Annual Report 2010 - CMVM

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Notes to the Consolidated Financial Statements as at 31 December 2010de Participações Sociais, S.A. pledged 50,000,000 and 5,580,000 shares in Banco Comercial Português, S.A., respectively, and TEDAL - Sociedade Gestora de ParticipaçõesSociais, S.A. pledged 104,000,000 shares in C+P.A. – Cimentos e Produtos Associados, S.A..To secure the commercial paper contract signed with Caixa Geral de Depósitos, of EUR 70,000 thousand, granted by Teixeira Duarte – Engenharia e Construções, S.A. andTeixeira Duarte - Gestão de Participações e Investimentos Imobiliários, S.A., Teixeira Duarte - Gestão de Participações e Investimentos Imobiliários, S.A. pledged 6,000,000participation units in the TDF Closed Real Estate Investment Fund.To secure the commercial paper contract signed with Banco Espírito Santo de Investimento, S.A., of EUR 34,000 thousand, granted by Teixeira Duarte – Engenharia e Construções,S.A., TEDAL - Sociedade Gestora de Participações Sociais, S.A. pledged 500,000 shares in TDGI – Tecnologia de Gestão de Imóveis, S.A.To secure debts to third parties, of the value of EUR 14,756 thousand, IMOTD - SGPS, S.A. pledged 47,870 shares in V8, S.A. and 47,780 shares in Parcauto, S.A..To secure the loan contract granted by TDHOSP – Gestão de Edifício Hospitalar, S.A. of the current value of EUR 50,951 thousand, Teixeira Duarte - Engenharia e Construções,S.A. pledged to Caixa Geral de Depósitos and Caixa Banco de Investimentos, 1,540,000 shares in TDHOSP – Gestão de Edifício Hospitalar, S.A.. Under the same financingcontract Teixeira Duarte - Engenharia e Construções, S.A., as shareholder, pledged the credit rights over TDHOSP – Gestão de Edifício Hospitalar, S.A..Financial commitments:As at 31 December 2010 and 2009, the letters of comfort provided by the subsidiaries reached EUR 492,723 thousand and EUR 416,400 thousand, respectively.As at 31 December 2010 and 2009, factoring contracts without recourse were in force, which were recorded as a reduction in accounts receivable, amounting to EUR 119,895thousand and EUR 130,058 thousand, respectively. According to the contractual terms, the Group's liability is primarily limited to guaranteeing the acceptance of the factoringinvoices by the customers.Other:As at 31 December 2010 and 2009, there were no inventories pledged as security for liabilities.42 - FINANCIAL RISK MANAGEMENTGeneral Principles:The Group is exposed to a number of financial risks arising from its activities, among which the following deserve special mention:- interest rate risks arising from financial liabilities;- exchange rate risk arising mainly from the existence of operations and assets located outside the Euro zone, namely in Angola, Algeria, Brazil, Macao, Morocco, Mozambique,Namibia, Russia, Ukraine and Venezuela;- credit risk, particularly from credit to its customers relative to the Group’s operating activities;- liquidity risk, as regards the maintenance of cash stability.The Group’s Financial Department ensures the centralised management of the financing operations, applications of cash surplus, currency conversion transactions, as wellas the counterpart risk of the Group. In addition to the above, it is responsible for identifying, measuring, proposing and implementing measures to manage/mitigate thefinancial risks to which the Group is exposed.The main financial risks to which the Group is exposed and the main measures implemented to manage them are analysed in greater detail below.Interest rate riskThe objective of the interest rate risk management policy is the minimisation of the cost of debt subject to the maintenance of a low level of volatility of the financial charges.As at 31 December 2010, 91% of the financial liabilities had a variable interest rate (98% as at 31 December 2009) and 9% a fixed interest rate (2% as at 31 December 2009).Had the market interest rates been higher (lower) by 1% during the year ended on 31 December 2010 and 2009, the financial profit (or loss) of those years would have(decreased) increased by EUR (10,997) / 10,997 thousand and EUR (15,910) / 15,910 thousand, respectively.200
Notes to the Consolidated Financial Statements as at 31 December 2010Exchange rate riskThe Group’s operating activities are exposed to variations in the Euro exchange rate against other currencies.Moreover, taking into account the different countries in which the Group operates, its exposure to exchange rate risk arises from the fact of its subsidiaries report their assetsand liabilities in currencies other than the reporting currency, namely in Angola, Algeria, Brazil, Macao, Morocco, Mozambique, Namibia, Russia, Ukraine and Venezuela.The exchange rate risk management policy followed by the Group is ultimately aimed at reducing the sensitivity of the Group’s net income to currency fluctuations.The monetary assets and liabilities denominated in foreign currency, converted into Euros as at 31 December 2010 and 2009, were as follows:AssetsLiabilities2010 2009 2010 2009Venezuelan Bolivar - 24 257 1,160Algerian Dinar 16,018 8,472 46,794 45,554Moroccan Dirham 664 205 2,198 4,898Tunisian Dinar - - 140 788US Dollar 347,498 146,274 234,956 112,370Namibian Dollar - - 1,065 100Ukrainian Hryvnia - - 32,800 29,500Japanese Yen 12,925 17,703 2,047 17,880Pound Sterling - - 34 22Mozambican Metical 688 254 30 -Macaense Pataca - - 208 199South African Rand 51 2 - 12Brazilian Real - - 14,297 10,418Russian Rouble - - 3,427 2,850377,844 172,934 338,253 225,751Exchange rate risk management is based on a continuous measurement and monitoring of relevant financial and accounting exposures.The possible impacts generated in the heading Currency conversion adjustments as at 31 December 2010 and in the net income for the year ended on that date, if there wasa 5% appreciation of the abovementioned currencies, can be summarised as follows:2010CurrencyNet Income EquityVenezuelan Bolivar (13) -Algerian Dinar (1,539) -Moroccan Dirham (77) -Tunisian Dinar (7) -US Dollar 5,627 -Namibian Dollar (53) -Ukrainian Hryvnia (1,640) -Japanese Yen 544 -Pound Sterling (2) -Mozambican Metical 33 -Macaense Pataca (10) -South African Rand 3 -Brazilian Real (715) -Russian Rouble (171)1,979 -201
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Annual Report 2010 - CMVM

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