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

Management Report of the Board of Directors - Financial Year 2008
which operates in the heavy construction sector in several
Brazilian States.
During the year under review, EMPA, S/A reported an
operating profit of EUR 56,989 thousand, which represents a
44.7% increase compared to 2007.
Power Stations were developed, with a total installed power
of 101 MW, which are expected to be brought into service
between the end of 2010 and 2012.
In 2008, the average number of employees was 1,112. The
Company carried out a renewal and expansion process of its
equipment fleet, namely that allocated to road construction.
In the heavy construction sector, highly relevant technical
contract jobs were completed, among which the mining complex
and bauxite ore improvement in Mirai, State of Minas Gerais, for
the Votorantim Group and a 20 MW Mini-Hydraulic Power
Station besides other Works, most of them in the road sector.
69 PCH Areia Branca (Small Hydroelectric Power Plant of Areia Branca)
The company “EMPA Logística, Lda.” was incorporated to
enter the Brazilian mining market by providing loading and
transport services.
“INFRAENGE - Construções, Lda.” is a company
incorporated under the Brazilian law, with Head Office in
Bebedouro, State of São Paulo, 33.33% owned by EMPA,
S/A and specialised in road construction, having reported an
operating profit of EUR 6,134 thousand, which represents a
81.9% increase compared to 2007.
68 EMPA / Railway works BR 060 Brasília / Goiânia
EMPA, S/A participated in the consortium that tendered for
the concession of the 423 Km long “Marechal Rodon – Oeste”
road, in the State of São Paulo, and is part of the managing
group of private companies that develop studies for the Minas
Gerais Roads Concession Programme, in a Public-Private
Partnership scheme which involves a total of 5,766 Kms,
distributed across 17 lots.
In December 2008, EMPA, S/A had an orders portfolio
amounting to EUR 170,000 thousand.
During this year, specific projects for 8 Mini-Hydraulic
The investee company, SOMAFEL, S.A. also continued its
increasing geographical diversification strategy and started
prospecting this emerging market in the railway line
infrastructures area. Within this scope, it has submitted a bid
for the execution of the expansion works on the underground
network projects of “Metro de São Paulo” and continued to
analyse possible local partnerships for several prequalification
tenders.
The intention is to deploy resources in the short term, in order
to create a Local Establishment with commercial
representation and to specifically define the objectives for
creating possible associations to capture contracts.
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