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Via Verde 23 Controlauto 24 Table of BAR 24 BAER 25 Contents Mcall 25 annual report 01. INTRODUCTION Brisa 2008 2 Brisa Profile 3 Corporate Strategy 4 Main Indicators 5 Chairman’s Statement 6 Macroeconomic Overview 8 02. ROAD CONCESSIONS Brisa Concession 10 Atlântico Concession 13 Brisal Concession 14 Douro Litoral Concession 15 Future Motorway Concessions 16 03. TRAFFIC AND MOBILITY Traffic 18 Service Excellence 20 Payment Systems 21 Road Safety 22 04. ROAD SERVICES Via Verde 23 Controlauto 24 table of BAR 24 BAER 25 contents MCall 25 05. TRANSPORT INFRASTRUCTURES BEG 26 TIIC 27 Airports 27 High-Speed Train 27 06. INTERNATIONAL BUSINESS Road Concessiosn 28 Electronic Toll Collection 29 Markets and Tenders 29 07. CORPORATE SUSTAINABILITY Corporate Sustainability 30 Vector Human Resources 31 Vector Environment 32 Vector Innovation 33 Vector Safety and Social Development 34 Indicadores de Sustentabilidade 35 08. FINANCIAL REPORT 36 09. CORPORATE GOVERNANCE 46 10. FINAL NOTE 70 11. CONSOLIDATED FINANCIAL STATEMENTS AND ANNEXES 71 12. EXHIBITS: TRAFFIC STATISTICS 135 2008 annual report 02 O1 introduction • Brisa 2008 January June Brisa sets up solidary fund reverting in favour of two Brisa enters agreements with APENA and Quercus welfare institutions chosen by adhering employees. viewing the promotion of biodiversity and environmental educational actions. Completion of the widening works in the A1, from two to three lanes in sub-stretch Santarém / Torres Novas. The cities of Lisbon and Torres Novas are now July connected by a three-lane (in each direction) Brisa announces consortium for the High-Speed Train motorway, with a total length of 95 km. infrastructure project, in which it holds a 15% stake. Brisa Assistência Rodoviária starts operating the Marão February Tunnel, a concession held by Inínere. Consortium including Brisa is short-listed in an international tender for two motorways in Moscow, Consortium including Brisa is short-listed for the Baixo Russia, in a total length of 62 km. Tejo Concession, located within the Greater Lisbon area on the South bank of the Tagus river, with a total length of 68 km. March Brisa's General Assembly of Shareholders appoints new corporate bodies. August Consortium including Brisa is short-listed in US tender Brisa issues Sustainability Report, which was audited by for Alligator Alley Concession, Florida, with a total external agency and rated GRI A+, Third Party length of 126 km. Checked, according to Global Reporting Initiative indicators. September Consortium including Brisa is short-listed for the Litoral April Oeste Concession, which will link A1 to A8/A17 with a Brisa pays dividends of 31 cents per share. total length of 112 km. May November Brisal opens the Louriçal/Mira sub-section to the public. Brisa holds its 8th Investor's Day. The Brisal motorway is thus open in its full length, extending for 92 km between Mira and Marinha Grande. December The Concession Contract is renegotiated with the Brisal introduces Via Manual, an innovating automatic Portuguese State (fifth amendment of Bases attached payment system allowing payment by card, cash and to Decree-law 294/97), which extends the Concession Via Verde, and if needed, the assistance of a toll period by three years and permits the creation of operator. holding viewing the optimization of Brisa's corporate structure. 03 annual2008 report • Brisa Profile Brisa – Auto-estradas de Portugal, S.A. was created in At international level, Brisa is present in the United States 1972. In its 37 years of operation, it has become one of (USA), namely the Northway Parkway Concession; Brazil - the major toll road operators in the world and the leading through CCR that holds seven motorway concessions and company in transport infrastructures in Portugal. the concession for Line 4 of the São Paulo Underground; and Holland, with electronic toll collection systems. Brisa’s main business area is the operation and Brisa is present in the capital market for over a decade, maintenance of tolled motorways, developed pursuant to being listed on Euronext Lisbon and part of its main index, direct investments in Portugal and through its national the PSI 20, with a market capitalization around 3 000 and international subsidiaries. million euros at the end of 2008. The remaining businesses run by the company Brisa is also part of Euronext 100 – an index which complement its core business and consist of road related includes the largest companies in France, Holland, services, to ensure safety and driving comfort in Belgium and Portugal, the Bloomberg European 500 - an motorways and urban environments. Particularly worth index including the 500 European companies with largest mentioning is Via Verde, an electronic toll payment market capitalization; and the FTSE4 Good, the European system, which debits the toll for the distance travelled reference index for social responsibility. directly to the user's bank account, thus contributing to safer, easier and more comfortable mobility. Brisa is structured in accordance with the following organization model: In Portugal, Brisa holds four road concessions: Brisa, Atlântico, Brisal and Douro Litoral, corresponding to 17 motorways totalling 1 494 km. Development of New Business Corporate Centre Market Managers Operation & Asterion BEG Brisa Maintenance Via Verde Atlântico NWP Controlauto TIIC CCR Elos Brisal Road Electronics MCall Douro (BAER) Tejo Road Assistance Inovation & (BAR) Technology Road Concessions Operations Other Business 04 • Corporate Strategy Brisa's strategy is focused on the creation of value, operations with stable growth and low risk, growing achieved by maximizing existing assets within the operations with limited risk and start-ups, which have company's business portfolio and investing in new higher risk. business opportunities. Brisa's solid financial situation, combined with a stable dividend policy are the two Although the present market environment requires a cornerstones of business development. highly selective approach to new business opportunities, Brisa defined a set of medium term priorities, focusing on Brisa manages its business portfolio in an active way, projects with lower risk, namely already existing seeking to maintain a sound balance between mature partnerships and others with reduced risk at revenue level. INVESTMENT HORIZONS Horizon 1 Horizon 2 Horizon 3 Mature business with Growing business Start-up business stable growth and with known or high Capex known risks limited risks • Douro Litoral Concession • Brisa Concession • CCR • Baixo Tejo Concession • Atlântico Concession • Brisal Concession • Movenience • Operation & Maintenance • Northwest Parkway Concession • TIIC • Via Verde • Projects in proposal phase • Controlauto • Other Companies 75% 23% 2% Percentage of employed capital - Current portfolio 60-70% 25-30% 5-10% Medium/long term objectivs INVESTMENT PRIORITIES Greenfield Investment priority Concessions Bid for projects Bid for projects with Bid for projects with only if substantial minority stake, minority stake, value can be created management intervention management intervention (with minority stakes) and option to increase and option to increase 75% Project Brownfield Investment priority type/ Bid for projects with Concessions with Asset “leading shareholder” status growth though with minority stakes Bid for opportunities in the secundary concession market Do not consider Mature these projects Brownfield Concessions Portugal Mature markets Converging markets 05 annual2008 report • Key performance indicators NETWORK 2004 2005 2006 2007 2008 Number of motorways under direct concession 11 11 11 16 16 Number of kilometres of motorways under direct concession 1 106 1 106 1 106 1 346 1 356 Number of kilometres under direct concession open to traffic 1 007 1 063 1 074 1 135 1 254 Number of kilometres open to traffic including subsidiaries in Portugal and Brazil 2 619 2 675 2 696 2 757 3 270 Number of kilometres open to traffic, adjusted to % ownership 1 283 1 340 1 352 1479 1 644 OPERATION (amounts in million euros) 2004 IFRS 2005 IFRS 2006 IFRS 2007 IFRS 2008 IFRS Total operating income, euros 574 577 586 646 686 Toll revenues, euros 523 509 511 576 583 Toll revenue/Total operating income, % 91% 88% 87% 89% 85% EBITDA1 424 418 418 460 483 EBITDA margin, % 74% 72% 71% 71% 70% EBIT2 315 296 294 281 277 EBIT margin, % 55% 51% 50% 44% 40% Net profit for the year attributable to shareholders 191 298 167 259 152 1Earnings before interest, tax, depreciation and amortisation 2Earnings before interest and tax BALANCE SHEET (amounts in million euros) 2004 IFRS 2005 IFRS 2006 IFRS 2007 IFRS 2008 IFRS Share Capital, totally subscribed and paid up1 600 600 600 600 600 Equity and minority interests 1 535 1 625 1 566 1 691 1 373 Liabilities 2 566 2 687 2 873 3 668 4 221 Total net assets 4 101 4 312 4 439 5 359 5 594 Equity/Net Assets, % 37% 38% 35% 32% 25% Return on Equity (ROE), % 12,4% 18,3% 10,7% 15,3% 11.1% Return on Assets (ROA), % 4,7% 6,9% 3,8% 4,8% 2.7% 1With the nominal value of one euro per share DEBT 2004 IFRS 2005 IFRS 2006 IFRS 2007 IFRS 2008 IFRS Net debt, million euros 2 232 2 069 2 364 3 208 3 674 Net Debt/EBITDA, (x) 5,3 4,9 5,7 7,0 7.6 EBITDA/Interest charges, (x) 4,5 4,9 5,2 4,1 2.7 SHARE 2004 IFRS 2005 IFRS 2006 IFRS 2007 IFRS 2008 IFRS Number of issued shares, million 600 600 600 600 600 Price at year end, euros 6,75 7,16 9,45 10,05 5 351 Market capitalization at year end, million euros 4 050 4 296 5 670 6 030 3 211 earnings per share, euro cents 32 50 28 43 26 Dividend per share 27 27 28 31 311 Price/earnings at year end (x) 21 14 34 23 21 1 Appropriation of Profit proposal 06 • Chairman's Statement A historical year A new organizational structure was laid down and deployed at the end of 2008 / beginning of 2009.
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