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Annual Report ANNUAL REPORT 2015 Cover: Marão Tunnel | Portugal Annual Report 2015 Having started its activity in 1921, Teixeira Duarte currently leads a major Economic Group with over 12,000 employees, working in 17 countries, in 7 activity sectors, achieving an annual turnover of more than 1,400 million euros. Based on its Structural Values: Expertise, Efficiency, Dedication, Truth, Commitment, Trust and Respect, Teixeira Duarte has achieved its Mission: Doing, contributing to the building of a better world. The foundational reference of the Engineering Establishment characterises Teixeira Duarte's action in all its Areas of Construction from Geotechnics and Rehabilitation, to Buildings, Infrastructures, Mechanical Engineering, Underground Works, Railway Works and Maritime Works. 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 known how to foster since the 1970s, such as Concessions and Services (since 1984), Real Estate (since 1973), Hotel Services (since 1992), Distribution (since 1996), Energy (since 1996) and Automotive (since 1991). With a consolidated process of internationalisation, Teixeira Duarte has operated in other markets for a very long time, markets which are still important today 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, Russia, the United States of America, Colombia, 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 euros, with sole legal person and registration number at Cascais Commercial Register 509.234.526 and is the leading company of an Economic Group listed on Euronext Lisbon since 1998 and whose majority shareholder base is the Teixeira Duarte family. Contents GOVERNING BODIES 4 TEIXEIRA DUARTE ORGANISATIONAL CHART 6 TEIXEIRA DUARTE GROUP 2015 8 KEY INDICATORS 10 MANAGEMENT REPORT OF THE BOARD OF DIRECTORS 2015 11 I. INTRODUCTION 12 II. ECONOMIC CONTEXT 13 III. GENERAL OVERVIEW 16 IV. SECTORAL REVIEW 32 IV.1. CONSTRUCTION 32 IV.2. CONCESSIONS AND SERVICES 66 IV.3. REAL ESTATE 77 IV.4. HOTEL SERVICES 81 IV.5. DISTRIBUTION 84 IV.6. ENERGY 87 IV.7. AUTOMOTIVE 89 V. SUBSEQUENT EVENTS 92 VI. OUTLOOK ON FUTURE EVOLUTION 93 VII. DISTRIBUTION OF NET INCOME TO MEMBERS OF THE BOARD OF DIRECTORS AND EMPLOYEES 93 VIII. PROPOSED APPROPRIATION OF NET INCOME 94 NOTES TO THE MANAGEMENT REPORT OF THE BOARD OF DIRECTORS 95 CORPORATE GOVERNANCE REPORT 2015 97 INDIVIDUAL FINANCIAL STATEMENTS 2015 161 CONSOLIDATED FINANCIAL STATEMENTS 2015 189 REPORTS, OPINIONS AND CERTIFICATIONS OF THE AUDIT BODIES 2015 265 Management Report of the Board of Directors 2015 | 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 2015 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 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 2015 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 Angola Belgium Central Oces Corporate Services Areas of Operation Central Support Structures Facilities Management Mr. Rogério Fonseca Delegation Shuttering and Prestressing China Juridical Corporate Secretariat Geotechnics and Rehabilitation Infrastructures Mr. Rodolfo Valentim Mr. Valdemar Marques Operating Centre Colombia Mrs. Maria António Ambrósio Mr. José Pedro Cobra Ferreira Mr. Magalhães Gonçalves Exploration Centers Mrs. Mariana Coimbra Mr. Marques dos Santos Algeria Human Resources Accounts Consolidation Exploration Centers Environment United Arab Emirates Mr. Sampayo Ramos Central Equipment Mr. Magalhães Gonçalves Delegation Mr. Ginja Sebastião Mr. Alexandre de Jesus Mr. Hélder Matos Mr. Sousa Barros Department United States of America Mrs. Isabel Amador Mr. Rosa Saraiva Mr. Luís Carreira Mr. Ricardo Acabado Internal Audit Mr. João Pedro Lopes Mr. Rodrigo Ouro Mr. Fernando Frias Mr. Angel Rodriguez France Information Technology Mr. Duarte Nobre Brazil Mr. Mário Ferreira Faria Mr. Correia Leal Central Department Management Mr. António Diniz Real Estate Morocco Mr. José Gaspar Mr. Oliveira Rocha Systems and Technology Delegation Direction of Projects Mr. Diogo Rebelo Mr. João Delgado Finance and Accounting Direction of Studies Mr. Ivo Rosa Qatar Mr. Alfredo Silva Mr. Baldomiro Xavier Central Procurement Mr. Martins Rovisco Mr. João Torrado Mr. Guilherme Silva Spain Russia Department Mr. Sérgio Castro Buildings Mechanical Engineering Hotel Services Delegation Mrs. Rosa Almeida Exploration Centers Mr. António Carlos Teixeira Duarte Mr. Henrique Nicolau Proposals Service Mr. Manuel Maria Teixeira Duarte Mr. Pedro Costa Mr. Luís Vicente Mozambique Underground Works Mrs. Maria António Ambrósio Mr. Fernando Martins Distribution Delegation Mr. Luís Santos Mr. Dias de Carvalho Mr. Carlos Timóteo Mr. Luís Mendonça Mr. Carlos Russo Mr. Diogo Rebelo Mr. Carlos Guedes Mr. Manuel Lopes Venezuela Railway Works Mr. Hugo Santos Direction of Studies Maritime Works Delegation Mr. Magalhães Gonçalves Energy Mr. Luís Alves Mr. Garcia Fernandes Mr. Luís Menezes Mr. Paulo Serradas Mr. Manuel Maria Teixeira Duarte Mr. Pedro Nunes Automotive Direction of Electromechanical Installations Mr. Diogo Rebelo Mr. Pedro Medo Mrs. Helena Galhardas Mr. Silva Pereira 6 7 Management Report of the Board of Directors 2015 Management Report of the Board of Directors 2015 TEIXEIRA DUARTE GROUP2015 TEIXEIRA DUARTE, S.A. 100 100 TEIXEIRA DUARTE - ENGENHARIA E CONSTRUÇÕES, S.A. TEIXEIRA DUARTE, G.P.I.I., S.A. CONCESSIONS AND CONSTRUCTION REAL ESTATE HOTEL SERVICES DISTRIBUTION ENERGY AUTOMOTIVE FINANCIAL HOLDINGS 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 ACG, S.A. 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. C+P.A., S.A. 100 100 0.25 100 25 100 100 100 100 0.75 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. BCP, S.A. 0.05 100 60 100 100 100 100 40 100 OFM, S.A. SOMAFEL E FERROVIAS, ACE RECOLTE (PORTO), S.A. TRANSBRITAL, S.A. QUINTA DE CRAVEL, S.A. LAGOAS HOTEL, S.A. AVIA PORTUGAL, S.A. MULTIGÁS, S.A. EIA, S.A. 5.66 57.3 100 93.75 100 100 100 7.68 SOMAFEL, S.A. 60 TD/SOPOL - METRO SUP., ACE RECOLTE, S.A. TDVIA, S.A. TDE, S.A. LAGOASFUT, S.A. PPS, S.A. JÚPITER, S.A. 100 50 100 5 100 100 5 AVIAS, ACE 23.5 TRÊS PONTO DOIS, ACE TDGI, S.A. ILTA, S.A. V8, S.A. SINERAMA, S.A. TANQUIGÁS, S.A. MOREIRA & CUNHA, LDA. 25 100 5 100 CAIS DE CRUZEIROS 2ª FASE, ACE 25 CINTEL, LDA. TDHOSP, S.A. INOVA.GAIA TDHC, S.A. 9 19.67 CONBATE, ACE 20 NOVAPONTE, ACE AEDL, S.A. 9 DOURO LITORAL, ACE 40 AEBT, S.A. 7.5 DOURO LITORAL OBRAS ESPEC., ACE 40 LUSOPONTE, S.A. 9.11 FERROVIAL/TD, ACE 50 MTS, S.A. GMP, ACE 33.4 GMP-MEK, ACE 33.4 76 85 100 100 100 100 15 100 43.21 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. 100 TDO - SGPS, S.A. Other Markets 5.04 100 100 100 100 2.57 TD-EC, S.A. (SUC. ESPANHA) 94.96 SOMAFEL, LTDA. VALYGERSA, S.L. TDSP - 16, LTDA. 100 TDSP - 17, LTDA. TD INTERNATIONAL, LTD. EUR AVIA, AG LEVENEL, LTD. 100 70 30 92.65 99.94 40 92.65 49 UTE VIANA 30 TD, ALGÉRIE, SPA TDGI, S.A. (BÉLGICA) 30 TDSP - ALTA VISTA I, LTDA. TDSP - ALTA VISTA II, LTDA. CEMENT, LTD. 80 20 100 92.65 36 SOMAFEL, S.A. (SUC. BRASIL) 100 TD COMPLEXE AGB-EL BIAR GONGOJI ENERGIA, S.A. TDSP - ALTA VISTA III, LTDA. 92.65 TDSP - ALTA VISTA IV, LTDA. INVESTIPART, S.A. 45 70 92.65 2.72 SOMAFEL, S.A.
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