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ANNUAL REPORT 2016 ANNUAL REPORT 2016 Visabeira Performing Group Dreams. In the context of strengthening the brand media, the new signature, Performing image, the most significant change was Dreams, was also developed. A reference the re-branding of Visabeira Global, the to the vision, capacity for planning and only business area that presented a symbol implementation that, from day to day, different from that of the Visabeira Group project to project, has been responsible for holding company. creating a greater variety of products and All sub-holdings and business-to-business services, in a wide variety of geographical units now have the same image, with a and social contexts, making the chromatic aspect different from the logo Group a daily facilitator for thousands of mould. people. Our commitment is to realise what Regarding the Visabeira Group, yesterday was a dream in tomorrow's well- in addition to a design work that went being, embracing each new challenge through the streamlining of the visual and consolidating the trust put in us by identity and the main communication stakeholders, partners and customers. In 2016, the Visabeira Group began a process of image renewal, with the purpose of reinforcing brand projection and further deepening the relationship between its sub-holdings. This renewal is not intended to convey changes from the brand's operational or architectural standpoint. Regardless of the evolution of the strategic framework and its offer, and with an increasingly significant international presence in its different areas of activity, the Visabeira Group has been able to maintain its DNA without detracting from the structuring values of the organisational culture and behaviour. Table of Contents 01 02 03 06 The Visabeira Group 56 2016 overview 112 Consolidated 08 Opening 58 Analysis of reporting documents 10 Message from the consolidated results 114 Consolidated financial Chairman 64 Risk factors statements 12 Corporate bodies 69 Business evolution by 120 Notes to the 16 Ownership structure area consolidated financial 18 Where we are 103 Commitment to statements 20 Main business areas society 172 Assessment and 108 Future outlook certification 111 Annex to the Report documents of the Board of Directors The6 Visabeira 2016 OVERVIEW BUSINESS EVOLUTION BY AREA 7 Group 8 2016 OVERVIEW BUSINESS EVOLUTION BY AREA 9 Vision Amounts To be an economic group of large multinational expansion, The values we assumed as defining elements of the seeking leadership in every sector and market we operate Visabeira brand are common to all the professionals and differentiating ourselves with innovative concepts and and the different areas of the organisation, proving to integrated solutions that create value both for customers be decisive for the Group's evolution and its continued and shareholders. success. Mission Innovation Dynamism Bring to our partners and customers increasingly complete answers, according to their needs and fulfilling their expectations, through an increasing productive and operational capacity. Thanks to the transdisciplinarity that Creativity defines us, we produce a great diversity of goods, we provide services in the most different areas and we create multiple business opportunities. Ambition To be a day-to-day facilitator for thousands of people, all over the world. Competitiveness 10 THE VISABEIRA GROUP 11 Message from the Chairman The results we achieved in 2016 are a reason for justifiable to be the place of choice for the best international kayaking pride and reflect the Group's ability to overcome adversity teams,for training and preparation for the main competitions in a particularly difficult year in the national and international in this sport. The real highlight was the athletes who macroeconomic context. attended this training camp this year, winning 25 medals in individual and collective categories in the Rio de Janeiro The Group's geographical diversification, especially the Olympic Games in 2016. In addition, Montebelo Aguieira growth in European markets, has reduced exposure to hosted the World Paddle Awards ceremony, the “Oscars” African markets and contributed to the good results ceremony of world canoeing, bringing together all the recorded. The results obtained in the African markets were variants of the sport, which distinguished the best athletes below expectations, due to the significant exchange rate from the last sporting season. variations resulting from the devaluation of local currencies in Angola and Mozambique. As a result, the contribution of Thus, the balance that can be made of this year is necessarily these countries to turnover decreased by 40.9%. positive, because, despite the hostile economic climate, the results outperformed expectations, with the achievement of On the other hand, the European market contributed record highs in the most relevant ratios. decisively toward the presented result, with a turnover of This success was only possible thanks to the commitment of 210 million euros. In this context, the largest contribution the approximately 9,700 employees, who are a dedicated came from Constructel in France, which operates for team, whose exemplary professionalism, competence and Orange, ERDF and GRDF. The precision are the basis of the successes achieved. company has become one The Group ended 2016 of the main partners of those The satisfaction of our Customers, the trust of our Partners operators in design, construction, and Shareholder support are reasons for justifiable pride with a consolidated operation and maintenance of and satisfaction, as they prove the Visabeira Group's turnover of 601 million telecommunications, electricity and entrepreneurship and are at the same time an essential gas networks. incentive for us to keep on the path that we have been euros and an EBITDA of following for 36 years, continually focused on overcoming 111 million euros, a new Even in this scenario of adverse the obstacles that the future will surely put in our way. economic conditions in the African record figure. markets, the Group has once again In 2017, the main challenge will be to keep the growth fulfilled its strategic objective rate in the locations already reached by the Visabeira of continuing to grow in foreign brand, and to continue to expand into new markets and markets. In fact, the turnover achieved abroad already opportunities, always inspired with the spirit of achievement represented 59% of the total in 2016. that characterises the Group. A sustainable growth is the intent of an ambitious team and the The Group ended 2016 with a consolidated turnover of challenge for the future that we build every day. 601 million euros and an EBITDA of 111 million euros, a record figure that represents a growth of 7.0% over the I would like to end with a thank you to those who same period last year. The net results, with growth by 38.1% accompany us. to 28.3 million euros, are the unequivocal corollary of the success achieved during the year. Following this good overall performance, there was a substantial improvement in the overall performance of the several business areas, with operating results increasing 23.2% to 81.6 million euros. Also to be highlighted in this year is the reduction in net debt of 63.6 million euros. In Industry, it is with great satisfaction that I announce to the entire market the positive net results of Vista Alegre, which amounted to 1.7 million euros in this year. In Tourism, we highlight Montebelo Vista Alegre Ílhavo Hotel, which has been a site of several internationally renowned events, and Fernando Campos Nunes the Montebelo Aguieira Lake Resort Spa, which continues Chairman of the Board of Directors 12 THE VISABEIRA GROUP CORPORATE BODIES 13 Corporate Bodies Grupo Visabeira SGPS, S.A. FERNANDO CAMPOS NUNES FERNANDO CAMPOS NUNES Chairman of the Board Nuno Miguel Rodrigues Terras Marques of Directors João Manuel Pisco de Castro Alexandra da Conceição Lopes António Jorge Xavier da Costa Board of the General Meeting Leopoldo de Sousa Camarinha – Chairman Marta Albuquerque Santos – Secretary Statutory Auditor Ernst & Young, Audit & Associados – SROC, S.A. Represented by Rui Manuel da Cunha Vieira NUNO MIGUEL RODRIGUES TERRAS MARQUES JOÃO MANUEL PISCO DE CASTRO ALEXANDRA DA CONCEIÇÃO LOPES ANTÓNIO JORGE XAVIER DA COSTA Vice-Chairman of the Board of Directors Vice-Chairman of the Board of Directors Member of the Board of Directors Member of the Board of Directors Representing Portugal Capital Ventures, S.A. 14 THE VISABEIRA GROUP CORPORATE BODIES 15 Corporate Bodies VISABEIRA VISABEIRA VISABEIRA VISABEIRA VISABEIRA GLOBAL INDÚSTRIA SGPS, TURISMO IMOBILIÁRIA PARTICIPAÇÕES SGPS, S.A. S.A. SGPS, S.A. SGPS, S.A. SGPS, S.A. Nuno Miguel Rodrigues Terras Marques João Manuel Pisco de Castro José Luís Borba de Campos Nogueira José Eduardo Arimateia Antunes Alexandra da Conceição Lopes Chairman of the Board of Directors Chairman Chairman Chairman Chairman and Chairman of the Executive Committee Alexandra da Conceição Lopes Alexandra da Conceição Lopes Alexandra da Conceição Lopes Jorge Manuel Esteves Costa Alexandra da Conceição Lopes Vice-Chairman Vice-Chairman Vice-Chairman Vice-Chairman of the Executive Committee José Eduardo Arimateia Antunes Paulo Alexandre Rodrigues Ferraz José Eduardo Arimateia Antunes Paulo Alexandre Rodrigues Ferraz Jorge Manuel Ferreira Guimarães Sousa Paulo Alexandre Rodrigues Ferraz António Jorge Xavier da Costa Paulo Alexandre Rodrigues Ferraz António Jorge Xavier da Costa António José Monteiro Borges Representing

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