Summary
 
In a particularly adverse economic context, the results achieved by ANA at the close of 2012 confirm the robustness of the Group and reflect the resilience of its cash-flows and the solid financial position it has achieved.
 
The results further confirm the accuracy of the valuation attained in a demanding and competitive privatisation process that attracted some of the world’s largest players and culminated in December 2012 with the choice of Vinci Concessions S.A.S. for the acquisition of the shares of ANA, SA.
 
In 2012, the ANA Group served 30.5 million passengers, 1.4% more than in the previous year.  The recurrent EBITDA (*) generated was 209.6 million euros, which compares with 195.3 million euros in 2011 (+7.4%) and the net profit registered was 53 million euros, representing a drop of 23.5 million euros from the 2011 figure.
 
ANA, SA (the parent company) adopted the international financial reporting standards for service concessions arrangements (IFRIC12) for the first time in 2012 further to the signature of the Concession Agreement with the Portuguese State on the 14th of December, 2012.
 
This first implementation has led to further provision previous years' commitments relative to heavy maintenance works, entailing a one-off negative impact on the net profit with no cash effect. Disregarding this negative impact, a net profit of 82.4 million euros (+7.7%) would have been registered.
 
 (*)  EBITDA not considering extraordinary situations
 
Traffic
 
The positive change noted in passenger traffic owes much to the trends recorded at the airports of Lisbon (+3.5%), Faro (+1.0%) and Porto (+0.8%), with international traffic growing in importance. On the other side of the ledger are the airports of the Azores and Madeira, which recorded drops of 5.9% and 4.6%, respectively, these airports being, by nature, more dependent on domestic demand, which was also affected by the economic downturn.
 
This growth was accompanied by an increase of 1.2 percentage points in the aircraft load factor, which reached an good average of 77%, whilst the number of aircraft movements registered an overall decrease of 1.6%. This traffic behaviour was common to all the airports of the network, with the exception of the Lisbon airport, which had an increase of 1% in the number of aircraft movements.

Results
 
The parent company, ANA, SA, is a determinant factor in the Group, due to its relative weight in terms of assets and activity, making it the main source of the results obtained.
 
It is important to note that the signing of the concession agreement between ANA, S.A. and the Portuguese State on 14 December 2012 meant ANA, SA was led to adopt the international financial reporting standards for Service Concession Arrangements (IFRIC 12).
 
Group turnover (not including the amount related to construction services - IFRIC 12) reached 428.7 million euros, about 1% higher than that of the previous year.
 
EBITDA for the Group, also not taking into account the impact of IFRIC 12, was 203.3 million euros, slightly under the 2011 figure (-0.7%). The recurrent EBITDA associated with normal operation, however, rose by 7.4% in relation to the 2011 base, reaching the amount of 209.6 million euros.
 
The net profit of the Group, heavily influenced by ANA, SA adoption of IFRIC 12 for the first time, was 53 million euros, representing a 30.7% reduction in relation to the previous year.
 
 This is only an apparent reduction, however, because on a comparable basis with 2011, Group net profit would be 82.4 million euros 7.7% higher than the previous year.

Investments
 
In 2012 the investments made by the Group came to 61 million euros, applied mainly to the expansion and improvement of the infrastructures in order to accommodate the traffic demands and increase the perception of quality by the passengers served in the airports of the network. About half of that amount was applied in Lisbon airport, mainly used for its expansion plan scheduled to be concluded in 2013.
 
The main goal of the expansion plan is to endow Lisbon airport with the capacity to handle 40 aircraft operations and 4,320 passengers per hour, compared to the present declared capacity of 38 movements and 3,200 passengers per hour.

Indebtedness
 
The ANA Group showed moderate financial leveraging at the end of 2012, with a D/E ratio of 1.6, and 1.0 for ANA, SA.
 
The Group’s net indebtedness amounting to 581.3 million euros decreased by about 10% in relation to 2011.