Annual Report Individual
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Individual Annual Report Index INTRODUCTION 1 Brisa 2007 2 Brisa Profile 3 Corporate Strategy 5 Chairman’s Statement 7 Macroeconomic Overview 8 DOMESTIC CONCESSIONS 11 Brisa Concession 12 Atlântico Concession 14 Brisal Concession 15 Douro Litoral Concession 16 New Motorway Concessions 17 TRAFFIC AND MOBILITY 19 Traffic 20 Service Excellence 23 Payment Systems 25 Road Safety 27 TRANSPORT INFRASTRUCTURES 28 TIIC 29 Airports 30 High-Speed Train 31 INTERNATIONAL BUSINESS 32 Road concessions 34 Electronic Toll Collection 35 Markets and Tenders 36 CORPORATE SUSTAINABILITY 38 Human Resources 40 Environment 41 Accident Prevention 42 Innovation 43 Social Development 44 FINANCIAL REPORT 45 FINAL NOTE 50 FINANCIAL STATEMENTS AND ANNEXES 53 CORPORATE GOVERNANCE 94 ANNEXES: TRAFFIC STATISTICS 116 During the year which marks the tenth anniversary of its entry into the Stock Exchange, Brisa increased significantly its business base, in Portugal as well as abroad. 01 . Annual Report 2007 Introduction 01 INTRODUCTION 2 Brisa 2007 JANUARY JULY Brisa establishes TIIC (Transport Infrastructure Investment Brisa opens to traffic the Lezíria Bridge in Carregado and Company), a vehicle for investment in infrastructure, in concludes the A10 motorway partnership with Millennium Investment Banking and Compagnie Benjamin de Rothschild SEPTEMBER Brisa enlarges its Board of Directors and elects two new FEBRUARY members Brisa reinforces its shareholding position from 15% to 26% in KTS, an electronic toll collection company in the OCTOBER Czech Republic Brisa signs a memorandum with Gazprom for the Russian road concession market MARCH Ministry of Finances approves the acquisition of 40% of NOVEMBER AEA – Auto-Estradas do Atlântico Brisa celebrates 10 years of being listed on the Stock Exchange APRIL Brisa pays dividends of 28 cents per share DECEMBER Awarding of the Douro Litoral concession to the MAY consortium led by Brisa Via Verde reaches 2 million tags JUNE Brisa wins the Northwest Parkway concession in the United States Brisal opens to traffic the first 32 km stretch, linking Louriçal to Marinha Grande 3 . Annual Report 2007 Principais eventosBrisa Profile 2007 Brisa is present in various parts of the world: In Portugal – 4 concessions, 17 motorways In the USA – 1 concession, Northwest Parkway In Brazil through CCR – 7 concessions In the Czech Republic – electronic toll collection In Holland – electronic toll collection A total of 3 903 km of motorways Brisa – Auto-estradas de Portugal was created in 1972. In Most of Brisa’s international investments are concentrated 36 years it has become one of the largest tolled motorway in Brazil, North America and Spain: operators in the world and the largest transport infrastructure company in Portugal. - In Brazil, Brisa holds 18% of the capital of Companhia de Concessões Rodoviárias (CCR), the largest Today, Brisa has a market capitalisation around to 6 000 motorway operator in Latin America; million euros and its shares are quoted on Euronext - In the United States, it holds 90% of the capital of the Lisbon, where it is part of the main index, the PSI-20. It is Northwest Parkway concession; also part of Euronext 100 – an index which includes the - In Spain it holds 1% of Abertis, one of the largest largest companies in France, Holland, Belgium and European operators of the sector. Portugal – and the FTSE4Good, the reference index for social responsibility. Brisa’s main business area is the construction and “The construction and operation of operation of tolled motorways, both through direct tolled motorways result in 89% of investments in Portugal, as well as through its national operating revenue.” and international subsidiaries. The remaining businesses managed by the company complement its core business providing services associated to road safety and driving comfort in both motorway and urban environments. 01 INTRODUCTION 4 Innovative technology Via Verde With this electronic payment mode which automatically charges the toll directly from the bank account, Brisa has proved its technological superiority and has definitively contributed to more comfortable, easier and safer mobility. A simple idea, pioneer at an international level, and which has already been adopted in many other countries which recognise Brisa’s innovative capital MOTORWAYS INTERNATIONAL SERVICES MAIN CCR BEG CONCESSION 18% 100% 100% BRISAL - AUTO-ESTRADAS NORTHWEST VIA VERDE DO LITORAL PARKWAY 75% 70% 90% AUTO-ESTRADAS ABERTIS BAR DO ATLÂNTICO 1% 100% 50% AUTO-ESTRADAS KTS MCALL DO DOURO-LITORAL 26% 100% 55% MOVENIENCE SMA/EFACEC 30% 20% BAER 92,5% CONTROLAUTO 60% 5 . Annual Report 2007 PrincipaisCorporate eventos Strategy 2007 In pursuing its objectives, Brisa will continue to develop its international scale, and is based on four fundamental strategy in accordance with its strategy, based on the principles: following values: - Attractive economic situation - Acceptable political and economic risk Markets Operational - Maximise the value of current assets - Growth potential, in the short, medium Excellence - Disseminate best practices to new concessions - and long term Shareholder - Strategic even if minority Global presence - Enlarge the geographical focus - “Equal to the largest shareholder” - Joint control - Order the priority of markets structure in the Motorway - Leveraging on Brisa’s skills - Reinforce key competences, aimed at enhancing sector - international competitiveness - “Establishment of Partnerships” - Flexible according to the characteristics Diversification - Reinforce competences to capture value in other Positioning - of each market in transport - transport infrastructure sectors (priority to the - Partners with strong local presence - Matching Brisa’s skills infrastructures - airport and railway sectors) - Focus on motorways - Appropriate balance between the primary market Projects - (construction, followed by operation) and - secondary market (acquisition of shareholding - positions in existing concessions) I OPERATIONAL EXCELLENCE With the objective of moving towards excellence, in 2007 Brisa began an internal project of a pluriannual and cross- I DIVERSIFICATION IN TRANSPORT cutting nature throughout the entire organization, the INFRASTRUCTURES Best Programme. The main objectives of this programme are excellence in services provided to the client, continued In the national market, Brisa aims at capitalising its improvement in operational efficiency and sustainable competences in project management, management and growth. maintenance of infrastructures and management of long term concession contracts into other infrastructure sectors. Under this rationale, Brisa has defined the airport I GLOBAL PRESENCE IN THE infrastructure as a strategic priority, through the New MOTORWAY SECTOR Lisbon Airport (NLA) project and the privatisation of Taking into account the innumerable worldwide business ANA, S.A., as well as the railroad transport infrastructure opportunities in the area of road concessions, Brisa’s sector, participating in the High-Speed Train project. internationalisation strategy has extended to an 01 INTRODUCTION 6 Chairman’s Statement 2007 was a strong growth year, which allows to face the new strategic cycle with conviction, in both national and international markets. During the year which marks the tenth anniversary of its entry into the Stock Exchange, Brisa increased significantly its business base, in Portugal as well as abroad. Traffic revenue, which represents 89% of Brisa’s revenue, increased approximately 13%, supported by a 2.6% like-for-like growth. This trend inversion, in light of the adverse environment of these last years, reflects an improvement in the Portuguese economy, as well as the dilution of the impact on traffic of the new toll-free motorways (SCUT). On 8th July, Brisa recorded an historical moment with the opening to traffic of Lezíria Bridge on the A10, which links the two sides of the Tagus River, between the A1, at Carregado, and the A13, at Benavente, thus finalizing the construction of its main network, with 11 motorways, along a total length of 1 089 kilometres. Apart from the main concession, 2007 conveys the reinforcement of business involving three other concessions, Brisal, Auto- -Estradas do Atlântico and Douro Litoral, which will have a decisive impact on Brisa’s growth. On 3rd June 2007, Brisal, holder of the Litoral Centro concession, opened to traffic the first 32 km out of a total of 92 km, which will be concluded at the end of the first half of 2008. During 2007, the acquisition of 40% of Auto-Estradas do Atlântico was formalised. This concession comprises two motorways with a total length of 170 km, which are complementary to the Brisa and Brisal networks. With this acquisition, Brisa has now consolidated 50% of this concession in its accounts. The awarding of the Douro Litoral concession to the Auto-estradas do Douro Litoral consortium is also particularly noteworthy. This concession with a total 126 km has reinforced Brisa’s positioning on the national market, due to the areas this concession crosses, as well as the fact that it ensures the connection of three motorways - A1, A3 and A4. The Brisal and Douro Litoral concessions demonstrate Brisa’s dynamism and competence confirming it as the reference in the transport infrastructures sector in Portugal. In three international public tenders launched by the Portuguese State for the awarding of new tolled motorway concessions, Brisa won two. The competences, acquired and developed in Portugal, are competitive advantages