MANAGEMENT REPORT 2018 2 | INFRAESTRUTURAS DE PORTUGAL TABLE OF CONTENTS PART I - CONSOLIDATED MANAGEMENT REPORT 9 1. ABOUT THE REPORT 11 2. CHAIRMAN'S STATEMENT 13 3. ABOUT US 15 3.1 THE IP GROUP 16 3.2 MISSION, VISION AND VALUES 17 3.3 OUR NETWORKS 18 3.4 MAIN INDICATORS 21 3.5 HIGHLIGHTS OF THE YEAR 28 4. OUR STRATEGY 34 4.1 STRATEGIC OBJECTIVES 34 4.2 CONTEXT ANALYSIS 36 4.3 BUSINESS MODEL 39 4.4 IP GROUP VALUE CHAIN 40 4.5 STAKEHOLDERS 42 4.6 RISK MANAGEMENT 44 4.7 INNOVATION 52 5. BUSINESS AREAS 54 5.1 ASSET MANAGEMENT 54 5.2 NETWORK MAINTENANCE 58 5.3 INVESTMENT IN ROAD AND RAIL INFRASTRUCTURE 64 5.4 SAFETY 74 5.5 USE OF THE ROAD AND RAIL NETWORK 90 5.6 PUBLIC-PRIVATE PARTNERSHIPS 93 5.7 TELECOMMUNICATIONS AND BUSINESS CLOUD 97 5.8 ENGINEERING SERVICES 98 5.9 REAL ESTATE AND COMMERCIAL REAL ESTATE MANAGEMENT 99 6. PERFORMANCE 100 6.1 FINANCIAL CAPITAL 100 6.2 HUMAN RESOURCES 129 6.3 INTELLECTUAL CAPITAL 148 6.4 SOCIAL CAPITAL AND RELATIONSHIPS 150 6.5 NATURAL CAPITAL 154 7. GOVERNANCE MODEL AND ORGANISATIONAL STRUCTURE 165 8. SUBSEQUENT EVENTS 168 9. PROPOSED PROFIT DISTRIBUTION 169 PART II – FINANCIAL STATEMENTS AND NOTES 173 FINANCIAL STATEMENTS AND NOTES 176 STATEMENT OF COMPLIANCE 177 SEPARATE FINANCIAL STATEMENTS 178 ANNUAL REPORT AND ACCOUNTS 2018 | 3 NOTES TO THESEPARATE FINANCIAL STATEMENTS FOR THE YEAR 2018 184 1. INTRODUCTORY NOTE 185 1.1 COMPANY ACTIVITY 185 2. BASES OF PRESENTATION AND ACCOUNTING POLICIES 186 2.1 BASES OF PRESENTATION 186 2.2 ACCOUNTING POLICIES 186 2.3 MAIN ESTIMATES USED IN THE FINANCIAL STATEMENTS 196 3. FINANCIAL RISK MANAGEMENT POLICIES 199 4. SEGMENT REPORTING 202 5. TANGIBLE FIXED ASSETS 205 6. INTANGIBLE ASSETS 207 7. INVESTMENTS IN SUBSIDIARIES 209 8. LOANS GRANTED (NON-CURRENT) 210 9. DEFERRED TAX ASSETS AND LIABILITIES 211 10. DEFERRALS 213 10.1 INVESTMENT GRANTS - ROAD CONCESSION RIGHT 213 11. TRADE RECEIVABLES (CLIENTS) AND OTHER ACCOUNTS RECEIVABLE 214 11.1 OTHER ACCOUNTS RECEIVABLE 214 11.2 TRADE RECEIVABLES (CLIENTS) 215 11.3 LOANS GRANTED (CURRENT) 216 12. GRANTOR - STATE - ACCOUNT RECEIVABLE 217 13. GOVERNMENT AND OTHER PUBLIC BODIES 219 14. CASH AND CASH EQUIVALENTS 221 15. SHARE CAPITAL AND RESERVES 222 16. PROVISIONS 223 17. BORROWINGS 225 17.1 BORROWINGS 225 17.2 SHAREHOLDER FUNDING/SHAREHOLDER LOANS 227 18. TRADE PAYABLES (SUPPLIERS) AND OTHER ACCOUNTS PAYABLE 232 18.1 TRADE PAYABLES (SUPPLIERS) 232 18.2 OTHER ACCOUNTS PAYABLE 232 19. INVENTORIES 233 20. SALES AND SERVICES 234 21. COMPENSATORY ALLOWANCES 236 22. COST OF GOODS SOLD AND MATERIALS CONSUMED 237 23. EXTERNAL SUPPLIES AND SERVICES 238 24. PERSONNEL EXPENSES 240 25. IMPAIRMENT 241 4 | INFRAESTRUTURAS DE PORTUGAL 26. OTHER INCOME AND GAINS 242 27. OTHER COSTS AND LOSSES 243 28. INCOME/ (EXPENSES) IN SUBSIDIARIES 244 29. FINANCIAL LOSSES AND GAINS 245 30. INCOME TAX 246 31. FINANCIAL ASSETS AND LIABILITIES BY CLASS 248 32. DISCLOSURES ABOUT RELATED PARTIES 250 32.1 SUMMARY OF RELATED PARTIES 250 32.2 SIGNIFICANT BALANCES AND TRANSACTIONS WITH PUBLIC BODIES 251 32.3 BALANCES AND TRANSACTIONS WITH SUBSIDIARIES 253 32.4 BALANCES AND TRANSACTIONS WITH RAILWAY OPERATORS 255 32.5 JOINT VENTURES 255 32.6 REMUNERATION OF CORPORATE OFFICERS 256 33. RECENTLY ISSUED ACCOUNTING STANDARDS AND INTERPRETATIONS 259 34. GUARANTEES AND SURETIES 263 35. CONTINGENCIES 264 36. COMMITMENTS 265 37. INFORMATION REQUIRED BY LAW 266 38. OTHER RELEVANT EVENTS 268 39. CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITY 270 40. SUBSEQUENT EVENTS 271 PARTE III – CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 273 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 276 STATEMENT OF COMPLIANCE 277 CONSOLIDATED FINANCIAL STATEMENTS 279 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR 2018 285 1. INTRODUCTORY NOTE 286 1.1 COMPANY ACTIVITY 286 1.2 ACTIVITIES OF THE IP GROUP COMPANIES 286 1.3 OTHER EQUITY HOLDINGS 287 2. BASES OF PRESENTATION AND ACCOUNTING POLICIES 289 2.1 BASES OF PRESENTATION 289 2.2 CONSOLIDATION BASIS AND ACCOUNTING POLICIES 289 2.3 COMPARABILITY 303 2.4 MAIN ESTIMATES USED IN THE FINANCIAL STATEMENTS 304 3. FINANCIAL RISK MANAGEMENT POLICIES 309 ANNUAL REPORT AND ACCOUNTS 2018 | 5 4. COMPANIES INCLUDED IN THE CONSOLIDATION 312 5. GOODWILL 313 6. SEGMENT REPORTING 314 7. TANGIBLE FIXED ASSETS 317 8. INTANGIBLE ASSETS 319 9. INVESTMENT PROPERTIES 321 10. DEFERRED TAX ASSETS AND LIABILITIES 323 11. DEFERRALS 326 11.1 INVESTMENT GRANTS - ROAD CONCESSION RIGHT 327 12. INVENTORIES 328 12.1 RAW MATERIALS AND CONSUMABLES 328 12.2 FINISHED PRODUCTS 328 13. TRADE RECEIVABLES (CLIENTS) AND OTHER ACCOUNTS RECEIVABLE 329 13.1 OTHER ACCOUNTS RECEIVABLE 329 13.2 TRADE RECEIVABLES (CLIENTS) 330 14. GRANTOR - STATE - ACCOUNT RECEIVABLE 331 15. GOVERNMENT AND OTHER PUBLIC BODIES 333 16. NON-CURRENT ASSETS HELD FOR SALE 336 17. CASH AND CASH EQUIVALENTS 336 18. SHARE CAPITAL AND RESERVES 337 19. PROVISIONS 338 20. BORROWINGS 340 20.1 BORROWINGS 340 20.2 SHAREHOLDER FUNDING/SHAREHOLDER LOANS 342 21. TRADE PAYABLES (SUPPLIERS) AND OTHER ACCOUNTS PAYABLE 346 21.1 TRADE PAYABLES (SUPPLIERS) 346 21.2 OTHER ACCOUNTS PAYABLE 346 22. SALES AND SERVICES 347 23. COMPENSATORY ALLOWANCES 348 24. COST OF GOODS SOLD AND MATERIALS CONSUMED 349 25. EXTERNAL SUPPLIES AND SERVICES 350 26. PERSONNEL EXPENSES 351 27. IMPAIRMENT 352 28. OTHER INCOME AND GAINS 353 29. OTHER COSTS AND LOSSES 354 30. FINANCIAL LOSSES AND GAINS 355 31. INCOME TAX 356 6 | INFRAESTRUTURAS DE PORTUGAL 32. FINANCIAL ASSETS AND LIABILITIES BY CLASS 358 33. DISCLOSURES ABOUT RELATED PARTIES 359 33.1 SUMMARY OF RELATED PARTIES 359 33.2 SIGNIFICANT BALANCES AND TRANSACTIONS WITH PUBLIC BODIES 360 33.3 BALANCES AND TRANSACTIONS WITH RAILWAY OPERATORS 362 33.4 JOINT VENTURES 362 33.5 REMUNERATION OF CORPORATE OFFICERS 363 34. RECENTLY ISSUED ACCOUNTING STANDARDS AND INTERPRETATIONS 366 35. GUARANTEES AND SURETIES 370 36. CONTINGENCIES 371 37. COMMITMENTS 372 38. INFORMATION REQUIRED BY LAW 373 39. OTHER RELEVANT EVENTS 375 40. CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITY 377 41. SUBSEQUENT EVENTS 378 PART IV – LEGAL CERTIFICATION OF ACCOUNTS 2018 381 ANNUAL REPORT AND ACCOUNTS 2018 | 7 Part I Consolidated Management Report 2018 10 | INFRAESTRUTURAS DE PORTUGAL 1. ABOUT THE REPORT Infraestruturas de Portugal, SA publishes, for the first time, the Integrated Report for the year 2018 in a model that combines financial and non-financial information, according to the latest reporting guidelines published by the International Integrated Reporting Council (IIRC) and the legal guidelines that set the framework for the State-owned Enterprises Sector and large companies, with the necessary adaptations to the company's reality. The IP Group has evolved in recent years with a lated notes to the accounts, Part IV is composed broader focus on the management of multimodal of IP's Corporate Governance Report and part V mobility, and on the vast network of infrastructure contains the Standard GRI Table (GRI - Global Re- under its responsibility. It operates under the motto porting Initiative). WE CONNECT PLACES, with an extensive impact on the country's economic and social development. The financial Statements of the IP Group were pre- pared on the basis of a going concern and in accor- In this context, we are confident that the option dance with International Financial Reporting Stan- of integrated reporting, in line with national and dards (IFRS) as adopted by the European Union international best practices, will help us better un- (EU), issued and in force on 31 December 2018. derstand our business strategy and the transfer of value to our stakeholders (employees, sharehol- IP's 2018 Corporate Governance Report was pre- ders, customers, regulators, suppliers, partners, pared in accordance with the manual provided by etc.) to whom this Report is addressed. the Technical Unit for Monitoring and Supervision of the State-owned Enterprises Sector (UTAM). The various business areas and the performance of the different capitals (human, intellectual, social, The disclosure of non-financial information follows natural and financial) are presented, in addition to the guiding principles of the Global Reporting Ini- the model which supports the company's strategy tiative (GRI) and complies with the mandatory pu- and not to mention the IP Group's great challenge blication provisions of Decree-Law 89/2017 of 28 in the short term, which is the modernisation of the July and art. 66 B of the Companies Code. National Railway Network through the Railways The Management Report and the Financial State- Investment Programme 2020. ments were approved by the General Supervisory How the material aspects impact on our ability to Board, certified by the statutory auditor Vitor Al- create value in the short, medium and long term meida e Associados, SROC, Lda, and audited by are presented throughout the report, in a process the external entity RCA - Rosa, Correia & Associa- that we consider dynamic and that we shall impro- dos, SROC, S.A. ve by listening to our stakeholders. All of these aspects, which are part of the Mana- gement Report, are presented and developed from the IP Group's perspective, not only because of the size and preponderance of IP in relation to other Group companies, but also because of the existen- ce of a common corporate strategy. Parts II and III of this report present the individual and consolidated financial statements and the re- Inclusive Language Due to the length of the text, we have not used gender-inclusive language. The only reason for this decision is to make the report easy to read and it does not put at risk our conviction and our practice of combating all forms of sexist communication. ANNUAL REPORT AND ACCOUNTS 2018 | 11 ANTÓNIO LARANJO Infraestruturas de Portugal, S.A.
Details
-
File Typepdf
-
Upload Time-
-
Content LanguagesEnglish
-
Upload UserAnonymous/Not logged-in
-
File Pages426 Page
-
File Size-