Tpf planege Consolidated Annual Report 2014

Consolidated Annual Report 2014

2 | TPF PLANEGE - CONSOLIDATED ANNUAL REPORT 2014

INDEX 05

GOVERNING BODIES

CONSOLIDATED MANAGEMENT REPORT

Introduction

Analysis of Accounts

Work Carried Out in 2014

Outlook for 2015

Compulsory Legal Provisions

Closing Remarks

CONSOLIDATED FINANCIAL STATEMENTS

Consolidated Balance Sheet

Consolidated Statement of Income

Consolidated Statement of Equity

Consolidated Statement of Cash Flows

AUDIT REPORT

CONSOLIDATED ANNUAL REPORT 2014 - TPF PLANEGE | 3

4 | TPF PLANEGE - CONSOLIDATED ANNUAL REPORT 2014

RELIABILITY

OUR

PROFITABILITY

DYNAMISM

FLEXIBILITY

VALUES INTELLIGENCE

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 Patrício, Moreira, Valente & Associados – SROC, Lda. represented by: - Joaquim Patrício da Silva, ROC no. 320 - José Carlos Nogueira Faria e Matos, ROC no. 1.034, Alternate

CONSOLIDATED ANNUAL REPORT 2014 - TPF PLANEGE | 5

Oued-Tlelat/Tlemcen Railway Line

CONSOLIDATED MANAGEMENT REPORT

6 | TPF PLANEGE - CONSOLIDATED ANNUAL REPORT 2014

The TPF Planege Group takes great pride in announcing that, for the second year running, the company has exceeded its historical record turnover. INTRODUCTION

The TPF Planege Group currently consists of the companies TPF Planege and Cerelinex, with headquarters in Lisbon, TPF Angola, based in Luanda, TPF Mozambique, based in Maputo and TPF Romania, headquartered in Bucharest. Despite not having a majority interest, TPF Planege also takes care of the management of TPF AlgĂŠrie, based in Algiers. TPF Planege Group's operations are shared between those 5 countries; services are also provided to Cape Verde, Tunisia and Poland and, to a lesser extent, Belgium, France and Spain. The group's consolidated sales increased by around 20% compared to 2013, this year amounting to around 28.7 million euros. During 2014, the business ran smoothly and as a natural result of the efforts made in previous years, virtually identical percentage increases in turnover were seen in each of the major markets: Angola, Algeria, Mozambique and Portugal. EBITDA increased from 2,465,428 euros to 5,590,142 euros, a very significant improvement, due in large part to the good results simultaneously reported in Angola, Algeria and Mozambique.

In 2014, efforts were made to consolidate the Group in traditional markets, but also to open the company to new markets, in Southern Africa and the Maghreb, and in West Africa, independently in some cases and in partnership with other companies in the TPF group in other cases. Within the TPF Group, the TPF Planege subgroup has essentially been cooperating with Spanish, Polish, Romanian, Brazilian and Senegalese companies, and with the Indian company, but in this case particularly for the production of videos for the clarification and promotion of design solutions. With around 170 employees of different nationalities, mainly European and African, the TPF Planege Group follows the principles of plurinationality and multiculturalism, hallmarks of the TPF Group. In accordance with the general guidelines of the TPF Group, in 2015, TPF Planege will allocate 5% of profits generated in 2014 to charitable organisations for children, which will be selected from proposals made by employees of different nationalities.

CONSOLIDATED ANNUAL REPORT 2014 - TPF PLANEGE | 7

HIGHLIGHTS 2014

28.7 million euros

5.59 million euros

Income recorded in 2014

EBITDA in 2014, which nearly doubled from 2013 to 2014

20%

92%

Growth in income recorded in 2014

Percentage of our turnover earned in Africa

38.60 million euros

23%

Work Portfolio at 31 December 2014

Percentage of Financial Autonomy

8 | TPF PLANEGE - CONSOLIDATED ANNUAL REPORT 2014

ANALYSIS OF ACCOUNTS

As already shown in the previous chapter, from an economic and financial standpoint, the year 2014 went well for the TPF Planege Group, as in 2013, and in line with what we had envisaged in the 2013 annual report, which was the pursuit of a policy to stabilise and improve the efficiency of the Group, i.e. to kickstart new growth. While much of the income resulted from positive exchange rate differences, the fact is that sales alone also increased from 23.933 million euros to 28.716 million euros, i.e. by around 20%.

The geographical breakdown of turnover is shown in the chart below, where it can be seen that around 92% of the business was conducted in Africa, especially Angola, Algeria and Mozambique, in descending order. It should be noted that turnover in Portugal stood at around 6% of total group turnover, the domestic market thus continuing with very low profitability and sales prices for identical services around half those charged seven or eight years ago, particularly in the Supervision of Works sector.

Other Markets 1% Mozambican Market 13%

Portuguese Market 6% European Market 1%

Algerian Market 15%

Geographical Distribution of Turnover

Angolan Market 64%

(percent) | figure 1

CONSOLIDATED ANNUAL REPORT 2014 - TPF PLANEGE | 9

ECONOMIC AND FINANCIAL DESCRIPTION 30.92 24.69

Note that all indicators this year are very good, almost all better than 2013, and are in particular highly satisfactory in terms of profitability and company balance.

15.90 13.6

2010

13.70

2011

2012

As usual, we present a comparative chart of the key economic and financial indicators over the past five years (2010 to 2014).

2013

2014

It can also be noted that the ratio Net Debt/EBITDA remains negative.

Changes in Revenue (in million euros) | figure 2

Indicators

2010

2011

2012

2013

2014

Financial Autonomy

23%

18%

23%

20%

23%

152%

232%

189%

157%

132%

Solvency

30%

22%

30%

25%

30%

Return on Equity

10%

22%

27%

26%

38%

GVA/Total Revenue

53%

57%

37%

39%

42%

-1.2%

-2.3%

-0.8%

-0.4%

-0.3%

Net Debt/EBITDA

5.2

-2.8

-3.4

-3.6

-1.5

EBITDA/Total Revenue

11%

14%

10%

14%

General Liquidity

Financial Results/Total Revenue

10 | TPF PLANEGE - CONSOLIDATED ANNUAL REPORT 2014

PRODUCTIVITY AND EMPLOYMENT

PRODUCTIVITY PER EMPLOYEE

167,135 euros

There was a slight increase in the average number of employees in 2014, this increase naturally following the change in revenue. Overall productivity again grew substantially, reaching 167,135 euros per employee, which was only possible due to extensive subcontracting by the company, on the one hand, and exports, on the other.

INTERNAL PRODUCTIVITY PER EMPLOYEE

As subcontracting stood at 10.43 million euros, internal productivity, i.e. turnover less subcontracts, reached 110,774 euros per employee, i.e. 15.5% higher than in 2013, which is also a good indicator.

110,774 euros

Changes in Employment

Changes in Productivity

(average number of employees at 30 June each year) | figure 4

(in euros per employee) | figure 5 167,135 145,235

170 137 124

2010

2011

185 100,000

131

2012

121,352

2013

2014

2010

97,883

2011

2012

2013

2014

CONSOLIDATED ANNUAL REPORT 2014 - TPF PLANEGE | 11

MARKET TURNOVER In 2014 we maintained practically the same level of turnover in markets outside the country where the headquarters are located, around 96% of total services rendered, which represented a very slight fall in relation to 2013 (98%).

Trend in Turnover Outside the Country where the Headquarters are Located (% of Turnover) | figure 6

98%

96%

89%

This situation may be due to increased competition in foreign markets, but in reality we are convinced that the reason has to do with the company’s intentional efforts not to “disappear” from the Portuguese market.

62% 46%

In relation to exports, this year we did not manage to enter any markets other than those in which we already operate, but we hope that there will be no repeat of this situation in 2015. We certainly did not spare any efforts, turning to such a diverse range of countries as Malawi, Morocco, Senegal, Sao Tome and Principe and Tunisia.

Breakdown of Turnover by Market (% of Turnover) | figure 7

12 | TPF PLANEGE - CONSOLIDATED ANNUAL REPORT 2014

2010 2011 2012 2013 2014

Our success derives from our export capacity and synergies established within the Group. WORKS CARRIED OUT IN 2014

Some of the most significant works carried out in 2014 are listed below, grouped by specialism, specifically: Architecture, Urban Planning and Buildings, Environment and Water Resources, Agricultural and Urban Hydraulics and Transport. The TPF Planege Group offers consultancy services in engineering and architecture covering virtually all areas of Urban Planning, Buildings and Infrastructure. Most of the design work, i.e. Studies and Projects, are carried out in Portugal, with local support from our permanent technicians in the countries where the projects are carried out. On the other hand, most of the Project Management and Inspection works are coordinated and carried out by technicians in the countries where the project is taking place, supported by the Group headquarters in Lisbon.

ARCHITECTURE, URBAN PLANNING AND BUILDINGS REHABILITATION AND REMODELLING OF BPC HEADQUARTERS BUILDING IN LUANDA – ANGOLA Important architectural icon of the city of Luanda built in the 1960s, the headquarters of the Savings and Credit Bank (Banco de Poupança e Crédito – BPC) is currently the subject of extensive rehabilitation and remodelling in the wake of the discovery of major faults that compromised its structural safety. The work, undertaken by means of a partnership between Angolan and Portuguese teams, includes the reformulation of project execution planning and

supervision of the rehabilitation work on this emblematic building, which boasts 21 floors and is located on the Marginal de Luanda. Within the framework of the studies to revamp the design, the architectural study for the remodelling of the facades deserves special mention, which fulfils the sponsors’ desire to modernise the building. In defining the guiding principles of the recommended solutions, the intrinsic value of the building as an

CONSOLIDATED ANNUAL REPORT 2014 - TPF PLANEGE | 13

important and pioneering work representative of modernist architecture in Angola was particularly important, as well as the notable symbolic and emblematic weight this building has acquired in the daily lives of residents of Luanda. The recommended solution is marked by the adoption of curtain walling on the east and west facades, combined with the safeguarding of the iconic art panel on the north and south gables of the building. The contract, budgeted at around 7.8 billion Kwanzas and expected to take 2 years, provides for the modernisation of the building with new, high quality coatings and finishes being applied, redefinition of

architectural distribution to adapt to new requirements, modernisation of building signage, as well as structural reinforcement and replacement of all technical networks and equipment. INTEGRATED INFRASTRUCTURE STUDIES AND DESIGNS – KILAMBA KIAXI AND CACUACO ANGOLA Under the process involving the urban redevelopment of Kilamba Kiaxi and Cacuaco, TPF Planege, in partnership with TPF Angola, has participated in the development of Studies and Designs for the Integrated Infrastructure of Kilamba Kiaxi and Cacuaco. With intervention areas measuring 236 ha (Kilamba Kiaxi) and 263 ha (Cacuaco), the complex studies included the definition of upgrading strategies, specifically the study of new urban networks and the definition and integrated design of the urban infrastructure to be installed, such as water and sewerage systems, electricity and telecommunications networks, roads and green spaces. During 2014, Preliminary Studies and Project Execution Planning were completed for the integrated infrastructure of these large urban areas, which are characterised by informal and unplanned settlements, in order to address the poor hygiene and living conditions of the residents. The contract also includes technical assistance for construction works.

INDUSTRIAL DEVELOPMENT HUB OF LUCALA – KWANZA NORTE – ANGOLA Under Angola’s Reindustrialisation Strategy, the Ministry of Industry of Angola entrusted to TPF Angola, in partnership with TPF Planege, a project for structuring the Lucala Industrial Development Hub, aimed at boosting the process of industrialisation in Kwanza Norte province. Set within an area of275 ha around 200 km from Luanda, the new Lucala Industrial Development Hub will allow the installation of 210 industrial units in an area accessible to major roads and railways.

BPC Headquarters Building in Luanda

14 | TPF PLANEGE - CONSOLIDATED ANNUAL REPORT 2014

Besides the “Masterplan”, studies developed include project execution planning for road infrastructure, water supply and sanitation, electricity and telecommunications networks and Hub support

Lucala Industrial Development Hub

buildings: entry control, office building, WTP, WWTP, operation and maintenance building, sports stadium, multisport venue, fire and security station. The proposed modular nature of the plots allows flexible integration of different types of industry. Their dimensions are based on a modular, lattice design, establishing regular blocks of greater or smaller size, which allow various plots to be adapted to industries with the most demanding space requirements. COLLEGE OF TECHNICAL TRAINING IN HEALTH OF DUNDO – ANGOLA With a prime location near the New Centre and its new Airport, the College of Technical Training in Health of Dundo is expected to establish itself as one of the leading educational centres focusing on quality teaching and increasing the efficiency of Angolan health services. The University Campus, having a floor area of 46,000 m² and designed to accommodate 700 students, is notable for incorporating various functional sectors –

teaching, complementary services (auditorium, library, cafeteria), accommodation, administrative and management services, sports grounds and recreational areas – organised and grouped in a radial design. The contract concluded with the Provincial Government of Lunda Norte includes the preparation of a “Master Plan” and various specialised Architectural and Engineering designs, developed in stages, from the Preliminary Design to the Project Execution Planning. NEW CENTRE OF CAPARI – ANGOLA In real estate operations, TPF Planege, in partnership with its Angolan subsidiary, continued to provide supervisory services for the construction of the New Centre of Capari, in Bengo province. This new centre, under the management of SONIP – Sonangol Imobiliária e Propriedades, Lda, includes the construction of 3,504 dwellings, public facilities (primary school, kindergarten, police station, fire station, medical clinic, market and services), as well as

BPC Headquarters Building in Luanda

CONSOLIDATED ANNUAL REPORT 2014 - TPF PLANEGE | 15

all urban infrastructure (roads, water supply system, sewerage network, stormwater drainage network, electricity and telecommunications networks and landscaping). The new centre, which falls under the Angolan Government’s National Housing Plan, aims to improve the living conditions of the Angolan people by providing them with adequate living conditions and access to public education and health services. COMMERCIAL AREAS AND AIRPORT SECURITY STATION AT LISBON INTERNATIONAL AIRPORT – PORTUGAL In 2014 TPF Planege again strengthened its portfolio in the transport sector with the award of contracts for supervision and coordination of safety of contracts at Lisbon International Airport, under the responsibility of ANA-Aeroportos de Portugal.

Lisbon International Airport

excellent service, commensurate with the scale of the enterprise. HOTEL AMRAOUA IN TIZI-OUZOU – ALGERIA

The services, which are expected to last approximately 18 months, relate to the supervision and coordination of health and safety at work during work to redevelop the Terminal 1 commercial areas and construction of the airport security station. TPF Planege will once more rely on the experience and expertise gained in similar contracts to ensure an

The end of 2014 was marked by the completion of the project to renovate the Amaroua Hotel in Tizi-Ouzou, in Algeria, sponsored by Entreprise de Gestion Touristique du Centre under the National Hotels Chain Recovery Plan. The renovation of this prestigious hotel not only aims

Dundo College of Technical Training in Health

16 | TPF PLANEGE - CONSOLIDATED ANNUAL REPORT 2014

to modernise the architecture of the facades and improve the comfort of its 150 rooms, 4 suites and other spaces, but also to renovate all technical infrastructure and rehabilitate the entire structure of the building.

addition to the coordination and supervision of construction work, a review of the Project Execution Planning and support for the Developer during the provisional acceptance phase.

Our teams’ mission was to prepare all Specialised Engineering projects in partnership with the Promontório architectural team.

INSPECTION OF NEW BUILDINGS IN MAPUTO – MOZAMBIQUE Under the renovation and construction of infrastructure and equipment included in the Integrated Programme of Reform of Vocational Education in Mozambique (PIREP), the Mozambican Government, through the Programme Executive Committee (COREP), entrusted to TPF Mozambique in association with TPF Planege, supervision of the construction of a new building to house the National Vocational Education Authority (ANEP) and the “Commercial Institute of Maputo” Hotel School, both in Maputo. These contracts, financed by the World Bank and with expected durations of 29 and 24 months include, in

Amraoua Hotel

New National Vocational Education Authority (ANEP) Building

CONSOLIDATED ANNUAL REPORT 2014 - TPF PLANEGE | 17

Zambezi Valley Special Spatial Development Plan

ENVIRONMENT AND WATER RESOURCES ZAMBEZI VALLEY SPECIAL SPATIAL DEVELOPMENT PLAN – MOZAMBIQUE

ENVIRONMENTAL IMPACT STUDY AND MONITORING OF WIND FARMS – PORTUGAL

One of the flagship projects of 2014 was undoubtedly the development of the Special Spatial Development Plan (SSDP) for the Zambezi Valley, sponsored by the Ministry of Planning and Development of Mozambique through the Zambezi Valley Development Agency (ADVZ).

During 2014, TPF Planege continued to back environmental monitoring of several Wind Farms for various customers, (including bats, birds and flora), including Over Equipment, for various Customers.

Incorporating the entire province of Tete and neighbouring districts of Manica, Sofala and Zambézia, the intervention area of 147,900 km² covers the rearmost part of the Zambezi River Basin, extending from the border with Zambia and Zimbabwe to its mouth, over a distance of around 900 km. This contract, which also includes Strategic Environmental Assessment, Multisectoral Plan, and Digital Decision-making Support Model studies in this vast region covering 15 million hectares, will contribute to the sustainable development thereof, and will benefit from the contributions of all agents involved in the Mining, Agriculture and Forestry, Transport and Roads, Environment, Tourism, Energy, Water, Fisheries, Health and Teaching and Education sectors, among others.

18 | TPF PLANEGE - CONSOLIDATED ANNUAL REPORT 2014

In this context, we have drawn up Environmental Compliance Reports for Project Execution Planning (RECAPE) for the Over Equipment at the Arga Wind Farm and the Over Equipment at Alto Minho I Wind Farm. An Environmental Impact Assessment was also conducted on the Over Equipment at the Arada/Montemuro Wind Farms (2nd Phase). 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.

ENVIRONMENTAL MONITORING OF HYDROELECTRIC INSTALLATION AT FOZ TUA – PORTUGAL During 2014, 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 Programme of High Voltage Hydroelectric Dams, including the analysis of the results of several Biodiversity, Heritage and Sediment Transport, Climate, Air Quality and Socioeconomics studies.

Produção de Energia, SA, the work will continue for another year, so the contract for services awarded to TPF Planege is expected to be extended until the end of 2016. GUILHOFREI, PENIDE, VILAR, ANDORINHAS DAMS – PORTUGAL

VAROSA

AND

The year was marked by the completion of Internal Emergency Plans (IEP) for five national dams – Guilhofrei, Penide, Vilar, Varosa and Andorinhas – for EDP – Gestão de Produção de Energia, SA. These studies are intended to ensure the compliance of this infrastructure with Dam Safety Regulations, with TPF Planege being responsible for developing Emergency Prevention and Management Plans regarding the safety of the reservoir and the valley downstream, within the Self-Rescue Zone, in the event of a structural failure, as well as the definition of alert and warning systems.

According to the latest forecasts from EDP – Gestão da

Guilhofrei Dam

Foz Tua Dam

Penide Dam

CONSOLIDATED ANNUAL REPORT 2014 - TPF PLANEGE | 19

Santiago Island – Cape Verde

AGRICULTURAL AND URBAN HYDRAULICS STUDIES AND PROJECTS I UNDER THE WATER AND SANITATION FUND (FASA) – CAPE VERDE

REHABILITATION OF MAPUTO AND DRAINAGE SYSTEMS – MOZAMBIQUE

In Cape Verde, TPF Planege continues to contribute to the improvement of water and sanitation services for the population, through a new contract concluded with the Millennium Challenge Account – Cape Verde II relating to “Studies and Projects I under the Water and Sanitation Fund (FASA)”.

The major contract for the Rehabilitation of the Maputo Drainage System continues the ongoing work for the AIAS – Water and Sanitation Infrastructure Administration under the rehabilitation and expansion of the stormwater drainage systems of the major coastal and port cities of the country.

This work includes the development of four projects, three of which relate to WWTP and sewerage systems in three towns on the island of Santiago (Cidade Velha, João Teves and Pedra Badejo), and the fourth related to the profiling and study of the tertiary treatment of wastewater in Ribeira da Vinha on the island of S. Vincente. In addition to the technical component, the studies also focus on economic, financial, social and gender, environmental and institutional aspects.

Funded by the World Bank, this new contract covers project execution planning and supervision of work related to the rehabilitation of the Maputo drainage system, in order to mitigate the effects of climate change that particularly threaten this city.

The WASH project, of which the FASA forms an integral part, is intended to finance the necessary improvements to water and sanitation infrastructure in Cape Verde, focusing on projects, works and technical assistance to operators.

20 | TPF PLANEGE - CONSOLIDATED ANNUAL REPORT 2014

BEIRA

The work will be carried out in two phases: the first comprises a feasibility study and engineering projects, and the second corresponds to the auditing and supervision of the works, which will be carried out in sequence. The total expected duration is 30 months. The rehabilitation of the Maputo drainage system also provides for the definition of measures to mitigate environmental and social impacts as part of the environmental and social management policy framework set out under World Bank directives.

It should also be noted that this year Feasibility Studies and Project Execution Planning were completed under the Beira Drainage System Rehabilitation Project. Work will continue during 2015 with support for the tendering procedure for the construction contract and supervision of works. HYDRO-AGRICULTURAL DEVELOPMENTS – CAPE VERDE Under the scope of Hydro-agricultural Developments, six projects were completed for the Cape Verdean Ministry for Rural Development for the design of infrastructure for perimeter irrigation on the islands of Santiago, Santo Antão and São Nicolau (Salineiro, Saquinho, Faveta, Figueira Gorda, Canto Cagarra, Banca Furada), which will be fed by dams. The projects also include the training of future beneficiaries in the areas of production and agricultural economy, soil and water use and irrigation systems and technologies. These plants will be an important milestone in the development of Cape Verdean agriculture due to their contribution to the well-being of the people and the strengthening of the agricultural product market.

Hydro-agricultural Developments

Beira Drainage System

Maputo Drainage System

CONSOLIDATED ANNUAL REPORT 2014 - TPF PLANEGE | 21

Oued-Tlelat/Tlemcen Railway Line

TRANSPORT ROUTES CONSTRUCTION OF NEW OUED-TLELAT TLEMCEN RAILWAY LINE – ALGERIA

AND

Five years have passed since construction work began on the new double-track, electrified, 130-km railway line linking Oued-Tlelat and Tlemcen, designed to allow speeds of up to 220 km/h. This major project, promoted by the Ministry of Transport through ANESRIF (Agence Nationale d'Etudes et de Suivi de la Realisation d'Investissements Ferroviaires), envisages the construction of 51 viaducts with a total length of 17.5 km, 1 tunnel and 3 yards along the stretch, benefiting from the most modern and sophisticated telecommunications and signalling systems, in order to enhance the safe transport of people and goods. The works unfolded at a good pace, supervised by more than a hundred technicians who make up the team formed for this project, divided into the specialised areas of topography, earthworks, engineering structures, tunnels, rails, electrification,

22 | TPF PLANEGE - CONSOLIDATED ANNUAL REPORT 2014

signalling and telecommunications. CONSTRUCTION OF THE HAUT PLATEAUX RAILWAY LINE – ALGERIA Also in the area of railways, in 2014, TPF Planege, in conjunction with TPF Algérie, continued to provide supervision and inspection services for the construction of a new single-track line suitable for speeds of up to 160 km/h, which will connect the cities of Realizane, Tiaret and Tissemsilt. This involves the construction of 185 km of singletrack, traditionally ballasted, international gauge railway line with UIC60 rails for the transport of passengers and goods. The rugged local terrain dictated the design of numerous engineering structures, in particular 4 tunnels with a total length of 3.2 km, 78 railway bridges, 45 road overpasses and various pedestrian underpasses, totalling around 12 km of engineering structures already adapted for double-track lines.

Oued-Tlelat/Tlemcen Railway Line

Haut Plateaux Railway Line

During the last few months of 2014, construction work focused mainly on the implementation of the tunnels and engineering structures, which, due to their complexity, are critical to the success of the venture.

infrastructure sector, demonstrating the expertise of its teams from the study and design phase to project management and the supervision of construction work.

This infrastructure, which is high priority under the Algerian Railway Development Plan, has a budget of 936 million euros, with completion scheduled for 2017.

REHABILITION OF NATIONAL HIGHWAY BETWEEN XAUA AND CATATA – ANGOLA

BOUGHEZOUL-DJELFA RAILWAY PROJECT – ALGERIA For the second consecutive year, TPF Planege is participating in the development of the Final Design of the new Boughezoul-Djelfa single-track railway line, which has a length of 140 km, for the Algerian company COSIDER-Travaux Publiques, responsible for the design-build contract. During 2014, our teams completed the technical field work (geotechnical campaigns and topographic surveying) and the drafting of part of the Project Execution Planning for the restoration of roads, retaining walls, special culverts, structures protecting underground infrastructure and wildlife crossings. This contract, valued at 1.4 million euros, helps to strengthen TPF Planege’s position in the rail

225

The year 2014 was marked by the continuation of supervision of the rehabilitation of a 100-km stretch of the N225 – Xaua/Catata, which forms part of a strategic arterial road linking the provincial capital – Dundo – to the municipalities of Cuílo, Caungula, Cuango and Xá-Muteba. In addition to the extension of the platform to a width of 11 m and surfacing, the contract includes all works involving excavation, embankments, construction and rehabilitation of 5 concrete bridges, ad hoc corrections to the geometric characteristics of the road, drainage works, as well as the installation and implementation of road signs and road markings. This project, under the responsibility of the INEA – National Roads Institute of Angola and with a budget of 170 million dollars, will make a decisive

CONSOLIDATED ANNUAL REPORT 2014 - TPF PLANEGE | 23

contribution towards promoting trade between the provinces of Eastern Angola and boosting socioeconomic development in the region. REHABILITATION OF NATIONAL HIGHWAYS OF MOZAMBIQUE The year 2014 was marked by the development of road projects encompassing around 150 km of highways in the provinces of Zambézia, Niassa and Tete, under the design-build contract awarded to MonteAdriano by the National Roads AdministrationANE. Involving the design and rehabilitation of two 58-km long roads in the provinces of Zambézia and Niassa, and another two 90-km highways in Tete province, in addition to the general study of the stretch of road, the Project includes designing drainage, signage and safety and technical assistance for the construction work. Other notable road infrastructure projects include continuing supervision of rehabilitation work over a 230-km stretch of the N260.

between Chimoio and 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 surfacing, the contract includes all works involving excavation, embankments, construction and rehabilitation of bridges, ad hoc corrections to the geometric characteristics of the road, drainage works, as well as the installation and implementation of road signs and road markings. IMPROVING SAFETY ON THE DOURO RAILWAY LINE – PORTUGAL TPF Planege began supervision and management support services for a Slope Stabilisation Contract to be performed between km 103+900 and 117+930 (Régua/Ferrão – Lot 3) of the Douro Railway Line. These services, expected to last approximately 15 months, form an integral part of a programme to remodel and stabilise slopes on the Douro Line between Régua and Pocinho aimed at enhancing safety on the railway network. This measure falls under the protected area of the Alto Douro Wine Region, a UNESCO World Heritage Site.

This work, which began in 2011, includes a road link Douro Railway Line

National Highway 225 between Xaua and Catata

National Highway N260 – Chimoio/Espungabera Section

24 | TPF PLANEGE - CONSOLIDATED ANNUAL REPORT 2014

SERVICING OF THE NATIONAL ROAD NETWORK OF PORTUGAL

A1 MOTORWAY â&#x20AC;&#x201C; STRYKOW-TUSZYN SECTION â&#x20AC;&#x201C; POLAND

In the area of the conservation, operation and maintenance of the national road infrastructure, TPF Planege continued to provide specialised technical assistance to renowned national industry players, including Ascendi, Brisa, Estradas de Portugal, Rodovias do Algarve Litoral, ACE and Rodovias do Baixo Alentejo, ACE.

In Poland, the A1 crosses Gdansk - Torun - Lodz Czestochowa - Katowice - to the southern border with the Czech Republic in Gorzyczki. The section to undergo servicing is located in the province of Lodz, in Zgierz district, in the metropolitan area of Lodz.

Our key missions centred around the implementation of Road Projects, Road Safety Audits, Structural Assessments and Pavement Ascultations and the Monitoring and Assessment of the Stability of Slopes and Retaining Walls at all levels of the national road network. Project Execution Planning for the complementary networks and national roads related to the EN13 and EN205 in the Braga district, Slope Stability studies on the Beira Litoral and Alta and Grande Lisbon Concessions, and the Pavement Ascultations carried out on the A1, A2, A3, A4, A6, A12 and A13 motorways over a stretch of around 1,400 km all deserve special mention.

The construction of this highway is expected to reduce the environmental impacts caused by road traffic and improve road safety through the use of more modern pavement surfaces, which contribute to improving traffic flow, as well as the use of noise barriers, animal crossings, the planting of vegetation and improved stormwater drainage systems. This investment, under the responsibility of GDDKiA Warszawa, is budgeted at 235.8 million euros. TPF Planege joined the Consortium responsible for the management and supervision of construction works.

Servicing of the National Road Network

CONSOLIDATED ANNUAL REPORT 2014 - TPF PLANEGE | 25

2015 will be a year of new challenges and ambitions, but also a year that will recommend great caution OUTLOOK FOR 2015

Since 2013, the TPF Planege Group has been making various efforts to diversify markets and activities, and we therefore expect to see the successful results of some of these efforts in 2015. Of these, the most likely is a strengthening of our position in Southern Africa, in countries where neither we nor the TPF Group currently operate. The work secured and the fall in the value of the euro allow us to face 2015 with good prospects, but, as is well known, 2014 ended with one of the markets where we are strongest, Angola, facing a crisis due to the sharp fall in oil prices, which cannot fail to affect the entire African market, whether the countries are producers or potential producers of oil, gas or coal. In Mozambique, the recent elections will also lead to a stalling of investments. Therefore, 2015 is expected to be a difficult year, but we think that the reserves we have created, our ongoing work and portfolio of new contracts and the depreciation of the euro will allow us to safely navigate it, certainly with some deterioration in performance, specifically results, but still with turnover similar to that witnessed in previous years.

26 | TPF PLANEGE - CONSOLIDATED ANNUAL REPORT 2014

We also hope that it will be a year in which we will attract a lot of new business to compensate for the poor results in this respect witnessed in 2014, for which we will also benefit from the current value of the euro. Above all, our strategy during 2015 will be based on the search for new markets and diversification of our geographic area, also not forgetting our continuing efforts to strengthen our skills and expand into supplementary activities already mentioned in 2013 (Facility Management and other activities related to the conservation, maintenance and repair of buildings and infrastructure). We also plan to take advantage of this year to make some improvements to the TPF Planege group, guiding the younger generation, who will lead the company in the next decade, towards new and greater responsibilities. It will thus be a year of training and learning for greater markets, challenges and ambitions, but also a year that will recommend great caution.

COMPULSORY LEGAL PROVISIONS

In compliance with the required legal provisions, please note that as of 31 December 2014, there were no taxes payable to the State or Social Security payable.

CLOSING REMARKS

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 Statutory Auditor.

Lisbon, 02 March 2015

CONSOLIDATED ANNUAL REPORT 2014 - TPF PLANEGE | 27

THE BOARD OF DIRECTORS

Jorge Maurice Banet Nandin de Carvalho, Chairman

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

28 | TPF PLANEGE - CONSOLIDATED ANNUAL REPORT 2014

CONSOLIDATED FINANCIAL STATEMENTS 2014

CONSOLIDATED ANNUAL REPORT 2014 - TPF PLANEGE | 29

CONSOLIDATED BALANCE SHEET Currency: EUR

HEADINGS

DATES

Notes 31-12-2014

31-12-2013

ASSETS Non-current assets: Tangible fixed assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5. . . . . . . . . . . . . . . . . .460.429 . Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6. . . . . . . . 224.279 Intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 ................ 56.109 Financial interests - other methods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 . . . . . . . . . . . . . . . . . . . .32.222 ............ Other financial assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10 . . . . . . . . . . . . . . . . . . . . 2.250 Deferred tax assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11 . . . . . . . . . . . . . . . . . . 23.893 799.183 Current assets: Customers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 ........... 16.769.250 Advances to suppliers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .169.257 . State or other public bodies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13 . . . . . . . . . . . . . . . . . .585.832 ....... Shareholders/Partners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 1.931.121 Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15 . . . . . . . . . . . . . . . . 1.450.048 Deferments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16 ........... 754.812 Other financial assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 . . . . . . . . . . . . . . . . . . . . . 1.809 Cash and bank deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4. . . . . . . . . . . . . . . 8.192.747 ....... 29.854.876

2.192.094 418.600 3.328 9.762.555 24.739.083

Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

30.654.058

25.636.798

Equity: Capital Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 ............. 1.524.600 Legal reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19 .............. 301.366 Other reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 .............. 118.268 Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.368.273 . Other changes in equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19.831 ..

1.524.600 233.868 2.280 2.002.890 -17.521

Net profit for the period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.652.174 ....

1.314.379

488.269 242.812 82.332 32.222 8 52.072 897.715 11.513.703 341.341 507.462

EQUITY AND LIABILITIES

Minority interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 ................ Total equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5.431

27.546

6.989.943

5.088.042

Liabilities: Non-current liabilities: Provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .31 ........... Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21 ....... Deferred tax liabilities Other payables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23 ...............

190.000 260.564 25.233 531.777 1.007.574

3.848.865 4.213.943

Current liabilities: Suppliers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15 .......... 4.229.300 Advances from customers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22 . . . . . . . . . . . . . . . . 1.771.519 ......... State or other public bodies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13 . . . . . . . . . . . . . . . . 1.052.027 .......... Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21 ....... 1.238.714 Other amounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 . . . . . . . . . . . . . . . . .4.268.743 ...... Deferments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16 ............ 10.096.238 22.656.541 Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.664.115

2.190.089 3.017.647 439.063 598.616 2.790.040 6.771.971 15.807.425 20.021.368

Total equity and liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .30.654.058 ......

25.109.410

THE CHIEF ACCOUNTANT

30 | TPF PLANEGE - CONSOLIDATED ANNUAL REPORT 2014

THE BOARD OF DIRECTORS

365.078

CONSOLIDATED STATEMENT OF INCOME Currency: EUR

INCOME AND LOSSES

Notes

PERIODS 31-12-2014

31-12-2013

Turnover. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .24 . . . . . . . . . 28.716.169 . . . . . . . . . . . . . . .23.933.495 ..................... Operating subsidies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Profits/Loss by subsidiaries, associates and associated companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.723 . . . . . . . . . . . . . .25.436 .................. Subcontracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25 . . . . . . . . . . . .-10.426.765 . . . . . . . . . . . . . . . . . . . .-8.389.803 ........

Supplies and external services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 . . . . . . . . . . -5.308.419 . . . . . . . . . . . . . . -5.126.147 .....................

Personnel expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .26 . . . . . . . . . -7.759.620 . . . . . . . . . . . . . . .-7.051.193 ..................... Impairment of receivables (losses/reversals) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12 . . . . . . . . . . .-507.806 . . . . . . . . . . . . . . -328.608 .................... Provisions (increases/decreases) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32 . . . . . . . . . . . . . . .-190.000 ..................................

Impairment of non-depreciable/amortisable investments (losses/reversals) . . . . . . . . . . . . . . . . . .29 . . . . . . . . . . .-106.413 . . . . . . . . . . . . . . -120.591 .................... Increases/reductions in correct value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -3.796 . . . . . . . . . . . . . . .-4.725 ................. Other income and gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 . . . . . . . . . . 2.199.807 . . . . . . . . . . . . . . . . 735.221 ................... Other expenses and losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28. . . . . . . . . -2.288.091 . . . . . . . . . . . . . . .-1.328.247 ....................

Result before depreciation, loans and taxes (EBITDA)

4.327.789

2.344.837

Expenses/Reversals of depreciation and amortisation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6,. .7 . . . . . . . . . -283.372 . . . . . . . . . . . . . . .-247.025 ................... Operating result (before loans and taxes) (EBIT)

4.044.417

2.097.812

Interest and similar expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 . . . . . . . . . . . . -81.122 . . . . . . . . . . . . . .-101.953 ................... Result before tax (EBT)

3.963.295

1.995.859

Income tax payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 . . . . . . . . . . . . . -1.308.070 . . . . . . . . . . . . . . . . . . . . . -661.475 ......... Net profit for the period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2.655.224 . . . . . . . . . . . . . . . . . . .1.334.384 ..........

Net profit for the period attributable to: Equity holders of the parent company. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2.652.174 . . . . . . . . . . . . . . 1.314.379 .................... Minority interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 . . . . . . . . . . . . . .3.050 . . . . . . . . . . . . . 20.006 .................. 2.655.224

1.334.384

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

THE CHIEF ACCOUNTANT

THE BOARD OF DIRECTORS

CONSOLIDATED ANNUAL REPORT 2014 - TPF PLANEGE | 31

CONSOLIDATED STATEMENT OF EQUITY HEADINGS

NOTAS PAID-UP CAPITAL LEGAL RESERVES OTHER RESERVES

1.524.600,00

Balances at 01.01.2013

175.425,46

2.280,47

RETAINED EARNINGS

OTHER CHANGES IN EQUITY

1.826.998,16

-1.136,58

NET PROFIT FOR THE PERIOD

1.332.626,76

MINORITY INTERESTS

TOTAL

TOTAL EQUITY

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

Transactions with equity holders Capital contributions

Distributions

Other operations

1.524.600,00

Balances at 31.12.2013

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

-1.332.626,76

-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

Changes in the Period:

Differences from translation of financial statements

Other changes recognised in equity

115.987,18

19.402,28

37.352,63

172.742,09

115.987,18

19.402,28

37.352,63

172.742,09

Net Profit for the Period

2.652.174,26

3.049,92

2.655.224,18

Comprehensive Income

2.652.174,26

2.824.916,35

3.049,92

2.827.966,27

-1.314.378,88

-900.900,00

Transactions with equity holders Distributions

Other operations

Balances at 31.12.2014

1.524.600,00

67.497,76 67.497,76 301.366,03

THE CHIEF ACCOUNTANT

32 | TPF PLANEGE - CONSOLIDATED ANNUAL REPORT 2014

118.267,65

345.981,12 345.981,12 2.368.273,05

19.831,33

-900.900,00

-25.164,90

-1.314.378,88

-900.900,00

-25.164,90

-926.064,90

2.652.174,26

6.984.512,32

5.430,89

6.989.943,21

THE BOARD OF DIRECTORS

CONSOLIDATED STATEMENT OF CASH FLOWS Currency: EUR

HEADINGS

Notes

PERIODS

31-12-2014

31-12-2013

Cash flows for operational activities - direct method Customer receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21.599.761,69 . . . . . . . . . . . . . . .21.135.526,67 ...................... Payments to suppliers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(13.523.888,62) . . . . . . . . . . . . . . .(10.671.877,67) ....................... Payments to employees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(7.759.619,95) . . . . . . . . . . . . . . .(5.098.848,19) ...............

Cash generated by operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 316.253,12 . . . . . . . . . . . . . . 5.364.800,81 ......................

Payment/Receipt of income tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (661.474,63) . . . . . . . . . . . . . . (1.184.370,62) ....................... Other receipts/payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.721.312,58 . . . . . . . . . . . . . . .(2.171.550,59) ...................... Cash flows of operational activities (1)

1.376.091,07

2.008.879,60

Cash flows from investment activities Payments relating to:

Fixed tangible assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(202.270,14) . . . . . . . . . . . . . . . .(71.408,96) .................... Intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8.506,31) . . . . . . . . . . . . . . (57.701,00) ............. Financial investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(4.519,55) . . . . . . . . . . . . . (260.020,00) ..................... Receipts from:

Fixed tangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5.972,26 ................... Interest and similar income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .129.595,48 .................... Cash flows from investment activities (2) Cash flows from financing activities Receipts from:

(215.296,00) -

(253.562,22) -

Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 535.583,85 . . . . . . . . . . . . . . . 225.000,00 .....................

Capital contributions and other equity instruments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147.577,19 .................................... Payments relating to:

Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(1.931.121,19) . . . . . . . . . . . . . . . (2.118.695,90) .......................

Interest and similar expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (145.627,44) . . . . . . . . . . . . . . . . (67.940,51) .....................

Dividends. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (900.900,00) . . . . . . . . . . . . . . (1.135.446,05) ....................... Cashflow from investment activities (3)

(2.294.487,59) -

(3.097.082,46) -

Cash variation and equivalents (1 + 2 + 3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.133.692,52) . . . . . . . . . . . . . . . (1.341.765,08) ....................... -

Effect of exchange rate variation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (436.115,69) . . . . . . . . . . . . . . . . (75.829,93) ..................... -

Cash and cash equivalents at beginning of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4. . . . . . . . . . . .9.762.555,03 . . . . . . . . . . . . . . 11.180.150,04 ......................

Cash and cash equivalents at end of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4. . . . . . . . . . . .8.192.746,82 . . . . . . . . . . . . . . . 9.762.555,03 ......................

THE CHIEF ACCOUNTANT

THE BOARD OF DIRECTORS

CONSOLIDATED ANNUAL REPORT 2014 - TPF PLANEGE | 33

AUDIT REPORT

34 | TPF PLANEGE - CONSOLIDATED ANNUAL REPORT 2014

CONSOLIDATED ANNUAL REPORT 2014 - TPF PLANEGE | 35

TPF Planege – Consultores de Engenharia e Gestão SA Rua Laura Alves 12-8 – 1050-138 Lisbon, Portugal TEL. +351 218 410 400 FAX +351 218 410 409 SHARE CAPITAL 1,524,600 € – CRCL/TIN 500963363 geral@tpfplanege.com - www.tpfplanege.pt

TPF ANGOLA – Consultores Lda Rua Conselheiro Aires de Ornelas, no. 1 R/C, letras A e B - Luanda, Angola TEL. + 244 222 715 465 SHARE CAPITAL 500,000 Kz - CRCL 1472-09/090626 - TIN 5417064467 geral@tpfangola.com - www.tpfangola.com

TPF ALGÉRIE SA – Third Party Financing Algérie 14, Rue Mohamed Khoudi Alger, Algeria TEL / FAX. +213 21 792 984 SHARE CAPITAL 1,000,000 DA - RC 23/0364805B08 - TIN 823019017546 - AI 23015775014 geral@tpfalgerie.com – www.tpf.eu

TPF MOÇAMBIQUE – Consultores Lda TPF PLANEGE – MOZAMBIQUE BRANCH Rua da Imprensa, no. R.1.121, Prédio 33 Andares no. 1230, 4 Piso, Escritório 413, Maputo, Mozambique TEL. +258 827 043 241 / +258 827 741 067 FAX +258 21 333 585 SHARE CAPITAL 1,000,000.00 MTn - NUIT 400 453 764 geral@tpfmocambique.com - www.tpfmocambique.com

TPF Planege – Consultores de Engenharia e Gestão SA PORTUGALIA – Bucharest Branch Str. Delea Veche, nr.16-18, ET. 1 AP. 5 Sectorul 2 Bucharest – Romania