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
With the opening, last October, of the new “Distribution
Logistics Centre”, on Morro Bento, “MAXI” increased its
intervention capacity, mainly because these installations will
allow the renewal of the stocks of the shops under improved
logistic conditions, and will also support the opening of a new
Cash & Carry, foreseen for the cities of Soyo, Lubango,
Huambo, Malange and Luanda (Morro Bento).
With the strategic agreement signed in 2006 between the
investee company “PTG – SGPS, S.A.” and
“ARCOLGESTE - SGPS, S.A.” – a holding of DIGAL Group
–, still in force, the different companies operating in the
Liquid Fuel and Lubricants areas, as well as in the Gas
and Solar Energy were gradually incorporated into
“TDARCOL – SGPS, S.A.”, a company 50% owned by
each Group.
- Liquid Fuel and Lubricants:
At the international level, 2008 was, until June, characterised
by sharp price rises per barrel of Brent, followed also by a
very strong decrease in prices, which continued until the end
of that year, reaching prices that were the average prices in
2005. Overall, there was a 34% price increase compared to
last year.
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In the meantime, the financial and economical crisis
started in the USA and rapidly spread to the rest of the
world, causing a sharp drop in the demand for oil products,
with the consequent reduction of prices, and despite this
action, it had no effect at all on the recovery of the demand
levels.
In Portugal, the overall consumption of road fuels reported a
2.6% decrease compared to 2007. This trend was not regular,
with -6.9% in gasoline and -1.2% in diesel. With regard to
LPG auto-gas consumption, which grew more than 13%
during the year, is still expected to increase.
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IV.7. - FUEL SALES
IV.7.1. - INTERNAL MARKET
Teixeira Duarte Group’s operations in this sector covers an
large number of companies that reported a total operating
profit of EUR 251,326 thousand in 2008, representing a 7.2%
increase.
As to the public sales price, the trend was a stronger rise until
the third quarter, followed by a significant slowdown.
There was a clearer need to reduce the Country’s energy
dependence, resorting to the production of alternative
energies and the containment of consumption.
At present, the Group operates directly or through
concessions, 74 gas stations, representing AVIA brand.
The amount of product sold decreased 3%, in line with the
national drop and maintaining the market share, while
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