1. Company Identification
1. Key Indicators
1. Teixeira Duarte Group 1 st Semester 2012
1. Interim Management Report
I. Introduction
II. Overall Assessment of the Activity
III. Facts Which Occurred After the End of the 1st Semester 2012
IV. Outlook for 2012
V. Notes to the Interim Management Report
1. Statement of Conformity
1. Consolidated Financial Statements
I. Consolidated Statement of the Financial Position
II. Consolidated Income Statement for the Period
III. Consolidated Comprehensive Income Statement
IV. Consolidated Statement of Changes in Equity
V. Consolidated Cash Flow Statement
VI. Notes to the Consolidated Financial Statements

Teixeira Duarte, S.A.

PUBLIC COMPANY

Head Office: Lagoas Park, Edifício 2 - 2740-265 Porto Salvo Share Capital: € 420.000.000 Single Legal Person and Registration Number at the Commercial Registry of Cascais-Oeiras 509.234.526

KEY INDICATORS

Grupo Teixeira Duarte	1st S 2008	1st S 2009	1st S 2010	1st S 2011	1st S 2012	% Variation 2012/2011
Workers	12,746	13,462	12,901	11,797	10,535	(10.7%)
Sales/Services Rendered	583	603	667	611	588	(3.8%)
Operating Income	632	635	694	628	608	(3.1%)
EBITDA	9 3	6 4	7 2	7 7	8 6	12.1%
EBITDA / Turnover Margin	16%	11%	11%	13%	15%	16.5%
EBIT	7 1	3 7	3 5	4 6	5 8	28.0%
Tangible fixed assets + Investment property	832	951	1,033	1,039	1,041	0.2%
Investments in associates + Assets available for sale + Other investments	1,393	1,177	329	229	139	(39.3%)
Net Debt	1,994	1,939	1,105	1,148	929	(19.1%)
Total Equity	535	353	596	465	321	(31.1%)
Net Income Attributable to Shareholders	(256)	1 8	5 2	(58)	(4)	-

Notes:

The book values are expressed in million euros.

The figures in the "% Variation 2012/2011" column were calculated based on values that were not rounded off.

Total Equity includes non-controlling interests.

I - INTRODUCTION

Under the terms and for the effect of the applicable legal and regulatory provisions, TEIXEIRA DUARTE, S.A ("TD, S.A.") hereby discloses the Interim Report relative to the first semester of 2012, of which the financial statements attached herewith are also an integral part.

In compliance with and under the legislation on the presentation of periodic information, it should be noted that the elements disclosed herein refer only to the consolidated position and that the financial statements and their respective notes were prepared based on the International Accounting Standard IAS 34 - Interim Financial Reporting, with the scope and details established in the Law.

Without prejudice to the regular monitoring of the activity of the Teixeira Duarte Group by its Supervisory Bodies, as well as through the information reported to the Supervisory Bodies for the purpose of the preparation of this document, the elements published herein are not, pursuant to the applicable provisions, subject to auditing.

In addition to the Consolidated Financial Statements and respective notes, this document also presents a brief description of the evolution of the Group's activity during the period under analysis, relative to which we highlight the following aspects:

Net Profit Attributable to Shareholders was negative by 3.6 million euros;
Turnover of 588.4 million euros;
EBITDA of 85.9 million euros;
EBITDA / Turnover Margin of 14.6%;
Net Debt of 928.8 million euros;
Net Assets of the Group of 2,720 million euros;
Financial Autonomy of 11.8%;
Portfolio of Orders of the Teixeira Duarte Group for the construction sector worth more than 2,435 million euros.

II – OVERALL ASSESSMENT OF THE ACTIVITY

Operating income 608,096 627,517 (3.1%) 315,380 308,156 2.3% Operating costs 522,165 550,869 (5.2%) 268,806 282,225 (4.8%) EBITDA 85,931 76,648 12.1% 46,574 25,931 79.6% Amortisation and depreciation 27,909 29,043 (3.9%) 14,187 14,525 (2.3%) Provisions (329) 2,026 - 1,452 2,710 (46.4%) EBIT 58,351 45,579 28.0% 30,935 8,696 255.7% Financial results (60,370) (109,029) - (42,170) (84,371) - Pre-tax profit (2,019) (63,450) - (11,235) (75,675) - Income tax 2,059 6,283 (67.2%) (3,491) 3,801 - Net income (4,078) (69,733) - (7,744) (79,476) - Attributable to: Shareholders (3,575) (57,822) - (9,811) (65,715) - Non-controlling interests (503) (11,911) - 2,067 (13,761) - 1st S 12 1st S 11 Var (%) 2nd Q 12 2nd Q 11 Var (%)

Income Statement

for the periods ended on 30 June 2012 and 2011

(Values in thousand euros)

The Consolidated Net Profit Attributable to Shareholders was negative by 3,575 thousand euros.

During the first six months this indicator was influenced by the recording of impairment losses in the holdings owned in "Banco Comercial Português, S.A." and "Banco Bilbao Viscaya Argentaria, S.A.", which had an impact on net income of 12,938 thousand euros and 1,718 thousand euros, respectively.

At the end of the first semester of last year, net income had been penalised by the recording of an impairment loss, only in the holding owned in "Banco Comercial Português, S.A.", of the value of 42,798 thousand euros.

Turnover declined by 3.8% relative to the first semester of 2011, having reached 588,404 thousand euros.

(Values in thousand euros)

In overall terms, Portugal fell by 25.2% and the external market increased by 10.3%, thus accounting for 69.2% of the total Turnover of the Teixeira Duarte Group.

Evolution of Turnover by Market

The tables below present the Turnover detailed by countries and activity sectors, clearly indicating the exposure of the Group to different economic contexts.

Country	1st S 12	Contribution (%)	1st S 11	Contribution (%)	Var (%)	2nd Q 12	Contribution (%)	2nd Q 11	Contribution (%)	Var (%)
Portugal	181,502	30.8%	242,629	39.7%	(25.2%)	86,974	28.5%	119,239	39.4%	(27.1%)
Angola	294,529	50.1%	227,057	37.1%	29.7%	154,561	50.7%	112,979	37.4%	36.8%
Algeria	23,280	4.0%	25,288	4.1%	(7.9%)	13,509	4.4%	18,753	6.2%	(28.0%)
Brazil	42,004	7.1%	72,657	11.9%	(42.2%)	22,852	7.5%	29,572	9.8%	(22.7%)
Spain	11,116	1.9%	13,648	2.2%	(18.6%)	5,522	1.8%	7,448	2.5%	(25.9%)
Mozambique	14,301	2.4%	15,387	2.5%	(7.1%)	10,873	3.6%	3,508	1.2%	209.9%
Venezuela	16,635	2.8%	3,938	0.6%	322.4%	7,356	2.4%	3,385	1.1%	117.3%
Other	5,037	0.9%	10,769	1.8%	(53.2%)	3,303	1.1%	7,576	2.5%	(56.4%)
	588,404	100.0%	611,373	100.0%	(3.8%)	304,950	100.0%	302,460	100.0%	0.8%

Turnover by Country

(Values in thousand euros)

Evolution of Turnover by Activity Sector

Activity Sector	1st S 12	1st S 11	Var (%)	2nd Q 12	2nd Q 11	Var (%)
Construction	247,699	319,858	(22.6%)	127,059	157,825	(19.5%)
Cement, Concrete and Aggregates	-	7,079	-	-	5,357	-
Concessions and Services	29,873	27,952	6.9%	15,165	14,946	1.5%
Real Estate	32,858	46,222	(28.9%)	18,013	20,172	(10.7%)
Hotel Services	40,046	28,790	39.1%	21,115	12,885	63.9%
Distribution	73,752	57,710	27.8%	38,449	30,511	26.0%
Energy	64,429	60,534	6.4%	28,792	31,422	(8.4%)
Automobile	99,747	63,228	57.8%	56,357	29,342	92.1%
	588,404	611,373	(3.8%)	304,950	302,460	0.8%

(Values in thousand euros)

The charts below present an analysis of this indicator, with its evolution by activity sector:

Turnover of Construction Construction Turnover decreased by 22.6% compared with the first semester of June 2011, in particular showing a decline in the internal market, by the end of the period, of 40.8%.

On the Angolan market, in spite of the increase of 5.5%, excluding the effect of the appreciation of the USD, this indicator showed an effective decline of 2.7%.

The Algerian, Brazilian and Mozambican markets fell by 7.9%, 49% and 21.1%, respectively.

Particular note should be made of the impact of the new works in Venezuela, where turnover grew by 3,938 thousand euros to stand at 16,635 thousand euros.

Consequently, as at 30 June 2012, the external market represented 64.7% of the Construction turnover.

Turnover of Concessions and Services

Turnover of Real Estate

Turnover of Hotel Services

Turnover of Distribution

In Concessions and Services, the Turnover grew by 6.9% compared with the first six months of 2011, with good performance the External markets.

In Portugal, in spite of the strongly adverse circumstances, the Group managed to maintain the same levels of activity as those recorded in June 2011.

Real Estate decreased, as a whole, by 28.9% compared with the first six months of 2011, essentially due to the decline in the Group's main markets, Portugal and Brazil, which decreased respectively by 19.4% and 28.3% relative to June 2011, in the first case as a result of market circumstances and the second due to the specific cycle of the activity.

The Turnover of Hotel Services increased by 39.1% year-on-year.

This increase was essentially due to the good performance of most of the Group's hotels, especially with the contribution of Hotel Baía, which became started-up operations in July 2011.

Distribution grew by 27.8% compared with June 2011, indicating the success of the Shop promotion actions and expansion to other segments and products.

In the Angolan market this indicator stood at 28.7% where, excluding the currency conversion effect arising from the appreciation of the USD, this increase would have been 18.7%, corresponding to an effective growth of the activity.

In Energy, the Group's Turnover grew by 6.4% year-on-year, essentially due to the increased international prices of oil products.

99,747 Turnover of Automobile

The Automobile sector increased its Turnover by 57.8% in relation to the first semester of the previous year.

Excluding the currency conversion effect, there was an effective growth of the activity level of 45.5%, with this good performance being attributed especially to the expansion of the marketed range and optimisation of the operation.

Consolidated operating income decreased by 3.1% in comparison to June 2011, reaching the value of 608,096 thousand euros.

Evolution of Consolidated Operating Income

(Values in thousand euros)

In spite of the decrease recorded in this indicator, essentially due to the decline of the Construction and Real Estate sectors, particular note should be made of the good performance achieved in the Hotel Services, Distribution and Automobile sectors.

	Internal Market				External Market		Total
Activity Sector	1st S 12	1st S 11	Var (%)	1st S 12	1st S 11	Var (%)	1st S 12	1st S 11	Var (%)
Construction	93,282	152,372	(38.8%)	166,348	173,419	(4.1%)	259,630	325,791	(20.3%)
Cement, Concrete and Aggregates	-	-	-	-	7,245	-	-	7,245	-
Concessions and Services	10,117	10,430	(3.0%)	20,737	18,350	13.0%	30,854	28,780	7.2%
Real Estate	15,563	21,199	(26.6%)	19,671	29,876	(34.2%)	35,234	51,075	(31.0%)
Hotel Services	6,328	7,274	(13.0%)	33,921	21,612	57.0%	40,249	28,886	39.3%
Distribution	487	655	(25.6%)	75,046	59,178	26.8%	75,533	59,833	26.2%
Energy	65,585	61,533	6.6%	31	-	-	65,616	61,533	6.6%
Automobile	11	27	-	100,969	64,347	56.9%	100,980	64,374	56.9%
Total	191,373	253,490	(24.5%)	416,723	374,027	11.4%	608,096	627,517	(3.1%)

Operating Income by activity and geographical markets

(Values in thousand euros)

The contribution of each activity sector to the total value of consolidated operating income was as follows:

In spite of the fall in income referred to above, the optimisation of means and resources enabled an even greater reduction of costs.

Evolution of Consolidated EBITDA

(Values in thousand euros)

Analysing this indicator by sector of activity, the table below shows very divergent performance amongst the different business areas according to the specific characteristics of each activity and the respective markets in which they operate.

EBITDA evolution by Activity

Activity Sector	1st S 12	1st S 11	Var (%)	2nd Q 12	2nd Q 11	Var (%)
Construction	15,483	31,496	(50.8%)	4,358	4,804	(9.3%)
Cement, Concrete and Aggregates	-	(201)	-	-	374	-
Concessions and Services	5,558	8,198	(32.2%)	3,458	4,592	(24.7%)
Real Estate	17,707	20,804	(14.9%)	9,853	5,408	82.2%
Hotel Services	19,357	9,425	105.4%	10,605	5,663	87.3%
Distribution	11,938	4,291	178.2%	7,082	1,984	257.0%
Energy	1,874	3,268	(42.7%)	1,141	1,260	(9.4%)
Automobile	18,991	6,928	174.1%	11,284	3,417	230.2%
Not allocated to segments	(4,993)	(7,637)	-	(1,198)	(1,607)	-
Elimination	1 6	7 6	(78.9%)	(9)	3 6	(125.0%)
	85,931	76,648	12.1%	46,574	25,931	79.6%

(Values in thousand euros)

The consolidated EBITA / Turnover margin increased by 16.5% relative to the first semester of 2011, having grown from 12.5% to 14.6% as at June 2012.

Evolution of the EBITDA / Consolidated Turnover Margin

Although the financial results were negative by 60,370 thousand euros in the semester ended on 30 June 2012, the comparison with the previous year is very positive, since this indicator had been negative by 109,029 thousand euros for the same period. Indeed, although the interest that was paid increased, the variation of this indicator was favourable mainly due to the lower impact of the currency conversion differences and impairments.

	1st S 12	1st S 11	Var (%)	2nd Q 12	2nd Q 11	Var (%)
Financial costs and losses:	84,008	104,516	(19.6%)	41,000	37,749	8.6%
Interest paid	40,315	34,405	17.2%	21,517	18,827	14.3%
Unfavourable currency conversion differences	28,160	61,104	(53.9%)	10,779	14,602	(26.2%)
Other financial costs and losses	15,533	9,007	72.5%	8,704	4,320	101.5%
Financial income and gains:	42,104	62,605	(32.7%)	14,531	22,986	(36.8%)
Interest received	9,886	10,918	(9.5%)	5,745	6,978	(17.7%)
Favourable currency conversion differences	29,278	48,804	(40.0%)	7,494	13,958	(46.3%)
Cash discounts	260	405	(35.8%)	125	268	(53.4%)
Other financial income and gains	2,680	2,478	8.2%	1,167	1,782	(34.5%)
Earnings from investment activities:	(18,466)	(67,118)	-	(15,701)	(69,608)	-
Earnings from associates	(996)	(21,715)	-	1,362	(22,589)	-
Dividends	1,169	1,072	9.0%	746	536	39.2%
Other investments	(1,531)	2,399	-	(701)	1,319	-
Gains / loss in assets available for sale	(17,108)	(48,874)	-	(17,108)	(48,874)	-
Financial results	(60,370)	(109,029)	-	(42,170)	(84,371)	-

(Values in thousand euros)

Income Tax for the semester ended on 30 June 2012 reached the value of 2,059 thousand euros, while at the end of the first six months of 2011 it had stood at 6,283 thousand euros.

	1st S 12	1st S 11	Var (%)	2nd Q 12	2nd Q 11	Var (%)
Current tax	17,939	11,972	49.8%	7,586	8,751	(13.3%)
Deferred tax	(15,880)	(5,689)	-	(11,077)	(4,950)	-
	2,059	6,283	(67.2%)	(3,491)	3,801	-

(Values in thousand euros)

Total Net Assets as at 30 June 2012 stood at 2,720,210 thousand euros, reflecting a decrease of 1.2% in relation to 31 December 2011.

Evolution of Consolidated Net Assets

The Net Debt of the Group reached 928,818 thousand euros as at 30 June 2012, reflecting an increase of 0.21% in relation to the end of the previous year.

Evolution of Consolidated Net Debt

⁽Values in thousand euros)

Total Equity decreased by 3.7% in relation to 31 December 2011, having reached 320,510 thousand euros, influenced essentially by the negative currency conversion effect of 5,131 thousand euros, as a result of the Currencies in which the Group operates relative to the Euro and the negative hedging operation effect of 1,486 thousand euros, arising from the variation of the fair value of an interest rate swap financial instrument contracted under the Cascais Hospital concession.

Financial Autonomy fell from 12.1% as at 31 December 2011 to 11.8% as at 30 June 2012.

The Average Number of Workers at the end of the semester under consideration was 10,535, reflecting a decrease of 5.8% compared with 31 December 2011.

On this issue, it should be noted that the decrease which took place was due to the reduction of 393 workers in the external market and 253 in Portugal.

"Teixeira Duarte, S.A." shares appreciated from 0.21 euros as at 31 December 2011 to 0.22 euros as at 30 June 2012.

The graph below shows the evolution of the stock market prices of the shares during the first six months of the year, which varied over this period between a minimum of 0.18 euros and maximum of 0.29 euros.

Teixeira Duarte, S.A. Share Prices

During this period, 16,287,285 shares were traded on the stock market, with a total turnover of 3,731,563 euros.

III. FACTS WHICH OCCURRED AFTER THE END OF THE 1st SEMESTER 2012

In this context, "TEIXEIRA DUARTE, S.A." discloses that its 100% held company "TEIXEIRA DUARTE – Engenharia e Construções, S.A.", following previous agreement with the Spanish company "FERROVIAL AEROPUERTOS, S.A." under the foreseen process of privatisation of "ANA – Aeroportos de Portugal, S.A.", communicated to the market on 10 November 2008 and whose period of enforcement had in the meantime expired, concluded on 18 July 2012 a new agreement with "FERROVIAL AEROPUERTOS, S.A.", namely with a view to the study of the terms and conditions to be established in the said privatisation process and, if applicable, the submission of a proposal and the constitution of a consortium composed of the above and other entities, to be defined at a later date.

IV. OUTLOOK FOR 2012

The Teixeira Duarte Group will maintain its attitude of particular caution and vigilance in relation to cost contention and undertaking of investments in its different sectors and markets of operation.

In spite of the decline during the semester, the Group holds firm to the outlook that the Construction sector will show growth of activity in various countries of importance in the Group's action on the external market, namely in Venezuela.

The Portfolio of Orders of the Teixeira Duarte Group for the construction sector reached the impressive total value of 2,435,449 thousand euros as at 30 June 2012, maintaining the level recorded as at 31 December 2011.

Therefore, and not counting any new contracts that may arise, the portfolio ensures that the Group has had good business levels in construction in the external market which, in spite of such unfavourable current circumstances in the internal market, has implied that, as a whole, Teixeira Duarte already has contracts for 2012 covering the execution of construction work of the value of 526,101 thousand euros, distributed as follows by the markets of operation:

In view of the above, Teixeira Duarte considers that there is no reason to alter the forecast of its achievement of consolidated operating income of 1,400 million euros in 2012.

V. NOTES TO THE MANAGEMENT REPORT

I. Number of securities of the Members of the Governing Bodies:

In compliance with the duties of information to which the Company is bound under various rules in force, in particular article 9, number 1, subparagraph a) and article 14, number 7 of CMVM Regulation number 5/2008, Teixeira Duarte, S.A. presents, below, the list of shares issued by the Company and by companies with which it is in a controlling or group relationship, owned by members of the governing bodies, as well as all the acquisitions, encumbrances or transfers during the first semester of 2012, specifying the amount, date of the fact and consideration paid or received.

I - Number of shares owned by Members of the Governing Bodies as at 31 December 2011:

Name	Capacity		Nr. of Shares
Pedro Maria Calainho Teixeira Duarte	Chairman of the Board of Directors	(a)	6.912.550
Manuel Maria Calainho de Azevedo Teixeira Duarte	Director		5.149.575
Joel Vaz Viana de Lemos	Director		433.862
Carlos Gomes Baptista	Director		25.634
Diogo Bebiano Branco de Sá Viana Rebelo	Director		31.160
António Gonçalves Monteiro	Chairman of the Supervisory Board		-
Mateus Moreira	Member of the Supervisory Board		-
Miguel Carmo Pereira Coutinho	Member of the Supervisory Board	(b)	10.000
Rogério Paulo Castanho Alves	Chairman of the Board of the General Meeting		-
José Gonçalo Pereira de Sousa Guerra Costenla	Deputy Chairman of the Board of the General Meeting		-
José Pedro Poiares Cobra Ferreira	Secretary of the Board of the General Meeting		-
Mariquito, Correia & Associados, SROC	Chartered Accountant		-

(a) 6,870,550 shares owned by the company, controlled by the Group, PACIM – Sociedade Gestora de Participações Sociais, S.A. (b) shares owned under a regime of joint ownership with his wife.

II - It is disclosed, for the due effect, that there were no transactions with shares held, directly and indirectly, by Members of the Governing Bodies during the period between 1 January and 30 June 2012.

III - Number of shares held by Members of the Governing Bodies as at 30 June 2012:

Name	Capacity		Nr. of Shares
Pedro Maria Calainho Teixeira Duarte	Chairman of the Board of Directors	(a)	6.912.550
Manuel Maria Calainho de Azevedo Teixeira Duarte	Director		5.149.575
Joel Vaz Viana de Lemos	Director		433.862
Carlos Gomes Baptista	Director		25.634
Diogo Bebiano Branco de Sá Viana Rebelo	Director		31.160
António Gonçalves Monteiro	Chairman of the Supervisory Board		-
Mateus Moreira	Member of the Supervisory Board		-
Miguel Carmo Pereira Coutinho	Member of the Supervisory Board	(b)	10.000
Rogério Paulo Castanho Alves	Chairman of the Board of the General Meeting		-
José Gonçalo Pereira de Sousa Guerra Costenla	Deputy Chairman of the Board of the General Meeting		-
José Pedro Poiares Cobra Ferreira	Secretary of the Board of the General Meeting		-
Mariquito, Correia & Associados, SROC	Chartered Accountant		-

(a) 6,870,550 shares owned by the company, controlled by the Group, PACIM – Sociedade Gestora de Participações Sociais, S.A.

(b)shares owned under a regime of joint ownership with his wife.

TEIXEIRA DUARTE, S.A. presents, below and under the terms of number 4 of article 448 of the Commercial Companies Code, the list of shareholders who, as at 30 June 2012 and according to the records of the Company and information received, own at least one tenth of the share capital.

Company	No. of Shares as at 30.06.12	% Share Capital
TEIXEIRA DUARTE – Sociedade Gestora de Participações Sociais, S.A.	197.950.000	47,13%

LIST OF OWNERS OF QUALIFYING HOLDINGS AS AT 31 JUNE 2012

In compliance with the applicable legal and regulatory provisions, namely those established in sub-paragraph c) of number 1 of article 9 of CMVM Regulation number 5/2008, and based on the Company's records and the information which has been received, TEIXEIRA DUARTE, S.A. discloses the list of owners of qualifying holdings in its share capital as at 30 June 2012, indicating the number of shares owned and corresponding percentage voting rights, calculated under the terms of article 20 of the Securities Market Code.

1. TEIXEIRA DUARTE Sociedade Gestora de Participações Sociais, S.A. is imputed, under the terms of the provisions in article 20 of the Securities Market Code and in conformity with the interpretation of the CMVM - with which it disagrees in relation to the matter presented in subparagraph e) below -, a qualifying holding in the share capital and voting rights of the company TEIXEIRA DUARTE, S.A. of 227,812,034 (two hundred and twenty-seven million eight hundred and twelve thousand and thirty-four) shares, corresponding to 54.24% of the share capital and respective voting rights, as a result of:
a) 197,950,000 shares owned directly by it, corresponding to 47.13% of the share capital and voting rights;
b) 5,800,000 shares owned by the company in which it has a stake NGDI Gestão e Investimento Imobiliário, S.A., corresponding to 1.38% of the share capital and voting rights;
c) 15,332,400 shares owned by members of the Board of Directors of TEIXEIRA DUARTE Sociedade Gestora de Participações Sociais, S.A., corresponding to 3.65% of the share capital and voting rights (none of whom, individually, reach any qualifying holding);
d) 8,729,634 shares owned by members of the Board of Directors of NGDI Gestão e Investimento Imobiliário, S.A. who are not members of the Board of Directors of the company indicated in subparagraph c) above, corresponding to 2.08% of the share capital and voting rights (none of whom, individually, reach any qualifying holding), with this imputation having been made in conformity with the interpretation of the CMVM, where there is disagreement.
1. Banco Comercial Português, S.A. is imputed, under the terms of the provisions in article 20 of the Securities Market Code and in conformity with the interpretation of the CMVM, the qualifying holding of 42,000,216 shares, corresponding to 10.0001% of the share capital and voting rights as a result of:
a) 500 shares held by Banco Comercial Português, S.A., corresponding to 0.0001% of the share capital and voting rights;
b) 41,999,716 shares owned by the Pensions Fund of the Banco Comercial Português Group corresponding to 9.9999% of the share capital and voting rights*.
1. Miguel Calainho de Azevedo Teixeira Duarte is imputed, under the terms of article 20 of the Securities Market Code, the qualifying holding of 37,454,773 shares, corresponding to 8.92% of the share capital and voting rights, as a result of:
a) 69,897 shares held directly by him, corresponding to 0.02% of the share capital and voting rights;
b) 37,384,876 shared owned by the company controlled indirectly by him CIMILE Sociedade Gestora de Participações Sociais, S.A., corresponding to 8.90% of the share capital and voting rights;
1. Miguel Calainho de Azevedo Teixeira Duarte is imputed, under the terms of article 20 of the Securities Market Code, the qualifying holding of 10,300,000 shares, owned directly by him, corresponding to 2.45% of the share capital and voting rights.
* Through communication received from "Banco Comercial Português, S.A." on 8 February 2007, it was indicated that the holding company of the Pensions Fund of the BCP Group exercises its voting rights in an independent manner.

_______________________________________________________________________________________________________

STATEMENT OF CONFORMITY

(under the terms of subparagraph c) of number 1 of article 246 of the Securities Market Code)

To the best of the signatories' knowledge, the information disclosed in the present report and respective financial statements was prepared in conformity with the applicable accounting standards, presenting a true and appropriate image of the assets and liabilities, financial situation and net income of TEIXEIRA DUARTE, S.A. and the companies included in the consolidation perimeter (TEIXEIRA DUARTE GROUP); and the interim management report faithfully discloses the information required under the terms of number 2 of the same article.

Lagoas Park, 31 August 2012

The Board of Directors,

Pedro Maria Calainho Teixeira Duarte

Manuel Maria Calainho de Azevedo Teixeira Duarte

Joel Vaz Viana de Lemos

Carlos Gomes Baptista

Diogo Bebiano Branco de Sá Viana Rebelo

CONSOLIDATED STATEMENT OF THE FINANCIAL POSITION AS AT 30 JUNE 2012 AND 31 DECEMBER 2011 (Values in thousand euros)

	Notes	30-06-2012	31-12-2011
Non-current assets:
Goodwill		35,568	34,107
Intangible assets		23,414	12,662
Tangible fixed assets	13	515,372	515,189
Investment properties	14	525,717	522,016
Investments in associates	15	59,455	58,264
Financial assets available for sale	17	52,944	70,052
Other investments		17,317	14,801
Deferred tax assets	18	120,611	107,000
Customers		51,857	86,275
Other receivables		84	83
Other non-current assets		1,786	1,878
Total non-current assets		1,404,125	1,422,327
Current assets:
Inventories		310,123	308,582
Customers		411,426	455,550
Other receivables		77,688	64,489
Cash and cash equivalents	20	262,971	291,693
Other investments		9,312	9,670
Other current assets		239,065	195,383
		1,310,585	1,325,367
Non-current assets held for sale		5,500	5,500
Total non-current assets		1,316,085	1,330,867
TOTAL ASSETS	7	2,720,210	2,753,194

Equity:
Share capital	21	420,000	420,000
Adjustments of holdings in associates		2,390	(1,205)
Currency conversion adjustments		25,633	31,018
Reserves and retained earnings		(196,858)	6,696
Consolidated net income		(3,575)	(200,437)
Equity attributable to shareholders		247,590	256,072
Non-controlling interests		72,920	76,579
TOTAL EQUITY		320,510	332,651

Non-current liabilities:
Loans	23	500,313	602,958
Provisions		28,670	29,172
Financial leases		206,181	216,342
Deferred tax liabilities	18	65,836	65,906
Other payables		18,927	20,867
Other non-current liabilities		253,237	251,217
Total non-current liabilities		1,073,164	1,186,462
Current liabilities:
Loans	23	691,476	615,608
Provisions		889	7,059
Suppliers		185,984	188,272
Financial leases		20,111	19,465
Other payables		41,180	42,399
Other current liabilities		386,896	361,278
Total current liabilities		1,326,536	1,234,081

TOTAL LIABILITIES	7	2,399,700	2,420,543

TOTAL LIABILITIES AND EQUITY		2,720,210	2,753,194

The notes are an integral part of the consolidated statement of the financial position as at 30 June 2012.

CONSOLIDATED INCOME STATEMENT FOR THE PERIODS ENDED ON 30 JUNE 2012 AND 2011 (Values in thousand euros)

	Notes	1st S 12	1st S 11	2nd Q 12	2nd Q 11
Operating income:
Sales and services rendered	7 and 8	588,404	611,373	304,950	302,460
Other operating income	8	19,692	16,144	10,430	5,696
Total operating income	8	608,096	627,517	315,380	308,156
Operating costs:
Cost of sales		(223,376)	(211,574)	(118,803)	(108,981)
Variation in production		(94)	5,090	(38)	2,929
External supplies and services		(160,265)	(201,287)	(75,385)	(103,549)
Staff costs		(111,006)	(118,249)	(58,747)	(58,503)
Amortisation and depreciation	7	(27,909)	(29,043)	(14,187)	(14,525)
Provisions and impairment losses in assets subject to depreciation and amortisation and Goodwill 7		329	(2,026)	(1,452)	(2,710)
Other operating costs		(27,424)	(24,849)	(15,833)	(14,121)
Total operating costs		(549,745)	(581,938)	(284,445)	(299,460)
Net operating income	7	58,351	45,579	30,935	8,696

Financial costs and losses	7 and 9	(84,008)	(104,516)	(41,000)	(37,749)
Financial income and gains	7 and 9	42,104	62,605	14,531	22,986
Earnings from investment activities:
Earnings from associates	7 and 9	(996)	(21,715)	1,362	(22,589)
Other	7 and 9	(17,470)	(45,403)	(17,063)	(47,019)
Financial results		(60,370)	(109,029)	(42,170)	(84,371)
Pre-tax profit	7	(2,019)	(63,450)	(11,235)	(75,675)
Income tax	10	(2,059)	(6,283)	3,491	(3,801)

Consolidated net income for the period		(4,078)	(69,733)	(7,744)	(79,476)
Net income attributable to:
Shareholders	11	(3,575)	(57,822)	(9,811)	(65,715)
Non-controlling interests		(503)	(11,911)	2,067	(13,761)
Earnings per share:
Basic	11	(0.01)	(0.14)	(0.02)	(0.16)
Diluted	11	(0.01)	(0.14)	(0.02)	(0.16)

The notes are an integral part of the consolidated income statement of the period ended on 30 June 2012.

CONSOLIDATED COMPREHENSIVE INCOME STATEMENT FOR THE PERIODS ENDED ON 30 JUNE 2012 AND 2011 (Values in thousand euros)

		1st S 12	1st S 11	2nd Q 12	2nd Q 11

Consolidated net income for the period		(4,078)	(69,733)	(7,744)	(79,476)

Variation in currency conversion adjustments		(5,131)	(19,999)	12,522	1,354
Variation in fair value and disposal of financial assets
available for sale	17	-	1,075	294	989
Effect of hedging operations		(1,486)	(2,118)	(1,378)	(3,532)
Effect of the application of the equity method	15	3,595	(4,468)	1,707	(237)
Other		(5,041)	4,794	(4,186)	2,975
		(8,063)	(20,716)	8,959	1,549

Comprehensive income for the period		(12,141)	(90,449)	1,215	(77,927)

Comprehensive income attributable to:
Shareholders		(8,482)	(74,388)	1,271	(63,183)
Non-controlling interests		(3,659)	(16,061)	(56)	(14,744)

The notes are an integral part of the consolidated comprehensive income statement of the period ended on 30 June 2012.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SEMESTERS ENDED ON 30 JUNE 2012 AND 2011 (Values in thousand euros)

							Reserves and retained earnings
		Notes Share Capital	Adjustments of holdings in associates	Currency conversion adjustments	Legal	Free	reserve reserves reserve	Hedging Fair value operations reserve	earnings		Total equity Retained Consolidated attributable net income to shareholders	Non-controlling interests	Total
Balance as at 1 January 2011	2 1	420,000	2,830	40,893	500		2,391 (13,980)	(1,868)	(23,636)	46,392	473,522	88,484	562,006
Comprehensive income for the period:
Consolidated net income for the period		-	-	-	-	-	-	-	-	(57,822)	(57,822)	(11,911)	(69,733)
Variation in currency conversion adjustments		-	-	(18,098)	-	-	-	-	-	-	(18,098)	(1,901)	(19,999)
Variation in fair value and disposal of financial assets
available for sale	1 7	-	-	-	-	-	1,075	-	-	-	1,075	-	1,075
Effect of hedging operations		-	-	-	-	-	-	(2,118)	-	-	(2,118)	-	(2,118)
Effect of the application of the equity method	1 5	-	(4,468)	-	-	-	-	-	-	-	(4,468)	-	(4,468)
Other		-	-	-	-	-	-	-	7,043	-	7,043	(2,249)	4,794
Operations with shareholders in the period:
Application of the consolidated net income for 2010:
Transfer to retained earnings		-	-	-	5,000	35,092	-	-	-	(40,092)	-	-	-
Dividends distributed		-	-	-	-	-	-	-	-	(6,300)	(6,300)	-	(6,300)
Balance as at 30 June 2011		420,000	(1,638)	22,795	5,500		37,483 (12,905)	(3,986)	(16,593)	(57,822)	392,834	72,423	465,257

							Reserves and retained earnings
		Notes Share Capital	Adjustments of holdings in associates	Currency conversion adjustments	Legal	Free reserve reserves reserve		Hedging Fair value operations reserve	earnings		Total equity Retained Consolidated attributable net income to shareholders	Non-controlling interests	Total
Balance as at 1 January 2012	2 1	420,000	(1,205)	31,018	5,500		37,483 (13,980)	(8,558)	(13,749)	(200,437)	256,072	76,579	332,651
Comprehensive income for the period:
Consolidated net income for the period		-	-	-	-	-	-	-	-	(3,575)	(3,575)	(503)	(4,078)
Variation in currency conversion adjustments		-	-	(5,385)	-	-	-	-	-	-	(5,385)	254	(5,131)
Variation in fair value and disposal of financial assets
available for sale	1 7	-	-	-	-	-	-	-	-	-	-	-	-
Effect of hedging operations		-	-	-	-	-	-	(1,486)	-	-	(1,486)	-	(1,486)
Effect of the application of the equity method	1 5	-	3,595	-	-	-	-	-	-	-	3,595	-	3,595
Other		-	-	-	-	-	-	-	(1,631)	-	(1,631)	(3,410)	(5,041)
Operations with shareholders in the period:
Application of the consolidated net income for 2011:
Transfer to retained earnings		-	-	-	-	-	-	-	(200,437)	200,437	-	-	-
Balance as at 30 June 2012		420,000	2,390	25,633	5,500		37,483 (13,980)	(10,044)	(215,817)	(3,575)	247,590	72,920	320,510

The notes are an integral part of the consolidated statement of changes in equity for the period ended on 30 June 2012.

CONSOLIDATED CASH FLOW STATEMENT FOR THE PERIODS ENDED ON 30 JUNE 2012 AND 2011 (Values in thousand euros)

	Notes	1st S 12	1st S 11	2nd Q 12	2nd Q 11
OPERATING ACTIVITIES:
Receipts from customers		716,463	609,442	363,121	327,529
Payments to suppliers		(420,626)	(438,415)	(199,055)	(222,159)
Staff payments		(110,755)	(115,400)	(58,682)	(60,827)
Cash flow generated by operations		185,082	55,627	105,384	44,543
Payment/receipt of income tax		(26,216)	(22,569)	(17,444)	(18,692)
Other receipts/payments relative to operating activity		(79,178)	(31,532)	(50,588)	(8,653)
Cash flow from operating activities (1)		79,688	1,526	37,352	17,198
INVESTMENT ACTIVITIES:
Receipts derived from:
Financial investments	20	4,900	10,925	459	4,495
Tangible fixed assets and Investment properties		3,448	3,404	2,097	1,463
Interest and similar income		9,012	11,634	5,342	7,188
Dividends	20	1,392	1,278	750	736
		18,752	27,241	8,648	13,882

Payments relative to:
Financial investments	20	(12,053)	(16,100)	(3,532)	(9,100)
Tangible fixed assets and Investment properties		(49,751)	(50,937)	(28,212)	(29,266)
Intangible assets		(3,798)	(344)	(3,786)	(157)
		(65,602)	(67,381)	(35,530)	(38,523)
Cash flow from investment activities (2)		(46,850)	(40,140)	(26,882)	(24,641)
FINANCING ACTIVITIES:
Receipts derived from:
Loans raised		970,164	1,519,944	519,970	645,457
Payments relative to:
Loans raised		(996,941)	(1,425,993)	(538,577)	(641,944)
Interest and similar costs		(40,061)	(32,245)	(24,527)	(17,519)
Dividends		-	(6,300)	-	(6,300)
		(1,037,002)	(1,464,538)	(563,104)	(665,763)
Cash flow from financing activities (3)		(66,838)	55,406	(43,134)	(20,306)

Variation in cash and cash equivalents (4)=(1)+(2)+(3)		(34,000)	16,792	(32,664)	(27,749)
Effect of currency conversion differences		5,278	(3,974)	11,817	(395)
Cash and cash equivalents - perimeter change		-	(69)	-	(69)
Cash and cash equivalents at the beginning of the period	20	291,693	137,837	283,818	178,799
Cash and cash equivalents at the end of the period	20	262,971	150,586	262,971	150,586

The notes are an integral part of the cash flow statement of the period ended on 30 June 2012.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT 30 JUNE 2012

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 420,000,000 shares at 1 euro 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 business group of Teixeira Duarte ("Group") is composed of the companies in which it holds stakes, indicated in Notes 4, 15 and 16. The main activities of the Group are the following: Construction; Concessions and Services; Real Estate; Hotel Services; Distribution; Energy and Automobile (Note 7).

The values indicated are expressed in thousand euros.

2 - BASIS OF PRESENTATION

The consolidated financial statements as at 30 June 2012 were prepared using the accounting policies consistent with the International Financial Reporting Standards ("IFRS"), as adopted by the European Union, effective for periods beginning on 1 January 2012 and in conformity with IAS 34 - Interim Financial Reporting.

3 - ALTERATIONS OF POLICIES, ESTIMATES AND ERRORS

During the semester ended on 31 June 2012, there were no alterations to the accounting policies considered in the preparation of the financial information relative to the financial year ended on 31 December 2011 of impact on the Consolidated Financial Position or Consolidated Result of the operations, and no material errors were recorded or alterations made to the accounting estimates relative to previous years..

4 - COMPANIES INCLUDED IN THE CONSOLIDATION PERIMETER

As at 30 June 2012, TEIXEIRA DUARTE, S.A. and the following controlled companies were included in the consolidation, by the full method:

Corporate name	Head office	Effective percentage holding
INTERNAL MARKET
CONSTRUCTION
CONSTRUSALAMONDE, ACE	Edifício 2, Lagoas Park Porto Salvo	92.50%
EPOS - Empresa Portuguesa de Obras Subterrâneas, S.A.	Edifício 1, Lagoas Park Porto Salvo	100.00%
OFM - Obras Públicas, Ferroviárias e Marítimas, S.A.	Edifício 1, Lagoas Park Porto Salvo	60.00%
SOMAFEL - Engenharia e Obras Ferroviárias, S.A.	Edifício 1, Lagoas Park Porto Salvo	60.00%
TEIXEIRA DUARTE – Engenharia e Construções, S.A.	Edifício 2, Lagoas Park Porto Salvo	100.00%
CONCESSIONS AND SERVICES
INVICTAAMBIENTE - Recolha de Resíduos e Limpeza Pública, S.A.	Praça do Bom Sucesso, nº 61 - Escritórios 501 e 502 Porto	100.00%
MARINERTES, S.A.	Edifício 1, Lagoas Park Porto Salvo	51.00%
RECOLTE - Recolha, Tratamento e Eliminação de Resíduos, S.A.	Edifício 1, Lagoas Park Porto Salvo	100.00%
SATU-Oeiras - Sistema Automático de Transporte (a) Urbano, S.A.	Edifício Paço de Arcos, E.N. 249/3 Paço de Arcos	49.00%
TDGI - Tecnologia de Gestão de Imóveis, S.A.	Edifício 1, Lagoas Park Porto Salvo	100.00%
TDHOSP - Gestão de Edifício Hospitalar, S.A.	Edifício 2, Lagoas Park Porto Salvo	100.00%
REAL ESTATE
BONAPARTE - Imóveis Comerciais e Participações, S.A.	Edifício 2, Lagoas Park Porto Salvo	100.00%
Fundo de Investimento Imobiliário Fechado TDF	Edifício 2, Lagoas Park Porto Salvo	100.00%
IMOPEDROUÇOS - Sociedade Imobiliária, S.A.	Edifício 2, Lagoas Park Porto Salvo	100.00%
IMOTD - SGPS, S.A.	Edifício 2, Lagoas Park Porto Salvo	100.00%
QUINTA DE CRAVEL - Imobiliária, S.A.	Edifício 2, Lagoas Park Porto Salvo	100.00%
TDE - Empreendimentos Imobiliários, S.A.	Edifício 2, Lagoas Park Porto Salvo	100.00%
TD VIA - Sociedade Imobiliária, S.A.	Edifício 2, Lagoas Park Porto Salvo	93.75%
TDF - Sociedade Gestora de Fundos de Investimento Imobiliário, S.A.	Edifício 2, Lagoas Park Porto Salvo	100.00%
Teixeira Duarte - Gestão de Participações e Investimentos Imobiliários, S.A.	Edifício 2, Lagoas Park Porto Salvo	100.00%
TRANSBRITAL - Transportes e Britas Pio Monteiro	Pedreira das Perdigueiras - Laveiras	100.00%
& Filhos, S.A. V8 - Gestão Imobiliária, S.A.	Paço de Arcos Edifício 2, Lagoas Park Porto Salvo	100.00%

Corporate name	Head office	Effective percentage holding
HOTEL SERVICES
ESTA - Gestão de Hotéis, S.A.	Edifício 2, Lagoas Park Porto Salvo	100.00%
EVA - Sociedade Hoteleira, S.A.	Av. República, nº 1 Faro	100.00%
LAGOASFUT - Equipamento Recreativo e Desportivo, S.A.	Edifício 2, Lagoas Park Porto Salvo	100.00%
LAGOAS HOTEL, S.A.	Edifício 2, Lagoas Park Porto Salvo	100.00%
ROCHORIENTAL - Sociedade Hoteleira, S.A.	Edifício 2, Lagoas Park Porto Salvo	100.00%
SINERAMA - Organizações Turísticas e Hoteleiras, S.A.	Edifício 2, Lagoas Park Porto Salvo	100.00%
TDH - SGPS, S.A.	Edifício 2, Lagoas Park Porto Salvo	100.00%
TDHC - Instalações para Desporto e Saúde, S.A.	Edifício 2, Lagoas Park Porto Salvo	100.00%
DISTRIBUTION
BONAPAPEL - Artigos de Papelaria e Equipamentos Informáticos - Unipessoal, Lda.	Edifício 2, Lagoas Park Porto Salvo	100.00%
TEIXEIRA DUARTE - DISTRIBUIÇÃO S.A.	Edifício 1, Lagoas Park Porto Salvo	100.00%
ENERGY
ACG - Distribuição e Comércio de Gás, S.A. (b)	Rua das Lagoas - Campo Raso Sintra	44.64%
AP GÁS - Distribuição e Comércio de Gás, S.A. (b)	Rua das Lagoas - Campo Raso Sintra	44.64%
DIGAL - Distribuição e Comércio, S.A. (b)	Rua das Lagoas - Campo Raso Sintra	44.64%
DNGÁS - Distribuição e Comércio de Gás, S.A. (b)	Rua das Lagoas - Campo Raso Sintra	49.60%
GOMES & OLIVEIRA, S.A. (b)	Rua das Lagoas - Campo Raso Sintra	44.64%
MERCAPETRO - Produtos Petrolíferos, S.A. (b)	Rua Óscar da Silva, 2243 Leça da Palmeira	28.14%
MULTIGÁS - Sociedade Comercial e Distribuidora de Gás, S.A. (b)	Rua das Lagoas - Campo Raso Sintra	44,64%
PETRIN - Petróleos e Investimentos, S.A. (b)	Edifício 1, Lagoas Park Porto Salvo	47.50%
PPS - Produtos Petrolíferos, S.A. (b)	Edifício 1, Lagoas Park Porto Salvo	49.60%
PTG - SGPS, S.A.	Edifício 1, Lagoas Park Porto Salvo	99.20%
TANQUIGÁS - Distribuição e Comércio de Gás, S.A. (b)	Rua das Lagoas - Campo Raso Sintra	44.64%
TDARCOL - SGPS, S.A. (c)	Edifício 1, Lagoas Park Porto Salvo	49.60%
AUTOMOBILE

TDO - Investimento e Gestão, S.A.	Rua das Pretas, 4 - Fracção 4 D Funchal	100.00%
VTD - Veículos Automóveis, S.A.	Edifício 1, Lagoas Park Porto Salvo	100.00%

Corporate name	Head office	Effective percentage holding
OTHER
C + P.A. - Cimento e Produtos Associados, S.A.	Edifício 1, Lagoas Park	52.00%
TDEMPA - Gestão de Participações e	Porto Salvo Rua das Pretas, 4 - Fracção 4 D	100.00%
Investimentos, S.A. TDO - SGPS, S.A.	Funchal Rua das Pretas, 4 - Fracção 4 D	100.00%
TEDAL - SGPS, S.A.	Funchal Edifício 2, Lagoas Park Porto Salvo	100.00%
EXTERNAL MARKET
SOUTH AFRICA
DISTRIBUTION
Global Net Distributors (Pty) Ltd.	Po Box 15318 Farrarmere – Benon – Gauteng 1518 South Africa	100.00%
ANGOLA
CONSTRUCTION
ANGOCIME - Cimentos de Angola, Lda.	Rua Comandante Che Guevara, 67 - 1º D Luanda	100.00%
BEL-ere – Engenharia e Reabilitação de Estruturas Angola, Lda.	Alameda Manuel Van-Dúnem, 318 Luanda	100.00%
BETANGOLA - Betões e Pré-Fabricados de Angola, Lda.	Rua Comandante Che Guevara, 67 - 1º D Luanda	100.00%
CONCESSIONS AND SERVICES
EDUCARE - Actividades Educativas e Culturais, Lda.	Rua Amílcar Cabral, 27 - R/C C	100.00%
TDGI - Tecnologia de Gestão de Imóveis, Lda.	Luanda Rua Comandante Che Guevara, 67 - 1º D Luanda	100.00%
REAL ESTATE
AFRIMO - Empreendimentos Imobiliários, Lda.	Rua Amílcar Cabral, 51 - 1º C	51.00%
ANGOPREDIAL - Empreendimentos Imobiliários, Lda.	Luanda Rua Amílcar Cabral, 27 - R/C D Luanda	100.00%
CASANGOL - Gestão Imobiliária, Lda.	Rua Amílcar Cabral, 27 - R/C D Luanda	100.00%
IMOAFRO - Empreendimentos Imobiliários, Lda.	Rua Amílcar Cabral, 27 - R/C D Luanda	100.00%
TEIXEIRA DUARTE - Engenharia e Construções (Angola), Lda.	Rua Amílcar Cabral, 27 - R/C D Luanda	100.00%
URBÁFRICA - Sociedade Imobiliária, Lda.	Rua Amílcar Cabral, 35 - 5º C Luanda	90.00%
HOTEL SERVICES
ALVALADE - Empreendimentos Turísticos e Hoteleiros, Lda.	Rua Comandante Gika – Bairro Maiango Luanda	100.00%

Corporate name	Head office	Effective percentage holding
ANGOIMO - Empreendimentos e Construções, Lda.	Rua Amílcar Cabral, 35 – 5º C	100.00%
SERAFIM L. ANDRADE, S.A.R.L.	Luanda Rua da Missão, 103	80.00%
URBANGO - Gestão Imobiliária, Lda.	Luanda Rua Amílcar Cabral, 27 - R/C D Luanda	100.00%
DISTRIBUTION
MAXI - Comércio Geral, Importação e Exportação, Lda. Rua Amílcar Cabral, 51 - 1º C		100.00%
MAXI RETAIL - Comércio Geral, Lda.	Luanda Avenida Pedro de Castro Van - Dúnem Luanda	100.00%
AUTOMOBILE
AUTO COMPETIÇÃO Angola, Lda.	Rua Eugénio de Castro, Instalações do	100.00%
COMÉRCIO DE AUTOMÓVEIS, Lda.	Cine Atlântico - Luanda Rua Frederich Engels, 9	100.00%
TDA - Comércio e Indústria, Lda.	Luanda Rua Amilcar Cabral, nº 27 R/C, Letra C	100.00%
VAUCO - Automóveis e Equipamentos, Lda.	Luanda Rua Ho Chi Min (Largo 1º de Maio)	51.00%
AUTO 8, Lda.	Luanda Via A-1, Lote CCB-5 - Pólo Automóvel Luanda	100.00%
ALGERIA
CONSTRUCTION
TEIXEIRA DUARTE ALGERIE, SPA	Parc Miremont, Rue A, nº 136 Bouzareah Algiers	99.94%
BRAZIL
CONSTRUCTION
EMPA - Serviços de Engenharia, S.A.	Rua Major Lopes, 800	100.00%
SOMAFEL - Obras Ferroviárias e Marítimas, Ltda.	Bairro São Pedro - Belo Horizonte Rua Major Lopes, 800 – sala 306 Bairro São Pedro – Belo Horizonte	60.00%
CONCESSIONS AND SERVICES
EMPA Logística, Ltda.	Rua Major Lopes, 800 - sala 410	99.67%
GONGOJI Montante Energia, S.A.	Bairro São Pedro - Belo Horizonte Rua Major Lopes, 800 - sala 310	99.99%
PAREDÃO de Minas Energia, S.A.	Bairro São Pedro - Belo Horizonte Rua Major Lopes, 800 - sala 306	99.99%
TABOQUINHA Energia, S.A.	Bairro São Pedro - Belo Horizonte Rua Major Lopes, 800 - sala 308 Bairro São Pedro - Belo Horizonte	99.99%
REAL ESTATE
TDPG - Empreendimentos Imobiliários e Hoteleiros, Ltda.	Avenida Domingos Ferreira nº 4060, sala 301 Boa Viagem - Cidade de Recife	100.00%

Corporate name	Head office	Effective percentage holding
TDSP - Participações, Ltda.	Rua Iguatemi, nº 448, 14º andar, Conjunto 1401 Itaim Bibi - São Paulo	100.00%
TDSP - Elisa de Moraes Empreendimentos Imobiliários, Ltda.	Rua Iguatemi, nº 448, 14º andar, Conjunto 1401 Itaim Bibi - São Paulo	90.00%
TDSP - Bela Vista Empreendimentos Imobiliários, SPE, Ltda.	Rua Iguatemi, nº 448, 14º andar, Conjunto 1401 Itaim Bibi - São Paulo	92.65%
TDSP - Galeno de Castro, Empreendimentos Imobiliários, SPE, Ltda.	Rua Iguatemi, nº 448, 14º andar, Conjunto 1401 Itaim Bibi - São Paulo	92.65%
TDSP - Maratona, Empreendimentos Imobiliários, SPE, Ltda.	Rua Iguatemi, nº 448, 14º andar, Conjunto 1401 Itaim Bibi - São Paulo	92.65%
TDSP - Direitos Humanos, Empreendimentos Imobiliários, SPE, Ltda.	Rua Iguatemi, nº 448, 14º andar, Conjunto 1401 Itaim Bibi - São Paulo	92.65%
TDSP – Alta Vista I, Empreendimentos Imobiliários, SPE, Ltda.	Rua Iguatemi, nº 448, 14º andar, Conjunto 1401 Itaim Bibi - São Paulo	92.65%
TDSP – Verum Mooca, Empreendimentos Imobiliários, SPE, Ltda.	Rua Iguatemi, nº 448, 14º andar, Conjunto 1401 Itaim Bibi - São Paulo	100.00%
TDSP – Gilberto Sabino, Empreendimentos Imobiliários, SPE, Ltda.	Rua Iguatemi, nº 448, 14º andar, Conjunto 1401 Itaim Bibi - São Paulo	95.00%
TDSP – Alta Vista II, Empreendimentos Imobiliários, SPE, Ltda.	Rua Iguatemi, nº 448, 14º andar, Conjunto 1401 Itaim Bibi - São Paulo	92.65%
TDSP – Gualaxos, Empreendimentos Imobiliários, SPE, Ltda.	Rua Iguatemi, nº 448, 14º andar, Conjunto 1401 Itaim Bibi - São Paulo	100.00%
TDSP – Alta Vista III, Empreendimentos Imobiliários, SPE, Ltda.	Rua Iguatemi, nº 448, 14º andar, Conjunto 1401 Itaim Bibi - São Paulo	92.65%
TDSP – Zanzibar, Empreendimentos Imobiliários, SPE, Ltda.	Rua Iguatemi, nº 448, 14º andar, Conjunto 1401 Itaim Bibi - São Paulo	92.50%
TDSP – Don Klabin, Empreendimentos Imobiliários, SPE, Ltda.	Rua Iguatemi, nº 448, 14º andar, Conjunto 1401 Itaim Bibi - São Paulo	92.50%
TDSP - 11, Empreendimentos Imobiliários, SPE, Ltda.	Rua Iguatemi, nº 448, 14º andar, Conjunto 1401 Itaim Bibi - São Paulo	100.00%
TDSP - 12, Empreendimentos Imobiliários, SPE, Ltda.	Rua Iguatemi, nº 448, 14º andar, Conjunto 1401 Itaim Bibi - São Paulo	99.99%
TDSP – Volta Redonda, Empreendimentos Imobiliários, SPE, Ltda.	Rua Iguatemi, nº 448, 14º andar, Conjunto 1401 Itaim Bibi - São Paulo	99.99%
TDSP - 14, Empreendimentos Imobiliários, SPE, Ltda.	Rua Iguatemi, nº 448, 14º andar, Conjunto 1401 Itaim Bibi - São Paulo	99.99%
TDSP - 15, Empreendimentos Imobiliários, SPE, Ltda.	Rua Iguatemi, nº 448, 14º andar, Conjunto 1401 Itaim Bibi - São Paulo	99.99%
TDSP - 16, Empreendimentos Imobiliários, SPE, Ltda.	Rua Iguatemi, nº 448, 14º andar, Conjunto 1401 Itaim Bibi - São Paulo	99.99%
TDSP - 17, Empreendimentos Imobiliários, SPE, Ltda.	Rua Iguatemi, nº 448, 14º andar, Conjunto 1401	99.99%

SPAIN

CONCESSIONS AND SERVICES

G.S.C. - Compañia General de Servicios
y Construcción, S.A. Sociedad Unipersonal	Av. Alberto Alcocer, 24 - 7º Madrid	100.00%
GIBRALTAR
CONSTRUCTION

Teixeira Duarte International, LTD. 23, Portland House - Glacis Road 100.00%

Gibraltar

Corporate name	Head office	Effective percentage holding
MACAU
CONSTRUCTION
Teixeira Duarte - Engenharia e Construções (Macau), Lda.	Rua de Xangai, 175 Edifício Assoc. Comercial de Macau, 10 A Macau	100.00%
MOZAMBIQUE
CONSTRUCTION
Teixeira Duarte - Engenharia e Construções (Moçambique), Lda.	Av. 24 de Julho, 141 Maputo	72,66%
CONCESSIONS AND SERVICES
TDGI - Tecnologia de Gestão de Imóveis, Lda.	Av. 24 de Julho, 141 Maputo	67.41%
REAL ESTATE
IMOPAR - Centro Comercial de Maputo, S.A.R.L.	Av. 24 de Julho, 135 Maputo	100.00%
HOTEL SERVICES
AVENIDA - Empreendimentos Turísticos e Hoteleiros, Lda. Sociedade Hotel Tivoli, Lda. TIVOLI BEIRA - Hotelaria e Serviços, Lda.	Av. 24 de Julho, 135 Maputo Av. 25 de Setembro, 1321 Maputo Av. 24 de Julho, 141	100.00% 65.00% 98.63%
	Maputo
NAMIBIA
CONCESSIONS AND SERVICES
KARIBIB Portland Cement (PTY) (d)	P O Box 9574 Windhoek Namibia	49.40%
KPC Trading and Services (d)	P O Box 2143 Windhoek Namibia	29.64%
SQUIRREL Investments 115 PTY, Ltd. (d)	P O Box 2143 Windhoek Namibia	49,40%
RUSSIA
CONCESSIONS AND SERVICES
MMK Cement, Limited Liability Company (d)	Murmansk Russia	36.40%
VENEZUELA
CONSTRUCTION
Consorcio Boyacá – La Guaira	Av. San Juan Bosco Ota Coromoto no Aplica Urb. Altamira – Caracas Venezuela	57.20%

Corporate name	Head office	Effective percentage holding
TEGAVEN - Teixeira Duarte y Asociados, C.A. (a)	Av. Este, 6 - Edif. Centro Parque Carabobo, Piso 6, Of. 601 - Caracas Venezuela	31.71%

(a) The Group controls these subsidiaries through the subsidiary Teixeira Duarte - Engenharia e Construções, S.A.

(b) The Group controls these subsidiaries through the subsidiary TDARCOL - SGPS, S.A.

(d) The Group controls these subsidiaries through the subsidiary C + P.A. - Cimento e Produtos Associados, S.A.

5 - CHANGES IN THE CONSOLIDATION PERIMETER

During the semester ended on 30 June 2012, no companies entered or left the consolidation perimeter, relative to the consolidation perimeter as at 31 December 2011.

6 - EXCHANGE RATES

The following exchange rates were used to convert the assets and liabilities expressed in foreign currency into Euros as at 30 June 2012 and 31 December 2011, as well as the results of the operations developed in countries where the functional currency is different from the Euro, for the semesters ended on 30 June 2012 and 2011:

		Closing rate		Average rate
Currency	30-06-2012	31-12-2011	Var	30-06-2012	30-06-2011	Var
US Dollar	1.2590	1.2939	(0.0349)	1.3017	1.4111	(0.1094)
Macaense Pataca	10.0588	10.3525	(0.2937)	10.4052	11.3036	(0.8984)
Mozambican Metical	34.8200	34.9600	(0.1400)	35.6957	43.1186	(7.4229)
Venezuelan Bolivar	5.4070	5.5568	(0.1498)	5.5905	6.0612	(0.4707)
Angolan Kwanza	118.6810	133.9285	(15.2475)	125.2234	130.8044	(5.5810)
Algerian Dinar	99.1085	98.3583	0.7502	98.2997	101.9993	(3.6996)
Moroccan Dirham	10.9926	11.0952	(0.1026)	11.1137	11.2971	(0.1834)
Brazilian Real	2.5788	2.4159	0.1629	2.4270	2.2850	0.1420
Ukrainian Hryvnia	10.1708	10.3641	(0.1933)	10.4647	11.2436	(0.7789)
Namibian Dollar	10.3669	10.4830	(0.1161)	10.3066	9.6466	0.6600
Cape Verdean Escudo	110.2650	110.2650	-	110.2650	110.2650	-
Russian Rouble	41.3700	41.7650	(0.3950)	40.1999	40.4349	(0.2350)
Tunisian Dinar	1.9912	1.9398	0.0514	1.9925	1.9615	0.0310
South Africa Rand	10.3669	10.4830	(0.1161)	10.3066	n/a	-

7 – SEGMENTAL INFORMATION

The Group is organised according to the following operating segments, corresponding to the business segments:

Construction;
Concessions and services;
Real estate;
Hotel services;
Distribution;
Energy;
Automobile.

The sales and services rendered and the results of each of the operating segments referred to above for the semesters ended on 30 June 2012 and 2011, were as follows:

Segment	Sales and services rendered
		1st S 12			1st S 11			Net operating income
	External customers	Inter-segmental	Total	External customers	Inter segmental	Total	1st S 12	1st S 11
Construction	247,699	29,039	276,738	319,858	52,779	372,637	(245)	13,019
Cement, concrete and aggregates	-	-	-	7,079	-	7,079	-	(1,402)
Concessions and services	29,873	7,410	37,283	27,952	7,873	35,825	3,619	6,374
Real estate	32,858	5,765	38,623	46,222	6,483	52,705	16,225	19,834
Hotel services	40,046	3,329	43,375	28,790	4,212	33,002	14,264	5,900
Distribution	73,752	3,903	77,655	57,710	3,570	61,280	10,066	2,898
Energy	64,429	1,298	65,727	60,534	1,709	62,243	941	2,269
Automobile	99,747	3,719	103,466	63,228	2,788	66,016	18,459	6,303
Not allocated to segments	-	-	-	-	-	-	(4,994)	(9,692)
Elimination	-	(54,463)	(54,463)	-	(79,414)	(79,414)	1 6	7 6
	588,404	-	588,404	611,373	-	611,373	58,351	45,579

Financial costs and losses (Note 9)							(84,008)	(104,516)
Financial income and gains (Note 9)							42,104	62,605
Earnings from investment activities (Note 9)							(18,466)	(67,118)
Pre-tax profit							(2,019)	(63,450)

Other information:

Segment	Fixed capital expenditure		Depreciation and amortisation through profit or loss		Provisions and impairment losses
	1st S 12	1st S 11	1st S 12	1st S 11	1st S 12	1st S 11
Construction	22,953	14,266	16,062	16,503	(334)	1,974
Cement, concrete and aggregates	-	177	-	1,149	-	52
Concessions and services	2,103	3,328	1,934	1,824	5	-
Real estate	400	13,117	1,482	970	-	-
Hotel services	5,383	14,157	5,093	3,525	-	-
Distribution	8,034	2,302	1,872	1,393	-	-
Energy	1,900	674	933	999	-	-
Automobile	568	145	532	625	-	-
Not allocated to segments	-	-	1	2,055	-	-
	41,341	48,166	27,909	29,043	(329)	2,026

The assets and liabilities of the segments and their respective reconciliation with the consolidated total, as at 30 June 2012 and 31 December 2011, are as follows:

					Assets				Liabilities
		30-06-2012					31-12-2011
Segment	Investments in associates (Note 15)	Financial assets available for sale (Note 17)	Other assets	Total	Investments in associates (Note 15)	Financial assets available for sale (Note 17)	Other assets	Total	30-06-2012	31-12-2011
Construction	19,785	-	1,559,663	1,579,448	21,483	-	1,810,631	1,832,114	1,196,719	1,259,610
Concessions and services	816	15,155	233,085	249,056	809	17,610	303,459	321,878	166,365	212,354
Real estate	92	33,375	1,611,275	1,644,742	192	46,317	1,711,240	1,757,749	1,230,414	1,313,841
Hotel services	-	-	345,921	345,921	-	-	353,190	353,190	309,242	320,576
Distribution	-	-	149,735	149,735	-	-	178,115	178,115	81,253	107,860
Energy	24	-	79,777	79,801	24	-	80,169	80,193	51,892	52,016
Automobile	-	-	157,403	157,403	-	-	178,943	178,943	119,943	129,225
Not allocated to segments	38,738	4,414	347,052	390,204	35,756	6,125	427,935	469,816	42,633	74,378
Elimination	-	-	(1,876,100)	(1,876,100)	-	-	(2,418,804)	(2,418,804)	(798,761)	(1,049,317)
	59,455	52,944	2,607,811	2,720,210	58,264	70,052	2,624,878	2,753,194	2,399,700	2,420,543

The sales, services rendered and information on non-current non-monetary assets by geographical segment are broken down as follows for the periods ended on 30 June 2012 and 2011 and as 30 June 2012 and 31 December 2011, respectively:

	Sales and services rendered		Non-monetary non-current assets
Geographic segment	1st S 12	1st S 11	30-06-2012	31-12-2011
Portugal	181,502	242,629	666,865	662,256
Angola	294,529	227,057	343,824	335,474
Algeria	23,280	25,288	12,244	11,987
Brazil	42,004	72,657	31,816	33,704
Spain	11,116	13,648	11,530	13,885
Mozambique	14,301	15,387	24,947	18,384
Venezuela	16,635	3,938	5,512	4,727
Other	5,037	10,769	3,333	3,557
	588,404	611,373	1,100,071	1,083,974

Non-current non-monetary assets include goodwill, tangible assets, intangible assets and investment properties.

8 - OPERATING INCOME

For the periods ended on 30 June 2012 and 2011, the operating income was as follows:

	1st S 12	1st S 11	2nd Q 12	2nd Q 11
Sales and services rendered:
Sales	460,617	454,574	243,625	225,576
Services rendered	127,787	156,799	61,325	76,884
	588,404	611,373	304,950	302,460

Other operating income:
Supplementary income	3,922	3,285	1,813	1,455
Disposal of assets (a)	2,723	2,155	1,573	710
Change in the fair value of investment properties (Note 14)	2,163	4,571	317	971
Tax refunds	1,876	858	21	512
Own work capitalised (b)	1,785	146	1,077	113
Inventory gains	1,231	2,226	616	1,072
Other operating income	5,992	2,903	5,013	863
	19,692	16,144	10,430	5,696
	608,096	627,517	315,380	308,156

(a) The gains indicated above were mainly obtained through the sale of tangible fixed assets to the value of 2,723 thousand euros (1,699 thousand euros as at 30 June 2011).

(b) Own work capitalised essentially corresponds to costs associated to the construction of property.

9 - FINANCIAL RESULTS

The financial results for the periods ended on 30 June 2012 and 2011 were as follows:

	1st S 12	1st S 11	2nd Q 12	2nd Q 11
Financial costs and losses:
Interest paid	(40,315)	(34,405)	(21,517)	(18,827)
Unfavourable currency conversion differences	(28,160)	(61,104)	(10,779)	(14,602)
Other financial costs and losses	(15,533)	(9,007)	(8,704)	(4,320)
	(84,008)	(104,516)	(41,000)	(37,749)
Financial income and gains:
Interest received	9,886	10,918	5,745	6,978
Favourable currency conversion differences	29,278	48,804	7,494	13,958
Cash discounts	260	405	125	268
Other financial income and gains	2,680	2,478	1,167	1,782
	42,104	62,605	14,531	22,986
Earnings from investment activities:
Earnings from associates (a)	(996)	(21,715)	1,362	(22,589)
Dividends (b)	1,169	1,072	746	536
Other investments	(1,531)	2,399	(701)	1,319
Gains / losses in the measurement of assets available for sale (Note 17)	(17,108)	(48,874)	(17,108)	(48,874)
	(18,466)	(67,118)	(15,701)	(69,608)
Financial results	(60,370)	(109,029)	(42,170)	(84,371)

(a) The earnings from associates for the semester ended on 30 June 2012 correspond to the effect of the application of the equity method to the investments in associates, where, for the semester ended on 30 June 2011, this heading includes the effect of the application of the equity method of 517 thousand euros (Note 15).

During the semester ended on 30 June 2011, the Group sold 34% of the company in which it holds a stake "ARENOR, S.L." and 3.75% of "ALVORADA PETRÓLEOS, S.A.", recording a capital loss of 11,024 and 184 thousand euros, respectively.

Furthermore, an impairment loss was also recorded in the remaining holding owned in the Spanish company "ARENOR, S.L.", which had an impact on the financial results of 11,024 thousand euros.

(b) As at 30 June 2012 the values presented correspond to dividends received from "Financial assets available for sale" of 264 thousand euros (314 thousand euros as at 30 June 2011) and the rest is from "Other investments".

During the semester ended on 30 June 2012, no interest was capitalised in the acquisition cost of qualifying assets (1,796 thousand euros as at 30 June 2011). For the effect of the capitalisation of financial costs associated to the acquisition cost of the qualifying assets, an average rate of 4.34% was used as at 30 June 2011.

10 - INCOME TAX

"TD, S.A." and most of the companies in which it holds a stake, based in Portugal, are subject to Corporate Income Tax (IRC) at the rate of 25%. Entities with reportable profit are also subject to the Municipal Surcharge (Derrama Municipal), whose rate may vary to the maximum of 1.5%, as the State Surcharge (Derrama Estadual), incident on taxable profit in excess of 1,500,000 euros and 10,000,000, at the rates of 3% and 5%, respectively. Independently of the profit for tax purposes recorded for the year, the abovementioned entities are also subject to autonomous taxation on charges at the rates established in article 88 of the Corporate Income Tax Code. In the calculation of the taxable profit, to which the abovementioned tax rates are applied, non-acceptable amounts for tax purposes are added to and subtracted from the book value profit. These differences between the book value profit or loss and the profit or loss for tax purposes may be of a temporary or permanent nature.

"TD, S.A." and the subsidiaries which are at least 90% held, directly and indirectly, with head office and effective management located in Portugal, have been taxed under the special taxation scheme for groups of companies (RETGS) since the financial year of 2003. This scheme consists of the aggregation of the taxable assets and liabilities of all the companies included in the consolidation perimeter, pursuant to article 63 and following of the Corporate Income Tax Code, with the application of the IRC rates to the overall result obtained in this manner, after deduction of the reported tax losses.

The value of tax calculated as above is increased by the Municipal and State Surcharge, if applicable, calculated individually and at the rates referred to above.

Pursuant to the legislation in force, tax returns in Portugal are subject to review and correction by the tax authorities for a period of four years (five years for Social Security), except when tax losses have been reported, tax benefits have been granted, or inspections, claims or disputes are underway, in which cases, depending on the circumstances, the periods of time are extended or suspended.

The Board of Directors believes that any corrections which might arise from any tax reviews/inspections to these tax returns will not significantly affect the consolidated financial statements as at 30 June 2012.

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 periods ended on 30 June 2012 and 2011 are as follows:

	1st S 12	1st S 11	2nd Q 12	2nd Q 11
Current tax:
Income tax in Portugal	7,442	8,964	3,680	7,112
Income tax in other jurisdictions	10,497	3,008	3,906	1,639
Current tax	17,939	11,972	7,586	8,751
Deferred tax (Note 18):	(15,880)	(5,689)	(11,077)	(4,950)
	2,059	6,283	(3,491)	3,801

In addition to the amounts of deferred taxes recorded directly in the income statement, deferred taxes amounting to 115 thousand euros were recorded directly in equity, as at 30 June 2012 (259 thousand euros as at 30 June 2011) (Note 18).

11 - EARNINGS PER SHARE

Earnings per share for the periods ended on 30 June 2012 and 2011 were calculated taking into account the following amounts:

	1st S 12	1st S 11	2nd Q 12	2nd Q 11
Net income for the effect of calculating net earnings per basic share (net income for the period)	(3,575)	(57,822)	(9,811)	(65,715)
Weighted average number of shares for the effect of calculating net earnings per basic share (thousand)	420,000	420,000	420,000	420,000
Net earnings per basic share	(0.01)	(0.14)	(0.02)	(0.16)

Since for the financial years ended on 30 June 2012 and 2011 there are no dilution effects of the earnings per share, the diluted earnings per share are the same as the basic earnings per share.

12 - DIVIDENDS

The General Meeting of Shareholders, held on the 17 May 2012, deliberated not to distribute any dividends.

13 - TANGIBLE FIXED ASSETS

During the semesters ended on 30 June 2012 and 2011, the movements which occurred in the tangible fixed assets, as well as in the respective accumulated depreciation and impairment losses, were as follows:

	Land and natural resources	Buildings and other constructions	Basic equipment	Transport equipment	Tools and utensils	Administrative equipment	Other tangible fixed assets	Tangible fixed assets in progress	Advances for tangible fixed assets	Total
Gross assets:
Balance as at 1 January 2011	38,270	344,550	384,180	70,301	36,000	36,309	9,547	72,669	10	991,836
Perimeter alteration	-	-	(1,361)	(304)	-	(14)	(36)	-	-	(1,715)
Currency conversion adjustments	(124)	(13,529)	(8,807)	(1,516)	(387)	(1,336)	(420)	(4,707)	(1)	(30,827)
Additions	325	3,241	9,677	1,151	704	501	9,316	17,362	-	42,277
Transfers and write-offs	37	1,518	3,769	2,483	(14)	114	(5,475)	5,290	(9)	7,713
Disposals	(416)	(1,012)	(2,526)	(638)	(23)	(43)	(3)	-	-	(4,661)
Balance as at 30 June 20.11	38,092	334,768	384,932	71,477	36,280	35,531	12,929	90,614	-	1,004,623

Balance as at 1 January 2012	36,871	409,024	358,935	78,270	32,644	39,457	21,127	25,356	-	1,001,684
Currency conversion adjustments	14	4,653	2,271	139	46	560	439	370	-	8,492
Additions	-	2,808	13,649	3,091	1,351	1,327	1,058	13,523	-	36,807
Transfers and write-offs	(2,820)	(540)	(8,943)	(1,284)	8	(1,090)	(3,950)	(8,275)	-	(26,894)
Disposals	(24)	(128)	(4,351)	(577)	(163)	(103)	(8)	-	-	(5,354)
Balance as at 30 June 2012	34,041	415,817	361,561	79,639	33,886	40,151	18,666	30,974	-	1,014,735

Accumulated depreciation
& impairment losses:
Balance as at 1 January 2011	164	86,324	265,298	44,338	30,054	28,612	4,146	-	-	458,936
Perimeter alteration	-	-	(613)	(91)	-	(6)	-	-	-	(710)
Currency conversion adjustments	-	(3,090)	(4,015)	(689)	(167)	(961)	(74)	-	-	(8,996)
Reinforcements	-	5,700	15,881	5,193	662	909	312	-	-	28,657
Transfers and write-offs	-	53	(85)	(88)	43	(61)	(24)	-	-	(162)
Disposals	-	(600)	(1,688)	(566)	(23)	(40)	(3)	-	-	(2,920)
Balance as at 30 June 2011	164	88,387	274,778	48,097	30,569	28,453	4,357	-	-	474,805

Balance as at 1 January 2012	166	100,846	268,589	53,225	28,462	30,426	4,781	-	-	486,495
Currency conversion effect	-	1,583	721	289	16	461	38	-	-	3,108
Reinforcements	1	7,241	12,983	5,140	631	1,340	237	-	-	27,573
Transfers and write-offs	-	(73)	(9,391)	(3,044)	(39)	(818)	(25)	-	-	(13,391)
Disposals	-	(110)	(3,598)	(524)	(93)	(93)	(4)	-	-	(4,422)
Balance as at 30 June 2012	167	109,487	269,304	55,086	28,977	31,316	5,027	-	-	499,363

Net value:
As at 30 June 2011	37,928	246,381	110,154	23,380	5,711	7,078	8,572	90,614	-	529,818
As at 30 June 2012	33,874	306,330	92,257	24,553	4,909	8,835	13,639	30,974	-	515,372

The additions to tangible fixed assets carried out during the period ended on 30 June 2012 refer, essentially, to investments in facilities and equipment.

As at 30 June 2012 the tangible assets in progress include 25,220 thousand euros relative to buildings and other constructions in progress, in particular the following:

Development of the Tancagem project in Aveiro;
Expansion of the network of "Cash & Carry" shops in Angola;
Remodelling of Hotel Tivoli Maputo in Mozambique.

14 - INVESTMENT PROPERTIES

During the semesters ended on 30 June 2012 and 2011, the movement which occurred in investment properties was as follows:

	2012	2011
Balance as at 1 January	522,016	509,516
Currency conversion adjustments	2,137	(5,622)
Increases / disposals	(1,194)	2,510
Variation in fair value	2,163	3,301
Transfer of tangible assets	595	(156)
Balance as at 30 June	525,717	509,549

The income gained from investment properties arising from operating lease contracts reached 15,581 thousand euros for the semester ended on 30 June 2012 (13,488 thousand euros as at 30 June 2011). Direct operating costs related to investment properties, for the semester ended on 30 June 2012, reached 1,648 thousand euros (2,892 thousand euros as at 30 June 2011).

15 - INVESTMENTS IN ASSOCIATES

The following associates were recorded through the equity method as at 30 June 2012:

Corporate name	Head office	Effective percentage holding
ALVOPETRO, S.A.	Rua Major Lopes, 800, 3º andar Belo Horizonte - Minas Gerais - Brazil	43,20%
ALVORADA PETRÓLEO, S.A.	Rua Major Lopes, 800, 3º andar Belo Horizonte - Minas Gerais - Brazil	43,20%
ALSOMA, GEIE.	3 Av André Malraux Levallois Peret	27,00%
AVIA PORTUGAL - Produtos Petrolíferos, S.A.	Edifício 1, Lagoas Park Porto Salvo	21,14%
Limited Liability Company Cement	Khutorskya Str., 70 Odessa	25,48%
CIMPOR MACAU Investment Company, S.A. (a)	Av. da Praia Grande, nº 693, Edifício Tai Wah, 15º andar Macau	13,00%
IMOC - Empreendimentos Imobiliários, S.A.R.L.	Av. 24 de Julho, 135 Maputo	46,40%
RPK Gulfstream, Ltd. (a)	Tri Ruchja str. 183003, Murmansk	17,47%
SCP AK10 - Empreendimentos e Participações SPE Ltda.	Avenida Alameda Santos, nº 960 - 19º, Edifício CYK, Cerqueira César, São Paulo	25,00%
STELGEST - Gestão Hoteleira, S.A.	Edifício 2, Lagoas Park Porto Salvo	45,00%
TEIX.CO, SPA	BP 62B Zone D'Active Dar El Beida Algiers	48,78%
TRAVERSOFER - Industrie et Service Ferroviaire, S.A.R.L.	27, Chemin du Réservoir, Hydra, Algiers, Algeria	30,00%

(a) Through its subsidiary C +P.A. - Cimento e Produtos Associados, S.A.

The investments in associates showed the following movements during the semesters ended on 30 June 2012 and 2011:

	Holdings	Goodwill	Total
Balance as at 1 January 2011	63,230	24,883	88,113
Effects of the application of the equity method:
- Effect on net income for the period (Note 9)	517	-	517
- Effect on equity	(4,468)	-	(4,468)
- Dividends received	(206)	-	(206)
Increases	402	-	402
Disposals	(9,996)	(8,838)	(18,834)
Currency conversion adjustments	(642)	(166)	(808)
Transfers	(18,108)	(8,016)	(26,124)
Other	(2)	-	(2)
Balance as at 30 June 2011	30,727	7,863	38,590

Balance as at 1 January 2012	39,180	19,084	58,264
Effects of the application of the equity method:
- Effect on net income for the period (Note 9)	(996)	-	(996)
- Effect on equity	3,595	-	3,595
- Dividends received	(222)	-	(222)
Currency conversion adjustments	(668)	(470)	(1,138)
Other	(48)	-	(48)
Balance as at 30 June 2012	40,841	18,614	59,455

The investments in associates as at 30 June 2012 and 31 December 2011 are detailed as follows:

		30-06-2012			31-12-2011
Associates	Holdings	Goodwill	Book value	Holdings	Goodwill	Book value
Limited Liability Company Cement	10,072	11,643	21,715	10,072	11,643	21,715
Alvorada Petróleos, S.A.	12,154	6,908	19,062	12,973	7,374	20,347
Cimpor Macau Investment Company, S.A.	12,282	-	12,282	9,449	-	9,449
IMOC - Empreendimentos Imobiliários, S.A.R.L.	4,741	-	4,741	4,592	-	4,592
RPK Gulfstream Ltd.	816	-	816	809	-	809
TEIX.CO, SPA	661	-	661	942	-	942
SCP AK-10 Empreendimentos e Participações SPE LTDA.	29	63	92	125	67	192
Other	86	-	86	218	-	218
	40,841	18,614	59,455	39,180	19,084	58,264

The abovementioned holdings are recorded through the equity method which, for the semesters ended on 30 June 2012 and 2011, had the following impacts:

	1st S 12
Associates	Gains and losses in associates (Note 9)	Adjustments of holdings	Dividends	Total
Alvorada Petróleos, S.A.	(201)	71	(16)	(146)
Limited Liability Company Cement	241	(47)	-	194
Cimpor Macau Investment Company, S.A.	(611)	3,444	-	2,833
IMOC - Empreendimentos Imobiliários, S.A.R.L.	280	(131)	-	149
SCP AK-10 Empreendimentos e Participações SPE LTDA.	(53)	-	(39)	(92)
TEIX.CO, SPA	(506)	225	-	(281)
Other	(146)	33	(167)	(280)
	(996)	3,595	(222)	2,377

	1st S 11

	Gains and
	losses in
	associates	Adjustments
Associates	(Note 9)	of holdings	Dividends	Total
Alvorada Petróleos, S.A.	(27)	(3,624)	(13)	(3,664)
Arenor, S.L.	-	(102)	-	(102)
Cimpor Macau Investment Company, S.A.	(1)	(68)	-	(69)
IMOC - Empreendimentos Imobiliários, S.A.R.L.	480	(453)	-	27
SCP AK-10 Empreendimentos e Participações SPE LTDA.	69	(221)	-	(152)
Other	(4)	-	(193)	(197)
	517	(4,468)	(206)	(4,157)

As at 30 June 2012, the following participated companies were consolidated through the proportional method, since their management and control is exercised jointly with the other partners/shareholders:

Corporate name	Head office	Effective percentage holding
AVIAS - Grupo Ferroviário para a Alta Velocidade, ACE	Edifício 1, Lagoas Park Porto Salvo	14.10%
CAIS DE CRUZEIROS 2ª FASE, ACE	Rua da Tapada da Quinta de Cima Linhó – Sintra	15.00%
CONBATE, ACE	Edifício 2, Lagoas Park Porto Salvo	20.00%
DOURO LITORAL, ACE	Edifício 8, Lagoas Park Porto Salvo	40.00%
D.L.O.E.A.C.E. – Douro Litoral Obras Especiais, ACE	Edifício 2, Lagoas Park Porto Salvo	40.00%
ENGIL/MOTA/TEIXEIRA DUARTE – Requalificações Urbanas, ACE	Av. Fabril do Norte, 1601 Matosinhos	33.33%
FERROVIAL/TEIXEIRA DUARTE - Obras Hidráulicas do Alqueva, ACE	Edifício Central Park Rua Alexandre Herculano, Nº 3, 2º - Linda-a-Velha	50.00%
GMP – Grupo Marítimo Português, ACE	Edifício 1, Lagoas Park Porto Salvo	20.04%
GMP – Grupo Marítimo Português MEK, ACE	Edifício 1, Lagoas Park Porto Salvo	20.04%
GPCC - Grupo Português de Construção de Infraestruturas de Gás Natural, ACE	Rua Senhora do Porto, 930 Porto	25.00%
GPCC - Grupo Português de Construção de Infraestruturas da Expo, ACE	Edifício Sagres Rua Professor Henrique de Barros, nº 4, 2 A - Prior Velho	25.00%
METROLIGEIRO - Construção de Infraestruturas, ACE	Estrada da Luz, 90 - 6º E Lisbon	26,80%
METROPAÇO - Trabalhos de Construção da Estação do Metropolitano do Terreiro do Paço, ACE	Av. das Forças Armadas, 125 - 2º D Lisbon	33.33%
NOVA ESTAÇÃO, ACE	Av. Frei Miguel Contreiras, nº 54, 7º Lisbon	25.00%
SOMAFEL E OFM - Obras do Metro, ACE	Edifício 1, Lagoas Park Porto Salvo	60.00%
SOMAFEL/FERROVIAS, ACE	Av. Columbano Bordalo Pinheiro, 93 - 7º Lisbon	36.00%
TEIXEIRA DUARTE - SOPOL - Metro Superfície, ACE	Edifício 2, Lagoas Park Porto Salvo	57.30%
TEIXEIRA DUARTE/OPCA - Fungere - Parcela 1.18 do Parque das Nações em Lisboa - 3ª Fase – Empreitada de Acabamentos e Instalações Especiais dos Edifícios para o Hotel e Escritórios, ACE	Edifício 2, Lagoas Park Porto Salvo	60.00%
TRÊS PONTO DOIS - Trabalhos Gerais de Construção Civil, Via e Catenária de Modernização da Linha do Norte, ACE	Av. das Forças Armadas, 125 - 2º C Lisbon	50.00%

As a result of the consolidation of these participated companies, through the proportional consolidation method, as at 30 June 2012 and 31 December 2011, the following values were included in the consolidated financial statements of the Group:

		Current assets		Non-current assets		Current liabilities	Non-current liabilities
	30-06-2012	31-12-2011	30-06-2012	31-12-2011	30-06-2012	31-12-2011	30-06-2012	31-12-2011
CAIS DOS CRUZEIROS - 2ª Fase, ACE	161	360	-	-	121	1 1	4 0	4 6
CONBATE, ACE	8,710	6,673	1	2	8,362	5,920	-	-
DOURO LITORAL, ACE	2,711	7,617	8	1 0	1,175	6,524	1,098	-
DOURO LITORAL OBRAS ESPECIAIS, ACE	561	4,345	2 4	2 7	114	133	8 0	-
ENGIL/MOTA/TEIXEIRA DUARTE - Requalificações Urbanas, ACE	-	3 3	-	-	-	3 3	-	-
FERROVIAL / TEIXEIRA DUARTE - Obras Hidráulicas do Alqueva, ACE	117	112	-	-	7 6	7 1	138	138
GMP - Grupo Maritimo Português, ACE	1,429	1,370	1 8	2 2	1,511	2,233	-	2 0
GMP – Grupo Marítimo Português MEK, ACE	912	881	1 8	2 0	983	1,123	-	1 2
GPCC - Grupo Português de Construção de Infraestruturas de
Gás Natural, ACE	7 6	7 8	-	-	7 6	7 8	-	-
GPCIE - Grupo Português de Construção de Infraestruturas da
Expo, ACE	4 8	4 7	-	-	4 8	4 7	-	-
METROLIGEIRO - Construção de Infraestruturas, ACE	101	133	-	-	101	133	-	-
METROPAÇO - Trabalhos de Construção da Estação do
Metropolitano do Terreiro do Paço, ACE	1 4	196	-	-	1 4	196	-	-
NOVA ESTAÇÃO, ACE	1,904	2,347	5	7	1,940	2,355	-	-
SOMAFEL E OFM - Obras do Metro, ACE	3 0	4 4	-	-	3 0	4 4	-	-
Somafel/Ferrovias, ACE	1 0	147	-	-	-	3 9	-	-
TEIXEIRA DUARTE/OPCA - Fungere - Parcela 1.18 do Parque das
Nações em Lisboa - 3ª Fase - Empreitada de Acabamentos
e Instalações Especiais dos Edifícios para o Hotel e
Escritórios, ACE	6 6	6 5	-	-	6 8	6 5	-	-
TEIXEIRA DUARTE - SOPOL - Metro Superfície, ACE	286	211	-	-	286	211	-	-
TRÊS PONTO DOIS - Trabalhos Gerais de Construção Civil, Via e
Catenária de Modernização da Linha do Norte, ACE	403	489	-	-	265	339	-	-
	17,539	25,148	7 4	8 8	15,170	19,555	1,356	216

As a result of the consolidation of these participated companies through the proportional consolidation method, for the semesters ended on 30 June 2012 and 2011, the following amounts were included in the Group's consolidated financial statements:

	Income		Costs
	1st S 12	1st S 11	1st S 12	1st S 11
CAIS DOS CRUZEIROS - 2ª Fase, ACE	6	762	6	504
CONBATE, ACE	8,525	8,633	8,176	8,278
DOURO LITORAL, ACE	4,891	53,050	4,708	52,279
DOURO LITORAL OBRAS ESPECIAIS, ACE	441	5,263	5 0	3,436
ENGIL/MOTA/TEIXEIRA DUARTE - Requalificações Urbanas, ACE	-	-	-	1
FERROVIAL / TEIXEIRA DUARTE - Obras Hidráulicas do Alqueva, ACE	9	(9)	9	(9)
GMP - Grupo Maritimo Português, ACE	112	1 7	183	115
GMP – Grupo Marítimo Português MEK, ACE	215	394	245	406
GPCC - Grupo Português de Construção de Infraestruturas de
Gás Natural, ACE	-	-	-	2
GPCIE - Grupo Português de Construção de Infraestruturas da
Expo, ACE	1	1	1	5
METROPAÇO - Trabalhos de Construção da Estação do
Metropolitano do Terreiro do Paço, ACE	-	-	-	2
NOVA ESTAÇÃO, ACE	1	2,788	3 0	2,030
Somafel/Ferrovias, ACE	7	138	1 1	4 9
TEIXEIRA DUARTE/OPCA - Fungere - Parcela 1.18 do Parque das
Nações em Lisboa - 3ª Fase - Empreitada de Acabamentos
e Instalações Especiais dos Edifícios para o Hotel e
Escritórios, ACE	1	1	3	3
TEIXEIRA DUARTE - SOPOL - Metro Superfície, ACE	6 4	5 7	6 4	5 7
TRÊS PONTO DOIS - Trabalhos Gerais de Construção Civil, Via e
Catenária de Modernização da Linha do Norte, ACE	-	-	1 1	-
	14,273	71,095	13,497	67,158

Included in the information indicated in Note 24, the Group had provided bank guarantees, fidelity guarantee insurance and letters of comfort as an entrepreneur in these joint ventures to the total value of 19,492 thousand euros as at 30 June 2012 (36,268 thousand euros as at 31 December 2011).

17 - FINANCIAL ASSETS AVAILABLE FOR SALE

During the semesters ended on 30 June 2012 and 2011, the movements which occurred in the valuation of the financial assets available for sale, stated at their respective fair value, were as follows:

	2012	2011
Fair value as at 1 January	70,052	208,220
Acquisitions during the period	-	8,682
Increase / decrease in fair value	(17,108)	(47,282)
Fair value as at 30 June	52,944	169,620

As at 30 June 2012 and 31 December 2011, the Group held 385,602,439 shares in Banco Comercial Português, S.A..

The financial assets available for sale, and the respective cost and market values, as at 30 June 2012 and 31 December 2011, are as follows:

		30-06-2012		31-12-2011
	Cost value	Market value	Cost value	Market value
Banco Comercial Português, S.A.	756,394	37,789	756,394	52,442
Banco Bilbao Vizcaya Argentaria, S.A.	35,958	15,155	35,958	17,610
	792,352	52,944	792,352	70,052

18 - DEFERRED TAXES

All situations which might significantly affect future taxes are stated through the application of the deferred tax rule.

During the semesters ended on 30 June 2012 and 2011, the movements which occurred in deferred tax assets and liabilities were as follows:

		Deferred tax assets		Deferred tax liabilities
	2012	2011	2012	2011
Balance as at 1 January	107,000	112,050	65,906	68,551
Constitution / Reversal
Net income (Note 10)	14,940	2,995	(940)	(2,694)
Equity	536	259	651	-
Currency conversion effect and Adjustments	(1,865)	(11,109)	219	(1,276)
Balance as at 30 June	120,611	104,195	65,836	64,581

Deferred tax assets were only recorded insofar as it is considered that taxable profits are likely to occur in the future which may be used to recover the tax losses or deductible tax differences. This assessment was based on the business plans of the Group's companies, which are periodically reviewed and updated.

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. The balances and transactions between the Group and its associates, related companies and individuals with significant voting rights and own companies, are detailed below.

The terms or conditions applied between these related parties are, in substance, identical to those which would normally be contracted, accepted and applied between independent entities in comparable operations.

The main balances with related entities as at 30 June 2012 and 31 December 2011 are detailed as follows:

		Balances receivable		Balances payable		Loans granted	Other debts
Entity	30-06-2012	31-12-2011	30-06-2012	31-12-2011	30-06-2012	31-12-2011	30-06-2012	31-12-2011
AEDL - Auto Estradas do Douro Litoral, S.A.	-	-	2	-	1,202	1,202	-	-
ALSOMA, GEIE	-	-	-	24	-	-	-	-
AVIA PORTUGAL, S.A.	-	-	6	-	-	-	-	-
Cimpor Macau Investment Company, S.A.		-	-	-	8,536	8,536	-	-
CINTEL - Construção Interceptor Esgotos, S.A.	46	46	-	-	4	4	-	-
EIA - Ensino de Investigação e Administração, S.A.	-	9	-	-	-	-	(324)	(324)
IMOC - Empreendimentos Imobiliários, S.A.R.L.	2,462	2,503	-	-	-	-	(247)	(247)
Limited Liability Company Cement	9,201	8,674	-	-	10,072	10,072	-	-
Moreira e Cunha, Lda.	7	4	-	-	-	-	2,132	-
MTS - Metro Transportes do Sul, S.A.	-	-	-	-	740	740	-	-
Promociones Inmobiliárias 3003, C.A.	2	-	-	-	-	-	(271)	(36)
STELGEST - Gestão Hoteleira, S.A.	24	43	-	-	-	-	(958)	(883)
Tedeven Inmobiliária, CA	1	-	40	-	-	-	-	(39)
Teix.co SPA	1,484	1,494	749	532	-	-	(316)	(319)
TRAVERSOFER - Industrie et Service Ferroviaire, SARL	-	6	-	-	-	-	-	-
VSL Sistema de Pré-Esforço - Equipamento de Montagem, S.A.	258	-	182	468	-	-	-	-
	13,485	12,779	979	1,024	20,554	20,554	16	(1,848)

The main transactions carried out during the semesters ended on 30 June 2012 and 2011, with related entities were as follows:

	Sales and services rendered		Purchases and services received		Interest debited
	1st S 12	1st S 11	1st S 12	1st S 11	1st S 12	1st S 11
AVIA PORTUGAL, S.A.	-	-	5	1 3	-	-
IMOC - Empreendimentos Imobiliários, S.A.R.L.	2 9	1	5	-	-	-
Limited Liability Company Cement	104	-	-	-	579	-
Moreira e Cunha, Lda.	1 4	3 2	-	-	-	-
STELGEST - Gestão Hoteleira, S.A.	4 0	7 2	-	-	2 8	1 2
Teix.co SPA	-	-	191	-	-	-
VSL Sistema de Pré-Esforço - Equipamento de Montagem, S.A.	258	122	213	187	-	-
	445	227	414	200	607	1 2

The remunerations of the members of the governing bodies of "TD, S.A." for the periods ended on 30 June 2012 and 2011 were as follows:

	1st S 12	1st S 11	2nd Q 12	2nd Q 11
Executive Directors:
Short term benefits	336	534	168	309

Supervisory Board:
Short term benefits	3 3	1 7	1 6	9

Chartered Accountant:
Short term benefits	3 0	3 0	1 5	1 5
	399	581	199	333

The remunerations of the senior management staff of "TD, S.A." for the periods ended on 30 June 2012 and 2011 were as follows:

	1st S 12	1st S 11	2nd Q 12	2nd Q 11
Senior Staff:
Short term benefits	3,125	3,670	1,750	2,447
	3,125	3,670	1,750	2,447

20 - NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

Cash and cash equivalents

As at 30 June 2012 and 31 December 2011, this heading is broken down as follows:

	30-06-2012	31-12-2011
Demand deposits	169,988	261,432
Term deposits	82,624	24,484
Other cash investments	40	201
Cash	10,319	5,576
	262,971	291,693

The cash and cash equivalents heading includes cash, deposits payable on demand, cash investments and term deposits with maturity of less than three months, and for which the risk of change of value is insignificant.

Cash flow from investment activities

The receipts derived from financial investments during the periods ended on 30 June 2012 and 2011, refer to the disposal of holdings in the following entities:

	1st S 12	1st S 11	2nd Q 12	2nd Q 11
Banco Bilbao Vizcaya Argentaria, S.A.	4,441	6,449	-	219
Alvorada Petróleos, S.A.	5 9	2,398	5 9	2,398
Banco Comercial Português, S.A.	-	1,640	-	1,640
Other	400	438	400	238
	4,900	10,925	459	4,495

The payments relative to financial investments for the periods ended on 30 June 2012 and 2011, refer to the acquisition of holdings in the following entities:

	1st S 12	1st S 11	2nd Q 12	2nd Q 11
Banco Bilbao Vizcaya Argentaria, S.A.	5,471	6,428	-	218
DIGAL - Distribuição e Comércio, S.A.	3,588	-	897	-
EMPA - Serviços de Engenharia, S.A.	-	480	-	480
COLT Resources	2,504	-	2,504	-
Banco Comercial Português, S.A.	-	8,682	-	8,390
Other	490	510	131	1 2
	12,053	16,100	3,532	9,100

The dividends received during the periods ended on 30 June 2012 and 2011, were as follows:

	1st S 12	1st S 11	2nd Q 12	2nd Q 11
LUSOPONTE - Concessionária para a Travessia do Tejo, S.A.	562	387	562	387
Banco Bilbao Vizcaya Argentaria, S.A.	423	314	1	-
SCP AK-10 Empreendimentos e Participações SPE, Ltda.	3 9	-	3 9	-
Other	368	577	148	349
	1,392	1,278	750	736

21 - SHARE CAPITAL

As at 30 June 2012 and 2011, the underwritten and paid-up share capital was represented by 420,000,000 shares with the nominal value of 1 euro each, respectively.

As at 30 June 2012, TEIXEIRA DUARTE - Sociedade Gestora de Participações Sociais, S.A. directly held 197,950,000 shares representing the share capital of TEIXEIRA DUARTE, S.A., corresponding to 47.13% of its share capital.

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 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: The fair value reserve represents the difference between the cost value and market value of the financial assets available for sale, not yet recognised in the income statement.

Free reserves: Free reserves are available for distribution.

Hedging operations reserve: The hedging operations reserve reflects the effective component (net of the tax effect) of the changes in the fair value of the derivative financial instruments classified as cash flow hedges.

23 - LOANS

As at 30 June 2012 and 31 December 2011, the loans raised were as follows:

	30-06-2012	31-12-2011
Non-current liabilities:
Bank loans a)	118,274	130,047
Commercial paper b)	382,039	472,911
	500,313	602,958
Current liabilities:
Bank loans a)	444,802	458,852
Commercial paper b)	246,674	156,756
	691,476	615,608
	1,191,789	1,218,566

a) Bank loans

As at 30 June 2012, the internal bank loans, bank overdrafts and secured current accounts earned interest at the weighted annual average rate of 4.41% (3.25% as at 30 June 2011).

As at 30 June 2012, the most significant bank loans contracted by the Group essentially correspond to:

Loan raised from Banco Caixa Geral, contracted on 11 February 2008 of the value of 17,820 thousand euros, which will fall due on 11 February 2013.
Loan raised from Caixa Banco de Investimento, S.A. and Caixa Geral de Depósitos, S.A., contracted on 21 February 2008, of the present value of 49,098 thousand euros, which will be repaid in 44 equal and successive instalments, ending on 10 December 2033.
Loan taken out by the Group at Caixa Geral de Depósitos on 30 December 2008, of the present value of 39,924 thousand euros, which will be repaid in 144 equal and successive monthly instalments, ending on 30 December 2023.
Loan raised from Banco Fomento de Angola, contracted on 6 de February de 2009 of the present value of 3.773 thousand euros, which will fall due on 30 March 2014.
Loan raised from Banco Fomento de Angola, contracted on 4 de March de 2009 of the present value of 5,212 thousand euros, which will fall due on 4 de January de 2014.
Loan raised from Banco BIC, contracted on 27 April 2009 of the present value of 5,420 thousand euros, which will fall due on 27 November 2014.
Loan raised from Banco Fomento de Angola, contracted on 15 May 2009 of the present value of 5,212 thousand euros, which will fall due on 30 March 2014.
Loan raised from Banco Itaú, contracted on 24 April 2010 of the present value of 10,039 thousand euros, which will fall due on 25 April 2013.
Loan raised from Banco Espírito Santo de Investimento, contracted on 29 December 2011, of the present value of 3,918 thousand euros, which will fall due on 28 November 2012.
Loan raised from Banco Caixa Geral Totta Angola, contracted on 10 February 2012 of the present value of 19,857 thousand euros, which will fall due on 28 February 2019.

As at 30 June 2012 and 31 December 2011, the bank loans also include the secured current accounts of the value of 352,281 and 373,238 thousand euros, respectively.

b) Commercial paper

As at 30 June 2012, the Group had negotiated the following commercial paper programmes:

Grouped contract programme, for the placing and underwriting of private commercial paper with Banco Comercial Português on 14 October 2005, of the total amount of 150,000 thousand euros, in which Teixeira Duarte - Engenharia e Construções, S.A. and its associate Teixeira Duarte - Gestão de Participações e Investimentos Imobiliários, S.A. are participants, to the amounts of 15,000 thousand euros and 135,000 thousand euros, respectively. The participation of each company in the programme may vary each time the programme is used, with Teixeira Duarte - Engenharia e Construções, S.A. being required to participate with at least 10% of the total value. Sixteen six-monthly and successive issues have been contracted for the total nominal value of the programme, earning interest on a six-monthly basis and in arrears at a rate indexed to the six-month Euribor increased by a spread of 0.875%, and with the repayment of the last issue being on 14 October 2013.
Grouped programme, for the placing and underwriting of commercial paper contracted on 14 February 2006 with Banco Comercial Português, of the total amount of 50,000 thousand Euros, in which Teixeira Duarte - Engenharia e Construções, S.A. and its associate Teixeira Duarte - Gestão de Participações e Investimentos Imobiliários, S.A. take part, to the amounts of 5,000 thousand euros and 45,000 thousand euros, respectively. The participation of each company in each programme may vary each time it is used, with Teixeira Duarte - Engenharia e Construções, S.A. being required to participate with at least 10% of the total value. Sixteen six-monthly and successive issues have been contracted for the total nominal value of the programme, earning interest on a six-monthly basis and in arrears at a rate indexed to the six-month Euribor increased by 0.875% and determined according to the date of the auction, with the repayment of the last issue being on 14 February 2014.
Grouped contract programme, for the placing and underwriting of commercial paper with Banco Espírito Santo de Investimento and Banco Espírito Santo on 21 August 2006, of the total amount of 100,000 thousand euros, presently 50,000 thousand euros, in which Teixeira Duarte - Engenharia e Construções, S.A. and its associate Teixeira Duarte - Gestão de Participações e Investimentos Imobiliários, S.A. take part, with the entire amount being used by Teixeira Duarte - Gestão de Participações e Investimentos Imobiliários, S.A.. The participation of each company in the programme may vary each time it is used. The duration of the programme is five years minus one day, counted as of the contract signing date. The issue periods are from 1 to 6 months and earn interest in advance at the Euribor rate of the period increased by a spread of 3%, with the repayment of the last issue being on 20 April 2012.
Grouped contract programme, for the placing and underwriting of commercial paper with Banco Espírito Santo Investimento on 21 April 2008, of the total amount of 120,000 thousand euros, in which Teixeira Duarte - Engenharia e Construções, S.A. and its associate Teixeira Duarte - Gestão de Participações e Investimentos Imobiliários, S.A. are participants, with the entire amount being used by Teixeira Duarte - Gestão de Participações e Investimentos Imobiliários, S.A.. The participation of each company in each programme may vary each time it is used. The duration of the programme is five years minus one day, counted as of the contract signing date, the interest falls due on each repayment date, with the reference rate being indexed to the Euribor for the respective maturity period, in force on the second business day prior to the subscription date, increased by 3% and determined according to the date of each auction, with the repayment of the last issue being on 30 de April de 2013.
Grouped contract programme, for the placing and underwriting of commercial paper with Banco Espírito Santo de Investimento and Banco Espírito Santo on 23 December 2008, of the total amount of 100,000 thousand euros, presently 60,000 thousand euros in which Teixeira Duarte - Engenharia e Construções, S.A. and its associate Teixeira Duarte - Gestão de Participações e Investimentos Imobiliários, S.A. take part, with the entire amount being used by Teixeira Duarte - Gestão de Participações e Investimentos Imobiliários, S.A.. The participation of each company in each programme may vary each time it is used. The duration of the programme is five years minus one day, counted as of the contract signing date, the interest falls due on each repayment date, with the reference rate being indexed to the Euribor for the respective maturity period, in force on the second business day prior to the subscription date, increased by 3% and determined according to the date of each auction, with the repayment of the last issue being on 22 December 2013.
Grouped programme for the placing and underwriting of commercial paper contracted with Caixa Geral de Depósitos on 7 July 2010, of the total amount of 70,000 thousand euros, in which Teixeira Duarte - Engenharia e Construções, S.A and its associate Teixeira Duarte - Gestão de Participações e Investimentos Imobiliários, S.A. are participants, with the entire amount being used by Teixeira Duarte - Engenharia e Construções, S.A. The programme was reduced to 60,000 thousand euros on 28 April 2011 and renewed on 11 May 2012 for a further 3 years counted as of 14 May 2012. The interest falls due in advance on each subscription date, with the reference rate being indexed to the Euribor for the respective maturity period, in force on the second business day prior to each subscription date, plus 5.25% and determined in accordance with the date of each auction.
Programme for the placing and underwriting of commercial paper contracted with Banco Espírito Santo on 28 December 2010, of the total amount of 34,000 thousand euros, in which Teixeira Duarte - Engenharia e Construções, S.A. are participants. The programme may be used during three years, counting as of the contract signing date. The interest is earned in advance on each subscription date, with the intervention rate being indexed to the Euribor for the respective period, in force on the second business day prior to each subscription date, plus 3% and determined in accordance with the date of each auction.
Grouped programme, for the placing and underwriting of private commercial paper contracted on 14 January 2011 with Banco Comercial Português, with the total amount used being 20,750 thousand euros, in which Teixeira Duarte - Engenharia e Construções, S.A. and its associate Teixeira Duarte - Gestão de Participações e Investimentos Imobiliários, S.A. take part, to the amounts of 18,650 thousand euros and 2,100 thousand euros, respectively. The participation of each company in the programme may vary each time the programme is used, with Teixeira Duarte - Engenharia e Construções, S.A. being required to participate with at least 10% of the total value. The duration of the programme is five years, starting from the contract signing date, the interest is earned on a six-monthly basis in arrears, with the reference rate being indexed to the one to six-month Euribor under competitive auction for periods of 7 to 180 days via direct placement, increased by 4% and determined according to the date of each auction, with the repayment of the last issue being made on 6 January 2016.
Programme for the placing and underwriting of commercial paper, contracted with Banco Comercial Português, S.A. on 25 August 2011, of the total amount of 20.000 thousand euros. The commercial paper is issued with an issue period of 1, 3 and 6 months with the maturity period of the programme being 1 year, renewable, earning interest at a rate indexed to the Euribor of the issue period, increased by 5.5%.
Programme for the placing and underwriting of commercial paper, contracted with Banco Comercial Português, S.A. on 25 August 2011, of the total amount of 25,000 thousand euros. The commercial paper is issued with an issue period of 1, 3 and 6 months with the maturity period of the programme being 1 year, renewable, earning interest at a rate indexed to the Euribor of the issue period, increased by 5.5%.
Grouped programme, for the placing and underwriting of commercial paper contracted on 30 December 2011, with Banco Comercial Português, of the total amount of 43,000 thousand euros, in which Teixeira Duarte - Engenharia e Construções, S.A., its associate Teixeira Duarte - Gestão de Participações e Investimentos Imobiliários, S.A. and Teixeira Duarte, S.A. take part, where on this date the amounts used by each were 250 thousand euros, 41,000 thousand euros and 250 thousand euros, respectively. Each of the future issues must necessarily be carried out together by all the issuers and the participation of each issuer cannot be less than 250 thousand euros. The programme may be used over seven years counted as of the date of the first issue, with amortisations being payable at the end of each semester at increasing values between 1,500 and 6,500 thousand euros. The applicable interest rate is the Euribor for each issue period, in force on the second business day prior to its beginning, increased by a spread of 4.25%.

As a result of the commitment of successive renewal during the financial year of the programme contracts, some existing issues as at 30 June 2012 and 31 December 2011 are classified as non-current liabilities.

	30-06-2012	31-12-2011
2013	246,356	408,032
2014	89,540	64,511
2015	44,316	14,126
2016	26,207	29,709
2017 and following	93,894	86,580
	500,313	602,958

The non-current bank loans are repayable in the following years:

As at 30 June 2012 and 31 December 2011, the funding in foreign currency was expressed as follows:

		30-06-2012		31-12-2011
Currency	Currency	Euros	Currency	Euros
AON	2,473,625	20,843	2,977,010	22,228
BRL	96,203	37,305	93,461	38,686
MAD	-	-	1,384	125
NAD	-	-	5	-
USD	139,728	110,983	131,897	101,938

The loans denominated in foreign currency earn interest at market rates and were converted into Euros based on the exchange rate on the reporting date.

24 - CONTINGENT LIABILITIES, GUARANTEES AND COMMITMENTS

Contingent liabilities:

We disclose that during 2010 and 2011, the Tax Inspection Services (DSIT) of the Taxation and Customs Authority (AT) conducted various inspections to the accounts of the company Teixeira Duarte - Gestão de Participações Investimentos Imobiliários, S.A. ("TDGPII, S.A."), which is 100% indirectly held by TD, S.A..

As a result of these external inspections, of a general scope, to the accounting documentation of TDGPII, S.A. and relative to 2006, 2007 and 2008, the following corrections were made to the initially calculated tax losses:

	Calculated	AT
Year	Tax Loss	Correction
2006	24,950	18,837
2007	46,632	29,331
2008	50,590	45,327

These corrections result entirely from the non-acceptance, as a tax cost, of the financial costs incurred with the investment made in participated companies under the form of additional paid-in capital.

Since "TDGPII S.A." is subject to Corporate Income Tax (IRC) in accordance with the Special Taxation Scheme for Groups of Companies (article 69 and following of the IRC Code), the corrections to the tax losses of 2006, 2007 and 2008 were the object of IRC Settlement Statements issued to the controlling company during those financial years - a Teixeira Duarte – Engenharia e Construções, S.A. (TD-EC) – which filed a judicial review at the Administrative and Fiscal Court of Sintra. The Board of Directors firmly believes that its outcome will be favourable to "TDGPII, S.A." and, consequently, to the controlling company.

During 2011, TD-EC was subject to an inspection, of general scope, of the accounting documentation for the financial year of 2008, which resulted in corrections to its taxable profit, of the value of 35,467 thousand euros, and the calculation of payable tax to the value of 849 thousand euros.

The corrections to the taxable profit are, to a large extent, relative to the reinvestment regime established in article 48 of the IRC Code and the payable tax arises from the calculation of autonomous taxation related to the activity developed by the subsidiaries of the company referred to above.

An additional settlement of IRC was issued after 30 June 2012, related to the inspection made to the financial year of 2008 of TD-EC. In view of the disagreement of TD-EC in relation to the arguments underlying a large part of the corrections made by the Taxation and Customs Authority (AT), TD-EC intends to submit a judicial opposition against the said settlement.

The Board of Directors of TD, S.A. also believes that the corrections to the taxable profit for the financial year of 2008, both of TD-EC and the company in which it indirectly holds a stake, "TDGPII, S.A.", will be annulled.

Guarantees:

As at 30 June 2012 and 31 December 2011, the group of companies included in the consolidation had provided the following guarantees to third parties:

	30-06-2012	31-12-2011
Bank guarantees provided	502,129	550,483
Fidelity insurance	561,604	556,336

The bank guarantees were essentially provided for the effect of tenders, advances received and as a completion bonds for works.

In order to secure the loan contract concluded with Banco Caixa Geral, of 17,820 thousand euros, granted by GSC - Compañia General de Servicios y Construccion, S.A., GSC - Compañia General de Servicios y Construccion, S.A. and Teixeira Duarte -

Gestão de Participações e Investimentos Imobiliários, S.A. pledged 2,636,250 and 980,239 shares in Banco Bilbao Vizcaya Argentaria, S.A., respectively.

In order to guarantee the commercial paper contract concluded with Banco Comercial Português, S.A., of the value of 43,000 thousand euros, granted by Teixeira Duarte – Engenharia e Construções, S.A., Teixeira Duarte - Gestão de Participações e Investimentos Imobiliários, S.A. and Teixeira Duarte, S.A., a general mortgage was constituted on the properties implanted on lots 6, 18 and 19, located in Lagoas Park.

Also constituted in favour of Caixa Geral de Depósitos, was a mortgage on lot 3, situated in Lagoas Park, owned by Teixeira Duarte - Gestão de Participações e Investimentos Imobiliários, S.A., to secure a loan contract granted by Teixeira Duarte - Gestão de Participações e Investimentos Imobiliários, S.A. of the value of 39,924 thousand euros.

Teixeira Duarte - Engenharia e Construções, S.A., EPOS - Empresa Portuguesa de Obras Subterrâneas, S.A., SOMAFEL - Engenharia e Obras Ferroviárias, S.A., OFM - Obras Públicas, Ferroviárias e Marítimas, S.A., RECOLTE - Recolha, Tratamento e Eliminação de Resíduos, S.A., GSC - Compañia General de Servicios y Construccion, S.A., and EMPA - Serviços de Engenharia, S.A have provided fidelity insurance to guarantee the good completion of works and services.

Apart from the guarantees indicated above, the following pledges were also provided:

To secure the commercial paper contract concluded with Banco Espírito Santo de Investimento, S.A., of the value of 50,000 thousand euros, granted by Teixeira Duarte – Engenharia e Construções, S.A. and Teixeira Duarte - Gestão de Participações e Investimentos Imobiliários, S.A. which are fully used by Teixeira Duarte – Gestão de Participações e Investimentos Imobiliários, S.A., Teixeira Duarte – Gestão de Participações e Investimentos Imobiliários, S.A. and TEDAL – Sociedade Gestora de Participações Sociais, S.A. have pledged 157,735,296 and 17,420,992 shares of Banco Comercial Português, S.A., respectively. TEDAL – Sociedade Gestora de Participações Sociais, S.A. also pledged 2,205,882 shares of EPOS – Empresa Portuguesa de Obras Subterrâneas, S.A..

To secure the commercial paper contract signed with Banco Espírito Santo, of the value of 120,000 thousand euros, granted by Teixeira Duarte – Engenharia e Construções, S.A. and Teixeira Duarte - Gestão de Participações e Investimentos Imobiliários, S.A., Teixeira Duarte - Gestão de Participações e Investimentos Imobiliários, S.A. and TEDAL - Sociedade Gestora de Participações Sociais, S.A. pledged 67,828,134 and 27.618.017 shares of Banco Comercial Português, S.A., respectively, and TEDAL - Sociedade Gestora de Participações Sociais, S.A. pledged 5,294,118 shares of EPOS – Empresa Portuguesa de Obras Subterrâneas, S.A.. Teixeira Duarte - Gestão de Participações e Investimentos Imobiliários, S.A. constituted a voluntary mortgage on an urban building it owns, destined for warehouses, workshops, materials laboratory and parking of equipment, located on Avenida da Indústria, Alto Estanqueiro - Jardia, Montijo, of the value of 16,428 thousand euros. Quinta de Cravel – Imobiliária, S.A., also constituted a mortgage on the lots for construction numbers 8, 10, 11, 12, 13, 19, 26 and 31, located at Quinta de Cravel, Mafamude, Vila Nova de Gaia, for the total value of 6,894 thousand euros. In the same capacity, Quinta de Cravel – Imobiliária, S.A., also constituted a mortgage on the lot of land for construction number 23, located at Quinta de Cravel, Mafamude, Vila Nova de Gaia, for the total value of 944 thousand euros. V8 – Gestão Imobiliária, S.A. constituted a mortgage on the lots for construction numbers 1, 2, 3, 5, 6, 8 and 16, 18, 20 and 30 located at Empreendimento Santa Maria Design District, Santa Marinha, Vila Nova de Gaia, for the total value of 30,079 thousand euros.

To secure the commercial paper contract concluded with Banco Espírito Santo, of the value of 60,000 thousand euros, granted by Teixeira Duarte – Engenharia e Construções, S.A. and Teixeira Duarte - Gestão de Participações e Investimentos Imobiliários, S.A., which is fully used by Teixeira Duarte – Gestão de Participações e Investimentos Imobiliários, S.A., Teixeira Duarte – Gestão de Participações e Investimentos Imobiliários, S.A. pledged 115,000,000 shares of Banco Comercial Português, S.A. TEDAL – Sociedade Gestora de Participações Sociais, S.A. pledged 104,000,000 shares of C+PA – Cimentos e Produtos Associados, S.A. and Teixeira Duarte - Gestão de Participações e Investimentos Imobiliários, S.A. pledged 1,325,000 participation units of the TDF Closed Real Estate Investment Fund.

To secure the commercial paper contract concluded with Caixa Geral de Depósitos, of the value of 70,000 thousand euros, presently 60,000 thousand euros, granted by Teixeira Duarte – Engenharia e Construções, S.A. and Teixeira Duarte - Gestão de Participações e Investimentos Imobiliários, S.A., Teixeira Duarte - Gestão de Participações e Investimentos Imobiliários, S.A. pledged 4,675,000 participation units of the TDF Closed Real Estate Investment Fund.

To secure the commercial paper contract concluded with Banco Espírito Santo, of the value of 34,000 thousand euros, granted by Teixeira Duarte – Engenharia e Construções, S.A., TEDAL - Sociedade Gestora de Participações Sociais, S.A. pledged 500,000 shares of TDGI – Tecnologia de Gestão de Imóveis, S.A.

In order to secure debts to third parties, of the value of 3,922 thousand euros, IMOTD - SGPS, S.A. pledged 24,000 shares of V8, S.A..

To secure the financing contract granted by TDHOSP – Gestão de Edifício Hospitalar, S.A. of the current value of 49,098 thousand euros, Teixeira Duarte - Engenharia e Construções, S.A. pledged to Caixa Geral de Depósitos and Caixa Banco de Investimentos, 1,540,000 shares of TDHOSP – Gestão de Edifício Hospitalar, S.A. Under the same financing contract, Teixeira Duarte - Engenharia e Construções, S.A., as shareholder, pledged the credit rights over TDHOSP – Gestão de Edifício Hospitalar, S.A.

Financial commitments:

As at 30 June 2012 and 31 December 2011, the letters of comfort provided by the subsidiaries reached 542,180 and 478,511 thousand euros, respectively.

As at 30 June 2012 and 31 December 2011, factoring contracts without right of recourse were in force, which were recorded as reductions in accounts receivable of the value of 128,653 and 122,784 thousand euros, respectively. Pursuant to the contractual conditions, the Group's liability is restricted essentially to the guarantee of acceptance on the part of customers of the invoices which are the object of factoring.

Other:

As at 30 June 2012 and 31 December 2011, there were no inventories pledged to secure liabilities.

25 - APPROVAL OF THE FINANCIAL STATEMENTS

The financial statements for the semester ended on 30 June 2012 were approved by the Board of Directors on 31 August 2012.

AI Terminal

Teixeira Durate

1919_ir_2012-09-18_84b23524-445a-46f3-afab-1c28cdbee529.pdf

TABLE OF CONTENTS

Teixeira Duarte, S.A.

KEY INDICATORS

Notes:

I - INTRODUCTION

II – OVERALL ASSESSMENT OF THE ACTIVITY

Income Statement

for the periods ended on 30 June 2012 and 2011

The Consolidated Net Profit Attributable to Shareholders was negative by 3,575 thousand euros.

Evolution of Turnover by Market

Turnover by Country

Evolution of Turnover by Activity Sector

Turnover of Real Estate

Turnover of Hotel Services

Turnover of Distribution

Evolution of Consolidated Operating Income

Operating Income by activity and geographical markets

EBITDA evolution by Activity

The Net Debt of the Group reached 928,818 thousand euros as at 30 June 2012, reflecting an increase of 0.21% in relation to the end of the previous year.

Evolution of Consolidated Net Debt

III. FACTS WHICH OCCURRED AFTER THE END OF THE 1st SEMESTER 2012

IV. OUTLOOK FOR 2012

V. NOTES TO THE MANAGEMENT REPORT

I. Number of securities of the Members of the Governing Bodies:

III - Number of shares held by Members of the Governing Bodies as at 30 June 2012:

LIST OF OWNERS OF QUALIFYING HOLDINGS AS AT 31 JUNE 2012

STATEMENT OF CONFORMITY

CONSOLIDATED STATEMENT OF THE FINANCIAL POSITION AS AT 30 JUNE 2012 AND 31 DECEMBER 2011 (Values in thousand euros)

CONSOLIDATED INCOME STATEMENT FOR THE PERIODS ENDED ON 30 JUNE 2012 AND 2011 (Values in thousand euros)

CONSOLIDATED COMPREHENSIVE INCOME STATEMENT FOR THE PERIODS ENDED ON 30 JUNE 2012 AND 2011 (Values in thousand euros)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SEMESTERS ENDED ON 30 JUNE 2012 AND 2011 (Values in thousand euros)

CONSOLIDATED CASH FLOW STATEMENT FOR THE PERIODS ENDED ON 30 JUNE 2012 AND 2011 (Values in thousand euros)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT 30 JUNE 2012

1 - INTRODUCTION

2 - BASIS OF PRESENTATION

3 - ALTERATIONS OF POLICIES, ESTIMATES AND ERRORS

4 - COMPANIES INCLUDED IN THE CONSOLIDATION PERIMETER

SPAIN

CONCESSIONS AND SERVICES

5 - CHANGES IN THE CONSOLIDATION PERIMETER

6 - EXCHANGE RATES

7 – SEGMENTAL INFORMATION

Other information:

8 - OPERATING INCOME

9 - FINANCIAL RESULTS

10 - INCOME TAX

11 - EARNINGS PER SHARE

12 - DIVIDENDS

13 - TANGIBLE FIXED ASSETS

14 - INVESTMENT PROPERTIES

15 - INVESTMENTS IN ASSOCIATES

17 - FINANCIAL ASSETS AVAILABLE FOR SALE

18 - DEFERRED TAXES

19 - RELATED PARTIES

20 - NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

Cash and cash equivalents

Cash flow from investment activities

21 - SHARE CAPITAL

22 - RESERVES AND RETAINED EARNINGS

23 - LOANS

a) Bank loans

b) Commercial paper

24 - CONTINGENT LIABILITIES, GUARANTEES AND COMMITMENTS

Contingent liabilities:

Guarantees:

Financial commitments:

Other:

25 - APPROVAL OF THE FINANCIAL STATEMENTS

26 - SUBSEQUENT EVENTS

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