ASSETS

31.12.2010

31.12.2009

A -

RECEIVABLES FROM SHAREHOLDERS FOR PAYMENTS STILL DUE

--

--

B -

FIXED ASSETS

I

Intangible assets

Concessions, licenses & trademarks

649

865

Total intangible assets

649

865

II

Tangible assets

--

--

III

Financial assets

Investments in:

Subsidiaries

620.774.244

606.934.662

Total financial assets

620.774.244

606.934.662

TOTAL FIXED ASSETS

620.774.893

606.935.527

C -

CURRENT ASSETS

I

Inventories

--

--

II

Accounts receivable

Subsidiaries - up to one year

--

13.417.908

Tax receivables - up to one year

7.719

7.959

Total receivables

7.719

13.425.867

III

Financial assets not classified as fixed assets

--

--

IV

Cash & cash equivalents

Bank & Post Office deposits

128.522

813.207

Total cash & cash equivalents

128.522

813.207

TOTAL CURRENT ASSETS

136.241

14.239.074

D -

ACCRUED INCOME AND PREPAID EXPENSE

--

--

TOTAL ASSETS

620.911.134

621.174.601

LIABILITIES AND SHAREHOLDERS' EQUITY

31.12.2010

31.12.2009

A -

EQUITY

I

Capital

136.176.747

136.176.747

II

Share premium reserve

470.328.327

470.328.327

III

Revaluation reserve

--

--

IV

Legal reserve

2.792.229

2.226.457

V

Statutory reserves

--

--

VI

Reserve for own shares held

--

--

VII

Other reserves

10.173

10.173

VIII

Retained earnings (losses)

3.447.615

868.562

IX

Net income (loss) for the year

7.971.428

11.315.430

TOTAL SHAREHOLDERS' EQUITY

620.726.519

620.925.696

B -

PROVISIONS FOR RISKS AND LOSSES

--

--

C -

EMPLOYEE LEAVING INDEMNITY (TFR)

--

--

D -

ACCOUNTS PAYABLE

Suppliers - up to one year

100.384

146.811

Subsidiaries

4.515

--

Parent companies - up to one year

79.516

102.094

Tax payables

200

--

TOTAL PAYABLES

184.615

248.905

E -

ACCRUED EXPENSE AND DEFERRED INCOME

--

--

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

620.911.134

621.174.601

2010

2009

A -

VALUE OF PRODUCTION

Other revenues and income

2

8.478

TOTAL VALUE OF PRODUCTION

2

8.478

B -

COSTS OF PRODUCTION

Raw materials, secondary materials, consumables & goods

--

--

Services

134.527

187.957

Lease and rental expenses

--

--

Personnel costs

--

--

Amortization, depreciation & writedowns

Amortization of intangible assets

216

875

Change in inventories of raw materials, secondary materials,

consumables & goods

--

--

Risk provisions

--

--

Other provisions

--

--

Sundry operating costs

53.451

31.131

TOTAL COSTS OF PRODUCTION

188.194

219.963

OPERATING INCOME (LOSS)

(188.192)

(211.485)

C -

FINANCIAL INCOME AND EXPENSE

Income from equity investments

Subsidiaries

8.156.876

11.387.858

Other financial income

Receivables included in fixed assets

Subsidiaries

80.908

331.261

Income other than the above

Other

1.869

8.064

Interest  and other financial expense

Other

12

16

Total financial expense

12

16

TOTAL FINANCIAL INCOME AND EXPENSE

8.239.641

11.727.167

D -

ADJUSTMENTS TO THE VALUE OF FINANCIAL ASSETS

Revaluations

--

--

Writedowns

--

--

E -

EXTRAORDINARY INCOME AND EXPENSE

Income

--

--

Expense

--

--

RESULT BEFORE TAXES

8.051.449

11.515.682

Income taxes for the year

(80.021)

(200.252)

NET INCOME (LOSS) FOR THE YEAR

7.971.428

11.315.430