Brisa C&A - CMVMweb3.cmvm.pt/sdi2004/emitentes/docs/PCS15112.pdf · 2021. 2. 13. · estradas do Atlântico, a concession operating two toll roads north of Lisbon for a total length

CONTENTS

2007CONSOLIDATED REPORT AND ACCOUNTS FIRST HALF 2OO7 - BRISA AUTO-ESTRADAS DE PORTUGAL

Company Profile 2

Key performance indicators 3

Business Portfolio 4

Business Development 5

Domestic Motorways 5

Expansion, widening and maintenance 7

Capital expenditure on the network 8

Payment systems 8

New Concessions 8

Road Services 9

International Business 10

Human Resources 11

Financial review 13

Consolidated financial statements 17

Corporate governance 59

Traffic and network data 65


REPORT AND ACCOUNTS

COMPANY PROFILE

Brisa – Auto-estradas de Portugal, SA was founded in 1972 and is

today a major European toll-road operator, the largest one in Portugal.

In Portugal, Brisa operates under its own name a concession of eleven

toll roads connecting the country from north to south and from east

to west. This network covers 1,089 km since the opening last July of

the section A10 – Auto-estrada Bucelas/Carregado/IC3. In addition,

the company controls 80% of Brisal, which operates a 92-km toll-road

concession along the sea in central Portugal, and 50% of Auto-

estradas do Atlântico, a concession operating two toll roads north of

Lisbon for a total length of 170 km.

Brisa offers its clients safe and comfortable mobility with the help of

its own infrastructure as well as the services of specialist companies

which it wholly or partly controls.

Brisa’s technical prowess is evidenced by Via Verde, an electronic

payment mode which it pioneered internationally. With Via Verde,

motorists drive past the tollbooth without stopping for payment,

which is automatically made by electronic reading and charging of a

bank account.

Brisa’s business operations abroad include equity holdings in other

infrastructure companies. In Brazil, it owns 18% of CCR, Latin

America’s largest holder of toll-road concessions.

Brisa’s shares are listed on Euronext Lisbon and have a total market

value in excess of 5.5 billion euros. In addition to being a component

of PSI-20 – the main index for the Portuguese market – the Brisa share

is also part of Euronext 100 – an index composed of major French,

Dutch, Belgian and Portuguese companies – and FTSE4Good, a

benchmark corporate social responsibility (CSR) index.

Since the beginning of the year until 30 June 2007, the Brisa share

gained 5.3%.

Brisa’s strategy is centred on generating returns for investors by

expanding the business with superior technology and management.

When expanding into new markets or products, the company

enhances its own capabilities by entering into partnerships with

relevant, experienced operators.

The United States and Central Europe are the new markets of choice

for expansion. The company’s offer is set to remain focused on the

construction, maintenance and operation of toll roads as well as

electronic collection and road safety systems.

CONSOLIDATED REPORT AND ACCOUNTS FIRST HALF 2OO7 - BRISA AUTO-ESTRADAS DE PORTUGAL2

2007CONSOLIDATED REPORT AND ACCOUNTS FIRST HALF 2OO7 - BRISA AUTO-ESTRADAS DE PORTUGAL 3

KEY PERFORMANCE INDICATORS

NETWORK

1H05 1H06 1H07

Number of motorways under direct concession 11 11 11

Number of kilometres of the motorways under direct concession 1 106 1 106 1 106

Number of kilometres open to traffic on the direct concession 1 007 1 063 1 074

Number of kilometres open to traffic including subsidiaries in both Portugal and Brazil 2 619 2 675 2 696

Number of kilometres open to traffic, adjusted for the ownership percentage 1 283 1 340 1 352

REVENUE AND PROFITABILITY amounts in million euros

1H05 1 H06 1H07

Total operating revenue 257 275 304

Toll revenue 244 240 267

Ebitda1 204 196 220

Ebitda margin, % 74% 71% 72%

Ebit2 148 136 139

Ebit margin, % 54% 50% 46%

Net income 107 77 881

Earnings before interest, tax, depreciation and amortisation2 Earnings before interest and tax

BALANCE SHEET amounts in million euros

1H05 1H06 1H07

Share capital, fully paid-up3 600 600 600

Shareholders’ equity and minority interests 1 573 1 461 1 504

Liabilities 2 709 2 701 3 287

Net assets 4 282 4 312 4 791

Equity/net assets, % 37% 34% 34%3 Nominal value of each share: 1 euro

DEBT amounts in million euros

1H05 1H06 1H07

Net debt 2 069 2 261 2 859

SHARE amounts in million euros

1H05 1H06 1H07

Number of issued shares, million 600 600 600

Share price at the end of the period, euros 6.49 8.10 9.95

Market capitalisation at the end of the period, million euros 3 894 4 860 5 970


BUSINESS PORTFOLIO

Brisa’s main business, which generates 88% of operating revenue, is

the construction and operation of toll roads, directly in Portugal and

indirectly in both Portugal and abroad.

Other businesses where the company operates complement its core

activity and consist of services related to road safety or driving comfort,

on both motorways and inner cities.

Investments in foreign holders of toll-road concessions are

concentrated in Brazil and Spain. In Brazil, Brisa owns 18% of

Companhia de Concessões Rodoviárias (CCR), Latin America’s largest

holder of toll-road concessions; in Spain, the company owns 1% of

Abertis, a major European toll-road operator.

BRISAL - Auto Estradasdo Litoral, S.A.

80%

Brisa Finance B.V.

100%

Brisa InternacionalSGPS, S.A.100%

Kapsch TelematicServices GmbH, (KTS)

7%

CCR - Companhia deConcessões Rodoviárias

18%

Brisa Auto Estradas de Portugal, S.A.

Brisa ServiçosViários SGPS, S.A.

100%

Controlauto -Controlo TécnicoAutomóvel, S.A.

60%

Mcall - Serviços deTelecomunicações, S.A.

100%

EFACEC - Serviços deManutenção eAssistência, S.A.

20%

Brisa AccessElectrónica

Rodoviária, S.A.93%

Via VerdePortugal, S.A.

75%

Brisa AssistênciaRodoviária, S.A.

100%

Brisa Engenhariae Gestão, S.A.

100%

Kapsch TelematicServices

GmbH, (KTS)19%

Brisa AcessEurope, GmbH

(ex-Hectec)100%

AbertisInfraestructuras, S.A.

1%

BrisaParticipações e

Empreendimentos, Ltda.100%

Via Oeste,SGPS, S.A.100%

Auto Estradas doAtlântico, S.A. (”AEA”)

50%


BUSINESS DEVELOPMENT

DOMESTIC MOTORWAYS

Brisa’s primary business is the construction, maintenance and

operation of toll roads under concession. The company’s main

concession consists of 11 motorways and is governed by a contract

with the Portuguese state.

In Portugal, Brisa owns wholly or partly three toll-road concessions for

a total of 1,368 km on 14 motorways: (1) the main concession, which

is wholly-owned and expires in 2032, covers 11 motorways with 1,106

km under concession; (2) Brisal, which is 80% owned by Brisa, has

been awarded the operation of the 92-km A17 – Litoral Centro

motorway for a period between 22 and 30 years according to the

behaviour of present-valued toll revenues; (3) Auto-estradas do

Atlântico (AEA), 50% owned by Brisa, has a 30-year concession of two

motorways for a total of 170 km.

At the end of June 2007, 1,074.2 km were under operation on the 11-

road main concession, where most sections had two lanes in each

direction as shown in the following table:

FEATURES OF BRISA’S MAIN CONCESSION

Motorway Lenght (km)

Toll Toll-free Total 2x2 lanes 2x3 lanes 2x4 lanes

A1 - Auto-estrada do Norte 277,8 17,4 295,2 212,0 75,9 7,3

A2 - Auto-estrada do Sul 225,2 9,0 234,2 216,3 17

A3 - Auto-estrada Porto / Valença 99,7 8,4 108,1 105,0 9 3,1

A4 - Auto-estrada Porto / Amarante 48,3 3,0 51,3 51,3

A5 - Auto-estrada da Costa do Estoril 16,9 8,1 25,0 3,8 21,2

A6 - Auto-estrada Marateca / Elvas 139,0 18,9 157,9 157,9

A9 - Circular Regional Externa de Lisboa 34,4 34,4 34,4

A10 - Auto-estrada Bucelas / Carregado / IC3 25,3 25,3 7,4 17,9

A12 - Auto-estrada Setúbal / Montijo 24,2 24,2 5,2 19,0

A13 - Auto-estrada Almeirim / Marateca 78,7 78,7 78,7

A14 - Auto-estrada Figueira da Foz / Coimbra Norte 27,9 12,0 39,9 39,9

TOTAL 997,4 76,8 1 074,2 877,5 186,3 10,4


The toll-free 77 km consisted of the motorway sections approaching the

main urban centres.

The section Marinha Grande-Louriçal was opened to traffic in the

beginning of June, which explains its minor impact on toll revenue.

TRAFFIC FLOW

Total traffic on Brisa’s main concession was 3,630 million vehicles x km

for the first half of 2007, which was an increase of 1.8% compared

with the first half of 2006.

This was primarily due to the domestic economic recovery, which

countered the adverse effect of high fuel prices.

By motorway, some significant changes took place in traffic density, as

shown in the table below:

CHANGE IN TOLL TRAFFIC BETWEEN JUNE 2006AND JUNE 2007

Change

2007/2006

Like-for-like traffic +1,4%

Total traffic +1,8%

BRISAL CONCESSION

Lenght (km)

Under Under

Toll Toll-free Total construction operation

A17 – Marinha Grande – Louriçal 31,5 - 31,5 - 31,5

A17 – Louriçal – Mira 60,5 - 60,5 60,5 -

AUTO-ESTRADAS DO ATLÃNTICO (AEA) CONCESSION

Lenght (km)

Toll Toll-free Total 2x2 lanes 2x3 lanes 2x4 lanes

A8 - Auto-estrada Lisboa-Leiria 103,8 26,2 130,0 88,6 41,4 0,2

A15 - Auto-estrada Caldas da Rainha - Santarém 40,2 0,0 40,2 40,2 0,0 0,0

Total 144,0 26,2 170,2 128,8 41,4 0,0


Traffic grew on all motorways except for A4 - Auto-estrada

Porto/Amarante, which had lighter traffic as a result of direct

competition from Grande Porto SCUT, a toll-free motorway.

The AEA concession had average daily traffic of 15,224 vehicles, up

7,1% on 2006, with growth distributed along the various sections of

the A8 and A15 motorways.

Traffic on the Brisal concession – consisting of the A17 motorway –

reached an ADT of 3,092 vehicles/day on its initial operating days.

Traffic density is not expected to rise on this motorway until it is

completed and opened over all its length, which is estimated to take

place in the first quarter of 2008.

EXPANSION, WIDENING AND MAINTENANCE

Construction of the 14.5-km section Carregado (A1/A10) / Benavente

– including the new Tagus crossing at Carregado – proceeded in the

first half of the year. The crossing is 11,604 metres long and consists

of a 973-meter long, eight-arched bridge over the river Tagus and

10,631 metres of feeder viaducts. Upon A10’s completion and

opening to traffic on 8 July 2007, Brisa’s main concession also became

complete and entirely in operation, except for the connection to the

future new Lisbon airport, which will be completed when the airport

starts operating.

Several improvements – repairs, widening works and current

maintenance - were under way on the motorway network in the first

half of the year. After the concession has been completely built,

improvements are expected to play an increasingly important role. The

following works proceeded in the period: widening of A1 – Auto-

estrada do Norte from 2x2 to 2x3 lanes on the sections

Santarém/Torres Novas and Estarreja/Feira, 26.9 km and 16.8 km long,

respectively, and widening to 2x4 lanes of A3- Auto-estrada

Porto/Valença on the 5.3 km section Águas Santas (A3/A4) / Maia.

AVERAGE DAILY TRAFFIC (ADT) ON THE MAIN CONCESSION IN

THE FIRST HALF OF 2007

Motorway ADT Change %

A1 - Auto-estrada do Norte 34 750 1,6%

A2 - Auto-estrada do Sul 15 145 3,3%

A3 - Auto-estrada Porto / Valença 17 175 0,6%

A4 - Auto-estrada Porto / Amarante 24 962 -10,7%

A5 - Auto-estrada da Costa do Estoril 79 903 1,5%

A6 - Auto-estrada Marateca / Elvas 5 352 1,9%

A9 - Circular Regional Externa de Lisboa 27 756 4,6%

A10 - Auto-estrada Bucelas / Carregado / IC3 5 249 148,8%

A12 - Auto-estrada Setúbal / Montijo 21 644 0,8%

A13 - Auto-estrada Almeirim / Marateca 4 216 9,0%

A14 - Auto-estrada Figueira da Foz / Coimbra Norte 5 277 2,6%

TOTAL 20 327 1,4%

AVERAGE DAILY TRAFFIC (ADT) ON AEA IN THE FIRST

HALF OF 2007


A8 South 27 350 6,7%

A8 North 10 116 8,2%

A15 5 031 7,8%

TOTAL 15 224 7,1%

AVERAGE DAILY TRAFFIC (ADT) ON THE BRISAL

CONCESSION IN THE FIRST HALF OF 2007


A17 3 092 N/A

TOTAL 3 092 N/A

CAPITAL EXPENDITURE ON THE NETWORK

Capital spending on the network amounted to 264.3 million euros in

the first half of 2007, up 39% on the same period of 2006.

Spending in the first half of 2007 on the main concession’s motorway

network reached 111.4 million euros, mainly as a result of the

completion of A10 – Auto estrada Bucelas/Carregado IC3. In addition,

93 million euros were spent on the A17 - Auto estradas do Litoral

concession whose first section, a 32-km stretch between Marinha

Grande and Louriçal, was opened to traffic in early June.

PAYMENT SYSTEMS

Driving comfort on Brisa’s motorways is primarily due to the Via Verde

payment mode, an automatic toll collection system that Brisa

pioneered in 1991. Via Verde has since been made available by Brisa

to other motorway operators in Portugal, which has enhanced

interconnection between the networks.

With Via Verde, tolls are electronically collected without the driver

having to stop at the tollbooth, which is made possible by radio

communication through a device installed in the car.

Via Verde Portugal operates and develops this electronic toll collection

system in the Portuguese market. Currently, the system is available on

Brisa’s 11-road main concession, Auto-estradas do Atlântico, Auto-

estradas do Norte (AENOR), Mafratlântico and the 25 de Abril and

Vasco da Gama bridges, both operated under concession by

Lusoponte.

Countrywide use of the system has turned Portugal into the first

country in the world with an integrated and continuous network of

electronic tolls. Right now, more than 1,400 km of motorways and

bridges are equipped with the system which processes 62% of all tolls

collected in Portugal. In urban areas, Via Verde’s weight in total

payments is close to 70%.

In May, Via Verde passed two million users, an historic milestone that

was accompanied by an advertisement campaign and the award of

prizes.

As Via Verde collections are extended to parking lots and filling

stations, the expected interconnection in coming years of European

tolling systems opens new opportunities for the wider use of Via

Verde.

NEW CONCESSIONS

In the first half of the year, Brisa raised its equity stake in Auto-estradas

do Atlântico (AEA) from 10% to 50%. In that period, AEA had

revenues of 31.1 million euros and a net loss of 4.4 million euros. Due

to its equity holding and shared management, Brisa consolidates 50%

of AEA’s results.

The Brisal concession opened its first section to traffic on 3 June 2007,

within the agreed time. Between Marinha Grande and Leiria Norte the

motorway has 2 lanes in each direction and between Leiria Norte and

Louriçal it has three lanes in each direction.

Regarding tenders for new motorway concessions, Douro Litoral and

Túnel do Marão are singled out here. As for the former, the

consortium led by Brisa – and also composed of contractors Teixeira

Duarte, Alves Ribeiro, Tâmega and Zagope – was short-listed and is

scheduled to present a final bid in October. As for the latter, the same

consortium filed last 5 July a bid that is currently under analysis.


CAPITAL EXPENDITURE

Million euros 1H2007 1H2006 Var %

Main concession 111,4 95,3 +16,9

Brisal 93,0 91,3 +1,9

Investment in AEA 54,0 - -

Other 5,9 3,5 +68,5

Total 264,3 190,2 +39,0

ROAD SERVICES

Brisa owns, wholly or partly, a number of companies specialising in a

range of road services. The purpose of this is, on the one hand, to

boost the quality of services provided to motorway clients and, on the

other hand, to strengthen Brisa’s own operational efficiency.

Brisa Assistência Rodoviária (BAR)

Brisa Auto-Estradas de Portugal, S.A. owns 100% of Brisa Assistência

Rodoviária (BAR), a provider of road surveillance, patrolling, assistance

and protection, particularly breakdown repairs and towing. Although

the company itself started operating in 2002, its origin dates back to

the creation of Brisa’s Customer Support Service, meaning that its staff

have a thirty-year experience in providing patrolling and road

assistance services. Right now, its operations are deployed over 1,255

km after AEA joined as a client in 2004. On the back of its skills, BAR

has developed other markets such as road assistance and city-centre

breakdown services on behalf of insurance companies. BAR covers the

country with 15 operational centres, 300 specialist staff and 81

purpose-built vehicles.

In the first half of 2007, BAR generated revenues of 6.1 million euros

and netted 454 thousand euros.

Brisa Access Electrónica Rodoviária (BAER)

Brisa Access Electrónica Rodoviária (BAER) supplies equipment and

provides maintenance services to infrastructure operators and

motorists.

At the end of June, BAER had installed Via Verde systems in 46 parking

lots and houses for the benefit of over 500,000 users. The four million

transactions for electronic collection exceeded one third of total

payments made in the parking facilities where the system was

installed.

At the 97 filling stations equipped with Via Verde, the 160,000 clients

using the service made 1.3 million electronic payments.

In the first half of 2007, BAER had revenues of 5.6 million euros with

a net loss of 163,000 euros.

Brisa Engenharia e Gestão (BEG)

The operations of Brisa Engenharia e Gestão (BEG) focus on the

management of road and railroad infrastructure as well as the

coordination and management of safety, construction management

and expropriation matters.

BEG’s main clients – in addition to BRISA – Auto-Estradas de Portugal

– are Brisal, Estradas de Portugal, several municipalities and, in the

railroad business, RAVE and REFER.

In the first half of the year, the company generated revenues of 10.8

million euros for a net loss of 170,000 euros.

Controlauto

Controlauto is 59,6% owned by Brisa and its core operations consist

of periodic car inspections and safety checks. Simultaneously, the

company inspects switchovers to LPG, measures CO2 emissions and

checks safety conditions of vehicles for the transportation of children.

In the first half, Controlauto had revenues of 12 million euros and net

income of 718,000 euros.

Mcall

MCall specialises in the provision of multi-channel, remote answering

(call centers) by telephone, email, SMS, fax and the Internet. Besides

supporting Brisa group companies, McCall also offers telemarketing,

sales, polling and collection services to other clients.

In the first half of 2007, the company had revenues of 946,000 euros

and net income of 55,000 euros.


INTERNATIONAL BUSINESS

MOTORWAY CONCESSIONS

Brisa is present in Brazil, where it owns 18% of Companhia de

Concessões Rodoviárias (CCR), and Spain, where it has a 1% equity

stake in Abertis.

CCR, Latin America’s largest holder of motorway concessions,

controls six motorway operators:

As for other markets, Brisa has given priority to Central and Eastern

Europe and North America.

In Central and Eastern Europe, Brisa is awaiting the outcome of

tenders in Poland where it bid jointly with the German contractor

Bilfinger Berger, the Australian financial services group Macquarie, the

Polish bank Bank Millennium and the Portuguese contractor MSF.

Currently, the consortium has been short-listed for the award of two

motorways: the A1, for 95 km, and the A2, for 180 km.

In the United States, Brisa is finalising documentation whereby it will

be awarded the operation for 99 years of Northwest Parkway, an

18-km stretch of the urban ring in Denver, Colorado. Of the 18 km in

the concession agreement, 14 km are already built and the remaining

4 km must be built by 2020.


CCR CONCESSIONS

Name Location km Term Equity

holding %

NovaDutra Rio de Janeiro / São Paulo 402,3 2021 100%

AutoBan Estado de São Paulo 316,9 2018 100%

Rodonorte Estado do Paraná 487,5 2021 74%

Ponte Rio de Janeiro / Niteroi 13,3 2015 100%

Via Lagos Rio de Janeiro / Búzios / Cabo Frio 60,0 2021 100%

Viaoeste Estado de São Paulo 162,0 2021 100%

BIDS FILED BY BRISA IN POLAND

Name Location km Scope

A2 Strykow / Pyrzowize 180,6 Construction and operation

A1 Strykow / Konotopa 95,24 Construction and operation

ELECTRONIC TOLL COLLECTION

In February, Brisa raised from 15% to 26% its equity stake in Kapsch

Telematic Services (KTS), an Austrian company set up to develop

opportunities for electronic collection systems in six Eastern European

countries. In the Czech Republic, the company has been awarded a

free-flow electronic toll collection system for heavy vehicles for a

period of ten years. The system, which came on stream on 1st January,

has 168 so-called porticoes over 934 km.

In the Netherlands, Brisa set up last June a joint company with

Westerschelde Tunnel and Nedmobiel for the purpose of operating

electronic collection systems for road services.

HUMAN RESOURCES

At the end of June Brisa employed 2,721 staff, 71 less than at the end

of the first half of 2006.

FINANCIAL REPORT

COMMUNICATION WITH THE EQUITY MARKETS

With a view to enhancing knowledge of the Brisa share and promoting

equity investors’ interest, based on the company’s solid and dynamic

profile, contacts with market participants were intensified leading to

the organisation of six roadshows and 78 calls on investors. In this

context, the first visits to the Asian (Sydney and Melbourne) and

Middle Eastern markets (Abu Dhabi) should be emphasised.

Brisa also participated in sector conferences as these events provide

the opportunity for one-on-one meetings, thereby raising the

company’s visibility in the markets. In the first half, Brisa participated in

four sector conferences and met with 56 investors. In total, 152 one-

on-one meetings were held, of which 18 at the company’s head office

and 134 in Lisbon and abroad.

PERFORMANCE OF THE BRISA SHARE

Following the merger of the two former classes of shares, the unified

stock’s weight in the PSI-20, the main Portuguese stock market index,

increased in the first half to 6.84%, ranking fifth among other share

components.

In the first half of 2007, the Brisa share performed favourably, with a

5.3% gain compared to the closing price at the end of December

2006. The PSI-20 and Euronext 100, the main stock indices that are

relevant for the Portuguese market, posted double-digit growth. On

27 April, the company paid out a dividend of 28 cents per share in

respect of 2006 profits


DISTRIBUTION OF STAFF BY COMPANY

Company 1H07 1H06 Change

Brisa Auto-Estradas 1 568 1 589 -21

Brisa Internacional 0 4 -4

Brisa Engenharia e Gestão 280 300 -20

Via Verde 116 112 +4

Controlauto 362 357 +5

Brisa Access Electrónica Rodoviária 52 57 -5

Brisa Assistência Rodoviária 286 308 -22

Mcall 51 60 -9

Brisal 6 5 +1

TOTAL 2 721 2 792 -71

In a half-yearly review last March, Brisa was confirmed as a component

of the FTSE4Good, an index for socially responsible companies like the

Dow Jones Sustainability Index (DJSI). The index is built by EIRIS, an

independent specialist in ethical investment research, with a focus on

economic, social and environmental issues.

Brisa regularly volunteers for the independent scrutiny of such research

companies as EIRIS for the FTSE4Good and the Sustainable Asset

Management Group for the DJSI. Other researchers have been SIRI,

VIGEO and S&P.


BRISA VERSUS MARKET INDICES

BRISA

1,35

1,10

1,05

1,00

0,95

0,90

PSI 20EUROSTOXX 50 EURONEXT 100

FINANCIAL REVIEW

Brisa had consolidated net income of 88 million euros in the first half

of 2007, up 15% on the same period of 2006. A significant

contributor to this result was the positive trend in traffic.

EBITDA was 219.5 million euros and EBIT was 138.8 million euros. The

EBITDA margin was 72.1% and the EBIT margin 45.6%.

In the following table, the main indicators do not consolidate either

AEA or Brisal:

Net income growth was close to 16% without AEA’s and Brisal’s

consolidation.

Operating revenues

Operating revenues grew to 304.4 million euros or 15% in comparison

with the first half of 2006. Toll revenue grew 11.1% to 266.7 million

euros.

Consolidation of AEA and rising traffic due to economic recovery

contributed to growth in toll revenues, with the heavier Easter traffic

distributed over both the first and second quarters. Toll revenues from

Brisa’s main concession rose by 4.9% and AEA contributed an increase

of 6%.

Total traffic in the first half of the year was 3.63 x109 vehicles, up

1.8% on the same period of 2006. On the basis of exactly the same

network and number of days, average daily traffic (ADT) in the first

half of 2007 grew by 1.4% to 20,327, compared to the first half of

2006. ADT on AEA was 15,224 vehicles or 7.1% higher than in the

same period of 2006.


MAIN INDICATORS

Million euros 1H2007 1H2006 Change %

Operating revenues 304.4 275.4 +10.5

EBITDA 219.5 196.2 +11.9

EBIT 138.8 136.2 +1.9

Earnings before tax (EBT) 114.6 106.2 +7.9

Consolidated net income 88.2 76.9 +14.8

MAIN INDICATORS – WITHOUT CONSOLIDATION

OF AEA AND BRISAL


Operating revenues 288,6 275,4 +4,8

EBITDA 207,8 196,3 +5,6

EBIT 134,1 136,3 -1,6

Earnings before tax (EBT) 116,3 106,2 +9,5

Consolidated net income 88,9 76,9 +15,6

OPERATING REVENUES

Million euros 1H2007 1H2006 Change. &

Toll revenues 266.7 240.1 +11.1

Road services 20.8 19.8 +4.5

Service areas 5.8 5.5 +5.5

Other 11.1 10.0 +10.6

Total operating revenues 304.4 275.4 +10.5

ANALYSIS OF TOLL REVENUE GROWTH

Contributions (%)

Main concession +4.9

Like-for-like + 1,8

Class structure +0.1

Toll increase + 2,7

New stretches +0.4

AEA (50%) +6.0

Brisal (100%) +0.1

Total +11,1

Operating costs

Operating costs before depreciation and amortisation were 84.9

million euros, up 7.3% on the first half of 2006. Out of this cost

increase, 5% was due to the consolidation of AEA meaning that costs

would otherwise have risen by 2.3%, which reflects the companywide

cost control efforts.

Current costs excluding staff costs increased by 25.5% to 40.4 million

euros. The proportionate consolidation of AEA, with 2.4 million euros,

and rising maintenance costs from 7.5 to 8.7 million euros, were the

main contributors to the increase alongside the 2.4 million euros

incurred by the development of new business.

Staff costs declined by 6%, mainly due to the restructuring policy

implemented over the last two years. Cost reductions affected both

the payroll and severance pay. At the end of the first half, Brisa had

2,721 staff, less 71 than at the end of June 2006. AEA’s proportionate

consolidation added 157 staff, which means Brisa had 2,878 staff in

consolidated terms at the end of June 2007.

Higher depreciation charges of 20 million euros resulted from the AEA

consolidation as well as the coming into operation of new stretches at

A10 and A17 (Brisal) and the widening of various sections on A1 and

A2.

Net financial income and net income

Brisa had a net financial loss of 24.2 million euros. The improvement

relative to the 30.0 million euro loss in the first half of 2006 was due

to the favourable effect of the CCR (Brazil) equity holding and the fact

that there were in 2006 capital losses on the sale of equity holdings.

The Brazilian investment’s contribution was 20.3 million, a significant

improvement on the 12.7 million euros in the first half of 2006.

Capital expenditure

Investment spending in the first half of 2007 was 262.9 million euros,

up 38% on the same period of 2006.


OPERATING COSTS


Cost of goods sold 1,3 1 23,3

Current costs excl staff costs 40,4 32,2 25,5

Staff costs 41 43,7 -6,2

Other 2,2 2,1 2,7

Operating costs 84,9 79,1 7,3

Depreciation and amortisation 80,7 60 34,4

Total operating costs 165,6 139,1 19

NET FINANCIAL INCOME


EBIT 138,8 136,2 +1,9

Net financial income -24,2 -30,0 +19,4

Financial income 8.1 9.9 -18.3

Financial costs 52.7 45.4 +16.3

Results of financial

investments 20.4 5.4

Earnings before tax 114.6 106.2 +7.9

Income tax 25.9 28.8 -9.9

Minority interests 0.4 0.5 -19.6

Consolidated net income 88.3 76.9 14.7

Earnings per share 0.15 0.13 15.3

CAPITAL EXPENDITURE


Main concession 111,4 95,3 +16,9

Brisal – Litoral Centro concession 100,6 91,3 +10,2

AEA (acquisition) 45,0 - -

AEA 0,5 - -

Other 5,4 3,5 +54,2

Total 262,9 190,2 +38,0

In the first half of 2007, capital expenditure on the main concession

amounted to 111.4 million euros, mainly due to the completion of

A10 – Auto-estrada Bucelas/Carregado IC3. In addition to this

investment, 100.6 million euros were spent on the A17 – Auto-

estradas do Litoral concession, where the section Marinha

Grande/Louriçal was opened to traffic in the beginning of June.

Balance sheet

Total assets at 30 June 2007 were 4,791.6 million euros, up 7.9% on

December 2006. The increase reflected primarily new capital

expenditure on the main concession, Brisal and AEA.

Shareholders’ equity declined by 3.9% following the payment of

164.8 million euros in dividends.

Liabilities increased by 13% while debt went up by 508 million euros.

Of these, 213 million resulted from the AEA consolidation and 53

million from the increase in Brisal’s debt.

Net debt at the end of the first half of 2007 stood at 2,859 million

euros and the net debt to equity ratio after the dividend payment was

190%.


CONSOLIDATED BALANCE SHEET

Million euros 1H2007 Dec 2006Change %

Assets 4 791,60 4 439,10 7,9

Non-current assets 4 503,30 4 073,90 10,5

Current assets 288,3 365,2 -21

Shareholders’ equity and minority interests 1 504,40 1 566,00 -3,9

Liabilities 3 287,10 2 873,10 13

Non-current liabilities 2 530,40 2 376,90 8

Current liabilities 756,7 496,2 44,9

Total liabilities and shareholders’ equity 4 791,60 4 439,10 7,9

CONSOLIDATED INCOME STATEMENT


Operating revenues 304.4 275.4 +10.5

Toll revenues 266.7 240.0 +11.1

Operating costs 84.9 79.1 +7.3

Cost of goods sold 1.3 1.0 +23.3

Current costs excl staff costs 40.4 32.2 25.5

Staff costs 41.0 43.7 -6.2

Other 2.2 2.1 2.7

EBITDA 219.5 196.2 +11.9

Depreciation and amortisation 80.7 60.0 +34.4

EBIT 138.8 136.2 +2.0

Net financial income -24.2 -30.0 +19.4

Earnings before tax 114.6 106.2 +7.9

Income tax 25.9 28.8 -9.9

Minority interests 0.4 0.5 -19.6

Consolidated net income 88.3 76.9 +14.7

CLOSING REMARK

In the first half of 2007 the Portuguese economy picked up, although

this has taken place against a background of volatile oil prices, which

had an impact on retail fuel prices. The moderate slowdown that may

occur in the second half following a shortfall in exports is unlikely to

hinder a further improvement in the company’s financial performance.

The commitment, skills and professionalism of all staff coupled with

the cooperation and support from public bodies and our investors’

trust have been paramount for the execution of our corporate

strategy. We should like to express to all our acknowledgements and

sincere thanks.

São Domingos de Rana, 17 September 2007

THE BOARD OF DIRECTORS

Vasco de Mello

Pedro Rocha e Melo

Daniel Amaral

João Azevedo Coutinho

João Bento

António de Sousa

António Nogueira Leite

Isídro Fainé Casas

Luís Manuel de Carvalho Telles de Abreu

António Ressano Garcia Lamas

João Vieira de Almeida

Martin Rey

Pedro Bordalo Silva



CONSOLIDATED FINANCIAL STATEMENTS

18 CONSOLIDATED REPORT AND ACCOUNTS FIRST HALF 2OO7 - BRISA AUTO-ESTRADAS DE PORTUGAL

CONSOLIDATED BALANCE SHEETS AS OF 30 JUNE 2007 AND 31 DECEMBER 2006(Translation of balance sheets originally issued in Portuguese - Note 30)

(Amounts expressed in thousand of Euros)

Notes June 2007 December 2006

Non-current assets:Revertible tangible fixed assets 12 3 439 158 3 048 292Other tangible fixed assets 53 777 54 287Goodwill 13 48 127 31 630Other intangible assets 14 494 453 379 966Investments in associates 15 195 560 255 522Other investments 2 014 3 013Available-for-sale financial assets 16 138 390 135 205Deferred tax assets 17 119 671 131 834Other non-current assets 19 12 111 34 113

Total non-current assets 4 503 261 4 073 862

Current assets:Inventories 5 749 5 574Trade and other receivables 144 229 123 324Other current assets 36 241 31 575Cash and cash equivalents 20 102 084 204 733

Total current assets 288 303 365 206

Total assets 4 791 564 4 439 068

Shareholders' equity:Share capital 21 600 000 600 000Treasury stock 22 (91 928) (89 969)Adjustments of investments in associated companies 349 349Legal and other reserves 23 380 596 370 603Fair value reserve 16 84 244 81 059Hedging and translation reserves (10 719) (21 317)Retained earnings 423 319 431 736Consolidated net income 88 248 167 047

Equity attributable to equity holders of the parent 1 474 109 1 539 508Minority interest 30 321 26 471

Total shareholders' equity 1 504 430 1 565 979

Non-current liabilities:Loans 24 2 378 176 2 222 379Provisions 3 767 4 258Other non-current liabilities 146 753 148 490Deferred tax liabilities 17 1 702 1 753

Total non-current liabilities 2 530 398 2 376 880

Current liabilities:Trade payables 14 324 20 515Loans 24 583 188 346 618Suppliers of tangible fixed assets 81 936 69 275Other current liabilities 77 288 59 801

Total current liabilities 756 736 496 209

Total shareholders' equity and liabilities 4 791 564 4 439 068

The accompanying notes form an integral part of the consolidated balance sheet as of 30 June 2007.

2007

CONSOLIDATED INCOME STATEMENTS FOR THE HALF YEARS ENDED 30 JUNE 2007 AND 2006(Translation of balance sheets originally issued in Portuguese - Note 30)

(Amounts expressed in thousands of Euros)Notes June 2007 June 2006

Operating income:Services rendered 6 and 7 289 861 264 042Other operating income 6 and 7 14 142 11 373Reversal of amortisation and adjustments 6 and 7 388 -

Total operating income 304 391 275 415

Operating expenses:Cost of inventories sold (2 261) (1 346)Variation in production 993 318Supplies and services (40 420) (32 211)Personnel costs (40 995) (43 739)Amortisation, depreciation and adjustments (80 647) (60 009)Provisions and impairment losses (4) -Other operating expenses (2 220) (2 161)

Total operating expenses (165 554) (139 148)

Operating profit 138 837 136 267

Financial expenses 6 and 8 (52 731) (45 382)Financial income 6 and 8 8 091 9 896Investment income 6 and 8 20 401 5 429

Profit before tax 114 598 106 210

Income tax 9 (25 941) (28 793)Consolidated net income for the half years 88 657 77 417

Attributable to:Shareholders 88 248 76 908Minority interest 409 509

Earnings per share:Basic 10 0,15 0,13Diluted 10 0,15 0,13

The accompanying notes form an integral part of the consolidated income statement for the half year ended 30 June 2007.



CONSOLIDATED CASH FLOW STATEMENTS FOR THE HALF YEARS ENDED 30 JUNE 2007 AND 2006(Translation of balance sheets originally issued in Portuguese - Note 30)

(Amounts expressed in thousand of Euros)

Notas June 2007 June 2006OPERATING ACTIVITIES:

Cash receipts from clients 330 009 300 739Cash paid to suppliers (51 537) (47 439)Cash paid to personnel (38 956) (47 729)

Flows generated by operations 239 516 205 571Income tax received/(paid) (676) (364)Other payments relating to operating activities (38 784) (44 025)

Net cash from operating activities (1 200 056 161 182

INVESTING ACTIVITIES:Cash receipts relating to:Tangible fixed assets 44 864

Investments - 197 648Investment subsidies 2 040 43 194Dividends received 14 822 8 113Interest and similar income 830 4 221

17 736 254 040Cash payments relating to:

Investments (57 218) (94 757)Tangible and intangible fixed assets (224 495) (216 001)

(281 713) (310 758)Net cash used in investing activities (2) (263 977) (56 718)

FINANCING ACTIVITIES:Cash receipts relating to:

Loans obtained 1 276 087 209 014Capital increases (by minority shareholders) 3 990 5 563Financial instruments 12 -Sale of treasury stock 1 599 31 577

1 281 688 246 154Cash payments relating to:

Loans obtained (1 131 851) (205 596)Interest and similar costs (39 788) (26 867)Dividends paid 11 (165 361) (161 128)Financial Instruments (12 359) (14 083)Purchases of treasury stock 22 (3 240) (108 915)

(1 352 599) (516 589)Net cash used in financing activities (3) (70 911) (270 435)

Effect of foreign exchange rate changes (4) (133) 310

Effect of changes in consolidation perimeter (5) 27 379 -

Variation in cash and cash equivalents (6) = (1) + (2) + (3) + (4) + (5) (107 586) (165 661)

Cash and cash equivalents at the beginning of the period 20 195 692 311 710

Cash and cash equivalents at the end of the period 20 88 106 146 049

The accompanying notes form an integral part of the consolidated cash flow statement for the half year ended 30 June 2007..

2007 21CONSOLIDATED REPORT AND ACCOUNTS FIRST HALF 2OO7 - BRISA AUTO-ESTRADAS DE PORTUGAL

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE HALF YEARS ENDED 30 JUNE 2007 AND 2006(Translation of balance sheets originally issued in Portuguese - Note 30)

(Amounts expressed in thousands of Euros)

Adjustments of

investments in Legal Hedging and

Share Treasury associated and other Revaluation translation Retained Net Minority

Notes capital Stock companies reserves reserves reserves earnings income interest Total

Balance at 1 January 2006 600 000 (27 090) (1 152) 236 403 51 153 (5 854) 461 645 297 814 12 331 1 625 250

Appropriation of consolidated net income for 2005:

Transferred to the legal reserve - - - 16 366 - - - (16 366) - -

Transferred to other reserves - - - 150 292 - - - (150 292) - -

Dividends - - - - - - - (160 675) (473) (161 148)

Transferred to retained earnings - - - - - - (29 519) 29 519 - -

Purchase/(sale) of treasury stock 22 - (85 342) - 8 339 - - - - - (77 003)

Changes in the currency translation reserves - - - - - (8 803) - - - (8 803)

Increase/(decrease) in the fair value of hedging

financial instruments, net of tax - - - 79 - - - - - 79

Gain/(Loss) on available-for-sale investments - - - - (511) - - - - (511)

Consolidated net income for the half year - - - - - - - 76 908 509 77 417

Retirement benefits - acturial gains and losses - - - 191 - - - - - 191

Others - - 1 501 (1 501) - - - - 5 563 5 563

Balance at 30 June 2006 600 000 (112 432) 349 410 169 50 642 (14 657) 432 126 76 908 17 930 1 461 035

Balance at 1 January 2007 600 000 (89 969) 349 370 603 81 059 (21 317) 431 736 167 047 26 471 1 565 979

Appropriation of consolidated net income for 2006:

Transferred to the legal reserve - - - 8 773 - - - (8 773) - -

Transferred to other reserves - - - 1 889 - - - (1 889) - -

Dividends - - - - - - - (164 802) (549) (165 351)

Transferred to retained earnings - - - - - - (8 417) 8 417 - -

Purchase/(sale) of treasury stock 22 - (1 959) - 321 - - - - - (1 638)

Changes in currency translation reserves - - - - - 10 598 - - - 10 598

Increase/(decrease) in the fair value of

hedging financial instruments, net of tax - - - (73) - - - - - (73)

Increase/(decrease) in the fair value of

available-for-sale financial assets 16 - - - - 3 185 - - - - 3 185

Consolidated net income for the half year - - - - - - - 88 248 409 88 657

Incentive Plan - - - (770) - - - - - (770)

Retirement benefits - acturial gains and losses - - - (147) - - - - - (147)

Others - - - - - - - - 3 990 3 990

Balance at 30 June 2007 600 000 (91 928) 349 380 596 84 244 (10 719) 423 319 88 248 30 321 1 504 430

The accompanying notes form an integral part of the consolidated statement of changes in shareholders' equity for the half year ended 30 June 2007.

1. INTRODUCTORY NOTE

Brisa – Auto-Estradas de Portugal, S.A. (“the Company” or “Brisa”)

has its head office in Cascais and was founded on 28 September 1972.

The Brisa Group (“the Group”) is made up of the subsidiary and

associated companies listed in Notes 4 and 13. The Group’s principal

activities are described in Note 6.

2. PRINCIPAL ACCOUNTING POLICIES

BASES OF PRESENTATION

The consolidated financial statements were prepared in accordance

with the provisions of IAS 34 – Interim Financial Statements, using the

historical cost convention, except in the case of financial instruments.

ACCOUNTING POLICIES

The accounting policies adopted are consistent with those used in the

financial statements for the year ended 31 December 2006 and

disclosed in the corresponding notes, with the addition of the

following accounting policy not reported in those financial statements:

Jointly controlled entities

The financial statements of jointly controlled entities were

consolidated using the proportional method as from the date control

was acquired. In compliance with this method, assets, liabilities,

income and expenses were included in the accompanying

consolidated financial statements, caption by caption, in proportion to

the Group’s control.

Where cost exceeds the fair value of the identifiable assets and

liabilities of the jointly controlled entity as of the acquisition date, the

excess is recognised as goodwill. Where cost and is less than the fair

value of the net assets and liabilities acquired, the difference is

recognised as income for the period.

Transactions, balances and dividends distributed between the

companies are eliminated in proportion to the Group’s control.

Classification of the investments in jointly controlled entities is

determined based on extra-company agreements that regulate the

joint control.

3. CHANGES IN POLICIES, ESTIMATES AND ERRORS

During the half year ended 30 June 2007 there were no changes in

accounting policies in relation to those used to prepare the financial

information for the year ended 31 December 2006, nor were

significant errors recorded relating to prior years.


4. COMPANIES INCLUDED IN THE CONSOLIDATION

The companies included in the consolidation, their head offices and

participation held in them at 30 June 2007 are as follows:


Effective

Company Head office percentage Activity

Brisa - Auto-Estradas de Portugal, S.A. Cascais Parent Construction, maintenance and

("Brisa") company operation of motorways

Brisa - Serviços Viários, SGPS, S.A. Cascais 100% Management

("Brisa Serviços") of investments

Controlauto - Controlo Técnico Paço de Arcos 59,552% Technical vehicle

Automóvel, S.A. ("Controlauto") control

Satev - Sociedade Assistência e Porto Alto 59,552% Technical vehicle

Veículos, Lda. ("Satev") control

Toitorres Inspecções, S.A. Torres Vedras 59,552% Technical vehicle

("Toitorres") control

Controle Técnico de Veículos, S.A. Santa Catarina da Serra 59,552% Technical vehicle

("CTV") control

Iteuve Portugal, Lda. Cascais 59,552% Technical vehicle

("Iteuve") control

Via Verde Portugal - Gestão de Sistemas Cascais 75% Management of electronic

Electrónicos de Cobrança, S.A.("Via Verde Portugal") toll systems

Brisa Internacional, SGPS, S.A. Cascais 100% Management

("Brisa Internacional") of investments

Brisa Participações e São Paulo 100% Management

Empreendimentos, Lda. ("BPE") Brazil of investments

Brisa Finance B.V. Amesterdão 100% Obtaining and

("Brisa Finance") Holanda management of funds

Brisa Assistência Rodoviária, S.A. Cascais 100% Mobil assistance

("Brisa Assistência") and repairl

Brisa Engenharia e Gestão, S.A. Cascais 100% Management of

("Brisa Engenharia") engineering projects

Brisa Access, Electrónica Rodoviária, S.A. Cascais 92,5% Management of

("BAER") electronic equipment

Mcall - Serviços de Telecomunicações, S.A. Porto Salvo 100% Rendering of

("Mcall") telecommunication services

Brisal - Auto-Estradas do Litoral, S.A. Cascais 80% Construction, maintenance and

("Brisal") operation of motorways

Via Oeste, SGPS, S.A. Cascais 100% Management

("Via Oeste") of investments

Auto-Estradas do Atlântico - Concessões Rodiviárias de Portugal, S.A. (b) Torres Vedras 50% Construction, maintenance and

("AEA") operation of motorways

Brisa Access Europe, GmbH (a) Viena 100% Management of

("Brisa Europe") Austria electronic equipment

(a) These companies were included using the full consolidation method.

(b) AEA was consolidated using the proportional method for the first time in the half year ended 30 June 2007 as a result of a written contract

establishing joint control, entered into between Brisa and the holder of the remaining 50% of the capital.

5. CHANGES IN THE CONSOLIDATION PERIMETER

The following changes occurred in the consolidation perimeter in the

half year ended 30 June 2007:

• Consolidation of AEA using the proportional method for the first

time due to: (i) acquisition of an additional 40% participation; and

(ii) the signing of a contract establishing joint control with the other

shareholder;

• Acquisition of all the capital of the Austrian company Hectec, the

name of which was subsequently changed to Brisa Access Europe,

Gmbh.

The impact of the changes in the consolidation perimeter on the

consolidated balance sheet as of 30 June 2007 was as follows:

The impact of the changes in the consolidation perimeter on the

consolidated income statement for the half year ended 30 June 2007

was as follows:

6. BUSINESS SEGMENTS

The Group’s principal operations are as follows:

• Road concessions – covering the construction, maintenance and

operation of motorways and respective service areas on a concession

basis;

• Services – which include vehicle inspection, management of

electronic tolls, mobile assistance and repair, management of

electronic equipment and management of engineering projects.

The Group companies’ current operations in the road concessions area

are carried out under the following contracts:


Non-current assets:Revertible tangible fixed assets 211 009

Other tangible fixed assets -

Goodwill 16 497

Other intangible assets 122 092

Investments in associates (14 588)

Other non-current assets (15 711)

Total non-current assets 319 299

Current assets:Trade and other receivables 2 134

Other current assets 2 525

Cash and cash equivalents 27 389

Total current assets 32 048

Total assets 351 347

Non-current liabilities:Loans 199 858

Total non-current liabilities 199 858

Current liabilities:Trade payables 2 300

Loans 18 126

Suppliers of fixed assets 71

Other current liabilities 7 076

Total current liabilities 27 573

Total liabilities 227 431

Net book value 123 916

Operating income:

Services rendered 14 809

Other operating income 345

Reversal of amortisation and adjustments 378

Total operating income 15 532

Operating expenses:

Supplies and services (3 210)

Personnel costs (1 825)

Amortisation, depreciation and adjustments (5 754)

Other operating expenses (25)

Total operating expenses (10 814)

Operating profit 4 718

Financial expenses (7 465)

Financial income 501

Profit before tax (2 246)

Income tax 92

Net income for the half year (2 154)

Brisa’s concession contract

The bases for conceding the construction, maintenance and operation

of motorways to Brisa were defined in Decree-Law 467/72 of 22

November. Since then the bases of concession have been revised

periodically, with the introduction of changes which are reflected in

the clauses of the concession contract.

Decree-Laws 294/97 of 24 October, 287/99 of 28 July and 314 A/2002

of 26 December approved the concession bases currently in force, the

items with a significant impact on Brisa’s financial situation, being:

• The total extension of motorways conceded was set at 1 105.8

kilometres, of which 1 078.5 are open to traffic, 77 kilometres of

which are not subject to tolls.

• Termination of the concession period was set at 31 December 2032

and the assets directly related to the concession, which are reflected

in the financial statements as revertible tangible fixed assets, revert

to the State at the end of the period.

• The State co-participates financially in 20% of the cost of eligible

construction as from 1 July 1997. Amounts received from other

entities, namely funding by the European Union as co-participation

in the cost of revertible tangible fixed assets, are deducted from the

overall financial co-participation of the State.

• The amounts corresponding to financial co-participation due by the

State are recorded in a current account used exclusively for that

purpose, the balance being verified and settled half yearly, Brisa

presenting, to the National Treasury, within 60 days after each half

year, the balance on the current account covered by a written

justification, confirmed by an opinion of the Audit Council (Conselho

Fiscal), by means of a prior favourable opinion of the Inspectorate

General of Finance.

• The significant matters regarding tax benefits are as follows:

- Exemption from Stamp Tax and Municipal Surcharge up to 31

December 2005.

- IAs regards Corporate Income Tax on the activities carried out

under the concession contract, the Company can deduct from

taxable income, up to the amount thereof, 50% of the investment

made from 1995 to 2002, inclusive, in revertible tangible fixed

assets not co-participated in by the State. The above deduction will

be made from taxable income for the years 1997 to 2007 (Notes

9

and 17).

• The Company’s capital must be increased when the ratio between

shareholders’ equity, less profit for the year to be distributed and

liabilities, less deferred income, based on the most recent approved

annual balance sheet is less than 25%.

• In the last five years of the concession the State can, under certain

conditions that ensure financial stability, redeem the contract.

• Monitoring of the concession is the responsibility of the Ministry of

Finance on financial matters, and the Ministry responsible for the

road sector on other matters.

Brisal’s concession contract

The bases for conceding to Brisal the construction, maintenance and

operation of motorway stretches and several related items, known as

Litoral Centro, were defined in Decree-Law 215-B/2004 of 16

September, the items with a significant impact on Brisal’s financial

situation, being:

• Brisal’s shareholders’ equity must be increased, by means of capital

increases or supplementary capital contributions, whenever toll

income does not reach the levels established in the traffic support

agreement and the annual debt service coverage ratio is less than

the minimum established in the concession contract;

The total extension of motorways conceded was set at 92 kilometres,

from which 32.3 kilometres are open to traffic;

The period of the concession contract is variable, terminating when

NPV income reaches the maximum NPV established, such period,

however, being subject to a minimum of 22 years and a maximum of

30 years;

25 years after signature of the concession contract the State can,

under certain conditions that ensure financial stability, redeem the

contract;


Monitoring of the concession is the responsibility of the Ministry of

Finance on financial matters, and the Ministry responsible for the road

sector on other matters.

AEA’s concession contract

• Decree-Law 393-A/98 of 4 December defined and approved the

bases of the concession granted to AEA for the motorway stretches

and several related items in the West of Portugal, the items with a

significant impact on the financial situation of AEA being as follows:

• The total extension of motorways conceded was set at 170

kilometres, which are open to traffic, 26 kilometres of which are not

subject to tolls.

• Termination of the concession period was set at 21 December 2028

and the assets directly related to the concession, which are reflected

in the financial statements as revertible tangible fixed assets, revert

to the State at the end of the period.

• In the last five years of the concession the State can, under certain

conditions that ensure financial stability, redeem the contract.

• Monitoring of the concession is the responsibility of the Ministry of

Finance on financial matters, and the Ministry responsible for the

road sector on other matters.

The results of each of the above mentioned business sectors for the

half years ended 30 June 2007 and 2006 are as follows:


2007

Road

concessions Services Others Eliminations Total

Operating income:

External 278 478 22 024 3 888 - 304 391

Internal 2 839 23 025 - (25 864) -

281 318 45 049 3 888 (25 864) 304 391

Operating expenses:

External 131 943 29 506 4 105 - 165 554

Internal 11 577 11 491 - (23 068) -

143 520 40 997 4 105 (23 068) 165 554

Results of the segment 137 798 4 052 (217) (2 796) 138 837

Undistributed income by segment::

Result of investing activities 20 401

Result of financing acivities (44 640)

Profit before income tax 114 598

Income tax (25 941)

Minority interest (409)

Net income for the period 88 248

Other information:

Road

concessios Services Others Total

Capital expenditure 260 723 1 277 - 262 000

Depreciation and amortisation charged to the income statement (63 688) (2 090) (586) (66 364)


2006

Road

concessions Services Others Eliminations Total

Operating income:

External 250 840 20 844 3 731 - 275 415

Internal 7 045 68 775 - (75 820) -

257 885 89 619 3 731 (75 820) 275 415

Operating expenses:

External 107 950 29 803 1 395 - 139 148

Internal 9 158 5 460 36 (14 654) -

117 108 35 263 1 431 (14 654) 139 148

Results of the segment 140 777 54 356 2 300 (61 166) 136 267

RUndistributed income by segment:

Result of investing activities 5 429

Result of financing acivities (35 486)

Profit before income tax 106 210

Income tax (28 793)

Minority interest (509)

Net income for the period 76 908

Other information:

Road

concessiosn Services Others Total

Capital expenditure 72 915 24 716 - 97 631

Depreciation and amortisation charged to the income statement 57 720 1 691 598 60 009

The assets and liabilities of the segments, and reconciliation with the

consolidated totals at 30 June 2007 and 31 December 2006 are as

follows:

Geographic segments

The operations of the Company and subsidiaries in the half years

ended 30 June 2007 and 2006 were carried out entirely in the

domestic market.


2007

Road

concessions Sevices Others Total

Assets:

Segment assets 4 273 807 109 318 212 879 4 596 004

Investments in associates 193 163 334 2 063 195 560

Total consolidated assets 4 791 564

Liabilities:

Segment liabilities 3 208 015 66 778 12 341 3 287 134

2006

Road

concessions Sevices Others Total

Assets::

Segment assets 33 881 889 96 031 205 626 4 183 546

Investments in associates 255 187 335 255 522

Total consolidated assets 4 439 068

Liabilities:

Segment liabilities 2 796 370 63 027 13 692 2 873 089

7. OPERATING INCOME

Services rendered in the half years ended 30 June 2007 and 2006 are

made up as follows:

NET FINANCIAL EXPENSES

Financial expenses for the half years ended 30 June 2007 and 2006 are

made up as follows:

Financial income for the half years ended 30 June 2007 and 2006 are

made up as follows:


30/06/2007 30/06/2006

Tolls 266 456 240 053

Vehicle inspection 11 958 10 560

Service areas 5 792 5 454

Management of engineering projrects 1 867 3 533

Electronic collections 2 317 2 241

Sales 3 435 1 340

Mobile assistance and repair 694 899

Management of electronic equipment 320 728

Other services rendered 456 366

Other operating income 10 708 10 241

Reversal of amortisation and adjustments 288 -

304 291 275 415

30/06/2007 30/06/2006

Interest income 3 477 4 067

Exchange gain 182 134

Gain on the valuation of derivative

financial instruments:

Interest rate instruments 472 12

Put option 3 865 5 642

Other financial income 95 41

8 091 9 896

30/06/2007 30/06/2006

Interest expense (49 181) (38 846)

Exchange loss (78) (80)

Loss on the valuation of derivative

financial instruments:

Interest rate instruments (523) (4 622)

Other financial expenses (2 949) (1 834)

(52 731) (45 382)

Investment income for the half years ended 30 June 2007 and 2006 is

made up as follows:

9. INCOME TAX

Following the publication of Decree-Laws 287/99 and 294/97 of 28

July and 24 October, respectively, changes were made in Brisa’s

Corporate Income Tax benefits. Brisa’s activities within the scope of the

concession contract ceased being exempt from Corporate Income Tax,

the Company becoming able to deduct from taxable income, up to the

amount thereof, 50% of the amount invested by it from 1995 to

2000, inclusive, excluding the amount co-participated by the State, in

revertible tangible fixed assets. This deduction can be made from

taxable income for the years 1997 to 2005.

Under the provisions of Decree-Law 287/99 of 28 July, investments

that serve as a base for calculating the deduction from taxable income

were extended to those made in 2001 and 2002, these only including

investments resulting from changes in the opening to traffic program

included in base VII attached to Decree-Law 287/99 of 28 July. The

deduction relating to such investments can be made from taxable

income subject to Corporate Income Tax up to 2007.

n addition, under the provisions of Decree-Law 271/99 of 16 July, the

Company became exempt from Stamp Tax and Municipal Surcharge

up 31 December 2005 on the activities carried out under the

concession contract.

The Company is subject to Corporate Income Tax at the normal rate of

25% which can be increased by a Municipal Surcharge of up to a

maximum of 1.5% of taxable income (in the case of activities carried

out under the concession contract only since 1 January 2006),

resulting in an aggregate maximum rate of 26.5%.

In accordance with current legislation, tax returns are subject to review

and correction by the tax authorities during a period of four years (ten

years for social security up to 2000, inclusive, and five years after

2001), except where there are tax losses, tax benefits have been

granted or inspections, claims or appeals are in progress, in which

case, depending on the circumstances, the period can be extended or

suspended. Therefore the Company’s tax returns for the years 2003 to

2006 are still subject to review and correction. The Board of Directors

believes that any corrections resulting from revisions/inspections of

these tax returns will not have a significant effect on the financial

statements as of 30 June 2007.

Tax losses can be carried forward during a period of six years after they

are incurred, for deduction from taxable profits generated in that

period.

Income tax recognised in the half years ended 30 June 2007 and 2006

is made up as follows


30/06/2007 30/06/2006

Gain on group and associated companies:

CCR 20 365 13 095

Street Park 28 -

Controlauto Açores 38 197

20 431 13 292

Equity investment income:

Abertis 1 232 1 216

Outros - 113

1 232 1 329

Loss on group and associaterd companies:

Auto-Estradas do Atlântico, S.A. - (100)

KTS (31) -

(31) (100)

Other:

oss on the sale of the participation in EDP - (9 092)

Others (1 231) -

(1 231) (9 092)

20 401 5 429

30/06/2007 30/06/2006

Current tax 3 400 4 627

Deferred tax (Note 15) 22 541 24 166

25 941 28 793

10. EARNINGS PER SHARE

Basic and diluted earnings per share for the half years ended 30 June

2007 and 2006 were determined based on the following amounts:


30/06/2007 30/06/2006

Basic earnings per share

Earnings for the purpose of calculating basic earnings per share (net income for the period) 88 657 77 417

Average number of shares for the purpose of calculating basic earnings per share 588 495 701 591 724 204

Basic earnings per share 0,15 0,13

Diluted earnings per share

Earnings for the purpose of calculating basic earnings per share (net income for the period) 88 657 77 417

Average number of shares for the purpose of calculating diluted earnings per share 588 495 701 591 724 204

Diluted earnings per share 0,15 0,13

11. DIVIDENDS

In the half year ended 30 June 2007 a dividend of 0.28 Euros per share

was paid relating to net income for the year ended 31 December 2006

in accordance with a decision of the Shareholders’ General Meeting

held on 28 March 2007 (0.27 Euros per share in 2006 relating to net

income for the year ended 31 December 2005).

12. REVERTIBLE TANGIBLE FIXED ASSETS

The changes in revertible tangible fixed assets and corresponding

accumulated depreciation in the half years ended 30 June 2007 and

2006 were as follows:


2007

Operating Service areas Tangible Advances

Stretches machinery monuments and fixed assets on account of

of motorway and equipment sculptures in progress fixed assets Total

Gross assets:

Beginning balance 3 552 580 93 124 11 090 447 472 1 910 4 106 176

Changes in the consolidation

perimeter (Note 4) 272 556 - - 2 900 - 275 456

Additions 17 425 100 - 242 267 72 259 864

Write-offs (30) (5 447) - - - (5 477)

Transfers 196 692 - - (196 747) (763) (818)

Capitalised financial expenses - - - 7 378 - 7 378

Financial co-participations (1 134) - - (19 291) - (20 425)

Ending balance 4 038 089 87 777 11 090 483 979 1 219 4 622 154

Accumulated depreciation:

Beginning balance 1 023 624 31 281 2 981 - - 1 057 886

Changes in the consolidation

perimeter (Note 4) 64 447 - - - - 64 447

Increases 59 744 6 730 156 - - 66 630

Decreases (520) (5 447) - - - (5 967)

Ending balance 1 147 295 32 564 3 137 - - 1 182 996

Net assets 2 890 794 55 213 7 953 483 979 1 219 3 439 158


2006

Operating Service areas Tangible Advances

Stretches machinery monuments and fixed assets on account of

of motorway and equipment sculptures in progress fixed assets Total

Gross assets:

Beginning balance 3 304 082 56 259 10 712 271 378 4 314 3 646 745

Additions 10 020 1 483 239 205 975 126 217 843

Sales - (4 153) - - - (4 153)

Write-offs - (17 040) - - (944) (17 984)

Transfers 1 757 18 206 - (19 963) - -

Capitalised financial expenses - - - 5 681 - 5 681

Financial co-participations (681) - - (18 428) - (19 109)

Ending balance 3 315 178 54 755 10 951 444 643 3 496 3 829 023

Accumulated depreciation:

Beginning balance 925 232 45 302 2 673 - - 973 207

Increases 48 324 2 268 152 - - 50 744

Decreases - (19 817) - - - (19 817)

Ending balance 973 556 27 753 2 825 - - 1 004 134

Valor líquido 2 341 622 27 002 8 126 444 643 3 496 2 824 889

Revertible tangible fixed assets – stretches and sub-stretches of

operating motorways

The cost and corresponding accumulated depreciation of stretches and

sub-stretches of motorways in operation at 30 June 2007 and 2006,

by motorway, is as follows:


2007

A3 A4 A5 A6 A8/A15 A10 A12 A13 A14 A17

A1 A2 Porto/ Porto/ Costa do Marateca/ Lisboa A9 Bucelas/ Setúbal/ Almeirim/ Fig. Foz/ Marinha Total

North South Valença Amarante Estoril Caia Leiria CREL Carregado/ IC3 Montijo Marateca Coimbra Grande/ Mira 2007

Gross

Studies 16 276 21 391 12 092 4 618 4 367 7 351 - 5 758 7 608 1 394 6 784 2 362 2 784 92 785

Purchase of land 48 389 24 055 71 605 37 497 44 545 12 814 - 30 117 10 837 13 845 10 630 8 917 9 017 322 268

Works 677 726 855 791 432 062 185 348 170 774 286 633 275 957 201 751 297 691 67 541 235 250 110 866 167 955 3 965 345

Other costs 7 483 1 596 1 460 622 2 995 181 - 222 15 233 19 9 030 465 5 846 45 152

749 874 902 833 517 219 228 085 222 681 306 979 275 957 237 848 331 369 82 799 261 694 122 610 185 602 4 425 550

Technical area costs 32 030 23 655 20 174 8 281 7 617 11 963 - 7 740 7 548 2 553 4 919 7 090 3 226 136 796

Financial costs 74 852 32 043 27 284 11 537 10 060 16 047 - 19 249 11 839 4 259 5 896 3 790 9 092 225 948

Financial co-participation (158 799) (206 679) (146 635) (73 809) (67 649) (79 171) (3 990) (101 491) (61 147) (19 339) (50 332) (22 311) - (991 352)

Gross historical cost 697 957 751 852 418 042 174 094 172 709 255 818 271 967 163 346 289 609 70 272 222 177 111 179 197 920 3 796 942

Reavaluation 190 813 34 173 - - - - - - - 15 172 - - - 240 158

Expropriations - - - - - - - - - - - - - 989

Gross 888 770 786 025 418 042 174 094 172 709 255 818 271 967 163 346 289 609 85 444 222 177 111 179 197 920 4 038 089

Accumulated depreciation 405 596 185 618 137 178 68 907 53 917 74 212 69 582 52 459 19 696 32 572 26 892 19 832 834 1 147 295

Net book value 483 174 600 407 280 864 105 187 118 792 181 606 202 385 110 887 269 913 52 872 195 285 91 347 197 086 2 890 794

2006

A3 A4 A5 A6 A10 A12 A13 A14

A1 A2 Porto/ Porto/ Costa do Marateca/ A9 Bucelas/ Setúbal/ Almeirim/ Fig. Foz/

North South Valença Amarante Estoril Caia CREL Carregado/ IC3 Montijo Marateca Coimbra Total

Gross

Studies 15 249 20 485 12 092 4 440 4 243 7 351 5 758 3 458 1 394 6 730 2 284 83 484

Purchase of land 46 855 22 299 71 531 37 467 41 968 12 814 30 063 7 194 13 821 10 534 8 903 303 449

Works 643 082 833 475 431 242 180 495 167 773 286 321 201 609 126 967 67 504 231 847 109 410 3 279 725

Other costs 5 161 331 1 460 261 2 252 181 222 4 916 19 9 030 465 24 298

710 347 876 590 516 325 222 663 216 236 306 667 237 652 142 535 82 738 258 141 121 062 3 690 956

Technical area costs 31 852 23 558 20 174 8 281 7 497 11 963 7 740 6 798 2 553 4 919 7 090 132 425

Financial costs 73 733 31 301 27 284 11 537 9 233 16 047 19 249 4 218 4 259 5 896 3 790 206 547

Financial co-participation (158 601) (208 758) (146 544) (73 803) (67 633) (79 171) (101 480) (25 603) (19 334) (49 932) (23 502) (954 361)

Gross historical cost 657 330 722 691 417 239 168 678 165 333 255 506 163 161 127 948 70 216 219 024 108 440 3 075 566

Reavaluation 190 813 34 173 - - - - - - 15 172 - - 240 158

Expropriations - - - - - - - - - - - (546)

Gross 848 143 756 864 417 239 168 678 165 333 255 506 163 161 127 948 85 388 219 024 108 440 3 315 178

Accumulated depreciation 382 081 162 174 124 790 64 183 49 189 66 264 48 111 11 488 30 500 18 635 16 141 973 556

Net book value 466 062 594 690 292 449 104 495 116 144 189 242 115 050 116 460 54 888 200 389 92 299 2 341 622

Investment in revertible tangible fixed assets in the half years ended 30

June 2007 and 2006 resulted from:

Revertible tangible fixed assets in progress

The changes in revertible tangible fixed assets in progress in the half

years ended 30 June 2007 and 2006 were as follows:


30/06/2007 30/06/2006

Direct investment:

Works 234 963 200 656

Purchase of land 6 652 7 591

Others 14 859 8 439

Financial co-participation (20 425) (19 109)

236 049 197 577

Indirect investment 10 768 6 838

246 817 204 415

2006

Beginning Changes in Ending

balance consolidation perimeter Additions Transfers balance

Motorway stretches:

Infrastructure 404 578 2 900 213 872 (184 429) 436 921

Technical area costs 4 979 - 624 (3 226) 2 377

Financial costs 26 328 - 6 510 (9 092) 23 746

Financial co-participation (31 114) - (17 331) - (48 445)

404 771 2 900 203 675 (196 747) 414 599

Supplementary projects:

Infrastructure 35 118 - 23 459 - 58 577

Technical area costs 537 - 47 - 584

Financial costs 1 519 - 868 - 2 387

Financial co-participation (1 715) - (1 960) - (3 675)

35 459 - 22 414 - 57 873

Major repairs 7 166 - 4 265 - 11 431

Service areas:

Infrastructure 53 - - - 53

Technical area costs 19 - - - 19

Financial costs 4 - - - 4

76 - - - 76

447 472 2 900 230 354 (196 747) 483 979


2006

Beginning Ending

balance Additions Transfers balance

Motorway stretches:

Infrastructure 235 183 181 686 (18 209) 398 660

Technical area costs 2 867 1 115 - 3 982

Financial costs 19 128 4 591 - 23 719

Financial co-participation (27 095) (18 333) - (45 428)

230 083 169 059 (18 209) 380 933

Supplementary projects:

Infrastructure 38 370 18 555 (1 736) 55 189

Technical area costs 845 42 (6) 881

Financial costs 2 295 1 090 (27) 3 358

Financial co-participation (1 648) (95) - (1 743)

39 862 19 592 (1 769) 57 685

Major repairs 1 357 4 577 15 5 949

Service areas:

Infrastructure 53 - - 53

Technical area costs 19 - - 19

Financial costs 4 - - 4

76 - - 76

271 378 193 228 (19 963) 444 643

The stretches and sub-stretches not yet open to traffic, on which study

and/or construction costs have already been incurred, are as follows

Financial costs incurred on revertible tangible fixed assets are as

follows:

The above mentioned financial costs were classified in the following

categories:

At 30 June 2007 the Group had commitments relating to studies and

the construction of motorway stretches totalling approximately 165

011 thousand Euros, of which approximately 110 385 thousand Euros

is still to be invoiced.


Extension Date of beginning Direct capital expenditure already incurred

Projectos (Kms) of construction Up to 2006 1st half of 2007 Total

A10 - Bucelas/Carregado (IC3)

A1/Benavente 14,50 1st half of 2002 157 039 90 866 247 905

A17 - Litoral Centro 59,70 2nd half of 2004 102 169 87 741 189 910

74,20 259 208 178 607 437 815

30/06/2007 30/06/2006

Beginning balance 244 971 228 210

Increase in the period 7 378 5 681

Ending balance 252 349 233 891

30/06/2007 30/06/2006

Sub-stretches in operation 225 948 206 547

Service areas in operation 264 263

Fixed assets in progress 252 349 233 891

252 349 233 891

13. GOODWILL

The changes in goodwill in the half year ended 30 June 2007 and year

ended 31 December 2006 are as follows:

Goodwill is subject to impairment tests annually or whenever there are

indications that it may have suffered impairment.

Impairment tests are made based on the discounted cash flow of each

related cash generating unit, considering the most recent financial

projections approved by the respective Boards of Directors.

14. OTHER INTANGIBLE ASSETS

The changes in other intangible assets and related accumulated

amortisation in the half years ended 30 June 2007 and 2006 were as

follows:


30/06/2007 31/12/2006

Beggining balance 31 630 31 630

Acquisitions 1 907 -

Changes in the consolidation perimeter 14 590 -


2007

Contractual Intangible assets

rights Software in progress Total

Gross assets:

Beginning balance 410 896 2 137 36 781 449 814

Changes in consolidation perimeter 25 263 - 288

Foreign exchange rate effect 1 671 - - 1 671

Additions 122 105 22 636 122 763

Transfers 37 227 - (37 227) -

Ending balance 571 924 2 422 190 574 536

Accumulated amortisation:

Beginning balance 69 789 59 - 69 848

Changes in consolidation perimeter 25 263 - 288

Foreign exchange rate effect 411 - - 411

Increases 9 178 358 - 9 536

Ending balance 79 403 680 - 80 083

Net book value 492 521 1 742 190 494 453

The additions in the half year ended 30 June 2007 include 122 092

thousand Euros relating to the recognition of the investment in AEA

at the fair value of the net assets acquired, corresponding to the

amount attributed to AEA’s concession contract, in accordance with

IFRS 3 (in addition to the fair value of the remaining net assets

recognised) (Note 5).

In addition to the amount referred to above, the gross amount of

intangible assets at 30 June 2007 includes essentially:

(i) Payment by Brisa to the State (the conceding entity) for the right to

charge tolls on the CREL motorway as from 1 January 2003, under

the terms of Decree-Law 314 A/2002 of 26 December, less the

amount received earlier when the tolls were abolished, which at 31

December 2002 had not yet been recognised as income – 236 318

thousand Euros;

(ii) Costs incurred by Brisa to renegotiate the concession contract in

1991, which resulted in extending the initial concession period –

101 750 thousand Euros;

(iii) Amount paid by Brisal to the State for the concession rights to the

Litoral Centro motorway 46 745 thousand Euros.

The amount transferred from intangible assets in progress corresponds

to costs incurred with the conception, project and construction of the

IC8 – Louriçal (IC1) – Pombal Intersection (A1 - IP1), which, upon

completion, was transferred in the half year to the conceding entity,

under the terms of Item 2 BaseII of the Concession Contract, in part

payment for the concession rights to the IC1 motorway.


2006

Industrial Fixed assets

property in progress Total

Gross assets:

Beginning balance 411 244 18 293 429 537

Foreign exchange rate effect 7 - 7

Additions 200 6 842 7 042

Ending balance 411 451 25 135 436 586

Accumulated amortisation:

Beginning balance 57 809 - 57 809

Foreign exchange rate effect (5) - (5)

Increases 6 049 - 6 049

Ending balance 63 853 - 63 853

Net book value 347 598 25 135 372 733

15. INVESTMENTS IN ASSOCIATES

At 30 June 2007 the following associated companies were recorded in

accordance with the equity method:

The changes in investments in associates in the half years ended 30

June 2007 and 2006 are as follows:


Effective

percentage

Company Head office participation Activity

CCR - Companhia de Concessões Rodoviárias São Paulo 17,90% Road concessions

("CCR") Brazil

COR - Companhia Operadora de Rodovias São Paulo 25% Operation of

("COR") Brazil roads

Controlauto Açores, Lda. ("Controlauto Açores") Praia da Vitória 23,82% Technical vehicle control

Steet Park - Gestão de Estacionamentos ACE Torres Vedras 33,33% Parking management

("STREET PARK")

KTS GmbH (“KTS”) Viena 26% Operation of electronic

Austria collection systems

Movenience, B.V Borssele 30% Operation of electronic

Holland collection systems

30/06/2007 30/06/2006

Beginning balances 255 522 181 115

Changes in consolidation perimeter (83 260) -

Increases 1 151 68 670

Transfers 1 000

Exchange difference 14 042 208

Dividends (14 163) (6 907)

Effect of application of the equity method :

Effect on results (Note 8) 20 401 13 192

Effect on shareholders' equity 867 (322)


Investments in associates at 30 June 2007 and 31 December 2006

were as follows:

The listed price of CCR shares at 30 June 2007 was 35.51 Reais (13.66

Euros) per share. The market value of the investment at 30 June 2007

was 985 710 thousand Euros, while the book value at that date was

193 156 thousand Euros including goodwill of 77 361 thousand Euros.

16. AVAILABLE-FOR-SALE FINANCIAL ASSETS

The changes in fair value of the available-for-sale financial assets in the

half years ended 30 June 2007 and 2006 were as follows:


30/06/2007 31/12/2006

Controlauto Açores 188 278

CCR 193 156 171 739

COR 7 188

AEA - 83 260

Street Park 86 57

KTS 2 063 -

Movenience, B.V. 60 -

195 560 255 522

30/06/2007 30/06/2006

Fair value on 1 January 135 205 311 997

Sales during the period - (190 327)

Increase in fair value 3 185 -

Decrease in fair value - (16 883)

Fair value at 30 June 138 390 104 787

Available-for-sale financial assets at 30 June 2007 and 31 December

2006 are made up as follows:

The difference between cost and market value is recorded in the

caption “Fair value reserve”.

17. DEFERRED TAXES

Deferred tax assets and liabilities at 30 June 2007 and 31 December

2006, by underlying timing difference, are as follows:

In accordance with Decree-Law 287/99 of 28 July, investments that

serve as a base for calculating the deduction from income tax due

were extended to those made in 2001 and 2002, in this case only

investments that were the object of changes in the opening to traffic

program included in Base VII attached to Decree-Law 287/99 of 28 July

being considered. The deduction corresponding to these investments

can be made from corporate income tax due up to 2007.


30/06/2007 31/12/2006

Cost Market value Cost Market value

Abertis 54 146 138 390 54 146 135 205

Deferred tax assets Deferred tax liabilities

30/06/2007 31/12/2006 30/06/2007 31/12/2006

Non deductible provisions 18 18 - -

Pension benefits 7 - 1 687 1 750

Difference between the tax base and book value of:

Intangible assets 46 11 - -

Tangible fixed assets 649 649 - -

Other assets 1 346 1 195 - -

Other liabilities - - 14 -

Reavaluation of tangible assets - - 1 3

Tax losses carried forward 68 128 53 330 - -

Tax benefits 40 008 66 383 - -

Derivative financial instruments 9 469 10 248 - -

119 671 131 834 1 702 1 753

The amounts resulting from application of the established method are

as follows:

At 30 June 2007 the tax benefit available for deduction from taxable

income up to 2007 exceeds by 90 800 thousand Euros that recognised

as a deferred tax asset.

The changes in deferred tax assets and liabilities in the half years

ended 30 June 2007 and 2006 are as follows:


30/06/2007 30/06/2006

Beginning balance 130 081 185 843

Changes in consolidation perimeter (Note 5) 10 376 -

Adjusted beginning balance 140 457 185 843

Effect on net income:

Utilisation/increase in tax losses carried forward 4 422 3 625

Diference between the tax base and book value of:

Intangible assets 35 (135)

Other assets 152 882

Other liabilities (10) -

Reavaluation of tangible fixed assets 2 -

Utilisation of the tax benefits (26 376) (29 160)

Increase/decrease in value of financial instruments (779) 528

Pension benefits 13 94

Sub-total (Note 9) (22 541) (24 166)

Effect on shareholders´ equity:

Pension benefits 53 (54)


• Amount corresponding to 50% of the investment in revertible tangible fixed assets made by Brisa, excluding the amount co-participated by the State:

- From 31 December 1995 to 2002 777 704

• Amounts deducted from Corporate Income Tax relating to:

- The years 1997 to 2006 (620 520)

- The half year ended 30 June 2007 (26 376)

• Balance at 30 June 2007 which can be deducted from taxable income in future accounting periods 130 808

18. DERIVATIVE FINANCIAL INSTRUMENTS

The Group has contracted a series of derivative financial instruments

to minimise the risk of exposure to variations in interest and exchange

rates.

Such instruments are contracted considering the risks that affect its

assets and liabilities, after verifying which of the instruments in the

market is the most adequate to hedge the risks.

Such operations, which are contracted with the prior approval by the

Financial Administrator or the Executive Commission, are permanently

monitored through analysis of the various indicators relating to such

instruments, especially evolution of their market value and sensitivity

of their projected cash flows and of the market itself to changes in the

key variables that affect the structures, with the objective assessing

their financial effect.

These derivative financial instruments are recorded in accordance with

the provisions of IAS 39, being measured at their fair value considering

mathematic models, such as option pricing models and discounted

cash flow models for unlisted instruments (over-the-counter

instruments). These models are based essentially on market

information.

The derivative financial instruments mostly used by the Company are

exchange forwards and exchange rate and interest rate swaps.

Such instruments are classified as hedging or trading instruments

considering the provisions of IAS 39.

Investment hedges

At 30 June 2007 and 31 December 2006 the Group had the following

financial instruments hedging the effect of exchange rate variations on

investments in Brazil:


Fair value

Type of opertion Maturity Amount 30/06/2007 31/12/2006

Swap fixed rate/var. rate 26/09/08 45 000 (6 108) (6 023)




Swap fixed rate/inflation 26/09/08 25 000 (2 501) (2 569)


41 650 (6 539) (13 681)

Derivatives that do not qualify as hedging instruments (trading)

At 30 June 2007 and 31 December 2006 the Group had the following

interest rate derivative contracted to hedge cash flows relating to a

loan contracted by Brisal – Auto-Estradas do Litoral, S.A. which, at

those dates, did not comply with all the requirements to be considered

for accounting purposes as a hedging instrument:

In addition, in managing interest rate risk on its financial liability, at 30

June 2007 and 31 December 2006 Brisa had the following swaps

under which it receives a fixed rate and pays a variable rate of interest

and European inflation:

Changes in the fair value of these instruments (trading) are recorded

directly in the income statement for the period in which they occur.

On 26 November 2002 Brisa signed a contract with Deutsche Bank AG

London under which it sold to that entity, put options over 32 614 830

ordinary shares of Brisa, which mature in five years, at an exercise price

of 5.617 Euros per share.

At 30 June 2007 and 31 December 2006 the market value of these

options was 1 010 thousand Euros and 4 370 thousand Euros,

respectively, which, considering the maturity of the instruments, is

recorded in the caption “Other current liabilities”.


30/06/2007 31/12/2006

Type of operation Maturity Amount Fair value Amount Fair value

Swap Tx. var./Tx. Fixa 30 de Junho de 2010 214 407 5 743 161 589 1 433

Fair value

Type of operation Maturity Amount 30/06/2007 31/12/2006













(34 721) (34 299)

At 30 June 2007 and 31 December 2006 the fair value of the

derivative financial instruments was as follows:

19. OTHER NON-CURRENT ASSETS

Other non-current assets at 30 June 2007 and 31 December 2006 are

made up as follows:

20. CASH AND CASH EQUIVALENTS

The caption Cash and cash equivalents at 30 June 2007 and 31

December 2006 is made up as follows:

The caption “Cash and cash equivalents” includes cash, demand

deposits, treasury applications and term deposits that mature in less

than three months, in which the risk of change in value is insignificant.

The caption “Bank overdrafts” includes the credit balances on demand

deposit accounts with banks.


Other non Other non Other non

current assets current liabilities current liabilities

30/06/07 31/12/06 30/06/07 31/12/06 30/06/07 31/12/06

Hedging instruments:

Cash-flow hedges - - - 61 - -

Investment hedges - - 6 539 13 681 - -

Trading instruments:

Interest rate and inflation instruments 5 743 1 433 - - 34 721 34 299

Put option - - 1 010 4 370 - -

5 743 1 433 7 549 18 112 34 721 34 299

30/06/2007 31/12/2006

Suplementary capital contributions AEA - 26 087

Pensions 6 368 6 553

Derivative financial instruments (Note 18) 5 743 1 433

Others - 40

12 111 34 113

30/06/2007 31/12/2006

Cash 457 368

Bank deposits payable on demand 49 206 19 086

Treasury applications 52 421 185 279

Cash and cash equivalents 102 084 204 733

Bank overdrafts (Note 24) (13 978) (9 042)

88 106 195 691

21. CAPITAL

The Company’s capital at 30 June 2007 is made up of 600 000 000

fully subscribed and paid up shares of one Euro each.

At 30 June 2007 José de Mello Investimentos, SGPS, SA held, directly

and indirectly through its subsidiaries, a 29.73% participation in the

Company.

22. TREASURY STOCK

Commercial legislation regarding treasury stock requires companies to

maintain a free reserve equal in amount to the cost of their treasury

stock. The reserve is not available for distribution while the stock is

held, a reserve of 91 928 thousand Euros being maintained for that

purpose. In addition, the applicable accounting rules provide that

gains and losses on the sale of treasury stock must be recorded in

reserves.

The following changes took place in treasury stock in the half years

ended 30 June 2007 and 2006:

Resulting from the sales during the half year ended 30 June 2007, the

Company recognized gains of 321 thousand Euros, which were

recorded in reserves.

23. LEGAL RESERVE AND OTHER RESERVES

Legal reserve

Commercial legislation establishes that at least 5% of annual net profit

must be appropriated to a legal reserve until the reserve equals at least

20% of share capital. This reserve is not available for distribution

except upon liquidation of the company, but can be used to absorb

losses once the other reserves have been exhausted, or to increase

capital.

Other reserves

This caption includes a reserve of 91 928 thousand Euros

corresponding to the cost of treasury stock (Note 22) which, under the

provisions of corporate law, must be blocked while the stock is

maintained.


30/06/2007 30/06/2006

Thousands Thousands

N.º of shares of Euros N.º of shares of Euros

Beginning balance 11 420 886 89 969 5 074 204 27 090

Acquisitions 333 613 3 237 13 499 599 108 915

Sales (161 250) (1 278) (4 168 032) (23 573)

Ending balance 11 593 249 91 928 14 405 771 112 432

24. LOANS

The Group’s loans at 30 June 2007 and 31 December 2006 are made

up as follows:

BONDS

The non convertible bonds issued by the Group at 30 June 2007 and

31 December 2006 are made up as follows:

1998 Issue

The principal characteristics of the 1998 bonds are as follows:

Bonds: Brisa 98 Inflation

Interest rate: Lit / Lio * 2,6%

Interest payment: 29 My each year

Redemption conditions: Three equal instalments of their nominal

value, on 29 May 2006, 2007 and 2008..

Lit – Price index for the penultimate month preceding the redemption

date of the coupon.

Lio – Price index for the penultimate month preceding the subscription

date.

These bonds, which were issued in May 1998, are dematerialised and are

listed on the Lisbon Euronext Stock Exchange and in the PEX market.

The bonds have a nominal value of 4.99 Euros each, mature in ten

years and bear interest at a fixed annual rate of 2.6%, debt service

(principal and interest) being adjusted by the changes in the price

index (*) between (i) the penultimate month preceding the maturity

date of each instalment of interest and principal (Lit) and, (ii) that

applicable to March 1998 (Lio). Interest is payable annually in arrears

and the principal is redeemable in three equal instalments of their

nominal value on the due dates of the last three coupons.

(*) Total Portuguese National Consumer Price Index including housing

published by Instituto Nacional de Estatística (INE).


30/06/2007 31/12/2006

Current Non-current Current Non-current

Bonds 67 406 1 093 819 41 575 1 126 610

Bank loans 153 894 1 258 318 91 530 1 070 406

Commercial paper 345 910 26 039 202 472 25 363

Short term credit lines 2 000 - 2 000 -

Bank overdrafts (Note 20) 13 978 - 9 042 -

583 188 2 378 176 346 618 2 222 379

30/06/2007 31/12/2006

Nominal value

Issue company Year issued of the issue Current Non-current Current Non-current Maturity date Interest rate

Brisa Finance 2003 500 000 18 268 498 787 6 385 498 667 Sep/13 4,797%

Brisa 2006 600 000 16 126 595 032 1 997 595 721 Dec/16 4,500%

Brisa 1998 74 850 33 012 - 33 193 32 222 May/08 Var.

67 406 1 093 819 41 575 1 126 610

At 30 June 2007 the rate of interest on these bonds was 3.433%.

Considering the accumulated redemption premium, the total average

cost rate for the last 12 months is 6.956%. The amount to be

redeemed (nominal value plus redemption premium) at 30 June 2007

is 32 941 thousand Euros.

2003 Issue

The bonds, totalling 500 000 thousand Euros, were issued on 26

September 2003, with a listing on the Luxembourg Stock Exchange.

The bonds mature in ten years and bear interest payable annually at

the rate of 4.797%. The principal is redeemable in a single instalment

on 26 September 2013. These bonds are the first to be issued under

the Euro Medium Term Notes Programme (EMTN), totalling 2

thousand million Euros. This programme gives the Company great

flexibility of access to the international debt market.

2006 Issue

At the end of 2006 (with settlement on 5 December) Brisa issued

bonds totalling 600 000 thousand Euros. The bonds have a ten year

maturity, bear interest at the fixed rate of 4.5% and were issued at the

price of 99.637%, which corresponded to a Euro mid swap 10 year

interest rate of 3.926% plus a spread of 0.62%.

This is the first issue made by a private Portuguese company under the

new legislation covering debt securities introduced by the Portuguese

State on 7 November 2005 through Decree-Law 193/2005, to make it

easier for Portuguese companies to obtain loans from non resident

investors. The bonds are subject to Portuguese legislation and are

listed on the Luxembourg Stock Exchange.


BANK LOANS

The caption “Bank loans” at 30 June 2007 and 31 December 2006 is

made up as follows:

On 17 November 2005 Brisa contracted with the EIB, the second

instalment of the Brisa XIII loan of 100 000 thousand Euros (Brisa XIII

– B Instalment). At the time of preparing these financial statements

Brisa had not drawn any amount of the loan, which can be drawn at

any time up to 17 November 2007.

In addition, on 17 February 2006 Brisa contracted with the EIB, a loan

of 200 000 thousand Euros (Brisa XIV) to finance the widening of the

A1, A2, A3, A4 and A5 Motorways. This is a 16 year loan which can

be drawn up to February 2009. Also in the case of this loan no

amounts have been drawn to date.


30/06/2007 31/12/2006

Amount used Amount used

Finance Interest

entity Limit Current Non-current Maturity Frequency rate Limit Current Non-current

European Investment Bank 11 223 838 802 Jul/08 Annual 2,47% 11 223 17 1 603

European Investment Bank 34 916 1 347 3 847 Oct/06 Annual 8,62% 34 916 1 123 3 859

European Investment Bank 29 928 3 552 11 462 Mar/11 Annual 8,73% 29 928 4 181 14 623

European Investment Bank 74 820 - - Jun/05 Annual - 74 820 9 082 -

European Investment Bank 137 169 11 245 39 191 Sep/11 Annual 3,72% 137 169 10 335 39 191

European Investment Bank 132 181 13 266 13 218 Jun/09 Annual 3,91% 132 181 13 443 26 436

European Investment Bank 74 820 6 358 37 673 Dec/13 Annual 4,13% 74 820 6 359 37 674





European Investment Bank 54 868 4 648 36 579 Jun/16 Annual 4,13% 54 868 4 651 41 151




European Investment Bank 350 000 29 832 320 833 Jun/19 Annual 4,28% 350 000 628 350 000

European Investment Bank 100 000 - - Jun/23 Annual - 100 000 - -

European Investment Bank 200 000 - - Jun/23 Annual - 200 000 - -

European Investment Bank 263 874 1 611 135 561 Dec/31 Half yearly 5,05% 263 874 4 042 147 388

European Investment Bank 262 726 5 058 212 606 Nov/16 Half yearly 5,23% 262 726 1 279 137 994

European Investment Bank 209 495 12 333 98 341 Nov/21 Half yearly 5,82% - - -

Banking syndicate 209 495 25 650 76 798 Nov/16 Half yearly 4,48% - - -

Millennium BCP 4 482 - - Jun/07 Half yearly - 4 482 672 -

Banco Santander Totta 3 000 665 904 Sep/09 Quarterly 4,75% 3 000 665 1 230

2 544 697 153 894 1 258 318 2 125 707 91 530 1 070 406

The following guarantees have been given by third parties for the

loans from the EIB:

(a)This amount corresponds to guarantees of Brisa in the amount of 87

159 thousand Euros, Brisal in the amount of 238 994 thousand Euros

and AEA in the amount of 112 248 thousand Euros.

At 30 June 2007 and 31 December 2006 the bank loans were

repayable as follows:

COMMERCIAL PAPER AND BANK OVERDRAFTS

The other loans obtained at 30 June 2007 and 31 December 2006 are

as follows:

At 30 June 2007 Brisa had five commercial paper programs

contracted, totalling a maximum of 620 000 thousand Euros, of which

343 000 thousand Euros had been placed at that date.


Guarantees by the Stae in favour of the EIB 311 413

Bank guarantees in favour of the EIB (a) 438 401

30/06/2007 31/12/2006

2007 76 609 91 530

2008 114 173 103 058

2009 113 442 102 477

2010 110 697 89 179

2011 102 425 88 433

Aapós 2011 894 866 687 259

1 412 212 1 161 936

Entity financed 30/06/2007 31/12/2006 Currency

Other loans:

Commercial paper BRISA 343 885 200 158 EUR

Commercial paper Controlauto 28 064 27 677 EUR

Short term credit lines Controlauto 2 000 2 000 EUR

373 949 229 835

Bank overdrafts: (note 17)

Short term credit lines BRISA 3 137 3 174 EUR

Short term credit lines BRISA Engenharia e Gestão 3 271 412 EUR

Short term credit lines Iteuve 92 3 EUR

Short term credit lines Controlauto 1 938 2 055 EUR

Short term credit lines Via Verde Portugal 5 540 3 398 EUR

13 978 9 042

387 927 238 877

The loans at 30 June 2007 were in the following currencies:

The loans in foreign currencies bear interest at market rates and were

translated to Euros at the rates in force on the balance sheet date.

25. CONTINGENT ASSETS AND LIABILITIES

At 30 June 2007 and 31 December 2006 the companies included in

the consolidation had the following bank guarantees given to third

parties:

(a) This amount corresponds to bank guarantees given by Brisa to

Brisal, in guarantee of compliance with the Agreement to Subscribe

and Pay for Capital of Brisal.

(b) This amount corresponds to bank guarantees given by Brisa and

Brisal to several courts under real estate expropriation processes.

In addition, at 30 June 2007 all the share capital of Auto-Estradas do

Atlântico - Concessões Rodoviárias de Portugal S.A. was pledged in

favour of the financing entities.

26. INCENTIVE PLAN

The Shareholders’ General Meeting held on 10 March 2006 authorised

the Board of Directors to create a new management incentive plan

through the approval of regulations for the acquisition of shares.

Therefore, the conditions of the new General Incentive Plan and

Regulations for the Acquisition of Shares (Plano Geral de Incentivos e

Regulamento de Aquisição de Acções - “PGIRAA”) were defined,

under which the beneficiaries can acquire Brisa shares at the market

price, financed by bank loans. In the half year ended 30 June 2007 the

plan was extended to new personnel.

In addition, on 7 July 2006, under the PGIRAA plan, Brisa made a

Public Share Distribution Offering of treasury stock to cover the

exercise of the rights granted, which was realised on 10 and 18 July

2006.

As a result of exercising all the rights of acquisition of Brisa shares, in

the year ended 31 December 2006 the beneficiaries of the Plan

acquired 5 105 000 shares at a cost of 40 789 thousand Euros,

corresponding to a market price of 7 99 Euros. In addition, as a result

of extending the Plan initially created, in the half year ended 30 June

2007 the beneficiaries of the Plan acquired 106 250 shares at a cost

of 1 063 thousand Euros, corresponding to a market price of 10 Euros

per share.


Foreign

currency Euros

(thousands) (thousands)

Euros 2 955 051

CHF 10 449 6 313

2 961 364

30/06/2007 31/12/2006

Guarantees given::

Brisal (a) 80 724 96 683

EP - Estradas de Portugal (In accordance with

the Concession Contract of BAE)) 48 365 45 115

EEP - Estradas de Portugal (In accordance with

the Concession Contract of BRISAL) 10 403 13 042

Bank guarantees in favour of the courts (b)

Other guarantees given to third parties 18 322 11 358

162 072 186 266

In accordance with the PGIRAA plan, the shares cannot be traded

while the right to sell them and use their potential gains are not

confirmed by an assessment of performance, which will occur as

follows:

• Management

- The full amount in April 2008

• Other personnel

- 20% in April 2009

- 30% in April 2010

- 50% in April 2011

The Company has established a mechanism under the PGIRAA plan to

provide a guarantee to the participants, consisting of a commitment to

repurchase the Company’s shares in the event of the right to sell them

not being confirmed or devaluation of the shares.

In accordance with IAS 32 and IFRS 2, in addition to recording the sale

of the treasury stock mentioned above, recognition of the transactions

relating to the incentive plan resulted in the following impact on the

financial statements as of 30 June 2007:

- Recognition of an initial liability of 42 399 thousand Euros by

corresponding charge to reserves, by the present value of the liability

to repurchase the shares under the conditions mentioned above. As

a result of updating the amount, the liability at 30 June 2007

amounted to 43 348 thousand Euros.

- Recognition of the benefit, which in accordance with IFRS 2 is

understood to be granted to personnel and management, inherent

in the valuation of the shares to be granted in the future. Recognition

of this benefit, resulting from considering the plan as “a benefit

granted in shares and settled in treasury stock instruments” in

accordance with IFRS 2, resulted in the recognition of personnel costs

and an increase in equity. This recognition must be repeated

throughout the period up to confirmation of the right of the

beneficiaries to sell the shares, based on measuring the fair value of

the benefit at the beginning of the plan. In the half year ended 30

June 2007 personnel costs corresponding to the increase in equity

amounted to 512 thousand Euros.


27. OTHER COMMITMENTS

Under the above mentioned contract to purchase AEA, Brisa agreed to sell

to SMLN – Concessões Rodoviárias de Portugal, S.A. (“SMLN”), a

company owned by the construction company shareholders of AEA, a

10% participation in the capital and voting rights of Brisal – Auto-Estradas

do Litoral, S.A. (Brisal). Completion of this operation is also subject to

approval by the Portuguese State and the banks that finance Brisal.

28. RELATED PARTIES

Transactions and balances between Brisa and related Group

companies were eliminated in the consolidation process and so are not

disclosed in this note.

Balances and transactions between the Group and associated, related,

jointly and individually controlled companies are detailed below. The

terms and conditions of the transactions between Brisa and these

related parties are substantially similar to those contracted, accepted

and practiced in similar operations with independent entities.

The main balances receivable from and payable to related entities as of

30 June 2007 and 31 December 2006 are as follows:


Receivables Payables

30/06/2007 31/12/2006 30/06/2007 31/12/2006

Grupo Efacec 17 229 1 628 7 157

M Dados - Sistemas de Informação, S.A. - - 66 693

Onitelecom - Infocomunicações, S.A 27 44 126 1 381

Sagies - Sociedade de Análise e Gestão de Instalações e Equipamentos Sociais, S.A. - - 19 37

Imopólis - Sociedade Gestora de Fundos de Investimento Imobiliário, S.A. - - 3 125

Hospital CUF Infante Santo, S.A. 6 - - -

José de Mello, SGPS, S.A. - 20 - 3

50 293 1 842 9 396

In addition, the main transactions carried out with related entities in

the half years ended 30 June 2007 and 2006, are as follows:

Remuneration of the members of the corporate boards of the Group

companies in the half years ended 30 June 2007 and 2006 was as

follows::


Tangible Operating Operating

fixed assets income expenses

30/06/2007 30/06/2006 30/06/2007 30/06/2006 30/06/2007 30/06/2006

Grupo Efacec 281 1 808 16 336 12 1 766

Innovagency - Consultoria, Tecnologia e Comunicação, S.A. - 15 - - - -

Engimais - Engenharia e Consultoria Imobiliária, S.A. - 12 - - - -

Imopólis - Sociedade Gestora de Fundos de Investimento Imobiliário, S.A. - - - - 437 399

M Dados - Sistemas de Informação, S.A. 18 73 - - 24 289

Onitelecom - Infocomunicações, S.A. - - 810 923 602 612

Sagies - Sociedade de Análise e Gestão de instalações e Equipamentos Sociais, S.A. - - - - 113 115

SGHD - Sociedade Gestora do Hospital das Descobertas, S.A. - - 2 - - -

Hospital CUF Infante Santo, S.A. - - 20 - - -

299 1908 848 1 259 1188 3181

30/06/2007 30/06/2006

Executive directors:

Fixed remuneration 2 152 2 161

Variable remuneration 320 1 851

Defined benefits 167 175

Non executive directors::

Fixed remuneration 210 210

Audit Council 10 20

2 859 4 417

29. APPROVAL OF THE FINANCIAL STATEMENTS

The financial statements for the half year ended 30 June 2007 were

approved by the Board of Directors and authorised for publication on

17 September 2007.

30. NOTE ADDED FOR TRANSLATION

These consolidated financial statements are a translation of financial

statements originally issued in Portuguese. In the event of

discrepancies, the Portuguese language version prevails.

S. Domingos de Rana, 17 September 2007

The Accountant, Registered under nº 1351

Abel Silva

THE BOARD OF DIRECTORS

Vasco Maria Guimarães José de Mello

João Pedro Stilwell Rocha e Melo

Daniel Pacheco Amaral

João Pedro Ribeiro de Azevedo Coutinho

João Afonso Ramalho Sopas Pereira Bento

António José Fernandes de Sousa

António do Pranto Nogueira Leite

Isidre Fainé Casás

Luís Manuel de Carvalho Telles de Abreu

António Ressano Garcia Lamas

João Vieira de Almeida

Martin Rey

Pedro Bordalo Silva



LIMITED REVIEW REPORT ON THE HALF YEAR CONSOLIDATED

FINANCIAL INFORMATION PREPARED BY AN AUDITOR

REGISTERED IN THE SECURITES MARKET COMMISSION

(COMISSÃO DO MERCADO DE VALORES MOBILIÁRIOS)

Introduction

1. For the purposes of the Securities Market Code (Código dos

Valores Mobiliários) we hereby present our limited review report on

the consolidated financial information of Brisa – Auto-Estradas de

Portugal, S.A. (“the Company”) for the half year ended 30 June

2007 included in the: Directors’ Report, consolidated balance sheet

that reflects a total of 4,791,564 thousand Euros and shareholders’

equity of 1,504,430 thousand Euros, including consolidated net

profit of 88,248 thousand Euros and consolidated statement of

profit and loss by nature and consolidated statement of cash flows

and statement of changes in shareholders’ equity for the half year

then ended and the corresponding notes.

2. The amounts in the financial statements, as well as that of the

additional financial information, were extracted from the

accounting records of the Company, adjusted subsequently with

the amounts, not yet recorded, which were reviewed by us.

Responsibilities

3. The Company’s Board of Directors is responsible for: (i) the

preparation of consolidated financial information that presents a

true and fair view of the financial position of the companies

included in the consolidation, the consolidated results of their

operations, changes in shareholders’ equity and their consolidated

cash flows; (ii) the preparation of historical financial information in

accordance with International Financial Reporting Standards

endorsed by the European Union (“IAS/IFRS”) and that is complete,

true, up-to-date, clear, objective and licit, as required by the

Securities Market Code; (iii) the adoption of adequate accounting

policies and criteria; (iv) the maintenance of an appropriate system

of internal control; and (v) informing any significant facts that have

influenced their operations, financial position or results.

4. Our responsibility is to verify the financial information contained in

the documents of account referred to above, namely if, in all

material respects, it is complete, true, up-to-date, clear, objective

and licit, as required by the Securities Market Code, and issue a

professional and independent report which provides moderate

assurance on that information, based on our work.

Scope

5. Our work had the objective of obtaining moderate assurance

about whether the financial information referred to above is

exempt from material errors. Our work was performed in

accordance with the Technical Review/Audit Standards (“Normas

Técnicas e as Directrizes de Revisão/Auditoria”) issued by the

Portuguese Institute of Statutory Auditors (“Ordem dos Revisores

Oficiais de Contas”), was planned in accordance with that

objective and consisted principally of enquiries and analytical

procedures to review: (i) the reliability of the disclosures included in

the financial information; (ii) the adequacy of the accounting

policies adopted, taking into consideration the circumstances and

their consistent application; (iii) the applicability of the going

concern concept; (iv) the presentation of the financial information;

and (v) if, in all material respects, the financial information is

complete, true, up-to-date, clear, objective and licit , as required by

the Securities Market Code.

6. Our work also included verifying the consistency of the

consolidated financial information included in the Directors’ Report

with the remaining documents referred to above.

7. We believe that our work provides a reasonable basis for issuing

this limited review report on the half year information.

Opinion

8. Based on our work, which was performed with the objective of

obtaining moderate assurance, nothing came to our attention that

leads us to believe that the consolidated financial information for

the half year ended 30 June 2007, referred to in paragraph 1

above of Brisa – Auto-Estradas de Portugal, S.A., is not exempt

from material errors that affect its conformity with International

Financial Reporting Standards endorsed by the European Union

and that, in accordance with the definitions included in the

standards referred to in paragraph 5 above, it is not complete, true,

up-to-date, clear, objective and licit.

Lisbon, 18 September 2007

DELOITTE & ASSOCIADOS, SROC S.A.

Represented by Carlos Pereira Freire



01CORPORATE GOVERNANCE

GOVERNING BODIES

The governing bodies of BRISA Auto – Estradas de Portugal, S.A. are

the following:

BOARD OF DIRECTORS:

CHAIRMAN Vasco Maria Guimarães José de Mello

VICE-CHAIRMAN João Pedro Stilwell Rocha e Melo

Director Daniel Pacheco Amaral

Director João Pedro Ribeiro de Azevedo Coutinho

Director João Afonso Ramalho Sopas Pereira Bento

Director António José Fernandes de Sousa

Director António Nogueira Leite

Director Isídro Fainé Casas

Director Luís Manuel de Carvalho Telles de Abreu

Director António Ressano Garcia Lamas

Director João Vieira de Almeida

Director Martin Rey

Director Pedro Bordalo Silva

BOARD OF THE GENERAL MEETING:

CHAIRMAN António Manuel de Carvalho Ferreira Vitorino

VICE-CHAIRMAN Francisco de Sousa da Câmara

SECRETARY Tiago Severim de Melo Alves dos Santos

Audit board:

CHAIRMAN Pedro Infante de la Cerda Ribeiro da Cunha

STANDING MEMBERS Tirso Olazábal Cavero

Francisco Xavier Alves

DEPUTY MEMBER Patrício Mimoso & Mendes Jorge, Chartered

Accountants nº 42, represented by

Joaquim Patrício da Silva, Chartered

Accountant nº 320, with office at Av. do Brasil,

nº 15 – 1º, 1749-112 Lisboa.

External chartered accountant:

Alves da Cunha, A. Dias & Associados, Chartered Accountants nº 74,

represented by José Duarte Assunção Dias, Chartered Accountant nº

513, with Office at Rua Américo Durão, 6-8º Esqº, 1900–064 LISBOA.

Deputy external chartered accountant

José Luís Areal Alves da Cunha, Chartered Accountant nº 585, with

office at Rua Américo Durão, 6-8º Esqº, 1900–064 LISBOA

Company secretary

Tiago Severim de Melo Alves dos Santos


2007 61

MAJOR HOLDINGS PURSUANT TO ART. 20º OF CVM (THE PORTUGUESE SECURITIES CODE)

Number of shares % share capital % voting rights (1)

José de Mello Investimentos SGPS,S.A. 94 655 688 15,78 16,09

Window Blue (2) 3 024 078 0,5 0,51

Impegest (2) 8 552 368 1,43 1,45

Egadi (2) 15 009 362 2,5 2,55

Orla (2) 57 116 819 9,52 9,71

Members of the governing bodies 1 116 872 0,19 0,19

Total José de Mello Investimentos SGPS, S.A. 179 475 187 29,19 30,51

Abertis (Portugal) SGPS, S.A., (wholly owned by Abertis Infraestructuras, S.A.) 60 000 000 10 10,2


Babcock & Brown 60 066 725 10,01 10,21

Cinveste

Cinveste, SGPS, S.A. 29 911 560 4,99 5,08

Cinveste Finance, SGPS Lda 25 407 626 4,23 4,32

4 503 934 0,75 0,77

Cinveste, SGPS, S.A. is controlled by LSMS Investimentos SGPS S.A., in which Luís Augusto da Silva has a majority stake

Kendall Develops S.L. 13 395 119 2,23 2,28

Attributed to Banco Privado Português 13 395 119 2,23 2,27

Capital Group Companies 12 119 570 2,02 2,06

Caixa de Aforros de Vigo Ourense e Pontevedra (Caixa Nova) 12 000 000 2.00 2,04

(1) Adjusted for the number of treasury shares at 30 June 2007

(2) Majority-owned by José de Mello Investimentos, SGPS, S.A.

CONSOLIDATED REPORT AND ACCOUNTS FIRST HALF 2OO7 - BRISA AUTO-ESTRADAS DE PORTUGAL


NUMBER OF SHARES HOLD BY MEMBERS OF THE EXECUTIVE AND AUDITING BODIES

– ART. 447º, Nº 5 OF THE COMPANIES CODE AND CHAPTER IV,1.C) OF THE APPENDIX TO CMVM’S REGULATION 7/2001

Name Owned at Bought Sold in Owned at

31 Dec 2006 in the period the period 30 Jun 2007

Vasco de Mello 584 352 - - 584 352

Pedro Rocha e Melo 532 000 - - 532 000

Daniel Amaral 538 700 - - 538 700

João Azevedo Coutinho 482 500 - - 482 500

João Bento 467 190 - - 467 190

António Fernandes de Sousa 1 520 - - 1 520

António Nogueira Leite 0 - - 0

Isidro Fainé 1 200 - - 1 200

Luis Telles de Abreu 0 - - 0

António Lamas 0 - - 0

João Vieira de Almeida 0 0

Jorge Weber Ramos 0 - - 0

Luis Brazão Gonçalves 0 - - 0

2007

OWN SHARES TRANSACTIONS – ART. 66º OF THE COMPANIES CODE

Date ISIN Nº of shares Market Type Share Price (€) Total shares Reazonowned aftertransaction

03/01/06 PTBRI0AM0000 30 000 Euronext Sell 7,1610 5 044 204 Incentive Plan

26/01/06 PTBRI0AM0000 534 086 Euronext Sell 7,2000 4 510 118 Shares Change

26/01/06 PTBRI1AM0009 534 086 Euronext Buy 7,1800 5 044 204 Shares Change

07/02/06 PTBRI0AM0000 5 000 OTC Sell 5,3400 5 039 204 Incentive Plan












28/03/06 PTBRI0AM0000 3 190 000 OTC Sell 7,7100 1 716 994 Shares Change

28/03/06 PTBRI1AM0009 3 190 000 OTC Buy 7,6900 4 906 994 Shares Change


19/04/06 PTBRI1AM0009 6 868 641 OTC Buy 8,1097 11 774 635 Exercise due Put Option DB

21/04/06 PTBRI0AM0000 30 736 Euronext Sell 8,2800 11 743 899 Reduction own stock position


15/05/06 PTBRI1AM0009 445 072 OTC Buy 8,5854 14 111 684 Exercise due Put Option DB





21/07/06 PTBRI1AM0009 5 105 000 OTC Sell 7,9900 10 643 791 Incentive Plan

06/09/06 PTBRI1AM0009 11 570 OTC Buy 8,0500 10 655 361 Increase own stock position


03/05/07 PTBRI0AM0000 333 613 Euronext Buy 9,7044 11 754 499 Increase own stock position



27/06/07 PTBRI0AM0000 106 250 Euronext Sell 10,0000 11 593 249 Incentive Plan


EVENTS AFTER 30 JUNE 2007

INCREASE IN THE NUMBER OF DIRECTORS

A resolution of the general shareholder meeting held last 12

September increased the number of directors from 11 to 13,

whereupon two new directors were elected in representation of two

significant shareholders. Martin Rey, who does not own any shares in

the company, was elected on behalf of Babcock & Brown and Pedro

Bordalo Silva, who owns 20,000 shares in the company, was elected

on behalf of Cinveste, SGPS.


SIGNIFICANT SHAREHOLDERS AT REPORTING DATE

Number of shares % share capital % voting rights (1)

José de Mello Investimentos SGPS,S.A. 94 655 688 15,78 16,13

Window Blue (2) 3 024 078 0,50 0,52

Impegest (2) 8 552 368 1,43 1,46

Egadi (2) 15 009 362 2,50 2,56

Orla (2) 57 116 819 9,52 9,73


Total José de Mello Investimentos SGPS, S.A. 179 475 187 29,19 30,59

Abertis (Portugal) SGPS, SA, (wholly owned by Abertis Infraestruturas, S.A. 60 000 000 10,00 10,23

Members of the governing bodies 585 552 0,10 0,10

Babcock & Brown 60 066 725 10,01 10,24

Cinveste 29 911 560 4,99 5,10

Cinveste, SGPS, S.A. 25 407 626 4,23 4,33

Cinveste Finance, SGPS Lda 4 503 934 0,75 0,77

Cinveste, SGPS, S.A. is controlled by LSMS Investimentos SGPS S.A., in which Luís Augusto da Silva has a majority stake

Kendall Develops S.L. 30 737 859 6,12 5,24

Attributed to Banco Privado Português 30 737 859 6,12 5,24

Capital Partners PTY LTD 20 165 497 3,36 3,44

Capital Group Companies 12 119 570 2,02 2,07

Caixa de Aforros de Vigo Ourense e Pontevedra (Caixa Nova) 12 000 000 2 2,05

(1) Adjusted for the number of treasury shares at the date of the report

(2) Majority-owned by José de Mello Investimentos, SGPS, SA


TRAFFIC AND NETWORK DATA


A1 - AUTO-ESTRADA DO NORTE

ADT

Stretch 1H2006 1H2007

ALVERCA - V. F. XIRA NÓ 2 77 132 71 302

V.F.XIRA NÓ 2 - V. F. XIRA 81 247 75 443

V. F. XIRA - NÓ A1/A10 66 204 60 343

NÓ A1/A10 - CARREGADO 66 204 67 152

CARREGADO - A. CIMA 47 172 47 652

A. CIMA - CARTAXO 36 221 37 534

CARTAXO - SANTARÉM 36 334 37 382

SANTARÉM - NÓ A1/A15 39 962 40 865

NÓ A1/A15 - T. NOVAS 37 588 38 292

T. NOVAS - FÁTIMA 26 837 27 407

FÁTIMA - LEIRIA 26 988 27 649

LEIRIA - POMBAL 28 575 29 656

POMBAL - CONDEIXA 28 898 29 901

CONDEIXA - COIMBRA S. 33 689 34 706

COIMBRA S. - COIMBRA N. 29 348 30 055

COIMBRA N. - MEALHADA 29 398 30 089

MEALHADA - AVEIRO S. 28 665 29 217

AVEIRO S. - ALBERGARIA 25 121 25 511

ALBERGARIA - ESTARREJA 45 932 48 141

ESTARREJA - FEIRA 24 546 25 667

FEIRA - NÓ IC24 28 872 31 147

NÓ IC24 - CARVALHOS 31 999 33 792

A-1 34 204 34 750

(a) - Circulation 10^9 veic.km

A2 - AUTO-ESTRADA DO SUL

ADT


FOGUETEIRO - COINA 49 390 50 656

COINA - PALMELA 33 060 34 014

PALMELA - NÓ DE SETÚBAL 33 853 34 714

NÓ DE SETÚBAL- MARATECA 23 254 23 852

MARATECA - NÓ DA A2 21 027 21 597

NÓ DA A2 - ALCÁCER 15 721 16 447

ALCÁCER-GRÂNDOLA N. 14 160 14 794

GRÂNDOLA N.-GRÂNDOLA S. 11 208 11 541

GRÂNDOLA S. - ALJUSTREL 8 565 8 860

ALJUSTREL - CASTRO VERDE 8 445 8 688

CASTRO VERDE - ALMODÔVAR 9 370 9 659

ALMODÔVAR - S.B.MESSINES 9 516 9 817

S.B.MESSINES - PADERNE 9 337 9 655

A-2 14 667 15 145



A3 - AUTO-ESTRADA PORTO / VALENÇA

ADT


MAIA - STº TIRSO 50 153 50 329

STº TIRSO - FAMALICÃO 43 487 43 590

FAMALICÃO - CRUZ 21 605 21 707

CRUZ - BRAGA S. 18 324 18 400

BRAGA S. - CELEIRÓS 14 599 14 755

BRAGA S. - BRAGA O. 7 683 7 442

BRAGA O. - EN 201 7 023 6 846

EN 201 - P. DE LIMA S. 7 833 7 803

P. LIMA S. - P. LIMA N. 10 518 10 736

P. LIMA N. - EN 303 7 768 8 106

EN 303 - VALENÇA 7 541 7 893

A-3 17 078 17 175


A4 - AUTO-ESTRADA PORTO / AMARANTE

ADT


ERMESINDE - VALONGO 45 032 41 094

VALONGO - CAMPO 43 814 38 820

CAMPO - BALTAR 35 580 30 703

BALTAR - PAREDES 31 578 26 579

PAREDES - GUILHUFE 28 208 23 284

GUILHUFE - PENAFIEL 27 404 22 874

PENAFIEL - IP9 23 763 20 340

IP9 - AMARANTE MD 14 700 15 157

A-4 27 958 24 962


A5 - AUTO-ESTRADA DA COSTA DO ESTORIL

ADT


E. NACIONAL - OEIRAS 130 808 130 877

OEIRAS - CARCAVELOS 83 451 84 643

CARCAVELOS - ESTORIL 54 957 56 235

ESTORIL - CASCAIS 56 815 58 656

A-5 78 745 79 903



A6 - AUTO-ESTRADA MARATECA / CAIA

ADT


NÓ DA A2 - V. NOVAS 8 805 8 969

V. NOVAS - MONTEMOR O. 8 213 8 368

MONT. O. - MONT. E. 7 553 7 696

MONT. ESTE - ÉVORA O. 6 626 6 765

ÉVORA O. - ÉVORA E. 3 118 3 165

ÉVORA E. - ESTREMOZ 3 794 3 870

ESTREMOZ - BORBA 2 868 2 915

BORBA - ELVAS 2 914 2 956

A-6 5 254 5 352


A9 - CREL - CIRCULAR REGIONAL EXTERIOR DE LISBOA

ADT


E. NACIONAL - QUELUZ 39 980 41 019

QUELUZ - RAD. PONTINHA 41 057 44 099

R. PONTINHA - R. ODIVELAS 26 784 28 575

R. ODIVELAS - LOURES 26 913 28 511

LOURES - ZAMBUJAL 23 255 25 314

ZAMBUJAL - NÓ A9/A10 15 149 16 343

NÓ A9/A10 - ALVERCA 16 484 11 640

A-9 26 537 27 756


A10 - AUTO-ESTRADA BUCELAS / CARREGADO / IC3

ADT


NÓ A9/A10 - ARRUDA 3 926 10 343

ARRUDA - NÓ A1/A10 6 778

BENAVENTE - NÓ A10/A13 417 500

TMD REDE HOMÓLOGA - A10 2 110 5 249


BRISA NETWORK

ADT

1H2006 1H2007

LIKE FOR LIKE NETWORK 20 045 20 327

TOTAL NETWORK


A12 - AUTO-ESTRADA SETÚBAL / MONTIJO

ADT


P. NOVO - MONTIJO 19 326 19 473

NÓ DE SETÚBAL - P. NOVO 18 776 18 841

NÓ DE SETÚBAL- SETÚBAL 30 300 30 717

A-12 21 470 21 644


A13 - AUTO-ESTRADA ALMEIRIM / MARATECA

ADT


ALMEIRIM - SALVATERRA 4 014 4 358

SALVATERRA - NÓ A10/A13 3 815 4 190

NÓ A10/A13 - STº ESTEVÃO 3 669 4 020

STº ESTEVÃO - PEGÕES 3 845 4 193

PEGÕES - NÓ A2/A6/A13 3 816 4 139

A-13 3 867 4 216


A14 - AUTO-ESTRADA FIGUEIRA DA FOZ / COIMBRA (NORTE)

ADT


STª EULÁLIA - MONTEMOR 4 393 4 444

MONTEMOR - LIG. EN 335 4 702 4 782

LIG. EN 335 - ANÇÃ 4 888 4 985

ANÇÃ - COIMBRA NORTE 7 309 7 722

A-14 5 141 5 277


Brisa- Auto Estradas de Portugal, SA, public limited company with

share capital of 600 million euros, head office at Quinta da Torre

da Aguilha – Edifício Brisa – São Domingos de Rana, Concelho de

Cascais, Tax Identification No. 500048177, and registered under

nº 10583 with the Registrar of Companies at Cascais.

Documents

Brisa C&A - CMVMweb3.cmvm.pt/sdi2004/emitentes/docs/PCS15112.pdf · 2021. 2. 13. · estradas do Atlântico, a concession operating two toll roads north of Lisbon for a total length