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nº 11 298
5(32572)$&7,9,7,(6)257+( 48$57(52)
Consolidated net profit (attributable to the Group) at the end of the 1st Quarter was 1.723
million euros, an increase of 94.4% on the 1st Quarter of 2006.
The exceptionally adverse weather conditions experienced during the 1st Quarter of 2007 in
certain African markets (Angola and Mozambique) where the Group is operating affected the
rate of construction of important projects. Nevertheless, this did not prevent the Group
achieving a level of consolidated operating profit (134.3 million euros) which was broadly
similar to that achieved in the same period last year (135.4 million euros).
Consolidated profit before financial charges, taxation, depreciation and amortisation
(EBITDA), despite the effects of the above events, was 6.639 million euros, slightly higher
than the 6.607 million euros obtained in the same quarter of the previous year.
The trend in financial results was even more favourable, with a result of -1.778 million euros
compared with –3.066 million euros a year ago. This reflects both the more favourable
behaviour of the US dollar/euro exchange rate and the reduction in the Group’s exposure to
that exchange risk.
As announced at the time, in January of this year approximately US$ 32 million of Angolan
external debt was paid to the Group’s construction company, which was used mainly to
shorten payment times to suppliers.
The rate of award of contracts, despite the depressed climate in the sector’s domestic market,
continued the favourable trend begun in the 2nd half of the previous year. Significant projects
awarded in the period were: widening of the Águas Santas – Maia sub-stretch of the A3, for
Brisa; Barreiro – Moita waste water treatment station, for Simarsul; the 2nd phase of the
refurbishment of the Eiffel Bridge at Viana do Castelo, for Refer; and water supply works in
the municipalities of Valença, Monção and Melgaço, for Águas do Minho e Lima. In the
export market, a significant contract won was that for the new Trindade High School in S.
Tomé e Príncipe.
In terms of the individual accounts (P.O.C.), Grupo Soares da Costa, SGPS, SA achieved a
net profit at the end of the 1st Quarter of 10.883 million euros as the result of dividends
received from its subsidiaries, including notably 9.9 million euros from its construction
subholding.
Oporto, 28 May 2007
The Board of Directors
!
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GRUPO SOARES DA COSTA, SGPS, SA
(publicly held company)
0&M_Z S,` X
Rua de Santos Pousada, 220 4000 - 478 Porto
U .)a]+ S *X
.M[.)a.)%^M.
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bb
01.01.2007
31.03.2007
%*,+ o+ *,('&)m
&)aqp rs
500 265 763
&)a `Mu
.'^'p rt
00b
vw x0yzj{?||)y} |l~ 0y} €
Intangible fixed assets
Tangible fixed assets
Investments in Subsidiaries and Associated Companies
---283.861
317.550
-10,6%
274.087.365
273.378.574
0,3%
{‚ƒ0„0} |…FyyMw †M‡ˆ‰ yj~ 0y} €
Medium and long term
Short term
---23.937.788
7.378.798
224,4%
, eJtr ` rrr ` rrr
eJtr ` rrr ` rrr
133.000.000
133.000.000
27.000.000
27.000.000
No.of shares with voting rights (limited voting rights)
0
0
No.of non-voting shares
0
0
r
r
b
i'&)a.
R
& U + -&)m
No.of ordinary shares
No.of shares of other types (a)
ŠŒ‹
VcŽ‡…Fy|
 0b
a S o+ f+ S %f
{‚ƒ0„0} |‘‡J’‡ˆ‰ y
Medium and Long Term Debts
50.820.000
50.400.000
0,8%
Short-term Debts
96.372.174
91.401.403
5,4%
grg ` h'”Mh ` •• h
–”s ` eJgs ` –r •
h— s u
,ŒZ, ehh ` ttg ` eh't
e5˜˜ ` s”r ` teJ–
s'— h u
,ŒZ  0b
e5˜s ` • –– ` ”g •
e5˜– ` gMh't ` h • s
g'— •u
,Œj
bb
00b“"$%'.M-q/
a S []+ -,&)%*™ S ffj^^ S (%- -. T
f
%*,+ o+ *,('&)m
&)aqp rs
Sales and Services Rendered
&)a `Mu
&)aqp rt
836.006
Variation in Production
996.458
0
----
CGSMC and Services Rendered
709.025
š
a S ffZa S []+ -
eJ–t ` • ”e
peJt– ` e • –
eJs”'— g u
U .)a&M-]+ %›
p ””Mh ` ˜”r
p t”s ` t–Mh
p –”'— ” u
ee ` ee •` • ˜–
p ˜sJ˜ ` ” • t
–J˜˜eM— t u
eJr ` –gJ˜ ` ˜t–
pe ` eJt– ` h'–r
• ”r'— ˜ u
p ” ` s–r
p h ` ”st
p ˜”'— ˜ u
656.803
517.099
U a S []+ -
+ %'&)%^+ &)m'.Mf(m -\fœ"$%'.M-q/
R
(a]a.)%-a S []+ _-]a& S a$*,+ %'&)a\W
U a S []+ -\f
Corporation Tax
.M-a S []+ -0[ S a0-]i'.('&)a\-.)a
.M-a S []+ - U .)a,b
eJr ` ””– ` hM˜˜
i'&)a." ˜)/
0,07
eJr ` • eJs ` ehh
b.)m [qp []+ %'&)%^+ %›Z"\g'/
1.158.650
-16,1%
p tMh)e ` – • ”
0,00
p t–r ` h'gr
(1) Applicable in the first financial year of companies that adopt a financial year different from that corresponding to
the calendar year (Art.65-A of the Companies Code)
(2) Estimated Taxation on Earnings
(3) Self-financing = Net profit + Depreciation + Provisions
(4) For the comparative period the calculation was based on the present number of shares.
Accountant
By the Board of Directors
Representative for market relations
(Fernando da Silva Semana)
(António Pereira da Silva Neves)
 ,žŒ0b
* Unless otherwise stated, the required amounts should be expressed in euros, without decimal places.
* The period defined as "n" relates to the amounts for the quarter concerned, while the period defined as
"n-1" relates to the amounts for the corresponding quarter in the previous year.
b a) These shares now confer voting rights pursuant to Article 342, paragraph 3 of the Companies Code
-38,8%
–s'— r u
eJssr'— •u
---eJ”Mh • — g u
BALANCE SHEET
31 March 2007
ASSETS
Gross assets
31 Dec. 2006
Depreciat. and adjust.
Net assets
Net assets
FIXED ASSETS
INTANGIBLE FIXED ASSETS
Set-up costs
0
0
0
0
0
0
0
0
500
4.438.224
3.825
4.442.549
500
4.158.189
0
280.035
3.825
283.861
0
314.808
2.743
317.550
Holdings in Group companies
270.335.715
Loans to affiliated companies
17.850.557
Securities and other financial investment 2.020.528
Advances to financial investments
50.000
290.256.799
16.000.000
16.169.434
254.335.715
17.850.557
1.851.094
50.000
274.087.365
254.335.715
17.134.057
1.858.803
50.000
273.378.574
0
1.583.000
21.525.673
59.656
769.460
0
23.937.788
1.161.027
5.399.541
59.656
758.234
340
7.378.798
56.160
238
56.398
56.160
238
56.398
16.827
1.610
18.437
1.048.583
4.172.000
5.220.583
1.048.583
4.172.000
5.220.583
1.454.206
4.589.644
6.043.850
303.585.995
287.137.209
TANGIBLE FIXED ASSETS
Transport equipment
Administrative equipment
Fixed assets in progress
4.158.689
FINANCIAL INVESTMENTS
169.434
CURRENT ASSETS
ACCOUNTS RECEIVABLE - SHORT TERM
Customers, current accounts
Group companies
Associated companies
State and other public bodies
Others debtors
1.583.000
21.525.673
59.656
769.460
0
23.937.788
CASH AND BANKS
Bank deposits
Cash in hand
ACCRUALS AND PREPEAYMENTS
Prepaid expenses
Assets liable to deferred taxation
Total amortisation and depreciation
Total adjustments
TOTAL ASSETS
4.158.689
16.169.434
323.914.118
20.328.122
BALANCE SHEET
EQUITY AND LIABILITIES
31 March 2007
31 Dec. 2006
EQUITY
Share capital
Shares in branches and assoc. companies
Revaluation reserves
Reserves:
Legal Reserves
Other reserves
Retained profits
Net profit for the year
160.000.000
(660.530)
0
160.000.000
(660.530)
0
2.904.236
2.300.020
(19.763.113)
10.882.544
2.904.236
2.300.020
(21.608.965)
1.845.852
155.663.156
144.780.612
50.820.000
0
50.820.000
50.400.000
0
50.400.000
17.637.811
849.682
4.422
77.039.450
0
9.411
725.563
105.834
96.372.173
18.133.505
1.122.107
597
71.412.468
0
109.746
517.980
105.000
91.401.403
TOTAL LIABILITIES
596.637
134.029
730.666
147.922.839
555.194
0
555.194
142.356.597
TOTAL EQUITY AND LIABILITIES
303.585.995
287.137.209
TOTAL EQUITY
LIABILITIES
ACCOUNTS PAYABLE - MEDIUM AND LON TERM
Debts to credit instituions
Fixed assets suppliers - current accounts
ACCOUNTS PAYABLE - SHORT TERM
Debts to credit instituions
Suppliers - current accounts
Suppliers - invoices in progress
Group companies
Other shareholders
Fixed assets suppliers - current accounts
State ans other public bodies
Other creditors
ACCRUALS AND PREPEAYMENTS
Accrued expenses
Deferred income
PROFIT AND LOSS ACCOUNT BY NATURE
COSTS AND LOSSES
31 March 2007
31 March 2006
838.632
External supplies and services
558.653
Personal costs
Salaries and wages
Social Charges
611.507
153.246
764.753
778.633
234.986
1.013.619
Amort. of tangible and intangible fixed assets
Adjustments
34.611
0
34.611
30.768
0
30.768
Taxation
Other operating costs and losses
66.650
16.857
(A)
83.508
1.721.504
7.709
Depreciations and adjustments for financial investments
Interest and similar costs
Relating to Group Companies
Others
(C)
1.035.475
1.008.588
Extraordinary costs and losses
(E)
Taxation on profits for the year
(G)
Net profit for the year
TURNOVER AND PROFITS
79.936
1.110
81.046
1.684.086
0
2.051.772
3.773.275
8.720
3.781.996
(656.803)
3.125.193
10.882.544
14.007.737
31 March 2007
881.717
785.594
1.667.311
3.351.397
6.212
3.357.610
(517.099)
2.840.510
(651.298)
2.189.213
31 March 2006
Sales
Goods
Finished and intermediated products
Services rendered
0
0
836.006
0
0
18
Supplementary turnover
Revenue grants
Other operating income and profits
(B)
836.006
18
836.024
0
12.900.000
Profit from Group companies and subsidiaries
Income from capital shareholdings
Outros juros e proveitos similares
Relating to Group companies
Others
(D)
271.713
0
Extraordinary income and turnover
(F)
0
0
990.494
5.964
0
4
990.494
5.968
996.462
0
900.000
13.171.713
14.007.737
0
14.007.737
274.263
18.152
1.192.415
2.188.877
336
2.189.213
SUMMARY
Operating Results
Financial results
Current results
Profit befores taxation
Net profit for the year
(B)-(A)
(D-B)-(C-A)
(D)-(C)
(F)-(E)
(F)-(G)
(885.480)
11.119.942
10.234.462
10.225.741
10.882.544
(687.625)
(474.896)
(1.162.520)
(1.168.397)
(651.298)
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GRUPO SOARES DA COSTA, SGPS, SA
(publicly held company)
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Rua de Santos Pousada, 220 4000 - 478 Porto
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01.01.2007
31.03.2007
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á
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500 265 763
¥µ)ß Þ ³\ë»
«º'Ü'ç èê
¢0¬0©
Tangible fixed assets
184.426.759
181.492.843
5.962.136
5.962.136
9.896
10.897
-9,2%
Investments in Associated Companies
23.844.136
24.834.853
-4,0%
Financial Investments held to Maturity
4.222.991
4.239.218
-0,4%
238.556.194
234.649.967
1,7%
Share Capital
160.000.000
160.000.000
No. of ordinary shares
133.000.000
133.000.000
27.000.000
27.000.000
860.980
770.089
11,8%
28.153
28.908
-2,6%
Accounts Payable
249.818.986
254.738.200
-1,9%
Other Financial Liabilities
188.178.063
184.309.643
2,1%
êMã)à Þ àJêé Þ àJìâ
êJíí Þ èMã'è Þ î àà
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à î ã Þ ðî à Þ èéâ
à î í Þ à5í ðÞ ìêâ
àMï íë
ã î ã Þ î íê Þ ààJè
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Goodwill
Intangible assets:
1,6%
Financial Assets Available for Sale
Accounts Receivable
¢,­®¤ ¬ °
No.of shares of other types (a)
Own Shares
Adjustments incl. in Own Equity
Minority Interests
ª ¤ å¤ ª ¤ ¬¤ ¢0©
Provisions
¬ ¨
¬ ª
¬ ¨
¬ ª
¬ ¨
¬ ªZª ¤ å¤ ª ¤ ¬¤ ¢0©
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¢0¬0©
¢,­®¤ ¬ °
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Sales and Services Rendered
¥µ)ß Þ ³\ë»
²µ)ßqç èê
129.046.389
131.336.726
-1,7%
4.314.491
2.030.990
112,4%
116.360.154
116.347.591
àJé Þ èèè Þ é î ê
àJé Þ è î è Þ à î ã
ç è'ï àJë
µ ÖlÕ ß\¹]¸ á'µM¹]¸ Õ ´
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-1.778.468
-3.093.025
42,5%
-800.622
-465.856
71,9%
102.336
210.379
-51,4%
Variation in Production
CGSMC and Services Rendered
ò
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ñß ÕÛ ¸ ¹ô'º Û$Õ ßº
0,0%
Û ¸ ´'µ)´Ü¸ µ)æMÜä'µ)ß$ó)ºMá)ïJ¹µMÝ'µM¹]¸ Õ ´)ï·)º × ßº'ܸ µM¹]¸ Õ ´µ)´·
× ß ÕÛ ¸ ¹
Financial Charges
Taxation (2)
Minority Interests
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Net Profit for the Quarter per basic share (3)
0,010
0,004
Net Profit for the Quarter per diluted share (3)
0,010
0,004
(1) Applicable in the first financial year of companies that adopt a financial year different from that corresponding to
the calendar year (Art.65-A of the Companies Code)
(2) Estimated Taxation on Earnings
(3) For the comparative period the calculation was based on the present number of shares.
Accountant
By the Board of Directors
Representative for market relations
(Fernando da Silva Semana)
(António Pereira da Silva Neves)
¢£ñ ª ¡ ¬ ¨
¯ °
¡ ¨
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* Os valores solicitados, salvo indicação em contrário, deverão ser expressos em euros, sem casas decimais.
* O período definido como "n" diz respeito aos valores do trimestre em causa, enquanto que o período definido como
"n-1" diz respeito aos valores do trimestre homólogo anterior.
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a) These shares now confer voting rights pursuant to Article 342, paragraph 3 of the Companies Code
ð í)ï íë
ûúŒõcú
!cÿþ#"!$!žõcû %
þ &þ,þ)ÿ' õ)(*,+-!žýcû.&™ú/10223
!4þ)ÿ
õcúŒõ™û
õ,ö÷)øùJùMö÷ ù
31 Dec. 2006
õ,ö÷)øùJùMö÷ ù
üýýþ,õ,ÿ
Goodwill
Other intangible assets
Fixed tangible assets:
Land and Buildings
Basic equipment
Fixed assets in course of construction
Other fixed tangible assets
Financial Investments:
Investment Properties
Financial Investments in equity:
Loans to associated companies
Other financial investments
Assets for deferred taxes
û
31 March 2007
5.962.136
9.896
5.972.032
5.962.136
10.897
5.973.032
126.490.062
37.260.364
9.893.309
10.783.025
184.426.759
119.138.838
36.059.526
15.936.858
10.357.621
181.492.843
561.839
12.693.091
11.151.045
9.850.317
34.256.292
561.839
13.683.807
11.151.045
9.717.460
35.114.152
7.365.652
8.276.260
232.020.736
230.856.287
115.275.050
108.131.778
200.402.093
38.154.101
238.556.194
183.790.777
50.859.190
234.649.967
41.664.454
23.650.749
37.661.107
32.751.072
419.146.447
413.193.924
651.167.183
644.050.211
üýýþ,õ,ÿ
õžþ,õ,ÿúŒý þ
Accounts receivable:
Customers
Other Accounts Receivable
Other current assets
Cash and equivalents
ûúŒõcú
þ5Œü ÿ6S!žõ#
!cÿþ#"!$!žõcû %
þ &þ,þ)ÿ' õ)(*,+-!žýcû.&™ú/10223
!$" ÿ þ
þ5Œü ÿ6
Share Capital
Reserves and retained profits
Net profit for the year
7984:<;=?>@ A =B=A A C @ DEA =DB FGA HGA IFKJC HEL>
Minority interests
MN O
31 March 2007
31 Dec. 2006
160.000.000
(36.663.886)
1.723.980
125.060.094
160.000.000
(42.451.331)
5.831.105
123.379.774
860.980
770.089
125.921.073
124.149.863
28.153
28.908
116.642.624
224.644
116.867.268
0
108.135.218
276.935
108.412.152
2.971.289
2.834.837
17.627.217
18.209.800
137.493.927
129.485.698
47.691.033
23.619.762
71.310.795
0
46.244.898
29.652.592
75.897.491
153.342.160
4.647.137
47.724.522
41.133.878
246.847.697
159.476.026
4.139.626
46.637.804
41.649.906
251.903.362
69.593.691
62.613.797
387.752.182
390.414.650
525.246.110
519.900.348
651.167.183
644.050.211
!$" ÿ þ
õcúŒõ4P û
üýýþ,õ,ÿ
Provisions
Loans:
Loans from bond holders
Bank loans
Other received loans
Accounts payable:
Fixed assets suppliers
Other accounts payable
Liabilities on deferred taxes
N QN N N ?
û
üýýþ,õ,ÿ
Loans:
Loans from bond holders
Bank loans
Other received loans
Accounts payable:
Suppliers
Fixed assets suppliers
Advances on sales
Other accounts payable
Other current liabilities
N QN N N ?
N QN N N ?
MN OGR1 N QN N N ?
mno4npqGprn<st1usrm4svw xo4npx#ypmzvnm#tsy#{pyw sx#prxw r|~},q-o$y4u.€)st1‚‚ƒ
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Sales and services rendered
Variation in production
Other operating gains
}„q…†„ ‚ƒ
}„q…†„ ‚‡
129.046.389
131.336.726
4.314.491
2.030.990
971.045
1.988.667
134.331.924
135.356.384
Cost of goods and materials consumed
(33.069.750)
(38.444.776)
External supplies and services
(65.238.774)
(61.795.935)
Personal costs
(26.476.563)
(25.494.984)
(2.697.326)
(2.672.540)
T4UVWXY Z [\'Y ]W[^_VW
Amortizations and impairment losses
Provisions and value adjustments
Other operating losses
T4UVWXY Z [\'`^aY a
T4UVWXY Z [\<WV?a]b Y
Net costs of finance
Profits and losses in associated Companies
0
(82.691)
(2.444.103)
(2.209.162)
(129.926.518)
(130.700.088)
4.405.407
4.656.296
(2.714.128)
(2.142.704)
1.033.634
1.627.560
(97.974)
(2.577.881)
(1.778.468)
(3.093.025)
2.626.938
1.563.271
(800.622)
(465.856)
1.826.316
1.097.415
1.723.980
887.036
102.336
210.379
Basic
0,010
0,004
Diluted
0,010
0,004
Other financial gains and losses
c Z [X[`Z XbWV?a]b Y
d W^e Z YfVe ^WV,Y X?g
Income taxes
h4^[a^b Z iXY Vi1WV?a]b Ye ^WjY kV-lVXW
Atributable to the Group
Attributable to minority interests
Profit per share: