business plan for 2004 - EDP

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I believe that the demanding objectives can be achieved and deserve our continuing efforts. These objectives naturally include our commitment to rigour in management, with the objective of creating value, and its harmonisation with the social, civic, cultural, environmental and sustainability goals that the EDP Group is proud to share responsibly with the communities of which it forms part, with a view of providing at all times a public service that includes the corporate project and the profitability criteria that EDP represents for its shareholders. Therefore, I believe that you can rely on us and on our employees to make of EDP, on the basis of the Business Plan proposed by the Executive Committee and with the commitment to implement an ambitious though feasible Strategic Agenda, a renewed company that is prepared for future progress, with responsibility and confidence, in a search for excellence in our proposal to create value for the shareholders. Lisbon, March 1, 2004 Chairman of the Board of Directors 14/15
MESSAGE TO SHAREHOLDERS João Ramalho Talone, Chief Executive Officer of the Board of Directors I would like to subordinate this message to three key ideas: Respect; Challenge; Commitment. Respect because EDP has its roots in the oldest electricity generating plants existing in Portugal and in the very early urban and rural electricity systems that carried it to the homes of the Portuguese and to their place of work. In this way a school of public service was built up, a service that works for the good of the public, a profession based on this sense of service; its pioneering spirit in the search for technologically advanced solutions that greatly marked various generations of professionals and blends in with the history of the construction of the Industrial Economy in Portugal. Respect because today’s EDP, as the heir of these traditions and values brings together skills and know how that are perhaps unique within the corporate entities in Portugal. Respect because in this stage of pre-liberalisation about 5 million customers are “customers of EDP”, in which they place the trust and of whom they expect everything, especially since they have no alternative. Respect, lastly, because as one of the largest listed companies in Portugal with a strong presence in the portfolios of national and international institutional investors responsible for the management of third-party savings, it is also, because of the profile and stability of its business, an obvious choice for direct placement of savings by many households and small investors for whom the value and returns on EDP shares are a source of confort. It is with this Respect that we face the Challenge. An enormous challenge which is a source of uncertainties but more especially of opportunities. The Challenge of transforming “EDP Customers” into the “EDP of the customers”, which results from freedom of choice generated by the confidence, service and competitiveness that the customers see in EDP. The Challenge of doing so not only in Portugal but also in Spain, through our subsidiary HidroCantábrico with its image and local tradition just as strong as those of EDP itself in Portugal, causing the EDP Group to develop into a dynamic Iberian Group, a competitive one with ambitions of leadership. The Challenge to enlarge the service to our customers to include not only the supply of electricity but also of energy solutions – electricity and gas – which is now possible in Spain as a result of the purchase of the second biggest gas operator, NaturCorp, headquartered in Bilbao and will be shortly, in Portugal as a result of the implementation of Council of Ministers’ Resolution 68/2003 of May 10. A Challenge also in view of the opportunity stemming from operating in a central electricity generating market, which, with the creation of MIBEL (Iberian Market) in April 2004, will be 6 times bigger than our present market. This will allow aggressive, value-creating joint action by EDP/HidroCantábrico. The Challenge to continue to question the methods, techniques and organisation with a view to achieving new thresholds of efficiency and productivity in our core business on the Iberian Peninsula. A Challenge also to motivate business lying beyond our core business either for reasons of distance (electricity business in Brazil) or of differing technologies (telecommunications and information technologies on the Iberian Peninsula), to become sources of creation of value and financially autonomous. Lastly, a Challenge to endeavour to mobilise all those who work for the EDP Group to gain new enthusiasm that can be provided by this new professional framework generated by surroundings undergoing great change.
Page 2 and 3: CONTENTS >> ORGANISATION OF THE INF
Page 4: The first, the Institutional Report
Page 7 and 8: EDP Group Consolidated Turnover EBI
Page 9 and 10: Spain 20032002 Var. % Number of Emp
Page 11 and 12: COMPANY HIGHLIGHTS >> 2003 • Hidr
Page 13 and 14: Francisco de la Fuente Sánchez, Ch
Page 15: assumed responsibility for preparat
Page 19 and 20: BUSINESS PLAN FOR 2004 - 2006 EDP p
Page 21 and 22: Within the scope for the simplifica
Page 23 and 24: EDP CORPORATE OFFICERS (2003-2005)
Page 25 and 26: José Morais Cabral Non-executive D
Page 27 and 28: CORPORATE GOVERNANCE EDP - Electric
Page 29 and 30: 1 Disclosure of Information >> 1.1
Page 31 and 32: The responsibilities and functions
Page 33 and 34: whose main function is controling t
Page 35 and 36: Comparative evolution of EDP shares
Page 37 and 38: Indicators - Capital Market (1) In
Page 39 and 40: of €335.2 million, of which €27
Page 41 and 42: financial operations and liabilitie
Page 43 and 44: 2 Exercise of voting rights and sha
Page 45 and 46: 3 Company Rules Internal Regulation
Page 47 and 48: 5 Management >> 5.1 Characteristics
Page 49 and 50: Policy of rewarding the members of
Page 51 and 52: 6 Group Management Support Services
Page 53 and 54: 7 Human Resources This chapter addr
Page 55 and 56: For the first time, a meeting of th
Page 57 and 58: 8 Pension Fund The Group companies
Page 59 and 60: 9 Information Systems The informati
Page 61 and 62: during 2003 by means of field infor
Page 63: • The larger number of environmen
Page 66 and 67:
Following the sustained rise in 200
Page 68 and 69:
Relatório & Contas 67/67
Page 70 and 71:
Content 1. Energy Sector 72 1.1 Ibe
Page 72 and 73:
2003 - Annual Report - EDP The Cust
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2003 - Annual Report - EDP • In S
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2003 - Annual Report - EDP • Co-o
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2003 - Annual Report - EDP The CPPE
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2003 - Annual Report - EDP • Riba
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2003 - Annual Report - EDP The Sopo
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2003 - Annual Report - EDP More dyn
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2003 - Annual Report - EDP Technica
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2003 - Annual Report - EDP c) produ
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2003 - Annual Report - EDP The foll
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2003 - Annual Report - EDP In elect
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2003 - Annual Report - EDP desired
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2003 - Annual Report - EDP >> 1.3.3
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2003 - Annual Report - EDP • Band
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2003 - Annual Report - EDP Enertrad
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2003 - Annual Report - EDP Of the v
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2003 - Annual Report - EDP Direct a
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2003 - Annual Report - EDP • To c
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2003 - Annual Report - EDP • The
Page 111 and 112:
FINANCIAL STATEMENTS - SUMMARY EDP
Page 113 and 114:
EDP - Electricidade de Portugal, S.
Page 115 and 116:
PROPOSAL FOR THE APPROPRIATION OF N
Page 117 and 118:
ACKNOWLEDGEMENTS The Board of Direc
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