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

More documents

Recommendations

Info

Notes to the Consolidated Financial Statements at 31 st December 2008 NOTE TO THE CONSOLIDATED FINANCIAL STATEMENT ON THE 31 ST OF DECEMBER 2008 (VALUES EXPRESSED IN THOUSANDS OF EUROS) 1 - INTRODUCTION NOTE Teixeira Duarte - Engenharia e Construções, S.A. ("Teixeira Duarte" or "Company") has its registered head office in Porto Salvo, was incorporated on the 4 th of January 1934 with Construction as its core business. The entrepreneurial universe of Teixeira Duarte ("Group") is formed by the investee companies referred in Notes 4, 22 and 23. The Group’s main activities are: Construction; Cements; Concrete and Aggregates; Concessions and Services; Real Estate Development; Hotel Services Industry; Food Trade; Fuel Sales and Vehicles Sales. 2 - MAIN ACCOUNTING POLICIES The main accounting policies adopted in the preparation of the attached consolidated results statements are the followings: 2.1 - Submission bases The consolidated results statements were prepared in accordance with the continuity principle, from the accounting books and records of the companies included in the consolidation, adjusted to the consolidation process, in order to be in accordance with the provisions of the International Financial Reporting Standards adopted by the European Union, in force for the financial years started on the 1 st of January 2008. The International Financial Reporting Standards ("IFRS) issued by the International Accounting Standards Board ("IASB") and the International Accounting Standards ("IAS") issued by the International Accounting Standards Committee ("IASC") and respective interpretations should be considered as included in these standards, issued by the International Financial Reporting Interpretation Committee ("IFRIC") and Standing Interpretation Committee ("SIC"), respectively, their adoption approved by the European Union. The set of those standards and interpretations shall be henceforward generally known as "IFRS". Results statements were prepared according to the historical cost approach, except in what concerns investment properties and financial assets available for sale. New standards and its impact in the attached results statements In the year ended on the 31 st of December 2007, the IFRS 8 – Operational segments was approved by the European Union, which became in force for the financial years started after the 1 st of January 2009. During the financial year ended on the 31 st of December 2008 and until the approval date of these results statements, the following accounting standards and interpretations were approved by the European Union, its enforcing date corresponding to the financial years started on or after the following dates: Effective Date IAS 39/IFRS 7 – Reclassification of financial assets (Reviewed) 01-07-2008 IFRIC 13 – Customer’s royalty programmes 01-07-2008 IFRIC 14 – IAS 19 – The limit on an asset with defined benefits, minimum financing requirements and respective interaction 01-01-2008 IFRS 8 – Operating Segments 01-01-2009 IFRS 2 – Payments based on shares (Reviewed) 01-01-2009 IAS 1 – Financial statements submission (Reviewed) 01-01-2009 IAS 23 – Costs of loans obtained (Reviewed) 01-01-2009 IAS 32/IAS 1 – Financial instruments with a put option and liabilities derived from a liquidation (Reviewed) 01-01-2009 Improvements of the International Financial Reporting Standards (2007) 01-01-2009 IFRS 1 / IAS 27 – Cost of an investment in a subsidiary, jointly controlled or associated entity 01-01-2009 IFRIC 12 – Contracts regarding concession services 01-01-2010 174
Notes to the Consolidated Financial Statements at 31 st December 2008 The entry into force of the alterations to the IAS 39 / IFRS 7, as well as IFRIC 14 and IFRIC 13, in 2008, did not have a significant impact on the attached results statements. IFRIC 12 – “Contracts regarding concession services” was approved by the European Union on the 26 th of March 2009, with its first application defined for the first financial year started after that date. Therefore, the application to the Group should be mandatory for the financial year started on the 1 st of January 2010. IFRIC 12 establishes the provisions to be applied in the measurement, recognition, presentation and diffusion of the activities developed under the public services concession contracts. The impact of the future adoption of that standard in the consolidated results statements is still not fully assessed at this date. No significant impacts are foreseen in the results statements of the Group, resulting from the adoption of the remaining standards. The following accounting standards and interpretations were already issued on this date although they have not been approved yet by the European Union: Effective Date IFRS 3 – Corporate Clusters (Reviewed) 01-07-2009 IFRS 1 – Adoption of the IFRS for the first time (Reviewed) 01-07-2009 IAS 27 – Individual and consolidated financial statements (Reviewed) 01-07-2009 IAS 39 – Ellegible cover instruments (Reviewed) 01-07-2009 IAS 39 – Reclassification of financial assets (Reviewed) 01-07-2009 IFRS 7 – Qualitative increases in the diffusions related to financial instruments (Reviewed) 01-01-2009 IFRIC 15 – Contracts related to real estate construction 01-01-2009 IFRIC 16 – Net investment cover in operations with foreign markets 01-10-2008 IFRIC 17 – Distribution among shareholders of non-pecuniary assets 01-07-2009 IFRIC 18 – Customers’ assets transfer 01-07-2009 The impact of the adoption, in future financial years, of the above referred standards in the consolidated results statements is not fully assessed yet at this date. 2.2 - Critical assessments / estimates The preparation of the statements of results in conformity with the IFRS recognition and measuring principles requires that the Board of Directors formulates assessments, estimates and presuppositions which may affect the value of the assets and liabilities submitted, namely amortizations, depreciations and provisions, the diffusion of contingent assets and liabilities at the date of the statements of results, as well as of profits and costs. Those estimates are based on the best existing knowledge at each moment and on the actions that they plan to carry out, subject to a periodical review based on the information available. Alterations to facts and circumstances may lead to estimate review; therefore, actual future results may differ from those estimates. The significant estimates and presuppositions formulated by the Board of Directors in preparing these statements of results include, namely, the presuppositions used in processing the following aspects: Impairment of non-current assets The determination of an eventual loss due to impairment can be triggered by the occurrence of several events, many of which outside the Group’s sphere of influence, such as the future availability of financing, the cost of capital or any other , internal or external changes related to the Group. The identification of impairment indicators, the estimate of future cash flow and the determination of the recoverable value of assets imply a high level of assessment on the part of the Board, regarding the identification and evaluation of the different impairment indicators, expected cash flow, applicable discount rates, useful lifetime and residual values. Impairment of Goodwill Goodwill is subject to an annual impairment test or always when there is evidence of an eventual loss of value, in accordance with the policy indicated in Notes 18 and 22. The recoverable values of the cash flow generating units to which goodwill is attributed are determined based on the expected cash flow. These calculations require the use of estimates on the part of management, regarding the evolution of future 175
Page 1 and 2:
A N N U A L R E P O R T A N D A C C
Page 3:
ANNUAL REPORT AND ACCOUNTS 2 0 0 8
Page 8 and 9:
TEIXEIRA DUARTE - ENGENHARIA E CONS
Page 10:
Organisational Chart - 2008 8 9
Page 13 and 14:
Management Report of the Board of D
Page 15 and 16:
Page 17 and 18:
Page 19 and 20:
Page 21 and 22:
Page 23 and 24:
Page 25 and 26:
Page 27 and 28:
Page 29 and 30:
Page 31 and 32:
Page 33 and 34:
Page 35 and 36:
Page 37 and 38:
Page 39 and 40:
Page 41 and 42:
Page 43 and 44:
Page 45 and 46:
Page 47 and 48:
Page 49 and 50:
Page 51 and 52:
Page 53 and 54:
Page 55 and 56:
Page 57 and 58:
Page 59 and 60:
Page 61 and 62:
Page 63 and 64:
Page 65 and 66:
Page 67 and 68:
Page 69 and 70:
Page 71 and 72:
Page 73 and 74:
Page 75 and 76:
Page 77 and 78:
Page 79 and 80:
Page 81 and 82:
Page 83 and 84:
Page 85 and 86:
Page 87 and 88:
Page 89 and 90:
Page 91 and 92:
Page 93 and 94:
Page 95 and 96:
Page 97 and 98:
Page 99 and 100:
Page 101 and 102:
Notes to the Report of the Board of
Page 103 and 104:
Corporate Governance Report 2008
Page 105 and 106:
Corporate Governance Report - 2008
Page 107 and 108:
Page 109 and 110:
Page 111 and 112:
Page 113 and 114:
Page 115 and 116:
Page 117 and 118:
Page 119 and 120:
Page 121 and 122:
Page 123 and 124: Corporate Governance Report - 2008
Page 145 and 146: Individual Financial Statements 200
Page 147 and 148: Balance Sheets as at 31 st December
Page 149 and 150: Net Income Statements by Nature for
Page 151 and 152: Notes to the Financial Statements a
Page 169 and 170: Consolidated Financial Statements 2
Page 171 and 172: Consolidated Statement of Income at
Page 173: Consolidated Cash Flow Statement at
Page 177 and 178: Notes to the Consolidated Financial
Page 225 and 226:
Notes to the Consolidated Financial
Page 227 and 228:
Page 229 and 230:
Page 231 and 232:
Reports, Advisory Reports and Certi
Page 238 and 239:
Printing and Finishing: FACSIMILE,
show all

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

Create successful ePaper yourself

Delete template?

Save as template?