3. - Zagope
3. - Zagope 3. - Zagope
Economic andFinancial Situationother hand, new internal control concepts wereintroduced, especially an audit, leading to theselection of a multinational auditing companyto guarantee the uniformity of procedures andmethodologies for all the countries in which theGroup is active.The value attributed to people has been a constantworry for Zagope and Andrade Gutierrez, a policythat can be confirmed by the implementationof the AG Culture. During the year of 2010 theAccounting, Taxes and Planning and Controldepartments invested heavily in training, aiming togive people the appropriate conditions to maintainZagope in its top position among other companieswhen it comes to knowledge and performance; andreinforcing the idea that reliability, trustworthinessand transparency in our operations in the marketwill take us to the next level.1The year of 2010 was marked by the restructuringof the Company’s economic and financialprocesses, with changes imposed by lawalterations or for internal purposes of betterintegration with policies from the AG Group.Thus, in 2010, taking the opportunity of the entryin force of new accounting standards in Portugal,Zagope implemented a conciliation policy to itsinternal accounting standards in all the marketsit operates, facilitating the global or individualinterpretation of financial statements. On theIn the subject of financial indicators, the year of2010 was marked by great investments madeby the Company in external markets, reinforcingits international position and surpassing theadversities presented by global economy. Thesuccess of this policy is confirmed by a 9% growthof the Company’s turnover to €625 millions, 82%of this amount is relative to the internationalmarket. The strategy of market diversification ispart of the reason for this result, and has involvedgreat learning for us, namely in what relates to ourever growing backlog, which remains unharmedby the small issues affecting global economy andreached 2,010 millions in 2010.ZAGOPE – Construções e Engenharia, S.A. | Annual Report 2010
625millions of EurosTURNOVER2,110millions of EurosBACKLOG2Also, our working attitude and respect for the highefficiency standards and satisfaction of our clients,following the AG Group policies, continue to takethe Company to ever higher profitability levels.Our EBITDA, currently reaching an amount of 76millions of Euros - equivalent to 12.15% of ourturnover – is a most visible sign of this reality.In spite of all this, our net result this year was of5,865 thousands of Euros, having decreased incomparison to the previous year due to our heavyinvestments; but still keeping us on our way to thegreat objectives we have established for ourselves.Allocationof ProfitFinalNoteWe cannot finish this report without expressingour deep acknowledgements to all the entitiesto which we are connected and which havedistinguished us with their preference, namely,Clients, Suppliers, Financial Institutions andSub-Contractors.To our Statutory Auditor and to the Board of theGeneral Meeting we would like to convey ourgreat esteem for the endeavour and dedicationoffered to Zagope.To all our employees, our special thanks fortheir commitment and dedication to Zagope.1/Anaerobic Digestion Central Tratolixo(Portugal)2/Alqueva Installed Capacity Expansion(Portugal)We propose the following allocation for our netresult:For Legal Reserves:293 thousands of EurosFor Surplus Brought Forward:5,572 thousands of EurosLisbon, March 3 2011.The Executive BoardLeandro de AguiarArnaldo GomesClovis MartinesJosé Francisco Cadório Ferreira LinoJosé Nicomedes MoreiraPedro Augusto de Jesus RiccoRemo Loschi Brunelli Filho64 / 65
- Page 15 and 16: AG CultureOVER6,000employeesUNITED
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- Page 44 and 45: Contracts Awardedin 2010Description
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625millions of EurosTURNOVER2,110millions of EurosBACKLOG2Also, our working attitude and respect for the highefficiency standards and satisfaction of our clients,following the AG Group policies, continue to takethe Company to ever higher profitability levels.Our EBITDA, currently reaching an amount of 76millions of Euros - equivalent to 12.15% of ourturnover – is a most visible sign of this reality.In spite of all this, our net result this year was of5,865 thousands of Euros, having decreased incomparison to the previous year due to our heavyinvestments; but still keeping us on our way to thegreat objectives we have established for ourselves.Allocationof ProfitFinalNoteWe cannot finish this report without expressingour deep acknowledgements to all the entitiesto which we are connected and which havedistinguished us with their preference, namely,Clients, Suppliers, Financial Institutions andSub-Contractors.To our Statutory Auditor and to the Board of theGeneral Meeting we would like to convey ourgreat esteem for the endeavour and dedicationoffered to <strong>Zagope</strong>.To all our employees, our special thanks fortheir commitment and dedication to <strong>Zagope</strong>.1/Anaerobic Digestion Central Tratolixo(Portugal)2/Alqueva Installed Capacity Expansion(Portugal)We propose the following allocation for our netresult:For Legal Reserves:293 thousands of EurosFor Surplus Brought Forward:5,572 thousands of EurosLisbon, March 3 2011.The Executive BoardLeandro de AguiarArnaldo GomesClovis MartinesJosé Francisco Cadório Ferreira LinoJosé Nicomedes MoreiraPedro Augusto de Jesus RiccoRemo Loschi Brunelli Filho64 / 65
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