A N N U A L R E P O R T A N D A C C O U N T S - CMVM

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Management Report of the Board of Directors - Financial Year 2008 accordance with the benchmark standards OHSAS 18001:2007; ISO 9001:2008 and ISO 14001:2004, respectively. For the current year, the company intents to certify its Research, Development and Innovation (IDI) Management and Social Responsibility Systems in accordance with the benchmark standards NP 4457:2007 and SA 8000:2008, respectively, thus seeing the practices that it has gradually implemented in these areas being recognised by a certifying entity. 52 LIFTECH / Railway Track Installation for the Funicular of Viseu During the period under review, the Company invested EUR 3,550 thousand, basically continuing what it has been doing for the past years to transform/adapt the equipment to European standards, besides the Iberian ones. In the second quarter of 2009, SOMAFEL, S.A. will be receiving two new pieces of highly productive equipment suitable for use in the most demanding railway networks across Europe: a Universal Heavy-Duty Tamping Machine for open track and B66U-type AMV’s (Track Switching Devices), Matisa’s high-end model, already equipped with a modern computer system “CATT-Computer Aided Track Tamping” for the automatic steering of the machine during the railway track layout rectification operation, as well as a high performance Ballast Grader, model R21LS of Matisa. OFM - Obras Públicas, Ferroviárias e Marítimas, S.A. is a company 100% owned by SOMAFEL, S.A. and specialises in rail, maritime and river infrastructures. In 2008, this company reported, on an individual basis, an operating profit of EUR 36,478 thousand, which represents a 46.6% increase over the previous year. From this income, approximately 73% was generated in the internal market and the rest in Algeria. Among the works developed in Portugal during the year under review, the most significant were: In the railway sector: - Completion of the contract job for the “Design and construction of the Sto Ovídio terminal, executed under a consortium arrangement, for “Metro do Porto, S.A.”; This investee company has also reinforced its traction material park with the acquisition of three totally reconditioned diesel-electric locomotives. For 2009, not a very significant increase of the railway infrastructures sub-sector activity is foreseen in Portugal, but it is expected that SOMAFEL, S.A. will achieve a turnover not below EUR 49,000 thousand, essentially as a result of its operation in the afore-mentioned external markets. In the year under review, SOMAFEL, S.A. kept its Safety, Quality and Environmental Management Systems certified in 53 Metro do Porto / Design and Construction of Santo Ovídio Underground Terminal / Porto 62
Management Report of the Board of Directors - Financial Year 2008 - Completion of the construction of the upper platform and accesses to the PMO (Workshop Material Park) of Guifões, executed by a consortium led by OFM, for “Metro do Porto, S.A.”. - Rehabilitation and Reconstruction of the Breakwater Quay at Ericeira Harbour, executed under a consortium arrangement, for “IPTM – Instituto Portuário e dos Transportes Marítimos, I.P.”; In the Maritime Works area: Completion of the following contract jobs for: - Construction of the new Multi-Purposes Terminal of Leixões Harbour, executed under a consortium arrangement, for “Administração dos Portos do Douro e Leixões, S.A.”; - Construction of the New Maritime Cruise Ship Terminal of Ponta Delgada, executed under a consortium arrangement, for the “Administração dos Portos das Ilhas de S. Miguel e Santa Maria, S.A.”; 55 IPTM - Instituto Portuário e dos Transportes Marítimos (Port and Maritime Transport Institute) / Rehabilitation of the Western Breakwater of the Port of Peniche - Rehabilitation and Reinforcement of the Quays between Santa Apolónia and Jardim do Tabaco (2 nd phase) – Work to be executed by “Cais de Cruzeiros - 2ª fase, ACE” group. 54 Port Administration of the Islands of S. Miguel and Santa Maria / New Sea Cruise Terminal of Ponta Delgada / Azores - Extension of the Solid Bulk Cargo Terminal at Figueira da Foz Harbour, for IPTM – Instituto Portuário e dos Transportes Marítimos, IP; - Execution of a Mooring Quay at the Clinker Grinding Mill in Mitrena, Setúbal, for “PEPORSET – Terminal Portuário de Setúbal, S.A.”; - Rehabilitation of the West Breakwater at Peniche Harbour, executed by a consortium led by OFM, S.A., for “IPTM – Instituto Portuário e dos Transportes Marítimos, I.P.”; The following contract jobs in the maritime sector are in progress: During 2008, OFM, S.A. invested a total sum of EUR 835 thousand, highlighting the acquisition of a Komatsu PC750SE Dragline Excavator, two Modular Pontoons, one with eight Modules and another with four Modules, as well as a set of Sheet Piles and a 150KW Dredging Pump with its respective power supply unit. A comfortable public works portfolio was carried forward to 2009, so a turnover of more than EUR 30,000 thousand is expected. Following the obtainment of the Occupational Health and Safety Management System certification, which resulted in OFM, S.A. having a Certified Integrated Management System in the areas of Safety, Quality and Environment, the Company has decided to move on to the Social Responsibility Management System, to be certified in 2009 under standard SA 8000. The implementation of the IDI Management System (Research, Development and Innovation) is in the start-up stage. 63
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