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
stakes, among which the one held in “Banco Comercial
Português, S.A.”
IV.2.1. - INTERNAL MARKET
With the sale of “TEPORSET – Terminal Portuário de Setúbal,
S.A.”, following the signing of an offer to purchase in
December 2007, Teixeira Duarte now operates in this sector,
in Portugal, only through its investee company
“MARINERTES, S.A.”, where it holds a 51% stake, which
specialises in aggregate dredging, maintenance,
transformation, marketing and transport services.
Luanda. Furthermore, equipment was purchased for a new
crushed granite extraction unit, which is currently being
completed to start operating.
With regard to the production of ready-mixed concrete, the
Company purchased and assembled three new concrete
plants, one located in Luanda, another in Namíbe and the
third in Quibala.
This company currently holds the rights of prospecting,
research and future exploitation of mineral deposits of sand,
gravel and other aggregates on the seabed and subsoil, in a
total area of approximately 980 km2 in territorial waters and in
the Portuguese continent platform, comprising eight areas.
In 2008, prospection and research works were completed in
six areas, in accordance with the annual programme
approved by the Directorate General of Energy and Geology
(DGEG), and the Environmental Impact Studies (EIA) were
submitted for approval within the scope of the Exploration
Concession.
MARINERTES, S.A. was notified by the Portuguese
Environment Agency (APA) of the decision to terminate the
Environmental Impact Assessment (A.I.A.) procedure, in
response to which the company took legal action to safeguard
its rights.
IV.2.2. - EXTERNAL MARKET
- ANGOLA
Teixeira Duarte Group operates in the cement, concrete and
aggregates area in Angola through its investee companies
ANGOCIME, Lda. and BETANGOLA, Lda..
During the year under review, the erection of four 3,600-ton
capacity cement storage silos, in Viana, was completed and
a new gravel extraction unit was opened in the vicinity of
84 Betangola / Concrete Plant in Namibe
With the abovementioned investments and with the growth of
the transport fleet, BETANGOLA, Lda. is in a position to
double the production of aggregates and ready-mixed
concrete.
This sector’s development continues to be affected by the
high cost and irregular supply of cement and by the increase
in aggregate procurement cycles, implying that longer
distances have to be covered to reach the geographical
sources of raw materials, added to the enormous traffic
problems in the city of Luanda, factors which weigh
significantly on the increase in the end product transported.
During the year under review, a total operating profit of EUR
21,617 thousand was achieved, representing a 112%
increase compared to 2007, which was nonetheless below
the set target due to the abovementioned supply difficulties.
- SPAIN
C+P.A., S.A. maintained its 48.57% share of the capital
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