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
operating profit amounted to EUR 215,485 thousand, which
corresponds to a 12% increase.
Good results are still recorded for lubricants, with a slight
increase in sales, which consolidated the sharp increase over
the previous year.
Two important factors that characterised the Company’s
performance in this area deserve highlighting: on one
hand, the implementation of a strong cash discount
campaign in the network and, on the other hand, pursuing
great efforts to obtain the settlement of customer current
accounts.
In relation to the activity during the year under review, there
was an increase in operating profit, which reached EUR
33,382 thousand, representing a 14.1% increase.
EUR 340 thousand were invested in this area in the new
warehouse in Granja and approximately EUR 460 thousand
in the gas network requalification.
- Solar Energy:
The Group continues to operate also in the solar thermal
energy area, representing the international brands
SOLAHART and SONNENKRAFT, in Portugal, where its
investee companies are market leaders.
In 2008, there was a slight decrease of 2.7% in profits, which
reached EUR 2,018 thousand.
Besides the three abovementioned areas, noteworthy is the
development of the Tanking Project in Aveiro, as well as the
changes made in the Logistics and Transports sector, with the
sale of that segment and resorting to outsourcing.
IV.7.2. - EXTERNAL MARKET
106 AVIA / Fuel Supply Station Vale Figueira
As to investments in this field, we highlight the restructuring of
the Arco de Baúlhe station, amounting to EUR 170 thousand
- handed over in 2008 and since then under direct operation
- and EUR 110 thousand for the remodelling of the Guisande
station.
- Gas:
With the entry of the already mentioned companies of the
DIGAL Group into the consolidation perimeter, the Group has
at its disposal 500 tanks available for local supplies and a
piped gas distribution network more than 350 km long that
supply approximately 65,000 dwellings, besides the
representation of the Campingaz brand and a structure with
resources to distribute bottled gas.
Through the investee company “EMPA, S/A – Serviços de
Engenharia”, with head office in Belo Horizonte, State of
Minas Gerais, in Brazil, Teixeira Duarte went on, following the
subscription to increase the capital, to hold 33.3% of the
company “ALVORADA PETRÓLEO S/A”, with head office in
Belo Horizonte, State of Minas Gerais, also with offices in the
city of São Salvador da Baía and the operations base of
Pojuca, in Recôncavo Baiano.
ALVORADA, S/A is the holder of three mature fields, located
in Aracaju, in the State of Sergipe, Bom Lugar, in Reconcâvo
Baiano and Jiribatuba, in the Island of Itaparica in front of the
city of Salvador, which were subject, during 2008, to “Trade
Capacity Declaration” issued by ANP- Agência Nacional do
Petróleo, Gás Natural e Biocombustiveis.
The total production of those fields was 26,000 barrels, below
the expected quantities due to difficulties in the delivery of oil
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