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Integrated Report INTEGRATED REPORT 2017 01 INTRODUCTION TO BRISA 02 STRATEGIC FRAMEWORK 03 ANALYSIS BY BUSINESS SEGMENT 04 BRISA’S PERFORMANCE 05 GOVERNANCE AND REMUNERATION ANNEXES ON THE MOVE • EFFICIENCY 4.0 INTEGRATED REPORT 2017 On the Move EFFICIENCY 4.0 GLOSSARY 01 ON THE MOVE • EFFICIENCY 4.0 NATURE OF BRISA’S INTEGRATED REPORT This integrated report contains financial and non-financial information relating to the Brisa Group. It was prepared according to the IIRC – International Integrated Reporting Council guidelines, for information on strategy, management and the company’s INTEGRATED REPORT 2017 01 INTRODUCTION TO BRISA 02 STRATEGIC FRAMEWORK 03 ANALYSIS BY BUSINESS SEGMENT 04 BRISA’S PERFORMANCE 05 GOVERNANCE AND REMUNERATION ANNEXES OONN THTHEE MMOVEOVE • EEFFICIENCYFFICIENCY 44.0.0 ECONOMIC ACTIVITY main performance drivers Goa growth acceerated in 2017 in oth deeoped and emerging According to oth national and internationa proections Portgal’s GDP 2.1 economies. According to the IMF, Gross Domestic Prodct (GDP) gre b shod grow 22% in 2018 and 20 in 2019, in ine with proected growth for the Euro Zone GDP. MACROECONOMIC performance was ainly driven by a recoery in inestment and foreign ENVIRONMENT trade the uantitative easing poicy folloed by maor Central Banks and GDP EVOLUTION IN PORTUGAL Economic activity in the Euro Zone srprised on the pside, aintaining PERCENTAGE (%) a strong and sustained groth GDP in the Euro Zone gre 2.4%, which copares to 1.8% in 2016. 3.0 2.7 In Portugal, the macroeconomic environment was also favourable. 2.3 Variables with largest impact on BCR’s activity (namely, GDP, private 2.5 2.0 consumption and inflation), all evolved favourably throughout 2017 1.8 In addition the aour arket was buoyant with nepoyent 2.0 1.6 rate aing to 8.0% as of Decemer 2017 (less 22 p.p as copared to Deceber 2016 The Portuguese economy shoud contine to grow at 1.5 a moderate pace driven b a supportive externa enironent o its main trade partners. FRAMEWORK EXTERNAL VERIFICATION 1.0 GROSS DOMESTIC PRODUCT (GDP) 0.5 Portga’s GDP gre y 2.7% in voume, acc onting for an acceeration of 11 p.p. over 2016 Sch eoution (otperforming initia proections This integrated report contains financial and non-financial information The financial statements attached to this report were audited by an 0.0 increase in interna demand and an acceleration o inestment (+8.4%) 2015 2016 2017 2018(e) 2019(e) INE GDP forecast Highest forecast Lowest forecast relating to the Brisa Auto-Estradas de Portugal, S.A. Group (“Brisa”), external entity (PricewaterhouseCoopers & Associates - Sociedade de guests and 57.5 overnight stays in 2017 increasing by .9 and 7.4 respectivey, over 2016). Note: Proections for 201 and 2019 resting o the aerage o estiates the European Coission Banco de Portga IMF and OECD The highest forecast for GDP was pished OECD and Banco de In 201 and 2019 economic actiity in Portga should contine to expand Portga for 201 and OECD for 2019 The owest GDP forecast was reeased European Coission concerning 2017. Brisa operates in an increasingly sustainable global Revisores Oficiais de Contas, Lda.), in accordance with the Audit Report at and the IMF for 201 and the IMF for 2019. economy, where the alignment with new reporting trends for both the end of this document. The reported sustainability information (whether GLOSSARY G4-13 G4-13 G4-13 financial and non-financial information is very important. The company resulting from measurements, calculations or estimates) has been subject must combine long-term strategy and return with social justice and to verification by the same external entity, according to the Independent environmental protection. Brisa’s report is thus addressed to all Assurance Report also available at the end of this document. stakeholders, according to the best market practices. STAKEHOLDERS GRI INDICATORS GLOBAL REPORT INITIATIVE INDICATORS (GRI) Brisa’s 2017 integrated report provides information on the Group's This integrated report seeks to inform all stakeholders (employees, investors ARE INCLUDED AS FOOTNOTES OF THE PAGES strategy, management and performance of key business vectors, from a and shareholders, sector associations, clients, suppliers, partners, funders, THEY CONCERN sustainable value creation perspective. The report also reviews the intrinsic media, sustainable development related entities, local communities and GLOSSARY risks of the business and how Brisa incorporates different capital (financial, others) about Brisa’s business and performance. IN EACH PAGE A LINK TO THE GLOSSARY human, intellectual, social and natural), following the guidelines proposed CAN BE FOUND AS A FOOTNOTE, WHICH HAS ADDITIONAL INFORMATION ON CONCEPTS by the International Integrated Reporting Council (IIRC). The Report also The information disclosed herein shows Brisa's commitment to the AND/OR ABBREVIATIONS provides information on the Company’s Governance, Financial Statements continuous implementation of measures that foster value creation, alongside and Sustainability. its goal of becoming a provider of innovative mobility solutions in addition to being a road operator. Individual and Consolidated Financial Statements included herein were prepared in accordance with International Financial Reporting Standards CONTACTS (IFRS), as adopted by the European Union. Non-financial data was prepared Any doubts or questions should be addressed to: DOWNLOAD according to the fourth generation of Global Reporting Initiative Directives (G4). [email protected] or [email protected]. www.brisa.pt G4-3 G4-7 G4-18 G4-22 G4-23 G4-28 G4-29 G4-30 G4-31 G4-33 02 ON THE MOVE • EFFICIENCY 4.0 STATEMENT OF COMPLIANCE In compliance with legal and statutory provisions, the Board of Directors hereby submits for the consideration of shareholders the individual and consolidated financial statements and integrated report relating to 2017, in the firm belief that, to the best of its knowledge, the information contained therein was prepared in accordance with the relevant accounting standards, providing a true and fair view of the assets and liabilities, the financial situation of the issuer and of the companies included in the consolidation, and that the integrated report contains a faithful account of the information required. 03 01 INTRODUCTION TO BRISA 02 STRATEGIC FRAMEWORK 03 ANALYSIS BY BUSINESS SEGMENT 04 BRISA’S PERFORMANCE 05 GOVERNANCE AND REMUNERATION I. MANAGEMENT REPORT 01 INTRODUCTION TO BRISA 03 ANALYSIS BY BUSINESS SEGMENT 05 GOVERNANCE AND REMUNERATION 1.1 Foreword from the Chairman .......... 08 3.1 Brisa Concession ............................................. 48 5.1 Brisa’s governance structure ............... 129 1.2 Brisa Profile ......................................................... 10 3.2 Other motorway concessions ......... 54 5.2 Management policies and mechanisms ................................................. 139 1.3 Key Figures ......................................................... 12 3.3 Support services to concessions .. 61 5.3 Remuneration and related policies .... 141 1.4 Awards and External 3.4 Vehicle inspections ..................................... 84 recognitions ........................................................ 14 3.5 Product technology ................................... 88 PROPOSAL FOR THE 1.5 Highlights and events of the year ... 15 3.6 Other businesses ......................................... 94 APPROPRIATION OF RESULTS ........... 143 02 STRATEGIC FRAMEWORK 04 BRISA’S PERFORMANCE II. ANNEXES 2.1 Macroeconomic environment ............... 18 4.1 Financial capital ............................................... 103 GRI index and Indicators ............................... 145 2.2 Values and Mission ....................................... 23 4.2 Human capital ................................................ 107 Corporate Governance Report ............... 181 2.3 Business model and strategic 4.3 Intellectual capital ....................................... 114 Individual Financial Statements priorities ................................................................ 25 and Notes .................................................................... 187 4.4 Social capital .................................................... 117 Risk management ........................................... 41 Consolidated Financial Statements 2.4 Natural capital ............................................... 122 4.5 and Notes .................................................................. 221 Traffic statistics .................................................... 279 Glossary ....................................................................... 289 GLOSSARY ON THE MOVE • EFFICIENCY 4.0 I. MANAGEMENT REPORT INTEGRATED REPORT 2017 ON THE MOVE • EFFICIENCY 4.0 ON THE MOVE • EFFICIENCY 4.0 BRISA AUTO-ESTRADAS DE PORTUGAL On the Move EFFICIENCY 4.0 BRISA, FOUNDED ON THE VALUES OF ETHICS, BRISA IS THE LARGEST PRIVATE ROAD EXCELLENCE, INNOVATION AND PEOPLE, IS DEDICATED TO THE DEVELOPMENT OF OPERATOR IN PORTUGAL MOBILITY AND ACCESSIBILITY SOLUTIONS, and stands out at both national and international levels. DERIVING SIGNIFICANT BENEFITS TO THE It seeks efficiency in all dimensions of its business. COMMUNITIES IT SERVES. The emergence of new trends, digital disruption, Brisa is focused on operational efficiency and client service. In the midle of the current decade, climate change and changes in behavioural Brisa started implementing a new strategic vision extending to other mobility services and the patterns reflect a new era
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