Professional Documents
Culture Documents
Refer 2007 en
Refer 2007 en
Contents
1 MESSAGE BY THE BOARD OF DIRECTORS.................................................................................................... 4
4.2 INVESTMENTS.................................................................................................................................. 35
5 ENVIRONMENT .................................................................................................................................. 43
7 SAFETY ............................................................................................................................................ 48
10 OUTLOOK ........................................................................................................................................ 57
The date of 29 April 2007 marks REFERs 10th year of existence. To celebrate this date, we carried out
various initiatives to commemorate and disclose the long history of Portugals railway.
In these 10 years of existence, REFER has continuously consolidated its main goals of providing the
country with a safe and quality railway network, within a perspective of optimising client services,
modernising the company technologically and by developing its personnel and structure.
It was with these goals in mind that the Board of Directors decided to apply a new organisational
model at REFER by making modifications and improvements to the companys organisational
structure, in particular the General, Infrastructure Operation, Engineering and Construction
Departments.
The year of 2007 was the second full year in office for the Board of Directors and the first year after the
strategic guidelines issued for the sector by the Ministry of Public Works, Transport and Communications
(MOPIC). 4
In meeting these goals, in 2007 REFER employed 3,573 employees whose work and dedication
allowed the company to carry out its activities and fulfil its goals.
As a public service provider managing the railway infrastructure, REFER has been improving the level of
its services to operators. It reached punctuality rates of 98% in suburban trains, 98% in cargo trains,
96% in regional and interregional trains and 93% in pendular trains. REFER carried out its activities in
accordance with the quality and efficiency standards, acting in a manner to guarantee good
infrastructure availability levels, to provide stable schedules and to ensure quality service to operators.
At the end of 2007, 55% of the national railway network was equipped with speed control systems
(Convel and ATS) and communication systems (ground-train radio), whereby 83% of the whole main
network was equipped with a ground-train radio system and 79% was equipped with Convel. These
technological modernisation measures ensured better levels of infrastructure performance in terms of
speed and safety.
In 2007, passenger and cargo railway transport increased 3.7% over 2006, which represents and
additional 1,450 million TK.
5
To increase railway safety and to reduce accident rates, we maintained our plan to eliminate and
reclassify level crossings (LC). Accordingly, in 2007, the company eliminated 31 level crossings and
reclassified 9. These advances, combined with awareness campaigns, helped reduce the number of
accidents at LC which, in the last decade, fell from 156 to 66. Since this is a matter of great concern,
work is being maintained to meet the objective of drastically reducing accident rates.
To improve the safety of persons and assets, in 2007 the company reinforced its video surveillance
systems at railway stations and at other critical infrastructure locations. It also implemented access
control systems at buildings with the highest worker occupation rate in order to protect its main asset -
persons - and to safeguard the goods and information comprising REFERs assets. To increase the
company's capacity to overcome emergency situations, four emergency plans and various railway
building evacuation plans were prepared.
The company reviewed its investment program to adapt it to the strategic orientations and which was
submitted to the ministry in the first half of the year. In view of the development and innovation
orientations and according to priorities, the company organised its projects for
intermodality, links to ports and airports and logistic platforms as well as linking the
conventional railway network to the high-speed network in close collaboration with
RAVE. Among the said project, the following are highlighted:
The Lisbon Operation Command Centre (OCC) began operating in
November 2007 and, in the 1st stage, began controlling the whole
Campolide Local Command Post/Centralised Traffic Control area, which
CCO Lisboa
was designed to optimise the network operation and the operational
management of railway circulation in order to obtain high reliability, availability, efficiency,
quality and safety rates;
Railway link to the Port of Sines/Spain, for which the Preliminary Study of the Sines/Grnbdola
North section was started, the completion of the Preliminary Study and the Environmental Impact
Study for the vora/Elvas section, the contract award for preparing the Preliminary Study for the
vora/vora HS (High Speed) section;
Railway branch link to the (Siderurgia Nacional) National Steel and Iron Plant, aimed at endowing
the Industrial Complex of Siderugia Nacional with a rail link belonging to the national railway, thus
contributing to improve accesses and to increase competitiveness;
The contract works for the Multimodal Terminal of Cacia and for the 1st stage of the rail link to the
Port of Aveiro, to foster multimodality and railway transport in domestic and international links,
especially with Spain;
The first construction stage of the Alccer do Sal alternative route;
The various contract works on the Minho, Douro, Oeste, South and North Lines to renew and
rehabilitate the infrastructure;
Rehabilitation of the Rossio Tunnel, by awarding the contract work to complete the construction 6
work and specialised work in January 2007, consequent to which the tunnel was reopened to
traffic in February 2008;
Completion of the renovation work of the Rossio Station
building, one of Lisbons most emblematic stations. With this
intervention, it was possible to recover the original structure
and simultaneously create new service areas. Its central
Estao do Rossio
location and key role in urban train transport gives this station
a prominent place in the railway network that deserves special attention by REFER proportional
to its relevance. Consequently, negotiations are in progress to concession shops, restaurants
and offices at this station.
Adapting the Santa Apolnia Station to the new subway station by improving the buildings roof,
faades and platforms will be a means of providing better client service. Consequent to the
buildings rehabilitation and in order to enhance the station, REFER placed the premises under a
concession to create shops and restaurants which will begin operating in 2008.
Work continued to place the north line in Espinho underground, thus creating better operation
conditions;
The contract award for the alternative route of the Minho line, in the city of Trofa, within the
framework of the Porto Vigo links.
The investment in telecommunications in 2007 by participating in integrated projects involving
various specialties, maintaining pace with the preparation of projects to suitably meet railway
operation needs and to maintain pace with evolving networks and systems. The measures to
eliminate aerial telecommunication lines by installing optical fibre wiring also began in the
sections of Tua/Mirandela, Vila Real de Santo Antnio, Tua/Pocinho, Covilh/Guarda and
Abrantes/Portalegre;
In 2007, the company invested 336 million, which was covered by EU funds in 21% ( 70.6 million),
by PIDDAC (Central Administration Investment and Development Program) by about 1.5% ( 5 million)
and by other financing sources in 77.5% ( 249.9 million). Like in previous years, since overall
contributions by PIDDAC and by E.U. Funds have been
decreasing, loans have been the main means of financing
investments, with the consequent negative impact on financial
expenses.
investments on a lifecycle basis. In 2007, the company was able to define a management
information organisation structure covering fixed assets that will thus provide a common means of
determining the value, cost and performance of the infrastructure during its lifetime. This means
represents the starting point for characterising an integrated management vision of REFERs 7
infrastructures.
As for quality, REFER remains committed to ensuring that the Quality Management System (QMS)
currently implemented and certified according to standard ISSO 9001:2000 applicable to
maintenance activities, in particular at the countrys Centre Operation Unit and at the North Operation
Unit will continue to be adapted and improved, in addition to the intrinsic dynamics of implementing
the processes associated to the Quality Management System.
The year of 2007 was the turning point for REFER's information systems. The company internationalised
its activities which, until then, were rendered by third parties, and participated in various critical
processes such as billing to operators (special trains, commercial stops at stations, manoeuvre
services, parking, etc.), prepared runs (schedules) for special trains (non-programmed), implemented
the automatic data input for information graphics regarding Service Orders from the SAP and also
developed alarm solutions (hot boxes).
It was also a year for launching the new platform to develop geographic information systems which
opened a window to new possibilities. The company was also able to fulfil major initiatives such as the
standardisation/compatibilisation of the various high-speed sections that recently culminated in the
availability on the Internet of the so-called preventative measures on the Lisbon-Madrid axis.
In 2007, we highlight the review of REFER's Environmental Policy in order to include new guidelines for a
better focus on its scope, with emphasis on the railway networks maintenance and operation.
At the end of 2007, about 55% of the universe of track previously lacking environmental monitoring
was subject for Environmental Impact Monitoring Evaluation.
On 23 April 2007, the company also submitted its Strategic Noise Chart (SNC) for the Cascais Line to
the Portuguese Environment Agency, making REFER the first entity to submit a plan in compliance with
the new legislation. As a complement, new cartography surveys were
completed covering 90% of the total track length, with over 60,000 runs per
year. The remaining 10% of surveys were awarded through a contract.
A number of factors related to fauna and flora are worth noting. The Institute
of Nature Conservation and Biodiversity (ICNB) challenged REFER to join the
Obras Variante de Alcacer
Business & Biodiversity program launched by the European Commission. The
program is part of a broader United Nations goal to halt the loss of biodiversity until the year 2010. As a
complement to this goal, 2007 will see the start of two investments to take place in nature protection
areas, that is, the work for the Alccer do Sal alternative route and the railway link to the Port of Aveiro.
Lastly, we point out the Green Building (Edifcio Verde) project, an initiative by
Quercus, a non-governmental environmental organisation (NGEO), which proposed
that REFER rehabilitate the Sacavm Station and transform it into a model of
sustainable construction based on an already-existing building. As such, an initial 8
protocol was signed between the parties on September 19 to qualify the said NGEO to operate the
sites potential. If the necessary conditions are met, the said building will be used as this organisations
national head offices.
the state and REFER, specifying rights and obligations by both parties in relation to the construction,
maintenance and operation of the railway infrastructure. This proposal arises from the general transport
policy of the supervising ministrys guidelines and is meant to fulfil the objectives stipulated in the
Strategic Guidelines for the Railway Sector to progressively outsource the public service rendered by
the infrastructure manager until 2010. In accordance with the aim to allow private operators to
participate in railway operations and to implement high speed in Portugal, the REFER Board of Directors
hopes to have helped define an efficient and sustained management framework for the national
railway structure.
Lastly, we point out the companys economic-financial performance and its future sustainability. As is
known, only one part of infrastructure management activities are paid by tariffs charged to passenger
and cargo railway operators. The other part, safeguarding the operation's efficiency, should include a
public contribution, which is still not the case. Moreover, the construction and maintenance of the
infrastructures have been financed through loans. Consequently, today REFER has an accumulated
debt of over 4 billion euros, whose cost is included in the financial statements. For a sustained and
efficient future in which management may be responsible for results, we believe that it is essential to
search for a economic and financial sustainability framework for the company.
Having defined the activities framework and by counting on the support that we have always received
from the ministry, on the dedication and performance of our employees and on the support of other
control and regulatory entities, it will be possible to build a stable future for REFER.
10
2 GOVERNING BODIES
A
ccording to Decree-Law 104/97, of April 29, the main goal of REFER E.P. is to provide a public
service of managing the national railway network. The companys goals also include:
i. The construction, installation and renovation of the infrastructures which includes,
in particular, the respective studies, planning and development.
ii. Circulation command and control and the promotion, coordination and development of
all activities related with railway infrastructures.
iii. Complementary or subsidiary activities to the main goal.
PROVIDE A COMPETITIVE
COMPETITIVE TRANSPORT INFRASTRUCTURE
INFRASTRUCTURE BY MANAGING
MANAGING AND DEVELOPING AN EFFICIENT AND SAFE RAILWAY
RAILWAY
ENVIRONMENTALLY FRIENDLY."
NETWORK THAT IS ENVIRONMENTALLY
To carry out its activities, REFER split its organisation to suit the two aspects of its mission, but always
keeping in mind that its main goal is to provide a public infrastructure management service. However,
the whole corporate and administrative structure serves each activity indistinctively.
In addition to the activities covered by its missions infrastructure management and investment
11
management REFER, in performing its normal operations, also carries out other complementary
activities.
According to its official objectives, REFER operates in two complementary business areas:
Infrastructure Management and Operation, as a public service provider managing the National
Railway Network infrastructures, which includes capacity management, infrastructure
conservation and maintenance and the management of the respective command, control
and safety systems;
Other Activities
Activities such as construction, installation and management of interfaces with the services
of other transport modes, using the spaces to enhance assets.
The following table illustrates the strategic goals for 2008 as defined by REFER in the Activities / Budgets
Plan:
As for compliance with goals stipulated for 2007, we highlight that, of the total investment planned for
2007 of 554,975,488 euros,
euros only 335,512,439 euros were carried out, for a 60% realisation rate.
rate
The deviation of 219,463,049 euros compared with the approved budget, was essentially due to
delays/reformulations of various projects, of which we point out those with the highest deviation:
Various Lines (-
(-62,156,808 euros compared with 145,713,655 euros which were approved):
Delay in the completion of the Lisbon Operation Command Centre caused by the reformulation
of the Exterior Finishing Work Project, the delay in the work for the Port of Sines / Spain link due to
an analysis of alternative routes to the Pk94 / Casa Branca link (including Bombel / vora), the
delay in performing the telecommunications work caused by lengthy tender processes to install
12
the optical fibre, delay in awarding some contracts works to overcome Network Capacity
Constraints and the RCT+TP (Traction Current Return + Protection Earthing) regulations;
North Line (-
(-47,990,022 euros compared with 136,988,068 euros which were approved): Delays
in closing the accounts of some contract works and in
awarding track contract awards in sub-section 1.2/1.3-Al
1.2/1.3-Alhandra / Entroncamento-Trecho Vila Franca
de Xira / Vale de Santarm and the track distortion on
sub-section 2.3 Trecho Alfarelos / Pampilhosa,
Santarm reformulation of the Preliminary Study for the Alternative
route of Santarm and suspension of the contract work for signalling and telecommunications of
sub-section 2.3 Trecho Alfarelos / Pampilhosa;
New Line (-
(-37,107,421 euros compared with 58,180,549 euros which were approved): Delay in
completing the contract works to build links to Siderurgia Nacional (Steel and Iron Plant) and the
Cacia Multimodal Terminal;
South Line (-
(-24,768,309 euros compared with 54.347.556 euros which were approved): Delay in
completing the contract work for the Alccer alternative route due to the delay in the
authorisation to cut down cork trees.
13
This chapter will list the external and internal regulations to which REFER is subject:
Legal Code for the Land Transport System, Law 10/90 of March 17, the land transport system
includes the infrastructures and production means assigned to land travel by persons and
merchandise within the Portuguese territory or when the trip ends or has part of its route within the
said territory and is governed by this law, its underlying decree-laws and regulations.
On 29 April 1997, Decree-
Decree-Law 104/97 was published that created REFER, E.P.
REFER, whose share capital is 100% held by the state, is governed jointly by the Ministry of Finance
and the Ministry of Public Works, Transport and Communications. REFER carries out activities to fulfil
its goals, according to the principles of modernisation and effectiveness, to regularly and
continuously render a public service of managing the national railway network infrastructures.
According to what was established, REFER:
May perform all necessary or convenient management acts to fulfil its objective;
Is entitled to the rights and holds the responsibilities assigned by the applicable legal
provisions and regulations covering the public railway domain.
Decree-
Decree-Law 299-B/98 published on 29 September 1998, created Instituto
Nacional do Transporte Ferrovirio (INTF) (National Railway Transport Institute)
which regulates and inspects the railway sector, supervises activities and
intervenes in public service concessions.
Decree-
Decree-Law 568/99,
568/99 of December 23, revises regulations applicable to level crossings, approved
by Decree-Law 156/81, of June 9, and establishes the obligation to prepare multi-year plans to
eliminate level crossings. It was amended by Decree
Decree-
ee-Law 24/2005, of January 26.
26
For contracting purposes, REFER is covered by Decree-Law 223/01, in the specific case of contract
works, and everything not regulated therein is covered by Decree-Law 59/99.
Decree-
Decree-Law 93/2000,
93/2000 of May 23, establishes the conditions to be met in the national territory to
obtain interoperability of the trans-European high speed railway system (transposes Council
Directive 96/48/CE, of 23 July 1996). It was altered by Decree-Law 152/2003, of July 11, which
14
rectifies omissions detected in the transposition of Council Directive 96/48/CE, of July 23, carried
out by Decree-Law 93/2000, of May 23.
Decree-
Decree-Law 270/2003,
270/2003 of October 28, was published in October 2003 and transposed to national
law Directives 2001/12/CE, 2001/13/CE and 2001/14/CE, normally called 1st Railway Package to
open the railway transport market to participation by private companies, thus guaranteeing a
number of criteria regarding technical, financial and safety capacity (altered by Decree-Law
146/2004, of June 17).
Decree-
Decree-Law 276/2003, of November 4,
4 stipulated the new legal policy applicable to assets of the
public railway domain, including rules on the respective utilisation, disfranchising, exchange and
the rules applicable to relations of bordering proprietors and of the population in general with
those assets, legislative authorisation given by Law 51/2003, of August 22.
Consequent to what was stipulated in this legal statute, REFER prepared and published, in this year,
the first edition of the Network Directory
Directory which provides railway transport companies with essential
information for their access to and utilisation of the national railway infrastructure managed by
REFER and open to railway transport.
Decree-
Decree-Law 24/2005, of January 26,
26 alters the Level Crossing Regulations approved by Decree-
Law 568/99, of December 23.
In March 2005, INTF published Regulation 21/2005 covering the user fees applicable to services
rendered to operators by the infrastructure manager.
Decree-
Decree-Law 156/2005,
156/2005 of September 15, establishes the obligation for all goods and service
providers that maintain contact with the general public to maintain a complaints book.
As an issuer of securities, REFER must publish all the information stipulated in the Securities Code
and in the Securities and Exchange Commission (CMVM) Regulations 4/2004, of 11/2005,
11/2005, in
reference to the application of the IFRS.
Decree-Law 200/2006 created IMTT - Institute of Mobility and Land Transport,
Transport
merging various entities, including the INTF - National Railway Transport
Transport
Institute.
Institute
Council of Ministers Resolution 49/2007 defined the Good Governance principles for the state's
corporate sector companies.
15
The following table illustrates the most relevant contracts with companies in the REFER Group during
2007:
(Euros)
Advertising 895.221,00
2.391.910,00
1.759.086,00
1.725.773,00
Loans to INVESFER bear interest at the 12-month Euribor rate + 0.5%. Part of the loans from 2006 was
reconverted into share capital in 2007.
16
For contracting purposes, REFER E.P. is covered by Decree-223/01, in the specific case of contract
works. Anything not regulated therein related to contract works is covered by Decree-Law 59/99.
In 2007, REFER applied internal contracting procedures centralised in the Contracting, Procurement
and Logistics Department to all contractual procedures applicable to the contract works or rendering
of services to be carried out through a contractual process or direct agreement, whose estimated
value is equal to or greater than 125,000.
The following table lists the suppliers whose invoices were greater than 1 million, and which represent
88% of total invoicing:
(Euros) (Euros)
THALES - Security Solutions and 41.535.432 DHV FBO - Consultores S.A. 2.636.738
SOPOL-Soc Geral de Construes e 30.617.132 Efacec - Servicos Manut Assist SA 2.607.231
Ferrovias e Construes, S.A. 28.382.182 Geofer -Prod Com Bens Equipament SA 2.525.191
Dimetronic SA 26.940.093 Edifer-Const.Pires Coelho 2.374.909
SOMAGUE Engenharia SA 22.749.553 Expoland - Promoo Imob., S.A. 2.307.513
Mota - Engil, Engenhar e Construo 21.846.687 Petrleos de Portugal-Petrogal-SA 2.161.646
Refer Telecom Serv Telecomunic SA 15.370.952 TECNOVIA-Sociedade de Empreitadas 2.026.702
FERBRITAS-Empreend. Ind.Comrcio SA 14.656.298 Metropolitano de Lisboa EP 2.010.258
Neopul - Soc Estudos Construes SA 12.505.239 Alves Ribeiro, S.A 2.007.004
TECNASOL-FGE Fundaes Geotecnia SA 9.687.498 Ramalho Rosa Cobetar Soc. Constr.SA 1.988.206
Teixeira Duarte-Eng. Construes SA 9.230.159 GIL - Gare Intermodal de Lisboa SA 1.908.379
CP-Caminhos Ferro Portugueses, EP 9.176.158 Bombardier Transportation Portugal, 1.658.698
Socied.de Const. Soares da Costa SA 8.858.001 EDP Distribuio Energia SA(Porto) 1.594.490
BRISA Engenharia e Gesto, SA 6.931.021 AVS-Corretor Seguros , SA 1.553.394
Futrifer-Indstrias Ferrovirias SA 6.917.317 Railtech International 1.533.205
Obrecol - Obras e Construes SA 6.743.409 Ferrovial Agroman SA 1.528.011
Somafel-Eng.e Obras Ferrovirias SA 6.531.792 Consulgal-Consult Engenh Gesto, SA 1.488.077
Opca-Obras Publicas Cim Armado SA 6.428.106 Accenture, Consultores de Gesto, 1.485.808
EDP Distribuio Energia SA(Lisboa) 5.793.708 Joo Mata Lda 1.222.099
ArcelorMittal Espaa, S.A. 5.307.893 FUTRIMETAL-Ind e Com de Prod Metl 1.210.860
Fergrupo - Const Tecnicas Ferrov SA 4.835.802 EMEF -Emp Manutenc Equip Ferrov SA 1.201.295
Satepor-Indstria de Travessas de 4.740.380 TPF Planege - Consultores Eng 1.182.490
EFACEC - Sistemas de Electronica SA 4.646.719 ISQ - Inst de Soldadura e Qualidade 1.089.674
Promorail - Tecnologias de
Grupo 8-Vigilncia Prev Electr Lda
4.416.233
3.602.589
ZAGOPE-Constr. e Engenharia, S.A.
RAILTECH PORSOL
1.066.373
1.050.805
17
INTF - Instituto Nacional 3.455.598
An annex includes the contracts signed in 2007 and whose value exceeded 125,000.
Annexes:
Annex I Contracts that were not signed through a public tender (Direct Agreement)
Annex II Contract works whose value exceeded 125,000
Annex III Rendered services of a value exceeding 125,000
Annex IV Supplies exceeding 125,000
GOVERNING BODIES
According to its statutes (Decree-Law 104/97 of April 29), the governing bodies of REFER E.P. includes a
Board of Directors and an Audit Committee.
BOARD OF DIRECTORS
The Board of Directors generally performs all acts necessary to manage and develop the company
and to manage its assets without loss to the powers by the respective supervising ministries" (Decree-
Law 104/97 of April 29).
BOARD MEMBER
ROMEU COSTA REIS
BOARD MEMBER
ALBERTO JOS ENGENHEIRO CASTANHO RIBEIRO
BOARD MEMBER
CARLOS ALBERTO JOO FERNANDES
AUDIT COMMITTEE
The audit committee has the following duties, without loss to the powers assigned to it by law: Audits
the companys management and its compliance with the respective regulations, ensuring that it fulfils 18
the goals stipulated in the annual budgets; Issues an opinion on the documents presenting the
companys accounts, in particular by checking the accuracy of the balance sheet, the profit and loss
statement, the operating account and other elements to be presented annually by the board of
directors; issues an opinion on the annual report of the said board; issues an opinion about any issue
of interest to the company that is submitted to its assessment by the board of directors; informs the
competent entities about any non-compliance it detects in the company management; issues an
opinion on the legality and convenience of the acts by the board of directors in cases in which the law
requires its approval or agreement. (Decree-Law 104/97 of April 29).
AUDITING
According to contract 01/05/CA/EF Rendering of External Auditing Services to the REFER Group, the
Audit Committee is assisted by:
EXTERNAL AUDITING
PRICEWATERHOUSECOOPERS & ASSOCIADOS SOCIEDADE REVISORES OFICIAIS DE CONTAS, LDA.
19
Alberto Jos
BOARD OF DIRECTORS - Lus Filipe Melo e Alfredo Vicente Carlos Alberto Joo
Romeu Costa Reis Engenheiro Castanho
Remunerations 2007 Sousa Pardal Pereira Fernandes
Ribeiro
The Audit Committee consists of three members appointed by a joint order of the Minister of Finance
and the Minister of Public Works, Transport and Communications.
Currently, the President of the REFER Audit Committee has his mandate suspended.
Issuf Ahmad is the member representing the firm of chartered accountants, Barbas, Martins,
Mendona & Associados, SROC Lda.
(Amounts in Euros)
Remuneration
Base remuneration 11.406
Expenses on social benefits
Mandatory social security 2.709
Social Security regime Normal Regime
TOTAL 14.115
20
(Amounts in Euros)
Fees 52.330
TOTAL 52.330
The REFER Ethics and Conduct Code, approved in late 2006, made it possible to clearly disclose the
set of values recommended, applied and expected by the company. It fosters growing relations of
mutual trust with all its personnel, clients, suppliers, all public entities and, generally, with all
communities to which REFER renders its services directly or indirectly.
The Code of Ethics stipulates that the company must have an Ethics Committee, also appointed in
late 2006, whose main goal is to follow up, implement and disclose the REFER Ethics and Conduct
Code.
Among the main actions carried out by the Ethics Committee in 2007, the following are highlighted:
1. Measures to disclose the Ethics and Conduct Code, in particular:
a) Awareness actions for personnel of the various company areas;
Ethics ideas contest open to the companys personnel;
b) Writing of articles about issues related with the Ethics Code for publication in in-house
publications.
2. In-house control measures regarding compliance with the Ethics and Conduct Code evaluating
its effectiveness.
3. Analysis of issues that were raised regarding its objectives.
In this sense, the work carried out by the Ethics Committee and that performed by each of the
personnel in their respective positions has contributed to a culture of transparency and responsibility.
21
22
23
24
T
he Portuguese economy experienced a recovery in 2007, with clearly higher corporate
investment and a significant growth in exports of goods and services, despite the context of
growing unemployment. Additionally, in 2007 the Portuguese economy once again began to
balance out its foreign trade deficit. This recovery arose from a continued improvement in the
budget deficit and an ongoing moderate growth in private consumption. The lower private
consumption is likely to cause family savings to increase in 2007, thus reversing the trend in previous
years.
Exports 7,0
Imports 4,1
According to the Bank of Portugals current forecast, the economy is expected to recover. After weak
growth in 2005 (0.4 percent), the Gross Domestic Product (GDP) grew by 1.2 percent in 2006, and a
1.9 percent growth is expected for 2007. The current forecast calls for a 2 percent growth in 2008 and
2.3 percent in 2009, figures nearly the same as those forecast for the euro zone.
25
Current estimates indicate a growth in private consumption of 1.2 percent in 2007, a growth similar to
that in 2006 (which grew 1.1 percent). This slow progress is also due to the growing unemployment rate
and the slow creation of net employment, higher tax rates, in particular indirect taxes, and the falling
transfers to families, a component of available income typically associated with a higher willingness to
consume.
The Gross Fixed Capital Formation (GFCF) is expected to grow 2.6 percent in 2007, after successive
decreases in recent years, which implied a sharp decline of the role of the GFCF in the GDP.
As for the Portuguese economys financing needs, measured by combining the current and capital
accounts, todays forecasts indicate an 8.2 drop in the 2007 GDP to about 7.3 percent in 2008 and
6.4 percent in 2009. This trend essentially reflects the lower deficit in the balance of goods and
services, in particular of its non-energy component, within a context where domestic demand is
expected to grow less than that of Portugal's main trading partners.
The inflation rate, measured by the average annual change in the Harmonised Index of Consumer
Prices (HICP), is expected to decrease to 2.4 percent in 2007 (3.0 percent in 2006).
Following an employment growth in 2006, higher than what was expected in view of the economic
setting, estimates call for an employment growth of 0.2 percent in 2007, which somewhat inverted
that negative trend. The current forecast calls for a 0.5 percent growth in 2008 and about 1 percent in
2009, a trend in keeping with the economic recovery profile, within a context in which wage costs are
expected to grow more moderately than the average in the recent past.
As for REFER, the company carried out its activities in 2007 in an overall unfavourable economic
setting. In the areas in which REFER operates, the Portuguese governments budget restrictions are
particularly evident, regarding its contributions to investment activities and compensations for
operation costs for rendering a public service. The governments contributions fell very short of needs,
similar to the case in previous years, thus increasing the need to obtain loans and the company's
sharp structural imbalance.
26
27
4 ACTIVITIES IN 2007
R
EFER renders a public service by managing the overall National Railway Network infrastructure
and is therefore responsible for carrying out activities to meet its goals according to the
principles of modernisation and effectiveness by operating essentially in two business areas:
Investment consists of building, installing and renewing the infrastructure, an activity carried out
on behalf of the state (the assets are part of the public railway domain).
28
Electrified Non-
TOTAL TOTAL TOTAL
25.000V 1.500V Sub-Total Electrified
Electrified lines total 1,436 km, which corresponds to 51% of the total network with railway traffic.
Electrified Single
Track 25.000V
49% Electrified
51%
49%
30% Multiple Track
25.000V 29
Electrified
20% Double Track
15.000V
1% Non-electrified
Electrified Non-
Electrified
The Cascais Line was the first in the National Railway Network to have electric traction, where 1,500
Volts of direct current was installed and inaugurated in 1926. Only in 1956, that is, 30 years later, were
new electrification systems put in operation, for which alternating current was used at 25,000Volts/50
Hertz. Because of this circumstance, the Cascais Line previously had an electrification system distinct
from that of the remaining network.
In the first 39 years, electrification at 25,000 Volts was extended to 462 km of track. This length was
exceeded by the service start-ups in the last 5 years, thus revealing the investment being made in this
area, as shown in the following graph:
Electrified Line
2000
1500
1000
500
0
1996 1998 2000 2002 2004 2006 2007
At the end of 2007, 55.5% of the National Railway Network was equipped with sophisticated Speed
Control Systems (Convel and (Km)
During 2007, REFER performed its activities according to high quality and efficiency standards. As such,
it acted to guarantee good
infrastructure availability levels to
provide greater schedule stability
and to ensure a high quality service
to operators. It also implemented a
number of initiatives leading to
31
In some urban zones, fences were built to increase security, particularly in the Oeste Line, Algarve
Line and in the Faro/Vila Real de Sto. Antnio and Tunes/Lagos sections.
In the Algarve Line, in the Tunes/Lagos and Faro/V.R.S. Antnio sections, improvement work was
carried out involving, in particular, the replacement of wood crossties with double-block concrete
crossties, the replacement of ballast and TSDs.
32
4.1.2 OPERATION
CAPACITY MANAGEMENT
TK's Passengers 2%
In absolute terms, although the passenger service
increased the most in TK's, in relative terms the cargo service 79%
FERTAGUS in the National 683,000 TK's, essentially in passenger services 115,000 TK's, essentially in passenger services
2004 1.253
37.611
36.646
Operator Fertagus
Operator CP 33
Network yet. In this setting, CP plays
1.138
2003
a major role in rendering the 37.416
1.222
2002
operation as shown by the following 38.053
1.228
graph: 2001 38.686
PUNCTUALITY RATE
Either overall or related to REFERs responsibility, compared with 2006, the Punctuality Rate has
improved in all train categories, except for pendular trains.
When analysing the punctuality rates in 2007, emphasis goes to the weak performance in November
2007 by the train categories that, covered by the Lisbon operation command centres (OCC), had
their punctuality rates affected by this operation centres initial start-up problems.
100%
90 %
80%
60%
40%
20%
0%
Pendular International Intercity Inter-regional Regional Suburban Cargo
2006 2007
34
4.2 INVESTMENTS
OVERALL INVESTMENT VALUE
F inancial Coverage of the CAIDEP Investment in
2 007
fixed assets ( 1.6 million), general studies ( 3.6 Fundos Comunitrios Cap. 50 Outras Fontes
Sintra Line, R. Alcntara and Oeste Line (until Sabugo) 52.853 44.767 170 16.756 27.841 85%
Cascais Line 10.046 2.642 160 2.482 26%
North South Railway Axis (Chelas-Fogueteiro) 2.245 81 9 72 4%
North South Railway Axis (Brao de Prata-Chelas) 1.021 1.846 130 1.716 181%
North South Railway Axis (Coina-Pinhal Novo) 20.808 10.340 100 2.060 8.180 50%
North South Railway Axis (Barreiro-Pinhal Novo) 10.284 7.252 170 2.817 4.264 71%
North South Railway Axis (Pinhal Novo-Setbal) 8.291 2.656 50 594 2.012 32%
Minho Line (Porto - Nine) 22.611 13.117 300 209 12.608 58%
Guimares Line 3.437 5.093 20 104 4.969 148%
Douro Line (Ermesinde - Marco) 15.149 13.636 150 2.807 10.679 90%
Braga Branch Line 4.396 6.280 10 1.819 4.451 143%
Intermodal Coordination
39.289
1.255
12.080
10.785
1.294
205
200
5
2.777
2.777
9.097
7.808
1.289
30%
27%
103%
35
Development of Regional and Interregional Accesses 28.022 6.027 391 777 4.859 22%
Beira Baixa Line Integrated Project 22.550 5.417 250 777 4.389 24%
Oeste Line Integrated Project 4.249 300 140 160 7%
Modernisation of the Algarve Line 1.224 311 1 310 25%
Transport System Safety, Quality and Efficiency 113.411 83.476 900 14.166 68.409 74%
Road Safety - elimination and reconversion of LCs 15.257 5.150 300 393 4.458 34%
Circulation Safety - operation command centres 38.616 29.840 200 11.188 18.452 77%
Other interventions on railway network lines 59.538 48.485 400 2.585 45.500 81%
500.000
Thousand euros
400.000
300.000
200.000
100.000
0
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Investment Realized
To modernise and develop the National Railway Network, within the scope of its investment activities,
REFER carried out various actions, of which we highlight the following: 36
Sintra Line
The two projects for Barcarena / Cacm were integrated and made compatible in 2007 by
launching a single joint contract work to quadruple the Sintra Line between km 13.750 and km
18.250, including the renovation of the stations of Barcarena and of Cacm." The respective
contract award was approved with a 42-month completion period and start of the work in 2008.
Rossio Tunnel
The Rossio Tunnel rehabilitation consists of a
structural intervention by building a closed section
of concrete inside the tunnel in a length of
Tnel do Rossio
Rede Ferroviria Nacional REFER, E.P.
approximately 1.180 km (maintaining the current circulation layout) and the construction of a
concrete platform with embedded track along the whole length (2.613 km), which will provide
access to road vehicles if necessary, and also consisting of a reinforcement member for the
tunnels structural stability.
Cascais Line
After a lengthy period without any major general interventions on the Cascais Line (the last track
renovation took place in the seventies), the various railway systems are now highly worn and
obsolete. In 2007, work was performed for a more detailed program and to consolidate the
work schedules, to be completed until 2012 as covered by the Master Plan for the Cascais Line.
South Line
Projects were completed for the Setbal Station that will be available for suburban service when
completed. Consequent to the completion and consolidation of the said projects, the
company launched the Public Tender for the Contract to Renovate the Setbal Station, which is
expected to begin in April 2008.
Construction of the Alccer alternative route will reduce the travel time between Lisbon and Faro
by about 10 minutes, increase the capacity by separating passenger and cargo traffic between
the alternative route and the existing section, harmonise the operation conditions with the
standards of the adjacent sections and will be eventually integrated with the Sines / Spain route.
38
LEVEL CROSSINGS
Strong growth in car traffic and increasingly faster trains have significantly increased the risk of
accidents at level crossings, thus making them one of the most disruptive parts of the railway operation
system.
The work to eliminate level crossings and to improve safety conditions, particularly by automating level
crossings, resulted in a lower accident rate. However, this reduction was less than desirable,
consequent to the higher flow of road traffic and the faster trains.
In 2007, about 14.7 million was invested, of which about 86% was paid by REFER, in the actions to
eliminate level crossings and to improve their safety (reclassification) either by building overpasses or
underpasses and access roads or by automating and improving the visibility of the remaining level
crossings.
1)
NORTH DELEGATION (DN) 11 --- 7.389.584
(1)
1.317.290
Town Councils (3) 4 1
(2)
1.595.157
EXTERNAL
ENTITIES
(2)
AENOR - Lusoscut --- 1 450.000
(1)
1.317.290
EXTERNAL ENTITIES - TOTAL 4 2
(2)
2.045.157
12.666.611 (1)
(2)
39
TOTAL 31 9 2.045.157
14.711.768
(1)
- Cost paid by REFER
2)
- Cost paid by external entities
3)
- Works with protocol between REFER and town councils
The work carried out and the associated costs to eliminate or reclassify these 40 level crossings were as
follows:
(Euros)
Work Eliminated LC Reclassified LC REFER Cost (1) External Cost Total Cost
(1) - Cost paid by REFER - Own works and protocols with external entities
Consequent to these actions and the awareness-raising and road traffic education campaigns, the
accident rate evolved as follows:
200
175
150
No. of accidents
125
100
75
50
25
0
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
TOTAL 144 144 154 119 123 113 105 102 72 68 66
Persons hit 22 17 25 15 17 18 15 18 14 11 17
Collisions 122 127 129 104 106 95 90 84 58 57 49
Years
Therefore, there were 2 less accidents involving hit pedestrians and collisions, when compared with
2006, and 78 less accidents since REFER was founded.
By late 2007, in the 2,838 km of the National Railway Network with traffic, there were 1,266 level
crossings, for an average density of 0.446 LCs/km broken down into the following types:
Type of LC Number
40
With Guard 91
Automated
Pedestrians 170
Subtotal 1134
TOTAL 1266
Since reducing the accident rate was the main goal, as stipulated in the Major Options of the Plan and
in the Strategic Guidelines of the Railway Sector,
of actions applicable to Level Crossings, to fulfil
the said goal, it is essential that these actions be
based on objective criteria according to the risk
associated to the existing level crossings.
As such, based on data characterising level
crossings and accident rates in past years, in
2007 a Risk Analysis was developed for all level
crossings located in lines with railway traffic,
whereby each level crossing was classified
according to its risk level.
Based on this classification, the counties were
split into risk levels.
41
42
5 ENVIRONMENT
I
n 2007, it is worth highlighting the new edition of the REFER Environment Policy. The policy now
stipulates the principle of compensation for environmental impacts, which is added to the already
applicable prevention principle. Similarly, the company also redefined the mission and attributes of
the Environment Department based on an organisational model focussed on progressively creating
a network of Environment Operation Supervisors (EOS). That strategy is feasible because REFER has a
good knowledge base about its environmental support needs which were placed in writing and
grouped according to the main work processes. Central management is responsible essentially for the
role of guiding the implementation of the various Environmental Policy guidelines, for harmonising
processes, priorities and means of action and also for directly managing processes which are
strategically important for REFER's activities.
Within the specific context of 2007, emphasis goes to key processes, Environmental Management,
Impact Assessment and Environmental Management, Noise Management and Waste Management.
Environmental Management
Given the broad nature of this topic within the context of REFER's activities, it was felt that an effort
should be made to focus on structuring this field within operation/maintenance activities and that it
should be given priority within investment and support actions.
The company re-activated the project to characterise the main activities (for track catenary, signalling,
construction and low voltage) and a diagnosis program applicable to the Maintenance Centres.
Impact Assessment and Environmental Monitoring
The program to create monitoring plans is meant to fulfil the legal obligations arising from the
Environmental Impact Assessment (EIA) of the various projects, for which REFER checks the
implementation and effectiveness of the recommended minimisation measures. The company
completed the monitoring plans for the Minho Line (Lousada/Nine section), Braga Branch Line and
South Line (Pragal/Pinhal Novo sections, km 94/Ermidas and Ermidas Funcheira). Additionally, a
43
contract was awarded for another three track sections: the Guimares Line (sections of Sto
Tirso/Lordelo and Lordelo/Guimares); the Douro Line (Cte/Cade section); and the Beira Baixa Line
(Mouriscas/Castelo Branco section). These plans are in the final review stage. At the end of 2007,
about 55% of the universe of track previously lacking environmental monitoring was being subject to
environmental evaluation.
Noise
The company has continued to produce the Strategic Noise Charts applicable to lines and sections
with more than 60,000 runs per year, described in legislation as Major Railway Infrastructures (MRI). On
23 April 2007, the company also submitted its Strategic Noise Chart (SNC) for the Cascais Line to the
Portuguese Environment Agency, making REFER the first entity to submit a plan in compliance with the
new legislation. The modelling stage for the Sintra Line and Cintura Line has been completed, whereby
the Lisbon Santa Apolnia/Azambuja section of the North Line is in an advanced development stage.
Waste Management
Under its logistics reorganisation process, the company re-analysed the practice of selling recyclable
waste and, also, the means of contracting the services rendered for non-recyclable waste. The latter
has a more direct impact on the activities managed by the Environment Department. Emphasis goes
to the requirements necessary for managing the waste created from removing the roof of the Santa
Apolnia Station, for the strategy to manage fibrocement waste identified at the work to reinforce the
embankment in Vila Franca de Xira and for collecting lubrication grease waste from the maintenance
of track-switching devices and other equipment. Lastly, one of the work components that has
deserved greater attention relates to characterising potentially contaminated soil, with emphasis on
the work to characterise waste and liabilities associated to the work to connect the railway to Siderurgia
Nacional (national steel and iron plant) which produced results in February 2007.
Fauna and Flora Business & Biodiversity Commitment
A number of factors related to fauna and flora are worth noting. The Institute of Nature Conservation
and Biodiversity (ICNB) challenged REFER to join the Business & Biodiversity (B&B) program launched by
the European Commission. This program is part of a broader goal defined by the United Nations to halt
the loss of biodiversity until the year 2010. Another reason for maintaining this goal is that 2007 will see
the start of two investments in nature protection areas, that is, the work for the Alccer do Sal
alternative route and the railway link to the Port of Aveiro.
The CIBIO became (in April) the most recent link in the network of protocols signed between REFER and
universities and/or their Centres of Excellence. Its B&B commitment, signed on October 24, covers
three projects: the ecological continuum' project (which aims to research the potential of railway
paths as a means of linking habitats); the Ecological Recovery project for a salt pit in Vale do Sado;
and the Dunes Recovery project associated to the work to place the North Line in Espinho
underground. Lastly, the Green Building project, which is an initiative by the non-governmental
environmental organisation (NGEO) Quercus, proposed that REFER rehabilitate the Sacavm Station,
transforming it into a model of sustainable construction based on an already-existing building.
44
45
Passagem Desnivelada
Barreiro - Pinhal Novo
6 PROPERTY A SSETS
T
his departments activities include the National Ecotracks Plan submitted to town councils with
inactive railway corridors. During the year, protocols were signed for about 23 km of track corridors
to create Ecotracks. Currently, about 323 km are already under concession, from a total of nearly
700 km available for these activities.
Besides these protocols, another 23 protocols were signed with various public and private entities for
re-using and enhancing various buildings and land plots belonging to the public domain under the
management of REFER. Since these buildings and plots are no longer necessary for railway activities
and are not being used for any purpose, not only can they be re-used, but they can also generate
revenue in the future of about 137,000 / year at current prices.
In addition to the indicated protocols, others are currently in effect for the concession and utilisation of
public domain assets that generated about 1,100,000 during the current year.
This department also received about 870 processes from various town councils and private entities to
issue opinions on the licensing of construction works next to the railway track. Of these processes, 46
about 15% are requests to analyse various projects referring to licensing in zones where the high speed
network will be installed, requests which have been analysed jointly with RAVE.
For 2008, the National Ecotracks Plan includes preparing Preliminary Landscaping Studies for the
branch lines of Portalegre and Moura in order to implement those infrastructures on these channels.
The plan also calls for holding a Technical Seminar about implementing, building, maintaining and
managing Ecotracks. The organisers will invite various entities that have been involved in this type of
infrastructure such as universities, landscaping companies and the very municipalities. The seminar will
be held to ensure REFERs participation within the scope of the European car-free week.
Various studies to enhance property assets are also planned for 2008 and which will cover inactive
properties in various lines in Alentejo and Trs-os-Montes.
47
7 SAFETY
A
bout 2,100 trains circulate daily on the National Railway Network which, in 2007, corresponded
to about 40.5 million TK, a 3.6% increase over 2006. Most of the trains (about 80%) provide
passenger services.
REFER continuously strives to always ensure the safety of passengers, of its personnel and of the
personnel of railway operators and service providers. The company is also always concerned with the
safety of those who use level crossings. Additionally, safety measures are also implemented for
transported cargo, rolling stock and fire prevention in forests surrounding railroad tracks. Without loss to
good practises among the various participants in the railroad transport system, emphasis goes to
characterising situations of risk in order to apply risk-control preventative measures by implementing
corrective measures, thus contributing to increased safety and better cooperation between the various
entities.
However, to ensure effective safety, three essential aspects must be taken into account: compliance
with the railway regulations; actions in deteriorated situations and in emergency situations; and
maintaining a link with all interested external entities. The first two aspects depend somewhat on
compliance with regulations. These regulations, to the extent possible, are influenced by changes in
market regulations (domestic and foreign), and by technological advances of infrastructure
construction systems and by circulation management and control. Accordingly, ongoing updates
have been made to the Railway Regulations that, since REFER was founded in 1997, have been highly
implemented at all levels of the railway system, which has called for a constant renewal of structural
assets, whether human resources or technological resources. We highlight the service start-up in late
2007 of the e-Regulations application which now makes it possible to manage and prepare, approve,
publish and distribute the Operation Regulations completely through electronic means without
needing to distribute hard copies.
In accordance with Railway Regulations, the sector has experienced its greatest transformation since
48
the 90s through the newly presented, transposed and implemented E.U. legislation packages for the
railway sector. These packages aim essentially to create a network of railway transport at the European
level and to standardise systems and conventional technical equipment, thus creating a safer and
more sustainable interoperability among member states. The impact of these goals is felt in the way
the national railway networks of each member state are adapted and transformed to comply with this
European policy not only in terms of a European vision, but also regarding the national strategic
options. And it is within this scenario that Operation Safety complies with, promotes and contributes,
jointly with all entities with which REFER interacts, to improved operation capacity and intrinsic safety of
the National Railway Network.
In 2007, special relevance was placed on identifying significant accidents in order to have reliable
data for the Common Safety Indicators as they are currently defined in Regulation 91/2003 CE. This
accident identification policy, which has been implemented since 2004, was improved, in particular
by holding meetings with operators in the presence of the regulatory entity.
Note also that, at the end of 2007, about 80% of trains circulating on the REFER network were covered
by Automatic Braking systems and Ground-Train Radio.
Deteco de caixas e rodas quentes Additionally, the SDCRQ system (Overheated Wheels and
Axle Boxes Detection System) was strategically installed at
seven network sites to cover about 80% of the long-haul
traffic, and which began operating in October 2007. This
system has already made it possible to identify potentially
dangerous situations in rolling stock, which were immediately
controlled and eliminated, thus contributing to greater safety.
An obstacle detection system (ODS) began operating at a
level crossing on the Oeste Line. This system detects the presence of obstacles on the level crossing
and warns approaching trains through a light signal.
Thus in 2007, REFER reinforced the existing safety equipment by expanding the network covered by the
CONVEL and by introducing the new aforementioned systems, all of which have contributed to
prevent railway accidents.
In 2007, nearly 88% of significant accidents resulted from accidents at level crossings and persons hit
along the track and at stations and stops. In most cases, these accidents were caused by train users
and pedestrians who did not comply with safety rules and restrictions. The company must thus
maintain its current policy to eliminate and reclassify level crossings and to increase its control over
impropriate railway use by pedestrians.
Safety and health at work actions were based on compliance with the legal requirements and the
development of social responsibility principles. Accordingly, in addition to having provided medical
surveillance for workers, the company also significantly reinforced the evaluation and control of risks at
work sites, as well as training and information for workers. On the other hand, the company took
measures at some work sites and social facilities to improve the wellbeing of its employees. 49
As for activities regarding the safety of persons and goods, we point out the reinforcement of video
surveillance systems at train stations and at other critical areas of the infrastructure. The company also
implemented access control systems at the buildings with the highest employee occupation rates. To
increase the company's capacity to overcome emergency situations, REFER prepared four
emergency plans and various railway building evacuation plans.
50
8 HUMAN RESOURCES
CHARACTERISATION OF EMPLOYEES
I
n 2007, on average the company had 3,579 6000
The year of 2007 marked the development of Human Resources Management instruments regarded
51
as fundamental for the company's activities.
In July 2007, a new Career System took effect that replaced the 1999 Career Regulations. Some
fundamental changes resulted from applying the new system. The company implemented a policy
covering technical careers allowing for more flexible and personalised personnel management, which
promotes the trend toward individualising wages and introducing position distinctions within the various
technical career categories.
For non-technical careers, the company rationalised the career advancement system and updated
the base and top ranks within the various professional categories.
In 2007, the company re-applied its Performance and Potential Analysis System, an instrument that is
crucial for recognising and compensating personnel performance.
In 2007, the company also restructured the Training Model according to the personnel professional
development and knowledge development strategy at the company. The years main Training Plan
indicators will exemplify the initiatives carried out by the company. A total of 650 training actions were
held, corresponding to a physical attendance of 88%, in a total of 4,400 training hours that implied a
physical presence of 82% compared to what had been planned. These training actions involved
about 5,000 trainees. On average, 17 hours of training were attended per employee.
An Organisational Setting Diagnosis was also performed, which is a fundamental instrument for
determining how personnel perceive the crucial aspects of their activities at the company. This
diagnosis is used to make decisions about measures to improve the organisational setting.
In order to renovate and reinforce the companys technical staff, recruitment programs were carried
out that emphasised the acquisition of personal and technical skills appropriate for fulfilling each units
business goals which are critical for meeting the corporate strategy.
The in-house management, mobility and communication policy also attempted to maintain pace
with the companys needs.
Within this scope, we highlight the actions carried out to ensure the success of implementing the
Lisbon OPC, in particular to meet the needs for skills to make this facilitys start-up feasible and by
promoting the link between the company, employee representation entities and participating
personnel.
52
53
9 REFER SHAREHOLDINGS
R
REFER has shareholdings in a number of companies that were founded for the railway sectors
reorganisation, which began in the 80s even before REFER was founded, and that
complement railway infrastructure management activities.
REFER
INVESFER, SA FERNAVE, SA FERBRITAS, SA CP COM, SA
TELECOM, SA
99,99% 10% 98,43% 80%
100%
GIL, SA
33%
RAVE, SA
40%
METRO
MONDEGO, SA
2,50%
Of the REFER shareholdings, emphasis goes to the following companies in which the parent company
54
has a stake of over 50%.
Note that the company INVESFER, S.A., was subject to capital increases in 2007.
The following indicators in 2007 were the most significant in the REFERs affiliated companies:
(euros)
55
56
10 OUTLOOK
Establishing a stable, responsible and transparent framework in the relationship between the state and
REFER, by specifying the rights and obligations of both parties, in terms of infrastructure management
and investment in long-duration infrastructures (LDI), will undoubtedly be the goal to be met in the
medium term. As already stated, this goal complies with the Strategic Guidelines for the railway sector,
which points toward a progressive outsourcing of the public service rendered by the infrastructure
manager until 2010 and aims to contribute to defining an efficient and sustained management
framework for the national railway infrastructure.
As is known, the user fees paid by the railway passenger and cargo operators covers only part of the
railway infrastructure management costs. It is expected that the User Fees revenue will remain similar to
the amounts in 2007. The remaining revenue, safeguarding operation efficiency, should have a public
compensation, which is still not the case.
To improve operation efficiency, the company will maintain its efforts to rationalise its means and
resources. Accordingly, work will be maintained to implement an asset management process
enabling the company to analyse investments/maintenance based on the respective lifecycle.
In its investments in LDI, in compliance with the strategic guidelines by the supervising ministries,
investments will be maintained for measures to integrate the countrys main railway lines with the Trans-
European Transport Network (North Line, Sines - Spain, Alccer Alternative route), to develop urban
accesses (Lisbon and Porto metropolitan areas), to coordinate intermodal transport (links to ports and
industrial parks), to develop regional and interregional accesses (Beira Baixa Line, Oeste Line, Algarve
Line) and to ensure the safety, quality and efficiency of the transport system (OPC, elimination and 57
alteration of level crossings, among others).
The financing model for building of infrastructures must also be clarified, since REFER has been
financing a high percentage of these investments through loans.
58
I
n accordance with the provisions in force, it is proposed that the net income for the year a deficit
of 162,830,401 euros be transferred to retained income.
60
Assets
Non-current
Tangible fixed assets 7.1.1. 49.996.752 50.518.439
Intangible assets 7.2. 2.593.203 5.140.553
Investments in subsidiary and associated companies 7.3.1. 30.712.687 18.881.151
Financial assets available for sale 7.3.3. 0 46.181
Loans and receivables 7.3.4. 39.529.625 54.454.625
122.832.267 129.040.948
Current
Financial activities at the fair value through results 7.3.5. 0 54.000.000
Derivative financial instruments 7.5. 35.135.954 25.337.633
Inventories 7.4. 12.443.689 14.131.356
Clients and other receivables 7.6. 122.319.360 149.593.156
Receivable income tax 970.234 1.451.725
Cash and cash equivalents 7.7. 209.719 15.955.730
171.078.956 260.469.600
Total assets 1.358.558.886 1.198.597.660
Equity
Liabilities
Non-current
Loans obtained
Liabilities for retirement benefits
Provisions
7.9.
7.11.
7.12.
1.600.000.000
0
11.048.392
1.600.000.000
3.781
23.535.745
61
1.611.048.392 1.623.539.526
Current
Loans obtained 7.9. 480.679.653 176.144.102
Derivative financial instruments 7.5. 74.043.570 38.522.071
Supplies and other payables 7.10. 165.628.357 170.314.402
Payable income tax 7.13. 913.463 1.038.873
721.265.043 386.019.448
BOARD OF DIRECTORS
FINANCIAL DIRECTOR
CHAIRMAN Lus Filipe Melo e Sousa Pardal
62
NOTE:
REFER is not covered by IAS 33, and thus its results are not presented per share since its share capital
has the legal status of "Statutory Capital fully held by the Portuguese state and is thus not represented
by shares or by any other type of certificates.
Adjustments of
Share Capital Reserves Cumulative Results Total Equity
Financial Assets
64
2007 2006
Operating Activities
Receipts from clients 78.000.384 78.973.917
Payments to suppliers -141.177.801 -144.210.409
Personnel payments -104.983.742 -118.211.080
574.808.463 1.225.641.718
Payments for:
Loans obtained 86.320.868 808.925.741
Interest and similar costs 269.167.721 153.390.398
Others
355.488.588 962.316.139
Flow from financing activities (3) 219.319.875 263.325.579
Changes in cash and cash equivalents (4)=(1)-(2)+(3) -15.746.011 12.218.764
BOARD OF DIRECTORS
FINANCIAL DIRECTOR
CHARTERED ACCOUNTANT
VICE-CHAIRMAN Alfredo Vicente Pereira
(euros)
2007 2006
Description
Cash 21.204 21.535
Bank deposits 188.515 15.934.195
Liquid Funds in the Balance Sheet 209.719 15.955.730
66
1. ACTIVITIES
2. COMPANYS MISSIONS
ISSIONS
Since the company began applying the principles of the International Financial Reporting Standards
(IFRS), its Long Duration Infrastructure Investment Activities were separated from Infrastructure
Management:
REFER, EP obtains the necessary financing for its investments, as described above, through loans from
financial institutions, suppliers, capital contributions by the shareholder or by obtaining subsidies.
3. ACCOUNTING POLICIES
The accounting policies used to prepare these financial statements are described in the following
paragraphs and were applied in a consistent manner for the indicated years.
There are new standards, along with alterations and interpretations of existing standards that,
although already published, are of mandatory application only for annual periods starting on 1
March 2007 or on a later date, and which REFER decided not to apply early, particularly the
alterations/reviews regarding:
68
IAS 1 (review), presentation of the financial statements (to be applied for the years that begin
on or after 1 January 2009).
IAS 23 (alteration), costs of loans (to be applied for the years that start in or after 1 January
2009).
IFRS 2 (alteration), payments based on shares (to be applied for the years that start in or after 1
January 2009).
IFRS 3 (review), concentration of activities and IAS 27 (review), individual and consolidated
financial statements (to be applied to years starting on or after 1 July 2009).
IFRS 8, Operational Segments (to be applied to years that start on or after 1 January 2009),
which replaces IAS 14 and converges in the report per segments with US GAAP, SFAS 131.
IFRIC 11, IFRS 2 Operations with own shares (to be applied for years that start on or after 1
March 2007).
IFRIC 12, concession contracts (to be applied to years that start on or after 1 January 2008).
IFRIC 13 client loyalty programs (to be applied to years that start on or after 1 July 2008).
IFRIC 14 limitation of assets arising from defined benefits plans and their interaction with
requirements of minimum contributions (to be applied to years starting on or after 1 January
2008).
The acquisition cost exceeding the fair value of the companys shareholding in the identifiable
acquired assets, goodwill, is recorded in the value of the financial shareholding. The goodwill is
tested for impairment as part of the investment in the group company whenever there is an
indication of lost value.
If the acquisition cost is less than the fair value of the net assets of the acquired subsidiary, the
difference is recognised directly in the profit and loss account.
A significant influence is presumed to take place when the company has the power to exercise more
than 20% of the voting rights in the associated company.
These financial stakes are presented by the asset equivalence method, that is, the financial
statements include the company's stake in the total recognised gains and losses of the associated
company from the date on which the significant influence starts until the date on which it actually
terminates. The company's shareholdings in associated companies includes goodwill (net of losses
by impairment) determined on the acquisition date.
Tangible fixed assets designated as Long Duration Infrastructures belong to the Public Railway
Domain and REFER, EP, merely has access to render the "infrastructure management" services. The
said infrastructures are recorded in the balance sheet item "Long Duration Infrastructure Investment
Activities," since they are not qualified as assets controlled by the company. These assets, in addition
to acquisitions and constructions, also include the assets of disabled offices and properties
transferred from CP.
Tangible fixed assets are recorded by the acquisition and/or transfer values. The financial costs of
purchasing long-duration infrastructures (LDI) are capitalised during their lifetime and are part of the
cost of building state assets by REFER, E.P.
Maintenance and repair costs that do not increase the lifetime of these assets are recorded as costs
in the year in which they take place.
Gains or losses in the disposal of assets are determined by the difference between the assets
realisation value and its accounting value, and are recognised in the profit and loss account.
Assets acquired through financial leasing operations are depreciated according to the companys
policy for tangible fixed assets of the same type.
Instalment payments consist of the financial expense and the financial amortisation of the principal.
Expenses are assigned to the respective periods during the leasing term in order to obtain a constant
periodic interest rate applicable to the lessors remaining net investment.
The company has a variety of leased equipments, in particular administrative equipment (see note
7.1.1).
Depreciation
Depreciation is calculated based on the acquisition value by applying the equal annual amounts
method at the rates corresponding to each type of assets expected lifetime. The main annual
amortisation rates (in %) are shown in the table below:
Item %
Land Not amortised
Buildings and other structures 2 - 100
Basic equipment 3,33 - 100
Transport equipment 4 - 100
Tools and utensils 12,5 - 100
Office equipment 12,5 - 100
Other tangible assets 12,5 - 100
An assets lifetime is reviewed at the end of each year so that depreciation complies with the asset
consumption pattern. Alterations to an assets lifetime are handled as an accounting estimate
alteration and are applied prospectively.
Assets assigned to Long Duration Infrastructure Investment Activities are not subject to depreciation.
Amortisation
Amortisation
Amortisation is calculated based on the acquisition value by the equal annual amounts method
72
during a 3-year period.
Movements in the item of intangible assets and respective depreciation, indicated in the balance
sheet, are described in note 7.2.
and financial assets available for sale, according to what is recommended by IAS 39 - Financial
instruments.
When the amounts to be received from clients or other debtors and which have fallen due are
subject to a renegotiation of the respective terms, they are no longer regarded as due and are
handled like new credit.
Impairment losses correspond to the difference between the accounting value of the asset and the
current value of estimated future cash flows (taking into account the recovery period) discounted at
the effective original interest rate of the financial asset.
These assets are shown in the balance sheet, net of the recognised impairment.
REFER EP applies valuation techniques for unlisted financial instruments, such as derivatives, for
financial instruments at the fair value through results and for assets available for sale. The valuation
models used most frequently are discounted cash flow models and options models that include, for
example, interest rate curves and market volatility.
For some types of more complex derivatives, more advanced valuation models are used containing
presuppositions and data that are not directly observable in the market, for which REFER EP uses in-
house estimates and presuppositions.
3.8 Inventories
Goods, as well as raw, secondary and consumption materials are valuated at the lowest value
between the acquisition or production cost and the net realizable value.
The acquisition or production cost includes all purchase costs, conversion costs and other costs
incurred to place the inventories at the location and in their condition for use or sale. The net
realisable value is the estimated sale price during the normal period of activity minus the respective
sale costs, as stipulated in IAS 2 - Inventories.
Goods leaving the warehouse (consumption) are valuated at the average cost.
The cost is determined using the weighted average cost formula.
At its warehouses, REFER EP has materials to be applied for building tangible fixed assets in Long
Duration Infrastructure Investment Activities. These inventories are shown in the balance sheet in the
item Long Duration Infrastructure Investment Activities.
Hedge accounting
Hedge accounting is used whenever there is a relation between the hedged element and the
hedging instrument when the following conditions are met:
The hedging is identified and formally documented on the date when the hedge relation begins;
The hedging relation is expected to be highly effective on the transaction start date
(prospectively) and during the operations lifetime (retrospectively);
The effectiveness of the hedging may be reliably measured on the transaction start date and
during the operation's lifetime;
For cash flow hedging operations, it must be highly probable that the respective cash flow will
take place;
Hedging is evaluated on a continuous basis and effectively determined as having been highly
effective during the whole financial reporting period for which the hedging was assigned.
As of 31 December 2007, REFER does not qualify any of its derivative financial instruments as
hedging instruments.
Cash and cash equivalents include cash, bank deposits and other short-term investments, of high
liquidity and with initial maturities of up to 3 months.
Because of this situation, REFER, E.P., was obliged to establish a provision of 25,285,517 that was
used in the years to which it refers. This provision ended in 2007 (Note 7.11).
3.12 Loans obtained
Long-
Long-term and debenture loans
The company recognises long-term and debenture loans as a non-current financial liability
according to IAS 39 Financial instruments; these financial liabilities are recorded (i) initially by their
fair value minus transaction costs and (ii) subsequently at the amortised cost, based on the effective
rate method.
REFER, EP has negotiated loans to finance the building of long duration infrastructures. These loans
are recognised in the balance sheet in the item Long Duration Infrastructure Investment Activities
(Note 6.4).
Tg Base Fee defined in the Network Directory for each uniform group, according to the type of
service and type of traction used.
CKg Distance actually travelled by a train in each of the uniform groups that it crosses in its route.
The fees owed for rendering the essential services are charged in view of the whole capacity actually
used by each operator in the period covered by the invoice.
The amount to be paid by each operator depends on the type of train traction and the distance
travelled by the said trains between the service origin and destination, and the amount is determined
by the sum of the value of all sections travelled, determined by multiplying each sections length by
the applicable fee.
The invoiced amounts are subject to VAT at the legal rate in force.
If valid contracts were signed agreeing on the payment to REFER of any amount for services of
checking, invoicing and/or distributing power consumption, what is calculated according to the fee
regulations is taken into account until that amount is met.
b) Manoeuvres
Manoeuvre services are charged according to the mobilisation of human resources, in actual
minutes, and which may correspond to three professional categories: Manoeuvre Operator,
Circulation Operator or Circulation Controller.
The actual minutes are counted according to the actual time from the start of the mobilisation of
the human resources necessary for performing the manoeuvre activity until the time at which the
said human resources are available to perform another activity.
In the specific case of coupling and uncoupling, an average of 15 minutes per operation is taken
into account.
At stations where the services are available, but there is no specific crew at the site, the service
rendering time includes the travel time from the closest station with a crew.
The labour fees correspond to an average category price, determined based on the annual cost to
be applied regardless of the time period in which the services are rendered.
c) Parking of rolling
rolling stock
Parking on station lines not assigned to circulation for periods equal to or greater than 1 hour is
invoiced according to the following formula:
Te = 1.56 x H
Where:
Te the fee, in euros, for parking the rolling stock. This amount is subject to VAT.
H number of hours, rounded off by default, during which the rolling stock is parked.
Parking activities must be performed outside circulation lines used by routes for essential services.
In cases in which REFER exceptionally allows rolling stock to remain on circulation lines and until it
reviews the classification of the lines, a fee equivalent to the parking fees will be charged.
The fee is determined based on the conservation and maintenance costs of the infrastructures used, 80
that is, the lines not assigned to circulation.
The methodology was based on determining potential stops, which was based, first, on determining
the number of trains in each section corresponding to the usable capacity, subsequently taking into
account that the type of traffic found in the commercial schedule known on that date is maintained
for the purposes of determining the number of usable passenger trains. Lastly, to determine the
number of potential stops of commercial passenger traffic, it was determined that usable passenger
trains would comply with the stopping regime applied to the commercial schedule known on that
date.
The specified fees were determined based on the maintenance costs applicable to the passenger
support facilities, in particular waiting rooms, bathrooms and video surveillance equipment in
common areas.
Maintenance costs which are not included in the infrastructure user fee corresponding to essential
services are costs for cleaning, security, conservation and maintenance, including water and
electricity consumption. These activities will or will not be performed at stations/stops based on
agreement between REFER and the rail transport companies, and there is no systematic relation
between the listed activities and the indicated locations (for example, only some stations/stops have
security in waiting rooms, regardless of whether there may be other stations/stops classified under the
same category). If a rail transport company requests alterations to the services rendered at any
station or stop, the applicable rates are recalculated.
Other fees
The Network Directory, the railway regulations and the technical documentation necessary for
studying the capacity requests are given to the interested parties, by request and payment of an
amount corresponding to the publication cost. 81
3.16 Income tax
Income tax refers to current taxes. Income tax is recognised in the profit and loss account except
when related with gains or losses recognised directly in reserves, in which case it is also recognised
directly in reserves (IAS 12 Income tax).
Current income tax is calculated according to the tax criteria valid on the balance sheet date.
Deferred taxes are calculated, based on the balance sheet responsibility method, according to the
temporary differences between accounting values of assets and liabilities and the respective taxable
income. Deferred taxes are determined by using the rate in force in the year in which it is estimated
that the temporary differences will be reverted. Deferred tax assets are recognised whenever it is
reasonably safe that future profits will be generated from which the said assets may be deducted.
Deferred tax assets are reviewed annually and reduced whenever it is no longer probable that they
might be used in the future.
3.18 Subsidies
Investment subsidies assigned to REFER, EP, are recognised when it is reasonably certain that the
respective subsidy will be received. The subsidy is subsequently amortised in the proportion of the
depreciation of the subsidised tangible fixed assets in compliance with IAS 20 - State Subsidies.
Operation subsidies are recognised in the profit and loss account in the same period as when the
associated expenses are incurred, as of the moment when their receipt is probable.
Subsidies obtained for financing Long Duration Infrastructure assets acquired/built are recognised in
the balance sheet in the item Long Duration Infrastructure Investment Activities."
Geographical
Geographical segment
A geographical segment is a companys individual area committed to providing products or services
within a particular business environment and that is subject to risks and returns that are different from
those of the other areas that operate in other business environments.
On 31 December 2007, the national territory remains the only geographical segment.
The IFRS lay out a number of accounting processes and require that the Board of Directors issue
opinions and make the necessary estimates to determine the most suitable accounting process.
The main accounting estimates and judgements used as the basis for applying the accounting
principles are discussed in this note in order to facilitate its understanding and to demonstrate how its
application affects the results reported by the company and their disclosure.
Since, in many situations, there are alternatives to the accounting process selected by the Board of
Directors, the results reported by the company could be different if another type of processing had
been selected.
The Board of Directors believes that its choices are appropriate and that the financial statements
adequately reveal the companys financial position and the result of its operations in all materially
relevant aspects.
The results shown by the alternatives analysed below are presented only to help readers understand
the financial statements and are not meant to suggest that other alternatives or estimates are more
suitable.
This evaluation process is subject to various estimates and judgements. The alterations of these
estimates may imply determining different levels of impairment and, consequently, different impacts
on results.
Recognising income/revenue
Costs and income are recorded in the year to which they refer, regardless of when they were paid or
received, according to the accrual concept of accounting. The differences between receipts and
payments and the corresponding revenue and expenses are recorded in the respective items of
assets or liabilities depending on whether they are receivables or payables. Earned interest is
recognised according to the accrual concept of accounting, taking into consideration the amount
owed and the effective rate during the period until maturity.
The Board defines the principles for managing the risk as a whole and defines policies applicable to
the specific areas, such as the risk of interest rate, credit risk, the use of derivatives and other non-
derivative financial instruments, as well as investment of excess liquidity.
Impairment adjustments for accounts receivable are calculated taking the following into account:
The clients risk profile and its financial condition.
The following table provides a summary, on 31 December of 2007 and 2006, of the credit quality of
deposits, applications and derivative financial instruments with a positive fair value:
35.324.469 95.271.828
The applied ratings are those assigned by Standard and Poor's on the analysis dates.
85
(euros)
Loans Obtained
- Financial leasing
- Loans for investment activities 138.885.200 1.155.859.910 2.403.109.715
- Other loans 66.563.038 706.558.968 1.408.500.000
- Commercial paper 156.802.500
- Bank overdrafts 32.334.554
- Derivative financial instruments 7.203.137 18.229.225 28.104.310
31 December 2007
Loans Obtained
- Financial leasing
- Loans for investment activities 155.453.763 1.354.797.424 2.135.864.999
- Other loans 314.370.501 437.438.467 1.363.250.000
- Commercial paper 451.942.900
- Bank overdrafts 40.203.999
- Derivative financial instruments 21.427.807 32.403.581 46.931.679
-0,50% 0,50%
EUR 86.456.487 Euros -80.935.974 Euros
The balances indicated in the balance sheet as Long Duration Infrastructure Investment Activities
arise from investments in railroad infrastructures made on behalf of the state and include the
following assets and liabilities items:
i. Assets (LDI)
ii. Subsidies
iii. Working Capital
iv. Loans Obtained
2006
(euros)
Gross Assets
As such, 132,811,131 euros were capitalised, of which 127,859,758 euros are interest for bank loans
and the remaining refer to Surety Fees and Stamp Tax for the said financing.
Capitalised financing costs refer only to assets in Long Duration Infrastructures (LDI).
(euros)
01-01-2006 do Ano 31-12-2006
Interest 339.844.935 92.076.268 431.921.203
Surety fee 8.043.985 2.457.317 10.501.302
Financial Charges 347.888.920 94.533.585 442.422.505
6.2.1 Inventories
This item refers to warehoused materials of REFER, EP, to be applied for building railway infrastructures.
(euros)
2007 2006
(euros)
Current Liabilities
Suppliers of fixed assets, c/a
31-12-2007
75.706.435
31-12-2006
95.076.113
89
INVESTMENT ACTIVITY 75.706.435 95.076.113
6.3 Subsidies
Movements in subsidies
(euros)
31-12-2007 Opening Balance Increases Adjustments Closing Balance
Subsidies
Transferred:
From the extinct GNFL, GNFP, GECAF 678.085.773 - - 678.085.773
From CP ( Annex III and 2nd half year) 128.604.887 - - 128.604.887
From CP (Annex IV and V) 716.452.794 - - 716.452.794
Subsidies obtained:
PIDDAC (CAIDEP) 635.399.157 5.000.000 - 640.399.157
FEDER/IOT 417.429.411 49.847.732 - 467.277.143
COHESION FUND 704.080.240 83.881.064 - 787.961.304
DGTREN 1.725.185 - - 1.725.185
DGVII 10.259.003 2.790.104 - 13.049.107
Expo 98 31.147.349 - - 31.147.349
UE - Feder 7.101.823 - - 7.101.823
AP Lisbon 949.736 - - 949.736
INTF 158.713 - - 158.713
SETEP 8.479 - - 8.479
REN 2.418.465 - - 2.418.465
PRODOURO 67.338 - - 67.338
COPRNICOS 9.572 - - 9.572
AP Aveiro 373.529 - - 373.529
Others 15.000.000 15.000.000
(euros)
31-12-2006 Opening Balance Increases Adjustments Closing Balance
Subsidies
Transferred:
from the extinct GNFL, GNFP, GECAF 678.085.773 - - 678.085.773
from CP (Annex III and 2nd half-year) 128.604.887 - - 128.604.887
from CP (Annex IV and V) 716.452.794 - - 716.452.794
Subsidies obtained:
PIDDAC (CAIDEP) 630.890.756 4.508.401 - 635.399.157
FEDER/IOT 390.326.885 27.102.526 - 417.429.411
COHESION FUND 657.842.782 46.237.458 - 704.080.240
DGTREN 1.725.185 - - 1.725.185
DGVII 10.259.003 - - 10.259.003
Expo 98 31.147.349 - - 31.147.349
UE - Feder 7.101.823 - - 7.101.823
AP Lisbon 949.736 - - 949.736
INTF 158.713 - - 158.713
SETEP 8.479 - - 8.479
REN 2.418.465 - - 2.418.465
PRODOURO 67.338 - - 67.338
COPRNICOS 9.572 - - 9.572
AP Aveiro 373.529 - - 373.529
90
Reserves - Investment Activitiy 3.256.423.069 77.848.385 - 3.334.271.454
Others includes the participation by the Espinho Town Council based on its protocol with REFER for
placing the railway underground for crossing the city of Espinho on 30/07/2003. Note 3.18 describes
the policy for recognising subsidies.
6.4 Loans Obtained
The following table lists the loans assigned to the Investment Activities by REFER, E.P.:
INVESTMENT ACTIVITIY (euros)
2007 2006
Loans Obtained
Debts to credit institutions 2.511.222.280 2.491.871.855
2.511.222.280 2.491.871.855
91
fixed, reviewable
CP II B 19-09-1991 7.980.766,44 15-09-1997 15-09-2011 Annual 15-Set 3,930%
for 5-year periods
Tagus River Railway Crossing-C 26-11-1998 19.907.500,00 15-09-2004 15-09-2018 Annual 15-Mar 1st fixed disbur. 4,670%
Minho Line-A 26-11-1998 19.907.500,00 15-09-2004 15-09-2018 Annual 15-Mar 1st fixed disbur. 4,670%
15-Dez
15-Mar variable EIB,
CP III North Line-D 10-11-2000 25.937.490,65 15-09-2011 15-09-2020 Annual 15-Jun cannot exceed
4,928%
15-Set Euribor
15-Dez 3M+0,15%
15-Mar variable EIB,
Link to Algarve-A 08-10-2001 90.000.000,00 15-09-2012 15-09-2021 Annual 15-Jun cannot exceed
4,928%
15-Set Euribor
15-Dez 3M+0,15%
15-Mar variable EIB,
Minho Line-B 08-10-2001 59.855.747,65 15-09-2012 15-09-2021 Annual 15-Jun cannot exceed
4,928%
15-Set Euribor
15-Dez 3M+0,15%
15-Mar variable EIB,
CPIII/2 North Line-A 02-10-2002 100.000.000,00 15-03-2013 15-03-2022 Annual 15-Jun cannot exceed
4,928%
15-Set Euribor
15-Dez 3M+0,15%
15-Mar variable EIB,
CPIII/2 North Line-B 15-07-2004 200.000.000,00 15-12-2014 15-12-2023 Annual 15-Jun cannot exceed
4,928%
15-Set Euribor
15-Dez 3M+0,15%
15-Mar variable EIB,
Suburban 25-11-2004 100.000.000,00 15-06-2009 15-06-2024 Annual 15-Jun cannot exceed
4,928%
15-Set Euribor
15-Dez 3M+0,15%
"Schuldshein" Berlin-Hannoversche Loan 16-07-2000 250.000.000,00 04-08-2010 Bullet 4-Fev Euribor 6M 4,390%
SCHULDSCHEIN W/SURETY
Hypothekenbank 4-Ago
Euribor 6M -
"Schuldshein" ABN AMRO BANK Loan 03-04-2001 300.000.000,00 11-04-2011 Bullet 9-Abr 4,700%
0,03%
9-Out
"Schuldshein" WestLB AG Loan 02-10-2002 200.000.000,00 08-10-2012 Bullet 8-Abr Euribor 6M 4,736%
8-Out
2.511.222.279,93
2006
Amortization
Last interest
Item Signing date Owed capital Interest payment Interest rate
Start date End date Interval payment
Tagus Railway Crossing-C 26-11-1998 21.270.000,00 15-09-2004 15-09-2018 Annual 15-Mar 1st fixed disbur. 4,670%
21.535.000,00 15-Jun 2nd fixed disbur. 5,800%
39.807.663,54 15-Set 3rd fixed disbur. 3,650%
15-Dez
Minho Line-A 26-11-1998 21.270.000,00 15-09-2004 15-09-2018 Annual 15-Mar 1st fixed disbur. 4,670%
21.535.000,00 15-Jun 2nd fixed disbur. 5,800%
19.855.747,65 15-Set 3rd fixed disbur. 3,650%
EIB FINANCING
15-Dez
15-Mar
Variable EIB, cannot
CP III North Line-D 10-11-2000 25.937.490,65 15-09-2011 15-09-2020 Annual 15-Jun
exceed Euribor 3,650%
15-Set 3M+0,15%
15-Dez
15-Mar
Variable EIB, cannot
Link to Algarve-A 08-10-2001 90.000.000,00 15-09-2012 15-09-2021 Annual 15-Jun
exceed Euribor 3,650%
15-Set 3M+0,15%
15-Dez
15-Mar
Variable EIB, cannot
Minho Line-B 08-10-2001 59.855.747,65 15-09-2012 15-09-2021 Annual 15-Jun
exceed Euribor 3,650%
15-Set 3M+0,15%
15-Dez
15-Mar
Variable EIB, cannot
CPIII/2 North Line-A 02-10-2002 100.000.000,00 15-03-2013 15-03-2022 Annual 15-Jun
exceed Euribor 3,650%
15-Set 3M+0,15%
15-Dez
15-Mar
Variable EIB, cannot
CPIII/2 North Line-B 15-07-2004 200.000.000,00 15-12-2014 15-12-2023 Annual 15-Jun
exceed Euribor 3,650%
15-Set 3M+0,15%
15-Dez
15-Mar
Variable EIB, cannot
Suburban 25-11-2004 100.000.000,00 15-06-2009 15-06-2024 Annual 15-Jun
exceed Euribor 3,650%
15-Set 3M+0,15%
15-Dez
Suburban B 14-12-2005 100.000.000,00 15-09-2010 15-09-2025 Annual 15-Set Fixed Reviewable 3,615%
"Schuldshein" Berlin-Hannoversche Loan 16-07-2000 250.000.000,00 04-08-2010 Bullet 4-Fev Euribor 6M 3,335%
Hypothekenbank 4-Ago
SCHULDCHEIN W/SURETY
"Schuldshein" ABN AMRO BANK Loan 03-04-2001 300.000.000,00 11-04-2011 Bullet 9-Abr Euribor 6M - 0,03% 3,604%
9-Out
"Schuldshein" WestLB AG Loan 02-10-2002 200.000.000,00 08-10-2012 Bullet 8-Abr Euribor 6M 3,604%
8-Out
2.491.871.885
The loans from the EIB, Schuldshein ABN, Schuldshein Berlin and Schuldshein Westlb and Eurobond
06-26 were obtained exclusively to finance Long Duration Infrastructure investment projects.
Interest is paid every quarter, half year or year and at the end of the period.
Except for loans from Schuldshein ABN, Schuldshein Berlin, Schuldshein WestLB and Eurobond 06/26,
which will be fully paid at maturity, for the other loans the principal is reimbursed in equal and
consecutive annual amounts after the grace period.
All loans are covered by a state surety.
The table below shows amounts financed at a fixed rate on 31 December 2007:
Nominal Value
Item Owed Capital Fair Value Interest Rate
( ))
CP II B 29.927.873,82 7.980.766,44 8.036.308,05 4,83 % - Fixed
Tagur River Railway Crossing-C 25.000.000,00 19.907.500,00 20.002.116,66 4,67% - Fixed
25.000.000,00 20.242.500,00 21.538.186,02 5,80% - Fixed
843.280.766 771.420.325
Debenture loans
Within the terms of the Joint Order by the Secretary of State of the Treasury and Finance and the
Secretary of State of Transport, the state authorised the following debenture loan to be issued by
REFER, EP through Barclays Bank HSBC, JP Morgan, Socit Gnrale and Caixa Banco de
Investimentos in the amount of 600,000,000.00 euros.
94
7. INFRASTRUCTURE MANAGEMENT
7.1 Tangible Fixed Assets
Movements in the year in the Tangible Fixed Assets items and respective Depreciation items.
2007
(euros)
Opening Closing
Gross Assets Transf/Adj. Increases Disposals
Balance Balance
Tangible Fixed Assets
Land and natural resources 1.976.874 1.242 - - 1.978.116
Buildings and other structures 31.337.655 917.481 616.200 -586.925 32.284.411
Basic equipment 19.208.421 132.960 1.160.581 -4.547 20.497.415
Transport equipment 7.500.129 13.685 148.930 - 7.662.744
Tools and utensils 480.044 - 12.692 - 492.736
Office equipment 18.206.552 2.599.634 724.261 -3.707 21.526.740
Other tangible assets 439.730 - 12.293 - 452.023
Fixed assets in progress 11.397.217 -701.573 401.798 - 11.097.442
Total Gross Tangible Fixed Assets 90.546.622 2.963.429 3.076.755 -595.179 95.991.627
(euros)
Opening Closing
Depreciation Transf/Adj. Increases Disposals
Balance Balance
Tangible Fixed Assets
Buildings and other structures 6.124.175 -6.746 1.110.187 -1.041.564 6.186.052
Basic equipment 9.354.092 81.079 1.260.366 -1.258.529 9.437.008
Transport equipment 6.947.214 - 241.274 -226.360 6.962.128
Tools and utensils 463.879 -18.468 445.411
Office equipment 16.852.890 8.771.939 502.500 -3.451.822 22.675.507
Other tangible assets 285.933 - 45.894 -43.057 288.770
Total Net Tangible Fixed Assets 50.518.439 -5.882.843 -83.465 5.444.621 49.996.752
2006
(euros)
Opening Closing
Gross Assets Transf/Adj. Increases Disposals
Balance Balance
Tangible Fixed Assets
Land and natural resources
Buildings and other structures
902.325
29.507.789
1.454.120
1.819.724
268.194
10.139
-647.763
-
1.976.875
31.337.652
95
Basic equipment 18.196.466 646.792 367.697 -2.538 19.208.417
Transport equipment 7.495.472 944 36.289 -32.576 7.500.129
Tools and utensils 472.605 - 7.440 - 480.045
Office equipment 11.157.873 7.137.004 382.351 -470.676 18.206.552
Other tangible assets 439.325 - 407 - 439.732
Fixed assets in progress 9.857.961 -2.712.801 4.252.060 - 11.397.220
Total Gross Tangible Fixed Assets 78.029.815 8.345.784 5.324.576 -1.153.553 90.546.622
(euros)
Opening Closing
Depreciation Transf/Adj. Increases Disposals
Balance Balance
Tangible Fixed Assets
Buildings and other structures 5.002.319 - 1.121.856 - 6.124.175
Basic equipment 7.983.681 64.708 1.306.843 -1.140 9.354.092
Transport equipment 6.695.363 - 284.427 -32.576 6.947.214
Tools and utensils 449.067 - 14.812 - 463.879
Office equipment 9.265.182 4.591.944 3.466.294 -470.530 16.852.890
Other tangible assets 238.719 - 47.214 - 285.933
Total Depreciation 29.634.331 4.656.652 6.241.446 -504.246 40.028.183
Total Net Tangible Fixed Assets 48.395.484 3.689.132 -916.870 -649.307 50.518.439
465.908
Renovation work was performed to the facilities at Av. Fontes Pereira de Melo.
The companys facilities at Terreiro do Pao are those indicated in Joint Order 261/99 related with
"establishing the CP concession" and the respective improvement works which took place on
31/12/1999.
The Edifcio Arts building was subject to works to adapt the facilities and to install a data and voice
network.
All the assets are assigned to the companys activities.
On 31/12/2007, the company had leasing contracts with the following leasing companies:
2007
(euros)
Opening Closing
Gross Assets Transf/Adj. Increases
Balance Balance
Intangible Assets
Setup costs 154.561 - 154.561
Research and development costs 890.457 2.404 - 892.861
Computer programs 13.910.093 749.195 14.659.288
Trespasses - - -
Industrial property and other rights 1.812.700 891.385 - 2.704.085
(euros)
Opening Closing
Amortisation Transf/Adj. Increases
Balance Balance
Intangible Assets
Setup costs 154.561 - 154.561
Research and development costs 824.105 2.016 66.740 892.861
Computer programs 10.662.506 2.881.288 557.747 14.101.541
Industrial property and other rights 1.812.700 - 891.385 2.704.085
Total Amortisation
5.140.552
2.883.304
-2.256.978
1.515.872
-290.370
17.853.048
2.593.203
97
2006
(euros)
Opening Closing
Gross Assets Transf/Adj. Increases
Balance Balance
Intangible Assets
Research and development costs 1.034.211 10.807 - 1.045.018
Computer programs 14.262.396 -352.303 - 13.910.093
Industrial property and other rights 921.314 891.386 - 1.812.700
Fixed assets in progress 1.353.379 -1.050.291 1.523.525 1.826.613
(euros)
Opening Closing
Amortisation Transf/Adj. Increases
Balance Balance
Intangible Assets
Research and development costs 830.164 137.695 10.807 978.666
Computer programs 7.466.764 3.195.742 - 10.662.506
Industrial property and other rights 921.314 - 891.386 1.812.700
Details
Details of Shareholdings in Affiliated Companies:
(euros)
Result in the Balance Sheet
Companies Shareholding % Equity
Year Value
In the Group
FERBRITAS 98,43% 5.583.384 746.977 5.495.725
Empreend. Industriais e Comerciais, S.A.
Rua Jos da Costa Pedreira n11 - Lisbon
INVESFER 99,997% 6.359.265 -3.061.463 6.316.658
Promoo e Com. De Terrenos e Edif., S.A.
Palcio de Coimbra - Rua de Santa Apolnia n 51 - Lisbon
REFER TELECOM 100,00% 17.518.864 4.315.639 17.518.864
Servios de Telecomunicaes, S.A.
Estao de Santa Apolnia - Lisbon
CPCOM - Explorao de Espaos Comerciais da CP,
Av. Da Repblica, 90 Galeria Fraco 4 - Lisbon
CP , S.A . 80,00% 612.651 10.689 490.121
29.821.368
98
Associated Companies
RAVE 40,00% 2.228.297 -5.932 891.319
Av D.Joo II Lote 1.07.2.1, 1 Piso- Parque das Naes - Lisbon
GIL 32,98% -29.773.329 -3.220.014 0
Gare Intermodal de Lisboa, S.A.
Av.Marechal Gomes da Costa, n 37 - Lisbon
Other Companies
FERNAVE 10,00% -1.383.496 -1.740.073 0
Formao Tcnica, Psicologia Aplicada e Consultoria
em Transportes e Portos,S.A.
Rua Castilho n 3 - Lisbon
METRO MONDEGO 2,50% 1.249.052 -646.530 0
Praa 8 de Maio, 38 - Coimbra
0
29.821.368
The above information about subsidiary companies was taken from their respective financial
statements for the year under approval, and those referring to the company GIL are from September
2007 and those of Refer Telecom from November 2007.
As for the remaining companies, the values are not audited and provisory on 31 December 2007
and might thus be subject to some alterations. However, we believe that there will no materially
relevant alterations.
Financial
Financial assets
Credits and Financial assets liabilities at the Other financial Non-financial assets
at the fair value Total
receivables available for sale fair value liabilities and liabilities
through results
through results
31 December 2007
Assets
Cash and cash equivalents 209.719 209.719
Clients and other receivables 113.393.401 8.925.959 122.319.360
Derivative financial instruments 35.135.954 35.135.954
Loans and receivables 39.529.625 39.529.625
Financial Assets available for sale - -
Liabilities
Loans obtained -2.080.679.653 -2.080.679.653
Liability derivative financial instruments -74.043.570 -74.043.570
Shareholders -18.450.000 -18.450.000
Suppliers and other payables -144.250.882 -2.927.475 -147.178.357
Total financial liabilities - - - -74.043.570 -2.243.380.535 -2.927.475 -2.320.351.580
2006
Financial
Financial assets
Credit and Financial assets liabilities at the Other financial Non-financial assets
at the fair value Total
receivables available for sale fair value liabilities and liabilities
through results
through results
31 December 2006
Assets -
Cash and cash equivalents 15.955.730 15.955.730
Clients and other receivables 106.052.687 43.540.469 149.593.156
Financial assets at the fair value through results 54.000.000 54.000.000
Derivative financial instruments 25.337.633 25.337.633
Loans and receivables 54.454.625 54.454.625
Financial assets available for sale
Liabilities
176.463.042 79.337.633
46.181
46.181 - - 43.540.469
46.181
299.387.325
99
Loans obtained -1.776.144.102 -1.776.144.102
Liability derivative financial instruments -38.522.071 -38.522.071
Suppliers and other payables -167.997.150 -2.317.252 -170.314.402
Total financial liabilities - - - -38.522.071 -1.944.141.252 -2.317.252 -1.984.980.575
(euros)
Assets Available for Sale 2007 2006
The item of assets available for sale includes the following investments:
(euros)
Unlisted Entities 2007 2006
Fernave - 46.181
Metro Mondego - -
- 46.181
Impairment details
(euros)
Description 31-12-2006 Increases Decreases 31-12-2007
7.3.4 Loans
Loans and receivables
Summary of loans granted to companies in which the company has a financial interest and which
are not capital instruments of those entities:
(euros)
Loans made 2007 2006
FERBRITAS
INVESFER
997.861
38.531.764
997.861
53.456.764
100
39.529.625 54.454.625
The lower supplementary entries for INVESFER, in the amount of 14,925,000 euros, were converted
into a capital increase, according to the deed of August 2007. This capital increase was made solely
by REFER and thus its shareholding changed from 99.33% to 99.997%.
Loans to Invesfer bear interest at the 12-month Euribor rate + 0.5%. For the year of 2007, 1,454,637
euros in interest was recognised for the rendered financing (see note 7.19).
- 54.000.000
7.4 Inventories
(euros)
31-12-2007 31-12-2006
The item of raw, secondary and consumption materials refers to the various types of materials that
are incorporated in the investment and maintenance works for the infrastructures.
The production variation in 2006 refers to the sale of the Interrepblica Building and was broken down
as follows:
(euros)
2007 2006
Final stocks 0 0
0 -15.410.253
The adjustment for the depreciation of inventories of REFER, E.P., increased by 310,000 euros after
101
the stock inventory which is properly recorded in the item "Adjustments to Inventories and Accounts
Receivable" of the Profit and Loss Account.
Instruments that do not qualify as hedge accounting instruments are classified as negotiation
derivatives in the financial assets category at the fair value through results. Negotiation derivatives are
recorded in the balance sheet by their fair value and their variations are recognised in the financial
results. On 31 December 2007 and on 31 December 2006, the nominal value of the REFER, E.P.,
derivatives portfolio reached 3.1 billion euros and 2.7 billion euros, respectively, for an overall
financial liability of 4.6001 billion euros in 2007 and of 4.3 billion euros in 2006.
The table below shows the contracted value of existing derivatives:
31 December 2007
Nominal
Instrument Covered Coverage % Description Fair Value ()
( ) Amount Maturity
(million ))
Logo I 100% Change from the Eur6m in advance -5.667.734 250 31-01-2008
index rate to Eur12m in arrears
31 December 2006
Nominal
Instrument Covered Coverage % Description Fair Value ()
( ) Amount Maturity
(million ))
Logo I 100% Change from the Eur6m in advance -1.649.728 250 31-01-2008
index rate to Eur12m in arrears
Logo II 100% Plain vanilla 7.197.908 250 31-01-2009
Schuldshein BHH Plain vanilla 6.264.891 250 04-08-2010
Schuldshein ABN
Schuldshein West LB
Cap KO (Eur 6m < 5.80%)
Cap KO (Eur 6m < 6.00%)
7.448.243
4.200.826
300
200
11-04-2011
08-10-2012
102
Schuldshein West LB Flip swap -1.974.913 200 08-10-2012
Eurobond 05/15 Variable rate indexed at Max (6M -13.793.521 150 16-03-2015
Euribor; 6M CHF Libor) and limited by
10Y-2Y EUR Spread
Eurobond 05/15 Plain vanilla -179.260 150 16-03-2015
Eurobond 05/15 Plain vanilla 225.765 150 16-03-2015
Eurobond 05/15 10Y-2Y EUR Spread Rib -18.009.648 300 16-03-2015
Eurobond 06/21 Cap KO (Eur 12m < 7%) -2.915.000 500 13-12-2021
-13.184.437 2.700
31-12-2007 31-12-2006
Debits to clients include essentially user fees charged to entities that use the infrastructures (CP and
Fertgus) and also debits to CP for the supply of various materials, sale of scrap and services
rendered for commercial activities, manoeuvres, other services and computerisation of the rolling
stock.
The debt of those two entities is broken down as follows:
(euros)
31-12-2007 31-12-2006
CP 54.090.368 49.361.367
FERTAGUS 3.102.416 3.147.825
57.192.784 52.509.192
In this year, CP and FERTAGUS were invoiced a total user fee of 54,865,396 euros and 2,552,138
euros, respectively, which represented 80% of the value of rendered services.
The Other Debtors item consists of the following:
(euros)
31-12-2007 31-12-2006
In the Other Debtors item, about 25% of the balance is in favour of courts and are related with
expropriation processes. Infervisa, Metro do Porto, RAVE, the Municipality of Vila Franca de Xira and
Fernave comprise about 33% of the balance and refer to the sale of properties, concession
protocols for using public domain assets and the rendering of occasional services provided by
REFER. Nearly 5% refers to doubtful debt which is provisioned.
In Suppliers of Fixed Assets, about 91% of the balance refers to the value to be received from the
Town Council of Espinho referring to the protocol specified in note 6.3 in the "Others" item; part of this
amount is 4 months old 10,310,424 euros and the remaining value 5,440,466 euros was
debited on 31/12/2007.
The value shown in receivables from shareholders refers to interest on supplementary entries charged
to Invesfer from 2003 until 2007 (see note 7.3.4).
About 84.5% of the value of the item Amounts to be Settled refer to VAT in invoices of property
projects to be sold or commercially rented. This VAT amount may be deducted when the deed is
signed if the respective purchasers decide to subject the operation to VAT instead of IMI (municipal
property tax).
About 11% refers to VAT that was not subject to deduction, but which was nevertheless paid since it
referred to the Inversion of the Taxable Person.
The adjustment for other debtors refers to the balance of Benaterras 6,818 euros dating from
2001 to 2003, the balance of Aetur 22,070 euros which dates from 2003 to January 2006 and
the balance of O2 1,475,579 euros whose adjustment was set up in the current year, and refers
to the balance from 2004 to 2006.
Only O2 is subject to a lawsuit, whereby the value of the process is of 1,805,993 euros (including
interest). As for Aetur, the lawsuit was lifted and an attempt is being made to reach an extra-judicial
agreement.
In relation to Benaterras, the company intends to file a lawsuit in the amount of 8,226 euros (including
interest).
The table below shows the details of the recoverable tax item:
(euros)
31-12-2007 31-12-2006
Taxes to be recovered
VAT to be recovered 8.011.623 41.985.190
Social Security 330.516 319.412
8.342.139 42.304.602
In this year, the receivable VAT amount is much lower than in 2006 since, with the application of
Notice no. 30 101 of 24/05/2007 about the Inversion of the Taxable Person, in force as of 1 April 104
2007, the VAT amount referring to investments changed to a zero balance (REFER deducts and
liquidates the respective tax), although it was found that, due to the delay between the calculation
report liquidation date and the invoice receipt date deduction date results in the fact that, in
most situations, REFER must liquidate the tax before it can deduct it. On 31 December 2007, the VAT
amount to be deducted and which had already been paid reached 115,925 euros.
The amount owed to Social Security is justified since REFER is a centralising company and, as such, it
temporarily substitutes Social Security by paying employees in situations of sick leave/leave through a
medical certificate.
Current Loans
Debts to credit institutions 480.679.653 176.144.102
480.679.653 176.144.102
2.080.679.653 1.776.144.102
105
Item Signing Date Owed capital Interest payment Interest rate
Start Date End Date Interval
REFER Eurobond 2006/2021 30-11-2006 500.000.000,00 13-12-2021 Bullet 13-Jan Fixed - 4,25%
8-Out
LOGO Securities Loan 29-01-2003
"A1Loan" 250.000.000,00 30-01-2008 Bullet 31-Jan Euribor 6M + 0,40
1.600.000.000
2006
Amortization
Item Signing Date Owed Capital Interest payment Interest rate
Start date End date Interval
REFER Eurobond 2006/2021 30-11-2006 500.000.000,00 13-12-2021 Bullet 13-Jan Fixed - 4,25%
1.600.000.000
Logo Securities, headquartered in Jersey, on 1 January 2003 issued two debenture loans, within the
terms of the Offering Circular of 29 January 2003. These loans, in a total amount of 500 million euros,
were used to finance REFER, E.P.
On 31 December 2007, REFER had 430 million in Commercial Paper and about 60 million in
Bank Overdrafts.
21.479.167 23.778.508
In the item Advances for Sales, about 89% of the balance refers to the promissory sale contract
signed on 28/7/2000 to obtain Surface Rights over a plot to build and maintain a shopping centre
whose deed has not been signed yet but for which the company continues to receive the amounts
agreed in the Promissory Sale Contract.
In the Miscellaneous Creditors item, the entity Estao Viana - Centro Comercial, S.A. comprises 36%
of the balance, with amounts going back to July 2005 and which refer to the Property Valorisation
Project for land annexed to the Viana do Castelo Station.
About 74% of the balance in the Others item refers to union fees of employees paid in January 2008.
The Personnel account refers to Meal Pension and Pledged Amounts.
The Accrued Costs item essentially consists of interest to be paid for the debenture loan, holidays and
holiday subsidy, rents for facilities and various costs in 2007, which were not invoiced by the
competent entities until the end of the year, and also includes 1,204,300 euros regarding tangible
fixed assets integrated in 2007, of the wood crossties creosoting industrial establishment, through the
concession to the company TECNOCARRIL, a transfer that was stipulated in a contract signed
between CP and Ferrovias on 18/03/1993, whereby CP authorised Ferrovias to make the concession
to Tecnocarril on 30/03/1995 and REFERs contractual position consequent to D.L. 104/97, of
29/04/1997, and whose value would be included in the proportion of the respective amortisation.
Payable taxes
Social Security 2.186.811 1.988.351
Other taxes 431.988 311.061
2.618.799 2.299.412
On 31 December 2007, REFER, E.P., did not have any overdue debts to the state or other public
entities.
The Others item refers to Stamp Tax paid in January 2008.
(euros)
2007 01-01-2007 Increase Decrease 31-12-2007
Liabilities for
Pre-retirement 3.781 - 3.781 -
3.781 - 3.781 -
0,00
(euros)
2006 01-01-2006 Increase Decrease 31-12-2006
Liabilities for
Pre-retirement 85.883 - 82.102 3.781
(euros)
01-01-2006 Increase Decrease 31-12-2006
increase was made. The reduction of 7,513,061 euros refers to the annulment of the provision set up
for Invesfer after the capital increase.
Taxes to be recovered
Rec. corp. inc. tax 970.234 1.451.725
970.234 1.451.725
Payable taxes
Payab. corp. inc. tax 913.463 1.038.873
913.463 1.038.873
Of the total amount of corporate income tax (IRC), 420,000 euros refer to special payments on
account (PEC) from 2003 to 2007. In 2007, the special payments on account that were not
recoverable from 2001 to 2002, in the total amount of 2,993 euros, were settled by a counter-entry
of costs from previous years.
7.14 Sales and Rendered Services
(euros)
31-12-2007 31-12-2006
Utilisation of slots (fees) 60.720.093 54.728.768
Rolling stock manoeuvres/parking 4.128.902 4.032.245
Traction power 3.264.027 0
Use of stations and stops 2.004.389 0
Other services 1.896.772 4.205.055
Public information 932.753 0
Crossings 142.146 185.716
Conservation of private branch lines 123.307 75.194
Products 0 24.315.959
Operation of the railway complex 0 358.722
Telecommunications 0 338.400
Sales and Rendered Services 73.212.389 88.240.058
This item includes income from rendered services, with emphasis on the income for using the 109
infrastructures, that is, the railway infrastructure user fees, approved by the National Railway Transport
Institute and debited from CP and Fertagus.
This item also includes services rendered by company employees for railway circulation manoeuvres
and debited from CP and Fertagus, for using railway complexes.
(euros)
31-12-2007 31-12-2006
Subcontracts 75.542.238 69.686.550
Electricity 7.874.843 7.672.013
Specialised work 5.367.768 6.508.478
Surveillance and security 3.681.929 3.684.876
Rents and rentals 3.143.896 2.950.041
Communications 2.457.745 2.400.110
Conservation and repairs 1.615.705 1.763.330
Cleaning, hygiene and comfort 1.581.267 1.424.319
Insurance 1.524.509 1.651.750
Royalties 1.205.444 754.213
Fuel 1.149.004 1.152.813
Personnel transport 942.225 899.963
Water 493.216 454.185
Fees 398.352 457.797
Office materials 387.823 340.773
Travel and accommodations 282.085 245.900
Publicity and advertising 213.571 172.966
Others 200,000 euros 275.124 1.796.720
The Subcontracts item refers essentially to the subcontracting of track maintenance services,
signalling and telecommunications. The maintenance services of the telecommunications systems
are ensured mostly by Refer Telecom, a subsidiary company.
(euros)
31-12-2007 31-12-2006
Monthly wages 96.509 101.027
Seniority wage rises 8.760 9.426
Holiday pay and thirteenth month 18.615 20.029
Employer's contribution 31.851 33.621
Others 12.204 13.156
Expenses on Employee Representation
167.939 177.259
Structures
(euros)
31-12-2007 31-12-2006
Part-time (average number)
Union leaders 169 130
Commission and sub-commissions 20 17
Full-time
Union leaders 7 8
Commission and sub-commissions - -
During this year, the company spent 31,016,716 euros to settle accounts (RCM 149/2007), that is,
compensation indemnities received from the state.
The amount of 15,000 euros was also received for the 2nd instalment (the first was received in 2005)
for the NewTr@in project to develop training content in railway infrastructure or management areas
through e-learning.
Interest paid referred to debenture loans, medium and long term loans, interest on short-term credit
lines, interest on treasury applications of companies affiliated to REFER and also interest arising from
hedge operations (swaps). Treasury surplus arising from REFER group companies is managed by
transferring the respective surplus to REFER and remunerating it according to the principle of full
competition, for which the Transfer Price Policy is not applied (this management policy began in
March 2007). On 31/12/2007, RAVE had an application of 6,650,000 euros and Refer Telecom had
11,800,000 euros. This account also includes 1,454,637 euros referring to the remuneration of
supplementary entries assigned to Invesfer (see note 7.3.4). The Financial Applications Adjustment
value refers to Fernave, covering the adjustment according to the lost market value on 31/12/2007.
Our shareholding in Fernave, of 64,494 euros, is fully adjusted as is also the shareholding in Metro
Mondego of 26,875 euros.
Interest earned refers to interest arising from the hedge operations (swaps) and interest earned in
financial applications.
Losses in Group Companies and Subsidiaries refer to the adjustment of shareholdings in Invesfer, in
RAVE and in CPCOM.
Gains in Group Companies refer to the Asset Equivalence in relation to Refer Telecom and Ferbritas.
(euros)
Year Amount
2001 124.998.468
2002 118.234.573
2003 110.760.838
2004 144.237.869
2005 159.550.024
2006 201.701.575
859.483.347
89.356 133.393
8. STATEMENTS OF INTERNAL WORKS PERFORMED FOR LONG DURATION INFRASTRUCTURE INVESTMENT ACTIVITIES
(euros)
Item 2007 2006
( thousand euros)
Programs/Projects Estimate 2008
Investment in LDI
Integration of the Country's Major Corridors in the Trans-European
155
Transport Network
Intermodal coordination 51
Investment Commitment
10. GUARANTEES
There are 2,471,972,356 euros referring to surety provided by the state for loans from the EIB and for
loans from the banks of Berlin, ABN and WestLB.
On 31 December 2007, there were about 239,857,883 euros in Bank Guarantees Received from
Suppliers.
On 31/12/2007, the company had 2,930,976 euros in Bank Guarantees Received from
Clients/Debtors. These guarantees were used to guarantee proper and full compliance with the
concession contract in favour of REFER.
As the majority shareholder of Ferbritas, REFER signed comfort letters in favour of Banco Mello
covering Property Leasing Contracts / Medium and Long Term Financing up to the amounts of
4,239,782 euros and 498,798 euros, respectively.
Also as the majority shareholder of Invesfer, REFER is responsible for the letters of comfort signed in
favour of BPI covering the short term, medium term and long term credit and leasing of vehicles, up
the amounts of 274,339 euros, 39,904 euros and 67,116 euros, respectively.
115
11. CONTINGENCIES
Lawsuits
At the end of 2007, the legal proceedings in progress, referring to expropriations, reached a value of
4,884,487. This amount does not have an impact on the balance sheet.
In this case, deposits are made in the name of the court where the lawsuit is in progress. These
deposits are equivalent to the arbitrated amount and are safeguarded at the bank Caixa Geral de
Depsitos. Moreover, the resolution of these proceedings does not imply a cost to the company but
rather an investment in railway infrastructures. Besides these proceedings, there are also others
related with accidents at the infrastructures managed by the company, damages caused to third-
party properties, but for which the company is at fault, and some processes in progress in the Labour
Court covered by a provision.
Employer
Employer
Social Security Accessory Deductions for the Main Accessory Employer Deduct.
Board of Directors Position Main Remuneration Deduction for
Regime Remuneration CGA (civ. Serv. Remunerations Remunerations For Social Security
Social Security
Pens. Fund)
Lus Filipe Melo e Sousa Pardal Chairman Normal Regime 68.223 30.084 18.607 - 68.223 30.084 18.607
Alfredo Vicente Pereira Vice-Chairman Normal Regime 64.640 26.471 17.756 2.596 64.641 26.786 17.757
Romeu Costa Reis Member CGA 60.546 25.337 - - 60.546 25.497 -
Alberto Jos Engenheiro Castanho Ribeiro Member Normal Regime 60.546 25.647 16.784 2.671 60.546 26.430 16.784
Carlos Alberto Joo Fernandes Member CGA 60.546 25.647 - 60.546 25.481 -
Assigned Remuneration 314.501 133.187 53.147 5.267 314.502 134.278 53.148
Accessory remunerations to the Board of Directors include the subsidy for accumulating positions as
stipulated in Council of Ministers Resolution no. 29/89 of August 26, no. 17.
The Audit Committee was remunerated as follows:
(euros)
31-12-2007 31-12-2006
Employer Employer
Monthly Total Monthly Total
Deduct. For Deduc. For
Amount Amount Amount Amount
Soc. Sec. Social Secur.
The amounts shown as being paid to Salgueiro, Castanheira & Associados SROC, S.A., are 116
remuneration for specialised work.
Receivable balances
Payable balances
Purchased Services
Rendered Services
Receivable balances
Payable balances
Purchased services
Rendered services
IFRS 1 allows exemptions, in particular regarding the retrospective application of the IFRS, the
processing recommended by other standards of the IASB. On the transition date, REFER decided to
apply the following exemptions:
a) Valuation of tangi
tangible
angible assets
Tangible fixed assets held by the company on 1 January 2004 were revaluated before the spin-off of
118
the assets from CP and the assets of the extinguished offices, based on the applicable legislation.
Note that, given the specific nature of activities carried out by REFER, EP, and the operation model that
it was assigned, a significant part of the long duration infrastructure investment assets are not
recognised as tangible assets in the balance sheet of REFER, EP, and are recorded as part of the items
of the balance sheet classified as "Long Duration Infrastructure Investment Activities." These assets,
mostly railway infrastructures, were not subject to any adjustment in the transition.
As for assets not assigned to long duration infrastructure investment activities, the criteria of recognition,
valuation and depreciation applied in the previous accounting standards are comparable to those of
the historic cost model in the IFRS, and thus were not adjusted.
The following paragraphs present the impacts of adopting the IFRS on the transition date and
subsequent years.
The total adjustment amount on the transition date reflects the difference recorded in the financial
statements arising from the conversion to the IFRS. These adjustments are recognised in Accumulated
Results.
The following table shows the impacts on REFERs equity by adopting the IFRS on the transition date
and on the closing of 2004:
(euros)
31/12/2004 01/01/2004
IFRS adjustments
Equity - IFRS
-3.006.976.802
-561.539.984
-2.949.996.395
-373.834.188
119
The following table shows the impact on the results for 2004:
(euros)
2004
The differences between the financial statements prepared according to the IFRS and those that had
been prepared according to the accounting principles generally accepted in Portugal, on 31
December 2004, are explained as follows:
1) Recognition of
of derivative financial instruments at the fair value According to IAS 39 - Financial
instruments and for the purposes of the IFRS accounts, financial instruments are recognised in assets
and liabilities by their fair value. The change in the respective fair values is recognised in the profit and
loss account.
2) Accrual of interest from payable loans In view of the practice of not recording the fair value of
derivative financial instruments in the Official Chart of Accounts, and since the said value is recorded
according to the IFRS (see previous paragraph), the estimated payable financing interest to which the
said derivative financial instruments are associated was recorded in the accounts.
3) Revaluation of the bank debt and respective costs to obtain financing REFER's debt to banks,
120
1 20
to which credit opening costs were associated (which were previously deferred in the Balance Sheet of
the Official Chart of Accounts, in a linear manner, until maturity), was re-expressed by applying the
effective interest rate method. Therefore, the respective items of deferred costs and payable loans
were adjusted.
4) Non-
Non-demandable maintenance costs 2003 Since it was noted that the company had
recognised liabilities for maintenance contracts in reference to 2003 and previous years for which,
according to information obtained, responsibility had already been incurred, it was determined that
there are no liabilities covered by IAS 37, and thus the said liabilities were cancelled on the transition
date.
5) Provision
Provision for costs with CP in 1999, REFER recorded a provision covering the costs that it would
be invoiced by CP. Since it was concluded that REFER had no obligation in view of IAS 37 Provisions,
contingent liabilities and contingent assets, that provision was settled on the transition date.
6) Accruals of non-
non-recoverable income REFER recorded in accrued income amounts referring to
the operation concessions to Metro do Porto (1999-2000), referring to a contract to repair the road
deck on the 25 de Abril Bridge (2001-2002), and amounts referring to rendering services at stations and
train manoeuvres for CP, which the latter does not accept. Since these assets are contingent, they
were partially de-recognised on the transition date (those referring to periods prior to 1 January 2004)
and in the year (those that had been already recognised in 2004). This additional income was
adjusted, in the Official Chart of Accounts, as earnings in the year of 2005.
7) Accounts
Recognition of deferred indemnities in the Official Chart of A ccounts - In the OCA, REFER, E.P.,
E.P.
commonly deferred the cost on benefits paid for suspending work contracts. According to IAS 19
Employee benefits, these benefits were fully recognised on the transition date. In the OCA, they were
recognised in 2004, directly in retained results.
8) Provision for negative equity of the subsidiary Fernave The company detected the need for this
provision in accordance with IAS 37 (REFER was in fact responsible for providing letters of comfort in
favour of the subsidiary). In the OCA, that provision had been set up through results for the year of
2004. In the IFRS, the said provision was covered by the transition adjustments, since the responsibility
already existed on 1 January 2004.
9) Provision for the negative equity of the subsidiary GIL The company detected that this
provision, set up in the OCA by REFER, EP, in 2004, was not an actual responsibility in accordance with
IAS 37. Therefore, the said provision was reverted in the IFRS accounts.
10) Impairment of the Fernave Supplementary
Supplementary Entries REFER, EP, felt that its supplementary entries
to its subsidiary Fernave will not be recoverable due to this company's financial situation. Therefore,
they were de-recognised by impairment on the transition date.
11) Stock adjustment by the fair value The stock was adjusted in view of its net realisable value.
12) Asset equivalence of Metro do Mondego These assets were reverted in accordance with IAS
28, under the presupposition that REFER does not have significant influence in the management of this
entity (shareholding of 2.5%). 121
13) Costs in 2004 recognised in retained earnings In the OCA, REFER recognised various
movements directly in retained earnings, during 2004, that, in accordance with IAS 18, must be
reflected in the results for the year, as follows:
Late interest debited from CP, which could no longer be demanded in 2004 (14,945,114 euros);
Annulment of estimated income in previous years (12,414,322 euros);
Losses arising from the Refer/CP agreement (signed in 2004), in the amount of 16,761,008 euros;
Provisions for negative equity of subsidiaries on 31 December 2003 (7,776,156 euros).
14) Annulment of Intangible Assets The company analysed the capitalisation, in intangible assets,
of costs that are not qualified for such in accordance with IAS 38.
Advances for purchases, which in the OCA are included in stocks, and were reclassified to an
item of third parties; and
Amounts recognised in the profit and loss statement of the OCA as extraordinary costs and
income were reclassified to the respective operating items, since they did not fit under the
concept of extraordinary results in the IFRS.
When the year was closed in 2005, the adjustments made in the transition in the year of 2004 were
taken into account.
The impact of applying the IFRS and other alterations to the accounting policies in the financial
statements on 31 December 2005 may be analysed as follows:
31/12/2005
(euros)
2005
In the analysis of the closing of 2006, the company took into account the transition adjustments in the
years of 2004 and 2005, and the following adjustments were made for the first time in 2006:
Reclassification of Reserves and Donations According to IAS 18, it was felt that the donations of the
various machines and equipment which were transferred to REFER in accordance with the contract
works, at zero cost, and that were integrated at the market cost, are qualified as income.
The impact of applying the IFRS and other alterations to the accounting policies in the financial
statements on 31 December 2006 may be analysed as follows:
(euros)
31/12/2006
(euros)
2006
124
(euros)
31 December 2006 Off. Chart. of Acc. Adjustments IFRS
Assets
Non-current
Tangible fixed assets 6.538.456.471 -6.487.938.032 50.518.439
Intangible assets 9.468.023 -4.327.471 5.140.553
Investments in subsidiary and associated companies 18.881.151 0 18.881.151
Financial assets available for sale 46.181 0 46.181
Loans and receivables 54.454.625 0 54.454.625
6.621.306.451 -6.492.265.503 129.040.948
Current
Derivative financial instruments 0 25.337.633 25.337.633
Inventories 23.130.464 -8.999.108 14.131.356
Clients and other receivables 198.344.736 -48.751.580 149.593.156
Receivable income tax 1.451.725 0 1.451.725
Cash and cash equivalents 15.955.730 0 15.955.730
292.882.655 -32.413.055 260.469.600
Equity
Capital and reserves attributable to shareholders
Capital 305.200.000 0 305.200.000
Non-distributable reserves 3.334.470.524 -3.334.470.524 0
Cumulative results -1.120.895.363 166.921.245 -953.974.118
2.518.737.994 -3.167.549.279 -648.811.285
Results in the year attributable to shareholders -201.701.575 39.551.546 -162.150.029
2.317.036.419 -3.127.997.733 -810.961.314
Liabilities
Non-current
Loans obtained 4.056.226.651 -2.456.226.651 1.600.000.000
Provisions 32.296.701 -8.760.956 23.535.745
Total non-current liabilities 4.088.527.133 -2.464.987.607 1.623.539.526
Current
Loans obtained 223.383.902 -47.239.800 176.144.102
Derivative financial instruments 0 38.522.071 38.522.071
Suppliers and other payables 284.202.779 -113.888.377 170.314.402
Payable income tax 1.038.873 0 1.038.873
Total current liabilities 508.625.554 -122.606.106 386.019.448
Total liabilities
Total equity and liabilities
4.597.152.687
6.914.189.106
-2.587.593.713
-5.715.591.446
2.009.558.974
1.198.597.660 125
In its analysis of the closing of 2007, the company took into account the transition adjustments in the
years of 2004, 2005 and 2006.
(euros)
31-12-2007
(euros)
2007
126
(euros)
31 December 2007 Off. Chart of Acc. Adjustments IFRS
Activos
Non-current
Tangible fixed assets 6.864.868.236 -6.814.871.484 49.996.752
Intangible assets 8.163.703 -5.570.500 2.593.203
Investments in subsidiary and associated companies 30.712.687 0 30.712.687
Financial assets available for sale 26.875 -26.875 0
Loans and receivables 39.529.625 0 39.529.625
6.943.301.126 -6.820.468.859 122.832.267
Current
Derivative financial instruments 0 35.135.954 35.135.954
Inventories 31.812.839 -19.369.150 12.443.689
Clients and other receivables 171.021.899 -48.702.539 122.319.360
Receivable income tax 970.234 0 970.234
Cash and cash equivalents 209.719 0 209.719
204.014.691 -32.935.735 171.078.956
Equity
Capital and reserves attributable to shareholders
Capital 305.200.000 0 305.200.000
Non-distributable reserves 3.492.193.724 -3.492.193.724 0
Cumulative results -1.322.596.939 206.472.791 -1.116.124.148
2.474.796.785 -3.285.720.932 -810.924.147
Results in the year attributable to shareholders -222.967.654 60.137.253 -162.830.401
2.251.829.131 -3.225.583.680 -973.754.549
Liabilities
Non-current
Loans obtained 3.821.972.355 -2.221.972.355 1.600.000.000
Provisions 20.873.590 -9.825.198 11.048.392
Total non-current liabilities 3.842.845.945 -2.231.797.553 1.611.048.392
Current
Loans obtained 779.506.585 -298.826.932 480.679.653
Derivative financial instruments 0 74.043.570 74.043.570
Suppliers and other payables 272.220.694 -106.592.336 165.628.357
Payable income tax 913.463 0 913.463
Total current liabilities 1.052.640.741 -331.375.698 721.265.043
At the start of 2008, REFER became aware of a lawsuit against it filed by the consortium Teixeira 127
Duarte/EPOS consequent to REFERs termination of the Rossio Tunnel Rehabilitation Contract. REFER
terminated the contract in October 2006 based on contractual non-compliance regarding technical
aspects and the completion deadline.
There is no other relevant information that is not shown in the Balance Sheet, Profit and Loss Account
and in the Notes.
128
13
ANNEX I CONTRACTS THAT WERE NOT
ANNEXES
PUBLIC TENDER (DIRECT AWARD)
NOT SIGNED THROUGH A PUBLIC
1338 Ajuste directo Prestao Servios FERBRITAS-Empreend. Ind.Comrcio SA 25-01-2007 398.588,88 Prestaes Servios
1442 Fiscalizao Pass. Desn Coimbra F1 TPFCE-Consultoria em Engenharia SA 19-04-2007 201.102,00 Prestaes Servios
1462 LSintra. Barreiras Acsticas. T Mais Complage-Construes e Projectos SA 05-02-2007 224.053,08 Empreitada
1570 Aplicao Quantm- Sines-Grndola N Quantm, Limited 14-05-2007 202.500,00 Prestaes Servios
1651 JF588 - Ass., Coord. e Fiscal. JE448 Ws Atkins(Portugal)Consultores 12-01-2007 136.259,50 Prestaes Servios
1713 LSintra. PI Papel. T a Mais e a Menos. TECNOVIA-Sociedade de Empreitadas 13-02-2007 282.974,43 Empreitada
2099 Demarcao do Patrimnio REFER FERBRITAS-Empreend. Ind.Comrcio SA 01-03-2007 357.714,00 Prestaes Servios
2113 Forn.e Insta. de assentos de bancos PERFILFORMA-Com de Equipamentos Lda 16-07-2007 666.423,00 Prestaes Servios
2249 P.serv.manut. PC Zona Centro/Sul Efacec - Servicos Manut Assist SA 02-02-2007 221.986,40 Prestaes Servios
129
2325 Movares Nederland BV 12-09-2007 279.000,00 Prestaes Servios
Ressonncia
1. Termo Adicional ao CT 18/04 CA-
2350 COBA - Consult Ob Barrag Planeam SA 14-03-2007 247.860,00 Empreitada
LN
2364 Zona Sub.Lisboa-Med.Defint.RCT+TP THALES - Security Solutions and 24-05-2007 7.923.441,39 Empreitada
2394 Fiscalizao das Barreiras Acsticas FERBRITAS-Empreend. Ind.Comrcio SA 04-07-2007 195.512,32 Prestaes Servios
2530 Assessoria/Fiscalizao - T. Rossio DHV FBO - Consultores S.A. 30-05-2007 2.188.217,63 Prestaes Servios
2541 Fiscalizao 2.1 - 4 Termo adicional PENGEST-Planeamento, Engenharia e 15-05-2007 210.004,41 Empreitada
2563 Fiscalizao Subtroo 1.2/1.3 - Incio BRISA Engenharia e Gesto, SA 15-06-2007 379.994,98 Prestaes Servios
2607 1 Adicional ao contrato n 1665 PROSPECTIVA-Projectos, Servios e 30-05-2007 360.000,00 Prestaes Servios
2664 1. T. Adicional ao Contrato 1575 TPFCE-Consultoria em Engenharia SA 11-06-2007 185.952,62 Prestaes Servios
Fiscalizao das Passagens
2665 FERBRITAS-Empreend. Ind.Comrcio SA 03-07-2007 332.445,00 Prestaes Servios
Desniveladas
Trab. Complementar de Fiscaliz. L.
2668 FERBRITAS-Empreend. Ind.Comrcio SA 20-06-2007 178.072,70 Prestaes Servios
Sines
8. Aditamento ao Contrato 49/94-
2676 Tyco Engenharia, Unipessoal, Lda 04-06-2007 893.173,76 Empreitada
SEC
2677 Proj. Compl. Variante Alccer FERBRITAS-Empreend. Ind.Comrcio SA 25-07-2007 326.087,00 Prestaes Servios
Ensaios para garantia controlo
2705 Geocontrole -Gab Geotecnia Topograf 03-09-2007 128.647,88 Prestaes Servios
qualidade
Proj.Execuo Servios
2728 GRID-Cons Estud Proj Engenharia,Lda 19-06-2007 217.887,30 Prestaes Servios
Complementares
Norte-Reab.via ascendente entre kms
2788 Somafel-Eng.e Obras Ferrovirias SA 03-07-2007 588.832,76 Empreitada
235,
2800 Prestao de Servios e Fiscalizao FERBRITAS-Empreend. Ind.Comrcio SA 26-11-2007 398.460,00 Prestaes Servios
2818 L.Sul - Sin. e Telec. Ramal Siderurgia THALES - Security Solutions and 25-06-2007 1.913.645,43 Empreitada
2984
2986
Desmat prev incend-LDouro-
Caide/Pocinho
24-09-2007
181.300,00
159.309,00
Prestaes Servios
Prestaes Servios
130
3024 L.Douro Estudo Geotcnico GEG-Gab Estruturas e Geotecnia, Lda 26-07-2007 187.000,00 Prestaes Servios
Prosseguimento do processo de
3032 FERBRITAS-Empreend. Ind.Comrcio SA 19-11-2007 399.180,00 Prestaes Servios
encomenda
3057 PO Eiffel Coordenao de Segurana Tabique Engenharia 08-10-2007 150.760,00 Prestaes Servios
3853 Obras acess, Exprop, Licen Amb. FERBRITAS-Empreend. Ind.Comrcio SA 07-12-2007 178.888,92 Prestaes Servios
40477-Castelo Branco/Covilh-
3854 FERBRITAS-Empreend. Ind.Comrcio SA 14-12-2007 322.856,79 Prestaes Servios
Via,Platafo
3890 Plano Director de Explorao - SMA+ SMA+ 28-12-2007 190.000,00 Prestaes Servios
3. Adicional ao C.to N.
3969 Alcatel Portugal SA 19-09-2007 4.331.872,44 Empreitada
05/04/CA/CM
2 Adicional Contrato n
4029 Alcatel Portugal SA 17-08-2007 4.237.361,49 Empreitada
05/04/CA/CM
Prest Serv Manut e Rep Avarias Sinal
4030 Alcatel Portugal SA 18-09-2007 1.222.522,20 Empreitada
BA
7. Adicional ao Contrato N. 35/93
4031 EFACEC - Sistemas de Electronica SA 09-07-2007 986.818,08 Prestaes Servios
SADM
1. Adicional ao C.to N.
4032 Dimetronic SA 31-08-2007 3.745.000,32 Prestaes Servios
2462/07/CA/GO
1. Adicional ao C.to N.
4033 Dimetronic SA 31-08-2007 2.789.056,32 Prestaes Servios
2464/07/CA/GO
C.to de Manuteno Integral Sist.
131
4034 Dimetronic SA 31-08-2007 1.205.304,00 Prestaes Servios
Sinal.
4062 Estudo do Algarve - Fase III FERBRITAS-Empreend. Ind.Comrcio SA 19-12-2007 125.000,00 Prestaes Servios
4063 Manut Sist Sinal Inst L. B Baixa THALES - Security Solutions and 19-09-2007 459.406,57 Prestaes Servios
4086 Remodelao Estao General Torres INVESFER-Prom.Com.Terr.Edifcios SA 20-12-2007 212.200,00 Prestaes Servios
4104 MCE / Linha do Alentejo EFACEC - Sistemas de Electronica SA 21-12-2007 148.408,33 Prestaes Servios
4120 1 Adicional ao contrato N 1620 CME - Construo e Manuteno 13-11-2007 1.882.745,18 Prestaes Servios
Prestao de Servios EMEF -
4185 EMEF -Emp Manutenc Equip Ferrov SA 17-12-2007 620.000,00 Prestaes Servios
Prorrogao
Proj. R.Lous Coimbra Parque-
4198 FERBRITAS-Empreend. Ind.Comrcio SA 26-12-2007 1.732.100,00 Prestaes Servios
Serpins SMM
2Adicional ao Contrato n07/06-CA-
4313 Projinova Proj e Est Telecomun Lda 21-12-2007 130.000,00 Prestaes Servios
SG
132
2451 7. T Adicional ao Contrato 16/03 CA/LN Ajuste Directo SOMAGUE Engenharia SA 3.912.587,25 20-Set-07
Concurso Pblico
1610 Ramais Particulares e Lourial Ferrovias e Construes, S.A. 1.952.586,00 9-Out-07
Internacional
2704 Atrav. Ferrov. Sado-Ponte e Viaduto Aces Concurso Pblico Teixeira Duarte-Eng. Construes SA 66.753.066,90 16-Out-07
2382 Subtroo 1.2 - Trabalhos complementares Concurso Pblico ACA-Construes Alberto Couto Alves 649.944,87 17-Out-07
2688 Prot. das fundaes Ponte do Guadiana Concurso Pblico OFM-Obras Pb, Ferrov. Martimas SA 178.155,59 18-Out-07
Procedimento por
3485 PSP na estao de Barcarena MTR - Gesto Consultadoria Comrcio 248.989,00 19-Out-07
Negociao
3681 7 ADICIONAL AO CONTRATO 19/03 CA-PLN Ajuste Directo SOPOL-Soc Geral de Construes e 737.477,10 19-Nov-07
1475 Remodelao da SST de Entroncamento Concurso Pblico EFACEC Engenharia SA 1.278.672,38 20-Nov-07
3763 8. Adicional ao Contrato 16/03 CA-PLN Ajuste Directo SOMAGUE Engenharia SA 1.099.765,45 20-Nov-07
3028 L.MINHO - Reab.Superestrutura da Via. Concurso Pblico Fergrupo - Const Tecnicas Ferrov SA 3.198.314,90 29-Nov-07
3077 LDOURO - Reab.Superestrutura da Via. Concurso Pblico Fergrupo - Const Tecnicas Ferrov SA 1.695.263,40 29-Nov-07
3582 Aprovao de adjudicao Ajuste Directo Somafel-Eng.e Obras Ferrovirias SA 488.888,00 30-Nov-07
2875 PD's nos p.k. 11+233 e 13+733-R. Tomar Concurso Pblico Obrecol - Obras e Construes SA 795.000,00 20-Dez-07
Concurso Pblico
3129 HE479 PS Km 8+512 L Alentejo Lena Engenharia e Construes, SA 2.380.000,00 31-Dez-07
Internacional
EXCEEDING 125,000
ANNEX III RENDERED SERVICES OF A VALUE EXCEEDING
(Annex indicated in the chapter Corporate Governance Information on Other Transactions)
Signature
Process Initial Contract Additional
Description Procedure Supplier Contract
Num Amount () Amount()
Date
2920 Seguro Sade Concurso Pblico Assicurazioni Generalli 1.149.901,39 01-01-2007
2921 Seguro sade - agregados Concurso Pblico Assicurazioni Generalli 1.149.901,39 01-01-2007
2922 Acidentes pessoais Concurso Pblico Assicurazioni Generalli 1.149.901,39 01-01-2007
2285 Comunicaes Explorao Ajuste Directo Refer Telecom Serv Telecomunic SA 245.075,40 11-01-2007
1567 Prestao de Servios Ajuste Directo Francisco Simes Gomes 143.200,00 12-01-2007
1651 JF588 - Ass., Coord. e Fiscal. JE448 Ajuste Directo Ws Atkins(Portugal)Consultores 136.259,50 12-01-2007
2462 Manut. Integral dos Sist. de Sinalizao Ajuste Directo Dimetronic SA 2.896.526,45 23-01-2007
2464 Manut. Integral dos Sist. de Sinalizao Ajuste Directo Dimetronic SA 2.370.252,92 23-01-2007
2465 Manut. Integral dos Sist. de Sinalizao Ajuste Directo Dimetronic SA 925.795,80 23-01-2007
1338 Ajuste directo Prestao Servios Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 398.588,88 25-01-2007
2491 Servio de Telecomunicaes Ferrovirias Ajuste Directo Refer Telecom Serv Telecomunic SA 7.454.732,00 30-01-2007
2494 Gesto do parque de telemveis Ajuste Directo Refer Telecom Serv Telecomunic SA 600.000,00 30-01-2007
2495 Rede de dados, pontos e acessos Internet Ajuste Directo Refer Telecom Serv Telecomunic SA 1.535.040,00 30-01-2007
2496 Data Center e Sistemas de Informao Ajuste Directo Refer Telecom Serv Telecomunic SA 577.440,00 30-01-2007
2244 P.serv.manut. Subestaes AC Ajuste Directo Efacec - Servicos Manut Assist SA 208.210,00 02-02-2007
2249 P.serv.manut. PC Zona Centro/Sul Ajuste Directo Efacec - Servicos Manut Assist SA 221.986,40 02-02-2007
2250 P.serv.manut. Postos de catenria Z Nort Ajuste Directo Efacec - Servicos Manut Assist SA 236.785,50 02-02-2007
2251 P.serv. manut. Postos de catenria da LN Ajuste Directo Efacec - Servicos Manut Assist SA 244.185,00 02-02-2007
2263 P.serv.manut - PAT+PTC+TPV Ajuste Directo Efacec - Servicos Manut Assist SA 224.623,50 02-02-2007
2255 P.serv.manut - PCE Zona N/C/S Ajuste Directo Efacec - Servicos Manut Assist SA 306.848,50 06-02-2007
1408 LA-Fiscalizao Exec.PDs Km308, 317, 325 Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 163.300,00 07-02-2007
2317 Prest. Serv. Fisc. e Coord. Seg. Concurso Pblico TPF Planege - Consultores Eng 2.546.410,00 12-02-2007
1162 Topografia e Cartografia Bombel/Casa Bra Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 220.800,00 13-02-2007
1855 Demarc. do Pat. REFER Santa Clara-Tunes Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 390.000,00 16-02-2007
2099 Demarcao do Patrimnio REFER Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 357.714,00 01-03-2007
1871 P Servios N estao de Lagos Jan-Jul 06 Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 137.786,45 07-03-2007
1442 Fiscalizao Pass. Desn Coimbra F1 Ajuste Directo TPFCE-Consultoria em Engenharia SA 201.102,00 19-04-2007
2267 Prestao de Servios de Deserv. Qumica Ajuste Directo Ferrovias e Construes, S.A. 389.860,00 20-04-2007
2910 Elaborao de projecto Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 195.814,40 20-04-2007
Procedimento por
2866 Prest. Servios Manut. E.Traco Lote1 Efacec - Servicos Manut Assist SA 1.436.750,00 30-04-2007
Negociao
Procedimento por
2899 Prest. Servios Manut. E. Traco Lote2 MECI - Gesto de Projectos de 1.410.000,00 30-04-2007
Negociao
2441 Consulta Tcnica e de Gesto Ajuste Directo Amberg Consulting Engineers Ltd 249.670,00 07-05-2007
2562 Prestao de Servios de Expropriaes Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 139.096,08 08-05-2007
1570 Aplicao Quantm- Sines-Grndola N Ajuste Directo Quantm, Limited 202.500,00 14-05-2007
2613 Fornecimento de Consumveis Informticos Concurso Limitado Albano R. Neves Alves, Distribuio 180.380,63 18-05-2007
3709 1 Adicional ao contrato N 15/05-CA/CM Ajuste Directo Ferrovias e Construes, S.A. 30.009.728,40 24-05-2007
2530 Assessoria/Fiscalizao - T. Rossio Ajuste Directo DHV FBO - Consultores S.A. 2.188.217,63 30-05-2007
2607 1 Adicional ao contrato n 1665 Ajuste Directo PROSPECTIVA-Projectos, Servios e 360.000,00 30-05-2007
2969 Definio de modelo de Gesto de Activos Ajuste Directo Deloitte Consultores, S.A. 264.800,00 30-05-2007
3880 1. Adicional ao C.to N. 1337/06/CA/CM Ajuste Directo Dimetronic SA 6.294.402,24 01-06-2007
2664 1. T. Adicional ao Contrato 1575 Ajuste Directo TPFCE-Consultoria em Engenharia SA 185.952,62 11-06-2007
2563 Fiscalizao Subtroo 1.2/1.3 - Incio Ajuste Directo BRISA Engenharia e Gesto, SA 379.994,98 15-06-2007
Concurso Pblico
2253 Fiscalizao - Caminho Ribeirinho PROMAN-Centro Estudos e Projectos 474.430,00 18-06-2007
Internacional
2728 Proj.Execuo Servios Complementares Ajuste Directo GRID-Cons Estud Proj Engenharia,Lda 217.887,30 19-06-2007
2668 Trab. Complementar de Fiscaliz. L. Sines Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 178.072,70 20-06-2007
1923 Telecomando L Minho, Guim e R Braga Ajuste Directo EFACEC - Sistemas de Electronica SA 415.722,00 22-06-2007
2170 Estao Multimodal Mercadorias - Leixes Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 397.796,60 22-06-2007
2431 Acessoria Apoio Gesto-Tnel do Rossio Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 670.500,00 26-06-2007
3178 Manut Sist Sinal Inst L. B Baixa Ajuste Directo THALES - Security Solutions and 169.978,40 26-06-2007
3327 Higiene e Limpeza Iberlim Ajuste Directo Iberlim-Sociedade Tcnica 126.632,88 28-06-2007
2553
2665
2815
2394
Gesto Documental Tecnico-Administrativa
Fiscalizao das Passagens Desniveladas
Proj. e montagem de rct no Ramal Tomar
Fiscalizao das Barreiras Acsticas
Ajuste Directo
Ajuste Directo
Ajuste Directo
Ajuste Directo
Accenture, Consultores de Gesto,
FERBRITAS-Empreend. Ind.Comrcio SA
THALES - Security Solutions and
FERBRITAS-Empreend. Ind.Comrcio SA
195.000,00
332.445,00
187.312,40
195.512,32
03-07-2007
03-07-2007
03-07-2007
04-07-2007
133
2850 Estao do Cacm Ajuste Directo REBEL Representantes de Equipam 149.350,00 09-07-2007
4031 7. Adicional ao Contrato N. 35/93 SADM Ajuste Directo EFACEC - Sistemas de Electronica SA 986.818,08 09-07-2007
2113 Forn.e Insta. de assentos de bancos Ajuste Directo PERFILFORMA-Com de Equipamentos Lda 666.423,00 16-07-2007
3779 Trab. Mais ao Contrato 1548/06/CA/CM Ajuste Directo Somafel-Eng.e Obras Ferrovirias SA 2.987.446,16 19-07-2007
2836 Demarc. Patrimnio REFER-P.Novo-Pinheiro Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 231.600,00 24-07-2007
2837 Demarc. Patrimnio REFER-Pinheiro-Km94 Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 201.300,00 24-07-2007
2444 Manut.dos Sistemas de Segurana-T.Rossio Ajuste Directo TECNASOL-FGE Fundaes Geotecnia SA 532.084,78 25-07-2007
2677 Proj. Compl. Variante Alccer Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 326.087,00 25-07-2007
3024 L.Douro Estudo Geotcnico Ajuste Directo GEG-Gab Estruturas e Geotecnia, Lda 187.000,00 26-07-2007
2838 Demarc.Patrimnio REFER-Funcheira-SClara Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 390.400,00 27-07-2007
2934 Fiscalizao Obra RIV - Concluso da PS Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 186.280,00 28-07-2007
3193 Estudo do Algarve - Fase II Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 133.000,00 31-07-2007
2094 HF548B - Ass., Fiscal. HE476 Ajuste Directo Consulgal-Consult Engenh Gesto, SA 399.628,83 03-08-2007
3118 PS-Pass.Desniveladas de Viana do Castelo Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 211.729,84 03-08-2007
3210 Estudo de avaliao do quadro regulatri Ajuste Directo Leadership Business Consulting 232.500,00 17-08-2007
Signature
Process Initial Contract Additional
Description Procedure Supplier Contract
Num Amount () Amount()
Date
4032 1. Adicional ao C.to N. 2462/07/CA/GO Ajuste Directo Dimetronic SA 3.745.000,32 31-08-2007
4033 1. Adicional ao C.to N. 2464/07/CA/GO Ajuste Directo Dimetronic SA 2.789.056,32 31-08-2007
4034 C.to de Manuteno Integral Sist. Sinal. Ajuste Directo Dimetronic SA 1.205.304,00 31-08-2007
2705 Ensaios para garantia controlo qualidade Ajuste Directo Geocontrole -Gab Geotecnia Topograf 128.647,88 03-09-2007
1946 Proj Prot Fundaes Pontes L.Beira Baixa Ajuste Directo A2P Consult Estudos e Projectos Lda 361.572,40 05-09-2007
2103 Proj RCT+TP para Zona Suburbana do Porto Ajuste Directo Movares Nederland BV 349.750,00 12-09-2007
2325 Prest Servios Homologao Ressonncia Ajuste Directo Movares Nederland BV 279.000,00 12-09-2007
Concurso Pblico
2420 Estudos e Projectos Estao de Alfarelos GIBB Portugal Strategic Alliance 439.224,38 18-09-2007
Internacional
3529 Manut Sist Sinal Inst L. B Baixa Ajuste Directo THALES - Security Solutions and 708.741,87 19-09-2007
4063 Manut Sist Sinal Inst L. B Baixa Ajuste Directo THALES - Security Solutions and 459.406,57 19-09-2007
2981 Desmatao-Prev Incendios LGuimRBrag Ajuste Directo FITONOVO, Lda. 195.800,00 24-09-2007
2982 Desmat prev incend-LMinho-Barc Valena Ajuste Directo Fergrupo - Const Tecnicas Ferrov SA 191.575,00 24-09-2007
2983 Desmat Prev Incend-LMinho-PSB/Barcelos Ajuste Directo Fernandes & Remelhe Lda 178.000,00 24-09-2007
2984 Desmat prev incend-LDouro-Caide/Pocinho Ajuste Directo Fergrupo - Const Tecnicas Ferrov SA 181.300,00 24-09-2007
2986 Desmat prev incend-LNorte e Vouga Ajuste Directo Jos Oliveira Chaves & C. Lda 159.309,00 24-09-2007
2944 Remodelao do Sistema SATA L Douro. Ajuste Directo EFACEC - Sistemas de Electronica SA 245.433,44 03-10-2007
3057 PO Eiffel Coordenao de Segurana Ajuste Directo Tabique Engenharia 150.760,00 08-10-2007
3286 L. Tua 2 e 3 Fases Ajuste Directo GEG-Gab Estruturas e Geotecnia, Lda 175.500,00 09-10-2007
2421 Projecto Tneis de Ftima e Albergaria Ajuste Directo Geodata S.P.A. 8Sucursal) 197.861,12 24-10-2007
1547 HP596 - BarMar-Lav-Elect+Beneficiao Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 399.948,54 26-10-2007
3648 Ferbritas - Expropriaes Zona do Cacm Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 178.328,83 26-10-2007
3344 L. Sul-km 260,498a260,664 - Est. Talude Ajuste Directo Neopul - Soc Estudos Construes SA 305.011,98 31-10-2007
3546 Terraplenagem e Drenagem e Estudo Geolg Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 399.572,44 02-11-2007
3547 Plataf, OA, restb, Amb. PSS e comp tc. Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 341.700,33 02-11-2007
3859 Terrap, drena, edif, OA Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 354.194,54 02-11-2007
4120 1 Adicional ao contrato N 1620 Ajuste Directo CME - Construo e Manuteno 1.882.745,18 13-11-2007
3471 Videografia da Rede Ferroviria Ajuste Directo Ambisig - Ambiente e Sistemas 168.415,00 16-11-2007
249.991,00
125.000,00
620.000,00
14-12-2007
17-12-2007
19-12-2007
19-12-2007
134
4086 Remodelao Estao General Torres Ajuste Directo INVESFER-Prom.Com.Terr.Edifcios SA 212.200,00 20-12-2007
4104 MCE / Linha do Alentejo Ajuste Directo EFACEC - Sistemas de Electronica SA 148.408,33 21-12-2007
4313 2Adicional ao Contrato n07/06-CA-SG Ajuste Directo Projinova Proj e Est Telecomun Lda 130.000,00 21-12-2007
4198 Proj. R.Lous Coimbra Parque-Serpins SMM Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 1.732.100,00 26-12-2007
3890 Plano Director de Explorao - SMA+ Ajuste Directo SMA+ 190.000,00 28-12-2007
Signature
Process Num Description Procedure Supplier Amount ()
Contract Date
2111 Fornecimento componentes fixaes Nabla Concurso Pblico Railtech International 3.814.000,00 39288
Internacional
2121 Fornec 13.000 ton de Carril 60 E1 Concurso Limitado ArcelorMittal Espaa, S.A. 9.360.000,00 39311
3697 Fornecimento de TB e fixaes- SATEPOR Concurso Limitado Satepor-Indstria de Travessas de 19.755.000,00 39346
135