CONSOLIDATED RELATÓRIO E CONTAS ANNUAL REPORT CONSOLIDADAS
2017 2017
2 | TPF Planege Cenor - Consolidated Annual Report 2017
CONTENTS 05 06 07 08 10 14 33 34 34
36 37 38 39 40 41
71 75
GOVERNING BODIES
CORPORATE ORGANISATIONAL CHART
CONSOLIDATED MANAGEMENT REPORT Introduction
Analysis of Accounts
Work Carried Out in 2017 Outlook for 2018
Compulsory Legal Provisions Closing Remarks
CONSOLIDATED FINANCIAL STATEMENTS Consolidated Balance Sheet
Consolidated Statement of Income Consolidated Statement of Equity
Consolidated Statement of Cash Flows
Notes to the Consolidated Financial Statements
AUDIT REPORT
REPORT AND OPINION OF THE STATUTORY AUDITOR
Consolidated Annual Report 2017 - TPF Planege Cenor | 3
First Prize Architecture - Multistorey Car Park at Portela de Sintra - Portugal
4 | TPF Planege Cenor - Consolidated Annual Report 2017
GOVERNING BODIES
Board of Directors
Jorge Maurice Banet Nandin de Carvalho, Chairman
Carla Sofia Albuquerque da Silva Cascais, Voting Member
Carlos José de Oliveira Baião, Voting Member
José Pedro Correia Colunas Pereira, Voting Member
Rui Pedro Manuel Costa Fortes Monteiro, Voting Member Thomas François Hervé Spitaels, Voting Member
Vitor Manuel Teixeira da Fonseca, Voting Member
General Meeting Board
Thomas François Hervé Spitaels, Chairman
Carla Sofia Albuquerque da Silva Cascais, Secretary
Statutory Auditor
RSM & Associados – Sroc, Lda. represented by:
- Joaquim Patrício da Silva, ROC n.º 320
- José Carlos Nogueira Faria e Matos, ROC n.º 1.034, Alternate
Consolidated Annual Report 2017 - TPF Planege Cenor | 5
CORPORATE ORGANISATIONAL CHART
6 | TPF Planege Cenor - Consolidated Annual Report 2017
Modeling in BIM - River Regulation of Pante Macassar
CONSOLIDATED MANAGEMENT REPORT
Consolidated Annual Report 2017 - TPF Planege Cenor | 7
After this first year of merger between TPF Planege and Cenor, we believe that our combined strength allowed us to cross the year without prejudice.
INTRODUCTION
TPF Planege Cenor Group (which at the date of this report is simply TPF) reached, in 2017, a positive net profit of 1,599,725 Euros and a turnover of 28,138,301 Euros. Although it was a less positive year for the group, we managed to maintain the economic-financial balance in quite satisfactory values taking into account the activity. As expected and announced in 2016, this was another year in which the Angolan market crisis had a strong impact on our economic and financial performance. The group's activity focused on deepening and consolidating business in the correspondent geographical area of intervention, Europe, SubSaharan Africa, Maghreb, Far East and Middle East, although the achieved successes in the activity were not enough to compensate for the great fall in the Angolan market. Nevertheless, we highlight the positive growth in activity in Portugal, although the profit margins remain very narrow due to the strong competition and to the continuation of the contract award criterion of lowest price instead of the QBS (Quality Based System) criterion.
In this first complete year of merger between TPF Planege and Cenor, we believe that it was our joint strength - even though both companies had significant revenues in Angola in previous years - that allowed us to get through the year without losses. In fact, the merger resulted in a robust engineering and 8 | TPF Planege Cenor - Consolidated Annual Report 2017
architecture group with excellent human resources capable of handling virtually any field of Project Management and Design.
In this year of 2017, the Group carried out its activity in 20 countries, the most representative being Angola (approximately 8.1 million euros), followed by Portugal (approximately 6.8 million euros), Algeria (approximately 6.5 million euros) and Mozambique (approximately 2.0 million euros).
It should be noted the growth in billing for Portugal, which registered an increase of 1.7 million euros, currently corresponding to 24,3% of total invoicing. We also stress the preparation and approval during this year of 2017 of the 18/20 Strategic Plan carried out in 9 sessions (workshops) with our most qualified employees, which resulted in the establishment of the main objectives for the year 2020 and the objectives for the intermediate years, pointing to the return to the billing levels of 2016 at the end of the period, both as an individual company and as a consolidated company, respectively 30 and 40 million euros. From these workshops also resulted a strong commitment to Innovation, preparing the Company for a different way of production, using the most up-to-date working methodologies of the sector, such as BIM, in conjunction with the consolidation of solidarity amongst all employees.
HIGHLIGHTS 2017 29.9 million euros
2.82 million euros
Income recorded in 2017
EBITDA in 2017
77%
75%
Solvency
Percentage of invoicing outside the national territory
38.25 million euros
44%
Work Portfolio at 31 December 2017
Financial Autonomy
Consolidated Annual Report 2017 - TPF Planege Cenor | 9
ANALYSIS OF ACCOUNTS
At the end of 2017, TPF presents in its accounts a turnover of 28,138,301.06 Euros, meaning 32.7% less than in 2016. EBITDA amounted to 2.8 million euros, about half of the values recorded in the previous year.
The geographical breakdown of turnover is shown in the graph below, with a decrease in turnover in Angola (28.8%) and an increase in turnover in the domestic market, accounting for about 1/4 of total sales, followed by of the Algerian market. Despite the decrease in turnover in 2017, the company maintained the robustness achieved with the merger. In fact if we compare the merged company with the historical data of TPF Planege it can be observed that
Equatorial Guinea 0,5% Intra-Community 0,4%
Cameroon 2,5%
Macau/China 2,0%
the TPF Planege Cenor Group has improved in terms of financial autonomy, liquidity and solvency.
Due to the difficulty of recovering credits in Angola, the company's policy in 2017 for this particular market was to accept only the new works awarded through multilateral organizations that guarantee the payment in Europe and in USD or Euros. Geographic diversification is notorious and results essentially from the expansion efforts to other international zones, which allowed us to operate in 2017 in more than a dozen business markets, including Portugal.
Others 0,5%
East Timor 5,6%
Geographical Distribution of Turnover
(Markets in percentage) | figure 1
Angola 28,8%
Turkey 4,9% Mozambique 7,1%
Portugal 24,3% Algeria 23,4%
10 | TPF Planege Cenor - Consolidated Annual Report 2017
Angola Algeria Portugal Mozambique Turkey East Timor Macau/China Intra-Community Equatorial Guinea Cameroon
ECONOMIC AND FINANCIAL DESCRIPTION
As it can be seen from the main economic and financial indicators presented in the table below, there is a significant reduction in revenues, which is mainly due to the reduction in billing in Angola.
Although Angola's debt and the reduction in billing in this particular market have negatively affected some of the ratios, it is considered that in general these indicators remain robust, namely Financial Autonomy, General Liquidity and Solvency.
44,8
30,82
30,92
29,99
24,69
2013
2014
2015
2016
2017
Changes in Revenue (in million euros) | figure 2
Table of Economic and Financial Indicators | figure 3
Indicators
2013
2014
2015
2016
2017
General Liquidity
157%
132%
161%
213%
212%
Return on Equity
26%
38%
42%
16%
7%
Financial Autonomy Solvency
GVA/Total Revenue
Financial Results/ Total Revenue Net Debt/EBITDA
EBITDA/Total Revenue
20% 25% 39%
23% 30% 42%
29% 41% 46%
43% 75% 48%
44% 77% 49%
-0,4%
-0,3%
-0,5%
-0,7%
-1,2%
10%
14%
20%
14%
9%
-3,6
-1,5
-0,1
0,7
3,0
Consolidated Annual Report 2017 - TPF Planege Cenor | 11
PRODUCTIVITY AND EMPLOYMENT PRODUCTIVITY PER EMPLOYEE
At the end of 2017, the company had 275 employees and the productivity per employee reached 109,055 euros, the lowest value in the last five years.
109.055 euros
Internal productivity, which is the total amount produced, subtracted of the subcontracting and divided by the average number of employees, reached 88,290 euros, a significant reduction (26%) in comparison to 2016.
INTERNAL PRODUCTIVITY PER EMPLOYEE
88.290 euros Evolution of Employment
Development of Productivity
(average number of employees at 30 June each year) | figure 4 281
(in euros per employee) | figure 5
275
167 135
156 447
159 431
145 235
170
2013
185
2014
197 109 055
2015
2016
12 | TPF Planege Cenor - Consolidated Annual Report 2017
2017
2013
2014
2015
2016
2017
MARKET TURNOVER
Fortunately, as shown in the chart, there is a rise in the percentage of the Portuguese market reaching about 24% of the billing.
Trend in Turnover Outside National Territory of the Headquarters (% of Turnover) | figure 6
98%
96%
92%
89%
Breakdown of turnover by market shows that the Group sells services to almost all continents with a high incidence in Africa, mainly in the African Countries of Portuguese Official Language and in the Maghreb, but not only. Cameroon and Equatorial Guinea are also countries where we are present and where we want to increase our market share.
75%
2013
2014
2015
2016
2017
Breakdown of Turnover by Groups of Geographic Markets (% of Turnover) | figure 7
Consolidated Annual Report 2017 - TPF Planege Cenor | 13
TPF Planege Cenor Group (which at the date of this report is simply TPF) is present today in more than a dozen business markets, including Portugal. WORKS CARRIED OUT IN 2017
Some of the most significant works carried out in 2017 are listed below, grouped by engineering specialities, namely: Buildings, Environment and Water, Energy and Transport Infrastructures. Most of the design work, i.e. Studies and Designs, 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 Project Management and Supervision of Works are coordinated and carried out by technicians in the countries where the project is taking place, supported by the Group headquarters in Lisbon.
BUILDINGS
VILAMOURA LAKES, PORTUGAL
TPF is developing studies and designs of lakes, technical infrastructures and landscaping of the tourist complex, Vilamoura Lakes, promoted by the Group Vilamoura Word. The development of the project is based on an area of 168 ha, with a constructive potential of 300 thousand m2 and an estimate of 8500 inhabitants/users. The project stands out for its 22 hectares of lakes that will be used for sport and tourist activities. 14 | TPF Planege Cenor - Consolidated Annual Report 2017
Recognised as a Project of National Interest, this project results from the redefinition of the previous project called Lacustre City, with a view to adapting the project to the current market trends and increasing its spatial and environmental sustainability. URBAN REGENERATION OF LISBON, PORTUGAL
TPF is maintaining the efforts to strength its portfolio in the domain of buildings and urban regeneration with
the refurbishment works of a 5 storeys building located at Rua de São Paulo, in Lisbon, for housing purposes.
This is a building that, due to its architectural value, imposes the careful removal and rehabilitation of the different elements of high patrimonial value, such as tiles, floors, doors, pombal cages and wood trimmings as well as the safeguard and recovery of the façades by means of the installation of shoring and containment systems of the façades. Our teams have as mission the management and supervision of the construction works and the health and safety coordination. With a construction value superior to half a million euros, the works are expected to be finished within 10 months.
Also in the scope of the urban regeneration of Lisbon, TPF has ongoing the supervision of works of a Hotel at Avenida Defensores de Chaves, nº 5 a 9. The works, with a scheduled duration of 19 months, foresee the construction of two buildings with seven levels above ground and two levels below ground, in a construction area of 6000 m2, designed for 130 rooms, a bar and a restaurant. The design also foresees the
maintenance of the existing façade through a retaining system using steel sections and micropiles.
TPF was qualified to present a bid in the scope of the tender offer for the project design of Praça de Espanha Urban Park, promoted by Lisbon City Council. Our team presented the design idea based on a "network" of mobility with innovating solutions, showing concern with the articulation of the park cycling and pedestrian areas with the surrounding area, in some places through elevates structures.
EXTENSION AND RENOVATION OF THE HOSPITALS CUF DE TORRES VEDRAS AND SINTRA, PORTUGAL The Group José de Mello Saúde entrusted TPF with the contract for the Supervision and Safety Coordination regarding the Extension and Renovation of the Hospital CUF de Torres Vedras and the Construction of the Hospital CUF Sintra. The extension and renovation of the current hospital unit of Torres Vedras aims to provide the building of 3100 m2 with new areas and to renovate specific areas. Hospital CUF Sintra is part of a plot with approximately 18.350 m2 and is formed by an area to be remodelled
Vilamoura Lakes, Portugal
Consolidated Annual Report 2017 - TPF Planege Cenor | 15
Luanda Towers, Angola
in the existing building of 2 storeys above ground and by a new extension area with 2 storeys above ground and 1 storey below ground, for total area of approximately 9500m2.
With an estimated duration of 13 to 15 months, respectively, the mission of our team aims, in addition to the management and supervision of construction works, to support the Project Owner in the phases prior to the start of the works, namely with regard to design review, preparation of tender for the selection of the contractor, market consultation and assessment of the tenders. "MUDA RESERVE" REAL ESTATE INVESTMENT, PORTUGAL
"Muda Reserve" real estate investment, under the responsibility of Vanguard Properties group, is budgeted at 200 Million Euros and will boost Muda Village, located in the municipality of Grândola, with a plan to build 200 dwellings of different types, with commerce, sports and services’ areas. TPF has underway the Supervision and Safety Coordination of the Urbanistic Infrastructures’ Networks for Muda Village - Rural and Urban Zones. 16 | TPF Planege Cenor - Consolidated Annual Report 2017
Hospital CUF Sintra, Portugal
NATIONAL INSTITUTE OF BIODIVERSITY IN LUANDA, ANGOLA Also in the sector of Construction Works Management and Supervision, the Ministry of the Environment entrusted TPF Angola in partnership with our portuguese teams, with managing and overseeing the construction works of the National Biodiversity Institute located in Kilamba, Luanda.
This contract, which lasts 12 months, is financed under the Environmental Sector Support Project by the AfDB (African Development Bank). HOSPITAL OF THE SAFETY HOUSE PRESIDENT OF THE REPUBLIC, ANGOLA
OF
THE
Our teams continue to ensure the construction works of the Hospital of the Safety House of the President of the Republic of Angola, which design, prepared by TPF, in partnership with TPF Angola, covers a construction area of approximately 29.000 m2 distributed for 4 floors.
Special mention should be made to the visit of the President of the Republic of Angola, in the end of 2017, to this future Hospital Unit that intends to be a benchmark in the area of Health in Angola, standing out
due to the wide range of specialties and clinical services provided. In this regard, the fields of Robotic Surgery, Radiotherapy and Nuclear Medicine stand out.
With a capacity for around 150 beds, of which 32 are dedicated to Intensive and Intermediate Care, the Hospital has 5 Operating Theatres, 2 Maternity Units, a Day Hospital, a Haemodialysis Centre, a training centre for Robotic Surgery and a Histocompatibility Laboratory, located in adjacent buildings.
Design and supervision services have been an example of an effective collaboration between our Portuguese and Angolan teams. TISSEMSILT RAILWAY STATION, ALGERIA
Studies comprise the Preliminary Study and Detailed Design of Architecture and different engineering disciplines of the Tissemsilt railway station with a construction area of 5800 m2.
The intervention consists of a suspended covering supported by monumental arches, over existing platforms, in order to give a monumental scale to the station complex.
RESIDENTIAL BUILDINGS IN ALGIERS, ALGERIA
A new luxury building for housing purposes is being designed by TPF teams for the Algerian real estate development SARL ENADRA ESSAHIHA LIL AKKAR.
The Ben Aknoun building aims to be a reference in the luxury-housing segment of Algiers, providing 2-5 bedroom apartments, as well as several common areas, namely gardens, swimming-pool, gym and kindergarten. RENOVATION OF AMRAOUA HOTEL
Also in the building sector, our teams continued the supervision of the Amraoua Hotel renovation works, design that was also developed by TPF in 2015. It is a 4 star hotel with 136 double bedrooms and 10 suites distributed among 4 levels above ground storey, which construction dates back to 1982. The renovation works include modernising the architecture of the building, renovating furniture and decorating, repairing existing pathologies and optimising spaces and service circulation routes.
Building Ben Aknoun, Algeria Consolidated Annual Report 2017 - TPF Planege Cenor | 17
This design, with an investment value of approximately 20 million euros and estimated to last 27 months, involves Portuguese and Algerian technicians. These contracts strengthen the diversification of our presence in a country that has proven to be a market key for TPF.
CONSULTANCY SERVICES IN CERN FACILITIES, FRANCE In France, the European Organization for Nuclear Research, known as CERN, entrusted to TPF engineering consultancy services that will be developed in CERN's facilities, in French territory. The programme contract, with a duration of 3 years, includes the development of engineering services in all Design phases, from feasibility studies to planning, engineering designs, contracts of construction companies and supervision of works. During the year 2017, TPF was responsible for several studies, among which the New Data Centre Project located in the Point 2 of the Large Hadron Collider (Sergy commune), the New Data Centre Project and Supervision in the Point 8 of the Large Hadron Collider
National Institute of Biodiversity in Luanda, Angola 18 | TPF Planege Cenor - Consolidated Annual Report 2017
(Ferney-Voltaire commune), and the study regarding the transformation of building 864, located in PrĂŠvessin. TECHNICAL ASSISTANCE AND MANAGEMENT OF THE ZAPE 9A AND LOT 135 RESIDENTIAL PROJECTS TPF, through its subsidiary in Macao, concluded in December 2017 the technical assistance contract for managing the residential project Zape 9A1 and 9A2. The mission entrusted to us covers the coordination and technical assistance throughout the project development cycle: tender documents for subcontracting, as well as works supervision.
Following the works developed, TPF welcomes the fact that the same Client awarded, also in 2017, a new provision of services contract regarding the Lot 135 Residential Project, with the same mission, which will last until 2019. Located on an area of 2787 m², the complex is composed of two interconnected buildings of 16 and 27 floors, respectively, and 5 underground levels.
Residential Project Lot 135, Macau
Cruise terminal of Istanbul, Turkey
In total: a building area of 49.700 m², 408 apartments, 21 shops on the ground floor and a parking with 345 spaces. The complex will have a swimming pool and a “club house” on an area of 1285 m².
SEVERAL STUDIES AND DESIGNS IN ISTANBUL, TURKEY
TPF is developing on behalf of IBB - Istanbul Buyuksehir Belediyesi (Istanbul Metropolitan Municipality) the Preliminary Studies for two ECO_VILLAGES, a solar parking and an urban park in Istanbul.
another ambitious project: the Kanal Istanbul, which will link the Black Sea to the Sea of Marmara.This project consists in the creation of three artificial islands of 1500 hectares using embankments (3865 hectares), and featuring hotels, housing, shops, financial centres, sports facilities, services (health, education), marinas.
Studies carried out for the Cruise Terminal include the development of three alternative solutions to the Master Plan, covering an area of 400.000 m2, as well as conceptual studies of several buildings in the Terminal.
Studies involve a multidisciplinary team of Portuguese and Turkish architects and engineers, charged with implementing eco sustainable design principles and construction techniques. In 2017, TPF concluded the Master Plan and Preliminary Study of the three artificial islands located in the Sea of Marmara, as well as the Preliminary Study of New Istanbul Cruise Terminal, both for the Municipality of Istanbul. The construction of Marmara Islands is a major project that will use the soil from earthworks carried out in
Consolidated Annual Report 2017 - TPF Planege Cenor | 19
Drainage System of Beira, Mozambique
WATER AND ENVIRONMENT REHABILITATION OF STORM WATER DRAINAGE SYSTEMS IN THE CITIES OF BEIRA AND MAPUTO In 2017, the selection process of the contractor responsible for rehabilitation works of "Priority Storm Water Drainage Structures in Maputo" has been completed, and now the phase of work supervision has started, whose responsibility is of the Consortium led by TPF. Construction works will last 18 months followed by an additional 12 months period for followup. This work began with the Feasibility Study of a set of storm water drainage interventions for the protection of some critical areas; an Environmental Impact Study was carried out while adopting engineering solutions that succeeded in reducing the need of demolition of existing buildings, that otherwise would require a Resettlement Plan of the affected populations.
20 | TPF Planege Cenor - Consolidated Annual Report 2017
In 2017, our teams have also continued with the 2nd phase of the Feasibility Study, Detailed Design and Supervision for the “Rehabilitation of Storm Water Drainage Systems in the city of Beira", in Mozambique, regarding the Supervision of Construction Works.
This phase includes the complete rehabilitation of the A0, A2 and A4 Canal System and the partial rehabilitation of the A1 and A3 Channels over a length of 9 km. In addition to this drainage structures, it is also foreseen the rehabilitation of the Palmeiras Spillway and the EC1 e EC3 Control Stations, as well as the construction of the EC2 and EC4 Control Stations and the Maraza Retention Basin, with a storage capacity of 175.000 m3. These projects, financed by the World Bank, are part of a wide Program of interventions for climate change mitigation and adaptation, in order to minimise economic and social effects resulting from intense precipitation, of short and average duration.
DEVELOPMENT PLAN AND FEASIBILITY STUDY FOR URBAN SANITATION, DRAINAGE AND SOLID WASTE MANAGEMENT IN CHIMOIO AND INHAMBANE, MOZAMBIQUE
WATER NETWORK AND HOUSEHOLD CONNECTIONS - UÍGE AND LUENA, ANGOLA
Financed by the World Bank and planned to last 14 months, this Plan will have a decisive role in the integrated development of solutions and in the definition and prioritization of investments over the next 25 years, in order to improve drainage system, solid waste management and flood risk prevention in the cities of Chimoio and Inhambane.
With an upper extension of 150 km of piping and fifteen thousand connections, the works are planned to last 30 months and the International Bank finances the contract for Reconstruction and Development.
AIAS - Administração de Infraestrutura de Água e Saneamento entrusted to TPF, leader of the Consortium in partnership with the Mozambican of Solomon, the preparation of the Development Plan and Feasibility Study for Urban Sanitation, Drainage and Solid Waste Management in Chimoio and Inhambane.
Works will be carried out by a team of specialists that will cover several disciplines from Urban Hydraulic component, Waste Management, Law and Institutional Diagnosis, including specialists in Environment and Environmental and Social Management, Geographic Information Systems and Urban Planning.
The Ministry of Energy and Water entrusted TPF in partnership with our Angolan subsidiary the “Verification of the Design and Supervision of Works for the Water Network and Household Connections of Luena”, in the province of Moxico. This is a particularly complex work due to its inclusion in a messy and densely populated peri-urban area.
The year of 2017 was also marked by the conclusion of the water supply construction works to the city of Uíge. This contract began in 2011 and brought together a Portuguese and Angolan multidisciplinary team, contributing decisively for the success of this project financed by the World Bank. Water Supply System to Tchindjenje, Angola
Drainage system of Maputo, Mozambique
Consolidated Annual Report 2017 - TPF Planege Cenor | 21
Drinking Water Supply System of the City of Mongomeyen, Equatorial Guinea
WATER SUPPLY SYSTEM TO TCHINDJENJE TOWN, ANGOLA
In the scope of the contract convened with MINEA (Ministry of Energy and Water) of the Republic of Angola, through the DNA (National Directorate for Water), are currently underway the Design Review and the Supervision of Works for the “Rehabilitation and Expansion of the Water Supply System to Tchindjenje Town” in the Huambo province. The works, integrated in a Chinese credit line, are estimated to last 48 months, including 36 months intended for the operations control and system functionality. DRINKING WATER SUPPLY SYSTEM OF THE CITY OF MONGOMEYEN, EQUATORIAL GUINEA
In addition to management and construction works supervision, the works developed during 2017 included also the analysis and project review, as well as the monitoring of flow studies to collect water from rivers Lobo and Abiá. 22 | TPF Planege Cenor - Consolidated Annual Report 2017
This project aims at ensuring water supply to a population of 11.050 inhabitants in the municipality of Mongomeyen and surrounding communities, in the province of Wele-Nzas.
The works of the water supply system involve the construction of the water intake and its pumping system, the water treatment plant adduction pipe and the construction of the water treatment system with a capacity of 2400 m3/day, an extension of 18 km, the respective home connections and a tank with a capacity of 1800 m3. The service to the population is carried out through the supply network comprising 500 household connections and 50 public fountains, and a connection to Mongomeyen International Airport is also planned. The total length of the distribution and supply pipes is 60 km.
The construction of a building that will centralise the automated control of the entire system and an analysis laboratory for water quality control has also been planned. TPF local teams are responsible for supervising the construction works.
Drainage Projects in Dili, East Timor
DRAINAGE PROJECTS IN DILI, EAST TIMOR
TPF, in partnership with its subsidiary of Timor Leste, is developing Dili Urban Drainage Final Designs resulting from the implementation of Dili Drainage Masterplan.
These studies are part of Dili’s Sanitation and Drainage priority works defined in the designs prepared within the framework of the Masterplan, in 2014 and 2015, where were defined the necessary interventions in Dili’s drainage network, and which include in addition to the stream-flow regulation of the rivers Maloa, Kuluhun, Santana, Bemori and Becora, the resettlement of the affected populations, several interventions in the drainage network, the construction of new bridges and a structure for sea discharge. Promoted by the National Directorate for Water Services of Timor Leste, studies will be developed in partnership among national and local teams for the estimated period of 9 months.
In 2017, our local team continued the works supervision of several roads for a total distance of 50 km, including various bridges, in the Oecusse enclave, contributing to the development of infrastructures in the Special Economic Zone ZEESM TL. SPATIAL DEVELOPMENT PLANNING, MOZAMBIQUE
The Government of Mozambique, through the National Sustainable Development Fund financed by the International Development Association of the World Bank, hired the Consortium led by TPF for the preparation of Mozambique Spatial Development Planning. With an intervention area corresponding to the entire national territory (801.590 km²), this important plan is the main spatial strategic instrument, which defines and sets the perspectives and general guidelines that will guide national land use and the priorities for multisectoral interventions at the national level. Studies include the development of decision support tools, such as a geographic information system, an
Consolidated Annual Report 2017 - TPF Planege Cenor | 23
information platform, a Strategic Environmental Assessment, as well as capacity building actions and institutional strengthening. This contract will last 18 months and will contribute for the sustainable development of national territory, counting with the participation of all stakeholders involved in Mining, Agriculture and Forestry, Transport and Roads, Industry, Environmental, Tourism, Energy, Water, Fishery, Healthcare, Teaching and Education sectors, among others. RIVER BASIN PLANS IN THE PROVINCES OF NAMPULA AND ZAMBEZIA, MOZAMBIQUE
As leader of the Consortium, TPF is responsible for the development of Strategic Plans for the Integrated Development of Water Resources in the river basins of Meluli, Monapo, Mecuburi, Ligonha and Motomonho, in the province of Nampula, as well as the in the river basins of Melela, Molocue, Nipiode, Raraga and Moniga, in the province of Zambezia, for the Ministry of the
Earth, Environment (MITADER).
Rural
Development
These Plans, which cover intervention areas of approximately 44.700 km2 and 25.600 km2, in the provinces of Nampula and Zambezia, respectively, include the development of Monographs, Definition of Development Scenarios and Strategic Investment Plans, and Integrated Development of Water Resources, counting on the mobilisation of a large multidisciplinary team and the participation of interested parties in workshops, in order to define strategic solutions of development. Results of these studies, financed by the World Bank, will provide to the Government of Mozambique methods for the management, conservation and development of water resources necessary for the sustainable and integrated socio-economic development of those regions.
River Basin Plans in the Provinces of Nampula and Zambezia, Mozambique
24 | TPF Planege Cenor - Consolidated Annual Report 2017
and
Subconcession of the Southern Alentejo, Portugal
TRANSPORT INFRASTRUCTURES MODERNISATION OF THE RAILWAY SECTION MANGUALDE – GUARDA - VILAR FORMOSO, PORTUGAL
Underpasses, as well as the Rehabilitation Studies for
The studies, estimated to last 28 months, include the
SUBCONCESSIONS OF THE SOUTHERN ALENTEJO AND ALGARVE COASTLINE, PORTUGAL
The company Infraestruturas de Portugal entrusted to the Consortium led by TPF with the Feasibility Study, Preliminary Study, Environmental Impact Study, Final Design and Recape (Environmental Compliance Report of Project’s Final Design) for the Modernisation of the railway section Mangualde - Guarda, railway line of Beira Alta, with an extension of 124 km. drawing up of the design, with a view to eliminate the capacity constraints at the infrastructure level, the
adjustment of Stations that will allow trains cross with750 m long and will ensure the interoperability to the Trans-European transport network.
In addition to rail renovation studies, the Final Designs
of new infrastructures are also included, particularly of 9
Engineering
Structures,
29
Overpasses,
7
11 main Stations and 16 secondary Stations.
These works are part of the Modernisation Project of Beira Alta Railway Line between Pampilhosa and Vilar Formoso (Border), to strengthen the railway link between the Portuguese northern and central regions and Europe, in order to enable an efficient rail freight transport, enhancing competitiveness of the Portuguese economy.
Also in the domain of management and supervision of works, TPF continued during 2017 to ensure its presence in the construction of two important national road infrastructures, the Southern Alentejo Subconcession and the Subconcession of the Algarve Coastline.
Consolidated Annual Report 2017 - TPF Planege Cenor | 25
The Southern Alentejo subconcession is made up of 342 km of road sections for construction, maintenance and exploitation, of which 68 km are toll roads, and it is part of the A26/IP8 between Roncão and Beja, linking the districts of Setúbal and Beja. The Algarve Coastline Subconcession, which is developed in the Faro district, consists of 118 km and covers the rehabilitation, improvement and exploitation of the road EN/ER125, between Vila do Bispo and Faro, and the construction of bypasses in Lagos, Troto and Faro.
Through our contract with Infraestruturas de Portugal, SA, our teams have the mission to manage and supervise the construction works, including the onsite health and safety coordination. NEW PORT PROJECTS IN MADEIRA, PORTUGAL
The Harbour Administration for the Autonomous Region of Madeira entrusted TPF with the Final Designs for the rehabilitation and repair of the port
Railway Section Mangualde-Guarda-Vilar Formoso, Portugal
26 | TPF Planege Cenor - Consolidated Annual Report 2017
infrastructures in four ports: Funchal, Machico, Caniçal and Porto Santo. Works include infrastructure inspection, review of the existing reports and of the available information regarding each port structure, topographic and hydrographic survey of the protection profiles and preparation of the final designs. RAILWAY ALGERIA
MANAGEMENT
AND
SUPERVISION,
With a strong presence at the Algerian market, TPF continued to ensure in 2017 the maintenance of several contracts in the transport sector, namely in the domain of Railways. Working in this area in Algeria since 2008 with a contract for the supervision and coordination of renovation works on the Annaba-Ramdane Djamel line, in the intervening years TPF Planege has created a solid image of technical expertise and cooperation within the ANESRIF, being entrusted with successive contracts. In 2017, we were present in the execution of
Port of Funchal | Madeira Island, Portugal
Railway Line Oued Tlelat-Tlemcem, Algeria
four major railway designs, totalling a length of around 700 km, namely the railway lines of Annaba-Ramdane Djamel, Relizane-Tiaret-Tissemsilt, Oued TlelatTlemcene, and the mine railway East – Lot 3.
developed under particularly demanding conditions and the phasing of construction is complex, given that rail traffic will not be interrupted during the execution of the works.
Also in the domain of railway Studies and Designs, we continued to ensure the maintenance of the ongoing contracts (in consortium), particularly in the development of three final designs of new railway lines for COSIDER, one of the major state-owned public works enterprises.
In the domain of road infrastructures in Algeria, TPF is developing the Final Design for thirty-three Toll Booths and more than a hundred facilities and exploitation equipment in the Central and West Lots of the EastWest Highway, with a total length of 700 km.
RAILWAY STUDIES AND DESIGNS, ALGERIA
The Ksar El Boukhari-Boughzoul and Boughzoul-Djelfa lines, with a total length of 180 km, are part of the South/East connection design, which will offer rail access for people and goods to inland areas of the country. The design to renovate and duplicate the Beni Mansour-Bejaia line over a distance of 87 km will allow passenger trains to travel at 180 km/h and freight trains at 100 km/h, and will be one of the key factors in the development of the port of Bejaia. This study is
EXPLOITATION FACILITIES AND EQUIPMENT OF THE EAST-WEST HIGHWAY - CENTRAL AND WEST LOTS, ALGERIA
These are two distinct contracts, whose clients are the largest Algerian construction company for the Central Lot, COSIDER Travaux Publics, and for the West Lot, one of the reference companies in Portugal in the construction sector, TEIXEIRA DUARTE - Engenharia Construções, SA.. Works in the Central Lot, which crosses the provinces of Bordj Bou Arréridj, Bouira, Boumerdes, Alger, Blida, Ain Defla and Chlef over 367 km in the north of Algeria, includes the design of 18 Toll Booths, 7 Maintenance
Consolidated Annual Report 2017 - TPF Planege Cenor | 27
Centres, 20 Rest Areas and 10 Service Areas, with a total of 55 facilities. Our teams have the task of developing the studies of earthworks, pavements and geometric design of roads and general infrastructures.
Works in the West Lot, which crosses the provinces of Relizane, Mascara, Sidi Bel Abbès and Tlemcen for 330 km, includes the development of the Projects of 15 Toll Booths, 7 Maintenance Centres, 22 Rest Areas and 13 Service Areas, with a total of 57 facilities. Our teams have the task of developing the studies of earthworks, pavements and geometric design of roads, general infrastructures, as well as the studies of architecture and other disciplines of building engineering.
EXPANSION OF THE SUBWAY NETWORK OF THE CITY OF ALGIERS, ALGERIA COSIDER Travaux Publics, through a contract with Entreprise Metro d'Alger (EMA), the entity responsible for operating the subway network of the capital, entrusted TPF, in Consortium, with the preparation of designs for the execution of two sections of the subway network of the city of Algiers, with a total value of 7.8 million euros.
The first design, called Extension E: El Harrach – Airport, will allow you to complete the emblematic metropolitan connection between the city centre and its airport.
Our mission includes developing the final design of all the civil works of a tunnel 9 km in length, to be constructed with the use of a tunnelling machine, and of 9 stations and 10 ventilation shafts. The overall duration of the contract is 60 months.
The second design, Extension F: Ain Naadja - Baraki, will allow the connection to the railway network at Gue de Constantine and at the future intermodal station. Our mission includes developing the final design of all the civil works of a tunnel 1.6 km in length, constructed by the traditional method, and of a ventilation shafts. The overall duration of the contract is 34 months.
This mission resumes other works developed in previous years for the expansion of the Algiers subway, namely the extension of 1750 m to the North of Line 1 that crosses the centre of the city in the historical zone.
Expansion of the Subway Network of the City of Algiers | Station of "Place des Martyrs"
28 | TPF Planege Cenor - Consolidated Annual Report 2017
Hydropower Scheme of Caculo Cabaça, Angola
ENERGY
SEVERAL DESIGNS OF ALTO TÂMEGA HYDROPOWER COMPLEX, PORTUGAL
IBERDROLA is developing Alto Tâmega Hydropower Complex, one of the biggest hydropower projects carried out in Europe over the past 25 years. For an expected investment of 1200 million euros, where the highest investment will be for the period 2018-2020, the complex will count with an installed capacity of 1200 MW, reaching an annual production of 1800 GWh. In this wide range of works, TPF has several on-going contracts, namely the Final Design of the Hydropower Scheme for Roads and Accesses. The studies aim to carry out the final designs of several accesses, roads and engineering structures, which are going to be affected by the implementation of infrastructures and reservoir creation that integrate the Hydropower Complex, which is composed of the Hydropower Schemes of Gouvães, Alto Tâmega and Daivões, located on the Tâmega River Basin. Studies include, in addition to the execution of several Final Designs and Licensing,
the preparation of tender procedures and public procurement and the technical assistance to construction works.
In 2017, new contracts have been signed for the Review of Internal Emergency Plans for Daivões and Alto do Tâmega Dams, the Simplified Internal Emergency Plan of Gouvães, and the preparation of the Final Design for the Control Building of “Alto Tâmega Generation System” located in Gouvães Hydroelectric Plant. DEVELOPMENT PORTUGAL
OF
RENEWABLE
ENERGY
IN
TPF is developing several Environmental Studies of Solar Power Plants, particularly of Coruche, Benavente, in the area of « Lisboa e Vale do Tejo », and of Serpa, Tapada, Alpalhão, Fortios and Arronches, in Alentejo.
During 2017, we continued to ensure the Environmental Monitoring (namely of chiropterans, avifauna and flora) of the Expansion and power Consolidated Annual Report 2017 - TPF Planege Cenor | 29
National Transport Network of Electrical Energy, Portugal
strengthening of several Wind Farms for different Clients, as well as the environmental follow-up during construction works for the Expansion of Arada/Montemuro Wind Farms (2nd Phase). Given the complexity of the studies and the level of expertise demanded, a multidisciplinary team of technical experts ensured the works on the various areas of monitoring.
REMODELLING OF THE NATIONAL TRANSPORT NETWORK OF ELECTRICAL ENERGY, PORTUGAL
Through its contract with REN - Rede Eléctrica Nacional, TPF, in Consortium, is responsible for overseeing Quality, Environment and Safety aspects of the construction and the remodelling of several national energy infrastructures located in the north of Portugal. Works, with a scheduled duration of 9 months, contemplate the installation of the Line of Alto Rabagão - Frades, at 150 kVA, with a length of approximately 15 km, as well as the remodelling of the substations of Riba d'Ave, Recarei, Canelas, and Santa Maria da Feira. 30 | TPF Planege Cenor - Consolidated Annual Report 2017
National Transport Network of Electrical Energy,, Laos Remodelação da Rede de Transporte de Energia Elétrica, Portugal
HYDROPOWER SCHEME OF CACULO CABAÇA IN KWANZA RIVER, ANGOLA The consortium China Gezhouba Group Corporation (CGGC) and Niara Holding originally contracted TPF the environmental consultancy services for the construction works of the Hydropower Scheme of Caculo Cabaça, in Kwanza River. During 2017, a new contract was negotiated and it will be implemented in 2018 and extended for four more years.
According to this new contract, TPF will be responsible for the entire design review of the hydropower scheme, with all its civil engineering components, in coordination with mechanical and electrical components.
This mission arises from the continuity of the revision works of the technical methodology for the construction of this complex, included in the framework of an EPC contract established between the Consortium and the Angolan government.
This is a structuring and priority design included within the Strategic Programme “Angola Energy 2025”, similar to other contracts developed in previous years regarding the technical-economic feasibility studies of 25 hydropower schemes in this country.
The scheme, which uses a 215 m net head between the reservoir and the outlet works, downstream from the natural falls of Caculo Cabaça, is formed by a concrete dam with 103 m of maximum height and 553 m of crest, storing a total volume of about 440 million m3, in addition to a hydroelectric power station and a hydraulic circuit. The hydraulic power supply circuit of the turbines consists of a water outlet in the reservoir, an adduction circuit with four tunnels, a cavern power plant and two tailrace tunnels. After completion of the works, which are scheduled to last 80 months, this infrastructure will have an installed power of 2100 MW and will contribute significantly to the government's target for energy generation capacity by 2025.
The project also includes a second hydroelectric plant at the foot of a dam designed to turbine an environmental flow of 60 m3/s, and two substations of 400 kV and 220 kV.
This project, estimated to last 8 years and with an investment of approximately 4,5 billion dollars, will have at its construction peak over 6000 employees. HYDROPOWER CAMEROON
SCHEME
OF
BINI
À
WARAK,
As leader of the consortium, TPF is proud to be associated with the development of Bini à Warak hydroelectric project in the Adamawa Region, one of the most emblematic projects of the Ministry of Water, Energy and Mines, which aims at developing the hydropower potential of Cameroon.
The contract for the Management and Supervision of hydroelectric works that the consortium has signed involves the construction of a dam (603 hm³), a hydroelectric power plant (75 MW), an electric line (225 kV) to Mounguel (70 km), a rural electrification system, as well as access roads. The project also
includes the resettlement of approximately 300 people, for which a Resettlement Plan was developed in accordance with the World Bank requirements. Our teams will be mobilised during 22 months to ensure this mission. In 2017, the analysis and review of the Detailed Design has been completed, as well as the preparation of the tendering procedure to contract a company or a construction consortium. In addition, we have continued to collaborate, in the north of the country, with our partners of TPF Setico Ingénierie, in the supervision of the rehabilitation works of irrigated perimeters, Maga & Logone and Mayo Vrick dams. SMALL HYDROPOWER MAPPING, LAO PEOPLE'S DEMOCRATIC REPUBLIC
In the scope of the Energy Sector Management Assistance Program, the Ministry of Energy and Mines of the Lao People's Democratic Republic entrusted to TPF, in consortium, the studies to Map Small Hydropower Plants in this country.
These studies fall within the Mapping Plan of Renewable Energy Resources, whose goal is to identify, quantify and map existing natural resources, for the development of policies and implementation of strategies that will improve the development of the country's renewable energies.
In this contract, financed by the World Bank, and with a planned duration of 12 months, capacity building and training of local technicians are particularly important, namely on data collection and analysis, analysis of the results and geospatial planning, including technical and economic analysis for a site prioritization of the small hydropower plants implementation. HYDROPOWER PLANT IN NDANU FALLS, KENYA
In Kenya, TPF was hired to prepare studies regarding the Hydropower Plant in Ndanu Falls, located on the Yala River, next to Kisumu City.
With an estimated power of 10 MW, this plant will consist of a small hydropower plant composed of a
Consolidated Annual Report 2017 - TPF Planege Cenor | 31
mobile dam, a water intake and a water supply pipe, a forebay and penstocks, a powerhouse and a tailrace tunnel.
In order to verify technical and economic feasibility of the project, our teams are responsible at an early stage to carry out hydrological and hydraulic studies, as well as structure design. Second and third stages foresee the preparation of the project for licensing and market consultation process, as well as the preparation of the detailed design for civil construction works, in collaboration with their contractor and the suppliers of equipment. HYDROPOWER PLANT OF CONTADOR, SÃO TOMÉ AND PRÍNCIPE
energy in the Small Hydropower Plant of Contador, aiming towards its rehabilitation and capacity increase, in order to improve the quality of life of approximately 90.000 users.
Both the World Bank and the European Investment Bank finance this project for the purpose of recovering the energy sector in this country, that aims at increasing the production of energy with renewable resources, as well as the reliability of energy supply. The project still has an institutional strengthening component that will implement reforms in the energy sector.
Also in the scope of hydroelectric power, the Project Management and Fiduciary Agency (AFAP) of S. Tomé and Príncipe awarded to TPF the studies for the Assessment of Water Resources Availability for the Production of Energy in the Hydropower Plant of Contador. This assessment aims at quantifying and characterising the available water resources for the production of
Hydropower Plant of Contador, São Tomé and Príncipe
32 | TPF Planege Cenor - Consolidated Annual Report 2017
Thus we will continue, slowly and sustainably, in the path of being the most prestigious and comprehensive Portuguese engineering company. OUTLOOK FOR 2018
The year 2018 presents itself with better prospects for TPF for several reasons: (i) we have been able to soften the shock of the fall of markets heavily based on oil export, such as Angola and Equatorial Guinea; (ii) it is expected that the domestic market will continue to improve, allowing us to produce with lower costs and actual receipts; (iii) the new Public Procurement Code will privilege the QPBS evaluation system (Quality Price Based System) in comparison to the lowest price criterion that has been followed so far; (iv) the merger is practically consolidated, which stabilizes production, reduces indirect costs and increases productivity; and (v) we have not only consolidated our presence in traditional markets, but gradually we are gaining experience in other markets. The most complicated problem that we anticipate for 2018 will remain the Angolan market, for which we expect to invoice only 2.0 million euros (being that we
have already invoiced 15 million euros in previous years), although with contracts with Multilateral Organizations that ensure us the foreign exchange transfer. With regard to past debts, we expect that with the expected rise in the oil barrel price there will be the payment of previous debts, either the direct debts to TPF Consultores in Portugal or the direct debts to TPF Angola. In consolidated terms we can expect in 2018, perhaps a small setback of consolidated billing, but a performance in operational terms that will certainly be better than in 2017. Thus we will continue, slowly and sustainably, in the path of being the most prestigious and comprehensive Portuguese engineering company.
Consolidated Annual Report 2017 - TPF Planege Cenor | 33
COMPULSORY LEGAL PROVISIONS
In compliance with the required legal provisions, please note that as of 31 December 2017, 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, 4 April 2018
34 | TPF Planege Cenor - Consolidated Annual Report 2017
THE BOARD OF DIRECTORS
Jorge Maurice Banet Nandin de Carvalho, Chairman
Carla Sofia Albuquerque da Silva Cascais, Voting Member
Carlos José de Oliveira Baião, Voting Member
José Pedro Correia Colunas Pereira, Voting Member
Rui Pedro Manuel Costa Fortes Monteiro, Voting Member
Thomas François Hervé Spitaels, Voting Member
Vitor Manuel Teixeira da Fonseca, Voting Member
Consolidated Annual Report 2017 - TPF Planege Cenor | 35
CONSOLIDATED FINANCIAL STATEMENTS
36 | TPF Planege Cenor - Consolidated Annual Report 2017
CONSOLIDATED BALANCE SHEET Captions
Currency: Euros Notes
31/12/2017
31/12/2016
ASSETS: Non current: Tangible fixed assets Goodwill Intangible assets Financial holdings - equity method Financial holdings - other methods Other financial assets Deferred tax assets Current assets: Costumers State and other public bodies Shareholders Other accounts receivable Deferrals Other financial assets Cash and bank deposits
6 8 9 10 11 11 12
13 19 13 13 14 11 4
Total Assets
223.208,63 53.046,40 37.564,72 167.339,64 385.768,26 181.970,27
321.950,49 180.297,47 159.647,12 64.581,85 85.872,83 161.250,70 162.173,68
1.048.897,92
1.135.774,14
31.370.927,12 463.213,94 5.300.000,00 8.614.155,99 760.912,98 2.156.792,70 6.041.324,58
29.440.065,16 86.897,66 6.900.122,33 6.538.482,48 557.390,84 2.157.571,21 10.769.401,14
54.707.327,31
56.449.930,82
55.756.225,23
57.585.704,96
3.384.953,00 24.519,16 2.819.073,19 833.138,30 328.177,73 16.427.720,37 38.246,90 (1.387.457,37) 1.599.725,18 201.925,40
3.384.953,00 24.519,16 2.819.073,19 833.138,30 328.177,73 15.250.450,85 30.568,94 (2.085.437,79) 3.874.746,66 196.583,18
24.270.021,86
24.656.773,22
68.173,69 5.629.536,76 36.522,95
385.405,58 5.328.056,08 25.232,78 645.203,92 36.527,18
5.734.233,40
6.420.425,54
7.093.433,90 57.070,77 1.879.729,02 250,27 8.764.904,73 7.640.591,94 315.989,34
6.950.613,84 45.679,57 1.880.926,41 250,30 9.745.422,39 7.556.041,92 329.571,77
25.751.969,97
26.508.506,20
31.486.203,37 55.756.225,23
32.928.931,74 57.585.704,96
EQUITY: Capital Other equity instruments Share premiums Legal reserves Other reserves Retained earnings Adjustments on financial assets Other variations in equity Net profit for the period Minority interests
15 15 15 15 15 15 15 5
Total Equity LIABILITIES: Non current liabilities: Provisions Loans Deferred tax liabilities Advances of trade debtors Other payables Current liabilities: Suppliers Advances of trade debtors State and other public bodies Shareholders Loans Other payables Deferrals
Total Liabilities Total Equity and Liabilities
THE CHIEF ACCOUNTANT
16 17 12 18 18
17 18 19 17 18 14
THE BOARD OF DIRECTORS
Consolidated Annual Report 2017 - TPF Planege Cenor | 37
CONSOLIDATED INCOME STATEMENT BY NATURE Currency: Euros Income and expenses Sales and services provided Operating subsidies Gains/losses of subsidiaries, associated companies and joint ventures Subcontracts Supplies and external services Personnel expenses Imparity of receivables (losses/reversals) Provisions (increases/reductions) Impairment of non-depreciable/amortisable investments (losses/reversals) Increases/reductions of fair value Other income and expenses Other expenses and losses
Notes 20 21 22 22 23 13 16 27 13 24 25
Earnings before depreciation, loans and taxes (EBITDA) Depreciation and amortisation expenses / reversals
26
Earnings (before interest and taxes) (EBIT) Interest and similar expenses
28
Earnings before tax (EBT) Net profit for the period
12
Net profit for the period Minority interests Earnings of the parent company
THE CHIEF ACCOUNTANT
38 | TPF Planege Cenor - Consolidated Annual Report 2017
5
31/12/2017
31/12/2016
28.138.301,06 4.971,51 248.042,61 (5.710.356,82) (6.092.377,89) (11.866.151,65) (50.399,14) (46.700,43) (4.507,43) 1.601.485,32 (3.404.528,86)
41.810.882,15 77.597,82 1.332,97 (11.257.632,87) (7.880.138,58) (13.999.556,68) (981.275,62) (3.812,01) (65.300,80) (1.902,80) 2.894.608,23 (4.343.338,48)
2.817.778,28
6.251.463,33
(242.357,81)
(294.045,52)
2.575.420,47
5.957.417,81
(345.535,94)
(314.152,70)
2.229.884,53
5.643.265,11
(619.736,13)
(1.742.072,05)
1.610.148,40
3.901.193,06
(10.423,22)
(26.446,40)
1.599.725,18
3.874.746,66
THE BOARD OF DIRECTORS
STATEMENT OF CHANGES IN EQUITY Currency: Euros
Consolidated Accounts
Captions
Notes
Position on 01-01-2017
Paid-up capital
Other equity instruments
Share premiums
Legal reserves
Other reserves
Adjustments to financial assets
Retained earnings
Other variations in equity
Net profit for the period
3.384.953,00
24.519,16
2.819.073,19
833.138,30
328.177,73
15.250.450,85
30.568,94 (2.085.437,79)
Application of net income for the year ended 2016
-
-
-
-
-
3.874.746,66
Other changes recognised in equity
-
-
-
-
-
(196.248,13)
7.677,96
697.980,42
-
-
-
-
-
3.678.498,53
7.677,96
Minority Interests
Total
3.874.746,66
24.460.190,04
Total Equity
196.583,18
24.656.773,22
Changes in the period (3.874.746,66)
-
-
-
-
509.410,25
(5.081,00)
504.329,25
697.980,42 (3.874.746,66)
509.410,25
(5.081,00)
504.329,25
1.599.725,18
1.599.725,18
10.423,22
1.610.148,40
(2.275.021,48)
2.109.135,43
5.342,22
2.114.477,65
Net profit for the period Total profit Operations with equity holders for the period Result distribution
Position on 31-12-2017
Captions
Notes
Position on 01-01-2016
-
-
-
-
- (2.501.229,01)
-
-
(2.501.229,01)
-
-
-
-
- (2.501.229,01)
-
-
- (2.501.229,01)
3.384.953,00
24.519,16
2.819.073,19
833.138,30
328.177,73
Share premiums
Legal reserves
Other reserves
443.263,27
123.186,47
3.836.584,82
Paid-up capital
Other equity instruments
16.427.720,37
38.246,90 (1.387.457,37)
Other variations in equity
Adjustments to financial assets
Retained earnings
1.524.600,00
-
-
211.543,27
-
3.956.953,25
-
-
-
-
(120.906,00)
250.544,30
-
-
-
211.543,27
(120.906,00)
4.207.497,55
-
(271.482,30)
1.599.725,18
Net profit for the period
24.068.096,46
- (2.501.229,01) - (2.501.229,01) 201.925,40
Minority Interests
Total
4.168.496,52
9.824.648,78
(4.168.496,52)
-
24.270.021,86
Total Equity
17.593,17
9.842.241,95
-
-
Changes in the period Application of net income for the year ended 2016 Other changes recognised in equity
- (1.345.454,10)
- (1.215.815,80)
- (1.345.454,10) (4.168.496,52) (1.215.815,80)
5.128,33 (1.210.687,47) 5.128,33 (1.210.687,47)
Net profit for the period
3.874.746,66
3.874.746,66
26.446,40
3.901.193,06
Total profit
(293.749,86)
2.658.930,86
31.574,73
2.690.505,59
-
12.531.010,40 (554.400,00)
147.415,28 -
12.531.010,40 147.415,28 (554.400,00)
Operations with equity holders for the period Merger Capital increases Result distribution
Position on 31-12-2016
15 15
891.660,00 968.693,00 -
24.519,16 -
2.819.073,19 -
178.331,76 -
325.897,26 -
8.729.461,48 (968.693,00) (554.400,00)
1.860.353,00
24.519,16
2.819.073,19
178.331,76
325.897,26
7.206.368,48
3.384.953,00
24.519,16
2.819.073,19
833.138,30
328.177,73
15.250.450,85
THE CHIEF ACCOUNTANT
30.568,94 -
(468.501,39) -
30.568,94
(468.501,39)
-
11.976.610,40
147.415,28
12.124.025,68
30.568,94 (2.085.437,79)
3.874.746,66
24.460.190,04
196.583,18
24.656.773,22
THE BOARD OF DIRECTORS
Consolidated Annual Report 2017 - TPF Planege Cenor | 39
CONSOLIDATED CASH FLOW STATEMENT Captions
Notes
Cash flow from operating activities - direct method Customer receipts Payments to suppliers Payments to empployees Cash generated by operations Payment/receipt of income tax Other receipts/payments Cash flow from operating activities (1) Cash flow from investing activities Payments in respect of: Tangible fixed assets Intangibe assets Financial investments Receipts from: Activos intangĂveis Financial investments Other assets Cash flow from investing activities (2) Cash flow from investing activities Receipts from: Loans Payments in respect of: Loans Interest and similar expenses Dividends Cash flow from investing activities (3) Changes in cash and equivalents (1+2+3) Effect of exchange rate variation Cash and equivalents at the beginning of the period Cash and equivalents at the beginning of the period
THE CHIEF ACCOUNTANT
40 | TPF Planege Cenor - Consolidated Annual Report 2017
4 a) 4
31/12/2017
Currency: Euros 31/12/2016
25.523.227,24 (11.659.914,65) (11.866.151,65) 1.997.160,94 (619.736,13) (4.288.450,43)
35.989.231,68 (18.602.486,40) (13.999.556,68) 3.387.188,60 (1.742.072,05) (6.189.415,92)
(2.911.025,62)
(4.544.299,37)
(35.484,87) (30.146,12)
(103.601,33) (14.514,29) 899.225,46
174.259,67 108.628,68
1.332,97 565.375,14 1.347.817,95
1.600.122,31
6.545.124,25
(679.036,98) (345.535,94) (2.501.229,01) (1.925.679,62)
(3.899.872,04) (314.152,70) 2.331.099,51
(4.728.076,56) 10.769.401,14 6.041.324,58
(865.381,91) 11.634.783,05 10.769.401,14
THE BOARD OF DIRECTORS
AUDIT REPORT
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REPORT AND OPINION OF THE STATUTORY AUDITOR
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76 | TPF Planege Cenor - Consolidated Annual Report 2017
Consolidated Annual Report 2017 - TPF Planege Cenor | 77
Rua Laura Alves, N.ยบ 12 - 8ยบ-1050-138 Lisboa, Portugal Tel. +351 218 410 400 Fax +351 218 410 409 geral@tpf.pt
www.tpf.pt