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Management Report of the Board of Directors - Financial Year 2008 financial crisis may negatively affect the company’s results. AEDL - Auto-Estradas do Douro Litoral, S.A. is a company in which “TEIXEIRA DUARTE - Engenharia e Construções, S.A.” holds 18% of its capital stock and which signed the Douro Litoral concession contract with the Portuguese State at the end of December 2007. Said concession contract will last 27 years and envisages the design, project, construction, increase of the number of lanes, financing, preservation and running of the highway links and associated road links, called “Concessão Douro Litoral” (Douro Litoral Concession), along a total of 129Km, of which 78Km include toll-gates. LUSOPONTE - Concessionária para a Travessia do Tejo, S.A. is a company exclusively dedicated to the management, under a concession scheme, of the two Road crossings over Tagus River, in the region of Lisbon, and in which “TEIXEIRA DUARTE - Engenharia e Construções, S.A.” holds a 7.5% of the capital stock. The Company’s performance was relatively stagnant during the year under review, having recorded a 0.6% decrease in profit before tax, achieving EUR 16,987 thousand compared to EUR 17,093 thousand in 2007. Basically due to the economic crisis in Portugal, for the third consecutive year there was an overall reduction of the traffic in the two bridges under concession, representing a 1.2% decrease compared to the previous year. Even so, a strong cost control policy at all levels allowed a minimum deviance in relation to the budget and a net profit after tax of EUR 12,441 thousand, 1% below the one reported for 2007. TDHOSP - Gestão de Edifício Hospitalar, S.A., incorporated on 24 th January 2008, is 100% owned by “TEIXEIRA DUARTE - Engenharia e Construções, S.A.” and is dedicated to the management of the new Cascais Hospital for a period of 30 years, envisaging the design, project, construction, financing, preservation and maintenance activities. The management contract was signed on 22 nd February 2008 with the Regional Health Administration and with “HPP – Parcerias Cascais, S.A.”. The Hospital construction commenced on the same date and is expected to be completed in a period of 24 months. The construction is under the responsibility of “Teixeira Duarte - Engenharia e Construções, S.A.”, while the maintenance of the future building shall be performed by “TDGI – Tecnologia e Gestão de Imóveis, S.A.”. In July 2008, the Court of Auditors issued a document in which it informed that it had refused to approve the contract. This temporary decision slowed down the pace of the works in the months of August, September and October, in order to promote an approximation of the construction volume to that established in the Work Schedule under the contract. On 8 th October 2008, an amendment to the management contract was signed, which made up for the underlying reserves that had led to the refusal of its approval, allowing its concession on 4 th November of the same year. TDHOSP, S.A. has developed its activity for the purpose of guaranteeing that the works are carried out according to schedule, coordinating the various parties involved so as to create the conditions for an excellent performance within the future building management phase. Despite the difficulties generated by the lack of definition as to the characteristics of the clinical equipment required for the preparation and execution of the contract job works, it has progressed at good pace and the works completion rate is 20.0%, while in accordance with the contract schedule it should be 18.2%. TDHOSP, S.A. started the ISO 9001 quality certification process, although the certification of the Company’s overall activity will only be possible after the 84
Management Report of the Board of Directors - Financial Year 2008 commencement of the management phase. On the other hand, it implemented the data management system ACONEX to manage the contract job. This is an innovative process in Teixeira Duarte Group that has proved extremely efficient for coordination, due to the swiftness, availability and rigour of data transmission. IV.3.2. EXTERNAL MARKET - ANGOLA TDGI - Tecnologia e Gestão de Imóveis, Lda. (Angola) is also 100% owned by Teixeira Duarte Group and was created to operate in Angola, where it is dedicated, just as its Portuguese homonym, to the management and technical maintenance of facilities and undertakings. In 2008, the Company’s operating profit maintained a good growth pace, reaching EUR 7,364 thousand, as a result of the investment made in its resources and equipment, which optimised its capacity and commercial assets. excellent multicultural unit, which resulted in the expressive doubling of the number of pupils enrolled for school year 2008/2009. In the year under review, the company achieved operating profits amounting to EUR 1,756 thousand, which, compared to EUR 350 thousand of last year, reflect the fact that only in 2008 did its activity develop fully. - BRAZIL TEBE, S.A. is a company incorporated under the Brazilian law, with Head Office in Bebedouro, State of São Paulo. It is 33% owned by Teixeira Duarte Group’s investee company EMPA, S.A. and has the concession of a 156Km road, located inland in the State of São Paulo, linking the cities of Barretos and Bebedouro, a cattle breeding, farming and major sugarcane producing region. Furthermore, the Company continued its efforts to gain new contracts and to train and reinforce the technical teams required to provide a highly efficient quality service. With the activity developed during the current year and some demand it is possible to foresee the sector’s growth and it is important to mention the commencement of two new contracts signed with customers with great potential. EDUCARE - Actividades Educativas e Culturais, Lda. is 100% owned by Teixeira Duarte Group and was incorporated in 2007 for the development of the S. Francisco de Assis School project, in Luanda, through which it intends to respond to a demanding and culturally diversified public, assuring the education of children and youth aged 3 to 18 years. This company started its activity in September 2007 with the opening of the School’s temporary premises in Talatona, South Luanda, having since then affirmed itself in the Country’s educational market offer, with an 92 Dealer for Rodovias TEBE / Railway Link SP 326 / Bebedouro/Barretos / São Paulo / Brazil Traffic volume in 2008 was of 4,330,605 passenger and heavy vehicles, representing a 23% increase compared to 2007, which was due to the closing down of an escape route close to one of the toll-gates and also to the growth of the local economy. The operating profits reported were EUR 13,698 thousand and the result of the financial year was EUR 2,878 thousand. 85
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Printing and Finishing: FACSIMILE,
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