Annual Report 2010 - CMVM

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