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
Despite the current global conjuncture, which Ukraine is
particularly exposed to, Teixeira Duarte remains determined
to strengthen its position in this market and in the
opportunities it offers, disseminating and reinforcing the
Group’s presence in this Eastern European country.
- VENEZUELA
In 2008, the local investee company “TEGAVEN, CA” – which
celebrated 30 years of activity – has maintained good growth
levels, benefiting from the previously created portfolio with the
Public Sector, especially in Social Housing Construction.
peak in 2008, with the signing of an important trading
agreement that involves the trading of Portuguese goods and
services for Venezuelan oil products, under which “TEIXEIRA
DUARTE - Engenharia e Construções, S.A.” has signed two
important contracts: one for the construction of the DOS
BOCAS Dam for water supply to Barquisimetro and the other
for the modernisation and expansion of La Guaira Harbour,
for a total amount of more than USD 1,000 million.
In the year under review, the Company completed the
construction of the Excelsior Gama supermarket, in La
Trinidad, Caracas DC.
83 Modernization and Expansion of the Port of La Guaira
Although the current financial crisis might affect the
development of these projects by delaying them, such
contracts allow us to foresee the growth of Teixeira Duarte
Group in that country to levels never achieved before.
82 Supermarket Excelsior Gama / La Trinidad / Caracas
The progress of the construction of the reinforced concrete
structure of the buildings of the Multi-family Houses Project,
within the Special Plan of Physical and Structural
Transformation in the Metropolitan Area, Sector III of João
Paulo II Urbanisation Lot D, in Montalban, Caracas DC, for
“PDVZA – Petróleos da Venezuela, S.A.”; continues at a good
pace.
TEGAVEN, CA has also started the finishing work in a set of
multi-family houses in Montalban.
The relations between Portugal and Venezuela reached their
IV.2. - CEMENT, CONCRETE AND AGGREGATES
Teixeira Duarte Group operates in this sector through several
companies, which operate in Portugal and abroad and
reached a total operating profit of EUR 49,227 thousand in
2008, representing a 47.9% increase compared to the
previous year.
Within this group of companies, we highlight “C+P.A. –
Cimento e Produtos Associados, S.A.”, 52% owned by an
investee company and the remaining 48% by CIMPOR –
Industria de Cimentos, S.A., and which has focused its
operations on the development of its own projects and on the
purchase of shares in other companies operating in the
sector, as well as on the management of other financial
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