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ANNUAL REPORT 2016 Cover: Hercílio Luz Bridge | Florianópolis | Brazil Annual Report 2016 Having started its activity in 1921, Teixeira Duarte currently leads a major Economic Group with over 10,000 employees, who work in 18 countries, in 6 activity sectors, achieving an annual turnover of over 1,100 million euros. Based on its structural Values: Ingenuity, Truth and Commitment, Teixeira Duarte has accomplished its Mission: Execute, contributing towards the construction of a better world. Its foundational reference as an Engineering Establishment characterises Teixeira Duarte’s action in all its Areas of Construction from Geotechnics and Rehabilitation, to Buildings, Infrastructures, Metalworking, Underground Works, Railway Works and Maritime Works. The sustained growth in Construction over decades has enabled the Group to progressively develop other Activity Sectors due to the business opportunities it has encountered and knowingly fostered since the 1970s, such as Concessions and Services (since 1984), Real Estate (since 1973), Hospitality (since 1992), Distribution (since 1996), Energy (since 1996) and Automotive (since 1991). Although in 2016 it still operated in the Energy sector - where it had operated since 1996 - Teixeira Duarte divested its stake in the entity through which it maintained its activity in this sector in the first quarter of 2017. With a consolidated process of internationalisation, Teixeira Duarte has long operated in other markets which are nowadays still important in its operations, such as Venezuela (since 1978), Angola (since 1979), Mozambique (since 1982), Spain (since 2003), Algeria (since 2005) and Brazil (since 2006), currently also added by France, Belgium, United Kingdom, United States of America, Colombia, Peru, Morocco, South Africa, China, Qatar and Dubai. "Teixeira Duarte, S.A." is a publicly held company, with head office at "Lagoas Park", Edifício 2, 2740-265 Porto Salvo, in Oeiras, with fully underwritten and paid-up share capital of €210,000,000.00, with sole legal person and registration number at Cascais Commercial Register 509.234.526. It is the leading company of an Economic Group that has been listed on Euronext Lisbon since 1998, whose majority shareholder base is the Teixeira Duarte family. Contents GOVERNING BODIES 4 TEIXEIRA DUARTE ORGANISATIONAL CHART 6 TEIXEIRA DUARTE GROUP 2016 8 KEY INDICATORS 10 MANAGEMENT REPORT OF THE BOARD OF DIRECTORS 2016 11 I. INTRODUCTION 12 II. ECONOMIC ENVIRONMENT 13 III. GENERAL OVERVIEW 15 IV. SECTORAL REVIEW 29 IV.1. CONSTRUCTION 29 IV.2. CONCESSIONS AND SERVICES 69 IV.3. REAL ESTATE 80 IV.4. Hospitality 85 IV.5. DISTRIBUTION 87 IV.6. ENERGY 90 IV.7. AUTOMOTIVE 92 V. SUBSEQUENT EVENTS 95 VI. OUTLOOK ON FUTURE EVOLUTION 96 VII. DISTRIBUTION OF NET INCOME TO MEMBERS OF THE BOARD OF DIRECTORS AND EMPLOYEES 97 VIII. PROPOSED APPROPRIATION OF NET INCOME 98 NOTES TO THE MANAGEMENT REPORT OF THE BOARD OF DIRECTORS 99 CORPORATE GOVERNANCE REPORT 2016 101 INDIVIDUAL FINANCIAL STATEMENTS 2016 165 CONSOLIDATED FINANCIAL STATEMENTS 2016 193 REPORTS, OPINIONS AND CERTIFICATIONS OF THE SUPERVISORY BODIES 2016 269 Management Report of the Board of Directors 2016 | Governing Bodies Teixeira Duarte, S.A. Board OF THE GENERAL MEETING Chairman Mr. Rogério Paulo Castanho Alves Deputy Chairman Mr. José Gonçalo Pereira de Sousa Guerra Constenla Secretary Mr. José Pedro Poiares Cobra Ferreira Board OF Directors Chairman Mr. Pedro Maria Calainho Teixeira Duarte Directors Mr. Manuel Maria Calainho de Azevedo Teixeira Duarte Mr. Joel Vaz Viana de Lemos Mr. Carlos Gomes Baptista Mr. Diogo Bebiano Branco de Sá Viana Rebelo Mr. Jorge Ricardo de Figueiredo Catarino SUPERVISORY Board Chairman Mr. Óscar Manuel Machado de Figueiredo Members Mr. Mateus Moreira Mr. Miguel Carmo Pereira Coutinho Alternate Mr. Rui Pedro Ferreira de Almeida Statutory AUDITOR Moore Stephens & Associados, SROC, S.A. Chartered Accountants Firm, represented by Mr. António Golçalves Monteiro - ROC COMPANY Secretary Permanent Mr. José Pedro Poiares Cobra Ferreira Alternate Mrs. Maria António Monteiro Ambrósio Representative FOR MARKET Relations Mr. José Pedro Poiares Cobra Ferreira 4 Governing Bodies | Management Report of the Board of Directors 2016 Teixeira Duarte - Engenharia e Construções, S.A. Board OF THE GENERAL MEETING Chairman Mr. José Pedro Poiares Cobra Ferreira Secretary Mrs. Maria Filipa Rebelo Pereira de Matos Alves Torgo Board OF Directors Chairman Mr. Pedro Maria Calainho Teixeira Duarte Directors Mr. Manuel Maria Calainho de Azevedo Teixeira Duarte Mr. Joel Vaz Viana de Lemos Mr. João José de Gouveia Capelão Mr. Fernando Paulo Baptista Gomes de Araújo Mr. Pedro Miguel Pinho Plácido Mr. Rogério Esteves da Fonseca Mr. Fernando Frias Correia STATUTORY AUDITOR Permanent Moore Stephens & Associados, SROC, S.A. Chartered Accountants Firm, represented by Mr. António Gonçalves Monteiro - ROC Alternate Mrs. Ana Patrícia Correia Monteiro - ROC COMPANY Secretary Permanent Mr. José Pedro Poiares Cobra Ferreira Alternate Mrs. Maria António Monteiro Ambrósio 5 Teixeira Duarte Organisational Chart Management Report of the Board of Directors 2016 BOARD OF DIRECTORS Adviser to the Board of Directors Mr. António Costeira Faustino Markets Corporate Centre Activity Sectors Portugal South Africa Construction Concessions and Services Brazil Belgium Central Oces Corporate Services Areas of Operation Central Support Structures Facilities Management Mr. Rogério Fonseca Shuttering and Angola China Legal Corporate Secretariat Geotechnics and Rehabilitation Infrastructures Mr. Rodolfo Valentim Prestressing Operating Centre Delegation Colombia Mrs. Maria António Ambrósio Mr. José Pedro Cobra Ferreira Mr. Magalhães Gonçalves Exploration Centres Mrs. Mariana Coimbra Mr. Marques dos Santos Mr. Diogo Rebelo Human Resources Accounts Consolidation Exploration Centres Environment United Arab Emirates Mr. Sampayo Ramos Central Oce Mr. Manuel Lopes Mr. Magalhães Gonçalves Mrs. Isabel Amador Mr. Alexandre de Jesus Mr. Hélder Matos Mr. Rosa Saraiva of Equipment United States of America Mr. Correia Leal Mr. Luís Carreira Algeria Information Technology Internal Audit Mr. João Pedro Lopes Mr. Rodrigo Ouro France Mr. Duarte Nobre Mr. Júlio Filho Delegation Mr. Mário Ferreira Faria Real Estate Mr. José Gaspar Mr. António Diniz Mr. Amílcar Teresinho Central Oce of Management Mr. Ricardo Acabado Morocco and Technology Systems Finance and Accounting Direction of Studies Mr. Diogo Rebelo Direction of Projects Mr. Alfredo Silva Spain Peru Mr. Ivo Rosa Mr. Martins Rovisco Mr. João Torrado Mr. Guilherme Silva Mr. Baldomiro Xavier Central Oce Mr. Sérgio Castro Delegation Qatar Metalworking of Supplies Hospitality Mr. António Carlos Teixeira Duarte Buildings United Kingdom Mr. Henrique Nicolau Mrs. Rosa Almeida Mr. Manuel Maria Teixeira Duarte Mozambique Exploration Centres Mr. Luís Vicente Underground Works Proposals Service Delegation Mr. Pedro Costa Mrs. Maria António Ambrósio Distribution Mr. Carlos Timóteo Mr. Fernando Martins Mr. Dias de Carvalho Mr. Luís Santos Mr. Carlos Russo Mr. Diogo Rebelo Venezuela Mr. Luís Mendonça Mr. Hugo Santos Mr. Carlos Guedes Railway Works Delegation Automotive Mr. Luís Alves Direction of Studies Mr. Magalhães Gonçalves Mr. Paulo Serradas Mr. Diogo Rebelo Mr. Garcia Fernandes Mr. Pedro Medo Mr. Pedro Nunes Maritime Works Mr. Magalhães Gonçalves 6 7 Management Report of the Board of Directors 2016 Management Report of the Board of Directors 2016 TEIXEIRA DUARTE GROUP 2016 TEIXEIRA DUARTE, S.A. 100 100 TEIXEIRA DUARTE - ENGENHARIA E CONSTRUÇÕES, S.A. TEIXEIRA DUARTE, G.P.I.I., S.A. CONCESSIONS CONSTRUCTION REAL ESTATE HOSPITALITY DISTRIBUTION ENERGY AUTOMOTIVE FINANCIAL HOLDINGS AND SERVICES 100 IMOTD, SGPS, S.A. 100 TDH, SGPS, S.A. 49.90 TDARCOL, SGPS, S.A. 0.10 100 TEDAL, SGPS, S.A. 40 26.8 51 100 100 100 100 100 100 100 Portugal CONSTRUSALAMONDE, ACE 52.5 METROLIGEIRO, ACE MARINERTES, S.A. BONAPARTE, S.A. FUNDO INVEST. IMOB. FECHADO TDF ESTA, S.A. BONAPAPEL, LDA. ACG, S.A. SMOTORS, S.A. C+P.A., S.A. 0.2 100 25 100 100 100 100 100 100 100 0.57 EPOS, S.A. NOVA ESTAÇÃO, ACE RECOLTE, S.A.U. (SUC.PORTUGAL) TDF, S.A. IMOPEDROUÇOS, S.A. GO CORP TRAVEL SOLUTIONS, S.A. TD DISTRIBUIÇÃO, S.A. DIGAL, S.A. TEDAL III, S.A. BCP, S.A. 0.05 60 100 100 100 100 100 100 100 SOMAFEL, S.A. 60 SOMAFEL E FERROVIAS, ACE RECOLTE (PORTO), S.A. TRANSBRITAL, S.A. MALANGA, LDA. LAGOAS HOTEL, S.A. TEDAL - PARTICIP. DISTRIB., S.A. MULTIGÁS, S.A. TEDAL IV, S.A. EIA, S.A. 5.66 57.3 100 100 100 40 7.68 AVIAS, ACE 23.5 TD/SOPOL - METRO SUP., ACE RECOLTE, S.A. TDVIA, S.A. 93.75 QUINTA DE CRAVEL, S.A. LAGOASFUT, S.A. 100 TEDAL II, S.A. 100 PPS, S.A. AVIA PORTUGAL, S.A. JÚPITER, S.A. 50 100 100 100 5 CAIS DE CRUZEIROS 2ª FASE, ACE 25 TRÊS PONTO DOIS, ACE RECOLTE (AÇORES), LDA. LAGOAS PARK, S.A. TDE, S.A. SINERAMA, S.A. 100 TANQUIGÁS, S.A. 100 MOREIRA & CUNHA, LDA. 25 100 5 100 100 CONBATE, ACE 20 CINTEL, LDA. TDGI, S.A. ILTA, S.A. V8, S.A. TDHC, S.A. 90 10 5 DOURO LITORAL, ACE 40 TDGI MANUTENÇÃO, ACE INOVA.GAIA 100 DOURO LITORAL OBRAS ESPEC., ACE 40 TDHOSP, S.A. 9 FERROVIAL/TD, ACE 50 AEBT, S.A. GMP, ACE 33.4 AEDL, S.A. 0.02 7.5 GMP-MEK, ACE 33.4 LUSOPONTE, S.A. 9.11 MTS, S.A. 100 100 76 85 15 100 100 100 43.21 100 Other Markets EPOS, S.A. (SUC. ESPANHA) EMPA, S.A. RECOLTE, S.A.U. TDPG, LTDA. 24 TDSP - PARTICIPAÇÕES, LTDA. TDD DISTRIBUIÇÃO BRASIL, LTDA. ALVORADA PETRÓLEO, S.A. TDO, S.A. TDO - SGPS, S.A. 30 100 40 100 100 100 2.57 TD-EC, S.A. (SUC. ESPANHA) 99.99 SOMAFEL, LTDA. TDGI, S.A. (BÉLGICA) 30 TDSP - 16, LTDA. TDSP - 17, LTDA. TD INTERNATIONAL, LTD. EUR AVIA, AG LEVENEL, LTD. 100 70 92.65 99.94 100 92.65 UTE VIANA 30 TD, ALGÉRIE, SPA GONGOJI ENERGIA, S.A. TDSP - ALTA VISTA I, LTDA. TDSP - ALTA VISTA II, LTDA. 36 INVESTIPART, S.A.
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