Odebrecht - Annual Report 2005 - The Global Clearinghouse

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>
In 2005, Odebrecht celebrated the 15th anniversary of its United
States subsidiary, Odebrecht Construction, Inc. (OCI). During that
period, OCI participated in over 20 major projects, including the
expansion of Miami International Airport, the Miami Metro Mover,
the construction in California of Seven Oaks Dam and a stretch of
Route 56. In the past 15 years OCI has established itself in the
American market and is now a recognized brand in the US
economy’s Construction Sector. One of the important projects OCI is
currently working on is the construction of the Miami Performing
Arts Center, considered one of the most advanced arts and
entertainment complexes in the United States. OCI is also
participating in rebuilding the dike system of New Orleans,
cooperating with the Army Corps of Engineers.
annual report 2005
Odebrecht Organization
Integrating Company
Odebrecht S.A.
Businesses
> Engineering & Construction
Leading Company: Construtora Norberto Odebrecht S.A.
> Chemicals & Petrochemicals
Leading Company: Braskem S.A.
> Investments In Infrastructure
Odebrecht Investimentos em Infra-Estrutura Ltda.
Support Institutions
OCS – Odebrecht Administradora e Corretora de Seguros Ltda.
(captive insurance company)
Odeprev – Odebrecht Previdência (pension fund)
Social Action
Odebrecht Foundation
www.odebrecht.com

addresses
offices In Brazil
Rio de Janeiro
Praia de Botafogo, 300 – Sobreloja, 2º
e 11º andares – Botafogo
22250 -040 – Rio de Janeiro, RJ
São Paulo
Av. das Nações Unidas, 4777
Edifício Villa Lobos – 6º, 7º,
11º e 13º andares
05477-000 – São Paulo, SP
Brasília
SAS Qd.5, Bl.N
Ed. OAB – 9 o andar
70438-900 – Brasília, DF
Recife
Rua Antônio Lumack do Monte, 128
16 o andar – sala 1603
Ed. Empresarial Center III
Boa Viagem
51020 -350 – Recife, PE
Salvador
Av. Luís Viana, 2841
Edifício Odebrecht
Paralela
41730 -900 – Salvador, BA
offices worldwide
Angola
Odebrecht Angola – Projectos
e Serviços Ltda.
Parque Empresarial Odebrecht
Rua Eng. Pedro de Castro
Van-Dúnem “Loy”, s/nº
Luanda Sul - Luanda – Angola
Argentina
Construtora Norberto Odebrecht S.A.
Reconquista 1166, Piso 10 – Capital Federal
C.P. C1003ABX – Buenos Aires - Argentina
Bolivia
Constructora Norberto Odebrecht S.A.
Av. Arce Y Rosendo Gutiérrez
Edificio Multicentro
Torre B, Piso 6 – Of. 602
La Paz - Bolivia
Chile
Constructora Odebrecht Chile S.A.
Av. Lib. Bernardo O’Higgins, 292, Of. 21
Metro U. Católica,
CP 6501242
Santiago de Chile – Chile
Colombia
Constructora Norberto Odebrecht
de Colombia Ltda.
Avenida 15, 101-09 – Piso 6 – Of. 603
Edificio Vanguardia – Bogotá – Colombia
Dominican Republic
Constructora Norberto Odebrecht S.A.
Av.Gustavo Mejia Ricart, 106
Esq. Abraham Lincoln
Suite 201, 2o Piso – Piantini
Santo Domingo – Dominican Republic
Ecuador
Constructora Norberto Odebrecht
del Ecuador S.A.
Av. 12 de Octubre, 1942 y Cordero
Ed. World Trade Center, Piso 8,
Of. 808, Torre A
Quito – Ecuador
Mexico
Constructora Norberto Odebrecht S.A.
Av. Jaime Balmes 08 – 6º Piso
Colonia Los Morales Polanco
CP 11510 – Mexico,D.F.
Panama
Construtora Norberto Odebrecht
Calle 53, Marbella
World Trade Center, Piso 17, Oficina 1703
Ciudad de Panamá - República de Panamá
Peru
Odebrecht Perú Ingeniería
y Construcción S.A.C.
Av. La Floresta 497 – Of. 104
Chacarilla del Estanque – San Borja
Lima – Peru
Portugal
Bento Pedroso Construções S.A.
Quinta da Fonte – Rua Quinta da Quintã
Edifício D. João I, no 4, Piso 1 B
2770-203 – Paço de Arcos
Portugal
United Arab Emirates
Construtora Norberto Odebrecht S.A.
Corniche Road - 3 Sails Tower - Suite 1702
Khalidiya – P.O.Box - 37.600
Abu Dhabi – United Arab Emirates
Zommorrodah Building, 1st Floor, Office
15A
Al Zabeel Road, Al Karama
P.O.Box - 114.155
Dubai - United Arab Emirates
United States
Odebrecht Construction, Inc.
201 Alhambra Circle – Suite 1400
Coral Gables, Florida 33134 – USA
Venezuela
CBPO Ingeniería de Venezuela S.A.
Centro Empresarial Torre Humboldt
Piso 10 – 0ficina 10-13 – Avenida Rio Caura
Urbanización – Parque Humboldt
Caracas – Venezuela

message from the CEO
>
While triumphing over the adverse scenario early in the year, in which
market disturbances threatened to jeopardize the value and liquidity
of overseas contracts and natural catastrophes pushed up the prices
of goods and services in projects in Mexico and the Caribbean, the teams
of Odebrecht Engineering & Construction showed their exceptional ability
to adapt to unpredictable external events.
Compared to 2004, corporate Ebitda increased 10.7% to a total
of BRL 457 million, while the value of new international contracts rose
28% to a total of USD 1.8 billion.
The prospects for Odebrecht look very promising considering our excellent
results and financial performance. The real basis of our future strength
rests nonetheless on the emergence from within our ranks of new leaders
and entrepreneurs. A new generation has assumed responsibility and
shown that it can deliver results in a challenging business environment.
The performance of this new leadership is backed by a corporate practice
that gives top priority to management training and leadership
development. Personal attributes of leaders such as character and social
commitment are fundamental and essential values in the Odebrecht
culture. Our responsibility is to build both a successful business and
sustainable communities. This commitment to business and community is
the Odebrecht brand and image. Nowhere is this better shown than in our
concern over safety in the workplace. In 2005, our corporate safety record
improved dramatically. The accident frequency rate dropped 49% and the
accident severity rate 70%. This is most of all a sign that the wellbeing of
our workers and their families comes first.
In the years ahead we will target and expand our services to
a new set of global clients. We will enlarge our presence in a variety
of international markets. In Latin America we will be proactive in creating
partnerships to integrate and consolidate a regional infrastructure
system. In Portugal and the United States we will find innovative
opportunities to strengthen our market position. In the Middle East
we will cultivate partnerships with qualified clients to build a firm
foundation for future growth.
Our future will mirror our history. The Odebrecht record over the past
60 years has been one of serving our clients and the communities where
we work. This service ethos will continue to be the basis and guiding
force of all our future growth.
Marcelo Bahia Odebrecht
Odebrecht Engineering & Construction | Annual Report 2005 | 1

profile
>
The leading company of the Odebrecht Organization’s
Engineering & Construction division, Construtora Norberto
Odebrecht is the largest engineering and construction company in
Latin America, besides being Brazil’s biggest service exporter. ENR
Magazine ranks it as one of the top 25 international contractors,
based on revenues earned outside its country of origin.
Offering integrated engineering, procurement, construction,
assembly and management services for civil construction,
industrial and special technology projects, it operates in North,
South and Central America, Africa, Europe and the Middle East.
In 2005, approximately 75% of its Gross Revenue originated
from services outside Brazil. Up to 1,400 Brazilian companies
participated in business opportunities, exporting products and
services for Odebrecht Engineering & Construction contracts.
Odebrecht also works in the environmental area, providing
treatment services for industrial and urban solid wastes, treatment
of waste water (focused on reusing water) and as a concessionaire
operating water and sewage treatment services.
portfolio of services
> Airports
> Dams
> Nuclear power plants
> Petrochemical plants
> Cultural and entertainment complexes
> Real estate and tourism complexes
> Reservoirs and waterways
> Equipment for the oil and gas industry
> Railroads
> Power transmission lines
> Subways
> Process plants
> Offshore oil platforms and services
> Ports
> Environmental management services
> Mining ventures
> Irrigation projects
> Sanitation projects
> Oil refineries
> Hydroelectric power plants
> Iron and steel mills
> Thermal power plants
> Roads and Bridges
full subsidiaries
> CBPO Engenharia Ltda.
> Odebrecht Empreendimentos Imobiliários Ltda.
> Lumina Engenharia Ambiental Ltda.
2 | Odebrecht Engineering & Construction | Annual Report 2005

profile
companies in which Odebrecht
has shareholder interests
> Aenor – Auto-etradas do Norte (Portugal)
> Águas de Limeira (Brazil)
> Hidropastaza Sociedad Anónima (Ecuador)
> Lusoscut Auto-estradas das Beiras Litoral e Alta S.A. (Portugal)
> Lusoscut Auto-estrada da Costa de Prata S.A. (Portugal)
> Lusoscut Auto-estrada do Grande Porto S.A. (Portugal)
> NSPC – North Sea Production Company (United Kingdom)
> Sociedade Mineira de Catoca (Angola)
> Sociedade de Desenvolvimento Mineiro de Angola
Brazil
worldwide presence
> Angola Odebrecht Angola Projectos e Serviços Ltda.
> Argentina Construtora Norberto Odebrecht S.A.
> Bolivia Constructora Norberto Odebrecht Bolívia S.A.
> Brazil Construtora Norberto Odebrecht S.A.
> Chile Constructora Odebrecht Chile S.A.
> Colombia Constructora Norberto Odebrecht de Colombia Ltda.
> Djibouti Odebrecht Djibouti SAZF
> Dominican Republic Construtora Norberto Odebrecht S.A.
> Ecuador Constructora Norberto Odebrecht del Ecuador S.A.
> Iraq Dhawahi Al-Madina for Construction Contracting LCC
> Kuwait Construtora Norberto Odebrecht S.A.
> Mexico Construtora Norberto Odebrecht S.A.
> Panama Construtora Norberto Odebrecht S.A.
> Peru Odebrecht Perú Ingeniería y Construcción S.A.C.
> Portugal Bento Pedroso Construções S.A.
> United Arab Emirates Construtora Norberto Odebrecht S.A.
> United States Odebrecht Construction, Inc.
> Uruguay Constructora Odebrecht Uruguay S.A.
> Venezuela CBPO Ingeniería de Venezuela S.A
Angola
employment
As of December 31, 2005, Odebrecht Engineering & Construction
directly employed 27,159 people. Throughout the year, 6,296
new employees were hired.
> In Brazil: 18,019
> Worldwide: 9,140
Through the Young Partner initiative, we hired 127 new
employees: 73 in Brazil, and 54 in other countries.
Outsourced workers: 6,500
Portugal
4 | Odebrecht Engineering & Construction | Annual Report 2005

Argentina
Venezuela
United States
Peru
Ecuador
Dominican Republic

awards and
recognition
> Petrobras Award for Quality, Safety,
Environment, and Health – Maritime Units
Construction category, for the works of the
Autonomous Petroleum Repumping Platform (PRA-1).
> Named Best Company in 2005 by the
Program Management of Engineering Suppliers
of Petrobras.
> Best of Latin America in Engineering &
Construction for the third consecutive year,
according to the special edition of Global Finance -
The World’s Best Companies.
> Largest International Builder of
Hydroelectric Power Plants, according to the
2005 edition of the Global Construction Guide
produced by the ENR-Engineering News-Record
Magazine. Construtora Norberto Odebrecht also
qualified in 15 other categories of the publication.
> Best Company to Work for in Peru, in an
election held by the Great Place to Work Institute.
> Tribute from the Brazilian-American
Chamber of Commerce of Florida, for
Odebrecht’s 15 year presence in the United States.
> Good Safety Practices at Work, recognition
by the Army Corps of Engineers for Odebrecht-
Austin Consortium’s work at the Arifjan Terminal,
in Kuwait.
> Bolivar Regional Construction Award, with
Special Recognition, in the Services Infrastructure
category, for the construction of the second bridge
over the Orinoco River, in Puerto Ordaz, State of
Bolívar, in Venezuela.
> Excellence in Foreign Trade, granted by the
Ministry of Development, Industry & Foreign Trade
of Brazil and by the Foreign Trade Association
of Brazil.
> Best Social Management & Environment
Company of the Engineering & Construction
sector, according to the magazine IstoÉ Dinheiro.
> First Place in the ranking of 500 Great
Construction Companies, for the ninth
consecutive year, according to the magazine
O Empreiteiro.
> Most Admired Heavy Construction
Company of Brazil, according to CartaCapital
Magazine and the newspaper DCI.
6 | Odebrecht Engineering & Construction | Annual Report 2005

2005 highlights
projects completed
In Brazil
> Ocean outfall, coastal and beach Clean up Project in São Conrado and Leblon,
Rio de Janeiro (Rio de Janeiro)
> Passenger Terminal of Guararapes Airport, Recife (Pernambuco)
> Salitre Irrigation Project, Juazeiro (Bahia)
> Morada dos Cardeais Building, Salvador (Bahia)
> Picada Hydroelectric Power Plant, Juiz de Fora (Minas Gerais)
> Access to Expressway I, Florianópolis (Santa Catarina)
> Recovery of the Marechal Deodoro / Realengo stretch of Avenida Brasil,
Rio de Janeiro
> Oil Treatment Plant of Petrobras, in Fazenda Alegre, Jaguaré (Espírito Santo)
> Expansion of the Tietê Riverbed – Phase II – Lot I, in São Paulo (São Paulo)
In other countries
> Tingo María – Aguaytía Route, in the Ucayali Department (Peru)
> Northwest Aqueduct, Phase 1 (Dominican Republic)
> Earth Terminal Complex, in Arifjan (Kuwait)
> Expansion of the General San Martín Gas Pipeline, passing through Tierra del
Fuego, Bahía Blanca and Buenos Aires (Argentina)
> Maritime Terminal for receiving liquid bulk cargos (Djibouti)
main contracts awarded
In Brazil
> Santa Genoveva Airport, Goiânia (Goiás)
> Castanhão Aqueduct – Lot 3, Morada Nova (Ceará)
> Modernization of the Luiz Carlos Barreto de Carvalho – Estreitinho Hydroelectric
Power Plant, in Pedregulhos (São Paulo)
> Bridgestone-Firestone Factory, Camaçari (Bahia)
> Renovation of the Maracanã Football Stadium Complex, Rio de Janeiro
> Zé Fernando Small Hydroelectric Power Plant, Juscimeira (Mato Grosso)
> Píer I of the Ponta da Madeira Maritime Terminal, São Luís (Maranhão)
> João Havelange Olympic Stadium – Pan 2007 Consortium, Rio de Janeiro
> Alto de Pinheiros Residential Building, São Paulo (São Paulo)
> Natural Gas Condensation Processing Plant – UPCGN II, Macaé (Rio de Janeiro)
> Expansion of Pier III – CVRD, São Luís (Maranhão)
> Recovery of Petrobras Oil Pipeline, São Sebastião (São Paulo)
In other countries
> Earth Terminal Complex, in Arifjan (Kuwait)
> Expansion of General San Martin Gas Pipeline (Argentina)
> El Carmen Arroyo – Arroyo Concepción – Interoceanic Road Corridor ,
in Puerto Suaréz (Bolivia)
> Multimodal IIRSA North Stretch – Paita-Yurimaguas (Peru)
> Interoceânica Sul Highway– Urcos-Inambari and Inambari-Iñapari streches (Peru)
> Palomino Hydroelectric Power Plant, in San Juan (Dominican Republic)
> North Terminal of the Miami International Airport (USA)
> General Lázaro Cárdenas Refinery – Amine and Naphtha Plant (Mexico)
> Expansion of the Northwest Aqueduct – Phase II (Dominican Republic)
Odebrecht Engineering & Construction | Annual Report 2005 | 7

financial indicators
Gross Revenue
Backlog in Brazil
Backlog Worldwide
Contracts Awarded in Brazil
Contracts Awarded Worldwide
2004
BRL 5.85 billion
BRL 3.59 billion
USD 2.33 billion
BRL 2.39 billion
USD 1.41 billion
2005
BRL 6.33 billion
BRL 3.78 billion
USD 2.33 billion
BRL 2.19 billion
USD 1.81 billion

service exports
Supported by the effort of 1,400 companies
(1,140 of which were small and
medium-sized), Construtora Norberto
Odebrecht generated an influx of USD 650
million into the Brazilian economy. Exporting
over 60,000 items to 14 countries generated
in turn 130,000 direct and indirect jobs in
Brazil and countless opportunities for new
business worldwide.
Odebrecht Engineering & Construction | Annual Report 2005 | 9

health, safety
and environment
>
In 2005, Odebrecht Engineering and Construction achieved its
best results ever in the field of Health and Safety. The basis for
this achievement is the practice of an integrated management
program grounded on the concepts of Prevention and Continual
Performance Improvement. Through this program we were able
to reduce the lost-time accident frequency rate and the accident
severity rate by 49% and 70% respectively, compared to 2004.
The occupational health and safety programs at our jobsites also
meet the international standards and legal requirements of the
countries in which we do business.
environmental programs
According to the Basic Environmental Management Plan of
Odebrecht Engineering & Construction, planning for prevention
and control of environmental impacts at all jobsites includes:
> Identification of potential impacts
> Definition of procedures to eliminate, minimize and control
potential impacts
> Rehabilitation of degraded areas
> Appropriate handling and final disposal of solid wastes
> Training and competence preparation towards prevention
> Emergency preparedness
> Community interactions and social responsibility practices
in areas near jobsites
certification
> OHSAS 18001:1999 – Safety and Health
> ISO 14001:2004 – Environment
> ISO 9001:2000 – Quality
> PBQP-H Level A – Quality in Buildings
evolution of occupational health indicators
2,5
2,0
2,19
2,37
HHI*
JrODI**
1,5
1,0
0,5
0
0,25
0,10
0,23
0,07
2003 2004 2005
*Hearing Health Index
** Job-related Osteomuscular Diseases Index
10 | Odebrecht Engineering & Construction | Annual Report 2005

innovation award
Since 1992, members of Odebrecht Engineering & Construction, from several countries, participate
in the annual Innovation Award Contest. This is one of the main tools at Odebrecht for generation
and dissemination of knowledge derived from jobsite experiences and results. The 2005 13th edition
of this Contest brought a new record of 95 case studies and introduced a new category of award in
the area of health, safety and environment – HSE.
Case studies of the award winners presented innovative solutions used in the San Francisco
Hydroelectric Project in Ecuador (Productivity category); in the construction of the autonomous
repumping platform PRA-1, for Petrobras, in Bahia, (Young Partner and Social Responsibility
categories); and in the Vale dos Cristais urbanization project, in Minas Gerais, (Health, Safety
and Environment category).
knowledge circles
Company members with specialized fields of expertise, hold periodical meetings to share
experiences and insights. The first circle was organized in 2001 with focus on Dams and
Hydroelectric Power Plants. There are presently 6 active Knowledge Circles covering a range
of different subjects.
historical evolution of workplace safety indicators
50
40
30
20
10
0
accident frequency rate
47,05
11,14
33,50
28,31
23,54
26,64
7,86 7,49 6,65 7,17
1997 1998 1999 2000 2001 2002 2003 2004 2005
18,42
8,79
10,69
5,77 3,74 5,78
No-lost-time
Lost-time
5,40
3,02
3000
2500
2000
1500
1000
500
0
accident severity rate
2.550
1.186
777 768 811
432 534 580
174
1997 1998 1999 2000 2001 2002 2003 2004 2005
Odebrecht Engineering & Construction | Annual Report 2005 | 11

people development
>
Construtora Norberto Odebrecht and its subsidiaries take pride
in identifying, training and integrating entrepreneur-partners.
Investing in education and training is an important part of the
Odebrecht culture and the basis to forge an emerging generation
of new leaders.
education
The commitment to prepare a new generation of leaders and
develop abilities and competence at Construtora Norberto
Odebrecht led to the creation of a range of programs for
professional and personal growth, including:
> PDE – Program for Developing Entrepreneurs
> PJC – Young Builder’s Program
> MBA Getulio Vargas Foundation – Odebrecht
> MBA University of São Paulo – Environmental Technology
Management
> MBA IAG Rio de Janeiro Pontific Catholic University – Financial
Decision-Making in High-Risk Conditions
> Qualifying Technicians and Supervisors
> Leadership Seminars
Odebrecht Engineering Award – This award is conferred annually
by Construtora Norberto Odebrecht, in partnership with the
Regional Board of Engineering, Architecture and Agronomy
of the State of Pernambuco, to distinguished students in Civil
Engineering from the Federal University, the State University
and the Catholic University, all in Pernambuco.
Partnership with universities – Odebrecht Engineering &
Construction has partnerships with 6 universities in Brazil,
10 in Peru, 3 in Portugal, 1 in Angola, 1 in Ecuador and 2 in
the Dominican Republic.
cultural action
Odebrecht Engineering & Construction supported various
cultural projects, particularly the publications DEP (Diplomacy,
Strategy and Politics), a Brazilian magazine focused on South
American issues and the book Nuestra Pátria (Our Country), an
encyclopedia of Civic Education and National History, published
in Ecuador. It sponsored the electronic formatting of the 178
year-old collection of the Diário de Pernambuco, the oldest
newspaper in Latin America, and the oldest periodical in
circulation published in Portuguese. It also sponsored the
exhibition De Caracas à Amazônia (From Caracas to Amazônia),
by the Venezuelan photographer Andrés Manner. Other projects
were sponsored in Ecuador, Mexico and the Dominican Republic.
12 | Odebrecht Engineering & Construction | Annual Report 2005

social action
Odebrecht Engineering & Construction supports social
development projects in several communities near its
construction sites. Highlights in 2005 were:
> Sustainable Development Project in São Roque do
Paraguaçu, Bahia – This initiative included setting up
a community cultural center with a five thousand volume
library and a computer access facility available to employees
and local residents.
> Invisible Security Belt, Venezuela – In the municipality of
Jesus Enrique de Lossada, near Maracaibo, 800 families are
participating in the installation of the El Dilúvio-Palmar
irrigation project. The aim is to reduce the risks of conflicts and
to support an improvement in the population’s quality of life.
> School 103 of Camuxiba, Angola – Comprising 12
classrooms, a computer room and library, the new school
benefits 1,600 students of the Samba region, in Luanda.
> Mobile Information Center, Angola – Installed in a bus,
it offers information on the progress of the third stage of
the Águas de Luanda Project and on sanitary education
to the population.
> Agricultural Development, Ecuador – Taking advantage
of the infrastructure of the Carrizal-Chone Irrigation System,
this action supports structuring of self-sustainable productive
chains, the sale of its products and the relationship between
producers and distributors
> Education for Work, Alagoas – In Marechal Deodoro,
professional courses conducted in partnership with Braskem
train youngsters and adults to enter the employment market.
Odebrecht Engineering & Construction | Annual Report 2005 | 13

Construtora Norberto Odebrecht S.A.
and subsidiaries
Balance sheet at december 31 (in thousand of U.S. dollars)
assets
consolidated
Current assets
Cash, banks, financial investiments
and marketable securities
Trade accounts receivable
Inventories
Other accounts receivables
2005
608,842
458,445
131,576
253,056
1,451,919
2004
487,782
375,745
100,342
311,440
1,275,309
Long-term receivables
Trade accounts receivable
Odebrecht Organization companies
Other accounts receivable
Permanent assets
Total assets
364,205
198,352
153,626
716,183
331,742
2,499,844
285,599
128,220
99,298
513,117
261,044
2,049,470
liabilities and stockholders’ equity
consolidated
Current liabilities
Debts
Suppliers and subcontractors
Taxes, rates, salaries and payoll charges
Other accounts payable
2005
46,319
308,505
97,991
216,306
669,121
2004
155,233
238,877
85,790
140,573
620,473
Long-term liabilities
Debts
Advances for customers
Other accounts payable
Minority interests
Stockholders’ equity
Total liabilities and stockholders’ equity
500,075
363,162
150,198
1,013,435
1,847
815,441
2,499,844
437,965
290,385
121,996
850,346
570
578,081
2,049,470
This financial information has been translated using the exchange rate prevailing on ecach date
(12/31/2005 - BRL 2.3407:USD 1.00; 12/31/2004:USD 1.00)
14 | Odebrecht Engineering & Construction | Annual Report 2005

Construtora Norberto Odebrecht S.A.
and subsidiaries
Statement of income
Years ended december 31 (in thousand of U.S. dollars)
consolidated
Gross services revenue
Taxes and contributions on services
Net services revenue
Cost of services rendered
Gross profit
General and administrative expense
Income after general and administrative expenses
Financial income, net
From investments in subsidiaries and associated companies
Operating profit
Non-operating results
Income tax and social contribution
Management profit sharing
Minority interest
Net income for the year
2005
2,705,450
(50,343)
2,655,107
(2,298,240)
356,867
(238,189)
118,678
4,856
4,631
128,165
(11,536)
(53,049)
(5,298)
(1,156)
57,126
2004
2,204,871
(36,891)
2,167,980
(1,906,036)
261,944
(152,884)
109,060
76,439
(13,796)
171,703
7,442
(60,894)
(4,747)
(47)
113,457
This financial information has been translated using the exchange rate prevailing on ecach date
(12/31/2005 - BRL 2.3407:USD 1.00; 12/31/2004:USD 1.00)
Odebrecht Engineering & Construction | Annual Report 2005 | 15

corporate officers of Construtora
Norberto Odebrecht S.A.
Entrepreneurial Leader (CEO)
Marcelo Bahia Odebrecht
Senior Officers
In Brazil
Benedicto Barbosa da Silva Junior, South & Southeast
Henrique S. do Prado Valladares, Energy & Mercosur
João A. Pacífico, North, Northeast & Mid-West
Jorge C. Azevedo Filho, Real Estate Ventures
Márcio Faria, Industrial Plants
Marco Cruz, Environmental Engineering
Miguel Gradin, Oil & Gas Services
Worldwide
Ernesto Baiardi, Dominican Republic
Euzenando Azevedo, Venezuela
Fernando L. Santos-Reis, Ecuador & Panama
Jorge Barata, Peru & Bolivia
Luiz A. Mameri, Angola
Luiz Teive Rocha, COO - Vice President for International Business
Alessandro Gomes, United Arab Emirates
Carlos Armando Guedes Paschoal, Portugal
Gilberto Neves, United States
Marcelo Jardim, International Business Development
Miguel Peres, Mexico
Paulo Suffredini, United States – Federal Government Contracts
Directors
Paulo Lacerda de Melo, Vice President for Engineering & Business Ventures
Adriano Jucá, Legal Affairs
André Amaro da Silveira, Service Exports & Structured Projects
Carlos Fadigas, Finance & Information Technology
Carlos J. Hupsel de Azevedo, Planning & Development
Roberto Dias, Institutional Relations
Romildo Santos Filho, Business Development
Sergio Leão, Occupational Health, Safety & Environment
16 | Odebrecht Engineering & Construction | Annual Report 2005