Annual Report 2010 - CMVM

Management Report of the Board of Directors 2010The table below reflects the penalisation in most of the markets in which the Group operates, arising from the current scenario of crisis, withthe exception of the growth observed in the markets of Portugal, Brazil and Venezuela.Countries TD Group Contribution T D G r o u pContribution2010 (%) 2009 (%)Portugal 592,633 43,0% 535,162 40.5%Angola 449,239 32,6% 495,759 37.5%Algeria 73,031 5,3% 101,655 7.7%Brazil 162,706 11,8% 78,212 5.9%Spain 25,089 1,8% 29,092 2.2%Morocco 3,328 0,2% 6,822 0.5%Mozambique 53,380 3,9% 53,424 4.0%Ukraine 10,556 0,8% 11,326 0.9%Venezuela 6,720 0,5% 5,254 0.4%Other 2,946 0,2% 3,768 0.3%1,379,628 100,0% 1,320,474 100.0%Evolution of Turnoverby Country(Values in thousand Euros)Consolidated operating income increased by 1.5%compared with 2009, reaching the value of EUR 1,445,418thousand for the year ended on 31 December 2010.1,066,7271,377,1811,423,385 1,445,418Evolution of ConsolidatedOperating IncomeCements, Concrete and Aggregates were negatively affectedby the overall economic circumstances in some geographicalmarkets where C+P.A., S.A. operates, namely Ukraine.832,858(Values in thousand Euros)The Automobile sector of Teixeira Duarte recorded a decreasein turnover as a result of the market conditions.Even so, these more significant reductions were compensatedby the good performance achieved in Concessions and Servicesand in Energy, as well as by the increase of this indicator in theDistribution sector.2006 2007 2008 2009 2010Activity Sector Internal Market External Market Total2010 2009 Var (%) 2010 2009 Var (%) 2010 2009 Var (%)Construction 381,664 373,892 2.1% 409,115 412,758 (0.9%) 790,779 786,650 0.5%Cement. Concrete and Aggregates - - - 13,577 17,706 (23.3%) 13,577 17,706 (23.3%)Concessions and Services 24,122 18,390 31.2% 32,154 26,109 23.2% 56,276 44,499 26.5%Real Estate 65,506 94,889 (31.0%) 75,937 48,419 56.8% 141,443 143,308 (1.3%)Hotel Services 16,253 15,061 7.9% 65,383 70,016 (6.6%) 81,636 85,077 (4.0%)Distribution 1,166 654 78.3% 120,959 115,513 4.7% 122,125 116,167 5.1%Energy 128,906 103,031 25.1% 19 18 5.6% 128,925 103,049 25.1%Automobile 81 1,477 (94.5%) 110,576 125,452 (11.9%) 110,657 126,929 (12.8%)Total 617,698 607,394 1.7% 827,720 815,991 1.4% 1,445,418 1,423,385 1.5%Operating Income by ActivitySector and Geographical Market(Values in thousand Euros)15