close to 900 million Euros, with the generation of an EBITDA of approximately 10%. The possible
change in the accounting model associated with the Beira Interior (Scutvias) motorway concession due to the
recent introduction of tolls and the possible change in the compensation in function of the availability of the
infrastructure may lead to a review of these amounts.

12.
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128
Subsequent
events
129
Bridge over Fervença’s River – Transmontana Highway (Sociedade de Construções Soares da Costa)

The accounts were approved by the Board of Directors
on 19 April 2012. As relevant facts occurring
subsequent to the date of reference of the accounts
and as per the privileged information communications
disclosed and brought to the public’s attention
through the CMVM site, the company informed:
// On 12 March 2012, that it had been informed,
through the concessionaire company “Elos – Ligações
de Alta Velocidade, S.A.” that the Court of Auditors had
refused to issued the formal approval on the concession
contract for the HVT Section Poceirão-Caia of the high
velocity train line between Lisbon and Madrid. The
Group’s subsidiary, Soares da Costa Concessões, SGPS,
SA, has a shareholding in that concessionaire company
of 16.304%. The concession, with a duration of 40
years, implied a total investment of 1,494,881,960
Euros, with an amount of 1,440,749,262 Euros for the
project, expropriation and construction, to be executed
by a joint venture “LGV– Engenharia e Construção
de Linhas de Alta Velocidade, ACE” led by Sociedade
de Construções Soares da Costa S.A., which is also a
subsidiary of the Group, with a shareholding of 17.25%
in the joint venture.
// On 28 March, of the adjudication to its subsidiary
Sociedade de Construções Soares da Costa, SA, of
works in the Oman Sultanate, that includes the
execution of the projects and construction work on
road infrastructure, contemplating road sections,
five overhead bypasses over road interchanges, and
associated infrastructure networks, to be executed
Management Report | Grupo Soares da Costa, SGPS, SA
130
in the area between the international airport of
Masqat and the Masqat expressway. The project
will be executed through a joint venture with a local
construction company, with Sociedade de Construções
Soares da Costa holding a 70% stake. This project,
worth 48 million Euros and with an execution period
of 654 days, represents the construction activity’s
expansion into a new market.
// On 3 April 2012, of the celebration of a contract
with its subsidiary Sociedade de Construções Soares
da Costa, SA, for the execution of the project and
construction of the social facilities of Angola LNG (1st
phase), in Soyo, in Angola. The project will be executed
in consortium with MSF, with Soares da Costa holding
a 50% stake. The project has an execution period of
36 months and the total adjudication amount is 252
million Dollars (189 million Euros).
131

13.
Proposal
for the
appropria-
tion of
results
Management Report | Grupo Soares da Costa, SGPS, SA
133
I75-BIBB County Road – Geórgia, USA (PRINCE)

The board of directors of the company Grupo Soares
da Costa, S.G.P.S., SA, taking into consideration
the present Financial Statements, propose to the
Shareholders, in accordance with that laid down
in paragraph f) of article 66 of the Commercial
Companies Code and the legislation applicable to
the distribution of corporate assets, namely articles
32 and 33 of the said Code, that the individual net
income of 877,727.62 Euros, earned by the company
during the period ended on 31 December 2011, be
appropriated as follows:
• To reserves (5% of the net income for the period) -
43,886.38 Euros;
• To dividends attributable to the preferred shares
(5,518x0.05) - 275.90 Euros;
• To retained earnings - 833,565.34 Euros.
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134
135

14.
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136
Statement
on the con-
formity of
the financial
information
(in terms of paragraph c) of no. 1 of article 245 of the Securities Code)
137
Pestana Hotel, S. Tomé & Príncipe (SDC S. Tomé e Príncipe)

The members of the Board of Directors, individually,
declare that to the best of their knowledge:
• The Consolidated Financial Statements, the
Individual Financial Statements and the other
documents comprising the accounts were prepared in
conformity with the accounting standards applicable,
presenting a true and fair view, in all materially
relevant aspects, of the assets and liabilities, of the
equity and of the consolidated and individual results of
the issuer;
• The Management Report accurately discloses
the evolution of the business, the performance and
the financial position both of the issuer and of the
companies included in the consolidation perimeter
and contains a description of the principal risks and
uncertainties which they face.
Management Report | Grupo Soares da Costa, SGPS, SA
138
139

15.
Management Report | Grupo Soares da Costa, SGPS, SA
140
Acknow-
ledgements
141
Cascais Inn, Portugal (Sociedade de Construções Soares da Costa)

On concluding this report on the activity carried
out during the 2011 economic period, the Board
of Directors takes this opportunity to express its
appreciation to all the public and private entities that,
directly or indirectly, have supported and cooperated
with the company and with the various entities in the
Soares da Costa universe. It is gratifying to highlight, in
particular, the relationship of trust with which clients,
suppliers and other business partners, namely financial
institutions, have honoured us.
To the members of the other corporate bodies, as
well as to our external and statutory auditors, we
acknowledge the manner and the rigor with which they
carried out their functions.
Finally, the high level of professionalism and sense of
duty demonstrated by the employees to the Group,
without whose efforts and dedication it would not
have been possible to create the value the company is
responsible for, merits a special mention.
Management Report | Grupo Soares da Costa, SGPS, SA
142
Porto, April 19, 2012
The Board of Directors,
Manuel Roseta Fino
António Manuel Pereira Caldas de Castro Henriques
Pedro Gonçalo de Sotto Mayor de Andrade Santos
Jorge Domingues Grade Mendes
Ana Maria Martins Caetano
António Manuel Formigal de Arriaga
António Pereira da Silva Neves
Carlos Moreira Garcia
José Manuel Baptista Fino
Martim Salema de Sande e Castro Fino
143

1. II
Annexes O Grupoto
the
management
Soares
Management Report | Grupo Soares da Costa, SGPS, SA
144
report da Costa
145

1.
Participations
Management Report | Grupo Soares da Costa, SGPS, SA
146
and tran-
saction of
members of
the corporate
bodies
(according to Article 9. Point a) and 14 no. 7 of Regulation
5/2008 of the CMvM)
147
Bridge over Sado’s River, Portugal (Socometal / Somafel)

Manuel Roseta Fino (Chairman of the board
of directors): Chairman of the board of directors of
Investifino – Investimentos e Participações SA. This
company held, as of January 1, 2011, 113,302,682
shares that correspondent to 70.8142% of the
capital, that maintained by December 31, 2011.
// Pedro Gonçalo de Sotto-Mayor de Andrade
Santos (Executive member of the board of directors):
Member of the board of directors of Investifino –
Investimentos e Participações SA. This company
held, as of January 1, 2011, 113,302,682 shares
that correspondent to 70.8142% of the capital, that
maintained by December 31, 2011.
// António Pereira da Silva Neves (Member of the
board of directors): Held by January 1, 2011, 13,220
shares, that maintained by December 31, 2011.
// Ana Maria Martins Caetano (Member of the board
of directors): Chairman of the board of directors of
Parinama – Participações e Investimentos, SA. This
company held, as of January 1, 2011, 17,600,00
shares that correspondent to 11.0000% of the capital,
that maintained by December 31, 2011.
// José Manuel Baptista Fino (Member of the board
of directors): Member of the board of directors of
Investifino – Investimentos e Participações SA. This
company held, as of January 1, 2011, 113,302,682
shares that correspondent to 70.8142% of the
capital, that maintained by December 31, 2011.
Annexes to the Management Report | Grupo Soares da Costa, SGPS, SA
148
The other members of the corporate bodies did
not hold, as of December 31, 2011, shares of the
company, and did not made any transactions on the
company's shares in 2011.
149

2.
Management Report | Grupo Soares da Costa, SGPS, SA
150
Qualified
share-
holdings
151
Urban Requalification of luanda Marginal Area, Angola (Sociedade de Construções Soares da Costa)

As of December 31, 2011 shareholders with qualified
shareholdings in the company were the following:
Annexes to the Management Report | Grupo Soares da Costa, SGPS, SA
152
Manuel Fino, SGPS, S.A. Number of shares % Capital % Voting rights (*)
Indirectly through Investifino - Investimentos e Participações SGPS, S.A. 113.302.682 70,814% 71,042%
TOTAL 113.302.682 70,814% 71,042%
PARINAMA - Participações e Investimentos, SGPS, S.A. Number of shares % Capital % Voting rights (*)
Directly 17.600.000 11,000% 11,035%
TOTAL 17.600.000 11,000% 11,035%
Santander Asset Management - Sociedade Gestora de Fundos de Investimento
Mobiliários, S.A.
Number of shares % Capital % Voting rights (*)
Indirectly through
Fundo Santander Ações Portugal 2.930.324 1,831% 1,837%
Fundo Santander PPA 312.634 0,195% 0,196%
TOTAL 3.242.958 2,027% 2,033%
(*) Considers 5,518 preferred non voting shares and 507,292 own shares held by December 31, 2011.
153

3.
Other legal
informations
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154
155
Catumbela Bridge, Angola (Sociedade de Construções Soares da Costa)

Debts to the State and Social Security
Pursuant to and for the purposes of art. 2 of
Decree-Law no. 534/80, November 7 and Article 21
of Decree-Law no. 411/91, dated October 17, we
state that Grupo Soares da Costa has no outstanding
debts to the state resulting from payment of taxes or
contributions to Social Security.
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156
157

4.
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Corporate
Governance
Report
159
Transmontana Highway, Portugal (Soares da Costa Concessões)

0. Statement of Compliance
In accordance with the Portuguese Securities and
Exchange Commission’s (CMVM) Code of Corporate
Governance (Reg. Nr. 1/ 2010):
0.1 lEGISlATION
Soares da Costa is subject to the Code of Corporate
Governance defined by CMVM, which is available in the
commission website www.cmvm.pt.
0.2 RECOMMENDATIONS' STATEMENT OF COMPlIANCE
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Recommendation Compliance Report's
Reference
I Shareholders' general meeting
I.1 Board of the shareholdings' meeting
I.1.1 The Chairman of the Board of the General Meeting shall have the necessary human and logistical
resources at his/her disposal. taking the company’s economic situation into account.
I.1.2 The remuneration of the Chairman of the Board of the General Meeting shall be disclosed in the
annual report on corporate governance.
I.2 Participation in the shareholder's meeting
I.2.1 The requirement for the Board to receive statements for share deposit or blocking for
participation at the general meeting shall not exceed 5 working days.
I.2.2 Should the general meeting be suspended. the company shall not compel share blocking during
the interim period until the meeting is resumed and shall then prepare itself in advance as
required for the first session.
I.3 Voting and exercising voting rights
I.3.1 Companies shall not impose any statutory restriction on postal voting and whenever adopted or
admissible. on electronic voting.
Adopted -
Adopted I.3
Adopted I.4
Adopted I.5
Adopted I.9
I.3.2 The statutory deadline for receiving early voting ballots by mail may not exceed three working days. Adopted I.11
I.3.3 Companies shall ensure the level of voting rights and the shareholder’s participation is
proportional. ideally through the statutory provision that obliges the one share-one vote
principal. The companies that: i) hold shares that do not confer voting right; ii) establish
non-casting of voting rights above a certain number. when issued solely by a shareholder or by
shareholders related to former. do not comply with the proportionality principle.
I.4 Resolution-fixing quorum
Adopted I.7
I.4.1 Companies shall not set a resolution-fixing quorum that outnumbers that which is prescribed by law. Adopted I.8
I.5 Minutes and information on resolutions passed
I.5.1 Extracts from the minutes of the general meetings or documents with corresponding content
must be made available to shareholders on the company’s website within a five day period after
the General Meeting has been held. irrespective of the fact that such information may not be
classified as material information. The information disclosed shall cover the resolutions passed.
the represented capital and the voting results. Said information shall be kept on file on the
company’s website for no less than a 3 year period.
I.6 Measures on corporate control
I.6.1 Measures aimed at preventing successful takeover bids. shall respect both the company’s and
the shareholders’ interests. The company’s articles of association that by complying with said
principal. provide for the restriction of the number of votes that may be held or exercised by a
sole shareholder. either individually or in concert with other shareholders. shall also foresee for a
resolution by the General Assembly (5 year intervals). on whether that statutory provision is to
be amended or prevails – without super quorum requirements as to the one legally in force – and
that in said resolution. all votes issued be counted. without applying said restriction.
I.6.2 In cases such as change of control or changes to the composition of the Board of Directors.
defensive measures shall not be adopted that instigate immediate and serious asset erosion in
the company. and further disturb the free transmission of shares and voluntary performance
assessment by the shareholders of the members of the Board of Directors.
II Board of Directors and Supervisory board
II.1 Genereal Issues
II.1.1 Structure and Duties
II.1.1.1 The Board of Directors shall assess the adopted model in its Annual Report on Corporate
Governance and pin-point possible hold-ups to its functioning and shall propose measures that it
deems fit for surpassing such obstacles.
II.1.1.2 Companies shall set up internal control and risk management systems in order to safeguard
the company’s worth and which will identify and manage the risk. Said systems shall include at
least the following components: i) setting of the company’s strategic objectives as regards risk
assumption; ii) identifying the main risks associated to the company’s activity and any events
that might generate risks; iii) analyse and determine the extent of the impact and the likelihood
that each of said potential risks will occur; iv) risk management aimed at aligning those actual
incurred risks with the company’s strategic options for risk assumption; v) control mechanisms
for executing measures for adopted risk management and its effectiveness; vi) adoption of
internal mechanisms for information and communication on several components of the system
and of risk-warning ; vii) periodic assessment of the implemented system and the adoption of
the amendments that are deemed necessary.
II.1.1.3 The Board of Directors shall ensure the establishment and functioning of the internal control
and risk management systems. The Supervisory Board shall be responsible for assessing the
functioning of said systems and proposing the relevant adjustment to the company’s needs.
II.1.1.4 The companies shall: i) identify the main economic. financial and legal risk that the company is
exposed to during the exercise of its activity; ii) describe the performance and efficiency of the
risk management system. in its Annual Report on Corporate Governance.
II.1.1.5 The Board of Directors and the Supervisory Board shall establish internal regulations and shall
have these disclosed on the company’s website.
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Adopted I.13 and I.14
Not applicable -
Adopted I.20
Adopted II.3
Adopted II.5. II.6 and II.9
Adopted II.6
Adopted II.9
Adopted II.7

II.1.2 Governance incompatibility and independence
II.1.2.1 The Board of Directors shall include a number of non-executive members that ensure the efficient
supervision. auditing and assessment of the executive members’ activity.
II.1.2.2 Non-executive members must include an adequate number of independent members. The size
of the company and its shareholder structure must be taken into account when devising this
number and may never be less than a fourth of the total number of Board Directors.
II.1.2.3 The independency assessment of its non-executive members carried but by the Board of
Directors shall take into account the legal and regulatory rules in force concerning the
independency requirements and the incompatibility framework applicable to members of other
corporate boards. which ensure orderly and sequential coherence in applying independency
criteria to all the company. An independent executive member shall not be considered as such. if
in another corporate board and by force of applicable rules. may not be an independent executive
member.
II.1.3 Elegibility and Appointment criteria
II.1.3.1 Depending on the applicable model. the Chairman of the Supervisory Board and of the Auditing
and Financial Matters Committees shall be independent and adequately competent to carry
out his/her duties.
II.1.3.2 The selection process of candidates for non-executive members shall be conjured so as to prevent
interference by executive members.
II.1.4 Policy on the reporting of irregularities
II.1.4.1 The company shall adopt a policy whereby irregularities occurring within the company are reported.
Such reports shall contain the following information: i) the means be which such irregularities may
be reported internally. including the persons that are entitled to receive the reports; ii) how the
report is to be handled. including confidential treatment. should it be required by the reporter.
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Adopted II.3 and II.14
Adopted II.3 and II.14
Adopted II.15
Adopted II.21 and II.22
Adopted II.16
Adopted II.35
II.1.4.2 The general guidelines on this policy shall be disclosed in the Annual Report of Corporate Governance. Adopted II.25
II.1.5 Remuneration
II.1.5.1 The remuneration of the Members of the Board of Directors shall be structured so that the formers’
interests are capable of being aligned ith the long-term interests of the company. Furthermore.
the remuneration shall be based on performance assessment and shall discourage taking on
extreme risk. Thus. remunerations shall be structured as follows: i) The remuneration of the Board
of Directors carrying out executive duties shall include a variable element which is determined
by a performance assessment carried out by the company’s competent bodies according to preestablished
quantifiable criteria. Said criteria shall take into consideration the company’s real
growth and the actual growth generated for the shareholders. its long-term sustainability and the
risks taken on. as well as compliance with the rules applicable to the company’s activity; ii) The
variable component of the remuneration shall be reasonable overall as regard the fixed component
of the remuneration and maximum limits shall be set for all components; iii) A significant part of
the variable remuneration shall be deferred for a period not less than three years and its payment
shall depend of the company’s steady positive performance during said period; (iv) Members of
the Board of Directors shall not enter into contracts with the company or third parties that will
have the effect of mitigating the risk inherent in the variability of the remuneration established
by the company; (v) The Executive Directors shall hold. up to twice the value of the total annual
remuneration. the company shares that were allotted by virtue of the variable remuneration
schemes. with the exception of those shares that are required to be sold for the payment of taxes
on the gains of said shares; (vi) When the variable remuneration includes stock options. the period
for exercising same shall be deferred for a period of not less than three years; (vii) The appropriate
legal instruments shall be established so that in the event of a Director's dismissal without
due cause. the envisaged compensation shall not be paid out if the dismissal or termination by
agreement is due to the Director’s inadequate performance; (viii) The remuneration of Non-
Executive Board Members shall not include any component the value of which is subject to the
performance or the value of the company.
II.1.5.2 A statement on the remuneration policy of the Board of Directors and Supervisory Board referred
to in Article 2 of law No. 28/2009 of 19 June. shall contain. in addition to the content therein
state. adequate information on: i) which groups of companies the remuneration policy and
practices of which were taken as a baseline for setting the remuneration ii) the payments for the
dismissal or termination by agreement of the Directors' duties.
Adopted in i). ii).
iv). vii) and viii).
and not applicable
in iii). v) e vi)
Not adopted
in i) and not
applicable in ii)
II.31. II.32 and
II.33
II.32 and II.33
II.1.5.3 The remuneration policy statement referred to in Article 2 of law No. 28/2009 shall also include
the directors' remunerations which contain an important variable component. within the
meaning of Article 248-B/3 of the Securities Code. The statement shall be detailed and the policy
presented shall particularly take the longterm performance of the company. compliance with the
rules applicable to its business and restraint in taking risks into account.
II.1.5.4 A proposal shall be submitted at the General Meeting on the approval of plans for the allotment
of shares and/or options for share purchase or further yet on the variations in share prices. to
members of the Board of Directors and Supervisory Board and other managers within the context
of Article 248/3/B of the Securities Code. The proposal shall mention all the necessary information
for its correct assessment. The proposal shall contain the regulation plan or in its absence.
the plan’s conditions. The main characteristics of the retirement benefit plans established for
members of the Board of Directors and Supervisory Board and other managers within the context
of Article 248/3/B of the Securities Code. shall also be approved at the General Meeting.
II.1.5.5. At least one of the Remuneration Committee’s representatives shall be present at the Annual
General Meeting for Shareholders.
II.1.5.6 The amount of remuneration received. as a whole and individually. in other companies of the
group and the pension rights acquired during the financial year in question shall be disclosed in
the Annual Report on Corporate Governance.
II.2 Board of Directors
II.2.1 Within the limits established by law for each management and supervisory structure. and unless
the company is of a reduced size. the Board of Directors shall delegate the day-to-day running
and the delegated duties shall be identified in the Annual Corporate
II.2.2 The Board of Directors must ensure that the company acts in accordance with its goals. and shall
not delegate its duties. namely in what concerns: i) definition of the company’s strategy and
general policies; ii) definition of the corporate structure of the group; iii) decisions taken that are
considered to be strategic due to the amounts. risk and particular characteristics involved.
II.2.3 Should the Chairman of the Board of Directors carry out executive duties. the Board of Directors
shall set up efficient mechanisms for coordinating non-executive members that can ensure that
these may decide upon. in an independent and informed manner. and furthermore shall explain
these mechanisms to the shareholders in the corporate governance report.
II.2.4 The annual management report shall include a description of the activity carried out by the non
executive board members and shall mention any restraints encountered.
II.2.5 The company shall expound its policy of portfolio rotation on the Board of Directors. including
the person responsible for the financial portfolio. and report on same in the Annual Corporate
Governance Report.
II.3 CEO. Executive Committee and Executive Board of Directors
II.3.1 When Managing Directors that carry out executive duties are requested by other Board Members
to supply information. the former must do so in a timely manner and the information supplied
must adequately suffice the request made.
II.3.2 The Chairman of the Executive Committee shall send the convening notices and minutes of the
meetings to the Chairman of the Board of the Directors and. as applicable. to the Chairman of
the Supervisory Board or the Auditing Committee. respectively.
II.3.3 The Chairman of the Executive Board of Directors shall send the convening notices and minutes
of the meetings to the Chairman of the General and Supervisory Board and to the Chairman of
the Financial Matters Committee.
II.4 General and Supervisory Board. Financial Matters Committee. Audit Committee and
Supervisory Board
II.4.1 Besides carrying out its supervisory duties. the General and Supervisory Board shall advise.
follow-up and carry out an on-going assessment on the management of the company by the
Executive Board of Directors. Besides other subject matters. the General and Supervisory Board
shall decide on: i) the definition of the strategy and general policies of the company; ii) the
corporate structure of the group; and iii) decisions taken that are considered to be strategic due
to the amounts. risk and particular characteristics involved.
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Adopted II.32 and II.33
Not applicable -
Adopted II.31
Adopted II.33
Adopted II.3
Adopted II.3
Not applicable -
Adopted II.3 and II.14
Adopted II.11
Adopted II.3
Adopted II.3 and II.12
Not applicable -
Not applicable -

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II.4.2 The annual reports and financial information on the activity carried out by the General and
Supervisory Committee. the Financial Matters Committee. the Auditing and Supervisory
Committee must be disclosed on the company’s website.
II.4.3 The annual reports on the activity carried out by the General and Supervisory Board. the
Financial Matters Committee. the Audit Committee and the Supervisory Board must include a
description on the supervisory activity and shall mention any restraints that they may have
come up against.
II.4.4 The General and Supervisory Board. the Auditing Committee and the Supervisory Board
(depending on the applicable model) shall represent the company for all purposes at the external
auditor. and shall propose the services supplier. the respective remuneration. ensure that
adequate conditions for the supply of these services are in place within the company. as well as
being the liaison officer between the company and the first recipient of the reports.
II.4.5 According to the applicable model. the General and Supervisory Board. Auditing Committee and
Supervision Board shall assess the external auditor on an annual basis and advise the General
Meeting that he/she be discharged whenever justifiable grounds are present.
II.4.6 The internal audit services and those that ensure compliance with the rules applicable to the
company (compliance services) shall functionally report to the Audit Committee. the General and
Supervisory Board or in the case of companies adopting the latin model. an independent director
or Supervisory Board. regardless of the hierarchical relationship that these services have with the
executive management of the company.
II.5 Special Committees
II.5.1 Unless the company is of a reduced size and depending on the adopted model. the Board of
Directors and the General and Supervisory Committees. shall set up the necessary Committees
in order to: i) ensure that a competent and independent assessment of the Executive Directors’
performance is carried out. as well as its own overall performance and further yet. the
performance of all existing committees; ii) study the adopted governance system and verify its
efficiency and propose to the competent bodies. measures to be carried out with a view to its
improvements; iii) in due time identify potential candidates with the high profile required for the
performance of director's duties.
II.5.2 Members of the Remuneration Committee or alike shall be independent from the Members of the
Board of Directors and include at least one member with knowledge and experience in matters of
remuneration policy.
II.5.3 Any natural or legal person which provides or has provided. over the past three years. services
to any structure subject to the Board of Directors. to the Board of Directors of the company or
that has to do with the current consultant to the company shall not be recruited to assist the
Remuneration Committee. This recommendation also applies to any natural or legal person who
has an employment contract or provides services.
Adopted II.4
Adopted II.4
Adopted II.4
Adopted II.4
Not adopted
Adopted II.1. II.36
Adopted II.38
Not adopted II.39
II.5.4 All the Committees shall draw up minutes of the meetings held. Adopted II.37
III Information and Auditing
III.1 General disclosure duties
III.1.1 Companies shall maintain permanent contact with the market thus upholding the principle of
equality for shareholders and ensure that investors are able to access information in a uniform
fashion. To this end. the company shall create an Investor Relations Support.
III.1.2 The following information that is made available on the company’s Internet website shall be
disclosed in the English language: a) The company. public company status. headquarters and
remaining data provided for in Article 171 of the Commercial Companies Code; b) Articles of
Association; c) Credentials of the Members of the Board of Directors and the Market liaison
Officer; d) Investor Assistance Unit – its functions and access means; e) Accounts Reporting
documents; f) Half-yearly Calendar on Company Events; g) Proposals sent through for discussion
and voting during the General Meeting; h) Notices convening General Meetings.
Adopted III.16
Adopted III.16
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III.1.3 Companies shall advocate the rotation of auditors after two or three
terms in accordance with four or three years respectively. Their
continuance beyond this period must be based on a specific opinion
for the Supervisory Board to formally consider the conditions of
auditor independence and the benefits and costs of replacement.
III.1.4 The external auditor must. within its powers. verify the
implementation of remuneration policies and systems. the efficiency
and functioning of internal control mechanisms and report any
shortcomings to the company's Supervisory Board.
III.1.5 The company shall not recruit the external auditor for services other
than audit services. nor any entity with which same takes part or
incorporates the same network. Where recruiting such services is
called for. said services should not be greater than 30% of the total
value of services rendered to the company. The hiring of these services must be approved by the
Supervisory Board and must be
expounded in the Annual Corporate Governance Report.
IV Confilcts of interest
IV.1 Shareholder relationship
Iv.1.1 Where deals are concluded between the company and shareholders
with qualifying holdings. or entities with which same are linked in
accordance with Article 20 of the Securities Code. such deals shall be
carried out in normal market conditions.
Iv.1.2 Where deals of significant importance are undertaken with holders
of qualifying holdings. or entities with which same are linked in
accordance with Article 20 of the Securities Code. such deals shall be
subject to a preliminary opinion from the Supervisory Board. The
procedures and criteria required to define the relevant level of
significance of these deals and other conditions shall be established
by the Supervisory Board.
Adopted III.18
Adopted -
Adopted III.17
Not applicable -
Not applicable -
0.3. OvERAll ASSESSMENT OF THE DEGREE OF ADOPTION OF RECOMMENDATION GROUPS RElATED TO EACH OTHER By TOPICS
In general. the company has adopted the recommendations. not existing groups of recommendations worth
mentioning in terms of adoption/ not adoption. In any case. the company does not completely agree with the
independence requirements. and does not consider the internal auditing and compliance services as supervisory
services. but as fundamental support services to the executive management. Furthermore. regarding
remunerations. the company believes that to have in the remuneration committee a member related with the
board of directors. although with non executive functions. is key to allow a more reasoned evaluation.

0.4. DIFFERENCES BETWEEN CMvM RECOMMENDATIONS AND
RECOMMENDATIONS THAT HAvE NOT BEEN COMPlIED WITH
OR THAT THE COMPANy CONSIDERS NOT TO BE APPlICABlE
Regarding recommendation II.1.2.2. the company
believes that the number doesn’t reflect the
intervention capacity of the independent members of
the boards; on the contrary. the current composition
of the board of directors adequately represents the
different interests of the company’s structure.
In what concerns recommendation II.1.5.2. the
company does not deem appropriate to publicly refer
to other companies.
In what concerns recommendation II.4.4. from the
current relationship between the financial committee
and the external auditor. results that the financial
committee does not have all the responsibilities
mentioned in that recommendation. and although
the financial committee has direct contact with the
external auditor. the company does not consider to be
applicable the requirement for the external auditor to
be proposed by the financial committee as well as its
remuneration. favoring an independent relationship
between these two supervision structures.
The company also disagrees with the
recommendation II.4.6. as we do not see as correct
that the internal audit depends on the external audit
or any corporate bodies other than the executive
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committee: the internal and external audit functions
are different and its field of actuation should not
be confused. what could be highly damaging to
the success of these missions; in fact. the internal
auditing services. as well as the risk management.
in a Group with an industrial nature. represent a key
tool to the executive management. both at a central
and at the business units levels. so. functionally.
these should depend on the executive management;
this should not prevent full availability to collaborate
or provide information to the non executive members
of the board and to members of the supervisory
board. as has always happened.
In recommendation II.5.2. we consider that the
interpretation of this recommendation is that the
independence relates to the executive committee
members which is why we have considered this
recommendation to be “adopted”. since the
remuneration committee is constituted by three
members. two of which are not related with the
company’s corporate bodies with the remaining being
a non executive member of the board of directors. in
fact. the recent legislation for this issue applicable to
financial institutions goes in the same direction.
I – General Meeting of Shareholders
I.1 AND I.2 IDENTIFICATION OF THE MEMBERS OF THE BOARD
OF THE GENERAl MEETING OF SHAREHOlDERS. BEGINNING
AND EXPIRATION DATES OF TERMS OF OFFICE
The board to the general meeting of shareholders is
constituted by the following members:
• Fernando Enes Gaião (chairman). term of office
beginning in April 2010 and ending in
31 December 2012;
• João Pessoa e Costa (secretary). term of office
beginning in April 2010 and ending in
31 December 2012.
I.3 INDICATION OF THE REMUNERATION OF THE CHAIRMAN OF
THE BOARD OF THE GENERAl MEETING OF SHAREHOlDERS
The remuneration attributed to the chairman of the
board of the general meeting of shareholders in 2011
amounted to 13.500 euros. The remuneration attributed
to the secretary of the board of the general meeting of
shareholders in 2011 amounted to 4.050 euros.
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I.4 INDICATION OF THE PRIOR NOTICE REQUIRED FOR THE
BlOCkING OF SHARES FOR PARTICIPATION IN THE
GENERAl MEETING
There is no blocking period. The exercise of the voting
rights and the shareholders representation are
regulated by the company’s bylaws. in accordance
with the legal framework. as described below.
As set out in article 8 - 1 of the company’s bylaws: “In
order to be entitled to vote. shareholders must have
evidence of registration of their shares in a book-entry
securities account no later than 5 business days prior to
the relevant meeting. and must provide evidence to the
company until 5 p.m. of the third business day prior to
the general meeting of shareholders”. For the purposes
of the preceding provision shares will be blocked from
the registration until the General Meeting is closed.
I.5 INDICATION OF THE RUlES FOR BlOCkING SHARES IN THE
EvENT OF THE GENERAl MEETING BEING SUSPENDED
In accordance with the current legal framework. there
is no blocking period. shareholders only need to (re)
prove their shares’ ownership.
I.6 NUMBER OF SHARES CORRESPONDING TO ONE vOTE
Each share corresponds to one vote.

I.7 INDICATION OF THE ARTIClES OF ASSOCIATION RUlES WHICH
ENvISAGE THE EXISTENCE OF ACTIONS THAT DO NOT CONFER
vOTING RIGHTS OR WHICH ENABlE vOTING RIGHTS OvER A
CERTAIN NUMBER NOT TO BE COUNTED. WHEN ISSUED By A
SINGlE SHAREHOlDER OR SHAREHOlDERS RElATED THERETO
The company’s share capital is represented by
160.000.000 nominal shares. 1 Euro each. of which
5.518 are preferred shares and 159.994.482 are
ordinary shares. In accordance with article 342-3
of the Companies Code. currently. preferred shares
do not carry voting rights. Soares da Costa shares
are listed in NYSE Euronext – Lisbon. There isn’t any
restriction/ limit to voting rights. when issued by a
single shareholder or shareholders related thereto.
I.8 THE EXISTENCE OF ARTIClES OF ASSOCIATION RUlES ON THE
EXERCISE OF vOTING RIGHTS. INClUDING CONSTITUTIvE AND
DECISION-MAkING QUORUMS OR SySTEMS FOR EQUITy RIGHTS
The article 10-1 of the company’s bylaws establishes
that:” The general meeting of shareholders is constituted
and can validly deliberate in a first session. when the
number of shareholders present or represented fulfils
the legal quorum requested. and. in a second session.
with any number of shareholders present or represented.
regardless of the share capital represented.
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I.9 THE EXISTENCE OF BylAWS RUlES ON THE EXERCISE OF
vOTING RIGHTS vIA POSTAl vOTING
Existing bylaw rules on the exercise of voting
rights:”Voting by correspondence may encompass
all matters contained in the notice. For this purpose.
shareholders with voting rights who wish to exercise
their vote via postal voting. in addition to fulfilling
all the conditions and deadlines stated above. must
address a communication to the chairman of the board
of the general meeting of shareholders up to 5 p.m.
on the business day immediately prior to the meeting.
accompanied by a sealed envelope containing their
clearly stated. unambiguous vote on each of the items
on the agenda with a legally acknowledged signature.
The envelopes containing the votes shall be opened
at the meeting at the voting time of each item of the
agenda. and shall be considered as votes against in
the case of proposals presented after that voting was
expressed”. These rules are always part of the general
meeting of shareholders’ notice.
I.10 PROvIDING A MODEl FOR THE RIGHT TO vOTE By MAIl
The documents to vote by correspondence shall be
requested to the company’s Investor Relations Office
(by telephone: +351 228 342 200. or by email:
apoio.investidor@soaresdacosta.pt).
I.11 EA DEADlINE REQUIREMENT FOR THE RECEIPT OF THE
POSTAl BAllOTS AND THE DATE ON WHICH THE GENERAl
MEETING IS HElD
The period of time implemented for receipt of
declarations of vote by mail is one business day prior
to the date of the general meeting of shareholders.
I.12 EXERCISE OF vOTING RIGHTS By ElECTRONIC MEANS
Currently. the possibility of voting by electronic
means is not available. as we believe that taking
into consideration the shareholders that are usually
present in the company’ general meeting. that
option does not bring any significant advantage.
Furthermore. we believe the physical attendance
should be encouraged. In the general meeting held
on May 12. 2011. the shareholders presented
represented 84.57% of the company’s share capital
compared to 81.82% in 2010’s general meeting.
I.13 POSSIBIlITy OF SHAREHOlDERS GAINING ACCESS TO
EXCERPTS FROM THE MINUTES OF THE GENERAl MEETINGS
IN THE COMPANy'S WEBSITE WITHIN FIvE DAyS AFTER THE
GENERAl MEETING WAS HElD
The minutes of the general meetings of shareholders
are available in the company’s website
(www.soaresdacosta.pt). In the same day of the
meeting. the main deliberations are disclosed and the
minutes are made available at the company’s website
as soon as they are finished and signed.
169
I.14 EXISTENCE OF A HISTORICAl RECORD ON THE COMPANy'S
WEBSITE WITH THE RESOlUTIONS PASSED AT THE COMPANy'S
GENERAl MEETINGS. SHARE CAPITAl AND vOTING RESUlTS
REFERRING TO THE PREvIOUS THREE yEARS
The general meetings’ minutes and lists of presences
remain available at the company’s website for at least
three years.
I.15 INDICATION OF THE REPRESENTATIvE(S) FROM THE
REMUNERATION COMMITTEE PRESENT AT GENERAl MEETINGS
At the last general meeting held on May 12. 2011. two
of the three members of the remuneration committee
were present.
I.16 INFORMATION OF THE INTERvENTION By THE GENERAl
MEETING ON MATTERS CONCERNING THE COMPANy'S
REMUNERATION POlICy AND THE ASSESSMENT OF THE
PERFORMANCE OF MEMBERS OF THE BOARD OF DIRECTORS
AND OTHER DIRECTORS
At the last general meeting. the remuneration
committee for the company’s corporate bodies
submitted a document explaining the remuneration
policy guidelines. as well as the criteria used in the
fixation of the remuneration amounts attributed to
corporate bodies’ members.

I.17 INFORMATION OF THE INTERvENTION By THE GENERAl
MEETING ON MATTERS CONCERNING THE PROPOSAl ON THE
SHARE AllOCATION PlAN. AND/OR STOCk OPTION PlANS.
OR BASED ON SHARE PRICE FlUCTUATIONS. TO MEMBERS
OF THE BOARD OF DIRECTORS. SUPERvISORy BOARD AND
OTHER DIRECTORS
During the last financial year didn’t exist nor were
planned any share option plans and therefore this
matter was not discussed in the company’s general
meeting.
I.18 INFORMATION OF THE INTERvENTION By THE GENERAl
MEETING ON MATTERS CONCERNING THE APPROvAl OF THE
MAIN FEATURES OF THE RETIREMENT BENEFIT SySTEM AS
ENJOyED By THE MEMBERS OF THE BOARD OF DIRECTORS.
SUPERvISORy BOARD AND OTHER DIRECTORS
The company does not have any pension benefit
systems or any early pension program to be enjoyed
by its directors and therefore this issue was not
addressed at the general meeting.
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170
I.19 EXISTENCE OF STATUTORy PROvISION THAT ENvISAGES
FOR A DUTy TO BE SUBJECT. AT lEAST EvERy FIvE yEARS.
TO A RESOlUTION By THE GENERAl MEETING. FOR THE
MAINTENANCE OR WITHDRAWAl OF THE STATUTORy
PROvISION PROvIDING FOR THE lIMITATION OF THE NUMBER
OF vOTES CAPABlE OF BEING HElD OR EXERCISED By A
SINGlE SHAREHOlDER INDIvIDUAlly OR TOGETHER WITH
OTHER SHAREHOlDERS
There is no statutory provision for the submission to
the general meeting of shareholders of a rule limiting
the votes held or exercised by a single shareholder or by
a group of shareholders in a combined way.
I.20 INDICATION OF THE DEFENSIvE MEASURES THAT HAvE
THE EFFECT OF AUTOMATICAlly CAUSING A SERIOUS ASSET
EROSION OF COMPANy ASSETS IN CASE OF TRANSFER OF
CONTROl OR CHANGES TO THE COMPOSITION OF THE BOARD
OF DIRECTORS
There are no agreements or measures related with
the change of control of the company’s capital
or with the composition of the corporate bodies
and therefore it does not exist any limit to shares’
transfer or to the shareholders’ discretion of the
board of directors’ performance.
I.21 IMPORTANT AGREEMENTS TO WHICH THE COMPANy IS
A PARTy AND THAT COME INTO FORCE. ARE CHANGED OR
TERMINATED IN CASES SUCH AS A CHANGE IN COMPANy
CONTROl. AND AlSO RElATED OUTCOME. UNlESS THE
DISClOSURE OF SAME. DUE TO ITS NATURE. IS HIGHly
DAMAGING TO THE COMPANy AND EXCEPT WHEN THE
COMPANy IS SPECIFICAlly OBlIGED TO DISClOSE SAID
INFORMATION By vIRTUE OF OTHER lEGAl REQUIREMENTS
There are no significant agreements entering into force
in the event of change in company control.
I.22 AGREEMENTS BETWEEN THE COMPANy AND THE BOARD
OF DIRECTORS THAT PROvIDE FOR COMPENSATION IN CASES
OF DISMISSAl. UNFAIR DISMISSAl OR TERMINATION OF
EMPlOyMENT FOllOWING A CHANGE IN COMPANy CONTROl
There are no agreements between the company
and the members of the management body that
provide for compensation in cases of dismissal. unfair
dismissal or termination of employment following a
change in company control.
171
II - Board of Directors and Supervisory Board
Section I – General Issues
II.1 IDENTIFICATION AND COMPOSITION OF CORPORATE
BOARDS AS OF DECEMBER 31. 2011
General Meeting Board (2010-12)
Fernando Enes Gaião (Chairman)
João Pessoa e Costa (Secretary)
Board of Directors (2010-12)
Manuel Roseta Fino (Chairman)
António Manuel Pereira Caldas Castro Henriques
(Executive Committee. Chief Executive Officer)
Pedro Gonçalo de Sotto-Mayor de Andrade Santos
(Executive Committee)
Jorge Domingues Grade Mendes (Executive Committee)
António Manuel Formigal de Arriaga (Non executive.
Independent)
António Pereira da Silva Neves (Non executive)
Carlos Moreira Garcia (Non executive. Independent)
José Manuel Baptista Fino (Non Executive)

Martim Salema de Sande e Castro Fino (Non executive)
PARINAMA - Participação e Investimentos. SGPS. S.A..
pessoa coletiva nº 509 016 987. que nomeou Ana
Maria Martins Caetano para exercer o cargo em nome
próprio (Non executive)
Supervisory Board (2010-12)
Júlio de Lemos de Castro Caldas (Chairman)
Carlos Pedro Machado de Sousa Góis
Joaquim Augusto Soares da Silva
Júlio de Jesus Pinto (Substitute)
Chartered Account (2010-12)
Grand Thornton Associados. SROC. Lda. representada
por Jorge Bento Martins Ledo
Remuneration Committee (2010-12)
José Manuel Baptista Fino (Chairman)
António Jorge Gonçalves Afonso
João Pessoa e Costa
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172
This composition reflect the changes that occurred
in the board of directors’ composition during 2011:
following the resignation letter as of June 28. 2011
of Mr. Pedro Manuel Almeida Gonçalves as a member
of the board of directors. with effect from August 30.
onwards. the board of directors decided at a meeting
held on that date to name Mr. António Manuel Pereira
Caldas de Castro Henriques as the chairman of the
executive committee. The board also decided to co-opt
as a member of the board. Mr. Jorge Domingues Grade
Mendes. who integrated the executive committee.
Therefore. since August 30. the composition of the
executive committee is the following: Mr. António
Castro Henriques (chairman). Mr. Gonçalo Andrade
Santos and Mr. Jorge Grade Mendes (members).
II.2 IDENTIFICATION AND COMPOSITION OF SPECIAl
COMMITTEES ESTABlISHED WITH RESPONSIBIlITIES FOR THE
MANAGEMENT OR THE SUPERvISION OF THE COMPANy
There are no other special committees established
with responsibilities in matters of corporate
management or supervision. besides the committees
mentioned in II.1.
II.3 ORGANISATIONAl STRUCTURE AND FUNCTIONAl CHART RElATING TO THE DIvISION OF POWERS AMONG THE vARIOUS
BOARDS. COMMITTEES AND/OR DEPARTMENTS WITHIN THE COMPANy. INClUDING INFORMATION ON THE SCOPE OF THE
DElEGATION OF POWERS
The following organigram shows the company’s organisation model. identifying the heads of the divisions:
Management
Control and
Strategic
Planning Unit
Conceição Vaz
Sousa
Corporate
Governance
Committee
Internal
Audit & Risk
Management
Sandra Paredes
173
Corporate Governance
Chairman
Manuel Roseta Fino
6 Non Executive members
and 3 Executive members
Executive Committee
Report and
Tax Unit
Fernando
Semana
Secretary
General
António Frada
Legal Oce
Jorge Alves
Company
Secretary
Jorge Alves
Pedro Queirós
(substitute)
Investor
Relations
Oce
Rita Carles
Communication,
Sustainability
and
Organizational
Change
Rita Nunes Pinto

The company’s operational structure is stated in the
management report. with the Group’s subsidiaries’
being represented by its logo. Furthermore. there is
also an operational structure before the notes to the
consolidated financial accounts that illustrates the
subsidiaries’ structure. also indicating the group’s
stake (%) in each company and the consolidation
method used.
The company’s management is exercised by an executive
committee constituted by three members of the board
of directors. in which the board of directors has delegated
all the management responsibilities. except for the
responsibilities mentioned in the article 406 a) to d). f).
l) and m) of the Companies Code; also under the board
of directors’ authority is the approval of the Group’s
strategy and all the decisions that. by its amount of risk.
assume a strategic nature. as well as structural changes.
The executive committee. although deciding in a
collegial way. guided by the CEO. monitors the
company’s operational activity. and preferential
business areas are divided among its three members:
• António Manuel Pereira Caldas Castro Henriques
– institutional representation and investors relations.
management control and strategic planning. human
resources. legal. corporate communication and
marketing. suppliers. real estate business area. and all
matters related to the concessionaire Elos - Ligações
de Alta Velocidade. S.A;
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174
• Pedro Gonçalo de Sotto-Mayor de Andrade
Santos – shared services. . reporting and tax
issues. concessions business area. environment &
energy business area. and all matters related to the
concessionaire Auto-Estradas XXI. S.A.;
• Jorge Domingues Grade Mendes – construction
business area.
The remaining non executive members of the board
of directors are informed of the decisions and issues
discussed by the executive committee. being also
reported the company’s operational performance. with
the possibility of submitting to the board of directors
any matter/issue that has been discussed by the
executive committee.
The board of directors currently has ten members. seven
of which are non executive. including the chairman.
Regardless of the delegated responsibilities. the
non executive members monitored the executive
committee performance. having access to all the
matters/ issues and being totally at ease to ask for
additional information on the decisions taken. On the
other hand. the non executive members had a word
on the approval of the company’s most significant
documents. having total access to the information/
data they believe is important to their monitoring
function. accompanying and verification of the
compliance with the company’s strategy set out.
There were no constraints on the performance of
nonexecutive directors.
Two of the non executive members of the board of
directors are independent. as defined by the CMVM
recommendations. We believe that the independence
criteria should be based on a relative positioning
regarding the shareholders. and should also take into
consideration the executive committee’s composition.
The company’s management. of which the executive
committee is in charge – should follow the company’s
superior interests. and should be run by professional
managers. with no relation to the shareholders.
The shareholders’ representation within the board
of directors is mainly carried out by non executive
members. In this context. two of the members of
the executive committee do not have a relation with
the shareholders with qualifying positions and four
of the current seven non executive members have a
relation with shareholders with qualifying positions.
The responsibility of monitoring the company’s
management is handed to the non executive
members and to the supervisory board. constituted
by independent members. as established in the
Portuguese Law.
175
II.4 REFERENCE TO THE ANNUAl REPORTS ON THE ACTIvITIES
UNDERTAkEN By THE GENERAl AND SUPERvISORy BOARD. THE
FINANCIAl BOARD. THE AUDIT BOARD AND THE SUPERvISORy
BOARD INClUDING THE DESCRIPTION OF THE SUPERvISORy
ACTIvITy AND INDICATING ANy RESTRAINTS FOUND. AND
BEING SUBJECT TO DISClOSURE ON THE WEBSITE OF THE
COMPANy. TOGETHER WITH THE FINANCIAl STATEMENTS
The supervisory board. the chartered accountant and
the external auditor reports are released annually with
the company’s management report and accounts. The
supervisory board report describes the supervision
activity of the committee and eventual restraints
found. The supervisory board has a direct contact with
the company’s services and with the external auditor.
The choice of the external auditor can be proposed
by the supervisory board even though nothing is
stipulated in that sense; in fact. we believe that when
changing the external auditor. the supervisory board
intervention is not justifiable. as we believe that since
there are several supervision units (supervisory board.
chartered accountant and external auditor) these
should be independent between them. Nevertheless.
the supervisory board can evaluate the external
auditor work. and even purpose its dismissal. This
supervision activity is approved at the general meeting
of shareholders.

II.5 DESCRIPTION OF THE COMPANy'S INTERNAl CONTROl
AND RISk MANAGEMENT SySTEMS. PARTICUlARly WITH
REGARD TO FINANCIAl REPORTING AND THE FUNCTIONING
AND EFFECTIvENESS THEREOF
In the dependence of the executive committee. but
coordinated by the secretary-general. there are some
support and consultancy units that are transversal
to the entire Group: legal. management control and
strategic planning. investor relations. report and tax
and communication. sustainability and organization
change. Besides the control and auditing services
that exist in each business area. the company has
a corporate governance committee. constituted by
the secretarygeneral (chairman). the legal officer. the
investor relations officer. a member of the remuneration
committee. an operational officer and a senior technical
worker. that reflects on the company’s corporate
governance policy and presents proposals in these
matters. On the other hand. as the company is a
holding. the risk committees are structured at the
subsidiaries level. At the holding level. there is an unit
that promotes risk control strategies. defines the general
policies and the responsibility terms and monitors its
implementation. The financial information is released
internally to all of the officers. taking into consideration
their operational area. audited by the external auditor.
by the chartered accountant and by the supervisory
board when applicable.
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176
II.6 RESPONSIBIlITy OF THE BOARD OF DIRECTORS AND THE
SUPERvISORy BOARD IN ESTABlISHING AND OPERATING THE
COMPANy'S INTERNAl CONTROl AND RISk MANAGEMENT
SySTEMS. AND AlSO IN ASSESSING SAID SySTEM'S
FUNCTIONING AND ADAPTATION TO THE COMPANy'S
REQUIREMENTS
The board of directors was responsible by the internal
control and management system. The supervisory
board has direct access to the management control and
risks’ monitoring services. also having the responsibility
to evaluate theses systems. and may propose their
adjustment to the needs of the company.
II.7 INDICATION OF THE EXISTENCE OF REGUlATIONS ON
THE FUNCTIONING OF THE CORPORATE BOARDS OR OTHER
INTERNAlly DEFINED RUlES ON INCOMPATIBIlITy AND
THE MAXIMUM NUMBER OF POSITIONS THAT A MEMBER IS
ENTITlED TO HOlD AND THE PlACE WHERE SAID RUlES MAy
BE CONSUlTED
The board of directors and the supervisory board have
internal operation regulations. that are available at the
company’s internet site.
Section II – Board of Directors
II.8 THE PROFESSIONAl QUAlIFICATIONS OF THE MEMBERS OF
THE BOARD OF DIRECTORS, THE PROFESSIONAl ACTIvITIES
CARRIED OUT By SAME DURING THE lAST FIvE yEARS AT
lEAST, THE NUMBER OF COMPANy SHARES THEy HOlD, THE
DATE OF THE FIRST APPOINTMENT AND THE DATE OF THE END
OF MANDATE
The chairman of the board of directors does not
perform any executive duties.
II.9 IDENTIFICATION OF THE MAJOR ECONOMIC. FINANCIAl
AND lEGAl RISkS TO WHICH THE COMPANy IS EXPOSED IN
PURSUING ITS BUSINESS ACTIvITy
Soares da Costa Group has a diversified activity.
operating in several business areas and geographical
markets. Therefore. the company is exposed to
different risks which can be classified as follows:
Business risks
• Operational risks: risks that can affect the efficiency
of the operational performance. the customers
satisfaction and the Group companies’ reputation;
• Integrity risks: risks related with internal and external
fraud to which the Group companies’ might be exposed;
• Human resources and management risks: risks
related with management. officers. authority limits.
delocalization. and adaptation to local markets. etc.
• Financial risks: risks related with the foreign exchange
rate variations. interest rate. liquidity risks and credit risks.
177
Information risks
• Operational. financial and strategic evaluation
information.
Context risks
• Competition;
• Tax. legal framework. economic and political context;
• Regulation and changes in the sector profile.
From an organizational point of view. in 2011
important steps were given towards the change in
the risk management and analysis system. In fact.
within the corporate centre context. and therefore with
transversal competence to all the Group. was created a
Risk Analysis and Management Unit. having as goal to
assure the efficiency and effectiveness of the Group’s
operations. the safeguarding of assets. the reliability
of financial reporting and the compliance with laws
and regulations.
The risk analysis is assured by the Group’s several
corporative units. The risks are identified and a
prioritization is made of the risks classified as most
critical (determined through the combination of the
probabilities of occurrence and potential impact) and
are defined Risk Management strategies to implement
control procedures reduce risks to an acceptable
level. In this sense. the Group has been implementing
control activities that allow risks’ mitigation. The goal
is to maximize the trade-off between the risks and

the businesses’ margins; so that the Group’s strategic
goals are achieved. in a sustainable way.
This matrix is born from the strategic plan being
implemented. from the targets defined. from the
type of activity and from the preferred countries was
a stable intervention is developed. Afterwards. and
taking into consideration these general guidelines.
a set of parameters if defined to orient the strategic
goals of risk assumption and all the monitoring to
check compliance between the risks effectively incurred
and those goals.
In order to evaluate and monitor. through the internal
organisation. the company’s different management
areas (Business Development. Finance. Management
Control. Human Resources. Legal. etc.) identify and
evaluate he risks associated with their decisions. in
their intervention and competence areas. involve and
list the measures that prevent or minimize these
risks. Taking into consideration this analysis. critically
monitored by the Central Unit. decisions regarding
the operational activity. project or country are taken.
namely the decision to contract or not. and the
eventual contract conditions.
Risk management and analysis system is an
interactive process. that that runs through all
phases of a project. since its potential launch. in
pure prospection phase. to its epilogue. when all the
responsibilities related with that project are extinct.
In its evolution. some essential milestones rose in an
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178
enlarged decision making process. both to evaluate its
the potential risks and the way to address them fit the
strategic profile defined. and to investigate whether
the mechanisms and control procedures are being
observed and if they are appropriate.
For its adequate management. were created
procedures with detailed information. with contents
appropriated to each phase. that will allow the timely
monitoring of the several features and acting upon
the occurrences. All the process is open to revision
and improvement contributions. that any structure
proposes and it is object of reflection and periodic
evaluation involving either support services or
operational areas.
The main goal of the capital risk management in
Soares da Costa Group is to safeguard the Group’s
operations continuity and therefore. assure
shareholders’ return and benefits for the remaining
stakeholders. to maintain a solid capital structure to
support the business’ development. The Group has
reinforced its risk analysis policy in order to be more
able to answer to the uncertainties and features that
arose from its activity’s adaption to the domestic
market contraction. with the consequent search for
alternatives that may enhance our skills.
II.10 POWERS OF THE BOARD OF DIRECTORS. PARTICUlARly
WITH REGARD TO RESOlUTIONS CONCERNING CAPITAl
INCREASE
In this regard. the board of director is empowered by
general law. Additionally. the Group’s bylaws establish
that the board of directors is allowed to deliberate
capital increase operations. through contributions in
cash. up to 320.000.000.00 euros.
II.11 THE INFORMATION ON THE ROTATION POlICy OF
THE BOARD OF DIRECTORS’ FUNCTIONS. NAMEly AS TO
THE FINANCIAl RESPONSIBIlITy DIvISION AND THE RUlES
APPlICABlE TO THE APPOINTMENT AND REPlACEMENT
OF MEMBERS OF THE BOARD OF DIRECTORS AND OF THE
SUPERvISORy BOARD
After a temporary adaption period. and to the 2010-
12 period. the company has once again a member as
the chief financial officer (CFO). while in the previous
period. two members of the board shared this
function. one of which is now a non executive member
of the board. Therefore. the rotation of the CFO
occurred in the beginning of this term.
However. there is not a rule specifically referring
a rotation policy. and therefore. this rotation will
depend upon several conditions. namely the particular
characteristics of the function such as external
exposure. human and intellectual experience which
shall not be neglected. always bearing in mind the
Group’s financial performance and the shareholders
179
interests. Being planned an evaluation at the end of
the term. the future rotation will depend upon several
conditions. namely the particular characteristics of
the function such as external exposure. human and
intellectual experience which shall not be neglected.
always bearing in mind the Group’s financial
performance and the shareholders’ best interests.
II.12 THE NUMBER OF MEETINGS HElD By THE BOARD OF
DIRECTORS AND THE SUPERvISORy BOARD AS WEll AS
REFERENCE TO THE MINUTES
OF SAID MEETINGS
The board of director meets regularly on a quarterly
basis. but extraordinary meetings can happen by
suggestion of any of its members. During 2011. the
board of directors met nine times. with an average
participation above 97%. The chairman of the
supervisory board also often attends the board of
directors’ meetings. In 2011. the supervisory board
met eight times with a participation of 100% of its
members. Minutes from both the board of directors
and the supervisory board meetings are taken. and the
minutes from the board of directors meetings are also
sent to the supervisory body chairman.

II.13 THE NUMBER OF MEETINGS HElD By THE EXECUTIvE
COMMITTEE OR By THE EXECUTIvE BOARD OF DIRECTORS. AS
WEll AS REFERENCE TO THE DRAWING UP OF THE MINUTES
OF THOSE MEETINGS AND WHENEvER APPlICABlE. THE
SUBMISSION OF SAME WITH THE CONvENING NOTICES TO THE
CHAIRMAN OF THE BOARD OF DIRECTORS. THE CHAIRMAN OF
THE SUPERvISORy BOARD OR OF THE AUDIT COMMITTEE. THE
CHAIRMAN OF THE GENERAl AND SUPERvISORy BOARD AND
TO THE CHAIRMAN OF THE FINANCIAl MATTERS COMMITTEE
The executive committee convened twenty and none
times during 2011. with a 100% attendance of its
members. A minute of each meeting is taken. being
also sent to the non executive members of the board
of directors. including to the chairman of the board
of directors and to the chairman of the supervisory
board. In general. no notices of meeting are issued
to the executive committee meetings since they are
scheduled in advance for the entire year. being this
calendar released to its members and to those entities.
II.14 DISTINCTION BETWEEN EXECUTIvE AND NON-EXECUTIvE
MEMBERS AND AMONG THESE. DIFFERENTIATING THOSE
MEMBERS THAT WOUlD COMPly IF THE INCOMPATIBIlITy
RUlES WERE TO BE APPlIED (ARTIClE 414-A/1 OF THE
COMMERCIAl COMPANIES CODE. EXCEPT FOR ITEM /B AND
THE INDEPENDENCy CRITERIA PROvIDED FOR IN ARTIClE
414/5. BOTH OF THE COMMERCIAl COMPANIES CODE)
Seven of the current ten members of the board of
directors have non executive functions: Manuel
Roseta Fino. António Manuel Formigal de Arriaga.
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180
António Pereira da Silva Neves. Carlos Moreira
Garcia. José Manuel Baptista Fino. Martim Salema de
Sande e Castro Fino. and PARINAMA - Participação e
Investimentos. SGPS. S.A. that designated Ana Maria
Martins Caetano. Manuel Roseta Fino. José Manuel
Baptista Fino. Martim Salema de Sande e Castro Fino.
PARINAMA - Participação e Investimentos. SGPS. S.A.
that designated Ana Maria Martins Caetano. and
António Pereira da Silva Neves are not considered
independent members. according to the article
414-5 of the Corporate Code’s definition. as they are
members of the board designated by shareholders
with a qualified shareholding or because they have
been elected by more than 2 times. The three first
members of the board mentioned also do not comply
with the incompatibility rules of article 414 -1 d) and
h) of theCorporate Code. António Manuel Formigal de
Arriaga and Carlos Moreira Garcia are independent
members of the board of directors and comply with
the incompatibility rules as defined in the above
mentioned article.
II.15 A DESCRIPTION OF THE lEGAl AND REGUlATORy RUlES
AND OTHER CRITERIA THAT HAvE BEEN USED AS A BASIS FOR
ASSESSING THE INDEPENDENCy OF ITS MEMBERS CARRIED
OUT By THE BOARD OF DIRECTORS
The independence evaluation was done based on the
article 414-5 of the Corporate Code.
II.16 A DESCRIPTION OF THE SElECTION RUlES FOR
CANDIDATES FOR NON-EXECUTIvE MEMBER POSITIONS AND
THE WAy IN WHICH EXECUTIvE MEMBERS REFRAIN FROM
INTERFERING IN THE SElECTION PROCESS
The selection of non executive board members is done
by the shareholders. without any intervention from
the executive members of the board of directors.
II.17 REFERENCE TO THE FACT THAT THE COMPANy’S ANNUAl
MANAGEMENT REPORT INClUDES A DESCRIPTION ON THE
ACTIvITy CARRIED OUT By NON-EXECUTIvE MEMBERS AND
POSSIBlE OBSTAClES THAT MAy BE DETECTED
The management annual report. which includes this
corporate governance report. has a brief description
of the non executive members’ activity. including
eventual constraints to their activity found during the
year. As already mentioned. there were no constraints
on the performance of non-executive members.
181
II.18 QUAlIFICAçõES PROFISSIONAIS DOS MEMBROS
DO CONSElHO DE ADMINISTRAçãO. A INDICAçãO DAS
ATIvIDADES PROFISSIONAIS POR SI EXERCIDAS. PElO
MENOS. NOS úlTIMOS CINCO ANOS. O NúMERO DE AçõES
DA SOCIEDADE DE QUE SãO TITUlARES. DATA DA PRIMEIRA
DESIGNAçãO E DATA DO TERMO DE MANDATO
Manuel Roseta Fino
(Chairman of the board of directors)
Attendance of the Sciences College in the
Universidade Clássica de Lisboa. Designated to
the office for the first time on 12-Oct-2006. Term
of office expires on 31-Dec-2012. By 31-Dec-
2011 held. through Investifino –Investimentos e
Participações. SGPS. S.A. (of which is Chairman).
113.302.682 of shares of the company.
António Manuel Pereira Caldas Castro Henriques
(Chairman of the executive committe)
Graduation in Management in IX Dauphine Paris
University; MBA in Universidade Nova de Lisboa.
Member of the board of directors of Banco Comercial
Português between June 1995 and January 2008.
Designated non executive member of Soares da Costa
Group for the first time in Apr-2008. being a member
of the executive committee since 26-Apr-2010. and
chairman of the executive committe since 31-Aug-
2011. Term of office expires on 31-Dec-2012. By
31-Dec-2011. did not hold any share of the company.

Pedro Gonçalo de Sotto-Mayor de Andrade Santos
(Executive member of the board of directors)
Graduation in Management in Universidade Católica
de Lisboa. Post-graduation in Real Estate in ESAI.
Several functions in Fino Group: chairman of the
board of Gameinvest. S.A.. member of the board of
directors of Deéssepor. S.A.. Snucker-Confecções. S.A..
Fino Participações SGPS. S.A.. Carfino SGPS. S.A. and
Investifino – Investimentos e Participações. SGPS. S.A..
Member of the board of directors of the company since
Oct-2006. by ratified cooptation in 22-May-2007 and
member of the executive committee since 31-Jan-
2008. Term of office expires on 31-Dec-2012. By
31-Dec-2011. held. through Investifino – Investimentos
e Participações. SGPS. S.A. (of which is a member of the
board). 113.302.682 of shares of the company.
Jorge Domingues Grade Mendes
(Executive member of the board of directors)
Graduation in Civil Engeneering by Instituto Superior
Técnico de Lisboa. Head of Production and Technical-
Commercial of ENGIL – Sociedade de Construção Civil.
S.A.. Member of the board of directors of A. Silva &
Silva - Sociedade Gestora de Participações Sociais. S.A..
Chief Executive Officer of da Sopol - Sociedade Geral
de Construções e Obras Públicas. S.A. (Group A. Silva &
Silva). Member of the board of directors of Opca - Obras
Públicas e Cimento Armado. S.A. and Chief Executive
Officer of Opway Engenharia. S.A. between 2008 and
2011. Executive member of the board since 31-Aug-
2011. Term of office expires on 31-Dec-2012. By
31-Dec-2011. did not hold any share of the company.
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182
Ana Maria Martins Caetano
(Non executive member of the board of directors)
Graduation in Law in Universidade Católica
Portuguesa. From 1984 to 2010. was a member of
the board of directors of several companies of Salvador
Caetano Group. namely at Grupo Salvador Caetano
SGPS. S.A. and Toyota Caetano Portugal. S.A.. Founder
and chairman of the board of directors of PARINAMA
– Participações e Investimentos. SGPS. S.A. though
which held. by 31-Dec-2011. 17.600.000 shares
of the company. Designated to the office for the
first time on 26-Apr-2010. Term of office expires on
31-Dec-2012.
António Manuel Formigal de Arriaga
(Non executive member of the board of directors)
Graduation in Economics in Universidade Católica
Portuguesa. From 1996 to October 2010 was
a member of the board of directors of Papelaria
Fernandes Lojas. S.A.. Fernandes Converting –
Transformação de Papel. S.A.. Fernandes Técnica
– Desenho e Reprodução. S.A.. Printima. Impressão
e Tratamento de Imagens. S.A. and of Transfer –
Sociedade de Transportes. S.A.. offices that have
terminated with these companies’ bankruptcy process.
Designated to the office for the first time on 26-Apr-
2010. Term of office expires on 31-Dec-2012. By
31-Dec-2011. did not hold any share of the company.
António Pereira da Silva Neves
(Non executive member of the board of directors)
LGraduation in Economics and Finance in Universidade
do Porto. Designated for the first time in May 2008.
Works in Soares da Costa Group since 1980 as a
Financial Manager. Executive member of the board of
directors since 1998. become non executive in 26-Apr-
2010. Term of office expires on 31-Dec-2012. By
31-Dec-2011. held 13.220 shares of the company.
Carlos Moreira Garcia
(Non executive member of the board of directors)
Diplomat carrier preparation course and “Altos
Estudos” course in Instituto Rio Branco. Certified by
Georgetown University as Fellow in Foreign Service.
Diplomat since 1970. Assumed several offices in the
Brazilian Foreign Relations State department. namely
Brazilian ambassador in Madrid (Spain). Amongst
other functions. currently is member of the executive
committee of the Euro-América Foundation. Chairman
of the corporate board of the Rio de Janeiro’s Iberian-
American Trade Commerce. Designated to the office
for the first time on 26-Apr-2010. Term of office
expires on 31-Dec-2012. By 31-Dec-2011. did not
hold any share of the company.
José Manuel Baptista Fino
(Non executive member of the board of directors)
Attendance of Business Studies in Northeast London.
Amongst other function at Fino Group. is member
of the board of directors of Cimpor – Cimentos de
Portugal. S.A.. Is a non executive member of the board
183
since April 2008. Term of office expires on 31-Dec-
2012. Holds. through Investifino – Investimentos e
Participações. SGPS. S.A. (of which is a member of the
board). 113.302.682 of shares of the company.
Martim Salema de Sande e Castro Fino
(Non executive member of the board of directors)
Graduation in Political Science in Northeastern
University in Boston. US. Since April 2007. General
manager of Workcare – Medecina. Higiene e Segurança
no Trabalho. Designated to the office for the first time
on 26-Apr-2010. Term of office expires in 31-Dec-
2012. By 31-Dec-2010. did not hold any shares of
the company.
II.19 DUTIES THAT THE MEMBERS OF THE BOARD OF
DIRECTORS CARRy OUT IN OTHER COMPANIES AND A
DESCRIPTION OF DUTIES CARRIED OUT IN OTHER COMPANIES
OF THE SAME HOlDING
Below we transcribe the information made available by
the members of the board of directors of the company.
Therefore. as of 31-Dec-2011:
Manuel Roseta Fino
Chairman of the board of directors of Investifino-
Investimentos e Participações SGPS S.A..Chairman of
the board of directors of Manuel Fino SGPS S.A.. sole
member of the board of director of Predifino-
Sociedade Imobiliária S.A.. Chairman of the board of
directors of Carfino SGPS S.A.. Sole member of the board
of director of Quinta da Ramada Imobiliário S.A.. Sole

member of the board of director of Snucker (Portugal)
Confecções S.A.. Sole member of the board of director of
Fino Participações SGPS S.A.. Sole member of the board
of director of Quinta da Ramada Sociedade Agrícola.
S.A.. Sole member of the board of director of Imoban-
Imobiliária do Ancão S.A.. Member of the board of
directors of Specialty Minerals (Portugal) Especialidades
Minerais S.A.. Manager of GMCGranitos e Material de
Construção. Lda. Member of the general counsel of
Fundação Millenniumbcp.
António Manuel Pereira Caldas Castro Henriques
Chairman of the board of directors of SCSP – Soares
da Costa. Serviços Partilhados. S.A.. Chairman of the
board of directors of Soares da Costa – Construção
SGPS S.A.. Chairman of the board of directors of
Sociedade de Construções Soares da Costa. S.A..
Chairman of the board of directors of Soares da
Costa América. INC.. Chairman of the board of
directors of Soares Da Costa – Imobiliária – SGPS.
S.A.. Chairman of the board of directors of Soares da
Costa - Concessões. SGPS S.A.. Chairman of the board
of directors of ELOS – Ligações de Alta Velocidade.
S.A.. Chairman of the board of directors of ELOS – OM.
S.A.. Chairman of the board of directors of Movex –
Produção. Venda e Aluguer de Módulos Pré-Fabricados
S.A... Board member of AEM - Associação de Empresas
Emitentes de Valores Cotados em Mercado. Member of
the audit committee of the Federação Portuguesa de
Bancos Alimentares contra a Fome.
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184
Pedro Gonçalo de Sotto-Mayor de Andrade Santos
Chairman of the Board of directors of INR –
Investimentos Nacionais Rodoviários. SGPS. S.A..
Chairman of the Board of directors of Soares da Costa
– Serviços Técnicos e de Gestão. S.A.. Chairman of
the board of directors of Intevias – Serviços e Gestão.
S.A.. Chairman of the board of directors of Soares da
Costa Hidroenergia. S.A.. Chairman of the board of
directors of MRN – Manutenção de Rodovias Nacionais.
S.A.. Chairman of the board of directors of Scutvias
– Autoestradas da Beira Interior. S.A.. Chairman of
the board of directors of Portvias – Portagem de Vias.
S.A.. Vice-Chairman of the board of directors of Soares
da Costa – Concessões.SGPS. S.A.. Chairmam of the
board of directors of Soares da Costa Concessions USA.
INC.. Vogal of the board of directors of SCSP – Soares
da Costa. Serviços Partilhados. S.A.. Member of the
board of directors of Energia Própria. S.A.. Member
of the board of directors of Self Energy Engineering &
Innovation. S.A.. Member of the board of directors of
Soares da Costa – Construção. SGPS. S.A.. Member
of the board of directors of Sociedade de Construções
Soares da Costa. S.A..Member of the board of directors
of Investifimo – Investimetos e Participações. S.A..
Member of the board of directors of Manuel Fino. SGPS.
S.A.. Member of the board of directors of Carfino.
SGPS. S.A.. Manager of Soares da Costa Hidroenergia
1T. Lda.. Manager of Soares da Costa Hidroenergia
4T. Lda.. Manager of Soares da Costa Hidroenergia 8T.
Lda.. Manager of Soares da Costa Hidroenergia 8C.
Lda.. Manager of Hidroeléctrica STP. Lda. – Sociedade
Comercial de Responsabilidade. Lda.
Jorge Domingues Grade Mendes
Chairman of the board of directors of Soares da Costa
Moçambique. S.A.R.L.. Chairman of the board of
directors of Clear – Instalações Electromecânicas S.A..
Chairman of the board of directors of Construções
Metálicas - Socometal S.A.. Chairman of the board
of directors of Contacto – Sociedade de Construções.
S.A.. Chairman of the board of directors of Ciagest
- Imobiliária e Gestão. S.A.. Chairman of the board
of directors of Soarta - Sociedade Imobiliária Soares
da Costa S.A.. Chairman of the board of directors of
Habitop – Sociedade Imobiliária S.A.. Chairman of the
board of directors of Cais da Fontinha – Investimentos
Imobiliários. S.A.. Chairman of the board of directors
of Navegaia - Instalações Industriais. S.A.. Deputy
Chairman of the board of directors of Soares da Costa
– Construção SGPS S.A.. Deputy Chairman of the board
of directors of Soares da Costa América. Inc.. Deputy
Chairman of the board of directors of Sociedade de
Construções Soares da Costa. S.A.. Deputy Chairman
of the board of directors of Soares Da Costa –
Imobiliária – SGPS. S.A.. Manager of Mercados Novos -
Imóveis Comerciais Lda.. Manager of M.Z.I. - Sociedade
de Construções. Lda.
Ana Maria Martins Caetano
Chairman of the board of directors of Parinama –
Participações e Investimentos. S.A.. Chairman of the
board of directors of Caetano Coatings. S.A.. Manager
of Parinama Serviços Unipessoal. Lda.. Manager of
Gepatimob – Investimentos Imobiliários. Lda.. Manager
of Saltriana Sociedade Agrícola de Triana. Lda..
185
Manager of A Rama da Oliveira. Lda.. Manager of JVE –
Serviços de Radiologia. Lda.
António Manuel Formigal de Arriaga
Manager of Sítio do Livro. Lda.
António Pereira da Silva Neves
Not a member of any board of directors of other
companies.
Carlos Moreira Garcia
Member of the Board of Trustees of Fundação Luso
Brasileira.
José Manuel Baptista Fino
Chairman of the board of directors of Ramada Holdings
SGPS S.A.. Chairman of the board of directors of Ethnica
SGPS S.A.. Chairman of the board of directors of Área
Infinitas - Design de Interiores S.A.. Chairman of the
board of directors of Ramada Energias Renováveis
S.A.. Chairman of the board of directors of Dignatis -
Investimentos Imobiliários S.A.. Member of the board of
directors of Investifino- Investimentos e Participações
SGPS S.A.. Member of the board of directors of Manuel
Fino SGPS S.A.. Member of the board of directors of
Cimpor - Cimentos de Portugal SGPS S.A.. Deputy
director of Specialty Minerals (Portugal) Especialidades
Minerais S.A.. Manager of Dorfino - Imobiliário Lda.
Martim Salema de Sande e Castro Fino
Manager of Workcare - – Medicina. Higiene e Segurança
no Trabalho.

Section III – General and Supervisory Board.
Financial Matters Committee and Supervisory Board
II.21 IDENTIFICATION OF THE MEMBERS OF THE SUPERvISORy
BOARD AND STATEMENT INDICATING THAT SAME COMPly
WITH THE INCOMPATIBIlITy RUlES PROvIDED FOR IN
ARTIClE 414-A/1. AND WHETHER THEy COMPly WITH THE
INDEPENDENCy CRITERIA IN ARTIClE 414/5. BOTH OF THE
COMMERCIAl COMPANIES CODE
The Supervisory board is constituted by Júlio de
Lemos Castro Caldas. Carlos Pedro Machado de
Sousa Góis and Joaquim Augusto Soares da Silva.
These members have stated that they comply with
the incompatibility rules and with the independence
criteria. detailed in article 414-1 and article 414-5
of Corporate Code. respectively.
II.22 PROFESSIONAl QUAlIFICATIONS OF THE AUDIT
COMMITTEE MEMBERS. INDICATION OF PROFESSIONAl
ACTIvITIES CARRIED OUT By THE SAME IN THE lAST FIvE
yEARS AT lEAST. NUMBER OF SHARES IN THE COMPANy HElD
By THE SAME. DATE OF FIRST APPOINTMENT AND DATE OF
EXPIRATION OF TERM OF OFFICE
Júlio de lemos de Castro Caldas (Chairman)
Graduation in Law in Universidade de Lisboa. Dean of the
Lawyers Professional Association from 1993 to 1999.
Chairman of the board of directors of Banco Bilbao
Viscaya Argentaria (Portugal). S.A. for two mandates.
Defence Minister from 1999 to 2001. Chairman of the
audit committee of Companhia de Seguros Global and
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186
Global Via for three mandates. Designated to the office
for the first time on 29-Apr-2008. Term of office expires
on 31-Dec-2012.
Carlos Pedro Machado de Sousa Góis
Chartered Accountant number 597. partner of J. Bastos.
C. Sousa Góis & Associados. SROC. Lda. registered in
the Chartered Accountants Professional Association
with the number 104. Functions in the company are
related with the chartered accountant responsibilities.
as defined by law. also assuming the function of single
auditor. In the last 5 years has been a member of the
Economists Professional Association. Accountants
Professional Association. Technical Accountants
Association (APOTECA). Tax Consultants Association.
Information Systems Audit and Control Association
(ISACA). Currently is the chartered accountant of
several companies. Since 1987 is partner of J.Bastos.
C. Sousa Góis & Associados. SROC. Lda. as a chartered
accountant (number 597). Since 1987 is judicial
administrator. In 1986/1997 was a teacher of Analytic
Accounting. Introduction to Management. International
businesses and Financial Accounting in Universidade
Nova de Lisboa (Economics College). Designated to the
office for the first time on 29-Apr-2008. Term of office
expires on 31-Dec-2012.
Joaquim Augusto Soares da Silva
Graduation in Accounting and Management
Control. Chairman of the general meeting of APPAC
– Portuguese Association of Accounting Experts;
elaboration and presentation of APPC’s certification
application of several public entities; coordinator of
APPC training; member of the external evaluation
committee of the Higher Education (subcommittee
B2.2 – Corporate Management). including the analysis
of the universities self evaluations. in loco evaluations
and reporting. The current term of office as member of
the supervisory board of Grupo Soares da Costa. SGPS.
S.A. will cease on 31-12-2012. First appointment took
place on 04-07-2006.
None of the members of the supervisory board earn
any amount in other companies from Soares da Costa
Group. By 31-Dec-2011. none of the members of
the supervisory board held any shares or bond of the
company.
II.23 DUTIES THAT THE MEMBERS OF THE SUPERvISORy
BOARD CARRy OUT IN OTHER COMPANIES AND DESCRIBING
THOSE WHICH ARE CARRIED OUT IN OTHER COMPANIES OF
THE SAME HOlDING
The members of the supervisory board carry out the
following duties in other companies (none of which in
Soares da Costa Group):
187
Júlio de lemos de Castro Caldas
Chairman do board of directors da SISAV – Sistema
Integrado de Tratamento e Eliminação de Resíduos.
S.A.. Non executive member of the board of directors
of EGEO – Tecnologia e Ambiente. S.A.. Non executive
member of the board of directors of OGMA – Indústria
Aeronáutica de Portugal. S.A.. Chairman of the
general meeting board of ZON Multimédia SGPS. S.A..
Chairman of the general meeting board of Navalrocha
– Sociedade de Construções Navais. S.A.. Chairman
of the general meeting board of Multinova – União
Livreira e Cultural. S.A. Chairman of the general
meeting board of Adega Cooperativa de Ponte da
Barca. Chairman of the general meeting board of
F. Albuquerque e Filhos. S.A.. Manager of Estações
– Comércio de Produtos Agrícola. S.A.. Manager
of Sociedade Agrícola de Faquelo. Lda. Manager of
Sociedade Revisal. Lda.. Chairman of the General
Council of Supervision of Viniverde – Comércio e
Produção de Vinho Verde. S.A.. Member of the board of
directors of Fundação da Casa de Mateus.
Carlos Pedro Machado de Sousa Góis
Single member of the audit committee. representing
the chartered accounting company Sociedade J.
Bastos. C Sousa Góis & Associado. SROC. Lda in
the following companies: Escrita Digital. S.A.. IG –
Informática e Gestão. S.A.. IG – Informática e Gestão.
S.A.. NCO SGPS. S.A.. Sociedade Independente de

Participações SGPS. S.A.. Tavamar – Sociedade
de Produtos Congelados. S.A.. Viveiros do Falcão.
S.A.. Infosistema – Sistemas de Informáticos.
S.A.. Franquiger. S.A.. INCG. SGPS. S.A.. Nova
Franquiger. S.A.. OKE – Tiner. Lda.. S3 Portugal –
Des. de Circuitos Microelect. e Software. S.A.. GTIE –
Consultores. S.A.. Sociedade Civil Agrícola Isalema.
S.A.. Âmbito – Sociedade Corretora de Seguros.
Lda. Vans Madeira – Consultadoria e Projectos.
S.A.. Seveneves Investimentos Imobiliários. S.A..
Robles Machado. SGPS. Lda. Tomásio Duarte. S.A..
Legendra – Investimentos Imobiliários. S.A.. Projecto
Nata Design. S.A.. Commonground. S.A.. Tormo &
Associados Portugal. S.A.. Município de Angra do
Heroísmo. Serviços Municipalizados de Angra do
Heroísmo. Redislogar (Portugal) – Artigos Eléctricos.
S.A.. Rádio Renascença. Lda.. Intervoz Publicidade.
S.A.. PR3D. Consultoria e Comunicação. S.A..
Lizmontagens. Emp. Montagens Termo Industriais.
S.A.. DBL Aluminium Serviçes. S.A.. COGECO –
Consultadoria. Gestão e Contabilidade. S.A.. COGECO
II – Contabilidade. S.A.. CORDIS – Gestão de Imóveis
e Participações Sociais. S.A.. M2SN – Soluções e
Negócios. S.A.. Promade – Construções. S.A.. Celso &
Santos. S.A.. ESLAM – Estut. Lamin. Engenharia. S.A..
Somercrest Industrial Holdings. SGPS. S.A.. Nedphyl
– Com. Prod. Alim.. Farm. E Afins. S.A.. Reilimpa.
Limpezas e Serviços. S.A.. FoxTransfers – Instrituição
de Pagamento. Lda. Estoril-Live. S.A.. Inbright. SGPS
S.A.. HPLife – Empreendimentos Imobiliários. S.A..
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188
Pug World. S.A... LDC Group. SGPS. S.A.. Kay Line –
Sociedade Imobiliária. S.A.. Sustentatudo. S.A.. Grupo
Euromarketing – SGPS. S.A.. Geniupgrade. SGPS.
S.A.. Get – Estudos Técnicos e Construções. S.A..
Culturangra. EEM. Legenda Viva. S.A.. Centromar –
Sociedade de Construções. S.A..
Joaquim Augusto Soares da Silva
Alternate member of the supervisory board of Cofina.
SGPS. S.A.. Alternate member of the supervisory
board of Altri. SGPS. S.A.. Alternate member of the
supervisory board of Celulose do Caima. SGPS. S.A..
Alternate member of the supervisory board of F.
Ramada Investimentos. SGPS. S.A..
II.24 REFERENCE TO THE FACT THAT THE SUPERvISORy
BOARD ASSESSES THE EXTERNAl AUDITOR ON AN ANNUAl
BASIS AND THE POSSIBIlITy OF PROPOSING TO THE GENERAl
MEETING THAT THE AUDITOR BE DISCHARGED WHENEvER
JUSTIFIABlE GROUNDS ARE PRESENT
The supervisory board annually evaluates the external
auditor. and can propose to the general meeting
that the auditor be discharged whenever justifiable
grounds are present.
Section IV – Remuneration
II.30 DESCRIPTION OF THE REMUNERATION POlICy OF THE
BOARD OF DIRECTORS AND THE SUPERvISORy BOARD
In 2011. the remuneration committee submitted to
the general meeting a proposal with the guidelines
to be followed by the committee. also including the
general guiding principles related with the executive
members of the board’ remuneration definition.
namely in its variable component. Therefore. taking
into consideration the market parameters. namely the
guidelines followed in companies of similar dimension
and activity. it was proposed and has been determined
to link the remuneration of chairman of the board of
directors to the remuneration of the chairman of the
executive committee.
Additionally. below we reproduce the remuneration
policy guidelines followed by the remuneration
committee. which were approved at the general
meeting held on 22-May-2007:
1. The remunerations of the members of the audit
committee are a fixed amount. that takes into
consideration both the company track record and the
market practise;
2. The Chartered Accountant remuneration is defined
taking into consideration the legal framework;
189
3. The members of the board of directors and the
remuneration committee remuneration definition
should take into consideration:
• The market practise. taking into consideration the
company’s size and the Group’s complexity;
• The existence of non executive/ executive directors;
• The representativeness of the Chairman of the board
of directors;
• The non executive directors’ participation in eventual
activities. committees. etc.
• The representativeness of the Chairman of the
executive committee;
• The company’s remuneration policy track record;
• Regarding the executive directors. to have a variable
component in the remuneration. based on several
criteria as turnover. share price/ market capitalisation
performance. earnings. noncurrent businesses. or
other. as long as variable component does not surpass
6% of the Group’s consolidated net income.

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190
II.31 INDICATION ON THE AMOUNT CONCERNING THE ANNUAl REMUNERATION PAID INDIvIDUAlly TO MEMBERS OF THE BOARD OF
DIRECTORS AND OF THE SUPERvISORy BOARD OF THE COMPANy. INClUDING FIXED AND vARIABlE REMUNERATION AND AS TO THE
lATTER. MENTIONING THE DIFFERENT COMPONENTS THAT GAvE RISE TO SAME. THE PARTS THAT HAS BEEN DEFERRED AND PAID
The directors’ remuneration is defined by the remuneration committee. elected by the general meeting of
shareholders. following the guidelines also approved by the general meeting. In 2011. the board of directors’
remuneration breakdown was the following:
Board Member Variable
Remuneration
Subsidy Fixed
Remuneration
(Euro)
Total 2011
António Formigal de Arriaga Member. Non Executive. Independente 0 0 67,000 67,000
António Manuel Castro Henriques Member. Executive 0 1,386 395,700 397,086
António Pereira Silva Neves Member. Non Executive 0 0 209,000 209,000
Carlos Moreira Garcia Member. Non Executive. Independente 0 0 67,000 67,000
Jorge Domingues Grade Mendes Member. Executive (since 31st of August) 0 462 119,626 120,088
José Manuel Baptista Fino Member. Non Executive 0 0 67,000 67,000
Manuel Roseta Fino Chairman Board of Directors 0 0 256,000 256,000
Martim de Sande e Castro Fino Member. Non Executive 0 0 67,000 67,000
PARINAMA / Ana Maria Caetano Member. Non Executive 0 0 67,000 67,000
Pedro Gonçalo Andrade Santos Member. Executive 0 1,386 382,100 383,486
Pedro Manuel Almeida Gonçalves Member. Executive (up to 30th of August) 0 882 327,923 328,805
TOTAL 0 4,116 2,025,349 2,029,465
The remunerations of the members of the board of directors summed, in 2011, 2,029,465 Euros, of which
1,229,465 Euros from the executive members and 800,000 Euros from non executive members. Taking into
consideration the current economic context. the members of the executive committee renounced to the variable
remuneration. and so. the figures indicated concern solely to fixed remuneration.
The supervisory board remuneration’s breakdown in 2011 was as follows:
Board Member Variable
Remuneration
191
Subsidy Fixed
Remuneration
(Euro)
Total 2011
Carlos Pedro Sousa Gois Member 0 0 26,800 26,800
Joaquim Augusto Soares Silva Member 0 0 16,750 16,750
Júlio lemos Castro Caldas Member 0 0 51,200 51,200
TOTAL 0 0 94,750 94,750
II.32 INFORMATION ON THE WAy THE REMUNERATION IS
STRUCTURED SO AS TO AllOW AlIGNING THE INTERESTS
OF THE MEMBERS OF THE BOARD OF DIRECTORS WITH THE
lONG-TERM INTERESTS OF THE COMPANy AS WEll AS HOW IT
IS BASED ON THE PERFORMANCE ASSESSMENT AND HOW IT
DISCOURAGES EXCESSIvE RISk ASSUMPTION
The remuneration committee established the
remuneration guidelines taking into consideration
the company’s track record. the several members’
responsibilities and representation and the market
practise. Concerning the executive directors. the
remuneration guidelines also considers a variable
component of an amount that the committee believes
is not an incentive to an excessive risk taking; however.
and as mentioned. this variable component was not
applied in 2011’s remuneration.
II.33 AS REGARDS THE REMUNERATION OF THE EXECUTIvE
MEMBERS:
a) Reference to the fact that the executive
members’ remuneration includes a variable
component and information on the way said
component relies of the assessment performance;
The executive directors’ remuneration includes.
in general and as a rule. a variable component.
to be attributable on a discretionary way by the
remuneration committee. which is mainly based on the
consolidated net income achieved in the previous year.
b) The corporate bodies responsible for assessing
the performance of executive members;
The corporate body responsible for assessing the
performance evaluation of the executive directors
for remuneration purposes is the remuneration
committee. constituted by: José Manuel Baptista
Fino (chairman). João Pessoa e Costa and António
Jorge Gonçalves Afonso. The remuneration committee
currently does not integrate any executive director.
nor executive directors. direct relatives up to 3rd

grade. being therefore an independent committee. The
remuneration policy proposed by the committee is
approved by the shareholders in general meeting.
c) The pre-established criteria for assessing the
performance of executive members;
The executive directors’ performance for remuneration
effects is assessed freely by the remuneration
committee following the criteria the committee
believes is the most adequate at each moment. Only
the consolidated net income criterion is pre defined.
d) The relative importance of the variable and fixed
components of the members’ remuneration. as well
as the maximum limits for each component;
In general. and as a rule. the variable component of
the executive directors’ remuneration weights 20%
to 35% of the total remuneration. The sum of the
variable components of the executive directors cannot
surpass 6% of the consolidated net income.
e) The deferred payment of the remuneration’s
variable component and the relevant deferral period;
It is not defined any deferment period for the payment
of the variable component of remunerations.
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192
f) An account of the way whereby the payment
of the variable remuneration is subject to the
company’s continual positive performance during
the deferral period;
This issue is being study by the remuneration
committee. however. any change should only be
adopted in mandate programme; still. and taking into
consideration its size and proportional nature. the
committee has considered that this deferment does
not make sense.
g) Sufficient information on the criteria whereon
the allocation of variable remuneration on shares
is based. as well as on maintaining company
shares that the executive members have had
access to. on the possible share contracts. namely
hedging contracts or risk transfer. the relevant
limit and its relation apropos the value of the total
annual remuneration;
The distribution of shares as a variable component of
the remuneration is not planned.
h) Sufficient information on the criteria whereon
the allocation of variable remuneration on
options is based as well as its deferral period and
exercising price;
The distribution of options as a variable component of
the remuneration is not planned.
i) The main factors and reasons for any annual
bonus scheme and any other non-financial benefits;
No other type of remuneration is planned. besides the
variable component.
j) Remuneration paid in the form of a share in the
profits and/or the payment of bonuses and the
rationale behind the act of awarding such bonuses
and/or share in profits;
It is not planned any remuneration paid in the form of
a share in the profits and/or the payment of bonuses.
l) Compensation paid or owed to former executive
directors in relation to early contract termination;
During the 2010 financial year. no compensation
was paid or became due to former executive directors
related with termination of their office during the
financial year.
m) Reference to the envisaged contractual
restraints for compensation owed for undue
dismissal of executive directors and its relation
apropos the remunerations’ variable component;
No limits are contractually established for any
compensation to be paid upon undue dismissal of
executive directors. other than as provided for by law.
n) Amounts paid on any basis by other companies
in a group relationship or exercising control over
the company;
There were no amounts paid. for any reason
whatsoever. by other companies in control or group
relationship. except for the amount paid by the
majority shareholder Investifino – Investimentos e
Participações. SGPS. S.A. to the executive director
Pedro Gonçalo de Sotto-Mayor de Andrade Santos.
totalling 59.500 euros in 2011 financial year.
193
o) A description of the main characteristics of
the supplementary pensions or early retirement
schemes set up for executive directors and whether
said schemes were subject or not to the approval of
the general meeting;
There isn’t any supplementary pension or early
retirement scheme set up for directors.
p) An estimate of the non-financial benefits
considered as remuneration which do not fall under
the categories listed above;
There are no significant/ relevant non pecuniary
benefit deemed as remuneration.
q) Mechanisms for preventing executive directors
from having employment contracts that question
the grounds of the variable remuneration;
The remuneration’s variable component criteria do
not allow implementing contracts that put into stake
its existence.
II.34 REFERENCE TO THE FACT THAT REMUNERATION OF NON-
EXECUTIvE MEMBERS OF THE BOARD OF DIRECTORS IS NOT
INClUDED IN THE vARIABlE COMPONENT
The non executive directors’ remuneration does not
have any variable component.

II.35 INFORMATION ON THE REPORTING OF IRREGUlARITIES
ADOPTED By THE COMPANy (REPORTING MEANS. PERSONS
ENTITlED TO RECEIvE SAID REPORTS. HOW THE REPORTS ARE
TO BE HANDlED AND THE NAMES OF THE PERSONS OR BODIES
THAT HAvE ACCESS TO THE INFORMATION AND THE RElEvANT
INvOlvEMENT IN THE PROCEDURE)
The irregularities report policy has been released to
all of the group’s employees. referring to whom these
irregularities should be reported (executive committee).
the use given to that information (legal services will
research and analyse the reported irregularity. using
other services/units if necessary. and will make a
proposal regarding an eventual solution and/or penalty).
the confidentiality guarantee and annual and general
statistical data on the reported irregularities. This data
can be consulted by the shareholders. by request to
the Investor Relations Office. Soares da Costa Group’s
internal and external procedure are based on ethical
standards and in conformity with the legal framework.
We believe these ethical standards should be followed
by all employees. and team/department leaders and
managers should monitor this with particular attention.
The irregularities report main goal is to timely terminate
and prevent irregularities from happening whether they
are technical. economic. behaviour. legal or any other
kind. In this policy definition. the Corporate Ethical Code.
which applies to all the employees of the Group. has a
particularly important role.
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194
Section V - Specialized Committes
II.36 IDENTIFICATION OF MEMBERS OF THOSE COMMITTEES
THAT HAvE BEEN CONSTITUTED FOR THE PURPOSES OF
INDIvIDUAl AND OvERAll PERFORMANCE ASSESSMENT
OF THE EXECUTIvE MEMBERS. CONSIDERATION ON THE
GOvERNANCE SySTEM THAT HAS BEEN ADOPTED By
THE COMPANy AND THE IDENTIFICATION OF POTENTIAl
CANDIDATES WITH THE PROFESSIONAl PROFIlE FITTING THE
MEMBER POSITION
Besides de supervisory board. the directors’
performance evaluation is done by the remuneration
committee. whose composition and functions have
already been described. The directors are chosen by
the shareholders and there is not any committee in
charge of identifying potential member of the board of
directors.
By the end of August 2011. the executive committee
established the management committee. having
as goal to support. with an advisory nature. the
executive committee decisions. coordinate activities
create synergies and facilitate the information flows
between the several business and functional areas.
Amongst other functions. this advisory committee
have the following functions: assist the executive
committee in the analysis of the current matters.
proposing measures to its development in a correct
way; analysis and discussion of the Group’s business
and monitoring of the activity development and of the
results of the several companies and business areas;
discussion of commercial strategies of the several
business areas and of its implementation measures;
analysis of the Group’s resources to implement those
strategies. proposing measures concerning its use and
affectation; discussion of the eventual participation in
large projects; discussion of the company’s financial
matters and measures to optimize cash flow; establish
team building initiatives and synergies between the
several business area and Group’s companies. to
improve profitability; discussion of the internal ad
external communication strategy of the Group; and. in
general. to analyse any issue/ matter requested by the
executive committee. This management committee
meets monthly. in accordance with the executive
committee chairman notice. being held minutes of
each meeting. In 2011. the management committee
met five times.
The corporate governance committee. whose chairman
is the secretary-general. has as main goal to monitor
all the issues related with the company’s governance.
evaluating the existing model taking into consideration
the company’s operational context and strategy.
proposing changes to this model when the committee
believes they are necessary. This committee is
composed by the following members: António Manuel
Sousa Barbosa da Frada. Jorge Alves. António Jorge
Gonçalves Afonso. Fernando Semana. António de
Paula Santos and Rita Carles.
195
II.37 NUMBER OF MEETINGS HElD By THE COMMITTEES
THAT HAvE BEEN CONSTITUTED FOR MANAGEMENT AND
SUPERvISION DURING THE PERIOD CONCERNED. AS WEll AS
REFERENCE TO THE MINUTES OF SAID MEETINGS THAT HAvE
BEEN HElD
The board of directors met nine times in 2011. with
an average attendance of 98%. The chairman of the
supervisory board also attends the board of directors
meetings. The supervisory board met eight times in
2011. The executive committee met twenty and nine
times in the same period. with an average attendance
of 100%. From all these meetings minutes are taken.
II.38 REFERENCE TO THE FACT THAT ONE MEMBER OF
THE REMUNERATION COMMITTEE HAS kNOWlEDGE AND
EXPERIENCE IN REMUNERATION POlICy ISSUES
The members of the remuneration committee have
the necessary skills and the experience in terms of
remuneration policy based on their technical and
professional qualifications and extensive curriculum in
other companies.

II.39 REFERENCE TO THE INDEPENDENCy OF NATURAl OR
lEGAl PERSONS WITH AN EMPlOyMENT CONTRACT OR
PROvIDING SERvICES TO THE REMUNERATION COMMITTEE.
AS REGARDS THE BOARD OF DIRECTORS AS WEll AS. WHEN
APPlICABlE. TO THE FACT THAT THESE PERSONS HAvE AN
EXISTING RElATION WITH THE COMPANy CONSUlTANT
The remuneration committee is constituted by
three members. Its chairman is a non executive
director of the board and the other two members are
independent. with no connection whatsoever with the
board of directors nor with any consultancy company.
Were not contracted any services consultancy /
support services for the Remuneration Committee.
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III - Information and Auditing
III.1 THE EQUITy STRUCTURE INClUDING THOSE SHARES THAT
ARE NOT ADMITTED TO TRADING. THE DIFFERENT CATEGORy
OF SHARES. RIGHTS AND DUTIES OF THESE SHARES AND THE
EQUITy PERCENTAGE THAT EACH CATEGORy REPRESENTS
The company’s social capital is represented by
160.000.000 shares. with a nominal value of 1 Euro.
of which 5.518 shares are preferential shares and
159.994.482 are ordinary shares. In accordance with
article 342-3 of the Commercial Code preferential
shares do not have voting rights. All shares are listed
in Euronext Lisbon.
III.2 QUAlIFyING HOlDINGS IN THE ISSUER’S EQUITy
CAlCUlATED AS PER ARTIClE 20 OF THE SECURITIES CODE
Qualifying shareholdings as of December 31. 2011:
197
Manuel Fino. SGPS. S.A. Shares (#) % Capital % Voting rights (*)
Indirectly through Investifino - Investimentos e Participações SGPS. S.A. 113,302,682 70.814% 71.042%
TOTAL 113,302,682 70.814% 71.042%
PARINAMA - Participações e Investimentos. SGPS. S.A. Shares (#) % Capital % Voting rights (*)
Directly 17,600,000 11.000% 11.035%
TOTAL 17,600,000 11.000% 11.035%
Santander Asset Management - Sociedade Gestora de Fundos de Investimento
Mobiliários. S.A.
Indirectly through:
Shares (#) % Capital % Voting rights (*)
Fundo Santander Acções Portugal 2,930,324 1.831% 1.837%
Fundo Santander PPA 312,634 0.195% 0.196%
TOTAL 3,242,958 2.027% 2.033%
(*) Taking into consideration 5,518 preferred nonvoting shares and 507,292 own shares. as of December 31. 2011.
Participations held by the members of the
corporate bodies. as of December 31. 2011:
• Manuel Roseta Fino (Chairman of the board of
directors): Chairman of the board of directors da
Investifino – Investimentos e Participações S.A.. This
company held 113.302.682 shares. as of January 1.
2011. corresponding to 70.814% of the share capital.
a stake unchanged as of December 31. 2011.
• Pedro Gonçalo de Sotto-Mayor de Andrade Santos
(Executive member of the board of directors): Member
of the board of directors of Investifino – Investimentos
e Participações S.A.. This company held 113.302.682
shares. as of January 1. 2011. corresponding to
70.814% of the share capital. a stake unchanged
as of December 31. 2011.
• António Pereira da Silva Neves (Non executive
member of the board of directors): As of January 1.
2011 held 13.220 shares. a participation unchanged as
of December 31. 2011.
• Ana Maria Martins Caetano (Non executive member of
the board of directors): Chairman of the board of directors
of PARINAMA – Investimentos e Participações. SGPS. S.A..
This company held 17.600.000 shares. as of January 1.
2011. corresponding to 11.000% of the share capital. a
stake unchanged as of December 31. 2011.
• José Manuel Baptista Fino (Non executive member of
the board of directors): Member of the board of directors
of Investifino – Investimentos e Participações S.A.. This
company held 113.302.682 shares. as of January 1.
2011. corresponding to 70.814% of the share capital.
a stake unchanged as of December 31. 2011.

The remaining members of the corporate bodies do
not have any shares of the company.
III.3 IDENTIFICATION OF THE SHAREHOlDERS THAT HOlD
SPECIAl RIGHTS AND A DESCRIPTION OF THOSE RIGHTS
There are no shareholders with special rights. besides
the shareholders with preferential shares that have the
right to preferential dividends but are not entitled to
vote at general meetings.
III.4 POSSIBlE RESTRICTIONS ON SHARE-TRANSFER I.E.
CONSENT ClAUSES FOR THEIR DISPOSAl OR RESTRICTIONS ON
SHARE-OWNERSHIP
There aren’t any restrictions or limitations to the share
transferability or ownership. There are no limits to the
voting rights. All shareholders have the same rights.
taking into consideration the special legal features of
the preferential shares.
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198
III.5 SHAREHOlDER AGREEMENTS THAT THE COMPANy MAy
BE AWARE OF AND THAT MAy RESTRICT THE TRANSFER OF
SECURITIES OR vOTING RIGHTS
The company is not aware of any shareholders’
agreements which might lead to restrictions in the
transfer of securities or voting rights.
III.6 RUlES APPlICABlE TO THE AMENDMENT OF THE
ARTIClES OF ASSOCIATION
The amendment of the company’s articles of
association is subject to the Portuguese corporate
legal framework.
III.7 CONTROl MECHANISMS FOR A POSSIBlE EMPlOyEE-
SHAREHOlDER SySTEM INASMUCH AS THE vOTING RIGHTS
ARE NOT DIRECTly EXERCISED By THEM
There aren’t any control mechanisms for a possible
employee-shareholder system inasmuch as the voting
rights are not directly exercised by them.
III.8 DESCRIPTION CONCERNING THE EvOlUTION OF THE
ISSUER’S SHARE PRICE AND TAkING THE FOllOWING INTO
ACCOUNT:
Performance of the Soares da Costa Group' stock price in 2011 (in euros)
0,65
0,60
0,55
0,50
0,45
0,40
0,35
0,30
0,25
Legend - Main Material Information Released in 2011
1. 18-03-2011 - Qualified Shareholding by Santander Asset Management
2. 04-04-2011 – Full-year 2010 Earnings Release
3. 12-05-2011 - General Shareholders Meeting Resolutions
4. 30-05-2011 – 1st Quarter of 2011 Earnings Release
5. 30-06-2011 - Award of a Work to Prince (United States)
6. 28-07-2011 - Changes in the Executive Committee’s Composition
7. 29-07-2011 - Award of a Work in Angola
8. 19-08-2011 - First Works Contracted in Brazil
9. 26-08-2011 - Award of a Design-Built Project to Prince (United States)
10. 30-08-2011 - Cooptation of a Member of the Board of Directors and Recomposing of the Executive Committee
11. 31-08-2011 – 1st Half Earnings Release
12. 20-10-2011 - Termination of liquidity Contract
1 4
13. 28-11-2011 – 3rd Quarter Earnings Release and Strategic Plan Update
2
199
3 5
6
8
7 10
9 11
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
12
13

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200
Relative Performance of Soares da Costa Group’ stock price and PSI20 market index in 2011 (base 100)
120
110
100
90
80
70
60
50
40
JAN FEB
PSI 20 INDEX
Soares da Costa
MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
During 2011, 21.3 million shares were traded. less 64% than in the previous tear. corresponding to a trading
volume in euros of 9.8 million, a 81% fall compared with 2010, reflecting both the decrease in the share price
(-31% of cumulated fall in the year). and the already mentioned decline in the number of shares traded. The
stock price trend and the lower liquidity also affected the remaining stocks of the Euronext Lisbon. as proven
by the cumulated 28% fall of the PSI20 index. which also suffered a decrease of 26% in the amount traded in
2011.
In the following table we detail some historical data on the ordinary shares performance:
201
2011 2010 2009 2008 2007 2006 2005
Number of Shares Traded 21,292,523 59,100,588 186,757,988 81,095,182 510,237,948 286,071,140 33,505,540
Amount Traded ('000 euros) 9.8 50.8 195.3 123.1 857.5 183.0 10.4
Opening Stock Price (euros/per share) 0.55 1.18 0.65 2.08 0.69 0.35 0.37
Closing Stock Price (euros/per share) 0.37 0.54 1.20 0.63 2.09 0.69 0.35
Average Stock Price (euros/per share) 0.43 0.86 1.04 1.52 1.68 0.64 0.31
Max. Stock Price (euros/per share) 0.59 1.27 1.34 2.13 2.87 0.77 0.39
Date 09-FEB 07-JAN 14-DEC 04-JAN 10-JUl 21-AUG 11-JAN
Min. Stock Price 0.27 0.49 0.50 0.58 0.69 0.33 0.26
Date 10-AUG 22-DEC 19-DEC 19-DEC 02-JAN 16-JAN 05-DEC
Source: Euronext.
Note: The quantities and prices of 2005 and 2006 were adjusted taking into consideration the stock split done in August 2006, to €1.00 nominal value from €5.00.
III.9 DESCRIPTION OF THE DIvIDEND DISTRIBUTION POlICy ADOPTED By THE COMPANy, INClUDING THE DIvIDEND vAlUE PER
SHARE DISTRIBUTED DURING THE lAST THREE PERIODS
For the third consecutive year, the Group paid dividends to its shareholders. Therefore, from June 13, 2011
onwards the company paid dividends both to the ordinary and preferred nonvoting shares:
(Euro)
2010 2009 2008
Gross Net Gross Net Gross Net
Ordinary Shares 0.0217 0.017 0.0434 0.0347 0.031 0.0248
Preferred Shares 0.05 0.0393 0.05 0.04 0.15 0.12

III.10 A DESCRIPTION OF THE MAIN CHARACTERISTICS OF THE
SHARE AND STOCk-OPTION PlANS ADOPTED OR vAlID FOR
THE FINANCIAl yEAR IN QUESTION
During the 2011 financial year, the Company did not
adopt any share and stock-option plans, nor did any
such plans remain in force.
III.11 A DESCRIPTION OF THE MAIN DATA ON BUSINESS
DEAlS AND TRANSACTIONS CARRIED OUT BETWEEN
THE COMPANy AND BETWEEN THE MEMBERS OF THE
MANAGEMENT AND SUPERvISORy BOARD OR COMPANIES
IN A CONTROl OR GROUP RElATIONSHIP, PROvIDED THE
AMOUNT IS ECONOMICAlly SIGNIFICANT FOR ANy OF THE
PARTIES INvOlvED, EXCEPT FOR THOSE BUSINESS DEAlS
OR TRANSACTIONS THAT ARE CUMUlATIvEly CONSIDERED
WITHIN THE BOUNDS OF NORMAl MARkET CONDITIONS FOR
SIMIlAR TRANSACTIONS AND ARE PART OF THE COMPANy’S
CURRENT BUSINESS
During 2011, there were not any transactions between
the company and the management and supervisory
bodies or qualified shareholders or companies in a
control or group relationship.
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202
III.12 DESCRIPTION OF THE vITAl DATA ON BUSINESS DEAlS
AND TRANSACTIONS CARRIED OUT IN THE ABSENCE OF
NORMAl MARkET CONDITIONS BETWEEN COMPANIES AND
OWNERS OF QUAlIFyING HOlDINGS OR
ENTITy-RElATIONSHIPS WITH THE FORMER, AS ENvISAGED
IN ARTIClE 20 OF THE SECURITIES CODE
Not applicable.
III.13 DESCRIPTION OF THE PROCEDURES AND CRITERIA
APPlICABlE TO THE SUPERvISORy BODy WHEN SAME
PROvIDES PRElIMINARy ASSESSMENT OF THE BUSINESS
DEAlS TO BE CARRIED OUT BETWEEN THE COMPANy AND THE
OWNERS OF QUAlIFyING HOlDINGS OR ENTITyRElATIONSHIPS
WITH THE FORMER, AS ENvISAGED IN ARTIClE 20 OF THE
SECURITIES CODE
The supervisory board gives its prior opinion to
eventual transactions between the company and
owners of a qualified participation or related entities.
III.14 DESCRIPTION OF THE STATISTICAl DATA (NUMBER,
AvERAGE AND MAXIMUM vAlUES) ON THE BUSINESS
DEAlS SUBJECT TO PRElIMINARy OPINION By THE
SUPERvISORy BOARD
There were no transactions with these
characteristics. Furthermore, the supervisory board
accompanies the company activity and, furthermore,
the audit committee chairman attends the board of
directors’ meetings.
III.15 INDICATION OF THE AvAIlABIlITy ON THE COMPANy’S
WEBSITE, OF ANNUAl ACTIvITy REPORTS DRAWN UP By
THE GENERAl AND SUPERvISORy BOARD, By THE FINANCIAl
MATTERS COMMITTEE, THE AUDIT COMMITTEE AND THE
SUPERvISORy BOARD, INClUDING CONSTRAINTS THAT MIGHT
BE ENCOUNTERED, AS WEll AS FINANCIAl INFORMATION
DOCUMENTS
The annual reports on the board of directors and
supervisory board activity are available of the company’s
website, including eventual constraints faced.
III.16 REFERENCE TO AN INvESTOR ASSISTANCE UNIT OR A
SIMIlAR SERvICE, DESCRIBING: A) THE ROlE OF SAID OFFICE;
B) TyPE OF INFORMATION MADE AvAIlABlE; C) ACCESS MEANS
TO SAID OFFICE; D) THE COMPANy’S WEBSITE; E) THE MARkET
lIAISON OFFICER’S CREDENTIAlS
The company and executive committee have adopted
a policy regarding investors and shareholders of
direct and permanent contact. The company has an
investor support office organised as a department,
which assures the communication with shareholders,
investors, equity analysts and the market in general.
Material information release is electronically and
directly sent to CMVM’s extranet and to Euronext
Lisbon internet site. The company fully complies
with the legal framework regarding information
release (annual report and accounts, notices, interest
payment press releases, etc.) and general meeting of
shareholders’ related information.
203
The company’s official interne site,
www.soaresdacosta.pt, has information specifically
directed to investors (“Investors” submenu) namely
financial figures quarterly updated, general meetings’
notices, general meetings’ deliberations, information
on bond issues, dividend and interest payments,
bylaws, management reports and accounts and
material information releases. During 2011, the market
relations representative continued to be the Group’s
secretary-general, António Manuel Sousa Barbosa da
Frada, supported by the investor relations office. The
representative to the market relations contacts are:
antónio.frada@soaresdacosta.pt. Information requests
should be preferably sent to the investor relations
officer: Rita Carles, rita.carles@soaresdacosta.pt,
telephone + 351 21 791 3236 or + 351 22 834 2217.
The investor relations office provides information on
the share price historic performance, general meetings’
attendance (direct or be representative), necessary
documents to the general meetings, dividend payments,
bonds coupons and redemptions, annual reports and
accounts, half year and quarterly financial accounts
and material information releases. Although all this
information is available on www.soaresdacosta.pt,
by request, this can also be sent by mail or e-mail.
The investor relations office requires the applicant’s
identification and, eventually, the purpose of the
information request. All the information is available in
Portuguese and English.
The contact for the media is the Communication,
Sustainability ad Organizational Change department:

Rita Nunes Pinto, rita.pinto@soaresdacosta.pt,
telephone +351 22 834 2221.
III.17 INDICATION OF THE ANNUAl COMPENSATION PAID
TO THE AUDITOR AND TO OTHER INDIvIDUAlS OR GROUPS
THAT BElONG TO THE SAME NETWORk SUPPORTED By THE
COMPANy AND/OR By ANy GROUP THAT BEARS WITH IT A
CONTROl OR GROUP RElATIONSHIP AND THE PERCENTAGE
OF THE TOTAl AMOUNT PAID FOR THE FOllOWING SERvICES:
A) STATUTORy ACCOUNT REvIEW SERvICES; B) OTHER AUDIT
RElIABIlITy SERvICES; C) TAX CONSUlTING SERvICES; D)
OTHER NON-STATUTORy AUDITING SERvICES
The company’s external auditor is BDO & Associados,
SROC, number 29 in the Chartered Accountants
Professional Association and number 1122 in the
CMVM’s auditors’ registration, represented by Paulo
Jorge de Sousa Ferreira (Chartered Accountant
number 781). In 2011, these audit services provided
to the company (and other related entities, in
which the company has a controlling participation)
amounted to 107,625 euros. The services provided
by the chartered accountant, Grant Thornton &
Associados – SROC, to the company (and other
related entities, in which the company has a
controlling participation) summed 129,960 euros in
2011. The board of directors states that, prior to sign
up any service to the company’s external auditor,
makes sure that this will not put their independence
at risk (as defined in CMVM’s recommendation
number C (202) 1873 of 16-May-2004).
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204
III.18 REFERENCE TO THE EXTERNAl AUDITOR’S ROTATION
PERIOD
The current external auditor initiated functions in 2005.

1. III
Consolidated
O Grupo
Financial Soares
Statements
da Costa
206 207

Consolidated Financial Statements | Grupo Soares da Costa, SGPS, SA
208
Consolidated financial position as of December 31, 2011 and 2010
A S S E T S
NON CURRENT
Notes 31 DEC 11 31 DEC 10 restated 31 DEC 10
Intangible fixed assets
Goodwill 8 e 9 86,896,365 87,156,004 87,156,004
Other intangible fixed assets 8 e 9 255,443,363 267,243,983 267,243,983
Tangible fixed assets
7 342,339,728 354,399,987 354,399,987
land and buildings 9 169,262,712 152,138,253 152,138,253
Basic equipment 9 66,447,006 70,554,688 70,554,688
Other tangible fixed assets 9 17,552,831 22,042,596 22,042,596
Fixed assets in progress 9 18,459,450 26,438,863 26,438,863
7 271,721,999 271,174,400 271,174,400
Investment properties 11 9,907,556 10,026,295 10,026,295
Financial investments
Financial investments under the equity method 11 11,607,524 12,530,850 12,530,850
loans to associated companies 11 10,399,882 9,471,239 9,471,239
Other financial investments 11 e 21 12,876,395 11,722,555 11,722,555
7 34,883,801 33,724,644 33,724,644
Deferred taxes (assets) 7 e 26 40,941,330 29,485,716 29,485,716
Other non current assets 7, 13 e 30 237,395,050 101,653,940 69,392,335
TOTAL NON CURRENT ASSETS 937,189,464 800,464,982 768,203,377
CURRENT
Inventories 7, 12 e 21 127,938,135 158,306,787 158,306,787
Accounts receivable
61,526,471 83,906,093 83,906,093
Trade Debtors 13, 21 e 30 440,708,549 423,273,006 451,527,081
Receivables from Public Entities 1,441,691 2,604,802 2,604,802
Other accounts receivable 13 e 21 61,307,338 49,686,475 53,694,004
7 503,457,579 475,564,282 507,825,887
Other current assets 7 e 14 109,009,408 130,413,871 136,587,275
Cash, Deposits and Securities 7 e 15 86,098,349 96,513,607 96,531,607
TOTAL CURRENT ASSETS 826,503,472 860,816,546 899,251,556
TOTAL ASSETS 7 e 30 1,763,692,936 1,661,281,528 1,667,454,933
* The Chartered Accountant ** The Board of Directors
* Maria das Dores Oliveira
** António Manuel Pereira Caldas de Castro Henriques (Chairman) | Jorge Domingues Grade Mendes | Pedro Gonçalo de Sotto Mayor de Andrade Santos
Luís Miguel Andrade Mendanha Gonçalves | António José Cadete Paisana Ferreira | Paulo Eugénio Peixoto Ferreira | Roberto António Pereira Pisoeiro
Carlos Alberto Príncipe dos Santos
(Euro)
Consolidated financial position as of December 31, 2011 and 2010
209
(Euro)
SHAREHOLDERS EQUITY AND LIABILITIES
Notes 31 DEC 11 31 DEC 10 restated 31 DEC 10
SHAREHOLDERS' EQUITY
Share capital 16 160,000,000 160,000,000 160,000,000
Own shares 16 (172,526) (197,780) (197,780)
Reserves and retained earnings 16 (49,820,845) (40,041,140) (40,286,958)
Net income 7 2,376,012 15,629,331 15,570,960
EQUITY ATTRIBUTABLE TO THE GROUP 112,382,641 135,390,411 135,086,222
Interesses não controlados pelo Grupo 4,139,852 4,170,912 4,170,912
TOTAL DO CAPITAL PRÓPRIO 116,522,493 139,561,323 139,257,134
LIABILITIES
NON CURRENT
Provisions
Loans
21 886,200 704,145 704,145
Bonds 17 97,604,741 97,204,246 100,000,000
Bank loans 17 538,988,548 429,504,930 433,111,904
636,593,289 526,709,177 533,111,904
Accounts payable 19 51,310,099 44,959,160 15,811,119
Derivatives 18 53,939,404 25,550,030 -
Deferred assets (liabilities) 26 27,884,259 31,264,257 31,264,257
TOTAL NON CURRENT LIABILITIES 770,613,251 629,186,768 580,891,425
CURRENT
Loans
Bank loans 17 269,468,826 247,536,906 247,700,168
Outher loans 17 37,850,092 46,607,772 46,607,772
Accounst payable
307,318,918 294,144,678 294,307,940
Trade creditors 227,775,844 253,552,158 262,169,173
Fixed assets suppliers 3,790,535 8,068,350 8,068,350
Advances on sales 75,655,448 112,905,358 133,436,384
Taxes 8,809,377 3,453,256 3,453,256
Other accounts payable 19 56,659,835 52,213,120 52,213,120
372,691,039 430,192,243 459,340,284
Derivatives 18 12,504,360 12,790,859 40,052,559
Other current liabilities 20 184,042,876 155,405,656 153,605,591
TOTAL CURRENT LIABILITIES 876,557,193 892,533,436 947,306,374
TOTAL LIABILITIES 7 e 30 1,647,170,444 1,521,720,205 1,528,197,799
TOTAL SHAREHOLDERS'S EQUITY AND LIABILITIES 1,763,692,936 1,661,281,528 1,667,454,933
* The Chartered Accountant ** The Board of Directors
* Maria das Dores Oliveira
** António Manuel Pereira Caldas de Castro Henriques (Chairman) | Jorge Domingues Grade Mendes | Pedro Gonçalo de Sotto Mayor de Andrade Santos
Luís Miguel Andrade Mendanha Gonçalves | António José Cadete Paisana Ferreira | Paulo Eugénio Peixoto Ferreira | Roberto António Pereira Pisoeiro
Carlos Alberto Príncipe dos Santos

Consolidated income statement for the period ended December 31, 2011 and 2010
Consolidated Financial Statements | Grupo Soares da Costa, SGPS, SA
210
INCOME STATEMENT Notas 2011 2010 reexpresso 2010
Turnover 7 873,548,049 893,528,161 893,528,161
Change in production (19,097,212) (17,236,048) (17,236,048)
Other operating income 23 32,367,362 27,265,352 27,265,352
OPERATING INCOME 886,818,200 903,557,465 903,557,465
Cost of goods sold (186,470,924) (176,237,285) (176,237,285)
Third party supplies & services (437,246,965) (460,878,171) (460,878,171)
Staff costs 24 (146,388,809) (156,482,764) (156,482,764)
Depreciation and imparity losses 7 (33,791,882) (34,548,579) (34,548,579)
Provisions 7 (1,936,230) (4,115,004) (4,115,004)
Other operating costs 23 (22,096,255) (21,402,316) (21,402,316)
OPERATING COSTS (827,931,065) (853,664,119) (853,664,119)
OPERATING RESULTS FROM CONTINUED ACTIVITIES 7 58,887,135 49,893,346 49,893,346
Interest received 14,441,415 10,446,738
Interest paid (55,587,613) (46,484,789)
NET FINANCING COSTS 25 (41,146,199) (36,038,051) (35,466,994)
Gains in associated companies 665,568 856,114
Losses in associated companies (500,001) (506,765)
GAINS AND LOSSES IN ASSOCIATED COMPANIES 25 165,566 349,349 (349,349)
Income and capital gains in stakes held 1,484,231 18,379,035
Other financial income 35,206,631 27,439,509
Other financial costs (47,509,853) (43,669,826)
OTHER FINANCIAL INCOME & COSTS 2 25 (10,818,991) 2,148,718 (1,519,290)
FINANCIAL RESULTS 7 e 25 (51,799,624) (33,539,983) (33,598,355)
EARNINGS BEFORE TAXES 7,087,511 16,353,363 16,294,991
INCOME TAX 7 e 26 (4,746,210) (323,524) (323,524)
NET INCOME 7 2,341,301 16,029,838 15,971,467
Attributable to the Group 7 2,376,012 15,629,331 15,570,960
Minorities 7 (34,711) 400,507 400,507
EARNINGS PER SHARE OF CONTINUED ACTIVITIES 27
Basic 0.015 0.098 0.097
Diluted 0.015 0.098 0.097
EARNINGS PER SHARE 27
Basic 0.015 0.098 0.097
Diluted 0.015 0.098 0.097
* The Chartered Accountant ** The Board of Directors
* Maria das Dores Oliveira
** António Manuel Pereira Caldas de Castro Henriques (Chairman) | Jorge Domingues Grade Mendes | Pedro Gonçalo de Sotto Mayor de Andrade Santos
Luís Miguel Andrade Mendanha Gonçalves | António José Cadete Paisana Ferreira | Paulo Eugénio Peixoto Ferreira | Roberto António Pereira Pisoeiro
Carlos Alberto Príncipe dos Santos
(Euro)
Consolidated income statement to the 4th quarter of 2011 and the 4th quarter of 2010
211
INCOME STATEMENT 4th Quarter 2011 4th Quarter 2010
Turnover 243,766,815 265,994,484
Change in production (21,830,458) (18,962,099)
Other operating income 21,217,253 7,573,536
OPERATING INCOME 243,153,611 254,605,922
Cost of goods sold (53,303,031) (44,470,866)
Third party supplies & services (119,655,875) (140,130,758)
Staff costs (38,097,556) (39,314,833)
Depreciation and imparity losses (8,732,695) (8,203,325)
Provisions (1,614,170) (1,985,034)
Other operating costs (8,005,761) (9,221,575)
OPERATING COSTS (229,409,087) (243,326,392)
OPERATING RESULTS FROM CONTINUED ACTIVITIES 13,744,524 11,279,530
Interest received 4,710,488 (1,917,373)
Interest paid (15,862,260) (14,645,867)
NET FINANCING COSTS (11,151,774) (16,563,240)
Gains in associated companies 249,527 514,088
Losses in associated companies (409,589) (153)
GAINS AND LOSSES IN ASSOCIATED COMPANIES (160,063) 513,936
Income and capital gains in stakes held 762,828 16,952,977
Other financial income 14,680,531 9,247,928
Other financial costs (17,950,211) (13,105,438)
OTHER FINANCIAL INCOME & COSTS (2,506,853) 13,095,467
FINANCIAL RESULTS (13,818,689) (2,953,837)
EARNINGS BEFORE TAXES (74,165) 8,325,693
INCOME TAX (1,855,562) 1,621,188
NET INCOME (1,929,727) 9,946,880
Attributable to the Group (1,961,131) 9,807,647
Minorities 31,404 139,233
EARNINGS PER SHARE (0.012) 0.061
* The Chartered Accountant ** The Board of Directors
* Maria das Dores Oliveira
** António Manuel Pereira Caldas de Castro Henriques (Chairman) | Jorge Domingues Grade Mendes | Pedro Gonçalo de Sotto Mayor de Andrade Santos
Luís Miguel Andrade Mendanha Gonçalves | António José Cadete Paisana Ferreira | Paulo Eugénio Peixoto Ferreira | Roberto António Pereira Pisoeiro
Carlos Alberto Príncipe dos Santos
(Euro)

Statement of consolidated comprehensive income for the period ended December 31, 2011 and 2010
Consolidated Financial Statements | Grupo Soares da Costa, SGPS, SA
212
Notes 31 DEC 11 31 DEC 10
restated
(Euro)
31 DEC 10
Consolidated net profit for the period 7 2,341,301 16,029,838 15,971,467
Other comprehensive income
Exchange difference stemming from transposition of financial statements
expressed in foreign currencies
(16,631) 1,906,477 1,906,477
variation on fair value of derivatives 16 (28,102,874) (13,659,559) (13,659,559)
variation on deferred taxes of derivatives 16 7,378,018 5,149,797 5,149,797
Ajustments in investment consolidated by equity method (883,858) 1,970,827 1,970,827
Other variations (45,884) (14,453) (14,453)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD (19,329,928) 11,382,927 11,324,556
Attributable:
Minorities (31,061) 693,800 693,800
To the Group (19,298,868) 10,689,127 10,630,756
* The Chartered Accountant ** The Board of Directors
* Maria das Dores Oliveira
** António Manuel Pereira Caldas de Castro Henriques (Chairman) | Jorge Domingues Grade Mendes | Pedro Gonçalo de Sotto Mayor de Andrade Santos
Luís Miguel Andrade Mendanha Gonçalves | António José Cadete Paisana Ferreira | Paulo Eugénio Peixoto Ferreira | Roberto António Pereira Pisoeiro
Carlos Alberto Príncipe dos Santos
Statement of changes in equity for the period ended December 31, 2011 and 2010
Balance as of
01/Jan/2011
Equity
capital
Own
shares
Reserves
and
retained
earnings
213
Reserves
for foreign
exchange
Coverage
derivatives
Other Own funds
attributable to
shareholders
Own funds
attributable
to minorities
(Euro)
Total
equity
160,000,000 (197,780) (1,633,280) (337,995) (24,644,913) 2,204,380 135,390,411 4,170,912 139,561,324
Dividend distribution - - (3,463,847) - - - (3,463,847) - (3,463,847)
Acquisition of own
shares
- 25,254 (93,580) - - - (68,326) - (68,326)
Others - - (4,936,786) (369,912) 5,129,968 - (176,730) - (176,730)
Integrated consolidated
earnings
Balance as of
31/Dec/2011
Balance as of
01/Jan/2011
- - 2,376,012 (20,282) (20,724,856) (929,742) (19,298,868) (31,061) (19,329,928)
160,000,000 (172,526) (7,751,481) (728,190) (40,239,801) 1,274,639 112,382,640 4,139,852 116,522,492
Equity
capital
Own
shares
Reserves
and
retained
earnings
Reserves
for foreign
exchange
Coverage
derivatives
Other Own funds
attributable to
shareholders
Own funds
attributable
to minorities
Total
equity
160,000,000 - (10,494,587) (1,951,180) (16,135,152) 248,007 131,667,089 1,005,445 132,672,534
Dividend distribution - - (6,944,036) - - - (6,944,036) - (6,944,036)
Acquisition of own
shares
- (197,780) (72,862) - - - (270,642) - (270,642)
Others - - 3,055 - - - 3,055 2,471,667 2,474,723
Integrated consolidated
earnings
Balance as of
31/Dec/2011
Balance as of 01/
Jan/2010 restated
- - 15,570,960 1,613,184 (8,509,762) 1,956,374 10,630,756 693,800 11,324,556
160,000,000 (197,780) (1,937,470) (337,995) (24,644,914) 2,204,381 135,086,222 4,170,912 139,257,134
Equity
capital
Own
shares
Reserves
and
retained
earnings
Reserves
for foreign
exchange
Coverage
derivatives
Other Own funds
attributable to
shareholders
Own funds
attributable
to minorities
Total
equity
160,000,000 - (10,248,769) (1,951,180) (16,135,152) 248,007 131,912,907 1,005,445 132,918,352
Dividend distribution - - (6,944,036) - - - (6,944,036) - (6,944,036)
Acquisition of own
shares
- (197,780) (72,862) - - - (270,642) - (270,642)
Others - - 3,055 - - - 3,055 2,471,667 2,474,723
Integrated consolidated
earnings
Balance as of 31/
Dec/2010 restated
- - 15,629,331 1,613,184 (8,509,762) 1,956,374 10,689,127 693,800 11,382,927
160,000,000 (197,780) (1,633,280) (337,995) (24,644,914) 2,204,381 135,390,411 4,170,912 139,561,323
* The Chartered Accountant ** The Board of Directors
* Maria das Dores Oliveira
** António Manuel Pereira Caldas de Castro Henriques (Chairman) | Jorge Domingues Grade Mendes | Pedro Gonçalo de Sotto Mayor de Andrade Santos
Luís Miguel Andrade Mendanha Gonçalves | António José Cadete Paisana Ferreira | Paulo Eugénio Peixoto Ferreira | Roberto António Pereira Pisoeiro
Carlos Alberto Príncipe dos Santos

Consolidated cash flows statements for the period ended December 31, 2011 and 2010 and from
October 1 to December 31, 2011
Consolidated Financial Statements | Grupo Soares da Costa, SGPS, SA
214
(Euro)
2011 2010 4th Quarter 2001
OPERATING ACTIVITIES
Receipts from customers 729,226,037 752,095,124 172,932,297
Payments to suppliers (626,458,193) (593,336,470) (168,496,946)
Payments to staff (132,808,555) (147,633,688) (35,023,315)
30,040,711 11,124,966 (30,587,965)
Payments/ receipts of income tax (4,740,400) (9,972,853) (967,619)
Other payments/ receipts related with oper.activities (46,802,211) (21,063,839) (25,163,957)
(51,542,610) (31,036,692) (26,131,576)
CASH FLOW FROM OPERATING ACTIVITIES (81,583,322) (19,911,726) (56,719,540)
INVESTMENT ACTIVITIES
Receipts from:
Financial investments 458,000 21,099,460 -
Fixed tangible assets 2,398,866 1,596,954 556,469
Interest and similar income 1,358,028 421,792 463,353
Dividends
Payments related with:
198,276 4,413,171 1,344,692 24,462,898 - 1,019,822
Financial investments 2,335,341 4,864,358 146,839
Fixed tangible assets 8,259,962 8,893,028 3,418,746
Intangible assets 1,996,014 12,591,317 6,044,738 19,802,125 1,109,265 4,674,849
CASH FLOW FROM INVESTMENT ACTIVITIES (8,178,146) 4,660,772 (3,655,027)
FINANCING ACTIVITIES
Receipts from:
loans 473,507,895 485,077,136 106,269,351
Capital increases, supplem. payments and issue prem. - 125,243 -
Sale of own shares 670,031 464,071 130,088
Interest received
Payments related with:
288,766 474,466,692 307,312 485,973,762 96,063 106,495,503
loans 323,401,232 403,019,841 58,387,641
Financial leasing contracts 9,692,216 11,616,996 1,975,991
Interest paid 55,991,809 49,555,517 23,017,590
Dividends 3,750,881 6,939,695 160,683
Acquisition of own shares 810,073 393,646,211 734,713 471,866,762 119,488 83,661,394
CASH FLOW FROM FINANCING ACTIVITIES 80,820,481 14,107,000 22,834,109
Change in cash and cash equivalents (8,940,987) (1,143,953) (37,540,459)
Effect of foreign exchange differences (1,486,230) 1,690,231 787,851
Effect of changes in stakes/ participations (6,041) 2,702,212 (11,876)
Cash and cash equivalents at the beginning of the period 96,531,607 93,283,117 -
Cash and cash equivalents at the end of the period 86,098,349 96,531,607 (36,764,484)
* The Chartered Accountant ** The Board of Directors
* Maria das Dores Oliveira
** António Manuel Pereira Caldas de Castro Henriques (Chairman) | Jorge Domingues Grade Mendes | Pedro Gonçalo de Sotto Mayor de Andrade Santos
Luís Miguel Andrade Mendanha Gonçalves | António José Cadete Paisana Ferreira | Paulo Eugénio Peixoto Ferreira | Roberto António Pereira Pisoeiro
Carlos Alberto Príncipe dos Santos
Annex to the consolidated cash flows statement
ACQUISITIONS, UNDERWRITING, CAPITAl INCREASES AND CHANGES IN SHAREHOlDINGS
215
// Inflow by cash and equivalents of 458,00 Euros regarding the alienation of the Group’s stake in “Mini Price
Hotels (Porto). S.A.”.
// Outflow by cash and equivalents of 1,930,499 Euros regarding the Group’s participation in “Energia Própria, S.A.”.
// Equity injection in “Autopistas Del Valle, S.A.” of 118,247 Euros, by cash and equivalents.
// Equity injection in “Roof Tops of Spain, S.A.” of 50,000 Euros, by cash and equivalents.
// Equity injection in “Larvick Reliable, R.L.” of 10,000 Euros, by cash and equivalents.
// Equity injection in “Metropolitan Transportation Solutions, Ltd.” of 53,054 Euros, by cash and equivalents.
// Equity injection (accessory installments) in “Elos - Ligações de Alta Velocidade, S.A.” of 163,040 Euros,
by cash and equivalents.
// Outflow by cash and equivalents of 2,500 Euros regarding the Group’s participation in “MY Watt Lda.”.
CASH AND EQUIvAlENTS BREAkDOWN
31 DEC 11 31 DEC 10
Cash 951,975 1,226,220
Bank deposits (immediately available) 84,832,285 95,305,387
Equivalents to cash 314,090 -
Cash and equivalents 86,098,349 96,531,607
Tradable Securities - -
Cash in Consolidated Financial Position Statement 86,098,349 96,531,607
OTHER TRANSACTIONS
// Inflow by cash and equivalents of 120,961 Euros of dividends paid by “Vortal, S.A.” to “Soares da Costa
Construção,SGPS, S.A.”.
// Outflow by cash and equivalents of 3,461,357 Euros of dividends paid by “Grupo Soares da Costa, SGPS,
S.A.” to its shareholders.

Consolidated Accounts – December 31, 2011
CONSOlIDATION PERIMETER AND METHODS
Full COnsolidation Method
Proportional Method
Eq. Patrimonial
Acquisition Cost
Consolidated Financial Statements | Grupo Soares da Costa, SGPS, SA
216
Grupo Soares da Costa, SGPS, SA
100% 100% 100%
SDC Construção, SGPS, SA
SDC Imobiliária, SGPS, SA
SDC Concessões, SGPS, SA
100%
SDC América, INC
100%
CIAGEST, SA
100%
SDC CONCESIONES C.RICA, SA
60%
80%
100%
100%
Porto Construction Group, LLC
SDC Construction Services, LLC
Prince, LLC
SDC Contractor, LLC
100%
Mercados Novos, LDA
100%
SOARTA, SA
100%
HABITOP, SA
100%
100%
100%
COSTAPARQUES, SA
SDC Serv. Técnicos Gestão, SA
Infraestruct. SDC C.RICA, SA
51%
GEC - Guiné Ecuatorial Construcciones
100%
NAVEGAIA, SA
100%
CPE, SA
80%
100%
100%
100%
100%
100%
100%
99.96%
100%
51%
SDC Moçambique, SARL
SDC S. Tomé e Príncipe, Construções, Lda.
SOCOMETAL, SA
SDC Construcciones Centro Americanas, SA
Coordenação & SDC
99%
CARTA, LDA Carta Angola, Lda (11)
95%
CLEAR, SA CLEAR ANGOLA, SA
0.04%
Soares da Costa Brasil, Ltda.
65%
35%
Contacto, SA SDC/Contacto ACE
100%
SANTOLINA Holding B.V
CERENNA, SA
99%
SDC IMOBILIÁRIA, LDA (2)
50.6%
HOTTI-Angola Hotéis, S.A.
98%
COSTA SUL, LDA (7)
98%
IMOSEDE, LDA (7)
100%
CAIS da FONTINHA, SA
51%
IMOKANDANDU, LDA
99% 1%
IMOSDC-Investimentos, LDA
100%
75%
100%
75%
0.2%
0.2%
0.2%
0.2%
100%
INTEVIAS, SA
Hidroequador S. Tomense
60%
Hidroeléctrica STP, Lda.
INR - Inv. Nac. Rodoviários
SDC Hidroenergia, S.A. (6)
99.8%
SDC Hidroenergia 1T,Lda
99.8%
SDC Hidroenergia 8C,Lda
99.8%
SDC Hidroenergia 8T,Lda
99.8%
SDC Hidroenergia 4T,Lda
SDC Concessions USA, Inc.
100%
Soc. Construções Soares da Costa, SA
TRANSMETRO, ACE
ASSOC - Estádio de
50%
40%
28.57%
40%
GCVC, ACE
Estádio de Braga,
14.7%
Talatona Imobiliária, Lda.
34.3%
33.33%
SCUTVIAS, SA
33.33%
0.002%
MRN-Man. Rod. Nacionais
Braga, ACE
Estádio Coimbra, ACE
60% 25%
ACE
Nova Estação, ACE
46%
Auto-estradas XXI, S.A. (4)
Somague-SDC, ACE
50% 28.57%
Matosinhos, ACE
46%
Operestradas XXI, S.A. (4)
Três ponto dois, ACE
50% 50%
Teatro Circo, ACE
50%
Exproestradas XXI, S.A. (5)
HidroAlqueva, ACE
50% 50%
CAET XXI, ACE
40%
Oper. Estradas Zambeze, S.A.
GCF, ACE
28.57% 17.25%
LGV, ACE
40%
Estradas do Zambeze, S.A.
Israel Metro Builders
30% 30%
LGC, ACE
33.33%
Portvias, S.A. (9)
NORMETRO, ACE
17.9% 50%
SdC e Lena, ACE
Terceira Onda, Lda
50% 24%
GACE - Gondomar,
ACE
40%
SOMAFEL, SA
100%
OFM, SA
60%
Somafel e Ferr., ACE
95% Somafel, Ltda. (Brasil)
5%
45%
Alsoma, AEIE
25%
GAYAEXPLOR, LDA
49%
50%
Traversofer, SARL
SDC Emirates, LLC
MTA, LDA (11)
33%
28,57%
0,5%
INDÁQUA, SA
Indáqua Matosinhos, SA
97,5%
Construtora S. José Caldera, SA
17%
Indáqua V. do Conde, SA
98%
50%
Grupul Portughez de Constructii
0,5%
Indáqua Feira, SA (10)
93%
CFE-Indústria de Condutas, SA (1)
20%
MTS, LDA
11.3%
7.24%
VSL, SA
VORTAL SGPS, SA
Construtora-S. José S. Ramon, SA
17%
16,3%
17%
Autopistas del Sol
17%
Autopistas del Valle
Elos - OM, S.A.
16,3%
Elos, S.A. (8)
SCSP-SDC Serviços
Partilhados, SA (3)
Energia Própria, S.A.
Self Energy Engineering &
Innovation, S.A.
60%
Ventos do
Horizonte, S.A.
Self Energy UK
Roof Tops of Spain, S.A.
99.96%
57.26%
100%
78.1%
50%
Ute Efacec/Self Energy
Self Energy Moçambique
45%
Larvick Espanha
49,5%
MY WATT, LDA
50%
Refelxos Púrpura, LDA
50%
10%
(1) Company held (33.33%) by Clear – Instalações Electromecânicas, S.A..
(2) Additionally, Ciagest, SA has a 1% participation in SDC Imobiliária, lda.
(3) Additionally, Sociedade de Construções Soares da Costa, SA, Ciagest, SA, Clear, SA and SDC Serviços Técnicos e de Gestão, SA have, each, a 0.01% participation
in SCSP – Soares da Costa Serviços Partilhados, SA.
(4) Additionally, Sociedade de Construções Soares da Costa, SA holds a 4% participation in Auto-estradas XXI, S.A. and Operestradas XXI, SA..
(5) Additionally, Sociedade de Construções Soares da Costa, S.A. holds a 0.004% participation in Exproestradas XXI, S.A..
(6) Additionally, SDC Serviços Técnicos e de Gestão, SA and Hidroequador Santomense hold, each, a 0.002% participation in SDC Hidroenergia, SA..
(7) Additionally, Clear Angola, S.A. holds a 2% participation in Costa Sul, lda. and in Imosede, lda..
(8) Company held (16.302%) by Soares da Costa Concessões, SGPS, S.A. and by (0.002%) Sociedade de Construções Soares da Costa, S.A.
(9) Additionally, Intevias – Serviços e Gestão, S.A. holds a 0.002% of Portvias, S.A..
(10) Additionally, Grupo Soares da Costa, SGPS, S.A. holds a 0.5% participation in Indáqua Feira, S.A...
(11) Additionally, Sociedade de Construções Soares da Costa, S.A. Holds a 1% stake in MTA, lDA. and in Carta Angola, lDA.
217

CONSOlIDATED ACCOUNTING
POlICIES AND EXPlANATORy
NOTES AS OF DECEMBER 31,
2011
1. Introdutory Note
The company currently named GRUPO SOARES DA
COSTA, SGPS, SA (“Company”) was incorporated on 02
June 1944, under the name “Soares da Costa, Lda.”, a
limited company that has been changed into a public
company by deed of 01 May 1968, also changing its
denomination to “Sociedade de Construções Soares
da Costa, S.A.”.
As of December 30, 2002, after a Group re-organisation
process, the company assumed its current name
and changed its mission into the “management of
shareholdings as an indirect way to develope economic
activities".
The current share structure of the “Grupo Soares
da Costa” is represented in the annexed diagram.
The full list of the companies included in the Group’s
consolidation perimeter and the consolidation
methods applied are detailed in the following notes.
Figures mentioned in the Notes are in Euros, unless
otherwise indicated.
Consolidated Financial Statements | Grupo Soares da Costa, SGPS, SA
218
2. Main Accounting Policies
The main accounting policies adopted in the
preparation of the consolidated financial
statements are as follows:
2.1. PRESENTATION BASIS
The consolidated financial statements assume the
Company’s continuity and were compiled from the
accounting records of the companies included in
consolidation, which were kept according to the
accounting principles accepted in Portugal, and
adjusted in the consolidation process to ensure
that the consolidated financial statements comply
with InternationalStandards on Financial Reporting
as adopted in the European Union, in force for the
financial year starting at 01 January 2005, from
which date the Company began applying IAS/IFRS.
The financial statement include some figures that
were estimated, affecting the amounts reported as
assets and liabilities, as well as those reported as
income and costs for the period reported. All estimates
and assumptions made by the Board of Directors were
based on the best information available at the date
the financial statements were approved.
The Board of Directors believes that the attached
consolidated financial statements and subsequent
notes are a fair representation of the consolidated
financial information.
The following standards, amendments and
interpretations are effective for the first time with
reference to January 1, 2011:
• Classification of rights issues
(Amendment to IAS 32);
• Termination of financial liabilities by equity
instruments (IFRIC 19);
• Disclosure of related parties (Amendment to IAS 24
and IFRS 8);
• Pre-payment of a minimum funding requirement
(amendment to IFRIC 14);
• Improvements to IFRSs in May 2010.
The effect on the financial statements of Grupo Soares
da Costa SGPS SA for the year ended December 31,
2011, arising from the standards, interpretations,
amendments and revisions set out above, where
219
applicable, was not significant.
In terms of standards or interpretations issued
by IASB, but not yet effective in this exercise, we
emphasize the following:

Consolidated Financial Statements | Grupo Soares da Costa, SGPS, SA
220
Standard / Interpretation Change Date of Application (IASB)
Transfers of financial assets Amendment to IFRS 7 01/07/2011 (*) Amendment to IFRS 7 01/07/2011 (*)
Recovery of non-depreciable assets Amendment to IAS 12 01/07/2012 (**)
Exemption for severe hyperinflation and removal of fixed dates Amendment to IFRS 1 01/07/2011 (**)
Presentation of items of other comprehensive income Amendment to IAS 1 01/07/2012
Employee benefits Amendment to IAS 19 01/01/2013
Compensation of financial assets and financial liabilities Amendment to IFRS 7 01/01/2013
Compensation of financial assets and financial liabilities Amendment to IAS 32 01/01/2014
Disclosures about the transition to IFRS 9 Amendment to IFRS 7 01/01/2015
Government subsidies Amendment to IFRS 1 01/01/2013
IFRIC 20 - Removal costs during production of a surface mine New standard 01/01/2013
IFRS 9 - Financial Assets - Classification and measurement New standard 01/01/2013
IFRS 10 - Consolidated financial statements New standard 01/01/2013
IFRS 11 - Joint agreements New standard 01/01/2013
IFRS 12 - Disclosure of interests in other entities New standard 01/01/2013
IFRS 13 - Fair value: measurement and disclosure New standard 01/01/2013
IAS 27 - Separate financial statements Revision of the standard 01/01/2013
IAS 28 - Investments in associates and joint ventures Revision of the standard 01/01/2013
(*) Endorsed by the European Union on November 23, 2011 and effective for years beginning after July 1, 2011.
(**) According to the report EFRAF of March 19, 2012 - "The EU endorsement status report", the endorsement is not expected before the effective date.
Grupo Soares da Costa has not yet completed the clearance of all impacts resulting from implementation of the standards mentioned above.
In 2011 we proceeded to the change in accounting policy on the distinction between assets and current
liabilities versus noncurrent, associated with the register of deductions for guarantees to customers, retention
of guarantees made to suppliers, customer advances and derivative financial instruments, having proceeded
to the restatement on the financial position relating to December 31, 2010. Thus, we estimated the values of
assets and liabilities maturing within more than one year after the date of such statement.
In 2011 also made the change in accounting policy on bank loans. The loans were presented at its face value,
with the deferral of the linear initial charges and as ofDecember 31, 2011 came to be measured at amortized
cost (note 2.6 c)), thus fulfilling stipulated in IAS 39 and IAS 32.
In accordance with IAS 8 the company proceeded to the restatement of financial statements for the year 2010.
Reconciliation of equity and net income for 2010 is as follows:
In accordance with IAS 8 the company proceeded to
the restatement of financial statements for the year
2010.
Reconciliation of equity and net income for 2010
is as follows:
Shareholders equity by January 1, 2010 132,672,534
Costs and interest paid adjustments 245,818
Restated shareholders equity by January
1, 2010
132,918,352
2010's net income 15,570,960
Costs and interest paid adjustments 58,371
Restated 2010's net income 15,629,331
2.2. CONSOlIDATION PRINCIPlES
The consolidation methods applied by the Group are:
a) Group companies – Full consolidation method
The companies in which the Group directly or
indirectly holds more than 50% of the voting
rights at the General Shareholders’ Meeting and/
or has control over financial and operational policy
(definition of control used by the Group), were
included in the consolidated financial statements
by the full consolidation method. The stakes held
by third parties in these companies are presented
under “minority interests”, being included in the
Consolidated Financial Position Statement in
Shareholders’ Equity and in the Consolidated
Income Statement in net income of the year.
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When losses attributable to minorities are greater
than the minority interest in a subsidiary’s
Shareholders’ Equity, the Group absorbs this excess
and any additional losses, except when the minorities
have an obligation and are able to cover those losses.
If the subsidiary subsequently reports profits, the
Group takes those profits until the minority share
of previous losses absorbed has been recovered.
The assets and liabilities of each company are
accounted at their fair value at acquisition. Any
excess of acquisition cost over the fair value of the
net assets and liabilities acquired is recognised
as “goodwill” (Note 2.2.d)). If there is a negative
difference between acquisition cost and the fair
value of net assets and liabilities acquired, this is
recognised as income for the year.
Minority interests include the proportion of the
fair value of assets and liabilities known at the
acquisition date which belong to third parties.
The results of subsidiaries acquired or sold during
the year are included in the financial statements
from the date of acquisition or until the date when
they are sold.
Whenever necessary, adjustments are made to
the financial statements of subsidiaries to bring
their accounting policies in line with those used by
the Group. Transactions, balances and distributed
dividends between Group companies are eliminated
in the consolidation process. Capital gains resulting
from the sale of stakes within Group companies are
also eliminated.

The list of the companies consolidated by the full
consolidation method is in Note 3.
b) Jointly controlled companies – Proportional
consolidation method
Shareholdings in jointly controlled companies were
included in the consolidated financial statements by
the proportional consolidation method, from the date
when control began to be shared. According to this
method, assets, liabilities, income and costs from
these companies were integrated in the consolidated
financial statements, item by item, in proportion to
the amount of control attributable to the Group.
If the acquisition cost surpasses the fair value of
the assets and liabilities for each jointly controlled
company at the acquisition date, that excess is
recognised as “goodwill” (Note 2.2.d). If there is
a negative difference between acquisition cost and the
fair value of net assets and liabilities acquired, this
is recognised as income for the year.
Whenever necessary, adjustments are made to the
financial statements of jointly controlled entities
to bring their accounting policies in line with those
used by the Group. Transactions, balances and
dividends distributed between Group companies are
eliminated in the consolidation, in proportion to the
amount of control attributable to the Group. Capital
gains resulting from the sale of stakes within Group
companies are also eliminated.
The classification of the financial investments in
jointly controlled companies is determined based on
the Shareholders’
Consolidated Financial Statements | Grupo Soares da Costa, SGPS, SA
222
agreements that define the joint control, in the
effective percentage of shares or voting rights held.
The financial interests held in Complementary
Grouping of Companies (ACEs), are generally
consolidated in the financial statements by the
proportional consolidation method.
The list of companies consolidated by the proportional
consolidation method is detailed in Note 4.
c) Associated Companies – Equity Method
Stakes in associated companies, which are companies
in which the Group has significant influence but does
not have control or joint control on the companies’
financial and operational decisions – in general, stakes
representing 20% to 50% of share capital – are
registered by the equity method.
According to the equity method, shareholdings are
registered at their acquisition cost adjusted by the
Group’s share in Shareholders’ Equity variations
(including net income) of the associated companies,
and also by the gains or losses of the financial year
and dividends received.
If the acquisition cost surpasses the fair value of the
assets and liabilities of each associated company at the
date of the acquisition, that excess is recognised
as “goodwill” (Note 2.2.d). If there is a negative difference
between acquisition cost and the fair value of net assets
and liabilities acquired, this is recognised as income for
the year.
Investment in associated companies is evaluated when
there are signs that assets’ value may be subject to
impairment losses. Any impairment losses found are
registered as costs in consolidated income statement.
The investment in associated companies is reported as
a null value when the Group corresponding percentage
of accumulated losses in associated companies’ exceeds
the investment value.
Financial investments in associated companies are
detailed in Note 5.
d) Goodwill
The differences between the acquisition cost of
investments in Group companies and jointly controlled
companies and the net balance between fair value
of those companies' assets and liabilities at the
acquisition date, were recorded as intangible
assets under “Goodwill” item.
The goodwill does not suffer any depreciation, although
every year is checked for impairment losses. Any
impairment loss is immediately registered in the
Consolidated Income Statement for the year, affecting
the financial statements, and is not subsequently
reverted.
Differences between the acquisition cost of stakes in
foreign-based Group companies, jointly controlled
companies and associated companies, and the assets
and liabilities’ fair value at the acquisition date,
are accounted in the reporting currency of those
companies, and converted to the reporting currency
of the Group (Euro) at the exchange rate in force at
the time of the Consolidated Financial Position
Statement. Exchange differences generated in this
conversion are registered in Shareholders’ Equity under
“Exchange Conversion Reserve”.
223
e) Conversion of foreign entities’ financial
statements
Companies operating in other countries besides
Portugal, enjoying organisational, economic and
financial autonomy are considered foreign entities.
The foreign entities’ assets and liabilities are
converted to Euros using the exchange rates at
the date of the Consolidated Financial Position
Statement, and costs and income and cash flow
are converted to Euros using the average exchange
rate for the year. The resulting exchange difference
is recorded in Shareholders’ Equity under “Exchange
Conversion Reserve” item.
The “goodwill” and fair value adjustments resulting
from the acquisition of foreign entities are treated as
assets and liabilities of that entity and converted to
Euros according to the exchange rate at the date of
the Consolidated Financial Position Statement.
Whenever a foreign entity is sold, the accumulated
exchange difference is recognised in the Consolidated
Income Statement as gain or loss resulting from
that sale. The rates used to convert the figures of
foreign entities (Group companies, jointly controlled
companies or associated companies) to Euros were
the following:

Exchange rate as of
31 DEC 11
Consolidated Financial Statements | Grupo Soares da Costa, SGPS, SA
224
Average exchange rate
31 DEC 11
Exchange rate
as of 31 DEC 10
Average exchange
rate 2010
US Dollar EUR/USD 1,2939 1,4000 1,3362 1,3207
Mozambican Metical EUR/MZN 34,665 40,370 43,305 45,645
S. Tomé & Príncipe Dobra EUR/STD 24,500 24,500 24,500 24,500
Angolan kwanza EUR/AOA 122,55 131,18 121,60 122,03
Romanian leu EUR/ROL 4,3233 4,2399 4,2620 4,2169
Israelian Shekel EUR/ILS 4,9453 5,0105 4,1406 4,9270
Brazilian Real EUR/BRL 2,4159 2,3375 2,2177 2,3234
UAE Dirhams EUR/AED 4,7566 5,1460 4,9095 4,8550
British Pound EUR/GBP 0,8353 0,8713 - -
Central African CFA EUR/CFA 656,14 656,14 656,14 656,14
2.3. INvESTMENT PROPERTIES
Investment properties include all the land and buildings owned to obtain rents or capital appreciation, or both,
that are not for use in the production or supply of goods or services, nor for administrative purposes nor for sale
as part of the business daily management.
Investment properties are registered at their acquisition cost. By the time financial statements were transposed
to the IAS/IFRS framework (01 January 2004), materially relevant investment properties were adjusted to
reflect their fair value at conversion date (“deemed-cost”).
Costs incurred related with the use of investment properties, namely, maintenance, repairs, insurance, and
property tax (Local Property Tax), are recognised as costs in the Consolidated Income Statement for the
respective financial year. Improvements expected to generate future additional economic benefits are capitalized
under “Investment properties”.
The depreciation method used for investment property is straight-line depreciation method, using a depreciation
rate for a useful working life of 100 years.
2.4. FIXED TANGIBlE ASSETS
Tangible fixed assets acquired up to 31 December 2003, the transition date to IAS/IFRS, are registered at
“deemed cost”, minus depreciations and impairment losses. The “deemed cost” was determined as follows:
• TLand and buildings – Market value as of 31 December 2003 determined by independent assessment
- J. Curvelo, Lda..;
• Basic equipment – Market value as of 31 December 2003, determined by internal assessment of assets from
a user perspective, audited by an external assessment
of an independent body – J. Curvelo, Lda.;
• Others – Acquisition cost or acquisition cost
revaluated in accordance with the principles generally
accepted in Portugal.
Assets acquired after 31 December 2003, are recorded
at acquisition cost minus accumulated depreciations
and impairment losses.
Depreciations are calculated on a straight line basis
once the assets start to be used and are applied
systematically throughout the useful life of the assets,
which is determined in function of the expected use of
the asset by the Group, the asset’s wear and tear, the
likelihood of technical obsolescence and the residual
value attributable. The residual value attributable to
the asset is determined on the basis of estimated value
recoverable at the end of its useful life.
The depreciation rates correspond to the following
estimated useful life periods:
Useful life
Buildings 8 - 100
Basic equipment 2 - 20
Other tangible as sets 3 - 10
Fixed tangible assets in progress are registered at
acquisition or production cost, minus any impairment
losses.
Gains and losses from the sale or disposal of tangible
fixed assets are determined as the difference between
225
the alienation price and the net accounting value at
the time of the sale/disposal, and are registered in the
Consolidated Income Statement as “other operational
gains” or “other operational losses”.
2.5. INTANGIBlE ASSETS
Intangible assets, with the exception of “goodwill”, are
registered at acquisition cost, minus accumulated
depreciations and impairment losses. Intangible assets
are only recognised if they are likely to produce future
economic benefits to the Group, if they are controlled
by the Group and if their value can be reasonably
measured.
Yearly depreciations for intangible assets are
registered in the Consolidated Income Statement
under “Depreciations and amortisation costs and
impairment losses”. The depreciation method used
for intangible assets with a finite useful life is the
straight-line depreciation method. A useful life of
between 3 and 5 years is used for these assets, except
for the charges related with concession agreements
which are amortized according to the straight line
basis over 12-month periods during the concession
period.
2.6. FINANCIAl ASSETS AND lIABIlITIES
a) Financial investments
Financial investments are recognized at the date the
risks and rewards inherent to them are transferred.
They are initially registered at acquisition price, i.e.
the fair value of the price paid including transaction

expenses.
Financial investments are classified into investments
held until maturity and investments evaluated at fair
value through results.
Following the initial recognition, investments stated
at fair value through results are revaluated at their fair
value, without deducting any transaction costs that
may have been incurred on the sale. Investments in
Equity instruments not listed in regulated financial
markets, and for which fair value cannot be reliably
estimated, are accounted at acquisition cost deducted
from eventual impairment losses.
Gains or losses arising from a change of the fair value
of investments evaluated at fair value through results
are registered in the Consolidated Income Statement
for the year.
b) Accounts receivable
Accounts receivable are registered at their nominal
value minus any impairment losses, recognised under
“Impairment losses” in accounts receivable, so that
they reflect the realisable net value.
c) loans
Loans are registered as liabilities at their nominal
value.
Any inherent costs that are paid in advance, are
recognised linearly in the Consolidated Income
Statement for the year up to the loan maturity,
classified under ”Other current assets”.
Financial costs associated with interests and similar
costs (namely stamp duty), are registered in the
Consolidated Income
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226
Statement according to the Matching Principle, with
any amounts due and not paid at the date of the
Consolidated Financial Position Statement being
classified under “Other current liabilities”.
d) Accounts payable
Accounts payable are registered at nominal value.
Usually these debts do not pay interest.
e) Discounted bills of exchange and accounts
receivable in "factoring”
Discounted bills of exchange and accounts receivable
sold to factoring companies (with recourse) are
registered in assets at their nominal value, being the
advance already registered as a liability.
Interest charges are recognised in accordance with the
Matching Accounting Principle.
f) Cash and equivalents
The amounts included under “Cash and equivalents”
correspond to cash, bank deposits and term deposits
and other short term cash applications.
2.7. lEASES
Lease contracts are classified as:
• Financial leases if all risks and advantages inherent
to ownership are substantially transferred;
• Operational leases if all risks and advantages
inherent to ownership are not substantially
transferred.
Classification of leases as financial or operational is
decided in accordance with the substance and not
the form of the contract.
The values of fixed assets acquired through financial
lease contracts are registered as assets and their
respective cost is registered as a liability. The
depreciation of these assets, calculated as per 2.4
supra, are registered as depreciations for the year.
The capital repayment included in rents paid is
registered as reductions to those responsibilities while
interests included are registered as financial expenses
for the respective year.
In the case of operational leases, rents due are
recognised as a cost in the Consolidated Income
Statement throughout the period of the leasing
contract under “External supplies and services”.
2.8. INvENTORIES
Inventories, raw materials and consumables are valued
at either acquisition cost or net realizable value,
whichever is lower.
In the movement of raw materials and consumables,
these are valued at average weighted cost.
Finished and semi-finished products, sub-products
and products and work in progress are valued
at either production cost or net realizable value,
whichever is the lower. Production costs include the
cost of raw material, direct labour costs and general
manufacturing costs. The cost method considered is
the average cost.
The net realizable value is the regular sale price minus
finishing and marketing expenses.
227
2.9. FINANCIAl COSTS IN lOANS OBTAINED
Financial costs related to loans obtained are generally
recognised as a cost according to the Matching
Accounting Principle.
Pursuant to the terms of IAS 23, financial costs from
loans associated with the acquisition, construction or
production of fixed assets, or associated with motorway
concessions or real estate projects classified under
inventories are capitalised and comprised in asset’s
cost. Capitalisation of these charges begins once
preparation for the construction activity or
development of the asset has begun, and is interrupted
once the asset production ends, or when the project in
question is suspended.
In 2011, 3,407,383 euros of financial charges were
capitalised as part of the cost of tangible fixed assets.
As of December 31, 2011, 11,439,704 Euros were
capitalised as part of the net cost of tangible fixed
assets in the consolidated financial statements of the
Group.
2.10. PROvISIONS
Provisions are recognised when the Group has
a present obligation (legal or constructive) as a result
of a past event, which may result in a cash outflow
for which a reliable estimate can be done. Provisions
are revaluated at each Consolidated Financial Position
Statement closing date and are adjusted to reflect the
best estimate at that date.
2.11. INCOME TAX
Income tax is calculated on the basis of the taxable
income (which differ from accounting net income)

of the companies included in consolidation, in
accordance with the tax rules in force in each company
head office location country.
Deferred taxes refer to the temporary differences
between the accounting and figures for tax purposes in
terms of assets and liabilities.
Deferred taxes assets and liabilities, are calculated and
annually assessed using the tax rates expected to be
in force at the reversion date of temporary differences.
Deferred taxes assets are registered when there are
reasonable prospects of sufficient taxable income for
them to be used.
At the closing date of the Consolidated Financial
Position Statement, the temporary differences
underlying assets for deferred taxes are re-assessed
in order to recognise assets for deferred taxes not
previously registered as those failed to meet the
conditions for registration, and/or to reduce their
amount according to the current expectations of
future recovery.
Deferred taxes are registered as loss or income in each
year, except if they arise from transactions or events
registered in equity, in which case deferred tax is also
registered under those same items.
2.12. CONSOlIDATED FINANCIAl POSITION STATEMENT
Realisable assets and demandable liabilities, to be
due past the closing date of Consolidated Financial
Position Statement, are accounted as non-current
assets and liabilities, respectively.
Consolidated Financial Statements | Grupo Soares da Costa, SGPS, SA
228
2.13. RECOGNITION OF COSTS AND INCOME
a) Construction contracts
For the recognition of income and expenses of
construction contracts, it has been adopted the
percentage of completion method. According to this
method, income directly related to work in progress
is recognised in the Consolidated Income Statement
in accordance with the percentage of completion of
the work, which is determined by the ratio between
expenses incurred at the time of the financial
statements and total estimated expenses for the work.
The differences between income accounted through
the application of this method and the invoices
issued are recorded under “Other current assets” or
“Other current liabilities”, according to the nature of
the difference. Income and expenses related with the
promotion of real-estate are deferred in the balance
until the respective execution has been fully
or substantially terminated.
Variations in the value of works compared with
the contracted price are recognised in each year’s
Consolidated Income Statement when it is highly
possible that the client will approve the amount arising
from that variation, and that this can be reliably
measured.
Claims for reimbursement of expenses not included
in the contract price are included as revenues when
negotiations are at an advanced stage and it is
probable that the client will accept the claim, and that
it is reliably measurable.
b) Real estate projects
Recognition of sales in real estate projects is done
when the legal transfer of the property occurs, or,
exceptionally, when possession or inherent risks of the
property are transferred to the promissory buyer and
the sale is considered to be irreversible.
c) Other activities
Sales and services revenues, are generally accounted
when they occur. Financial income from delayed
payment by clients is accounted when there is
significant evidence that they are recoverable.
d) Costs related with bids preparation
Expenses incurred with the preparation of bids are
recognised in the Consolidated Income Statement
of the financial year they occurred, since the outcome
of the bid is still unknown.
e) Matching Principle
The Group companies record their income and
expenses on an accrual basis, whereby income and
expenses are recognised when they are generated
independently of when they are received or paid.
The differences between the amounts received and
paid and the corresponding income and expenses
generated are registered under “Other current assets”
or “Other current liabilities”, depending on the nature
of the difference.
229
2.14. BAlANCES AND TRANSACTIONS IN FOREIGN CURRENCy
Foreign currency transactions (non-Euro) are
registered at the exchange rates in force at the time of
each transaction.
On each balance date, monetary assets and liabilities
expressed in foreign currency are converted to Euros
using the rates in force at that time.
Exchange differences, both favourable and unfavourable,
due to discrepancies between the exchange rates
in force at the time of the transaction and those in
force when payments were made or received, or as
at the date of the balance, are registered as “Other
financial gains and losses” in the Consolidated Income
Statement for the year.
2.15. IMPAIRMENT OF NON-CURRENT ASSETS, EXCEPT
GOODWIll
An assessment of impairment is made at the time
of each balance, and whenever an event or change
in circumstances signals that the figure registered for
the asset may not be recovered.
Whenever the asset amount is higher than its
recoverable value, it is recognised an impairment
loss, which is registered in the Consolidated Income
Statement.
The recoverable amount is the highest figure between
the net sale price and the use value. The net sale price
is the amount obtained from alienating the asset in
a transaction accessible to the parties involved minus
the expenses directly attributable to the alienation.
The value-in-use is the current value of estimated
future cash flows that are expected from the constant
use of the asset and its alienation at the end of its

useful life. The recoverable amount is estimated for
each asset individually, or, if this is not possible, for
the operational unit to which the asset belongs.
A reversion of impairment losses recognised in
previous years is registered when there are signs that
the recognised impairment losses no longer exist or
have diminished. The reversion of impairment losses
is recognised in the Consolidated Income Statement as
an operational income.
However, if the impairment loss was not registered
in previous years, the reversion of impairment loss is
carried out up to the limit of the amount recognised
(net of amortization or depreciation).
2.16. CONTINGENT ASSETS AND lIABIlITIES
Contingent liabilities are not recognised in the
Consolidated Financial Statements, but are disclosed
in the Notes to the accounts, unless the possibility of
outflow is remote.
Contingent assets are not recognised in the
Consolidated Financial Statements, but are disclosed
in the Notes to the accounts, when it is likely to occur
a future economic inflow.
2.17. SUBSEQUENT EvENTS
Events occurring after the reporting date, which
provide additional information on the conditions
existing at that date, are reflected in the Consolidated
Financial Statements. Events subsequent to the
reporting date which provide information on
conditions occurring after that date, if material, are
disclosed in the Consolidated Financial Statements.
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230
2.18. INFORMATION By SEGMENTS
The business and geographical sectors applicable to
the Group’s activity are determined each year. Detailed
information on this subject is included in Note 7.
2.19. SUBSIDIES
Government subsidies are recognized at fair value
provided that there is a reasonable assurance that
they will be paid and that the Group will meet the
conditions to the granting of that subsidy.
Operating subsidies, especially those for staff
training, are registered in the Consolidated Income
Statement according to the expenses incurred.
2.20. DERIvATIvES
The Group uses derivatives to cover financial risks
to which is exposed, namely interest rate risk. The
Group does not use such instruments for speculative
purposes.
Derivatives are registered at fair value. The recognition
method is determined by their nature and goals.
Hedge accounting
The possibility of designating a derivative as a hedge
instrument is regulated by IAS 39, namely regarding
documentation and effectiveness.
The Group uses the following criteria to classify
its derivatives as cash flow hedging instruments:
• The hedge is expected to efficiently offset changes
in cash flow attributable to the covered risk;
• The efficiency of the coverage can be reliably
measured;
• There is adequate documentation about the
transaction to be covered at the beginning of the
coverage;
• The transaction subject to the coverage is highly
probable.
Changes in the fair value of financial instruments
classified as “fair value coverage” are recognized as
a financial result in the
period, as well as the changes in the fair value of the
assets or liabilities subject to that risk.
Changes in the fair value of derivatives classified as
“cash flow coverage” are recognized in “Reserves from
Hedging
Operations” in their effective component, and as a
financial result in their non-effective component.
Amounts recorded under “Reserves from Hedging
Operations” are transferred to financial results in the
period in which the covered item impacts results.
Hedge accounting is discontinued when derivatives
reach maturity, or when the instruments are sold,
231
the option is exercised or when the coverage ratio no
longer meets the requirements of IAS 39. In situations
where the derived instrument is declassified as a hedge
instrument, the fair value differences accumulated and
deferred in Shareholders’ Equity in the item “Reserves
from Hedging Operations” are transferred to the
Income Statement of that year.
Changes in fair value of derivatives aiming at
providing financial coverage, but that do not meet all
the requirements of IAS 39 (Financial Instruments:
Recognition and Measurement), and regarding the
possibility of a hedge accounting, are registered
in the Consolidated Income Statement in the period
which they occur.
Negotiating derivatives
Changes in fair value of derivatives aiming at providing
financial coverage, in accordance with the company’s
risk management policies, but which do not comply
with all the provisions of IAS 39 regarding the
possibility of classification as hedge accounting,
are registered in the Consolidated Income Statement
in the period in which they occur.
During the financial year, no financial instruments
were reclassified..

2.21. AGREEMENTS FOR PROvISION OF SERvICES
For service concession arrangements, IFRIC 12
determines how the service concession operators
should apply the rules on recognition and
measurement by the private operator in the provision
of infrastructure construction and operation under the
signature of contracts concession. This interpretation
was issued by the IASB in November 2008 and
adopted by the
European Union in March 2009, with mandatory for
financial years beginning on / or after January 1,
2010.
This interpretation applies to activities carried out by
associates of the Soares da Costa Group.Thus, the
concessions operated by the associated companies
Auto-Estradas XXI and Estradas do Zambeze are
framed on the model of financial asset. The revenue
and costs related to building service are treated
according to IAS 11 - Construction contracts.
The revenue and costs relating to operation and
maintenance service are treated according to IAS 18,
revenue and contractual obligations to maintain or
restore the infrastructure at certain levels of capacity
for the provision of public service are recorded in
accordance with IAS 37-provisions, contingent
liabilities and contingent assets.
On the other hand, the associated Scutvias, CPE
and Costaparques have a record of intangible assets
associated with the right to operate infrastructure in
return for payments and other healthcare plan made
thereunder. The intangible asset is reduced through
amortization over the concession period.
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232
2.22. OWN SHARES
Own shares are recorded at acquisition value as a
deduction to equity. Gains or losses incurred on the
sale of own shares are registered in the “Reserves and
retained profits” account.
2.23. OWN WORk CAPITAlISED
Own work capitalised essentially refers to construction
and processing work carried out for own purposes.
Capitalisation of these expenses depends on the
following requisites:
• The work carried out is identifiable;
• The work will most probably generate future
economic rewards and;
• The development costs can be reliably measured.
2.24. MANAGEMENT OF INvESTED CAPITAl
The Group manages its capital so as to assure the
continuity of the Group, seeking to maximise value
creation for its shareholders. The Group’s capital
therefore consists of equity from shareholders
(consisting of share capital that has been fully
subscribed and realised, accrued capital reserves,
asset revaluation reserves, foreign exchange reserves,
consolidation differences and earnings from previous
years not distributed to the shareholders), debt
(recourse debt and non-recourse debt) and the funds
held as cash and cash equivalents.
The Group has two kinds of debt: recourse debt and
non-recourse debt. The difference between these two
types of debt lies in the type of liability undertaken.
Recourse debts undertaken by any Group company
can be enforced against the Group’s shareholders
whereas non-recourse debt, undertaken exclusively
in concession business awarded in a project finance
context, can only be enforced against the concessionaire,
meaning only the latter’s assets can be foreclosed
in payment.
2.25. FINANCIAl RISk MANAGEMENT
Information is supplied on the Group's financial risks
management is given on chapter 9 of the 2011
Management Report as well as in Note 30 of the
Explanatory Notes.
3. Group Companies Fully Consolidated
Group companies included in consolidation by the full
integration method, their head offices and proportion
of share capital held as of December, 31 2011:
233

Consolidated Financial Statements | Grupo Soares da Costa, SGPS, SA
234
Company Headoffices Capital Held
Directly Indirectly Total
Grupo Soares da Costa SGPS, S.A. Rua Santos Pousada, nº 220 4000-478 Porto
Holding
Company
- -
Soares da Costa Serviços Partilhados, S.A.
Energia Própria
Rua Santos Pousada, nº 220 4000-478 Porto 100.00% - 100.00%
Energia Própria, S.A.
Estrada de Talaíde, lote 27, Talaíde
2785-734 S. Domingos de Rana
57.26% - 57.26%
Self Energy Uk Southbank Technopark, 90 london Road, london, SE1 6lN
Edifício Ninho de Empresas, Edifício Ninho de Empresas, Avenida do
- 78.10% 78.10%
ventos do Horizonte, S.A.
Mercado Abastecedor, nº 4
5400-673 Outeiro Seco – Chaves
- 60.00% 60.00%
Self Energy Engineering & Innovation, S.A.
Construction
Rua de Fundões 151 Centro Empresarial e Tecnológico
3700-121 São João da Madeira
- 100.00% 100.00%
SDC Construção SGPS, S.A. Rua Santos Pousada, nº 220 4000-478 Porto 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 - Miami - Florida
33126 U.S.A.
- 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 Contractor, llC
7270 N.W. 12 TH Street, Suite PH3 - 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 Centro Americanas, S.A. Cantón Cero Uno - S. José Costa Rica - 100.00% 100.00%
Carta - Cantinas e Restauração, lda Rua Santos Pousada, nº 220 4000-478 Porto - 100.00% 100.00%
Carta - Restauração e Serviços, lda Rua Cónego Manuel das Neves, 19 luanda - Angola - 100.00% 100.00%
Soc. Construções Soares da Costa, S.A. Rua Santos Pousada, nº 220 4000-478 Porto - 100.00% 100.00%
CONTACTO - Soc. Construções, S.A. Rua Santos Pousada, nº 220 4000-478 Porto - 100.00% 100.00%
Soares da Costa Brasil - Construções, lda.
Rua Bandeira Paulista, nº 600, 1º Andar, Conjunto 13,
CEP 04532-001, São Paulo, Brasil
- 100.00% 100.00%
Santolina Holding B.v. Delairessestraat 154, 1075Hl Amsterdam - 100.00% 100.00%
CERENNA - Cerâmica Nacional de Angola, S.A.
Município da Ingombota, Bairro Ingombota, Rua Cónego Manuel Alves das
Neves, Nº 19 - luanda
- 51.00% 51.00%
Soares da Costa/Contacto - Modernização de Escolas, ACE Rua Santos Pousada, nº 220 4000-478 Porto - 100.00% 100.00%
GEC - Guinea Ecuatorial Construcciones, S.A.
Urbanización villa Orquídea, vivenda nº 4, Carretera del Aeropuerto,
Malabo, Républica de Guinea Ecuatorial
- 51.00% 51.00%
ClEAR - Instalações Electromecânicas, S.A. Rua Santos Pousada, nº 220 4000-478 Porto - 100.00% 100.00%
ClEAR Angola, S.A. Rua Cónego Manuel das Neves, 874 luanda - Angola - 95.00% 95.00%
Coordenação & Soares da Costa, SGPS, lda.
Rua Julieta Ferrão, nº 12, 13º Andar, N. Senhora de Fátima
1000 lisboa
- 100.00% 100.00%
Prince Contracting, llC 5411 Willis Road Palmetto, Florida 34221 - USA - 100.00% 100.00%
Construções Metálicas SOCOMETAl, S.A. Rua Santos Pousada, nº 220 4000-478 Porto - 100.00% 100.00%
235
Company Headoffices Capital Held
Directly Indirectly Total
Real Estate
Soares da Costa Imobiliária, SGPS, S.A. Rua Santos Pousada, nº 220 4000-478 Porto 100.00% - 100.00%
CIAGEST - Imobiliária e Gestão, S.A. Rua Santos Pousada, nº 220 4000-478 Porto - 100.00% 100.00%
Mercados Novos - Imóveis Comerciais, lda. Rua Santos Pousada, nº 220 4000-478 Porto - 100.00% 100.00%
SOARTA - Soc Imob. Soares da Costa, S.A. Rua Santos Pousada, nº 220 4000-478 Porto - 100.00% 100.00%
HABITOP - Sociedade Imobiliária, S.A. Rua Santos Pousada, nº 220 4000-478 Porto - 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 Santos Pousada, nº 220 4000-478 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 Santos Pousada, nº 220 4000-478 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 das Neves Casa nº 19 - luanda - 100.00% 100.00%
Hotti - Angola Hoteis, S.A.
Município da Ingombota, Bairro Patrice lumumba,
Rua Cônego M. das Neves, nº 190 - luanda
- 50.60% 50.60%
IMOSDC - Investimentos, lda
Concessions
Rua Cónego Manuel das Neves, 19 luanda - 100.00% 100.00%
Soares da Costa Concessões, SGPS, S.A. Rua Santos Pousada, nº 220 4000-478 Porto 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%
COSTAPARQUES - Estacionamentos, S.A. Rua Santos Pousada, nº 220 4000-478 Porto - 100.00% 100.00%
Soares da Costa Serviços Técnicos e de Gestão, S.A. Rua Santos Pousada, nº 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. Rua Julieta Ferrão, nº 12, 14º 1649 lisboa - 100.00% 100.00%
Intevias - Serviços e Gestão, S.A. Rua Santos Pousada, nº 220 4000-478 Porto - 100.00% 100.00%
Hidroequador Santomense - Exploração de Centrais Hidroelétricas,
lda.
Av. Repatriamento dos Poveiros, nº 67, Edifício
Cecominsa, Póvoa de varzim
- 75.00% 75.00%
Hidroelétrica STP, limitada Avenida Água Grande, São Tomé - S. Tomé e Príncipe - 45.00% 45.00%
INR - Investimentos Nacionais Rodoviários, SGPS, S.A. Rua Julieta Ferrão, nº 12, 14º 1649-039 lisboa - 100.00% 100.00%
Soares da Costa Hidroenergia, S.A. Rua Santos Pousada, nº 220 4000-478 Porto - 75.00% 75.00%
Soares da Costa Hidroenergia 1T, lda. Rua Santos Pousada, nº 220 4000-478 Porto - 75.00% 75.00%
Soares da Costa Hidroenergia 4T, lda. Rua Santos Pousada, nº 220 4000-478 Porto - 75.00% 75.00%
Soares da Costa Hidroenergia 8C, lda. Rua Santos Pousada, nº 220 4000-478 Porto - 75.00% 75.00%
Soares da Costa Hidroenergia 8T, lda. Rua Santos Pousada, nº 220 4000-478 Porto - 75.00% 75.00%
Soares da Costa Concessions USA, Inc. 7270 NW 12 Street, Suite 860, Miami, Florida 33126 EUA - 100.00% 100.00%

The list of the companies fully consolidated suffered
the following changes during the financial year ending
on 31 December 2011:
• Inclusion in the consolidation of the company
"Soares da Costa Brazil - Construction Ltd." 100%
held by the Group;
• Inclusion in the consolidation of the company
"Cerenna - Cerâmica de Angola, SA", a company under
Angolan law held by the Group at 51%;
• Inclusion in the consolidation of the company
"Santolina Holding BV", a company under the Dutch
law held by the Group at 100%;
• Increase in the participation held in the company
"Coordenação & Soares da Costa SGPS, Lda", a
company which became wholly owned by the Group.
As a result of increase in the participation the
company ceased to be integrated by the proportional
method and was included in the consolidation
perimeter using the full consolidation method;
• Merger by incorporation of the company "Soares da
Costa Indústria SGPS SA" in the company "Soares da
Costa Construção SGPS SA.". Because of this merger
the financial participations held by "Soares da Costa
Indústria SGPS SA" have become an integral part of
the segment reporting of Construction and Public
Works;
Consolidated Financial Statements | Grupo Soares da Costa, SGPS, SA
236
• Merger by incorporation of companies " Self Energy
Serviços de Energia, S.A." and " Self Energy Solutions,
S.A.” in the company "Energy Self, SGPS, SA.".
Following this merger the company changed its name
to "Energia Própria, S.A";
• Assignment of 66% shares in the MTA – Máquinas
e Tractores de Angola, Limitada. This company was
consolidated by the equity method;
• Extinction of " Soares da Costa Ambiente e Energia,
S.A.", the " Soares da Costa Desenvolvimento, S.A."
and "MZI Lda." closed companies in the fourth quarter
of 2011.
4. Jointly Controlled Companies – Proportional
Consolidation Method
Jointly controlled companies included in the
consolidation by the proportional method, their
registered offices and the proportion of capital held
as of 31 December 2011:
237
Company Headoffices Capital Held
Directly Indirectly Total
Construction
TRANSMETRO - Construção do Metropolitano do Porto, ACE Rua Santos Pousada, nº 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 Estádio de Braga, ACE Av. Imaculada Conceição, 756 - Dume - 4700-034 Braga - 40.00% 40.00%
Estádio de Coimbra, SC/Abrantina, ACE
Casais, Eusébios, FDO, J. Gomes, Rodrigues e Névoa - Soares da
Rua Santos Pousada, nº 220 4000-478 Porto - 60.00% 60.00%
Costa, Construção do Estádio de Braga -
Acab.e Instalações/Infraest.Interiores, 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 - Agrupamento Construtor
do Metro de Superfície, ACE
Rua Engº Ferreira Dias, 164 4100-247 Porto - 50.00% 50.00%
Remodelação Teatro Circo - S.C., A.B.B., D.S.T., ACE Rua Santos Pousada, nº 220 4000-478 Porto - 50.00% 50.00%
GCF - Grupo Construtor da Feira, ACE Rua do Rego lameiro, nº 38, Campanhã, 4300-454 Porto - 28.57% 28.57%
GCvC, ACE Rua do Rego 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 Guard
4470-557 Moreira da Maia
- 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%
Soares da Costa e lena, ACE
Rua Julieta Ferrão, 12º e 13º Andar, Nossa Senhora e Fátima, 1649-039
lisboa
- 50.00% 50.00%
Terceira Onda Planejamento e Desenvolvimento, ltda.
Av. Ibirapuera, 2.332, Bloco I, 9º andar, sala 01, Ed.
Torre Ibirapuera I; Moema, S. Paulo - Brasil
- 50.00% 50.00%
GACE - Gondomar, ACE Rua Eng. Ferreira Dias, nº 161 - Porto - 24.00% 24.00%
lGC - linha de Gondomar, Construtores, ACE
Rua Eng. Ferreira Dias, nº 161 Freguesia de
Ramalde - Porto
- 30.00% 30.00%
CAET XXI - Construções, ACE Rua de Santos Pousada, 220 Bonfim, Porto - 50.00% 50.00%
Israel Metro Builders - a Registered Partnership 132 Derekh Menakhem begin, Tel-Aviv, Israel - 30.00% 30.00%
lGv, Engenharia e Construção de linhas de Alta
velocidade, ACE
Rua Abranches Ferrão, nº 10, 9ºF, 1600-001 lisboa - 17.25% 17.25%
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%
Somafel - Obras Ferroviárias e Marítimas ltda.
Real Estate
Rua Major lopes, nº 800, sala 306, Bairro S.Pedro,
Belo Horizonte-Minas Gerais
- 40.00% 40.00%
Talatona Imobiliária, lda
Concessions
Rua Cónego Manuel das Neves, 19 luanda -
República de Angola
- 49.00% 49.00%
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 4000-478 Porto - 50.00% 50.00%
Exproestradas XXI - AE Transmontana, S.A. Rua Santos Pousada, nº 220 4000-478 Porto - 50.00% 50.00%
Auto-Estradas XXI - Subconcessionária, S.A. Rua Santos Pousada, nº 220 4000-478 Porto - 50.00% 50.00%
Estradas do zambeze, S.A.
Distrito Urbano 1, Bairro Central, Av. Ho Chi Min nº
1178, 2º andar, Maputo - Moçambique
- 40.00% 40.00%
Operadora das Estradas do zambeze, S.A.
Distrito Urbano 1, Bairro Central, Av. Ho Chi Min nº
1178, 2º andar, Maputo - Moçambique
- 40.00% 40.00%
MRN - Manutenção de Rodovias Nacionais, S.A.
Av. 12 de Novembro, nº 42, 1º Direito 6005-001
Alcains - Castelo Branco
- 33.33% 33.33%
Portvias - Portagem de vias, S.A.
Avenida 12 de Novembro, 42, 1º Dto, 6005 001
Alcains - Castelo Branco
- 33.33% 33.33%

The list of the companies proportionally consolidated suffered the following changes during the financial year
ending on 31 December 2011:
Consolidated Financial Statements | Grupo Soares da Costa, SGPS, SA
238
• Inclusion in the consolidation perimeter of the company “Soares da Costa e Lena, ACE” in which the Group has
a 50% participation;;
• Increase in the participation held in the company “Coordenação & Soares da Costa, SGPS, Lda.”, a company
which became wholly owned by the Group. As a result of increase in the participation the company ceased
to be integrated by the proportional method and was included in the consolidation perimeter using the full
consolidation method;
• Extintion of the company “Acestrada – Construção de Estradas, ACE”, a company closed during the second
quarter of 2011;
• Inclusion in the consolidation perimeter of the company “Terceira Onda Planejamento e Desenvolvimento
LTDA”, in which the Group has a 50% participation.
As of 31 December 2011 the amounts, weighted for the percentage of joint control, of the current assets, non
current assets, current liabilities, non current liabilities, income and expenses related with the jointly controlled
companies were as follows:
239
Company Assets Liabilities Costs Net income
ASSOC - Soares da Costa - Construção do Estádio de Braga, ACE 73,571 73,571 124 -
Autoestradas XXI - Subconcessionária, S.A. 215,341,433 224,549,051 133,210,524 463,997
CAET XXI - Construções, ACE 44,762,995 36,261,021 119,969,155 6,071,353
Casais, Eusébios, FDO, J. Gomes, Rodrigues e Névoa - Soares da Costa, ACE 23,178 - 61 76
Estádio de Coimbra, SC/Abrantina, ACE 297,712 297,712 4,561 -
Estradas do zambeze, S.A. 19,491,717 18,680,462 11,525,097 204,160
Expoestradas XXI - AE Transmontana, S.A. 6,015,775 6,008,122 4,002,141 (22,650)
GACE - Gondomar, ACE 2,638,708 2,638,708 2,174,910 -
GFC - Grupo Construtor da Feira, ACE 367,733 367,733 - -
GCvC, ACE 953,323 953,323 4,100,414 -
HidroAlqueva, ACE 4,210,480 4,222,344 21,145,854 (7,215)
Israel Metro Builders - a Registered Partnership 4,282,553 4,282,553 - -
lGC - linha de Gondomar, Construtores, ACE 4,418,296 2,823,187 1,153,625 4,359
lGv - Engenharia e Construção de linhas de Alta velocidade, ACE 9,988,950 9,788,482 1,440,338 133,310
Mota-Engil, Soares da Costa, MonteAdriano - Matosinhos, ACE 1,299,041 1,299,041 6,444,847 -
MRN - Manutenção de Rodovias Nacionais, S.A. 8,505,878 4,098,030 9,581,032 4,404,434
Normetro - Agrupamento do Metropolitano do Porto, ACE 3,490,375 3,473,944 258,135 16,431
Nova Estação, ACE 2,355,934 2,357,101 5,442,990 (681)
OFM - Obras Públicas, Ferroviárias e Marítimas, S.A. 6,504,163 4,764,223 6,060,298 (546,660)
Operadora das Estradas do zambeze 927,598 800,722 512,105 14,891
Operestradas XXI, S.A. 4,111,633 1,991,468 2,338,565 2,071,651
Portvias - Portagem de vias, S.A. 8,377,772 8,252,287 542,879 108,820
Remodelação Teatro Circo - S.C., A.B.B., D.S.T., ACE 1,726,606 1,726,606 2,700 -
SCUTvIAS - Autoestradas da Beira Interior, S.A. 239,598,155 215,673,873 35,668,100 4,203,939
Soares da Costa e lena, ACE 177,955 177,955 337,307 -
SOMAFEl - Engenharia e Obras Ferroviárias, S.A. 19,568,319 7,504,529 9,829,155 (1,266,934)
Somafel - Obras Ferroviárias e Marítimas ltda. 212,086 412,690 213,200 (212,752)
Terceira Onda Planejamento e Desenvolvimento, ltda. 2,750,385 2,438,283 3,583,496 322,356
Somague, Soares da Costa - Agrupamento Construtor do Metro de Superfície, ACE 311,171 311,171 8,975 -
Talatona Imobiliária, lda 28,501,004 30,243,114 4,737,646 (310,088)
TRANSMETRO - Construção do Metropolitano do Porto, ACE 6,502,583 5,750,430 690,289 22,282
Três ponto dois - T.G. Const. Civil - via e Cat Mod. linha do Norte, ACE 488,569 339,309 78,499 149,260
At the reporting date there are no contingent commitments or capital commitments related with the jointly
controlled companies.

Consolidated Financial Statements | Grupo Soares da Costa, SGPS, SA
240
5. Companies Included in Consolidation by the Equity Method
Companies included in consolidation by the equity method, their registered offices and the proportion of capital
held as of December 31, 2011:
Company Headoffices Capital Held
Energia Própria
Directly Indirectly Total
Self Energy Moçambique, S.A. Avenida kenneth kaunda, nº 403 Maputo – Moçambique - 45.00% 45.00%
larvick Reliable, S.l. Av. Finestrat, S/N, Edificio la Cala, local 10, 03509 Finestrat - 49.50% 49.50%
UTE Efacec – Self Energy, ley 18/1982
Avenida de la Industria 4, Edf. 1, 2-2C
28108 Alcobendas - Madrid
- 50.00% 50.00%
My Watt, lda Rua Julieta Ferrão, nº 12, lisboa - 50.00% 50.00%
Reflexos Púrpura, lda Rua Julieta Ferrão, nº 12, lisboa - 50.00% 50.00%
Construction
Grupul Portughez de Constructii S.R.l. 10873 Bucharest - Roménia - 50.00% 50.00%
CFE Indústria de Condutas, S.A. Rua Particular Joaquim Silva, 480 Sobrado - valongo - 33.33% 33.33%
Constructora San José - Caldera, S.A. Costa Rica - 17.00% 17.00%
SDC Emirates Construction, l.l.C. Abu Dhabi - Emirados Árabes Unidos - 49.00% 49.00%
MTA - Máquinas e Tratores de Angola, lda
Rua Cônego Manuel das Neves, casa 19, Bairro
Patrice lumumba - Angola
- 34.00% 34.00%
Alsoma, AEIE 3 Av André Malrau 92300 levallois Perret - 18.00% 18.00%
Traversofer Industrie & Services Ferroviaires, SARl 27 Chemin du Reservoir - Hydra - Alger - 20.00% 20.00%
Concessions
Metropolitan Transportation Solutions, ltd. 14 Hamelecha Street, Park Afek, Rosh Haya’in Israel - 20.00% 20.00%
GAyAEXPlOR - Construção e Exploração
de Parques de Estacionamento, lda.
Rua Santos Pousada, nº 220 4000-478 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
de Matosinhos, S.A.
Rua 1º de maio, nº 273 4451-956 Matosinhos - 28.14% 28.14%
Indáqua vila do Conde - Gestão de Águas
de vila do Conde, S.A.
Indáqua Feira - Indústria de Àguas de Santa Maria
da Feira, S.A.
Praça luís de Camões, 9, 3º 1480-719 vila do Conde - 28.00% 28.00%
Rua Dr. Elísio de Castro, nº 37 - Santa Maria da Feira - 27.07% 27.07%
241
In the companies Constructora San José - Caldera, SA and Alsoma EEIG, the Group considers to have significant
influence on these shares since they have the power to participate in making financial and operating policies of
these companies.
During the year ended December 31, 2011 the following changes in the companies included in the consolidation
by the equity method:
• Alienation of the 34% participation held in the company “Mini-Price Hotels (Porto), S.A.”;
• The company “MTA – Máquinas e Tractores de Angola, Ltda” is now consolidated by equity method, after the
sale of a 66% share;
• Inclusion in the consolidation perimeter of the company “MY WATT, LDA”, a company held by Energia Própria,
S.A. at 50%;
• Inclusion in the consolidation perimeter of the company “REFLEXOS PÚRPURA, LDA”, a company held by
Energia Própria, S.A. at 50%.

As of December 31, 2011 the total amount of assets, liabilities, revenues and profits of companies included
in consolidation by the equity method were as follows:
Company
Consolidated Financial Statements | Grupo Soares da Costa, SGPS, SA
242
Assets Liabilities Shareholders
equity
Income Net income
INDÁQUA - Indústria e Gestão de Águas, S.A. 64,955,551 48,807,586 16,147,964 8,223,845 707,483
Traversofer Industrie & Services Ferroviaires 25,051 25,075 (24) 64,252 (11,975)
GAyAEXPlOR - Construção e Exploração de Parques
Estacionamento, lda
265,326 243,002 22,324 - (1,936)
Alsoma, AEIE (a) 1,841,905 488,842 1,353,063 768,301 252,214
Grupul Portuguhez de Constructii S.R.l. 3,395,325 3,952,517 (557,192) 24,024 (14,667)
MTA - Máquinas e Tratores de Angola, lda 1,096,520 818,071 278,449 536,293 (451,830)
Indáqua Matosinhos, S.A. 57,793,201 58,117,659 (324,458) 31,390,637 (52,263)
Indáqua vila do Conde, S.A. 43,918,460 41,893,813 2,024,647 19,214,936 (15,591)
Indáqua Feira, S.A. 103,080,232 91,835,334 11,244,898 23,743,335 (584,243)
CFE - Indústria de Condutas, S.A. 614,460 539,082 75,378 429,214 (171,099)
SDC Emirates, llC 2,100 1,261 839 242 (67,086)
Metropolitan Transportation Solutions, ltd. (b) 47,091,957 47,035,317 56,640 - -
Construtora - S. José Caldera, S.A. 23,419,646 13,845,843 9,573,803 17,002,360 2,247,348
Self Energy Moçambique S.A. 3,106,355 2,948,824 157,531 1,046,249 79,993
larvick Reliable, R. l. 121,579 142,353 (20,774) 103,059 35,260
Ute Efacec/Self Energy, ley 18/1982 702,605 966,458 (263,853) 2,296,719 (1,117,005)
My Watt, lda 1,016,121 1,011,793 4,328 - (672)
Reflexos Púrpura, lda 811,640 811,000 640 - (360)
(a) 31/03/2011
(b) 30/09/2011
During the period ended December 31, 2011 there was no record of impairment losses on these investments
since there is no evidence of its existence.
6. Companies Not Included in Consolidation
Companies not included in the consolidation, as they are not material to the reported results, their registered
offices and the proportion of capital held as of December 31, 2011:
Company Head offices Capital Held
Construção Estação Tratamento das Águas do
Paiva, ACE
GPCC - Grupo Português de Construção de
Infraestruturas de Gás Natural, ACE
GPCIE - Grupo Português de Construção de
Infrestruturas da Expo, ACE
Grupo Construtor do Edifício Gil Eanes, ACE
Molinorte linha do Norte - Construção Civil,
ACE
243
Directly Indirectly Total
Av. Fabril do Norte, 1601 - Matosinhos - 50.00% 50.00%
Rua Santos Pousada, nº 220 4000-478 Porto - 25.00% 25.00%
Quinta de Beirolas - Estaleiro Moscavide (Parque
Expo) Stª Maria dos Olivais - 2685 Sacavém
Edifício Gil Eanes, Expo 98, lotes 1.13.03 e 1.14.01 -
Sta.Maria dos Olivais
- 25.00% 25.00%
- 50.00% 50.00%
Rua Santos Pousada, nº 220 4000-478 Porto - 23.50% 23.50%
Soares da Costa, Engil, ACE - (Hosp. De Tomar) Rua Santos Pousada, nº 220 4000-478 Porto - 50.00% 50.00%
The companies listed above are complementary group of companies whose projects are virtually complete.
The assets, liabilities, expenses revenue and profits of these companies as of December 31, 2011 are as follows:
Company % Participation Assets Liabilities Costs Income
Construção Estação Trat. Das Águas do Paiva, ACE 50.00% 34,395 34,395 164 164
GPCC - Grupo Português de Construção de Infraestruturas
de Gás Natural, ACE
GPCIE - Grupo Português de Construção de Infraestruturas
da Expo, ACE
25.00% 312,468 312,468 15,597 15,597
25.00% 188,746 188,746 36,353 36,353
Grupo Construtor do Edifício Gil Eanes, ACE 50.00% 62,922 62,922 211 211
Molinorte linha do Norte - Construção Civil, ACE 23.50% 170,786 170,786 - -
Soares da Costa, Engil, ACE - (Hosp. de Tomar) 50.00% 111,944 111,944 - -

7. Information by Segment
Based on the consolidated financial information for each business area, shows the following breakdown of the
results and segment assets and liabilities as of December 31, 2011:
Consolidated Financial Statements | Grupo Soares da Costa, SGPS, SA
244
Construction Real Estate Concessions Energia
Própria
Holding and
other
Eliminations Consolidated
Turnover
External to the Group 677,072,416 2,567,667 185,081,333 8,587,359 239,273 - 873,548,049
Intragroup 119,135,461 4,582,060 2,522,232 - 13,334,975 (139,574,728) -
Total turnover 796,207,878 7,149,727 187,603,566 8,587,359 13,574,248 (139,574,728) 873,548,049
Operational result by segment 29,430,998 2,499,990 29,004,926 (2,183,562) (232,038) 366,820 58,887,135
Unallocated costs -
OPERATIONAL RESULTS
(CONTINUED ACTIVITY)
29,430,998 2,499,990 29,004,926 (2,183,562) (232,038) 366,820 58,887,135
Discontinued activity net income
Interest paid (25,342,628) (3,977,689) (33,384,301) (161,010) (14,575,410) 21,853,425 (55,587,613)
Interest received 12,798,760 129,971 10,913,126 4,200 12,737,535 (22,142,177) 14,441,415
Net income from associated companies 355,017 - 201,644 (391,095) - - 165,566
Other financial costs/ income (4,687,770) 457,912 (5,564,502) (128,345) 2,564,222 (3,460,507) (10,818,991)
Income tax (4,475,955) 407,230 (2,021,424) 980,906 715,373 (352,340) (4,746,210)
REGULAR ACTIVITY RESULTS 8,078,422 (482,586) (850,532) (1,878,906) 1,209,681 (3,734,779) 2,341,301
Minorities 673,706 (26,932) 119,392 - - (800,877) (34,711)
NET INCOME ATTRIBUTABLE
TO THE GROUP
7,404,717 (455,655) (969,923) (1,878,906) 1,209,681 (2,933,903) 2,376,012
Other data
Assets 1,150,832,655 161,356,679 635,654,067 22,739,334 544,645,679 (773,542,885) 1,741,685,530
Financial invesments 6,058,517 78,984 18,214,280 621,874 - (2,966,249) 22,007,406
CONSOLIDATED TOTAL ASSETS 1,763,692,936
liabilities 976,271,839 83,700,998 716,300,302 19,484,390 332,051,742 (480,638,827) 1,647,170,444
CONSOLIDATED TOTAL LIABILITIES 1,647,170,444
Depreciations 17,258,738 1,287,999 14,248,275 80,784 925,136 (9,050) 33,791,882
Other non cash costs (besides depreciations) 1,555,338 312,985 16,342 51,566 - - 1,936,230
Intantigle and tangible assets acquisitions 17,726,124 109,310 8,024,232 672,369 310,292 - 26,842,327
The breakdown of results, assets and liabilities by segment as of December 31, 2010 was as follows:
245
Construction Real Estate Concessions Holding and
other
Eliminations Consolidated
Turnover
External to the Group 781,650,921 9,597,845 102,146,196 133,199 - 893,528,161
Intragroup 67,499,698 5,038,799 8,317 11,156,620 (83,703,434) -
Total Turnover 849,150,620 14,636,644 102,154,513 11,289,819 (83,703,434) 893,528,161
Operational Result by Segment 32,298,674 3,886,101 19,876,079 (2,822,123) (3,345,385) 49,893,346
Unallocated costs -
OPERATIONAL RESULTS (CONTINUED ACTIVITY)
Discontinued activity net income
32,298,674 3,886,101 19,876,079 (2,822,123) (3,345,385) 49,893,346
Interest paid (18,415,955) (4,609,907) (25,550,836) (10,076,949) 12,168,859 (46,484,789)
Interest received 13,905,138 75,733 3,962,573 6,332,372 (13,829,078) 10,446,738
Net income from associated companies (94,349) 7,960 435,498 - 241 349,349
Other financial costs/income (9,511,750) (376,167) (7,211,732) 33,088,149 (13,839,783) 2,148,718
Income tax (4,332,851) 324,691 1,466,037 1,332,071 886,527 (323,524)
REGULAR ACTIVITY RESULTS 13,848,907 (691,589) (7,022,381) 27,853,520 (17,958,619) 16,029,838
Minorities 433,559 (23,938) (9,115) - - 400,507
NET INCOME ATTRIBUTABLE TO THE GROUP 13,415,347 (667,651) (7,013,267) 27,853,520 (17,958,619) 15,629,331
Other data
Assets 1,107,628,502 156,618,994 489,959,537 510,821,728 (627,749,322) 1,639,279,439
Financial invesments 3,316,349 377,496 18,322,020 599,476 (613,252) 22,002,089
CONSOLIDATED TOTAL ASSETS 1,661,281,528
liabilities 963,775,658 80,927,103 549,777,602 292,176,724 (364,936,882) 1,521,720,205
CONSOLIDATED TOTAL LIABILITIES 1,521,720,205
Depreciations 18,375,301 1,259,318 14,105,272 960,321 (151,633) 34,548,579
Other non cash costs (besides depreciations) 3,874,706 502,709 19,946 - (282,356) 4,115,004
Intantigle and tangible assets acquisitions 25,141,322 1,714,927 11,726,643 5,709,709 - 44,292,600
Intragroup transactions are done at market values.

Sales and services breakdown by geographical market:
Consolidated Financial Statements | Grupo Soares da Costa, SGPS, SA
246
Turnover by geographical market 31 DEC 11 % 31 DEC 10 %
Portugal 328,856,787 37.65% 380,200,375 42.55%
Angola 325,447,093 37.26% 344,845,685 38.59%
U.S.A. 114,071,553 13.06% 78,773,720 8.82%
Romania 6,629,981 0.76% 25,876,496 2.90%
Mozambique 80,378,076 9.20% 38,326,754 4.29%
Brazil 4,160,816 0.48% - 0.00%
S. Tomé & Príncipe 2,574,796 0.29% 6,584,181 0.74%
Other countries 11,428,947 1.31% 18,920,950 2.12%
TOTAL 873,548,049 100.00% 893,528,161 100.00%
The net assets and investments in tangible assets are distributed across geographical markets as follows:
Portugal Angola U.S.A. Mozambique
S. Tomé
& Príncipe
Guinea Romania
Other
Countries
Net Assets
Intangible 333,534,403 - 8,739,491 - 54,187 - - 11,647 342,339,728
Fixed Tangible 134,422,765 115,403,187 13,159,878 3,032,052 3,903,177 306,069 366,950 1,127,922 271,721,999
Investment
Properties
9,869,907 - - 37,649 - - - - 9,907,556
Financial
Investments
20,490,933 78,984 - 671,874 - - - 13,642,010 34,883,801
Inventories 50,478,845 72,202,257 - 824,229 177,966 - - 4,254,838 127,938,135
Accounts
Receivable
Cash and
equivalents
355,400,864 271,583,433 26,185,665 60,070,149 1,220,454 6,960,858 4,442,988 14,988,218 740,852,629
49,333,670 24,736,591 8,127,191 1,729,268 278,728 13,454 1,356,834 516,614 86,098,349
Deferred taxes 28,641,094 2,237,802 9,954,401 9,374 - - - 98,658 40,941,330
Other assets 74,416,515 18,751,447 8,482,179 1,365,881 280,321 1,263,236 3,438,383 1,011,446 109,009,408
TOTAL 1,056,594,995 504,993,701 74,648,806 67,740,476 5,914,835 8,543,618 9,605,154 35,651,352 1,763,692,937
Investments
in 2011
Intangible and
Fixed Tangible
Assets
9,328,131 9,178,870 6,379,123 818,213 816,188 - 318 321,483 26,842,327
TOTAL 9,328,131 9,178,870 6,379,123 818,213 816,188 - 318 321,483 26,842,327
Total
8. INTANGIBLE ASSETS
a) Gross assets
The movements in the gross value of intangible assets were the following:
Intangible assets Opening
Balance
Changes in
Perimeter
247
Increases Disposals Exchange
Rate Effect
Transfers and
write off’s
Closing
Balance
Goodwill 87,156,004 - - - - (259,640) 86,896,365
Other intangible as sets 298,446,376 - 1,122,113 - 148 (230,993) 299,337,643
TOTAL 385,602,380 - 1,122,113 - 148 (490,633) 386,234,008
The balance recorded as "Goodwill" on the date of December 31, 2011 for the following acquisitions that
occurred in previous years:
• Acquisition, by the end of 2010, of 57.26% of the share capital of the subsidiary Energia Própria, SA,
originating the accounting of goodwill in the amount of 5,299,282 euros, provisional value, since the Group was
still in the process of determining the fair value of assets and liabilities of the company. The goodwill recorded in
2011, suffered a decrease of 259,640 euros, updating the value to 5,039,641 euros;
• Acquisition, in 2008, of the subsidiary Contacto – Sociedade de Construção, S.A., which originated goodwill
of 44,134,341 euros. During the first half of 2010 there was an increase in this value, amounting to 88,200
euros, according to the conditions of the contract for the purchase of that company;
• Acquisition, in 2008, 13.33% of the share capital of associated company – Autoestradas da Beira interior,
S.A., and which resulted in a total effective participation of 33.33% and generated a goodwill amounting to
28,128,844 euros ;
• Acquisition in the second half of 2007, 75% of the capital of the subsidiary Hidroequador Santomense
– Exploração de Centrais Hidroeléctricas, Lda. which resulted in a goodwill of 765 846 euros, registered in 2008
but calculated with reference to the date 31 December 2007, as in 2007 the Group was still in the process of
determining the fair value of assets and liabilities of that company;
• Acquisition of subsidiary Prince Contracting, LLC. that originated a goodwill amounting to 8,739,491 euros.

Consolidated Financial Statements | Grupo Soares da Costa, SGPS, SA
248
The "Other intangible assets" balance concerns mainly to Public Service Concession Agreements (IFRIC12).
After an internal study that has measured the current value of future cash flows, an adjustment was made in
the amount of 250,000 euros for investment in “Parque Gemini”, so as to adjust the book value of net realizable
value.
During the year 2011 were capitalized financial charges as part of the cost of these assets, valued at 636,568
euros in relation to ongoing projects in the area of hydroelectric concessions.
As of December 31, 2011 there are no contractual commitments to acquire intangible fixed assets and no
research and development expenses were registered in the period.
b) Accumulated depreciations
Movements in accumulated depreciations of intangible assets:
Intangible assets Opening
Balance
Changes in
Perimeter
Increases Regularization Exchange
Rate Effect
Closing
Balancel
Other intangible as sets 31,202,393 - 12,720,129 (28,361) 119 43,894,281
TOTAL 31,202,393 - 12,720,129 (28,361) 119 43,894,281
In late 2011, the Group, in accordance with IAS 36, impairment testing the goodwill relating to acquisitions of
Contact, through evaluation by an independent body, the Prince, based on an independent study by the Energia
Própria, Scutvias Hidroequador Santomense and, based on evaluations conducted internally.
Prince
The methodology used was the discounted cash flow (DCF - "Discounted Cash Flows"). The reference
value was calculated assuming the continuity of the company and perspetivando maintaining the current
organization.
For this purpose we estimated the activity of the company until 2017 and assumed that it will enter a mature
stage of business from this year (thus estimating a perpetuity according to the Gordon model).
The operating free cash flows have been updated by an annual rate of discount of 10.08% which reflects the
weighted average cost of capital (WACC):
• Cost of debt capital: 3.71%;
• Income tax: 35%;
• Risk-free interest rate: 2%;
• Risk premium to the market value of 5%;
• Beta of assets of 1.56;
• Leveraged Beta = Hamada formula;
• Capital structure target 75%.
249
Energia Própria
The methodology used was the Updated Cash Flow (DCF - "Discounted Cash Flows"). The reference value was
calculated assuming the continuity of the company, the lack of synergies and future perspetivando maintaining
the current organization.
The estimates were produced assuming a nominal growth rate equivalent to inflation rate of 2%.
The explicit projection period was ten years, ie 2012 to 2021. It was considered a residual value that
corresponds to the overall value that we consider the stabilization of its profitability, ie, in this case, after 2021,
an amount determined as the current value of a perpetual and was assumed a growth rate long-term cash flows
equal to the inflation rate assumed.
The operating free cash flows have been updated by an annual rate of discount of 11.95% which reflects the
weighted average cost of capital (WACC):
• Cost of debt capital: 7%;
• Income tax: 26.5%;
• Risk-free interest rate: 7.45%;
• Premium market risk value of 5.3%;
• Beta of assets of 1.14;
• Leveraged Beta = Hamada formula;
• Capital structure target 60%.

Contacto
The DCF – Discounted Cash Flows method was used.
The reference value was calculated assuming the continuity of the company, the absence of future synergies
and maintaining the current organisation structure.
Estimates are at nominal rates, with a growth rate of 2% p.a., equivalent to inflation.
The explicit estimate period was five year, from 2012 to 2016. A residual rate considering a steady state
profitability level was used, meaning that after 2015, it was considered the present value of a perpetuity that
assumed a long-term growth rate from the cash flow equal to the rate of inflation.
Free operating cash flows were discounted at an annual discount rate of 11.7%, reflecting weighted average
cost of capital:
• Cost of debt: 5.5%;
• Corporate tax rate: 26.5%;
• Risk free interest rate, Government bond OT 10-year yield: 3. 25%;
• Market risk premium = 9.13%;
• Beta assets = 1.04;
• Leveraged Beta = Hamada formula;
• Target D/E structure = 19.2%.
Consolidated Financial Statements | Grupo Soares da Costa, SGPS, SA
250
Scutvias
The DCF – Discounted Cash Flows method was used, in the shareholder's perspective (Free Cash-Flow to Equity).
The reference value was calculated assuming the continuity of the company, the absence of future synergies
and maintaining the current organisation structure.
Estimates were based on the financial prospects of the business plan which takes into account the conditions
of the respective concession contract.
The discount rate of 10.0% was used based on the following parameters:
• Risk-free interest rate 6.10%
• Market risk premium: 5%
• Levered beta equity: 0.76
251
Hidroequador Santomense
Also with reference to Hidroequador Santomense, an internal impairment test has been ran
The assessment methodology used has been Cash-Flow to Equity (shareholder perspective) according to
which the company's value is obtained through the update of the cash flows expected by the shareholder, i.e.
dividends payment and return of capital such as shareholders advances and loans as well as inherent interest.
In the case at hand, the concessions the end of the concessions is known and being those structured in a project
finance regime, this has been the method usually used by the market.
The calculation of the financial projections has been based on a financial model and resulting financial
statements. The free cash flows risk is evaluated through the usage of a discount rate used to update those
flows at the moment of the assessment. In order to obtain the discount rate, a risk-free interest rate, a marketrisk
premium and a country-risk premium have been used. In order to estimate the net cash flow generated,
given that the concessions' end is pre-determined, financial projections over the concession period have been
taken into account.
After running impairment tests, it was concluded that there is no need to make any adjustments to the value
obtained.
9. Tangible Fixed Assets
a) Gross assets
Movement in gross value of tangible fixed assets:
Fixed Tangible assets Opening
Balance
Changes in
Perimeter
Increases Disposals Exchange
Rate Effect
Transfers and
write off’s
Closing
Balance
land and buildings 194,758,348 (57,823) 6,172,563 (891,064) 157,542 16,198,165 216,337,731
Basic Equipment 145,870,154 (36,688) 6,916,306 (2,750,419) 641,790 (2,582,923) 148,058,221
Other fixed tangible assets 60,990,799 (157,353) 2,176,729 (3,087,334) 392,319 (3,079,893) 57,235,267
Ongoing fixed tangible assets 26,438,863 (5,092) 10,454,616 - (24,693) (18,404,243) 18,459,450
TOTAL 428,058,164 (256,956) 25,720,213 (6,728,817) 1,166,957 (7,868,894) 440,090,669
In the column "Increase" of the "Tangible assets in progress" and "Land and buildings" are recorded work for the
entity in the amount of 6,692,528 euros and 5,655,399 euros, respectively.

In the column "Disposals" of the "Land and buildings" was included the sale of surface rights of land Edurb-
Talatona, which generated a capital gain in the amount of 2,527,349.22 euros (see note 23).
During 2011, were capitalized financial charges as part of the cost of these assets, valued at 199,160 euros,
which covers essentially to the Hidroeléctrica STP,Lda project.
Consolidated Financial Statements | Grupo Soares da Costa, SGPS, SA
252
As at the end of 2011, consolidated financial statements of the Group included the amount of 1,299,514 euros
capitalized as part of the net cost of these assets.
As of December 31, 2011 there are no materially relevant contractual commitments for the acquisition of
tangible fixed assets.
b) Accumulated depreciations
Movement in accumulated depreciations of tangible fixed assets:
Fixed Tangible assets Opening
Balance
Changes in
Perimeter
Increases Regularisation Exchange
Rate Effect
Closing
Balance
land and buildings 42,620,095 (6,811) 5,282,731 (863,875) 42,879 47,075,019
Basic Equipment 75,315,467 (7,481) 9,835,774 (3,951,415) 418,868 81,611,215
Other fixed tangible assets 38,948,202 (99,126) 5,418,342 (4,961,454) 376,473 39,682,436
TOTAL 156,883,764 (113,418) 20,536,848 (9,776,744) 838,220 168,368,670
Breakdown of the net values of intangible fixed assets and tangible fixed assets by primary reporting segment
as of December 31, 2011:
Construction Real Estate Concessions
Energia
própria
Financial
Participations
Goodwill 52,962,032 - 28,894,690 5,039,642 - 86,896,365
Other intangible asstes 20,551 - 255,189,201 233,611 - 255,443,363
Total intangible asstes 52,982,583 - 284,083,892 5,273,253 - 342,339,728
lands and buildings 79,882,582 74,226,866 15,153,265 - - 169,262,712
Basic equipment 64,668,012 111,655 1,406,973 260,366 - 66,447,006
Other fixed tangible assets 14,040,232 502,594 678,745 12,040 2,319,220 17,552,831
Fixed tangible as sets under construction 5,256,388 2,189,136 10,197,268 644,881 171,777 18,459,450
Total fixed tangible assets 163,847,214 77,030,250 27,436,250 917,287 2,490,998 271,721,999
Total
During 2011, the company conducted tests for impairment of the carrying value of certain of its properties,
through assessments by independent entities.
No impairment losses (or reversal of losses) were recorded for the tangible fixed assets in the financial year
ended December 31, 2011.
10. Financial and Operational Leasing
Financial leasing
In the Consolidated Financial Position, the Group has tangible fixed assets under the financial lease. As of
December 31, 2011 the book value of these assets is as follows:
253
Financial Leasing Gross Assets Accumulated depreciation Net Assets
lands and bui ldings 977,904 248,880 729,023
Basic equipment 13,690,349 3,948,990 9,741,359
Other fixed tangible assets 1,472,750 524,004 948,747
Total 16,141,003 4,721,874 11,419,129
The Group’s responsibilities for these contracts are as follows:
Current 2,810,135
Non current 2,389,730

The total future minimum payments under the financial leases at the reporting date and their present value,
for each period, has been reconciled in the table below:
Consolidated Financial Statements | Grupo Soares da Costa, SGPS, SA
254
31-DEC-11
Financial leasing minimum payments:
2012 3,070,207
2013 1,430,546
2014 827,139
2015 84,394
2016 34,165
5,446,451
Present value / interests 246,587
Present value of the financial leasing minimum payments 5,199,865
Current 2,810,135
Non current 2,389,730
The financial lease agreements are subject to the market’s interest rates and determine the asset’s useful life.
As of December 31, 2011 there are no contingent rents or restrictions regarding the payment of dividends
(or any additional debts) associated with the financial lease agreement.
The Group also conducted two real estate leaseback transactions whose liabilities have been registered in the
Consolidated Financial Position Statement under “Bank loans”. As of 31 December 2011 the current liabilities
and non-current liabilities associated with these agreements amounted to 1,306,862 euros and 12,103,303
euros respectively.
The real estate leaseback agreements are subject to the following underlying terms:
Contract Real estate financial leasing contract number 450003696
Date December 28, 2005
lessor Banco Comercial Português, S.A.
lessee Ciagest - Imobiliária e Gestão, S.A.
255
Asset Acquisition of real estate assets alienated by HABITOP - Sociedade Imobiliária S.A.and CIAGEST - Imobiliária e Gestão S.A.
Financing amount 17.352.500 Euros
Residual value 2% of total financing amount
Term 15 years
Number of rents 60 rents, antecipated
Frequency Quarterly, beginning on March 25, 2006
Interest rate Euribor 3 months + 1.750%
Contract Real estate financial leasing contract number 450007448
Date February 29, 2008
lessor Banco Comercial Português, S.A.
lessee Ciagest - Imobiliária e Gestão, S.A.
Asset Fractions of the building in Rua Alvaro Pais, Rua Sousa lopes and Rua Julieta Ferrão, in the city of lisboa
Financing amount 3.000.000 Euros
Residual value 300.000 Euros
Term 12 years
Number of rents 48 rents, antecipated
Frequency Quarterly, beginning on May 25, 2008
Interest rate Euribor 3 months + 1.50%

Operational leasing
Expenses with operating lease agreements
amounting to 4,321,489 euros were recognized in
2011.
Rents on operating lease agreements (fixed rents)
maintained by the Group as of December 31, 2011,
mainly referring to operating lease of vehicles, have
the following maturity profile:
Maturity
2012 2,570,331
2013 1,459,790
2014 809,569
2015 237,579
TOTAL 5,077,269
11. Investment Properties and Financial
Investments
a) Gross assets
Movement in the gross value of investment properties
and financial investments:
Investment properties and
Financial investments
Opening
Balance
Changes in
Perimeter
Consolidated Financial Statements | Grupo Soares da Costa, SGPS, SA
256
Exchange
Rate Effect
Increases Disposals Equity
Method
Transfers
and write
Closing
Balance
Investment properties: 12,449,902 - 12,535 691,537 - - (589,855) 12,564,118
Financial investments:
Equity consolidated financial
investments
12,530,850 - 78,790 3,000 (239,558) (688,243) (77,315) 11,607,524
loans to associated companies 9,471,239 - - 1,155,089 (68,000) - (158,446) 10,399,882
Other financial investments 12,109,577 - 241,369 2,291,565 (1,366,800) - 17,267 13,292,979
TOTAL 34,111,666 - 320,159 3,449,654 (1,674,358) (688,243) (218,494) 35,300,385
257
Are recorded at zero value, the investments in associated CFE - Indústria de Condutas, S.A., Grupul Portuguhez
de Constructii S.R.L., Ute Efacec/Self Energy, Ley 18/1982 e Larvick Reliable, R. L.. The amounts that exceed the
value of the investment, the Group's share of accumulated losses associated with these, are of 19,872 euros,
278,596 euros, 131,928 euros and 10,284 euros, respectively.
The value recorded in column "Increases" under "Loans to associated companies," 385,584 euros respect to
the loan granted by the subsidiary Soares da Costa Concessões, SGPS, S.A. to INDÁQUA - Indústria e Gestão
de Águas, S.A., a company indirectly owned by Soares da Costa Group in 28.57% and 505,500 euros relate to
loans granted by the subsidiary Energia Própria, S.A. to My Watt, Lda, a company indirectly owned by Soares da
Costa Group by 50%.
The values shown in column "Disposals", under "Investments in equity" and "Loans to associated companies"
comply in full, the sale of the company "Mini-Price Hotels (Porto), SA".
The value recorded in the "Transfer. and write off "under" Investment Properties ", of 521,640 euros concern for
the transfer of a fraction of the Troia Building, owned by the subsidiary Ciagest - Imobiliária e Gestão, S.A., for
investment property for tangible fixed assets.
Under "Other financial investments" is reflected in the establishment of Vortal, SGPS, SA, valued at 2,122,872
euros, in the column "Increases", and the divestiture of the Vortal – Comércio Electrónico, Consultadoria e
Multimédia, S.A., in the amount of 1,366,800 euros in the column "Disposals":
As at 31 December 2011 and 31 December 2010, the breakdown of the balance recorded under "Other financial
investments" is as follows
31-DEC-11 31-DEC-10
Financial as sets avai lable for sale 4,866,053 4,028,729
Financial as sets fair value through gains or losses 432,393 432,393
loans granted and accounts receivable 7,994,533 7,648,455
TOTAL 13,292,979 12,109,577
Financial assets available for sale respect to holdings that do not embody significant value and are not
regulated market.

Consolidated Financial Statements | Grupo Soares da Costa, SGPS, SA
258
Financial assets at fair value through profit or loss refers to shares of capital in Millennium BCP, which due to its
negative effect on the stock price at balance sheet date is shown in note 21.
Loans and receivables relate primarily to contracts for supplies granted in other companies where there is no
significant influence.
b) Accumulated depreciations
Movement in accumulated depreciations of investment properties:
Opening
Balance
Changes in
Perimeter
Increases Regularisations Exchange Rate
Effect
Closing
Balance
Investment properties 2,423,607 - 255,543 (27,558) 4,971 2,656,562
During the period ended December 31, 2011 were recognized income on investment properties amounting to
284,076 euros.
There were no direct operating expenses during the period of investment property or contractual obligations
to purchase, construct or develop investment property or for repair, maintenance or enhancements thereof.
According to external evaluations carried out by a specialist independent and based on generally accepted
evaluation criteria for the housing market, the fair value of assets classified as investment properties
amounts to approximately 15.99 million euros.
Movement in value adjustments on financial investments is detailed in note 21.
12. Breakdown of Inventories
Inventories 31-DEC-11 31-DEC-10
Raw material s and consumables 20,211,598 31,121,976
Goods and work in progress 57,688,187 74,765,377
Finished and intermediate goods 39,677,418 42,338,207
Goods 15,362,675 15,011,426
Fair value adjustments (5,001,742) (4,930,199)
TOTAL 127,938,135 158,306,787
259
During the year 2011 were capitalized financial charges as part of the cost of these assets, amounting to
2,571,655 euros, which covers the real estate project developed in Angola by the associated company Talatona
Imobiliária, Lda. The capitalization rate corresponds to the specific funding for this project at the rate of 24.2%.
At the end of 2011, in the Group’s consolidated financial statements were capitalized, as part of the net cost
of these assets, the amount of 5,788,664 euros.
The item "Work in Progress" breaks down as follows to the date of December 31, 2011:
Products and work in progress 31-DEC-11 31-DEC-10
Work in progress 32,829,190 54,913,300
Real estate projects under construction 24,858,997 19,852,077
57,688,187 74,765,377
13. Breakdown of Accounts Receivable
Accounts Receivable 31-DEC-11 31-DEC-10
Customers with retention of guarantees 27,104,699 28,254,075
Advances to suplliers 3,496,670 4,007,530
Other accounts receivable 206,793,681 69,392,335
Accounts receivable - non current 237,395,050 101,653,940
Customers - current accounts 437,572,441 417,366,017
Customers - other receivables 3,133,963 5,897,288
Customers - doubtful accounts 21,194,830 19,720,859
Fair value adjustments (821,192,685) (19,711,158)
Customers 440,708,549 423,273,006
Subsidiaries 947,503 1,218,710
Advances to suppliers / fixed as sets suppliers 16,382,411 9,792,561
State and other public bodies 11,633,457 7,822,466
Other accounts receivable 35,538,796 37,875,801
Fair value adjustments (3,194,828) (7,023,063)
Other accounts receivable - current 61,307,338 49,686,475

Consolidated Financial Statements | Grupo Soares da Costa, SGPS, SA
260
The amount registered in the "Other accounts receivable - non-current" item refers to the compliance with
IFRIC12 (financial asset model) by the jointly controlled entities Auto-Estradas XXI - Subconcessionária, S.A. and
Estradas do Zambeze, S.A.. The Group’s exposure to credit risk results from the accounts receivable related with
its activity, being the maximum exposure to the credit risk the nominal value of its accounts receivable.
There is no significant concentration of credit risk as of 31 December 2011.
The following table shows by consolidated company and seniority levels of customer current account balances
by the end of the fiscal year:
261
Company Performing 0 to 180 days 181 to 360 days 361 to 540 days 541 to 720 days + than 720 days Total
Soc. Construções Soares da Costa, SA 136,127,200 50,498,863 28,164,341 11,622,474 10,245,450 121,110,883 357,769,211
Prince Contracting, llC 9,127,822 6,243,183 - - - - 15,371,006
ClEAR ANGOlA, S.A. 6,144,435 1,203,289 856,470 625,766 1,907,876 652,144 11,389,980
Soares da Costa Moçambique, SARl 1,823,357 6,286,743 499,664 239,544 164,093 498,026 9,511,426
Soares da Costa Concessões, SGPS, S.A. 8,252,938 - - - - - 8,252,938
lGv, Engenharia e Construção de linhas de Alta
velocidade, ACE
8,078,470 - - - - - 8,078,470
Soares da Costa Construction Services, llC 14,698 - - - - 6,591,415 6,606,112
CONTACTO - Soc. Construções, S.A. 3,836,301 594,338 175,536 101,265 - 99,478 4,806,918
SOMAFEl - Engenharia e Obras Ferroviárias, S.A.,SA 1,414,545 524,124 2,033,442 210,542 319,955 93,142 4,595,751
ClEAR - Instalações Electromecânicas, S.A. 2,003,118 427,085 132,734 110,110 701,585 874,098 4,248,731
TRANSMETRO - Construção do Metropolitano do
Porto, ACE
Normetro - Agrupamento do Metropolitano do
Porto, ACE
3,549,485 - - - - - 3,549,485
- - 3,049,297 - - - 3,049,297
OFM - Obras Públicas, Ferroviárias e Marítimas, S.A. 721,625 919,430 198,057 330,472 156,309 340,890 2,666,782
GACE - Gondomar, ACE - 2,398,117 - - - - 2,398,117
Energia Própria, SGPS, S.A. 133,027 - 2,210,100 - - - 2,343,127
lGC - linha de Gondomar, Construtores, ACE 466,101 1,029,512 802,371 - - - 2,297,984
Hidroequador Santomense - Exploração de Centrais
Hidroelétricas
- - 2,094,744 - - - 2,094,744
Carta - Restauração e Serviços, lda 1,315,610 508,837 6,058 129,554 - 43,041 2,003,100
Terceira Onda Planejamento e Desenvolvimento,
ltda.
1,672,603 - - - - - 1,672,603
HidroAlqueva, ACE - 1,477,819 - - - - 1,477,819
Soares da Costa Construcciones Centro Americanas,
SA
- 515,375 640,934 160,224 - - 1,316,532
Nova Estação, ACE - 1,309,685 - - - - 1,309,685
Construções Metálicas SOCOMETAl, S.A. 982,919 52,394 130,526 126,666 649 - 1,293,154
Mota-Engil, Soares da Costa, MonteAdriano -
Matosinhos, ACE
922,704 2,695 - - - - 925,398
CIAGEST - Imobiliária e Gestão, S.A. 757,372 29,280 4,770 - 2,826 55,967 850,216
Remodelação Teatro Circo - S.C., A.B.B., D.S.T., ACE 984 984 - - - 749,572 751,539
GCvC, ACE 624,731 - - - - - 624,731
Soares da Costa S. Tomé e Principe - Construções,
lda
C.P.E. - Companhia de Parque de estacionamento,
S.A.
- 26,858 76,852 315 467,453 - 571,479
56,804 232,188 34,004 15,870 4,076 151,979 494,921
Portvias - Portagem de vias, S.A. 1,800 413,130 - - - - 414,930
Mercados Novos - Imóveis Comerciais, lda. 303,230 - - - - - 303,230
Três ponto dois - T.G. Const. Civil - via e Cat Mod.
linha do Norte, ACE
227,759 - - - - 72,659 300,418
Other Companies 636,610 146,196 297,223 29,358 2,835 225,085 1,337,307
TOTAL 189,196,247 74,840,124 41,407,124 13,702,159 13,973,108 131,558,378 464,677,140

Consolidated Financial Statements | Grupo Soares da Costa, SGPS, SA
262
A substantial part of the receivables with longer maturity are from government authorities, for which there is no
substantial risk of default. Information on credit risk is disclosed in note 30 of the present document.
As of December 31, 2011 and 2010, the account “State and other public entities” breakdown is the following:
31-DEC-11 31-DEC-10
value added tax 11,286,713 7,733,792
Other 346,744 88,674
TOTAL 11,633,457 7,822,466
14. Breakdown of Other Current Assets
Other current assets 31-DEC-11 31-DEC-10
Income accruals 92,690,287 116,378,837
Deferred costs 16,319,121 14,035,033
TOTAL 109,009,408 130,413,871
As of December 31, 2011 these items breakdown is the following:
31-DEC-11 31-DEC-10
Accrued income
Non invoiced works done 47,433,293 63,070,818
Compensatory processes in progress 16,032,980 22,417,750
Estimated revenue by traffic range 13,362,330 13,043,813
Other 15,861,685 17,846,455
Deferred costs
92,690,287 116,378,837
Construction works ' set up costs 10,272,697 6,767,163
Other 6,046,424 7,267,870
16,319,121 14,035,033
The “Estimated revenue by traffic range” account refers to traffic revenue from the motorway concession are,
generated but not yet billed.
15. Breakdown of Cash And Equivalents
263
Cash and equivalents 31-DEC-11 31-DEC-10
Bank deposits 85,146,375 95,305,387
Cash 951,975 1,226,220
TOTAL 86,098,349 96,531,607
The total account balance as of December 31, 2011 and December 31, 2010 of 22,493,072 euros and
23,302,714 euros respectively, are related with non-recourse cash and cash equivalents registered as term
deposits from the motorway concessionaire Scutvias - Autoestradas da Beira Interior, SA.
The financing and concession agreements of the associated company Scutvias – Autoestradas da Beira Interior,
S.A. require the maintenance of deposits equal to 5/3 of the next debt payment.
Therefore, as of 31 December 2011 and 31 December 2010 the reserves of demand deposits or term deposits
included in the Consolidated Financial Position amount to these mentioned figures.
16. Composition of Share Capital And Reserves
Soares da Costa SGPS SA share capital amounts to 160,000,000 Euros, represented by:
• One hundred and fifty-nine million nine hundred and ninety-four thousand four hundred and eighty-two
(159,994,482) ordinary shares;
• Five thousand five hundred and eighteen (5,518) preferential shares with no voting rights, but with the right
to receive a preferential dividend and preferential reimbursement of the respective nominal value if the company
declares bankruptcy.
In 2011, the movements related with own shares were as follows:

Consolidated Financial Statements | Grupo Soares da Costa, SGPS, SA
264
No. of shares Nominal value Discounts and
premiuns
Opening balance 382,914 382,914 (185,134) 197,780
Acquisitions 1,847,588 1,847,588 (1,037,515) 810,073
Alienations (1,723,210) (1,723,210) 887,883 (835,327)
Closing balance 507,292 507,292 (334,766) 172,526
During this period, the holding company, Grupo Soares da Costa, SGPS, SA acquired 1,847,588 own shares at
an average price of 0.44 euros, which negatively affected the shareholders’ equity by 810,073 euros.
In the same period, the parent company sold 1,723,210 own shares at an average price of 0.43 euros,
positively influencing the shareholders’ equity by 741,747 euros.
The currency translation reserve reflects the exchange rate changes occurred in translating the financial
statements of subsidiaries in a currency other than Euro and are not likely to be distributed or be used to absorb
losses.
Some of the Group's companies contracted cash flow hedge financial instruments. Verified changes in the fair
value of those financial instruments are directly recognised at the "Reserves and retained profits" item. The
cumulative effect of these derivatives and the respective deferred tax discriminates as follows:
Derivatives Deferred
taxes
Grupo Soares da Costa, SGPS, S.A (63,676) 15,919 (47,757)
Sociedade de Construções Soares da Costa, S.A. 147,636 (42,814) 104,822
Intevias – Serviços e Gestão, S.A. (2,357,063) 589,266 (1,767,797)
C.P.E. – Companhia de Parques de Estacionamento, S.A. (1,745,711) 436,428 (1,309,283)
Scutvias – Autoestradas da Beira Interior, S.A. 305,583 (84,035) 221,547
Auto-Estradas XXI - Subconcessionária, S.A. (24,389,643) 6,463,255 (17,926,387)
TOTAL (28,102,874) 7,378,018 (20,724,856)
Valor
Total
17. Bank Loans
As of December 31, 2011, the main bank loans entered into by the Group are as follows:
Holding
// Grupo Soares da Costa, SGPS, SA has contracted with a banking syndicate the placement and underwriting
of Commercial Paper issues up to a limit of 32,000 thousand euros, under a commercial paper programme
contract in place up to 16 June 2015. As of December 31, 2011 this programme was being completely used.
// Loan granted by Caixa Central de Crédito Agrícola Mutuo to Grupo Soares da Costa, SGPS, SA, amounting
to 2,670 thousand euros, to be repaid in 7 six-monthly instalments ending on June 2015.
// Loan granted by Caixa Geral de Depósitos to Grupo Soares da Costa, SGPS, S.A., amounting to 1,250
thousand euros, to be repaid in 5 quarterly instalments ending on March 2013.
265
// Loan granted by Banco Popular Portugal to Grupo Soares da Costa, SGPS, SA, amounting to 5,000 thousand
euros, to be repaid in 4 six-monthly instalments ending on June 2014.
// Loan granted by Caixa Geral de Depósitos to Grupo Soares da Costa, SGPS, S.A., amounting to 14,000
thousand euros, to be repaid in 8 quarterly instalments ending on October 2013.
// Loan granted by Banif - Banco Internacional do Funchal to Grupo Soares da Costa, SGPS, SA currently
amounting to 1,839 thousand euros, to be paid back in 10 quarterly instalments ending on April 2014.
// Loan granted by Caixa Banco de Investimentos to Grupo Soares da Costa, SGPS, SA currently amounting
to 1,250 thousand euros, to be reimbursed on January 2012.
// Bonds issued by Grupo Soares da Costa, SGPS, SA, amounting to 20,000 thousand euros, to be repaid
by November 2015.
// Bonds issued by Grupo Soares da Costa, SGPS, SA, amounting to 80,000 thousand euros, to be repaid
by December 2017.

Loan granted by Banco Santander to Energia
Própria, S.A., currently amounting to 350 thousands
of euros, to be repaid in quarterly instalments, ending
on April 2015.
// Loan granted by Banco Santander to Energia
Própria, S.A., currently amounting to 250 thousands
of euros, to be paid back in quarterly instalments,
ending on November 2012.
// Loan granted by Banco Santander to Energia
Própria, S.A., currently amounting to 125 thousands
of euros, to be paid back in quarterly instalments,
ending on September 2015.
// Loan granted by Banco Santander to Self Energy
Engineering & Innovation, S.A., currently amounting
to 70 thousands of euros, to be paid back in quarterly
instalments, ending on September 2013.
Construction
// “Hot money” loan granted by NCG Banco, SA,
Portuguese subsidiary, to Sociedade de Construções
Soares da Costa, SA currently amounting to 1,235
thousand euros, to be repaid in January, February
and March 2012.
// “Hot money” loan granted by Montepio Geral,
to Sociedade de Construções Soares da Costa, SA
currently amounting to3,000 thousand euros, to be
repaid in January 2012.
Consolidated Financial Statements | Grupo Soares da Costa, SGPS, SA
266
// Loan granted by Caixa Geral de Depósitos to
Sociedade de Construções Soares da Costa, SA
amounting to 138 thousand dollars, to be paid back
in 2 quarterly instalments ending on January 2012.
// Loan granted by NCG Banco, SA, Portuguese
subsidiary, to Sociedade de Construções Soares
da Costa, S.A. amounting to 1,150 thousand euros,
to be paid back in 23 six-month instalments ending
on January 2023.
// Loan granted by Banco BPI to Sociedade de
Construções Soares da Costa, SA amounting to
355 thousand Euros, to be paid back in 2 quarterly
instalments ending on May 2012.
// Loan granted by Banco BPI to Sociedade de
Construções Soares da Costa, SA amounting to
1,491 thousand Euros, to be paid back in 7 quarterly
instalments ending on September 2013.
// Loan granted by Banco BPI to Sociedade de
Construções Soares da Costa, SA amounting to 59
thousand Euros, to be paid back on February 2013.
// Loan granted Banco Português de Negócios
to Sociedade de Construções Soares da Costa, SA
amounting to 1,689 thousand Euros, to be paid back
in 13 quarterly instalments ending on January 2015.
// Loan granted by Banco Português de Negócios to
Sociedade de Construções Soares da Costa, SA with
amounting to 2,717 thousand Euros, to be paid back
in 5 quarterly instalments ending on February 2013.
// Loan granted by Banco BIC to Sociedade de
Construções Soares da Costa, SA amounting to
400 thousand Euros, to be paid back in 6 monthly
instalments ending on June 2012.
// Loan granted by Banif - Banco Internacional
do Funchal to Sociedade de Construções Soares da
Costa, SA currently amounting to 3,542 thousand
Euros, to be paid back in 13 quarterly instalments
ending on February 2015.
// Loan granted by Caixa Geral de Depósitos to
Sociedade de Construções Soares da Costa, SA
amounting to 8,750 thousand Euros, to be paid back
in 7 quarterly instalments ending on until September
2013.
// Loan granted by Banco Bilbao Vizcaya Argentaria
(Portugal) to Sociedade de Construções Soares da
Costa, SA amounting to 3,750 thousand Euros, to
be paid back in 2 monthly instalments ending on
February 2012.
// Loan granted by Barclays Bank to Sociedade
de Construções Soares da Costa, SA amounting to
3,040 thousand Euros, to be paid back in 6 monthly
instalments ending on July 2012.
267
// Loan granted by Barclays Bank to Sociedade
de Construções Soares da Costa, SA amounting to
1,600 thousand Euros, to be paid back in 5 monthly
instalments ending on June 2012.
// Loan granted by Bnaco BAI Europa to Sociedade
de Construções Soares da Costa, SA amounting to
2,000 thousand rol, to be paid back on June 2012.
// Loan granted by BRD Groupe Société Generale
to Sociedade de Construções Soares da Costa, SA
amounting to 755 thousand rol, to be paid back in 3
quarterly instalments ending on August 2012.
// Sociedade de Construções Soares da Costa, S.A.
has contracted with Barclays Bank the placement
and underwriting of Commercial Paper issues up to
a limit of 9,900 thousand euros, under a commercial
paper programme contract in place up to August
2013. As of December 31, 2011 this programme
was being completely used.
// Sociedade de Construções Soares da Costa,
S.A. has contracted with Caixa Central de Credito
Agrícola Mutuo the placement and underwriting
of Commercial Paper issues up to a limit of 5,000
thousand euros, under a commercial paper
programme contract in place up to January 2014.
As of December 31, 2011 this programme was being
completely used.

Sociedade de Construções Soares da Costa, S.A.
has contracted with Caixa Geral de Depósitos the
placement and underwriting of Commercial Paper
issues up to a limit of 15,000 thousand Euros, under
a commercial paper programme contract in place up to
June 2012. As of December 31, 2011 this programme
was being completely used.
// Sociedade de Construções Soares da Costa, S.A.
has contracted with Banco Comercial Português the
placement and underwriting of Commercial Paper
issues up to a limit of 4,500 thousand Euros, under
a commercial paper programme contract in place
up to January 2014. As of December 31, 2011 this
programme was being completely used.
// Sociedade de Construções Soares da Costa, S.A.
has contracted with Banco Comercial Português
and Banco Popular Portugal the placement and
underwriting of Commercial Paper issues up to a limit
of 15,000 thousand Euros, under a commercial paper
programme contract in place up to January 2014.
As of December 31, 2011 this programme was being
completely used.
// Loan granted by Banco Africano de Investimento
to Sociedade de Construções Soares da Costa, SA
amounting to 1,950 thousand dollars, to be paid back
in 13 monthly instalments ending on January 2013.
Consolidated Financial Statements | Grupo Soares da Costa, SGPS, SA
268
// Loan granted by Banco de Fomento de Angola,
amounting to 462,157 thousand kwanzas, to be paid
back in 22 montly instalments ending on October
2013.
// Loan granted by Montepio Geral to Clear
Instalações Electromecânicas, SA amounting to
218 thousand euros, to be paid back in 5 quarterly
instalments ending on March 2013.
// Loan granted by Montepio Geral to Construções
Metálicas Socometal, S.A. amounting to 218 thousand
euros, to be paid back in 5 quarterly instalments
ending on March 2013.
// Loan granted by Montepio Geral to Construções
Metálicas Socometal, S.A. amounting to 250 thousand
euros, to be paid back in 12 quarterly instalments
ending on December 2014.
// Loan granted by Banif to Soares da Costa America,
Inc. amounting to 13,659 thousand dollars, to be paid
back in sixmonthly instalments ending on September
2013.
// Loan granted by Commerce National Bank Finance
to Soares da Costa America, Inc. currently amounting
to 1,950 thousand dollars, to be paid back on
December 2011.
// Loan granted by TerraBank to Soares da Costa
America, Inc. currently amounting to 1,900 thousand
euros, to be paid on April 2012.
// Loan granted by M&I Bank to Prince Contracting,
LLC amounting to 104 thousand dollars, with a
monthly fixed instalment (capital and interests) of
1.1 thousand dollars and a final repayment of 98
thousand dollars on September 2012.
Concessions
// Loan granted by Banco BPI to Soares da Costa
Concessões, SGPS, SA amounting to 1,429 thousand
euros, to be paid back in 3 half-yearly instalments
ending on December 2012.
// Loan granted by Banco Popular Portugal to
Soares da Costa Concessões, SGPS, S.A. amounting
to 16,968 thousand euros, to be paid back in 50
quarterly instalments ending on May 2024.
// Loan granted by Banif Banco de Investimentos
to Soares da Costa Concessões, SGPS, SA amounting
to 2,625 thousand Euros, to be paid back in 10
six-monthly instalments ending on June 2016.
// Loan granted by Banco BPI to CPE - Companhia
de Parques de Estacionamento, SA amounting to
27,941 thousand euros, to be paid back in 34 sixmonthly
instalments ending on December 2028.
269
// Loan granted by Banco BPI to CPE - Companhia
de Parques de Estacionamento, SA amounting
to 1,010 thousand euros, to be paid back in 4 sixmonthly
instalments ending on December 2013.
// Loan granted by Banco BPI to Intevias - Serviços
e Gestão, SA amounting to 62,258 thousand euros,
to be paid back in 14 yearly instalments ending on
July 2028.
// Loan granted by Caixa Banco de Investimentos
to Soares da Costa Hidroenergia 1T, Lda. and Soares
da Costa Hidroenergia 4T currently amounting to
5,000 thousand euros, to be paid on June 2012.
// Loan granted by Banca Comercial e do Banco
Europeu de Investimentos to Scutvias – Autoestradas
da Beira Interior, S.A., currently and in the percentage
of the participation amounting to 9,610,821 euros
and 4,179,165 euros, respectively, to be repaid in
2 six-month installements ending on October 2012.
// Loan granted by BBU Bank to Soares da Costa
Concessions USA, Inc. amounting to 2,000 thousand
dollars, to be paid back on April 2012.
// Loan granted by Banif Banco de Investimento
to SDC Costa Rica, SA amounting to 7,852 thousand
dollars, to be paid back on December 2017.

Real Estate
// Loan granted by Banco Comercial Portugues to Ciagest – Imobiliária e Gestão, SA amounting to 2,
197 thousand Euros, to be paid back in 33 quarterly instalments ending on February 2020.
// Loan granted by Banco Comercial Português to Ciagest – Imobiliária e Gestão, SA amounting to 11,
215 thousand Euros, to be paid back in 36 quarterly instalments ending on December 2020.
// Loan granted by Caixa Nova Galicia to Ciagest – Imobiliária e Gestão, SA currently amounting to 3,
946 thousand euros, to be paid back in 102 monthly instalments ending on June 2020.
// Loan granted by Caixa Nova Galicia to Ciagest – Imobiliária e Gestão, SA currently amounting to 1,
167 thousand euros, to be paid back in 17 monthly instalments ending on April 2013.
// Loan granted by Nova Caixa Galicia to Cais da Fontinha - Investimentos Imobiliária, S.A. currently
amounting to 3,225 thousand euros, to be paid back in 6 quarterly instalments ending on March 2013.
Consolidated Financial Statements | Grupo Soares da Costa, SGPS, SA
270
// Loan granted by Banco Privado Atlântico to Talatona Imobiliária, Lda. amounting to 2,857,083 thousand
kwanzas, to be paid back on February 2012.
As of December 31, 2011 “Bank loans” in non-current liabilities included the financing loans secured by the
associated company Scutvias – Autoestradas da Beira Interior, SA to fund the construction of the motorway,
operated under a concession contract, from Banco Europeu de Investimento and the banking syndicate,
amounting to 97,553,660 Euros and 70,015,941 Euros, respectively, in the percentage attributable to the
Group. The main terms of these loans are:
Credit facility Interest rate 1st Payment Last Payment
Banking syndicate variable, indexed to 6 1s t hal f of 2006 1s t hal f of 2019
European Inves tment Bank Fixed rate: 6.43% 2nd hal f of 2007 1s t hald of
The jointly controlled company Auto-Estradas XXI - Subconcessionária, S.A., entered into the following
financing: long term credit facility, EIB facility with commercial risk and EIB facility with guarantees, under
the following terms:
271
EIB facility with commercial risk
Amount Up to EUR 200,000,000
Total Period Up to 27 years as of the Financial Close
Use Period 5 years
Interest Rate Euribor plus margin
From 2009 until the first semester of 2016: 0,90% p.a. After the first semester of 2016: 0,37% p.a.
Margin
Note: an aditional 0.20% margin over the EIB margins has been considered since that to the financings entered into with EIB
on a variable rate, an estimated 0.31% spread over Euribor is chargeable.
Commitment Fee 0.45% p.a. over the amount not used
Financial operations fee 0,50% flat
Redemption variable and increasing with mandatory redemption amounts
Hedging
Interest rates variation risk hedging through a swap contract with differentiated coverage: 100% of the capital during the
availability period and for the following periods the coverage levels for the outstanding principal:
• From 2014 to 2027: 70% of the outstanding principal not taking into account the depreciations under the cash sweep system;
• From 2028 to 2029: 17% and 7% of the outstanding principal not taking into account the depreciations under the cash
sweep system.

Consolidated Financial Statements | Grupo Soares da Costa, SGPS, SA
272
EIB's guaranteed facility loan:
Amount Up to EUR 89,000,000
Total Period Up to 27 years as of the Financial Close
Use Period 5 years
Interest Rate Euribor plus margin
Margin
0.0% as long as bank guarantees are in force and 0.37% after the release of the bank guarantees granted by commercial banks.
Note: the financial system isn't taking into account the release of the bank guarantees
Commitment Fee 0.20% p.a. over the amount not used
Financial operations fee 0,20% flat
Redemption variable and increasing with mandatory redemption amounts
Hedging
Interest rate variation risk hedging through a swap contract with differentiated coverage: 100% of the capital during the
availability period and for the following periods the coverage levels for the outstanding principal:
• From 2014 to 2027: 70% of the outstanding principal not taking into account the depreciations under the cash sweep system;
• From 2028 to 2029: 17% and 7% of the outstanding principal not taking into account the depreciations under the cash
sweep system.
Long Term Credit Facility
Amount Up to EUR 286,000,000
Total Period Up to 27 years as of the Financial Close, that is to say until 10/12/2035
Use Period 5 years (from 2009 to 2013)
Interest Rate Euribor plus margin
Margin
2009 to 2011: 1,60% p.a.
2012 to 2015: 1,80% p.a.
Commitment Fee 50% of the applicable margin over the amount not used
Financial operations fee
1,40% flat In fiscal terms, the incidence of the fee has been divided between vAT and stamp duty with the 75% and 25%
respectively
Agent's Fee EUR 100,000 per year, adjusted with inflation
Redemption Full cash sweep durign 2014 and 2015 and the remaining bullet in 2016.
Hedging
Interest rate variation risk hedging through a swap contract with differentiated coverage: 100% of the capital during the
availability period and for the following periods the coverage levels for the outstanding principal:
• From 2014 to 2027: 70% of the outstanding principal not taking into account the depreciations under the cash sweep system;
• From 2028 to 2029: 17% and 7% of the outstanding principal not taking into account the depreciations under the cash
sweep system.
273
The consortium bid takes into account the renegotiation of the Long Term Credit Facility in 2016 through the
issuance of a debenture loan under more advantageous conditions. This refinancing operation is not deemed as
the "Subconcession refinancing" provisioned in clause 90 of the Subconcession Contract because it is a part of
the Consortium bid, the fulfilment risk is fully undertaken by the Consortium and is included in the Base Case.
This way, it is acknowledged that, should favourable impacts result from such operation, those results shall be
fully withheld by the Subconcessionary. The financial conditions of the refinancing operation are as follows:
Amount 256.292.632,25
Total Period Until 20 years
Use Period A single use in 2016
Interest Rate Euribor plus margin
Margin 1,50%
Financial operations fee 0,50% flat
Agent's Fee EUR 100,000 per year, adjusted with inflation
Redemption 42 six-monthly instalments with variable capital as of 30 June 2016
Hedging
Interest rate variation risk partial hedging through a swap contract with the following coverage levels for the outstanding principal:
• From 2016 to 2026: 70% of the outstanding;
• year 2028: 17% of the outstanding principal;
• year 2029: 7% of the outstanding principal;
• Remaining period: 0% coverage, that is to say variable capital regime.
The amounts of the items "Bonds" and "Bank Loans", as of December 31, 2010, were restated due to the
implementation of the rule for the measurement of bank loans at amortized cost - IAS 39 and IAS 32 - and
reflect a decrease in 2,795,754 euros and 3,606,974 euros in the non current liabilities, respectively, and
of 163,261 euros in the current liabilities.

The nominal values of the loans recorded in the Consolidated Financial Position as of December 31,
2011 have the following maturities:
Consolidated Financial Statements | Grupo Soares da Costa, SGPS, SA
274
Maturity Bank loans Bonds Overdrafts Other (Factoring) Total
2012 247,793,855 - 21,674,970 37,850,092 307,318,918
2013 73,102,618 - - - 73,102,618
2014 67,504,205 - - - 67,504,205
2015 41,627,053 19,573,368 - - 61,200,421
2016 33,769,761 - - - 33,769,761
2017 117,193,747 78,031,373 - - 195,225,120
After 2017 205,791,164 - - - 205,791,164
TOTAL 786,782,403 97,604,741 21,674,970 37,850,092 943,912,207
The non recourse debt as of December 31, 2011 had the following maturities:
Maturity Bank loans
2012 15,353,363
2013 14,728,257
2014 32,139,089
2015 32,604,045
2016 27,361,265
2017 113,305,825
after 2017 189,234,986
TOTAL 424,726,830
The Group’s loans as of December 31, 2011 had the following interest rates:
Type of Credit facility Minimum Maximum
Overdraft 5.030% 9.190%
Hot Money 7.235% 11.940%
Bank loans 2.222% 10.000%
Bonds 4.204% 4.319%
Commercial paper 4.856% 8.156%
275
Addicionally, specific financing contract in local markets have interest rates between 7.282% and 24.24%..
In general, bank loans pay interest at variable rates hence exposing the Group to the effect of fluctuations in
market interest rates.
However, to manage interest rate risk, in particular in the Concessions business area, the Group contracted
financial instrument to cover interest rates changes, as summarised in the "Derivatives" note below.
Based on the net indebtness level as of December 31, 2011, a variation of one percentage point in the indexing
interest rate would have an impact p.a. in terms of financial costs of 5.5 million euros.
18. Derivatives
During the first quarter of 2011, the Group signed the following interest rate cover instrument:
Grupo Soares da Costa SGPS, S.A.
Type of financial instrument Derivative
Description Interest rate coverage
Banks Banco Popular
Currency Euro
Contract date 11/03/2011
Beginning date 14/06/2011
Maturity date 16/06/2014
Frequency Annual
Swap 2,64
Amount covered by 31/12/2011 4.513.000 Euros , redeemable
Reference Euribor 12M

In the Concessions business area, the Group has the following interest rate cover instruments:
Consolidated Financial Statements | Grupo Soares da Costa, SGPS, SA
276
Scutvias - Autoestradas da Beira Interior, S.A.
Type of financial instrument Derivative
Description Interest rate coverage, 100% of debt
Banks BCP / BPI / BAyERISCHE / CGD
Currency Euro
Contract date 24/09/1999
Beginning date 01/10/1999
Maturity date 04/10/2018
Frequency Semiannual
Swap 7,14
Amount covered by 31/12/2011 247.035.016 euros
Reference
Euribor + 1% during the construction phase;
Euribor + 0.9% during the operation phase.
Intevias - Serviços e Gestão, S.A.
Type of financial instrument Derivative
Description Interest rate coverage, 100% of debt
Banks BPI
Currency Euro
Contract date 04/12/2008
Beginning date 04/12/2008
Maturity date 15/07/2023
Frequency Annual
Swap 3,45
Amount covered by 31/12/2011 57.492.000 Euros , redeemable
Reference Euribor 12 months
CPE - Companhia de Parques de Estacionamento, S.A.
Type of financial instrument Derivative
Description Interest rate coverage
Banks BPI
Currency Euro
Contract date 09/06/2009
Beginning date 10/06/2009
Maturity date 10/12/2028
Frequency Semiannual
Swap 4,19
Amount covered by 31/12/2011 19.528.959 Euros , redeemable
Reference Euribor 6 months
Autoestradas XXI - Subconcessionária, S.A.
Type of financial instrument Derivative
Description Interest rate coverage
Banks BBvA, BANESTO, Banco Popular, CAJA Madrid, Santander Totta, BPI, lA CAIXA
Currency Euro
Contract date 30/01/2009
Beginning date 03/02/2009
Maturity date 31/12/2029
Frequency Semiannual
Swap 4,22
Amount covered by 31/12/2011 501.337.777 Euros , redeemable
Reference Euribor 6 months
277

In the Construction business area, and in order to cover exchange rate risk associated with cash flows of
a specific project, the Group has signed several currency forward contracts summarised in the table below:
Soc. Construções Soares da Costa, S.A.
Type of financial instrument Derivative
Description Forward
Banks Barclays Bank
Currency US dollar
Contract date 03/07/2009 18/09/2009
Beginning date 03/07/2009 18/09/2009
Maturity date 09/07/2012 09/07/2012
Frequency Flexible Flexible
Swap 1,4455 1,5100
Amount covered by 31/12/2011 8.150.000 USD 5.000.000 USD
Reference Foreign exchange rate EUR/USD
Consolidated Financial Statements | Grupo Soares da Costa, SGPS, SA
278
As of December 31, 20110, these instruments had been classified as coverage instruments as they met
the formal requisites of IAS 39 related to the documentation and effectiveness of the derivative coverage
instruments.
The fair value of these financial instruments was set by the respective counterparts which are independent and
credible entities by adopting appropriate evaluation models. These were based on the discounted cash flow
method using observable market inputs listed in the interbank market.
As of December 31, 2012 and 2010, the item “Derivatives” has the following breakdown:
Derivatives 31-DEC-11 31-DEC-10
Grupo Soares da Costa, SGPS, S.A. 63,676 -
Sociedade de Construções Soares da Costa, S.A. 1,190,357 1,337,993
Intevias – Serviços e Gestão, S.A. 4,261,552 1,904,489
C.P.E. – Companhia de Parques de Estacionamento, S.A. 3,309,601 1,563,890
Scutvias – Autoestradas da Beira Interior, S.A. 13,494,989 13,800,571
Auto-Estradas XXI - Subconcessionária, S.A. 44,123,589 19,733,946
TOTAL 66,443,764 38,340,890
19. Breakdown of Accounts Payable
As of December 31, 2011 the item “Accounts payable” breakdown was the following:
279
Accounts payable 31-DEC-11 31-DEC-10
Fixed assets suppliers 2,389,730 4,656,414
Suppliers with retention of guarantees 10,211,038 8,617,015
Advances from customers 21,670,923 20,531,026
Other 17,038,409 11,154,705
Accounts payable - non current 51,310,099 44,959,160
Associated companies 16,867 3,990,041
Other shareholders 32,823 1,251,208
State and other public entities (excluding income tax) 6,611,564 5,451,424
Outros credores 49,998,581 41,520,448
Accounts payable - current 56,659,835 52,213,121
“State and other public bodies” (including income tax) account breakdown as of December 31, 2011 and 2010:
31-DEC-11 31-DEC-10
value added tax 2,369,315 2,620,840
Social security's contributions 2,456,940 1,562,883
Other 1,785,309 1,267,701
TOTAL 6,611,564 5,451,424

20. Breakdown of Other Current Liabilities
Consolidated Financial Statements | Grupo Soares da Costa, SGPS, SA
280
Other Current Liabilities 31-DEC-11 31-DEC-10
Costs accruals 126.858.451 108.599.114
Deferred income 57.184.425 46.806.541
TOTAL 184.042.876 155.405.656
The value of "Accrued expenses" has been restated to December 31, 2010, with the implementation of the rule
for the measurement of bank loans at amortized cost - IAS 39 and IAS 32 - and reflects an increase of 88,395
euros.
As of December 31, 2011 and 2010 these items breakdown was as follows:
31-DEC-11 31-DEC-10
Accrued costs
Invoiced to be received 97,894,505 84,955,870
Staff costs to pay 9,033,777 9,797,409
Interest to pay 7,943,361 6,744,945
Other 11,986,808 7,100,891
126,858,452 108,599,114
Deferred income
Works invoiced not executed 48,619,467 37,562,605
Antecipated rents 324,107 321,984
Other 8,240,850 8,921,952
57,184,424 46,806,541
21. Breakdown in Annual Movement of Fair Value Adjustments and Provisions
Movement in fair value adjustments:
Fair Value Adjustments Notes Opening
Balance
281
Changes in
Perimeter
Increases Reductions Closing
Balance
Doubtful customers 19,711,158 - 1,532,440 (50,914) 21,192,685
Customers 13 19,711,158 - 1,532,440 (50,914) 21,192,685
Other accounts receivable 7,023,063 - 109,720 (3,937,955) 3,194,828
Other accounts receivable 13 7,023,063 - 109,720 (3,937,955) 3,194,828
Raw material s and consumables 153,213 - 85,389 (14,870) 223,733
Goods and work in progress 281,689 - 69,066 (348,772) 1,983
Finished and intermediate goods 4,050,259 - - (14,694) 4,035,566
Goods 445,038 - 368,324 (72,902) 740,460
Inventories 12 4,930,199 - 522,780 (451,238) 5,001,742
Equity consolidated financial investments - - - - -
Other financial investments 387,023 - 48,996 (19,434) 416,584
Financial investments 387,023 - 48,996 (19,434) 416,584
Total fair value adjustments 32,051,444 - 2,213,936 (4,459,541) 29,805,838
Movement in provisions was as follows:
Provisions Opening
Balance
Changes in
Perimeter
Increases Reductions Closing
Balance
Other provisions for risks and charges 704,145 - 275,739 (93,684) 886,200
TOTAL 704,145 - 275,739 (93,684) 886,200
Its breakdown by nature as of December 31, 2011, was the following:
Saldo inicial Aumento Redução Saldo final
Judicial proceedings 602,692 52,212 (86,180) 568,724
Pensions and other staff costs 22,663 190,028 (7,504) 205,186
Other provisions 78,790 33,500 - 112,290
TOTAL 704,145 275,739 (93,684) 886,200

Impairment losses related with accounts receivable are accounted based on an individual risk analysis,
considering its nature, the payment delay and the Group’s past experience in similar situations.
Details on the fair value adjustments and existing provisions as of December 31, 2011 by primary reporting
segment:
Consolidated Financial Statements | Grupo Soares da Costa, SGPS, SA
282
Construction Real Estate Concessions Energia
Própria
Financial
participations
Consolidated
Other financial investments - - - - 416,584 416,584
- - - - 416,584 416,584
Inventories
Raw material s and consumables 223,733 - - - - 223,733
Goods and work in progress 3,869,840 165,726 - - - 4,035,566
Finished and intermediate goods 1,983 - - - - 1,983
Goods - 714,307 - 26,154 - 740,460
4,095,555 880,033 - 26,154 - 5,001,742
Customers
Doubtful customers 19,632,543 1,543,117 3,384 13,641 - 21,192,685
Other account receivable
19,632,543 1,543,117 3,384 13,641 - 21,192,685
Other account receivable 3,194,828 - - - - 3,194,828
3,194,828 - - - - 3,194,828
TOTAL FAIR VALUE ADJUSTMENTS 26,922,926 2,423,149 3,384 39,795 416,584 29,805,838
Other provisions for risks
and charges
828,366 - 46,063 11,711 - 886,200
828,366 - 46,063 11,711 - 886,200
22. Related Parties
Account balances and transactions within the Group companies in the perimeter of the consolidation are
eliminated in the consolidation process, and are not disclosed in this note. Balances and transactions between
the Group and associated companies (consolidated by the equity method) are detailed in the following table.
The terms and conditions used in these transactions between the Group and related parties are substantially
the same normally contracted between independent entities in comparable operations.
Balances as of December 31, 2011 Customers Other 3rd
parties assets
283
Loans to
subsidiaries and
associated
Suppliers Other 3rd
parties
liabilities
Gayaexplor - Const.Exploração de Parques Estacionam., lda 22,734 - 27,500 - -
Indáqua - Indústria e Gestão de Águas, SA - 180,396 9,373,759 64,523 -
Metropolitan Transportation Solutions, ltd. 7,171,502 1,500,238 53,054 - 861,227
Grupul Portughez de Construtii, S.R.l. 1,220,804 505,521 - - -
CFE Indústria de Condutas, S.A. 12,721 - 45,000 9,163 -
MTA - Máquinas e Tratores de Angola lda. 24,146 154,237 - 17,431 -
SDC Emirates Construction, l.l.C. - 101,624 - - -
Self Energy Moçambique, S.A. 118,027 - - - -
larvick Reliable, R.l. 15,000 - 43,000 - -
My Watt, lda - - 505,500 - -
TOTAL 8,584,934 2,442,016 10,047,813 91,117 861,227
Transactions in 2011 Operating
income and
gains
Operating
costs and
losses
Financial
income/
costs
CFE Indústria de Condutas, S.A. 15,067 54,748 -
MTA - Máquinas e Tratores de Angola lda. 395,705 714,531 (4,243)
Indáqua - Indústria e Gestão de Águas, S.A. - 223,145 346,619
Metropolitan Transportation Solutions ltd. - 84,752 -
Self Energy Moçambique, S.A. 329,981 - -
TOTAIS 740,753 1,077,176 342,376

Consolidated Financial Statements | Grupo Soares da Costa, SGPS, SA
284
Remunerations for members of the Board of Directors, Supervisory Board and key management team members
as of December 31, 2011 are as follows:
Fixed
remuneration
Variable
remunerationl
Executive members of the board of directors 1,229,465 - 1,229,465
Non executive members of the board of directors 800,000 - 800,000
Members of the supervisory board 94,750 - 94,750
key members of the management team 4,264,258 310,493 4,574,750
The company’s external auditor is BDO & Associados, SROC, number 29 in the Chartered Accountants
Professional Association and number 1122 in the CMVM’s auditors registration, represented by Paulo Jorge
de Sousa Ferreira (Chartered Accountant number 781). The Group (or other related entities) paid during 2011
107,625 Euros to the external auditor (and other related companies) for their statutory audit services. The
chartered accountant, Grant Thornton & Associados – SROC, received 134,377.5 Euros in 2011.
The board of directors states that, prior to sign up any service to the company’s external auditor, makes sure
that this will not put their independence at risk (as defined in CMVM’s recommendation number C (202) 1873
of May 16, 2004).
As of December 31, 2011, the companies Manuel Fino, SGPS, S.A. and PARINAMA – Participações e Investimentos,
SGPS, S.A. hold, respectively, 70.81% and 11% of the Group's share capital. In turn, the company Manuel Fino
SGPS, S.A. holds 20.3% of the voting rights at Cimpor - Cimentos de Portugal, SGPS, S.A..
Total
Therefore, pursuant to the provisioned in IAS 34, Cimpor Group can be (indirectly) considered a related party
which is why we present its balance as of December 31, 2011 and the transactions occurred during the past
year:
285
Balance as of December 31, 2011 Suppliers Other
Betão liz, SA. 3,566,278 -
Agrepor Agregados-Extração de Inertes, SA. 162,739 -
Ciarga-Argamassas Secas, SA. 84 -
Predifino - Sociedade Imobiliária, SA. 7,117 -
Prediana - Sociedade de Pré-Esforaçados, S.A. - 711
PARINAMA - Participações e Investimentos, SGPS, SA 5,945 -
Ibera - Indústria de Betão, S.A. 167,621 -
TOTAL 3,909,784 711
Transactions in 2011 Purchases Other financial
income and
gains
External
Supplies
Betão liz, SA. 8,300,199 22,424 4,842
Agrepor Agregados-Extração de Inertes, SA. 834,867 465 -
Ciarga-Argamassas Secas, SA. 68 - -
Predifino - Sociedade Imobiliária, SA. - - 4,902
PARINAMA - Participações e Investimentos, SGPS, SA - - 67,715
Ibera - Indústria de Betão, S.A. 136,274 - -
TOTAL 9,271,408 22,889 77,459
The balances as of December 31, 2010 and transactions during 2010 were as follows:
Balance as of December 31, 2010 Suppliers
Cimpor - Indústria de Cimentos, S.A. 115
Betão liz, SA. 4,027,692
Agrepor Agregados-Extração de Inertes, SA. 660,960
Predifino - Sociedade Imobiliária, SA. 1,098
Prediana - Sociedade de Pré-Esforaçados, S.A. 711
PARINAMA - Participações e Investimentos, SGPS, SA 6,050
TOTAL 4,696,626

Transactions in 2010 Purchases Other financial
income and
gains
Consolidated Financial Statements | Grupo Soares da Costa, SGPS, SA
286
External
Supplies
Cimbetão - Cimpor Betão de Moçambique, S.A.R.l. 4,434 - -
Betão liz, SA. 4,386,225 6,594 6,118
Agrepor Agregados-Extração de Inertes, SA. 640,967 2,513 -
Ciarga-Argamassas Secas, SA. 14,557 - -
Predifino - Sociedade Imobiliária, SA. - - 11,027
PARINAMA - Participações e Investimentos, SGPS, SA - - 84,448
TOTAL 5,046,183 9,107 101,593
We further state that the above mentioned transactions took place under market's normal conditions.
23. Breakdown of Other Operating Income and Costs
Other operating income are as follows:
Other operating income 31-DEC-11 31-DEC-10
Own works 12,534,888 14,606,176
Gains in fixed tangible as sets 3,763,977 997,925
Operational subsidies 174,110 12,357
Ajustments reversion 552,368 343,763
Other operating income and gains 15,342,020 11,305,131
TOTAL 32,367,362 27,265,352
Other operating cost are as follows:
Other operating costs 31-DEC-11 31-DEC-10
Taxes 9,374,260 8,278,216
Bad debts 628,080 1,244,951
losses in fixed tangible as sets 2,255,187 1,485,534
Fines 175,245 100,536
Donations 42,815 29,039
losses in inventories 156,517 243,342
Penalties in contracts 2,268,208 2,014,456
Other operational costs and losses 7,195,944 8,006,242
TOTAL 22,096,255 21,402,316
24. Employees
Average number of employees working for companies included in the Group’s consolidation perimeter
by full consolidation method, during the financial year ending on December 31, 2011, totalled 5,549:
Directors Senior
management
Middle
management
Officers and
heads of
services
287
Highly
qualified
professionals
Semi
qualified
professionals
Non
qualified
staff
Apprentices
44 419 304 451 2.551 830 522 428
Average number of employees working for companies included in the Group’s consolidation perimeter
by the proportional method during 2011, totalled 881:
Directors Senior
management
Middle
management
Officers and
heads of
services
Highly
qualified
professionals
Semi
qualified
professionals
Non
qualified
staff
Apprentices
32 88 82 75 192 163 236 13
Average number of employees working for companies included in the Group’s consolidation perimeter by full
consolidation method, during the financial year ending on December 31, 2010, totalled 5,952:
Directors Senior
management
Middle
management
Officers and
heads of
services
Highly
qualified
professionals
Semi
qualified
professionals
Non
qualified
staff
Apprentices
34 429 266 469 2.563 1.267 660 264
Average number of employees working for companies included in the Group’s consolidation perimeter
by the proportional method during 2010, totalled 878:
Directors Senior
management
Middle
management
Officers and
heads of
services
Highly
qualified
professionals
Semi
qualified
professionals
Non
qualified
staff
Apprentices
38 133 71 121 264 131 111 9

25. Consolidated Financial Results
Consolidated financial results breakdown for the financial years ending on December 31, 2011 and 2010:
Consolidated Financial Statements | Grupo Soares da Costa, SGPS, SA
288
Costs and losses 31-DEC-11 31-DEC-10
Interest paid 55,587,613 46,484,789
Losses in financial investments in associated companies 500,001 506,765
Foreign exchange losses 28,411,897 27,354,644
Cash discounts granted 33,383 49,204
Financial applications adjustments 48,996 29,285
Other financial costs and losses 19,015,578 16,236,693
Other financial losses 47,509,853 43,669,826
(1) 103,597,468 90,661,380
Income and gains 31-DEC-11 31-DEC-10
Interets received 14,441,415 10,446,738
Gains in financial investments in associated companies 665,568 856,114
Income and capital gains from participations 1,484,231 18,379,035
Foreign exchange gains 34,784,003 26,837,302
Cash discounts obtained 364,475 63,385
Other financial income and gains 58,154 538,821
Other financial gains 35,206,631 27,439,509
(2) 51,797,844 57,121,396
FINANCIAL RESULTS (2)-(1) (51,799,624) (33,539,983)
The value of the items "Interest expense" and "Other expenses and financial loss" was restated to December 31,
2010, with the implementation of the rule for the measurement of bank loans at amortized cost - IAS 39 and
IAS 32 - and reflects a decrease of 58,371 euros.
The item “Other financial costs and losses” mainly refers to the cost of banking guarantees, arrangement fees
and other expenses and commissions charged by financial institutions.
The item "Income and capital gains from equity investments" for the year 2010 is influenced by a capital gain
obtained from the alienation of a participation.
Gains and losses from associated companies for the financial years ended December 31, 2011 and 2010:
289
31-DEC-11 31-DEC-10
Losses in financial investments in associated companies
SDC Emirates Construction, l.l.C. 32,872 64,706
Grupul Portughez de Constructii S.R.l. - 433,479
CFE Indústria de Condutas, S.A. 37,159 7,466
Alsoma, AEIE - 640
Traversofer, SARl 2,395 -
GAyAEXPlOR - Constr. e Explor. de Parques Estacionamento, lda 484 474
Ute Efacec/Self Energy , ley 18/1982 426,575 -
My Watt, lda 336 -
Reflexos Púrpura, lda 180 -
TOTAL 500,001 506,765
Gains in financial investments in associated companies
Mini Price Hotels (Porto), S.A. - 8,201
Constructota San José - Caldera, S.A. 382,045 408,693
INDÁQUA - Indústria e Gestão de Águas, S.A. 202,128 435,972
Alsoma, AEIE 45,399 -
Traversofer, SARl - 3,249
Self Energy Moçambique, S.A. 35,997 -
TOTAL 665,568 856,114
Gains/ (losses) in financial investments in associated companies 165,566 349,349

26. Income Tax and Deferred Taxes
Consolidated Financial Statements | Grupo Soares da Costa, SGPS, SA
290
Grupo Soares da Costa, S.G.P.S., S.A. and its domestic affiliates held directly or indirectly by the Group in more
than 90% are taxed for their Legal Person Tax on Income under the Special Scheme for Taxing of Companies
Groups (RETGS).
AS for the companies not covered by RETGS, current tax is estimated based on the taxable income under the
rules and tax systems in force at each company's country.
As of January 1, 2007, municipalities are entitled to deliberate an annual tax exemption up to 1.5% over the
taxable profit subject to tax on Income, thus rising the nominal tax rate to 26.5%.
However, following the publication of Law 12 – A/2010, 30 June, a state exemption has been introduced,
covering all taxable persons presenting taxable profit subject to Tax on Income higher than 2 million euros. This
state exemption corresponds to 2.5% of the taxable profit over the mentioned limit.
According to the legislation in force in Portugal, income tax declarations are subject to review and correction
by the tax authorities for a period of four years (five years for social security), except when there have been tax
losses, when tax benefits have been granted, or when inspections, complaints or objections are in progress, in
which cases, depending on the circumstances, the mentioned period may be extended or suspended.
Hence, the Company’s tax declarations from 2008 to 2011 may still be subject to review. The board of directors
considers that any amendments won't have a significant impact on the consolidated financial statements.
The income tax accounted for December 31, 2011 and 2010 breakdown as follows::
Tax income 31-DEC-11 31-DEC-10
Income tax (current) 10,596,163 4,822,422
Deferred tax (5,849,953) (4,498,898)
TOTAL 4,746,210 323,524
Reconciliation of profit before tax for the tax period is as follows:
291
Taxa Base fiscal Imposto
Tax and nominal income tax amount 26.50% 7,087,512 1,878,191
State tax surcharge - 3,879,317 1,028,019
Autonomous taxation - 3,442,230 912,191
Effect from diverge income tax rates - - (366,479)
Subsidiaries with temporary exemption - - (3,885,176)
Companies with net losses , that do not calculate deferred Use of tax losses ,
which did not give ri se to deferred tax taxes assets
- 4,161,910 1,102,911
Assets - (35,061) (9,291)
Reversal of deferred tax assets (extinction loss carry-overs) - 5,091,262 1,330,104
Earnings in associated companies (equity consolidated) - (665,568) (176,375)
Non-deductible expenses for tax purposes - 2,563,356 679,289
Capital gains on sale of investments - (1,363,269) (361,266)
Other tax benefits - (235,284) (62,350)
Dividendos tributados e outros ajustamentos - 10,101,197 2,676,442
Taxable dividends and other adjustments 66.97% - 4,746,210
Deferred taxes assets and liabilities accounted in Consolidated Financial Position Statement were originated
by the following situations:
Deferred taxes assets 31-DEC-11 31-DEC-10
losses reported 14,775,540 10,800,070
Fixed as sets diverge valuation 5,332,692 5,369,816
Inventories value adjustments 2,153,923 1,729,137
Accounts receivables value adjustments - 8,808
Financial investments diverge valuation 1,732 1,604
Financial instruments fair value 17,658,225 10,279,765
Others 1,019,218 1,296,516
TOTAL 40,941,330 29,485,716

Consolidated Financial Statements | Grupo Soares da Costa, SGPS, SA
292
Deferred taxes liabilities 31-DEC-11 31-DEC-10
Fixed assets diverge valuation 17,585,484 19,118,942
Inventories value adjustments 116,659 144,096
Non fiscal accepted's provisions 9,471,354 11,063,852
Capital gains with deferred taxes 410,751 427,882
Other 300,011 509,485
TOTAL 27,884,259 31,264,257
The reportable tax losses which caused the deferred taxation assets:
Country Year Limit for Use Fiscal losses Deferred taxes assets
Portugal
U.S.A.
Costa Rica
Angola
Mozambique
2011 2015 3,511,537
2010 2014 2,838,427
2009 2015 3,412,021
2008 2014 2,851,195
2007 2013 2,651,815
2011 2031 11,199,382
2009 2029 2,840,369
2007 2027 3,461,540
2006 2026 907,811
2005 2025 2,570,889
2004 2024 4,152,152
15,264,995 3,761,928
25,132,143 9,954,401
2001 2014 220,027 76,008
2001 2014 605,497
2010 2013 1,646,316
2009 2012 547,802
2010 2015 52,152
2,799,615 979,865
52,152 3,338
TOTAL 14,775,540
According to the applicable legislation, these losses can only be used if the respective companies generate
a positive income tax result.
27. Earnings per Share
The company’s capital consists of 159,994,482 ordinary shares and 5,518 preferential shares without voting
rights, with a par value of 1 Euro each.
Holders of preferential shares without voting rights are entitled to a priority dividend on the terms stipulated
in 2.7 of the respective issuance prospectus and are listed for trading, at no less than 5% of the respective par
value, pursuant to article 341 (2) of the Portuguese Commercial Companies Code.
Earnings per share 31-DEC-11 31-DEC-10
293
Continued operations earnings , net of minorities 2,376,012 15,629,331
Net income attributable to the Group 2,376,012 15,629,331
Number of preferred shares 5,518 5,518
Number of ordinary shares 159,994,482 159,994,482
Total number of shares 507,292 382,914
Weighted average number of ordinary shares 159,499,423 159,926,409
Earnings attributable to preferred shares 276 276
Continued operations earnings per share
Basic 0,015 0,098
Diluted 0,015 0,098
Earnings per share
Basic 0,015 0,098
Diluted 0,015 0,098
The company does not have convertible debt instruments, meaning the basic result is the same as the diluted
result.

Consolidated Financial Statements | Grupo Soares da Costa, SGPS, SA
294
28. Assets held for Sale and Activities being Discontinued
As of December 31, 2011 there were no assets held for sale or activities being discontinued.
29. Guarantees
The detail of bank guarantees and collateral provided by the Group to third parties as of December 31,
2011 are as follows:
Euros US dollar Koanza from
Angola
Mozambican
metical
Costa Rica
colón
Israelite
shekel
Other Total
Bank guarantees 475,679,394 7,240,131 4,229,018 - 64,234 393,245 4,353,884 491,959,906
Collateral 22,644,365 9,660,716 8,106 24,734 - - - 32,337,919
Bank guarantees
Guarantees in respect of construction contracts 279,910,911
Guarantees in respect of concession contract 100,972,019
Guarantees given to financial institutions 109,569,185
Other guarantees 1,507,791
TOTAL 491,959,906
The value of guarantees given to financial institutions consist essentially to the bank guarantees from the
associated company Scutvias, SA, on behalf of the European Investment Bank in the amount of 80,086,021.95
Euros (part attributable to the Group). The banks involved in the provision of such bank guarantees are
coincident with the entities present in the bank syndication process.
30. Financial Risks
295
Foreign Exchange Risk
This risk arises mainly from the international operations of the Group. Operations by some of the Group’s
companies in foreign markets increase its exposure to the effects of the several currencies change against the
Euro. The exchange rate risk management policy followed by the Group aims to minimize the sensitivity of the
Group’s earnings to exchange rates fluctuations. The Group targets to balance assets and liabilities expressed
in the same currency.
Assets and liabilities denominated in foreign currency, converted into Euros as of December 31, 2011,
were as follows:
Assets EUR USD AOK MZM STD CRC ILS Other Total Eliminations Consolidated
Financial
investments
1,170,188,430 74,995,046 - - - - - 250,937 1,245,434,413 (1,210,134,028) 35,300,385
Customers 229,943,809 312,728,832 - 18,161,314 6,682 - 934,179 14,150,216 575,925,032 (108,111,784) 467,813,248
Associated
companies
4,606,219 - - - - - - 455,837 5,062,056 (4,114,554) 947,503
Advances
to suppliers
10,153,325 6,818,150 1,739,621 8,996,924 - - - 387,953 28,095,973 (8,496,670) 19,599,303
Advances to fixed
assets suppliers
5,033 - - - - - - 274,746 279,778 - 279,778
State and
public bodies
10,557,531 - 68,055 1,770,682 2,072 - 10,705 666,103 13,075,48 - 13,075,148
Other debtors 485,044,630 10,031,785 7,697,443 9,865,390 60,291 504 12,447 5,400,298 518,112,787 (278,975,139) 239,137,648
Securities and
other treasury
- 277,144 - - - - - 36,946 314,090 - 314,090
Bank deposits 51,718,462 19,806,676 10,329,644 1,029,483 210,995 24 24,466 1,712,535 84,832,285 - 84,832,285
Cash 303,648 255,625 280,715 95,999 370 - 3,277 12,341 951,975 - 951,975
Accruals
and deferrals
99,390,356 8,406,612 996,715 1,210,068 7,640 6,565 1,125 580,214 110,599,296 (1,589,887) 109,009,409
TOTAL 971,260,771

Consolidated Financial Statements | Grupo Soares da Costa, SGPS, SA
296
Liabilities EUR USD AOK MZM STD CRC ILS Others Total Eliminations Consolidated
Bank loans 696,165,512 61,672,379 40,407,018 3,093,218 - - 2,008,107 5,111,139 808,457,373 - 808,457,373
Bonds 97,604,741 - - - - - - - 97,604,741 - 97,604,741
Other
shareholders
15,820 22,571 - - - - - 3,500 41,891 (9,069) 32,822
Suppliers 209,820,223 85,220,178 9,369,226 9,038,966 6,633 290 167,657 23,486,174 337,109,347 (99,122,464) 237,986,883
Fixed as sets
suppliers
663,453 - 289,372 - - - - 281,521 1,234,346 (253,945) 980,401
Advances from
customers
36,353,030 61,356,856 151,895 2,816,641 5,150 - - - 100,683,572 (9,240,576) 91,442,996
Advances from
sales/revenues
28,758 2,447,060 3,407,556 - - - - - 5,883,375 - 5,883,375
Financial leasing
creditors
5,199,865 - - - - - - - 5,199,865 - 5,199,865
State and
public bodies
12,513,988 4,164 180,377 1,523,849 14,792 3,801 19,767 1,160,202 15,420,941 - 15,420,941
Other creditors 629,027,403 37,461,603 4,584,100 3,174,436 7 336 1,853,344 30,834,823 706,936,053 (602,032,105) 104,903,948
Derivatives 66,443,764 - - - - - - - 66,443,764 - 66,443,764
Accruals
and deferrals
155,092,742 13,051,475 14,016,897 5,728,689 524 364,253 237,197 239,408 188,731,187 (4,688,310) 184,042,877
TOTAL 1,618,399,985
Non-monetary assets and liabilities denominated in foreign currency, converted into Euros as of December 31,
2011, were as follows:
EUR USD AOK MZM STD CRC ILS BRL Total
Assets 711,209,816 31,853,771 37,102,075 1,862,123 4,911,316 1,021,441 4,254,845 216,778 792,432,165
liabilities 27,785,072 664,657 201,271 - 78,791 40,668 - - 28,770,459
Credit Risk
This risk is associated with accounts receivable inherent to the Group’s activity. Credit risks at each reporting
date are detected by the competent departments. The need to register an impairment loss is determined
according to the seniority of the debt, the client’s risk profile, previous experience and further circumstances.
As of December 31, 2011 the board of directors strongly believes that the estimated adjustments to the
accounts receivable have been adequately represented in the financial statements.
As of December 31, 2011 to the following accounts receivable amounts no adjustments have been registered
as collection was considered reasonable:
Maturity Customers:
current account
297
Customers:
other receivables
Customers :
doubtful accounts
Performing 189,196,247 3,133,963 - 192,330,210
0 to 180 days 74,840,124 - - 74,840,124
181 to 360 days 41,407,124 - - 41,407,124
361 to 540 days 13,702,159 - - 13,702,159
541 to 720 days 13,973,108 - - 13,973,108
more than 720 days 131,558,378 - 2,145 131,560,523
TOTAL 464,677,140 3,133,963 2,145 467,913,248
Debts outstanding for more than 360 days are categorized by type of customer as follows:
Amounts more than 360 days overdue 31-DEC-11
Angolan public entities 66,922,792
Angolan private entities 21,994,132
Portuguese public entities 34,794,691
Portuguese private entities 21,149,956
Guinea public entities 2,533,240
Mozambican public entities 30,858
Mozambican private entities 873,926
S. Tomé publ ic entities 35,880
S. Tomé private entities 431,888
US private entities 6,671,474
Other private entities 3,794,808
TOTAL 159,233,645
The above figure in category "Angolan Public Entities" include, with reference to December 31, 2011 60.8
million on behalf of an entity with which negotiations are underway with a view to their regularization.
Total

Consolidated Financial Statements | Grupo Soares da Costa, SGPS, SA
298
liquidity Risk
The liquidity risk management policy aims to ensure that at any given moment the profile of the maturity
dates of the company’s debt matches the capacity to generate cash flow to meet it. The management
of liquidity risk therefore includes managing imbalances between the requirements for funds (for operating and
financial costs, investments and debt repayment) and the inflows (receipts from customers, disinvestments,
and financing commitments from financial entities).
On the other hand, the Group adopts measures to prevent this kind of risks through an adequate and timely
cash flow management. In order to manage liquidity risk, the Group maintains a balance between the term and
flexibility of contracted debt through the use of phased financing which reflects the requirement for funds. In
addition, the Group has hot money accounts and overdrafts which avoid (temporary) cash flow problems.
Maturity of the financial liabilities as of December 31, 2011
Maturity Loans Suppliers Investment
suppliers
Financial
leasing
Advances
from
customers
Other Other
liabilities
and
2012 307,318,918 227,775,844 980,401 2,810,135 75,655,448 65,469,212 196,547,236 876,557,193
2013 73,102,618 3,908,879 - 1,481,417 20,620,624 4,536,655 - 103,650,193
2014 67,504,205 3,052,791 - 798,011 1,050,299 2,047,264 - 74,452,570
2015 61,200,421 1,801,732 - 76,002 - 503,667 - 63,581,822
2016 33,769,761 1,447,636 - 34,300 - 503,667 156,822 35,912,186
2017 195,225,120 - - - - 3,647,314 - 198,872,434
após 2017 205,791,164 - - - - 5,799,838 81,666,841 293,257,843
TOTAL 943,912,207 237,986,882 980,401 5,199,865 97,326,370 82,507,616 278,370,899 1,646,284,241
Total
According to the Statement of Financial Position,
current liabilities amount to 876.6 million Euros and
current assets to 826.5 million Euros, corresponding
to a current ratio of 0.94 overall.
In this context, we provide the following additional
information:
• current liabilities include bank loans, in the form
of escrow accounts and commercial paper amounting
to 186 million Euros that historically have assumed
features of automatic renewal at maturity, corresponding
to the structural financial support to the Group’s
operations, which we expected to maintain;
• One of the strategic guidelines set out the changes
made in late 2011 to the strategic plan, is the disposal
of mature assets and / or non-strategic, namely from
the area of concessions, to increase liquidity and
reduce indetness level;
• In addition, the Group's management has ongoing
discussions with major financial credit institutions to
the adequacy of the maturity of indebtedness under
the general lines of the plan.
299
31. Subsequent Events
As a relevant fact occurred after the reference date of
the accounts and reported as material information
through the website of CMVM, the Company informed
as of March 21, 2012, that through the concessionaire
company “Elos – Ligações de Alta Velocidade, S.A.”,
was instructed that the Court of Auditors has refused
the concession contract of the high speed railway
(HRS) stretch between Poceirão and Caia, part of the
Lisboa-Madrid line. The subsidiary Soares da Costa
Concessões,
SGPS, SA has in that concessionaire company a
16.304% stake. The 40-year concession, involved a
total investmet of 1,494,881,960 Euros, with a value
of 1,440,749,262 Euros to the project, expropriation
and construction, to be run by a complementary group
of companies "LGV-Engineering and Construction High
Speed Lines, ACE", led by Sociedade de Construções
Soares da Costa SA, also a subsidiary of the Group,
with a shareholding of 17.25%.
This subsequent event is estimated to have no
impacts on the financial statements as of December
31, 2011.

32. Contingencies
Dispute between Quinta da Murtosa / Sociedade de
Construções Soares da Costa / Porto Municipality
The subsidiary Sociedade de Construções Soares
da Costa, SA maintains an account receivable from
“Quinta da Murtosa – Empreendimentos Imobiliários,
Lda.” of 5,985,575 Euros, disclosed in the annexed
Consolidated Financial Position Statement under
“Clients – Current Account”. This is related to a
promissory contract of purchase and sale for a plot
of land that should have been handed over by the
Porto Municipality within the scope of a protocol
celebrated on December 7, 2000. The payment of this
account receivable is dependent of the resolution of
litigation process between Sociedade de Construções
Soares da Costa, SA, Quinta da Murtosa – Empreendimentos
Imobiliários, Lda, and the Oporto Municipality.
Simultaneously, Quinta da Murtosa has filed a
litigation process against Sociedade de Construções
Soares da Costa, SA demanding the return of the land
that is the object of the above-mentioned promissory
contract.
On January 2005, the subsidiary company Sociedade
de Construções Soares da Costa, SA has filed a
proceedings against Porto Municipality demanding
the return of the land that is the object of the
litigation. Alternatively, should the land not be
handed over, Soares da Costa demands the payment
of 7,182,689 Euros plus interests. This case has
already been sentenced and a favourable decision
Consolidated Financial Statements | Grupo Soares da Costa, SGPS, SA
300
was awarded to Soares da Costa already passed to
res judicata and since the Municipal City Council of
Oporto did not spontaneously execute this sentence
the relevant executive action has been filed and
proceedings are ongoing.
As the board of directors does not believe that the
resolution of this problem will have any impact on
the annexed Consolidated Financial Statements,
no provision has been registered.
Red line of the Tel Aviv light Rail Project, Israel
During the execution of the concession contract a
dispute involving the grantor (State of Israel) and
Metropolitan Transportation Solutions (MTS), the
concessionaire company in which the Group holds
a 20% stake, arose as previously disclosed to the
market.
After the signature of the referred contract, which
took place on May 2007, and as provisioned in the
contract, the actions leading to the "Financial Close"
and the early performance of the project works
started. Activities leading to the "Financial
Close" have been disturbed by the global financial
crisis which determined the need for some
amendments to the contractual provisions. Those
amendments have been exhaustively negotiated by
the grantor and the concessionaire along with
financing entities.
During the 3rd quarter of 2010, MTS has been
confronted with the decision of the grantor to
terminate the contract due to alleged breach
of contract, unless MTS accepted a new set of
compensation for the grantor along with other
conditions.
The concessionaire and its shareholders have decided
to reject that position by the grantor as well as the
conditions demanded - which would render the project
inoperable - and submit the dispute to an Arbitration
Court, implementing the required actions for that
purpose.
301
33. Changes in Policy, and Error Estimates
During the year 2011, with the exception of change in
accounting policy on the measurement of bank loans
at amortized cost and the classification of assets and
current liabilities versus non-current, there were no
changes in accounting policies, compared to those
considered in the preparation of financial information
for the year 2010 were not recorded material errors
relating to prior years (see note 2.1.).
34. Accounts Release’s Approval
At a meeting held on April 19, 2012, the board of
directors authorised the release of these consolidated
financial statements.

1. IV
Management Report | Grupo Soares da Costa, SGPS, SA
302
Individual
O Grupo
financial Soares
statements
da Costa
303

Individual Financial Statements | Grupo Soares da Costa, SGPS, SA
304
Individual Financial Statement December 31, 2010 and 2011
Assets
Notes 31.12.2011
31.12.2010
restated
(Euros)
31.12.2010
NON CURRENT
Intangible assets 0 0 0
Fixed tangible assets
Transport equipment 4 24,527 0 0
Administrative equipment 4 12,759 12,771 12,771
Financial investments
37,285 12,771 12,771
Capital participations in subsidiaries 5 260,951,074 261,151,074 261,151,074
loans to associated companies 5 210,227,913 134,984,138 134,984,138
Other financial investments 5 227,180 276,176 276,176
Financial investments ongoing 5 50,000 50,000 50,000
471,456,167 396,461,388 396,461,388
Deferred taxes (assets) 21 4,120,681 4,104,762 4,104,762
TOTAL NON CURRENT ASSETS
CURRENT
Accounts receivable
475,614,133 400,578,921 400,578,921
Trade debtors 8 2,557,578 876,249 876,249
Receivables from public entities 8 759,930 2,301,471 2,301,471
Group companies, subsidiaries and associated companies 8 62,246,671 69,744,350 69,744,350
Other 8 577,531 577,824 577,824
66,141,710 73,499,894 73,499,894
Other current assets 9 435,594 884,988 3,495,928
Cash and equivalents 10 78,233 11,492,163 11,492,163
TOTAL CURRENT ASSETS 66,655,537 85,877,044 88,487,984
TOTAL ASSETS 542,269,671 486,455,965 489,066,905
* The Chartered Accountant ** The Board of Directors
* Maria das Dores Oliveira
** António Manuel Pereira Caldas de Castro Henriques (Chairman) | Jorge Domingues Grade Mendes | Pedro Gonçalo de Sotto Mayor de Andrade Santos
Luís Miguel Andrade Mendanha Gonçalves | António José Cadete Paisana Ferreira | Paulo Eugénio Peixoto Ferreira | Roberto António Pereira Pisoeiro
Carlos Alberto Príncipe dos Santos
Individual Financial Position Statement December 31, 2010 and 2011
305
(Million Euros)
SHAREHOLDERS' EQUITYAND LIABILITIES
Notas 31.12.2011 31.12.2010 reexpresso 31.12.2010
SHAREHOLDERS' EQUITY
Share capital 11 160,000,000 160,000,000 160,000,000
Own shares
Reserves and retained earnings
(172,526) (197,780) (197,780)
legal reserves 7,423,896 6,074,579 6,074,579
Other reserves 2,501,550 2,617,633 2,617,633
Retained earnings 42,469,535 19,624,390 19,487,856
Adjustments in financial assets (660,530) (660,530) (660,530)
Net income for the year 877,728 27,683,563 27,491,412
TOTAL SHAREHOLDERS' EQUITY 212,439,652 215,141,855 214,813,170
LIABILITIES
NON CURRENT
Loans
Bonds 12 97,604,741 97,204,246 100,000,000
Bank loans 12 14,112,455 19,750,000 19,750,000
Accounts payable
111,717,196 116,954,246 119,750,000
Investment' suppliers 9,963 0 0
9,963 0 0
Derivatives 13 31,950 0 0
TOTAL NON CURRENT LIABILITIES 111,759,109 116,954,246 119,750,000
CURRENT
Loans
Bank loans 12 45,833,053 38,114,733 38,277,995
Accounts payable
45,833,053 38,114,733 38,277,995
Suppliers 1,425,965 781,297 781,297
Investment' suppliers 11,634 0 0
Payables to public entities 14 6,204,106 1,772,124 1,772,124
Group companies, subsidiaries and assciated companies 14 163,745,638 110,942,692 110,942,692
Other 14 84 2,036,553 2,036,553
171,387,427 115,532,666 115,532,666
Derivatives 13 31,726 0 0
Other current liabilities 15 818,703 712,465 693,074
TOTAL CURRENT LIABILITIES 218,070,909 154,359,864 154,503,735
TOTAL LIABILITIES 329,830,018 271,314,110 274,253,735
TOTAL SHAREHOLDERS'S EQUITY AND LIABILITIES 542,269,671 486,455,965 489,066,905
* The Chartered Accountant ** The Board of Directors
* Maria das Dores Oliveira
** António Manuel Pereira Caldas de Castro Henriques (Chairman) | Jorge Domingues Grade Mendes | Pedro Gonçalo de Sotto Mayor de Andrade Santos
Luís Miguel Andrade Mendanha Gonçalves | António José Cadete Paisana Ferreira | Paulo Eugénio Peixoto Ferreira | Roberto António Pereira Pisoeiro
Carlos Alberto Príncipe dos Santos

Separate individual income statement for the period ended December 31, 2011 and 2010
INCOME STATEMENT
Individual Financial Statements | Grupo Soares da Costa, SGPS, SA
306
Notes 2011
Turnover 16 6,235,258 4,003,279 4,003,279
Other operating income
Other 251,739 1,950 1,950
OPERATING INCOME 6,486,997 4,005,229 4,005,229
External supplies 17 (2,618,182) (2,184,521) (2,184,521)
Staff costs 19 (4,213,849) (4,277,361) (4,277,361)
Depreciation, amortisation and imparity losses
Other operating costs
(16,454) (12,311) (12,311)
Taxes (234,215) (654,757) (654,757)
Other (137,265) (45,252) (45,252)
OPERATING COSTS (7,219,966) (7,174,202) (7,174,202)
OPERATING RESULT (732,969) (3,168,973) (3,168,973)
Interest received 12,760,013 6,434,540 6,434,540
Interest paid (14,578,249) (9,472,692) (9,664,842)
Net financing costs (1,818,235) (3,038,151) (3,230,302)
Gains in associated companies 3,742,412 33,761,739 33,761,739
Other financial gains 604,856 487,663 487,663
Other financial losses (1,771,192) (1,765,270) (1,765,270)
Other financial gains and losses 2,576,076 32,484,131 32,484,131
FINANCIAL RESULT 20 757,841 29,445,980 29,253,830
EARNINGS BEFORE TAXES 24,872 26,277,007 26,084,857
Income tax 21 852,856 1,406,555 1,406,555
NET INCOME 877,728 27,683,563 27,491,412
Earnings per share
Basic 22 0,005 0,173 0,172
Diluted 22 0,005 0,173 0,172
* The Chartered Accountant ** The Board of Directors
2010
restated
* Maria das Dores Oliveira
** António Manuel Pereira Caldas de Castro Henriques (Chairman) | Jorge Domingues Grade Mendes | Pedro Gonçalo de Sotto Mayor de Andrade Santos
Luís Miguel Andrade Mendanha Gonçalves | António José Cadete Paisana Ferreira | Paulo Eugénio Peixoto Ferreira | Roberto António Pereira Pisoeiro
Carlos Alberto Príncipe dos Santos
(Euros)
2010
Statement of individual comprehensive income for the period ended Decembeer 31, 2011 and 2010
307
2011
2010
restated
Net profit for the period 877,728 27,683,563 27,491,412
Other comprehensive income
Exchange difference stemming from transposition of financial statements expressed
in foreign currencies
variation on fair value of derivatives (47,757) - -
Other variations
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 829,971 27,683,563 27,491,412
* The Chartered Accountant ** The Board of Directors
* Maria das Dores Oliveira
** António Manuel Pereira Caldas de Castro Henriques (Chairman) | Jorge Domingues Grade Mendes | Pedro Gonçalo de Sotto Mayor de Andrade Santos
Luís Miguel Andrade Mendanha Gonçalves | António José Cadete Paisana Ferreira | Paulo Eugénio Peixoto Ferreira | Roberto António Pereira Pisoeiro
Carlos Alberto Príncipe dos Santos
(Euros)
2010

Statement of changes in equity for the period ended December 31, 2011 and 2010
Individual Financial Statements | Grupo Soares da Costa, SGPS, SA
308
Equity capital Own shares Reserves
and retained
earnings
Coverage
derivatives
(Euros)
Other Total equity
Balance as of January 1, 2011 160,000,000 (197,780) 56,000,165 - (660,530) 215,141,855
Dividends - - (3,463,847) - - (3,463,847)
Own shares - 25,254 (93,580) - - (68,326)
Other - - - - - -
Integrated earnings - - 877,728 (47,757) - 829,971
Balance as of December 31, 2011 160,000,000 (172,526) 53,320,465 (47,757) (660,530) 212,439,652
Equity capital Own shares Reserves
and retained
earnings
Coverage
derivatives
Other Total equity
Balance as of January 1, 2010 restated 160,000,000 - 35,333,501 - (660,530) 194,672,970
Dividends - - (6,944,036) - - (6,944,036)
Own shares - (197,780) (72,862) - - (270,642)
Other - - - - - -
Integrated earnings - - 27,683,563 - - 27,683,563
Balance as of December 31, 2010 restated 160,000,000 (197,780) 56,000,165 - (660,530) 215,141,855
* The Chartered Accountant ** The Board of Directors
* Maria das Dores Oliveira
** António Manuel Pereira Caldas de Castro Henriques (Chairman) | Jorge Domingues Grade Mendes | Pedro Gonçalo de Sotto Mayor de Andrade Santos
Luís Miguel Andrade Mendanha Gonçalves | António José Cadete Paisana Ferreira | Paulo Eugénio Peixoto Ferreira | Roberto António Pereira Pisoeiro
Carlos Alberto Príncipe dos Santos
Individual cash flows statements for the period ended December 31, 2011 and 2010
309
(Euros)
Notes 2011 2010
OPERATING ACTIVITIES
Receipts from customers 5,925,648 4,895,148
Payments to suppliers (1,976,444) (2,340,377)
Payments to staff (4,128,095) ()4,293,221
(178,891) (1,738,451)
Payments/ receipts of income tax 3,102,830 (331,936)
Other payments/ receipts related with oper. activities (2,488,421) (2,817,745)
CASH FLOW FROM OPERATING ACTIVITIES 614.409 435,518 (3,149,681) (4,888,131)
INVESTMENT ACTIVITIES
Receipts from:
Financial investments 8 218,752,353 139,184,335
Dividends
Payments related with:
3,740,967 222,493,320 16,727,649 155,911,984
Financial investments 8 306,826,045 143,325,561
Fixed tangible assets 320 306,826,364 13,027 143,338,588
CASH FLOW FROM INVESTMENT ACTIVITIES (84,333,044) 12,573,397
FINANCING ACTIVITIES
Receipts from:
loans 412,664,573 554,975,729
Salre of own shares 670,031 464,071
Interest received
Payments related with:
12,166,120 425,500,724 5,720,701 561,160,500
loans 334,928,966 547,740,450
Financial leasing contracts 10,872 328
Dividends 3,461,357 6,939,696
Acquisition of own shares 810,073 734,713
Interest paid 13,599,977 352,811,245 8,730,770 564,145,956
CASH FLOW FROM FINANCING ACTIVITIES 72,689,479 (2,985,455)
Change in cash and equivalents (11,208,047) 4,699,810
Foreign exchange differences effect (205,882) (188,485)
Cash and equivalents, beginning of the period 11,492,163 6,980,837
Cash and equivalents, end of the period 78,233 11,492,163
* The Chartered Accountant ** The Board of Directors
* Maria das Dores Oliveira
** António Manuel Pereira Caldas de Castro Henriques (Chairman) | Jorge Domingues Grade Mendes | Pedro Gonçalo de Sotto Mayor de Andrade Santos
Luís Miguel Andrade Mendanha Gonçalves | António José Cadete Paisana Ferreira | Paulo Eugénio Peixoto Ferreira | Roberto António Pereira Pisoeiro
Carlos Alberto Príncipe dos Santos

Annex to the Individual Cash Flow Statements
During 2011, the following cash and equivalents operations occurred:
• Payment in cash and equivalents of 1,930,499 euros concerning the acquisition of the company Energia
Própria, SGPS, SA;
• Receipt by cash and equivalents of 51,444 euros concerning the sharing in the settlement of the company
Soares da Costa – Ambiente e Energia, SGPS, SA;
Individual Financial Statements | Grupo Soares da Costa, SGPS, SA
310
• Receipt by cash and equivalents of 34,778 euros concerning the sharering in the settlement of the company
Soares da Costa Desenvolvimento, SA;
• Receipt by cash and equivalent of dividends of 3,659,000 euros paid by the company Soares da Costa
Construção, SGPS, SA;
• Receipt by cash and equivalent of dividends of 81,967 euros paid by the company Soares da Costa Serviços
Partilhados, SA;
• Payment in cash and equivalents of dividends of 3,461,356 euros.
311
BREAkDOWN OF CASH AND EQUIvAlENTS:
31 DEC 11 31 DEC 10
Cash 638 1,168
Banking deposits (imediately available) 77,595 11,490,995
Cash equivalents - -
CASH AND EQUIVALENTS 78,233 11,492,163
Tradable securities - -
Cash in the balance 78,233 11,492,163
Note: The receipts/ payments of loans – financing activities – include successive settlements and new issues of commercial paper issues, totalling 64,000,000 euros.
* The Chartered Accountant ** The Board of Directors
* Maria das Dores Oliveira
** António Manuel Pereira Caldas de Castro Henriques (Chairman) | Jorge Domingues Grade Mendes | Pedro Gonçalo de Sotto Mayor de Andrade Santos
Luís Miguel Andrade Mendanha Gonçalves | António José Cadete Paisana Ferreira | Paulo Eugénio Peixoto Ferreira | Roberto António Pereira Pisoeiro
Carlos Alberto Príncipe dos Santos

INDIvIDUAl ACCOUNTING
POlICIES AND EXPlANATORy
NOTES AS OF DECEMBER 31,
2011
1. Introductory Note
IDENTIFyING ElEMENTS
// Company name: Grupo Soares da Costa,
SGPS, SA
// Registered at the Commercial Registry Office
of Oporto and Tax Number: 500 265 763
// Head Office: Rua de Santos Pousada, 220
4000-478 PORTO
// Activity: Grupo Soares da Costa, SGPS, S.A. is the
parent Company of Soares da Costa Group.
Individual Financial Statements | Grupo Soares da Costa, SGPS, SA
312
The company has been incorporated on 02 June 1944
as a limited business corporation named “Soares da
Costa, Lda”, which later, on 01 May 1968, became
a joint stock company by deed at a notary public
office, under the corporate name of “Sociedade de
Construções Soares da Costa, S.A.”. This company
“operated in the civil construction and public works
industry, in related activities and in the acquisition
and disposal of real estate assets”. On 30 December
2002, after the transfer of its direct productive
activities, namely in the construction business, and by
a public deed celebrated at the 4th Notary Public Office
of Porto, “Sociedade de Construções Soares da Costa,
S.A.” changed its company object to “Management
of shareholdings as an indirect way of carrying out
economic activities” and adopted its current name
“Grupo Soares da Costa, S.G.P.S., S.A.”.
Figures mentioned in Notes are presented in Euro units.
2. Accounting reference basic used in the preparation of the financial statements
313
The company is an integral part of the consolidation group whose parent company - Grupo Soares da Costa,
SGPS, SA has been drawing up consolidated accounts since 2004 in accordance with the International Financial
Reporting Standards (IAS/IFRS) as adopted in the European Union.
Therefore, under the provisions of no 1 of article 4 of decree law 158/2009, as of 13 July, it has adopted the
drawing up of the individual financial reports in accordance with those international standards. The company
changed the accounting policy on bank loans 2011. Up to 2010 loans were presented at their nominal or face
value, with the deferral of the linear initial burden. In 2011 loans are measured at amortized cost (note 3.3 c)),
thus fulfilling the stipulated in IAS 39 and IAS 32.
In accordance with IAS 8, the company restated the financial statements for 2010. Reconciliation of equity and
net income for 2010 is as follows:
Shareholders equity of January 1, 2010 194,536,436
Adjustment from interest paid 136,535
Shareholders equity as of January 1, 2010 - restated 194,672,970
2010's net income 27,491,412
Adjustment from interest paid 192,150
2010's net income - restated 27,683,563

3. Main accounting policies
The main accounting policies adopted in the
preparation of the financial statements are as follows:
3.1. PRESENTATION BASIS
The financial statements assume the Company’s
continuity and were compiled from the accounting
records of the company, which comply with the
International Standards on Financial Reporting as
adopted in the European Union, in force for the
financial year starting on 01 January 2009, from
which date the Company began applying IAS/IFRS.
The financial statement include some figures that
were estimated, affecting the amounts reported as
assets and liabilities, as well as those reported as
income and costs for the period reported. All estimates
and assumptions made by the Board of Directors were
based on the best information available at the date
the financial statements were approved.
The Company's Board of Directors believes that the
attached financial statements and subsequent notes are
a fair representation of the financial information. For the
purpose of these financial statements, the company has
not implemented any standards or interpretations that
have been issued by IASB in a subsequent date.
3.2. FIXED TANGIBlE ASSETS
Tangible fixed assets have been recorded at
acquisition cost or at a reassessed acquisition cost
Individual Financial Statements | Grupo Soares da Costa, SGPS, SA
314
taking into consideration accumulated depreciations
and impairment losses. Depreciations are calculated
according to a straight line method and on a monthly
basis, in accordance with the following estimated
useful lives:
Useful life
Transport equipment 4
Administrative equipment 3 - 10
Gains or losses resulting from the sale or disposal
of tangible fixed assets are determined through the
difference between the alienation price and the net
accounting value at the time of the sale/disposal,
and are registered in the Income Statement as “other
income and gains” or “other expenses and losses”.
3.3. FINANCIAl ASSETS AND lIABIlITIES
a) Financial Investments
Financial investments are recognized at the date the
risks and rewards inherent to them are transferred.
They are initially registered at acquisition price, i.e. the
fair value of the price paid. Investments are evaluated
when there are signs that assets’ value might be
subject to impairment losses. Any impairment losses
found are registered as costs at the income statement.
Financial investments are classified into investments
held until maturity and investments evaluated at fair
value through results.
Following the initial recognition, investments stated
at fair value through results are re-evaluated at
their fair value, without deducting any transaction
expenses that might have been incurred on the
sale. Investments in Equity instruments not listed
in regulated financial markets, and for which fair
value cannot be reliably estimated, are accounted at
acquisition cost deducted from eventual impairment
losses. Financial investments in both group and
associated companies are registered at acquisition
cost minus impairment losses, if applicable.
Gains or losses arising from a change of the fair
value of investments evaluated at fair value through
results are registered at the Income Statement for the
financial year. Company has decided, at the date of the
transition to IFRS, to measure the Financial Investments
at their acquisition cost, according with the Generally
Accepted Accounting Principles previously used, using
such amount as the cost considered at that date, in
accordance with the option provisioned in IFRS 1.
b) Accounts receivable
Accounts receivable are registered at their nominal
value minus any impairment losses, recognised under
“Impairment losses” in accounts receivable, so that
they reflect the realisable net value.
c) loans
Loans are registered as liabilities at their amortise
315
cost value (effective interest rate method). The costs
associated with the issue of such loans are recorded
as a deduction from debt and recognized over the life
of the loan, according to the effective interest rate
method. Financial costs associated with interests
and similar costs (namely stamp duty), are registered
at the Income Statement according to the Matching
Principle, with any amounts due and not paid at the
date of the Consolidated Financial Position Statement
being classified under “Other current liabilities”.
d) Accounts payable
Accounts payable are registered at their nominal value.
e) Cash and equivalents
The amounts included under “Cash and equivalents”
correspond to cash, bank deposits and term deposits
and other short term cash applications.
3.4 lEASES
Lease contracts are classified as:
• Financial leases if all risks and advantages inherent
to ownership are substantially transferred;
• Operational leases if all risks and advantages
inherent to ownership are not substantially transferred.
Classification of leases as financial or operational is
decided in accordance with the substance and not the
form of the contract.

The assets acquired under finance lease contracts
are recorded at fair value in the assets and their
responsibilities in the liabilities. Depreciation of these
assets is calculated in accordance with that described in
3.2. above, and are recorded in depreciation for the year.
The capital included in the rent paid is recorded as a
reduction of those responsibilities and interest included
in those revenues are recorded as expenses in the
financial year to which they relate.
In the case of operational leases, rents due are
recognised as a cost in the Consolidated Income
Statement throughout the period of the leasing contract
under “External supplies and services”.
3.5. FINANCIAl COSTS IN lOANS OBTAINED
Financial costs related to loans obtained are generally
recognised as a cost according to the Matching
Accounting Principle. Pursuant to the terms of IAS
23, financial costs from loans associated with the
acquisition, construction or production of fixed assets,
or associated with real estate projects classified under
inventories are capitalised and comprised in asset’s cost.
Capitalisation of these charges begins once
preparation for the construction activity or
development of the asset has begun,
and is interrupted once the asset production ends, or
when the project in question is suspended.
Individual Financial Statements | Grupo Soares da Costa, SGPS, SA
316
3.6. INCOME TAX
Current income tax is calculated based on the taxable
profits in accordance with the existing taxation rules.
Deferred taxes refer to the temporary differences
between the accounting and figures for tax purposes in
terms of assets and liabilities.
Deferred taxes assets and liabilities, are calculated and
annually assessed using the tax rates expected to be
in force at the reversion date of temporary differences.
Deferred taxes assets are registered when there are
reasonable prospects of sufficient taxable income
for them to be used. At the closing date of the
Consolidated Financial Position Statement, the
temporary differences underlying assets for deferred
taxes are re-assessed in order to recognise assets
for deferred taxes not previously registered as those
failed to meet the conditions for registration, and/
or to reduce their amount according to the current
expectations of future recovery.
Deferred taxes are registered as expense or income in
each year, except if they came from figures registered
directly in equity, in which case deferred tax is also
registered under the same item.
3.7. FINANCIAl POSITION STATEMENT
Realisable assets and payable liabilities, to be due
past the closing date of Consolidated Financial
Position Statement, are accounted as non current
assets and liabilities, respectively.
3.8. RECOGNITION OF EXPENSES AND INCOME
Services revenues, are generally accounted when they occur. Financial income from delayed payment by
customers is accounted when there is significant evidence that they are receivable.
317
Dividends are accounted as income in the financial year they are attributed. The Company accounts its income
and expenses on an accrual basis: income and expenses are recognised when generated, regardless of the moment
at which they are received or paid. The differences between the amounts received and paid and the corresponding
income and expenses generated are registered under “Other current assets” or “Other current liabilities”, depending
on the nature of the difference.
3.9. BAlANCES AND TRANSACTIONS IN FOREIGN CURRENCy
Foreign currency transactions (non-Euro), are registered at the exchange rates in force at the time of each
transaction. On each balance date, monetary assets and liabilities expressed in foreign currency are converted to
Euros using the rates in force at that time.
Exchange differences, both favourable and unfavourable, due to discrepancies between the exchange rates in
force at the time of the transaction and those in force when payments were made or received, or as at the date
of the balance, are registered as “Other financial gains and losses” in the Income Statement for the year.
The figures included in the Financial Position Statement were translated into Euros using the following:
Average foregn exchange rate (buy/sell)
31 DEC 11 31 DEC 10
US dollar EUR/USD 1.2939 1.3362
Angolan kwanza EUR/AOA 122.55 121.60
Brazilian real EUR/BRL 2.4159 2.2177
3.10. IMPAIRMENT OF NOUN CURRENT ASSETS
An assessment of impairment is made at the time of each balance, and whenever an event or change in
circumstances signals that the figure registered for the asset may not be recovered. Whenever the asset
amount is higher than its recoverable value, it is recognised an impairment loss, which is registered in the
Consolidated Income Statement.

A reversion of impairment losses recognised in
previous years is registered when there are signs that
the recognised impairment losses no longer exist or
have diminished. The reversion of impairment losses is
recognised in the Consolidated Income Statement as
an operational income.
3.11. CONTINGENT ASSETS AND lIABIlITIES
Contingent liabilities are not recognised in the
Financial Statements, but are disclosed in the
Explanatory Notes to the accounts, unless the
possibility of outflow is remote.
Contingent assets are not recognised in the Financial
Statements, but are disclosed in the Explanatory Notes
to the accounts, when it is likely to occur a future
economic inflow.
3.12. SUBSEQUENT EvENTS
Events occurring after the reporting date, which
provide additional information on the conditions
existing at that date, are reflected in the financial
statements. Events subsequent to the reporting date
which provide information on conditions occurring
after that date, if material, are disclosed in the
Financial Statements.
3.13. DERIvATIvES
The company contracts derivative financial instruments
to hedge financial risks to which is exposed, particularly
those arising from changes in interest rate, not using
derivative instruments for trading purposes.
Individual Financial Statements | Grupo Soares da Costa, SGPS, SA
318
Derivative financial instruments are measured at fair
value. The recognition method depends on the nature
and purpose of the contract. The possibility of classify
a derivative instrument as a hedging instrument
complies with the provisions of IAS 39, particularly
regarding their documentation and effectiveness.
The criteria used to classify derivatives as hedging
instruments of cash flows are as follows:
• It is expected that the hedge is highly effective in
offsetting changes in cash flows attributable to the
hedged risk;
• The effectiveness of the hedge can be reliably
measured;
• Is there adequate documentation of the transaction
to be covered at the beginning of the coverage;
• The covered transaction is highly probable.
Changes in the fair value of financial instruments
designated as hedging of "fair value" are recognized
as financial income of the period, as well as changes in
fair value of the asset or liability subject to that risk.
Changes in the fair value of derivative instruments
designated as hedging of "cash flow" are recognized
in "Reserves of coverage transactions" in its effective
component, and in the financial results in its noneffective
component. The amounts recorded under "
Reserves of coverage transactions" are transferred to
the income statement in the period when the hedged
item also impacts results.
Hedge or coverage accounting is discontinued when
the hedging instrument reaches maturity, it is sold
or exercised, or when the hedging relationship ceases
to meet the requirements of IAS 39. In situations
where the derivative no longer qualifies as a hedging
instrument, the fair value differences accumulated
and deferred in equity under the caption "Reserves
of coverage transactions" are transferred to the
income statement.
The derivative instruments that are contracted with
the aim of carrying out economic hedges and that
do not meet all the provisions of IAS 39 (Financial
Instruments: Recognition and Measurement) regarding
the possibility of qualifying as hedges for accounting,
the corresponding changes in fair value are recognized
in the income statement for the period they occur.
3.14. OWN SHARES
Own shares are recorded at acquisition value as a
deduction to equity. Gains or losses incurred on the
sale of own shares are registered in the “Reserves and
retained profits” account.
3.15. RISk MANAGEMENT
During its activity the company is exposed to a variety
of risks: market risk (including exchange rate and
interest rate risk as well as price risk), credit risk and
liquidity risk. The global risk management program
focuses on the unpredictability of the financial
markets and seeks to minimize its adverse effects on
the company's financial performance.
319
Exposure to credit risk results from the accounts
receivable related with usual activity, being the
maximum exposure to the credit risk the nominal
value of the accounts receivable.
There is no significant concentration of credit risk as of
December 31, 2011.
3.16. vAlUE JUDGMENTS, CRITICAl ASSUMPTIONS AND MAJOR
SOURCES OF UNCERTAINTy ASSOCIATED WITH ESTIMATES
In preparing the financial statements some
judgments and estimates were made and used and
different assumptions that affect the value of assets
and liabilities, as well as the income and expenses in
the period.
The estimates and underlying assumptions were
determined based on the best knowledge existing at
the date of approval of the financial statements of
events and transactions in progress, as well as on the
experience of past/ current events. However, situations
that may occur in subsequent periods and that are
not foreseeable at the date of approval of financial
statements were not considered in these estimates.
Changes to estimates that occur after the date of the
financial statements will be corrected prospectively.
For this reason and given the degree of uncertainty,
the actual results of the transactions in question may
differ from the corresponding estimates.

4. TANGIBlE FIXED ASSTES
a) Gross Assets
Movement in gross value of tangible fixed assets:
Fixed tangible assets Opening balance Increases Disposals Transfers and
write off's
Individual Financial Statements | Grupo Soares da Costa, SGPS, SA
320
Closing
balance
Transportation equipment 500 31,818 - - 32,318
Administrative equipment 2,363,320 9,150 - (2,223) 2,370,247
TOTAL 2,363,820 40,968 - (2,223) 2,402,565
b) Accumulated Depreciations
Movement in accumulated depreciations of tangible fixed assets:
Fixed tangible assets Opening
balance
Increases Transfers and
write off's
Closing
balanc
Transportation equipment 500 7,292 - 7,792
Administrative equipment 2,350,549 9,163 (2,223) 2,357,488
TOTAL 2,351,049 16,454 (2,223) 2,365,280
5. Financial Investments
a) Gross Assets
Movement in the gross value of financial investments:
Financial investments Opening
balance
Increases Disposals Transfers and
write off's
Closing
balance
Financial investments:
Equity stakes in subsidiaries 277,570,120 - - (200,000) 277,370,120
loans to subsidiaries 134,984,138 75,243,775 - - 210,227,913
Other financial investments 643,764 - - - 643,764
Financial investments in progress 50,000 - - - 50,000
TOTAL 413,248,022 75,243,775 - (200,000) 488,291,797
The amount recorded in column "Transfers and write off’s" refers to the write off of the shares in Soares da
Costa – Desenvolvimento, SA and Soares da Costa Ambiente e Energia, SGPS, SA. by dissolution.
Movement in fair value adjustments:
Fair value adjustments Opening
balance
321
Increases Reductions Closing
balance
Equity stakes in subsidiaries 16.419.046 - - 16.419.046
Other financial investments 367.588 48.996 - 416.584
TOTAL 16.786.634 48.996 - 16.835.630
The amount of 16,419.046 euros refers to the adjusted value of capital share in “Soares da Costa Imobiliária
SGPS, S.A.” and “Soares da Costa Indústria SGPS, S.A.”, of 16,000,000 and 419,046 respectively, as a way to
correct the differences between the accounting value and the market value, being the reference or “proxy” the
shareholders’ equity (IAS) of Soares da Costa Imobiliária SGPS, S.A. and the individual shareholders’ equity (IAS)
of Soares da Costa Indústria SGPS S.A.
6. Investments in subsidiaries and associated companies
As of December 31, 2011 the Group had direct stakes in the following companies:
Company Head Offices Financial Pos.
Statement
value as of
Dec 31, 2011
Soares da Costa Construção, SGPS, SA
Soares da Costa Imobiliária, SGPS, SA
Soares da Costa Concessões, SGPS, SA
SCSP-Soares da Costa Serviços Partilhados, S.A.
EnergiaPrópria, SGPS, SA.
R. de Santos Pousada, 220
4000-478 Porto
R. de Santos Pousada, 220
4000-478 Porto
R. de Santos Pousada, 220
4000-478 Porto
R. de Santos Pousada, 220
4000-478 Porto
Estrada de Talaíde, lote 27
2785-734 Talaíde
Participation Shareholders
equity
Net income
2011
143,808,449 100.000% 153,876,362 4,129,545
83,393,057 100.000% 86,691,207 (314,273)
25,967,527 100.000% 11,215,160 (8,080,531)
1,293,416 99.960% 1,447,702 328,708
6,488,625 57.260% 4,653,314 (1,956,309)

7. Financial and operational leasing
Individual Financial Statements | Grupo Soares da Costa, SGPS, SA
322
Financial leasing
The company has fixed assets included in the balance under financial lease. As of December 31, 2011 the book
value of these assets is as follows:
Financial leasing Gross assets Cumulated
depreciation
Net assets
Transport equipment 31,818 7,292 24,527
TOTAL 31,818 7,292 24,527
The responsibility for these contracts is as follows:
Short term 11,634
Medium and long term 9,963
The reconciliation between the total of future minimum payments for leases on the balance sheet date and
their present value, for periods, is as follows:
31-DEC-11
Minimum payments of financial leasings
2012 12.729
2013 10.277
23.006
Interests 1,408
Net present value of minimum payments of financial leasings 21.597
Current 11.634
Non current 9.963
The financial leases bear interest at market rates and have periods of defined useful life. As of December 31,
2011 there are no contingent rents and restrictions relating to dividends (or any additional debt) associated
with the leasing contracts in force.
Operational leasing
Expenses with operating lease agreements amounting to 201,286 euros were recognized in 2011.
Rents on operating lease agreements (fixed rents) maintained by the company as of December 31, 2011,
mainly referring to operating lease of vehicles, have the following maturity profile:
Maturity
2012 191,202
2013 100,400
2014 45,144
2015 10,207
TOTAL 346,953
8. Breakdown of accounts receivable
As at December 31, 2011 and December 31, 2010 breakdown was as follows:
323
Accounts receivable 31-DEC-11 31-DEC-10
Customers - current account 2,557,578 876,249
Customers 2,557,578 876,249
Group companies 50,099,584 60,418,121
Associated companies 80,747 59,656
Special regime for the taxation of corporate groups 12,066,340 9,266,574
Group and associated companies 62,246,671 69,744,350
Other 577,531 577,824
Fair value adjustments 0 0
Other accounts receivable 577,531 577,824
During 2011, income resulting from financial investments amounted to 218,752,353 euros, while the financial
investments payments summed up to 306,826,045 euros.

“State and other public bodies” account breakdown as of December 31, 2011 and was as follows:
Individual Financial Statements | Grupo Soares da Costa, SGPS, SA
324
31-DEC-11 31-DEC-10
Income tax 759,930 2,301,471
TOTAL 759,930 2,301,471
9. Breakdown of other current assets
Other current assets 31-DEC-11 31-DEC-10
Accrued income 71,845 48,091
Deferred costs 363,749 836,897
TOTAL 435,594 884,988
The value of the item “Deferred costs" was restated to December 31, 2010, with the implementation
of the rule for the measurement of bank loans at amortized cost - IAS 39 and IAS 32 - and reflects a decrease
of 2,610,940 euros.
On December 31, 2011 and 2010 these items have the following decomposition:
31-DEC-11 31-DEC-10
Accrued income
Interest to receipt 71,845 48,091
TOTAL
Deferred costs
71,845 48,091
Financing operations setting costs 304,313 778,752
Insurances 35,828 35,049
Other deferred costs 23,608 23,097
TOTAL 363,749 836,897
The setting costs with financing operations are mainly related with commercial paper issues, to be deferred by
the several settlement deadlines.
10. Cash and equivalents
As of December 31, 2011 and 2010 cash and equivalents breakdown was as follows:
325
31-DEC-11 31-DEC-10
Cash 638 1,168
Banking deposits (imediately available) 77,595 11,490,995
Cash equivalents - -
Cash and equivalents 78,233 11,492,163
Tradable securities - -
Cash in the balance 78,233 11,492,163
11. Composition of share capital and reserves
The company's share capital amounts to 160,000,000 euros, being represented by 160,000,000 shares,
with a nominal value of 1.00 Euro, of which 159,994,482 are ordinary shares and 5,518 are non-voting
preferred shares with the right to receive a preferential dividend and preferential reimbursement of the
respective nominal value if the company declares bankruptcy. Investifino – Investimentos e Participações
SGPS, S.A. holds 70.8142% of the Company’s share capital, corresponding to 113,302,682 shares granting
71.042% of voting rights as of December 31, 2011.
In 2011, the movements related with own shares were as follows:
Number
of shares
Nominal
value
Discounts and
premiuns
Amount
Opening balance 382,914 382,914 (185,134) 197,780
Acquisitions 1,847,588 1,847,588 (1,037,515) 810,073
Alienations (1,723,210) (1,723,210) 887,883 (835,327)
CLOSING BALANCE 507,292 507,292 (334,766) 172,526

During 2011 the company acquired 1,847,588 shares at an average price of 0.44 euros, which negatively
affected the value of equity in 810,072.96 euros. During 2011 the company sold 1,723,210 shares at an
average price of 0.43 euros, positively influencing the value of equity in 741,746.57 euros.
Net income for the year 2010, amounting to 27,491,412 euros, was applied as follows, according to minutes
number 109 of 05.12.2011:
legal reserve 1,374,571
Retained earnings 22,652,995
Dividends 3,463,847
TOTAL 27,491,412
Individual Financial Statements | Grupo Soares da Costa, SGPS, SA
326
Portuguese corporate legislation required that at least 5% of the annual net income must is allocated to “Legal
reserve” account, until this reserve reaches at least 20% of the share capital. This reserve cannot be distributed,
except in the case of bankruptcy, but can be used to absorb losses, after all other reserves have been used, and
to increase the share capital. The revaluation reserves cannot be distributed to shareholders, unless they have
been fully amortised or the respective items subject to the revaluation have been sold.
12. Bank Loans
As of December 31, 2011 and December 31, 2010 bank loans breakdown was as follows:
31-DEC-11 31-DEC-10
Non current liabilities
Bonds 97,604,741 97,204,246
Bank loans 14,112,455 19,750,000
TOTAL
Current liabilities
111,717,196 116,954,246
Bank loans 45,769,651 37,936,739
Overdrafts 63,402 177,995
TOTAL 45,833,053 38,114,733
327
The values of the account "Bonds" and "Bank Loans", as of December 31, 2010, were restated to the
implementation of the rule for the measurement of bank loans at amortized cost - IAS 39 and IAS 32 - and
reflect a decrease in 2,795,754 euros and 163,261 euros in non-current liabilities and current, respectively. The
loans are measured at amortized cost, effective interest rates of: 1.557%, 1.594% and 2.166%.
On December 31, 2011, bank loans, in the form of overdrafts, bear an average annual interest rate of 10.601%.
On December 31, 2011, bank loans are as follows:
• Grupo Soares da Costa SGPS SA has contracted with a syndicate the placement and underwriting of
commercial paper issues up to 32 thousand euros, under a program contract valid until June 16, 2015. On
December 31, 2011 this placement was fully in use;
• Loan taken by Grupo Soares da Costa SGPS SA with Caixa Central Mutual Agricultural Credit in the amount
of 2,670 thousand Euros to be paid on 7 semiannual installments, ending in June 2015;
• Loan taken by Grupo Soares da Costa SGPS, S. A. from Caixa Geral de Depósitos in the amount of 1,250
thousand Euros, to be paid in 5 quarterly instalments, ending in March 2013;
• Loan taken by Grupo Soares da Costa SGPS, S. A. with Banco Popular Portugal totaling 5,000 thousand
euros, to be paid in 4 semiannual instalments, ending June 2014;
• Loan taken by Grupo Soares da Costa SGPS, S. A. from Caixa Geral de Depósitos in the amount of 14,000
thousand Euros, to be paid in 8 quarterly instalments, ending in October 2013;
• Loan taken by Grupo Soares da Costa SGPS, S. A. with Banif Banco Internacional do Funchal in the amount
of 1,839 thousand Euros, to be paid in 10 quarterly instalments, ending in April 2014;
• Loan taken by Grupo Soares da Costa SGPS, S. A. with Caixa Banco de Investimento in the amount of 1,250
thousand Euros, to be repaid in January 2012;
• Bonds issued by Grupo Soares da Costa SGPS SA in the amount of 20,000 thousand euros, to be repaid in
November 2015;

Individual Financial Statements | Grupo Soares da Costa, SGPS, SA
328
• Bonds issued by Grupo Soares da Costa SGPS SA in the amount of 80,000 thousand euros, to be repaid in
December 2017.
The nominal value of loans recorded in the balance sheet date of December 31, 2011 has the following
maturities:
Maturities Bank loans Bonds Other loans Overdrafts Total
2012 45,895,818 - 63,402 45,959,220
2013 11,145,818 - - 11,145,818
2014 2,278,121 - - 2,278,121
2015 688,515 20,000,000 - 20,688,515
2016 - - 0
2017 - 80,000,000 - 80,000,000
After - 2017 - - 0
TOTAL 60,008,273 100,000,000 0 63,402 160,071,674
The Group’s loans as at December 31, 2010 had the following interest rates:
Minimum Maximum
Overdrafts 7.110% 8.670%
Bank loans 3.470% 7.902%
Bonds 4.204% 4.319%
Commercial paper 8.156% 8.156%
13. Derivatives
The company contracted with a financial institution, a derivative – an Interest Rate Swaps - with a current
amount of 4,513,000 Euros, repayable, in order to partially cover the risk of interest rate on a loan of
5,000,000 Euros. The financial instrument that can be summarized as follows:
Type of derivative Derivative
Description Interest rate coverage
Bank BANCO POPUlAR
Currency Euro
Contract date 11-03-2011
Beginning date 14-06-2011
Maturity date 16-06-2014
Frequency Annual
Swap 2.64%
Total amount covered on 31-12-2011 4,513,000 Euros, repayable
Reference Euribor 12 months
329
As of December 31, 2011 these derivatives were designated as coverage derivatives since they meet the
statutory requirements set out in IAS 39 relating to the documentation of the relationship and effectiveness
of the coverage derivative. The fair value of financial instruments was made by their counterparts who are
fit and independent entities, through the adoption of appropriate valuation models. These are based on the
method of discounted cash flows using observable market inputs, quoted in the interbank market.
On December 31, 2011 and December 31, 2010 the details of derivative financial instruments is as follows:
31-DEC-11 31-DEC-10
Non current liabilities 31,950 0
Current liabilities 31,726 0
TOTAL 63,676 0

14. Breakdown of other accounts payable
As of December 31, 2011 and 2010 the item “Other accounts payable” breakdown was as follows:
Individual Financial Statements | Grupo Soares da Costa, SGPS, SA
330
Accounts payable 31-DEC-11 31-DEC-10
Group companies 158,265,989 104,657,786
Other shareholders 9,932 7,442
Special regime for taxation of corporate groups 5,469,717 6,277,464
Group and associated companies 163,745,638 110,942,692
Other 84 2,036,553
Other accounts payable 84 2,036,553
“State and other public bodies” account breakdown as at December 31, 2011 and 2010 was as follows:
31-DEC-11 31-DEC-10
value added tax 230,067 107,541
Income tax 5,743,767 1,582,555
Social security contributions 103,043 10,142
Other 127,229 71,886
TOTAL 6,204,106 1,772,124
15. Other current liabilities
Other current liabilities 31-DEC-11 31-DEC-10
Accrued costs 818,703 712,465
TOTAL 818,703 712,465
The value of "Accrued costs" has been restated to December 31, 2010, with the implementation of the rule for the
measurement of bank loans at amortized cost - IAS 39 and IAS 32 - and reflects an increase of 19,391 euros.
As of December 31, 2011 and December 31, 2010 these items were broken down as follows:
331
31-DEC-11 31-DEC-10
Accrued costs
Staff wages to be paid 455,479 414,777
Interest to be paid 363,224 297,689
TOTAL 818,703 712,465
16. Information by segments
Turnover breakdown by geographical market was as follows:
31-DEC-11 % 31-DEC-10 %
Portugal 5,684,413 91.17% 4,003,279 100.00%
Angola 61,245 0.98% - 0.00%
U.S. 385,200 6.18% - 0.00%
Mozambique 83,400 1.34% - 0.00%
S. Tomé & Príncipe 21,000 0.34% - 0.00%
TOTAL 6,235,258 100.00% 4,003,279 100.00%
The decomposition of this item to the date of December 31, 2011 and December 31, 2010 was as follows:
Turnover 31-DEC-11 31-DEC-10
Shared services 6,000,000 3,900,000
Insurance 0 103,297
Other services rendered 235,258 0
TOTAL 6,235,258 4,003,279

17. External supplies and services
Expenditures with external supplies and services in 2011 and 2010, breakdown was as follows:
Individual Financial Statements | Grupo Soares da Costa, SGPS, SA
332
External supplies and services 31-DEC-11 31-DEC-10
Specialised works 1,039,868 1,159,337
Publicity 396,045 23,186
Fees 68,833 37,054
Travel and accomodation expenses 301,211 345,151
Car hires 201,287 159,590
Fuel 53,585 36,557
Communications 34,811 34,520
Insurance 66,068 62,607
Other external supplies and services 456,475 326,519
TOTAL 2,618,182 2,184,521
18. Related parties
Balances and transactions with both group and associated companies are detailed in the following table. The
terms and conditions used in transactions between group companies and associated companies are substantially
the same normally contracted between independent entities in comparable operations.
Balance as of December 31, 2011 Customers
333
Loans to Group
and associated
companies
Other accounts
receivable
Suppliers
Loans from Group
and associated
companies
Soares da Costa Serviços Partilhados 8,655 - - 25,815 926,582
Costaparques, SA - 23,004 - 640 -
Habitop, SA - - - 635 151,144
Soc. Construções Soares da Costa, SA 949,750 - 10,597 5,323 53,583,424
Contato - Soc. Construções, S.A. 60,017 - - - 87,135,184
Ciagest, SA 43,355 1,211,682 - 44,688 -
Clear, SA 137,626 - - - 12,900,336
SDC Serviços Técnicos e de Gestão, SA 79,458 - - - -
Socometal, SA 42,389 4 - - -
Navegaia, Instalações industriais SA - - - - 336,484
SDC Construção SGPS, SA 79 136,166,481 537,414 - -
SDC Imobiliária SGPS, SA 4 20,275,153 - - -
SDC Concessões, SGPS, SA 216 101,687,615 - - -
Cais da Fontinha - Investimentos imobiliários, SA - 78,673 - - -
Mercados Novos, lda. - - - - 1,313,345
Intevias - Serviços de gestão, S.A. - - - - 1,919,489
Scutvias, SA 5,328 - - - -
Gaya Explor, lda. 22,734 - - - -
Indáqua Feira - Indústria de Águas de S. Maria da
Feira
- 83,085 - - -
Carta Angola 61,239 - - - -
SDC América, Inc. 925,551 - - - -
SDC Moçambique, SARl 83,400 - - - -
SDC S. Tomé e Príncipe, Construções, lda. 21,000 - - - -
Soares da Costa Concessions USA, Inc. 62,079 - - - -
CPE, SA 11 - - - -
ClEAR (Angola), SA 6 - - - -
Energia Própria, SGPS, S.A. 3 882,549 85 - -
Operestradas XXI, SA 36 - - - -
Auto-estradas XXI, S.A. 21 - - - -
CAET XXI - Construções, ACE 26 - - - -
Estádio de Coimbra, ACE - - - 5,424 -
TOTAL 2,502,982 260,408,245 548,096 82,525 158,265,989

Balance as of December 31, 2010 Customers
Individual Financial Statements | Grupo Soares da Costa, SGPS, SA
334
Loans to
Group and
associated
companies
Other
accounts
receivable
Suppliers Loans Other
Soares da Costa Serviços Partilhados 5,820 426,792 - 10,956 - -
Costaparques, SA - - - 932 - -
Habitop, SA - - - 621 -
Soc. Construções Soares da Costa, SA 488,720 - - 11,728 24,412,145 -
Contacto - Soc. Construções, S.A. 65,515 - - - - -
Ciagest, SA 20,606 15,095,706 - 24,277 - -
Clear, SA 63,313 - - - - -
SDC Serviços Técnicos e de Gestão, SA 62,841 - - - 2,091,463 -
Socometal, SA 14,236 - - - 2,585,939 -
Navegaia, Instalações industriais SA - - - - 312,920 -
SDC Construção SGPS, SA - 108,150,768 537,414 - 51,865,645 -
SDC Imobiliária SGPS, SA - 2,778,083 - - - -
SDC Indústria, SGPS, SA - - - - 22,057,548 -
Soares da Costa - Ambiente e Energia, SGPS, S.A. - - - - 48,000 -
Soarta, SA - - - - 1,267,041 -
Soares da Costa Desenvolvimento, SA - - - - 17,087 105,000
SDC Concessões, SGPS, SA - 66,684,179 - - - -
Cais da Fontinha - Investimentos imobiliários, SA - 1,695,047 - - - -
MzI, lda. - 26,635 - - - -
Carta, lda. - 526,112 - - - -
Indáqua Feira - Indústria de Águas de S. Maria da
Feira
- 18,937 - - - -
Mini Price Hotels (Porto), SA - - - 35 - -
Somafel, SA 72,600 - - - - -
Scutvias, SA 5,328 - - - - -
Gaya Explor, lda. 22,734 - - - - -
Indáqua Feira - Indústria de Águas de S. Maria da
Feira
- 59,656 - - - -
TOTAL 821,714 195,461,915 537,414 48,549 104,657,786 105,000
Transactions in 2011 External
supplies and
services
335
Turnover Interest
paid
Interest
charged
Soares da Costa Serviços Partilhados, S.A. 168,140 40,618 5,998 22,479
Costaparques, S.A. 2,736 5 - 1,575
Habitop, S.A. 7,470 - 4,237 846
Soc. Construções Soares da Costa, S.A. 35,878 3,784,154 2,220,004 -
Contacto - Soc. Construções, S.A. - 582,887 4,791,211 -
Ciagest, S.A. 293,975 211,338 55 218,972
Clear, S.A. - 564,688 248,044 1,646
SDC Serviços Técnicos e de Gestão, S.A. - 387,648 25,228 -
Socometal, S.A. - 102,225 134,941 4
Navegaia, Instalações Industriais, S.A. - - 18,782 -
SDC Construção SGPS, S.A. - 2,578 676,338 6,781,736
SDC Imobiliária SGPS, S.A. - 3 - 890,543
Intevias - Serviços e Gestão, S.A. - - 45,281 -
Soarta, S.A. - - 31,013 -
Mercados Novos, lda. - - 64,065 -
Soares da Costa Desenvolvimento, S.A. - - 1,358 -
SDC Concessões, SGPS, S.A. - 361 - 4,682,186
Soares da Costa Desenvolvimento, S.A. - - 2,674 -
CPE, S.A. - 131 - -
Cais da Fontinha - Investimentos Imobiliários, S.A. - - - 105,845
MzI, lda. - - - 718
Carta, lda. - - - 7,208
Indáqua Feira - Indústria de Águas de Santa Maria da Feira - - - 4,493
SDC Moçambique, SARl - 83,400 - -
SDC S. Tomé e Príncipe, Construções, lda. - 21,000 - -
Soares da Costa Concessions USA, Inc. - - - -
Energia Própria, SGPS, S.A. - 2 - 37,224
Operestradas XXI, S.A. - 29 - -
Auto-estradas XXI, S.A. - 76 - -
CAET XXI - Construções, ACE - 882 - -
Clear (Angola), S.A. - 6 - -
Carta Angola - 61,239 - -
SDC América, Inc. - 385,200 - -
Mini Price Hotels (Porto), S.A. 1,925 - - -
TOTAL 510,124 6,228,470 8,269,278 12,755,474

Transactions in 2010
Individual Financial Statements | Grupo Soares da Costa, SGPS, SA
External supplies
and services
336
Turnover Interest paid Interest received
Other financial
gains
Soares da Costa Serviços Partilhados, SA 127.027 30.985 - 102.168 -
Costaparques, SA 2.904 199 - 795 -
Habitop, SA 7.881 - 710 374 -
Soc. Construções Soares da Costa, SA 27.004 2.507.629 500.972 2.076 -
Contacto - Soc. Construções, S.A. - 649.772 1.154.045 - -
Ciagest, SA 243.072 104.335 - 176.139 -
Clear, SA - 323.458 - 51.954 -
SDC Serviços Técnicos e de Gestão, SA - 312.311 86.940 - -
Socometal - 74.570 68.652 3.365 -
Navegaia, Instalações industriais, SA - 20 2.194 - -
SDC Construção SGPS, SA - - 3.164.339 2.810.727 -
SDC Imobiliária SGPS, SA - - 7.312 759.532 -
SDC Indústria SGPS, SA - - 1.184.951 - -
Intevias - Serviços e Gestão, S.A. - - 11.861 493 -
Soarta, SA - - 38.091 590 -
Mercados Novos, lda. - - 13.136 - -
Soares da Costa Desenvolvimento, SA - - 1.035 - -
SDC Concessões, SGPS, SA - - - 2.023.213 -
CPE, SA - - - 354.026 -
Cais da Fontinha - Investimentos Imobiliários, SA - - - 28.884 -
MzI, lda. - - - 778 -
Carta, lda. - - - 21.324 -
Indáqua Feira - Indústria de Águas de Santa Maria
da Feira
- - - 2.852 -
SDC América, Inc. - - - - 435.387
Mini Price Hotels (Porto), SA 2.002 - - - -
409.890 4.003.279 6.234.237 6.339.291 435.387
19. Employees
The average number of employees during the financial years ended on December 31, 2011 was 40 persons,
distributed as follows:
337
Directors Senior managers Middle managers Highly qualified staff
9 22 1 8
The average number of employees during the financial year ended on December 31, 2010 was 28 persons,
distributed as follows:
Directors Senior managers Middle managers Highly qualified staff
9 12 1 6
Corporate bodies’ remunerations for the financial year ended on December 31, 2011 and 2010 were as follows:
Corporate bodies 2011 2010
Board of Directors 1,962,465 2,553,856
Supervisory body 94,750 101,500
Chatered accountants 16,800 16,800
Staff costs for the financial years ending on December 31, 2011 and 2010, have the following breakdown:
Staff costs 2011 2010
Wages 3,548,353 3,790,820
Social security contribution 665,496 486,540
TOTAL 4,213,849 4,277,361

20. Financial results
The financial results for the periods ended December 31, 2011 and 2010 showed the following breakdown:
Individual Financial Statements | Grupo Soares da Costa, SGPS, SA
338
FInancial costs and losses 31-DEC-11 31-DEC-10
Inteest paid 14,578,249 9,472,692
Foreign exchange losses 206,278 190,723
Adjustments of financial investments 48,996 29,285
Capital losses in the alienation of financial investments 10,222 0
Other financial costs and losses 1,505,696 1,545,262
(1) 16,349,440 11,237,961
Financial income and gains 31-DEC-11 31-DEC-10
Interest received 12,760,013 6,434,540
Foreign received 1,030 52,276
Cash discounts obtained 1 0
Income and capital gains from equity participations 3,742,412 33,761,739
Other financial income and gains 603,825 435,387
(2) 17,107,281 40,683,941
FINANCIAL RESULTS (2)-(1) 757,841 29,445,980
The "Interest paid" was restated to December 31, 2010, with the implementation of the rule for the measurement
of bank loans at amortized cost - IAS 39 and IAS 32 - and reflects a decrease of 192,150 euros.
"Other financial costs and losses" includes, essentially, costs of bank guarantees, commissions of the commercial
paper issues and bond issues and expenses charged for banking services.
21. Income tax and deferred tax
The company is taxed on its income under the Special Tax Regime for Corporate Groups. Being the parent
company, the company registers in its relations with the State the tax charges and the tax credit/debit for the
contributions of the other companies in “Shareholders/ group companies” accounts.
339
According to tax legislation, tax declarations are subject to review by the tax authorities for a four year period (five
years for Social Security). Hence, the Company's tax declarations concerning 2007 and following years are still
subject to review. The company’s board of directors believes that eventual corrections, should they occur, would
not have a significant impact on the financial statements.
The income tax accounted for December 31, 201a and 2010 breakdows as follow:
Income tax 2011 2010
Current tax (852,856) (1,406,555)
Deferred tax - -
TOTAL (852,856) (1,406,555)
Reconciliation of the pre-tax result for this period income tax:
2011 2010
Earnings before taxes 24,872 26,277,007
Adjustments generating deferred taxes - -
Other adjustments not generating deferred taxes (3,872,437) (31,851,214)
Taxable income (3,847,565) (5,574,207)
Average nominal income tax rate 25,00% 25,00%
Effect of confirmation or reversal of deferred tax - -
Autonomous taxation 109,035 35,034
INCOME TAX (852,856) (1,406,555)
The value of "Income before tax" to December 31, 2010 was restated to the implementation of the rule for the
measurement of bank loans at amortized cost - IAS 39 and IAS 32 - and reflects an increase of 192,150 euros.

The deferred tax assets on the balance sheet presented had the following origin:
Individual Financial Statements | Grupo Soares da Costa, SGPS, SA
340
Deferred tax assets 31-DEC-11 31-DEC-10
Differences in the financial investments valuation 4,104,762 4,104,762
Financial instruments fair value 15,919 -
TOTAL 4,120,681 4,104,762
22. Earnings per share
As stated in note 11, the company’s capital consists of 159,994,482 ordinary shares and 5,518 preferential
shares without voting rights, with a par value of 1 Euro each. Holders of preferential shares without voting
rights are entitled to a priority dividend on the terms stipulated in item 2.7 of the respective issuance
prospectus and are listed for trading, at no less than 5% of the respective par value, pursuant to article 341 (2)
of the Portuguese Corporate Code.
As of December 31, 2011 and 2010 the basic earning per share matches the diluted earning per share, having
been calculated as follows:
Earnings per share 2011 2010
Net income 877,728 27,683,563
Number of preferred shares 5,518 5,518
Number of ordinary shares 159,994,482 159,994,482
Number of own shares 507,292 382,914
Weighted average number of ordinary shares 159,499,423 159,926,409
Results attributed to the preferred shares 276 276
Earnings per share
Basic 0.005 0.173
Diluted 0.005 0.173
Net income for 2010was restated reflecting the implementation of the rule for the measurement of bank loans at amortized cost - IAS 39 and IAS 32 - and reflects an increase
of 192,150 euros.
23. Guarantees
Details on the banking guarantees and collateral provided by the company to third parties as of December 31,
2011, were as follows:
341
Euros
Bank guaranteed 18,524,352
Confort letter Credit line for international trading and hot-money 1,250,000 Soc. Construções SDC, SA
Confort letter Credit line for medium and long term financing 1,500,000 SDC Construção SGPS, SA
Confort letter Credit line for bank guarantees 3,250,000 SDC Construção SGPS, SA
Confort letter Credit line for medium and long term financing 5,544,713 Ciagest, SA
Confort letter Credit line for medium and long term financing 1,750,000 Ciagest, SA
13,294,713
Collateral Credit line for medium and long term financing and bank guarantees 2,000,000 Soc. Construções SDC/SDC Concessões
Collateral Credit line of ovrdraft account 8,000,000 Soc. Construções SDC, SA
Collateral Credit line for bank guarantees 8,000,000 Soc. Construções SDC/SDC Concessões
18,000,000
24. Financial Risks
Foreign Exchange risk
This risk results mainly from the company's presence in foreign markets, increasing its exposure to the effects
of the several currencies changes against the Euro. The exchange rate risk management policy followed by
the company aims to minimize the sensitivity of the company’s earnings to exchange rates fluctuations. The
company seeks, as much as possible, to balance assets and liabilities expressed in the same currency.
Credit Risk
This risk is associated with accounts receivable inherent to the company’s activity. The need to register an
impairment loss is determined according to the seniority of the debt, the client’s risk profile, previous experience
and further circumstances.

As of December 31, 2011, the board of directors
strongly believes that the estimated adjustments
to the accounts receivable have been adequately
represented in the financial statements.
As of December 31, 2011, to the following accounts
receivable amounts no adjustments have been
registered as collection was considered reasonable:
Maturity Customers – current account
Performing 721,052
0 to 180 days -
181 to 360 days -
361 to 540 days -
541 to 720 days -
more than 721 days 155,197
TOTAL 876,249
liquidity Risk
The liquidity risk management policy aims to ensure
that at any given moment the profile of the maturity
dates of the company’s debt matches its capacity to
generate the required cash flows. The management of
liquidity risk therefore includes managing imbalances
between the requirements for funds (for operating and
financial costs, investments and debt repayment) and
the inflows (receipts from customers, disinvestments,
and financing commitments from financial entities).
Individual Financial Statements | Grupo Soares da Costa, SGPS, SA
342
Futhermore, the company adopts measures to prevent
that kind of risks through an adequate and timely
cash flow management. In order to manage liquidity
risk, the company maintains a balance between the
term and flexibility of contracted debt through the use
of phased financing which reflects the requirement
for funds. In addition, the company has hot money
accounts and overdrafts which avoid (temporary) cash
flow problems.
25. Subsequent events
There are no material events to report.
26. Compliance with legal framework
(Decree law nr. 318/94 article 5, nr. 4)
During the period ended December 31, 2011 were
signed equity supply contracts with the following
companies:
• Soares da Costa Concessões, SGPS, S.A.;
• Soares da Costa Imobiliária, SGPS, S.A.;
• Energia Própria,SGPS, SA.
During the period ended December 31, 2011 were
signed financial operations contracts with the
following companies:
• Soares da Costa Construção, SGPS, S.A.;
• Soares da Costa Concessões, SGPS, S.A.;
• Sociedade de Construções Soares da Costa, S.A.;
• Soares da Costa Imobiliária, SGPS, S.A.;
• Ciagest - Imobiliária e Gestão, S.A.;
• Costa parques - Estacionamentos, S.A.;
• Cais da Fontinha - Investimentos Imobiliários S.A.;
• Contacto - Sociedade de Construções, S.A.;
• Soares da Costa Serviços Partilhados, S.A.;
• Habitop - Sociedade Imobiliária, S.A.;
• Mercados Novos-Imóveis Comerciais, Lda.;
• Navegaia - Instalações Industriais, S.A.;
• Intevias - Serviços e Gestão S.A.;
• Clear-Instalações Electromecânicas, S.A.;
• Energia Própria,SGPS, S.A.;
• Socometal, SA.
343

As of December 31, 2011 and 2010, debit and credit positions, respectively, were as follows:
Individual Financial Statements | Grupo Soares da Costa, SGPS, SA
344
Loans granted
Company
Equity injections
31-DEC-11 31-DEC-10
Soares da Costa Construção, SGPS, S.A. 108,150,768 108,150,768
Soares da Costa Conscessões, SGPS, S.A 81,833,370 26,833,370
Soares da Costa Imobiliária, SGPS, S.A. 19,368,450 -
Energia Própria, SGPS, S.A. 875,325 -
TOTAL 210,227,913 134,984,138
Loans granted
Soares da Costa Construção, SGPS, S.A. 27,374,838 -
Soares da Costa Concessões, SGPS, S.A. 19,830,260 39,592,842
Soares da Costa Imobiliária, SGPS, S.A. 814,900 2,764,000
Cais da Fontinha - Investimentos Imobiliários, S.A. 78,300 1,687,000
Ciagest - Imobiliária e Gestão, S.A. 1,208,800 15,017,400
MzI - Sociedade de Construção, lda - 26,500
SCSP - Soares da Costa Serviços Partilhados, S.A. - 421,500
Costaparques - Estacionamentos, S.A. 23,000 -
Carta - Cantinas e Restauração, lda - 523,500
TOTAL 48,880,098 60,033,442
345
Loans obtained
Company 31-DEC-11 31-DEC-10
Soares da Costa Construção, SGPS, S.A. - 51,846,987
Soares da Costa Indústria, SGPS, S.A - 21,948,000
Soares da Costa Concessões, SGPS, S.A. - -
Sociedade de Construções Soares da Costa, S.A. 53,284,710 24,223,029
Soares da Costa Desenvolvimento S.A. - 17,000
Soares da Costa Serviços Partilhados, SA 922,700 -
Habitop - Sociedade Imobiliária, S.A. 150,100 -
Mercados Novos - Imóveis Comerciais, lda 1,305,300 -
Navegaia - Instalações Industriais, S.A. 335,200 311,300
Construções Metálicas Socometal, SA. - 2,570,300
Intevias - Serviços de Gestão S.A. 1,907,700 -
Contacto - Sociedade de Construções, SA 86,595,500 -
Clear - Instalações electromecânicas, SA 12,819,380 -
Soarta - Sociedade Imobiliária Soares da Costa, SA. - 1,260,500
Soares da Costa Serviços Técnicos e de Gestão, S.A. - 2,081,000
Soares da Costa - Ambiente e Energia, SGPS SA - 48,000
TOTAL 157,320,590 104,306,117
Article 508.º F of the Corporate Code: The total amount charged by the external auditor and by the chartered
accountant during 2011 was, respectively, 36,250 euros and 16,800 euros, concerning the legal certification of
accounts and audit services.

27. Contingencies
As it has been widely reported, in 2002 the Soares
da Costa Group underwent a profound re-structuring
and re-organisation, which included the creation of
a holding company and four sub-holdings, one for
each major business area: construction, real estate,
concessions and industry.
These sub-holdings’ capital was paid in kind through
the transfer to each company, at market value, of
the portfolio of shareholdings previously held by
the parent company in each sector. This process
generated some capital gains and losses that were
relevant for tax purposes.
Subsequent to examination of the accounting
records of Grupo Soares da Costa, SGPS, SA, the
tax authorities notified the company of a corporate
income Tax settlement of 17,136,692 euros, with this
figure essentially resulting from faillure to consider
as tax costs capital losses generated in the abovementioned
restructuring and reorganisation process
(although the corresponding capital gains generated in
the same process were considered as profits). As the
market has been previously informed (on November
10, 2005) this company, together with its external
consultants, the statutory auditors, and auditors who
supervised and intervened in the process, disagrees
and categorically rejects that understanding of the
tax authority, and the payment in question has been
legally contested, except for the sum of 381,752
euros, which has already been paid.
Individual Financial Statements | Grupo Soares da Costa, SGPS, SA
346
The board of directors and lawyers strongly believe that
the contestation in question will be granted.
28. Accounts release's approval
At a meeting held on April 19, 2012, the Board of
Directors authorised the release of these consolidated
financial statements.
29. Changes to policies, estimates and errors
During the year 2011, with the exception of change
in accounting policy on the measurement of bank
loans at amortized cost, there were no changes in
accounting policies, compared to those considered in
the preparation of financial information for the year
2010, furthermore were not recorded material errors
relating to exercises above.

1. V
Certifications
O Grupo
Soares
348
da Costa
349

Leagl certification of Accounts
INTRODUCTION
1. We have examined the financial statements of Grupo Soares da Costa, S.G.P.S., S.A., which comprise the
Certifications | Grupo Soares da Costa, SGPS, SA
350
Statement of financial position as at 31 December 2011, (which shows total assets of 542.269.671 Euro and
total equity of 212.439.652 Euro, including a net profit of 877.728 Euro), the Statements of comprehensive
and separated income, the Statement of changes in equity, the Cash-flow for the year then ended and the
Accounting policies and explanation notes.
RESPONSABIlITIES
2. The Company's Management is responsible for the preparation of financial statements which present a true
and fair view of the financial position of the Company, the results of its operations and its cash-flows, as well
as for the adoption of appropriate accounting policies and criteria and for the maintenance of adequate internal
control system.
3. Our responsability is to express a professional and independent opinion on these financial statements, based
on our examination.
SCOPE
4. We conducted our examination in accordance with the auditing standards and technical recommendations
("Normas Técnicas" and "Directrizes de Revisão/Auditoria") issued by the Portuguese Institute of Statutory
Auditors ("Ordem dos Revisores Oficiais de Contas"), which require that we plan and perform our examination
in order to obtain a reasonable assurance about whether the financial statements are free of material
misstatement. Accordingly, our examination included:
• Verification, on a sample basis, of the evidence supporting the amounts and disclosures in the financial
statements, and assessing the reasonableness of the estimates, based on the judgements and criteria defined by
the Company's Management used in its preparation;
• Assessment of the appropriateness of the accounting policies used and their disclosures, according to the
circunstances;
• Assessment of the adequacy of the going concern basis of accounting;
• Verification of the adequacy of the overall presentation of the financial statements.
5. Our examination also included the verification that the financial information included in the management
report agrees with the financial statements.
6. We believe that our examination provides a reasonable basis for expressing our opinion.
OPINION
7. In our opinion, the financial statements referred to in paragraph 1 above, present fairly, in all material
aspects, the financial position of Grupo Soares da Costa, S.G.P.S, S.A. as at 31 December 2011, the result of
its operations and the cash flows for the year then ended, in accordance with International Financial Reporting
Standards as adopted in the European Union.
REPORT ON THE OTHER lEGAl REQUIREMENTS
8. It is also our opinion that the financial information contained in the management report agrees with the
financial statements.
Porto, April 19, 2012
Jorge Bento Martins Ledo (ROC 591), representing Grant Thornton & Associados - SROC, Lda.
351

Leagl certification of Consolidated Accounts
INTRODUCTION
1. We have examined the consolidated financial statements of Grupo Soares da Costa, S.G.P.S., S.A., which
Certifications | Grupo Soares da Costa, SGPS, SA
352
comprise the Consolidated Statement of financial position as at 31 December 2011, (which shows total assets
of 542.269.671 Euro and total equity of 212.439.652 Euro, including a net profit of 877.728 Euro), the
Consolidated Statements of comprehensive and separated income, the Consolidated statement of changes in
equity, the Consolidated cash-flow for the year then ended and the Accounting policies and explanation notes.
RESPONSABIlITIES
2. The Company's Management is responsible for the preparation of consolidated financial statements which
present a true and fair view of the financial position of the Company, the consolidated results of their operations
and their cash-flows, as well as for the adoption of appropriate accounting policies and criteria and for the
maintenance of adequate internal control system.
3. Our responsability is to express a professional and independent opinion on these financial statements, based
on our examination.
SCOPE
4. We conducted our examination in accordance with the auditing standards and technical recommendations
("Normas Técnicas" and "Directrizes de Revisão/Auditoria") issued by the Portuguese Institute of Statutory
Auditors ("Ordem dos Revisores Oficiais de Contas"), which require that we plan and perform our examination
in order to obtain a reasonable assurance about whether the financial statements are free of material
misstatement. Accordingly, our examination included:
• Verification that the financial statements of companies included in the consolidation have been examinated
and for the cases where such an examination was not carried out, verification, on a sample basis, of the
evidence supporting the amounts and disclosures in the consolidated financial statements, and assessing the
reasonableness of the estimates, based on the judgements and criteria defined by the Company's Management
used in its preparation;
• Verification of the consolidation operations;
• Assessment of the appropriateness of the accounting policies used and their disclosures, according to the
circunstances;
• Assessment of the adequacy of the going concern basis of accounting;
• Verification of the adequacy of the overall presentation of the consolidated financial statements.
5. Our examination also included the verification that the financial information included in the management
report agrees with the consolidated financial statements.
6. We believe that our examination provides a reasonable basis for expressing our opinion.
353
OPINION
7. In our opinion, the consolidated financial statements referred to in paragraph 1 above, present fairly, in all
material aspects, the consolidated financial position of Grupo Soares da Costa, S.G.P.S, S.A. as at 31 December
2011, the consolidated result of its operations and the consolidated cash flows for the year then ended, in
accordance with International Financial Reporting Standards as adopted in the European Union.
REPORT ON THE OTHER lEGAl REQUIREMENTS
8. It is also our opinion that the financial information contained in the management report agrees with the
consolidated financial statements.
Porto, April 19, 2012
Jorge Bento Martins Ledo (ROC 591), representing Grant Thornton & Associados - SROC, Lda.

Auditors' Report Consolidated Financial Statements
(translation os a originally isseud in Portuguese)
Certifications | Grupo Soares da Costa, SGPS, SA
354
INTRODUCTION
1. Pursuant to article 245 of the Securities Market Code ("Código dos Valores Mobiliários"), we hereby present
our Auditors' Report of the consolidated financial information contained in the Board of Directors Report
and the accompanying consolidated financial statements of Group Soares da Costa, SGPS, SA, for the year
ended 31 December 2011, which comprise the Consolidated Statement of the Financial Position (that reflects
a total of 1 763 693 thousand euros and shareholders' equity of 116 522 thousand euros, including a
consolidated net profit attributable to the Company's Equity Holders of 2 376 thousand euros), the Separate
Consolidated Statement of Results, the Consolidated Statement of Comprehensive income, the Consolidated
Statement of Changes in Equity and the Consolidated Statement of Cash Flows for the year then ended and the
corresponding notes.
RESPONSABIlITIES
2. The Company's Board of Directors is responsible for: (i) the preparation of consolidated financial statements
that present a true and fair view of the financial position of the companies included in the consolidation, the
consolidated results and comprehensice income of their operations, the consolidated changes in equity and the
consolidated cash flows; (ii) the preparation of historical financial information in accordance with International
Financial Reporting Standards as adopted in European Union and that is complete, true, timely, clear, objective
and licit, as required by the Securities Market Code; (iii) the adoption of adequate accounting policies and
criteria; (iv) the maintenance of appropriate systems of internal control; and (v) the disclosure of any significant
fact that has influenced the operations of the companies included in the consolidation, their financial position or
results of operations.
3. Our responsability is to examine the financial information contained in the accounting documents referred to
above, including verifying that the information is complete, true, timely, clear, objective and licit, as required by
the Securities Market Code, and to issue a professional and independent report based on our work.
355
SCOPE
4. Our examination was performed in accordance with the Auditing Standards ("Normas Técnicas" and
"Directrizes de Revisão/Auditoria"), issued by the Portuguese Institute of Statutory Auditors ("Ordem dos
Revisores Oficiais de Contas"), which require that the examination is planned and performed with the objective
of obtaining reasonable assurance about whether the consolidated financial statements are free of material
misstatements. As examination includes: (i) verifying, on a sample basis, evidence supporting the amounts
and disclosures in the consolidated financial statemets and assessing the significant estimates, based on
judgements and criteria defined by the Company's Board of Directors, used in their preparation; (ii) verifying
the consolidation procedures used, namely the application of the equity method; (iii) verifying that the financial
statements of the companies included in the accounting policies used, their uniform application and their
disclosure, taking into consideration the circunstances; (iv) verifying the applicability of the going concern
concept; (v) verifying the adequacy of the overall presentation of the consolidated financial statements, and; (vi)
assessing if the financial information is complete, true, timely, clear, objective and licit.
5. Our examination also included verifying that the financial information included in the consolidated Board of
Director's Report is consistent with the mentioned financial statements, as well as to perform the verifications
established in n° 4 and n° 5 of the Article 451° of the Companies Code ("Código das Sociedades Comerciais").
6. We believe that our examination provides a reasonable basis for expressing our opinion.
OPINION
7. In our opinion, the consolidated financial statements referred to above, present fairly, in all material
aspects, the consolidated financial position of Grupo Soares da Costa, SGPS, SA, as of 31 December 2011,
the consolidated results and comprehensive income of its operations, the consolidated changes in equity and
the consolidated cash flows for the year then ended, in accordance with the International Financial Reporting
Standards as adopted in the European Union and the financial information contained therein is complete, true,
timely, clear, objective and licit.

REPORT ON OTHER lEGAl REQUIREMENTS
Certifications | Grupo Soares da Costa, SGPS, SA
356
8. It is also our opinion that the financial information included in the consolidated Board of Director's Report
is in accordance with the consolidated financial statements of the year and that the Corporate Governance
Report includes the information required to the Company, as established by the Article 245°-A of the
Securities Market Code.
Porto, April 20, 2012
BDO & Associados, SROC, represented by Paulo Jorge de Sousa Ferreira
(registered in the Portuguese Securities Market Comission - CMVM - with no. 1122)

Auditors' Report Individual Financial Statements
(Translation of a report originally isseud in Portuguese)
Certifications | Grupo Soares da Costa, SGPS, SA
358
INTRODUCTION
1. Pursuant to article 245 of the Securities Market Code (UCodigo dos Valores Mobiliarios"), we hereby
present our Auditors' Report of the financial information contained in the Board of Directors Report and the
accompanying financial statements of Grupo Soares da Costa, SGPS, SA, for the year ended 31 December 2011,
which comprise the Statement of the Financial Position (that reflects a total of 542 270 thousand euros and
shareholders' equity of 212 440 thousand euros, including a net profit of 878 thousand euros), the Separate
Statement of Results, the Statement of Comprehensive Income, the Statement of Changes in Equity and the
Statement of Cash Flows for the year then ended and the corresponding notes.
RESPONSABIlITIES
2. The Company's Board of Directors is responsible for: (i) the preparation of financial statements that
present a true and fair view of the financial position of the Company, the results and comprehensive
income of its operations, the changes in equity and the cash flows; (ii) the preparation of historical financial
information in accordance with the International Financial Reporting Standards as adopted by the European
Union and that is complete, true, timely, clear, objective and licit, as required by the Securities Market Code;
(iii) the adoption of adequate accounting policies and criteria; (iv) the maintenance of appropriate systems
of internal control; and (v) the disclosure of any significant fact that have influenced the operations, their
financial position or results of operations.
3. Our responsibility is to examine the financial information contained in the accounting documents referred to
above, including verifying that the information is complete, true, timely, clear, objective and licit, as required by
the Securities Market Code, and to issue a professional and independent report based on our work.
SCOPE
4. Our examination was performed in accordance with the Auditing Standards (UNormas Tecnicas" and
UDiretrizes de Revisaol Auditoria"), issued by the Portuguese Institute of Statutory Auditors (UOrdem dos
Revisores Oficiais de Contas"), which require that the examination is planned and performed with the objective
of obtaining reasonable assurance about whether the financial statements are free of material misstatements.
An examination includes: (i) verifying, on a sample basis, evidence supporting the amounts and disclosures in
359
the financial statements and assessing the significant estimates, based on judgements and criteria defined
by the Company's Board of Directors, used in their preparation; (ii) assessing the adequacy of the accounting
policies used and their disclosure, taking into consideration the circumstances; (iii) verifying the applicability of
the going concern concept; (iv) verifying the adequacy of the overall presentation of the financial statements,
and; (v) assessing if the financial information is complete, true, timely, clear, objective and licit.
5. Our examination also included verifying that the financial information included in the Board of Director's
Report is consistent with the mentioned financial statements, as well as to perform the verifications established
in n° 4 and n° 5 of the Article 451 ° of the Companies Code (UCodigo das Sociedades Comerciais").
6. We believe that our examination provides a reasonable basis to express our opinion.
OPINION
7. In our opinion, the financial statements referred to above, present fairly, in all material aspects, the financial
position of Grupo Soares da Costa, SGPS, SA, as of 31 December 2011, the results and comprehensive
income of its operations, the changes in equity and cash flows for the year then ended, in accordance with the
International Financial Reporting Standards as adopted by the European Union and the financial information
contained therein is complete, true, timely, clear, objective and licit.
REPORT ON OTHER lEGAl REQUIREMENTS
8. It is also our opinion that the financial information included in the Board of Director's Report is in accordance
with the financial statements of the year and that the Corporate Governance Report includes the information
required to the Company, as established by the Article 245°-A of the Securities Market Code..
Porto, April 20, 2012
BDO & Associados, SROC, represented by Paulo Jorge de Sousa Ferreira
(registered in the Portuguese Securities Market Comission - CMVM - with no. 1122)

Report and Opinion of the Supervisory board on the individual accounts and proposals made by the
Board of Directors concerning the exercise of the year 2011
Certifications | Grupo Soares da Costa, SGPS, SA
360
1. INTRODUCTION
In accordance with paragraph g) of n. 1, Art. no. 420. Of the Corporate Code, the Supervisory Board shall, within
its powers, "prepare an annual report on its monitoring actions and on the report its opinion concerning the
accounts and proposals submitted by the Administration.". Under this legal framework, the Supervisory Board
prepared this document, which reflects the work undertaken by its members during 2011, and, consequently,
the conclusions reached.
The following points illustrate how the work developed.
2. SUPERvISORy BOARD
The unfavourable economic and financial factors observed since 2008 intensified in 2011, stressing that the
measures taken by the government as a result of the Memorandum of Understanding negotiated with the
troika, led, immediately, to a high level of austerity, not allowing visibility to when the construction sector, one
of the most affected, will resume a satisfactory growth path.
This situation has forced the Supervisory Board to redouble its efforts in monitoring and analysis, with particular
focus on the financial side on this recessive and uncertain context with which we are currently confronted.
Having been a change in the Group's strategic plan, aimed at adjusting the new market conditions, both
national and international, the Supervisory Board properly sought to follow the decision taken.
Accordingly, the Supervisory Board has been developing their work to meet the demands of the authorities,
through an activity considered adequate to the needs of each circumstance, whether as to the timing and in
terms of its extent.
In particular the Supervisory Board:
a) Was present, through its chairman, at meetings of the Board and Executive Committee, in order to monitor
more closely the subjects discussed and its implications, providing cooperation, where appropriate;
b) Examined with attention the contents of the minutes of those meetings, which were provided and, where
necessary, asked for clarification or gave their specific contributions;
c) Assessed the changes in the strategic plan and, upon examination, gave it their agreement on the
understanding that the intended effects are adequately addressed;
d) Discussed and analysed the quarterly and annual information, individual and consolidated;
361
e) Accompanied, as usual, preparations for the submission of year-end statements, including a meeting with
representatives of Grant Thornton & Associados - SROC, Ltd., Mr Jorge Bento Martins Ledo, which also allowed an
analysis of the work done leading up to the legal certification of accounts. The change of the corporate name of
the auditors did not alter the status quo;
f) Analysed the audit reports (for the individual and consolidated accounts) prepared by the representative of the
external auditor, BDO & Associados, SROC, Mr. Jorge Paulo Ferreira de Sousa;
g) Tried to follow as closely as possible the processes of existing litigation, as well as pending cases that could
possibly affect the balance of the Group;
h) Continued to pay special attention to the collection processes, with the resolution of some cases with some
relevance, and took knowledge on the measures taken to alleviate the delay in their settlement;
i) Analyzed the existence of impairments and the criteria adopted for their treatment;
j) Accompanied, as usual, the development of risk management system and internal control;
k) Kept monitoring tax function which continues to be adequately treated;
l) Elaborated and approved the plan of activities of the Supervisory Board for 2012;

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362
m) Accompanied, as usual, at all times, the news appeared in media related with the Group’s activity and with
the situation of the construction industry, trying, whenever it seemed necessary, to obtain clarification from the
Board of Directors.
The Supervisory Board received for consideration, as usual:
• The management report;
• The annual financial statements;
• The annual report on the inspection conducted by the company auditors and the external auditors;
• The annual corporate governance report, prepared pursuant to CMVM Regulation No. 1/2010.
Documents, that after analysis, earned our agreement, because they provide a proper view of the Grupo Soares
da Costa, highlighting once again the commitment of the governing bodies in order to adjust the Group to the
economic context.
For all these reasons, the Supervisory Board considers that those documents are worth their approval.
3. AkNOWlEDGEMENTS
During the year under review, the Supervisory Board was able to tell, in their tasks of inspection, with the
accompaniment of Dr. Pedro Gonçalo de Sotto-Mayor Santos de Andrade, on behalf of the Executive Committee,
Mr. António Pereira Neves da Silva, on behalf of the Board, and Mr. Fernando da Silva Semana, Head of the Fiscal
and Tax Department, by which the Supervisory board, express, with satisfaction, the recognition by the way
they facilitated our work on last year.
At the same time, the members of the Supervisory Board would like to thank the words addressed to them by
the Board of Directors that are expressed in the management report.
363
4. DEClARATION
Pursuant to point c) of Article 245 of the Securities Market Code, members of the Supervisory Board declare
that, to their best knowledge, the information provided in a) was prepared in accordance with the applicable
accounting standards, giving a true and fair view of assets and liabilities, financial position and results of
Grupo Soares da Costa SGPS, SA and the companies included in the consolidation, and the management report
faithfully the evolution of business performance and the position taken by the Group and the companies
included in consolidation and contains a description of principal risks and uncertainties that they face.
5. OPINION
In light of the foregoing, the Supervisory Board is of the opinion that the Annual General Meeting should:
• Approve the annual report and accounts for the year 2011 that were presented by the Administration;
• Approve the proposed application of the results as stated in the annual report submitted by the Administration;
• Carry out a general appraisal of the management and supervision of the company, taking from that appraisal
the conclusions referred in art. 455. of the Corporate Code;
• Express appreciation to the activity developed by the Administration.
Porto, April 20, 2012
Júlio de Lemos de Castro Caldas - Chairman
Joaquim Augusto Soares da Silva
Carlos Pedro Machado de Sousa Góis

Opinion of the Supervisory Board
(This report is a translation of the original, issued in portuguese. in the event of discrepancies, the Portuguese
versions prevail)
Certifications | Grupo Soares da Costa, SGPS, SA
364
Under the Law (No. 1 of Article 508-D of the Companies Code), the Supervisory Board received, for examination,
the consolidated accounts of Soares da Costa SGPS SA, reported the year two thousand and eleven, who made
up the following parts:
• Consolidated balance sheet;
• Consolidated financial statements;
• Annex to the balance sheet;
• Management report;
• Corporate governance report.
We were also submitted for consideration, the following documents, reported concerning the year 2011,
prepared by the external auditor, Mr. Dr. Jorge Paulo Ferreira de Sousa, on behalf of BDO & Associados, SROC:
• Audit report of individual accounts;
• Audit report of the consolidated accounts.
As well as documents produced by the ROC, Mr. Jorge Ledo Bento Martins, on behalf of Grant Thornton &
Associados, SROC, Ltd.:
• Legal certification of accounts;
• Legal certifications of consolidated accounts.
Which, after analysis, deserved our agreement, and therefore the Supervisory Board decided, unanimously, to
give them our approval.
As a result, has written this opinion and proposes that the consolidated accounts and management report
for the year two thousand and eleven are approved by the General Assembly pursuant to Article 376. of the
Corporate Code.
Porto, April 20, 2012
The Supervisory Board
Júlio de Lemos de Castro Caldas – Chairman
Joaquim Augusto Soares da Silva
Carlos Pedro Machado de Sousa Góis
365

OPORTO
Rua de Santos Pousada, 220
4000 – 478 Porto | Portugal
T. +351 228 342 200
F. +351 228 342 641
LISBON
Rua Julieta Ferrão, 12-13º
1649 – 039 lisboa | Portugal
T. +351 217 913 200
F. +351 217 958 484
ANGOLA
Rua Cónego Manuel das Neves, 19
CP 2762 luanda | Angola
T. +244 222 447 360
F. +244 222 447 326
MOZAMBIQUE
Av. Ho Chi Min, 1178-1º e 2º Andar
Caixa Postal 1667
Maputo | Moçambique
T. +258 21421 059
F. +258 21321 653
www.soaresdacosta.pt
geral@soaresdacosta.pt
USA
7270 nw 12th Street, Penthouse 3
Miami – Florida — 33126 USA
T. +305 592 93 99
F. +305 718 87 93
ROMANIA
Str. Episcop Chesarie, Nº. 15, Bloco A
Parter, Setor 4 - Bucuresti
Código Postal 040183
T. + 0372 747 777/8/9
F. + 0372 870 595
BRAZIL
Rua Bandeira Paulista, nº 600 – 1º andar
Conjunto 13 – Itaim BIBI
04532-001 São Paulo Brasil
T. +55 11 2193 2759 | +55 11 2193 3759