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Notes to the Consolidated Financial Statements at 31 st December 2008 Whenever the results of a construction contract can be reasonably estimated, the corresponding revenue and costs are recognized in accordance with the finishing percentage, as established in the IAS 11 - Construction contracts. According to this method, the profits directly related to the works in progress are recognized in the results statement, in accordance with its finishing percentage, which is determined by the ratio between the cost incurred and the total estimated costs of the works (incurred costs added to the costs to be incurred). The differences between the profits ascertained through the application of this method and the invoicing issued are accounted in the items “Other current assets” (Note 30) or “Other current liabilities” (Note 40), according to the nature of the differences. Variances in the contracted works, claims and premiums are considered as they are being agreed and whenever it is possible its quantification with enough reliability. So that the results of a contract can be reasonably estimated it is necessary that the following conditions are fulfilled: - To be likely that the group obtains the economic benefits foreseen in the contract; - The contract costs are identifiable and can be reasonably quantified; - At the date of the balance sheet it must be possible that the costs required to complete construction, as well as the finishing degree of the same, can be sufficiently and reasonably quantified, so that the actual costs incurred can be compared to the initial estimates. When it becomes likely that the costs exceed the contract profits, the expected loss is recognized as an immediate cost. Accrual Basis Profits and costs are registered according to the specialization principle of the financial years; therefore they are recognized as they are generated, independently of the moment in which they are received or paid. The differences between the amounts received and paid and the corresponding profits and costs are registered in the items “Other assets (current and non-current)” and “Other liabilities (current and non-current)”. 2.21 - Financial assets impairment and adjustments At each balance sheet date the Group analyzes if there is objective evidence that a financial asset or a group of financial assets are at impairment. Financial Assets available for sale In the case of financial assets classified as available for sale, a long or significant decline in the fair value of the instrument below its cost is considered as an indicator that the instruments are at impairment. Should similar evidence exist for the financial assets classified as available for sale, the accumulated loss – measured as the difference between the acquisition cost and the current fair market value, less any loss of impairment of the financial asset that has been already recognized in the results – is removed from equity and recognized in the results statement. Loss of impairment in the capital instruments recognized in results is not reversed through the results statement. Customers, debtors and other financial assets Adjustments for value losses are registered whenever there are objective indicators that the Group is not going to receive all the amounts to which it is entitled to, in accordance with the original terms of the contracts established. Several indicators are used in their identification, such as: - credit maturity; - financial difficulties of the debtor; - debtor’s probable bankruptcy. The adjustments are determined by the difference between the recoverable value and the balance value of the financial asset and are registered by counterpart of the year’s results. The balance value of these assets is reduced to a recoverable value through the use of an adjustments account. Whenever an amount to receive from customers or debtors is considered as irrecoverable, it is written off by using the respective adjustments account. Subsequent recovery of amounts that were written off are registered under results. 184
Notes to the Consolidated Financial Statements at 31 st December 2008 2.22 - Results per share Basic result per share is calculated dividing the result ascribable to the holders of ordinary capital within the parent company, by the pondered average number of ordinary shares in circulation during that period. The diluted result per share is calculated dividing the adjusted result ascribable to the holders of ordinary capital within the parent company, by the pondered average number of ordinary shares in circulation during the period, adjusted by the potential diluting ordinary shares. The potential diluting ordinary shares may result from options over shares and other financial instruments issued by the Group, convertible in shares within the Parent Company. 2.23 - Subsequent events The events occurred after the balance sheet date which provide additional information on the existing conditions at the balance sheet date are adequately reflected in the consolidated financial statement. The events after the balance sheet date that provide information on conditions that occur after the balance sheet date are diffused in the note to the consolidated financial statement. (Note 46). 3 - CHANGES OF POLICIES, ESTIMATES AND ERRORS During the financial year ended on the 31 st of December 2008, there were no changes in the accounting policies due to any considerations in the preparation of the financial information regarding the financial year ended on the 31 st of December 2007 and referred in the respective note, nor were any material errors related to previous financial years registered. 4 - COMPANIES INCLUDED IN THE CONSOLIDATION PERIMETER On the 31 st of December 2008 were included in the consolidation, through the integral method, the Parent Company, Teixeira Duarte - Engenharia e Construções, S.A. and also the following controlled companies: Company name Registered Head Office Percentage of effective holding DOMESTIC MARKET CONSTRUCTION BEL-ere - Engenharia e Reabilitação de Estruturas, S.A. Edifício 1, Lagoas Park 100.00% Porto Salvo EPOS - Empresa Portuguesa de Obras Subterrâneas, S.A. Edifício 1, Lagoas Park 100.00% Porto Salvo OFM - Obras Públicas, Ferroviárias e Marítimas, S.A. Edifício 1, Lagoas Park 60.00% Porto Salvo PERFORESC - Perfurações e Escavações, ACE Edifício 1, Lagoas Park 100.00% Porto Salvo SOMAFEL - Engenharia e Obras Ferroviárias, S.A. Edifício 1, Lagoas Park 60.00% Porto Salvo CEMENT, CONCRETE AND AGGREGATES C + P.A. - Cimento e Produtos Associados, S.A. Edifício 1, Lagoas Park 52.00% Porto Salvo MARINERTES, S.A. Edifício 1, Lagoas Park 51.00% Porto Salvo 185
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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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Printing and Finishing: FACSIMILE,
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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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