Report and Accounts 2011 | 1 - Efacec

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2.1 MACROECONOMIC ENVIRONMENT The year of 2011 saw a worldwide economic downturn, having been more severe in advanced economies, especially with the slowdown in growth in the United States, Japan’s GDP decline and a moderate growth of the European Union, with very different evolutions among Member States. Emerging economies also suffered a slowdown, despite the considerable momentum that Asian countries continued to have, with China’s GDP decreasing from 10.4% in 2010 to 9.2% in 2011. �� players became particularly high in the second half of the year, with the growing macroeconomic imbalance in the United States, �� property sector and the crisis of the banking sector. In Europe, the intense resurgence of the sovereign debt crisis in some countries of �� reducing the trust of economic agents. This adverse environment kept pressure on the unemployment rate, which remained at 10.1% in Europe and saw a reduction in the USA, going from 9.6% to 9%. In Portugal, this environment was especially �� In the scope of the bailout package from the troika (IMF, European commission and European Central Bank), amounting to 78 billion Euros, strong austerity measures were taken, namely concerning revenue, tax increase, freezing pensions and wages of Public sector and privatization of companies such as EDP, REN and Galp. According to estimates from INE (Portuguese statistics institute), the economic �� (annual average) and unemployment reached 14% in the fourth quarter of the year. The constant rating reductions of the Portuguese Republic made �� the entire Portuguese economy. A considerable volatility continued �� international situation and especially by the sovereign debt crisis of the European market. The volatility also affected the exchange �� 2011 slightly at the same level in which it started - 1.3000/1.3500. 14 In accordance with the preliminary results of the international trade statistics recently released in Portugal, exports of goods in 2011 had an annual growth of 15.2% while imports of goods only grew 1%. As �� 24.8%, equivalent to 5 042 million Euros, as well as an increase of 9.1 pp in the coverage of imports by exports, which reached 73.5%. The annual growth for exports of goods, excluding energy products, was close to the total growth of exports in 2011, with a differential �� which led to an improvement of 44.3% of the negative results of the respective trade balance. As a result of what was witnessed in the last months of 2011, all product groups contributed positively towards the annual growth of exports of goods in the past year. The contribution of the groups Transport Material, Chemicals and Minerals and Metals was particularly important. In 2011, exports for the community market increased, year on year, 13.8% and contributed in 10.4 pp for the growth of total exports of goods. Exports for countries of the EU – 15 had a positive annual change of 13.7% and exports for enlargement countries had 15.5%. Spain kept its position as the main destination market for exports of goods, representing 24.8% of total exports of goods. Exports to Germany and Spain were the ones that mostly contributed to the growth during the year. Exports of goods to France increased, year on year, 17.2% and exports to the United Kingdom increased 6.6%. Exports to Third World countries witnessed an annual positive change rate above those for the EU (19.6%). The positive behavior of exports to China (+67.9%), Algeria (+66.8%) and Brazil (+33%) was particularly important.
2.2 MAIN FIGURES Financial/ Economic 2006 Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec CHANGE 11/10 Value % Orders Received in the Year M € 432.6 562.8 1 125.1 1 004.2 851.7 875.8 24.0 3% Portugal M € 258.6 301.4 382.8 432.7 283.9 213.0 (70.9) -25% International Market M € 174.0 261.5 742.3 571.5 567.9 662.8 94.9 17% Turnover M € 370.4 440.3 642.0 808.9 1 034.1 705.1 (329.0) -32% Portugal M € 249.8 269.1 321.9 393.1 359.7 271.3 (88.4) -25% International Market M € 120.5 171.2 320.1 415.8 674.4 433.9 (240.5) -36% Operational Cash Flow (EBITDA) M € 31.2 34.5 30.9 60.3 83.5 59.0 (24.5) -29% Operating Results M € 21.4 25.4 19.9 40.5 58.1 33.4 (24.6) -42% Operating Results / Sales % 5.8 5.8 3.1 5.0 5.6 4.7 - - Net Financial Costs M € (3.0) (4.9) (14.9) (7.6) (23.3) (26.0) (2.7) 12% Earnings Before Taxes (EBT) M € 21.4 21.7 5.6 33.0 35.5 5.3 (30.2) -85% Earnings After Taxes (EAT) (a) M € 17.1 17.4 7.4 27.1 29.5 6.0 (23.4) -80% �� M € 26.8 26,4 18,5 47,0 54,8 31,6 (23,3) -42% Shareholders` Funds M € 82.6 79,5 65,1 104,9 126,1 115,7 (10,4) -8% Net Assets M € 357,6 418,6 680,3 826,1 994,9 953,2 (41,7) -4% �� M € 73,9 106,5 139,3 227,7 310,7 341,5 30,8 10% Borrowings [Financ. Debt/(Equity+Financ.Debt)] % 47,2 57,3 68,2 68,5 71,1 74,7 - - Financial Debt / EBITDA x 2,4 3,1 4,5 3,8 3,7 5,8 - - Average No. Employees 2.492 2.772 3.361 3.867 4.207 4.388 181 4% Sales per Employee m € 148,6 158,8 191,1 209,2 245,8 160,7 (85,1) -35% Environmental Energy consumption (b) n/a 112.031 188.539 167.340 197.668 185.091 (5.024) -2,5% Water consumption (b) m³ 95.849 75.433 65.215 62.577 58.039 56.878 (1.161) -2,0% Waste-to-energy (b) % n/a n/a 74 77 89 92 - - Social No. Employees (c) 2.882 3.464 3.623 4.215 4.519 4.632 113 2,5% Absenteeism % n/a n/a 3,2 3,3 3,3 3,4 - - Accident Frequency I. (b)(d) 27 40 34 28 24 20 (4) -17% Training (b) hours 22.816 36.336 31.700 57.213 49.291 47.763 (1.618) -3,2% (a) Net income attributable to shareholders of Efacec Capital SGPS (b) Values concerning the Portuguese territory (c) Concerning December 31st �� Report and Accounts 2011 | 15
Page 1: Report and Accounts 2011 | 1
Page 4 and 5: 2011 Report and Accounts 4 Volume I
Page 6 and 7: Detail view of one of the buildings
Page 8 and 9: Message from the Chairman of the Bo
Page 10 and 11: Message from the the Chief Exeutive
Page 12 and 13: Aerial view of Efacec’s Arroteia
Page 16 and 17: 2.3 ECONOMIC AND FINANCIAL SITUATIO
Page 18 and 19: 2.6 MOST IMPORTANT EVENTS Efacec ha
Page 20 and 21: 2.7 PUBLIC ACKNOWLEDGEMENTS 20 PUBL
Page 22 and 23: Detail view of one of the buildings
Page 24 and 25: 3.1 EFACEC 24
Page 26 and 27: ��
Page 28 and 29: 28 ACTIVITIES OF THE GOVERNING BODI
Page 30 and 31: 30 ACTIVITIES OF THE GOVERNING BODI
Page 32 and 33: Management strategies Material issu
Page 34 and 35: 3.4 CORPORATE STATEMENTS 34 Efacec
Page 36 and 37: 3.5 STAKEHOLDER ENGAGEMENT � �
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Page 41 and 42: 3.6.3 Corporate Committees With the
Page 43 and 44: 3.6.5 Internal Audit ��
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Page 47 and 48: 4 Focus on Economic Sustainability
Page 49 and 50: Efacec Angola signed a supply contr
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Page 55 and 56: Inauguration of the Photovoltaic pl
Page 57 and 58: 4.1.7 Maghreb ��
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Page 61 and 62: Metro do Porto, yellow line ��
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automation of power distribution gr
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4.2 OPTIMIZATION OF ACTIVITIES 4.2.
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From left to right: ��
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Refurbishment of the Drying and Fil
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4.2.4 Marketing and Image In 2011 t
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Important steps were given in the R
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5 Focus on Innovation and Planet Su
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5.1.2 Product Research and Developm
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Logistics PSI ��
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5.2 ENVIRONMENTAL IMPACT OF ACTIVIT
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5.2.4 Management of Emissions Among
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6 Focus on People and Society 6.1 D
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Efacec has kept activities aimed at
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Efacec Academy training session, Au
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6.1.3 Internal Communication In 201
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6.1.5 Work-Life Reconciliation With
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6.2 RELATIONS WITH SOCIETY 6.2.1 Vo
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6.2.2 Public Presence In 2011 were
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6.2.4 Social Movement Efacec strong
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ANEXO I ABOUT THIS REPORT ANEXO II
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ANNEX II - PERFORMANCE INDICATORS E
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ENVIRONMENTAL INDICATORS - Continua
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SOCIAL INDICATORS - Continuation Tr
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Alberto de Freitas Martins Chairman
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Chairman of the General Meeting Boa
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ANNEX V- GRI CHECK MATRIX ITEM Page
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6. ENVIRONMENT PERFORMANCE ASPECT:
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ASPECT: SECURITY PRACTICES HR8 Perc
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ANNEX VI - INDEPENDENT VERIFICATION
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