A N N U a L R E P O R T a N D a C C O U N
Total Page:16
File Type:pdf, Size:1020Kb
ANNUAL REPORT AND ACCOUNTS 2008 Front: Railway Crossing over Sado River / Alcácer do Sal ANNUAL REPORT AND ACCOUNTS 2008 INDEX COMPANY IDENTIFICATION ..................................................................................................................................... 6 GOVERNING BODIES ................................................................................................................................................ 7 ORGANISATIONAL CHART - 2008 ............................................................................................................................ 8 TEIXEIRA DUARTE GROUP ORGANISATIONAL CHART - 2008 .......................................................................... 10 BUSINESS DATA ...................................................................................................................................................... 12 MANAGEMENT REPORT OF THE BOARD OF DIRECTORS ................................................................................ 13 I. INTRODUCTION ........................................................................................................................................... 14 II. ECONOMIC BACKGROUND ...................................................................................................................... 15 III. GLOBAL OVERVIEW ................................................................................................................................. 17 IV. SECTOR ANALYSIS .................................................................................................................................. 24 IV.1. CONSTRUCTION ................................................................................................................................. 24 IV.1.1. “TEIXEIRA DUARTE - ENGENHARIA E CONSTRUÇÕES, S.A.” - GENERAL ANALYSIS .......... 25 IV.1.2. INTERNAL MARKET ...................................................................................................................... 29 A) BACKGROUND ................................................................................................................................. 29 B) “TEIXEIRA DUARTE - ENGENHARIA E CONSTRUÇÕES, S.A.” .................................................... 30 C) PARTICIPATIONS AND ASSOCIATIONS ......................................................................................... 58 IV.1.3. EXTERNAL MARKET ..................................................................................................................... 64 IV.2. CEMENT, CONCRETE AND AGGREGATES ...................................................................................... 76 IV.2.1. INTERNAL MARKET ...................................................................................................................... 77 IV.2.2. EXTERNAL MARKET ..................................................................................................................... 77 IV.3. CONCESSIONS AND SERVICES ....................................................................................................... 79 IV.3.1. INTERNAL MARKET ...................................................................................................................... 79 IV.3.2. EXTERNAL MARKET ..................................................................................................................... 85 IV.4. REAL ESTATE DEVELOPMENT ......................................................................................................... 88 IV.4.1. INTERNAL MARKET ...................................................................................................................... 88 IV.4.2. EXTERNAL MARKET ..................................................................................................................... 91 IV.5. HOTEL SERVICES INDUSTRY ........................................................................................................... 92 IV.5.1. INTERNAL MARKET ...................................................................................................................... 93 IV.5.2. EXTERNAL MARKET ..................................................................................................................... 94 IV.6. FOOD TRADE ...................................................................................................................................... 94 IV.7. FUEL SALES ....................................................................................................................................... 95 IV.7.1. INTERNAL MARKET ...................................................................................................................... 95 IV.7.2. EXTERNAL MARKET ..................................................................................................................... 96 IV.8. VEHICLE SALES ................................................................................................................................. 97 V. - QUALIFIED SHARES IN LISTED COMPANIES ...................................................................................... 98 VI. - EVENTS OCCURRING AFTER YEAR END ........................................................................................... 99 VII. - CONCLUSIONS / OUTLOOK FOR 2009 ............................................................................................. 100 VIII. - PROPOSAL FOR THE ALLOCATION OF PROFIT ............................................................................ 100 ANNEXES TO THE BOARD OF DIRECTORS' ANNUAL REPORT ...................................................................... 101 CORPORATE GOVERNANCE REPORT - 2008 .................................................................................................... 103 INDIVIDUAL FINANCIAL STATEMENTS ............................................................................................................... 145 CONSOLIDATED FINANCIAL STATEMENTS ....................................................................................................... 169 REPORTS, ADVISORY REPORTS AND CERTIFICATIONS OF THE SUPERVISORY BOARDS ....................... 231 3 TEIXEIRA DUARTE - ENGENHARIA E CONSTRUÇÕES, S.A. PLC Head Office: Lagoas Park, Edifício 2 - 2740-265 Porto Salvo Capital Stock: € 210,000,000 Corporate Tax ID No. 500 097 488, Registered at the Trade Registry Office of Cascais Holder of Construction License No 24 Quality Guarantee System Certification attributed to Teixeira Duarte on 20st December 2002, within the scope of “Civil Construction and Industrial and Public Sector Works, including Foundation Technology”. Health and Safety Management System Certification attributed to Teixeira Duarte on 23rd February 2006, within the scope of “Civil Construction and Industrial and Public Sector Works, including Foundation Technology”. Certification Document of the Environmental Management System granted to Teixeira Duarte on 15th April 2008, within the scope of “Civil, Industrial Construction and Public Works, including Foundations Technology”. 6 Governing Bodies Shareholders Meeting Chairman Mr. Rogério Paulo Castanho Alves Vice-Chairman Mr. João Torres Agoas Martinho Lopes Secretary Mr. José Gonçalo Pereira de Sousa Guerra Constenla Board of Directors Chairman Mr. Pedro Pereira Coutinho Teixeira Duarte Chief Executive Mr. Pedro Maria Calainho Teixeira Duarte Directors Mr. João Salvador dos Santos Matias Mr. Manuel Maria Calainho de Azevedo Teixeira Duarte Mr. Joel Vaz Viana de Lemos Mr. Jorge Ricardo Figueiredo Catarino Mr. Carlos Gomes Baptista Mr. João José de Gouveia Capelão Mr. João José do Carmo Delgado Supervisory Board Chairman Mr. António Gonçalves Monteiro Member Mr. Mateus Moreira Member Mr. Miguel Carmo Pereira Coutinho Alternate Member Mr. Horácio Lisboa Afonso Statutory Auditors Mariquito, Correia & Associados Sociedade de Revisores Oficiais de Contas, represented by Mr. António Franciso Escarameia Mariquito - ROC Company Secretary Member Mr. José Pedro Poiares Cobra Ferreira Alternate Member Mrs. Maria António Monteiro Ambrósio Representative for Relations with Securities Market Mr. José Pedro Poiares Cobra Ferreira 7 Organisational Chart - 2008 8 9 Business Data Teixeira Duarte Group 2004 2005 2006 2007 2008 Variation % 2008/2007 Employees 6,080 6,362 7,774 10,717 13,157 22.8% Sales / Services rendered 628 629 756 1,012 1,291 27.6% Operating income 671 697 833 1,067 1,377 29.1% EBITDA 76 91 118 113 188 66.2% EBITDA margin / Annual turnover 12% 14% 16% 11% 15% 30.2% EBIT 49 60 87 70 131 87.5% Tangible fixed assets + Investment property 539 664 724 781 925 18.4% Investments in associates + Financial assets available for sale + Other investments 915 1,127 1,225 1,551 1,168 (24.7%) Total Equity 367 544 783 834 339 (59.4%) Net Results 61 108 114 122 (347) - Notes: Booked amounts shown are in millions of euros. The figures in the "Variation % 2008/2007" column were calculated based on amounts that were not rounded off. Total shareholder equity includes minority interests. 12 Management Report of the Board of Directors Financial Year 2008 Management Report of the Board of Directors - Financial Year 2008 I. INTRODUCTION Mention will also be made of strategic stakes held in listed companies, i.e. “CIMPOR” - Cimentos de Portugal - SGPS, The Board of Directors of “TEIXEIRA DUARTE - Engenharia S.A.”, “Banco Comercial Português, S.A.” and “Banco Bilbao e Construções, S.A.”, in compliance with the regulatory and Vizcaya Argentaria, S.A.”. legal framework for publicly traded companies,