Teixeira Durate

Quarterly Report • Dec 22, 2014

1. Teixeira Duarte Group - 3rd Quarter of 2014

Teixeira Duarte, S.A.

LISTED COMPANY

Head Office: Lagoas Park, Edifício 2 - 2740-265 Porto Salvo Share Capital: € 210,000,000 Single Legal Person and Registration Number at Cascais-Oeiras Commercial Registry 509 234 526

KEY INDICATORS

	3rd Q 2010	3rd Q 2011	3rd Q 2012	3rd Q 2013	3rd Q	Variation 2014 2014/2013 %
Average number of workers	13,130	11,725	10,734	11,989	13,165	9.8%
Turnover	1,017	916	980	1,119	1,175	5.0%
Operating Income	1,050	948	1,012	1,147	1,188	3.5%
EBITDA	119	119	157	149	165	10.8%
EBITDA / Turnover Margin	12.0%	13.0%	16.0%	13.3%	14.0%	5.5%
EBIT	70	67	112	95	133	39.5%
Tangible fixed assets + Investment properties	1,012	1,044	1,018	1,043	1,132	8.5%
Investments in associates and joint ventures + Financial assets available for sale + Other investments	337	151	131	117	143	21.6%
Net debt	1,107	1,168	983	1,202	1,293	7.5%
Total Equity	563	385	318	299	461	54.3%
Net Income Attributable to Shareholders	56	(129)	6	10	71	606.8%

Notes:

The book values are expressed in million euros.

The figures in the "Variation 2014/2013 %" column were calculated based on amounts 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 for the first three months of 2014, of which the financial statements attached herewith are also an integral part.

In compliance with and under the regulations on the presentation of periodic information, it is hereby clarified that the elements disclosed herein refer only to the consolidated aspect and that the consolidated financial statements as at 30 September 2014 were prepared using accounting policies consistent with the International Financial Reporting Standards ("IFRS"), as adopted in the European Union, effective for periods started on 1 January 2014 and in conformity with IAS 34 – Interim Financial Reporting.

On this issue, it should be noted that, pursuant to the applicable standards, the Group adopted "IFRS 11 - Joint Arrangements" for the first time this year, under the terms and with the scope further detailed in Notes 1 and 3 of the Notes to the Financial Statements. This fact implied that, for purposes of comparability, the indicators of the Consolidated Statements as at 30 September 2013 and 31 December 2013 presented herein were restated based on this new standard.

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, regarding which the following aspects are noteworthy:

• Net Income Attributable to Shareholders was positive by 71.4 million euros;
• Turnover stood at 1,174.6 million euros;
• Foreign Market represents 85.5% of Turnover;
• EBITDA reached 164.7 million euros;
• EBITDA / Turnover Margin stood at 14%;
• Net Debt of 1,293 million euros;
• Net Assets of the Group of 2,987 million euros;
• Financial Autonomy of 15.4%;
• Order Book of the Teixeira Duarte Group for the construction sector stood at 2,636 million euros.

II – OVERALL APPRAISAL OF THE ACTIVITY

Income Statement

for the periods ended on 30 September 2014 and 2013 "Restated"

	3rd Q 14	3rd Q 13 "Restated"	Var (%)	Jul-Sep 14	Jul-Sep 13 "Restated"	Var (%)
Operating income	1,187,871	1,147,492	3.5%	421,762	394,603	6.9%
Operating costs	(1,023,146)	(998,770)	2.4%	(368,210)	(349,221)	5.4%
EBITDA	164,725	148,722	10.8%	53,552	45,382	18.0%
Amortisation and depreciation	(51,960)	(45,440)	14.3%	(17,828)	(16,404)	8.7%
Provisions and impairment losses	20,079	(8,060)	-	(6,533)	(7,197)	(9.2%)
EBIT	132,844	95,222	39.5%	29,191	21,781	34.0%
Financial results	(36,824)	(74,057)	(50.3%)	18,178	(20,063)	-
Earnings before tax	96,020	21,165	353.7%	47,369	1,718	2657.2%
Income tax	(24,504)	(11,052)	121.7%	(16,995)	(309)	5400.0%
Net income	71,516	10,113	607.2%	30,374	1,409	2055.7%
Attributable to:
Shareholders	71,440	10,108	606.8%	28,931	1,171	2370.6%
Non-controlling interests	76	5	1420.0%	1,443	238	506.3%

(Values in thousand euros)

Net Income Attributable to Shareholders was positive by 71,440 thousand euros.

It is important to highlight that, in addition to the improved performance of the Group's companies compared to the same quarter of the previous year, other factors also influenced the net income for the periods ended 30 September 2014 and 2013:

	3rd Q 14	3rd Q 13 "Restated"	Var	Jul-Sep 14	Jul-Sep 13 "Restated"	Var
Currency conversion differences (a)	19,663	(10,542)	30,205	20,942	2,344	18,598
Capital gain on acquisition of "TEGAVEN - Teixeira Duarte y Asociados, C.A."	29,331	-	29,331	-	-	-
Disposal of rights of "Banco Comercial Português, S.A." (b)	16,661	-	16,661	16,661	-	16,661
Impairment losses in "PCHS"	(2,503)	-	(2,503)	(2,503)	-	(2,503)
Impact on net income of provisions for "Lawsuits"	(2,001)	-	(2,001)	(2,001)	-	(2,001)
Impairment loss in the affiliated company "Colt Resources". (b)	(1,579)	-	(1,579)	(329)	-	(329)
Impact on net income of provisions for the Regional Government of Madeira	(1,101)	-	(1,101)	(1,101)	-	(1,101)
	58,471	(10,542)	69,013	31,669	2,344	29,325

(Values in thousand euros)

(a) - Includes the impact of the currency conversion differences appropriated by the equity method of the affiliated company "Limited Liability Company Cement", which on 30 September 2014 was negative by 5,760 thousand euros and negative by 123 thousand euros in the third quarter of 2014.

(b) – Net of the tax effect.

Turnover recorded an overall increase of 5% relative to the same period of 2013, having reached 1,174,578 thousand euros.

Portugal declined by 29.2% and other markets, which already represented 78.5% of this indicator in September 2013, increased by 14.3%, to account for 85.5% of the total Turnover of the Teixeira Duarte Group.

Evolution of Turnover by Market

(Values in thousand euros)

The tables below present the Turnover broken down by country and activity sector, clearly indicating the exposure of the Group to different economic contexts.

		3rd Q 14		3rd Q 13 "Restated"		Jul-Sep 14		Jul-Sep 13 "Restated"
Country	Value	Contribution	Value	Contribution	Variation	Value	Contribution	Value	Contribution	Variation
Portugal	170,223	14.5%	240,480	21.5%	(29.2%)	53,570	12.9%	84,079	21.9%	(36.3%)
Angola	539,495	45.9%	546,220	48.8%	(1.2%)	206,287	49.6%	174,943	45.5%	17.9%
Algeria	45,372	3.9%	38,648	3.5%	17.4%	16,267	3.9%	12,101	3.1%	34.4%
Brazil	134,478	11.4%	64,493	5.8%	108.5%	58,776	14.1%	29,192	7.6%	101.3%
Spain	22,673	1.9%	19,350	1.7%	17.2%	7,731	1.9%	7,215	1.9%	7.2%
Mozambique	46,483	4.0%	45,570	4.1%	2.0%	17,388	4.2%	16,971	4.4%	2.5%
Venezuela	211,609	18.0%	160,145	14.3%	32.1%	53,842	12.9%	58,986	15.4%	(8.7%)
Other	4,245	0.4%	4,144	0.4%	2.4%	1,950	0.5%	682	0.2%	185.9%
	1,174,578	100.0%	1,119,050	100.0%	5.0%	415,811	100.0%	384,169	100.0%	8.2%

Turnover by Country

(Values in thousand euros)

An analysis of turnover is presented below, taking into account its evolution by activity sector. It should also be noted that in the figures of the first nine months of 2013 the adoption of "IFRS 11 - Joint Arrangements" only had an impact on the Construction, Concessions and Services, and Real Estate sectors:

Activity Sector	3rd Q 14	Contribution	3rd Q 13 "Restated"	Contribution	Variation	Jul-Sep 14	Contribution	Jul-Sep 13 "Restated"	Contribution	Variation
Construction	556,530	47.4%	542,268	48.5%	2.6%	178,234	42.9%	191,096	49.7%	(6.7%)
Concessions and Services	64,296	5.5%	53,682	4.8%	19.8%	23,011	5.5%	18,879	4.9%	21.9%
Real estate	82,419	7.0%	62,661	5.6%	31.5%	35,252	8.5%	23,149	6.0%	52.3%
Hotel services	52,904	4.5%	60,243	5.4%	(12.2%)	20,606	5.0%	21,331	5.6%	(3.4%)
Distribution	170,689	14.5%	147,746	13.2%	15.5%	72,636	17.5%	49,632	12.9%	46.3%
Energy	49,333	4.2%	87,936	7.9%	(43.9%)	14,311	3.4%	28,459	7.4%	(49.7%)
Automobile	198,407	16.9%	164,514	14.7%	20.6%	71,761	17.3%	51,623	13.4%	39.0%
	1,174,578	100.0%	1,119,050	100.0%	5.0%	415,811	100.0%	384,169	100.0%	8.2%

(Values in thousand euros)

Some brief notes on each sector are provided below:

Construction Turnover grew by 2.6% compared with the first nine months of 2013, with the increased activity in Algeria, Brazil, Mozambique and Venezuela having offset the declines recorded in Portugal and Angola.

The values in Portugal fell by 38%, due to the widespread downturn, and in Angola by 35.6% primarily as a result of the fact that one of the major works underway in this country during the first quarter of 2013 is currently at a stage of completion.

Brazil and Venezuela showed very significant growth, with the former having increased from 37,413 thousand euros to 86,654 thousand euros and, the latter, from 160,145 thousand euros to 211,609 thousand euros.

Growth in Algeria of 17.4% and in Mozambique of 3.7% in comparison with the same period of 2013 is also noteworthy.

Consequently, as at 30 September 2014, the foreign market represented 89.4% of Construction turnover.

Turnover of Concessions and Services

Turnover of Real Estate

Turnover of Hotel Services

In Concessions and Services, the Turnover grew by 19.8% compared with september 2013, with good performance in all the markets in which the Group operates, especially in Portugal and Angola, where the attraction of new customers, essentially by the participated company TDGI, S.A., enabled an increase of 18.1% and 30.3%, respectively, when compared with the previous year.

Real Estate registered an overall increase of 31.5% relative to September 2013.

Portugal registered a decrease of 4.7% relative to the first nine months of 2013.

Angola and Brazil registered significant increases of 25.3% and 74.4% year-on-year, respectively.

Not considering the currency devaluation, the increases would have come to 28.4% in the former case and 93.5% in the latter case.

Turnover of Hotel Services decreased, globally, 12.2% in comparison with the first nine months of 2013, essentially penalised by the variations which occurred in Angola, arising from the closing of "Hotel Trópico" for remodelling works in the first semester of 2014.

In Mozambique, a decrease of 8.1% was also recorded, in relation to the previous year's period.

In Portugal, in spite of the adverse economic conditions, the Group recorded an increase of 28.5% in relation to September 2013.

10

Turnover of the Automobile sector

(Values in thousand euros)

Distribution registered a decrease of 15.5% relative to the first nine months of 2013, an increase which, excluding the currency conversion effect, would have come to 18.5% year-on-year.

In Angola, during the period under analysis, two new MAXI stores and three DAKAZA stores were opened, and at the same time an autonomous operation for the marketing of beverages was initiated.

The start of the operation in Brazil is also noteworthy.

In Energy, the Group's Turnover fell by 43.9% year-on-year, essentially as a result of the strong reduction of sales in large outlets.

The Automobile sector increased its Turnover by 20.6% in relation to September 2013. However, not considering the currency conversion effect, the activity grew by 23.6% year-on-year.

In the first nine months of 2014, the light automobile segment increased by 30% and after-sale services grew by 14%.

The marketing of the ISUZU brand and the opening of two new TDA shops in Luanda, one in Mulemba and the other in Cacuaco, also contributed to this effect.

Operating income increased by 3.5% relative to the same period of the previous year, reaching the value of 1,187,871 thousand euros.

Evolution of Operating Income

The table below confirms the good performance not only in the Concessions and Services, Real Estate, Distribution and Automobile sectors, but also in Construction which, in spite of having declined by 38.6% in Portugal, overall performance increased by 1.2% relative to the same period of 2013.

		Internal Market			External Market			Total
Activity Sector	3rd Q 14	3rd Q 13 "Restated"	Var (%)	3rd Q 14	3rd Q 13 "Restated"	Var (%)	3rd Q 14	3rd Q 13 "Restated"	Var (%)
Construction	61,404	100,057	(38.6%)	500,148	455,011	9.9%	561,552	555,068	1.2%
Concessions and Services	20,507	17,316	18.4%	45,827	37,882	21.0%	66,334	55,198	20.2%
Real estate	28,464	30,021	(5.2%)	55,305	34,853	58.7%	83,769	64,874	29.1%
Hotel services	13,289	10,413	27.6%	39,860	50,237	(20.7%)	53,149	60,650	(12.4%)
Distribution	763	1,014	(24.8%)	171,400	152,141	12.7%	172,163	153,155	12.4%
Energy	51,122	92,179	(44.5%)	57	33	72.7%	51,179	92,212	(44.5%)
Automobile	-	-	-	199,725	166,335	20.1%	199,725	166,335	20.1%
Total	175,549	251,000	(30.1%)	1,012,322	896,492	12.9%	1,187,871	1,147,492	3.5%

Operating Income by activity and geographic market:

(Values in thousand euros)

In view of the evolution referred to above, the contribution of each activity sector to the total value of the operating income achieved as at 30 September 2014 was as follows:

EBITDA increased by 10.8% relative to September 2013, to stand at 164,725 thousand euros.

Evolution of EBITDA

(Values in thousand euros)

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

Activity Sector	3rd Q 14	3rd Q 13 "Restated"	Var (%)	Jul-Sep 14	Jul-Sep 13 "Restated"	Var (%)
Construction	62,557	56,805	10.1%	10,966	17,206	(36.3%)
Concessions and Services	9,838	10,418	(5.6%)	3,370	1,774	90.0%
Real estate	41,241	24,542	68.0%	20,365	13,022	56.4%
Hotel services	15,427	18,143	(15.0%)	7,176	4,361	64.5%
Distribution	7,340	15,665	(53.1%)	3,146	2,556	23.1%
Energy	1,211	3,436	(64.8%)	(352)	1,289	-
Automobile	37,574	30,301	24.0%	12,136	8,083	50.1%
Not allocated to segments	(10,438)	(10,474)	(0.3%)	(3,257)	(2,773)	17.5%
Elimination	(25)	(114)	(78.1%)	2	(136)	-
	164,725	148,722	10.8%	53,552	45,382	18.0%

Evolution of EBITDA by Activity Sector

(Values in thousand euros)

The EBITDA / Turnover Margin increased by 5.5% year-on-year, from 13.3% to 14% by September 2014.

Evolution of the EBITDA / Turnover Margin

Interim Report – 3rd Quarter of 2014

The financial results were negative by 36,824 thousand euros for the period ended on 30 September 2014.

	3rd Q 14	3rd Q 13 "Restated"	Var (%)	Jul-Sep 14	Jul-Sep 13 "Restated"	Var (%)
Financial costs and losses:	(129,852)	(126,642)	2.5%	(45,002)	(42,837)	5.1%
Interest paid	(72,646)	(62,419)	16.4%	(25,461)	(22,530)	13.0%
Unfavourable currency conversion differences	(38,740)	(44,246)	(12.4%)	(14,102)	(13,577)	3.9%
Other financial costs and losses	(18,466)	(19,977)	(7.6%)	(5,439)	(6,730)	(19.2%)
Financial income and gains:	76,759	47,528	61.5%	40,487	18,737	116.1%
Interest received	10,371	10,912	(5.0%)	4,478	2,240	99.9%
Favourable currency conversion differences	64,163	33,704	90.4%	35,167	15,921	120.9%
Cash discounts received	275	425	(35.3%)	85	124	(31.5%)
Other financial income and gains	1,950	2,487	(21.6%)	757	452	67.5%
Earnings from investment activities:	16,269	5,057	-	22,693	4,037	462.1%
Earnings from associates and joint ventures	(6,661)	86	-	295	1,015	(70.9%)
Dividends	772	1,555	(50.4%)	207	397	(47.9%)
Other investments	(1,206)	2,544	-	123	2,228	(94.5%)
Gains / loss in assets available for sale	23,364	872	2579.4%	22,068	397	5458.7%
Financial results	(36,824)	(74,057)	(50.3%)	18,178	(20,063)	-

(Values in thousand euros)

This indicator improved 50.3% relative to the same period of 2013, with emphasis on the following variations:

• Variation of the effect of the currency conversion differences, which had been negative by 10,502 thousand euros on 30 September 2013 and was positive by 25,423 thousand euros in the first nine months of 2014, not considering the currency conversion differences appropriated by the equity method;
• Gains from the disposal of rights of "Banco Comercial Português, S.A." of the amount of 22,068 thousand euros;
• Increase of 10,227 thousand euros in interest paid;
• Variation of earnings from associates and joint ventures, which in September 2013 had been positive by 86 thousand euros and, in the first nine months of 2014, were negative by 6,661 thousand euros, mainly due to the negative impact of the currency conversion differences of the affiliated company "Limited Liability Company Cement" in the amount of 5,760 thousand euros;
• Impairment loss of 2,088 thousand euros in the stake held in "Colt Resources".

Income Tax for the period ended on 30 September 2014 reached the value of 24,504 thousand euros, while at the end of the same period of the previous year it had stood at 11,052 thousand euros.

	3rd Q 14	3rd Q 13 "Restated"	Var (%)	Jul-Sep 14	Jul-Sep 13 "Restated"	Var (%)
Current tax	(35,316)	(34,124)	3.5%	(12,419)	(10,120)	22.7%
Deferred tax	10,812	23,072	(53.1%)	(4,576)	9,811	-
	(24,504)	(11,052)	121.7%	(16,995)	(309)	5400.0%

(Values in thousand euros)

Total Net Assets increased by 7.5% in relation to 31 December 2013 ("Restated"), having reached 2,987,282 thousand euros. Evolution of Net Assets

Net Debt reached 1,292,675 thousand euros as at 30 September 2014, reflecting an increase of 9.9% in relation to the end of the previous year.

Evolution of Net Debt

(Values in thousand euros)

In the analysis of this indicator, the investments in facilities and equipment, which in the period reached 93.3 million euros, ought to be taken into account.

Equity Attributable to Shareholders increased by 98,433 thousand euros, from 325,407 thousand euros to 423,840 thousand euros, corresponding to a growth of 30.2% in relation to 31 December 2013.

Total Equity grew by 27.8% to stand at 460,921 thousand euros, influenced essentially by the following factors:

• Positive net income of 71,516 thousand euros;
• Positive currency conversion effect of 55,091 thousand euros, recorded as a result of the appreciation of the Currencies with which the Group operates in relation to the Euro;
• Positive variation in the fair value of the financial assets available for sale, net of deferred tax, in the amount of 15,865 thousand euros;
• Negative hedge operation effect of 3,505 thousand euros, as a result of the variation of the fair value of the financial instrument (interest rate swap) contracted in 2008 under the Concession of the Management of Cascais Hospital Building.
• Distribution of dividends of 6,300 thousand euros.

Financial Autonomy increased from 13% as at 31 December 2013 to 15.4% as at 30 September 2014.

The Average Number of Workers at the end of the period ended on 30 September 2014 was 13,165, reflecting, in line with the growth in turnover, an increase of 9.6% compared with 31 December 2013.

Evolution of the Average Number of Workers

"Teixeira Duarte, S.A." shares ranged from 0.89 euros as at 31 December 2013 and 0.856 euros as at 30 September 2014.

The graph below shows the evolution of the stock market prices of the shares during the first nine months of the year, having oscillated over this period between a minimum of 0.60 euros and a maximum of 1.44 euros.

Teixeira Duarte, S.A. Share Prices

During this period, 60,322,091 shares were traded on the stock market, with a total turnover of 61,059,942 euros.

III. FACTS WHICH OCCURRED AFTER THE END OF THE 3rd QUARTER OF 2014

TEIXEIRA DUARTE pursued its activity in the different markets in which it operates, with no relevant facts having occurred in the development of its activity between the closing of the third quarter of 2014 and today's date.

Nonetheless, TEIXEIRA DUARTE considers that it is important, within this context, to further inform on the substitution of the Chairman of the Supervisory Board as disclosed in the press release to the market issued on 4 November 2014, which stated that:

TEIXEIRA DUARTE, S.A. discloses to the market that the Chairman of the Supervisory Board, Mr. António Gonçalves Monteiro, resigned from the position he had been holding at TEIXEIRA DUARTE, S.A. since 2009, informing that such resignation, due to professional reasons, was presented following his appointment to the position of member of the Board of Auditors of Banco de Portugal, as Statutory Auditor, by order of the Minister of State and Finance, published in Diário da República (Official Gazette) on 3 October.

Teixeira Duarte also informs that such resignation shall become effective on this date and that, under the applicable legal and statutory provisions, today 7 November 2014, the alternate member of the Supervisory Board, Mr. Óscar Manuel Machado de Figueiredo, will replace him in that body, and will then elect, from among its three members, one of them to perform the duties of Chairman.

The election of the new Alternate Member of the Supervisory Board will be undertaken at the General Meeting to be held in due course.

IV. OUTLOOK FOR 2014

For the fourth quarter of 2014, growth of the activity in various countries of importance in the Group's operations in the foreign market is expected, namely in Venezuela.

The Teixeira Duarte Group's Order Book for the construction sector thus reached the impressive total value of 2,636,200 thousand euros as at 30 September 2014, corresponding to an increase of 29.3% relative to 31 December 2013.

Therefore, and notwithstanding any new contracts that may arise, the Group has assured adequate business levels in Construction in the foreign market which, in spite of the current unfavourable circumstances in the domestic market, has implied that, as a whole, Teixeira Duarte already has contracts to the total value of 267,809 thousand euros for the fourth quarter of 2014, 929,697 thousand euros for 2015 and 641,534 thousand euros for 2016, distributed as follows by the markets of operation of the Teixeira Duarte Group:

Country	4th Q 14	Contribution (%)	2015	Contribution (%)	2016	Contribution (%)
Portugal	24,728	9.2%	118,505	12.7%	28,274	4.4%
Angola	38,657	14.4%	188,253	20.2%	51,856	8.1%
Algeria	58,035	21.7%	179,441	19.3%	170,300	26.5%
Brazil	41,294	15.4%	140,082	15.1%	64,832	10.1%
Spain	2,750	1.0%	2,870	0.3%	-	-
Mozambique	20,202	7.5%	122,242	13.1%	36,699	5.7%
Venezuela	77,130	28.8%	166,715	17.9%	284,425	44.3%
Other Markets	5,013	1.9%	11,589	1.2%	5,148	0.8%
	267,809	100.0%	929,697	100.0%	641,534	100.0%

(Values in thousand euros)

In view of the above and given this scenario, for 2014 Teixeira Duarte maintains the forecast of achieving a consolidated operating income of 1,600 million euros.

Lagoas Park, 28 November 2014

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

Jorge Ricardo de Figueiredo Catarino

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2014, 31 DECEMBER 2013 AND 1 JANUARY 2013 (Values expressed in thousand euros)

	Notes	30/09/2014	31-12-2013 "Restated"	01-01-2013 "Restated"
Non-current assets:
Goodwill		30,116	29,706	29,715
Intangible assets		26,755	34,563	31,281
Tangible fixed assets	13	651,316	571,234	529,738
Investment property	14	480,937	479,965	498,236
Investments in associates and joint ventures	7 and 15	36,944	36,461	51,858
Financial assets available for sale	7 and 16	87,742	84,613	48,597
Other investments		17,875	15,537	14,546
Deferred tax assets	17	206,509	188,514	111,912
Customers		52,627	53,224	58,091
Other receivables		117	97	79
Other non-current assets		1,378	1,561	1,716
Total non-current assets		1,592,316	1,495,475	1,375,769
Current assets:
Inventories		348,800	289,894	313,575
Customers		464,867	492,135	476,724
Other receivables		96,632	69,315	65,099
Cash and cash equivalents	19	220,886	186,441	241,961
Other investments		48	62	10,888
Other current assets		263,733	245,921	279,698
Total current assets		1,394,966	1,283,768	1,387,945
TOTAL ASSETS	7	2,987,282	2,779,243	2,763,714
Equity:
Share capital	20	210,000	210,000	210,000
Adjustment of holdings in associates and joint ventures		4,811	1,669	1,607
Currency conversion adjustments		15,800	(37,085)	(3,671)
Reserves and retained earnings	21	121,789	86,849	20,066
Consolidated net income		71,440	63,974	24,003
Equity attributable to shareholders		423,840	325,407	252,005
Non-controlling interests		37,081	35,321	73,863
TOTAL EQUITY		460,921	360,728	325,868
Non-current liabilities:
Loans	22	720,888	680,980	401,060
Provisions		79,773	72,934	36,148
Financial leases		174,802	184,062	199,580
Deferred tax liabilities	17	55,588	52,693	57,979
Other payables		7,862	9,833	15,110
Other non-current liabilities		88,832	83,906	177,793
Total non-current liabilities		1,127,745	1,084,408	887,670
Current liabilities:
Loans	22	792,673	681,626	834,905
Suppliers		200,453	167,002	186,737
Financial leases		21,007	21,634	22,015
Other payables		47,335	83,927	20,260
Other current liabilities		337,148	379,918	486,259
Total current liabilities		1,398,616	1,334,107	1,550,176
TOTAL LIABILITIES	7	2,526,361	2,418,515	2,437,846
TOTAL LIABILITIES AND EQUITY		2,987,282	2,779,243	2,763,714

The notes are an integral part of the consolidated statement of financial position as at 30 September 2014.

CONSOLIDATED INCOME STATEMENTS FOR THE PERIODS ENDED ON 30 SEPTEMBER 2014 AND 2013 (Values expressed in thousand euros)

	Notes	3rd Q 14	3rd Q 13 "Restated"	Jul-Sep 14	Jul-Sep 13 "Restated"
Operating income:
Sales and services rendered	7 and 8	1,174,578	1,119,050	415,811	384,169
Other operating income	8	13,293	28,442	5,951	10,434
Total operating income	8	1,187,871	1,147,492	421,762	394,603
Operating costs:
Cost of sales		(449,684)	(404,364)	(180,378)	(141,763)
Change in production		(2,494)	(3,603)	(1,360)	(1,160)
External supplies and services		(291,858)	(331,017)	(72,404)	(114,062)
Staff costs		(208,489)	(197,434)	(72,085)	(67,806)
Amortisation and depreciation	7	(51,960)	(45,440)	(17,828)	(16,404)
Provisions and impairment losses in depreciable and amortisable assets and Goodwill	7	20,079	(8,060)	(6,533)	(7,197)
Other operating costs		(70,621)	(62,352)	(41,983)	(24,430)
Total operating costs		(1,055,027)	(1,052,270)	(392,571)	(372,822)
Net operating income	7	132,844	95,222	29,191	21,781
Financial costs and losses	7 and 9	(129,852)	(126,642)	(45,002)	(42,837)
Financial income and gains	7 and 9	76,759	47,528	40,487	18,737
Earnings from investment activities:
Earnings from associates and joint ventures	7 and 9	(6,661)	86	295	1,015
Other	7 and 9	22,930	4,971	22,398	3,022
Financial results		(36,824)	(74,057)	18,178	(20,063)
Earnings before tax	7	96,020	21,165	47,369	1,718
Income tax	10	(24,504)	(11,052)	(16,995)	(309)
Consolidated net income for the period		71,516	10,113	30,374	1,409
Net income attributable to:
Shareholders	11	71,440	10,108	28,931	1,171
Non-controlling interests		76	5	1,443	238
Earnings per share:
Basic (euros)	11	0.17	0.02	0.07	0.00
Diluted (euros)	11	0.17	0.02	0.07	0.00

The notes are an integral part of the consolidated income statement for the period ended on 30 September 2014.

CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME FOR THE PERIODS ENDED ON 30 SEPTEMBER 2014 AND 2013 (Values expressed in thousand euros)

	Notes	3rd Q 14	3rd Q 13 "Restated"	Jul-Sep 14	Jul-Sep 13 "Restated"
Consolidated net income for the period		71,516	10,113	30,374	1,409
Income and costs that will not be subsequently reclassified to net income
Other changes in equity		(3,886)	(18,875)	(5,866)	(3,383)
		(3,886)	(18,875)	(5,866)	(3,383)
Income and costs that may be subsequently reclassified to net income
Fair value of financial assets available for sale	16	(15,865)	9,271	(23,443)	3,211
Currency conversion adjustments		55,091	(23,656)	29,987	(10,366)
Adjustment of holdings in associates and joint ventures	15	3,142	(192)	768	(540)
Hedging financial derivative instruments		(3,505)	2,437	(1,072)	455
		38,863	(12,140)	6,240	(7,240)
Net income recognised directly in equity		34,977	(31,015)	374	(10,623)
Comprehensive income for the period		106,493	(20,902)	30,748	(9,214)
Comprehensive income attributable to:
Shareholders		104,733	16,836	50,612	(15,366)
Non-controlling interests		1,760	(37,738)	5,546	(36,706)

The notes are an integral part of the consolidated comprehensive income statement for the period ended on 30 September 2014.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIODS ENDED ON 30 SEPTEMBER 2014 AND 2013 (Values expressed in thousand euros)

							Reserves and retained earnings
		Notes Share Capital	Adjustment of holdings in associates and joint ventures	Currency conversion adjustments	Legal reserve	Free reserves	Fair value reserve	Hedge operation reserve	Retained earnings	Consolidated net income	Total equity attributable to shareholders	Non-controlling interests	Total
Balance as at 1 January 2013 "Restated"	20	210,000	1,607	(3,671)	5,500	65,700	995	(11,011)	(41,118)	24,003	252,005	73,863	325,868
Comprehensive income for the period:
Consolidated net income for the period		-	-	-	-	-	-	-	-	10,108	10,108	5	10,113
Variation in currency conversion adjustments		-	-	(21,066)	-	-	-	-	-	-	(21,066)	(2,590)	(23,656)
Variation in fair value and disposal of financial assets
available for sale	16	-	-	-	-	-	9,271	-	-	-	9,271	-	9,271
Effect of hedging operations		-	-	-	-	-	-	2,437	-	-	2,437	-	2,437
Effect of the application of the equity method	15	-	(192)	-	-	-	-	-	-	-	(192)	-	(192)
Other		-	-	-	-	-	-	-	16,278	-	16,278	(35,153)	(18,875)
Transactions with shareholders in the period:
Appropriation of the consolidated net income for 2012:
Transfer of results		-	-	-	4,500	9,678	-	-	3,525	(17,703)	-		-
Dividends distributed	12									(6,300)	(6,300)		(6,300)
Balance as at 30 September 2013		210,000	1,415	(24,737)	10,000	75,378	10,266	(8,574)	(21,315)	10,108	262,541	36,125	298,666
			Adjustment of holdings	Currency			Reserves and retained earnings Fair value	Hedge operation		Consolidated net	Total equity	Non-controlling
			in associates and joint	conversion		Legal reserve Free reserves	reserve	reserve	Retained earnings	income	attributable to	interests	Total
		Notes Share Capital	ventures	adjustments							shareholders
Balance as at 1 January 2014 "Restated"	20	210,000	1,669	(37,085)	10,000	75,378	34,074	(8,305)	(24,298)	63,974	325,407	35,321	360,728
Comprehensive income for the period:
Consolidated net income for the period		-	-	-	-	-	-	-	-	71,440	71,440	76	71,516
Variation in currency conversion adjustments		-	-	52,885	-	-	-	-	-	-	52,885	2,206	55,091
Variation in fair value and disposal of financial assets
available for sale	16	-	-	-	-	-	(15,865)	-	-	-	(15,865)	-	(15,865)
Effect of hedging operations		-	-	-	-	-	-	(3,505)	-	-	(3,505)	-	(3,505)
Effect of the application of the equity method	15	-	3,142	-	-	-	-	-	-	-	3,142	-	3,142
Other		-	-	-	-	-	-	-	(3,364)	-	(3,364)	(522)	(3,886)
Transactions with shareholders in the period:
Appropriation of the consolidated net income for 2013:
Transfer of results		-	-	-	11,000	46,674	-	-	-	(57,674)	-	-	-
Dividends distributed Balance as at 30 September 2014	12	- 210,000	- 4,811	- 15,800	-	- 21,000 122,052	- 18,209	- (11,810)	- (27,662)	(6,300) 71,440	(6,300) 423,840	- 37,081	(6,300) 460,921

The notes are an integral part of the consolidated statement of changes in equity for the year ended on 30 September 2014.

CONSOLIDATED CASH FLOW STATEMENTS FOR THE PERIODS ENDED ON 30 SEPTEMBER 2014 AND 2013 (Values expressed in thousand euros)

	Notes	3rd Q 14	3rd Q 13 "Restated"	Jul-Sep 14	Jul-Sep 13 "Restated"
OPERATING ACTIVITIES:
Revenue from customers		1,145,626	1,005,519	457,710	391,241
Payments to suppliers		(778,650)	(773,597)	(298,479)	(245,198)
Payments to staff		(207,838)	(193,142)	(71,903)	(66,518)
Cash flow generated by operations		159,138	38,780	87,328	79,525
Income tax payment/revenue		(32,820)	(39,598)	(7,087)	(15,125)
Other revenue/payments relative to operating activity		(85,691)	(39,352)	(45,163)	(11,230)
Cash flow from operating activities (1)		40,627	(40,170)	35,078	53,170
INVESTMENT ACTIVITIES:
Revenue derived from:
Financial investments	19	51,760	38,944	33,339	11,706
Tangible fixed assets and investment properties		5,396	4,298	3,114	1,756
Interest and similar income		9,064	11,162	3,226	3,826
Dividends	19	772	1,604	207	280
		66,992	56,008	39,886	17,568
Payments relative to:
Financial investments	19	(53,100)	(41,950)	(32,128)	(5,684)
Tangible fixed assets and investment properties		(89,021)	(83,593)	(19,588)	(28,244)
Intangible assets		(6,919)	(1,763)	(812)	(960)
		(149,040)	(127,306)	(52,528)	(34,888)
Cash flow from investment activities (2)		(82,048)	(71,298)	(12,642)	(17,320)
FINANCING ACTIVITIES:
Revenue derived from:
Loans raised		1,348,070	2,075,498	485,424	398,259
Payments relative to:
Loans raised		(1,197,115)	(1,942,790)	(451,202)	(392,228)
Interest and similar costs		(76,136)	(62,341)	(29,057)	(23,126)
Dividends	12	(6,300)	(6,300)	-	-
		(1,279,551)	(2,011,431)	(480,259)	(415,354)
Cash flow from financing activities (3)		68,519	64,067	5,165	(17,095)
Variation in cash and cash equivalents (4)=(1)+(2)+(3)		27,098	(47,401)	27,601	18,755
Effect of currency conversion differences		6,933	(28,209)	8,259	(5,681)
Cash and cash equivalents - perimeter change		414	-	-	-
Cash and cash equivalents at the beginning of the period	19	186,441	241,961	185,026	153,277
Cash and cash equivalents at the end of the period	19	220,886	166,351	220,886	166,351

The notes are an integral part of the cash flow statement of the period ended on 30 September 2014.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT 30 SEPTEMBER 2014

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 210,000,000 euros, represented by 420,000,000 shares with the nominal value of 0.50 euros 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 and 15. The Group's core business is the following: Construction; Concessions and Services; Real Estate; Hotel Services; Distribution; Energy and Automobile (Note 7).

The values indicated herein are expressed in thousand euros, since this is the currency mainly used in the economic environment in which the Group operates.

During the period ended on 30 September 2014, the Group adopted, for the first time, IFRS 11 - Joint Arrangements, which classifies joint arrangements as joint operations (combining the existing concepts of jointly controlled assets and jointly controlled operations) or joint ventures (equivalent to the existing concept of a jointly controlled entity) and requires the use of the equity method in joint ventures, thus eliminating the method of proportional consolidation. This standard has replaced IAS 31 - Interests in Joint Ventures and SIC 13 Jointly Controlled Entities - Non-Monetary Contributions by Venturers. With the adoption of this new standard, the Group no longer proportionally consolidates its investments in joint ventures, namely the Enterprise Groups ("ACE"). The impacts of the adoption of this standard are detailed in Note 3.

Furthermore, following the new law issued in 2014 by Venezuela (Foreign Exchange Agreement number 25), which establishes a new foreign exchange rate for certain currency sale transactions, applicable as of 24 January 2014, there was a significant devaluation of the Venezuelan bolivar (Note 6) during this period.

2 - BASIS OF PRESENTATION

The consolidated financial statements as at 30 September 2014 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 2014 and in conformity with IAS 34 - Interim Financial Reporting.

3 - ALTERATIONS OF POLICIES, ESTIMATES AND ERRORS

The accounting policies adopted are consistent with those used in the preparation of the financial statements for the financial year ended on 31 December 2013, and described in the respective notes, except with respect to standards and interpretations whose enforcement date corresponds to financial years started on or after 1 January 2014. This is the case of the adoption of IFRS 11 - Joint Arrangements, which led to the discontinuation of the application of the proportional consolidation method to investments in joint ventures, namely Enterprise Groups ("ACE").

As a result of the adoption of IFRS 11, the following alterations were made to the previously reported Consolidated Statements of Financial Position as at 31 December 2013 and 1 January 2013, and to the previously reported Consolidated Income and Cash Flow Statements for the period ended on 30 September 2013:

Reconciliation of Financial Position as at 31 December 2012 and 1 January 2013:

	01-01-2013	Application of	31/12/2012
Non-current assets:	"Restated"	IFRS 11
Tangible fixed assets	529,738	(37)	529,775
Investments in associates and joint ventures	51,858	1,149	50,709
Other non-current assets	794,173	-	794,173
Total non-current assets	1,375,769	1,112	1,374,657
Current assets:
Customers	476,724	(127)	476,851
Other receivables	65,099	1,004	64,095
Cash and cash equivalents	241,961	(4,102)	246,063
Other current assets	604,161	(1,659)	605,820
Total current assets	1,387,945	(4,884)	1,392,829
TOTAL ASSETS	2,763,714	(3,772)	2,767,486
Equity:
Equity attributable to shareholders	252,005	-	252,005
Non-controlling interests	73,863	-	73,863
TOTAL EQUITY	325,868	-	325,868
Non-current liabilities:
Provisions	36,148	(2,055)	38,203
Other non-current liabilities	851,522	-	851,522
Total non-current liabilities	887,670	(2,055)	889,725
Current liabilities:
Suppliers	186,737	(1,093)	187,830
Other payables	20,260	1,163	19,097
Other current liabilities	1,343,179	(1,787)	1,344,966
Total current liabilities	1,550,176	(1,717)	1,551,893
TOTAL LIABILITIES	2,437,846	(3,772)	2,441,618
TOTAL LIABILITIES AND EQUITY	2,763,714	(3,772)	2,767,486

Reconciliation of Financial Position as at 30 September 2013:

	30-09-2013 "Restated"	Application of IFRS 11	30/09/2013
Non-current assets:
Tangible fixed assets	554,658	(26)	554,684
Investments in associates and joint ventures	38,604	835	37,769
Other non-current assets	818,419	-	818,419
Total non-current assets	1,411,681	809	1,410,872
Current assets:
Customers	488,076	(408)	488,484
Other receivables	63,635	1,349	62,286
Cash and cash equivalents	166,351	(3,505)	169,856
Other current assets	562,312	(928)	563,240
Total current assets	1,280,374	(3,492)	1,283,866
TOTAL ASSETS	2,692,055	(2,683)	2,694,738
Equity:
Equity attributable to shareholders	262,541	-	262,541
Non-controlling interests	36,125	-	36,125
TOTAL EQUITY	298,666	-	298,666
Non-current liabilities:
Provisions	36,993	(1,517)	38,510
Other non-current liabilities	807,878	-	807,878
Total non-current liabilities	844,871	(1,517)	846,388
Current liabilities:
Suppliers	142,335	(476)	142,811
Other payables	28,946	1,068	27,878
Other current liabilities	1,377,237	(1,758)	1,378,995
Total current liabilities	1,548,518	(1,166)	1,549,684
TOTAL LIABILITIES	2,393,389	(2,683)	2,396,072
TOTAL LIABILITIES AND EQUITY	2,692,055	(2,683)	2,694,738

Reconciliation of Financial Position as at 31 December 2013:

	31-12-2013	Application of	31/12/2013
	"Restated"	IFRS 11
Non-current assets:
Tangible fixed assets	571,234	(23)	571,257
Investments in associates and joint ventures	36,461	563	35,898
Other non-current assets	887,780	-	887,780
Total non-current assets	1,495,475	540	1,494,935
Current assets:
Customers	492,135	(170)	492,305
Other receivables	69,315	8	69,307
Cash and cash equivalents	186,441	(3,471)	189,912
Other current assets	535,877	(1,260)	537,137
Total current assets	1,283,768	(4,893)	1,288,661
TOTAL ASSETS	2,779,243	(4,353)	2,783,596
Equity:
Equity attributable to shareholders	325,407	-	325,407
Non-controlling interests	35,321	-	35,321
TOTAL EQUITY	360,728	-	360,728
Non-current liabilities:
Provisions	72,934	(1,473)	74,407
Other non-current liabilities	1,011,474	-	1,011,474
Total non-current liabilities	1,084,408	(1,473)	1,085,881
Current liabilities:
Suppliers	167,002	(771)	167,773
Other payables	83,927	(235)	84,162
Other current liabilities	1,083,178	(1,874)	1,085,052
Total current liabilities	1,334,107	(2,880)	1,336,987
TOTAL LIABILITIES	2,418,515	(4,353)	2,422,868
TOTAL LIABILITIES AND EQUITY	2,779,243	(4,353)	2,783,596

Reconciliation of the Consolidated Cash Flow Statement for the period ended on 30 September 2013:

	3rd Q 13 "Restated"	Application of IFRS 11	3rd Q 13
OPERATING ACTIVITIES:
Revenue from customers	1,005,519	175	100,534
Payments to suppliers	(773,597)	152	(773,749)
Payments to staff	(193,142)	17	(193,159)
Cash flow generated by operations	38,780	344	38,436
Income tax payment/revenue	(39,598)	-	(39,598)
Other revenue/payments relative to operating activity	(39,352)	288	(39,640)
Cash flow from operating activities (1)	(40,170)	632	(40,802)
INVESTMENT ACTIVITIES:
Revenue derived from:
Financial investments	38,944	-	38,944
Tangible fixed assets and investment properties	4,298	-	4,298
Interest and similar income	11,162	(108)	11,270
Dividends	1,604	-	1,604
	56,008	(108)	56,116
Payments relative to:
	(127,306)	-	(127,306)
Cash flow from investment activities (2)	(71,298)	(108)	(71,190)
FINANCING ACTIVITIES:
Revenue derived from:
Loans raised	2,075,498	-	2,075,498
Payments relative to:
Loans obtained	(1,942,790)	-	(1,942,790)
Interest and similar costs	(62,341)	73	(62,414)
Dividends	(6,300)	-	(6,300)
	(2,011,431)	73	(2,011,504)
Cash flow from financing activities (3)	64,067	73	63,994
Variation in cash and cash equivalents (4)=(1)+(2)+(3)	(47,401)	597	(47,998)
Effect of currency conversion differences	(28,209)	-	(28,209)
Cash and cash equivalents at the beginning of the period	241,961	(4,102)	246,063
Cash and cash equivalents at the end of the period	166,351	(3,505)	169,856

Reconciliation of the Consolidated Income Statement for the period ended on 30 September 2013:

	3rd Q 13 "Restated"	Application of IFRS 11	3rd Q 13
Operating income:
Sales and services rendered	1,119,050	70	1,118,980
Other operating income	28,442	(303)	28,745
Total operating income	1,147,492	(233)	1,147,725
Operating costs:
Cost of sales	(404,364)	-	(404,364)
Change in production	(3,603)	-	(3,603)
External supplies and services	(331,017)	628	(331,645)
Staff costs	(197,434)	17	(197,451)
Amortisation and depreciation	(45,440)	8	(45,448)
Provisions and impairment losses in depreciable and amortisable assets and Goodwill	(8,060)	(396)	(7,664)
Other operating costs	(62,352)	71	(62,423)
Total operating costs	(1,052,270)	328	(1,052,598)
Net operating income	95,222	95	95,127
Financial costs and losses	(126,642)	73	(126,715)
Financial income and gains	47,528	(108)	47,636
Earnings from investment activities:
Earnings from associates and joint ventures	86	(60)	146
Other	4,971	-	4,971
Financial results	(74,057)	(95)	(73,962)
Earnings before tax	21,165	-	21,165
Income tax	(11,052)	-	(11,052)
Consolidated net income for the period	10,113	-	10,113
Net income attributable to:
Shareholders	10,108	-	10,108
Non-controlling interests	5	-	5
Earnings per share:
Basic (euros)	0.02	-	0.02
Diluted (euros)	0.02	-	0.02

4 - COMPANIES INCLUDED IN THE CONSOLIDATION PERIMETER

As at 30 September 2014, 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	Praça do Bom Sucesso, nº 61 - Escritórios 501 e 502	100.00%
Pública, S.A. MARINERTES, S.A.	Porto Edifício 1, Lagoas Park Porto Salvo	51.00%
RECOLTE – Serviços e Meio Ambiente, S.A.	Edifício 1, Lagoas Park Porto Salvo	100.00%
SATU-Oeiras - Sistema Automático de Transporte Urbano, S.A. (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	100.00%
IMOPEDROUÇOS - Sociedade Imobiliária, S.A.	Porto Salvo 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	100.00%
EVA - Sociedade Hoteleira, S.A.	Porto Salvo Av. República, nº 1 Faro	100.00%
GO CORP TRAVEL SOLUTIONS – Agência de Viagens, S.A.	Rua da Comunidade Lusíada, nº 2, Letra C 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	50.00%
DIGAL - Distribuição e Comércio, S.A. (b)	Rua das Lagoas - Campo Raso Sintra	50.00%
DNGÁS - Distribuição e Comércio de Gás, S.A. (b)	Rua das Lagoas - Campo Raso Sintra	50.00%
MULTIGÁS - Sociedade Comercial e Distribuidora de Gás, S.A. (b)	Rua das Lagoas - Campo Raso Sintra	50.00%
PETRIN - Petróleos e Investimentos, S.A. (b)	Edifício 1, Lagoas Park Porto Salvo	47.91%
PPS - Produtos Petrolíferos, S.A. (b)	Edifício 1, Lagoas Park	50.00%
PTG - SGPS, S.A.	Porto Salvo Edifício 1, Lagoas Park	100.00%
TANQUIGÁS - Distribuição e Comércio de Gás, S.A. (b)	Porto Salvo Rua das Lagoas - Campo Raso	50.00%
TDARCOL - SGPS, S.A. (c)	Sintra Edifício 1, Lagoas Park Porto Salvo	50.00%
AUTOMOBILE
TDO - Investimento e Gestão, S.A.	Rua das Pretas, 4 - Fracção 4 D Funchal	100.00%

Corporate name	Head Office	Effective percentage holding
OTHER
C + P.A. - Cimento e Produtos Associados, S.A.	Edifício 1, Lagoas Park	100.00%
TDO - SGPS, S.A.	Porto Salvo 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
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	100.00%
IMOAFRO - Empreendimentos Imobiliários, Lda.	Luanda Rua Amílcar Cabral, 27 - R/C D	100.00%
TEIXEIRA DUARTE - Engenharia e Construções	Luanda Rua Amílcar Cabral, 27 - R/C D	100.00%
(Angola), Lda. URBÁFRICA - Sociedade Imobiliária, Lda.	Luanda Rua Amílcar Cabral, 35 - 5º C Luanda	90.00%
HOTEL SERVICES
ALVALADE - Empreendimentos Turísticos e	Rua Comandante Gika – Bairro Maiango	100.00%
Hoteleiros, Lda. ANGOIMO - Empreendimentos e Construções, Lda.	Luanda Rua Amílcar Cabral, 35 – 5º C	100.00%
HOTEL TRÓPICO, S.A.	Luanda Rua da Missão, 103 Luanda	80.00%

Corporate name	Head Office	Effective percentage holding
HOTEL BAÍA, Lda.	Alameda Manuel Van – Dúnem, 318 Luanda	100.00%
DISTRIBUTION
CND – Companhia Nacional de Distribuição, Lda.	Rua Amílcar Cabral, 51 - 1º C	100.00%
DCG – Distribuição e Comércio Geral, Lda.	Luanda Avenida Pedro de Castro Van - Dúnem	100.00%
OCC – Operador Central de Comércio, Lda.	Luanda Alameda Manuel Van – Dúnem Luanda	80.00%
AUTOMOBILE
AUTO COMPETIÇÃO Angola, Lda.	Rua Eugénio de Castro, Instalações do	100.00%
AUTO 8, Lda.	Cine Atlântico - Luanda Via A-1, Lote CCB-5 - Pólo Automóvel	100.00%
COMÉRCIO DE AUTOMÓVEIS, Lda.	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) Luanda	51.00%
ALGERIA
CONSTRUCTION
TEIXEIRA DUARTE ALGERIE, SPA	Parc Miremont, Rue A, nº 136 Bouzareah Algiers	99.94%
BELGIUM
CONCESSIONS AND SERVICES
TDGI, S.A.	Avenue Louise 475 1050 Ixelles	100.00%
BRAZIL
CONSTRUCTION
EMPA - Serviços de Engenharia, S.A.	Rua Major Lopes, 800	100.00%
SOMAFEL Brasil – 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
GONGOJI Montante Energia, S.A.	Rua Major Lopes, 800 - sala 310	100.00%
PAREDÃO de Minas Energia, S.A.	Bairro São Pedro - Belo Horizonte Rua Major Lopes, 800 - sala 306	100.00%
TABOQUINHA Energia, S.A.	Bairro São Pedro - Belo Horizonte Rua Major Lopes, 800 - sala 308 Bairro São Pedro - Belo Horizonte	100.00%

Corporate name Head Office		Effective percentage holding
REAL ESTATE
TDPG - Empreendimentos Imobiliários e Hoteleiros, Ltda.	Avenida Domingos Ferreira nº 4060, sala 301 Boa Viagem - Cidade de Recife	100.00%
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	100.00%
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 – Dionísio da Costa, 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	100.00%
TDSP – Volta Redonda, Empreendimentos Imobiliários, SPE, Ltda.	Rua Iguatemi, nº 448, 14º andar, Conjunto 1401 Itaim Bibi - São Paulo	95.00%
TDSP - 14, Empreendimentos Imobiliários, SPE, Ltda.	Rua Iguatemi, nº 448, 14º andar, Conjunto 1401 Itaim Bibi - São Paulo	100.00%
TDSP – Alta Vista IV, Empreendimentos Imobiliários, SPE, Ltda.	Rua Iguatemi, nº 448, 14º andar, Conjunto 1401 Itaim Bibi - São Paulo	92.65%
TDSP - 16, Empreendimentos Imobiliários, SPE, Ltda.	Rua Iguatemi, nº 448, 14º andar, Conjunto 1401 Itaim Bibi - São Paulo	100.00%
TDSP - 17, Empreendimentos Imobiliários, SPE, Ltda.	Rua Iguatemi, nº 448, 14º andar, Conjunto 1401	100.00%

DISTRIBUTION

TDD - Distribuição Brasil, Ltda.	Rua Iguatemi, nº 448, 6º andar, Conjunto 602 Itaim Bibi - São Paulo	100.00%

CYPRUS

OTHER

	LEVENEL, Limited

LEVENEL, Limited Irakli, Egkomi, 2413 100.00% Nicosia

Corporate name	Head Office	Effective percentage holding
SPAIN
CONSTRUCTION
UTE DE VIANA	Av. Alberto Alcocer, 24 - 7º Madrid	100.00%
CONCESSIONS AND SERVICES
RECOLTE, Servicios Y Medioambiente, S.A.U.	Av. Alberto Alcocer, 24 - 7º	100.00%
VALYGERSA, S.L.	Madrid Av. Alberto Alcocer, 24 - 7º Madrid	100.00%
GIBRALTAR
CONSTRUCTION
Teixeira Duarte International, LTD.	23, Portland House - Glacis Road Gibraltar	100.00%
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	74.46%
CONCESSIONS AND SERVICES
TDGI - Tecnologia de Gestão de Imóveis, Lda.	Av. 24 de Julho, 141 Maputo	69.55%
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	Av. 24 de Julho, 135	100.00%
Hoteleiros, Lda. Sociedade Hotel Tivoli, Lda.	Maputo Av. 25 de Setembro, 1321	65.00%
TIVOLI BEIRA - Hotelaria e Serviços, Lda.	Maputo Av. 24 de Julho, 141 Maputo	98.72%

Corporate name	Head Office	Effective percentage holding
NAMIBIA
CONCESSIONS AND SERVICES
KARIBIB Portland Cement (PTY)	P O Box 9574 Windhoek Namibia	95.00%
KPC Trading and Services	P O Box 2143 Windhoek Namibia	57.00%
SQUIRREL Investments 115 PTY, Ltd.	P O Box 2143 Windhoek Namibia	95.00%
RUSSIA
CONCESSIONS AND SERVICES
MMK Cement, Limited Liability Company	Murmansk Russia	70.00%
VENEZUELA
CONSTRUCTION
Consorcio Boyacá – La Guaira	Av. San Juan Bosco Ota Coromoto no Aplica Urb. Altamira – Caracas Venezuela	57.20%
TEGAVEN – Teixeira Duarte y Asociados, C.A.	Av. Este, 6 - Edif. Centro Parque Carabobo, Piso 6, Of. 601 - Caracas Venezuela	95.57%

(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.

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

5 - CHANGES IN THE CONSOLIDATION PERIMETER

During the period ended on 30 September 2014, "TEGAVEN – Teixeira Duarte y Asociados, C.A." entered the consolidation perimeter, relative to the consolidation perimeter as at 31 December 2013.

The impact of the entry of "TEGAVEN – Teixeira Duarte y Asociados, C.A." reported on 30 June 2014, was as follows:

Tangible fixed assets (Note 13)	908
Deferred tax assets (Note 17)	26
Other non-current assets	19
Customers and other receivables	40,172
Cash and cash equivalents	414
Other current assets	6,105
Other provisions	(204)
Other non-current liabilities	(10)
Suppliers and other payables	(568)
Other current liabilities	(7,623)
Net Assets	39,239
Share in Net Assets (a)	36,653
Acquisition cost	7,322
Goodwill (b)	(29,331)

(a) Acquisition of 93.41% of the share capital of the affiliated company.

(b) Recorded in the income statement under "Provisions and impairment losses in depreciable and amortisable assets and Goodwill".

6 - EXCHANGE RATES

The following exchange rates were used to convert the assets and liabilities expressed in foreign currency as at 30 September 2014 and 31 December 2013, as well as the earnings of operations developed in countries where the functional currency is different from the Euro, for the periods ended on 30 September 2014 and 2013:

		Closing rate		Average rate
Currency	30/09/2014	31/12/2013	Var	30/09/2014	30/09/2013	Var
US Dollar	1.2583	1.3791	(8.76%)	1.3517	1.3185	2.52%
Macanese Pataca	10.0672	11.0141	(8.60%)	10.7986	10.5351	2.50%
Mozambican Metical	39.6200	41.2400	(3.93%)	41.2700	39.3750	4.81%
Venezuelan Bolivar (a)	15.0996	8.6774	74.01%	14.8138	7.7620	90.85%
Angolan Kwanza	124.6110	134.5920	(7.42%)	131.7356	126.4723	4.16%
Algerian Dinar	104.7121	108.1034	(3.14%)	107.1210	104.6951	2.32%
Moroccan Dirham	11.0096	11.2621	(2.24%)	11.1949	11.1495	0.41%
Brazilian Real	3.0821	3.2576	(5.39%)	3.1094	2.8016	10.99%
Ukrainian Hryvnia	16.2950	11.3638	43.39%	15.0813	10.7219	40.66%
Namibian Dollar	14.2606	14.5660	(2.10%)	14.5102	12.5284	15.82%
Cape Verdean Escudo	110.2650	110.2650	-	110.2650	110.2650	-
Russian Rouble	49.7653	45.3246	9.80%	48.0976	41.7516	15.20%
Tunisian Dinar	2.2670	2.2701	(0.14%)	2.2383	2.1270	5.23%
South Africa Rand	14.2606	14.5660	(2.10%)	14.5102	12.5284	15.82%
Columbian Peso	2,539.3800	2,661.6600	(4.59%)	2,633.0710	2,449.5680	7.49%

(a) As mentioned in the Introduction, following the new law issued in 2014 by Venezuela (Foreign Exchange Agreement number 25), which establishes a new foreign exchange rate for certain currency sale transactions, applicable as of 24 January 2014, there was a significant devaluation of the Venezuelan bolivar during this period. Specifically, this legislation is applicable to the settlement of currency sale transactions intended, namely, for the payment of "international investments" (a concept which includes the repatriation of start-up capital and remittance of interest and dividends). The settlement of currency for these transactions will be made at the exchange rate arising from the last allocation of currency made through the auction system (SICAD).

7 – SEGMENTAL INFORMATION

The Group organises its activity according to the following business segments:

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

The sales and services rendered and the earnings of each operating segment referred to above, for the periods ended on 30 September 2014 and 2013 "Restated", were as follows:

	Sales and services rendered
		3rd Q 14			3rd Q 13 "Restated"		Net operating income
Segment	Customers abroad	Inter-segmental	Total	Customers abroad	Inter-segmental	Total	3rd Q 14	3rd Q 13 "Restated"
Construction	556,530	66,690	623,220	542,268	56,062	598,330	56,016	23,044
Concessions and services	64,296	18,511	82,807	53,682	13,339	67,021	4,044	7,334
Real estate	82,419	8,798	91,217	62,661	10,825	73,486	35,829	20,713
Hotel services	52,904	12,189	65,093	60,243	9,505	69,748	9,465	12,225
Distribution	170,689	4,560	175,249	147,746	6,439	154,185	2,250	11,509
Energy	49,333	1,661	50,994	87,936	1,768	89,704	(53)	2,077
Automobile	198,407	8,712	207,119	164,514	10,618	175,132	35,761	28,910
Not allocated to segments	-	-	-	-	-	-	(10,443)	(10,476)
Elimination	-	(121,121)	(121,121)	-	(108,556)	(108,556)	(25)	(114)
	1,174,578	-	1,174,578	1,119,050	-	1,119,050	132,844	95,222
Financial costs and losses (Note 9)							(129,852)	(126,642)
Financial income and gains (Note 9)							76,759	47,528
Earnings from investment activities (Note 9)							16,269	5,057
Earnings before tax							96,020	21,165

Inter-segmental transactions are carried out under market conditions and terms, equivalent to transactions conducted with third parties.

The accounting policies in the different segments are consistent with the Group's policies.

Other information:

Segment		Fixed capital expenditure		Amortisation and depreciation through profit or loss	Provisions and impairment losses (a)
	3rd Q 14	3rd Q 13 "Restated"	3rd Q 14	3rd Q 13 "Restated"	3rd Q 14	3rd Q 13 "Restated"
Construction	22,901	54,037	29,211	25,709	(22,670)	8,052
Concessions and services	3,402	2,843	3,199	3,076	2,595	8
Real estate	17,201	686	5,411	3,829	1	-
Hotel services	17,793	7,690	5,962	5,918	-	-
Distribution	25,409	16,136	5,090	4,156	-	-
Energy	2,298	5,530	1,264	1,359	-	-
Automobile	4,264	4,058	1,818	1,391	(5)	-
Not allocated to segments	37	-	5	2	-	-
	93,305	90,980	51,960	45,440	(20,079)	8,060

(a) Net impairment losses relative to depreciable and amortisable assets and goodwill.

The assets and liabilities of the segments and their respective reconciliation with the consolidated total, as at 30 September 2014 and 31 December 2013 "Restated", are as follows:

	Assets								Liabilities
		30/09/2014				31-12-2013 "Restated"
Segment	Investments in associates and joint ventures (Note 15)	Financial assets available for sale (Note 16)	Other assets	Total	Investments in associates and joint ventures (Note 15)	Financial assets available for sale (Note 16)	Other assets	Total	30/09/2014	31-12-2013 "Restated"
Construction	1,546	-		1,944,076 1,945,622	1,552	-	1,849,050	1,850,602	1,395,170	1,431,171
Concessions and services	767	22,922	241,896	265,585	842	25,208	232,336	258,386	184,361	176,292
Real estate	21	46,459		1,649,800 1,696,280	71	54,080	1,565,408	1,619,559	888,154	887,726
Hotel services	-	-	368,204	368,204	-	-	303,808	303,808	267,246	215,297
Distribution	-	-	274,490	274,490	-	-	221,756	221,756	237,718	184,806
Energy	24	-	68,460	68,484	24	-	76,064	76,088	43,397	49,271
Automobile	-	-	196,139	196,139	-	-	146,448	146,448	129,773	108,128
Not allocated to segments	34,586	18,361		948,996 1,001,943	33,972	5,325	971,611	1,010,908	141,358	211,041
Elimination	-	-	(2,829,465) (2,829,465)		-	-	(2,708,312)	(2,708,312)	(760,816)	(845,217)
	36,944	87,742		2,862,596 2,987,282	36,461	84,613	2,658,169	2,779,243	2,526,361	2,418,515

The sales and services rendered and information on non-current non-monetary assets by geographical segment are broken down as follows for the periods ended on 30 September 2014 and 2013 "Restated" and as at 30 September 2014 and 31 December 2013 "Restated", respectively:

	Sales and services rendered		Non-monetary non-current assets
		3rd Q 13		31-12-2013
Geographic segment	3rd Q 14	"Restated"	30/09/2014	"Restated"
Portugal	170,223	240,480	603,240	608,311
Angola	539,495	546,220	460,834	369,578
Algeria	45,372	38,648	13,808	12,395
Brazil	134,478	64,493	50,101	52,643
Spain	22,673	19,350	13,779	12,946
Mozambique	46,483	45,570	29,347	24,911
Venezuela	211,609	160,145	16,693	33,343
Other	4,245	4,144	1,322	1,341
	1,174,578	1,119,050	1,189,124	1,115,468

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

8 - OPERATING INCOME

For the periods ended on 30 September 2014 and 2013 "Restated", operating income was as follows:

	3rd Q 14	3rd Q 13 "Restated"	Jul-Sep 14	Jul-Sep 13 "Restated"
Sales and services rendered:
Sales	933,639	939,648	326,263	318,515
Services rendered	240,939	179,402	89,548	65,654
	1,174,578	1,119,050	415,811	384,169
Other operating income:
Supplementary income	3,388	4,215	1,321	2,073
Own work capitalised (b)	2,297	5,028	2,003	818
Divestment of assets (a)	1,581	3,733	797	1,491
Reversal of impairment losses in accounts receivable	1,225	565	362	81
Inventory gains	818	4,408	195	1,306
Reversal of inventory impairment losses	523	1,821	284	59
Tax refunds	13	1,768	1	216
Variation in the fair value of investment properties	-	64	-	(3)
Other operating income	3,448	6,840	988	4,393
	13,293	28,442	5,951	10,434
	1,187,871	1,147,492	421,762	394,603

(a) The gains indicated above were obtained through the divestment of tangible fixed assets.

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

9 - FINANCIAL RESULTS

The financial results for the periods ended on 30 September 2014 and 2013 "Restated" were as follows:

	3rd Q 14	3rd Q 13 "Restated"	Jul-Sep 14	Jul-Sep 13 "Restated"
Financial costs and losses:
Interest paid	(72,646)	(62,419)	(25,461)	(22,530)
Unfavourable currency conversion differences	(38,740)	(44,246)	(14,102)	(13,577)
Other financial costs and losses	(18,466)	(19,977)	(5,439)	(6,730)
	(129,852)	(126,642)	(45,002)	(42,837)
Financial income and gains:
Interest received	10,371	10,912	4,478	2,240
Favourable currency conversion differences	64,163	33,704	35,167	15,921
Cash discounts received	275	425	85	124
Other financial income and gains	1,950	2,487	757	452
	76,759	47,528	40,487	18,737
Earnings from investment activities:
Earnings from associates and joint ventures (a)	(6,661)	86	295	1,015
Dividends (b)	772	1,555	207	397
Other investments	(1,206)	2,544	123	2,228
Gains / losses in the measurement of assets available for sale (Note 16)	23,364	872	22,068	397
	16,269	5,057	22,693	4,037
Financial results	(36,824)	(74,057)	18,178	(20,063)

(a) The earnings from associates and joint ventures for the periods ended on 30 September 2014 and 2013 "Restated" include the effect of the application of the equity method to these investments (6,661) and (185) (Note 15), respectively.

During the period ended on 30 September 2013, the Group sold 20% of the share capital of "VOTORANTIM Macau Investimentos, S.A.", having recorded capital gains of 271 thousand euros.

(b) As at 30 September 2014 the values presented correspond to dividends received from "Other investments" of 580 thousand euros (1,003 thousand as at 30 September 2013). As at 30 September 2014, 192 thousand euros (552 thousand euros as at 30 September 2013) were also received from "Financial assets available for sale".

During the period ended on 30 September 2014, interest was capitalised in the acquisition cost of qualifying assets, in the amount of 821 thousand euros (as at 30 September 2013 no interest was capitalised). For the effect of the capitalisation of financial costs associated to the acquisition cost of the qualifying assets, an average rate of 5.2% was used as at 30 September 2014.

10 - INCOME TAX

"TD, SA" is the controlling company of a group of companies subject to the special taxation regime for corporate groups (RETGS), which covers all the companies in which it holds a stake, directly or indirectly, of at least 75% of the respective share capital, provided that this stake confers more than 50% of the voting rights and that they are also resident in Portugal and taxed under the general Corporate Income Tax ("IRC") regime.

All the other participated companies, not covered by RETGS, are taxed individually, based on their respective tax bases and applicable rates of Corporate Income Tax, Municipal Surcharge and State Surcharge.

"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 23%. Entities which record taxable profit are also subject to the Municipal Surcharge, whose rate may vary up to the maximum of 1.5%, as well as the State Surcharge, applicable to the portion of taxable profit in excess of 1,500,000 euros, 7,500,000 euros and 35,000,000 euros, at the rates of 3%, 5% and 7%, respectively. Regardless of the profit for tax purposes recorded for the year, the entities referred to above are also subject to autonomous taxation on the expenses and at the rates established in article 88 of the Corporate Income Tax Code.

In the calculation of the taxable profit, to which the aforesaid tax rates are applied, non-acceptable amounts for tax purposes are added to and subtracted from the book value profit or loss. 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.

Pursuant to the legislation in force, tax returns in Portugal may be reviewed and corrected by the tax authorities for a period, in general, of four years (five years for Social Security).

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 reported as at 30 September 2014.

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 17).

The income taxes recognised for the periods ended on 30 September 2014 and 2013 are as follows:

	3rd Q 14	3rd Q 13	Jul-Sep 14	Jul-Sep 13
Current tax:
Income tax in Portugal	(7,109)	(5,156)	(7,060)	829
Income tax in other jurisdictions	(28,207)	(28,968)	(5,359)	(10,949)
Current tax	(35,316)	(34,124)	(12,419)	(10,120)
Deferred tax (Note 17):	10,812	23,072	(4,576)	9,811
	(24,504)	(11,052)	(16,995)	(309)

In addition to the amounts of deferred taxes recorded directly in the income statement, deferred taxes amounting to 5,102 thousand euros were recorded directly in equity, as at 30 September 2014 ((2,851) thousand euros as at 30 September 2013) (Note 17).

11 - EARNINGS PER SHARE

The earnings per share for the periods ended on 30 September 2014 and 2013 were calculated taking into account the following amounts:

	3rd Q 14	3rd Q 13	Jul-Sep 14	Jul-Sep 13
Net income for the effect of calculating earnings per basic share (net income for the period)	71,440	10,108	28,931	1,171
Weighted average number of shares for the effect of calculating earnings per basic share (thousand)	420,000	420,000	420,000	420,000
Earnings per basic share	0.17	0.02	0.07	0.00

Due to the fact that, for the periods ended on 30 September 2014 and 2013, 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 31 May 2014, deliberated the distribution of dividends of the value of 6,300 thousand euros, corresponding to 0.015 euros per share, taking into consideration the separate financial statements of the Company as at 31 December 2013, with their settlement having taken place in June 2014.

In June 2013, dividends of 6,300 thousand euros were settled, relative to the financial year of 2012.

13 - TANGIBLE FIXED ASSETS

During the periods ended on 30 September 2014 and 2013 "Restated", the movements which occurred in the tangible fixed assets, as well as in the respective accumulated depreciation and impairment losses, were as follows:

	Land	Buildings					Other	Fixed assets	Advances
	& natural	& other	Basic	Transport	Tools &	Administrative tangible		fixed assets	on account of
		resources constructions equipment		equipment	utensils			equipment fixed assets in progress	tang. fixed assets	Total
Gross assets:
Balance as at 1 January 2013	33,826	409,337	377,713	79,540	36,989	40,078	18,721	43,985		183 1,040,373
Currency conversion adjustments	(644)	(5,908)	(13,450)	(3,853)	(951)	(1,087)	(312)	(2,540)	(61)	(28,806)
Additions	-	4,400	33,776	10,778	4,002	1,830	2,642	28,068	-	85,496
Transfers and write-offs	(768)	4,206	3,792	942	154	(81)	(3,717)	(294)	(122)	4,112
Divestments	(33)	(480)	(3,373)	(5,737)	(29)	(120)	(103)	-	-	(9,875)
Balance as at 30 September 2013	32,381	411,555	398,458	81,670	40,165	40,620	17,231	69,219		- 1,091,300
Balance as at 1 January 2014	31,683	434,063	406,263	82,356	41,065	41,134	10,004	65,873		- 1,112,441
Perimeter alteration	434	514	167	185	4	22	-	-	-	1,326
Currency conversion adjustments	196	15,496	(1,956)	(1,420)	903	1,327	516	2,315	-	17,377
Additions	-	5,032	17,580	8,887	2,316	2,494	3,473	46,459	11	86,252
Transfers and write-offs	-	7,341	7,806	(326)	(172)	(484)	303	9,035	(11)	23,492
Divestments	-	(248)	(6,379)	(1,676)	(873)	(90)	(16)	-	-	(9,282)
Balance as at 30 September 2014	32,313	462,198	423,481	88,006	43,243	44,403	14,280	123,682		- 1,231,606
Accumulated depreciation
and impairment losses:
Balance as at 1 January 2013	166	112,976	274,235	57,894	28,893	31,316	5,155	-	-	510,635
Currency conversion adjustments	-	(2,277)	(4,482)	(2,376)	(211)	(662)	(34)	-	-	(10,042)
Reinforcements	-	11,123	21,415	7,359	2,064	2,261	437	-	-	44,659
Transfers and write-offs	-	(11)	(39)	248	23	(269)	(8)	-	-	(56)
Divestments	-	(231)	(3,121)	(4,980)	(28)	(97)	(97)	-	-	(8,554)
Balance as at 30 September 2013	166	121,580	288,008	58,145	30,741	32,549	5,453	-	-	536,642
Balance as at 1 January 2014	166	133,284	280,370	58,481	31,097	32,367	5,442	-	-	541,207
Perimeter alteration	-	232	71	96	3	16	-	-	-	418
Currency conversion effect	-	1,547	(1,624)	(1,068)	(54)	874	133	-	-	(192)
Reinforcements	-	13,104	25,740	6,992	2,244	2,462	503	-	-	51,045
Transfers and write-offs	-	(145)	(4,612)	(403)	(99)	(478)	(2)	-	-	(5,739)
Divestments	-	(210)	(4,200)	(1,408)	(528)	(87)	(16)	-	-	(6,449)
Balance as at 30 September 2014	166	147,812	295,745	62,690	32,663	35,154	6,060	-	-	580,290
Net value:
As at 30 September 2013	32,215	289,975	110,450	23,525	9,424	8,071	11,778	69,219	-	554,658
As at 30 September 2014	32,147	314,386	127,736	25,316	10,580	9,249	8,220	123,682	-	651,316

The additions to tangible fixed assets carried out during the period ended on 30 September 2014 refer, essentially, to investments in facilities and equipment.

As at 30 September 2014, the tangible assets in progress include 110,723 thousand euros relative to buildings and other constructions in progress, in particular the following:

• For the Hotel sector, the remodelling of Hotel Trópico in Angola;
• For the Distribution sector, the expansion of the network of shops in Angola;
• For the Energy sector, the development of the tank facility project in Aveiro.

14 - INVESTMENT PROPERTIES

During the periods ended on 30 September 2014 and 2013, the movement which occurred in investment properties was as follows:

	2014	2013
Balance as at 1 January	479,965	498,236
Currency conversion adjustments	7,394	(2,001)
Increases / divestments	(3,725)	(3,101)
Variation in fair value	(2,697)	(2,094)
Transfer of tangible fixed assets	-	(2,419)
Balance as at 30 September	480,937	488,621

The income gained from investment properties arising from operating lease contracts reached 23,631 thousand euros for the period ended on 30 September 2014 (23,452 thousand euros as at 30 September 2013). Direct operating costs related to investment properties, for the period ended on 30 September 2014, reached 2,377 thousand euros (3,314 thousand euros as at 30 September 2013).

15 - INVESTMENTS IN ASSOCIATES AND JOINT VENTURES

The following associates and joint ventures were recorded through the equity method as at 30 September 2014:

Corporate name	Head Office	Effective percentage holding
ALVORADA PETRÓLEO, S.A.	Rua Major Lopes, 800, 3º andar	43.20%
ALSOMA, GEIE.	Belo Horizonte - Minas Gerais - Brazil 3 Av André Malraux	27.00%
AVIAS - Grupo Ferroviário para a	Levallois Peret Edifício 1, Lagoas Park	14.10%
Alta Velocidade, ACE AVIA PORTUGAL - Produtos Petrolíferos, S.A.	Porto Salvo Edifício 1, Lagoas Park	21.32%
CAIS DE CRUZEIROS 2ª FASE, ACE	Porto Salvo Rua da Tapada da Quinta de Cima	15.00%
CONBATE, ACE	Linhó – Sintra Edifício 2, Lagoas Park	20.00%
CONSORCIO MINERO LUSO VARGAS C.A. (CONLUVAR)	Porto Salvo Av. La Armada, Edifício Centro Socialista Demivargas, Piso 4 1162 La Guaira – Catia La Mar	49.00%
DOURO LITORAL, ACE	Edifício 8, Lagoas Park	40.00%
D.L.O.E.A.C.E. – Douro Litoral Obras	Porto Salvo Edifício 2, Lagoas Park	40.00%
Especiais, ACE FERROVIAL/TEIXEIRA DUARTE - Obras	Porto Salvo Edifício Central Park	50.00%
Hidráulicas do Alqueva, ACE GMP – Grupo Marítimo Português, ACE	Rua Alexandre Herculano, Nº 3, 2º - Linda-a-Velha Edifício 1, Lagoas Park	20.04%
GMP – Grupo Marítimo Português MEK, ACE	Porto Salvo Edifício 1, Lagoas Park	20.04%
GPCC - Grupo Português de Construção de	Porto Salvo Rua Senhora do Porto, 930	25.00%
Infraestruturas de Gás Natural, ACE IMOC - Empreendimentos Imobiliários, S.A.R.L.	Porto Av. 24 de Julho, 135	49.92%
Limited Liability Company Cement	Maputo Khutorskya Str., 70 Odessa	49.00%
METROLIGEIRO - Construção de	Estrada da Luz, 90 - 6º E	26.80%
Infraestruturas, ACE NOVA ESTAÇÃO, ACE	Lisbon Av. Frei Miguel Contreiras, nº 54, 7º	25.00%
RPK Gulfstream, Ltd.	Lisbon Tri Ruchja str. 183003, Murmansk	42.70%
SCP AK10 - Empreendimentos e Participações SPE Ltda.	Avenida Alameda Santos, nº 960 - 19º, Edifício CYK, Cerqueira César, São Paulo	25.00%
SOMAFEL/FERROVIAS, ACE	Av. Columbano Bordalo Pinheiro, 93 - 7º Lisbon	36.00%
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%
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%

The investments in associates showed the following movements during the periods ended on 30 September 2014 and 2013 "Restated":

	Holdings	Goodwill	Total
Balance as at 1 January 2013	40,155	11,703	51,858
Effects of the application of the equity method:
- Effect on net income for the period (Note 9)	(185)	-	(185)
- Effect on equity	(192)	-	(192)
Increases	100	-	100
Divestments (a)	(11,398)	-	(11,398)
Currency conversion adjustments	(512)	(6)	(518)
Other	(1,061)	-	(1,061)
Balance as at 30 September 2013	26,907	11,697	38,604
Balance as at 1 January 2014	24,768	11,693	36,461
Effects of the application of the equity method:
- Effect on net income for the period (Note 9)	(6,661)	-	(6,661)
- Effect on equity	3,142	-	3,142
Increases	865	-	865
Currency conversion adjustments	(408)	-	(408)
Other	3,595	(50)	3,545
Balance as at 30 September 2014	25,301	11,643	36,944

(a) During the period ended on 30 September 2013, the Group sold 20% of the share capital of "VOTORANTIM Macau Investimentos, S.A." to a non-related party for the value of 11,668 thousand euros (Note 19), which gave rise to capital gains of 271 thousand euros (Note 9).

The investments in associates and joint ventures as at 30 September 2014 and 31 December 2013 "Restated" are detailed as follows:

	30/09/2014			31-12-2013 "Restated"
Associates	Holdings	Goodwill	Value of financial position	Holdings	Goodwill	Value of financial position
Limited Liability Company Cement (a)	16,072	11,643	27,715	16,072	11,643	27,715
IMOC - Empreendimentos Imobiliários, S.A.R.L.	6,871	-	6,871	6,257	-	6,257
RPK Gulfstream, Ltd.	767	-	767	842	-	842
Alvorada Petróleos, S.A.	669	-	669	-	-	-
SCP AK-10 Empreendimentos e Participações SPE LTDA.	21	-	21	21	50	71
Other	901	-	901	1,576	-	1,576
	25,301	11,643	36,944	24,768	11,693	36,461

(a) Financing loan of 16,072 thousand euros as at 30 September 2014 and 31 December 2013 "Restated".

The holdings referred to above are recorded through the equity method which, in the periods ended on 30 September 2014 and 2013 "Restated", had the following impacts:

3rd Q 14
Associates	Gains and losses in associates (Note 9)	Adjustments of holdings	Total
Alvorada Petróleos, S.A.	(35)	39	4
Limited Liability Company Cement	(5,592)	2,223	(3,369)
IMOC - Empreendimentos Imobiliários, S.A.R.L.	12	602	614
SCP AK-10 Empreendimentos e Participações SPE LTDA.	(1)	-	(1)
Other	(1,045)	278	(767)
	(6,661)	3,142	(3,519)

3rd Q 13 "Restated"
	Gains and
	losses in
	associates	Adjustments of
Associates	(Note 9)	holdings	Total
Alvorada Petróleos, S.A.	(139)	-	(139)
Limited Liability Company Cement	(260)	(123)	(383)
IMOC - Empreendimentos Imobiliários, S.A.R.L.	910	(409)	501
SCP AK-10 Empreendimentos e Participações SPE LTDA.	(3)	-	(3)
TEIX.CO, SPA	(353)	319	(34)
Other	(340)	21	(319)
	(185)	(192)	(377)

16 - FINANCIAL ASSETS AVAILABLE FOR SALE

During the periods ended on 30 September 2014 and 2013, the movements which occurred in the valuation of the financial assets available for sale, stated at their respective fair value, were as follows:

	2014	2013
Fair value as at 1 January	84,613	48,597
Acquisitions during the period	22,787	-
Disposals during the period	(4,227)	(2,116)
Increase / decrease in fair value	(15,431)	11,241
Fair value as at 30 September	87,742	57,722

As at 30 September 2014, the Group held 625,674,932 shares of Banco Comercial Português, S.A., classified as financial assets available for sale (357,000,000 shares as at 31 December 2013).

During the period ended on 30 September 2014, the Group acquired 268,674,932 shares of "Banco Comercial Português, S.A.", for the amount of 22,787 thousand euros (Note 19).

During the period ended on 30 September 2014, the Group sold 472,414 shares of "Banco Bilbao e Vizcaya Argentaria, S.A." for 4,467 thousand euros (Note 19), recording capital gains of 1,296 thousand euros.

In the third quarter of 2014, the Group disposed of rights of "Banco Comercial Português, S.A." in the amount of 22,068 thousand euros;

The financial assets available for sale, and their respective cost and market values, as at 30 September 2014 and 31 December 2013, are as follows:

		30/09/2014	31/12/2013
		Cost value Market value Cost value		Market value
Banco Comercial Português, S.A.	740,108	64,820	717,321	59,405
Banco Bilbao Vizcaya Argentaria, S.A.	29,723	22,922	35,958	25,208
	769,831	87,742	753,279	84,613

17 - DEFERRED TAXES

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

During the periods ended on 30 September 2014 and 2013, the movements which occurred in deferred tax assets and liabilities, in accordance with the temporary differences which generated them, were as follows:

		Deferred tax assets		Deferred tax liabilities
	2014	2013	2014	2013
Balance as at 1 January	188,514	111,912	52,693	57,979
Constitution / Reversal
Net income (Note 10)	11,559	21,774	747	(1,298)
Equity	5,503	(1,783)	401	1,068
Currency conversion effect and adjustments	907	(2,560)	1,747	(466)
Perimeter alteration	26	-	-	-
Balance as at 30 September	206,509	129,343	55,588	57,283

Deferred tax assets are only recorded insofar as it is considered that taxable profits are likely to occur in future taxation periods 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, periodically reviewed and updated, on the prospects of generating taxable earnings.

As of 1 January 2014, the deduction of tax losses in Portugal, including tax losses recorded in previous periods, is limited to 70% of the taxable profit for the year when this deduction is made.

18 - RELATED PARTIES

The transactions and balances between "TD, S.A." and the Group's companies 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 associates, joint ventures, related parties and individuals with significant voting rights and their 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 transactions.

The main balances with related entities as at 30 September 2014 and 31 December 2013 "Restated" are detailed as follows:

		Balance receivable		Balance payable		Loans granted		Other debts
Entity	30/09/2014	31-12-2013 "Restated"	30/09/2014	31-12-2013 "Restated"	30/09/2014	31-12-2013 "Restated"	30/09/2014	31-12-2013 "Restated"
AEBT - Auto Estradas do Baixo Tejo, S.A.	5	-	-	-	5,373	819	-	-
AEDL - Auto Estradas do Douro Litoral, S.A.	-	-	-	-	1,202	1,202	-	-
ALSOMA, GEIE	-	-	-	24	-	-	-	-
AVIAS, ACE	-	48	-	-	-	-	-	-
AVIA PORTUGAL, S.A.	-	-	-	-	-	-	-	-
CINTEL - Construção Interceptor Esgotos, S.A.	46	46	-	-	4	4	-	-
CONBATE, ACE	10	57	-	-	-	-	-	24
Minero Luso Vargas Consortium - CONLUVAR	3,518	4,783	1,085	779	-	-	3	6
OPSUT 2010 Consortium	2,143	1,560	25	-	-	-	-	-
DOURO LITORAL, ACE	10	50	3	61	-	-	-	(102)
DOURO LITORAL OBRAS ESPECIAIS, ACE	-	-	-	-	-	-	(269)	(269)
EIA - Ensino de Investigação e Administração, S.A.	9	-	-	-	-	-	(324)	(324)
GMP - Grupo Maritimo Português, ACE	96	58	10	10	-	-	-	-
GMP – Grupo Marítimo Português MEK, ACE	25	21	-	-	-	-	-	-
GPCC - Grupo Português de Construção de Infraestruturas de
Gás Natural, ACE	-	79	-	59	-	-	-	(48)
GPCIE - Grupo Português de Construção de Infraestruturas da
Expo, ACE	-	-	-	-	-	-	-	(1)
IMOC - Empreendimentos Imobiliários, S.A.R.L.	8,494	1,554	-	-	-	-	(2,274)	(2,092)
Limited Liability Company Cement	147	-	-	-	16,072	16,072	-	-
LUSOPONTE - Concessionária para a Travessia do Tejo, S.A.	-	-	-	-	150	150	-	-
METROLIGEIRO - Construção de Infraestruturas, ACE	8	14	-	1	-	-	-	(2)
Moreira e Cunha, Lda.	14	33	-	-	-	-	-	(80)
MTS - Metro Transportes do Sul, S.A.	-	-	-	-	740	740	-	-
NOVA ESTAÇÃO, ACE	1,017	1,005	51	35	-	-	-	-
Promociones Inmobiliárias 3003, C.A.	1	55	-	-	-	-	(41)	(37)
RPK Gulfstream, Ltd.	-	-	-	-	2,004	2,200	-	-
SOMAFEL/FERROVIAS, ACE	4	1	-	-	-	-	-	-
STELGEST - Gestão Hoteleira, S.A.	-	19	-	-	-	-	(687)	(736)
TEDEVEN Inmobiliária, C.A.	1	-	-	-	-	-	-	-
TEGAVEN - Teixeira Duarte y Asociados, C.A. (a)	-	6,106	-	1,349	-	139	-	68,521
TEIX.CO SPA	1,391	1,381	727	720	-	-	(294)	(291)
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	65	64	11	6	-	-	-	(2)
TEIXEIRA DUARTE - SOPOL - Metro Superfície, ACE	10	17	60	54	-	-	-	-
TRÊS PONTO DOIS - Trabalhos Gerais de Construção Civil, Via e
Catenária de Modernização da Linha do Norte, ACE	-	1	35	35	-	-	-	(134)
VSL Sistema de Pré-Esforço - Equipamento de Montagem, S.A.	-	-	7	-	-	-	-	-
	17,014	16,952	2,014	3,133	25,545	21,326	(3,886)	64,433

(a) – Included in the consolidation perimeter in the period ended on 30 September 2014 (Note 5).

The main transactions carried out in the periods ended on 30 September 2014 and 2013 "Restated", with related entities were as follows:

		Sales and services rendered	Purchases and services received			Interest debited
	3rd Q 14	3rd Q 13 "Restated"	3rd Q 14	3rd Q 13 "Restated"	3rd Q 14	3rd Q 13 "Restated"
AEBT - Auto Estradas do Baixo Tejo, S.A.	23	-	-	-	-	-
CONBATE, ACE	115	442	-	-	-	-
Minero Luso Vargas Consortium - CONLUVAR	1,179	2,526	5,823	9,224	-	-
OPSUT 2010 Consortium	904	1,239	830	2,354	-	-
DOURO LITORAL, ACE	52	62	3	3	-	-
GMP - Grupo Maritimo Português, ACE	37	38	-	-	-	-
GMP – Grupo Marítimo Português MEK, ACE	4	5	-	-	-	-
GPCC - Grupo Português de Construção de Infraestruturas de
Gás Natural, ACE	-	-	2	-	-	-
IMOC - Empreendimentos Imobiliários, S.A.R.L.	6,110	200	81	56	-	-
Limited Liability Company Cement	-	-	-	-	1,326	1,326
METROLIGEIRO - Construção de Infraestruturas, ACE	15	16	-	-	-	-
Moreira e Cunha, Lda.	44	65	-	-	-	-
NOVA ESTAÇÃO, ACE	212	-	16	-	-	-
STELGEST - Gestão Hoteleira, S.A.	21	85	2	-	-	40
SOMAFEL/FERROVIAS, ACE	2	2	-	-	-	-
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	4	5	-	-	-
TRÊS PONTO DOIS - Trabalhos Gerais de Construção Civil, Via e
Catenária de Modernização da Linha do Norte, ACE	-	1	-	-	-	-
TEIXEIRA DUARTE - SOPOL - Metro Superfície, ACE	16	41	28	26	-	-
VSL Sistema de Pré-Esforço - Equipamento de Montagem, S.A.	-	-	17	-	-	-
	8,735	4,726	6,807	11,663	1,326	1,366

The remunerations of the members of the governing bodies of TD, S.A. for the periods ended on 30 September 2014 and 2013 were as follows:

	3rd Q 14	3rd Q 13	Jul-Sep 14	Jul-Sep 13
Executive directors:
Short term benefits	1,710	1,183	761	255
Supervisory board:
Short term benefits	44	50	16	17
Statutory auditor:
Short term benefits	45	45	15	15
	1,799	1,278	792	287

The remunerations of the members of the senior management staff of TD, S.A. for the periods ended on 30 September 2014 and 2013 were as follows:

	3rd Q 14	3rd Q 13	Jul-Sep 14	Jul-Sep 13
Senior staff:
Short term benefits	5,922	5,925	1,601	1,523
	5,922	5,925	1,601	1,523

19 - NOTES TO THE CONSOLIDATED CASH FLOW STATEMENTS

Cash and cash equivalents

As at 30 September 2014 and 31 December 2013 "Restated", this heading is broken down as follows:

	30/09/2014	31/12/2013 "Restated"
Demand deposits	96,756	134,088
Term deposits	109,739	34,104
Other cash investments	6,701	2,704
Cash	7,690	15,545
	220,886	186,441

The heading of cash and cash equivalents includes cash, deposits repayable on demand, term deposits and cash investments with maturity of less than three months, repayable on demand and with insignificant risk of change in value.

Cash flow from investment activities

The revenue derived from financial investments in the periods ended on 30 September 2014 and 2013, refer to the divestment of holdings in the following entities:

	3rd Q 14	3rd Q 13	Jul-Sep 14	Jul-Sep 13
Banco Bilbao Vizcaya Argentaria, S.A. (a)	29,692	18,073	11,271	9,101
Banco Comercial Português, S.A. (a)	22,068	8,984	22,068	2,605
VOTORANTIM Macau Investimentos, S.A.	-	11,668	-	-
Other	-	219	-	-
	51,760	38,944	33,339	11,706

(a) Includes the amount of 4,467 thousand euros, with respect to the divestment of shares "classified as financial assets available for sale".

(b) The values presented in the third quarter of 2014 correspond to the disposal of rights of "Banco Comercial Português, S.A.".

The payments relative to financial investments in the periods ended on 30 September 2014 and 2013, refer to the acquisition of holdings in the following entities:

	3rd Q 14	3rd Q 13	Jul-Sep 14	Jul-Sep 13
Banco Bilbao Vizcaya Argentaria, S.A.	24,628	11,759	9,341	3,160
Banco Comercial Português, S.A.	22,787	5,503	22,787	2,412
AEBT - Vias do Baixo Tejo, S.A.	4,554	-	-	-
DIGAL - Distribuição e Comércio, S.A.	930	928	-	7
C + P.A. - Cimento e Produtos Associados, S.A.	-	23,259	-	-
Other	201	501	-	105
	53,100	41,950	32,128	5,684

The dividends received in the periods ended on 30 September 2014 and 2013, were as follows:

	3rd Q 14	3rd Q 13	Jul-Sep 14	Jul-Sep 13
Banco Bilbao Vizcaya Argentaria, S.A.	207	655	207	280
CPM - Companhia de Parques de Macau, S.A.R.L.	205	213	-	-
LUSOPONTE - Concessionária para a Travessia do Tejo, S.A.	-	392	-	-
Other	360	344	-	-
	772	1,604	207	280

20 - SHARE CAPITAL

As at 30 September 2014 and 2013, the underwritten and paid-up share capital was represented by 420,000,000 shares with the nominal value of 0.50 euros each.

As at 30 September 2014, 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.

21 - RESERVES AND RETAINED EARNINGS

Legal reserve: Pursuant to the current legislation, the Company is obliged to transfer at least 5% of its annual net income to the legal reserve, until it reaches at least 20% of the share capital. This reserve is not distributable to the shareholders, but may be used to absorb losses, after all the other reserves have been depleted, or incorporated in the share capital.

Fair value reserve: The fair value reserve arises from 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: The free reserves are available for distribution.

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

22 - LOANS

As at 30 September 2014 and 31 December 2013, the following loans had been raised:

	30/09/2014	31/12/2013
Non-current liabilities:
Bank loans a)	214,292	209,200
Commercial paper b)	506,596	471,780
	720,888	680,980
Current liabilities:
Bank loans a)	698,251	569,278
Commercial paper b)	94,422	112,348
	792,673	681,626
	1,513,561	1,362,606

a) Bank loans

As at 30 September 2014, the domestic bank loans, bank overdrafts and pledged current accounts earned interest at the weighted annual average rate of 4.98% (3.73% as at 30 September 2013).

As at 30 September 2014, the most significant bank loans contracted by the Group essentially correspond to:

Loan raised from Banco Caixa Geral (Spain), contracted on 11 February 2008 of the present value of 14,320 thousand euros, which will fall due on 11 February 2016.

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 46,607 thousand euros, which will be repaid in 39 equal and successive six-monthly instalments, ending on 10 December 2033.

Loan raised from Banco BIC de Angola, contracted on 20 October 2008 of the present value of 994 thousand euros, which will fall due on 27 November 2014.

Loan taken out by the Group at Caixa Geral de Depósitos, S.A. on 30 December 2008, of the present value of 32,703 thousand euros, which will be repaid in 111 equal and successive monthly instalments, ending on 30 December 2023.

Loan raised from Banco Caixa Geral Totta Angola, contracted on 21 December 2011 of the present value of 14,237 thousand euros, which will fall due on 28 February 2019.

Loan raised from Banco Espírito Santo de Investimento, S.A., contracted on 29 December 2011, of the present value of 2,135 thousand euros, which will fall due on 27 November 2015.

Loan raised from Banco Bradesco, S.A., contracted on 27 March 2012 of the present value of 13,036 thousand euros, which will fall due on 27 November 2015.

Loan raised from Banco Bradesco, S.A., contracted on 27 March 2012 of the present value of 5,718 thousand euros, which will fall due on 20 September 2015.

Loan raised from Banco BPI, S.A., contracted on 19 July 2012 of the present value of 1,839 thousand euros, which will fall due on 19 July 2015.

Loan raised from Banco BIC de Angola, contracted on 9 October 2012 of the present value of 11,979 thousand euros, which will fall due on 5 December 2019.

Loan raised from Banco BIC de Angola, contracted on 9 October 2012 of the present value of 26,600 thousand euros, which will fall due on 13 December 2019.

Loan raised from Banco Privado Atlântico, contracted on 12 October 2012 of the present value of 19,082 thousand euros, which will fall due on 18 October 2017.

Loan raised from Banco Popular Portugal, S.A., contracted on 13 December 2012, of the present value of 3,519 thousand euros. The current principal will be repaid over the contract period, and in accordance with the table of agreed haircuts, by the product of the sale of the mortgaged real estate properties, with the remainder being settled on 13 December 2015.

Loan raised from Banco Bradesco, S.A., contracted on 21 February 2013 of the present value of 6,249 thousand euros, which will fall due on 15 March 2016.

Loan raised from Banco Caixa Geral Totta Angola, contracted on 23 January 2014 of the present value of 15,583 thousand euros, which will fall due on 30 April 2021.

Loan raised from Banco Angolano de Investimento, contracted on 20 February 2014, of the present value of 24,934 thousand euros, which will fall due on 31 October 2020.

Factoring line from Novo Banco, S.A. of the amount of 35,000 thousand euros, which is being used to the value of 34,887 thousand euros.

Under a credit line from Caixa Geral de Depósitos, S.A. of the amount of 35,000 thousand dollars of the United States of America, for advances on revenue from invoices relative to exports, as at 30 September 2014 which is used to the value of 34,200 thousand dollars.

Under a Commercial Discount Line abroad (advance of credit letters), at Novo Banco, S.A. of the amount of 40,000 thousand euros, which is being used to the value of 23,649 thousand euros as at 30 September 2014.

As at 30 September 2014 and 31 December 2013, the bank loans also include pledged current accounts of the value of 483,764 and 453,408 thousand euros, respectively.

b) Commercial paper

As at 30 September 2014, the Group had negotiated the following commercial paper programmes:

Grouped programme for the placing and underwriting of commercial paper contracted with Banco Espírito Santo de Investimento, S.A. and Novo Banco, S.A. on 16 December 2005, to the sum of 100,000 thousand euros, currently 46,000 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 plus a spread of 2.5%, with the repayment of the last issue being on 20 August 2018. This programme stipulates semi-annual repayments starting on 20 August 2015 of the value of 1,000 thousand euros on the first date and 2,500 thousand euros thereafter, and settlement of the remaining value on the repayment date of the last issue of the programme.

Programme for the placing and underwriting of commercial paper contracted with Banco Comercial Português, S.A. on 20 August 2008, of 18,000 thousand euros, renewed on an annual basis. Interest is earned in arrears, with the rate being indexed to the three-month Euribor plus a spread of 5.75% determined according to each issue date.

Programme for the placing and underwriting of commercial paper contracted with Banco Comercial Português, S.A. on 20 August 2008, of 22,500 thousand euros, renewed on an annual basis. Interest is earned in arrears, with the rate being indexed to the three-month Euribor plus a spread of 5.75% determined according to each issue date.

Grouped contract programme, for the placing and underwriting of commercial paper with Caixa Geral de Depósitos, S.A. on 7th July 2010, to the sum 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. take part, with the entire amount being used by TEIXEIRA DUARTE - Engenharia e Construções, S.A.. The participation of each company in each programme may vary each time it is used. The programme was renewed on 12 May 2014 until 14 May 2019, for the amount of 50,000 thousand euros. The programme shall be repaid in annual instalments of 10,000 thousand euros beginning on 15 May 2015. 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 4.25% until 14 May 2016 and 3.75% for the remaining period of the programme and determined in accordance with the date of each auction.

Programme for the placing and underwriting of commercial paper contracted with Banco Espírito Santo Investimento, S.A. and Novo Banco, S.A. on 28 December 2010, of the amount of 34,000 thousand euros, in which TEIXEIRA DUARTE - Engenharia e Construções, S.A. participates. The programme had an initial use of three years, which was extended up to 28 January 2015 counted as of the contract signing date. 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.

Interim Report – 3rd Quarter of 2014

Grouped programme for the placing and underwriting of private commercial paper contracted on 14 January 2011 with Banco Comercial Português, S.A., 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 sixmonth Euribor under competitive auction for periods of 7 to 180 days via direct placement, increased by 4.375% and determined according to the date of each auction, with the repayment of the last issue being made on 6 January 2016.

Grouped programme for the placing and underwriting of commercial paper contracted on 28 December 2011, with Banco Comercial Português, S.A. of the total amount of 43,000 thousand euros, currently 33,500 thousand euros, in which TEIXEIRA DUARTE, S.A., TEIXEIRA DUARTE - Engenharia e Construções, S.A. and TEIXEIRA DUARTE - Gestão de Participações e Investimentos Imobiliários, S.A. take part, where on this date the amounts used by each were 250 thousand euros, 250 thousand euros and 33,000 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 repayments being foreseen at the end of each semester at increasing values between 2,000 thousand euros and 6,500 thousand euros. The applicable interest rate is the Euribor for each issue period, in force on the 2nd business day prior to the date of each issue, increased by a spread of 4.25%.

Grouped programme for commercial paper issues, contracted on 6 November 2013 with Novo Banco, S.A. and Banco Espírito Santo de Investimento, S.A., of the value of 100,000 thousand euros, in which Teixeira Duarte - Gestão de Participações e Investimentos Imobiliários, S.A. and its sole shareholder Teixeira Duarte – Engenharia e Construções, S.A. participate, with the amounts of 90,000 thousand euros and 10,000 thousand euros, respectively. The participation of each company in the programme may vary in each of its issues. The duration of the programme is five years, counted as of the contract signing date, with the interest falling due in advance and the reference rate being indexed to the Euribor for the respective period, in force on the second business day prior to each subscription date, plus a spread of 5.00% and determined according to the date of each auction, with the repayment of the last issue being on 6 November 2018. The Programme will be subject to partial repayments, to occur on a semi-annual basis as of May 2015 of 1,500 thousand euros, as of May 2016 of 2,000 thousand euros, and the penultimate instalment being in May 2018 of 2,500 thousand euros.

Grouped programme for commercial paper issues, contracted on 30 December 2013 with Novo Banco, S.A. and Banco Espírito Santo de Investimento, S.A., of the value of 201,750 thousand euros, granted by the issuers Teixeira Duarte – Engenharia e Construções, S.A. and Teixeira Duarte - Gestão de Participações e Investimentos Imobiliários, S.A., and by the guarantors TEDAL – Sociedade Gestora de Participações Sociais, S.A., Teixeira Duarte – Engenharia e Construções, S.A., Quinta de Cravel – Imobiliária, S.A. and V8 – Gestão Imobiliária, S.A., which is being fully used by Teixeira Duarte – Engenharia e Construções, S.A.. The participation of each company in each programme may vary in each of its issues. The duration of the programme is five years minus 1 day, counted as of the contract signing date, with the interest falling due in advance and the reference rate being indexed to the Euribor for the respective period, in force on the second business day prior to each subscription date, plus a spread of 5.00% and determined according to the date of each auction, with the repayment of the last issue being on 29 November 2018. The Programme will be subject to partial repayments, to occur on a semi-annual basis as of April 2014 of 1,250 thousand euros, on December 2015 of 8,000 thousand euros, and as of June 2016 of 5,000 thousand euros.

Grouped contract programme, for the placing and underwriting of commercial paper with Banco Finantia, S.A. on 2 May 2014, to the sum of EUR 20,000 thousand, granted by Teixeira Duarte - Engenharia e Construções, S.A. and Teixeira Duarte - Gestão de Participações e Investimentos Imobiliários, S.A., with the entire amount being used by TEIXEIRA DUARTE - Gestão de Engenharia e Construções, S.A. at the present date. The participation of each issuer may vary in each issue. The duration of the programme is 3 years, and the commercial paper may be issued with maturities of 7 to 365 days. Interest is payable in arrears at the rate corresponding to that which results from direct placement or from the intervention rate that will be equal to the Euribor applicable to the period of issue plus 4.7%.

Grouped programme of issues of commercial paper contracted on 27 June 2014 with Banco Comercial Português, S.A., of the amount of 55,000 thousand euros, granted by Teixeira Duarte-Engenharia e Construções, S.A. and Teixeira Duarte – Gestão de Participações e Investimentos Imobiliários, S.A.. The duration of the programme is 5 years, and the commercial paper may be issued with maturities of one or three months. Interest is payable in arrears at the rate that will be equal to the Euribor applicable to the period of issue plus 6%.

As at 30 September 2014 and 31 December 2013, the repayment of non-current bank loans is defined as follows:

	30/09/2014	31/12/2013
2015	76,835	164,209
2016	116,902	82,051
2017	81,651	46,190
2018	345,408	323,461
2019 and following	100,092	65,069
	720,888	680,980

As at 30 September 2014 and 31 December 2013, the funding in foreign currency was expressed as follows:

	30/09/2014		31/12/2013
Currency	Currency	Euros	Currency	Euros
Venezuelan Bolivar	1,511,024	100,070	409,000	47,134
US Dollar	48,862	38,832	80,572	58,423
Moroccan Dirham	7,564	687	-	-
Japanese Yen	3,870	28	-	-
Angolan Kwanza	20,453,508	164,139	12,754,485	94,764
South African Rand	1,301	91	1,117	77
Brazilian Real	96,968	31,462	40,487	12,428

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

23 - CONTINGENT LIABILITIES, GUARANTEES AND COMMITMENTS

Contingent liabilities:

Following various inspections conducted by the Taxation and Customs Authority (AT) to the accounts of TEIXEIRA DUARTE - Gestão de Participações Investimentos Imobiliários, S.A. ("TDGPII, S.A."), a company 100% held indirectly by TEIXEIRA DUARTE, S.A. relative to the financial years of 2007 to 2011, the following corrections were made to the tax losses that had initially been reported for this participated company:

Year	Calculated tax loss	AT Correction
2007	46,632	29,331
2008	50,590	45,938
2009	50,182	24,807
2010	18,165	6,467
2011	12,779	3,213

With the exception of the amount of 611 thousand euros included in the correction to the tax loss for 2008 (relative, according to the AT, to the undue application of number 10 of article 22 of the EBF to the distribution of income by the TDF Real Estate Investment Fund), these corrections arise 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 (RETGS) (article 69 and following of the IRC Code), the corrections to the tax losses of the financial years of 2008 and 2009 were the object of Statements of Payment of IRC and compensatory interest issued to the controlling company, TEIXEIRA DUARTE - Engenharia e Construções, S.A., which filed judicial reviews at the Administrative and Fiscal Court of Sintra.

During 2013, "TD-EC, SA", as the controlling company, was notified of the Report of Conclusions for the financial year of 2010 and consequent additional Statements of Payment of IRC and compensatory interest, having already filed the respective contestation.

The correction relative to the financial year of 2011 for the participated company "TDGPII, S.A." had not been the object of any additional payment required by the controlling company, as at the closing date of September 2014.

Notwithstanding the unfavourable outcome to the claims of "TDGPII, S.A." and, consequently, the controlling company, under the proceedings relative to the financial year of 2006, the Board of Directors continues to expect a different outcome for the other financial years under court proceedings.

It should be noted that the Statement of Payment of IRC and compensatory interest for the financial year of 2008 issued to "TD-EC, S.A.", as the controlling company, apart from the corrections described above relative to the participated company "TDGPII, S.A.", also includes a correction to the taxable profit calculated at an individual level for "TD-EC, S.A.".

The total amount of corrections to taxable profit reached 35,467 thousand euros, of which "TD-EC, S.A." objected to 32,595 thousand euros, related to tax credit, the system of re-investment of tax gains and the undue application of number 10 of article 22 of the EBF.

Guarantees:

As at 30 September 2014 and 31 December 2013 "Restated", the group of companies included in the consolidation had provided the following guarantees to third parties:

	30/09/2014	31-12-2013 "Restated"
Bank guarantees provided	428,270	326,831
Fidelity insurance	380,253	379,078

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

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, Serviços e Meio Ambiente, S.A., RECOLTE, Servicios y Medioambiente, S.A.U., EMPA - Serviços de Engenharia, S.A. and the Boyacá - La Guaira Consortium, have provided completion bonds in order to guarantee the good implementation of works and services rendered.

In order to secure the loan contract signed with Banco Caixa Geral, S.A., of the present value of 14,320 thousand euros, granted by RECOLTE, Servicios y Medioambiente, S.A.U., RECOLTE, Servicios y Medioambiente, S.A.U. pledged 2,000,000 shares of Banco Bilbao Vizcaya Argentaria, S.A.

A mortgage was also constituted in favour of Caixa Geral de Depósitos, S.A. on lot 3, located 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 present value of 32,703 thousand euros.

In order to secure a contract signed with Banco Caixa Totta Angola, of the present value of 14,237 thousand euros, Hotel Baía, Lda. mortgaged a property it owned, number 256 - 1st section, located in Chicala.

In order to secure a contract signed with BIC, of the present value of 26,600 thousand euros, ANGOIMO - Empreendimentos e Construções, Lda. mortgaged a property it owned, number 2554, located in Samba.

In order to secure a loan contract signed with Banco BPI, S.A., of the present value of 1,839 thousand euros, TEIXEIRA DUARTE - Gestão de Participações e Investimentos Imobiliários, S.A. mortgaged 9 fractions of the property located at Campo Grande, number 9 in Lisbon.

In order to secure the commercial paper contract signed on 28 December 2011 with Banco Comercial Português, S.A., of the present value of 33,500 thousand euros, granted by TEIXEIRA DUARTE, S.A., TEIXEIRA DUARTE - Engenharia e Construções, S.A. and TEIXEIRA DUARTE - Gestão de Participações e Investimentos Imobiliários, S.A., constituted a general mortgage on the properties implanted respectively on lots 6, 18 and 19, located in Lagoas Park, owned by TEIXEIRA DUARTE - Gestão de Participações e Investimentos Imobiliários, S.A.

In order to secure the loan of the present value of 3,519 thousand euros, signed with Banco Popular Portugal, S.A. on 13 December 2012, granted by TEIXEIRA DUARTE - Engenharia e Construções, S.A., TEIXEIRA DUARTE - Gestão de Participações e Investimentos Imobiliários S.A., QUINTA DE CRAVEL - Imobiliária, S.A. and V8 - Gestão Imobiliária, S.A., V8 - Gestão Imobiliária, S.A. mortgaged their fractions owned of the urban property located on Rua de Castro Portugal, numbers 497 and 511; Rua Professora Rita Lopes Ribeiro Fonseca, numbers 28, 34, 40, 46, 52, 58, 64, 70, 76, 80, 94 and 96; and Rua Doutor Miguel Assunção Lopes, number 15, Locality and Parish of Vila Nova de Gaia, as well as the fractions of the urban property called lot 14, located on Rua Guilherme Duarte Camarinha, numbers 30, 38, 42, 48, 54, 62, 70 and 74, and Rua Professora Rita Lopes Ribeiro Fonseca, numbers 12 and 18, Locality of Candal, Parish of Vila Nova de Gaia, for the total value of 3,519 thousand euros.

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

In order to secure the commercial paper contract signed with Banco Espírito Santo Investimento, S.A. and Novo Banco, S.A. of the value of 46,000 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 325,000,000 and 32,000,000 shares of Banco Comercial Português, S.A., respectively.

In order to secure the commercial paper contract signed with Banco Espírito Santo Investimento, S.A. and Novo Banco, S.A. of the present value of EUR 201,750 thousand, granted by TEIXEIRA DUARTE - Engenharia e Construções, S.A. and TEIXEIRA DUARTE - Gestão de Participações e Investimentos Imobiliários, S.A., TEDAL - Sociedade Gestora de Participações Sociais, S.A. pledged 12,500,000 shares of EPOS - Empresa Portuguesa de Obras Subterrâneas, S.A., 200,000,000 shares of C+P.A. – 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. TEIXEIRA DUARTE - Gestão de Participações e Investimentos Imobiliários, S.A. constituted a voluntary mortgage on an urban property 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 15,516 thousand euros. QUINTA DE CRAVEL – Imobiliária, S.A. also mortgaged the lots for construction numbers 8, 10, 11, 12, 13, 19, 23, 26 and 31, located at Quinta de Cravel, Mafamude, Vila Nova de Gaia, for the total value of 6,839 thousand euros. V8 – Gestão Imobiliária, S.A. mortgaged the lots for construction numbers 1, 2, 3, 5, 6, 8, 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.

In order to secure the commercial paper contract signed with Caixa Geral de Depósitos, S.A. of the value of 70,000 thousand euros, currently 50,000 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. As at the date of the present report, the programme was being entirely used by TEIXEIRA DUARTE – Engenharia e Construções, S.A.

In order to secure the commercial paper contract signed with Banco Espírito Santo de Investimento, S.A. and Novo Banco, S.A., 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 reinforce the guarantees provided under the financial lease contract signed on 31 December 2008 with Banco Comercial Português, S.A., TEDAL - Sociedade Gestora de Participações Sociais, S.A. pledged 9,000,000 shares of SOMAFEL - Engenharia e Obras Ferroviárias, S.A.

In order to secure debts to third parties, of the value of 148 thousand euros, IMOTD - SGPS, S.A. pledged 24,000 shares of V8, S.A.

In order to secure the loan contract granted by TDHOSP - Gestão de Edifício Hospitalar, S.A. of the present value of 46,607 thousand euros, TEIXEIRA DUARTE - Engenharia e Construções, S.A. pledged to Caixa Geral de Depósitos, S.A. and Caixa Banco de Investimentos, S.A., 1,540,000 shares of TDHOSP - Gestão de Edifício Hospitalar, S.A. Under the same loan 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 September 2014 and 31 December 2013, the comfort letters provided by TEIXEIRA DUARTE, S.A. and its subsidiaries reached 555,158 thousand euros and 475,758 thousand euros, respectively.

As at 30 September 2014 and 31 December 2013, factoring contracts without right of recourse were in force, which were recorded as reductions in accounts receivable of the value of 65,534 thousand euros and 99,829 thousand euros, respectively. Pursuant to the contractual conditions, the Group's liability is essentially restricted to the guarantee of acceptance on the part of customers of the invoices which are the object of factoring.

Other:

As at 30 September 2014 and 31 December 2013, there were no inventories pledged to secure liabilities.

24 - MEASUREMENT AT FAIR VALUE

Estimated fair value - assets and liabilities measured at fair value

The table below presents the Group's assets and liabilities measured at fair value as at 30 September 2014, according to the following hierarchical levels of fair value:

• Level 1: the fair value of financial instruments is based on lending net market prices as at the reference date of the statement of financial position;

• Level 2: the fair value of financial instruments is not determined based on lending net market prices, but rather through use of valuation models;

• Level 3: the fair value of financial instruments is not determined based on lending net market prices, but rather through use of valuation models whose main inputs are not observable on the market;

Category	Item	Level 1	Level 2	Level 3
Assets:
Financial assets available for sale	Shares	87,742	-	-
Financial assets at fair value through profit or loss	Shares	48	-	-
Investment properties	Buildings and land	-	480,937	-
Liabilities:
Financial liabilities at fair value	Hedging derivatives	15,642	-	-

Except with respect to non-current loans, most financial assets and liabilities mature in the short term, hence it is considered that their fair value is identical to the respective book values.

Most of the loans are taken out at variable interest rates. Therefore, it is deemed that the corresponding book value (amortised cost) does not differ significantly from the respective market value.

25 - APPROVAL OF THE FINANCIAL STATEMENTS

The financial statements for the period ended on 30 September 2014 were approved by the Board of Directors on 28 November 2014.

26 - SUBSEQUENT EVENTS

TEIXEIRA DUARTE pursued its activity in the different markets in which it operates, with no relevant facts having occurred in the development of its activity between the closing of the third quarter of 2014 and today's date.