5. - Secil

Message from the Chairman
In last year’s report we said
that, since the economic
framework for 2008 did not
appear to be favourable,
the Company’s employers
and managers would have
to commit to an attitude
of innovation, perseverance
and creative capacity in order
to find technical and
management solutions that
would allow the expected
difficulties to be overcome.
SINGULAR YEAR OF UNMATCHED
PERFORMANCE
It is therefore with no little satisfaction
that we find that this challenge we made
a year ago was accepted and clearly surmounted,
and that frankly good results
were achieved. We are there in a position
to say that this singular year, 2008, was
one of unmatched performance.
A singular year because, during the first
half, fossil fuels rose to record prices, causing
an enormous increase of production
and transport costs, while interest rates
rose continuously, deteriorating our financial
results; during the second half we witnessed
an abrupt decline of economic
activity induced by the international financial
crisis and by a widespread lack of
economic confidence that led to a postponement
of public and private investment
decisions.
Unmatched performance to the extent
that, despite this context, Secil’s results
were clearly positive in the great majority
of the business indicators, both in
Portugal and in its international operation:
2% increase of sales volume
in Portugal and more than 6%
for the whole of the Company’s
markets; 9.8%
EBITDA growth; and
a 26% increase of
net profit to 63
million
euros.