A N N U A L R E P O R T A N D A C C O U N T S - CMVM

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Management Report of the Board of Directors - Financial Year 2008 In the year under review, the company reported, on an individual basis, an operating profit of EUR 966 thousand, which represents a 27.6% increase. The company continues to do the maintenance of “Polana Shopping Centre”, in Maputo, and cooperates with a number of other local companies of Teixeira Duarte Group, mainly in undertakings such as IMOPAR Shopping Centre, Miramar, Hotel Avenida and Hotel Tivoli Maputo and Hotel Tivoli Beira. On the other hand, it continued to provide services to Companhia Vale Rio Doce Moçambique and to BCI – Fomento, which, despite being relatively small, make it possible to hope for good growth perspectives. Noteworthy is also the request and fulfilment of national training actions addressed to the higher executives of the Ministry of Education and Culture, as well as good perspectives for capturing new contracts, since the company continues to be consulted for the management and maintenance of several undertakings in Maputo and of works carried out for the Mozambican Government. IV.4. - REAL ESTATE DEVELOPMENT Teixeira Duarte Group’s operations in this sector cover a wide range of companies, which have generated a total operating profit of EUR 91,835 thousand, among which we highlight “TEIXEIRA DUARTE - Gestão de Participações e Investimentos Imobiliários, S.A.” and also “Fundo de Investimento Imobiliário Fechado TDF”. On the basis of Teixeira Duarte Group’s diversification strategy implemented three decades ago, the real estate area is considered a natural and logical extension of the Parent Company’s core business. As such, it has consistently and systematically acquired land in the markets where the Group operates. These acquisitions are allocated for various purposes, particularly for residential, services and logistics. The real estate market was one of the first sectors of the economy to feel the impact of the current strong crisis conjuncture. In fact, as it is an industry that produces longterm assets, highly dependent on its customers’ credit capacity and trust, suffered a generalised retraction in all the market segments throughout the year, particularly in the second semester. This is a very demanding period for the teams operating in the sector, in which special relevance is given to the market perception, always in the expectation of creating added value through the qualification of products and services. IV.4.1. - INTERNAL MARKET The assets portfolio of the Group companies dedicated to real estate promotion in Portugal has more than 25 undertakings under development and under property management, with a potential estimated in approximately 1,000,000 m 2 of construction above ground level. In the year under review, noteworthy is the obtainment of recurring profits of EUR 25,968 thousand, which correspond to a 13% increase compared to the same period in the previous year. In the housing segment: In Portugal, approximately 50 thousand dwellings were licensed during the year under review, as a result of the gradual deceleration that has been taking place since the beginning of this decade, when dwelling production was more than 100 thousand units per year, reflecting an adaptation of supply to the current market conditions. Despite this reduction, the economic instability environment and the greater difficulty for customers to obtain loans, hindered the sale of the housing products in stock, especially in the last months of the year. As a result of the good quality of Teixeira Duarte’s products and of the commercial efforts pursued, it was possible to maintain, in 2008, the good sales pace that was recorted in 2007, namely in the real estate undertakings “Fórum Oeiras”, 88
Management Report of the Board of Directors - Financial Year 2008 “Quinta de Cravel” and “Gaia Nova”, which generated significant operating profits in this sector. In the “Gaia Nova” undertaking, in Vila Nova de Gaia, it continued the construction of building V10, consisting of 69 dwellings and 9 shops, and also started the execution of a “Virgin Active” health club, with a construction area of 4,000m 2 above ground level; a public parking lot with 228 spaces, the marketing process commenced, which is expected to be boosted once the project is fully completed. 98 Real Estate Development “Villa Park” / Amadora 96 Real Estate Development “Gaia Nova” / Building V10 / Vila Nova de Gaia In the “Quinta de Cravel” undertaking, also in Vila Nova de Gaia, building Q15, consisting of 57 dwellings, was completed, in which, despite the current conjuncture, more than 50% of the dwellings were allotted even before the works were completed. 97 Real Estate Development “Quinta de Cravel” / Building Q15 / Vila Nova de Gaia In the “Villa Park” undertaking, in Amadora, which comprises 11 housing and commercial buildings, 3 service buildings and With regard to the “Villa Simões” housing project, which will have a construction area of approximately 48.000 m 2 above ground level, it is important to mention the publication in “Diário da República” (Portuguese Official Journal) of the second amendment, under a simplified scheme, to the Block Plan for the Urban Axis Luz – Benfica, which is a significant progress for the obtainment of its licensing. For 2009, noteworthy in this housing sector is the completion of the construction of lots 27 and 30 in the “Villa Park” undertaking, the continuation of the marketing actions for the purpose of selling the product made available in this real estate undertaking, as well as the beginning of the preparatory works in the plots of land intended the construction of the “Villa Rio” undertaking, located in Vila Franca de Xira. The Company will continue with the licensing process of the buildings in the “Magnólia Oeiras Living” undertaking, which, like “Lagoas Park”, is foreseen in the Block Plan for the Western Area of Porto Salvo and shall have a construction area of approximately 32.000m 2 above ground level for housing purposes and 5.500m 2 for trade and services. 89
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A N N U A L R E P O R T A N D A C C O U N T S - CMVM

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