tpf planege consolidated annual report 2014

Consolidated Annual Report

2014

2 | TPF PLANEGE - CONSOLIDATED ANNUAL REPORT 2014

CONSOLIDATED ANNUAL REPORT 2014 - TPF PLANEGE | 3

05 GOVERNING BODIES

06 CONSOLIDATED MANAGEMENT REPORT

07 Introduction

09 Analysis of Accounts

13 Work Carried Out in 2014

26 Outlook for 2015

27 Compulsory Legal Provisions

27 Closing Remarks

29 CONSOLIDATED FINANCIAL STATEMENTS

30 Consolidated Balance Sheet

31 Consolidated Statement of Income

32 Consolidated Statement of Equity

33 Consolidated Statement of Cash Flows

54 AUDIT REPORT

INDEX


OUR

VALUES

FLEXIBILITY

INTELLIGENCE

DYNAMISM RE

LIA

BIL

ITY

PR

OF

ITA

BIL

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Board of Directors

Jorge Maurice Banet Nandin de Carvalho, Chairman

Thomas François Hervé Spitaels, Voting Member

Fernando José Mena Gravito, Voting Member

Vitor Manuel Teixeira da Fonseca, Voting Member

António Manuel Sobral Rodrigues, Voting Member

General Meeting Board

Thomas François Hervé Spitaels, Chairman

Pedro Castro e Silva Palma e Santos, Secretary

Statutory Auditor

Patrício, Moreira, Valente & Associados – SROC, Lda. represented by:

- Joaquim Patrício da Silva, ROC no. 320

- José Carlos Nogueira Faria e Matos, ROC no. 1.034, Alternate

GOVERNING BODIES


CONSOLIDATED MANAGEMENT REPORT

Oued-Tlelat/Tlemcen Railway Line


The TPF Planege Group currently consists of the

companies TPF Planege and Cerelinex, with

headquarters in Lisbon, TPF Angola, based in Luanda,

TPF Mozambique, based in Maputo and TPF Romania,

headquartered in Bucharest. Despite not having a

majority interest, TPF Planege also takes care of the

management of TPF Algérie, based in Algiers.

TPF Planege Group's operations are shared between

those 5 countries; services are also provided to Cape

Verde, Tunisia and Poland and, to a lesser extent,

Belgium, France and Spain.

The group's consolidated sales increased by around

20% compared to 2013, this year amounting to

around 28.7 million euros.

During 2014, the business ran smoothly and as a

natural result of the efforts made in previous years,

virtually identical percentage increases in turnover

were seen in each of the major markets: Angola,

Algeria, Mozambique and Portugal.

EBITDA increased from 2,465,428 euros to 5,590,142

euros, a very significant improvement, due in large

part to the good results simultaneously reported in

Angola, Algeria and Mozambique.

In 2014, efforts were made to consolidate the Group

in traditional markets, but also to open the company

to new markets, in Southern Africa and the Maghreb,

and in West Africa, independently in some cases and

in partnership with other companies in the TPF group

in other cases.

Within the TPF Group, the TPF Planege subgroup has

essentially been cooperating with Spanish, Polish,

Romanian, Brazilian and Senegalese companies, and

with the Indian company, but in this case particularly

for the production of videos for the clarification and

promotion of design solutions.

With around 170 employees of different nationalities,

mainly European and African, the TPF Planege Group

follows the principles of plurinationality and

multiculturalism, hallmarks of the TPF Group.

In accordance with the general guidelines of the TPF

Group, in 2015, TPF Planege will allocate 5% of profits

generated in 2014 to charitable organisations for

children, which will be selected from proposals made

by employees of different nationalities.

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

INTRODUCTION


28.7 million euros

Income recorded in 2014

5.59 million euros EBITDA in 2014, which nearly doubled from 2013 to 2014

20%

Growth in income recorded in 2014

92% Percentage of our turnover earned in Africa

38.60 million euros Work Portfolio at 31 December 2014

23% Percentage of Financial Autonomy

HIGHLIGHTS

2014


Portuguese Market

6%

European Market

1%

Angolan Market

64%

Algerian Market

15%

Mozambican Market

13%

Other Markets

1%

ANALYSIS OF ACCOUNTS

As already shown in the previous chapter, from an

economic and financial standpoint, the year 2014

went well for the TPF Planege Group, as in 2013, and

in line with what we had envisaged in the 2013 annual

report, which was the pursuit of a policy to stabilise

and improve the efficiency of the Group, i.e. to kick-

start new growth.

While much of the income resulted from positive

exchange rate differences, the fact is that sales alone

also increased from 23.933 million euros to 28.716

million euros, i.e. by around 20%.

The geographical breakdown of turnover is shown in

the chart below, where it can be seen that around

92% of the business was conducted in Africa,

especially Angola, Algeria and Mozambique, in

descending order.

It should be noted that turnover in Portugal stood at

around 6% of total group turnover, the domestic

market thus continuing with very low profitability and

sales prices for identical services around half those

charged seven or eight years ago, particularly in the

Supervision of Works sector.

Geographical Distribution of Turnover (percent) | figure 1


Indicators 2010 2011 2012 2013 2014

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

General Liquidity 152% 232% 189% 157% 132%

Solvency 30% 22% 30% 25% 30%

Return on Equity 10% 22% 27% 26% 38%

GVA/Total Revenue 53% 57% 37% 39% 42%

Financial Results/Total Revenue -1.2% -2.3% -0.8% -0.4% -0.3%

Net Debt/EBITDA 5.2 -2.8 -3.4 -3.6 -1.5

EBITDA/Total Revenue 5% 11% 14% 10% 14%

As usual, we present a comparative chart of the key

economic and financial indicators over the past five

years (2010 to 2014).

Note that all indicators this year are very good, almost

all better than 2013, and are in particular highly

satisfactory in terms of profitability and company

balance.

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

remains negative.

ECONOMIC AND FINANCIAL

DESCRIPTION

Changes in Revenue (in million euros) | figure 2

2010 2011 2012 2013 2014

13.6 13.70

15.90

24.69

30.92


PRODUCTIVITY

AND EMPLOYMENT

PRODUCTIVITY

PER EMPLOYEE

167,135 euros

INTERNAL PRODUCTIVITY

PER EMPLOYEE

110,774 euros

There was a slight increase in the average number of

employees in 2014, this increase naturally following

the change in revenue.

Overall productivity again grew substantially,

reaching 167,135 euros per employee, which was only

possible due to extensive subcontracting by the

company, on the one hand, and exports, on the other.

As subcontracting stood at 10.43 million euros,

internal productivity, i.e. turnover less subcontracts,

reached 110,774 euros per employee, i.e. 15.5%

higher than in 2013, which is also a good indicator.

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

Changes in Productivity (in euros per employee) | figure 5

2010 2011 2012 2013 2014

124137 131

170185

2010 2011 2012 2013 2014

100,000 97,883

121,352

145,235

167,135


MARKET TURNOVER

In 2014 we maintained practically the same level of

turnover in markets outside the country where the

headquarters are located, around 96% of total

services rendered, which represented a very slight fall

in relation to 2013 (98%).

This situation may be due to increased competition in

foreign markets, but in reality we are convinced that

the reason has to do with the company’s intentional

efforts not to “disappear” from the Portuguese

market.

In relation to exports, this year we did not manage to

enter any markets other than those in which we

already operate, but we hope that there will be no

repeat of this situation in 2015.

We certainly did not spare any efforts, turning to such

a diverse range of countries as Malawi, Morocco,

Senegal, Sao Tome and Principe and Tunisia.

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

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

2010

2011

2012

2013

2014

46%

62%

89%98%

96%


Some of the most significant works carried out in 2014 are listed below, grouped by specialism,

specifically: Architecture, Urban Planning and Buildings, Environment and Water Resources, Agricultural

and Urban Hydraulics and Transport.

The TPF Planege Group offers consultancy services in engineering and architecture covering virtually all areas of

Urban Planning, Buildings and Infrastructure.

Most of the design work, i.e. Studies and Projects, are carried out in Portugal, with local support from our

permanent technicians in the countries where the projects are carried out.

On the other hand, most of the Project Management and Inspection works are coordinated and carried out by

technicians in the countries where the project is taking place, supported by the Group headquarters in Lisbon.

ARCHITECTURE, URBAN PLANNING AND BUILDINGS

REHABILITATION AND REMODELLING OF BPC

HEADQUARTERS BUILDING IN LUANDA – ANGOLA

Important architectural icon of the city of Luanda built

in the 1960s, the headquarters of the Savings and

Credit Bank (Banco de Poupança e Crédito – BPC) is

currently the subject of extensive rehabilitation and

remodelling in the wake of the discovery of major

faults that compromised its structural safety.

The work, undertaken by means of a partnership

between Angolan and Portuguese teams, includes the

reformulation of project execution planning and

supervision of the rehabilitation work on this

emblematic building, which boasts 21 floors and is

located on the Marginal de Luanda. Within the

framework of the studies to revamp the design, the

architectural study for the remodelling of the facades

deserves special mention, which fulfils the sponsors’

desire to modernise the building.

In defining the guiding principles of the recommended

solutions, the intrinsic value of the building as an

Our success derives from our export capacity and synergies established within the Group.

WORKS CARRIED OUT IN 2014


important and pioneering work representative of

modernist architecture in Angola was particularly

important, as well as the notable symbolic and

emblematic weight this building has acquired in the

daily lives of residents of Luanda.

The recommended solution is marked by the adoption

of curtain walling on the east and west facades,

combined with the safeguarding of the iconic art panel

on the north and south gables of the building.

The contract, budgeted at around 7.8 billion Kwanzas

and expected to take 2 years, provides for the

modernisation of the building with new, high quality

coatings and finishes being applied, redefinition of

architectural distribution to adapt to new

requirements, modernisation of building signage, as

well as structural reinforcement and replacement of

all technical networks and equipment.

INTEGRATED INFRASTRUCTURE STUDIES AND

DESIGNS – KILAMBA KIAXI AND CACUACO ANGOLA

Under the process involving the urban redevelopment

of Kilamba Kiaxi and Cacuaco, TPF Planege, in

partnership with TPF Angola, has participated in the

development of Studies and Designs for the Integrated

Infrastructure of Kilamba Kiaxi and Cacuaco.

With intervention areas measuring 236 ha (Kilamba

Kiaxi) and 263 ha (Cacuaco), the complex studies

included the definition of upgrading strategies,

specifically the study of new urban networks and the

definition and integrated design of the urban

infrastructure to be installed, such as water and

sewerage systems, electricity and telecommunications

networks, roads and green spaces.

During 2014, Preliminary Studies and Project

Execution Planning were completed for the integrated

infrastructure of these large urban areas, which are

characterised by informal and unplanned settlements,

in order to address the poor hygiene and living

conditions of the residents. The contract also includes

technical assistance for construction works.

INDUSTRIAL DEVELOPMENT HUB OF LUCALA –

KWANZA NORTE – ANGOLA

Under Angola’s Reindustrialisation Strategy, the

Ministry of Industry of Angola entrusted to TPF

Angola, in partnership with TPF Planege, a project for

structuring the Lucala Industrial Development Hub,

aimed at boosting the process of industrialisation in

Kwanza Norte province.

Set within an area of275 ha around 200 km from

Luanda, the new Lucala Industrial Development Hub

will allow the installation of 210 industrial units in an

area accessible to major roads and railways.

Besides the “Masterplan”, studies developed include

project execution planning for road infrastructure,

water supply and sanitation, electricity and

telecommunications networks and Hub support BPC Headquarters Building in Luanda


teaching, complementary services (auditorium,

library, cafeteria), accommodation, administrative and

management services, sports grounds and

recreational areas – organised and grouped in a radial

design.

The contract concluded with the Provincial

Government of Lunda Norte includes the preparation

of a “Master Plan” and various specialised

Architectural and Engineering designs, developed in

stages, from the Preliminary Design to the Project

Execution Planning.

NEW CENTRE OF CAPARI – ANGOLA

In real estate operations, TPF Planege, in partnership

with its Angolan subsidiary, continued to provide

supervisory services for the construction of the New

Centre of Capari, in Bengo province.

This new centre, under the management of SONIP –

Sonangol Imobiliária e Propriedades, Lda, includes the

construction of 3,504 dwellings, public facilities

(primary school, kindergarten, police station, fire

station, medical clinic, market and services), as well as

Lucala Industrial Development Hub

BPC Headquarters Building in Luanda

buildings: entry control, office building, WTP, WWTP,

operation and maintenance building, sports stadium,

multisport venue, fire and security station.

The proposed modular nature of the plots allows

flexible integration of different types of industry.

Their dimensions are based on a modular, lattice

design, establishing regular blocks of greater or

smaller size, which allow various plots to be adapted

to industries with the most demanding space

requirements.

COLLEGE OF TECHNICAL TRAINING IN HEALTH OF

DUNDO – ANGOLA

With a prime location near the New Centre and its

new Airport, the College of Technical Training in

Health of Dundo is expected to establish itself as one

of the leading educational centres focusing on quality

teaching and increasing the efficiency of Angolan

health services.

The University Campus, having a floor area of 46,000

m² and designed to accommodate 700 students, is

notable for incorporating various functional sectors –


all urban infrastructure (roads, water supply system,

sewerage network, stormwater drainage network,

electricity and telecommunications networks and

landscaping).

The new centre, which falls under the Angolan

Government’s National Housing Plan, aims to improve

the living conditions of the Angolan people by

providing them with adequate living conditions and

access to public education and health services.

COMMERCIAL AREAS AND AIRPORT SECURITY

STATION AT LISBON INTERNATIONAL AIRPORT –

PORTUGAL

In 2014 TPF Planege again strengthened its portfolio

in the transport sector with the award of contracts for

supervision and coordination of safety of contracts at

Lisbon International Airport, under the responsibility

of ANA-Aeroportos de Portugal.

The services, which are expected to last

approximately 18 months, relate to the supervision

and coordination of health and safety at work during

work to redevelop the Terminal 1 commercial areas

and construction of the airport security station.

TPF Planege will once more rely on the experience

and expertise gained in similar contracts to ensure an

Lisbon International Airport

excellent service, commensurate with the scale of the

enterprise.

HOTEL AMRAOUA IN TIZI-OUZOU – ALGERIA

The end of 2014 was marked by the completion of the

project to renovate the Amaroua Hotel in Tizi-Ouzou,

in Algeria, sponsored by Entreprise de Gestion

Touristique du Centre under the National Hotels

Chain Recovery Plan.

The renovation of this prestigious hotel not only aims

Dundo College of Technical Training in Health


to modernise the architecture of the facades and

improve the comfort of its 150 rooms, 4 suites and

other spaces, but also to renovate all technical

infrastructure and rehabilitate the entire structure of

the building.

Our teams’ mission was to prepare all Specialised

Engineering projects in partnership with the

Promontório architectural team.

INSPECTION OF NEW BUILDINGS IN MAPUTO –

MOZAMBIQUE

Under the renovation and construction of

infrastructure and equipment included in the

Integrated Programme of Reform of Vocational

Education in Mozambique (PIREP), the Mozambican

Government, through the Programme Executive

Committee (COREP), entrusted to TPF Mozambique in

association with TPF Planege, supervision of the

construction of a new building to house the National

Vocational Education Authority (ANEP) and the

“Commercial Institute of Maputo” Hotel School, both

in Maputo.

These contracts, financed by the World Bank and with

expected durations of 29 and 24 months include, in

addition to the coordination and supervision of

construction work, a review of the Project Execution

Planning and support for the Developer during the

provisional acceptance phase.

Amraoua Hotel

New National Vocational Education Authority (ANEP) Building

Amraoua Hotel


ENVIRONMENT AND WATER RESOURCES

ZAMBEZI VALLEY SPECIAL SPATIAL DEVELOPMENT

PLAN – MOZAMBIQUE

One of the flagship projects of 2014 was undoubtedly

the development of the Special Spatial Development

Plan (SSDP) for the Zambezi Valley, sponsored by the

Ministry of Planning and Development of Mozambique

through the Zambezi Valley Development Agency

(ADVZ).

Incorporating the entire province of Tete and

neighbouring districts of Manica, Sofala and Zambézia,

the intervention area of 147,900 km² covers the

rearmost part of the Zambezi River Basin, extending

from the border with Zambia and Zimbabwe to its

mouth, over a distance of around 900 km.

This contract, which also includes Strategic

Environmental Assessment, Multisectoral Plan, and

Digital Decision-making Support Model studies in this

vast region covering 15 million hectares, will

contribute to the sustainable development thereof,

and will benefit from the contributions of all agents

involved in the Mining, Agriculture and Forestry,

Transport and Roads, Environment, Tourism, Energy,

Water, Fisheries, Health and Teaching and Education

sectors, among others.

ENVIRONMENTAL IMPACT STUDY AND MONITORING

OF WIND FARMS – PORTUGAL

During 2014, TPF Planege continued to back

environmental monitoring of several Wind Farms for

various customers, (including bats, birds and flora),

including Over Equipment, for various Customers.

In this context, we have drawn up Environmental

Compliance Reports for Project Execution Planning

(RECAPE) for the Over Equipment at the Arga Wind

Farm and the Over Equipment at Alto Minho I Wind

Farm. An Environmental Impact Assessment was also

conducted on the Over Equipment at the

Arada/Montemuro Wind Farms (2nd Phase).

These studies included the preparation of an

Environmental Work Monitoring Plan, a Waste

Management Plan, a Recovery Plan for the Areas of

Intervention and Monitoring Plans.

In view of the complexity of the relevant studies and

the required level of knowledge, the work has been

carried out by a multidisciplinary team of experts,

whose expertise covers flora, birds, bats, the Iberian

wolf, heritage and noise.

Zambezi Valley Special Spatial Development Plan


ENVIRONMENTAL MONITORING OF

HYDROELECTRIC INSTALLATION AT FOZ TUA –

PORTUGAL

During 2014, TPF Planege continued to back

environmental monitoring of this Hydroelectric

Development, under the responsibility of EDP-Gestão

da Produção de Energia, S.A. , whose area of study

involves five municipalities (Mirandela, Murça, Vila

Flor, Alijó and Carrazeda de Ansiães).

The work includes the implementation and execution

of the following Monitoring Programmes:

Hydromineral Systems at Caldas de Carlão and São

Lourenço, Noise, Land Use and Planning in the context

of the National Programme of High Voltage

Hydroelectric Dams, including the analysis of the

results of several Biodiversity, Heritage and Sediment

Transport, Climate, Air Quality and Socioeconomics

studies.

According to the latest forecasts from EDP – Gestão da

Produção de Energia, SA, the work will continue for

another year, so the contract for services awarded to

TPF Planege is expected to be extended until the end

of 2016.

GUILHOFREI, PENIDE, VILAR, VAROSA AND

ANDORINHAS DAMS – PORTUGAL

The year was marked by the completion of Internal

Emergency Plans (IEP) for five national dams –

Guilhofrei, Penide, Vilar, Varosa and Andorinhas – for

EDP – Gestão de Produção de Energia, SA.

These studies are intended to ensure the compliance

of this infrastructure with Dam Safety Regulations,

with TPF Planege being responsible for developing

Emergency Prevention and Management Plans

regarding the safety of the reservoir and the valley

downstream, within the Self-Rescue Zone, in the event

of a structural failure, as well as the definition of alert

and warning systems.

Guilhofrei Dam

Penide Dam Foz Tua Dam


AGRICULTURAL AND URBAN HYDRAULICS

STUDIES AND PROJECTS I UNDER THE WATER AND

SANITATION FUND (FASA) – CAPE VERDE

In Cape Verde, TPF Planege continues to contribute to

the improvement of water and sanitation services for

the population, through a new contract concluded

with the Millennium Challenge Account – Cape Verde

II relating to “Studies and Projects I under the Water

and Sanitation Fund (FASA)”.

This work includes the development of four projects,

three of which relate to WWTP and sewerage systems

in three towns on the island of Santiago (Cidade Velha,

João Teves and Pedra Badejo), and the fourth related

to the profiling and study of the tertiary treatment of

wastewater in Ribeira da Vinha on the island of S.

Vincente. In addition to the technical component, the

studies also focus on economic, financial, social and

gender, environmental and institutional aspects.

The WASH project, of which the FASA forms an

integral part, is intended to finance the necessary

improvements to water and sanitation infrastructure

in Cape Verde, focusing on projects, works and

technical assistance to operators.

REHABILITATION OF MAPUTO AND BEIRA

DRAINAGE SYSTEMS – MOZAMBIQUE

The major contract for the Rehabilitation of the

Maputo Drainage System continues the ongoing work

for the AIAS – Water and Sanitation Infrastructure

Administration under the rehabilitation and

expansion of the stormwater drainage systems of the

major coastal and port cities of the country.

Funded by the World Bank, this new contract covers

project execution planning and supervision of work

related to the rehabilitation of the Maputo drainage

system, in order to mitigate the effects of climate

change that particularly threaten this city.

The work will be carried out in two phases: the first

comprises a feasibility study and engineering projects,

and the second corresponds to the auditing and

supervision of the works, which will be carried out in

sequence. The total expected duration is 30 months.

The rehabilitation of the Maputo drainage system also

provides for the definition of measures to mitigate

environmental and social impacts as part of the

environmental and social management policy

framework set out under World Bank directives.

Santiago Island – Cape Verde


It should also be noted that this year Feasibility

Studies and Project Execution Planning were

completed under the Beira Drainage System

Rehabilitation Project. Work will continue during

2015 with support for the tendering procedure for the

construction contract and supervision of works.

HYDRO-AGRICULTURAL DEVELOPMENTS – CAPE

VERDE

Under the scope of Hydro-agricultural Developments,

six projects were completed for the Cape Verdean

Ministry for Rural Development for the design of

infrastructure for perimeter irrigation on the islands

of Santiago, Santo Antão and São Nicolau (Salineiro,

Saquinho, Faveta, Figueira Gorda, Canto Cagarra,

Banca Furada), which will be fed by dams.

The projects also include the training of future

beneficiaries in the areas of production and

agricultural economy, soil and water use and

irrigation systems and technologies.

These plants will be an important milestone in the

development of Cape Verdean agriculture due to their

contribution to the well-being of the people and the

strengthening of the agricultural product market.

Beira Drainage System Maputo Drainage System

Hydro-agricultural Developments


TRANSPORT ROUTES


CONSTRUCTION OF NEW OUED-TLELAT AND

TLEMCEN RAILWAY LINE – ALGERIA

Five years have passed since construction work began

on the new double-track, electrified, 130-km railway

line linking Oued-Tlelat and Tlemcen, designed to

allow speeds of up to 220 km/h.

This major project, promoted by the Ministry of

Transport through ANESRIF (Agence Nationale

d'Etudes et de Suivi de la Realisation

d'Investissements Ferroviaires), envisages the

construction of 51 viaducts with a total length of 17.5

km, 1 tunnel and 3 yards along the stretch, benefiting

from the most modern and sophisticated

telecommunications and signalling systems, in order

to enhance the safe transport of people and goods.

The works unfolded at a good pace, supervised by

more than a hundred technicians who make up the

team formed for this project, divided into the

specialised areas of topography, earthworks,

engineering structures, tunnels, rails, electrification,

signalling and telecommunications.

CONSTRUCTION OF THE HAUT PLATEAUX RAILWAY

LINE – ALGERIA

Also in the area of railways, in 2014, TPF Planege, in

conjunction with TPF Algérie, continued to provide

supervision and inspection services for the

construction of a new single-track line suitable for

speeds of up to 160 km/h, which will connect the

cities of Realizane, Tiaret and Tissemsilt.

This involves the construction of 185 km of single-

track, traditionally ballasted, international gauge

railway line with UIC60 rails for the transport of

passengers and goods. The rugged local terrain

dictated the design of numerous engineering

structures, in particular 4 tunnels with a total length

of 3.2 km, 78 railway bridges, 45 road overpasses and

various pedestrian underpasses, totalling around 12

km of engineering structures already adapted for

double-track lines.


During the last few months of 2014, construction

work focused mainly on the implementation of the

tunnels and engineering structures, which, due to

their complexity, are critical to the success of the

venture.

This infrastructure, which is high priority under the

Algerian Railway Development Plan, has a budget of

936 million euros, with completion scheduled for

2017.

BOUGHEZOUL-DJELFA RAILWAY PROJECT – ALGERIA

For the second consecutive year, TPF Planege is

participating in the development of the Final Design of

the new Boughezoul-Djelfa single-track railway line,

which has a length of 140 km, for the Algerian

company COSIDER-Travaux Publiques, responsible for

the design-build contract. During 2014, our teams

completed the technical field work (geotechnical

campaigns and topographic surveying) and the

drafting of part of the Project Execution Planning for

the restoration of roads, retaining walls, special

culverts, structures protecting underground

infrastructure and wildlife crossings.

This contract, valued at 1.4 million euros, helps to

strengthen TPF Planege’s position in the rail



Haut Plateaux Railway Line

infrastructure sector, demonstrating the expertise of

its teams from the study and design phase to project

management and the supervision of construction

work.

REHABILITION OF NATIONAL HIGHWAY 225

BETWEEN XAUA AND CATATA – ANGOLA

The year 2014 was marked by the continuation of

supervision of the rehabilitation of a 100-km stretch

of the N225 – Xaua/Catata, which forms part of a

strategic arterial road linking the provincial capital –

Dundo – to the municipalities of Cuílo, Caungula,

Cuango and Xá-Muteba.

In addition to the extension of the platform to a width

of 11 m and surfacing, the contract includes all works

involving excavation, embankments, construction and

rehabilitation of 5 concrete bridges, ad hoc

corrections to the geometric characteristics of the

road, drainage works, as well as the installation and

implementation of road signs and road markings.

This project, under the responsibility of the INEA –

National Roads Institute of Angola and with a budget

of 170 million dollars, will make a decisive


contribution towards promoting trade between the

provinces of Eastern Angola and boosting

socioeconomic development in the region.

REHABILITATION OF NATIONAL HIGHWAYS OF

MOZAMBIQUE

The year 2014 was marked by the development of

road projects encompassing around 150 km of

highways in the provinces of Zambézia, Niassa and

Tete, under the design-build contract awarded to

MonteAdriano by the National Roads Administration-

ANE.

Involving the design and rehabilitation of two 58-km

long roads in the provinces of Zambézia and Niassa,

and another two 90-km highways in Tete province, in

addition to the general study of the stretch of road, the

Project includes designing drainage, signage and

safety and technical assistance for the construction

work.

Other notable road infrastructure projects include

continuing supervision of rehabilitation work over a

230-km stretch of the N260.

This work, which began in 2011, includes a road link

between Chimoio and Espungabera, in Manica

province, near the border with Zimbabwe.

In addition to the extension of the platform to a width

of 9.4 m and surfacing, the contract includes all works

involving excavation, embankments, construction and

rehabilitation of bridges, ad hoc corrections to the

geometric characteristics of the road, drainage works,

as well as the installation and implementation of road

signs and road markings.

IMPROVING SAFETY ON THE DOURO RAILWAY LINE

– PORTUGAL

TPF Planege began supervision and management

support services for a Slope Stabilisation Contract to

be performed between km 103+900 and 117+930

(Régua/Ferrão – Lot 3) of the Douro Railway Line.

These services, expected to last approximately 15

months, form an integral part of a programme to

remodel and stabilise slopes on the Douro Line

between Régua and Pocinho aimed at enhancing

safety on the railway network. This measure falls

under the protected area of the Alto Douro Wine

Region, a UNESCO World Heritage Site.

National Highway N260 – Chimoio/Espungabera Section

National Highway 225 between Xaua and Catata

Douro Railway Line


SERVICING OF THE NATIONAL ROAD NETWORK OF

PORTUGAL

In the area of the conservation, operation and

maintenance of the national road infrastructure, TPF

Planege continued to provide specialised technical

assistance to renowned national industry players,

including Ascendi, Brisa, Estradas de Portugal,

Rodovias do Algarve Litoral, ACE and Rodovias do

Baixo Alentejo, ACE.

Our key missions centred around the implementation

of Road Projects, Road Safety Audits, Structural

Assessments and Pavement Ascultations and the

Monitoring and Assessment of the Stability of Slopes

and Retaining Walls at all levels of the national road

network.

Project Execution Planning for the complementary

networks and national roads related to the EN13 and

EN205 in the Braga district, Slope Stability studies on

the Beira Litoral and Alta and Grande Lisbon

Concessions, and the Pavement Ascultations carried

out on the A1, A2, A3, A4, A6, A12 and A13 motorways

over a stretch of around 1,400 km all deserve special

mention.

A1 MOTORWAY – STRYKOW-TUSZYN SECTION –

POLAND

In Poland, the A1 crosses Gdansk - Torun - Lodz -

Czestochowa - Katowice - to the southern border with

the Czech Republic in Gorzyczki. The section to

undergo servicing is located in the province of Lodz, in

Zgierz district, in the metropolitan area of Lodz.

The construction of this highway is expected to reduce

the environmental impacts caused by road traffic and

improve road safety through the use of more modern

pavement surfaces, which contribute to improving

traffic flow, as well as the use of noise barriers, animal

crossings, the planting of vegetation and improved

stormwater drainage systems.

This investment, under the responsibility of GDDKiA

Warszawa, is budgeted at 235.8 million euros. TPF

Planege joined the Consortium responsible for the

management and supervision of construction works.

Servicing of the National Road Network


Since 2013, the TPF Planege Group has been

making various efforts to diversify markets and

activities, and we therefore expect to see the

successful results of some of these efforts in 2015.

Of these, the most likely is a strengthening of our

position in Southern Africa, in countries where

neither we nor the TPF Group currently operate.

The work secured and the fall in the value of the euro

allow us to face 2015 with good prospects, but, as is

well known, 2014 ended with one of the markets

where we are strongest, Angola, facing a crisis due to

the sharp fall in oil prices, which cannot fail to affect

the entire African market, whether the countries are

producers or potential producers of oil, gas or coal. In

Mozambique, the recent elections will also lead to a

stalling of investments.

Therefore, 2015 is expected to be a difficult year, but

we think that the reserves we have created, our

ongoing work and portfolio of new contracts and the

depreciation of the euro will allow us to safely

navigate it, certainly with some deterioration in

performance, specifically results, but still with

turnover similar to that witnessed in previous years.

We also hope that it will be a year in which we will

attract a lot of new business to compensate for the

poor results in this respect witnessed in 2014, for

which we will also benefit from the current value of

the euro.

Above all, our strategy during 2015 will be based on

the search for new markets and diversification of our

geographic area, also not forgetting our continuing

efforts to strengthen our skills and expand into

supplementary activities already mentioned in 2013

(Facility Management and other activities related to

the conservation, maintenance and repair of buildings

and infrastructure).

We also plan to take advantage of this year to make

some improvements to the TPF Planege group,

guiding the younger generation, who will lead the

company in the next decade, towards new and greater

responsibilities.

It will thus be a year of training and learning for

greater markets, challenges and ambitions, but also a

year that will recommend great caution.

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


Lisbon, 02 March 2015

COMPULSORY LEGAL PROVISIONS

In compliance with the required legal provisions,

please note that as of 31 December 2014, there were

no taxes payable to the State or Social Security

payable.

The Board of Directors wishes to thank the effort and

dedication of all employees of the Company, the

loyalty of its Customers and Suppliers, and the

support from official bodies and banks, as well as the

Board of the Shareholders General Meeting and the

Statutory Auditor.

CLOSING REMARKS


Jorge Maurice Banet Nandin de Carvalho, Chairman

Thomas Francois Herve Spitaels, Voting Member

Fernando Jose Mena Gravito, Voting Member

Vitor Manuel Teixeira da Fonseca, Voting Member

Antonio Manuel Sobral Rodrigues, Voting Member

THE BOARD OF DIRECTORS


CONSOLIDATED

FINANCIAL STATEMENTS 2014


CONSOLIDATED BALANCE SHEET

THE CHIEF ACCOUNTANT THE BOARD OF DIRECTORS

Currency: EUR

31-12-2014 31-12-2013

ASSETS

Non-current assets: Tangible fixed assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 460.429 488.269

Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6 224.279 242.812

Intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7 56.109 82.332

Financial interests - other methods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9 32.222 32.222

Other financial assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10 2.250 8

Deferred tax assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11 23.893 52.072

799.183 897.715

Current assets: Customers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12 16.769.250 11.513.703

Advances to suppliers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .169.257 341.341

State or other public bodies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13 585.832 507.462

Shareholders/Partners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 1.931.121

Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15 1.450.048 2.192.094

Deferments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16 754.812 418.600

Other financial assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17 1.809 3.328

Cash and bank deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4 8.192.747 9.762.555

29.854.876 24.739.083

Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.654.058 25.636.798

EQUITY AND LIABILITIES

Equity: Capital Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18 1.524.600 1.524.600

Legal reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19 301.366 233.868

Other reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20 118.268 2.280

Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2.368.273 2.002.890

Other changes in equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19.831 -17.521

Net profit for the period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2.652.174 1.314.379

Minority interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .33 5.431 27.546

Total equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.989.943 5.088.042

Liabilities:

Non-current liabilities: Provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .31 190.000

Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21 260.564 365.078

Deferred tax liabilities 25.233

Other payables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23 531.777 3.848.865

1.007.574 4.213.943

Current liabilities: Suppliers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15 4.229.300 2.190.089

Advances from customers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22 1.771.519 3.017.647

State or other public bodies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13 1.052.027 439.063

Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21 1.238.714 598.616

Other amounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23 4.268.743 2.790.040

Deferments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16 10.096.238 6.771.971

22.656.541 15.807.425

Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.664.115 20.021.368

Total equity and liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .30.654.058 25.109.410

HEADINGS NotesDATES


CONSOLIDATED STATEMENT OF INCOME


Currency: EUR

31-12-2014 31-12-2013

Turnover. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 28.716.169 23.933.495

Operating subsidies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Profits/Loss by subsidiaries, associates and associated companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.723 25.436

Subcontracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25 -10.426.765 -8.389.803

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

Personnel expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .26 -7.759.620 -7.051.193

Impairment of receivables (losses/reversals) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12 -507.806 -328.608

Provisions (increases/decreases) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32 -190.000

Impairment of non-depreciable/amortisable investments (losses/reversals) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .29 -106.413 -120.591

Increases/reductions in correct value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .-3.796 -4.725

Other income and gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .27 2.199.807 735.221

Other expenses and losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 -2.288.091 -1.328.247

Result before depreciation, loans and taxes (EBITDA) 4.327.789 2.344.837

Expenses/Reversals of depreciation and amortisation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6, 7 -283.372 -247.025

Operating result (before loans and taxes) (EBIT) 4.044.417 2.097.812

Interest and similar expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 -81.122 -101.953

Result before tax (EBT) 3.963.295 1.995.859

Income tax payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .31 -1.308.070 -661.475

Net profit for the period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.655.224 1.334.384

Net profit for the period attributable to:

Equity holders of the parent company. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2.652.174 1.314.379

Minority interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 3.050 20.006

2.655.224 1.334.384

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

INCOME AND LOSSES NotesPERIODS


CONSOLIDATED STATEMENT OF EQUITY


HEADINGS NOTAS PAID-UP CAPITAL LEGAL RESERVES OTHER RESERVESRETAINED EARNINGS

OTHER CHANGES IN EQUITY

NET PROFIT FOR THE PERIOD

TOTALMINORITY INTERESTS

TOTAL EQUITY

Balances at 01.01.2013 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

Capital contributions - - - - - - - - -

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

Changes in the Period:

Differences from translation of financial statements - - - - - - - - -

Other changes recognised in equity - - 115.987,18 19.402,28 37.352,63 - 172.742,09 - 172.742,09

- - 115.987,18 19.402,28 37.352,63 - 172.742,09 - 172.742,09

Net Profit for the Period 2.652.174,26 2.652.174,26 3.049,92 2.655.224,18

Comprehensive Income 2.652.174,26 2.824.916,35 3.049,92 2.827.966,27

Transactions with equity holders

Distributions - 67.497,76 - 345.981,12 - -1.314.378,88 -900.900,00 - -900.900,00

Other operations - - - - - - - -25.164,90 -25.164,90

- 67.497,76 - 345.981,12 - -1.314.378,88 -900.900,00 -25.164,90 -926.064,90

Balances at 31.12.2014 1.524.600,00 301.366,03 118.267,65 2.368.273,05 19.831,33 2.652.174,26 6.984.512,32 5.430,89 6.989.943,21


CONSOLIDATED STATEMENT OF CASH FLOWS


Currency: EUR

31-12-2014 31-12-2013

Cash flows for operational activities - direct method

Customer receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21.599.761,69 21.135.526,67

Payments to suppliers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(13.523.888,62) (10.671.877,67)

Payments to employees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(7.759.619,95) (5.098.848,19)

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

Payment/Receipt of income tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(661.474,63) (1.184.370,62)

Other receipts/payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.721.312,58 (2.171.550,59)

Cash flows of operational activities (1) 1.376.091,07 2.008.879,60

Cash flows from investment activities

Payments relating to: - -

Fixed tangible assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(202.270,14) (71.408,96)

Intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8.506,31) (57.701,00)

Financial investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4.519,55) (260.020,00)

Receipts from: -

Fixed tangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.972,26

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

Cash flows from investment activities (2) (215.296,00) (253.562,22) - -

Cash flows from financing activities - -

Receipts from: - -

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

Capital contributions and other equity instruments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147.577,19

Payments relating to:

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

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

Dividends. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(900.900,00) (1.135.446,05)

Cashflow from investment activities (3) (2.294.487,59) (3.097.082,46) - -

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

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

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

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

HEADINGS NotesPERIODS


AUDIT REPORT

TPF Planege – Consultores de Engenharia e Gestão SA Rua Laura Alves 12-8 – 1050-138 Lisbon, Portugal

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TPF MOÇAMBIQUE – Consultores Lda TPF PLANEGE – MOZAMBIQUE BRANCH

Rua da Imprensa, no. R.1.121, Prédio 33 Andares no. 1230, 4 Piso, Escritório 413, Maputo, Mozambique

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SHARE CAPITAL 1,000,000.00 MTn - NUIT 400 453 764 [email protected] - www.tpfmocambique.com

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

Bucharest – Romania

tpf planege consolidated annual report 2014

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