Annual Report 2010 - CMVM

More documents

Recommendations

Info

Notes to the Consolidated Financial Statements as at 31 December 201013 - OTHER OPERATING COSTSThe other operating costs for the year ended on 31 December 2010 and for the period between 30 November 2009 (date of constitution) and 31 December 2009 were asfollows:2010 2009Taxes 24,334 5Inventory losses 10,475 -Impairment losses of debts receivable (Note 27) 14,606 -Change in the fair value of investment property (Note 21) 6,448 -Losses incurred in the disposal of assets (a) 1,760 -Impairment losses of inventories (Note 9) 2,581 -Correction of previous financial years 636 -Fines and penalties 423 -Donations 447 -Inventory offers and samples 369 -Levies 653 -Bad debts 323 -Expenditure on industrial property 20 -Other operating costs 17,606 -80,681 5(a) The losses shown above were essentially incurred through the disposal of tangible fixed assets of the amount of EUR 2,571 thousand.14 - FINANCIAL PROFIT OR LOSSThe financial profit or loss for the year ended 31 December 2010 was as follows:2010Financial costs and losses:Interest paid 57,817Unfavourable currency conversion differences 80,209Other financial costs and losses 18,678156,704Financial income and gains:Interest received 16,554Favourable currency conversion rate differences 95,203Cash discounts 847Other financial income and gains 6,288118,892Earnings from investment activities:Earnings from associated companies (a) 88,198Dividends (b) 8,272Other investments (1,031)Gains / losses in the measurement of assets available for sale (Note 24) (75,307)20,132Financial profit or loss (17,680)174
Notes to the Consolidated Financial Statements as at 31 December 2010(a) The earnings from associated companies for the year ended on 31 December 2010 include the effect of the application of the equity method to the investments in associated companies of EUR9,460 thousand (Note 22).During the year ended on 31 December 2010, the Group sold their entire stake in CIMPOR - Cimentos de Portugal, SGPS, S.A., recording capital gains of EUR 71,183 thousand (Note 22).The Group also sold its stakes in Concessionária de Rodovias TEBE, S.A. and INFRAENGE Construções, Ltda., having recorded capital gains of EUR 7,647 thousand and a capital loss of EUR 56thousand, respectively.(b) As at 31 December 2010 the values presented correspond to dividends received from "Financial assets available for sale" of EUR 6,499 thousand and the rest refers to "Other investments" (Note 25).Pursuant to the policy described in Note 2.10, during the year ended on 31 December 2010, interest was capitalised in the acquisition of qualifiable assets to the amount of EUR 3,507 thousand.For the purposes of the capitalisation of financial costs associated to the acquisition cost of the qualifiable assets, an average rate of 2.99% was used.15 - INCOME TAXTeixeira Duarte - Engenharia e Construções, S.A. and most of its subsidiaries in Portugal are subject to Corporate Income Tax ("IRC") at the rate of 12.5% on the taxable amountof up to EUR 12,500, with the rate of 25% being applicable for the remaining taxable amount. Entities with reportable profit are also subject to the Municipal Surcharge(Derrama Municipal), the rate of which may vary to the maximum of 1.5%, as the State Surcharge (Derrama Estadual), incident on taxable profit in excess of EUR 2,000,000,at the rate of 2.5%. Independently of the profit for tax purposes recorded for the year, the abovementioned entities are also subject to autonomous taxation on charges at therates established in article 88 of the Corporate Income Tax Code. In the calculation of the taxable amount, to which the abovementioned tax rates are applied, non-acceptableamounts for tax purposes are added and subtracted from the book value amounts. These differences between the book value profit or loss and the profit or loss for taxpurposes may be of a temporary or permanent nature.TD-EC and the subsidiaries which are at least 90% owned, located in Portugal, are subject to the special taxation scheme for groups of companies (since the financial year of2003). This scheme consists in the aggregation of the taxable profits of all the companies included in the consolidation perimeter, as established in article 69 of the CorporateIncome Tax Code, minus the dividends distributed among them and included in the respective taxable amounts, with the IRC rates, increased by the individually determinedMunicipal and State Surcharges, then being applied to the overall result thus obtained, after deduction of the tax losses, in accordance with articles 52 and 71 of the IRC Code.In accordance with the legislation in force, tax returns are subject to review and correction by the tax authorities for a period of four years (five years for Social Security),except when there have been tax losses, tax benefits have been granted, or inspections, claims or disputes are underway, in which cases, depending on the circumstances,the periods of time are extended or suspended.The Board of Directors believes that any corrections which might arise from any tax reviews/inspections to these tax returns will not significantly affect the consolidatedfinancial statements as at 31 December 2010.The Group records deferred taxes corresponding to the temporary differences between the book value of the assets and liabilities and the corresponding tax base, as laiddown in IAS 12 - Income Tax (Note 26).The tax charge recorded for the year ended on 31 December 2010 and for the period between 30 November 2009 (date of constitution) and 31 December 2009 can bepresented as follows:2010 2009Current tax:Income tax in Portugal 17,748 -Income tax in other jurisdictions 20,817 -38,565 -Deferred tax (Note 26): (11,745) (1)26,820 (1)In addition to the amounts of deferred taxes recorded directly in the income statement, deferred taxes amounting to EUR 5,380 thousand were recorded directly in equity, as at 31 December 2010(Note 26).175
Page 1 and 2:
ANNUALREPORT2010
Page 3:
Annual Report 2010
Page 6 and 7:
Teixeira Duarte, S.A.Head Office: L
Page 8:
TEIXEIRA DUARTE ORGANOGRAM2010BOARD
Page 11 and 12:
Management Reportof the Board of Di
Page 13 and 14:
Management Report of the Board of D
Page 15 and 16:
Page 17 and 18:
Page 19 and 20:
Page 21 and 22:
Page 25 and 26:
Page 27 and 28:
Page 29 and 30:
Page 31 and 32:
Page 33 and 34:
Page 35 and 36:
Page 37 and 38:
Page 39 and 40:
Page 41 and 42:
Page 43 and 44:
Page 45 and 46:
Page 47 and 48:
Page 49 and 50:
Page 51 and 52:
Page 53 and 54:
Page 55 and 56:
Page 57 and 58:
Notes to the Management Report of t
Page 59 and 60:
CorporateGovernance Report 2010
Page 61 and 62:
Corporate Governance Report 2010TD-
Page 63 and 64:
Corporate Governance Report 2010I.4
Page 65 and 66:
Corporate Governance Report 2010II.
Page 67 and 68:
Page 69 and 70:
Corporate Governance Report 2010III
Page 71 and 72:
Corporate Governance Report 20101.4
Page 73 and 74:
Corporate Governance Report 2010The
Page 75 and 76:
Page 77 and 78:
Corporate Governance Report 2010I.1
Page 79 and 80:
Corporate Governance Report 2010com
Page 81 and 82:
Corporate Governance Report 2010TD-
Page 84 and 85:
Corporate Governance Report 2010Con
Page 86 and 87:
Page 88 and 89:
Page 90:
Page 93 and 94:
Page 95 and 96:
Corporate Governance Report 2010Cha
Page 97 and 98:
Corporate Governance Report 2010Man
Page 99:
Corporate Governance Report 2010Mem
Page 102:
Corporate Governance Report 2010Cha
Page 105 and 106:
Corporate Governance Report 2010Dir
Page 107 and 108:
Page 109 and 110:
Corporate Governance Report 2010Att
Page 111 and 112:
Corporate Governance Report 2010As
Page 113 and 114:
Page 116 and 117:
Corporate Governance Report 2010All
Page 118 and 119:
Corporate Governance Report 2010bon
Page 120 and 121:
Corporate Governance Report 2010pro
Page 122 and 123:
Corporate Governance Report 2010as
Page 124 and 125: Corporate Governance Report 2010The
Page 126 and 127: Corporate Governance Report 2010III
Page 128 and 129: Corporate Governance Report 2010The
Page 130 and 131: Balance Sheet as at 31 December 201
Page 132 and 133: Statement of Changes in Equity for
Page 134 and 135: Financial Statements 2010NOTESAs at
Page 136 and 137: Financial Statements 2010f) Cash an
Page 138 and 139: Financial Statements 20106.2. Inves
Page 140 and 141: Financial Statements 20108.4. As at
Page 142 and 143: Financial Statements 2010Identifica
Page 144 and 145: Consolidated Statement of the Finan
Page 146 and 147: Consolidated Full Income Statement
Page 148 and 149: Consolidated Cash Flow Statement fo
Page 150 and 151: Notes to the Consolidated Financial
Page 206: Report and Opinion of the Superviso
show all

Annual Report 2010 - CMVM

Create successful ePaper yourself

Delete template?

Save as template?