TPF Planege Consolidated Report and Accounts 2013

Consolidated Report and Accounts

2013

OUR VALUES PROFITABILITY RELIABILITY DYNAMISM FLEXIBILITY / INTELLIGENCE

Consolidated Report and Accounts 2013 | 2

TPF Planege - Consolidated Report and Accounts 2013 INDEX

INDEX GOVERNING BODIES .................................................................. 4

CONSOLIDATED MANAGEMENT REPORT 1.Introduction .................................................................................. 7 2.Analysis of accounts .................................................................... 8 3.Work Completed in 2013 ............................................................. 11 4.Outlook for 2014 43 5.Compulsory Legal Provisions .................................................... 44 6.Final Considerations .................................................................. 44

CONSOLIDATED FINANCIAL STATEMENTS At 31 December 2013 Consolidated Balance Sheet …………………………………………………… 47 Consolidated Statement of Income by Nature .............................. 48 Statement of Changes in Equity ................................................... 49 Consolidated Statement of Cash Flows ........................................ 50

STATUTORY AUDIT OF ACCOUNTS. REPORT AND OPINION OF THE AUDITOR Statutory Audit of Accounts, Official Reviewer’s Report and Opinion on Financial Statements. 51

GOVERNING BODIES

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TPF Planege - Consolidated Report and Accounts 2013 GOVERNING BODIES

Board of Directors Jorge Maurice Banet Nandin de Carvalho, Chairman Thomas François Hervé Spitaels, Voting Member Fernando José Mena Gravito, Voting Member Vitor Manuel Teixeira da Fonseca, Voting Member António Manuel Sobral Rodrigues, Voting Member

General Meeting Board Thomas François Hervé Spitaels, Chairman Pedro Castro e Silva Palma e Santos, Secretary

Statutory Auditor Gomes Marques, Carlos Alexandre & Associada – SROC, represented by: - Carlos José Castro Alexandre, SA no. 692 - Vicente Pereira Gomes Marques, SA no. 669, Alternate

CONSOLIDATED MANAGEMENT REPORT

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TPF Planege - Consolidated Report and Accounts 2013 CONSOLIDATED MANAGEMENT REPORT Introduction

INTRODUCTION

The TPF Planege group developed quite favourably from 2012 to 2013. As well as having confirmed the merger of Provia and Prosistemas with TPF Planege, relations with our subsidiaries and affiliates have been clarified, and in late 2013, TPF Planege increased its stake in TPF Angola (currently

"The TPF Planege group developed quite favourably from 2012 to 2013."

holding 90%) and in TPF Mozambique (95%). Thus the TPF Planege Group has begun to acquire a form of its own, and taking into account the three major markets in which it operates, only in Algeria is its equity interest not yet fully resolved. In terms of income, the group grew very significantly from 2012 to 2013, with sales increasing by more than 70%, from around € 14 M to around € 24 M. In truth, it must be said that this growth was generated by the increase in our stake in TPF Angola (from 48% to 90%) but also by the overall growth in almost every business subject to the consolidation. In terms of profitability, the numbers have not followed the same trend, as net income in absolute terms was roughly the same as last year, and EBITDA amounted to 2,465,428 euros, i.e. only around 11% higher than in 2012. The TPF Planege Group’s turnover for this year came from 9 countries/markets,

namely:

Algeria,

Angola,

Brazil,

Cape

Verde,

Mozambique, Poland, Portugal, Romania and Tunisia

2 ANALYSIS OF ACCOUNTS 2.1. IN GENERAL The major growth in 2013 naturally placed greater stress on the financial area, but even so, this did not have any negative consequence, as the indicators for 2013 are quite good in relation to the market average. This situation suggests that for 2014 there should be greater stability and improved efficiency in the Group, rather than further exponential growth.

2.2. ECONOMIC AND FINANCIAL DESCRIPTION

“... suggests that for 2014 there should be greater stability and improved efficiency in the Group, rather than further exponential growth.”

The attached chart reflects the development of the Group’s economic and financial indicators, and in fact reveals that some indicators were worse than in 2012, specifically financial autonomy and general liquidity, although, as already mentioned in previous years, these indicators do not take into account the high value of deferred liabilities against amounts under Cash and Bank Deposits and the sound level of fixed capital (38% of total assets) The graph showing the trend in revenue, which reached € 24.69 M in 2013, clearly shows the significant growth witnessed last year.

Profit Trend | figure 1 (in million Euros)

24,69

14,22

2009

Consolidated Report and Accounts 2013 | 8

2010

15,90

13,70

13,6

2011

2012

2013

TPF Planege - Consolidated Report and Accounts 2013 CONSOLIDATED MANAGEMENT REPORT Analysis of Accounts

Economic and Financial Characterization | figure 2

Indicators

2009

2010

2011

2012

2013

Financial Autonomy

33%

23%

18%

23%

20%

172%

152%

232%

189%

157%

Solvency

49%

30%

22%

30%

25%

Return on Equity

25%

10%

22%

27%

26%

GVA / Total Income

57%

53%

57%

37%

39%

-0,8%

-1,2%

-2,3%

-0,8%

-0,4%

Net debt / EBITDA

1,6

5,2

-2,8

-3,4

-3,6

EBITDA / Total Income

11%

14%

10%

General Liquidity

Financial Results / Total Revenue

2.3. PRODUCTIVITY AND EMPLOYMENT At the end of 2013, the group employed around 170 people in all countries in which it operates, which corresponds to very good ratios of overall productivity and growth relative to 2012. It should be noted, though, that around 1/3 of the production of the group is accounted for by partners working as subcontractors Employment Trend | figure 3 (average number of employees at 30 June each year)

170 137

136

131

124

2009

2010

2011

2012

2013

Development of Productivity (In Euros per worker) |

figure 4 145.235 121.352

105.935

2009

97.883

100.000

2010

2011

2012

2013

2.4. EXPORTS Nowadays, the TPF Planege Group raises over 70% of revenues in the markets of Algeria, Angola and Mozambique, with the remainder being raised in Portugal, Cape Verde, Romania, Poland, Tunisia and Brazil, and we acknowledge that the situation in 2014 will not be very different from 2013, with significant market share remaining in those three markets. Development of Export (% of turnover)

| figure 5

98%

89% 62%

55% 46%

2009

Consolidated Report and Accounts 2013 | 10

2010

2011

2012

2013

TPF Planege - Consolidated Report and Accounts 2013 CONSOLIDATED MANAGEMENT REPORT Work Carried out in 2013

3. WORK COMPLETED IN 2013 This chapter discusses the main work completed by the TPF Planege Group during 2013 and, in some cases, that which, although arranged in 2013, will only be performed in 2014, and whose relevance may be crucial to the strategy of TPF Planege or its GROUP.

As in previous years, the work completed by TPF Planege in the field of Studies and Projects (rather than those of Coordination and Supervision of Works), continued to take place mainly in Portugal, with highly skilled Portuguese

architects

and

engineers,

supported

technical,

administrative and commercial staff from TPF Planege, its subsidiaries or companies in which it holds a majority stake.

It is once again to these local teams and our expatriates that we owe the good name and the self-imposed “seal” of quality and professionalism for which we are renowned.

For the team based in Portugal, whether that which provides all logistics and support structure for production, that which produces for the export market or high quality architecture and engineering, it is essential to recognise the competence, commitment and support provided to all other export fronts. We thus wish to convey that, although the projects described in this report in Portugal are barely reported in the media, it is the headquarters team that supports the good performance abroad by means

“We continue to work so that Portuguese architecture and engineering may become a “cluster” of excellence in the world.”

of timely technical mobilisation, selection of the best consultants to execute the tasks, or the economic and financial background of the company.

We continue to work so that Portuguese architecture and engineering may become a “cluster” of excellence in the world, sustained by unquestionable technical, economic and financial competence, adding value to the customer’s project.

ARCHITECTURE, URBAN PLANNING AND BUILDINGS

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TPF Planege - Consolidated Report and Accounts 2013 CONSOLIDATED MANAGEMENT REPORT Work Carried out in 2013

UNIVERSITY CAMPUS OF THE HIGHER COLLEGE OF MEDIA SCIENCES, LUANDA - ANGOLA In 2013 TPF Planege commenced the project at the University Campus of the Higher College of Media Sciences of Luanda, for the Ministry of Media Affairs through the Study, Planning and Statistics Office. 2

The project, which covers an area of approximately 76,000 m , involves Architecture and the various Engineering specialities required for establishing scaled solutions to accommodate around 1,000 students. The University Campus distinguishes itself by the integration of various functional sectors - Faculty, Housing, Sport and open air Sports - organised and grouped by modular logic that allow the project to appropriate adaptability to different morphological constraints of the relief, maintaining fundamental programmatic relations. This investment of more than 40 million euros has a gross floor area of 2

10,700 m and 54,600 m of surrounding areas comprising different landscaping and accessibility projects.

UNIVERSITY CAMPUS OF THE DUNDO HEALTH INSTITUTE ANGOLA This project reflects the involvement of the Government in improving the quality of education at all levels of the education system. This is a University Campus in a prime location adjacent to the new centrality of Dundo, which will accommodate 700 students, and occupy an area of 46,000 m2, where the different functional teaching areas, complementary services (auditorium, library, cafeteria), accommodation, administrative and management services, sports grounds and recreational areas are located. The preparation of the "Master plan" and the resulting architecture and engineering of the various specialities have proven the technical potential of the Team with the development of pleasant solutions of particular relevance that will become emblematic and recognised by the Customer.

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TPF Planege - Consolidated Report and Accounts 2013 CONSOLIDATED MANAGEMENT REPORT Work Carried out in 2013

SPORTS HALL WITH SPORTS TRAINING CENTRE OF DUNDO ANGOLA Having signed the contract with the Provincial Government of Lunda Norte, the "Master plan" and Architecture and Engineering projects of the various infrastructure and buildings specialities that constitute the project were commenced in 2013. Housed in a vast area of 195,000 m2 and with a gross floor area of 11,400 m2, this study involves the design of various sports facilities, an office building,

residential

buildings,

physical

recovery

centre,

road

infrastructure, water supply and sewerage networks, electricity and telecommunications, including approximately 109,700 m2 of green space. The Sports Hall aims to provide the region with a complex that brings together excellent features for the preparation and development of activities and sporting events, with the aim of promoting the practice of sports and cultural activities in the province, seeking to raise awareness not only with young people, but also amongst the general population of the benefits that arise from the practice of these activities.

CENTRE FOR DIAGNOSTICS AND CLINICAL ANALYSIS OF DUNDO - ANGOLA With the aim of promoting improved quality and timeliness in health services provided by the local Hospital, the Provincial Government of Lunda Norte tasked TPF Angola with designing the Centre for Diagnostics and Clinical Analysis of Dundo. Covering an area of around 11,500 m2, the proposed Project has been developed on a single ground floor, encompassing anImaging Department and a laboratory area (Clinical Pathology and Immunohematology) working on an outpatient basis. The project also includes the final designs related to all technical infrastructure and landscaping.

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TPF Planege - Consolidated Report and Accounts 2013 CONSOLIDATED MANAGEMENT REPORT Work Carried out in 2013

UNITED NATIONS INFORMATION CENTRE FOR PORTUGUESESPEAKING AFRICAN COUNTRIES (PALOP), LUANDA - ANGOLA One of the flagship projects of 2013 is unquestionably supervision and control of the construction of the future UNITED NATIONS INFORMATION CENTRE FOR PALOPs, to be built in Luanda. This important agreement promoted by the prestigious United Nations (UN), through the Ministry of Media Affairs of the Republic of Angola, will involve a multinational team of Portuguese and Angolan technicians for a planned time frame of 21 months. Through the dissemination of United Nations activities, this institution will make a valuable contribution towards promoting, disseminating and helping young people and the general public to internalise the fundamental ideals of the organisation, contributing crucially to the consolidation of peace and democracy in Angola and in other Portuguese-speaking African Countries.

NEW KILAMBA KIAXI CENTRE - ANGOLA In 2013, under the aegis of SONIP, TPF Angola signed a new contract for services governing the coordination and supervision of the construction of 5,000 new conventional dwellings, public buildings and respective urban infrastructure in the new Kilamba Kiaxi centre. With a planned duration of 14 months, this new work builds on work underway since 2008 for the Kilamba Kiaxi Housing Programme, and includes, in addition to supervision of the construction of new residential buildings, supervision of the construction of public buildings for the population under the framework of the decentralisation and local governance initiative in Angola. It is also important to highlight that the â&#x20AC;&#x153;New City of Kilamba Kiaxiâ&#x20AC;?, located in a total area of 5,200 hectares, is the result of a public/private partnership and aims to accommodate approximately 350,000 inhabitants in 80,000 decent social dwellings, complemented by integrated public services, such as schools, clinics, hospitals, a city council, court, security services and other social facilities.

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TPF Planege - Consolidated Report and Accounts 2013 CONSOLIDATED MANAGEMENT REPORT Work Carried out in 2013

URBAN AND INFRASTRUCTURE PLANS FOR KILAMBA KIAXI AND CACUACO - ANGOLA The Angolan Ministry of Urban Development and Housing, through the National Directorate of Urban Infrastructure, hired teams from TPF Planege, in partnership with its Angolan subsidiary - TPF Angola, for the complex and challenging mission to develop the Urban and Infrastructure plans of two areas of 236 ha each, within the scope of the process of urban redevelopment in Kilamba Kiaxi and Cacuaco. These projects cover an extensive area characterised by the disordered settlement of the populations, named "musseque", with no sanitation infrastructure, mains water or power, and for which our teams will have the mission of developing a new urban fabric which will include the definition of urban infrastructures to be installed: networks for water and sewerage, electricity and telecommunications, roads and green spaces. The work will be carried out in stages, since the Preliminary Study, from the Infrastructure and Technical Assistance to the Execution Projects during the construction phase.

HOTEL AMRAOUA IN TIZI-OUZOU - ALGERIA This contract signed in 2013 with the Algerian company Entreprise de Gestion Touristique du Center deals with the implementation of the project for the renovation of Hotel Amraoua in Tizi-Ouzou in Algeria. The work includes the architectural restoration of faรงades and interiors, preparation of projects for the restoration of the building structure, technical networks and lifts, including the replacement of materials and new furniture. The 4-star hotel has 150 rooms, including 4 suites, a restaurant, bar and boutique as well as all the necessary infrastructure for the provision of services to customers. This interesting project, which falls under the Recovery Plan of the Network of Hotels, gives continuity to the diversification of the services that TPF Planege already provides today in the Algerian market.

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TPF Planege - Consolidated Report and Accounts 2013 CONSOLIDATED MANAGEMENT REPORT Work Carried out in 2013

ENVIRONMENT AND WATER RESOURCES

WORKS AT THE MOUTH OF FUNCHAL RIVERS - PORTUGAL In 2013, TPF Planege was involved in Technical Assistance to Projects to stabilise and control the flooding of the main rivers in Funchal, with the inauguration of solid material control dams in the Jo達o Gomes and Santa Luzia rivers, and consultancy of the supervision of the Project FOZ works, involving intervention downstream from the S達o Jo達o, Santa Luzia and Jo達o Gomes Rivers. The consultancy work, lasting 24 months which extended into 2014, aims to restore the riverside area of Funchal deeply affected by the event of February 20, 2010, and integrates a wide range of works for the correction and regularisation of the course of the three rivers that pass through the city, with a view to improving their hydraulic operation.

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TPF Planege - Consolidated Report and Accounts 2013 CONSOLIDATED MANAGEMENT REPORT Work Carried out in 2013

CERRO DA MINA DAM - SOMINCOR - PORTUGAL The work will include the construction of a dam, called the Reservoir of Cerro Mina, formed by riprap landfill of maximum 28.2 m height above 3

foundation, a crest of 629.0 m and a volume of 407,700 m , to be built with excavated materials, as well as the respective floodway and drain. Located in the Cerro do Lobo Waste Landfill area, 4 km from the SOMNICOR industrial facilities, these jobs are intended for the storage of residual water from industrial processing, with a storage volume of 3

1,200,000 m . In parallel the construction of a Sludge Detention Basin (Emergency Reservoir) obtained at the expense of carrying out an excavation of a 3

maximum height of 4 m and a volume of 1,615 m , of a 775 m long rainwater diversion channel and a 160 m long and 7 m high landfill to partition with the Mont Blanc Reservoir. The budget for the work is 10 million Euros and was started in mid 2012 and will be completed in mid-2014. We are responsible for Management and Works Supervision.

ENVIRONMENTAL MONITORING OF DEVELOPMENT AT FOZ TUA - PORTUGAL

HYDROELECTRIC

During 2013, TPF Planege continued to back environmental monitoring of this Hydroelectric Development, under the responsibility of EDP-Gestão da Produção de Energia, S.A. , whose area of study involves five municipalities (Mirandela, Murça, Vila Flor, Alijó and Carrazeda de Ansiães). The work includes the implementation and execution of the following Monitoring Programmes: Hydromineral Systems at Caldas de Carlão and São Lourenço, Noise, Land Use and Planning in the context of the National Program of High Potential Hydroelectric Dams, including the analysis of the results of several Biodiversity, Heritage and Sediment Transport, Climate, Air Quality and Socioeconomics studies. This project, which is scheduled to commence at the end of 2015, involves an investment of 305 million Euros.

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TPF Planege - Consolidated Report and Accounts 2013 CONSOLIDATED MANAGEMENT REPORT Work Carried out in 2013

ENVIRONMENTAL IMPACT STUDY AND MONITORING OF WIND FARMS - PORTUGAL During 2013, TPF Planege continued to back environmental monitoring of several Wind Farms for various customers, (including bats, birds and flora), including Over Equipment and Power Backups, for various Customers. In this context, we have drawn up the Environmental Compliance Reports for Execution Projects (RECAPE) at the Vila Cova Wind Farm and the OverEquipment at the Arada/Montemuro Wind Parks ( 1st Phase) and S達o Pedro. These studies included the preparation of an Environmental Work Monitoring Plan, a Waste Management Plan, a Recovery Plan for the Areas of Intervention and Monitoring Plans. In view of the complexity of the relevant studies and the required level of knowledge, the work has been carried out by a multidisciplinary team of experts, whose expertise covers flora, birds, bats, the Iberian wolf, heritage and noise.

AGRICULTURAL AND URBAN HYDRAULICS

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TPF Planege - Consolidated Report and Accounts 2013 CONSOLIDATED MANAGEMENT REPORT Work Carried out in 2013

WORK ON THE MULTIPURPOSE DEVELOPMENT OF ALQUEVA PORTUGAL Following the projects implemented, TPF Planege continued providing Technical Assistance to the project involving various works falling under the Multipurpose Developement of Alqueva. During 2013, of particular importance were the beginning of Technical Assistance for work on the Baleiz達o-Quintos hydraulic circuit and continued technical assistance for the Pedrog達o hydraulic circuit, including, in addition to the primary supply networks and irrigation network of the Selmes block, S達o Pedro dam and the Selmes lift system. Also noteworthy was the completion of technical assistance work on the Ervidel irrigation blocks and the completion of the Final Design of the S達o Matias hydraulic circuit. These works fall under the structuring programme of the Multipurpose Development of Alqueva, located in the south of Portugal, the strategic objective of which is to open up one of the most disadvantaged regions of Europe from a socioeconomic standpoint.

EASTERN ALGARVE MONITORING, AUTOMATION REMOTE MANAGEMENT SYSTEM - PORTUGAL

AND

During 2013, TPF Planege was responsible for the development of the MAT (Monitoring, Automation and Remote Management) System for the Eastern Algarve Association of Beneficiaries of the Irrigation System (ABPRSA). The target infrastructure, located within an area ofaround 8,621 ha and spread across the municipalities of Beliche, Castro Marim, Vila Real de Santo António, Tavira, Olhão, São Brás de Alportel, Faro and Loulé, includes 6 filtration stations, 3 pumping stations, 271 km of secondary irrigation network, 851 hydrants and 1,971 irrigation nozzles to benefit 5,502 buildings. The main objective of the work performed was the rational operation of the network and the provision of information necessary for billing consumption, in order to simplify the management of the irrigation perimeter.

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TPF Planege - Consolidated Report and Accounts 2013 CONSOLIDATED MANAGEMENT REPORT Work Carried out in 2013

IRRIGATION PERIMETERS IN CAPE VERDE In addition, six projects within the scope of Agricultural Water Schemes are ongoing, for the Cape Verdean Ministry of Rural Development, for the design of infrastructure for perimeter irrigation on the islands of Santiago, Santo Ant達o and S達o Nicolau (Salineiro, Saquinho, Faveta, Figueira Gorda, Canto Cagarra, Banca Furada) that will be fed by dams, which are under construction. The projects also incorporate the training of future beneficiaries in the areas of production and agricultural economy, the use of soil and of water and systems and irrigation technologies. These plants will be an important milestone in the development of Cape Verdean agriculture, for its contribution to the well-being of the people and for the strengthening of the agricultural product market.

RURAL INDUSTRIALISATION CLUSTERING IN ANGOLA

AND

AGRO-INDUSTRIAL

In 2013, as part of the scope of the Strategy for the Re industrialisation of Angola, the Ministry of Industry of the Republic of Angola, commenced studies concerning the implementation of a Cluster in the agro-industrial sector in Caxito, capital of the province of Bengo. As well as being an administrative centre, Caxito is an important agricultural centre, with an irrigated perimeter occupying an important low alluvium on the right bank of the River Dande (covering an area greater than 2500 hectares), providing it with the right conditions to serve as a model for the Clustering Programme. Agriculture is a strategic sector in Angola, as it possesses favourable conditions for the installation of vocational companies for agricultural production and for the processing of agricultural products. At the same time, the works also include the Definition of Policies and Models for the industrialisation of Rural Angola and the design of the execution project for the implementation of Agro-Industrial Technology Transfer in Caxito, that will contribute to making the capital of the Province of Bengo an important facilitating and aggregating centre for of farming and agro-industrial activity in the Dande Valley.

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TPF Planege - Consolidated Report and Accounts 2013 CONSOLIDATED MANAGEMENT REPORT Work Carried out in 2013

MILLENIUM CHALLENGE ACCOUNT CAPE VERT II The definition of multi-municipal systems within the scope of the reform of the water services, sanitation and hygiene sector, expects the integration of current water and sanitation services of the nine municipalities of the Island of Santiago in an inter-municipal management company with financial and economical sustainability, with the improvement of the quality of service as well as ensuring access to the population with appropriate quality standards as the ultimate objective. In addition to the managing entity for the multi-municipal systems, priority works to satisfy immediate needs in terms of water and sanitation were listed and are expected to continue to a second phase with the Master Plan for Water and Sanitation in order to meet the needs of the municipalities for the next 25 years.

REHABILITATION OF THE STORM-WATERS DRAINAGE SYSTEM IN THE CITY OF BEIRA - MOZAMBIQUE This important contract encompasses the feasibility study, the project detail and the supervision of the works relating to the renovation of the storm drainage system in the city of Beira, financed by the World Bank and administrated by AIAS - Administration of Infrastructures for Water Supply and Sanitation. During 2013, TPF Planege, in collaboration with its subsidiary in Mozambique - TPF Moรงambique, began a Review of the Feasibility Study of the Works for the Renovation of the Storm Drainage System for the City of Beira, as well as an Environmental and Social Impact Study, which also included the relocation process and initiatives focusing on investigation and disclosure and communication to the population involved.

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TPF Planege - Consolidated Report and Accounts 2013 CONSOLIDATED MANAGEMENT REPORT Work Carried out in 2013

TRANSPORT ROUTES

ROAD INFRASTRUCTURE IN PORTUGAL During, TPF Planege continued to work on several projects connected to the national road infrastructure, both for EP – Estradas de Portugal, SA and for the ASCENDI Group. The work under the remit of EP – Estradas de Portugal, SA forms part of a range of improvement/rehabilitation works on the national network, particularly on national roads EN13 – Esposende, EN-ER205 – Póvoa do Lanhoso, and work on stabilising embankments on the IC17-Cril and the EN247. In terms of studies undertaken for the various Concessions/Subconcessions belonging to the ASCENDI Group, in addition to various embankment stabilisation projects and works to improve the pavement surface of motorways, in 2013 TPF Planege also continued the work of reviewing projects and preparing expert opinions concerning the new sections under construction for the Pinhal Interior Subconcession. The services performed in 2013 also included Road Safety Audits performed on roads and motorways operated both by EP – Estradas de Portugal, SA, and by Subconcessionaires.

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TPF Planege - Consolidated Report and Accounts 2013 CONSOLIDATED MANAGEMENT REPORT Work Carried out in 2013

REHABILITATION OF THE SAURIMO/LUENA DALA/LUENA SECTION - ANGOLA

ROAD

Within the scope of the National Reconstruction Programme currently in progress, the news agency INEA - Institute of Roads of Angola has hired coordination, supervision and monitoring of works services for the rehabilitation of the Dala / Luena stretch of National Highway 180, which connects the capital of the province of Moxico (Luena) to the capital of the province of Lunda-Sul (Saurimo), a total of about 106 miles. The works include the widening of the road to two lanes, two and half meters wide, the installation of a horizontal and vertical signalling system, and the reinforcement of the storm drainage system. Each lane will have hard shoulders one and a half metres wide. The project scope also includes the reconstruction of five works of art. The re-building of National Highway 180 will be fundamental for an increase in the socio-economic development of the region, promoting trade between the capitals of the provinces of Moxico and Lunda-Sul.

REHABILITATION OF ROADS IN THE PROVINCES OF ZAMBร ZIA, NIASSA AND TETE - MOZAMBIQUE This contract, as part of the scope of the design-construction awarded to MonteAdriano by the National Roads Administration-ANE, includes the implementation of road projects for approximately 150 km of roads. Involving the design and refurbishment of two roads in the provinces of Zambezia and Niassa, 58 km long, and the other two in the Tete province, 90 km long, the Project includes, in addition to the general study of the stretch of road, the project for the drainage, signalling and safety and technical assistance for the construction work. In 2013, TPF Moรงambique and TPF Planege performed general reconnaissance of the roads to be rehabilitated, began topographical surveys and developed final designs of the first sections.

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TPF Planege - Consolidated Report and Accounts 2013 CONSOLIDATED MANAGEMENT REPORT Work Carried out in 2013

REHABILITATION OF NATIONAL HIGHWAY 260 BETWEEN CHIMOIO AND ESPUNGABERA - MOZAMBIQUE 2013 was marked by the continuation of the auditing work on the refurbishment of the N260, an extension of 230 km, which began in 2011, connecting Chimoio to Espungabera in Manica province, near the border with Zimbabwe. In addition to the extension of the platform to a width of 9.4 m and its surfacing, all works are included regarding excavation, landfill, construction and renovation of bridges, ad hoc corrections on layout, drainage works, as well as the installation and implementation of upright and horizontal signals. This project, under the responsibility of the National Administration of Roads-ANE, and budgeted at 129 million Euros, will contribute decisively to promote the development of agriculture in the surrounding regions and promote the development of the regionâ&#x20AC;&#x2122;s tourism and socio-economics.

MODERNISATION OF ACCESS ROAD TO THE PORT OF SZCZECIN - POLAND The scope of the work includes the supervision of reconstruction and redevelopment work on Struda street, in Szczecin, from the junction of Jasna street to Pomorska Street. This work is divided into two phases, phase II and phase III. Among other things, phase II involves: the reconstruction of 1.1 km of Struga street, the construction of two viaducts, cycle lanes, reconstruction of underground infrastructure, including the renovation of the electrical power system and the installation of lighting. Phase III involves, among others: the reconstruction of 1.5 km of Struga Street, the construction of a large roundabout at the junction of Struga Street, Pomorska Street and Zwierzyniecka Street and the construction of an overpass over the roundabout. In Poland our work continues to support the Group's local company through curricular sustainability. In fact, most of the work is carried out by local teams and by TPF z.o.o. , whose collaboration is very much appreciated.

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TPF Planege - Consolidated Report and Accounts 2013 CONSOLIDATED MANAGEMENT REPORT Work Carried out in 2013

ROAD REHABILITATION IN BUCHAREST - ROMANIA In 2013 the general renovation of over 41 avenues in Bucharest continued on from the first contract, awarded in 2011, for the renovation of 11 other avenues. The works include the complete renovation of roads and urban infrastructure, in particular, storm drains, water supply and sewerage networks, pavements, parking areas, bus stops and road signs. Although, similar to what happened in Poland, the bulk of the work will be performed by the TPF Group in Romania, TPF Planege have, given its technical and academic capabilities, added considerable value and potential to the local company .

BOUGHEZOUL-DJELFA RAILWAY PROJECT - ALGERIA This is a new contract for the execution project for the Algerian company COSIDER-Travaux Publiques, to which ANESRIF entrusted the construction of new railway line Boughezoul-Djelfa. This section of railway line will be 140 km long, as a single track, suitable for maximum speeds of 220 km/h. TPF Planege, in collaboration with TPF AlgĂŠrie, is responsible for technical field work in the 7 lots (geo-technical campaigns and topographical reconnaissance) and for managing the execution projects for all road reconnections,

retaining

walls,

special

hydraulic

channels,

existing

underground infrastructure protection structures and wildlife crossings. This important contract, valued at 1.4 million Euros, and an integral part of the Plan for the Development of the Algerian Railway Network, allows the diversification of the type of services that the company offers the People's Democratic Republic of Algeria, following the strategy of expanding the area of Studies and Projects.

Consolidated Report and Accounts 2013 | 40

TPF Planege - Consolidated Report and Accounts 2013 CONSOLIDATED MANAGEMENT REPORT Work Carried out in 2013

DOUBLING OF THE ANNABA-RAMDANE DJAMEL RAILWAY TRACK - ALGERIA During 2013, TPF Planege continued its mission to supervise the construction work of a double track and the modernisation of the AnnabaRamdane Djamel line, as part of the Circular Railway Annaba-Alger -Oran Modernisation Project. In addition to the construction of the 96 mile stretch of the new line, the works include two viaducts of 120 m and 700 m, two new stations, various sections, 30 works of art and the construction of two tunnels, along this stretch. During the last few months, the construction works have focused on the implementation of the tunnels, the works of which are an important part of the project because of their complexity. This important contract, promoted by the Ministry of Transport through ANESRIF (Agence Nationale d'Etudes et de Suivi de la de RĂŠalisation des Investissements Ferroviaires), has the reduction of travel time and the improvement of operating conditions and railway safety as its main objective.

RENOVATION OF THE MINING LINE - ALGERIA Among the works in progress during 2013, the Modernization of Eastern Mining Line should be highlighted, the work on which includes the analysis, review and approval of the project, and the management, control and supervision of the work to replace the track, a total of 305 km of railway. Dedicated to mining traffic, the restoration work on this single track railway include the alteration of the railway superstructure (rails, crossings, ballast, signals, electrification), with the aim of providing the improvement of traffic and mineral transport conditions for the iron mines in Boukhadra and Ouenza and the phosphate miles from Djebel as far as the port of Annaba. This is yet a major project that illustrates the confidence that ANESRIF and the Ministry of Transport have in our teams.

Consolidated Report and Accounts 2013 | 42

TPF Planege - Consolidated Annual Report 2013 CONSOLIDATED MANAGEMENT REPORT Outlook for 2014

4. OUTLOOK FOR 2014 Given the portfolio of contracts already concluded, the outlook for 2014 for the TPF PLANEGE Group is favourable. We thus expect to improve turnover (albeit to a much lesser extent, given that we do not expect an increase of more than 10%) and also profitability, as a result of better efficiency levels, which will be for us this yearâ&#x20AC;&#x2122;s top priority. This increase in efficiency will predominantly result from increased management control and greater professionalism among our subsidiaries, primarily through the training of our local staff. As we do not stop evolving, the following are our major objectives for 2014. Not all of them will be achievable this year, but they will be in an advanced state of preparation for 2015: a) To strengthen our skills in areas of knowledge not yet acquired by the company; b) To extend our territorial area of influence, if possible strengthening our group in Southern Africa; c) To strengthen the group with complementary activities in the Facility Management area.

5. COMPULSORY LEGAL PROVISIONS

In compliance with the legal provisions required, please note that on 31 December 2013, there were no debts of State tax or Social Security contributions.

6. FINAL CONSIDERATIONS

The Board of Directors wishes to thank the effort and dedication of all employees of the Company, the loyalty of its Customers and Suppliers, and the support from official bodies and banks, as well as the Board of the Shareholders General Meeting and the Auditor.

Lisbon, 30 April 2014

Consolidated Report and Accounts 2013 | 44

TPF Planege - Consolidated Annual Report 2013 CONSOLIDATED MANAGEMENT REPORT Board of Directors

THE BOARD OF DIRECTORS

Jorge Maurice Banet Nandin de Carvalho, CEO

Thomas Francois Herve Spitaels, Voting Member

Fernando Jose Mena Gravito, Voting Member

Vitor Manuel Teixeira da Fonseca, Voting Member

Antonio Manuel Sobral Rodrigues, Voting Member

CONSOLIDATED FINANCIAL STATEMENTS 2013

Consolidated Report and Accounts 2013

TPF Planege - Consolidated Report and Accounts 2013 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - 31 DECEMBER 2013 - amounts expressed in Euros -

CONSOLIDATED BALANCE SHEET CAPTIONS

Notes

DATES 31-12-2013

31-12-2012

ASSETS Non-current assets: Tangible fixed assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5, . .8. . . . . . . . . . . . . . 488.268,70 .... 187.463,27 Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6. . . . . . . . 242.811,84 134.560,84 Intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 . . . . . . . . . . . . . . . . 82.332,34 21.569,24 Financial interests - equity method . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.153,92 Financial interests - other methods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 . . . . . . . . . . . . . . . . . 32.221,93 ............... 27.996,73 Other financial assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10 . . . . . . . . . . . . . . . . . . . . 7,80 292.276,59 Deferred tax assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11 . . . . . . . . . . . . . . . . . 52.071,99 . 37.770,77 897.714,60 729.791,36 Current assets: Trade debtors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12 . . . . . . . . . . . . . 11.513.703,43 7.161.101,15 Advances to suppliers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .341.341,19 ... 406,18 State or other public bodies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13 . . . . . . . . . . . . . . . .507.461,59 ......... 331.173,87 Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14 . . . . . . . . . . . . . . 2.192.094,49 .. 2.380.331,32 Deferrals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 ......... 418.599,59 341.857,63 Other financial assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16 . . . . . . . . . . . . . . . . . . 3.327,66 .. Cash and bank deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4. . . . . . . . . . . . . .9.762.555,03 ........ 10.298.898,25 24.739.082,98 20.513.768,40 Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

25.636.797,58

21.243.559,76

Equity: Paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17 . . . . . . . . . . . . . 1.524.600,00 Legal reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 . . . . . . . . . . . . . . 233.868,27 Other reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 .............. 2.280,47 Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.002.889,65 ... Other changes in equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .-17.521,30 .....

1.524.600,00 175.425,46 2.280,47 1.826.998,16 -1.136,58

Net profit for the period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1.314.378,88 .....

1.332.626,76

EQUITY AND LIABILITIES

Minority interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.545,87 Total equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5.088.041,84

4.860.794,27

Liabilities: Non-current liabilities: Borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8, . . 20 ........... 365.078,38 Advances from customers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21 . . . . . . . . . . . . . . . . 527.387,62 ......... Other payables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15 . . . . . . . . . . . . . . 3.848.864,57 . 4.741.330,57 Current liabilities: Suppliers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.190.088,99 Advances from customers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21 . . . . . . . . . . . . . . 3.017.646,81 ........... State or other public bodies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13 . . . . . . . . . . . . . . . .439.062,99 .......... Borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8,2 ............ 598.616,04 Other payables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22 . . . . . . . . . . . . . . 2.790.039,61 . Deferrals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 .......... 6.771.970,73 15.807.425,17 Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.548.755,74

1.674.238,42 1.478,66 654.618,98 1.832.784,53 3.868.098,14 2.809.457,35 10.840.676,08 16.382.765,49

Total equity and liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25.636.797,58 ........

21.243.559,76

THE CHIELF ACCOUNTANT

862.438,58 4.679.650,83 5.542.089,41

THE BOARD OF DIRECTORS

CONSOLIDATED STATEMENT OF INCOME BY NATURE INCOME AND EXPENSES

Notes

PERIODS

31-12-2013

31-12-2012

Sales and services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 . . . . . . . . . . . 23.933.494,88 . . . . . . . . . . . . . . . 14.336.021,03 ......................... Operating subsidies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .63.483,19 .....................

Gains/Losses allocated to subsidiaries, associates and joint ventures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25.435,88 . . . . . . . . . . . . . . 181.267,22 .......................

Supplies and external services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .24 . . . . . . . . . . -13.515.950,19 . . . . . . . . . . . . . . . . -7.445.675,92 ......................... Personnel expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 . . . . . . . . . . . -7.051.193,10 . . . . . . . . . . . . . . . .-5.045.679,47 ........................ Impairment of receivables (losses/reversals) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12 . . . . . . . . . . . . -328.608,03 . . . . . . . . . . . . . . . . .64.100,41 ..................... Increases/Decreases in fair value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -4.725,38 .....................................

Other income and gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .26 . . . . . . . . . . . . .735.220,62 . . . . . . . . . . . . . .1.252.257,67 ........................ Other expenses and losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 . . . . . . . . . . . -1.328.246,65 . . . . . . . . . . . . . . . -1.195.519,68 .........................

Profit before depreciation, financing costs and taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.465.428,03 . . . . . . . . . . . . . . . .2.210.254,45 ........................

Expenses/Reversals of depreciation and amortisation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5, . . 7. . . . . . . . . . . -247.025,22 . . . . . . . . . . . . . . . . -71.449,88 ....................... Impairment of non-depreciable/amortisable investments (losses/reversals) . . . . . . . . . . . . . . . . . . . . . . . . .6. . . . . . . . . . . .-120.590,83 . . . . . . . . . . . . . . . .-33.829,02 ......................

Operating income (before financing costs and taxes). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.097.811,98 . . . . . . . . . . . . . . . .2.104.975,55 ........................

Interest and similar expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28 . . . . . . . . . . . . -101.952,90 . . . . . . . . . . . . . . . -121.844,09 ........................

Profit before tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.995.859,08 . . . . . . . . . . . . . . . .1.983.131,46 ........................

Income tax payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .29 . . . . . . . . . . . . -661.474,63 . . . . . . . . . . . . . . . .-650.504,70 .......................

Net profit for the period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1.334.384,45 . . . . . . . . . . . . . . . 1.332.626,76 ........................

Net profit for the period attributable to:

Equity holders of the parent company. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1.314.378,88 . . . . . . . . . . . . . . .1.332.626,76 ........................

Minority interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20.005,57 ..................................... 1.334.384,45

1.332.626,76

Basic earnings per share. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

THE CHIELF ACCOUNTANT

Consolidated Report and Accounts 2013

THE BOARD OF DIRECTORS

TPF Planege - Consolidated Report and Accounts 2013 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - 31 DECEMBER 2013 - amounts expressed in Euros -

STATEMENT OF CHANGES IN EQUITY Consolidated Accounts

D ESC R IPT ION

Balances at 01/01/2012

N OT ES

PA ID - IN C A PIT A L

1.524.600,00

LEGA L R ESER V ES

144.706,47

OT HER R ESER V ES

2.280,47

R ET A IN ED EA R N IN GS

OT HER C HA N GES IN EQU IT Y

1.274.654,15

N ET PR OF IT F OR T HE PER IOD

891.731,68

M IN OR IT Y IN T ER EST S

T OT A L

3.837.972,77

T OT A L EQU IT Y

158.501,17

3.996.473,94

Changes in the Period: Other changes recognised in equity

-1.136,58

-1.136,58 -1.136,58

Net Profit for the Period

1.332.626,76

Comprehensive Income

1.332.626,76

1.331.490,18

Transactions with equity holders Capital contributions

Distributions

Other operations

Balances at 31/12/2012

1.524.600,00

30.718,99 30.718,99 175.425,46

861.012,69

-308.668,68

2.280,47

552.344,01 1.826.998,16

-1.136,58

-891.731,68 -

-308.668,68

-158.501,17

-891.731,68

-308.668,68

-158.501,17

1.332.626,76

4.860.794,27

-467.169,85 -467.169,85 4.860.794,27

Changes in the Period: Differences from translation of financial statements

693,42

Other changes recognised in equity

-98.986,47

-17.078,14

-116.064,61

-98.986,47

-16.384,72

-115.371,19

Net Profit for the Period

1.314.378,88

20.005,57

1.334.384,45

Comprehensive Income

1.314.378,88

1.199.007,69

20.005,57

1.219.013,26

-1.332.626,76

-999.305,99

Transactions with equity holders Distributions

Other operations

Balances at 31/12/2013

1.524.600,00

58.442,81 58.442,81 233.868,27

2.280,47

274.877,96 274.877,96 2.002.889,65

-17.521,30

-999.305,99

7.540,30

-1.332.626,76

-999.305,99

7.540,30

-991.765,69

1.314.378,88

5.060.495,97

27.545,87

5.088.041,84

Share Capital: Eur 1,524,600.00

THE CHIELF ACCOUNTANT

THE BOARD OF DIRECTORS

CONSOLIDATED STATEMENT OF CASH FLOWS CAPTIONS

Notes

PERIODS

31-12-2013

31-12-2012

Cash flows from operating activities - Direct method Receipts from customers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.135.526,67 . . . . . . . . . . . . . . . 16.318.670,40 ........................

Payments to suppliers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .-10.671.877,67 . . . . . . . . . . . . . . . .-5.893.563,81 ....................... Payments to employees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .-5.098.848,19 . . . . . . . . . . . . . . .-4.034.618,62 ............... Cash generated from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.364.800,81 . . . . . . . . . . . . . . . .6.390.487,97 ...................... Payment/Receipt of income tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .-1.184.370,62 . . . . . . . . . . . . . . . . .-362.400,48 .....................

Other receipts/payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -2.171.550,59 . . . . . . . . . . . . . . . .-2.219.955,41 ....................... Cash flows from operating activities (1)

2.008.879,60

3.808.132,08

Cash flows from investment activities Payments relating to: Tangible fixed assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .-71.408,96 . . . . . . . . . . . . . . -152.916,49 ...................... Intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .-57.701,00 . . . . . . . . . . . . . . . -31.487,00 .............

Financial investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .-260.020,00 .....................................

Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Receipts from: Tangible fixed assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.972,26 . . . . . . . . . . . . . . . .2.010,00 ...................

Financial investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .100,00 .................. Interest and similar income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .129.595,48 . . . . . . . . . . . . . . . 201.862,37 ..................... Cash flows from investment activities (2)

-253.562,22

19.568,88

Cash flows from financing activities Receipts from: Borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .225.000,00 . . . . . . . . . . . . . .1.459.870,88 ...................... Capital contributions and other equity instruments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Payments relating to: Borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .-2.118.695,90 . . . . . . . . . . . . . . . -4.237.018,57 ....................... Interest and similar expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .-67.940,51 . . . . . . . . . . . . . . -145.474,13 ...................... Dividends. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .-1.135.446,05 . . . . . . . . . . . . . . . . -303.225,92 ...................... Cash flows from financing activities (3)

-3.097.082,46

-3.225.847,74

Changes in cash and cash equivalents (1 + 2 + 3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -1.341.765,08 . . . . . . . . . . . . . . . .3.827.700,96 .......................

Effect of exchange differences. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -75.829,93 . . . . . . . . . . . . . . . .-52.882,75 .....................

Cash and cash equivalents at beginning of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4. . . . . . . . . . 11.180.150,04 . . . . . . . . . . . . . . . . 9.749.928,27 ....................... Cash and cash equivalents at end of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4. . . . . . . . . . . 9.762.555,03 . . . . . . . . . . . . . . .10.298.898,25 .......................

THE CHIELF ACCOUNTANT

Consolidated Report and Accounts 2013

THE BOARD OF DIRECTORS

TPF Planege - Consolidated Report and Accounts 2013 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - 31 DECEMBER 2013 - amounts expressed in Euros -

STATUTORY AUDIT OF ACCOUNTS. REPORT AND OPINION OF THE AUDITOR

Consolidated Report and Accounts 2013

TPF Planege - Relatório e Contas 2013 CERTIFICAÇÃO LEGAL DAS CONTAS, RELATÓRIO E PARECER DO FISCAL ÚNICO

Consolidated Report and Accounts 2013

TPF Planege - Relatório e Contas 2013 CERTIFICAÇÃO LEGAL DAS CONTAS, RELATÓRIO E PARECER DO FISCAL ÚNICO

Consolidated Report and Accounts 2013

TPF Planege - Relatório e Contas 2013 CERTIFICAÇÃO LEGAL DAS CONTAS, RELATÓRIO E PARECER DO FISCAL ÚNICO

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