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

INDEX
COMPANY IDENTIFICATION ..................................................................................................................................... 6
GOVERNING BODIES ................................................................................................................................................ 7
ORGANISATIONAL CHART - 2008 ............................................................................................................................ 8
TEIXEIRA DUARTE GROUP ORGANISATIONAL CHART - 2008 .......................................................................... 10
BUSINESS DATA ...................................................................................................................................................... 12
MANAGEMENT REPORT OF THE BOARD OF DIRECTORS ................................................................................ 13
I. INTRODUCTION ........................................................................................................................................... 14
II. ECONOMIC BACKGROUND ...................................................................................................................... 15
III. GLOBAL OVERVIEW ................................................................................................................................. 17
IV. SECTOR ANALYSIS .................................................................................................................................. 24
IV.1. CONSTRUCTION ................................................................................................................................. 24
IV.1.1. “TEIXEIRA DUARTE - ENGENHARIA E CONSTRUÇÕES, S.A.” - GENERAL ANALYSIS .......... 25
IV.1.2. INTERNAL MARKET ...................................................................................................................... 29
A) BACKGROUND ................................................................................................................................. 29
B) “TEIXEIRA DUARTE - ENGENHARIA E CONSTRUÇÕES, S.A.” .................................................... 30
C) PARTICIPATIONS AND ASSOCIATIONS ......................................................................................... 58
IV.1.3. EXTERNAL MARKET ..................................................................................................................... 64
IV.2. CEMENT, CONCRETE AND AGGREGATES ...................................................................................... 76
IV.2.1. INTERNAL MARKET ...................................................................................................................... 77
IV.2.2. EXTERNAL MARKET ..................................................................................................................... 77
IV.3. CONCESSIONS AND SERVICES ....................................................................................................... 79
IV.3.1. INTERNAL MARKET ...................................................................................................................... 79
IV.3.2. EXTERNAL MARKET ..................................................................................................................... 85
IV.4. REAL ESTATE DEVELOPMENT ......................................................................................................... 88
IV.4.1. INTERNAL MARKET ...................................................................................................................... 88
IV.4.2. EXTERNAL MARKET ..................................................................................................................... 91
IV.5. HOTEL SERVICES INDUSTRY ........................................................................................................... 92
IV.5.1. INTERNAL MARKET ...................................................................................................................... 93
IV.5.2. EXTERNAL MARKET ..................................................................................................................... 94
IV.6. FOOD TRADE ...................................................................................................................................... 94
IV.7. FUEL SALES ....................................................................................................................................... 95
IV.7.1. INTERNAL MARKET ...................................................................................................................... 95
IV.7.2. EXTERNAL MARKET ..................................................................................................................... 96
IV.8. VEHICLE SALES ................................................................................................................................. 97
V. - QUALIFIED SHARES IN LISTED COMPANIES ...................................................................................... 98
VI. - EVENTS OCCURRING AFTER YEAR END ........................................................................................... 99
VII. - CONCLUSIONS / OUTLOOK FOR 2009 ............................................................................................. 100
VIII. - PROPOSAL FOR THE ALLOCATION OF PROFIT ............................................................................ 100
ANNEXES TO THE BOARD OF DIRECTORS' ANNUAL REPORT ...................................................................... 101
CORPORATE GOVERNANCE REPORT - 2008 .................................................................................................... 103
INDIVIDUAL FINANCIAL STATEMENTS ............................................................................................................... 145
CONSOLIDATED FINANCIAL STATEMENTS ....................................................................................................... 169
REPORTS, ADVISORY REPORTS AND CERTIFICATIONS OF THE SUPERVISORY BOARDS ....................... 231
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