Annual Report 2010 - CMVM

Management Report of the Board of Directors 2010IV.6 DISTRIBUTIONThe action of the Teixeira Duarte Group in this area began in 1996 and is currently implemented by several international operations, where itis important to note the activities developed by the subsidiaries "MAXI - Comércio Geral, Importação e Exportação, Lda." and "MAXI RETAIL –Comércio Geral, Lda.", which operate in the Angolan market.With its core business being the distribution of foodstuffs, this operation is supported by a strong logistic capacity established in Luanda,where, in 2010, particular note should be made of the implantation of two new insignias in this Distribution sector: "Casa de Coração"dedicated to the sale of articles for the home and "Maxilectro" which markets consumer electronics.- OVERVIEW OF THIS SECTOR DURING 2010:Consolidated Turnover in Distribution increased by 4.3%compared with 2009, and stood at EUR 115,741 thousand,essentially as a result of the appreciation of the US Dollar inrelation to the Euro.102,462110,930115,741Evolution ofDistribution Turnover(Values in thousand Euros)2008 2009 2010EBITDA maintained the level recorded in 2009, having reachedEUR 7,814 thousand.8,4567,737 7,814Evolution of Distribution EBITDA(Values in thousand Euros)2008 2009 2010In non-consolidated terms and in order to provide an overall view of the total activity during 2010, we disclose that the operating income inDistribution reached the total value of EUR 180,241 thousand, reflecting an increase of 9.3% in relation to 2009.During 2010 in Angola there was a growing increase in the competition in this business area, with the opening of new units and theappearance of new insignias in the market.47