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AN
NU
AL
REP
OR
T 20
12
R12GABRIEL COUTO
BUILDING THE FUTURE
A
Project: A2. Highway Coina/Palmela/Setúbal
Client: BRISA - (Road Concessions)S.A.
4
EditionConstruções Gabriel A.S. Couto S.A.Graphic Designgive u design art,ldaEditorial CoordinationMarketing DepartmentCirculation500 Copies
Construções Gabriel A.S. Couto S.A.Rua de São João de Pedra Leital, nº 10004770-464 Requião, Apartado 84 EC V.N.Famalicão 4761-223 V. N. FamalicãoTel: 00351 252 308 640 PPCAFax: 00351 252 375 [email protected]: 2490
5
I ndex
MESSAGE 7
MANEGEMENT REPORT 11
ECONOMiC FiNANCiAL iNDiCATORS 17
STOCkhOLDERS 21
BALANCE ShEET 25
PROFiT AND LOSS 29
› PROFiT AND LOSS ACCOUNT 30
› CASh FLOW STATEMENT 31
› STATEMENTS OF ChANGES iN ShAREhOLDERS´S EQUiTY 2012 32
› STATEMENTS OF ChANGES iN ShAREhOLDERS´S EQUiTY 2011 33
ANNEx TO ThE BALANCE ShEET AND PROFiT AND LOSS STATEMENT 35
REPORT AND OPiNiON OF ThE AUDiTOR 51
LEGAL CERTiFiCATiON OF ACCOUNTS 55
P.6 / P.7Project: Rehabilitation of Roads Mouzinho da Silveira and Flores
Client: GOP – Porto Municipal Council
M essage
8
M essageFROM ThE PRESiDENT BOARD OF DiRECTORS
The year 2012 confirmed the pessi-mism expressed by the agents in the construction and public works sector, including project planners, construc-tors, entrepreneurs of the construc-tion material industry, that is, the entire construction cluster.
Some data are more than obvious – the number of tenders and contracts fell 44,4% and 51,6%, respectively, when they had already suffered a sharp fall in 2011.
The consumption of cement is at the level of 1974!
The unemployment rate increased 34,4% in relation to the previous year, thus the sector has already lost more than 100.000 workers since the begin-ning of this crisis.
The external aid plan to which Portugal is subject to is clear. Public investment is not a priority; on the contrary, it must continue to face se-vere restrictions constraints.
Only in the private sector have we ob-served some investments, obviously conditioned by credit restrictions but, nevertheless showing up as the most dynamic sector of the economy.
Taking into account that this depres-sive economy and investment frame-work shall last for at least two more years, the company has adopted a strategy with two main strands:
> Reorganise the company in Portugal, by adapting the resources to the new reality; in the domestic mar-ket, favour the subsectors that, due to their technical expertise and the qual-ity required, constructed or formed, do not suffer from the extreme
competition that lowers the values of the tenders below cost price;
> A growing bet on the external mar-ket, increasing our presence in the markets where we are already present – Angola, Mozambique, Swaziland and, less significantly, in Romania and Moldavia.
Next year (2013) the external market will be about 60% of our turnover. For 2013, in Mozambique, our port-folio has about 70 million euros in works already being developed; in Swaziland, we were recently awarded a third worksite, thus raising the port-folio for 2013/2014 to the amount of 38 million euros.
In Angola, where we act through our investee company Anteros, the latter will have an expected annual turnover of about 60 million USD.
The company recently celebrated a contract with an Algerian company to build 10.000 houses in Algeria, in a partnership that also involves another Portuguese construction company. This contract is expected to start op-erating before the end of 2013.
The African markets will be fun-damental – Angola, Mozambique, Swaziland and Algeria – where we shall try to increase our activity in the short and medium term.
In Portugal, we will continue to keep a close eye on the businesses pro-moted mainly by private agents re-garding new industrial enterprises, as well as on the development of a more important presence in the urban rehabilitation and recovery sec-tor, of which we have acquired some
experience, mainly these past years, which, today, allows us to offer com-petitive and differential conditions in comparison to other operators.
We still look at the future with the ut-most concern, and with the certainty that in Portugal we will never again have moments when the full capacity of the construction companies is used. But, as we face the future with real-ism, we also recognize that changing times can bring new opportunities:
> A sustained internationalisation process planned according to the real capacities of the company,
> The optimisation of all the re-sources, eliminating all unnecessary costs,
> The adoption of a responsibil-ity policy transversal to the entire company,
> The development of competencies in underdeveloped markets, but which will, surely, be very active in the fu-ture, such as the urban rehabilitation and recovery market.
This is the daring path that the com-pany will follow with the total commit-ment of all its collaborators and that will surely ensure the continuity of this entrepreneurial project with more than six decades.
The President of the Board of Directors
Carlos Couto, Eng.º
9
Project: Olive Creative Factory Creative Business Incubator and Museum
Client: S. João da Madeira Municipal Council
P.10Project: Rehabilitation for Forte S. João de Deus Area– City Hall Restructuration
Client: Bragança Municipal Council
P.11Project: Metro do Mondego - Railway Rehabilitation
Client: Refer - National Railway Administration
M anegeMenT RePORT
12
M anegeMenT RePORT 2012In compliance with the legal and statu-tory provisions, we present the Annual Report and the Financial Statements that reflect our company’s economic and financial activity for the fiscal year of 2012.
1. MACROECONOMIC AND SECTORIAL FRAMEWORK
In 2012 the Portuguese economy saw its Gross Domestic Product fall sig-nificantly, reinforcing its recession. The unemployment level rose dra-matically, achieving rates to which we were not used to.
The GDP fell 3,2% compared to 2011. The domestic demand was the major contributing variable for this fall.
The unemployment rate amounted to 15,7%, 3 % more than the previous year.
The investment plunged by 13,7% and the private consumption shrunk 5,6%. The exports were the only positive be-haviour, they grew 3,3% compared to the previous year.
This evolution took place in the Eurozone economic context marked by the recession and the slowdown of the world economy growth.
Al the economic sectors shrunk in 2012 but especially the ones who most depend on the domestic demand, as was the case of the construction sector.
In fact, the decrease in the demand regarding the Construction sector is without precedent.
To measure this decrease, we em-phasize the 26,9% fall in the cement consumption in 2012.
The investment in this sector de-creased 21,6%. The number of house building permits was 10% of the 2011 number, while the fall in the non-residential construction area was of 23,5% compared to the previous year.
In public construction, the open ten-ders and the contract awards fell 44,4% and 51,6%, respectively.
Unemployment in this sector has been climbing and at the end of November it had reached 101.449 workers which represents an increase of 34,4% com-pared to the same period of the previ-ous year.
2. THE COMPANY’S PERFORMANCE IN 2012
In this macroeconomic framework, there is no doubt that our company had a rough year with a lot of con-straints. The State and the Local Authorities no longer had conditions to promote works and thus the private works were the most dynamic activ-ity segment in the country, although these were also deeply affected by the general economy crisis.
The diversification of the construction business areas is also an important trend in our strategic action.
Nevertheless, this was the year in which we registered a production value outside Portugal worth recall-ing. The turnover outside the domes-tic market represented 23,07% of the total.
We are now sure that the decision made a few years ago in order to un-derstand the internationalisation as a way for the company to survive was the correct one.
Turnover
The turnover grew in 2012. It reached 103.315.197,16 €, which represents an increase of 5,6% compared with the previous year.
The markets contributed in the fol-lowing way:
Domestic market……..79.483.897,05 €
Foreign market..……...23.831.300,11 €
The sales to the foreign market are based essentially on two countries: Mozambique and Swaziland.
In Mozambique the sales reached 19.867.970,61 €.
Swaziland contributed with 3.963.329,50 € to the company’s turnover.
Investment
The year 2012 implied an important investment effort; the company had to move dozens of highly qualified specialized professionals to different countries, thousands of kilometres from their usual area of activity, as well as dozens of machines and equip-ment essential for the development of the work that we were awarded.
Many of these machines were moved from our equipment depot, but the investment in new equipment in the amount of 7,6 M shows the reinforce-ment of our company’s fixed assets .
This investment is essential in order for the company to be able to answer the works execution dynamic that we currently face and that already correspond to more than 50% of the Portfolio of Construction Work the 31/12/2012.
13
Human Resources
2012 was extremely demanding in terms of managing the company’s human resources.
The move to Africa of a significant part of our production capacity, implied the expatriation of dozens of special-ized professionals who had to adapt to the environment to which they were not used to, and the company made a huge effort so that contractual com-promises and execution conditions of the works were not compromised.
We are sure that we are reaching that goal.
Nowadays, our company has a set of collaborators in which the percentage of native workers from the countries where we operate is quite relevant.
The workers’ board can be shown as follows:
Portuguese 332
Mozambican 322
Swazis 61
We try to imbue these workers with
the company’s culture and we offer constant training in order to achieve the productivity levels that are re-quired for the works to be executed with the attainment of the goals previ-ously defined.
Brief economic and financial analysis.
We are convinced that 2012, despite the investment effort in the interna-tionalisation and the country’s general crisis as well as the crisis if the sector in particular, allowed to achieve quite positive values in the main economic and financial variables.
Besides the turnover that increased 5,6%, it was possible to obtain a net profit of 3.024.743,36 €, an amount close to last year’s profit.
The result before the depreciations reached the amount of 10.540.346,74 € that represents a growth of 18,04% compared to 2011.
The operational result was of 7.478.091,89 €. This amount only de-creased 14.634,70 € compared to the previous year, despite the investment effort and an increase of 113% in the
Project: Decathlon of Viseu
Client: Immodora
14
amount of depreciations of the fixed assets, that reached 3.062.254,85 € in 2012.
The investment increased the company’s Assets, that rose up to 117.411.716,24 € the 31/12/2012.
Equity rose up to 23.478.495,38 €. There is a slight decrease in the finan-cial autonomy, although we believe that it is at a reasonable level consid-ering the investment with the interna-tionalisation phase in which we are.
The 31/12/2012 the working capital reached the amount of 13.088.240,54 €, representing 12,7% of the turnover.
3. PERSPECTIVES FOR 2013
The goal of the turnover for next year is to achieve the amount registered in 2012, i.e., around 100 M€, improving the profitability according to the econ-omies of scale that we hope to obtain with our presence in Mozambique and Swaziland.
The 31/12/2012, these two countries represent about 93 million euros in the work portfolio that is of about 176 M€.
Within the scope of our internation-alisation, we are going to have a new work destination in 2013. Recently we were awarded a contract in the Cape Verde Islands, for the Ministry of the Environment, Housing, Land Use Planning of the country, to build 390 Houses in the approximate amount of 14 M€.
We hope to strengthen our presence in Swaziland and Mozambique.
We are establishing a partnership with an Algerian company for the construction of about 10.000 social houses, within 5 years. In this project there is another national company also involved that participates in the project with us. Our participation rep-resents about 80 M€.
Angola continues to be a country where our company maintains an active presence as partner in the Angolan company ANTEROS.
In 2012, this company had a turnover of 47 M€, and it wishes to reinforce its activity in such dynamic country.
In our country, we maintain an activity
Project: Swedwood - IKEA Factory Expansion
Client: Swedwood Portugal
15
that represents about 50% of our port-folio of orders.
Our activity in Portugal is based on diversification, distributing the pro-duction, in a balanced way, among the roads and infrastructures, hydraulic works, environment and renewable energies and civil construction.
Our portfolio still has major works/cli-ents, such as GOP, APDL, SIMDOURO, CONTINENTAL MABOR, SWEDWOOD, ENEOP, BRISA EMBRAER, ANE, di-versas Câmaras Municipais, among others.
The value and the quality of our port-folio of works is a good reason for us to feel optimists regarding the activity of the company in the near future, being certain that we will continue making efforts to find business opportunities in Portugal and anywhere where our presence could be positive.
4. PROPOSED DISTRIBUTION OF EARNINGS
According to the Common Law and the Statutory Law, we propose that the net profit of 2012, in the amount
of 3.024.743,36 Euros should be re-corded in the Retained Earnings.
5. ACKNOWLEDGMENT
We take this opportunity to thank all the company’s Collaborators, Clients, Suppliers and Financial Institutions that have collaborated with us, be-cause we know that without their par-ticipation we would not have achieved the desired goals.
To the remaining Social Organs, and specially, to the Single Auditor, the Chartered Accountant, many thanks for their commitment to the company, which is very important to us.
Vila Nova de Famalicão, 13 May 2013.
Board of Directors
Project: Primary School and Kindergarten Santiago Maior . Beja
Client: Municipality of Beja
P.16Project: Hotel B&B Évora
Client: Endutex
P.17Project: Rehabilitation of N13 Nampula.Cuamba - Projet Nacala Corridor – lot C – Malema . Cuamba (Km 234 . Km 348) L= 114 Km - Mozambique
Client: ANE – National Road Administration, Mozambique
e COnOMICFINANCIAL INDICATORS
18
eCOnOMIC FInanCIaL IndICaTORs
Sales Output
2010 110.408.8952011 97.828.2482012 103.315.197
Revolving Fund
2010 18.196.1302011 19.266.9972012 13.088.240
euro
s
years
120.000.000
100.000.000
80.000.000
60.000.000
40.000.000
20.000.000
0
2011 2012
euro
s
years
25.000.000
20.000.000
15.000.000
10.000.000
5.000.000
0
2010 2011 2012
2010
19
Cash Flow
2010 9.014.4602011 7.492.7272012 7.478.092
euro
s
years
10.000.000
9.000.000
8.000.000
7.000.000
6.000.000
5.000.000
4.000.000
3.000.000
2.000.000
1.000.000
0
2010 2011 2012
P.20Project: Rehabilitation for Forte S. João de Deus Area– City Hall Restructuration
Client: Bragança Municipal Council
P.21Project: Mozambique - Rehabilitation of the Road N221 Caniçado – Chicualacuala / Gaza Corridor / Lots II & III / Total Length 200km (Soil Cement Stabilization))
Client: ANE – National Road Administration. Mozambique
s TOCkhOLdeRs
22
For the purposes of Article 447 of the Commercial Companies’ Code, the num-ber of shares owned, as declared by each party, on December 31, 2012 are listed below.
No other member of the administration or audit bodies declared ownership, neither at the end of 2011 nor during the year, of shares or bonds issued by CONSTRUÇÕES GABRIEL A. S. COUTO, S.A.
BOARD OF DIRECTORS Carlos Alberto Freitas Couto 93 340 sharesMaria da Conceição Ferreira de Freitas 539 320 sharesAntónio Gabriel Freitas Couto 93 330 sharesAvelino Jorge da Silva Oliveira 93 330 sharesJosé Sampaio Couto 10 680 shares
sTOCkhOLdeROF MENBERS OF ThE ADMiNiSTRATiON AND AUDiT BODiES iN ThE CAPiTAL OF CONSTRUÇÕES GABRiEL A.S. COUTO,S.A.
Project: Earthmoving, Infrastructure and Paving of 1 Polo Platform Logistics Leixões
Client: APDL –Administration Leixões Harbour
23
In accordance with Article 448º of the Commercial Companies’ Code, the stock-holders holding at least one-tenth of the share capital of the company are listed below:
Maria da Conceição Ferreira de Freitas 539 320 shares (53,93%)
Vila Nova de Famalicão, May 13, 2013
The Administration Board
sTOCkhOLdeRLiST OF STOCkhOLDERS hOLDiNG AT LEAST ONE-TENTh OF ThE ShARE CAPiTAL OF CONSTRUÇÕES GABRiEL A.S. COUTO, S. A.
Project: Upgrading of the St. Philips Road (D50) to St. Philips Town and the Link Road, Diversion
river flow -Phase II
Client: European Union and Government of the Kingdom of Swaziland.
P.24Project: Wind Farm Alto da Coutada
Client: 3 ENEOP PROJECT
P.25Project: School of Technology at Beja Polytechnic Institute
Client: Beja Polytechnic Institute
B aLanCe sheeT
26
Euros
TERMS NOTESYEARS
2012 2011
ASSETS
Noncurrent Assets
Tangible fixed assets 6 e 7 14.386.151,22 4.598.990,86
Investment properties -- --
Goodwil -- --
Intangible assets 5 19.763,19 21.431,21
Biological assets -- --
Financial Participations - equity method 9,10 e12 11.616.043,04 9.312.871,87
Financial Participations - other methods 9,10 e 12 387.873,94 383.565,69
Shareholders/partners -- --
Other financial assets 11 240.642,40 140.642,40
Assets on deferred taxes 3..10 51.408.41 47.107,40
26.701.882,20 14.504.609,43
Current Assets
Inventories 13 4.752.450,01 4.698.314,10
Biological assets -- --
Customers 18 49.994.564,20 35.541.693,63
Advances on suppliers 1.043.801,85 76.246,38
State and other public bodies 23 2.001.919,09 987.913,86
Shareholders/partners 18 2.411.007,59 --
Other accounts receivable 18 25.676.411,65 22.654.369,14
Deferments 21 557.664,88 483.428,05
Financial assets withheld for negotiation -- --
Other financial assets -- --
Noncurrent assets withheld for sale -- --
Cash/bank deposits 4 4.272.014,77 7.343.578,59
90.709.834,04 71.785.543,75
Total assets 117.411.716,24 86.290.153,18
31 DE DECEMBER 2012
B aLanCe sheeT
27
Euros
TERMS NOTESYEARS
2012 2011
EQUITY AND LIABILITIES
EQUITY
Share capital 22 5.000.000,00 5.000.000,00
Own shares (500.000,00) (500.000,00)
Other equity instruments -- --
Share premiums -- --
Legal reserves 1.000.000,00 1.000.000,00
Other reserves 9.610.110,19 9.610.110,19
Retained profits 15.245.243,64 10.638.292,85
Financial assets adjustments (11.159.919,41) (9.856.241,55)
Revaluation surplus 1.258.317,60 1.257.724,74
Other equity variations -- --
20.453.752,02 17.149.886,23
Net profit for the year 3.024.743,36 3.062.746,24
23.478.495,38 20.212.632,47
Minority interests -- --
Total equity 23.478.495,38 20.212.632,47
LIABILITIES
Noncurrent liabilities
Provisions 16 79.745,36 75.366,80
Obtained financings 20 6.465.367,06 4.437.418,47
Responsibilities for after-job benefits -- --
Liabilities on deferred taxes 3.10 232.767,26 111.628,33
Other payable accounts 19 9.533.747,68 8.934.560,17
16.311.627,36 13.558.973,77
Current liabilities
Suppliers 19 27.855.135,70 19.773.808,66
Advances from customers 19 13.571.849,67 9.564.090,96
State and other public bodies 23 290.854,34 255.349,86
Shareholders/partners -- --
Obtained financings 20 19.893.266,21 11.253.473,87
Other payable accounts 19 8.430.319,80 6.528.785,60
Financial liabilities withheld for negotiation -- --
Other financial liabilities -- --
Deferments 21 7.580.167,78 5.143.037,99
77.621.593,50 52.518.546,94
Total liabilities 93.933.220,86 66.077.520,71
Total equity and liabilities 117.411.716,24 86.290.153,18
P.28Project: A3 . Porto/Valença - Highway Widening .Maia/ S.to Tirso
Client: Brisa- (Road Concessions) S.A.
P.29
Project: Rehabilitation of the St. Philips Road (D50) to St. Philips Town and the Link Road - Phase I
Client: European Union and Government of the Kingdom of Swaziland
P ROFIT and LOss
30
BY NATURE 31 DECEMBER 2012
P ROFIT and LOss aCCOUnT
Euros
INCOME AND PROFITS NOTESYEARS
2012 2011
Sales and services rendered 15 103.315.197,16 97.828.247,82
Revenue grants -- --
Profits/Losses from subsidiaries, group companies and joint enterprises 24 6.505.637,02 4.851.732,27
Variation in production inventories 25 (251.127,13) (269.218,81)
Own work capitalised 6 55.036,39 235.443,28
Cost of inventories sold and materials 26 (17.071.776,17) (18.471.745,35)
External supplies and services 27 (71.807.930,37) (66.599.695,91)
Personnel costs 28 (11.844.298,62) (10.686.369,22)
Inventory Imparities (losses/reversions) -- --
Receiving debts Imparities (losses/reversions) -- --
Provisions (increases / reductions) 16 (4.378,56) (16.555,33)
Non-depreciable Imparities (losses/reversions) -- --
Increases / reductions of fair value -- --
Other profits and gains 29 9.620.975,90 4.788.336,03
Other costs and losses (7.976.988,88) (2.731.025,59)
Results before depreciations, financial costs and taxes 10.540.346,74 8.929.149,19
Costs/reversals of depreciation and amortization 5 e 6 (3.062.254,85) (1.436.422,60)
Imparities of depreciable investments (losses/reversions) -- --
Operating profits (before financial costs and taxes) 7.478.091,89 7.492.726,59
Interests and similar obtained income 30 -- --
Interest and similar expenses incurred (4.141.926,35) (3.894.436,79)
Profit before taxation 3.336.165,54 3.598.289,80
Taxation on profits for the year 17 (311.422,18) (535.543,56)
Net profit for the year 3.024.743,36 3.062.746,24
31
AS OF DECEMBER 2012
C ash FLOW sTaTeMenT
Euros
TERMS NOTESYEARS
2012 2011
Cash Flow from operating activities - direct method
Payments from customers 88.862.326,59 108.333.677,32Payments to suppliers (80.708.675,63) (95.651.866,03) Payments to staff (7.593.558,81) (6.768.962,89)
Cash generated through operations 560.092,15 5.912.848,40
Payments/receipt of income tax (407.048,12) (1.330.919,82)Other payments/receipts (2.180.204,24) 1.692.132,69
Cash Flow from operating activities(1) (2.027.160,21) 6.274.061,27
Cash Flow from investment activitiesPayments related to:
Tangible fixed assets (7.647.183,96) (775.611,18)Intangible assets (7.952,23) (1.954,87)Financial investments (110.000,00) (180.074,44)Other assets -- --
Receipts from:Tangible fixed assets 228.133,50Intangible assets -- --Financial investments -- --Other assets -- --Investment grants -- --Interest and similar incomes -- --Dividends 194.918,00 3.825.907,25
Cash Flow from investment activities (2) (7.570.218,19) 3.096.400,26
Cash Flow from financing activitiesReceipts from:
Loans received 10.667.740,93 --Increases in capital, and other equity instruments -- --Covering of losses -- --Donations -- --Other financing operations -- --
Payments related to:Loans received (2.144.292,63)Interests and similar expenses (4.141.926,35) (3.894.436,79)Dividends -- --Reductions in capital, and other equity instruments -- --Other financing operations -- --
Cash Flow from financing activities (3) 6.525.814,58 (6.038.729,42)
Variation in cash and cash equivalents (1 + 2 + 3) (3.071.563,82) 3.331.732,11
Effect in exchange rate variations -- --
Cash and cash equivalents at the beginning of the year 4 7.343.578,59 4.011.846,48Cash and cash equivalents at the end of the year 4 4.272.014,77 7.343.578,59
The Technical Accountant The Board of Directors
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P.34 / P.35Project: Rehabilitation and Modernization School Sá de Miranda- Braga
Client: Parque Escolar, EPE (National Schools Administration)
a nnex
36
ThE YEAR ENDED iN 31 DECEMBER 2012
annex TO The BaLanCe sheeT and PROFIT and LOss sTaTeMenT
1. iDENTiFiCATiON OF ThE ENTiTY
1.1. Name: Construções Gabriel A. S. Couto, SA
1.2. head Office: Rua S. João de Pedra Leital, 1000 – 4770 -464 Vila Nova de Famalicão
1.3. Nature of Business: Exploration of the activity of construction and public works
2. ACCOUNTiNG REFERENCE OF PREPARATiON OF FiNANCiAL STATEMENTS
The financial statements of Construções Gabriel A. S. Couto, SA (Gabriel Couto) have been prepared assuming the continuity of building operations and are based on the historic cost and reflect the results of the operations and financial position of the Company for the year ended on 31/12/2012.
The financial statements of Gabriel Couto were prepared in accordance with all regulations of accounting standards, known as System Accounting Standards (CNS), approved by Decree Law No. 158 / 09 13 July 2009.
In preparing the financial statements, estimates and assumptions were used which affect the application of accounting policies and the value of the assets, liabilities, expenses and income. All estimates and assumptions were made based on historical experience and the best existing knowledge at the date of approval of financial statements, events and transactions in progress.
3. PRiNCiPAL REQUiRED ACCOUNTiNG POLiCiES, ESTiMATES AND jUDGMENTS
3.1 Tangible fixed assets
Tangible Fixed assets are stated at historic costs, less the related depreciation and accumulated impairment losses.
Depreciation is calculated after the date on which the goods are available for use by the quota basis method in accordance with the period of useful life for each group of assets.
The depreciation rates used correspond to the following estimated useful lives (in years):
Buildings & other constructions 10 to 50 Industrial machinery 3 to 15Transport equipment 4 a 10Office equipment 4 a 10
3.2 intangible fixed assets
Intangible assets are stated at historic costs, deducted from the related depreciation and accumulated impair-ment losses.
Depreciation is calculated after the date on which the goods are available for use by the quota basis method in accordance with the period of useful life.
3.3 Leasing
The leases are classified as financial leases or operating leases in accordance with their substance and not their legal form. Leases are classified as transactions in which the risks and benefits incidental to ownership of an asset are transferred to the lessee. All other leases are classi-fied as operating leases
Operating leasing
Payments made in light of the leasing contracts are re-corded under the operating expenses of the periods to which they relate.
Financial leasing
Tangible fixed assets acquired under finance leases are stated at their asset value and the corresponding liability (passive) in the liabilities.
Depreciation of these assets are conducted in accordance with that in 3.1, and recorded in the depreciation expenses of the period.
The share capital included in the rent paid is deducted from the amount of liability recorded as liabilities, with in-terest included therein accounted for as financing costs of the period.
3.4 Financial investments
Purchases and sales of investments are recognized on the transaction dates. They are initially recorded at their acquisition value, which is the fair value of the price paid, including transaction costs.
37
ThE YEAR ENDED iN 31 DECEMBER 2012
TO The BaLanCe sheeT and PROFIT and LOss sTaTeMenT
An assessment is made when there are indications that the asset may be impaired, and when impairment losses exist, they are recorded as a cost in the income statement.
Investments in subsidiaries and associates are stated at historic cost and subsequently, at the end of each period their value is adjusted by using the equity method.
3.5 inventories
The goods and raw materials and consumables are valued at the lower of acquisition costs and net realisable value. The costing method used in the movement of raw materi-als and consumables is the weighted average cost
The finished products and semi-finished products and work in progress are valued at the lowest cost or net real-izable value
Production costs include the cost of incorporated raw ma-terials, direct manpower and production overheads. The costing method is the average cost.
3.6 Debts to and from Clients / Suppliers
Debts to and from third parties are stated at the given face value since they often do not bear interest.
3.7 Cash and cash equivalents
The amounts included under cash and cash equivalents correspond to cash, bank deposits, time deposits, and other applications of short-term cash that can be mobi-lized immediately.
3.8 Loans
Loans are recorded as liabilities at their nominal value. Financial expenses with Interest and similar expenses are recorded in the income statement in accordance with the principle of accrual.
3.9 Provisions
Provisions are recognized when and only when the en-terprise has a present obligation (legal or constructive) resulting from a past event and it is probable that to set-tle the obligation, an outflow of resources occurs and the amount of the obligation are reasonably estimated. Provisions are reviewed at each balance sheet date and adjusted to reflect the best estimate at that date.
3.10 income Tax
Spending relating the “income tax period” represents the sum of current tax and deferred tax.
Current tax on income is calculated based on taxable in-come of the entity under the tax rules in force, while the deferred taxes result from temporary differences between the amount of assets and liabilities for accounting report-ing purposes (carrying amount) and the amounts for tax
purposes (tax base).
Deferred tax assets and liabilities are calculated and eval-uated annually using the tax rates in force or in effect on the date announced for the expected reversal of temporary differences.
The deferred tax assets are recognized only when there is reasonable expectation of future taxable income suffi-cient for their use, or in situations where there are taxable temporary differences to offset the deductible temporary differences in the period of reversal.
At the end of each period a review is made of deferred taxes, and they are reduced when their future use is no longer probable.
Deferred taxes are recorded as expense or income for the year, except if they relate to amounts recorded directly in equity, in which case the deferred tax is also recorded in equity.
3.11 Recognition of income and expenses
The financial statements are prepared in accordance with the accrual basis of accounting (or accruals). Through this scheme, the effects of transactions and other events (income or expenses) are recognized when they occur, re-gardless of the date of receipt or payment; for accounting purposes are recorded in the items of deferred income and reported in the financial statements of the periods they relate to.
For the recognition of revenues and expenditures for con-struction contracts, the method adopted was the percent-age of completion. According to this method, revenues directly related to the works in progress are recognized in the income statement according to their percentage of completion, which is determined by the ratio of costs in-curred to the balance sheet date and the estimated total costs of works.
3.12 Contingent assets and liabilities
Contingent assets are not recognized in the company’s financial statements but are disclosed when the existence of a future economic benefit is probable.
Contingent liabilities are not recognized in the financial statements of the company, and are disclosed.
3.13 judgements and estimates
In preparing financial statements, the company adopted certain estimates and assumptions that affect the reported assets and liabilities, income and expenses. All estimates and assumptions made by the management were made based on the best existing knowledge at the date of the approval of financial statements, events and transactions in progress.
38
The estimates were based on the best information availa-ble at the time of the preparation of financial statements and based on the best knowledge and experience of past and / or present events. However, subsequent situations that were not foreseeable at the time could have occurred yet were not considered in these estimates. Changes to these estimates, which occur after the date of the finan-cial statements, will be prospectively demonstrated in the income statement
4. CASh FLOW
For the purposes of the cash flow statements, cash and cash equivalents include cash and easy to mobilize bank depoisits,detailed as follows:
5. iNTANGiBLE ASSETS
During the period ended December 31, 2012 and 2011, changes in the value of intangible assets, as well as the accumulated depreciation was as follows:
31.12.2012 31.12.2011
Cash 12.071,70 62.125,03
Bank deposits immediately mobilised 2.683.490,47 5.689.420,61
Term deposits 1.576.452,60 1.592.032,95
Cash and cash equivalents 4.272.014,77 7.343.578,59
2011
GROSS
Opening balance increases disposals transfer/write-offs final balance
Computer programmes 453.880,54 49,75 0,00 0,00 453.930,29
In progress 12.392,75 1.905,12 0,00 0,00 14.297,87
TOTAL 466.273.29 1.954,87 0,00 0,00 468.228,16
ACCUMULATED DEPRECiATiON
Computer programmes 439.564,12 7.199,66 0,00 33,17 446.796,95
TOTAL 439.564,12 7.199,66 0,00 33,17 446.796,95
Project: Rehabilitation and Modernization School João Gonçalo Zarco
Client: Parque Escolar, EPE (National Schools Administration)
39
2012
GROSS
Opening balance increases disposals exchange difference final balance
Computer programmes 453.930,29 7.460,71 0,00 0,00 461.391,00
In progress 14.297,87 491,52 0,00 0,00 14.789,39
TOTAL 468.228,16 7.952,23 0,00 0,00 476.180,39
ACCUMULATED DEPRECiATiON
Computer programmes 446.796,95 9.620,25 0,00 0,00 456.417,20
TOTAL 446.796,95 9.620,25 0,00 0,00 456.417,20
6. TANGiBLE ASSETS
6.1. Gross and accumulated depreciation
During the period ended December 31, 2012 and 2011, the changes in value of tangible assets, as well as the accu-mulated depreciation were as follows:
2011
Opening balance increases disposals transfers/removal final balancel
GROSS
Land & natural resources 228.598,08 0,00 0,00 0,00 228.598,08
Buildings & other constructions 1.722.027,54 0,00 0,00 0,00 1.722.027,54
Industrial machinery 22.919.848,87 126.935,04 334.135,68 (22,40) 22.712.625,83
Transport equipment 6.846.659,91 231.223,73 798.066,36 0,00 6.279.817,28
Office equipment 1.775.216,06 74.360,37 0,00 0,00 1.849.576,43
In progress 1.451.115,79 296.836,44 0,00 0,00 1.747.952,23
Advances 46.255,60 0,00 0,00 236.330,40
TOTAL 35.133.541,05 775.611,18 1.132.202,04 (22,40) 34.776.927,79
ACCUMULATED DEPRECiATiON
Opening balance Reinforcement Exchange differ Cancell./reversalr final balance
Buildings & other constructions 937.518,11 24.926,76 0,00 962.444,87
Industrial machinery 21.229.462,50 900.441,88 (9,39) 231.735,68 21.898.159,31
Transport equipment 5.923.027,01 445.104,33 1.329,28 770.475,66 5.598.984,96
Office equipment 1.659.499,07 58.749,97 98,75 0,00 1.718.347,79
TOTAL 29.749.506,69 1.429.222,94 1.418,64 1.002.211,34 30.177.936,93
40
6.2. Tangible fixed assets stated at revalued amounts
During the period revaluations of tangible fixed assets were not performed.
In prior periods revaluations were made, which were based on the following legal diplomas:
2012
Opening balance increasesdisposals
Ttransfers /cullsexchange
difference final balanceGROSS
Land & natural resources 228.598,08 395.000,00 0,00 0,00 623.598,08
Buildings & other constructions 1.722.027,54 1.204.434,59 0,00 0,00 2.926.462,13
Industrial machinery 22.712.625,83 12.229.770,58 8.348.312,78 (42,49) 26.594.041,14
Transport equipment 6.279.817,28 3.262.536,15 1.301.968,90 0,00 8.317.455,43
Office equipment 1.849.576,43 107.860,85 0,00 0,00 1.957.437,28
Others fixed assets 0,00 0,00 0,00 42.827,08
In progress 1.747.952,23 55.036,39 61.393,16 0,00 1.741.595,46
Advances 0,00 0,00 0,00 236.330,40
TOTAL 34.776.927,79 17.297.465,64 9.650.281,68 (42,49) 42.439.747,00
ACCUMULATED DEPRECiATiON
Opening balance Reinforcement exchange differ. Cancella/reversal final balance
Buildings & other constructions 962.444,87 143.715,94 0,00 0,00 1.106.160,81
Industrial machinery 21.898.159,31 2.048.196,61 (30,56) 4.907.153,30 19.039.172,06
Transport equipment 5.598.984,96 787.767,22 (771,20) 268.956,95 6.117.024,03
Office equipment 1.718.347,79 70.991,23 (65,74) 0,00 1.789.273,28
Others fixed assets 1.963,60 0,00 0,00 1.963,60
TOTAL 30.177.936,93 3.052.634,60 (865,50) 5.176.110,25 28.053.595,78
Year in review Statute
1986 Decree-Law No. 118-B/86, 27, May
1991 Decree-Law No. 49/91, 25, January
1993 Decree-Law No. 264/92, 24, November
Discriminative framework of revaluations in the period in question:
historical Cost Revaluation Revaluations Revalued Book Values
Land & natural resources 134.675 93.923 228.598
Buildings & other constructions 336.948 231.181 568.129
TOTAL 471.623 325.104 796.727
Note: Values are net of depreciation.
41
7. LEASES
Financial leasing
The company has fixed assets included in the balance sheet under financial leasing. As of December 31, 2012 the following were the values of these assets:
Gross Values Depreciation Net Value
Buildings & other constructions 119.568,34 119.568,34 0,00
Industrial machinery 13.055.644,88 12.111.682,82 943.962,06
Transport equipment 4.785.507,49 4.543.371,86 242.135,63
Office equipment 165.485,35 144.652,01 20.833,34
TOTAL 18.126.206,06 16.919.275,03 1.206.931,03
The liability on the balance sheet in respect to leasing con-tracts was as follows:
In the current liabilities 836.132,26
In non-current liabilities 1.527.380.05
TOTAL 2.363.512,31
8. iNTERESTS iN jOiNT VENTURES
Companies controlled jointly, integrated by the pro-portional method, and the proportion in each, were on December 31, 2012 as follows:
Designation ParticipationVias, Gabriel Couto, Electren - Reabilitação Sistema Mondego, ACE 30,00%
CEGA – Construção Scut dos Açores, ACE 25,00%
CMGE – Construtoras Escolares, ACE 33,33%
As of December 31, 2012 the aggregated amounts, consid-ered by the percentage of joint control of current assets, non-current assets, current liabilities, non-current liabili-ties, income and expenses of these complementary groups of companies were like follows:
V/GC/El CEGA CMGE TOTAL
Non-current assets 73,89 1.308,51 1.382,40
Current assets 388.604,58 404.932,96 160.260,13 953.797,67
Non-current liabilities 77.104,86 77.104,86
Current liabilities 698.480,51 431.370,29 354.855,75 1.484.706,55
Expenditures 664.589,78 66.283,92 138.772,62 869,646,32
Income 359.338,37 40.313,02 137.033,90 536.685,29
Net Profit (305.251,41) (26.363,44) (1.738,72) (333.353,57)
9. iNVESTMENTS iN ASSiCiATES AND SUBSiDiARiES
On December 31, 2012 the shares in associated companies is set out below:
42
Firm head Office % Equity Equity Net Profit Year Note
Fapre-Fáb Pré esforçados,SA VN Famalicão 70 2.986.520,02 (59.695,78) 2012 a)
Comasa-C. Civil e O.Públicas, Lda VN Famalicão 80 375.256,40 15.034,16 2012 a)
Abrical-Areias, Brit. E Calcários, Lda Miranda Douro 50 590.871,14 (2.393,52) 2012 a)
Socojol-Eng. Const. Civil, Lda Mozambique 91,7 b) b) b)
Gabriel Couto (Moçambique),SARL Mozambique 57 b) b) b)
ParqF-Parques Estac Famalicão Braga 39,9 (64.775,43) (113.719,37) 2012 a)
AGE – Energias Renováveis, Lda VN Famalicão 50 25.712,77 (2.036,74) 2012 a)
Anteros – Soc Const Civil O P, Lda Angola 25 19.301.370,25 17.719.879,89 2012 a)
Gabriel Couto-Angola, OPCC, Lda Angola 95 b) b) b)
Mopre – Pré Fabric Betão, Lda Mozambique 95 b) b) b)
Constr. Gabriel A S Couto Moç, Lda Mozambique 95 b) b) b)
Bemoz. Lda Mozambique 85 b) b) b)
JV Gabriel Couto A.Carvalho Rosas Const Moldavia 33,33 (1.169.819,00) (558.217,00) 2012 a)
Notes: a) the value of these investments is calculated in accordance with the equity method.
b) The value of these shares is valued at the acquisition cost.
10. iNVESTMENTS iN OThER COMPANiES
Designation/Firm % Value Note
Euroscut-Soc Concessionária da Scut do Algarve, SA 3 1.066.843,62 a)
Auto-Estradas Norte Litoral – Soc Conc AENL, SA 3,191 2.847.850,54 a)
Algarve International BV 3 94.119,93 a)
Vialivre, SA 3,192 79.996,64 a)
Lamegorenova-Const e Gestão Equipamentos, SA 10,2 2.828,65 a)
Norgarante --- 27.500,00 b)
Catim --- 1.000,00 b)
Notes: a) the value of these investments is evaluated using the equity method.
b) The value of these shares is evaluated at the acquisition cost.
11. OThER FiNANCiAL iNVESTMENTS
The other investments, on December 31, 2012 relate to:
C.G.D. – Bonds 100.000,00
C.G.D. – Sure 40.642,40
Banif- Cash bonds 100.000,00
Total 240.642,40
12. FiNANCiAL iNVESTMENTS
On December 31, 2012 the value of financial investments amounted to EUR 12.244.559,38 and during the years shown the following transaction:
Opening balance increases Disposals Transfers/Write-offs Closing balance
In associates 6.005.294,55 0,00 1.878.481,73 7.883.776,28
In other companies 3.691.143,01 10.000,00 418.997,69 4.120.140,70
Other investments 140.642,40 100.000,00 240.642,40
TOTAL 9.837.079,96 110.000,00 2.297.497,42 12.244.559,38
43
13. iNVENTORiES
The breakdown of inventories on December 31, 2012 and 2011was as follows:
2012 2011
Raw materials and consumables 706.524,63
Work in progress 240.020,63 282.185,40
Finished and intermediate goods 3.491.721,83 3.700.684,19
Goods 8.919,88 8.919,88
4.752.450,01 4.698.314,10
14. CONSTRUCTiON CONTRATS
For the recognition of income and construction contracts’ expenses, the percentage of completion method was adopted. Thus, the income directly related to the works in progress are recognized in the income statement accord-ing to their percentage of completion, which is determined by the ratio between the expenses incurred until the bal-ance sheet date and the estimated total costs of the works.
15. REVENUE
Sales and services recorded in the years ended on December 31, 2012 and 2011 were as follows, by markets:
2012 2011
National market
Sales
Goods 19.133,86 144.265,99
Finished products 342.500,00 493.000,00
By-products, waste 0,00 788,90
Sub-total 361.633,86 638.054,89
Provision of services 79.122.263,19 96.711.261,64
Total 79.483.897,05 97.349.316,53
EU market
Goods 0,00 0,00
Total 0,00 0,00
Market non EU
Provision of services 23.831.300,11 478.931,29
Total 23.831.300,11 478.931,29
Total Geral 103.315.197,16 97.828.247,82
16. PROViSiONS
Movements in provisions during the periods of 2012 and 2011 were as follows:
44
2012 2011
Customer guarantees
Opening balance 73.974,88 54.807,84
Increase 3.129,98 54.041,44
Decrease 0,00 34.874,40
Closing balance 77.104,86 73.974,88
Onerous contracts
Opening balance 1.391,92 4.498,11
Increase 2.594,83 1.048,86
Decrease 1.346,25 4.155,05
Closing balance 2.640,50 1.391,92
17. TAxE ON iNCOME
Taxes on income registered during the periods ending on 31, December, 2012 and 2011 are broken down in the fol-lowing way:
2012 2011
Current tax 194.584,26 569.175,99
Deferred tax 116.837,92 (33.632,43)
311.422,18 535.543,56
18. CLiENT DEBTS AND OThER RECEiVABLES
Debts of clients and other receivables on December 31, 2012 and 2011 are presented as follows:
2012 2011
Client account 49.994.564,20 35.541.693,63
Members and shareholders:
Results attributed 2.411.007,59 0,00
Other accounts receivable:
Advances to staff 35.105,67 35.218,30
Increased income debtors 19.831.166,95 19.466.505,93
Other debtors 5.810.139,03 3.152.644,91
25.676.411,65 22.654.369,14
19. SUPPLiERS AND OThER ACCOUNTS PAYABLE
On December 31, 2012 and 2011 the amounts payable to suppliers and other payables presented themselves in the following way:
45
2012 2011
Suppliers
Suppliers account 24.239.648,04 18.112.895,65
Suppliers – notes payable 3.145.975,36 1.327.790,49
Suppliers – invoices pending approval 469.512,30 333.122,52
27.855.135,70 19.773.808,66
Other non-current accounts payable:
Advances from customers 6.500.000,00 6.500.000,00
Other creditors 3.033.747,68 2.434.560,17
9.533.747,68 8.934.560,17
Other current accounts payable:
Wages payable 18.634,92
Creditors accrued expenses 2.753.149,40 1.425.906,39
Advances on account of sales 0.00 5.905,59
Other creditors 5.658.535,48 5.096.973,62
8.430.319,80 6.528.785,60
Advances to customers 13.571.849,67 9.564.090,96
20. FiNANCiNG OBTAiNED
The financings are disaggregated between Bank Loans and Finance Leases. On December 31, 2012 and 2011these values were the following, separated as Current liabilities and Non-current Liabilities:
2012 2011
In Non-current liabilities:
Bank loans 4.937.987,01 4.244.047,67
Financial Leasing 1.527.380,05 193.370,80
6.465367,06 4.437.418,47
In Current liabilities:
Bank loans 19.057.133,95 10.823.333,32
Financial Leasing 836.132,26 430.140,55
19.893.266,21 11.253.473,87
21. DEFERRALS
The deferred income recorded on 31 December 2012 and 2011 presented the following values:
2012 2011
In current assets:
Earnings to be acknowledged 557.664,88 483.428,05
In current liabilities:
Earnings to be acknowledged 7.580.167,78 5.143.037,99
22. CAPiTAL
The company’s share capital is represented by 1,000,000 shares with a value of 5 Euros each, and it is all completed.
46
23. ThE STATE AND OThER PUBLiC ENTiTiES
The assets and liabilities of the State and other public en-tities are presented as follows in the balance of 2011 and 2010:
2012 2011
In current assets:
Income tax 332.843,92 81.447,51
Value added tax 1.669.075,17 906.466,35
2.001.919,09 987.913,86
In current liabilities:
Income tax
Retention I. on income 105.397,25 87.933,69
Social Security Contributions 185.457,09 167.416,17
290.854,34 255.349,86
24. GAiNS/LOSSES ALLOCATED TO SUBSiDiARiES, ASSOCiATES AND jOiNT VENTURES
Gains and Losses allocated to subsidiaries, associates and joint ventures were developed as follows on December 31, 2011 and 2010:
2012 2011
Income and gains by applying the equity method 5.437.152,85 3.235.449,65
Dividends received 2.938.787,99 2.022.593,30
Being:
Anteros (Angola) 2.678.897,32 1.702.546,22
Auto-Estradas Norte Litoral 227.970,67 320.047,08
Via Livre 31.920,00 0,00
Expenses and losses by applying the equity method (1.870.303,82) (406.310,68)
6.505.637,02 4.851.732,27
25. ChANGES iN PRODUCTiON iNVENTORiES.
On December 31, 2011 and 2010 the following variation in the inventories of production was computed:
2012 2011
Products and intermediate products:
Closing balance 3.491.721,83 3.700.684,19
Initial Balance 3.700.684,19 3.966.224,83
Variation (208.962,36) (265.540,64)
Products and work in progress
Closing balance 240.020,63 282.185,40
Initial balance 282.185,40 285.863,57
Variação (42.164,77) (3.678,17)
Changes in inventories of production (251.127,13) (269.218,81)
47
26. COST OF GOODS SOLD AND MATERiALS CONSUMED
The cost of goods and materials consumed registered in the late periods of 2011 and 2010 were as follows:
2012 2011
Goods
Inicial balance 8.919,88 8.919,88
Purchases 18.222,72 135.503,13
Closing balancel 8.919,88 8.919,88
Costs 18.222,72 135.503,13
Raw materials, subsidiary and consumable materials
Inicial balance 706.524,63 992.083,80
Purchases 17.358.816,49 18.050.683,05
Closing balancel 1.011.787,67 706.524,63
Costs 17.053.553,45 18.336.242,22
Cost of goods sold and materials consumed 18.471.745,35
27. SUPPLiES AND SERViCES
On December 31, 2011 and 2010 the value of supplies and external services are registered in the table below, in headings:
2012 2011
Subcontracts 57.302.847,08 56.265.615,55
Specialized jobs 1.604.351,10 1.940.838,11
Advertising and promotion 21.513,79 37.572,67
Surveillance and security 251.325,01 143.766,33
Fees 42.459,97 75.110,76
Commissions 322.466,13 288.291,28
Maintenance and repair 2.007.149,38
Other services 4.847,71 12.414,13
Tools and (fast wear) equipment 769.475,68 52.365,43
Books & technical docs. 48.928,16 36.364,21
Office materials 59.743,64 18.532,25
Gifts 20.084,48 23.964,09
Cleaning hygiene products 12.030,77 10.155,62
Other materials 662,46 1.487,59
Electricity 174.309,25 128.237,88
Fuel 616.975,39 144.115,16
Water 36.134,86 38.795,54
Oils 56.952,10 7.909,53
Gas 10.064,77 14.815,22
Other 0,00 643,13
Travel expenses 2.467.750,18 1.544.704,38
Employees’ transportation 76.709,95 5,09
Transport of goods 104.749,03
Other transports 1.805.734,05 162.526,36
Rent or lease expenses 2.561.715,18 2.803.251,63
Telephone and Internet expenses 239.958,57 166.387,01
Insurance expenses 506.881,30 337.238,22
48
Legal expenses 199.033,40 45.487,31
Representation expenses 7.761,72 21.916,70
Cleaning hygiene products 113.537,15 93.621,83
Other services 175.651,44 71.664,49
TOTAL 71.807.930,37 66.599.695,91
28. ExPENSES WiTh EMPLOYEES
28.1 Spending on personnel accounted for in 2012 and 2011 were as follows, in a disaggregated form.
2012 2011
Wages of corporate bodies 435.627,83 413.562,17
Staff wages 9.026.626,35 7.953.344,69
Compensation payments 240.623,79 396.779,46
Charges on remunerations 1.637.295,49 1.697.685,93
Occup. accidents/diseases’ insurance 216.194,12 168.521,13
Social welfare 246.565,28 35.053,98
Other expenses with personnel 21.421,86
TOTAL 11.844.298,62 10.686.369,22
28.2 in 2012, the wages of the corporate bodies were:
Board of directors 435.627,83
Audit committee 13 680,00
29. OThER iNCOME,GAiNS, LOSSES AND OThER ExPENSES
During the 2012 and 2011 other income and gains and losses and other expenses were highlighted in accordance with the following breakdown:
2012 2011
Other income and gains:
Additional income 5.301.610,36 3.644.160,23
Cash discounts obtained 70.634,54 117.225,43
Income & gains in other investments 127.061,36 11.226,87
Income & gains on non-finan. investments 2.965.367,27 113.978,31
Interest Earned 694.142,02 387.900,65
Other 462.160,35 513.844,54
Of which:
Prior year adjustments 128.115,01 53.567,72
TOTAL 9.620.975,90 4.788.336,03
49
2012 2011
Other expenses and losses:
Taxes 1.281.464,37 695.648,20
Cash discounts granted 53.137,29 0,20
Expenses and losses on non-financial investments 168.200,57 0,00
Discount Bonds 54.436,40 1.042,88
Interest and compensatory 2.871,55 672.83
Other interest 181.748,61
Unfavourable exchange differences 84.872,08 473.855,01
Other expenses and loss funding 1.378.366,59 913.285,37
Other 4.771.891,42 646.521,10
Of which:
Prior year adjustments 4.438.304,66 516.886,70
TOTAL 7.976.988,88 2.731.025,59
30. iNTEREST AND SiMiLAR iNCOME AND ExPENSES
In the years 2012 and 2011 there was interest and similar income as well as interest and similar expenses in values and with the breakdown listed below:
2012 2011
Interest and similar charges:
Interest expense 4.141.926,35 3.894.436,70
31. GUARANTEES PROViDED
On December 31, 2012, the value of collateral provided by the company to a third party was 75.124.316,55 Euros which, was expressed as
Meticais 614.376.030,58
Moldovan Leu 305.041,83
American dollars 3.339.621,94
Tunisian dinar 1.300.000,00
32. MONEY RATES OF FOREiGN CURRENCiES
For purposes of conversion, on the balance sheet date, of the amounts originally denominated in foreign currencies into Euros, we used the official money rates of the following currencies on 31 December 2012:
1 Euro = 1,3194 USD
1 Euro = 4,4445 RON (Romania)
1 Euro = 126,8460 Kwanzas (Angola)
1 Euro = 39,24 Meticais (Mozambique)
1 Euro = 11,1727 SZL (Swaziland)
1 Euro = 16,1194 MDL (Moldovan Leu))
The Technical Accountant The Board of Directors
P.50Project: Hotel B&B Évora
Client: Endutex
P.51Project: School of Technology at Beja Polytechnic Institute
Client: Beja Polytechnic Institute
R ePORT and OPInIOnOF THE AUDITOR
52
Dear Shareholders:
In compliance with the legal and statutory provisions, we hereby submit our Report and Opinion on the su-pervisory work and the Management Report, Bills and Proposals made by the Board of Directors of the Company CONSTRUÇÕES GABRIEL A. S. COUTO. S.A., relating to the fiscal of year 2012.
1. During the year under review we monitored the activity of the Company as the Statutory Auditor, maintaining con-tacts with Administration and its employees from whom we obtained information on the issues under consideration and whose good collaboration we are pleased to register.
2. We did not hear of any situation that did not respect the laws and bylaws.
3. We analysed the Analytical Balance Sheet, Profit and Loss Account by nature, the statement of changes in equity, the consolidated statement of cash flows, the Annex to the Balance Sheet and Income Statement, the Management Report of the Board of Directors and Statutory Auditors’ Certification, integral parts of this report and with which we agree.
4. The valuation criteria allow a proper evaluation of assets and results which are referred to in note 3 of the Annex to the balance sheet and income statement.
Given the above, we are of the opinion that:
a) The Management Report of the Board of Directors and the accounts for 2012 be approved;
b) The proposal of the Board on the implementation of the Net Profit be approved;
c) The general assessment of the Administration and Supervision of the Company be arranged.
22, May, 2013, TROFA
THE STATUTORY AUDITOR,
ARMINDO COSTA, SERRA CRUZ, MARTINS & ASSOCIADOS -SROC n° 57
Represented by:
António Serra Cruz (Dr.) -ROC n° 537
R ePORT and OPInIOn OF The aUdITOR
53
Project: Lousada Route 17/20 –Tire Factory Expansion or Claroix Machinery and Waste Stock Building
(phases 1 and 2)
Client: CONTINENTAL MABOR – (Tires Industry) S.A.
Project: Quinta do Castelo III,Maia- Housing and Real Estate
Client: Pontalta, (Real Estate)
P.54Project: Rehabilitation of N221- Caniçada and Chicualacuala Road. Gaza State a length of 220 km - Mozambique(Construction of Bituminous Double)
Client: ANE – National Road Administration. Mozambique
P.55Project: Wind Farm Sendim
Client: 3 ENEOP PROJECT
L egaL CERTIFICATION ACCOUNTS
56
L egaL CeRTIFICaTIOn OF aCCOUnTs
iNTRODUÇãO
1. We have audited the financial statements CONSTRUÇÕES GABRJEL A. S. COUTO, S.A., which comprise the Balance Sheet as of 31, December 2012, (which shows a total of 117 411 716,24 Euros and a total capital of 23 478 495,38 Euros, including a net profit of 3 024 734,36 euros), the Statements of profit and loss, the statement of changes in equity and the statement of cash flows for the year then ended, and the corresponding Attachment.
RESPONSiBiLiTiES
2. It is the responsibility of the Board of Directors, the preparation of finan-cial statements that present a true and fair view of the Company’s finan-cial position, the results of operations, changes in its equity and cash flows as well as the adoption of adequate accounting policies and the mainte-nance of a system of internal control.
3. Our responsibility is to express an independent opinion based on our audit of those financial statements.
SCOPE
4. The examination made was performed in accordance with the Technical Standards and Guidelines of Review / Audit of the Order of Chartered Accountants, which require
that we plan and perform the audit to obtain reasonable assurance about whether the financial state-ments are free of material misstate-ment. Accordingly, our examination included:
> Examining, on a test basis, evi-dence supporting the amounts and disclosures in the financial statements and estimates, based on judgments and criteria defined by the Board of Directors, used in its preparation;
> Assessing the appropriateness of the accounting policies adopted and their disclosure, taking into account the circumstances;
> Verification of the applicability of the principle of the continuity of operations;
> Assessing the adequacy of the overall presentation of the financial statements.
5. Our examination also included the verification of the financial informa-tion contained in the report with the financial statements.
6. We believe that our audit provides a reasonable basis for our opinion.
OPiNiON
7. In our opinion, these financial statements present a true and fair view in all material respects, of the
financial position of CONSTRUÇÕES GABRIEL A. S. COUTO, S.A., on 31, December 2012, the results of its op-erations, the changes in its equity and its cash flows for the year then ended, in conformity with accounting princi-ples generally accepted in Portugal.
REPORT ON OThER LEGAL REQUiREMENTS
8. It is also our opinion that the fi-nancial information contained in the management report is consistent with the financial statements.
Trofa, 2013, May, 22
ARMINDO COSTA, SERRA CRUZ, MARTINS & ASSOCIADOS - SROC No. 57
Represented by:
António Serra Cruz (Dr.) – ROC nº 537
57
Project: Rehabilitation and Modernization School António Sérgio. Póvoa de Varzim
Client: Parque Escolar, EPE (National Schools Administration)
Project: Landscaping for the Embaer Metalic and Composite Structures Factory
Client: Embraer Portugal - (Composites Structures) S A
P.58Project: Rehabilitation of Roads - Cassenda . Luanda
Client: MINUC - Ministry of Urban Planing and Construction
P.59Project: Rehabilitation of R3 – Chisinau / Hincesti
Client: ANE –State Road Administration of Moldava
www.gabrielcouto.pt RA
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