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

Notes to the Consolidated Financial Statements at 31 st December 2008
To guarantee the commercial paper contract with Caixa Geral de Depositos, amounting to 100,000 thousand Euros, granted by Teixeira Duarte
- Gestão de Participações e Investimentos Imobiliários, S.A., TEDAL - Sociedade Gestora de Participações Sociais, S.A. and TDCIM -
Sociedade Gestora de Participações Sociais, S.A. provided as collateral 21,000,000 and 8,000,000 shares of CIMPOR - Cimentos de Portugal,
S.G.P.S., S.A., respectively.
To guarantee the commercial paper contract with Banco Espirito Santo, amounting to 120,000 thousand Euros, granted by Teixeira Duarte -
Gestão de Participações e Investimentos Imobiliários, S.A., TEDAL - Sociedade Gestora de Participações Sociais, S.A. and TDCIM - Sociedade
Gestora de Participações Sociais, S.A. provided as collateral 5,500,000 and 7,800,000 shares of CIMPOR - Cimentos de Portugal, S.G.P.S.,
S.A., respectively, Teixeira Duarte - Gestão de Participações e Investimentos Imobiliários, S.A. provided as collateral 47,500,000 shares of
Banco Comercial Português, S.A. and TEDAL - Sociedade Gestora de Participações Sociais, S.A. provided as collateral 2,272,500 shares of
EPOS – Empresa Portuguesa de Obras Subterrâneas, S.A..
To guarantee the commercial paper contract with Banco Espirito Santo, amounting to 100,000 thousand Euros, granted by Teixeira Duarte -
Gestão de Participações e Investimentos Imobiliários, S.A., Teixeira Duarte - Gestão de Participações e Investimentos Imobiliários, S.A.
provided as collateral 27,000,000 shares of Banco Comercial Português, S.A. and TEDAL - Sociedade Gestora de Participações Sociais, S.A.
provided as collateral 104,000,000 shares of C+P.A. – Cimentos e Produtos Associados, S.A..
To guarantee debts to third parties, amounting to 16,870 thousand Euros, IMOTD - SGPS, S.A. provided as collateral 47,870 shares of V8, S.A.
and 47,780 shares of Parcauto, S.A..
A mortgage was also made in favour of Caixa Geral de Depósitos, on lot 3, located in Lagoas Park, property of Teixeira Duarte - Gestão de
Participações e Investimentos Imobiliários, S.A., to guarantee the loan contract granted by Teixeira Duarte - Gestão de Participações e
Investimentos Imobiliários, S.A. amounting to 50,000 thousand Euros.
A promise of mortgage was also made on lots 7, 8, 9, 10, 11, 12, 15, 16 and 23, located in Lagoas Park, property of Banco Comercial Português,
S.A., to guarantee the loan contract granted by Teixeira Duarte - Gestão de Participações e Investimentos Imobiliários, S.A. amounting to
90,000 thousand Euros, by Teixeira Duarte - Gestão de Participações e Investimentos Imobiliários, S.A., with the exercise of the purchase
option associated to the financial leasing contracts of the above referred buildings (Note 38).
To guarantee the financing contract granted by TDHOSP – Gestão de Edifício Hospitalar, S.A., Teixeira Duarte - Engenharia e Construções,
S.A. provided as collateral to Caixa Geral de Depósitos and Caixa Banco de Investimentos, 486,673 shares of TDHOSP – Gestão de Edifício
Hospitalar, S.A.. Within the scope of the same financing contract, Teixeira Duarte - Engenharia e Construções, S.A., in the capacity of
shareholder, constituted collateral of the credit rights on TDHOSP – Gestão de Edifício Hospitalar, S.A., emerging from the realization of
investments already made, foreseen in the management contract, amounting to 2,433 thousand Euros.
44 - FINANCIAL RISK MANAGEMENT
General Principles:
The group is exposed to a set of financial risks that result from its activity, of which we should highlight:
- Interest rate risks deriving from financial liabilities;
- Exchange rate risk resulting from the subsidiaries located outside the Euro zone, namely in Angola, Algeria, Brazil, Macao, Morocco,
Mozambique, Namibia, Russia, São Tome & Príncipe, Ukraine, and Venezuela
- Credit risk, particularly credits on its customers related to the Group’s operational activity;
- Liquidity risk, regarding maintenance of a balance in cash funds.
The Group’s Financial Management assures the centralized management of the financing operations, the application of treasury surplus, the
exchange rate transactions, as well the risk management of the group’s counterpart. It is also responsible for the identification, quantification,
and proposal and implementation of management/mitigation measures to reduce the financial risks to which the group is exposed.
Next, the main financial risks to which the company is exposed and the main measures implemented within the scope of its management shall
be analyzed.
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