Refer 2007 En

Rede Ferroviária Nacional – REFER, E.P.

IAS / IFRS Financial Statements

1111

VVVVersion ersion ersion ersion ssssubmitted to the ubmitted to the ubmitted to the ubmitted to the Minister approvalMinister approvalMinister approvalMinister approval



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ContentsContentsContentsContents

1 MESSAGE BY THE BOARD OF DIRECTORS.................................................................................................... 4

2 GOVERNING BODIES .......................................................................................................................... 11

3 ANALYSIS OF THE ECONOMIC SETTING .................................................................................................... 25

4 ACTIVITIES IN 2007 ............................................................................................................................ 28

4.1 INFRASTRUCTURE MANAGEMENT ......................................................................................................... 29

4.1.1 CONSERVATION AND MAINTENANCE ........................................................................................... 31

4.1.2 OPERATION ........................................................................................................................... 33

4.2 INVESTMENTS.................................................................................................................................. 35

5 ENVIRONMENT .................................................................................................................................. 43

6 PROPERTY ASSETS ............................................................................................................................... 46

7 SAFETY ............................................................................................................................................ 48

8 HUMAN RESOURCES ........................................................................................................................... 51

9 REFER SHAREHOLDINGS ..................................................................................................................... 54

10 OUTLOOK ........................................................................................................................................ 57

11 INCOME APPLICATION PROPOSAL .......................................................................................................... 59

12 FINANCIAL STATEMENTS AND ANNEXES (IFRS) .......................................................................................... 61

13 ANNEXES ....................................................................................................................................... 129



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1111 MMMMESSAGE BY THE ESSAGE BY THE ESSAGE BY THE ESSAGE BY THE BBBBOARD OARD OARD OARD OOOOF F F F DDDDIRECTORSIRECTORSIRECTORSIRECTORS

In 2007 and for the first time, REFER, E.P., is presenting its Annual Report prepared according to the

International Accounting Standards (IAS/IFRS). This presentation complies with regulations 11/2005 of

CMVM (Portuguese Securities and Exchange Commission) which demands that issuers of listed

securities that are not required to prepare consolidated accounts must prepare and present their

individual accounts according to the international accounting standards, applied within the terms of

article 3 of the Regulation 1606/2002 of the Parliament and of the Council, of July 19. Therefore, the

preparation and presentation of the individual accounts, according to the international accounting

standards, within the terms of the previous number, is now mandatory for the years starting on 1

January 2007.

The date of 29 April 2007 marks REFER’s 10th year of existence. To celebrate this date, we carried out

various initiatives to commemorate and disclose the long history of Portugal’s railway.

In these 10 years of existence, REFER has continuously consolidated its main goals of providing the

country with a safe and quality railway network, within a perspective of optimising client services,

modernising the company technologically and by developing its personnel and structure.

It was with these goals in mind that the Board of Directors decided to apply a new organisational

model at REFER by making modifications and improvements to the company’s organisational

structure, in particular the General, Infrastructure Operation, Engineering and Construction

Departments.

The year of 2007 was the second full year in office for the Board of Directors and the first year after the

strategic guidelines issued for the sector by the Ministry of Public Works, Transport and Communications

(MOPIC).



5555

We would like to point out those strategic goals:

Improve accessibility and

mobility in order to substantially

increase the market share.

Guarantee suitable safety,

interoperability and environmental

sustainability standards.

Evolve to a sustainable

financial model and

promote efficiency.

Promote research,

development and

innovation.

SSSSTRATEGICTRATEGICTRATEGICTRATEGICGGGGOALSOALSOALSOALS FORFORFORFOR THETHETHETHE RRRRAILWAYAILWAYAILWAYAILWAY SSSSECTORECTORECTORECTOR

In meeting these goals, in 2007 REFER employed 3,573 employees whose work and dedication

allowed the company to carry out its activities and fulfil its goals.

As a public service provider managing the railway infrastructure, REFER has been improving the level of

its services to operators. It reached punctuality rates of 98% in suburban trains, 98% in cargo trains,

96% in regional and interregional trains and 93% in pendular trains. REFER carried out its activities in

accordance with the quality and efficiency standards, acting in a manner to guarantee good

infrastructure availability levels, to provide stable schedules and to ensure quality service to operators.

At the end of 2007, 55% of the national railway network was equipped with speed control systems

(Convel and ATS) and communication systems (ground-train radio), whereby 83% of the whole main

network was equipped with a ground-train radio system and 79% was equipped with Convel. These

technological modernisation measures ensured better levels of infrastructure performance in terms of

speed and safety.

In 2007, passenger and cargo railway transport increased 3.7% over 2006, which represents and

additional 1,450 million TK.

To increase railway safety and to reduce accident rates, we maintained our plan to eliminate and

reclassify level crossings (LC). Accordingly, in 2007, the company eliminated 31 level crossings and

reclassified 9. These advances, combined with awareness campaigns, helped reduce the number of

accidents at LC which, in the last decade, fell from 156 to 66. Since this is a matter of great concern,

work is being maintained to meet the objective of drastically reducing accident rates.

To improve the safety of persons and assets, in 2007 the company reinforced its video surveillance

systems at railway stations and at other critical infrastructure locations. It also implemented access

control systems at buildings with the highest worker occupation rate in order to protect its main asset -

persons - and to safeguard the goods and information comprising REFER’s assets. To increase the



6666

CCO Lisboa

Estação do Rossio

company's capacity to overcome emergency situations, four emergency plans and various railway

building evacuation plans were prepared.

The company reviewed its investment program to adapt it to the strategic orientations and which was

submitted to the ministry in the first half of the year. In view of the development and innovation

orientations and according to priorities, the company organised its projects for

intermodality, links to ports and airports and logistic platforms as well as linking the

conventional railway network to the high-speed network in close collaboration with

RAVE. Among the said project, the following are highlighted:

• The Lisbon Operation Command Centre (OCC) began operating in

November 2007 and, in the 1st stage, began controlling the whole

Campolide Local Command Post/Centralised Traffic Control area, which

was designed to optimise the network operation and the operational

management of railway circulation in order to obtain high reliability, availability, efficiency,

quality and safety rates;

• Railway link to the Port of Sines/Spain, for which the Preliminary Study of the Sines/Grânbdola

North section was started, the completion of the Preliminary Study and the Environmental Impact

Study for the Évora/Elvas section, the contract award for preparing the Preliminary Study for the

Évora/Évora HS (High Speed) section;

• Railway branch link to the (Siderurgia Nacional) National Steel and Iron Plant, aimed at endowing

the Industrial Complex of Siderugia Nacional with a rail link belonging to the national railway, thus

contributing to improve accesses and to increase competitiveness;

• The contract works for the Multimodal Terminal of Cacia and for the 1st stage of the rail link to the

Port of Aveiro, to foster multimodality and railway transport in domestic and international links,

especially with Spain;

• The first construction stage of the Alcácer do Sal alternative route;

• The various contract works on the Minho, Douro, Oeste, South and North Lines to renew and

rehabilitate the infrastructure;

• Rehabilitation of the Rossio Tunnel, by awarding the contract work to complete the construction

work and specialised work in January 2007, consequent to which the tunnel was reopened to

traffic in February 2008;

• Completion of the renovation work of the Rossio Station

building, one of Lisbon’s most emblematic stations. With this

intervention, it was possible to recover the original structure

and simultaneously create new service areas. Its central

location and key role in urban train transport gives this station

a prominent place in the railway network that deserves special attention by REFER proportional

to its relevance. Consequently, negotiations are in progress to concession shops, restaurants

and offices at this station.



7777

Porto de Aveiro

• Adapting the Santa Apolónia Station to the new subway station by improving the building’s roof,

façades and platforms will be a means of providing better client service. Consequent to the

building’s rehabilitation and in order to enhance the station, REFER placed the premises under a

concession to create shops and restaurants which will begin operating in 2008.

• Work continued to place the north line in Espinho underground, thus creating better operation

conditions;

• The contract award for the alternative route of the Minho line, in the city of Trofa, within the

framework of the Porto – Vigo links.

• The investment in telecommunications in 2007 by participating in integrated projects involving

various specialties, maintaining pace with the preparation of projects to suitably meet railway

operation needs and to maintain pace with evolving networks and systems. The measures to

eliminate aerial telecommunication lines by installing optical fibre wiring also began in the

sections of Tua/Mirandela, Vila Real de Santo António, Tua/Pocinho, Covilhã/Guarda and

Abrantes/Portalegre;

In 2007, the company invested € 336 million, which was covered by EU funds in 21% (€ 70.6 million),

by PIDDAC (Central Administration Investment and Development Program) by about 1.5% (€ 5 million)

and by other financing sources in 77.5% (€ 249.9 million). Like in previous years, since overall

contributions by PIDDAC and by E.U. Funds have been

decreasing, loans have been the main means of financing

investments, with the consequent negative impact on financial

expenses.

To improve efficiency, work was maintained to implement an

asset management process enabling the company to analyse

investments on a lifecycle basis. In 2007, the company was able to define a management

information organisation structure covering fixed assets that will thus provide a common means of

determining the value, cost and performance of the infrastructure during its lifetime. This means

represents the starting point for characterising an integrated management vision of REFER’s

infrastructures.

As for quality, REFER remains committed to ensuring that the Quality Management System (QMS) –

currently implemented and certified according to standard ISSO 9001:2000 applicable to

maintenance activities, in particular at the country’s Centre Operation Unit and at the North Operation

Unit – will continue to be adapted and improved, in addition to the intrinsic dynamics of implementing

the processes associated to the Quality Management System.

The year of 2007 was the turning point for REFER's information systems. The company internationalised

its activities which, until then, were rendered by third parties, and participated in various critical

processes such as billing to operators (special trains, commercial stops at stations, manoeuvre



8888

Obras – Variante de Alcacer

Estação de Sacavém

services, parking, etc.), prepared runs (schedules) for special trains (non-programmed), implemented

the automatic data input for information graphics regarding Service Orders from the SAP and also

developed alarm solutions (hot boxes).

It was also a year for launching the new platform to develop geographic information systems which

opened a window to new possibilities. The company was also able to fulfil major initiatives such as the

standardisation/compatibilisation of the various high-speed sections that recently culminated in the

availability on the Internet of the so-called preventative measures on the Lisbon-Madrid axis.

In 2007, we highlight the review of REFER's Environmental Policy in order to include new guidelines for a

better focus on its scope, with emphasis on the railway network’s maintenance and operation.

At the end of 2007, about 55% of the universe of track previously lacking environmental monitoring

was subject for Environmental Impact Monitoring Evaluation.

On 23 April 2007, the company also submitted its Strategic Noise Chart (SNC) for the Cascais Line to

the Portuguese Environment Agency, making REFER the first entity to submit a plan in compliance with

the new legislation. As a complement, new cartography surveys were

completed covering 90% of the total track length, with over 60,000 runs per

year. The remaining 10% of surveys were awarded through a contract.

A number of factors related to fauna and flora are worth noting. The Institute

of Nature Conservation and Biodiversity (ICNB) challenged REFER to join the

Business & Biodiversity program launched by the European Commission. The

program is part of a broader United Nations goal to halt the loss of biodiversity until the year 2010. As a

complement to this goal, 2007 will see the start of two investments to take place in nature protection

areas, that is, the work for the Alcácer do Sal alternative route and the railway link to the Port of Aveiro.

Lastly, we point out the Green Building (Edifício Verde) project, an initiative by

Quercus, a non-governmental environmental organisation (NGEO), which proposed

that REFER rehabilitate the Sacavém Station and transform it into a model of

sustainable construction based on an already-existing building. As such, an initial

protocol was signed between the parties on September 19 to qualify the said NGEO to operate the

site’s potential. If the necessary conditions are met, the said building will be used as this organisation’s

national head offices.

In 2007, the Board of Directors presented

a Program Contract proposal to define a

stable, responsible and transparent

framework covering the relation between

the state and REFER, specifying rights and obligations by both parties in relation to the construction,

maintenance and operation of the railway infrastructure. This proposal arises from the general transport

policy of the supervising ministry’s guidelines and is meant to fulfil the objectives stipulated in the



9999

Strategic Guidelines for the Railway Sector to progressively outsource the public service rendered by

the infrastructure manager until 2010. In accordance with the aim to allow private operators to

participate in railway operations and to implement high speed in Portugal, the REFER Board of Directors

hopes to have helped define an efficient and sustained management framework for the national

railway structure.

Lastly, we point out the company’s economic-financial performance and its future sustainability. As is

known, only one part of infrastructure management activities are paid by tariffs charged to passenger

and cargo railway operators. The other part, safeguarding the operation's efficiency, should include a

public contribution, which is still not the case. Moreover, the construction and maintenance of the

infrastructures have been financed through loans. Consequently, today REFER has an accumulated

debt of over 4 billion euros, whose cost is included in the financial statements. For a sustained and

efficient future in which management may be responsible for results, we believe that it is essential to

search for a economic and financial sustainability framework for the company.

Having defined the activities framework and by counting on the support that we have always received

from the ministry, on the dedication and performance of our employees and on the support of other

control and regulatory entities, it will be possible to build a stable future for REFER.



10101010



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2222 GGGGOVERNING OVERNING OVERNING OVERNING BBBBODIESODIESODIESODIES

CCCCOMPANYOMPANYOMPANYOMPANY’’’’S S S S MMMMISSIONISSIONISSIONISSION,,,, GGGGOALS AND OALS AND OALS AND OALS AND PPPPOLICIESOLICIESOLICIESOLICIES

ccording to Decree-Law 104/97, of April 29, the main goal of REFER E.P. is to provide a public

service of managing the national railway network. The company’s goals also include:

i. The construction, installation and renovation of the infrastructures which includes,

in particular, the respective studies, planning and development.

ii. Circulation command and control and the promotion, coordination and development of

all activities related with railway infrastructures.

iii. Complementary or subsidiary activities to the main goal.

In summary, REFER has the following mission:

“P“P“P“PROVIDE A COMPETROVIDE A COMPETROVIDE A COMPETROVIDE A COMPETITIVE TRANSPORT INFRITIVE TRANSPORT INFRITIVE TRANSPORT INFRITIVE TRANSPORT INFRASTRUCTURE BY MANAGIASTRUCTURE BY MANAGIASTRUCTURE BY MANAGIASTRUCTURE BY MANAGING AND DEVELOPING ANNG AND DEVELOPING ANNG AND DEVELOPING ANNG AND DEVELOPING AN EFFICIENT AND SAFE REFFICIENT AND SAFE REFFICIENT AND SAFE REFFICIENT AND SAFE RAILWAY AILWAY AILWAY AILWAY

NETWORK THAT IS ENVINETWORK THAT IS ENVINETWORK THAT IS ENVINETWORK THAT IS ENVIRONMENTALLY FRIENDLYRONMENTALLY FRIENDLYRONMENTALLY FRIENDLYRONMENTALLY FRIENDLY."."."."

And its vision:

“REFER“REFER“REFER“REFER WILL BE AN EXEMPLARYWILL BE AN EXEMPLARYWILL BE AN EXEMPLARYWILL BE AN EXEMPLARY EEEEUROPEAN RAILWAY INFRUROPEAN RAILWAY INFRUROPEAN RAILWAY INFRUROPEAN RAILWAY INFRASTRUCTURE MANAGERASTRUCTURE MANAGERASTRUCTURE MANAGERASTRUCTURE MANAGER””””

To carry out its activities, REFER split its organisation to suit the two aspects of its mission, but always

keeping in mind that its main goal is to provide a public infrastructure management service. However,

the whole corporate and administrative structure serves each activity indistinctively.

In addition to the activities covered by its missions – infrastructure management and investment

management – REFER, in performing its normal operations, also carries out other complementary

activities.

According to its official objectives, REFER operates in two complementary business areas:

• Infrastructure Management and Operation, Infrastructure Management and Operation, Infrastructure Management and Operation, Infrastructure Management and Operation, as a public service provider managing the National

Railway Network infrastructures, which includes capacity management, infrastructure

conservation and maintenance and the management of the respective command, control

and safety systems;

• Investment Investment Investment Investment in the construction, installation and renovation of the infrastructures, an activity

performed on behalf of the state (the assets belong to the public railway domain).

A



12121212

Santarém

• Other ActiviOther ActiviOther ActiviOther Activitiestiestiesties such as construction, installation and management of interfaces with the services

of other transport modes, using the spaces to enhance assets.

The following table illustrates the strategic goals for 2008 as defined by REFER in the Activities / Budgets

Plan:

Analysis perspectives Analysis perspectives Analysis perspectives Analysis perspectives Strategic GoalsStrategic GoalsStrategic GoalsStrategic Goals

1. Ensure economic - financial sustainability

2. Decrease the costs of rendered services

3. Increase the contribution by non-operating activities

4. Improve the contribution by additional operating activities

5. Improve and modernise the network infrastructure

6. Improve services rendered to end clients

7. Guarantee high safety levels

8. Promote environmental sustainability / social responsibility

9. Improve image and recognition

10. Increase the organisation's productivity

11. Optimise management and control of investments / contracts

12. Foster the uniformisation of processes and promote the standardisation of the network infrastructure

13. Foster professional development

14. Reinforce technical and management expertise

FinancialFinancialFinancialFinancial

Internal / ProcessesInternal / ProcessesInternal / ProcessesInternal / Processes

Organisational Organisational Organisational Organisational Learning Learning Learning Learning

ClientClientClientClient

As for compliance with goals stipulated for 2007, we highlight that, of the total investment planned for

2007 of 554,975,488 euros554,975,488 euros554,975,488 euros554,975,488 euros, only 335,512,439 euros 335,512,439 euros 335,512,439 euros 335,512,439 euros were carried out, for a 60%60%60%60% realisation raterealisation raterealisation raterealisation rate.

The deviation of 219,463,049 euros 219,463,049 euros 219,463,049 euros 219,463,049 euros compared with the approved budget, was essentially due to

delays/reformulations of various projects, of which we point out those with the highest deviation:

• Various Lines (Various Lines (Various Lines (Various Lines (----62,156,808 euros compared with 145,713,655 euros which 62,156,808 euros compared with 145,713,655 euros which 62,156,808 euros compared with 145,713,655 euros which 62,156,808 euros compared with 145,713,655 euros which werewerewerewere approved): approved): approved): approved):

Delay in the completion of the Lisbon Operation Command Centre caused by the reformulation

of the Exterior Finishing Work Project, the delay in the work for the Port of Sines / Spain link due to

an analysis of alternative routes to the Pk94 / Casa Branca link (including Bombel / Évora), the

delay in performing the telecommunications work caused by lengthy tender processes to install

the optical fibre, delay in awarding some contracts works to overcome Network Capacity

Constraints and the RCT+TP (Traction Current Return + Protection Earthing) regulations;

• North Line (North Line (North Line (North Line (----47,990,022 euros compared with 136,988,068 euros which 47,990,022 euros compared with 136,988,068 euros which 47,990,022 euros compared with 136,988,068 euros which 47,990,022 euros compared with 136,988,068 euros which werewerewerewere approved):approved):approved):approved): Delays

in closing the accounts of some contract works and in

awarding track contract awards in sub-section 1.2/1.3-Al

1.2/1.3-Alhandra / Entroncamento-Trecho Vila Franca

de Xira / Vale de Santarém and the track distortion on

sub-section 2.3 – Trecho Alfarelos / Pampilhosa,

reformulation of the Preliminary Study for the Alternative



13131313

route of Santarém and suspension of the contract work for signalling and telecommunications of

sub-section 2.3 – Trecho Alfarelos / Pampilhosa;

• New Line (New Line (New Line (New Line (----37,107,421 euros compared with 58,180,549 euros which 37,107,421 euros compared with 58,180,549 euros which 37,107,421 euros compared with 58,180,549 euros which 37,107,421 euros compared with 58,180,549 euros which werewerewerewere approved): approved): approved): approved): Delay in

completing the contract works to build links to Siderurgia Nacional (Steel and Iron Plant) and the

Cacia Multimodal Terminal;

• South Line (South Line (South Line (South Line (----24,768,309 euros compared with 54.347.556 euros which 24,768,309 euros compared with 54.347.556 euros which 24,768,309 euros compared with 54.347.556 euros which 24,768,309 euros compared with 54.347.556 euros which werewerewerewere approved):approved):approved):approved): Delay in

completing the contract work for the Alcácer alternative route due to the delay in the

authorisation to cut down cork trees.



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IIIINTERNAL AND NTERNAL AND NTERNAL AND NTERNAL AND EEEEXTERNAL XTERNAL XTERNAL XTERNAL RRRRULES AND ULES AND ULES AND ULES AND RRRREGULATIONSEGULATIONSEGULATIONSEGULATIONS

This chapter will list the external and internal regulations to which REFER is subject:

• Legal Code for the Land Transport System, Law 10/90 of March 17, Legal Code for the Land Transport System, Law 10/90 of March 17, Legal Code for the Land Transport System, Law 10/90 of March 17, Legal Code for the Land Transport System, Law 10/90 of March 17, the land transport system

includes the infrastructures and production means assigned to land travel by persons and

merchandise within the Portuguese territory or when the trip ends or has part of its route within the

said territory and is governed by this law, its underlying decree-laws and regulations.

• On 29 April 1997,29 April 1997,29 April 1997,29 April 1997, DecreeDecreeDecreeDecree----Law 104/97Law 104/97Law 104/97Law 104/97 was published that created REFER, E.P.

REFER, whose share capital is 100% held by the state, is governed jointly by the Ministry of Finance

and the Ministry of Public Works, Transport and Communications. REFER carries out activities to fulfil

its goals, according to the principles of modernisation and effectiveness, to regularly and

continuously render a public service of managing the national railway network infrastructures.

According to what was established, REFER:REFER:REFER:REFER:

�� May perform all necessary or convenient management acts to fulfil its objective;

�� Is entitled to the rights and holds the responsibilities assigned by the applicable legal

provisions and regulations covering the public railway domain.

•••• DecreeDecreeDecreeDecree----Law Law Law Law 299-B/98 published on 29 September 1998, created Instituto Instituto Instituto Instituto

Nacional do Transporte FerroviárioNacional do Transporte FerroviárioNacional do Transporte FerroviárioNacional do Transporte Ferroviário (INTF) (National Railway Transport Institute)

which regulates and inspects the railway sector, supervises activities and

intervenes in public service concessions.

•••• DecreeDecreeDecreeDecree----Law 568/99Law 568/99Law 568/99Law 568/99, of December 23, revises regulations applicable to level crossings, approved

by Decree-Law 156/81, of June 9, and establishes the obligation to prepare multi-year plans to

eliminate level crossings. It was amended by DecrDecrDecrDecreeeeeeee----Law 24/2005, of January 26Law 24/2005, of January 26Law 24/2005, of January 26Law 24/2005, of January 26.

•••• For contracting purposes, REFER is covered by Decree-Law 223/01, in the specific case of contract

works, and everything not regulated therein is covered by Decree-Law 59/99.

•••• DecreeDecreeDecreeDecree----Law 93/2000Law 93/2000Law 93/2000Law 93/2000, of May 23, establishes the conditions to be met in the national territory to

obtain interoperability of the trans-European high speed railway system (transposes Council

Directive 96/48/CE, of 23 July 1996). It was altered by Decree-Law 152/2003, of July 11, which

rectifies omissions detected in the transposition of Council Directive 96/48/CE, of July 23, carried

out by Decree-Law 93/2000, of May 23.

•••• DecreeDecreeDecreeDecree----Law 270/2003Law 270/2003Law 270/2003Law 270/2003, of October 28, was published in October 2003October 2003October 2003October 2003 and transposed to national

law Directives 2001/12/CE, 2001/13/CE and 2001/14/CE, normally called “1st Railway Package” to

open the railway transport market to participation by private companies, thus guaranteeing a

number of criteria regarding technical, financial and safety capacity (altered by Decree-Law

146/2004, of June 17).

•••• DecreeDecreeDecreeDecree----Law 276/2003, of November 4Law 276/2003, of November 4Law 276/2003, of November 4Law 276/2003, of November 4, stipulated the new legal policy applicable to assets of the

public railway domain, including rules on the respective utilisation, disfranchising, exchange and



15151515

the rules applicable to relations of bordering proprietors and of the population in general with

those assets, legislative authorisation given by Law 51/2003, of August 22.

Consequent to what was stipulated in this legal statute, REFERREFERREFERREFER prepared and published, in this year,

the first edition of the Network DirectorNetwork DirectorNetwork DirectorNetwork Directoryyyy which provides railway transport companies with essential

information for their access to and utilisation of the national railway infrastructure managed by

REFER and open to railway transport.

• DecreeDecreeDecreeDecree----Law 24/2005, of January 26Law 24/2005, of January 26Law 24/2005, of January 26Law 24/2005, of January 26, alters the Level Crossing Regulations approved by Decree-

Law 568/99, of December 23.

• In March 2005, INTF published Regulation 21/2005Regulation 21/2005Regulation 21/2005Regulation 21/2005 covering the user fees applicable to services

rendered to operators by the infrastructure manager.

• DecreeDecreeDecreeDecree----Law 156/2005Law 156/2005Law 156/2005Law 156/2005, of September 15, establishes the obligation for all goods and service

providers that maintain contact with the general public to maintain a complaints book.

• As an issuer of securities, REFER must publish all the information stipulated in the Securities CodeSecurities CodeSecurities CodeSecurities Code

and in the Securities and Exchange Commission (CMVM) Regulations 4/2004, of 11/2005(CMVM) Regulations 4/2004, of 11/2005(CMVM) Regulations 4/2004, of 11/2005(CMVM) Regulations 4/2004, of 11/2005,,,, in

reference to the application of the IFRS.

• Decree-Law 200/2006 created IMTT IMTT IMTT IMTT ---- Institute of Mobility and Land TransportInstitute of Mobility and Land TransportInstitute of Mobility and Land TransportInstitute of Mobility and Land Transport,

merging various entities, including the INTF INTF INTF INTF ---- National Railway TransporNational Railway TransporNational Railway TransporNational Railway Transport t t t

InstituteInstituteInstituteInstitute.

• Council of Ministers Resolution 49/2007Council of Ministers Resolution 49/2007Council of Ministers Resolution 49/2007Council of Ministers Resolution 49/2007 defined the Good Governance principles for the state's

corporate sector companies.



16161616

IIIINFORMATION ON NFORMATION ON NFORMATION ON NFORMATION ON RRRRELEVANT ELEVANT ELEVANT ELEVANT TTTTRANSACTIONS WITH RANSACTIONS WITH RANSACTIONS WITH RANSACTIONS WITH RRRRELATED ELATED ELATED ELATED EEEENTITIESNTITIESNTITIESNTITIES

The following table illustrates the most relevant contracts with companies in the REFER Group during

2007:

(Euros)

CompanyCompanyCompanyCompany ContractContractContractContract AmountAmountAmountAmount

CPCOM – Exploração de Espaços Comerciais da CP, SA

Various concessions 719.772,00

Concession of commercial areas 751.860,00

Advertising 895.221,00

Other income 25.057,00

2.391.910,002.391.910,002.391.910,002.391.910,00

REFER TELECOM – Serviços de Telecomunicações, S.A.

REFER TELECOM concessions 1.178.775,00

Antennas of mobile network operators 440.831,00


1.759.086,001.759.086,001.759.086,001.759.086,00

INVESFER – Promoção e Comercialização de Terrenos e Edifícios, S.A.

Interest from supplementary entries 1.454.637,00


1.725.773,001.725.773,001.725.773,001.725.773,00

Loans to INVESFER bear interest at the 12-month Euribor rate + 0.5%. Part of the loans from 2006 was

reconverted into share capital in 2007.



17171717

IIIINFORMATION NFORMATION NFORMATION NFORMATION AAAABOUT BOUT BOUT BOUT OOOOTHER THER THER THER TTTTRANSRANSRANSRANSACTIONS ACTIONS ACTIONS ACTIONS

For contracting purposes, REFER E.P. is covered by Decree-223/01, in the specific case of contract

works. Anything not regulated therein related to contract works is covered by Decree-Law 59/99.

In 2007, REFER applied internal contracting procedures – centralised in the Contracting, Procurement

and Logistics Department – to all contractual procedures applicable to the contract works or rendering

of services to be carried out through a contractual process or direct agreement, whose estimated

value is equal to or greater than € 125,000.

The following table lists the suppliers whose invoices were greater than € 1 million, and which represent

88% of total invoicing: (Euros) (Euros)

CompanyCompanyCompanyCompanyAmounts InvoicedAmounts InvoicedAmounts InvoicedAmounts Invoiced

in 2007 in 2007 in 2007 in 2007CompanyCompanyCompanyCompany

Amounts InvoicedAmounts InvoicedAmounts InvoicedAmounts Invoiced in 2007 in 2007 in 2007 in 2007

THALES - Security Solutions and 41.535.432 DHV FBO - Consultores S.A. 2.636.738

SOPOL-Soc Geral de Construções e 30.617.132 Efacec - Servicos Manut Assist SA 2.607.231

Ferrovias e Construções, S.A. 28.382.182 Geofer -Prod Com Bens Equipament SA 2.525.191

Dimetronic SA 26.940.093 Edifer-Const.Pires Coelho 2.374.909

SOMAGUE Engenharia SA 22.749.553 Expoland - Promoção Imob., S.A. 2.307.513

Mota - Engil, Engenhar e Construção 21.846.687 Petróleos de Portugal-Petrogal-SA 2.161.646

Refer Telecom Serv Telecomunic SA 15.370.952 TECNOVIA-Sociedade de Empreitadas 2.026.702

FERBRITAS-Empreend. Ind.Comércio SA 14.656.298 Metropolitano de Lisboa EP 2.010.258

Neopul - Soc Estudos Construções SA 12.505.239 Alves Ribeiro, S.A 2.007.004

TECNASOL-FGE Fundações Geotecnia SA 9.687.498 Ramalho Rosa Cobetar Soc. Constr.SA 1.988.206

Teixeira Duarte-Eng. Construções SA 9.230.159 GIL - Gare Intermodal de Lisboa SA 1.908.379

CP-Caminhos Ferro Portugueses, EP 9.176.158 Bombardier Transportation Portugal, 1.658.698

Socied.de Const. Soares da Costa SA 8.858.001 EDP Distribuição Energia SA(Porto) 1.594.490

BRISA Engenharia e Gestão, SA 6.931.021 AVS-Corretor Seguros , SA 1.553.394

Futrifer-Indústrias Ferroviárias SA 6.917.317 Railtech International 1.533.205

Obrecol - Obras e Construções SA 6.743.409 Ferrovial Agroman SA 1.528.011

Somafel-Eng.e Obras Ferroviárias SA 6.531.792 Consulgal-Consult Engenh Gestão, SA 1.488.077

Opca-Obras Publicas Cim Armado SA 6.428.106 Accenture, Consultores de Gestão, 1.485.808

EDP Distribuição Energia SA(Lisboa) 5.793.708 João Mata Lda 1.222.099

ArcelorMittal España, S.A. 5.307.893 FUTRIMETAL-Ind e Com de Prod Metál 1.210.860

Fergrupo - Const Tecnicas Ferrov SA 4.835.802 EMEF -Emp Manutenc Equip Ferrovº SA 1.201.295

Satepor-Indústria de Travessas de 4.740.380 TPF Planege - Consultores Eng 1.182.490

EFACEC - Sistemas de Electronica SA 4.646.719 ISQ - Inst de Soldadura e Qualidade 1.089.674

Promorail - Tecnologias de 4.416.233 ZAGOPE-Constr. e Engenharia, S.A. 1.066.373

Grupo 8-Vigilância Prev Electr Lda 3.602.589 RAILTECH PORSOL 1.050.805

INTF - Instituto Nacional 3.455.598

An annex includes the contracts signed in 2007 and whose value exceeded € 125,000.

Annexes:

Annex I Annex I Annex I Annex I – Contracts that were not signed through a public tender (Direct Agreement)

Annex II Annex II Annex II Annex II – Contract works whose value exceeded € 125,000

Annex III Annex III Annex III Annex III – Rendered services of a value exceeding € 125,000

Annex IV Annex IV Annex IV Annex IV – Supplies exceeding € 125,000



18181818

GGGGOOOOVERNING VERNING VERNING VERNING BBBBODIESODIESODIESODIES

According to its statutes (Decree-Law 104/97 of April 29), the governing bodies of REFER E.P. includes a

Board of Directors and an Audit Committee.

BBBBOARD OF OARD OF OARD OF OARD OF DDDDIRECTORSIRECTORSIRECTORSIRECTORS

“The Board of Directors generally performs all acts necessary to manage and develop the company

and to manage its assets without loss to the powers by the respective supervising ministries" (Decree-

Law 104/97 of April 29).

CCCCHAIRMAN OF THE HAIRMAN OF THE HAIRMAN OF THE HAIRMAN OF THE BBBBOARD OF OARD OF OARD OF OARD OF DDDDIRECTORSIRECTORSIRECTORSIRECTORS

LUÍS FILIPE MELO E SOUSA PARDAL

VVVVICE ICE ICE ICE CCCCHAIRMAN OF THE HAIRMAN OF THE HAIRMAN OF THE HAIRMAN OF THE BBBBOARD OF OARD OF OARD OF OARD OF DDDDIRIRIRIRECTORS ECTORS ECTORS ECTORS

ALFREDO VICENTE PEREIRA

BBBBOARD OARD OARD OARD MMMMEMBER EMBER EMBER EMBER

ROMEU COSTA REIS

BBBBOARD OARD OARD OARD MMMMEMBEREMBEREMBEREMBER

ALBERTO JOSÉ ENGENHEIRO CASTANHO RIBEIRO

BBBBOARD OARD OARD OARD MMMMEMBEREMBEREMBEREMBER

CARLOS ALBERTO JOÃO FERNANDES

AAAAUDIT UDIT UDIT UDIT CCCCOMMITTEEOMMITTEEOMMITTEEOMMITTEE

“The audit committee has the following duties, without loss to the powers assigned to it by law: Audits

the company’s management and its compliance with the respective regulations, ensuring that it fulfils

the goals stipulated in the annual budgets; Issues an opinion on the documents presenting the

company’s accounts, in particular by checking the accuracy of the balance sheet, the profit and loss

statement, the operating account and other elements to be presented annually by the board of

directors; issues an opinion on the annual report of the said board; issues an opinion about any issue

of interest to the company that is submitted to its assessment by the board of directors; informs the

competent entities about any non-compliance it detects in the company management; issues an

opinion on the legality and convenience of the acts by the board of directors in cases in which the law

requires its approval or agreement.” (Decree-Law 104/97 of April 29).



19191919

PPPPRESIDENT OF THE RESIDENT OF THE RESIDENT OF THE RESIDENT OF THE AAAAUDIT UDIT UDIT UDIT CCCCOMMITTEEOMMITTEEOMMITTEEOMMITTEE

JOSÉ MANUEL ALVES PORTELA

(MANDATE SUSPENDED)

MMMMEMBER OF THE EMBER OF THE EMBER OF THE EMBER OF THE AAAAUDIT UDIT UDIT UDIT CCCCOMMITTEEOMMITTEEOMMITTEEOMMITTEE

BARBAS, MARTINS, MENDONÇA & ASSOCIADOS,SROC, LDA

REPRESENTED BY ISSUF AHMAD

MMMMEMBER OF THE EMBER OF THE EMBER OF THE EMBER OF THE AAAAUDIT UDIT UDIT UDIT CCCCOMMITTEEOMMITTEEOMMITTEEOMMITTEE

HILÁRIO MANUEL MARCELINO TEIXEIRA

AAAAUDITINGUDITINGUDITINGUDITING According to contract 01/05/CA/EF – Rendering of External Auditing Services to the REFER Group, the

Audit Committee is assisted by:

EEEEXTERNAL XTERNAL XTERNAL XTERNAL AAAAUDITINGUDITINGUDITINGUDITING

PRICEWATERHOUSECOOPERS & ASSOCIADOS – SOCIEDADE REVISORES OFICIAIS DE CONTAS, LDA.



20202020

RRRREMUNERATION TO THE EMUNERATION TO THE EMUNERATION TO THE EMUNERATION TO THE MMMMEMBERS OF THE EMBERS OF THE EMBERS OF THE EMBERS OF THE GGGGOVERNING OVERNING OVERNING OVERNING BBBBODIESODIESODIESODIES Governing body members were remunerated as follows:

(Amounts in Euros)

BOARD OF DIRECTORS - BOARD OF DIRECTORS - BOARD OF DIRECTORS - BOARD OF DIRECTORS - Remunerations 2007Remunerations 2007Remunerations 2007Remunerations 2007

Luís Filipe Melo e Luís Filipe Melo e Luís Filipe Melo e Luís Filipe Melo e Sousa PardalSousa PardalSousa PardalSousa Pardal

Alfredo Vicente Alfredo Vicente Alfredo Vicente Alfredo Vicente PereiraPereiraPereiraPereira

Romeu Costa ReisRomeu Costa ReisRomeu Costa ReisRomeu Costa ReisAlberto José Alberto José Alberto José Alberto José

Engenheiro Castanho Engenheiro Castanho Engenheiro Castanho Engenheiro Castanho RibeiroRibeiroRibeiroRibeiro

Carlos Alberto João Carlos Alberto João Carlos Alberto João Carlos Alberto João FernandesFernandesFernandesFernandes

ChairmanChairmanChairmanChairman Vice ChairmanVice ChairmanVice ChairmanVice Chairman MemberMemberMemberMember MemberMemberMemberMember MemberMemberMemberMember

RemunerationRemunerationRemunerationRemuneration

Base remuneration 57.031 53.960 50.450 50.450 50.450

Accumulation of management positions 10.123 10.123 10.123 10.123 10.123

Representation expenses 19.961 16.188 15.135 15.135 15.135

Holiday subsidy 5.596 5.340 5.048 5.048 5.048

13th month 5.596 5.340 5.048 5.048 5.048

Other benefits and compensationsOther benefits and compensationsOther benefits and compensationsOther benefits and compensations

Telephone expenses 450 676 404 835 1.717

Fuel for company car 4.080 2.617 2.267 4.798 2.180

Travel subsidy 317 159 711 633 1.030

Expenses on social benefitsExpenses on social benefitsExpenses on social benefitsExpenses on social benefits

Mandatory social security 18.607 17.756 6.092 16.784 4.186

Health insurance 195 195 195 195 195

Life insurance 7 7 7 7 7

Others 389 654

Social Security policySocial Security policySocial Security policySocial Security policy Normal Regime Normal RegimeCivil Service Pension

FundNormal Regime

Civil Service Pension Fund

TOTALTOTALTOTALTOTAL 121.964121.964121.964121.964 112.362112.362112.362112.362 95.48095.48095.48095.480 109.445109.445109.445109.445 95.77395.77395.77395.773

The Audit Committee consists of three members appointed by a joint order of the Minister of Finance

and the Minister of Public Works, Transport and Communications.

Currently, the President of the REFER Audit Committee has his mandate suspended.

Issuf Ahmad is the member representing the firm of chartered accountants, Barbas, Martins,

Mendonça & Associados, SROC Lda.

(Amounts in Euros)

AUDIT COMMITTEE - AUDIT COMMITTEE - AUDIT COMMITTEE - AUDIT COMMITTEE - Remunerations 2007Remunerations 2007Remunerations 2007Remunerations 2007

Hilário Manuel Marcelino Hilário Manuel Marcelino Hilário Manuel Marcelino Hilário Manuel Marcelino TeixeiraTeixeiraTeixeiraTeixeira

RemunerationRemunerationRemunerationRemuneration

Base remuneration 11.406

Expenses on social benefitsExpenses on social benefitsExpenses on social benefitsExpenses on social benefits

Mandatory social security 2.709

Social Security regimeSocial Security regimeSocial Security regimeSocial Security regime Normal Regime

TOTALTOTALTOTALTOTAL 14.11514.11514.11514.115

(Amounts in Euros)

AUDIT COMMITTEE - AUDIT COMMITTEE - AUDIT COMMITTEE - AUDIT COMMITTEE - Fees 2007Fees 2007Fees 2007Fees 2007

Salgueiro, Castanheira e Salgueiro, Castanheira e Salgueiro, Castanheira e Salgueiro, Castanheira e Associados, SROCAssociados, SROCAssociados, SROCAssociados, SROC

Fees 52.330

TOTALTOTALTOTALTOTAL 52.33052.33052.33052.330



21212121

EEEETHICS AND THICS AND THICS AND THICS AND CCCCONDUCT ONDUCT ONDUCT ONDUCT CCCCODEODEODEODE The REFER Ethics and Conduct Code, approved in late 2006, made it possible to clearly disclose the

set of values recommended, applied and expected by the company. It fosters growing relations of

mutual trust with all its personnel, clients, suppliers, all public entities and, generally, with all

communities to which REFER renders its services directly or indirectly.

The Code of Ethics stipulates that the company must have an Ethics Committee, also appointed in

late 2006, whose main goal is to follow up, implement and disclose the REFER Ethics and Conduct

Code.

Among the main actions carried out by the Ethics Committee in 2007, the following are highlighted:

1. Measures to disclose the Ethics and Conduct Code, in particular:

a) Awareness actions for personnel of the various company areas;

Ethics ideas contest open to the company’s personnel;

b) Writing of articles about issues related with the Ethics Code for publication in in-house

publications.

2. In-house control measures regarding compliance with the Ethics and Conduct Code evaluating

its effectiveness.

3. Analysis of issues that were raised regarding its objectives.

In this sense, the work carried out by the Ethics Committee and that performed by each of the

personnel in their respective positions has contributed to a culture of transparency and responsibility.



22222222

AAAANALYSIS OF THE NALYSIS OF THE NALYSIS OF THE NALYSIS OF THE CCCCOMPANYOMPANYOMPANYOMPANY’’’’S S S S ECONOMIC,ECONOMIC,ECONOMIC,ECONOMIC, SOCIALSOCIALSOCIALSOCIAL AND AND AND AND ENVIRONMENENVIRONMENENVIRONMENENVIRONMENTALTALTALTAL SSSSUSTAINABILITYUSTAINABILITYUSTAINABILITYUSTAINABILITY This chapter is included in the 2007 Sustainability Report.



23232323

EEEEVALUATION OF THE VALUATION OF THE VALUATION OF THE VALUATION OF THE LLLLEVEL OF EVEL OF EVEL OF EVEL OF CCCCOMPLIANCE WITH THE OMPLIANCE WITH THE OMPLIANCE WITH THE OMPLIANCE WITH THE PPPPRINCIPLES OF RINCIPLES OF RINCIPLES OF RINCIPLES OF GGGGOOD OOD OOD OOD GGGGOVERNANCEOVERNANCEOVERNANCEOVERNANCE

This chapter is included in the 2007 Sustainability Report of REFER, E.P.



24242424



25252525

3333 AAAANALYSIS OF THE NALYSIS OF THE NALYSIS OF THE NALYSIS OF THE EEEECONOMIC CONOMIC CONOMIC CONOMIC SSSSETTINGETTINGETTINGETTING

he Portuguese economy experienced a recovery in 2007, with clearly higher corporate

investment and a significant growth in exports of goods and services, despite the context of

growing unemployment. Additionally, in 2007 the Portuguese economy once again began to

balance out its foreign trade deficit. This recovery arose from a continued improvement in the

budget deficit and an ongoing moderate growth in private consumption. The lower private

consumption is likely to cause family savings to increase in 2007, thus reversing the trend in previous

years.

2007 MACROECONOMIC SCENARIO2007 MACROECONOMIC SCENARIO2007 MACROECONOMIC SCENARIO2007 MACROECONOMIC SCENARIO Change in %Change in %Change in %Change in %

Gross Domestic Product (GDP) 1,9

Private Consumption 1,2

Public Consumption 0,0

Gross Fixed Capital Formation (GFCF) 2,6

Exports 7,0

Imports 4,1

Current Accounts + Capital Accounts (% of GDP)Current Accounts + Capital Accounts (% of GDP)Current Accounts + Capital Accounts (% of GDP)Current Accounts + Capital Accounts (% of GDP) -8,2-8,2-8,2-8,2

Harmonised Consumer Price IndexHarmonised Consumer Price IndexHarmonised Consumer Price IndexHarmonised Consumer Price Index 2,42,42,42,4

Source: Bank of Portugal

According to the Bank of Portugal’s current forecast, the economy is expected to recover. After weak

growth in 2005 (0.4 percent), the Gross Domestic Product (GDP) grew by 1.2 percent in 2006, and a

1.9 percent growth is expected for 2007. The current forecast calls for a 2 percent growth in 2008 and

2.3 percent in 2009, figures nearly the same as those forecast for the euro zone.

Current estimates indicate a growth in private consumption of 1.2 percent in 2007, a growth similar to

that in 2006 (which grew 1.1 percent). This slow progress is also due to the growing unemployment rate

and the slow creation of net employment, higher tax rates, in particular indirect taxes, and the falling

transfers to families, a component of available income typically associated with a higher willingness to

consume.

The Gross Fixed Capital Formation (GFCF) is expected to grow 2.6 percent in 2007, after successive

decreases in recent years, which implied a sharp decline of the role of the GFCF in the GDP.

T



26262626

As for the Portuguese economy’s financing needs, measured by combining the current and capital

accounts, today’s forecasts indicate an 8.2 drop in the 2007 GDP to about 7.3 percent in 2008 and

6.4 percent in 2009. This trend essentially reflects the lower deficit in the balance of goods and

services, in particular of its non-energy component, within a context where domestic demand is

expected to grow less than that of Portugal's main trading partners.

The inflation rate, measured by the average annual change in the Harmonised Index of Consumer

Prices (HICP), is expected to decrease to 2.4 percent in 2007 (3.0 percent in 2006).

Following an employment growth in 2006, higher than what was expected in view of the economic

setting, estimates call for an employment growth of 0.2 percent in 2007, which somewhat inverted

that negative trend. The current forecast calls for a 0.5 percent growth in 2008 and about 1 percent in

2009, a trend in keeping with the economic recovery profile, within a context in which wage costs are

expected to grow more moderately than the average in the recent past.

As for REFER, the company carried out its activities in 2007 in an overall unfavourable economic

setting. In the areas in which REFER operates, the Portuguese government’s budget restrictions are

particularly evident, regarding its contributions to investment activities and compensations for

operation costs for rendering a public service. The government’s contributions fell very short of needs,

similar to the case in previous years, thus increasing the need to obtain loans and the company's

sharp structural imbalance.



27272727



28282828

4444 AAAACTIVITIES IN CTIVITIES IN CTIVITIES IN CTIVITIES IN 2007200720072007 EFER renders a public service by managing the overall National Railway Network infrastructure

and is therefore responsible for carrying out activities to meet its goals according to the

principles of modernisation and effectiveness by operating essentially in two business areas:

•••• Infrastructure Management Infrastructure Management Infrastructure Management Infrastructure Management includes managing the railway infrastructure’s capacity,

conservation and maintenance and managing the respective circulation command and

control systems, including signalling, regulation and promptness in order to ensure the

indispensable safety and quality conditions of a public railway transport system.

•••• Investment Investment Investment Investment consists of building, installing and renewing the infrastructure, an activity carried out

on behalf of the state (the assets are part of the public railway domain).

R



29292929

Sta Apolónia - Santarém

4.1 INFRASTRUCTURE MANAGEMENT

CCCCHARACTERISATION OF THARACTERISATION OF THARACTERISATION OF THARACTERISATION OF THE HE HE HE NNNNATIONAL ATIONAL ATIONAL ATIONAL RRRRAILWAY AILWAY AILWAY AILWAY NNNNETWORKETWORKETWORKETWORK

Overall, the National Railway has 3,614 km of lines, but only

2,842 are currently open to train traffic. Of this length, 192 km

is in metric gauge, known as narrow track, and the remaining

lines are in Iberian gauge, with a distance between rails of

1.668 meters, generally known as wide track. The 2,842 km of

track includes 4 km operated by the Mirandela Metro.

The National Railway Network is characterised as follows:

Without Train Without Train Without Train Without Train TrafficTrafficTrafficTraffic

National Railway National Railway National Railway National Railway NetworkNetworkNetworkNetwork

25.000V25.000V25.000V25.000V 1.500V1.500V1.500V1.500V Sub-TotalSub-TotalSub-TotalSub-Total

Broad GaugeBroad GaugeBroad GaugeBroad Gauge 1.4111.4111.4111.411 25252525 1.4361.4361.4361.436 1.2101.2101.2101.210 2.6462.6462.6462.646 327327327327 2.9732.9732.9732.973

Single Track 844 0 844 1.195 2.039 0 2.039

Double Track 522 25 547 15 562 0 562

Multiple Track 45 0 45 0 45 0 45

Narrow GaugeNarrow GaugeNarrow GaugeNarrow Gauge 0000 0000 0000 192192192192 192192192192 449449449449 641641641641

Single Track 0 0 0 192 192 449 641

TOTALTOTALTOTALTOTAL 1.4111.4111.4111.411 25252525 1.4361.4361.4361.436 1.4021.4021.4021.402 2.8382.8382.8382.838 776776776776 3.6143.6143.6143.614

With Train TrafficWith Train TrafficWith Train TrafficWith Train Traffic

ElectrifiedElectrifiedElectrifiedElectrified Non-Non-Non-Non- Electrified Electrified Electrified Electrified

TOTALTOTALTOTALTOTAL TOTALTOTALTOTALTOTAL TOTALTOTALTOTALTOTAL

Electrified lines total 1,436 km, which corresponds to 51% of the total network with railway traffic.

51%

49%

Electrified Non-Electrified

The Cascais Line was the first in the National Railway Network to have electric traction, where 1,500

Volts of direct current was installed and inaugurated in 1926. Only in 1956, that is, 30 years later, were

new electrification systems put in operation, for which alternating current was used at 25,000Volts/50

Hertz. Because of this circumstance, the Cascais Line previously had an electrification system distinct

from that of the remaining network.

30%

20%

1%

49%

Electrified Single Track 25.000V

Electrified Multiple Track 25.000V

Electrified Double Track 15.000V

Non-electrified



30303030

In the first 39 years, electrification at 25,000 Volts was extended to 462 km of track. This length was

exceeded by the service start-ups in the last 5 years, thus revealing the investment being made in this

area, as shown in the following graph:

0

500

1000

1500

2000

1996 1998 2000 2002 2004 2006 2007

Electrified LineElectrified LineElectrified LineElectrified Line

At the end of 2007, 55.5% of the National Railway Network was equipped with sophisticated Speed

Control Systems (Convel and

ATS), and 54.9% of the same

track was equipped with the

communications systems

(ground-train radio).

As for today’s network

coverage by the systems

shown in the table, it’s worth

noting that in recent years a great effort has been made to equip the network with Safety and

Command Control Systems. In effect, there was a 43% increase

in the Convel System compared with 2001 and a 41% growth in

the coverage of the ground-train radio speed control system

when compared also with 2001. These figures clearly reveal the

effort by REFER to provide operators with an infrastructure

equipped with systems that ensure greater safety and reliability.

(Km)

SAFETY AND COMMAND CONTROL SAFETY AND COMMAND CONTROL SAFETY AND COMMAND CONTROL SAFETY AND COMMAND CONTROL SYSTEMSSYSTEMSSYSTEMSSYSTEMS

2005200520052005 2006200620062006 2007200720072007

Convel 1.323 1.429 1.444

ATS (Automatic Braking) 25 25 25

Ground/Train Radio 1.425 1.428 1.428

Ground/Train Radio without Data Transmission

25 25 25



31313131

CCO Lisboa

4.1.1 CONSERVATION AND MAINTENANCE

RRRRAILWAY AILWAY AILWAY AILWAY NNNNETWORK ETWORK ETWORK ETWORK CCCCONSERVATION AND ONSERVATION AND ONSERVATION AND ONSERVATION AND MMMMAINTENANCE AINTENANCE AINTENANCE AINTENANCE AAAACTIONSCTIONSCTIONSCTIONS

During 2007, REFER performed its activities according to high quality and efficiency standards. As such,

it acted to guarantee good

infrastructure availability levels to

provide greater schedule stability

and to ensure a high quality service

to operators. It also implemented a

number of initiatives leading to

greater production efficiency. Within

this scope, we highlight:

• The company carried out various maintenance initiatives to standardise quality criteria applied to

the evaluation of the condition of railway infrastructures. Measures were also taken to improve and

standardise processes and methods in preventative and corrective maintenance practices in

order to improve efficiency and to ensure the desired levels of infrastructure availability.

Investments were made to manage and update infrastructure records.

• The company increased its actions to monitor the condition of railway infrastructures and to

analyse and process data in order to apply suitable corrective measures to maintain the

infrastructures within the stipulated quality conditions.

• Actions were promoted to increase safety standards applied in the various railway infrastructure

maintenance areas.

• To prevent the effects of adverse weather, actions were carried out to clean the drainage system

in a programmed manner, in particular waterways, ditches and gutters.

• In some urban zones, fences were built to increase security, particularly in the Oeste Line, Algarve

Line and in the Faro/Vila Real de Sto. António and Tunes/Lagos sections.

• In the Algarve Line, in the Tunes/Lagos and Faro/V.R.S. António sections, improvement work was

carried out involving, in particular, the replacement of wood crossties with double-block concrete

crossties, the replacement of ballast and TSD’s.



32323232

REFER collaborated in the development of railway infrastructure modernisation and improvement

projects by preparing a wide number of opinions and studies. The following preliminary studies are

highlighted:

• Preliminary studies for the Cascais Line and for the Algarve Line in the Faro (excl.) – Vila Real de

Stº António Section.

• Study of the layout and re-design of the railway complex at Entroncamento and renovation of

the railway complex of Vila Nova de Gaia.

• Studies and redesign of the layouts for the stations of Porto S. Bento and Régua.

• Study and submittal of a layout proposal for the future conventional station of Évora.

• Submittal of a proposal for the layout of the cross-border cargo facilities next to the future

logistics platform of Elvas.

• New layout for the station of Alcântara Terra and its compatibility with the REFER head office

building.

• Installation of the Frequent Trains system in the Vouga Line section. Operation model and

development of the layouts at the Arrifana and Ourreiro stations (future terminals).

• The company monitored investment projects for the complexes for which it checked the track

layouts and issued opinions.



33333333

4.1.2 OPERATION CCCCAPACITY APACITY APACITY APACITY MMMMANAGEMENTANAGEMENTANAGEMENTANAGEMENT

In 2007, operator traffic increased on average by 3.7%

(1.450 million TK), whereby both operators increased their

network utilisation, for a 3.8% growth by CP and 1.2% by

FERTAGUS.

In absolute terms, although the passenger service

increased the most in TK's, in relative terms the cargo service

obtained the highest gains, with an annual growth of 8.4%,

whereas the passenger service increased by 3%. This growth

took place essentially in the North Line. This changing trend in demand is a positive sign in promoting

railway transport which is greatly desired for the sector.

In 2007, there were two

operators – CP and

FERTAGUS – in the National

Railway Network. FERTAGUS

has a concession only for

suburban passenger railway

transport service in the North-

South axis, between the

stations of Roma – Areeiro

and Setúbal.

Although new operators emerged

when cargo transport was

liberalised, none of them are

operating on the National Railway

Network yet. In this setting, CP plays

a major role in rendering the

operation as shown by the following

graph:

19%

2%

79%

General NetworkGeneral NetworkGeneral NetworkGeneral NetworkBreakdown of TK's per ServiceBreakdown of TK's per ServiceBreakdown of TK's per ServiceBreakdown of TK's per Service

TK's Cargo

TK's Empty runs

TK's Passengers

Largest traffic growthLargest traffic growthLargest traffic growthLargest traffic growth Largest traffic decreaseLargest traffic decreaseLargest traffic decreaseLargest traffic decrease

North LineNorth LineNorth LineNorth Line Oeste LineOeste LineOeste LineOeste Line

683,000 TK's, essentially in passenger services 115,000 TK's, essentially in passenger services

Beira Alta LineBeira Alta LineBeira Alta LineBeira Alta Line Braga Branch LineBraga Branch LineBraga Branch LineBraga Branch Line

121,000 TK's, merely in cargo 72,000 TK's, merely in passenger services

South LineSouth LineSouth LineSouth Line Cáceres Branch LineCáceres Branch LineCáceres Branch LineCáceres Branch Line

612,000 TK's, in cargo 66,000 TK's, essentially in cargo

Évora LineÉvora LineÉvora LineÉvora Line Sintra LineSintra LineSintra LineSintra Line

119,000 TK's, essentially in passenger services -83,000 TK's, only in passengers

38.686

38.053

37.416

36.646

37.611

37.289

38.718

1.228

1.222

1.138

1.253

1.620

1.750

1.771

0 10.000 20.000 30.000 40.000

2001

2002

2003

2004

2005

2006

2007

Operator Fertagus

Operator CP



34343434

PPPPUNCTUALITY UNCTUALITY UNCTUALITY UNCTUALITY RRRRATEATEATEATE

Either overall or related to REFER’s responsibility, compared with 2006, the Punctuality Rate has

improved in all train categories, except for pendular trains.

When analysing the punctuality rates in 2007, emphasis goes to the weak performance in November

2007 by the train categories that, covered by the Lisbon operation command centres (OCC), had

their punctuality rates affected by this operation centre’s initial start-up problems.

0%

20%

40%

60%

80%

100%

Pendular International Intercity Inter-regional Regional Suburban Cargo

2006 2007

90 %90 %90 %90 %



35353535

4.2 INVESTMENTS

OOOOVERALL VERALL VERALL VERALL IIIINVESTMENT NVESTMENT NVESTMENT NVESTMENT VVVVALUEALUEALUEALUE

In 2007, REFER made investments of € 336 million, for

a realisation rate of 60% compared with what had

been planned. Long duration investments represent

98% of this total (€ 328.7 million), and the remaining

2% (€ 6.8 million) corresponds to investments outside

the scope of LDI and which were for investments in

fixed assets (€ 1.6 million), general studies (€ 3.6

million) and operation investments (€ 1.6 million).

Financing Sources

Investments at Total Costs (thousand (thousand (thousand (thousand €))))

Integrating the Country's Major Corridors in the Trans-Integrating the Country's Major Corridors in the Trans-Integrating the Country's Major Corridors in the Trans-Integrating the Country's Major Corridors in the Trans-European Transport NetworkEuropean Transport NetworkEuropean Transport NetworkEuropean Transport Network

205.733205.733205.733205.733 119.451119.451119.451119.451 2.2352.2352.2352.235 25.71025.71025.71025.710 91.50691.50691.50691.506 58%58%58%58%

North Line Integrated Project 116.495 59.637 1.200 19.015 39.422 51%Algarve Line Integ. Project, incl. Sol. Bulk Route 54.002 28.287 700 5.239 22.348 52%North Line - New Espinho Station 21.033 26.895 150 26.745 128%Port of Sines - Spain Railway Link 14.204 4.631 185 1.457 2.989 33%

Development of Urban AccessesDevelopment of Urban AccessesDevelopment of Urban AccessesDevelopment of Urban Accesses 151.140151.140151.140151.140 107.710107.710107.710107.710 1.2691.2691.2691.269 27.16727.16727.16727.167 79.27479.27479.27479.274 71%71%71%71%

Sintra Line, R. Alcântara and Oeste Line (until Sabugo) 52.853 44.767 170 16.756 27.841 85%Cascais Line 10.046 2.642 160 2.482 26%North South Railway Axis (Chelas-Fogueteiro) 2.245 81 9 72 4%North South Railway Axis (Braço de Prata-Chelas) 1.021 1.846 130 1.716 181%North South Railway Axis (Coina-Pinhal Novo) 20.808 10.340 100 2.060 8.180 50%North South Railway Axis (Barreiro-Pinhal Novo) 10.284 7.252 170 2.817 4.264 71%North South Railway Axis (Pinhal Novo-Setúbal) 8.291 2.656 50 594 2.012 32%Minho Line (Porto - Nine) 22.611 13.117 300 209 12.608 58%Guimarães Line 3.437 5.093 20 104 4.969 148%Douro Line (Ermesinde - Marco) 15.149 13.636 150 2.807 10.679 90%Braga Branch Line 4.396 6.280 10 1.819 4.451 143%

Intermodal CoordinationIntermodal CoordinationIntermodal CoordinationIntermodal Coordination 40.54540.54540.54540.545 12.08012.08012.08012.080 205205205205 2.7772.7772.7772.777 9.0979.0979.0979.097 30%30%30%30%

Cacia Terminal and Link to the Port of Aveiro 39.289 10.785 200 2.777 7.808 27%Leixões Line and S.Gemil Junction 1.255 1.294 5 1.289 103%

Development of Regional and Interregional AccessesDevelopment of Regional and Interregional AccessesDevelopment of Regional and Interregional AccessesDevelopment of Regional and Interregional Accesses 28.02228.02228.02228.022 6.0276.0276.0276.027 391391391391 777777777777 4.8594.8594.8594.859 22%22%22%22%

Beira Baixa Line Integrated Project 22.550 5.417 250 777 4.389 24%Oeste Line Integrated Project 4.249 300 140 160 7%Modernisation of the Algarve Line 1.224 311 1 310 25%

Transport System Safety, Quality and EfficiencyTransport System Safety, Quality and EfficiencyTransport System Safety, Quality and EfficiencyTransport System Safety, Quality and Efficiency 113.411113.411113.411113.411 83.47683.47683.47683.476 900900900900 14.16614.16614.16614.166 68.40968.40968.40968.409 74%74%74%74%

Road Safety - elimination and reconversion of LCs 15.257 5.150 300 393 4.458 34%Circulation Safety - operation command centres 38.616 29.840 200 11.188 18.452 77%Other interventions on railway network lines 59.538 48.485 400 2.585 45.500 81%

Total Investment in LDI'sTotal Investment in LDI'sTotal Investment in LDI'sTotal Investment in LDI's 538.850538.850538.850538.850 328.743328.743328.743328.743 5.0005.0005.0005.000 70.59870.59870.59870.598 253.145253.145253.145253.145 61%61%61%61%

Studies and projects 8.479 3.591 3.591 42%

Investments in fixed assets 2.153 1.534 1.534 71%

Operation investments 5.493 1.644 1.644 30%

Total Investment - EAG'sTotal Investment - EAG'sTotal Investment - EAG'sTotal Investment - EAG's 16.12516.12516.12516.125 6.7696.7696.7696.769 0000 0000 6.7696.7696.7696.769 42%42%42%42%

Total de Investments REFERTotal de Investments REFERTotal de Investments REFERTotal de Investments REFER 554.975554.975554.975554.975 335.512335.512335.512335.512 5.0005.0005.0005.000 70.59870.59870.59870.598 259.914259.914259.914259.914 60%60%60%60%

(*) - The financial coverage of investments is in accordance with expenses

2007 INVESTMENT PROGRAM EXECUTION2007 INVESTMENT PROGRAM EXECUTION2007 INVESTMENT PROGRAM EXECUTION2007 INVESTMENT PROGRAM EXECUTION

PROGRAMS / PROJECTSPROGRAMS / PROJECTSPROGRAMS / PROJECTSPROGRAMS / PROJECTSBudget 2007 Budget 2007 Budget 2007 Budget 2007

(a)(a)(a)(a)RealisedRealisedRealisedRealised(b)(b)(b)(b)

Financial Coverage (*)Financial Coverage (*)Financial Coverage (*)Financial Coverage (*)Realisation Realisation Realisation Realisation RateRateRateRate(b)/(a)(b)/(a)(b)/(a)(b)/(a)

PIDDAC (CAIDEP)PIDDAC (CAIDEP)PIDDAC (CAIDEP)PIDDAC (CAIDEP) EU Financ.EU Financ.EU Financ.EU Financ. OthersOthersOthersOthers

21,0%

1,5%

77,5%

F inancial Coverage of the CAIDEP Investment in F inancial Coverage of the CAIDEP Investment in F inancial Coverage of the CAIDEP Investment in F inancial Coverage of the CAIDEP Investment in 2007200720072007

Fundos Comunitários Cap. 50º Outras Fontes



36363636

Túnel do Rossio

FFFFINANCIAL INANCIAL INANCIAL INANCIAL CCCCOVERAGE OF OVERAGE OF OVERAGE OF OVERAGE OF IIIINVESTMENTSNVESTMENTSNVESTMENTSNVESTMENTS

Investments on long duration infrastructures were financed by the State Budget – Chap. 50, by E.U.

Funds and by other financing sources. The financial coverage structure for PIDDAC (CAIDEP)

investments in 2007 was as follows: Chap. 50 represented about 1.5% (€ 5 million), E.U. Funds 21% (€

70.6 million) and other financing sources reached 77.5% (€ 249.9 million).

Note that, similar to previous years, in 2007 the overall contribution by PIDDAC and by E.U. Funds

decreased (76 million in 2007, a 23% decrease compared with the 92 million in 2006, which had also

decreased 30% from the previous year). As such, reliance on loans represented the largest part of the

financial coverage for investments, with the consequent negative impact on financial expenses.

0

100.000

200.000

300.000

400.000

500.000

600.000

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

Thousand euros

Investment Realized

Financial Coverage of InvestmentsFinancial Coverage of InvestmentsFinancial Coverage of InvestmentsFinancial Coverage of Investments

CAIDEP (PIDDAC) EU Funds Other Financ. Sources

RRRRAILWAY AILWAY AILWAY AILWAY NNNNETWORK ETWORK ETWORK ETWORK MMMMODERNISATION ODERNISATION ODERNISATION ODERNISATION AAAACTIONSCTIONSCTIONSCTIONS

To modernise and develop the National Railway Network, within the scope of its investment activities,

REFER carried out various actions, of which we highlight the following:

• Sintra LineSintra LineSintra LineSintra Line

The two projects for Barcarena / Cacém were integrated and made compatible in 2007 by

launching a single joint contract work to “quadruple the Sintra Line between km 13.750 and km

18.250, including the renovation of the stations of Barcarena and of Cacém." The respective

contract award was approved with a 42-month completion period and start of the work in 2008.

• Rossio TunnelRossio TunnelRossio TunnelRossio Tunnel

The Rossio Tunnel rehabilitation consists of a

structural intervention by building a closed section

of concrete inside the tunnel in a length of



37373737 Passagem Desnivelada Barreiro - Pinhal Novo

approximately 1.180 km (maintaining the current circulation layout) and the construction of a

concrete platform with embedded track along the whole length (2.613 km), which will provide

access to road vehicles if necessary, and also consisting of a reinforcement member for the

tunnel’s structural stability.

• Cascais LineCascais LineCascais LineCascais Line

After a lengthy period without any major general interventions on the Cascais Line (the last track

renovation took place in the seventies), the various railway systems are now highly worn and

obsolete. In 2007, work was performed for a more detailed program and to consolidate the

work schedules, to be completed until 2012 as covered by the Master Plan for the Cascais Line.

• Cintura / Chelas Cintura / Chelas Cintura / Chelas Cintura / Chelas –––– Braço de Prata LineBraço de Prata LineBraço de Prata LineBraço de Prata Line

Except for the Chelas / Braço de Prata section, the work on this line has been completed to

increase its capacity, minimising conservation costs and providing clients with faster trips, greater

comfort, reliability, safety and regularity, which has increased the quality of the population's

mobility. During 2007, the expropriation process began to quadruple the section for the Third

Crossing of Chelas/Braço de Prata.

• Alentejo Line / Barreiro Alentejo Line / Barreiro Alentejo Line / Barreiro Alentejo Line / Barreiro –––– Pinhal NovoPinhal NovoPinhal NovoPinhal Novo

Intervention in this section consisted essentially of electrifying the line, eliminating Level Crossings,

modernising all stations and stops and installing new signalling and telecommunications

systems. During 2007, the company consolidated and completed the respective projects and

launched a public tender for the respective contract work,

which is expected to begin in March 2008. To eliminate

level crossings, an overpass was built at km 5.950, which

made it possible to close the LC at km 6.114. A pedestrian

overpass was built at km 6.824 and 11+304, which made

it possible to close the level crossings at these sites.

Construction was also in progress for the overpass at km

4+405 and the underpass at km 3+850.

• Sines Sines Sines Sines –––– Elvas LinkElvas LinkElvas LinkElvas Link

This project will establish a railway link for cargo traffic between the Port of Sines and Elvas (border

with Spain) by late 2013.

• South LineSouth LineSouth LineSouth Line

Projects were completed for the Setúbal Station that will be available for suburban service when

completed. Consequent to the completion and consolidation of the said projects, the



38383838

Porto de Aveiro

company launched the Public Tender for the Contract to Renovate the Setúbal Station, which is

expected to begin in April 2008.

Construction of the Alcácer alternative route will reduce the travel time between Lisbon and Faro

by about 10 minutes, increase the capacity by separating passenger and cargo traffic between

the alternative route and the existing section, harmonise the operation conditions with the

standards of the adjacent sections and will be eventually integrated with the Sines / Spain route.

• Port of Aveiro LinkPort of Aveiro LinkPort of Aveiro LinkPort of Aveiro Link

To provide a railway link to the Port of Aveiro, and a rail-road-maritime interface in Cacia that will

foster the development of multimodality and of railway transport in the domestic and

international links, particularly with Spain, in January 2007 a

contract work began for the Cacia Multimodal Terminal which

is forecast to be completed in February 2008. In September

2007, the contract work for the 1st stage of the branch line to

the Port of Aveiro was consigned (from km 0+000 to the

Gafanha Bridge (inclusive). In November 2007, the contract was awarded for the 2nd stage of

the branch line to the Port of Aveiro (between the Gafanha Bridge and the Port of Aveiro), for

which the contract is expected to be signed in early 2008.



39393939

LLLLEVEL EVEL EVEL EVEL CCCCROSSINGSROSSINGSROSSINGSROSSINGS

Strong growth in car traffic and increasingly faster trains have significantly increased the risk of

accidents at level crossings, thus making them one of the most disruptive parts of the railway operation

system.

The work to eliminate level crossings and to improve safety conditions, particularly by automating level

crossings, resulted in a lower accident rate. However, this reduction was less than desirable,

consequent to the higher flow of road traffic and the faster trains.

In 2007, about € 14.7 million was invested, of which about 86% was paid by REFER, in the actions to

eliminate level crossings and to improve their safety (reclassification) either by building overpasses or

underpasses and access roads or by automating and improving the visibility of the remaining level

crossings.

NORTH DELEGATION (DN) NORTH DELEGATION (DN) NORTH DELEGATION (DN) NORTH DELEGATION (DN) 1)1)1)1) 11111111 ------------ 7.389.584

CONSTRUCTION AND RENOVATION DEPART. (CR)CONSTRUCTION AND RENOVATION DEPART. (CR)CONSTRUCTION AND RENOVATION DEPART. (CR)CONSTRUCTION AND RENOVATION DEPART. (CR)

Beira Baixa (BB) Line Complex --- --- ---

Lisbon Metropolitan Area (AML) Complex 3 --- 3.345.249

Sines - Elvas (SE) Link Complex --- --- ---

Infrastructure Renovation and Rehabilitation (RRI) --- --- ---

Special Projects (PES) 5 --- 540.894

CR - TotalCR - TotalCR - TotalCR - Total 8888 ------------ 3.886.143

CROSSINGS AND LEVEL CROSSING (LC) MANAG. DEPART.CROSSINGS AND LEVEL CROSSING (LC) MANAG. DEPART.CROSSINGS AND LEVEL CROSSING (LC) MANAG. DEPART.CROSSINGS AND LEVEL CROSSING (LC) MANAG. DEPART. 8888 7777 73.594

REFER - TOTALREFER - TOTALREFER - TOTALREFER - TOTAL 27272727 7777 11.349.321

1.317.290 (1)

1.595.157 (2)

AENOR - Lusoscut --- 1 450.000 (2)

1.317.290 (1)

2.045.157 (2)

12.666.611 (1)

2.045.157 (2)

14.711.76814.711.76814.711.76814.711.768

(1) - Cost paid by REFER2) - Cost paid by external entities3) - Works with protocol between REFER and town councils

4

REFER

REFER

REFER

REFER

EXTERNAL

EXTERNAL

EXTERNAL

EXTERNAL

ENTITIES

ENTITIES

ENTITIES

ENTITIES

Town Councils (3)

31313131

4444

9999

1

Reclassified Level Reclassified Level Reclassified Level Reclassified Level CrossingsCrossingsCrossingsCrossings

Eliminated Eliminated Eliminated Eliminated Level CrossingsLevel CrossingsLevel CrossingsLevel Crossings

Cost Cost Cost Cost (Euros)

TOTALTOTALTOTALTOTAL

EXTERNAL ENTITIES - TOTALEXTERNAL ENTITIES - TOTALEXTERNAL ENTITIES - TOTALEXTERNAL ENTITIES - TOTAL 2222

The work carried out and the associated costs to eliminate or reclassify these 40 level crossings were as

follows:



40404040

(Euros)

Underpass/Overpass 19 2 12.208.479 2.045.157 14.253.636

Alternative road 6 --- 418.538 --- 418.538

Visibility --- 6 11.798 --- 11.798

Others 6 1 27.796 --- 27.796

TOTALTOTALTOTALTOTAL 31313131 9999 12.666.61112.666.61112.666.61112.666.611 2.045.1572.045.1572.045.1572.045.157 14.711.76814.711.76814.711.76814.711.768

(1) - Cost paid by REFER - Own works and protocols with external entities

WorkWorkWorkWork Eliminated LCEliminated LCEliminated LCEliminated LC Reclassified LCReclassified LCReclassified LCReclassified LC REFER CostREFER CostREFER CostREFER Cost (1) (1) (1) (1) External CostExternal CostExternal CostExternal Cost Total Cost Total Cost Total Cost Total Cost

Consequent to these actions and the awareness-raising and road traffic education campaigns, the

accident rate evolved as follows:

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

TOTAL 144 144 154 119 123 113 105 102 72 68 66

Persons hit 22 17 25 15 17 18 15 18 14 11 17

Collisions 122 127 129 104 106 95 90 84 58 57 49

0

25

50

75

100

125

150

175

200

No. of accidents

Years

Accidents at LCs - 1997 to 2007

Therefore, there were 2 less accidents involving hit pedestrians and collisions, when compared with

2006, and 78 less accidents since REFER was founded.

By late 2007, in the 2,838 km of the National Railway Network with traffic, there were 1,266 level

crossings, for an average density of 0.446 LCs/km broken down into the following types:

With GuardWith GuardWith GuardWith Guard 91919191

AutomatedAutomatedAutomatedAutomated

With lifting gates 367

Without lifting gates 26

Without GuardWithout GuardWithout GuardWithout Guard

Type D 307

5th category 173

PedestriansPedestriansPedestriansPedestrians 170170170170

SubtotalSubtotalSubtotalSubtotal 1134113411341134

132

1266126612661266

Private LCs

TOTALTOTALTOTALTOTAL

Type of LCType of LCType of LCType of LC NumberNumberNumberNumber

Public LCs

393393393393

480480480480



41414141

Since reducing the accident rate was the main goal, as stipulated in the Major Options of the Plan and

in the Strategic Guidelines of the Railway Sector,

of actions applicable to Level Crossings, to fulfil

the said goal, it is essential that these actions be

based on objective criteria according to the risk

associated to the existing level crossings.

As such, based on data characterising level

crossings and accident rates in past years, in

2007 a Risk Analysis was developed for all level

crossings located in lines with railway traffic,

whereby each level crossing was classified

according to its risk level.

Based on this classification, the counties were

split into risk levels.



42424242



43434343

5555 EEEENVIRONMENTNVIRONMENTNVIRONMENTNVIRONMENT

n 2007, it is worth highlighting the new edition of the REFER Environment Policy. The policy now

stipulates the principle of compensation for environmental impacts, which is added to the already

applicable prevention principle. Similarly, the company also redefined the mission and attributes of

the Environment Department based on an organisational model focussed on progressively creating

a network of Environment Operation Supervisors (EOS). That strategy is feasible because REFER has a

good knowledge base about its environmental support needs which were placed in writing and

grouped according to the main work processes. Central management is responsible essentially for the

role of guiding the implementation of the various Environmental Policy guidelines, for harmonising

processes, priorities and means of action and also for directly managing processes which are

strategically important for REFER's activities.

Within the specific context of 2007, emphasis goes to key processes, Environmental Management,

Impact Assessment and Environmental Management, Noise Management and Waste Management.

Environmental Management

Given the broad nature of this topic within the context of REFER's activities, it was felt that an effort

should be made to focus on structuring this field within operation/maintenance activities and that it

should be given priority within investment and support actions.

The company re-activated the project to characterise the main activities (for track catenary, signalling,

construction and low voltage) and a diagnosis program applicable to the Maintenance Centres.

Impact Assessment and Environmental Monitoring

The program to create monitoring plans is meant to fulfil the legal obligations arising from the

Environmental Impact Assessment (EIA) of the various projects, for which REFER checks the

implementation and effectiveness of the recommended minimisation measures. The company

completed the monitoring plans for the Minho Line (Lousada/Nine section), Braga Branch Line and

South Line (Pragal/Pinhal Novo sections, km 94/Ermidas and Ermidas Funcheira). Additionally, a

contract was awarded for another three track sections: the Guimarães Line (sections of Sto

Tirso/Lordelo and Lordelo/Guimarães); the Douro Line (Cête/Caíde section); and the Beira Baixa Line

(Mouriscas/Castelo Branco section). These plans are in the final review stage. At the end of 2007,

about 55% of the universe of track previously lacking environmental monitoring was being subject to

environmental evaluation.

Noise

The company has continued to produce the Strategic Noise Charts applicable to lines and sections

with more than 60,000 runs per year, described in legislation as Major Railway Infrastructures (MRI). On

23 April 2007, the company also submitted its Strategic Noise Chart (SNC) for the Cascais Line to the

Portuguese Environment Agency, making REFER the first entity to submit a plan in compliance with the

I



44444444

new legislation. The modelling stage for the Sintra Line and Cintura Line has been completed, whereby

the Lisbon Santa Apolónia/Azambuja section of the North Line is in an advanced development stage.

Waste Management

Under its logistics reorganisation process, the company re-analysed the practice of selling recyclable

waste and, also, the means of contracting the services rendered for non-recyclable waste. The latter

has a more direct impact on the activities managed by the Environment Department. Emphasis goes

to the requirements necessary for managing the waste created from removing the roof of the Santa

Apolónia Station, for the strategy to manage fibrocement waste identified at the work to reinforce the

embankment in Vila Franca de Xira and for collecting lubrication grease waste from the maintenance

of track-switching devices and other equipment. Lastly, one of the work components that has

deserved greater attention relates to characterising potentially contaminated soil, with emphasis on

the work to characterise waste and liabilities associated to the work to connect the railway to Siderurgia

Nacional (national steel and iron plant) which produced results in February 2007.

Fauna and Flora – Business & Biodiversity Commitment

A number of factors related to fauna and flora are worth noting. The Institute of Nature Conservation

and Biodiversity (ICNB) challenged REFER to join the Business & Biodiversity (B&B) program launched by

the European Commission. This program is part of a broader goal defined by the United Nations to halt

the loss of biodiversity until the year 2010. Another reason for maintaining this goal is that 2007 will see

the start of two investments in nature protection areas, that is, the work for the Alcácer do Sal

alternative route and the railway link to the Port of Aveiro.

The CIBIO became (in April) the most recent link in the network of protocols signed between REFER and

universities and/or their Centres of Excellence. Its B&B commitment, signed on October 24, covers

three projects: the ‘ecological continuum' project (which aims to research the potential of railway

paths as a means of linking habitats); the Ecological Recovery project for a salt pit in Vale do Sado;

and the Dunes Recovery project associated to the work to place the North Line in Espinho

underground. Lastly, the Green Building project, which is an initiative by the non-governmental

environmental organisation (NGEO) Quercus, proposed that REFER rehabilitate the Sacavém Station,

transforming it into a model of sustainable construction based on an already-existing building.



45454545



46464646

Passagem Desnivelada Barreiro - Pinhal Novo

Ecopista do antigo Ramal de Mora

6666 PPPPROPERTY ROPERTY ROPERTY ROPERTY AAAASSETSSSETSSSETSSSETS

his department’s activities include the National Ecotracks Plan submitted to town councils with

inactive railway corridors. During the year, protocols were signed for about 23 km of track corridors

to create Ecotracks. Currently, about 323 km are already under concession, from a total of nearly

700 km available for these activities.

Besides these protocols, another 23 protocols were signed with various public and private entities for

re-using and enhancing various buildings and land plots belonging to the public domain under the

management of REFER. Since these buildings and plots are no longer necessary for railway activities

and are not being used for any purpose, not only can they be re-used, but they can also generate

revenue in the future of about € 137,000 / year at current prices.

In addition to the indicated protocols, others are currently in effect for the concession and utilisation of

public domain assets that generated about € 1,100,000 during the current year.

This department also received about 870 processes from various town councils and private entities to

issue opinions on the licensing of construction works next to the railway track. Of these processes,

about 15% are requests to analyse various projects referring to licensing in zones where the high speed

network will be installed, requests which have been analysed jointly with RAVE.

For 2008, the National Ecotracks Plan includes preparing Preliminary Landscaping Studies for the

branch lines of Portalegre and Moura in order to implement those infrastructures on these channels.

The plan also calls for holding a Technical Seminar about implementing, building, maintaining and

managing Ecotracks. The organisers will invite various entities that have been involved in this type of

infrastructure such as universities, landscaping companies and the very municipalities. The seminar will

be held to ensure REFER’s participation within the scope of the European car-free week.

Various studies to enhance property assets are also planned for 2008 and which will cover inactive

properties in various lines in Alentejo and Trás-os-Montes.

T



47474747



48484848

7777 SSSSAFETYAFETYAFETYAFETY

bout 2,100 trains circulate daily on the National Railway Network which, in 2007, corresponded

to about 40.5 million TK, a 3.6% increase over 2006. Most of the trains (about 80%) provide

passenger services.

REFER continuously strives to always ensure the safety of passengers, of its personnel and of the

personnel of railway operators and service providers. The company is also always concerned with the

safety of those who use level crossings. Additionally, safety measures are also implemented for

transported cargo, rolling stock and fire prevention in forests surrounding railroad tracks. Without loss to

good practises among the various participants in the railroad transport system, emphasis goes to

characterising situations of risk in order to apply risk-control preventative measures by implementing

corrective measures, thus contributing to increased safety and better cooperation between the various

entities.

However, to ensure effective safety, three essential aspects must be taken into account: compliance

with the railway regulations; actions in deteriorated situations and in emergency situations; and

maintaining a link with all interested external entities. The first two aspects depend somewhat on

compliance with regulations. These regulations, to the extent possible, are influenced by changes in

market regulations (domestic and foreign), and by technological advances of infrastructure

construction systems and by circulation management and control. Accordingly, ongoing updates

have been made to the Railway Regulations that, since REFER was founded in 1997, have been highly

implemented at all levels of the railway system, which has called for a constant renewal of structural

assets, whether human resources or technological resources. We highlight the service start-up in late

2007 of the e-Regulations application which now makes it possible to manage and prepare, approve,

publish and distribute the Operation Regulations completely through electronic means without

needing to distribute hard copies.

In accordance with Railway Regulations, the sector has experienced its greatest transformation since

the 90s through the newly presented, transposed and implemented E.U. legislation packages for the

railway sector. These packages aim essentially to create a network of railway transport at the European

level and to standardise systems and conventional technical equipment, thus creating a safer and

more sustainable interoperability among member states. The impact of these goals is felt in the way

the national railway networks of each member state are adapted and transformed to comply with this

European policy not only in terms of a European vision, but also regarding the national strategic

options. And it is within this scenario that Operation Safety complies with, promotes and contributes,

jointly with all entities with which REFER interacts, to improved operation capacity and intrinsic safety of

the National Railway Network.

A



49494949

Detecção de caixas e rodas quentes

In 2007, special relevance was placed on identifying significant accidents in order to have reliable

data for the Common Safety Indicators as they are currently defined in Regulation 91/2003 CE. This

accident identification policy, which has been implemented since 2004, was improved, in particular

by holding meetings with operators in the presence of the regulatory entity.

Note also that, at the end of 2007, about 80% of trains circulating on the REFER network were covered

by Automatic Braking systems and Ground-Train Radio.

Additionally, the SDCRQ system (Overheated Wheels and

Axle Boxes Detection System) was strategically installed at

seven network sites to cover about 80% of the long-haul

traffic, and which began operating in October 2007. This

system has already made it possible to identify potentially

dangerous situations in rolling stock, which were immediately

controlled and eliminated, thus contributing to greater safety.

An obstacle detection system (ODS) began operating at a

level crossing on the Oeste Line. This system detects the presence of obstacles on the level crossing

and warns approaching trains through a light signal.

Thus in 2007, REFER reinforced the existing safety equipment by expanding the network covered by the

CONVEL and by introducing the new aforementioned systems, all of which have contributed to

prevent railway accidents.

In 2007, nearly 88% of significant accidents resulted from accidents at level crossings and persons hit

along the track and at stations and stops. In most cases, these accidents were caused by train users

and pedestrians who did not comply with safety rules and restrictions. The company must thus

maintain its current policy to eliminate and reclassify level crossings and to increase its control over

impropriate railway use by pedestrians.

Safety and health at work actions were based on compliance with the legal requirements and the

development of social responsibility principles. Accordingly, in addition to having provided medical

surveillance for workers, the company also significantly reinforced the evaluation and control of risks at

work sites, as well as training and information for workers. On the other hand, the company took

measures at some work sites and social facilities to improve the wellbeing of its employees.

As for activities regarding the safety of persons and goods, we point out the reinforcement of video

surveillance systems at train stations and at other critical areas of the infrastructure. The company also

implemented access control systems at the buildings with the highest employee occupation rates. To

increase the company's capacity to overcome emergency situations, REFER prepared four

emergency plans and various railway building evacuation plans.



50505050



51515151

8888 HHHHUMAN UMAN UMAN UMAN RRRRESOURCESESOURCESESOURCESESOURCES

CCCCHARACTERISATION OF HARACTERISATION OF HARACTERISATION OF HARACTERISATION OF EEEEMPLOYEESMPLOYEESMPLOYEESMPLOYEES

n 2007, on average the company had 3,579

employees, consequent to 90 employees who left the

company and 68 new employees who were hired, of

which 52 were for upper management.

At the end of the year, REFER had 3,573 employees.

The company thus maintained the trend of reducing its

workforce – 2% of the average workforce – although at a

lower rate than in past years.

Total wages reached a value very similar to that

in the previous year: € 81 million. Since 2000,

the rate of overtime work has been decreasing.

In 2007, overtime work fell the most ever, falling

to an annual average of less than 5.5%.

The year of 2007 marked the development of Human Resources Management instruments regarded

as fundamental for the company's activities.

In July 2007, a new Career System took effect that replaced the 1999 Career Regulations. Some

fundamental changes resulted from applying the new system. The company implemented a policy

covering technical careers allowing for more flexible and personalised personnel management, which

promotes the trend toward individualising wages and introducing position distinctions within the various

technical career categories.

For non-technical careers, the company rationalised the career advancement system and updated

the base and top ranks within the various professional categories.

In 2007, the company re-applied its Performance and Potential Analysis System, an instrument that is

crucial for recognising and compensating personnel performance.

I3000

4000

5000

6000

2001 2002 2003 2004 2005 2006 2007

December Average

56%7%

3%5%

3%

5%

6%

2%12%

1%

Base wage Other Fixed

En-route/shift subsidy Overtime

Night / compensated work Bonuses

Meal subsidy Travel

Holiday subsidty + 13th month Additional remunerations



52525252

In 2007, the company also restructured the Training Model according to the personnel professional

development and knowledge development strategy at the company. The year’s main Training Plan

indicators will exemplify the initiatives carried out by the company. A total of 650 training actions were

held, corresponding to a physical attendance of 88%, in a total of 4,400 training hours that implied a

physical presence of 82% compared to what had been planned. These training actions involved

about 5,000 trainees. On average, 17 hours of training were attended per employee.

An Organisational Setting Diagnosis was also performed, which is a fundamental instrument for

determining how personnel perceive the crucial aspects of their activities at the company. This

diagnosis is used to make decisions about measures to improve the organisational setting.

In order to renovate and reinforce the company’s technical staff, recruitment programs were carried

out that emphasised the acquisition of personal and technical skills appropriate for fulfilling each unit’s

business goals which are critical for meeting the corporate strategy.

The in-house management, mobility and communication policy also attempted to maintain pace

with the company’s needs.

Within this scope, we highlight the actions carried out to ensure the success of implementing the

Lisbon OPC, in particular to meet the needs for skills to make this facility’s start-up feasible and by

promoting the link between the company, employee representation entities and participating

personnel.



53535353



54545454

Sets up, manages and operates telecommunications infrastructures and

systems, renders telecommunications services and any complementary,

subsidiary or accessory activities, directly or by setting up or obtaining

shareholdings in other companies.

9999 REFERREFERREFERREFER SSSSHAREHOLDINGSHAREHOLDINGSHAREHOLDINGSHAREHOLDINGS

REFER has shareholdings in a number of companies that were founded for the railway sector’s

reorganisation, which began in the 80s even before REFER was founded, and that

complement railway infrastructure management activities.

REFER – Rede Ferroviária Nacional, EP

PROPERTY

MANAGEMENT

VOCATIONAL

TRAINING

RAIL-RELATED

BUSINESSES

COMMERCIAL

AREA

MANAGEMENT

INVESFER, SA

99,99%

FERNAVE, SA

10%

FERBRITAS, SA

98,43%

REFER

TELECOM, SA

100%

GIL, SA

33%

RAVE, SA

40%

METRO

MONDEGO, SA

2,50%

CP COM, SA

80%

TELE-

COMUNICATIONS

Affiliated Companies and Main ActivitiesAffiliated Companies and Main ActivitiesAffiliated Companies and Main ActivitiesAffiliated Companies and Main Activities Of the REFER shareholdings, emphasis goes to the following companies in which the parent company

has a stake of over 50%.

R

Promotes and commercialises land and buildings, manages property

complexes, purchases and sells immoveable assets and also obtains rights over

these assets.



55555555

Note that the company INVESFER, S.A., was subject to capital increases in 2007.

The following indicators in 2007 were the most significant in the REFER’s affiliated companies:

(euros)

REFER SUBSIDIARIESREFER SUBSIDIARIESREFER SUBSIDIARIESREFER SUBSIDIARIES Refer TelecomRefer TelecomRefer TelecomRefer Telecom InvesferInvesferInvesferInvesfer FerbritasFerbritasFerbritasFerbritas CP ComCP ComCP ComCP Com

Turnover (euros) 20.425.633 2.111.524 15.475.340 5.459.313

Number of employees 139 25 216 9

Renders consultancy and technical, industrial and commercial assistance

services in transport and other fields, carries out public works and construction

contracts, industrial and commercial quarry operations and carries out quality

management at construction undertakings.

Promotes and commercialises current or future shops and commercial spaces

at stations and terminals of the Portuguese railway.



56565656



57575757

10101010 OOOOUTLOOKUTLOOKUTLOOKUTLOOK

Establishing a stable, responsible and transparent framework in the relationship between the state and

REFER, by specifying the rights and obligations of both parties, in terms of infrastructure management

and investment in long-duration infrastructures (LDI), will undoubtedly be the goal to be met in the

medium term. As already stated, this goal complies with the Strategic Guidelines for the railway sector,

which points toward a progressive outsourcing of the public service rendered by the infrastructure

manager until 2010 and aims to contribute to defining an efficient and sustained management

framework for the national railway infrastructure.

As is known, the user fees paid by the railway passenger and cargo operators covers only part of the

railway infrastructure management costs. It is expected that the User Fees revenue will remain similar to

the amounts in 2007. The remaining revenue, safeguarding operation efficiency, should have a public

compensation, which is still not the case.

To improve operation efficiency, the company will maintain its efforts to rationalise its means and

resources. Accordingly, work will be maintained to implement an asset management process

enabling the company to analyse investments/maintenance based on the respective lifecycle.

In its investments in LDI, in compliance with the strategic guidelines by the supervising ministries,

investments will be maintained for measures to integrate the country’s main railway lines with the Trans-

European Transport Network (North Line, Sines - Spain, Alcácer Alternative route), to develop urban

accesses (Lisbon and Porto metropolitan areas), to coordinate intermodal transport (links to ports and

industrial parks), to develop regional and interregional accesses (Beira Baixa Line, Oeste Line, Algarve

Line) and to ensure the safety, quality and efficiency of the transport system (OPC, elimination and

alteration of level crossings, among others).

The financing model for building of infrastructures must also be clarified, since REFER has been

financing a high percentage of these investments through loans.



58585858



59595959

11111111 IIIINCOME NCOME NCOME NCOME AAAAPPLICATION PPLICATION PPLICATION PPLICATION PPPPROPOSALROPOSALROPOSALROPOSAL

n accordance with the provisions in force, it is proposed that the net income for the year – a deficit

of 162,830,401 euros – be transferred to retained income.

Lisbon, 27 March 2008

ITTTTHE HE HE HE BBBBOARD OF OARD OF OARD OF OARD OF DDDDIRECTORSIRECTORSIRECTORSIRECTORS

CCCCHAIRMANHAIRMANHAIRMANHAIRMAN Luís Filipe Melo e Sousa Pardal

VVVVICEICEICEICE----CCCCHAIRMANHAIRMANHAIRMANHAIRMAN Alfredo Vicente Pereira

MMMMEMBEREMBEREMBEREMBER Romeu Costa Reis

MMMMEMBEREMBEREMBEREMBER Alberto Castanho Ribeiro

MMMMEMBEREMBEREMBEREMBER Carlos Alberto Fernandes



60606060



61616161

12121212 FFFFINANCIAL INANCIAL INANCIAL INANCIAL SSSSTATEMENTS AND TATEMENTS AND TATEMENTS AND TATEMENTS AND AAAANNEXESNNEXESNNEXESNNEXES (IFRS)(IFRS)(IFRS)(IFRS) FFFFINANCIAL INANCIAL INANCIAL INANCIAL SSSSTATEMENTSTATEMENTSTATEMENTSTATEMENTS

BALANCE SHEET - IAS/IFRSBALANCE SHEET - IAS/IFRSBALANCE SHEET - IAS/IFRSBALANCE SHEET - IAS/IFRSOn 31 December 2007 (euros)

ItemsItemsItemsItems NotesNotesNotesNotes 2007200720072007 2006200620062006

AssetsAssetsAssetsAssets

Long Duration Infrastructure Investment ActivitiesLong Duration Infrastructure Investment ActivitiesLong Duration Infrastructure Investment ActivitiesLong Duration Infrastructure Investment Activities6. 1.064.647.6631.064.647.6631.064.647.6631.064.647.663 809.087.112809.087.112809.087.112809.087.112

Non-currentNon-currentNon-currentNon-current Tangible fixed assets 7.1.1. 49.996.752 50.518.439 Intangible assets 7.2. 2.593.203 5.140.553 Investments in subsidiary and associated companies 7.3.1. 30.712.687 18.881.151 Financial assets available for sale 7.3.3. 0 46.181 Loans and receivables 7.3.4. 39.529.625 54.454.625

122.832.267122.832.267122.832.267122.832.267 129.040.948129.040.948129.040.948129.040.948

CurrentCurrentCurrentCurrentFinancial activities at the fair value through results 7.3.5. 0 54.000.000Derivative financial instruments 7.5. 35.135.954 25.337.633Inventories 7.4. 12.443.689 14.131.356Clients and other receivables 7.6. 122.319.360 149.593.156Receivable income tax 970.234 1.451.725Cash and cash equivalents 7.7. 209.719 15.955.730

171.078.956171.078.956171.078.956171.078.956 260.469.600260.469.600260.469.600260.469.600

Total assetsTotal assetsTotal assetsTotal assets 1.358.558.8861.358.558.8861.358.558.8861.358.558.886 1.198.597.6601.198.597.6601.198.597.6601.198.597.660

EquityEquityEquityEquity

Capital and reserves attributable to shareholdersCapital and reserves attributable to shareholdersCapital and reserves attributable to shareholdersCapital and reserves attributable to shareholdersCapital 305.200.000 305.200.000Adjustments to the value of financial assets 0 -37.167Cumulative results -1.116.124.148 -953.974.118

-810.924.148 -648.811.285Results in the year attributable to shareholders -162.830.401 -162.150.029

Total equityTotal equityTotal equityTotal equity -973.754.549-973.754.549-973.754.549-973.754.549 -810.961.314-810.961.314-810.961.314-810.961.314

LiabilitiesLiabilitiesLiabilitiesLiabilitiesNon-currentNon-currentNon-currentNon-currentLoans obtained 7.9. 1.600.000.000 1.600.000.000Liabilities for retirement benefits 7.11. 0 3.781Provisions 7.12. 11.048.392 23.535.745

1.611.048.3921.611.048.3921.611.048.3921.611.048.392 1.623.539.5261.623.539.5261.623.539.5261.623.539.526

CurrentCurrentCurrentCurrentLoans obtained 7.9. 480.679.653 176.144.102Derivative financial instruments 7.5. 74.043.570 38.522.071Supplies and other payables 7.10. 165.628.357 170.314.402Payable income tax 7.13. 913.463 1.038.873

721.265.043721.265.043721.265.043721.265.043 386.019.448386.019.448386.019.448386.019.448

Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities 2.332.313.4352.332.313.4352.332.313.4352.332.313.435 2.009.558.9742.009.558.9742.009.558.9742.009.558.974

Total equity and liabilitiesTotal equity and liabilitiesTotal equity and liabilitiesTotal equity and liabilities 1.358.558.8861.358.558.8861.358.558.8861.358.558.886 1.198.597.6601.198.597.6601.198.597.6601.198.597.660



62626262



VVVVICEICEICEICE----CCCCHAIRMHAIRMHAIRMHAIRMAN AN AN AN Alfredo Vicente Pereira

MMMMEMBER EMBER EMBER EMBER Romeu Costa Reis

MMMMEMBER EMBER EMBER EMBER Alberto Castanho Ribeiro

MMMMEMBER EMBER EMBER EMBER Carlos Alberto Fernandes

FFFFINANCIAL INANCIAL INANCIAL INANCIAL DDDDIRECTORIRECTORIRECTORIRECTOR

Alberto Manuel Diogo

CCCCHARTERED HARTERED HARTERED HARTERED AAAACCOUNTANTCCOUNTANTCCOUNTANTCCOUNTANT

Isabel Rasteiro Lopes TOC 23435



63636363

PROFIT AND LOSS ACCOUNTPROFIT AND LOSS ACCOUNTPROFIT AND LOSS ACCOUNTPROFIT AND LOSS ACCOUNTon 31 December 2007

(euros)

ItemsItemsItemsItems NotesNotesNotesNotes 2007200720072007 2006200620062006

Sales and rendered services 7.14. 73.212.389 88.240.058Change in inventory of finished products and products in progress 7.4. 0 -15.410.253Cost of sales -7.806.393 -7.088.615External supplies and services 7.15. -108.136.743 -104.016.796Personel costs 7.16. -85.598.462 -93.105.828Depreciation and amortisation in the year -4.676.092 -5.355.201Provisions for other risks and charges -141.351 -5.436.366Adjustments to inventories and receivables 6.530 675.989Other expenses 7.17. -6.417.192 -8.300.087Other revenue 7.18. 42.485.303 48.088.989

Operating ResultsOperating ResultsOperating ResultsOperating Results -97.072.010-97.072.010-97.072.010-97.072.010 -101.708.111-101.708.111-101.708.111-101.708.111

Financial costs 7.19 -228.034.130 -195.033.966Financial income 7.19 158.009.541 134.739.840Gains / losses in associated companies 7.19 4.355.555 -14.399

Pre-tax ResultsPre-tax ResultsPre-tax ResultsPre-tax Results -162.741.045-162.741.045-162.741.045-162.741.045 -162.016.636-162.016.636-162.016.636-162.016.636

Tax in the year 7.20.2. -89.356 -133.393

Net Profit for the YearNet Profit for the YearNet Profit for the YearNet Profit for the Year -162.830.401-162.830.401-162.830.401-162.830.401 -162.150.029-162.150.029-162.150.029-162.150.029

To be read jointly with the Notes to the Financial Statements.

NOTE:NOTE:NOTE:NOTE:

REFER is not covered by IAS 33, and thus its results are not presented per share since its share capital

has the legal status of "Statutory Capital fully held by the Portuguese state” and is thus not represented

by shares or by any other type of certificates.




Isabel Rasteiro Lopes Chart. Account. no. 23435



VVVVICEICEICEICE----CCCCHAIRMAN HAIRMAN HAIRMAN HAIRMAN Alfredo Vicente Pereira






64646464

STATEMENT OF EQUITY ALTERATIONS IAS-IFRSSTATEMENT OF EQUITY ALTERATIONS IAS-IFRSSTATEMENT OF EQUITY ALTERATIONS IAS-IFRSSTATEMENT OF EQUITY ALTERATIONS IAS-IFRSon 31 December 2007

(euros)

Share CapitalShare CapitalShare CapitalShare Capital ReservesReservesReservesReservesAdjustments of Adjustments of Adjustments of Adjustments of Financial AssetsFinancial AssetsFinancial AssetsFinancial Assets

Cumulative ResultsCumulative ResultsCumulative ResultsCumulative Results Total EquityTotal EquityTotal EquityTotal Equity

Balances on 01 January 2006Balances on 01 January 2006Balances on 01 January 2006Balances on 01 January 2006 305.200.000305.200.000305.200.000305.200.000 199.070199.070199.070199.070 -40.556-40.556-40.556-40.556 -953.974.119-953.974.119-953.974.119-953.974.119 -648.615.605-648.615.605-648.615.605-648.615.605

Subsidies and donations in the year -199.070 -199.070

Adjustments to financial assets 3.389 3.389

Results in 2006 -162.150.029 -162.150.029

Balances on 31 December 2006Balances on 31 December 2006Balances on 31 December 2006Balances on 31 December 2006 305.200.000305.200.000305.200.000305.200.000 -0-0-0-0 -37.167-37.167-37.167-37.167 -1.116.124.147-1.116.124.147-1.116.124.147-1.116.124.147 -810.961.315-810.961.315-810.961.315-810.961.315

Subsidies and donations in the year -

Adjustments to financial assets 37.167 37.167

Results in 2007 - -162.830.401 -162.830.401

Balances on 31 December 2007Balances on 31 December 2007Balances on 31 December 2007Balances on 31 December 2007 305.200.000305.200.000305.200.000305.200.000 -0-0-0-0 ---- -1.278.954.549-1.278.954.549-1.278.954.549-1.278.954.549 -973.754.549-973.754.549-973.754.549-973.754.549













65656565

CASH FLOW STATEMENTCASH FLOW STATEMENTCASH FLOW STATEMENTCASH FLOW STATEMENTPeriod ending on 31 December 2007 (euros)

Operating ActivitiesOperating ActivitiesOperating ActivitiesOperating ActivitiesReceipts from clients 78.000.384 78.973.917Payments to suppliers -141.177.801 -144.210.409Personnel payments -104.983.742 -118.211.080

Flow generated by the operations -168.161.159 -183.447.571

Income tax payment/receiptOther payments/receipts from operating activities 25.044.999 84.065.743

Flow from operating activities (1)Flow from operating activities (1)Flow from operating activities (1)Flow from operating activities (1) -143.116.160-143.116.160-143.116.160-143.116.160 -99.381.829-99.381.829-99.381.829-99.381.829

Investment ActivitiesInvestment ActivitiesInvestment ActivitiesInvestment ActivitiesReceipts from:Investment subsidies 142.937.779 77.848.385Interest and similar income

142.937.779 77.848.385Payments for:Financial investmentsTangible assets 234.887.505 229.573.371Intangible assets

234.887.505 229.573.371Flow from investment activities (2)Flow from investment activities (2)Flow from investment activities (2)Flow from investment activities (2) -91.949.726-91.949.726-91.949.726-91.949.726 -151.724.986-151.724.986-151.724.986-151.724.986

Financing ActivitiesFinancing ActivitiesFinancing ActivitiesFinancing ActivitiesReceipts from:Loans obtained 479.966.321 1.200.000.000ReservesInterest 94.842.143 25.641.718

574.808.463 1.225.641.718Payments for:Loans obtained 86.320.868 808.925.741Interest and similar costs 269.167.721 153.390.398Others

355.488.588 962.316.139Flow from financing activities (3)Flow from financing activities (3)Flow from financing activities (3)Flow from financing activities (3) 219.319.875219.319.875219.319.875219.319.875 263.325.579263.325.579263.325.579263.325.579

Changes in cash and cash equivalents (4)=(1)-(2)+(3)Changes in cash and cash equivalents (4)=(1)-(2)+(3)Changes in cash and cash equivalents (4)=(1)-(2)+(3)Changes in cash and cash equivalents (4)=(1)-(2)+(3) -15.746.011-15.746.011-15.746.011-15.746.011 12.218.76412.218.76412.218.76412.218.764

Exchange rate effects 0 0Cash and cash equivalents at the end of the period 209.719 15.955.730Cash and cash equivalents at the beginning of the period 15.955.730 3.736.966

Changes in cash and cash equivalentsChanges in cash and cash equivalentsChanges in cash and cash equivalentsChanges in cash and cash equivalents -15.746.011-15.746.011-15.746.011-15.746.011 12.218.76412.218.76412.218.76412.218.764

2007200720072007 2006200620062006

FFFFINANCIAL INANCIAL INANCIAL INANCIAL DDDDIRECTORIRECTORIRECTORIRECTOR Alberto Manuel Diogo











66666666

Annex to the Cash Flow Statement

(euros)

Description 2007200720072007 2006200620062006

Cash 21.204 21.535Bank deposits 188.515 15.934.195

Liquid Funds in the Balance Sheet 209.719209.719209.719209.719 15.955.73015.955.73015.955.73015.955.730

Notes not included in this annex are not applicable



67676767

NNNNOTES TO THE OTES TO THE OTES TO THE OTES TO THE FFFFINANCIAL INANCIAL INANCIAL INANCIAL SSSSTATEMENTSTATEMENTSTATEMENTSTATEMENTS

1.1.1.1. ACTIVITIESACTIVITIESACTIVITIESACTIVITIES

Rede Ferroviária Nacional – REFER, E.P., abbreviated to REFER, E.P.,

founded through Decree-Law no. 104/97, of April 29, is a public

corporate entity with administrative and financial autonomy and its own

assets, subject to supervision by the Ministry of Finance and the Ministry

of Social Equipment, with its head office at the Santa Apolónia station in

Lisbon.

REFER, E.P., mainly renders a public service of managing the overall

national railway infrastructures and also builds, installs and renews railway

infrastructures.

To diligently render a highly efficient and effective service, REFER relies

on complementary services in business areas not covered by its main

activities, but that are performed by its subsidiaries.



68686868

2.2.2.2. CCCCOMPANYOMPANYOMPANYOMPANY’’’’S S S S MMMMISSIONISSIONISSIONISSIONSSSS

Since the company began applying the principles of the International Financial Reporting Standards

(IFRS), its Long Duration Infrastructure Investment Activities were separated from Infrastructure

Management:

2.12.12.12.1 Investments Investments Investments Investments on Long Duration Infrastructures (LDI)on Long Duration Infrastructures (LDI)on Long Duration Infrastructures (LDI)on Long Duration Infrastructures (LDI)

Covers the investments associated to:

� New infrastructures and/or network expansion;

� Modernisation and rehabilitation, by introducing new technology in the operation mode;

� Replacement, which includes interventions resulting in lasting improvements or that are

susceptible of increasing the value and/or lifetime of the asset whilst not altering the operation

conditions;

REFER, EP obtains the necessary financing for its investments, as described above, through loans from

financial institutions, suppliers, capital contributions by the shareholder or by obtaining subsidies.

2.22.22.22.2 Investments in support and management structures (ISMS)Investments in support and management structures (ISMS)Investments in support and management structures (ISMS)Investments in support and management structures (ISMS)

These cover all investments without implications on railway concessions and operation, grouped into

studies (e.g. organisational) and operation investments (e.g. furniture and computer equipment).

3.3.3.3. AAAACCOUNTING CCOUNTING CCOUNTING CCOUNTING PPPPOLICIESOLICIESOLICIESOLICIES

The accounting policies used to prepare these financial statements are described in the following

paragraphs and were applied in a consistent manner for the indicated years.

There are new standards, along with alterations and interpretations of existing standards that,

although already published, are of mandatory application only for annual periods starting on 1

March 2007 or on a later date, and which REFER decided not to apply early, particularly the

alterations/reviews regarding:

• IAS 1 (review), presentation of the financial statements (to be applied for the years that begin

on or after 1 January 2009).

• IAS 23 (alteration), costs of loans (to be applied for the years that start in or after 1 January

2009).

• IFRS 2 (alteration), payments based on shares (to be applied for the years that start in or after 1

January 2009).

• IFRS 3 (review), concentration of activities and IAS 27 (review), individual and consolidated

financial statements (to be applied to years starting on or after 1 July 2009).



69696969

• IFRS 8, Operational Segments (to be applied to years that start on or after 1 January 2009),

which replaces IAS 14 and converges in the report per segments with US GAAP, SFAS 131.

• IFRIC 11, IFRS 2 – Operations with own shares (to be applied for years that start on or after 1

March 2007).

• IFRIC 12, concession contracts (to be applied to years that start on or after 1 January 2008).

• IFRIC 13 – client loyalty programs (to be applied to years that start on or after 1 July 2008).

• IFRIC 14 – limitation of assets arising from defined benefits plans and their interaction with

requirements of minimum contributions (to be applied to years starting on or after 1 January

2008).

3.13.13.13.1 Presentation BasesPresentation BasesPresentation BasesPresentation Bases

The financial statements presented herein reflect the company’s results for the years ending on 31

December of 2007 and 2006.

These financial statements were assessed by the Board of Directors at a meeting held on 27 March

2008, which decided to submit them to approval by the supervising ministries. The Board of Directors

is of the opinion that these financial statements truly and appropriately reflect the operations by

REFER, its financial position and performance and its cash flows.

All amounts are shown in euros (€), except when indicated to the contrary.

In accordance with Regulation (CE) no. 1606/20021 of the European Parliament and of the Council

of 19 July 2002, in its transposition to the Portuguese legislation, through Decree-Law 35/2005, of

February 17, the financial statements of REFER were prepared, as of 2005, according to the

International Financial Reporting Standards (IFRS) as adopted by the European Union (EU).

The financial statements of REFER presented herein were prepared according to the principle of

historic costs, except for financial assets and liabilities recorded at the fair value, in particular

derivative financial instruments, which are recorded at the respective market value, except for those

for which the fair value is not available.

Preparation of the financial statements according to the IFRS requires that the company formulate

judgements, estimates and presuppositions that affect the application of the accounting policies

and the amounts of income, costs, assets and liabilities.

Estimates and associated presuppositions are based on historic experience and on other factors

regarded as reasonable according to the circumstances and form the basis for the judgements on

the values of the assets and liabilities whose valuation is not evident through other sources.

Issues requiring greater judgment detail or complexity, or for which the presuppositions and estimates

are regarded to be significant, are presented in Note 4 (Main estimates and judgements used for

preparing the financial statements).



70707070

3.23.23.23.2 Bases for Preparing the Financial InformationBases for Preparing the Financial InformationBases for Preparing the Financial InformationBases for Preparing the Financial Information

Reference datesReference datesReference datesReference dates

The financial statements include, with reference to 31 December 2007, the company’s assets,

liabilities and results.

Shareholdings in subsidiary companiesShareholdings in subsidiary companiesShareholdings in subsidiary companiesShareholdings in subsidiary companies

According to the concepts stipulated by IAS 27 – Consolidated and individual financial statements,

group companies (subsidiaries) are companies controlled by REFER, E.P.

A situation of control exists when REFER, EP holds the majority of votes in the respective company.

Control over a company may also exist when the holding company holds direct or indirect power to

manage the financial and operation policies to obtain benefits arising from its activities, even when

its shareholding is less than 50%.

The acquisition of subsidiaries is recorded by the purchase method.

The acquisition cost is measured by the fair value of the delivered assets, capital instruments issued

and liabilities incurred or assumed on the acquisition date plus costs directly attributed to the

acquisition.

The identifiable acquired assets and the contingent liabilities in a corporate concentration are initially

measured at the fair value on the acquisition date, regardless of the existence of minority interests.

The acquisition cost exceeding the fair value of the company’s shareholding in the identifiable

acquired assets, goodwill, is recorded in the value of the financial shareholding. The goodwill is

tested for impairment as part of the investment in the group company whenever there is an

indication of lost value.

If the acquisition cost is less than the fair value of the net assets of the acquired subsidiary, the

difference is recognised directly in the profit and loss account.

Financial shareholdings in Financial shareholdings in Financial shareholdings in Financial shareholdings in associatedassociatedassociatedassociated companiescompaniescompaniescompanies

As stipulated in IAS 28 – Investments in associated companies, the latter are regarded as companies

in which a significant influence is exercised over their financial and operation policies, although a

control is not maintained.

A significant influence is presumed to take place when the company has the power to exercise more

than 20% of the voting rights in the associated company.

These financial stakes are presented by the asset equivalence method, that is, the financial

statements include the company's stake in the total recognised gains and losses of the associated

company from the date on which the significant influence starts until the date on which it actually



71717171

terminates. The company's shareholdings in associated companies includes goodwill (net of losses

by impairment) determined on the acquisition date.

3.33.33.33.3 Tangible Fixed AssetsTangible Fixed AssetsTangible Fixed AssetsTangible Fixed Assets

Tangible fixed assets recorded in the company’s balance sheet refer to equipment used by REFER,

EP, for infrastructure management purposes and not covered by Long Duration Infrastructure

Investment activities.

Tangible fixed assets designated as Long Duration Infrastructures belong to the Public Railway

Domain and REFER, EP, merely has access to render the "infrastructure management" services. The

said infrastructures are recorded in the balance sheet item "Long Duration Infrastructure Investment

Activities," since they are not qualified as assets controlled by the company. These assets, in addition

to acquisitions and constructions, also include the assets of disabled offices and properties

transferred from CP.

Tangible fixed assets are recorded by the acquisition and/or transfer values. The financial costs of

purchasing long-duration infrastructures (LDI) are capitalised during their lifetime and are part of the

cost of building state assets by REFER, E.P.

Maintenance and repair costs that do not increase the lifetime of these assets are recorded as costs

in the year in which they take place.

Gains or losses in the disposal of assets are determined by the difference between the asset’s

realisation value and its accounting value, and are recognised in the profit and loss account.

Financial Financial Financial Financial Leasing ContractsLeasing ContractsLeasing ContractsLeasing Contracts

Assets being used under leasing contracts, for which all the leased assets’ possession risks and

advantages are substantially assumed, are classified as tangible fixed assets according to IAS 17 –

Leasing.

Assets acquired through financial leasing operations are depreciated according to the company’s

policy for tangible fixed assets of the same type.

Instalment payments consist of the financial expense and the financial amortisation of the principal.

Expenses are assigned to the respective periods during the leasing term in order to obtain a constant

periodic interest rate applicable to the lessor’s remaining net investment.



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The company has a variety of leased equipments, in particular administrative equipment (see note

7.1.1).

DepreciationDepreciationDepreciationDepreciation

Depreciation is calculated based on the acquisition value by applying the equal annual amounts

method at the rates corresponding to each type of asset’s expected lifetime. The main annual

amortisation rates (in %) are shown in the table below:

Item Item Item Item %%%%

Land Not amortised

Buildings and other structures 2 - 100

Basic equipment 3,33 - 100

Transport equipment 4 - 100

Tools and utensils 12,5 - 100

Office equipment 12,5 - 100

Other tangible assets 12,5 - 100

An asset’s lifetime is reviewed at the end of each year so that depreciation complies with the asset

consumption pattern. Alterations to an asset’s lifetime are handled as an accounting estimate

alteration and are applied prospectively.

Assets assigned to Long Duration Infrastructure Investment Activities are not subject to depreciation.

3.43.43.43.4 Intangible AssetsIntangible AssetsIntangible AssetsIntangible Assets

Intangible assets recognised in the company’s balance sheet refer essentially to software licences.

Intangible assets are recorded at the acquisition cost minus amortisation.

AmortisAmortisAmortisAmortisationationationation

Amortisation is calculated based on the acquisition value by the equal annual amounts method

during a 3-year period.

Movements in the item of intangible assets and respective depreciation, indicated in the balance

sheet, are described in note 7.2.

3.53.53.53.5 Financial AssetsFinancial AssetsFinancial AssetsFinancial Assets

The company classifies its investments on their trade date according to the objective that

determined their acquisition, in the following categories: financial assets at the fair value through

results (held for negotiation and fair value option); loans and receivables; assets held until maturity;



73737373

and financial assets available for sale, according to what is recommended by IAS 39 - Financial

instruments.

Financial assets at the fair value through resultsFinancial assets at the fair value through resultsFinancial assets at the fair value through resultsFinancial assets at the fair value through results

This category includes: (i) negotiation financial assets which are acquired for the main purpose of

being traded in the short term, and (ii) financial assets designated at the time of their initial

recognition at the fair value with variations recognised in the results. After their initial recognition,

financial assets at the fair value through the results are valuated at the fair value, and variations are

recognised in results.

This category includes derivatives that are not qualified for the purpose of hedge accounting.

Alterations to their fair value are recognised directly in income for the year according to the

accounting policy described in note 3.9.

Loans and receivableLoans and receivableLoans and receivableLoans and receivablessss

These correspond to non-derivative financial assets, with fixed or determined payments, for which

there is no active securities market. They arise from normal operation activities, in the supply of goods

or services, and are not meant for negotiation and for which the company does not have the

intention or capacity to hold until maturity.

Loans and receivables are accounted by the amortised cost based on the effective rate method,

minus impairment losses.

Impairment losses are recorded based on the estimate and evaluation of losses associated to

doubtful debt on the balance sheet date.

Provisions are recorded for losses by impairment when there are objective indicators that REFER EP will

not receive all the amounts to which it is entitled according to the original terms of the signed

contracts. In identifying situations of impairment, various indicators are used such as:

• Default analysis;

• Default for over 6 months;

• Debtor’s financial difficulties;

• Debtor’s bankruptcy probability.

When the amounts to be received from clients or other debtors and which have fallen due are

subject to a renegotiation of the respective terms, they are no longer regarded as due and are

handled like new credit.

Impairment losses correspond to the difference between the accounting value of the asset and the

current value of estimated future cash flows (taking into account the recovery period) discounted at

the effective original interest rate of the financial asset.



74747474

These assets are shown in the balance sheet, net of the recognised impairment.

Financial assets held until maturityFinancial assets held until maturityFinancial assets held until maturityFinancial assets held until maturity

These investments are non-derivative financial assets with stipulated or determinable payments and

specified maturities, for which there is the intention and capacity of holding them until maturity.

These investments are valuated at the amortised cost based on the effective rate method and are

deducted impairment losses.

Impairment losses are recorded based on the estimate and evaluation of losses associated to

doubtful debt on the balance sheet date.

Impairment losses correspond to the difference between the accounting value of the asset and the

current value of the estimated future cash flows (taking into account the recovery period) discounted

at the effective original interest rate of the financial asset.

These assets are shown in the balance sheet, net of the recognised impairment.

Financial assets available for saleFinancial assets available for saleFinancial assets available for saleFinancial assets available for sale

Financial assets available for sale are non-derivative financial assets that:

� The company intends to maintain for an indefinite time;

� Are designated as available for sale at the time of their initial recognition or;

� Are not covered by the above categories.

Financial assets available for sale are recorded at the fair value and the respective fair value

variations are recognised directly in equity in the fair value reserves item until the investments are

derecognised or until an impairment loss is identified, at which time the accumulated amount of

potential gains and losses recorded in reserves is transferred to results.

If a market value does not exist, the assets are maintained at the acquisition cost, although

impairment tests should be performed.

Interest earned from fixed income instruments, when classified as assets available for sale, and the

differences between the acquisition cost and the nominal value (premium or discount) are recorded

in results according to the effective rate method.

Shareholdings that are not holdings in group companies, joint undertakings or associated companies

are classified as financial assets available for sale, IAS category 39.

3.63.63.63.6 Fair value of financial assets and liabilitiesFair value of financial assets and liabilitiesFair value of financial assets and liabilitiesFair value of financial assets and liabilities

When determining the fair value of a financial asset or liability, if there is an active market, the market

price is applied. If there is no active market, which is the case for some financial assets and liabilities,

valuation techniques generally accepted in the market are applied based on market

presuppositions.



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REFER EP applies valuation techniques for unlisted financial instruments, such as derivatives, for

financial instruments at the fair value through results and for assets available for sale. The valuation

models used most frequently are discounted cash flow models and options models that include, for

example, interest rate curves and market volatility.

For some types of more complex derivatives, more advanced valuation models are used containing

presuppositions and data that are not directly observable in the market, for which REFER EP uses in-

house estimates and presuppositions.

3.73.73.73.7 Impairment of NonImpairment of NonImpairment of NonImpairment of Non----current Assetscurrent Assetscurrent Assetscurrent Assets

According to IAS 36 – Impairment of assets, whenever an asset’s accounting value exceeds its

recoverable amount, its value is decreased to the recoverable amount, and the loss by impairment

is recognised in results for the year. Thus, the recoverable value is determined for assets with

indications of potential losses by impairment.

3.83.83.83.8 InventoriesInventoriesInventoriesInventories

Goods, as well as raw, secondary and consumption materials are valuated at the lowest value

between the acquisition or production cost and the net realizable value.

The acquisition or production cost includes all purchase costs, conversion costs and other costs

incurred to place the inventories at the location and in their condition for use or sale. The net

realisable value is the estimated sale price during the normal period of activity minus the respective

sale costs, as stipulated in IAS 2 - Inventories.

Goods leaving the warehouse (consumption) are valuated at the average cost.

The cost is determined using the weighted average cost formula.

At its warehouses, REFER EP has materials to be applied for building tangible fixed assets in Long

Duration Infrastructure Investment Activities. These inventories are shown in the balance sheet in the

item “Long Duration Infrastructure Investment Activities.”

3.93.93.93.9 Derivative financial iDerivative financial iDerivative financial iDerivative financial instrumentsnstrumentsnstrumentsnstruments

Derivative financial instruments are recognised on the date of their trade date by their fair value (IAS

39). Consequently, the fair value of derivative financial instruments is re-evaluated on a regular basis,

whereby the gains or losses arising from the said re-evaluation are recorded directly in results for the

period, except when in relation to hedge derivatives.

Recognising fair value variations of hedge derivatives, in results for the period, depends on the nature

of the hedged risk and on the hedging model applied.

The fair value of derivative financial instruments corresponds to their market value, when available, or

when not available, it is determined by external entities based on valuation techniques.



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Hedge accountingHedge accountingHedge accountingHedge accounting

Hedge accounting is used whenever there is a relation between the hedged element and the

hedging instrument when the following conditions are met:

� The hedging is identified and formally documented on the date when the hedge relation begins;

� The hedging relation is expected to be highly effective on the transaction start date

(prospectively) and during the operation’s lifetime (retrospectively);

� The effectiveness of the hedging may be reliably measured on the transaction start date and

during the operation's lifetime;

� For cash flow hedging operations, it must be highly probable that the respective cash flow will

take place;

� Hedging is evaluated on a continuous basis and effectively determined as having been highly

effective during the whole financial reporting period for which the hedging was assigned.

Fair value hedgeFair value hedgeFair value hedgeFair value hedge

In a fair value hedge operation applicable to an asset or liability, the balance sheet value of that

asset or liability, determined based on the respective accounting policy, is adjusted to reflect the

variation in its fair value that may be assigned to the hedged risk. Variations in the fair value of

hedging derivatives are recognised in results, jointly with the fair value variations of hedged assets or

liabilities that may be assigned to the hedged risk. If the hedging no longer meets the required

criteria for the hedge accounting, the derivative financial instrument is transferred to the trade

portfolio and the hedged assets and liabilities are no longer adjusted by their fair value variations. If

the hedged asset or liability is a fixed income instrument, the revaluation adjustment is amortised until

its maturity by the effective rate method.

Cash flow hedgeCash flow hedgeCash flow hedgeCash flow hedge

In a cash flow hedge operation, when cash flow variability is highly probable, the effective part of the

fair value variations of the hedging derivative are recognised in reserves and are transferred to results

in the periods in which the respective hedged item affects results. The ineffective part of the hedging

is recorded in results when it takes place.

As of 31 December 2007, REFER does not qualify any of its derivative financial instruments as

hedging instruments.

3.103.103.103.10 Cash and cash equivalentsCash and cash equivalentsCash and cash equivalentsCash and cash equivalents

For cash flow statement purposes, cash and cash equivalents include amounts recorded in the

balance sheet and which also includes cash and liquid funds at other credit institutions.



77777777

Cash and cash equivalents include cash, bank deposits and other short-term investments, of high

liquidity and with initial maturities of up to 3 months.

3.113.113.113.11 Retirement pensionsRetirement pensionsRetirement pensionsRetirement pensions

REFER, EP does not provide any retirement plan to its employees. However, until 2007, the company

had been assigned the responsibility for paying benefits assigned to employees who were transferred

from CP - Caminhos de Ferro, EP.

REFER, EP was founded consequent to a spin-off from CP. Consequently, the employees from CP

came with all their acquired rights and benefits. Consequently, in 1998 and 1999 about one

thousand of these workers were pre-retired employees who worked in areas transferred to REFER, EP.

Because of this situation, REFER, E.P., was obliged to establish a provision of € 25,285,517 that was

used in the years to which it refers. This provision ended in 2007 (Note 7.11).

3.123.123.123.12 Loans obtainedLoans obtainedLoans obtainedLoans obtained

LongLongLongLong----term and term and term and term and debenture loansdebenture loansdebenture loansdebenture loans

The company recognises long-term and debenture loans as a non-current financial liability

according to IAS 39 – Financial instruments; these financial liabilities are recorded (i) initially by their

fair value minus transaction costs and (ii) subsequently at the amortised cost, based on the effective

rate method.

REFER, EP has negotiated loans to finance the building of long duration infrastructures. These loans

are recognised in the balance sheet in the item “Long Duration Infrastructure Investment Activities”

(Note 6.4).

3.133.133.133.13 Payables to sPayables to sPayables to sPayables to suppliers and other creditorsuppliers and other creditorsuppliers and other creditorsuppliers and other creditors

The balances of suppliers and other creditors are recorded at the amortised cost.

The balances of suppliers and other creditors refer to the balances of payables to suppliers of the

company’s operation activities. Balances of suppliers related with the acquisition/construction of

assets covered by Long Duration Infrastructure Investment Activities are recorded in the balance

sheet in the corresponding item.

3.143.143.143.14 Adjustments and ProvisionsAdjustments and ProvisionsAdjustments and ProvisionsAdjustments and Provisions

Adjustments are recognised when there are impairment losses in assets recorded in the balance

sheet, as described in the previous notes.

Provisions are set up in the balance sheet whenever there is an obligation (legal or implicit) arising

from a past event and whenever it may be reasonably estimated that the company must decrease

its resources, which include economic benefits, to liquidate its obligation (IAS 37 - Provisions,

contingent liabilities and contingent assets).



78787878

3.153.153.153.15 Recognising revenueRecognising revenueRecognising revenueRecognising revenue

3.15.13.15.13.15.13.15.1 Revenue from sales and rendered servicesRevenue from sales and rendered servicesRevenue from sales and rendered servicesRevenue from sales and rendered services

According to the recommendation in IAS 18 – Revenue, sales income is recognised in the profit and

loss account when the significant risks and benefits arising from the possession of the sold assets are

transferred to the purchaser.

Also according to the same reference, service rendering income is recognised in results in reference

to the actual performance of the work on the balance sheet date, regardless of its payment or

receipt.

3.15.23.15.23.15.23.15.2 User feeUser feeUser feeUser fee regulationregulationregulationregulation

Through Decree-Law 104/97, of April 29, REFER was assigned the duty to render the public service of

managing the overall national railway network and also granted the right to charge railway

infrastructure user fees.

To fulfil this mission, REFER carries out three main activities: To manage conservation; to manage the

circulation command and control and safety systems; and to manage the railway infrastructure

capacity.

The conditions for rendering railway transport services and for managing the railway infrastructure are

stipulated in Decree-Law 270/2003, of October 28, whereby the autonomous networks are not

covered by this directory.

Regulation 21/2005, published by INTF in the 2nd Series of Diário da República of 11 March 2005, in

accordance with article 52, no. 2 of Decree-Law 270/2003, defines the user fee calculation methods

and rules.

User fees for essential servicesUser fees for essential servicesUser fees for essential servicesUser fees for essential services

a)a)a)a) Base feesBase feesBase feesBase fees

Essential services offered by the infrastructure manager include the following:

� the minimum access package;

� railway access to the service facilities and the supply of services;

� the use of infrastructures and equipment for the supply, transformation and distribution of traction

electricity;

� the rendering of emergency railway assistance within the terms stipulated in article 51 of Decree-

Law 270/2003.

The user fee owed for rendering essential services associated to using a time slot is stipulated as

follows:

R= ∑ng=1 Tg * CKg

Where:

R – Fee charged for rendering the essential services when using a time slot by a train.

g – Uniform Group



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Tg – Base Fee defined in the Network Directory for each uniform group, according to the type of

service and type of traction used.

CKg – Distance actually travelled by a train in each of the uniform groups that it crosses in its route.

The fees owed for rendering the essential services are charged in view of the whole capacity actually

used by each operator in the period covered by the invoice.

The amount to be paid by each operator depends on the type of train traction and the distance

travelled by the said trains between the service origin and destination, and the amount is determined

by the sum of the value of all sections travelled, determined by multiplying each section’s length by

the applicable fee.

The invoiced amounts are subject to VAT at the legal rate in force.

b)b)b)b) User fee for requested capacity that is not usedUser fee for requested capacity that is not usedUser fee for requested capacity that is not usedUser fee for requested capacity that is not used

The amount owed for the capacity requested and not used corresponds to:

a) 10% of the applicable user fee if the non-utilisation is notified before the technical timetable takes

effect for the year in which the capacity is distributed.

b) 25% of the applicable user fee if the non-utilisation is notified up to 12 weeks prior to the date for

which the capacity was requested;

c) 50% of the applicable user fee if the non-utilisation is notified up to six weeks prior to the date for


d) 75% of the applicable user fee if the non-utilisation is notified up to two weeks prior to the date for


e) 100% of the applicable user fee if the non-utilisation is notified within less than two weeks prior to

the date for which the capacity was requested.

Failure to notify the non-utilisation does not exempt train transport companies from these fees,

except when such is the fault of REFER or when caused by a disruption preventing railway circulation.

For a specific Technical Timetable, if a train transport company does not use more than 5% of the

requested capacity, when it reaches that reference amount, it shall pay an extra 5% of the fee

amount for each additional slot it requested and did not use, up to a limit of 500% of the applicable

user fee.

Invoiced amounts are subject to VAT at the legal rate in force.

User fees for additional servicesUser fees for additional servicesUser fees for additional servicesUser fees for additional services

a)a)a)a) Traction powerTraction powerTraction powerTraction power

Since the access to traction electricity required by the operators may be provided only through the

infrastructures managed by REFER, the latter provides the operators with access to the means which

it manages.



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If valid contracts were signed agreeing on the payment to REFER of any amount for services of

checking, invoicing and/or distributing power consumption, what is calculated according to the fee

regulations is taken into account until that amount is met.

b)b)b)b) Manoeuvres Manoeuvres Manoeuvres Manoeuvres

Manoeuvre services are charged according to the mobilisation of human resources, in actual

minutes, and which may correspond to three professional categories: Manoeuvre Operator,

Circulation Operator or Circulation Controller.

The “actual minutes” are counted according to the actual time from the start of the mobilisation of

the human resources necessary for performing the manoeuvre activity until the time at which the

said human resources are available to perform another activity.

In the specific case of coupling and uncoupling, an average of 15 minutes per operation is taken

into account.

At stations where the services are available, but there is no specific crew at the site, the service

rendering time includes the travel time from the closest station with a crew.

The labour fees correspond to an average category price, determined based on the annual cost to

be applied regardless of the time period in which the services are rendered.

c)c)c)c) Parking of rollinParking of rollinParking of rollinParking of rolling stockg stockg stockg stock

Parking on station lines not assigned to circulation for periods equal to or greater than 1 hour is

invoiced according to the following formula:

Te = 1.56 € x H

Where:

Te – the fee, in euros, for parking the rolling stock. This amount is subject to VAT.

H – number of hours, rounded off by default, during which the rolling stock is parked.

Parking activities must be performed outside circulation lines used by routes for essential services.

In cases in which REFER exceptionally allows rolling stock to remain on circulation lines and until it

reviews the classification of the lines, a fee equivalent to the parking fees will be charged.

The fee is determined based on the conservation and maintenance costs of the infrastructures used,

that is, the lines not assigned to circulation.

d)d)d)d) Utilisation of Stations and StopsUtilisation of Stations and StopsUtilisation of Stations and StopsUtilisation of Stations and Stops

REFER charges fees to rail transport companies for their right to use passenger stations and stops that

are not included in the essential services.

Fees for using passenger stations reflect the application of a model that takes into account various

factors that influence the costs associated to rendering additional services at the said stations,

including the number of train stops, a factor that absorbs and makes it possible to apply the real

utilisation rate.



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The methodology was based on determining potential stops, which was based, first, on determining

the number of trains in each section corresponding to the usable capacity, subsequently taking into

account that the type of traffic found in the commercial schedule known on that date is maintained

for the purposes of determining the number of usable passenger trains. Lastly, to determine the

number of potential stops of commercial passenger traffic, it was determined that usable passenger

trains would comply with the stopping regime applied to the commercial schedule known on that

date.

The specified fees were determined based on the maintenance costs applicable to the passenger

support facilities, in particular waiting rooms, bathrooms and video surveillance equipment in

common areas.

Maintenance costs which are not included in the infrastructure user fee corresponding to essential

services are costs for cleaning, security, conservation and maintenance, including water and

electricity consumption. These activities will or will not be performed at stations/stops based on

agreement between REFER and the rail transport companies, and there is no systematic relation

between the listed activities and the indicated locations (for example, only some stations/stops have

security in waiting rooms, regardless of whether there may be other stations/stops classified under the

same category). If a rail transport company requests alterations to the services rendered at any

station or stop, the applicable rates are recalculated.

User fees for auxiliary servicesUser fees for auxiliary servicesUser fees for auxiliary servicesUser fees for auxiliary services

Auxiliary services to be rendered by REFER are covered by the contract/protocol to be established in

each case with the rail transport company interested in the respective acquisition.

Services involving the use of REFER labour are invoiced according to the human resources mobilised.

Other feesOther feesOther feesOther fees

The Network Directory, the railway regulations and the technical documentation necessary for

studying the capacity requests are given to the interested parties, by request and payment of an

amount corresponding to the publication cost.

3.163.163.163.16 Income taxIncome taxIncome taxIncome tax

Income tax refers to current taxes. Income tax is recognised in the profit and loss account except

when related with gains or losses recognised directly in reserves, in which case it is also recognised

directly in reserves (IAS 12 – Income tax).

Current income tax is calculated according to the tax criteria valid on the balance sheet date.

Deferred taxes are calculated, based on the balance sheet responsibility method, according to the

temporary differences between accounting values of assets and liabilities and the respective taxable

income. Deferred taxes are determined by using the rate in force in the year in which it is estimated

that the temporary differences will be reverted. Deferred tax assets are recognised whenever it is



82828282

reasonably safe that future profits will be generated from which the said assets may be deducted.

Deferred tax assets are reviewed annually and reduced whenever it is no longer probable that they

might be used in the future.

3.173.173.173.17 Transactions in foreign currencyTransactions in foreign currencyTransactions in foreign currencyTransactions in foreign currency

Transactions in foreign currency are converted into euros at the exchange rate in force on the

transaction date.

On the balance sheet date, monetary assets and liabilities indicated in foreign currency are

converted at the exchange rate applicable on that date, and the resulting exchange rate

differences are recognised as results in the year.

The main exchange rates used on the balance sheet date were as follows:

CurrencyCurrencyCurrencyCurrency 31-12-200731-12-200731-12-200731-12-2007 31-12-200631-12-200631-12-200631-12-2006

Swiss Franc (CHF) 1,6547 1,6069

Dollar (USD) 1,4449 1,317

Swedish Krona (SEK) 9,4415 9,0404

3.183.183.183.18 SubsidiesSubsidiesSubsidiesSubsidies

Investment subsidies assigned to REFER, EP, are recognised when it is reasonably certain that the

respective subsidy will be received. The subsidy is subsequently amortised in the proportion of the

depreciation of the subsidised tangible fixed assets in compliance with IAS 20 - State Subsidies.

Operation subsidies are recognised in the profit and loss account in the same period as when the

associated expenses are incurred, as of the moment when their receipt is probable.

Subsidies obtained for financing Long Duration Infrastructure assets acquired/built are recognised in

the balance sheet in the item “Long Duration Infrastructure Investment Activities."

3.193.193.193.19 Information per segmentInformation per segmentInformation per segmentInformation per segment

Business segmentBusiness segmentBusiness segmentBusiness segment

A business segment is a distinct component committed to supplying an individual product or service

and that is subject to risks and returns different than those of other business segments (IAS 14 –

Segment reporting).

The company's main activity is rendering a public service of managing the overall infrastructure of

the national railway network.

When carrying out its activities, the company needs to rely on complementary services; however the

risks and returns associated to them are directly linked to its business activities.

In view of the aforementioned aspects, on 31 December 2007, only one business segment was

identified.



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GeographicGeographicGeographicGeographicalalalal segmentsegmentsegmentsegment

A geographical segment is a company’s individual area committed to providing products or services

within a particular business environment and that is subject to risks and returns that are different from

those of the other areas that operate in other business environments.

On 31 December 2007, the national territory remains the only geographical segment.

4.4.4.4. MMMMAIN AIN AIN AIN EEEESTIMATES AND STIMATES AND STIMATES AND STIMATES AND JJJJUDGEMENTS USED FOR PUDGEMENTS USED FOR PUDGEMENTS USED FOR PUDGEMENTS USED FOR PREPARING THE REPARING THE REPARING THE REPARING THE FFFFINANCIAL INANCIAL INANCIAL INANCIAL SSSSTATEMENTSTATEMENTSTATEMENTSTATEMENTS

The IFRS lay out a number of accounting processes and require that the Board of Directors issue

opinions and make the necessary estimates to determine the most suitable accounting process.

The main accounting estimates and judgements used as the basis for applying the accounting

principles are discussed in this note in order to facilitate its understanding and to demonstrate how its

application affects the results reported by the company and their disclosure.

Since, in many situations, there are alternatives to the accounting process selected by the Board of

Directors, the results reported by the company could be different if another type of processing had

been selected.

The Board of Directors believes that its choices are appropriate and that the financial statements

adequately reveal the company’s financial position and the result of its operations in all materially

relevant aspects.

The results shown by the alternatives analysed below are presented only to help readers understand

the financial statements and are not meant to suggest that other alternatives or estimates are more

suitable.

Fair value of derivative financial instrumentsFair value of derivative financial instrumentsFair value of derivative financial instrumentsFair value of derivative financial instruments

The fair value is based on market quotes, when available. When not available, the fair value is

determined based on recent transaction prices which are similar and performed under market

conditions or based on evaluation methodologies based on discounted future cash flow techniques,

in view of the market conditions, the value in time, the profitability curve and volatility factors, which

are determined by external entities. Consequently, the use of other methodologies or of different

presuppositions or judgements in applying a specific model could give rise to financial results

different than those reported.

Doubtful debt creditsDoubtful debt creditsDoubtful debt creditsDoubtful debt credits

Impairment losses regarding doubtful debt credits are based on the evaluation by the Board of

Directors on the probability of recovering the respective receivables, the age of the balances,

annulment of debts and other factors. There are certain circumstances and facts that may alter the

estimated impairment losses of receivables due to the presuppositions taken into account, including

alterations to the economic setting, the sector's trends, the credit position of the main clients and

significant defaults.



84848484

This evaluation process is subject to various estimates and judgements. The alterations of these

estimates may imply determining different levels of impairment and, consequently, different impacts

on results.

Recognising income/revenueRecognising income/revenueRecognising income/revenueRecognising income/revenue

Costs and income are recorded in the year to which they refer, regardless of when they were paid or

received, according to the accrual concept of accounting. The differences between receipts and

payments and the corresponding revenue and expenses are recorded in the respective items of

assets or liabilities depending on whether they are receivables or payables. Earned interest is

recognised according to the accrual concept of accounting, taking into consideration the amount

owed and the effective rate during the period until maturity.

5.5.5.5. FFFFINANCIAL RISK MANAGEINANCIAL RISK MANAGEINANCIAL RISK MANAGEINANCIAL RISK MANAGEMENT POLICIESMENT POLICIESMENT POLICIESMENT POLICIES

5.15.15.15.1 Financial RisksFinancial RisksFinancial RisksFinancial Risks

REFER’s activities are exposed to a number of financial risk factors: credit risk, liquidity risk and interest

rate risk associated to cash flows arising from loans obtained, among others.

The risk is managed and supervised by the Financial Department based on policies approved by the

Board.

The Financial Department identifies, assesses and performs operations to minimise financial risks.

The Board defines the principles for managing the risk as a whole and defines policies applicable to

the specific areas, such as the risk of interest rate, credit risk, the use of derivatives and other non-

derivative financial instruments, as well as investment of excess liquidity.

Exchange rate risk manageExchange rate risk manageExchange rate risk manageExchange rate risk managementmentmentment

The company is not subject to a significant exchange rate risk in its activities.

Credit risk managementCredit risk managementCredit risk managementCredit risk management

The credit risk is related with the risk of another party defaulting on its contractual obligations and

resulting in a financial loss to REFER. REFER is subject to the credit risk in its operation and treasury

activities.

Since, due to the railway regulations in Portugal, REFER has only two direct clients – CP and Fertagus –

the credit risk arising from operation activities is essentially related with credits for services rendered to

third parties.

REFER has only two direct clients due to how the Portuguese railway market is organised, although this

factor does not pose a risk of concentrated credit for which it would be necessary to consider an

additional adjustment for the credit risk.



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Impairment adjustments for accounts receivable are calculated taking the following into account:

The client’s risk profile and its financial condition.

The following table provides a summary, on 31 December of 2007 and 2006, of the credit quality of

deposits, applications and derivative financial instruments with a positive fair value:

Financial InstitutionsFinancial InstitutionsFinancial InstitutionsFinancial Institutions (euros)

RatingRatingRatingRating 2007200720072007 2006200620062006

>=AA- 27.613.765 75.256.304>=A- 7.709.972 20.014.719< A-

Without rating 732 804

35.324.46935.324.46935.324.46935.324.469 95.271.82895.271.82895.271.82895.271.828

The applied ratings are those assigned by Standard and Poor's on the analysis dates.

Liquidity risk managementLiquidity risk managementLiquidity risk managementLiquidity risk management

A prudent management of the liquidity risk implies maintaining a suitable level of cash and cash

equivalents to meet liabilities, associated to the negotiation of credit lines with financial institutions, a

model applied by REFER which has credit lines negotiated in a maximum amount of 1,178,500,000

euros, of which 688,243,340 euros have not been used. Similarly, a medium-term credit line has

been contracted in the overall amount of 500,000,000 euros, which has not been used.

The management regularly monitors REFER’s liquidity reserve forecasts (including amounts of credit

lines not used, the back-up line and the amounts in cash and cash equivalents), based on the

estimated cash flows.

The table below shows the liabilities by REFER per residual and contractual maturity interval. The

amounts shown in the table are contractual cash flows not discounted.



86868686

(euros)

Less than 1 yearLess than 1 yearLess than 1 yearLess than 1 year From 1 to 5 yearsFrom 1 to 5 yearsFrom 1 to 5 yearsFrom 1 to 5 years Over 5 yearsOver 5 yearsOver 5 yearsOver 5 years

31 December 200631 December 200631 December 200631 December 2006

Loans Obtained- Financial leasing- Loans for investment activities 138.885.200 1.155.859.910 2.403.109.715- Other loans 66.563.038 706.558.968 1.408.500.000- Commercial paper 156.802.500 - Bank overdrafts 32.334.554 - Derivative financial instruments 7.203.137 18.229.225 28.104.310

Suppliers and accounts payable 88.723.917Financial guarantees 3.534.963 3.994.889 13.164.260


Loans Obtained- Financial leasing- Loans for investment activities 155.453.763 1.354.797.424 2.135.864.999- Other loans 314.370.501 437.438.467 1.363.250.000- Commercial paper 451.942.900 - Bank overdrafts 40.203.999- Derivative financial instruments 21.427.807 32.403.581 46.931.679

Suppliers and payables 70.953.644

Financial guarantees 3.588.951 11.831.972 11.979.773

Interest rate risk managementInterest rate risk managementInterest rate risk managementInterest rate risk management

Since 2003, REFER has actively managed its debt portfolio using derivative financial instruments to

cover the interest rate risk. The company is not subject to an exchange rate risk in its activities and

does not have liabilities associated to debt in any currency other than the euro. All contracted

derivatives have exactly the same maturity as the underlying contracts.

REFER’s counterparties in derivative contracts are national and international financial institutions with a

high rating and credibility. Operations are covered by ISDA contracts according to international

standards. The main objective of the interest rate risk management is to provide protection from

interest rate increases, insofar as the company's revenue is immune to this variable and, thus, make

a natural coverage infeasible.

The type of instrument is selected based on an analysis of the cost/benefit applied to each case. In

addition to the main goal described above, REFER also performs operations to reduce the financing

cost at a fixed or variable rate. Occasionally, the company restructures its positions consequent to

market developments. In managing its portfolio, the company aims for diversification as a means of

maintaining a balanced portfolio and low volatility, by applying a conservative approach in relation

to the risks to be taken, regarding either the characteristics of the instruments or the index factors. This

strategy is the basis for the company’s decision not to classify any of the derivative instruments as a

hedge, insofar as the non-assignable portfolio would have a potentially more unfavourable impact

on the results.



87878787

Interest rate sensitivityInterest rate sensitivityInterest rate sensitivityInterest rate sensitivity testtesttesttest

REFER periodically uses sensitivity analysis to measure the extent to which results would be influenced

by the impact of interest rate variations and volatility on the fair value of loans and derivative financial

instruments. This analysis is one of the means to help make interest rate risk management decisions

since, in practice, interest rates and volatility are rarely altered "ceteris paribus" and there are also

other variables that influence the fair value of those positions such as the time decay. The sensibility

analysis is based on the following presuppositions:

i) REFER uses derivative financial instruments to cover the interest rate risk associated to a medium

and long term loan indexed to variable interest rates. The financial flow of the underlying loan is

compensated with the receiving leg of the respective swap, resulting in a net position equal to that

of the paying leg of the respective swap;

ii) REFER uses derivative financial instruments to reduce financial charges associated to medium and

long term loans at a fixed rate. The financial flow of the underlying loan is compensated with the

receiving leg of the respective swap, resulting in a net position equal to that of the paying leg of the

respective swap;

iii) On 31 December 2007, the company had not recognised any loan obtained at the fair value;

iv) Alterations to the fair value of loans and derivative financial instruments and other assets and

financial liabilities are estimated by discounting future cash flows, using market rates at the time of

reporting.

Under these presuppositions, an increase or decrease of 0.5% and 5%, respectively, in the interest

rate curves of the euro, UK Pound Sterling or Swedish Krona and in their volatility curve on 31

December 2007 would result in the following variations in the fair value of the loans and derivative

financial instruments with the consequent direct impact on results:

-0,50%-0,50%-0,50%-0,50% 0,50%0,50%0,50%0,50% -5%-5%-5%-5% 5%5%5%5%

EUREUREUREUR 25.658.727 Euros -30.694.054 Euros 36.644.583 Euros -35.032.189 Euros

GBPGBPGBPGBP -10.341.241 Euros 10.400.645 Euros -749.626 Euros 1.062.558 Euros

SEKSEKSEKSEK 2.146.810 Euros -3.591.437 Euros 2.212.331 Euros -2.076.451 Euros

Changes in the fair value of derivative financial instrumentsChanges in the fair value of derivative financial instrumentsChanges in the fair value of derivative financial instrumentsChanges in the fair value of derivative financial instruments

Changes in the interest rate curveChanges in the interest rate curveChanges in the interest rate curveChanges in the interest rate curve Changes in the volatility curveChanges in the volatility curveChanges in the volatility curveChanges in the volatility curve

-0,50%-0,50%-0,50%-0,50% 0,50%0,50%0,50%0,50%

EUREUREUREUR 86.456.487 Euros -80.935.974 Euros

Changes in the fair value of loansChanges in the fair value of loansChanges in the fair value of loansChanges in the fair value of loans

Changes in the interest rate curveChanges in the interest rate curveChanges in the interest rate curveChanges in the interest rate curve

-0,50%-0,50%-0,50%-0,50% 0,50%0,50%0,50%0,50% -5%-5%-5%-5% 5%5%5%5%

EUREUREUREUR -60.797.760 Euros 50.241.920 Euros 36.644.583 Euros -35.032.189 Euros

GBPGBPGBPGBP -10.341.241 Euros 10.400.645 Euros -749.626 Euros 1.062.558 Euros

SEKSEKSEKSEK 2.146.810 Euros -3.591.437 Euros 2.212.331 Euros -2.076.451 Euros

Net effect on resultsNet effect on resultsNet effect on resultsNet effect on results

Changes in the interest rate curveChanges in the interest rate curveChanges in the interest rate curveChanges in the interest rate curve Changes in the volatility curveChanges in the volatility curveChanges in the volatility curveChanges in the volatility curve



88888888

5.25.25.25.2 Capital risk managementCapital risk managementCapital risk managementCapital risk management

As for capital risk management, which is a broader concept than the capital shown in the balance

sheet, REFER aims to safeguard the continuity of the company's operations.

The contracting of loans is analysed periodically by weighing factors such as: i) the CAPEX needs and

ii) the financial needs for operation activities.

6.6.6.6. LLLLONG ONG ONG ONG DDDDURATION URATION URATION URATION IIIINFRASTRUCTURE NFRASTRUCTURE NFRASTRUCTURE NFRASTRUCTURE IIIINVESTMENVESTMENVESTMENVESTMENT NT NT NT AAAACTIVITIESCTIVITIESCTIVITIESCTIVITIES

The balances indicated in the balance sheet as “Long Duration Infrastructure Investment Activities”

arise from investments in railroad infrastructures made on behalf of the state and include the

following assets and liabilities items:

i. Assets (LDI)

ii. Subsidies

iii. Working Capital

iv. Loans Obtained


6.1.16.1.16.1.16.1.1 LDI LDI LDI LDI –––– Long Duration Investments Long Duration Investments Long Duration Investments Long Duration Investments

2007200720072007

(euros)

Gross AssetsGross AssetsGross AssetsGross Assets Opening BalanceOpening BalanceOpening BalanceOpening Balance Transf/AdjTransf/AdjTransf/AdjTransf/Adj IncreasesIncreasesIncreasesIncreases ReductionsReductionsReductionsReductions Closing BalanceClosing BalanceClosing BalanceClosing Balance

Tangible Fixed Assets - LDITangible Fixed Assets - LDITangible Fixed Assets - LDITangible Fixed Assets - LDI

Land and natural resources 146.362.136 178.266 - 146.540.402

Buildings and other structures 3.688.179.809 63.519.267 647.195 - 3.752.346.271

Basic equipment 30.268.679 - - - 30.268.679

Fixed assets in progress 2.607.161.456 -65.118.624 332.303.269 - 2.874.346.101

Advances for tangible assets 13.490.673 -6.078.801 3.400.412 - 10.812.285

Total Gross Tangible Fixed Assets - LDITotal Gross Tangible Fixed Assets - LDITotal Gross Tangible Fixed Assets - LDITotal Gross Tangible Fixed Assets - LDI 6.485.462.7536.485.462.7536.485.462.7536.485.462.753 -7.499.892-7.499.892-7.499.892-7.499.892 336.350.876336.350.876336.350.876336.350.876 ---- 6.814.313.7376.814.313.7376.814.313.7376.814.313.737

2006200620062006

(euros)

Gross AssetsGross AssetsGross AssetsGross Assets Opening BalanceOpening BalanceOpening BalanceOpening Balance Transf/AdjTransf/AdjTransf/AdjTransf/Adj IncreasesIncreasesIncreasesIncreases Reductions Reductions Reductions Reductions Closing BalanceClosing BalanceClosing BalanceClosing Balance

Tangible Fixed Assets - LDITangible Fixed Assets - LDITangible Fixed Assets - LDITangible Fixed Assets - LDI

Land and natural resources 138.604.132 7.279.784 478.219 - 146.362.136

Buildings and other structures 3.461.128.623 226.894.118 157.068 - 3.688.179.809

Basic equipment 30.268.679 - - - 30.268.679

Fixed assets in progress 2.540.286.593 -239.011.385 305.886.248 - 2.607.161.456

Advances for tangible assets 14.299.600 -9.145.495 8.336.568 - 13.490.673

Total Gross Tangible Fixed Assets - LDITotal Gross Tangible Fixed Assets - LDITotal Gross Tangible Fixed Assets - LDITotal Gross Tangible Fixed Assets - LDI 6.184.587.6276.184.587.6276.184.587.6276.184.587.627 -13.982.977-13.982.977-13.982.977-13.982.977 314.858.103314.858.103314.858.103314.858.103 ---- 6.485.462.7536.485.462.7536.485.462.7536.485.462.753

6.1.26.1.26.1.26.1.2 Capitalised financial costsCapitalised financial costsCapitalised financial costsCapitalised financial costs

During the year, financial costs related with loans to finance these activities were fully capitalised.

As such, 132,811,131 euros were capitalised, of which 127,859,758 euros are interest for bank loans

and the remaining refer to Surety Fees and Stamp Tax for the said financing.



89898989

Capitalised financing costs refer only to assets in Long Duration Infrastructures (LDI).

01-01-200701-01-200701-01-200701-01-2007 ∆ in the Year in the Year in the Year in the Year 31-12-200731-12-200731-12-200731-12-2007

Interest 431.921.203 127.859.758 559.780.961

Surety fee 10.501.302 2.583.820 13.085.122

Stamp tax 2.367.553 2.367.553

Financial ChargesFinancial ChargesFinancial ChargesFinancial Charges 442.422.505442.422.505442.422.505442.422.505 132.811.131132.811.131132.811.131132.811.131 575.233.636575.233.636575.233.636575.233.636

(euros)

01-01-200601-01-200601-01-200601-01-2006 ∆ do Ano do Ano do Ano do Ano 31-12-200631-12-200631-12-200631-12-2006

Interest 339.844.935 92.076.268 431.921.203

Surety fee 8.043.985 2.457.317 10.501.302

Financial ChargesFinancial ChargesFinancial ChargesFinancial Charges 347.888.920347.888.920347.888.920347.888.920 94.533.58594.533.58594.533.58594.533.585 442.422.505442.422.505442.422.505442.422.505

6.26.26.26.2 Working CapitalWorking CapitalWorking CapitalWorking Capital

This item refers to balances of working assets and liabilities associated to Long Duration Infrastructure

Investment Activities.

6.2.16.2.16.2.16.2.1 InventoriesInventoriesInventoriesInventories

This item refers to warehoused materials of REFER, EP, to be applied for building railway infrastructures.

(euros)

2007200720072007 2006200620062006

Inventories 19.369.150 8.789.638

6.2.26.2.26.2.26.2.2 Suppliers and Other PayablesSuppliers and Other PayablesSuppliers and Other PayablesSuppliers and Other Payables

The item of suppliers of fixed assets is explained essentially due to debts arising from works according

to the modernisation / renovation policy applicable to the railway lines.

(euros)31-12-200731-12-200731-12-200731-12-2007 31-12-200631-12-200631-12-200631-12-2006

Current LiabilitiesCurrent LiabilitiesCurrent LiabilitiesCurrent LiabilitiesSuppliers of fixed assets, c/a 75.706.435 95.076.113

INVESTMENT ACTIVITYINVESTMENT ACTIVITYINVESTMENT ACTIVITYINVESTMENT ACTIVITY 75.706.43575.706.43575.706.43575.706.435 95.076.11395.076.11395.076.11395.076.113



90909090

6.36.36.36.3 SubsidiesSubsidiesSubsidiesSubsidies

� Movements in Movements in Movements in Movements in subsidiessubsidiessubsidiessubsidies

(euros)31-12-200731-12-200731-12-200731-12-2007 Opening BalanceOpening BalanceOpening BalanceOpening Balance IncreasesIncreasesIncreasesIncreases AdjustmentsAdjustmentsAdjustmentsAdjustments Closing BalanceClosing BalanceClosing BalanceClosing Balance

SubsidiesSubsidiesSubsidiesSubsidiesTransferred:From the extinct GNFL, GNFP, GECAF 678.085.773 - - 678.085.773From CP ( Annex III and 2nd half year) 128.604.887 - - 128.604.887From CP (Annex IV and V) 716.452.794 - - 716.452.794

Subsidies obtained:

PIDDAC (CAIDEP) 635.399.157 5.000.000 - 640.399.157FEDER/IOT 417.429.411 49.847.732 - 467.277.143COHESION FUND 704.080.240 83.881.064 - 787.961.304DGTREN 1.725.185 - - 1.725.185DGVII 10.259.003 2.790.104 - 13.049.107Expo 98 31.147.349 - - 31.147.349UE - Feder 7.101.823 - - 7.101.823AP Lisbon 949.736 - - 949.736INTF 158.713 - - 158.713SETEP 8.479 - - 8.479REN 2.418.465 - - 2.418.465PRODOURO 67.338 - - 67.338COPÉRNICOS 9.572 - - 9.572AP Aveiro 373.529 - - 373.529Others 15.000.000 15.000.000

Reserves - Investment ActivitiesReserves - Investment ActivitiesReserves - Investment ActivitiesReserves - Investment Activities 3.334.271.4543.334.271.4543.334.271.4543.334.271.454 156.518.900156.518.900156.518.900156.518.900 ---- 3.490.790.3543.490.790.3543.490.790.3543.490.790.354

(euros)31-12-200631-12-200631-12-200631-12-2006 Opening BalanceOpening BalanceOpening BalanceOpening Balance IncreasesIncreasesIncreasesIncreases AdjustmentsAdjustmentsAdjustmentsAdjustments Closing BalanceClosing BalanceClosing BalanceClosing Balance

SubsidiesSubsidiesSubsidiesSubsidiesTransferred:from the extinct GNFL, GNFP, GECAF 678.085.773 - - 678.085.773from CP (Annex III and 2nd half-year) 128.604.887 - - 128.604.887from CP (Annex IV and V) 716.452.794 - - 716.452.794

Subsidies obtained:PIDDAC (CAIDEP) 630.890.756 4.508.401 - 635.399.157FEDER/IOT 390.326.885 27.102.526 - 417.429.411COHESION FUND 657.842.782 46.237.458 - 704.080.240DGTREN 1.725.185 - - 1.725.185DGVII 10.259.003 - - 10.259.003Expo 98 31.147.349 - - 31.147.349UE - Feder 7.101.823 - - 7.101.823AP Lisbon 949.736 - - 949.736INTF 158.713 - - 158.713SETEP 8.479 - - 8.479REN 2.418.465 - - 2.418.465PRODOURO 67.338 - - 67.338COPÉRNICOS 9.572 - - 9.572AP Aveiro 373.529 - - 373.529

Reserves - Investment ActivitiyReserves - Investment ActivitiyReserves - Investment ActivitiyReserves - Investment Activitiy 3.256.423.0693.256.423.0693.256.423.0693.256.423.069 77.848.38577.848.38577.848.38577.848.385 ---- 3.334.271.4543.334.271.4543.334.271.4543.334.271.454

In 2007 and 2006, the following subsidies were received:

(euros)Subsidies ReceivedSubsidies ReceivedSubsidies ReceivedSubsidies Received 2007200720072007 2006200620062006PIDDAC (CAIDEP) 5.000.000 4.508.401FEDER/IOT 49.847.732 27.102.526DGVII 2.790.104 -COHESION FUND 83.881.064 46.237.458OTHERS 15.000.000 -

156.518.900156.518.900156.518.900156.518.900 77.848.38577.848.38577.848.38577.848.385



91919191

“Others” includes the participation by the Espinho Town Council based on its protocol with REFER for

placing the railway underground for crossing the city of Espinho on 30/07/2003. Note 3.18 describes

the policy for recognising subsidies.

6.46.46.46.4 Loans ObtainedLoans ObtainedLoans ObtainedLoans Obtained

The following table lists the loans assigned to the Investment Activities by REFER, E.P.:

INVESTMENT ACTIVITIYINVESTMENT ACTIVITIYINVESTMENT ACTIVITIYINVESTMENT ACTIVITIY (euros)

2007200720072007 2006200620062006

Loans ObtainedLoans ObtainedLoans ObtainedLoans ObtainedDebts to credit institutions 2.511.222.280 2.491.871.855

2.511.222.2802.511.222.2802.511.222.2802.511.222.280 2.491.871.8552.491.871.8552.491.871.8552.491.871.855



92929292

6.4.16.4.16.4.16.4.1 Debts to Credit InstitutionsDebts to Credit InstitutionsDebts to Credit InstitutionsDebts to Credit Institutions 6.4.1.16.4.1.16.4.1.16.4.1.1 Reimbursement termReimbursement termReimbursement termReimbursement terms and periods for loans to finance investment projectss and periods for loans to finance investment projectss and periods for loans to finance investment projectss and periods for loans to finance investment projects 2007200720072007

Start dateStart dateStart dateStart date End dateEnd dateEnd dateEnd date IntervalIntervalIntervalInterval

CP II E 29-06-1992 11.782.224,09 15-06-1998 15-06-2012 Annual 15-Jun Variable EIB 5,020%

CP II B 19-09-1991 7.980.766,44 15-09-1997 15-09-2011 Annual 15-Setfixed, reviewable for 5-year periods

3,930%

15-MarCP III North Line-B 14-07-1997 49.879.789,71 15-06-2008 15-06-2022 Annual 15-Jun

15-Set12-Jan

15-Mar

Douro Line 09-09-1996 39.504.793,46 15-09-2007 15-09-2016 Annual 15-Jun

15-Set

15-Dez

15-MarTagus River Railway Crossing 01-10-1996 89.783.621,47 15-09-2007 15-09-2016 Annual 15-Jun

15-Set15-Dez

15-MarTagus River Railway Crossing-B 14-11-1997 66.506.386,22 15-09-2003 15-09-2017 Annual 15-Jun

15-Set15-Dez

Tagus River Railway Crossing-C 26-11-1998 19.907.500,00 15-09-2004 15-09-2018 Annual 15-Mar 1st fixed disbur. 4,670%

20.242.500,00 15-Jun2nd fixed disbur. 5,800%

36.490.358,23 15-Set 3rd var. disbur. 4,928%15-Dez

Minho Line-A 26-11-1998 19.907.500,00 15-09-2004 15-09-2018 Annual 15-Mar 1st fixed disbur. 4,670%

20.242.500,00 15-Jun2nd fixed disbur. 5,800%

18.201.102,01 15-Set 3rd var. disbur. 4,928%15-Dez

15-MarCP III North Line-D 10-11-2000 25.937.490,65 15-09-2011 15-09-2020 Annual 15-Jun

15-Set15-Dez

15-MarLink to Algarve-A 08-10-2001 90.000.000,00 15-09-2012 15-09-2021 Annual 15-Jun

15-Set15-Dez

15-MarMinho Line-B 08-10-2001 59.855.747,65 15-09-2012 15-09-2021 Annual 15-Jun

15-Set15-Dez

15-MarCPIII/2 North Line-A 02-10-2002 100.000.000,00 15-03-2013 15-03-2022 Annual 15-Jun

15-Set15-Dez15-Mar

CPIII/2 North Line-B 15-07-2004 200.000.000,00 15-12-2014 15-12-2023 Annual 15-Jun15-Set15-Dez15-Mar

Suburban 25-11-2004 100.000.000,00 15-06-2009 15-06-2024 Annual 15-Jun15-Set15-Dez

Suburban B 14-12-2005 100.000.000,00 15-09-2010 15-09-2025 Annual 15-SetFixed Reviewable 3,615%

Suburban C 12-10-2006 55.000.000,00 15-03-2011 15-03-2026 Annual 15-Mar

15-Mar

Link to the Algarve-B 02-10-2002 30.000.000,00 15-03-2013 15-03-2012 Annual 15-Jun15-Set15-Dez

Eurobond 06/26 08-11-2006 600.000.000,00 Bullet 16-Nov Fixed 4,047%

"Schuldshein" Berlin-Hannoversche Loan 16-07-2000 250.000.000,00 Bullet 4-FevHypothekenbank 4-Ago

"Schuldshein" ABN AMRO BANK Loan 03-04-2001 300.000.000,00 Bullet 9-Abr9-Out

"Schuldshein" WestLB AG Loan 02-10-2002 200.000.000,00 Bullet 8-Abr8-Out

2.511.222.279,93

Euribor 6M 4,736%08-10-2012

Euribor 6M 4,390%04-08-2010

Euribor 6M - 0,03%

4,700%11-04-2011

Fixed Reviewable 4,247%

variable EIB, cannot exceed

Euribor 3M+0,15%

4,928%


Euribor 3M+0,15%

4,928%


Euribor 3M+0,15%

4,928%


Euribor 3M+0,15%

4,928%


Euribor 3M+0,15%

4,928%


Euribor 3M+0,15%

4,928%


Euribor 3M+0,15%

4,928%

Last interest rateLast interest rateLast interest rateLast interest rate

EIB FINANCING

EIB FINANCING

EIB FINANCING

EIB FINANCING


Euribor 3M+0,15%

4,928%


Euribor 3M+0,15%

4,928%


Euribor 3M+0,15%

4,928%


Euribor 3M+0,15%

4,928%

SCHULDSCHEIN W/SURETY




Item Item Item Item Signing DateSigning DateSigning DateSigning Date

Eurobond w/

Eurobond w/

Eurobond w/

Eurobond w/

Surety

Surety

Surety

Surety

16-11-2026

Owed CapitalOwed CapitalOwed CapitalOwed Capital

AmortizationAmortizationAmortizationAmortization

Interest paymentInterest paymentInterest paymentInterest payment Interest rateInterest rateInterest rateInterest rate



93939393

2006200620062006


CP II E 29-06-1992 14.138.668,90 15-06-1998 15-06-2012 Annual 15-Jun Variable BEI 3,650%

CP II B 19-09-1991 9.975.958,02 15-09-1997 15-09-2011 Annual 15-Set fixed, reviewable for 5-year periods

3,298%

15-Mar

CP III North Line-B 14-07-1997 49.879.789,71 15-06-2008 15-06-2022 Annual 15-Jun

15-Set

15-Dez

15-Mar

Douro Line 09-09-1996 43.894.214,94 15-09-2007 15-09-2016 Annual 15-Jun15-Set

15-Dez

15-Mar

Tagus Railway Crossing 01-10-1996 99.759.579,41 15-09-2007 15-09-2016 Annual 15-Jun

15-Set

15-Dez

15-Mar

Tagus Railway Crossing-B 14-11-1997 73.157.024,86 15-09-2003 15-09-2017 Annual 15-Jun

15-Set

15-Dez

Tagus Railway Crossing-C 26-11-1998 21.270.000,00 15-09-2004 15-09-2018 Annual 15-Mar 1st fixed disbur. 4,670%

21.535.000,00 15-Jun 2nd fixed disbur. 5,800%

39.807.663,54 15-Set 3rd fixed disbur. 3,650%

15-Dez

Minho Line-A 26-11-1998 21.270.000,00 15-09-2004 15-09-2018 Annual 15-Mar 1st fixed disbur. 4,670%

21.535.000,00 15-Jun 2nd fixed disbur. 5,800%

19.855.747,65 15-Set 3rd fixed disbur. 3,650%

15-Dez

15-Mar

CP III North Line-D 10-11-2000 25.937.490,65 15-09-2011 15-09-2020 Annual 15-Jun

15-Set

15-Dez

15-Mar

Link to Algarve-A 08-10-2001 90.000.000,00 15-09-2012 15-09-2021 Annual 15-Jun

15-Set

15-Dez

15-Mar

Minho Line-B 08-10-2001 59.855.747,65 15-09-2012 15-09-2021 Annual 15-Jun

15-Set

15-Dez

15-Mar

CPIII/2 North Line-A 02-10-2002 100.000.000,00 15-03-2013 15-03-2022 Annual 15-Jun

15-Set

15-Dez

15-Mar

CPIII/2 North Line-B 15-07-2004 200.000.000,00 15-12-2014 15-12-2023 Annual 15-Jun

15-Set

15-Dez

15-Mar

Suburban 25-11-2004 100.000.000,00 15-06-2009 15-06-2024 Annual 15-Jun

15-Set

15-Dez

Suburban B 14-12-2005 100.000.000,00 15-09-2010 15-09-2025 Annual 15-Set Fixed Reviewable 3,615%

15-Mar

Link to Algarve-B 02-10-2002 30.000.000,00 15-03-2013 15-03-2012 Annual 15-Jun

15-Set

15-Dez

Eurobond 06/26 08-11-2006 600.000.000,00 Bullet 16-Nov Fixed 4,047%

"Schuldshein" Berlin-Hannoversche Loan 16-07-2000 250.000.000,00 Bullet 4-Fev

Hypothekenbank 4-Ago

"Schuldshein" ABN AMRO BANK Loan 03-04-2001 300.000.000,00 Bullet 9-Abr

9-Out

"Schuldshein" WestLB AG Loan 02-10-2002 200.000.000,00 Bullet 8-Abr

8-Out

2.491.871.8852.491.871.8852.491.871.8852.491.871.885

SCHULDCHEIN W/SURETY




Euribor 6M 3,335%04-08-2010

Euribor 6M - 0,03% 3,604%11-04-2011

Euribor 6M 3,604%08-10-2012

Variable EIB, cannot exceed Euribor 3M+0,15%

3,650%

Eurobond w/

Eurobond w/

Eurobond w/

Eurobond w/

Surety

Surety

Surety

Surety

16-11-2026


3,650%


3,650%


3,650%


3,650%


3,650%


3,650%

Last interest Last interest Last interest Last interest paymentpaymentpaymentpayment

EIB FINANCING

EIB FINANCING

EIB FINANCING

EIB FINANCING

variable EIB, cannot exceed Euribor 3M+0,15%

3,650%


3,650%


3,650%


3,650%

ItemItemItemItem Signing dateSigning dateSigning dateSigning date Owed capitalOwed capitalOwed capitalOwed capital





94949494

The loans from the EIB, Schuldshein ABN, Schuldshein Berlin and Schuldshein Westlb and Eurobond

06-26 were obtained exclusively to finance Long Duration Infrastructure investment projects.

Interest is paid every quarter, half year or year and at the end of the period.

Except for loans from Schuldshein ABN, Schuldshein Berlin, Schuldshein WestLB and Eurobond 06/26,

which will be fully paid at maturity, for the other loans the principal is reimbursed in equal and

consecutive annual amounts after the grace period.

All loans are covered by a state surety.

The table below shows amounts financed at a fixed rate on 31 December 2007:

CP II B 29.927.873,82 7.980.766,44 8.036.308,05 4,83 % - Fixed

Tagur River Railway Crossing-C 25.000.000,00 19.907.500,00 20.002.116,66 4,67% - Fixed

25.000.000,00 20.242.500,00 21.538.186,02 5,80% - Fixed

Minho Line-A 25.000.000,00 19.907.500,00 20.002.116,66 4,67% - Fixed

25.000.000,00 20.242.500,00 21.538.186,02 5,80% - Fixed

EIB - Suburban B 100.000.000,00 100.000.000,00 90.222.574,14 3,615 % - Fixed

EIB - Suburban C 55.000.000,00 55.000.000,00 52.561.679,59 4,247 % - Fixed

Eurobond 2006/2026 600.000.000,00 600.000.000,00 537.519.157,70 4,047 % - Fixed

843.280.766843.280.766843.280.766843.280.766 771.420.325771.420.325771.420.325771.420.325

ItemItemItemItemNominal Value Nominal Value Nominal Value Nominal Value

((((€))))Owed CapitalOwed CapitalOwed CapitalOwed Capital Fair ValueFair ValueFair ValueFair Value Interest RateInterest RateInterest RateInterest Rate

Debenture loansDebenture loansDebenture loansDebenture loans

Within the terms of the Joint Order by the Secretary of State of the Treasury and Finance and the

Secretary of State of Transport, the state authorised the following debenture loan to be issued by

REFER, EP through Barclays Bank HSBC, JP Morgan, Société Générale and Caixa Banco de

Investimentos in the amount of 600,000,000.00 euros.



95959595

7.7.7.7. IIIINFRASTRUCTURE NFRASTRUCTURE NFRASTRUCTURE NFRASTRUCTURE MMMMANAGEMENTANAGEMENTANAGEMENTANAGEMENT


Movements in the year in the Tangible Fixed Assets items and respective Depreciation items.

2007200720072007

(euros)

Gross AssetsGross AssetsGross AssetsGross AssetsOpening Opening Opening Opening BalanceBalanceBalanceBalance

Transf/Adj.Transf/Adj.Transf/Adj.Transf/Adj. IncreasesIncreasesIncreasesIncreases DisposalsDisposalsDisposalsDisposalsClosing Closing Closing Closing BalanceBalanceBalanceBalance

Tangible Fixed AssetsTangible Fixed AssetsTangible Fixed AssetsTangible Fixed Assets

Land and natural resources 1.976.874 1.242 - - 1.978.116

Buildings and other structures 31.337.655 917.481 616.200 -586.925 32.284.411

Basic equipment 19.208.421 132.960 1.160.581 -4.547 20.497.415

Transport equipment 7.500.129 13.685 148.930 - 7.662.744

Tools and utensils 480.044 - 12.692 - 492.736

Office equipment 18.206.552 2.599.634 724.261 -3.707 21.526.740

Other tangible assets 439.730 - 12.293 - 452.023

Fixed assets in progress 11.397.217 -701.573 401.798 - 11.097.442

Total Gross Tangible Fixed AssetsTotal Gross Tangible Fixed AssetsTotal Gross Tangible Fixed AssetsTotal Gross Tangible Fixed Assets 90.546.62290.546.62290.546.62290.546.622 2.963.4292.963.4292.963.4292.963.429 3.076.7553.076.7553.076.7553.076.755 -595.179-595.179-595.179-595.179 95.991.62795.991.62795.991.62795.991.627

(euros)

DepreciationDepreciationDepreciationDepreciationOpening Opening Opening Opening BalanceBalanceBalanceBalance



Buildings and other structures 6.124.175 -6.746 1.110.187 -1.041.564 6.186.052

Basic equipment 9.354.092 81.079 1.260.366 -1.258.529 9.437.008

Transport equipment 6.947.214 - 241.274 -226.360 6.962.128

Tools and utensils 463.879 -18.468 445.411

Office equipment 16.852.890 8.771.939 502.500 -3.451.822 22.675.507

Other tangible assets 285.933 - 45.894 -43.057 288.770

Total DepreciationTotal DepreciationTotal DepreciationTotal Depreciation 40.028.18340.028.18340.028.18340.028.183 8.846.2728.846.2728.846.2728.846.272 3.160.2203.160.2203.160.2203.160.220 -6.039.800-6.039.800-6.039.800-6.039.800 45.994.87545.994.87545.994.87545.994.875

Total Net Tangible Fixed AssetsTotal Net Tangible Fixed AssetsTotal Net Tangible Fixed AssetsTotal Net Tangible Fixed Assets 50.518.43950.518.43950.518.43950.518.439 -5.882.843-5.882.843-5.882.843-5.882.843 -83.465-83.465-83.465-83.465 5.444.6215.444.6215.444.6215.444.621 49.996.75249.996.75249.996.75249.996.752

2006200620062006

(euros)




Land and natural resources 902.325 1.454.120 268.194 -647.763 1.976.875

Buildings and other structures 29.507.789 1.819.724 10.139 - 31.337.652

Basic equipment 18.196.466 646.792 367.697 -2.538 19.208.417

Transport equipment 7.495.472 944 36.289 -32.576 7.500.129


Office equipment 11.157.873 7.137.004 382.351 -470.676 18.206.552

Other tangible assets 439.325 - 407 - 439.732

Fixed assets in progress 9.857.961 -2.712.801 4.252.060 - 11.397.220

Total Gross Tangible Fixed AssetsTotal Gross Tangible Fixed AssetsTotal Gross Tangible Fixed AssetsTotal Gross Tangible Fixed Assets 78.029.81578.029.81578.029.81578.029.815 8.345.7848.345.7848.345.7848.345.784 5.324.5765.324.5765.324.5765.324.576 -1.153.553-1.153.553-1.153.553-1.153.553 90.546.62290.546.62290.546.62290.546.622



96969696

(euros)

DepreciationDepreciationDepreciationDepreciationOpening Opening Opening Opening BalanceBalanceBalanceBalance



Buildings and other structures 5.002.319 - 1.121.856 - 6.124.175

Basic equipment 7.983.681 64.708 1.306.843 -1.140 9.354.092

Transport equipment 6.695.363 - 284.427 -32.576 6.947.214


Office equipment 9.265.182 4.591.944 3.466.294 -470.530 16.852.890

Other tangible assets 238.719 - 47.214 - 285.933

Total DepreciationTotal DepreciationTotal DepreciationTotal Depreciation 29.634.33129.634.33129.634.33129.634.331 4.656.6524.656.6524.656.6524.656.652 6.241.4466.241.4466.241.4466.241.446 -504.246-504.246-504.246-504.246 40.028.18340.028.18340.028.18340.028.183

Total Net Tangible Fixed AssetsTotal Net Tangible Fixed AssetsTotal Net Tangible Fixed AssetsTotal Net Tangible Fixed Assets 48.395.48448.395.48448.395.48448.395.484 3.689.1323.689.1323.689.1323.689.132 -916.870-916.870-916.870-916.870 -649.307-649.307-649.307-649.307 50.518.43950.518.43950.518.43950.518.439

The following tangible assets were set up on third-party properties:

(euros)

ValueValueValueValue

Av. Fontes Pereira de Melo 809

Terreiro do Paço 42.040

Edifício ART'S (building) 423.059

465.908465.908465.908465.908

Renovation work was performed to the facilities at Av. Fontes Pereira de Melo.

The company’s facilities at Terreiro do Paço are those indicated in Joint Order 261/99 related with

"establishing the CP concession" and the respective improvement works which took place on

31/12/1999.

The Edifício Art’s building was subject to works to adapt the facilities and to install a data and voice

network.

All the assets are assigned to the company’s activities.

7.1.17.1.17.1.17.1.1 Financial Leasing ContracFinancial Leasing ContracFinancial Leasing ContracFinancial Leasing Contractstststs

REFER records its fixed assets acquired through financial leasing contracts in the fixed assets item.

(euros)

ItemItemItemItem Gross ValueGross ValueGross ValueGross ValueAccumulated Accumulated Accumulated Accumulated AmortizationAmortizationAmortizationAmortization

Net ValueNet ValueNet ValueNet Value

Office Equipment 16.463 13.171 3.292

On 31/12/2007, the company had leasing contracts with the following leasing companies:



97979797

RICOH Photocopy machines 2 2.731 2.185 546

Listopsis Photocopy machine 1 13.732 10.986 2.746

3333 16.46316.46316.46316.463 13.17113.17113.17113.171 3.2923.2923.2923.292

AmortizationAmortizationAmortizationAmortization Net ValueNet ValueNet ValueNet ValueLessorLessorLessorLessor EquipmentEquipmentEquipmentEquipment QuantityQuantityQuantityQuantity Contracted ValueContracted ValueContracted ValueContracted Value

The owed amount is all short-term.

7.27.27.27.2 Intangible Fixed AssetsIntangible Fixed AssetsIntangible Fixed AssetsIntangible Fixed Assets

Movements in the year in the Intangible Fixed Assets items and respective Amortization items.

2007200720072007

(euros)


Transf/Adj.Transf/Adj.Transf/Adj.Transf/Adj. IncreasesIncreasesIncreasesIncreasesClosing Closing Closing Closing BalanceBalanceBalanceBalance

Intangible AssetsIntangible AssetsIntangible AssetsIntangible Assets

Setup costs 154.561 - 154.561

Research and development costs 890.457 2.404 - 892.861

Computer programs 13.910.093 749.195 14.659.288

Trespasses - - -

Industrial property and other rights 1.812.700 891.385 - 2.704.085

Intangible assets in progress 1.826.613 -1.016.658 1.225.502 2.035.456

Total Gross Intangible AssetsTotal Gross Intangible AssetsTotal Gross Intangible AssetsTotal Gross Intangible Assets 18.594.42418.594.42418.594.42418.594.424 626.326626.326626.326626.326 1.225.5021.225.5021.225.5021.225.502 20.446.25220.446.25220.446.25220.446.252

(euros)

AmortisationAmortisationAmortisationAmortisationOpening Opening Opening Opening BalanceBalanceBalanceBalance



Setup costs 154.561 - 154.561

Research and development costs 824.105 2.016 66.740 892.861

Computer programs 10.662.506 2.881.288 557.747 14.101.541

Industrial property and other rights 1.812.700 - 891.385 2.704.085

Total AmortisationTotal AmortisationTotal AmortisationTotal Amortisation 13.453.87213.453.87213.453.87213.453.872 2.883.3042.883.3042.883.3042.883.304 1.515.8721.515.8721.515.8721.515.872 17.853.04817.853.04817.853.04817.853.048

Total Net Intangible AssetsTotal Net Intangible AssetsTotal Net Intangible AssetsTotal Net Intangible Assets 5.140.5525.140.5525.140.5525.140.552 -2.256.978-2.256.978-2.256.978-2.256.978 -290.370-290.370-290.370-290.370 2.593.2032.593.2032.593.2032.593.203

2006200620062006

(euros)




Research and development costs 1.034.211 10.807 - 1.045.018

Computer programs 14.262.396 -352.303 - 13.910.093

Industrial property and other rights 921.314 891.386 - 1.812.700

Fixed assets in progress 1.353.379 -1.050.291 1.523.525 1.826.613

Total Gross Intangible AssetsTotal Gross Intangible AssetsTotal Gross Intangible AssetsTotal Gross Intangible Assets 17.571.30017.571.30017.571.30017.571.300 -500.401-500.401-500.401-500.401 1.523.5251.523.5251.523.5251.523.525 18.594.42418.594.42418.594.42418.594.424



98989898

(euros)

AmortisationAmortisationAmortisationAmortisationOpening Opening Opening Opening BalanceBalanceBalanceBalance



Research and development costs 830.164 137.695 10.807 978.666

Computer programs 7.466.764 3.195.742 - 10.662.506

Industrial property and other rights 921.314 - 891.386 1.812.700

Total AmortisationTotal AmortisationTotal AmortisationTotal Amortisation 9.218.2429.218.2429.218.2429.218.242 3.333.4373.333.4373.333.4373.333.437 902.193902.193902.193902.193 13.453.87213.453.87213.453.87213.453.872

Total Net Intangible AssetsTotal Net Intangible AssetsTotal Net Intangible AssetsTotal Net Intangible Assets 8.353.0588.353.0588.353.0588.353.058 -3.833.838-3.833.838-3.833.838-3.833.838 621.332621.332621.332621.332 5.140.5525.140.5525.140.5525.140.552

7.37.37.37.3 Financial AssetsFinancial AssetsFinancial AssetsFinancial Assets

7.3.17.3.17.3.17.3.1 Investments in Investments in Investments in Investments in Affiliated CompaniesAffiliated CompaniesAffiliated CompaniesAffiliated Companies

Movements in the year of financial investments in affiliated companies:

(euros)

SubsidiariesSubsidiariesSubsidiariesSubsidiaries 2007200720072007 2006200620062006

Opening BalanceOpening BalanceOpening BalanceOpening Balance 18.881.15118.881.15118.881.15118.881.151 18.895.55018.895.55018.895.55018.895.550

Acquisition in the year 7.475.981Gains/ (losses) in the year 4.355.555 -14.399

Closing BalanceClosing BalanceClosing BalanceClosing Balance 30.712.68730.712.68730.712.68730.712.687 18.881.15118.881.15118.881.15118.881.151

DetailDetailDetailDetailssss oooof Shareholdings in f Shareholdings in f Shareholdings in f Shareholdings in AffiliatedAffiliatedAffiliatedAffiliated Companies:Companies:Companies:Companies:

(euros)

In the GroupIn the GroupIn the GroupIn the GroupFERBRITASFERBRITASFERBRITASFERBRITAS 98,43% 5.583.384 746.977 5.495.725Empreend. Industriais e Comerciais, S.A.Rua José da Costa Pedreira nº11 - LisbonINVESFERINVESFERINVESFERINVESFER 99,997% 6.359.265 -3.061.463 6.316.658Promoção e Com. De Terrenos e Edif., S.A.Palácio de Coimbra - Rua de Santa Apolónia nº 51 - Lisbon REFER TELECOMREFER TELECOMREFER TELECOMREFER TELECOM 100,00% 17.518.864 4.315.639 17.518.864Serviços de Telecomunicações, S.A.Estação de Santa Apolónia - LisbonCPCOM CPCOM CPCOM CPCOM - - - - Exploração de Espaços Comerciais da CPExploração de Espaços Comerciais da CPExploração de Espaços Comerciais da CPExploração de Espaços Comerciais da CP, , , , SSSS....AAAA.... 80,00% 612.651 10.689 490.121Av. Da República, 90 Galeria Fracção 4 - Lisbon

29.821.36829.821.36829.821.36829.821.368

Associated CompaniesAssociated CompaniesAssociated CompaniesAssociated CompaniesRAVERAVERAVERAVE 40,00% 2.228.297 -5.932 891.319Av D.João II Lote 1.07.2.1, 1º Piso- Parque das Nações - LisbonGILGILGILGIL 32,98% -29.773.329 -3.220.014 0Gare Intermodal de Lisboa, S.A.Av.Marechal Gomes da Costa, nº 37 - Lisbon

0000

Other CompaniesOther CompaniesOther CompaniesOther CompaniesFERNAVEFERNAVEFERNAVEFERNAVE 10,00% -1.383.496 -1.740.073 0Formação Técnica, Psicologia Aplicada e Consultoriaem Transportes e Portos,S.A.Rua Castilho nº 3 - LisbonMETRO MONDEGOMETRO MONDEGOMETRO MONDEGOMETRO MONDEGO 2,50% 1.249.052 -646.530 0Praça 8 de Maio, 38 - Coimbra

0000

29.821.36829.821.36829.821.36829.821.368

Balance Sheet Balance Sheet Balance Sheet Balance Sheet ValueValueValueValue

CompaniesCompaniesCompaniesCompanies Shareholding %Shareholding %Shareholding %Shareholding % EquityEquityEquityEquityResult in the Result in the Result in the Result in the

YearYearYearYear



99999999

The above information about subsidiary companies was taken from their respective financial

statements for the year under approval, and those referring to the company GIL are from September

2007 and those of Refer Telecom from November 2007.

As for the remaining companies, the values are not audited and provisory on 31 December 2007

and might thus be subject to some alterations. However, we believe that there will no materially

relevant alterations.

7.3.27.3.27.3.27.3.2 Categories Categories Categories Categories accaccaccaccording toording toording toording to IAS 39IAS 39IAS 39IAS 39

2007200720072007

Credits and Credits and Credits and Credits and receivablesreceivablesreceivablesreceivables

Financial assets Financial assets Financial assets Financial assets at the fair value at the fair value at the fair value at the fair value through resultsthrough resultsthrough resultsthrough results

Financial assets Financial assets Financial assets Financial assets available for saleavailable for saleavailable for saleavailable for sale

Financial Financial Financial Financial liabilities at the liabilities at the liabilities at the liabilities at the fair value fair value fair value fair value

through resultsthrough resultsthrough resultsthrough results

Other financial Other financial Other financial Other financial liabilitiesliabilitiesliabilitiesliabilities

Non-financial assets Non-financial assets Non-financial assets Non-financial assets and liabilitiesand liabilitiesand liabilitiesand liabilities

TotalTotalTotalTotal



Cash and cash equivalents 209.719 209.719

Clients and other receivables 113.393.401 8.925.959 122.319.360

Derivative financial instruments 35.135.954 35.135.954

Loans and receivables 39.529.625 39.529.625

Financial Assets available for sale - -

Total financial assetsTotal financial assetsTotal financial assetsTotal financial assets 153.132.745153.132.745153.132.745153.132.745 35.135.95435.135.95435.135.95435.135.954 ---- ---- ---- 8.925.9598.925.9598.925.9598.925.959 197.194.658197.194.658197.194.658197.194.658

Liabilities Liabilities Liabilities Liabilities

Loans obtained -2.080.679.653 -2.080.679.653

Liability derivative financial instruments -74.043.570 -74.043.570

Shareholders -18.450.000 -18.450.000

Suppliers and other payables -144.250.882 -2.927.475 -147.178.357

Total financial liabilitiesTotal financial liabilitiesTotal financial liabilitiesTotal financial liabilities ---- ---- ---- -74.043.570-74.043.570-74.043.570-74.043.570 -2.243.380.535-2.243.380.535-2.243.380.535-2.243.380.535 -2.927.475-2.927.475-2.927.475-2.927.475 -2.320.351.580-2.320.351.580-2.320.351.580-2.320.351.580

2006200620062006

Credit and Credit and Credit and Credit and receivablesreceivablesreceivablesreceivables

Financial assets Financial assets Financial assets Financial assets at the fair value at the fair value at the fair value at the fair value through resultsthrough resultsthrough resultsthrough results

Financial assets Financial assets Financial assets Financial assets available for saleavailable for saleavailable for saleavailable for sale

Financial Financial Financial Financial liabilities at the liabilities at the liabilities at the liabilities at the fair value fair value fair value fair value

through resultsthrough resultsthrough resultsthrough results

Other financial Other financial Other financial Other financial liabilitiesliabilitiesliabilitiesliabilities

Non-financial assets Non-financial assets Non-financial assets Non-financial assets and liabilitiesand liabilitiesand liabilitiesand liabilities

TotalTotalTotalTotal


Assets -

Cash and cash equivalents 15.955.730 15.955.730

Clients and other receivables 106.052.687 43.540.469 149.593.156

Financial assets at the fair value through results 54.000.000 54.000.000


Loans and receivables 54.454.625 54.454.625

Financial assets available for sale 46.181 46.181

Total financial assetsTotal financial assetsTotal financial assetsTotal financial assets 176.463.042176.463.042176.463.042176.463.042 79.337.63379.337.63379.337.63379.337.633 46.18146.18146.18146.181 ---- ---- 43.540.46943.540.46943.540.46943.540.469 299.387.325299.387.325299.387.325299.387.325

Liabilities

Loans obtained -1.776.144.102 -1.776.144.102

Liability derivative financial instruments -38.522.071 -38.522.071

Suppliers and other payables -167.997.150 -2.317.252 -170.314.402

Total financial liabilitiesTotal financial liabilitiesTotal financial liabilitiesTotal financial liabilities ---- ---- ---- -38.522.071-38.522.071-38.522.071-38.522.071 -1.944.141.252-1.944.141.252-1.944.141.252-1.944.141.252 -2.317.252-2.317.252-2.317.252-2.317.252 -1.984.980.575-1.984.980.575-1.984.980.575-1.984.980.575

7.3.37.3.37.3.37.3.3 Financial assets available for saleFinancial assets available for saleFinancial assets available for saleFinancial assets available for sale

Movement in the year in Financial Assets available for sale (Net of Impairment):



100100100100

(euros)

Assets Available for Sale 2007200720072007 2006200620062006

Opening Balance 46.18146.18146.18146.181 104.031104.031104.031104.031

Acquisition in the year

Changes in the fair value -46.181 -57.850

Closing Balance ---- 46.18146.18146.18146.181

The item of assets available for sale includes the following investments:

(euros)

Unlisted EntitiesUnlisted EntitiesUnlisted EntitiesUnlisted Entities 2007200720072007 2006200620062006

Fernave ---- 46.181

Metro Mondego ---- ----

---- 46.18146.18146.18146.181

Impairment details

(euros)

DescriptionDescriptionDescriptionDescription 31-12-200631-12-200631-12-200631-12-2006 IncreasesIncreasesIncreasesIncreases DecreasesDecreasesDecreasesDecreases 31-12-200731-12-200731-12-200731-12-2007

Fernave 18.314 46.180 - 64.494

Metro Mondego 26.875 - 26.875

7.3.47.3.47.3.47.3.4 LoaLoaLoaLoans and receivablesns and receivablesns and receivablesns and receivables

Summary of loans granted to companies in which the company has a financial interest and which

are not capital instruments of those entities:

(euros)

Loans madeLoans madeLoans madeLoans made 2007200720072007 2006200620062006

FERBRITAS 997.861 997.861INVESFER 38.531.764 53.456.764

39.529.62539.529.62539.529.62539.529.625 54.454.62554.454.62554.454.62554.454.625

The lower supplementary entries for INVESFER, in the amount of 14,925,000 euros, were converted

into a capital increase, according to the deed of August 2007. This capital increase was made solely

by REFER and thus its shareholding changed from 99.33% to 99.997%.

Loans to Invesfer bear interest at the 12-month Euribor rate + 0.5%. For the year of 2007, 1,454,637

euros in interest was recognised for the rendered financing (see note 7.19).



101101101101

7.3.57.3.57.3.57.3.5 Financial assets at the fair value through resultsFinancial assets at the fair value through resultsFinancial assets at the fair value through resultsFinancial assets at the fair value through results

On 31 December 2006, the amount recorded in this item referred to fixed income securities

acquired during 2006 in order to obtain short-term gains.

(euros)

31-12-200731-12-200731-12-200731-12-2007 31-12-200631-12-200631-12-200631-12-2006

Other negotiable securities 0 54.000.000

---- 54.000.00054.000.00054.000.00054.000.000

7.47.47.47.4 InventoriesInventoriesInventoriesInventories

(euros)

31-12-200731-12-200731-12-200731-12-2007 31-12-200631-12-200631-12-200631-12-2006

Raw, secondary and consumpt. materials 12.748.531 14.354.116Merchandise 0 25.976Advances for purchases 253.626 0

Adjustment to Stock Department -558.468 -248.736

INFRASTRUCTURE MANAGEMENTINFRASTRUCTURE MANAGEMENTINFRASTRUCTURE MANAGEMENTINFRASTRUCTURE MANAGEMENT 12.443.68912.443.68912.443.68912.443.689 14.131.35614.131.35614.131.35614.131.356

The item of raw, secondary and consumption materials refers to the various types of materials that

are incorporated in the investment and maintenance works for the infrastructures.

The production variation in 2006 refers to the sale of the Interrepública Building and was broken down

as follows:

(euros)

2007200720072007 2006200620062006

Initial stocks 0 14.375.186

Stock adjustments 0 1.035.067

Final stocks 0 0

0000 -15.410.253-15.410.253-15.410.253-15.410.253

The adjustment for the depreciation of inventories of REFER, E.P., increased by 310,000 euros after

the stock inventory which is properly recorded in the item "Adjustments to Inventories and Accounts

Receivable" of the Profit and Loss Account.

7.57.57.57.5 Derivative Financial IDerivative Financial IDerivative Financial IDerivative Financial Instrumentsnstrumentsnstrumentsnstruments

The company uses derivatives to manage the financial risks to which it is subject.

According to its financial policies, REFER does not use derivatives for speculation purposes.

Although the contracted derivatives are effective hedging instruments against risks, not all would be

qualified as hedge accounting instruments according to the rules and requirements of IAS 39 (see

Note 3.9). Thus, it was decided to consider the derivatives portfolio as of negotiation and,

consequently, not qualify any of the positions as a hedge accounting instrument.



102102102102

Instruments that do not qualify as hedge accounting instruments are classified as negotiation

derivatives in the financial assets category at the fair value through results. Negotiation derivatives are

recorded in the balance sheet by their fair value and their variations are recognised in the financial

results. On 31 December 2007 and on 31 December 2006, the nominal value of the REFER, E.P.,

derivatives portfolio reached 3.1 billion euros and 2.7 billion euros, respectively, for an overall

financial liability of 4.6001 billion euros in 2007 and of 4.3 billion euros in 2006.

The table below shows the contracted value of existing derivatives:


Instrument CoveredInstrument CoveredInstrument CoveredInstrument Covered Coverage %Coverage %Coverage %Coverage % DescriptionDescriptionDescriptionDescription Fair Value (Fair Value (Fair Value (Fair Value (€))))Nominal Nominal Nominal Nominal Amount Amount Amount Amount (million (million (million (million €))))

MaturityMaturityMaturityMaturity

Logo I 100% Change from the Eur6m in advance index rate to Eur12m in arrears

-5.667.734 250 31-01-2008

Logo II 100% Plain vanilla 6.567.372 250 31-01-2009

Schuldshein BHH Plain vanilla 7.765.279 250 04-08-2010

Schuldshein ABN Cap KO (Eur 6m < 5.80%) 9.513.013 300 11-04-2011

Schuldshein West LB Cap KO (Eur 6m < 6.00%) 7.536.451 200 08-10-2012

Schuldshein West LB Flip swap -2.056.677 200 08-10-2012

Eurobond 05/15 Dual Range [(10Y GBP-10Y EURSpread) and (10Y-2Y EUR Spread)]

-23.875.898 150 16-03-2015

Eurobond 05/15 Plain vanilla -4.556.005 150 16-03-2015

Eurobond 05/15 Plain vanilla -4.517.442 150 16-03-2015

Eurobond 05/15 10Y-2Y EUR Spread Rib -4.097.664 300 16-03-2015

Eurobond 06/21 Cap KO (Eur 12m < 7%) -13.940.803 500 13-12-2021

Eurobond 06/26 Cap KO (Eur 12m < 6.50%) -8.337.142 200 16-11-2026

Eurobond 06/26 Eur Fly -6.994.205 100 16-11-2026

Eurobond 06/26 Long Cap 3.753.839 100 16-11-2026

-38.907.615-38.907.615-38.907.615-38.907.615 3.1003.1003.1003.100


Instrument CoveredInstrument CoveredInstrument CoveredInstrument Covered Coverage % Coverage % Coverage % Coverage % DescriptionDescriptionDescriptionDescription Fair Value (Fair Value (Fair Value (Fair Value (€))))Nominal Nominal Nominal Nominal Amount Amount Amount Amount (million (million (million (million €))))

MaturityMaturityMaturityMaturity

Logo I 100% Change from the Eur6m in advance index rate to Eur12m in arrears

-1.649.728 250 31-01-2008

Logo II 100% Plain vanilla 7.197.908 250 31-01-2009

Schuldshein BHH Plain vanilla 6.264.891 250 04-08-2010

Schuldshein ABN Cap KO (Eur 6m < 5.80%) 7.448.243 300 11-04-2011

Schuldshein West LB Cap KO (Eur 6m < 6.00%) 4.200.826 200 08-10-2012

Schuldshein West LB Flip swap -1.974.913 200 08-10-2012

Eurobond 05/15 Variable rate indexed at Max (6MEuribor; 6M CHF Libor) and limited by10Y-2Y EUR Spread

-13.793.521 150 16-03-2015

Eurobond 05/15 Plain vanilla -179.260 150 16-03-2015

Eurobond 05/15 Plain vanilla 225.765 150 16-03-2015

Eurobond 05/15 10Y-2Y EUR Spread Rib -18.009.648 300 16-03-2015

Eurobond 06/21 Cap KO (Eur 12m < 7%) -2.915.000 500 13-12-2021

-13.184.437-13.184.437-13.184.437-13.184.437 2.7002.7002.7002.700



103103103103

7.67.67.67.6 Clients and Other ReceivablesClients and Other ReceivablesClients and Other ReceivablesClients and Other Receivables

(euros)

31-12-200731-12-200731-12-200731-12-2007 31-12-200631-12-200631-12-200631-12-2006

Clients c/a 57.192.784 52.509.192

Advance to suppliers 0 148.340

Shareholders 3.036.025 0

Other debtors 50.606.125 47.405.550

Adjustments to other debtors -1.504.466 -28.888

Accrued income 3.092.700 6.166.833

Pre-payments 1.554.053 1.087.527

Taxes to be recovered 8.342.139 42.304.602

122.319.360122.319.360122.319.360122.319.360 149.593.156149.593.156149.593.156149.593.156

Debits to clients include essentially user fees charged to entities that use the infrastructures (CP and

Fertágus) and also debits to CP for the supply of various materials, sale of scrap and services

rendered for commercial activities, manoeuvres, other services and computerisation of the rolling

stock.

The debt of those two entities is broken down as follows:

(euros)

31-12-200731-12-200731-12-200731-12-2007 31-12-200631-12-200631-12-200631-12-2006

CP 54.090.368 49.361.367FERTAGUS 3.102.416 3.147.825

57.192.78457.192.78457.192.78457.192.784 52.509.19252.509.19252.509.19252.509.192

In this year, CP and FERTAGUS were invoiced a total user fee of 54,865,396 euros and 2,552,138

euros, respectively, which represented 80% of the value of rendered services.

The Other Debtors item consists of the following:

(euros)

31-12-200731-12-200731-12-200731-12-2007 31-12-200631-12-200631-12-200631-12-2006

Other debtors 32.130.420 34.952.776

Suppliers of fixed assets 17.357.413 7.496.641

Values to be adjusted 1.028.560 4.860.399

Others 89.732 95.734

50.606.12550.606.12550.606.12550.606.125 47.405.55047.405.55047.405.55047.405.550

In the Other Debtors item, about 25% of the balance is in favour of courts and are related with

expropriation processes. Infervisa, Metro do Porto, RAVE, the Municipality of Vila Franca de Xira and

Fernave comprise about 33% of the balance and refer to the sale of properties, concession

protocols for using public domain assets and the rendering of occasional services provided by

REFER. Nearly 5% refers to doubtful debt which is provisioned.

In Suppliers of Fixed Assets, about 91% of the balance refers to the value to be received from the

Town Council of Espinho referring to the protocol specified in note 6.3 in the "Others" item; part of this



104104104104

amount is 4 months old – 10,310,424 euros – and the remaining value – 5,440,466 euros – was

debited on 31/12/2007.

The value shown in receivables from shareholders refers to interest on supplementary entries charged

to Invesfer from 2003 until 2007 (see note 7.3.4).

About 84.5% of the value of the item Amounts to be Settled refer to VAT in invoices of property

projects to be sold or commercially rented. This VAT amount may be deducted when the deed is

signed if the respective purchasers decide to subject the operation to VAT instead of IMI (municipal

property tax).

About 11% refers to VAT that was not subject to deduction, but which was nevertheless paid since it

referred to the Inversion of the Taxable Person.

The adjustment for other debtors refers to the balance of Benaterras – 6,818 euros – dating from

2001 to 2003, the balance of Aetur – 22,070 euros – which dates from 2003 to January 2006 and

the balance of O2 – 1,475,579 euros – whose adjustment was set up in the current year, and refers

to the balance from 2004 to 2006.

Only O2 is subject to a lawsuit, whereby the value of the process is of 1,805,993 euros (including

interest). As for Aetur, the lawsuit was lifted and an attempt is being made to reach an extra-judicial

agreement.

In relation to Benaterras, the company intends to file a lawsuit in the amount of 8,226 euros (including

interest).

The table below shows the details of the recoverable tax item:

(euros)

31-12-200731-12-200731-12-200731-12-2007 31-12-200631-12-200631-12-200631-12-2006

Taxes to be recoveredTaxes to be recoveredTaxes to be recoveredTaxes to be recovered

VAT to be recovered 8.011.623 41.985.190

Social Security 330.516 319.412

8.342.1398.342.1398.342.1398.342.139 42.304.60242.304.60242.304.60242.304.602

In this year, the receivable VAT amount is much lower than in 2006 since, with the application of

Notice no. 30 101 of 24/05/2007 about the Inversion of the Taxable Person, in force as of 1 April

2007, the VAT amount referring to investments changed to a zero balance (REFER deducts and

liquidates the respective tax), although it was found that, due to the delay between the calculation

report – liquidation date – and the invoice receipt date – deduction date – results in the fact that, in

most situations, REFER must liquidate the tax before it can deduct it. On 31 December 2007, the VAT

amount to be deducted and which had already been paid reached 115,925 euros.

The amount owed to Social Security is justified since REFER is a centralising company and, as such, it

temporarily substitutes Social Security by paying employees in situations of sick leave/leave through a

medical certificate.



105105105105

7.77.77.77.7 Cash and Cash EquivalentsCash and Cash EquivalentsCash and Cash EquivalentsCash and Cash Equivalents

(euros)

31-12-200731-12-200731-12-200731-12-2007 31-12-200631-12-200631-12-200631-12-2006

Cash 21.204 21.535

Bank deposits 188.515 15.934.195

Cash and cash equivalentsCash and cash equivalentsCash and cash equivalentsCash and cash equivalents 209.719209.719209.719209.719 15.955.73015.955.73015.955.73015.955.730

7.87.87.87.8 Reserves Attributable to Capital HoldersReserves Attributable to Capital HoldersReserves Attributable to Capital HoldersReserves Attributable to Capital Holders

7.8.17.8.17.8.17.8.1 Movements in reserves during the yearMovements in reserves during the yearMovements in reserves during the yearMovements in reserves during the year

(euros)

31-12-200631-12-200631-12-200631-12-2006 Opening BalanceOpening BalanceOpening BalanceOpening Balance IncreasesIncreasesIncreasesIncreases AdjustmentsAdjustmentsAdjustmentsAdjustments Closing BalanceClosing BalanceClosing BalanceClosing Balance

DonationsDonationsDonationsDonations 199.070 199.070 0

Reserves - Infrastructure ManagementReserves - Infrastructure ManagementReserves - Infrastructure ManagementReserves - Infrastructure Management 199.070199.070199.070199.070 ---- 199.070199.070199.070199.070 ----

7.97.97.97.9 Loans ObtainedLoans ObtainedLoans ObtainedLoans Obtained

7.9.17.9.17.9.17.9.1 Current and nonCurrent and nonCurrent and nonCurrent and non----current loanscurrent loanscurrent loanscurrent loans

REFER, E.P., is subject to the following list of current and no-current loans:

INFRASTRUCTURE MANAGEMENTINFRASTRUCTURE MANAGEMENTINFRASTRUCTURE MANAGEMENTINFRASTRUCTURE MANAGEMENT (euros)2007200720072007 2006200620062006

Non-current loansNon-current loansNon-current loansNon-current loans Debts to credit institutions 1.600.000.000 1.600.000.000

Financial leasing liabilities1.600.000.0001.600.000.0001.600.000.0001.600.000.000 1.600.000.0001.600.000.0001.600.000.0001.600.000.000

Current LoansCurrent LoansCurrent LoansCurrent Loans Debts to credit institutions 480.679.653 176.144.102

480.679.653480.679.653480.679.653480.679.653 176.144.102176.144.102176.144.102176.144.102

2.080.679.6532.080.679.6532.080.679.6532.080.679.653 1.776.144.1021.776.144.1021.776.144.1021.776.144.102

7.9.27.9.27.9.27.9.2 Loan terms and reimbursement periodsLoan terms and reimbursement periodsLoan terms and reimbursement periodsLoan terms and reimbursement periods

2007200720072007

Start DateStart DateStart DateStart Date End DateEnd DateEnd DateEnd Date IntervalIntervalIntervalInterval

REFER Eurobond 2005/2015 16-03-2005 600.000.000,00 Bullet 16-Mar Fixed - 4%

REFER Eurobond 2006/2021 30-11-2006 500.000.000,00 Bullet 13-Jan Fixed - 4,25%

8-Out

LOGO Securities Loan 29-01-2003

"A1Loan" 250.000.000,00 Bullet 31-Jan Euribor 6M + 0,40

"A2Loan" 250.000.000,00 Bullet 31-Jul Euribor 6M + 0,45

1.600.000.0001.600.000.0001.600.000.0001.600.000.000

Owed capitalOwed capitalOwed capitalOwed capital


Interest paymentInterest paymentInterest paymentInterest payment Interest rateInterest rateInterest rateInterest rateItemItemItemItem Signing DateSigning DateSigning DateSigning Date

Without State Surety




16-03-2015

13-12-2021

30-01-2008

30-01-2009



106106106106

2006200620062006


REFER Eurobond 2005/2015 16-03-2005 600.000.000,00 Bullet 16-Mar Fixed - 4%

REFER Eurobond 2006/2021 30-11-2006 500.000.000,00 Bullet 13-Jan Fixed - 4,25%

LOGO Securities Loan

"A1Loan" 250.000.000,00 Bullet 31-Jan Euribor 6M + 0,40

"A2Loan" 250.000.000,00 Bullet 31-Jul Euribor 6M + 0,45

1.600.000.0001.600.000.0001.600.000.0001.600.000.000

Item Item Item Item Signing DateSigning DateSigning DateSigning Date Owed CapitalOwed CapitalOwed CapitalOwed Capital







16-03-2015

13-12-2021

29-01-200330-01-2008

30-01-2009

Logo Securities, headquartered in Jersey, on 1 January 2003 issued two debenture loans, within the

terms of the Offering Circular of 29 January 2003. These loans, in a total amount of 500 million euros,

were used to finance REFER, E.P.

On 31 December 2007, REFER had € 430 million in Commercial Paper and about € 60 million in

Bank Overdrafts.

7.107.107.107.10 Suppliers and Other PayablesSuppliers and Other PayablesSuppliers and Other PayablesSuppliers and Other Payables

(euros)

31-12-200731-12-200731-12-200731-12-2007 31-12-200631-12-200631-12-200631-12-2006

Current LiabilitiesCurrent LiabilitiesCurrent LiabilitiesCurrent LiabilitiesCreditors, accruals and deferralsCreditors, accruals and deferralsCreditors, accruals and deferralsCreditors, accruals and deferrals 165.628.357165.628.357165.628.357165.628.357 170.314.402170.314.402170.314.402170.314.402Suppliers, c/a 43.538.680 48.076.698Suppliers - invoices received and pending 5.917.958 16.850.872Advances to suppliers 17.839 17.839Payable taxes 2.618.799 2.299.412

Other shareholders 18.450.000 0

Other creditors 21.479.167 23.778.508Accrued costs 67.024.155 77.948.406Deferred income 6.581.760 1.342.667

INFRASTRUCTURE MANAGEMENTINFRASTRUCTURE MANAGEMENTINFRASTRUCTURE MANAGEMENTINFRASTRUCTURE MANAGEMENT 165.628.357165.628.357165.628.357165.628.357 170.314.402170.314.402170.314.402170.314.402

The item Other Creditors shows the following details:

(euros)

31-12-200731-12-200731-12-200731-12-2007 31-12-200631-12-200631-12-200631-12-2006

Advances for sales 12.899.219 14.633.619Miscellaneous creditors 8.512.686 8.816.884Others 35.979 37.826Personnel 31.283 290.179

21.479.16721.479.16721.479.16721.479.167 23.778.50823.778.50823.778.50823.778.508

In the item Advances for Sales, about 89% of the balance refers to the promissory sale contract

signed on 28/7/2000 to obtain Surface Rights over a plot to build and maintain a shopping centre



107107107107

whose deed has not been signed yet but for which the company continues to receive the amounts

agreed in the Promissory Sale Contract.

In the Miscellaneous Creditors item, the entity Estação Viana - Centro Comercial, S.A. comprises 36%

of the balance, with amounts going back to July 2005 and which refer to the Property Valorisation

Project for land annexed to the Viana do Castelo Station.

About 74% of the balance in the Others item refers to union fees of employees paid in January 2008.

The Personnel account refers to Meal Pension and Pledged Amounts.

The Accrued Costs item essentially consists of interest to be paid for the debenture loan, holidays and

holiday subsidy, rents for facilities and various costs in 2007, which were not invoiced by the

competent entities until the end of the year, and also includes 1,204,300 euros regarding tangible

fixed assets integrated in 2007, of the wood crossties creosoting industrial establishment, through the

concession to the company TECNOCARRIL, a transfer that was stipulated in a contract signed

between CP and Ferrovias on 18/03/1993, whereby CP authorised Ferrovias to make the concession

to Tecnocarril on 30/03/1995 and REFER’s contractual position consequent to D.L. 104/97, of

29/04/1997, and whose value would be included in the proportion of the respective amortisation.

The table below shows the details on payable taxes:

(euros)

31-12-200731-12-200731-12-200731-12-2007 31-12-200631-12-200631-12-200631-12-2006

Payable taxesPayable taxesPayable taxesPayable taxes

Social Security 2.186.811 1.988.351

Other taxes 431.988 311.061

2.618.7992.618.7992.618.7992.618.799 2.299.4122.299.4122.299.4122.299.412

On 31 December 2007, REFER, E.P., did not have any overdue debts to the state or other public

entities.

The Others item refers to Stamp Tax paid in January 2008.

7.117.117.117.11 Liabilities for Retirement BenefitsLiabilities for Retirement BenefitsLiabilities for Retirement BenefitsLiabilities for Retirement Benefits

The portion covering pre-retirement expenses corresponds to expenses to be paid by REFER, E.P. for

pre-retirement remunerations to employees assigned to the activities transferred to REFER, EP, in

accordance with Decree-Law 104/97, of April 29, who were transferred from CP (about one thousand

employees).

This item’s movements are shown in the tables below:



108108108108

(euros)

2007200720072007 01-01-200701-01-200701-01-200701-01-2007 IncreaseIncreaseIncreaseIncrease DecreaseDecreaseDecreaseDecrease 31-12-200731-12-200731-12-200731-12-2007

Liabilities forLiabilities forLiabilities forLiabilities for

Pre-retirement 3.781 - 3.781 -

3.7813.7813.7813.781 ---- 3.7813.7813.7813.781 ----

0,00

(euros)

2006200620062006 01-01-200601-01-200601-01-200601-01-2006 IncreaseIncreaseIncreaseIncrease DecreaseDecreaseDecreaseDecrease 31-12-200631-12-200631-12-200631-12-2006

Liabilities forLiabilities forLiabilities forLiabilities for

Pre-retirement 85.883 - 82.102 3.781

85.88385.88385.88385.883 ---- 82.10282.10282.10282.102 3.7813.7813.7813.781

This provision was fully settled in this year.

7.127.127.127.12 ProvisionsProvisionsProvisionsProvisions

The breakdown of the Accumulated Provisions accounts and respective movements in 2007 and

2006 was as follows:

(euros)

01-01-200701-01-200701-01-200701-01-2007 IncreaseIncreaseIncreaseIncrease DecreaseDecreaseDecreaseDecrease 31-12-200731-12-200731-12-200731-12-2007

Legal proceedings in progress 18.509.144 97.020 7.557.772 11.048.392

Provisions for shareholdings 5.026.601 2.486.460 7.513.061 -0

23.535.74523.535.74523.535.74523.535.745 2.583.4802.583.4802.583.4802.583.480 15.070.83315.070.83315.070.83315.070.833 11.048.39211.048.39211.048.39211.048.392

(euros)

01-01-200601-01-200601-01-200601-01-2006 IncreaseIncreaseIncreaseIncrease DecreaseDecreaseDecreaseDecrease 31-12-200631-12-200631-12-200631-12-2006

Legal proceedings in progress 18.187.589 1.083.025 761.470 18.509.144

Provisions for shareholdings 2.413.366 4.353.340 1.740.105 5.026.601

20.600.95520.600.95520.600.95520.600.955 5.436.3655.436.3655.436.3655.436.365 2.501.5752.501.5752.501.5752.501.575 23.535.74523.535.74523.535.74523.535.745

The Provision for Legal Proceedings in progress includes civil proceedings and proceedings covering

work relations. In this year, the lawsuit with the Dragados Group was settled, which corresponds to

90% of the reductions shown in the period in question.

The legal proceedings subject to provision refer to accidents and indemnity requests for damages,

for occupation of land, and others of lesser relevance, which reached 2,334,558 euros, and work

relations processes that reached 8,713,830 euros.

The Provision for “Subsidiaries” is used to retract the liabilities of REFER arising from shareholding in the

equity of INVESFER which represented a negative balance in August 2007, a date on which a capital



109109109109

increase was made. The reduction of 7,513,061 euros refers to the annulment of the provision set up

for Invesfer after the capital increase.

7.137.137.137.13 Income TaxIncome TaxIncome TaxIncome Tax

(euros)

31-12-200731-12-200731-12-200731-12-2007 31-12-200631-12-200631-12-200631-12-2006

Taxes to be recoveredTaxes to be recoveredTaxes to be recoveredTaxes to be recovered

Rec. corp. inc. tax 970.234 1.451.725

970.234970.234970.234970.234 1.451.7251.451.7251.451.7251.451.725Payable taxesPayable taxesPayable taxesPayable taxesPayab. corp. inc. tax 913.463 1.038.873

913.463913.463913.463913.463 1.038.8731.038.8731.038.8731.038.873

Of the total amount of corporate income tax (IRC), 420,000 euros refer to special payments on

account (PEC) from 2003 to 2007. In 2007, the special payments on account that were not

recoverable from 2001 to 2002, in the total amount of 2,993 euros, were settled by a counter-entry

of costs from previous years.

7.147.147.147.14 Sales and Rendered Services Sales and Rendered Services Sales and Rendered Services Sales and Rendered Services

(euros)31-12-200731-12-200731-12-200731-12-2007 31-12-200631-12-200631-12-200631-12-2006

Utilisation of slots (fees) 60.720.093 54.728.768Rolling stock manoeuvres/parking 4.128.902 4.032.245Traction power 3.264.027 0Use of stations and stops 2.004.389 0Other services 1.896.772 4.205.055Public information 932.753 0Crossings 142.146 185.716Conservation of private branch lines 123.307 75.194Products 0 24.315.959Operation of the railway complex 0 358.722Telecommunications 0 338.400

Sales and Rendered ServicesSales and Rendered ServicesSales and Rendered ServicesSales and Rendered Services 73.212.38973.212.38973.212.38973.212.389 88.240.05888.240.05888.240.05888.240.058

This item includes income from rendered services, with emphasis on the income for using the

infrastructures, that is, the railway infrastructure user fees, approved by the National Railway Transport

Institute and debited from CP and Fertagus.

This item also includes services rendered by company employees for railway circulation manoeuvres

and debited from CP and Fertagus, for using railway complexes.

7.157.157.157.15 External External External External Supplies and ServicesSupplies and ServicesSupplies and ServicesSupplies and Services

The External Supplies and Services item is broken down as follows:



110110110110

(euros)

31-12-200731-12-200731-12-200731-12-2007 31-12-200631-12-200631-12-200631-12-2006

Subcontracts 75.542.238 69.686.550

Electricity 7.874.843 7.672.013

Specialised work 5.367.768 6.508.478

Surveillance and security 3.681.929 3.684.876

Rents and rentals 3.143.896 2.950.041

Communications 2.457.745 2.400.110

Conservation and repairs 1.615.705 1.763.330

Cleaning, hygiene and comfort 1.581.267 1.424.319

Insurance 1.524.509 1.651.750

Royalties 1.205.444 754.213

Fuel 1.149.004 1.152.813

Personnel transport 942.225 899.963

Water 493.216 454.185

Fees 398.352 457.797

Office materials 387.823 340.773

Travel and accommodations 282.085 245.900

Publicity and advertising 213.571 172.966

Others ≤ 200,000 euros 275.124 1.796.720

External Supplies and ServicesExternal Supplies and ServicesExternal Supplies and ServicesExternal Supplies and Services 108.136.743108.136.743108.136.743108.136.743 104.016.796104.016.796104.016.796104.016.796

The Subcontracts item refers essentially to the subcontracting of track maintenance services,

signalling and telecommunications. The maintenance services of the telecommunications systems

are ensured mostly by Refer Telecom, a subsidiary company.

7.167.167.167.16 Personnel CostsPersonnel CostsPersonnel CostsPersonnel Costs

(euros)

31-12-200731-12-200731-12-200731-12-2007 31-12-200631-12-200631-12-200631-12-2006

Remuneration of governing bodies 461.604 481.500

Personnel wages 60.986.746 65.788.735

Remuneration charges 17.522.565 20.052.627

Social action costs 572.796 695.445

Other personnel costs 6.054.751 6.087.521

Personnel ExpensesPersonnel ExpensesPersonnel ExpensesPersonnel Expenses 85.598.46285.598.46285.598.46285.598.462 93.105.82893.105.82893.105.82893.105.828

The debt to Social Security – T.S.U. (single social rate) reached 2,186,811 euros, and there are no

overdue amounts.

The other personnel costs cover essentially work accident insurance, training and indemnities.

On average, during 2007 the company had 3,580 employees, compared with 3,654 in 2006.

Note also the expenses by REFER, E.P., on employee representation structures (information referred to

in the Order by the Secretary of State of the Treasury, of 25 June 1980). For employees participating

full time – Union Leaders and Employee Committee, expenses were determined for the employee

representation structure in 2007 and 2006 in the total amount of 167,939 euros and 177,259 euros,

respectively, broken down as follows:



111111111111

(euros)

31-12-200731-12-200731-12-200731-12-2007 31-12-200631-12-200631-12-200631-12-2006

Monthly wages 96.509 101.027

Seniority wage rises 8.760 9.426

Holiday pay and thirteenth month 18.615 20.029

Employer's contribution 31.851 33.621

Others 12.204 13.156

Expenses on Employee Representation Expenses on Employee Representation Expenses on Employee Representation Expenses on Employee Representation StructuresStructuresStructuresStructures

167.939167.939167.939167.939 177.259177.259177.259177.259

Number of participating employeesNumber of participating employeesNumber of participating employeesNumber of participating employees

(euros)

31-12-200731-12-200731-12-200731-12-2007 31-12-200631-12-200631-12-200631-12-2006

Part-time (average number)

Union leaders 169 130

Commission and sub-commissions 20 17

Full-time

Union leaders 7 8

Commission and sub-commissions - -

Number of employees participating in Number of employees participating in Number of employees participating in Number of employees participating in representation structuresrepresentation structuresrepresentation structuresrepresentation structures

196196196196 155155155155

7.177.177.177.17 Other Operating Costs and LossesOther Operating Costs and LossesOther Operating Costs and LossesOther Operating Costs and Losses

The consolidated position of the Other Operating Costs and Losses item is as follows:

(euros)

31-12-200731-12-200731-12-200731-12-2007 31-12-200631-12-200631-12-200631-12-2006

Indirect taxes 2.988.221 5.697.120

INTF (National Institute For Rail Transport) 2.908.037 2.395.434

Miscellaneous operation costs 263.498 0

Subscription fees 144.248 159.951

Direct taxes 99.583 105

Indemnities 13.605 47.478

Other ExpensesOther ExpensesOther ExpensesOther Expenses 6.417.1926.417.1926.417.1926.417.192 8.300.0878.300.0878.300.0878.300.087



112112112112

7.187.187.187.18 Other Operating Other Operating Other Operating Other Operating RevenueRevenueRevenueRevenue

(euros)

31-12-200731-12-200731-12-200731-12-2007 31-12-200631-12-200631-12-200631-12-2006

Compensation indemnities 31.052.430 31.090.007

Miscellaneous licences/tenders 3.904.069 3.010.375

Parking/use of complem. facilit./leasing of comm. space 1.991.119 3.512.079

Other income 563.034 2.548.591

Telecommunications 1.572.908 874.628

Assignment of personnel 1.572.753 135.781

Sale/assignment of electricity and water 619.952 3.495.319

Miscellaneous sales 545.728 2.618.551

Contract specifications 227.972 383.570

Home conservation fund 196.659 182.312

Equipment rental 88.098 210.788

Technical assistance studies and projects 68.508 14.548

Training subsidies 41.266 0

Miscellaneous advertising 27.720 0

Nursery schools, cafeterias and bar 13.088 12.438

Other Operating RevenueOther Operating RevenueOther Operating RevenueOther Operating Revenue 42.485.30342.485.30342.485.30342.485.303 48.088.98948.088.98948.088.98948.088.989

During this year, the company spent 31,016,716 euros to settle accounts (RCM 149/2007), that is,

compensation indemnities received from the state.

The amount of 15,000 euros was also received for the 2nd instalment (the first was received in 2005)

for the NewTr@in project to develop training content in railway infrastructure or management areas

through e-learning.

7.197.197.197.19 Financial Costs and IncomeFinancial Costs and IncomeFinancial Costs and IncomeFinancial Costs and Income

Financial Costs and LossesFinancial Costs and LossesFinancial Costs and LossesFinancial Costs and Losses

(euros)

31-12-200731-12-200731-12-200731-12-2007 31-12-200631-12-200631-12-200631-12-2006

Financial Expenses and LossesFinancial Expenses and LossesFinancial Expenses and LossesFinancial Expenses and Losses

Amort. and adjustments of financial applications and investments -46.180 -381.985

Interest paid -177.698.165 -152.126.286

Derivative financial instruments -50.289.785 -42.525.695

-228.034.130 -195.033.966

Income and GainsIncome and GainsIncome and GainsIncome and Gains

Rev. from negot. securities and other financial applications 183.208 41.869.683

Interest earned 133.259.726 51.228.110


158.009.541 134.739.840

Gains/Losses in Associated Comp.Gains/Losses in Associated Comp.Gains/Losses in Associated Comp.Gains/Losses in Associated Comp. 4.355.555 -14.399

Financial ResultsFinancial ResultsFinancial ResultsFinancial Results -65.669.035-65.669.035-65.669.035-65.669.035 -60.308.525-60.308.525-60.308.525-60.308.525



113113113113

Interest paid referred to debenture loans, medium and long term loans, interest on short-term credit

lines, interest on treasury applications of companies affiliated to REFER and also interest arising from

hedge operations (swaps). Treasury surplus arising from REFER group companies is managed by

transferring the respective surplus to REFER and remunerating it according to the principle of full

competition, for which the Transfer Price Policy is not applied (this management policy began in

March 2007). On 31/12/2007, RAVE had an application of 6,650,000 euros and Refer Telecom had

11,800,000 euros. This account also includes 1,454,637 euros referring to the remuneration of

supplementary entries assigned to Invesfer (see note 7.3.4). The Financial Applications Adjustment

value refers to Fernave, covering the adjustment according to the lost market value on 31/12/2007.

Our shareholding in Fernave, of 64,494 euros, is fully adjusted as is also the shareholding in Metro

Mondego of 26,875 euros.

Interest earned refers to interest arising from the hedge operations (swaps) and interest earned in

financial applications.

7.207.207.207.20 Losses and Gains in Losses and Gains in Losses and Gains in Losses and Gains in SubsidiariesSubsidiariesSubsidiariesSubsidiaries

(euros)

31-12-200731-12-200731-12-200731-12-2007 31-12-200631-12-200631-12-200631-12-2006

Losses in subsidiary companies -1.154.683 -14.399

Gains in subsidiary companies 5.510.238 0

Gains/Losses in Subsidiary CompaniesGains/Losses in Subsidiary CompaniesGains/Losses in Subsidiary CompaniesGains/Losses in Subsidiary Companies 4.355.5554.355.5554.355.5554.355.555 -14.399-14.399-14.399-14.399

Losses in Group Companies and Subsidiaries refer to the adjustment of shareholdings in Invesfer, in

RAVE and in CPCOM.

Gains in Group Companies refer to the Asset Equivalence in relation to Refer Telecom and Ferbritas.

7.217.217.217.21 Income Tax for the YearIncome Tax for the YearIncome Tax for the YearIncome Tax for the Year

7.21.17.21.17.21.17.21.1 Deferred Tax Assets and Liabilities

REFER, E.P., did not recognise deferred tax assets or liabilities in the financial statements.

As for deferred tax assets, since there are fiscal losses to be applied, in the total value of 859,483,347

euros, due to the current economic setting and the budgets for the upcoming years, the company

does not expect to obtain fiscal profits in the future enabling it to recover the temporary asset

differences.



114114114114

(euros)

YearYearYearYear AmountAmountAmountAmount

2001 124.998.468

2002 118.234.573

2003 110.760.838

2004 144.237.869

2005 159.550.024

2006 201.701.575

859.483.347859.483.347859.483.347859.483.347

There were no situations originating deferred tax liabilities.

7.21.27.21.27.21.27.21.2 Income Tax for the YearIncome Tax for the YearIncome Tax for the YearIncome Tax for the Year

The income tax for the year, recognised in the profit and loss account, is shown below:

(euros)

31-12-200731-12-200731-12-200731-12-2007 31-12-200631-12-200631-12-200631-12-2006

Current taxes in the year 89.356 133.393

89.35689.35689.35689.356 133.393133.393133.393133.393

8.8.8.8. SSSSTATEMENTS OF TATEMENTS OF TATEMENTS OF TATEMENTS OF IIIINTERNAL NTERNAL NTERNAL NTERNAL WWWWORKS ORKS ORKS ORKS PPPPERFORMEDERFORMEDERFORMEDERFORMED FOR FOR FOR FOR LLLLONG ONG ONG ONG DDDDURATION URATION URATION URATION IIIINFRASTRUCTURE NFRASTRUCTURE NFRASTRUCTURE NFRASTRUCTURE IIIINVESTMENT NVESTMENT NVESTMENT NVESTMENT AAAACTIVITIES CTIVITIES CTIVITIES CTIVITIES

(euros)

ItemItemItemItem 2007200720072007 2006200620062006

Long Duration Infrastructure Investment ActivitiesLong Duration Infrastructure Investment ActivitiesLong Duration Infrastructure Investment ActivitiesLong Duration Infrastructure Investment Activities

- Consumption 87.083 40.985

- Materials for investment 6.348.174 17.961.915

- Equipment 46.267 17.017

- Labour 1.279.159 915.372

- Structural costs 33.665.475 31.191.268

Total Long Duration Infrastructure Investment ActivitiesTotal Long Duration Infrastructure Investment ActivitiesTotal Long Duration Infrastructure Investment ActivitiesTotal Long Duration Infrastructure Investment Activities 41.426.15941.426.15941.426.15941.426.159 50.126.55750.126.55750.126.55750.126.557

9.9.9.9. IIIINVESTMENT NVESTMENT NVESTMENT NVESTMENT CCCCOMMITMENTSOMMITMENTSOMMITMENTSOMMITMENTS

The estimated value of investments to be made on Long Duration Infrastructures (LDI) for the Public

Railway Domain and other investments that are not part of the LDI (IEAG – Support and Management

Structures integrating the investments of operation, studies and other fixed assets) necessary for

developing the forecast activities reached 437 million euros.

Of the total investment planed, 95% (€ 413 million) corresponds to investments on LDI; the remaining

5% (€ 24 million) correspond to investments on IEAG.



115115115115

( thousand euros)

Programs/ProjectsPrograms/ProjectsPrograms/ProjectsPrograms/Projects Estimate 2008Estimate 2008Estimate 2008Estimate 2008

Investment in LDIInvestment in LDIInvestment in LDIInvestment in LDIIntegration of the Country's Major Corridors in the Trans-European Transport Network

155

Development of urban accesses 127

Intermodal coordination 51

Development of regional and interregional accesses 40

Transport system safety, quality and efficiency 41

Total Investment in LDITotal Investment in LDITotal Investment in LDITotal Investment in LDI 413413413413

Total Investment in IEAG (supp. and manag. structures)Total Investment in IEAG (supp. and manag. structures)Total Investment in IEAG (supp. and manag. structures)Total Investment in IEAG (supp. and manag. structures) 24242424

Total REFER investmentTotal REFER investmentTotal REFER investmentTotal REFER investment 437437437437

Investment CommitmentInvestment CommitmentInvestment CommitmentInvestment Commitment

10.10.10.10. GGGGUARANTEESUARANTEESUARANTEESUARANTEES

There are 2,471,972,356 euros referring to surety provided by the state for loans from the EIB and for

loans from the banks of Berlin, ABN and WestLB.

On 31 December 2007, there were about 239,857,883 euros in Bank Guarantees Received from

Suppliers.

On 31/12/2007, the company had 2,930,976 euros in Bank Guarantees Received from

Clients/Debtors. These guarantees were used to guarantee proper and full compliance with the

concession contract in favour of REFER.

As the majority shareholder of Ferbritas, REFER signed comfort letters in favour of Banco Mello

covering Property Leasing Contracts / Medium and Long Term Financing up to the amounts of

4,239,782 euros and 498,798 euros, respectively.

Also as the majority shareholder of Invesfer, REFER is responsible for the letters of comfort signed in

favour of BPI covering the short term, medium term and long term credit and leasing of vehicles, up

the amounts of 274,339 euros, 39,904 euros and 67,116 euros, respectively.

11.11.11.11. CCCCONTINGENCIESONTINGENCIESONTINGENCIESONTINGENCIES

LawsuitsLawsuitsLawsuitsLawsuits

At the end of 2007, the legal proceedings in progress, referring to expropriations, reached a value of

4,884,487. This amount does not have an impact on the balance sheet.

In this case, deposits are made in the name of the court where the lawsuit is in progress. These

deposits are equivalent to the arbitrated amount and are safeguarded at the bank Caixa Geral de

Depósitos. Moreover, the resolution of these proceedings does not imply a cost to the company but

rather an investment in railway infrastructures. Besides these proceedings, there are also others

related with accidents at the infrastructures managed by the company, damages caused to third-



116116116116

party properties, but for which the company is at fault, and some processes in progress in the Labour

Court covered by a provision.

12.12.12.12. BBBBALANCESALANCESALANCESALANCES/T/T/T/TRANSACTIONS WITH RANSACTIONS WITH RANSACTIONS WITH RANSACTIONS WITH RRRRELATED ELATED ELATED ELATED PPPPARTIESARTIESARTIESARTIES

Related parties are regarded as entities with which REFER maintains a relation of control or influence.

However, there are other related entities to be disclosed such as members of the Board of Directors

and company Directors, as well as entities with which REFER maintains commercial relations and that

are controlled by the same shareholder (the state).

12.112.112.112.1 Remuneration to Members of the Governing BodiesRemuneration to Members of the Governing BodiesRemuneration to Members of the Governing BodiesRemuneration to Members of the Governing Bodies

Information referred to by Council of Ministers Resolution no. 155/2005 of 8 September 2005:

Board of DirectorsBoard of DirectorsBoard of DirectorsBoard of Directors PositionPositionPositionPositionSocial Security Social Security Social Security Social Security

RegimeRegimeRegimeRegimeMain RemunerationMain RemunerationMain RemunerationMain Remuneration

Accessory Accessory Accessory Accessory RemunerationRemunerationRemunerationRemuneration

Employer Employer Employer Employer Deduction for Deduction for Deduction for Deduction for Social SecuritySocial SecuritySocial SecuritySocial Security

Employer Employer Employer Employer Deductions for the Deductions for the Deductions for the Deductions for the CGA (civ. Serv. CGA (civ. Serv. CGA (civ. Serv. CGA (civ. Serv. Pens. Fund)Pens. Fund)Pens. Fund)Pens. Fund)

Main Main Main Main RemunerationsRemunerationsRemunerationsRemunerations

Accessory Accessory Accessory Accessory RemunerationsRemunerationsRemunerationsRemunerations

Employer Deduct. Employer Deduct. Employer Deduct. Employer Deduct. For Social SecurityFor Social SecurityFor Social SecurityFor Social Security

Luís Filipe Melo e Sousa Pardal Chairman Normal Regime 68.223 30.084 18.607 - 68.223 30.084 18.607

Alfredo Vicente Pereira Vice-Chairman Normal Regime 64.640 26.471 17.756 2.596 64.641 26.786 17.757

Romeu Costa Reis Member CGA 60.546 25.337 - - 60.546 25.497 -

Alberto José Engenheiro Castanho Ribeiro Member Normal Regime 60.546 25.647 16.784 2.671 60.546 26.430 16.784

Carlos Alberto João Fernandes Member CGA 60.546 25.647 - 60.546 25.481 -

314.501314.501314.501314.501 133.187133.187133.187133.187 53.14753.14753.14753.147 5.2675.2675.2675.267 314.502314.502314.502314.502 134.278134.278134.278134.278 53.14853.14853.14853.148Assigned RemunerationAssigned RemunerationAssigned RemunerationAssigned Remuneration

31-12-200631-12-200631-12-200631-12-200631-12-200731-12-200731-12-200731-12-2007

Accessory remunerations to the Board of Directors include the subsidy for accumulating positions as

stipulated in Council of Ministers Resolution no. 29/89 of August 26, no. 17.

The Audit Committee was remunerated as follows:

(euros)

Monthly Monthly Monthly Monthly AmountAmountAmountAmount

Total Total Total Total AmountAmountAmountAmount

Employer Employer Employer Employer Deduct. For Deduct. For Deduct. For Deduct. For Soc. Sec.Soc. Sec.Soc. Sec.Soc. Sec.

Monthly Monthly Monthly Monthly AmountAmountAmountAmount

Total Total Total Total AmountAmountAmountAmount

Employer Employer Employer Employer Deduc. For Deduc. For Deduc. For Deduc. For Social Secur.Social Secur.Social Secur.Social Secur.

António Portela (until August/2006) - - - 1.089 8.713 -

Hilário Manuel Marcelino Teixeira 951 11.406 2.709 951 11.406 -

Salgueiro, Castanheira & Associados, SROC 4.361 52.330 - 4.173 50.076 2.596

5.3125.3125.3125.312 63.73663.73663.73663.736 2.7092.7092.7092.709 6.2136.2136.2136.213 70.19570.19570.19570.195 2.5962.5962.5962.596

31-12-200731-12-200731-12-200731-12-2007 31-12-200631-12-200631-12-200631-12-2006

The amounts shown as being paid to Salgueiro, Castanheira & Associados – SROC, S.A., are

remuneration for specialised work.



117117117117

12.212.212.212.2 Balances and transactions with Balances and transactions with Balances and transactions with Balances and transactions with Affiliated CompaniesAffiliated CompaniesAffiliated CompaniesAffiliated Companies

(euros)

31-12-200731-12-200731-12-200731-12-2007 31-12-200631-12-200631-12-200631-12-2006

Receivable balancesReceivable balancesReceivable balancesReceivable balances

Invesfer 3.304.115 137.891

Ferbritas 27.581 58.569

CP Com 2.892.845 2.185.145

Refer Telecom 1.385.088 803.092

7.609.629 3.184.697

Payable balancesPayable balancesPayable balancesPayable balances

Invesfer 647.864 9.505.349

Ferbritas 8.444.977 5.468.504

CP Com 149.313 0

Refer Telecom 17.070.918 5.431.484

26.313.072 20.405.337

Purchased ServicesPurchased ServicesPurchased ServicesPurchased Services

Invesfer 1.134.280 7.331.598

Ferbritas 11.185.000 9.294.765

CP Com 0 0

Refer Telecom 12.950.027 9.359.511

25.269.307 25.985.874

Rendered ServicesRendered ServicesRendered ServicesRendered Services

Invesfer 238.148 2.446.585

Ferbritas 92.183 81.019

CP Com 2.892.845 2.185.145

Refer Telecom 1.199.925 1.769.328

4.423.101 6.482.077

Related Parties - SubsidiariesRelated Parties - SubsidiariesRelated Parties - SubsidiariesRelated Parties - Subsidiaries

12.312.312.312.3 Balances and transactions with aBalances and transactions with aBalances and transactions with aBalances and transactions with associated companiesssociated companiesssociated companiesssociated companies

(euros)

31-12-200731-12-200731-12-200731-12-2007 31-12-200631-12-200631-12-200631-12-2006

Receivable balancesReceivable balancesReceivable balancesReceivable balances 1.264.765 697.216

RAVE 1.264.765 697.216

Payable balancesPayable balancesPayable balancesPayable balances 6.690.240 1.089

RAVE 6.690.240 0

GIL 0 1.089

Purchased servicesPurchased servicesPurchased servicesPurchased services 2.725 0

RAVE 2.725 0

Rendered servicesRendered servicesRendered servicesRendered services 190.706 1.582.063

RAVE 190.706 1.582.063

Related parties - Associated CompaniesRelated parties - Associated CompaniesRelated parties - Associated CompaniesRelated parties - Associated Companies


Contas IFRS 2007

118118118118 118118118118

12.412.412.412.4 Balances and transactions with CP and FERTAGUSBalances and transactions with CP and FERTAGUSBalances and transactions with CP and FERTAGUSBalances and transactions with CP and FERTAGUS

‘

(euros)

31-12-200731-12-200731-12-200731-12-2007 31-12-200631-12-200631-12-200631-12-2006

Receivable balancesReceivable balancesReceivable balancesReceivable balances

CP - Caminhos de Ferro, E.P. 54.088.857 49.359.856

FERTÁGUS - Travessia do Tejo 3.098.763 2.144.172

57.187.619 51.504.028

Payable balancesPayable balancesPayable balancesPayable balances


FERTÁGUS - Travessia do Tejo 15.284 5.222

5.661.289 4.364.876

Purchased servicesPurchased servicesPurchased servicesPurchased services

CP - Caminhos de Ferro, E.P. 73.707 394.809

73.707 394.809

Rendered servicesRendered servicesRendered servicesRendered services


FERTÁGUS - Travessia do Tejo 3.491.154 2.839.058

68.115.188 56.834.261

13.13.13.13. IIIIMPACT OF MPACT OF MPACT OF MPACT OF AAAADOPTINGDOPTINGDOPTINGDOPTING/A/A/A/APPLYING THE PPLYING THE PPLYING THE PPLYING THE IFRSIFRSIFRSIFRS

REFER, EP adopted the IFRS, issued and in force or issued and adopted prior to 31 December 2005.

The transition date was on 1 January 2004, whereby REFER prepared its opening balance sheet on that

date, taking into account the exemptions and exclusions to other existing standards, allowed by IFRS 1.

IFRS 1 allows exemptions, in particular regarding the retrospective application of the IFRS, the

processing recommended by other standards of the IASB. On the transition date, REFER decided to

apply the following exemptions:

a) Valuation of ta) Valuation of ta) Valuation of ta) Valuation of tangiangiangiangible assetsble assetsble assetsble assets

Tangible fixed assets held by the company on 1 January 2004 were revaluated before the spin-off of

the assets from CP and the assets of the extinguished offices, based on the applicable legislation.

Note that, given the specific nature of activities carried out by REFER, EP, and the operation model that

it was assigned, a significant part of the long duration infrastructure investment assets are not

recognised as tangible assets in the balance sheet of REFER, EP, and are recorded as part of the items

of the balance sheet classified as "Long Duration Infrastructure Investment Activities." These assets,

mostly railway infrastructures, were not subject to any adjustment in the transition.


Contas IFRS 2007

119119119119 119119119119

As for assets not assigned to long duration infrastructure investment activities, the criteria of recognition,

valuation and depreciation applied in the previous accounting standards are comparable to those of

the historic cost model in the IFRS, and thus were not adjusted.

The following paragraphs present the impacts of adopting the IFRS on the transition date and

subsequent years.

Transition to the IFRS on 31 December 2004Transition to the IFRS on 31 December 2004Transition to the IFRS on 31 December 2004Transition to the IFRS on 31 December 2004

The total adjustment amount on the transition date reflects the difference recorded in the financial

statements arising from the conversion to the IFRS. These adjustments are recognised in “Accumulated

Results.”

The following table shows the impacts on REFER’s equity by adopting the IFRS on the transition date

and on the closing of 2004:

(euros)

31/12/200431/12/200431/12/200431/12/2004 01/01/200401/01/200401/01/200401/01/2004

Equity - Official Chart of AccountsEquity - Official Chart of AccountsEquity - Official Chart of AccountsEquity - Official Chart of Accounts 2.445.436.8182.445.436.8182.445.436.8182.445.436.818 2.576.162.2072.576.162.2072.576.162.2072.576.162.207

Recognition of derivative financial instruments at the fair value -21.521.162 -14.108.310

Accrued interests of payable loans -10.468.134 -10.137.701

Revaluation of the bank debt and respective costs to obtain financing -175.652 -261.819

Non-demandable maintenance costs - 2003 2.003.704 2.003.704

Provision for costs with CP 2.394.230 2.394.230

Accrual of non-recoverable income -14.296.961 -5.543.636

Recognition of deferred indemnities in the official chart of accounts 0 -20.161.052

Provision for negative equity of the subsidiary Fernave 0 -1.321.468

Provision for negative equity of the subsidiary GIL 7.139.991 0

Fernave supplementary entries impairment -1.871.429 -1.871.429

Adjustment of stocks at the fair value -61.130 0

Asset equivalence of "Metro do Mondego" 14.399 14.311

Reclassification of intangible assets -6.048.083 0

Reclassification of balances of Long Duration Infrastructure Investment activities -2.964.086.575 -2.901.003.225

IFRS adjustments -3.006.976.802 -2.949.996.395

Equity - IFRSEquity - IFRSEquity - IFRSEquity - IFRS -561.539.984-561.539.984-561.539.984-561.539.984 -373.834.188-373.834.188-373.834.188-373.834.188


Contas IFRS 2007

111120202020 120120120120

The following table shows the impact on the results for 2004:

(euros)

2004200420042004

Net profit - Official Chart of AccountsNet profit - Official Chart of AccountsNet profit - Official Chart of AccountsNet profit - Official Chart of Accounts -154.157.239-154.157.239-154.157.239-154.157.239

Recognition of derivative financial instruments at the fair value -7.412.852

Accrued interest from payable loans -330.433

Revaluation of the bank debt and respective costs to obtain financing 86.167

Accrual of non-recoverable income -8.753.325

Provision for negative equity of the subsidiary Fernave 1.321.468

Provision for negative equity of the subsidiary GIL 7.139.991

Stock adjustment by the fair value -61.130

Asset equivalence of "Metro do Mondego" 88

Prior costs recognised in retained results -51.896.600

Reclassification of intangible assets -6.048.083

Reclassification of balances of Long Duration Infrastructure Investment Activities 32.192.932

IFRS adjustments -33.761.777

Net Profit - IFRSNet Profit - IFRSNet Profit - IFRSNet Profit - IFRS -187.919.016-187.919.016-187.919.016-187.919.016

The differences between the financial statements prepared according to the IFRS and those that had

been prepared according to the accounting principles generally accepted in Portugal, on 31

December 2004, are explained as follows:

1)1)1)1) Recognition oRecognition oRecognition oRecognition offff derivativederivativederivativederivative financial instruments at the fair value financial instruments at the fair value financial instruments at the fair value financial instruments at the fair value – According to IAS 39 - Financial

instruments and for the purposes of the IFRS accounts, financial instruments are recognised in assets

and liabilities by their fair value. The change in the respective fair values is recognised in the profit and

loss account.

2)2)2)2) Accrual of interest Accrual of interest Accrual of interest Accrual of interest fromfromfromfrom payable loans payable loans payable loans payable loans – In view of the practice of not recording the fair value of

derivative financial instruments in the Official Chart of Accounts, and since the said value is recorded

according to the IFRS (see previous paragraph), the estimated payable financing interest to which the

said derivative financial instruments are associated was recorded in the accounts.

3)3)3)3) Revaluation of the bank debt and respective costs Revaluation of the bank debt and respective costs Revaluation of the bank debt and respective costs Revaluation of the bank debt and respective costs to obtain financing to obtain financing to obtain financing to obtain financing –––– REFER's debt to banks,

to which credit opening costs were associated (which were previously deferred in the Balance Sheet of

the Official Chart of Accounts, in a linear manner, until maturity), was re-expressed by applying the

effective interest rate method. Therefore, the respective items of deferred costs and payable loans

were adjusted.

4)4)4)4) NonNonNonNon----demandable maintenance costs demandable maintenance costs demandable maintenance costs demandable maintenance costs –––– 2003 2003 2003 2003 – Since it was noted that the company had

recognised liabilities for maintenance contracts in reference to 2003 and previous years for which,

according to information obtained, responsibility had already been incurred, it was determined that

there are no liabilities covered by IAS 37, and thus the said liabilities were cancelled on the transition

date.


Contas IFRS 2007

121121121121 121121121121

5)5)5)5) ProvisiProvisiProvisiProvision for costs with CP on for costs with CP on for costs with CP on for costs with CP – in 1999, REFER recorded a provision covering the costs that it would

be invoiced by CP. Since it was concluded that REFER had no obligation in view of IAS 37 – Provisions,

contingent liabilities and contingent assets, that provision was settled on the transition date.

6)6)6)6) Accruals of nonAccruals of nonAccruals of nonAccruals of non----recoverable income recoverable income recoverable income recoverable income –––– REFER recorded in accrued income amounts referring to

the operation concessions to Metro do Porto (1999-2000), referring to a contract to repair the road

deck on the 25 de Abril Bridge (2001-2002), and amounts referring to rendering services at stations and

train manoeuvres for CP, which the latter does not accept. Since these assets are contingent, they

were partially de-recognised on the transition date (those referring to periods prior to 1 January 2004)

and in the year (those that had been already recognised in 2004). This additional income was

adjusted, in the Official Chart of Accounts, as earnings in the year of 2005.

7)7)7)7) Recognition of deferred indemnities in the Official Chart of ARecognition of deferred indemnities in the Official Chart of ARecognition of deferred indemnities in the Official Chart of ARecognition of deferred indemnities in the Official Chart of Accounts ccounts ccounts ccounts ---- In the OCA, REFER, E.P.In the OCA, REFER, E.P.In the OCA, REFER, E.P.In the OCA, REFER, E.P.,

commonly deferred the cost on benefits paid for suspending work contracts. According to IAS 19 –

Employee benefits, these benefits were fully recognised on the transition date. In the OCA, they were

recognised in 2004, directly in retained results.

8)8)8)8) Provision for negative equity of the subsidiary Fernave Provision for negative equity of the subsidiary Fernave Provision for negative equity of the subsidiary Fernave Provision for negative equity of the subsidiary Fernave – The company detected the need for this

provision in accordance with IAS 37 (REFER was in fact responsible for providing letters of comfort in

favour of the subsidiary). In the OCA, that provision had been set up through results for the year of

2004. In the IFRS, the said provision was covered by the transition adjustments, since the responsibility

already existed on 1 January 2004.

9)9)9)9) Provision for Provision for Provision for Provision for the the the the negative equity of the negative equity of the negative equity of the negative equity of the subsidiary GIL subsidiary GIL subsidiary GIL subsidiary GIL – The company detected that this

provision, set up in the OCA by REFER, EP, in 2004, was not an actual responsibility in accordance with

IAS 37. Therefore, the said provision was reverted in the IFRS accounts.

10)10)10)10) Impairment of the Fernave SupplImpairment of the Fernave SupplImpairment of the Fernave SupplImpairment of the Fernave Supplementary Entriesementary Entriesementary Entriesementary Entries – REFER, EP, felt that its supplementary entries

to its subsidiary Fernave will not be recoverable due to this company's financial situation. Therefore,

they were de-recognised by impairment on the transition date.

11)11)11)11) Stock adjustment by the Stock adjustment by the Stock adjustment by the Stock adjustment by the fair valuefair valuefair valuefair value – The stock was adjusted in view of its net realisable value.

12)12)12)12) Asset equivalence of “Metro do Mondego” Asset equivalence of “Metro do Mondego” Asset equivalence of “Metro do Mondego” Asset equivalence of “Metro do Mondego” –––– These assets were reverted in accordance with IAS

28, under the presupposition that REFER does not have significant influence in the management of this

entity (shareholding of 2.5%).

13)13)13)13) Costs in 2004 recognised in retained earnings Costs in 2004 recognised in retained earnings Costs in 2004 recognised in retained earnings Costs in 2004 recognised in retained earnings – In the OCA, REFER recognised various

movements directly in retained earnings, during 2004, that, in accordance with IAS 18, must be

reflected in the results for the year, as follows:

• Late interest debited from CP, which could no longer be demanded in 2004 (14,945,114 euros);

• Annulment of estimated income in previous years (12,414,322 euros);

• Losses arising from the Refer/CP agreement (signed in 2004), in the amount of 16,761,008 euros;

• Provisions for negative equity of subsidiaries on 31 December 2003 (7,776,156 euros).

14)14)14)14) Annulment of Intangible Assets Annulment of Intangible Assets Annulment of Intangible Assets Annulment of Intangible Assets – The company analysed the capitalisation, in intangible assets,

of costs that are not qualified for such in accordance with IAS 38.


Contas IFRS 2007

122122122122 122122122122

15)15)15)15) Reclassification of the balances/transactions inherent to Reclassification of the balances/transactions inherent to Reclassification of the balances/transactions inherent to Reclassification of the balances/transactions inherent to long duration infrastructure investment long duration infrastructure investment long duration infrastructure investment long duration infrastructure investment

activities activities activities activities - The company separated Investment Missions from Infrastructure Management at REFER, EP.

Additionally, note that the existing rules for presenting financial statements prepared according to the

IFRS, on the said date, also gave rise to some reclassifications that do not affect the company’s equity

or results, in particular in reference to:

• Advances for purchases, which in the OCA are included in stocks, and were reclassified to an

item of third parties; and

• Amounts recognised in the profit and loss statement of the OCA as extraordinary costs and

income were reclassified to the respective operating items, since they did not fit under the

concept of extraordinary results in the IFRS.

When the year was closed in 2005, the adjustments made in the transition in the year of 2004 were

taken into account.

The impact of applying the IFRS and other alterations to the accounting policies in the financial

statements on 31 December 2005 may be analysed as follows:

31/12/200531/12/200531/12/200531/12/2005

Equity - Official Chart of AccountsEquity - Official Chart of AccountsEquity - Official Chart of AccountsEquity - Official Chart of Accounts 2.440.886.2202.440.886.2202.440.886.2202.440.886.220


Accrued interest of payable loans -10.292.333

Revaluation of the bank debt and respective costs to obtain financing 3.214.225

Non-demandable maintenance costs - 2003 2.003.704

Provision for negative equity of the subsidiary GIL 7.859.032

Fernave supplementary entries impairment -1.882.869

Stock adjustment by the fair value -61.130

Equity equivalence of "Metro do Mondego" -77.157


Reclassification of balances of Long Duration Infrastructure Investment Activities -3.077.112.259

IFRS adjustments -3.089.501.824

Equity - IFRSEquity - IFRSEquity - IFRSEquity - IFRS -648.615.604-648.615.604-648.615.604-648.615.604


Contas IFRS 2007

123123123123 123123123123

(euros)

2005200520052005

Net Profit - Official Chart of AccountsNet Profit - Official Chart of AccountsNet Profit - Official Chart of AccountsNet Profit - Official Chart of Accounts -160.369.481-160.369.481-160.369.481-160.369.481

Recognition of derivative financial interests at the fair value 15.603.948

Accrued interest of payable loans 175.801


Provision for costs with CP -2.394.230

Accrued non-recoverable income 14.296.961

Provision for negative equity of the subsidiary GIL 719.041

Fernave supplementary entries impairment -11.440

Asset equivalence of "Metro do Mondego" -91.556



IFRS adjustments 73.146.919

Net profit - IFRSNet profit - IFRSNet profit - IFRSNet profit - IFRS -87.222.562-87.222.562-87.222.562-87.222.562

In the analysis of the closing of 2006, the company took into account the transition adjustments in the

years of 2004 and 2005, and the following adjustments were made for the first time in 2006:

Reclassification of Reserves and Donations Reclassification of Reserves and Donations Reclassification of Reserves and Donations Reclassification of Reserves and Donations – According to IAS 18, it was felt that the donations of the

various machines and equipment which were transferred to REFER in accordance with the contract

works, at zero cost, and that were integrated at the market cost, are qualified as income.

The impact of applying the IFRS and other alterations to the accounting policies in the financial

statements on 31 December 2006 may be analysed as follows:

(euros)

31/12/200631/12/200631/12/200631/12/2006



Accrued interest of payable loans -10.292.333


Non-demandable maintenance costs - 2003 2.003.704

Provision for the negative equity of the subsidiary GIL 8.760.956

Adjustment of stock by the fair value -61.130



IFRS adjustments -3.127.997.733



Contas IFRS 2007

124124124124 124124124124

(euros)

2006200620062006



Revaluation of the bank debt and respective costs to obtain financing 6.074

Provision for the negative equity of the subsidiary GIL 901.924

Fernave supplementary entries impairment 1.882.869

Asset equivalence of "Metro do Mondego" 77.157

Reclassification of intangible assets 433.067

Reclassification of reserves and donations 199.070


IFRS adjustment 39.551.546

Net profit - IFRSNet profit - IFRSNet profit - IFRSNet profit - IFRS -162.150.029-162.150.029-162.150.029-162.150.029


Contas IFRS 2007

125125125125 125125125125

(euros)

31 December 200631 December 200631 December 200631 December 2006 Off. Chart. of Acc.Off. Chart. of Acc.Off. Chart. of Acc.Off. Chart. of Acc. AdjustmentsAdjustmentsAdjustmentsAdjustments IFRSIFRSIFRSIFRS


Long Duration Infrastructure Investment ActivitiesLong Duration Infrastructure Investment ActivitiesLong Duration Infrastructure Investment ActivitiesLong Duration Infrastructure Investment Activities0000 809.087.112809.087.112809.087.112809.087.112 809.087.112809.087.112809.087.112809.087.112

Non-currentNon-currentNon-currentNon-currentTangible fixed assets 6.538.456.471 -6.487.938.032 50.518.439Intangible assets 9.468.023 -4.327.471 5.140.553Investments in subsidiary and associated companies 18.881.151 0 18.881.151Financial assets available for sale 46.181 0 46.181Loans and receivables 54.454.625 0 54.454.625

6.621.306.4516.621.306.4516.621.306.4516.621.306.451 -6.492.265.503-6.492.265.503-6.492.265.503-6.492.265.503 129.040.948129.040.948129.040.948129.040.948

CurrentCurrentCurrentCurrentDerivative financial instruments 0 25.337.633 25.337.633Inventories 23.130.464 -8.999.108 14.131.356Clients and other receivables 198.344.736 -48.751.580 149.593.156Receivable income tax 1.451.725 0 1.451.725Cash and cash equivalents 15.955.730 0 15.955.730

292.882.655292.882.655292.882.655292.882.655 -32.413.055-32.413.055-32.413.055-32.413.055 260.469.600260.469.600260.469.600260.469.600

Total assetsTotal assetsTotal assetsTotal assets 6.914.189.1066.914.189.1066.914.189.1066.914.189.106 -5.715.591.446-5.715.591.446-5.715.591.446-5.715.591.446 1.198.597.6601.198.597.6601.198.597.6601.198.597.660


Capital and reserves attributable to shareholdersCapital and reserves attributable to shareholdersCapital and reserves attributable to shareholdersCapital and reserves attributable to shareholdersCapital 305.200.000 0 305.200.000Non-distributable reserves 3.334.470.524 -3.334.470.524 0Cumulative results -1.120.895.363 166.921.245 -953.974.118

2.518.737.994 -3.167.549.279 -648.811.285Results in the year attributable to shareholders -201.701.575-201.701.575-201.701.575-201.701.575 39.551.54639.551.54639.551.54639.551.546 -162.150.029-162.150.029-162.150.029-162.150.029

2.317.036.4192.317.036.4192.317.036.4192.317.036.419 -3.127.997.733-3.127.997.733-3.127.997.733-3.127.997.733 -810.961.314-810.961.314-810.961.314-810.961.314

LiabilitiesLiabilitiesLiabilitiesLiabilitiesNon-currentNon-currentNon-currentNon-currentLoans obtained 4.056.226.651 -2.456.226.651 1.600.000.000Provisions 32.296.701 -8.760.956 23.535.745

Total non-current liabilitiesTotal non-current liabilitiesTotal non-current liabilitiesTotal non-current liabilities 4.088.527.1334.088.527.1334.088.527.1334.088.527.133 -2.464.987.607-2.464.987.607-2.464.987.607-2.464.987.607 1.623.539.5261.623.539.5261.623.539.5261.623.539.526

CurrentCurrentCurrentCurrentLoans obtained 223.383.902 -47.239.800 176.144.102Derivative financial instruments 0 38.522.071 38.522.071Suppliers and other payables 284.202.779 -113.888.377 170.314.402Payable income tax 1.038.873 0 1.038.873

Total current liabilitiesTotal current liabilitiesTotal current liabilitiesTotal current liabilities 508.625.554508.625.554508.625.554508.625.554 -122.606.106-122.606.106-122.606.106-122.606.106 386.019.448386.019.448386.019.448386.019.448

Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities 4.597.152.6874.597.152.6874.597.152.6874.597.152.687 -2.587.593.713-2.587.593.713-2.587.593.713-2.587.593.713 2.009.558.9742.009.558.9742.009.558.9742.009.558.974Total equity and liabilitiesTotal equity and liabilitiesTotal equity and liabilitiesTotal equity and liabilities 6.914.189.1066.914.189.1066.914.189.1066.914.189.106 -5.715.591.446-5.715.591.446-5.715.591.446-5.715.591.446 1.198.597.6601.198.597.6601.198.597.6601.198.597.660

In its analysis of the closing of 2007, the company took into account the transition adjustments in the

years of 2004, 2005 and 2006.


Contas IFRS 2007

126126126126 126126126126

(euros)

31-12-200731-12-200731-12-200731-12-2007



Revaluation of the bank debt and respective costs for obtaining financing 2.580.815




Reclassification of donations -1.204.300


IFRS Adjustments -3.225.583.680


(euros)

2007200720072007



Accrued interest of payable loans 10.292.333

Revaluation of the bank debt and respective costs for obtaining financing -639.484

Non-demandable maintenance costs - 2003 -2.003.704


Adjustment of stocks by the fair value 61.130


Reclassification of intangible assets 674.507


IFRS adjustments 60.137.253

Net Profit - IFRSNet Profit - IFRSNet Profit - IFRSNet Profit - IFRS -162.830.401-162.830.401-162.830.401-162.830.401


Contas IFRS 2007

127127127127 127127127127

(euros)

31 December 200731 December 200731 December 200731 December 2007 Off. Chart of Acc.Off. Chart of Acc.Off. Chart of Acc.Off. Chart of Acc. AdjustmentsAdjustmentsAdjustmentsAdjustments IFRSIFRSIFRSIFRS

ActivosActivosActivosActivos

Long Duration Infrastructure Investment ActivitiesLong Duration Infrastructure Investment ActivitiesLong Duration Infrastructure Investment ActivitiesLong Duration Infrastructure Investment Activities0000 1.064.647.6631.064.647.6631.064.647.6631.064.647.663 1.064.647.6631.064.647.6631.064.647.6631.064.647.663

Non-currentNon-currentNon-currentNon-currentTangible fixed assets 6.864.868.236 -6.814.871.484 49.996.752Intangible assets 8.163.703 -5.570.500 2.593.203Investments in subsidiary and associated companies 30.712.687 0 30.712.687Financial assets available for sale 26.875 -26.875 0Loans and receivables 39.529.625 0 39.529.625

6.943.301.1266.943.301.1266.943.301.1266.943.301.126 -6.820.468.859-6.820.468.859-6.820.468.859-6.820.468.859 122.832.267122.832.267122.832.267122.832.267

CurrentCurrentCurrentCurrentDerivative financial instruments 0 35.135.954 35.135.954Inventories 31.812.839 -19.369.150 12.443.689Clients and other receivables 171.021.899 -48.702.539 122.319.360Receivable income tax 970.234 0 970.234Cash and cash equivalents 209.719 0 209.719

204.014.691204.014.691204.014.691204.014.691 -32.935.735-32.935.735-32.935.735-32.935.735 171.078.956171.078.956171.078.956171.078.956

Total assetsTotal assetsTotal assetsTotal assets 7.147.315.8177.147.315.8177.147.315.8177.147.315.817 -5.788.756.931-5.788.756.931-5.788.756.931-5.788.756.931 1.358.558.8861.358.558.8861.358.558.8861.358.558.886


Capital and reserves attributable to shareholdersCapital and reserves attributable to shareholdersCapital and reserves attributable to shareholdersCapital and reserves attributable to shareholdersCapital 305.200.000 0 305.200.000Non-distributable reserves 3.492.193.724 -3.492.193.724 0Cumulative results -1.322.596.939 206.472.791 -1.116.124.148

2.474.796.785 -3.285.720.932 -810.924.147Results in the year attributable to shareholders -222.967.654-222.967.654-222.967.654-222.967.654 60.137.25360.137.25360.137.25360.137.253 -162.830.401-162.830.401-162.830.401-162.830.401

2.251.829.1312.251.829.1312.251.829.1312.251.829.131 -3.225.583.680-3.225.583.680-3.225.583.680-3.225.583.680 -973.754.549-973.754.549-973.754.549-973.754.549

LiabilitiesLiabilitiesLiabilitiesLiabilitiesNon-currentNon-currentNon-currentNon-currentLoans obtained 3.821.972.355 -2.221.972.355 1.600.000.000Provisions 20.873.590 -9.825.198 11.048.392

Total non-current liabilitiesTotal non-current liabilitiesTotal non-current liabilitiesTotal non-current liabilities 3.842.845.9453.842.845.9453.842.845.9453.842.845.945 -2.231.797.553-2.231.797.553-2.231.797.553-2.231.797.553 1.611.048.3921.611.048.3921.611.048.3921.611.048.392

CurrentCurrentCurrentCurrentLoans obtained 779.506.585 -298.826.932 480.679.653Derivative financial instruments 0 74.043.570 74.043.570Suppliers and other payables 272.220.694 -106.592.336 165.628.357Payable income tax 913.463 0 913.463

Total current liabilitiesTotal current liabilitiesTotal current liabilitiesTotal current liabilities 1.052.640.7411.052.640.7411.052.640.7411.052.640.741 -331.375.698-331.375.698-331.375.698-331.375.698 721.265.043721.265.043721.265.043721.265.043

Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities 4.895.486.6864.895.486.6864.895.486.6864.895.486.686 -2.563.173.251-2.563.173.251-2.563.173.251-2.563.173.251 2.332.313.4352.332.313.4352.332.313.4352.332.313.435Total equity and liabilitiesTotal equity and liabilitiesTotal equity and liabilitiesTotal equity and liabilities 7.147.315.8177.147.315.8177.147.315.8177.147.315.817 -5.788.756.931-5.788.756.931-5.788.756.931-5.788.756.931 1.358.558.8861.358.558.8861.358.558.8861.358.558.886

14.14.14.14. EEEEVENTS AFTER THE BALAVENTS AFTER THE BALAVENTS AFTER THE BALAVENTS AFTER THE BALANCE SHEET DATENCE SHEET DATENCE SHEET DATENCE SHEET DATE

At the start of 2008, REFER became aware of a lawsuit against it filed by the consortium Teixeira

Duarte/EPOS consequent to REFER’s termination of the Rossio Tunnel Rehabilitation Contract. REFER

terminated the contract in October 2006 based on contractual non-compliance regarding technical

aspects and the completion deadline.

There is no other relevant information that is not shown in the Balance Sheet, Profit and Loss Account

and in the Notes.


Contas IFRS 2007

128128128128 128128128128


Contas IFRS 2007

129129129129 129129129129

13131313 AAAANNEXESNNEXESNNEXESNNEXES AAAANNEX NNEX NNEX NNEX IIII –––– CCCCONTRACTS THAT WERE NONTRACTS THAT WERE NONTRACTS THAT WERE NONTRACTS THAT WERE NOTOTOTOT SIGNED THROUGH A PUBSIGNED THROUGH A PUBSIGNED THROUGH A PUBSIGNED THROUGH A PUBLIC TENDER LIC TENDER LIC TENDER LIC TENDER (D(D(D(DIRECT IRECT IRECT IRECT AAAAWARDWARDWARDWARD))))

(Annex indicated in the chapter “Corporate Governance – Information on Other Transactions) Process

NumDescription Procedure Supplier

Initial Contract

Amount (€)

Additional

Amount(€)

Signature Contract

Date

1162Topografia e Cartografia Bombel/Casa

BraFERBRITAS-Empreend. Ind.Comércio SA 13-02-2007 220.800,00 Prestações Serviços

1338 Ajuste directo Prestação Serviços FERBRITAS-Empreend. Ind.Comércio SA 25-01-2007 398.588,88 Prestações Serviços

1408LA-Fiscalização Exec.PDs Km308,

317, 325FERBRITAS-Empreend. Ind.Comércio SA 07-02-2007 163.300,00 Prestações Serviços

1442 Fiscalização Pass. Desn Coimbra F1 TPFCE-Consultoria em Engenharia SA 19-04-2007 201.102,00 Prestações Serviços

1462 LSintra. Barreiras Acústicas. T Mais Complage-Construções e Projectos SA 05-02-2007 224.053,08 Empreitada

1508Reforço Estrutural Nova Estação

LagosPromorail - Tecnologias de 01-06-2007 224.005,28 Empreitada

1547HP596 - BarMar-Lav-

Elect+BeneficiaçãoFERBRITAS-Empreend. Ind.Comércio SA 26-10-2007 399.948,54 Prestações Serviços

1567 Prestação de Serviços Francisco Simões Gomes 12-01-2007 143.200,00 Prestações Serviços

1570 Aplicação Quantm- Sines-Grândola N Quantm, Limited 14-05-2007 202.500,00 Prestações Serviços

1651 JF588 - Ass., Coord. e Fiscal. JE448 Ws Atkins(Portugal)Consultores 12-01-2007 136.259,50 Prestações Serviços

1707LS, Alent. V.Novas - Adaptação

CONVELBombardier Transportation Portugal, 24-05-2007 187.150,54 Empreitada

1713 LSintra. PI Papel. T a Mais e a Menos. TECNOVIA-Sociedade de Empreitadas 13-02-2007 282.974,43 Empreitada

1855Demarc. do Pat. REFER Santa Clara-

TunesFERBRITAS-Empreend. Ind.Comércio SA 16-02-2007 390.000,00 Prestações Serviços

1871P Serviços N estação de Lagos Jan-

Jul 06FERBRITAS-Empreend. Ind.Comércio SA 07-03-2007 137.786,45 Prestações Serviços

1923Telecomando L Minho, Guim e R

BragaEFACEC - Sistemas de Electronica SA 22-06-2007 415.722,00 Prestações Serviços

1946Proj Prot Fundações Pontes L.Beira

BaixaA2P Consult Estudos e Projectos Lda 05-09-2007 361.572,40 Prestações Serviços

2094 HF548B - Ass., Fiscal. HE476 Consulgal-Consult Engenh Gestão, SA 03-08-2007 399.628,83 Prestações Serviços

2099 Demarcação do Património REFER FERBRITAS-Empreend. Ind.Comércio SA 01-03-2007 357.714,00 Prestações Serviços

2103Proj RCT+TP para Zona Suburbana

do PortoMovares Nederland BV 12-09-2007 349.750,00 Prestações Serviços

2113 Forn.e Insta. de assentos de bancos PERFILFORMA-Com de Equipamentos Lda 16-07-2007 666.423,00 Prestações Serviços

2170Estação Multimodal Mercadorias -

LeixõesFERBRITAS-Empreend. Ind.Comércio SA 22-06-2007 397.796,60 Prestações Serviços

2243 2º t. adicional ao ct 27/04-CA-LN Alcatel Portugal SA 15-02-2007 594.274,61 Empreitada

2244 P.serv.manut. Subestações AC Efacec - Servicos Manut Assist SA 02-02-2007 208.210,00 Prestações Serviços

2249 P.serv.manut. PC Zona Centro/Sul Efacec - Servicos Manut Assist SA 02-02-2007 221.986,40 Prestações Serviços

2250P.serv.manut. Postos de catenária Z

NortEfacec - Servicos Manut Assist SA 02-02-2007 236.785,50 Prestações Serviços

2251P.serv. manut. Postos de catenária da

LNEfacec - Servicos Manut Assist SA 02-02-2007 244.185,00 Prestações Serviços

2255 P.serv.manut - PCE Zona N/C/S Efacec - Servicos Manut Assist SA 06-02-2007 306.848,50 Prestações Serviços

2263 P.serv.manut - PAT+PTC+TPV Efacec - Servicos Manut Assist SA 02-02-2007 224.623,50 Prestações Serviços

2267Prestação de Serviços de Deserv.

QuímicaFerrovias e Construções, S.A. 20-04-2007 389.860,00 Prestações Serviços

2285 Comunicações Exploração Refer Telecom Serv Telecomunic SA 11-01-2007 245.075,40 Prestações Serviços

2325Prest Serviços Homologação

RessonânciaMovares Nederland BV 12-09-2007 279.000,00 Prestações Serviços

23501.º Termo Adicional ao CT 18/04 CA-

LNCOBA - Consult Ob Barrag Planeam SA 14-03-2007 247.860,00 Empreitada

2364 Zona Sub.Lisboa-Med.Defint.RCT+TP THALES - Security Solutions and 24-05-2007 7.923.441,39 Empreitada

2374Alimt. Eléct. Subest.

Fatela/PenamacorBLOQ Ren - Rede Elec. Nacional SA 12-03-2007 395.000,00 Empreitada

2394 Fiscalização das Barreiras Acústicas FERBRITAS-Empreend. Ind.Comércio SA 04-07-2007 195.512,32 Prestações Serviços

2421Projecto Túneis de Fátima e

AlbergariaGeodata S.P.A. 8Sucursal) 24-10-2007 197.861,12 Prestações Serviços

2431Acessoria Apoio à Gestão-Túnel do

RossioFERBRITAS-Empreend. Ind.Comércio SA 26-06-2007 670.500,00 Prestações Serviços

24325º Adicional ao Contrato 039-

2002/CA/DNSOMAGUE Engenharia SA 22-06-2007 1.302.412,55 Empreitada

2441 Consulta Técnica e de Gestão Amberg Consulting Engineers Ltd 07-05-2007 249.670,00 Prestações Serviços

2444Manut.dos Sistemas de Segurança-

T.RossioTECNASOL-FGE Fundações Geotecnia SA 25-07-2007 532.084,78 Prestações Serviços

24517.º T Adicional ao Contrato 16/03

CA/LNSOMAGUE Engenharia SA 20-09-2007 3.912.587,25 Empreitada

24586.º T Adicional ao Contrato 22/04 CA-

LNMota - Engil, Engenhar e Construção 11-07-2007 711.276,88 Empreitada

2462Manut. Integral dos Sist. de

SinalizaçãoDimetronic SA 23-01-2007 2.896.526,45 Prestações Serviços


SinalizaçãoDimetronic SA 23-01-2007 2.370.252,92 Prestações Serviços


SinalizaçãoDimetronic SA 23-01-2007 925.795,80 Prestações Serviços

2467Prest Serv Manut e Rep Avarias Sinal

BAAlcatel Portugal SA 11-01-2007 1.222.522,20 Empreitada


Contas IFRS 2007

130130130130 130130130130

Process


Initial Contract

Amount (€)

Additional

Amount(€)

Signature Contract

Date

2491Serviço de Telecomunicações

FerroviáriasRefer Telecom Serv Telecomunic SA 30-01-2007 7.454.732,00 Prestações Serviços

2494 Gestão do parque de telemóveis Refer Telecom Serv Telecomunic SA 30-01-2007 600.000,00 Prestações Serviços

2495Rede de dados, pontos e acessos

InternetRefer Telecom Serv Telecomunic SA 30-01-2007 1.535.040,00 Prestações Serviços

2496Data Center e Sistemas de

InformaçãoRefer Telecom Serv Telecomunic SA 30-01-2007 577.440,00 Prestações Serviços

2497 1º Adicional Trabalhos a mais Mota - Engil, Engenhar e Construção 04-05-2007 660.812,68 Empreitada

2499 4ª Adicional ao Contrato 02/02-CA-BB Alcatel Portugal SA 19-07-2007 247.661,68 Empreitada

2529 2º Adicional Promorail - Tecnologias de 24-05-2007 176.461,20 Empreitada

2530 Assessoria/Fiscalização - T. Rossio DHV FBO - Consultores S.A. 30-05-2007 2.188.217,63 Prestações Serviços

2541 Fiscalização 2.1 - 4º Termo adicional PENGEST-Planeamento, Engenharia e 15-05-2007 210.004,41 Empreitada

2553Gestão Documental Tecnico-

AdministrativaAccenture, Consultores de Gestão, 03-07-2007 195.000,00 Prestações Serviços

2554ST 2.1 Pass desn Fase 3 - 2º T

adicionalZAGOPE-Constr. e Engenharia, S.A. 24-05-2007 599.342,16 Empreitada

2562Prestação de Serviços de

ExpropriaçõesFERBRITAS-Empreend. Ind.Comércio SA 08-05-2007 139.096,08 Prestações Serviços

2563 Fiscalização Subtroço 1.2/1.3 - Início BRISA Engenharia e Gestão, SA 15-06-2007 379.994,98 Prestações Serviços

2607 1º Adicional ao contrato nº 1665 PROSPECTIVA-Projectos, Serviços e 30-05-2007 360.000,00 Prestações Serviços

2664 1.º T. Adicional ao Contrato 1575 TPFCE-Consultoria em Engenharia SA 11-06-2007 185.952,62 Prestações Serviços

2665Fiscalização das Passagens

DesniveladasFERBRITAS-Empreend. Ind.Comércio SA 03-07-2007 332.445,00 Prestações Serviços

2668Trab. Complementar de Fiscaliz. L.

SinesFERBRITAS-Empreend. Ind.Comércio SA 20-06-2007 178.072,70 Prestações Serviços

26768.º Aditamento ao Contrato 49/94-

SECTyco Engenharia, Unipessoal, Lda 04-06-2007 893.173,76 Empreitada

2677 Proj. Compl. Variante Alcácer FERBRITAS-Empreend. Ind.Comércio SA 25-07-2007 326.087,00 Prestações Serviços

2705Ensaios para garantia controlo

qualidadeGeocontrole -Gab Geotecnia Topograf 03-09-2007 128.647,88 Prestações Serviços

2728Proj.Execução Serviços

ComplementaresGRID-Cons Estud Proj Engenharia,Lda 19-06-2007 217.887,30 Prestações Serviços

2788Norte-Reab.via ascendente entre kms

235,Somafel-Eng.e Obras Ferroviárias SA 03-07-2007 588.832,76 Empreitada

2800 Prestação de Serviços e Fiscalização FERBRITAS-Empreend. Ind.Comércio SA 26-11-2007 398.460,00 Prestações Serviços

2811Forn. e Montagem CONVEL Ramal

de TomarBombardier Transportation Portugal, 03-09-2007 266.694,32 Empreitada

2815Proj. e montagem de rct no Ramal

TomarTHALES - Security Solutions and 03-07-2007 187.312,40 Prestações Serviços

2818 L.Sul - Sin. e Telec. Ramal Siderurgia THALES - Security Solutions and 25-06-2007 1.913.645,43 Empreitada

28206º adicional ao contrato 19/03 CA-

PLNSOPOL-Soc Geral de Construções e 16-08-2007 1.476.316,29 Empreitada

2836Demarc. Património REFER-P.Novo-

PinheiroFERBRITAS-Empreend. Ind.Comércio SA 24-07-2007 231.600,00 Prestações Serviços

2837Demarc. Património REFER-Pinheiro-

Km94FERBRITAS-Empreend. Ind.Comércio SA 24-07-2007 201.300,00 Prestações Serviços

2838Demarc.Património REFER-Funcheira-

SClaraFERBRITAS-Empreend. Ind.Comércio SA 27-07-2007 390.400,00 Prestações Serviços

2850 Estação do Cacém REBEL Representantes de Equipam 09-07-2007 149.350,00 Prestações Serviços

2865 Ponte Eiffel - Fundações Teixeira Duarte-Eng. Construções SA 20-07-2007 3.838.753,17 Empreitada

28915.º Termo Adicional ao CT 11/05

CA/LNMota - Engil, Engenhar e Construção 10-09-2007 434.787,47 Empreitada

2907Integração Encravam. SSI CCO

LisboaDimetronic SA 10-08-2007 734.634,06 Empreitada

2910 Elaboração de projecto FERBRITAS-Empreend. Ind.Comércio SA 20-04-2007 195.814,40 Prestações Serviços

2925Reparação de danos - Túnel de

FátimaFergrupo - Const Tecnicas Ferrov SA 06-06-2007 1.280.000,00 Empreitada

2934Fiscalização Obra RIV - Conclusão da

PSFERBRITAS-Empreend. Ind.Comércio SA 28-07-2007 186.280,00 Prestações Serviços

2944Remodelação do Sistema SATA L

Douro.EFACEC - Sistemas de Electronica SA 03-10-2007 245.433,44 Prestações Serviços

2969Definição de modelo de Gestão de

ActivosDeloitte Consultores, S.A. 30-05-2007 264.800,00 Prestações Serviços

2981Desmatação-Prev Incendios

LGuimRBragFITONOVO, Lda. 24-09-2007 195.800,00 Prestações Serviços

2982Desmat prev incend-LMinho-Barc

ValençaFergrupo - Const Tecnicas Ferrov SA 24-09-2007 191.575,00 Prestações Serviços

2983Desmat Prev Incend-LMinho-

PSB/BarcelosFernandes & Remelhe Lda 24-09-2007 178.000,00 Prestações Serviços

2984Desmat prev incend-LDouro-

Caide/PocinhoFergrupo - Const Tecnicas Ferrov SA 24-09-2007 181.300,00 Prestações Serviços

2986 Desmat prev incend-LNorte e Vouga José Oliveira Chaves & C.ª Lda 24-09-2007 159.309,00 Prestações Serviços

3024 L.Douro Estudo Geotécnico GEG-Gab Estruturas e Geotecnia, Lda 26-07-2007 187.000,00 Prestações Serviços

3032Prosseguimento do processo de

encomendaFERBRITAS-Empreend. Ind.Comércio SA 19-11-2007 399.180,00 Prestações Serviços

3057 PO Eiffel Coordenação de Segurança Tabique Engenharia 08-10-2007 150.760,00 Prestações Serviços


Contas IFRS 2007

131131131131 131131131131

Process


Initial Contract

Amount (€)

Additional

Amount(€)

Signature Contract

Date

3118PS-Pass.Desniveladas de Viana do

CasteloFERBRITAS-Empreend. Ind.Comércio SA 03-08-2007 211.729,84 Prestações Serviços

3149Construção do Data Center-Contumil

(CCO)Dimetronic, SA 08-08-2007 1.664.656,87 Empreitada

3178 Manut Sist Sinal Inst L. B Baixa THALES - Security Solutions and 26-06-2007 169.978,40 Prestações Serviços

3193 Estudo do Algarve - Fase II FERBRITAS-Empreend. Ind.Comércio SA 31-07-2007 133.000,00 Prestações Serviços

3210Estudo de avaliação do quadro

regulatóriLeadership Business Consulting 17-08-2007 232.500,00 Prestações Serviços

3286 L. Tua 2ª e 3ª Fases GEG-Gab Estruturas e Geotecnia, Lda 09-10-2007 175.500,00 Prestações Serviços

3327 Higiene e Limpeza Iberlim Iberlim-Sociedade Técnica 28-06-2007 126.632,88 Prestações Serviços

3344L. Sul-km 260,498a260,664 - Est.

TaludeNeopul - Soc Estudos Construções SA 31-10-2007 305.011,98 Prestações Serviços

3465Upgrade Sistema Rádio Solo-

comboiosNEC Portugal-Telecom. e Sistemas,SA 19-12-2007 249.991,00 Prestações Serviços

3468Relés impedância - Subest. Braga-

FaroAREVA - Transmissão e Distribuição 05-12-2007 339.454,77 Prestações Serviços

3471 Videografia da Rede Ferroviária Ambisig - Ambiente e Sistemas 16-11-2007 168.415,00 Prestações Serviços

3522 MUXFLEX / Gestão Centralizada EFACEC - Sistemas de Electronica SA 14-12-2007 158.411,00 Prestações Serviços


3546Terraplenagem e Drenagem e Estudo

GeológFERBRITAS-Empreend. Ind.Comércio SA 02-11-2007 399.572,44 Prestações Serviços

3547Plataf, OA, restb, Amb. PSS e comp

téc.FERBRITAS-Empreend. Ind.Comércio SA 02-11-2007 341.700,33 Prestações Serviços

3582 Aprovação de adjudicação Somafel-Eng.e Obras Ferroviárias SA 30-11-2007 488.888,00 Empreitada

3608Prest. de Serv. relativa a

expropriaçõesFERBRITAS-Empreend. Ind.Comércio SA 19-11-2007 245.263,22 Prestações Serviços

3614Prest. de Serv. relativa a

ExpropriaçõesFERBRITAS-Empreend. Ind.Comércio SA 19-11-2007 224.743,21 Prestações Serviços

3648Ferbritas - Expropriações Zona do

CacémFERBRITAS-Empreend. Ind.Comércio SA 26-10-2007 178.328,83 Prestações Serviços

36817º ADICIONAL AO CONTRATO

19/03 CA-PLNSOPOL-Soc Geral de Construções e 19-11-2007 737.477,10 Empreitada

37045.º Termo Adicional ao CT 11/05

CA/LNMota - Engil, Engenhar e Construção 10-09-2007 434.787,47 Empreitada

37091º Adicional ao contrato Nº 15/05-

CA/CMFerrovias e Construções, S.A. 24-05-2007 30.009.728,40 Prestações Serviços

37638.º Adicional ao Contrato 16/03 CA-

PLNSOMAGUE Engenharia SA 20-11-2007 1.099.765,45 Empreitada

3779Trab. Mais ao Contrato

1548/06/CA/CMSomafel-Eng.e Obras Ferroviárias SA 19-07-2007 2.987.446,16 Prestações Serviços

378540486-Castelo Branco/Covilhã-

TopografiaFERBRITAS-Empreend. Ind.Comércio SA 29-11-2007 368.851,50 Prestações Serviços

378640487-Castelo Branco/Covilhã-Geol.

TDFERBRITAS-Empreend. Ind.Comércio SA 29-11-2007 333.077,00 Prestações Serviços

3853 Obras acess, Exprop, Licen Amb. FERBRITAS-Empreend. Ind.Comércio SA 07-12-2007 178.888,92 Prestações Serviços

385440477-Castelo Branco/Covilhã-

Via,PlatafoFERBRITAS-Empreend. Ind.Comércio SA 14-12-2007 322.856,79 Prestações Serviços

3855 40484-Castelo Branco/Covilhã-IFTE FERBRITAS-Empreend. Ind.Comércio SA 11-12-2007 399.744,00 Prestações Serviços

3856 Via férrea FERBRITAS-Empreend. Ind.Comércio SA 11-12-2007 395.751,77 Prestações Serviços

3859 Terrap, drena, edif, OA FERBRITAS-Empreend. Ind.Comércio SA 02-11-2007 354.194,54 Prestações Serviços

38801.º Adicional ao C.to N.º

1337/06/CA/CMDimetronic SA 01-06-2007 6.294.402,24 Prestações Serviços

3890 Plano Director de Exploração - SMA+ S M A + 28-12-2007 190.000,00 Prestações Serviços


05/04/CA/CMAlcatel Portugal SA 19-09-2007 4.331.872,44 Empreitada

40292º Adicional Contrato nº

05/04/CA/CMAlcatel Portugal SA 17-08-2007 4.237.361,49 Empreitada

4030Prest Serv Manut e Rep Avarias Sinal

BAAlcatel Portugal SA 18-09-2007 1.222.522,20 Empreitada

40317.º Adicional ao Contrato N.º 35/93

SADMEFACEC - Sistemas de Electronica SA 09-07-2007 986.818,08 Prestações Serviços


2462/07/CA/GODimetronic SA 31-08-2007 3.745.000,32 Prestações Serviços


2464/07/CA/GODimetronic SA 31-08-2007 2.789.056,32 Prestações Serviços

4034C.to de Manutenção Integral Sist.

Sinal.Dimetronic SA 31-08-2007 1.205.304,00 Prestações Serviços

4062 Estudo do Algarve - Fase III FERBRITAS-Empreend. Ind.Comércio SA 19-12-2007 125.000,00 Prestações Serviços


4086 Remodelação Estação General Torres INVESFER-Prom.Com.Terr.Edifícios SA 20-12-2007 212.200,00 Prestações Serviços

4104 MCE / Linha do Alentejo EFACEC - Sistemas de Electronica SA 21-12-2007 148.408,33 Prestações Serviços

4120 1º Adicional ao contrato Nº 1620 CME - Construção e Manutenção 13-11-2007 1.882.745,18 Prestações Serviços

4185Prestação de Serviços EMEF -

ProrrogaçãoEMEF -Emp Manutenc Equip Ferrovº SA 17-12-2007 620.000,00 Prestações Serviços

4198Proj. R.Lousã Coimbra Parque-

Serpins SMMFERBRITAS-Empreend. Ind.Comércio SA 26-12-2007 1.732.100,00 Prestações Serviços

43132ºAdicional ao Contrato nº07/06-CA-

SGProjinova Proj e Est Telecomun Lda 21-12-2007 130.000,00 Prestações Serviços


Contas IFRS 2007

132132132132 132132132132

AAAANNEX NNEX NNEX NNEX IIIIIIII –––– CCCCONTRACT WORKS WHOSE ONTRACT WORKS WHOSE ONTRACT WORKS WHOSE ONTRACT WORKS WHOSE VALUE EXCEEDED VALUE EXCEEDED VALUE EXCEEDED VALUE EXCEEDED € 125,000125,000125,000125,000

(Annex indicated in the chapter “Corporate Governance – Information on Other Transactions”)

Process Num Description Procedure SupplierInitial Contract

Amount (€)

Additional

Amount(€)

Signature Contract

Date

2467 Prest Serv Manut e Rep Avarias Sinal BA Ajuste Directo Alcatel Portugal SA 1.222.522,20 11-Jan-07

2314 Variante entre a Est. Pinheiro e o Km 94 Concurso Público SOPOL-Soc Geral de Construções e 23.912.949,70 25-Jan-07

1462 LSintra. Barreiras Acústicas. T Mais Ajuste Directo Complage-Construções e Projectos SA 224.053,08 5-Fev-07

1555 Beneficiação de Concordâncias Concurso Público PAVIA Pavimentos e Vias SA 225.096,87 9-Fev-07

1713 LSintra. PI Papel. T a Mais e a Menos. Ajuste Directo TECNOVIA-Sociedade de Empreitadas 282.974,43 13-Fev-07

2243 2º t. adicional ao ct 27/04-CA-LN Ajuste Directo Alcatel Portugal SA 594.274,61 15-Fev-07

1176 Benefi. e Ref. Túnel dos Açores Concurso Público Fergrupo - Const Tecnicas Ferrov SA 232.321,00 16-Fev-07

1477 HE477 - PS Km 5+950 da Linha Alentejo Concurso Público Edifer-Const.Pires Coelho 2.239.014,00 1-Mar-07

924 L.Norte,Oeste,R.T,Alf,Lousã-Ataque Mecân Concurso Público Somafel-Eng.e Obras Ferroviárias SA 1.783.850,40 8-Mar-07

2374 Alimt. Eléct. Subest. Fatela/Penamacor Ajuste Directo BLOQ Ren - Rede Elec. Nacional SA 395.000,00 12-Mar-07

2350 1.º Termo Adicional ao CT 18/04 CA-LN Ajuste Directo COBA - Consult Ob Barrag Planeam SA 247.860,00 14-Mar-07

1481 Passagens desniveladas fase 1 Coimbra Concurso Público Ferrovial Agroman SA 2.975.813,48 22-Mar-07

899 Correcção dos Pilares da Ponte São João Concurso Público Teixeira Duarte-Eng. Construções SA 436.800,00 26-Mar-07

896 Emp. de Benef. Refor. Túnel das Alhadas. Concurso Público Mota - Engil, Engenhar e Construção 2.991.243,80 16-Abr-07

1240 Linha de V. Novas - Agolada /Qta. Grande Concurso Público Fergrupo - Const Tecnicas Ferrov SA 399.950,75 16-Abr-07

1482 Trab Compl-Interface Poente de Campanhã Concurso Público Maranhão - Soc de Construções Lda 497.522,78 4-Mai-07

2497 1º Adicional Trabalhos a mais Ajuste Directo Mota - Engil, Engenhar e Construção 660.812,68 4-Mai-07

2541 Fiscalização 2.1 - 4º Termo adicional Ajuste Directo PENGEST-Planeamento, Engenharia e 210.004,41 15-Mai-07

1707 LS, Alent. V.Novas - Adaptação CONVEL Ajuste Directo Bombardier Transportation Portugal, 187.150,54 24-Mai-07

2364 Zona Sub.Lisboa-Med.Defint.RCT+TP Ajuste Directo THALES - Security Solutions and 7.923.441,39 24-Mai-07

2529 2º Adicional Ajuste Directo Promorail - Tecnologias de 176.461,20 24-Mai-07

2554 ST 2.1 Pass desn Fase 3 - 2º T adicional Ajuste Directo ZAGOPE-Constr. e Engenharia, S.A. 599.342,16 24-Mai-07

1508 Reforço Estrutural Nova Estação Lagos Ajuste Directo Promorail - Tecnologias de 224.005,28 1-Jun-07

2676 8.º Aditamento ao Contrato 49/94-SEC Ajuste Directo Tyco Engenharia, Unipessoal, Lda 893.173,76 4-Jun-07

1624 Substituição da PSR da Arroteia Concurso Público CONDURIL, SA 359.992,00 5-Jun-07

2925 Reparação de danos - Túnel de Fátima Ajuste Directo Fergrupo - Const Tecnicas Ferrov SA 1.280.000,00 6-Jun-07

1889 Estabilização da Plataforma FeroviáriaConcurso Público

InternacionalFerrovias e Construções, S.A. 6.088.800,00 19-Jun-07

2432 5º Adicional ao Contrato 039-2002/CA/DN Ajuste Directo SOMAGUE Engenharia SA 1.302.412,55 22-Jun-07

2631 Empreitada de Passagens Desniveladas Concurso Público TECNOVIA-Sociedade de Empreitadas 2.389.000,00 22-Jun-07

2818 L.Sul - Sin. e Telec. Ramal Siderurgia Ajuste Directo THALES - Security Solutions and 1.913.645,43 25-Jun-07

2788 Norte-Reab.via ascendente entre kms 235, Ajuste Directo Somafel-Eng.e Obras Ferroviárias SA 588.832,76 3-Jul-07

772 Empreitada de reposição de estabilidade Concurso Público Teixeira Duarte-Eng. Construções SA 194.972,50 6-Jul-07

2458 6.º T Adicional ao Contrato 22/04 CA-LN Ajuste Directo Mota - Engil, Engenhar e Construção 711.276,88 11-Jul-07

2499 4ª Adicional ao Contrato 02/02-CA-BB Ajuste Directo Alcatel Portugal SA 247.661,68 19-Jul-07

2865 Ponte Eiffel - Fundações Ajuste Directo Teixeira Duarte-Eng. Construções SA 3.838.753,17 20-Jul-07

895 Linha de Cascais - Estação de Oeiras Concurso Público Ferrovias e Construções, S.A. 584.955,76 25-Jul-07

2702 Lig. Ferrov. entre km 0+000 e Viaduto Concurso Público SOMAGUE Engenharia SA 27.793.297,74 8-Ago-07

3149 Construção do Data Center-Contumil (CCO) Ajuste Directo Dimetronic, SA 1.664.656,87 8-Ago-07

2907 Integração Encravam. SSI CCO Lisboa Ajuste Directo Dimetronic SA 734.634,06 10-Ago-07

2655 Pregagens Lajes Pavimento Galerias Concurso Público Ancorpor - Geotec. Fundações, Lda. 884.550,00 14-Ago-07

2820 6º adicional ao contrato 19/03 CA-PLN Ajuste Directo SOPOL-Soc Geral de Construções e 1.476.316,29 16-Ago-07

4029 2º Adicional Contrato nº 05/04/CA/CM Ajuste Directo Alcatel Portugal SA 4.237.361,49 17-Ago-07

2811 Forn. e Montagem CONVEL Ramal de Tomar Ajuste Directo Bombardier Transportation Portugal, 266.694,32 3-Set-07

1867 LxSA - EP - Benef cobert e plataf Concurso Público Teixeira Duarte-Eng. Construções SA 619.459,69 6-Set-07

2891 5.º Termo Adicional ao CT 11/05 CA/LN Ajuste Directo Mota - Engil, Engenhar e Construção 434.787,47 10-Set-07

3704 5.º Termo Adicional ao CT 11/05 CA/LN Ajuste Directo Mota - Engil, Engenhar e Construção 434.787,47 10-Set-07

2417 Reabilitação Via Kms 64.020 a 70.400 Concurso Público Fergrupo - Const Tecnicas Ferrov SA 2.590.000,05 14-Set-07

4030 Prest Serv Manut e Rep Avarias Sinal BA Ajuste Directo Alcatel Portugal SA 1.222.522,20 18-Set-07

3969 3.º Adicional ao C.to N.º 05/04/CA/CM Ajuste Directo Alcatel Portugal SA 4.331.872,44 19-Set-07

2451 7.º T Adicional ao Contrato 16/03 CA/LN Ajuste Directo SOMAGUE Engenharia SA 3.912.587,25 20-Set-07

1610 Ramais Particulares e LouriçalConcurso Público

InternacionalFerrovias e Construções, S.A. 1.952.586,00 9-Out-07

2704 Atrav. Ferrov. Sado-Ponte e Viaduto Aces Concurso Público Teixeira Duarte-Eng. Construções SA 66.753.066,90 16-Out-07

2382 Subtroço 1.2 - Trabalhos complementares Concurso Público ACA-Construções Alberto Couto Alves 649.944,87 17-Out-07

2688 Prot. das fundações Ponte do Guadiana Concurso Público OFM-Obras Púb, Ferrov. Marítimas SA 178.155,59 18-Out-07

3485 PSP na estação de BarcarenaProcedimento por

NegociaçãoMTR - Gestão Consultadoria Comércio 248.989,00 19-Out-07

3681 7º ADICIONAL AO CONTRATO 19/03 CA-PLN Ajuste Directo SOPOL-Soc Geral de Construções e 737.477,10 19-Nov-07

1475 Remodelação da SST de Entroncamento Concurso Público EFACEC Engenharia SA 1.278.672,38 20-Nov-07

3763 8.º Adicional ao Contrato 16/03 CA-PLN Ajuste Directo SOMAGUE Engenharia SA 1.099.765,45 20-Nov-07

3028 L.MINHO - Reab.Superestrutura da Via. Concurso Público Fergrupo - Const Tecnicas Ferrov SA 3.198.314,90 29-Nov-07

3077 LDOURO - Reab.Superestrutura da Via. Concurso Público Fergrupo - Const Tecnicas Ferrov SA 1.695.263,40 29-Nov-07

3582 Aprovação de adjudicação Ajuste Directo Somafel-Eng.e Obras Ferroviárias SA 488.888,00 30-Nov-07

2875 PD's nos p.k. 11+233 e 13+733-R. Tomar Concurso Público Obrecol - Obras e Construções SA 795.000,00 20-Dez-07

3129 HE479 PS Km 8+512 L AlentejoConcurso Público

InternacionalLena Engenharia e Construções, SA 2.380.000,00 31-Dez-07


Contas IFRS 2007

133133133133 133133133133

AAAANNEX NNEX NNEX NNEX IIIIIIIIIIII –––– RRRRENDERED ENDERED ENDERED ENDERED SSSSERVICES OF A VALUE EERVICES OF A VALUE EERVICES OF A VALUE EERVICES OF A VALUE EXCEEDING XCEEDING XCEEDING XCEEDING € 125,000125,000125,000125,000

(Annex indicated in the chapter “Corporate Governance – Information on Other Transactions)

Process


Initial Contract

Amount (€)

Additional

Amount(€)

Signature

Contract

Date

2920 Seguro Saúde Concurso Público Assicurazioni Generalli 1.149.901,39 01-01-2007

2921 Seguro saúde - agregados Concurso Público Assicurazioni Generalli 1.149.901,39 01-01-2007

2922 Acidentes pessoais Concurso Público Assicurazioni Generalli 1.149.901,39 01-01-2007

2285 Comunicações Exploração Ajuste Directo Refer Telecom Serv Telecomunic SA 245.075,40 11-01-2007

1567 Prestação de Serviços Ajuste Directo Francisco Simões Gomes 143.200,00 12-01-2007

1651 JF588 - Ass., Coord. e Fiscal. JE448 Ajuste Directo Ws Atkins(Portugal)Consultores 136.259,50 12-01-2007

2462 Manut. Integral dos Sist. de Sinalização Ajuste Directo Dimetronic SA 2.896.526,45 23-01-2007

2464 Manut. Integral dos Sist. de Sinalização Ajuste Directo Dimetronic SA 2.370.252,92 23-01-2007

2465 Manut. Integral dos Sist. de Sinalização Ajuste Directo Dimetronic SA 925.795,80 23-01-2007

1338 Ajuste directo Prestação Serviços Ajuste Directo FERBRITAS-Empreend. Ind.Comércio SA 398.588,88 25-01-2007

2491 Serviço de Telecomunicações Ferroviárias Ajuste Directo Refer Telecom Serv Telecomunic SA 7.454.732,00 30-01-2007

2494 Gestão do parque de telemóveis Ajuste Directo Refer Telecom Serv Telecomunic SA 600.000,00 30-01-2007

2495 Rede de dados, pontos e acessos Internet Ajuste Directo Refer Telecom Serv Telecomunic SA 1.535.040,00 30-01-2007

2496 Data Center e Sistemas de Informação Ajuste Directo Refer Telecom Serv Telecomunic SA 577.440,00 30-01-2007

2244 P.serv.manut. Subestações AC Ajuste Directo Efacec - Servicos Manut Assist SA 208.210,00 02-02-2007

2249 P.serv.manut. PC Zona Centro/Sul Ajuste Directo Efacec - Servicos Manut Assist SA 221.986,40 02-02-2007

2250 P.serv.manut. Postos de catenária Z Nort Ajuste Directo Efacec - Servicos Manut Assist SA 236.785,50 02-02-2007

2251 P.serv. manut. Postos de catenária da LN Ajuste Directo Efacec - Servicos Manut Assist SA 244.185,00 02-02-2007

2263 P.serv.manut - PAT+PTC+TPV Ajuste Directo Efacec - Servicos Manut Assist SA 224.623,50 02-02-2007

2255 P.serv.manut - PCE Zona N/C/S Ajuste Directo Efacec - Servicos Manut Assist SA 306.848,50 06-02-2007

1408 LA-Fiscalização Exec.PDs Km308, 317, 325 Ajuste Directo FERBRITAS-Empreend. Ind.Comércio SA 163.300,00 07-02-2007

2317 Prest. Serv. Fisc. e Coord. Seg. Concurso Público TPF Planege - Consultores Eng 2.546.410,00 12-02-2007

1162 Topografia e Cartografia Bombel/Casa Bra Ajuste Directo FERBRITAS-Empreend. Ind.Comércio SA 220.800,00 13-02-2007

1855 Demarc. do Pat. REFER Santa Clara-Tunes Ajuste Directo FERBRITAS-Empreend. Ind.Comércio SA 390.000,00 16-02-2007

2099 Demarcação do Património REFER Ajuste Directo FERBRITAS-Empreend. Ind.Comércio SA 357.714,00 01-03-2007

1871 P Serviços N estação de Lagos Jan-Jul 06 Ajuste Directo FERBRITAS-Empreend. Ind.Comércio SA 137.786,45 07-03-2007

1442 Fiscalização Pass. Desn Coimbra F1 Ajuste Directo TPFCE-Consultoria em Engenharia SA 201.102,00 19-04-2007

2267 Prestação de Serviços de Deserv. Química Ajuste Directo Ferrovias e Construções, S.A. 389.860,00 20-04-2007

2910 Elaboração de projecto Ajuste Directo FERBRITAS-Empreend. Ind.Comércio SA 195.814,40 20-04-2007

2866 Prest. Serviços Manut. E.Tracção Lote1Procedimento por

NegociaçãoEfacec - Servicos Manut Assist SA 1.436.750,00 30-04-2007

2899 Prest. Serviços Manut. E. Tracção Lote2Procedimento por

NegociaçãoMECI - Gestão de Projectos de 1.410.000,00 30-04-2007

2441 Consulta Técnica e de Gestão Ajuste Directo Amberg Consulting Engineers Ltd 249.670,00 07-05-2007

2562 Prestação de Serviços de Expropriações Ajuste Directo FERBRITAS-Empreend. Ind.Comércio SA 139.096,08 08-05-2007

1570 Aplicação Quantm- Sines-Grândola N Ajuste Directo Quantm, Limited 202.500,00 14-05-2007

2613 Fornecimento de Consumíveis Informáticos Concurso Limitado Albano R. Neves Alves, Distribuição 180.380,63 18-05-2007

3709 1º Adicional ao contrato Nº 15/05-CA/CM Ajuste Directo Ferrovias e Construções, S.A. 30.009.728,40 24-05-2007

2530 Assessoria/Fiscalização - T. Rossio Ajuste Directo DHV FBO - Consultores S.A. 2.188.217,63 30-05-2007

2607 1º Adicional ao contrato nº 1665 Ajuste Directo PROSPECTIVA-Projectos, Serviços e 360.000,00 30-05-2007

2969 Definição de modelo de Gestão de Activos Ajuste Directo Deloitte Consultores, S.A. 264.800,00 30-05-2007

3880 1.º Adicional ao C.to N.º 1337/06/CA/CM Ajuste Directo Dimetronic SA 6.294.402,24 01-06-2007

2664 1.º T. Adicional ao Contrato 1575 Ajuste Directo TPFCE-Consultoria em Engenharia SA 185.952,62 11-06-2007

2563 Fiscalização Subtroço 1.2/1.3 - Início Ajuste Directo BRISA Engenharia e Gestão, SA 379.994,98 15-06-2007

2253 Fiscalização - Caminho RibeirinhoConcurso Público

InternacionalPROMAN-Centro Estudos e Projectos 474.430,00 18-06-2007

2728 Proj.Execução Serviços Complementares Ajuste Directo GRID-Cons Estud Proj Engenharia,Lda 217.887,30 19-06-2007

2668 Trab. Complementar de Fiscaliz. L. Sines Ajuste Directo FERBRITAS-Empreend. Ind.Comércio SA 178.072,70 20-06-2007

1923 Telecomando L Minho, Guim e R Braga Ajuste Directo EFACEC - Sistemas de Electronica SA 415.722,00 22-06-2007

2170 Estação Multimodal Mercadorias - Leixões Ajuste Directo FERBRITAS-Empreend. Ind.Comércio SA 397.796,60 22-06-2007

2431 Acessoria Apoio à Gestão-Túnel do Rossio Ajuste Directo FERBRITAS-Empreend. Ind.Comércio SA 670.500,00 26-06-2007

3178 Manut Sist Sinal Inst L. B Baixa Ajuste Directo THALES - Security Solutions and 169.978,40 26-06-2007

3327 Higiene e Limpeza Iberlim Ajuste Directo Iberlim-Sociedade Técnica 126.632,88 28-06-2007

2553 Gestão Documental Tecnico-Administrativa Ajuste Directo Accenture, Consultores de Gestão, 195.000,00 03-07-2007

2665 Fiscalização das Passagens Desniveladas Ajuste Directo FERBRITAS-Empreend. Ind.Comércio SA 332.445,00 03-07-2007

2815 Proj. e montagem de rct no Ramal Tomar Ajuste Directo THALES - Security Solutions and 187.312,40 03-07-2007

2394 Fiscalização das Barreiras Acústicas Ajuste Directo FERBRITAS-Empreend. Ind.Comércio SA 195.512,32 04-07-2007

2850 Estação do Cacém Ajuste Directo REBEL Representantes de Equipam 149.350,00 09-07-2007

4031 7.º Adicional ao Contrato N.º 35/93 SADM Ajuste Directo EFACEC - Sistemas de Electronica SA 986.818,08 09-07-2007

2113 Forn.e Insta. de assentos de bancos Ajuste Directo PERFILFORMA-Com de Equipamentos Lda 666.423,00 16-07-2007

3779 Trab. Mais ao Contrato 1548/06/CA/CM Ajuste Directo Somafel-Eng.e Obras Ferroviárias SA 2.987.446,16 19-07-2007

2836 Demarc. Património REFER-P.Novo-Pinheiro Ajuste Directo FERBRITAS-Empreend. Ind.Comércio SA 231.600,00 24-07-2007

2837 Demarc. Património REFER-Pinheiro-Km94 Ajuste Directo FERBRITAS-Empreend. Ind.Comércio SA 201.300,00 24-07-2007

2444 Manut.dos Sistemas de Segurança-T.Rossio Ajuste Directo TECNASOL-FGE Fundações Geotecnia SA 532.084,78 25-07-2007

2677 Proj. Compl. Variante Alcácer Ajuste Directo FERBRITAS-Empreend. Ind.Comércio SA 326.087,00 25-07-2007

3024 L.Douro Estudo Geotécnico Ajuste Directo GEG-Gab Estruturas e Geotecnia, Lda 187.000,00 26-07-2007

2838 Demarc.Património REFER-Funcheira-SClara Ajuste Directo FERBRITAS-Empreend. Ind.Comércio SA 390.400,00 27-07-2007

2934 Fiscalização Obra RIV - Conclusão da PS Ajuste Directo FERBRITAS-Empreend. Ind.Comércio SA 186.280,00 28-07-2007

3193 Estudo do Algarve - Fase II Ajuste Directo FERBRITAS-Empreend. Ind.Comércio SA 133.000,00 31-07-2007

2094 HF548B - Ass., Fiscal. HE476 Ajuste Directo Consulgal-Consult Engenh Gestão, SA 399.628,83 03-08-2007

3118 PS-Pass.Desniveladas de Viana do Castelo Ajuste Directo FERBRITAS-Empreend. Ind.Comércio SA 211.729,84 03-08-2007

3210 Estudo de avaliação do quadro regulatóri Ajuste Directo Leadership Business Consulting 232.500,00 17-08-2007


Contas IFRS 2007

134134134134 134134134134

Process


Initial Contract

Amount (€)

Additional

Amount(€)

Signature

Contract

Date

4032 1.º Adicional ao C.to N.º 2462/07/CA/GO Ajuste Directo Dimetronic SA 3.745.000,32 31-08-2007

4033 1.º Adicional ao C.to N.º 2464/07/CA/GO Ajuste Directo Dimetronic SA 2.789.056,32 31-08-2007

4034 C.to de Manutenção Integral Sist. Sinal. Ajuste Directo Dimetronic SA 1.205.304,00 31-08-2007

2705 Ensaios para garantia controlo qualidade Ajuste Directo Geocontrole -Gab Geotecnia Topograf 128.647,88 03-09-2007

1946 Proj Prot Fundações Pontes L.Beira Baixa Ajuste Directo A2P Consult Estudos e Projectos Lda 361.572,40 05-09-2007

2103 Proj RCT+TP para Zona Suburbana do Porto Ajuste Directo Movares Nederland BV 349.750,00 12-09-2007

2325 Prest Serviços Homologação Ressonância Ajuste Directo Movares Nederland BV 279.000,00 12-09-2007

2420 Estudos e Projectos Estação de AlfarelosConcurso Público

InternacionalGIBB Portugal Strategic Alliance 439.224,38 18-09-2007



2981 Desmatação-Prev Incendios LGuimRBrag Ajuste Directo FITONOVO, Lda. 195.800,00 24-09-2007

2982 Desmat prev incend-LMinho-Barc Valença Ajuste Directo Fergrupo - Const Tecnicas Ferrov SA 191.575,00 24-09-2007

2983 Desmat Prev Incend-LMinho-PSB/Barcelos Ajuste Directo Fernandes & Remelhe Lda 178.000,00 24-09-2007

2984 Desmat prev incend-LDouro-Caide/Pocinho Ajuste Directo Fergrupo - Const Tecnicas Ferrov SA 181.300,00 24-09-2007

2986 Desmat prev incend-LNorte e Vouga Ajuste Directo José Oliveira Chaves & C.ª Lda 159.309,00 24-09-2007

2944 Remodelação do Sistema SATA L Douro. Ajuste Directo EFACEC - Sistemas de Electronica SA 245.433,44 03-10-2007

3057 PO Eiffel Coordenação de Segurança Ajuste Directo Tabique Engenharia 150.760,00 08-10-2007

3286 L. Tua 2ª e 3ª Fases Ajuste Directo GEG-Gab Estruturas e Geotecnia, Lda 175.500,00 09-10-2007

2421 Projecto Túneis de Fátima e Albergaria Ajuste Directo Geodata S.P.A. 8Sucursal) 197.861,12 24-10-2007

1547 HP596 - BarMar-Lav-Elect+Beneficiação Ajuste Directo FERBRITAS-Empreend. Ind.Comércio SA 399.948,54 26-10-2007

3648 Ferbritas - Expropriações Zona do Cacém Ajuste Directo FERBRITAS-Empreend. Ind.Comércio SA 178.328,83 26-10-2007

3344 L. Sul-km 260,498a260,664 - Est. Talude Ajuste Directo Neopul - Soc Estudos Construções SA 305.011,98 31-10-2007

3546 Terraplenagem e Drenagem e Estudo Geológ Ajuste Directo FERBRITAS-Empreend. Ind.Comércio SA 399.572,44 02-11-2007

3547 Plataf, OA, restb, Amb. PSS e comp téc. Ajuste Directo FERBRITAS-Empreend. Ind.Comércio SA 341.700,33 02-11-2007

3859 Terrap, drena, edif, OA Ajuste Directo FERBRITAS-Empreend. Ind.Comércio SA 354.194,54 02-11-2007

4120 1º Adicional ao contrato Nº 1620 Ajuste Directo CME - Construção e Manutenção 1.882.745,18 13-11-2007

3471 Videografia da Rede Ferroviária Ajuste Directo Ambisig - Ambiente e Sistemas 168.415,00 16-11-2007

4236 Limpeza Delegação Norte Concurso LimitadoISS FACILITY SERVICES-Gest e Manut

601.632,72 16-11-2007

4237 Limpeza Gestão de Estações Concurso LimitadoISS FACILITY SERVICES-Gest e Manut

601.632,72 16-11-2007

4238 Limpeza DGEC - Obras de Arte Concurso LimitadoISS FACILITY SERVICES-Gest e Manut

601.632,72 16-11-2007

4240 Limpeza na UOS Concurso Limitado Iberlim-Sociedade Técnica 675.180,00 16-11-2007

4241 Limpeza na Gestão de Estações Concurso Limitado Iberlim-Sociedade Técnica 675.180,00 16-11-2007

4242 Limpeza nas Obras de Arte - DGEC Concurso Limitado Iberlim-Sociedade Técnica 675.180,00 16-11-2007

4243 Limpeza DGEC Concurso Limitado Iberlim-Sociedade Técnica 3.035.160,00 16-11-2007

4244 Limpeza DGOD Concurso Limitado Iberlim-Sociedade Técnica 3.035.160,00 16-11-2007

4245 Limpeza Delegação Norte Concurso Limitado Iberlim-Sociedade Técnica 3.035.160,00 16-11-2007

4246 Limpeza Gestão de estações Concurso Limitado Iberlim-Sociedade Técnica 3.035.160,00 16-11-2007

4247 Limpeza de Património Concurso Limitado Iberlim-Sociedade Técnica 3.035.160,00 16-11-2007

4248 Limpeza Recursos Humanos Concurso Limitado Iberlim-Sociedade Técnica 3.035.160,00 16-11-2007

4249 Limpeza Secretaria Geral Concurso Limitado Iberlim-Sociedade Técnica 3.035.160,00 16-11-2007

4250 Limpeza UOC Concurso Limitado Iberlim-Sociedade Técnica 3.035.160,00 16-11-2007

4251 Limpeza UON Concurso Limitado Iberlim-Sociedade Técnica 3.035.160,00 16-11-2007

3032 Prosseguimento do processo de encomenda Ajuste Directo FERBRITAS-Empreend. Ind.Comércio SA 399.180,00 19-11-2007

3608 Prest. de Serv. relativa a expropriações Ajuste Directo FERBRITAS-Empreend. Ind.Comércio SA 245.263,22 19-11-2007

3614 Prest. de Serv. relativa a Expropriações Ajuste Directo FERBRITAS-Empreend. Ind.Comércio SA 224.743,21 19-11-2007

3615 2º Adic. 1665 - Impl.e acomp. Sist. amb. Ajuste Directo PROSPECTIVA-Projectos, Serviços e 251.420,00 19-11-2007

2800 Prestação de Serviços e Fiscalização Ajuste Directo FERBRITAS-Empreend. Ind.Comércio SA 398.460,00 26-11-2007

3785 40486-Castelo Branco/Covilhã-Topografia Ajuste Directo FERBRITAS-Empreend. Ind.Comércio SA 368.851,50 29-11-2007

3786 40487-Castelo Branco/Covilhã-Geol. TD Ajuste Directo FERBRITAS-Empreend. Ind.Comércio SA 333.077,00 29-11-2007

3468 Relés impedância - Subest. Braga-Faro Ajuste Directo AREVA - Transmissão e Distribuição 339.454,77 05-12-2007

3853 Obras acess, Exprop, Licen Amb. Ajuste Directo FERBRITAS-Empreend. Ind.Comércio SA 178.888,92 07-12-2007

3855 40484-Castelo Branco/Covilhã-IFTE Ajuste Directo FERBRITAS-Empreend. Ind.Comércio SA 399.744,00 11-12-2007

3856 Via férrea Ajuste Directo FERBRITAS-Empreend. Ind.Comércio SA 395.751,77 11-12-2007

3522 MUXFLEX / Gestão Centralizada Ajuste Directo EFACEC - Sistemas de Electronica SA 158.411,00 14-12-2007

3854 40477-Castelo Branco/Covilhã-Via,Platafo Ajuste Directo FERBRITAS-Empreend. Ind.Comércio SA 322.856,79 14-12-2007

4185 Prestação de Serviços EMEF - Prorrogação Ajuste Directo EMEF -Emp Manutenc Equip Ferrovº SA 620.000,00 17-12-2007

3465 Upgrade Sistema Rádio Solo-comboios Ajuste Directo NEC Portugal-Telecom. e Sistemas,SA 249.991,00 19-12-2007

4062 Estudo do Algarve - Fase III Ajuste Directo FERBRITAS-Empreend. Ind.Comércio SA 125.000,00 19-12-2007

4086 Remodelação Estação General Torres Ajuste Directo INVESFER-Prom.Com.Terr.Edifícios SA 212.200,00 20-12-2007

4104 MCE / Linha do Alentejo Ajuste Directo EFACEC - Sistemas de Electronica SA 148.408,33 21-12-2007

4313 2ºAdicional ao Contrato nº07/06-CA-SG Ajuste Directo Projinova Proj e Est Telecomun Lda 130.000,00 21-12-2007

4198 Proj. R.Lousã Coimbra Parque-Serpins SMM Ajuste Directo FERBRITAS-Empreend. Ind.Comércio SA 1.732.100,00 26-12-2007

3890 Plano Director de Exploração - SMA+ Ajuste Directo S M A + 190.000,00 28-12-2007


Contas IFRS 2007

135135135135 135135135135

AAAANNEX NNEX NNEX NNEX IVIVIVIV –––– SSSSUPPLIES EXCEEDING UPPLIES EXCEEDING UPPLIES EXCEEDING UPPLIES EXCEEDING € 125,000125,000125,000125,000

(Annex indicated in the chapter “Corporate Governance – Information on Other Transactions”)

Process Num Description Procedure Supplier Amount (€)Signature

Contract Date

2111 Fornecimento componentes fixações Nabla Concurso Público

InternacionalRailtech International 3.814.000,00 39288

2121 Fornec 13.000 ton de Carril 60 E1 Concurso Limitado ArcelorMittal España, S.A. 9.360.000,00 39311

3697 Fornecimento de TB e fixações- SATEPOR Concurso Limitado Satepor-Indústria de Travessas de 19.755.000,00 39346

Refer 2007 En

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Transcript of Refer 2007 En