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Mota-Engil, Sgps, Sa 2008 Consolidated Report & Accounts

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Mota-Engil, Sgps, Sa 2008 Consolidated Report & Accounts MOTA-ENGIL, SGPS, SA 2008 CONSOLIDATED REPORT & ACCOUNTS WorldReginfo - 357cf3a6-4349-4873-947b-78ad6799d2d9 2008 CONSOLIDATED REPORT & ACCOUNTS MARCH 27, 2009 2 Highlights • Order book grows to €2.6 billion • 33% growth of Sales and services rendered • EBITDA and EBIT margins of 16.7% and 10.3% • Net profit attributable to the GROUP in the sum of €30.6 million • Net debt amounts to €1,852 million, of which €949 million relate to debt without recourse Turnover Ebitda 42% 79% 15% 37% 21% 6% Engineering & Construction 37% Environment & Services Transport concessions 42% 21% thousand euro 2008 % T Δ 2007 % T Turnover 1,868,731 33.3% 1,401,900 EBITDA 311,336 16.7% 25.3% 248,495 17.7% EBIT 192,740 10.3% 30.1% 148,186 10.6% Capital gain/loss with stake in Martifer 1,902 67,433 Net financial income (129,759) (6.9%) (20.8%) (107,453) (7.7%) Net income from equity method 5,387 0.3% (66.0%) 15,839 1.1% Income before taxes 70,270 3.8% (43.3%) 124,006 8.8% Net income 39,770 2.1% (63.1%) 107,745 7.7% Attributable to: minority interests 9,204 0.5% (9.8%) 10,207 0.7% Group 30,565 1.6% (68.7%) 97,538 7.0% Group (ex Martifer capital gain/loss) 28,663 1.5% (4.8%) 30,105 2.1% EBITDA = Operating profit + depreciation + provisions and impairment losses Net debt = Debt - cash & cash equivalents WorldReginfo - 357cf3a6-4349-4873-947b-78ad6799d2d9 2008 CONSOLIDATED REPORT & ACCOUNTS MARCH 27, 2009 3 Contents Highlights Main events Message from the Chairman of the Board of Directors Message from the Chief Executive Officer Consolidated Management Report Business areas Engineering & Construction Environment & Services Transport Concessions MOTA-ENGIL on the stock market Macroeconomic framework Economic and financial review Risk management Creation of value with and through People Proposal for the appropriation of profits Closing remarks Consolidated Financial Information Consolidated Statement of Income Quarterly Statement of Income Consolidated Balance Sheet Consolidated Statement of Changes in Equity Consolidated Cash-flow Statement Notes to the Consolidated Financial Statements Report on Corporate Governance Practices Annexes Declaration under Article 245 of the Securities Code Article 447 of the Companies Code Article 448 of the Companies Code Qualified Holdings Supervision Reports Legal Certification of Accounts Report and Opinion of the Statutory Auditor Audit Report WorldReginfo - 357cf3a6-4349-4873-947b-78ad6799d2d9 2008 CONSOLIDATED REPORT & ACCOUNTS MARCH 27, 2009 4 Main events • The General Meeting approved the enlargement of the Board of Directors to 14 members, and the board adopted a resolution to set up an Executive Committee and to appoint Jorge Coelho to chair it • Presentation of new strategic guidelines for the GROUP: • MOTA-ENGIL announced the formalisation of the partnership with ES Concessões, creating ASCENDI: about €700 million of assets under management (about 85% of highway assets in Portugal), more than 1,200 km of motorways, of which 1,100 km in operation, 14 concessionaires, projects under development in 9 countries and sustained business in 3 countries – Portugal, Spain and Mexico – and a €500 million investment plan • MOTA-ENGIL announced the plan to enlarge the Alcântara Container Terminal, implying an investment of €226 million to be made by its subsidiary LISCONT (the Terminal's concessionaire) and the 27.5-year extension of the life of the concession • MOTA-ENGIL ENVIRONMENT & SERVICES and the Privado do Atlântico Group established a partnership for the Angolan market, directed at the business segments of this sub-holding company • The MOTA-ENGIL GROUP signed a memorandum of understanding with the government of Malawi involving several projects, with emphasis on the rehabilitation of the port of Nsanje and the development of two hydroelectric plants, and announced contracts worth more than €100 million in the country • TAKARGO, a MOTA-ENGIL GROUP subsidiary, and Comsa Rail Transport established an agreement calling for co-operation in the development of railway operations involving goods traffic in the Iberian Peninsula • MOTA-ENGIL announced its participation in a pre-qualification consortium for the concession of the port of Ennore, India, a project that will imply an overall investment of US$ 600 million, and in another consortium that is to draw up plans for the remodelling of the port of La Guaira in Venezuela (which could be for as much as US$ 658 million) WorldReginfo - 357cf3a6-4349-4873-947b-78ad6799d2d9 2008 CONSOLIDATED REPORT & ACCOUNTS MARCH 27, 2009 5 • MOTA-ENGIL announced the purchase of 24.19% of LUSOPONTE, becoming, after the purchase, the biggest shareholder (38.02%) in the company that holds the concession for the two crossings over the Tagus up to March 2030 • MOTA-ENGIL announced its leadership of the High Speed consortium that will take part in the various calls for tender issued or to be issued by the Portuguese State for the establishment of the public-private partnerships (PPPs) in the area of high-speed railways • MOTA-ENGIL, through ASCENDI (60% of which is held by MOTA-ENGIL) came first in the call for tenders for the concession Marechal Rondon Leste, SP300 Motorway concession in the State of São Paulo (a concession 415 km long involving an investment of about €470 million) • The Douro Interior Sub-concession was awarded to a joint venture headed by MOTA-ENGIL (the sub-concession has a 30-year life and involves an investment of about €620 million) • MOTA-ENGIL announced the increaser of its holding in INDAQUA Following this acquisition the MOTA-ENGIL GROUP, through MOTA-ENGIL, ENVIRONMENT & SERVICES, SGPS SA, now controls INDAQUA, with 50.06% of its equity capital • MOTA-ENGIL informed that it had detected irregularities at its associate in Hungary and that it had dismissed its board • Announcement of the New Organisational Model of Internationalisation, with the creation of structures allocated to each geographic area defined as priorities by the GROUP, namely Arica, Latin America and Central Europe WorldReginfo - 357cf3a6-4349-4873-947b-78ad6799d2d9 2008 CONSOLIDATED REPORT & ACCOUNTS MARCH 27, 2009 6 Message from the Chairman of the Board of Directors To the Members of Mota-Engil, SGPS, SA, The year under review was a difficult one for all, in view of the international crisis that is affecting the world. Indeed, the international financial crisis that, beginning in the United States of America, caused profound disturbance of the entire global financial system and quickly spread to the real economy, striking both the more developed economies and the emerging countries. Portugal could not have remained immune. Today, it is a profound crisis that, despite the proper measures implemented by most governments, is taking a long time to provide signs of a reversal and is still shaking the confidence of institutions and people alike. And it is this confidence that must be restored. I say with pride that this is a factor that marks the difference at Mota-Engil, for we have all maintained great confidence in our project. In 2008, this allowed us to meet the goals that we had set up, despite not only the global crisis but also the unexpected situation with which we were faced within the Group (especially since such a thing had never happened) on detection of the facts indicating fraudulent management in Hungary. In the conviction that it is in times of crisis that institutions stand out and, having met our goals in 2007 (a year ahead of schedule), we prepared and approved a new programme, "Ambition 2013", which defines our strategy for the coming years and establishes very ambitious objectives. And we did so in the certainty that the World was going through a difficult crisis. We believed in our capabilities, however, and have taken all the measures required for its implementation, including a new governance model and the appointment of Jorge Coelho to deal with the executive leadership of the Group. I am sure that we shall meet the goals that we have set up, because I believe in our Project and in the Team that is made up of all of us. António Mota Chairman of the Board of Directors WorldReginfo - 357cf3a6-4349-4873-947b-78ad6799d2d9 2008 CONSOLIDATED REPORT & ACCOUNTS MARCH 27, 2009 7 Message from the Chief Executive Officer 2008 – Decision Capability Confidence in the Strategy To the Members of Mota-Engil SGPS, SA, The year under review was marked by great instability in the financial markets, involving events that had repercussions around the world, events without precedent in recent decades. The results of the events that we witnesses during the past year allowed us all, regardless of nationality or business sector involved, to take on board lessons that will allow us, with determination and strategic vision, to overcome the difficulties that face us. It is no different for Mota-Engil. The challenge with which we are faced is stimulating, and the feeling with which we embrace it is one of profound recognition of the difficulties, though one of great confidence in our abilities. With a history of success and having met its goals ahead of schedule in 2007, Mota-Engil, with strengthened Ambition, has defined and presented a new Strategic Plan for the next five years. We believe, in this way, that Mota-Engil will have to be prepared for the new challenges posed by the position that we want to achieve in the global marketplace if we are to meet the objectives that will allow us to ensure the satisfaction of our shareholders, employees and customers, and of the communities of which we form part. At this point I would like to transmit a message of optimism and of confidence in the team with which I co-operate directly, and also in the Group's 17.766 employees, over and above recognition of the commitment, capability and motivation that, overall, have allowed us to overcome the challenges faced in a year filled with important initiatives and will allow us to transform Mota-Engil into what we want it to be in the future.
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