Annual Report 2010 - CMVM

Management Report of the Board of Directors 2010IV.8 AUTOMOBILETeixeira Duarte began its vehicle marketing activity in Angola in 1991, and currently owns a group of companies which represent variousinternational brands in the following market segments:- Automobiles: Chevrolet, Honda, Nissan, Mahindra, Peugeot and Renault;- Heavy Vehicles: Renault Trucks and UD Trucks;- Motorcycles: Honda, Piaggio, Vespa and Gilera- Trailers: Randon;- Forklifts: Nissan Diesel;- Generators: Denyo, Pramac and Honda Power Products.- OVERVIEW OF THIS SECTOR DURING 2010:158,653Evolution ofAutomobile Turnover123,281108,784Consolidated Turnover in the Automobile sector fell once againin 2010 to stand at EUR 108,784 thousand;(Values in thousand Euros)2008 2009 2010Indeed, the automobile sector in Angola was not immune to the circumstances of the international crisis, where, during the last two yearsthere has been a strong retraction in the sale of automobiles and in particular heavy vehicles, due to the general reduction of investment.29,222Evolution of Automobile EBITDA(Values in thousand Euros)14,333EBITDA decreased sharply in relation to 2009, recording anegative value of EUR 2,317 thousand, reflecting the reductionin income and stock selling effort.(2,317)2008 2009 201052