RELEASE - Material Information -

DISCLOSURE OF RESULTS FROM THE 2016 FINANCIAL YEAR

(Non Audited)

"TEIXEIRA DUARTE, S.A." hereby publishes information about its 2016 results through this release, which also includes other economic-financial indicators related to the same financial year.

In compliance with legislative provisions, the consolidated financial statements have been drafted in accordance with the International Accounting Standards (IAS/IFRS).

Below can be found a summary of some of the main topics that will be discussed further on:

  • Net Results Attributable to Holders of Equity of 20.1 million euros;
  • Turnover of 1,115 million euros;
  • External Market accounts for 83.7% of turnover;
  • EBITDA of 279 million euros;
  • EBITDA margin / Turnover of 25%;
  • Net Debt of 1.133 billion euros;
  • Net Group Assets of 2.559 billion euros;
  • Financial Autonomy of 17.4%;
  • Teixeira Duarte Group Orders Portfolio for the construction sector of 2.009 billion euros.

Statement of Results

for the periods ended on 31 December 2016 and 2015

2016 2015 Var (%)

Operating income

1,230,189

1,491,743

(17.5%)

Operating costs

(951,154)

(1,277,943)

(25.6%)

EBITDA

279,035

213,800

30.5%

Amortisation and depreciation

(69,458)

(76,256)

(8.9%)

Provisions and impairment losses

(18,753)

(12,638)

48.4%

EBIT

190,824

124,906

52.8%

Financial Results

(126,899)

(72,601)

74.8%

Results before taxes

63,925

52,305

22.2%

Income tax

(30,411)

(11,896)

155.6%

Net Income

33,514

40,409

(17.1%)

Attributable to:

Shareholders

20,147

33,653

(40.1%)

Non-controlling interests

13,367

6,756

97.9%

(Values in thousand euros)

Net Results Attributable to Equity Holders were positive, amounting to 20,147 thousand euros. This represents a drop compared to the 2015 financial year, contributed to by a range of different factors that we believe should be mentioned.

In effect, aside from the performance of Group companies when compared to the previous year, this indicator was influenced by a change in exchange rate differences of 51,715 thousand euros, which stood at minus 41,212 thousand euros in 2016, whereas the figure was positive in 2015, amounting to 10,503 thousand euros.

The impact, net of deferred taxes, of the impairment loss in the stake in "Banco Comercial Português, S.A." in 2016 was 15,634 thousand euros, whereas the loss in the same company was 8,104 thousand euros in 2015.

The impact of establishing provisions for other risks, specifically risks of the market where the Group operates, stood at 21,750 thousand euros in 2016, whereas the figure was 6,650 thousand euros in 2015.

The 2015 results were also influenced by the impact of the Impairment loss, of 7,806 thousand euros, of the company "C+P.A. - Cimento e Produtos Associados, S.A.", in which a stake is held.

Turnover amounted to 1,115,373 thousand euros, reflecting a 21% decrease when compared to the 2015 financial year, or a drop of 296,533 thousand euros.

Other markets, which represented 84.4% of this indicator in September last year, experienced an overall decrease of 21.6%, coming to represent 83.7% of the Teixeira Duarte Group's total turnover.

(Values in thousand euros)

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

Turnover by Country

Country

2016 2015 Value Contribution Value Contribution Variation

Portugal

181,543

16.3%

220,142

15.6%

(17.5%)

Angola

452,518

40.6%

682,364

48.3%

(33.7%)

Algeria

100,110

9.0%

98,138

7.0%

2.0%

Brazil

152,856

13.7%

144,090

10.2%

6.1%

Spain

31,953

2.9%

40,076

2.8%

(20.3%)

Mozambique

128,952

11.6%

194,448

13.8%

(33.7%)

Venezuela

52,080

4.7%

26,510

1.9%

96.5%

Other

15,361

1.4%

6,138

0.4%

150.3%

1,115,373

100.0%

1,411,906

100.0%

(21.0%)

(Values in thousand euros)

(Values in thousand euros)

Teixeira Duarte SA published this content on 07 April 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 21 April 2017 16:08:26 UTC.

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