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Annual Report 2015 Auto-Estradas do Atlântico, SA - Annual Report 2015 P.1 Auto-Estradas do Atlântico, SA - Annual Report 2015 The Bord of Directors p. 03 Management Report // Global Analysis p. 06 Management Report // Functional Analysis p. 10 Financial Statements p. 35 Notes to the Financial Statements p. 40 Report and Opinion of the Supervisor Boarder p. 69 Statutory Examinationor’s Report p. 71 P.2 Auto-Estradas do Atlântico, SA - Annual Report 2015 THE BOARD OF DIRECTORS GENERAL ASSEMBLY Chairman Alexandre de Albuquerque Secretary Tiago Severim de Melo Alves dos Santos THE BOARD OF DIRECTORS Chairman José Joaquim Cortiço da Costa Braga Members Lena Engenharia e Construções, S.A. Representada por: Manuel de Sousa Pereira Valdemar Jorge Martins Mendes MSF - Sociedade Gestora de Participações Sociais , S.A. Representada por: Eduardo Galán de Matos Coimbra Luís Rua Geraldes MSF Concessões, SGPS, S.A. Representada por: José Ernesto Cirilo Custódio dos Santos Lena Concessões e Serviços, SGPS, S.A. Representada por: Paulo Jorge de Oliveira Pereira Reis Manuel António Garcia de Matos P.3 Auto-Estradas do Atlântico, SA - Annual Report 2015 BOARD OF AUDITORS Permanent Presidente José Vieira dos Reis Members Fernando Marques Oliveira Joaquim Oliveira de Jesus Alternate Members Mário José Silva Jerónimo Pedro Manuel Palma Monteiro Varela Statuatory Auditor Deloitte & Associados, SROC S.A. Representada por: João Luís Falua Costa da Silva Statuatory Auditor Alternate Member Duarte Nuno Passos Galhardas P.4 Auto-Estradas do Atlântico, SA - Annual Report 2015 P.5 Auto-Estradas do Atlântico, SA - Annual Report 2015 2015 MANGEMENT REPORT OVERVIEW To the shareholders Submission of a report in which the Company's affairs are analysed, the major key actions performed are listed and described, the problems encountered and not overcome are reported and the steps that experience and knowledge advise to be recommended for the shareholders to take are stated is a fundamental part of management. 2015 consolidated our hopes of improvement in economic activity, reflected in some recovery in traffic on the various motorway stretches of the concession in general, which caused AADT to grow by 6.54% compared to the preceding year. Attentive to the high quality maintenance of the infrastructure, the vertical signage of the A8 substretches between Malveira and Leiria, as well as the horizontal signage between Malveira and Enxara and the CRIL and Loures, were totally renovated, and the pavement of the A8, in the north/south direction, between km33+000 and km34+125 was repaired. Accident indicators evolved favourably, the number of both accidents and casualties having fallen, there being no "black spot" within the concession, thus further justifying the investments made and encouraging our combat for road safety. A word in respect of current maintenance of the infrastructure which, in spite of strong budgetary constraints, has never been disregarded. New methods and robust solutions were adopted, always bearing in mind that the maintenance of the infrastructure in due time enhances the value of the concession assets and that road safety is a benefit unquestionably related to the essence of the concession. The reduction in operating costs (-4.76%) resulted from the rigorous and effective allocation of resources. The increased use of electronic means of payment has also made it possible to offer higher levels of service, which, together with effective collections, also through enforcement, is creating a culture ultimately intended to fully implement the "user-payer" principle. P.6 Auto-Estradas do Atlântico, SA - Annual Report 2015 The Loures Service Area concession agreement was renegotiated with REPSOL, its maturity having been extended for three more years, with amendment to the price. The audits to monitor the Quality Management System were successfully completed, and the audit performed by APCER was again positive. At the end of December, the award of the Arbitration Court in the dispute between Autoestradas do Atlântico (AEA) and the Grantor in respect of the introduction of tolls in the Costa da Prata Concession was finally issued. These proceedings were long, but the evidence and the award judgement were largely favourable to the Company, the impact on the reduction in traffic on the West Concession stretches, in particular on the substretches south of and immediately contiguous to the Costa da Prata Concession, immediately after commencement of the collection of tolls, having been recognised. The compensation awarded, amounting to 28.9M euros, clearly shows that AEA's position was well founded. As a result of strong investments in toll collection equipment (renovation of components at the end of their useful life) and equipment to support operations (total overhaul of the Catefica Control Centre, installation of new traffic surveillance and supervision cameras, as well as the increasing remote control capabilities of the toll lanes) and upon the activity having stabilised, we are today able to conclude that the route chosen was correct and will make it possible, when circumstances so advise, to move towards more modern operating models, with greater technological content. In the field of human resource management, a policy to adjust staff to actual needs has been followed, implying reconversion of people from overstaffed to understaffed areas. This reconversion has always resulted from negotiations and is completed upon appropriate training. On the other hand, the operational management of human resources uses a portal, which was fully developed internally, with various functions where the employees find all the support they need, with updated information, and the management body gains full knowledge in time of all matters required for staff management purposes, capable of responding to the most demanding tax and social security issues. The participation by our Company in the various APCAP (Associação Portuguesa das Sociedades Concessionárias de Autoestradas ou Pontes com Portagem) Standing Committees continued with high commitment, notably with the preparation of a manual on good road maintenance practices and monitoring of toll enforcement together with the AT (Autoridade Tributária e Aduaneira, the Portuguese Tax and Customs Authority). The improvement in financial results by 1,175.7 thousand euros compared to 2014, as a result of the reduction in P.7 Auto-Estradas do Atlântico, SA - Annual Report 2015 remunerated liabilities, should be highlighted. We would like to express a word of praise for the professionalism, dedication and commitment of our employees, as well as our sincere appreciation for the support and cooperation of the Supervisory Board, the Statutory Auditor and the public and financial entities. Finally, we would like to express our gratitude for the unflinching confidence of our shareholders. PROPOSAL FOR THE APPROPRIATION OF PROFITS It is proposed that the net profits for the year, amounting to 25,918,858.09 euros, be transferred to profits (losses) brought forward. Catefica, 22 February 2016 P.8 Auto-Estradas do Atlântico, SA - Annual Report 2015 P.9 Auto-Estradas do Atlântico, SA - Annual Report 2015 FUNCIONAL ANALYSIS A) OPERATION AREA Traffic and revenue AEA’s main traffic and revenue indicators for 2015 are summarised in the tables below. Compared to 2014, AADT in the tolled network grew by 6.54%. The highest increase in traffic year-on-year occurred in the second quarter (1Q15 +6.0%; 2Q15 +7.4%; 3Q15 +7.0%; 4Q15 +5.6%). Tolled stretches 2014 2015 ∆ % 2015/2014 A8 (South) - Annual Average Daily Traffic (AADT) 23,547 24,963 6.01% - Circulation 469 497 6.01% A8 (North) - Annual Average Daily Traffic (AADT) 8,770 9,509 8.43% - Circulation 158 171 8.43% A8 (Total) - Annual Average Daily Traffic (AADT) 16,536 17,631 6.62% - Circulation 627 668 6.62% A15 - Annual Average Daily Traffic (AADT) 3,887 4,105 5.59% - Circulation 57 60 5.59% Total network - Annual Average Daily Traffic (AADT) 13,004 13,853 6.54% - Circulation 684 728 6.54% 1) AADT - Circulation/km/days 2) Circulation - (Σ vehicles x km x days of operation)/106 3) The lengths of substretches where there is local traffic were taken into account The subsystem with the highest growth was the A8 North, with +8.43%. AADT on the A8 grew by +6.62%. The A15 had the smallest growth by network subsystem, with +5.59%. P.10 Auto-Estradas do Atlântico, SA - Annual Report 2015 AADT in the tolled network under concession stood at 13,853 vehicles/day in 2015, which corresponds to an increase of 6.54% compared to 2014. With regard to the breakdown by class, AADT for light vehicles grew by +6.49% and that for heavy vehicles by +7.76%. During 2015, the percentage of light vehicles stood at 96.16%, while that of heavy vehicles was 3.84%. In line with traffic, toll income increased by +6.68% compared to the preceding year. 3 Income (10 euros) 2014 2015 2015/2014 Tolls 53,817.26 57,411.38 6.68% Assistance to customers 9.82 8.45 -13.95% Service areas 1,838.19 1,876.12 2.06% Total 55,656.59 59,295.95 6.54% Toll rates were not altered on 1 January 2014, in accordance with the formula laid down in the Concession Agreement and taking into account the amendment resulting from Joint Decree no. 39/2005 (of 17 February) of the Ministry of Finance and the Ministry of Public Works. VAT remained unchanged over the year, at 23%. Revenues from rents from service areas increased by 1.58% compared to 2014. This growth chiefly resulted from adjustments to 80% of the turnover stated in the economic studies relating to the Torres Vedras and Óbidos Service Areas. Revenues from assistance to customers stood at 8,450.10 euros, 13.95% less than in the preceding year. Via Verde (71.7%) was the most popular means of payment with clients, followed by cash (14.3%).
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