Annual Report 2010 - CMVM

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Financial Statements 20106.2. Investments in subsidiariesThe following movements occurred in the equity interests held in subsidiaries for the years ended on 31 December 2010 and 2009:HoldingsBalance as at 1 January 2009 -Effects of the application of the equity method:- Effect on net income for the year 799Increases 287,881Balance as at 31 December 2009 288,680Balance as at 1 January 2010 288,680Effects of the application of the equity method:- Effect on net income for the year 101,417- Effect on equity 55,154Increases 132,119Balance as at 31 December 2010 577,370The increase in the holding of Teixeira Duarte - Engenharia e Construções, S.A. (TD-EC) which occurred in the year ended on 31 December 2010 resulted from the increase in share capitalcarried out by the Company and paid through new entries in kind. Therefore, the Company became the owner of a further 132,119,201 TD-EC shares, through the exchange of the samenumber of shares which constituted the abovementioned increase in share capital.Thus fulfilling the proposal assumed during 2009 by the Company of the acquisition of the entirety of the 420,000,000 shares constituting the share capital of TD-EC.The main financial information relative to the subsidiary companies is as follows:Total Assets Total Liabilities Income Net Income2010 2009 2010 2009 2010 2009 2010 2009Teixeira Duarte - Engenharia e Construções, S.A. 1,494,463 1,388,856 917,092 933,782 913,932 821,060 101,417 85,5327. Corporate income taxThe Company is subject to Corporate Income Tax (IRC) at the rate of 12.5% on the taxable amount of up to EUR 12,500, and at the rate of 25% on the remaining taxable amount. Inaddition to Corporate Income Tax, the Municipal Tax (Derrama Municipal) is also applied, incident on taxable profit and whose rate may vary to a maximum of 1.5%. Furthermore, asof 1 January 2010 taxable profit in excess of EUR 2,000 thousand will be subject to the State Tax (Derrama Estadual) of 2.5%. In the calculation of the taxable amount, to which theabovementioned tax rates are applied, the non-acceptable amounts for tax purposes are added and subtracted from the book value results. This difference between the book valueresults and the results for tax purposes may be of a temporary or permanent nature.In accordance with the legislation in force, tax statements are subject to review and correction by the tax authorities for a period of four years (five years for Social Security), exceptwhen tax losses have been reported, or inspections, complaints or impugnations are in progress, in which case, depending on the circumstances, the periods of time are prolonged orsuspended. Hence, the Company's tax statements for the years of 2009 to 2010 may still be subject to review.The tax losses generated in Portugal up to the year ended on 31 December 2009 are reportable during a period of six years after their occurrence and may be deducted from tax profitsgenerated during that period. Tax losses generated as of 1 January 2010 may be reported over a period of four years after their occurrence.The Company records deferred taxes corresponding to the temporary differences between the book value of the assets and liabilities and the corresponding tax base, as laid down inNCRF 25 – Income Tax, whenever it is probable that future tax profits will be generated against which the temporary differences may be used. It should be noted that this assessmentis based on the Company's business plan, which is periodically reviewed and updated.Under the terms of article 88 of the Corporate Income Tax Code, the Company is also subject to autonomous taxation on a number of expenses at rates set forth in the abovementionedarticle.138
Financial Statements 20107.1. Relationship between income tax and book value profit:2010 2009Net Income for the period 1 99,675 788Adjustments to taxable profit:Definitive differences:To be added 2 432 -To be deducted 3 (101,857) (800)Tax loss 4=1+2+3 (1,750) (12)Deferred tax (437) (2)Tax costs (437) (2)7.2. As at 31 December 2010 and 2009, the values of deferred tax assets and liabilities recognised on the balance sheet and their corresponding movements are as follows:Opening balance for the period Statement through profit or loss Closing balance for the period2009Tax losses carried forward - 2 22010Tax losses carried forward 2 437 4398. Financial instruments8.1. As at 31 December 2010 and 2009, the asset heading "State and other public entities" was broken down as follows:2010 2009Value-added tax (VAT) payable 59 -8.2. As at 31 December 2010, the "heading "Suppliers" was broken down as follows:General Related Parties TotalSuppliers current account 19 4 238.3. As at 31 December 2010 the balances of the heading "Financing obtained" were presented as follows:CurrentPledged Account 4,757The values of the financing obtained referred to above results from a current account loan originally granted on 10 December 2008 by Caixa Geral de Depósitos, S.A. (CGD) to thecompanies TD-EC., Teixeira Duarte - Gestão de Participações e Investimentos Imobiliários, S.A., EVA - Sociedade Hoteleira, S.A., PTG - Sociedade Gestora de Participações Sociais andEPOS - Empresa Portuguesa de Obras Subterrâneas, S.A..TD,SA adhered to this financing line following the deliberation of the Board of Directors on 4 June 2010, assuming jointly with the abovementioned companies all the statements andguarantees provided to CGD contained in the original loan contract, through the specific addendum it undersigned.139
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Annual Report 2010
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Teixeira Duarte, S.A.Head Office: L
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Annual Report 2010 - CMVM

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