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

More documents

Recommendations

Info

Management Report of the Board of Directors - Financial Year 2008 In 2008, this Company reported, in individual terms, a 33.5% increase in operating profit, which was fully due to the internal market and reached EUR 61,159 thousand. The development of mining infrastructures contributed to the most important portion for the production volume achieved, followed, in order of importance, by the construction of road tunnels. In the contract job for the Construction of the Ribeira de S. Jorge – Arco de S. Jorge Expressway – 1 st Phase – Tunnels, in progress for “RAMEDM – Estradas da Madeira, S.A.”, executed under a consortium arrangement, 3.890 metres of tunnels and connection galleries were excavated, leaving the opening of the road lanes practically completed and preparing the ground to receive the final layer of the reinforced concrete. In the Moinho and Feitais mines, in Aljustrel, more than 8.2 km of tunnels were built, despite the fact that “Pirites Alentejanas, S.A.” decided, on 31 st October, to suspend all the production activity, and consequently terminated all the work contracts it had with several service providers. 49 RAMEDM / Express Highway of S. Jorge - Arco de S. Jorge – 1 st . Phase - Tunnels Lastly, mention must also be made of the fact that EPOS, S.A. also worked within the “PERFORESC – Perfurações e Escavações, A.C.E.” group, in which it holds a 60% stake, while the remaining 40% is held by “Teixeira Duarte – Engenharia a Construções, S.A.”. 48 SOMINCOR / Execution of the Tunnels at Neves Corvo Mines In those same mines, and only during the first ten months of the year, 107,000 m 3 of ore were excavated and removed underground and important complementary works were carried out, among which we highlight the opening of 283 metres of mining pits and the installation of 11.500 linear metres of steel cable anchorage slings. In the Neves Corvo mine, the works that were being carried out for “SOMINCOR – Sociedade Mineira de Neves Corvo, S.A.”, continued, having completed 8.7 km of tunnels and applied approximately 29,000 m 3 of sprayed concrete. In 2008, EPOS, S.A. continued its effort to expand and modernise its machinery fleet, investing EUR 8,332 thousand, essentially for the purchase of basic production equipment. An orders portfolio amounting to EUR 30 million was carried forward to 2009. Considering that some of projects for which bids were previously submitted will be awarded, the operating profit is expected to reach EUR 50 million. Within the scope of the Integrated Safety, Quality and Environmental Management System the usual follow-up audits were performed, this time simultaneously analysing the change/migration to OHSAS 18001:2007, and the certifying entity recommended recertification in accordance with the 60
Management Report of the Board of Directors - Financial Year 2008 benchmarks standards OHSAS 18001:2007, NP EN ISO 9001:2000, NP EN ISO 14001:2004. SOMAFEL - Engenharia e Obras Ferroviárias, S.A. is 60% owned by Teixeira Duarte Group and its core business is railway engineering (tracks and catenaries). In 2008, and on an individual basis, the company reported an operating profit of EUR 45,242 thousand, which corresponds to an overall increase of 70.7% compared to the previous year. However, this was yet another year in which national production dropped as a result of a reduction in railway construction, renewal and maintenance activities, although the external market – which we will develop further ahead (IV.1.3.) – grew exponentially with very significant production rates, namely in Algeria and Morocco. 50 MST/Siemens / Railway Track and Catenary (Overhead Power Lines) Installation at Metro Sul do Tejo Line - Heavy-Duty Mechanical Tamping Machine for the preservation of the railway track on the North line for “Rede Ferroviária Nacional - REFER, E.P.”; In Portugal, the execution of the following works during 2008 deserves highlighting: - Installation of the railway layout (tracks and catenaries) in the Upper PMO (Workshop Material Park) of Guifões, for “Metro do Porto, S.A.”; - Project Preparation and Installation of concreted railway tracks and catenaries in the Santo Ovídio Terminal, for “Metro do Porto, S.A.”; - Heavy-Duty Mechanical Tamping Machine for the preservation of the ballasted railway track for “Metro do Porto”/ “Transmetro”; - Replacement of the AMV’s (Track Switching Devices) at the south side of Pampilhosa Station, on the North Line, for “Rede Ferroviária Nacional - REFER, E.P.”; - Installation of railway tracks and catenaries on the Sul do Tejo Metro Line, for MST (ACE) and “Siemens, S.A.”, respectively; 51 REFER / Heavy Mechanical Attack for the Conservation of the Northern Line Railway Track - Mechanical disassembly of the railway track in the East Line from Pk 180+000 to 180+400 for “Rede Ferroviária Nacional - REFER, E.P.”; - Maintenance of the Railway Track and Geotechnical Works on the Beira Alta Line, for “Rede Ferroviária Nacional - REFER, E.P.”; - Electrification and rail works in “Grupo Oficinal” (Workshop Group) of Entroncamento, for “Rede Ferroviária Nacional - REFER, E.P.”; - Installation of the Viseu funicular railway track, for “LIFTECH - Tecnologia de Elevadores, Lda.”. 61
Page 1 and 2:
A N N U A L R E P O R T A N D A C C
Page 3:
ANNUAL REPORT AND ACCOUNTS 2 0 0 8
Page 8 and 9:
TEIXEIRA DUARTE - ENGENHARIA E CONS
Page 10: Organisational Chart - 2008 8 9
Page 13 and 14: Management Report of the Board of D
Page 59: Management Report of the Board of D
Page 101 and 102: Notes to the Report of the Board of
Page 103 and 104: Corporate Governance Report 2008
Page 105 and 106: Corporate Governance Report - 2008
Page 111 and 112:
Corporate Governance Report - 2008
Page 113 and 114:
Page 115 and 116:
Page 117 and 118:
Page 119 and 120:
Page 121 and 122:
Page 123 and 124:
Page 125 and 126:
Page 127 and 128:
Page 129 and 130:
Page 131 and 132:
Page 133 and 134:
Page 135 and 136:
Page 137 and 138:
Page 139 and 140:
Page 141 and 142:
Page 143 and 144:
Page 145 and 146:
Individual Financial Statements 200
Page 147 and 148:
Balance Sheets as at 31 st December
Page 149 and 150:
Net Income Statements by Nature for
Page 151 and 152:
Notes to the Financial Statements a
Page 153 and 154:
Page 155 and 156:
Page 157 and 158:
Page 159 and 160:
Page 161 and 162:
Page 163 and 164:
Page 165 and 166:
Page 167 and 168:
Page 169 and 170:
Consolidated Financial Statements 2
Page 171 and 172:
Consolidated Statement of Income at
Page 173 and 174:
Consolidated Cash Flow Statement at
Page 175 and 176:
Notes to the Consolidated Financial
Page 177 and 178:
Page 179 and 180:
Page 181 and 182:
Page 183 and 184:
Page 185 and 186:
Page 187 and 188:
Page 189 and 190:
Page 191 and 192:
Page 193 and 194:
Page 195 and 196:
Page 197 and 198:
Page 199 and 200:
Page 201 and 202:
Page 203 and 204:
Page 205 and 206:
Page 207 and 208:
Page 209 and 210:
Page 211 and 212:
Page 213 and 214:
Page 215 and 216:
Page 217 and 218:
Page 219 and 220:
Page 221 and 222:
Page 223 and 224:
Page 225 and 226:
Page 227 and 228:
Page 229 and 230:
Page 231 and 232:
Reports, Advisory Reports and Certi
Page 238 and 239:
Printing and Finishing: FACSIMILE,
show all

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

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?