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

Management Report of the Board of Directors - Financial Year 2008
accomplished and the dividends distributed among the
shareholders, by means of payments made as of 12 th June
2008, everything in accordance with the announcements that
were duly disseminated to the market.
Stock Exchange Quotation
of Teixeira Duarte - Engenharia e Construções, S.A. Shares
Mention must also be made of the resignation of the
Chairman of the Board of Directors, Eng. Pedro Pereira
Coutinho Teixeira Duarte, via a letter dated 27 th November
2008, for personal reasons, mainly for having completed
ninety years of age, of which sixty-two were spent at the
service of the Company.
In the meeting held on 28 th November 2008, the Board of
Directors postponed its decision on the replacement of the
outgoing Chairman until the next General Meeting, thus,
according to the law, his resignation became effective on 31 st
December 2008.
The Board of Directors takes this opportunity to express its
gratitude, recognition and respect to Eng. Pedro Pereira
Coutinho Teixeira Duarte for his enormous technical
competence, exceptional availability and constant follow-up
throughout these sixty-two years at the service of the
Company, as well as for the unsurpassable trust he placed in
TEIXEIRA DUARTE’s staff, who he helped train through his
example.
As to share liquidity throughout the year, 43% more shares
than in 2007 were traded, reaching a total number of
455,658,778, for an overall amount of EUR 553,987,567.00,
which represents a 37% reduction of its value compared to
the same period in the previous year.
“TEIXEIRA DUARTE - Engenharia e Construções, S.A.”
securities suffered a 71.4% devaluation, dropping from
EUR 2.09 on 31 st December 2007 to EUR 0.60 at the end
of 2008. Although they reached the annual minimum of
EUR 0.58 in November 2008, they followed the market trend
and, as at the date of this report, they were being valued at
EUR 0.70.
The chart below shows the share evaluation trend throughout
the year. It also presents the dates on which the results were
announced and the moment when the dividends for the
financial year 2007 were paid-off, for a gross amount of EUR
0.018 per share.
IV. - SECTOR ANALYSIS
This chapter analyses the Group’s performance in the
different business sectors, making reference to the respective
indicators from a non-consolidated perspective, in order to
allow a better understanding of the levels achieved in each
one of them, and providing a description of the corresponding
performance.
IV.1. - CONSTRUCTION
In 2008, the operating profits of the Group companies that
operate in the Construction sector reached a total sum of
EUR 931,484 thousand, representing a 27% increase
compared to the previous year.
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