A N N U A L R E P O R T A N D A C C O U N T S - CMVM

Management Report of the Board of Directors - Financial Year 2008
Furthermore, a Complementary Grouping of Companies,
20% owned by “TEIXEIRA DUARTE - Engenharia e
Construções, S.A.”, was incorporated for the purpose of
executing the contract jobs related to the abovementioned
Baixo Tejo sub-concession, for and overall sum of
approximately EUR 259 million.
VIII. - PROPOSAL FOR THE ALLOCATION OF PROFIT
The Board of Directors proposes that the individual negative
net profit of “TEIXEIRA DUARTE - Engenharia e
Construções, S.A.” for the financial year 2008, amounting to
EUR 196,358,032.52, be carried forward to the next year.
VII. - CONCLUSIONS / OUTLOOK FOR 2009
The deep economic and financial crisis experienced in 2008,
around the World and across the Country, significantly
affected the balance sheet and results of Teixeira Duarte,
mainly due to exposure of high strategic investments to the
stock exchange market.
The Group’s financial structure and the good operating
performance of the different sectors and in the numerous
geographical markets in which it operates, allowed the
maintenance and reinforcement of the qualified and strategic
stakes, of intrinsic value, held in “CIMPOR – Cimentos de
Portugal – SGPS, S.A.” and in “Banco Comercial Português,
S.A.”, the latter successively reinforced since its incorporation
in 1985.
It will be with the activity results that Teixeira Duarte will
overcome the current conjuncture, being prepared to face the
difficulties all agents are encountering due to the deep
economic and financial crisis felt worldwide and as always,
counts upon all its workers to do it.
Lagoas Park, 20 th April 2009
The Board of Directors,
Mr. Pedro Maria Calainho Teixeira Duarte
Mr. João Salvador dos Santos Matias
Mr. Manuel Maria Calainho de Azevedo Teixeira Duarte
Mr.Joel Vaz Viana de Lemos
Mr. Jorge Ricardo de Figueiredo Catarino
For 2009, a particularly cautious and vigilant approach to cost
containment will be reinforced and efforts will be focused on
prudently participating in major national tenders, while growth
will continue by expanding activities in foreign markets.
The development of operations in other sectors will also be
pursued, giving priority, whenever possible, to external
markets.
Mr. Carlos Gomes Baptista
Mr. João José de Gouveia Capelão
Mr. João José do Carmo Delgado
Therefore, the main goal for 2009 is to achieve an operating
profit of EUR 1,500 million for the Group.
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