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
submitted the best price in the tender for the execution of the
contract job “Etudes d’exécution, réalisation des travaux du
génie civil, gros oeuvres, et pose de voie et du troisième rail
relatives à l’extension “A” Place Emir Abdelkader- Places des
Martyrs de la première ligne du Métro d’Alger”. These facts
reflect the Company’s optimism about the sustainability and
growth of production levels.
The local investee company, TEIX.CO, SPA continues to
carry out works for the execution of a waterproofing cor wall
on the Kerrada dam for the MAO project. This is a large-scale
project to be fulfilled in coordination with the other
construction works under the general contract job.
The development of TEIX.CO has been affect by the
difficulties in the materialisation of the foreseen investment,
but this has not hindered its growth and, for 2009, it still
intends to reach a turnover of over EUR 10,000 thousand.
For that purpose and besides its participation in the Thenia -
Tizou Ouzou project, the Company is relying upon the
increase in demand for solutions for the execution of the
underground floors of the Air Algerie Head Office Building,
which is currently being completed, close to the International
Airport of Algiers.
67 Peripheral Containment of the Basements of Air Algérie Headquarters Building
With regard to the Portuguese associated companies, the
following events must be highlighted:
- BEL, S.A. has completed the Rehabilitation of “Boulevard
Front-de-Mer”, in Oran, for DTP (Departement dês Travaux
Public) and commenced the Rehabilitation of the Riadh El-
Feth Monument, built in memory of the martyrs of the
revolution of Algiers;
- OFM, S.A. continued its activity in this market executing the
following works:
- Completion of the Contract Job for the Reconditioning of the
Intermediate Link of Oran Harbour (Lot II), for “Direction des
Travaux Publics” of Wilaya d’Oran;
- Continuation of the Contract Job Works for the Execution of
the Sea Outfall Pipes at the Beni Saf Desalination Plant.
Subcontract for the general contractor – “UTE Desaladora
Beni Saf Construcion”.
- The handing over of Lots I and III comprised in the “Contract
Job for the Reconditioning of the external breakwater at Oran
Harbour” is expected, as well as the commencement of works
for the execution of the mixed gas/oil terminal at the nautical
harbour of Bejaia.
SOMAFEL, S.A., after one year of “suspended”
(discontinued) activities relating to the contract for the
execution of the Full Renewal of the Railway Line between
“El Gourzi/Biskra/Touggourt” (240km) as a result of
undecidedness from the Site Owner (ANESRIF), finally
resumed the works in the third quarter of 2008 and now
hopes that their execution, to be done with its congenerous
railway companies, will progress normally throughout 2009.
In parallel, this Company stabilised the production and the
industrial routine of the bi-block sleeper factory that was installed
in the Central Construction Yard, in Biskra. Such an investment
already assures an average production of approximately 500
sleepers a day for the continuation of the Works.
- BRAZIL
Since 2007, Teixeira Duarte has been operating in the
construction sector of this South American country through its
investee company “EMPA, S/A – Serviços de Engenharia”,
with Head Office in Belo Horizonte, State of Minas Gerais,
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