5
CONSOLIDATED ANNUAL REPORT
2018 TPF – CONSULTORES DE ENGENHARIA E ARQUITETURA, S.A.
1 | TPF Consultores – CONSOLIDATED ANNUAL REPORT 2018
2 | TPF Consultores – CONSOLIDATED ANNUAL REPORT 2018
CONTENTS 05
GOVERNING BODIES
06
CORPORATE ORGANISATIONAL CHART
07
CONSOLIDATED MANAGEMENT REPORT
08
Introduction
11
Analysis of Accounts
15
Work Carried Out in 2018
36
Outlook for 2019
37
Compulsory Legal Provisions
37
Closing Remarks
39
CONSOLIDATED FINANCIAL STATEMENTS
40
Consolidated Balance Sheet
41
Consolidated Statement of Income
42
Consolidated Statement of Equity
43
Consolidated Statement of Cash Flows
44
Notes to the Consolidated Financial Statements
77
AUDIT REPORT
82
REPORT AND OPINION OF THE STATUTORY AUDITOR
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Extension of Algiers Metro Line 1 | Algeria
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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 - Miguel Luís Cortês Pinto de Melo, ROC n.º 1070, Alternate
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CORPORATE ORGANISATIONAL CHART
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CONSOLIDATED MANAGEMENT REPORT
CONSOLIDATED ANNUAL REPORT 2018 – TPF Consultores | 7
2018 was characterised by an expected consistency in both national and international markets. INTRODUCTION
For the Group TPF Consultores, the Portuguese group that is a subgroup of TPF, S.A., Parent Company based in Belgium, 2018 was not very different from 2017. Essentially, we have maintained our expectations and our technical, commercial and financial performances. The consolidation of the Group TPF Consultores includes the following companies: –
TPF Consultores, as parent company;
–
ECGPLAN – subsidiary in Madeira;
–
CERELINEX - subsidiary for the supervision of the New Railway Link of Évora to the East Line;
–
TPF ANGOLA;
–
CENOR ANGOLA;
–
TPF MOÇAMBIQUE;
–
TPF CENOR - MACAU;
–
TPF TIMOR.
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2018 was characterised by an expected consistency in both national and international markets. The turnover of these companies reached the amount of 30 682 200 euros, which corresponds to an increase of approximately 10% in comparison to 2017. The parent's company share in the consolidation of the group's turnover was, in 2018, of approximately 78 % (24,1 million euros), followed by the companies of Angola with approximately 19% (6,0 million euros), leaving just 3% (approximately 0,8 million euros) for the other five companies. In 2018, invoicing for the markets of Mozambique and Timor continued to be made from the company in Portugal, therefore TPF MOÇAMBIQUE and of TPF TIMOR values, whose own contracts are still low, remained low. We chose as the most remarkable fact of the year the decision to run for the supervision of the New Railway
Link of Évora to the East Line with our subsidiary
to what was billed in Kwanzas; in the previous year this
company CERELINEX instead of running with our
value was 8 million euros) which allowed positive
parent company, TPF Consultores. This decision is
operating results balanced out negative financial
justified by the way the tender was launched, without
results due to the sharp devaluation of Kwanza.
experience and quality requirements and solely by the lower price criterion, although it was perhaps the
TPF Consultores continues to have three main markets
largest public tender ever launched by
IP –
between 20-25%, Portugal, Algeria and Angola,
Infraestruturas de Portugal (or by its predecessors) for
although this last in degrowth, a remarkably growing
coordination and supervision of construction works.
market, Mozambique with around 15%, and several
Internally, we call CERELINEX the Group's “low-cost”
small markets totalling the other 12% (Timor, Turkey,
company, because it excels for the almost total absence
Cameroon, Macao, among others) .
of indirect costs. By the time we are preparing this report, we can safely say that our strategy was the right one, as it corresponded to the raising of about three years' work for 17,55 million euros. Therefore, in the coming years CERELINEX will have a greater share in the consolidation of accounts. Nonetheless, Angolan companies' turnover this year reached almost 6 million euros (the equivalent in euros
The following chapters accurately reflect the evolution of the Group, in terms of its geographical dispersion, and the elements of corporate performance. We should not forget in this introduction the EBITDA to SALES ratio, which would be 22%, if we exclude foreign exchange adjustments in Angola, a very difficult external factor to control.
Mozambique Spatial Development Planning
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HIGHLIGHTS 2018
30,68 million euros
36,23 million euros
Consolidated Turnover recorded in 2018
Income recorded in 2018
42%
72%
Financial Autonomy
Solvency
35,2 million euros
74%
Work Portfolio at 31 December 2018
Percentage of invoicing outside national territory
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ANALYSIS OF ACCOUNTS
At the end of 2018, TPF's accounts show a turnover of 30 682 200 Euros, a value slightly higher than the one recorded in 2017. The EBITDA amounted to 1,18 thousand euros, less 58 % of the value recorded last year. The geographical distribution of the turnover is illustrated in the chart below, pointing out that in 2018 our first market was the Portuguese, representing more than 1/4 market, representing together around 2/3 of the total turnover.
Intra-Community 1,2%
Equatorial Guinea 0,2%
Cameroon 0,7%
It should also be highlighted, the growth of Mozambique's market, whose turnover has increased almost 120%, and is expected to continue its upward trend. The geographical diversification is notorious, and results essentially from the expansion efforts to other international areas, enabling us in to act in more than a dozen business markets, including Portugal. Around 74% of our business is undertaken outside the domestic market, highlighting the growing diversification of our intervention places.
Geographical Distribution of Turnover (in percentage) | figure 1 Other 1,0%
Macau/China 1,9% East Timor 3,3%
Angola 22,1%
Turkey 4,3%
Mozambique 14,4%
Portugal 26,1%
Algeria 24,6%
Angola Algeria Portugal Mozambique Turkey East Timor Macau/China Intra-Community Equatorial Guinea Cameroon
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ECONOMIC AND FINANCIAL DESCRIPTION
As usual, we present the comparative chart of the changes in revenue and the table of the economic and financial indicators over the past five years (20142018).
44,8 36,23 30,92
30,82
29,99
Similar to Turnover, total revenue recorded a growth of approximately 20% in relation to the preceding year. The economic indicators of the company have worsened almost entirely, although they remain positive and with values higher than in 2015 in the Financial Autonomy and in Solvency.
2014
2015
2016
2017
2018
Changes in Revenue (in million euros) | figure 2
Table of Economic and Financial Indicators | figure 3
Indicators
2014
2015
2016
2017
2018
Financial Autonomy
23%
29%
43%
44%
42%
General Liquidity
1,32
1,61
2,13
2,12
1,91
Solvency
30%
41%
75%
77%
72%
Return on Equity
38%
42%
16%
7%
2%
GVA/Total Revenue
42%
46%
48%
49%
36%
-0,3%
-0,5%
-0,7%
-1,2%
-0,8%
-1,5
-0,1
0,7
3,0
7,0
14%
20%
14%
9%
3%
Financial Results/ Total Revenue Net Debt/EBITDA EBITDA/Total Revenue
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PRODUCTIVITY AND EMPLOYMENT
PRODUCTIVITY PER EMPLOYEE
There has been a reduction in the average number of employees, in comparison to the value recorded in 2017, and an increase of approximately 24% in general productivity (134 684 euros).
134 684 Euros
There has been an increase in the internal productivity per employee (revenue deducted from subcontracts per employee) which, in 2018, amounted to 129 570 euros.
AVERAGE NUMBER OF EMPLOYEES
However, statistics shall relate, as usual, the number of employees at 30 June 2018, which has been gradually reducing since 2016.
269
Evolution of Employment
Development of Productivity
(average number of employees at 30 June each year) | figure 4 281
275
(in euros per employee) | figure 5 167 135
156 447
159 431
269 134 684
185
2014
197
2015
109 055
2016
2017
2018
2014
2015
2016
2017
2018
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EXPORTS
In 2018, the volume of exports was of approximately 74% of the overall turnover; remaining at very similar levels to those from the previous year.
Development of Exports (% of Turnover) | figure 6
96%
92%
89%
This situation was mainly due to the growth of the Mozambique's market, associated with the absolute increase in the turnover of the Portuguese market.
75%
74%
As in the previous year, in 2018 our main markets were the Portuguese and the Algerian, and is also relevant to mention the growing in Mozambique's market.
2014
Breakdown of Turnover by Groups of Geographic Markets (% of Turnover) | figure 7
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2015
2016
2017
2018
WORKS CARRIED OUT IN 2018
Some of the most significant works carried out in 2018 are listed below, selected by Country. Many works have built on works carried out in previous years, as they are multi-annual projects. We have tried to cover the various areas of knowledge within the company, from studies and projects in architecture and engineering to the management, coordination and supervision of works contracts.
PORTUGAL The following paragraphs describe in detail a selection of the works that marked the company's activities during this period in Portugal.
SEVERAL DESIGNS OF TÂMEGA ELECTROPRODUCER SYSTEM IBERDROLA is developing Tâmega's Electroproducer System, one of the most important hydraulic 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 Electroproducer System 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 Electroproducer System, which is composed of the Hydropower Schemes of Gouvães, Alto Tâmega and Daivões, located on the Tâmega River Basin. The 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. The Review of Internal Emergency Plans for Daivões and Alto do Tâmega Dams, the Simplified Internal
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Modernisation of the Railway Section Mangualde – Guarda- Vilar Formoso
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 were underway in 2018. VILAMOURA LAKES 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. 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.
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NEW PORT PROJECTS IN MADEIRA The Final Designs for the rehabilitation and repair of the port infrastructures in four ports: Funchal, Machico, Caniçal and Porto Santo were developed, in 2018, for the Harbour Administration of the Autonomous Region of Madeira. 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. MODERNISATION OF THE RAILWAY SECTION MANGUALDE – GUARDA - VILAR FORMOSO TPF continued with the Feasibility Study, Preliminary Study, Environmental Impact Study, Final Design and Recape (Environmental Compliance Report of Project’s Final Design) integrated in the Modernisation of the railway section Mangualde - Guarda, railway line of Beira Alta, with an extension of 124 km, for IP Infraestruturas de Portugal, S.A..
Port of Caniçal | Island of Madeira
The studies, estimated to last 28 months, include the 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 with 750 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 Underpasses, as well as the Rehabilitation Studies for 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. ROAD SUBCONCESSION OF BAIXO ALENTEJO Also in the domain of management and supervision of works, in 2018, TPF continued to ensure its presence in the construction of the Road Subconcession of Baixo Alentejo. Subconcession of Baixo Alentejo consists of 342 km of road sections for construction, maintenance and
Subconcession of Baixo Alentejo
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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. Through our contract with SPER - Sociedade Portuguesa para a Construção e Exploração Rodoviária, S.A., our teams have the mission to manage and supervise the construction works, including the onsite health and safety coordination. DEVELOPING RENEWABLE ENERGY IN PORTUGAL TPF has developped several Environmental Studies of Solar Power Plants, particularly of Coruche, Benavente, in « Lisboa e Vale do Tejo » region, Elvas, Viana do Alentejo, Borba, Moura, Serpa, Tapada, Alpalhão, Fortios and Arronches, in Alentejo, and of Alcains, in the north of the country. Also in the scope of the renewable energy, we continued to ensure the Environmental Monitoring (namely of chiropterans, avifauna and flora) of the Expansion and power strengthening of several Wind Farms for different Clients, as well as the environmental follow-up during construction works
Remodelling the National Transport Network of Electrical Energy
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for the Expansion of Arada/Montemuro Wind Farms (2nd Phase). Given the complexity of studies and the required level of expertise, works were developed by a multidisciplinary team of technical experts in the different aspects covered by monitoring.
REMODELLING THE NATIONAL NETWORK OF ELECTRICAL ENERGY
TRANSPORT
Continuing the works developed within the remodelling of the national transport of electrical energy, REN - Rede Eléctrica Nacional entrusted TPF, in Consortium, with the Construction Site Supervision Services for the National Transport Network (Lines and Substations - 2nd and 4th Trimester of 2018 - 1st Trimester of 2019). The contract includes monitoring the construction works and remodelling the Electrical Substations of Vila Fria - 2 PN 150 kV, Vermoim (SVM) - PL 220kV, Falagueira (SFR) - PN 400 kV, Vila Chã (SVC), Lavos (SLV) - PL 60 kV, Ourique (SOQ) - PL150 kV, Estói (SET)
and of Alto Mira (SAM), as well as the remodelling of several energy infrastructures in 3 lots that cover the entire national territory. URBAN REGENERATION OF LISBON TPF is carrying out the management and supervision of the demolition and construction works of a new hotel in a building located at Av. Duque de Ávila n.º 203, in Lisbon. The intervention includes the demolition of the existing infrastructures and the construction of a new building with 4 levels below ground storey, 10 levels above ground storey, on a floor area of 5028 m2, for hotel business. Our services, with a scheduled duration of 21 months, include final design review and approval, procurement of the construction works contract, management and supervision of the construction works and on-site health and safety coordination. 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. Works, with a
scheduled duration of 19 months, foresee the construction of two buildings with seven levels above ground storey and two levels below ground storey, 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. EXTENSION AND RENOVATION OF CUF DE TORRES VEDRAS AND SINTRA HOSPITALS, PORTUGAL Our teams have continued to ensure the contract for the Supervision and Safety Coordination regarding the Extension and Renovation of CUF de Torres Vedras Hospital and the Construction of CUF Sintra Hospital, for José de Mello Saúde Group. 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. CUF Sintra Hospital is part of a plot with approximately 18.350 m2 and is formed by an area to be remodelled in the existing building of 2 levels above ground storey and by a new extension area with 2 levels above
Hotel at Avenida Duque de Loulé
Hotel at Avenida Defensores de Chaves
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CUF Sintra Hospital
ground storey and 1 level below ground storey, for a 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. SUPERVISION OF WORKS FOR THE MORGAVEL WATER SUPPLY CONNECTION SYSTEM AND FOR THE CONSTRUCTION OF THE IRRIGATION INFRASTRUCTURES OF BLOCK CUBA-ODIVELAS IRRIGATION TPF was the company selected by EDIA – Empresa de Desenvolvimento e Infraestruturas do Alqueva for the Management and Supervision of Construction services of Morgavel Water Supply Connection System and Construction of the Irrigation Infrastructures of Block Cuba-Odivelas, both integrated in Alqueva’s Multipurpose Development.
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With a planned duration of 15 months, the construction works of Morgavel Water Supply System includes the construction of the water pipe and other exploitation infrastructures of the connection between Roxo-Sado Water Main and Morgavel System surge shaft, as well as the construction of water pipe and corresponding exploitation infrastructures from the connection of Morgavel channel to Fonte Serne reservoir. The Construction Works Contract for the Irrigation Infrastructures of Block Cuba-Odivelas, scheduled to last 14 months, includes the improvement of an area of approximately 2790 ha located on the right bank of Alvito-Pisão channel. In addition to the supervision of construction works, the scope of these provisions of services includes: health and safety coordination during the execution of the works contract, topographic support of works, environmental monitoring and verification of as-built drawings of the project disciplines carried out in this work.
Centro de Informação das Nações Unidas para os PALOP
ANGOLA In 2018, our teams continued several multi-annual works, initiated in previous years, essentially for multilateral bodies or projects funded with Chinese credit lines, in the fields of hydroelectric power, infrastructures and services, namely the consultancy services for the construction works of the Hydropower Scheme of Caculo Cabaça.
WATER NETWORK AND HOUSEHOLD CONNECTIONS OF LUENA
UNITED NATIONS INFORMATION CENTRE FOR THE PORTUGUESE-SPEAKING AFRICAN COUNTRIES (PALOP)
Also in the hydraulic infrastructures sector, TPF ensures for the Ministry of Energy and Water 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. 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.
Our Portuguese and Angolan teams continued to provide the Monitoring and Supervision of Works in the construction of the future UNITED NATIONS INFORMATION CENTRE FOR PALOP in Luanda, promoted by United Nations (UN) through the Ministry of the Social Communication of the Republic of Angola. It is an emblematic building with a gross floor area of approximately 10 000 m2, distributed by six levels above ground storey and a basement, intended to raise awareness and to promote the Portuguese Language and the different origin of Portuguese-Speaking African Countries.
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In terms of volumetry, the building stands out by the existence of three differentiated bodies in height where they are located, namely the Museum, technical areas and the areas for event rooms, conferences and meetings.
This is a structuring and priority design included
HYDROPOWER SCHEME OF CACULO CABAÇA IN KWANZA RIVER
The scheme, which uses a 215 m net head between the
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.
reservoir and the outlet works, downstream from the natural falls of Caculo Cabaça, is formed by a concrete
TPF continued to provide the environmental consultancy services for the construction works of the Hydropower Scheme of Caculo Cabaça, in Kwanza River for the consortium China Gezhouba Group Corporation (CGGC) and Niara Holding.
dam with 103 m of maximum height and 553 m of crest,
TPF is also responsible for the entire design review of the hydropower scheme, with all its civil engineering components, in coordination with mechanical and electrical components.
have an installed power of 2100 MW and will
storing a total volume of about 440 million m3, in addition to a hydroelectric power station and a hydraulic circuit. After the completion of works, which are scheduled to last 80 months, this infrastructure will contribute significantly to the government's target for energy generation capacity by 2025. This project, estimated to last more than 6 years and
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.
with an investment of approximately 4,5 billion dollars, will have at its construction peak over 6000 employees.
Hydropower Scheme of Caculo Cabaça
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Railway Line of Oued Tlelat-Tlemcem
ALGERIA In 2018, TPF continued to provide the monitoring and supervision during the renovation of the Algerian railway lines. The year was also marked by the inauguration of the entire extension A, Line 1 of Algiers Metro. In the scope of road infrastructures, studies of toll booths continued for the East-West Highway - Central and West Lots.
RAILWAY MANAGEMENT AND SUPERVISION With a strong presence at the Algerian market, TPF continued to ensure in 2018 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, TPF has created a solid image of technical expertise and cooperation within the ANESRIF, being entrusted with successive contracts. In 2016, we were present in the execution of four major railway designs, totalling a length of around 700 km, namely the railway lines of Annaba-Ramdane Djamel, Relizane-Tiaret-Tissemsilt,
Oued Tlelat-Tlemcene, and the mine railway East – Lot 3.
RAILWAY STUDIES AND DESIGNS 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. The Ksar El Boukhari-Boughzoul and Boughzoul-Djelfa lines, with a total length of 160 km, are part of the South/East connection design, which will offer rail
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access for people and goods to inland areas of the
Lot, COSIDER Travaux Publics, and for the West Lot,
country.
one of the reference companies in Portugal in the construction sector, TEIXEIRA DUARTE - Engenharia
The design to renovate and duplicate the Beni Mansour-Bejaia line over a distance of 87 km will allow passenger trains to travel at 100 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 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.
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 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.
EXPLOITATION FACILITIES AND EQUIPMENT OF THE EAST-WEST HIGHWAY - CENTRAL AND WEST LOTS
Works in the West Lot, which crosses the provinces of Relizane, Mascara, Sidi Bel Abbès and Tlemcen for 330
In the domain of road infrastructures in Algeria, TPF is
km, includes the development of the Projects of 15 Toll
developing the Final Design for thirty-three Toll Booths
Booths, 7 Maintenance Centres and 2 open line, 22 Rest
and more than a hundred facilities and exploitation
Areas, with a total of 37 facilities.
equipment in the Central and West Lots of the EastWest Highway, with a total length of 700 km. These are two distinct contracts, whose clients are the largest Algerian construction company for the Central
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
Exploitation Facilities and Equipment of the East-West Highway
24 | TPF Consultores – CONSOLIDATED ANNUAL REPORT 2018
architecture
and
other
disciplines
of
building
engineering.
party related to civil construction, and further collaboration in the monitoring and supervision of works for the phase related to finishes and system
EXTENSION OF THE UNDERGROUND NETWORK OF
installation, highlighting consequently TPF's multi-
THE CITY OF ALGIERS
disciplinarity and its capacity to provide different
The end of 2018 was also marked by the inauguration
integrated engineering services.
of the entire extension A, Line 1 of Algiers Metro, located in the heart and historic city centre.
BOUMERDES HOTEL
The work, was fully developed in an underground
A new hotel is being designed by TPF teams for an Algerian real estate, located in Boumerdès, in Algeria.
excavation, includes the execution of a tunnel with a total length of approximately 1450 m, two mine stations and corresponding accesses to the surface, as well as three ventilation shafts. Works assumed such a complexity because they are developed in a densely populated area at the surface, and predominately constituted by residential buildings of quite distinct periods and significant historical and patrimonial value. The services provided to the Contractor's Consortium
This 4 star hotel will be able for the installation of 240 bedrooms, distributed for an area of 18 000 m2. TPF's mission is to develop all technical documents throughout all design phases, since Preliminary Study to Preliminary and Final Designs, in particular the Architecture Design of all technical disciplines, as well as the corresponding technical monitoring and the preparation of the tender process to hire the construction company.
consisted in the development of the Final Design of the
Boumerdes Hotel
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Hydropower Scheme of Bini à Warak
CAMEROON In 2018, a new contract was signed with the United Nations Industrial Development Organisation (UNIDO) thus strengthening our presence in a country where we have been since 2015. Simultaneously, we were involved in the Hydropower Scheme of Bini à Warak, in the Adamawa region, in Cameroon.
HYDROPOWER SCHEME OF BINI À WARAK
FEASIBILITY STUDY OF A NEW SMALL HYDROPOWER PLANT IN THE MANJO REGION
TPF continued to provide the Management and Supervision of hydroelectric works for the Hydropower Scheme of Bini à Warak, in the Adamawa region, which 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 United Nations Industrial Development Organization (UNIDO) entrusted to TPF the development of the Feasibility Study for the installation of a small hydropower plant in the Manjo region, in the coast of Cameroon, thus strengthening our presence in a country where we have been since 2015.
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.
The studies, part of a promotion development strategy of the energy sector in Cameroon, also include technical, economic and financial feasibility, environmental impact study, final design and preparation of tender, evaluation and award of contract.
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CERN - European Organization for Nuclear Research
FRANCE In 2018, works part of the programme contract with the distinguished European Organization for Nuclear Research (CERN) continued to be developed. This contract proves that our teams continue to deserve the confidence of the most respected public and private institutions, contributing significantly to develop and modernise one of the world's largest research centres.
CONSULTANCY SERVICES IN CERN FACILITIES 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, awarding the contract and supervision of works.
During 2018, 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) and the New Data Centre Project located in the Point 8 of the Large Hadron Collider (FerneyVoltaire commune).
CONSOLIDATED ANNUAL REPORT 2018 – TPF Consultores | 27
Zambezi river
MOZAMBIQUE In the environment sector, TPF's activity in Mozambique, during 2018, was marked by the development of Mozambique Spatial Development Planning and by the River Basin Plans of Nampula and Zambezia. In the water and sanitation sector, we should highlight the post-construction technical assistance of the Storm Drainage System of the city of Beira and the studies and supervision works in the Rehabilitation of Storm Drainage System of the city of Maputo.
SPATIAL DEVELOPMENT PLANNING The Government of Mozambique, through the National Sustainable Development Fund financed by the International Development Association of the World Bank, hired TPF, in consortium with Biodesign, 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.
28 | TPF Consultores – CONSOLIDATED ANNUAL REPORT 2018
Studies include the development of decision support tools, such as a geographic information system, an 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 TPF leads the consortium in charge 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 in the river basins of Melela, Molocue, Nipiode, Raraga and Moniga, in the province of Zambezia, for the Ministry of the Earth, Environment and Rural Development (MITADER). These Plans, covering 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. The 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.
DEVELOPMENT PLAN AND FEASIBILITY STUDY FOR URBAN SANITATION, DRAINAGE AND SOLID WASTE MANAGEMENT IN CHIMOIO AND INHAMBANE AIAS - Administração de Infraestrutura de Água e Saneamento
entrusted
to
TPF,
leader
of
the
Consortium, the preparation of the Development Plan and Feasibility Study for Urban Sanitation, Drainage and Solid Waste Management in Chimoio and Inhambane. 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. Works have been carried out by a team of specialists that cover several disciplines from Urban Hydraulic component,
to
Institutional
Diagnosis,
Environment
Waste and
Management, including
Environmental
Law
and
specialists and
in
Social
Management, Geographic Information Systems and Urban Planning.
River Basin Plan in the province of Nampula
CONSOLIDATED ANNUAL REPORT 2018 – TPF Consultores | 29
Drainage System of Beira
POST-CONSTRUCTION TECHNICAL ASSISTANCE TO THE STORM DRAINAGE SYSTEM OF THE CITY OF BEIRA AND REHABILITATION OF MAPUTO FLOOD CONTROL SYSTEM The Consortium led by TPF is providing the postconstruction technical assistance works to the Storm Drainage System of the city of Beira, in Mozambique, which aim at supporting the Municipality of Beira in structuring the human, technical and material capabilities needed for management, operation and future maintenance and sustainability of the drainage system. Works included the creation of Beira's Drainage System Department, the development of a Commissioning Plan, and of a Maintenance and Operation Plan, in order to organise, plan and create the necessary methods and procedures to systematise the drainage system maintenance and operation. In 2018, the consortium led by TPF also continued with the Supervision of Rehabilitation works of the "Priority Storm Drainage Structures in Maputo". Construction works will last 18 months followed by an additional 12 months period for follow-up.
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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.
SUPERVISION OF CONSTRUCTION WORKS FOR THE GREEN URBAN INFRASTRUCTURES IN THE CITY OF BEIRA Our teams are still at an early stage of a new Supervision contract for the Green Urban Infrastructures in Beira, also promoted by AIAS Administração de Infra-Estruturas de Água e Saneamento. The project aims at improving natural drainage in Chiveve River Basin area, by building entertaining solutions that contribute to flood control in the intervention area, offering at the same time recreational, cultural and mobility solutions, open and safe areas and activities for environmental education.
Hydropower Scheme of Sanaga
KENYA In Kenya, TPF continued with feasibility studies of two Hydropower Schemes. Reabilitação de Estradas em Bucareste
HYDROPOWER PLANT OF NDANU FALLS
HYDROPOWER PLANT OF SANAGA
In Kenya, TPF continued with feasibility studies regarding the Hydropower Plant in Ndanu Falls, located on the Yala River, next to Kisumu City.
REIKE Limited entrusted to TPF the feasibility study for the hydropower plant of Sanaga, located on the Sanaga River, in Kenya.
With an estimated power of 10 MW, this plant will consist of a small hydropower plant composed of a mobile dam, a water intake and a water supply pipe, a forebay and penstocks, a powerhouse and a tailrace tunnel.
Studies, expected to last 16 months, will be developed in two phases including the Technical and Economic Feasibility Study and the detailed Financial Feasibility Study of this hydropower plant with an estimated power of 35 MW. Our teams are in charge for carrying all studies, including geological, hydraulic and hydrological studies, design of structures, financial and economic analysis.
During 2018, our teams were also involved in technical and economic feasibility studies of another hydropower plant, located in the same river, and with an estimated power of 8 MW, NADANU2. Our teams are in charge for carrying out hydrological and hydraulic studies, as well as for the design works to check on the venture's technical and economic feasibility.
CONSOLIDATED ANNUAL REPORT 2018 – TPF Consultores | 31
Mapping Small Hydropower Plants
Hydropower Plant of Contador
SÃO TOMÉ AND PRÍNCIPE
LAOS
HYDROPOWER PLANT OF CONTADOR
MAPPING SMALL HYDROPOWER PLANTS
Also in the scope of hydroelectric power, TPF carried out the studies for the Assessment of Water Resources Availability for the Production of Energy in the Hydropower Plant of Contador to the Project Management and Fiduciary Agency (AFAP) of S. Tomé and Príncipe.
During 2018, we completed the studies to Map Small Hydropower Plants in Laos under the leadership of the Ministry of Energy and Mines as part of the Energy Sector Management Assistance Program. These studies fit into the Renewable Energy Resource Mapping Plan, whose purpose is to identify, quantify and map the existing natural resources, for the development of policies and to implement strategies that will improve the development of the country's renewable energies.
This assessment aims at quantifying and characterising the available water resources for the production of energy in the Small Hydropower Plant of Contador, aiming towards its rehabilitation and capacity increase. It' is a project financed by the World Bank and the European Investment Bank aiming in order to recover 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.
32 | TPF Consultores – CONSOLIDATED ANNUAL REPORT 2018
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.
Supervision of the Rehabilitation Works for the Coastal Roads
EAST TIMOR In addition to drainage studies in Dili, in 2018, TPF won a new contract for the supervision of a set of road infrastructures in the coastal region between Noefefan and Citrana.
DRAINAGE PROJECTS IN DILI The Dili Urban Drainage Final Designs 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.
SUPERVISION OF THE REHABILITATION WORKS FOR THE COSTAL ROADS IN TIMOR The Authorities of the Special Administrative Region of Oecussi-Ambeno and the Special Zones of Market Social Economy of Timor-Leste, entrusted to TPF the supervision of the rehabilitation, construction and maintenance works for a 12 km road section between the Tono Noefefan Bridge and the village of Oenuno. This new contract, with a duration of 22 months, aims at the improvement of the road conditions under the Strategic Development Plan of Timor-Leste (20102030), by promoting growth and the improvement of living conditions in the coastal region between Noefefan and Citrana.
CONSOLIDATED ANNUAL REPORT 2018 – TPF Consultores | 33
Istanbul Ethnographic Park
TURKEY Benefitting from a strategic location, Turkey is naturally one of the key parts in the East-West link. During 2018, TPF won new contracts of Studies and Designs for the Municipality of Istanbul, and continued some multi-year contracts, namely the Project Management in the Public-Private Partnerships (PPP) Program for the construction of two Health Campuses for the Ministry of Health.
SEVERAL STUDIES AND DESIGNS IN ISTANBUL TPF is developing, for a real estate investor, the Preliminary Design and the Final Design of a tunnel that links a building and a metro station in Istanbul, as well as the Preliminary Design for the urban requalification of an old road terminal on behalf of IBB Istanbul Buyuksehir Belediyesi (Istanbul Metropolitan Municipality).
It is an infrastructure dedicated to sports, with an intervention area of 350 000 m2, that will provide and make available to its users several sports and recreational facilities, in order to promote modern and traditional sports, garden areas, urban park, exhibition areas, restaurants, as well as support and administrative services.
During 2018, TPF completed the Final Design if Istanbul Ethnographic Park, promoted by IBB Istanbul Buyuksehir Belediyesi (Istanbul Metropolitan Municipality). The study was developed by a multidisciplinary team of Portuguese and Turkish experts.
The development of the studies included the disciplines of Architecture, Landscaping, Geology and Geotechnics, Structures and Electromechanics.
34 | TPF Consultores – CONSOLIDATED ANNUAL REPORT 2018
Corridor for the Port Liquid Jetty of the Duqm Refinery
Salang Tunnel
AFGHANISTAN
OMAN
SALANG TUNNEL
FINAL DESIGN OF THE CORRIDOR FOR THE PORT LIQUID JETTY OF THE DUQM REFINERY
During 2018, TPF was responsible for the development of the rehabilitation studies of Salang Tunnel. This tunnel, with approximately 2,8 km long, constitutes a fundamental pass through Hindu Kush mountains that link northern Afghanistan to central, eastern and southern regions of this country. This contract, signed with Khatib & Alami, for the Ministry of Public Works of the Islamic Republic of Afghanistan, foresees the tunnel technical inspection and galleries, the Final Design of the rehabilitation works, as well as the preparation of Tender Procedures to select the contractor. TPF has a multidisciplinary team that includes tunnel, geology and geotechnics, civil engineering, hydrology, paving and environmental experts.
During 2018, our teams have been involved in studies and designs under the EPC contract for the Final Design and Construction of the Corridor for the Port Liquid Jetty of the Duqm Refinery, promoted by the Special Economic Zone Authority at Duqm (SEZAD). The works are part of a strategic development project for the Port of Duqm and include the construction of a service corridor between the Refinery and the Pier, 6,1 km long and 37,2 m wide, dedicated to the export of various petroleum products. The project also includes the construction of several roads along the corridor, as well as the installation of pipelines in valleys and canals, the construction of several overpasses, infrastructure networks and the installation of pipeline protection measures against vandalism.
CONSOLIDATED ANNUAL REPORT 2018 – TPF Consultores | 35
TPF Consultores outlook for 2019 is positive, although optimism should be moderate.
OUTLOOK FOR 2019
In the markets where we operate, there are no significant changes for 2019. Therefore, we do not expect any increase on the price of oil that helps the economy of countries such Angola and Equatorial Guinea to find a way out of the crisis they are. Also in Algeria, political events that already arise in 2019, may affect our activities and this may lead to early demobilization of some of our technicians. On the contrary, the outlook for Mozambique remains good, since multilaterals are financing all of our works and all revenues are safe. In Portugal, as we have already mentioned in the introduction, invoicing will increase almost for sure at the increase of the work won by CERELINEX and we expect its quick start-up on the second semester; consequently, we anticipate that at least 10-15% of the total award value is invoiced in 2019.
36 | TPF Consultores – CONSOLIDATED ANNUAL REPORT 2018
Thus, the trend will be an increase in the percentage of the overall activity in the Portuguese market, whose share will rise from 26%, recorded in 2018, to at least 30%, in 2019. Naturally, we will keep focusing our efforts in billing, in particular in Angola and Equatorial Guinea, and in the reduction of the average deadline for receipts on all fronts.
COMPULSORY LEGAL PROVISIONS
In accordance with article 448, paragraph 4 of the Code of Commercial Companies, the holders of shares that were included in that provision on 31 December 2018 are as follows: TPF, S.A ................................................................ 307.723 shares In compliance with the required legal provisions, please note that as of 31 December 2018, 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 of the General Meeting Board and of the Statutory Auditor.
Lisbon, 4 April 2019
CONSOLIDATED ANNUAL REPORT 2018 – TPF Consultores | 37
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 Durães Teixeira da Fonseca, Voting Member
38 | TPF Consultores – CONSOLIDATED ANNUAL REPORT 2018
FINANCIAL STATEMENTS
CONSOLIDATED ANNUAL REPORT 2018 – TPF Consultores | 39
BALANCE SHEET Currency: Euro
Captions
Notes
31/12/2018
31/12/2017
ASSETS: Non current: Tangible fixed assets 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 9 10 11
12 18 12 12 13 10 4
Total Assets
172 494,81 16 470,82 37 564,72 62 264,48 334 941,15 216 568,93
223 208,63 53 046,40 37 564,72 167 339,64 385 768,26 181 970,27
840 304,91
1 048 897,92
28 959 089,14 616 386,15 4 007 563,40 7 976 314,16 629 299,61 1 797 319,98 4 167 279,94
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
48 153 252,38
54 707 327,31
48 993 557,29
55 756 225,23
3 384 953,00 24 519,16 2 819 073,19 833 138,30 328 177,73 16 677 820,01 23 553,94 (4 048 741,21) 331 148,67 183 102,81
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
20 556 745,60
24 270 021,86
438 458,22 2 794 999,05 19 181,02
68 173,69 5 629 536,76 36 522,95
3 252 638,29
5 734 233,40
6 526 198,95 1 065 564,17 1 509 411,99 131,44 9 672 763,43 6 403 203,42 6 900,00
7 093 433,90 57 070,77 1 879 729,02 250,27 8 764 904,73 7 640 591,94 315 989,34
25 184 173,40
25 751 969,97
28 436 811,69 48 993 557,29
31 486 203,37 55 756 225,23
EQUITY: Paid-up 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
14 14 14 14 14 14 14 5
Total Equity LIABILITIES: Non current liabilities: Provisions Loans 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
CHIEF ACCOUNTANT
40 | TPF Consultores – CONSOLIDATED ANNUAL REPORT 2018
15 16 17
16 17 18 16 17 13
BOARD OF DIRECTORS
INCOME STATEMENT BY NATURE Currency: Euro
Income and Expenses Sales and Services 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) Other income and expenses Other expenses and losses
Notes 19 20 21 21 22 12 15 26 23 24
Earnings before depreciation, loans and taxes (EBITDA) Depreciation and amortisation expenses / reversals
25
Earnings (before interest and taxes) (EBIT) Interest and similar expenses
27
Resultado antes de impostos (EBT) Earnings before tax (EBT)
11
Net profit for the period Minority interests
5
Earnings of the parent company
CHIEF ACCOUNTANT
31/12/2018
31/12/2017
30 682 200,12 85 372,22 (8 549 107,98) (5 838 414,70) (10 854 407,73) (559 005,97) (438 458,22) 5 466 851,63 (8 812 831,50)
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)
1 182 197,87
2 817 778,28
(119 052,54)
(242 357,81)
1 063 145,33
2 575 420,47
(299 590,27)
(345 535,94)
763 555,06
2 229 884,53
(425 605,65)
(619 736,13)
337 949,41
1 610 148,40
(6 800,74)
(10 423,22)
331 148,67
1 599 725,18
BOARD OF DIRECTORS
CONSOLIDATED ANNUAL REPORT 2018 – TPF Consultores | 41
STATEMENT OF CHANGES IN EQUITY Currency: Euro
Captions
Notes
Position on 01-01-2018
Paid-up capital
Other equity instruments
3 384 953,00
24 519,16
Share premiums
Legal reserves
Other reserves
Retained earnings
2 819 073,19
833 138,30
328 177,73
16 427 720,37
Adjustments to financial assets
Other variations in equity
Net profit for the period
38 246,90 (1 387 457,37)
Minority Interests
Total
1 599 725,18 24 068 096,46
Total Equity
201 925,40 24 270 021,86
Changes in the period Application of net income for the year ended 2017
-
-
-
-
-
1 599 725,18
Other changes recognised in equity
-
-
-
-
-
(57 188,94)
-
-
-
-
-
1 542 536,24
(1 599 725,18) (14 692,96) (2 661 283,84)
(25 623,33) (2 758 789,07)
Total profit
Captions
Position on 01-01-2017
-
(14 692,96) (2 661 283,84) (1 599 725,18) (2 733 165,74) 331 148,67
Position on 31-12-2018
-
(25 623,33) (2 758 789,07)
Net profit for the period
Operations with equity holders for the period Result distribution
-
- (2 733 165,74)
331 148,67
6 800,74
337 949,41
(1 268 576,51) (2 402 017,07)
(18 822,59) (2 420 839,66)
-
-
-
-
-
(1 292 436,60)
-
-
(1 292 436,60)
- (1 292 436,60)
-
-
-
-
-
(1 292 436,60)
-
-
- (1 292 436,60)
- (1 292 436,60)
3 384 953,00
24 519,16
2 819 073,19
833 138,30
328 177,73
16 677 820,01
23 553,94 (4 048 741,21)
331 148,67 20 373 642,79
183 102,81 20 556 745,60
Notes
Paid-up capital
Other equity instruments
3 384 953,00
24 519,16
Share premiums
Legal reserves
Other reserves
Retained earnings
2 819 073,19
833 138,30
328 177,73
15 250 450,85
Adjustments to financial assets
Other variations in equity
Net profit for the period
30 568,94 (2 085 437,79)
Total Equity
3 874 746,66
24 460 190,04
Changes in the period 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
(3 874 746,66)
-
-
509 410,25
-
-
-
-
-
3 678 498,53
7 677,96
697 980,42 (3 874 746,66)
509 410,25
1 599 725,18
1 599 725,18
(2 275 021,48)
2 109 135,43
Net profit for the period Total profit Operations with equity holders for the period Result distribution
Position on 31-12-2017
-
-
-
-
- (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
CHIEF ACCOUNTANT
42 | TPF Consultores – CONSOLIDATED ANNUAL REPORT 2018
328 177,73
16 427 720,37
38 246,90 (1 387 457,37)
BOARD OF DIRECTORS
1 599 725,18
24 068 096,46
CASH FLOW STATEMENT Currency: Euro
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)
31/12/2018
31/12/2017
33 543 525,53
25 523 227,24
(14 954 757,63) (10 854 407,73)
(11 659 914,65) (11 866 151,65)
7 734 360,17 (425 605,65)
1 997 160,94 (619 736,13)
(7 030 186,84)
(4 288 450,43)
278 567,68
(2 911 025,62)
(19 923,14) (11 840,00) -
(35 484,87) (30 146,12)
105 538,92 73 775,78
174 259,67 108 628,68
-
1 600 122,31
(1 926 797,84) (299 590,27) (2 226 388,11)
(679 036,98) (345 535,94) (2 501 229,01) (1 925 679,62)
(1 874 044,64) 6 041 324,58 4 167 279,94
(4 728 076,56) 10 769 401,14 6 041 324,58
Cash flow from investing activities Payments from: Tangible fixed assets Intangibe assets Financial investments Receipts from: Intangibe assets Financial investments Cash flow from investing activities (2) Cash flow from investing activities Receipts from: Loans Payments from: 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
CHIEF ACCOUNTANT
4 a) 4
BOARD OF DIRECTORS
CONSOLIDATED ANNUAL REPORT 2018 – TPF Consultores | 43
AUDIT REPORT
CONSOLIDATED ANNUAL REPORT 2018 – TPF Consultores | 77
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REPORT AND OPINION OF THE STATUTORY AUDITOR
82 | TPF Consultores – CONSOLIDATED ANNUAL REPORT 2018
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Rua Laura Alves, N.º 12 - 8º-1050-138 Lisboa, Portugal Tel. +351 218 410 400 Fax +351 218 410 409 geral@tpf.pt
www.tpf.pt
86 | TPF Consultores – CONSOLIDATED ANNUAL REPORT 2018