Annual Report 2010 - CMVM

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Financial Statements 2010f) Cash and cash equivalentsThe amounts included in Cash and cash equivalents correspond to cash, bank deposits, term deposits and other cash investments, with a maturity of less than three months and whichcan be immediately mobilised with no significant risk of change in value.g) Financial liabilities and equity instrumentsFinancial liabilities and equity instruments are classified according to the nature of the contract regardless of their legal form. The equity instruments present a residual interest in theCompany's assets after deduction of the liabilities.Equity instruments issued by the Company are recorded at the amount received net of costs incurred with their issuance.h) Balances payableThe accounts payable are recognised initially at their respective fair value which is equivalent to the fair value of their payment.i) Bank loansLoans are recorded initially and recognised under liabilities at the nominal value received. Financial costs are recognised as costs for the period in which they are incurred.j) Corporate income tax"Income tax for the period" corresponds to the sum of current tax and deferred tax.Current income tax is calculated based on the taxable profit of the entity in accordance with the tax rules in force, while deferred tax results from the temporary differences between theamount of the assets and liabilities for the effect of accounts reporting (book value) and the respective amounts for tax purposes (tax base).Deferred tax assets are calculated and assessed annually using the taxation rates which are in force or announced to be in force on the expected date of the reversal of the temporarydifferences.Deferred taxes assets are recognised only when there are reasonable expectations of sufficient future taxable profits for their use, or in situations where there are temporary differencesfor taxation purposes which compensate the deductible temporary differences in the period of their reversal.At the end of each period these deferred taxes are reviewed and reduced whenever their future use is not longer probable.Deferred taxes are recorded as a cost or income for the year, unless they result from values recorded directly under equity, in which case the deferred tax is also recorded under thesame heading.3.2. Value Judgements of the Board of DirectorsWhen preparing the financial statements, the entity adopted certain assumptions and estimates which affect the related assets, liabilities, income and costs. All the estimates and assumptionsmade by the Board of Directors were based on the best existing knowledge, at the date of the approval of the financial statements, of the events and transactions in progress.The most significant accounting estimates reflected in the financial statements include accrued costs relative to the participation of profit.4. Cash FlowThe breakdown of cash and cash equivalents as at 31 de December de 2010 and 2009 is as follows:2010 2009Demand bank deposits 36 -136
Financial Statements 20105. Related Parties5.1. Remunerations of the Governing Bodies2010 2009Governing BodiesSupervisory Board 33 -Chartered Account 40 873 85.2. Transactions between related partiesThe main balances with related parties as at 31 December 2010 and 2009 can be broken down as follows:Balances payable2010 2009Lagoas Hotel, S.A. 4 -Teixeira Duarte – SGPS, S.A. - 54 5The main transactions with related parties as at 31 December 2010 and 2009 can be broken down as follows:Purchases and services obtained2010 2009Teixeira Duarte – Engenharia e Construções, S.A. 3 -Lagoas Hotel, S.A. 4 -Teixeira Duarte – SGPS, S.A. - 57 56. Investments in subsidiaries6.1. As at 31 December 2010, the Company owned the following holdings in subsidiaries:Corporate Name Head office Shareholding PercentageTeixeira Duarte – Engenharia e Construções, S.A. Edifício 2, Lagoas Park, Porto Salvo 100%137
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ANNUALREPORT2010
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Annual Report 2010
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Teixeira Duarte, S.A.Head Office: L
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TEIXEIRA DUARTE ORGANOGRAM2010BOARD
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Management Reportof the Board of Di
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Management Report of the Board of D
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Notes to the Management Report of t
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CorporateGovernance Report 2010
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Corporate Governance Report 2010I.4
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Report and Opinion of the Superviso
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Annual Report 2010 - CMVM

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