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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Management Report of the Board of Directors - Financial Year 2008 Turnover Trend per Market The consolidated operating profit was EUR 1,377,181 thousand, representing a 29.1% increase compared to the amount reported for the previous year. This increase is basically due to the expansion of the external market, which was considerably greater than that observed in Portugal. The internal market grew 11.2% compared to the same period in the previous year, while the external market grew 46.9%, currently accounting for 57% of operating profit. (Amounts expressed in thousands of Euros) Despite the recognised and sharp contraction in the internal market, Portugal recorded a positive 13% increase in turnover. Even more significant is the progress in the Group’s exposure to other more dynamic economies, leading to a considerable increase in foreign contributions to this business sector, having strengthened its position even more in the external market, which now represents 57.1%. It is important to highlight the contribution of the construction sector to support the Group’s growth, accounting for more than 50% of the consolidated total operating profit, with an increase of 19.6% in Portugal and 58.6% abroad. The contribution of each business sector to the overall amount related to the consolidated operating profit was the following: The chart below shows the amounts of the contributions made by the different countries where Teixeira Duarte operated in 2007 and 2008, where the growth of the Angolan and Algerian markets stands out, with the latter currently accounting for more than 10% of total Turnover. Contribution to Turnover 2008 (%) 2007 (%) Var (%) Portugal 553,355 42.9% 489,760 48.4% 13.0% Angola 445,015 34.5% 334,027 33.0% 33.2% Algeria 135,042 10.5% 64,708 6.4% 108.7% Brazil 53,410 4.1% 39,384 3.9% 35.6% Ukraine 27,560 2.1% 20,623 2.0% 33.6% Spain 26,782 2.1% 24,000 2.4% 11.6% Mozambique 26,034 2.0% 28,514 2.8% (8.7%) Morocco 13,177 1.0% 4,812 0.5% 173.8% Venezuela 9,090 0.7% 4,396 0.4% 106.8% Other Countries 1,608 0.1% 1,289 0.1% 24.7% Total 1,291,073 100% 1,011,513 100% 27.6% Comments regarding the development of operations in the Group’s different business areas, shown above, and which justify the amounts reported and their respective changes, will be presented below in the chapters dedicated to sector analysis (IV) and qualified investments in listed companies (V). (Amounts expressed in thousands of Euros) 20
Management Report of the Board of Directors - Financial Year 2008 Operating Profit by Business Sector and Geographic Markets Business Sector Internal Market External Market Total 2008 2007 Var (%) 2008 2007 Var (%) 2008 2007 Var (%) Construction 342,639 286,459 19.6% 370,345 233,455 58.6% 712,993 519,914 37.1% Cement, Concrete and Aggregates 3 1 200.0% 33,148 21,419 54.8% 33,151 21,420 54.8% Concessions and Services 13,420 13,459 (0.3%) 21,445 21,681 (1.1%) 34,865 35,140 (0.8%) Real Estate Development 70,885 82,465 (14.0%) 42,971 5,470 685.6% 113,856 87,935 29.5% Hotel Services Industry 13,597 11,537 17.9% 55,137 51,002 8.1% 68,734 62,539 9.9% Food Trade - - - 102,589 89,286 14.9% 102,589 89,286 14.9% Fuel Sales 151,320 131,134 15.4% 20 45 (55.6%) 151,340 131,179 15.4% Vehicle Sales 122 7,148 (98.3%) 159,531 112,166 42.2% 159,653 119,314 33.8% Total per Sector: 591,986 532,203 11.2% 785,195 534,524 46.9% 1,377,181 1,066,727 29.1% (Amounts expressed in thousands of Euros) EBITDA increased 66.2% compared to the previous year, amounting to EUR 187,842 thousand, influenced by nonrecurring operations of EUR 53,263 thousand. The EBITDA margin / Turnover increased by 30.2%, going from 11.2% in 2007 to 14.6% in 2008. Financial results were a negative EUR 595,439 thousand, basically due to the devaluation of the Available-for-Sale Financial Assets at fair value, amounting to EUR 536,037 thousand. Without taking into consideration this non-recurring loss, the worsening of financial results would be EUR 123,269 thousand, basically due to the sharp increase in interest rates and in the amount of indebtedness of EUR 164,934 thousand, as well as for the decrease in the results in associated companies, which, in 2007, had had a significant benefit from the sale of the stake in “Scutvias – Autoestradas da Beira Interior, S.A.”. Regarding this matter, it is important to mention the negative impact that exchange rate fluctuations had on the financial year, amounting to EUR 5,870 thousand, due to the devaluation of the Real (Brazil) and of the Hryvnia (Ukraine). The Income Tax, negative by EUR 51,368 thousand, reflects the composition of the deferred taxes assets of EUR 76,480 thousand, related to the loss of Available-for-Sale Financial Assets and to deferred tax liabilities of non-recurring operations amounting to EUR 16,490 thousand. The Total Net Assets maintained values similar to those recorded for the previous financial year, having reached EUR 3,178,037 thousand, where the strategic stake taken in “CIMPOR - Cimentos de Portugal, SGPS, S.A.” and in “Banco Comercial Português, S.A.”, as well as in “Lagoas Park” stands out, amounting to an overall sum of EUR 1,301,463 thousand. Group Indebtedness, which continues to be subjected to tight control within the scope of the global strategy defined, reached EUR 1,957,380 thousand, having had an increase of EUR 164,934 thousand in 2008, during which the Group significantly invested in several projects in Brazil and increased its stake in “CIMPOR – Cimentos de Portugal – SGPS, S.A.” and “Banco Comercial Português, S.A.”. Total Equity decreased considerably, settling at EUR 338.932 thousand, which represents a 59.4% decrease compared to the previous year, basically due to the enormous impact that the market crisis had on the market value of Available-for-Sale Financial Assets. 21
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Printing and Finishing: FACSIMILE,
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