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1/Alqueva Installed Capacity Expansion(Portugal)2/El-Aouana Port(Algeria)1ZAGOPE – Construções e Engenharia, S.A. | Annual Report 2010
Report of theExecutive BoardCommercial Activity in 2010The global macroeconomic scenario in 2010was marked by the recovery initiated in thesecond semester of 2009 and by the revivalof international trade, particularly in emergingeconomies such as Brazil, India and China.Europe registered a deceleration of theeconomic growth, resulting from the debt crisisin some countries in the Euro-zone and of thestrict budget consolidation policies followed bycertain governments to face pressure from thefinancial markets.Anticipating itself to the changes in themacroeconomic scenario, <strong>Zagope</strong> identified newbusiness opportunities in international marketsand diversified its presence in Europe, Africaand the Middle East, a strategy that provedessential to the growth of the company.Thus, and despite the instability of the markets,in 2010 <strong>Zagope</strong> increased its turnover to 625 millionEuros - 82% of which were originated throughinternational construction activities - and its EBITDAto 76 million Euros.In Portugal, the budget constraint measuresadopted contributed to the deterioration of themacroeconomic indicators, with consumptionlevels showing a significant decrease. Portugalended 2010 with a 1.3% increase in its GDPand an average inflation rate of 1.4%, accordingto data from the Bank of Portugal. However, theexpected impact of the increase of VAT and othertaxes predict a significant increase in the annualvariation of the inflation rate.The construction sector in Portugal registeredanother difficult year, the 9th in a row, with adecrease of production accumulated since2002 and amounting to 36% and more than200 thousand jobs lost. The loss of dynamismin the public works sector, which resulted inthe cancellation or postponement of importantinfra-structure investments, led to a significantdecrease in the order books of the companiesthat operate in this area, and, consequently,in their financial results.218 / 19
Page 4 and 5: Index1. 2.Chairman’s Statement 06
Page 7 and 8: To found{ transitive verb }1. to la
Page 9 and 10: Chairman’sStatementIn 2010, the c
Page 11 and 12: Executive BoardLeandro de Aguiar (1
Page 13 and 14: ZAGOPE SGPSENGINEERINGNOVAZAGOPEINV
Page 15 and 16: AG CultureOVER6,000employeesUNITED
Page 17: Mainindicators22.15%144.63%162.73%1
Page 22 and 23: 1 2National MarketIn the national m
Page 24 and 25: 123In Algeria, where Zagope operate
Page 26 and 27: 12 31/Rehabilitation of Road Goma C
Page 28 and 29: Zagope and Andrade Gutierrezaround
Page 30 and 31: AlgeriaAlgeriaFeaturedProjectsAlgie
Page 32 and 33: AngolaAngolaRehabilitation of the L
Page 34 and 35: CameroonEquatorial GuineaCameroonMb
Page 36 and 37: MaliRehabilitation of the Goma Cour
Page 38 and 39: PortugalPortugalConcession of Douro
Page 40 and 41: PortugalRepublic of GuineaPortugal-
Page 42 and 43: Republic of the CongoRepublicof the
Page 44 and 45: Contracts Awardedin 2010Description
Page 46 and 47: Production Activityin 2010Descripti
Page 48 and 49: Description ClientPortugalDESIGN/CO
Page 50 and 51: SpainPortugalGreeceAlgeriaLibyaMaur
Page 52 and 53: 3.{ intransitive verb }1. to suppor
Page 54 and 55: Highlights of 201016 th Internation
Page 56 and 57: Human ResourcesTraining and Knowled
Page 58 and 59: 1International Trainee ChallengeAft
Page 60 and 61: Quality, Safetyand EnvironmentManag
Page 62 and 63: SocialResponsibilityWith an active
Page 64 and 65: 1/AG Group employees at the Diogo F
Page 66 and 67: Economic andFinancial Situationothe
Page 68 and 69: Zagope is affiliatedto the followin
Page 70 and 71:
LicencesCONSTRUCTION PERMIT NO. 92D
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