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 Consolidated Financial Statements at 31 st December 2008 31 - CONSTRUCTION CONTRACTS In the financial years ended on the 31 st December 2008 and 2007, the recognized costs and profits related to construction contracts in progress, are as follows: 2008 2007 Net profits: Invoices issued 695,645 501,318 Variation of: - Deferred profits - works (Note 40) 259 (777) - Provision for warranties (Note 39 and 40) (9,846) (5) 686,058 500,536 Net costs: Construction costs incurred during the year 637,391 481,161 Variation of: - Cost incurred and values invoiced 34,188 2,054 - Provisions for future losses (Note 8 and 13) 9,891 (716) 681,470 482,499 Calculated results: 4,588 18,037 As a result of the percentage level method application, the balance sheets on the 31 st December 2008 and 2007 included the following balances: 2008 2007 Works in progress – difference between costs incurred and values invoiced (Note 10) 61.649 27.461 Deferred profits regarding anticipated invoicing (Note 40) 26.429 26.170 Provisions: For future losses (Note 10) 12.488 2.597 For warranties (Note 39 and 40) 37.081 46.927 Additionally, on the 31 st December 2008, the retentions done by customers related to construction contracts amounted to 843 thousand Euros (1,042 thousand Euros in 2007). 32 - CAPITAL On the 31 st December 2008, the fully subscribed and paid up capital was represented by 420,000,000 shares, with the nominal value of fifty cents of the Euro each. On the 31 st December 2008, TDG - Sociedade Gestora de Participações Sociais, S.A. held directly 160,341,364 shares, representative of Teixeira Duarte - Engenharia e Construções, S.A. capital, corresponding to 38.18% of the respective capital stock. 33 - RESERVES AND CARRIED FORWARD RESULTS Legal reserve: In accordance with the legislation in force, the Company is under the obligation to transfer to legal reserve at least 5% of the annual net results, until a minimum of 20% of the capital. This reserve is not to be distributed to the shareholders but it can be used to absorb losses, after all the other reserves have been depleted, or incorporated in the capital. Fair value reserve: The fair value reserve results from the difference between the cost value and the market value of the financial assets available for sale ,still not recognized in the results statements. Free reserve: Free reserves are available for distribution. 216
Notes to the Consolidated Financial Statements at 31 st December 2008 34 - MINORITY INTERESTS Movements in this item during the financial years ended on the 31 st December 2008 and 2007, were the following: 2008 2007 Initial balance 168,769 150,259 Perimeter change (312) 9,453 Dividends (1,052) (292) Alienation of financial holdings (242) 1,472 Other subsidiaries’ equity capital variations (5,525) 2,538 Financial year result ascribable to minority interests (65,733) 5,339 Final balance 95,905 168,769 35 - LOANS On the 31 st December 2008 and 2007, the loans obtained were as follows: 2008 2007 Non-current liabilities: Debenture loans a) - 198,159 Bank loans b) 748,885 793,719 Commercial paper c) 672,164 452,147 Other loans obtained d) - 256 1,421,049 1,444,281 Current liabilities: Debenture loans a) 198,866 - Bank loans b) 288,834 347,778 Commercial paper c) 48,500 - Other loans obtained d) 131 387 536,331 348,165 1,957,380 1,792,446 a) Debenture loans On the 29 th March 2004, the Group issued a debenture loan of 120,000 thousand Euros for a period of 5 years, corresponding to 2,400,000 non convertible bonds, at the nominal value of 50 Euros each, with interest becoming due every semester and subsequently at a rate indexed to Euribor at six months, plus 0.875%. The reimbursement is done in one single instalment, at the end of the issue term, on the 30 th of March 2009. On the 12 th May 2004, the Group issued a debenture loan of 80,000 thousand Euros for a period of 5 years, corresponding to 1,600,000 non convertible bonds, at the nominal value of 50 Euros each, with interest becoming due every semester and subsequently at a rate indexed to Euribor at six months, plus 0.875%. The reimbursement is done in one single instalment, at the end of the issue term, on the 12 th May 2009. b) Bank Loans On the 31 st December 2008, internal bank loans, the bank overdrafts and guaranteed current accounts had interest at the average weighted annual rate of 5.3% (4.9% on the 31 st December 2007). Bank loans contracted by the Group correspond essentially to: • Loan contracted by the Group with Banco Comercial Português, on the 31 st December 2004, for the amount of 90,000 thousand Euros, with reimbursement in 2 half-yearly instalments of 40,000 thousand Euros on the 30 th June 2010 and 50,000 thousand Euros on the 31 st December 2010. 217
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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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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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