Annual Report 2010 - CMVM

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Management Report of the Board of Directors 2010The construction was started of a residential building with twelve apartments, situated on "Calle Amalia", close to "Paseo de la Castellana" and"Plaza Castilla".Also in Madrid and under an administrative concession contract, continuity was given to the marketing of the transfer of the use of parkingplaces for residents and the operation of parking areas for rotation, as well as the leasing of the commercial areas available in "Parking Europa",located in "Avenida da Europa", in "San Sebastian de los Reyes".- MOZAMBIQUEThe Polana Shopping Centre continues to be one of the main shopping centres in the city of Maputo and, with all its retail units leased andthe favourable market conditions, it has been possible to exercise strong pressure on rental collections and to select the customers carefully.IV.5. HOTEL SERVICESAfter a first experience in 1974 in the Algarve, the Teixeira Duarte Duarte resumed its activity in this sector in Sines in the 1980's, and currentlyoperates ten hotels, five of which are located in Portugal, two in Angola and three in Mozambique.Teixeira Duarte also develops business in the Fitness area, namely through three health clubs (one in "Lagoas Park", another in Torres Vedrasand a third in "Villa Park" in Amadora) and some restaurants in Portugal and Angola, where in this last country the “Nilo” pastry-shops andare particularly important.- OVERVIEW OF THIS SECTOR DURING 2010:Evolution ofHotel Services Turnover(Values in thousand Euros)68,13582,60178,943Consolidated Turnover in Hotel Services amounted to EUR78,943 thousand, representing a reduction of 4.4% comparedto the total recorded as at 31 December 2009, which isattributed to the reduction of the occupancy rates of theGroup's hotels in Luanda.2008 2009 201044
Management Report of the Board of Directors 2010EBITDA stood at EUR 23,414 thousand, representing a decreaseof 38.8%, although recording figures similar to those of 2008,which shows the excellent performance of the sector in 2009.26,46138,28723,414Evolution of Hotel Services EBITDA(Values in thousand Euros)2008 2009 2010In non-consolidated terms and in order to provide a perspective of the total activity in 2010, we disclose that the operating income of thecompanies of the Group operating in this sector reached the total value of EUR 101,908 thousand, corresponding to an increase of 2.4%,where 83% of this figure was the outcome of activity developed in the market abroad and 17% in Portugal.- PORTUGALThe various companies of the Group operating in this sector in Portugal offer a total of 1,515 beds and 651 rooms, distributed over five hotels,as detailed below:- LAGOAS PARK HOTEL Oeiras 182 rooms- SINERAMA Sines 105 rooms- HOTEL ORIENTAL Praia da Rocha 90 quartos- STELLA MARIS Albufeira 140 rooms- HOTEL EVA Faro 134 roomsIn spite of the negative economic circumstances in 2010, the main operating indicators of the tourism activity in Portugal showed a positiveevolution. However, the significant decrease of the British market, caused mainly by the devaluation of the pound in relation to the Euro, hada negative impact on the hotel sector of the Algarve.The hotels of the Teixeira Duarte Group in Portugal maintained their occupation rates in spite of the increase of approximately 2.5% of theaverage price as a result of the increased demand of the corporate segment in some of the Group's hotels.In the Fitness area, it was possible to maintain the trend of growth in the number of members of both "Club L – Lagoas Park" and “Club L -Arena Health Club" in Torres Vedras, as a result of the quality of the facilities and services.The new unit "Club L – Villa Park" in Amadora, inaugurated in October 2010 recorded a very positive start-up of activity.The good performance of these two segments of Hotel Services and Fitness also led to an increase of the operating income from EUR 15,061thousand to EUR 16,253 thousand, corresponding to an increase of 7.9%.45
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Annual Report 2010 - CMVM

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