41 - Zagope

Index 

Year 

6 Message from the Chairman 

8 AG Culture 

10 Governing bodies 

12 Organogram 

14 Main indicators 

16 Highlights of the year 

Project s 

23 Commercial activities in 2011 

28 AG in the world 

30 Project highlights 

44 Contracts awarded in 2011 

45 Production activities in 2011 

47 Backlog

People 

50 People & Management Area 

Recruitment and Selection 

Training and Knowledge 

Careers 

55 Management Area: Quality, Safety, 

Health and Environment 

58 Social responsibility 

61 Affiliations 

62 Economic and financial situation 

64 Licences 

Accounts 

68 Financial statements 

Balance sheets 

Income statements 

Cash flow statements 

Statements of changes in equity 

74 Notes to the financial statements 

99 Legal certification of accounts 

101 Statutory auditor’s report 

102 Contacts

Year

Leandro de Aguiar 

Chairman of the Executive Board 

In 2011 ZAGOPE was chosen as the 

4 th Largest and Best Company in 

the Construction sector, and was 

also distinguished as one of the 

best companies to work for. I would 

like to thank all Collaborators, 

shareholders, clients, suppliers 

and partners for their efforts, 

which made it possible to achieve 

such results. 

In 2011 ZAGOPE was chosen as the 4 th Largest and Best Company 

in the Construction sector, and was also distinguished as 

one of the best companies to work for. I would like to thank all Collaborators, 

shareholders, clients, suppliers and partners for their 

efforts, which made it possible to achieve such results. 

The year of 2011 was once again marked by great economic and financial 

instability, especially in the European market, with the crisis 

we have seen in the past few years becoming more pronounced. 

The focus placed by ZAGOPE/AG in the internationalisation process 

was, more than ever, shown to be the right decision, seeing 

as, despite the current global situation, ZAGOPE presented a 

turnover of 506 million Euros, with 83% of that amount originated 

in the international area. 

Despite having been affected by unexpected events, such as the 

incidents in Libya, that led us to temporarily leave the country, 

ZAGOPE/AG also opened new markets such as Qatar, India, 

United Arab Emirates and Ghana. 

In a year marked by the restructuring process of the ANDRADE 

GUTIERREZ Group, one of the largest multinationals in Brazil, 

we are strong and prepared to conquer markets in Europe, Africa 

and Asia and strengthen our presence in the countries where we 

already operate. This reorganisation process translates into more 

opportunities for Collaborators and a perspective of growth and 

global scale operations in various areas for the Group, leading us 

to look ahead optimistically. 

In 2011 we obtained our first certification in the African market: 

the Quality and Safety Certification in Angola; and also the Concrete 

Plant Certification in Madeira Island.

Message 

from the 

Chairman 

In Portugal we successfully concluded the works at Douro Litoral 

Concession and Reboleira Metro Station; in Madeira Island we 

concluded the 1 st stage of the complementary works of Machico/ 

Faial, Santo da Serra lagoon and the reformulation of the road 

network of the Ponta do Pargo Golf Course. We must also highlight 

the conclusion of the works of New Mongomeyen, in Equatorial 

Guinea, and the opening of road Guéckédou/Sérédou, in the 

Republic of Guinea. 

Where in 2010 we had 5,704 collaborators, we have now ended 

2011 with 7,963, an increase of approximately 19% over the 

numbers of the previous year, contradicting the general tendencies 

and, especially, the trends in the construction market. We 

have continued to bet on recruitment of qualified personnel, not 

only in Portugal and Brazil but also in the markets where we 

operate. 

6 

7 

ZAGOPE Annual Report 2011 

Because our company culture, the AG Culture, invests in people, 

we have successfully implemented our People Cycle to assess 

and offer career perspectives adapted to each Collaborator; ensured 

the good outcome of the AG Trainee Programme, with 3 

Portuguese candidates selected in a global process with 26,942 

candidates; and invested in the training and evolution of our Collaborators, 

with over 39,000 hours of training registered. 

In 2011 ZAGOPE was chosen as the 4 th Largest and Best Company 

in the Construction sector, and was also distinguished as 

one of the best companies to work for. I would like to thank all Collaborators, 

shareholders, clients, suppliers and partners for making 

it possible to achieve such results, and who, I believe, will be 

decisive for the celebration of more victories that will contribute to 

making the ANDRADE GUTIERREZ Group the greatest and best 

infrastructures company in the world!

Living our Culture 

Along the year of 2011, the AG Culture continued to be promoted across our markets 

in Latin America, Europe, Africa and Asia. Promotional material was prepared and 

distributed, and debate sessions about the principles and 33 behaviours took place in 

the various markets where the Group operates; all our news pieces were associated to 

the relevant principles. There was also a contest that gave prizes to the collaborators 

that made the most creative works depicting how they live the AG Culture in their daily 

lives. The Annual People Cycle and the 360º Mapping, based on the Culture, ensured 

Meritocracy and promoted career development. 

Dedicate yourself to People 

Be Meritocratic 

Have the Spirit of an Owner 

Think Big 

Seek Self-development 

Do and Expect Everything to be Done Well and with Quality

C U L T U R E 

In the ANDRADE GUTIERREZ Group we believe that what takes a company forward 

and makes the difference are the people. For this reason, the AG Culture is a single 

strong culture, capable of uniting more than 50,000 Collaborators around the world 

with a unique goal: making the Group the greatest and best infrastructures company 

in the world! 

Work hard 

Understand your Client and make this a Value 

Cultivate Long Term Relationships 

Cultivate and Protect our Reputation 

8 

9 


Fight tirelessly for Profitability 

Defend and Disseminate our Culture, every day, in all your actions

Governing Bodies 

EXECUTIVE BOARD 

Clovis Martines 


Pedro Augusto de Jesus Ricco 

Arnaldo José Gomes 

Remo Loschi Brunelli Filho 

José Nicomedes Moreira 

José Francisco Cadório Ferreira Lino 

GENERAL MEETING 

Rui Manuel Fernandes Andrade 

Chairman 

Miguel Alexandre Martins Cardoso dos Santos Barreiros 

Secretary 

(FROM LEFT TO RIGHT)

STATUTORY AUDITOR 

Maria Amália Baleiro 

Full Member 

Rui Manuel Carvalhais de Lemos Pereira 

Reserve Member 

Representing Amália Baleiro & Associado 

Statutory Auditors Society 

COMPANY SECRETARY 

Carla Maria Guerreiro Dias Alves 

Effective 

Cristina Isabel do Nascimento Coisinha 

Reserve 

10 

11 

ZAGOPE Annual Report 2011

Organogram 

AUTO-ESTRADAS BAIXO TEJO 

AUTO-ESTRADAS DOURO LITORAL 

ELOS 

VIAEXPRESSO 

VIALITORAL 

VIAMADEIRA 

ACROSSGIGA 

CIMENTOS EUROPA 

INZAG 

INZAG II 

INZAG GERMANY 

VORTAL 

ZAGOPE ALGERIE 

ZAGOPE ANGOLA 

ZAGOPE GULF CONTRACTING 

ZPAR, SGPS

ZAGOPE SGPS 

ANGOLA 

ALGERIA 

CAMEROON 

UNITED ARAB EMIRATES 

SPAIN 

GREECE 

EQUATORIAL GUINEA 

LIBYA 

MALI 

MAURITANIA 

MOZAMBIQUE 

REPUBLIC OF THE CONGO 

REPUBLIC OF GUINEA 

CONBATE 

DOURO LITORAL 

DOURO LITORAL 

- OBRAS ESPECIAIS 

HIDROALQUEVA 

LGV 

MOTA-ENGIL, ZAGOPE, URBASER 

NOVAESTAÇÃO 

TACE 

TÂMEGA - ZAGOPE 

ZAGOPE - EFACEC 

ZAGOPE - TECNOVIA 

ZAGOPE - DRAGADOS 

OTHER ACE’s 

12 

13 


Main indicators 

625,235 

575,114 

506,386* 

71,601 

75,961 

42,523* 

Turnover 

thousands of euros 

* see note on page 62 

EBITDA 


* see note on page 62

283,438 

744,695 

699,101 

12.45% 

12.15% 

226,826 

179,872 

543,345 

8.40% 

EBITDA/Turnover 

Cash equivalents 


Total assets 


158.75% 150.26% 

2009 

20.95% 

18.03% 

Current ratio 

Equity to assets ratio 

14 

15 


2010 

2011 

AVERAGE FOR THE LAST 3 YEARS

Highlights of the year

Certification of the Quality 

and Safety (QS) Management 

System in Angola 

In June 2011 ZAGOPE obtained in Angola the 

certification of the Quality and Safety Management 

System in Angola. Such was the result of a 

process that involved various training and awareness 

actions and external audits in the offices in 

Luanda and in the work sites throughout Angola, 

with the intention of maintaining and complying 

with the highest international quality, safety and 

occupational health standards. 

Entering new markets 

Within the restructuring process that took place 

in the ANDRADE GUTIERREZ Group, internationalisation 

is now more than ever a priority. Our 

entry in new markets such as Ghana, Saudi Arabia, 

Iraq, Qatar and India confirm that the growth 

strategy based on geographical expansion is increasingly 

a reality for the Group, with admittedly 

global dimensions. 

16 

17 


ZAGOPE elected the 3 rd Best 

Company to work for in the 

Construction sector in Portugal 

ZAGOPE was appointed the 3 rd Best Company to 

Work for in the Construction Sector in Portugal, 

according to the study promoted every year by 

magazine “Exame”. The organisations with best 

practices in Human Resources were evaluated, 

and ZAGOPE achieved a commitment ratio with 

its Collaborators of 70.77%. Working environment 

and conditions were the elements most 

valued by our Collaborators. 

1 st Edition of the Trainee AG Programme 

Implemented in Portugal, Brazil, Venezuela, Argentina and Peru, the Trainee AG Programme has the objective 

of accelerating the career development of young professionals, making them into references of the AG 

Group Culture. After applications from 26,942 candidates (1,613 from Portugal) in the 1 st Edition, a rigorous 

selection process resulted in the first group of AG Trainees, with 1 Venezuelan, 1 French, 1 Argentinian, 13 

Brazilians and 3 Portuguese. 

The programme enables these young professionals to become symbols of the AG Culture, capable of implementing 

the Company’s strategy and ensure the sustainable growth of the business. The trainees are 

professionals with great potential and differentiated behaviour profiles, permanently stimulated by a challenging 

business environment.

Successfully concluded projects 

In Continental Portugal the highlight was the 

timely conclusion of the works at the Douro Litoral 

highway, with a total extension of 76.2 m. 

In October 2011, in Equatorial Guinea, was concluded 

the urbanistic project of the Mongomeyen 

municipality, with a road extension 

of 7.5 km. 

The Republic of Guinea saw the opening of National 

Road no. 2 Guéckédou/Sérédou, located 

in a regional corridor that connects the Ivory 

Coast to Sierra Leone and Liberia. 

In the Republic of the Congo ZAGOPE concluded 

the rehabilitation and paving works of the 

roads in Ewo, which then received a visit from 

the President of the Republic and his entourage, 

by occasion of the celebration of the 51 st anniversary. 

18 

19 


Highlights of the year

Projects

Commercial 

activities in 2011 

In 2011 the global economy registered an expansion, especially in the 1 st 

semester, followed by a deceleration of the growth during the second half 

of the year. The emerging economies were the ones with greatest impact 

over the acceleration observed in the first semester; but by the second 

semester forecasts had turned more pessimistic, with the deterioration of 

some of the main economic indicators in many countries. The aggravation 

of the sovereign debt in the Euro zone forced peripheral countries to 

request external help, so as to add competitiveness to their economies and 

avoid contagiousness to central European countries. 

22 

23 


In Portugal, in April 2011, the government resorted to the financial assistance 

programme prepared by the European Union (EU), the European 

Central Bank (ECB) and the International Monetary Fund (IMF), receiving 

an international rescue package of approximately 78 million euros. The 

demanding budget containment measures constrained the economic development 

of the country: the Internal Brute Product (IBP) decreased 1.6% 

in 2011, as a result of the decrease of internal demand, namely in family 

consumption expenses and investments; the average annual inflation rate 

for 2011 was of 3.7%. Another significant effect was the decrease in importation 

and an increase in exportation in the order of 7.4%.

The construction sector saw an escalation of the crisis, with the visible consequences 

of a very sharp break, reduction of work positions and lack of infrastructure 

financing perspectives in the medium and long term. ZAGOPE; 

as part of the ANDRADE GUTIERREZ Group, manifested the capacity to 

anticipate the conjuncture by opting for internationalisation, a choice that 

has been proving to be correct. 

For 2012 the objective is to maintain this internationalisation strategy, intensifying 

the presence of the Group in the countries where it already operates 

and gaining new markets in Europe, Africa and Asia. 

Presence in the Markets 

Douro Litoral Highways - Portugal 

Within the scope of the AG Group restructurings process, the year of 2011 

was characterised by a reorganisation that enabled ZAGOPE to take a 

larger position inside the Group, both in regards to structure and to procedures, 

always aligned with the AG Culture. 

The international market represented 83% of the billing of the company, which 

registered a turnover on the order of 506 million euros. In 2011 ZAGOPE 

could count with 7,953 Collaborators. 

In Portugal ZAGOPE is a shareholder of concessionaire Auto-Estradas 

do Douro Litoral, having been part of the joint venture responsible for the 

execution of the works for this entity. The project, launched in the beginning 

of 2009, was concluded in 2011, within the period contractually defined for 

its execution. It was one of the largest projects in which ZAGOPE was ever 

involved, including the new crossing over River Douro, between Medas 

(Gondomar) and Lever (Gaia). 

Alqueva Capacity Expansion - Portugal 

The extension of the Blue Line of the Lisbon Metro, between stations Amadora 

Este and Reboleira, in Lisbon, was another enterprise concluded in 

2011. ZAGOPE was responsible for the execution of the carcase works of 

the gallery between the existing terminus and Reboleira station, over an 

extension of 486 metres. 

The works for the capacity extension of the Alqueva Hydroelectric Plant are 

currently in execution. This project will enable the duplication of the current 

installed capacity of the Plant, transforming it into the second largest water 

power source in Portugal; its conclusion is planned for 2012.

In Madeira Island, ZAGOPE obtained the contract for the recovery of the jetties 

of the Lugar de Baixo Marina. The jetties had been destroyed in consequence 

of bad weather incidents that took place in the past few years, culminating 

with the catastrophe that hit the island in 2010. The new protection jetty of 

the Lugar de Baixo Marina involved the construction of a segment until the 

rotation centre of the head of the jetty, over a total extension of 640 metres. 

Rehabilitation of the Runway in Huambo Airport - Angola 

In the international markets, one of the most significant events in 2011 was 

the attainment of the certification for the Quality, Safety and Health Systems 

in the market of Angola. ZAGOPE continued to invest in the construction 

and rehabilitation of infrastructure in this country, namely in roads, 

airports and marine ports. After the deceleration observed in 2010, the year 

of 2011 was marked by a discreet but consistent recovery process. 

Constantine Viaduct - Algeria 

A sign of this recovery was the attainment of additions to the existing contracts 

and the contracting of three new projects: the Rehabilitation of the 

Runway in Huambo Airport; the Construction of Passenger Terminals and 

Administrative Buildings in the Airports of Dundo, Luena, Saurimo and 

Soyo; and the Rehabilitation of N’Gola Kiluange Airport. The Group continues 

to invest in the country, with perspectives that include new road and 

airport infrastructures as well as opportunities in the energy, oil and gas 

and water sectors, priorities for the Angolan government. 

In Algeria, where ZAGOPE operates since 2006, the year saw a subsidence 

in the launching of new works, as well as the postponement of the 

awarding processes of two new contracts for which the company had presented 

bids with good chances of success. 

ZAGOPE’s activities focused on the execution of works in the current portfolio, 

especially the construction of a segment of the Algiers Metro; the 

Transrhumel Viaduct and respective access ways, in Constantine; gas 

pipelines in the West of the country; the Leisure and Fishing Port in Jijel; 

and a sanitary landfill in Bousmerdes, destined to meet the demands of the 

city of Algiers. 

24 

25 


2012 will see the return of the release of public tenders, with great reflex on 

the company turnover predicted for this year.

In the market of Cameroon, the Group is currently working in the connection 

road between Mbéré and Ngaoundéré, with 85 km of extension, which 

corresponds to Lot 3 of Road Garoua-Boulai-Ngaounderé. The works began 

in October 2009 and will be concluded in 2012. The Company has been 

attentive to the multiple opportunities that appear with the development of 

the country, namely in the areas of sanitation, roads and bridges. 

In Equatorial Guinea ZAGOPE has consolidated its position as one of the 

largest public works company to operate in the market, presenting itself to 

participate in the construction of projects of great scale and vital importance 

to the development and modernisation of the country. 

In 2011 the company concluded the construction of the Urbanistic Project 

of Mongomeyen Municipality and continued the execution of Highway Mongomeyen 

– NsokNsomo – Ebibeyin, with 63.3 km of extension. This work 

was the greatest earning project in 2011, and is predicted to be concluded 

in 2012. 

Mongomeyen - NsokNsomo - Ebibeyin Highway 

- Equatorial Guinea 

For 2012 the perspective is of more intense activities, with the awarding 

of new works, namely the construction of the North Extension of the 

Mongomeyen International Airport and of the Airport Access Road Intersection. 

In Mozambique ZAGOPE continues to develop the contract for the construction 

of a road with 230 km of extension in the Cabo Delgado Province, connecting 

Mueda - Mocímboa da Praia – Palma – Namoto, with a delivery date 

defined for March 2013. The perspectives for 2012 comprise public and private 

works in the sectors of energy, water, sanitation, transports and housing. 

Segment Mueda - Mocímboa da Praia of Road in Cabo 

Delgado Province - Mozambique 

In Mali ZAGOPE proceeded the works of Construction and Rehabilitation 

of Road Goma Coura-Léré - Lot 1 - with 165 km of extension, which 

integrates a road in the northwest region of Mali, in a desert zone near the 

frontier with Mauritania. 

In neighbouring Republic of Guinea, the Group has signed contracts 

with governmental and private clients, mainly relative to road projects.

AG / ZAGOPE is also attentive to opportunities in the energy, public works 

and environment sectors, among others. 

Construction and Rehabilitation of Road Goma Coura 

- Léré - Mali 

The company currently holds contracts for the works of the Rehabilitation 

of Roads N’Zérékoré, Macenta and Lola; as well as the construction of 

roads Lola-Boussou, Gogota-N’Zo (until the borders with the Ivory Coast); 

the Rehabilitation of Road Sérédou-N’Zérékoré-Lola - built by AG in 1995; 

and the Rehabilitation of the Express Road between Matoto and Enta, in 

the capital. In the private sector, VALE has awarded to the ANDRADE 

GUTIERREZ Group part of the works of the Simandou Project, including 

the preparation of platforms and access ways for equipment installation, 

as well as the execution of support structures for the exploitation of iron 

ore mines. 

Ongoing projects include the Rehabilitation of Roads in N’Zérékoré, the 

Rehabilitation of the Express Road between Matoto and Enta and the 

works related to VALE’s Project Simandou. 

Urgent Works to Combat Erosion and Ravines 

- Republic of the Congo 

AG has been consolidating its present and good reputation in the Republic 

of the Congo since the 80s, with the works of Epena/Impfondo/ 

Dongou, in 1984/1988; the connection road Kombo/Moukondo (6.2 km), in 

2007/2009; and with the Casis Ravine, in 2010. 

The ANDRADE GUTIERREZ Group has been wise in taking the opportunities 

that emerge in this market, and is currently working on Road Makoura/Etoumbi 

(98 km); Road Buondji/Ewo (80 km); the street layout of Ewo 

(13 km) and the treament of Ravines Pyloni and Boukeni. 

In the context of the economic crisis and the consequent mitigation of the 

Construction and Public Works sector felt in Europe, in 2011 the Group 

made great investments in new markets. 

26 

27 


Ghana, Saudi Arabia, Iraq, Qatar and India are some of the markets included 

in the Group’s expansion objective. These countries present great 

potential, and commercial prospection activities have been significant, 

showing good perspectives for 2012.

10 

12 

5 

11 

16 

1 

17 

13 

9 

18 

8 

4 

AG in the world 

1 Antigua 

2 Argentina 

3 Brazil 

15 

6 

3 

4 Ecuador 

5 Bahamas 

7 

14 

6 Bolivia 

7 Chile 

2 

8 Colombia 

9 Costa Rica 

10 U.S.A. 

11 Haiti 

12 Mexico 

13 Panama 

14 Paraguay 

15 Peru 

16 Dominican Republic 

17 Saint Lucia 

18 Venezuela

1 

19 8 11 

14 13 

6 

17 

16 

4 

15 

3 

20 

7 

12 

21 

9 

5 

10 

22 

2 

18 

1 Germany 

2 Angola 

3 Saudi Arabia 

4 Algeria 

5 Cameroon 

6 China 

7 United Arab Emirates 

8 Spain 

9 Ghana 

10 Equatorial Guinea 

11 Greece 

12 India 

13 Iran 

14 Iraq 

15 Libya 

16 Mali 

17 Mauritania 

18 Mozambique 

19 Portugal (Mainland, Azores and Madeira Island) 

20 Qatar 

21 Republic of Guinea 

22 Republic of the Congo 

28 

29 


Angola 

Rehabilitation of N´Gola Kiluange Avenue 

The project for the rehabilitation of Avenue N’gola Kiluange integrates the 

Programme for Construction and Rehabilitation of Streets and Structuring 

Avenues of the city of Luanda. With approximate value of 50 million euros, 

the works comprise improvements over 9 km of this Avenue. 

CLIENT : INEA - Instituto de Estradas de Angola

Angola 

30 

31 

Passenger Terminals and Administrative Buildings in 

the Airports of Dundo, Luena, Sarimo and Soyo 

Employing resources from the German credit line, these works comprise 

the design and execution of the Passenger Terminals and Administrative 

Buildings of the four airports, in a total of 141 million euros. The project 

assumes great importance for the Angolan government, since it will 

improve accessibility in these regions, characterised by difficulties with 

road access. 


CLIENT : Ministério dos Transportes

Algeria 

Algiers Metro - Segment between Emir Abdelkader 

Sqaure and Place des Martyrs 

The consortium led by ZAGOPE began the construction of the stretch 

between Emir Abdelkader Square and Place de Martyrs, for the Algiers 

Metro. The works include the execution of two underground stations, with 

plans to make Place des Martyrs into a Museum Station, bringing the 

local population closer to their cultural heritage. 

The line will have 1.7 km of extension, and the project signifies an investment 

of approximately 115 million euros. 

CLIENT : EMA - Entreprise de réalisation et d’exploitation du chemin de 

fer urbain pour l’Agglomération d’Alger

Algeria 

32 

33 

Constantine Viaduct 

The construction of this viaduct marks the beginning of the modernisation 

and urban renovation of Constantine. This design & construction project 

comprises a main viaduct with 756 metres of extension and access 

viaducts with 645 metres each. In order to face the issue of landslides, 

very characteristic of the Constantine region and which could affect 

the foundations of the bridge and the containment of slopes in the 

access areas, ZAGOPE mobilised an international technical team 

with experience in the most advanced geology and geotechnical 

technologies. 


CLIENT : Direction des Travaux Publics de Constantine

Cameroon 

Connection between Mbéré and Ngaoundéré 

The connection between Mbéré and Ngaoundéré, with 85 km of 

extension, is integrated in the construction of Road Garoua-Ngaoundéré, 

destined to facilitate traffic in the so-called “Douala-Bangui-Djamena 

Corridor”. 

The project favours the development of neighbouring cities with the 

economic opening to the south, centre and west of Cameroon. 

CLIENT : Ministère des Travaux Publics

Equatorial 

Guinea 

34 

35 

Urbanistic Project of the Mongomeyen Municipality 

This urbanisation presents an extension of 7.5 km of road, composed of 

two longitudinal axes (East and West) with way width of 11 metres and 10 

intersections/transversal street layouts with way width of 9 metres. Works 

concluded in October 2011. 

CLIENT : Ministère des Travaux Publics 


Equatorial 

Guinea 

Mongomeyen - NsokNsomo - Ebibeyin Highway 

The connection Mongomeyen - NsokNsomo - Ebibeyin is a highway with 

extension of 63.3 km, with each way composed of two lanes with 3.6 metres 

each. This highway will facilitate traffic in the north-western region and in the 

connections to Cameroon and Gabon. The project will also create an important 

access way for the airport infrastructure in the region. 


Libya 

36 

37 

Urban Infrastructures Souk Al - Jummah, Sarraj, 

Gargarej & Fellah 

In 2009 the Group gained four great projects in Libya, in the urban 

infrastructure area: from the execution of sewage, drainage and potable 

water networks to paving, sidewalks and urbanisation, covering an area of 

approximately 4,000 hectare. 


CLIENT : HIB - Housing and Infrastructure Board

Mali 

Rehabilitation of Road Goma Coura - Timbuktu Lot 1: 

Goma Coura-Léré 

In Mali, ZAGOPE won the tender for execution of 165 km of Road Goma 

Coura - Timbuktu, from Lot 1, between Goma Coura and Léré. The 

contract was awarded to ZAGOPE by the Ministry of Foreign Business 

and International Cooperation, with financing from the EDF - European 

Development Fund. The execution of road Goma Coura/Timbuktu will benefit 

thirty cities, making an unquestionable contribution for the increase of the 

economic competitiveness of this region. 

CLIENT : Ministère des Affaires Etrangères et de la Coopération 

Internationale

Mozambique 

Construction of roads in Cabo Delgado Province 

ZAGOPE started the works - a contract offered by the Ministry of Public 

Works and Housing of Mozambique -for the construction of 230 km of the 

Roads between Mueda, Oasse, Mocímboa da Praia, Palma and Namoto, 

in the Cabo Delgado Province. 

This project will create a road connection with neighbouring Tanzania, 

reinforcing the development of the north of Mozambique, with great 

investments due to the potential in natural gas exploitation. 


CLIENT : ANE – Administração Nacional das Estradas de Moçambique

Portugal 

Douro Litoral Highway - Portugal 

The contract for the Douro Litoral Highway, with a total extension of 

76.2 km, was awarded in December 2007 and successfully concluded 

within the period stipulated for its execution. The project involved 

20 million of m 3 in earthworks and included 11 km of double viaducts, a 

new bridge over the River Douro and two tunnels. ZAGOPE integrated 

the joint venture responsible for the construction and concession of this 

project, which enabled the direct connection between A1 - North Highway 

and A4-Porto/Amarante. 

CLIENT : EP - Estradas de Portugal

Alqueva Capacity Expansion Enterprise 

The capacity expansion project is composed of a new hydraulic circuit 

and a new Hydroelectric Plant, which will be equipped with two reversible 

generator sets. The works will enable the duplication of the current 

installed capacity of the Alqueva Hydroelectric Plant (from 260 MW to 

520 MW), making it the second largest hydric plant in Portugal. 

Portugal 

40 

41 


CLIENT : Empresa Hidroeléctrica do Guadiana

Republic 

of Guinea 

Rehabilitation of Road Matoto - Enta 

In the Republic of Guinea, the Company is responsible for the road 

beneficiation works and its widening to 2x2 ways between Matoto and 

Dabompa, Lot 1 - Matoto - Enta. 

The enterprise includes the construction of the ways adjoining the Matoto 

crossing and of the interceptors. This urban road project will create a main 

access to the city of Conakry. 


Republic of 

the Congo 

42 

43 

Rehabilitation of the Ewo street layouts 

Integrated in the Buondji-Ewo road project, the rehabilitation and paving 

works of roads in Ewo, between segments 1 and 19 and until the bridge 

over river Kouyou, were concluded in time for the celebrations that took 

place in the municipality. 

In the occasion of the 51 st anniversary of the independence of the country, 

the segment had been concluded and received a visit from the President 

of the Republic of the Congo and his entourage. 


CLIENT : Délégation Générale des Grands Travaux

Contracts awarded in 2011 

Country Project Client 

Angola 

Plan and Conception of the Passenger Terminal Ministério dos Transportes 

and Technical Building of the Saurimo Airport 


and Technical Building of the Dundo Airport 


and Technical Building of the Luena Airport 


and Technical Building of the Soyo Airport 

Luanda Street Layout - Stage 2A - Additional Works INEA - Instituto de Estradas de Angola 

of VELDA (addition) 

ENANA - Empresa Nacional de Exploração 

Recovery of Huambo Airport 

de Aeroportos e Navegação Aérea 

Rehabilitation of National Road EN 220/331, INEA - Instituto de Estradas de Angola 

segment: Bela Vista / Muxaluando, over an 

extension of 96 km 

Benfica - Huambo Thermal Plant - Huambo 

Province 

Benfica Thermal Plant - Luanda 

Cavaco Thermal Plant - Benguea Province 

Dundo Thermal Plant - Lundo Province 

Ondjiva Thermal Plant - Cunene 

Thermal Plant annex to the Lubango Substation 

- Lubango Province 

Luanda Quarters Thermal Plant 

Águas de Lubango – 1 st phase (water supply 

network) 

Equatorial Guinea 

Northern Extension of the Mongomeyen Airport 

Mozambique 

Elaboration of the Pre Project for the works of 

Nacala Port 


Moamba Major 

Portugal 

Madeira 

Island 

Remodelling of the Water Supply System and 

Waste Water and Rainwater Drainage systems of 

the oriental section 

Works for Reconstruction of the Jetties of the Lugar 

de Baixo Marina - Ponta do Oeste 

Republic of Guinea 

Road 2x2 ways, Matoto - Dabompa, Lot 1 Matoto 

- Enta. 

Republic of the Congo 

Emeraude I Ravine (addition) 

Rehabilitation of street layouts in Ewo (addition) 

ENE - Empresa Nacional de 

Electricidade 


Electricidade 


Electricidade 


Electricidade 


Electricidade 


Electricidade 


Electricidade 

MINEA – Ministério da Energia e Águas 

Government of Equatorial Guinea 

VALE Moçambique 

National Water Direction of Mozambique 

SREST - Secretaria Regional do 

Equipamento Social e Transportes 

SREST - Secretaria Regional do 

Equipamento Social e Transportes 

Ministère des Travaux Publics 

D.G.G.T. - Délélagtion Générale des 

Grands Travaux 


Grands Travaux

Production activities in 2011 


Angola 

Algeria 

Cameroon 

Spain 

Lubango Airport 

Road Bela Vista/Muxualuando 

Rehabilitation of Road Lubango/Tchibemba 

Road Menongue-Cutato and Caiundo/ Menongue 

Street Layout 

Rehabilitation Works of the Container Terminal of 

Luanda Port 

Luanda - Viana Expressway 

Recovery of Huambo Airport 

Execution of the Rehabilitation Works of the Corso 

Waste Treatment Plant 

Construction of Pipelines for Transport of High 

Pressure Gas - lot no. 61 - Maghnia 

Equipment Supply, Construction and Service 

Start-up of the Ain Amenas Pipeline 

Constantine Viaduct and respective access ways 

Algiers Metro - Segment between Emir 

Abdelkader Square and Place des Martyrs 

Execution of a Fishing and Leisure Port in El 

Aouana, Wilaya de Jijel 

Road Mbéré-Ngaoundéré 

Nouvelle Tunnel 


Mongomeyen-Ebibeyin Highway 

Construction of the Mongomeyen International 

Airport 

Mongomeyen Urbanistic Project - Phase 1 

- Sector A 

Mali 

Construction and Rehabilitation of Road Goma 

Coura-Lére 

Mozambique 


Nacala Port 


Moamba Major 

Rehabilitation of the Roads between Oasse 

- Mocimboa and Namoto 



INEA - Instituto de Estradas de Angola 



SOGESTER - Sociedade Gestora de 

Terminais, S.A. 




Ministère de l’Aménagement du Territoire, 

de l’Environnement et du Tourisme 

Sonelgaz, Spa 

Sonelgaz, Spa 

Direction des Travaux Publics de 

Constantine 

EMA - Entreprise des Réalisation et 

Exploitation du Chemin de Fer Urbain 

pour l’Agglomération d’Alger 

Direction des Travaux Publics de la 

Wilaya de Jijel 


UTE Maceiras Redondela 

(Corsan - Corviam S.A. Y Vias S.A.) 


Dywidag International GmbH 


Ministère des Affaires Etrangères et de 

la Coopération Internationale 

VALE Moçambique 

National Water Direction of 

Mozambique 

ANE - Administração Nacional das 

Estradas de Moçambique 

44 

45 



Portugal 

Mainland Baixo Tejo Subconcession AEBT - Auto-estrada do Baixo Tejo 

Construction of Douro Litoral Highway 

EP – Estradas de Portugal 

Madeira 

Island 

High Speed Railway Line - Segment Poceirão 

-Caia 

Construction of the carcase works and extension 

of the Blue Line, Amadora - Reboleira, of the 

Lisbon Metro 

Alqueva Capacity Reinforcement 

Construction of a Digestion Plant in Abrunheira 

Phase 2A of the Secondary School Modernisation 

Programme – Lot 2AN5 

Ponta do Pargo Golf Course 

Reconstruction of Madeira Island 

Madeira Remodelling of the Water Supply System 

and Waste Water and Rainwater Drainage 

systems of the oriental section 

Recovery of Santa da Serra Lagoon 

Clube Sport Marítimo Stadium – Arena 

Republic of Guinea 

Rehabilitation of Transguinea Railway 

Rehabilitation of National Road n o 2 Guéckédou 

-Sérédou 

Road and Urban Works in the Forest Region 

Republic of the Congo 

Road Buondji/Ewo 

Road Makoua - Etoumbi 

Recovery of Pyloni - Boukani Ravines 

Rehabilitation of street layouts in Ewo (addition) 

Pyloni and Boukeni Ravines (addition Emeraude) 

RAVE – Rede Ferroviária de Alta 

Velocidade 

Metropolitano de Lisboa, S.A. 

Empresa Hidroeléctrica do Guadiana 

TRATOLIXO - Tratamento de Resíduos 

Sólidos EIM 

Parque Escolar 

Sociedade de Desenvolvimento Ponta 

do Oeste 

Regional Secretariat of Social 

Equipment and Transports 

Funchal Municipality 

IGA - Investimentos e Gestão de Água, S.A. 

Club Sport Marítimo da Madeira 

VBG - Vale BSGR Guinea 

Ordonnateur National du FED de la 

République de Guinée 











Grands Travaux

Backlog 

, 

amounts in million of euros 

, 

, 

, 

2007 2008 2009 2010 2011 

TOTAL 

International 

National 

46 

47 


Portfolio in 2011: 2,128 million of euros

People

People & 

Management Area 

The People & Management Area was created in the sequence of the structural reorganisation of the AG Group, 

which made it possible for the areas to become more strategic in order to offer the support necessary to the fulfilment 

of the objectives of the company, ensuring unified operational efficiency. 

The first principle of the AG Culture is “Dedicate yourself to people”, and this motto is reflected on the importance 

given to this area, which has the objective of attracting professionals aligned with the culture, keeping Collaborators 

motivated, working in excellent safety and health conditions and proud to be part of the ANDRADE 

GUTIERREZ Group. 

The People & Management Area, Regional ZAGOPE/AG - Europe, Africa and Asia is responsible for implementing 

all corporate programmes and is currently undergoing progressive structuring in all markets. 

In the end of 2011, in Atibaia, Brazil, the 1 st Global Meeting of People & Management gathered ANDRADE 

GUTIERREZ Group collaborators (ZAGOPE, LOGIMED and professionals from Brazil and Latin America) that 

are now part of the People & Management area. 

The Meeting, which lasted three days, was an opportunity to define expectations for 2012 and reinforce the 

commitment of all participants with the AG Culture. 

Recruitment and Selection 

Operating in markets as diversified as Portugal, Angola, Algeria, Cameroon, Republic of the Congo, Republic of 

Guinea and Equatorial Guinea, among others, ZAGOPE is the third best company to work for in the construction 

sector in Portugal, investing in a people-orientated culture, long term relationships, boldness, creation, innovation 

and formation of successful teams; and applies great focus on the investment in qualified professionals for 

the company. 

We believe the appreciation of the human dimension and our capacity to carry out great works are decisive factors 

for our success. 

The Group seeks ambitious, audacious people, with great potential and differentiated behaviour profiles, that 

have professional mobility and interest in cultural diversity. Our Recruitment focuses on the selection of professionals 

that have a strategic and sustainable vision of business, so as to know the Company globally and contribute 

to future perspectives in a challenging business environment. 

In 2011 ZAGOPE had 7,963 collaborators, 19% more than in the previous year. Throughout the year, the Recruitment 

and Selection area strongly invested in the development of international partnerships in Spain, Angola, 

Mozambique, Algeria and Equatorial Guinea, promoting the integration of professionals from the markets where 

we operate into the structure of the Group.

50 

51 

ZAGOPE/AG booth in the Jobshop event of Instituto Superior Técnico, in Lisbon 


We continue to search for interns and young professionals with potential to receive training and integrate our 

structures; ZAGOPE has had a significant presence in job fairs in various universities of the centre and north of 

the country. In 2011 we were present in the Instituto Superior Técnico Job Fair; Instituto Superior de Contabilidade 

e Administração de Lisboa Job Fair; Instituto Superior de Engenharia do Porto Jobshop; ISCTE Job Fair 

and others. 

In the same year we have hired approximately 350 professionals through direct recruitment and promoted 

internal investment in transference processes so as to offer Collaborators of the Group career continuity and 

monitoring. 

We have improved expatriation, integration and internal client answer processes, and in 2012 we intend to reinforce 

our presence in more than 10 job fairs and lectures in technical/professional schools and universities, as 

well as widen our operation scope to international markets.

Training and Knowledge 

In 2011 the Training and Knowledge Area reflected our bet on the personal and professional development of our 

Collaborators, reaching out to an increasing number of Collaborators and thus increasing training numbers in 

relation to the previous year. 

An important highlight was the certification of our equipment operators, who receive training and knowledge 

recognised by legal processes in the competent entities. 32 operators received CAP (Professional Aptitude 

Certificate) certifications. 

The AGIR Programme, developed by work site middle management, had the objective of promoting behaviour 

aspects such as leadership and team management, developing more efficient capacities within work site organisation. 

In 2011 the programme took place in Angola, with the participation of 46 Collaborators. 

The ever growing investment in language training culminated with an English and French programme in the 

Blended format (combining presence and distance training) that focused on Collaborators in the Head Office. 

Considering the growing number of international markets and the consequent integration of Collaborators in 

those locations, we have chosen to offer intensive language training. 

With the launch of the internal training campaign ZAGOPE INSIDE, we have answered requests from Collaborators 

and their leaders, providing them with new competences and improving their existing capacities, training 

professionals in the various specificities of the Company, contributing to the development of human capital and 

reinforcing the internal dynamics between Collaborators of the various areas/markets, promoting constant interaction 

between Collaborators. 

As happens every year, we have placed great focus on Quality, Safety and Environmental training, namely in 

subjects such as the operation of machines and vehicles, which we intend to offer to all markets. 

Volume of hours per area of training 

Volume of training hours per Market 

23,165 

4,833 

8,490 

1,167 

1,628 

Market 

Total Time/Hours 

Angola 14.06% 

Algeria 3.88% 

Cameroon 0.41% 

Equatorial Guinea 35.77% 

Madeira Island 2.53% 

Mali 1.07% 

Mozambique 4.00% 

Portugal 24.25% 

Republic of Guinea 8.70% 

Republic of the Congo 2.75% 

Others 2.57% 

General Total 100.00% 

BEHAVIOURAL 

IT 

LANGUAGES 

QUALITY, SAFETY AND 

ENVIRONMENTAL 

TECHNICAL

International Trainee Challenge – 2011 Edition 

The 3 rd edition of ZAGOPE’s trainee programme, International Trainee Challenge began in March 2011 under the 

motto “The path is made by walking”. 

The objective of the programme is to reinforce staff in the international markets where the company operates, and, at 

the same time, enable the integration of qualified young professionals with development potential for future challenges. 

The programme remained open to various nationalities: Spanish, Brazilian, Angolan, Mozambicans as well as 

Portuguese. The trainee recruitment operations took place in Portugal, Angola, Spain, Mozambique and Brazil, 

with 15 candidates selected in total, 4 from Mechanical Engineering and 11 from Civil Engineering courses. 

52 

53 

ITC 2011 Group 

The ITC supervisor is responsible for the integration of the trainees and coordination of their activities, defining 

a structured internship programme that leads to effective training, with passage by the various areas in the work 

sites. The programme also includes intermediary and final stage evaluations of the project developed. 


A new feature was the creation of the ITC Ambassador, a role played by participants of previous editions of the 

programme, whose responsibility it is to share their experiences and offer advice and orientation to the new 

trainees, assist their integration in the work sites and make suggestions for improvement of the ITC Programme. 

Throughout the programme the trainees live in total immersion in the AG Culture, internalising its 12 Principles 

and 33 Behaviours. 

One of the best companies to work for - 2011 

In 2011, ZAGOPE was distinguished as One of the Best Companies to Work for, in a ceremony that took 

place in Museu do Oriente, in Lisbon. 

ZAGOPE thus integrated the “100 Best Companies to Work for” ranking, created from a study promoted 

by Exame magazine and Accenture, and was appointed the third best company in the “Construction” 

category. The classification was based on a judicious analysis of the Commitment Level of Collaborators 

with the company and of the Human Capital Management Practices.

Careers 

In 2011 the Careers area implemented the Annual People Cycle, composed of four stages distributed throughout 

the year: 

1 Fist Semester Feedback (January to March) 

2 People Meetings (April to June) 

3 Second Semester Feedback (July to August) 

4 Performance Evaluation (October to December) 

360º Evaluation Follow-up session in Angola 

This implementation demanded the preparation of executive and middle level Collaborators (approximately 900) 

in each of the phases of the Cycle, in training sessions promoted in each of the markets where ZAGOPE operates. 

The 600 middle level Collaborators participated in the bilateral performance evaluation (auto-evaluation and 

evaluation from the direct Leader), with a total compliance result of 99%. 

For executive level collaborators ZAGOPE, in a partnership with an external consultant, implemented the 360º 

performance evaluation, a process through which the approximately 300 executives completed their auto evaluation 

and were also assessed by their immediate Leader, peers/internal clients and subordinates (for those who 

have leadership responsibility); this initiative achieved a result of 100% of evaluations performed. 

Using all the information gathered, the individual plans developed and decisions taken in the People Meetings, 

the Annual People Cycle make it possible to identify potential for succession plans and promotions, as well as 

ensure the practicability of geographic and lateral position transferences, with the goal of boosting people’s best 

qualities and ensuring they concentrate on an excellence performance.

54 

55 

Management Area: 

Quality, Safety, Health and Environment 

Within the scope of the Integrated Quality, Safety, Health and Environment Management System, the year of 

2011 was marked by the certification of the Quality, Safety and Health Systems in Angola, according to standards 

ISO 9011:2008 and OHSAS 18001:2007, respectively, by means of a third party audit carried out by certifying 

entity APCER (Portuguese Certification Association). 


In the second semester we continued the improvement and standardisation of the organisation processes of 

companies of the ANDRADE GUTIERREZ Group, with the focus on corporate culture based on the twelve Principles, 

originating strong involvement of the Quality, Safety and Environment area, now renamed as “Management 

Area”. Thus project not only originated the reinforcement of the teams of each responsibility area in the markets 

and work sites, with a growth of 30% in relation to 2010 (see table I), but also improvements in the integration with 

the “People Area” (previously the Human Resources management area). 

A corporate specialised Occupational Health area was also created, allowing for the development of actions to 

coordinate and monitor the health of our Collaborators in the markets where we operate. 

The implementation and monitoring of the Integrated Management System for the Quality and Safety areas in 

four work sites in the markets of Algeria and Equatorial Guinea was reinforced with aims to leading to certifica-

tion, which would ensure us more recognition from our Clients, optimise our performance and highlight us among 

our competitors. 

In this exercise we reinforced our investment in training, awareness and information as pillars of our management 

and innovation culture (see table II), by means of the creation of an interactive IT tool for standardisation of the 

welcoming actions in the work sites, using a lively approach to strengthen the basic Quality, Safety and Environmental 

practices to be followed by all our Collaborators. 

Also in the context of the implementation of the Principles of the Culture came the promotion of the Safety in the 

Operation of Machines and Vehicles campaign, focused on accident prevention. 

It was also the year when we standardised the promotion of good practices employed in the work sites, using the 

internal communication vehicles ZMAIL and ZMAGAZINE. Such practices, along the great investment in human 

and material resources, had as a reflex a reduction in the rate of occurrence of accidents in this year. 

The frequency of monitoring of the implementation of the Integrated Management System in all the markets we 

operate was also intensified (see table III), with a growth of 20% in relation to 2010 and of 78% in relation to 2009. 

Finally, 2011 also saw us invest in the environment subject in Africa, starting the implementation of Environmental 

Management in all the works in the Angola market, in order to improve our performance and go beyond simply 

complying with the regulations in force. 

By consolidating these steps we have continued to validate our voluntary commitment of continuous improvement 

of the performance of our organisation, a fundamental pillar in the process of maintaining our sustainable 

growth in all the countries where we are present. 

Future 

In 2012 the Management System will continue to be an essential medium of continuity to the implementation 

of the twelve Principles of the AG Culture, orientating the continuous improvement policies of the management 

processes. 

Such improvements are materialised through the substantiation of the following projects, among others, to be 

developed in the next year: 

1. Implementation of the Project “Safety at Work 2012”, with the objective of developing and consolidating the 

Safety culture in all leadership levels of the company and, consequently, lead to the continuous improvement 

of our performance and results; 

2. Implementation of the “Global Integrated Management System“ project, with the objective of adapting and 

optimising it for each of the markets where the ANDRADE GUTIERREZ Group operates;

3. Implementation of the “Balanced Scorecard” System, with the 

objective of improving the management methods of the organisation, 

namely in the monitoring and execution of corrective, 

preventative and “just in time” improvement actions around our 

processes; 

4. Evaluation of the performance of the corporate areas of the company 

through project “Among Us“, with the objective of measuring 

the satisfaction levels of internal clients and create opportunities 

for improvement of the processes of the organisation; 

Emergency exercise in Angola 

Table I 

Human Resources assigned to the Quality, Safety and Environment 

Area 

QSE Coordinators/Technicians 10 

Engineers/Senior Safety Technician 7 

Safety Technicians 43 

Occupational Physicians 10 

Nurses 11 

Quality and Environment Technicians 18 

Total 99 

56 

57 

Training in behavioural observation in the Republic of 

Guinea 

Table II 

Volume of specific training, awareness and welcoming actions in QSE 

Volume of specific training actions 

Volume of awareness and welcoming actions 

11,970 h 

39,284 h 


Table III 

No. of days invested in Monitoring, Verification and Planning Actions in the System (QSEMS) 

2009 2010 2011 

Portugal 111 days 157 days 68 days 

International 108 days 169 days 320 days 

Total 219 days 326 days 388 days

Social responsibility 

ZAGOPE is a company that becomes involved and concerns itself with 

the welfare of local communities in the different markets where it 

operates. 

The corporate culture that pervades our organisation attributes crucial 

importance to people, namely through the principle “Dedicate yourself 

to people”. 

Partnerships with associations; donations; campaigns to collect food 

products; construction of vital access ways in certain locations; support 

to hospitals; health awareness campaigns; donation of goods to 

schools and assistance in the reconstruction of zones devastated by 

disasters are some of the activities developed by ZAGOPE, a company 

that is conscious of its role and responsibility towards Collaborators 

and local communities. 

ZAGOPE participates in Social Responsibility actions with a concern in 

developing projects based on solid and long-lasting relationships, engaged 

in making the difference to the quality of life of thousands of people. 

Image from roll-up banner ZAGOPE SOLIDÁRIA 

Portugal 

In 2011 ZAGOPE continued its social responsibility actions, namely 

through the delivery of donations to institutions and promotion of social 

actions in deprived communities. The allocation of the donations 

benefited Portuguese associations that operate in different sectors, 

so as to answer to the specific needs of the most varied publics. 

ZAGOPE also promoted a blood collection for potential bone marrow 

donors in its offices in Oeiras. This action had the participation of 118 

donors validated by the Southern Histocompatibility Centre. With the 

objective of gathering the greatest possible number of participants, the 

campaign was promoted by ZAGOPE in the entire Lagoas Park business 

centre, and received a great number of people, among Collaborators 

and personnel from other companies. 

Delivery of donations to Casa da Criança, in Tires 

In September, the national volunteering action “Parte de Nós”, promoted 

by EDP, received ZAGOPE’S sponsorship and the participation of 

40 Collaborators, who volunteered to carry out gardening work in the 

Portas de Avis Health Unit, in Evora. Thanks to this campaign, which 

gathered more than 1,500 volunteers from approximately 50 companies, 

twelve Hospitals in the entire country were renovated, benefitting 

more than 1,000,000 users. 

Volunteers in the bone marrow donation drive

ZAGOPE Collaborators in the volunteer action “Parte de Nós” 

58 

59 

ZAGOPE team prepares food distribution in Angola 

Angola 

In Angola, the highlight is for the social action in the nursing home Kavik 

Vik, in Menongue. The scope of the initiative was very ambitious: 

the company made available general medical appointments, cardiac 

and malaria control, donated medication and food and also served 80 

meals for the lunch that took place on the day of the event. 

Another initiative connected to the works at the road Menongue/Cutato 

involved the donation of cooked rice to the population of the village 

located in the surroundings of the work site. 26 volunteers prepared 

350 packed meals and distributed them in the “Smile against Hunger” 

Mission, with great impact over the community. 

Mozambique 

Conscious of how the road rehabilitation works in the Cabo Delgado 

Province would affect the routine of the inhabitants of villages in the 

surroundings, ZAGOPE sought the support of the regional Environment 

entity to promote public meetings that disclosed information and 

clarification about the project. 


Football equipment offered by ZAGOPE in Mozambique 

Another initiative took place by occasion of the anniversary celebrations 

of the Mocimboa da Praia municipality, when ZAGOPE offered sports 

equipment to the local football team. The company also assisted in the 

recovery of internal circulation roads in the Mocimboa da Praia Village, 

location of the main work site, which were gravely damaged by a concentration 

of torrential rains over a short period in the first quarter of 2011.


In Equatorial Guinea, ZAGOPE has very active participation in what 

regards the improvement of the quality of living of the local population. 

The co-participation in the supply of a generator for public illumination 

during the execution of the works of Highway Mongomeyen 

- Nsok Nsomo - Ebibeyin; the construction of a bridge to connect a 

village where the inhabitants had to go around 18 km of road to cross 

to the other bank of a small river; the construction of a school with 

two classrooms and a house for the teacher, in a total of 170 m²; 

the supply of a generator, artesian wells and water pumps to benefit 

the population of settlements in the surroundings of the works; 

and improvements to the interior and the yard of the church in Nsok 

Nsomo were some of the social initiatives undertaken by ZAGOPE 

throughout 2011. 

Original bridge (top) and Governor bridge (bottom) 

built by ZAGOPE in Equatorial Guinea 

Children in Equatorial Guinea receive presents from Father Christmas 

In December, to mark the Christmas season, Collaborators gathered to 

buy presents for the children of the region and distributed them in the 

various settlements along a distance of 46 km between Mongomeyen 

and Ebibeyin. Footballs and dolls were delivered in schools and hospitals 

so that all the children could play, giving a different Christmas to 

the local population. 

Mali 

In compliance to the Protection and Environment Plant implemented in 

the rehabilitation works of road Goma Coura - Timbuktu, in Mali, educational 

materials on the subjects of HIV and Malaria were distributed in 

the area in 2011. These materials were displayed in all common areas 

of the work site as well as in its surroundings, in the so-called “villages”.

ZAGOPE is a member of the following entities: 

AECOPS - Associação de Empresas de Construção e Obras Públicas 

AEPSA - Associação de Empresas Portuguesas para o setor do Ambiente 

AICOPA - Associação dos Industriais de Construção e Obras Públicas dos Açores 

APQ - Associação Portuguesa p/ a Qualidade 

ASSICOM - Associação da Indústria e da Construção da Região Autónoma da Madeira 

60 

61 


CCIAP - Câmara do Comércio e Indústria Árabe – Portuguesa 

CCILB - Câmara do Comércio e Indústria Luso – Brasileira 

CCILE - Câmara do Comércio e Indústria Luso – Espanhola 

CCIPA - Câmara do Comércio e Indústria Portugal – Angola 

CCLU - Câmara de Comércio Luso-Ucraniana 

CRP - Centro Rodoviário Português 

IPQ - Instituto Português da Qualidade 

Sociedade de Beneficiência Brasileira 

Associação AKWA-SAMBILA, Angola

Economic and financial situation 

The year of 2011 was marked by the continuation and aggravation of the unfavourable macroeconomic 

climate in the European continent, caused in part the sovereign debt crisis of the Euro 

Zone, with special influence in the countries that were forced to resort to external assistance. 

The resulting instability has penalised the global financial system, with signs such as the consecutive 

cuts carried out by financial rating agencies over the sovereign debt ratings of countries 

in the Euro Zone, and, consequently, of companies’ ratings. 

The most visible result of the deceleration of European economy, namely in the sector where 

ZAGOPE operates, was the accented decrease in public investment, which traditionally represents 

great part of the turnover relative to infrastructure construction. 

Throughout the year we have proceeded to the restructuring of the internal economic-financial 

processes, motivated by two reasons: 

- the inconclusive answer to the requests directed to tax authorities in the sense of incorporating 

the results of the ANDRADE GUTIERREZ branches that are operationally managed by 

ZAGOPE in the financial statements of this entity; 

- the adequacy to the policies practiced by the ANDRADE GUTIERREZ Group, in which 

ZAGOPE is integrated. 

This fact, along with the aforementioned unfavourable conditions and with ZAGOPE’s strong 

investment in the commercial area, in order to expand the international position of the Group 

and consolidate its presence in the countries where it already operates, reflected itself on the 

economic performance of the company, which registered lower numbers than in the previous 

year. 

Notwithstanding, the results reflect the image of a Company with high financial balance, as proven 

by the ratios of equity to assets (18%) and current ratio (150%), preponderant factors in the 

current global financial context. 

The objectives draws for the next few years show the confidence of the Executive Board in 

keeping the company in the path of sustainable growth, expecting that ZAGOPE will reach the 

ambitious mark of 2,000 million of euros in turnover in 2015. 

For this purpose the Company has been adapting its operation strategy and made a set of investments 

with the objective of reinforcing its management systems and boosting the performance 

of its Collaborators. 

One consequence was the launch of the S.A.P. (Enterprise Resource Planning) implementation 

programme, as well as the adoption of the Balanced Scorecard and of a CRM (Customer Relationship 

Management) system.

The implementation of S.A.P. was approved in the end of 2011 and represents a very important 

step in the consolidation of the systems of the Group, as a multinational investing in conquering 

all areas throughout the world. ZAGOPE assumes the role of a “pilot project” within the Group 

for projects such as standardisation of processes, the constant search for procedure improvement, 

the increase of operational performance and, above all, in profitability. This was one of the 

Group’s great bets for 2011, with the Control area of the company as the main player, giving this 

project the status of one of the pillars of the strategic consolidation of the Group. 

The adoption of the Balanced Scorecard and of the C.R.M. system, orientated to strategic management, 

will improve the capacity of performance measurement and management and the 

analysis of results, and represents primarily an extension of what the Group has already been 

developing in Brazil. These systems also develop an important role in the projection of future 

scenarios and in the formulation of strategies that make it possible for the Group to have a 

greater capacity of adaptation to future market conditions, through the previous identification of 

evolution tendencies and adoption of appropriate measures. 

In order to make this a reality in ZAGOPE, it was necessary to develop a series of parallel activities 

that made it possible to implement the change to the next level within normality, without 

affecting the quality of the information for the decision making, such as the decrease of in the 

periods of time in the accounting, financial and management information, the standardisation of 

various processes and procedures, the information integration at the level of the Holding and 

personal experience exchange. 

Allocation of Results 

We propose the negative net result of 10,166 thousands of euros is transferred to the results 

brought forward. 

Final considerations 

Before concluding the present report, we would like to express here our profound acknowledgements 

to all the entities we are related to, and which distinguished us with their preference, 

mainly, Clients, Suppliers, Financial Institutions and Subcontractors. 

To the Statutory Auditor and to the Board of the General Meeting we would like to convey our 

great esteem for their loyal and committed collaboration. 

To all the Collaborators of the Company, our special thanks for the endeavour and dedication 

offered to ZAGOPE. 

62 

63 


Lisbon, March 15 th 2012 

EXECUTIVE BOARD 


Arnaldo Gomes 

Clovis Martines 

José Francisco Cadório Ferreira Lino 

José Nicomedes Moreira 

Pedro Augusto de Jesus Ricco 

Remo Loschi Brunelli Filho

Licences

64 

65 


Credits 

Coordination 

ZAGOPE 

Photography 

ZAGOPE Archives, Jerónimo Coelho, 

Marcílio Gazzinelli, André Maceira, 

Cadu Salles. 

Thanks to 

The ZAGOPE / AG Collaborators 

pictured in pages 5, 16, 17, 20, 23, 48, 

51, 52, 54, 55, 61, 66, 98. 

Design 

UP – Agência de Publicidade 

www.UP.co.pt 

Printing 

Gazela – Artes Gráficas, Lda. 

Printing run 

400 copies 

Publication 

June 2012

www.zagope.pt

41 - Zagope

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