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
METROLIGEIRO - Construção de Infra-Estruturas, ACE is
a complementary grouping of companies which was awarded
a construction tender for long-term infrastructures on the Sul
do Tejo Metro Network, in which “TEIXEIRA DUARTE -
Engenharia e Construções, S.A.” holds a 26.8% stake.
The works were completed and commissioned at the end of
November.
In the Moinho and Feitais mines, in Aljustrel, 107,000 m3 of
ore were excavated and removed and other important 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.
TEIXEIRA DUARTE - SOPOL - Metro de Superfície, ACE is
a complementary grouping of companies led by “TEIXEIRA
DUARTE - Engenharia e Construções, S.A.”, which holds a
57.3% stake, created for the purpose of carrying out a
number of works for the abovementioned grouping
METROLIGEIRO, and which through its activity, helped the
latter achieve its goals.
56 Metropolitano da Margem Sul do Tejo (Underground of the Southern Margin of Tagus River)
“PERFORESC - Perfurações e Escavações, ACE” is a
complementary grouping of companies, in which “TEIXEIRA
DUARTE – Engenharia e Construções, S.A.” holds a 40%
stake and EPOS, S.A. the remaining 60%. It was created for
the purpose of executing contract jobs and providing drilling
and excavation services to be signed with mine owners and
mining concessionaires.
During 2008, this grouping reported an operating profit of
EUR 20,252 thousand.
Between January and October 2008, it continued with the
works in progress under the Contract Job for Mine Drilling,
Excavation and Removal signed with “Pirites Alentejanas,
S.A.” and, on 31 st October, as already mentioned, this
company decided to terminate the contract, justifying such a
decision with the deterioration of the international market
value of zinc ore, which recorded a 51% drop in those ten
months.
57 Metropolitano da Margem Sul do Tejo / Terminal of Cacilhas
IV.1.3. - EXTERNAL MARKET
In this chapter, a brief description will be provided of the most
significant operations carried out in external markets, both by
“TEIXEIRA DUARTE - Engenharia e Construções, S.A.” and
by its investee companies, which operate in the Construction
sector in the markets of Angola, Algeria, Brazil, Spain,
France, Libya, Morocco, Mozambique, Sao Tome and
Principe, Tunisia, Ukraine and Venezuela.
- ANGOLA
Despite some setbacks due to the accelerated economic
growth in Angola, the Company performed fairly well in this
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