TPF Planege Consolidated Report and Accounts 2013

Consolidated Report and Accounts

2013

Consolidated Report and Accounts 2013 | 2

OUR VALUES

PROFITABILITY RELIABILITY

DYNAMISM FLEXIBILITY / INTELLIGENCE

TPF Planege - Consolidated Report and Accounts 2013

INDEX

3

INDEX

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

CONSOLIDATED MANAGEMENT REPORT

1.Introduction .................................................................................. 7

2.Analysis of accounts .................................................................... 8

3.Work Completed in 2013 ............................................................. 11

4.Outlook for 2014 43

5.Compulsory Legal Provisions .................................................... 44

6.Final Considerations .................................................................. 44

CONSOLIDATED FINANCIAL STATEMENTS At 31 December 2013

Consolidated Balance Sheet …………………………………………………… 47

Consolidated Statement of Income by Nature .............................. 48

Statement of Changes in Equity ................................................... 49

Consolidated Statement of Cash Flows ........................................ 50

STATUTORY AUDIT OF ACCOUNTS. REPORT AND OPINION OF THE AUDITOR

Statutory Audit of Accounts, Official Reviewer’s Report and Opinion on Financial Statements.

51


GOVERNING BODIES


GOVERNING BODIES

5

Board of Directors Jorge Maurice Banet Nandin de Carvalho, Chairman

Thomas François Hervé Spitaels, Voting Member

Fernando José Mena Gravito, Voting Member

Vitor Manuel Teixeira da Fonseca, Voting Member

António Manuel Sobral Rodrigues, Voting Member

General Meeting Board Thomas François Hervé Spitaels, Chairman

Pedro Castro e Silva Palma e Santos, Secretary

Statutory Auditor Gomes Marques, Carlos Alexandre & Associada – SROC, represented by:

- Carlos José Castro Alexandre, SA no. 692

- Vicente Pereira Gomes Marques, SA no. 669, Alternate




CONSOLIDATED MANAGEMENT REPORT Introduction

7

1. INTRODUCTION

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

As well as having confirmed the merger of Provia and Prosistemas with TPF

Planege, relations with our subsidiaries and affiliates have been clarified,

and in late 2013, TPF Planege increased its stake in TPF Angola (currently

holding 90%) and in TPF Mozambique (95%). Thus the TPF Planege Group

has begun to acquire a form of its own, and taking into account the three

major markets in which it operates, only in Algeria is its equity interest not

yet fully resolved.

In terms of income, the group grew very significantly from 2012 to 2013,

with sales increasing by more than 70%, from around € 14 M to around € 24

M. In truth, it must be said that this growth was generated by the increase

in our stake in TPF Angola (from 48% to 90%) but also by the overall growth

in almost every business subject to the consolidation.

In terms of profitability, the numbers have not followed the same trend, as

net income in absolute terms was roughly the same as last year, and

EBITDA amounted to 2,465,428 euros, i.e. only around 11% higher than in

2012.

The TPF Planege Group’s turnover for this year came from 9

countries/markets, namely: Algeria, Angola, Brazil, Cape Verde,

Mozambique, Poland, Portugal, Romania and Tunisia

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


2 ANALYSIS OF ACCOUNTS

2.1. IN GENERAL

The major growth in 2013 naturally placed greater stress on the financial

area, but even so, this did not have any negative consequence, as the

indicators for 2013 are quite good in relation to the market average. This

situation suggests that for 2014 there should be greater stability and

improved efficiency in the Group, rather than further exponential growth.

2.2. ECONOMIC AND FINANCIAL DESCRIPTION

The attached chart reflects the development of the Group’s economic and

financial indicators, and in fact reveals that some indicators were worse

than in 2012, specifically financial autonomy and general liquidity,

although, as already mentioned in previous years, these indicators do not

take into account the high value of deferred liabilities against amounts

under Cash and Bank Deposits and the sound level of fixed capital (38% of

total assets)

The graph showing the trend in revenue, which reached € 24.69 M in 2013,

clearly shows the significant growth witnessed last year.

Profit Trend | figure 1

(in million Euros)

2009 2010 2011 2012 2013

14,22 13,6 13,70 15,90

24,69

“... suggests that for 2014 there should be greater stability and improved

efficiency in the Group, rather than further

exponential growth.”



Analysis of Accounts

9

Economic and Financial Characterization | figure 2

2.3. PRODUCTIVITY AND EMPLOYMENT

At the end of 2013, the group employed around 170 people in all countries in

which it operates, which corresponds to very good ratios of overall

productivity and growth relative to 2012. It should be noted, though, that

around 1/3 of the production of the group is accounted for by partners

working as subcontractors

Employment Trend | figure 3

(average number of employees at 30 June each year)

Indicators 2009 2010 2011 2012 2013

Financial Autonomy 33% 23% 18% 23% 20%

General Liquidity 172% 152% 232% 189% 157%

Solvency 49% 30% 22% 30% 25%

Return on Equity 25% 10% 22% 27% 26%

GVA / Total Income 57% 53% 57% 37% 39%

Financial Results / Total Revenue -0,8% -1,2% -2,3% -0,8% -0,4%

Net debt / EBITDA 1,6 5,2 -2,8 -3,4 -3,6

EBITDA / Total Income 9% 5% 11% 14% 10%

2009 2010 2011 2012 2013

136 124

137 131

170


Development of Productivity

(In Euros per worker) | figure 4

2.4. EXPORTS

Nowadays, the TPF Planege Group raises over 70% of revenues in the markets of

Algeria, Angola and Mozambique, with the remainder being raised in Portugal, Cape

Verde, Romania, Poland, Tunisia and Brazil, and we acknowledge that the situation

in 2014 will not be very different from 2013, with significant market share remaining

in those three markets.

Development of Export

(% of turnover) | figure 5

2009 2010 2011 2012 2013

105.935 100.000 97.883

121.352

145.235

2009 2010 2011 2012 2013

55%

46%

62%

89% 98%



Work Carried out in 2013

11

3. WORK COMPLETED IN 2013

This chapter discusses the main work completed by the TPF Planege Group

during 2013 and, in some cases, that which, although arranged in 2013, will

only be performed in 2014, and whose relevance may be crucial to the

strategy of TPF Planege or its GROUP.

As in previous years, the work completed by TPF Planege in the field of

Studies and Projects (rather than those of Coordination and Supervision of

Works), continued to take place mainly in Portugal, with highly skilled

Portuguese architects and engineers, supported by technical,

administrative and commercial staff from TPF Planege, its subsidiaries or

companies in which it holds a majority stake.

It is once again to these local teams and our expatriates that we owe the

good name and the self-imposed “seal” of quality and professionalism for

which we are renowned.

For the team based in Portugal, whether that which provides all logistics

and support structure for production, that which produces for the export

market or high quality architecture and engineering, it is essential to

recognise the competence, commitment and support provided to all other

export fronts. We thus wish to convey that, although the projects described

in this report in Portugal are barely reported in the media, it is the

headquarters team that supports the good performance abroad by means

of timely technical mobilisation, selection of the best consultants to

execute the tasks, or the economic and financial background of the

company.

We continue to work so that Portuguese architecture and engineering may

become a “cluster” of excellence in the world, sustained by unquestionable

technical, economic and financial competence, adding value to the

customer’s project.

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


ARCHITECTURE, URBAN PLANNING AND BUILDINGS




13

UNIVERSITY CAMPUS OF THE HIGHER COLLEGE OF MEDIA

SCIENCES, LUANDA - ANGOLA

In 2013 TPF Planege commenced the project at the University Campus of

the Higher College of Media Sciences of Luanda, for the Ministry of Media

Affairs through the Study, Planning and Statistics Office.

The project, which covers an area of approximately 76,000 m2, involves

Architecture and the various Engineering specialities required for

establishing scaled solutions to accommodate around 1,000 students.

The University Campus distinguishes itself by the integration of various

functional sectors - Faculty, Housing, Sport and open air Sports - organised

and grouped by modular logic that allow the project to appropriate

adaptability to different morphological constraints of the relief, maintaining

fundamental programmatic relations.

This investment of more than 40 million euros has a gross floor area of

10,700 m2 and 54,600 m

2 of surrounding areas comprising different

landscaping and accessibility projects.


UNIVERSITY CAMPUS OF THE DUNDO HEALTH INSTITUTE -

ANGOLA

This project reflects the involvement of the Government in improving the

quality of education at all levels of the education system.

This is a University Campus in a prime location adjacent to the new

centrality of Dundo, which will accommodate 700 students, and occupy an

area of 46,000 m2, where the different functional teaching areas,

complementary services (auditorium, library, cafeteria), accommodation,

administrative and management services, sports grounds and recreational

areas are located.

The preparation of the "Master plan" and the resulting architecture and

engineering of the various specialities have proven the technical potential

of the Team with the development of pleasant solutions of particular

relevance that will become emblematic and recognised by the Customer.




15

SPORTS HALL WITH SPORTS TRAINING CENTRE OF DUNDO -

ANGOLA

Having signed the contract with the Provincial Government of Lunda Norte,

the "Master plan" and Architecture and Engineering projects of the various

infrastructure and buildings specialities that constitute the project were

commenced in 2013.

Housed in a vast area of 195,000 m2 and with a gross floor area of 11,400

m2, this study involves the design of various sports facilities, an office

building, residential buildings, a physical recovery centre, road

infrastructure, water supply and sewerage networks, electricity and

telecommunications, including approximately 109,700 m2 of green space.

The Sports Hall aims to provide the region with a complex that brings

together excellent features for the preparation and development of

activities and sporting events, with the aim of promoting the practice of

sports and cultural activities in the province, seeking to raise awareness not

only with young people, but also amongst the general population of the

benefits that arise from the practice of these activities.


CENTRE FOR DIAGNOSTICS AND CLINICAL ANALYSIS OF

DUNDO - ANGOLA

With the aim of promoting improved quality and timeliness in health

services provided by the local Hospital, the Provincial Government of Lunda

Norte tasked TPF Angola with designing the Centre for Diagnostics and

Clinical Analysis of Dundo.

Covering an area of around 11,500 m2, the proposed Project has been

developed on a single ground floor, encompassing anImaging Department

and a laboratory area (Clinical Pathology and Immunohematology) working

on an outpatient basis. The project also includes the final designs related to

all technical infrastructure and landscaping.




17

UNITED NATIONS INFORMATION CENTRE FOR PORTUGUESE-

SPEAKING AFRICAN COUNTRIES (PALOP), LUANDA - ANGOLA

One of the flagship projects of 2013 is unquestionably supervision and

control of the construction of the future UNITED NATIONS INFORMATION

CENTRE FOR PALOPs, to be built in Luanda.

This important agreement promoted by the prestigious United Nations

(UN), through the Ministry of Media Affairs of the Republic of Angola, will

involve a multinational team of Portuguese and Angolan technicians for a

planned time frame of 21 months.

Through the dissemination of United Nations activities, this institution will

make a valuable contribution towards promoting, disseminating and

helping young people and the general public to internalise the fundamental

ideals of the organisation, contributing crucially to the consolidation of

peace and democracy in Angola and in other Portuguese-speaking African

Countries.


NEW KILAMBA KIAXI CENTRE - ANGOLA

In 2013, under the aegis of SONIP, TPF Angola signed a new contract for

services governing the coordination and supervision of the construction of

5,000 new conventional dwellings, public buildings and respective urban

infrastructure in the new Kilamba Kiaxi centre.

With a planned duration of 14 months, this new work builds on work

underway since 2008 for the Kilamba Kiaxi Housing Programme, and

includes, in addition to supervision of the construction of new residential

buildings, supervision of the construction of public buildings for the

population under the framework of the decentralisation and local

governance initiative in Angola.

It is also important to highlight that the “New City of Kilamba Kiaxi”,

located in a total area of 5,200 hectares, is the result of a public/private

partnership and aims to accommodate approximately 350,000 inhabitants

in 80,000 decent social dwellings, complemented by integrated public

services, such as schools, clinics, hospitals, a city council, court, security

services and other social facilities.




19

URBAN AND INFRASTRUCTURE PLANS FOR KILAMBA KIAXI

AND CACUACO - ANGOLA

The Angolan Ministry of Urban Development and Housing, through the

National Directorate of Urban Infrastructure, hired teams from TPF

Planege, in partnership with its Angolan subsidiary - TPF Angola, for the

complex and challenging mission to develop the Urban and Infrastructure

plans of two areas of 236 ha each, within the scope of the process of urban

redevelopment in Kilamba Kiaxi and Cacuaco.

These projects cover an extensive area characterised by the disordered

settlement of the populations, named "musseque", with no sanitation

infrastructure, mains water or power, and for which our teams will have the

mission of developing a new urban fabric which will include the definition of

urban infrastructures to be installed: networks for water and sewerage,

electricity and telecommunications, roads and green spaces.

The work will be carried out in stages, since the Preliminary Study, from the

Infrastructure and Technical Assistance to the Execution Projects during the

construction phase.


HOTEL AMRAOUA IN TIZI-OUZOU - ALGERIA

This contract signed in 2013 with the Algerian company Entreprise de

Gestion Touristique du Center deals with the implementation of the project

for the renovation of Hotel Amraoua in Tizi-Ouzou in Algeria.

The work includes the architectural restoration of façades and interiors,

preparation of projects for the restoration of the building structure,

technical networks and lifts, including the replacement of materials and

new furniture.

The 4-star hotel has 150 rooms, including 4 suites, a restaurant, bar and

boutique as well as all the necessary infrastructure for the provision of

services to customers.

This interesting project, which falls under the Recovery Plan of the Network

of Hotels, gives continuity to the diversification of the services that TPF

Planege already provides today in the Algerian market.




21

ENVIRONMENT AND WATER RESOURCES


WORKS AT THE MOUTH OF FUNCHAL RIVERS - PORTUGAL

In 2013, TPF Planege was involved in Technical Assistance to Projects to

stabilise and control the flooding of the main rivers in Funchal, with the

inauguration of solid material control dams in the João Gomes and Santa

Luzia rivers, and consultancy of the supervision of the Project FOZ works,

involving intervention downstream from the São João, Santa Luzia and

João Gomes Rivers.

The consultancy work, lasting 24 months which extended into 2014, aims to

restore the riverside area of Funchal deeply affected by the event of

February 20, 2010, and integrates a wide range of works for the correction

and regularisation of the course of the three rivers that pass through the

city, with a view to improving their hydraulic operation.




23

CERRO DA MINA DAM - SOMINCOR - PORTUGAL

The work will include the construction of a dam, called the Reservoir of

Cerro Mina, formed by riprap landfill of maximum 28.2 m height above

foundation, a crest of 629.0 m and a volume of 407,700 m3, to be built with

excavated materials, as well as the respective floodway and drain.

Located in the Cerro do Lobo Waste Landfill area, 4 km from the

SOMNICOR industrial facilities, these jobs are intended for the storage of

residual water from industrial processing, with a storage volume of

1,200,000 m3.

In parallel the construction of a Sludge Detention Basin (Emergency

Reservoir) obtained at the expense of carrying out an excavation of a

maximum height of 4 m and a volume of 1,615 m3, of a 775 m long rainwater

diversion channel and a 160 m long and 7 m high landfill to partition with

the Mont Blanc Reservoir. The budget for the work is 10 million Euros and

was started in mid 2012 and will be completed in mid-2014. We are

responsible for Management and Works Supervision.


ENVIRONMENTAL MONITORING OF HYDROELECTRIC

DEVELOPMENT AT FOZ TUA - PORTUGAL

During 2013, TPF Planege continued to back environmental monitoring of

this Hydroelectric Development, under the responsibility of EDP-Gestão da

Produção de Energia, S.A. , whose area of study involves five municipalities

(Mirandela, Murça, Vila Flor, Alijó and Carrazeda de Ansiães).

The work includes the implementation and execution of the following

Monitoring Programmes: Hydromineral Systems at Caldas de Carlão and

São Lourenço, Noise, Land Use and Planning in the context of the National

Program of High Potential Hydroelectric Dams, including the analysis of the

results of several Biodiversity, Heritage and Sediment Transport, Climate,

Air Quality and Socioeconomics studies.

This project, which is scheduled to commence at the end of 2015, involves

an investment of 305 million Euros.




25

ENVIRONMENTAL IMPACT STUDY AND MONITORING OF WIND

FARMS - PORTUGAL

During 2013, TPF Planege continued to back environmental monitoring of

several Wind Farms for various customers, (including bats, birds and flora),

including Over Equipment and Power Backups, for various Customers.

In this context, we have drawn up the Environmental Compliance Reports

for Execution Projects (RECAPE) at the Vila Cova Wind Farm and the Over-

Equipment at the Arada/Montemuro Wind Parks ( 1st Phase) and São

Pedro.

These studies included the preparation of an Environmental Work

Monitoring Plan, a Waste Management Plan, a Recovery Plan for the Areas

of Intervention and Monitoring Plans.

In view of the complexity of the relevant studies and the required level of

knowledge, the work has been carried out by a multidisciplinary team of

experts, whose expertise covers flora, birds, bats, the Iberian wolf, heritage

and noise.


AGRICULTURAL AND URBAN HYDRAULICS




27

WORK ON THE MULTIPURPOSE DEVELOPMENT OF ALQUEVA -

PORTUGAL

Following the projects implemented, TPF Planege continued providing

Technical Assistance to the project involving various works falling under the

Multipurpose Developement of Alqueva.

During 2013, of particular importance were the beginning of Technical

Assistance for work on the Baleizão-Quintos hydraulic circuit and continued

technical assistance for the Pedrogão hydraulic circuit, including, in

addition to the primary supply networks and irrigation network of the

Selmes block, São Pedro dam and the Selmes lift system.

Also noteworthy was the completion of technical assistance work on the

Ervidel irrigation blocks and the completion of the Final Design of the São

Matias hydraulic circuit.

These works fall under the structuring programme of the Multipurpose

Development of Alqueva, located in the south of Portugal, the strategic

objective of which is to open up one of the most disadvantaged regions of

Europe from a socioeconomic standpoint.


EASTERN ALGARVE MONITORING, AUTOMATION AND

REMOTE MANAGEMENT SYSTEM - PORTUGAL

During 2013, TPF Planege was responsible for the development of the MAT

(Monitoring, Automation and Remote Management) System for the

Eastern Algarve Association of Beneficiaries of the Irrigation System

(ABPRSA).

The target infrastructure, located within an area ofaround 8,621 ha and

spread across the municipalities of Beliche, Castro Marim, Vila Real de

Santo António, Tavira, Olhão, São Brás de Alportel, Faro and Loulé,

includes 6 filtration stations, 3 pumping stations, 271 km of secondary

irrigation network, 851 hydrants and 1,971 irrigation nozzles to benefit

5,502 buildings.

The main objective of the work performed was the rational operation of the

network and the provision of information necessary for billing consumption,

in order to simplify the management of the irrigation perimeter.




29

IRRIGATION PERIMETERS IN CAPE VERDE

In addition, six projects within the scope of Agricultural Water Schemes are

ongoing, for the Cape Verdean Ministry of Rural Development, for the

design of infrastructure for perimeter irrigation on the islands of Santiago,

Santo Antão and São Nicolau (Salineiro, Saquinho, Faveta, Figueira Gorda,

Canto Cagarra, Banca Furada) that will be fed by dams, which are under

construction.

The projects also incorporate the training of future beneficiaries in the areas

of production and agricultural economy, the use of soil and of water and

systems and irrigation technologies.

These plants will be an important milestone in the development of Cape

Verdean agriculture, for its contribution to the well-being of the people and

for the strengthening of the agricultural product market.


RURAL INDUSTRIALISATION AND AGRO-INDUSTRIAL

CLUSTERING IN ANGOLA

In 2013, as part of the scope of the Strategy for the Re industrialisation of

Angola, the Ministry of Industry of the Republic of Angola, commenced

studies concerning the implementation of a Cluster in the agro-industrial

sector in Caxito, capital of the province of Bengo.

As well as being an administrative centre, Caxito is an important

agricultural centre, with an irrigated perimeter occupying an important low

alluvium on the right bank of the River Dande (covering an area greater

than 2500 hectares), providing it with the right conditions to serve as a

model for the Clustering Programme.

Agriculture is a strategic sector in Angola, as it possesses favourable

conditions for the installation of vocational companies for agricultural

production and for the processing of agricultural products.

At the same time, the works also include the Definition of Policies and

Models for the industrialisation of Rural Angola and the design of the

execution project for the implementation of Agro-Industrial Technology

Transfer in Caxito, that will contribute to making the capital of the Province

of Bengo an important facilitating and aggregating centre for of farming

and agro-industrial activity in the Dande Valley.




31

MILLENIUM CHALLENGE ACCOUNT CAPE VERT II

The definition of multi-municipal systems within the scope of the reform of

the water services, sanitation and hygiene sector, expects the integration of

current water and sanitation services of the nine municipalities of the Island

of Santiago in an inter-municipal management company with financial and

economical sustainability, with the improvement of the quality of service as

well as ensuring access to the population with appropriate quality standards

as the ultimate objective.

In addition to the managing entity for the multi-municipal systems, priority

works to satisfy immediate needs in terms of water and sanitation were

listed and are expected to continue to a second phase with the Master Plan

for Water and Sanitation in order to meet the needs of the municipalities

for the next 25 years.


REHABILITATION OF THE STORM-WATERS DRAINAGE SYSTEM

IN THE CITY OF BEIRA - MOZAMBIQUE

This important contract encompasses the feasibility study, the project

detail and the supervision of the works relating to the renovation of the

storm drainage system in the city of Beira, financed by the World Bank and

administrated by AIAS - Administration of Infrastructures for Water Supply

and Sanitation.

During 2013, TPF Planege, in collaboration with its subsidiary in

Mozambique - TPF Moçambique, began a Review of the Feasibility Study of

the Works for the Renovation of the Storm Drainage System for the City of

Beira, as well as an Environmental and Social Impact Study, which also

included the relocation process and initiatives focusing on investigation and

disclosure and communication to the population involved.




33

TRANSPORT ROUTES


ROAD INFRASTRUCTURE IN PORTUGAL

During, TPF Planege continued to work on several projects connected to

the national road infrastructure, both for EP – Estradas de Portugal, SA and

for the ASCENDI Group.

The work under the remit of EP – Estradas de Portugal, SA forms part of a

range of improvement/rehabilitation works on the national network,

particularly on national roads EN13 – Esposende, EN-ER205 – Póvoa do

Lanhoso, and work on stabilising embankments on the IC17-Cril and the

EN247.

In terms of studies undertaken for the various Concessions/Subconcessions

belonging to the ASCENDI Group, in addition to various embankment

stabilisation projects and works to improve the pavement surface of

motorways, in 2013 TPF Planege also continued the work of reviewing

projects and preparing expert opinions concerning the new sections under

construction for the Pinhal Interior Subconcession.

The services performed in 2013 also included Road Safety Audits performed

on roads and motorways operated both by EP – Estradas de Portugal, SA,

and by Subconcessionaires.




35

REHABILITATION OF THE SAURIMO/LUENA ROAD -

DALA/LUENA SECTION - ANGOLA

Within the scope of the National Reconstruction Programme currently in

progress, the news agency INEA - Institute of Roads of Angola has hired

coordination, supervision and monitoring of works services for the

rehabilitation of the Dala / Luena stretch of National Highway 180, which

connects the capital of the province of Moxico (Luena) to the capital of the

province of Lunda-Sul (Saurimo), a total of about 106 miles.

The works include the widening of the road to two lanes, two and half

meters wide, the installation of a horizontal and vertical signalling system,

and the reinforcement of the storm drainage system. Each lane will have

hard shoulders one and a half metres wide. The project scope also includes

the reconstruction of five works of art.

The re-building of National Highway 180 will be fundamental for an

increase in the socio-economic development of the region, promoting trade

between the capitals of the provinces of Moxico and Lunda-Sul.


REHABILITATION OF ROADS IN THE PROVINCES OF ZAMBÉZIA,

NIASSA AND TETE - MOZAMBIQUE

This contract, as part of the scope of the design-construction awarded to

MonteAdriano by the National Roads Administration-ANE, includes the

implementation of road projects for approximately 150 km of roads.

Involving the design and refurbishment of two roads in the provinces of

Zambezia and Niassa, 58 km long, and the other two in the Tete province,

90 km long, the Project includes, in addition to the general study of the

stretch of road, the project for the drainage, signalling and safety and

technical assistance for the construction work.

In 2013, TPF Moçambique and TPF Planege performed general

reconnaissance of the roads to be rehabilitated, began topographical

surveys and developed final designs of the first sections.




37

REHABILITATION OF NATIONAL HIGHWAY 260 BETWEEN

CHIMOIO AND ESPUNGABERA - MOZAMBIQUE

2013 was marked by the continuation of the auditing work on the

refurbishment of the N260, an extension of 230 km, which began in 2011,

connecting Chimoio to Espungabera in Manica province, near the border

with Zimbabwe.

In addition to the extension of the platform to a width of 9.4 m and its

surfacing, all works are included regarding excavation, landfill, construction

and renovation of bridges, ad hoc corrections on layout, drainage works, as

well as the installation and implementation of upright and horizontal

signals.

This project, under the responsibility of the National Administration of

Roads-ANE, and budgeted at 129 million Euros, will contribute decisively to

promote the development of agriculture in the surrounding regions and

promote the development of the region’s tourism and socio-economics.


MODERNISATION OF ACCESS ROAD TO THE PORT OF

SZCZECIN - POLAND

The scope of the work includes the supervision of reconstruction and

redevelopment work on Struda street, in Szczecin, from the junction of

Jasna street to Pomorska Street.

This work is divided into two phases, phase II and phase III. Among other

things, phase II involves: the reconstruction of 1.1 km of Struga street, the

construction of two viaducts, cycle lanes, reconstruction of underground

infrastructure, including the renovation of the electrical power system and

the installation of lighting. Phase III involves, among others: the

reconstruction of 1.5 km of Struga Street, the construction of a large

roundabout at the junction of Struga Street, Pomorska Street and

Zwierzyniecka Street and the construction of an overpass over the

roundabout.

In Poland our work continues to support the Group's local company through

curricular sustainability. In fact, most of the work is carried out by local

teams and by TPF z.o.o. , whose collaboration is very much appreciated.




39

ROAD REHABILITATION IN BUCHAREST - ROMANIA

In 2013 the general renovation of over 41 avenues in Bucharest continued

on from the first contract, awarded in 2011, for the renovation of 11 other

avenues.

The works include the complete renovation of roads and urban

infrastructure, in particular, storm drains, water supply and sewerage

networks, pavements, parking areas, bus stops and road signs.

Although, similar to what happened in Poland, the bulk of the work will be

performed by the TPF Group in Romania, TPF Planege have, given its

technical and academic capabilities, added considerable value and potential

to the local company .


BOUGHEZOUL-DJELFA RAILWAY PROJECT - ALGERIA

This is a new contract for the execution project for the Algerian company

COSIDER-Travaux Publiques, to which ANESRIF entrusted the construction

of new railway line Boughezoul-Djelfa. This section of railway line will be

140 km long, as a single track, suitable for maximum speeds of 220 km/h.

TPF Planege, in collaboration with TPF Algérie, is responsible for technical

field work in the 7 lots (geo-technical campaigns and topographical

reconnaissance) and for managing the execution projects for all road re-

connections, retaining walls, special hydraulic channels, existing

underground infrastructure protection structures and wildlife crossings.

This important contract, valued at 1.4 million Euros, and an integral part of

the Plan for the Development of the Algerian Railway Network, allows the

diversification of the type of services that the company offers the People's

Democratic Republic of Algeria, following the strategy of expanding the

area of Studies and Projects.




41

DOUBLING OF THE ANNABA-RAMDANE DJAMEL RAILWAY

TRACK - ALGERIA

During 2013, TPF Planege continued its mission to supervise the

construction work of a double track and the modernisation of the Annaba-

Ramdane Djamel line, as part of the Circular Railway Annaba-Alger -Oran

Modernisation Project.

In addition to the construction of the 96 mile stretch of the new line, the

works include two viaducts of 120 m and 700 m, two new stations, various

sections, 30 works of art and the construction of two tunnels, along this

stretch.

During the last few months, the construction works have focused on the

implementation of the tunnels, the works of which are an important part of

the project because of their complexity.

This important contract, promoted by the Ministry of Transport through

ANESRIF (Agence Nationale d'Etudes et de Suivi de la de Réalisation des

Investissements Ferroviaires), has the reduction of travel time and the

improvement of operating conditions and railway safety as its main

objective.


RENOVATION OF THE MINING LINE - ALGERIA

Among the works in progress during 2013, the Modernization of Eastern

Mining Line should be highlighted, the work on which includes the analysis,

review and approval of the project, and the management, control and

supervision of the work to replace the track, a total of 305 km of railway.

Dedicated to mining traffic, the restoration work on this single track railway

include the alteration of the railway superstructure (rails, crossings, ballast,

signals, electrification), with the aim of providing the improvement of

traffic and mineral transport conditions for the iron mines in Boukhadra and

Ouenza and the phosphate miles from Djebel as far as the port of Annaba.

This is yet a major project that illustrates the confidence that ANESRIF and

the Ministry of Transport have in our teams.

TPF Planege - Consolidated Annual Report 2013


Outlook for 2014

43

4. OUTLOOK FOR 2014

Given the portfolio of contracts already concluded, the outlook for 2014 for

the TPF PLANEGE Group is favourable.

We thus expect to improve turnover (albeit to a much lesser extent, given

that we do not expect an increase of more than 10%) and also profitability,

as a result of better efficiency levels, which will be for us this year’s top

priority.

This increase in efficiency will predominantly result from increased

management control and greater professionalism among our subsidiaries,

primarily through the training of our local staff.

As we do not stop evolving, the following are our major objectives for 2014.

Not all of them will be achievable this year, but they will be in an advanced

state of preparation for 2015:

a) To strengthen our skills in areas of knowledge not yet acquired by

the company;

b) To extend our territorial area of influence, if possible strengthening

our group in Southern Africa;

c) To strengthen the group with complementary activities in the

Facility Management area.


5. COMPULSORY LEGAL PROVISIONS

In compliance with the legal provisions required, please note that on 31

December 2013, there were no debts of State tax or Social Security

contributions.

6. FINAL CONSIDERATIONS

The Board of Directors wishes to thank the effort and dedication of all

employees of the Company, the loyalty of its Customers and Suppliers, and

the support from official bodies and banks, as well as the Board of the

Shareholders General Meeting and the Auditor.

Lisbon, 30 April 2014

TPF Planege - Consolidated Annual Report 2013

CONSOLIDATED MANAGEMENT REPORT Board of Directors

45

THE BOARD OF DIRECTORS

Jorge Maurice Banet Nandin de Carvalho, CEO

Thomas Francois Herve Spitaels, Voting Member

Fernando Jose Mena Gravito, Voting Member

Vitor Manuel Teixeira da Fonseca, Voting Member

Antonio Manuel Sobral Rodrigues, Voting Member

Consolidated Report and Accounts 2013 46

CONSOLIDATED FINANCIAL STATEMENTS 2013


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - 31 DECEMBER 2013

- amounts expressed in Euros -

47

CONSOLIDATED BALANCE SHEET

THE CHIELF ACCOUNTANT THE BOARD OF DIRECTORS

31-12-2013 31-12-2012

ASSETS

Non-current assets:

Tangible fixed assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5, 8 488.268,70 187.463,27

Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6 242.811,84 134.560,84

Intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7 82.332,34 21.569,24

Financial interests - equity method . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.153,92

Financial interests - other methods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9 32.221,93 27.996,73

Other financial assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10 7,80 292.276,59

Deferred tax assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11 52.071,99 37.770,77

897.714,60 729.791,36

Current assets:

Trade debtors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12 11.513.703,43 7.161.101,15

Advances to suppliers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .341.341,19 406,18

State or other public bodies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13 507.461,59 331.173,87

Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14 2.192.094,49 2.380.331,32

Deferrals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15 418.599,59 341.857,63

Other financial assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16 3.327,66

Cash and bank deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4 9.762.555,03 10.298.898,25

24.739.082,98 20.513.768,40

Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.636.797,58 21.243.559,76

EQUITY AND LIABILITIES

Equity:

Paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17 1.524.600,00 1.524.600,00

Legal reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18 233.868,27 175.425,46

Other reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19 2.280,47 2.280,47

Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2.002.889,65 1.826.998,16

Other changes in equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .-17.521,30 -1.136,58

Net profit for the period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1.314.378,88 1.332.626,76

Minority interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.545,87

Total equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.088.041,84 4.860.794,27

Liabilities:

Non-current liabilities:

Borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8, 20 365.078,38 862.438,58

Advances from customers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21 527.387,62 4.679.650,83

Other payables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15 3.848.864,57

4.741.330,57 5.542.089,41

Current liabilities:

Suppliers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.190.088,99 1.674.238,42

Advances from customers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21 3.017.646,81 1.478,66

State or other public bodies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13 439.062,99 654.618,98

Borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8,2 598.616,04 1.832.784,53

Other payables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22 2.790.039,61 3.868.098,14

Deferrals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15 6.771.970,73 2.809.457,35

15.807.425,17 10.840.676,08

Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.548.755,74 16.382.765,49

Total equity and liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25.636.797,58 21.243.559,76

CAPTIONS NotesDATES


CONSOLIDATED STATEMENT OF INCOME BY NATURE


31-12-2013 31-12-2012

Sales and services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23 23.933.494,88 14.336.021,03

Operating subsidies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .63.483,19

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

Supplies and external services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .24 -13.515.950,19 -7.445.675,92

Personnel expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25 -7.051.193,10 -5.045.679,47

Impairment of receivables (losses/reversals) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12 -328.608,03 64.100,41

Increases/Decreases in fair value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .-4.725,38

Other income and gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .26 735.220,62 1.252.257,67

Other expenses and losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .27 -1.328.246,65 -1.195.519,68

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

Expenses/Reversals of depreciation and amortisation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5, 7 -247.025,22 -71.449,88

Impairment of non-depreciable/amortisable investments (losses/reversals) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6 -120.590,83 -33.829,02

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

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

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

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

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

Net profit for the period attributable to:

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

Minority interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20.005,57

1.334.384,45 1.332.626,76

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

INCOME AND EXPENSES NotesPERIODS




49

STATEMENT OF CHANGES IN EQUITY Consolidated Accounts


D ESC R IPT ION N OTES PA ID - IN C A PITA L LEGA L R ESER V ES OTHER R ESER V ESR ETA IN ED

EA R N IN GS

OTHER C HA N GES IN

EQU ITY

N ET PR OFIT FOR

THE PER IODTOTA L

M IN OR ITY

IN TER ESTSTOTA L EQU ITY

Balances at 01/01/2012 1.524.600,00 144.706,47 2.280,47 1.274.654,15 - 891.731,68 3.837.972,77 158.501,17 3.996.473,94

Changes in the Period:

Other changes recognised in equity - - - - -1.136,58 - -1.136,58 - -1.136,58

- - - - -1.136,58 - -1.136,58 - -1.136,58

Net Profit for the Period 1.332.626,76 1.332.626,76 - 1.332.626,76

Comprehensive Income 1.332.626,76 1.331.490,18 - 1.331.490,18

Transactions with equity holders

Capital contributions - - - - - - - - -

Distributions - 30.718,99 - 861.012,69 - -891.731,68 - - -

Other operations - - - -308.668,68 - - -308.668,68 -158.501,17 -467.169,85

- 30.718,99 - 552.344,01 - -891.731,68 -308.668,68 -158.501,17 -467.169,85

Balances at 31/12/2012 1.524.600,00 175.425,46 2.280,47 1.826.998,16 -1.136,58 1.332.626,76 4.860.794,27 - 4.860.794,27

Changes in the Period:

Differences from translation of financial statements - - - - 693,42 - 693,42 - 693,42

Other changes recognised in equity - - - -98.986,47 -17.078,14 - -116.064,61 - -116.064,61

- - - -98.986,47 -16.384,72 - -115.371,19 - -115.371,19

Net Profit for the Period 1.314.378,88 1.314.378,88 20.005,57 1.334.384,45

Comprehensive Income 1.314.378,88 1.199.007,69 20.005,57 1.219.013,26

Transactions with equity holders

Distributions - 58.442,81 - 274.877,96 - -1.332.626,76 -999.305,99 - -999.305,99

Other operations - - - - - - - 7.540,30 7.540,30

- 58.442,81 - 274.877,96 - -1.332.626,76 -999.305,99 7.540,30 -991.765,69

Balances at 31/12/2013 1.524.600,00 233.868,27 2.280,47 2.002.889,65 -17.521,30 1.314.378,88 5.060.495,97 27.545,87 5.088.041,84

Share Capital: Eur 1,524,600.00


CONSOLIDATED STATEMENT OF CASH FLOWS


31-12-2013 31-12-2012

Cash flows from operating activities - Direct method

Receipts from customers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21.135.526,67 16.318.670,40

Payments to suppliers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -10.671.877,67 -5.893.563,81

Payments to employees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .-5.098.848,19 -4.034.618,62

Cash generated from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.364.800,81 6.390.487,97

Payment/Receipt of income tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .-1.184.370,62 -362.400,48

Other receipts/payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -2.171.550,59 -2.219.955,41

Cash flows from operating activities (1) 2.008.879,60 3.808.132,08

Cash flows from investment activities

Payments relating to:

Tangible fixed assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .-71.408,96 -152.916,49

Intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -57.701,00 -31.487,00

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

Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Receipts from:

Tangible fixed assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5.972,26 2.010,00

Financial investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .100,00

Interest and similar income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129.595,48 201.862,37

Cash flows from investment activities (2) -253.562,22 19.568,88

Cash flows from financing activities

Receipts from:

Borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .225.000,00 1.459.870,88

Capital contributions and other equity instruments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Payments relating to:

Borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .-2.118.695,90 -4.237.018,57

Interest and similar expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .-67.940,51 -145.474,13

Dividends. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .-1.135.446,05 -303.225,92

Cash flows from financing activities (3) -3.097.082,46 -3.225.847,74

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

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

Cash and cash equivalents at beginning of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4 11.180.150,04 9.749.928,27

Cash and cash equivalents at end of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4 9.762.555,03 10.298.898,25

CAPTIONS NotesPERIODS




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STATUTORY AUDIT OF ACCOUNTS. REPORT AND OPINION OF THE AUDITOR


TPF Planege - Relatório e Contas 2013

CERTIFICAÇÃO LEGAL DAS CONTAS, RELATÓRIO E PARECER DO FISCAL ÚNICO

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TPF Planege - Consultores de Engenharia e Gestão S.A.

Rua Laura Alves 12-8º - 1050-138 Lisboa - Portugal TEL. +351.218 410 400 - FAX +351.218 410 409 [email protected] - www.tpfplanege.pt - www.tpf.eu

Documents

TPF Planege Consolidated Report and Accounts 2013