Annual Report 2010 - CMVM

Management Report of the Board of Directors 2010Oeiras AutomaticTransport System - SATUSão Francisco de AssisCollege - Luanda Sulsolid urban waste collection and street cleaning services in a very large urban area of this Municipality.During the year under review, INVICTAAMBIENTE increased its operating income by 3.7%, which reached EUR 4,364 thousand, and an operatingincome of a similar value is expected to be achieved in 2011.TDHOSP - Gestão de Edifício Hospitalar, S.A. is a company 100% owned by TD-EC, the object of which is the management of the NewCascais Hospital for a period of 30 years, which includes the design, project, construction, financing, conservation and maintenance activities.The hospital was inaugurated on 23 February 2010, with TDHOSP, S.A. having developed its activity with a view to ensuring that the workprogressed as planned, coordinating the different entities involved so as to create the conditions for excellent performance during the operatingphase of the building.SATU-OEIRAS - Sistema Automático de Transporte Urbano, E.M., S.A. is a municipal company 49% owned by the Group, which fullyoperates the Oeiras SATU Transport System, having recorded an operating income of EUR 291 thousand in 2010.EDUCARE - Actividades Educativas e Culturais, Lda. is a company 100% owned by the Teixeira Duarte Group, constituted for thedevelopment of the "São Francisco de Assis College" project in Luanda, which aims to provide a solution to meet the needs of demanding andculturally diverse customers, ensuring the education of children and young people from the age of 3 years.This company started its activity in September 2007 with the opening of the provisional premises of the College in Talatona, Luanda-Sul, andhas since this date confirmed its position in the country's educational scene as a multicultural school of excellence, which has been reflectedin an impressive increase of 118% of its operating income, which reached EUR 6,537 thousand.37