Sustainability Report

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Interim
© FOXY_A/FOTOLIA
About this Report
About this Report
The present report relates to the activity carried out by Luís Simões (LS) in the
calendar year of 2009 in the following business areas: transport, logistics and
the maintenance and commercialisation of semi-trailers.
This interim report updates the performance indicators of LS published in the 1st
Sustainability Report and includes the content corresponding to the Annual Report
& Accounts (in the chapters “Ensuring financial robustness” and “Accounts”).
The reported indicators, which reflect the reality of all the business areas, were
compiled for the Group. Due consideration was also given to the documents
referred to by GRI, to wit the GHG Protocol and the data published in the
legislation.
The contact point for clarifying queries is:
Cláudia Simões
Email: [email protected]
© FOXY_A/FOTOLIA
The Sustainability report shall be published with a biannual frequency where
the economic objectives and data (Annual Report & Accounts) are updated on
an annual basis, as well as the performance indicators of LS.
The report was subject to the Global Reporting Initiative (GRI) G3 protocol and
its content is based on the sustainability strategy of LS which, when borne in
mind, took into account the GRI principles, in the main that of materiality and the
involvement of stakeholders. For further details about the form of application of
these principles, consult the chapter “LS on the Sustainability route”.
Sustainability Report 2009 | ENGLISH
3
LS Universe
LS Universe
PRESENCE
The activity of Luís Simões is mainly carried out in the Iberian Peninsula as set
out below:
Head Office
Insurances
Cross-Docking
Plataforms
Logistics
Operations
Centers
Transport
Operations
Centers
Technicals
Assistence
Centers
ACTIVITY SECTORS
The main activity sectors of LS are: the transport of goods, logistics, maintenance
and commercialisation of vehicles and also the areas of rent-a-cargo and
insurance, but as they are less significant they have not been reported in this
document.
5
KEY GROUP INDICATORS
Logistics and Transport
2008
2009
Warehouse area (m2)
250.000
250.000
Euro-pallets sites
263.000
268.000
3.146.680
3.176.295
502.000
512.853
2,5
3,5
1.700
1.700
6.150.000
5.800.000
148.000.000
145.000.000
19.000
19.000
2
2
107.000
111.000
Picking units/month
Co-packing units/month
Mean age of own fleet (years)
Number of daily routes
Tonnes transported per year
Kilometres travelled per year
Maintenance
Total area of the 3 assistance centres (m2)
Heavy vehicle washing stations
Installed maintenance capacity (hours)
INNOVATION AND TECHNOLOGY
EMPLOYEE TRAINING
As regards employee training, LS has:
• Two decades of structured training;
• Around 31 thousand hours in 2009 to 1753 employees.
60 Years of entrepreneurialism, ethical values, strategic vision, technology
and innovation...…to go further…to where the future lies.
As regards Innovation and Technology LS has:
• Information systems integrated with the clients and with the business
applications, allowing the traceability of the good, from the origin to
the destination (inside and outside the warehouses);
• Automated separation of routes for dispatch tunnels;
• Automation of pallet movement;
• Traceability of batches in the supply chain;
• Monitoring of operations with acceptability standards, allowing control
to be focused on the exceptions;
• BI application domain (Business Intelligence) which support the various
Balanced Score Cards.
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Sustainability
Report
© MACEO/FOTOLIA
2009
Index
Message from the Chairman
01| LS Profile
Vision
Mission
Values
Policies
01.1| Organigram
01.2| Governance
01.3| Business
LS History
02| LS on the Road to Sustainability
02.1| Development of Strategy
02.2| Sectorial Setting and Management Guidelines
02.3| Stakeholders Involvement
02.4| Materiality Matrix
02.5| Sustainability Strategy
03| High Responsibility and Quality Service
03.1| Framework
03.2| Food Safety
03.3| Quality of the Subcontracted Fleet
03.4| External Audits
03.5| Communication with Clients
04| Ensuring Financial Robustness
04.1| Framework
04.2| Main Consolidated Indicators
04.3| Macroeconomic Analysis 2009
04.4| Analysis of the Haulage Sector
04.5| Analysis of the Logistics Sector
04.6| Economic Performance
04.7| Main Events in 2009
04.8| Prospects for the Future
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5| Innovation and Vanguardism
05.1| Setting
05.2| Innovation in Transport and Logistics
06| Attraction, Training and Retention of Employees
06.1| Framework
06.2| Employees
06.3| Qualification and Categories
06.4| Distribution by Age Bracket and Gender
06.5| Attraction, Retention and Professional
Development
07| Health and Safety at Work
07.1| Framework
07.2| Monitoring and Mitigating Risks Associated
with the Activity
07.3| Health Surveillance
08| Promoting Road Safety
08.1| Framework
08.2| Training for Securuty
08.3| Recognition
09| Energy Efficiency in the Transport of Goods
09.1| Framework
09.2| Investment in Own Fleet
09.3| Driver Performance
09.4| LS Subcontracted Fleet
10| Environment Performance of the Installations
10.1| Framework
10.2| Energy Efficiency and Associated Emissions
10.3| Waste Management
10.4| Water Consumption
11| Promoting Internal and External Citizenship
11.1| Framework
11.2| Main actions in 2009 – Internal Public
11.3| Main actions in 2009 – External Public
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Sustainability
Report
© MACEO/FOTOLIA
2009
12| Internal and External Communication
12.1| Framework
12.2| Internal Communication Channels
12.3| External Communications Channels
12.4| Ways to Get Involved with Stakeholders
13| Accounts
13.1| Management Report
13.2| Consolidated Balance Sheet
13.3| Consolidated Profit-and-Loss Account by
Nature
13.4| Annex to the Consolidated Balance Sheet and
the Profit-and-Loss Account
13.5| Consolidated Profit-and-Loss Account by
Function
13.6| Consolidated Cash Flow Statement
Report and Opinion of The Single Auditor
Registered Auditors’ Report
Transportes Luís Simões, S.A.
Management Report
Financial Statements
Report and Opinion of The Single Auditor and
Luís Simões Logística Integrada, S.A. (Sociedade
Unipessoal)
Balance and Profit and Loss Account
Statement of Changes in the Worth
Cash Flow Statement
Report
Management Report
Transportes Reunidos, Lda
Management Report
Distribuição Luís Simões, S.A.
Management Report
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61
62
65
68
71
73
88
89
92
93
94
97
110
113
115
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118
142
145
147
156
157
159
171
LS - Luís Simões SGPS, S.A.
Management Report
RETA - Locação e Gestão de Frotas, S.A.
Management Report
SOCAR - Equipamentos de Transporte e Serviços
Técnicos, S.A.
Management Report
Lusiseg - Mediadores de Seguros, Lda
Management Report
LS - Gestão Empresarial e Imobiliária, S.A.
Management Report
Solmoninhos - Consultoria, Gestão e Execução
Imobiliária, Lda
Management Report
Patrimundus - Investimentos Imobiliários, S.A.
Management Report
Glossary
GRI Table
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184
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215
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227
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266
268
LS Administrators
Chairman’s Message
With the preparation and publication of our first Sustainability report relating
to 2008, we entered a new communication era. In this new communication era
we have assumed commitments to the future and one of them is that of keeping
our milieu informed about the evolution of our sustainability. It is an evolution in
continuity as the concern with sustainable development was ever-present over
the course of our six decades of existence despite having ensured it on many
occasions in a more empirical and informal fashion.
The commitments identified in 2008 were followed and here the progress is
published relating to 2009. I must stress that we will only be sustainable if we
create prosperity. And it was possible for us in this year of all the (deep) crises,
to improve relevant indices, such as the number of workposts, the results and
the sales, inter alia, highlighting the reduction in fuel consumption by dint of
its relevant positive impact at economic and environmental levels. This was
contributed to by our determined commitment to overcome all difficulties and
find solutions, in such a way as to be aligned with our clients in the creation of
a sustainable future for people and businesses.
We are aware of and prepared to manage sustainability in a crisis period, even
though this will be long. We believe it is our mission to create value on the
supply chain in such a way as to raise the competitiveness of our clients. Only
by ensuring the prosperity of our clients’ business will we be able to make them
loyal, to ensure our economic, social and environmental sustainability and to go
further… to where the future lies!
José Luís Simões
President
10
© STUART MONK/FOTOLIA
Sustainability
Report
2009
01 LS Profile
01| LS Profile
VISION
LS has the following vision:
“To be the Iberian reference in terms of the service quality of the Transport and
Logistics’ sector.”
MISSION
As regards its mission LS wishes:
“To ensure efficient, competitive solutions in terms of Transport, Logistics and
auxiliary services, promoting the satisfaction of clients and society in general
from the economic, social and environmental perspective.”
VALUES
To successfully carry out this mission, it is vital to disclose and share the following
basic values:
• Client orientation: Surpassing the expectations of clients by way of the
rendering of value-added services, supported by solutions which are
flexible, innovative and technologically advanced;
• Respect for people: Ensuring the ongoing qualification of all employees,
developing skills for different, challenging performances of activities
with quality and safety;
• Sustainability: Promoting the sustained development of the
organisation by way of conduct which is transparent, social and ethically
responsible;
• Trust: Characterising the action of the group and its employees by the
respect for colleagues, clients and suppliers, believing in the working
capacities of each and every one and in the defence of the values of
LS;
• Loyalty: Basing daily practice on professionalism, the thoroughness of
operations and the transparency of relations, putting the interest of
LS above personal interest so as to safeguard the credibility and good
institutional image;
• Innovation: Focusing management on structured processes supported
by modern technological systems, contributing to the development of
competitive edges on the market;
• Environment: Implementing good environmental practices, reducing
the adverse effects resulting from the activity and protecting the
environment;
• Concern for safety: Ensuring the best working conditions with preventive
actions so as to eliminate the risks inherent in the activity and preserving
the well-being of the employees;
• Assets: Maintaining the quality of installations, equipment and brands,
ensuring the improvement and respect of everyone, particularly of the
employees and dignifying their workpost.
POLICIES
To put their mission and vision into effect, the company management undertakes
to adopt the following policies:
Quality
• To provide those resources relevant for increasing the quality of the
business and its ongoing improvement;
• To prioritise gains in the efficiency and effectiveness of the processes
as a competitive advantage of companies and with added value for the
client, with a view to making them loyal;
• To develop the competence and motivation of employees compared with
business objectives in terms of quality, safety, hygiene and health at
work, environment and food safety.
Food Safety
• Preserving the food safety and quality of the products in the operations
and services rendered, ensuring communication with all the parties
involved in the food chain: suppliers, employees, clients and competent
authorities.
Health and Safety at Work
• Providing the resources required for the prevention of professional risks,
the improvement of safety conditions in the performance of activities
and the surveillance of employee health, carrying out their duties and
reinforcing raising awareness in terms of health and safety at work.
Environment
• Implementing measures to minimise environmental impacts resulting
from the activity as well as the management and control of the waste
produced, and raising awareness amongst employees about the behaviour
and habits which promote protection of the environment.
Corporate Social Responsibility
• Developing actions aimed at employees so as to promote personal,
professional and family enhancement and information, awareness and/
or welfare activities aimed at the external entities with which we
interact.
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01.1| ORGANIGRAM
The organisational structure of LS is distributed as follows:
Board of
Directors
CEO
Innovation and Process
Business Areas
Support Areas
Communication
Department
Iberian Transport
Diversification
Reta&Socar- Semi-Reboques
Shared Services
Information
Systems
Lusiseg - Insurance
Iberian Logistics
Real Estate
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01.2| GOVERNANCE
The Board of Directors of Luís Simões SGPS considers that the Group’s business
should be carried out in accordance with standards appropriate for good company
governance.
BOARD OF DIRECTORS
| Composition:
• Three Group Director - José Luís Simões, Leonel Simões and
Jorge Simões;
• Financial corporate Manager;
• Three External Consultants.
| Frequency: 4 times/year.
| Objectives:
• Approval of the Group strategy, to wit strategic plans of the
Group and strategic plans of each company;
• Analysis of the major priorities of the Group: Results,
investments, management structure and company matters.
Management Committee
| Composition:
• Executive Chairman;
• General and Corporate Managers.
| Frequency: 4 times/year.
| Objectives:
• To ensure that the sales’ objectives and results of LS are
overcome;
• To approve the investment plans;
• To approve the human resources’ policies.
The Luís Simões companies are wholly owned by the Luís Simões family. The
Board of Directors includes the three elements of the 2nd generation and half
of the 3rd generation elements are already part of the organisation permanent
staff.
Executive Committees (by company)
| Composition:
• General Manager;
• 1st line Managers.
| Frequency: 3 to 4 times/year.
| Objectives:
• To ensure that the sales objectives and results of each
company are surpassed;
• To ensure that the action plans are implemented.
• To ensure the evaluation of the performance management of
the teams;
• To ensure that communication occurs at the various
management levels.
Visit by the Chairman
| Carried out by the Executive Chairman of the Group at each site/
company/corporate area of LS.
| Frequency: every 2 years.
| Objectives:
• To know in advance the significant situations, for the
subsequent taking of decisions;
• To transmit criteria;
• To promote socialisation between employees.
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01.3| BUSINESS
Logistical Business LS
Object
Development of integrated logistics activities, encompassing
primary transport, storage, preparation of requests, inventory
control, distribution of products and other value-added services
such as the handling of products or the logistics of promotional
events.
Geographic
Location
Iberian Peninsula.
Size
17 operating centres (7 in Portugal and 8 in Spain), 3 cross
docking1 platforms and 13 subcontracted cross-docking platforms
(3 in Portugal and 10 in Spain), corresponding to a total area of
over 250mil m2. 5 co-packing Centres (3 Portugal and 2 in Spain).
300 movements equipment items involved in storage activities.
Distribution network with over 600 distribution routes per day.
Over 700 employees in Portugal and Spain.
Evolution
Sales Volume
Sales (Millions
of Euros)
2009
2008
2007
2006
68
62
62
51
1| Coimbra, Alicante and Granada Plataforms
LS Logistics Business
Customer
Portfolio
300 companies from the most varied sectors: Food and beverages,
hygiene and cleaning, PLV, electrical appliances and consumer
electronics, car sector.
23 biggest clients account for 80% of total sales.
Client withholding rate(2009):
DLS - 76% of sales volume ensured by clients with 3 or more years.
LSL - 73% of sales volume ensured by clients with 3 or more years.
15
LS Transport Business
Business Diversificação LS
Object
Transport goods by road and only on a complementary system of
some flows, by ship and train. It is made up of three companies
which operate in Portugal and Spain: Transportes Luís Simões SA,
Luís Simões Logística Integrada SA and Transportes Reunidos Lda.
Object
Maintenance and repair of heavy vehicles.
Assemble and commercialisation of semi-trailers.
Geographic
Location
Greater incidence in Iberian flows where it is the market leader.
Geographic
Location
Carregado, Gaia and Perafita.
9 operating centres distributed by Portugal (3) and Spain (6).
Size
Total area of 19 thousand m2.
Management of around 1,100 journeys/day.
Size
800 Employees (TLS+TR+LST).
Client
Portfolio
Evolution
in Sales
Volume
Food products and beverages, paper, major distribution and auto
components.
1290 clients in 2009.
80 clients are responsible for 80% of sales.
Client retention rate (2009): 88% of sales volume ensured by
clients with 3 or more years.
Sales (Millions
Euros)
2009
2008
2007
2006
101
102
101
99
Two washing stations for heavy vehicles at the technical assistance
centres of Carregado and Gaia.
66 workers (own and on a partnership basis), with an installed
capacity of 111,000 hours /year of maintenance.
Client
Portfolio
Evolution
in Sales
Volume
The products and services commercialised by Socar are aimed at
companies from the goods haulage sector, both private and public.
Socar has a very dispersed Client portfolio of the transport and
logistics sectors.
Sales (Millions
Euros)
2009
2008
2007
2006
6,5
11,9
16,3
9,6
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LS History
In the image below we have set out the way in which LS has evolved since the 1930’s, the date of its foundation, until today, and what has happened in Portugal and in
the world during this time period.
Luís Simões
On the back of
a cart,
Fernando Luís
Simões
transported
vegetables and
Purchase of
first truck.
fruit to Lisbon
markets.
Increase in
fleet.
Emergement of
Novobra, a
civil
construction
company, a
decisive client
in terms of the
commercial
buoyance of
Luís Simões.
Diversification
of the
vegetable
product
transport
services to
construction
material
transport.
Fernando Luís
Simões grants the
management of
Transportes Luís
Simões Limitada to
his sons (1973).
Entry in bulk
cereal
transport
market.
Foundation of
the company
Transportes
Luís Simões
Limitada
(1968).
First steps towards
the computerisation
of the company.
Special indivisible
cargo transport
First training
course given to
drivers.
Internationalisat
commenced.
The first experiment
was tried out as
ion to Spain.
Commitment to
the
regards home
distribution with
total cover in
Portuguese territory.
diversification
of activities.
Economic
crisis.
40
UNO approves
the
Declaration of
Human Rights.
50
Great growth
in the civil
construction
sector.
60
Boom in terms
of public works
of the New
State.
Development of
compound food
for animals.
World/Portugal
70
Recession in the US
deriving from the
oil crisis.
Revolution on April
25th 1974.
TLS: ISO Certification
9002:1994 – 1st transport
company in Portugal to be
certified.
Creation of holding and
structuring of the various
businesses.
Inauguration of the
Logistical Operations’
Centre of Carregado.
ISO Certification
9002:1994 – Companies
DLS and LSE (Luís Simões
Spain)
Decade/Year
30
Consolidation of presence
on Spanish market.
Start of logistical activity,
so as to anticipate the
logistical consequences of
the European market.
Business segmentation
and diversification.
80
90 | 1995
1997 | 1998
1999
Searches are
carried out
Economic
crisis.
Progress in computing
technology.
worldwide to
make feasible
the use of
low-cost RFID
labels on all
products.
17
Luís Simões
RETA: ISO
Certification
9002:1994.
Replacement
of all the
computing
applications
supporting
business.
Acquisition of
LOALSA and
positioning as
an integrated
logistical
operator on an
Iberian scale.
Introduction of
“Informatics
Embarcadero”
in vehicles
with GPS.
Installation at
radiofrequency
warehouses
and optical
reading by bar
DLS, TLS, RETA,
LSE: Transition
to ISO
Certification
9001:2000.
code.
Inauguration
of the
Logistics’
Merger of
LOALSA and
“Luís Simões
Span”, giving
rise to Luís
Simões –
Logistical
Integrate, S.A.
Creation of the
LSnet Portal –
advanced
technological
tool in
management in
a web
environment
and a prime
source of
information for
consultation by
clients.
Operation
Centre of the
Future in
Auditing of LS,
SGPS (DLS,
LSLI, TLS and
RETA) Group:
Renewal of
Certification
by the ISO
Standard
9001:2000.
Carregado.
Exponential
growth in
Presentación
of the 1st LS
logistics in
Spain – doubles
turnover
compared with
2005.
Sustainability
Report.
Década/Ano
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
Alteration to
Community
Legislation
regarding
driving and
rest times.
Ratification of
the Kyoto
Protocol.
Use of digital
tacograph in
Europe.
18
Mundo/Portugal
© danimages/FOTOLIA
Sustainability
Report
2009
02 LS
on the Road to Sustainability
02| LS on the Road to Sustainability
02.1| Development of strategy
The development of the sustainability strategy of Luís Simões was based on
an analysis of the results of stakeholder involvement, the sectorial setting,
management guidelines and good internal practices and also benchmarking of
counterpart companies.
Sectorial and Benchmarking
Framework
Stakeholders Involvement
Materiality
Matrix
experienced. A natural selection process of companies is expected in the
coming years, speeding up in-depth restructuring of the sector which
the various measures imposed, from the environmental, legal and fiscal
perspective, was expected;
• Greater tendency to the concentration of companies as a weapon
to reduce fixed structures and increase the geographic cover and
competitiveness in the reply to the client;
• Existence of market peaks, with the strategy of LS involving a mix of
own and third party fleet which allows flexibility to meet this challenge,
affording sufficient solidity to deserve the trust of the major clients
which is undoubtedly where the strategic commitment of LS resides.
Challenge identification
Analysis of Management
Guidelines and Good
Internal Practises
02.2| Sectorial setting and management
guidelines
02.2.1| Transport
Challenges
• Excess supply, both in Portugal and in Spain, in view of existing demand,
a fact exacerbated by the economic instability which is currently
Positioning and
sustainability principles
Commitments
The LS Difference
• Flexibility in service, demonstrating it is a company which is always
geared towards the solution for the client;
• Permanent innovation in the manner of carrying out and managing
transport, being committed to technology and information combined
with the basic capacity for transporting goods effectively;
• Modern, well-prepared fleet in accordance with the most demanding
European standards;
• Highly qualified, competent drivers, with a view to compliance
with safety standards and reduction in the environmental impact of
transport activity;
• Professionals experienced in the management of transport
operations.
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02.2.3| Diversification
Challenges
• Quest for general solutions by the market;
• Requirement of ever more added value in the logistical services;
• Requirement of great know-how, rigour and quality in the processes;
• Energy efficiency of logistical operations;
• Compliance with environmental requirements as regards waste
management;
• Guarantees about the safety of the products, to wit about food
products.
Warehouse Operator
The LS Difference
• Coverage of the Iberian Peninsula with proximity to direct clients and
indirect clients (clients of our clients);
• Technological solutions adapted to the control of the processes and
adjusted to the needs of the clients;
• Innovation geared towards the design of solutions with greater added
value for the client;
• Focus on the Quality of the service, recognised by the market, to wit
as regards food Safety;
• Involvement in the reduction of the energy consumption of the
installations;
• Waste management solution with a major reduction in their volume
and consequent decrease in the environmental impact associated
with their transport.
Challenges
• Economic and financial fragility of the majority of the transport
companies – its main clients – of particular relevance for small and
medium-sized companies;
• The increase in the price of fuels and the economic slowdown, expressed
in added difficulties in the transport sector which bring about the
accentuated fall in activity in terms of maintenance and repair and the
acquisition of new equipment;
• Operational running requirement 24h/day and the need to adapt the
working hours to the needs of the clients, reconciling the flexibility of
working hours required for the activity sector with the personal life of
the employees;
• Increasingly greater requirements in terms of compliance with
environmental needs.
The LS Difference
• Restructured process with a new layout of the Carregado workshop,
allowing activity to be carried out with higher productivity levels;
• All employees in the operating areas work on Saturdays so as to quickly
meet the needs of the clients (100% Teams). As a compensatory
measure, these workers are granted two consecutive days of weekly
rest (Tuesday and Wednesday, for example), as well as Sundays. In
this way, LS is seeking to promote the family well-being of these same
employees and, simultaneously, enable the development of various
leisure activities, as well as the possibility of dealing with personal
matters with various entities (Banks, Social Security, Finance etc.).
Technical Assistance Center - Carregado
02.2.2| Logistics
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02.3| STAKEHOLDERS Involvement
The identification of the interested parties, to wit of their concerns and
expectations, has a vital importance in the process to define a sustainability
strategy as well as in the content of a Sustainability report.
In this way LS carried out the mapping of the stakeholders based on an analysis
of the importance that LS has for these stakeholders and vice-versa.
In the context of the 1st Sustainability report relating to 2008, 12 interviews
were carried out of external interested parties, as well as two focus groups with
the internal stakeholders, to ascertain the perception they have of the company
as well as their expectations.
Clients
Employees
Permanent
Subcontracted Parties
National/Regional/
Local Authorities
Banks
Universities
Other Suppliers
Media
Casual Subcontracted
Parties
ONG’s
Trade Unions
Associations
President of the Portuguese Republic
Address by the President of the Republic
“(…) Corporate social responsibility, the responsiubility which, where
applicable, is demonstrated by the relationship with its employees, the
concern with having an environmentally friendly fleet of vehicles, with
the most advanced technologies to respect the requirements, as has been
said, of sustainable development and, in addition, the support it provides
free-of-charge to the Food Bank. It is thus these aspects which I would
like to stress here today. Firstly, the competitiveness of the company
internationally. Secondly, the failure to postpone invstments and prepare
to face challenges the in times of international crisis. However, at the same
time, maintaining its sense of corporate social responsibility (…)”.
Extract from the speech made by the President of the Republic, Professor Aníbal Cavaco Silva, at the
inauguration of the Logistical Operations Centre of the Future at Carregado on November 17th 2008.
22
It should be stressed that the interviews carried out with the stakeholders allowed
the identification of the strengths, weaknesses, opportunities and threats of LS
described in the table below:
Strengths
• Communication and image;
• Training and retaining talent;
• Investment in transport alternatives with less greenhouse gases (GEE);
• Innovation and internationalisation;
• Customer satisfaction;
• Financial robustness;
• Road safety;
• Environmental management.
Weaknesses
•
•
•
•
•
•
Opportunities
• Development of Information and Communication Technologies (ICT) to support
the business;
• Expansion of the Quality Management System (SGQ) to the areas of safety at
work and environment;
• Intermodality, fractioned loads and urban distribution;
• Environmental performance and efficiency as differentiation in a society with
growing environmental awareness;
• Development of renewable energy technologies;
• Implementation of the systems supporting the drivers;
• Uniformisation of agreements in Spain;
• Closening of relations with the universities.
Environmental impacts of activity – consumption of fossil fuels;
Impacts on the community – noise, traffic and parking on roads;
Stress at work (driver occupation);
Internal communication;
Variability in the behaviour of drivers – own fleet versus third party fleet;
Little strategic communication with clients in Spain.
Threats
•
•
•
•
•
•
•
•
Excess market supply;
Current crisis;
Financial liquidity of the subcontracted parties regarding transport;
Fuel price variation;
Little availability on the skilled labour market (mechanics and drivers);
Inflexible labour application, where applicable;
Peripheral positions possible with (Iberian peninsula) in view of the legislation on driving times;
Regulamentary pressure of the company.
Table 1 - External and internal stakeholders survey results
23
02.4| Materiality Matrix
02.5| Sustainability strategy
The analysis of the results stakeholders surveys as well as their sectorial
integration allowed the construction of the following materiality matrix:
The sustainability principles of LS are in accordance with its values, with its
operationalsation being intimately linked with the policies already evolved by
the Group. LS has boosted its boosted its business in such a way as to make them
profitable and sustainable, simultaneously creating prosperity in the activities it
carries out and ever less adversity.
• Integration in the
Community
• Internationalisation
• Peripheral Position
• Environmental
responsibilities of the
suppliers
• Environmental
performance of the
premises
• Stiff competition
• Internal
Communication
• Financial robustness
of subcontracted
haulage
Presentación of the 1st LS Sustainability
Report
Figure 1 - Materiality matrix for LS
Concern of Stakeholders
• Energy Efficiency of
Goods Haulage
• Innovation and
Vanguardism
• Road Safety
• Communication and
Image
• Custom’s
satisfaction
• Training, Attraction
and Retaining of
Employees
Importance to the LS Group
Based on this matrix, the values and policies, the sustainability strategy of LS
was developed, based on principles and its respective commitments.
The sustainability strategy of LS, which is published in the year of its 60th
anniversary, allows an analysis to be carried out from a new perspective its
actions (which can always be improved), making them more participative for
stakeholders who are invited to take part with LS in the creation of a more
sustainable future.
Below are the sustainability principles on which the LS strategy is based:
1. To provide a service with high responsibility and quality;
2. To ensure the financial robustness of the Group;
3. To promote innovation and vanguardism;
4. To attract, train and retain employees;
5. To promote Health and Safety at Work;
6. To promote Road Safety;
7. To promote Energy Efficiency in Goods Transport;
8. To improve the environmental performance of the installations and
operations;
9. To promote internal and external citizenship;
10.To promote internal and external communication.
These principles are materialised by way of the definition of goals and objectives
and monitored by way of indicators evaluated on a periodic basis. The way in
which the principles and performance of LS are operationalised in this regard is
described in the following chapters.
24
© PEAPOP/FOTOLIA
Sustainability
Report
2009
03
High Responsibility and
03| High Responsibility and Quality Service
03.1| Framework
03.2| Food safety
Quality is one of the main forms of differentiation of LS and it thus forms part
of its sustainability strategy. It involves putting the expectations of the client at
the centre of its values:
Bearing in mind that logistics and transport are areas which form part of the
supply chain of food products, for several years now LS companies have been
carrying out their work with special emphasis on quality and food safety.
Food safety is also included in LS Policy (see LS Profile).
Client Orientation
Surpassing the expectations of clients by providing value-added services,
supported by solutions which are flexible, innovative and technologically advanced.
In Valores LS
The concern for Quality at LS has always been present since the start of its
activity, though it was from the 1990’s that concrete objectives were developed
and achieved in this area. The history of these certifications characterises LS
(this can also be analysed in the timeline presented at the start of this report).
LS stand out as it is the first transport company to obtain certification by IPQ,
since currently there is Group certification.
Ensuring Quality is the responsibility of all the Group employees in accordance
with the policy defined (see LS Profile).
LS carries out a constant monitoring of the operationalisation of this policy,
evaluating the service levels provided, the customer satisfaction levels, the
results of the internal and external audits, the complaints received and the
various narrow communication channels established with its clients.
When developing a High Responsibility and Quality Service, LS works to:
• Meet the expectations of clients, affording innovative, flexible
solutions;
• Ensure high quality standards for the own and subcontracted fleet for
internal logistics’ operations and for the sales and technical assistance
services for semi-trailers;
• Ensure high safety standards of products, including food safety, during
the course of its involvement in the supply chain.
For this reason, the Food Safety Management System (ISO standard 22000:2005)
is a strategic factor in terms of the quality of the product and service to the
client, being at an implementation stage in the areas of Transport, Logistics and
Maintenance of Vehicles (disinfection).
03.3| Quality of the subcontracted fleet
The transport activity is currently 50% supported by its own fleet and 50% by
resources to subcontracting. In 2009, as regards the fleet subcontracted on a
permanent basis, 62% are trailers (40 tonnes of gross weight) and the remaining
38% of trucks between 3,5 tonnes and 26 tonnes of gross weight.
03.3.1| Training
The training model for the suppliers of transport on a permanent basis has as
its main objective, to endow the with the practical and technical knowledge
in accordance with the LS quality assurance system and compliance with the
standards deriving from the specific requirements or legislation of Clients.
This training process is made up of two clearly differentiated parts: Integration
Training and Ongoing Training.
In the context of ongoing training, 2009 saw the staging of the event “A Trip
Around the Operations” which set out, in a formal, relaxed environment to:
• Provide training to the Permanent Hauliers in specific activity areas,
having provided the following contents: Driving and Rest Times, Use of
26
Digital Tacograph and Functionalities of the LS Portal (suppliers module)
in terms of Billing and Payment;
• Provide socialisation whereby there can be the creation/strengthening
of ties of trust;
• To inform, in entertaining fashion, about the other side of operations,
enabling partners to improve the knowledge they have about the
management of transport at Luís Simões.
At the end of the day the Team TP 2009 was elected.
Business Area
Companies
Indicator
2008
2009
DLS
98%
98,6%
LSL
96%
97,2%
TI
98%
99,5%
Logistics
Transport
On-time
Service
Level
On-time
Global
Table 2 - Mean Service Level Value
03.4| External Audits
The clients of LS carry out regular audits of their processes. During 2009 thirteen
clients carried out 26 audits on the operating procedures followed at LS.
Team TP 2009
03.5| Communication with clients
During the course of the contractual relationship with the clients, meetings are
held to analyse technical issues, structure the development of partnerships,
plan future commitments and/or establish the bases for new business.
03.5.1| Customer satisfaction survey (ISC)
Customer satisfaction surveys have been carried out since 1997 on an annual
basis, aimed at the main clients of the various businesses both in Spain and
Portugal.
Service Levels
The service level indicators are measured every day, allowing a monthly reflection
on the quality of the service provided and any measures to be implemented.
The table below sets out the results of the customer satisfaction surveys since
2006. In 2009 it can be observed that the overall satisfaction value (LS) remains
at 80%.
At ISC 2009 the flexibility and analysis capacity regarding the needs and response
capacity regarding new or unexpected situations were some of the most relevant
factors in the evaluation carried out of the performance of LS by its clients.
27
Company
2006
2007
2008
2009
DLS
71%
75%
74%
69%
LSL
57%
74%
78%
79%
R&S
72%
74%
72%
81%
TI
83%
87%
88%
90%
LS
73%
80%
80%
80%
Table 3 - Evolution in the customer satisfaction level at the ISC
03.5.2| Quality Forums
II Quality Forum LS, Madrid
IV Quality Forum LS, Carregado
The Quality Forums are prime events for sharing knowledge with clients in areas
which affect the supply chain and competitiveness of the companies which
operate thereat. For this reason, it is important that the concepts and strategies
of the quality can be aligned between clients and suppliers in the search for
more efficient solutions for the logistical process.
In 2009 the 4th edition of the Quality Forum was staged in Portugal and
the 2nd Edition of the “Quality Forum” in Spain. (see Internal and External
Communication)
28
Sustainability
Report
2009
04
Ensuring Financial Robustness
04| Ensuring Financial Robustness
04.1| Framework
04.2| Main consolidated indicators
The evolution of the economic performance of LS results from a sustained
business strategy which has bestowed it a leadership position which it has in
terms of the goods haulage sector in Portugal and which has also allowed it to
found the basis for its positioning as one of the most important logistical and
transport operators in the Iberian Peninsula.
The table below shows the main consolidated economic indicators associated with
the activity of LS in recent years.
In order to drive the increase in revenue deriving from its activity and ensuring
the financial robustness of the Group, LS is committed to:
COL Gaia
• Promoting the Results retention policy, strengthening its Equity and
consequent financial balance;
• Adapting the time structure of third parties capital to the nature of the
financial investments;
• Efficiently managing the Client portfolio, focusing on the reduction
in the PMR (Mean Receipt Timeframe), ensuring the financing of the
operating cycle.
Thousands Euros
2006
2007
2008
2009
158.190
173.225
172.539
175.825
Net Results
3.348
2.641
-663
1.424
Depreciations
9.751
9.624
10.739
12.597
EBITDA
11.790
12.905
10.731
18.428
Fixed assets
47.264
58.709
71.723
107.900
Clients
45.757
49.685
43.926
45.969
Total Assets
112.822
130.926
135.668
167.490
Equity
30.351
32.944
32.085
47.739
Total Liabilities
82.468
97.980
103.582
118.552
Staffing Costs
31.448
37.419
42.119
45.622
Employees
1376
1612
1731
1806
Financial Autonomy
27%
25%
24%
29%
Sales + Services
Rendered
Table 4 - Main consolidated economic indicators
30
In 2009 LS managed to surpass the commitments it had set itself, hence:
Financial Autonomy stood at 29%, reflecting its sounder financial structure.
The evolution in the operating activity of Luís Simões was very positive, helping
the EBITDA to grow by 72%. The strategy followed by the company, highly geared
towards the optimisation of processes, was vital to endow Luís Simões with this
indicator level.
04.3| Macroeconomic analysis 2009
World economic prospects are still showing signs of improving and the turning
point for a recuperation occurred in the 2nd quarter of 2009.
The aggressive stimulation of the monetary and budgetary policies undertaken
in the main economies; Record low interest and mass injections of liquidity,
stabilised the financial system and facilitated a correction to the high levels of
indebtedness amongst companies, families and financial institutions.
Notwithstanding the trend for an increase in unemployment recorded worldwide
in recent months, private consumption indicators have shown a relatively
favourable evolution in some economies, more in the United States, though less
in the Euro Zone.
The economic scenario for 2010 has been marked by the continuation of the
recovery in the main economic areas, though at differentiated rates, and by the
persistence of some risk factors which shall determine, at least in the so-called
developed economies, tendentially moderate growth.
It is estimated that real growth in world GDP outside the Euro Zone has fallen
on average 0.6% in 2009, though assuming that it will increase by 3.5% in 2010
and 3.9% in 2011.
As regards the Euro Zone, there have been evident concerns with the growing
budgetary imbalances of some economies, particularly Greece, Ireland and
Spain.
In the Spanish economy, the signs of slight improvements in the main economic
indicators have not been sufficient for Spain to get out of the recession during
the next year. According to the analysts, 2010 will be a year of stabilisation
and not of recovery, with the economy contracting 0.3%, a value which is more
positive than the forecast for 2009 which suggests a contraction of 3.6%.
The growth in GDP in the Euro Zone returned to positive values in late 2009 and
various factors may have driven this growth such as the budgetary stimulation
packages, the stocks cycle and commerce acceleration.
However, the expectation is that this growth trajectory will remain lower than
before the recession owing to the need to correct the balance sheets in various
sectors and the fact that consumption is limited by poor prospects as regards
the employment market.
It is foreseen that after recording a rate of 0.5% in 2008, the real growth in GDP
stands at between –4.1% and –3.9% in 2009, recovering to between 0.1% and 1.5%
in 2010 and between 0.2% and 2.2% in 2011.
Amongst the internal components of the GDP it is expected that total investment
will continue to fall until early 2011, though at an ever lower rate.
In this context, the mean annual rate of inflation should stand at 0.3% in 2009,
projecting an increase to value falling within the interval of 0.9% to 1.7% in 2010
and between 0.8% and 2% in 2011. This projected evolution for 2010 and 2011
mainly reflects the increase in prices of raw materials.
The prospects for the Portuguese economy are characterised by a gradual,
moderate recovery. Because it was in a bad economic climate, it did not go down
like the other economies, but it is foreseen that it will not recover and much as
the latter.
The mean growth in GDP in the period 2001-2005 was considerably less than
that observed in the period 1991-1995 (0.9% compared with 2%) projecting an
even lower amount in the period 2007-2011 (0,2%), revealing the unprecedented
nature of the current recessionary stage.
However, it should be stressed that in the context of the economic and financial
crisis worldwide, the Portuguese economy showed some robustness factors,
in particular the absence of overvaluation of prices on the real estate market
and the maintenance of a relatively favourable situation regarding its banking
system.
Growth in GDP of 0.7% is foreseen in 2010 and of 1.4% in 2011 after a contraction
of 2.7 % in 2009.
As regards inflation, this is to set fall 0.9% in 2009 after a 2.7% increase in
2008. The rate of inflation shall registered positive values again in 2010 of 0.7%,
increasing to 1.6% in 2011.
31
Actual Values
04.5| Analysis of the Logistics Sector
Projections
2006
2007
2008
2009
2010
2011
Euro Zone
3,1
2,8
0,7
-4,1 a -3,9
0,1 a 1,5
0,2 a 2,2
Spain
3,9
3,7
1,2
-3,6
-0,3
1
Portugal
1,4
1,9
0
-2,7
0,7
1,4
Table 5 - Annual Growth in GDP (%)
04.4| Analysis of Haulage Sector
The Goods Haulage Sector had a very difficult year in 2009 which led to a string
contraction in the market a reduction is estimated in the market value of over
20% and in the Iberian peninsula as a whole it is now worth around 18 to 19
Million €. This reduction was particularly notable on the national Spanish market
in the operations between the two countries.
There was a clear reduction if demand of haulage activity, the upshot of the
negative economic growth recorded both in Portugal and in Spain and which
was more serious for this sector bearing in mind that the sectors which reduced
most generated transport, such as civil construction and car production, for
instance.
On the other hand, in a year of pronounced economic crisis throughout the
sectors, there was a trend towards price reduction and the haulage price was
not immune to this. The scarcity of demand and the reduction in prices made
the haulage activity unsustainable for haulage companies which inevitably had
to close.
This closure of companies, in the main Size was very significant and at a much
higher rate, compared with that occurred in previous years. Self-evidently, this
increase in the rate of closure of companies did not alter the sector feature,
characterised by high dispersion. It is estimated that the number of haulage
companies operating on the market is still well above 100 thousand companies,
with more than half only having 1 vehicle.
For 2010 the start of a movement to reverse the cycle is expected, but which
will still no allow increases in the market volume to be registered in € or
tonnes transported. The evolution in the price of fuels shall be decisive for the
performance of companies operating in this sector, as in view of the fragility of
demand, the pressure trends towards price reduction will surely continue to be
the order of the day.
The Logistics’ Sector has always been characterised by intense dynamism: in
the last 15 years mean annual growth in the logistics’ market in the Iberian
Peninsula was over 15%. However, in 2009 this sector was not immune to the
crisis and it is estimated that growth has been positive, but slightly less than
1%, thereby confirming that this was a particularly hard year for all economic
agents, but also that this sector consistently maintains growth indices greater
than those of the economy in general. In 2009 this market represented over 4
billion Euros, corresponding to around 300 companies.
The growth dynamic which has characterised this market has been clearly
supported by the continued trend to outsource logistical operations by clients
who have been opting to transfer to logistical operators activities involving the
storage, handling and distribution of their goods.
In the contexts of recession or economic crisis it is anticipated that this tendency
to outsource will not slow down and may even speed up. The Iberian Peninsula
has been registering annual growth rates of 9% of the level of outsourcing
logistical operations and the relative proportion of external operations in the
market total is still less than many other developed countries. The market is set
to keep growing with the entry of new clients.
The level of concentration of this market is high as the 10 largest logistical
operators represent over 50% of this billing and it should be stressed that only
a small part of these operators have the capacity to provide all-in logistical
services throughout the Iberian peninsula.
In 2009 it became clear that the largest Iberian operators had suffered from the
crisis and had recorded reductions in the levels of sales and returns. Growths in
activity were only registered with those operators who had the capacity not only
to maintain their Client portfolio, but also to win over new clients from rivals or
in processes involving new outsourcing of logistical operations.
For 2010 it is expected that the rate of growth of the market will remain low.
The effects of the crisis remain but it is not clear what the rate of evolution of
the economy will be in this period.
In this context it is clear that new adversities will arise, but there will be
opportunities too. Clients expect competitive variable costs from logistical
operators, the capacity to arrive every day at their points of sale meeting
deadlines and delivery requirements, permanent technological innovation,
so that the logistical variable will be a differentiating factor which they can
incorporate into their value chain and which will enable them to be more
competitive.
32
04.6| Economic Performance
In a year in which the world economic context was highly unfavourable, with a
slowdown in the main economies, the Consolidated Sales volume of the Group
stood at 176 Million Euros, the equivalent to growth of 2%.
Evolution in Sales (Thousands Euros)
176.338
173.225
172.601
158.190
2006
2007
2008
Sales Volume by Business Area (Millions Euros)
Legend
Iberian Haulage
7
68
2009
101
Iberia Logistics
Diversificação
The core business activities of LS increased its activity by 3%, reflecting the
constant concern of Luís Simões with following the demands of its clients, the
ongoing innovation of processes which ensure high service levels and allow an
increase in the competitiveness of the Group in the sector where it operates.
The Business Unit, Transportes Ibéricos, recorded a negative variation in its Sales
volume of 0.9%, though much lower than the contraction estimated for this
sector in the Iberian Peninsula -20%, 2009 was a year characterised by a major
retraction in demand, economic stagnation in Portugal and particularly in Spain,
a country which has been the major engine of this market in recent years, had
decisive impacts on the triggering of this scenario.
The Business Unit Logística Ibérica registered growth of 9.2% and there was a
growth in activity in current and new clients, as well as the contractual extension
with some clients referred to as being structural to the business.
Diversificação, a Business Unit which is complementary to the other activities of
the Group, registered a fall of 11.8% in its sales volume, reflecting the financial
difficulties of small hauliers, its main clients.
04.7| Main events in 2009
The performance turned in by various companies of Luís Simões is the impact
of the consolidation of several projects which have been developed and which
shall be decisive for Luís Simões to keep asserting itself with the soundness and
stability which characterises it, being positioned amongst the first logistics’ and
haulage operators in the Iberian Peninsula. Examples include:
• The implementation of the “E@sy7” project which allowed an increase
in the degree of automation in the relationship with suppliers by way
of the use of the LSnet portal and the electronic self billing, also
strengthening the credibility of the company as regards compliance with
payments;
• formatting of a Business Intelligence tool in the hauliers business,
deploying a mixed team with the participation of external consulting
which will allow monitoring which is closer to those variables which are
key to the business;
• A sustained commitment to the Outsourcing of haulage services by way
of the segmentation of hauliers into three groups in accordance with
the quality of the fleet and the duration of the contracts, associated
with specific loyalty programmes, allowing a commitment to be made to
33
•
•
•
•
these resources which are increasingly more strategic to the growth of
Luís Simões;
The operation at its fullest potential of the new Logistical Operations
Centre of the Future, opened in November 2008 at the logistical centre
of Luís Simões in Carregado. This new warehouse, semi-automatic,
allowed the winning over of new clients to be supported, attaining
occupancies of over 80% in the first year of activity and meeting the
objectives foreseen for the project;
Strengthening of the management team so as to meet the increase
in activity and the entry of new clients, ensuring a great command
of logistical processes and displaying the capacity to maintain the
commitment to the quality of the service rendered to the current
clients, simultaneously ensuring the winning over of new clients in new
segments;
increase in the competence of those services which do not constitute
the Core Business of Luís Simões, ensuring an increase in productivity
and the capacity to absorb new activities, businesses or companies;
Quest for new solutions for the development of activities in the North
of Portugal, having visited dozens of sites and maintained contacts with
local governments and various investors.
04.8| Prospects for the future
2010 is viewed as a year for the start of the economic recovery with positive
impacts expected in the Group. On the one hand, it is expected that there will
be reductions in sales in recent years, to wit on the market between Portugal
and Spain, gave rise to a recovery in activity, however slight. In the meantime,
the market will continue to move prioritising the competence of the operators
and it will not be easy for companies which fail to adapt to the new times.
In this regard, Luís Simões, having positioned itself as a Leader in the segments
where it acts, will concentrate during 2010 in areas defined as being priorities
and vital, to wit:
• Focus on clients and the market, giving priority to the growth of the
business with the winning over of new clients, either in the current
segments or in new market segments and the economic climate may
favour logistical outsourcing processes by clients;
• Maintenance of investment in the development of information
technologies which support a structured domain of all the logistical and
haulage processes and allow more and better management information
to be obtained. In this context the following should be mentioned:
• Completion of the project to develop an application to manage
CoPacking activity;
• Maintaining the commitment to implement the Radio frequency
in all operations;
• Introduction of new management information modules in
the Business Intelligence tool (Individual Productivity, Fleet
Management, HR Indicators);
• Implementation of the Supplier Portal, with a view to ensuring
greater speed in the access to information both internally and in
the relationship with suppliers.
• In 2009 it was the company’s intent to proceed with the implementation
of the haulage management project in intermodal format. However,
and in view of the enormous reduction in activity recorded throughout
the Iberian Peninsula, the conditions have not been met to put it into
practice. This reduction in activity was more than evident, not allowing
assurance in terms of critical mass (in terms of haulage volumes) which
managed to face up to the hefty investments associated with the project.
For 2010 and as regards intermodality, we will still be attentive to any
opportunities which prove advantageous to the company.
• The prospect for 2010 of the Real Estate Activity will be focused on the
following points:
• In the day-to-day management of the existing assets;
• Continuing to promote the initiatives conducive to the
materialisation of new investments in Gaia;
• Materialisation of a reference solution for the activities of Luís
Simões in Madrid;
• Carrying out of works relating to the Azambuja Transport Terminal.
This terminal, which is expected to be the first of many within
the company, shall clearly characterise the alteration to the
model in terms of the management of transport operations.
The Financial Statements and the Annex to the Balance Sheet and the Consolidated
Profit-and-Loss Account are in Chapter 13 (Accounts).
34
Sustainability
Report
2009
05
05| Innovation and Vanguardism
05.1| Setting
05.2| Innovation in Transport and Logistics
For LS Innovation is a strategic factor for gaining competitiveness, constituting
one of its vital values:
The technological solutions adopted by LS encompass electronic interfaces for
exchanges of messages between partners, knowledge of the positioning of the
fleet in real time, radiofrequency to control the operation of the warehouses,
voice picking, B2B portal and more recently, an automatic warehouse.
Innovation
Focusing on management in structured processes supported by modern technological systems,
contributing to the development of competitive advantages as regards the market.
In Valores LS
LS started its computerisation in the 1980’s and during the course of a decade
supporting its activity deploying technological tools which enable it not only to
manage the business effectively and efficiently, but also to provide its clients
with innovative services solutions.
Organisationally speaking, LS has a structure which we can consider as the
incubator of innovative projects and procedural improvements:
• Information System Management;
• Process Areas in each group company which establish the link between
the needs of the businesses and clients and the Information System
Management, ensuring the innovation or optimisation in the processes
and services.
LS promotes Innovation and Vanguardism in the following way:
• Implementing a culture of innovation to service levels, process and
organisational, increasing the efficiency and creating value for the client
and for the Group;
• Adopting the best solutions available for the exercising of activity and
anticipating, whenever possible, the needs of the clients and compliance
with the regulatory requirements.
In 2009 the Business Intelligence (BI) projects stood out regarding indicators
whereof we are presenting “HyTI” and Self billing in the “E@sy7” transport
area.
Luís Simões proceeded with the implementation of the “HyTI” project based on
the Software Hyperion and which has an application in the Iberian haulage area
of Luís Simões.
With this project a personal page was designed which allows the access of various
employees of the company to their management indicators, as well as to other
information relevant to its function.
The project had an overall framework which allowed the macroprocesses of the
company to be defined and the most relevant points which have to be controlled
at any time, so as to dominate the service level to the client and the profitability
of the operations.
This application follows the use of this software in other areas of Luís Simões
and constitutes a key tool for the alignment of all the management structure
with the company strategy, in addition to decisively contributing to a greater
command of the key variables. It is believed that the gains in productivity and
the gains in effectiveness in the management of the variables largely compensate
for the costs of this investment.
This project promoted the study of new computing tools and methods with
competitive advantages or differentiating factors of the business, adopting
the best solutions available for the exercising of the activity and anticipating,
wherever possible, the needs of the clients and compliance with the regulamentary
requirements;
36
E@sy7
The haulage area of Luís Simões proceeded with the implementation of E@sy7,
a customised electronic invoice platform which enables subcontracted hauliers:
transporting, delivering the goods and receiving the respective payment in
7 days.
With E@sy7 subcontracted companies have real gains in terms of treasury
liquidity, enabling Luís Simões to ensure that the whole transport and service
chain to the client is ensured, a factor which is more relevant in the context of
an unfavourable business climate in which we live.
The hauliers thereby benefit from a system which allows the great ease of
relationship with the contracting company, with total command of the process.
They ensure that the whole billing process is in accordance with the legal
requirements, deploying simple, low-cost technologies, such as sms or email. In
this way, invoice sending and mailing costs are eliminated and all invoices can
be consulted on a digital file.
This project is clear proof of the attitude of Luís Simões towards Sustainability,
ensuring the innovation and simplification of processes, combined with gains
in the transport chain, in the financial robustness of our subcontracted parties
which are vital in our activity.
Presence in the 4th Innovatin days, Lisbon
Innovation and Development was ensured in 2009 with an investment by LS of
1.1% as regards the sales volume.
37
Sustainability
Report
2009
06
Attraction, Training and
Retention of Employees
06| Attraction, Training and Retention of Employees
06.1| Framework
Portugal
Total LS
DLS
441
441
567
567
LSG
78
78
75
75
LUSISEG
14
14
9
9
RETA
10
10
9
9
SOCAR
60
60
49
49
SOLMONINHOS
1
1
TLS
684
684
628
628
TR
4
4
4
4
Spain
The employees of LS are at the centre of its values:
Respect for People
Spain
Total LS
2009
Portugal
2008
Ensuring the ongoing qualification of all employees, developing skills for different, challenging
performances of activities with quality and in safety.
In Valores LS
Over its 60 years of existence, LS has contributed to the creation of employment
in 22 places (sites) where it is present, as well as in the more interior areas of
the Iberian Peninsula.
The responsibility for the evaluation and compliance with the human resources
and training policies lies with the Corporate Management for Shared Services.
LS wishes to continue to :
• Boost the attraction and retention of employees with potential;
• Ensure the continuity of the management capacity by way of the
qualification and motivation of the people;
• Boost professional development and personal achievement;
• Transmitting a vision of the company committed to its professionals and
to its development;
• Contributing to job creation in areas socially unoccupied by way of the
contracting of drivers.
06.2| Employees
Company
LSL
304
304
288
288
LST
157
157
180
180
Total LS
461
1292
1753
468
1341
1809
Permanent Staff
766
294
1060
99
489
588
Fixed-term contract
526
167
693
369
852
1221
Total LS
1292
461
1753
468
1341
1809
Male
1030
345
1375
341
1043
1384
Female
262
116
378
127
298
425
Total LS
1292
461
1753
468
1341
1809
Type of Contract
Gender
The population of LS is made up of a permanent staff structure of around 1809
employees, divided between Portugal (1341) and Spain (468). All LS employees
work full time and the vast majority forms part of the permanent company staff
structure.
Table 6 - Number of employees by gender and by type of link
39
LS does not make any kind of discrimination as regards recruitment. In 2009
the origin of its employees showed an evident dispersal in the figure (which
corresponds to 28 countries) which shows the multicultural nature of the LS
organisation.
Distribution of employees by nationality
Legenda
2%
1%
%
Quantity
%
Elementary/Obligatory
1027
59%
1054
58%
Secondary/Professional
564
32%
598
33%
Higher Education
148
8%
138
8%
Post graduation/Masters
14
1%
18
1%
Table 7 - Distribution of employees by academic qualification
Africa
88%
Eastern Europe
Graphic 1
Latin America
Others
2009
Quantity
Qualifications
Portugal and Spain
4%
5%
2008
The activity sectors where LS is involved are characterised by the need for
employees specialising in Logistics and Transport. Hence, the vast majority
of its active workers has professional training qualified in these sectors. In
Diversificação LS has professionals qualified in various areas, from metalworkers
or mechanics to operational insurance technicians.
The warehouse operator (482) and driver (593) functions thus emerge as the
most representative of the LS population (around 60% of this universe).
2008
Number
%
Number
%
Warehouse Operators
391
22%
482
27%
Drivers
638
36%
593
33%
Most Representative Functions
2008
Portugal and Spain
2009
2009
1530
87,28%
1590
88%
Africa
47
3%
88
5%
Eastern Europe
88
5%
45
2%
Latin America
77
4%
73
4%
Others
11
0,63%
13
1%
06.4| Distribution by age bracket and gender
LS has an average age of 36, with almost half of employees being aged between
30 and 40 and 24% being under 30.
Despite having a young team, around 46% of employees have worked at LS for
over three years.
Age
06.3| Qualification and categories
One of the essential factors of the strategy of LS has always been a commitment
to the professionalisation of its employees.
2008
2009
Under 30
24%
24%
Between 30 and 40
49%
48%
Between 41 and 50
22%
22%
Over 50
5%
6%
Average Age
36
36
Table 8 - Distribution by age bracket
40
The wage policy of LS is clear and uniform, not allowing any type of wage
discrimination owing to the gender, origin, religion etc..
The female population represents 23% of the total number of employees.
Female Operators at
the Warehouse
2008
2009
Portugal
22%
21%
Spain
18%
19%
Table 9 - Percentage of female sex in operations
In teams which ensure the operationality of the logistical activities 24h/24h,
over 20% of employees are women.
staff reflects the major commitment of LS to the qualification of its operating
staff by way of Internal Training.
In 2009 LS carried out over ten thousand hours of training for drivers. The training
contents include themes such as defensive driving and driving times.
Company
2008
Hours of
Hours per
Training
Employee
2009
Hours of
Hours per
Training
Employee
TLS
7.272
11
5.261
8
DLS
9.454
21
13.358
24
DIVER
2.377
28
1.307
20
LSG
3.983
50
1.989
27
LSL
6.749
22
4.628
16
LST
4.487
29
4.991
28
Total of Hours
34.321
27
31.533
20
Table 10 - Number of hours training by company
The investment of LS in the attraction, development and retention of its
employees has allowed a response to be given to the growing needs of your
business.
The time of admitting new employees is crucial for the success of their integration
in LS. For this reason, the majority of new admissions are supported by Welcome
and Integration Plans specific to the functions to be performed.
As regards training, LS provides great emphasis to the qualification and
development of its operating duties – Operational Training. The internal trainer
Training Course
06.5| Attraction, retention and professional
development
Training Permanent Staff is a constant commitment by way of the annual
promotion of the participation of high-potential employees in company
management programmes at institutions like AESE (the Association of Higher
Company Studies) or the San Telmo Institute.
As a commitment for 2009 we assume the implementation of the Talent
Management project with the involvement of 80 employees with high
potential. The objective was overcome, commencing the project with over 180
employees.
This project foresees medium-term results and aims to empower high-potential
employees for the challenges of LS businesses.
41
Sustainability
Report
2009
07
07| Health and Safety at Work
07.1| Framework
07.2.2| Monitoring of accidents at work and their causes
The concern for safety is stated in the LS values:
Ensuring the best working conditions with preventive actions,
In 2009 170 accidents at work occurred (124 in Portugal and 46 in Spain) whose
seriousness index2 stood at 9.46. There was a 1% reduction in the number of
accidents at work compared with 2008.
The following Frequency Indices3 corresponded to said accidents at work:
so as to eliminate the risks inherent in the activity and preserving the welfare of employees
In Valores LS
LS seeks to promote and maintain at workplaces conditions which ensure the
physical and mental integrity of employees, helping them to oversee their
health.
Practising Health and Safety at Work is the responsibility of employees in
accordance with the policy defined (see LS Profile) and their monitoring is
ensured by the Health and Safety at Work office which investigates accidents at
work, ensures compliance with medical exams and evaluates operating practices
from the perspective of its ergonomics.
Health and Safety at Work is a prerequisite for a sustainable future. For this
reason LS has made efforts with a view to:
• Monitoring and mitigating the risks associated with the activity;
• Ensuring the appropriate means for promoting health and safety in
professional performance;
• Improving ergonomic conditions and the environment at workplaces;
AT: Frequency Index of LS
Legend
2008
0,24
0,25
2009
0,16
0,20
0,12
0,15
0,10
0,09 0,08
0,13
0,10
0,10
0,04
0,05
0,00
0,02
TLS
DLS
LSLI
Socar
LSG
Graphic 2 - Frequency Index for accidents at work at LS
07.2| Monitoring and mitigating risks associated
with the activity
07.2.1| Risk prevention
914 hours of training actions were carried out in Portugal and 1.147h in Spain as
regards Risk Prevention, alerting of the main dangers and risks inherent in the
activities carried out at the organisation.
A total of 2.061h were provided, exceeding the objective of 190h in prevention
of Safety at Work.
43
2| Seriousness Index = Accumulated no. of days absence /Total no. of workable days
3| Frequency Index = No. of Accidents at Work/Total no. of employees
Absenteeism associated with accidents at work in 2009 was as follows:
Legend
AT: Absenteeism in Working Hours and
Total
Hours
12000
10000
5080h
5040h
6000
TLS
DLS
240h
25 d
30 d
SOCAR
LSG
630 d
4000
200h
Hours
8000
6288h
635 d
1800
1600
1400
1200
1000
800
600
400
200
0
786 d
Day
Day
14000
2000
0
LSLI
Graphic 3 - Abseentism associated with accidents at work at LS
The main causes of the accident at work have as their origin of unsafe acts of
some employees and unsafe conditions, internal and externally, in which some
activities are developed.
07.3| Health surveillance
LS has been carrying out periodic check-ups of its employees over recent years.
In 2009 1,167 medical check-ups were carried out on LS employees in Portugal
and 311 in Spain - in Spain it is not compulsory to carry out periodic medical
check-ups.
In addition to the normal surveillance of health of its employees, every year LS
promotes other health prevention and protection actions, open to all employees
in Portugal whereof the following is highlighted:
• Scans: PSA and mammography
• Glycaemia scan
• Anti-flu vaccination
• Random alcohol scan
44
Sustainability
Report
2009
08
08| Promoting Road Safety
08.1| Framework
08.2| Training for security
The nature of the activity of LS entails that, every year, hundreds of people
travel over 120 Million kilometres in its pay. The safety of these employees and
suppliers, as well as of the other road system users, self-evidently uses a top
position in the concerns of LS.
In 2009 in the ongoing training programme which covers all drivers, 4,060 hours
were provided, inter alia, the modules: Driving Style, Health and Safety at
Work.
This commitment to safety has led LS to be one of the first goods haulage
and logistics organisations in the Iberian Peninsula to subscribe to, in 2008 in
Portugal, the European Road Safety Charter (CESS).
The Road Safety indicator assumed by LS was the “Percentage of drivers with
500 or more days, without any type of accidents”. The goal suggested for the
commitment was 60% at the end of 2009.
% Drivers with 500 Days or + without Accidents
2009
2008
2007
59%
53%
52%
The objective of 60% of drivers was not achieved, attaining 59% demonstrating
the improvement obtained in the last 3 years.
Road safety is a priority in which LS intends to keep investing:
• Promoting good driving practices by way of training and monitoring
performance and rewarding good behaviour;
• Ensuring suitable working conditions for drivers from the perspective of
ergonomics and of the driving and rest times;
• Ensuring the preventive maintenance of the vehicles;
• Creating communication channels regarding road safety, monitoring
accidents and assuming commitments with a view to their reduction.
08.3| Recognition
In 2009 IRU Honour Diplomas were assigned (International Road Transport Union)
to three LS employees and the presentation ceremony was scheduled for 2010:
José Marques
LS Driver for 25 years
António Isidro
46
Rui Justino
Logo IRU
Ceremony of Delivery IRU Honour Diploma
Together, these three employees have already travelled 8,000,000
kilometres without accidents, the equivalent to 200 times
around the Earth.
This distinction is assigned every year by the IRU Presidency. Of the totality of
criteria borne in mind by IRU the following are highlighted:
a)A minimum of 20 years exercising the profession in uninterrupted
fashion and having carried out, as a professional driver, as a minimum,
a million of km in national or international transport;
b)That the driver, in the last 20 years, has not caused, by its own
responsibility, any serious road accident;
c)It has not seriously breached road, customs or administrative stipulations
of your its own and other countries in the last five years.
47
© PEFKOS/FOTOLIA
Sustainability
Report
2009
09
Energy Efficiency in the
Transport of Goods
09| Energy Efficiency in the Transport of Goods
09.1| Framework
2009, is a reflection of the ongoing concern of the company both environmentally
(reduction in GEE emissions)and in terms of energy efficiency.
The haulage sector is characterised by its consumption of oil derivatives and the
consequent emissions of Greenhouse Gases (GEE). This concern is stated in the
LS values:
Implementing good environmental practices, reducing the adverse effects resulting
On-board Computer in the Truck
from the activity (...).
In Valores LS
LS considers the management of these impacts as a challenge and a differentiation
factor compared with the competition, having anticipated the application of the
environmental legislation in this regard, being committed to more eco-efficient
motorisation at the time of the renewal of the fleet.
Compared with the previous year, in evolutive terms, the relative proportion
of the traction fleet equipped with Euro V engines rose from 14.7% at the end
of 2007 to 38.2% in late 2009. This series of vehicles, more environmentally
friendly, is equipped with an automated gearbox and a standard Euro V engine
with SCR technology (Selective Catalytic Reduction).
Evolution in the distribution of the LS fleet by type of Euro standard
Legend
81,8%
90,0%
80,0%
70,0%
09.2| Investment in own fleet
LS strengthened the investment in vehicles equipped with engines which comply
with the Euro V Limits of the Community Directive on polluting gas emissions.
The anticipation, as from 2007 of the entry in the fleet of vehicles which comply
with said standard, which become compulsory in Europe as from September 1st
2009
2008
62,3%
57,3%
2007
60,0%
50,0%
40,0%
38,2%
33,0%
30,0%
14,7%
20,0%
4,6% 4,5% 3,1%
10,0%
0,0%
Euro V
Euro IV
0,0% 0,2%0,2%
Euro III
Euro II
0,0% 0,0% 0,2%
Euro I
Graphic 4
LS materialises the energy efficiency in the haulage activity in the following
way:
• Promoting efficient motorisations, alternative fuels and inter and comodality solutions;
• Optimising the routes, reducing the non-revenue kilometres and
increasing the vehicle occupation rates;
• Investing in training about eco-driving;
• Monitoring fuel consumption, emissions of greenhouse gases and
particles;
• Investing in the relationship with haulage subcontracted parties and
other suppliers, supporting them in the growing adoption of sustainability
criteria.
49
The Euro V engines, compared with the vehicles which comply with the Euro III
standard, allow the reduction in NOx emissions (Nitrogen Oxide) by around 60%
and the emissions of particles by around 80% by way of greater effectiveness in
the combustion system, in conjunction with the selective catalytic reduction
system (treatment of exhaust gases with the additive Adblue).
09.3| Driver performance
The activities carried out in the context of this project were supported by a strong
process to form and develop applications, reports for analysis and the monitoring
of data and a team to control results and the correction of deviations.
The implementation of this project had a major impact on the consumption
of fleet fuel, displayed in the table below which in 2009 shows a reduction in
the mean fuel by 3.4% compared with the reference year (2007) and a 1.1%
reduction compared with last year.
2007
2008
2009
Variation
09/07
Variation
09/08
Truck 3.5 tons
17,3
16,6
16,1
-7,2%
-3,2%
Truck 12 tons
29,3
27,5
27,5
-6,2%
-0,1%
Truck 19 tons
32,6
32,6
32,7
0,3%
0,5%
Truck 26 tons
32,6
28,8
0,0
Mega Tractor
38,4
37,8
37,1
-3,5%
-2,0%
Normal Tractor
37,7
36,9
36,8
-2,4%
-0,3%
TI Fleet
37,4
36,5
36,09
-3,4%
-1,1%
Type of Vehicle
* Mean Consumption - Litres by 100 kms
Table 11 - Mean fleet consumption (l/100km)
LS Driver
Based on suitable equipment, the driver’s performance is another of the key
pillars for the reduction of the associated energy consumption and environmental
impacts.
Aware of this fact, in February 2008 LS launched the Eco-Driving project with a
view to obtaining a reduction in fuel consumption by 500 000 litres.
2009
2008
2007
GEE Emissions (ton
CO2eq/l)/1000 km
1.003
1.015
1.0
Variation compared with
reference year (2007)
-3,4%
-2,3%
Table 12 - GEE Emissions associated with the fleet
Note: The indicator was altered and calculated on total consumption and did not allow the analysis
of the reduction in GEE associated with fuel consumption management, setting out the effort of the
organisation in the GEE reduction.
The analysis of GEE emissions of the own fleet by way of a comparison with
the reference year (2007) before the Ecodriving project allow the identification
of the reduction in the average fuel consumption as a decisive factor in this
reduction.
09.4| LS subcontracted fleet
The mean age of the subcontracted fleet is 7 years, there having been a 1 year
reduction compared with 2008.
50
Distribution of the Subcontracted fleet by mean
Legend
25
DLS
LSL
Years
15
Graphic 5
TI
20
10
5
0
-5
Analysing the distribution of the vehicles by Euro standard, it can be observed
that the group with the greatest relative proportion is that of the Euro III
vehicles, but it is worth emphasising the relative proportion of the EURO IV and
V vehicles which, as a whole, already represent 30% of the subcontracted fleet,
corresponding to a 12% increase on 2008.
Distribution of the Subcontracted fleet by type of Euro
Legend
Euro I
23%
4%
6%
Euro II
19%
Euro III
Euro IV
Euro V
S/ Euro
Graphic 6
7%
41%
51
© RUTA SAULYTE/FOTOLIA
Sustainability
Report
2009
10
Environmental Performance
of the Installations
10| Environmental Performance of the Installations
The environmental performance of the installations, to wit their energy efficiency,
water consumption and waste management forms part of the concerns of LS and
is reflected in its business management.
energy consumption, the analysis included relates to the indirect emissions by
the number of pallets stored by year. This information allows an understanding
that although there is an increase in energy consumption, this is not very
significant.
Implementing measures to minimise environmental impacts deriving from the activity, as well as
Energy Consumption - Facilities
the management and control of the waste produced, raising the awareness of the employees for
Legend
behaviour and habits which promote the protection of the environment.
2009
In Política de Ambiente LS
The implementation of this policy is the responsibility of all the employees,
being coordinated by the Sustained Environment and Development Office since
2007.
10000,00
8000,00
MWh
The materialisation of the environmental policy is ensured the following way:
• Promoting energy efficiency in terms of warehouses, technical assistance
centres for heavy vehicles and offices;
• Promoting the correct management and enhancement of waste;
• Monitoring water consumption and promoting its reuse.
2008
12000,00
Graphic 7
10.1| Framework
6000,00
4000,00
2000,00
0,00
LS TOTAL
Lusiseg
LSLI
SOCAR
DLS
LSG
10.2| Energy efficiency and associated emissions
The consumption of electrical energy presented since 2008 considers the logistical
operations’ centres, the technical assistance centres and the administrative areas
of Portugal and Spain. It should be stressed that the logistical sector units are
those which have the highest energy consumptions (DLS and LSLI), representing
the majority of the installations.
The energy consumptions presented result in the emissions of gases into the
atmosphere, to wit GEE. The table below shows the GEE emissions associated
with the LS installations, the indirect emissions resulting from the use of
electrical energy. Since the Logistics units are responsible for the majority of
2009
2008
Direct GHG emissions (ton CO2eq)
4.731
4.219
Indirect GHG emissions (ton CO2eq)
0,169
0,162
Table 13 - Direct and indirect emissions of GEE associated with the installations of LS
53
Waste management at LS ensures the collection and final destination of hazardous
and non-hazardous waste at the various installations.
There is a concern to properly manage their destination and work with waste
operators who help to find solutions for new waste.
In 2009 around 87 tonnes of hazardous waste was produced at the technical
assistance centres.
The electrical and electronic equipment out of use, which corresponds to the
obsolete computing assets of the company, represented 1.19 tonnes of waste,
being routed to recycling.
In 2009 around 2,075 tonnes of non-hazardous waste was produced (30% increase
compared with 2008), distributed as follows:
• Logistical operations’ centres and administrative areas (90%);
• Technical assistance centres (10%).
Non-Hazardous
Legend
2009
2008
1200,00
Graphic 9
10.3| Waste management
1000,00
In 2009 40 types of different waste were collected by the various LS companies:
16 of the hazardous type and 24 of the non-hazardous type, there was a
reduction in 4 types of hazardous waste and 2 types of non-hazardous waste. Its
distribution amongst LS companies is as follows:
ton
800,00
10.3.1| Waste by Type
600,00
400,00
200,00
0,00
Waste produced by LS
TLS
LSG
DLS
SOCAR
LSLI
Legend
100%
Non-Hazardous
Waste
80%
60%
Graphic 8
Hazardous
40%
20%
0%
TLS
LSG
DLS
SOCAR
LSLI
LS TOTAL
10.3.2| Waste by the landfill method
The waste produced is directed by licensed waste operators, prioritising as
recycling (51%).
As can be seen from an analysis of the graphic below, decontamination treatments
are associated with the companies which produce hazardous waste (12%), it being
the care that dumping in a landfill applies to undifferentiated waste categorised
as Urban Industrial Waste produced at the various installations.
54
Legend
Destination given to the waste produced by LS
companies in 2009
Recyclin
Graphic 10
Sanitary
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Treatment
TLS
LSG
DLS
SOCAR
Lusiseg LS TOTAL
LSLI
10.4| Water consumption
The water consumed at the LS premises comes from the water system, except for
that used for irrigation at four installations and which derives from boreholes,
duly licensed to this end.
Water consumption is more representative at the logistics’ units which includes
administrative areas. DLS is responsible for the highest consumption of water
since it represents many units with administrative areas.
Legend
14000
2009
12000
2008
Graphic 11
Water Consumption - Facilities
(m3/year)
10000
8000
6000
4000
55
2000
0
LS TOTAL
Lusiseg
LSLI
SOCAR
DLS
LSG
Sustainability
Report
2009
11
Promoting Internal and
External Citizenship
11| Promoting Internal and External Citizenship
11.1| Framework
11.2.1| Blood Donations
The involvement with employees and the other parties concerned is integrated
in the LS practices and policies:
LS, in conjunction with the Portuguese Blood Institute (IPS), has promoted blood
donations at its sites for Carregado and Gaia.
In the 2009 campaign, LS had 31 enrolments and 17 donors.
Developing actions aimed at the employees so as to promote personal, professional and family
enhancement; and information, raising awareness and/or welfare activities aimed at external
entities with which we interact.
In Política de Responsabilidade Social
11.2.2| Enrolment for bone marrow donors
In 2009 a campaign was carried out to collect blood for the enrolment of bone
marrow donors which resulted in 38 new potential donors.
All the companies take part in the implementation of this policy which is
coordinated by the Communication Office.
Blood donations
The promotion of internal and external citizenship is materialised in the
following way:
• Promoting a growing approach to the community by way of a strategy
involving patronage and support to initiatives of a social nature;
• Supporting institutions, organisations and projects of public interest,
providing technical capabilities, human and financial resources;
• Incentivising the citizenship if its employees, promoting their health and
investing in partnerships which benefit them.
11.2| Main actions in 2009 – Internal public
11.2.3| Mini-Marathons
Mini-Marathons
LS stimulates its employees to play sport. It promotes the participation in the
April 25th mini-marathon, a socialisation-competition stretching 7,200 metres,
coordinating the enrolments and supporting 50% of the value of the employees’
enrolments.
11.2.5| Handing over of Christmas presents
At Christmas LS incentivises its employees to be altruistic towards children in
need gathering offers at the main centres which are subsequently handed over
to local institutions.
57
This year, for the first time, we can count on the participation of the centres of
Spain, Madrid and Azuqueca de Henares.
11.3.2| Participation in institutions and associations
Aware of its role in the corporate milieu in which it is inserted, LS exercises its
citizenship duty participating in various institutions, highlighting:
11.3| Main actions in 2009 – External public
11.3.1| Transport services on a patronage basis
LS carries out transport in the pay of various institutions on a patronage basis
whereof special mention should be given to the Food Bank.
LS assumed the commitment to maintain in 2009 the willingness to provide
haulage services to the Food Bank and other institutions of a social nature,
highlighting:
• National Association for the Fight Against Poverty
• Open Hands Humanitarian Association
• Portuguese Rotary Foundation (Rotary Club of Sintra)
• Cooperation
• Dianova Portugal Association
• ANAP
• Prosalis
• Mão Amiga Association
• Food Bank
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
AEP –Portugal Business Association;
CCILE – Portuguese-Spanish Chamber of Commerce and Industry;
COTEC – Business Association for a Innovation;
APEF –Portuguese Association for Family Companies;
ACICA –Commercial and Industrial Association of the District of
Alenquer;
Rest Home for Drivers from Portugal and Similar Professions;
ACEGE – Christian Association of Businessmen and Managers;
Amigaia –Municipal Investment Agency;
BCSD Portugal – Business Board for Sustainable Development;
APLOG – Portuguese Logistical Association;
ANTRAM – National Hauliers’ Association;
AESE – Association of Further Corporate Studies;
ICIL –Catalan Logistics’ Institute;
Lógica – Logistical Operators Business Organisation;
ASTIC – Road International Road Hauliers Association;
AECOC – Spanish Commercial Coding Association;
CHP –Portuguese and Spanish Chamber;
AEC – Spanish Association for quality
Newspaper Ls Party
In addition to these stakes, LS is a member of the General Board of the José
Afonso Secondary School in Loures as a representative of the local community
on said management body.
The integrated LS Logística signed up to the code of good practices for Logistical
Operators.
58
© MACEO/FOTOLIA
Sustainability
Report
2009
12
Internal and External
Communication
12| Internal and External Communication
12.1| Framework
Efficient internal and external communication promotes the dissemination of
corporate culture by way of the interested parties, whether they are clients,
employees, suppliers or institutions; strengthen in the partnership relationship
established. In the actual case of the employees, communication is vital
for endeavours by everyone around the same objectives, stimulating their
participation and boosting their motivation.
Other Internal Communication Channels
• Posters with the Mission, Vision, Vand Policies of LS displayed at all
branches;
By way of a communication strategy, the top management ensures the dissemination of all the
information required (…) so as to ensure its effectiveness for the most varied destinees.
In Plano de Comunicação LS
Responsibility for the implementation of the communication plan lies with all
the managers being communicated by the Press Office.
TBeing aware that the communication to its stakeholders is an essential tool for
the involvement of the latter in its activity, LS promotes internal and external
communication in the manner set out below:
• Structuring internal communication channels and boosting activities in
person for drivers and the other employees;
• Promoting strategic communication and web platforms for operational
communication with suppliers and clients;
• Communicating in transparent fashion with the media and the local and
national authorities;
• Promoting visits of education institutions, families of employees and/or
other parties interested in the LS sites.
12.2| Internal communication channels
As regards internal communication channels, LS has an internal newsletter
called LS News. This paper has the participation of the employees and their
family members and it is distributed to all LS employees.
• Data Bases with good practices which constitute tools for disseminating
the various events and actions to the employees (corporate social
responsibility and sustainable development, security and information
systems, human resources).
12.2.1| Events for employees in 2009
• Birthday party of NLS (May 2009)
LS News annually promotes a birthday party whose aim is socialisation
between newspaper employees.
• Managers’ Meeting (January)
This is an annual forum for presenting strategy for the year aimed at the
intermediate and top management team.
This year the honourable mention of the Manager of the year was
included.
• Open doors – at the Portugal and Spain branches
In 2008 an internal and informal communication tool was created for the
60
12.3| External communication channels
In order to promote communication with its external stakeholders, LS developed
various communication tools which included:
• LS Website (www.luis-simoes.com) - LS Portal aimed at the whole
public;
• LSnet Portal (www.luis-simoes.net) – Portal B2B directed to customers
and transport suppliers;
• Digital Newsletter for clients – Sending of up-to-date information about
LS;
• Annual Report and Accounts – Published and made available to the public
as a communication tool since 1997.
LS also promotes various events for its external stakeholders which have been
listed below.
12.3.1| Events for external stakeholders in 2009
• Visits to operations’ centres
In 2009 LS received the following visits at the logistical operations
centres:
▪ COL Gaia – seven institutional visits: three secondary schools and a
professional school, an association, with a total of 126 visitors;
▪ COL Carregado - 34 institutional visits, whereof the following are
highlighted: six of clients, three business schools, two professional
schools, five secondary schools and four universities with a total of
418 visitors.
▪ COL Azambuja – an institutional visit of a client which had 2
visitors
▪ CAT Carregado – an institutional visit of an association which had
12 attendances
As regards the communication with clients there are prime knowledge
times, promoted by LS whereof the latter@ form an integral part:
• Submission of the 1st Sustainability report – October 2009
At the logistical operations centre of the future for clients, press and
employees
• 2nd Quality Forum – Madrid, October 2009
• 4th Quality Forum Portugal – Carregado, November 2009
• Commercial and institutional attendance
▪ Innovation Days - LS attended the fair with the presentation of the
Easy7 project
▪ FILDA –Alentejan Logistics and Industry Fair – May 2009
▪ The stand with the commercial presence of Reta&Socar was a
means of contact with the hauliers, one of its stakeholders.
▪ Expo transport
Presentation of the 1st Sustainability Report
employees of LS and subcontracted parties – Open doors – which allows
the integration of the family of the employees with LS by way of guided
tours to the premises (warehouses and administrative areas), with a
view to providing knowledge about the interior of the organisation.
In 2009 Open Doors were carried out at a branch in Portugal and at three
in Spain:
- Saragossa (May) had 100 attendances
- Madrid (June) the branches of Alovera, Seseña, Azuqueca and
Madrid which had 383 attendances.
- Gaia (September) branches of Gaia, Canelas and Perafita which
had 799 attendances
- Valencia (October) which had 80 attendances
• Tributes by dint of seniority
IIntegrated in Open Doors, all employees are distinguished who, in
the previous year, completed 15, 20 and 30 years of uninterrupted
collaboration with LS. In 2009 homage was paid to 19 employees, 18 in
Portugal and 1 in Spain.
61
12.4| Ways to get involved with stakeholders
Bearing in mind the influence, dependence and power that some stakeholders
have as regards LS, and as a way of promoting transparent communication with
all its concerned parties, the table below sets out the forms of involvement of
the Group with its stakeholders.
Expo Transport
It should be stressed that the consultation of stakeholders developed and
described in subchapter 2.3 in the context of the definition of the Group
sustainability strategy was also a major moment for the involvement of LS with
its interested parties (2008).
62
• Attracting and retaining
• Meeting expectations
• Providing a value-added service
Employees
• Attracting and retaining
• Promoting ongoing qualification
• Developing skills
Permanent subcontracted parties
Casual subcontracted parties
Banking
Communicating in transparent and efficient fashion
Clients
• Complying with guidelines
Forms of Involvement
• Customer satisfaction survey
• Lsnet Portal
• Digital Newsletter
• Presentations
• Quality forums
• Meetings
• LS News
• Employee satisfaction survey
• Training actions
• Manager Meeting
• Posters
• Events
• Open doors
• Lsnet Portal
• Intranet
• Training actions
• Open posts
• LSnet Portal
• Open Posts
• LSnet Portal
• Periodic meetings
Associations
• Partnerships
• Patronage
Media
• Dissemination
Universities
• Partnerships
ONG’s
• Partnerships
• Patronage
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
National/Regional and Local Authorities
• Partnerships
• Possible communication
Other suppliers
Trade unions
• Meeting payment deadline
• Process simplification
• Future web communication platform
• Constructive dialogue
Posters
Open Posts
Regular Communication
LSnet Portal
E@sy7
Work convention negotiations
Possible meetings
Development of protocols
Participation in associations
Events
Possible communication
Commercial and institutional presence
Visits to the operations’ centres
Partnerships
Possible communication
Development of protocols
Events
Communication Tools
• Site
• Annual Report and Accounts
• Sustainability report
Table 14 - Key questions and involvement with stakeholders
Objectives
63
© JEFF METZGER/FOTOLIA
Annual
Report and
Accounts
2009
13 Accounts
13| Accounts
13.1| MANAGEMENT REPORT
THE LUÍS SIMÕES GROUP
MAIN EVENTS IN 2009
The performance achieved by the various companies of the Luís Simões Group
reflect the combination of various efforts. Many of the projects were consolidated
which had been undergoing development and strategies were outlined which
will be decisive for the Group to continue to assert itself with the soundness and
stability which characterizes it, positioning itself amongst the first logistics and
transport operators in the Iberian Peninsula. Examples thereof are:
▪ Implementation of the E@sy7 project by way of the use of the Lsnet
portal and the electronic self-invoice allowed an increase in the degree
of automation in the relationship with suppliers, also strengthening the
credibility of the company as regards compliance with payments to the
latter;
▪ In the transport business the first steps were taken in the formatting of a
Business Intelligence tool, deploying a mixed team with the participation
of external consultants which will allow closer monitoring of the key
business variables;
▪ As regards the Outsourcing of transport, a segmentation was carried
out of the hauliers into three groups in accordance with the quality
of the associated fleets and the duration of the contracts. This new
arrangement associated with the specific loyalty programmes allows
a more sustained commitment to be made in this ever more strategic
resource ensuring Group growth;
▪ The operation was ensured to its full potential of the new Logistical
Operations Centre of the Future at the logistical facility of Luís Simões
in Carregado which had been inaugurated in November of the previous
year. This new, semi-automatic warehouse supported the winning over
of new clients and attained occupations of over 80% in the very first year
of activity within the objectives foreseen for the project;
▪ Increase in the management team so as to meet the increase in activity
and the entry of new clients, ensuring a great control of logistical
processes and showing the capacity to maintain the commitment to the
quality of the service provided to current clients and also ensuring the
winning over new clients in new segments;
▪ Increase in the competence of the services which do not constitute
the Core Business of the Luís Simões Group, ensuring an increase in
productivity and the capacity to absorb new activities, businesses or
companies;
▪ The search for new solutions for the carrying out of activities to the
North of the country, having visited dozens of sites and maintained
contacts with local governments and various investors.
ECONOMIC AND FINANCIAL ANALYSIS
In a year in which the world economic context proved very unfavourable, with a
slowdown in the main economies, the Consolidated Turnover for the Group stood
at 176 Million Euros, the equivalent to 2% growth.
LS’ core business activities increased their activity by 3%, reflecting its constant
concern with following the demands of its clients by way of ongoing innovation in
the processes which ensure high levels of service and allow Group competitiveness
to be increased in the sector in which it acts.
173.225
176.338
172.601
158.190
2006
2007
2008
2009
The Business Unit, Transportes Ibéricos, recorded a negative variation in its
Turnover of 0.9%, though much lower than the contracting estimated for this
sector in the Iberian Peninsula -20%, 2009 was a year characterised by a very
strong retraction in demand, economic stagnation in Portugal and in particular
in Spain, the country which has been the major engine of this market in recent
years, had decisive effects on the setting in motion of this scenario.
65
The Business Unit Logística Ibérica registered growth of 9.2%. There was growth
in activity in current and new clients, as well as the contractual extension with
some clients referred to as structural to the business.
Diversificação, the Business Unit which is complementary to the other Group
activities, registered an 11.8% fall in its turnover, reflecting the financial
difficulties of the small hauliers, its main clients.
Evolution in EBITDA (Thousands Euros)
18.428
20.000
15.000
11.790
12.905
10.731
10.000
Volume of Sales by Business Area (Million Euros)
Legend
Iberian Logistics
7
68
5.000
Iberian Transport
Diversification
0
2006
2007
2008
2009
101
This market performance gave rise to a financial cost of 3 129 000 Euros, making
a negative contribution to the Net Result, with Minority Interests, despite this
constraint, settling at 1 471 000 Euros.
Extraordinary Results for the sum of 1 158 000 Euros essentially refer to the
disposal of Tangible Fixed Assets, to wit the gains obtained from the sale of
vehicles.
The evolution in the operating activity of the Group proved very positive,
contributing to EBITDA recording 72% growth, settling at 18 428 000 Euros. The
strategy followed by Luís Simões, highly geared towards process optimisation,
culminated in the control of some cost items, vital to endow Luís Simões with
this Result level.
The Net Result still reflects, and similarly to last year, the negative effect of
the Brent Hedge financial product. This was a financial operation carried out in
2008 from the perspective of prudence and insurance, at a time when there was
a spiralling of Brent prices, a trend which was then reversed, culminating in a
sharp fall in prices.
The Financial Policy of the Luís Simões Group is based on three main vectors:
Self-financing as a way of financing Investment, the adaptation of the timing
structure of Third Party Capital to the nature of the applications and the
maintenance of a balanced financial structure.
The preference given to self-financing, to which the good level of Cash Flow has
contributed, for the sum of 15 329 000 Euros, constitutes a decisive factor in
the materialization of the objectives pursued. As regards the Investment value,
this is lower than in the last 3 years and refers, in the main, to the acquisition
of vehicles.
Assets totalled 170 318 000 Euros, registering an increase of 26% compared with
the year under study, influenced, in the main, by the Free Revaluation Reserves
carried out to the real estate of the Group for the sum of 18 160 000 Euros.
66
Evolution in Cash Flow and Investment (Thousands Euros)
Cash Flow
27.646
23.455
13.820
15.018
2006
13.229
2007
Legend
Investiment
15.329
10.910
2008
13.799
2009
At the end of 2009, the parent company acquired 51% of the capital of LS –
Gestão Empresarial e Imobiliária, S.A., thereafter holding all of the capital of
said company. This operation was only possible because the 3 branches of Family
Holdings carried out an increase in capital of around 13 Million Euros.
The aforementioned operation enabled the Luís Simões Group to achieve a
sounder Financial structure, culminating in a Financial Autonomy index of 28%
and a Solvency Ratio of 39%.
PROSPECTS FOR THE FUTURE
2010 is regarded as a year for starting the economic recovery with positive
impacts anticipated in the Group. On the one hand, it is hoped that the reductions
in sales, to wit on the market between Portugal and Spain, will give rise to a
recovery, even if only slight. In the meantime, the market will continue in action
and will not facilitate things for companies which have not adapted to the new
times where great store shall be set by competence.
In this regard, the Luís Simões Group, once positioned as a Leader in the segments
where it acts, will focus during 2010 on the following areas, defined as priority
and fundamental:
▪ Great focus on clients and on the market, with priority being given to
the growth of business with the winning over of new clients, either in
the current segments or in new market segments. The economic climate
may favour logistical externalisation processes by clients;
▪ To maintain investment in the development of information technologies
which support a structured command of all logistical and transport
processes and allow there to be more and better management
information. In this context the following shall be referred to:
▪ Completion of the project to develop an application to manage
CoPacking activity;
▪ Continued commitment to the implementation of Radiofrequency
in all operations;
▪ Introduction of new management information modules in
the Business Intelligence tool (Individual Productivity, Fleet
Management, HR Indicators);
▪ Supplier Portal, greater speed in access to information, either
internally or in the relationship with suppliers.
▪ In 2009 it was the company’s intention to proceed with the implementation
of the transport management project in Intermodal format. However,
and in view of the great dip in activity recorded throughout the
Iberian Peninsula, conditions were not in place to put it into practice.
This reduction in activity was quite evident, not allowing us to have
guarantees of critical mass (in terms of transport volumes) which
managed to meet the hefty investments associated with the project. For
2010, and as regards intermodality, we will continue to pay attention to
the opportunities which prove advantageous to the company.
▪ As regards Real Estate activity, the prospects for 2010 are focused on:
▪ The day-to-day management of existing assets;
▪ The continuation of initiatives conducive to the materialisation of
the new investments in Gaia;
▪ The materialisation of a reference solution for Luís Simões’
activities in Madrid;
▪ At the start/completion of the works relating to the Azambuja
Transport Terminal. This terminal, which is expected to be the first
of many within the company, shall clearly characterise the alteration
to the model in terms of transport operation management.
Moninhos: February 28th 2010
José Luís Soares Simões - Presidente
Leonel Fernando Soares Simões - Vocal
Jorge Manuel Soares Simões - Vocal
67
13.2| CONSOLIDATED BALANCE SHEET
Amounts stated in euros
2009
Assets
Notes
Gross assets
2008
Depreciations and
adjustments
Net Assets
Net Assets
Fixed Assets
Intangible Fixed Assets:
Set-up Expenses
27
618.993
597.739
21.254
52.420
R&D Expenses
27
3.000
3.000
0
833
Industrial Property and Other Rights
27
38.000
17.100
20.900
28.500
Consolidation differences
27
8.037.116
5.625.981
2.411.135
2.812.990
8.697.109
6.243.820
2.453.289
2.894.743
12.168.069
2.323.482
Tangible Fixed Assets:
Land and Natural Resources
27
12.168.069
Buildings and Other Constructions
27
63.127.731
20.128.781
42.998.950
7.203.109
Basic Equipment
27
78.735.534
32.652.419
46.083.115
40.916.527
Transport Equipment
27
1.345.650
808.090
537.560
99.574
Tools and Utensils
27
102.567
95.652
6.915
413.062
Administrative Equipment
27
11.296.628
8.626.510
2.670.118
1.306.804
Other Tangible Fixed Assets
27
1.763.939
1.036.689
727.250
575.761
Fixed Assets in Progress
27
254.436
254.436
15.900.670
105.446.413
68.738.989
425.914
425.914
88.970
425.914
425.914
88.970
1.291.552
1.291.552
1.138.356
Products and Works in Progress
115.304
115.304
628.130
Finished and Semi-finished Products
382.300
382.300
187.082
2.069.480
2.069.480
3.750
3.858.636
3.858.636
1.957.318
168.794.554
63.348.141
Financial Investments:
Securities and Other Financial Applications
27
Circulating Capital
Stocks:
Consumable supplies
Goods
68
Debts owed by Third Parties - medium and long-term:
Bad Debt Clients
32
3.250.824
3.247.692
3.132
Group Companies
3.132
6.375.000
Affiliates and Associates
1.500.000
Other Debtors
471.054
3.721.878
471.054
3.247.692
474.186
7.878.132
48.797.163
43.925.780
Debts owed by Third Parties - Short Term:
Clients, c/a
48.797.163
Group Companies
570.785
Affiliates and Associates
263.224
Advances to Suppliers
State and Other Public Bodies
53
Other Debtors
51
2.520
2.520
0
750.274
750.274
619.581
2.903.424
2.903.424
5.021.068
52.453.381
52.453.381
50.400.438
299.236
299.236
122.810
Bank Deposits and Cash:
Bank Deposits
Cash
22.445
22.445
21.296
321.681
321.681
144.106
Accruals and Deferrals
Income Accruals
52
1.126.328
1.126.328
945.688
Deferred Costs
52
647.437
647.437
245.149
Deferred Tax assets
38
3.110.371
3.110.371
2.374.910
4.884.136
3.565.747
170.317.636
135.668.443
4.884.136
Total Depreciations
69.591.961
Total Adjustments
3.247.692
Total Assets
243.157.289
72.839.653
69
Equity and Liabilities
Notes
2009
2008
Equity
Capital
50
29.578.950
16.650.000
50
-1.307.348
118.794
Own Shares (Stakes) - Nominal Value
50
-1.365.300
Own Shares (Stakes) – discounts and premiums
50
-2.475.054
50
7.374.229
113.248
Legal Reserves
50
1.924.783
1.778.993
Other Reserves
50
13.920.253
13.959.881
Revaluation Reserves
Reserves:
Results Carried Forward
50
Subtotal
Net Result for the Financial Year
Total Equity
Minority interests
-956.269
126.852
46.694.244
32.747.768
1.015.569
-662.863
47.709.813
32.084.905
1.228.042
1.616
514.311
365.375
514.311
365.375
8.637.009
5.060.943
Liabilities
Provisions:
Other provisions
46
Debts owed to Third Parties - medium and long-term
Loans by dint of Bonds:
Debts to Credit Institutions
55
Other Shareholders (partners)
1.593.000
Suppliers of Fixed Assets, c/a
31.045.585
27.779.916
41.275.594
32.840.859
24.816.157
26.338.196
21.907.640
21.868.767
342.393
190.705
12.402.049
12.076.946
Debts to Third Parties - Short Term
Loans by dint of Bonds:
55
Suppliers, c/a
Suppliers - Invoices being Received and Conferred
53
4.480.608
2.503.539
Other Creditors
51
2.702.115
227.054
67.650.962
63.205.207
70
Cost Accruals
52
6.971.222
6.315.587
Deferred Income
52
354.584
188.125
Deferred Tax Liabilities
38
4.613.108
666.769
11.938.914
7.170.481
Total Liabilities
121.379.781
103.581.922
Total Equity, Minority Interests and Liabilities
170.317.636
135.668.443
The Accountant
The Board
Vitor José Caetano Sousa
José Luís Soares Simões - Chairman |Leonel Fernando Soares Simões - Member | Jorge Manuel Soares Simões - Member
13.3| CONSOLIDATED PROFIT-AND-LOSS ACCOUNT BY
NATURE
Amounts stated in euros
Costs and losses
2009
2008
Cost of consumable supplies:
Goods
210.129
Materials
12.210.043
External Services and Supplies
83.316
12.420.172
17.389.110
107.368.322
17.472.426
112.004.383
Staffing Costs
Remunerations
36.302.817
Others
9.319.679
Deprecs. of Tangible and Intangible Fixed Assets
33.719.924
45.622.496
8.398.925
12.597.074
10.739.227
Adjustments
990.356
517.866
Provisions
270.288
Taxes
484.216
Other Operating Losses and Costs
89.053
(A)
13.857.718
316.024
42.118.849
11.573.117
437.420
573.269
179.841.977
97.069
534.489
183.703.264
71
Interest and Similar Costs:
Others
5.409.189
(C)
Extraordinary Losses and Costs
(E)
Income Tax for the Financial Year
(G)
Minority interests
5.409.189
4.913.869
4.913.869
185.251.166
188.617.133
1.070.838
926.418
186.322.004
189.543.551
-480.755
-1.332.062
185.841.249
188.211.489
455.680
Consolidated net Result for the Financial Year
1.015.569
-662.863
187.312.498
187.548.626
Income and gains
Sales:
Goods
338.370
Products
608.700
311.816
Services Rendered
175.687.495
Variation in Production
1.649.611
176.337.681
170.342.831
-512.827
In-house Works
-62.554
294.272
Supplementary Income
288.047
7.568.802
8.898.350
Operating Subsidies
145.284
218.838
Other operating Gains and Income
207.382
Reversals of Depreciations and adjustments
371.548
(B)
172.601.142
393.921
8.293.016
523.654
184.412.142
Income from Capital Stake
10.034.763
182.861.398
278.590
Other Interest and Similar Income:
Relating to Group Companies
498.840
Others
671.256
(D)
Extraordinary Gains and Income
(F)
671.256
185.083.398
2.229.100
187.312.498
701.329
1.478.759
184.340.157
3.208.469
187.548.626
Summary:
Operating Results: (B)-(A)
Financial results: (D-B)-(C-A)
Current results: (D)-(C)
Pre-tax results: (F)-(E)
Consolidated net Result for the Financial Year: (F)-(G)
4.570.164
-4.737.932
-167.768
990.494
1.471.249
-841.866
-3.435.110
-4.276.976
-1.994.925
-662.863
The Accountant
The Board
José Luís Soares Simões -Chairman| Leonel Fernando Soares Simões - Member | Jorge Manuel Soares Simões - Member
72
13.4| ANNEX TO THE CONSOLIDATED BALANCE SHEET
AND THE PROFIT-AND-LOSS ACCOUNT
0 - INTRODUCTORY NOTE
The Luis Simões Group (“Group”) is made up of LS – Luis Simões, SGPS, S.A. and
subsidiaries.
LS – Luis Simões, SGPS, S.A., public limited company, whose registered offices
are situated at Moninhos, Loures, was incorporated on August 5th 1996 and has
the corporate object of the management of holdings in other companies, as an
indirect way of the exercising of economic activities.
The Group operates in the following business areas:
1- The goods road transport activity which accounts for around 56% of Group
turnover leads the national transport market and the road flow market in the
Iberian Peninsula.
2 – Logistical activity, accounting for around 40% of Group turnover, leads in
the Logistics and Distribution of major consumer products in Portugal, providing
integrated services involving transport, storage, the preparation of orders, the
control of inventories and distribution, in addition to other value-added services.
In Spain this activity is also specialised in the Logistics and Distribution of major
consumer products.
3- The other activities which account for around 4% of total Group turnover meet
two basic objectives: to support the main activities of the Group and develop
autonomous businesses on its specific markets.
The financial statements were drawn up in accordance with the accounting
principles defined in the Official Chart of Accounts, with those alterations made
by Statute Law no. 238 enacted on July 2nd 1991 and Statute Law no. 35 enacted
on February 17th 2005 in accordance with the historic costs agreement, on an
ongoing concern basis and in accordance with the basic accounting principles of
consistency, prudence, accruals basis, substance over form and materiality.
The financial statements drawn up relate to the characteristics of relevance,
reliability and comparability and provide users with useful information about
the financial position, alterations to the latter and the results of operations.
The notes set out below respect the sequential numbering defined in the Official
Chart of Accounts for the submission of consolidated financial statements.
Notes whose numbering is absent from this annex are not applicable to the
Group or their submission is not relevant for the interpretation of the attached
consolidated financial statements.
The amounts are stated in Euros.
I - INFORMATION RELATING TO COMPANIES INCLUDED IN THE
CONSOLIDATION AND OTHERS
1. INCLUDED IN THE CONSOLIDATION
Registered Offices
Stakeholders
Business name
%
Integral Method
LS – Luís Simões, SGPS, S.A.
Moninhos – Loures
Moninhos – Loures
LS - Luís Simões, SGPS, S.A.
100%
DLS – Distribuição Luís
Simões, S.A.
Moninhos – Loures
100%
Transportes Reunidos, Lda.
Moninhos – Loures
100%
Guadalajara– España
100%
RETA – Gestão e Locação de
Frotas, S.A.
Moninhos – Loures
100%
SOCAR - Equip. Transp. Serv.
Técnicos, S.A.
Moninhos – Loures
100%
LUSISEG – Mediadores de
Seguros, Lda.
Moninhos – Loures
100%
LS - Gestão Empresarial e
Imobiliária, S.A.
Moninhos – Loures
LS - Luis Simões SGPS, S.A
100%
F.L. Simões, SGPS, S.A.
Moninhos – Loures
100%
Patrimundus - Investimentos
Imobiliários, S.A.
Carregado – Alenquer
11,76%
SOLMONINHOS - Consultoria,
Gestão e Execução
Imobiliária , Lda.
Moninhos – Loures
LS - Luis Simões SGPS, S.A
11,51%
Luís Simões Logística
Integrada, S.A.
73
As regards the previous financial year, the consolidation method was altered, now
using integral consolidation to the detriment of the proportional consolidation
method.
The following alterations also occurred as regards the consolidation perimeter:
- The affiliate LS – Gestão Empresarial e Imobiliária, SA, whereof 49% as held in
2008, went into the full ownership of the parent company with a 51% acquisition
of its remaining capital;
- Acquisition of 100% of the capital of F.L. Simões, SGPS, SA which holds
4.62% of the capital of the parent company;
- Consolidation for the first time of Patrimundus – Investimentos
Imobiliários, SA, owing to the control that the group exercises over it;
- Alteration to the direct stake in Solmoninhos, Lda from 99% to 11.39%
by increasing the share capital of the company, without any participation
therein by LS-Luis Simões, SGPS, SA, and an alteration to the stake of LS-Gestão
Empresarial e Imobiliária, SA in Solmoninhos, Lda from 1% to 0.12% for the same
reason. Hence, the indirect Stake of LS-Luis Simões, SGPS, SA in Solmoninhos,
Lda stands at 11.51%. It remains in the consolidation perimeter owing to the
control that the group exercises over it.
The aforementioned alterations are not materially relevant, meaning that their
effects on the main items of the financial statements have not been submitted.
7. MEAN NUMBER OF EMPLOYEES IN THE PAY OF THE COMPANY DURING THE
FINANCIAL YEAR
The mean number of employees in the pay of the companies included in the
consolidation during the financial year stood at 1,313 distributed as follows:
2009
Governing Bodies
Production staff
Staff from other sectors
proportional stake in the initial net position of the affiliate in the first
consolidation year.
The positive consolidation differences recorded in intangible fixed assets in the
item “Consolidation differences” are as follows:
Year of
acquisition
Gross assets
Accumulated
Depreciations
Transportes Luís Simões,
S.A.
1996
5.760.826
4.032.578
1.728.248
DLS - Distribuição Luís
Simões, S.A.
1996
1.407.149
985.004
422.145
Integrada, S.A.
1996
348.026
243.618
104.408
RETA – Locação e Gestão
de Frotas, S.A.
1996
352.999
247.099
105.900
SOCAR - Carroçarias de
Carga, S.A.
1996
2.469
1.728
741
LS – Gestão Empresarial e
Imobiliária, S.A.
1996
165.646
115.952
49.694
8.037.115
5.625.981
2.411.134
The consolidation differences recorded in equity were made up as follows:
Year of
acquisition
2008
3
3
1.220
1.202
555
526
1.778
1.731
Net Assets
Gross assets
Negative consolidation differences
1996
-112.818
Luisiseg – Mediadores de Seguros, Lda.
1996
-5.976
-118.794
Positive consolidation differences
III - INFORMATION RELATING TO CONSOLIDATION PROCEDURES
10. BREAKDOWN OF THE ITEM “CONSOLIDATION DIFFERENCES”
The consolidation differences, stated in the tables below, correspond to the
difference between the acquisition values of the stakes and the respective Sustainability Report 2009 | ENGLISH
LS - Gestão Empresarial e Imobiliária, S.A. (51%)
2009
1.412.061
PATRIMUNDUS - Investimentos Imobiliários, S.A.
2009
14.081
1.426.142
1.307.348
74
The consolidation differences to be found in 2009 derive from the acquisition
of group companies in which the parent company already had control. The
acquisitions were carried out with a view to restructuring the group and not to
obtain future cash flows, meaning that the method followed for recording the
consolidation differences registered and recognised in the equity was that of
pooling.
12. CONSOLIDATION OPERATIONS
The margins included in stocks, as well as the gains in fixed asset transactions
carried out between group companies were eliminated when materially
relevant.
13. CONSOLIDATION REFERENCE DATES
All the financial statements of the companies included in the consolidation were
drawn up with reference to December 31st 2009.
14. COMPARABILITY OF THE FINANCIAL STATEMENTS
Consolidated financial statements as at December 31st 2009 are not directly
comparable with those for the previous financial year by dint of alterations to
the method and to the consolidation perimeter referred to in Note 1.
However, the alterations to the consolidation perimeter are not materially
relevant, meaning that their effects on the main items of the financial statements
have not been submitted.
15. VALUATION CRITERIA DIFFERENT FROM THOSE ADOPTED IN THE
CONSOLIDATION
The main valuation criteria used by Group companies were applied in consistent
fashion between each other and they are those stated in note 23 of this annex.
17 - DEPRECIATION OF THE VALUE OF THE ITEM “CONSOLIDATION DIFFERENCES”
BEYOND THE PERIOD OF 5 YEARS
The amount recorded in Assets under “Goodwill” Consolidation Differences is
being depreciated at an annual rate of 5%, meaning that it is foreseen that the
investment will be recoverable within 20 years.
18. POSTING CRITERIA FOR STAKES IN ASSOCIATES
Financial investments in Group companies and associates are recorded at the
cost of acquisition in the financial statements of the companies which hold
them.
IV - INFORMATION RELATING TO COMMITMENTS
22 - RESPONSIBILITIES OWING TO GUARANTEES PROVIDED
The responsibility of the companies included in the consolidation owing to
guarantees provided is 1,615,523€ and solely refers to bank guarantees. In
addition, the companies submitted promissory notes to third parties as the
guarantee of payment of debts which as at December 31st 2009 stood at
59,942,392 euros.
V - INFORMATION RELATING TO ACCOUNTING POLICIES
23 – BASES FOR SUBMISSION AND MAIN VALUATION CRITERIA USED
Bases for submission
The attached consolidated financial statements were drawn up on an ongoing
concern basis from the accounting records and books of the Companies included
in the consolidation (Note 1) and kept in accordance with those accounting
principles generally accepted in Portugal.
Main valuation Criteria
The main valuation criteria used in the drawing up of financial statements were
the follo:
23.1 Intangible Fixed Assets
Intangible fixed assets are recorded at the cost of acquisition. Depreciations are
calculated in accordance with the straight-line method according to the laws in
force.
The active consolidation differences (“Goodwill”)) and the respective
accumulated depreciations are a further component of intangible fixed assets
whose explanation is set out in Note 17.
23.2 Tangible Fixed Assets
Tangible Fixed Assets are recorded in the balance sheet at the cost of acquisition,
with the exception of assets revalued under the terms of the legislation published
to this end or free revaluations. Depreciations are calculated in accordance
with the straight-line method as from the date of coming on line of the assets
according to the laws in force.
The assets acquired on a leasing basis are included in the tangible fixed assets 75
at the contract amounts, being depreciated on the same basis as the other fixed
assets, the expenses defrayed on repairs and the maintenance of fixed assets
are regarded as a cost in the year in which they occur. All the acquisitions and
improvements of a major amount are capitalised and depreciated in accordance
with the working life of the corresponding assets.
23.3 Financial Investments
23.3.1 Financial stakes in Group companies
Group Companies are the companies controlled by the Luís Simões Group.
There is control when the Luís Simões Group has the direct or indirect power
of directing the financial and operating policies of the company, with a view
to influencing benefits resulting from their activity. The Group companies are
included in the consolidation by the integral consolidation method from the date
whereupon control is acquired until the date whereupon it actually ends.
Posting by way of the acquisition cost is the method deployed to post the
acquisition of the subsidiaries of the Group. The cost of an acquisition is measured
at the fair value of the assets, capital instruments used and risks incurred or
assumed at the date of acquisition, plus the cost directly attributable to the
acquisition. Identifiable assets acquired and the risks and contingencies assumed
on a business combination are initially measured at the fair value as at the date
of acquisition, regardless of the size of any minority interest. The surplus in the
cost of acquisition relating to the fair value of the parcel of the Group of the
assets identifiable acquired are registered as Goodwill. If the cost of acquisition
is lower than the fair value of the net amount of the assets of the subsidiary
acquired, the difference is directly recorded in the profit-and-loss account.
Intergroup transactions and balances and gains not realised in transactions
amongst Group companies are eliminated. Unrealised losses are also eliminated
unless the transaction reveals evidence of imparity of a transferred asset. The
accounting policies of the subsidiaries are altered whenever necessary, so as to
ensure consistency with the policies adopted by the Group.
23.3.2 Other stakes
The other stakes (securities and other financial applications) are shown on the
balance sheet at the cost of acquisition.
23.3.3 Investments in Real Estate
These are valued at the cost of acquisition or production, plus any expenses
incurred by the acquisition thereof.
23.4 Stocks
Stocks are valued at the cost of acquisition or production.
The cost is calculated as follows:
23.4.1 Consumable supplies
These are valued at the price of acquisition, adopting the weighted average cost
as the costing method for outgoings.
23.4.2 Products and Works in Progress
These are valued at the cost of production.
23.4.3. Finished and Semi-finished Products
23.4.4. Goods
These are valued at the cost of acquisition or production, adopting the specific
cost as the costing method for outgoings.
23.5 Income and Cost Accruals
The inherent in sales are recognised in the profit-and-loss account when the risks
and advantages inherent in the possession of the assets sold are transferred to
the purchaser. The income related with the rendering of services are recognized
when provided. All the revenue and costs relating to revenue and expenses
are recorded on an accruals basis whereby they are recognised as and when
they are generated, regardless of the time when they are received or paid. The
differences between the two junctures gives rise to a record in the Accruals and
Deferrals items.
The holidays and holiday subsidies are registered as a cost of the year in which
the employees acquire the right to its receipt. As a consequence, the value of
holidays and holiday subsidy matured and not paid as at the date of the balance
sheet, was estimated and included in the cost accruals item.
23.6 Receivables
Receivables are recorded at the amounts of their corresponding invoices, less
the adjustments made to bad credits, carried out in line with the collection
risk estimates from a commercial perspective. Those debts regarded as bad are
eliminated from receivables in the period in which they were identified.
23.7 Provisions
Provisions are recognised when the Group has a commitment which is legal or
which derives from a formal management decision related with past event,
76
it being likely that it will result in an expending of resources to meet this
commitment and the estimate can be calculated with reasonable reliability.
23.8 Subsidies
Subsidies are only recognised when received or when the Company has the
assurance of its assignment and that it will comply with the associated contractual
conditions.
Operating subsidies are recognised in the Profit-and-loss account during the
periods in which the costs to be offset are recognised.
The subsidies relating to investments are registered under “deferred income”,
being transferred to results (extraordinary income for the financial year) during
the working life of the assets in proportion to the depreciations of the respective
subsidized assets.
23.9 Debts owed by and to third parties in foreign currency
The balances stated in foreign currency for which there is no setting of the
exchange rate are updated at the exchange rates practiced on the balance
sheet date. The emerging positive and negative foreign exchange differences
are posted under results (except for the positive foreign exchange differences
related with operations in the medium and long-term which are deferred as
they are regarded as reversible).
23.10 Submission in the medium and long-term
The realisable assets and liabilities payable for over one year after the
balance sheet date are classified in the medium and long-term on the balance
sheet.
23.11 Income tax
23.11.1 Current tax
Income tax for the financial year is determined based on the result, adjusted
in line with the tax legislation. In accordance with the legislation in force,
the tax returns are subject to revision and correction by the tax authorities
during a period of four years (six should there be tax losses) and 5 to 10 years
for Social Security. In this way, the tax returns for Group companies from
2006 to 2009 may also be subject to revision, although the respective Boards
of Directors consider that any corrections deriving from tax revisions to said
tax returns may not have a non-significant impact on the financial statements
as at December 31st 2009.
23.11.2 Deferred tax
Deferred taxes resulting from major temporary differences emerging between
assets and liabilities are recognised for the purposes of accounting reporting
and their taxable base, as reportable tax credits and losses for subsequent years
(where applicable). The tax credits and losses liable to be used in the future are
revalued at the end of each financial year, only recognising deferred tax assets
with the possibility of recovery.
23.12 Financial instruments
In order to cover the risk of variation in fuel prices, the Group carried out fuel
swaps contracts. The results of these operations were recognised under financial
income or costs at the time of settlement of the corresponding operation.
24 - RATES USED TO CONVERT INTO PORTUGUESE CURRENCY THOSE ACCOUNTS
INCLUDED IN THE BALANCE SHEET AND IN THE PROFIT-AND-LOSS ACCOUNT,
ORIGINALLY STATED IN FOREIGN CURRENCY
MAD
Valores a pagar
11.422
Valores a receber
11.223
VI - INFORMATION RELATING TO GIVEN ITEMS
25 - COMMENTS TO THE “SET-UP EXPENSES” ITEMS
Set-up expenses essentially correspond to expenses defrayed on the computing
project, an international study for franchising, a Quality project of Standard ISO
9001:2000, clienting project.
77
27 - MOVEMENTS OCCCURING IN THE ITEMS OF THE FIXED ASSETS INCLUDED
ON THE BALANCE SHEET AND IN THE RESPECTIVE DEPRECIATIONS AND
ADJUSTMENTS
GROSS ASSETS
Items
Opening
Balance
Perimeter
variation (a)
Revaluation
Adjustment
Increases
Transf. and
Write-offs
Disposals
Closing
Balance
INTANGIBLE FIXED ASSETS
Set-up Expenses
1.185.945
R&D Expenses
Ind. Prop. Other rights
-566.952
618.993
3.000
3.000
38.000
38.000
8.037.115
8.037.115
Fixed Assets in progress
9.264.060
-566.952
8.697.108
321.726
1.255.440
12.168.069
221.138
284.440
12.878.585
63.127.731
TANGIBLE FIXED ASSETS
2.323.482
4.429.084
4.481.789
12.744.941
15.485.479
22.082.027
Basic Equipment
66.120.222
667.164
15.598.995
8.862.980
9.212.134
78.735.535
Transport equip.
864.762
159.120
22.721
18.081
317.129
1.345.651
Tools and Utensils
641.815
30.928
3.143
384
-572.935
102.567
Admin. equip.
8.381.970
1.618.278
1.650.343
16.581
-337.382
11.296.628
Other tangible fixed assets
1.136.447
408.469
54.380
8.709
173.352
1.763.939
15.900.670
7.240.930
247.889
0
-23.135.054
254.436
108.114.309
30.039.453
13.798.610
9.512.902
-208.731
168.794.555
88.970
1.278
333.660
-5.119
-3.113
425.914
88.970
1.278
333.660
-5.119
-3.113
425.914
117.467.339
30.040.731
14.132.270
9.507.783
-778.796
177.917.577
Fixed Assets in progress
26.563.817
FINANCIAL INVESTMENTS
Other fin. applic. and secs.
Total
26.563.817
78
(a) The perimeter variations refer to the acquisition of the other 51% of the capital
of LS– Gestão Empresarial e Imobiliária, SA and the inclusion of Patrimundus –
Investimentos Imobiliários, SA in the consolidation perimeter.
In 2009 the amounts relating to the new logistical operations centre of the future
were transferred to fixed assets (automatic warehouse at Carregado).
Also worthy of mention is the free revaluation carried out of the following real
estate held by LS – Gestão Empresarial e Imobiliária, SA occurring in the present
financial year:
DEPRECIATIONS AND ADJUSTMENTS
Items
Opening
Balance
Perimeter
variation
Revaluation
Adjustment
Cancellation/
Reversal
Increase
Closing
Balance
Set-up Expenses
1.133.524
31.166
R&D Expenses
2.168
833
3.000
9.500
7.600
17.100
5.224.125
401.856
5.625.981
566.952
597.739
6.369.317
0
0
441.455
566.952
6.243.820
5.541.832
5.596.876
7.619.520
1.510.896
140.344
20.128.781
25.203.695
392.825
9.663.870
2.607.971
36.652.419
Transport Equipment
765.188
56.355
116.209
129.661
808.091
Tools and Utensils
228.753
30.783
2.294
166.178
95.652
7.075.166
1.312.861
736.795
498.313
8.626.510
560.686
341.574
125.554
-8.875
1.036.689
39.375.320
7.731.274
7.619.520
12.155.619
3.533.592
63.348.142
45.744.637
7.731.274
7.619.520
12.597.074
4.100.544
69.591.961
Basic Equipment
Total
79
32 – MOVEMENTS OCCURRING IN CIRCULATING ASSETS
2009
ADJUSTMENTS
Items
Current tax
Opening
balance
Perimeter
variation
Increase
Closing
balance
Reversal
Debts owed by Third
Parties:
Bad Debt Clients
2.312.114
62.936
Temporary differences
1.001.232
539.577
Permanent differences
-3.861.151
-5.316.164
-547.805
-4.713.651
3.568.115
4.952.201
-1.566.512
-73.173
1.453.798
165.377
IRC (corporation tax)
25%
25%
12.5%
Taxable result
169
990.356
357.639
3.247.692
Tax losses (temporary difference)
2.614.806
169
990.356
357.639
3.247.692
Deduction of tax losses (temporary difference)
36 – DISTRIBUTION OF THE CONSOLIDATED NET VALUE OF SALES AND THE
SERVICES RENDERED BY GEOGRAPHIC MARKETS AND BY ACTIVITY
Internal market
External
market
Rate of tax
- Companies whose registered offices are situated
in Portugal
Municipal Surcharge
Value of tax
Total
71.000
0
71.000
0
0
0
536.944
42.242
579.187
607.944
42.242
650.187
- Transport
64.051.658
34.668.744
98.720.402
Autonomous taxations
- Logistics
67.174.266
2.893.285
70.067.551
Current tax
6.652.761
246.781
6.899.541
137.878.685
37.808.809
175.687.494
- Logistics
- Others
Services Rendered
- Others
1.5%
1.5%
195.976
9.227
30%
30%
25.391
49.613
221.367
58.840
-174.557
-15.027
- Company whose registered offices are situated in Spain
Sales
- Transport
Pre-tax result
2.614.806
33 – DEBTS TO THIRD PARTIES WHICH FALL DUE AFTER MORE THAN 5 YEARS
Debts to third parties which fall due after more than 5 years solely correspond
to leasings, in accordance with that set out in note 47.
Markets
2008
Value of tax
Total value of tax
Use of tax Break
Deduction Dual International Taxation
38 – DEFERRED TAXES
The reconciliation between the accounting result and the taxable result and
between the current tax and the tax for the financial year on income is as
follows:
-728
60.313
56.952
106.395
100.765
Use in the financial year
-349.079
-1.413.878
Use in the financial year-RETGS
-254.453
(I)
Deferred tax
Tax Break-SIFIDE
Deferred tax
16.380
-18.950
(II)
-587.151
-1.432.828
(I) + (II)
-480.756
-1.332.063
80
The movements occurring in the financial year as a result of the adoption of this
new law as regards their nature and impact, are as follows:
Description
Opening balance
Perimeter variation
Effect of the Financial Year
Closing balance
Deferred Tax assets:
Tax losses
2.054.127
77.715
405.125
2.536.967
77.523
0
226.904
304.426
193.623
0
-21.481
172.142
49.638
0
-24.819
24.819
0
0
72.016
72.016
2.374.911
77.715
657.745
3.110.371
41.902
0
-19.749
22.153
17.478
17.374
-18.666
16.187
Non-deductible depreciations
0
0
25.664
25.664
Revaluation Reserve - Non-deductible depreciations
0
0
3.758.143
3.758.143
97.629
101.614
44.336
243.578
509.760
0
37.623
547.383
666.769
118.988
3.827.351
4.613.108
Tax Breaks-SIFIDE (R&D)
Adjustments of debts owed by third parties
Conversion of Chart of Accounts of Spain
Leaseback – Untaxed Gains
Deferred Tax Liabilities:
Gains untaxed owing to reinvestment
40% of the Revaluation Reserves not realised
Leaseback - Non-deductible depreciations
Results not realised in intragroup operations
39 – REMUNERATIONS ASSIGNED TO THE MEMBERS OF THE GOVERNING BODIES
WHICH ARE RELATED WITH THE EXERCISING OF THE RESPECTIVE FUNCTIONS
Governing Bodies
The Board
Remunerations Assigned to the
Current members
301.736.16
41 - INDICATION OF THE LAWS ON WHICH THE REVALUATION OF TANGIBLE
FIXED ASSETS OR FINANCIAL INVESTMENTS WAS BASED
a) The Tangible Fixed Assets was revalued, being based on the provisions of
Statute Law no.31 enacted on 11/02/98;
b) The buildings of the company were subject to a free revaluation in accordance
with the valuation made at the end of March 2009 by an independent entity.
42 - ITEMISATION OF REVALUATIONS
Items
Historic
Costs (a)
Revaluations
(a) (b)
Book Values
Revalued (a)
5.541.026
4.586.373
10.127.399
27.345.506
14.181.856
41.527.362
32.886.532
18.768.229
51.654.762
Land
81
(a) Net value of depreciations
(b) They include the successive revaluations
44 - FINANCIAL PROFIT-AND-LOSS ACCOUNT
45 - EXTRAORDINARY PROFIT-AND-LOSS ACCOUNT
Financial Year
Costs and losses
2009
Interest paid
2008
Donations
50.730
81.510
109
29
Bad debts
262.557
307.334
18.613
76.446
Fines and penalties
158.667
50.314
Corrections Relating to Previous Financial Years
130.231
3.129
Other Extraordinary Losses and Costs
450.069
407.685
1.158.233
2.282.051
2.229.100
3.208.469
2
Losses in fixed assets
3.252.569
2.159.256
-4.737.932
-3.435.110
671.256
1.478.759
Extraordinary results
Financial Year
Income and gains
2009
Interest earned
2008
194.405
Income from real estate
500.303
Income from stakes in capital
278.590
Forex gains
287
596
Reversals and other financial income and gains
Financial Year
Income and gains
2.546
Prompt payment discounts obtained
2008
2.754.584
Discount on prompt payments Granted
Financial results
2009
2.156.508
Forex losses
Other Financial Losses and Costs
Financial Year
Costs and losses
2009
Debt recovery
Gains in stocks
Gains in fixed assets
476.255
697.034
671.256
1.478.759
The item “Reversals and other financial gains and income” refers to gains
obtained from downpayments to suppliers.
Contractual Penalties and Benefits
2008
16.551
10.006
509
2.147
1.203.501
2.730.987
495.967
9.404
Reduction in depreciations and provisions
36.130
Other extraordinary Gains and Income
117.073
14.558
Other extraordinary Gains and Income
395.499
405.237
2.229.100
3.208.469
46 - BREAKDOWN IN ACCUMULATED PROVISIONS ACCOUNTS AND
CLARIFICATION OF THE MOVEMENTS OCCURRING IN THE FINANCIAL YEAR
Items
Other provisions
Opening
balance
365.375
Increase
270.288
Reduction
121.352
Closing
balance
514.311
82
47 – INDICATION OF THE ASSETS USED ON A LEASING BASIS, MENTIONING THE
RESPECTIVE BOOK VALUES
Net amount
Land
Value of
debt
Short-term
Medium and
long-term
2.147.460
2.158.262
198.397
1.959.866
Buildings and Other
Constructions
12.175.634
12.236.878
1.124.866
11.112.013
Basic Equipment
25.955.215
23.671.760
8.719.541
14.952.219
967.372
905.977
314.440
591.538
41.245.681
38.972.878
10.357.243
28.615.635
Total
Debt at over one year is staggered as follows over time:
Years
Portugal
Spain
Total
2011
7.641.968
0
7.641.968
2012
5.529.238
0
5.529.238
2013
4.683.193
0
4.683.193
2014
3.147.661
0
3.147.661
2015 and subsequent years
7.613.574
0
7.613.574
28.615.635
0
28.615.635
Total
VII – OTHER INFORMATION
50 – EQUITY
As at December 31st 2009 the capital of LS – Luis Simões, SGPS, S.A., wholly
subscribed and paid up, was made up of 5,915,790 shares with a nominal
value of 5 Euros each, highlighting the following corporate bodies as the main
shareholders:
Shareholder
Shares Subscribed
Número
Stake in the
capital %
%
Voting
rights %
Leonel Simões & Filhas
SGPS. S.A.
1.646.910
27.8
27.8
27.8
Varanda do Vale SGPS. S.A.
1.646.910
27.8
27.8
27.8
AMira
variação
do capital
explicada da seguinte
Serra SGPS.
S.A. próprio é1.646.910
27.8 forma: 27.8
27.8
83
The variation in equity is explained as follows:
Items of
Equity
Share capital
Equity
31-12-08
Distribution of
Dividends
Result 2008
Staff Bonuses
Result 2009
Reclassifications
Other Movements
12.928.950
29.578.950
Own Shares (nominal value)
-1.365.300
-1.365.300
Own Shares (discounts and premiums)
-2.475.054
-2.475.054
7.404.749
7.374.229
-886
1.924.783
-527.548
13.920.253
-1.426.142
-1.307.348
117.867
-956.269
Revaluation res.
16.650.000
Equity
31-12-09
113.248
146.676
1.778.993
361.483
13.959.881
0
118.794
-
Results carried forward
126.852
1.171.023
-662.863
662.863
32.084.905
0
Legal Res.
Other Reserves
-143.768
-10.000
-37.295
173.733
-29.965
1.015.569
-10.000
Legal reserve: Commercial legislation establishes that at least 5% of the net
annual result must be aimed at increasing the legal reserve until the latter
represents at least 20% of the capital. This reserve cannot be distributed except
in the event of the liquidation of the company, but it may be used to take up
losses after using up the other reserves, or incorporated in the capital.
Revaluation reserve: This item results from the revaluation of tangible fixed
assets carried out under the terms of applicable legislation. In accordance
with prevailing legislation and the accounting practices followed in Portugal,
these reserves cannot be distributed to shareholders and may only, in given
circumstances, be used in future increases in capital of the Company or in other
situations specified in the legislation.
Own Shares: By acquiring all of the capital of F.L.Simões, SGPS, SA, a company
which holds a 4.62% stake in LS - Luís Simões, SGPS, the group thereafter
indirectly held 4.62% in own shares.
Revaluation reserve: For the free revaluation of real estate carried out by the
affiliate LS - Gestão Empresarial e Imobiliária, SA, whilst the group held a 49%
stake in the latter.
Consolidation difference: In accordance with that mentioned in note 10.
-37.295
0
14.656.635
47.709.812
Gestão Empresarial e Imobiliária, S.A., thereafter holding all of the capital of
said company. This operation was only possible because the 3 branches of Family
Holdings carried out an increase in capital of around 13 Million Euros.
51 – OTHER DEBTORS AND CREDITORS
Other Debtors
Supplier debtor balances
Others
Other Creditors
2009
2008
134.016
136.157
2.769.408
4.884.911
2.903.424
5.021.068
2009
2008
Staff
30.115
467
Client creditor balances
12.794
29.068
2.659.207
197.529
2.702.115
227.064
Others
At the end of 2009, the parent company acquired 51% of the capital of LS –
1.015.569
1.015.569
84
52 – ACCRUALS AND DEFERRALS
53 – STATE
2009
2009
2008
Debtor
balances
Income Accruals
Services Rendered
895.697
819.309
Income tax
Others
230.630
126.378
1.126.328
945.687
Withholdings at source
carried out by third parties
7.955
3.090
305.002
139.979
813
404
333.667
101.676
647.437
245.149
3.978.928
3.556.132
113.620
899.355
2.190.061
268.155
63.741
0
624.872
1.591.945
6.971.222
6.315.587
Deferred Costs
Interest
Insurance
Technical assistance contracts
Others
Cost Accruals
Remunerations to be settled
Subcontracts
Interest to be settled
Vehicle assistance contracts
Others
Deferred Income
121.523
303.427
0
51.157
66.602
354.584
188.125
Deferred tax assets
3.110.371
2.374.910
Deferred tax liabilities
4.613.108
666.769
-1.502.737
1.708.141
Others
Deferred tax (see note 38)
471.545
Debtor
balances
104.936
Creditor
balances
287.502
40.518
417.617
278.730
Contributions to Social
Security
750.274
817.766
356.073
332.079
536.709
265
240
3.140.024
1.569.998
4.480.608
619.591
2.503.538
54 – CONTROLLING AND AFFILIATE GROUP COMPANIES
Balances between GLS companies eliminated in the consolidation process are
as set out below:
Companies
S.A.
Simões, S.A.
Reta - Gestão e Locação de
Frotas S.A.
Lusiseg - Mediadores de
Seguros, Lda.
Socar - Equip. Transp. e
Serv. Técnicos S.A.
Imobiliária S.A.
Solmoninhos, Lda.
Integrada S.A.
Patrimundus - Invest.
Imobiliários, S.A.
TOTAL
Creditor
balances
Stamp Duty
Subsidies for investment which cannot yet be depreciated
Vehicle Leaseback Gain
Value-added tax
2008
Clients
2009
Suppliers
2008
2009
2008
289.817
755.620
649.831
421.837
279.495
421.482
830.708
707.736
189.169
134.028
113.609
70.461
2.080
13.647
7.738
1.895
0
0
12.988
6.445
293.563
299.048
132.790
166.425
987.002
429.355
16.192
7.281
0
0
96.020
525
133.227
-29.574
366.527
641.001
52.209
0
159
0
2.226.562
2.023.606
2.226.562
2.023.606
85
Companies
Activo
2009
S.A.
Simões, S.A.
Integrada S.A.
TOTAL
Passivo
2008
2009
Companies
2008
2.889.276
1.304.900
266.333
92.897
2.842
77.522
0
23.014
0
159.343
0
15.576
199.528
69.882
2.743.492
1.289.325
3.169.168
1.397.797
3.169.168
1.397.797
Transactions between GLS companies eliminated in the consolidation process
are as set out below:
Companies
External Services and
Supplies
2009
Sales and services
rendered
2008
2009
2008
S.A.
46.971
-12.397
535.555
298.028
Frotas S.A.
156.523
548.654
118.844
3.704
0
15
81.388
54.995
Seguros, Lda.
4
1.231
13.101
13.048
810.758
3.846.667
-2.910
225.206
Imobiliária S.A.
441.315
390.598
76.814
0
8.556
7.714
0
0
60.582
45.374
208.923
35.273
53.352
0
0
0
256.758
244.324
1.255.855
2.054.586
1.696.471
5.312.584
3.914.024
3.797.597
Simões, S.A.
Solmoninhos, Lda.
5.823.009
3.223.242
2.778.048
2.468.809
Frotas S.A.
1.812.101
1.766.303
1.793.479
4.623.505
Imobiliários, S.A.
733.633
443.673
396.688
267.573
82.506
0
0
1.068.328
282.388
3.981.616
4.632.171
83.466
43.135
8.132.482
3.471.000
5.465
5.110
0
0
Integrada S.A.
24.156.373
27.388.447
939.613
598.890
Imobiliários, S.A.
1.588
0
522.091
0
0
0
0
0
40.589.391
38.172.079
39.389.887
41.737.857
Imobiliária S.A.
Solmoninhos, Lda.
TOTAL
TOTAL
126.904
2008
1.112.756
Integrada S.A.
Seguros, Lda.
2009
1.626.455
Simões, S.A.
25.675.909
2008
240.406
6.778.525
20.845.871
2009
Other Income
-138.348
S.A.
4.937.275
Other Costs
86
55 – BANK LOANS
2009
57 – SUBSEQUENT EVENTS
No events subsequent to 31.12.2009 are known which may influence the
submission and interpretation of the financial statements reported as at that
date.
2008
Short-term
Bank loans
Bank overdrafts
409.809
9.791.823
21.406.348
17.781.822
24.816.157
27.573.645
Medium and long-term
Bank loans
58 – OTHER INFORMATION DEEMED RELEVANT
A) Itemisation of derivative products subscribed by the group, to wit Brent
price hedging:
Product
Banco Português de Investimento
490.112
Banco Popular
37.180
BES
5.000.000
BES-España
2.207.080
2.643.171
Banco Caixa Geral
1.429.929
1.890.480
8.637.009
5.060.943
Medium and long-term refund deadlines
2010
1.390.067
2011
1.666.830
878.519
2012
2.541.865
895.983
2013 and subsequent years
4.428.315
1.896.374
8.637.009
5.060.943
Result in
2009
Quantity
Start Date
Final Date
Swap 6 moths
317 Toneladas
01-08-2008
31-01-2009
-179.765
3 way extendible
317 Toneladas
01-06-2008
31-12-2009
-1.130.671
Swap 24 meses
317 Toneladas
01-06-2008
31-05-2010
-1.818.578
-3.129.014
B) Factoring:
In the present financial year the company signed factoring contracts for a
total of 8,000,000 euros which detail limits to their use for each client, having
granted on 31-12-2009 the sum of 3,683,593 euros, in their entirety without
right of recourse.
The Accountant
The Board
José Luís Soares Simões - Chairman
Leonel Fernando Soares Simões - Member
Jorge Manuel Soares Simões - Member
56 – STATEMENT OF THE COST OF THE CONSUMABLE SUPPLIES
Movements
Initial stocks
Purchases
Stock adjustment
Final stocks
Costs in the financial year
Goods
Consumable supplies
3.750
1.138.356
2.275.858
12.362.731
0
509
2.069.480
1.291.552
210.129
12.210.044
87
13.5| CONSOLIDATED PROFIT-AND-LOSS ACCOUNT BY
FUNCTION
FINANCIAL YEAR
ITEMS
2009
Sales and services rendered
2008
176.337.680
172.601.142
-163.913.623
-166.989.494
Gross results
12.424.057
5.611.648
Other Operating Gains and Income
11.487.644
15.010.040
-14.933.035
-15.539.409
-6.387.778
-5.278.363
2.590.888
-196.084
-1.600.395
-1.798.841
Current Results
990.493
-1.994.925
Taxes on current results
480.756
1.332.062
Current results after tax
1.471.249
-662.863
Consolidated Net Result for the Financial Year
1.471.249
-662.863
0.44
-0.20
Cost of sales and services rendered
Administrative Costs
Operating Results
Net cost of financing
Net Results per Share
The Accountant
The Board
88
13.6| CONSOLIDATED CASH FLOW STATEMENT
Amounts stated in Euros
DIRECT METHOD
OPERATING ACTIVITIES
2009
2008
RECEIPTS FROM CLIENTS
Receipts from Clients
214.575.698
214.575.698
225.957.458
225.957.458
-145.566.236
-145.566.236
-170.392.884
-170.392.884
PAYMENTS TO SUPPLIERS
Payments to Suppliers
PAYMENTS TO STAFF
Remunerations
-32.130.576
Advances to Staff
-29.731.211
-57.723
Other Payments to Staff
-141.810
Flow Generated by the Operations
-74.787
-32.330.109
-140.342
36.679.353
-29.946.340
25.618.234
PAYMENT / RECEIPT OF IRC
Payment of IRC
Advance and special tax payments
Return of IRC
-65.679
-41.687
-190.026
-178.261
101.173
-154.533
97.889
-122.059
OTHER RECEIPTS RELATING TO OPERATING ACTIVITY
Receipts from Other Debtors
7.797.413
Receipts from Other Creditors
18.911.322
364.483
Receipts from Other Taxes
8.169
443.405
8.170.064
10.948
19.365.675
OTHER PAYMENTS RELATING TO OPERATING ACTIVITY
Payments to Other Debtors
-640.747
-6.226.274
Payments to Other Creditors
-9.462.093
-10.682.471
Settlement of VAT
-9.864.011
-9.001.336
Settlement of Withholdings at Source
-3.199.413
-2.878.826
Payments of TSU (single social charge)
-8.546.797
-8.444.233
Payments from Other Taxes
-476.308
Flow Generated Before Extraordinary Items
-32.189.369
-443.328
12.505.516
-37.676.468
7.185.382
RECEIPTS RELATED WITH EXTRAORDINARY ITEMS
Receipts from Bad Debts
16.551
3.979
Compensation of Claims
486.142
581.899
Receipts of Contractual Penalties
5.190
Other Extraordinary Receipts
8.947
516.831
6.136
89
592.014
PAYMENTS RELATED WITH EXTRAORDINARY ITEMS
-610
-40.867
Payments of fines and penalties
Donations
-56.378
-136.684
Other Extraordinary Payments
-269.360
Flow Generated from Extraordinary Activity
(1)
FLOWS FROM OPERATING ACTIVITIES
-326.348
-22.988
-200.539
190.483
391.475
12.695.998
7.576.857
INVESTMENT ACTIVITIES
RECEIPTS FROM:
Financial Investments
3.113
Tangible Fixed Assets
Investment Subsidies
Interest and Similar Income
5.084.081
7.322.843
0
38.826
1.924
898
Dividends
0
Income from real estate
0
278.600
5.089.117
3.243
7.644.410
PAYMENTS RELATING TO:
Financial Investments
-14.867.975
-8.518.284
-11.098.802
0
-15.200
Intangible Fixed Assets
Return of Subsidies
(2)
-121.523
FLOWS FROM INVESTMENT ACTIVITIES
-14.989.498
-11.114.002
-18.418.665
-3.469.592
FINANCING ACTIVITIES
RECEIPTS FROM:
Loans Obtained
48.797.183
Increases in Capital, Supplementary Paid-in Capital and Issue Premiums
13.743.950
Subsidies and donations
61.166.950
103.117
Interest from Loans Granted
35
162.427
62.644.286
419.182
61.748.559
Loans Obtained
-41.809.530
-60.969.254
Repayments of Leasing Contracts
-12.694.334
-9.106.261
-2.319.573
-3.039.349
-7.500
-13.000
Interest and Similar Costs
Dividends
Interest from Loans Obtained
-56.831.849
-73.127.864
5.812.437
-11.379.305
89.770
-7.272.040
-1.212.186
0
Cash and its Equivalents at the Start of the Period
-22.048.969
-14.776.929
Cash and its Equivalents at the End of the Period
-23.171.385
-22.048.969
(3)
-911
FLOW FROM FINANCING ACTIVITIES
Variation in Cash and its Equivalents (1) + (2) + (3)
Variations deriving from perimeter alterations
90
ANNEX TO THE CONSOLIDATED CASH FLOW STATEMENT
ITEMISATION OF THE CASH AND ITS EQUIVALENTS COMPONENTS RECONCILING
THE AMOUNTS SHOWN IN THE CASH FLOW STATEMENT WITH THE ITEMS OF
THE BALANCE SHEET
Description
Cash
Immediately mobilisable bank deposits
2009
2008
22.445
21.296
229.236
122.810
-23.493.065
-22.193.075
-23.171.385
-22.048.969
Cash equivalents:
Cash and its Equivalents (Overdrafts)
The Accountant
The Board
91
Ernst & Young
Audit & Associados - SROC, S.A.
Avenida da República, 90-6°
1600-206 Lisboa, Portugal
Telf: +351 217 912 000
Fax: +351 217 957 586
www.ey.com
| REPORT AND OPINION OF THE SINGLE AUDITOR
(Consolidated Accounts)
Dear Shareholders,
Opinion of the Single Auditor
Dear Shareholders,
We have audited the company LS – Luís Simões, S.G.P.S., S.A., in accordance
with article 420 of the Commercial Companies Code and the company’s Articles
of Association, the results of which lead us to opine that you should approve the
Consolidated Management Report and the Consolidated Accounts for the year of
2009.
Lisbon, 26 May 2010
In compliance with the legal and applicable provisions, it is incumbent on us to issue
the annual report on the audit of the consolidated accounts of LS – Luís Simões,
S.G.P.S., S.A., regarding the financial year ended on 31 December 2009, which the
Board of Directors submitted to us, together with the consolidated Management
Report, so as to be audited in accordance with the provisions laid down on Article
508-D, No. 1 of the Code of Commercial Companies.
The Single Auditor
Ernst & Young Audit & Associados - Sroc, S.A.
Registered Auditor Company (No. 178)
Represented by:
We verified that the consolidation perimeter was defined by LS – Luís Simões,
S.G.P.S., S.A., as Consolidant Company, in accordance with the provisions laid down
in Decree Law No. 238/91 of 2 July, and that, in its essecial aspects, the standards
of account consolidation published in Annex 1 to the abovementioned Decree Law
were appropriately apllied.
With regards to the companies integrated in the consolidation perimeter, we
assessed their respective Reports, Opinions and Registered Auditor’s Report issued by
their audit bodies in accordance with the legal and statutory provisions apllicable to
them. Under the Code of Commercial Companies, we have issued on the consolidated
accounts audita and whithin the scope of our duties as Registered Auditors, the
Registered Auditor’s Report on the Consolidated Accounts and on the Annual Report
and Accounts on the Audit Performed, which is now an integral part of our Report.
Paulo Jorge Luís Da Silva (Registered Auditor No. 1334)
The management consolidated report generally meets the requirements of the Code
of Commercial Companies and we verified that its content and the consolidated
accounts are in accordance.
Given the above, and as if we have not encountered any issue that materially
affects the true and fair financial position and results of all companies included
in consolidation, making deliberate on the consolidated annual report and the
consolidated accounts the following opinion:
92
Public Company – Share Capital 1,105,000 Euros – registered on the Portuguese Board of Registered Auditors under No. 178 – Registered on CMVM
(Portuguese Securities Market Commission) under No. 9011 – Tax Payer No. 505 988 283 – Registered on Lisbon Companies Registry under No. 505 988
283 – A member firm of Ernst & Young Global Limited
Ernst & Young
Telf: +351 217 912 000
Fax: +351 217 957 586
www.ey.com
| REGISTERED AUDITOR’S REPORT
Introduction
1. We have audited the consolidated financial statements of LS – Luís Simões,
S.G.P.S. which comprise the Balance Sheet as at 31 December 2009 (reflecting
a total of 170.317.636 Euros and total equity of 47.709.813 Euros, including
a net profit of 1.015.569 Euros) the Consolidated Income Statement by
Natures and By Functions and the Consolidated Cash Flow Statement for the
year then ended, and the related Annex.
Responsibilities
2. The Board of Directors is responsible for preparing the consolidated financial
statements giving a true and fair view of the financial position of the
group of companies included in the consolidation, the consolidated profits
of its operations and the consolidated cash flows, as well as for adopting
appropriate accounting policies and criteria and keeping an appropriate
internal control system.
3. Our responsibility is to express a professional and independent opinion based
on our audit to those financial statements.
- the assessment of whether the adopted accounting policies are appropriate
to the company’s circumstances and if their application was regular and if
they were adequately disclosed;
- the examination of the applicability of the principle of continuity; and
- the evaluation of the overall adequacy of the presentation of information
in the consolidated financial statements.
5. The audit also included our opinion on whether the information given in
the consolidated Management Report is consistent with the consolidated
financial statements.
6. We believe that the audit carried out provides an acceptable basis for
expressing our opinion.
Opinion
7. In our opinion, the consolidated financial statements give a true and fair view,
in all aspects materially relevant, of the state of LS – Luís Simões, S.G.P.S.,
S.A. consolidated affairs as at 31 December 2009, the consolidated profits of
its operations and consolidated cash flows for the financial year then ended,
in accordance with the accounting principles generally accepted in Portugal.
Lisbon, 26 May 2010
Ernst & Young Audit & Associados - SROC, S.A.
Independent Registered Auditors Firm (No. 178)
Represented by:
Scope
4. We conducted our audit in accordance with the Technical Standards and
Guidelines of Revision/Audit of the Portuguese Board for Registered Auditors,
which require the planning and performance of the audit so as to obtain
reasonable assurance that the consolidated financial statements are free
from material misstatements. In order to do so, the audit included:
- the examination of whether the financial statements of the companies
included in the consolidation were adequately audited and, for those
significant cases where they have not, the examination, on a test basis, of
evidence relevant to the amounts and disclosures in the financial statements
and the assessment of the estimates based on judgements and criteria
made by the Board of Directors and used in the preparation of the financial
statements; - the examination of the consolidation operations;
93
A| MANAGEMENT REPORT
ACTIVITY IN THE FINANCIAL YEAR
Transportes Luís Simões has operated on the transport market for over 60 years,
being situated amongst the biggest Portuguese companies in this sector.
The core business of the company is the road transport of goods, operating on
the basis of the integrated management of the approach to the Iberian transport
market in conjunction with the company Luís Simões Logística Integrada S.A.,
based in Madrid, and the company Transportes Reunidos dedicated to the
forwarding agents segment in import and export flows from/to markets beyond
the Iberian peninsula.
These companies are market leaders in services between Portugal and Spain,
holding a market share of over 12% in this specific segment, measured in tonnes
transported.
2009 was, self-evidently, a difficult year characterised by a major retraction
in demand for the company which at times was over 30% down on 2008. The
economic stagnation in Portugal, and particularly in Spain, a country which has
been the chief engine of this market in recent years, obviously had decisive
effects on the triggering of this reduction.
2009 was also a year in which an upward trend in sales was observed in the
food and large-scale distribution sectors, to the detriment of sectors such as
Automobiles or support industries for civil construction activities.
In a year in which the company made endeavours to maintain its clients and
ensure the service level thereunto, undertaking a series of projects which
allowed the degree of competitiveness thereof to be increased. The following
are worth highlighting:
▪ The consolidation of the Ecodriving project which enabled reductions in
fuel consumption in sustained fashion.
NIPC (corporate ID) n.º 500 289 050 | Share Capital: 7,000,000.00 Euros | Mat. n.º 500 289 050 CRC Loures |
Moninhos 2671-951 Loures
▪ Implementation of the E@sy7 project by way of the use of the LSnet
portal and the electronic self-invoice allowed an increase in the degree
of automation in the relationship with suppliers, also strengthening
the credibility of the company as regards compliance with payments to
suppliers.
▪ The management of the inter-regional service in progressively centralised
fashion was consolidated, with clear advantages in terms of the control
of the transport operation.
▪ The first steps were taken in the formatting of a Business Intelligence
tool, deploying a mixed team with the participation of external
consultants which will allow closer monitoring of the key variables for
this business.
▪ As regards the Outsourcing of transport, a segmentation was carried
out of the hauliers into three groups in accordance with the quality
of the associated fleets and the duration of the contracts. This new
arrangement associated with the specific loyalty programmes allows
a more sustained commitment to be made in this ever more strategic
resource ensuring Group growth.
▪ Self-evidently, we are continuing to commit to technologically evolved
fleets with Euro V engines and other components such as the automatically
loading Semi-Trailers, amongst other new items.
Transportes Luís Simões achieved Turnover of 72 948 000 Euros. The fall on
2008 is the reflection of the slowdown in the world economy, with the reduction
of the activity of some structural clients of the company.
The impact caused by the climate of the markets did not have the same effect
on Operating Results, with the latter having recorded a considerable recovery,
becoming positive to the tune of 660 000 Euros.
The strategy followed by Transportes Luís Simões, highly geared towards process
optimisation, was vital to endow the company with this Result level. The
management of the inter-regional service in progressively centralised fashion
was consolidated, with clear advantages in terms of the control of the transport
operation. However, it was on the national market, and against an unfavourable
backdrop, that the company found success for its activity, measures which 94
together culminated in a positive impact on the operating costs of the company,
contributing to the 33% increase in EBITDA.
average age of the fleet.
In 2009 the Cash Flow for the company stood at 4 981 000 Euros. Investment
stood at 3 500 000 Euros, assigned, in the main, to the acquisition of vehicles.
The Financial Autonomy and Solvency indices closed the year at 22% and 29%,
respectively.
82.476
81.683
81.199
72.948
Cash Flow
10.035
8.908
2006
2007
2008
7.118
2009
8.000
6.816
6.931
6.000
5.720
5.196
4.000
2.000
0
2006
2007
2008
Investment
7.233
5.597
The Net Result still reflects, and similarly to last year, the negative effect of
the Brent Hedge financial product. This was a financial operation carried out in
2008 from the perspective of prudence and insurance, at a time when there was
a spiralling of Brent prices, a trend which was then reversed, culminating in a
sharp fall in prices.
2009
This market performance gave rise to a financial cost of 3 129 000 Euros, making
a negative contribution to the Net Result which in 2009 settled at 1 290 000
Euros, excluding this effect it would have been positive to the tune of 1,839,000
Euros.
The Extraordinary Result submitted the sum of 555 000 Euros, largely referring
to the gains generated from the disposal of vehicles used to ensure the low
Legend
2006
2007
6.969
2008
4.981
3.500
2009
PROSPECTS FOR 2010
2010 is regarded as a year for starting the economic recovery with positive
impacts anticipated in the Group. On the one hand, it is hoped that the major
reductions in sales, to wit on the market between Portugal and Spain, will give
rise to a recovery, even if only slight, and that the commercial projects won over
during 2009 will be fully operational in 2010.
As ever, we live in the shadow of the evolution in fuel prices which have
registered a clear increase in late 2009, but which it is expected will not increase
in international terms to amounts of above 80 dollars per Barrel.
In terms of new projects, worthy of special mention is the construction of a
Transport Management Terminal in the central area of Portugal. This terminal,
which is expected to be the first of many within the company, shall clearly
characterise the alteration to the model in terms of transport operation
management.
The deployment of various technologies which increase the control of the various
units managed in the context of the transport and management in consolidated
fashion at a terminal, should lead to an increase in productivity levels.
On the other hand, the information management tool devised during 2009 will
be consolidated in 2010 as well as the implementation thereof with the end
users, allowing a greater command of the key business variables.
95
Commercially, we also have a series of well-defined targets which, if awarded,
shall enable the company to have interesting sales growths.
In 2009 it was the company’s intention to proceed with the implementation
of the transport management project in Intermodal format. However, and in
view of the great dip in activity recorded throughout the Iberian Peninsula,
conditions were not in place to put it into practice. This reduction in activity
was very evident, not allowing us to have guarantees of critical mass (in terms
of transport volumes) which managed to meet the hefty investments associated
with the project. For 2010, and as regards intermodality, we will continue to pay
attention to the opportunities which prove advantageous to the company.
GOVERNING BODIES
The Board of Directors
Chairman / Managing Director
Member
Member
José Luís Soares Simões
Leonel Fernando Soares Simões
Jorge Manuel Soares Simões
General Meeting Board
Clara Maria Campos Monteiro Ribeiro
Isabel Maria Blazquez Pereira Silva
Chairman
Secretary
Statutory Auditor
Ernst & Young Audit & Associados
Rui Abel Serra Martins
Permanent Member
Alternate
DISTRIBUTION OF RESULTS
AThe company Transportes Luís Simões, S.A. closed the financial year of 2009
with negative Net Results of 1,289,716.17 Euros.
In view of the legal and statutory provisions applicable, the following distribution
of results is proposed:
-1.289.716,17
Chairman
96
B| FINANCIAL STATEMENTS
BALANCE SHEET
CEE
C
Accounts Codes
POC (Chart of
Accounts)
I
1
1
431
432
1
2
2
3
3
3
4
422
423
424
425
426
429
441/6
II
III
5
D
4113+414+415
I
1
36
II
1
2
218
252
II
1
2
4
4
IV
211
252
24
262+266+267+
267+221
12+13+14
E
271
272
276
Gross Assets
ASSETS
Fixed Assets
Set-up Expenses
R&D Expenses
Basic Equipment
Transport Equipment
Tools and Utensils
Circulating Capital
Stocks:
Consumable supplies
Bad Debt Clients
Group Companies
Clients, c/a
Group Companies
Other Debtors
Bank Deposits
Income Accruals
Deferred Costs
Deferred Tax Assets
Total Depreciations
Total Adjustments
Total Assets
2009
Deprec. And
Adjustments
2008
Net Assets
Net Assets
525.502,62
3.000,00
528.502,62
525.502,62
3.000,00
528.502,62
0,00
0,00
0,00
0,00
833,42
833.42
371.964,74
34.899.928,36
45.223,72
19.523,55
2.445.621,43
22.438,26
189.644,47
37.994.344,53
34.758,59
20.581.635,37
45.223,72
17.596,29
2.282.548,97
22.438,26
22.984.201,20
337.206,15
14.318.292,99
0,00
1.927,26
163.072,46
0,00
189.644,47
15.010.143,33
368.600,07
20.586.184,72
0,00
2.250,30
29.802,21
0,00
396.059,26
21.382.896,56
2.298,46
2.298,46
0,00
2.298,46
2.298,46
2.298,46
2.298,46
200.351,51
200.351,51
0,00
200.351,51
200.351,51
119.025,64
119.025,64
3.133,23
1.400.000,00
1.403.133,23
3.133,23
3.133,23
13.963.050,38
984.289,45
14.393.137,54
1.576.995,47
1.255.235,10
16.202.574,93
2.984.786,08
18.954.919,09
964.571,44
964.571,44
964.571,44
964.571,44
524.356,21
524.356,21
3.326.937,62
39.013,12
1.631.190,46
4.997.141,20
3.326.937,62
39.013,12
1.631.190,20
4.997.141,20
1.574.669,72
3.688,82
921.982,01
2.500.340,55
38.780.214,07
43.487.803,16
1.189.956,10
1.400.000,00
2.589.956,10
1.186.822,87
1.186.822,87
13.963.050,38
984.289,45
1.255.235,10
16.202.574,93
63.479.740,76
0,00
23.512.703,82
1.186.822,87
24.699.526,69
97
BALANCE SHEET (Ctd.)
Accounts Codes
2009
POC (Chart of
Accounts)
CEE
2008
EQUITY AND LIABILITIES
A
Equity
I
51
Capital
IV
7.000.000,00
7.000.000,00
Reserves:
1
571
Legal Reserves
481.858,22
481.858,22
4
574 a 579
Other Reserves
3.731.194,55
3.731.194,55
-1.262.235,69
24.508,65
V
59
VI
88
Subtotal
Total Equity
9.950.817,08
11.237.561,42
-1.289.716.17
-1.286.744,34
8.661.100,91
9.950.817,08
74.189.96
62.108,80
74.189.96
62.108,80
Liabilities
B
Provisions for Risks and Charges:
3
293/8
Other Provisions for Risks and Charges
C
2
231+12
6
252
Group Companies
8
2611
C
160.407,97
700.000,00
8.945.260,36
12.268.677,75
8.945.260,36
13.129.085,72
2
231+12
4
221
Suppliers, c/a
4
228
6
252
Group Companies
8
2611
5.465.692,12
8
24
471.416,53
565.567,97
8
262+263+264+265
Other Creditors
162.111,67
359.271,47
809.257,76
9.504.210,46
26.170,79
3.796,01
17.624.777,41
17.203.447,95
3.078.354,18
2.966.984,23
303.426,94
133.457,21
700.000,00
267+268+211
D
762.342,65
10.037.043,65
5.961.344,28
273
Cost Accruals
274
Deferred Income
276
93.104,31
41.902,17
3.474.885,43
3.142.343,61
Total Liabilities
30.119.113,16
33.536.986,08
Total Equity and Liabilities
38.780.214,07
43.487.803,16
The Accountant
The Board
Cesaltina Maria Soares Gonçalves
José Luís Soares Simões - Chairman | Leonel Fernando Soares Simões - Member | Jorge Manuel Soares Simões - Member
98
PROFIT-AND-LOSS ACCOUNT BY NATURE
Accounts Codes
CEE
2009
POC (Chart of Accounts)
2008
COSTS AND LOSSES
A
2.a)
61
Goods
61.235,11
Materials
2.b)
62
3
3.a)
9.352.847,52
641+642
49.568.077,04
Remunerations
13.235.470,57
Others
2.402.351,11
4.a)
662+663
4.b)
666+667
Adjustments
5
67
Provisions
5
63
Taxes
5
65
14.742.704,92
681+685+686+
687+688
556.406,94
159.791,31
12.081,16
38.745,20
56.223,60
17.501.710,86
6.883.336,84
247.325,75
229.372,61
22.134,46
3.654.279,69
(G)
88
6.271.208,38
23.229,05
81.120.562,34
(E)
86
2.759.005,94
6.667.321,93
(C)
69
15.637.821,68
190.627,41
Others
13
11.938.632,43
56.127.140,97
5.702.720,28
(A)
8+11
11.934.732,43
Social Charges:
645/8
10
9.414.082,63
Staffing Costs
3.b)
7
3.900,00
270.554,80
92.721.375,90
50.065,28
3.676.414,15
3.009.833,24
3.059.898,52
84.796.976,49
95.781.274,42
465.881,71
550.988,83
85.262.858,20
96.332.263,25
-832.777,56
-1.064.153,43
84.430.080,64
95.268.109,82
-1.289.716,17
-1.286.744,34
83.140.364,47
93.981.365,48
INCOME AND GAINS
B
1
71
Sales:
Goods
1
72
Services Rendered
71.000,00
Valores em Euros
72.876.822,13
99
2.688,00
72.947.822,13
81.675.307,66
81.198.643,98
3
75
In-house Works
4
73
4
74
Operating Subsidies
4
76
4
77
0,00
49.499,60
8.598.922,26
9.114.447,20
40.913,61
112.788,16
22.546,30
170.564,85
(B)
7
7811+7813+7814+
7818+785+786+
787+788
356.550,70
8.832.947,02
201.887,62
81.780.769,15
9.785.673,68
91.033.817,26
Other Interest and Similar Income
43.648,19
Others
295.510,92
(D)
50.777,23
339.159,11
344.234,72
395.011,95
82.119.928,26
91.428.829,21
1.020.436,21
2.552.536,27
83.140.364,47
93.981.365,48
660.206,81
-1.687.558,64
-3.337.255,04
-2.664.886,57
Current Results: (D)-(C)
-2.677.048,23
-4.352.445,21
Pre-tax Results: (F)-(E)
-2.122.493,73
-2.350.897,77
Net Result for the Financial Year: (F)-(G)
-1.289.716,17
-1.286.744,34
9
79
(F)
Summary.
The Accountant
The Board
ANNEX TO THE BALANCE SHEET AND THE PROFIT-AND-LOSS ACCOUNT
Financial Year of 2009 (Information stated in euros)
The company belongs to the Luís Simões Group, its parent company being LS –
Luís Simões SGPS, SA, just like the other group companies.
0.1. Company:
Registered Offices: Moninhos – Loures
Date of Incorporation:
November 14th 1968
Activity:
Occasional Public Transport of Goods
NIPC (corporation tax code):500 289 050
0.2. The Financial Statements were drawn up in accordance with the historic
costs agreement, modified by the revaluation of tangible fixed assets and on an
ongoing concern basis and in accordance with the basic accounting principles
of consistency, prudence, accruals basis, substance over form and materiality.
The same also relate to qualitative characteristics of relevance, reliability and
comparability.
100
0.3. Those notes not mentioned do not apply to the Company or do not relate to
materially relevant accounting events or did not occur in the financial year to
which this annex relates.
3 - ACCOUNTING PRINCIPLES AND VALUATIION CRITERIA USED
3.1. Stocks
3.1.1. Consumable supplies
3.2. Fixed Assets
3.2.1. Intangible Fixed Assets
calculated in accordance with the straight-line method according to the laws in
force.
3.2.2. Tangible Fixed Assets
to this end. Depreciations are calculated in accordance with the straight-line
method according to the laws in force.
3.2.3. Financial Investments
The Financial Investments are shown on the balance sheet at the cost of
acquisition.
3.3. Debts owed by and to third parties in foreign currency
Debits and Credits of this nature relating to currencies from countries not
belonging to the EuroZone were adjusted in line with the exchange rates in
force on December 31st 2009.
3.4. Adjustments of debts receivable
The value of the Adjustments corresponds to the risk of collection of the
respective debts.
3.5. Deferred taxes
Deferred Taxes relate to the temporary differences between the amounts of the
assets and liabilities for the purposes of accounting reporting and the respective
amounts for the purposes of taxation.
Deferred Tax Assets and Liabilities are calculated and valued using the taxation
rates which are expected to be in force on the date of reversal of temporary
differences.
Since the financial year of 2007 the company has been included in the Special
Taxation Regime of Company Groups (“RETGS”) led by the shareholder LS – Luís
Simões, SGPS, S.A.
3.6. Financial Hedging Instruments
In order to cover the risk of variation in fuel prices, the company carried out fuel
swaps contracts. The results of these operations were recognised under financial
income or costs at the time of settlement of the corresponding operation.
4 - RATES USED TO CONVERT INTO PORTUGUESE CURRENCY THOSE ACCOUNTS
INCLUDED IN THE BALANCE SHEET AND IN THE PROFIT-AND-LOSS ACCOUNT,
ORIGINALLY STATED IN FOREIGN CURRENCY
Description
MAD
Amounts payable
11,422
Amounts receivable
11,223
6 – DISSEMINATION OF THE MAIN COSTS (INCOME) COMPONENTS REGARDING
TAXES
The Company is subject to Corporation Tax (IRC) at the current rate of 25%, plus
a maximum municipal surcharge of 1.5%, on taxable profit, attaining a total rate
of 26.5%.
Under the terms of article 81 of the CIRC, the Company is subject to autonomous
taxation on a series of charges at the rates foreseen therein.
As mentioned in Note 3.5., since the financial year of 2007 the Group companies
have been included in the Special Taxation Regime for Company Groups (“RETGS”)
under the terms of article 63 and the following articles of CIRC, led by the
shareholder LS – Luís Simões, SGPS, S.A., meaning that the taxes calculated
individually are reflected in the shareholder amount included in the item “Group
Companies”.
In accordance with the legislation in force, the tax returns are subject to revision
and correction by the tax authorities during a period of four years (ten years for
Social security until 200, inclusive, and five years as from 2001), unless there
101
should be tax losses, or inspections, complaints or challenges are in progress,
in which cases, depending on the circumstances, the timeframes are prolonged
or suspended.
The reconciliation between the accounting result and the taxable result and between
the current tax and the tax for the financial year on income is as follows:
2009
The Company applied the provisions of Accounting Guideline no. 28 relating to
the posting of Deferred Taxes.
2008
Description
Current tax
Pre-tax result
-2.122.493,73
-2.350.897,77
-66.654,77
267.886,80
-1.215.528,06
-1.941.079,43
Taxable result
Tax losses (temporary difference) - RETGS
-3.404.676,56
-4.024.090,40
2.667.747,41
3.579.459,81
736.929,15
444.630,59
0,00
0,00
25,00%
25,00%
Municipal Surcharge
1,50%
1,50%
0,00
0,00
0,00
0,00
20.477,18
19.528,63
20.477,18
19.528,63
Effect on the Financial Year
-669.022,45
-965.854,95
Effect on the Financial Year -RETGS
-184.232,29
-117.827,11
(II)
-853.254,74
-1.083.682,06
(I) + (II)
-832.777,56
-1.064.153,43
Use of Tax Break
Current Tax
(I)
Effect of the
Financial Year
Closing
balance
894.864,95
655.920,71
27.117,06
-18.728,73
8.388,33
0,00
72.016,47
72.016,47
921.982,01
709.208,45
1.631.190,46
41.902,17
-19.749,10
22.153,07
0,00
70.951,24
70.951,24
41.902,17
51.202,14
93.104,31
Tax losses
Adjustments of debts owed by third parties
Leaseback – Untaxed Gains
1.550.758,66
Gains untaxed owing to reinvestment
Leaseback – Depreciations not accepted
Rate of tax
Opening
balance
7 - MEAN NUMBER OF PEOPLE IN THE PAY OF THE COMPANY
Employees............................................................................... 638
8 - COMMENTS TO ITEM 431 “SET-UP EXPENSES”
8.1. Set-up Expenses
The Set-up Expenses item balance essentially includes expenses defrayed on
the computing project embarked upon, an international study for franchising, a
Quality project of Standard ISO 9001:-2000 and a clienting project.
Deferred tax
Deferred tax
102
10 - MOVEMENTS OCCCURING IN THE ITEMS OF THE FIXED ASSETS INCLUDED ON
THE BALANCE SHEET AND IN THE RESPECTIVE DEPRECIATIONS AND PROVISIONS
GROSS ASSETS
Items
Opening balance
Revaluation/adjustment
Increases
Transfers and
write-offs
Disposals
Closing balance
Set-up Expenses
525.502,62
R&D Expenses
525.502,62
3.000,00
3.000,00
528.502,62
0,00
0,00
0,00
3.131.771,51
7.158.275,11
0,00
528.502,62
Buildings and Other
371.964,74
Constructions
38.538.685,45
Transport Equipment
50.510,98
Tools and Utensils
19.907,62
371.964,74
-5.287,26
34.899.928,36
45.223,72
2.267.535,20
387.746,51
178.432,99
384,07
19.523,55
346,76
2.445.621,43
22.438,26
22.438,26
396.059,26
189.644,47
41.667.101,51
3.499.848,97
7.159.005,94
-396.059,26
189.644,47
-13.600,01
37.994.344,53
2.298,46
2.298,46
2.298,46
0,00
0,00
0,00
0,00
2.298,46
DEPRECIATIONS AND PROVISIONS
Items
Opening balance
Increase
Cancellation/Reversal
Closing balance
Set-up Expenses
R&D Expenses
525.502,62
525.502,62
2.166,58
833,42
527.669,20
833,42
3.364,67
31.393,92
17.952.500,73
5.625.007,16
3.000,00
0,00
528.502,62
Basic Equipment
Transport Equipment
Tools and Utensils
50.510,98
34.758,59
2.995.872,52
20.581.635,37
5.287,26
45.223,72
17.657,32
323,04
384,07
17.596,29
2.237.732,99
45.162,74
346,76
2.282.548,97
5.701.886,86
3.001.890,61
22.984.201,20
22.438,26
20.284.204,95
22.438,26
103
14 - OTHER INFORMATION RELATING TO FIXED ASSETS
The Fixed Assets are allocated to company activity.
23 - TOTAL VALUE OF BAD DEBTS IN EACH OF THE ITEMS OF DEBTS OWED BY
THIRD PARTIES INCLUDED ON THE BALANCE SHEET
Bad debt clients..............................................................1.189.956,10
15 - INDICATION OF THE ASSETS USED ON A LEASING BASIS, MENTIONING THE
Net Fixed
Assets
Short-term
Medium and
long-term
12.995.390,99 14.198.439,32
5.253.178,63
8.945.260,36
12.995.390,99 14.198.439,32
5.253.178,63
8.945.260,36
Description
Basic Equipment
Value of debt
25 - TOTAL AMOUNT OF ACTIVE AND PASSIVE DEBTS RELATING TO COMPANY
STAFF
Active Debts (Accounts 2624/2627)............................................7.110,39
Passive Debts (Accounts 2622/2629)...........................................2.378,86
29- VALUE OF THE DEBTS TO THIRD PARTIES OWED FOR OVER FIVE YEARS
Balance Sheet Items
Years
Suppliers of Fixed Assets
(Lessors)
Value of debt
2011
4.262.916,55
2012
2.637.005,01
2013
2.020.037,86
2014
25.300,94
8.945.260,36
16 - TABLE REGARDING THE GROUP COMPANIES, ASSOCIATES AND AFFILIATES
AThe Financial Statements of this company are included in the Consolidated
Financial Statements of the following company:
Business name: LS – Luís Simões, SGPS, S.A.
NIPC (corporation tax code): 503 717 789
Opening
balance
Increase
Reversal
Closing
balance
Debts owed by Third Parties:
Bad Debt Clients
Debts of over 5
years
(Long-term)
8.945.260,36
0,00
Total
8.945.260,36
32 - GUARANTEES PROVIDED
Guarantor
Amount
Beneficiary Entity
Guarantee Type
Banco Espírito Santo
30.050,61
Servisa Targetas, S.A.
Bank
230.124,00
API
Bank
CGD
13.412,50
CTT
Bank
BBVA
65.064,85
AICEP
Bank
71.344,38
AICEP
Bank
In addition, the company submitted promissory notes to third parties as the
13,970,420.21 euros.
21 - BREAKDOWN IN CIRCULATING ASSETS ITEMS
ADJUSTMENTS
Items
Debts of 1 to 5
years
(Medium-term)
800.980,78
556.406,94
170.564,85
1.186.822,87
800.980,78
556.406,94
170.564,85
1.186.822,87
34 – MOVEMENTS OCCCURRING IN THE PROVISIONS ITEMS
Items
293-Provisions for Legal Proceedings in progress
Opening
balance
Increase
62.108,80
12.081,16
Reduction
Closing
balance
74.189,96
104
36 - NUMBER OF SHARES OF EACH CATEGORY INTO WHICH THE CAPITAL OF THE
COMPANY IS DIVIDED AND ITS NOMINAL VALUE
The Share Capital is made up of 1,400,000 shares, with a nominal value of 5.00
Euros per share.
37 - STAKE IN THE SUBSCRIBED CAPITAL OF EACH OF THE CORPORATE BODIES
HOLDING AT LEAST 20% THEREIN
Shares Subscribed
Shareholder
Number
%
1.400.000
100
Stake
in Capital %
100
Voting
Rights %
44 - DISTRIBUTION OF THE NET VAUE OF SALES AND THE SERVICES RENDERED AS
CALCULATED IN ITEMS 71 AND 72
Description
Internal market
50.173.530,61
External market
22.774.291,52
Total
72.947.822,13
Costs and losses
100
681 Interest paid
685 Forex losses
40 - CLARIFICATION AND JUSTIFICATION OF THE MOVEMENTS OCCURRING IN THE
FINANCIAL YEAR IN EACH OF THE EQUITY ITEMS INCLUDED ON THE BALANCE SHEET
Items
51 Capital
Opening
balance
Increase
Reductions
7.000.000,00
Closing
balance
571 Legal Reserves
481.858,22
481.858,22
3.703.692,07
3.703.692,07
575 Subsidies
27.502,48
27.502,48
Results Carried
Forward
24.508,65
574 Free Reserves
59
88 Net results
1.286.744,34
-1.262.235,69
-1.286.744,34 -1.289.716,17 -1.286.744,34
-1.289.716,17
688 Other Financial Losses and Costs
Financial results
Income and gains
Goods
781 Interest earned
Initial stocks
Purchases
Stock adjustment
Final stocks
0,00
119.025,64
61.235,11
9.434.173,39
0,00
200.351,51
61.235,11
9.352.847,52
2008
986.275,65
109,20
16,89
2,40
3.152.614,44
2.073.605,98
-3.337.255,04
-2.664.886,57
339.159,11
395.011,95
Financial Years
2009
43.648,19
2008
50.777,23
286,80
786 Prompt payment discounts obtained
788 Reversals and other financial income and gains
555,74
294.955,18
343.947,92
339.159,11
395.011,95
Income and gains
Consumable supplies
2009
523.688,11
785 Forex gains
41 - STATEMENT OF THE COST OF THE CONSUMABLE SUPPLIES
Movements
Financial Years
686 Prompt payment discounts granted
7.000.000,00
57 Reserves
Amount
Financial Years
2009
2008
691 Donations
34.360,00
62.098,78
692 Bad debts
123.310,50
166.379,99
45.067,87
17.310,52
694 Losses in fixed assets
695 Fines and penalties
697 Corrections Relating to Previous Financial Years
698 Other Extraordinary Losses and Costs
Extraordinary Results
4.500,00
70.674,42
1.400,00
192.468,92
299.299,54
554.554,50
2.001.547,44
1.020.436,21
2.552.536,27
105
Financial Years
Income and gains
2009
792 Debt Recovery
794 Gains in fixed assets
795 Contractual Penalties and Benefits
2008
798 Other Extraordinary Gains and Income
Quantity
Start Date
Final Date
Result in 2009
Swap 6 months
317 Tonnes
01-08-2008
31-01-2009
-179.765
3.306,50
3 way extendible
317 Tonnes
01-06-2008
31-12-2009
-1.130.671
36.129,80
Swap 24 months
317 Tonnes
01-06-2008
31-05-2010
-1.818.578
16.550,84
7.596,19
807.528,23
2.432.586,68
1.915,12
796 Reductions in depreciations and provisions
B) Itemisation of derivative products subscribed by the company, to wit Brent
price hedging:
30.836,00
14,34
163.606,02
72.902,76
1.020.436,21
2.552.536,27
48 - OTHER INFORMATION DEEMED RELEVANT
A) Movement in Group and Associate Companies
Product
-3.129.014
C) Factoring:
In the present financial year the company signed a factoring contract for a
total of 6,000,000 euros which details limits to its use for each client, having
granted on 31-12-2009 the sum of 2,279,495 euros, in its entirety without right
of recourse.
D) Total R&D effort amounts
Items
Amounts
R&D Investment Summary
Receivables:
Clients, c/a
Group Companies – Short-term
Group Companies – Medium and long-term
Group Companieso
Purchase of Tangible Fixed Assets
Operating Costs
Financial Costs
Extraordinary Costs
Operating Income
Financial Income
Proveitos Extraordinários
2009
2008
984.289,45
Staffing Costs
202.472,34
238.935,63
1.400.000,00
General Costs
81.397,66
96.056,58
Fixed Assets
69.835,00
0,00
Stake in Capital
15.000,00
0,00
368.705,00
334.992,21
Turnover
72.947.822,13
81.198.643,98
Staffing Costs
15.637.821,68
17.501.710,86
Debts payable:
Suppliers, c/a
Items
289.817,12
637.754,00
11.605,36
700.000,00
81.207,36
6.732.251,78
22.134,46
128.232,50
22.109.349,79
43.648,19
Total R&D Investment
The amounts recorded refer to R&D expenses related with:
- the project to cut the costs of fuel consumed and increase operating efficiency;
- implementation of the E@sy 7 project (electronic auto-billing project);
- start of the Business Intelligence project to monitor the key business variables.
988.299,48
The Accountant
The Board
106
PROFIT-AND-LOSS ACCOUNT BY FUNCTION
Items
Financial Year
2009
2008
72.947.822,13
81.198.643,98
-74.286.162,17
-86.427.994,02
Gross results
-1.338.340,04
-5.229.350,04
10.192.542,34
12.782.721,50
-6.102.395,42
-5.946.013,95
-4.350.610,10
-2.971.979,63
Operating Results
-1.598.803,22
-1.364.622,12
-523.690,51
-986.275,65
-2.122.493,73
-2.350.897,77
832.777,56
1.064.153,43
-1.289.716,17
-1.286.744,34
Net results
-1.289.716,17
-1.286.744,34
-0,92
-0,92
Current Results
Results per Share
The Accountant
The Board
107
CASH FLOW STATEMENT
Direct method
ACTIVIDADES OPERACIONAIS
2009
2008
24.085.132,13
Receipts from other Clients
72.467.316,05
31.141.970,70
96.552.448,18
79.703.473,96
-76.415.910,58
-79.935.403,45
110.845.444,66
Payments to Group suppliers
-9.750.077,98
Payments to other Suppliers
-66.665.832,60
-11.353.827,87
-91.289.231,32
PAYMENTS TO STAFF
Remunerations
-12.169.212,90
Advances to Staff
-42.036,77
-31.154,52
-13.438.223,60
-46.471,83
-12.242.404,19
-70.846,95
7.894.133,41
-13.555.542,38
6.000.670,96
Payment of IRC
Return of IRC
102.645,14
102.645,14
22.027,22
22.027,22
2.594.141,75
8.503.204,15
222.520,43
106.945,32
4.356,90
2.821.019,08
1.774,82
8.611.924,29
Settlement of VAT
-80.640,85
-636.018,40
-3.092.135,77
-4.469.179,31
-894.236,57
-335.893,34
-545.613,53
-553.927,30
-2.811.628,57
-2.893.360,52
-215.582,08
-7.639.837,37
-266.869,22
3.177.960,26
-9.155.248,09
5.479.374,38
16.550,84
2.921,15
317.058,20
411.944,35
2,43
333.611,47
1.409,50
416.275,00
Donations
-14.189,60
-1.314,65
-89.700,78
108
-1.682,87
-91.015,43
242.596,04
-48.274,33
-64.146,80
352.128,20
(1)
3.420.556,30
5.831.502,58
RECEIPTS FROM:
Tangible Fixed Assets – group companies
1.524.719,43
1.539.337,50
Tangible Fixed Assets - Other Companies
2.099.573,63
3.252.483,97
3.624.293,06
286,80
4.792.108,27
-91.943,00
-662.232,53
-756.383,33
-2.864.001,71
Total Tangible Fixed Assets
Return of Subsidies
(2)
-848.326,33
-848.326,33
-121.523,21
-121.523,21
-3.526.234,24
2.654.443,52
-3.526.234,24
1.265.874,03
RECEIPTS FROM:
Loans obtained from Group Companies
45.921.544,32
Loans Obtained from Others
53.509.779,94
6.822.066,64
52.743.610,96
Total Loans Obtained
40.913,61
50.777,23
52.743.610,96
53.509.779,94
53.509.779,94
91.126,32
91.690,84
64.336,55
155.462,87
-46.642.580,95
-54.670.873,72
-3.858.306,88
-510.407,96
-50.500.887,83
-55.181.281,68
-7.842.417,09
-4.967.402,89
-576.104,75
-859.648,92
Dividends
-538.652,39
(3)
-50.065,28
Variations in Cash and its Equivalents
-58.969.474,95
-52.792,38
-6.134.173,15
(1)+(2)+(3)
-59.173,33
-61.599.778,26
-7.934.535,45
(1)+(2)+(3)
-837.158,84
385.914,37
1.223.073,21
326.741,04
385.914,37
The Accountant
The Board
109
ANNEX TO THE CASH FLOW STATEMENT
2-ITEMISATION OF THE CASH AND ITS EQUIVALENTS COMPONENTS RECONCILING
THE AMOUNTS SHOWN IN THE CASH FLOW STATEMENT WITH THE ITEMS OF THE
BALANCE SHEET
C| REPORT AND OPINION OF THE SINGLE AUDITOR AND
REGISTERED AUDITORS’ REPORT
Ernst & Young
Telf: +351 217 912 000
Fax: +351 217 957 586
www.ey.com
Description
2009
2008
964.571,41
524.356,21
-637.830,37
-138.441,84
Cash equivalents:
The Accountant
The Board
Dear Shareholders,
In compliance with the legal provisions and the Company’s Articles of Association, it
is incumbent on us to issue the annual report on the audit of Company Transportes
Luís Simões, S.A., regarding the financial year ended on 31 December 2009, and issue
an opinion on the report, accounts and the proposal for the allocation of the profits
presented by the Board of Directors.
In the course of the financial year and as part of our appointed duties, we carried
out, with satisfactory results and with the frequency and extent deemed most
adequate, a general audit of all accounting procedures, as well as surveys of their
corresponding records and other probative elements.
The Board of Directors’ report explains the orientation of the Company’s policy
during the financial year, as well as the policy proposal for 2010 financial year.
The Balance Sheet, Income Statements, Cash Flow Statement and their respective
Annexes, respecting all legal requirements, reflect the position of the accounting
records at the end of the financial year and attest to the Company’s financial
situation.
The valuation criteria used for the preparation of accounts are laid down in the
Annex to the Balance Sheet and to the Income Statements and Statement of the Cash
Flows, and lead to a suitable assessment of company assets.
All regulatory formalities as well as those from the Articles of Association with regards
to the accountability and auditing of the Company were complied, whereby we issue
the following Opinion, which shall be presented to shareholders and published as
required by law:
110
Ernst & Young
Telf: +351 217 912 000
Fax: +351 217 957 586
www.ey.com
Dear Shareholders,
We have audited the company Transportes Luís Simões, S.A., in accordance with
article 420 of the Commercial Companies Code and the company’s Articles of
Association, the results of which lead us to opine as follows:
(a) The Management Report and the Accounts for the financial year of 2009
should be approved;
(b) The Board of Directors’ proposal on the allocation of the profits of the
financial year should be approved.
Lisbon, 25 May 2010
| REGISTERED AUDITORS’ REPORT
Introduction
1. We have audited the financial statements of Transportes Luís Simões, S.A.,
which comprise the Balance Sheet as at 31 December 2009 (reflecting a total
of 38.780.214 Euros and total equity of 8.661.101 Euros, including a net loss
of 1.289.716 Euros) the Income Statement by Natures and By Functions and
the Cash Flow Statement for the year then ended, and the related Annex.
Responsibilities
The Single Auditor
Independent Registered Auditor’s Firm (No. 178)
Represented by:
2.The Board of Directors is responsible for preparing the financial statements
giving a true and fair view of the Company’s financial position, the profits of
its operations and cash flows, as well as for adopting appropriate accounting
policies and criteria and keeping an appropriate internal control system.
3.Our responsibility is to express a professional and independent
opinion based on our audit to those financial statements.
Scope
reasonable assurance that the financial statements are free from material
misstatements. In order to do so, the audit included:
- the examination, on a test basis, of evidence relevant to the amounts
and disclosures in the financial statements and the assessment of the estimates based on judgements and criteria made by the Board of
Directors and used in the preparation of the financial statements;
- the assessment of whether the adopted accounting policies and their
disclosure are appropriate to the company’s circumstances;
- examination of the applicability of the principle of continuity; and
- evaluation of the overall adequacy of the presentation of information in
the financial statements.
111
5. The audit also included our opinion on whether the information given in the
Management Report is consistent with the financial statements.
Opinion
7.In our opinion, the financial statements give a true and fair view, in all
aspects materially relevant, of the state of Transportes Luís Simões, S.A.
affairs as at 31 December 2009, the profits of its operations and cash flows for
the financial year then ended, in accordance with the accounting principles
generally accepted in Portugal.
Lisbon, 25 May 2010
Represented by:
112
Luís Simões Logística Integrada, S.A. (Sociedade Unipessoal)
A| Balance and Profit and Loss Account
BALANCE AT END OF YEAR 2009
NET WORTH AND LIABILITIES
BALANCE AT END OF YEAR 2009
A) NET WORTH
NOTE from
ASSETS
the REPORT
A) NON-CURRENT ASSETS
Fixed intangible
6
Software applications
Fixed tangible
5
Technical installations and other fixed tangible
assets
2009
2008
9.106.508
9.493.805
0
100
0
100
8.160.120
8.123.106
8.160.120
6.493.718
Assets under construction and advances
Long term financial investments
8
Other financial assets
Deferred tax assets
13
B) CURRENT ASSETS
Stocks
9
0
1.629.388
464.743
483.408
464.743
483.408
481.645
887.191
21.772.260
19.448.349
0
63.513
0
63.513
21.579.851
19.337.204
20.749.028
18.743.115
131.791
246.303
658.785
347.786
4.419
0
35.828
0
122.452
22.863
69.957
24.769
69.957
24.769
30.878.768
28.942.154
Raw materials and other supplies
Trade debtors and other receivables
8
Clients for sales and services
Clients, companies from the group and associates
15
Debtors various
Staff
Other credits with the Public Administrations
13
Short term accruals
Cash and other equivalent liquid assets
Treasury
TOTAL ASSETS (A + B)
10
Luis Simoes Logistica Integrada, S.A. (Sole Corporation)
Tax Identification Nº: A79502357 | Capital: 6,000,000.00 Euros |
Entered in the Companies Register of Guadalajara, in Volume 403, Book 0, Page 52, Sheet GU-4744, Entry 2 |
Av. De la Industria nº5, 19200 Azuqueca de Henares (Guadalajara)
NOTES from
the REPORT
2009
2008
6.490.216
5.571.850
Own funds
6.490.216
5.571.850
Capital
6.000.000
6.000.000
6.000.000
6.000.000
1.491.886
1.365.817
11
Issued capital
Reserves
Legal and statutory
Other reserves
Results of previous years
247.481
234.875
1.244.405
1.130.942
(4.220.036)
(4.220.036)
Negative results of previous years
(4.220.036)
(4.220.036)
Other contributions from partners
2.300.000
2.300.000
Year’s result
B) NON-CURRENT LIABILITIES
8
Long term debts
Debts with credit institutions
C) CURRENT LIABILITIES
Short term provisions
12
Short term debts
Debts with credit institutions
Other financial liabilities
Short term debts with companies from the group
and associates
Trade creditors and other payables
126.069
4.570.831
3.637.009
4.570.831
3.637.009
4.570.831
20.751.543
18.799.473
139.801
259.801
6.292.358
7.737.090
8
6.245.571
5.308.776
8
46.787
2.428.314
8 e 15
10.551
872.135
14.159.995
9.930.447
7.332.632
5.736.069
402.395
448.366
3.185.319
2.136.614
393.836
352.197
8
Suppliers
Suppliers, companies from the group and associates
918.366
3.637.009
15
Creditors various
Staff (unpaid wages)
Current tax liabilities
13
15.776
34.585
Other debts with the Public Administrations
13
2.830.037
1.222.616
Short term accruals
TOTAL NET WORTH AND LIABILITIES (A+B+C)
148.838
0
30.878.768
28.942.154
113
PROFIT AND LOSS ACCOUNT
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDING ON 31 DECEMBER 2009
Nota
(Debit) Credit
(Debit) Credit
2009
2008
CONTINUING OPERATIONS
Net turnover
14
Services
Supplies
14
Consumption of raw materials and other consumables
Work performed by other companies
Other operating income
Ancillary revenues and other current operating income
Operating subsidies included in the year’s results
Staff expenses
14
Wages, salaries and similar
Social charges
Other operating expenses
Outside services
14
Taxes
Loss, damage and changes in provisions for trade
8
Other current operating expenses
Depreciation of fixed assets
5e6
Excess reserves
Deterioration and result on disposals of fixed assets
Results on disposals and other
OPERATING RESULT (1+2+3+4+5+6+7+8+9+10+11)
Financial income
14
From securities and other financial instruments
From group companies and associates
From third parties
76.188.939
72.738.573
76.188.939
72.738.573
(46.136.882)
(48.212.828)
(230.296)
(419.114)
(45.906.586)
(47.793.713)
574.814
179.254
504.614
179.254
70.200
0
(14.878.845)
(12.999.924)
(11.545.190)
(10.071.533)
(3.333.655)
(2.928.392)
(12.942.487)
(10.634.384)
(12.216.423)
(10.004.763)
(63.686)
(41.566)
(197.914)
(250.018)
(464.464)
(338.036)
(1.277.456)
(729.465)
0
1.352
(297)
26.783
(297)
26.783
1.527.786
369.362
193.914
170.892
193.914
170.892
4.851
0
189.063
170.892
114
Financial expenses
(382.532)
(368.812)
(17.264)
(17.091)
(365.268)
(351.721)
520
0
520
0
FINANCIAL RESULT (12+13+14+15+16)
(188.098)
(197.919)
RESULT BEFORE TAX (A1+A2)
1.339.688
171.442
(421.322)
(45.373)
918.366
126.069
918.366
126.069
14
On debts to group companies and associates
On debts to third parties
Deterioration and result on disposals of financial instruments
Damages and losses
Income Tax
13
RESULTS FOR THE YEAR FROM CONTINUING OPERATIONS (A3+17)
YEAR’S RESULT (A4+18)
3
B| STATEMENT OF CHANGES IN NET WORTH
A) STATEMENT OF RECOGNIZED INCOME AND EXPENSES FOR THE YEAR ENDING ON
31 DECEMBER 2009
2009
Result of profit and loss account
2008
918.366
126.069
918.366
126.069
Income and expenses charged directly in net worth
Transfers to profit and loss account
Total recognized income and expenses
115
0
I. Adjustments for changes of standard 2007.
ADJUSTED BALANCE, START OF YEAR 2008
(4.220.036)
2.300.000
107.817
0
0
1.258.000
(4.220.036)
2.300.000
I. Total recognized income and expenses
III. Other changes in net worth.
107.817
6.000.000
0
0
1.365.817
(4.220.036)
2.300.000
I. Total recognized income and expenses
III. Other changes in net worth.
126.069
BALANCE, END OF YEAR 2009
6.000.000
0
0
1.491.886
5.619.514
(173.733)
(173.733)
6.000.000
TOTAL
1.431.733
Year’s result
Other
contributions from
partners
Issue Premium
0
Results of previous
years
(Note11.d)
6.000.000
Reserves
(Note 11.b)
Unrequired
Issued
Capital
B) TOTAL STATEMENT OF CHANGES IN NET WORTH FOR THE YEAR ENDING ON 31
DECEMBER 2009
(4.220.036)
2.300.000
107.817
5.545.781
126.069
126.069
(107.817)
-
126.069
5.571.850
918.366
918.366
(126.069)
-
918.366
6.490.216
C| CASH FLOW STATEMENT
CASH FLOW STATEMENT FOR THE YEAR ENDING ON 31 DECEMBER 2009
Notas
2009
2008
A) CASH FLOWS FROM OPERATING ACTIVITIES
1. Result for the year before tax
1.339.688
171.442
1.628.665
1.149.267
1.277.456
729.465
197.914
(9.782)
c) Change in provisions (+/-)
0
259.801
d) Allocation of subsidies (-)
(35.100)
0
297
(26.783)
2. Adjustment of the result
a) Depreciation of fixed assets (+)
5e6
b) Impairment corrections (+/-)
e) Results for fixed asset cancellations and disposals (+/-)
116
g) Financial income (-)
14
(193.914)
(170.892)
h) Financial expenses (+)
14
382.532
368.812
k) Other income and expenses (-/+)
(520)
(1.352)
2.281.643
(2.093.157)
9
63.513
(7.434)
8
(2.242.647)
313.090
(99.589)
2.867
4.107.318
(2.699.411)
28.838
331.936
3. Changes in working capital
a) Stocks (+/-)
b) Debtors and other receivables (+/-)
c) Other current assets (+/-)
d) Creditors and other payables (+/-)
8
e) Other current liabilities (+/-)
f) Other non-current assets and liabilities (+/-)
8 e 13
424.210
(34.205)
(412.988)
(349.287)
a) Interest payments (-)
(383.279)
(299.877)
c) Interest receipts (+)
4.878
15
(34.587)
(49.425)
4.837.008
(1.121.735)
(4.182.157)
(3.817.782)
(4.182.157)
(3.817.782)
559.094
309.696
559.094
309.696
(3.623.063)
(3.508.086)
(1.168.757)
4.646.611
5.317.213
9.611.422
0
800.000
(5.624.386)
(5.764.811)
4. Other cash flows from operating activities
d) Receipts (payments) for income tax (+/-)
13
5. Cash flows from operating activities (+/-1+/-2+/-3+/-4)
B) CASH FLOWS FROM INVESTING ACTIVITIES
6. Payments for investments (-)
c) Fixed assets
5
7. Proceeds from divestments (+)
c) Fixed assets
5
8. Cash flows from investing activities (7-6)
C) CASH FLOWS FROM FINANCING ACTIVITIES
10. Receipts and payments for financial liability instruments
a) Issue
2. Amounts owed to credit institutions (+)
3. Amounts owed to group companies and associates (+)
b) Repayment and depreciation of
2. Amounts owed to credit institutions (-)
3. Amounts owed to group companies and associates (-)
15
12. Cash flows from financing activities (+/-9+/-10-11)
D) Effect of changes in exchange rates
E) NET INCREASE / DECREASE IN CASH OR CASH EQUIVALENTS (+/-5+/-8+/-12+/-D)
Cash or cash equivalents at beginning of year
Cash or cash equivalents at end of year
10
(861.584)
0
(1.168.757)
4.646.611
0
0
45.188
16.790
24.769
7.979
69.957
24.769
117
D| REPORT
REPORT FOR THE YEAR ENDING 31 DECEMBER 2009
1 - ACTIVITY OF THE COMPANY
Luis Simoes Logística Integrada, S.A. (Sole Corporation)
Avenida de la Industria, nº5
Azuqueca de Henares (Guadalajara)
This company carries out its activities on the following premises:
▪ 6 Transport Operations Centres:
Barcelona, Fuenlabrada, Madrid, Sevilha, Valladolid and Saragoça.
▪ 11 Logistics Operations Centres:
Alovera, Azuqueca de Henares, Barcelona, Bilbau, Cabanillas, Daganzo,
Valencia, Alicante, Granada, Seseña and Sevilha.
The corporate object is the storage and distribution, handling and logistics of
goods, including the activity of transport operator, logistics operator, border
management, transport of goods by road, both nationally and internationally, as
well as intermediation in road transport and any other means of transport, and
other intermediating, ancillary and complementary activities to goods transport,
including those of transport agency, both full load and break-bulk, transit,
outsourcing transport and car rental (leasing expressly excluded), advertising of
their own or other companies’ products or services on their vehicles or facilities,
construction, operation and sale of all types of real estate, furniture and vehicles
of all kinds, trade, both domestic and export and import, of products of any
kind, both their own and those of other companies, and other related legal
activities, as agreed by the Governing Body.
The duration of the Company is indefinite.
The company forms part of the Luis Simoes group of companies, with registered
office in Portugal, through its sole shareholder, Luis Simoes SGPS, S.A.
2 - PRESENTATION BASES OF THE ANNUAL ACCOUNTS
The Annual Accounts, of which this report forms part, have been obtained from
the accounting records of the Company and are presented in accordance with the
Revised Text of the Corporations Act (Royal Decree 1514/2007 of 16 November).
These Annual Accounts shall be subject to approval by the sole shareholder.
a)True and Fair View
The Annual Accounts have been prepared from the accounting records of the
Company, at 31 December 2009, having applied the laws in force in the field of
accounting in order to present the true and fair view of the assets, liabilities,
financial position and results of its operations and the veracity of the flows
included in the cash flow statement.
b) Obligatory accounting principles
All obligatory accounting principles whose effects are significant for the
preparation of the Annual Accounts have been applied.
c) Critical aspects of the assessment and estimation of uncertainty
In the preparation of the annual accounts, estimates made by the Directors of
the Company have been used to valuate certain assets, liabilities, revenues,
expenses and commitments recorded in them. Basically these estimates refer
to:
• The useful life of tangible and intangible assets (see Note 4)
• The calculation of provisions (see Note 12)
d) Grouping of items
Certain items of the balance sheet, the profit and loss account, the statement
of changes in net worth and the cash flow statement are presented as a group
to facilitate understanding, although to the extent to which it is significant, the
information has been included in disaggregated form in the relevant notes of
the report.
3. DISTRIBUTION OF RESULTS
The proposed distribution of results made by the Directors pending approval by
the sole shareholder is as follows, expressed in Euros:
118
Distribution base
2009
Profit and loss account balance(profit)
Distribution base total
Application
918.366
918.366
Tangible assets are depreciated by linearly distributing the cost of their different
component elements among the estimated years of useful life, which is the
period in which the company expects to use them.
Below are the periods of useful life used for the depreciation of the assets:
2009
To legal reserve
91.837
To compensation of previous years’ losses
Application total
Taxas
Anos
Transport elements:
826.529
Lorries and Tractors
10 %
10
918.366
Semi-Trailers
10 %
10
10 %
10
Office Equipment
12,5 %-14,5 %
7-8
Facilities
4 % - 12, 5 %
8 - 25
Machinery
5,5 %
18
Computer Equipment
25 %
4
Furniture
4. RECORDING AND VALUATION STANDARDS
The main valuation standards used in preparing the 2009 Annual Accounts, in
line with those established in the General Accounting Plan were as follows:
a) Intangible assets
Intangible assets are initially recognized at acquisition or production cost and
subsequently valuated at the net cost of their corresponding accumulated
depreciation and of the impairment losses which, if any, they have undergone.
Intangible assets are depreciated during their useful life, which, in most cases,
is estimated at three years.
b) Tangible assets
Tangible assets are initially recognized at acquisition or production cost and
subsequently valuated at the net cost of their accumulated depreciation and the
impairment losses which, if any, they have undergone.
c) Operating leases
The costs of operating lease agreements are charged to the profit and loss
account in the period in which they occur.
Any fee or payment that may be made to contract an operating lease shall be
treated as an advance payment to be charged to results over the term of the
lease, as profits from the leased asset are received.
d)Financial instruments
i) Financial assets.
The Company classifies its financial assets, whether long or short term,
in the following categories:
• Loans and receivables: are financial assets originated in the sale of
goods or the provision of services for trade operations of the company, or
those which, not having a commercial origin, are not equity instruments
or derivatives and whose fees are a fixed or determinable amount and
are not traded on an active market.
119
Initial valuation:
Financial assets are initially recorded at the fair value of the consideration
given plus the transaction costs that are directly attributable.
Subsequent valuation:
The loans, receivables and investments held to maturity are valued at
depreciated cost.
In particular, regarding the valuation adjustments relating to trade
receivables and other receivables, the standard used by the Company
to calculate the corresponding valuation adjustments, if any, takes
into account the maturities of the debts and specific the assets of such
debtors.
The Company derecognises financial assets when they expire or when
the rights over the cash flows of the corresponding financial asset have
been transferred and the risks and benefits inherent to their owner ship,
such as firm sales of assets, have been substantially transferred.
ii) Financial liabilities.
Financial liabilities are those debits and payables of the Company which
have arisen from the purchase of goods and services for trade operations
of the company, and also those without a commercial origin which cannot
be regarded as derivatives.
Debits and payables are initially valuated at the fair value of the
consideration received, adjusted for the directly attributable transaction
costs.
Liability derivatives are valuated at their fair value, the result of changes
in said fair value being recorded in the profit and loss account.
The Society derecognizes financial liabilities when the obligations that
have caused them are cancelled.
e)Classification of assets and liabilities into current and non current
On the attached balance sheet, the classification of balances, both to collect
and to pay, is carried out according to the period between the date of expiry
of the respective balances and the date of closing of the annual accounts.
Those accounts for which the aforementioned period is no longer than twelve
months are classified as current, as well as those debts related to promotions
which, although their maturity is long term, their subrogation is intended to
take place within a period of less 12 months. Otherwise, they are classified as
non-current.
f) Stocks
Acquisitions of stock are valuated at their acquisition price or production cost,
the average price or weighted average cost method being adopted at the
valuation of the outputs.
g)Income tax
The year’s corporation tax expense is calculated as the sum of the current tax
of the Company resulting from the application of the tax rate on the taxable
amount of the year, once admissible tax deductions have been applied, plus the
change in assets and liabilities due to deferred taxes and tax credits, both for
tax losses and deductions. The differences between the book value of assets and
liabilities and their tax base generate the balances of
deferred tax on assets or liabilities, which are calculated using the tax rates
expected to be in force when the assets and liabilities are made.
Deferred tax and tax credit assets are only recognized when it is considered
likely that the Company will have sufficient future tax profits for making up
deductions for temporary differences and for the realization of tax credits.
Deferred tax liabilities are recognized for all taxable temporary differences
except those related to the initial recognition of goodwill or other assets and
liabilities in a transaction that affects neither the tax result nor the accounting
result and is not a business combination, and those associated with investments
in subsidiaries, associates and joint ventures in which the Company can control
the timing of the reversal and it is likely
they will not reverse in the foreseeable future.
Tax deductions arising from economic events occurring during the year reduce
the accrued expense for corporation tax, unless there are doubts about
their implementation, in which they are not recognized until their effective
realization.
120
At the end of each accounting year, the deferred tax assets and liabilities
registered are reviewed, in order to ensure that they remain in force, making
the relevant corrections to them in accordance with the results of that
analysis.
h)Income and expenditure
Income and expenses are recognized on an accrual basis, regardless of the date
of receipt or payment. Revenue is recognized when the gross inflow of economic
benefits is generated in the course of ordinary activities of the Company during
the year, provided that the entry of profits results in an increase in net worth
that is not related to the contributions of owners of that net worth and these
profits can be reliably valuated. Revenue is valuated at the fair value of the
received or receivable consideration resulting therefrom.
Revenue from services is only recognized when it can be reliably estimated
and depending on the degree to which the service has been provided on the
Balance Sheet date.
Income on interests is tabulated by considering the effective interest rate
applicable to the principal not yet depreciated over the vesting period in
question.
i) Subsidies
Subsidies are classified as non-refundable when the conditions established for
their granting have been met, at which time they are directly recorded in the
net worth, after deducting the corresponding tax effect.
Refundable subsidies are recorded as liabilities of the Company until they
acquire the condition of non-refundable, no income being recorded until that
time.
Subsidies received to fund specific expenses are charged to the profit and loss
account for the year in which the expenses they are funding are produced.
Subsidies received to acquire tangible assets are recorded as income of the
period in proportion to their depreciation.
j) Provisions and contingencies
Debentures existing on the date of the Balance Sheet arising in response to past
events from which property damage, whose amount and time of cancellation are
uncertain, is likely to materialize for the company, are recorded on the balance
sheet as provisions for the current value of the most likely amount the Company
is estimated to have to pay to cancel the debenture. Provisions are quantified
taking into account the best information available at the time of the formulation
of accounts on the impact of the event in which they are originated and are
re-estimated every time the accounts are closed. Contingent liabilities are not
recognized in the annual accounts, but are mentioned in the report notes, to the
extent to which they are not considered as remote.
k) Transactions with related parties
The Company conducts its operations with related parties in accordance with
the following methods:
• Provision of services among group companies: cost price of added
operations of a margin;
• Transport, storage and distribution services: market prices.
l) Cash and cash equivalents
In this section of the balance sheet are recorded the cash on hand, demand
deposits and other highly liquid short-term investments that are readily realizable
in cash and have no risk of changes in value.
m) Impairment of financial assets
A financial asset or group of financial assets is impaired, and there has been
a loss due to impairment, if there is objective evidence of impairment as a
result of one or more events occurring after initial recognition of the asset and
the event or events causing the loss have an impact on the estimated future
cash flows of the financial asset or group of assets, which can be reliably
estimated.
The company’s policy is to record the appropriate valuation adjustments for
impairment of loans and receivables and debt instruments, where there has been
a reduction or delay in estimated future cash flows, caused by the insolvency of
the debtor.
121
n) Impairment of non-financial assets
At least at the end of each financial year, the Company assesses whether there
is evidence of any non-current asset or, where appropriate, cash-generating unit
being impaired. If there is evidence and, at all events, for goodwill and intangible
assets with indefinite useful lives, their recoverable amounts are estimated.
The recoverable amount is the higher between the fair value minus sale costs
and the value in use. When the book value exceeds the recoverable amount
there is a loss for impairment. The value in use is the current value of expected
future cash flows using risk free market interest rates, adjusted for the specific
risks associated with the asset. For those assets which do not generate cash
flows, largely independent of those from other assets or
groups of assets, the recoverable amount is determined for the cash-generating
units to which said assets belong.
Valuation adjustments for impairment and its reversal are recorded in the profit
and loss account. Valuation adjustments for impairment are reversed when
the circumstances that caused them cease to exist, except for those related
to goodwill. Impairment reversal is limited to the book amount of the asset
that would appear if the corresponding impairment had not been previously
recognized.
o) Assets of an environmental nature
Expenses related to the activities of decontamination and restoration of
contaminated sites, waste disposal and other costs arising from compliance
with environmental legislation are recorded as expenses in the year they occur,
unless they fall to the cost of buying items included the assets of the Company
for the purpose of being used in a lasting way, in which case they are recorded
in the corresponding items under the heading “Fixed tangible assets”, being
depreciated using the same criteria.
122
5.FIXED TANGIBLE ASSETS
The composition and movements of fixed assets in the year 2009 is as follows:
in Euros
Balance on
31/12/08
Year 2009
Acquisitions
Cancellations
Balance on
31/12/2009
Transfers
Cost
Machinery
573.588
Other facilities
573.588
2.184.440
167.777
Furniture and office equipment
233.730
19.108
252.838
Computer equipment and processes
372.116
25.509
397.625
4.962.469
1.624.288
1.214.644
468.482
3.049
7.804
Transport elements
Other fixed assets
Transport elements under assembly
12.618
1.629.388
Total
1.235.066
2.339.599
1.629.388
7.001.501
463.727
(1.629.388)
-
-
11.028.878
10.424.213
1.839.731
Machinery
165.794
51.155
Other facilities
748.518
305.842
120.945
21.964
300.822
32.546
Transport elements
882.391
799.080
699.507
82.637
66.769
303
(9.960)
139.143
Total
2.301.107
1.277.356
709.705
-
2.868.758
Net book value
8.123.106
562.375
525.361
Accumulated depreciation
Other fixed assets
216.949
9.895
1.044.465
9.960
152.869
333.368
981.964
8.160.120
123
The composition and movements of fixed assets in the year 2008 is as follows:
In Euros
Balance on
01/01/08
Year 2008
Acquisitions
Cancellations
Balance on
31/12/2008
Transfers
Cost
Machinery
Other facilities
243.566
330.022
573.588
1.383.494
850.115
49.169
2.184.440
211.627
27.580
5.477
233.730
338.491
31.829
1.277
3.073
372.116
2.545.799
2.917.462
801.752
300.960
4.962.469
Other fixed assets
108.022
140.804
2.368
222.024
468.482
Technical facilities under assembly
225.097
-
-
(225.097)
-
Transport elements under assembly
300.960
1.629.388
-
(300.960)
1.629.388
5.357.056
5.927.200
860.043
-
10.424.213
Transport elements
Total
Machinery
138.092
27.702
-
-
165.794
Other facilities
524.827
243.932
20.241
-
748.518
96.175
30.247
5.477
-
120.945
270.625
31.474
1.277
-
300.822
1.065.182
385.736
568.527
-
882.391
77.422
7.583
2.368
-
82.637
2.172.323
726.674
597.890
-
2.301.107
3.184.733
5.200.526
262.153
Transport elements
Other fixed assets
Total
Net book value
Main acquisitions of fixed tangible assets:
Description
Tractors and semi-trailers (including elements under
assembly)
Shelves and other facilities
Main transfers of fixed tangible assets:
2008
1.624.288
4.533.132
137.249
650.055
Radio-frequency system
321.732
Due diligence and access system
1.761.537
5.504.919
Description
2009
Automatic unloading equipment
Total
In Euros
8.123.106
Tractors and semi-trailers (including elements under
assembly)
2009
1.629.388
In Euros
2008
300.960
127.418
Total
92.493
1.629.388
520.871
124
Main cancellations of fixed tangible assets: Acquisition
amount
Description
Tractors and semi-trailers
Shelves
Other fixed assets
Total
In Euros
Accumulated
depreciation
Net Amount
1.214.644
685.454
529.190
12.618
9.895
2.723
6.564
234
6.330
1.233.826
695.583
538.243
Detail of the Assets acquired from Group companies:
2009
Description
Cost
In Euros
2008
Accumulated
Depreciation
Cost
Accumulated
depreciation
Transport elements
965.819
69.038
986.000
33.253
Total
965.819
69.038
986.000
33.253
Fully depreciated items of fixed tangible assets: Description
2009
In Euros
2008
Machinery
13.084
32.359
31.247
Other facilities
176.577
73.730
267.994
277.927
67.494
3.931
557.508
386.835
Other fixed assets
Total
The Company has taken out insurance policies covering any own damage that
may befall the diverse fixed tangible asset items of the company with limits and
coverage suitable for the types of risk. The potential claims that may be brought
against it due to the performance of its activity are also covered.
During the year 2009 items of fixed tangible assets have been disposed of for a
net book value of 538,243 Euros (262,153 Euros in 2008) generating a net loss of
297 Euros (27,297 Euros profit in 2008).
125
6. FIXED INTANGIBLE ASSETS
Computer applications are recorded at their acquisition cost and are depreciated
by the linear method over a 3 year period.
The composition and movements of fixed intangible assets in the year 2009 is
as follows:
Year 2009
Balance on
31/12/08
Acquisitions by business
combinations
Acquisitions
Cancellations
Balance on
31/12/09
Transfers
Cost
Computer applications
5.789
5.789
Total
5.789
0
5.689
(100)
Total
5.689
(100)
0
0
0
5.789
100
(100)
0
0
0
0
0
0
0
5.789
Net book value
5.789
The composition and movements of fixed intangible assets in the year 2008 is
as follows:
Year 2008
Balance on
01/01/08
Acquisitions by business
combinations
Acquisitions
Cancellations
Balance on
31/12/08
Transfers
Cost
5.789
5.789
Total
5.789
0
5.305
(384)
Total
5.305
(384)
0
0
0
5.689
484
(384)
0
0
0
100
0
0
0
5.789
Net book value
5.689
Fully depreciated fixed intangible asset items:
Description
2009
2008
126
5.789
5.489
Total
5.789
5.489
7. ALEASES AND OTHER SIMILAR OPERATIONS
a) Operating leases
The detail of future minimum payments for non-cancellable operating leases at
the end of 2009 is as follows:
Future minimum payments for non-cancellable leases, of which:
- Vehicle rental
112.365
72.168
48.101
- Forklift rental
709.958
642.313
697.562
3.662.959
3.193.032
4.626.423
Total
Price update clauses take the CPI as a reference, in some cases adding a point
to the reference index.
There are no restrictions imposed on the Company under the leases.
At the end of 2008, the detail of future minimum payments for non-cancellable
operating leases is as follows:
Operating leases:
information about the
lessee
- Property
Payments
recognized as
expenses of
the year
Future minimum payments for non-cancellable leases, of which:
Up to 1 year
1-5 years
2.725.510
171.434
8.291.186
- Vehicle rental
77.270
63.771
50.595
- Forklift rental
770.554
1.159.796
381.718
3.573.334
1.395.001
8.723.499
Total
Over 5 years
8. FINANCIAL INSTRUMENTS
a) Financial Assets
The detail of the financial instruments of the Company in 2009 is as follows:
Non-current financial
instruments
Classes
Categories
Loans and
receivables
b) Overview of significant operating lease agreements:
Property lease agreements relate primarily to the stores and offices where the
Company operates.
The contracts signed by the Company have periods defined of between one and
eight years. If it is the Company’s intention not to renew a contract, it must
Total
Current financial
instruments
464.743
0
0
464.743
0
0
Total
3.880.760
Credits
Derivatives Others
2.478.551
No contract has a purchase option.
Debt securities
2.800.636
Over 5 years
Equity Instrument
1-5 years
Credits
Derivatives Others
Up to 1 year
Operating lease agreements for forklifts have maximum periods of 5 years
established.
Debt securities
- Property
Payments
recognized as
expenses of
the year
Operating lease agreements for rented vehicles have terms of 3 years
established.
Equity Instrument
Operating leases:
information about the
lessee
communicate said intention with a minimum notice of 1 month, 3 months, 6
months or 12 months.
21.579.851
22.044.594
21.579.851
22.044.594
127
The detail of the financial instruments of the Company in 2008 is as follows:
Loans and
receivables
483.408
Total
0
0
483.408
0
0
19.337.204
19.820.612
19.337.204
19.820.612
Loans and receivables
Total
0
0
Total
Credits
Derivatives Others
Categories
Debt securities
Classes
Equity Instrument
Non-current financial instruments
Total
Debt securities
Equity Instrument
Credits
Derivatives Others
Categories
Debt securities
Equity Instrument
Classes
Current financial
instruments
Credits
Derivatives Others
Non-current financial
instruments
The detail of the non-current financial assets of the Company in 2008 is as
follows:
483.408
483.408
483.408
483.408
ii) Current financial assets
The detail of the current financial assets of the Company in 2009 is as follows:
i) Non-current financial assets
The detail of the non-current financial assets of the Company in 2009 is as
follows:
Total
0
0
464.743
464.743
464.743
464.743
This item refers to long term security provided.
Total
Total
Credits
Derivatives Others
Categories
Total
Credits
Derivatives Others
Categories
Debt securities
Classes
Equity Instrument
Debt securities
Classes
Equity Instrument
Current financial instruments
21.579.851 21.579.851
0
0
21.579.851 21.579.851
128
The detail of the current financial assets of the Company in 2008 is as follows:
Description
Doubtful debt clients
Balance
01/01/2008
Increases
Excesses
Balance
31/12/2008
457.846
138.319
170.394
425.770
457.846
138.319
170.394
425.770
Total
Categories
Debt securities
Equity Instrument
Classes
Credits
Derivatives Others
Movements in the doubtful debt clients’ account during 2008:
19.337.204 19.337.204
Total
0
0
19.337.204 19.337.204
1) Credits for commercial operations
Description
2009
2008
Clients:
For sales and services
20.112.786
18.317.345
Doubtful debts
636.242
425.770
Group companies and associates
131.791
246.303
20.880.819
18.989.418
VAT to recover from EU countries
120.005
142.231
Other debtors
579.027
205.555
699.032
347.786
21.579.851
19.337.204
Sundry debtors:
Total
Movements in the doubtful debt clients’ account during 2009:
Description
Doubtful debt
clients
Balance
31/12/2008
Increases
Excesses
Applications and
payments
Balance
31/12/2009
425.770
210.458
(12.544)
12.558
636.242
425.770
210.458
(12.544)
12.558
636.242
129
b) Financial Liabilities
The detail of the financial liabilities of the Company in 2009 is as follows:
Classes
Amounts
owed to
credit
institutions
Categories
Bonds
and other
securities
Derivatives
Others
Amounts
owed to
credit
institutions
Bonds
and other
securities
Derivatives
Others
Total
Debts and payables:
Debts for trade
14.170.546
Amounts owed to credit institutions
3.637.009
6.245.571
14.170.548
9.882.580
Liabilities at fair value with profit and loss changes
- Others
Total
3.637.009
6.245.571
46.787
46.787
14.217.333
24.099.913
The detail of the financial liabilities of the Company in 2008 is as follows:
Classes
Amounts
owed to
credit
institutions
Categories
Bonds
and other
securities
Derivatives
Others
Amounts
owed to
credit
institutions
Bonds
and other
securities
Derivatives
Others
Total
Debts and payables:
Debts for trade
10.802.582
Amounts owed to credit institutions
4.570.831
5.308.776
10.802.582
9.879.607
Liabilities at fair value with profit and loss changes
- Others
Total
4.570.831
5.308.776
2.428.314
2.428.314
13.230.896
23.110.503
130
i) Non-current financial liabilities
The detail of the non-current financial liabilities of the company in 2009 is as
follows:
The breakdown by maturity of loans is as follows:
Long Term Debts
Classes
Bonds
and other
securities
Derivatives
Others
Total
2013
2014
2015
TOTAL
874.181
908.715
944.925
450.084
459.104
3.637.009
Total
Interest rates paid by the Company in 2009 and 2008 for loans and credit facilities
signed with credit institutions are mostly indexed to the Euribor.
3.637.009
ii) Current financial liabilities
The detail of the current financial liabilities of the company in 2009 is as
follows:
Debts and payables:
Amounts owed to
credit institutions
2012
Amounts
owed to
credit
institutions
Categories
2011
3.637.009
3.637.009
0
0
3.637.009
The detail of the non-current financial liabilities of the company in 2008 is as
follows:
Classes
Categories
Short term financial instruments
Amounts
owed to
credit
institutions
Bonds
and other
securities
Derivatives
Others
Total
Debts and payables:
Classes
Amounts
owed to
credit
institutions
Categories
Bonds
and other
securities
Debts for trade
Derivatives
Others
Total
Total
1) 1)
4.570.831
4.570.831
4.570.831
6.245.571
14.170.546
6.245.571
Liabilities at fair value
with profit and loss
changes
Debts and payables:
Amounts owed to
credit institutions
Amounts owed to
credit institutions
14.170.546
0
0
4.570.831
- Kept for negotiating
- Others
Total
6.245.571
0
46.787
46.787
14.217.333
20.462.904
Long term debts with credit institutions
The detail of balances with credit institutions on 31 December 2009 and 2008 is
as follows:
Description
Loan policies
2009
2008
3.637.009
4.570.831
3.637.009
4.570.831
131
The detail of the current financial liabilities of the company in 2008 is as
follows:
Classes
Short term financial instruments
Amounts
owed to
credit
institutions
Categories
Bonds
and other
securities
The detail of balances with credit institutions on 31 December 2008 is as
follows:
Derivatives
Others
Total
Loan policies
Overdrafts
Debts and payables:
Debts for trade
Amounts owed to
credit institutions
10.802.582
5.308.776
Short term
0
882.117
13.401.518
4.411.422
13.401.518
5.293.539
10.802.582
5.308.776
Liabilities at fair value
with profit and loss
changes
Unpaid Accrued Interest
15.237
Total
5.308.776
(1) Credit facilities in current account at variable interest.
- Kept for negotiating
- Others
Total
Part provided
Amount Granted
(1)
Description
5.308.776
0
2.428.314
2.428.314
13.230.896
18.539.672
The amount of interest accrued and not due which has been provisioned in the
year 2009 is 22,480 Euros (45,503 Euros in 2008).
Interest rates paid by the Company in 2009 and 2008 for loans and credit facilities
signed with credit institutions are mostly indexed to the Euribor.
2) Debts for trade
1) Short term debts with credit institutions:
Description
The detail of balances with credit institutions on 31 December 2009 is as
follows:
Amounts owed to group companies and associates
(Note 15)
2009
2008
10.551
872.135
7.332.632
5.736.069
402.395
448.366
3.185.319
2.136.614
393.836
352.197
15.776
34.585
2.830.037
1.222.616
Sub-total
14.159.995
9.930.447
Total
14.170.546
10.802.582
Trade creditors and other debts:
Description
Part provided
Amount Granted
(1)
Loan policies
Overdrafts
Suppliers
Short term
Suppliers group companies and associates
0
913.284
13.401.518
5.317.213
Unpaid Salaries
13.401.518
6.230.497
Current tax liabilities
Sundry creditors
Other government debts
Unpaid Accrued Interest
Total
15.074
6.245.571
(1) Credit facilities in current account at variable interest.
132
3) Other financial liabilities
Description
Short term asset suppliers
Total
2009
2008
46.787
2.428.314
46.787
2.428.314
9. EXISTÊNCIAS
The detail of stocks on 31 December 2009 and 2008 is as follows:
Description
2009
2008
Diverse materials:
Diverse materials for use in stores
0
63.513
Stock balance
0
63.513
The stocks for 2008 corresponded to items purchased for the conditioning of the
goods carried.
b)Legal reserve
This reserve is established in accordance with the provisions of the Corporations
Act with at least 10% of the profit obtained in each year, until 20% of the capital
is reached, which is the minimum required. The legal reserve can be used to
increase capital in the part of its balance that exceeds 10% of the increased
capital. Except for the aforementioned purpose, and until it exceeds 20% of
the capital, this fund can only be used to offset losses, and in the event of
dissolution and liquidation of the company, it would be distributed among the
shareholders.
c)Other reserves
The balance of this item of the Balance for the year ended December 31, 2009,
of 1,244,405 Euros (1,130,942 Euros in 2008), refers to voluntary reserves.
d)Results from previous years
The balance of this account, 4,220,036 Euros, arises as a result of the merger
carried out in 2004, to absorb the investee, Food Logistics Loal, SA, which had
a negative net worth.
10. CASH AND CASH EQUIVALENTS
Description
Cash
Current accounts
Total treasury
2009
2008
6.895
7.432
63.062
17.337
69.957
24.769
There are no restrictions to the availability of these balances
11. NET WORTH AND EQUITY
a)Capital
The Capital of the company at 31 December 2009 is 6,000,000 Euros and is
represented by 60,000 shares with a nominal value of 100 Euros each, fully
subscribed and paid.
All the shares are owned by the Portuguese company, LS-Luís Simões, SGPS, S.A.
12. PROVISIONS AND OTHER CONTINGENT LIABILITIES
The directors of the Company, in the formulation of annual accounts, make a
distinction between:
▪ Provisions: credit balances covering present obligations arising from past
events whose cancellation is likely to cause an outflow of resources,
but are uncertain as to amount and/or time of cancellation.
▪ Contingent liabilities: possible obligations that arise as a result of past
events and whose future realization is conditioned by whether or not
one or more future events beyond the control of the Company occur.
The annual accounts include all the provisions with respect to which it is
estimated that the probability of having to meet the obligation is greater than
otherwise. Contingent liabilities are not recognized in the annual accounts,
but are mentioned in the report notes, to the extent to which they are not
considered to be remote.
133
Provisions are valuated at the current value of the best possible estimate of
the amount necessary to cancel or transfer the obligation, taking into account
available information about the event and its consequences, and recording the
adjustments arising from the updating of such provisions as a financial expense
as it becomes due.
The compensation to be received from a third party at the time of settling the
obligation, provided there is no doubt that such reimbursement will be received,
is recorded as an asset, except in the case of there being a legal link by which
part of the risk has been externalized, and under which the Company is not
obliged to respond; in this situation, the compensation is taken into account in
estimating the amount by which, where appropriate, the corresponding provision
will be included.
the Company do not expect significant additional liabilities to arise in case of
inspection.
a) Balances with public administrations
The detail of balances with public administrations on 31 December 2009 is as
follows:
Euros
2009
Current:
Tax receivables
Liabilities for current income taxes
Transfers to Provisions for risks and expenditure during the year ended
December 31, 2009:
Balance
31/12/2008
Provisions for Risks and
Expenses
Increases
Balance
31/12/2009
Decreases
259.801
-
120.000
139.801
259.801
-
120.000
139.801
The decrease in provision for liabilities and expenses is due to the amount
recovered from a bank guarantee amounting to 120,000 Euros.
2008
35.828
2
(15.776)
(34.587)
Tax payables:
VAT
(389.356)
(305.125)
Deductions
(175.385)
(144.065)
(2.265.297)
(773.426)
481.645
887.191
(2.328.341)
(370.010)
Social security
Non-current:
Deferred tax assets
Balance
Movements in the provision during 2008 are as follows:
Balance
01/01/2008
Provisions for Risks and
Expenses
Increases
Balance
31/12/2008
Decreases
-
259.801
-
259.801
-
259.801
-
259.801
13. TAX SITUATION
Under existing legislation, tax assessments can not be considered definitive until
they have been inspected by the tax authorities or the four year limitation period
has expired. On December 31, 2009, the Company is due for the inspection
of all taxes to which it is subjected for the past four years. The directors of
134
In accordance with the resolution of June 26, 2008, of the General Treasury
of Social Security, which authorizes the deferral of payment of employers’
contributions for Social Security to responsible parties that carry out their
activities in the field of road transport, the Company has deferred the payment
of contributions for the period from October 2008 to May 2009 for 24 months.
Thus, the contribution for October is due in November 2010 and so on with the
rest of the contributions.
Euros
Contributions
b)Income tax
The reconciliation between net income and expenditure for the year and the tax
base (output tax) of corporate income tax is as follows:
2009
Maturity
Social security contributions deferred:
October 2008
234.858 November 2010
November 2008
232.343 December 2010
December 2008
216.698 January 2011
January 2009
238.418 February 2011
February 2009
252.236 March 2011
March 2009
257.421 April 2011
April 2009
250.101 May 2011
May 2009
258.760 June 2011
1.940.835
Balance of income and
expenditure for the year
2008
Profit and
Loss Account
Income and
expenditure
directly
charged to
net worth
Profit and
Loss Account
Income and
expenditure
directly
charged to
net worth
Increases /
(Decreases)
Increases /
(Decreases)
Increases /
(Decreases)
Increases /
(Decreases)
1.339.688
171.442
Corporate income tax
421.322
45.373
96.766
29.888
29.491
261.633
(248.190)
Temporary differences:
- From the year
- From previous years
Offset of tax losses from
previous years
(121.832)
(82.730)
(1.176.746)
165.460
(141.682)
(73.173)
Taxable income
(tax result)
167.367
(82.730)
248.107
(82.730)
Tax liability (1)
50.210
(24.819)
74.432
(24.819)
Deductions for double
taxation
(728)
Positive adjusted tax
liability
49.482
Deductions
(8.887)
Net tax payable
40.596
(1) (1)
(24.819)
(15.026)
(24.819)
59.406
(24.819)
The tax rate for the year ending on 31/12/09 and 31/12/2008 is 30%.
135
The conciliation between income tax expense and the result of multiplying the
tax rates applicable to total recognized income and expenditure, distinguishing
the balance of the profit and loss account is as follows:
2009
Profit and
Loss Account
Profit before tax from
continuing operations
Applicable tax rate
Theoretical tax charge
Effect of:
Non-deductible
expenses
ACCOUNTING RESULT
2008
Income and
expenditure
directly
charged to
net worth
Profit and
Loss Account
c) Calculation of Corporation Tax
Determination of the Taxable income of Corporate Income Tax in the year
2009:
Income and
expenditure
directly
charged to
net worth
2009
2008
918.366
126.069
(82.730)
(82.730)
4.426
119.950
421.322
45.373
Corrections to the accounting result:
New General Accounting Plan application adjustments
Accounting allocations to non-tax-deductible provisions
Corporation tax
Other non-tax-deductible expenses
1.339.688
0
171.442
(248.190)
30%
30%
30%
30%
401.906
0
51.433
(74.457)
39.876
8.966
(48.162)
(82.730)
(15.026)
74.457
393.619
(24.819)
45.373
0
Current
15.777
(24.819)
(21.952)
(24.819)
Deferred
405.545
Tax losses from previous periods
TAXABLE INCOME
29.888
(1.176.746)
(73.173)
84.637
165.377
30%
30%
Tax rate
POSITIVE TAX LIABILITY
25.391
49.613
Other deductions
(9.615)
(15.026)
NET TAX PAYABLE
15.777
34.587
Deductions and others
Effective tax expense
Detail:
Effective tax expense
421.322
35.985
(24.819)
59.406
d)Deferred taxes
Deferred taxes on 31 December 2009 and 2008 are as follows:
(24.819)
Euros
Deferred Tax Assets
Permanent differences are primarily due to fiscally non-deductible expenses for
penalties and fines.
2008
Temporary differences:
Conversion to New General Accounting Plan
Credits for Loss Carryforwards
Temporary differences are mainly those generated by allocations to losses and
impairment of client debts and transfers to provisions for other commercial
operations.
2009
Allocations to non-tax-deductible accounting provisions
24.819
49.638
406.039
759.063
50.787
78.490
481.645
887.191
136
The movement of deferred tax assets and deferred tax liabilities for 2009 is
shown below:
31/12/2008
Deferred tax assets related to credits for loss carryforwards and compensation
periods on 31 December 2008 are as follows:
Acquisitions Cancellations 31/12/2009
Year of Origin
Tax losses
Up to year
Deferred tax assets:
2003
2.214.006
2018
Credits for Loss
Carryforwards
2002
317.513
2017
759.063
353.024
406.039
Corporate Tax Rate
Non-tax-deductible
accounting allocations
and provisions
78.490
Conversion to New
General Accounting Plan
49.638
887.191
8.847
8.847
36.550
50.787
24.819
24.819
414.393
481.645
30%
Corporate tax / profit adjustments
759.063
14. INCOME AND EXPENDITURE
a)Net turnover
The breakdown of the net turnover of the Company for its ordinary activities, by
categories of activity and geographical markets is as follows:
Euros
The movement of deferred tax assets and deferred tax liabilities for 2008 is
shown below:
2009
2008
Segmentation into categories of activity:
31/12/2008
Acquisitions Cancellations 31/12/2009
Deferred tax assets:
Credits for Loss
Carryforwards
780.941
74
21.952
759.063
Non-tax-deductible
accounting allocations
and provisions
42.505
78.490
42.505
78.490
Conversion to New
General Accounting Plan
74.457
24.819
49.638
89.276
887.191
897.903
78.564
Deferred tax assets related to credits for loss carryforwards and compensation
periods on 31 December 2009 are as follows:
Transport
45.287.849
44.651.759
Logistics
30.901.090
28.086.814
76.188.939
72.738.573
Internal Market
42.217.145
45.945.824
EU Market
33.971.794
26.742.281
0
50.468
76.188.939
72.738.573
Total
Segmentation by geographical market:
Non-EU Market
Total
b) Purchases
The breakdown of purchases is as follows:
2009
Year of Origin
2003
Corporate Tax Rate
Corporate tax / profit adjustments
Tax losses
Up to year
1.342.780
2018
30%
406.019
Purchases and other supplies
419.114
44.797.442
46.463.055
Work performed by other companies:
Transport outsourcing
Other outsourcing
Total
2008
230.296
1.109.144
1.330.658
46.136.882
48.212.828
137
c) Staff costs
The detail of Company staff costs is as follows:
f) Financial expenses
2009
2009
Salaries and wages
Allowances
Interests on debts:
2008
11.367.634
9.923.039
177.556
148.494
Social charges:
Social security
Other social charges
Staff costs
2008
3.168.489
2.758.121
165.166
170.271
14.878.845
12.999.924
d) External services
The detail of the Company’s External Services for the year ending on 31 December
2009 is as follows:
Group companies
17.264
17.091
Credit institutions
351.031
351.721
Other financial expenses
14.237
Total financial expenses
382.532
368.812
15. TRANSACTIONS WITH RELATED PARTIES
a)Related companies
The related parties with which the Company has maintained transactions during
2009 and 2008, and the nature of this relationship is as follows:
Name
Nature of relationship
Luís Simões, SGPS, SA
Accionista único
Transportes Luís Simões, SA
Empresa do grupo
2009
2008
Distribuição Luís Simões, SA
Empresa do grupo
Leases and Royalties
3.741.521
3.591.784
Socar, SA
Empresa do grupo
Outsourced services
686.008
1.544.349
Empresa do grupo
Fuel
2.137.846
1.412.658
Lusiseg, Lda.
Empresa do grupo
Skilled jobs
2.507.828
780.737
LS - Gestão Empresarial e Imobiliária, SA
Empresa do grupo
Repairs and maintenance
744.584
664.196
Communications
359.808
328.574
Insurance premiums
344.772
256.852
Advertising and public relations
123.215
137.095
Cleaning, hygiene and safety
453.000
392.163
Other supplies and services
Total External Services
1.117.841
896.356
12.216.423
10.004.763
e) Financial income
2009
Financial income for prepayments
Other financial income
Total financial income
2008
189.036
170.877
4.878
15
193.914
170.892
b)Balances between related companies
The balances with the related parties listed in the above table on 31 December
2009 are as follows:
Clients,
group
companies
and
associates
Suppliers,
group
companies and
associates
75.178
(18.076)
45.612
(231.554)
Socar, SA
10.943
(8.746)
Name
Loans
to group
companies
(10.551)
Desafia, SA
(3.515)
Lusiseg, Lda.
138
(34.433)
58
(106.071)
131.791
(402.395)
(10.551)
Loans granted to Group companies are 10,551 Euros and relate to interest.
The transactions maintained in 2008 with the related parties listed above are
as follows:
The balances with the related parties on 31 December 2008 are as follows:
Name
Clients,
group
companies
and
associates
Suppliers,
group
companies and
associates
Loans
to group
companies
(817.092)
219.211
26.190
Socar, SA
(53.884)
(850)
(2.581)
Lusiseg, Lda.
(6.500)
Purchases and External
Services
Sales
22.629.143
514.642
2.643.153
14.081
Socar, SA
33.981
14.928
9.105
504.795
(380.598)
(11.346)
Desafia, SA
Name
902
(46.492)
246.303
(448.266)
(1.160)
(872.135)
c) Transactions between Related companies
The transactions maintained in 2009 with the related parties listed above are
as follows:
d)Directors and senior management
Remuneration and other benefits:
i) Remuneration of members of the Board of Directors during 2009:
Members of the Board during 2009 and 2008, have not received any
remuneration.
There are no advances or loans to the members of the Board of Directors of
the Company, nor secured transactions or obligations on pensions and life
insurance.
ii) Total remuneration of the members of senior management:
The company has no members of senior management on its staff.
Other information regarding the Board of Directors:
Name
Purchases and External
Services
Sales
18.934.537
826.491
2.459.903
104.983
Socar, SA
169.093
26.200
8.139
1.172.868
During 2009 the Company acquired plant and equipment amounting to 965,819
Euros from the group company Transportes Luís Simões, S.A.
On December 31, 2009, the Directors do not hold shares in the capital of companies
other than the Group Companies with the same, similar or complementary type
of activities as the corporate object of Luís Simões Logística Integrada, S.A.
Additionally, administrators have confirmed the following in connection with
the holding of positions or functions in companies with the same, similar or
complementary type of activity that constitutes the corporate object of the
Company or carrying out on a self-employed or employed basis the same, similar
or complementary type of activity that constitutes the corporate object of the
Company.
139
Director
Post/Function
Company
Director-Chairman
Director-Chairman
Director
Director
Director
Director
16. OTHER INFORMATION
a)Mean number of people employed during the year:
Staff structure on 31 December 2009:
Men
Women
Total
Mean number for the
year
Managers, engineers and technicians
37
9
46
46
Administrators
46
85
131
132
Production staff
255
32
287
285
2
-
2
2
340
126
466
465
At the end of the year
Distribution and sales staff
Total
b)Amount of fees for audit of accounts:
In compliance with the provisions of the Fourteenth Additional Provision of Act
44/2002 of November 22 on Financial System Reform Measures, it is reported that
the total fees received by the auditors of company accounts in 2009 amounted
to 20,000 Euros (15,067 Euros in 2008).
c) Environmental information:
Given the nature of the Company’s activity, it has no liabilities, expenses,
assets, provisions or contingencies of an environmental nature that might be
significant in relation to its assets, liabilities, financial situation and results. For
this reason, are not included specific breakdowns of the annual accounts related
to information on environmental matters are not included in this report.
Staff structure on 31 December 2008:
Men
Women
Total
Mean number for the
year
33
17
50
59
Administrators
55
62
117
122
Production staff
206
30
236
252
1
-
1
1
295
109
404
434
At the end of the year
Managers, engineers and technicians
Distribution and sales staff
Total
17. INFORMATION ON THE NATURE AND LEVEL OF RISK FROM FINANCIAL
INSTRUMENTS
The Company’s financial risk management is centralized in Corporate Finance
Management, which has the necessary mechanisms established to control
exposure to changes in interest rates and credit and liquidity risks. The following
are the main financial risks that affect the Company:
Credit risk
In general, the Company keeps its cash and cash equivalents in financial
institutions with high credit levels.
140
There is no significant concentration of credit risk with third parties. The
most significant exposure to credit risk is in relation to receivable trade
accounts and other receivables. The credit risk management policy is
designed to minimize potential impacts of defaults by clients. A policy
of sales to clients with credit limits was also implemented, helping to
control bad debt.
18. POST-CLOSING EVENTS
There have been no significant developments subsequent to the close of the
year on December 31, 2009 that may significantly affect the financial statements
presented herein.
Azuqueca de Henares, 15 February 2010.
▪ Liquidity risk
The Company maintains a liquidity policy consisting of the recruitment
of lines of credit and temporary investments of a sufficient amount
to withstand the funding requirements based on the expectations of
business performance.
To ensure liquidity and be able to meet payment obligations resulting
from its activities, the Company has the cash shown on its balance sheet
and the credit and financing lines shown in Note 8.
▪ Market risk
The Company, because of its sector of activity, is subject to market
risk due to fluctuating oil prices, and consequently the price of diesel.
This risk is decreased due to the policy of outsourcing of external fleet,
which represents over 70 per cent of the fleet maintained.
José Luís Soares Simões - Chairman / Chief Executive Officer
Member / Chief Executive Officer
Secretary / Chief Executive Officer
141
E| MANAGEMENT REPORT
YEAR’S ACTIVITY
Logistics and Transport is increasingly defined as a strategic process that adds
value, allows differentiation and creates competitive advantage. They are less
and less a business based on physical assets and increasingly services based
on advanced knowledge and sophisticated information systems, aiming at the
highest levels of service and customer satisfaction.
Luís Simões Logística Integrada operates in two different but complementary
areas: the transport business area, based on the transport of goods from Spain
and with its core business in Iberian trade. Provides complete freight services to
and from the Iberian Peninsula.
It operates in demanding market segments such as consumer products, packaging
and the automobile sector.
During 2009, some projects were consolidated, which have been developed in
order to enhance the competitiveness of the company:
▪ The consolidation of the Ecodriving Project, which helped to reduce fuel
consumption in a sustainable manner.
▪ The implementation of the E@sy7 project, which through the use of the
Lsnet portal and electronic auto-invoice, helped to increase the level
of automation in the relationship with suppliers, further reinforcing the
credibility of the company in meeting payments to suppliers.
▪ The first steps were developed in the format of a Business Intelligence tool
using a mixed team and the involvement of an external consultant which
allowed for a tighter control of the key variables for this business.
▪ At a transport outsourcing level, the company undertook a segmentation
of the carriers into three groups according to the quality of the fleets
involved and the duration of contracts. These new agreements,
associated with specific loyalty programs, allow betting on a sustained
basis for this increasingly strategic resource to ensure business growth.
The Logistics business area operates in the Spanish territory, is identified as
a specialized operator in the market for logistics and distribution of consumer
products, and also operates in the automobile component sector.
In 2009 a series of strategies based on the following lines was developed:
▪ Significant growth of activity in new clients and new business, ensuring
the growth of total business, offsetting a clear reduction of activity
in existing clients, due to reduced sale resulting from the climate of
economic slowdown.
▪ Increase in size of business in Madrid, by opening a new warehouse. The
total area maintained in this region amounts to 90,000 m2.
▪ Improvement of the conditions of the facilities in Barcelona, allowing
for a structured development of logistics activities in Catalonia.
▪ Greater stability in the operational management of the network of own
warehouses and platforms, which guarantees the quality of processes,
and the structured increase of service levels offered to our clients.
▪ The stability and maturity of the management team made it possible to
ensure the transfer and promotion of managers and integrate new clients,
maintaining the management of existing clients with the guarantee of
high levels of satisfaction.
The sales volume of Luis Simoes Logística Integrada, showed a growth of
5% in 2009, with sales of 76,189 thousand Euros. This achievement was
obtained in a year marked by a very sharp slowdown in demand. The
economic stagnation experienced worldwide, with a strong impact on the
Iberian Peninsula, was reflected in certain sectors of the economy, such as
appliances and automobiles, the latter with a negative trend that began in
2008 and worsened in early 2009.
In this respect, Luis Simoes Logística Integrada directed its efforts to maintaining
its current client base and increasing structural clients, by approaching their
needs and offering more innovative solutions that ensure high service levels.
142
5.927
76.189
72.739
72.133
Legend
Cash Flow
55.867
Investiment
2.394
1.840
1.336
2006
2007
2008
2009
291
2006
The progress of the operational activities of the company was highly positive,
contributing to the EBITDA showing an increase of 155% to reach 2805 thousand
Euros. The firm aim of the company to optimize processes enabled its cost
structure to grow at a slower pace than sales growth, which made for a net
profit of 918 thousand Euros.
The Cash Flow generated during the year was 2196 thousand Euros. As for
investment, this amounted to 1840 thousand Euros, and relates mainly to
investment in vehicles.
Changes in Results
Legend
Liquid
2.000
1.528
1.500
1.000
921
918
650
369
500
0
Operational
256
2006
108
2007
126
2008
2009
Luis Simoes,Logística Integrada closed 2009 with a stable financial situation,
increasing its financial autonomy from 19% in 2008 to 21% in 2009, and its solvency
ratio from 24% to 27%, indicators providing the necessary financial strength for
the company to continue its consolidation as a reference throughout the Iberian
Peninsula.
754
1.321
2007
1.107
2008
2009
OUTLOOK FOR 2010
The year 2010 is considered as the year of the beginning of economic recovery,
which is expected to have positive impacts in the business world. On the one
hand, it is expected that reductions in sales, especially in the market between
Portugal and Spain, start making a slight recovery, and that commercial projects
started in 2009 come into full operation in 2010.
Iberian Transport Business Area:
▪ As always, we live in the shadow of fuel price changes, which showed
a sharp increase in late 2009, but they are not expected to increase in
international terms to values of above 80 dollars a barrel;
▪ Consolidation of an information management tool, designed during 2009,
whose implementation with end users, will allow better management of
key business variables.
▪ Commercially we also have a well defined set of objectives which,
if allocated, will enable the company to have a significant growth in
sales.
Iberian Logistics Business Area:
▪ Increased attention to our clients and our market. We must give priority
to business growth when winning new clients, either in existing or new
segments of the market. The economic situation may favour the process
of logistics outsourcing by our clients;
▪ Firm aim of maintaining high quality and control in our logistics processes
143
to ensure the high level of service to our existing customers and ability
to continue to integrate new companies and activities;
▪ Maintain investment in the development of information technologies
that support a structured domain of all logistics processes and allow for
better information management.
In this context it should be noted:
▪ Completion of the project to develop an application for managing
the CoPacking business.
▪ Continued determination to implement Radio Frequency in all
operations.
▪ Implementation of a structured model to monitor the individual
productivity of our logistics operations.
ACTIVITIES IN THE FIELD OF RESEARCH AND DEVELOPMENT
During 2009 the Company has not incurred expenditure in research and
development.
ACQUISITION OF OWN SHARES
There have been no acquisitions of own shares in our company during 2009.
APPLICATION OF RESULTS
The company, Luis Simoes Logística Integrada, completed 2009 with net income
of 918,366 Euros.
In accordance with the applicable legal and statutory provisions, the following
application of results is proposed:
Legal reserve Offset of losses from previous years 91.837 Euros
826.529 Euros
Madrid, 15 February 2010
José Luís Soares Simões - Chairman / Chief Executive Officer
RISK INFORMATION
In note 17 of the report, we have included information about the nature and
level of risk arising from financial instruments.
COMPANY AUTHORITIES
Board of Directors
Chairman / Chief Executive Officer
144
flows, with a consequent reduction in third-party and casual subcontracting
channels.
Transportes Reunidos carries out its international road transport activity in a
specific segment: The intermediate channel of agents and forwarding agents,
also working with the Group companies. From the centre of the country to
Europe they provide a flexible, effective offer of transport services.
4.015
3.407
It was a year in which the company made endeavours to maintain its clients
and ensure the service level thereunto, undertaking a series of projects which
allowed the degree of competitiveness thereof to be increased. The following
are worth highlighting:
▪ Implementation of concrete actions geared towards target clients on
Strategic Markets focusing on the improvement in quality of the client
structure;
▪ The management of the inter-regional service in progressively centralised
fashion was consolidated, with clear advantages in terms of the control
of the transport operation;
▪ The first steps were also taken in the formatting of a Business Intelligence
tool which will allow closer monitoring of the key variables for this
business.
2006
2007
2.761
2.633
2008
2009
As regards the Net Result of the company this was maintained at the same
level as the previous year, negative to the tune of 16 000 Euros, though worth
mentioning was the favourable evolution in Operating Results which reflect the
control of some costs items.
The financial structure of the company is a byword for balance and soundness
with a Financial Autonomy of 71% and a Solvency Ratio of 246%. Evolution in Results (Thousands Euros) Net/Operational
Liquid
235
In 2009 the Turnover for Transportes Reunidos totalled the sum of 2 633 000
Euros. The economic and financial evolution occurring during the year proved
unfavourable for this type of activity, originating the destabilisation of transport
Operational
32
70
59
18
2008
2006
Legend
2007
-16
-16
-85
2009
145
PROSPECTS FOR 2010
Regardless of the existing economic retraction and the difficulties affecting
the sector, the company estimates recovery for 2010 – though only slight – and
that the commercial projects won over the year under analysis will be fully
operational in 2010.
The information management tool devised during 2009 will be consolidated
as well as the implementation thereof with the end users, allowing a greater
command of the key business variables.
Commercially, we also have a series of well-defined targets which, if awarded,
shall enable the company to have interesting sales growths.
GOVERNING BODIES
Manager
Manager
Manager
Chairman
Secretary
The company Transportes Reunidos, Lda. closed the financial year of 2009 with
negative Net Results of 16,066.23 Euros.
-16.066,23
Manager
Leonel Fernando Soares Simões - Manager
Jorge Manuel Soares Simões - Manager
146
Valores em Euros
BALANCE SHEET
CEE
Accounts Codes
POC (Chart of
Accounts)
Gross Assets
2009
Deprec. And
Adjustments
2008
Net Assets
Net Assets
Assets
III
5
4113+414+415 D
498,80
0,00
498,80
498,80
498,80
0,00
498,80
498,80
Circulating Capital
Debts owed by Third Parties - medium and longterm:
II
1
218
Bad Debt Clients
80.262,91
80.262,91
0,00
0,00
2
252
Group Companies
890.000,00
0,00
890.000,00
900.000,00
970.262,91
80.262,91
890.000,00
900.000,00
703.278,54
0,00
703.278,54
642.806,59
32.911,80
0,00
32.911,80
54.994,76
169.122,87
0,00
169.122,87
163.832,19
2.157,17
0,00
2.157,17
1.161,07
907.470,38
0,00
907.470,38
862.794,61
4.540,81
4.540,81
61.899,25
4.540,81
4.540,81
61.899,25
79.022,35
79.022,35
28.845,88
795,28
795,28
111,68
9.067,06
9.067,06
4.801,62
88.884,69
33.759,18
1.891.394,68
1.858.951,84
II
1
211
Clients, c/a
2
252
Group Companies
4
24
4
262+266+267
+221
IV
Other De Group Companies btors
12+13+14
E
Bank Deposits
271
Income Accruals
272
Deferred Costs
276
Deferred Tax assets
88.884,69
Total Depreciations
0,00
Total Adjustments
Total Assets
80.262,91
1.971.657,59
80.262,91
147
Accounts Codes
CEE
2009
2008
A
Equity
I
51
Capital
IV
1.496.394,00
1.496.394,00
Reserves:
1
571
Legal Reserves
19.960,99
19.960,99
4
574 a 579
Other Reserves
49.385,33
49.385,33
-204.890,27
-188.583,31
Subtotal
1.360.850,05
1.377.157,01
-16.066,23
-16.306,96
Total Equity
1.344.783,82
1.360.850,05
35.802,82
35.802,82
35.802,82
35.802,82
292.293,09
410.458,32
0,00
71,56
5.543,85
5.641,34
V
59
VI
88
Liabilities
B
3
293/8
Other Provisions for Risks and Charges
C
4
221
Suppliers, c/a
6
252
Group Companies
8
24
8
262+263+264+265
Other Creditors
4.235,12
566,75
302.072,06
416.737,97
208.735,98
45.561,00
208.735,98
45.561,00
Total Liabilities
546.610,86
498.101,79
1.891.394,68
1.858.951,84
267+268+211
D
273
Cost Accruals
The Accountant
The Management
José Luís Soares Simões - Manager | Leonel Fernando Soares Simões - Manager | Jorge Manuel Soares Simões - Manager
Valores em Euros
148
CEE
Accounts Codes
4.b)
5
5
2009
COSTS AND LOSSES
Staffing Costs
Remunerations
Social Charges:
Others
Adjustments
Taxes
A
2.b)
3
3.a)
3.b)
62
641+642
645/8
666+667
63
65
2.608.636,14
681+685+686+
687+688
21.160,87
11.531,17
2.950,77
0,00
Others
69
8+11
86
13
88
1
4
4
72
73
77
INCOME AND GAINS
Services Rendered
Others
9
79
(F)
Summary.
Financial results: (D-B)-(C-A)=
1.579,33
2.846.282,56
2.632.919,59
48.541,00
115.374,42
2.632.919,59
2.761.054,88
2.761.054,88
32.847,35
12.510,42
(D)
2.950,77
2.737.700,41
163.014,82
200,00
12.108,38
2.858.390,94
167,16
2.858.558,10
-4.573,30
2.853.984,80
-16.306,96
2.837.677,84
(B)
7811+7813+7814+
7818+785+786+
787+788
64.640,43
200,00
1.344,59
234,74
12.108,38
(G)
7
114.582,33
11.531,17
12.451,80
2.750.152,21
114.994,53
2.865.146,74
-4.388,67
2.860.758,07
-16.066,23
2.844.691,84
(E)
B
98.374,39
12.451,80
(C)
10
2.681.488,41
93.421,46
(A)
7
2008
163.915,42
2.796.835,01
45.357,77
2.842.192,78
2.499,06
2.844.691,84
59.134,60
32.905,97
92.040,57
-20.454,90
-16.066,23
2.761.054,88
54.994,76
20.615,64
75.610,40
2.836.665,28
1.012,56
2.837.677,84
-85.227,68
63.502,02
-21.725,66
-20.880,26
-16.306,96
The Accountant
The Management
José Luís Soares Simões - Manager | Leonel Fernando Soares Simões - Manager | Jorge Manuel Soares Simões - Manager
149
FINANCIAL YEAR OF 2009 (Information stated in Euros)
0.1. Company:
Date of Incorporation: September 11th 1959
Activity: Occasional Transport of Goods.
comparability.
0.3. notes not mentioned do not apply to the Company or do not relate to
3.1. Fixed Assets
acquisition.
differences.
Simões, SGPS, S.A.
TAXES
of 26.5%.
As mentioned in Note 3.3., since the financial year of 2007 the Group companies
Companies”.
or suspended.
respective debts.
3.3. Deferred taxes
150
2009
Opening
balance
2008
Effect of the
Financial Year
Closing
balance
Deferred Tax Assets:
Current tax
Pre-tax result
-20.454,90
-20.880,26
5.795,57
-491,55
424,78
-101,27
-14.234,55
-21.473,08
11.153,54
19.100,47
3.081,01
2.372,61
0,00
0,00
25,00%
25,00%
Municipal Surcharge
1,50%
1,50%
0,00
0,00
705,80
700,30
705,80
700,30
Taxable result
Tax losses
4.775,12
2.729,61
7.504,73
26,50
1.535,83
1.562,33
4.801,62
4.265,44
9.067,06
Adjustments of debts owed by third
parties
Employees.................................................................................. 4
Rate of tax
Deferred tax
-4.644,86
-770,25
-628,74
(II)
-5.094,47
-5.273,60
(I) + (II)
-4.388,67
-4.573,30
Closing
balance
-4.324,22
Transfers and
write-offs
Disposals
Deferred tax
Increases
(I)
Opening
balance
Current Tax
109.308,21
0,00
109.308,21
0,00
0,00
109.308,21
0,00
109.308,21
0,00
0,00
498,80
0,00
0,00
0,00
498,80
498,80
0,00
0,00
0,00
498,80
Items
GROSS ASSETS
Basic Equipment
Securities and Other Financial
Applications
Items
Opening
balance
Increase
Cancellation/
Reversal
Closing
balance
Basic Equipment
109.308,21
0,00
-109.308,21
0,00
109.308,21
0,00
-109.308,21
0,00
151
16 - TABLE REGARDING THE CONTROLLING AND AFFILIATE GROUP COMPANIES
The Financial Statements of this company are included in the Consolidated
Opening
balance
Increase
Reversal
Closing
balance
184.106,17
11.531,17
115.374,42
80.262,91
184.106,17
11.531,17
115.374,42
80.262,91
Dívidas de Terceiros:
Clientes de Cobrança Duvidosa
Bad debt clients..................................................................80.262,91
Items
293-Provisions for Legal
Proceedings in progress
Opening
balance
Increase
35.802,82
Opening
balance
Items
51 Capital
Increase
0,00
0,00
1.496.394,00
571 Legal Reserves
19.960,99
0,00
0,00
19.960,99
574 Free Reserves
49.385,33
0,00
0,00
49.385,33
59
-188.583,31
-16.306,96
0,00
-204.890,27
-16.306,96
-16.066,23
-16.306,96
-16.066,23
Results Carried
Forward
88 Net results
Description
Reduction
0,00
Shares Subscribed
Amount
Internal market
2.501.509,41
External market
131.410,18
0,00
2.632.919,59
Closing
balance
35.802,82
Costs and losses
681 Interest paid
Financial results
Closing
balance
1.496.394,00
Total
The Share Capital is made up of 4 shares, one with a value of 935,246.25 Euros
and the other three of 187,049.25 euros each.
Shareholder
Reductions
57 Reserves
AJUSTAMENTOS
Items
40 -CLARIFICATION AND JUSTIFICATION OF THE MOVEMENTS OCCURRING IN THE
FINANCIAL YEAR IN EACH OF THE EQUITY ITEMS INCLUDED ON THE BALANCE
SHEET
Number
%
Stake in
Capital %
-
100
100
Voting
Rights %
100
Income and gains
Financial Years
2009
2008
11.523,51
11.296,36
928,29
812,02
32.905,97
63.502,02
45.357,77
75.610,40
Financial Years
2009
2008
781 Interest earned
32.847,35
54.994,76
12.510,42
20.615,64
45.357,77
75.610,40
152
Financial Years
Custos e Perdas
2009
692 Bad debts
697
Corrections Relating to Previous Financial
Years
Items
2008
114.944,43
0,00
8,36
16,10
41,74
151,06
-112.495,47
845,40
2.499,06
1.012,56
2009
2.761.054,88
-2.504.180,81
-2.608.696,12
Gross results
128.738,78
152.358,76
211.772,25
76.622,96
-221.988,43
-237.151,70
-127.453,99
-1.413,92
-8.931,39
-9.583,90
-11.523,51
-11.296,36
Current results
-20.454,90
-20.880,26
4.388,67
4.573,30
-16.066,23
-16.306,96
Net results
-16.066,23
-16.306,96
-0,01
-0,01
0,00
1.000,00
4,00
0,00
2.495,06
12,56
2.499,06
1.012,56
Tax on current results
Results per Share
Items
Amounts
Receivables:
Clients, c/a
2008
2008
792 Debt recovery
2009
2.632.919,59
Operating Results
Financial Years
Income and gains
Financial Year
The Accountant
The Management
José Luís Soares Simões - Manager
2.080,00
Shareholders
922.911,80
Other Debtors
1.435,00
Debts payable:
Suppliers, c/a
6.565,90
Operating Costs
574.289,71
Operating Income
367.706,87
Financial Income
32.847,35
The Accountant
The Management
153
CASH FLOW STATEMENT
Direct method
Receipts from group Clients
PAYMENTS TO STAFF
Remunerations
Payment of IRC
Return of IRC
(1)
(2)
2009
2008
574.962,40
2.426.413,98
3.001.376,38
374.587,60
3.221.799,26
3.596.386,86
-710.650,10
-2.131.032,07
-2.841.682,17
-790.130,75
-2.555.246,66
-3.345.377,41
-78.602,79
-283,00
-78.885,79
80.808,42
-48,37
-48,37
-11.714,63
-146.815,34
-12.644,52
-28.137,13
-2.919,92
-202.231,54
-121.471,49
-116.710,85
-85,00
-13.109,76
0,00
0,00
-24.134,08
-156.411,51
-16.205,27
-32.319,13
-1.344,59
-116.795,85
134.213,60
-13.109,76
-230.414,58
-109.310,74
1.000,00
0,04
0,04
0,06
1.000,06
0,19
0,19
0,23
-121.471,26
-2,58
-2,58
997,48
-108.313,26
0,00
0,00
154
RECEIPTS FROM:
Other Loans Obtained
Dividends
(3)
720.000,00
720.000,00
54.994,76
-710.000,00
-710.000,00
-881,94
0,00
(1)+(2)+(3)
The Accountant
The Board
720.000,00
54.994,76
-710.881,94
64.112,82
-57.358,44
61.899,25
4.540,81
765.000,00
765.000,00
35.448,88
-640.000,00
-640.000,00
-3.359,87
-60.742,08
(1)+(2)+(3)
765.000,00
35.448,88
-704.101,95
96.346,93
-11.966,33
73.865,58
61.899,25
2-ITEMISATION OF THE CASH AND ITS EQUIVALENTS COMPONENTS RECONCILING
BALANCE SHEET
Description
2009
4.540,81
2008
61.899,25
The Accountant
The Board
155
C| REGISTERED AUDITORS’ REPORT
Ernst & Young
Telf: +351 217 912 000
Fax: +351 217 957 586
www.ey.com
Introduction
1. We have audited the financial statements of Transportes Reunidos, Lda.,
which comprise the Balance Sheet as at 31 December 2009 (reflecting a
total of 1.891.395 Euros and total equity of 1.344.784 Euros, including
a net loss of 16.066 Euros) the Income Statement by Natures and By
Functions and the Cash Flow Statement for the year then ended, and the
related Annex.
Responsibilities
2.The Management is responsible for preparing the financial statements
giving a true and fair view of the Company’s financial position, the profits
of its operations and cash flows, as well as for adopting appropriate
accounting policies and criteria and keeping an appropriate internal
control system.
5.The audit also included our opinion on whether the information given in
the Management Report is consistent with the financial statements.
6.We believe that the audit carried out provides an acceptable basis for
Opinion
7. In our opinion, the financial statements give a true and fair view, in all
aspects materially relevant, of the state of Transportes Reunidos, Lda.
affairs as at 31 December 2009, the profits of its operations and cash
flows for the financial year then ended, in accordance with the accounting
Lisbon, 25 May 2010
Represented by:
3.Our responsibility is to express a professional and independent opinion
based on our audit to those financial statements.
Scope
Guidelines of Revision/Audit of the Portuguese Board for Registered
Auditors, which require the planning and performance of the audit so as
to obtain reasonable assurance that the financial statements are free from
material misstatements. In order to do so, the audit included:
- the examination, on a test basis, of evidence relevant to the amounts and
disclosures in the financial statements and the assessment of the estimates
based on judgements and criteria made by the Management and used in
the preparation of the financial statements;
156
DLS as the Logistical Operator of the Luís Simões Group in Portugal provides
integrated services involving transport, storage, the preparation of orders,
the control of inventories and distribution, in addition to other value-added
services, such as packaging, labelling, the preparation of promotional packs and
the “customisation” of products.
It is a leader in Portugal in the Logistics and Distribution of Major Consumer
Products, also operating in the car sector, electrical appliances and hightechnology products.
2009 was marked by the following factors:
▪ Increase in the position of DLS in the market segments in which it operates:
Increase in business in the segments of beverages, cleaning/hygiene and
food, which allowed the coming on line of the new warehouse Carregado
II, without closing any other units;
In the current context, the requirements placed upon the logistical operator
have become ever higher, not only by dint of the growing demand of clients, in
more specialised services, as well as the aggressive competition to which this
sector was subject in recent times.
42.049
36.989
36.439
2007
2008
32.744
2006
2009
▪ Having assured the operation, to its full potential, of the new Logistical
Operations Centre of the Future at the logistical facility of Luís Simões
no Carregado which had been inaugurated in November of the previous
year. This new, semi-automatic warehouse supported the winning over
of new clients and attained occupations of over 80% in the very first year
of activity within the objectives foreseen for the project;
In 2009 Distribuição Luís Simões recorded growth in its sales of 15%, settling
at 42 049 000 Euros. This favourable evolution can be put down not only to
the growth in activity in current and new clients, but also to the contractual
prolongation with some structural to the company. Which reflects the constant
concern with Distribuição Luís Simões to follow the demands of its clients by
way of ongoing innovation in the processes which ensure not only high levels
of service but also the offering of new solutions.
▪ Increase in the management team so as to meet the increase in activity
and the entry of new clients, ensuring that DLS can maintain its great
control of logistical processes and continue to show the capacity to
maintain the commitment to the quality of the service provided to
current clients and also ensure the winning over new clients in new
segments.
The Net Result of the company for the year stood at 556 000 Euros. Despite the
strict control in some cost items, to wit by way of the renegotiation of External
Services and Supply contracts, the company cost structure ended up reflecting
the increase in activity in the year, as well as the effect of the start-up of the
warehouse Carregado II, to wit in the items; Depreciations and Staff Costs.
In 2009 the Cash Flow for the company stood at 1 895 000 Euros. As regards the
Investment value, this stood at 5 428 000 Euros and reflects the acquisition of
logistical equipment, in the majority required for the new COL of Carregado.
157
Evolution in Net Result (Thousands Euros)
1.000
913
800
600
556
628
400
415
200
2006
2007
2008
2009
The company closed the year of 2009 with Financial Autonomy of 14% and a
Solvency Ratio of 16%, with these values indicating the hefty investments made
by the company in the last two years.
▪ Great focus on clients and on the market, with priority being given to
the growth of business with the winning over of new clients, either in
the current segments or in new market segments. The economic climate
may favour logistical externalisation processes by clients;
▪ To maintain investment in the development of information technologies
which support a structured command of all logistical processes and allow
there to be more and better management information. In this context
the following shall be referred to:
▪ Completion of the project to develop an application to manage CoPacking
activity;
▪ Continued commitment to the implementation of Radiofrequency in all
operations;
▪ Introduction of new management information modules in the Business
Intelligence tool (Individual Productivity, Fleet Management, HR
Indicators).
GOVERNING BODIES
5.428
4.863
1.331
Cash Flow
Investiment
3.473
1.968
Legend
1.295
1.895
Chairman/ Managing Director
Member
Member
Chairman
Secretary
Statutory Auditor
Permanent Member
Alternate
574
2006
2007
2008
2009
PROSPECTS FOR 2010
DLS has ambitious objectives for 2010 whose fundamental axes are the
following:
▪ Great orientation towards the maintenance of a high command and
quality in logistical processes so as to ensure the maintenance of high
service levels to current clients and the capacity to continue to integrate
new businesses and activities;
▪ Implementation of a project to improve the management of the
production of internal operations which ensures levels of excellence in
the quality and productivity of the service rendered;
DISTRIBUTION OF RESULTES
The company Distribuição Luís Simões, S.A. closed the financial year of 2009
with Net Results of 555,588.20 Euros.
Legal Reserves
Dividends
Bonuses to employees
27.779,41
480.779,79
47.029,00
Leonel Fernando Soares Simões - Vogal
Jorge Manuel Soares Simões - Vogal
158
BALANCE SHEET
2009
Accounts Codes
CEE
Gross Assets
2008
Deprec. And Adjustments
Net Assets
Net Assets
ASSETS
II
1
2
2
3
3
3
4
422
423
424
425
426
429
441/6
D
I
1
36
II
1
218
1
2
4
4
4
211
252
229
24
262+266+267+268+221
II
IV
12+13+14
E
271
272
276
Basic Equipment
Transport Equipment
Tools and Utensils
759.143,36
13.566.271,30
984.775,36
20.858,46
4.921.725,87
404.994,86
453.912,29
2.663.968,23
570.715,70
15.670,11
3.285.228,36
146.651,05
305.231,07
10.902.303,07
414.059,66
5.188,35
1.636.497,51
258.343,81
20.657.769,21
7.136.145,74
13.521.623,47
302.213,39
1.246.148,50
838,70
2.881,28
764.388,36
72.542,25
6.800.656,03
9.189.668,51
0,00
0,00
0,00
75.564,00
75.564,00
9.933,56
9.933,56
9.933,56
9.933,56
0,00
0,00
0,00
0,00
13.048.849,85
13.048.849,85
10.475.716,53
38.388,71
2.520,00
0,00
487.468,02
13.538.837,87
2.520,00
0,00
487.468,02
13.538.837,87
116.572,44
768.787,93
11.399.465,61
6.648,12
6.648,12
6.648,12
6.648,12
44.516,85
44.516,85
122.496,12
222.222,77
68.472,15
413.191,04
122.496,12
222.222,77
68.472,15
413.191,04
22.396,49
24.361,98
834,96
47.593,43
27.480.300,50
20.756.808,40
Circulating Capital
Stocks:
Consumable supplies
Bad Debt Clients
Clients, c/a
Group Companies
Other Debtors
Bank Deposits
Income Accruals
Deferred Costs
Deferred Tax Assets
Total Depreciations
Total Adjustments
Total Assets
34.626.379,80
0,00
7.136.145,74
9.933,56
7.146.079,30
159
2009
Accounts Codes
CEE
2008
A
Equity
I
51
Capital
56
IV
2.500.000,00
2.500.000,00
2.699,62
3.539,05
Reserves:
1
571
Legal Reserves
253.868,11
222.474,66
4
574 a 579
Other Reserves
407.120,86
407.120,86
V
59
Subtotal
VI
88
Total Equity
97.428,05
96.588,62
3.261.116,64
3.229.723,19
555.588,20
627.869,09
3.816.704,84
3.857.592,28
Liabilities
B
3
293/8
Other provisions
258.207,05
258.207,05
C
0,00
6
252
Group Companies
6
239
8
2611
C
2.000.000,00
329.704,42
6.152.890,74
4.680.610,60
8.152.890,74
5.010.315,02
2
231+12
4
221
1.791.717,18
1.069.599,56
Suppliers, c/a
6.144.572,99
5.905.786,02
4
228
54.467,44
100.770,97
6
252
Group Companies
964.776,60
484.126,06
8
239
285.296,93
492.186,72
8
2611
1.918.929,64
1.603.780,43
8
24
612.730,25
345.006,25
8
262+263+264+265+267+268+211
D
Other Creditors
1.917.713,78
7.472,41
13.690.204,81
10.008.728,42
1.561.597,04
1.879.387,68
273
Cost Accruals
276
696,02
785,00
1.562.293,06
1.880.172,68
Total Liabilities
23.663.595,66
16.899.216,12
27.480.300,50
20.756.808,40
The Accountant
The Board
Vítor José Caetano de Sousa
160
Accounts Codes
A
CEE
2.a)
61
2.b)
3
3.a)
3.b)
62
4.a)
4.b)
5
5
5
7
B
2009
COSTS AND LOSSES
Materials
Staffing Costs
Remunerations
Social Charges:
Others
Adjustments
Provisions
Taxes
641+642
645/8
662+663
666+667
67
63
65
681+685+686+687+688
Others
10
69
8+11
86
13
88
1
4
4
4
4
72
73
74
76
77
INCOME AND GAINS
Services Rendered
Operating Subsidies
7
7811+7813+7814+7818
+785+786+ 787+788
9
79
Others
Summary.
162.622,78
2008
162.622,78
31.056.070,95
7.821.529,38
(A)
(C)
1.985.476,01
1.080.909,78
0,00
258.207,05
13.386,36
12.750,00
37.599,42
231.180,28
(E)
(G)
(B)
(D)
(F)
42.049.491,18
534.797,43
10.225,17
53.447,69
6.205,15
3.478,49
163.709,58
457.712,38
457.712,38
27.138.811,04
6.124.572,37
9.807.005,39
1.339.116,83
26.136,36
42.390.952,31
268.779,70
42.659.732,01
157.433,47
42.817.165,48
-35.891,08
42.781.274,40
555.588,20
43.336.862,60
42.049.491,18
604.675,44
42.654.166,62
167.188,07
42.821.354,69
515.507,91
43.336.862,60
263.214,31
-101.591,63
161.622,68
519.697,12
555.588,20
1.637.232,70
658.949,05
8.629,40
0,00
9.211,04
10.885,39
3.242,44
371.183,37
36.438.947,91
249.391,94
70.985,72
15.281,67
231.078,52
41.631,15
152.490,00
7.761.805,07
667.578,45
20.096,43
36.046.003,37
374.425,81
36.420.429,18
193.044,66
36.613.473,84
172.980,05
36.786.453,89
627.869,09
37.414.322,98
36.438.947,91
566.737,85
37.005.685,76
194.121,15
37.199.806,91
214.516,07
37.414.322,98
959.682,39
-180.304,66
779.377,73
800.849,14
627.869,09
The Accountant
The Board
161
FINANCIAL YEAR OF 2009 (Information stated in Euros)
0.1. Company: DLS-Distribuição Luís Simões, S.A.
March 2nd 1990
Activity: Storage, Distribution and Occasional
Transport of Goods.
comparability.
3.3.Adjustments for Bad Debt Clients
respective debts.
3.4. Deferred taxes
differences.
Simões, SGPS, S.A.
TAXES
of 26.5%.
3.1. Stocks
3.2.Fixed Assets
As mention in Note 3.4., since the financial year of 2007 the Group companies
Companies”.
162
or suspended.
2009
Opening
balance
2008
Effect of the
Financial Year
Closing
balance
Current tax
Pre-tax result
519.697,12
800.849,12
255.570,42
-42.438,03
-16.026,30
-223.988,05
Taxable result
759.241,24
534.423,04
Rate of tax
12,50%
25,00%
25,00%
Municipal Surcharge
1,50%
1,50%
199.636,43
141.622,11
Use of Tax Break
834,96
67.637,19
68.472,15
834,96
67.637,19
68.472,15
785,00
-88,98
696,02
785,00
-88,98
696,02
-188.105,69
Deduction Dual International Taxation
-142,12
Current Tax
Provisions and Adjustments to Debts
owed by Third Parties
(I)
20.446,47
20.111,86
31.835,09
161.733,97
-67.726,17
11.246,08
-67.726,17
11.246,08
Deferred tax
Deferred tax
(II)
163
(I) + (II)
-35.891,08
172.980,05
Employees............................................................................... 522
GROSS ASSETS
Items
Opening balance
Increases
Disposals
Transfers and write-offs
Closing balance
Set-up Expenses
566.952,16
-566.952,16
0,00
566.952,16
-566.952,16
0,00
Basic Equipment
Transport Equipment
Tools and Utensils
751.400,06
66.150,99
-58.407,69
759.143,36
3.356.080,22
4.197.500,42
6.012.690,66
13.566.271,30
657.719,46
22.720,88
322.416,40
984.775,36
17.065,09
3.143,37
650,00
20.858,46
3.826.655,50
1.094.974,93
95,44
4.921.725,87
187.269,57
43.473,15
174.252,14
404.994,86
6.800.656,03
0,00
-6.800.656,03
0,00
15.596.845,93
5.427.963,74
-348.959,08
20.657.769,21
18.081,38
18.081,38
Items
Opening balance
Increase
Adjust.
Closing balance
Set-up Expenses
566.952,16
-566.952,16
0,00
566.952,16
-566.952,16
0,00
Basic Equipment
Transport Equipment
Tools and Utensils
449.186,67
67.867,13
-63.141,51
453.912,29
2.109.931,72
586.084,42
-32.047,91
2.663.968,23
656.880,76
38.208,54
-124.373,60
570.715,70
14.183,81
1.486,30
3.062.267,14
355.339,66
114.727,32
31.923,73
6.407.177,42
1.080.909,78
15.670,11
-132.378,44
3.285.228,36
146.651,05
-351.941,46
7.136.145,74
164
12 - INDICATION OF THE LAWS ON WHICH THE REVALUATION OF TANGIBLE FIXED
ASSETS OR FINANCIAL INVESTMENTS WAS BASED
A) Tangible Fixed Assets were revalued at their various stages, being based on
the provisions of the following laws:
Statute Law no.264 enacted on 24/11/92
Statute Law no.31 enacted on 11/02/98
Years
Value of debt
2011
1.593.836,81
2012
1.536.425,96
2013
1.290.193,14
2014
1.732.434,83
6.152.890,74
Historic
costs (a)
Items
Revaluations
(a) (b)
Revalued book values
(a)
34.675,08
6.945,34
41.620,42
34.675,08
6.945,34
41.620,42
(a) Net of depreciations
ADJUSTMENTS
All Fixed Assets are allocated to company activity.
Items
Bad Debt Clients
Basic Equipment
Administrative
Equipment
Increase
Reversal
Closing
balance
Description
Opening
balance
Net Fixed
Assets
Value of debt
Short-term
Medium and
long-term
9.442.133,17
6.847.415,15
1.286.061,95
5.561.353,20
967.372,16
905.977,34
314.439,80
591.537,54
10.409.505,33
7.753.392,49
1.600.501,75
6.152.890,74
16.138,71
6.205,15
9.933,56
16.138,71
6.205,15
9.933,56
Bad debt clients...................................................................9.933,56
STAFF
Active Debts (Accounts 2624/2629)............................................3.611,56
Passive Debts (Accounts 2624/2629)...........................................2.248,05
165
Balance Sheet Items
Debts of 1 to 5
years (Medium-term)
(Lessors)
Debts of over 5
years (Long-term)
6.152.890,74
Total
Shares Subscribed
Shareholder
Number
%
Stake in
Capital %
500,000
100
100
Voting
Rights %
100
6.152.890,74
5.339,00
EDP
Bank
10.250,00
EDP
Bank
Banco Bilbao Viscaya Argentaria
69.964,00
EDP
Bank
8,691,495.19 euros and a comfort letter for the sum of 905,977.34.
31/98
3.539,05
Items
298 - Outras Provisões
Increase
258.207,05
Reduction
Closing
balance
258.207,05
35 – SHARE CAPITAL
The subscribed Capital has been fully paid up.
The Share Capital is made up of 500,000 shares, with a nominal value of 5.00
Euros per share.
-839,43
2.699,62
FINANCIAL YEAR IN EACH OF THE EQUITY ITEMS INCLUDED ON THE BALANCE
SHEET
Opening
balance
Closing balance
Results Carried
Forward
Posted as Surplus
Bank
Deferred taxes
EDP
Free Reserves
5.513,00
Distribution in the financial year
Increase in
Capital
Formation in the
financial year
Coverage of
Losses
Bank
Free
EDP
Legal
3.337,00
Banco Bilbao Viscaya Argentaria
39-VARIATIONS IN REVALUATION RESERVES OCCURRING IN THE FINANCIAL YEAR
Opening balance
Guarantee
Type
Amount
Statute Law no.
Beneficiary
Entity
Guarantor
Items
51
Capital
56
57
Reserves
Opening
balance
574 Free Reserves
407.120,86
88
Net Result
Closing
balance
2.500.000,00
3.539,05
222.474,66
Results Carried
Forward
Reductions
2.500.000,00
571 Legal Reserves
59
Increase
839,43
31.393,45
2.699,62
253.868,11
407.120,86
96.588,62
839,43
627.869,07
555.588,20
97.428,05
627.869,07
555.588,20
166
Costs and losses
Movements
Goods
Consumable supplies
Initial stocks
75.564,00
Purchases
87.058,78
Final stocks
0,00
162.622,78
2009
2008
691 Donations
15.010,00
18.813,00
692 Bad debts
6.205,15
105.834,32
3.172,62
173,00
59.547,87
843,60
73.497,83
67.380,74
Income and gains
Description
Amount
Internal market
39.004.705,66
External market
3.044.785,52
Total
42.049.491,18
Financial Years
358.074,44
21.471,41
515.507,91
214.516,07
Financial Years
2009
2008
791 Return of Taxes
6.213,62
488.776,89
4.712,01
8.048,87
12.468,53
209.804,06
515.507,91
214.516,07
Costs and losses
681 Interest paid
Financial results
Financial Years
2009
261.757,82
2008
369.369,91
7.021,88
5.055,90
-101.591,63
-180.304,66
167.188,07
194.121,15
Items
Receivables:
Clients, c/a
Income and gains
781 Interest earned
788 Other Financial Gains and Income
2009
279.495,11
Debts payable:
Suppliers, c/a
Shareholders
Financial Years
Amounts
Other Creditors
815.050,01
2.964.777,30
720,00
2008
3.478,49
41.631,15
Operating Costs
163.709,58
152.490,00
Financial Costs
37.599,42
167.188,07
194.121,15
Extraordinary Costs
10.240,68
Operating Income
Financial Income
6.891,05
5.834.584,68
3.200.676,25
3.478,49
167
B) Total R&D effort amounts
R&D INVESTMENT SUMMARY
Items
2009
2008
C. Staff
416.960,48
458.886,42
General Costs
104.240,12
139.156,84
74.299,62
997.986,80
595.500,22
1.596.030,06
Fixed Assets
Volume of Sales
42.049.491,18
36.438.947,91
9.807.005,39
7.761.805,07
Items
The amounts recorded for 2009 refer to R&D expenses related with the following
projects:
- Start of project to automatically manage Co-Packing activity;
- Start of electronic auto-billing project;
- Start of Supplier Portal project;
- Start of Digitisation of supplier invoice project.
The investment in TR&D fell compared with 2008 owing to the Warehouse of the
Future project which had the highest investment in 2008.
C) SIFIDE
In the context of the candidature to the R&D Tax Incentives System (SIFIDE) –
Statute Law no.40 enacted on August 3rd 2005, in 2007 DLS obtained tax savings
of € 30 446,87 and € 188.105,69 in the financial year of 2009. However, in view of
the fact that the company is included in the Special Taxation Regime of Company
Groups (“RETGS”), in accordance with that referred to in Note 3, said tax saving
could not be used.
D) Factoring
In the present financial year the company signed a factoring contract for a total
of 2.,000,000 euros which details limits to its use for each client, having granted
on 31-12-2009 the sum of 1,404,098 euros, in their entirety without right of
recourse.
The Accountant
The Board
2009
2008
42.049.491,18
36.438.947,91
-36.424.278,98
-30.420.330,68
Gross results
5.625.212,20
6.018.617,23
1.287.371,42
975.375,07
-5.483.529,90
-5.274.034,99
-647.598,78
-550.950,04
781.454,94
1.169.007,27
-261.757,82
-368.158,13
519.697,12
800.849,14
35.891,08
-172.980,05
555.588,20
627.869,09
0,00
0,00
555.588,20
627.869,09
1,11
1,26
Staffing Costs
Financial Year
Operating Results
Current Results
Net results
Results per Share
The Accountant
The Board
168
CASH FLOW STATEMENT
Direct Method
2009
2008
3.447.658,09
48.771.968,10
3.351.224,90
52.219.626,19
45.397.135,44
48.748.360,34
Loans to Group Companies
-10.762.458,24
Payments to Other Suppliers
-30.159.457,94
-11.255.979,75
-40.921.916,18
-26.806.945,64
-38.062.925,39
PAYMENTS TO STAFF
Remunerations
-6.394.937,80
-5.185.301,38
-4.486,61
Other payments to Staff
-23.279,35
-6.418.217,15
-13.345,54
4.879.492,86
-5.203.133,53
5.482.301,42
PAYMENT/RECEIPT OF IRC
Payment of IRC
-176.974,85
Return of IRC
-1.397,71
-176.974,85
144.658,72
143.261,01
102.877,63
223.040,63
12-185,32
13.638,53
115.062,95
9,68
236.688,84
Settlement of VAT
Payments of TSU
Payments of Other Taxes
-95.613,97
-316.999,33
-1.653,52
-3.978,59
-1.382.840,43
-1.202.423,79
-666.637,32
-595.527,19
-2.306.358,42
-1.878.439,84
-13.055,01
-4.466.158,67
-8.881,38
351.422,29
Flows generated before extraordinary items
-4.006.250,12
1.856.001,15
60.452,11
22.504,09
39,65
767,27
61.259,03
3.222,68
25.726,77
169
Donations
-250,00
-2.362,12
-62.329,59
(1)
-1.080,00
-64.941,71
-6.124,77
-7.204,77
-3.682,68
18.522,00
347.739,61
1.874.523,15
PAYMEMNTS RELATING TO:
Tangible Fixed Assets – Group Companies
-6.290,94
-1.769,50
Tangible Fixed Assets – Other Companies
-1.432.742,48
-1.073.135,95
-1.439.033,42
(2)
FLOW FROM INVESTMENT ACTIVITIES
-1.074.905,45
-1.439.033,42
-1.439.033,42
-1.074.905,45
-1.074.905,45
FINACNING ACTIVITIES
RECEIPTS FROM:
Loans Obtained from Group Companies
29.905.016,02
29.905.016,02
Subsidies and Donations
10.225,17
Interest from loans granted
38.388,71
27.543.217,26
29.905.016,02
27.543.217,26
27.543.217,26
71.301,24
48.613,88
23.125,84
94.427,08
Loans Obtained from Group Companies
Depreciations of Leasing Contracts
-27.328.445,41
-27.315.498,21
-1.047.779,24
-762.544,91
-28.376.224,65
-28.078.043,12
-1.032.726,41
-98.529,65
-254.190,74
-348.794,67
Dividends
-559.180,64
-30.222.322,44
-207.579,06
-28.732.946,50
0,00
0,00
-7.162,71
-7.162,71
Interest on Loans Obtained
(3)
-268.692,54
-1.102.464,87
-1.359.986,35
-302.847,17
-425.082,71
-122.235,54
-1.785.069,06
-425.082,71
The Accountant
The Board
170
C| REPORT AND OPINION OF THE SINGLE AUDITOR
2- ITEMISATION OF THE CASH AND ITS EQUIVALENTS COMPONENTS RECONCILING
BALANCE SHEET
Ernst & Young
Telf: +351 217 912 000
Fax: +351 217 957 586
www.ey.com
Description
2009
2008
6.648,12
44.516,85
-1.791.717,18
-469.599,56
Cash equivalents:
The Accountant
The Board
Dear Shareholders,
is incumbent on us to issue the annual report on the audit of Company Distribuição
Luís Simões, S.A., regarding the financial year ended on 31 December 2009, and issue
an opinion on the report, accounts and the proposal for the allocation of the profits
presented by the Board of Directors.
situation.
The valuation criteria used for the preparation of accounts are those laid down in the
Annex to the Balance Sheet and to the Income Statements, and Statement of Cash
Flows and enable a suitable assessment of company assets.
required by law:
171
Ernst & Young
Telf: +351 217 912 000
Fax: +351 217 957 586
www.ey.com
Dear Shareholders,
We have audited the company Distribuição Luís Simões, S.A., in accordance with
article 420 of the Code of Commercial Companies and the company’s Articles of
should be approved;
Lisbon, 25 May 2010
Introduction
1. We have audited the financial statements of Distribuição Luís Simões, S.A.,
of 27.480.301 Euros and total equity of 3.816.705 Euros, including a net
income of 555.588 Euros) the Income Statement by Natures and By Functions
and the Cash Flow Statement, for the year then ended, and the related
Annex.
Responsibilities
The Single Auditor
Represented by:
2. The Board of Directors is responsible for preparing the financial statements
3. Our responsibility is to express a professional and independent opinion
Scope
-the examination, on a test basis, of evidence relevant to the amounts and
based on judgements and criteria made by the Board of Directors and used
in the preparation of the financial statements;
172
5. The audit also included our opinion on whether the information given in
the Management Report is consistent with the financial statements.
Opinion
aspects materially relevant, of the state of DLS - Distribuição Luís Simões,
S.A. affairs as at 31 December 2009, the profits of its operations and cash
Lisbon, 25 May 2010
Represented by:
173
ACTIVITY DURING THE YEAR
The activity of the company LS – Luís Simões, SGPS is to manage the shares of
the Luís Simões Group and centralized negotiation of financing. This is then
channelled to the various group companies in the form of loans granted on a
short or medium and long term at a rate which reflects the average cost of debt
capital.
At the end of 2009, the company acquired a 51% stake in LS – Gestão Empresarial
e Imobiliária, S.A., and now holds the entire share capital of that company. This
operation was only possible because the three branches of the Family Holdings
carried out a capital increase of approximately 13 Million Euros.
Taking into account its operations, the company has essentially financial costs
and gains.
In 2009, the net profit stood at 437 thousand Euros. The drop seen during the
year was due to the decrease of financial results arising from the reduction of
dividends earned.
Development of Share Capital (Euros K)
42.331
24.920
27.237
The variation in the value of the company’s equity, fixed at 42,331 thousand
Euros, resulted from the increase in the Capital by 12.928 million Euros, an
operation that provided LS - Luis Simoes SGPS, SA with a more solid financial
structure, culminating in a Financial Autonomy rating of 63% and a solvency
ratio of 169%.
The liabilities amounted a total of 25.066 million Euros, with Banking
Liabilities up 18%, a result of heavy investments made over the past two years
by the Group companies, including those arising from the new warehouse
Carregado II.
OUTLOOK FOR 2010
In 2010 the company intends to maintain the role of negotiating and collecting
corporate financing for the Luis Simões Group, continuing to focus on reducing
the cost thereof.
GOVERNING BODIES
Board of Directors
General Meeting Panel
Chairman
Secretary
Statutory Auditor
Acting
Deputy
APPLICATION OF RESULTS
The company LS - Luis Simoes SGPS SA, ended the year 2009 with net profit
amounting to 437,356.50 euros. Given the applicable legal and statutory
provisions, we propose the following application of results:
28.975
Legal Reserves Reserves
Dividends 2006
2007
2008
Chairman/CEO
Voting Member
Voting Member
2009
€ 21,867.83
€ 407,988.67
€ 7,500.00
Moninhos, 15 February 2010
Leonel Fernando Soares Simões - Voting Member Jorge Manuel Soares Simões - Voting Member
174
Amounts in Euros
BALANCE
2009
Codes of accounts
CEE
POC
Gross assets
Depreciation and
adjustments
2008
Net assets
Net assets
ASSETS
III
Financial investments:
1
4111
5
4113+414+ 415
II
Shares in group companies
Securities and other fin. applics.
42.380.226,55
42.380.226,55
26.744.971.55
64.995,00
64.995,00
64.995.00
42.445.221,55
42.445.221,55
26.809.966.55
19.262.140,00
19.262.140,00
15.865.000.00
1.779.500,00
1.779.500,00
1.500.000.00
21.041.640,00
21.041.640,00
17.365.000.00
3.111.228,00
3.111.228,00
3.661.260,46
53.351,79
53.351,79
263.224.37
459.018,75
459.018,75
257.484.83
3.623.598,54
3.623.598,54
4.182.055.66
3.359,44
3.359,44
11.918.44
3.359,44
3.359,44
11.918.44
22.291,65
22.291,65
3.090.13
262.034,56
262.034,56
58.572.62
284.326,21
284.326,21
61.662.75
67.398.145,74
67.398.145,74
48.430.603.40
Accounts receivable - medium and long term:
2
252
3
253+254
II
Group Companies
Associated companies
Accounts receivable - short term:
2
252
3
253+254
4
24
IV
Group Companies
Associated companies
State and other public entities
Bank and cash:
12+13+14
E
Bank deposits
Accruals and deferrals
272
Deferred costs
276
Deferred tax assets
Total depreciation
Total adjustments
Total Assets
175
BALANCE (Continued)
Amounts in Euros
Codes of accounts
CEE
2009
POC
2008
A
Equity
I
51
Capital
IV
29.578.950,00
16.650.000,00
Reserves:
1
571
Legal reserves
593.100,00
505.566,00
4
574 a 579
Other reserves
11.722.059,72
10.068.914,41
41.894.109,72
27.224.480,41
437.356,50
1.750.679,31
42.331.466,22
28.975.159,72
Subtotal
VI
88
Net profit
Total equity
Liabilities
C
Debt - Medium and long term
1
Debenture loans:
2
231+12
6
252
8
251+255
C
Debts to credit institutions
5.000.000,00
Group companies
3.135.000,00
Other shareholders (partners)
2.848.860,00
900.000,00
10.983.860,00
900.000,00
13.525.514,91
15.632.194,15
475.252,82
2.917.194,22
66.443,75
0,00
1.863,31
2.989,31
14.069.074,79
18.552.377,68
13.744,73
3.066,00
13.744,73
3.066,00
25.066.679,52
19.455.443,68
67.398.145,74
48.430.603,40
Payables - Short-term
1
Debenture loans:
2
231+12
6
252
Group companies
8
24
State and other public entities
8
262+263+264+
265+267+268+211
D
Debts to credit institutions
Other creditors
Accruals and deferrals
273
Accrued costs
Total liabilities
Total equity and liabilities
The Chartered Accountant
The Management
Vitor José Caetano de Sousa
José Luís Soares Simões - Chairman | Leonel Fernando Soares Simões - Voting member | Jorge Manuel Soares Simões - Voting member
176
INCOME STATEMENT BY NATURE
Amounts in Euros
Codes of accounts
CEE
2009
POC
A
2008
COSTS AND LOSSES
2.b)
62
Supplies and services
5
63
Taxes
5.708,32
5
65
Other operating costs and losses
7
681+685+686+687+ 688
0,00
(A)
70.446,26
25.000,00
76.154,58
114.197,84
Other
472.129,35
(C)
69
65.824,18
90.824,18
97.426,06
Interest and similar charges:
Relating to group companies
10
6.601,88
70.446,26
(E)
86
Taxes on income for the year
13
88
Net profit
586.327,19
720.894,02
662.481,77
Extraordinary expenses
8+11
244.323,81
(G)
965.217,83
1.062.643,89
143.702,95
915,97
806.184,72
1.063.559,86
14.000,52
17.812,05
820.185,24
1.081.371,91
437.356,50
1.750.679,31
1.257.541,74
2.832.051,22
INCOME AND GAINS
B
(B)
5
7
784
Income on equity
7811+7813+7814+
7818+785+786+
787+788
9
79
559.180,64
1.727.192,05
643.322,36
1.015.099,52
Other interest and similar income
Relating to group companies
Other
55.038,64
1.257.541,64
89.759,65
2.832.051,22
(D)
1.257.541,64
0,10
0,00
(F)
1.257.541,74
2.832.051,22
Extraordinary income
2.832.051,22
Abstract:
Operating results: (B)-(A)
-76.154,58
-97.426,06
671.214,45
1.866.833,39
595.059,87
1.769.407,33
Income before taxes: (F)-(E)
451.357,02
1.768.491,36
Net income: (F)-(G)
437.356,50
1.750.679,31
Valores em Euros
The Management
José Luís Soares Simões - Chairman | Leonel Fernando Soares Simões - Voting member | Jorge Manuel Soares Simões - Voting member
177
APPENDIX TO THE BALANCE SHEET AND INCOME STATEMENT
YEAR 2009 (Information in Euros)
0.1. Company:
LS – Luis Simões, SGPS, S.A.
Headquarters: Moninhos – Loures
Date of Formation:
5 August 1996
Category: Holding Company.
Company ID No. (NIPC): 503 717 789
0.2. The notes mentioned refer to the individual accounts of the company.
0.3. The Financial Statements have been prepared under the historical cost
method, modified by the revaluation of fixed assets and on the basis of the
continuity of operations and in accordance with the fundamental accounting
principles of consistency, prudence, accruals, substance over form and materiality
They also respect the qualitative characteristics of relevance, reliability and
comparability.
0.4. The notes that are not mentioned do not apply to the Company or do not
relate to accounting facts that are materially relevant or did not occur in the
year referred to in this Appendix.
Since the year 2007 the company is covered by the Special Taxation System
for Group Companies (“RETGS- Regime Especial de Tributação de Grupos de
Sociedades”).
6 – DISCLOSURE OF THE MAIN COMPONENTS OF TAX COSTS (INCOME)
The Company is subject to Corporate Income Tax (IRC - Imposto sobre os
Rendimentos das Pessoas Colectivas) at the current rate of 25% plus local tax at
the maximum rate of 1.5% on taxable income, amounting to an aggregate tax
rate of 26. 5%.
Under Article 81. of the Corporate Income Tax Code (CIRC), the Company is
subject to taxation on a set of charges at the rates provided for therein.
As mentioned in Note 3.3, the companies of the Group are, from the year
2007, covered by the Special Taxation System for Group Companies (“RETGS”),
pursuant to Article 63 of the CIRC, led by shareholder LS - Luis Simoes SGPS
SA, for which taxes determined individually are reflected in the balance of the
shareholder included in the category “Group Companies”.
According to current legislation, tax returns are subject to revision and correction
by the tax authorities for a period of four years (ten years for Social Security until
2000, inclusive, and five years from 2001), except when there are tax losses, or
inspections, claims or challenges are underway, in which cases, depending on
the circumstances, the deadlines are extended or suspended.
The reconciliation between the accounting income and taxable income and
between the current tax and the year tax on income is as follows:
2009
3 - ACCOUNTING PRINCIPLES AND VALUATION CRITERIA USED
3.1. The financial investments are presented in accordance with the acquisition value.
3.2. Under the terms of the statutory provisions applicable to the Company,
consolidated financial statements are presented that show the value of goodwill
and its accounting treatment.
3.3. Deferred Taxes
Deferred Taxes relate to temporary differences between the amounts of assets
and liabilities for accounting purposes and the respective amounts for tax
purposes.
The Assets and Liabilities for Deferred Tax are calculated and evaluated using
tax rates expected to be in force on the date of reversion of the temporary
differences.
Current Tax
Profit before tax
Taxable income
451.357,02
1.768.491,36
-415.437,69
-1.701.276,08
35.819,33
67.215,28
Tax Rate
IRC
12,50%
IRC
25,00%
25,00%
1,00%
1,50%
7.750,52
17.812,05
Local tax
Difference effect calculation RETGS/individual (1)
6.250,00
Current Tax
(I)
14.000,52
17.812,05
Deferred Tax
(II)
0,00
0,00
(I) + (II)
14.000,52
17.812,05
Income tax for the year
(1) Difference arising from income tax rate of 12.5% for first 12,500 euros of taxable income.
2008
178
The Company has applied the provisions of Accounting Guideline No. 28, relating
to accounting of deferred taxes.
The movements during the year in terms of deferred taxes, are as follows:
Beginning Balance
Year effect
Ending Balance
SIFIDE (R&D incentive) Tax Benefit -member
companies
58.572,62
203.461,94
262.034,56
58.572,62
203.461,94
262.034,56
10 - MOVEMENTS IN ITEMS OF FIXED ASSETS CONTAINED IN THE BALANCE AND
RELATED DEPRECIATION AND PROVISIONS
GROSS ASSETS
Categories
Beginning Balance
Revaluation/ Adjustment
Increases
Disposals
Transfer. and
reductions
Ending Balance
Capital shares in group companies
Securities and Other Investments
26.744.971,55
15.777.815,00
142.560,00
42.380.226,55
15.777.815,00
142.560,00
42.445.221,55
64.995,00
26.809.966,55
64.995,00
Increases in “Capital shares in group companies” on 31.12.2009 are related
mostly to the purchase of 51,000 shares of the company LS-Gestão Empresarial
e Imobiliária, S.A. (51% of their business) for the total value of 10,674,810
euros and the purchase of 283,500 shares of the company FLS - SGPS (100%
shareholding in their company) for the total amount of 5,103,000 euros.
The reductions in “Capital shares in group companies” on 31.12.2009, relate
entirely to the reduction of capital by incorporation of negative retained
earnings from previous years, of the company Solmoninhos, Lda.
179
16 - TABLE OF GROUP COMPANIES
Categories
Capital held
Equity
(excluding Net Res. 2009)
Profit for the Year 2009
Transportes Luis Simões. S.A.
HQ: Moninhos – Loures
100%
9.950.817,08
-1.289.716,17
D.L.S.- Distribuição Luis Simões. S.A. HQ: Moninhos – Loures
100%
3.261.116,64
555.588,20
RETA-Gestão e Locação de Frotas. SA.
100%
2.796.430,06
190.668,81
Transportes Reunidos. Lda
100%
1.360.850,05
-16.066,23
LUSISEG- Mediadores de Seguros. Lda.
100%
35.873,55
81.169,87
SOCAR-Equip.de Transp.e Serv.Técnicos SA.
100%
829.952,23
100.806,44
LS-Gestão Empresarial e Imobiliária. SA.
100%
17.418.401,35
741.606,08
Solmoninhos. Lda.
11,395%
912.208,55
-33.081,17
HQ: Guadalajara – Spain
100%
5.571.849,88
918.365,82
100%
1.417.517,01
1.204.150,30
HQ: Carregado - Alenquer
11,76%
390.425,91
86.487,46
Luis Simões Logística Integrada. S.A.
F.L. Simões, SGPS, S.A.
Patrimundus - Invest. Imobiliários, S.A.
37 - PARTICIPATION IN SUBSCRIBED CAPITAL FOR EACH OF THE ENTITIES IN WHICH
IT HOLDS AT LEAST 20%
32 - GUARANTEES
The company presented promissory notes as collateral for payment of debt to
Additionally, the company presented promissory notes as collateral for payment
of debts that, on 31 December 2009, amounted to 10,194,091.41 euros.
The subscribed capital is fully paid up.
Subscribed Shares
Number
%
Participation %
Leonel Simões & Filhas SGPS. S.A.
1.646.910
27,84
27,84
27,84
Varanda do Vale SGPS. S.A.
1.646.910
27,84
27,84
27,84
Mira Serra SGPS. S.A.
1.646.910
27,84
27,84
27,84
Shareholder
group companies that, on 31 December 2009, amounted to 22,945,907.82 euros.
Voting
rights %
40 - BREAKDOWN AND SUBSTANTIATION OF THE MOVEMENTS IN THE YEAR IN EACH
OF THE ITEMS OF EQUITY CAPITAL CONTAINED IN THE BALANCE
COMPANY AND ITS REGISTERED VALUE IS DIVIDED
The share capital consists of 5,915,790 shares with a par value of 5.00 euros per
share.
Accounts
51
Capital
57
Reserves
571 Legal Reserves
574 Free Reserves
88
Net Profit
Beginning
Balance
Increase
16.650.000,00
12.928.950,00
Decreases
Ending
Balance
29.578.950,00
505.566,00
87.534,00
593.100,00
10.068.914,41
1.653.145,31
11.722.059,72
1.750.679,31
437.356,50
1.750.679,31
437.356,50
180
45 - STATEMENT OF FINANCIAL RESULTS
Years
Costs and losses
2009
681 Interest Expenses
688 Other costs and financial losses
Financial Results
2008
570.744,08
954.370,77
15.583,11
10.847,06
671.214,45
1.866.833,39
1.257.541,64
2.832.051,22
Years
Income and gains
2009
2008
781 Interest income
698.361,00
1.104.859,17
784 Income from capital
559.180,64
1.727.192,05
1.257.541,64
2.832.051,22
48 - OTHER INFORMATION CONSIDERED RELEVANT
A) a) Movement in group and associated companies:
46 - STATEMENT OF EXTRAORDINARY RESULTS
Costs and losses
694 Losses on Fixed Assets
695 Fines and Penalties
698
Other extraordinary expenses
Income and gains
798 Other extraordinary income
Categories
Years
2009
Amounts
Receivables:
2008
Shareholders
142.560,00
24.206.219,79
Payables:
60,00
1.082,95
915,97
Shareholders
6.459.112,82
(143.702,85)
-915,97
Financial Costs
114.197,84
0,10
0,00
Financial Income
696.674,15
Years
2009
2008
Management
Leonel Fernando Soares Simões - Voting Member
Jorge Manuel Soares Simões - Voting Member
0,10
0,10
0,00
181
Ernst & Young
Telf: +351 217 912 000
Fax: +351 217 957 586
www.ey.com
Dear Shareholders,
We have audited the company LS – Luís Simões, S.G.P.S., S.A., the results of which
lead us to opine that:
should be approved;
Lisbon, 26 May 2010
Dear Shareholders,
In compliance with the legal provisions and the Company’s Articles of Association,
it is incumbent on us to issue the annual report on the audit of Company LS – Luís
Simões, S.G.P.S., S.A., regarding the financial year ended on 31 December 2009, and
issue an opinion on the report, accounts and the proposal for the allocation of the
profits presented by the Board of Directors.
The Single Auditor
Represented by:
The Balance Sheet, Income Statements by Nature and respective Annex, respecting
all legal requirements, reflect the position of the accounting records at the end of
the financial year and attest to the Company’s financial situation.
The valuation criteria used for the preparation of accounts are those laid down in the
Annex to the Balance Sheet and to the Income Statements by Nature, and lead to a
suitable assessment of company assets
required by law:
182
Ernst & Young
Telf: +351 217 912 000
Fax: +351 217 957 586
www.ey.com
Introduction
1. We have audited the financial statements of LS – Luís Simões, S.G.P.S., S.A.,
of 67.398.146 Euros and total equity of 42.331.466 Euros, including a net
income of 437.357 Euros) the Income Statement by Natures for the year then
ended, and the related Annex.
Responsibilities
giving a true and fair view of the Company’s financial position and the profits
of its operations, as well as for adopting appropriate accounting policies and
criteria and keeping an appropriate internal control system.
3. Our responsibility is to express a professional and independent opinion
Opinion
aspects materially relevant, of the state of LS – Luís Simões, S.G.P.S., S.A.
affairs as at 31 December 2009, the profits of its operations for the financial
year then ended, in accordance with the accounting principles generally
accepted in Portugal.
Lisbon, 26 May 2010
Represented by:
Scope
183
RETA exercises “Rent-a-Cargo” activity, in other words, the rental heavy
vehicles without a driver. It specialised in the leasing of Semi-Trailers, providing
diversified equipment and flexible contractual formulas in line with the specific
needs of clients and is a leader on the national market.
2009 was characterised by a difficult financial and economic trade cycle with
unfavourable effects in the Haulage and Logistical Sector, a segment where the
main clients of Reta act. Despite this, the company recorded growth in its Sales
of 9%, highlighting the contribution made by rentals to the market with growth
of 16%, thereby minimizing the fall which occurred in the sale of used vehicles,
brought about by the general contraction in investment.
In complementary terms, it commercialises the sale of used Semi-Trailers at
the end of the rental operating cycle, thereby seeking to gain a return on its
assets.
4.635
4.012
5.572
5.135
Despite the difficulties experienced, the result of the financial crisis which has
faced the transporting and logistical sector, its main clients, there was a growth
in rental sales, thereby minimising the effects deriving from the difficulty in
selling vehicles.
The most relevant factors for the year under analysis were as follows:
▪ Internal reorganisation and adaptation of the company to the new,
difficult challenges brought about by the unfavourable trade climate
mentioned above, as a way of recovering results in the immediate terms
and consolidating results in 2010;
▪ Development of approach and monitoring skills vis-à-vis “Key Clients”
based on negotiation and sales techniques to these clients;
▪ Renewal of Certification in the Quality Management System (standard
NP EN ISO 9001: 2008), in the context of the sale of rental and the
obtaining of the same certification for the sale of semi-trailers;
▪ Focus on the control of the vehicle occupancy rate, combined with
investment and disinvestment policies, aimed at segments of greater
added value and in expansion;
▪ Training and qualification as a way of continuing to enhance Human
Resources, consequently increasing productivity and the service level
offered;
▪ Strict control of the credit granted.
NIPC (corporate ID) n.º 502 611 308 | Share Capital: 750,000.00 Euros | Mat. n.º 502 611 308 CRC Loures |
2006
2007
2008
2009
The performance of Results in recent years express the high control of some
costs items, to wit fixed fleet costs which, in conjunction with an effective
commercial policy, have conferred a good company performance, allowing 41%
growth in its EBITDA.
3.000
2.978
2.500
2.155
2.000
1.500
2.107
2.000
1.000
500
184
0
2006
2007
2008
2009
The Net Result stood at 191 000 Euros to which the performance of Extraordinary
Results contributed for the sum of 984 000 Euros mainly relating to the disposal
of vehicles.
Investment, essentially in Semi-Trailers, stood at 3 823 000 Euros, having the
objective of maintaining the low average age of the fleet.
Reta has a balanced financial situation with a Financial Autonomy Ratio of 23% a
Solvency Ratio of 30%. In addition to the financial stability there was Cash Flow
of 3 974 000 Euros.
Evolution in Cash flow and Investment (Thousands Euros)
6.273
6.153
3.036
2006
2007
Legal Reserves
9.533,44
181.135,37
Legend
Investment
4.810
3.611
RETA – Locação e Gestão de Frotas, S.A. closed the financial year of 2009 with
Net Results of 190,668.81 Euros.
3.777
3.823
3.974
Cash Flow
2009
2008
Chairman
Member
Member
PROSPECTS FOR 2010
Against a backdrop of economic contraction and uncertainty, adverse to
investments, the rental of vehicles has become a competitive advantage for
transport and logistics operators. It is a flexible operation, enabling companies
to release their financial resources to other investment areas.
On the other hand, the strategies defined in terms of partnerships with Key
Clients and investment/disinvestment selectivity, as well as the constant concern
with the development of solutions suited to the expectations of the market for
the rental and sale of semi-trailers, suggest a positive performance for 2010,
positioning the company on a more comfortable level.
GOVERNING BODIES
Member
Member
Chairman
Secretary
Statutory Auditor
Permanent Member
Alternate
185
BALANCE SHEET
2009
Accounts Codes
POC (Chart of
Accounts)
CEE
Gross Assets
2008
Deprec. And
Adjustments
Net Assets
Net Assets
Assets
C
Fixed Assets
II
2
423
Basic Equipment
18.048.253,75
7.268.773,52
10.779.480,23
3
425
Tools and Utensils
1.541,84
1.541,84
0,00
0,00
3
426
6.572,94
3.845,50
2.727,44
4.499,19
4
441/6
5.000,00
0,00
5.000,00
116.517,00
18.061.368,53
7.274.160,86
10.787.207,67
11.683.337,67
997,60
997,60
III
11.562.321,48
5
4113+414+415
D
997,60
997,60
0,00
997,60
997,60
958.761,24
958.761,24
0,00
0,00
958.761,24
958.761,24
0,00
0,00
1.005.035,20
1.005.035,20
906.664,97
39.792,69
Circulating Capital
II
1
218
II
Bad Debt Clients
1
211
Clients, c/a
2
252
Group Companies
55.183,36
55.183,36
4
24
81.568,53
81.568,53
0,00
4
262+266+
334.705,82
334.705,82
404.711,52
1.476.492,91
1.351.169,18
50.589,51
50.589,51
118,88
50.589,51
50.589,51
118,88
Other Debtors
267+221
1.476.492,91
0,00
12+13+14
Bank Deposits
E
Accruals and Deferrals:
271
Income Accruals
272
Deferred Costs
276
Deferred Tax Assets
1.296,13
1.296,13
125,00
23.692,18
23.692,18
11.462,90
578.924,24
578.924,24
396.281,07
603.912,55
603.912,55
407.868,97
Total Depreciations
7.274.160,86
Total Adjustments
958.761,24
Total Assets
21.152.122,34
8.232.922,10
186
12.919.200,24
13.443.492,30
Accounts Codes
CEE
2009
2008
A
Equity
I
51
Capital
IV
750.000,00
750.000,00
Reserves:
1
571
Legal Reserves
163.722,92
148.580,85
4
574 a 579
Other Reserves
1.543.958,58
1.543.958,58
V
59
VI
88
338.748,56
51.049,15
Subtotal
2.796.430,06
2.493.588,58
190.668,81
302.841,48
Total Equity
2.987.098,87
2.796.430,06
4.000.000,00
2.500.000,00
Liabilities
C
6
252
Group Companies
8
2611
C
445.605,19
2.727.613,80
4.445.605,19
5.227.613,80
469.142,53
1.260.876,64
192.304,71
151.617,69
762,00
574,75
2
231+12
4
221
Suppliers, c/a
4
228
6
252
Group Companies
1.564.834,96
1.186.569,52
8
2611
3.080.559,92
2.615.067,34
8
24
75.149,69
50.152,41
8
262+263+264+265+
Other Creditors
12.805,31
18.694,23
5.395.559,12
5.283.552,58
267+268+211
D
273
Cost Accruals
41.005,11
81.365,24
274
Deferred Income
49.931,95
54.530,62
276
0,00
0,00
90.937,06
135.895,86
Total Liabilities
9.932.101,37
10.647.062,24
12.919.200,24
13.443.492,30
The Accountant
The Board
Jorge Manuel Soares Simões - Chairman | Leonel Fernando Soares Simõe - Member | José Luís Soares Simões - Member
187
Accounts Codes
CEE
2009
2008
Costs and losses
A
2.a)
61
Goods
2.b)
62
3
3.a)
107.808,52
641+642
2.376.862,78
Remunerations
196.984,14
Others
93.569,39
4.a)
662+663
4.b)
666+667
Adjustments
5
63
Taxes
5
65
165.866,93
681+685+686+
687+688
69
20.797,61
204.341,62
3.293.550,04
3.783.234,99
180.138,22
3.473.688,26
3.497,69
29.068,34
21.076,82
24.574,51
6.535.017,41
125.834,96
Others
110.425,23
(G)
88
58.608,57
6.587.528,16
(E)
86
290.553,53
8.270,73
(C)
13
2.370.961,48
145.733,05
3.617.368,06
(A)
8+11
461.451,54
Social Charges:
645/8
10
461.451,54
Staffing Costs
3.b)
7
107.808,52
133.569,52
236.260,19
328.240,37
461.809,89
6.823.788,35
6.996.827,30
25.884,32
15.522,07
6.849.672,67
7.012.349,37
-241.728,45
-370.086,99
6.607.944,22
6.642.262,38
190.668,81
302.841,48
6.798.613,03
6.945.103,86
Income and gains
B
71
Sales:
Goods
1
72
Services Rendered
154.970,71
5.416.984,79
188
468.542,75
5.571.955,50
4.665.978,31
5.134.521,06
4
73
96.098,13
4
74
Operating Subsidies
4
76
81.351,50
4
77
29.242,18
3.243,80
(B)
7
7811+7813+7814+7818
+785+786+787+788
17.627,09
341,78
209.935,61
15.722,82
5.781.891,11
33.691,69
5.168.212,75
Others
6.596,48
(D)
6.596,48
2.776,75
2.776,75
5.788.487,59
5.170.989,50
1.010.125,44
1.774.114,36
6.798.613,03
6.945.103,86
-805.637,05
-1.366.804,66
-229.663,71
-459.033,14
-1.035.300,76
-1.825.837,80
-51.059,64
-67.245,51
190.668,81
302.841,48
9
(F)
Summary.
The Accountant
The Board
189
Financial Year of 2009 (Information stated in Euros)
0.1. Company: RETA – Locação e Gestão de Frotas, S.A
August 26th 1991
Activity: Hire of vehicle with and without a driver
comparability.
3.1. Fixed Assets
acquisition.
3.2. Adjustments for Bad Debt Clients
respective debts.
3.3. Deferred taxes
differences.
Simões, SGPS, S.A.
TAXES
of 26.5%.
Companies”.
or suspended.
190
follows:
2009
2008
Description
Opening
balance
Effect of the
Financial Year
Closing
balance
Current tax
Pre-tax result
-51.059,64
-67.245,51
-93.982,48
50.311,15
-934.400,96
-1.408.401,51
-1.079.443,08
-1.425.335,87
845.801,78
1.267.847,38
233.641,30
157.488,49
0,00
0,00
25,00%
25,00%
Municipal Surcharge
1,50%
1,50%
0,00
0,00
3.226,97
1.941,76
3.266,97
1.941,76
-186.545,09
-330.294,30
-58.410,33
-41.734,45
(II)
-244.955,42
-372.028,75
(I) + (II)
-241.728,45
-370.086,99
Taxable result
Rate of tax
Current Tax
(I)
Tax losses
Adjustments and Provisions
340.636,84
207.548,52
548.185,36
55.644,23
-24.905,35
30.738,88
396.281,07
182.643,17
578.924,24
Employees.. ............................................................................... 9
Deferred tax
Use in the financial year RETGS
Deferred tax
191
GROSS ASSETS
Items
Opening balance
Increases
Disposals
Closing balance
Basic Equipment
17.279.505,29
3.817.740,99
3.145.796,53
96.804,00
18.048.253,75
Tools and Utensils
1.541,84
0,00
0,00
0,00
1.541,84
6.572,94
0,00
0,00
0,00
6.572,94
0,00
0,00
0,00
0,00
0,00
116.517,00
5.000,00
0,00
-116.517,00
5.000,00
17.404.137,07
3.822.740,99
3.145.796,53
-19.713,00
18.061.368,53
997,60
0,00
0,00
0,00
997,60
997,60
0,00
0,00
0,00
997,60
Items
Opening balance
Increase
Adjust.
Closing balance
Basic Equipment
5.717.183,81
3.615.596,32
-2.064.006,61
7.268.773,52
Tools and Utensils
1.541,84
0,00
0,00
1.541,84
2.073,75
1.771,74
0,00
3.845,50
0,00
0,00
0,00
0,00
5.720.799,40
3.617.368,06
-2.064.006,61
7.274.160,86
Description
Basic Equipment
Net Fixed
Assets
Value of debt
3.517.690,75
2.625.905,79
Short-term
2.180.300,79
Medium and
long-term
445.605,19
Years
2011
Value of debt
445.605,19
192
Shareholder
Shares Subscribed
Número
%
Stake
in Capital %
Voting
Rights %
150.000
100
100
100
21 - MOVEMENTS OCCURRING IN CIRCULATING ASSETS ITEMS
ADJUSTMENTS
Items
Opening
balance
Increase
Reversal
Closing
balance
Items
Bad Debt Clients
822.136,49
165.866,93
29.242,18
958.761,24
51
Capital
822.136,49
165.866,93
29.242,18
958.761,24
57
Reserves
571 Legal Reserves
Bad debt clients................................................................958.761,24
The company submitted promissory notes to third parties as the guarantee of
payment of debts which as at December 31st 2009 stood at 784,320.34 euros.
574 Free Reserves
59
88
Net Result for the
Financial Year
Euros per share.
Increase
Reductions
Closing
balance
750.000,00
0,00
0,00
750.000,00
148.580,85
15.142,07
0,00
163.722,92
1.543.958,58
0,00
0,00
1.543.958,58
51.049,15
287.699,41
0,00
338.748,56
302.841,48
190.668,81
302.841,48
190.668,81
Description
Opening
balance
Amount
Internal market
5.536.083,44
External market
35.872,06
Total
5.571.955,50
193
A) Movement with Group and Associate Companies
Financial Years
Costs and losses
2009
681 Interest paid
Financial results
Items
2008
234.905,33
458.795,59
1.354,86
3.014,30
-229.663,71
-459.033,14
6.596,48
2.776,75
Amounts
Receivables:
Clients, c/a
189.169,09
Group Companies
55.183,36
Debts payable:
Suppliers, c/a
129.813,65
Group Companies
Other Creditors
Financial Years
Income and gains
2009
5.564.834,96
2008
781 Interest earned
3.655,40
589,60
2.941,08
2.187,15
6.596,48
2.776,75
168,00
1.208.148,09
Operating Costs
1.812.540,79
Financial Costs
125.834,96
Extraordinary Costs
30.248,20
Operating Income
1.912.323,02
The Accountant
2009
692 Bad debts
11.130,18
Items
2008
5.549,84
4.774,02
3.448,42
4.410,53
1.150,29
Gross results
698 OOther Extraordinary Losses and Costs
5.569,59
5.373,52
984.241,12
1.758.592,29
1.010.125,44
1.774.114,36
Financial Years
2009
798 Other extraordinary Gains and Income
2008
982.734,19
1.755.194,67
5.053,90
5.200,00
22.337,35
13.719,69
1.010.125,44
1.774.114,36
2009
2008
5.571.955,50
5.134.521,06
-5.537.186,31
-5.580.334,95
34.769,19
-445.813,89
1.226.657,53
1.810.582,80
-848.918,09
-749.459,52
-228.662,94
-223.759,31
183.845,69
391.550,08
-234.905,33
-458.795,59
Current results
-51.059,64
-67.245,51
241.728,45
370.086,99
190.668,81
302.841,48
Net results
190.668,81
302.841,48
1,27
2,02
Results per Share
The Accountant
Financial Years
Operating Results
Income and gains
Jorge Manuel Soares Simões - Chairman
José Luís Soares Simões - Member
Financial Years
Costs and losses
The Board
The Board
194
CASH FLOW STATEMENT
Direct method
2009
2008
2.737.923,85
4.316.371,74
2.367.782,65
7.054.295,59
4.459.077,38
6.826.860,03
Loans to Group Companies
-3.029.758,89
Payments to Other Suppliers
-571.247,48
-2.968.422,86
-3.601.006,37
-637.339,84
-3.605.762,70
PAYMENTS TO STAFF
Remunerations
Other payments to Staff
-259.953,83
-167.388,80
-407,99
-3.647,47
-4.535,27
-264.537,09
-1.206,00
3.188.752,13
-172.242,27
3.048.855,06
PAYMENT/RECEIPT OF IRC
Payment of IRC
0,00
Return of IRC
41.332,29
171.965,42
41.332,29
0,00
171.965,42
71.590,03
64.760,64
58,27
212,22
1,00
71.649,30
3.580,09
68.552,95
Settlement of VAT
-59.743,61
-138.016,62
-468.024,89
-383.798,24
-60.909,22
-229.256,45
-22.635,12
-26.156,53
Payments of TSU
-56.186,73
-46.528,73
Payments of Other Taxes
-5.166,25
-672.665,82
-3.050,31
2.629.067,90
-826.806,88
2.462.566,55
54.243,70
52,70
95.173,57
54.296,40
3,71
95.177,28
-2.856,00
-5,00
0,00
-2.861,00
-1.088,16
-1.088,16
195
(1)
51.435,40
94.089,12
2.680.503,30
2.556.655,67
RECEIPTS FROM:
2.475.801,65
0,00
4.128.053,00
2.148.086,38
42,42
4.128.095,42
-920.277,66
-360.211,18
-2.124.634,88
-4.426.126,54
-3.044.912,54
(2)
-3.044.912,54
-4.786.337,72
-569.110,89
-4.786.337,72
-658.242,30
RECEIPTS FROM:
3.296.000,00
4.024.000,00
3.296.000,00
3.296.000,00
3.243,80
3.243,80
4.024.000,00
4.024.000,00
-1.410.000,00
-2.439.000,00
-1.410.000,00
-2.439.000,00
-2.913.276,21
-111.585,74
-133.569,52
Dividends
(3)
0,00
-3.813.919,00
-4.434.861,95
-441.029,52
-6.693.948,52
0,00
-133.569,52
-285.945,10
-285.945,10
-1.269.187,67
-2.955.893,62
842.204,74
-1.057.480,25
-1.260.277,51
-203.277,51
-418.553,02
-1.260.757,76
The Accountant
The Board
196
BALANCE SHEET
Ernst & Young
Telf: +351 217 912 000
Fax: +351 217 957 586
www.ey.com
Description
2009
2008
50.589,51
118,88
-469.142,53
-1.260.876,64
Cash equivalents:
The Accountant
The Board
Dear Shareholders,
In compliance with the legal provisions and the Articles of Association of the Company,
it is incumbent on us to issue the annual report on the audit of the Company RETA –
Locação e Gestão de Frotas, S.A., regarding the financial year ended on 31 December
2009, and issue an Opinion on the report, accounts and the proposal for the allocation
of the profits presented by the Board of Directors.
situation.
The valuation criteria used for the preparation of accounts are laid down in the
Annex to the Balance Sheet and to the Income Statementsand the Statement of Cash
Flows, and lead to a suitable assessment of company assets
required by law:
197
Ernst & Young
Telf: +351 217 912 000
Fax: +351 217 957 586
www.ey.com
Dear Shareholders,
We have audited the company RETA – Locação e Gestão de Frotas, S.A., in accordance
with article 420 of the Code of Commercial Companies and the company’s Articles of
should be approved;
Lisbon, 25 May 2010
| REGISTERED AUDITORS’S REPORT
Introduction
1. We have audited the financial statements of RETA – Locação e Gestão de
Frotas, S.A., which comprise the Balance Sheet as at 31 December 2009
(reflecting a total of 12.919.200 Euros and total equity of 2.987.099 Euros,
including a net profit of 190.669 Euros) the Income Statement by Natures
and By Functions and the Cash Flow Statement for the year then ended, and
the related Annexes.
Responsibilities
The Single Auditor
Represented by:
Scope
- A apreciação sobre se são adequadas as politicas contabilísticas adoptadas
e a sua divulgação, tendo em conta as circunstâncias;
198
Opinion
aspects materially relevant, of the state of RETA – Locação e Gestão de
Frotas, S.A. affairs as at 31 December 2009, the profits of its operations
and cash flows for the financial year then ended, in accordance with the
accounting principles generally accepted in Portugal.
Lisbon, 25 May 2010
The Single Auditor
Represented by:
199
SOCAR - Equipamento de Transporte e Serviços Técnicos, S.A.
SOCAR is a company specialising in the Semi - Trailer and transport equipment.
It produces and commercialises Integrated Products and Services for the Goods
Haulage Industry, being endowed with a vast “Portfolio” of Products / Services
concentrated in just one space.
In 2009 Socar had the following main guidelines:
▪ Internal reorganisation and adaptation of the company to the new,
difficult challenges brought about by the current climate of market
retraction, as a way of recovering immediate results and preparing the
company for the recovery;
▪ Development of approach and monitoring skills vis-à-vis “Key Clients”
based on negotiation and sales techniques to these clients;
▪ Continued commitment to post-sales service as a way of ensuring ever
greater customer loyalty;
▪ Obtaining of Certification in the Quality Management System (standard
NP EN ISO 9001: 2008), in the context of the maintenance and repair of
semi-trailers of the technical Assistance Centre in Carregado;
▪ Focus on productivity based on a mix of specialised partnerships;
▪ Training and qualification as a way of continuing to enhance Human
Resources, consequently increasing productivity and the service level
offered;
▪ Control of the credit granted.
In 2009, the Turnover of Socar stood at 7 011 000 Euros and the fall which
occurred in the year could be put down not only to the reduction in the sale of
new Semi - Trailers, as well as that registered in the Maintenance and Repair
SOCAR - Equipamentos de Transporte e Serviços Técnicos, S.A.
segment. The fall which occurred in this latter segment could essentially be put
down to the reduction in billing to the Group since the Non-Group billing turned
in a positive variation of 4%. Evolution in Sales (Thousands Euros)
16.276
11.952
9.661
7.011
2006
2007
2008
2009
Despite the high quality of the Lecibérica product, the financial difficulties of
small and medium-sized hauliers, the main clients of the company, once again
penalised the sale of new Semi-trailers segment, exacerbated by the appearance
on the market of low cost used equipment.
Despite the fall in activity recorded in the year, Socar achieved a recovery in
its results. Worth highlighting is operating activity with a Result of 151 000
Euros. This performance is the reflection of procedural restructuring measures
which have gradually been implemented by the company, culminating in a more
efficient cost structure, to wit as regards administrative costs, as well as greater
control of bad client debts.
Net and Operating Result
(Thousands Euros)
110
14
-28
2006
Legend
101
151
Operational
2008
-19
2007
-49
-214
Liquid
2009
200
Assets totalled 2 439 000 EUROS, a fall on 2008 brought about by the reduction
in activity over the year.
Socar closed 2009 with a stable financial situation, increasing its Financial
Autonomy from 29% in 2008 to 38% in 2009, as well as its solvency ratio from 40%
to 62%, indicators which reveal the current financial soundness of the company.
PROSPECTS FOR 2010
For 2010 Socar shall give continuity to the policy followed in the previous year
above, with a view to continuing the growth in sales, in the maintenance and
repair segment in sustained fashion. By contrast, and after the successful
adaptation period to the current economic reality, it is the aim of the company
to be in a prime position at the time of economic recovery.
The company SOCAR – Equipamento de Transporte e Serviços Técnicos, S.A.
closed the financial year of 2009 with Net Results of 100,806.44 Euros.
Legal Reserves
5.040,32
95.766,12
Chairman
To this end, actions have been, and will continue to be, carried out, involving:
▪ The continuation of the strategy redefined in 2009 which seeks the
ongoing commitment to growth in market sales;
▪ Continuation of the development of approach and monitoring skills visà-vis “Key Clients” based on negotiation and sales techniques to these
clients;
▪ Greater control of credit risk;
▪ Implementation of a new computing application, more geared towards
business, which will culminate in a redefinition of internal processes,
an increase in productivities and new forms of approach regarding the
market and clients;
▪ Ongoing commitment to employee training.
GOVERNING BODIES
Member
Member
Chairman
Secretary
Statutory Auditor
Permanent Member
Alternate
201
BALANCE SHEET
2009
Accounts Codes
POC (Chart of
Accounts)
CEE
2008
Deprec. And
Adjustments
Gross Assets
Net Assets
Net Assets
Assets
C
Fixed Assets
I
1
431
II
Set-up Expenses
93.490,00
72.239,13
21.253,87
52.420,04
93.490,00
72.239,13
21.253,87
52.420,04
1
422
2
423
Basic Equipment
2
424
Transport Equipment
58.910,36
47.738,07
11.172,29
5.482,82
311.235,72
241.714,07
69.521,65
40.312,90
3.651,20
3.651,20
0,00
3
426
60.545,27
53.169,32
7.375,95
12.615,81
3
429
69.194,66
21.215,66
47.979,00
53.101,60
4
441/6
0,00
0,00
1.077,50
136.048,89
112.590,63
170.324,34
170.324,34
416.507,11
115.303,72
115.303,72
628.130,43
503.537,21
D
367.488,32
Circulating Capital
I
Stocks:
1
36
2
35
II
Consumable supplies
Products and Works in Progress
285.628,06
0,00
285.628,06
1.044.637,54
375.669,59
0,00
0,00
1
218
Bad Debt Clients
375.669,59
2
252
Group Companies
600.000,00
975.669,59
II
600.000,00
375.669,59
600.000,00
0,00
1.180.200,74
1.180.200,74
1.200.044,46
89.772,00
89.772,00
202.872,65
0,00
0,00
48.679,13
63.166,67
63.166,67
22.202,66
1.333.139,41
1.473.798,90
19.514,14
19.514,14
96.444,15
5.100,00
5.100,00
8.048,50
24.614,14
24.614,14
104.492,65
1
211
Clients, c/a
2
252
Group Companies
4
24
4
262+266+267+267+221
Other Debtors
1.333.139,41
IV
0,00
12+13+14
11
Bank Deposits
Cash
202
E
271
Income Accruals
0,00
0,00
272
Deferred Costs
14.571,44
14.571,44
5.464,93
276
Deferred Tax assets
23.393,42
23.393,42
57.226,22
37.964,86
91.610,36
2.438.649,23
2.879.550,12
37.964,86
Total Depreciations
439.724,45
Total Adjustments
Total Assets
375.669,59
3.254.043,27
815.394,04
CEE
28.919,21
Accounts Codes
2009
2008
A
Equity
I
51
Capital
IV
600.000,00
600.000,00
59.492,68
59.492,68
279.684,87
279.684,87
Reserves:
1
571
4
574 a 579
V
Legal Reserves
Other Reserves
59
Subtotal
VI
88
Total Equity
-109.225,32
-59.965,58
829.952,23
879.211,97
100.806,44
-49.259,74
930.758,67
829.952,23
1.090.378,05
1.682.061,46
134.499,71
59.376,66
4.826,35
4.328,56
Liabilities
C
4
221
Suppliers, c/a
4
228
6
252
Group Companies
8
2611
242,40
8
24
71.810,00
115.653,33
8
262+263+264+265
7.103,06
4.367,51
1.308.859,77
1.865.787,52
198.880,79
183.810,37
Other Creditors
267+268+211
D
273
Cost Accruals
274
Deferred Income
150,00
199.030,79
183.810,37
Total Liabilities
1.507.890,56
2.049.597,89
2.438.649,23
2.879.550,12
The Accountant
The Board
Jorge Manuel Soares Simões - Chairman | José Luís Soares Simões - Member | Leonel Fernando Soares Simões - Member
203
Accounts Codes
CEE
2009
2008
Costs and losses
A
2.a)
61
Materials
2.b)
62
3
3.a)
3.163.965,16
641+642
2.239.671,64
Remunerations
946.262,48
Others
235.498,50
4.a)
662+663
65.457,11
4.b)
666+667
Adjustments
46.092,57
5
63
Taxes
5
65
681+685+686+
687+688
170.637,43
69
Others
20.463,81
(G)
88
346.870,22
1.518.349,95
67.545,12
111.549,68
139.827,73
207.372,85
2.351,38
175.712,29
336.418,78
338.770,16
12.796.047,99
(E)
86
1.181.760,98
6.872.659,75
(C)
13
2.632.408,35
1.171.479,73
5.074,86
(A)
8+11
8.099.146,68
Social Charges:
645/8
10
8.099.146,68
Staffing Costs
3.b)
7
3.163.965,16
20.463,81
13.814,75
13.814,75
6.893.123,56
12.809.862,74
10.180,90
38.655,66
6.903.304,46
12.848.518,40
38.575,86
-45.612,56
6.941.880,32
12.802.905,84
100.806,44
-49.259,74
7.042.686,76
12.753.646,10
Income and gains
B
1
71
Sales:
Goods
Products
1
72
Services Rendered
182.065,75
246.366,10
1.198.687,30
5.795.929,07
5.629.887,46
7.010.640,51
5.909.944,09
204
11.952.239,26
2
Variation in Production
3
75
In-house Works
4
73
4
74
Operating Subsidies
4
76
4
77
-512.826,71
299.167,82
289.177,89
20.701,33
35.064,47
169.708,93
334.298,98
35.933,48
(B)
7
7811+7813+
7814+7818+785
+786+787+788
-62.553,87
525.511,56
33.534,72
7.023.325,36
692.076,06
12.581.761,45
16.272,00
Others
1.603,16
(D)
83.872,65
17.875,16
6.161,51
90.034,16
7.041.200,52
12.671.795,61
1.486,24
81.850,49
7.042.686,76
12.753.646,10
150.665,61
-214.286,54
-2.588,65
76.219,41
148.076,96
-138.067,13
139.382,30
-94.872,30
100.806,44
-49.259,74
9
79
(F)
Summary.
The Accountant
The Board
205
0.1. Company:
SOCAR – Equipamentos de Transporte e
Serviços Técnicos, S.A.
July 14th 1989
Activity: Manufacture, Assembly, Commercialisation,
Repair and Assistance of Vehicles, Trailers and
Semi-trailers.
comparability.
3.1. Stocks
3.1.2. Products and Works in Progress
3.2. Fixed Assets
3.2.1. Intangible Fixed Assets s
calculated in accordance with the straight-line method according to the laws in force.
respective debts.
3.4. Deferred taxes
differences.
Simões, SGPS, S.A.
TAXES
of 26.5%.
Companies”.
206
or suspended.
2009
2008
Current tax
Pre-tax result
139.382,30
-94.872,30
-72.894,23
91.994,70
1.186,91
-27.546,66
67.674,98
-30.424,26
Taxable result
27.062,62
3.361,64
-30.424,36
37.250,62
0,00
Rate of tax
12,50%
25,00%
25,00%
Municipal Surcharge
1,50%
1,50%
8.765,28
0,00
Use of Tax Break
-7.750,18
Current Tax
3.811,23
5.372,47
4.826,33
5.372,47
19.316,97
-31.144,25
6.682,38
-890,83
7.750,18
-18.949,95
(II)
33.749,53
-50.985,03
(I) + (II)
38.575,86
-45.612,56
(I)
Deferred tax
Tax Break-SIFIDE
Deferred tax
207
Opening
balance
Effect of the
Financial Year
Closing
balance
Tax losses
Tax Break-SIFIDE
Adjustments of debts owed by
third parties
6.765,65
-6.765,65
0,00
18.949,95
-7.750,18
11.199,77
31.510,62
-19.316,97
12.193,65
57.226,22
-33.832,80
23.393,42
Employees ................................................................................ 54
GROSS ASSETS
Items
Opening balance
Increases
Disposals
Closing balance
Set-up Expenses
93.490,00
93.490,00
93.490,00
93.490,00
Basic Equipment
Transport Equipment
47.817,82
10.015,04
267.594,19
43.641,53
1.077,50
58.910,36
311.235,72
3.651,20
3.651,20
60.200,02
345,25
60.545,27
65.447,26
3.747,40
69.194,66
1.077,50
0,00
-1.077,50
0,00
445.787,99
57.749,22
0,00
503.537,21
208
Items
Opening balance
Cancellation/
Reversal
Increase
Closing balance
Set-up Expenses
41.069,96
31.166,17
72.236,13
41.069,96
31.166,17
72.236,13
42.335,00
5.403,06
47.738,07
227.281,29
14.432,78
241.714,07
Basic Equipment
Transport Equipment
3.651,20
3.651,20
47.584,21
5.585,11
53.169,32
12.345,66
8.869,99
21.215,66
333.197,36
34.290,94
367.488,32
Bad debt clients................................................................375.669,59
STAFF
Active Debts (Accounts 2624).....................................................128,35
Passive Debts (Accounts 2629)....................................................733,49
21 - MOVEMENTS OCCURRING IN CIRCULATING ASSETS ITEMS
ADJUSTMENTS
Items
Opening
balance
Guarantor
Closing
balance
Increase
Reversal
365.510,50
46.092,57
35.933,48
375.669,59
365.510,50
46.092,57
35.933,48
375.669,59
Bad Debt Clients
Amount
Beneficiary Entity
Guarantee Type
5.298,00
EDP – Distribuição Energia
Bank
209
Euros per share.
Shareholder
Shares Subscribed
Number
%
Stake
in Capital %
120.000
100
100
Voting
Rights %
100
Items
51
Capital
57
Reserves
Opening
balance
Increase
Reductions
600.000,00
Closing
balance
42 - STATEMENT OF VARIATION IN PRODUCTION
Movements
Finished and
Semi-finished
Products
Final stocks
115.303,72
Stock adjustment
0,10
Initial stocks
628.130,53
Increase/ Reduction in the
Financial Year
0,00
0,00
-512.826,81
Description
Amount
Internal market
6.713.373,60
External market
297.266,91
Total
7.010.640,51
59.492,68
59.492,68
574 Free Reserves
279.684,87
279.684,87
59
Results Carried
Forward
-59.965,58
-49.259,74
88
Net Result for the
Financial Year
-49.259,74
100.806,44
-109.225,32
-49.259,74
100.806,44
Costs and losses
681 Interest paid
Financial results
Income and gains
Goods
Consumable supplies
Initial stocks
416.507,11
Purchases
2.917.273,32
Stock adjustment
509,07
Final stocks
Products
and Works
in Progress
600.000,00
571 Legal Reserves
Movements
Byproducts,
Wastage and Scrap
170.324,34
0,00
3.163.965,16
781 Interest earned
Financial Years
2009
2008
18.332,09
10.907,36
2.131,72
2.907,39
-2.588,65
76.219,41
17.875,16
90.034,16
Financial Years
2009
2008
16.272,00
84.656,97
1.603,16
5.377,19
17.875,16
90.034,16
210
Financial Years
Costs and losses
2009
692 Bad debts
Staffing Costs
119.370,50
129.624,08
2.528,85
10.778,64
General Costs
22.737,24
23.812,52
0,00
869,77
142.107,74
153.436,59
Volume of Sales
7.010.640,51
11.952.239,26
Staffing Costs
1.181.760,98
1.518.349,95
1.016,45
37,55
-8.694,66
43.194,83
1.486,24
81.850,49
2009
793 Gains in stocks
Corrections Relating to Previous Financial
Years
2008
509,07
2.147,51
0,00
6.351,53
124,52
1.386,04
560,50
9.000,00
292,15
62.907,91
1.486,24
81.850,49
Amounts
Receivables:
Clients, c/a
291.432,54
Group Companies
689.772,00
Debts payable:
Suppliers, c/a
Group Companies
Other Creditors
Operating Costs
Extraordinary Costs
Operating Income
Financial Income
2008
Fixed Assets
Financial Years
Income and gains
Items
2009
26.969,70
Items
2008
6.635,60
797
132.789,92
4.826,35
2.130,13
1.239.747,52
120,00
4.287.124,97
16.272,00
The amounts recorded for 2009 refer to R&D expenses related with the following
projects:
-Start of the project to implement a new computing application,
more geared towards business, which will culminate in a redefinition
of internal processes, an increase in productivities and new forms of
approach regarding the market and clients;
- Implementation of the complaints management module
- Implementation of improvements to the workshop management
application
C) SIFIDE
Statute Law no. 40 enacted on August 3rd 2005, Socar obtained in the financial
years of 2007 and 2009 a tax saving of 22 778.30 € and 7 750.18 €, respectively.
However, as the company has been included in the Special Taxation Regime of
Company Groups (“RETGS”) in accordance with that referred to in Note 3, the
aforementioned saving could not be used.
The Accountant
The Board
211
Items
Gross results
Operating Results
Financial Year
2009
2008
7.010.640,51
11.952.239,26
-5.470.873,40 -10.420.118,10
1.539.767,11
1.532.121,16
544.872,96
863.960,71
-1.576.345,96
-1.812.068,57
-350.579,72
-667.978,24
157.714,39
-83.964,94
-18.332,09
-10.907,36
Current Results
139.382,30
-94.872,30
-38.575,86
45.612,56
100.806,44
-49.259,74
Net results
100.806,44
-49.259,74
0,84
-0,41
Results per Share
The Accountant
The Board
212
CASH FLOW STATEMENT
Direct method
2009
2008
Receipts from group Clients
6.065.371,23
3.724.165,30
6.902.126,58
9.789.536,53
10.926.624,93
17.828.751,51
-1.151.969,42
-5.694.034,59
-1.869.017,45
-6.846.004,01
-15.868.413,39
-17.737.430,84
Payments to Staff
Remunerations
-855.936,49
Advances to Staff
-4.885,52
-4.772,05
-1.064.667,27
-4.649,09
-865.594,06
-10.833,24
2.077.938,46
-1.080.149,60
-988.828,93
Payment of IRC
-4.378,98
Return of IRC
83,29
-4.295,69
16.898,45
16.898,45
2.370,32
9.470,67
10.585,34
8.361,51
7,76
12.963,42
6,36
17.838,54
-11.366,29
-91.222,13
-797.733,15
-901.952,84
Settlement of VAT
-502.383,61
-1.489.583,76
-110.632,89
-153.761,99
-280.081,94
-292.358,87
-2.002,87
-1.704.200,75
-1.580,61
382.405,44
-2.930.460,20
-3.884.552,14
57,50
1.571,10
567,99
977,81
2.139,09
1.060,42
2.095,73
213
Donations
-157,40
-63,96
(1)
-1.348,14
-221,36
-17,53
-1.365,67
1.917,73
730,06
384.323,17
-3.883.822,08
RECEIPTS FROM:
34.555,74
Investment Subsidies
38.826,41
526,14
73.908,29
-206,91
Tangible Fixed Assets – other companies
Intangible Fixed Assets
(2)
-40.216,56
-25.059,05
-40.216,56
-25.265,96
0,00
-40.216,56
0,00
-40.216,56
-25.265,96
48.642,33
RECEIPTS FROM:
2.295.000,00
8.353.000,00
2.295.000,00
8.353.000,00
48.734,82
0,00
83.872,65
2.427.607,47
107.318,47
8.460.318,47
-4.617.000,00
-2.849.500,00
-4.617.000,00
-2.092,59
Dividends
(3)
-2.849.500,00
-9.717,34
-2.851.592,59
-423.985,12
-88.018,08
-4.714.735,42
3.745.583,05
-79.878,51
-89.596,70
104.492,65
194.089,35
24.614,14
104.492,65
The Accountant
The Board
214
BALANCE SHEET
Ernst & Young
Telf: +351 217 912 000
Fax: +351 217 957 586
www.ey.com
Description
Cash (Fixed Cash Funds)
2009
2008
5.100,00
8.048,50
19.514,14
96.444,15
Dear Shareholders,
The Accountant
The Board
it is incumbent on us to issue the annual report on the audit of Company SOCAR –
Equipamentos de Transporte e Serviços Técnicos, S.A., regarding the financial year
ended on 31 December 2009, and issue an opinion on the report, accounts and the
proposal for the allocation of the profits presented by the Board of Directors.
situation.
The valuation criteria used for the preparation of accounts are those laid down in
the Annex to the Balance Sheet and to the Income Statements and the Cash Flow
Statement, and enable a suitable assessment of company assets.
215
required by law:
Ernst & Young
Telf: +351 217 912 000
Fax: +351 217 957 586
www.ey.com
Dear Shareholders,
We have audited the company SOCAR – Equipamentos de Transporte e Serviços
Técnicos, S.A., in accordance with article 420 of the Code of Commercial Companies
and the company’s Articles of Association, the results of which lead us to opine as
follows:
should be approved;
Lisbon, 25 May 2010
Introduction
1. We have audited the financial statements of SOCAR – Equipamentos de
Transporte e Serviços Técnicos, S.A., which comprise the Balance Sheet
as at 31 December 2009 (reflecting a total of 2.438.649 Euros and total
equity of 930.759 Euros, including a net profit of 100.806 Euros) the Income
Statement by Natures and By Functions and the Cash Flow Statement, for
the year then ended, and the related Annexes.
Responsibilities
The Single Auditor
Represented by:
Scope
216
Opinion
7. In our opinion, the financial statements give a true and fair view, in all aspects
materially relevant, of the state of SOCAR – Equipamentos de Transporte e
Serviços Técnicos, S.A. affairs as at 31 December 2009, the profits of its
operations and cash flows for the financial year then ended, in accordance
with the accounting principles generally accepted in Portugal.
Lisbon, 25 May 2010
Represented by:
217
brought about.
LUSISEG was created in 1989 to exercise the Insurance Mediation activity, with
the concrete objective of managing all the insurance portfolio of the companies
of the Luís Simões Group to which it belongs, having progressively expanded
its intervention to the market in general, focusing on the transport company
market segment.
Sales Development (Thousand Euros)
671
668
643
621
In the insurance activity, the impact of the crisis was felt with great intensity,
characterised by stiff competition between insurers and distribution channels.
The insurance premiums of the various branches fell sharply, in the main in the
Mandatory Branches, mainly as a result of the commercial pressure which was
felt and the reduction in the insurable business as a consequence of economic
contraction.
The Insurance Mediation activity was affected negatively by the crisis as a result
of the performance of the economy by dint of the competitive attitude of the
insurers who made the relationship with the client very difficult with the price
becoming the core variable.
In the target market segment of Lusiseg there was competition such as had
never been seen before with all the insurers and respective distribution channels
competing in the transport market segment in an unbridled quest for market
share.
In 2009 the Turnover for Lusiseg totalled 668 000 Euros. This positive variation
proved relevant bearing in mind the financial difficulties experienced by the
main clients of Lusiseg, small hauliers, who found it hard to withstand the hikes
in fuel prices, as well as the destabilisation of transport flows which this scenario
2006
2007
2008
2009
This reality had a negative impact on the activity of Lusiseg, expressed by
the growing difficulty in collecting premiums and, consequently, on company
commissioning.
It was thus sought to adapt the structure of the organisation to the new market
reality, against an economic backdrop of crisis and great uncertainty. One of
the difficult measures taken was the closure of Lusiseg’s offices in Coimbra and
in Gaia, with the consequent reduction in costs inherent in said structures.
However, the policy adopted had a positive impact on the Net Result of the
company which stood at 81 000 Euros.
Concurrently, there was a major commercial focus which, as with that which
occurred in previous years, enabled Lusiseg to record growth of 3.9%, consolidating
the weighting of the Portfolio in terms of the Market which represents 57% of the
total company portfolio.
Lusiseg closes the year of 2009 with a Financial Autonomy Ratio of 36% a Solvency
Ratio of 59%.
218
PROSPECTS FOR 2010
It is anticipated that 2010 will be a year of the sustained consolidation of the
development strategy commenced in the previous year above, with a direct
positive impact on the results of the company, we believe that this year, with
the commercial strategy focused on the Client and with the reinforcement
of the partnerships created with some preferential Insurers, will be a year of
consolidation of our turnover, with an expected growth of 6.6% in commissions.
We are going to maintain the operating lines commenced in 2009 and which
involve:
▪ Consolidation of the Business Operational Management programme
whose main axes are;
▪ CRM Management – client’s vision at the business centre;
▪ of a commercial plan, based on uniformised criteria and a
common policy so as to make the commercial capacity of the
company profitable;
▪ Creation of new collection and production processes. DISTRIBUTION OF RESULTS
The company LUSISEG – Mediadores de Seguros, Lda. closed the financial year of
2008 with Net Results of 81,169.87 Euros.
Legal reserve
Transition results
Dividends
4.058,49
9.801,00
25.987,17
41.323,27
Manager
Rogério Paulo Farinha Henriques Morato
Manager
▪ Continuation of the negotiation actions of the GLS insurance policies,
finding the best market solution as regards the reduction in costs versus
an increase in cover;
▪ To foster the analysis of business and quality indicators, taken from the
computing tool VisualSeg, thereby increasing the business management
capacity.
GOVERNING BODIES
Management
Rogério Paulo Farinha Henriques Morato
Manager
Manager
Chairman
Secretary
219
BALANCE SHEET
2009
Accounts Codes
CEE
Gross Assets
2008
Deprec. And
Adjustments
Net Assets
Net Assets
Assets
C
Fixed Assets
I
2
433
II
38.000,00
17.099,91
20.900,09
28.500,05
38.000,00
17.099,91
20.900,09
28.500,05
60.344,46
52.850,35
7.494,11
23.667,94
359,08
359,08
0,00
60.703,54
53.209,43
7.494,11
23.667,94
15.839,98
18.952,60
15.839,98
18.952,60
245.000,00
0,00
245.000,00
0,00
226,93
226,93
872,74
13.096,21
13.096,21
11.817,36
1.302,76
1.302,76
155.751,44
14.625,90
168.441,54
346,50
346,50
303,94
346,50
346,50
303,94
14.413,84
14.413,84
49.327,80
8.041,42
8.041,42
6.705,72
22.455,26
22.455,26
56.033,52
326.661,84
295.899,59
3
426
3
429
III
5
4113+414+415
15.839,98
15.839,98
II
0,00
2
252
Group Companies
245.000,00
245.000,00
II
0,00
1
211
Clients, c/a
2
252
Group Companies
4
262+266+267+ 267+221
Other Debtors
14.625,90
0,00
IV
11
E
Cash
271
Income Accruals
272
Deferred Costs
Total Depreciations
70.309,34
Total Adjustments
0,00
Total Assets
396.971,18
70.309,34
220
BALANÇO (continuação)
Accounts Codes
CEE
2009
2008
A
Equity
I
51
Capital
IV
49.880,00
49.880,00
Reserves:
1
571
Legal Reserves
19.009,76
19.009,76
4
574 a 579
Other Reserves
174,69
174,69
-33.190,90
-24.575,68
35.873,55
44.488,77
81.169,87
-1.062,71
117.043,42
43.426,06
99.071,61
130.584,72
13.814,14
16.500,13
V
59
Subtotal
VI
88
Total Equity
Liabilities
C
2
231+12
4
221
Suppliers, c/a
4
228
6
252
Group Companies
30.894,08
42.173,13
8
24
13.493,71
16.626,42
8
262+263+264+265
3.404,56
87,22
160.678,10
206,085.82
43.401,80
46.387,71
5.538,52
0,00
48.940,32
46.387,71
Total Liabilities
209.618,42
252.473,53
326.661,84
295.899,59
Other Creditors
267+268+211
D
273
276
114,20
Cost Accruals
The Accountant
The Management
Jorge Manuel Soares Simões - Manager | Rogério Paulo Farinha Henriques Morato - Manager
221
Accounts Codes
CEE
2.b)
3
3.a)
3.b)
62
Costs and losses
Staffing Costs
Remunerations
Social Charges:
Others
Taxes
A
4.a)
5
5
2009
641+642
645/8
662+663
63
65
221.593,25
239.328,85
71.491,41
23.773,79
16.048,73
400,00
(A)
7
681+685+686+687+688
Others
4,48
14.654,50
(C)
10
69
8+11
86
13
88
1
4
72
76
Income and gains
Services Rendered
7
7811+7813+
7818+785+786+
787+788
(E)
(G)
B
667.778,44
16.395,49
(B)
Others
13.100,69
79,32
(D)
9
79
(F)
Summary.
Pre-tax results: (F)-(E)
Net Results for the Financial Year: (F)-(G)
2008
250.396,75
280.099,39
310.820,26
23.773,79
16.448,73
572.636,03
14.658,98
587.295,01
11,50
587.306,51
28.880,09
616.186,60
81.169,87
697.356,47
667.778,44
16.395,49
684.173,93
13.180,01
697.353,94
2,53
697.356,47
88.870,21
24.114,19
12.535,28
400,00
1.230,66
12.447,46
642.792,08
19.371,09
13.048,02
421,75
368.969,60
24.114,19
12.935,28
656.415,82
13.678,12
670.093,94
39,56
670.133,50
7.173,13
677.306,63
-1.062,71
676.243,92
642.792,08
19.371,09
662.163,17
13.469,77
675.632,94
610,98
676.243,92
111.537,90
-1.478,97
110.058,93
110.049,96
81.169,87
The Accountant
The Management
Jorge Manuel Soares Simões - Manager | Rogério Paulo Farinha Henriques Morato - Manager
5.747,35
-208,35
5.539,00
6.110,42
-1.062,71
222
0 - NOTA INTRODUTÓRIA
0.1. Company:
LUSISEG – Mediadores de Seguros, Lda.
November 23rd 1989
Activity: Insurance Mediators
comparability.
3.1. Fixed Assets
3.1.1. Intangible Fixed Assets
The Intangible Fixed Assets relate to the acquisition of an insurance portfolio and
are valued at the cost of acquisition. Depreciations are calculated in accordance
with the straight-line method according to the laws in force.
Tangible Fixed Assets are recorded in the balance sheet, as in previous years, at
the cost of acquisition, with the exception of assets revalued under the terms of
the legislation published to this end. Depreciations are calculated in accordance
with the straight-line and degressive method according to the laws in force.
3.2. Deferred taxes
differences.
Simões, SGPS, S.A.
TAXES
of 26.5%.
Companies”.
or suspended.
223
2009
2008
Current tax
Pre-tax result
Taxable result
110.049,96
6.110,42
7.599,96
0,00
-6.734,00
7.399,96
110.915,92
13.510,38
0,00
0,00
110.915,92
13.510,38
Opening
balance
Effect of the
Financial Year
Closing
balance
0,00
-2.013,99
-2.013,99
0,00
-2.013,99
-2.013,99
Employees ................................................................................ 10
Rate of tax
1,50%
1,50%
27.830,22
3.580,25
3.063,86
3.592,87
38.000,00
0,00
0,00
0,00
38.000,00
38.000,00
0,00
0,00
0,00
38.000,00
60.344,46
0,00
0,00
0,00
60.344,46
359,08
0,00
0,00
0,00
359,08
60.703,54
0,00
0,00
0,00
60.703,54
18.952,60
0,00
0,00
-3.112,62
15.839,98
18.952,60
0,00
0,00
-3.112,62
15.839,98
Closing
balance
Municipal Surcharge
GROSS ASSETS
Transfers and
write-offs
25,00%
Disposals
25,00%
Increases
Opening
balance
12,50%
Items
Current Tax
(I)
30.894,08
7.173,12
Deferred tax
Industrial Property and Other
Rights
-2.013,99
Deferred tax
(II)
-2.013,99
0,00
(I) + (II)
28.880,09
7.173,12
Securities and Other Financial
Applications
224
Opening
balance
Items
Increase
Adjust.
Closing
balance
9.499,95
7.599,96
0,00
17.099,91
51
Capital
9.499,95
7.599,96
0,00
17.099,91
57
Reserves
36.676,52 16.173,83
0,00
52.850,35
0,00
0,00
359,08
37.035,60 16.173,83
0,00
53.209,43
571 Legal Reserves
359,08
88
Net Result for the
Financial Year
49.880,00
19.009,76
0,00
0,00
19.009,76
174,69
0,00
0,00
174,69
(24.575,68)
(8.615,22)
0,00
(33.190,90)
(1.062,71)
81.169,87
(1.062,71)
81.169,87
Description
Number
%
Stake
in Capital %
-
100
100
Voting
Rights %
100
Amount
Internal market
667.778,44
Costs and losses
Financial results
Shares Subscribed
Closing
balance
0,00
Results Carried
Forward
Reductions
0,00
574 Free Reserves
59
Increase
49.880,00
681 Interest paid
Shareholder
Opening
balance
Items
Income and gains
781 Interest earned
Financial Years
2009
2008
12.643,72
11.378,19
2.015,26
2.299,93
(1.478,97)
(208,35)
13.180,01
13.469,77
Financial Years
2009
2008
13.100,69
13.048,02
79,32
421,75
13.180,01
13.469,77
225
Financial Years
Costs and losses
2009
692 Bad debts
2008
0,00
38,34
11,50
1,22
(8,97)
571,42
2,53
610,98
Financial Years
Income and gains
2009
2008
2,53
610,98
2,53
610,98
Items
Amounts
Receivables:
Clients, c/a
409.212,88
Shareholders
258.096,21
Debts payable:
Suppliers, c/a
8.727,56
Shareholders
30.894,08
Operating Costs
126.904,39
Financial Costs
4,48
Operating Income
288.151,34
Financial Income
13.100,69
The Accountant
The Management
Rogério Paulo Farinha Henriques Morato - Manager
226
The current framework of companies and businesses of the Luís Simões Group
is characterised by the clear distinction between a structure which brings
together all the business support operations, focused on the company LS –
Gestão Empresarial e Imobiliária, and those companies solely geared towards
the operation of the various business areas in which the Group is positioned.
This Organisation has pursued the following objectives:
▪ Allowing each company to solely focus on the business, concentrating on
the monitoring of clients, the winning over of new and bigger markets
and the optimization of business operational management;
▪ To professionalise the management of all the business support services,
serving as an element for collating knowledge and with the ability to
transfer this knowledge amongst LS companies;
▪ To increase the competence of the services which do not constitute
the Core Business of the Luís Simões Group, ensuring an increase in
productivity and the capacity to absorb new activities, businesses or
companies;
▪ To concentrate, optimise and make more flexible the use of the resources
available which were spread amongst the various Group companies;
having been submitted for licensing and the consultation was commenced
for the construction works contract;
▪ The valuation of all the industrial real estate assets of the group, having
established the terms for a possible placement on the market of the
current real estate assets of Gaia;
▪ The carrying out of studies with a view to the possible creation of a Real
Estate Investment Fund to support the financial requirements deriving
from the new anticipated investments;
▪ Having monitored assets management from the proprietor’s perspective,
having carried out those management actions falling within its
competence and responsibility, to wit as regards maintenance, licensing
and support in the resolution of specific situations deriving from the
operation of assets.
In 2009 the Turnover for the company registered a positive evolution, growing by
15% and standing at 8 136 000 Euros. LSG solely provides its services to Group
companies meaning that its sales derive from projects with the involvement of
corporate resources.
7.633
In addition, the company holds and manages the Real Estate Assets of the Luís
Simões Group which has been assigned to the operating activities, as well as a
series of real estate assets which are dispersed and of different types, acquired
over the years.
As regards the activity carried out during 2009 it is worth stressing:
▪ The search for new solutions for the carrying out of activities to the
North of the country, having visited dozens of sites and maintained
contacts with local governments and various investors.
▪ AThe acquisition of the site at Machaveiro for the construction of the
Azambuja Transport Terminal. In addition, the project was completed,
8.136
7.989
7.086
2006
2007
2008
2009
The company closed the year with an EBITDA of 2 928 000 Euros, this being the
highest in the last 4 years. This performance can not only be put down to the
positive behaviour of sales, but also the strict control of some Costs items, to
wit the item “External Services and Supplies”, with this having recorded a yearon-year fall of 26%.
227
4.000
2.868
3.000
2.000
2.928
2.287
1.423
1.000
0
2006
2007
2008
2009
In the increase in the Equity of LSG to 18 160 000 Euros is influenced by the Free
Revaluation Reserves allocated to company real estate for the sum of 18 944 000
Euros, deducting the 3 832 000 Euros corresponding to Deferred Taxes. This free
revaluation was carried out by an independent entity, CBRE CB Richard Ellis, in
accordance with the criteria of the CMVM (Securities Market Commission). The Financial Autonomy and Solvency indices closed the year at 34% and 52%,
these being the indicators of the financial soundness of the company.
PROSPECTS FOR 2010
In 2010, LSG intends implement various projects with a view to increasing the
productivity of the corporate areas and, consequently, that of the GLS companies
to which it provides its services.
Those projects most worthy of mention area:
▪ As regards Real Estate activity, the prospects for 2010 are focused on:
▪ The day-to-day management of existing assets;
▪ The continuation of initiatives conducive to the materialisation of
the new investments in Gaia;
▪ The materialisation of a reference solution for Luís Simões’
activities in Madrid;
▪ At the start/completion of the works relating to the Azambuja
Transport Terminal.
▪ Development of two projects with a major impact, not only by dint of the
simplification of administrative tasks, but also because of the greater
speed in access to information, either internally or in the relationship
with suppliers. These projects are:
▪ Digitisation of invoices;
▪ Supplier Portal.
▪ Transposition of International Accounting Standards (NIC´s) to National
Legislation;
▪ Implementation of indicators in the field of Human Resources which
allow the Management analysis capacity to be boosted, providing to the
various areas information so that the latter can act in due time.
GOVERNING BODIES
Member
Member
Mesa da Assembleia Geral
Chairman
Secretary
Fiscal Único
Permanent Member
Alternate
The company LS – Gestão Empresarial e Imobiliária, S.A. closed the financial
year of 2009 with Net Results of 741,606.08 Euros.
Legal reserve
Dividends
37.080,30
67.809,00
113.226,43
523.490,35
Moninhos, February 15th 2010
228
BALANCE SHEET
2009
Accounts Codes
POC (Chart of
Accounts)
CEE
2008
Deprec. And
Adjustments
Gross Assets
Net Assets
Net Assets
Assets
C
Fixed Assets
II
1
421
10.157.302,28
1
422
58.498.390,53
2
423
Basic Equipment
2
424
Transport Equipment
3
425
Tools and Utensils
3
426
3
429
4
441/6
10.157.302,28
4.741.799,48
19.076.473,63
39.421.916,90
13.320.025,09
754.032,59
646.703,99
107.328,60
137.574,55
312.000,03
188.500,02
123.500,01
201.500,02
61.297,33
60.844,02
453,31
284,16
3.145.565,43
2.476.763,21
668.802,22
598.856,50
802.571,01
686.960,72
115.610,29
131.167,67
71.397,10
14.197.902,78
50.666.310,71
33.329.110,25
1.065,00
2.505,00
1.065,00
2.505,00
382.300,48
382.300,48
381.800,48
1.088.212,03
1.088.212,03
7.652,86
1.470.512,51
389.453,34
987.430,87
987.430,87
876.707,56
0,00
0,00
48.448,46
14.962,36
14.962,36
523.369,61
1.002.393,23
1.448.525,63
71.397,10
73.802.556,30
III
23.136.245,59
5
4113+414+415
1.065,00
1.065,00
D
0,00
Circulating Capital
I
Stocks:
3
33
3
32
Finished and Semi-finished Products
Goods
1.470.512,51
II
0,00
1
211
Clients, c/a
4
24
4
262+266+267+
Other Debtors
267+221
1.002.393,23
0,00
229
IV
Bank Deposits
12+13+14
Cash
11
E
187,05
187,05
231,25
10.103,30
10.103,30
11.249,02
10.290,35
10.290,35
11.480,27
177.921,17
177.921,17
180.281,52
31.192,04
31.192,04
68.037,40
209.113,21
209.113,21
248.318,92
53.359.685,01
35.429.393,41
272
Deferred Costs
276
Deferred Tax Assets
Total Depreciations
23.136.245,59
Total Adjustments
0,00
Total Assets
76.495.930,60
23.136.245,59
BALANCE SHEET (ctd.)
Accounts Codes
CEE
2009
2008
A
Equity
I
51
Capital
56
IV
500.000,00
500.000,00
15.043.937,48
223.895,59
Reserves:
1
571
Legal Reserves
175.864,03
175.864,03
4
574 a 579
Other Reserves
897.536,67
897.536,67
801.036,17
657.447,00
17.418.401,35
2.454.743,29
741.606,08
-113.226,43
18.160.007,43
2.341.516,86
V
59
Subtotal
VI
88
Total Equity
Liabilities
C
6
252
Group Companies
12.000.000,00
12.500.000,00
8
2611
13.071.878,49
13.833.773,37
25.071.878,49
26.333.773,37
230
C
2
231+12
2.455.659,84
2.406.763,39
4
221
Suppliers, c/a
431.972,92
497.654,44
4
228
5.638,80
53.208,63
6
252
Group Companies
526.789,32
1.119.187,16
8
2611
1.438.610,22
1.618.173,21
8
24
314.929,80
286.031,98
8
262+263+264+265
Other Creditors
442.668,86
687,65
5.616.269,76
5.981.706,46
544.068,57
538.806,99
1.075,00
280,00
3.966.385,76
233.309,73
4.511.529,33
772.396,72
Total Liabilities
35.199.677,58
33.087.876,55
53.359.685,01
35.429.393,41
267+268+211
D
273
Cost Accruals
274
Deferred Income
276
The Accountant
The Board
José Luís Soares Simões - Chairman | Leonel Fernando Soares Simões - Member Member | Jorge Manuel Soares Simões - Member
Accounts Codes
2009
CEE
2.a)
61
2.b)
62
2008
Costs and losses
A
Goods
3
3.a)
41.084,93
41.084,93
58.499,39
1.669.980,68
58.499,39
2.262.577,87
Staffing Costs
641+642
3.b)
Remunerations
2.394.515,15
2.463.850,62
Social Charges:
645/8
Others
4.a)
662+663
4.b)
666+667
Adjustments
1.009.644,74
3.404.159,89
1.619.140,14
0,00
782.544,62
3.246.395,24
1.050.253,96
1.619.140,14
331,54
1.050.585,50
231
5
63
Taxes
5
65
101.568,52
7
681+685+686+
0,00
(A)
108.752,59
101.568,52
1.061,50
6.835.934,16
109.814,09
6.727.872,09
Interest and Similar Cost:
687+688
431.929,32
Others
10
359.591,43
8+11
13
863.546,14
16.511,76
37.161,27
(E)
7.643.966,67
7.628.579,50
-74.949,35
-58.280,49
(G)
7.569.017,32
7.570.299,01
741.606,08
-113.226,43
8.310.623,40
7.457.072,58
88
B
61.358,98
7.627.454,91
86
791.520,75
(C)
69
802.187,16
7.591.418,23
Income and gains
1
Sales:
71
Goods
1
Services Rendered
4
72
4
73
77
7
11.904,68
8.124.025,57
8.135.930,25
8.774,88
331,54
(B)
7811+7813+7814+
7818+785+786+
787+788
17.678,18
7.068.499,23
7.086.177,41
9.172,37
9.106,42
5.165,72
8.145.036,67
14.338,09
7.100.515,50
Others
496,78
(D)
496,78
7.553,31
7.553,31
8.145.533,45
7.108.068,81
165.089,95
349.003,77
8.310.623,40
7.457.072,58
1.309.102,51
372.643,41
-791.023,97
-855.992,83
518.078,54
-483.349,42
666.656,73
-171.506,92
741.606,08
-113.226,43
9
79
(F)
Summary.
The Accountant
The Board
José Luís Soares Simões - Chairman | Leonel Fernando Soares Simões - Member Member | Jorge Manuel Soares Simões - Member
232
0.1. Company: LS – Gestão Empresarial e Imobiliária, S.A.
September 17th 1991
Activity: Purchase, Sale, Resale, Operation and
Administration of Real Estate and the
Rendering of Services in the Business
Management Area.
to this end or free revaluations. Depreciations are calculated in accordance with
the straight-line method according to the laws in force.
acquisition.
3.3. Deferred taxes
differences.
comparability.
3.1. Stocks
3.1.2. Goods
3.1.3. Finished Products
3.2. Fixed Assets
Tangible Fixed Assets are recorded on the balance sheet at the cost of acquisition,
TAXES
of 26.5%.
or suspended.
233
The Income Tax recorded in this financial year basically corresponds to:
2009
2008
Description
Current tax
Pre-tax result
666.656,73
-171.506,92
440.052,27
275.701,88
Fiscal Loss 2008
-165.683,10
-104.194,96
Tax Breaks - SIFIDE
941.025,90
0,00
Taxable result
Opening
balance
Effect of the
Financial Year
Closing
balance
68.037,40
-68.037,40
0,00
0,00
31.192,04
31.192,04
68.037,40
-36.845,36
31.192,04
34.067,40
-18.576,78
15.490,62
199.242,33
-26.615,58
172.626,75
0,00
3.758.142,71
3.758.142,71
0,00
20.125,68
20.125,68
233.309,73
3.733.076,03
3.966.385,76
-272.095,48
668.930,42
0,00
Rate of tax
Real Estate Leaseback
12,50%
25,00%
25,00%
1,50%
1,50%
179.785,49
0,00
Municipal Surcharge
Use of Tax Break
Free Revaluation Reserve for Real
Estate LSG-Edifícios
-165.670,11
Current Tax
(I)
8.425,81
10.698,26
22.541,19
10.698,26
-48.589,99
-68.978,75
Employees ................................................................................ 76
Deferred tax
Adjustment for Deferred Taxes from previous years,
alteration to IRC rates
Tax Break-SIFIDE
Deferred tax
-17.722,05
-31.178,51
(II)
-97.490,55
-68.978,75
(I) + (II)
-74.949,36
-58.280,49
234
GROSS ASSETS
Items
Opening balance
Revaluation/
adjustment
Increases
Disposals
Transfers and
write-offs
Closing balance
4.741.799,48
4.481.789,16
23.619.915,16
22.082.027,41
Basic Equipment
754.032,59
Transport Equipment
312.000,03
Tools and Utensils
144.972,23
321.726,48
1.255.440,12
10.157.302,28
284.439,61
12.935.915,34
58.498.390,53
754.032,59
312.000,03
60.643,52
653,81
61.297,33
3.173.094,22
331.972,99
16.234,70
-343.267,08
3.145.565,43
800.920,09
4.449,73
2.145,00
-653,81
802.571,01
14.197.902,78
47.660.307,87
64.849,78
26.563.816,57
546.244,73
624.545,79
-14.191.355,46
71.397,10
-343.267,08
73.802.556,30
2.505,00
1.440,00
2.505,00
0,00
0,00
1.065,00
1.440,00
0,00
1.065,00
Items
Opening balance
Revaluation
Increase
Adjustments
Closing balance
10.229.890,07
7.619.520,14
1.234.265,98
-77.202,56
19.076.473,63
Basic Equipment
616.458,04
30.245,95
646.703,99
Transport Equipment
110.500,01
78.000,01
188.500,02
60.359,36
484,66
60.844,02
2.574.237,72
258.153,21
Tools and Utensils
669.752,42
14.331.197,62
12 - INDICATION OF THE LAWS ON WHICH THE REVALUATION OF TANGIBLE FIXED
ASSETS OR FINANCIAL INVESTMENTS WAS BASED
a) The Tangible Fixed Assets was revalued, being based on the provisions of
Statute Law no.31 enacted on 11/02/98;
7.619.520,14
-355.627,72
2.476.763,21
17.990,33
-782,03
686.960,72
1.619.140,14
-433.612,31
23.136.245,59
b) The buildings of the company were subject to a free revaluation in accordance
with the valuation made at the end of March 2009 by an independent entity.
235
Items
Historic Costs (a)
Revaluations (a) (b)
Revalued book values (a)
5.541.026,46
4.586.373,49
10.127.399,95
27.310.830,85
14.174.910,58
41.485.741,43
32.851.857,31
18.761.284,07
51.613.141,38
(a) Net of depreciations
Net Fixed
Assets
Description
Land and Natural
Resources
Value of debt
Short-term
Medium and
long-term
ADJUSTMENTS
2.147.460,20
Buildings and Other
Constructions
12.175.634,01
Items
14.323.094,21 14.395.140,50 1.323.262,01 13.071.878,49
Opening
balance
Value of debt
2011
1.339.609,48
2012
1.355.806,93
2013
1.372.962,48
2014
1.389.925,47
2015
1.407.101,74
2016
1.424.335,44
2017
1.442.183,26
2018
1.460.070,95
2019
1.879.882,74
13.071.878,49
Reversal
Closing
balance
Bad Debt Clients
331,54
331,54
Years
Increase
0,00
331,54
0,00
331,54
0,00
Bad debt clients........................................................................0,00
STAFF
Active Debts (Accounts 2624/2627)..............................................656,10
Passive Debts (Accounts 2629)....................................................275,28
236
Balance Sheet Items
Debts of 1 to 5
years
(Medium-term)
Debts of over 5
years
(Long-term)
5.458.304,36
7.613.574,13
13.071.878,49
LS – Luís Simões, SGPS, S.A.(*)
5.458.304,56
7.613.574,13
13.071.878,49
(*) On 30/12/2009 LS-SGPS, SA acquired 51% of the Capital, thereafter wholly owning the company.
(Lessors)
Total
Shares Subscribed
Shareholder
Number
%
Stake
in Capital%
Voting
Rights %
100.000
100
100
100
39-VARIATIONS IN REVALUATION RESERVES OCCURRING IN THE FINANCIAL YEAR
16,848,197.79 euros.
No. Shares
232.895,59
-10.853,43
213.042,16
Free
18.944.296,43
-3.832.564,43
-280.836,68
14.830.895,32
Total
232.895,59 18.944.296,43
-3.832.564,43
-291.690,11
15.043.937,48
40 - ECLARIFICATION AND JUSTIFICATION OF THE MOVEMENTS OCCURRING IN THE
Category
Statute
Law
no.31/98
Closing balance
Bank
Results Carried
Forward Posting
of Surpluses
DUARTE & MARQUES, LDA
Deferred taxes
512.500,00
Increase in
Capital
Guarantee Type
Coverage of
Losses
Beneficiary Entity
Formation in the
financial year
Amount
Opening balance
Guarantor
Distribution in the financial year
Revaluation reserve
Nominal amount
Total amount
Items
51 Capital
56
Revaluation
Reserves
Opening
balance
Increase
Reductions
500.000,00
223.895,59
Closing
balance
500.000,00
18.944.296,43
4.124.254,54
15.043.937,48
57 Reserves:
A – Nominative
90.000
5,00 €
450.000,00
B – Bearer
10.000
5,00 €
50.000,00
100.000
500.000,00
571 Legal Reserves
175.864,03
175.864,03
574 Free Reserves
873.770,99
873.770,99
23.765,68
23.765,68
575 Subsidies
59
Results Carried
Forward
88 Net results
657.447,00
291.690,11
148.073,94
801,063,17
-113.226,43
741.606,08
-113.226,43
741.606,08
237
Costs and losses
Movements
Initial stocks
Consumable
supplies
Goods
681 Interest paid
7.652,86
Purchases
1.121.644,10
Financial results
41.084,93
0,00
Income and gains
42 - STATEMENT OF VARIATION IN PRODUCTION
Movements
Final stocks
Finished and
Semi-finished
Products
Initial stocks
Byproducts,
Wastage and Scrap
Products
and Works in
Progress
1.844,90
-791.023,97
-855.992,83
496,78
7.553,31
Financial Years
2009
2008
80,90
5.195,14
786 Prompt payment discounts obtained
40,22
456,56
2.277,27
496,78
7.553,31
500,00
0,00
0,00
43 - REMUNERATIONS ASSIGNED TO THE MEMBERS OF THE GOVERNING BODIES
WHICH ARE RELATED WITH THE EXERCISING OF THE RESPECTIVE FUNCTIONS
Costs and losses
691 Donations
Governing Bodies
Remunerations Assigned to the Current members
The Board
301.736,16
692 Bad debts
Income and gains
6.944.250,50
External market
1.191.679,75
Total
8.135.930,25
2008
1.220,00
331,54
5.228,09
14.819,34
30.681,53
28,54
Internal market
2009
698
Amount
Financial Years
1.360,00
Description
861.676,60
4.907,36
785 Forex gains
0,00
381.800,48
Increase/ Reduction in the
Financial Year
786.613,39
783 Income from real estate
382.300,48
Stock adjustment
2008
24,64
1.088.212,03
2009
685 Forex losses
Stock adjustment
Final stocks
Financial Years
0,88
3,11
148.578,19
311.842,50
165.089,95
349.003,77
Financial Years
2009
86.668,79
2008
348.665,56
5.150,27
238
72.573,40
697,49
338,21
165.089,95
349.003,77
financial year of 2006 a tax saving of 81,083.48 €, in the financial year of 2007 of
167,164.76 € and in the financial year of 2009 of € 165,670.11.
Items
Amounts
Receivables:
Clients, c/a
987.001,63
Debts payable:
Suppliers, c/a
The Accountant
The Board
22.902,40
Shareholders
12.526,789,32
Operating Costs
89.146,68
Financial Costs
431.929,32
Operating Income
8.132.481,62
Extraordinary Income
607.140,00
Items
Items
C. Staff
232.444,24
179.311,57
87.211,61
74.236,42
Fixed Assets
0,00
0,00
Stake in Capital
0,00
15.000,00
319.655,85
268.547,99
General Costs
-5.061.700,47
-4.438.967,25
3.074.229,78
2.647.210,16
174.693,15
370.895,17
-1.674.005,93
-2.167.803,19
-121.646,88
-160.132,46
1.453.270,12
690.169,68
-786.613,39
-861.676,60
666.656,73
-171.506,92
77.194,94
58.280,49
743.850,67
-113.226,43
Net results
743.850,67
-113.226,43
7,44
-1,13
Operating Results
Current Results
Volume of Sales
Staffing Costs
8.135.930,25
3.404.159,89
7.086.177,41
3.246.395,24
Results per Share
The amounts recorded for 2009 refer to R&D expenses related with the
Information Systems Management supporting the various group projects.
c)SIFIDE
Statute Law no. 40 enacted on August 3rd 2005, the company obtained in the
2008
7.086.177,41
Gross results
2008
2009
8.135.930,25
2009
Financial Year
The Accountant
The Board
239
CASH FLOW STATEMENT
Direct method
2009
2008
9.844.672,20
14.093,00
8.835.146,14
9.858.765,20
10.970,38
8.846.116,52
-332.930,49
-2.579.728,33
-385.124,27
-2.912.658,82
-2.596.717,07
-2.981.841,34
Payments to Staff
Remunerations
-2.416.638,86
Advances to Staff
-2.158.526,88
0,00
-9.640,66
-730,80
-2.426.279,52
-8.956,48
4.519.826,86
-2.168.214,16
3.696.061,02
0,00
Return of IRC
49.020,40
-57.865,08
49.020,40
15.227,90
-42.637,18
2.617,17
7.669,79
465,30
505,08
3.082,47
8.174,87
Settlement of VAT
-90.653,64
-176.713,39
-6.163,22
-24.763,24
-1.025.126,28
-895.516,62
-435.199,45
-451.855,68
-728.984,66
-677.078,71
-102.296,62
-2.388.423,87
-158.226,84
2.183.505,86
-2.384.154,48
1.277.444,23
5.150,27
80,04
5.230,31
244,91
244,91
240
Donations
-360,00
-1.220,00
0,00
-28,54
0,00
(1)
-360,00
0,01
-1.248,53
4.870,31
-1.003,62
2.188.376,17
1.276.440,61
RECEIPTS FROM:
1.111.205,50
456,56
0,00
1.111.662,06
4.625,14
4.625,14
-88,32
-1.948,68
-1.018.982,35
-359.146,89
-1.019.070,67
(2)
-1.019.070,67
-361.095,57
92.591,39
-361.095,57
-356.470,43
RECEIPTS FROM:
10.025.000,00
5.305.000,00
0,00
10.025.000,00
600.000,00
10.025.000,00
5.905.000,00
5.905.000,00
-10.747.140,00
-5.845.000,00
-10.747.140,00
-5.845.000,00
-397.384,79
-462.061,57
-409.341,98
-718.491,41
-802.187,16
Dividends
(3)
0,00
Variation in Cash and its Equivalents (1)+(2)+(3)
(1)+(2)+(3)
-666.134,51
-12.356.053,93
-546.275,34
-8.237.962,83
-2.331.053,93
-2.332.962,83
-50.086,37
-1.412.992,65
-2.395.283,12
-982.290,47
-2.445.369,49
-2.395.283,12
241
BALANCE SHEET
Ernst & Young
Telf: +351 217 912 000
Fax: +351 217 957 586
www.ey.com
Description
Cash
2009
2008
10.103,30
11.249,02
187,05
231,25
Dear Shareholders,
Cash equivalents:
-2.455.659,84
-2.406.763,39
The Accountant
The Board
it is incumbent on us to issue the annual report on the audit of the Company LS –
Gestão Empresarial e Imobiliária, S.A., regarding the financial year ended on 31
December 2009, and issue an Opinion on the report, accounts and the proposal for
the allocation of the profits presented by the Board of Directors.
situation.
The valuation criteria used for the preparation of accounts are laid down in the Annex
to the Balance Sheet and to the Income Statements and the Cash Flow Statement,
and lead to a suitable assessment of company assets
242
required by law:
Ernst & Young
Telf: +351 217 912 000
Fax: +351 217 957 586
www.ey.com
Dear Shareholders,
We have audited the company Distribuição Luís Simões, S.A., in accordance with
article 420 of the Code of Commercial Companies and the company’s Articles of
should be approved;
Lisbon, 25 May 2010
Introduction
1. We have audited the financial statements of LS – Gestão Empresarial e
Imobiliária, S.A., which comprise the Balance Sheet as at 31 December 2009
(reflecting a total of 53.359.685 Euros and total equity of 18.160.007 Euros,
including a net profit of 741.606 Euros) the Income Statement by Natures
and By Functions and the Cash Flow Statement for the year then ended, and
the related Annexes.
Responsibilities
The Single Auditor
Represented by:
Scope
reasonable assurance that the consolidated financial statements are free
from material misstatements. In order to do so, the audit included:
243
6.We believe that the audit carried out provides an acceptable basis for
Opinion
7. In our opinion, the financial statements give a true and fair view, in all aspects
materially relevant, of the state of LS – Gestão Empresarial e Imobiliária,
S.A. affairs as at 31 December 2009, the profits of its operations and cash
Lisbon, 25 May 2010
Independet Registered Auditors Firm (No. 178)
Represented by:
244
Solmoninhos - Consultoria, Gestão e Execução Imobiliária, Lda
Company activity, solely focused on real estate promotion projects for the
housing sector, was adjusted to the trend observed during 2009, having been
regarded by the analysts as the worst ever, with the majority of activity sectors
ending the year with low performance levels.
The alteration to consumer habits to be found in the type and quality of the
ventures, the excessive supply evident in the North/West corridor and the
difficulties inherent in a market with limited demand have entailed the adoption
of a conservative strategy, solely carrying out that which is necessary to settle
those matters involving licensing pending and in the quest for solutions which
better suit the demand profile.
Hence, in the context of the duties of the company and as regards those projects
which it has been undertaking, the following are worthy of mention:
▪ The obtaining of the approval of the Roussada Project by Mafra City
Council. In addition, studies were carried out with a view to transforming
the construction project into a plot allocation and establishing the
conditions to adapt the existing project to the new demand profile. In
early 2010 the alteration to the project was contractualised and submitted
to the real estate mediation company for commercialisation;
▪ The request to extend the deadline for the start of the construction
relating to the project K1/k17 (Covas / Covão Pequeno), having also
consulted designers for a possible adaptation of the existing project.
The current market conditions and the size of the infrastructures and
their connection to the K16 project (Eira Velha) dictated the need to
extend this deadline;
▪ As regards the K16 project, endeavours were made with a view to obtaining
the licensing of the plot allocation, having observed the need to make
Solmoninhos - Consultoria, Gestão e Execução Imobiliária, Lda
major alterations to the respective project. The contractualisation of a
new designer is in progress, with the resolution of the licensing of this
project being one of the main activities of the company for 2010.
▪ Having obtained the licensing of the plot allocation and of the Villas of
Plots 18, 23 and 40 of Quinta da Peça.
In addition to the current activities, 2009 was characterised by a major alteration
to the asset structure of Luís Simões, with Solmoninhos having assumed in more
sustained fashion the role as a company promoting real estate and making a
return on non-strategic group assets.
During 2009 the company acquired a series of relevant assets made up of
constructed and residential real estate constructed and under construction, real
estate of Services under operation inside and outside the Group and a series of
Agricultural and Urbanisable properties essentially focusing on Moninhos.
All this real estate was previously held by entities related with the exception of
the site of Machaveiro in Azambuja which corresponded to a Medium and Longterm business opportunity, constituting a provision for any intra or extra Group
future needs.
Total Assets (Thousands Euros)
480
484
2007
2008
2.319
369
2006
2009
245
The financial package of this structural operation was an amount of over 1 800
000 Euros, with the company having been endowed with the necessary financial
resources, thereby allowing the future development of its activities with a sound
capital structure, suited to the type of assets held and fostering the objectives set.
As regards the financial indicators of the company, they endow a balanced
financial structure with a Financial Autonomy of 38% and a Solvency Ratio of
61%.
PROSPECTS FOR 2010
2010 shall constitute a reference year for the company in this new cycle which is
now commencing. The external surroundings shall continue to impose added care
as regards the volume and type of the investments to be made, requiring greater
creativity in the search for solutions, adapting them to the new circumstances.
The relative quality and quantity of the assets in the possession of the company
along with the particularly different market juncture do not recommend the
development of investments whose associated market risk and profitability do
not fit in with the profile of Solmoninhos.
In this way, as regards all the assets held, it is intended to maintain a stable work
rate in line with the objectives and strategy set out, with no major investments
being foreseen during 2010.
As regards the activities foreseen for 2010, with major asset implications, the
following is highlighted:
GOVERNING BODIES
Manager
Manager
Manager
Chairman
Secretary
The company Solmoninhos – Consultoria, Gestão e Execução Imobiliária, Lda.
closed the financial year of 2009 with negative Net Results of 33,081.17 Euros.
Results Carried Forward -33.081,17
▪ As regards the Roussada project, the adaptation of the project to the
new market reality was carried out and it was commercialized with the
reference entity in the area. It is expected that by the end of the year it
will be managed to contractualise the sale of this site and the associated
project, with the date of the respective deed being dependent on the
type of business which is materialised;
▪ Carrying out of studies for the development/adaptation of new and
existing projects.
246
BALANCE SHEET
2009
Accounts Codes
POC (Chart of
Accounts)
CEE
2008
Deprec. And
Adjustments
Gross Assets
Net Assets
Net Assets
ASSETS
III
5
4113 + 414 + 415
D
393.655,16
393.655,16
0,00
393.655,16
393.655,16
0,00
Circulating Capital
I
Stocks:
1
36
Consumable supplies
920.876,13
920.876,13
463.745,65
3
32
Goods
990.866,41
990.866,41
0,00
1.911.742,54
463.745,65
1.911.742,54
II
0,00
1
211
Clients, c/a
0,00
0,00
0,00
2
252
Group Companies
0,00
0,00
1.472,81
4
24
2.995,17
2.995,17
3.338,62
4
262+266+267+267+221
75,06
75,06
Other Debtors
3.070,23
E
0,00
3.070,23
4.811,43
10.852,99
10.852,99
14.682,69
10.852,99
10.852,99
14.682,69
2.319.320,92
483.239,77
276
Deferred Tax Assets
Total Depreciations
0,00
Total Adjustments
0,00
Total Assets
2.319.320,92
0,00
247
Accounts Codes
2009
POC (Chart of
Accounts)
CEE
2008
A
Equity
I
51
Capital
1
571
4
574 a 579
IV
921.000,00
250.000,00
Legal Reserves
1.001,79
1.001,79
Other Reserves
4.894,26
4.894,26
-14.687,50
-94.318,30
912.208,55
161.577,75
-33.081,17
-49.867,26
879.127,38
111.710,49
1.262.140,00
165.000,00
1.262.140,00
165.000,00
18.000,99
104.536,71
148.420,88
87.961,06
Reserves:
V
59
Subtotal
VI
88
Total Equity
Liabilities
C
Debts owed to Third Parties - medium and long-term:
6
252
Group Companies
C
Debts to Third Parties - Short Term:
2
231+12
4
221
Suppliers, c/a
6
252
Group Companies
8.555,89
7.713,65
8
24
1.212,67
1.600,48
8
262+263+264+265
Other Creditors
350,00
267+268+211
D
176.540,43
201.811,90
1.513,11
4.717,38
1.513,11
4.717,38
Total Liabilities
1.440.193,54
371.989,74
2.319.320,92
483.239,77
273
Cost Accruals
The Accountant
The Management
Jorge Manuel Soares Simões - Manager | José Luís Soares Simões - Manager | Leonel Fernando Soares Simões - Manager
248
Accounts Codes
CEE
2009
2008
Costs and losses
A
2.b)
62
3
3.a)
12.229,18
Staffing Costs
641+642
3.b)
Remunerations
7.670,93
26.633,82
Social Charges:
645/8
5
63
Others
11.670,94
Taxes
1.733,83
(A)
7
20.663,70
681+685+686+687+688
10
69
19.341,87
6.977,47
1.733,82
475,23
33.304,88
33.611,29
475,23
54.750,22
8.555,89
Others
1.465,30
86
13
88
3.905,72
11.619,29
(C)
43.326,07
425,88
0,04
(E)
43.778,95
66.369,55
-10.697,75
-16.155,50
8+11
7.713,57
10.021,19
(G)
66.369,51
33.081,20
50.214,05
-33.081,17
-49.867,26
0,03
346,79
Income and gains
B
1
71
Sales:
Products
1
0,00
0,00
0,00
(B)
0,00
0,00
0,00
(D)
0,00
0,00
0,03
346,79
0,03
346,79
-33.304,88
-54.750,22
-10.021,19
-11.619,29
9
72
0,00
79
Services Rendered
0,00
(F)
Summary.
-43.326,07
-66.369,51
-43.778,92
-66.022,76
-33.081,17
-49.867,26
The Accountant
The Management
Jorge Manuel Soares Simões - Manager | José Luís Soares Simões - Manager
249
0.1. Company: Solmoninhos – Consultoria, Gestão e Execução
Imobiliária, Lda.
February 23rd 2009
Activity: Purchase, Sale, Resale of Real Estate;
Drawing up of Architecture and Engineering
Studies and Projects; Technical Consultation
and Issuing of Opinions; Project,
Implementation and Management of
Urbanisations and Tourist, Industrial and
Commercial Real Estate ventures; Civil
Construction and Public Works; Construction,
Acquisition, Administration, Operation and
Disposal of said Urbanisations and Ventures,
of Buildings and Autonomous Fractions;
Acquisition and Disposal of participation units
in Securities and Real Estate Investment
funds.
comparability.
costing method for outgoings.
3.1.2. Goods
These are valued at the cost of acquisition or production, adopting the specific
cost as the costing method for outgoings.
3.2. Financial Investments
3.2.1. Investments in Real Estate
These are valued at the cost of acquisition or production, plus any expenses
incurred by the acquisition thereof.
3.3. Deferred taxes
differences.
In the financial years of 2007 and 2008 the company was included in the Special
Simões, SGPS, S.A. In late 2009 the company ceased to meet the requirements
needed to be subject to this regime owing to alterations to the shareholder
structure, meaning that in 2009 it began to be taxed individually.
TAXES
The Company is subject to Corporation Tax (IRC) at the current rate of 25%, plus a
maximum municipal surcharge of 1.5%, on taxable profit, attaining a total rate of
26.5%.
3.1. Stocks
These are valued at the cost of acquisition, adopting the specific cost as the
In accordance with the legislation in force, the tax returns are subject to revision and
correction by the tax authorities during a period of four years (ten years for Social
security until 200, inclusive, and five years as from 2001), unless there should be
tax losses, or inspections, complaints or challenges are in progress, in which cases,
250
depending on the circumstances, the timeframes are prolonged or suspended.
2009
Opening
balance
2008
Adjustment in the
financial year
Efeito do
Exercício
Saldo Final
Tax losses
-43.411,96
-66.026,10
43.411,96
58.730,73
0,00
7.295,37
0,00
0,00
25,00%
25,00%
Municipal Surcharge
1,50%
1,50%
0,00
0,00
155,24
460,46
155,24
460,46
Taxable result
Rate of tax
Current tax
(I)
Deferred tax
-10.852,99
-14.682,69
0,00
-1.933,27
(II)
-10.852,99
-16.615,96
(I) + (II)
-10.697,75
-16.155,50
Deferred tax
14.682,69
-14.682,69
10.852,99
10.852,99
Employees ................................................................................. 0
GROSS ASSETS
Closing
balance
-3,34
10.852,99
Transfers and
write-offs
366,96
10.852,99
Disposals
-66.022,76
-14.682,69
Increases
-43.778,92
14.682,69
Opening
balance
Pre-tax result
Items
Current tax
FINANCIAL
INVESTMENTS
Investments in
Real Estate
0,00
393.655,16
0,00
393.655,16
393.655,16
0,00
0,00
393.655,16
251
35 – ALTERATIONS TO SHARE CAPITAL
At the end of the current financial year, an “accordion” operation was carried
out, with Share Capital having been reduced for the sum of 144,000.00 Euros
to cover results carried forward from previous years, with the reduction of the
nominal value of the stakes, and thereafter Share Capital was increased by
815,000.00 Euros, fully paid up, with the company then having Share Capital of
921,000.00 Euros.
The Share Capital is made up of 5 shares, one with a value of 104,945 Euros,
another of 1,060 euros and the other three of 271,665 euros each.
Items
51
Capital
57
Reserves:
571 Legal Reserves
574 Free Reserves
Opening
balance
Increase
250.00,00
Reductions
815.000,00
144.000,00
1.001,79
Closing
balance
921.000,00
4.894,26
4.894,26
-94.318,30
-64.369,20
-144.000,20
-14.687,50
88
Net Result
-49.867,26
-33.081,17
-49.867,26
-33.081,17
Consumable supplies
Initial stocks
2009
681 Interest paid
2008
9.630,29
Financial results
463.745,65
Purchases
990.866,41
457.130,48
Final stocks
990.866,41
920.876,13
Final stocks
0,00
0,00
11.465,65
390,90
153,64
-10.021,19
-11.619,29
0,00
0,00
Financial Years
Costs and losses
2009
2008
452,88
0,04
-452,85
346,75
0,03
346,79
Financial Years
Income and gains
2009
2008
0,00
343,45
798
0,03
3,34
0,03
346,79
Other Extraordinary Gains and Income
Rubricas
Valores
Debts payable:
Suppliers, c/a
95.798,65
Shareholders
1.270.695,89
Purchase of assets, fin.inv.
21.060,00
Purchase of stock assets
Goods
Financial Years
Costs and losses
1.001,79
59
Movements
586.080,00
Operating Costs
5.465,33
Financial Costs
8.555,89
The Accountant
The Management
Jorge Manuel Soares Simões - Manager | José Luís Soares Simões - Manager
252
GOVERNING BODIES
In 2009 the assets held by Patrimundus comprising the Technical Assistance Centre
located in Carregado entered its first full production year, thereby complying
with one of the objectives for which it was formed.
The real estate operations carried out by the assignee had the expected
development, it being observed that the amount of revenue earned by
Patrimundus during the year was sufficient to cover the costs incurred, having
freed up enough margin to cover a major part of the negative results from
previous financial years.
The Operating Result stood at 287 000 Euros, whilst the Net Result stood at 87
000 Euros. The Financial Autonomy and Solvency Ratios recorded 9% and 10%,
respectively.
PROSPECTS FOR 2010
During 2010 Patrimundus will continue to carry out the management of the
assets it holds and it is expected that a level of results will be maintained in line
with those observed in 2009, thereby allowing the total coverage of the losses
observed in previous years.
Member
Member
Chairman
Secretary
Statutory Auditor
Permanent Member
Alternate
The company Patrimundos – Investimentos Imobiliários, S.A. closed the financial
year of 2009 with Net Results of 86,487.46 Euros.
Legal reserve
4.324,37 Euros
82.163,09 Euros
253
BALANCE SHEET
2009
Accounts Codes
POC (Chart of
Accounts)
CEE
Gross Assets
2008
Deprec. And
Adjustments
Net Assets
Net Assets
ASSETS
C
Fixed Assets
II
1
421
2.010.766,70
1
422
3.439.322,40
2
423
Basic Equipment
II
2.010.766,70
2.010.766,70
515.898,36
2.923.424,04
3.095.390,16
282.606,94
118.830,09
163.776,85
204.175,73
5.732.696,04
634.728,45
5.097.967,59
5.310.332,59
1
211
Clients, c/a
52.209,14
52.209,14
52.209,14
4
24
28.777,07
28.777,07
28.407,37
80.986,21
80.616,51
6.730,67
6.730,67
507,83
6.730,67
6.730,67
507,83
80.986,21
IV
0,00
12+13+14
E
Bank Deposits
272
Deferred Costs
16.435,42
16.435,42
40.538,48
276
Deferred Tax assets
13.598,56
13.598,56
43.016,07
30.033,98
30.033,98
83.554,55
5.215.718,45
5.475.011,48
Total Depreciations
634.728,45
Total provisions
0,00
Total Assets
5.850.446,90
634.728,45
254
Accounts Codes
2009
POC (Chart of
Accounts)
CEE
2008
A
Equity
I
51
Capital
571
Legal Reserves
59
IV
510.000,00
510.000,00
665,86
665,86
-120.239,95
-107.105,25
390.425,91
403.560,61
86.487,46
-13.134,70
Total Equity
476.913,37
390.425,91
Debts owed to Third Parties - medium and long-term:
1.779.500,00
1.500.000,00
Reserves:
1
V
Subtotal
VI
88
Liabilities
C
6
252
Group Companies
2.429.950,65
2.909.453,68
2611
4.209.450,65
4.409.453,68
96,39
557,32
158,78
668,42
53.351,79
254.224,37
451.227,55
395.499,42
504.834,51
650.949,53
24.519,92
24.182,36
24.519,92
24.182,36
Total Liabilities
4.738.805,08
5.084.585,57
5.215.718,45
5.475.011,48
C
Debts to Third Parties - Short Term:
2
231+12
4
221
Suppliers, c/a
6
252
Group Companies
8
2611
D
273
Cost Accruals
The Accountant
The Board
José Luís Soares Simões - Manager | Jorge Manuel Soares Simões - Manager | Leonel Fernando Soares Simões - Manager
255
PROFIT-AND-LOSS ACCOUNT
Accounts Codes
CEE
2009
2008
Costs and losses
A
2.b)
62
4.a)
662+663
5
63
11.851,12
Taxes
212.365,00
212.365,00
212.365,00
212.365,00
10.422,26
10.422,26
10.476,98
10.476,98
(A)
7
681+685+686+687+688
234.638,38
53.351,79
Others
116.431,27
(C)
69
8+11
89.724,37
169.783,06
214.189,36
404.421,44
15,46
(E)
404.421,44
31.182,56
-4.378,23
(G)
435.604,00
535.226,41
86.487,46
-13.134,70
522.091,46
522.091,71
88
303.913,73
539.589,18
86
13
235.675,45
10
12.833,47
539.604,64
Income and gains
B
1
72
Services Rendered
522.091,44
(B)
7
7811+7813+7814+7818
785+786+788
9
522.091,44
522.091,44
522.091,44
522.091,44
Others
79
522.091,44
0,02
0,02
(D)
522.091,46
522.091,44
(F)
522.091,46
522.091,71
287.453,06
286.415,99
0,27
Summary.
-169.783,04
-303.913,73
117.670,02
-17.497,74
117.670,02
-17.512,93
86.487,46
-13.134,70
The Accountant
The Board
José Luís Soares Simões - Manager | Jorge Manuel Soares Simões - Manager | Leonel Fernando Soares Simões - Manager
256
0.1. Company: Patrimundos - Investimentos Imobiliários, S A
Registered Offices: Carregado – Alenquer
April 20th 2004
Activity:
Purchase and sale of real estate and the
resale of real estate acquired to this end;
management, administration and operation
of properties for residential, commercial,
industrial or tourist purposes; civil
construction.
comparability.
TAXES
of 26.5%.
or suspended.
follows:
2009
2008
Current tax
Pre-tax result
117.670,02
17.512,93
Taxable result
117.670,02
Deduction of tax losses
3.1.2. Deferred taxes
differences.
0,00
-117.670,02
0,00
3.1. Fixed Assets
The Tangible Fixed Assets are shown on the balance sheet at the cost of
acquisition. Depreciations are calculated in accordance with the straight-line
-17.512,93
0,00
Rate of tax
12,50%
25,00%
25,00%
Municipal Surcharge
Current tax
1,50%
1,50%
1.765,05
0,00
1.765,05
0,00
29.417,51
-4.378,23
(II)
29.417,51
-4.378,23
(I) + (II)
31.182,56
-4.378,23
(I)
Deferred tax
Deferred tax
257
Description
Opening
balance
Effect of the
Financial Year
Closing
balance
Tax losses
43.016,07
(29.417,51)
13.598,56
43.016,07
(29.417,51)
13.598,56
GROSS ASSETS
Items
Opening balance
Revaluation/
Adjustment
Increases
Disposals
Transfers and
write-offs
Closing balance
2.010.766,70
2.010.766,70
3.439.322,40
3.439.322,40
Basic Equipment
282.606,94
282.606,94
5.732.696,04
5.732.696,04
Items
Opening balance
Increase
Adjust.
Closing balance
Basic Equipment
343.932,24
171.966,12
515.898,36
78.431,21
40.398,88
118.830,09
422.363,45
212.365,00
634.728,45
258
Net Fixed
Assets
Description
Land and Natural
Resources
2.010.766,70
Buildings and Other
Constructions
2.923.424,04
4.934.190,74
Value of debt
Short-term
Medium and
long-term
Euros per share.
Opening
balance
Items
2.881.178,20
451.227,55
2.429.950,65
51 Capital
Increase
Reductions
Closing
balance
510.000,00
510.000,00
665,86
665,86
57 Reserves:
571 Legal Reservess
Years
Value of debt
2011
457.924,64
2012
464.721,11
2013
471.618,45
2014
478.618,18
2015
485.721,76
2016
71.346,51
2.429.950,65
59
Results Carried
Forward
88
Net Result for the
Financial Year
-107.105,25
-13.134,70
-13.134,70
86.487,46
-120.239,95
-13.134,70
86.487,46
Description
Amount
Internal market
522.091,44
Total
522.091,44
Balance Sheet Items
(Lessors)
Debts of 1 to 5
years
(Medium-term)
Debts of over 5
years
(Long-term)
1.872.882,38
557.068,27
Total
Costs and losses
2.429.950,65
681 Interest paid
payment of debts which as at December 31st 2009 stood at 2,881,274.60 euros.
Financial results
Income and gains
35 - SHARE CAPITAL
781 Interest earned
Financial Years
2009
2008
169.246,88
303.558,78
536,18
354,95
-169.783,04
-303.913,73
0,02
0,00
Financial Years
2009
2008
259
0,02
0,02
0,00
Financial Years
Costs and losses
698
2009
Items
2008
15,46
-15,19
0,00
0,27
2009
Gross results
Financial Years
Income and gains
2008
0,00
Clients, c/a
-231.565,84
-231.277,17
290.525,60
290.814,27
0,02
286.916,90
285.470,68
-169.246,88
-302.983,61
Current results
117.670,02
-17.512,93
-31.182,56
4.378,23
86.487,46
-13.134,70
Net results
86.487,46
-13.134,70
1,73
-0,26
Operating Results
52.209,14
522.091,44
-930,12
0,27
Receivables:
522.091,44
-536,18
Amounts
2008
-4.413,47
Items
2009
-3.072,54
0,27
A) Movement with Group and Associate Companies
FINANCIAL YEAR
Results per Share
Debts payable:
Suppliers
158,78
Group Companies
1.832.851,79
Operating Costs
1.587,84
Financial Costs
The Accountant
The Board
53.351,79
Operating Income
522.091,44
The Accountant
The Board
260
CASH FLOW STATEMENT
Direct method
ACTIVIDADES OPERACIONAIS
2009
2008
626.509,68
626.509,68
787.699,90
787.699,90
-10.972,20
-1.785,18
-42.736,65
-12.757,38
-2.602,95
613.752,30
-45.339,60
742.360,30
-2.873,18
Return of IRC
-98,28
-2.873,18
-1.654,00
-1.752,28
-317,05
-10.419,53
-10.419,53
-90,36
-13.292,71
-407,41
-2.159,69
0,26
0,26
(1)
600.459,59
740.200,87
RECEIPTS FROM:
(2)
0,02
0,02
0,02
0,00
RECEIPTS FROM:
730.000,00
730.000,00
689.000,00
730.000,00
689.000,00
689.000,00
-615.000,00
-642.000,00
-615.000,00
-642.000,00
-508.529,88
-437.253,21
-110.521,59
Interest on loans
(3)
-89.724,37
-79.453,26
-593.775,84
(1)+(2)+(3)
-237.760,77
-1.323.775,84
6.683,77
-1.396.467,24
-707.467,24
(1)+(2)+(3)
32.733,63
-49,49
-32.783,12
6.634,28
-49,49
The Accountant
The Board
José Luis Soares Simões - Gerente | Jorge Manuel Soares Simões - Gerente | Leonel Fernando Soares Simões - Gerente
261
BALANCE SHEET
Ernst & Young
Telf: +351 217 912 000
Fax: +351 217 957 586
www.ey.com
Description
2009
2008
6.730,67
507,83
-96,39
-557,32
Cash equivalents:
The Accountant
The Board
Dear Shareholders,
is incumbent on us to issue the annual report on the audit of Company Patrimundus –
Investimentos Imobiliários, S.A., regarding the financial year ended on 31 December
2009, and issue an opinion on the report, accounts and the proposal for the allocation
of the profits presented by the Board of Directors.
situation.
The valuation criteria used for the preparation of accounts are laid down in the Annex
to the Balance Sheet and to the Income Statements and the Cash Flow Statement,
and lead to a suitable assessment of company assets.
required by law:
262
Ernst & Young
Telf: +351 217 912 000
Fax: +351 217 957 586
www.ey.com
Dear Shareholders,
We have audited the company Patrimundus – Investimentos Imobiliários, S.A., in
accordance with article 420 of the Commercial Companies Code and the company’s
Articles of Association, the results of which lead us to opine as follows:
(a) The Management Report and the Accounts for the financial year of 2009 should be approved;
Lisbon, 25 May 2010
Introduction
1. We have audited the financial statements of Patrimundus – Investimentos
Imobiliários, S.A., which comprise the Balance Sheet as at 31 December
2009 (reflecting a total of 5.215.718 Euros and total equity of 476.913 Euros,
including a net profit of 86.487 Euros) the Income Statement by Natures and
By Functions and the Cash Flow Statement, for the year then ended, and the
related Annexes.
Responsibilities
The Single Auditor
Represented by:
Scope
263
Opinion
aspects materially relevant, of the state of Patrimundos – Investimentos
Imobiliários, S.A. affairs as at 31 December 2009, the profits of its operations
and cash flows for the financial year then ended, in accordance with the
accounting principles generally accepted in Portugal.
Lisbon, 25 May 2010
Represented by:
264
© JEFF KINSEY/FOTOLIA
Relatório de
Sustentabilidade
2009
Glossary
Glossary
• BENCHMARK – Ongoing, systematic process used by companies to improve their
management by way of surveys, comparisons and analyses of policies, products,
programmes and strategies provided by other companies (usually within the
same sector) recognised as representatives of the best practices.
• ERSC – European Road Safety Charter
• COL – Logistics’ and Operations Centre
• Sustainable Development – Development which meets the present needs,
without compromising the needs of future generations. (Source: The Brundtland
Report, UN World Commission on Environment and Development, 1987)
• DGERT - Directorate-General of Employment and Working Relations
• EBITDA - Earnings Before Interest, Taxes, Depreciation and Amortization, English
term which means Pre-Tax Results, Financial Costs and Depreciations
• EPI – Individual Protection Equipment
• GEE (Greenhouse gases) – Gaseous components of the atmosphere responsible
for the greenhouse effect
• Focus Group – Research technique in which an evaluation is carried out, in
qualitative fashion, of the attitude of a group of people regarding a product,
service, company or concept
• GRI – Global Reporting Initiative
• I&D – Innovation and Development
• ISC – Customer Satisfaction Survey
• ISO 14001:2004 – Environment Management System Certification
• ISO 9001:2000 – Quality Management System Certification
• ISO 22000:2005 – Food Safety Management System Certification
• NGO – Non-Governmental Organisations
• ONRH - National Human Resources Observatory
• POC – Official Chart of Accounts
• Stakeholder – English term used to represent the parties involved associated
with the activity of a given company and all those over which the company has
any kind of influence. This term is very often used in a context of corporate
social responsibility and represents all the “actors” of the company (employees,
clients, suppliers, shareholders and directors), the “observers” (the State, the
Trade Unions, the institutions and the media) and civil society (associations of
the region where the company is located)
• S&ST – Health and Safety at Work
266
© RUTA SAULYTE/FOTOLIA
Relatório de
Sustentabilidade
2009
GRI Table
PROFILE
Location or Evaluation
1 STRATEGY AND ANALYSIS
1.1 Statement from the Board of Directors
Message from the president
1.2 Description of key risks and opportunities.
02.3. Table 1
2 ORGANISATIONAL PROFILE
2.1 Name of the organisation
About this report
2.2 Primary brands, products and/or services.
LS Universe
2.3 Operational structure of the organisation
01.1.
2.4 Location of the organisation’s headquarters.
Moninhos, P.O. Box 41, 2671-951 Loures
2.5 Number and name of countries where the organisation operates
Portugal and Spain
2.6 Nature of ownership and legal form.
Share capital public limited company
2.7 Markets served (including geographical breakdown, sectors covered and types of clients/beneficiaries).
LS Universe
2.8 Scale of reporting organisation.
01.
2.9 Significant changes during the reporting period
n.a.
2.10 Awards received in the reporting period.
n.a.
3 GUIDELINES FOR THE REPORT
REPORT PROFILE
3.1 Reporting period
About this report
3.2 Date of most recent report if any
Message from the president
3.3 Reporting cycle
About this report
3.4 Contact point for questions
About this report
SCOPE AND Boundary OF THE REPORT
3.5 Process for defining report content
02.5.
3.6 Boundary of the report
About this report
3.7 State any specific limitations on the scope or boundary of the report.
About this report
3.8
Basis for reporting on joint ventures, subsidiaries, leased facilities, outsourced operations and other entities that can
significantly affect comparability from period to period and/or organisations
3.9 Data measurement techniques and the bases of calculation, including assumptions and techniques
About this report
Referred to throughout the report
3.10 Explanation of the effect of any re-statements of information provided in earlier reports
3.11 Significant changes comparison from previous reporting periods.
268
SUMMARY OF GRI CONTENT
3.12 Table identifying the location of the Standard Disclosures in the report
Current table
ASSURANCE
3.13 Policy and current practice with regard to seeking independent assurance for the report.
In this first report no external verification was
sought.
4 GOVERNANCE, ENGAGEMENTS AND INVOLVEMENT
GOVERNANCE
4.1 Governance structure of the organisation
01.2.
4.2 Indicate whether the Chair of the highest governance body is also an executive officer
01.2.
4.3
For organisations that have a unitary board structure, state the number of members of the highest governance body that are
independent and/or non-executive directors.
01.2.
4.4
Mechanisms enabling shareholders and employees to transmit their recommendations or issue guidelines to the highest
governance body.
01.2.
4.5
Linkage between compensation for members of the highest governance body, senior managers and executives (including
departure arrangements) and the organisation’s performance (including social and environmental performance).
n.a.
4.6 Processes available to the highest governing body in the hierarchy, in order to avoid conflicts of interest.
n.a.
Process for determining the qualifications and expertise of the members of the highest governance body for guiding
4.7
organisation’s strategy on economic, environmental and social topics.
n.e.
4.8
Internally developed statements of mission or values codes of conduct, and principles relevant to economic, environmental
and social performance and the status of their implementation.
01.
4.9
Procedures of the highest governance body for overseeing the organisation’s identification and management of economic,
environmental and social performance
Annual Report and Account
Susteinavility Report
Processes for evaluating the highest governance body’s own performance, particularly with respect to economic,
environmental and social performance
Sustainability Report
4.10
ENGAGEMENTS WITH EXTERNAL INITIATIVES
4.11 Explanation on whether the precautionary principle is broached by the company and in what way.
Risk management in food safety and prevention of
road safety.
4.12
Externally developed economic, environmental and social charters, principles, or other initiatives to which the organisation
subscribes or endorses
IRU
4.13
Significant participation in associations (such as industry federations) and/or national and international defence bodies, in
terms of organisation.
BCSD Portugal
STAKEHOLDERS’ ENGAGEMENT
4.14 List of stakeholder groups engaged by organisations.
02.3.
4.15 Basis for identification and selection of stakeholders.
02.3.
4.16 Approaches to stakeholder engagement, including frequency of engagement by type and by stakeholder group.
12.4.
4.17
Key topics and concerns that have been raised through stakeholder engagement and how the organisation has responded to
those key topics and concerns, including through its reporting.
12.2. and 12.3.
269
PERFORMANCE INDICATORS
ESSENTIAL /ACCESSORY
ECONOMIC PERFORMANCE
EC1 Direct economic value generated and distributed
E
04.2.
Financial implications and other risks and opportunities for the organisation’s activities due to
EC2
climatic change.
E
n.a.
EC3 Fulfilment of obligations concerning the benefits plan defined by the company.
E
n.e.
EC4 Significant financial support received from the government.
E
13.
EC5 Ratio between the lowest salary and the local minimum wage, at the most important operations units.
A
n.d.
EC6
Policies, practices and proportion of spending on locally based suppliers at the most important
operational units.
E
n.d.
EC7
Procedures for local hiring and the proportion of members in the top management positions occupied
by individuals from the local community, at the most important operations units.
E
n.e.
EC8
Development and impact of investments in infrastructures and services essentially aimed at public
benefit, through commercial involvement, in goods or pro bono.
E
n.e.
A
n.d.
EC9 Description and assessment of the most significant indirect economic impacts, including their extent.
ESSENTIAL/
ACCESSORY
ENVIRONMENTAL PERFORMANCE
EN1 Materials used per weight or volume
E
n.d.
EN2 Percentage of materials used arising from recycling.
E
n.d.
EN3 Direct energy consumption by primary energy source
E
Total diesel consumption of own fleet –
21.611.411 litres
EN4 Indirect energy consumption by primary source.
E
10.2 – Chart 7
EN5 Total energy saving due to improvements in energy preservation.
A
09.3
Initiatives to supply products and services with low energy consumption or that use energy from
EN6
renewable sources, and the reduction in energy consumption resulting from those initiatives.
A
09.3.
EN7 Initiatives to reduce indirect energy consumption and reductions achieved.
A
09.3.
EN8 Total water consumption, per source.
E
10.4 – Chart 11
EN9 Water resources significantly affected by water consumption.
A
n.a.
A
n.a.
E
n.d.
EN10 Percentage and total volume of recycled and reused water.
EN11
Location and area of land belonging to, leased or administered by the company, lying within or
adjacent to protected areas, and areas of high biodiversity index lying outside of protected areas
270
EN12
Description of significant impacts of activities, products and services on biodiversity in protected
areas and areas of high biodiversity value outside protected areas.
E
n.d.
EN13 Protected or recovered habitats.
A
n.e.
EN14 Current and future strategies and programs for managing the impact on biodiversity.
A
n.e.
Number of species on the IUCN Red List and on national conservation lists with habitats in areas
EN15
affected by operations, by level of risk extension.
E
n.e.
EN16 Total direct and indirect greenhouse gas emissions by weight.
E
09.3. – Chart 12 / 10.2. – Chart 13
EN17 Other relevant indirect greenhouse gas emissions by weight.
E
n.d.
EN18 Initiatives to reduce greenhouse gas emissions, as well as the reductions obtained.
A
09.3.
EN19 Emissions of ozone depleting substances by weight.
E
n.d.
EN20 NOx, SOx and other significant air emissions by type and weight.
E
n.d.
EN21 Total water discharge by quality and destination.
E
8.979,6 m3
EN22 Total amount of waste, per type and method of elimination.
E
10.3.1. / 10.3.2.
EN23 Total number and volume of significant spills.
E
n.e.
Weight of transported, imported, exported or treated waste considered hazardous according to
EN24 the terms of the Basel Convention – Annexes I, II, III e IV, and the percentage of waste materials
transported by ship on an international level.
A
n.e.
EN25
Identification, size, protection status and value to biodiversity of water resources and their respective
habitats which have been significantly affected by water discharges and superficial outflow.
A
n.e.
EN26
Initiatives to mitigate environmental impacts of products and services and extent of impact
mitigation.
E
09.3.
EN27 Percentage of products sold and their packaging materials that are claimed by category.
E
n.d.
Monetary value of significant fines and total number of non-monetary sanctions for, non-compliance
EN28
with environmental laws and regulations.
E
n.a.
A
n.d.
A
n.d.
EN29
Significant environmental impact resulting from the transport of products and other goods and
materials used in the company’s operations, as well as from employee transport.
EN30 Total cost of and investment in environmental protection, per type.
271
ESSENTIAL/ACCESSORY
LOCATION OR EVALUATION
SOCIAL PERFORMANCE – Labour Practices and Decent Work Performance
LA1 Total workforce by employment type, employment contract and region
E
06.2. – Table 6
LA2 Total number and rate of employee turnover by age group, gender and region
E
06.4.
LA3 Benefits guaranteed to full-time employees which are not offered to temporary or part-time employees.
A
n.e.
LA4 Percentage of employees covered by collective contract agreements.
E
06.9.
LA5
Minimum prior notification period concerning operations changes, including whether that procedure is specified in
collective contract agreements.
E
06.9.
LA6
Percentage of the total labour force represented at formal health and safety committees, which assist in following
up and advising on occupational health and safety programs.
A
n.e.
LA7
Rates of work-related injuries, professional ailments, lost workdays, absenteeism and work-related deaths, per
region.
E
07.2.1.
LA8
Ongoing programs concerning education, training, advice, risk prevention and control, for the assistance of
employees, their families or members of the community in relation to serious illnesses.
E
11.2.
A
n.e.
E
06.5. – Table 10
A
n.e.
A
n.e.
E
06.3. and 06.4
E
06.4.
LA9 Topics related to safety and health covered by formal agreements with trade unions
LA10 Average hours of training per year, per employee by employee category
LA11
Programs for competency management and ongoing learning that support continuity of staff employability and
career-end management
LA12 Percentage of employees receiving performance and career development assessments on a regular basis.
LA13
Composition of governance bodies and breakdown of employees per category, according to gender, age group,
minority group membership and other indicators of diversity
LA14 Ratio of basic salary of men to women by employee category
272
ESSENTIAL/ACCESSORY
SOCIAL PERFORMANCE – Human Rights
HR1
Percentage and total number of significant investment agreements that include human rights clauses or that have
undergone human rights screening
E
n.e.
E
n.e.
A
n.e.
HR4 Total number of incidents of discrimination and actions taken
E
06.4.
Operations identified in which the right to exercise freedom of association and collective bargaining may be at
HR5
significant risk, and action taken to support these rights
E
n.e.
HR2 Percentage of significant suppliers and contractors that have undergone screening on human rights, and action taken
HR3
Total hours of training for employees on policies and procedures related to relevant human rights aspects, including
the percentage of employees who received training
HR6
Operations identified as having significant risk for incidents of child labour, and measures taken to contribute to the
elimination of child labour
E
n.e.
HR7
Operations identified as having of significant risk for incidents or forced or compulsory labour, and measures taken to
contribute to the elimination of forced pr compulsory labour
E
n.e.
HR8
Percentage of safety personnel that underwent training concerning company policies or procedures related to human
rights aspects
A
n.e.
A
n.a.
HR9 Total number of cases regarding the violation of indigenous people rights, and measures taken
ESSENTIAL/ACCESSORY
SOCIAL PERFORMANCE – Society
S01
Nature, scope and effectiveness of any programs and practices assessing and managing the impact of operations on
communities, including entering, operating and exiting.
S02 Percentage and total number of business units analysed for risks related to corruption
E
n.e.
E
n.e.
S03 Percentage of employees trained in organisation’s anti-corruption policies and procedures
E
n.e.
S04 Actions taken in response to incidents of corruption
E
n.a.
S05 Public policy positions and participation in public policy development and lobbying
E
n.d.
SO6 Total value of financial and in-kind contributions to political parties, politicians or related institutions by country
A
n.e.
S07 Total number of legal actions due to unfair competition, antitrust and monopoly practices, and their results
A
n.e.
E
n.e.
S08
Monetary value of significant fines and total number of non-monetary sanctions for non-compliance with laws and
regulations.
273
ESSENTIAL/ACCESSORY
SOCIAL PERFORMANCE – Product Responsibility
PR1
Life cycle stages in which the health and safety impacts of products and services are assessed for improvement, and
percentage of significant products and services categories subject to such procedures
E
03.2.
PR2
Total number of incidents of non-compliance with regulations and voluntary codes related to the impacts caused by
products and services in health and safety during life cycle by type of result
A
n.e.
PR3
Type of product and service information required by procedures, and percentage of significant products and services
categories subject to such information requirements
E
n.a.
PR4
Total number of incidents of non-compliance with regulations and voluntary codes related to information and the
labelling of products and services by type of result
A
n.e.
A
03.6.1.
PR5 Practices related to client satisfaction, including results of research measuring satisfaction
PR6
Programs of adherence to laws, standards and voluntary codes related to marketing communications, including
advertising, promotion and sponsorship
E
n.a.
PR7
Total number of incidents of non-compliance with regulations and voluntary codes related to marketing
communications, including advertising, promotion and sponsorship by type of result
A
n.e.
A
n.e.
E
n.e.
PR8 Total number of confirmed complaints regarding violations of privacy and loss of client data
PR9
Monetary value of significant fines for non-compliance with laws and regulations concerning the provision and use of
products and services
Note:
· n.a - not applicable
· n.d. - not developed
· n.e. – non-existing
274
Principles of Sustainability
Engagements
Providing a service of high quality and
responsibility
▪ Meeting client expectations by offering flexible and innovative solutions;
▪ Guaranteeing high standards of quality for own and outsourced fleet, for internal logistics operations and for
sales and technical assistance services to semi-trailers.
▪ Guaranteeing high standards of product safety, including food safety, throughout LS’ involvement in the supply
chain.
2009 Service Level:
On time DLS: 98%, On time LSL: 96%, Global TI: 98%
Ensuring the financial strength of the
Group
▪ Promoting a policy of Income retention, reinforcing equity and subsequent financial balance;
▪ Adjusting the provisional structure of monetary resources foreign to the nature of financial investments;
▪ Efficiently managing the client portfolio, focusing on the reduction of PMR and guaranteeing the financing of the
exploration cycle.
2009 Financial autonomy – 24%;
EBITDA – growth of 10% in compared to 2008.
Promotion of innovation and being at the
fore-front
▪ Implementing a culture of innovation in terms of organisation, process and service, increasing efficiency and
creating value for the Client and for the Group
▪ Adopting the best solutions available for the performance of activities, anticipating, whenever possible, client
needs and the fulfilment of regulatory requirements.
2009 Quantify Innovation Scoring indicator
Investment rate in I&D (under the Turnover) LS ≥ 1.7%
Recruitment, Training and Retention of
Employees
▪ Stimulating the recruitment and retention of the staff showing the greatest potential;
▪ Assuring the continuity of the management capacity through the qualification and motivation of people;
▪ Boosting professional development and personal fulfilment
▪ Transmitting a vision of a company engaged with its professionals and with their development.
▪ Contribute towards the creation of jobs in socially depressed areas, through the hiring of drivers. 2009 IImplement talent management in 80 High-Potential employees;
Enhance the reporting of human resource management indicators, including the turn-over /
rotation indicator.
Promotion of Occupational Health and
Safety
▪ Improving the ergonomic conditions and the environment at the workplace.
▪ Monitoring and mitigating activity-related risks; ▪ Ensuring the existence of suitable resources for the promotion of health and safety in the performance of the
professional activity
2009 5% Reduction in the No. of Work-related Accidents
190 hours of training on occupational safety.
Promotion of Road Safety
▪ Promoting good driving practices through the training and monitoring of performances, rewarding the best
practices;
▪ Providing good job conditions for the drivers in terms of ergonomics, as well as resting conditions;
▪ Properly maintaining vehicles
▪ Creating communication channels on road safety, monitoring road accidents and making engagements towards
their reduction.
2009 60% of drivers without accidents for which they are not accountable for during 500 days;
Average age of fleet
Own: 2 ½ years
Outsourced:
Transport 8 years,
Logistics 8 years
2010 Development of the communication channel with drivers regarding Road Safety
Energy efficiency in goods transport
▪ Promoting efficient power units, alternative fuel and inter- and co-modality solutions;
▪ Optimising routes, decreasing kilometres in empty and increasing vehicle occupancy rates;
▪ Investing in eco-driving training
▪ Monitoring fuel consumption, greenhouse gas and particle emissions.
▪ Investing in the relationship with transport and other outsourcers, supporting them with a growing adoption of
sustainability criteria.
2009 Reduction of fuel consumption (own fleet) – Reduction of 0.5 lts/100 kms;
Rate of increase of EURO 4 and 5 vehicles: Own fleet 6%;
Reduction of kms in empty (own fleet and permanent outsourced transport fleets)
(kms in empty < 8.1% of total kms);
Vehicle occupancy rate (logistics): ≥ 60% (weight)
Eco-driving training (h): (1000 man hours - own fleet; 600 man-hours for permanent
outsourced fleets; Logistics – DLS: 800 man hours).
Improvement of the environmental
performance of facilities and operations
▪ Promoting energy efficiency at warehouse, technical assistance to heavy vehicles centres, and offices level
▪ Promoting the correct management and valuing of waste
▪ Monitoring water consumption and promoting its recycling.
2009 Decrease of Energy consumption with Good Practices (DLS – 5%)
10% increase in Waste Recycling (51% to 61%)
Definition of environmental requirements for suppliers
Monitoring of water consumption used for truck washing
2010 Implement ISO 14001:2004 Standard
Promoting internal and external citizenship
▪ Promoting a growing approach to the community, through a strategy of patronage and support for social
initiatives.
▪ Supporting institutes, organisations and projects of public interest by providing technical, human resource and
financial capacities.
▪ Fomenting the citizenship of its employees by promoting their health and investing in partnerships for their
benefit. 2009 Provision of transport services to the Food Bank (Banco Alimentar contra a Fome) and other
social organisations; Perform 2 blood donation campaigns;
Performance of 2 blood sugar screening campaigns;
Performance of one campaign to break the tobacco habit;
Development of partnerships with suppliers to obtain privileges for employee
e.g. Health insurance for employees and their families in Spain;
Encouragement of sports practice through participation in Mini Marathons, long walks, etc
Maintenance of additional actions for health promotion referred to in the chapter concerning
Occupational Health and Safety;
Promotion of Volunteering in High Schools through actions encouraging entrepreneurship.
Promoting internal and external
communication
▪
▪
▪
▪
2009 New Web platform for communication with suppliers
Structuring communication channels and promoting face-to-face activities for drivers and other employees
Promoting visits by learning institutes, families of employees and/or other stakeholders to LS facilities (sites).
Promoting strategic communication and operational communication web platforms with suppliers and clients
Communicating in a transparent way with the media and with local and national authorities
ata Sheertt’09
TechnicalSuD
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Title| Inte
SGPS, S.A.
Luís Simões
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Sustainability Report

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