Notes to the Consolidated Financial Statements as at 31 December <strong>2010</strong>- Grouped programme for the placing and underwriting of commercial paper contracted with Banco Espírito Santo de Investimento and Banco Espírito Santo on 21 August2006, of the amount of EUR 100,000 thousand, in which Teixeira Duarte - Engenharia e Construções, S.A. and Teixeira Duarte - Gestão de Participações e InvestimentosImobiliários, S.A. participate, with the entire amount being used by Teixeira Duarte - Gestão de Participações e Investimentos Imobiliários, S.A.. The participation of eachcompany in the programme may vary each time it is used. The programme has a duration of five years minus one day from the contract signing date. Interest is payablesemi-annually in advance and the intervention rate is indexed to Euribor for the period of its issuance plus 0.65% and determined in accordance with the date of eachauction.- Grouped programme for the placing and underwriting of commercial paper contracted with Banco Espírito Santo Investimento on 21 April 2008, of the amount of EUR120,000 thousand, in which Teixeira Duarte - Engenharia e Construções, S.A. and Teixeira Duarte - Gestão de Participações e Investimentos Imobiliários, S.A. participate,with the entire amount being used by Teixeira Duarte - Gestão de Participações e Investimentos Imobiliários, S.A.. The participation of each company in each programmemay vary each time it is used. The programme has a duration of five years minus one day from the contract signing date. Interest is payable on the date of repayment ofeach issue and the intervention rate is indexed to Euribor for the period of issue thereof, in force on the second business day preceding each subscription date, plus 0.65%and determined in accordance with the date of each auction.- Grouped programme for the placing and underwriting of commercial paper contracted with Banco Espírito Santo Investimento on 23 December 2008, of the amount of EUR100,000 thousand, currently EUR 60,000 thousand, in which Teixeira Duarte - Engenharia e Construções, S.A. and Teixeira Duarte - Gestão de Participações e InvestimentosImobiliários, S.A. participate, with the entire amount being used by Teixeira Duarte - Gestão de Participações e Investimentos Imobiliários, S.A.. The participation of eachcompany in each programme may vary each time it is used. The programme has a duration of five years minus one day from the contract signing date. Interest is payableon the date of repayment of each issue and the intervention rate is indexed to Euribor for the period of issue thereof, in force on the second business day preceding eachsubscription date, plus 0.85% and determined in accordance with the date of each auction.- Commercial paper programme contracted with Banco Comercial Português, S.A. on 18 August <strong>2010</strong>, of the amount of EUR 20,000 thousand. The commercial paper is issuedwith maturities of 1, 3 and 6 months and the programme has a duration of 1 year with the possibility of renewal. Interest is payable at a rate indexed to Euribor for the periodof issue thereof, plus 3.45%.- Commercial paper programme contracted with Banco Comercial Português, S.A. on 18 August <strong>2010</strong>, of the amount of EUR 25,000 thousand. The commercial paper isissued with maturities of 1, 3 and 6 months and the programme has a duration of 1 year with the possibility of renewal. Interest is payable at a rate indexed to Euribor forthe period of issue thereof, plus 3.45%.- Grouped programme for the placing and underwriting of commercial paper contracted with Caixa Geral de Depósitos on 7 July <strong>2010</strong>, of the amount of EUR 70,000 thousand,in which Teixeira Duarte - Engenharia e Construções, S.A and Teixeira Duarte - Gestão de Participações e Investimentos Imobiliários, S.A. participate, with the entireamount being used by Teixeira Duarte - Engenharia e Construções, S.A. The programme will be reduced to EUR 60,000 thousand on 28 April 2011. The contract falls due 14April 2012. The interest falls due in advance on each subscription date, with the reference rate being indexed to the Euribor for the respective maturity period, in force onthe second business day prior to each subscription date, plus 1,35% and determined in accordance with the date of each auction.- Programme for the placing and underwriting of commercial paper contracted with Banco Espírito Santo on 28 December <strong>2010</strong>, of the amount of EUR 34,000 thousand, inwhich Teixeira Duarte - Engenharia e Construções, S.A. participates. The programme may be used during three years, counting as of the contract signing date. The interestis earned in advance on each subscription date, with the intervention rate being indexed to the Euribor for the respective period, in force on the second business day priorto each subscription date, plus 0.85% and determined in accordance with the date of each auction.As a result of the commitment of successive renewal during the financial year of the programme contracts, some existing issues as at 31 December <strong>2010</strong> are classified asnon-current liabilities.The non-current bank loans are repayable in the following years:<strong>2010</strong> 20092011 - 115,1412012 145,483 726,4112013 397,372 520,6222014 57,887 56,8622015 23,245 4,5262016 and following 73,674 68,798697,661 1,492,360194
Notes to the Consolidated Financial Statements as at 31 December <strong>2010</strong>As at 31 December <strong>2010</strong> and 2009, foreign currency financing agreements were expressed in the following currencies:Currency<strong>2010</strong> 2009Currency Euros Currency EurosAON 2,318,720 18,076 - -BRL 79,638 35,910 31,252 12,444MAD 2,448 217 3,859 340USD 126,081 94,358 176,139 122,258The loans denominated in foreign currency earn interest at market rates and were converted into Euros based on the exchange rate on the balance sheet date.36 - PROVISIONSThe movement in the accumulated reserves during the year ended on 31 December <strong>2010</strong> was as follows:Provision forlegal and taxrisksOther staff costsGuaranteesto customers LawsuitsLosses inworksOther provisionsfor risks andchargesTotalBalance as at 1 January <strong>2010</strong> 9,482 4,411 - 107 4,451 1,924 20,375Currency conversion adjustments 1,265 - - - 449 208 1,922Reinforcement - 7,371 2,200 - 8,710 381 18,662Reductions (606) - (77) (43) (3,454) (490) (4,670)Uses - (4,325) - - - (69) (4,394)Transfers 113 8 9,906 (9) 11 (112) 9,917Balance as at 31 December <strong>2010</strong> 10,254 7,465 12,029 55 10,167 1,842 41,812Regarding non-current provisions, amounting to EUR 33,357 thousand (EUR 15,083 thousand as at 31 December 2009), the quantity and timing of their outflows will depend on thespecific situations that gave rise to them, some of which are beyond the Group's control, namely the outcome of lawsuits and tax issues.The reinforcements and reductions were made in consideration of:Reinforcements Reductions TotalNet income for the year:Provisions 11,092 (3,746) 7,346Staff costs 7,371 - 7,371External supplies and services - (90) (90)Earnings from associated companies 96 - 96Other operating profits and gains - (606) (606)Equity 103 (228) (125)18,662 (4,670) 13,992195
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