INTERIM REPORT | 1ST SEMESTER OF 2020
CONTENTS | |
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TEIXEIRA DUARTE
INTERIM REPORT | 1ST SEMESTER OF 2020
IDENTIFICATION OF THE COMPANY
TEIXEIRA DUARTE, S.A.
PUBLICLY TRADED COMPANY
Head Office: Lagoas Park, Edifício 2 - 2740-265 Porto Salvo
Share capital: € 210.000.000
Single Legal Person and
Registration number 509234526 at Cascais Commercial Register (Oeiras)
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TEIXEIRA DUARTE
MAIN INDICATORS
Operational Profits of 368 million euros;
Turnover reached 318 million euros;
External Market accounts for 67.4% of turnover;
EBITDA of 44 million euros;
EBITDA margin / Turnover of 13,9%;
Net Results Attributable to Holders of Equity negative, amounting to 5.4 million euros;
Net Group Assets of 1,619 million euros;
Net Financial Debt of 714 million euros;
Financial Autonomy stood at 14.8%;
Teixeira Duarte Group Orders Portfolio for the construction sector of 1,262 billion euros.
Statement of Results
during the periods ended on 30 june 2020 and 2019
1º S 20 | 1st S 19 | Var (%) | 2º T 20 | 2nd Q 19 | Var (%) | |
Operating income | 367 703 | 489 881 | (24,9%) | 154 602 | 253 973 | (39,1%) |
Operating costs | (323 540) | (411 993) | (21,5%) | (133 196) | (215 007) | (38,1%) |
EBITDA | 44 163 | 77 888 | (43,3%) | 21 406 | 38 966 | (45,1%) |
Amortizations and depreciations | (25 304) | (28 520) | (11,3%) | (11 941) | (13 761) | (13,2%) |
Provisions and impairment losses | (2 607) | 239 | - | (34) | (1 012) | (96,6%) |
EBIT | 16 252 | 49 607 | (67,2%) | 9 431 | 24 193 | (61,0%) |
Financial Results | (18 301) | (35 476) | (48,4%) | (16 362) | (24 356) | (32,8%) |
Results before taxes | (2 049) | 14 131 | - | (6 931) | (163) | s.s. |
Income tax | (3 568) | (3 312) | 7,7% | (1 322) | 2 875 | - |
Net Income | (5 617) | 10 819 | - | (8 253) | 2 712 | - |
Attributable to: | ||||||
Equity holders | (5 417) | 12 285 | - | (7 356) | 4 264 | - |
Non-controlling interests | (200) | (1 466) | (86,4%) | (897) | (1 552) | (42,2%) |
(VALUES IN THOUSAND EUROS)
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TEIXEIRA DUARTE
INTERIM REPORT | 1ST SEMESTER OF 2020
I. INTRODUCTION
Under the terms and for the purposes of the applicable legal and regulatory provisions, TEIXEIRA DUARTE, S.A. ("TD, SA") hereby publishes the Interim Report on the evolution of the Teixeira Duarte Group's activity over the first six months of 2020, of which the attached consolidated financial statements also form a part.
It is clarified that, in compliance with and under the scope of standards on periodic reporting, the elements disclosed herein refer only to the consolidated scope. It is also clarified that the consolidated financial statements as at Sunday, June 30, 2020 were prepared with International Financial Reporting Standards ("IFRS"), as adopted by the European Union, effective for the periods beginning on 1 January 2020 and in accordance with IAS 34 - Interim Financial Reporting.
It is hereby reported that, without prejudice to the regular monitoring of the Teixeira Duarte Group's activity by its Supervisory Bodies, as well as by the reporting of information with which they have been provided for the purpose of drawing up this document, the elements published herein have not been audited.
As an introductory note, it should also be mentioned that the Board of Directors of TD,SA, as well as the boards of directors of the other Teixeira Duarte Group entities, monitored the development of the Covid- 19 pandemic situation, promoting action according to recommendations made by the World Health Organization and public bodies responsible for health in the different countries where the Group companies operate.
In effect, successive contingency and prevention measures were taken during the period under analysis in order to follow the guidelines of those entities and to mitigate and contain the public health risk. A balance was also promoted between this goal and the steps necessary to safeguard business continuity and to mitigate its impact on all group stakeholders.
II. ECONOMIC AND FINANCIAL ANALYSIS
Operating income reached 367,703 thousand euros, corresponding to a decrease of 24.9% compared to the same period of the previous year, as a result of the shrinkage of the economy affected by the COVID-19 pandemic situation, as well as the devaluation of the Angolan Kwanza and the Brazilian Real.
An overall analysis can conclude that the effective reduction in activity is 13.7%, of which over half is the result of the decrease seen in Algeria.
In order to gain a better understanding of how the aforementioned circumstantial impacts affected the Group's main markets in different ways, it can be seen that:
In Portugal the Group managed to grow, achieving 139,310 thousand euros, which translates into an overall increase of 5,479 thousand euros, with the growth in Real Estate offsetting the significant negative impact that the COVID-19 pandemic had on the hotel sector.
In Angola, 76,281 thousand euros were reached; this figure translates into a reduction of 53,506 thousand euros, of which 38,673 thousand euros resulted from the devaluation of the Angolan Kwanza In other words, had it not been for this effect, the 41.2% reduction would have been 11.4%.
In Algeria, where the Group mainly operates in the public works construction sector, the difficult economic situation was further aggravated by the global situation of the COVID-19 pandemic. The Group achieved 22,506 thousand euros, reflecting a reduction of 38,764 thousand euros, or 63.3% less than in the first six months of 2019.
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TEIXEIRA DUARTE
In Brazil, Teixeira Duarte was driven by the good performance of the real estate market in São Paulo and reached 72,312 thousand euros. This figure reflects a reduction of 10,071 thousand euros and an impact of the devaluation of the Brazilian Real of 16,016 thousand euros. In other words, had it not been for the impact of the currency devaluation, the Group would have posted an increase of 7.2% when compared to June of the previous year, instead of a 12.2% decrease.
Evolution of Operating Income
(VALUES IN THOUSAND EUROS)
In overall terms of sectors of activity, the good performance of Real Estate did not offset the drop in the remaining sectors of activity, with the distribution of operating income by sector of activity at the end of this first six months being as follows:
Operating Income by Sector of Activity
Turnover reached 318,198 thousand euros, representing a decrease of 27.7% compared to June 2019, that is, 121,811 thousand euros less.
A decrease of 2.9% was seen in Portugal in comparison to the first six months of 2019, while other markets decreased overall by 35.6%.
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TEIXEIRA DUARTE
INTERIM REPORT | 1ST SEMESTER OF 2020
In this context, overseas markets, which accounted for 75.7% of this indicator during the first six months of the previous year, came to represent 67.4% of total turnover of the Teixeira Duarte Group.
Evolution of Turnover by Markets
570,101
475,090
428,405 440,009
318,198
(VALUES IN THOUSAND EUROS)
The following maps show turnover detailed by country and sector of activity. It can be seen that performance was most affected in markets where the conditioning factors of the pandemic situation were added to by currency devaluations.
Evolution of Turnover by Country
1st S 20 | 1st S 19 | 2nd Q 20 | 2nd Q 19 | |||||||||||||
Country | Variation | Variation | ||||||||||||||
Value | Contribution | Value | Contribution | Value | Contribution | Value | Contribution | |||||||||
Portugal | 103 709 | 32,6% | 106 758 | 24,3% | (2,9%) | 39 711 | 32,3% | 54 798 | 23,9% | (27,5%) | ||||||
Angola | 71 193 | 22,4% | 126 197 | 28,7% | (43,6%) | 32 353 | 26,3% | 62 508 | 27,2% | (48,2%) | ||||||
Algeria | 25 383 | 8,0% | 59 155 | 13,4% | (57,1%) | 15 979 | 13,0% | 28 476 | 12,4% | (43,9%) | ||||||
Brazil | 71 683 | 22,5% | 81 996 | 18,6% | (12,6%) | 16 795 | 13,7% | 46 376 | 20,2% | (63,8%) | ||||||
Spain | 20 464 | 6,4% | 19 503 | 4,4% | 4,9% | 8 947 | 7,3% | 9 796 | 4,3% | (8,7%) | ||||||
Mozambique | 8 262 | 2,6% | 15 389 | 3,5% | (46,3%) | 2 789 | 2,3% | 6 501 | 2,8% | (57,1%) | ||||||
Venezuela | 7 522 | 2,4% | 8 694 | 2,0% | (13,5%) | 2 131 | 1,7% | 4 504 | 2,0% | (52,7%) | ||||||
Other | 9 982 | 3,1% | 22 317 | 5,1% | (55,3%) | 4 107 | 3,3% | 16 686 | 7,3% | (75,4%) | ||||||
318 198 | 100,0% | 440 009 | 100,0% | (27,7%) | 122 812 | 100,0% | 229 645 | 100,0% | (46,5%) | |||||||
(VALUES IN THOUSAND EUROS) | ||||||||||||||||
Evolution of Turnover by Sectors of Activity | ||||||||||||||||
Activity Sector | 1st S 20 | 1st S 19 | Variation | 2nd Q 20 | 2nd Q 19 | Variation | ||||||||||
Value | Contributio | Value | Contribution | Value | Contribution | Value | Contributio | |||||||||
n | n | |||||||||||||||
Construction | 163 964 | 51,5% | 264 708 | 60,2% | (38,1%) | 71 590 | 58,3% | 141 320 | 61,5% | (49,3%) | ||||||
Concessions and Services | 57 230 | 18,0% | 60 867 | 13,8% | (6,0%) | 24 598 | 20,0% | 31 546 | 13,7% | (22,0%) | ||||||
Estate agent | 35 377 | 11,1% | 11 480 | 2,6% | 208,2% | (279) | (0,2%) | 4 446 | 1,9% | (106,3%) | ||||||
Hospitality | 12 551 | 3,9% | 20 979 | 4,8% | (40,2%) | 5 282 | 4,3% | 11 109 | 4,8% | (52,5%) | ||||||
Distribution | 41 115 | 12,9% | 64 861 | 14,7% | (36,6%) | 18 461 | 15,0% | 32 606 | 14,2% | (43,4%) | ||||||
Automotive | 7 961 | 2,5% | 17 114 | 3,9% | (53,5%) | 3 160 | 2,6% | 8 618 | 3,8% | (63,3%) | ||||||
318 198 | 100,0% | 440 009 | 100,0% | (27,7%) | 122 812 | 100,0% | 229 645 | 100,0% | (46,5%) |
(VALUES IN THOUSAND EUROS)
Note: The Turnover Calculated For The Second Quarter In The Real Estate Sector Reflects The Devaluation Of The Brazilian Real And The Impact Resulting From The Indicator Being Calculated Based On The Difference With The First Quarter.
For a more in-depth analysis of the contents of the above table, below can be found some notes on the activity of Group companies in different sectors of activity:
Turnover in the Construction Business decrease by 100,744 thousand euros, corresponding to a 38.1% reduction compared to the same period of 2019.
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TEIXEIRA DUARTE
A decrease of 4.1% was seen in Portugal when compared to the same period of the previous year, as a result of the lower performance in the second quarter, in which activity was already being affected by the pandemic situation.
The overseas market decreased overall by 50.7% when compared to the first six months of 2019, with emphasis on the decreases in Angola and Algeria which together accounted for a reduction of 51,401 thousand euros. The 35% reduction seen in Brazil should also be noted, which was influenced by the devaluation of the Brazilian Real, although the effective reduction was 19.5%.
Therefore, on 30 June 2020, the domestic market came to account for 42.1% of the turnover in Construction, instead of the 27.2% that it represented in the same period of 2019.
Turnover of Construction Services
(VALUES IN THOUSAND EUROS)
The construction order portfolio stood at 1,261,584 thousand euros on 30 June 2020.
Turnover from Concessions and Services decreased by 6% compared to the same period of the previous year.
The decrease in Portugal was 9.4% and the overall decrease on other markets was 4.4% compared to the same period of 2019.
Emphasis should be placed on increases of 12.8% and 7.4% respective in activity in Angola and Brazil, but with the devaluation of the Angolan Kwanza and the Brazilian Real, the euro relevance of this indicator corresponds to decreases of 25.1% in Angola and 13.3% in Brazil.
Turnover of Concessions and Services
(VALUES IN THOUSAND EUROS)
The Group increased its turnover in the real estate sector by 23,897 thousand euros compared to the first six months of 2019.
In Portugal, the good performance of the market allowed for growth of 7,642 thousand euros.
On this market, emphasis should be placed on two developments - "One Living" in Cascais and "Fabrica 1921" (phase 1) in Lisbon - which in 2021 and 2022 are expected to generate total sales of 220,000 thousand euros, of which around 90% had been contracted by 30 June 2020 and down payments worth 70,000 thousand had been received.
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TEIXEIRA DUARTE
INTERIM REPORT | 1ST SEMESTER OF 2020
In Brazil, there was an increase of 16,845 thousand euros, as a result of the recognition of sales in the "Retrato Pinheiros" venture in São Paulo.
Turnover of Real estate Services
(VALUES IN THOUSAND EUROS)
Turnover in the hospitality business decreased by 40.2% compared to the same period of 2019, with downturns of 62.8% in Portugal, 21.6% in Angola and 57.5% in Mozambique.
This sector of activity is suffering a major impact from the current Covid-19 pandemic and the contingency and prevention measures to mitigate and contain the public health risk, as well as from the devaluation of the Kwanza, which has not allowed the resilience of the Group companies' activities in this sector in Angola to be highlighted in terms of euros.
Turnover of Hospitality
(VALUES IN THOUSAND EUROS)
In the Distribution sector, Group companies saw a 36.6% decrease in turnover when compared to the same period of last year. They were also penalized by the devaluation of the Kwanza, which in euro terms affected the relevance of the activity, already penalized by the economic situation.
Turnover of Distribution Services
(VALUES IN THOUSAND EUROS)
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TEIXEIRA DUARTE
In the Automotive sector, there was a 53.5% decrease in turnover when compared to June 2019. This value was heavily impact by the devalulation of the Kwanza. Without this effect, this sector would have seen a drop of 27.6%, which is a reflection of the effective contraction of the Angolan market.
Turnover of the Automotive sector
(VALUES IN THOUSAND EUROS)
EBITDA - Earnings before interest, taxes, depreciation and amortization, decreased by 43.3% compared to June 2019 and stood at EUR 44.163 thousand.
Evolution of EBITDA
(VALUES IN THOUSAND EUROS)
EBITDA by Sectors of Activity
Activity Sector | 1st S 20 | 1st S 19 | Var (%) | 2nd Q 20 | 2nd Q 19 | Var (%) | |||||
Construction | 17 618 | 40 534 | (56,5%) | 11 046 | 9 725 | 13,6% | |||||
Concessions and Services | 8 277 | 8 678 | (4,6%) | 3 049 | 5 490 | (44,5%) | |||||
Real estate | 12 637 | 13 058 | (3,2%) | 4 310 | 11 453 | (62,4%) | |||||
Hospitality | 2 944 | 8 520 | (65,4%) | 952 | 5 008 | (81,0%) | |||||
Distribution | 3 404 | 3 284 | 3,7% | 2 008 | 2 383 | (15,7%) | |||||
Automotive | 1 003 | 5 587 | (82,0%) | 292 | 3 703 | (92,1%) | |||||
Not included in the segments | (1 744) | (1 730) | 0,8% | (233) | 1 248 | - | |||||
Removals | 24 | (43) | - | (18) | (44) | -Brasil | |||||
44 163 | 77 888 | (43,3%) | 21 406 | 38 966 | (45,1%) |
(VALUES IN THOUSAND EUROS)
The reduction in EBITDA in the Construction sector was strongly influenced by the negative change of 9,131 thousand euros from operational exchange rate differences - which at the end of the first half of the last year stood at a positive 19,193 thousand euros compared to a 10,052 thousand euros in the green this year -, as well as a major reduction in activity in both Angola and Algeria.
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TEIXEIRA DUARTE
INTERIM REPORT | 1ST SEMESTER OF 2020
In the Hotel business, EBITDA was penalized by the strong fixed costs component - which for business continuity had to be maintained even in a period in which revenues were significantly affected by the pandemic situation - and in the Automotive sector by the lower commercial performance.
Financial results were negative and stood at 18,301 thousand euros, while in the first half of 2019 they were a negative 35,476 thousand euros. This improvement was mainly due to the ability of Group entities in Angola to reduce foreign currency liabilities, and there was a positive net change in exchange rate differences when compared to the same period of the previous year, amounting to 17,218 thousand euros.
Income tax amounted to 3,568 thousand euros at 30 June 2020, while in the same period of 2019 it stood at 3,312 thousand euros.
Net Results Attributable to Equity Holders were a negative 5,417 thousand euros, compared to the positive results of 12,285 thousand euros posted in June 2019.
Total Net Assets decreased by 12.5% in relation to 31 December 2019, standing at 1,618,570 thousand euros, corresponding to a decrease of 231,446 thousand euros, of which 179,611 thousand euros are the result of the exchange rate effect over the period, essentially due to the devaluation of the Brazilian real and the Angolan Kwanza.
Evolution of Net asset
(VALUES IN THOUSAND EUROS)
In the current context of a pandemic and the implementation of moratoriums, to which the Group subscribed, it should be noted that Net Financial Debt decreased by 3,865 thousand euros, to 714,171 thousand euros, penalized by currency devaluations of 7,002 thousand euros. Therefore, without this effect the reduction in net financial debt would have been 10,867 thousand euros. Similarly, the overall amount of bank loans reduced by 25,349 thousand euros.
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TEIXEIRA DUARTE
Evolution of Net Financial Debt
(VALUES IN THOUSAND EUROS)
Equity Attributable to Shareholders decreased by 92.547 thousand euros, from 299,939 thousand euros to 207,392 thousand euros, corresponding to a 30.9% decrease when compared to 31 December 2019.
Total Equity decreased by 28.8% to 239,463 thousand euros, mainly influenced by the negative new result of 5,617 thousand euros and by the devaluation of the Brazilian Real and the Angolan Kwanza.
Financial Autonomy shifted from 18.2% as at 31 December 2019 to 14.8% at 30 June, 2020.
The Average number of workers on June 30, 2020 was 9,421, an decrease of 17.3% compared to 31 December 2019.
The price of "Teixeira Duarte, S.A." bonds increased from EUR 0.154 on 31 December 2019 to EUR 0.1095 on 30 June 2020.
The following graph shows the evolution in listed share prices during the first six months of this year, which have varied during this period between a minimum of 0.081 euros and a maximum of 0.177 euros.
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TEIXEIRA DUARTE
INTERIM REPORT | 1ST SEMESTER OF 2020
Teixeira Duarte, S.A. List Prices
72,620,021 shares were traded on the stock exchange during this period, with a total amount of turnover of 9,748,113 euros.
III. FACTS THAT OCCURRED AFTER THE CLOSE OF THE 1ST HALF OF 2020
Teixeira Duarte Group companies continued their activity in the different markets on which they operate, and there are no relevant facts to highlight that occurred after 30 June 2020 and the issue date of this document.
Even so, it should be mentioned that the Board of Directors of TD,S.A, as well as the boards of directors of the other Teixeira Duarte Group entities, continued to monitor the development of the Covid-19 pandemic situation and acted according to recommendations made by the World Health Organization and public bodies responsible for health in the different countries where the Group companies operate.
In effect, the contingency and prevention measures for complying with the guidelines of these entities and for mitigating and containing the public health risk have been continually adapted to changes in legislation and the global situation. All necessary steps have also be taken to ensure the continuity of the business and to mitigate its impact on all of the group's stakeholders.
V. PROSPECTS
Teixeira Duarte maintains its outlook of continuity of operations in the different sectors and markets in which it has been operating, despite being strongly influenced by the impacts of the COVID-19 global pandemic situation and the fact that the currency devaluations in countries where the Group operates decreased the relevance of operating income from the activities carried out on these markets, in euro terms.
In anticipation that this economic situation will persist, along with the unpredictability of the evolution of the COVID-19 pandemic situation, it is reported that operating profits of less than the 850 million euros previously announced in May are expected to be achieved by the end of the year.
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TEIXEIRA DUARTE
V. ANNEXES TO THE INTERIM MANAGEMENT REPORT
NUMBER OF SECURITIES OF THE MEMBERS OF THE GOVERNING BODIES
In compliance with the duties of information to which it is bound due to several different pieces of current legislation, Teixeira Duarte, S.A. hereby presents a list of securities issued by the Company, and by companies with which it has a controlling or group relationship, held by members of company boards, as well as all acquisitions, encumbrances or transmissions during the first six months of 2020, specifying the amount, the date of the fact and the compensation paid or received:
I - Number of shares held by members of the corporate bodies as of 31 December 2019:
Name | Company | Capacity | Nr. of Shares |
José Luciano Vaz Marcos | Teixeira Duarte, S.A. | Chairman of the Board of | - |
the General Meeting | |||
José Mário Ferreira de Almeida | Teixeira Duarte, S.A. | Deputy Chairman of the | (a) 3.000 |
Board of the General | |||
José Pedro Poiares Cobra Ferreira | Teixeira Duarte, S.A. | Secretary of the Board of | - |
the General Meeting | |||
Pedro Maria Calainho Teixeira Duarte | Teixeira Duarte, S.A. | Chairman of the Board of | 42 000 |
Directors | |||
Manuel Maria Calainho de Azevedo Teixeira Duarte | Teixeira Duarte, S.A. | Director | 5 030 575 |
Carlos Gomes Baptista | Teixeira Duarte, S.A. | Director | 62 671 |
Maria da Conceição Maia Teixeira Duarte | Teixeira Duarte, S.A. | Director | (a) 3,967,473 |
Diogo Bebiano Branco de Sá Viana Rebelo | Teixeira Duarte, S.A. | Director | 31 160 |
Óscar Manuel Machado de Figueiredo | Teixeira Duarte, S.A. | Chairman of the | - |
Supervisory Board | |||
Ana Cristina Louro Ribeiro Doutor Simões | Teixeira Duarte, S.A. | Member of the | - |
Supervisory Board | |||
João Salvador dos Santos Matias | Teixeira Duarte, S.A. | Member of the | - |
Supervisory Board | |||
Rui Pedro Ferreira de Almeida | Teixeira Duarte, S.A. | Alternate of the | - |
Supervisory Board | |||
Moore Stephens & Associados, SROC, S.A. | Teixeira Duarte, S.A. | Chartered Accountant | - |
- Transactions with shares directly and indirectly held by members of the corporate bodies during the period between 1 January and 30 June 2020:
It is hereby reported, for all due effects, that no share transactions were directly or indirectly performed by members of the Corporate Bodies of "Teixeira Duarte, S.A.".
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TEIXEIRA DUARTE
INTERIM REPORT | 1ST SEMESTER OF 2020
III - Number of shares held by Members of the Governing Bodies as at 30 June 2020:
Name | Company | Capacity |
José Luciano Vaz Marcos | Teixeira Duarte, S.A. | Chairman of the Board of |
the General Meeting | ||
José Mário Ferreira de Almeida | Teixeira Duarte, S.A. | Deputy Chairman of the |
Board of the General | ||
José Pedro Poiares Cobra Ferreira | Teixeira Duarte, S.A. | Secretary of the Board of |
the General Meeting | ||
Pedro Maria Calainho Teixeira Duarte | Teixeira Duarte, S.A. | Chairman of the Board of |
Directors | ||
Manuel Maria Calainho de Azevedo Teixeira Duarte | Teixeira Duarte, S.A. | Director |
Carlos Gomes Baptista | Teixeira Duarte, S.A. | Director |
Maria da Conceição Maia Teixeira Duarte | Teixeira Duarte, S.A. | Director |
Diogo Bebiano Branco de Sá Viana Rebelo | Teixeira Duarte, S.A. | Director |
Óscar Manuel Machado de Figueiredo | Teixeira Duarte, S.A. | Chairman of the |
Supervisory Board | ||
Ana Cristina Louro Ribeiro Doutor Simões | Teixeira Duarte, S.A. | Member of the |
Supervisory Board | ||
João Salvador dos Santos Matias | Teixeira Duarte, S.A. | Member of the |
Supervisory Board | ||
Rui Pedro Ferreira de Almeida | Teixeira Duarte, S.A. | Alternate of the |
Supervisory Board | ||
Moore Stephens & Associados, SROC, S.A. | Teixeira Duarte, S.A. | Chartered Accountant |
Nr. of Shares - 3 000 - 42 000 5 030 575 62 671 3 967 473 31 160 - - - - -
LIST OF HOLDERS OF QUALIFIED HOLDINGS AS AT 30 JUNE 2019
In compliance with applicable legal and regulatory provisions, and based on company records and on information received, TEIXEIRA DUARTE, S.A. hereby discloses the list of holders of qualified shares in its equity on 30 June 2020, indicating the number of shares held and allocated, with the corresponding voting right percentages, calculated under the terms of article 20 of the Securities Code.
Teixeira Duarte - Sociedade Gestora de Participações Sociais, S.A. | Nr. shares as at | Share capital with |
30.06.2020 | right to vote | |
Directly | 190 750 000 | 45,42% |
Through the members of the Board of Directors of "Teixeira Duarte - Sociedade | 53 318 164 | 12,70% |
Gestora de Participações Sociais, S.A." (a) | ||
TOTAL ATTRIBUTABLE | 244 068 164 | 58,12% |
-
3,645,138 shares held by the Director António Carlos Calainho 1,408,416 shares held directly by the Director Miguel Calainho de 48,264,610 shares held by the Company directly controlled by
Investimentos, Sociedade Unipessoal, Lda."
de Azevedo Teixeira Duarte; Azevedo Teixeira Duarte and it "MIDINVEST - Gestão e
Miguel Calainho de Azevedo Teixeira Duarte | Nr. shares as at | Share capital with |
30.06.2020 | right to vote | |
Directly | 1 408 416 | 0,34% |
Through the company controlled directly by him "MIDINVEST - Gestão e | 48 264 610 | 11,49% |
Investimentos, Sociedade Unipessoal, Lda." | ||
TOTAL ATTRIBUTABLE | 49 673 026 | 11,83% |
IDS, SGPS, S.A. | Nr. shares as at | Share capital with |
30.06.2020 | right to vote | |
Directly | 10 841 947 | 2,58% |
TOTAL ATTRIBUTABLE | 10 841 947 | 2,58% |
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TEIXEIRA DUARTE
COMPLIANCE STATEMENT
(UNDER THE TERMS OF LINE C) OF ITEM 1 OF ARTICLE 246 OF THE SECURITIES CODE)
As far as the signatories are aware, the information disclosed in this report and the respective financial statements was drawn up in accordance with applicable accounting standards, giving a true and appropriate impression of the assets and liabilities, the financial situation and results of TEIXEIRA DUARTE, S.A. and the companies included within its perimeter of consolidation. Similarly, the interim management report accurately presents indications of important events that occurred during the first six months of 2020 and their impact on the respective financial statements, and contains a description of the main risks and uncertainties for the forthcoming six months.
Lagoas Park, 28 August 2020
The Board of Directors,
Pedro Maria Calainho Teixeira Duarte
Manuel Maria Calainho de Azevedo Teixeira Duarte
Carlos Gomes Baptista
Maria da Conceição Maia Teixeira Duarte
Diogo Bebiano Branco de Sá Viana Rebelo
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TEIXEIRA DUARTE
INTERIM REPORT | 1ST SEMESTER OF 2020
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
DURING THE PERIODS ENDED ON 30 JUNE 2020 AND 2019
(NON AUDITED)
(VALUES | IN | THOUSAND | EUROS) |
Notes | 30/06/2020 | 31/12/2019 | |
(Non Audited) | (Audited) | ||
Non-current assets: | |||
Goodwill | 12 190 | 12 214 | |
Intangible assets | 56 797 | 60 267 | |
Fixed tangible assets | 13 | 391 511 | 479 776 |
Investment Properties | 14 | 199 133 | 208 478 |
Usage right | 35 160 | 41 603 | |
Investments in associates and joint-ventures | 7 and 15 | 20 865 | 22 235 |
Other financial investments at amortized cost | 16 | 2 846 | 2 806 |
Other financial investments at fair value through other comprehensive income | 7 and 16 | 11 931 | 15 866 |
Assets for deferred tax | 18 | 151 955 | 147 993 |
Customers | 19 187 | 16 458 | |
Other debtors | 12 288 | 12 694 | |
Total of non-current assets | 913 863 | 1 020 390 | |
Current assets: | |||
Inventories | 173 756 | 202 111 | |
Customers | 166 519 | 236 183 | |
Other debtors | 39 586 | 38 517 | |
Other financial investments at fair value through other comprehensive income | 7 and 16 | 10 | 10 |
Cash and cash equivalents | 20 | 109 264 | 135 380 |
Other current assets | 180 675 | 182 528 | |
669 810 | 794 729 | ||
Assets for sale | 17 | 34 897 | 34 897 |
Total of current assets | 704 707 | 829 626 | |
TOTAL OF ASSET | 7 | 1 618 570 | 1 850 016 |
Equity: | |||
Capital | 21 | 210 000 | 210 000 |
Adjustments of shareholdings in associates and joint-ventures | (394) | (443) | |
Effect of currency adjustments | 26 | (535 268) | (444 577) |
Reserves and retained income | 22 | 538 471 | 520 545 |
Consolidated net result | (5 417) | 14 414 | |
Equity attributable to shareholders | 207 392 | 299 939 | |
Non-controlling interests | 32 071 | 36 585 | |
EQUITY TOTAL | 239 463 | 336 524 | |
Non-current liabilities: | |||
Loans | 23 | 638 210 | 692 004 |
Provisions | 42 359 | 45 053 | |
Lease liabilities | 31 177 | 34 594 | |
Liabilities by deferred taxes | 18 | 93 161 | 111 672 |
Other Creditors | 290 | 376 | |
Other non-current liabilities | 118 312 | 80 002 | |
Total of non-current liabilities | 923 509 | 963 701 | |
Current liabilities: | |||
Loans | 23 | 148 344 | 119 899 |
Lease liabilities | 5 704 | 6 919 | |
Suppliers | 95 662 | 148 122 | |
Other Creditors | 17 060 | 26 920 | |
Other current liabilities | 165 267 | 224 370 | |
432 037 | 526 230 | ||
Liabilities for sale | 17 | 23 561 | 23 561 |
Total of current liabilities | 455 598 | 549 791 | |
TOTAL OF LIABILITY | 7 | 1 379 107 | 1 513 492 |
TOTAL OF LIABILITY AND EQUITY | 22 | 1 618 570 | 1 850 016 |
TEIXEIRA DUARTE
The annex notes forms an integral part of the consolidated statement of the financial position for the quarter ending 30 June 2020.
CONSOLIDATED STATEMENT OF RESULTS
DURING THE PERIODS ENDED ON 30 JUNE 2020 AND 2019 (NON AUDITED)
(VALUES IN THOUSAND EUROS)
Notes | 1 | st | Sem. 20 | 1 | st | Sem. 19 | 2 | th | Quarter 20 | 2 | th | Quarter 19 | |
Operating income: | |||||||||||||
Sales and services rendered | 7 and 8 | 318 198 | 440 009 | 122 812 | 229 645 | ||||||||
Other operating income | 8 | 49 505 | 49 872 | 31 790 | 24 328 | ||||||||
Total of operating income | 8 | 367 703 | 489 881 | 154 602 | 253 973 | ||||||||
Operating costs: | |||||||||||||
Cost of sales | (84 346) | (115 283) | (21 405) | (56 213) | |||||||||
Production changes | 669 | 697 | 364 | 234 | |||||||||
External supplies and services | (125 002) | (153 995) | (62 750) | (87 669) | |||||||||
Expenses with staff | (88 522) | (115 512) | (39 049) | (58 838) | |||||||||
Amortizations and depreciations | 7 | (25 304) | (28 520) | (11 941) | (13 761) | ||||||||
Provisions and impairment losses in depreciable and amortizable asset and Goodwill | 7 | (2 607) | 239 | (34) | (1 012) | ||||||||
Other operating costs | (26 339) | (27 900) | (10 356) | (12 521) | |||||||||
Total of operating costs | (351 451) | (440 274) | (145 171) | (229 780) | |||||||||
Operational Income | 7 | 16 252 | 49 607 | 9 431 | 24 193 | ||||||||
Costs and financial losses | 7 and 9 | (74 168) | (62 381) | (51 859) | (45 007) | ||||||||
Income and financial earnings | 7 and 9 | 54 846 | 25 704 | 34 991 | 20 598 | ||||||||
Income related to investment activities: | |||||||||||||
Income related to affiliates and joint-ventures | 7 and 9 | 89 | 609 | (426) | 262 | ||||||||
Other | 7 and 9 | 932 | 592 | 932 | (209) | ||||||||
Financial Results | (18 301) | (35 476) | (16 362) | (24 356) | |||||||||
Results before taxes | 7 | (2 049) | 14 131 | (6 931) | (163) | ||||||||
Income tax | 10 | (3 568) | (3 312) | (1 322) | 2 875 | ||||||||
Consolidated net result for the period | (5 617) | 10 819 | (8 253) | 2 712 | |||||||||
Net results attributable to: | |||||||||||||
Equity holders | 11 | (5 417) | 12 285 | (7 356) | 4 264 | ||||||||
Non-controlling interests | (200) | (1 466) | (897) | (1 552) | |||||||||
Income by share: | |||||||||||||
Basic (euros) | 11 | (0,01) | 0,03 | (0,02) | 0,01 | ||||||||
Diluted (euros) | 11 | (0,01) | 0,03 | (0,02) | 0,01 | ||||||||
The notes are an integral part of the consolidated statement of results for the period ended on 30 June 2020 |
23
TEIXEIRA DUARTE
INTERIM REPORT | 1ST SEMESTER OF 2020
CONSOLIDATED STATEMENTS OF OTHER INTEGRAL INCOME
DURING THE PERIODS ENDED ON 30 JUNE 2020 AND 2019
(NON AUDITED)
(VALUES IN THOUSAND EUROS)
Notes | 1st Sem. 20 | 1st Sem. 19 | 2th Quarter | 2th Quarter | |
20 | 19 | ||||
Consolidated net result for the period | (5 617) | 10 819 | (8 253) | 2 712 | |
Income and expenses that will not be reclassified for results | |||||
Other equity variations | 5 583 | 1 207 | 268 | 1 819 | |
Other financial investments at fair value through other comprehensive income,net of taxes | 16 | (591) | 228 | 25 | 218 |
4 992 | 1 435 | 293 | 2 037 | ||
Income and expenses that can be reclassified for results | |||||
Currency conversion adjustments | 26 | (96 485) | (49 232) | (43 815) | (40 389) |
Adjustments of shareholdings in associates and joint-ventures | 15 | 49 | 827 | (121) | 645 |
(96 436) | (48 405) | (43 936) | (39 744) | ||
Result known directly in equity | (91 444) | (46 970) | (43 643) | (37 707) | |
Comprehensive income for the financial year | (97 061) | (36 151) | (51 896) | (34 995) | |
Comprehensive income attributable to: | |||||
Equity holders | (92 547) | (34 976) | (48 494) | (34 011) | |
Non-controlling interests | (4 514) | (1 175) | (3 402) | (984) | |
The notes are an integral part of the consolidated statement of the other comprehensive income for the period ended on 30 June 2020. |
24
TEIXEIRA DUARTE
DUARTE TEIXEIRA | 25 |
Reserves and retained income | ||||||||||||||
Adjustments of | Fair value | |||||||||||||
shareholdings in | Currency | reserve - | Revaluation | Consolidated | Total equity | |||||||||
associates and joint- | conversion | financial | reserve - real | Retained | Total | attributable to | shareholders | |||||||
Notes | Capital | ventures | adjustments | Legal reserve | Other reserves | investments | estate | income | equity | Non- | shareholders | interests | Total | |
Balance on January 1st, 2019 | 21 | 210 000 | (673) | (303 790) | 42 000 | 253 326 | 598 | 162 085 | (7 049) | 11 127 | 367 624 | 35 736 | 403 360 | |
Comprehensive income for the financial year: | ||||||||||||||
Consolidated net result for the period | - | - | - | - | - | - | - | - | 12 285 | 12 285 | (1 466) | 10 819 | ||
Variation in currency conversion adjustments | 26 | - | - | (48 408) | - | - | - | - | - | - | (48 408) | (824) | (49 232) | |
Changes in the fair value of other investments through | ||||||||||||||
other comprehensive income, net of taxes | 16 | - | - | - | - | - | 228 | - | - | - | 228 | - | 228 | |
Revaluation surplus, net of tax | - | - | - | - | - | - | (3 226) | 3 226 | - | - | - | - | ||
Effect of the application of equity method: | 15 | - | 827 | - | - | - | - | - | - | - | 827 | - | 827 | |
Purchase of non-controlling interests | - | - | - | - | - | - | - | (1 641) | - | (1 641) | 1 641 | - | ||
Other | - | - | - | - | - | - | - | 1 733 | - | 1 733 | (526) | 1 207 | ||
Operations with equity owners for that period: | ||||||||||||||
Appropriation of the consolidated net income for 2018: | ||||||||||||||
Transfer to other reserves and results carried forward | - | - | - | - | 4 672 | - | - | 6 455 | (11 127) | - | - | - | ||
Balance on June 30th, 2019 | 210 000 | 154 | (352 198) | 42 000 | 257 998 | 826 | 158 859 | 2 724 | 12 285 | 332 648 | 34 561 | 367 209 | ||
Reserves and retained income | ||||||||||||||
Adjustments of | Fair value | |||||||||||||
shareholdings in | Currency | reserve - | Revaluation | Consolidated | Total equity | |||||||||
associates and joint- | conversion | financial | reserve - real | Retained | Total | attributable to | shareholders | |||||||
Notes | Capital | ventures | adjustments | Legal reserve | Other reserves | investments | estate | income | equity | Non- | shareholders | interests | Total | |
Balance on January 1st, 2020 | 21 | 210 000 | (443) | (444 577) | 42 000 | 257 998 | 471 | 229 797 | (9 721) | 14 414 | 299 939 | 36 585 | 336 524 | |
Comprehensive income for the financial year: | ||||||||||||||
Consolidated net result for the period | - | - | - | - | - | - | - | - | (5 417) | (5 417) | (200) | (5 617) | ||
Variation in currency conversion adjustments | 26 | - | - | (90 691) | - | - | - | - | - | - | (90 691) | (5 794) | (96 485) | |
Changes in the fair value of other investments through | ||||||||||||||
other comprehensive income, net of taxes | 16 | - | - | - | - | - | (591) | - | - | - | (591) | - | (591) | |
Revaluation surplus, net of tax | - | - | - | - | - | - | (5 372) | 5 372 | - | - | - | - | ||
Effect of the application of equity method: | 15 | - | 49 | - | - | - | - | - | - | - | 49 | - | 49 | |
Other | - | - | - | - | - | - | - | 4 103 | - | 4 103 | 1 480 | 5 583 | ||
Operations with equity owners for that period: | ||||||||||||||
Appropriation of the consolidated net income for 2019: | ||||||||||||||
Transfer to other reserves and results carried forward | - | - | - | - | 7 879 | - | - | 6 535 | (14 414) | - | - | - | ||
Balance on June 30th, 2020 | 210 000 | (394) | (535 268) | 42 000 | 265 877 | (120) | 224 425 | 6 289 | (5 417) | 207 392 | 32 071 | 239 463 |
The notes are an integral part of the consolidated statement of change in equity for the year ended on 30 June 2020
EUROS) THOUSAND IN (VALUES | AUDITED) (NON | ON ENDED PERIODS THE DURING | STATEMENTS CONSOLIDATED |
2019 AND 2020 JUNE 30 | EQUITY IN CHANGES OF |
INTERIM REPORT | 1ST SEMESTER OF 2020
CONSOLIDATED STATEMENTS OF CASH FLOWS
DURING THE PERIODS ENDED ON 30 JUNE 2020 AND 2019
(NON AUDITED)
(VALUES IN THOUSAND EUROS)
st | st | th | Quarter | th | Quarter | ||||
Notes | Sem. 20 | Sem. 19 | 2 | 2 | |||||
1 | 1 | 20 | 19 | ||||||
OPERATIONAL ACTIVITIES: | |||||||||
Receipts from customers | 385 757 | 408 210 | 184 718 | 200 212 | |||||
Payment to suppliers | (280 384) | (295 769) | (107 450) | (133 362) | |||||
Payment to staff | (85 894) | (112 153) | (39 655) | (57 692) | |||||
Cash flow generated by operations | 19 479 | 288 | 37 613 | 9 158 | |||||
Payment/receipt of income tax | (3 704) | (5 837) | (2 210) | (4 208) | |||||
Other receipts/payments related to the operational activity | (19 351) | (12 902) | (12 680) | (12 251) | |||||
Cash flows of operational activities (1) | (3 576) | (18 451) | 22 723 | (7 301) | |||||
INVESTMENT ACTIVITIES: | |||||||||
Receipts related to: | |||||||||
Financial investments | 20 | - | 1 646 | - | (101) | ||||
Tangible fixed assets and investment properties | 23 756 | 5 369 | 2 526 | 5 086 | |||||
Intangible assets | 22 | - | 22 | - | |||||
Interests and similar gains | 2 265 | 1 534 | 1 803 | 539 | |||||
Dividends | 20 | 1 114 | 623 | 1 114 | 623 | ||||
27 157 | 9 172 | 5 465 | 6 147 | ||||||
Payments related to: | |||||||||
Financial investments | 20 | (13) | - | (13) | - | ||||
Tangible fixed assets and investment properties | (8 837) | (17 611) | (6 096) | (5 657) | |||||
Intangible assets | (823) | (159) | (823) | (81) | |||||
(9 673) | (17 770) | (6 932) | (5 738) | ||||||
Cash flows from investment activities (2) | 17 484 | (8 598) | (1 467) | 409 | |||||
FINANCING ACTIVITIES: | |||||||||
Revenue derived from: | |||||||||
Obtained loans | 23 | 585 034 | 634 807 | 242 662 | 306 439 | ||||
Payments related to: | |||||||||
Obtained loans | 23 | (604 343) | (643 134) | (253 061) | (311 589) | ||||
Lease liabilities | (3 778) | - | (1 712) | - | |||||
Interests and similar costs | (3 895) | (13 036) | (932) | (7 933) | |||||
(612 016) | (656 170) | (255 705) | (319 522) | ||||||
Cash flows from financing activities (3) | (26 982) | (21 363) | (13 043) | (13 083) | |||||
Variation of cash and cash-equivalent items (4)=(1)+(2)+(3) | (13 074) | (48 412) | 8 213 | (19 975) | |||||
Exchange rate differences Effect | (13 042) | (7 641) | (5 833) | (4 088) | |||||
Cash and cash-equivalent items at the beginning of the period | 20 | 135 380 | 171 991 | 106 884 | 140 001 | ||||
Cash and cash-equivalent items at the end of the period | 20 | 109 264 | 115 938 | 109 264 | 115 938 | ||||
The annex forms an integral part of the cash flow statement for the period ending 30 June 2020. |
26
TEIXEIRA DUARTE
ANNEXES TO THE CONSOLIDATED FINANCIAL STATEMENTS
ON JUNE 30TH, 2020
(NON AUDITED)
1 - INTRODUCTION
TEIXEIRA DUARTE, S.A. ("Company" or "TD, S.A.") with head office in Porto Salvo, was incorporated on 30 November 2009, with share capital of EUR 210,000,000, represented by 420,000,000 shares with the nominal value of EUR 0.5 each, and its core business is the implementation and management of investments, the coordination and supervision of other companies integrated in or related to its business Group.
The corporate universe of Teixeira Duarte ("Group") is composed of the participated companies indicated in Note 4. The Group's core activities are: Construction; Concessions and Services; Real Estate; Hospitality; Distribution; Energy and Automotive (Note 7).
The stated values will be expressed in thousands of euros, unless expressly indicated.
2 - BASIS OF PRESENTATION
The consolidated financial statements at 30 June, 2020 have been prepared with International Financial Reporting Standards ("IFRS"), as adopted by the European Union, in effect for periods beginning on 1 January, 2020, and in accordance with IAS 34 - Interim Financial Reporting.
3 - ALTERATIONS OF POLICIES, ESTIMATES AND ERRORS
The accounting policies that have been adopted are consistent with those used for preparing the financial statements for the financial year ending 31 December 2019, and described in the respective attached notes.
4 - COMPANIES INCLUDED IN THE CONSOLIDATION PERIMETER
As at 30 June 2020, TEIXEIRA DUARTE, S.A. and the following controlled companies were included in the consolidation, by the full method:
Corporate name | Head Office | % effective | ||
participation | ||||
INTERNAL MARKET
CONSTRUCTION
CONSTRUSALAMONDE, ACE | Edifício 2, Lagoas Park - Porto Salvo |
EPOS - Empresa Portuguesa de Obras Subterrâneas, S.A. | Edifício 2, Lagoas Park - Porto Salvo |
SOMAFEL - Engenharia e Obras Ferroviárias, S.A. | Edifício 2, Lagoas Park - Porto Salvo |
92.50% |
100.00% |
67.74% |
27
TEIXEIRA DUARTE
INTERIM REPORT | 1ST SEMESTER OF 2020
Teixeira Duarte - Engenharia e Construções, S.A. | Edifício 2, Lagoas Park - Porto Salvo |
CONCESSIONS AND SERVICES
100.00%
DPLG - Desenvolvimento do Terminal Especializado de Contentores do Porto de La Guaira, Sociedade Unipessoal Lda.;
TDAP - Atividades Portuárias, S.A.
TDGI AÇORES - Unipessoal, Lda.
TDGI - Tecnologia de Gestão de Imóveis, S.A.
TDGI Manutenção, ACE
Rua das Pretas, 4 - Fração 4 D - Funchal
Rua das Pretas, 4 - Fração 4 D - Funchal
Edifício 2, Lagoas Park - Porto Salvo
Edifício 2, Lagoas Park - Porto Salvo
Edifício 2, Lagoas Park - Porto Salvo
100.00%
100.00%
100.00%
100.00%
100.00%
REAL ESTATE | |
FUNDO DE INVESTIMENTO IMOBILIÁRIO FECHADO TDF | Av. Professor Doutor Cavaco Silva, Parque das Tecnologias, |
Edifício 3 - Porto Salvo | |
IMOPEDROUÇOS - Sociedade Imobiliária, S.A. | Edifício 2, Lagoas Park - Porto Salvo |
IMOTD - Sociedade Gestora de Participações Sociais, S.A. | Edifício 2, Lagoas Park - Porto Salvo |
MALANGA - Investimentos Imobiliários, Unipessoal Lda. | Edifício 2, Lagoas Park - Porto Salvo |
QUINTA DE CRAVEL - Imobiliária, S.A. | Edifício 2, Lagoas Park - Porto Salvo |
TD VIA - Sociedade Imobiliária, S.A. | Edifício 2, Lagoas Park - Porto Salvo |
TEIXEIRA DUARTE - Gestão de Participações e Investimentos Imobiliários, | Edifício 2, Lagoas Park - Porto Salvo |
S.A. | |
TEIXEIRA DUARTE REAL ESTATE, S.A. | Edifício 2, Lagoas Park - Porto Salvo |
TRANSBRITAL - Britas e Empreendimentos Imobiliários, S.A. | Edifício 2, Lagoas Park - Porto Salvo |
V8 - Gestão Imobiliária, S.A. | Edifício 2, Lagoas Park - Porto Salvo |
HOSPITALITY | |
ESTA - Gestão de Hotéis, S.A. | Edifício 2, Lagoas Park - Porto Salvo |
GO CORP TRAVEL SOLUTIONS - Agência de Viagens, S.A. | Rua Encosta das Lagoas, nº 8 - Porto Salvo |
LAGOASFUT - Equipamento Recreativo e Desportivo, S.A. | Edifício 2, Lagoas Park - Porto Salvo |
LAGOAS HOTEL, S.A. | Edifício 2, Lagoas Park - Porto Salvo |
SINERAMA - Organizações Turísticas e Hoteleiras, S.A. | Edifício 2, Lagoas Park - Porto Salvo |
TDH - Sociedade Gestora de Participações Sociais, S.A. | Edifício 2, Lagoas Park - Porto Salvo |
TDHC - Instalações para Desporto e Saúde, S.A. | Edifício 2, Lagoas Park - Porto Salvo |
28
100.00%
100.00%
100.00%
100.00%
100.00%
93.75%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
TEIXEIRA DUARTE
DISTRIBUTION | |
BONAPAPEL - Artigos de Papelaria e Equipamentos Informáticos - | Edifício 2, Lagoas Park - Porto Salvo |
Unipessoal, Lda. | |
TEDAL - Participações e Distribuição, S.A. | Edifício 2, Lagoas Park - Porto Salvo |
TEDAL II - Distribuição e Investimentos, S.A. | Edifício 2, Lagoas Park - Porto Salvo |
TEIXEIRA DUARTE - Distribuição, S.A. | Edifício 2, Lagoas Park - Porto Salvo |
AUTOMOTIVE | |
SMOTORS, S.A. | Edifício 2, Lagoas Park - Porto Salvo |
TDO - Investimento e Gestão, S.A. | Edifício 2, Lagoas Park - Porto Salvo |
TEDAL III - Automóveis e Investimentos, S.A. | Edifício 2, Lagoas Park - Porto Salvo |
TEDAL IV - Participações e Automóveis, S.A. | Edifício 2, Lagoas Park - Porto Salvo |
OTHER |
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
C + P.A. - Cimento e Produtos Associados, S.A.
TDO - Sociedade Gestora de Participações Sociais, S.A.
TEDAL - Sociedade Gestora de Participações Sociais, S.A.
EXTERNAL MARKET
SOUTH AFRICA
CONSTRUCTION
Global Net Distributors (Pty) Ltd.
ANGOLA
CONCESSIONS AND SERVICES
EDUCARE - Actividades Educativas e Culturais (SU), Lda.
TDGI - Tecnologia de Gestão de Imóveis, Lda.
REAL ESTATE
AFRIMO - Empreendimentos Imobiliários, Lda.
Edifício 2, Lagoas Park - Porto Salvo
Edifício 2, Lagoas Park - Porto Salvo
Edifício 2, Lagoas Park - Porto Salvo
10 Ninth Avenue - Northmead, Gauteng 1501
Avenida Pedro de Castro Van-Dúnem, Loy Bairro Morro Bento (Maxipark)
Edifício Teixeira Duarte, nº 387
Luanda
Avenida Pedro de Castro Van-Dúnem, Loy Bairro Morro Bento (Maxipark)
Edifício Teixeira Duarte, nº 387
Luanda
Avenida Pedro de Castro Van-Dúnem, Loy Bairro Morro Bento (Maxipark)
Edifício Teixeira Duarte, nº 387
Luanda
100.00%
100.00%
100.00%
100.00%
100.00%
42.40%
51.00%
29
TEIXEIRA DUARTE
INTERIM REPORT | 1ST SEMESTER OF 2020
TEIXEIRA DUARTE - Engenharia e Construções (Angola), Lda.
HOTEL SERVICES
ALVALADE - Empreendimentos Turísticos e Hoteleiros, Lda.
ANGOPREDIAL - Empreendimentos Imobiliários (SU), Lda.
HOTEL TRÓPICO, S.A.
HOTEL BAÍA (SU), Lda.
DISTRIBUTION
CND - Companhia Nacional de Distribuição (SU), Lda.
COM 1 - Comércio e Distribuição (SU), Lda.
DCG - Distribution e Comércio General (SU), Lda.
IMO 1 - Empreendimentos Imobiliários (SU), Lda.
OCC - Operador Central de Comércio, Lda.
AUTOMOTIVE
AUTO 1 - Comércio Automóvel (SU), Lda.
AUTO COMPETIÇÃO ANGOLA (SU), Lda.
Avenida Pedro de Castro Van-Dúnem, Loy Bairro Morro Bento (Maxipark)
Edifício Teixeira Duarte, nº 387
Luanda
Avenida Pedro de Castro Van-Dúnem, Loy Bairro Morro Bento (Maxipark)
Edifício Teixeira Duarte, nº 387
Luanda
Avenida Pedro de Castro Van-Dúnem, Loy Bairro Morro Bento (Maxipark)
Edifício Teixeira Duarte, nº 387
Luanda
Avenida Pedro de Castro Van-Dúnem, Loy Bairro Morro Bento (Maxipark)
Edifício Teixeira Duarte, nº 387
Luanda
Avenida Pedro de Castro Van-Dúnem, Loy Bairro Morro Bento (Maxipark)
Edifício Teixeira Duarte, nº 387
Luanda
Avenida Pedro de Castro Van-Dúnem, Loy Bairro Morro Bento (Maxipark)
Edifício Teixeira Duarte, nº 387
Luanda
Avenida Pedro de Castro Van-Dúnem, Loy Bairro Morro Bento (Maxipark)
Edifício Teixeira Duarte, nº 387
Luanda
Avenida Pedro de Castro Van-Dúnem, Loy Bairro Morro Bento (Maxipark)
Edifício Teixeira Duarte, nº 387
Luanda
Avenida Pedro de Castro Van-Dúnem, Loy Bairro Morro Bento (Maxipark)
Edifício Teixeira Duarte, nº 387
Luanda
Avenida Pedro de Castro Van-Dúnem, Loy Bairro Morro Bento (Maxipark)
Edifício Teixeira Duarte, nº 387
Luanda
Avenida Pedro de Castro Van-Dúnem, Loy Bairro Morro Bento (Maxipark)
Edifício Teixeira Duarte, nº 387
Luanda
Avenida Pedro de Castro Van-Dúnem, Loy Bairro Morro Bento (Maxipark)
Edifício Teixeira Duarte, nº 387
Luanda
30
100.00%
100.00%
100.00%
80.00%
100.00%
100.00%
100.00%
100.00%
100.00%
80.00%
100.00%
100.00%
TEIXEIRA DUARTE
AUTO 8 (SU), Lda.
COMÉRCIO DE AUTOMÓVEIS (SU), Lda.
TDA - Comércio e Indústria (SU), Lda.
VAUCO - Automóveis e Equipments (SU), Lda.
OTHER
Investipart - Participações e Investimentos, S.A.
ALGERIA
CONSTRUCTION
TEIXEIRA DUARTE ALGERIE, SPA
BELGIUM
CONCESSIONS AND SERVICES
TDGI, S.A.
BRAZIL
CONSTRUCTION
Avenida Pedro de Castro Van-Dúnem, Loy | 100.00% |
Bairro Morro Bento (Maxipark) | |
Edifício Teixeira Duarte, nº 387 | |
Luanda | |
Avenida Pedro de Castro Van-Dúnem, Loy | 100.00% |
Bairro Morro Bento (Maxipark) | |
Edifício Teixeira Duarte, nº 387 | |
Luanda | |
Avenida Pedro de Castro Van-Dúnem, Loy | 100.00% |
Bairro Morro Bento (Maxipark) | |
Edifício Teixeira Duarte, nº 387 | |
Luanda | |
Avenida Pedro de Castro Van-Dúnem, Loy | 100.00% |
Bairro Morro Bento (Maxipark) | |
Edifício Teixeira Duarte, nº 387 | |
Luanda | |
Avenida Pedro de Castro Van-Dúnem, Loy | 36.00% |
Bairro Morro Bento (Maxipark) | |
Edifício Teixeira Duarte, nº 387 | |
Luanda | |
8 Roeute Ben Aknoun, Rés de Chanssée | 99.94% |
El Biar - Alger | |
Avenue Jean-Monnet, 1, 1348 | 100.00% |
Louvain-La-Neuve - RPM Bruxelles | |
EMPA, S.A. - Serviços de Engenharia
SOMAFEL - Obras Ferroviárias e Marítimas, Ltda.
CONCESSIONS AND SERVICES
AV. das Nações Unidas, 12901, Conj. N-201, sala 07, 2.º andar Torre Norte, Centro Empresarial Nações Unidas, Brooklin São Paulo, CEP 04578-910
AV. das Nações Unidas, 12901, Conj. N-201, sala 04, 2.º andar Torre Norte, Centro Empresarial Nações Unidas, Brooklin São Paulo, CEP 04578-910
100.00% |
67.74%
GONGOJI Montante Energia, S.A.
PAREDÃO de Minas Energia, S.A.
TABOQUINHA Energia, S.A.
Rua Paraíba, 1000, 12º andar - Parte | 100.00% |
Bairro Savassi - Belo Horizonte | |
Rua Paraíba, 1000, 12º andar - Parte | 100.00% |
Bairro Savassi - Belo Horizonte | |
Rua Paraíba, 1000, 12º andar - Parte | 100.00% |
Bairro Savassi - Belo Horizonte | |
31
TEIXEIRA DUARTE
INTERIM REPORT | 1ST SEMESTER OF 2020
TDGI FACILITIES E MANUTENÇÃO DE INSTALAÇÕES LTDA.
REAL ESTATE
TDPG - Empreendimentos Imobiliários e Hoteleiros, Ltda.
TDSP - Participações, Ltda.
TDSP - Elisa de Moraes Empreendimentos Imobiliários SPE, Ltda.
TDSP - Bela Vista Empreendimentos Imobiliários, Ltda.
TDSP - Galeno de Castro Empreendimentos Imobiliários SPE, Ltda.
TDSP - Maratona Empreendimentos Imobiliários SPE, Ltda.
TDSP - Direitos Humanos Empreendimentos Imobiliários SPE, Ltda.
TDSP - Alta Vista I Empreendimentos Imobiliários SPE, Ltda.
TDSP - Verum Mooca Empreendimentos Imobiliários SPE, Ltda.
TDSP - Gilberto Sabino Empreendimentos Imobiliários, Ltda.
TDSP - Alta Vista II Empreendimentos Imobiliários SPE, Ltda.
TDSP - Gualaxos Empreendimentos Imobiliários SPE, Ltda.
TDSP - Alta Vista III Empreendimentos Imobiliários SPE, Ltda.
TDSP - Zanzibar Empreendimentos Imobiliários SPE, Ltda.
TDSP - Dionísio da Costa Empreendimentos Imobiliários SPE, Ltda.
TDSP - Baceunas Empreendimentos Imobiliários SPE, Ltda.
AV. das Nações Unidas, 12901, Conj. N-201, sala 05, 2.º andar Torre Norte, Centro Empresarial Nações Unidas, Brooklin São Paulo, CEP 04578-910
Rua Irene Ramos Gomes de Matteo, nº 97 - Casa 097 Pina - Recife
Rua Iguatemi, nº 448, 10º andar
Conjunto 1001, sala 01
Itaim Bibi - São Paulo
Rua Iguatemi, nº 448, 10º andar
Conjunto 1001, sala 02
Itaim Bibi - São Paulo
Rua Iguatemi, nº 448, 10º andar
Conjunto 1001, sala 06
Itaim Bibi - São Paulo
Rua Iguatemi, nº 448, 10º andar
Conjunto 1001, sala 03
Itaim Bibi - São Paulo
Rua Iguatemi, nº 448, 10º andar
Conjunto 1001, sala 08
Itaim Bibi - São Paulo
Rua Iguatemi, nº 448, 10º andar
Conjunto 1001, sala 04
Itaim Bibi - São Paulo
Rua Iguatemi, nº 448, 10º andar
Conjunto 1001, sala 19
Itaim Bibi - São Paulo
Rua Iguatemi, nº 448, 10º andar
Conjunto 1001, sala 18
Itaim Bibi - São Paulo
Rua Iguatemi, nº 448, 10º andar
Conjunto 1001, sala 05
Itaim Bibi - São Paulo
Rua Iguatemi, nº 448, 10º andar
Conjunto 1001, sala 20
Itaim Bibi - São Paulo
Rua Iguatemi, nº 448, 10º andar
Conjunto 1001, sala 07
Itaim Bibi - São Paulo
Rua Iguatemi, nº 448, 6º andar
Conjunto 602
Itaim Bibi - São Paulo
Rua Iguatemi, nº 448, 10º andar
Conjunto 1001, sala 09
Itaim Bibi - São Paulo
Rua Iguatemi, nº 448, 10º andar
Conjunto 1001, sala 10
Itaim Bibi - São Paulo
Rua Iguatemi, nº 448, 10º andar
Conjunto 1001, sala 11
Itaim Bibi - São Paulo
32
100.00%
100.00%
100.00%
90.00%
92.65%
92.65%
92.65%
92.65%
92.65%
100.00%
100.00%
92.65%
100.00%
92.65%
92.50%
92.50%
100.00%
TEIXEIRA DUARTE
TDSP - Maria de Jesus Empreendimentos Imobiliários SPE, Ltda.
TDSP - Volta Redonda Empreendimentos Imobiliários SPE, Ltda.
TDSP - Nilo Empreendimentos Imobiliários SPE, Ltda.
TDSP - Alta Vista IV Empreendimentos Imobiliários SPE, Ltda.
TDSP - Princesa Isabel Empreendimentos Imobiliários SPE, Ltda.
TDSP - Carolina Ribeiro - Empreendimentos Imobiliários SPE, Ltda.
TDSP - Furnas Empreendimentos Imobiliários SPE, Ltda.
OTHER
EMES - Participações , Ltda.
COLOMBIA
CONSTRUCTION
TEIXEIRA DUARTE - Engenharia e Construções (Colômbia) S.A.S.
CYPRUS
OTHER
LEVENEL, Limited
SPAIN
CONSTRUCTION
UTE VIANA
CONCESSIONS AND SERVICES
RECOLTE, Servicios Y Medioambiente, S.A. Sociedade Unipersonal.
TDGI - Mantenimiento y Servicios Integrales, S.L.
Rua Iguatemi, nº 448, 10º andar
Conjunto 1001, sala 12
Itaim Bibi - São Paulo
Rua Iguatemi, nº 448, 10º andar
Conjunto 1001, sala 13
Itaim Bibi - São Paulo
Rua Iguatemi, nº 448, 10º andar
Conjunto 1001, sala 14
Itaim Bibi - São Paulo
Rua Iguatemi, nº 448, 10º andar
Conjunto 1001, sala 15
Itaim Bibi - São Paulo
Rua Iguatemi, nº 448, 10º andar
Conjunto 1001, sala 16
Itaim Bibi - São Paulo
Rua Iguatemi, nº 448, 10º andar
Conjunto 1001, sala 17
Itaim Bibi - São Paulo
Rua Iguatemi, nº 448, 10º andar
Conjunto 1001, sala 23
Itaim Bibi - São Paulo
AV. das Nações Unidas, 12901, Conj. N-201, sala 06, 2.º andar Torre Norte, Centro Empresarial Nações Unidas, Brooklin São Paulo, CEP 04578-910
Carrera 11 nº 94 - 02 oficina 201
Centro empresarial Manhattan, Bogotá
Irakli, 2, Egkomi, 2413
Nicosia
Alberto Alcocer, 24 - 7º
Madrid
Calle Caleruega 76, piso 1.º, Oficina 1 28033 Madrid
Calle Caleruega 76, piso 1.º, Oficina 1 28033 Madrid
33
TEIXEIRA DUARTE
95.00%
95.00%
100.00%
92.65%
90.00%
95.00%
91.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
INTERIM REPORT | 1ST SEMESTER OF 2020
UNITED STATES OF AMERICA | ||
CONSTRUCTION | ||
TEIXEIRA DUARTE CONSTRUCTION SERVICES, LLC | 1030 Salem Road | 100.00% |
REAL ESTATE | Union, NJ 07083 | |
TDRE INVESTMENTS, LLC. | 4100 Spring Valley Road, Suite 310, Dallas | 100.00% |
Texas 75244 | ||
TDRE LEE PARK, LLC. | 4100 Spring Valley Road, Suite 310, Dallas | 100.00% |
Texas 75244 | ||
TDRE HOOD, LLC. | 4100 Spring Valley Road, Suite 300, Dallas | 100.00% |
GABON | Texas 75244 | |
CONSTRUCTION | ||
SOMAFEL GABON, SARL Unipersonnelle | Zone Industrielle Owendo | 67.74% |
MACAU | Libreville, Gabon | |
CONSTRUCTION | ||
TEIXEIRA DUARTE - Engenharia e Construções (Macau), Lda. | Av. Dr. Mário Soares, nº 25 | 100.00% |
Edifício Montepio Apr. 26 e 28 - 3º andar | ||
MOZAMBIQUE | Macau | |
CONSTRUCTION | ||
TEIXEIRA DUARTE - Engenharia e Construções (Moçambique), Lda. | Av. Július Nyerere, nº 130 | 74.46% |
Maputo | ||
CONCESSIONS AND SERVICES | ||
TDGI - Tecnologia de Gestão de Imóveis, Lda. | Av. Július Nyerere, nº 130 | 69.55% |
Maputo | ||
REAL ESTATE
IMOPAR - Centro Comercial de Maputo, S.A.
MALANGA - Empreendimentos Imobiliários, S.A.
Av. Július Nyerere, nº 130 | 100.00% |
Maputo | |
Av. Július Nyerere, nº 4 - R/C | 74.71% |
Maputo | |
HOTEL SERVICES | ||||
AVENIDA - Empreendimentos Turísticos e Hoteleiros, Lda. | Av. Július Nyerere, nº 627 | 100.00% | ||
Maputo | ||||
Sociedade Hotel Tivoli, Lda. | 25 de Setembro, 1321 | |||
65.00% | ||||
Maputo | ||||
TIVOLI BEIRA - Hotelaria e Serviços, Lda. | Av. Július Nyerere, nº 130 | 100.00% | ||
Maputo | ||||
34
TEIXEIRA DUARTE
PERU | |
CONSTRUCTION | |
TEIXEIRA DUARTE PERÚ - Ingeniería y Construcciones, Sociedad | Avenida Arenales, nº 773 |
Anonima Cerrada | Lima |
VENEZUELA | |
CONSTRUCTION | |
CONSORCIO BOYACÁ - LA GUAIRA | Av. San Juan Bosco, |
Edifício Centra Altamira | |
Piso 5, Oficina 54, Urb. Altamira | |
Caracas | |
TEGAVEN - Teixeira Duarte y | Av. Venezuela del Rosal con Calle |
Asociados, C.A. | Mohedano, Torre JWM |
Piso 5, Of. 5-2, Urb El Rosal - Caracas |
100.00% |
57.20% |
100.00% |
5 - CHANGES IN THE CONSOLIDATION SCOPE
During the period ended 30 June 2020 no changes were made to the consolidation perimeter at 31 December 2019, resulting from acquisitions or divestments of subsidiaries.
It should be noted that the following companies were incorporated during this period:
Construction
- Somafel Gabon, SARL Unipersonnelle Real estate
- Teixeira Duarte Real Estate, S.A.
35
TEIXEIRA DUARTE
INTERIM REPORT | 1ST SEMESTER OF 2020
6 - EXCHANGE RATES
The following exchange rates were used to convert the assets and liabilities expressed in foreign currency into Euro as at 30 June 2020 and 31 December 2019, as well as the earnings of the operations developed in countries where the functional currency is different from the Euro, for the year ended on 30 June 2020 and 2019:
Currency | Closing exchange rate | Average exchange | ||||
30/06/2020 | 31/12/2019 | Var. | 30/06/2020 | 30/06/2019 | Var | |
Venezuelan bolivar | 237 813,8633 | 58 228,6642 | 308,4% | 237 813,8633 | 8 790,0486 | 2605,5% |
Algerian dinar | 144,0779 | 133,4442 | 8,0% | 137,0775 | 134,5291 | 1,9% |
Kuwaiti Dinar | 0,3444 | 0,3402 | 1,2% | 0,3398 | n/a | - |
Tunisian Dinar | 3,1977 | 3,1329 | 2,1% | 3,1497 | 3,3952 | (7,2%) |
Dirham from Emirates | 4,1128 | 4,1260 | (0,3%) | 4,0625 | 4,1629 | (2,4%) |
Moroccan Dirham | 10,8652 | 10,7442 | 1,1% | 10,7721 | 10,8879 | (1,1%) |
American dollars | 1,1198 | 1,1234 | (0,3%) | 1,1061 | 1,1334 | (2,4%) |
Cape Verde Escudo | 110,2650 | 110,2650 | - | 110,2650 | 110,2650 | - |
CFA Franc BEAC | 655,9570 | n/a | - | 655,9570 | n/a | - |
Angola Kwanza | 641,9365 | 536,2617 | 19,7% | 580,5931 | 385,2699 | 50,7% |
Mozambican metical | 77,9900 | 68,7000 | 13,5% | 73,0229 | 70,5443 | 3,5% |
Peruvian Novo Sol | 3,9649 | 3,7196 | 6,6% | 3,7799 | 3,7741 | 0,2% |
Macanese pataca | 8,9392 | 9,0097 | (0,8%) | 8,8469 | 9,1515 | (3,3%) |
Colombian Peso | 4 197,3700 | 3 690,6300 | 13,7% | 4 060,9729 | 3 632,1114 | 11,8% |
South Africa Rand | 19,4425 | 15,7773 | 23,2% | 18,2138 | 16,0630 | 13,4% |
Brazilian real | 6,1118 | 4,5157 | 35,3% | 5,3983 | 4,3580 | 23,9% |
7 - INFORMATION BY OPERATING SEGMENTS
The Group organises its activity according to the following business segments:
- Construction;
- Concessions and services;
- Real estate;
- Hotel services;
- Distribution;
- Automobile.
The sales and services rendered and the earnings of each of operating segment referred to above for the semesters ended on 30 June 2020 and 2019, were as follows:
Sales and services rendered | |||||||||||
1st Sem. 20 | 1st Sem. 19 | Operational Income | |||||||||
Segment | External | Intersegmental | Total | External | Intersegmental | Total | |||||
clients | clients | ||||||||||
1st Sem. 20 | 1st Sem. 19 | ||||||||||
Construction | 163 964 | 16 774 | 180 738 | 264 708 | 9 815 | 274 523 | 3 032 | 27 756 | |||
Concessions and services | 57 230 | 2 319 | 59 549 | 60 867 | 253 | 61 120 | 6 547 | 3 561 | |||
Real estate | 35 377 | 3 751 | 39 128 | 11 480 | 5 494 | 16 974 | 11 116 | 13 322 | |||
Hospitality | 12 551 | 227 | 12 778 | 20 979 | 290 | 21 269 | (1 072) | 4 766 | |||
Distribution | 41 115 | 341 | 41 456 | 64 861 | 335 | 65 196 | 498 | (519) | |||
Automotive | 7 961 | 391 | 8 352 | 17 114 | 1 515 | 18 629 | (2 017) | 2 603 | |||
Not included in the segments | - | - | - | - | - | - | (1 876) | (1 839) | |||
Removals | - | (23 803) | (23 803) | - | (17 702) | (17 702) | 24 | (43) | |||
318 198 | - | 318 198 | 440 009 | - | 440 009 | 16 252 | 49 607 | ||||
Costs and financial losses (Note 9) | (74 168) | (62 381) | |||||||||
Income and financial earnings (Note 9) | 54 846 | 25 704 | |||||||||
Income related to investment activities (Note 9) | 1 021 | 1 201 | |||||||||
Results before taxes | (2 049) | 14 131 |
Inter-segmental transactions are carried out under market conditions and terms, equivalent to transactions made with third parties.
36
TEIXEIRA DUARTE
Other information:
c | Amortizations and | Provisions and impairment | ||||||||||
depreciations in results | losses | |||||||||||
Segment | 1st Sem. 20 | 1st Sem. 19 | 1st Sem. 20 | 1st Sem. 19 | 1st Sem. 20 | 1st Sem. 19 | ||||||
Construction | 7 869 | 14 620 | 12 038 | 12 510 | 2 548 | 268 | ||||||
Concessions and services | 37 | 1 636 | 1 738 | 2 117 | (8) | 3 000 | ||||||
Real estate | 14 946 | 8 968 | 1 413 | 3 303 | 108 | (3 567) | ||||||
Hospitality | 435 | 958 | 4 057 | 3 707 | (41) | 47 | ||||||
Distribution | 69 | 1 884 | 2 906 | 3 803 | - | - | ||||||
Automotive | 21 | 322 | 3 020 | 2 971 | - | 13 | ||||||
Not allocated to segments | - | 43 | 132 | 109 | - | - | ||||||
23 377 | 28 431 | 25 304 | 28 520 | 2 607 | (239) |
The assets and liabilities of the segments and their respective reconciliation with the consolidated total, as at 30 June 2020 and 31 December 2019, are as follows:
30/06/2020 | 31/12/2019 | Liabilities | ||||||||
Financial assets at | Financial assets at | |||||||||
Investments in | fair value through | Other | Investments in | fair value through | Other | |||||
Segment | associates and joint- | other | Total | associates and joint- | other | Total | 30/06/2020 | 31/12/2019 | ||
Assets | Assets | |||||||||
ventures (Note 15) | comprehensive | ventures (Note 15) | comprehensive | |||||||
income(Note 16) | income(Note 16) | |||||||||
Construction | 2 936 | 602 | 1 757 743 | 1 761 281 | 2 888 | 12 836 | 1 794 661 | 1 810 385 | 929 746 | 988 016 |
Concessions and services | 2 718 | 116 | 100 848 | 103 682 | 2 338 | 100 | 111 932 | 114 370 | 40 718 | 47 349 |
Real estate | 3 715 | 455 | 1 135 893 | 1 140 063 | 3 378 | 1 161 | 1 141 463 | 1 146 002 | 484 469 | 475 343 |
Hospitality | - | 21 | 211 853 | 211 874 | - | 17 | 243 138 | 243 155 | 70 314 | 79 096 |
Distribution | - | 13 | 180 413 | 180 426 | - | 13 | 205 431 | 205 444 | 103 707 | 109 739 |
Automotive | - | 8 | 177 378 | 177 386 | - | 9 | 217 800 | 217 809 | 62 638 | 94 904 |
Not included in the segments | 11 496 | 10 726 | 824 606 | 846 828 | 13 631 | 1 740 | 916 327 | 931 698 | 792 649 | 795 908 |
Removals | - | - | (2 802 970) | (2 802 970) | - | - | (2 818 847) | (2 818 847) | (1 105 134) | (1 076 863) |
20 865 | 11 941 | 1 585 764 | 1 618 570 | 22 235 | 15 876 | 1 811 905 | 1 850 016 | 1 379 107 | 1 513 492 |
The sales and services rendered, and information on non-monetarynon-current assets by geographic segment are broken down as follows for the years ended on 30 June 2020 and 30 and on 31 June
2020 and 31 December 2019, respectively:
Geographic segment | 1st Sem. 20 | 1st Sem. 19 | 30/06/2020 | 31/12/2019 | |||
Portugal | 103 709 | 106 758 | 255 211 | 251 642 | |||
Angola | 71 193 | 126 197 | 375 294 | 462 074 | |||
Algeria | 25 383 | 59 155 | 8 899 | 14 926 | |||
Brazil | 71 683 | 81 996 | 18 537 | 26 311 | |||
Spain | 20 464 | 19 503 | 6 993 | 12 209 | |||
Mozambique | 8 262 | 15 389 | 27 539 | 32 871 | |||
Venezuela | 7 522 | 8 694 | 64 | 109 | |||
Other | 9 982 | 22 317 | 2 254 | 2 196 | |||
318 198 | 440 009 | 694 791 | 802 338 |
Non-monetarynon-current assets include goodwill, intangible assets, tangible fixed assets, investment property and usage rights.
37
TEIXEIRA DUARTE
INTERIM REPORT | 1ST SEMESTER OF 2020
8 - OPERATING INCOME
Operating profits were as follows for the periods ending 30 June 2020 and 2019:
1st Sem. 20 | 1st Sem. 19 | 2th Quarter 20 | 2th Quarter 19 | ||||
Sales and services rendered2013 2012 | 318 198 | 440 009 | 122 812 | 229 645 | |||
Other operating income: | |||||||
Variation in the fair value of income of investment properties a) | 17 610 | 20 296 | 7 229 | 14 056 | |||
Exchange rate differences | 12 518 | 19 711 | 10 025 | 2 295 | |||
Reversal of impairment losses in inventories | 7 063 | 63 | 7 038 | (6) | |||
Supplementary income | 3 208 | 4 427 | 1 936 | 3 510 | |||
Sales of assets (b) | 2 051 | 2 634 | 826 | 2 473 | |||
Tax refund | 1 425 | - | 1 336 | - | |||
Works for the company c) | 1 058 | 1 328 | 122 | 821 | |||
Reversal of impairment losses in accounts receivable | 79 | 823 | 10 | 820 | |||
Other operating income | 4 493 | 590 | 3 268 | 359 | |||
49 505 | 49 872 | 31 790 | 24 328 | ||||
367 703 | 489 881 | 154 602 | 253 973 |
- In the period ended 30 June 2020, the change in the fair value of investment properties is the result of the valuation of investment properties in Portugal.
- In the period ended 30 June 2020, the indicated gains were obtained from the divestment of tangible fixed assets.
In the same period of 2019, in addition to the gains of 2,547 thousand euros obtained from the sale of tangible fixed assets, the Group sold the subsidiary "MMK Cement, Limited Liability Company", posting a gain of 87 thousand euros.
c) Work for the company essentially involves the improvement of equipment.
9 - FINANCIAL RESULTS
Financial results were as follows for the periods ending 30 June 2020 and 2019:
1st Sem. 20 | 1st Sem. 19 | 2th Quarter 20 | 2th Quarter 19 | ||||
Costs and financial losses | |||||||
Supported interests | (10 432) | (10 917) | (5 838) | (7 046) | |||
Unfavourable exchange rate differences | (56 384) | (38 190) | (42 458) | (30 249) | |||
Net Financial Position a) | (6) | - | (3) | - | |||
Other costs and financial losses | (7 346) | (13 274) | (3 560) | (7 712) | |||
(74 168) | (62 381) | (51 859) | (45 007) | ||||
Income and financial earnings: | |||||||
Obtained interests | 1 357 | 2 070 | 865 | 1 038 | |||
Favourable exchange rate differences | 52 336 | 16 924 | 34 348 | 13 570 | |||
Net Financial Position a) | - | 4 852 | - | 4 556 | |||
Other income and financial earnings | 1 153 | 1 858 | (222) | 1 434 | |||
54 846 | 25 704 | 34 991 | 20 598 | ||||
Income related to investment activities: | |||||||
Earnings from associates and joint works b) | 89 | 609 | (426) | 262 | |||
Dividends c) | 1 114 | 624 | 1 114 | 624 | |||
OTHER INVESTMENTS d) | (182) | (32) | (182) | (833) | |||
1 021 | 1 201 | 506 | 53 | ||||
Financial Results | (18 301) | (35 476) | (16 362) | (24 356) |
a) The presented amounts correspond to gains / losses arising from the application of IAS 29.
38
TEIXEIRA DUARTE
- The results relating to associated companies and joint ventures for the periods ended 30 June 2020 and 2019 include the effect of applying the equity method to these investments (Note 15).
- On 30 June 2020 and 2019, the amounts presented correspond to dividends received from financial assets
- As of 30 June 2020 and 2019, the "Other Investment" item accounts for gains and losses on the sale of financial assets, as well as impairment losses on these assets.
Net exchange rate differences, recorded during the periods ending 30 June 2020 and 2019, are due to payments and receipts, as well as exchange rate updates on balance sheets, recorded based on currencies other than the Euro.
10 - INCOME TAX
"TD, SA" is the dominant company of a group of companies that pay tax under the Special Taxation Regime for Groups of Companies (RETGS), covering all companies in which it directly or indirectly holds at least 75% of the respective equity, provided that the stake in question grants it over 50% of voting rights and that, at the same time, have effective headquarters and management in Portugal and pay tax under the general Corporation Income Tax regime ("IRC").
All other subsidiary companies that are not covered by the RETGS, pay tax individually, based on the respective taxable items and the applicable rates of IRC, and municipal and state surtaxes.
The "TD, SA" and most of its subsidiaries headquartered in Portugal are subject to Corporation Tax (IRC), at the rate of 21%, on the taxable amount. Entities with reportable profit are also subject to the Municipal Surcharge, whose rate may vary to the maximum of 1.5%, as the State Surcharge, incident on taxable profit in excess of EUR 1,500, 7,500 and EUR 35,000, at the rates of 3%, 5% and 9%, respectively.
These entities are also subject to regional taxation, at the rates and with the fees, charges and expenses provided for in article 88 of the IRC (Corporation Tax) Code.
In the calculation process of the taxable income, amounts that are not tax deductible are added to, and subtracted from the accounting result. These differences between the book value profit and the profit for tax purposes may be of a temporary or permanent nature.
Pursuant to the legislation in force in Portugal, tax losses are reportable for a period of twelve (5) years for those that occurred during the 2018 tax year onwards, being subject to deduction from taxable income calculated subsequently, with this deduction being limited to 70% of the taxable income calculated during the tax period in which it is earned.
The Supplementary State Budget Law for 2020 amended the rules for reporting and deducting the aforementioned tax losses, under the following terms:
- The tax losses calculated in the 2020 and 2021 tax periods are subject to reporting for 10 (ten) years;
- Counting of the tax loss reporting period, applicable to losses still in force on the first day of the 2020 tax period, is suspended during this tax period and the following one; and
- The limit for the deduction of tax losses, if the difference results from tax losses calculated in the 2020 and 2021 tax periods, is raised to 80% of taxable income.
In accordance with the legislation in force, tax returns in Portugal are subject to review and correction by the tax authorities for a period of four years, unless tax losses have been deducted or inspections, claims or appeals, in which cases, depending on the circumstances, this period may be increased or suspended.
39
TEIXEIRA DUARTE
INTERIM REPORT | 1ST SEMESTER OF 2020
The review period of tax returns of entities with a presence in other countries varies between three and five years.
The Board of Directors believes that any corrections which might arise from any tax reviews/inspections will not significantly affect the consolidated financial statements as at 30 June 2020.
The Group records deferred taxes corresponding to the temporary differences between the book value of the assets and liabilities and the corresponding tax base, as laid down in IAS 12 - Income Tax (Note 18).
The income taxes recognised for the years ended on 30 June 2020 and 2019 are as follows:
st | st | th | 2 | th | Quarter | ||||||
1 | Sem. 20 | 1 | Sem. 19 | 2 | Quarter 20 | ||||||
19 | |||||||||||
Current Tax: | |||||||||||
Income tax in Portugal | (3 955) | (6 583) | 80 | (690) | |||||||
Income tax in other jurisdictions | (7 579) | (5 593) | (5 071) | (2 624) | |||||||
Current Tax | (11 534) | (12 176) | (4 991) | (3 314) | |||||||
Deferred tax (Note 18) | 7 966 | 8 864 | 3 669 | 6 189 | |||||||
(3 568) | (3 312) | (1 322) | 2 875 |
In addition to the amounts of deferred taxes recorded directly in the income statement, deferred taxes amounting to EUR 90 thousand were recorded directly in equity as at 30 June 2020 (EUR 66 thousand as at 30 June 2019) (Note 18).
11 - EARNINGS PER SHARE
Earnings per share for the years ended 30 June 2020 and 2019 were determined based on the following amounts:
2 | th | Quarter | ||||||||||
st | st | th | st | |||||||||
Sem. 20 | 1 | Sem. 19 | 2 | Quarter 20 | 19 | 1 | Quarter 20 | |||||
1 | ||||||||||||
Result to estimate the net result by basic share (net result of period) | (5 417) | 12 285 | (7 356) | 4 264 | 1 939 | |||||||
Weighted average number of shares for the effect of calculating earnings per basic share (thousand) | 420 000 | 420 000 | 420 000 | 420 000 | 420 000 | |||||||
Net result by basic share | (0,01) | 0,03 | (0,02) | 0,01 | 0,00 |
Since for the financial years ended on 30 June 2020 and 2019 there were no dilution effects of the earnings per share, the diluted earnings per share are the same as the basic earnings per share.
12 - DIVIDENDS
At the General Meeting of Shareholders held on 22 June 2020, it was decided not to distribute any dividends, taking into consideration the separate financial statements of the Company as at Tuesday, December 31, 2019.
40
TEIXEIRA DUARTE
DUARTE TEIXEIRA | 41 |
Land | Buildings and | Other | Fixed assets | Advances | ||||||
and natural | other | Basic | Transportation | Tools | Administrative | tangible fixed | assets | on account of assets | ||
resources | constructions | equipment | equipment | and Utensils | equipment | assets | ongoing | tangible assets | Total | |
Gross asset: | ||||||||||
Balance on December 31, 2018 | 27 157 | 828 208 | 348 539 | 73 198 | 41 227 | 30 535 | 11 183 | 8 972 | 112 | 1 369 131 |
Impact of the application of IAS 29 - Hyperinflation | 18 | 4 287 | 4 258 | 1 101 | 29 | 975 | 341 | 595 | 7 | 11 611 |
Currency conversion adjustments | (931) | (62 248) | (4 985) | (1 803) | 108 | (1 165) | (379) | (592) | (9) | (72 004) |
Additions | - | 1 218 | 9 015 | 4 805 | 1 772 | 394 | 129 | 2 472 | - | 19 805 |
Transfers and reductions | - | (9 880) | (4 313) | (3 850) | (69) | (486) | (1 905) | (1 179) | - | (21 682) |
Sales | (4 605) | (192) | (7 821) | (2 544) | (1 476) | (107) | (6) | - | - | (16 751) |
Transferências para Assets for sale | - | - | (5) | - | (1) | (19) | - | - | - | (25) |
Balance on June 30th, 2019 | 21 639 | 761 393 | 344 688 | 70 907 | 41 590 | 30 127 | 9 363 | 10 268 | 110 | 1 290 085 |
Balance on December 31, 2019 | 18 437 | 797 926 | 313 560 | 61 519 | 37 875 | 25 715 | 9 104 | 3 405 | 74 | 1 267 615 |
Currency conversion adjustments | (1 352) | (119 117) | (20 938) | (6 506) | (1 918) | (2 303) | (553) | (460) | (4) | (153 151) |
Additions | - | 130 | 6 109 | 799 | 296 | 248 | 70 | 588 | - | 8 240 |
Transfers and reductions | (2 740) | (907) | 5 942 | (853) | 2 047 | (360) | (1 271) | (126) | - | 1 732 |
Sales | - | (1 401) | (11 390) | (12 292) | (1 808) | (263) | (2 111) | - | - | (29 265) |
Balance on June 30th, 2020 | 14 345 | 676 631 | 293 283 | 42 667 | 36 492 | 23 037 | 5 239 | 3 407 | 70 | 1 095 171 |
Depreciation and losses from | ||||||||||
impairment: | ||||||||||
Balance on December 31, 2018 | 164 | 389 169 | 298 546 | 60 021 | 35 118 | 27 183 | 6 298 | - | - | 816 499 |
Impact of the application of IAS 29 - Hyperinflation | - | 2 995 | 3 855 | 365 | 31 | 933 | 248 | - | - | 8 427 |
Exchange conversion effect | - | (27 349) | (4 380) | (1 520) | 43 | (1 036) | (198) | - | - | (34 440) |
Reinforcements | - | 9 694 | 9 409 | 1 841 | 1 354 | 601 | 391 | - | - | 23 290 |
Transfers and reductions | - | (1 048) | (1 315) | (379) | (66) | (332) | (1) | - | - | (3 141) |
Sales | (164) | (94) | (6 221) | (1 962) | (819) | (87) | (3) | - | - | (9 350) |
Transferências para Assets for sale | - | - | (5) | - | (1) | (19) | - | - | - | (25) |
Balance on June 30th, 2019 | - | 373 367 | 299 889 | 58 366 | 35 660 | 27 243 | 6 735 | - | - | 801 260 |
Balance on December 31, 2019 | - | 400 553 | 274 808 | 50 430 | 33 220 | 23 154 | 5 674 | - | - | 787 839 |
Exchange conversion effect | - | (57 616) | (13 545) | (4 696) | (957) | (1 918) | (306) | - | - | (79 038) |
Stiffeners | - | 9 109 | 6 518 | 1 429 | 1 060 | 497 | 231 | - | - | 18 844 |
Transfers and reductions | - | (407) | 1 748 | (2 488) | 364 | (436) | (1 919) | - | - | (3 138) |
Sales | - | (692) | (8 243) | (9 124) | (841) | (203) | (1 744) | - | - | (20 847) |
Balance on June 30th, 2020 | - | 350 947 | 261 286 | 35 551 | 32 846 | 21 094 | 1 936 | - | - | 703 660 |
Net value: | ||||||||||
On June 30Th, 2019 | 21 639 | 388 026 | 44 799 | 12 541 | 5 930 | 2 884 | 2 628 | 10 268 | 110 | 488 825 |
On June 30Th, 2020 | 14 345 | 325 684 | 31 997 | 7 116 | 3 646 | 1 943 | 3 303 | 3 407 | 70 | 391 511 |
accumulated and depreciations respective the in as table: | 2019, and 2020 June 30 on ended periods the During | ASSETS FIXED TANGIBLE - 13 |
losses, impairment | in movements the | |
following the on shown are | well as assets, fixed tangible |
INTERIM REPORT | 1ST SEMESTER OF 2020
Additions of tangible fixed assets during the period ending 30 June 2020 are essentially related to investments made in installations and equipment.
14 - INVESTMENT PROPERTIES
During the years ended on 30 June 2020 and 2019, the movement in investment properties was as follows:
2020 | 2019 | ||
Balance on January 1 | 208 478 | 194 091 | |
Currency conversion adjustments | (13 114) | (7 073) | |
Increases / (sales) | 931 | (163) | |
Variation in fair value | 2 838 | 7 168 | |
Balance on June 30 | th | 199 133 | 194 023 |
During the periods ending Sunday, June 30, 2020 and 2019, the fair value of investment properties by geographical area changed as follows:
st | st | 2 | th | Quarter | 2 | th | Quarter | ||||||
1 | Sem. | 20 | 1 | Sem. | 19 | ||||||||
20 | 19 | ||||||||||||
Portugal | 2 | 838 | 7 | 168 | (673) | 6 901 | |||||||
2 | 838 | 7 | 168 | (673) | 6 901 |
Income from investment property amounted to 1,488 thousand euros for the period ended Tuesday, June 30, 2020 (2,338 thousand euros at Sunday, June 30, 2019). For the financial year ended on 30 June 2020, direct operating costs related to investment properties reached EUR 609 thousand (EUR 588 thousand as at 30 June 2019).
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TEIXEIRA DUARTE
15 - INVESTMENTS IN ASSOCIATES AND JOINT-VENTURES
The following associates and joint-ventures were recorded through the equity method as at 30 June 2020:
Corporate name | Head Office | % effective |
participation | ||
ADOQUINES VARGAS, (ADOQUINVAR), C.A. | Instalaciones de Bolivariana de Puertos | 49,00% |
Puerto de La Guaria - Parroquia Maiquetia | ||
Municipio Vargas del Estado Vargas | ||
ALVORADA PETRÓLEO, S.A. | Rua Paraíba, nº 1000, sala 1518 | 43,21% |
15º andar - Bairro Funcionário | ||
Belo Horizonte - Minas Gerais - Brasil | ||
ALSOMA, GEIE. | 3 Av André Malraux - Levallois Peret - França | 30,48% |
AK10 - Empreendimentos e Participações SPE Ltda. | Alameda Santos, nº 960, 19º andar, Edifício CYK | 25,00% |
Cerqueira César - São Paulo | ||
CAIS DE CRUZEIROS 2ª FASE, ACE | Rua da Tapada da Quinta de Cima - Linhó - Sintra | 16,94% |
CONBATE, ACE | Edifício 2, Lagoas Park - Porto Salvo | 20,00% |
Consórcio Puente Daule Guayaquil | Av. Francisco de Orellana, Kilometro uno e medio | 20,00% |
y Juan Tanca Marengo, Edificio Cofin, piso seis (6) | ||
Guayaquil, Equador | ||
Consorcio Minero Luso Vargas C.A. (CONLUVAR) | Av. Venezuela com Calle Mohedano, Torre JWM | 49,00% |
Piso 5, Of. 5-2, Urb El Rosal - Caracas - Venezuela | ||
CONSORCIO OPSUT 2010 | Calle 4, Casa nº 4, Urbanizacion Los Laureles | 51,00% |
Valle de la Pascoa - Venezuela | ||
DOURO LITORAL, ACE | Tower Plaza, Rotunda Edgar Cardoso, nº 23, | 40,00% |
12º andar, sala F - Vila Nova de Gaia | ||
D.L.O.E.A.C.E. - Douro Litoral Obras Especiais, ACE | Edifício 2, Lagoas Park - Porto Salvo | 40,00% |
FERROVIAL/TEIXEIRA DUARTE - Obras Hidráulicas do Alqueva, ACE | Edifício Central Park | 50,00% |
Rua Alexandre Herculano, Edifício 1 - 4º Piso, Fração B e C - Linda- | ||
a-Velha | ||
IMOC - Empreendimentos Imobiliários, S.A. | Av. Julius Nyerere, 130 - Maputo | 49,92% |
METROLIGEIRO - Construção de Infraestruturas, ACE | Rua Abranches Ferrão, nº 10 - 5º F - Lisboa | 26,80% |
MESOFER, ACE | Rua Mário Dionísio, nº 2 , 2799-557Linda-a-Velha | 24,73% |
NOVA ESTAÇÃO, ACE | Edifício 6 - Piso 1, Lagoas Park - Porto Salvo | 25,00% |
TEIXEIRA DUARTE - SOPOL - Metro Superfície, ACE | Edifício 2, Lagoas Park - Porto Salvo | 57,30% |
TDE - Empreendimentos Imobiliários, S.A. | Edifício 2, Lagoas Park - Porto Salvo | 50,00% |
TDGISERV Services, LLC (a) | PO Box 7098, Doha - Qatar | 49,00% |
TRÊS PONTO DOIS - Trabalhos Gerais de Construção Civil, Via | Av. das Forças Armadas, 125 - 2º C - Lisboa | 50,00% |
e Catenária de Modernização da Linha do Norte, ACE |
43
TEIXEIRA DUARTE
INTERIM REPORT | 1ST SEMESTER OF 2020
The investments in associates and joint-ventures showed the following movements in the years ended on 30 June 2020 and 2019:
Equity | Goodwill | ||||
holdings | Total | ||||
Balance on January 1 | st | , 2019 | 16 821 | - | 16 821 |
Effects of the application of the equity method: | |||||
- Effect on the result of the period (Nota 9) | 609 | - | 609 | ||
- Effect in equity | 827 | - | 827 | ||
Sales | (24) | - | (24) | ||
Currency conversion adjustments | 257 | 257 | |||
Other | (501) | - | (501) | ||
th | 17 989 | - | 17 989 | ||
Balance on June 30 , 2019 | |||||
Balance on January 1 | st | , 2020 | 22 235 | - | 22 235 |
Effects of the application of the equity method: | |||||
- Effect on the result of the period (Nota 9) | 89 | - | 89 | ||
- Effect in equity | 49 | - | 49 | ||
Currency conversion adjustments | (1 616) | - | (1 616) | ||
Other | 108 | - | 108 | ||
th | 20 865 | - | 20 865 | ||
Balance on June 30 , 2020 |
Investments in associated companies and joint-ventures as at 30 June 2020 and 31 December 2019 are broken down as follows:
30/06/2020 | 31/12/2019 | |||||
Value of | ||||||
Equity | financial | |||||
Affiliates and joint-ventures | Equity holdings | Goodwill | holdings | Goodwill | position | |
IMOC - Empreendimentos Imobiliários, S.A.R.L. | 11 497 | - | 13 631 | - | 13 631 | |
TDE - Empreendimentos Imobiliários, S.A. | 3 506 | - | 3 378 | - | 3 378 | |
TDGISERV Services, LLC (a) | 2 718 | - | 2 338 | - | 2 338 | |
Consórcio Puente Daule Guayaquil | 1 061 | - | 1 024 | - | 1 024 | |
Other | 2 083 | - | 1 864 | - | 1 864 | |
20 865 | - | 22 235 | - | 22 235 |
These shares are stated using the equity method, which, in the years ended on 30 June 2020 and 2019, had the following impacts:
1 | st | Sem. 20 | ||
Income and losses in | ||||
affiliates and joint- | Adjustments of | |||
Affiliates and joint-ventures | ventures (Note 9) | capital shares | Total | |
Alvorada Petróleo, S.A. | (1) | 234 | 233 | |
Consórcio Puente Daule Guayaquil | 34 | - | 34 | |
IMOC - Empreendimentos Imobiliários, S.A.R.L. | (247) | (263) | (510) | |
TDE - Empreendimentos Imobiliários, S.A. | (9) | - | (9) | |
TDGISERV Services, LLC (a) | 395 | (15) | 380 | |
Other | (83) | 93 | 10 | |
89 | 49 | 138 | ||
1 | st | Sem. 19 | ||
Income and losses in | ||||
affiliates and joint- | Adjustments of | |||
Affiliates and joint-ventures | ventures (Note 9) | capital shares | Total | |
Alvorada Petróleo, S.A. | (76) | - | (76) | |
IMOC - Empreendimentos Imobiliários, S.A.R.L. | (47) | 826 | 779 | |
TDGISERV Services, LLC (a) | 861 | (1) | 860 | |
Other | (129) | 2 | (127) | |
609 | 827 | 1 436 |
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TEIXEIRA DUARTE
16 - OTHER FINANCIAL INVESTMENTS
On Sunday, June 30, 2020 and 31 December 2019, the details of other financial investments were as follows:
30/06/2020 | 31/12/2019 | ||||
Non-current | Current | Non-current | Current | ||
Financial assets at fair value through other comprehensive income | |||||
Aginyo Inversiones Y Gestiones Inmobiliarias S.L. | 9 221 | - | 12 213 | - | |
EIA - Ensino, Investigação e Administração, S.A. | 624 | - | 624 | - | |
Banco Comercial Português, S.A. | 598 | - | 1 352 | - | |
KUIKILA Investments, Lda. | 463 | - | 526 | - | |
MATADOURO DE MACAU, S.A.R.L. | 317 | - | 317 | - | |
Macau CPM Holdings | 150 | - | 150 | - | |
COLT Resources Inc. | 148 | - | 156 | - | |
ILTA - Urbanizadora da Ilha de Tavira, S.A. | 78 | - | 256 | - | |
Other | 332 | 10 | 272 | 10 | |
11 931 | 10 | 15 866 | 10 | ||
Financial assets at amortized cost | |||||
Government Debt Security of the People's Republic of Angola Government | 2 846 | - | 2 806 | - | |
2 846 | - | 2 806 | - | ||
14 777 | 10 | 18 672 | 10 |
During the periods 30 June 2020 and 2019, the following movements occurred in other financial investments:
30/06/2020 | 30/06/2019 | ||||
Non-current | Current | Non-current | Current | ||
Initial balance | 18 672 | 10 | 21 149 | 14 665 | |
Increases | 13 | - | - | - | |
Reductions | - | - | - | (1 643) | |
Variation of fair value | (762) | - | 294 | - | |
Currency Variation | (3 015) | - | 155 | 4 | |
Other variations | (131) | - | (5) | - | |
Closing balance | 14 777 | 10 | 21 593 | 13 026 |
45
TEIXEIRA DUARTE
INTERIM REPORT | 1ST SEMESTER OF 2020
17 - FINANCIAL ASSETS FOR SALE
On 30 June 2020 and 31 December 2019, the assets and liabilities held for sale are detailed as follows:
30/06/2020 | 31/12/2019 | |
Assets for sale | ||
Goodwill | 1 979 | 1 979 |
Fixed tangible assets | 441 | 441 |
Investment Properties | 30 548 | 30 548 |
Other investments | 1 159 | 1 159 |
Inventories | 199 | 199 |
Clients - current | 115 | 115 |
Other debtors | 5 | 5 |
Cash and cash equivalents | 24 | 24 |
Other Assets | 427 | 427 |
Total assets for sale | 34 897 | 34 897 |
Liabilities for sale: | ||
Loans | 21 698 | 21 698 |
Liabilities by deferred taxes | (1 848) | (1 848) |
Financial Leases | 2 417 | 2 417 |
Suppliers | 212 | 212 |
Other Creditors | 634 | 634 |
Other liabilities | 448 | 448 |
Total liabilities for sale | 23 561 | 23 561 |
Total Net | 11 336 | 11 336 |
18 - DEFERRED TAX
All situations which could significantly affect future taxes are recorded by applying the rules on deferred taxes.
The movement occurred on the assets and liabilities by deferred tax for the financial years ended on June 31st, 2020 and 2019 was as follows:
Assets for deferred tax | Liabilities for deferred | |||||||
tax | ||||||||
2020 | 2019 | 2020 | 2019 | |||||
Balance on January 1st | 147 993 | 149 435 | 111 672 | 112 548 | ||||
Constitution / Reversal | ||||||||
Net income (Note 10) | 6 309 | 6 922 | (1 657) | (1 942) | ||||
Equity | 171 | (66) | 81 | - | ||||
Exchange conversion effect and adjustments | (2 518) | 4 515 | (16 935) | (8 821) | ||||
Balance on June 30th | 151 955 | 160 806 | 93 161 | 101 785 |
Deferred tax assets are only recorded to the extent that it is considered probable that taxable profits will exist in future tax periods, that can be used to recover the tax losses or deductible tax differences. This appraisal is based on business plans of Group companies, which are periodically reviewed and updated, and on prospects of generating taxable results.
19 - RELATED PARTIES
The transactions and balances between "TD,S.A." and the companies of the Group included in the consolidation perimeter, which are related parties, were eliminated in the consolidation process and are not disclosed in the present note. Balances and transactions between the Group and associated
46
TEIXEIRA DUARTE
companies, joint ventures, related entities and individuals with significant voting power with own companies are detailed below.
The terms or conditions entered into between these related entities are substantially identical as those that would normally be contracted, accepted and entered into between independent entities in comparable transactions.
The main balances with related parties as at 30 June 2020 and 31 December 2019 can be broken down as follows:
Balance Receivable | Balance Payable | Granted loans | Other balances | |||||
Entities | 30/06/2020 | 31/12/2019 | 30/06/2020 | 31/12/2019 | 30/06/2020 | 31/12/2019 | 30/06/2020 | 31/12/2019 |
AEBT - Auto Estradas do Baixo Tejo, S.A. | 8 | - | - | - | 115 | 115 | - | - |
BONAPARTE - Imóveis Comerciais e Participações, S.A. | 21 | 70 | - | - | 422 | - | 717 | 725 |
CINTEL - Construção Interceptor Esgotos, S.A. | 47 | 47 | - | - | 4 | 5 | - | - |
CONBATE, ACE | 17 | - | 1 | 1 | - | - | - | - |
Consórcio Puente Daule - Guayaquil | 63 | 168 | - | - | - | - | - | - |
DOURO LITORAL, ACE | - | 19 | (21) | (21) | - | - | (3) | (3) |
DOURO LITORAL OBRAS ESPECIAIS, ACE | - | - | 2 | 2 | - | - | - | - |
EIA - Ensino de Investigação e Administração, S.A. | 9 | 9 | - | - | - | - | - | - |
IMOC - Empreendimentos Imobiliários, S.A.R.L. | 496 | 419 | 44 | 95 | - | - | (1 435) | (1 630) |
MESOFER, ACE | 1 641 | - | - | - | - | - | - | - |
METROLIGEIRO - Construção de Infraestruturas, ACE | 32 | 32 | - | - | 11 | 11 | - | - |
NOVA ESTAÇÃO, ACE | 267 | 213 | 88 | 88 | 7 | 13 | - | - |
Promociones Inmobiliárias 3003, C.A. | - | - | - | - | - | - | 468 | 466 |
TDE - Empreendimentos Imobiliários, S.A. | 239 | 252 | - | 1 | 5 150 | 4 900 | 230 | - |
TEIXEIRA DUARTE - SOPOL - Metro Superfície, ACE | 7 | 7 | 55 | 55 | - | - | - | - |
TRÊS PONTO DOIS - Trabalhos Gerais de Construção Civil, Via e | ||||||||
Catenária de Modernização da Linha do Norte, ACE | - | - | 35 | 35 | - | - | - | - |
TDGISERV Services, LLC (a) | 167 | 121 | - | - | 464 | 463 | - | - |
TDHOSP - Gestão de Edifício Hospitalar, S.A. | 194 | 479 | - | - | - | - | (10) | - |
3 208 | 1 836 | 204 | 256 | 6 173 | 5 507 | (33) | (442) |
The main transactions carried out with related parties during the periods ended on 30 June 2020 and
2019 were as follows:
Purchases and Services | ||||||||
Entities | Sales and services rendered | Obtained | ||||||
1 | st | Sem. 20 | 1 | st | Sem. 19 | 1st Sem. 20 | 1st Sem. 19 | |
AEBT - Auto Estradas do Baixo Tejo, S.A. | 35 | 12 | - | - | ||||
BONAPARTE - Imóveis Comerciais e Participações, S.A. | 256 | - | - | - | ||||
CONBATE, ACE | 60 | 45 | - | - | ||||
Consórcio Puente Daule - Guayaquil | 247 | - | - | - | ||||
DOURO LITORAL, ACE | 49 | 17 | - | 2 | ||||
IMOC - Empreendimentos Imobiliários, S.A.R.L. | 59 | 408 | 122 | 67 | ||||
MESOFER, ACE | 4 853 | - | 4 | - | ||||
METROLIGEIRO - Construção de Infraestruturas, ACE | 32 | - | - | - | ||||
TDE - Empreendimentos Imobiliários, S.A. | 49 | - | - | - | ||||
TDGISERV Services, LLC (a) | 44 | 40 | - | - | ||||
TDHOSP - Gestão de Edifício Hospitalar, S.A. | 1 559 | 1 853 | 134 | 124 | ||||
7 243 | 2 375 | 260 | 193 |
The remunerations of the members of TD,S.A. governing bodies for the periods ended on 30 June 2020 and 2019 were as follows:
do not consider | ||||||||||||||
st | st | 2 | th | Quarter | 2 | th | Quarter | 1 | st | Quarter | ||||
1 | Sem. 20 | 1 | Sem. 19 | |||||||||||
20 | 19 | 20 | ||||||||||||
Executive Directors: | ||||||||||||||
Short-term benefits | 312 | 294 | 176 | 146 | 136 | |||||||||
Supervisory Board: | ||||||||||||||
Short-term benefits | 33 | 33 | 16 | 16 | 17 | |||||||||
Chartered accountant: | ||||||||||||||
Short-term benefits | 30 | 30 | 15 | 15 | 15 | |||||||||
375 | 357 | 207 | 177 | 168 |
The remunerations of the members of TD,S.A. administration for the periods ended on 30 June 2020 and 2019 were as follows:
1st Sem. 20 | 1st Sem. 19 | 2th Quarter | 2th Quarter | 1st Quarter | ||||||
20 | 19 | 20 | ||||||||
Senior management: | ||||||||||
Short-term benefits | 3 471 | 2 509 | 2 327 | 1 117 | 1 144 | |||||
3 471 | 2 509 | 2 327 | 1 117 | 1 144 |
47
TEIXEIRA DUARTE
INTERIM REPORT | 1ST SEMESTER OF 2020
20 - NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
CASH AND CASH EQUIVALENT
This item had the following composition at 30 June 2020 and 31 December 2019:
30/06/2020 | 31/12/2019 | |
Bank deposits | 79 437 | 108 255 |
Time deposits | 16 343 | 20 335 |
Other treasury applications | 11 859 | 5 068 |
Cash | 1 625 | 1 722 |
109 264 | 135 380 |
The cash and equivalent heading includes cash, deposits payable on demand, cash investments and term deposits with maturity of less than three months, repayable on demand, and for which the risk of change of value is insignificant.
FLOWS OF INVESTMENT ACTIVITIES
Payments related to financial investments in the periods ended 30 June 2020 and 2019 relate to:
1st Sem. 20 | 1st Sem. 19 | 2th Quarter | 2th Quarter | |
20 | 19 | |||
Built Colab - Colaborative Laboratory For The Future Built Environment | 13 | - | 13 | - |
13 | - | 13 | - |
Receipts from financial investments in the periods ended 30 June 2020 and 2019 relate to:
st | st | 2 | th | Quarter | 2 | th | Quarter | ||||
1 | Sem. 20 | 1 | Sem. 19 | ||||||||
20 | 19 | ||||||||||
Government Debt Security of the People's Republic of Angola Government | - | 1 612 | - | (135) | |||||||
Other | - | 34 | - | 34 | |||||||
- | 1 646 | - | (101) |
The dividends received in the periods ended 30 June 2020 and 2019 relate to:
st | st | 2 | th | Quarter | 2 | th | Quarter | ||||
1 | Sem. 20 | 1 | Sem. 19 | ||||||||
20 | 19 | ||||||||||
Macau CPM Holdings | 1 114 | 303 | 1 114 | 303 | |||||||
AEBT - Vias do Baixo Tejo, S.A. | - | 310 | - | 310 | |||||||
Other | - | 10 | - | 10 | |||||||
1 114 | 623 | 1 114 | 623 |
21 - SHARE CAPITAL
As at 30 June 2019, the underwritten and paid-up share capital was represented by 420,000,000 shares with the nominal value of EUR 0.5 each.
On 30 June 2020, TEIXEIRA DUARTE - Sociedade Gestora de Participações Sociais, S.A. directly held 190,750,000 shares representing the capital of Teixeira Duarte, S.A., 45.42% of which corresponds to the respective share capital (202,160,000 shares representing the capital of Teixeira Duarte, S.A, corresponding to 48.13% of the respective share capital on 30 June 2019).
48
TEIXEIRA DUARTE
22 - RESERVES AND RETAINED EARNINGS
Legal reserve: Pursuant to the current legislation, the Company is obliged to transfer at least 5% of its annual net profit to the legal reserve, until it reaches at least 20% of the share capital. This reserve is not distributable to shareholders, but may be used to absorb losses, after all other reserves have been depleted, or incorporated in the share capital.
Fair value reserve - Financial investments: The fair value reserve of financial investments reflects changes in the fair value of financial assets recorded at fair value against other comprehensive income, and it cannot be distributed or used for absorbing losses.
Revaluation reserve - Real estate: This reserve may not be distributed, unless it is paid in or the respective assets subject to revaluation have been divested.
Other reserves:These reserves are available for distribution, under the terms and subject to the limits stated in the Code of Commercial Companies.
23 - LOANS
As at 30 June 2020 and 31 December 2019, the loans received were as follows:
30/06/2020 | 31/12/2019 | |
Non-current liabilities: | ||
Bank loans a) | 314 460 | 319 604 |
Commercial role b) | 323 750 | 367 300 |
Debentures loans c) | - | 5 100 |
638 210 | 692 004 | |
Current liabilities: | ||
Bank loans a) | 104 744 | 113 299 |
Commercial role b) | 38 500 | 1 500 |
Debentures loans c) | 5 100 | 5 100 |
148 344 | 119 899 | |
786 554 | 811 903 |
a) Bank loans
As at 30 June 2020, the internal bank loans, bank overdrafts and escrow accounts earned interest at the weighted annual average rate of 2.18% (2.26% as at 30 June 2019).
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INTERIM REPORT | 1ST SEMESTER OF 2020
As at 30 June 2020, the most significant bank loans contracted by the Group essentially correspond to:
Geography | Bank | Type of Financing | Contract Date | Due Date | Currency Amount Currency | Amount (€) | |
Portugal | Novo Banco | Factoring with recourse | 02/05/2004 | 31/12/2033 | EUR | 1 752 | 1 752 |
Angola | BCGA - Banco Caixa Geral Angola (Angola) | Loan | 23/01/2014 | 30/04/2021 | AON | 277 778 | 433 |
Portugal | Bench BIC | Loan | 27/01/2014 | 02/01/2024 | EUR | 5 000 | 5 000 |
Portugal | Caixa Geral de Depósitos | Loan | 22/09/2014 | 30/11/2021 | EUR | 2 272 | 2 272 |
Portugal | Caixa Geral de Depósitos | Loan | 22/09/2014 | 01/06/2022 | EUR | 3 050 | 3 050 |
Portugal | Caixa Geral de Depósitos | Loan | 22/09/2014 | 15/06/2023 | EUR | 9 960 | 9 960 |
Portugal | Caixa Geral de Depósitos | Loan | 22/09/2014 | 01/06/2034 | EUR | 68 925 | 68 925 |
Portugal | Novo Banco | Loan | 30/12/2015 | 01/06/2022 | EUR | 31 081 | 31 081 |
Portugal | Banco BPI | Loan | 05/07/2016 | 05/11/2021 | EUR | 6 009 | 6 009 |
Portugal | Banco BAI Europa | Loan | 22/09/2016 | 30/03/2021 | USD | 796 | 711 |
Portugal | Caixa Económica Montepio Geral | Factoring with recourse | 17/01/2017 | 31/12/2020 | EUR | 2 065 | 2 065 |
Spain | Banco Santander | Loan | 16/06/2017 | 20/07/2021 | EUR | 573 | 573 |
Spain | Banco Santander | Loan | 22/11/2017 | 22/11/2022 | EUR | 329 | 329 |
Portugal | Banco Comercial Português | Loan | 27/11/2017 | 31/12/2033 | EUR | 31 673 | 31 673 |
Portugal | Banco Comercial Português | Loan | 16/01/2018 | 31/12/2033 | EUR | 2 953 | 2 953 |
Portugal | Caixa Geral de Depósitos | Loan | 30/01/2018 | 30/11/2021 | EUR | 2 643 | 2 643 |
Portugal | Banco Comercial Português | Loan | 30/01/2018 | 30/11/2021 | EUR | 12 759 | 12 759 |
Portugal | Banco Comercial Português | Loan | 23/10/2018 | 30/12/2033 | EUR | 9 166 | 9 166 |
Portugal | Caixa Geral de Depósitos | Loan | 23/10/2018 | 30/12/2033 | EUR | 6 523 | 6 523 |
Portugal | Novo Banco | Loan | 24/10/2018 | 30/12/2033 | EUR | 8 800 | 8 800 |
Portugal | Banco Comercial Português | Loan | 13/12/2018 | 01/06/2034 | EUR | 143 338 | 143 338 |
Portugal | Caixa Geral de Depósitos | Loan | 15/12/2018 | 30/11/2020 | EUR | 1 583 | 1 583 |
Portugal | Caixa Geral de Depósitos | Loan | 15/12/2018 | 01/06/2021 | EUR | 2 570 | 2 570 |
Brazil | Banco Mercedes Benz | Loan | 21/02/2019 | 24/10/2022 | BRL | 6 160 | 1 008 |
Brazil | Banco Bradesco | Loan | 24/07/2019 | 26/07/2021 | BRL | 26 152 | 4 279 |
Portugal | Caixa Geral de Depósitos | Loan | 25/07/2019 | 23/07/2020 | EUR | 4 429 | 4 429 |
Brazil | Sandvik Credit | Loan | 19/10/2019 | 19/09/2023 | EUR | 4 358 | 4 358 |
Portugal | Novo Banco | Loan | 09/03/2020 | 14/08/2020 | EUR | 7 119 | 7 119 |
Portugal | Sandvik Credit | Loan | 06/04/2020 | 30/11/2024 | EUR | 1 300 | 1 300 |
As at 30 June 2020 and 31 December 2019, the bank loans also include the pledged accounts of the value of EUR 37,920 thousand and EUR 50,153 thousand, respectively.
b) Commercial role
As at 30 June 2020, the Group had negotiated the following commercial paper programmes:
Geography | Bank | Type of Financing | Contract Date | Due Date | Spread | Currency | Amount (€) |
Portugal | Novo Banco | Commercial Paper | 16/12/2005 | 15/12/2023 | 1,60% | EUR | 42 450 |
Portugal | Caixa Geral de Depósitos | Commercial Paper | 07/07/2010 | 31/12/2033 | 2,50% | EUR | 20 850 |
Portugal | Novo Banco | Commercial Paper | 30/12/2013 | 31/12/2033 | 2,00% | EUR | 182 750 |
Portugal | Novo Banco | Commercial Paper | 28/12/2015 | 15/06/2027 | 1,95% | EUR | 95 000 |
Portugal | Novo Banco | Commercial Paper | 14/01/2016 | 31/12/2033 | 1,55% | EUR | 16 700 |
Portugal | Banco BPI | Commercial Paper | 30/01/2018 | 30/01/2021 | 2,90% | EUR | 4 500 |
c) Debentures loans
A TEIXEIRA DUARTE - Engenharia e Construções S.A. and TEIXEIRA DUARTE - Gestão de Participações e Investimentos Imobiliários, S.A. entered into a contract with Banco Comercial Português, S.A. for the Provision of Assistance and Placement Services for a Private Bond Issue Offer, as well as a Paying Agent Contract related to the Grouped Issue of Bonds by Private Subscription, amounting to 5,100 thousand euros (500 thousand euros from TEIXEIRA DUARTE - Engenharia e Construções S.A. and 4,600 thousand euros from TEIXEIRA DUARTE - Gestão de Participações e Investimentos Imobiliários, S.A.) known as "TEIXEIRA DUARTE - Engenharia e Construções, S.A. / TEIXEIRA DUARTE - Gestão de Participações e Investimentos Imobiliários, S.A. - 2014/2021". Interest is paid quarterly at a rate of 4.57% and repayment will be made in a final installment on 2 April 2021.
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TEIXEIRA DUARTE
As at 30 June 2020 and 31 December 2019, the repayment of the non-current bank loans is defined as follows:
30/06/2020 | 31/12/2019 | |
2021 | 35 934 | 89 947 |
2022 | 51 070 | 40 237 |
2023 | 39 817 | 38 885 |
2024 | 39 144 | 37 812 |
2025 and the following | 472 245 | 485 123 |
638 210 | 692 004 |
As at 30 June 2020 and 31 December 2019, financing agreements in foreign currency were expressed in the following currencies:
Currency | 30/06/2020 | 31/12/2019 | ||
Currency | Euros | Currency | Euros | |
American dollars | 796 | 711 | 918 | 817 |
Angola Kwanza | 5 713 055 | 8 900 | 5 554 361 | 10 358 |
Colombian Peso | - | - | 8 957 | 2 |
Brazilian real | 56 280 | 9 208 | 74 995 | 16 608 |
The loans denominated in foreign currency earn interest at market rates and were converted into Euro based on the exchange rate on the reporting date.
On Tuesday, June 30, 2020 and 2019 we presented the reconciliation of changes in liabilities arising from the financing activity:
Initial | Increases | Reductions | Currency | Closing | |
1st Sem. 2020 | balance | effect | balance | ||
Loans | 811 903 | 585 034 | (604 343) | (6 040) | 786 554 |
811 903 | 585 034 | (604 343) | (6 040) | 786 554 | |
Initial | Increases | Reductions | Currency | Closing | |
1st Sem. 2019 | balance | effect | balance | ||
Loans | 854 276 | 634 807 | (643 134) | (1 083) | 844 866 |
854 276 | 634 807 | (643 134) | (1 083) | 844 866 |
24 - CONTINGENT LIABILITIES, GUARANTEES AND COMMITMENTS
Following several inspections carried out by the Tax and Customs Authority (TA) for the financial years 2008 to 2013, TEIXEIRA DUARTE - Gestão de Participações e Investimentos Imobiliários, SA, a company directly owned at 100% of its share capital by "TD, SA", the following adjustments were made to the tax losses initially determined by this investee:
Financial | Calculated tax | |
year | loss | AT correction |
2008 | 36 573 | 45 938 |
2009 | 46 203 | 24 807 |
2010 | 5 123 | 6 467 |
2011 | 12 779 | 3 213 |
2012 | 13 294 | 2 299 |
2013 | 26 221 | 5 000 |
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TEIXEIRA DUARTE
INTERIM REPORT | 1ST SEMESTER OF 2020
The nature of corrections made is presented below:
1. Financial costs not accepted
With the exception of the situations listed in the following points, the corrections result from the fact that the financial charges incurred due to the investment made in owned companies, under the form of ancillary payments subject to the supplementary provisions regime, have been disregarded as a taxable expense.
Given that TEIXEIRA DUARTE- Gestão de Participações e Investimentos Imobiliários, S.A. pays corporation tax (IRC) according to the Special Taxation Regime for Groups of Companies (article 69 onwards of the Corporate Income Tax Code), the corrections to tax losses over the financial years from 2008 to 2011 were subject to Corporate Income Tax settlement statements and compensatory interest issued to the parent company during these financial years - TEIXEIRA DUARTE - Engenharia e Construções, S.A.. This company contested the corrections made by AT to the periods from 2008 to 2011.
The correction related to the 2012 financial year was subject to an additional settlement by the parent company from that financial year, "TD, S.A.", which has contested it within the legal periods.
With reference to this correction, and based on fundamentally identical supporting arguments on the part of AT, it is reported that TEIXEIRA DUARTE - Engenharia e Construções, S.A. obtained a favorable outcome in the context of the 2007 corporation tax, following a decision by the Supreme Administrative Court; an identical outcome is expected for the remaining years subject to dispute.
2. Application of article 51 of the corporation tax (IRC) code
The correction to the tax loss calculated in 2013 is related in full to the incorrect application, according to the AT, of article 51 of the IRC (Corporation Tax) Code. This correction was subject to a legal challenge by "TD, S.A." in its capacity as the parent company.
3. Elimination of economic double taxation - revenue distributed by the TDF Fund
The correction to the 2008 tax loss includes the amount of 611 thousand euros relating to, according to AT, the improper application of item 10 of article 22 of the Tax Benefits Statute (EBF) to the distribution of revenue by the Real Estate Investment Fund TDF.
TEIXEIRA DUARTE - Engenharia e Construções, S.A., in its capacity as parent company during the 2008 financial year, contested this correction under the terms of the law.
As a result of an inspection carried out by AT of the accounting elements of the subsidiary company TEIXEIRA DUARTE - Engenharia e Construções, S.A. in 2008, the respective taxable profit ascertained on that date was corrected, amounting to 35,467 thousand euros.
As regards this correction, the subsidiary TEIXEIRA DUARTE - Engenharia e Construções, S.A., in its capacity as the controlling company of the group of companies in force at the time, contested 32,595 thousand euros, related to tax credit, the capital gains tax reinvestment regime and the application of of article 22(10) of the EBF (Tax Benefits Statute).
Following an inspection of the subsidiary TDO - Investimento e Gestão, S.A. for the financial year 2014, AT also settled a Regional Surtax amounting to 102 thousand euros.
Given that this subsidiary was covered, in 2014, by the regime provided for in article 36 of the Tax Benefits Statute, this correction was challenged in court.
Following several inspections carried out by the AT of the calculation of corporation tax for the years 2013, 2014, 2015 and 2016, owed by the group of companies taxed under the Special Taxation Regime
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TEIXEIRA DUARTE
for Company Groups (RETGS) of which "TD, SA" is the parent company, the following corrections were made:
1. Application of article 90 of the corporation tax (IRC) code
Corrected | |
Financial year | tax |
2013 | 811 |
2014 | 1 097 |
2015 | 559 |
2016 | 653 |
These corrections resulted from AT having a different understanding as to the use of the deductions provided for in article 90 of the Corporation Tax Code in the Municipal and State Surtax, calculated under the scope of application of the RETGS, and were contested in court by "TD,SA", in its capacity as parent company.
Following delivery of the aforementioned legal actions, "TD, SA" was notified of a change in understanding by AT and, as of the reporting date of 30 June 2020, new settlement statements were issued disregarding this correction.
2. Net Financing Costs (article 67 of the Corporation Tax Code)
During the 2018 financial year,"TD, SA" was notified of the Report on Conclusions on the inspection carried out by the AT on corporate income tax payable by the RETGS in 2015, having determined a correction to the tax base, calculated as amounting to 22,710 thousand euros.
This correction, related to the use, in 2015, of the "break" calculated in previous years under the scope of article 67 of the Corporation Tax Code, was challenged by "TD,SA" in its capacity as parent company.
Guarantees:
As at 30 June 2020 and 31 December 2019, the companies included in the consolidation perimeter had provided the following guarantees to third parties:
30/06/2020 | 31/12/2019 | ||
Granted bank guarantees | 269 719 | 288 958 | |
Guarantee insurance | 137 337 | 150 404 |
The bank guarantees were essentially provided for the effect of tenders, advances received and as a completion bonds for works.
TEIXEIRA DUARTE - Engenharia e Construções, S.A., EPOS - Empresa Portuguesa de Obras Subterrâneas, S.A., SOMAFEL BRASIL - Obras Ferroviárias e Marítimas, LTDA, RECOLTE, Servicios y Medioambiente, S.A.U., EMPA, Serviços de Engenharia, S.A., and TEIXEIRA DUARTE - Engenharia e Construções (Colombia) S.A.S. have bond insurance provided as a performance guarantee for the execution of works and the provision of services.
For the purposes of suspending a tax enforcement procedure instigated against the subsidiary TEIXEIRA DUARTE - Engenharia e Construções, S.A. relating to corporation tax (IRC) debt from 2010, "TD, S.A." submitted a guarantee, amounting to 10,139 thousand euros, which was accepted by the Tax Authority (AT).
The amount of the bank guarantees included in the above summary table includes guarantees provided to suspend several tax enforcement proceedings, the details of which are shown below:
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TEIXEIRA DUARTE
INTERIM REPORT | 1ST SEMESTER OF 2020
- For the purposes of suspending the tax enforcement proceedings brought against the subsidiary TEIXEIRA DUARTE - Engenharia e Construções, S.A. relating to corporation tax (IRC) debt from 2008, bank guarantees were issued in favor of AT, with a value of 16,887 thousand euros at 30 June 2020;
- For the purposes of suspending tax enforcement proceedings filed against the subsidiary TDO - Investimento e Gestão, S.A. relating to corporation tax (IRC) debt from 2014, a bank guarantee was issued in favor of AT with a value of 181 thousand euros;
- Several bank guarantees were issued for the purpose of suspending tax enforcement proceedings brought against "TD, S.A." related to corporation tax (IRC) debt calculated under the scope of the Special Taxation Regime for Company Groups (RETGS) for the periods 2013 to 2016. As a consequence of the deferral obtained under the scope of article 90 of the Corporation Tax (IRC) Code, some of the bank guarantees provided were reduced and/or canceled. Details of the amounts with reference to 31 march 2020 and 30 June 2020 are shown below:
Amount da warranty | ||
Financial year | 31/03/2020 | 30/06/2020 |
2013 | 1 125 | - |
2014 | 1 528 | - |
2015 | 898 | 125 |
2016 | 1 482 | 594 |
5 033 | 719 |
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TEIXEIRA DUARTE
As at June 30, 2020, the Group's collateral broke down as follows:
Geography | Bank | Type of Financing | Contract Date | Due Date | Collateral |
Portugal | Novo Banco | Commercial Paper | 16/12/2005 | 15/12/2023 | Pledge 4,760,000 BCP shares + Pledge of all shares: Shares |
Automóvel Angola + Soc. Distribuição Angola + Pledge TDSP | |||||
Brasil + TD Angola, Lda. + Mortgage on Angola Hotels: Alvalade | |||||
and Baía + Mortgage on Mozambique Hotels: Avenida and Tivoli | |||||
Beira | |||||
Portugal | Caixa Geral de Depósitos | Commercial Paper | 07/07/2010 | 31/12/2033 | Pledge 4,675,000 Participation Units TDF Fund + Pledge of all |
Shares: Shares Automóvel Angola + Soc. Distribuição Angola + | |||||
Pledge TDSP Brasil + TD Angola, Lda. + Mortgage on Angola | |||||
Hotels: Alvalade and Baía + Mortgage on Mozambique Hotels: | |||||
Avenida and Tivoli Beira | |||||
Portugal | Novo Banco | Commercial Paper | 30/12/2013 | 31/12/2033 | Pledge of 12,500,000 EPOS Shares and 200,000,000 C+PA |
Shares + Pledge of 1,325,000 Shares in the TDF Fund + | |||||
Mortgage on the TD Montijo Operations Center + Mortgage on 9 | |||||
Lots in Mafamude + Mortgage on 10 Lots of the Santa Marinha | |||||
Design District Development - Santa Marinha + Pledge of all | |||||
shares: Shares Automóvel Angola + Soc. Distribuição Angola + | |||||
Pledge TDSP Brasil + TD Angola, Lda. + Mortgage on Angola | |||||
Hotels: Alvalade and Baía + Mortgage on Mozambique Hotels: | |||||
Avenida and Tivoli Beira | |||||
Angola | BCGA - Banco Caixa Geral Angola | Loan | 23/01/2014 | 30/04/2021 | Mortgage on Hotel Trópico (Building no. 1826) - Ingombotas |
(Angola) | |||||
Portugal | Banco BIC Português | Loan | 27/01/2014 | 02/01/2024 | Pledge on all shares: Shares Automóvel Angola + Soc. |
Distribuição Angola + Pledge TDSP Brasil + TD Angola, Lda. + | |||||
Mortgage on Angola Hotels: Alvalade and Baía + Mortgage on | |||||
Mozambique Hotels: Avenida and Tivoli Beira | |||||
Portugal | Caixa Geral de Depósitos | Loan | 22/09/2014 | 30/11/2021 | Pledge on all shares: Shares Automóvel Angola + Soc. |
Distribuição Angola + Pledge TDSP Brasil + TD Angola, Lda. + | |||||
Mortgage on Angola Hotels: Alvalade and Baía + Mortgage on | |||||
Mozambique Hotels: Avenida and Tivoli Beira | |||||
Portugal | Caixa Geral de Depósitos | Loan | 22/09/2014 | 01/06/2022 | Pledge on all shares: Shares Automóvel Angola + Soc. |
Distribuição Angola + Pledge TDSP Brasil + TD Angola, Lda. + | |||||
Mortgage on Angola Hotels: Alvalade and Baía + Mortgage on | |||||
Mozambique Hotels: Avenida and Tivoli Beira | |||||
Portugal | Caixa Geral de Depósitos | Loan | 22/09/2014 | 15/06/2023 | Pledge on all shares: Shares Automóvel Angola + Soc. |
Distribuição Angola + Pledge TDSP Brasil + TD Angola, Lda. + | |||||
Mortgage on Angola Hotels: Alvalade and Baía + Mortgage on | |||||
Mozambique Hotels: Avenida and Tivoli Beira | |||||
Portugal | Caixa Geral de Depósitos | Loan | 22/09/2014 | 01/06/2034 | Pledge on all shares: Shares Automóvel Angola + Soc. |
Distribuição Angola + Pledge TDSP Brasil + TD Angola, Lda. + | |||||
Mortgage on Angola Hotels: Alvalade and Baía + Mortgage on | |||||
Mozambique Hotels: Avenida and Tivoli Beira | |||||
Portugal | Novo Banco | Commercial Paper | 28/12/2015 | 15/06/2027 | Pledge 1,045,610 Shares in Recolte España + Pledge of 50% of |
TDE Shares + Pledge of all Shares: Shares Automóvel Angola + | |||||
Soc. Distribuição Angola + Pledge TDSP Brasil + TD Angola, Lda. | |||||
+ Mortgage on Angola Hotels: Alvalade and Baía + Mortgage on | |||||
Mozambique Hotels: Avenida and Tivoli Beira | |||||
Portugal | Novo Banco | Loan | 30/12/2015 | 01/06/2022 | Penhor 2,006,396 Actions BCP + Pledge on all shares: Shares |
Automóvel Angola + Soc. Distribuição Angola + Pledge TDSP | |||||
Brasil + TD Angola, Lda. + Mortgage on Angola Hotels: Alvalade | |||||
and Baía + Mortgage on Mozambique Hotels: Avenida and Tivoli | |||||
Beira | |||||
Portugal | Novo Banco | Commercial Paper | 14/01/2016 | 31/12/2033 | Pledge 1,000,000 TDGI shares + Pledge of all shares: Shares |
Automóvel Angola + Soc. Distribuição Angola + Pledge TDSP | |||||
Brasil + TD Angola, Lda. + Mortgage on Angola Hotels: Alvalade | |||||
and Baía + Mortgage on Mozambique Hotels: Avenida and Tivoli | |||||
Beira | |||||
Portugal | Caterpillar | Loan | 07/06/2016 | 31/03/2021 | Respective Equipment |
Portugal | Caterpillar | Loan | 07/07/2016 | 31/03/2021 | Respective Equipment |
Portugal | Caterpillar | Loan | 07/08/2016 | 31/03/2021 | Respective Equipment |
Portugal | Caterpillar | Loan | 12/12/2016 | 31/03/2021 | Respective Equipment |
Portugal | Banco BAI Europa | Loan | 22/09/2016 | 30/03/2021 | Pledge on all shares: Shares Automóvel Angola + Soc. |
Distribuição Angola + Pledge TDSP Brasil + TD Angola, Lda. + | |||||
Mortgage on Angola Hotels: Alvalade and Baía + Mortgage on | |||||
Mozambique Hotels: Avenida and Tivoli Beira | |||||
Portugal | Banco Comercial Português | Loan | 27/11/2017 | 31/12/2033 | Pledge on all shares: Shares Automóvel Angola + Soc. |
Distribuição Angola + Pledge TDSP Brasil + TD Angola, Lda. + | |||||
Mortgage on Angola Hotels: Alvalade and Baía + Mortgage on | |||||
Mozambique Hotels: Avenida and Tivoli Beira | |||||
Spain | RCI Banque (Spain) | Loan | 20/12/2017 | 20/06/2021 | Respective Equipment |
Portugal | Banco Comercial Português | Loan | 30/01/2018 | 30/11/2021 | Pledge on all shares: Shares Automóvel Angola + Soc. |
Distribuição Angola + Pledge TDSP Brasil + TD Angola, Lda. + | |||||
Mortgage on Angola Hotels: Alvalade and Baía + Mortgage on | |||||
Mozambique Hotels: Avenida and Tivoli Beira | |||||
Portugal | Caixa Geral de Depósitos | Loan | 30/01/2018 | 30/11/2021 | Pledge on all shares: Shares Automóvel Angola + Soc. |
Distribuição Angola + Pledge TDSP Brasil + TD Angola, Lda. + | |||||
Mortgage on Angola Hotels: Alvalade and Baía + Mortgage on | |||||
Mozambique Hotels: Avenida and Tivoli Beira | |||||
Spain | RCI Banque (Spain) | Loan | 30/01/2018 | 25/07/2021 | Respective Equipment |
Portugal | Banco Comercial Português | Overdraft | 24/04/2018 | 31/12/2033 | Pledge on all shares: Shares Automóvel Angola + Soc. |
Distribuição Angola + Pledge TDSP Brasil + TD Angola, Lda. + | |||||
Mortgage on Angola Hotels: Alvalade and Baía + Mortgage on | |||||
Mozambique Hotels: Avenida and Tivoli Beira | |||||
Portugal | Banco Comercial Português | Loan | 23/10/2018 | 30/12/2033 | Mortgage on the developments of Magnólia and Coina + Vale |
Figueira, Lezíria Park 2, Villa Rio, Jardins da Póvoa and Póvoa | |||||
Logistics Park + Pledge of all shares: Shares Automóvel Angola + | |||||
Soc. Distribuição Angola + Pledge TDSP Brasil + TD Angola, Lda. | |||||
+ Mortgage on Angola Hotels: Alvalade and Baía + Mortgage on | |||||
Mozambique Hotels: Avenida and Tivoli Beira | |||||
Portugal | Caixa Geral de Depósitos | Loan | 23/10/2018 | 30/12/2033 | Mortgage on the developments of Magnólia and Coina + Vale |
Figueira, Lezíria Park 2, Villa Rio, Jardins da Póvoa and Póvoa | |||||
Logistics Park + Pledge of all shares: Shares Automóvel Angola + | |||||
Soc. Distribuição Angola + Pledge TDSP Brasil + TD Angola, Lda. | |||||
+ Mortgage on Angola Hotels: Alvalade and Baía + Mortgage on | |||||
Mozambique Hotels: Avenida and Tivoli Beira | |||||
Portugal | Novo Banco | Loan | 24/10/2018 | 30/12/2033 | Mortgage on the developments of Magnólia and Coina + Vale |
Figueira, Lezíria Park 2, Villa Rio, Jardins da Póvoa and Póvoa | |||||
Logistics Park + Pledge of all shares: Shares Automóvel Angola + | |||||
Soc. Distribuição Angola + Pledge TDSP Brasil + TD Angola, Lda. | |||||
+ Mortgage on Angola Hotels: Alvalade and Baía + Mortgage on | |||||
Mozambique Hotels: Avenida and Tivoli Beira | |||||
Portugal | Caixa Geral de Depósitos | Loan | 15/12/2018 | 30/11/2020 | Pledge on all shares: Shares Automóvel Angola + Soc. |
Distribuição Angola + Pledge TDSP Brasil + TD Angola, Lda. + | |||||
Mortgage on Angola Hotels: Alvalade and Baía + Mortgage on | |||||
Mozambique Hotels: Avenida and Tivoli Beira | |||||
Portugal | Caixa Geral de Depósitos | Loan | 15/12/2018 | 01/06/2021 | Pledge on all shares: Shares Automóvel Angola + Soc. |
Distribuição Angola + Pledge TDSP Brasil + TD Angola, Lda. + | |||||
Mortgage on Angola Hotels: Alvalade and Baía + Mortgage on | |||||
Mozambique Hotels: Avenida and Tivoli Beira | |||||
Portugal | Novo Banco | Overdraft | 24/04/2019 | 31/12/2033 | Pledge on all shares: Shares Automóvel Angola + Soc. |
Distribuição Angola + Pledge TDSP Brasil + TD Angola, Lda. + | |||||
Mortgage on Angola Hotels: Alvalade and Baía + Mortgage on | |||||
Mozambique Hotels: Avenida and Tivoli Beira | |||||
Brazil | Banco Itaú | Loan | 13/05/2019 | 31/12/2021 | Quartier Brooklin Condominium Real Estate Development - São |
Paulo / Brazil (108 Independent Units) | |||||
Brazil | Banco Itaú | Loan | 15/05/2019 | 31/12/2020 | Real Estate Development Condominium Verissimo Mooca - São |
Paulo / Brazil (42 Independent Units) |
Financial commitments:
55
TEIXEIRA DUARTE
INTERIM REPORT | 1ST SEMESTER OF 2020
As at 30 June 2020 and 31 December 2019, the letters of comfort provided by TEIXEIRA DUARTE, S.A. and its subsidiaries reached EUR 315,891 thousand and EUR 337,686 thousand, respectively.
As at 30 June 2020 and 31 December 2019, factoring contracts without right of recourse were in force, which were recorded as reductions in accounts receivable of the value of EUR 1,238 thousand and EUR 4,865 thousand, respectively. According to the contractual conditions, the Group's liability is essentially restricted to the guaranteed acceptance of the invoices object of the factoring on the part of the customers.
25 - MEASUREMENTS AT FAIR VALUE
Fair value estimate - assets and liabilities measured at fair value
The following table shows the Group's assets and liabilities measured at fair value at 30 June 2020 according to the following fair value levels:
- Level 1: the fair value of financial instruments is based on prices ruling on active, liquid markets at the date of the statement of financial position;
- Level 2: the fair value of financial instruments is not determined based on active market prices but ac- cording to valuation models;
- Level 3: the fair value of financial instruments is not determined based on active market prices but ac- cording to valuation models, the main inputs of which are not observable on the market.
Categoria | Item | Level 1 | Level 2 | Level 3 |
Assets: | ||||
Other financial investments at fair value through other comprehensive income | Actions | 676 | 9 221 | 2 044 |
Investment Properties | Buildings and land | - | 199 133 | - |
Except with respect to non-current loans, most financial assets and liabilities mature in the short term, hence it is considered that their fair value is identical to the respective book values.
Regarding loans, most loans are taken out at variable interest rates. It is considered that their book value (amortised cost) does not differ significantly from corresponding market value.
26 - EXCHANGE RATE ADJUSTMENTS
During the periods ending Sunday, June 30, 2020 and 2019, exchange rate adjustments calculated during the conversion of the financial statements of companies denominated in foreign currencies, for each geographical area, were as follows:
1st Sem. 20 | 1st Sem. 19 | 2th Quarter 20 | 2th Quarter 19 | 1st Quarter 20 | ||||||
Angola | (40 161) | (37 514) | (29 229) | (33 943) | (10 932) | |||||
Algeria | (2 688) | (2 403) | (2 060) | 387 | (628) | |||||
Brazil | (41 286) | 2 698 | (6 205) | 1 230 | (35 081) | |||||
Mozambique | (7 681) | 305 | (3 698) | 1 053 | (3 983) | |||||
Venezuela | (4 548) | (12 509) | (2 201) | (9 018) | (2 347) | |||||
Other Markets | (121) | 191 | (422) | (98) | 301 | |||||
(96 485) | (49 232) | (43 815) | (40 389) | (52 670) |
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27 - APPROVAL OF THE FINANCIAL STATEMENTS
The financial statements for the period that ended on 30 June 2020 were approved by the Board of Directors on 28 August 2020.
28 - SUBSEQUENT EVENTS
Teixeira Duarte Group companies continued their activity in the different markets on which they operate, and there are no relevant facts to highlight that occurred after 30 June 2020 and the issue date of this document.
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INTERIM REPORT | 1ST SEMESTER OF 2020
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Teixeira Duarte SA published this content on 30 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 September 2020 17:24:04 UTC