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
In Northeast Brazil, more specifically in Porto de Galinhas, in
the State of Pernambuco, Teixeira Duarte signed an offer to
purchase contract, in March 2008, for a plot of land of
approximately 70 hectares and 1.600m of beach front. This
contract arises from a public tender launched in 2006, in
which the Company was the successful bidder.
This is an important step for the beginning of the development
of a large tourist and residential undertaking, for which a
team, exclusively dedicated to this Project, was sent to the
city of Recife to carry out all the required actions to obtain
licensing.
Porto de Galinhas is one of the most sought tourist
destinations in Brazil, having been voted several times as “the
best beach in Brazil” according to the readers of the Brazilian
magazine “Viagens & Turismo”. This internal recognition,
combined with the excellent location of the site and with the
fact that it is a Government initiative project, are factors of
distinction in a market which is expected to become very
competitive.
- SPAIN
The strong crisis in the Spanish real estate market, probably
one of the most affected among its European partners,
imposes a stricter risk control in the analysis and study of
potential business opportunities, making good use of the
Group’s synergies.
In the housing area, a plot of urban land was purchased at the
end of 2008 for the construction of a residential building,
located in Calle Amalia, close to Paseo de la Castellana and
Plaza Castilla, in Madrid.
This Project is at the preparation and licensing stage, and a
total construction area of approximately 1,800m 2 is foreseen,
evenly divided above and below ground level. It will comprise
12 flats arranged in 4 floors and 13 store rooms and it will also
have 19 parking spaces distributed on 2 underground floors.
Within the respective concession contract, also in the Madrid
area, it continued with the commercialisation of the right of
using parking space for residents, parking space
management for rotation and the renting of commercial areas
of the underground parking lot called “Parking Europa”,
located at Avenida da Europa, in San Sebastian de los
Reyes.
This modern and functional underground parking lot, built in
2007, has a total of 742 parking spaces, distributed on three
underground floors and also approximately 1.600m 2 of
commercial areas.
Within its management scope, it started a contract, under a
consortium arrangement, to collect badly parked cars, for
which a fleet of three tow trucks is used.
- MOZAMBIQUE
In Mozambique, “Polana Shopping Center” remains a
benchmark for all shopping centres in Maputo, with all the
retail units tenanted. Thanks to the heavy demand for outlets
in the Centre, the Company has been in a position to select
its tenants rigorously.
- VENEZUELA
During the first semester of 2008, it was possible to sell three
more flats of the “Edifício Lisboa” building, at Urbanisation La
Castellana, in Caracas, with just one left rented.
IV.5. - HOTEL INDUSTRY
Teixeira Duarte Group’s operations in this sector
comprises a wide range of companies, which together
generated an overall operating profit of EUR 84,718
thousand in 2008, representing a 12.4% increase
compared to 2007.
The Group currently operates eleven units in Portugal,
Angola, Mozambique and Sao Tome and Principe. Nine of
these units are owned by investee companies and the other
two are run under operating contracts, totalling 1464 rooms
and 2915 beds.
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