Grupo Media Capital SGPS — Interim / Quarterly Report 2012

Aug 31, 2012

Soares da Costa I Report & Accounts I First Half 2012 1

CONTENTS

MANAGEMENT REPORT	3
1. FIRST HALF OF 2012 CONSOLIDATED RESULTS	3
2. ORGANISATION	18
3. SUSTAINABLE DEVELOPMENT	21
4. MAIN RISKS AND UNCERTANTIES	22
5. PARTICIPATIONS AND TRANSACTION OF MEMBERS OF THE CORPORATE BODIES	23
6. QUALIFIED SHAREHOLDINGS	24
7. STATEMENT ON THE CONFORMITY OF THE FINANCIAL INFORMATION	25
CONSOLIDATED FINANCIAL STATEMENTS	26
CONSOLIDATED ACCOUNTING POLICIES AND EXPLANATORY NOTES	34

THIS REPORT IS A TRANSLATION OF THE ORIGINAL, ISSUED IN PORTUGUESE. IN THE EVENT OF DISCREPANCIES, THE PORTUGUESE VERSION PREVAIL.

MANAGEMENT REPORT

(Non audited accounts) (Translated from the Portuguese original)

1. FIRST HALF OF 2012 CONSOLIDATED RESULTS

HIGHLIGHTS

• Turnover was 411 million Euros (-2.0%);
• International turnover increased 11.0% (reaching 288 million Euros and representing 70% of the consolidated turnover);
• Focus on the economic sustainability of the operations, with the reduction of the number of employees, adaptation of the structure and internal mergers;
• Comparable recurrent EBITDA rose 13.1% to 54.3 million Euros;
• Financial results of -22.1 million Euros vs. -27.5 million Euros in the same period of 2011, benefiting from a 7.7 million Euros contribution from the change of the accounting method of Beira Interior concession;
• Net income attributable to the Group was -17.0 million Euros, strongly impacted by non recurring items, excluding these items, net income would have reached -0.4 million Euros;
• Order book was stable at 1.2 billion Euros.

(million Euros)	1H 2012	1H 2011	∆
Turnover	411.0	419.5	-2.0%
International market	288.0	259.4	11.0%
Domestic market	123.0	160.1	-23.2%
EBITDA	21.6	47.5	-54.4%
EBITDA margin	5.3%	11.3%	-
EBITDA* comparable recurrent	54.3	48.0	13.1%
EBITDA* margin	12.7%	11.4%	-
Operational results	1.5	30.9	-95.0%
Operational margin	0.4%	7.4%	-
Financial results	-22.1	-27.5	-19.7%
Earnings before taxes	-20.6	3.4	-
Net income attributable to the Group	-17.0	2.0	-

Key Consolidated Financial Indicators

EBITDA*= EBITDA adjusted excluding non recurrent costs (compensation costs from labor contract's termination and tax-nature costs) and without any change in Beira Interior concession account method

ACTIVITY ANALYSIS

The activity in 2012, in the domestic context, is under a macroeconomic environment that significantly penalises the construction sector through the influence of a set of variables that affect the investment and leads to an intense demand constraint. This market crisis is provoking and accelerating adjustment processes, with several construction companies being unsustainable while other reorient their strategy to adapt their internal structures and internationalize aiming at replace markets, and even the most robust, which already have an international and diversified vision, do not go unscathed.

In fact, to the already expectable and natural demand reduction – after a cycle of expansion of the real estate market, namely in the residential segment and the construction of large infrastructure projects -, joined the financial market crisis, with scarce funding resources and a severely restrictive fiscal and public investment policy imposed, or at least outlined by the international commitments assumed by Portugal.

The combination of these factors, unaccompanied by moderating and mitigating policies that could stimulate the reorientation of investment intra industry, is a mix with very negative consequences at the business and employment level and that of course, are reflected in the confidence indicators of confidence and in the concerns of the sector's associations.

The Group's activity in the first half reveals an action that has seek dynamic, reliant and possible answers to this adverse context. The key vectors of the first half's activity were the following:

• (i) Intensification of the international guidance of the construction business reinforcing the Group's international profile – with pronounced success taking into consideration the fair recognition by the market of the know-how and skills accumulated by a long experience, the technical capabilities shown, and the quality of the Group's staff, in the several construction and civil engineering segments;
• (ii) Construction domestic market weak performance, with the rarefaction of investment decisions in the private sector to together with the strategy pursued by the authorities regarding the stoppage of public investment, and embodied in the abandonment, suspension and abrupt changes in the projects' terms/ conditions in their several stages including those already awarded;
• (iii) Adaptation of the organisational structure and allocation of resources to this market and industry reality, with the internal mobilization of human resources, reduction in the number of employees and rationalization of resources, in which also are included the already concretized mergers between some subsidiaries, especially focused in costs' reduction, but without losing skills and capabilities and potentiating some synergies.

The first half results and indicators, which are analysed in detail below, reflect this environment, besides also being affected by non recurrent items that are penalising in comparable terms, such as compensation costs with labor contracts' termination, amounting to 6.4 million Euros (0.5 million Euros in the previous year), 8.7 million Euros from the accounting of tax-nature costs, from a lawsuit referring to facts that occurred between 2001 and 2005, and the accounting method change of Beira Interior motorway concession, as a result from the government decision on the introduction of real tolls.

TURNOVER

The increase in turnover in the second quarter – in this period turnover reached 221.1 million Euros, above the first quarter figure of 189.9 million Euros and 0.9% higher than the second quarter of last year's amount – elevated turnover in the first half of 2012 to 411.0 million Euros, vs. 419.5 million Euros of the same period of the previous year. Not taking into consideration the contribution of Scutvias (which contributed with 19.5 million Euros to the consolidated turnover in

the first half of 2011 and with only 5.0 million Euros in 2012, following the change in the accounting method of the concession), we conclude that the real activity during the first half of 2012 stood 1.5% above the same period of 2011.

The following tables detail turnover breakdown by business area and by geographical market:

Market (million Euros)	1H 2012	%	1H 2011	%	∆
Portugal	123.0	29.9%	160.1	38.2%	-23.2%
Angola	176.0	42.8%	149.8	35.7%	17.5%
U.S.	67.9	16.5%	52.8	12.6%	28.7%
Mozambique	34.7	8.4%	45.6	10.9%	-23.9%
Other	9.3	2.3%	11.2	2.7%	-16.5%
Total	411.0	100.0%	419.5	100.0%	-2.0%

Turnover breakdown by Geographical Market

Turnover breakdown by Business Area
Business Area (million Euros)	1H 2012	%	1H 2011	%	∆
Construction	389.5	94.8%	366.8	87.4%	6.2%
Concessions	75.1	18.3%	92.3	22.0%	-18.6%
Real Estate	2.8	0.7%	3.8	0.9%	-26.1%
Energia Própria	1.1	0.3%	3.0	0.7%	-63.9%
Holding and others	6.1	1.5%	6.6	1.6%	-7.9%
Intragroup eliminations	-63.5	-15.5%	-52.9	-12.6%	20.2%
Total	411.0	100.0%	419.5	100.0%	-2.0%

Analysis of the performance by geographical market:

The construction sector in the domestic market registers a cumulated and progressive deterioration. INE¹ (Portuguese National Statistic Institute) statistical data show that the construction production index had an average change in the last twelve months of -14.2%, of which -14.6% in the construction of buildings and -13.8% in civil engineering. These indexes have been revealing an aggravation trend as the decreasing rhythm of the homologous variations in the last months are now more sharp (-19.2% in June vs. -18.2% in May, without any significant differences between the several segments, with the civil engineering registering a homologous decrease of 20.4% (-18.7% in May) and the construction of buildings -17.9% (-17.6% in the previous month).

To this market crisis is also associated a financial crisis. During decades, the construction sector was the main financial agent of a major part of the works done in our country, from buildings to infrastructures, negotiating with the banking sector the necessary financing means, that frequently were not timely made available by the owners of the work to the realization of the necessary works. During a long period and up to the start of the current financial crisis, the activity's financing was guaranteed by the banks, in a relatively easy way and with reduced costs. As a result, the sector increased its indebtness level and increased its exposure to the crisis. ² .

¹ Índices de Produção, Emprego e Remunerações na Construção (Production, Employment and Wages Indexes in the Construction), June 2012 – INE, August 10, 2012

² Conjuntura da Construção n.º 61 junho / 2012 (Construction Analysis nº. 61 June/ 2012) - FEPICOP

The severe restrictions and the credit cutbacks that are influencing a highly leveraged sector, in a time of market crisis, must have relevant consequences on the industry corporate' structure, which are being dramatic, with the uncontrolled destruction of companies and employment.

This depressive context justifies the extreme figures reached by the construction sector confidence indicator, which has been decreasing sustainably since 2010, reaching a minimum of -71.4% in May 2012.

Construction Sector Confidence Indicator

Source: INE

Refocusing the analysis to the Group's activity, the strong starting order book was allowed a gradual decrease of the domestic turnover. However, the persistence and aggravation of the context described above makes the fact the Portuguese market only represented 30% of the Group's consolidated turnover by the end of the first half not a surprise (vs. 36% in the previous year), reflecting a homologous change of -23%. In more rigorous analysis, we must isolate from this evolution the already mentioned effect of the accounting change of the Beira Interior motorway concession (Scutvias). Therefore, not considering the contribution from this company, the domestic turnover change would be - 16.1%. This trend will become more pronounced in the near future, taking into consideration the stagnation of the construction in Portugal.

From the Group's activity in Portugal, and amongst the largest works, the highlights goes to the construction of Transmontana motorway, by CAET XXI, a complementary group of companies (ACE) where the Group has a 50% participation. In this infrastructure, we must refer the entry into service, as a motorway, of the so called lots 3, 5 and 6. This opening occurred in advance to the contractual planned dates.

Other works in the domestic market:

• Accesses to the logistic platform of Castanheira do Ribatejo to Brisa;
• Resort Quinta do Lorde in Madeira Island;
• Enlargement and improvement of the Maia-Santo Tirço stretch of A3 motorway to Brisa;
• Serra da Estrela Inn to Enatur;
• Tróia Resort infraestrutures;
• Supermarket Continente Bom dia in Ramalde, Porto to Sonae Group.

Regarding the complementary group of companies' activity, we must highlight the Hidroalqueva and ME, SDC, MA – Matosinhos, ACE, referring to a water distribution project in Matosinhos (Indáqua).

The Angolan market continues to be the key international market of the Group and in this first half exceeded by a long distance the domestic market. To this country the International Monetary Fund, in its Regional Outlook for the Sub-Saharan Africa³ , estimates a GDP growth of 9.7% in 2012 (one of the highest of that region), of which 9.0% from the non oil sector. In the construction sector, after the outbreak in the Luanda building segment in the last years, the next years should bring a growing diversification of the investment in function of the strong growth potential of the infrastructure, social equipments and social residential construction segments, all over the country.

During the first half of 2012, the Group's turnover in this marker reached 176 million Euros, surpassing by 17.5% the figures registered in the same period of last year. Amongst the works with higher contribution to turnover during the first half we refer the following:

• TTA-2 office building in Luanda to Bayview;
• Dipanda Towers in Luanda to Novinvest;
• Requalification of Luanda seaside to Sociedade Baía de Luanda;
• New headquarters of INE;
• 1º Congresso Tower, BESA's new headquarters, in Luanda, to Investe Group;
• Office building to Companhia de Seguros AAA;
• Luanda Towers Project to Vista Club;
• Hotel da Ilha (Island Hotel) in Luanda to Forçauto;
• PK Building (2nd phase) to Sonangol;
• Largo do Ambiente Building to C. R. ROCA;
• Sagrada Família Building to Matra;
• Science and Technology Museum in Luanda to GOE;
• Packing warehouse in Tofa to Nestlé Angola;
• AES Facility Extension to Sonils;
• Bairro Fina School no Soyo, to Bechtel.

In this market we must highlight the growth and performance of the subsidiary Clear Angola, that in its individual financial statements achieved a 30.5 million Euros turnover, growing 15.6% the 26.3 million Euros reached in the first half of last year, following an upward trajectory uninterruptedly for some years, being a reference company in the electromechanical, electrical and HVAC segments.

In the United States, the Group is consolidating its positioning in the infrastructure segment, through its subsidiary Prince Contracting. This company is now in 10th place of the ranking "The Southeast's Top 20 General Contractors" of the ENR magazine, the main reference of the sector.

Prince, that concentrates the Group's activity in this market, continued in the first half of 2012 a development and consolidation strategy, as defined in previous periods. Therefore, growth in the road infrastructure segment continued, namely in roads and bridges, with 12 active works, distributed by the Florida and Georgia states.

The consistence of this course was reinforced in the first half of 2012 with the award of two new contracts in Florida, worth a total of 42 million Euros.

In this first half, activity reached a historically high level, translated in a 67.8 million Euros turnover, more 28.7% than in the same period of last year.

³ Regional Economic Outlook Sub-Saharan Africa, Sustaining Growth amid Global Uncertainty – IMF Apr. 2012

The Mozambican market continues to be under the radar of the international community regarding businesses in general and the construction and public works in particular, bearing in mind the positive results of its economic growth, sustained by successively improving indicators, which contrast with the recessive context of the European economies.

Soares da Costa presence in this country is developed through the stable establishment of the domestic construction company and through a Mozambican law company, Soares da Costa Moçambique, S.A.R.L., in which the Group was a 80% participation, having as local partner IGEPE - Instituto de Gestão de Participações do Estado (State's participations manager institute).

The projects under the stable establishment in the country of Sociedade de Construções Soares da Costa, SA, are evolving in a sustainable way with considerable rhythms. In this context, the highlight goes to the rehabilitation works of EN 211 road, between Combomune and Chicualacuala, with a 187 km length, and to the construction works of the new bridge over the Zambeze River in Tete, and accesses. These two works, with a structural impact in the region's economy, assume a social, economic and financial relevant weight, for both the Mozambican growth and to its neighbours and partners at SADC (Southern African Development Community). Soares da Costa is committed namely, through the guarantee of the quality and security levels and meeting deadlines that correspond to the technical and political dimension of these projects.

Regarding the subsidiary Soares da Costa Moçambique, SARL, in the first half of 2012, we highlight the following:

Works concluded:

• Construction of the Administrative Court building;
• Construction of the INNOQ (Instituto de Normalização e Qualidade Standards and Quality Institute) building.

Works in progress:

• Rehabilitation of Museu da Revolução (Revolution Museum);
• Construction of VIP Executive Tete Hotel;
• Rehabilitation of Maputo central marketplace;
• Enlargement of VIP INN Beira Hotel.

Even so, given the exceptionally high turnover reached in the first half of 2011 with the conclusion of the work "olympic village" for the X All-African Games, the good level of activity in 2012 is hurt by that comparison.

The other markets contributed in the first half of 2012 with 9.3 million Euros to the Group's consolidated turnover. Within these markets we must refer Brazil, in which activity was focused on:

• (i) Civil construction services to the implementation of the complete unit of Rio Branco do Sul (Paraná) 5,000 tonnes/ day production line, a contract which is part of an investment plan named 3ª Onda de Investimentos (Third Phase of Investment) from Votorantim Cimentos. This work is being executed, since last year, by "Terceira Onda Planejamento e Desenvolvimento Ltda" in which the Group has a 50% stake, via Sociedade de Construções Soares da Costa, with Serpal Engenharia e Construtora, Ltda. holding the remaining capital.
• (ii) Line 3 project of the Cezarina Cimpor Brasil cement plant. In this case, the work is being executed by "Linha 3 Cezarina – Construções Ltda", in which the Group also has a 50% stake but via Soares da Costa Brasil, Ltda, having as partner the company Gutierrez Empreendimentos e Participações, Ltda.; the works started in April 2012 and should be concluded in 13 months.

In what concerns Romania, the accesses works of the wind park of Casimcea and Alpha, both in Tulcea, were concluded, being in a start up phase the work "Constructia Variantei de Ocolire Tecuci", worth 49 million Ron (11.1 million Euros) to the Romanian national road authority (CNADNR - Compania Nationala de Autostrazi si Drumuri National din Romania S.A.), a work awarded in June 2012.

By business area, we highlight the turnover growth of the Construction area (+6.2%), with the international activity having a dominant role, namely with the contribution of the United States and Angola, and the construction of Transmontana motorway in the domestic market, oriented to the concession area (which also results in a higher value for intragroup eliminations).

In the Concessions business area, reported turnover was negatively impacted by the already mentioned accounting change effect of the Beira Interior motorway concession (5.0 million Euros accounted in the first half of 2012 vs. 19.5 million Euros in the first half of 2011). In fact, the maintenance of the intangible asset method would enlarge the first half of 2012 turnover by 17.5 million Euros, with the concession business area turnover reaching 90.6 million Euros under that hypothesis, broadly in line with the amount registered in the previous year (+0.3%). Also in this business area, in the parking exploration segment, turnover suffered a 9% reduction, an unavoidable reflection of the lower utilisation of the car as a transport imposed by the context.

The remaining business areas have a modest contribution to consolidated turnover. Facing a severe context in what concerns access to financing sources, which determined the lack of development of new projects, the Real Estate area is focused on asset management and in the marketing of stocks still in inventory, while Energia Própria has not yet been able to achieve a turnover growth in a scale in accordance with the potential of the sector in which it operate.

PROFITABILITY

Operational profitability

Taking into consideration the usual reporting segments, from the financial statements of the first half 2012 and 2011, we can extract the following operational performance indicators:

(million Euros)	1H2012	%	Margin	1H 2011	%	Margin	∆
EBITDA	21.6	100.0%	5.3%	47.5	100.0%	11.3%	-54.4%
Construction	22.9	105.7%	5.9%	23.5	49.5%	6.4%	-2.7%
Concessions	5.9	27.4%	7.9%	22.8	48.0%	24.7%	-74.0%
Real Estate	2.2	10.1%	77.8%	2.2	4.6%	57.7%	-0.4%
Energia Própria	-0.8	-3.6%	-	-1.1	-2.3%	-37.2%	-29.1%
Holding + Others	-8.6	-39.5%	-	0.3	0.7%	5.1%	-
Eliminations	-	0.0%	-	-0.2	-0.5%	-	-
EBIT	1.5	100.0%	0.4%	30.9	100.0%	7.4%	-95.0%
Construction	5.5	360.6%	1.4%	15.1	48.9%	4.1%	-63.4%
Concessions	4.5	293.4%	6.0%	15.8	51.2%	17.1%	-71.6%
Real Estate	1.4	89.6%	48.9%	1.4	4.6%	37.6%	-4.0%
Energia Própria	-0.8	-53.5%	-76.8%	-1.1	-3.7%	-38.5%	-28.0%
Holding + Others	-9.0	-	-	-0.1	-0.4%	-1.7%	-
Eliminations	0	-	-	-0.2	-0.7%	0.4%	-

EBITDA and EBIT Breakdown by Business Area

These indicators are affected by non recurrent factors that occurred during the first half of 2012, which were already mentioned in this report, and also by the effect of the change in the accounting of Beira Interior concession, which constraints a comparative analysis. The compensation costs had a 6.4 million Euros effect on EBITDA and EBIT in the first half of 2012 (vs. 0.5 million Euros in the previous year), with a strong concentration (but not exclusively) in the construction business area, while the tax-nature costs amounting to 8.7 million Euros were accounted in the "Holding + Others" caption.

The accounting changes of Beira Interior concession, detailed in the following table, impact the concessions business area's figures.

Scutvias (figures corresponding to the Group's participation)

(million Euros)	1H 2012 F	1H 2012 I*	1H 2011 I
Turnover	5.0	22.5	19.5
EBITDA	0.9	18.4	15.3
EBIT	0.9	12.8	9.7
Financial results	1.1	-6.6	-7.1
Earnings before taxes	2.0	6.2	2.6
Net income	1.4	4.5	1.9

1H 2012 F: Amounts effectively considered in the financial statements (financial asset model)

1H2012 I*: Amounts (proforma) according to the intangible assets model

1H2011 I: Amounts effectively considered in first half 2012 financial statements

The recalculation of EBITDA and EBIT on a comparable basis, excluding the effects of the referred non recurring factors and admitting the maintenance of the Beira Interior concessions accounting by the intangible assets model, would lead to the following:

		EBITDA and EBIT Breakdown by Business Area
--	--	--------------------------------------------	--	--	--

(million Euros)	1H 2012	%	Margin	1H 2011	%	Margin	∆
EBITDA*	54.3	100.0%	12.7%	48.0	100.0%	11.3%	13.1%
Construction	28.9	53.2%	7.4%	23.9	49.9%	6.4%	20.7%
Concessions	23.6	43.4%	25.4%	22.8	47.6%	24.7%	3.2%
Real Estate	2.2	4.1%	79.9%	2.2	4.6%	57.7%	2.3%
Energia Própria	-0.8	-1.4%	-73.0%	-1.1	-2.3%	-37.2%	-29.1%
Holding + Others	0.4	0.7%	-	0.3	0.7%	5.1%	-
Eliminations	-	0.0%	-	-0.2	-0.4%	-	-
EBIT*	28.6	100.0%	7.0%	31.3	100.0%	7.5%	-8.8%
Construction	11.5	40.4%	3.0%	15.5	49.6%	4.2%	-25.6%
Concessions	16.5	57.9%	17.9%	15.8	50.5%	17.2%	4.5%
Real Estate	1.4	5.0%	51.1%	1.4	4.6%	37.6%	0.3%
Energia Própria	-0.8	-2.9%	-76.8%	-1.1	-3.6%	-38.5%	-28.0%
Holding + Others	-0.1	-0.4%	-	-0.1	-0.3%	-1.7%	-
Eliminations	0	-	-	-0.2	-0.7%	0.4%	-

Therefore, the comparable adjusted EBITDA would reach 54.3 million Euros, representing a 13.1% growth and increasing its margin to 12.7%, while EBIT would present an 8.8% decrease to 28.6 million Euros. In fact, in the first half of 2012, there was an increase in the difference between EBITDA and EBIT compared with the previous year, due to the higher provisions and value adjustments.

By business areas, the construction, that presents a 5.9% EBITDA margin, without the compensation costs, would register a positive evolution of its profitability reaching a 7.4%, EBITDA margin, while the concessions area, with the maintenance of the accounting criteria of the previous year, would register an positive evolution of EBITDA, in absolute terms (+4.5%). These conclusions are important demonstrations of the Group's economic sustainability and operational profitability.

Financial Results

In the first half 2012, financial results were -22.1 million Euros vs. -27.5 million Euros in the first half of 2011. In this context, the influence of the change in the accounting treatment of Beira Interior motorway concession was positive (symmetrical to that seen at the operational level, +7.7 million Euros). The replacement of the same method, with the elimination of this positive contribution, would lead to financial results of -29.8 million Euros in the first half of 2012.

The net financing costs declined from 19.3 million Euros in the first half of 2011 to 15.8 million Euros in this first half, benefiting from the already mentioned positive effect from Scutvias.

Foreign exchange differences contributed to the financial results in the first half of 2012 with +1.7 million Euros (vs. the negative contribution of -1.8 million Euros in the same period of 2011).

Earnings Before Taxes

Earnings before taxes presented a 20.6 million Euros loss (vs. a 3.4 million Euros profit in the previous year). However, this numerical expression results from the decisive impact from non recurring items. Excluding the already mentioned three non recurring items, earnings before taxes would be -1.2 million Euros.

Net income

Exteriorized and analyzed the different levels of results above the net income line, this does not justify particular additional comments, reaching, after +3.4 million Euros of income tax, a net loss attributable to the Group of -17.0 million Euros.

CONSOLIDATED FINANCIAL POSITION STATEMENT

From the comparable analysis of the consolidated financial position statements as of June 30, 2012 and December 31, 2011, results that the main and must expressive variation at the assets level occurred at the accounts receivable (non current) and is related with the concessions that follow the financial asset model, which rose from 237.4 million Euros to 504.5 million Euros; this increase, besides being a consequence of the financial assets from the infrastructure concessions that are under construction (mainly Autoestrada XXI - Subconcessionária Transmontana but also Estradas do Zambeze), also embodies the effect from the transfer of the Beira Interior concession assets, that were previously accounted as intangibles; this is the key justification beyond the evolution of the intangibles assets from the financial position statement as of 30.06.2012 – 52.7 million Euros – relatively to 255.4 million Euros by December 2011.

Regarding current assets, the major change is related with the desirable reduction in customers (-42.2 million Euros) with other current assets and cash and equivalents increasing, while inventories remain stable.

At the liabilities side, there was an increase at the current liabilities of 87.0 million Euros, while non current liabilities rose 18.5 million Euros.

We expect that the conclusion and formalisation, on the short run, of an ongoing negotiating project regarding the restructuring of a relevant part of the bank debt, with a significant enlargement of the maturity profile of that debt, will allow a substantial reduction of the pressure over the liquidity ratios/ indicators.

At the shareholders' equity, there were not any operations over the share capital, nor own shares' movements in the first half, as its evolution was mainly determined by the recognition of the first half loss (-17 million Euros) and by the net change of the deferred tax assets resulting from variations in the value of hedging derivatives (-8.3 million Euros).

Net debt

Remunerated net debt reached 916.3 million Euros by June 30, 2012 (including 417 million Euros of non recourse debt, from the concessions business area), vs. 863.0 million Euros at the year-end 2011 (that included 399.8 million Euros of non recourse debt). Therefore, during the first half, corporate debt (recourse) rose 36.1 million Euros.

From this amount, 16.3 million Euros were used to finance the shareholders' equity effort at the Transmontana motorway concession project, with the remaining being used as working capital.

Evolution of Net debt (recourse and non recourse)

(million Euros)	June 2012	March 2012	December 2011
Total Net Debt	916.3	874.7	863.0
Recourse	499.3	485.6	463.2
Non Recourse	417.0	389.1	399.8

Evolution on Recourse Net Debt and Recourse Net Debt / EBITDA Ratio

(million Euros)	2009	2010	2011	1H 2012
Recourse Net Debt	379.7	442.5	463.2	499.3
Ratio Recourse Net Debt / Recourse EBITDA*	7.2x	8.3x	8.2x	8.0x

Note: EBITDA* = Last 12 months EBITDA excluding non recurrent costs (staff's compensation costs and tax-nature costs

COMMERCIAL ACTIVITY: ORDER BOOK

The Portuguese budgetary framework strongly pressures public investment and the private investment anaemic condition determine the occurrence of some factors that influence the commercial activity and impose a growing investment of the company in its international activity. From these facts we highlight the most significant:

• General lack of tenders, with the consequent pressure over prices;

• Suspension of virtually all public investment, by both the state and local authorities;

• Reduced decision rate on tenders launched;

• Delay in the national dams investment plan (Plano Nacional de Barragens), with many tenders held, but almost none materialized;
• Little appetite from the banking sector to invest in the construction market;
• Suspension of several works already awarded, allegedly due to lack of funding.

This market context, in addition to the impact from the withdrawal of the construction project of the high speed railway stretch between Poceirão and Caia, from the high speed railway connection Lisbon-Madrid, after its refusal by the Audit Court on March 21, originates a reduction of the order book in the domestic market.

In the domestic market, we highlight the following works awarded: construction of the pipeline Mangualde-Celorico-Guarda, worth 16.8 million Euros and the Puaça Building project, in Lisbon.

With a weak domestic market, the Group continues to dynamically explore international markets, focusing on the markets where it has a historically stable intervention.

In Angola we highlight the award of the engineering, procurement and construction of the permanent residential housing development for Angola LNG employees (phase I) in Soyo, referred ahead as a privileged information released in the first half; the work will be executed in consortium with MSF, having Soares da Costa a 50% participation; this work will be executed in 36 months, and is worth a total of 252 million Dollars (189 million Euros).

During the second quarter we also highlight the following awards, although of a different magnitude, the finishing and speciality works of the Huambo Cultural Centre, the construction of Shopping Fortaleza (in consortium) and BESA's branch in Viana.

In July, and therefore still not impacting the order book presented, was awarded the construction of a data center and office building to Movicel in Talatona, Luanda, worth more than 25 million Dollars.

In Mozambique, in a context strongly streamlined by the external investments in areas such as mineral resources (coal) and natural gas, several business' opportunities have arise, to which Soares da Costa has dedicated the attention they deserve, making an effort to enter these niches of opportunities, using its commercial resources, presenting proposals in public tenders, presenting proposals to invitations, aiming to enlarge its activity and turnover in this emerging market. As part of the activity performed by the subsidiary Soares da Costa Mozambique, SARL were obtained during the semester several awards, namely:

• Construction of a fuel station of Petromoc Zoo (Maputo);
• Construction of 15 habitations to HCB (Cahora Bassa Hydroelectric Plant) Songo (Tete);
• Construction of a building with 8 flats in Costa do Sol Maputo;
• Rehabilitation of a substation in HCB (Cahora Bassa Hydroelectric Plant) Songo, phase II;
• Construction of the bus station of Zimpeto (Maputo);
• Rehabilitation and enlargement of the Pemba's flight terminal;
• Reshuffle of the Mozabanco branch in Xai-Xai.

Already after the end of the first half were awarded by ANE- Administração Nacional de Estradas (National Road Authority) to Sociedade de Construção Soares da Costa, SA the construction works of the bridges over the Sangaze, Pomwpe, Macuca and Chidge rivers in Sofala region and the bridges over the Muira, Tzanzabue e Nhagucha rivers in Manica region, in Mozambique. This works include the design and built of nine bridges (of which six with bridge' decks in reinforced concrete, prestressed with several lengths), the correction of the accesses' roads and other diverse related works, totalling 21.7 million Euros.

In the United States, Prince has reinforced its position in the market in the infrastructure segment, with two works awarded in this first half:

I 275 Tampa, Hillborough County, amounting to 30 million Dollars, consisting on the rehabilitation of circa 6 km of road and sixteen bridges, to be concluded by July 2014;

I-75 design and built of airport access in Fort Myers; this design and built contract worth 54 million Dollars includes a new direct connection with 12 km of length between I-75 and the Southwest Florida International Airport (SWFIA), in Fort Myers, to be concluded up to September 2014.

In Romania, a work to the national road authority (CNADNR – Compania Nationala de Autostrazi si Drumuri National din Romania, SA) "Constructia Variantei de Ocolire Tecuci" project was awarded, worth 49 million Ron (11.1 million Euros); consignment of this work took place on June 18, 2012. In this market, commercial effort has been focused on projects on the renewable energy sector (wind parks), area in which the Group is currently negotiating with two different customers two projects that are waiting for an award decision. At the same time, has been given priority to roads, water distribution and sewage construction projects, segments in which the Group already has experience in this market.

In Brazil was awarded the work related with the execution of line 3 of Cezarina cement plant, in consortium with Gutierrez Engenharia, contributing with 10.4 million Euros to the Group's order book.

Regarding new markets, we highlight the award to Sociedade de Construções Soares da Costa, SA of a work in the Sultanate of Oman, worth 48 million Euros, with an execution deadline of 654 days; this work includes the project's design and construction works of a road infrastructure, including several sections and five interchanges bridges, in the zone between the Muscat international airport and Muscat express road. The work will be jointly executed with a local construction company, having Sociedade de Construções Soares da Costa, SA a 70% participation.

Globally, by the end of the first half, order book amounted to 1,181.6 million Euros (with the breakdown by geographical market presented below), at a similar level to those achieved by the end of 2011, considering the adjustment resulting from the removal from the order book of the high speed railway project. This figure is slightly below (-4.3%) the one reached by the end of the first quarter.

(million Euros)	June 2012	%	March 2012	%	∆	Dec. 2011	%
Total	1,181.6	100.0%	1,234.2	100.0%	-4.3%	1,404.6	100.0%
Angola	455.2	38.5%	523.1	42.4%	-13.0%	467.0	33.2%
Portugal	236.9	20.0%	234.3	19.0%	1.1%	482.6	34.4%
U.S.	215.3	18.2%	188.7	15.3%	14.1%	201.7	14.4%
Mozambique	112.3	9.5%	116.5	9.4%	-3.6%	131.6	9.4%
Other countries	162.0	13.7%	171.6	13.9%	-5.6%	121.8	8.7%

Order Book

Prospects and Guidance for 2012

During the second half of 2012 the adjustment process of the internal structure will continue, with its resizing taking into consideration the estimated dimension of the several markets, achieving a stable situation by the end of the year. The business strategic focus will continue oriented to the construction segment and to the international markets were core geographies – Angola, United States and Mozambique – assume a relevant and key role. In Brazil, the Group will continue to seek for growth opportunities in order to solidify its knowledge and presence in this new market. In Portugal, taking into consideration the already described environment, activity will remain strongly concentrated on the construction of the Transmontana motorway.

RELEVANT FACTS RELEASED DURING THE FIRST HALF

Court of Auditors' refusal of the concession contract of the HSR stretch between Poceirão—Caia from the high speed line Lisbon-Madrid;

Awarded a work in the Sultanate of Oman to the subsidiary Sociedade de Construções Soares da Costa, SA, which includes the project's design and construction works of a road's infrastructure, including several sections and five interchanges bridges, in the zone between the Muscat international airport and Muscat express road. This work, worth 48 million Euros, with a 654 day-deadline, will be jointly executed with a local construction company, having Sociedade de Construções Soares da Costa, SA a 70% participation;

Work awarded in Angola: Sociedade de Construções Soares da Costa, SA, in consortium with MSF, has closed a contract for the engineering, procurement and construction of the permanent residential housing development for Angola LNG employees (phase I) in Soyo, worth a total of 252 million Dollars (189 million Euros), having Soares da Costa a 50% participation;

• Provisional suspension of a tax related lawsuit, resulting in a 8.7 million Euros liability for the Group;
• Intention of work award regarding the construction of a gas pipeline between Mangualde-Celorico-Guarda, worth a total of 16.8 million Euros;
• Design-Build Project in the U.S.: Prince, the Group's subsidiary in the U.S. market was announced as the apparent low bidder for the Florida design-build I-75 (SR 93) airport access project at Southwest Florida International Airport in Fort Myers, worth a total of 54.1 million Dollars (42.3 million Euros);
• The annual general shareholders' meeting took place on May 24, 2012, approving, amongst other items, the management report, the individual and consolidation financial statements and the proposal for the application of the individual net income;
• Internal Mergers: Soares da Costa Group carried out the merger of our two most relevant construction subsidiaries in Portugal, with Sociedade de Construções Soares da Costa, S.A. absorbing Contacto – Sociedade de Construções, S.A.. In the pursuit of measures to adjust our structure, our subsidiary, from the concessions area, Soares da Costa – Serviços Técnicos e de Gestão, S.A. was been absorbed by Soares da Costa Concessões, SGPS, S.A..

SOARES DA COSTA SHARES

Share Capital Representation

Pursuant to article 4, no. 3, of the by-laws, the company's share capital is represented by one hundred and sixty million scriptural bearer shares, with a par value of one Euro each, divided into two categories of shares, reciprocally convertible through a general meeting deliberation: a) one hundred and fifty-nine million nine hundred and ninetyfour thousand four hundred and eighty-two (159,994,482) ordinary shares; b) five thousand five hundred and eighteen (5,518) preferred non-voting share, but with a preferential right to a dividend and to the reimbursement of the respective nominal amount in the event of the liquidation of the company.

Own Shares

Grupo Soares da Costa held, at June 30, 2012, 507,292 own shares, corresponding to 0.317% of its share capital, a participation unchanged to December 31, 2011.

Dividends

As proposed by the board of directors to the shareholders' general meeting of May 24, 2012, it was approved and paid a gross preferred dividend of 275.90 Euros, corresponding to 0.05 Euros per preferred share. As released at June 7, 2012, the dividends were placed at the shareholders' disposal as from June 22, 2012, with the shares transacting on the stock exchange without the right to the dividend as from June 19, 2012.

Share price Performance

The share registered in the first half of the year a quite negative performance, both in terms of price evolution and liquidity.

Therefore, share price lost 57% in the first six months of 2012, decreasing from 0.37 Euros by the end of 2011 to 0.16 Euros by the end of the first half. This negative performance was accentuated in the second half of the semester, when the share price lost 45% (-22% in the first quarter). Compared with the PSI20 index, this declined 14% in the first six months, a decrease totally concentrated in the second quarter (-15%), as in the first quarter, the index was almost unchanged (+0.1%) to year-end 2011.

Thus, the Soares da Costa Group share followed the market's negative trend, although with a sharper movement, which can be explained by the strong contraction and low visibility that currently affects the Portuguese construction market, which negatively influences the investors' expectation for the sector, although for Soares da Costa Group the domestic market represents less 40% of total turnover (2011). In addition, the concession business area expectations and visibility also suffered a significant degradation.

The traded volume of the Portuguese stock market continued fairly depressed in the first half, with the average traded amount per trading session of the PSI20 index reaching 86 million Euros, less 20% than full-year 2011's average figure. Even so, in the second quarter there was a slight recovery (+15%) compared with the first three months of the year. Soares da Costa Group shares followed this liquidity reduction trend, although again in a sharper way, reaching an average traded value per session in the first half of 11 thousand shares, 71% below the average figure for full-year 2011. Contrary to the market trend that showed some liquidity recovery in the April-June quarter, the liquidity of Soares da Costa share decrease was quite accentuated in the second part of the semester: 4 thousand Euros of average daily traded value in the second quarter of 2012 vs. almost 18 thousand Euros in the first three months.

Key Performance Indicators of Soares da Costa's shares

	2Q	1Q		4Q	3Q	2Q	1Q
	2012	2012	2011	2011	2011	2011	2011	2010
Share Price, beginning of the period (Euro)	0.29	0.39	0.54	0.35	0.41	0.55	0.55	1.19
Share Price, end of the period (Euro)	0.16	0.29	0.37	0.37	0.36	0.42	0.54	0.54
Higher share price (Euro)	0.29	0.44	0.59	0.38	0.41	0.55	0.59	1.27
Lower share price (Euro)	0.15	0.29	0.27	0.31	0.27	0.40	0.48	0.49
Shares traded (thousand shares)	1,413	3,372	21,293	3,065	4,376	3,986	9,866	59,101
Cumulated value of shares traded (million
Euros)	0.3	1.2	9.8	1.1	1.5	1.9	5.4	50.797
Shares traded by session (thousand shares)	23	52	83	48	66	63	154	229
Value traded by session (average; thousand
Euros)	4.2	17.8	38.1	16.5	22.2	30.0	84.1	196.9

Source: Euronext

Evolution of Soares da Costas stock price and number of shares traded in the first half of 2012

Source: Euronext

2. ORGANIZATION

Below is the composition of the governing bodies, the organizational structure of the company and the structure of participations and consolidation methods allowing to observe the extent and composition of Soares da Costa Group. Afterwards are listed the changes to the Group's consolidation perimeter during the first half of 2012.

A complete list of subsidiaries (directly or indirectly held) is presented in the notes with the numbers 6 to 9 from the Accounting Policies and Explanatory Notes, which also included other information.

Governing bodies

The current composition of the governing bodies is the following:

General Meeting Board:

Fernando Enes Gaião (Chairman) João Pessoa e Costa (Secretary)

Board of Directors:

Manuel Roseta Fino (Chairman) António Manuel Pereira Caldas Castro Henriques (Executive Committee, Chief Executive Officer) Pedro Gonçalo de Sotto-Mayor de Andrade Santos (Executive Committee) Jorge Domingues Grade Mendes (Executive Committee) António Manuel Formigal de Arriaga (Non executive, Independent) António Pereira da Silva Neves (Non executive) Carlos Moreira Garcia (Non executive, Independent) José Manuel Baptista Fino (Non executive) Martim Salema de Sande e Castro Fino (Non executive) PARINAMA - Participações e Investimentos, SGPS, SA, corporate body number 509 016 987, that designated Ana Maria Martins Caetano (Non executive).

Supervisory Board:

Júlio de Lemos de Castro Caldas (Chairman) Carlos Pedro Machado de Sousa Góis Joaquim Augusto Soares da Silva Júlio de Jesus Pinto (substitute)

Chartered Accountant:

Grant Thornton Associados, SROC, Lda, represented by Jorge Bento Martins Ledo

Remuneration Committee:

José Manuel Baptista Fino (Chairman) António Jorge Gonçalves Afonso João Pessoa e Costa

Secretary of the Company:

Jorge Manuel de Oliveira Alves Pedro Miguel Tigre Falcão Queirós (substitute)

Furthermore, in accordance with Securities Code, we inform that the company's external auditor is BDO & Associados, SROC, represented by Paulo Jorge de Sousa Ferreira (Chartered Accountant number 781).

Organisational Structure and Structure of Participations of the Group

GRUPO SOARES DA COSTA, SGPS, SA

ConsolidatedAccounts– June 30, 2012

Perimeter and Consolidation Methods

(1) Company in which Clear – Instalações Electromecânicas, S.A. has a 33.33% participation (2) Additionally, Ciagest, SA has a 1% participation in SDC Imobiliária, Lda.

(3) Additionally, Sociedade de Construções Soares da Costa, SA, Ciagest, SA, Clear, SA and SDC Concessões SGPS have, each, a 0.01% participation in SCSP – Soares da Costa Serviços Partilhados, SA.

(4) Additionally, Sociedade de Construções Soares da Costa, SA holds a 4% participation in Auto-estradas XXI, S.A. and Operestradas XXI, SA.

(5) Additionally, Sociedade de Construções Soares da Costa, S.A. holds a 0.004% participation in Exproestradas XXI, S.A.

(6) Additionally, SDC Concessões SGPS and Hidroequador Santomense hold, each, a 0.002% participation in SDC Hidroenergia, SA.

(7) Additionally, Clear Angola, S.A. holds a 2% participation in Costa Sul, Lda. and in Imosede, Lda. (8) Company held (16.302%) by Soares da Costa Concessões, SGPS and by (0.002%) Sociedade de Construções Soares da Costa, S.A.

(9) Additionally, Intevias – Serviços e Gestão, S.A. holds a 0.002% of Portvias, S.A.

(10) Additionally, Grupo Soares da Costa, SGPS, S.A. holds a 0.5% participation in Indáqua Feira, S.A.

(11) Additionally, Sociedade de Construções Soares da Costa, S.A. Holds a 1% stake in MTA, LDA. and in Carta Angola, Lda.

New shareholdings and changes in the consolidation perimeter during the first half of 2012

• Disposal of 25% of the company My Watt, Lda..

• Alienation of the participation in the company Reflexos Púrpura, Lda., a company in which Energia Própria, S.A. held a 50%.

• Merger by absortion of the company "Serviços Técnicos e de Gestão, SA" by "Soares da Costa - Concessões, S.G.P.S., S.A."..

• Merger by absortion of the company "Contacto – Sociedade de Construções, SA" by "Sociedade de Construções Soares da Costa, S.A.".

• Inclusion in the consolidation perimeter of the company Linha 3 Cezarina – Construções, Ltda. a company with a specific purpose under the Brazilian law, held by the group at 50%; this company's purpose is to promote the planning, development and execution of the construction works for the implementation of line 3 of Cezarina cement plant in Cezarina County, State of Goiás.

• Inclusion in the consolidation perimeter of the company, Global Azoague, S.L., a company constituted under the Spanish law, in which the Group has a 50% participation, through Energia Própria.

3. SUSTAINABLE DEVELOPMENT

Soares da Costa Group continues, year after year, to develop several activities that are in accordance with its compromise with a Sustainable Development, paying special attention to internal social responsibility (activities targeting employees and their families), without forgetting external social responsibility activities targeting the communities from the several geographical markets were the Group operates.

In the first half of 2012, were concluded activities as the Technical Workshops, an annual event of sharing of knowledge and professional and personal experiences amongst employees of the several companies of the Group. This year, in line with the guidance of the strategic plan presented by year-end 2011, the focus was on the construction business area, with several presentations from technical workers. This was the third edition of the Technical Workshops and was presented items concerning project that the company is developing in Portugal, Angola, Mozambique and United States.

On the other hand, another edition of the Prémio Talento Soares da Costa (Talent Award Soares da Costa) is in progress, which in the last 3 years has allowed several college students on their final year to develop master degree papers jointly with the company, and, in the case of the winning students, to benefit from a 6-month internship in one of the companies of Soares da Costa Group.

On the environment side, besides the several internal campaigns and rationalization measures regarding energy consumption and water, Soares da Costa highlighted three important moments:

• 1. World Forestry Day (March 21) with a activity with volunteers in Lousã, where, jointly with Fundação Floresta Unida (United Forestry Foundation) several preservation activities of the Portuguese forestry happened.
• 1. World Environment Day (June 5), with an internal training activity on separation of waste and home composting;
• 1. Joining the ECO (Companies against Fire) movement, an initiative to protect the national forest heritage.

In addition to these initiatives, continue to be developed campaigns to collect various materials at the Ecoponto Solidário (Solidarity Bin), happening in this first half a campaign for of the União Zoófila (for the animals hosted by the institution) and the Legião da Boa Vontade (campaign to collect food for the families supported by that institution).

Up to the end of the year, the Group expects to implement and/ or to continue with activities such as the annual scholarships program, holiday camps, and more collection campaigns under the Ecoponto Solidário (Solidarity Bin) and the launch of a new challenge of the corporate volunteering program –"Sou Capaz".

4. MAIN RISKS AND UNCERTAINTIES

Soares da Costa Group, as the various parts that comprise this Report and Accounts attest, carries out its activity in various business segments and in various geographical areas. Consequently, the Group is exposed, naturally, to various risks that can be classified as:

Business Risks

• Operating risks: those that can impact the effectiveness and efficiency of the operational and service rendering processes of the Group, client satisfaction and the reputation of the companies;
• Integrity risks: those related with internal and external frauds that the group companies may be subject to;
• Management and human resource risks: risks related, amongst others, with management, leadership, authority limits, displacement, local insertion, etc.;
• Financial risks. Namely currency risk, interest rate risk, liquidity risk and credit risk;

Information Risks

• Operating, financial and strategic evaluation information;

Environmental Risks

• Competition;
• Political, economic, legal and fiscal environment;
• Regulation of and changes in the sector.

From an organizational perspective, and at the corporate centre, with transversal application throughout the Group, there is a an Analysis and Risk Management unit was set up with the objective of guaranteeing the efficiency and effectiveness of the Group's operations, the safeguarding of its assets, the reliability of the financial data and the compliance with the law and applicable norms.

The Analysis and Risk Management unit has goal to support management through the identification and monitoring of the main risk to which the Group is exposed, to guarantee its control and mitigation, therefore allowing the inclusion of a risk dimension on the strategic and operational decisions of the Group.

The risk analysis is undertaken by the various corporative units of the Group. Work is carried out to identify and prioritize up-front the risks classified as more critical (determined through the combination of the probability of occurrence with the potential impact) and Risk Management strategies are defined so as to implement the control procedures that will reduce these to an acceptable level. This way the Group has been implementing control activities that permit the mitigation of these risks. The objective is to maximize the trade-off between the risks and the business margins so as to attain, in a sustained manner, the strategic objectives.

This matrix is based on the general lines of the strategic plan in force, the goals that are to be met, the type of activity carried out and the countries that constitute the preferred areas for a stable intervention. Subsequently, and in obedience to these guidelines, a set of parameters are defined that guide the strategic objectives covering the assumption of risk and all the monitoring actions carried out to guarantee the conformity of the risks actually incurred with those objectives.

To perform the assessment and subsequent monitoring, through their internal organizations, the different management areas of the company (Business Development, Finance Management, Management Control, Human Resources, Legal Services, etc.) identify and evaluate the risks that their decisions, in their respective areas of intervention and competence, involve and list the measures that may prevent or minimize these. In function of that analysis, critically monitored by the central unit, decisions are taken relating to the business, country or project in question, namely the decision to contract or not to contract or of the contracting conditions.

The analysis and management system is an interactive process that extends throughout all the phases of the project, from the original potential set-up, at a moment of pure prospecting, right through to its epilogue, when all the responsibilities connected to it are extinguished. Naturally, during its evolution, some fundamental milestones requiring a wider scope in terms of decision making are set-up, both to evaluate if the potential risks and the forms in which best to broach these fit the strategic profile defined, as well as to ensure that the control mechanisms and procedures are being complied with and are proving to be adequate. For their thorough management, detailed information procedures are created, with the content adequate to each phase, which will permit the timely monitoring of the various vicissitudes and the taking of action at the exact moment of an occurrence. The full process is open to contributions from reviews and to the improvements that any structure wishes to propose, and is the object of periodic reflection and evaluation involving both the supporting services as well as the operational areas.

The objective of capital risk management at Soares da Costa Group is to safeguard the continuity of the operations of the Group, thus providing returns for the shareholders and benefits for the remaining stakeholders, maintaining a solid capital structure that supports the development of the business. The Group has reinforced its risk analysis policies in order to be better prepared to respond to the uncertainties and vicissitudes that derive from adapting its activity to the retraction in the domestic market, and is actively searching for alternatives that boost its capacities.

5. PARTICIPATIONS AND TRANSACTION OF MEMBERS OF THE CORPORATE BODIES

(according to Article 9a) and 14 no. 7 of Regulation 5/2008 of the CMVM)

Manuel Roseta Fino (Chairman of the board of directors): Chairman of the board of directors of Investifino – Investimentos e Participações SA. This company held, as of December 31, 2011, 113,302,682 shares that correspond to 70.8142% of the capital, that maintained by June 30, 2012.

Pedro Gonçalo de Sotto-Mayor de Andrade Santos (Executive member of the board of directors): Member of the board of directors of Investifino – Investimentos e Participações SA. This company held, as of December 31, 2011, 113,302,682 shares that correspond to 70.8142% of the capital, that maintained by June 30, 2012.

António Pereira da Silva Neves (Member of the board of directors): Held by December 31, 2011, 13,220 shares, that maintained by June 30, 2012.

Ana Maria Martins Caetano (Member of the board of directors): Chairman of the board of directors of Parinama – Participações e Investimentos, SGPS, SA. This company held, as of December 31, 2011, 17,600,000 shares that correspond to 11.0000% of the capital, that maintained by June 30, 2012.

José Manuel Baptista Fino (Member of the board of directors): Member of the board of directors of Investifino – Investimentos e Participações SA. This company held, as of December 31, 2011, 113,302,682 shares that correspond to 70.8142% of the capital, that maintained by June 30, 2012.

The other members of the corporate bodies did not hold, as of June 30, 2012, shares of the company, and did not made any transactions on the company's shares during the first half of 2012.

6. QUALIFIED SHAREHOLDINGS

As of June 30, 2012, the qualified shareholdings were the following:

Manuel Fino, SGPS, SA	Number of Shares	% Capital	% Voting Rights (*)
Indirectly through Investifino-Investimentos e Participações SGPS, SA	113,302,682	70.814%	71.042%
Total	113,302,682	70.814%	71.042%

	Number of		% Voting
PARINAMA – Participações e Investimentos, SGPS, SA	Shares	% Capital	Rights (*)
Directly	17,600,000	11.000%	11.035%
Total	17,600,000	11.000%	11.035%

Santander Asset Management - Sociedade Gestora de Fundos de	Number of	% Capital	% Voting
Investimento Mobiliários, SA	Shares		Rights (*)
Indirectly through:
Fundo Santander Acções Portugal	2,930,324	1.831%	1.837%
Fundo Santander PPA	312,634	0.195%	0.196%
Total	3,242,958	2.027%	2.033%

Caixagest – Técnicas de Gestão de Fundos, SA	Number of Shares	% Capital	% Voting Rights (*)
Indirectly through:
CXG ACC PORTUGAL	n.a.	1.607%	n.a.
CXG PPA	n.a.	0.538%	n.a.
Total	3,430,686	2.144%	2.151%

(*) Considers 5,518 preferred non voting shares and 507,292 own shares held by June 30, 2012

7. STATEMENT ON THE CONFORMITY OF THE FINANCIAL INFORMATION

In terms of paragraph c) of no. 1 of article 246 of the Securities Code, the members of the board of directors, individually, declare that to the best of their knowledge:

a) The Consolidated Financial Statements, the Individual Financial Statements and the other documents comprising the accounts were prepared in conformity with the accounting standards applicable, presenting a true and fair view, in all materially relevant aspects, of the assets and liabilities, of the equity and of the consolidated and individual results of the issuer;

b) The Management Report accurately discloses the evolution of the business, the performance and the financial position both of the issuer and of the companies included in the consolidation perimeter and contains a description of the principal risks and uncertainties which they face.

Porto, August 30, 2012

The board of directors,

Manuel Roseta Fino, António Manuel Pereira Caldas de Castro Henriques, Pedro Gonçalo de Sotto Mayor de Andrade Santos, Jorge Domingues Grade Mendes, Ana Maria Martins Caetano, António Manuel Formigal de Arriaga, António Pereira da Silva Neves, Carlos Moreira Garcia, José Manuel Baptista Fino, Martim Salema de Sande e Castro Fino

CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED FINANCIAL POSITION STATEMENT JUNE 30, 2012 AND DECEMBER 31, 2011

			(Euro)
A S S E T S	Notes	30-Jun-12	31-Dec-11
NON CURRENT
Intangible assets:
Goodwill	11 e 12	86,896,365	86,896,365
Intangible assets	11 e 12	57,164,156	255,443,363
	10	144,060,521	342,339,728
Fixed tangible assets:
Land and buildings	12	166,832,432	169,262,712
Basic equipment	12	62,551,218	66,447,006
Other fixed tangible assets	12	15,848,758	17,552,831
Fixed tangible assets in progress	12	19,607,058	18,459,450
	10	264,839,466	271,721,999
Investment properties	10 e 14	9,585,779	9,907,556
Financial investments:
Financial investments under the equity method	14	11,710,169	11,607,524
Loans to associated companies	14	11,622,978	10,399,882
Other financial investments	14 e 24	13,548,603	12,876,395
	10	36,881,751	34,883,801
Deferred taxes (assets)	10 e 29	45,955,406	40,941,330
Accounts receivable	10 e 16	504,523,604	237,395,050
Total non current assets		1,005,846,527	937,189,464
CURRENT
Inventories	10, 15 e 24	126,219,354	127,938,135
Accounts receivable:
Trade Debtors	16 e 24	398,475,400	440,708,549
Income tax		4,245,573	1,441,691
Other accounts receivable	16 e 24	65,939,161	61,307,338
	10	468,660,134	503,457,579
Other current assets	10 e 17	128,764,688	109,009,408
Cash, Deposits and Securities	10 e 18	113,697,031	86,098,349
Total current assets		837,341,206	826,503,472
TOTAL ASSETS	10	1,843,187,733	1,763,692,936

CONSOLIDATED FINANCIAL POSITION STATEMENT JUNE 30, 2012 AND DECEMBER 31, 2011

			(Euro)
SHAREHOLDERS' EQUITY & LIABILITIES	Notes	30-Jun-12	31-Dec-11
Shareholders' equity
Share capital	19	160,000,000	160,000,000
Own shares	19	(172,526)	(172,526)
Reserves and retained earnings	19	(55,875,689)	(49,820,845)
Net income	10	(16,996,929)	2,376,012
Equity attributable to the Group		86,954,855	112,382,641
Minorities		3,539,272	4,139,852
TOTAL SHAREHOLDERS' EQUITY		90,494,127	116,522,493
LIABILITIES
NON CURRENT
Provisions	24	893,026	886,200
Loans:
Bonds	20	97,806,284	97,604,741
Bank loans	20	556,273,519	538,988,548
		654,079,803	636,593,289
Accounts payable	22	45,105,485	51,310,099
Derivatives	21	62,137,384	53,939,404
Deferred assets (liabilities)	29	26,880,725	27,884,259
Total non current liabilities		789,096,423	770,613,251
CURRENT
Loans:
Bank loans	20	347,114,861	269,468,826
Other loans	20	24,108,845	37,850,092
		371,223,706	307,318,918
Accounst payable:
Trade Creditors		223,703,634	227,775,844
Fixed assets suppliers		3,933,462	3,790,535
Advances on sales		65,399,473	75,655,448
Income tax		14,323,940	8,809,377
Other accounts payable	22	73,650,665	56,659,835
		381,011,173	372,691,039
Derivatives	21	15,585,868	12,504,360
Other current liabilities	23	195,776,436	184,042,876
Total current liabilities		963,597,183	876,557,193
TOTAL LIABILITIES	10	1,752,693,606	1,647,170,444
TOTAL SHAREHOLDERS' EQUITY + LIABILITIES		1,843,187,733	1,763,692,936

SEPARATE CONSOLIDATED INCOME STATEMENT FOR THE PERIOD ENDED JUNE 30, 2012 AND 2011

			(Euro)
INCOME STATEMENT	Notes	30-Jun-12	30-Jun-11
Turnover	10	411,029,248	419,533,539
Change in production		(3,516)	1,277,545
Other operating income	26	5,031,501	5,118,624
Operating income		416,057,233	425,929,708
Cost of goods sold		(78,249,490)	(85,828,434)
Third party supplies & services		(222,760,091)	(210,116,764)
Staff costs		(76,560,359)	(73,221,461)
Depreciation and imparity losses	10	(11,632,122)	(16,733,476)
Provisions	10	(9,181,051)	(172,639)
Other operating costs	26	(16,143,682)	(8,984,319)
Operating costs		(414,526,794)	(395,057,093)
Operating results from continued activities	10	1,530,439	30,872,615
Interest received		18,407,198	5,782,416
Interest paid		(34,204,114)	(25,115,096)
Net financing costs	28	(15,796,917)	(19,332,680)
Gains in associated companies		99,183	141,244
Losses in associated companies		(21,821)	(72,755)
Gains and losses in associated companies	28	77,362	68,489
Income and capital gains in stakes held		198,015	721,403
Other financial income		11,467,835	10,723,069
Other financial costs		(18,027,779)	(19,684,251)
Other financial income & costs	28	(6,361,929)	(8,239,780)
Financial results	10 e 28	(22,081,483)	(27,503,970)
Earnings before taxes		(20,551,044)	3,368,645
Income tax	10 e 29	3,368,615	(1,471,848)
Net income	10	(17,182,429)	1,896,796
Attributable to the Group	10	(16,996,929)	2,046,470
Minorities	10	(185,500)	(149,673)
Earnings per share of continued activities:	30
Basic		(0.107)	0.013
Diluted		(0.107)	0.013
Earnings per share:	30
Basic		(0.107)	0.013
Diluted		(0.107)	0.013

SEPARATE CONSOLIDATED INCOME STATEMENT FOR THE QUARTERS APRIL 1 TO JUNE 30, 2012 AND 2011

		(Euro)
INCOME STATEMENT	2nd Quarter	2nd Quarter
	2012	2011
Turnover	221,082,047	219,129,714
Change in production	(1,952,226)	5,896,641
Other operating income	2,719,262	2,705,782
Operating income	221,849,083	227,732,138
Cost of goods sold	(40,832,959)	(43,445,525)
Third party supplies & services	(120,268,970)	(120,637,906)
Staff costs	(35,729,891)	(36,259,232)
Depreciation and imparity losses	(5,778,490)	(8,307,609)
Provisions	(9,082,402)	(74,836)
Other operating costs	(12,700,081)	(4,494,807)
Operating costs	(224,392,794)	(213,219,915)
Operating results from continued activities	(2,543,711)	14,512,222
Interest received	8,774,958	2,343,196
Interest paid	(16,989,198)	(11,905,726)
Net financing costs	(8,214,240)	(9,562,530)
Gains in associated companies	98,690	59,222
Losses in associated companies	5,972	(33,135)
Gains and losses in associated companies	104,662	26,087
Income and capital gains in stakes held	0	120,961
Other financial income	10,339,267	6,226,701
Other financial costs	(9,494,073)	(10,034,543)
Other financial income & costs	845,194	(3,686,881)
Financial results	(7,264,384)	(13,223,323)
Earnings before taxes	(9,808,095)	1,288,899
Income tax	826,348	(887,785)
Net income	(8,981,747)	401,114
Attributable to the Group	(8,816,481)	448,521
Minorities	(165,266)	(47,407)
Earnings per share	(0.055)	0.003

STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME FOR THE PERIOD ENDED JUNE 30, 2012 AND 2011

			(Euro)
	Notas	30-Jun-12	30-Jun-11
Consolidated net profit for the period	10	(17,182,429)	1,896,796
Other comprehensive income
Exchange difference stemming from transposition of financial
statements expressed in foreign currencies		(534,755)	(3,911,666)
Variation on fair value of derivatives	19	(11,279,488)	5,988,542
Variation on deferred taxes of derivatives	19	2,969,668	(1,635,792)
Adjustments in investment consolidated by equity method		(1,085)	(221,852)
Other variations		-	(346,370)
Total comprehensive income for the period		(26,028,089)	1,769,658
Attributable:
to minorities		(600,580)	(365,521)
to the Group		(25,427,509)	2,135,179

STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED JUNE 30, 2012 AND 2011

										(Euro)
	No tes	Equity capital	Own shares	Reserves and retained earnings	Reserves for foreign exchange	Coverage derivatives	Other	Own funds attributable to shareholders	Own funds attributa ble to minorities	Total equity
Balance as of 1/Jan/2012		160,000,000	(172,526)	(7,751,481)	(728,190)	(40,239,801)	1,274,639	112,382,640	4,139,852	116,522,492
Dividends				(276)				(276)		(276)
Own shares	19
Other Integrated consolidated
earnings	19			(16,996,929)	(119,675)	(8,309,820)	(1,085)	(25,427,509)	(600,580)	(26,028,089)
Balance as of 30/Jun/2012		160,000,000	(172,526)	(24,748,687)	(847,865)	(48,549,621)	1,273,554	86,954,855	3,539,272	90,494,127

	Equity capital	Own shares	Reserves and retained earnings	Reserves for foreign exchange	Coverage derivatives	Other	Own funds attributable to shareholders	Own funds attributa ble to minorities	Total equity
Balance as of
1/Jan/2011	160,000,000	(197,780)	(1,633,280)	(337,995)	(24,644,913)	2,204,380	135,390,411	4,170,912	139,561,324
Dividends			(3,463,847)				(3,463,847)		(3,463,847)
Own shares		(65,662)	(3,163)				(68,825)		(68,825)
Other Integrated consolidated			369,912	(369,912)
earnings Balance as of			2,046,470	(3,695,818)	4,352,750	(568,222)	2,135,179	(365,521)	1,769,658
30/Jun/2011	160,000,000	(263,442)	(2,683,908)	(4,403,726)	(20,292,164)	1,636,159	133,992,918	3,805,391	137,798,309

CONSOLIDATED CASH FLOWS STATEMENTS FOR THE PERIOD ENDED JUNE 30, 2012 AND 2011

						(Euro)
	30-Jun-12		30-Jun-11		2nd Quarter 2012
Operating activities:
Receipts from customers	342,776,139		357,156,011		179,418,357
Payments to suppliers	(296,719,160)		(289,253,032)		(163,131,782)
Payments to staff	(63,611,548)		(64,824,620)		(30,174,710)
	(17,554,569)		3,078,360		(13,888,135)
Payments/ receipts of income tax Other payments/ receipts related with	(5,123,899)		(2,328,023)		(4,938,948)
oper.activities	(10,160,248)		(17,210,159)		(4,149,535)
	(15,284,146)		(19,538,182)		(9,088,484)
Cash flow from investment activities		(32,838,715)		(16,459,823)		(22,976,619 )
Investment activities:
Receipts from:
Financial investments	397,250		258,000		-
Fixed tangible assets	3,352,245		559,450		3,280,479
Interest and similar income	539,597		517,584		480,450
Dividends	66,600	4,355,692	120,961	1,455,995	-	3,760,929
Payments related with:
Financial investments	484,692		2,181,054		288,031
Fixed tangible assets	1,658,213		1,662,392		517,008
Intangible assets	-	2,142,905	76,576	3,920,022	-	805,039
Cash flow from investment activities		2,212,788		(2,464,027)		2,955,890
Financing activities:
Receipts from:
Loans	372,610,388		236,749,015		214,734,356
Sale of own shares	-		410,357		-
Interest received	550,108	373,160,496	66,009	237,225,381		503,172 215,237,528
Payments related with:
Loans Amortisations of financial leasing	287,773,228		169,723,866		163,623,079
contracts	1,637,178		5,087,238		715,357
Interest paid	26,783,795		24,662,091		20,183,805
Dividends	583,526		3,569,073		236,799
Acquisition of own shares	-	316,777,727	519,850	203,562,117	-	184,759,040
Cash flow from financing activities		56,382,769		33,663,264		30,478,488
Change in cash and cash equivalents		25,756,841		14,739,415		10,457,760
Effect of foreign exchange differences		1,841,840		(4,346,795)		2,968,758
Effect of changes in participations				5,835		-
Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of		86,098,349		96,531,607		-
the period		113,697,031		106,930,062		13,426,518

ANNEX TO THE CONSOLIDATED CASH FLOWS STATEMENTS

Acquisitions, subscriptions, capital increases and change in participations

• Receipt by cash and equivalents of 75,000 Euros referring to the alienation of 25% of the Group's participation in "MY Watt, Lda.";

• Receipt by cash and equivalents of 69,500 Euros concerning the alienation of the Group's participation in "Reflexos Purpura, Lda.";

• Capital injection in the company "Autopistas Del Valle, S.A." of 33,757 euros, by cash and equivalents;

• Capital injection in the company "Elos - Ligações de Alta Velocidade, S.A." of 331,802 Euros, by cash and equivalents;

• Capital injection in the company "Global Azoague, S.L." of 1,800 Euros, by cash and equivalents, regarding the Group's participation in that company' share capital.

Breakdown of Cash and Equivalents

Cash and equivalents	30/06/2012	31/12/2011
Cash	1,017,631	951,975
Bank deposits (immediately available)	111,280,143	84,832,285
Equivalents to cash	1,399,257	314,090
Cash and equivalents	113,697,031	86,098,349
Tradable Securities	-	-
Cash in Consolidated Financial Position Statement	113,697,031	86,098,349

GRUPO SOARES DA COSTA, SGPS, SA

ConsolidatedAccounts– June 30, 2012

Perimeter and Consolidation Methods

(2) Additionally, Ciagest, SA has a 1% participation in SDC Imobiliária, Lda. (3) Additionally, Sociedade de Construções Soares da Costa, SA, Ciagest, SA, Clear, SA and SDC Concessões SGPS have, each, a 0.01% participation in SCSP – Soares da Costa Serviços Partilhados, SA.

(4) Additionally, Sociedade de Construções Soares da Costa, SA holds a 4% participation in Auto-estradas XXI, S.A. and Operestradas XXI, SA.

(5) Additionally, Sociedade de Construções Soares da Costa, S.A. holds a 0.004% participation in Exproestradas XXI, S.A.

(6) Additionally, SDC Concessões SGPS and Hidroequador Santomense hold, each, a 0.002% participation in SDC Hidroenergia, SA.

(7) Additionally, Clear Angola, S.A. holds a 2% participation in Costa Sul, Lda. and in Imosede, Lda. (8) Company held (16.302%) by Soares da Costa Concessões, SGPS and by (0.002%) Sociedade de Construções Soares da Costa, S.A.

(9) Additionally, Intevias – Serviços e Gestão, S.A. holds a 0.002% of Portvias, S.A.

(10) Additionally, Grupo Soares da Costa, SGPS, S.A. holds a 0.5% participation in Indáqua Feira, S.A.

(11) Additionally, Sociedade de Construções Soares da Costa, S.A. Holds a 1% stake in MTA, LDA. and in Carta Angola, Lda.

CONSOLIDATED ACCOUNTING POLICIES AND EXPLANATORY NOTES AS OF JUNE 30, 2012

1. INTRODUTORY NOTE

The company currently named GRUPO SOARES DA COSTA, SGPS, SA ("Company") was incorporated on 02 June 1944, under the name "Soares da Costa, Lda.", a limited company that has been changed into a public company by deed of 01 May 1968, also changing its denomination to "Sociedade de Construções Soares da Costa, S.A.".

As of December 30, 2002, after a Group re-organisation process, the company assumed its current name and changed its mission into the "management of shareholdings as an indirect way to develop economic activities".

The current share structure of the Group is represented in the annexed diagram.

The full list of the companies included in the Group's consolidation perimeter and the consolidation methods applied are detailed in the following notes.

In the business areas in which Soares da Costa Group operated there are no seasonality effects.

Figures mentioned in the Notes are in Euros, unless otherwise indicated.

The financial statements were not audited.

2. PRESENTATION BASIS

The interim consolidated financial statements for the six months ended June 30, 2012 were prepared in accordance with the provisions of International Accounting Standard 34 - Interim Financial Reporting.

The consolidated financial statements assume the Company's continuity and were compiled from the accounting records of the companies included in consolidation, which were kept according to the accounting principles accepted in Portugal, and adjusted in the consolidation process to ensure that the consolidated financial statements comply with 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.

The notes which follow were selected to contribute to understanding the most significant changes of the Group's consolidated financial position and performance against the latest date for annual reporting at December 31, 2011.

3. MAIN ACCOUNTING POLICIES

The accounting policies applied in the preparation of these interim consolidated financial statements are consistent with those used in the preparation of financial statements for the year ended December 31, 2011.

4. ESTIMATES AND ASSUMPTIONS

The interim consolidated financial statements include some figures that were estimated, affecting the amounts reported as assets and liabilities, as well as those reported as income and costs for the period reported. All estimates and assumptions made by the board of directors were based on the best information available at the date the financial statements were approved.

The company's board of directors believes that the attached financial statements and subsequent notes are a fair representation of the financial information.

5. CONVERSION OF THE FINANCIAL STATEMENTS OF FOREIGN ENTITIES

The rates used to convert the figures of foreign entities (Group companies, jointly controlled companies or associated companies) to Euros were the following:

		Exchange rate as of	Average exchange rate	Exchange rate as of	Average exchange rate
		30/06/2012	1st Half 2012	31/12/2011	1st Half 2011
US Dollar	EUR/USD	1.2590	1.3030	1.2939	1.4239
Mozambican Metical	EUR/MZN	35.425	36.123	34.665	43.641
S. Tomé & Príncipe Dobra EUR/STD		24,500	24,500	24,500	24,500
Angolan Kwanza	EUR/AOA	120.86	124.22	122.55	132.73
Romanian Leu	EUR/ROL	4.4513	4.4010	4.3233	4.1727
Israelian Shekel	EUR/ILS	4.9453	4.9439	4.9453	4.9955
Brazilian Real	EUR/BRL	2.5788	2.4289	2.4159	2.2963
UAE Dirhams	EUR/AED	4.6552	4.7901	4.7566	5.2330
British Pound	EUR/GBP	0.8068	0.8221	0.8353	0.8773
Central African CFA	EUR/CFA	656.14	656.14	656.14	656.14

6. FULLY CONSOLIDATED GROUP COMPANIES

Group companies included in consolidation by the full integration method, their head offices and proportion of share capital held as of June 30, 2012:

		% capital held
Company	Head office	Directly	Indirectly	Total
Grupo Soares da Costa SGPS, S.A.	Rua Santos Pousada, nº 220 4000-478 Porto	Empresa Mãe	-	-
Soares da Costa Serviços Partilhados, S.A.	Rua Santos Pousada, nº 220 4000-478 Porto	100.00%	-	100.00%
Energia Própria
Energia Própria, S.A.	Estrada de Talaíde, lote 27, Talaíde 2785-734 S. Domingos de Rana	57.26%	-	57.26%
Self Energy Uk	Southbank Technopark, 90 London Road, London, SE1 6LN	-	78.10%	78.10%
Ventos do Horizonte, S.A.	Edifício Ninho de Empresas, Edifício Ninho de Empresas, Avenida do Mercado Abastecedor, nº 4, 5400-673 Outeiro Seco – Chaves	-	60.00%	60.00%
Self Energy Engineering & Innovation, S.A.	Rua de Fundões 151 Centro Empresarial e Tecnológico 3700-121 São João da Madeira	-	100.00%	100.00%
Construction
SDC Construção SGPS, S.A.	Rua Santos Pousada, nº 220 4000-478 Porto	100.00%	-	100.00%
Soares da Costa América, Inc.	7270 N.W. 12 TH Street, Suite PH3 - Miami - Florida - 33126 U.S.A.	-	100.00%	100.00%
Porto Construction Group, LLC	7270 N.W. 12 TH Street, Suite #207 - Miami - Florida - 33126 U.S.A.	-	60.00%	60.00%
Soares da Costa Construction Services, LLC	751 Park of Comm. Drive, Suite #108 - Boca Raton - Florida - 33487 U.S.A.	-	80.00%	80.00%
Soares da Costa CS, LLC	6205 Blue Lagoon Drive, Suite 310 - Miami - Florida - 33126 U.S.A.	-	80.00%	80.00%
Soares da Costa Contractor, LLC	7270 N.W. 12 TH Street, Suite PH3 - Miami - Florida - 33126 U.S.A.	-	100.00%	100.00%
Soares da Costa Moçambique, SARL	Av. Ho Chi Min nº 1178, Maputo Moçambique	-	80.00%	80.00%
Soares da Costa S. Tomé e Principe - Construções, Lda	S. Tomé e Príncipe	-	100.00%	100.00%
Soares da Costa Construcciones Centro Americanas, S.A.	Cantón Cero Uno - S. José Costa Rica	-	100.00%	100.00%
Carta - Cantinas e Restauração, Lda	Rua Santos Pousada, nº 220 4000-478 Porto	-	100.00%	100.00%

Carta - Restauração e Serviços, Lda	Rua Cónego Manuel das Neves, 19 Luanda - Angola	-	100.00%	100.00%
Soc. Construções Soares da Costa, S.A.	Rua Santos Pousada, nº 220 4000-478 Porto	-	100.00%	100.00%
Soares da Costa Brasil - Construções, Lda.	Rua Bandeira Paulista, nº 600, 1º Andar, Conjunto 13, CEP 04532-001, São Paulo, Brasil	-	100.00%	100.00%
Santolina Holding B.V.	De Lairessestraat 154, 1075HL Amsterdam	-	100.00%	100.00%
CERENNA - Cerâmica Nacional de Angola, S.A.	Município da Ingombota, Bairro Ingombota, Rua Cónego Manuel Alves das Neves, Nº 19 - Luanda	-	51.00%	51.00%
Soares da Costa/Contacto - Modernização de Escolas, ACE	Rua Santos Pousada, nº 220 4000-478 Porto	-	100.00%	100.00%
GEC - Guinea Ecuatorial Construcciones, S.A.	Urbanización Villa Orquídea, vivenda nº 4, Carretera del Aeropuerto, Malabo, Républica de Guinea Ecuatorial	-	51.00%	51.00%
CLEAR - Instalações Electromecânicas, S.A.	Rua Santos Pousada, nº 220 4000-478 Porto	-	100.00%	100.00%
CLEAR Angola, S.A.	Rua Cónego Manuel das Neves, 874 Luanda - Angola	-	95.00%	95.00%
Coordenação & Soares da Costa, SGPS, Lda.	Rua Julieta Ferrão, nº 12, 13º Andar, N. Senhora de Fátima - 1000 Lisboa	-	100.00%	100.00%
Prince Contracting, LLC	5411 Willis Road Palmetto, Florida 34221 - USA	-	100.00%	100.00%
Construções Metálicas SOCOMETAL, S.A. Real Estate	Rua Santos Pousada, nº 220 4000-478 Porto	-	100.00%	100.00%
Soares da Costa Imobiliária, SGPS, S.A.	Rua Santos Pousada, nº 220 4000-478 Porto	100.00%	-	100.00%
CIAGEST - Imobiliária e Gestão, S.A.	Rua Santos Pousada, nº 220 4000-478 Porto	-	100.00%	100.00%
Mercados Novos - Imóveis Comerciais, Lda.	Rua Santos Pousada, nº 220 4000-478 Porto	-	100.00%	100.00%
SOARTA - Soc Imob. Soares da Costa, S.A.	Rua Santos Pousada, nº 220 4000-478 Porto	-	100.00%	100.00%
HABITOP - Sociedade Imobiliária, S.A.	Rua Santos Pousada, nº 220 4000-478 Porto	-	100.00%	100.00%
Soares da costa Imobiliária, Lda	Estrada Farol das Lagostas Município da Sambízanga, C. do N'Golakiluange - Luanda	-	100.00%	100.00%
Cais da Fontinha - Investimentos Imobiliários, S.A.	Rua Santos Pousada, nº 220 4000-478 Porto	-	100.00%	100.00%
IMOKANDANDU - Promoção Imobiliária, Lda.	Estrada Farol das Lagostas, Município do Sambízanga, Comuna do N'Gola Kiluange - Angola	-	51.00%	51.00%
NAVEGAIA - Instalações Industriais S.A.	Rua Santos Pousada, nº 220 4000-478 Porto	-	100.00%	100.00%
IMOSEDE, Lda	Rua Conego Manuel das Neves Casa nº 19 - Luanda	-	100.00%	100.00%
Costa Sul Sociedade de Promoção Imobiliária, Lda	Rua Conego Manuel das Neves Casa nº 19 - Luanda	-	100.00%	100.00%
Hotti - Angola Hoteis, S.A.	Município da Ingombota, Bairro Patrice Lumumba, Rua Cônego M. das Neves, nº 190 - Luanda	-	50.60%	50.60%
IMOSDC - Investimentos, Lda Concessions	Rua Cónego Manuel das Neves, 19 Luanda	-	100.00%	100.00%
Soares da Costa Concessões, SGPS, S.A.	Rua Santos Pousada, nº 220 4000-478 Porto	100.00%	-	100.00%
Soares da Costa Concesiones - Costa Rica, S.A.	100 Est,200 Sul, 50 Oest - H. de La Mujer - San José - Costa Rica	-	100.00%	100.00%
COSTAPARQUES - Estacionamentos, S.A.	Rua Santos Pousada, nº 220 4000-478 Porto	-	100.00%	100.00%

Infraestructuras Soares da Costa Costa Rica, S.A.	100 Est,200 Sul, 50 Oest - H. de La Mujer - San José - Costa Rica	-	100.00%	100.00%
C.P.E. - Companhia de Parque de Estacionamento, S.A.	Rua Julieta Ferrão, nº 12, 14º 1649 Lisboa	-	100.00%	100.00%
Intevias - Serviços e Gestão, S.A.	Rua Santos Pousada, nº 220 4000-478 Porto	-	100.00%	100.00%
Hidroequador Santomense - Exploração de Centrais Hidroeléctricas, Lda.	Av. Repatriamento dos Poveiros, nº 67, Edifício Cecominsa, Póvoa de Varzim	-	75.00%	75.00%
Hidroeléctrica STP, Limitada	Avenida Água Grande, São Tomé - S. Tomé e Príncipe	-	45.00%	45.00%
INR - Investimentos Nacionais Rodoviários, SGPS, S.A.	Rua Julieta Ferrão, nº 12, 14º 1649-039 Lisboa	-	100.00%	100.00%
Soares da Costa Hidroenergia, S.A.	Rua Santos Pousada, nº 220 4000-478 Porto	-	75.00%	75.00%
Soares da Costa Hidroenergia 1T, Lda.	Rua Santos Pousada, nº 220 4000-478 Porto	-	75.05%	75.05%
Soares da Costa Hidroenergia 4T, Lda.	Rua Santos Pousada, nº 220 4000-478 Porto	-	75.05%	75.05%
Soares da Costa Hidroenergia 8C, Lda.	Rua Santos Pousada, nº 220 4000-478 Porto	-	75.05%	75.05%
Soares da Costa Hidroenergia 8T, Lda.	Rua Santos Pousada, nº 220 4000-478 Porto	-	75.05%	75.05%
Soares da Costa Concessions USA, Inc.	7270 NW 12 Street, Suite 860, Miami, Florida 33126 EUA	-	100.00%	100.00%

During the first half of 2012 the following changes occurred in companies that integrate the consolidation perimeter by the full consolidation method:

• Merger by absorption of the company "Contacto Sociedade de Construção, S.A." by the company "Sociedade de Construções Soares da Costa, S.A.".
• Merger by absorption of the company "Serviços Técnicos e de Gestão, S.A." by the company "Soares da Costa - Concessões, S.G.P.S., S.A.".

7. JOINTLY CONTROLLED COMPANIES

Jointly controlled companies included in the consolidation by the proportional method, their registered offices and the proportion of capital held as of June 30, 2012:

Company		% capital held
	Head office	Directly	Indirectly	Total
Construction
TRANSMETRO - Construção do Metropolitano do Porto, ACE	Rua Santos Pousada, nº 220 4000-478 Porto	-	50.00%	50.00%
Normetro - Agrupamento do Metropolitano do Porto, ACE	Rua Santos Pousada, 300 - 7º Bonfim Porto	-	17.90%	17.90%
ASSOC - Soares da Costa - Construção do Estádio de Braga, ACE	Av. Imaculada Conceição, 756 - Dume - 4700-034 Braga	-	40.00%	40.00%
Estádio de Coimbra, SC/Abrantina, ACE	Rua Santos Pousada, nº 220 4000-478 Porto	-	60.00%	60.00%
Casais, Eusébios, FDO, J. Gomes, Rodrigues e Névoa - Soares da Costa, Construção do Estádio de Braga - Acab.e Instalações/Infraest.Interiores, ACE	Av. Imaculada Conceição, 756 - Dume - 4700-034 Braga	-	40.00%	40.00%
Três ponto dois - T.G. Const. Civil - Via e Cat Mod. Linha do Norte, ACE	Avª das Forças Armadas, 125 - 2ºC - Lisboa	-	50.00%	50.00%
Somague, Soares da Costa - Agrupamento Construtor do Metro de Superfície, ACE	Rua Engº Ferreira Dias, 164 4100-247 Porto	-	50.00%	50.00%
Remodelação Teatro Circo - S.C., A.B.B., D.S.T., ACE	Rua Santos Pousada, nº 220 4000-478 Porto	-	50.00%	50.00%

GCF - Grupo Construtor da Feira, ACE	Rua do Rego Lameiro, nº 38, Campanhã, 4300-454 Porto	-	28.57%	28.57%
GCVC, ACE	Rua do Rego Lameiro, nº 38, Campanhã, 4300-454 Porto	-	28.57%	28.57%
Mota-Engil, Soares da Costa, MonteAdriano - Matosinhos, ACE	Via Adelino Amaro da Costa nº 315, Lugar da Guarda 4470-557 Moreira da Maia	-	28.57%	28.57%
HidroAlqueva, ACE	Av. Frei Miguel Contreiras, nº 54 7º Andar, Lisboa	-	50.00%	50.00%
Nova Estação, ACE	Av. Frei Miguel Contreiras, nº 54 - 7º Andar, 1749- 083 Lisboa	-	25.00%	25.00%
Soares da Costa e Lena, ACE	Rua Julieta Ferrão, 12º e 13º Andar, Nossa Senhora de Fátima, 1649-039 Lisboa	-	50.00%	50.00%
Terceira Onda Planejamento e Desenvolvimento, Ltda.	Av. Ibirapuera, 2.332, Bloco I, 9º andar, sala 01, Ed. Torre Ibirapuera I; Moema, S. Paulo - Brasil	-	50.00%	50.00%
Linha 3 Cezarina - Construções LTDA.	Av. José Rocha Bomfim, 214, Térreo - Sala 115, Ed. Londres, Condomínio Praça Capital - Center Santa	-	50.00%	50.00%
GACE - Gondomar, ACE	Rua Eng. Ferreira Dias, nº 161 - Porto	-	24.00%	24.00%
LGC - Linha de Gondomar, Construtores, ACE	Rua Eng. Ferreira Dias, nº 161 Freguesia de Ramalde - Porto	-	30.00%	30.00%
CAET XXI - Construções, ACE	Rua de Santos Pousada, 220 Bonfim, Porto	-	50.00%	50.00%
Israel Metro Builders - a Registered Partnership	132 Derekh Menakhem begin, Tel-Aviv, Israel	-	30.00%	30.00%
LGV, Engenharia e Construção de Linhas de Alta Velocidade, ACE	Rua Abranches Ferrão, nº 10, 9ºF, 1600-001 Lisboa	-	17.25%	17.25%
SOMAFEL - Engenharia e Obras Ferroviárias, S.A.	Avª da República, 42 - 3º 1069-207 Lisboa	-	40.00%	40.00%
OFM - Obras Públicas, Ferroviárias e Marítimas, S.A.	Avª Columbano Bordalo Pinheiro, 93-7º - 1000 Lisboa	-	40.00%	40.00%
Somafel e Ferrovias, ACE	Avª Columbano Bordalo Pinheiro, 93-7º - 1000 Lisboa	-	24.00%	24.00%
Somafel - Obras Ferroviárias e Marítimas Ltda.	Rua Major Lopes, nº 800, sala 306, Bairro S.Pedro, Belo Horizonte-Minas Gerais	-	40.00%	40.00%
Real Estate
Talatona Imobiliária, Lda	Rua Cónego Manuel das Neves, 19 Luanda - República de Angola	-	49.00%	49.00%
Concessions
SCUTVIAS - Autoestradas da Beira Interior, S.A.	Praça de Alvalade nº 6 7º Andar Lisboa	-	33.33%	33.33%
OPERESTRADAS XXI, S.A.	Rua Santos Pousada, nº 220 4000-478 Porto	-	50.00%	50.00%
Exproestradas XXI - AE Transmontana, S.A.	Rua Santos Pousada, nº 220 4000-478 Porto	-	50.00%	50.00%
Auto-Estradas XXI - Subconcessionária, S.A.	Rua Santos Pousada, nº 220 4000-478 Porto	-	50.00%	50.00%
Estradas do Zambeze, S.A.	Distrito Urbano 1, Bairro Central, Av. Ho Chi Min nº 1178, 2º andar, Maputo - Moçambique	-	40.00%	40.00%
Operadora das Estradas do Zambeze, S.A.	Distrito Urbano 1, Bairro Central, Av. Ho Chi Min nº 1178, 2º andar, Maputo - Moçambique	-	40.00%	40.00%
MRN - Manutenção de Rodovias Nacionais, S.A.	Av. 12 de Novembro, nº 42, 1º Direito 6005-001 Alcains - Castelo Branco	-	33.33%	33.33%
Portvias - Portagem de Vias, S.A.	Avenida 12 de Novembro, 42, 1º Dto, 6005 001 Alcains - Castelo Branco	-	33.33%	33.33%

During the first half of 2012 the following changes occurred in companies that integrate the consolidation perimeter by the proportional method:

Inclusion in the consolidation perimeter of the company "Linha 3 Cezarina – Construções, Ltda.", in which the Group holds a 50% stake.

As of June 30, 2012 the amounts, weighted by the percentage of joint control, of the assets, liabilities, costs, revenues and profits related with the jointly controlled companies were as follows:

Company	Assets	Liabilities	Costs		Net
			-		income
ASSOC - Soares da Costa - Construção do Estádio de Braga, ACE	73,662	73,662		-	-
Auto-estradas XXI - Subconcessionária, S.A.	282,460,557	297,281,922	64,337,838	65,356,743	1,018,906
CAET XXI - Construções, ACE Casais, Eusébios, FDO, J. Gomes, Rodrigues e Névoa - Soares da Costa,	43,667,664	35,161,049	52,973,484 -	52,978,126	4,641
ACE	23,177	-		-	-
Estádio de Coimbra, SC/Abrantina, ACE	297,712	297,712	-	-	-
Estradas do Zambeze, S.A.	18,607,009	17,158,378	7,084,967	7,727,091	642,124
Exproestradas XXI - AE Transmontana, S.A.	5,154,298	5,275,566	515,966	387,046	(128,921)
GACE - Gondomar, ACE	874,637	874,637	2,300,413	2,300,413	-
GCF - Grupo Construtor da Feira, ACE	355,832	355,832	50,561	50,561	-
GCVC, ACE	1,711,569	1,711,569	2,337,839	2,337,839	-
HidroAlqueva, ACE	5,788,463	5,800,325	5,819,771	5,819,771	-
Israel Metro Builders - a Registered Partnership	4,445,237	4,445,236	233,277	233,278	1
LGC - Linha de Gondomar, Construtores, ACE	1,970,117	831,804	119,384	412,588	293,205
LGV, Engenharia e Construção de Linhas de Alta Velocidade, ACE	801,323	383,184	9,278,131	9,696,268	418,139
Linha 3 Cezarina - Construções LTDA.	1,744,091	1,639,393	967,627	1,076,731	109,104
Mota-Engil, Soares da Costa, MonteAdriano - Matosinhos, ACE	1,851,994	1,851,995	2,792,340	2,792,340	-
MRN - Manutenção de Rodovias Nacionais, S.A.	7,845,722	6,188,328	1,780,736	3,418,132	1,637,397
Normetro - Agrupamento do Metropolitano do Porto, ACE	3,306,768	3,311,350	17,281	12,699	(4,583)
Nova Estação, ACE	1,910,680	1,940,806	30,022	1,061	(28,961)
OFM - Obras Públicas, Ferroviárias e Marítimas, S.A.	9,118,342	7,577,460	4,091,338	3,904,913	(186,425)
Operadora das Estradas do Zambeze	826,960	540,161	454,752	614,254	159,501
Operestradas XXI, S.A.	4,779,515	1,807,466	1,306,563	2,158,446	851,884
Portvias - Portagem de Vias, S.A.	9,326,844	9,117,889	1,007,997	1,091,470	83,472
Remodelação Teatro Circo - S.C., A.B.B., D.S.T., ACE	1,722,674	1,722,674	781	780	-
SCUTVIAS - Autoestradas da Beira Interior, S.A.	235,884,890	210,687,098	11,636,892	13,064,108	1,427,217
Soares da Costa e Lena, ACE	40,504	181,280	161,802	21,027	(140,775)
SOMAFEL - Engenharia e Obras Ferroviárias, S.A.	17,003,971	6,138,945	3,606,350	2,346,691	(1,259,660)
Somafel - Obras Ferroviárias e Marítimas Ltda. Somague, Soares da Costa - Agrupamento Construtor do Metro de Superfície, ACE	285,848 308,419	553,709 308,419	97,233 2,920	12,368 2,920	(84,864) -
Talatona Imobiliária, Lda	29,809,370	31,443,907	679,442	807,805	128,363
Terceira Onda Planejamento e Desenvolvimento, Ltda.	2,854,775	2,275,401	2,149,897	2,454,603	304,705
TRANSMETRO - Construção do Metropolitano do Porto, ACE	6,377,007	5,665,215	176,932	136,570	(40,361)
Três ponto dois - T.G. Const. Civil - Via e Cat Mod. Linha do Norte, ACE	402,347	264,392	11,305	-	(11,305)

At the reporting date there are no contingent commitments or capital commitments related with the jointly controlled companies.

8. COMPANIES INCLUDED IN CONSOLIDATION BY THE EQUITY METHOD

Companies included in consolidation by the equity method, their registered offices and the proportion of capital held as of June 30, 2012:

			% capital held
Company	Head office	Directly	Indirectly	Total
Energia Própria
Self Energy Moçambique, S.A.	Avenida Kenneth Kaunda, nº 403 Maputo – Moçambique	-	45.00%	45.00%
Larvick Reliable, S.L.	Av. Finestrat, S/N, Edificio La Cala, Local 10, 03509 Finestrat	-	49.50%	49.50%
UTE Efacec – Self Energy, Ley 18/1982	Avenida de la Industria 4, Edf. 1, 2-2C 28108 Alcobendas - Madrid	-	50.00%	50.00%
My Watt, Lda	Rua Julieta Ferrão, nº 12, Lisboa	-	25.00%	25.00%
Global Azoague, S.L.	Calle Alfonso XXI 24, 5º planta, 28014 Madrid	-	50.00%	50.00%
Construction
Grupul Portughez de Constructii S.R.L.	10873 Bucharest - Roménia	-	50.00%	50.00%
CFE Indústria de Condutas, S.A.	Rua Particular Joaquim Silva, 480 Sobrado - Valongo	-	33.33%	33.33%
Constructora San José - Caldera, S.A.	Costa Rica	-	17.00%	17.00%
SDC Emirates Construction, L.L.C.	Abu Dhabi - Emirados Árabes Unidos	-	49.00%	49.00%
MTA - Máquinas e Tractores de Angola, Lda	Rua Cônego Manuel das Neves, casa 19, Bairro Patrice Lumumba - Angola	-	34.00%	34.00%
Alsoma, AEIE	3 Av André Malrau 92300 Levallois Perret	-	18.00%	18.00%
Traversofer Industrie & Services Ferroviaires, SARL	27 Chemin du Reservoir - Hydra - Alger	-	20.00%	20.00%
Concessions
Metropolitan Transportation Solutions, Ltd.	14 Hamelecha Street, Park Afek, Rosh Haya'in Israel	-	20.00%	20.00%
GAYAEXPLOR - Construção e Exploração de Parques de Estacionamento, Lda.	Rua Santos Pousada, nº 220 4000-478 Porto	-	25.00%	25.00%
INDÁQUA - Indústria e Gestão de Águas, S.A.	Rua Antero de Quental, 221-3º Sala 303 - 4455-586 Perafita	-	28.57%	28.57%
INDÁQUA MATOSINHOS - Gestão de Águas de Matosinhos, S.A.	Rua 1º de Maio, nº 273 4451-956 Matosinhos	-	28.14%	28.14%
Indáqua Vila do Conde - Gestão de Águas de Vila do Conde, S.A.	Praça Luís de Camões, 9, 3º 1480-719 Vila do Conde	-	28.00%	28.00%
Indáqua Feira - Indústria de Àguas de Santa Maria da Feira, S.A.	Rua Dr. Elísio de Castro, nº 37 - Santa Maria da Feira	-	27.07%	27.07%

In Constructora San José - Caldera, SA and Alsoma EEIG, the Group considers to have significant influence since they have the power to participate in making financial and operating policies of these companies. During the semester ended June 30, 2012, the following changes in the companies included in the consolidation by the equity method:

• Alienation of a 50% participation in the company "Reflexos Púrpura, Lda" by Energia Própria, S.A.;
• Transfer of 25% of the shares of the company "My Watt, Lda", a company in which Energia Própria, S.A. now has a 25% participation;
• Inclusion on the consolidation perimeter of the company "Global Azoague, S.L." in which Energia Própria, S.A. holds a 50% participation.

As of June 30, 2012 the total amount of assets, liabilities, revenue and profits of companies included in consolidation by the equity method were as follows:

Company	Assets	Liabilities	Shareholders'	Costs	Revenues	Net
			equity			income
INDÁQUA - Indústria e Gestão de Águas, S.A.	67,663,749	51,168,627	16,495,123	5,447,956	5,795,114	347,158
Traversofer Industrie & Services Ferroviaires (a) GAYAEXPLOR - Construção e Exploração de Parques	25,051	25,075	(24)	76,226	64,252	(11,975)
Estacionamento, Lda. (b)	266,202	243,938	22,264	60	-	(60)
Alsoma, AEIE (c)	1,841,905	488,842	1,353,063	516,087	768,301	252,214
Grupul Portuguhez de Constructii S.R.L.	3,294,171	3,848,756	(554,585)	15,341	1,772	(13,569)
MTA - Máquinas e Tractores de Angola, Lda	3,117,521	2,635,327	482,194	1,750,276 16,153,69	1,949,270	198,994 (455,212
Indáqua Matosinhos, S.A.	65,761,875	66,582,029	(820,154)	5 11,212,46	15,698,483	) (108,637
Indáqua Vila do Conde, S.A.	51,614,413 109,394,44	49,588,323 100,519,92	2,026,090	1 11,398,28	11,103,824	) (446,222
Indáqua Feira, S.A.	7	3	8,874,524	9	10,952,067	) (171,099
CFE - Indústria de Condutas, S.A. (a)	614,460	539,082	75,378	600,313	429,214	)
SDC Emirates, LLC (a)	2,146	1,289	857	67,328 -	242	(67,086)
Metropolitan Transportation Solutions, Ltd. (d)	47,091,957	47,035,317	56,640		-	-
Construtora - S. José Caldera, S.A.	17,660,890	5,341,014	12,319,876	1,071,030	1,071,033	4
Self Energy Moçambique S.A.	1,605,692	1,496,347	109,346	703,416	659,477	(43,939)
Larvick Reliable, R. L.	39,180	114,197	(75,017)	55,250	1,007	(54,243) (258,439
Ute Efacec/Self Energy, Ley 18/1982	160,654	682,947	(522,292)	402,008	143,569	)
My Watt, Lda	1,026,665	1,023,268	3,396	932	-	(932)
Global Azoague, S.L.	3,009,832	3,011,902	(2,070)	2,871	-	(2,871)

(a) 31/12/2011 (b) 31/03/2012

(c) 31/03/2012

(d) 30/09/2010

During the semester ended June 30, 2012 there was no record of impairment losses on these investments since there is no evidence of its existence.

9. COMPANIES NOT INCLUDED IN CONSOLIDATION

Companies not included in the consolidation, as they are not material to the reported results, their registered offices and the proportion of capital held as of June 30, 2012:

		% capital held
Company	Head office	Directly	Indirectly	Total
Construção Estação Tratamento das Águas do Paiva, ACE	Av. Fabril do Norte, 1601 - Matosinhos	-	50.00%	50.00%
GPCC - Grupo Português de Construção de Infraestruturas de Gás Natural, ACE	Rua Santos Pousada, nº 220 4000-478 Porto	-	25.00%	25.00%
GPCIE - Grupo Português de Construção de Infrestruturas da Expo, ACE	Quinta de Beirolas - Estaleiro Moscavide (Parque Expo) Stª Maria dos Olivais - 2685 Sacavém	-	25.00%	25.00%
Grupo Construtor do Edifício Gil Eanes, ACE	Edifício Gil Eanes, Expo 98, lotes 1.13.03 e 1.14.01 - Sta.Maria dos Olivais	-	50.00%	50.00%

Molinorte Linha do Norte - Construção Civil, ACE	Rua Santos Pousada, nº 220 4000-478 Porto -	23.50%	23.50%
Soares da Costa, Engil, ACE - (Hosp. De Tomar)	Rua Santos Pousada, nº 220 4000-478 Porto -	50.00%	50.00%

The companies listed above are complementary group of companies (ACEs) whose projects are virtually complete. The assets, liabilities, costs, revenues and profits of these companies as of June 30, 2012 are as follows:

Company	% Participation	Assets	Liabilities	Shareholders' equity	Costs	Revenues
Construção Estação Trat. Das Águas do Paiva, ACE	50.00%	34,395	34,395	-	-	-
GPCC - Grupo Português de Construção de Infraestruturas de Gás Natural, ACE GPCIE - Grupo Português de Construção de Infraestruturas da Expo, ACE	25.00%	304,738	305,886	(1,148)	1,148	-
	25.00%	191,381	191,041	340	2,367	2,707
Grupo Construtor do Edifício Gil Eanes, ACE	50.00%	62,724	62,739	(15)	15	-
Molinorte Linha do Norte - Construção Civil, ACE (a)	23.50%	170,786	170,786	-	-	-
Soares da Costa, Engil, ACE - (Hosp. de Tomar) (a)	50.00%	111,944	111,944	-	-	-

(a) 31/12/2011

10. INFORMATION BREAKDOWN BY SEGMENT

Based on the consolidated financial information for each business area, shows the following breakdown of the results and segment assets and liabilities as of June 30, 2012:

	Construction	Real Estate	Concessions	Energia Própria	Holding and other		Eliminations Consolidated
Turnover:
External to the Group	334,339,891	713,624	74,766,987	1,066,547	142,200	-	411,029,248
Intragroup	55,128,560	2,088,064	375,080	-	5,957,418	(63,549,122)	-
Total turnover	389,468,450	2,801,688	75,142,067	1,066,547	6,099,618	(63,549,122)	411,029,248
Operational result by business area	5,518,909	1,370,578	4,490,977	(818,607)	(9,031,755)	337	1,530,439
Operational results (continued activity)	5,518,909	1,370,578	4,490,977	(818,607)	(9,031,755)	337	1,530,439
Net income from continued
operations Interest paid	(17,852,426)	(1,245,194)	(18,207,652)	(93,590)	(8,675,295)	11,870,042	(34,204,114)
Interest received	7,401,981	65,532	16,524,162	87	6,425,780	(12,010,345)	18,407,198
Net income from associated companies	-	-	99,168	(21,806)	-	-	77,362
Other financial costs/ income	(4,362,758)	91,001	(2,125,188)	157,752	3,037,055	(3,159,790)	(6,361,929)
Income tax	3,147,572	(114,371)	(443,586)	173,543	605,546	(89)	3,368,615
Results from recurrent activity	(6,146,722)	167,547	337,881	(602,621)	(7,638,668)	(3,299,846)	(17,182,429)
Minorities	121,777	(6,161)	(39,097)	-	-	(262,018)	(185,500)
Net income attributable to the Group	(6,268,499)	173,708	376,978	(602,621)	(7,638,668)	(3,037,828)	(16,996,929)
Other data:
Assets by business area	1,165,796,023	163,018,556	697,956,976	20,082,345		543,799,836 (770,799,149)	1,819,854,585
Financial invesments	7,505,153	78,984	18,498,489	1,636,631	-	(4,386,109)	23,333,147
Consolidated total assets							1,843,187,733
Liabilities by business area	1,001,645,883	84,555,515	786,708,950	18,446,430		338,854,577 (477,517,749)	1,752,693,606
Consolidated total liabilities							1,752,693,606
Depreciations	9,023,918	657,695	1,437,415	40,363	477,247	(4,515)	11,632,122
Other non cash costs
(besides depreciations)	9,026,382	152,014	2,656	-	-	-	9,181,051
Intantigle and tangible assets
acquisitions	3,452,290	45,000	642,920	150,027	53,454	-	4,343,691

Intragroup transactions are done at market values.

Sales and services breakdown by geographical market:

Turnover by geographical market	30/06/2012	%	30/06/2011	%
Portugal	123,018,228	29.93%	160,086,247	38.16%
Angola	175,993,904	42.82%	149,840,770	35.72%
United States	67,944,904	16.53%	52,775,268	12.58%
Mozambique	34,724,466	8.45%	45,633,324	10.88%
Other countries	9,347,747	2.27%	11,197,929	2.67%
Total	411,029,248	100.00%	419,533,539	100.00%

The net assets and investments in tangible assets are distributed across geographical markets as follows:

	Portugal	Angola	U.S.	Mozambique S.Tomé &	Príncipe	Guinea	Romania	Other countries	Total
Net Assets:
- Intangible	135,255,403	-	8,739,491	-	54,187	-	-	11,440	144,060,521
- Fixed Tangible		132,119,961 111,753,876	12,335,260	3,079,898	3,837,081	305,591	257,834	1,149,966	264,839,466
- Investment Properties	9,549,377	-	-	36,402	-	-	-	-	9,585,779
- Financial Investments	21,528,891	78,983	-	49,206	-	-	-	15,224,671	36,881,751
- Inventories	50,826,617	70,501,899	-	932,982	309,732	-	-	3,648,123	126,219,354
- Accounts Receivable		605,438,842 261,043,031	23,645,782	55,358,943	1,217,669	6,960,762	4,500,382	15,018,326	973,183,738
- Cash andequivalents	51,503,906	52,220,235	5,241,861	1,658,343	287,752	13,454	663,971	2,107,508	113,697,031
- Deferred taxes	31,467,246	2,194,239	12,152,502	7,915	-	-	-	133,504	45,955,406
- Other assets	66,360,307	37,580,339	10,656,873	7,252,053	296,719	1,263,236	3,279,044	2,076,118	128,764,688
Total	1,104,050,550	535,372,602	72,771,769	68,375,742	6,003,140	8,543,044	8,701,231	39,369,656	1,843,187,733
Investments in the first half of 2012:
- Intangible and Fixed Tangible Assets	1,623,894	1,910,734	219,947	466,534	102,534	-	-	20,048	4,343,691
Total	1,623,894	1,910,734	219,947	466,534	102,534	-	-	20,048	4,343,691

11. INTANGIBLE ASSETS

a) Gross assets

The movements in the gross value of intangible assets were the following:

Intangible assets	Opening Balance	Changes in Perimeter	Increases	Disposals	Exchange Rate Effect	Transfers and write	Closing Balance
Goodwill	86,896,365	-	-	-	-	-	86,896,365
Other intangible assets	299,337,643	-	538,047	-		387 (231,514,605)	68,361,472
Total	386,234,008	-	538,047	-		387 (231,514,605)	155,257,837

The balance recorded as "Goodwill" as of June 30, 2012 for the following acquisitions that occurred in previous years:

• a) Acquisition, by the end of 2010, of 57.26% of the share capital of the subsidiary Energia Própria, SA, originating the accounting of goodwill in the amount of 5,299,282 Euros, provisional value, since the Group was still in the process of determining the fair value of assets and liabilities of the company. The goodwill recorded in 2011, suffered a decrease of 259,640 Euros, updating the value to 5,039,641 Euros;
• b) Acquisition, in 2008, of the subsidiary Contacto Sociedade de Construção, S.A., which originated goodwill of 44,134,341 Euros. During the first half of 2010 there was an increase in this value, amounting to 88,200 Euros, according to the conditions of the contract for the purchase of that company;
• c) acquisition, in 2008, 13.33% of the share capital of associated company Scutvias Autoestrada da Beira Interior, S.A., and which resulted in a total effective participation of 33.33% and generated a goodwill amounting to 28,128,844 Euros ;
• d) Acquisition in the second half of 2007, 75% of the capital of the subsidiary Hidroequador Santomense Exploração de Centrais Hidroeléctricas, Lda. which resulted in a goodwill of 765,846 Euros, registered in 2008 but calculated with reference to the date 31 December 2007, as in 2007 the Group was still in the process of determining the fair value of assets and liabilities of that company;
• e) Acquisition of subsidiary Prince Contracting, LLC that originated a goodwill amounting to 8,739,491 Euros.

The "Other intangible assets" balance concerns mainly to Public Service Concession Agreements (IFRIC12).

The concessionaire Scutvias, in agreement with the IFRIC12, changed the accounting of Beira Interior motorway concession, abandoning the model of intangible assets and now using the financial asset model. This change is caused by the introduction of tolls paid by the users adopted by the Government in sections and subsections that are part of the Beira Interior concession, although the negotiation processes related with the necessary amendments to the concession contract are not yet fully completed. The amount recorded in the "Transfers" item is totally related with this amendment.

During the first semester of 2012 were capitalized financial charges as part of the cost of these assets, valued at 345,347 Euros in relation to ongoing projects in the area of hydroelectric concessions.

As of June 30, 2012 there are no contractual commitments to acquire intangible fixed assets and no research and development expenses were registered in the period.

b)Accumulated depreciations

Movements in accumulated depreciations of intangible assets:

Intangible assets	Opening Balance	Changes in Perimeter	Increases	Regularizatio n	Exchange Rate Effect	Closing Balance
Other intangible assets	43,894,280	-	778,729	(33,475,775)	82	11,197,315
Total	43,894,280	-	778,729	(33,475,775)	82	11,197,315

The amount recorded in the "Adjustments" under the heading "Other intangible assets" refers to the accounting model for financial asset of the concession of Beira Interior, Scutvias – Autoestrada da Beira Interior, SA.

In late 2011, the Group, in accordance with IAS 36, impairment testing the goodwill relating to acquisitions of Contacto, through evaluation by an independent body, Prince, based on an independent study, and Energia Própria, Scutvias and Hidroequador Santomense, based on evaluations conducted internally.

Prince

The methodology used was the discounted cash flow (DCF - "Discounted Cash Flows"). The reference value was calculated assuming the continuity of the company and the maintenance of the current organization.

For this purpose we estimated the activity of the company until 2017 and assumed that it will enter a mature stage of business from this year (thus estimating perpetuity according to the Gordon model).

The operating free cash flows have been updated by an annual rate of discount of 10.08% which reflects the weighted average cost of capital (WACC):

(a) Cost of debt capital: 3.71%;

(b) Income tax: 35%;

(c) Risk-free interest rate: 2%;

• (d) Risk premium to the market value of 5%;
• (e) Beta of assets of 1.56;
• (f) Leveraged Beta = Hamada formula;
• (g) Capital structure target 75%.

Energia Própria

The methodology used was the Discounted Cash Flow (DCF - "Discounted Cash Flows"). The reference value was calculated assuming the continuity of the company, the inexistence of future synergies and the maintenance of the current organization.

The estimates were produced assuming a nominal growth rate equivalent to inflation rate of 2%.

The explicit projection period was ten years, i.e. 2012 to 2021. It was considered a residual value that corresponds to the overall value that we consider the stabilization of its profitability, i.e., in this case, after 2021, an amount determined as the current value of a perpetual and was assumed a growth rate long-term cash flows equal to the inflation rate assumed.

The operating free cash flows have been updated by an annual rate of discount of 11.95% which reflects the weighted average cost of capital (WACC):

(a) Cost of debt capital: 7%;

(b) Income tax: 26.5%;

(c) Risk-free interest rate: 7.45%;

(d) Premium market risk value of 5.3%;

(e) Beta of assets of 1.14;

(f) Leveraged Beta = Hamada formula;

(g) Capital structure target 60%.

Contacto

The DCF – Discounted Cash Flows method was used.

The reference value was calculated assuming the continuity of the company, the absence of future synergies and maintaining the current organisation structure.

Estimates are at nominal rates, with a growth rate of 2% p.a., equivalent to inflation.

The explicit estimate period was five year, from 2012 to 2016. A residual rate considering a steady state profitability level was used, meaning that after 2015, it was considered the present value of a perpetuity that assumed a long-term growth rate from the cash flow equal to the rate of inflation.

Free operating cash flows were discounted at an annual discount rate of 11.7%, reflecting weighted average cost of capital (WACC):

(a) Cost of debt: 5.5%;

(b) Corporate tax rate: 26.5%;

(c) Risk free interest rate, Government bond OT 10-year yield: 3.25%;

(d) Market risk premium = 9.13%;

(e) Beta assets = 1.04;

(f) Leveraged Beta = Hamada formula;

(g) Target D/E structure = 19.2%.

Scutvias

The DCF – Discounted Cash Flows method was used, in the shareholder's perspective (Free Cash-Flow to Equity).

The reference value was calculated assuming the continuity of the company, the absence of future synergies and maintaining the current organisation structure.

Estimates were based on the financial prospects of the business plan which takes into account the conditions of the respective concession contract.

The discount rate of 10.0% was used based on the following parameters:

(a) Risk-free interest rate 6.10%;

(b) Market risk premium: 5%;

(c) Levered beta equity: 0.76.

Hidroequador Santomense

Also with reference to Hidroequador Santomense, an internal impairment test has been ran

The assessment methodology used has been Cash-Flow to Equity (shareholder perspective) according to which the company's value is obtained through the update of the cash flows expected by the shareholder, i.e. dividends payment and return of capital such as shareholders advances and loans as well as inherent interest. In the case at hand, the concessions the end of the concessions is known and being those structured in a project finance regime, this has been the method usually used by the market.

The calculation of the financial projections has been based on financial model and resulting financial statements. The free cash flows risk is evaluated through the usage of a discount rate used to update those flows at the moment of the assessment. In order to obtain the discount rate, a risk-free interest rate, a market-risk premium and a country-risk premium have been used. In order to estimate the net cash flow generated, given that the concessions' end is predetermined, financial projections over the concession period have been taken into account.

After running impairment tests, it was concluded that there is no need to make any adjustments to the value obtained.

12. TANGIBLE FIXED ASSETS

a) Gross assets

Movement in gross value of tangible fixed assets:

Fixed tangible assets	Opening Balance	Changes in Perimeter	Increases	Disposals	Exchange Rate Effect	Transfers and write	Closing Balance
Land and buildings	216,337,731	-	182,312	(60,088)	133,514	680,293	217,273,762
Basic Equipment	148,058,221	-	1,169,914	(879,919)	350,220	264,502	148,962,937
Other fixed tangible assets	57,235,267	-	1,038,389	(1,017,681)	150,946	(793,793)	56,613,128
Fixed tangible assets in progress	18,459,450	-	1,415,030	-	39,971	(307,393)	19,607,058
Total	440,090,669	-	3,805,645	(1,957,689)	674,651	(156,391)	442,456,885

In the column "increases" of the "tangible fixed assets in progress" and "basic equipment", are registered works for the company amounting to 1,003,548 and 379,450 Euros, respectively.

During the first semester of 2012, were capitalized financial charges as part of the cost of these assets, valued at 89,642 Euros, which covers essentially the Hidroeléctrica STP,Lda project.

The Group's financial statements as of June 30, 2012, included the amount of 763,683 Euros capitalized as part of the net cost of these assets.

As of June 30, 2012 there are no materially relevant contractual commitments for the acquisition of tangible fixed assets.

b) Accumulated depreciations

Movement in accumulated depreciations of tangible fixed assets:

Fixed tangible assets	Opening Balance	Changes in Perimeter	Increases	Regularization	Exchange Rate Effect	Closing Balance
Land and buildings	47,075,019	-	3,078,301	272,448	15,561	50,441,330
Basic Equipment	81,611,215	-	5,171,650	(527,137)	155,992	86,411,719
Other fixed tangible assets	39,682,436	-	2,474,257	(1,522,136)	129,813	40,764,370
Total	168,368,670	-	10,724,208	(1,776,825)	301,365	177,617,419

Breakdown of the net values of intangible fixed assets and tangible fixed assets by primary reporting segment as of June 30, 2012:

				Construction Real Estate Concessions Energia Própria	Financial Participations	Total
Goodwill	52,962,032	-	28,894,690	5,039,642	-	86,896,364
Other intangible assets	11,672	-	56,783,072	369,412	-	57,164,156
Total intangible assets	52,973,705	-	85,677,762	5,409,054	-	144,060,521
Land and buildings	77,957,596	74,060,766	14,814,070	-	-	166,832,432
Basic Equipment	60,969,659	94,503	1,260,049	227,007	-	62,551,218
Other fixed tangible assets	12,844,023	477,851	622,306	9,150	1,895,428	15,848,758
Fixed tangible assets in progress	6,463,951	2,001,470	10,314,969	654,891	171,777	19,607,058
Total fixed tangible assets	158,235,229	76,634,591	27,011,394	891,048	2,067,205	264,839,466

During 2011, the company conducted tests for impairment of the carrying value of certain of its properties, through assessments by independent entities.

No impairment losses (or reversal of losses) were recorded for the tangible fixed assets in the period ended June 30, 2012.

13. FINANCIAL AND OPERATIONAL LEASING ASSETS

Financial leasing

The Group has tangible assets included in the balance sheet as finance lease. As of June 30, 2012 the book value of these assets is as follows:

Financial lease	Gross Assets	Accumulated depreciation	Net Assets
Lands and buildings	47,361	11,445	35,916
Basic equipment	10,342,862	3,304,949	7,037,913
Other fixed tangible assets	855,284	372,936	482,348
Total	11,245,507	3,689,330	7,556,177

The Group's liabilities related with these contracts is as follows:

Current	3,164,152
Non current	1,546,845

The reconciliation between the total of future minimum payments for leases at the balance sheet date and their present value, divided by periods, is as follows:

	30/06/2012
Financial leasing minimum payments:
2012	2,288,342
2013	1,521,305
2014	881,089
2015	222,836
2016	68,935
Total	4,982,507
Present value/ interests	271,510
Present value of the financial leasing
minimum payments	4,710,996
Current	3,164,152
Non current	1,546,845

The finance leases bear interest at market rates and have defined life periods. As of June 30, 2012 there are neither contingent rents nor restrictions relating to dividends (or any additional debt), associated with leasing contracts in force.

Additionally, the Group held two real estate lease-back operations whose liabilities are presented in the consolidated balance sheet as "Bank loans". As of June 30, 2012 the current liabilities and non current liabilities associated with these contracts amounted 1,924,230 Euros and 11,433,384 Euros, respectively.

The main conditions associated with real estate lease-back contracts are as follows:

Contract	Real estate financial lease contract no. 450003696
Date	December 28, 2005
Lessor	Banco Comercial Português, S.A.
Lessee	Ciagest - Imobiliária e Gestão, S.A.
Asset	Acquisition of real estate assets alienated by HABITOP - Sociedade Imobiliária S.A. and CIAGEST - Imobiliária e Gestão S.A.
Financing amount	17,352,500 Euros
Residual value	2% of total financing amount
Term	15 years
Number of rents	60 rents, antecipated
Frequency	Quarterly, beginning on March 25, 2006
Interest rate	Euribor 3 months + 1.750%

Contract	Real estate financial lease contract no. 450007448
Date	February 29, 2008
Lessor	Banco Comercial Português, S.A.
Lessee	Ciagest - Imobiliária e Gestão, S.A.
Asset	Fractions of the building in Rua Alvaro Pais, Rua Sousa Lopes and Rua Julieta Ferrão, in the city of Lisboa
Financing amount	3,000,000 Euros
Residual value	300,000 Euros
Term	12 years
Number of rents	48 rents, antecipated
Frequency	Quarterly, beginning on May 25, 2008
Interest rate	Euribor 3 months + 1.50%

Operational Leasing

During the first half of 2012 were recognized expenses of 1,571,079 Euros related with rents paid of operating leases. Rents of operating lease contracts (fixed rents) held by the Group at of June 30, 2012, primarily related to operating leases for vehicles, have the following maturities:

Maturity
2012	1,195,650
2013	1,697,135
2014	1,017,728
2015	408,303
2016	34,306
Total	4,353,122

14. INVESTMENT PROPERTIES AND FINANCIAL INVESTMENTS

a) Gross assets

Movement in the gross value of investment properties and financial investments:

Investment properties and Financial investments	Opening balance	Changes in Perimeter	Exchange Rate Effect	Increases	Disposals	Equity Method	Transfers and write	Closing Balance
Investment properties	12,564,118	-	(1,348)	-	(196,047)	-	-	12,366,723
Financial investments:
Equity consolidated financial investments	11,607,524	-	80,451	1,800	(1,402)	21,796	-	11,710,169
Loans to associated companies	10,399,882	-	-	1,638,886	(252,750)	-	(163,040)	11,622,978
Other financial investments	13,292,979	-	211,355	363,623	(432,393)	-	113,040	13,548,603
Total	35,300,385	-	291,806	2,004,309	(686,545)	21,796	(50,000)	36,881,751

The financial investments in associated companies CFE - Pipelines Industry, SA, Grupul Portuguhez Constructii of SRL, Ute Efacec / Self Energy, Ley 18/1982 and Larvick Reliable, R.L. are recorded at zero-value. The amounts that exceed the value of the investment, on the Group's share of accumulated losses of these associated companies, amount to 19,874 Euros, 277,293 Euros, 261,147 Euros and 37,135 Euros, respectively.

The amount recorded under "Other financial investments", column "Increases", is related with loans granted in the amount of 331,802 Euros, to the subsidiary Elos - Ligações de Alta Velocidade, S.A and extraordinary capital increase in the company Autopistas del Valle, amounting to 31,821 Euros.

The values shown in column "Disposals", under "Financial investments consolidated by equity method" and "Loans to associated companies" relate to the sale of a 50% stake in the company Reflexos Púrpura, Lda, and the sale of a 25% participation and transfer of shares in the company My Watt, Lda..

The amount recorded in column "Disposals" under the heading "Other financial investments", concerns the sale of shares in Millennium BCP.

As of June 30, 2012 and December 31, 2011 the breakdown of the balance recorded under "Other financial investments" is as follows:

Other financial investments	30/06/2012	31/12/2011
Financial assets available for sale	4,897,873	4,866,053
Financial assets fair value through gains or losses	-	432,393
Loans granted and accounts receivable	8,650,730	7,994,533
Total	13,548,603	13,292,979

Financial assets available for sale relate to participations that do not to embody significant value and have no regulated market.

Financial assets at fair value through profits or losses refer to shares representing the capital at Millennium BCP that were sold during the first half of 2012.

Loans granted and receivables relate primarily to equity injections in subsidiaries where there the Group does not hold a significant influence.

b) Accumulated depreciations

Movement in accumulated depreciations of investment properties:

	Opening Balance	Changes in Perimeter	Increases	Regularisation s	Exchange Rate Effect	Closing Balance
Investment properties	2,656,562	-	129,186	(4,271)	(532)	2,780,945

During the period ended June 30, 2012 were recognized income (rents) from investment properties amounting to 132,558 Euros.

There were no direct operating expenses during the period of investment property or contractual obligations to purchase, construct or develop investment property or for repair, maintenance or enhancements thereof.

According to external evaluations carried out by an independent specialist and based on generally accepted evaluation criteria for the real estate market, the fair value of assets classified as investment properties amounts to approximately 15.99 million Euros.

Movement in value adjustments on financial investments is detailed in note 24.

15. BREAKDOWN OF INVENTORIES

Inventories	30/06/2012	31/12/2011
Raw materials and consumables	18,869,903	20,211,598
Goods and works in progress	57,611,525	57,688,187
Finished and intermediate goods	39,281,831	39,677,418
Goods	15,576,585	15,362,675
Value adjustments	(5,120,490)	(5,001,742)
Total	126,219,354	127,938,135

During the first half of 2012 were capitalized financial charges as part of the cost of these assets, amounting to 369,573 Euros, which covers the real estate project developed in Angola by the associated company Talatona Imobiliária, Lda. The capitalization rate corresponds to the specific funding for this project at the rate of 19.2%. As of June 30, 2012, were capitalised in the Group's consolidated financial statements, as part of the net cost of these assets, the amount of 6,158,236 Euros.

The item "Work in progress" breaks down as follows as of June 30, 2012 and December 31, 2011:

Works in progress	30/06/2012	31/12/2011
Construction works in progress	31,732,282	32,829,189
Real Estate projects in progress	25,879,243	24,858,998
Total	57,611,525	57,688,187

16. BREAKDOWN OF ACCOUNTS RECEIVABLE

Accounts payable	30/06/2012	31/12/2011
Customers with retention of guarantees	32,294,481	27,104,699
Advances to suppliers	1,014,062	3,496,670
Other accounts receivable	471,215,062	206,793,681
Accounts receivable - non current	504,523,604	237,395,050
Customers - current accounts	394,552,764	437,572,441
Customers - other receivables	3,906,849	3,133,963
Customers - doubtful accounts	29,103,140	21,194,830
Value adjustments	(29,087,353)	(21,192,685)
Customers	398,475,400	440,708,549
Subsidiaries	611,911	947,503
Advances to suppliers/ fixed assets suppliers	25,728,638	16,382,411
State and other public bodies	8,932,760	11,633,457
Other accounts receivable	34,374,435	35,538,796
Value adjustments	(3,708,583)	(3,194,828)
Other accounts receivable - current	65,939,161	61,307,338

The amount registered in the "Other accounts receivable – non current" item refers to the compliance with IFRIC12 (financial asset model) by the jointly controlled entities Auto-Estradas XXI - Subconcessionária, S.A., Estradas do Zambeze, S.A. and Scutvias – Autoestradas da Beira interior, S.A..

The increase in this item relates mainly to the accounting model for financial asset of the Beira Interior concession of Scutvias – Autoestrada da Beira Interior, SA amounting to 197,616,779 Euros (on the proportional of the partivipation held).

The Group's exposure to credit risk results from the accounts receivable related with its activity, being the maximum exposure to the credit risk the nominal value of its accounts receivable.

There is no significant concentration of credit risk as of June 30, 2012.

The following table shows by consolidated company and seniority levels, the customer balances that emerged at the time of the accounting period.

		0 to 180	181 to 360	361 to 540	541 to 720	+ than 720
Company	Performing	days	days	days	days	days	Total
Soc. Construções Soares da Costa, SA	87,423,039	46,598,232	10,919,897	30,239,782	17,038,700	146,863,120	339,082,769
CLEAR ANGOLA, S.A.	2,725,117	4,801,793	208,775	820,687	1,170,674	4,231,486	13,958,531
Prince Contracting, LLC	9,974,540	3,161,270	-	-	-	-	13,135,810
Soares da Costa Concessões, SGPS, S.A.	8,698,365	-	-	52,410	-	3,182	8,753,957
Soares da Costa Moçambique, SARL	505,896	3,958,099	2,156,227	722,759	346,299	642,934	8,332,214
Soares da Costa Construction Services, LLC	37,220	-	-	-	-	6,761,961	6,799,182
CLEAR - Instalações Electromecânicas, S.A.	626,887	938,960	945,890	119,940	29,696	1,638,296	4,299,669
TRANSMETRO - Construção do Metropolitano do Porto, ACE	3,538,769	-	-	-	-	-	3,538,769
OFM - Obras Públicas, Ferroviárias e Marítimas, S.A.	1,022,528	721,873	250,439	130,658	87,821	481,094	2,694,413
SOMAFEL - Engenharia e Obras Ferroviárias, S.A., SA	387,281	1,908,245	74,094	221,844	8,172	86,915	2,686,550
Normetro - Agrupamento do Metropolitano do Porto, ACE	-	-	-	2,684,117	-	-	2,684,117
HidroAlqueva, ACE	24,514	2,248,031	-	-	-	-	2,272,544
Hidroequador Santomense - Exploração de Centrais Hidroeléctricas	-	2,094,744	-	-	-	-	2,094,744
Energia Própria, SGPS, S.A.	78,020	-	1,557,326	-	-	-	1,635,345
Soares da Costa Construcciones Centro Americanas, SA	10,003	42,173	243,934	662,713	481,998	-	1,440,821
Construções Metálicas SOCOMETAL, S.A.	890,311	124,229	3,926	128,040	102,466	24,851	1,273,823
Portvias - Portagem de Vias, S.A.	4,502	1,099,140	-	-	-	-	1,103,642
Carta - Restauração e Serviços, Lda	409,753	498,956	6,474	21,795	77,633	65,662	1,080,271
Mota-Engil, Soares da Costa, MonteAdriano - Matosinhos, ACE	1,070,232	-	-	-	-	-	1,070,232
GCVC, ACE	1,067,802	-	-	-	-	-	1,067,802
Terceira Onda Planejamento e Desenvolvimento, Ltda.	-	-	-	1,059,303	-	-	1,059,303
Nova Estação, ACE	-		505,114	449,064	-	-	954,178
CIAGEST - Imobiliária e Gestão, S.A.	768,218	664	1,803	1,692	52,362	6,606	831,346
Remodelação Teatro Circo - S.C., A.B.B., D.S.T., ACE	11,211	-	-	-	-	750,556	761,767
Soares da Costa S. Tomé e Principe - Construções, Lda	181,282	2,000	26,079	33,831	315	469,167	712,674
GACE - Gondomar, ACE	-	676,199	-	-	-	-	676,199
Linha 3 Cezarina - Construções LTDA.	-	635,673	-	-	-	-	635,673
C.P.E. - Companhia de Parque de estacionamento, S.A.	50,195	158,619	61,703	10,962	9,376	156,056	446,911
Mercados Novos - Imóveis Comerciais, Lda.	315,956	-	-	-	-	-	315,956
Other companies	908,103	124,377	164,573	50,429	25,549	175,000	1,448,031
Total	120,729,743	69,793,277	17,126,254	37,410,026	19,431,061	162,356,884	426,847,245

A substantial portion of the credits corresponding to the higher levels of seniority is related to public entities, and there is no serious risk of uncollectible. Information on credit risk is provided on note 32 of this document.

On June 30, 2012 and December 31, 2011, the item "State and other public entities" breakdown as follows:

State and other public entities	30/06/2012	31/12/2011
Value added tax	8,535,984	11,286,713
Other	396,776	346,744
Total	8,932,760	11,633,457

17. BREAKDOWN OF OTHER CURRENT ASSETS

Other current assets	30/06/2012	31/12/2011
Income accruals	112,609,381	92,690,287
Deferred costs	16,155,307	16,319,121
Total	128,764,688	109,009,408

As of June 30, 2012 and December 31, 2011 these items breakdown is the following:

	30/06/2012	31/12/2011
Accrued income
Non invoiced works done	80,921,330	47,433,293
Compensatory processes in progress	15,083,133	16,032,980
Estimated revenue by traffic range	-	13,362,330
Other	16,604,919	15,861,685
	112,609,381	92,690,287
Deferred costs
Construction works' set up costs	11,798,668	10,272,697
Other	4,356,639	6,046,424
	16,155,307	16,319,121

The variation of the heading "Estimated revenue per band" refers to the accounting model for financial asset of the Beira Interior concession of Scutvias – Autoestradas da Beira Interior, SA.

18. BREAKDOWN OF CASH AND EQUIVALENTS

Cash and equivalents	30/06/2012	31/12/2011
Bank deposits	112,679,400	85,146,375
Cash	1,017,631	951,975
Total	113,697,031	86,098,349

The total account balance as of June 30, 2012 and December 31, 2011 of 22,414,377 Euros, in the two periods and in the participation attributable to the Group, are related with non recourse cash and cash equivalents registered as term deposits from the motorway concessionaire Scutvias - Autoestradas da Beira Interior, SA.

The financing and concession agreements of the associated company Scutvias – Autoestradas da Beira Interior, S.A. require the maintenance of deposits equal to 5/3 of the next debt payment. Therefore, as of June 30, 2012 and December 31, 2011 the reserves of demand deposits or term deposits included in the Consolidated Financial Position amount to these mentioned figures. Thus, as of March 31, 2012 and December 31, 2011, the reserve accounts in the form of deposits included in the consolidated balance sheet amounted to above amounts.

19. COMPOSITION OF SHARE CAPITAL AND RESERVES

Soares da Costa SGPS SA share capital amounts to 160,000,000 Euros, represented by:

a) One hundred and fifty-nine million nine hundred and ninety-four thousand four hundred and eighty-two (159,994,482) ordinary shares;

b) Five thousand five hundred and eighteen (5,518) preferred shares with no voting rights, but with the right to receive a preferred dividend and preferred reimbursement of the respective nominal value if the company declares bankruptcy.

During the semester ended June 30, 2012, the movements related with own shares were as follows:

	No. of shares Nominal value		Discounts and premiuns	Amount
Opening balance	507,292	507,292	(334,766)	172,526
Acquisitions	-	-	-	-
Alienations	-	-	-	-
Closing balance	507,292	507,292	(334,766)	172,526

The currency conversion reserve reflects the exchange rate changes occurred in translating the financial statements of subsidiaries in a currency other than Euro and are not likely to be distributed or be used to absorb losses.

Some of the Group's companies contracted cash flow hedge financial instruments. Changes in the fair value of those financial instruments are directly recognised at the "Reserves and retained profits" item. The cumulative effect of these derivatives and the respective deferred tax discriminates as follows:

	Derivatives	Deferred taxes	Total
Grupo Soares da Costa, SGPS, S.A	(12,812)	3,203	(9,609)
Sociedade de Construções Soares da Costa, S.A.	(228,399)	66,236	(162,163)
Intevias – Serviços e Gestão, S.A.	(1,105,813)	276,453	(829,360)
C.P.E. – Companhia de Parques de Estacionamento, S.A.	(696,438)	174,110	(522,329)
Scutvias – Autoestradas da Beira Interior, S.A.	(212,008)	58,302	(153,706)
Auto-Estradas XXI - Subconcessionária, S.A.	(9,024,017)	2,391,365	(6,632,653)
Total	(11,279,488)	2,969,668	(8,309,820)

20. BANK LOANS

As of March 31, 2012, the main bank loans entered into by the Group are as follows:

HOLDING

• Grupo Soares da Costa, SGPS, SA has contracted with a banking syndicate the placement and underwriting of Commercial Paper issues up to a limit of 32,000 thousand Euros, under a commercial paper programme contract in place up to 16 June 2015. As of June 30, 2012 this programme was being completely used.

• Loan granted by Caixa Central de Crédito Agrícola Mutuo to Grupo Soares da Costa, SGPS, SA, amounting to 2,670 thousand Euros, to be repaid in 7 six-monthly instalments ending on June 2015.

• Loan granted by Caixa Geral de Depósitos to Grupo Soares da Costa, SGPS, S.A., amounting to 1,250 thousand Euros, to be repaid in 5 quarterly instalments ending on March 2013.

• Loan granted by Banco Popular Portugal to Grupo Soares da Costa, SGPS, SA, amounting to 5,000 thousand Euros, to be repaid in 2 instalments ending on June 2015.

• Loan granted by Caixa Geral de Depósitos to Grupo Soares da Costa, SGPS, S.A., amounting to 14,000 thousand Euros, to be repaid in 8 instalments ending on October 2013.

• Loan granted by Banif - Banco Internacional do Funchal to Grupo Soares da Costa, SGPS, SA currently amounting to 1,471 thousand Euros, to be paid back in 10 instalments ending on April 2014.

• Loan granted by Banif - Banco Internacional do Funchal to Grupo Soares da Costa, SGPS, SA currently amounting to 958 thousand Euros, to be paid back on August 2012.

• • Loan granted by Caixa Banco de Investimentos to Grupo Soares da Costa, SGPS, SA currently amounting to 250 thousand Euros, to be reimbursed on July 2012.

• Bonds issued by Grupo Soares da Costa, SGPS, SA, amounting to 20,000 thousand Euros, to be repaid by November 2015.

• Bonds issued by Grupo Soares da Costa, SGPS, SA, amounting to 80,000 thousand Euros, to be repaid by December 2017.

• -Loan granted by Banco Santander to Energia Própria, S.A., currently amounting to 300 thousands Euros, to be repaid in quarterly instalments, ending on April 2015.

• Loan granted by Banco Santander to Energia Própria, S.A., currently amounting to 125 thousands Euros, to be paid back in quarterly instalments, ending on November 2012.

• Loan granted by Banco Santander to Energia Própria, S.A., currently amounting to 108 thousands Euros, to be paid back in quarterly instalments, ending on September 2015.

• -Loan granted by Banco Santander to Self Energy Engineering & Innovation, S.A., currently amounting to 60 thousands Euros, to be paid back in quarterly instalments, ending on September 2013.

CONSTRUCTION

• "Hot money" loan granted by NCG Banco, SA, Portuguese subsidiary, to Sociedade de Construções Soares da Costa, SA currently amounting to 1,235 thousand Euros, to be repaid on July 2012.

• "Hot money" loan granted by Banco Comercial Português, to Sociedade de Construções Soares da Costa, SA currently amounting to 4,300 thousand euros, to be repaid on July 2012.

• "Hot money" loan granted by Banco Comercial Português, to Sociedade de Construções Soares da Costa, SA currently amounting to 846 thousand Euros, to be repaid on July 2012.

• "Hot money" loan granted by Banco Comercial Português, to Sociedade de Construções Soares da Costa, SA currently amounting to 1,492 thousand Euros, to be repaid on July 2012.

• "Hot money" loan granted by Banco Comercial Português, to Sociedade de Construções Soares da Costa, SA currently amounting to 562 thousand Euros, to be repaid on July 2012.

• "Hot money" loan granted by Banco Comercial Português, to Sociedade de Construções Soares da Costa, SA currently amounting to 2,099 thousand Euros, to be repaid on July 2012.

• Loan granted by NCG Banco, SA, branch in Portugal, to Sociedade de Construções Soares da Costa, SA amounting to 1,100 thousand Euros, to be paid back in 22 instalments ending on January 2023.

• Loan granted by Banco BPI to Sociedade de Construções Soares da Costa, SA amounting to 1,491 thousand Euros, to be paid back in 7 instalments ending on July 2013.

• Loan granted by Banco BPI to Sociedade de Construções Soares da Costa, SA amounting to 1,491 thousand Euros, to be paid back in 7 quarterly instalments ending on September 2013.

• Loan granted by Banco BPI to Sociedade de Construções Soares da Costa, SA amounting to 1,000 thousand Euros, to be paid back on February 2013.

• Loan granted Banco Português de Negócios to Sociedade de Construções Soares da Costa, SA amounting to 1,570 thousand Euros, to be paid back in 37 instalments ending on June 2016.

• Loan granted by Banco Português de Negócios to Sociedade de Construções Soares da Costa, SA with amounting to 2,717 thousand Euros, to be paid back on July 2012.

• Loan granted by Banif - Banco Internacional do Funchal to Sociedade de Construções Soares da Costa, SA currently amounting to 3,035 thousand Euros, to be paid back in 11 instalments ending on February 2015.

• Loan granted by Caixa Geral de Depósitos to Sociedade de Construções Soares da Costa, SA amounting to 8,750 thousand Euros, to be paid back in 7 instalments ending on September 2013.

• Loan granted by Caixa Geral de Depósitos to Sociedade de Construções Soares da Costa, SA amounting to 16,000 thousand Euros, to be paid back in 30 instalments ending on December 2014.

• Loan granted by Caixa Geral de Depósitos to Sociedade de Construções Soares da Costa, SA amounting to 2,236 thousand Euros, to be paid back in 12 instalments ending on June 2013.

• Loan granted by Banco Bilbao Vizcaya Argentaria (Portugal) to Sociedade de Construções Soares da Costa, SA amounting to 6,209 thousand Euros, to be paid back on July 2013.

• Loan granted by Barclays Bank to Sociedade de Construções Soares da Costa, SA amounting to 2,040 thousand Euros, to be paid back on July 2012.

• Loan granted by Barclays Bank to Sociedade de Construções Soares da Costa, SA amounting to 1,200 thousand Euros, to be paid back on June 2012.

• Loan granted by Banco BAI Europa to Sociedade de Construções Soares da Costa, SA amounting to 5,000 thousand Dollars, to be paid back on September 2012.

• Loan granted by Banco BAI Europa to Sociedade de Construções Soares da Costa, SA amounting to 2,600 thousand Dollars, to be paid back on September 2012.

• Loan granted by Banco Santander Totta to Sociedade de Construções Soares da Costa, SA amounting to 1,236 thousand Euros, to be paid back in 15 instalments ending on March 2014.

• Loan granted by Montepio Geral to Sociedade de Construções Soares da Costa, SA amounting to 3,000 thousand Euros, to be paid back in 30 instalments ending on August 2014.

• Loan granted by Banco BIC Português to Sociedade de Construções Soares da Costa, SA amounting to 67 thousand Euros, to be paid back on July 2012.

• Loan granted by Banco Espírito Santos to Sociedade de Construções Soares da Costa, SA amounting to 161 thousand Euros, to be paid back on August 2012.

• Loan granted by BRD Groupe Société Generale to Sociedade de Construções Soares da Costa, SA amounting to 502 thousand Rol, to be paid back in 2 instalments ending on August 2012.

• Sociedade de Construções Soares da Costa, S.A. has contracted with Barclays Bank the placement and underwriting of Commercial Paper issues up to a limit of 8,250 thousand Euros, under a commercial paper programme contract in place up to August 2013. As of June 30, 2012 this programme was being fully used.

• Sociedade de Construções Soares da Costa, S.A. has contracted with Caixa Central de Crédito Agrícola Mutuo the placement and underwriting of Commercial Paper issues up to a limit of 5,000 thousand Euros, under a commercial paper programme contract in place up to January 2014. As of June 30, 2012 this programme was being fully used.

• Sociedade de Construções Soares da Costa, S.A. has contracted with Caixa Geral de Depósitos the placement and underwriting of Commercial Paper issues up to a limit of 15,000 thousand Euros, under a commercial paper programme contract in place up to August 2012. As of June 30, 2012 this programme was being fully used.

• Sociedade de Construções Soares da Costa, S.A. has contracted with Banco Comercial Português the placement and underwriting of Commercial Paper issues up to a limit of 4,500 thousand Euros, under a commercial paper programme contract in place up to January 2014. As of June 30, 2012 this programme was being fully used.

• Sociedade de Construções Soares da Costa, S.A. has contracted with Banco Comercial Português and Banco Popular Portugal the placement and underwriting of Commercial Paper issues up to a limit of 15,000 thousand Euros, under a commercial paper programme contract in place up to January 2014. As of June 30, 2012 this programme was being fully used.

• Loan granted by Banco Africano de Investimento to Sociedade de Construções Soares da Costa, SA amounting to 1,050 thousand Dollars, to be paid back in 7 instalments ending on January 2013.

• Loan granted by Banco de Fomento de Angola, amounting to 339,989 thousand Kwanzas, to be paid back in 17 instalments ending on October 2013.

• Loan granted by Banco BIC to Sociedade de Construções Soares da Costa, SA, amounting to 251,157 thousand Kwanzas, to be paid back in 3 instalments ending on September 2013.

• Loan granted by Montepio Geral to Clear Instalações Electromecânicas, SA amounting to 218 thousand Euros, to be paid back in 5 instalments ending on March 2013.

• Loan granted by Banco Português de Negócios to Clear Instalações Electromecânicas, SA amounting to 172 thousand Euros, to be paid back in 9 instalments ending on February 2013.

• Loan granted by Banco BIC to Clear Instalações Electromecânicas, SA amounting to 1,778 thousand Dollars, to be paid back in 24 instalments ending July 2012.

• Loan granted by Montepio Geral to Construções Metálicas Socometal, S.A. amounting to 218 thousand Euros, to be paid back in 5 instalments ending March 2013.

• Loan granted by Banif Banco Internacional do Funchal to Construções Metálicas Socometal, S.A. amounting to 213 thousand Euros, to be paid back in 10 instalments ending December 2014.

• Loan granted by Banif Banco Internacional do Funchal to Soares da Costa America, Inc. To Soares da Costa América, Inc. amounting to 13,659 thousand Dollars, to be paid back in six-monthly instalments ending on September 2013.

• Loan granted by Commerce National Bank Finance to Soares da Costa America, Inc. currently amounting to 1,946 thousand dollars, to be paid back on December 2012.

• Loan granted by TerraBank to Soares da Costa America, Inc. currently amounting to 1,913 thousand Dollars, to be paid back on April 2013.

• Loan granted by M&I Bank to Prince Contracting, LLC amounting to 100 thousand Dollars, with a monthly fixed instalment (capital and interests) of 1.1 thousand dollars and a final repayment of 98 thousand Dollars on September 2012.

CONCESSIONS

• Loan granted by Banco BPI to Soares da Costa Concessões, SGPS, SA amounting to 952 thousand Euros, to be paid back in 2 instalments ending on December 2012.

• Loan granted by Banco Popular Portugal to Soares da Costa Concessões, SGPS, S.A. amounting to 16,968 thousand Euros, to be paid back in 16 instalments ending on November 2027.

• Loan granted by Banif Banco de Investimentos to Soares da Costa Concessões, SGPS, SA amounting to 2,380 thousand Euros, to be paid back in 9 instalments ending on June 2016.

• Loan granted by Banco BPI to CPE - Companhia de Parques de Estacionamento, SA amounting to 27,719 thousand Euros, to be paid back in 33 instalments ending on December 2028.

• Loan granted by Banco BPI to CPE - Companhia de Parques de Estacionamento, SA amounting to 721 thousand Euros, to be paid back in 3 instalments ending on December 2013.

• Loan granted by Banco BPI to Intevias - Serviços e Gestão, SA amounting to 62,258 thousand euros, to be paid back in 14 instalments ending on July 2028.

• Loan granted by Caixa Banco de Investimentos to Soares da Costa Hidroenergia 1T, Lda. and Soares da Costa Hidroenergia 4T currently amounting to 5,000 thousand Euros, to be paid on July 2012.

• Loan granted by several commercial banks and by Banco Europeu de Investimentos to Scutvias – Autoestradas da Beira Interior, S.A., currently and in the percentage of the participation amounting to 9,816,910 euros and 4,656,784 Euros, respectively, to be repaid in six-month instalments ending on October 2012.

• Loan granted by BBU Bank to Soares da Costa Concessions USA, Inc. amounting to 2,000 thousand Dollars, to be paid back on April 2013.

• Loan granted by Banif Banco de Investimento to SDC Costa Rica, SA amounting to 7,336 thousand Dollars, to be paid back on December 2017.

REAL ESTATE

• Loan granted by Banco Comercial Portugues to Ciagest – Imobiliária e Gestão, SA amounting to 2,145 thousand Euros, to be paid back in 32 instalments ending on February 2020.

• Loan granted by Banco Comercial Português to Ciagest – Imobiliária e Gestão, SA amounting to 11,215 thousand Euros, to be paid back in 36 instalments ending on December 2020.

• Loan granted by NCG Banco, SA, branch in Portugal, to Ciagest – Imobiliária e Gestão, SA currently amounting to 3,946 thousand euros, to be paid back in 102 instalments ending on June 2020.

• Loan granted by NCG Banco, SA, branch in Portugal to Ciagest – Imobiliária e Gestão, SA currently amounting to 1,167 thousand euros, to be paid back in 17 instalments ending on April 2013.

• Loan granted by NCG Banco, SA, branch in Portugal to Cais da Fontinha - Investimentos Imobiliária, S.A. currently amounting to 3,225 thousand euros, to be paid back in March 2013.

As of June 30, 2012, the item "Bank loans", in non current liabilities, included the financing loans obtained by the associated company Scutvias – Autoestradas da Beira Interior, SA to fund the construction of the motorway, operated under a concession contract, from Banco Europeu de Investimento and from the banking syndicate, amounting to 94,986,459 Euros and 64,984,644 Euros, respectively, in the percentage attributable to the Group. The main terms of these loans are the following:

Credit facility	Interest rate	1st Payment	Last payment
Banking syndicate	Variable, indexed to 6 month	1st half of 2006	1st half of 2019
European Investment Bank	Euribor Fixed rate: 6.43%	2nd half of 2007	1st hald of 2024

Additionally, the jointly controlled company Auto-Estradas XXI - Subconcessionária, S.A., entered into the following financing: long term credit facility, EIB facility with commercial risk and EIB facility with guarantees, under the following terms:

Amount:	Up to EUR 200,000,000
Amount as of 30/06/2012:	EUR 130,525,300.01
Total Period:	Up to 27 years as of the Financial Close
Use Period:	5 years
Interest Rate:	Euribor plus margin
Margin:	From 2009 until the first semester of 2016: 0,90% p.a. After the first semester of 2016: 0,37% p.a. Note: an additional 0.20% margin over the EIB margins has been considered since that to the financings entered into with EIB on a variable rate, an estimated 0.31% spread over Euribor is chargeable.
Commitment Fee:	0.45% p.a. over the amount not used
Financial operations fee:	0,50% flat
Redemption:	Variable and increasing with mandatory redemption amounts

EIB facility with commercial risk:

EIB's guaranteed facility loan:
Amount:	Up to EUR 89,000,000
Amount as of 30/06/2012:	EUR 58,083,758.49
Total Period:	Up to 27 years as of the Financial Close
Use Period:	5 years
Interest Rate:	Euribor plus margin
Margin:	0.0% as long as bank guarantees are in force and 0.37% after the release of the bank guarantees granted by commercial banks. Note: the financial system isn't taking into account the release of the bank guarantees
Commitment Fee:	0.20% p.a. over the amount not used
Financial operations fee:	0,20% flat
Redemption:	Variable and increasing with mandatory redemption amounts

	Interest rate variation risk hedging through a swap contract with differentiated
	coverage: 100% of the capital during the availability period and for the following
	periods the coverage levels for the outstanding principal:
Hedging:	From 2014 to 2027: 70% of the outstanding principal not taking into account the
	depreciations under the cash sweep system;
	• From 2028 to 2029: 17% and 7% of the outstanding principal not taking into
	account the depreciations under the cash sweep system;

Long Term Credit Facility:

Amount:	Up to EUR 286,000,000
Amount as of 30/06/2012:	EUR 186,650,854.49
Total Period:	Up to 27 years as of the Financial Close, that is to say until 10/12/2035
Use Period:	5 years (from 2009 to 2013)
Interest Rate:	Euribor plus margin
	2009 to 2011: 1,60% p.a.
Margin:	2012 to 2015: 1,80% p.a.
Commitment Fee:	50% of the applicable margin over the amount not used
Financial operations fee:	1,40% flat In fiscal terms, the incidence of the fee has been divided between VAT and stamp duty with the 75% and 25% respectively
Agent's Fee:	EUR 100,000 per year, adjusted with inflation
Redemption:	Full cash sweep during 2014 and 2015 and the remaining bullet in 2016.
Hedging:	Interest rate variation risk hedging through a swap contract with differentiated coverage: 100% of the capital during the availability period and for the following periods the coverage levels for the outstanding principal: From 2014 to 2027: 70% of the outstanding principal not taking into account the depreciations under the cash sweep system; • From 2028 to 2029: 17% and 7% of the outstanding principal not taking into account the depreciations under the cash sweep system;

The consortium bid takes into account the renegotiation of the Long Term Credit Facility in 2016 through the issuance of a debenture loan under more advantageous conditions. This refinancing operation is not deemed as the "Sub concession refinancing" provisioned in clause 90 of the Sub concession Contract because it is a part of the Consortium bid, the fulfilment risk is fully undertaken by the Consortium and is included in the Base Case. This way, it is acknowledged that, should favourable impacts result from such operation, those results shall be fully withheld by the Sub concessionary. The financial conditions of the refinancing operation are as follows:

Amount:	256,292,632.25
Total Period:	Until 20 years
Use Period:	A single use in 2016
Interest Rate:	Euribor plus margin
Margin:	1.50%
Financial operations fee:	0,50% flat
Agent's Fee:	EUR 100,000 per year, adjusted with inflation
Redemption:	42 six-monthly instalments with variable capital as of 30 June 2016
Hedging:	Interest rate variation risk partial hedging through a swap contract with the following coverage levels for the outstanding principal: From 2016 to 2026: 70% of the outstanding principal; • Year 2028: 17% of the outstanding principal; • Year 2029: 7% of the outstanding principal; • Remaining period: 0% coverage, that is to say variable capital regime.

The nominal values of the loans recorded in the Consolidated Financial Position as of June 30, 2012 have the following maturities:

Maturity	Bank loans	Bonds	Other loans	Overdrafts	Other (factoring)	Total
2012	178,665,481	-	-	16,235,391	24,108,845	219,009,717
2013	204,714,328	-	-	-	-	204,714,328
2014	71,506,091	-	-	-	-	71,506,091
2015	41,850,777	19,624,804	-	-	-	61,475,580
2016	34,141,523	-	-	-	-	34,141,523
2017	116,966,917	78,181,481	-	-	-	195,148,397
After 2017	239,307,872	-	-	-	-	239,307,872
Total	887,152,989	97,806,284	-	16,235,391	24,108,845	1,025,303,508

The non recourse debt as of June 30, 2012 had the following maturities:

Maturity	Bank loans
2012	8,470,435
2013	14,727,492
2014	32,138,481
2015	32,603,595
2016	27,360,444
2017	113,305,649
after 2017	222,121,361
Total	450,727,460

The Group's loans as of June 30, 2012 had the following interest rates:

Type of Credit facility	Minimum	Maximum
Overdrafts	3.653%	11.035%
Hot Money	7.235%	11.403%
Bank loans	2.188%	9.352%
Bonds	3.507%	3.547%
Commercial paper	4.153%	8.403%

Additionally, specific financing contract in local markets have interest rates between 7.282% and 20.2%.

In general, bank loans pay interest at variable rates hence exposing the Group to the effect of fluctuations in market interest rates.

However, to manage interest rate risk, in particular in the Concessions business area, the Group contracted financial instrument to cover interest rates changes, as summarised in the "Derivatives" note below.

Based on the net indebtness level as of June 30, 2012, a variation of one percentage point in the indexing interest rate would have an impact p.a. in terms of financial costs of 5.8 million Euros.

21. DERIVATIVES

The Group has contracted the following interest rate coverage:

Grupo Soares da Costa SGPS, S.A.

Type of financial instrument:	Derivative
Description:	Interest rate coverage
Banks:	BANCO POPULAR
Currency:	Euro
Contract date:	11/03/2011
Beginning date:	14/06/2011
Maturity date:	16/06/2014
Frequency:	Annual
Swap:	2.64
Amount covered by 30/06/2012:	4.513.000 Euros, redeemable
Reference:	Euribor 12M

In the Concessions business area, the Group has the following interest rate cover instruments:

Scutvias - Autoestradas da Beira Interior, S.A.
Type of financial instrument:	Derivative
Description:	Interest rate coverage, 100% of debt
	to commercial banking (to all term of the debt)
Banks:	BCP / BPI / BAYERISCHE / CGD
Currency:	Euro
Contract date:	24/09/1999
Beginning date:	01/10/1999
Maturity date:	04/10/2018
Frequency:	Semiannual
Swap:	7.14
Amount covered by 30/06/2012:	233.225.999 Euros
Reference:	Euribor + 1% during the construction phase;
	Euribor + 0.9% during the operation phase.

Intevias - Serviços e Gestão, S.A.

Type of financial instrument:	Derivative
Description:	Interest rate coverage
Banks:	BPI
Currency:	Euro
Contract date:	04/12/2008
Beginning date:	04/12/2008
Maturity date:	15/07/2023
Frequency:	Annual
Swap:	3.45
Amount covered by 30/06/2012:	57.492.000 Euros, redeemable
Reference:	Euribor 12 months

CPE - Companhia de Parques de Estacionamento, S.A.

Type of financial instrument:	Derivative
Description:	Interest rate coverage
Banks:	BPI
Currency:	Euro
Contract date:	09/06/2009
Beginning date:	10/06/2009
Maturity date:	10/12/2028
Frequency:	Semiannual
Swap:	4.19
Amount covered by 30/06/2012:	19.364.402 Euros, redeemable
Reference:	Euribor 6 months

Auto-estradas XXI - Subconcessionária, S.A.

Type of financial instrument:	Derivative
Description:	Interest rate coverage
Banks:	BBVA, BANESTO, BANCO POPULAR, CAJA
	MADRID, SANTANDER TOTTA, BPI, LA CAIXA
Currency:	Euro
Contract date:	30/01/2009
Beginning date:	03/02/2009
Maturity date:	31/12/2029
Frequency:	Semiannual
Swap:	4.22
Amount covered by 30/06/2012:	516.927.057 Euros, redeemable
Reference:	Euribor 6 months

In the Construction business area, and in order to cover exchange rate risk associated with cash flows of a specific project, the Group has signed several currency forward contracts summarised in the table below:

Soc. Construções Soares da Costa, S.A.

Type of financial instrument:	Derivative
Description:	Forward
Banks:	Barclays Bank
Currency:	US dollar
Contract date:	03/07/2009	18/09/2009
Beginning date:	03/07/2009	18/09/2009
Maturity date:	09/07/2012	09/07/2012
Frequency:	Flexible	Flexible
Swap:	1.4455	1.5100
Amount covered by 30/06/2012:	8.150.000 USD	5.000.000 USD
Reference:		Foreign exchange rate EUR/USD

As of June 30, 2012, these instruments had been classified as coverage instruments as they met the formal requisites of IAS 39 related to the documentation and effectiveness of the derivative coverage instruments.

The fair value of these financial instruments was set by the respective counterparts which are independent and credible entities by adopting appropriate evaluation models. These were based on the discounted cash flow method using observable market inputs listed in the interbank market.

As of June 30, 2012 and December 31, 2011, the item "Derivatives" has the following breakdown.

Derivatives	30/06/2012	31/12/2011
Grupo Soares da Costa, SGPS, S.A	76,488	63,676
Sociedade de Construções Soares da Costa, S.A.	1,418,756	1,190,357
Intevias – Serviços e Gestão, S.A.	5,367,365	4,261,552
C.P.E. – Companhia de Parques de Estacionamento, S.A.	4,006,040	3,309,601
Scutvias – Autoestradas da Beira Interior, S.A.	13,706,997	13,494,989
Auto-Estradas XXI - Subconcessionária, S.A.	53,147,606	44,123,589
Total	77,723,252	66,443,764

22. BREAKDOWN OF ACCOUNTS PAYABLE

As of June 30, 2012 the item "Accounts payable" breakdown was the following:

Accounts payable	30/06/2012	31/12/2011
Fixed assets suppliers	1,546,845	2,389,730
Suppliers with retention of guarantees	14,911,568	15,144,129
Advances from customers	16,559,997	21,670,923
Other	12,087,075	12,105,318
Accounts payable - non current	45,105,485	51,310,099
Associated companies	9,713	16,867
Other shareholders	33,294	32,823
State and other public entities (excluding income tax)	12,419,367	6,611,564
Outros credores	61,188,290	49,998,581
Accounts payable - current	73,650,665	56,659,835

"State and other public bodies" (excluding income tax) account breakdown as of June 30, 2012 and December 31, 2011:

	30/06/2012	31/12/2011
Value added tax	5,845,012	2,369,314
Social security's contributions	3,996,866	2,456,940
Other	2,577,489	1,785,309
Total	12,419,367	6,611,564

23. BREAKDOWN OF OTHER CURRENT LIABILITIES

Other current liabilities	30/06/2012	31/12/2011
Costs accruals	162,955,643	126,858,451
Deferred income	32,820,793	57,184,425
Total	195,776,436	184,042,876

As of June 30, 2012 and December 31, 2011 these items breakdown was as follows:

	30/06/2012	31/12/2011
Accrued costs
Invoiced to be received	113,637,725	97,894,505
Staff costs to pay	11,243,026	9,033,777
Interest to pay	15,902,220	7,943,361
Other	22,172,672	11,986,808
	162,955,643	126,858,452
Deferred income
Works invoiced not executed	31,962,572	48,619,467
Antecipated rents	272,050	324,107
Other	586,171	8,240,850
	32,820,793	57,184,424

24. BREAKDOWN OF VALUE ADJUSTMENTS AND PROVISIONS

Movement in value adjustments was as follows:

		Opening	Changes in			Closing
Value adjustments	Notes	Balance	Perimeter	Increases	Reductions	Balance
Doubtful customers		21,192,685	-	8,442,191	(547,522)	29,087,353
Customers	16	21,192,685	-	8,442,191	(547,522)	29,087,353
Other accounts receivable		3,194,828	-	537,208	(23,453)	3,708,583
Other accounts receivable	16	3,194,828	-	537,208	(23,453)	3,708,583
Raw materials and consumables		223,733	-	-	(30,630)	193,102
Goods and work in progress		1,983	-	-	(1,983)	-
Finished and intermediate goods		4,035,566	-	-	(652)	4,034,914
Goods		740,460	-	152,014	-	892,474
Inventories	15	5,001,742	-	152,014	(33,266)	5,120,490
Other financial investments		416,584	-	-	(416,584)	-
Financial investments		416,584	-	-	(416,584)	-
Total value adjustments		29,805,838	-	9,131,413	(1,020,824)	37,916,426

Movement in provisions was as follows:

Provisions	Opening Balance	Changes in Perimeter	Increases	Reductions	Closing Balance
Other provisions for risks and charges	886,200	-	49,639	(42,813)	893,026
Total	886,200	-	49,639	(42,813)	893,026

Its breakdown by nature as of June 30, 2012, was the following:

	Opening balance	Increases	Reductions	Closing balance
Pensions and other staff costs	205,186	4,490	-	209,676
Other provisions	112,290	45,149	(42,813)	114,626
Total	886,200	49,639	(42,813)	893,026

	balance				balance
Judicial proceedings	568,724	-	-		568,724
Pensions and other staff costs	205,186	4,490	-		209,676
Other provisions	112,290	45,149	(42,813)		114,626
Total	886,200	49,639	(42,813)		893,026
Impairment losses related with accounts receivable are accounted based on an individual risk analysis, considering its nature, the payment delay and the Group's past experience in similar situations. Details on the fair value adjustments and existing provisions as of June 30, 2012 by primary reporting segment:
	Construction		Real Estate		Concessions Energia Própria		Total Consolidated
Raw materials and consumables	193,102		-		-	-	193,102
Finished goods	3,869,840		165,074		-	-	4,034,914
Goods	-		866,320		-	26,154	892,474
Inventories	4,062,942		1,031,394		-	26,154	5,120,490
Doubtful customers	27,527,648		1,542,680		3,384	13,641	29,087,353
Customers	27,527,648		1,542,680		3,384	13,641	29,087,353
	3,708,583 3,708,583		- -		- -	- -	3,708,583 3,708,583
Other accounts receivable							37,916,426
Other accounts receivable
Total value adjustments	35,299,173		2,574,074		3,384	39,795
Other provisions for risks and charges Other provisions for risks and charges 25. RELATED PARTIES Account balances and transactions within the Group companies that are part of consolidation perimeter are	833,854 833,854		- -		47,401 47,401	11,771 11,771	893,026 893,026
Balance as of June 30, 2012		Customers		Other 3rd parties	Loans to subsidiaries	Suppliers	Other 3rd parties
			102,674	-	27,500	-	-
			-	-	9,715,827	65,559	-
		7,254,041		1,500,238	53,054	-	861,223
		1,185,699		49,766	442,649	-	-
			13,168	9,388	45,000	-	80
			28,289	293,394	-	35,880	-
			-	101,624	-	-	-
			91,661	-	-	-	-
			-	-	43,000	-	-
Gayaexplor - Const.Exploração de Parques Estacionam., Lda Indáqua - Indústria e Gestão de Águas, SA Metropolitan Transportation Solutions, ltd. Grupul Portughez de Construtii, S.R.L. CFE Indústria de Condutas, S.A. MTA - Máquinas e Tractores de Angola Lda. SDC Emirates Construction, L.L.C. Self Energy Moçambique, S.A. Larvick Reliable, R.L. My Watt, Lda			-	-	284,552	-	-
eliminated in the consolidation process, and are not disclosed in this note. Balances and transactions between the Group and associated companies (consolidated by the equity method) are detailed in the following table. The terms and conditions used in these transactions between the Group and related parties are substantially the same normally contracted between independent entities in comparable operations. Global Azoague Total		8,675,532	-	- 1,954,410	1,259,023 11,870,605	- 101,439	- 861,303

25. RELATED PARTIES

		Other 3rd	Loans to		Other 3rd
Balance as of June 30, 2012	Customers	parties	subsidiaries	Suppliers	parties
Gayaexplor - Const.Exploração de Parques Estacionam., Lda	102,674	-	27,500	-	-
Indáqua - Indústria e Gestão de Águas, SA	-	-	9,715,827	65,559	-
Metropolitan Transportation Solutions, ltd.	7,254,041	1,500,238	53,054	-	861,223
Grupul Portughez de Construtii, S.R.L.	1,185,699	49,766	442,649	-	-
CFE Indústria de Condutas, S.A.	13,168	9,388	45,000	-	80
MTA - Máquinas e Tractores de Angola Lda.	28,289	293,394	-	35,880	-
SDC Emirates Construction, L.L.C.	-	101,624	-	-	-
Self Energy Moçambique, S.A.	91,661	-	-	-	-
Larvick Reliable, R.L.	-	-	43,000	-	-
My Watt, Lda	-	-	284,552	-	-
Global Azoague	-	-	1,259,023	-	-
Total	8,675,532	1,954,410	11,870,605	101,439	861,303

Transactions in 2012	Operating income and gains	Operating costs and losses	Financial income/ costs
CFE Indústria de Condutas, S.A.	-	608	-
Gayaexplor - Const.Exploração de Parques Estacionam., Lda	-	22,734	-
MTA - Máquinas e Tractores de Angola Lda.	4,135	16,019	-
Indáqua - Indústria e Gestão de Águas, S.A.	-	53,300	161,672
Self Energy Moçambique, S.A.	183,752	-	(16)
Total	187,888	92,661	161,656

26. BREAKDOWN OF OTHER OPERATING GAINS AND LOSSES

Other operating gains break down as follows:

Other operational income	30/06/2012	30/06/2011
Own works	1,003,548	24,413
Gains in fixed tangible assets	146,698	297,221
Operational subsidies	86,107	91,524
Ajustments reversion	693,691	255,530
Other operating income and gains	3,101,457	4,449,936
Total	5,031,501	5,118,624

Other operating losses break down as follows:

Other operational costs	30/06/2012	30/06/2011
Taxes	3,782,036	3,582,743
Bad debts	309,250	-
Losses in fixed tangible assets	209,924	1,444,754
Fines	17,021	119,553
Donations	15,353	21,394
Losses in inventories	45,965	14,251
Penalties in contracts	15,936	466,246
Other operational costs and losses	11,748,197	3,335,378
Total	16,143,682	8,984,319

27. EMPLOYEES

Average number of employees working for companies included in the Group's consolidation perimeter by full consolidation method, during the first half ended June 30, 2012, totalled 5,089:

Directors	Senior management	Middle management	Officers and heads of services	Highly qualified professional	Semi qualified professional	Non qualified staff	Apprentices
42	411	279	402	s 2,326	s 830	492	307

Average number of employees working for companies included in the Group's consolidation perimeter by the proportional method during the first half ended June 30, 2012, totalled 1,087:

Directors	Senior management	Middle management	Officers and heads of services	Highly qualified professional	Semi qualified professional	Non qualified staff	Apprentices
27	85	68	79	s 159	s 185	171	313

28. FINANCIAL RESULTS

Financial results breakdown for the financial periods ending on June 30, 2012 and 2011:

Costs and losses		30/06/2012	30/06/2011
Interest paid		34,204,114	25,115,096
Losses in financial investments in associated companies		21,821	72,755
Foreign exchange losses		9,587,140	11,554,136
Cash discounts granted		2,161	8,180
Financial applications adjustments		-	17,144
Other financial costs and losses		8,438,477	8,104,792
Other financial losses		18,027,779	19,684,251
	(1)	52,253,714	44,872,103

Income and gains		30/06/2012	30/06/2011
Interets received		18,407,198	5,782,416
Gains in financial investments in associated companies		99,183	141,244
Income and capital gains from participations		198,015	721,403
Foreign exchange gains		11,331,993	9,728,529
Cash discounts obtained		92,556	140,668
Other financial income and gains		43,286	853,872
Other financial gains		11,467,835	10,723,069
	(2)	30,172,231	17,368,132
Financial results	(2)-(1)	(22,081,483)	(27,503,971)

The item "Interest received" includes the amount of 7,688,804 Euros, in the percentage of the share attributable to the Group arising from the accounting financial asset model used of the Beira Interior concession of Scutvias - Autoestradas da Beira interior, S.A..

The item "Other financial costs and losses" mainly refers to the cost of banking guarantees, arrangement fees and other expenses and commissions charged by financial institutions.

Gain and losses in associated companies for the financial period ended June 30, 2012 and 2011 can be analysed as follows:

	30/06/2012	30/06/2011
Losses in financial investments in associated companies:
SDC Emirates Construction, L.L.C.	-	25,785
CFE Indústria de Condutas, S.A.	-	22,595
Traversofer, SARL	-	1,982
GAYAEXPLOR - Constr.e Explor.de Parques Estacionamento, Lda	15	4
My Watt, Lda	233	-
Global Azoague, S.L.	1,800	-
Self Energy Moçambique, S.A.	19,773	22,391
Total	21,821	72,755
Gains in financial investments in associated companies:
Constructota San José - Caldera, S.A.	-	132,642
INDÁQUA - Indústria e Gestão de Águas, S.A.	99,183	7,097
Ute Efacec/Self Energy , Ley 18/1982	-	1,505
Total	99,183	141,244
Gains/ (losses) in financial investments in associated companies	77,362	68,489

29. INCOME TAX AND DEFERRED TAXES

The income tax accounted for the periods ended June 30, 2012 and 2011 breakdown as follows:

Income tax	30/06/2012	30/06/2011
Income tax (current)	(770,181)	3,862,543
Deferred tax	(2,598,434)	(2,390,695)
Total	(3,368,615)	1,471,848

Deferred taxes assets and liabilities accounted in Consolidated Financial Position Statement were originated by the following situations:

Deferred tax assets	30/06/2012	31/12/2011
Losses reported	17,088,474	14,775,540
Fixed assets diverge valuation	5,282,762	5,332,692
Inventories' value adjustments	2,063,653	2,153,923
Accounts receivables value adjustments	1,736	1,732
Financial instruments fair value	20,627,452	17,658,225
Others	891,329	1,019,218
Total	45,955,406	40,941,330
Deferred tax liabilities	30/06/2012	31/12/2011
Fixed assets diverge valuation	17,144,774	17,585,484
Inventories value adjustments	116,049	116,659
Non fiscal accepted's provisions	8,854,101	9,471,354
Capital gains with deferred taxes	410,751	410,751
Other	355,051	300,011

				Deferred
Country		Year Limit for Use	Fiscal losses	taxes assets
Portugal
	2012	2016	1,931,103
	2011	2015	3,485,863
	2010	2014	1,320,100
	2009	2015	3,412,021
	2008	2014	2,851,195
	2007	2013	2,651,815
			15,652,097	3,895,351
United States
	2012	2032	4,355,541
	2011	2031	11,509,834
	2009	2029	2,919,105
	2007	2027	3,557,495
	2006	2026	932,976
	2005	2025	2,642,155
	2004	2024	4,267,252
			30,184,357	12,152,502
Costa Rica
	2012	2015	102,608
	2011	2014	260,382
			362,990	108,897
Angola
	2012	2015	16,947
	2011	2014	613,964
	2010	2013	1,669,336
	2009	2012	352,491
			2,652,738	928,458
Mozambique
	2010	2015	51,034
			51,034	3,266
Total				17,088,474

Reportable fiscal losses that originated the recognition of deferred tax assets breakdown by year as follows:

According to the applicable legislation, these losses can only be used if the respective companies generate a positive income tax result.

30. EARNINGS PER SHARE

The company's capital is constituted by 159,994,482 ordinary shares and 5,518 preferred shares without voting rights, with a nominal value of 1 Euro each.

Holders of preferred shares without voting rights are entitled to a priority dividend on the terms stipulated in 2.7 of the respective issuance prospectus and are listed for trading, at no less than 5% of the respective par value, pursuant to article 341 (2) of the Portuguese Corporate Code.

Earnings per share	30/06/2012	30/06/2011
Continued operations earnings, net of minorities	(16,996,929)	2,046,470
Net income attributable to the Group	(16,996,929)	2,046,470
Number of preferred shares	5,518	5,518
Number of ordinary shares	159,994,482	159,994,482
Total number of shares	507,292	507,292
Weighted average number of ordinary shares	159,499,423	159,538,644
Earnings attributable to preferred shares	138	138
Continued operations earnings per share
Basic	(0.107)	0.013
Diluted	(0.107)	0.013
Earnings per share
Basic	(0.107)	0.013
Diluted	(0.107)	0.013

The company does not have convertible debt instruments, meaning the basic result is the same as the diluted result.

27. GUARANTEES

The detail of bank guarantees and collateral provided by the Group to third parties as of June 30, 2012 are as follows:

			Mozambican	S. Tomé	Costa Rica	Israelian
	Euro	US Dollar	Metical	Dobra	Cólon	Shekel	Other	Total
Bank guarantees	449,003,727	7,324,786	5,414,359	-	66,015	393,245	4,470,928	466,673,059
Collateral	19,969,843	11,914,218	13,499	24,734	-	-	-	31,922,293

Bank Guarantees
Guarantees in respect of construction contracts	264,135,062
Guarantees in respect of concession contracts	85,822,762
Guarantees given to financial institutions	115,662,765
Other guarantees	1,052,470
Total	466,673,059

The value of guarantees given to financial institutions consist essentially to the bank guarantees from the associated company Scutvias, SA, on behalf of the European Investment Bank in the amount of 78,510,826 Euros (part attributable to the Group, in the proportion of the stake held). The banks involved in the provision of such bank guarantees are coincident with the entities present in the bank syndication process.

32. FINANCIAL RISKS

Foreign Exchange Risk

This risk arises mainly from the international operations of the Group. Operations by some of the Group's companies in foreign markets increase its exposure to the effects of the several currencies change against the Euro. The exchange rate risk management policy followed by the Group aims to minimize the sensitivity of the Group's earnings to exchange rates fluctuations. The Group targets to balance assets and liabilities expressed in the same currency. Assets and liabilities denominated in foreign currency, converted into Euros as of June 30, 2012, were as follows:

ASSETS	EUR	USD	AOK	MZM	STD	CRC	ILS	Other	Total	Eliminations	Total Consolidated
Financial investments	1,162,890,836	76,717,279	-	-	-	-	-	265,016	1,239,873,131	(1,202,991,380)	36,881,751
Customers	217,009,278	289,453,018	3,303,401	17,180,553	8,047	-	934,179	14,618,136	542,506,611	(111,736,731)	430,769,880
Associated companies	5,938,661	59,042	319,071	-	-	-	-	442,649	6,759,423	(6,147,512)	611,911
Advances to suppliers	3,539,218	11,204,816	7,737,639	15,154,776	-	-	-	497,380	38,133,829	(11,391,130)	26,742,699
State and public bodies	11,357,840	-	78,229	969,772	3,526	-	-	768,967	13,178,333	-	13,178,333
Outros devedores	914,378,372	7,819,181	10,110,481	8,986,230	24,734	529	12,447	6,317,862	947,649,835	(445,768,921)	501,880,913
Securities and other treasury	-	289,028	-	-	81,633	-	-	1,028,595	1,399,257	-	1,399,257
Bank deposits	50,937,898	31,241,739	22,815,130	721,131	50,152	-	28,445	5,485,648	111,280,143	-	111,280,143
Cash	277,851	171,159	324,693	186,693	5,430	-	-	51,804	1,017,631	-	1,017,631
Other current assets	115,731,691	10,857,358	4,728,452	5,084,107	-	6,296	768,665	1,010,302	138,186,870	(9,422,182)	128,764,688
Total											1,252,527,207
LIABILITIES	EUR	USD	AOK	MZM	STD	CRC	ILS	Other	Total	Eliminations	Total Consolidated
Bank loans	758,484,016	91,043,797	46,582,585	3,249,317	-	-	633,030	3,395,634	903,388,380	-	903,388,380
Bonds	97,806,284	-	-	-	-	-	-	-	97,806,284	-	97,806,284

LIABILITIES	EUR	USD	AOK	MZM	STD	CRC	ILS	Other	Total	Eliminations	Total Consolidated
Bank loans	758,484,016	91,043,797	46,582,585	3,249,317	-	-	633,030	3,395,634	903,388,380	-	903,388,380
Bonds	97,806,284	-	-	-	-	-	-	-	97,806,284	-	97,806,284
Other loans	23,877,009	231,835	-	-	-	-	-	-	24,108,845	-	24,108,845
Associated companies	3,355,158	-	29,846	165,113	-	-	-	252,424	3,802,540	(3,792,827)	9,713
Other participations (shareholders)	2,042,797	23,309	-	-	-	-	-	3,500	2,069,606	(2,036,311)	33,294
Suppliers	194,052,410	103,363,077	14,886,275	22,751,725	11,983	307	78,320	9,763,939	344,908,035	(106,292,834)	238,615,202
Investment suppliers	5,216,443	-	292,643	-	-	-	-	281,521	5,790,607	(310,301)	5,480,307
Advances from customers	32,615,911	50,289,318	4,225,230	3,416,256	5,150	-	-	2,900,686	93,452,551	(11,493,080)	81,959,470
State and public bodies	23,565,654	27,439	189,352	1,821,520	18,583	-	-	1,120,758	26,743,306	-	26,743,306
Other accounts payable	742,535,356	51,246,312	2,381,438	10,602,154	1,778		44 3,505,039	22,309,817	832,581,938	(759,306,573)	73,275,365
Derivatives	77,723,252	-	-	-	-	-	-	-	77,723,252	-	77,723,252
Other current asset	149,685,665	18,756,755	29,821,862	7,146,538	241	-	232,366	797,035	206,440,462	(10,664,025)	195,776,436
Total											1,724,919,855

Non-monetary assets and liabilities denominated in foreign currency, converted into Euros as of June 30, 2012, were as follows:

	EUR	USD	AOK	MZM	STD	CRC	ILS	BRL	Total
Assets	507,621,235	33,227,253	38,143,269	1,619,223	5,106,510	1,072,658	3,648,127	222,251	590,660,526
Liabilities	26,586,608	857,824	204,086	-	78,790	46,444	-	-	27,773,751

Credit Risk

This risk is associated with accounts receivable inherent to the Group's activity. Credit risks at each reporting date are detected by the competent departments. The need to register an impairment loss is determined according to the seniority of the debt, the client's risk profile, previous experience and further circumstances.

As of June 30, 2012 the board of directors strongly believes that the estimated adjustments to the accounts receivable have been adequately represented in the financial statements.

As of June 30, 2012 to the following accounts receivable amounts no adjustments have been registered as collection was considered reasonable:

Liquidity Risk

The liquidity risk management policy aims to ensure that at any given moment the profile of the maturity dates of the company's debt matches the capacity to generate cash flow to meet it. The management of liquidity risk therefore includes managing imbalances between the requirements for funds (for operating and financial costs, investments and debt repayment) and the inflows (receipts from customers, disinvestments, and financing commitments from financial entities). On the other hand, the Group adopts measures to prevent this kind of risks through an adequate and timely cash flow management. In order to manage liquidity risk, the Group maintains a balance between the term and flexibility of contracted debt through the use of phased financing which reflects the requirement for funds. In addition, the Group has hot money accounts and overdrafts which avoid (temporary) cash flow problems. Maturity of the financial liabilities as of June 30, 2012:

Maturity	Loans	Suppliers	Investment suppliers	Financial leasing	Advances from	Other	Other liabilities	Total
2012	219,009,717	222,668,567	769,310	2,140,278	63,301,295	88,599,630	209,578,671	806,067,467
2013	204,714,328	6,203,455	-	1,439,037	17,615,076	3,810,928	-	233,782,823
2014	71,506,091	4,413,757	-	848,869	1,043,099	2,560,889	-	80,372,706
2015	61,475,580	3,408,531	-	215,025	-	503,667	-	65,602,803
2016	34,141,523	1,867,218	-	67,787	-	503,667	1,756,514	38,336,709
2017	195,148,397	53,675	-	-	-	503,667	-	195,705,739
After 2017	239,307,872	-	-	-	-	3,579,233	89,045,228	331,932,333
Total	1,025,303,508	238,615,202	769,310	4,710,996	81,959,470	100,061,679	300,380,413	1,751,800,579

33. SUBSEQUENT EVENTS

There are no material events to report.

34. CONTINGENCIES

There were no changes compared to the last published annual financial statements.

35. ACCOUNTS RELEASE'S APPROVAL

At a meeting held on August 30, 2012, the board of directors authorised the release of these consolidated financial statements.