Number of Employees Portugal (Electricity) Spai Brazil Telecommunications In<strong>for</strong>mation technologies <strong>EDP</strong> Valor Other <strong>EDP</strong> Group Electricity Distributed (GWh) Portugal Spain Brazil <strong>EDP</strong> Group 17 664 65 787 8 398 1 355 38 869 3 514 8 659 1 180 1 625 629 963 18 260 Electricity Generated (GWh) Portugal Spain Brazil <strong>EDP</strong> Group Number of Electricity Customers Portugal Spain Brazil <strong>EDP</strong> Group 47 311 9 234 192 28 532 5 767 400 564 584 14 155 2 902 208 4 624 8/9
COMPANY HIGHLIGHTS >> 2003 • HidroCantábrico becomes the second largest operator in the Spanish gas market March 24 – Following a privatisation process, Hidroeléctrica del Cantábrico, S.A., (HidroCantábrico), in which the <strong>EDP</strong> Group has a 40% holding, acquired a 62% stake in NaturCorp, a natural gas distribution company operating in the Basque country. As a result, HidroCantábrico has become the second largest gas operator in the Spanish market, with a total of more than 500,000 customers and a share of approximately 10% of the Spanish gas market. • Bond issue in the amount of €150 million March 26 – Bond issue by private subscription, in the amount of €150 million, maturing on March 26, 2013, with a variable interest rate equal to the 6-month Euribor rate plus 0.50% per annum. The purpose of the issue is to refinance <strong>EDP</strong>’s short-term debt. • Council of Ministers’ Resolution on the Restructuring of Energy Sector April 3 – Following the approval of the Council of Ministers’ Resolution establishing the political, competitive and regulatory framework of the energy sector, the <strong>EDP</strong> Board of Directors considered that the above mentioned resolution establishes an adequate development framework <strong>for</strong> the Portuguese energy sector and that the general guidelines publicly disclosed are entirely compatible with the strategy already defined by <strong>EDP</strong>. • Election of new Corporate Officers May 22 – The General Meeting elected the new <strong>EDP</strong> corporate officers. The Board of Directors elected the same day by the General Meeting, which also appointed the respective chairman, Francisco de la Fuente Sánchez, deliberated the delegation of the Company’s day-to-day management powers on an Executive Committee chaired by João Ramalho Talone, and further deliberated the appointment of an Audit Committee. • General Meeting approves payment of a gross dividend of €0.09 per share May 22 – Approval by the General Meeting of the proposal submitted by the Board of Directors <strong>for</strong> the appropriation of profits in respect of 2002, leading to the payment of a gross dividend of €0.09 per share. • ERSE accepts proposal by <strong>EDP</strong> Distribuição concerning the Human Resources Rationalisation Plan <strong>for</strong> 2003 and <strong>2004</strong> August 11 – In a press release dated August 8, 2003, the Energy Services Regulatory Entity (ERSE), deliberated in the wake of the proposal presented by <strong>EDP</strong> Distribuição Energia, S.A., to accept as an investment to be amortised over a period of 20 years, starting in 2005, costs associated with the Human Resources Rationalisation Plan <strong>for</strong> 2003 and <strong>2004</strong>, to be incurred by the company up to a maximum of €485.7 million, though it did not agree to accept similar treatment <strong>for</strong> costs of a similar nature related to the Human Resources Rationalisation Plan already implemented (1998-2002). This <strong>plan</strong> constitutes a fundamental management tool <strong>for</strong> the mobilisation of the entire Group <strong>for</strong> the start-up of a new modernisation cycle. • <strong>EDP</strong> Group sells its 1.11% stake in Iberdrola, S.A. September 26 – <strong>EDP</strong> Participações, SGPS, S.A., a wholly-owned subsidiary of <strong>EDP</strong>, sold to Banco Bilbao Vizcaya Argentaria, S.A., a block of 10 million shares representing 1.11% of the share capital of the Spanish electricity company Iberdrola, S.A., <strong>for</strong> the amount of €153,900,000. • <strong>EDP</strong> Group no longer has a holding in Iberdrola, S.A. October 1 – <strong>EDP</strong> Participações, SGPS, S.A., sold 17,050,000 shares representing 1.89% of the share capital of Spanish electricity company Iberdrola, S.A., <strong>for</strong> €246,202,000 to BANCAJA, Caja de Ahorros de Valencia, Castellõn y Alicante. Following this transaction <strong>EDP</strong> no longer has any investment in Iberdrola, S.A.. • <strong>EDP</strong> restarts the reconstruction of the Peixe Angical hydroelectric <strong>plan</strong>t following acquisition by Eletrobrás of a an investment in the company that owns the undertaking October 14 – Following the negotiations between <strong>EDP</strong>, Furnas Centrais Elétricas, S.A. (Furnas) a subsidiary of Eletrobrás - Centrais Elétricas Brasileiras S.A., REDE - Empresas de Energia Elétrica, S.A. (Rede Group) and Banco Nacional de Desenvolvimento do Brasil, an agreement was reached in which it was considered that the conditions were met to make a new start to the construction of the Peixe Angical hydroelectric power <strong>plan</strong>t. With the conclusion of these negotiations, Furnas now holds 40% of the share capital of Peixe Angical, <strong>EDP</strong> 59% and the Rede Group 1%. Construction work restarted with a view to bringing the <strong>plan</strong>t into operation during 2006.
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