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RELATÓRIO ANUAL GRUPO VISABEIRA 2013 c1 TABLE OF CONTENTS 4 GRUPO 52 IN 108 CONSOLIDATED VISABEIRA HINDSIGHT REPORTING DOCUMENTS 6 OPENING 54 ANALYSIS OF RESULTS 110 CONSOLIDATED 10 MESSAGE FROM CONSOLIDATED FINANCIAL STATEMENTS THE CHAIRMAN 60 RISK FACTORS 116 NOTES TO THE CONSOLIDATED 12 CORPORATE BODIES 63 TAX BENEFITS FINANCIAL STATEMENTS 16 OWNERSHIP STRUCTURE 64 BUSINESS EVOLUTION 165 ASSESSMENT BY AREA 18 WHERE WE ARE AND CERTIFICATION 94 20 MAIN BUSINESS AREAS COMMITMENT DOCUMENTS TOWARDS SOCIETY 105 RELEVANT FACTS AFTER THE END OF THE FINANCIAL YEAR 106 FUTURE OUTLOOK 107 NOTES TO THE REPORT OF THE BOARD OF DIRECTORS c2 c3 c1 TABLE OF CONTENTS 4 GRUPO 52 IN 108 CONSOLIDATED VISABEIRA HINDSIGHT REPORTING DOCUMENTS 6 OPENING 54 ANALYSIS OF RESULTS 110 CONSOLIDATED 10 MESSAGE FROM CONSOLIDATED FINANCIAL STATEMENTS THE CHAIRMAN 60 RISK FACTORS 116 NOTES TO THE CONSOLIDATED 12 CORPORATE BODIES 63 TAX BENEFITS FINANCIAL STATEMENTS 16 OWNERSHIP STRUCTURE 64 BUSINESS EVOLUTION 165 ASSESSMENT BY AREA 18 WHERE WE ARE AND CERTIFICATION 94 20 MAIN BUSINESS AREAS COMMITMENT DOCUMENTS TOWARDS SOCIETY 105 RELEVANT FACTS AFTER THE END OF THE FINANCIAL YEAR 106 FUTURE OUTLOOK 107 NOTES TO THE REPORT OF THE BOARD OF DIRECTORS c2 c3 SUBHEADING 4 GRUPO VISABEIRA GRUPO VISABEIRA OPENING 6 A VISION I To be an economic group of wide multinational expansion, VISION seeking leadership in every sector and market in which it operates, and to make a difference through innovative concepts and integrated solutions MISSION that generate value for both VALUES its customers and its shareholders. 7 GRUPO VISABEIRA 01 VALUES Grupo Visabeira's activities A are based on the following values; CREATIVITY INNOVATION COMPETITIVENESS DYNAMISM AMBITION These values, associated with the Visabeira brand name, MISSION are the foundations of its positioning and guide the actions of all the professionals in the organisation. To continuously innovate and improve the products and services that make up its global portfolio, with the aim of exceeding its customer's expectations by anticipating their needs and preferences, thus attaining full customer satisfaction and loyalty, while at the same time ensuring the growth of its business through organic consolidation and acquisitions, optimising results by means of an efficient management of human resources and VISION assets and unwavering commitment towards its staff, as well as the setting up I of an integrated and successful network To be an economic group with its partners. of wide multinational expansion, VISION seeking leadership in every sector and market in which it operates, and to make a difference through innovative concepts and integrated solutions MISSION that generate value for both VALUES its customers and its shareholders. OPENING 8 RESOURCES STRUCTURE PERFORMANCE DECISION THE ORGANISATIONAL DNA OF R,P S,D GRUPO VISABEIRA We can safely say that Grupo Visabeira has success written into conceptual branching based on Resources and Performance; its DNA, resulting from the combination of all the individual Structure and Decision-making; Motivation and Knowledge; behaviours that make up the life of the Group. Vision and Adaptability. In order to decode these influence traits, one must first In short, good and consistent corporate performance occurs understand the unique characteristics of this organisation. only when the actions of each of the individuals that make up However, the complexity of its "biology" as a large, multi- an organisation are aligned with each other and with the overall operational entity determines that it establishes itself as a "new strategic interests and values ​​of the company. The organisation being." We can, thus, consider the weight of individual factors must ensure the proper alignment of its resources and the such as "motivation," "empathy," "evolutionary intelligence," enhancing of its business structure, thus obtaining a consistent "cooperation spirit" and "perseverance" in the embodiment advantage in the market. Success is, therefore, the sum of the of one single phenomenon, but it takes a wide-angle view to tens of thousands of actions that are carried out every day in understand its true identity. Indeed, not unlike the double- a large corporation, in a continuous and cross-sectional way. helix DNA molecule, which is held together by bonds between The attainment of such a success in the market is based on four-nucleotide base pairs - whose sequence contains the well-defined capabilities. The product and service portfolio is a exact instructions necessary to create a single body - the DNA reflection of this clear and distinct way of creating value for its of a living organisation can be divided into four bases, which customers and partners. A way of being and acting that is in a we will group under the designation "Organisational DNA". constant improvement process, which is key for designing and This similarity is illustrated by a matrix whose pillars are a implementing a sustainable growth strategy. M,K V,A MOTIVATION VISION KNOWLEDGE ADAPTATION 9 GRUPO VISABEIRA 01 RESOURCES STRUCTURE PERFORMANCE DECISION R,P S,D M,K V,A MOTIVATION VISION KNOWLEDGE ADAPTATION MESSAGE FROM THE CHAIRMAN 10 M MESSAGE FROM THE CHAIRMAN Innovation, Dynamism, Competitiveness, Creativity and Ambition are, since inception, the key values of Grupo Visabeira. These are the pillars of its constant, action- "In 2013, for the first time, oriented motivation, which, always sustained by a wise dose of persistence, has driven the Group to conquer increasingly more than 50% of the Group's ambitious goals. In these times, by all accounts trying, we looked at the year 2013 as a challenge. A challenge that, turnover resulted from once again, we saw as an opportunity. And, as always, we overcame all obstacles and climbed one step further in the foreign operations. direction we set out to follow. Never lowering our arms and guided by a desire for Innovation, we aimed at always doing This is an important milestone that better today than yesterday. In 2013, the Group presented results that demonstrate the continuity of the trend it has the Group views been consolidating over time, which translates into one word: growth. The path towards growth that the Group has not as a finish line, but been following from the outset, was, once more, sustained by the strengthening of its competitive position in the rather as a new domestic market, while ensuring significant ongoing growth in international markets. In fact, if one aspect can be pointed starting point." out as the most important for the year, it will surely be the attaining of an old desideratum of Grupo Visabeira, which intends to be increasingly multinational: in 2013, for the first time, more than 50% of the Group's turnover resulted from foreign operations. This is an important milestone that the Group views not as a finish line, but rather as a new starting point. In this field, a very special mention must be made to the French market, where we significantly increased our turnover and where we anticipate even greater growth in the coming years. Other European countries were also important, such as Germany and Sweden, where the Group's 11 GRUPO VISABEIRA 01 emerging activities will surely grow in the short-term. Growth remains the watchword also regarding the group's more traditional markets, such as Mozambique and Angola. But the strategy outlined will bring progress regarding many other opportunities presented by several other markets. Never forgetting the dozens and dozens of markets where the Group also continues to grow through the presence of its products. On both fronts, the domestic and international, the strategy outlined, driven by the dynamism that characterises the Group, continued to be implemented with tireless efficiency, which is well demonstrated by the results once again achieved, even in a year that appeared particularly adverse. Indeed, the results of 2013, with consolidated turnover reaching 563 million euros, which corresponds to a growth of over 5%, and EBITDA standing at 83 million euros, which represents a growth of 16%, are the corollary of a decade of continuous growth, in which the Group successively surpassed its record highs, with the average annual turnover growth exceeding 13%. Confirming the course set towards growth, 2014 appears, from the outset, as a landmark of new opportunities, which will surely enhance the key vectors of this financial year: continuous improvement of Competitiveness and profitability, combined with accuracy and strictness, in order to maintain sustained growth, in addition to strong investment in foreign markets and the creation of value, as the pillars of its positioning. Surely, new obstacles will arise, but we are now even more prepared and motivated to, once again, turn them into challenges and win. This path of growth and optimisation will keep us on the safe course that will lead us to new ports and certainly to new successes. We shall continue, with relentless determination, to build the future every day. Always focused on accomplishment and always with the Creativity necessary to those who in every obstacle see a challenge and in each difficulty, an opportunity. Today I recall the words that inspired us at the genesis of the Group and which we have always lived by: "do more and better with less." Astonishingly, three decades later, these words remain chillingly and strikingly apposite. We shall, with this attitude, continue to fulfil our mission, fostering an entrepreneurial spirit, relentlessly leveraging our abilities, our skills and our will to spread our values ​​and reconcile precision with growth, asserting ourselves as a virtuous example. INNOVATION As a corollary, and on behalf of the group, I hereby express the most heartfelt appreciation and gratitude to all of DYNAMISM our Customers and Shareholders, who have honoured us with their unwavering confidence; to all the Institutions and Entities with whom we interact, for the unconditional COMPETITIVENESS support they have always provided; and to our employees and partners, for the impeccable professionalism and unfailing dedication with which each one has contributed to CREATIVITY our success.

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