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Grupo Soares Da Costa, SGPS, S.A Grupo Soares da Costa, SGPS, S.A. Public company Head Office: Rua de Santos Pousada, 220 – 4000-478 Porto Share capital 160,000,000 Euros NIPC 500 265 763, Registered at the Porto CRC CONTACTS: General [email protected] 228 342 200 Press contact, Public Relations [email protected] 228 342 692 Investor support [email protected] 228 342 534 Web http://www.soaresdacosta.pt PRIVILEGED INFORMATION Disclosure of the Results relative to the financial year of 2009 Prior to the presentation of the financial statements for the financial year of 2009, which in due time will be placed at the disposal of the shareholders and public in general, the following information is disclosed: I - HIGHLIGHTS AND MAIN INDICATORS FOR 2009 For the first time, Grupo Soares da Costa achieved the target of one thousand million (1,003.8) of Operating Income (+14.0% relative to 2008); Turnover stood at 936.3 million euros (growing by 12.2% in relation to the previous year); Recurrent EBITDA evolved to 89.6 million euros (9.6% of Turnover); Profit before Tax increased from 9.4 to 15.5 million euros (+65.4%); Consolidated net income attributable to the group reached 11.5 million euros, representing an increase of 40.0% compared with the previous year; The consortium which includes Soares da Costa won the (provisional) tender of the first line (Poceirão-Caia) of the High Speed Railway Network ; The Portfolio of Works reached 1,759 million euros (+ -6.3% relative to the previous year); Proposed distribution of the dividend of 0.0434 € per ordinary share (40% increase). MAIN CONSOLIDATED INDICATORS Monetary values in million euros Headings 2009 2008 ∆ 2009/08 % Turnover 936,3 834,8 12,2% Portugal 441,9 417,9 5,7% External Market 494,4 416,8 18,6% Recurrent EBITDA* 89,6 86,4 3,7% EBITDA / Turnover Margin 9,6% 10,3% -0.7 p.p. Net Operating Income 49,3 51,2 -3,6% Financial Results -33,8 -41,8 -19,1% Profit before Tax 15,5 9,4 65,4% Net Income Attributable to the Group 11,5 8,2 40,0% * The values for 2009 exclude the negative extraordinary effect of 2.4 million euros, derived from the extinction of a real estate company. II - MAIN EVENTS • Payment of dividends: on 8th May 2009 the shareholders were notified of the payment of dividends for both preferred shares and ordinary shares; with this fact being particularly noteworthy since shareholders owning ordinary shares had not been remunerated for eleven years. • Selection for the Final Phase of the North Metro in Dublin: on 30th June 2009, the Group disclosed that the “Celtic Metro Group” consortium, in which Soares da Costa Concessões, S.G.P.S., S.A. holds 23%, had been selected to present a BAFO (Best And Final Offer) for the construction project of the “Dublin North Metro” in Dublin (Republic of Ireland); • «Prince» wins the work in the State of Georgia, United States of America: on 20th July 2009, the Group disclosed that the Florida company in which it has a stake in the United States of America, “Prince Contracting Co, Inc.” , had been awarded the contract for the construction of a stretch of approximately 12 Km of the “Fall Line Freeway” motorway, in the bordering State of Georgia, in the value of 30 million US Dollars; • Result of the conversion of preferred shares: the results of the conversion of preferred shares without voting rights into ordinary shares and the subsequent alteration of article 4, number 3, of the Articles of Association relative to the representation of the capital were presented on 14th September 2009; • Award to the participated company «Prince», in the United States of America: disclosure on 28th September of the award to the participated company “Prince Contracting Co, Inc.” , of two contracts in Orlando, Florida, of the total value of 36.6 million US Dollars, under the “Economic Recovery Plan”; • Signing of the Concession Contract for the New Tete Bridge in Mozambique: On 30th September 2009, disclosure of the signing with the State of Mozambique of the Concession Contract for the project, construction, financing, operation and periodic and routine maintenance of the New Tete Bridge. Grupo Soares da Costa through Soares da Costa Concessões, S.G.P.S., S.A, owns a holding of 40% in the concessionaire and 43.5% through Sociedade de Construções Soares da Costa, S.A. in the construction group; • Provisional award of the Poceirão-Caia stretch of the High Speed Railway: on 12th December 2009 the Group announced that the group “ELOS – Ligações de Alta Velocidade”, of which its participated company Soares da Costa Concessões, SGPS, S.A. is co-leader, with a holding of 16.304%, was provisionally awarded the concession RAV Poceirão – Caia of the high speed link between Lisbon and Madrid. In construction, Sociedade de Construções Soares da Costa S.A. owns a holding of 17.25%; III - CONSOLIDATED ACCOUNTS Turnover Turnover reached 936.3 million euros, a value 12.2% higher than the previous year. If we exclude «Prince» - since this subsidiary contributed to consolidated turnover only at the end of 2008 whereas it had naturally been part of the entire year of 2009 -, turnover would have grown by 7.7%, which shows that the Group successfully responded to the extremely difficult macroeconomic and sectorial climate. This growth was based on a positive evolution both on the national market and market abroad, although in the latter case more markedly, with the international component now representing a share of 52.8% of total turnover (relative to 49.9% in the previous year). The table below shows the decisive weight of the Construction Area in the Group's activity, 90.1%, with a reduction of the weight of the Industry Business Area. The turnover of the Concessions areas (+8.4%) and Real Estate area also grew relative to the previous year, reflecting the start-up phase of their internationalisation (+129.6%). Distribution of Consolidated Turnover by Segment Internal Market / External Market Values in thousand euros 2009 2008 Business Areas Internal External Total Internal External Total Group + Shared Serv. 86 2 88 69 1 70 CONSTRUCTION 370 ,072 481 ,644 851 ,716 327 ,648 393 ,905 721 ,553 INDUSTRY 19 ,280 8,939 28 ,219 40 ,474 22 ,777 63 ,250 REAL ESTATE 820 3,258 4,078 1,695 80 1,776 CONCESSIONS 51 ,592 569 52 ,161 48 ,022 80 48 ,102 Total 441 ,851 494 ,412 936 ,263 417 ,909 416 ,843 834 ,751 % 47 .2% 52. 8% 100% 50 .1% 49 .9% 100% A benchmark for the total Operating Income which, apart from the Turnover considered above, also covers other income components (Variation of Production, Own Work Capitalised and Other Operating income) and which in 2009, for the first time in the history of the Group, exceeded the frontier of one thousand million euros, standing at 1,003.8 million euros. Comparative Table of the Distribution of Consolidated Turnover by Geographical Market Values in million euros Market 2009 % 2008 % ∆ 2009/08 % Portugal 441 .9 47 .2% 417 .9 50 .1% 5.7% Angola 327 .0 34 .9% 305 .3 36 .6% 7.1% U.S.A. 61 .4 6.6% 40 .2 4.8% 52 .7% Mozambique 22 .0 2.3% 22 .8 2.7% -3.7% S. Tomé e Príncipe 2.6 0.3% 8.2 1.0% -68 .2% Guinea Bissau 11 .2 1.2% 12 .0 1.4% -6.7% Rom ania 55 .4 5.9% 7.4 0.9% 651 .9% Other* 14 .8 1.6% 21 .0 2.5% -29 .3% Total 936.3 100.0% 834.8 100% 12.2% *Algeria, Morocco, Tunisia, Israel and Costa Rica Graph of the Distribution of the Group's Consolidated Turnover in 2009 by Geographical Market E.U.A. Roménia Outros Outros PALOP Portugal Angola Profitability While the tables above present the evolution of Turnover and its breakdown by business area and geographical segment of the Group's action, the following tables show the progress in its profitability. The following table presents the formation of the results of its main components: Statement and Structure of the Consolidated Results for 2006 - 2009 Values in thousand euros; structure as a % of operating income Designation 2009 % 2008 % ∆ 09/08 Turnover 936,263 93.3% 834,751 94.8% 12.2% Variation of Production 16,127 1.6% 33,482 3.8% -51.8% Other Operating Gains 51,404 5.1% 12,393 1.4% 314.8% Operating Income 1,003,794 100.0% 880,625 100.0% 14.0% Cost of Goods Sold & Cons. 204,094 20.3% 205,897 23.4% -0.9% Supplies & External Services 540,424 53.8% 438,773 49.8% 23.2% Staff Costs 146,994 14.6% 134,342 15.3% 9.4% Provisions & Adjust. of Value 3,104 0.3% 2,862 0.3% 8.5% Deprec. & Impairment Losses 37,558 3.7% 32,561 3.7% 15.3% Other Operating Costs 22,284 2.2% 15,018 1.7% 48.4% Net Operating Income (EBIT) 49,335 4.9% 51,172 5.8% -3.6% Financial Result -33,830 -3.4% -41,796 -4.7% -19.1% Profit Before Tax 15,505 1.5% 9,376 1.1% 65.4% Income Taxes 3,874 0.4% 1,187 0.1% 226.4% Net Income for the Year 11,631 1.2% 8,189 0.9% 42.0% Net Income Attrib. to the Group 11,491 1.1% 8,207 0.9% 40.0% 2009 reflects significant organic growth of the activity with the some pressure on the profitability margins imposed by the recognised adverse market scenario, which the Group has managed to successfully face and overcome, but to whose effects it is naturally not immune.
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