Teixeira Durate

Earnings Release • Sep 10, 2009

RELEASE

- Privileged Information -

DISCLOSURE OF THE RESULTS CONCERNING THE 1ST SEMESTER OF 2009

(Unaudited values)

On the same date of the disclosure of the intercalary management report concerning the first semester of 2009, "TEIXEIRA DUARTE - Engenharia e Construções, S.A." (Teixeira Duarte) provides this document with an informative summary of the main financial indicators relative to the consolidated accounts and outlook for the end of the year in progress.

Under the combined dispositions of CMVM Regulations number 3/2006 and number 5/2008 – and without prejudice to the monitoring and supervision, by the competent bodies, of the accounts and documents produced in the context of the provision of first semester information –, no report whatsoever was prepared by an auditor registered at the Securities Market Commission, hence the financial statements have not been audited.

The Consolidated Net Income Attributable to the Shareholders were positive by 19,366 thousand euros.

Summary of the Consolidated Income Statement

	30-Jun-09	30-Jun-08	Var
	(IFRS)	(IFRS)	(%)
Operating income	617,298	632,282	-2.4%
Operating costs	553,213	539,138	2.6%
EBITDA	64,085	93,144	-31.2%
Amortization and depreciation	27,116	22,496	20.5%
Provisions	2	141	-98.6%
EBIT	36,967	70,507	-47.6%
Financial results	(10,248)	(384,008)	-
Profit before	26,719	(313,501)	-
Income tax	(6,642)	32,080	-
Net profit	20,077	(281,421)	-
Attributable to:
Shareholders	19,366	(255,960)	-
Minority interests	711	(25,461)	-

(Values in thousand euros)

The Turnover maintained values similar to those of June 2008, reaching 585,138 thousand euros.

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As a result of the economic circumstances experienced over the last few years and, specifically in this semester, the slight positive variation was essentially due to the expansion of the external market, the increase of which was greater than the decrease occurred in Portugal, with turnover abroad now representing 62.7% of the total turnover of Grupo Teixeira Duarte.

Evolution of Turnover by Market

(Values in thousand euros)

The table below indicates that while some markets have been more penalised by the current economic conditions, others continue to show sustained growth, namely in Angola and Mozambique. In the case of Mozambique, a comparison of the figures for the same period of 2008 is very revealing of the impetus of the local economy, especially associated to the public investment in infrastructures essential to the development of this country.

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Contribution to Turnover

Countries	1st Sem, 09	1st Sem, 08	Var (%)
Portugal	218,280	256,357	-14.9%
Angola	239,946	196,627	22.0%
Algeria	53,147	54,808	-3.0%
Brazil	25,214	28,619	-11.9%
Ukraine	5,579	14,355	-61.1%
Spain	12,582	12,805	-1.7%
Mozambique	21,824	8,733	149.9%
Morocco	4,337	5,262	-17.6%
Venezuela	2,340	4,907	-52.3%
Other	1,889	876	115.6%
Total	585,138	583,349	0.3%

(Values in thousand euros)

Consolidated operating income registered a decrease of 2.4% in comparison to June 2008, in particular due to the reduction of the non-recurrent operations, reaching the value of 617,298 thousand euros in this first semester of 2009.

(Values in thousand euros)

Total operating income achieved in the fuel sector in Portugal decreased not only as a result of the strategy of optimisation of results in detriment of turnover, but also due to the unfavourable economic circumstances, especially in the oil market.

The figures obtained relative to Cements, Concrete and Aggregates were negatively affected by the overall economic circumstances in some geographical markets where C+P.A., S.A. operates, namely Ukraine.

On the other hand, Real Estate decreased relative to June 2008, due to the reduction of 26,909 thousand euros of the income derived from non-recurrent operations.

Even so, these more significant reductions were compensated by the good performance achieved in Concessions and Services, Hotel Services, the Food Trading and Construction, which reached values similar to the same period of the previous year, in spite of the recognised overall economic difficulties which have been faced.

Operating Income by Activity Sector and Geographical Market:

Activity Sector	Internal Market		External Market			Total
	1st S 09	1st S 08	Var (%)	1st S 09	1st S 08	Var (%)	1st S 09	1st S 08	Var (%)
Construction	141,698	149,648	-5.3%	189,322	163,615	15.7%	331,020	313,263	5.7%
Cement, Concrete and Aggregates	-	45	-	9,142	17,219	-46.9%	9,142	17,26	-47.0%
Concessions and Services	8,764	6,156	42.4%	12,380	11,827	4.7	21,144	17,98	17.6%
Real Estate	31,941	40,000	-20.1%	10,853	23,846	-54.5%	42,794	63,84	-33.0%
Hotel Services	6,887	6,037	14.1%	37,324	25,426	46.8%	44,211	31,46	40.5%
Food Trading	-	-	-	51,040	41,981	21.6%	51,040	41,98	21.6%
Fuel Trading	50,189	76,274	-34.2%	22	-	-	50,211	76,27	-34.2%
Vehicles	102	118	-13.6%	67,632	70,090	-3.5%	67,734	70,20	-3.5%
Other	2	-	-	-	-	-	2	-	-
Total of the Sectors:	239,583	278,278	-13.9%	377,715	354,004	6.7%	617,298	632,282	-2.4%

(Values in thousand euros)

Hence, the contribution of each of the activity sectors to the total value of consolidated operating income was as follows:

EBITDA stood at 64,085 thousand euros, which reflects a decrease of 31.2% in relation to the same period of last year, due to the reduction of 26,909 thousand euros of non-recurrent operations, which in the first six months of the previous year had reached an exceptional value of 33,492 thousand euros.

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Lagoas Park - Edifício 2 – 2740-265 PORTO SALVO – PORTUGAL • Telephone 217 912 300 • Fax 217 94 11 20 / 21 / 26 Single Legal Person and Registration number 500 097 488 at the Commercial Registry of Cascais (Oeiras) Public Company - Share Capital: € 210,000,000 – Construction License number 24

Analysing this indicator by sector of activity, the table below presents that the major instability at a worldwide level determined a great variety of different behaviour in these business areas according to the specific characteristics of each and of the respective markets in which they operate, thus confirming the correctness of the strategy of diversification of the sectors and geographical expansion, which has long been pursued by Grupo Teixeira Duarte.

Activity Sector	1st Sem, 09	EBITDA 1st Sem, 08	Var
Construction	17,100	11,064	54.6%
Cement. concrete and aggregates	(2,642)	4,734	-
Concessions and services	3,930	3,184	23.4%
Real estate	19,995	45,443	-56.0%
Hotel services	19,353	10,362	86.8%
Food trading	2,570	5,535	-53.6%
Fuel trading	5,448	4,148	31.3%
Vehicles	9,447	17,667	-46.5%
Not allocated to segments	(11,159)	(7,710)	44.7%
Eliminations	43	(1,283)	-
Total	64,085	93,144	-31.2%

(Values in thousand euros)

Therefore, the EBITDA / Turnover margin decreased from 16.0% in June 2008 to 11% in June 2009.

The financial results were negative by 10,248 thousand euros, with it being considered positive the fact that, in spite of the indebtedness having increased by 86,943 thousand euros, the financial costs were lower compared to the first semester of 2008, due to the decrease in interest rates and the positive impact of the exchange rate effect

registered to the amount of 1,809 thousand euros, essentially as a result of the appreciation of the American Dollar relative to the Euro in the first quarter.

The Income Tax calculated for the first six months of this year was 6,642 thousand euros.

	30-Jun-09 (IFRS)	31-Dec-08 (IFRS)	Var (%)
ASSETS
Non-current assets	2,357,772	2,284,947	3.2%
Current assets
Cash and equivalent	105,641	105,478	0.2%
Other current assets	793,965	787,612	0.8%
Total Assets	3,257,378	3,178,037	2.5%
EQUITY
Attributable to Shareholders	260,620	243,027	7.2%
Minority Interests	93,187	95,905	-2.8%
Total Equity	353,807	338,932	4.4%
LIABILITIES
Loans	2,044,323	1,957,380	4.4%
Provisions	10,589	11,393	-7.1%
Other Liabilities	848,659	870,332	-2.5%
Total Liabilities	2,903,571	2,839,105	2.3%
Total Liabilities and Equity	3,257,378	3,178,037	2.5%

Summary of the Statement of the Consolidated Financial Position

(Values in thousand euros)

Total Net Assets grew by 2.5% in relation to 31 December 2008, having reached 3,257,378 thousand euros, with the holdings in "CIMPOR - Cimentos de Portugal, SGPS, S.A." and "Banco Comercial Português, S.A.", being of particular importance as well as the investment in "Lagoas Park", the three representing a combined value of 1,302,920 thousand euros.

(Values in thousand euros)

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Lagoas Park - Edifício 2 – 2740-265 PORTO SALVO – PORTUGAL • Telephone 217 912 300 • Fax 217 94 11 20 / 21 / 26 Single Legal Person and Registration number 500 097 488 at the Commercial Registry of Cascais (Oeiras) Public Company - Share Capital: € 210,000,000 – Construction License number 24

The Indebtedness of the Group, which continues to be subject to careful control and integrated in the overall strategy defined long ago, reached 2,044,323 thousand euros, thus increasing by 86,943 thousand euros in this first semester, during which more significant investment was made in "Lagoas Park" and in Cascais Hospital, as well as in the activities under development in Angola and Brazil.

The net Indebtedness of the Group increased by 86,780 thousand euros in comparison to 31 December 2008, standing at 1,938,682 thousand euros on 30 June 2009.

(Values in thousand euros)

The abovementioned evolutions reflect an investment policy and strengthening of the equity of Grupo Teixeira Duarte, which has permitted a significant increase in its assets, in spite of the devaluation occurred in the Financial Assets Available for Sale. On this issue, it is pertinent to note that just the holdings in "Banco Comercial Português, S.A." and "CIMPOR - Cimentos de Portugal, SGPS, S.A.", valued at 995,479 thousand euros in accordance with the respective stock market prices on 30 June 2009, added to the "Lagoas Park" enterprise, valued at 268,189 thousand euros, represent 61.8% of the value of the Group's total debt.

To complement this usual reference, it should be noted that these three assets normally referred to due to their greater liquidity and objective market valuation, represent only 38.8% of the total assets of Grupo Teixeira Duarte.

Total Equity reached 353,807 thousand euros, corresponding to an increase of 4.4% in relation to 31 December 2008.

Financial Autonomy increased slightly from 10.7% as at 31 December 2008 to 10.9% as at 30 June 2009.

Regarding this point, it is important to note that the recording of the holdings owned by the Group in "Banco Comercial Português, S.A." and "Banco Bilbao Viscaya Argentaria, S.A.", at current market value would have a

significant impact on equity, which would then stand at 409 million euros, implying that the financial autonomy of Teixeira Duarte would rise, based on the figures registered today, from 10.9% to 12.3%.

Grupo Teixeira Duarte will maintain its attitude of particular caution relative to the approval of new investments and cost contention, while focusing its efforts on prudent participation in the main national tenders for construction work and continued growth in this sector abroad.

The Portfolio of Orders of Grupo Teixeira Duarte for the construction sector, which reached the impressive value of 2,058,893 thousand euros on 30 June 2009, increased by 3.1% in comparison to 31 December 2008, thus ensuring good levels of activity, especially in the current context of such unfavourable economic circumstances .

The development of action in other activity sectors will also be pursued, whenever possible also giving priority to growth in external markets, which, due to their dynamics, are becoming increasingly important in Grupo Teixeira Duarte.

Overall, the target of Teixeira Duarte for 2009 remains the achievement of consolidated operating income of 1,500 million euros.

Lagoas Park, 31 August 2009

Investor's Relations,

_____________________________________ José Pedro Cobra Ferreira

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