2
3
Board of Directors
3
Table of the General Assembly
3
Accounts Supervisor
3
Introduction
5
Analysis of Accounts
7
Activities in Portugal during 2009
9
Activities Abroad during 2009
17
Perspectives for 2010
22
Proposal of Distribution of Results
23
Legal Obligations
24
Final Considerations
24
Balance sheet as at 31 December 2009
24
Demonstration of Results by Nature as at 31 December 2009
26
Report of the Accounts Supervisor
41
4
Jorge Maurice Banet Nandin de Carvalho, President Fernando José Mena Gravito, Executive member Luís Manuel Fernandes Marques Conduto, Executive member José Luís Mendes Pinheiro Veloso, Executive member Vitor Manuel Teixeira da Fonseca, Executive member Christophe André Gilain, Member Thomas François Hervé Spitaels, Member
Thomas François Hervé Spitaels, President Luís Manuel Fernandes Marques Conduto, Secretary
Gomes Marques, Carlos Alexandre & Associada, SROC Nº 137, represented by:
Carlos José Castro Alexandre, ROC n.º 692 Substitute Accounts Supervisor
Vicente Pereira Gomes Marques, ROC n.º 669
5
BOARD OF DIRECTORS
DIR. ADMINISTRATION AND PERSONNEL
DIR. COMMERCE AND MARKETING
DIR. QUALTY AND INFORMATION
DIR. STUDIES AND PROJECTS
DELEGATION OF MADERE
DIR. OF WORKS MANAGEMENT AND SUPERVISION
DIRECTION EUROPE
DIR. OF PROJECTS MANAGEMENT AND INDUSTRIAL . ENG
DIRECTION ALGERIA
DIRECTION ANGOLA
6
In order to meet the legal and statutory disposals, the Board of Directors is submitting to the analysis of the Shareholders the Management Report, the Financial Demonstrations and the Proposal for Application of Results concerning the exercise ending on the 31st December 2009.
7
During a year of crisis as 2009 has been it was the diversity of markets in which we are present that has enabled us to meet our goals. Operating in Angola, Algeria, Poland, Romania and, of course, in Portugal TPF PLANEGE, SA has thus maintained multiple and diversified clients. It has significantly increased its revenues which have reached 14.000.000 €, from which about 50% have been invoiced in the External Markets above mentioned. The commitment to internationalization, started during 2003, has given its results and we can now say with exactness that, if it was not for that, we would have been stagnant. The year 2009 has been characterized also for the undertaking of a large number of actions and initiatives that, for their significance, deserve to be emphasized in this introduction, some of them initiated during 2008. From these actions/initiatives would like to refer the following:
we
•
Integration of P&V;
•
Opening of a branch office in Romania, Bucharest, following the first services rendering that we managed to obtain there;
•
Creation of the company Angolan law, TPF ANGOLA;
•
Obtaining of the Certification of the Integrated Management System for Quality, Security and Environment;
•
Formalization of the three areas/brands of action of the company which are now finally registered: TPF ENGINEERING; TPF PLANEGE; TPF CONTRACT.
of
8
a) In General
The total revenues have increased 9.2% having reached a net profitability of 4.6% and an operational profitability of 8.4 %. The EBITDA has been of 11%.
Although when compared with last year there has been a marked decline of the profitability – as 2008 has been a quite exceptional year under this point of view – the company results can be considered to be good, being the third best result of the past decade.
b) Economic and Financial Characterization In the following summary table is presented a comparison of the economic financial indicators for the last three years. In this analysis it is evident that all indicators are at good levels, some of them having even improved when compared with those of last year. Indicators
2009
2008
2007
Financial Autonomy
33%
22%
22%
General Liquidity
232%
289%
181%
Solvability
49%
28%
28%
Profitability of Own Capital
25%
40%
14%
8.240.253
7.525.328
5.607.921
Financial Results / Total Revenues
-1,0%
-1,0%
0,2%
EBITDA / Total Revenues
11%
17%
9%
VAB
9
c) Productivity and Employment The average number of work positions has increased about 10% compared to that of 2008. The average invoicing per worker has been almost the same, that is, of about 103.000 euros/year per worker.
d) Exports In terms of exports this year has been almost similar to last year, exports having corresponded to about 50% of the whole invoicing. The 9% increase in invoicing has been almost the same for the internal and the external markets. The external markets, especially those of Angola and Algeria, have represented the greatest part of the exports. We would like to thank also the valuable support of the local companies in whose management we participate TPF ANGOLA and TPF ALGÉRIE.
10
Our works have been undertaken within the scope of the three company brands mentioned in the introduction, the most significant being the following:
TPF ENGINEERING is the area/brand of TPF PLANEGE S.A. devoted to the elaboration of engineering and architectural studies and projects TOURISM COMPLEX OF MARTINHAL IN VILA DO BISPO The tourism « resort» is formed by a 5 stars hotel, a touristic village, individual villas and twin houses, as well as various support infrastructures: restaurants, spa, internal and external swimming-pools, boutiques, a children’s club and a sports club with tennis and paddle courts and others. The greatest number of the villas and apartments have superb views over the ocean. TPF ENGINEERING has undertaken the projects of foundations and structures.
TOWERS OF TELHEIRAS IN LISBON This project consists of 4 buildings, two towers of 20 floors (16 in elevation) and two other shorter buildings, situated in the middle of the towers, with 12 floors (9 in elevation). The total construction area is of 44.000 sqm, 30% being for housing. TPF ENGINEERING has executed the projects of foundations and structures. The slabs of the floors are of the fungiform type and the foundations are over piles.
11
BRIDGE OVER AVE RIVER TPF ENGINEERING has also made the construction studies of the works of art of the variant to the National Road 12 between Maia and Famalic達o. This work has included the study of 49 works of art, 18 of them being special works of art. From these, the bridge over the Ave River (1668 m) and the Viaduct of Beleco (1072 M) have been the most important. The structural solution of these bridges lies in twin structures, one in each direction, in pre-casted concrete supported in pillars of reinforced concrete. The highest work of art has about 50 m.
URBANISATION PLANS OF THE CITIES OF KILAMBA KIAXI, CACUACO AND DUNDO Our architectural department has been developing these plans having already been delivered the Plans for 2 of the Cities. We are also developing Dundo Plan, which is still been discussed. The Cities of Kilamba Kiaxi and Cacuaco will be housing 100.000 and 50.000 inhabitants, respectively. The work has consisted in the re-adaptation to the local reality of the Urbanization Plans executed by Chinese constructors.
12
TPF PLANEGE is the area/brand of TPF PLANEGE SA devoted to works Management and Supervision
WHARF OF JARDIM DO TABACO The renovation of the Wharf of Jardim do Tabaco, in Lisbon, is being executed having in view its adaptation to a terminal of cruisers. The total length of the wharf to be renovated is of 650 m. From these 650m, 200 consist solely of a rehabilitation of the existing structure. In the other 450m the wharf structure is over piles which support the reinforced concrete slab.
A4 ROADWAY – TUNNEL OF MARÃO This section of the A4 will substitute one of the sections with more accidents and traditionally well known of the Portuguese, due to the difficulty represented by the crossing of Marão Mountains. This concession, of about 30 km, has 5.6 Km in tunnel (of two galleries and 9 Km of bridges and viaducts of different types and with huge dimensions. The section shall have 13 connections, the extension of the existing road being of 4 km.
The cost of the works is estimated in 360 M€ and the work will be concluded by 2011. TPF PLANEGE is the leader of the Association for the Supervision and Coordination of Security, having permanent teams on site integrating about 25 experts of different specialties.
13
RAILWAY BRIDGE OF ALCﾃ，ER The Railway Bridge over Sado River is at the moment the longest construction in Portugal. The Bridge is included in the new variant of the Southern Line with 30 km of extension. The bridge and the two access viaducts in reinforced concrete in each one of the banks make a total length of 2735 m, 505 meters being over the river. The two central spans are metallic and suspended and each one is 160 m long. TPF PLANEGE is the head of the Association responsible for the Supervision and Coordination of Security. RETURN OF THE TRACTION CURRENT The works consist in the implementation of different measures within the Modernization Plan of the Suburban Line of Oporto, these measures being related with the return of the traction current and to the protection lands. These works will be executed in an extension of 150 Km and its costs amounts to 10 M竄ｬ. The works will be concluded by the middle of 2010 and are executed with the minimum exploration disturbance, either in terms of guarantee of railway capacity or in terms of reduction of delays in railway circulation.
RAILWAY STATION OF RAQUETE The objective of the modernization of Raquete Station is to increase the exploration and selection conditions of the goods wagons for the industrial area of Sines, namely the factories of Galp, Repsol and Metalsines. The works comprise the remodelling of 3 km of lines and of eight more parallel lines of short length. Simultaneously will be installed a new electronic management system of the latest generation.
14
CONNECTION IN EXPRESS WAY TO THE HARBOUR OF FUNCHAL The design of the Connection of the Express Way to the Harbour of Funchal, with a total length of 1.446 m, starts in the Square of Funchal Harbour and ends in the intersection with the Old Caminho do Pilar, where is started the Connection of Levada do Cavalo connecting to Liberdade Road. The design initiates with the Tunnel of Pontinha, a bidirectional tunnel with 10.50 m of useful width and of 670 m of length, and the works include 4 works of art and 2 tunnels. WEST ACCESS AT QUOTA 200
The West Access to the City of Funchal at quota 200 is a project that aims at improving the traffic originated in the Monumental Road as it establishes the direct connection at quota 200 with the west exit of Funchal. The access with characteristics of urban way, has 2x2 pathways, a separator at 3m, longitudinal parking and 5 m sidewalks. With about 2.100m it includes specific points: between which 7 squares, 1 false tunnel and 1 viaduct. GARDENS OF S.LOURENCO This huge housing project situated at Av. dos Combatentes in Lisbon is almost finished. The total construction area is of 32.500 sqm and the total investment is of about 100 Mâ‚Ź, comprising 90 T3 to T6 apartments and penthouses with 10 to 13 rooms, with internal gardens, private terraces, some of them having swimming-pools and jacuzzis. The urbanization has about 16.000 sqm of green area.
15
SCHOOLS Following a Government program for the Modernization of the Portuguese Schools at a big scale, TPF PLANEGE has been chosen to make the Supervision and Coordination of Security of 6 schools in the Areas of Sintra and Caldas da Rainha. The interventions are characterized by renewals of the existing installations at the level of the reorganization of the internal partitioning, improvement of the internal coatings and, in some situations, the rehabilitation of the reinforced concrete structures. The electrical installations, the water and sewage networks, and the telecommunications are object of total renovation. The schools are extended with new installations to increase the capacity of the classrooms or for other uses, as gymnasia or external areas. The total construction area is of 46.000 sqm and the expected cost for these 6 interventions is of 55 Mâ‚Ź. The works will be concluded in 2010.
HOSPITAL OF CUF IN OPORTO
The Hospital of CUF in Oporto shall be concluded at the end of the first semester of 2010. This hospital totally private belongs to the Mello Saude Group, and is located near the VCI. It is a 5000 sqm building with 12 storeys and 150 beds. The four inferior levels are intended to parking and at level -1 will be installed the kitchen, the pharmacy, and also an area for special medical exams. In the groundfloor are located the Urgency, the physiotherapy, the imagiology and the clinical pathology and in the 1st floor the operation blocks and the intensive care units. The 2nd level is for the technical installations and the remaining floors for internment. The last one has a canteen, a library and a chapel.
16
CHILDREN’S HOSPITAL OF COIMBRA
After five years of works, the Children’s Hospital of Coimbra is almost concluded in terms of erection having now started to be equipped. The hospital complex is formed by two buildings, a main one where are installed the medical services and a secondary one which houses all the technical installations required for the functioning of the main unit. The construction area has 90.000 sqm and 160 beds. The hospital is at the moment in a phase of commissioning and being equipped.
TPF CONTRACT is TPF PLANEGE SA brand for the Management of Projects and Industrial Engineering CONVERSION OF PETROGAL REFINERY IN OPORTO TPF CONTRACT has been collaborating with the team of projects management of FLUOR ECPM, in the project of augmentation of the production capacity of gas oil, gasoline and light fuel of the refinery of Matosinhos. The investment is of about 350 M€, includes the construction of a new unit for viscosity reduction, a vacuum column, the modernization of the desulfurization unit and the installation of a cogenerating unit. TPF CONTRACT has about 15 experts at the moment working in this project.
17
PROJECT MANAGEMENT OF THE CEMENTS PLANT OF CACUACO This factory has been awarded in 2006, and is progressing slowly but at the moment we can consider that the engineering project is completely finished. TPF CONTRACT has managed the project between the various intervening entities, namely contractors, designers, suppliers of equipments, managers of the utilities and has revised the processes of fabrication and the performances and has elaborated the preliminary studies of the plans of mining of limestone and clay. The factory that is under construction since the end of 2007 has been subject to some delays due to the changing of the contractor of the 1st phase, which includes the building of great ensiling and storage areas. For the management of this project it has been of extreme importance the data management platform, an innovation of TPF PLANEGE in a partnership with MR NET to which has been given the name of DATEX II. The factory is dimensioned to supply about 2.000.000 ton/day of composed cement in bags and bulk. TECHN ICAL ASSISTANCE TO PARCERIAS DE SAĂšDE SA The mission of TPF CONTRACT is the rendering of consultancy services to the Structure of the Mission Parcerias de SaĂşde to support the Programme of Public-Private Partnerships. These services aim at the technical analysis and evaluation of proposals of tenders for the design/construction, within the infrastructural field, that is regarding the architecture projects, either in the internal or external areas, the technical installations and equipments and the management system of maintenance and patrimony of the hospital. This services rendering was started in 2007 having taken place the first and second phases of the analysis of the proposals of the Hospital of Oriental Lisbon and of the Central Hospital of Algarve, besides the specific advices on the compatibility of the implantation of the Hospital of Vila Franca de Xira and EPAL piping in the neighboring areas. TPF CONTRACT has for that purpose a multidisciplinary team of architecture and civil, electrical and mechanical engineering as well as other specialists in specific environment and security areas.
18
The services export of TPF PLANEGE has reached this year of 2009 about 50% of the volume of the invoicing, a percentage almost equal to that of last year. Considering the importance of this sector of the company’s internationalization, and especially in the Portuguese market in a clear recession in the field of civil construction and public works, this is a chapter devoted exclusively to exported services. In the international market the company uses only the brand TPF PLANEGE. has been consistently made with our Polish partner E&L The internationalization in Architects, a company of the TPF Group with which we have been working in 3 projects: NEW S8 SECTION OF ARMII KRAJOWEJ, KONOTOPA / PRYMASA TYSIACLECIA HIGHWAY The project consists in the construction of five new sections in the peripheral area of Warsaw between the connections of Konopa and Prymasa Tysiclecia. The S8 section has 2x3 pathways and a length of about 10Km. In this section is foreseen the construction of 22 new viaducts, three new connections and a substantial improvement of the pathway which will enable a greater fluidity of the traffic either of long distance or of proximity. The works will be concluded by 2012. MODERNIZATION OF GDYNIA GLOWNA OSOBOWA RAILWAY STATION This contract, signed in 2007 and with expected conclusion in 2010, consists of the modernization of the railway lines of the station area in about 6 km of extension as well as the respective infrastructures. It includes namely the amelioration of the foundation grounds, substitution of sleepers, traction electrical installation in an extension of about 11 Km, and the reconfiguration of the data processing systems for traffic control.
19
NEW SECTION OF SOSNICA-BETLK ROADWAY This highway section has three ways and is 15,5 Km long. With complex technical problems due to the mining area crossed it includes the construction of 3 connection, a toll square and two service areas. The project will be concluded in 2011.
In , TPF PLANEGE obtained this year the first consultancy contract through the recently created branch in Bucharest. The contract has the duration of 10 months and aims at making the supervision of the modernization and rehabilitation works of the roadway infrastructures of the city of Amara, situated 120 km east the capital Bucharest. The work includes the modernization of eight avenues. The works have as main objective the improvement of the mobility and comfort of the vehicles and pedestrians circulating in the city. Amara has about 8.000 inhabitants, but reaches 25.000 inhabitants during the summer due to the fact of being a beach resort. The team allocated to this work is formed by five local specialists under the supervision of TPF PLANEGE. The first works are expected to start during the first semester of 2010. The total budget is of 1.600.000â‚Ź and is part of the regional Operational Program for 2007-2013 financed by the European Union.
In the cooperation developed with TPF ANGOLA has given the first steps last year and is being reinforced with the introduction of Angolan experts in our teams. The most significant projects in Angola are:
20
CONSTRUCTION SUPERVISION OF THE NEW CITIES OF KILAMBA KIAXI, CACUACO AND DUNDO These are big housing complexes to cover the deficiencies of the housing park in Angola. These three projects comprise about 35.000 apartments, that is, they house about 150.000 inhabitants. They are being built by Chinese contractors with also Chinese project improved with the cooperation between TPF PLANEGE and the technical team of the Client. The three cities are being developed at different speeds, the one which has most progressed being Kilamba Kiaxi, situated a little to the south of Luanda, near the circular road Cacuaco/Benfica. This urbanization, although still delayed compared to what was initially planned is impressive: in 16 months, from the 480 buildings planned (with 5, 7, 9, and 11 floors), 377 (78%) had already their structures finished. Concerning the city of Cacuaco the situation is not as good but, nevertheless, during these same 16 months from the 412 buildings planned, 143 had already their structures finished. More difficult has been the situation in Dundo (Northern Luanda) where the need to change the foundation projects and the difficulties of transports of goods to site has hampered the works progress. In the construction are included not only the buildings but all the structures that is, water origins, water treatment stations, water and sewage treatment stations, water and sewage distribution networks, pluvial drainage, substations, electricity, lighting, telecommunications and gas networks and roadways. The works will be developed up to 2013/2014. REHABILITATION OF EN 190 ROAD – MUCONDA-LUAU This work was awarded in 2008 planned to be concluded by the end of 2010. We are acting in Association with the Angolan company 4000, TPF PLANEGE being the company responsible for the technical area. For that purpose we have in permanence on site qualified experts in roadway works to control the works execution. This section has about 100 km of extension and its rehabilitation
21
consists of the construction of various variants of the design, extension of the platform, general drainage renewal and total repaving. The works are estimated to cost more than 100 MUSD.
In , TPF PLANEGE has always had the support of the local company TPF ALGÉRIE, and has acted in the railway area especially in the renewal of lines to increase the speed to 200/220 Km/h. However by the end of the year we won two tenders which, although in the same area, have different characteristics: the light subway of Constantine and the so-called Mining Line between Annaba and Djebel Onk to the south and Annas in which we are involved.
RAILWAY LINE OUED TLELAT-TLEMECEN
1
This section of 130 Km is part of a bigger section of 200Km of Oued Tlelat to the Moroccan border and is intended to ensure a better connection between borders, to improve the railway
2
3
4.1 4.2
1
performances and to reduce the trans Maghreb route duration. The double way electrified line has been designed for 160 Km/h but is being studied an upgrade to 220 Km/h and is intended for goods and passengers. The road is in UIC 60 rails, over concrete sleepers. The project includes 12 tunnels (7.3 Km), 81 viaducts (30.2 Km), 5 stations. The catenary is of 25KV-50Hz and the telecommunications and signaling system foreseen is the ETCS+ GSM-R. TPF PLANEGE is the leader of the Association for the works supervision. The duration of this work is 39 months and it has been started in the middle of 2009.
22
2
UNDERGROUND RAILWAY OF CONSTANTINE
The demographic projections of Constantine indicate a population of 430.000 inhabitants in 2020, being more than 300.000 in the new city of Ali Mendjeli. To make a significant improvement of the public transports in the municipality of Constantine a viability study has been undertaken which has concluded that the system should be, in the first place, based on a surface subway between Zoughi and the new city of Ali Mendjeli. The new public transports network and particularly this line will be a comfortable alternative to the use of the private car. Following this viability study the project for tender and launching of the work and the respective analysis of proposals has been awarded to a Consortium of three entities where TPF PLANEGE is integrated with about 1/3 of the contract value. The work shall be initiated in 2010.
RAILWAY LINE ANNABA- RAMDANE DJAMEL
3
This project started in 2007, with the same objectives as that of Oued Tlelat/Tlemcen section but has slowly evolved due to successive changes to the project to increase the speed of railway circulation to 200 Km/h, therefore facing a significant delay. The line extension to be duplicated, renewed and electrified is of 96 Km.
MINING LINE – ANNABA- DEJBEL ONK AND ANNABA BORDER OF TUNISIA
4.1
4.2
This work will be started in 2010, after the signature of the Services Order – Corresponding to the renewal of the existing lines, concerning the ballast, via, sleepers, devices for changing direction and signaling. The renovation will be made in an extension of 292 Km and the works duration will be of 36 months. TPF PLANEGE is the leader of the association that is in charge of the quality control, costs and planning.
23
The greatest concern for 2010 is not the amount of projects in portfolio (more than 25.000.000 euros by the end of 2009) but their efficiency that is the quicker or slower way of the conversion of that portfolio into invoicing. In fact, most of the works previously described will continue in 2010 and those which have been awarded abroad shall proceed until even later on. However, some of the construction works in which we are involved have the possibility of being suspended or having their activity reduced either for lack of agreement from the Work Owner and the contractors to the changes in the scope of works, or by lack of regularity of payments, also as a consequence of the serious global economic crisis of the year 2009. These problems can lead to delays or reductions in our mobilizations and correspond, therefore, to delays in our invoicing and revenues. This situation, more probable in the international market than in the Portuguese market, shall have to be dealt obtaining new works in the areas of short term consultancy or project. With a saturated Portuguese market, the continuous alternative is still the internationalization, and in an even more specialized way. We will thus work even harder in the amelioration of our performances in our areas of expertise: Railway and Roadway Infrastructures, including Full Ways, Bridges and Tunnels Health infrastructures Industries of Petrochemicals and Cements Also in our objectives is the development of the department of architecture, especially in the area of urban planning.
Homage to Madeira
24
In the internal organization plan of the company the internationalization has been presenting challenges which we need to strengthen during the next year of 2010. From these we would like to refer: Introduction of adjustments to the production processes, enabling to have into account the new geographical locations of the affairs, without losing the identity of the company methodologies. Improvement of the performance of internal communications, ameliorating the use of new technologies. Consolidation and dissemination of application systems tested in pilot projects of the company to manage the information regarding the activity of supervision/construction, being available online to the Work Owners and other interested parties.
We propose the net result of 653.093,94 Euros to be divided as follows: a) 500.000,00 Euros to be distributed to the Shareholders; b)
20.000,00 Euros of Balance Bonus;
c) 100.438,94 Euros for Transferred Results; d)
32.655,00 Euros for Legal Reserves.
25
Following the legal obligations imposed by law we inform that, at 31 December 2009, there were no debts of taxes to the State or of contributions to the Social Security.
The Board of Directors would like to thank the efforts and devotion of all the Collaborators in the company and the trust of Clients and Suppliers as well as the support received from the Official Entities and Banks, as well as from the Table of the General Assembly and the Accounts Supervisor.
Lisbon, the 5th March 2010 The BOARD OF DIRECTORS
Jorge Maurice Banet Nandin de Carvalho, President
Thomas François Hervé Spitaels, Board Member
Fernando José Mena Gravito, Executive Board Member
Luís Manuel Fernandes Marques Conduto, Executive Board Member
José Luís Mendes Pinheiro Veloso, Executive Board Member
Vitor Manuel Teixeira da Fonseca, Executive Board Member
Christophe André Gilain, Board Member
26
27
28
2009 Asset s
Depreciat ions and Adjust ement s
2008 Net Assets
Net Asset s
Fixed Asset s Int ang i b l e F i xed A sset s Goodwill
T ang ib l es F i xed A sset s Basic Equipment Transport Equipment Tools and Equipment Of fice Equipement Consort ium Equipment Ot her Tangible Fixed Asset s
F i nancial I nvest ment s Part ies in Capit al Group Companies Part s of Capital Invest ment s in associat es Loans t o associated companies Ot her Companies
2 8 0 .2 6 0 ,0 2
56 .0 52 , 0 0
2 2 4 .2 0 8 , 0 2
280.260,02
56.052,00
224.208,02
1. 4 16 . 2 53 , 6 4
1. 2 55. 0 77, 2 6
16 1. 176 , 3 8
635.523,06
562.097,96
73.425,10
97.685,34
88.629,31
75.570,39
13.058,92
23.448,82
69.434,22
2 0 4 . 4 6 8 , 77
1.897,38
1.897,38
496.812,70
433.397,82
63.414,88
36.631,81
36.588,20
43,61
167,03
156.759,38
145.525,51
11.233,87
13.733,36
2 9 6 .9 4 5, 79
2 9 6 .9 4 5,79
5.000,00
5.000,00
1.740,98
1.740,98
267.686,88
267.686,88
22.517,93
22.517,93
Advances on behalf of Financial Invest ment s
2 6 9 . 0 8 4 ,8 0
7.517,93 261.566,87
Working Capit al Invent o r i es Products and Works in Progress
A cco unt s R ecei vab l e - Sho r t T er m
172 . 3 51, 6 2
172 . 3 51, 6 2
6 5. 0 6 6 , 2 7
172.351,62
172.351,62
65.066,27
5. 0 0 6 . 8 73 , 8 0
5. 9 6 4 . 4 6 6 , 3 9
4.150.484,39
4.150.484,39
4.837.219,53
Customers, Ot hers
371.760,72
371.760,72
568.016,36
Doubt f ul Receivables
564.885,01
484.628,69
484.628,69
559.230,50
4 . 9 9 6 . 6 8 0 ,8 0
Customers, current a/ c
5. 571. 758 , 8 1
56 4 . 8 8 5,0 1
564.885,01
Ot her Shareholders St at e and Ot her Public Bodies Ot her Debt ors
B ank D ep o si t s and C ash
154 . 8 0 7, 13
154 . 8 0 7, 13
Bank Deposit s
137.052,28
137.052,28
178.724,45
Term Deposit s
16.074,68
16.074,68
4.816.074,68
1.680,17
1.680,17
1.881,67
Cash
A ccr ual s and D ef er r al s
1. 9 2 6 .56 7, 4 3
1. 9 2 6 . 56 7, 4 3
1. 176 . 0 6 8 , 58
Accrued Income
1.764.902,45
1.764.902,45
912.678,26
Def erred Cost s
161.664,98
161.664,98
263.390,32
7. 9 4 2 . 9 3 0 , 17
12 . 6 75. 8 3 5, 6 1
T o t al D ep r eciat io ns
1. 3 11. 12 9 , 2 6
T o t al A d j ust ment s T o t al A sset s
56 4 . 8 8 5,0 1 9 . 8 18 . 9 4 4 , 4 4
1. 8 76 . 0 14 , 2 7
29
2009
E q ui t y
2 . 6 0 6 . 4 4 0 , 74
Share Capit al
2008
2 . 751. 5 0 9 , 0 1
90 4.552 ,0 0
90 2.583,00
100.292 ,3 2
45.142 ,32
Reserves Legal Reserves Fusion Reserves Ret ained Earning s Sub t o t al Net Pro f it f or t he Y ear
D eb t s t o T hi r d P ar t i es - M e d i um and Deb t s t o Crédit Inst it ut ions Fixed A sset s Supp liers, current a/ c
D eb t s t o T hi r d P ar t i es - S ho r t T er m
2.280 ,47 94 6.222,01
701.3 72,01
1.9 53.346 ,8 0
1.64 9.097,33
6 53.093 ,9 4
1.102.411,68
Lo ng T er m1. 10 5. 4 6 4 , 3 4
2 9 9 .2 0 2 ,6 1
1.081.926,55
252.0 72,27
2 3.537,79
47.130 ,34
3 . 13 6 . 2 3 5, 3 6
4 . 2 2 7. 16 6 , 4 3
Deb t s t o Crédit Inst it ut ions
1.151.081,8 6
2.06 2.733 ,24
A dvances o n Sales
26 6.644,81
43 4.526,84
Fixed A sset s Supp liers, current a/ c
1.257.436 ,9 0
995.598,91
Sup pliers, t rade bills p ayable Fixed A sset s Supp liers, current a/ c
4 3.229,41
41.670 ,68
St at e and Ot her Public B odies
319.473,75
64 0.748,62
Ot her Credit ors
98.368 ,6 3
51.8 88,14
A ccr ual s a nd D e f er r al s A ccrued Cost Def erred Income
T o t al Li a b i l i t i e s T o t al E q ui t y and Li ab i l i t i es
Carla Cascais (TOC n.º 7433)
1. 0 9 4 . 78 9 , 73
5. 3 9 7. 9 5 7, 56
73 4.789 ,73
797.108 ,06
360.000 ,0 0
4.60 0.849,50
5.3 3 6 .4 8 9 ,4 3
9 .9 2 4 .3 2 6 ,6 0
7. 9 4 2 . 9 3 0 , 17
12 . 6 7 5. 8 3 5, 6 1
The Board of Directors
30
2009
2008
5.9 4 1.0 9 6 ,2 7 Subcontracts Suppliers and External Services
2.122.029,33
3.290.021,56
3.341.092,26
Employee Costs Payroll
5.4 6 3 .12 1,59
2.651.074,71
6 .6 9 0 .52 2 ,8 7
5.3 6 9 .2 10 ,0 7
5.079.510,62
4.217.514,03
1.611.012,25
1.151.696,04
Social Charges Others
2 2 2 .0 4 6 ,71 Depreciation of Tangible and Intangible Fixed Assets Adjustments
2 0 1.6 8 5,9 3
167.919,23
108.557,92
54.127,48
93.128,01 2 2 .16 8 ,3 1
Taxes Other Operating Costs
12 .2 19 ,0 7
5.501,30
8.099,79
16.667,01
4.119,28
T o t al A
12 .8 75.8 3 4 ,16
11.0 4 6 .2 3 6 ,6 6
2 76 .10 8 ,2 0
3 59 .9 3 3 ,6 3
Interests and Other Similar Costs Others
276.108,20
T o t al C
359.933,63 13 .151.9 4 2 ,3 6
11.4 0 6 .170 ,2 9
2 1.3 0 5,55 Costs and Extraordinary Losses
21.305,55
T o t al E
2 5.8 4 8 ,73 25.848,73
13 .173 .2 4 7,9 1
11.4 3 2 .0 19 ,0 2
3 9 8 .4 8 1,3 2 Income Tax
398.481,32
T o t al G
4 9 2 .0 8 7,10 492.087,10
13 .571.72 9 ,2 3
11.9 2 4 .10 6 ,12
6 53 .0 9 3 ,9 4 Net Profit for the Year T o t al H
653.093,94
1.10 2 .4 11,6 8 1.102.411,68
14 .2 2 4 .8 2 3 ,17
13 .0 2 6 .517,8 0
31
2009
2008
13 .6 0 8 .72 3 ,4 6 Turnover
13.608.723,46
12 .4 6 7.9 75,6 3 12.467.975,63
3 6 5.9 8 9 ,3 9 Production Variation Suplementary Income
2 79 .79 4 ,8 5
100.392,71
42.949,77
352.113,80
273.187,19
13.875,59
6.607,66
Operating Subsidies Depreciations and Adjustments Reduce T o t al B
14 .0 75.10 5,56
Other Interests and Similar Income Otherss
12 .79 0 .72 0 ,2 5
13 3 .19 5,4 1 133.195,41
T o t al D
2 2 8 .72 9 ,0 6 228.729,06
14 .2 0 8 .3 0 0 ,9 7
13 .0 19 .4 4 9 ,3 1
16 .52 2 ,2 0 Extraordinary Income T o t al F
Op erat ing Pro f it s ( B - A ) F inancial Lo ss [ ( D - B ) ] - [ ( C - A ) ]
16.522,20
7.0 6 8 ,4 9 7.068,49
14 .2 2 4 .8 2 3 ,17
13 .0 2 6 .517,8 0
1.19 9 .2 71,4 0
1.74 4 .4 8 3 ,59
- 14 2 .9 12 ,79
- 13 1.2 0 4 ,57
C urr ent Pr o f it ( D - C )
1.0 56 .3 58 ,6 1
1.6 13 .2 79 ,0 2
Pro f it B ef o re T ax ( F - E )
1.0 51.575,2 6
1.59 4 .4 9 8 ,78
N et Pro f it f o r t he Y ear ( F - G )
6 53 .0 9 3 ,9 4
1.10 2 .4 11,6 8
Carla Cascais (TOC n.ยบ 7433)
The Board of Directors
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