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

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Notes to the Financial Statements as at 31 st December 2008 Futhermor, the Company has provided Group companies with bank guarantees for the following amounts: Beneficiary Currency Currency Value Thousands of Euros Teixeira Duarte International, Ltd. USD 120,000,000 86,225 Teixeira Duarte - Gestão de Participações e Investimentos Imobiliários, S.A. 72,423 G.S.C. - Companía General de Servicios y Construcción, S.A. 66,177 Bonaparte - Imóveis Comerciais e Participações, S.A. 30,029 TEDAL - SGPS, S.A. 32,422 Teixeira Duarte - Engenharia e Construções (Moçambique), Lda. USD 45,000,000 32,335 TDE - Empreendimentos Imobiliários, S.A. 22,446 TDO - Investimento e Gestão, Lda. USD 25,000,000 17,964 Teixeira Duarte - Engenharia e Construções , S.A. (Sucursal Angola) USD 19,000,000 13,652 Teixeira Duarte - Engenharia e Construções (Angola), Lda. USD 16,330,000 11,734 Petrin - Petróleos e Investimentos, S.A./ PTG - SGPS, S.A. 10,000 TDO - Investimento e Gestão, Lda. 10,000 Tegaven - Teixeira Duarte y Associados, CA VEF 28,355,279 9,488 TDHOSP - Gestão de Edificio Hospitalar, S.A. 8,050 TD Via - Sociedade Imobiliária, S.A. 7,998 Rochaoriental - Sociedade Hoteleira, S.A. 6,070 Metroligeiro - Construção de Infraestruturas, ACE 5,000 Avenida - Empreendimentos Turísticos e Hoteleiros, S.A. USD 6,300,000 4,527 EMPA - Serviços de Engenharia, S.A. BRL 10,000,000 3,083 Somafel - Engenharia e Obras Ferroviárias, S.A./ OFM - Obras Públicas, Ferroviárias e Marítimas, S.A. 3,000 EVA - Sociedade Hoteleira, S.A./Sinerama - Organizações Turísticas e Hoteleiras, S.A. 2,494 Lagoas Hotel, S.A. 1,819 Recolte - Recolha, Tratamento e Eliminação de Resíduos, S,A, 1,515 BEL-ere - Engenharia e Reabilitação de Estruturas, S.A. 1,500 TDF - Sociedade Gestora de Fundos de Investimento Imobiliário, S.A. 1,251 Esta - Gestão de Hóteis, S.A. 998 Petrin - Petróleos e Investimentos, S.A. 748 Angoímo - Empreendimentos e Construções, Lda. USD 1,000,000 719 Auto Competição Angola, Lda. USD 1,000,000 719 TDA - Comércio e Indústria, Lda. USD 1,000,000 719 TDHC - Instalações para Desporto e Saúde, S.A. 704 Teix.Co, SPA DZD 33,000,000 336 VTD - Veículos Automóveis, S.A. 249 EVA - Sociedade Hoteleira, S.A. 249 Teixeira Duarte International, Ltd. 200 Sociedade Hotel Tivoli, Lda. USD 200,000 144 Mercapetro - Produtos Petrolíferos, S.A. 100 Teixeira Duarte - Engenharia e Construções (Moçambique), Lda. MZN 3,000,000 85 467,172 34 - MOVEMENT IN PROVISIONS During the year ended 31 st December 2008, the following movements occurred in the balances of the provisions items: Items Opening Increase Reduction Write-off Closing balance (Note 45) (Note 46) balance Other provisions 4,197 1,850 (31) (494) 5,522 The amount stated in the “Increase” column includes the value of EUR 1,766 thousand relating to provisions for financial instrumentsras. 36 - CAPITAL COMPOSITION As at 31 st December 2008, the Company’s capital consisted of fully subscribed and paid-up 420,000,000 shares with a nominal value of fifty Euro cents each. 162
Notes to the Financial Statements as at 31 st December 2008 37 - SHARE OF THE CAPITAL SUBSCRIBED BY EACH CORPORATE BODY HOLDING AT LEAST 20% OF IT As at 31 st December 2008, the shares held in more than 20% of the Company’s capital were the following: Shareholder No. of shares Shareholding percentage TDG - Sociedade Gestora de Participações Sociais, S.A. 160,341,364 38.18% 39 - FIXED ASSET REVALUATION As at 31 st December 2008, the following variations occurred in the revaluation reserves: Opening Transfer Closing balance balance Tangible fixed assets: Buildings and other constructions (Note 40) 15,043 (639) 14,404 The amount stated in the “Transfer” column corresponds to the realisation of the revaluation reserve ascertained in the financial year. 40 - VARIATION IN THE EQUITY ITEMS The movement in the equity items during the year ended 31 st December 2008 was as follows: Items Opening Increases Decreases Transfers Closing balance balance Capital 210,000 - - - 210,000 Capital shares adjustment in subsidiaries and associated companies: Transition adjustments 13,136 - - (966) 12,170 Undistributed profits 198,867 - - (51,396) 147,471 Other variations of equity (74,774) 36,463 (4,130) 18,772 (23,669) Revaluation reserves (Note 6 and 39) 10,712 345 - (470) 10,587 Legal reserve 15,100 3,000 18,100 Free reserves 155,971 41,575 197,546 Donations 20 (5) 15 Profit/(loss) carried forward: Profit/(loss) carried forward (4,204) - (2) (17,265) (21,471) Undistributed profits (198,867) - - 51,395 (147,472) Net profit/(loss) for the financial year 56,935 (196,358) (56,935) (196,358) 382,896 (159,550) (4,132) (12,295) 206,919 Adjustment of capital shares in subsidiaries and associated companies The variation recorded under this item results from: (i) variations in the equity of the Group companies and associated companies, except those resulting from the profit/(loss) for the financial year; (ii) the difference, amounting to EUR 20,104 thousand, between the profit/(loss) reported by Group companies and associated companies, considered in the application of the equity method, and the profit/(loss) distributed among those companies in the year ended 31 st December 2008, which is recorded as a counterpart of the profit/(loss) carried forward, as well as of the regularisation resulting from the sale and payment of financial shares. Revaluation reserve The increase observed in this item results from the regularisation of deferred tax liabilities relating to the revaluation reserve. Legal reserve The commercial legislation foresees that at least 5% of the annual net income has to be used to reinforce the legal reserve until the latter represents at least 20% of the capital. This reserve is not distributable unless the Company is wound up, but can be used to absorb losses after the other reserves have been exhausted, or incorporated into the capital. 163
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A N N U A L R E P O R T A N D A C C
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ANNUAL REPORT AND ACCOUNTS 2 0 0 8
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TEIXEIRA DUARTE - ENGENHARIA E CONS
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Organisational Chart - 2008 8 9
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A N N U A L R E P O R T A N D A C C O U N T S - CMVM

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