Grupo Soares da Costa, SGPS, SA

I – HIGHLIGHTS
Grupo Soares da Costa, SGPS, S.A.
Public limited company
Registered Office: Rua Santos Pousada, 220 – 4000-478 Porto
Share Capital 160,000,000 Euros
NIPC 500 265 763, Registered at Porto Companies Registration Office
CONTACTS:
General geral@soaresdacosta.pt 228 342 200
Press contact, Public Relations ines.oliveira@soaresdacosta.pt 228 342 692
Investor relations a.paula.santos@soaresdacosta.pt 228 342 534
Report on the 3rd Quarter of 2009
(unaudited accounts)
• Growth of 22.6% in turnover, to 698.6 million euros;
• EBITDA totalled 63.7 million euros (+ 9.6%);
• Financial results improved from -27.8 to -26.4 million euros;
• Pre-tax profit up by 97.7% to 11.1 million euros;
• Net Profit attributable to the Group grew by 46.4% to 7.4 million euros compared with 5.1 million
euros;
• Order book continues at a high level, standing at 1,759 million euros at the end of Q3 2009.
(all comparisons relate to the same period in the previous year)

II – GENERAL BACKGROUND
In the midst of a major world recession that began in 2007 and deepened in 2008, and which this year has
seen a sharp contraction in economic activity in the majority of developed countries together with historically
low growth levels in the emerging economies, developments in recent months have given rise to a
consensus that the recession is easing, boosting sentiments of confidence.
In its most recent World Economic Outlook, considerably more optimistic than previous ones, the IMF
depicts a scenario of recovery of the world economy in 2010, forecasting positive, albeit modest, growth in
the developed economies (0.3% in the Eurozone, 1.5% in the USA and 1.7% in Japan), but more marked in
the main emerging economies (3.5% in Brazil, 9% in China and 6.4% in India).
In this initial recovery phase, given the currently low utilisation levels of installed capacity, this improvement
will not follow through, however, into a recovery in labour markets, which in 2010 are expected to continue to
experience continuing decline in employment with high associated economic and social costs, which will
possibly prove to be one of the more worrying aspects.
Portugal is experiencing a contraction in economic activity which, nevertheless, should turn out on an annual
basis to be less (around -3%) than the EU average. The expectation is that Portugal will return to growth,
albeit feeble, in 2010.
In sector terms, in the construction market, although the value of tenders for contract works has been
declining significantly, the value of contracts awarded to the end of September showed accumulated growth
of 37% compared with the same period in the previous year resulting from the award of contracts put out to
tender in previous years. In this context, a significant aspect has been public investment in the
modernisation and refurbishment of the school estate. By contrast, the private market continues to decline,
particularly in the housing segment.
This dichotomy means that, according to recent figures 1 , the global production index at the end of August
stood at -4.1%, although with the engineering works segment showing a positive trend (+0.1%) compared
with a sharply negative variation (-8.1%) in the construction of buildings. The employment index fell
gradually to an accumulated decrease of -6.6% at the end of August.
This improvement, albeit slight, in the sector generally regarded as driven by public investment translated
into a recovery in the cement sales index (-15.4% in September 2009 compared with -16.5% in June and -
16.9% in March) and some improvement in the confidence index.
1 Public and Private Works Market, Economic Analysis, September 2009, ANEOP (28.Oct.2009).

In Angola, one of the Group’s key markets, international recovery in oil prices enabled growth to restart. The
IMF revised upwards its forecast for GDP growth in the current year, which could be marginally positive
(0.2%) contrary to previous forecasts (-3.6%) and foresees strong recovery potential in 2010, with growth
close to double figures (+9.3%).
The recent devaluation of the Kwanza against the US dollar helped to stabilise the currency market, which
had been under some pressure, while the trend in inflation in recent months has been positive. However,
certain seasonal aspects related to the year end together with the imported component suggest that the
Angolan authorities will find it difficult to meet the target of 12.5%.
In the United States, the major public investment plan and other anti-cyclical measures adopted by the
government have checked the recession and laid the foundations for growth next year.
In Romania, the effects of the world recession have had a strong impact, with GDP falling sharply 2 in the
current year. The budget adjustment mechanisms demanded and the necessary structural reforms have run
into implementation problems in the current recessionary scenario. Evaluation missions by various
international organisations (the IMF, the World Bank and the European Union) at the end of October and
beginning of November could lead to the unblocking of the funds needed to implement these reforms,
although in certain cases they are dependent on certain conditions being met 3 .
III – ACTIVITIES, ECONOMIC AND FINANCIAL INDICATORS
There were no significant changes to the consolidation perimeter during the quarter just ended. It should be
noted, however, for the purposes of comparison that the indicators for Q3 2008 did not include at that time
the contribution of Prince, a recently acquired US subsidiary.
The Group's operations in the quarter just ended produced positive results as analysis of the indicators
presented below demonstrates. The Group’s positioning in terms of the diversity of geographical markets in
which it operates and the healthy order book made it possible, despite the recessionary environment
described in the previous section, to achieve a high level of business which was reflected in a turnover of
698.6 million euros, an increase of 22.6% on the figure for the previous year (15.9% if we eliminate the
Prince contribution from 2009 for comparison purposes).
The 3rd quarter contributed 223.8 million euros to this accumulated turnover, compared with 185.0 million
euros in the same period in the previous year.
2 Estimated at -7.5% according to Fitch Ratings in its “Emerging Europe Sovereign Review: 2009”.
However, it is forecast to grow by 2% in 2010 and 4% in 2011, according to the same source.
3 One of these relates to the budget deficit, which should not exceed 5.9%.

Key Economic and Financial Indicators
Amounts in thousands of euros
Items At 30.09.2009 At 30.09.2008 Variation
Turnover 698 612 569 780 22.6%
EBITDA 63 745 58 164 9.6%
EBITDA margin 9.1% 10.2% -1.1 p.p.
Operating Profit (EBIT) 37 467 33 448 12.0%
Financial Profit -26 364 -27 831 -5.3%
Profit before tax 11 104 5 617 97.7%
Net profit attributable to the Group 7 398 5 052 46.4%
In a macroeconomic environment characterised by intense competition, the Soares da Costa Group has
maintained a broadly positive performance, as confirmed by the majority of the indicators, which show a
substantial improvement on the same period last year. The reduction in the EBITDA margin of approximately
one percentage point compared with the previous year, which was already evident at the end of the first
quarter, should be seen as normal in the context of growth in the construction business, with turnover in the
concessions business flattening out.
The accumulated turnover at the end of Q3 2009 and 2008 was distributed by geographical market as
shown below:
Distribution of Turnover by Geographical Market
euros
Amounts in thousands of
Market At 30.09.2009 % At 30.09.2008 % Variation
Portugal 330 659 47,3% 314 755 55.2% 5.1%
Angola 247 519 35,4% 189 521 33.3% 30.6%
USA 46 894 6,7% 21 932 3.8% 113.8%
São Tomé & Príncipe 1.533 0,2% 8 296 1.5% -81.5%
Mozambique 17 252 2,5% 12 577 2.2% 37.2%
Guinea 10 741 1,5% 8 968 1.6% 19.8%
Romania 32 408 4,6% 656 0.1% --
Others 11 606 1,7% 13 076 2.3% -11.2%
Totals 698 612 100% 569 780 100% 22.6%
Significant growth was achieved in practically all markets, including a marked recovery in the United States
(over double the figure for Q3 2008 and accounting for 6.7% of total turnover) through its Prince subsidiary
the Group expanded its operations to the State of Georgia where, during the quarter under report, it was
awarded the contract for and began the construction of the Fall Line Freeway. Also worthy of mention was
the execution of the highway works for the US301 (SR 43) and Causeway Boulevard for Florida Department
of Transportation (FDOT).

The domestic market grew by 5.1% compared with the previous year. Events during the quarter included the
opening on time of the Pousada do Freixo in Porto, and completion of the works on the ER-230 Tondela-
Carregal do Sal highway. Of greater importance in turnover terms were the works on the New IKEA Store in
Loures, the Wellness Longevity Resort in Monchique, which should be completed by the end of the year, the
Ruben A development, the Trofa Tunnel (a consortium project), the Quinta do Lorde Resort in Madeira, the
works on Lot 2 AN2 of the Schools Estate and works for EDIA: the Pisão /Roxo and Torre do Lóbio effluent
outfalls.
In terms of consortia in which Sociedade de Construções Soares da Costa, SA participates, mention should
be made of Hidroalqueva, ACE (with a 50% stake), LGC - Linha de Gondomar, Construtores, ACE
(Gondomar Metro line, 30%) and Nova Estação, ACE (construction of Reboleira Metro station, 25%) in
addition, of course, to CAET XXI (50%).
International markets generated 52.7% of total consolidated turnover as a result of their stronger growth
than that in the domestic market. The Portuguese Speaking African Countries (with the expected exception
of São Tome and Principe) showed pronounced growth in activity during the year, which was particularly
influenced by bridge projects (at Catumbela in Angola, over the Zambezi River in Mozambique, and over the
river Cacheu in Guinea, all now open).
During the third quarter, major events in Angola included the completion of the Torres Atlântico project (in
consortium) and the concrete phases of the Sana Hotel Building and Largo do Ambiente Building, which
have now reached the finishings phase. The excavation and containment works for the structure of Kinaxixi
Shopping Centre were started.
In Mozambique, the buildings of a hotel in Beira and the Vocational Training Centre in Inhambane (funded
by Portugal) were completed during the quarter. Construction of a large building - the new Administrative
Court – was begun and the works on the Edifício Millenium were continued.
Romania was the fourth largest market in turnover terms in 2009 as the result of the execution of works
awarded in previous years, of which the following are the most important: Rehabilitation Works on the Galati
Water Distribution System, Rehabilitation and Extension of the Pitesti Water Distribution System, and
highway works such as the Rehabilitation and Modernisation of the DJ107D Alba-Mures Highway.
In addition to the growth in operating indicators (turnover, EBITDA and EBIT), there was an improvement in
financial profit resulting from the combination of containment of the net financing cost and the recognition of
gains in associated companies, which includes in particular the profit of the Costa Rica subsidiaries
consolidated by the equity method.

Despite the progressive growth in the Group's business, attention is drawn to the positive trend in the level
of debt in the quarter. At the end of September, net debt was 646.0 million euros compared with 663.2
million euros at the end of the half year.
In the real estate area the Group continued to pursue its internationalisation strategy with the execution of
projects in Angola, having established a partnership with an Angolan group for the development of these
undertakings (“Condomínio Luanda Sul”).
In the concessions area (overlapping with the construction segment), the continued construction of the
Transmontana Motorway was the main development.
The following table shows the various indicators at the end of Q3 2009 by business area.
Breakdown of consolidated indicators by business areas
Business Area
IV – PRODUCTION AND ORDERS
Amounts in thousands of euros
The pre-election period that occurred in the third quarter resulted in the postponement or temporary
suspension of a number of ongoing projects in the domestic market, and was reflected in the low number
of tenders announced or decided during the period. In addition, in terms of private customers, the climate
of shrinking investment persisted, with a very small number of trade inquiries received.
The most important contract works awarded during the quarter were:
• A12 Setúbal-Montijo – Link road to Alto da Guerra, for Brisa;
• Shopping Maia Jardim – Finishings and Installations, for Modelo Continente;
• Capinha Irrigation Block, for DGADR;
TURNOVER
• Infrastructures of the Lisbon Logistics Platform, for Abertis.
EBITDA Net Profit
SdC, SGPS, SA + SHARED SERV. 57 -2 616 -3 674
CONSTRUCTION BA 637 644 42 689 16 488
INDUSTRY BA 21 180 11 -522
REAL ESTATE BA 531 -1.380 2 322
CONCESSIONS BA 39 200 25 039 -7 215
TOTAL 698 612 63 745 7 398

In the United States in the quarter just ended, in addition to the works on the Fall Line Freeway in the State
of Georgia described above, contracts were awarded for the SR 50 DB Avalon Road and SR 25/US (27)
highway infrastructure works for Florida Department of Transportation.
In Angola, the Group was awarded the contract for the second phase (finishings and construction trades)
of the Hotel da Ilha and the Torres Dipanda.
In the Industry business area, the Group’s subsidiary Somafel was awarded the contract for the Rail
Access Branch to the Port of Aveiro (3 rd Phase) and Maintenance of the Beira Alta Line - Pampilhosa/Vilar
Formoso. Clear (Portugal) obtained the contract for the HVAC and plumbing works at Taipas Secondary
School, and Clear (Angola) obtained the contract for the Moradias ZR6-B electricity works.
After the end of the quarter, the concession contract for the New Tete Bridge in Mozambique was signed,
in which the Soares da Costa Group, through Soares da Costa Concessões, SGPS, SA, has a 40% stake.
This concession awarded for a period of 30 years involves investment during the construction stage
estimated at 106 million euros. Construction will be undertaken by a consortium in which Sociedade de
Construções Soares da Costa has a 43.5% stake.
The order book continues to be healthy, totalling 1,759 million euros at the end of the quarter, an increase
of 12% on the figure of 1,571 million euros in the same period last year.
V – CORPORATE INFORMATION, OWN SHARES
During the quarter, the General Meetings of Shareholders held on 27 April 2009 approved the conversion of
almost all non-voting preference shares into ordinary shares. In accordance with the amended Article 4 of
the Articles of Association, the share capital is now represented by 159,994,482 ordinary shares and 5,518
non-voting preference shares, as published in a Notice to the Market on 14 September 2009.
Also during the quarter just ended and following the movements during the previous six months in which
some recovery of the stock markets was observed, the company disposed of the own shares which it still
held (numbering 487,646), with the result that at the end of the quarter under report it no longer held any
own shares.
VI – OUTLOOK TO THE END OF THE FINANCIAL YEAR
In the light of the information contained in the annexed financial statements and the expected trend in the
Group’s business, it is probable that, notwithstanding the element of risk always involved in making

projections about future events, the Group will reach the end of the financial year having achieved its
published targets.
Porto, 16 November 2009
The Board of Directors

NON-CURRENT
(Amounts in units of Euros)
A S S E T S Notes 30-Sep-2009 31-Dec-2008
Net assets Net assets
Intangible fixed assets:
Goodwill 8 81.768.523 87.730.659
Intangible assets: 8 2.563.726 346.717
84.332.248 88.077.375
Fixed tangible assets: 9 and 10
Land and Buildings 426.181.207 432.911.356
Basic equipment 69.203.023 64.467.618
Fixed assets in progress 35.583.612 9.208.551
Other tangible fixed assets 27.460.711 27.034.980
558.428.552 533.622.505
Financial investments:
Investment Properties 11 and 20 6.048.947 5.967.645
Financial Investments in equity 11 9.432.721 1.005.770
Loans to associated companies 11 4.129.187 2.593.659
Other financial investments 11 14.985.689 12.214.452
34.596.543 21.781.526
Assets on deferred taxes 25 15.027.723 13.908.985
CURRENT
STATEMENT OF CONSOLIDATED FINANCIAL POSITION AS AT
30 SEPTEMBER 2009 AND 31 DECEMBER 2008
Total non-current assets 692.385.067 657.390.390
Inventories 12 and 20 176.023.887 152.431.603
Accounts receivable: 13 and 20
Customers 389.952.333 332.559.575
Taxation on profits for the year 2.966.861 2.997.722
Other Accounts receivable 45.596.723 39.537.051
438.515.917 375.094.348
Derived financial instruments 17 194.124 749.900
Other current assets 14 125.389.174 127.938.882
Cash and equivalents 15 122.892.637 66.755.099
Total current assets 863.015.739 722.969.831
Total assets 1.555.400.807 1.380.360.221
Accountant The Board of Directors

EQUITY
(Amounts in units of Euros)
EQUITY AND LIABILITIES Notes 30-Sep-2009 31-Dec-2008
Share Capital 16 160.000.000 160.000.000
Own Shares 16 -
(1.306.746)
Reserves and retained profits 16 (43.629.296) (29.045.665)
Net profit for the year 7.398.316 8.206.863
Equity attributable to Group 123.769.020 137.854.452
Minority interests 1.008.132 971.761
LIABILITIES
NON-CURRENT
Total equity 124.777.153 138.826.213
PROVISIONS 20 553.103 563.601
Loans:
Bond loans 17 100.000.000 100.000.000
Bank loans 17 453.390.742 410.188.000
Other loans received -
-
Accounts payable:
553.390.742 510.188.000
Fixed assets suppliers 5.291.239 9.017.157
Other accounts payable 13.484.841 11.663.076
Liabilities on deferred taxes 25 27.196.462 26.460.431
CURRENT
STATEMENT OF CONSOLIDATED FINANCIAL POSITION AS AT
30 SEPTEMBER 2009 AND 31 DECEMBER 2008
Total non-current liabilities 599.916.388 557.892.264
Loans:
Bank loans 17 168.212.626 118.817.800
Other loans received 30.680.698 20.625.059
198.893.325 139.442.859
Accounts payable:
Suppliers 245.462.442 224.629.467
Fixed assets suppliers 8.524.491 8.873.628
Advances on sales 129.834.986 111.204.051
Taxation on profits for the year 3.064.055 2.490.545
Other accounts payable 18 47.946.071 39.029.031
434.832.046 386.226.722
Derived financial instruments 17 28.966.393 14.435.890
Other current liabilities 19 168.015.504 143.536.273
Total current liabilities 830.707.267 683.641.744
Total liabilities 1.430.623.655 1.241.534.008
Total equity and liabilities 1.555.400.807 1.380.360.221
Accountant The Board of Directors

SEPARATE STATEMENT OF CONSOLIDATED RESULTS FOR THE
PERIODS ENDING AT 30 SEPTEMBER 2009 AND 2008
(Amounts in units of Euros)
STATEMENT OF PROFIT AND LOSS Notes 30-Sep-2009 30-Sep-2008
Sales and services rendered 698.612.418 569.780.298
Variation in production 12.881.583 14.137.934
Other operating profits 22 35.243.940 7.735.955
Operating turnover 746.737.940 591.654.187
Cost of goods sold and materials consumed (153.830.348) (136.981.975)
External supplies and services (402.223.554) (292.037.909)
Personnel costs (108.855.516) (95.531.443)
Depreciations & impairment losses (27.960.298) (23.444.708)
Provisions and value adjustments (1.125.757) (1.302.255)
Other operating losses 22 (15.275.220) (8.907.678)
Operating costs (709.270.693) (558.205.966)
Operating result of ongoing activities 37.467.247 33.448.221
Net financing cost (25.187.065) (24.876.303)
Profit and losses in associated Companies 2.375.643 (385.025)
Other financial profit and losses (3.552.161) (2.570.008)
Financial result 24 (26.363.583) (27.831.336)
Profit before taxation 11.103.664 5.616.885
Income Tax 25 (3.571.706) (561.295)
Consolidated result for the year 7.531.958 5.055.590
Attributable to Group 7.398.316 5.052.272
Attributable to minority interests 133.643 3.318
Profit per share of ongoing activities: 26
Basic 0,047 0,030
Diluted 0,047 0,030
Profit per share: 26
Basic 0,047 0,030
Diluted 0,047 0,030
Accountant The Board of Directors

SEPARATE STATEMENT OF CONSOLIDATED RESULTS FOR THE
QUARTERS FROM 1 JULY TO 30 SEPTEMBER OF 2009 AND 2008
(Amounts in units of Euros)
STATEMENT OF PROFIT AND LOSS 3rd Quarter 3rd Quarter
2009 2008
Sales and services rendered 223.775.452 184.963.897
Variation in production 15.362.150 10.042.859
Other operating profits 10.698.714 3.057.825
Operating turnover 249.836.316 198.064.581
Cost of goods sold and materials consumed (50.882.015) (48.814.932)
External supplies and services (139.760.472) (95.378.465)
Personnel costs (35.005.131) (30.988.101)
Depreciations & impairment losses (9.689.410) (8.058.374)
Provisions and value adjustments (136.436) (396.380)
Other operating losses (3.438.072) (3.863.950)
Operating costs (238.911.536) (187.500.203)
Operating result of ongoing activities 10.924.780 10.564.378
Net financing cost (10.724.071) (10.962.535)
Profit and losses in associated Companies 944.736 (165.082)
Other financial profit and losses 2.410.297 650.998
Financial result (7.369.038) (10.476.619)
Profit before taxation 3.555.741 87.759
Income Tax (981.287) 379.413
Consolidated result for the year 2.574.454 467.173
Attributable to Group 2.674.783 491.148
Attributable to minority interests (100.328) (23.976)
Profit per share 0,019 0,001
Accountant The Board of Directors

(Amounts in units of Euros)
30-Sep-2009 30-Sep-2008
Consolidated net result for the period 7.531.958 5.055.590
Other full income
STATEMENT OF FULLY CONSOLIDATED INCOME FOR THE PERIODS
ENDING AT 30 SEPTEMBER 2009 AND 2008
Exchange rate differences arising from the transposition of financial
statements in foreign currency (2.307.390) 1.051.536
Net variation of taxes, in fair value of derived
financial instruments (12.975.558) -
Other variations 45 237.386
Total fully consolidated income (7.750.944) 6.344.512
Attributable:
to minority interests 36.371 180.591
to the Group (7.787.315) 6.163.921
Accountant The Board of Directors

Item Share Capital Own Shares
Balance on 01/Jan/2009 160.000.000
Dividends -
Own Shares -
Others -
Fully consolidated income -
Balance on 30/Sep/2009 160.000.000
(1.306.746)
-
1.306.746
-
-
-
Item Share Capital Own Shares
Balance on 01/Jan/2008 160.000.000
-
Dividends -
-
Own Shares -
(458.777)
Others -
-
Fully consolidated income -
-
Balance on 30/Sep/2008 160.000.000 (458.777)
STATEMENT OF ALTERATIONS IN OWN CAPITAL FOR
PERIODS ENDING AT 30 SEPTEMBER 2009 AND 2008
Reserves and
retained profits
(21.517.055)
(8.123.563)
-
518.701
7.398.316
(21.723.601)
Reserves and
retained profits
(24.831.744)
-
-
(217.205)
5.052.272
(19.996.678)
Exchange
conversion
reserve
678.254
-
-
-
(2.210.118)
(1.531.865)
Exchange
conversion
reserve
Hedging
derivatives
-
-
-
-
(12.975.558)
(12.975.558)
Hedging
derivatives
185.615
-
-
-
-
-
-
-
1.051.536
-
1.237.151 -
Others
Others
-
-
-
-
45
45
Equity attributable
to the shareholders
of the mother
company
137.854.453
(8.123.563)
1.306.746
518.701
(7.787.315)
123.769.021
Equity attributable
to the shareholders
of the mother
company
(Amounts in units of Euros)
Minority
interests
971.761
-
-
-
36.371
1.008.132
Minority
interests
Total own
capital
138.826.213
(8.123.563)
1.306.746
518.701
(7.750.944)
124.777.153
Total own
capital
-
135.353.871 889.668 136.243.539
-
-
-
-
-
(458.777)
- (458.777)
-
(217.205)
- (217.205)
237.385 6.341.192 3.318 6.344.510
237.385 141.019.081 892.986 141.912.067
Accountant The Board of Directors

Operating activities:
CONSOLIDATED CASH FLOW STATEMENT FOR THE
PERIODS ENDING AT 30 SEPTEMBER 2009 AND 2008 AND THE QUARTER FROM 01 JULY TO 30 SEPTEMBER 2009
30-Sep-2009 30-Sep-2008
Receipts from customers 628.821.755 521.828.959 233.584.657
Payments to suppliers (506.514.867) (449.479.947) (173.537.900)
Payments to staff (95.088.608) (88.982.902) (32.693.448)
27.218.280 (16.633.890) 27.353.309
Payments/ receipt from income tax (2.039.165) (3.308.965) (422.542)
Other receipts /payments relating to operating activities (24.482.057) 9.749.422 (8.881.138)
Investment activities:
Receipts from:
(26.521.222) 6.440.457 (9.303.680)
(Amounts in units of Euros)
Cashflow from operating activities 697.058 (10.193.433) 18.049.629
Financial Investments 3.477.821
74.710.399 2.763.571
Tangible fixed assets 209.321 101.793 -
Interest and similar income 316.871 996.898 27.544
Dividends 814.655 4.818.668 75.000 75.884.090 763.704 3.554.819
Payments related to:
Financial Investments 6.556.226 113.629.372 754.993
Tangible fixed assets 10.990.935 17.720.969 3.441.790
Intangible assets: 1.335.813 18.882.974 878 131.351.219 -
Financing activities:
Receipts from:
4.196.783
Cashflow from investment activities (14.064.306) (55.467.129) (641.964)
Loans received 454.158.618 351.641.695 104.974.780
Increases in capital, supplementary payments and share issue premiums 1.740.797 -
Sale of own shares 1.509.707 -
Interest received 326.957 457.736.079 336.079 351.977.774 202.566 106.042.500
Payments related to:
Loans received 338.297.992 225.812.173 86.633.086
Depreciation of financial lease agreements 9.859.956 5.297.678 3.021.662
Interest and similar charges 32.514.020 27.069.184 6.497.662
Dividends 8.169.899 48.348 -
Purchase of own shares -
388.841.867 458.777
601.054
264.100
258.686.160 -
96.152.410
Cashflow from financing activities 68.894.212 93.291.614 9.890.090
Variation in cash and cash equivalents 55.526.964 27.631.052 27.297.755
Effect of exchange rate differences 610.574 181.074 496.714
Effect of alterations in shareholdings -
35.319.603 -
Cash and cash equivalents at the beginning of the year 66.755.099 32.235.283 95.098.169
Cash and cash equivalents at the end of the year 122.892.637 95.367.012 122.892.637
Accountant The Board of Directors
3rd Quarter 2009

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
1. Materially relevant operations occurring between 1 January and 30 September 2009
Nothing relevant to report.
2. Analysis of cash and cash equivalents
30 Sept-09 31-Dec-08

1. INTRODUCTORY NOTE
ACCOUNTING POLICIES AND EXPLANATORY NOTES
AT 30 SEPTEMBER 2009
The company currently named GRUPO SOARES DA COSTA, SGPS, S.A. (“Company”) was incorporated on
02 June 1944, under the name of Soares da Costa, Lda., trading company by shares, having been
transformed in a public limited company by Company Deed of 01 May 1968 and assuming the Company
name “Sociedade de Construções Soares da Costa, S.A.”.
At 30 December 2002, after a Group re-organisation process, the company assumed its current name and
changed the object into “Management of shareholdings as an indirect way of carrying out economic activity".
The current share structure of the “Grupo Soares da Costa” can be represented as per the annexed diagram,
which shows the Group holding company, “GRUPO SOARES DA COSTA, SGPS, S.A.”, a company with
share capital open to public investment, and four subholdings, one for each major sector or business area:
• Soares da Costa Construção, SGPS, S.A. – which includes the “portfolio” of company shareholdings
of the civil construction and public works areas, with special reference to Sociedade de Construções
Soares da Costa, S.A., the Groups' national construction company.
• Soares da Costa Indústria, SGPS, S.A. – which includes the shareholdings in companies engaged in
supplementary industrial activities in construction, mainly in metalwork and machinery and railway
and marine infrastructure.
• Soares da Costa Imobiliária, SGPS, S.A. – which includes the shares in companies which follow the
real estate segment and real estate management.
• Soares da Costa Concessões, SGPS, S.A. – bringing together the portfolio of shareholdings of
associate companies connected to the concessions.
The full list of the companies included in the consolidation and the consolidation methods applied are set out
in the following notes.
The sectors Grupo Soares da Costa does business in are not subject to seasonality.
Monetary values mentioned in the notes are presented in units of Euros, unless otherwise indicated.
The financial statements have not yet been audited.
2. MAIN ACCOUNTING POLICIES
The main accounting policies adopted in preparing these consolidated financial statements are as follows:
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2.1. Bases of presentation
The interim consolidated financial statements for the nine-month period ending on 30 September 2009 have
been prepared in accordance with International Accounting Standard 34 – Interim Financial Reporting.
The consolidated financial statements assume that the Company is a going concern and were compiled from
the ledgers and accounting records of the companies included in the 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 International Standards 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.
In preparing the annexed financial statement, estimates were used, which affect the amounts reported in
assets and liabilities, as well as those reported in income and costs for the period reported. All estimates and
assumptions made by the Board of Directors were based on the best information available on events and
transactions in progress at the date when the financial statements were approved.
The Company Board of Directors believes that the attached consolidated financial statements and
subsequent notes give a fair presentation of the consolidated financial information.
For the purpose of these financial statements the Group has not implemented any standards or
interpretations that have already been issued by IASB but which have a subsequent date for mandatory
application. The amendments that have already been approved will not significantly affect the Group's
financial statements.
2.2. Consolidation principles
The following methods of consolidation were adopted by the Group:
a) Group companies – Full consolidation method
Shareholdings in companies where the Group directly or indirectly holds more than 50% of the voting rights at
the General Shareholders’ Meeting and/or controls their financial and operational policy (definition of control
used by the Group), were included in the consolidated financial statements by the full consolidation method.
The interests corresponding to third party shares in these companies are presented under “minority
interests”, being included in the consolidated balance in own capital and in the profit and loss statement
under consolidated results for the year.
When losses attributable to minorities are greater than the minority interest in a subsidiary’s own capital, then
the Group absorbs this excess and any additional losses, except when the minorities have an obligation and
are able to cover said losses. If the subsidiary subsequently reports a profit, then the Group appropriates all
profits until the minority share of losses absorbed has been recovered.
The assets and liabilities of each company in the group are identified 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 identifiable at acquisition
which belong to third parties.
The results of subsidiaries acquired or sold during the year are included in the financial statements from
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 dividends distributed
between group companies are eliminated in the consolidation. Goodwill resulting from the intercompany sale
of investees is also eliminated.
Companies consolidated by the full consolidation method are identified at Note 3.
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) Jointly controlled companies – Proportional consolidation method
Shareholdings in jointly controlled companies were included in the consolidated financial statements by the
proportional consolidation method, as from the date when control began to be shared. According to this
method, assets, liabilities, income and costs for these companies were integrated in the consolidated
financial statements, item by item, in proportion to the amount of control attributable to the Group.
Excess of acquisition cost over the fair value of the assets and liabilities identifiable for each jointly controlled
body at acquisition 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 subsidiaries 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. Goodwill resulting from the intercompany sale of investees is also eliminated.
Classification of the financial investments in jointly controlled companies is determined on the basis of
shareholder agreements that regulate joint control, in the effective percentage of shares or voting rights held.
Financial interests in Complementary Groupings of Enterprises (ACE´s), were generally consolidated in the
financial statements by the proportional consolidation method.
Companies consolidated by the proportional consolidation method are identified at Note 4.
c) Associated Companies – Equity Method
Shareholdings in associate companies, enterprises where the Group has significant influence but does not
have control or joint control through sharing in the enterprises’ financial or operational decisions – generally
investments 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
corresponding value of the Group share in own capital variations (including the net result) of associates,
offset against gains or losses for the year and dividends received.
Excess of acquisition cost over the fair value of the assets and liabilities identifiable for each associated
company at acquisition 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 associates is assessed when there are indications that assets may be impaired. Any
impairment losses found to exist are registered as costs in the profit and loss statement.
When the Group’s proportion of associates’ accumulated losses exceeds the investment value, then that
investment is reported as a null value.
Financial investments in associate companies are broken down in Note 5.
d) “Goodwill”
The differences between the acquisition cost of investments in group companies, jointly controlled bodies and
associates, and the fair value of those enterprises at acquisition, were recorded as intangible assets under
“Goodwill” (in the case of investments in group companies and jointly controlled bodies).
There is no depreciation of “goodwill”, rather, it is tested annually for losses through impairment. Any
impairment loss is immediately registered in the profit and loss statement for the year, affecting the financial
statements, and is not subsequently reverted.
Differences between the acquisition cost of investments in foreign-based group companies, jointly controlled
bodies and associates, and the fair value of those enterprises’ assets and liabilities at acquisition, are
recorded in the reporting currency of those enterprises, and converted to the reporting currency of the Group
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(Euro) at the rate of exchange in force at the time of the balance. Exchange differences generated in this
conversion are registered in Own Capital under “exchange conversion reserve”.
e) Conversion of foreign entities’ financial statements
Foreign entities are considered to be those which operate abroad, and have organisational, economic and
financial autonomy.
The assets and liabilities in the financial statements of foreign entities are converted to Euros using the
exchange rates at the date of the balance, and costs and income and cash flow in those financial statements
are converted to Euros using the average exchange rate for the year. The resulting exchange difference is
recorded in own capital under “Exchange conversion reserve”.
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
balance.
Whenever a foreign entity is sold, the accumulated exchange difference is recognised in the profit and loss
statement as an alienation gain or loss.
The quotas used to convert the accounts of group companies, jointly controlled bodies and foreign associates
to Euros were as follows:
Exchange rate Average on exchange rate in Exchange rate Average on exchange rate in
30-Set-09 3rd Quarter 2009 31-Dec-2008 3rd Quarter 2008
American dollar EUR/USD 1.4643 1.3703 1.3917 1.5264
Mozambican Metical EUR/MZN 42.3200 37.11 35.25 36.80
S. Tomé and Príncipe dobra EUR/STD 23,061.15 21,355.17 20,557.10 22,188.98
Angolan kwanza EUR/AOA 114.5700 105.49 106.19 114.08
Romanian leu EUR/ROL 4.2180 4.2321 4.0225 3.6568
Israeli shekel EUR/ILS 5.5004 5.4302 5.2606 5.3192
2.3. Investment Properties
Essentially, investment properties are land and buildings owned to obtain rents or capital appreciation or both,
and not for use in the production or supply of goods or services, or for administrative purposes or for sale in
the ordinary run of business.
Investment properties are registered at cost. When the financial statements were transposed to the reference
framework of IAS/IFRS (01 January 2004), materially relevant investment properties were adjusted to reflect
their fair value at conversion (“deemed-cost”).
Costs incurred in the use of investment properties, namely, maintenance, repairs, insurance, and property tax
(municipal tax), are recognised as a cost in the consolidated profit and loss statement for the respective year.
Improvements expected to generate future additional economic benefits are capitalized under “investment
properties”.
The amortisation method used for investment property is the straight line basis, using an amortisation rate for
a useful working life of 100 years.
2.4. Tangible fixed assets
Tangible fixed assets acquired by 31 December 2003, the transition date to IAS/IFRS, are recorded at
“deemed cost”, minus depreciations and impairment losses. The “deemed cost” was determined as follows:
- Land and buildings – Market value as at 31 December 2003 determined by independent assessment - J.
Curvelo, Lda..
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- Basic equipment – Market value as at 31 December 2003, determined by internal assessment of assets
from a user perspective, corroborated by an external assessment by an independent body – J. Curvelo,
Lda..
- Others – Acquisition cost or revalued acquisition cost in accordance with the principles generally
accepted in Portugal.
Assets acquired after 31December 2003, are recorded at acquisition cost minus accumulated depreciations
and impairment losses.
Depreciations are calculated on a straight line basis once the assets are in conditions 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 natural wear and tear expected, 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 used correspond to the following estimated useful life periods:
Useful life
Buildings 8 - 100
Basic equipment 2 - 20
Other Tangible Assets 3 - 10
Intangible fixed assets in progress are recorded at acquisition or production cost, minus any impairment
losses.
Gains and losses from sale or abatement of tangible fixed assets are determined as the difference between
the selling price and the net accounting value at time of sale/abatement, and are registered in the profit and
loss statement as “other operational gains” or “other operational losses”.
2.5. Intangible assets:
Intangible assets, with the exception of “goodwill”, are recorded at acquisition cost, minus accumulated
depreciations and impairment losses. Intangible assets are only recognised if they are likely to produce future
economic benefits for the Group, can be controlled by the Group and if their value can be reasonably
measured.
The year’s depreciations for intangible assets are registered in the profit and loss statement under
“Depreciations and impairment losses”. The amortization method used for intangible assets with a finite
useful life is the straight line basis. A useful life of between 3 and 5 years is used for these assets, except for
concession agreement charges which are amortized according to the straight line basis over 12-month
periods during the term of the concession.
2.6. Financial Assets and Liabilities
a) Financial Investments
Financial investments are recognized at the date the risks and rewards inherent thereto are substantially
transferred. They are initially recorded 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 from results.
Following initial recognition, investments stated at fair value through profit and loss are revalued at their fair
value, from which transaction costs that may have been incurred on the sale are not deducted. Investments
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in own capital instruments not listed in regulated markets for which the fair value cannot be reliably estimated,
are maintained at acquisition cost minus any impairment losses.
Gains or losses arising from an alteration to the fair value of investments evaluated at fair value from results
are registered in the consolidated profit and loss statement for the year.
b) Accounts receivable
Third party debts are registered at their nominal value minus any impairment losses, recognised under
“impairment losses” in accounts receivable, such that they reflect the realisable net value.
c) Loans
Loans are registered under liabilities at nominal value.
Any inherent costs that are paid in advance at the time of taking out the loans, are recognised linearly in the
profit and loss statement for the year throughout the lifetime of the loans, classified under ”Other current
assets”.
Financial costs in banking interest and similar costs (namely Stamp Duty), are registered in the consolidated
statement of profit and loss according to the accruals basis for the years, with any amounts due and not paid
at the date of the balance being classified under “other current liabilities”.
d) Accounts payable
Accounts payable are registered at nominal value. Usually these third party debts do not attract interest.
e) Discounted notes and accounts receivable sold to factors
Discounted notes and accounts receivable sold to factors (with recourse) are presented in assets at their
nominal value and in liabilities at the advance already received.
Interest charges are recognised in accordance with the accruals basis for the years.
f) Cash and equivalents
The amounts included under “cash and equivalents” correspond to cash flow, bank deposits and term
deposits and other short-term cash applications.
2.7. Leases
Lease agreements are classified as:
- financial leases if all risks and advantages inherent to ownership are substantially transferred;
- operating leases if all risks and advantages inherent to ownership are not substantially transferred.
Classification of leases as financial or operating is made in function of the substance and not the form of the
contract.
The values of fixed assets acquired through financial lease agreements are recorded in assets and their
respective expenditure is recorded under “liabilities”. The depreciations of these assets, calculated as per 2.4
supra, are recorded in the depreciations for the year.
The portion of capital included in rents paid is registered as reductions to those responsibilities and interests
included in those rents are registered as financial costs for the respective year.
In the case of leases considered as operating, rents due are recognised as a cost in the profit and loss
statement throughout the period of the lease agreement at "External supplies and services".
2.8. Inventories
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Inventories, raw materials and consumables are valued at either acquisition cost or net realizable value,
whichever is lower. The cost method used by the Group in the movement of raw materials and consumables
is 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 and general manufacturing costs. The cost method is average cost.
The net realizable value is the normal Sales price minus finishing and marketing costs.
2.9. Financial costs in loans obtained
Financial costs related to loans obtained are recognised as a cost according to the accruals basis for the
years.
Consolidated for the first time by the proportional method in 2008, the associated company SCUTVIAS –
Autoestradas da Beira Interior, S.A. capitalised a total of 241,883,040 Euros in prior years as an integral part
of the cost of tangible fixed assets. A total of 5,029,254 Euros was capitalised in the first half of 2009 as an
integral part of the cost of tangible fixed assets. The Group’s consolidated financial statements accordingly
present 85,648,871 Euros in this item.
2.10. Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a
past event and it is probable that an outflow of resources embodying economic benefits will be required to
settle the obligation and that a reliable estimate can be made of the amount of the obligation. Provisions are
reviewed at the time of each balance 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 results (which differ from accounting results) of the
companies included in the consolidation in accordance with the tax rules in force in the place where the head
office of each Group company is situated.
Deferred taxes refer to the temporary differences between the figures for assets and liabilities for the
purposes of financial reporting and the respective amounts for taxation purposes.
Assets and liabilities for deferred taxes are calculated and annually assessed using the tax rates expected to
be in force at the reversion date of temporary differences.
Assets for deferred taxes are quoted when there are reasonable prospects of sufficient financial profits for
them to be used. At the time of each balance, the temporary differences underlying assets for deferred taxes
are re-assessed to recognise assets for deferred taxes not previous registered because they failed to meet
the conditions for registration, and/or to reduce their amount in function of current expectations of future
recuperation.
Deferred taxes are registered as cost or income for the year, except where they are the result registered
directly in own capital, in which case deferred tax is registered under the same item.
2.12. Presentation of the Balance Sheet
Realisable assets and demandable liabilities that are more than a year old at the time of the balance are
presented, respectively, as non-current assets and liabilities.
2.13. Recognition of costs and income
a) Building contracts
For the recognition of income and costs of building contracts, the “percentage finished” method was adopted.
According to this method, income directly related to work in progress is recognised in the profit and loss
statement in function of the percentage finished, which is determined by the ratio between costs incurred at
the time of the balance and total estimated costs for the works. The differences between profits earned
7

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 costs relating to the promotion
of real-estate are deferred in the balance until the respective execution has been fully or substantially
terminated.
Variations in works in the amount of return agreed in the contract are recognised in the year’s results when it
is highly possible that the client will approve the return amount arising from the variation, and that this can be
reliably measured.
Claims for reimbursement of costs not included in the contract price are included in contract revenue 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 construction
Recognition of sales from real-estate construction is made at the time 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
Profits from sales and service provision in general are included when they occur. Financial income from
delayed payment by clients are included when there is significant evidence that they are recoverable.
d) Costs in preparing bids
Costs in preparing bids are recognised in the profit and loss statement for the year when they were incurred,
since the outcome of the bid is not controllable.
e) Accrual basis accounting
The group companies record their income and expenses on an accrual basis, whereby income and expenses
are recognised as and when 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
recorded under “Other current assets” or “Other current liabilities”, depending on the nature of the difference.
2.14. Balances and transactions expressed in foreign currency
Transactions in currency other than the Euro are recorded at the rates in force at the time of the 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, have been recorded as “Other financial gains and losses” in the consolidated profit and
loss statement for the year.
2.15. Impairment of non-current assets, except for goodwill
An assessment of impairment is made at the time of each balance, and whenever an event or change in
circumstances indicates that the figure registered for the asset may not be recovered.
Whenever the figure registered for the asset is higher than its recoverable value, this is recognised as an
impairment loss, registered in the profit and loss statement.
The recoverable amount is either the net sales price or the use value, whichever is the higher. The net sales
price is the amount obtained from alienating the asset in a transaction accessible to the parties involved
minus the costs directly attributable to the alienation. The value-in-use is the current value of estimated future
cash flows that are expected and that arise from constant use of the asset and its alienation at the end of its
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useful life. The recoverable amount is estimated for each asset individually, or, if this is not possible, for the
cash generating unit to which the asset belongs.
Reversion of impairment losses recognised in previous years is registered when there are indications that the
recognised impairment losses no longer exist or have diminished. The reversion of impairment losses is
recognised in the profit and loss statement as operational results.
However, reversion of impairment loss is carried out up to the limit of the amount recognised (net of
amortization or depreciation) should the impairment loss not have been registered in previous years.
2.16. Contingent assets and liabilities
Contingent liabilities are not recognised in the consolidated financial statements, and are disclosed unless the
possibility of outflow is remote.
Contingent assets are not recognised in the consolidated financial statements, and are disclosed when there
is likely to be future economic inflow.
2.17. Subsequent events
Events occurring after the balance which provide additional information on the conditions existing at the
balance date are reflected in the consolidated financial statements. Events subsequent to the balance which
provide information on conditions occurring after the balance date, if material, are disclosed in the
consolidated financial statements.
2.18. Information by segments
The business and geographical sectors applicable to the Group are provided for each year. Detailed
information is included in Note 7.
2.19. Subsidies
Government subsidies are recognized at fair value providing there is a reasonable assurance that they will be
paid and that the Group will perform the covenants to which the granting thereof is subject.
Operating subsidies, especially those for staff training, are recorded in the income statement according to the
costs incurred.
2.20. Derived financial instruments
The Group uses derived financial instruments as coverage against financial risks it is exposed to, especially
changes in interest rates. It does not use such instruments for speculative purposes.
Derived financial instruments are recorded at fair value, by a recognition method determined by their nature
and objective.
Hedge accounting
The possibility of designating a derived financial instrument as a hedge instrument is regulated by IAS 39, in
terms of the respective documentation and effectiveness.
The Group uses the following criteria to classify its derived instruments as cash flow hedges:
- 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 start of the coverage
- The transaction subject to the coverage is highly probable.
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Changes in the fair value of financial instruments designated as fair value coverage are recognized as
financial income/loss for the period along with the changes in the fair value of the assets or liabilities subject
to such risk.
Changes in the fair value of derived instruments designated as cash flow coverage are recognized in
“Coverage operation reserves” in their effective component and in financial income/loss in their non-effective
component. Amounts recorded under “Coverage operation reserves” are transferred to financial income/loss
for the period in which the covered item also effects said financial income/loss.
Hedge accounting is discontinued upon maturity, sale or exercising of the hedge instrument 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 under own capital in
the item “Coverage operation reserves” are transferred to the income statement for the year.
The respective changes in fair value of derived instruments secured to provide a financial hedge, but which
do not meet with all the requirements of IAS 39 (Financial Instruments: Recognition and Measurement)
regarding the possibility of classification as hedge accounting, are recorded in the income statement for the
period they occur in.
Marketable instruments
The respective changes in fair value of derivative financial instruments secured to provide a financial hedge,
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 recorded in the income
statement for the period they occur in.
No financial instruments were reclassified in the first three quarters of 2009.
2.21. Own Shares
Own shares are recorded at acquisition value as a deduction from own capital. Gains or losses incurred on the
sale of own shares are recorded under “Reserves and retained profits”.
2.22. Own work capitalised
Own work capitalised essentially refers to construction and processing work carried out by the company itself.
Capitalisation of these expenses only occurs upon performance of 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.
2.23. Management of Invested Capital
The Group manages its capital so as to assure the continuity of the Group as a going concern, seeking to
maximise the creation of value for its shareholders. The Group’s capital therefore consists of own capital
attributable to shareholders (consisting of share capital that has been fully subscribed and realised, accrued
capital reserves, asset revaluation reserves, exchange translation reserves, consolidation differences and
earnings from prior years not distributed to the shareholders), the debts (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 kind of liability undertaken by the Group to make the repayments. Recourse debts undertaken by
any Group company can be enforced against the Group’s shareholders whereas non-recourse debt, undertaken
exclusively in business ventures awarded project finance, can only be enforced against the company that took it
out, meaning only the latter’s assets can be foreclosed in payment.
2.24. Financial risk management
The Group’s management of financial risks has been described in note 29.
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3. GROUP COMPANIES INCLUDED IN CONSOLIDATION
Group companies included in consolidation by the full integration method, their head offices and proportion of
share capital held as at 30 September 2009 are as follows:
Company name Head Office Direct Indirect Total
Grupo Soares da Costa SGPS, S.A. Rua Santos Pousada, 220 – 4000-478 Mother Company - -
PORTO
Soares da Costa Serviços Partilhados, S.A. Rua Santos Pousada, 220 – 4000-478
PORTO
Soares de Costa Desenvolvimento, S.A. Rua Santos Pousada, 220 – 4000-478
Civil Construction and Public Works
PORTO
SDC Construções SGPS, S.A. Rua Santos Pousada, 220 – 4000-478
PORTO
Soares da Costa América, Inc. 7270 N.W. 12 TH Street, Suite PH3 -
Miami – Florida – 33126 EUA
Porto Construction Group, LLC 7270 N.W. 12 TH Street, Suite #207 -
Miami - Florida - 33126 U.S.A.
Soares da Costa Construction Services, LLC 751 Park of Comm. Drive, Suite #108 -
Boca Raton - Florida - 33487 U.S.A.
Soares da Costa CS, LLC 751 Park of Comm. Drive, Suite #108 -
Boca Raton - Florida - 33487 U.S.A.
Soares da Costa Contractor, LLC 7270 N.W. 12 TH Street, Suite PH3 -
Gaia Contracting and Construction Management
Services, LLC
Miami – Florida – 33126 EUA
7270 N.W. 12 TH Street, Unit 205 -
Miami - Florida - 33126 - U.S.A.
Soares da Costa Moçambique, SARL Av. Ho Chi Min nº 1178, Maputo
Soares da Costa S. Tomé e Principe - Construções,
Lda
Soares da Costa Construcciones Centro Americanas,
S.A.
Moçambique
100.00% - 100.00%
100.00% - 100.00%
100.00% - 100.00%
- 100.00% 100.00%
- 60.00% 60.00%
- 80.00% 80.00%
- 100.00% 100.00%
- 100.00% 100.00%
- 100.00% 100.00%
- 80.00% 80.00%
S. Tomé e Príncipe - 100.00% 100.00%
Cantón Cero Uno - S. José Costa Rica - 100.00% 100.00%
Carta - Cantinas e Restauração, Lda Rua Santos Pousada, 220 – 4000-478
PORTO
Carta - Restauração e Serviços, Lda Rua Cónego Manuel das Neves, 19
Luanda - República de Angola
Soc. Construções Soares da Costa, S.A. Rua Santos Pousada, 220 – 4000-478
PORTO
CONTACTO - Soc. Construções, S.A. Rua Santos Pousada, 220 – 4000-478
PORTO
Percentage of own capital
- 100.00% 100.00%
- 100.00% 100.00%
- 100.00% 100.00%
- 100.00% 100.00%
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Company name Head Office Direct Indirect Total
CLEAR - Instalações Electromecânicas, S.A. Rua Srª do Porto, 874 4250-453 Porto - 100.00% 100.00%
CLEAR ANGOLA, S.A. Rua Cónego Manuel das Neves, 874
Luanda - Angola
MTA - Máquinas e Tractores de Angola, Lda Rua Cônego Manuel das Neves, casa 19,
Bairro Patrice Lumumba - Angola
Prince Contracting, LLC 5411 Willis Road Palmetto, Florida 34221
- USA
LusoAir Corp, INC 7270 NW 12TH STREET - PH3 MIAMI,
Real Estate
FL 33126 - USA
Soares da Costa Imobiliária, SGPS, S.A. Rua Santos Pousada, 220 – 4000-478
PORTO
MZI – Sociedade de Construções, Lda. Rua Santos Pousada, 220 – 4000-478
PORTO
CIAGEST - Imobiliária e Gestão, S.A. Rua Santos Pousada, 220 – 4000-478
PORTO
Mercados Novos - Imóveis Comerciais, Lda. Rua Santos Pousada, 220 – 4000-478
PORTO
SOARTA - Soc Imob. Soares da Costa, S.A. Rua Santos Pousada, 220 – 4000-478
PORTO
HABITOP - Sociedade Imobiliária, S.A. Rua Santos Pousada, 220 – 4000-478
PORTO
Soares da costa Imobiliária, Lda Estrada Farol das Lagostas Município da
Sambízanga, C. do N'Golakiluange -
Luanda
Cais da Fontinha - Investimentos Imobiliários, S.A. Rua do Campo Alegre, 830 - 9º
Massarelos - Porto
IMOKANDANDU - Promoção Imobiliária, Lda. Estrada Farol das Lagostas, Município do
Sambízanga, Comuna do N'Gola Kiluange
- Angola
- 95.00% 95.00%
- 50.50% 50.50%
- 100.00% 100.00%
- 100.00% 100.00%
100.00% - 100.00%
- 100.00% 100.00%
- 100.00% 100.00%
- 100.00% 100.00%
- 100.00% 100.00%
- 100.00% 100.00%
- 100.00% 100.00%
- 100.00% 100.00%
- 51.00% 51.00%
NAVEGAIA - Instalações Industriais S.A. Rua Srª do Porto, 930 4250-453 Porto - 100.00% 100.00%
IMOSEDE, Lda Rua Conego Manuel das Neves Casa nº
19 - Luanda
Costa Sul Sociedade de Promoção Imobiliária, Lda Rua Conego Manuel Dasa Neves Casa nº
19 - Luanda
Hotti - Angola Hoteis, S.A. Município da Ingombota, Bairro Patrice
Concessions
Lumumba, Rua Cônego M. das Neves, nº
190 - Luanda
Soares da Costa Concessões, SGPS, S.A. Rua Santos Pousada, 220 – 4000-478
PORTO
Soares da Costa Concesiones - Costa Rica, S.A. 100 Est,200 Sul,50 Oest - H. de La Mujer -
San José - Costa Rica
Percentage of own capital
- 100.00% 100.00%
- 100.00% 100.00%
- 50.60% 50.60%
100.00% - 100.00%
- 100.00% 100.00%
12

Company name Head Office Direct Indirect Total
COSTAPARQUES - Estacionamentos, S.A. Rua Santos Pousada, 220 – 4000-478
PORTO
Soares da Costa Serviços Técnicos e de Gestão, S.A. Rua Santos Pousada, 220 – 4000-478
PORTO
Infraestructuras Soares da Costa Costa Rica, S.A. 100 Est,200 Sul,50 Oest - H. de La Mujer -
C.P.E. – Companhia de Parque de Estacionamento,
S.A.
San José - Costa Rica
Parque Estacionamento Subterrâneo da
Praça do Município - 1100 Lisboa
Intevias - Serviços e Gestão, S.A. Rua Santos Pousada, 220 – 4000-478
Hidroequador Santomense - Exploração de Centrais
Hidroeléctricas, Lda.
PORTO
Av. Repatriamento dos Poveiros, nº 67,
Edifício Cecominsa, Póvoa de Varzim
Hidroeléctrica STP, Limitada Avenida Água Grande, São Tomé - S. and
Príncipe
Industries related to Civil Construction and Public Works
Soares da Costa Indústria, SGPS, S.A. Rua Santos Pousada, 220 – 4000-478
PORTO
Construções Metálicas SOCOMETAL, S.A. Rua Santos Pousada, 220 – 4000-478
PORTO
Percentage of own capital
- 100.00% 100.00%
- 100.00% 100.00%
- 100.00% 100.00%
- 100.00% 100.00%
- 100.00% 100.00%
- 75.00% 75.00%
- 45.00% 45.00%
100.00% - 100.00%
- 100.00% 100.00%
The following changes were made to the companies subject to the full consolidation method in the first three
quarters of 2009:
• Closure of Sodel – Empreendimentos Imobiliários, Lda., a company closed on 30 April 2009
• Inclusion in the consolidation procedure of the company “Hotti - Angola Hotéis, S.A, an Angolan
company in which the Group has a 50.6% interest
4. JOINTLY CONTROLLED COMPANIES
The jointly controlled companies included in the consolidation by the proportional method, their registered
offices and the proportion of capital held as at 30 September 2009 are as follows:
13

Company name Head Office Direct Indirect Total
Civil Construction and Public Works
TRANSMETRO – Agrupamento do Metropolitano do
Porto, ACE
Normetro - Agrupamento do Metropolitano do Porto,
ACE
ASSOC - Soares da Costa - Construção do Estádio
de Braga, ACE
Rua Santos Pousada, 220 – 4000-478
PORTO
Rua Santos Pousada, 300 - 7º Bonfim
Porto
Av. Imaculada Conceição, 756 - Dume -
4700-034 Braga
ACESTRADA - Construção de Estradas, ACE Rua Julieta Ferrão, nº 12, 11º andar
Lisboa
Estádio de Coimbra, SC/Abrantina, ACE Rua Santos Pousada, 220 – 4000-478
Casais, Eusébios, FDO, J. Gomes, Rodrigues and
Névoa, Soares da Costa, Construction of the Braga
Stadium – Finishings and Installations/Interior Infrastructures,
ACE
Três ponto dois - T.G. Const. Civil - Via e Cat Mod.
Linha do Norte, ACE
Somague, Soares da Costa - Agrupamento Construtor
do Metro de Superfície, ACE
PORTO
Av. Imaculada Conceição, 756 - Dume -
4700-034 Braga
Avª das Forças Armadas, 125 - 2ºC -
Lisboa
Rua Engº Ferreira Dias, 164 4100-247
Porto
Ramalho Rosa Cobetar & Soares da Costa, ACE Rua Soeiro Pereira Gomes, nº7, sala 9 -
Edifício América - Lisboa
Remodelling Teatro Circo – S.C., A.B.B., D.S.T., ACE Rua Santos Pousada, 220 – 4000-478
Fomento de Construcciones Y Contratas e Soares da
Costa, ACE
PORTO
Rua Soeiro Pereira Gomes, nº7, sala 9 -
Edifício América – Lisboa
- 50.00% 50.00%
- 17.90% 17.90%
- 40.00% 40.00%
- 20.00% 20.00%
- 60.00% 60.00%
- 40.00% 40.00%
- 50.00% 50.00%
- 50.00% 50.00%
- 50.00% 50.00%
- 50.00% 50.00%
- 50.00% 50.00%
GCF - Grupo Construtor da Feira, ACE Rua da Paz, 66, Sala 19 - 4050 Porto - 28.57% 28.57%
Coordenação & Soares da Costa, SGPS, Lda. Rua Julieta Ferrão, nº 12, 13º Andar, N.
Senhora de Fátima - 1000 Lisboa
GCVC, ACE Rua do Rêgo Lameiro, nº 38, Campanhã,
Mota-Engil, Soares da Costa, MonteAdriano -
Matosinhos, ACE
4300-454 Porto
Via Adelino Amaro da Costa nº 315,
Lugar da Guarda 4470-557 Moreira da
Maia
HidroAlqueva, ACE Av. Frei Miguel Contreiras, nº 54 7º
Andar, Lisboa
Nova Estação, ACE Av. Frei Miguel Contreiras, nº 54 - 7º
Andar, 1749-083 Lisboa
- 50.00% 50.00%
- 28.57% 28.57%
- 28.57% 28.57%
- 50.00% 50.00%
- 25.00% 25.00%
GACE - Gondomar, ACE Rua Eng. Ferreira Dias, nº 161 - Porto - 24.00% 24.00%
LGC - Linha de Gondomar, Construtores, ACE Rui Eng. ferreira Dias, nº 161 Freguesia
de Ramalde - Porto
CAET XXI - Construções,ACE Rua de Santos Pousada, 220 Bonfim,
Porto
Percentage of own capital
- 30.00% 30.00%
- 50.00% 50.00%
14

Company name Head Office Direct Indirect Total
Israel Metro Builders - a Registered Partnership 132 Derekh Menakhem begin, Tel-Aviv,
Israel
Industries related to Civil Construction and Public Works
SOMAFEL - Engenharia e Obras Ferroviárias, S.A. Avª da República, 42 - 3º 1069-207
Lisboa
OFM - Obras Públicas, Ferroviárias e Marítimas, S.A. Columbano Bordalo Pinheiro, 93-7º -
1000 Lisboa
Somafel e Ferrovias, ACE Columbano Bordalo Pinheiro, 93-7º -
Concessions
1000 Lisboa
- 30.00% 30.00%
- 40.00% 40.00%
- 40.00% 40.00%
- 24.00% 24.00%
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 - Bonfim,
4000 - Porto
Exproestradas XXI - AE Transmontana, S.A. Rua Santos Pousada, nº 220, 4000 -
Porto
Auto-estradas XXI - Subconcessionária, S.A. Rua Santos Pousada, Nº 220, 4000 -
Real Estate
Porto
Talatona Imobiliária, Lda Rua Cónego Manuel das Neves, 19
Luanda - República de Angola
Percentage of own capital
- 50.00% 50.00%
- 50.00% 50.00%
- 50.00% 50.00%
- 49.00% 49.00%
The following changes were made to the companies subject to the proportional consolidation method in the
first three quarters of 2009:
• Inclusion of the complementary groupings of enterprises LGC – Linha de Gondomar, Construtores,
ACE and GACE – Gondomar, ACE, in which the Group holds interests of 30% and 24% by way of
Sociedade de Construções Soares da Costa, S.A.
• Inclusion in the consolidation procedure of the company “Talatona Imobiliária, Lda”, an Angolan
company in which the Group has a 49% interest.
As at 30 September 2009 the aggregate amounts, weighted for the percentage of joint control, of the current
assets, noncurrent assets, current liabilities, noncurrent liabilities, income and expenses related to the
interests in joint ventures are as follows:
15

Non-Current Current Non-Current Current Net
Company Assets Assets Liabilities Liabilities Costs Income Profit
ACESTRADA - Construção de Estradas, ACE 835 113,999 8,000 5,016 1,955 103,774 101,818
ASSOC - Soares da Costa - Construção do Estádio de Braga, ACE -
111,299 -
Casais, Eusébios, FDO, J. Gomes, Rodrigues e Névoa - Soares da Costa, ACE 522 23,156 -
Estádio de Coimbra, SC/Abrantina, ACE - 279,599 -
Fomento de Construcciones Y Contratas e Soares da Costa, ACE -
26,223 -
GCF - Grupo Construtor da Feira, ACE 12,435 921,428 -
Normetro - Agrupamento do Metropolitano do Porto, ACE 228 2,798,124 -
111,299 31,399 31,399 -
6,232 826 199 (628)
281,139 1,539 -
(1,539)
26,223 -
935,569 1,465,144 1,463,440 (1,705)
2,798,352 10,093,554 10,093,553 -
OFM - Obras Públicas, Ferroviárias e Marítimas, S.A. 2,164,719 5,226,414 281,553 4,609,981 6,799,101 6,822,396 23,295
Ramalho Rosa Cobetar & Soares da Costa, ACE -
Remodelling Teatro Circo – S.C., A.B.B., D.S.T., ACE -
83,173 -
24,923 4,680 62,930 58,250
1,734,469 253,282 1,481,188 22,337 22,337 -
SOMAFEL - Engenharia e Obras Ferroviárias, S.A. 10,881,805 11,368,874 872,500 9,211,572 12,460,445 11,654,104 (806,341)
Somafel e Ferrovias, ACE 12,985 41,959 -
24,443 12,392 16,148 3,756
Somague, Soares da Costa - Agrupamento Construtor do Metro de Superfície, ACE 132 1,709,117 -
TRANSMETRO – Agrupamento do Metropolitano do Porto, ACE 6,491 4,202,815 -
Três ponto dois - T.G. Const. Civil - Via e Cat Mod. Linha do Norte, ACE - 528,806 -
Coordenação & Soares da Costa, SGPS 332,645 24,153 110,000
181,665 903,431 2,431,016 1,527,584
4,314,200 2,871,551 2,788,267 (83,283)
377,693 -
-
-
1,806 4,181 1,077 (3,104)
SCUTVIAS - Autoestradas da Beira Interior, S.A. 224,254,061 47,520,645 209,977,077 47,889,966 26,822,523 28,846,522 2,023,999
Auto-estradas XXI - Subconcessionária, S.A. 16,018,648 4,432,808 18,690,925 9,287,670 1,257,482 1,257,483 -
Exproestradas XXI - AE Transmontana, S.A. - 2,559,376 -
HidroAlqueva, ACE 2,101,459 3,786,187 -
Israel Metro Builders - a Registered Partnership 76,025 3,069,891 -
Mota-Engil, Soares da Costa, MonteAdriano - Matosinhos, ACE 881 3,441,582 -
Nova Estação, ACE 2,124 1,176,127 -
Operestradas XXI, S.A. 26,079 244,778 -
Casais, Eusébios, FDO, J. Gomes, Rodrigues e Névoa - Soares da Costa, ACE 522 23,156 -
GACE - Gondomar, ACE - 1,604,762 -
GCVC, ACE - 2,402,266 -
LGC - Linha de Gondomar, Construtores, ACE 27,058 3,663,531 -
2,337,700 1,135,334 1,332,010 196,676
5,878,196 5,256,998 5,244,245 (12,754)
3,145,916 1,206,421 1,206,423 -
3,442,463 4,007,725 4,007,724 -
1,088,880 882,637 1,056,197 173,562
98,701 569,266 716,422 147,157
6,232 826 199 (628)
1,604,762 1,764,414 1,764,413 -
2,402,266 3,314,999 3,314,999 -
3,690,588 4,321,198 4,321,199 -
Total 255,919,654 103,118,717 230,193,337 105,264,641 85,212,358 88,558,476 3,346,115
At the reporting date there are no contingent commitments or capital commitments relating to the joint
ventures.
5. COMPANIES INCLUDED IN THE CONSOLIDATION BY THE EQUITY METHOD
Companies included in the consolidation by the equity method, their registered offices and the proportion of
capital held as at 30 September 2009 are as follows:
Company name Head Office Direct Indirect Total
Grupul Portughez de Constructii, S.R.L. 10873 Bucharest - Romania - 50.00% 50.00%
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%
Metropolitan Transportation Solutions, Ltd. 14 Hamelecha Street, Park Afek, Rosh
GAYAEXPLOR - Construção e Exploração de
Parques de Estacionamento, Lda.
Haya'in Israel
Rua Santos Pousada, 220 – 4000-478
PORTO
Indáqua – Indústria e Gestão de Águas, S.A. Rua Antero de Quental, 221-3º Sala 303 -
INDÁQUA MATOSINHOS - Gestão de Águas de
Matosinhos, S.A.
Indáqua Vila do Conde - Gestão de Águas de Vila do
Conde, S.A.
4455-586 Perafita
Rua 1º de Maio, nº 273 4451-956
Matosinhos
Praça Luís de Camões, 9, 3º 1480-719
Vila do Conde
Mini Price Hotels (Porto), S.A. Rua Senhora do Porto, 930 4250-453
Porto
- 20.00% 20.00%
- 25.00% 25.00%
- 28.57% 28.57%
- 28.14% 28.14%
- 28.00% 28.00%
- 34.00% 34.00%
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%
CFE Indústria de Condutas, S.A. Rua ParticularJoaquim Silva, 480
Sobrado - Valongo
Percentage of own capital
- 33.33% 33.33%
-
16
-

The following changes were made to the companies consolidated by the equity method in the first three
quarters of 2009:
• Inclusion of the company “Construtora San José – Caldera, S.A.”, in which the Group has an indirect
interest of 17%.
• Inclusion of the company “CFE – Indústria de Condutas, S.A.”, in which the Group has an interest of
33.33%
• Inclusion of the company “SDC Emirates Construction, L.L.C.”, a company having its registered
office in the United Arab Emirates (Abu Dhabi), in which the Group has an interest of 49%.
No impairment losses on these investments were recorded in the financial year as there was no evidence of
their existence.
6. COMPANIES NOT INCLUDED IN THE 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 at 30 September 2009, are as follows:
Company name Head Office Direct Indirect Total
ÁGUAMINHO - Constr. Abastecimento Águas, ACE Rua Santos Pousada, 220 – 4000-478
PORTO
- 45.00% 45.00%
Construção Estação Tratamento das Águas do Paiva, ACE Av. Fabril do Norte, 1601 – Matosinhos - 50.00% 50.00%
Engil, Soares da Costa, Mota - Hosp. Vale Sousa, ACE Av. Fabril do Norte, 1601 – Matosinhos - 45.00% 45.00%
GPCC – Grupo Português de Construção de
Infraestruturas de Gás Natural, ACE
GPCIE - Grupo Português de Construção de Infrestruturas
da Expo, ACE
Rua Santos Pousada, 220 – Porto - 25.00% 25.00%
Quinta de Beirolas - Estaleiro Moscavide
(Parque Expo) Stª Maria dos Olivais - 2685
Sacavém
Grupo Construtor do Edifício Gil Eanes, ACE Edifício Gil Eanes - Expo 98 - lotes 1.13.03 e
1.14.01 - Santa Maria dos Olivais
Molinorte Linha do Norte – Construção civil, ACE Rua Santos Pousada, 220 – 4000-478
PORTO
Soares da Costa, Engil, Mota, ACE (Tomar Hospital) Rua Santos Pousada, 220 – 4000-478
PORTO
Soares da Costa, Engil, Mota, ACE Rua Santos Pousada, 220 – 4000-478
PORTO
Percentage of own capital
- 25.00% 25.00%
- 50.00% 50.00%
- 23.50% 23.50%
- 50.00% 50.00%
- 37.50% 37.50%
Teisomar - Obras Marítimas, ACE Avª República, 42 - 1000 Lisboa - 50.00% 50.00%
The companies listed above are Complementary Groupings of Enterprises whose projects are virtually
complete.
17

7. INFORMATION BY SECTOR
The Group’s core activities are the following:
- Civil Construction and Public Works
- Industries related to Civil Construction
- Real- estate
- Concessions
The following breakdown of results by sectors as at 30 September 2009, is based on the consolidated
financial information for each business area:
Civil
Construction
and Public
Credits:
Works
External sales 637,643,671
Intersegmental sales 14,085,724
Total Credits 651,729,395
Related Industries Real-estate Concessions Shareholdings Eliminations Consolidated
21,180,516
5,633,149
26,813,665
531,148
2,897,736
3,428,884
39,200,074
6,503
39,206,577
57,009
7,062,237
7,119,247
-
(29,685,350)
(29,685,350)
698,612,418
-
698,612,418
Segmented result 29,704,798
(1,471,422) (231,276) 12,019,202
(2,039,716) (514,339) 37,467,246
Unallocated Corporate Expenses -
Operational result of ongoing activities 29,704,798
(1,471,422) (231,276) 12,019,202
(2,039,716) (514,339) 37,467,246
Net result of discontinued activities -
Interest payments (12,478,829)
(127,357) (1,250,371) (16,826,848)
(7,690,969) 9,584,399 (28,789,976)
Interest turnover 5,818,893
910,600 95,825 1,120,743
5,533,400 (9,876,550) 3,602,911
Shares in Ass. Company net profits 1,209,464
298,660 (39,260) 374,757
-
532,021 2,375,643
Other financial profit and losses (2,487,152)
(79,725) 3,850,727 (4,472,967)
31,242,804 (31,605,848) (3,552,161)
Profit taxes (5,039,022)
(157,877) (126,471) 573,410
1,178,254
- (3,571,706)
Result of ordinary activities 16,728,151
(627,120) 2,299,175 (7,211,703)
28,223,773 (31,880,318) 7,531,958
Minority interests 153,428
- (23,141)
3,356
-
-
133,643
Net result attributable to Group 16,574,723
(627,120) 2,322,316 (7,215,059)
28,223,773 (31,880,318) 7,398,316
Other Information:
Segment assets 1,082,818,511
62,000,690 137,585,841 437,792,154 492,496,344 (670,854,642) 1,541,838,899
Investment in associated companies 2,558,927
336,207 310,575 10,465,229
12,000 (121,029) 13,561,907
Total consolidated assets 1,555,400,807
Liabilities by sector 947,909,475
26,936,668 59,268,393 481,007,662 296,360,637 (380,859,179) 1,430,623,655
Total consolidated liabilities 1,430,623,655
Depreciation
Disbursed expenditures
11,637,611
other than depreciation 923,670
1,336,691
144,510
1,256,718
13,020,071
745,913
Acquisitions of tangible
and intangible fixed assets in the period 64,012,697 1,942,603 1,945,839 17,295,409 414,720 -
57,577
Earnings by segment as at 30 September 2008 break down as follows:
-
-
(36,706)
-
27,960,298
18
1,125,757
85,611,268

Civil Construction
and Public Works
Credits:
External sales 497,403,722
Intersegmental sales 1,691,489
Total Credits 499,095,211
Related Industries Real-estate Concessions Shareholdings Eliminations Consolidated
36,725,835
4,136,111
40,861,945
1,641,926
2,818,143
4,460,069
33,938,449
-
33,938,449
70,366
6,834,225
6,904,591
-
(15,479,967)
(15,479,967)
569,780,298
-
569,780,298
Segmented result 22,607,386
349,056 (1,344,950)
13,393,940
(1,567,896) 10,685 33,448,222
Unallocated Corporate Expenses -
Operational result of ongoing activities 22,607,386
349,056 (1,344,950)
13,393,940
(1,567,896) 10,685 33,448,222
Net result of discontinued activities -
Interest payments (7,824,515)
(230,992) (1,242,206)
(16,636,538)
(7,744,430) 3,421,750 (30,256,931)
Interest turnover 3,649,602
194,560 427,786
1,701,676
2,842,914 (3,435,910) 5,380,628
Shares in Ass. Company net profits (342,223)
(34,822) (7,740)
(6)
-
(235) (385,025)
Other financial profit and losses (1,299,112)
2,961,480 (75,261)
642,609
7,480,191 (12,279,914) (2,570,008)
Profit taxes (3,068,531)
(20,169) 220,009
414,141
1,893,255
-
(561,295)
Result of ordinary activities 13,722,608
3,219,113 (2,022,362)
(484,179)
2,904,034 (12,283,623) 5,055,590
Minority interests 46,527
- (3,411)
(39,799)
-
-
3,318
Net result attributable to Group 13,676,080
3,219,113 (2,018,952)
(444,381)
2,904,034 (12,283,623) 5,052,272
Other Information:
Segment assets 740,582,870
63,748,991 117,936,723
412,906,673 343,010,449 (364,674,639) 1,313,511,067
Investment in associated companies 405,495
139,444 386,469
2,531,920
12,000
(289) 3,475,039
Total consolidated assets 1,316,986,106
Liabilities by sector 610,753,857
30,896,182 35,385,544
398,541,845 190,922,687 (91,603,351) 1,174,896,765
Total consolidated liabilities 1,174,896,765
Depreciation
Disbursed expenditures
7,289,309
other than depreciation 35,214
1,446,926
170,064
1,328,126
1,096,977
Intersectoral transactions are conducted at market value.
13,003,884
- Sales and service provision by geographical market breaks down as follows:
-
387,148
-
(10,685)
Sales credits by geographical market 30-Sep-2009 % 30-Sep-2008 %
Portugal 330,659,089 47.34% 314,754,871 55.24%
Angola 247,519,337 35.43% 189,520,651 33.26%
USA 46,894,314 6.71% 21,932,342 3.85%
Romania 32,408,212 4.64% 656,426 0.12%
Mozambique 17,251,600 2.47% 12,576,755 2.21%
Guinea 10,740,628 1.54% 8,967,548 1.57%
Algeria 3,682,555 0.53% 7,082,788 1.24%
Morocco 2,710,284 0.39% 4,626,113 0.81%
Israel 1,718,827 0.25% 878,035 0.15%
S. Tomé e Príncipe 1,533,444 0.22% 8,296,059 1.46%
Others 3,494,129 0.50% 488,707 0.10%
Totals 698,612,418 100.00% 569,780,298 100.00%
- Net assets per sector and investments in tangible assets by geographical markets are as follows:
Net Assets:
- Intangible assets 75,550,960
Portugal Angola USA Mozambique S.Tomé and Príncipe Guinea Romania Others Total
(14,718)
8,739,491
-
54,187
-
-
-
2,328
23,444,708
1,302,255
84,332,248
- Tangible Fixed Asstes 422,003,366
113,715,681 11,620,218 1,560,215
3,466,866 2,905,070 1,988,854 1,168,282 558,428,552
- Financial Investments 24,303,873
(858,780)
-
32,495
-
-
(95,558) 11,214,514 34,596,544
- Inventories 93,096,239
80,337,002 -
1,045,504
332,143
- 1,213,000 - 176,023,887
- Accounts receivable 198,559,906
171,915,803 19,734,851 11,295,301
2,397,038 5,015,315 23,365,311 6,232,394 438,515,917
- Cash 73,401,801
41,095,733 3,447,214 1,413,669
11,067 170,418 2,468,986 883,748 122,892,637
-Assets liable to deferred taxation 9,796,939
- 5,224,339
-
-
-
- 6,445 15,027,723
- Other assets 61,730,050
32,744,540 7,035,704 5,284,458
1,183,161 5,600,000 10,518,083 1,487,302 125,583,298
Totals 958,443,134 438,935,261 55,801,817 20,631,642 7,444,461 13,690,804 39,458,676 20,995,013 1,555,400,807
Investments made during 2009
- Tangible and intangible fixed assets 52,617,500
30,408,954 436,517 162,704
965,511
5,080
-
Totals 52,617,500 30,408,954 436,517 162,704 965,511 5,080 -
8. BREAKDOWN OF ANNUAL MOVEMENT IN INTANGIBLE ASSETS
a) Gross Assets
1,015,002 85,611,268
1,015,002 85,611,268
19

The movement in the gross value of intangible assets is as follows:
Perimeter Exchange Transfer
Intangible assets: Opening Balanc e change Accruals Disposals effects & Write-offs Closing Balance
Goodwill 87,730,659 -
Other intangible assets 514,169 -
88,244,828 -
-
-
2,230,647 -
2,230,647 -
-
(14)
(14)
(5,962,136)
-
(5,962,136)
81,768,523
2,744,802
84,513,325
The Goodwill recorded under “Transfers and deductions” refers to the transfer of goodwill under the
acquisition of Indáqua – Indústria e Gestão de Águas, S.A. to the item “Financial Investments in equity”.
The balance recorded under Goodwill as at 30 September 2009 refers to the following acquisitions made in
prior years:
a) acquisition in FY 2008 of the affiliate Contacto – Sociedade de Construção, S.A., which generated
goodwill of 44,134,341 Euros;
b) acquisition in FY 2008 of 13.33% of the capital of the associated company Scutvias –
Autoestradas da Beira interior, S.A., an acquisition which resulted in a total effective interest of
33.33% and goodwill of 28,128,844 Euros;
c) acquisition in the second half of 2007 of 75% of the capital of the affiliate Hidroequador
Santomense – Exploração de Centrais Hidroeléctricas, Lda. which generated goodwill of 765,846
Euros, recorded in FY 2008 but calculated as for 31 December 2007, because in FY 2007 the
Group was still determining the value of the company’s assets and liabilities ;
d) acquisition of the affiliate Prince Contracting, LLC. which generated goodwill of 8,739,491 Euros.
The balance recorded under “Increases” in “Other intangible assets” mainly refers to investments made by
the associated company Autoestradas XXI – Subconcessionária, S.A. to prepare, launch and conclude the
subconcession procurement tender and to put together the proposal, due diligence and advisory services.
20

As at 30 September 2009 there are no contractual commitments to acquire intangible fixed assets and no
research and development expenses were recorded in the period.
b) Accumulated Depreciations
Movement in accumulated depreciations of intangible assets is as follows:
Perimeter Exchange
Intangible assets: Opening Balance change Strengthening payment Adjustments effects Closing Balance
Other intangible assets 167,453 -
167,453 -
9. BREAKDOWN OF ANNUAL MOVEMENT IN TANGIBLE FIXED ASSETS
a) Gross Assets
Movement in gross value of tangible fixed assets is as follows:
13,626 -
13,626 -
Perimeter Exchange Transfer
Tangible fixed assets Opening Balance change Accruals Disposals effects & Write-offsClosing Balance
Land and Buildings 538,887,966 -
Basic equipment 131,555,420 -
Fixed assets in progress 9,208,551 -
Other tangible fixed assets 59,367,676 -
739,019,613 -
(1)
(1)
181,077
181,077
7,753,898 -
(175,790) 1,451,992 547,918,065
12,378,733 (2,225,934) (654,396) 244,098 141,297,920
28,084,566 -
(339,657) (1,369,847) 35,583,612
5,528,507 (1,060,590) (654,217) (1,032,854) 62,148,523
53,745,704 (3,286,525) (1,824,062) (706,611) 786,948,120
Own work capitalised to the amounts of 23,552,182 Euros and 5,583,170 Euros has been recorded under
“Increases” in the items “Fixed assets in progress” and “Land and Buildings”.
Gross fixed tangible assets operated under concession for the quarter ending on 30 September 2009 break
down as follows:
Tangible Assets
Opening Balance
Perimeter
change
Land and Buildings 366,135,304 -
Basic equipment 1,884,017 -
Fixed assets in progress 164,843 -
Other tangible fixed assets 1,016,005 -
369,200,169 -
Accruals Disposals
Transf. &
Write-offs
6,760,996 -
-
45,197 -
-
7,381,959 -
-
128,525 (485) -
14,316,678 (485) -
Adjustments Closing Balance
-
-
-
-
-
372,896,299
1,929,214
7,546,802
1,144,046
383,516,363
The entire fixed assets operated under concession originate from the Concessions business segment as at
30 September 2009.
b) Accumulated Depreciations
Movement in accumulated depreciations of tangible fixed assets is as follows:
Variation Cancellation Exchange
Tangible fixed assets Opening Balance change Strengthening payment Reversion effects Closing Balance
Land and Buildings 105,976,610 -
Basic equipment 67,087,802 -
Other tangible fixed assets 32,332,697 -
205,397,108 -
15,810,747 (38,375) (12,124) 121,736,858
7,332,792 (1,953,022) (372,675) 72,094,897
4,626,136 (1,928,036) (342,986) 34,687,812
27,769,676 (3,919,432) (727,785) 228,519,566
As at 30 September 2009 there are no material contractual commitments to acquire tangible fixed assets.
21

Gross tangible fixed assets operated under concession for the quarter ending on 30 September 2009 are
subject to the following depreciation:
Tangible Assets Opening Balance
Perimeter
change
Land and Buildings 66,532,101 -
Basic equipment 1,517,055 -
Other tangible fixed assets 837,899 -
68,887,055 -
Accruals Disposals
12,672,864 -
184,152 -
60,676 -
12,917,693 -
Transf. &
Write-offs
-
-
-
-
Adjustments Closing Balance
1 79,204,966
-
1,701,208
(344) 898,230
(344) 81,804,405
The net values of intangible fixed assets and tangible fixed assets by primary reporting segment break down
as follows as at 30 September 2009:
Civil Construction
and Public Works
Related Industries
Goodwill 52,873,833 -
Other intangible assets 10,886 2,180
Total Intangible fixed assets 52,884,719 2,180
Real-estate Concessions
-
-
-
Financial
shareholdings
28,894,690 -
2,550,660 -
31,445,350 -
Total
81,768,523
2,563,726
84,332,248
Land and Buildings 55,645,457 1,788,175 72,931,237 295,816,338 - 426,181,207
Basic equipment 60,640,575 7,866,593 201,710 494,145 - 69,203,023
Other tangible fixed assets 22,443,572 293,657 587,413 282,831 3,853,238 27,460,711
Fixed assets in progress 18,328,321 1,746,140 4,937,563 10,571,588 - 35,583,612
Total tangible fixed assets 157,057,925 11,694,565 78,657,923 307,164,902 3,853,238 558,428,552
On 13 September 1999 the affiliate Scutvias – Autoestradas da Beira Interior, S.A. entered into a Concession
Agreement with the Portuguese government under which it was attributed the “SCUT da Beira Interior”
concession. Among other matters this agreement stipulates the 30-year concession term and other
provisions regarding payments, collateral, liabilities, financing and other matters related to the Company’s
business. The Ministry of Finances is vested with the powers to audit performance of the Company’s
obligations under the Concession Agreement. The Ministry of Public Works, Translocation and Housing is
responsible for auditing the remaining obligations.
The concession is being developed over two different phases: (i) the Preoperational Period, from the start
of the Concession until 31 December 2004 and (ii) the Operational Period, commencing 01 January 2005
through 2029.
In January 2005 SCUTVIAS entered the Operational Period of the Concession, whereupon its operations
effectively commenced. Its revenue effectively corresponds to the appraisal of the traffic circulating on the
motorway in accordance with the tariff levels established in the concession agreement.
Under the concession agreement the Portuguese government also placed a number of existing sections at
Scutvias’ disposal, which will return to the Government at the end of the concession term.
As of 30 September 2009 the net fixed assets included in the consolidated balance sheet related to the
concession activity amount to 222,946,815 Euros. Under the concession agreement, at the end of the
concession these assets will return to the Portuguese government (FY 2029) and Scutvias will not be entitled
to any compensation. These fixed assets are subject to public ownership and are related to the Company’s
business, which may manage them under the concession agreement but may not dispose of them through
private transactions.
No impairment losses (or reversal of losses) were recorded for the tangible fixed assets in the financial year.
10. INFORMATION ABOUT FINANCIAL AND OPERATING LEASE
Financial Lease
22

The group has tangible fixed assets included in the balance in the financial leasing regime. As at 30
September 2009 the book value of these assets is as follows:
Financial Lease Gross Assets Accum. Depreciation Net Assets
Land and Buildings 1,579,952 198,989 1,380,963
Basic equipment 16,574,408 5,033,315 11,541,093
Other tangible fixed assets 2,095,260 950,693 1,144,567
20,249,620 6,182,997 14,066,623
Group responsibilities for these contracts is as follows:
Short term 6,079,950
Medium and long term 5,291,239
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:
30-Sep-2009
Minimum financial lease payments:
2009 1,833,201
2010 5,517,150
2011 3,632,385
2012 745,863
11,728,600
Update/interest 357,409
Current value of minimum financial
lease payments: 11,371,191
Current 6,079,950
Non-Current 5,291,239
The financial lease agreements are subject to market interest and have defined useful lives. As at 30
September 2009 there are no contingent income or restrictions regarding dividend payments (or any
additional debts) associated to the financial lease agreements in force.
The Group also conducted two real estate leaseback transactions whose liabilities have been recorded in the
consolidated balance sheet under “Bank loans”. As at 30 September 2009 the current liabilities and noncurrent
liabilities associated with these agreements amounted to 1,237,573 Euros and 15,053,089 Euros
respectively.
The real estate leaseback agreements are subject to the following underlying terms:
23

Operating Lease
Agreement Real Estate Financial Lease Agreement no. 450003696
Date of agreement 28 December 2005
Lessor Banco Comercial Português, S.A.
Lessee Ciagest - Imobiliária e Gestão, S.A.
Object Acquisition with financing of improvements in properties alienated by
HABITOP - Sociedade Imobiliária S.A. and CIAGEST - Imobiliária e
Gestão S.A.
Financing value Total financed value: 17,352,500 Euros
Residual value 2% of the total financing value
Term 15 years
Number of rents 60 early rents
Frequency Quarterly, starting 25 March 2006
Interest rate Euribor 3 M + 1.750%
Agreement Real Estate Financial Lease Agreement no. 450007448
Date of agreement 39,507
Lessor Banco Comercial Português, S.A.
Lessee Ciagest - Imobiliária e Gestão, S.A.
Object Urban property units situated at Rua Alvaro Pais, Rua Sousa Lopes
and Rua Julieta Ferrão - Lisbon
Financing value Total financed value: 3,000,000 Euros
Residual value 300,000 Euros
Term 12 years
Number of rents 48 early rents
Frequency Quarterly, starting 25 March 2008
Interest rate Euribor 3 M + 1.50%
Costs on operating lease agreements of 2,711,759 Euros were recognized in the first three quarters of 2009.
Income on operating lease agreements (fixed income) maintained by the Group as at 30 September 2009,
mainly referring to operating vehicle lease, mature as follows:
Repayments on Maturity:
2009 893,301
2010 2,826,185
2011 1,880,103
2012 534,170
2013 41,121
6,174,881
11. BREAKDOWN IN ANNUAL MOVEMENT OF FINANCIAL INVESTMENTS
a) Gross Assets
Movement in the gross value of financial investments is as follows:
24

Perimeter Assets Transfer
Financial Investments Opening Balance change Exchange effects Accruals Disposals Equity Method & Write-offsClosing Balance
Investment Properties 7,469,671 -
Fin. inv. in Equity Method 1,005,770 -
Loans to associated companies 2,593,659 -
Other financial investments 12,610,209 -
23,679,309 -
-
198,637 -
-
-
7,668,309
-
358,647 -
2,218,739 5,849,565 9,432,721
-
1,535,527 -
-
-
4,129,187
(135,214) 4,502,109 (399,382) -
(1,251,138) 15,326,584
(135,214) 6,594,921 (399,382) 2,218,739 4,598,426 36,556,800
The amount recorded under “Transfers and deductions” in the item “Financial Investments in equity” refers to
the transfer of goodwill under the acquisition of Indáqua – Indústria e Gestão de Águas, S.A. from the item
“goodwill” to the item “Financial Investments in equity”.
The 2,902,411 Euros recorded under “Increases” in the item “Other financial investments” refers to the loan
extended by the investee Soares da Costa Costa Rica, S.A. to Autopistas Del Sol, S.A., a company in which
Grupo Soares da Costa holds an indirect interest of 17%.
As at 30 September 2009 and 31 December 2008 the balance recorded under “Other financial investments”
breaks down as follows:
30-Sep-2009 31-Dec-2008
Financial assets in own capital instruments at cost 3,889,472 4,271,327
Financial assets in own capital instruments at fair value per result 4,579,387 4,614,446
Other financial investments 6,857,725 3,724,436
15,326,584 12,610,209
Financial investments in own capital instruments are recorded at acquisition cost, except for marketable
instruments which are recorded at market prices.
b) Accumulated depreciations and value adjustments
Movement in accumulated depreciations and value adjustments of financial investments is as follows:
Variation Exchange
Financial Investments Opening Balance changeStrengthening payment Adjustments effectsClosing Balance
Investment Properties 1,502,026 -
Other financial investments 395,757 -
1,897,783 -
117,335 -
-
1,619,362
14,425 (66,342) (2,946) 340,895
131,761 (66,342) (2,946) 1,960,257
Income of 131,459 Euros relating to investment properties was recorded in the half ending on 30 September
2009.
No direct operating expenses were incurred in the period on the investment properties nor were there
contractual obligations to buy, build or develop investment properties or to repair, maintain or expand them.
As at 30 September 2009 the investment properties were recorded at their fair value.
12. BREAKDOWN OF INVENTORIES
25

Inventories 30-Sep-2009 31-Dec-2008
Raw materials, subsidiary materials and consumables 41,131,114 37,656,366
Products and work in progress 84,001,072 77,393,119
Finished and intermediate Products 36,963,301 34,593,669
Goods 17,639,343 3,504,128
Deferrals to the purchasing account 116,494
2,279,915
Value adjustments (3,827,436) (2,995,594)
176,023,887 152,431,603
Details follow of the main “Goods and works in progress” as at 30 September 2009:
26

Ongoing works 64,730,820
Sigma - Omega Compound 3,529,816
Min. of Public Works – Presidential Palace 3,103,011
Sonils – Expansion of Sonils’ Complex 3,074,534
Atlantic Towers - Torres Atlântico Project 2,898,359
Sonils – Container Terminal 2,707,718
Cr Roca - Largo Do Ambiente Building 2,581,911
Sivol - Sana Luanda Royal Hotel 2,026,170
Sonils – Various Works at Sonils 2,000,115
Sonangol - Sonair Hangar Renovation 1,784,592
Inea - Luanda-Viana Expressway 1,420,595
Sá Carneiro Airport – Logistics Centre 1,185,287
Inea – Catumbela Bridge 1,044,000
Spfa – Lara Residence 1,006,284
El Gourzi/Toug. - Biskra ( Algeria ) 941,714
Sonils – Bp's Facilities 937,819
Humba - Cabolombo Condominium 851,200
Bayview - Tta-2 Office Buildings 844,993
Belas Angola – The Belas I Venture 802,088
Sonils – Fmc's Facilities 786,389
Taourirt / Beni Ansar ( Morocco ) 780,923
Port Oran Plots 1 and 3 739,687
Construction Works Of Lugoj By-Pass - Romania 676,439
Inss- National Institute of Social Security 611,996
Sonangol Parking Lot Building 609,219
The Palácio Do Freixo Hotel 605,274
Edia-Pisão/Roxo effluent outf alls 600,000
Sonangol – Reopening of Canteen in Boavista 569,264
Wellness Longevity Resort -Monchique 546,177
Tulipamar - Finishings Aparthotel 500,000
Other ongoing works (amounts per work under 500,000 Euros) 24,965,246
Real-estate works in progress 19,270,252
Soares Da Costa Condominium in South Luanda 9,045,458
Alcântara Sto Amaro 102 C/D 3,824,474
Casas de Gaia Condominium 3,268,122
Alcântara Luís de camões 38-40 1,325,934
Project South Luanda 793,386
Other Real-estate works in progress 1,012,877
Total Products and Works in Progress 84,001,072
13. BREAKDOWN OF ACCOUNTS RECEIVABLE
Accounts receivable 30-Sep-2009 31-Dec-2008
Customers, current accounts 384,352,236 326,423,379
Customers – other receivables 5,877,770 6,369,252
Clients - bad debts 16,697,486 19,206,391
Value adjustments (16,975,160) (19,439,447)
Customers 389,952,333 332,559,575
Associated companies 6,669,933 6,699,896
Advances to suppliers/Fixed assets suppliers 6,690,191 2,154,084
State and other public bodies 10,226,389 11,433,465
Other debtors 27,219,737 24,479,996
Value adjustments (5,209,527) (5,230,390)
Other Accounts receivable 45,596,723 39,537,051
27

The Group’s exposure to credit risk is posed by accounts receivable resulting from the group’s everyday
business activity, and the maximum exposure to the credit risk is the nominal value of its accounts
receivable. There is no significant concentration of credit risk as at 30 September 2009.
Company Description To fall due 0 to 180 days 181 to 360 days 361 to 540 days 541 to 720 days over 720 days Total
Soc. Construções Soares da Costa, SA 65,851,008 52,648,986 86,463,010 22,926,751 9,498,378 43,367,272 280,755,406
CONTACTO - Soc. Construções, S.A. 16,544,165 8,174,015 1,629,036 389,661 -
60,191 26,797,068
Soares da Costa Construction Services, LLC 5,298,163 588,492 -
6,188,926 -
-
12,075,581
CLEAR ANGOLA, S.A. 3,594,090 2,548,567 930,908 1,186,559 6,534 595,445 8,862,103
CLEAR - Instalações Electromecânicas, S.A. 4,168,602 1,582,345 640,755 178,606 84,187 59,705 6,714,201
Soares da Costa Moçambique, SARL 2,548,914 2,564,713 838,569 100,844 84,157 257,387 6,394,585
Prince Contracting, LLC 4,141,154 659,296 553,818 -
-
-
5,354,267
SOMAFEL - Engenharia e Obras Ferroviárias, S.A. 1,236,424 2,941,738 232,498 21,759 836 18,464 4,451,718
Construções Metálicas SOCOMETAL, S.A. 3,005,587 110,901 179,976 995,666 1,366 22,795 4,316,290
Soares da Costa Serviços Técnicos e de Gestão, S.A. 20,972 3,052,826 -
-
-
-
3,073,798
Israel Metro Builders - a Registered Partnership -
-
2,922,865 -
-
-
2,922,865
OFM - Obras Públicas, Ferroviárias e Marítimas, S.A. 1,962,918 629,751 31,335 1,353 3,421 1,612 2,630,391
Matosinhos, ACE 1,036,749 1,423,170 -
-
-
-
2,459,919
Normetro - Agrupamento do Metropolitano do Porto, ACE 2,334,621 45,113 -
-
-
-
2,379,734
LGC - Linha de Gondomar, Construtores, ACE -
-
2,159,896 -
-
-
2,159,896
HidroAlqueva, ACE - 1,978,559 -
-
-
-
1,978,559
GCVC, ACE 568,477 1,198,994 -
-
-
-
1,767,471
GACE - Gondomar, ACE - 1,595,286 -
-
-
-
1,595,286
Soares da Costa S. Tomé e Principe - Construções, Lda 109,015 505,379 53,120 728,165 -
55,353 1,451,032
C.P.E. - Companhia de Parque de estacionamento, S.A. 82,483 199,507 52,294 650,360 11,520 83,623 1,079,787
Soares da Costa Construcciones Centro Americanas, SA 281,047 653,588 -
-
-
-
934,635
Carta - Restauração e Serviços, Lda 349,609 425,655 -
-
-
-
775,264
TRANSMETRO, ACE 517,245 -
1,526 -
-
-
518,772
Porto Construction Group, LLC 185,559 168,633 24,474 92,196 -
-
470,863
NAVEGAIA - Instalações Industriais, S.A. -
-
2,282 4,615 8,611 396,158 411,666
GCF - Grupo Construtor da Feira, ACE 328,760 -
-
-
-
-
328,760
Other Companies 665,094 531,391 159,245 22,321 50,545 263,724 1,692,320
114,830,654 84,226,906 96,875,608 33,487,783 9,749,555 45,181,729 384,352,236
The table above presents the aging list of trade accounts receivable held by the Group’s main subsidiaries. A
substantial part of the receivables refer to long-standing receivables from government authorities, for which
there is no risk of default.
As at 30 September 2009 and 31 December 2008 the item “State and other public bodies” breaks down as
follows:
30-Set-09 31-Dez-08
Value Added Tax 10,197,039 11,425,338
Others 29,351 8,126
10,226,389 11,433,465
14. BREAKDOWN OF OTHER CURRENT ASSETS
Other current assets 30-Sep-2009 31-Dec-2008
Acrued turnover 90,853,539 71,745,117
Deferred costs 34,535,635 56,193,765
125,389,174 127,938,882
As at 30 September 2009 these items break down as follows:
28

30-Sep-2009 31-Dec-08
Accrued income
Non-invoiced f inished works 84,946,267 56,426,379
Estimate of income per part 2,651,216 13,341,438
Other accrued income 3,256,057 1,977,300
90,853,539 71,745,117
Deferred costs
Initial costs for start-up of works 23,571,496 46,618,878
Costs of setting up financing operations 3,817,419 5,256,783
Other deferred costs 7,146,719 4,318,104
34,535,635 56,193,765
The item “Arrangement costs for financing operations” mainly refers to costs incurred on issuing obligations
in FY 2007 to be allocated over the settlement term.
The item “ Estimated revenue by band” refers to traffic revenue generated but not yet billed.
15. BREAKDOWN OF CASH AND EQUIVALENTS
Cash and equivalents 30-Sep-2009 31-Dec-2008
Bank deposits 121,076,545 65,004,783
Cash 1,816,092 1,750,316
122,892,637 66,755,099
The total balances presented as at 30 September 2009 and 31 December 2008 of 23,983,771 Euros and
23,013,272 Euros respectively refer to non-recourse cash and cash equivalents recorded as term deposits of
the motorway concessionaire Scutvias - Autoestradas da Beira Interior, S.A.
The financing and concession agreements entered into by the associated company Scutvias – Autoestradas
da Beira Interior, S.A. require the maintenance of deposits equal to 5/3 of the upcoming debt service
payment. As at 30 September 2009 and 31 December 2008 the reserves of sight deposits or term deposits
included in the consolidated balance sheet total the above amounts.
16. COMPOSITION OF SHARE CAPITAL AND RESERVES
Following the extraordinary general meeting held on 04 July 2006 which resolved to split the shares from 5
Euros to 1 Euro, the fully paid-in and realised share capital of Grupo Soares da Costa SGPS, S.A. consists of
160,000,000 bearer shares with a par value of 1 Euro each. As at 30 September 2009 the 160,000,000
bearer shares consist of 159,994,482 ordinary shares and 5,518 preferential shares.
Changes in own shares in the first three quarters of 2009 may be summarised as follows:
Number Discounts
of Shares and premiums Amount
Opening Balance 1,594,738 (287,992) 1,306,746
Purchases -
-
-
Disposals (1,594,738) 287,992 (1,306,746)
Closing Balance -
-
-
In the first three quarters of 2009 the parent company Grupo Soares da Costa, SGPS, S.A. sold 1,594,738
own shares at an average price of 1.188 Euros, boosting the value of the Group’s consolidated capital by
1,895,001 Euros.
Portuguese trade law states that at least 5% of annual net income must be allocated to the “Legal reserve”
until this reserve reaches at least 20% of the share capital. This reserve cannot be distributed, except in the
29

case of liquidation, but can be used to absorb losses, after all other reserves have been used up, and to
increase the share capital.
The exchange conversion reserve reflects the exchange variance incurred on the translation of affiliates’
financial statements from a currency to Euros and cannot be distributed or used to absorb losses.
The revaluation reserves cannot be distributed to shareholders, unless they have been fully amortised or the
respective items subject to revaluation have been sold.
In FY 2009 the participated companies Auto-estradas XXI – Subconcessionária, S.A. and CPE – Companhia
de Parque de Estacionamento, S.A. took out financial instruments to hedge against interest rate changes. As
at 30 September 2009 the sum of (12,975,558) Euros was recorded under “Reserves and retained profits”, in
addition to these financial instruments and the interest rate coverage financial instruments taken out in prior
years by the companies Scutvias – Autoestradas da Beira Interior, S.A. and Intevias – Serviços e Gestão, S.A.
17. BANK LOANS
On 30 September 2009 bank loans, under the form of secured current accounts, were accruing interest at an
average annual rate of 5.715%.
Holding
Grupo Soares da Costa, SGPS, S.A. has contracted with a banking syndicate the placement and
underwriting of Commercial Paper issues up to a limit of 22,000 thousand Euros, under the scope of a
program contract valid until 19 June 2010. As at 30 September 2009 this placement was being fully used.
Loan taken out by Grupo Soares da Costa, SGPS, S.A. with the Caixa Geral de Depósitos for the sum of
1,200 thousand Dollars, to be paid back in 4 half-yearly instalments starting in July 2011.
Loan taken out by Grupo Soares da Costa, SGPS, S.A. with the Caixa Geral de Depósitos for the sum of
3,500 thousand Euros, to be paid back in 14 quarterly instalments starting March 2013.
Loan, in the form of Hot Money, taken out by Grupo Soares da Costa, SGPS, S.A. with the Caixa de
Depósitos for the sum of 4,240 thousand Euros, to be repaid between in October 2009.
Loan taken out by Grupo Soares da Costa, SGPS, S.A. in the current amount of 20,000 thousand euros, to
be repaid in November 2015.
Loan taken out by Grupo Soares da Costa, SGPS, S.A. in the current amount of 80,000 thousand euros, to
be repaid in December 2017.
Construction Area
Loan, in the form of Hot Money, taken out by Sociedade de Construções Soares da Costa, S.A. with the
Caixa Nova for the sum of 1,250 thousand Euros, to be repaid between November and December 2009.
Loan, in the form of Hot Money, taken out by Sociedade de Construções Soares da Costa, S.A. with
Finibanco for the sum of 1,000 thousand Euros, to be repaid in October 2009.
Loan taken out by Sociedade de Construções Soares da Costa, S.A. with the Caixa Geral de Depósitos for
the sum of 1,238 thousand Dollars, to be paid back in 10 quarterly instalments starting in January 2012.
Loan taken out by Sociedade de Construções Soares da Costa, S.A. with Caixa Nova for the sum of 1,350
thousand Euros, to be paid back in 27 half-yearly instalments starting in January 2023.
Loan taken out by Sociedade de Construções Soares da Costa, S.A. with Banco BPI for the sum of 2,035
thousand Euros, to be paid back in 10 quarterly instalments starting in February 2012.
30

Loan taken out by Sociedade de Construções Soares da Costa, S.A. with Banco BPI for the sum of 2,584
thousand Euros, to be paid back in 12 quarterlyinstalments starting in September 2012.
Loan taken out by Sociedade de Construções Soares da Costa, S.A. with the Banco Português de Negócios
for the sum of 500 thousand Dollars, to be paid back in 6 monthly instalments starting in March 2010.
Loan taken out by Sociedade de Construções Soares da Costa, S.A. with Banco Português de Negócios for
the sum of 7,293 thousand Dollars, to be paid back in 15 half-yearly instalments starting in May 2013.
Loan taken out by Sociedade de Construções Soares da Costa, S.A. with the BAI Europa for the sum of 900
thousand Euros, to be paid back in 4 quarterly instalments starting in July 2010.
Loan taken out by Sociedade de Construções Soares da Costa, S.A. with the BAI Europa for the sum of
4,000 thousand Euros, to be paid back in 6 monthly instalments starting in May 2010.
Loan taken out by Sociedade de Construções Soares da Costa, S.A. with the Caixa Nova for the sum of
2,000 thousand Euros, to be paid back in 6 quarterly instalments starting in May 2011.
Loan taken out by Sociedade de Construções Soares da Costa, S.A. with Banco BIC for the sum of 2,000
thousand Euros, to be paid back in 30 monthly instalments starting in June 2012.
The subsidiary 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 15,000 thousand Euros, under the
scope of a program contract valid until June 2012. As at 30 September 2009 this placement was being fully
used.
The subsidiary 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 5,000 thousand Euros, under the
scope of a program contract valid until January 2014. As at 30 September 2009 this placement was being
fully used.
The subsidiary 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 15,000 thousand Euros, under the
scope of a program contract valid until June 2012. As at 30 September 2009 this placement was being fully
used.
Loan taken out by Sociedade de Construções Soares da Costa, S.A. with the Banco de Fomento de Angola
for the sum of 6,000 thousand Dollars, to be paid back in 40 monthly instalments starting in January 2013.
Loan taken out by Sociedade de Construções Soares da Costa, S.A. with the Banco Africano de
Investimentos for the sum of 3,140 thousand Dollars, to be paid back in 3 half-yearly instalments starting in
July 2011.
Loan taken out by Sociedade de Construções Soares da Costa, S.A. with the Banco Africano de
Investimentos for the sum of 1,919 thousand Dollars, to be paid back in 9 monthly instalments starting in
June 2010.
Loan taken out by Sociedade de Construções Soares da Costa, S.A. with the Banco Africano de
Investimentos for the sum of 4,013 thousand Dollars, to be paid back in 16 half-yearly instalments starting in
May 2015.
Loan taken out by Sociedade de Construções Soares da Costa, S.A. with the Banco de Fomento de Angola
for the sum of 1,687 thousand Dollars, to be paid back in 3 half-yearly instalments starting in February 2011.
Loan taken out by Soares da Costa Concessões, SGPS, S.A. with the Caixa Nova for the sum of 727
thousand Euros, to be paid back in 25 monthly instalments starting in October 2011.
Concessions Area
31

Loan taken out by Soares da Costa Concessões, SGPS, S.A. with the Banco Comercial Português for the
sum of 1,228 thousand Euros, to be paid back in 1 monthly instalments starting in December 2009.
Loan taken out by Soares da Costa Concessões, SGPS, S.A. with Banco BPI for the sum of 2,857 thousand
Euros, to be paid back in 6 half-yearly instalments starting in December 2012.
Loan taken out by Soares da Costa Concessões, SGPS, S.A. with Banco Popular for the sum of 17,500
thousand Euros, to be paid back in 52 half-yearly instalments starting in December 2024.
Loan taken out by Soares da Costa Concessões, SGPS, S.A. with the BANIF Banco de Investimentos de
Investimentos for the sum of 3,500 thousand Dollars, to be paid back in 14 half-yearly instalments starting in
August 2016.
Loan taken out by CPE Companhia de Parques de Estacionamento, S.A. with Banco BPI for the sum of
30,000 thousand Euros, to be paid back in 39 half-yearly instalments starting in December 2028.
Loan taken out by CPE Companhia de Parques de Estacionamento, S.A. with Banco BPI for the sum of
3,000 thousand Euros, to be paid back in 9 half-yearly instalments starting in December 2013.
Loan taken out by Intevias Serviços e Gestão, S.A. with Banco BPI for the sum of 62,290 thousand Euros, to
be paid back in 15 annual instalments starting in July 2028.
Real Estate Area
Loan taken out by Ciagest Imobiliária e Gestão, S.A. with Banco Comercial Português for the sum of 2,666
thousand Euros, to be paid back in 42 quarterly instalments starting in february 2020.
Loan taken out by Ciagest Imobiliária e Gestão, S.A. with Banco Comercial Português for the sum of 13,626
thousand Euros, to be paid back in 45 quarterly instalments starting in December 2020.
Loan taken out by Ciagest Imobiliária e Gestão, S.A. with the Caixa Nova for the sum of 4,097 thousand
Euros, to be paid back in 68 quarterly instalments starting in May 2015.
Loan taken out by Ciagest Imobiliária e Gestão, S.A. with the Caixa Nova for the sum of 1,750 thousand
Euros, to be paid back in 24 half-yearly instalments starting in April 2013.
Loan taken out by Soarta – Sociedade Imobiliária Soares da Costa, S.A. with the Caixa Nova for the sum of
1,564 thousand Euros, to be paid back in 3 quarterly instalments starting in November 2010.
Loan taken out by Soarta – Sociedade Imobiliária Soares da Costa, S.A. with the Caixa Nova for the sum of
413 thousand Euros, to be paid back in 4 quarterly instalments starting in November 2012.
Loan taken out by Soarta – Sociedade Imobiliária Soares da Costa, S.A. with the Caixa Nova for the sum of
600 thousand Euros, to be paid back in 4 quarterly instalments starting in November 2011.
Loan taken out by Cais da Fontinha Investimentos Imobiliária, S.A. with the Caixa Nova for the sum of 2,995
thousand Euros, to be paid back in 8 quarterly instalments starting in March 2013.
Loan taken Navegaia Instalações Industriais, S.A. with the Banco Popular Portugal for the sum of 285
thousand Euros, to be paid back in 26 monthly instalments starting in November 2011.
As at 30 September 2009 the item “Bank loans” in the non-current liabilities includes the financing loans
secured by the associated company Scutvias – Autoestradas da Beira Interior, S.A. to fund the construction
of the motorway subject to concession, from Banco Europeu de Investimento and the banking syndicate, to
the amounts of 108,001,574 Euros and 95,221,054 Euros respectively. The main terms under these loans
are as follows:
32

Line Interest rate
1st depreciation
Last depreciation
Banking syndicate
European Investment Bank
Variable rate tied to Euribor 6 M
Fixed rate of 6.43%
1st Half 2006
2nd Half 2007
1st Half 2019
1st Half 2024
The Company is also subject to the performance of financial restriction ratios under these financing
agreements. The ratios presented below may not fall below the minimum values under pain of contractual
breach. As at 30 September 2009 the participated company is performing these requisites.
Ratio
Annual Coverage Ratio of the Debt Service without
Cash
Coverage Ratio of the Loan Life
Description
(Cash Flow to Service Debt) / Debt Servicing
Sum of Present Value of ((Cash Flow to Service Debt +
Balance of Reserves except for Liquidity Reserve and Debt
Service Reserve)/ Debt Servicing)
Minimum
The nominal value of the loans recorded in the consolidated balance sheet as at 30 September 2009 have
the following maturities:
Maturities Bank loans
Debenture
loans
Other loans
received
2009 84,435,542 -
-
2010 100,725,316 -
-
2011 39,725,952 -
-
2012 47,569,331 -
-
2013 42,119,215 -
-
2014 44,062,654
-
-
After - 2014 246,647,266 100,000,000
-
605,285,276 100,000,000 -
Bank overdrafts Factoring Total
16,318,093 30,680,698 131,434,333
-
- 100,725,316
-
- 39,725,952
-
- 47,569,331
-
- 42,119,215
-
- 44,062,654
-
- 346,647,266
16,318,093 30,680,698 752,284,067
The non-recourse debts referring to the quarter ending on 30 September 2009 derive solely from bank loans,
as follows:
Maturities
Bank loans
2009 7,730,789
2010 13,036,526
2011 13,602,259
2012 13,921,788
2013 16,002,457
2014 31,636,769
after 2014 197,682,465
293,613,053
1.05 x
1.15 x
33

The Group’s loans as at 30 September 2009 are charged the following interest rates:
Nature Minimum Maximum
Secured accounts 1.595% 5.443%
Hot Money 2.843% 4.752%
Bank loans 2.256% 7.478%
Debenture loan 2.351% 2.382%
Commercial paper issuing 1.878% 3.503%
Except for the loans of the associated company Scutvias – Autoestradas da Beira Interior, S.A., the
participated company Intevias – Serviços e Gestão, S.A., the investee CPE – Companhia de Parque de
Estacionamento. S.A and the associated company Auto-Estradas XXI – Subconcessionária, S.A. stated in
the consolidated balance sheet at 103,014,911 Euros, 57,492,000 Euros, 21,000,000 Euros and 29,480,492
Euros respectively, the bank loans associated with the financial instruments described below are charged
varying market interest rates, meaning that the group is exposed to changes in market interest rates.
Based on the net level of financing as at 30 September 2009 and 31 December 2008 a change of one
percent in the index interest rate would have an annual impact on the financial charges of 4.350 million Euros
and 4.347 million Euros respectively. Furthermore, an interest rate hike would have a positive effect on the
financial income due to the appreciation of the financial instruments described below.
In the Concessions area the companies of Grupo Scutvias, Intevias, CPE and Autoestradas XXI have taken
out the following interest rate coverage instruments:
Swap Scutvias - Autoestradas da Beira Interior, S.A.
Type of financial instrument: Derived
Description of derived instrument: Interest rate coverage of 100% of the debt
to the Banca Comercial (throughout the Debt period).
Banks: BCP / BPI / BAYERISCHE / CGD
Currency: Euro
Contract Date: 24-09-1999
Start date: 01-10-1999
Maturity date: 04-10-2018
Frequency: Half yearly
Swap: 714.00
Total amount covered on 30-09-09: 309,075,641 Euros
Reference: Euribor + 1% in construction phase;
Euribor + 0.9% in operation phase
Swap Intevias - Serviços e Gestão, S.A.
Type of financial instrument: Derived
Description of derived instrument: Interest rate coverage
Bank: BPI
Currency: Euro
Contract Date: 04-12-2008
Start date: 03-12-2008
Maturity date: 15-07-2023
Frequency: annual
Swap: 345.00
Total amount covered on 30-09-09: 57,492,000 Euros, redeemable
Reference: Euribor 12 M
34

The participated company CPE – Companhia de Parque de Estacionamento, S.A. took out an interest rate
swap from a financial institution worth 21,000,000 Euros, redeemable, to partly cover the interest-rate risk
posed by a loan of 30,000,000 Euros. This interest-rate swap has been summarised below:
CPE - Companhia de Parques de Estacionamento, S.A.
Type of financial instrument: Derived
Description of derived instrument: Interest rate coverage
Bank: BPI
Currency: Euro
Contract Date: 09-06-2009
Start date: 10-06-2009
Maturity date: 10-12-2028
Frequency: half yearly
Swap: 419.00
Total amount hedged on 30-09-09: 21,000,000 Euros, redeemable
Reference: Euribor 6 M
In the first half of 2009 the associated company Auto-estradas XXI – Subconcessionária, S.A., in which the
group has a 50% interest, took out interest rate swaps from several financial institutions presently worth
58,960,984 Euros and a maximum of 557,088,589 Euros, redeemable, to cover the interest rate risk. This
interest-rate swap has been summarised below:
Auto-estradas XXI - Subconcessionária, S.A.
Type of financial instrument: Derived
Description of derived instrument: Interest rate coverage
Bank: BBVA, BANESTO, BANCO POPULAR, CAJA
MADRID, SANTANDER TOTTA, BPI, LA CAIXA
Currency: Euro
Contract Date: 30-01-2009
Start date: 03-02-2009
Maturity date: 31-12-2029
Frequency: Half yearly
Swap: 422.00
Total amount hedged on 30-09-09: 58,960,984 Euros, redeemable
Reference: Euribor 6 M
As at 30 September 2009 these instruments had been designated as coverage as they met the formal
requisites of IAS 39 related to the documentation and effectiveness of the derived instrument’s coverage.
These financial instruments are valued by the financial institutions they were taken out from.
18. BREAKDOWN OF OTHER THIRD-PARTY DEBTS
As at 30 September 2009 the item “Other third-party debts” breaks down as follows:
35

Accounts payable 30-Sep-2009 31-Dec-2008
Other creditors 13,484,841 11,663,076
Accounts payable - non-current 13,484,841 11,663,076
Affiliated and participant companies 1,017,340 214,937
Other shareholders (partners) 123,620 60,136
State and other public bodies 7,788,876 4,803,072
Other creditors 39,016,235 33,950,886
Accounts payable - current 47,946,071 39,029,031
Details follow of the item “State and other public bodies” as at 30 September 2009 and 31 December 2008:
30-Set-09 31-Dez-08
Value Added Tax 5,212,953 2,007,785
Social Security contributions 1,732,298 1,603,873
Others 843,624 1,191,414
7,788,876 4,803,072
19. BREAKDOWN OF OTHER CURRENT LIABILITIES
Other current liabilities 30-Sep-2009 31-Dec-2008
Accrued income 128,725,781 90,829,721
Deferred costs 39,289,724 52,706,552
168,015,504 143,536,273
As at 30 September 2009 and 31 December 2008 these items break down as follows:
30-Sep-2009 31-Dec-08
Accrued costs
Invoices to receive 102,966,835 69,437,018
Remunerations payable 11,783,098 10,228,307
Interest payable 7,449,931 2,265,808
Other accrued costs 6,525,916 8,898,588
128,725,781 90,829,721
Deferred income
Invoiced unfinished works 38,662,525 51,557,090
Early rents 297,003 301,445
Other deferred income 330,196 848,017
39,289,724 52,706,552
20. BREAKDOWN IN ANNUAL MOVEMENT OF VALUE ADJUSTMENTS AND PROVISIONS
Movement in value adjustments is as follows:
36

Perimeter
Value adjustments Note Opening Balance change Accruals ReductionClosing Balance
Customers - bad debts 19,439,447 -
Customers 13 19,439,447 -
Other debtors 5,230,391 -
Other Accounts receivable 13 5,230,391 -
Raw materials, subsidiary materials and consumables 115,631 -
Products and work in progress 250,202 -
Finished and intermediate Products 2,469,515 -
Goods 160,246 -
Inventories 12 2,995,594 -
Other financial investments 395,757 -
Financial Investments 11 395,757 -
Value Adjustments Total 28,061,189 -
Movement in provisions is as follows:
129,440 (2,593,727) 16,975,160
129,440 (2,593,727) 16,975,160
19,111 (39,975) 5,209,527
19,111 (39,975) 5,209,527
-
(21,769) 93,862
144,510 (107,754) 286,958
820,000 (652) 3,288,863
41,116 (43,609) 157,752
1,005,626 (173,784) 3,827,435
23,891 (78,754) 340,894
23,891 (78,754) 340,894
1,178,066 (2,886,239) 26,353,016
Perimeter
Provisions Opening Balance change Accruals ReductionClosing Balance
Other provisions for risks and charges 563,601 -
563,601 -
-
-
- 10,498
553,103
- 10,498
553,103
The existing provisions, most of which have been recorded by the participated company Contacto –
Sociedade de Construções, S.A. (consolidated for the first time in FY 2008 by the full consolidation method),
refer to judicial proceedings in progress as at 30 September 2009. These provisions were measured
according to the expected future outflow.
Losses due to impairment related to third-party debts are recorded based on an individual risk analysis,
considering the nature of the third party, the arrears and the Group’s experience in similar situations.
Details follow of the value adjustments and existing provisions as at 30 September 2009 by primary reporting
segment:
Civil
Construction
and Works
Related
Industries Real-estate Concessions
Financial Investments
Other financial investments 18,967 -
2,108 -
Inventories
18,967 -
2,108 -
Raw materials, parts and consumables 93,863 -
-
-
Finished and intermediate Products 3,120,000 -
168,862 -
Products and works in progress -
286,957 -
-
Goods -
-
157,753 -
3,213,863 286,957 326,615 -
Financial
shareholdings
Customers
Customers - bad debts 15,680,213 57,953 1,233,609 3,385 -
Other Accounts receivable
15,680,213 57,953 1,233,609 3,385 -
Other debtors 1,469,480 - 3,740,047 -
-
1,469,480 - 3,740,047 -
-
Other provisions for risks and charges 552,988 115
552,988 115
Total
consolidated
319,819 340,894
319,819 340,894
-
-
-
-
-
93,863
3,288,862
286,957
157,753
3,827,435
16,975,160
16,975,160
5,209,527
5,209,527
20,382,523 344,910 5,302,379 3,385 319,819 26,353,016
-
-
-
-
-
-
553,103
553,103
37

21. RELATED PARTIES
Balances and transactions between the group companies within the perimeter of the consolidation are
eliminated in the consolidation process, and are not the target of the disclosure in this note. Balances and
transactions between the Group and associate companies (consolidated by the accruals method) are broken
down in the following table.
The terms and conditions practiced between the Group and related factions are substantially the same as the
terms normally contracted between independent entities in comparable operations.
Balances as at 30 September 2009 Customers
Other
Accounts
receivable
Loans to
Group
companies and
associated
companies
Suppliers
Other third
party debts
Gayaexplor - Const.Exploração de Parques Estacionam., Lda 125,408 -
27,500
-
-
Indáqua - Indústria e Gestão de Águas, SA - 6,593,274 2,289,410 76,484
-
Metropolitan Transportation Solutions, ltd. -
-
204,999
- 728,837
Grupul Portughez de Construtii, S.R.L. 740,199 242,494 705,622
-
-
Revia - Redes Rodiviárias e Ferroviárias, Lda. -
-
-
-
-
Mini Price Hotels (Porto), S.A. 48,000
-
68,000
50
-
SDC Emirates Construction, L.L.C. 101,624
913,606 6,937,392 3,295,530 76,534 728,837
Transactions from 01 January to 30 September 2008
External
supplies and
services
Sales and
services
rendered
Interest
debited
Mini Price Hotels (Porto), S.A. -
3,310,209 -
Indáqua – Indústria e Gestão de Águas, S.A. 21,630
-
218,377
Grupul Portughez de Construtii, S.R.L. 237,663 -
-
259,293 3,310,209 218,377
Balances as at 31 December 2008 Customers
Other Accounts
receivable
Loans to Group
companies and
associated
companies
Suppliers
Other third
party debts
Gayaexplor - Const.Exploração de Parques Estacionam., Lda 125,408 -
27,500 -
-
Indáqua - Indústria e Gestão de Águas, SA -
6,467,146 2,289,410 -
-
Metropolitan Transportation Solutions, ltd. -
1,951 204,999 -
685,914
Grupul Portughez de Construtii, S.R.L. -
1,631,711 -
-
-
Mini Price Hotels (Porto), S.A. 1,369,981 50,000 68,000 1,450 -
1,495,389 8,150,808 2,589,909 1,450 685,914
Transactions from 01 January to 30 September 2008
External
supplies and
services
Sales and
services
rendered
Interest
debited
Mini Price Hotels (Porto), S.A. -
3,310,209 -
Indáqua – Indústria e Gestão de Águas, S.A. 21,630
-
218,377
Grupul Portughez de Construtii, S.R.L. 237,663 -
-
259,293 3,310,209 218,377
22. BREAKDOWN OF OTHER OPERATING GAINS AND LOSSES
Other operating gains are as follows:
38

Other operating profits 30-Sep-2009 30-Sep-2008
Own work capitalised 23,892,580 4,706,900
Gains in fixed assets 988,758 75,236
Revenue grants 164,003 215,938
Reversals in adjustments 2,808,174 31,516
Contractual benefits and penalties 1,506,516 -
Other operating turnover and profits 5,883,909 2,706,366
Other operating losses are as follows:
35,243,940 7,735,955
Other operating losses 30-Sep-2009 30-Sep-2008
Taxation 6,210,043 4,639,889
Unrecoverable debts 2,483,809 -
Losses in fixed assets 444,054 104,687
Fines 163,650 558,195
Donations 12,861 77,424
Losses in stocks 4,505 22,178
Other operating costs and losses 5,956,297 3,505,304
15,275,220 8,907,678
23. STAFF
The Group’s companies had an average number of staff included in the consolidation by the full consolidation
method of 5,764 as at 30 September 2009. See details below:
Board Upper
Management
Middle
Management
Foremen Highly qual.
personnel
Qualif./semi
qual.
Unqualified Practitioners/A
pprentices
48 381 251 478 2,386 1,308 828 84
The companies had an average number of staff included in the consolidation by the proportional
consolidation method of 918 as at 30 September 2009. See details below:
Board Upper
Management
Middle
Management
Foremen Highly qual.
personnel
Qualif./semi
qual.
Unqualified Practitioners/A
pprentices
34 144 58 93 364 60 164 1
24. CONSOLIDATED PROFIT AND LOSS STATEMENT
The financial statements for the periods ending at 30 September 2009 and 2008 break down as follows:
39

Costs and losses 30-Sep-2009 30-Sep-2008
Interest paid 28,789,976 30,256,931
Unfavourable exchange rate differences 18,063,317 16,794,776
Other financial costs and losses 10,143,526 5,009,135
Losses in financial investment in Associate Co's. 357,985 385,025
Discounts for prompt payment granted 25,181 526,600
Amortizations of investments in fixed assets 120,073 949
Adjustments to marketable securities -
153,787
Losses in alienation of financial investments 381,860 155,560
(1) 57,881,917 53,282,762
Turnover and Gains 30-Sep-2009 30-Sep-2008
Favourable exchange rate differences 18,541,126 18,534,547
Interest received 3,602,911 5,380,628
Profits in financial investment in Associate Co's. 2,733,627 -
Other financial turnover and profits 5,641,501 -
Rent on properties 227,401 77,518
Discounts for prompt payment granted 6,550 19,455
Income from capital shares 765,217 1,439,279
(2) 31,518,333 25,451,427
Financial results (2)-(1) (26,363,583) (27,831,336)
The item “Other financial costs and losses” mainly refers to the cost of bank guarantees, arrangement fees
and service costs and commission debited by banks.
Gains and losses of associated companies in the periods ending on 30 September 2009 and 2008 break
down as follows:
30-Sep-2009 30-Sep-2008
Losses in associated companies
GAYAEXPLOR – Construção e Exploração de Parques de Estacionamento, Lda -
6
Mini Price Hotels (Porto), S.A. 40,450 7,975
Grupul Portughez de Constructii, S.R.L. 313,026 342,223
GMP MEK, ACE 1,074
Alsoma 34,821
Traversofer, SARL 3,434 -
Gains in associated companies
357,984 385,025
GMP, ACE 29,299 -
Constructota San José - Caldera, S.A. 2,055,701 -
Indáqua – Indústria e Gestão de Águas, S.A. 374,757 -
Cais dos Cruzeiros 2nd phase, ACE 194,962 -
Alsoma, AEIE 78,909 -
2,733,627 -
Gains / (losses) in associated companies 2,375,643 (385,025)
40

25. INCOME TAX AND DEFERRED TAXES
The Companies and their national participated companies are subject to Corporate Income Tax, currently at
the annual rate of 25%, plus local tax . 1 . In FY 2007 the rate started to be calculated at up to a maximum of
1.5% over taxable income, meaning the tax could reach a maximum aggregate rate of 26.5%. Given its legal
form and corporate object, the Company is covered by the tax legislation applicable to portfolio management
companies. Gains and losses in group and associated companies resulting from the application of the equity
method are not relevant for tax purposes, with the dividends received from these associate companies being
tax exempt according to the wording of article 45 of the Trading Income Tax Code.
Since the 2003 financial year, the Grupo Soares da Costa, SGPS, S.A. and some of its subsidiaries in
Portugal (those meeting the respective legal assumptions) pay Trading Income Tax, under the Special Tax
regime for Groups of Companies provided for in article 63 of the Trading Income Tax Code.
According to the legislation in force, tax declarations are subject to review and correction by the tax
authorities for a period of four years (ten years for social security up until and including 2000, and five years
from 2001 onwards), except when there have been tax losses, when tax benefits have been granted, or when
inspections, complaints or objections are in progress, in which case, depending on the circumstances, the
periods may be extended or curtailed. Hence, the tax declarations for the Group companies for 2005 to 2008
may still be subject to review.
The income tax recorded for the periods ending on 30 September 2009 and 2008 is as follows:
Income Tax 30-Sep-2009 30-Sep-2008
Current tax 4,879,097 2,401,195
Deferred Tax (1,307,391) (1,839,900)
3,571,706 561,295
The assets and liabilities for deferred taxes presented in the balance sheet originated from the following
situations:
Assets from deferred taxes 30-Sep-2009 31-Dec-2008
Damages Statement 8,959,889 8,737,529
Difference in Appreciation of Tangible Fixed Assets 3,628,328 3,682,069
Value Adjustments to Stocks 57,638 57,638
Value Adjustments in Accounts Receivable 9,140 9,140
Difference in Appreciation of Financial Investments 1,352 1,352
Others 2,371,376 1,421,257
15,027,723 13,908,985
1 Law 2/2007 of 15 January (art. 14, 1) – Local Finances Law. The rate was as high as 10% of Corporate Income Tax in
the past.
41

Liabilities from deferred taxes 30-Sep-2009 31-Dec-2008
Difference in Appreciation of Tangible Fixed Assets 18,064,049 17,577,887
Difference in Appreciation of Financial Investments 427,430 -
Value Adjustments to Stocks 269,333 269,333
Unacceptable provisions for tax purposes 7,962,128 8,174,279
Captial Gains on Deferred Tax 473,476 438,870
Others 45 62
27,196,462 26,460,431
Deferred tax assets deriving from reportable tax losses break down as follows in each financial year:
Year of Origin End of Life Amount
2009 2015 1,237,495
2008 2014 2,664,463
2007 2013 4,774,986
2006 2012 4,164,148
2005 2011 3,391,493
2004 2010 6,434,475
According to the applicable legislation, these losses can only be used if the respective companies generate a
positive tax result.
26. PROFIT PER SHARE
As stated in note 16, 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 Companies Code (CSC).
Profit per share 30-Sep-2009 30-Sep-2008
Net result of ongoing activities, of minority interests 7,398,316 5,052,272
Net result 7,398,316 5,052,272
Number of preferential shares 5,518 27,000,000
Total number of ordinary shares 159,994,482 133,000,000
Total number of own shares -
-
Average weighted number of ordinary shares 159,008,968 133,000,000
Profit attrib. to preferential shares 207 1,012,500
Profit per share of ongoing activities
Basic 0.047 0.030
Diluted 0.047 0.030
Profit per share
Basic 0.047 0.030
Diluted 0.047 0.030
The company does not have convertible debt instruments, meaning the basic result is the same as the
diluted result.
The general meeting held on 04 July 2006 resolved to conduct a stock split from 5 Euros to 1 Euro, in
accordance with notice 788/06 issued by Euronext Lisboa, as announced in the share price newsletter dated
10 August 2006. At the reporting date the company’s capital accordingly consists of 160,000,000 shares.
42

27. ASSETS HELD FOR SALE AND ACTIVITIES BEING DISCONTINUED
There were no assets held for sale or activities being discontinued as at 30 September 2009.
28. GUARANTEES PROVIDED
Details follow of the bank guarantees and collateral provided by the Group to third parties as at 30 September
2009, classified by currency:
Euro American dollar Mozambican MeticalSão Tomé and Príncipe dobra Other Total
Bank Guarantees provided to third parties 443,236,430 320,769 2,691,395
Sureties provided 5,137,605 -
-
29. FINANCIAL RISKS:
Exchange risk
-
87
4,830,700 451,079,294
-
5,137,692
This risk arises mainly from the international presence of the Soares da Costa Group. Operations by some of
the Group’s companies in foreign markets, in particular Angola, other Portuguese-speaking countries and the
United States of America (Florida), expose the Group to effects derived from movements in the parity of
currencies against the euro. The exchange rate risk management policy followed by the Group aims to
mitigate as much as possible the sensitivity of the group’s earnings to exchange variance. This being so, the
Group aims as far as possible to balance assets with liabilities in the same currency.
Monetary assets and liabilities denominated in foreign currency, converted into Euros as at 30 September
2009, are as follows:
EUR USD AOK MZM STD CRC ILS Other Total
788,740,423 25,584,048 11,288,192 1,127,775 3,934,756 1,100,938 76,025 -
Assets
Liabilities
25,683,127 1,639,008 -
-
-
427,430 -
-
Nonmonetary assets and liabilities denominated in foreign currency, converted into Euros as at 30
September 2009, are as follows:
Credit Risk
This risk is associated with accounts receivable arising from the Group’s normal operations. Credit risks at
each reporting date are detected by the departments they concern. The need to record impairment is
determined according to the age of the receivable, the client’s risk profile, previous experience and other
factors.
As at 30 September 2009 the Board of Directors believes that the estimated adjustments to accounts
receivable have been adequately presented in the financial statements.
As at 30 September 2009 the accounts receivable for which adjustments have not been recorded as they are
deemed reasonable are as follows:
831,852,155
27,749,566
43

Liquidity Risk
Customers, other
Maturity Customers, current accounts Customers, bad debts Total
receivables
Unmatured 114,830,654 5,877,770 -
120,708,424
0 to 180 days 84,226,906 -
-
84,226,906
181 to 360 days 96,875,608 -
5,008 96,880,616
361 to 540 days 33,487,783 -
-
33,487,783
541 to 720 days 9,749,555 -
-
9,749,555
over 720 days 44,899,049 -
-
44,899,049
Total 384,069,555 5,877,770 5,008 389,952,333
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 cash flow to meet it. The management of
liquidity risk therefore includes managing potential imbalances between the requirements for funds (for
operating and financial costs, investments and maturing debts) and the sources of revenue flows (receipts
from customers, disinvestments, financing commitments by financial entities). Parallel to this, the Group
adopts management measures which avert the occurrence of this risk through appropriate and timely cash
flow management. To manage liquidity risk the Group maintains a balance between the term and flexibility of
contracted debt through the use of staggered financing which reflects the requirement for funds. In addition to
this the Group has cash flow contracts which avoid the occurrence of (temporary) cash flow problems.
The maturity of the financial liabilities as at 30 September 2009 is as follows:
Maturities Loans Suppliers
Fixed assets
suppliers
Creditors for
financial leases
Advances from
customers
Other creditors
Other liabilities
and derived
financial
instruments
2009 131,434,333 244,227,600 2,444,541 1,765,723 89,334,813 56,809,899 190,505,025 716,521,934
2010 100,725,316 1,035,056
-
5,318,643 40,500,174 890,978 871,836 149,341,999
2011 39,725,952 27,324
-
3,549,398 -
-
173,619 43,476,293
2012 47,569,331 26,211
-
737,426 -
-
- 48,332,968
2013 42,119,215 63,991
-
-
-
-
- 42,183,206
2014 44,062,654 82,262
-
-
-
-
- 44,144,915
After - 2014 346,647,266 -
-
-
-
6,794,090 32,627,879 386,069,235
752,284,067 245,462,442 2,444,541 11,371,190 129,834,986 64,494,967 224,178,359 1,430,070,553
30. SUBSEQUENT EVENTS
There are no material events to report.
31. CONTINGENCIES
a) Dispute between Quinta da Murtosa / Sociedade de Construções Soares da Costa / Oporto Municipal
Council
The subsidiary Sociedade de Construções Soares da Costa, S.A. maintains an account receivable from
“Quinta da Murtosa – Empreendimentos Imobiliários, Lda.” for the sum of 5,985,575 Euros, disclosed in the
annexed consolidated balance sheet under “Customers – 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 Oporto Municipal
Council within the scope of a protocol signed on 07 December 2000. Payment of this account receivable is
dependent upon the resolution of an adversary proceeding involving the subsidiary, Quinta da Murtosa –
Empreendimentos Imobiliários, Lda, and the Oporto Municipal Council. Simultaneously, Quinta da Murtosa
has filed court proceedings against Sociedade de Construções Soares da Costa, S.A. calling for the land that
is the object of the above-mentioned promissory contract to be handed over to it.
Total
44

In January 2005, the subsidiary company Sociedade de Construções Soares da Costa, S.A. filed
proceedings against Oporto Municipal Council calling for the land that is the object of the litigation to be
handed over. In addition, should the land not be handed over, Soares da Costa demands payment of
7,182,689 Euros plus interest. A final and unappealable decision has been delivered in favour of Soares da
Costa in this proceeding, which is awaiting enforcement.
Hence, since 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 was recorded.
b) Tax Proceeding
As has been widely reported, in 2002 the Soares da Costa Group underwent a profound restructuring and
reorganisation, 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 were set up with their capital to be paid up in kind by the holding company via the
transfer to each respective management company, at market value, of the portfolio of company
shareholdings previously held by each sector. In this process, there were capital gains and losses that were
relevant for tax.
In this process, there were capital gains and losses relevant for tax purposes. Subsequent to examination of
the accounting records of the Grupo Soares da Costa, SGPS, SA. the tax Authorities notified the company of
a Corporate Income Tax settlement of 17,136,692€, with this figure essentially being reached through failing
to consider as tax costs capital losses generated in the above-mentioned restructuring and reorganisation
(although the corresponding capital gains generated in the same process were considered as profits) As the
market was previously informed (10 November 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, and the payment in question has been legally contested, except for the sum of
€381,752 which has already been paid.
The Board of Directors and lawyers strongly expect that the contestation in question will be granted.
32. APPROVAL OF ACCOUNTS FOR ISSUE
At a meeting held on 12 November 2009 the Board of Directors authorised the issuing of these financial
statements.
33. CHANGES TO POLICIES, ESTIMATES AND ERRORS
In the first three quarters of 2009, there were no changes to the accounting policies as compared to those
used to prepare the financial information for the 2008 financial year, nor were any material errors registered with
regard to previous financial years.
45