Refer 2007 en

Rede Ferroviria Nacional REFER, E.P.
Version submitted to the

Minister approval
IAS / IFRS Financial Statements

Contents
1 MESSAGE BY THE BOARD OF DIRECTORS.................................................................................................... 4
2 GOVERNING BODIES .......................................................................................................................... 11
3 ANALYSIS OF THE ECONOMIC SETTING .................................................................................................... 25
4 ACTIVITIES IN 2007 ............................................................................................................................ 28
4.1 INFRASTRUCTURE MANAGEMENT ......................................................................................................... 29
4.1.1 CONSERVATION AND MAINTENANCE ........................................................................................... 31
4.1.2 OPERATION ........................................................................................................................... 33
4.2 INVESTMENTS.................................................................................................................................. 35
5 ENVIRONMENT .................................................................................................................................. 43
6 PROPERTY ASSETS ............................................................................................................................... 46
7 SAFETY ............................................................................................................................................ 48
8 HUMAN RESOURCES ........................................................................................................................... 51
9 REFER SHAREHOLDINGS ..................................................................................................................... 54
10 OUTLOOK ........................................................................................................................................ 57
11 INCOME APPLICATION PROPOSAL .......................................................................................................... 59
12 FINANCIAL STATEMENTS AND ANNEXES (IFRS) .......................................................................................... 61
13 ANNEXES ....................................................................................................................................... 129


1 MESSAGE BY THE BOARD OF DIRECTORS

In 2007 and for the first time, REFER, E.P., is presenting its Annual Report prepared according to the
International Accounting Standards (IAS/IFRS). This presentation complies with regulations 11/2005 of
CMVM (Portuguese Securities and Exchange Commission) which demands that issuers of listed
securities that are not required to prepare consolidated accounts must prepare and present their
individual accounts according to the international accounting standards, applied within the terms of
article 3 of the Regulation 1606/2002 of the Parliament and of the Council, of July 19. Therefore, the
preparation and presentation of the individual accounts, according to the international accounting
standards, within the terms of the previous number, is now mandatory for the years starting on 1
January 2007.
The date of 29 April 2007 marks REFERs 10th year of existence. To celebrate this date, we carried out
various initiatives to commemorate and disclose the long history of Portugals railway.
In these 10 years of existence, REFER has continuously consolidated its main goals of providing the
country with a safe and quality railway network, within a perspective of optimising client services,
modernising the company technologically and by developing its personnel and structure.
It was with these goals in mind that the Board of Directors decided to apply a new organisational
model at REFER by making modifications and improvements to the companys organisational
structure, in particular the General, Infrastructure Operation, Engineering and Construction
Departments.
The year of 2007 was the second full year in office for the Board of Directors and the first year after the
strategic guidelines issued for the sector by the Ministry of Public Works, Transport and Communications
(MOPIC). 4

We would like to point out those strategic goals:
S TRATEGIC G OALS FOR THE R AILWAY S ECTOR
Improve accessibility and Guarantee suitable safety,
mobility in order to substantially interoperability and environmental
increase the market share. sustainability standards.
Evolve to a sustainable Promote research,

financial model and development and
promote efficiency. innovation.
In meeting these goals, in 2007 REFER employed 3,573 employees whose work and dedication
allowed the company to carry out its activities and fulfil its goals.
As a public service provider managing the railway infrastructure, REFER has been improving the level of
its services to operators. It reached punctuality rates of 98% in suburban trains, 98% in cargo trains,
96% in regional and interregional trains and 93% in pendular trains. REFER carried out its activities in
accordance with the quality and efficiency standards, acting in a manner to guarantee good
infrastructure availability levels, to provide stable schedules and to ensure quality service to operators.
At the end of 2007, 55% of the national railway network was equipped with speed control systems
(Convel and ATS) and communication systems (ground-train radio), whereby 83% of the whole main
network was equipped with a ground-train radio system and 79% was equipped with Convel. These
technological modernisation measures ensured better levels of infrastructure performance in terms of
speed and safety.
In 2007, passenger and cargo railway transport increased 3.7% over 2006, which represents and
additional 1,450 million TK.
5
To increase railway safety and to reduce accident rates, we maintained our plan to eliminate and
reclassify level crossings (LC). Accordingly, in 2007, the company eliminated 31 level crossings and
reclassified 9. These advances, combined with awareness campaigns, helped reduce the number of
accidents at LC which, in the last decade, fell from 156 to 66. Since this is a matter of great concern,
work is being maintained to meet the objective of drastically reducing accident rates.
To improve the safety of persons and assets, in 2007 the company reinforced its video surveillance
systems at railway stations and at other critical infrastructure locations. It also implemented access
control systems at buildings with the highest worker occupation rate in order to protect its main asset -
persons - and to safeguard the goods and information comprising REFERs assets. To increase the

company's capacity to overcome emergency situations, four emergency plans and various railway
building evacuation plans were prepared.
The company reviewed its investment program to adapt it to the strategic orientations and which was
submitted to the ministry in the first half of the year. In view of the development and innovation
orientations and according to priorities, the company organised its projects for
intermodality, links to ports and airports and logistic platforms as well as linking the
conventional railway network to the high-speed network in close collaboration with
RAVE. Among the said project, the following are highlighted:
The Lisbon Operation Command Centre (OCC) began operating in
November 2007 and, in the 1st stage, began controlling the whole
Campolide Local Command Post/Centralised Traffic Control area, which
CCO Lisboa
was designed to optimise the network operation and the operational
management of railway circulation in order to obtain high reliability, availability, efficiency,
quality and safety rates;
Railway link to the Port of Sines/Spain, for which the Preliminary Study of the Sines/Grnbdola
North section was started, the completion of the Preliminary Study and the Environmental Impact
Study for the vora/Elvas section, the contract award for preparing the Preliminary Study for the
vora/vora HS (High Speed) section;
Railway branch link to the (Siderurgia Nacional) National Steel and Iron Plant, aimed at endowing
the Industrial Complex of Siderugia Nacional with a rail link belonging to the national railway, thus
contributing to improve accesses and to increase competitiveness;
The contract works for the Multimodal Terminal of Cacia and for the 1st stage of the rail link to the
Port of Aveiro, to foster multimodality and railway transport in domestic and international links,
especially with Spain;
The first construction stage of the Alccer do Sal alternative route;
The various contract works on the Minho, Douro, Oeste, South and North Lines to renew and
rehabilitate the infrastructure;
Rehabilitation of the Rossio Tunnel, by awarding the contract work to complete the construction 6
work and specialised work in January 2007, consequent to which the tunnel was reopened to
traffic in February 2008;
Completion of the renovation work of the Rossio Station
building, one of Lisbons most emblematic stations. With this
intervention, it was possible to recover the original structure
and simultaneously create new service areas. Its central
Estao do Rossio
location and key role in urban train transport gives this station
a prominent place in the railway network that deserves special attention by REFER proportional
to its relevance. Consequently, negotiations are in progress to concession shops, restaurants
and offices at this station.

Adapting the Santa Apolnia Station to the new subway station by improving the buildings roof,
faades and platforms will be a means of providing better client service. Consequent to the
buildings rehabilitation and in order to enhance the station, REFER placed the premises under a
concession to create shops and restaurants which will begin operating in 2008.
Work continued to place the north line in Espinho underground, thus creating better operation
conditions;
The contract award for the alternative route of the Minho line, in the city of Trofa, within the
framework of the Porto Vigo links.
The investment in telecommunications in 2007 by participating in integrated projects involving
various specialties, maintaining pace with the preparation of projects to suitably meet railway
operation needs and to maintain pace with evolving networks and systems. The measures to
eliminate aerial telecommunication lines by installing optical fibre wiring also began in the
sections of Tua/Mirandela, Vila Real de Santo Antnio, Tua/Pocinho, Covilh/Guarda and
Abrantes/Portalegre;
In 2007, the company invested 336 million, which was covered by EU funds in 21% ( 70.6 million),
by PIDDAC (Central Administration Investment and Development Program) by about 1.5% ( 5 million)
and by other financing sources in 77.5% ( 249.9 million). Like in previous years, since overall
contributions by PIDDAC and by E.U. Funds have been
decreasing, loans have been the main means of financing
investments, with the consequent negative impact on financial
expenses.
To improve efficiency, work was maintained to implement an

asset management process enabling the company to analyse Porto de Aveiro
investments on a lifecycle basis. In 2007, the company was able to define a management
information organisation structure covering fixed assets that will thus provide a common means of
determining the value, cost and performance of the infrastructure during its lifetime. This means
represents the starting point for characterising an integrated management vision of REFERs 7
infrastructures.
As for quality, REFER remains committed to ensuring that the Quality Management System (QMS)
currently implemented and certified according to standard ISSO 9001:2000 applicable to
maintenance activities, in particular at the countrys Centre Operation Unit and at the North Operation
Unit will continue to be adapted and improved, in addition to the intrinsic dynamics of implementing
the processes associated to the Quality Management System.
The year of 2007 was the turning point for REFER's information systems. The company internationalised
its activities which, until then, were rendered by third parties, and participated in various critical
processes such as billing to operators (special trains, commercial stops at stations, manoeuvre

services, parking, etc.), prepared runs (schedules) for special trains (non-programmed), implemented
the automatic data input for information graphics regarding Service Orders from the SAP and also
developed alarm solutions (hot boxes).
It was also a year for launching the new platform to develop geographic information systems which
opened a window to new possibilities. The company was also able to fulfil major initiatives such as the
standardisation/compatibilisation of the various high-speed sections that recently culminated in the
availability on the Internet of the so-called preventative measures on the Lisbon-Madrid axis.
In 2007, we highlight the review of REFER's Environmental Policy in order to include new guidelines for a
better focus on its scope, with emphasis on the railway networks maintenance and operation.
At the end of 2007, about 55% of the universe of track previously lacking environmental monitoring
was subject for Environmental Impact Monitoring Evaluation.
On 23 April 2007, the company also submitted its Strategic Noise Chart (SNC) for the Cascais Line to
the Portuguese Environment Agency, making REFER the first entity to submit a plan in compliance with
the new legislation. As a complement, new cartography surveys were
completed covering 90% of the total track length, with over 60,000 runs per
year. The remaining 10% of surveys were awarded through a contract.
A number of factors related to fauna and flora are worth noting. The Institute
of Nature Conservation and Biodiversity (ICNB) challenged REFER to join the
Obras Variante de Alcacer
Business & Biodiversity program launched by the European Commission. The
program is part of a broader United Nations goal to halt the loss of biodiversity until the year 2010. As a
complement to this goal, 2007 will see the start of two investments to take place in nature protection
areas, that is, the work for the Alccer do Sal alternative route and the railway link to the Port of Aveiro.
Lastly, we point out the Green Building (Edifcio Verde) project, an initiative by
Quercus, a non-governmental environmental organisation (NGEO), which proposed
that REFER rehabilitate the Sacavm Station and transform it into a model of
sustainable construction based on an already-existing building. As such, an initial 8
protocol was signed between the parties on September 19 to qualify the said NGEO to operate the
sites potential. If the necessary conditions are met, the said building will be used as this organisations
national head offices.
In 2007, the Board of Directors presented

a Program Contract proposal to define a
stable, responsible and transparent
framework covering the relation between Estao de Sacavm
the state and REFER, specifying rights and obligations by both parties in relation to the construction,
maintenance and operation of the railway infrastructure. This proposal arises from the general transport
policy of the supervising ministrys guidelines and is meant to fulfil the objectives stipulated in the

Strategic Guidelines for the Railway Sector to progressively outsource the public service rendered by
the infrastructure manager until 2010. In accordance with the aim to allow private operators to
participate in railway operations and to implement high speed in Portugal, the REFER Board of Directors
hopes to have helped define an efficient and sustained management framework for the national
railway structure.
Lastly, we point out the companys economic-financial performance and its future sustainability. As is
known, only one part of infrastructure management activities are paid by tariffs charged to passenger
and cargo railway operators. The other part, safeguarding the operation's efficiency, should include a
public contribution, which is still not the case. Moreover, the construction and maintenance of the
infrastructures have been financed through loans. Consequently, today REFER has an accumulated
debt of over 4 billion euros, whose cost is included in the financial statements. For a sustained and
efficient future in which management may be responsible for results, we believe that it is essential to
search for a economic and financial sustainability framework for the company.
Having defined the activities framework and by counting on the support that we have always received
from the ministry, on the dedication and performance of our employees and on the support of other
control and regulatory entities, it will be possible to build a stable future for REFER.

10

2 GOVERNING BODIES
COMPANYS MISSION, GOALS AND POLICIES
A
ccording to Decree-Law 104/97, of April 29, the main goal of REFER E.P. is to provide a public
service of managing the national railway network. The companys goals also include:
i. The construction, installation and renovation of the infrastructures which includes,
in particular, the respective studies, planning and development.
ii. Circulation command and control and the promotion, coordination and development of
all activities related with railway infrastructures.
iii. Complementary or subsidiary activities to the main goal.
In summary, REFER has the following mission:
PROVIDE A COMPETITIVE
COMPETITIVE TRANSPORT INFRASTRUCTURE
INFRASTRUCTURE BY MANAGING
MANAGING AND DEVELOPING AN EFFICIENT AND SAFE RAILWAY
RAILWAY
ENVIRONMENTALLY FRIENDLY."
NETWORK THAT IS ENVIRONMENTALLY
And its vision:
REFER WILL BE AN EXEMPLARY EUROPEAN RAILWAY INFRASTRUCTURE

INFRASTRUCTURE MANAGER
To carry out its activities, REFER split its organisation to suit the two aspects of its mission, but always
keeping in mind that its main goal is to provide a public infrastructure management service. However,
the whole corporate and administrative structure serves each activity indistinctively.
In addition to the activities covered by its missions infrastructure management and investment
11
management REFER, in performing its normal operations, also carries out other complementary
activities.
According to its official objectives, REFER operates in two complementary business areas:
Infrastructure Management and Operation, as a public service provider managing the National
Railway Network infrastructures, which includes capacity management, infrastructure
conservation and maintenance and the management of the respective command, control
and safety systems;
Investment in the construction, installation and renovation of the infrastructures, an activity

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

Other Activities
Activities such as construction, installation and management of interfaces with the services
of other transport modes, using the spaces to enhance assets.
The following table illustrates the strategic goals for 2008 as defined by REFER in the Activities / Budgets
Plan:
Analysis perspectives Strategic Goals
1. Ensure economic - financial sustainability

Financial 2. Decrease the costs of rendered services
3. Increase the contribution by non-operating activities
4. Improve the contribution by additional operating activities

5. Improve and modernise the network infrastructure
6. Improve services rendered to end clients
Client
7. Guarantee high safety levels
8. Promote environmental sustainability / social responsibility
9. Improve image and recognition
10. Increase the organisation's productivity
Internal / Processes 11. Optimise management and control of investments / contracts

12. Foster the uniformisation of processes and promote the
standardisation of the network infrastructure
Organisational 13. Foster professional development

Learning 14. Reinforce technical and management expertise
As for compliance with goals stipulated for 2007, we highlight that, of the total investment planned for
2007 of 554,975,488 euros,
euros only 335,512,439 euros were carried out, for a 60% realisation rate.
rate
The deviation of 219,463,049 euros compared with the approved budget, was essentially due to
delays/reformulations of various projects, of which we point out those with the highest deviation:
Various Lines (-
(-62,156,808 euros compared with 145,713,655 euros which were approved):
Delay in the completion of the Lisbon Operation Command Centre caused by the reformulation
of the Exterior Finishing Work Project, the delay in the work for the Port of Sines / Spain link due to
an analysis of alternative routes to the Pk94 / Casa Branca link (including Bombel / vora), the
delay in performing the telecommunications work caused by lengthy tender processes to install
12
the optical fibre, delay in awarding some contracts works to overcome Network Capacity
Constraints and the RCT+TP (Traction Current Return + Protection Earthing) regulations;
North Line (-
(-47,990,022 euros compared with 136,988,068 euros which were approved): Delays
in closing the accounts of some contract works and in
awarding track contract awards in sub-section 1.2/1.3-Al
1.2/1.3-Alhandra / Entroncamento-Trecho Vila Franca
de Xira / Vale de Santarm and the track distortion on
sub-section 2.3 Trecho Alfarelos / Pampilhosa,
Santarm reformulation of the Preliminary Study for the Alternative

route of Santarm and suspension of the contract work for signalling and telecommunications of
sub-section 2.3 Trecho Alfarelos / Pampilhosa;
New Line (-
(-37,107,421 euros compared with 58,180,549 euros which were approved): Delay in
completing the contract works to build links to Siderurgia Nacional (Steel and Iron Plant) and the
Cacia Multimodal Terminal;
South Line (-
(-24,768,309 euros compared with 54.347.556 euros which were approved): Delay in
completing the contract work for the Alccer alternative route due to the delay in the
authorisation to cut down cork trees.
13

INTERNAL AND EXTERNAL RULES AND REGULATIONS
This chapter will list the external and internal regulations to which REFER is subject:
Legal Code for the Land Transport System, Law 10/90 of March 17, the land transport system
includes the infrastructures and production means assigned to land travel by persons and
merchandise within the Portuguese territory or when the trip ends or has part of its route within the
said territory and is governed by this law, its underlying decree-laws and regulations.
On 29 April 1997, Decree-
Decree-Law 104/97 was published that created REFER, E.P.
REFER, whose share capital is 100% held by the state, is governed jointly by the Ministry of Finance
and the Ministry of Public Works, Transport and Communications. REFER carries out activities to fulfil
its goals, according to the principles of modernisation and effectiveness, to regularly and
continuously render a public service of managing the national railway network infrastructures.
According to what was established, REFER:
May perform all necessary or convenient management acts to fulfil its objective;
Is entitled to the rights and holds the responsibilities assigned by the applicable legal
provisions and regulations covering the public railway domain.
Decree-
Decree-Law 299-B/98 published on 29 September 1998, created Instituto
Nacional do Transporte Ferrovirio (INTF) (National Railway Transport Institute)
which regulates and inspects the railway sector, supervises activities and
intervenes in public service concessions.
Decree-
Decree-Law 568/99,
568/99 of December 23, revises regulations applicable to level crossings, approved
by Decree-Law 156/81, of June 9, and establishes the obligation to prepare multi-year plans to
eliminate level crossings. It was amended by Decree
Decree-
ee-Law 24/2005, of January 26.
26
For contracting purposes, REFER is covered by Decree-Law 223/01, in the specific case of contract
works, and everything not regulated therein is covered by Decree-Law 59/99.
Decree-
Decree-Law 93/2000,
93/2000 of May 23, establishes the conditions to be met in the national territory to
obtain interoperability of the trans-European high speed railway system (transposes Council
Directive 96/48/CE, of 23 July 1996). It was altered by Decree-Law 152/2003, of July 11, which
14
rectifies omissions detected in the transposition of Council Directive 96/48/CE, of July 23, carried
out by Decree-Law 93/2000, of May 23.
Decree-
Decree-Law 270/2003,
270/2003 of October 28, was published in October 2003 and transposed to national
law Directives 2001/12/CE, 2001/13/CE and 2001/14/CE, normally called 1st Railway Package to
open the railway transport market to participation by private companies, thus guaranteeing a
number of criteria regarding technical, financial and safety capacity (altered by Decree-Law
146/2004, of June 17).
Decree-
Decree-Law 276/2003, of November 4,
4 stipulated the new legal policy applicable to assets of the
public railway domain, including rules on the respective utilisation, disfranchising, exchange and

the rules applicable to relations of bordering proprietors and of the population in general with
those assets, legislative authorisation given by Law 51/2003, of August 22.
Consequent to what was stipulated in this legal statute, REFER prepared and published, in this year,
the first edition of the Network Directory
Directory which provides railway transport companies with essential
information for their access to and utilisation of the national railway infrastructure managed by
REFER and open to railway transport.
Decree-
Decree-Law 24/2005, of January 26,
26 alters the Level Crossing Regulations approved by Decree-
Law 568/99, of December 23.
In March 2005, INTF published Regulation 21/2005 covering the user fees applicable to services
rendered to operators by the infrastructure manager.
Decree-
Decree-Law 156/2005,
156/2005 of September 15, establishes the obligation for all goods and service
providers that maintain contact with the general public to maintain a complaints book.
As an issuer of securities, REFER must publish all the information stipulated in the Securities Code
and in the Securities and Exchange Commission (CMVM) Regulations 4/2004, of 11/2005,
11/2005, in
reference to the application of the IFRS.
Decree-Law 200/2006 created IMTT - Institute of Mobility and Land Transport,
Transport
merging various entities, including the INTF - National Railway Transport
Transport
Institute.
Institute
Council of Ministers Resolution 49/2007 defined the Good Governance principles for the state's
corporate sector companies.
15

INFORMATION ON RELEVANT TRANSACTIONS WITH RELATED ENTITIES
The following table illustrates the most relevant contracts with companies in the REFER Group during
2007:
(Euros)
Company Contract Amount
CPCOM Explorao de Espaos Comerciais

Various concessions 719.772,00
da CP, SA
Concession of commercial areas 751.860,00
Advertising 895.221,00
Other income 25.057,00
2.391.910,00
REFER TELECOM Servios de

REFER TELECOM concessions 1.178.775,00
Telecomunicaes, S.A.
Antennas of mobile network operators 440.831,00
1.759.086,00
INVESFER Promoo e Comercializao de

Interest from supplementary entries 1.454.637,00
Terrenos e Edifcios, S.A.
1.725.773,00
Loans to INVESFER bear interest at the 12-month Euribor rate + 0.5%. Part of the loans from 2006 was
reconverted into share capital in 2007.
16

INFORMATION ABOUT OTHER TRANSACTIONS

RANSACTIONS
For contracting purposes, REFER E.P. is covered by Decree-223/01, in the specific case of contract
works. Anything not regulated therein related to contract works is covered by Decree-Law 59/99.
In 2007, REFER applied internal contracting procedures centralised in the Contracting, Procurement
and Logistics Department to all contractual procedures applicable to the contract works or rendering
of services to be carried out through a contractual process or direct agreement, whose estimated
value is equal to or greater than 125,000.
The following table lists the suppliers whose invoices were greater than 1 million, and which represent
88% of total invoicing:
(Euros) (Euros)
Amounts Invoiced Amounts Invoiced

Company Company
in 2007 in 2007
THALES - Security Solutions and 41.535.432 DHV FBO - Consultores S.A. 2.636.738
SOPOL-Soc Geral de Construes e 30.617.132 Efacec - Servicos Manut Assist SA 2.607.231
Ferrovias e Construes, S.A. 28.382.182 Geofer -Prod Com Bens Equipament SA 2.525.191
Dimetronic SA 26.940.093 Edifer-Const.Pires Coelho 2.374.909
SOMAGUE Engenharia SA 22.749.553 Expoland - Promoo Imob., S.A. 2.307.513
Mota - Engil, Engenhar e Construo 21.846.687 Petrleos de Portugal-Petrogal-SA 2.161.646
Refer Telecom Serv Telecomunic SA 15.370.952 TECNOVIA-Sociedade de Empreitadas 2.026.702
FERBRITAS-Empreend. Ind.Comrcio SA 14.656.298 Metropolitano de Lisboa EP 2.010.258
Neopul - Soc Estudos Construes SA 12.505.239 Alves Ribeiro, S.A 2.007.004
TECNASOL-FGE Fundaes Geotecnia SA 9.687.498 Ramalho Rosa Cobetar Soc. Constr.SA 1.988.206
Teixeira Duarte-Eng. Construes SA 9.230.159 GIL - Gare Intermodal de Lisboa SA 1.908.379
CP-Caminhos Ferro Portugueses, EP 9.176.158 Bombardier Transportation Portugal, 1.658.698
Socied.de Const. Soares da Costa SA 8.858.001 EDP Distribuio Energia SA(Porto) 1.594.490
BRISA Engenharia e Gesto, SA 6.931.021 AVS-Corretor Seguros , SA 1.553.394
Futrifer-Indstrias Ferrovirias SA 6.917.317 Railtech International 1.533.205
Obrecol - Obras e Construes SA 6.743.409 Ferrovial Agroman SA 1.528.011
Somafel-Eng.e Obras Ferrovirias SA 6.531.792 Consulgal-Consult Engenh Gesto, SA 1.488.077
Opca-Obras Publicas Cim Armado SA 6.428.106 Accenture, Consultores de Gesto, 1.485.808
EDP Distribuio Energia SA(Lisboa) 5.793.708 Joo Mata Lda 1.222.099
ArcelorMittal Espaa, S.A. 5.307.893 FUTRIMETAL-Ind e Com de Prod Metl 1.210.860
Fergrupo - Const Tecnicas Ferrov SA 4.835.802 EMEF -Emp Manutenc Equip Ferrov SA 1.201.295
Satepor-Indstria de Travessas de 4.740.380 TPF Planege - Consultores Eng 1.182.490
EFACEC - Sistemas de Electronica SA 4.646.719 ISQ - Inst de Soldadura e Qualidade 1.089.674
Promorail - Tecnologias de
Grupo 8-Vigilncia Prev Electr Lda
4.416.233
3.602.589
ZAGOPE-Constr. e Engenharia, S.A.
RAILTECH PORSOL
1.066.373
1.050.805
17
INTF - Instituto Nacional 3.455.598
An annex includes the contracts signed in 2007 and whose value exceeded 125,000.
Annexes:
Annex I Contracts that were not signed through a public tender (Direct Agreement)
Annex II Contract works whose value exceeded 125,000
Annex III Rendered services of a value exceeding 125,000
Annex IV Supplies exceeding 125,000

GOVERNING BODIES
According to its statutes (Decree-Law 104/97 of April 29), the governing bodies of REFER E.P. includes a
Board of Directors and an Audit Committee.
BOARD OF DIRECTORS
The Board of Directors generally performs all acts necessary to manage and develop the company
and to manage its assets without loss to the powers by the respective supervising ministries" (Decree-
Law 104/97 of April 29).
CHAIRMAN OF THE BOARD OF DIRECTORS

LUS FILIPE MELO E SOUSA PARDAL
VICE CHAIRMAN OF THE BOARD OF DIRECTORS

IRECTORS
ALFREDO VICENTE PEREIRA
BOARD MEMBER
ROMEU COSTA REIS
BOARD MEMBER
ALBERTO JOS ENGENHEIRO CASTANHO RIBEIRO
BOARD MEMBER
CARLOS ALBERTO JOO FERNANDES
AUDIT COMMITTEE
The audit committee has the following duties, without loss to the powers assigned to it by law: Audits
the companys management and its compliance with the respective regulations, ensuring that it fulfils 18
the goals stipulated in the annual budgets; Issues an opinion on the documents presenting the
companys accounts, in particular by checking the accuracy of the balance sheet, the profit and loss
statement, the operating account and other elements to be presented annually by the board of
directors; issues an opinion on the annual report of the said board; issues an opinion about any issue
of interest to the company that is submitted to its assessment by the board of directors; informs the
competent entities about any non-compliance it detects in the company management; issues an
opinion on the legality and convenience of the acts by the board of directors in cases in which the law
requires its approval or agreement. (Decree-Law 104/97 of April 29).

PRESIDENT OF THE AUDIT COMMITTEE

JOS MANUEL ALVES PORTELA
(MANDATE SUSPENDED)
MEMBER OF THE AUDIT COMMITTEE

BARBAS, MARTINS, MENDONA & ASSOCIADOS,SROC, LDA
REPRESENTED BY ISSUF AHMAD
MEMBER OF THE AUDIT COMMITTEE

HILRIO MANUEL MARCELINO TEIXEIRA
AUDITING
According to contract 01/05/CA/EF Rendering of External Auditing Services to the REFER Group, the
Audit Committee is assisted by:
EXTERNAL AUDITING
PRICEWATERHOUSECOOPERS & ASSOCIADOS SOCIEDADE REVISORES OFICIAIS DE CONTAS, LDA.
19

REMUNERATION TO THE MEMBERS OF THE GOVERNING BODIES
Governing body members were remunerated as follows:

(Amounts in Euros)
Alberto Jos
BOARD OF DIRECTORS - Lus Filipe Melo e Alfredo Vicente Carlos Alberto Joo
Romeu Costa Reis Engenheiro Castanho
Remunerations 2007 Sousa Pardal Pereira Fernandes
Ribeiro
Chairman Vice Chairman Member Member Member

Remuneration
Base remuneration 57.031 53.960 50.450 50.450 50.450
Accumulation of management positions 10.123 10.123 10.123 10.123 10.123
Representation expenses 19.961 16.188 15.135 15.135 15.135
Holiday subsidy 5.596 5.340 5.048 5.048 5.048
13th month 5.596 5.340 5.048 5.048 5.048
Other benefits and compensations
Telephone expenses 450 676 404 835 1.717
Fuel for company car 4.080 2.617 2.267 4.798 2.180
Travel subsidy 317 159 711 633 1.030
Expenses on social benefits
Mandatory social security 18.607 17.756 6.092 16.784 4.186
Health insurance 195 195 195 195 195
Life insurance 7 7 7 7 7
Others 389 654
Civil Service Pension Civil Service Pension
Social Security policy Normal Regime Normal Regime Normal Regime
Fund Fund
TOTAL 121.964 112.362 95.480 109.445 95.773
The Audit Committee consists of three members appointed by a joint order of the Minister of Finance
and the Minister of Public Works, Transport and Communications.
Currently, the President of the REFER Audit Committee has his mandate suspended.
Issuf Ahmad is the member representing the firm of chartered accountants, Barbas, Martins,
Mendona & Associados, SROC Lda.
(Amounts in Euros)
AUDIT COMMITTEE - Hilrio Manuel Marcelino

Remunerations 2007 Teixeira
Remuneration
Base remuneration 11.406
Expenses on social benefits
Mandatory social security 2.709
Social Security regime Normal Regime
TOTAL 14.115
20
(Amounts in Euros)
AUDIT COMMITTEE - Salgueiro, Castanheira e

Fees 2007 Associados, SROC
Fees 52.330
TOTAL 52.330

ETHICS AND CONDUCT CODE
The REFER Ethics and Conduct Code, approved in late 2006, made it possible to clearly disclose the
set of values recommended, applied and expected by the company. It fosters growing relations of
mutual trust with all its personnel, clients, suppliers, all public entities and, generally, with all
communities to which REFER renders its services directly or indirectly.
The Code of Ethics stipulates that the company must have an Ethics Committee, also appointed in
late 2006, whose main goal is to follow up, implement and disclose the REFER Ethics and Conduct
Code.
Among the main actions carried out by the Ethics Committee in 2007, the following are highlighted:
1. Measures to disclose the Ethics and Conduct Code, in particular:
a) Awareness actions for personnel of the various company areas;
Ethics ideas contest open to the companys personnel;
b) Writing of articles about issues related with the Ethics Code for publication in in-house
publications.
2. In-house control measures regarding compliance with the Ethics and Conduct Code evaluating
its effectiveness.
3. Analysis of issues that were raised regarding its objectives.
In this sense, the work carried out by the Ethics Committee and that performed by each of the
personnel in their respective positions has contributed to a culture of transparency and responsibility.
21

ANALYSIS OF THE COMPANYS ECONOMIC, SOCIAL AND ENVIRONMENTAL

ENVIRONMENTAL SUSTAINABILITY
This chapter is included in the 2007 Sustainability Report.
22

EVALUATION OF THE LEVEL OF COMPLIANCE WITH THE PRINCIPLES OF GOOD GOVERNANCE
This chapter is included in the 2007 Sustainability Report of REFER, E.P.
23

24

3 ANALYSIS OF THE ECONOMIC SETTING
T
he Portuguese economy experienced a recovery in 2007, with clearly higher corporate
investment and a significant growth in exports of goods and services, despite the context of
growing unemployment. Additionally, in 2007 the Portuguese economy once again began to
balance out its foreign trade deficit. This recovery arose from a continued improvement in the
budget deficit and an ongoing moderate growth in private consumption. The lower private
consumption is likely to cause family savings to increase in 2007, thus reversing the trend in previous
years.
2007 MACROECONOMIC SCENARIO Change in %
Gross Domestic Product (GDP) 1,9
Private Consumption 1,2
Public Consumption 0,0
Gross Fixed Capital Formation (GFCF) 2,6
Exports 7,0
Imports 4,1
Current Accounts + Capital Accounts (% of GDP) -8,2
Harmonised Consumer Price Index 2,4
Source: Bank of Portugal
According to the Bank of Portugals current forecast, the economy is expected to recover. After weak
growth in 2005 (0.4 percent), the Gross Domestic Product (GDP) grew by 1.2 percent in 2006, and a
1.9 percent growth is expected for 2007. The current forecast calls for a 2 percent growth in 2008 and
2.3 percent in 2009, figures nearly the same as those forecast for the euro zone.
25
Current estimates indicate a growth in private consumption of 1.2 percent in 2007, a growth similar to
that in 2006 (which grew 1.1 percent). This slow progress is also due to the growing unemployment rate
and the slow creation of net employment, higher tax rates, in particular indirect taxes, and the falling
transfers to families, a component of available income typically associated with a higher willingness to
consume.
The Gross Fixed Capital Formation (GFCF) is expected to grow 2.6 percent in 2007, after successive
decreases in recent years, which implied a sharp decline of the role of the GFCF in the GDP.

As for the Portuguese economys financing needs, measured by combining the current and capital
accounts, todays forecasts indicate an 8.2 drop in the 2007 GDP to about 7.3 percent in 2008 and
6.4 percent in 2009. This trend essentially reflects the lower deficit in the balance of goods and
services, in particular of its non-energy component, within a context where domestic demand is
expected to grow less than that of Portugal's main trading partners.
The inflation rate, measured by the average annual change in the Harmonised Index of Consumer
Prices (HICP), is expected to decrease to 2.4 percent in 2007 (3.0 percent in 2006).
Following an employment growth in 2006, higher than what was expected in view of the economic
setting, estimates call for an employment growth of 0.2 percent in 2007, which somewhat inverted
that negative trend. The current forecast calls for a 0.5 percent growth in 2008 and about 1 percent in
2009, a trend in keeping with the economic recovery profile, within a context in which wage costs are
expected to grow more moderately than the average in the recent past.
As for REFER, the company carried out its activities in 2007 in an overall unfavourable economic
setting. In the areas in which REFER operates, the Portuguese governments budget restrictions are
particularly evident, regarding its contributions to investment activities and compensations for
operation costs for rendering a public service. The governments contributions fell very short of needs,
similar to the case in previous years, thus increasing the need to obtain loans and the company's
sharp structural imbalance.
26

27

4 ACTIVITIES IN 2007
R
EFER renders a public service by managing the overall National Railway Network infrastructure
and is therefore responsible for carrying out activities to meet its goals according to the
principles of modernisation and effectiveness by operating essentially in two business areas:
Infrastructure Management includes managing the railway infrastructures capacity,

conservation and maintenance and managing the respective circulation command and
control systems, including signalling, regulation and promptness in order to ensure the
indispensable safety and quality conditions of a public railway transport system.
Investment consists of building, installing and renewing the infrastructure, an activity carried out
on behalf of the state (the assets are part of the public railway domain).
28

4.1 INFRASTRUCTURE MANAGEMENT

CHARACTERISATION OF THE
THE NATIONAL RAILWAY NETWORK
Overall, the National Railway has 3,614 km of lines, but only

2,842 are currently open to train traffic. Of this length, 192 km
is in metric gauge, known as narrow track, and the remaining
lines are in Iberian gauge, with a distance between rails of
1.668 meters, generally known as wide track. The 2,842 km of
track includes 4 km operated by the Mirandela Metro.
Sta Apolnia - Santarm
The National Railway Network is characterised as follows:
Without Train National Railway

With Train Traffic
Traffic Network
Electrified Non-
TOTAL TOTAL TOTAL
25.000V 1.500V Sub-Total Electrified
Broad Gauge 1.411 25 1.436 1.210 2.646 327 2.973

Single Track 844 0 844 1.195 2.039 0 2.039
Double Track 522 25 547 15 562 0 562
Multiple Track 45 0 45 0 45 0 45
Narrow Gauge 0 0 0 192 192 449 641
Single Track 0 0 0 192 192 449 641
TOTAL 1.411 25 1.436 1.402 2.838 776 3.614
Electrified lines total 1,436 km, which corresponds to 51% of the total network with railway traffic.
Electrified Single
Track 25.000V
49% Electrified
51%
49%
30% Multiple Track
25.000V 29
Electrified
20% Double Track
15.000V
1% Non-electrified
Electrified Non-
Electrified
The Cascais Line was the first in the National Railway Network to have electric traction, where 1,500
Volts of direct current was installed and inaugurated in 1926. Only in 1956, that is, 30 years later, were
new electrification systems put in operation, for which alternating current was used at 25,000Volts/50
Hertz. Because of this circumstance, the Cascais Line previously had an electrification system distinct
from that of the remaining network.

In the first 39 years, electrification at 25,000 Volts was extended to 462 km of track. This length was
exceeded by the service start-ups in the last 5 years, thus revealing the investment being made in this
area, as shown in the following graph:
Electrified Line
2000
1500
1000
500
0
1996 1998 2000 2002 2004 2006 2007
At the end of 2007, 55.5% of the National Railway Network was equipped with sophisticated Speed
Control Systems (Convel and (Km)
ATS), and 54.9% of the same SAFETY AND COMMAND CONTROL

2005 2006 2007
SYSTEMS
track was equipped with the
Convel 1.323 1.429 1.444
communications systems
(ground-train radio). ATS (Automatic Braking) 25 25 25
Ground/Train Radio 1.425 1.428 1.428

As for todays network
Ground/Train Radio
25 25 25
coverage by the systems without Data Transmission
shown in the table, its worth

noting that in recent years a great effort has been made to equip the network with Safety and
Command Control Systems. In effect, there was a 43% increase
in the Convel System compared with 2001 and a 41% growth in
the coverage of the ground-train radio speed control system
when compared also with 2001. These figures clearly reveal the
effort by REFER to provide operators with an infrastructure
equipped with systems that ensure greater safety and reliability.
30

4.1.1 CONSERVATION AND MAINTENANCE

RAILWAY NETWORK CONSERVATION AND MAINTENANCE ACTIONS
During 2007, REFER performed its activities according to high quality and efficiency standards. As such,
it acted to guarantee good
infrastructure availability levels to
provide greater schedule stability
and to ensure a high quality service
to operators. It also implemented a
number of initiatives leading to
CCO Lisboa greater production efficiency. Within

this scope, we highlight:
The company carried out various maintenance initiatives to standardise quality criteria applied to
the evaluation of the condition of railway infrastructures. Measures were also taken to improve and
standardise processes and methods in preventative and corrective maintenance practices in
order to improve efficiency and to ensure the desired levels of infrastructure availability.
Investments were made to manage and update infrastructure records.
The company increased its actions to monitor the condition of railway infrastructures and to
analyse and process data in order to apply suitable corrective measures to maintain the
infrastructures within the stipulated quality conditions.
Actions were promoted to increase safety standards applied in the various railway infrastructure
maintenance areas.
To prevent the effects of adverse weather, actions were carried out to clean the drainage system
in a programmed manner, in particular waterways, ditches and gutters.
31
In some urban zones, fences were built to increase security, particularly in the Oeste Line, Algarve
Line and in the Faro/Vila Real de Sto. Antnio and Tunes/Lagos sections.
In the Algarve Line, in the Tunes/Lagos and Faro/V.R.S. Antnio sections, improvement work was
carried out involving, in particular, the replacement of wood crossties with double-block concrete
crossties, the replacement of ballast and TSDs.

REFER collaborated in the development of railway infrastructure modernisation and improvement

projects by preparing a wide number of opinions and studies. The following preliminary studies are
highlighted:
Preliminary studies for the Cascais Line and for the Algarve Line in the Faro (excl.) Vila Real de
St Antnio Section.
Study of the layout and re-design of the railway complex at Entroncamento and renovation of
the railway complex of Vila Nova de Gaia.
Studies and redesign of the layouts for the stations of Porto S. Bento and Rgua.
Study and submittal of a layout proposal for the future conventional station of vora.
Submittal of a proposal for the layout of the cross-border cargo facilities next to the future
logistics platform of Elvas.
New layout for the station of Alcntara Terra and its compatibility with the REFER head office
building.
Installation of the Frequent Trains system in the Vouga Line section. Operation model and
development of the layouts at the Arrifana and Ourreiro stations (future terminals).
The company monitored investment projects for the complexes for which it checked the track
layouts and issued opinions.
32

4.1.2 OPERATION
CAPACITY MANAGEMENT
In 2007, operator traffic increased on average by 3.7% Ge neral Network

Br eakdown of TK's per Service
(1.450 million TK), whereby both operators increased their
network utilisation, for a 3.8% growth by CP and 1.2% by TK's Cargo
FERTAGUS. TK's Empty runs 19%
TK's Passengers 2%
In absolute terms, although the passenger service
increased the most in TK's, in relative terms the cargo service 79%
obtained the highest gains, with an annual growth of 8.4%,

whereas the passenger service increased by 3%. This growth
took place essentially in the North Line. This changing trend in demand is a positive sign in promoting
railway transport which is greatly desired for the sector.
In 2007, there were two Largest traffic growth Largest traffic decrease
operators CP and North Line Oeste Line
FERTAGUS in the National 683,000 TK's, essentially in passenger services 115,000 TK's, essentially in passenger services
Railway Network. FERTAGUS Beira Alta Line Braga Branch Line
121,000 TK's, merely in cargo 72,000 TK's, merely in passenger services

has a concession only for
South Line Cceres Branch Line
suburban passenger railway
612,000 TK's, in cargo 66,000 TK's, essentially in cargo
transport service in the North-
vora Line Sintra Line
South axis, between the 119,000 TK's, essentially in passenger services -83,000 TK's, only in passengers
stations of Roma Areeiro
and Setbal.
Although new operators emerged 1.771

2007 38.718
when cargo transport was 1.750
2006 37.289
liberalised, none of them are 1.620
operating on the National Railway

2005
2004 1.253
37.611
36.646
Operator Fertagus
Operator CP 33
Network yet. In this setting, CP plays
1.138
2003
a major role in rendering the 37.416
1.222
2002
operation as shown by the following 38.053
1.228
graph: 2001 38.686
0 10.000 20.000 30.000 40.000

PUNCTUALITY RATE
Either overall or related to REFERs responsibility, compared with 2006, the Punctuality Rate has
improved in all train categories, except for pendular trains.
When analysing the punctuality rates in 2007, emphasis goes to the weak performance in November
2007 by the train categories that, covered by the Lisbon operation command centres (OCC), had
their punctuality rates affected by this operation centres initial start-up problems.
100%
90 %
80%
60%
40%
20%
0%
Pendular International Intercity Inter-regional Regional Suburban Cargo
2006 2007
34

4.2 INVESTMENTS
OVERALL INVESTMENT VALUE
F inancial Coverage of the CAIDEP Investment in
2 007
In 2007, REFER made investments of 336 million, for

a realisation rate of 60% compared with what had 77,5%
been planned. Long duration investments represent

98% of this total ( 328.7 million), and the remaining
21,0%
2% ( 6.8 million) corresponds to investments outside
the scope of LDI and which were for investments in 1,5%
fixed assets ( 1.6 million), general studies ( 3.6 Fundos Comunitrios Cap. 50 Outras Fontes
million) and operation investments ( 1.6 million).
2007 INVESTMENT PROGRAM EXECUTION

Financing Sources
Investments at Total Costs (thousand ))
Financial Coverage (*)
Realisation
Budget 2007 Realised
PROGRAMS / PROJECTS Rate
(a) (b) PIDDAC (CAIDEP) EU Financ. Others
(b)/(a)
Integrating the Country's Major Corridors in the Trans-

205.733 119.451 2.235 25.710 91.506 58%
European Transport Network
North Line Integrated Project 116.495 59.637 1.200 19.015 39.422 51%
Algarve Line Integ. Project, incl. Sol. Bulk Route 54.002 28.287 700 5.239 22.348 52%
North Line - New Espinho Station 21.033 26.895 150 26.745 128%
Port of Sines - Spain Railway Link 14.204 4.631 185 1.457 2.989 33%
Development of Urban Accesses 151.140 107.710 1.269 27.167 79.274 71%
Sintra Line, R. Alcntara and Oeste Line (until Sabugo) 52.853 44.767 170 16.756 27.841 85%
Cascais Line 10.046 2.642 160 2.482 26%
North South Railway Axis (Chelas-Fogueteiro) 2.245 81 9 72 4%
North South Railway Axis (Brao de Prata-Chelas) 1.021 1.846 130 1.716 181%
North South Railway Axis (Coina-Pinhal Novo) 20.808 10.340 100 2.060 8.180 50%
North South Railway Axis (Barreiro-Pinhal Novo) 10.284 7.252 170 2.817 4.264 71%
North South Railway Axis (Pinhal Novo-Setbal) 8.291 2.656 50 594 2.012 32%
Minho Line (Porto - Nine) 22.611 13.117 300 209 12.608 58%
Guimares Line 3.437 5.093 20 104 4.969 148%
Douro Line (Ermesinde - Marco) 15.149 13.636 150 2.807 10.679 90%
Braga Branch Line 4.396 6.280 10 1.819 4.451 143%
Intermodal Coordination
Cacia Terminal and Link to the Port of Aveiro

Leixes Line and S.Gemil Junction
40.545
39.289
1.255
12.080
10.785
1.294
205
200
5
2.777
2.777
9.097
7.808
1.289
30%
27%
103%
35
Development of Regional and Interregional Accesses 28.022 6.027 391 777 4.859 22%
Beira Baixa Line Integrated Project 22.550 5.417 250 777 4.389 24%
Oeste Line Integrated Project 4.249 300 140 160 7%
Modernisation of the Algarve Line 1.224 311 1 310 25%
Transport System Safety, Quality and Efficiency 113.411 83.476 900 14.166 68.409 74%
Road Safety - elimination and reconversion of LCs 15.257 5.150 300 393 4.458 34%
Circulation Safety - operation command centres 38.616 29.840 200 11.188 18.452 77%
Other interventions on railway network lines 59.538 48.485 400 2.585 45.500 81%
Total Investment in LDI's 538.850 328.743 5.000 70.598 253.145 61%
Studies and projects 8.479 3.591 3.591 42%

Investments in fixed assets 2.153 1.534 1.534 71%
Operation investments 5.493 1.644 1.644 30%
Total Investment - EAG's 16.125 6.769 0 0 6.769 42%
Total de Investments REFER 554.975 335.512 5.000 70.598 259.914 60%
(*) - The financial coverage of investments is in accordance with expenses

FINANCIAL COVERAGE OF INVESTMENTS

Investments on long duration infrastructures were financed by the State Budget Chap. 50, by E.U.
Funds and by other financing sources. The financial coverage structure for PIDDAC (CAIDEP)
investments in 2007 was as follows: Chap. 50 represented about 1.5% ( 5 million), E.U. Funds 21% (
70.6 million) and other financing sources reached 77.5% ( 249.9 million).
Note that, similar to previous years, in 2007 the overall contribution by PIDDAC and by E.U. Funds
decreased (76 million in 2007, a 23% decrease compared with the 92 million in 2006, which had also
decreased 30% from the previous year). As such, reliance on loans represented the largest part of the
financial coverage for investments, with the consequent negative impact on financial expenses.
Fi nancial Coverage of Investments

600.000
500.000
Thousand euros
400.000
300.000
200.000
100.000
0
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Investment Realized
CAIDEP (PIDDAC) EU Funds Other Financ. Sources
RAILWAY NETWORK MODERNISATION ACTIONS
To modernise and develop the National Railway Network, within the scope of its investment activities,
REFER carried out various actions, of which we highlight the following: 36
Sintra Line
The two projects for Barcarena / Cacm were integrated and made compatible in 2007 by
launching a single joint contract work to quadruple the Sintra Line between km 13.750 and km
18.250, including the renovation of the stations of Barcarena and of Cacm." The respective
contract award was approved with a 42-month completion period and start of the work in 2008.
Rossio Tunnel
The Rossio Tunnel rehabilitation consists of a
structural intervention by building a closed section
of concrete inside the tunnel in a length of
Tnel do Rossio
approximately 1.180 km (maintaining the current circulation layout) and the construction of a
concrete platform with embedded track along the whole length (2.613 km), which will provide
access to road vehicles if necessary, and also consisting of a reinforcement member for the
tunnels structural stability.
Cascais Line
After a lengthy period without any major general interventions on the Cascais Line (the last track
renovation took place in the seventies), the various railway systems are now highly worn and
obsolete. In 2007, work was performed for a more detailed program and to consolidate the
work schedules, to be completed until 2012 as covered by the Master Plan for the Cascais Line.
Cintura / Chelas Brao de Prata Line

Except for the Chelas / Brao de Prata section, the work on this line has been completed to
increase its capacity, minimising conservation costs and providing clients with faster trips, greater
comfort, reliability, safety and regularity, which has increased the quality of the population's
mobility. During 2007, the expropriation process began to quadruple the section for the Third
Crossing of Chelas/Brao de Prata.
Alentejo Line / Barreiro Pinhal Novo

Intervention in this section consisted essentially of electrifying the line, eliminating Level Crossings,
modernising all stations and stops and installing new signalling and telecommunications
systems. During 2007, the company consolidated and completed the respective projects and
launched a public tender for the respective contract work,
which is expected to begin in March 2008. To eliminate
level crossings, an overpass was built at km 5.950, which
made it possible to close the LC at km 6.114. A pedestrian
overpass was built at km 6.824 and 11+304, which made
it possible to close the level crossings at these sites.
Construction was also in progress for the overpass at km
Passagem Desnivelada
Barreiro - Pinhal Novo
37
4+405 and the underpass at km 3+850.
Sines Elvas Link

This project will establish a railway link for cargo traffic between the Port of Sines and Elvas (border
with Spain) by late 2013.
South Line
Projects were completed for the Setbal Station that will be available for suburban service when
completed. Consequent to the completion and consolidation of the said projects, the

company launched the Public Tender for the Contract to Renovate the Setbal Station, which is
expected to begin in April 2008.
Construction of the Alccer alternative route will reduce the travel time between Lisbon and Faro
by about 10 minutes, increase the capacity by separating passenger and cargo traffic between
the alternative route and the existing section, harmonise the operation conditions with the
standards of the adjacent sections and will be eventually integrated with the Sines / Spain route.
Port of Aveiro Link

To provide a railway link to the Port of Aveiro, and a rail-road-maritime interface in Cacia that will
foster the development of multimodality and of railway transport in the domestic and
international links, particularly with Spain, in January 2007 a
contract work began for the Cacia Multimodal Terminal which
is forecast to be completed in February 2008. In September
2007, the contract work for the 1st stage of the branch line to
Porto de Aveiro the Port of Aveiro was consigned (from km 0+000 to the
Gafanha Bridge (inclusive). In November 2007, the contract was awarded for the 2nd stage of
the branch line to the Port of Aveiro (between the Gafanha Bridge and the Port of Aveiro), for
which the contract is expected to be signed in early 2008.
38

LEVEL CROSSINGS
Strong growth in car traffic and increasingly faster trains have significantly increased the risk of
accidents at level crossings, thus making them one of the most disruptive parts of the railway operation
system.
The work to eliminate level crossings and to improve safety conditions, particularly by automating level
crossings, resulted in a lower accident rate. However, this reduction was less than desirable,
consequent to the higher flow of road traffic and the faster trains.
In 2007, about 14.7 million was invested, of which about 86% was paid by REFER, in the actions to
eliminate level crossings and to improve their safety (reclassification) either by building overpasses or
underpasses and access roads or by automating and improving the visibility of the remaining level
crossings.
Eliminated Reclassified Level

Cost (Euros)
Level Crossings Crossings
1)
NORTH DELEGATION (DN) 11 --- 7.389.584
CONSTRUCTION AND RENOVATION DEPART. (CR)
Beira Baixa (BB) Line Complex --- --- ---
Lisbon Metropolitan Area (AML) Complex 3 --- 3.345.249
Sines - Elvas (SE) Link Complex --- --- ---

REFER
Infrastructure Renovation and Rehabilitation (RRI) --- --- ---
Special Projects (PES) 5 --- 540.894
CR - Total 8 --- 3.886.143
CROSSINGS AND LEVEL CROSSING (LC) MANAG. DEPART. 8 7 73.594
REFER - TOTAL 27 7 11.349.321
(1)
1.317.290
Town Councils (3) 4 1
(2)
1.595.157
EXTERNAL
ENTITIES
(2)
AENOR - Lusoscut --- 1 450.000
(1)
1.317.290
EXTERNAL ENTITIES - TOTAL 4 2
(2)
2.045.157
12.666.611 (1)
(2)
39
TOTAL 31 9 2.045.157
14.711.768
(1)
- Cost paid by REFER
2)
- Cost paid by external entities
3)
- Works with protocol between REFER and town councils
The work carried out and the associated costs to eliminate or reclassify these 40 level crossings were as
follows:

(Euros)
Work Eliminated LC Reclassified LC REFER Cost (1) External Cost Total Cost
Underpass/Overpass 19 2 12.208.479 2.045.157 14.253.636
Alternative road 6 --- 418.538 --- 418.538
Visibility --- 6 11.798 --- 11.798
Others 6 1 27.796 --- 27.796
TOTAL 31 9 12.666.611 2.045.157 14.711.768
(1) - Cost paid by REFER - Own works and protocols with external entities
Consequent to these actions and the awareness-raising and road traffic education campaigns, the
accident rate evolved as follows:
Accidents at LCs - 1997 to 2007
200
175
150
No. of accidents
125
100
75
50
25
0
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
TOTAL 144 144 154 119 123 113 105 102 72 68 66
Persons hit 22 17 25 15 17 18 15 18 14 11 17
Collisions 122 127 129 104 106 95 90 84 58 57 49
Years
Therefore, there were 2 less accidents involving hit pedestrians and collisions, when compared with
2006, and 78 less accidents since REFER was founded.
By late 2007, in the 2,838 km of the National Railway Network with traffic, there were 1,266 level
crossings, for an average density of 0.446 LCs/km broken down into the following types:
Type of LC Number
40
With Guard 91
Automated
With lifting gates 367 393
Without lifting gates 26
Public LCs Without Guard
Type D 307 480
5th category 173
Pedestrians 170
Subtotal 1134
Private LCs 132
TOTAL 1266

Since reducing the accident rate was the main goal, as stipulated in the Major Options of the Plan and
in the Strategic Guidelines of the Railway Sector,
of actions applicable to Level Crossings, to fulfil
the said goal, it is essential that these actions be
based on objective criteria according to the risk
associated to the existing level crossings.
As such, based on data characterising level
crossings and accident rates in past years, in
2007 a Risk Analysis was developed for all level
crossings located in lines with railway traffic,
whereby each level crossing was classified
according to its risk level.
Based on this classification, the counties were
split into risk levels.
41

42

5 ENVIRONMENT
I
n 2007, it is worth highlighting the new edition of the REFER Environment Policy. The policy now
stipulates the principle of compensation for environmental impacts, which is added to the already
applicable prevention principle. Similarly, the company also redefined the mission and attributes of
the Environment Department based on an organisational model focussed on progressively creating
a network of Environment Operation Supervisors (EOS). That strategy is feasible because REFER has a
good knowledge base about its environmental support needs which were placed in writing and
grouped according to the main work processes. Central management is responsible essentially for the
role of guiding the implementation of the various Environmental Policy guidelines, for harmonising
processes, priorities and means of action and also for directly managing processes which are
strategically important for REFER's activities.
Within the specific context of 2007, emphasis goes to key processes, Environmental Management,
Impact Assessment and Environmental Management, Noise Management and Waste Management.
Environmental Management
Given the broad nature of this topic within the context of REFER's activities, it was felt that an effort
should be made to focus on structuring this field within operation/maintenance activities and that it
should be given priority within investment and support actions.
The company re-activated the project to characterise the main activities (for track catenary, signalling,
construction and low voltage) and a diagnosis program applicable to the Maintenance Centres.
Impact Assessment and Environmental Monitoring
The program to create monitoring plans is meant to fulfil the legal obligations arising from the
Environmental Impact Assessment (EIA) of the various projects, for which REFER checks the
implementation and effectiveness of the recommended minimisation measures. The company
completed the monitoring plans for the Minho Line (Lousada/Nine section), Braga Branch Line and
South Line (Pragal/Pinhal Novo sections, km 94/Ermidas and Ermidas Funcheira). Additionally, a
43
contract was awarded for another three track sections: the Guimares Line (sections of Sto
Tirso/Lordelo and Lordelo/Guimares); the Douro Line (Cte/Cade section); and the Beira Baixa Line
(Mouriscas/Castelo Branco section). These plans are in the final review stage. At the end of 2007,
about 55% of the universe of track previously lacking environmental monitoring was being subject to
environmental evaluation.
Noise
The company has continued to produce the Strategic Noise Charts applicable to lines and sections
with more than 60,000 runs per year, described in legislation as Major Railway Infrastructures (MRI). On
23 April 2007, the company also submitted its Strategic Noise Chart (SNC) for the Cascais Line to the
Portuguese Environment Agency, making REFER the first entity to submit a plan in compliance with the

new legislation. The modelling stage for the Sintra Line and Cintura Line has been completed, whereby
the Lisbon Santa Apolnia/Azambuja section of the North Line is in an advanced development stage.
Waste Management
Under its logistics reorganisation process, the company re-analysed the practice of selling recyclable
waste and, also, the means of contracting the services rendered for non-recyclable waste. The latter
has a more direct impact on the activities managed by the Environment Department. Emphasis goes
to the requirements necessary for managing the waste created from removing the roof of the Santa
Apolnia Station, for the strategy to manage fibrocement waste identified at the work to reinforce the
embankment in Vila Franca de Xira and for collecting lubrication grease waste from the maintenance
of track-switching devices and other equipment. Lastly, one of the work components that has
deserved greater attention relates to characterising potentially contaminated soil, with emphasis on
the work to characterise waste and liabilities associated to the work to connect the railway to Siderurgia
Nacional (national steel and iron plant) which produced results in February 2007.
Fauna and Flora Business & Biodiversity Commitment
A number of factors related to fauna and flora are worth noting. The Institute of Nature Conservation
and Biodiversity (ICNB) challenged REFER to join the Business & Biodiversity (B&B) program launched by
the European Commission. This program is part of a broader goal defined by the United Nations to halt
the loss of biodiversity until the year 2010. Another reason for maintaining this goal is that 2007 will see
the start of two investments in nature protection areas, that is, the work for the Alccer do Sal
alternative route and the railway link to the Port of Aveiro.
The CIBIO became (in April) the most recent link in the network of protocols signed between REFER and
universities and/or their Centres of Excellence. Its B&B commitment, signed on October 24, covers
three projects: the ecological continuum' project (which aims to research the potential of railway
paths as a means of linking habitats); the Ecological Recovery project for a salt pit in Vale do Sado;
and the Dunes Recovery project associated to the work to place the North Line in Espinho
underground. Lastly, the Green Building project, which is an initiative by the non-governmental
environmental organisation (NGEO) Quercus, proposed that REFER rehabilitate the Sacavm Station,
transforming it into a model of sustainable construction based on an already-existing building.
44

45

Passagem Desnivelada
Barreiro - Pinhal Novo
Ecopista do antigo Ramal de Mora
6 PROPERTY A SSETS
T
his departments activities include the National Ecotracks Plan submitted to town councils with
inactive railway corridors. During the year, protocols were signed for about 23 km of track corridors
to create Ecotracks. Currently, about 323 km are already under concession, from a total of nearly
700 km available for these activities.
Besides these protocols, another 23 protocols were signed with various public and private entities for
re-using and enhancing various buildings and land plots belonging to the public domain under the
management of REFER. Since these buildings and plots are no longer necessary for railway activities
and are not being used for any purpose, not only can they be re-used, but they can also generate
revenue in the future of about 137,000 / year at current prices.
In addition to the indicated protocols, others are currently in effect for the concession and utilisation of
public domain assets that generated about 1,100,000 during the current year.
This department also received about 870 processes from various town councils and private entities to
issue opinions on the licensing of construction works next to the railway track. Of these processes, 46
about 15% are requests to analyse various projects referring to licensing in zones where the high speed
network will be installed, requests which have been analysed jointly with RAVE.
For 2008, the National Ecotracks Plan includes preparing Preliminary Landscaping Studies for the
branch lines of Portalegre and Moura in order to implement those infrastructures on these channels.
The plan also calls for holding a Technical Seminar about implementing, building, maintaining and
managing Ecotracks. The organisers will invite various entities that have been involved in this type of
infrastructure such as universities, landscaping companies and the very municipalities. The seminar will
be held to ensure REFERs participation within the scope of the European car-free week.
Various studies to enhance property assets are also planned for 2008 and which will cover inactive
properties in various lines in Alentejo and Trs-os-Montes.

47

7 SAFETY
A
bout 2,100 trains circulate daily on the National Railway Network which, in 2007, corresponded
to about 40.5 million TK, a 3.6% increase over 2006. Most of the trains (about 80%) provide
passenger services.
REFER continuously strives to always ensure the safety of passengers, of its personnel and of the
personnel of railway operators and service providers. The company is also always concerned with the
safety of those who use level crossings. Additionally, safety measures are also implemented for
transported cargo, rolling stock and fire prevention in forests surrounding railroad tracks. Without loss to
good practises among the various participants in the railroad transport system, emphasis goes to
characterising situations of risk in order to apply risk-control preventative measures by implementing
corrective measures, thus contributing to increased safety and better cooperation between the various
entities.
However, to ensure effective safety, three essential aspects must be taken into account: compliance
with the railway regulations; actions in deteriorated situations and in emergency situations; and
maintaining a link with all interested external entities. The first two aspects depend somewhat on
compliance with regulations. These regulations, to the extent possible, are influenced by changes in
market regulations (domestic and foreign), and by technological advances of infrastructure
construction systems and by circulation management and control. Accordingly, ongoing updates
have been made to the Railway Regulations that, since REFER was founded in 1997, have been highly
implemented at all levels of the railway system, which has called for a constant renewal of structural
assets, whether human resources or technological resources. We highlight the service start-up in late
2007 of the e-Regulations application which now makes it possible to manage and prepare, approve,
publish and distribute the Operation Regulations completely through electronic means without
needing to distribute hard copies.
In accordance with Railway Regulations, the sector has experienced its greatest transformation since
48
the 90s through the newly presented, transposed and implemented E.U. legislation packages for the
railway sector. These packages aim essentially to create a network of railway transport at the European
level and to standardise systems and conventional technical equipment, thus creating a safer and
more sustainable interoperability among member states. The impact of these goals is felt in the way
the national railway networks of each member state are adapted and transformed to comply with this
European policy not only in terms of a European vision, but also regarding the national strategic
options. And it is within this scenario that Operation Safety complies with, promotes and contributes,
jointly with all entities with which REFER interacts, to improved operation capacity and intrinsic safety of
the National Railway Network.

In 2007, special relevance was placed on identifying significant accidents in order to have reliable
data for the Common Safety Indicators as they are currently defined in Regulation 91/2003 CE. This
accident identification policy, which has been implemented since 2004, was improved, in particular
by holding meetings with operators in the presence of the regulatory entity.
Note also that, at the end of 2007, about 80% of trains circulating on the REFER network were covered
by Automatic Braking systems and Ground-Train Radio.
Deteco de caixas e rodas quentes Additionally, the SDCRQ system (Overheated Wheels and
Axle Boxes Detection System) was strategically installed at
seven network sites to cover about 80% of the long-haul
traffic, and which began operating in October 2007. This
system has already made it possible to identify potentially
dangerous situations in rolling stock, which were immediately
controlled and eliminated, thus contributing to greater safety.
An obstacle detection system (ODS) began operating at a
level crossing on the Oeste Line. This system detects the presence of obstacles on the level crossing
and warns approaching trains through a light signal.
Thus in 2007, REFER reinforced the existing safety equipment by expanding the network covered by the
CONVEL and by introducing the new aforementioned systems, all of which have contributed to
prevent railway accidents.
In 2007, nearly 88% of significant accidents resulted from accidents at level crossings and persons hit
along the track and at stations and stops. In most cases, these accidents were caused by train users
and pedestrians who did not comply with safety rules and restrictions. The company must thus
maintain its current policy to eliminate and reclassify level crossings and to increase its control over
impropriate railway use by pedestrians.
Safety and health at work actions were based on compliance with the legal requirements and the
development of social responsibility principles. Accordingly, in addition to having provided medical
surveillance for workers, the company also significantly reinforced the evaluation and control of risks at
work sites, as well as training and information for workers. On the other hand, the company took
measures at some work sites and social facilities to improve the wellbeing of its employees. 49
As for activities regarding the safety of persons and goods, we point out the reinforcement of video
surveillance systems at train stations and at other critical areas of the infrastructure. The company also
implemented access control systems at the buildings with the highest employee occupation rates. To
increase the company's capacity to overcome emergency situations, REFER prepared four
emergency plans and various railway building evacuation plans.

50

8 HUMAN RESOURCES
CHARACTERISATION OF EMPLOYEES
I
n 2007, on average the company had 3,579 6000
employees, consequent to 90 employees who left the

5000
company and 68 new employees who were hired, of
4000
which 52 were for upper management.
At the end of the year, REFER had 3,573 employees. 3000
2001 2002 2003 2004 2005 2006 2007
The company thus maintained the trend of reducing its
workforce 2% of the average workforce although at a December Average
lower rate than in past years.
Total wages reached a value very similar to that

1%
12% in the previous year: 81 million. Since 2000,
2%
6%
the rate of overtime work has been decreasing.
5% In 2007, overtime work fell the most ever, falling
3% to an annual average of less than 5.5%.
5%
3% 56%
7%
Base wage Other Fixed

En-route/shift subsidy Overtime
Night / compensated work Bonuses
Meal subsidy Travel
Holiday subsidty + 13th month Additional remunerations
The year of 2007 marked the development of Human Resources Management instruments regarded
51
as fundamental for the company's activities.
In July 2007, a new Career System took effect that replaced the 1999 Career Regulations. Some
fundamental changes resulted from applying the new system. The company implemented a policy
covering technical careers allowing for more flexible and personalised personnel management, which
promotes the trend toward individualising wages and introducing position distinctions within the various
technical career categories.
For non-technical careers, the company rationalised the career advancement system and updated
the base and top ranks within the various professional categories.
In 2007, the company re-applied its Performance and Potential Analysis System, an instrument that is
crucial for recognising and compensating personnel performance.

In 2007, the company also restructured the Training Model according to the personnel professional
development and knowledge development strategy at the company. The years main Training Plan
indicators will exemplify the initiatives carried out by the company. A total of 650 training actions were
held, corresponding to a physical attendance of 88%, in a total of 4,400 training hours that implied a
physical presence of 82% compared to what had been planned. These training actions involved
about 5,000 trainees. On average, 17 hours of training were attended per employee.
An Organisational Setting Diagnosis was also performed, which is a fundamental instrument for
determining how personnel perceive the crucial aspects of their activities at the company. This
diagnosis is used to make decisions about measures to improve the organisational setting.
In order to renovate and reinforce the companys technical staff, recruitment programs were carried
out that emphasised the acquisition of personal and technical skills appropriate for fulfilling each units
business goals which are critical for meeting the corporate strategy.
The in-house management, mobility and communication policy also attempted to maintain pace
with the companys needs.
Within this scope, we highlight the actions carried out to ensure the success of implementing the
Lisbon OPC, in particular to meet the needs for skills to make this facilitys start-up feasible and by
promoting the link between the company, employee representation entities and participating
personnel.
52

53

9 REFER SHAREHOLDINGS
R
REFER has shareholdings in a number of companies that were founded for the railway sectors
reorganisation, which began in the 80s even before REFER was founded, and that
complement railway infrastructure management activities.
REFER Rede Ferroviria Nacional, EP
TELE- PROPERTY VOCATIONAL RAIL-RELATED COMMERCIAL

COMUNICATIONS AREA
MANAGEMENT TRAINING BUSINESSES MANAGEMENT
REFER
INVESFER, SA FERNAVE, SA FERBRITAS, SA CP COM, SA
TELECOM, SA
99,99% 10% 98,43% 80%
100%
GIL, SA
33%
RAVE, SA
40%
METRO
MONDEGO, SA
2,50%
Affiliated Companies and Main Activities
Of the REFER shareholdings, emphasis goes to the following companies in which the parent company
54
has a stake of over 50%.
Sets up, manages and operates telecommunications infrastructures and

systems, renders telecommunications services and any complementary,
subsidiary or accessory activities, directly or by setting up or obtaining
shareholdings in other companies.
Promotes and commercialises land and buildings, manages property

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

Renders consultancy and technical, industrial and commercial assistance

services in transport and other fields, carries out public works and construction
contracts, industrial and commercial quarry operations and carries out quality
management at construction undertakings.
Promotes and commercialises current or future shops and commercial spaces

at stations and terminals of the Portuguese railway.
Note that the company INVESFER, S.A., was subject to capital increases in 2007.
The following indicators in 2007 were the most significant in the REFERs affiliated companies:
(euros)
REFER SUBSIDIARIES Refer Telecom Invesfer Ferbritas CP Com
Turnover (euros) 20.425.633 2.111.524 15.475.340 5.459.313
Number of employees 139 25 216 9
55

56

10 OUTLOOK
Establishing a stable, responsible and transparent framework in the relationship between the state and
REFER, by specifying the rights and obligations of both parties, in terms of infrastructure management
and investment in long-duration infrastructures (LDI), will undoubtedly be the goal to be met in the
medium term. As already stated, this goal complies with the Strategic Guidelines for the railway sector,
which points toward a progressive outsourcing of the public service rendered by the infrastructure
manager until 2010 and aims to contribute to defining an efficient and sustained management
framework for the national railway infrastructure.
As is known, the user fees paid by the railway passenger and cargo operators covers only part of the
railway infrastructure management costs. It is expected that the User Fees revenue will remain similar to
the amounts in 2007. The remaining revenue, safeguarding operation efficiency, should have a public
compensation, which is still not the case.
To improve operation efficiency, the company will maintain its efforts to rationalise its means and
resources. Accordingly, work will be maintained to implement an asset management process
enabling the company to analyse investments/maintenance based on the respective lifecycle.
In its investments in LDI, in compliance with the strategic guidelines by the supervising ministries,
investments will be maintained for measures to integrate the countrys main railway lines with the Trans-
European Transport Network (North Line, Sines - Spain, Alccer Alternative route), to develop urban
accesses (Lisbon and Porto metropolitan areas), to coordinate intermodal transport (links to ports and
industrial parks), to develop regional and interregional accesses (Beira Baixa Line, Oeste Line, Algarve
Line) and to ensure the safety, quality and efficiency of the transport system (OPC, elimination and 57
alteration of level crossings, among others).
The financing model for building of infrastructures must also be clarified, since REFER has been
financing a high percentage of these investments through loans.

58

11 INCOME APPLICATION PROPOSAL
I
n accordance with the provisions in force, it is proposed that the net income for the year a deficit
of 162,830,401 euros be transferred to retained income.
Lisbon, 27 March 2008
THE BOARD OF DIRECTORS
CHAIRMAN Lus Filipe Melo e Sousa Pardal
VICE-CHAIRMAN Alfredo Vicente Pereira
MEMBER Romeu Costa Reis
MEMBER Alberto Castanho Ribeiro 59

MEMBER Carlos Alberto Fernandes

60

12 FINANCIAL STATEMENTS AND ANNEXES (IFRS)

FINANCIAL STATEMENTS
BALANCE SHEET - IAS/IFRS

On 31 December 2007 (euros)
Items Notes 2007 2006
Assets
Long Duration Infrastructure Investment Activities

6. 1.064.647.663 809.087.112
Non-current
Tangible fixed assets 7.1.1. 49.996.752 50.518.439
Intangible assets 7.2. 2.593.203 5.140.553
Investments in subsidiary and associated companies 7.3.1. 30.712.687 18.881.151
Financial assets available for sale 7.3.3. 0 46.181
Loans and receivables 7.3.4. 39.529.625 54.454.625
122.832.267 129.040.948
Current
Financial activities at the fair value through results 7.3.5. 0 54.000.000
Derivative financial instruments 7.5. 35.135.954 25.337.633
Inventories 7.4. 12.443.689 14.131.356
Clients and other receivables 7.6. 122.319.360 149.593.156
Receivable income tax 970.234 1.451.725
Cash and cash equivalents 7.7. 209.719 15.955.730
171.078.956 260.469.600
Total assets 1.358.558.886 1.198.597.660
Equity
Capital and reserves attributable to shareholders

Capital 305.200.000 305.200.000
Adjustments to the value of financial assets 0 -37.167
Cumulative results -1.116.124.148 -953.974.118
-810.924.148 -648.811.285
Results in the year attributable to shareholders -162.830.401 -162.150.029
Total equity -973.754.549 -810.961.314
Liabilities
Non-current
Loans obtained
Liabilities for retirement benefits
Provisions
7.9.
7.11.
7.12.
1.600.000.000
0
11.048.392
1.600.000.000
3.781
23.535.745
61
1.611.048.392 1.623.539.526
Current
Loans obtained 7.9. 480.679.653 176.144.102
Derivative financial instruments 7.5. 74.043.570 38.522.071
Supplies and other payables 7.10. 165.628.357 170.314.402
Payable income tax 7.13. 913.463 1.038.873
721.265.043 386.019.448
Total liabilities 2.332.313.435 2.009.558.974

Total equity and liabilities 1.358.558.886 1.198.597.660

BOARD OF DIRECTORS
FINANCIAL DIRECTOR
Alberto Manuel Diogo VICE-CHAIRMAN

HAIRMAN Alfredo Vicente Pereira
CHARTERED ACCOUNTANT MEMBER Romeu Costa Reis
MEMBER Alberto Castanho Ribeiro

Isabel Rasteiro Lopes
TOC 23435
62

PROFIT AND LOSS ACCOUNT

on 31 December 2007
(euros)
Items Notes 2007 2006
Sales and rendered services 7.14. 73.212.389 88.240.058

Change in inventory of finished products and products in progress 7.4. 0 -15.410.253
Cost of sales -7.806.393 -7.088.615
External supplies and services 7.15. -108.136.743 -104.016.796
Personel costs 7.16. -85.598.462 -93.105.828
Depreciation and amortisation in the year -4.676.092 -5.355.201
Provisions for other risks and charges -141.351 -5.436.366
Adjustments to inventories and receivables 6.530 675.989
Other expenses 7.17. -6.417.192 -8.300.087
Other revenue 7.18. 42.485.303 48.088.989
Operating Results -97.072.010 -101.708.111
Financial costs 7.19 -228.034.130 -195.033.966

Financial income 7.19 158.009.541 134.739.840
Gains / losses in associated companies 7.19 4.355.555 -14.399
Pre-tax Results -162.741.045 -162.016.636
Tax in the year 7.20.2. -89.356 -133.393
Net Profit for the Year -162.830.401 -162.150.029
To be read jointly with the Notes to the Financial Statements.
FINANCIAL DIRECTOR BOARD OF DIRECTORS

Alberto Manuel Diogo
CHARTERED ACCOUNTANT VICE-CHAIRMAN Alfredo Vicente Pereira
Isabel Rasteiro Lopes MEMBER Romeu Costa Reis

Chart. Account. no. 23435

63
NOTE:
REFER is not covered by IAS 33, and thus its results are not presented per share since its share capital
has the legal status of "Statutory Capital fully held by the Portuguese state and is thus not represented
by shares or by any other type of certificates.

STATEMENT OF EQUITY ALTERATIONS IAS-IFRS

on 31 December 2007
(euros)
Adjustments of
Share Capital Reserves Cumulative Results Total Equity
Financial Assets
Balances on 01 January 2006 305.200.000 199.070 -40.556 -953.974.119 -648.615.605

Subsidies and donations in the year -199.070 -199.070
Adjustments to financial assets 3.389 3.389
Results in 2006 -162.150.029 -162.150.029
Balances on 31 December 2006 305.200.000 -0 -37.167 -1.116.124.147 -810.961.315
Subsidies and donations in the year -
Adjustments to financial assets 37.167 37.167
Results in 2007 - -162.830.401 -162.830.401
Balances on 31 December 2007 305.200.000 -0 - -1.278.954.549 -973.754.549
FINANCIAL DIRECTOR BOARD OF DIRECTORS


CHARTERED ACCOUNTANT
Isabel Rasteiro Lopes MEMBER Romeu Costa Reis

Chart. Account. no. 23435
64

CASH FLOW STATEMENT

Period ending on 31 December 2007 (euros)
2007 2006
Operating Activities
Receipts from clients 78.000.384 78.973.917
Payments to suppliers -141.177.801 -144.210.409
Personnel payments -104.983.742 -118.211.080
Flow generated by the operations -168.161.159 -183.447.571
Income tax payment/receipt

Other payments/receipts from operating activities 25.044.999 84.065.743
Flow from operating activities (1) -143.116.160 -99.381.829

Investment Activities
Receipts from:
Investment subsidies 142.937.779 77.848.385
Interest and similar income
142.937.779 77.848.385
Payments for:
Financial investments
Tangible assets 234.887.505 229.573.371
Intangible assets
234.887.505 229.573.371
Flow from investment activities (2) -91.949.726 -151.724.986
Financing Activities
Receipts from:
Loans obtained 479.966.321 1.200.000.000
Reserves
Interest 94.842.143 25.641.718
574.808.463 1.225.641.718
Payments for:
Loans obtained 86.320.868 808.925.741
Interest and similar costs 269.167.721 153.390.398
Others
355.488.588 962.316.139
Flow from financing activities (3) 219.319.875 263.325.579
Changes in cash and cash equivalents (4)=(1)-(2)+(3) -15.746.011 12.218.764
Exchange rate effects 0 0

Cash and cash equivalents at the end of the period
Cash and cash equivalents at the beginning of the period
209.719
15.955.730
15.955.730
3.736.966 65
Changes in cash and cash equivalents -15.746.011 12.218.764
BOARD OF DIRECTORS
FINANCIAL DIRECTOR

CHARTERED ACCOUNTANT
Isabel Rasteiro Lopes

Chart. Account. no. 23435 MEMBER Romeu Costa Reis

Annex to the Cash Flow Statement
(euros)
2007 2006
Description
Cash 21.204 21.535
Bank deposits 188.515 15.934.195
Liquid Funds in the Balance Sheet 209.719 15.955.730
Notes not included in this annex are not applicable
66

NOTES TO THE FINANCIAL STATEMENTS
1. ACTIVITIES
Rede Ferroviria Nacional REFER, E.P., abbreviated to REFER, E.P.,

founded through Decree-Law no. 104/97, of April 29, is a public
corporate entity with administrative and financial autonomy and its own
assets, subject to supervision by the Ministry of Finance and the Ministry
of Social Equipment, with its head office at the Santa Apolnia station in
Lisbon.
REFER, E.P., mainly renders a public service of managing the overall

national railway infrastructures and also builds, installs and renews railway
infrastructures.
To diligently render a highly efficient and effective service, REFER relies

on complementary services in business areas not covered by its main 67
activities, but that are performed by its subsidiaries.

2. COMPANYS MISSIONS
ISSIONS
Since the company began applying the principles of the International Financial Reporting Standards
(IFRS), its Long Duration Infrastructure Investment Activities were separated from Infrastructure
Management:
2.1 Investments on Long Duration Infrastructures (LDI)

Covers the investments associated to:
New infrastructures and/or network expansion;

Modernisation and rehabilitation, by introducing new technology in the operation mode;
Replacement, which includes interventions resulting in lasting improvements or that are
susceptible of increasing the value and/or lifetime of the asset whilst not altering the operation
conditions;
REFER, EP obtains the necessary financing for its investments, as described above, through loans from
financial institutions, suppliers, capital contributions by the shareholder or by obtaining subsidies.
2.2 Investments in support and management structures (ISMS)

These cover all investments without implications on railway concessions and operation, grouped into
studies (e.g. organisational) and operation investments (e.g. furniture and computer equipment).
3. ACCOUNTING POLICIES
The accounting policies used to prepare these financial statements are described in the following
paragraphs and were applied in a consistent manner for the indicated years.
There are new standards, along with alterations and interpretations of existing standards that,
although already published, are of mandatory application only for annual periods starting on 1
March 2007 or on a later date, and which REFER decided not to apply early, particularly the
alterations/reviews regarding:
68
IAS 1 (review), presentation of the financial statements (to be applied for the years that begin
on or after 1 January 2009).
IAS 23 (alteration), costs of loans (to be applied for the years that start in or after 1 January
2009).
IFRS 2 (alteration), payments based on shares (to be applied for the years that start in or after 1
January 2009).
IFRS 3 (review), concentration of activities and IAS 27 (review), individual and consolidated
financial statements (to be applied to years starting on or after 1 July 2009).

IFRS 8, Operational Segments (to be applied to years that start on or after 1 January 2009),
which replaces IAS 14 and converges in the report per segments with US GAAP, SFAS 131.
IFRIC 11, IFRS 2 Operations with own shares (to be applied for years that start on or after 1
March 2007).
IFRIC 12, concession contracts (to be applied to years that start on or after 1 January 2008).
IFRIC 13 client loyalty programs (to be applied to years that start on or after 1 July 2008).
IFRIC 14 limitation of assets arising from defined benefits plans and their interaction with
requirements of minimum contributions (to be applied to years starting on or after 1 January
2008).
3.1 Presentation Bases

The financial statements presented herein reflect the companys results for the years ending on 31
December of 2007 and 2006.
These financial statements were assessed by the Board of Directors at a meeting held on 27 March
2008, which decided to submit them to approval by the supervising ministries. The Board of Directors
is of the opinion that these financial statements truly and appropriately reflect the operations by
REFER, its financial position and performance and its cash flows.
All amounts are shown in euros (), except when indicated to the contrary.
In accordance with Regulation (CE) no. 1606/20021 of the European Parliament and of the Council
of 19 July 2002, in its transposition to the Portuguese legislation, through Decree-Law 35/2005, of
February 17, the financial statements of REFER were prepared, as of 2005, according to the
International Financial Reporting Standards (IFRS) as adopted by the European Union (EU).
The financial statements of REFER presented herein were prepared according to the principle of
historic costs, except for financial assets and liabilities recorded at the fair value, in particular
derivative financial instruments, which are recorded at the respective market value, except for those
for which the fair value is not available.
Preparation of the financial statements according to the IFRS requires that the company formulate
judgements, estimates and presuppositions that affect the application of the accounting policies
69
and the amounts of income, costs, assets and liabilities.
Estimates and associated presuppositions are based on historic experience and on other factors
regarded as reasonable according to the circumstances and form the basis for the judgements on
the values of the assets and liabilities whose valuation is not evident through other sources.
Issues requiring greater judgment detail or complexity, or for which the presuppositions and estimates
are regarded to be significant, are presented in Note 4 (Main estimates and judgements used for
preparing the financial statements).

3.2 Bases for Preparing the Financial Information

Reference dates
The financial statements include, with reference to 31 December 2007, the companys assets,
liabilities and results.
Shareholdings in subsidiary companies

According to the concepts stipulated by IAS 27 Consolidated and individual financial statements,
group companies (subsidiaries) are companies controlled by REFER, E.P.
A situation of control exists when REFER, EP holds the majority of votes in the respective company.
Control over a company may also exist when the holding company holds direct or indirect power to
manage the financial and operation policies to obtain benefits arising from its activities, even when
its shareholding is less than 50%.
The acquisition of subsidiaries is recorded by the purchase method.
The acquisition cost is measured by the fair value of the delivered assets, capital instruments issued
and liabilities incurred or assumed on the acquisition date plus costs directly attributed to the
acquisition.
The identifiable acquired assets and the contingent liabilities in a corporate concentration are initially
measured at the fair value on the acquisition date, regardless of the existence of minority interests.
The acquisition cost exceeding the fair value of the companys shareholding in the identifiable
acquired assets, goodwill, is recorded in the value of the financial shareholding. The goodwill is
tested for impairment as part of the investment in the group company whenever there is an
indication of lost value.
If the acquisition cost is less than the fair value of the net assets of the acquired subsidiary, the
difference is recognised directly in the profit and loss account.
Financial shareholdings in associated companies 70

As stipulated in IAS 28 Investments in associated companies, the latter are regarded as companies
in which a significant influence is exercised over their financial and operation policies, although a
control is not maintained.
A significant influence is presumed to take place when the company has the power to exercise more
than 20% of the voting rights in the associated company.
These financial stakes are presented by the asset equivalence method, that is, the financial
statements include the company's stake in the total recognised gains and losses of the associated
company from the date on which the significant influence starts until the date on which it actually

terminates. The company's shareholdings in associated companies includes goodwill (net of losses
by impairment) determined on the acquisition date.
3.3 Tangible Fixed Assets

Tangible fixed assets recorded in the companys balance sheet refer to equipment used by REFER,
EP, for infrastructure management purposes and not covered by Long Duration Infrastructure
Investment activities.
Tangible fixed assets designated as Long Duration Infrastructures belong to the Public Railway
Domain and REFER, EP, merely has access to render the "infrastructure management" services. The
said infrastructures are recorded in the balance sheet item "Long Duration Infrastructure Investment
Activities," since they are not qualified as assets controlled by the company. These assets, in addition
to acquisitions and constructions, also include the assets of disabled offices and properties
transferred from CP.
Tangible fixed assets are recorded by the acquisition and/or transfer values. The financial costs of
purchasing long-duration infrastructures (LDI) are capitalised during their lifetime and are part of the
cost of building state assets by REFER, E.P.
Maintenance and repair costs that do not increase the lifetime of these assets are recorded as costs
in the year in which they take place.
Gains or losses in the disposal of assets are determined by the difference between the assets
realisation value and its accounting value, and are recognised in the profit and loss account.
Financial Leasing Contracts

Assets being used under leasing contracts, for which all the leased assets possession risks and
advantages are substantially assumed, are classified as tangible fixed assets according to IAS 17 71
Leasing.
Assets acquired through financial leasing operations are depreciated according to the companys
policy for tangible fixed assets of the same type.
Instalment payments consist of the financial expense and the financial amortisation of the principal.
Expenses are assigned to the respective periods during the leasing term in order to obtain a constant
periodic interest rate applicable to the lessors remaining net investment.

The company has a variety of leased equipments, in particular administrative equipment (see note
7.1.1).
Depreciation
Depreciation is calculated based on the acquisition value by applying the equal annual amounts
method at the rates corresponding to each type of assets expected lifetime. The main annual
amortisation rates (in %) are shown in the table below:
Item %
Land Not amortised
Buildings and other structures 2 - 100
Basic equipment 3,33 - 100
Transport equipment 4 - 100
Tools and utensils 12,5 - 100
Office equipment 12,5 - 100
Other tangible assets 12,5 - 100
An assets lifetime is reviewed at the end of each year so that depreciation complies with the asset
consumption pattern. Alterations to an assets lifetime are handled as an accounting estimate
alteration and are applied prospectively.
Assets assigned to Long Duration Infrastructure Investment Activities are not subject to depreciation.
3.4 Intangible Assets

Intangible assets recognised in the companys balance sheet refer essentially to software licences.
Intangible assets are recorded at the acquisition cost minus amortisation.
Amortisation
Amortisation
Amortisation is calculated based on the acquisition value by the equal annual amounts method
72
during a 3-year period.
Movements in the item of intangible assets and respective depreciation, indicated in the balance
sheet, are described in note 7.2.
3.5 Financial Assets

The company classifies its investments on their trade date according to the objective that
determined their acquisition, in the following categories: financial assets at the fair value through
results (held for negotiation and fair value option); loans and receivables; assets held until maturity;

and financial assets available for sale, according to what is recommended by IAS 39 - Financial
instruments.
Financial assets at the fair value through results

This category includes: (i) negotiation financial assets which are acquired for the main purpose of
being traded in the short term, and (ii) financial assets designated at the time of their initial
recognition at the fair value with variations recognised in the results. After their initial recognition,
financial assets at the fair value through the results are valuated at the fair value, and variations are
recognised in results.
This category includes derivatives that are not qualified for the purpose of hedge accounting.
Alterations to their fair value are recognised directly in income for the year according to the
accounting policy described in note 3.9.
Loans and receivables

receivables
These correspond to non-derivative financial assets, with fixed or determined payments, for which
there is no active securities market. They arise from normal operation activities, in the supply of goods
or services, and are not meant for negotiation and for which the company does not have the
intention or capacity to hold until maturity.
Loans and receivables are accounted by the amortised cost based on the effective rate method,
minus impairment losses.
Impairment losses are recorded based on the estimate and evaluation of losses associated to
doubtful debt on the balance sheet date.
Provisions are recorded for losses by impairment when there are objective indicators that REFER EP will
not receive all the amounts to which it is entitled according to the original terms of the signed
contracts. In identifying situations of impairment, various indicators are used such as:
Default analysis;

Default for over 6 months;
Debtors financial difficulties;
73
Debtors bankruptcy probability.
When the amounts to be received from clients or other debtors and which have fallen due are
subject to a renegotiation of the respective terms, they are no longer regarded as due and are
handled like new credit.
Impairment losses correspond to the difference between the accounting value of the asset and the
current value of estimated future cash flows (taking into account the recovery period) discounted at
the effective original interest rate of the financial asset.

These assets are shown in the balance sheet, net of the recognised impairment.
Financial assets held until maturity

These investments are non-derivative financial assets with stipulated or determinable payments and
specified maturities, for which there is the intention and capacity of holding them until maturity.
These investments are valuated at the amortised cost based on the effective rate method and are
deducted impairment losses.
Impairment losses are recorded based on the estimate and evaluation of losses associated to
doubtful debt on the balance sheet date.
Impairment losses correspond to the difference between the accounting value of the asset and the
current value of the estimated future cash flows (taking into account the recovery period) discounted
at the effective original interest rate of the financial asset.
These assets are shown in the balance sheet, net of the recognised impairment.
Financial assets available for sale

Financial assets available for sale are non-derivative financial assets that:
The company intends to maintain for an indefinite time;
Are designated as available for sale at the time of their initial recognition or;
Are not covered by the above categories.
Financial assets available for sale are recorded at the fair value and the respective fair value
variations are recognised directly in equity in the fair value reserves item until the investments are
derecognised or until an impairment loss is identified, at which time the accumulated amount of
potential gains and losses recorded in reserves is transferred to results.
If a market value does not exist, the assets are maintained at the acquisition cost, although
impairment tests should be performed.
Interest earned from fixed income instruments, when classified as assets available for sale, and the
differences between the acquisition cost and the nominal value (premium or discount) are recorded
in results according to the effective rate method. 74
Shareholdings that are not holdings in group companies, joint undertakings or associated companies
are classified as financial assets available for sale, IAS category 39.
3.6 Fair value of financial assets and liabilities

When determining the fair value of a financial asset or liability, if there is an active market, the market
price is applied. If there is no active market, which is the case for some financial assets and liabilities,
valuation techniques generally accepted in the market are applied based on market
presuppositions.

REFER EP applies valuation techniques for unlisted financial instruments, such as derivatives, for
financial instruments at the fair value through results and for assets available for sale. The valuation
models used most frequently are discounted cash flow models and options models that include, for
example, interest rate curves and market volatility.
For some types of more complex derivatives, more advanced valuation models are used containing
presuppositions and data that are not directly observable in the market, for which REFER EP uses in-
house estimates and presuppositions.
3.7 Impairment of Non-

Non-current Assets
According to IAS 36 Impairment of assets, whenever an assets accounting value exceeds its
recoverable amount, its value is decreased to the recoverable amount, and the loss by impairment
is recognised in results for the year. Thus, the recoverable value is determined for assets with
indications of potential losses by impairment.
3.8 Inventories
Goods, as well as raw, secondary and consumption materials are valuated at the lowest value
between the acquisition or production cost and the net realizable value.
The acquisition or production cost includes all purchase costs, conversion costs and other costs
incurred to place the inventories at the location and in their condition for use or sale. The net
realisable value is the estimated sale price during the normal period of activity minus the respective
sale costs, as stipulated in IAS 2 - Inventories.
Goods leaving the warehouse (consumption) are valuated at the average cost.
The cost is determined using the weighted average cost formula.
At its warehouses, REFER EP has materials to be applied for building tangible fixed assets in Long
Duration Infrastructure Investment Activities. These inventories are shown in the balance sheet in the
item Long Duration Infrastructure Investment Activities.
3.9 Derivative financial instruments

instruments 75
Derivative financial instruments are recognised on the date of their trade date by their fair value (IAS
39). Consequently, the fair value of derivative financial instruments is re-evaluated on a regular basis,
whereby the gains or losses arising from the said re-evaluation are recorded directly in results for the
period, except when in relation to hedge derivatives.
Recognising fair value variations of hedge derivatives, in results for the period, depends on the nature
of the hedged risk and on the hedging model applied.
The fair value of derivative financial instruments corresponds to their market value, when available, or
when not available, it is determined by external entities based on valuation techniques.

Hedge accounting
Hedge accounting is used whenever there is a relation between the hedged element and the
hedging instrument when the following conditions are met:
The hedging is identified and formally documented on the date when the hedge relation begins;
The hedging relation is expected to be highly effective on the transaction start date
(prospectively) and during the operations lifetime (retrospectively);
The effectiveness of the hedging may be reliably measured on the transaction start date and
during the operation's lifetime;
For cash flow hedging operations, it must be highly probable that the respective cash flow will
take place;
Hedging is evaluated on a continuous basis and effectively determined as having been highly
effective during the whole financial reporting period for which the hedging was assigned.
Fair value hedge

In a fair value hedge operation applicable to an asset or liability, the balance sheet value of that
asset or liability, determined based on the respective accounting policy, is adjusted to reflect the
variation in its fair value that may be assigned to the hedged risk. Variations in the fair value of
hedging derivatives are recognised in results, jointly with the fair value variations of hedged assets or
liabilities that may be assigned to the hedged risk. If the hedging no longer meets the required
criteria for the hedge accounting, the derivative financial instrument is transferred to the trade
portfolio and the hedged assets and liabilities are no longer adjusted by their fair value variations. If
the hedged asset or liability is a fixed income instrument, the revaluation adjustment is amortised until
its maturity by the effective rate method.
Cash flow hedge

In a cash flow hedge operation, when cash flow variability is highly probable, the effective part of the
fair value variations of the hedging derivative are recognised in reserves and are transferred to results
in the periods in which the respective hedged item affects results. The ineffective part of the hedging 76
is recorded in results when it takes place.
As of 31 December 2007, REFER does not qualify any of its derivative financial instruments as
hedging instruments.
3.10 Cash and cash equivalents

For cash flow statement purposes, cash and cash equivalents include amounts recorded in the
balance sheet and which also includes cash and liquid funds at other credit institutions.

Cash and cash equivalents include cash, bank deposits and other short-term investments, of high
liquidity and with initial maturities of up to 3 months.
3.11 Retirement pensions

REFER, EP does not provide any retirement plan to its employees. However, until 2007, the company
had been assigned the responsibility for paying benefits assigned to employees who were transferred
from CP - Caminhos de Ferro, EP.
REFER, EP was founded consequent to a spin-off from CP. Consequently, the employees from CP
came with all their acquired rights and benefits. Consequently, in 1998 and 1999 about one
thousand of these workers were pre-retired employees who worked in areas transferred to REFER, EP.
Because of this situation, REFER, E.P., was obliged to establish a provision of 25,285,517 that was
used in the years to which it refers. This provision ended in 2007 (Note 7.11).
3.12 Loans obtained
Long-
Long-term and debenture loans
The company recognises long-term and debenture loans as a non-current financial liability
according to IAS 39 Financial instruments; these financial liabilities are recorded (i) initially by their
fair value minus transaction costs and (ii) subsequently at the amortised cost, based on the effective
rate method.
REFER, EP has negotiated loans to finance the building of long duration infrastructures. These loans
are recognised in the balance sheet in the item Long Duration Infrastructure Investment Activities
(Note 6.4).
3.13 Payables to suppliers

suppliers and other creditors
The balances of suppliers and other creditors are recorded at the amortised cost.
The balances of suppliers and other creditors refer to the balances of payables to suppliers of the
companys operation activities. Balances of suppliers related with the acquisition/construction of
assets covered by Long Duration Infrastructure Investment Activities are recorded in the balance
sheet in the corresponding item.
77
3.14 Adjustments and Provisions
Adjustments are recognised when there are impairment losses in assets recorded in the balance
sheet, as described in the previous notes.
Provisions are set up in the balance sheet whenever there is an obligation (legal or implicit) arising
from a past event and whenever it may be reasonably estimated that the company must decrease
its resources, which include economic benefits, to liquidate its obligation (IAS 37 - Provisions,
contingent liabilities and contingent assets).

3.15 Recognising revenue

3.15.1 Revenue from sales and rendered services
According to the recommendation in IAS 18 Revenue, sales income is recognised in the profit and
loss account when the significant risks and benefits arising from the possession of the sold assets are
transferred to the purchaser.
Also according to the same reference, service rendering income is recognised in results in reference
to the actual performance of the work on the balance sheet date, regardless of its payment or
receipt.
3.15.2 User fee regulation
Through Decree-Law 104/97, of April 29, REFER was assigned the duty to render the public service of
managing the overall national railway network and also granted the right to charge railway
infrastructure user fees.
To fulfil this mission, REFER carries out three main activities: To manage conservation; to manage the
circulation command and control and safety systems; and to manage the railway infrastructure
capacity.
The conditions for rendering railway transport services and for managing the railway infrastructure are
stipulated in Decree-Law 270/2003, of October 28, whereby the autonomous networks are not
covered by this directory.
Regulation 21/2005, published by INTF in the 2nd Series of Dirio da Repblica of 11 March 2005, in
accordance with article 52, no. 2 of Decree-Law 270/2003, defines the user fee calculation methods
and rules.
User fees for essential services

a) Base fees
Essential services offered by the infrastructure manager include the following:
the minimum access package;
railway access to the service facilities and the supply of services;
the use of infrastructures and equipment for the supply, transformation and distribution of traction 78
electricity;
the rendering of emergency railway assistance within the terms stipulated in article 51 of Decree-
Law 270/2003.
The user fee owed for rendering essential services associated to using a time slot is stipulated as
follows:
R= ng=1 Tg * CKg
Where:
R Fee charged for rendering the essential services when using a time slot by a train.
g Uniform Group

Tg Base Fee defined in the Network Directory for each uniform group, according to the type of
service and type of traction used.
CKg Distance actually travelled by a train in each of the uniform groups that it crosses in its route.
The fees owed for rendering the essential services are charged in view of the whole capacity actually
used by each operator in the period covered by the invoice.
The amount to be paid by each operator depends on the type of train traction and the distance
travelled by the said trains between the service origin and destination, and the amount is determined
by the sum of the value of all sections travelled, determined by multiplying each sections length by
the applicable fee.
The invoiced amounts are subject to VAT at the legal rate in force.
b) User fee for requested capacity that is not used

The amount owed for the capacity requested and not used corresponds to:
a) 10% of the applicable user fee if the non-utilisation is notified before the technical timetable takes
effect for the year in which the capacity is distributed.
b) 25% of the applicable user fee if the non-utilisation is notified up to 12 weeks prior to the date for
which the capacity was requested;
c) 50% of the applicable user fee if the non-utilisation is notified up to six weeks prior to the date for
d) 75% of the applicable user fee if the non-utilisation is notified up to two weeks prior to the date for
e) 100% of the applicable user fee if the non-utilisation is notified within less than two weeks prior to
the date for which the capacity was requested.
Failure to notify the non-utilisation does not exempt train transport companies from these fees,
except when such is the fault of REFER or when caused by a disruption preventing railway circulation.
For a specific Technical Timetable, if a train transport company does not use more than 5% of the
requested capacity, when it reaches that reference amount, it shall pay an extra 5% of the fee
amount for each additional slot it requested and did not use, up to a limit of 500% of the applicable 79
user fee.
Invoiced amounts are subject to VAT at the legal rate in force.
User fees for additional services

a) Traction power
Since the access to traction electricity required by the operators may be provided only through the
infrastructures managed by REFER, the latter provides the operators with access to the means which
it manages.

If valid contracts were signed agreeing on the payment to REFER of any amount for services of
checking, invoicing and/or distributing power consumption, what is calculated according to the fee
regulations is taken into account until that amount is met.
b) Manoeuvres
Manoeuvre services are charged according to the mobilisation of human resources, in actual
minutes, and which may correspond to three professional categories: Manoeuvre Operator,
Circulation Operator or Circulation Controller.
The actual minutes are counted according to the actual time from the start of the mobilisation of
the human resources necessary for performing the manoeuvre activity until the time at which the
said human resources are available to perform another activity.
In the specific case of coupling and uncoupling, an average of 15 minutes per operation is taken
into account.
At stations where the services are available, but there is no specific crew at the site, the service
rendering time includes the travel time from the closest station with a crew.
The labour fees correspond to an average category price, determined based on the annual cost to
be applied regardless of the time period in which the services are rendered.
c) Parking of rolling
rolling stock
Parking on station lines not assigned to circulation for periods equal to or greater than 1 hour is
invoiced according to the following formula:
Te = 1.56 x H
Where:
Te the fee, in euros, for parking the rolling stock. This amount is subject to VAT.
H number of hours, rounded off by default, during which the rolling stock is parked.
Parking activities must be performed outside circulation lines used by routes for essential services.
In cases in which REFER exceptionally allows rolling stock to remain on circulation lines and until it
reviews the classification of the lines, a fee equivalent to the parking fees will be charged.
The fee is determined based on the conservation and maintenance costs of the infrastructures used, 80
that is, the lines not assigned to circulation.
d) Utilisation of Stations and Stops

REFER charges fees to rail transport companies for their right to use passenger stations and stops that
are not included in the essential services.
Fees for using passenger stations reflect the application of a model that takes into account various
factors that influence the costs associated to rendering additional services at the said stations,
including the number of train stops, a factor that absorbs and makes it possible to apply the real
utilisation rate.

The methodology was based on determining potential stops, which was based, first, on determining
the number of trains in each section corresponding to the usable capacity, subsequently taking into
account that the type of traffic found in the commercial schedule known on that date is maintained
for the purposes of determining the number of usable passenger trains. Lastly, to determine the
number of potential stops of commercial passenger traffic, it was determined that usable passenger
trains would comply with the stopping regime applied to the commercial schedule known on that
date.
The specified fees were determined based on the maintenance costs applicable to the passenger
support facilities, in particular waiting rooms, bathrooms and video surveillance equipment in
common areas.
Maintenance costs which are not included in the infrastructure user fee corresponding to essential
services are costs for cleaning, security, conservation and maintenance, including water and
electricity consumption. These activities will or will not be performed at stations/stops based on
agreement between REFER and the rail transport companies, and there is no systematic relation
between the listed activities and the indicated locations (for example, only some stations/stops have
security in waiting rooms, regardless of whether there may be other stations/stops classified under the
same category). If a rail transport company requests alterations to the services rendered at any
station or stop, the applicable rates are recalculated.
User fees for auxiliary services

Auxiliary services to be rendered by REFER are covered by the contract/protocol to be established in
each case with the rail transport company interested in the respective acquisition.
Services involving the use of REFER labour are invoiced according to the human resources mobilised.
Other fees
The Network Directory, the railway regulations and the technical documentation necessary for
studying the capacity requests are given to the interested parties, by request and payment of an
amount corresponding to the publication cost. 81
3.16 Income tax
Income tax refers to current taxes. Income tax is recognised in the profit and loss account except
when related with gains or losses recognised directly in reserves, in which case it is also recognised
directly in reserves (IAS 12 Income tax).
Current income tax is calculated according to the tax criteria valid on the balance sheet date.
Deferred taxes are calculated, based on the balance sheet responsibility method, according to the
temporary differences between accounting values of assets and liabilities and the respective taxable
income. Deferred taxes are determined by using the rate in force in the year in which it is estimated
that the temporary differences will be reverted. Deferred tax assets are recognised whenever it is

reasonably safe that future profits will be generated from which the said assets may be deducted.
Deferred tax assets are reviewed annually and reduced whenever it is no longer probable that they
might be used in the future.
3.17 Transactions in foreign currency

Transactions in foreign currency are converted into euros at the exchange rate in force on the
transaction date.
On the balance sheet date, monetary assets and liabilities indicated in foreign currency are
converted at the exchange rate applicable on that date, and the resulting exchange rate
differences are recognised as results in the year.
The main exchange rates used on the balance sheet date were as follows:
Currency 31-12-2007 31-12-2006

Swiss Franc (CHF) 1,6547 1,6069
Dollar (USD) 1,4449 1,317
Swedish Krona (SEK) 9,4415 9,0404
3.18 Subsidies
Investment subsidies assigned to REFER, EP, are recognised when it is reasonably certain that the
respective subsidy will be received. The subsidy is subsequently amortised in the proportion of the
depreciation of the subsidised tangible fixed assets in compliance with IAS 20 - State Subsidies.
Operation subsidies are recognised in the profit and loss account in the same period as when the
associated expenses are incurred, as of the moment when their receipt is probable.
Subsidies obtained for financing Long Duration Infrastructure assets acquired/built are recognised in
the balance sheet in the item Long Duration Infrastructure Investment Activities."
3.19 Information per segment

Business segment
82
A business segment is a distinct component committed to supplying an individual product or service
and that is subject to risks and returns different than those of other business segments (IAS 14
Segment reporting).
The company's main activity is rendering a public service of managing the overall infrastructure of
the national railway network.
When carrying out its activities, the company needs to rely on complementary services; however the
risks and returns associated to them are directly linked to its business activities.
In view of the aforementioned aspects, on 31 December 2007, only one business segment was
identified.

Geographical
Geographical segment
A geographical segment is a companys individual area committed to providing products or services
within a particular business environment and that is subject to risks and returns that are different from
those of the other areas that operate in other business environments.
On 31 December 2007, the national territory remains the only geographical segment.
4. MAIN ESTIMATES AND JUDGEMENTS USED FOR PREPARING

PREPARING THE FINANCIAL STATEMENTS
The IFRS lay out a number of accounting processes and require that the Board of Directors issue
opinions and make the necessary estimates to determine the most suitable accounting process.
The main accounting estimates and judgements used as the basis for applying the accounting
principles are discussed in this note in order to facilitate its understanding and to demonstrate how its
application affects the results reported by the company and their disclosure.
Since, in many situations, there are alternatives to the accounting process selected by the Board of
Directors, the results reported by the company could be different if another type of processing had
been selected.
The Board of Directors believes that its choices are appropriate and that the financial statements
adequately reveal the companys financial position and the result of its operations in all materially
relevant aspects.
The results shown by the alternatives analysed below are presented only to help readers understand
the financial statements and are not meant to suggest that other alternatives or estimates are more
suitable.
Fair value of derivative financial instruments

The fair value is based on market quotes, when available. When not available, the fair value is
determined based on recent transaction prices which are similar and performed under market
conditions or based on evaluation methodologies based on discounted future cash flow techniques,
in view of the market conditions, the value in time, the profitability curve and volatility factors, which
are determined by external entities. Consequently, the use of other methodologies or of different 83
presuppositions or judgements in applying a specific model could give rise to financial results
different than those reported.
Doubtful debt credits

Impairment losses regarding doubtful debt credits are based on the evaluation by the Board of
Directors on the probability of recovering the respective receivables, the age of the balances,
annulment of debts and other factors. There are certain circumstances and facts that may alter the
estimated impairment losses of receivables due to the presuppositions taken into account, including
alterations to the economic setting, the sector's trends, the credit position of the main clients and
significant defaults.

This evaluation process is subject to various estimates and judgements. The alterations of these
estimates may imply determining different levels of impairment and, consequently, different impacts
on results.
Recognising income/revenue
Costs and income are recorded in the year to which they refer, regardless of when they were paid or
received, according to the accrual concept of accounting. The differences between receipts and
payments and the corresponding revenue and expenses are recorded in the respective items of
assets or liabilities depending on whether they are receivables or payables. Earned interest is
recognised according to the accrual concept of accounting, taking into consideration the amount
owed and the effective rate during the period until maturity.
5. FINANCIAL RISK MANAGEMENT

MANAGEMENT POLICIES
5.1 Financial Risks

REFERs activities are exposed to a number of financial risk factors: credit risk, liquidity risk and interest
rate risk associated to cash flows arising from loans obtained, among others.
The risk is managed and supervised by the Financial Department based on policies approved by the
Board.
The Financial Department identifies, assesses and performs operations to minimise financial risks.
The Board defines the principles for managing the risk as a whole and defines policies applicable to
the specific areas, such as the risk of interest rate, credit risk, the use of derivatives and other non-
derivative financial instruments, as well as investment of excess liquidity.
Exchange rate risk management

management
The company is not subject to a significant exchange rate risk in its activities.
Credit risk management 84

The credit risk is related with the risk of another party defaulting on its contractual obligations and
resulting in a financial loss to REFER. REFER is subject to the credit risk in its operation and treasury
activities.
Since, due to the railway regulations in Portugal, REFER has only two direct clients CP and Fertagus
the credit risk arising from operation activities is essentially related with credits for services rendered to
third parties.
REFER has only two direct clients due to how the Portuguese railway market is organised, although this
factor does not pose a risk of concentrated credit for which it would be necessary to consider an
additional adjustment for the credit risk.

Impairment adjustments for accounts receivable are calculated taking the following into account:
The clients risk profile and its financial condition.
The following table provides a summary, on 31 December of 2007 and 2006, of the credit quality of
deposits, applications and derivative financial instruments with a positive fair value:
Financial Institutions (euros)
Rating 2007 2006
>=AA- 27.613.765 75.256.304

>=A- 7.709.972 20.014.719
< A-
Without rating 732 804
35.324.469 95.271.828
The applied ratings are those assigned by Standard and Poor's on the analysis dates.
Liquidity risk management

A prudent management of the liquidity risk implies maintaining a suitable level of cash and cash
equivalents to meet liabilities, associated to the negotiation of credit lines with financial institutions, a
model applied by REFER which has credit lines negotiated in a maximum amount of 1,178,500,000
euros, of which 688,243,340 euros have not been used. Similarly, a medium-term credit line has
been contracted in the overall amount of 500,000,000 euros, which has not been used.
The management regularly monitors REFERs liquidity reserve forecasts (including amounts of credit
lines not used, the back-up line and the amounts in cash and cash equivalents), based on the
estimated cash flows.
The table below shows the liabilities by REFER per residual and contractual maturity interval. The
amounts shown in the table are contractual cash flows not discounted.
85

(euros)
Less than 1 year From 1 to 5 years Over 5 years

31 December 2006
Loans Obtained
- Financial leasing
- Loans for investment activities 138.885.200 1.155.859.910 2.403.109.715
- Other loans 66.563.038 706.558.968 1.408.500.000
- Commercial paper 156.802.500
- Bank overdrafts 32.334.554
- Derivative financial instruments 7.203.137 18.229.225 28.104.310
Suppliers and accounts payable 88.723.917

Financial guarantees 3.534.963 3.994.889 13.164.260
31 December 2007
Loans Obtained
- Financial leasing
- Loans for investment activities 155.453.763 1.354.797.424 2.135.864.999
- Other loans 314.370.501 437.438.467 1.363.250.000
- Commercial paper 451.942.900
- Bank overdrafts 40.203.999
- Derivative financial instruments 21.427.807 32.403.581 46.931.679
Suppliers and payables 70.953.644

Financial guarantees 3.588.951 11.831.972 11.979.773
Interest rate risk management

Since 2003, REFER has actively managed its debt portfolio using derivative financial instruments to
cover the interest rate risk. The company is not subject to an exchange rate risk in its activities and
does not have liabilities associated to debt in any currency other than the euro. All contracted
derivatives have exactly the same maturity as the underlying contracts.
REFERs counterparties in derivative contracts are national and international financial institutions with a
high rating and credibility. Operations are covered by ISDA contracts according to international
standards. The main objective of the interest rate risk management is to provide protection from
interest rate increases, insofar as the company's revenue is immune to this variable and, thus, make 86
a natural coverage infeasible.
The type of instrument is selected based on an analysis of the cost/benefit applied to each case. In
addition to the main goal described above, REFER also performs operations to reduce the financing
cost at a fixed or variable rate. Occasionally, the company restructures its positions consequent to
market developments. In managing its portfolio, the company aims for diversification as a means of
maintaining a balanced portfolio and low volatility, by applying a conservative approach in relation
to the risks to be taken, regarding either the characteristics of the instruments or the index factors. This
strategy is the basis for the companys decision not to classify any of the derivative instruments as a
hedge, insofar as the non-assignable portfolio would have a potentially more unfavourable impact
on the results.

Interest rate sensitivity test

REFER periodically uses sensitivity analysis to measure the extent to which results would be influenced
by the impact of interest rate variations and volatility on the fair value of loans and derivative financial
instruments. This analysis is one of the means to help make interest rate risk management decisions
since, in practice, interest rates and volatility are rarely altered "ceteris paribus" and there are also
other variables that influence the fair value of those positions such as the time decay. The sensibility
analysis is based on the following presuppositions:
i) REFER uses derivative financial instruments to cover the interest rate risk associated to a medium
and long term loan indexed to variable interest rates. The financial flow of the underlying loan is
compensated with the receiving leg of the respective swap, resulting in a net position equal to that
of the paying leg of the respective swap;
ii) REFER uses derivative financial instruments to reduce financial charges associated to medium and
long term loans at a fixed rate. The financial flow of the underlying loan is compensated with the
receiving leg of the respective swap, resulting in a net position equal to that of the paying leg of the
respective swap;
iii) On 31 December 2007, the company had not recognised any loan obtained at the fair value;
iv) Alterations to the fair value of loans and derivative financial instruments and other assets and
financial liabilities are estimated by discounting future cash flows, using market rates at the time of
reporting.
Under these presuppositions, an increase or decrease of 0.5% and 5%, respectively, in the interest
rate curves of the euro, UK Pound Sterling or Swedish Krona and in their volatility curve on 31
December 2007 would result in the following variations in the fair value of the loans and derivative
financial instruments with the consequent direct impact on results:
Changes in the fair value of derivative financial instruments

Changes in the interest rate curve Changes in the volatility curve
-0,50% 0,50% -5% 5%
EUR
GBP
SEK
25.658.727 Euros
-10.341.241 Euros
2.146.810 Euros
-30.694.054 Euros
10.400.645 Euros
-3.591.437 Euros
36.644.583 Euros
-749.626 Euros
2.212.331 Euros
-35.032.189 Euros
1.062.558 Euros
-2.076.451 Euros
87
Changes in the fair value of loans
Changes in the interest rate curve
-0,50% 0,50%
EUR 86.456.487 Euros -80.935.974 Euros
Net effect on results
Changes in the interest rate curve Changes in the volatility curve
-0,50% 0,50% -5% 5%
EUR -60.797.760 Euros 50.241.920 Euros 36.644.583 Euros -35.032.189 Euros
GBP -10.341.241 Euros 10.400.645 Euros -749.626 Euros 1.062.558 Euros
SEK 2.146.810 Euros -3.591.437 Euros 2.212.331 Euros -2.076.451 Euros

5.2 Capital risk management

As for capital risk management, which is a broader concept than the capital shown in the balance
sheet, REFER aims to safeguard the continuity of the company's operations.
The contracting of loans is analysed periodically by weighing factors such as: i) the CAPEX needs and
ii) the financial needs for operation activities.
6. LONG DURATION INFRASTRUCTURE INVESTMENT

NVESTMENT ACTIVITIES
The balances indicated in the balance sheet as Long Duration Infrastructure Investment Activities
arise from investments in railroad infrastructures made on behalf of the state and include the
following assets and liabilities items:
i. Assets (LDI)
ii. Subsidies
iii. Working Capital
iv. Loans Obtained

6.1.1 LDI Long Duration Investments
2007
(euros)
Gross Assets Opening Balance Transf/Adj Increases Reductions Closing Balance
Tangible Fixed Assets - LDI

Land and natural resources 146.362.136 178.266 - 146.540.402
Buildings and other structures 3.688.179.809 63.519.267 647.195 - 3.752.346.271
Basic equipment 30.268.679 - - - 30.268.679
Fixed assets in progress 2.607.161.456 -65.118.624 332.303.269 - 2.874.346.101
Advances for tangible assets 13.490.673 -6.078.801 3.400.412 - 10.812.285
Total Gross Tangible Fixed Assets - LDI 6.485.462.753 -7.499.892 336.350.876 - 6.814.313.737
2006
(euros)
Gross Assets
Tangible Fixed Assets - LDI

Opening Balance Transf/Adj Increases Reductions Closing Balance
88
Land and natural resources 138.604.132 7.279.784 478.219 - 146.362.136
Buildings and other structures 3.461.128.623 226.894.118 157.068 - 3.688.179.809
Basic equipment 30.268.679 - - - 30.268.679
Fixed assets in progress 2.540.286.593 -239.011.385 305.886.248 - 2.607.161.456
Advances for tangible assets 14.299.600 -9.145.495 8.336.568 - 13.490.673
Total Gross Tangible Fixed Assets - LDI 6.184.587.627 -13.982.977 314.858.103 - 6.485.462.753
6.1.2 Capitalised financial costs

During the year, financial costs related with loans to finance these activities were fully capitalised.
As such, 132,811,131 euros were capitalised, of which 127,859,758 euros are interest for bank loans
and the remaining refer to Surety Fees and Stamp Tax for the said financing.

Capitalised financing costs refer only to assets in Long Duration Infrastructures (LDI).
01-01-2007 in the Year 31-12-2007
Interest 431.921.203 127.859.758 559.780.961

Surety fee 10.501.302 2.583.820 13.085.122
Stamp tax 2.367.553 2.367.553
Financial Charges 442.422.505 132.811.131 575.233.636
(euros)
01-01-2006 do Ano 31-12-2006
Interest 339.844.935 92.076.268 431.921.203
Surety fee 8.043.985 2.457.317 10.501.302
Financial Charges 347.888.920 94.533.585 442.422.505
6.2 Working Capital

This item refers to balances of working assets and liabilities associated to Long Duration Infrastructure
Investment Activities.
6.2.1 Inventories
This item refers to warehoused materials of REFER, EP, to be applied for building railway infrastructures.
(euros)
2007 2006
Inventories 19.369.150 8.789.638
6.2.2 Suppliers and Other Payables

The item of suppliers of fixed assets is explained essentially due to debts arising from works according
to the modernisation / renovation policy applicable to the railway lines.
(euros)
Current Liabilities
Suppliers of fixed assets, c/a
31-12-2007
75.706.435
31-12-2006
95.076.113
89
INVESTMENT ACTIVITY 75.706.435 95.076.113

6.3 Subsidies
Movements in subsidies
(euros)
31-12-2007 Opening Balance Increases Adjustments Closing Balance
Subsidies
Transferred:
From the extinct GNFL, GNFP, GECAF 678.085.773 - - 678.085.773
From CP ( Annex III and 2nd half year) 128.604.887 - - 128.604.887
From CP (Annex IV and V) 716.452.794 - - 716.452.794
Subsidies obtained:
PIDDAC (CAIDEP) 635.399.157 5.000.000 - 640.399.157
FEDER/IOT 417.429.411 49.847.732 - 467.277.143
COHESION FUND 704.080.240 83.881.064 - 787.961.304
DGTREN 1.725.185 - - 1.725.185
DGVII 10.259.003 2.790.104 - 13.049.107
Expo 98 31.147.349 - - 31.147.349
UE - Feder 7.101.823 - - 7.101.823
AP Lisbon 949.736 - - 949.736
INTF 158.713 - - 158.713
SETEP 8.479 - - 8.479
REN 2.418.465 - - 2.418.465
PRODOURO 67.338 - - 67.338
COPRNICOS 9.572 - - 9.572
AP Aveiro 373.529 - - 373.529
Others 15.000.000 15.000.000
Reserves - Investment Activities 3.334.271.454 156.518.900 - 3.490.790.354
(euros)
Subsidies
Transferred:
from the extinct GNFL, GNFP, GECAF 678.085.773 - - 678.085.773
from CP (Annex III and 2nd half-year) 128.604.887 - - 128.604.887
from CP (Annex IV and V) 716.452.794 - - 716.452.794
Subsidies obtained:
PIDDAC (CAIDEP) 630.890.756 4.508.401 - 635.399.157
FEDER/IOT 390.326.885 27.102.526 - 417.429.411
COHESION FUND 657.842.782 46.237.458 - 704.080.240
DGTREN 1.725.185 - - 1.725.185
DGVII 10.259.003 - - 10.259.003
Expo 98 31.147.349 - - 31.147.349
UE - Feder 7.101.823 - - 7.101.823
AP Lisbon 949.736 - - 949.736
INTF 158.713 - - 158.713
SETEP 8.479 - - 8.479
REN 2.418.465 - - 2.418.465
PRODOURO 67.338 - - 67.338
COPRNICOS 9.572 - - 9.572
AP Aveiro 373.529 - - 373.529
90
Reserves - Investment Activitiy 3.256.423.069 77.848.385 - 3.334.271.454
In 2007 and 2006, the following subsidies were received:

(euros)
Subsidies Received 2007 2006
PIDDAC (CAIDEP) 5.000.000 4.508.401
FEDER/IOT 49.847.732 27.102.526
DGVII 2.790.104 -
COHESION FUND 83.881.064 46.237.458
OTHERS 15.000.000 -
156.518.900 77.848.385

Others includes the participation by the Espinho Town Council based on its protocol with REFER for
placing the railway underground for crossing the city of Espinho on 30/07/2003. Note 3.18 describes
the policy for recognising subsidies.
6.4 Loans Obtained
The following table lists the loans assigned to the Investment Activities by REFER, E.P.:
INVESTMENT ACTIVITIY (euros)
2007 2006
Loans Obtained
Debts to credit institutions 2.511.222.280 2.491.871.855
2.511.222.280 2.491.871.855
91

6.4.1 Debts to Credit Institutions

6.4.1.1 Reimbursement termsterms and periods for loans to finance investment projects
2007
Amortization
Item Signing Date Owed Capital Interest payment Interest rate Last interest rate
Start date End date Interval
CP II E 29-06-1992 11.782.224,09 15-06-1998 15-06-2012 Annual 15-Jun Variable EIB 5,020%
fixed, reviewable
CP II B 19-09-1991 7.980.766,44 15-09-1997 15-09-2011 Annual 15-Set 3,930%
for 5-year periods
15-Mar variable EIB,

CP III North Line-B 14-07-1997 49.879.789,71 15-06-2008 15-06-2022 Annual 15-Jun cannot exceed
4,928%
15-Set Euribor
12-Jan 3M+0,15%
Douro Line 09-09-1996 39.504.793,46 15-09-2007 15-09-2016 Annual 15-Jun cannot exceed
4,928%
15-Set Euribor
3M+0,15%
15-Dez
Tagus River Railway Crossing 01-10-1996 89.783.621,47 15-09-2007 15-09-2016 Annual 15-Jun cannot exceed
4,928%
15-Set Euribor
15-Dez 3M+0,15%
Tagus River Railway Crossing-B 14-11-1997 66.506.386,22 15-09-2003 15-09-2017 Annual 15-Jun cannot exceed
4,928%
15-Set Euribor
15-Dez 3M+0,15%
Tagus River Railway Crossing-C 26-11-1998 19.907.500,00 15-09-2004 15-09-2018 Annual 15-Mar 1st fixed disbur. 4,670%
2nd fixed disbur. 5,800%

20.242.500,00 15-Jun
36.490.358,23 15-Set 3rd var. disbur. 4,928%
15-Dez
Minho Line-A 26-11-1998 19.907.500,00 15-09-2004 15-09-2018 Annual 15-Mar 1st fixed disbur. 4,670%
2nd fixed disbur. 5,800%

20.242.500,00 15-Jun
18.201.102,01 15-Set 3rd var. disbur. 4,928%
EIB FINANCING
15-Dez
CP III North Line-D 10-11-2000 25.937.490,65 15-09-2011 15-09-2020 Annual 15-Jun cannot exceed
4,928%
15-Set Euribor
15-Dez 3M+0,15%
Link to Algarve-A 08-10-2001 90.000.000,00 15-09-2012 15-09-2021 Annual 15-Jun cannot exceed
4,928%
15-Set Euribor
15-Dez 3M+0,15%
Minho Line-B 08-10-2001 59.855.747,65 15-09-2012 15-09-2021 Annual 15-Jun cannot exceed
4,928%
15-Set Euribor
15-Dez 3M+0,15%
CPIII/2 North Line-A 02-10-2002 100.000.000,00 15-03-2013 15-03-2022 Annual 15-Jun cannot exceed
4,928%
15-Set Euribor
15-Dez 3M+0,15%
CPIII/2 North Line-B 15-07-2004 200.000.000,00 15-12-2014 15-12-2023 Annual 15-Jun cannot exceed
4,928%
15-Set Euribor
15-Dez 3M+0,15%
Suburban 25-11-2004 100.000.000,00 15-06-2009 15-06-2024 Annual 15-Jun cannot exceed
4,928%
15-Set Euribor
15-Dez 3M+0,15%
Fixed Reviewable 3,615%

Suburban B 14-12-2005 100.000.000,00 15-09-2010 15-09-2025 Annual 15-Set
Suburban C 12-10-2006 55.000.000,00 15-03-2011 15-03-2026 Annual 15-Mar

Fixed Reviewable 4,247% 92
15-Mar
variable EIB,
cannot exceed
Link to the Algarve-B 02-10-2002 30.000.000,00 15-03-2013 15-03-2012 Annual 15-Jun 4,928%
Euribor
15-Set
3M+0,15%
15-Dez
Eurobond w/
Surety
Eurobond 06/26 08-11-2006 600.000.000,00 16-11-2026 Bullet 16-Nov Fixed 4,047%
"Schuldshein" Berlin-Hannoversche Loan 16-07-2000 250.000.000,00 04-08-2010 Bullet 4-Fev Euribor 6M 4,390%
SCHULDSCHEIN W/SURETY
Hypothekenbank 4-Ago
Euribor 6M -
"Schuldshein" ABN AMRO BANK Loan 03-04-2001 300.000.000,00 11-04-2011 Bullet 9-Abr 4,700%
0,03%
9-Out
"Schuldshein" WestLB AG Loan 02-10-2002 200.000.000,00 08-10-2012 Bullet 8-Abr Euribor 6M 4,736%
8-Out
2.511.222.279,93

2006
Amortization
Last interest
Item Signing date Owed capital Interest payment Interest rate
Start date End date Interval payment
CP II E 29-06-1992 14.138.668,90 15-06-1998 15-06-2012 Annual 15-Jun Variable BEI 3,650%
fixed, reviewable for

CP II B 19-09-1991 9.975.958,02 15-09-1997 15-09-2011 Annual 15-Set 3,298%
5-year periods
15-Mar
variable EIB, cannot
CP III North Line-B 14-07-1997 49.879.789,71 15-06-2008 15-06-2022 Annual 15-Jun
exceed Euribor 3,650%
15-Set 3M+0,15%
15-Dez
15-Mar
Douro Line 09-09-1996 43.894.214,94 15-09-2007 15-09-2016 Annual 15-Jun
15-Set 3M+0,15%
15-Dez
15-Mar
Tagus Railway Crossing 01-10-1996 99.759.579,41 15-09-2007 15-09-2016 Annual 15-Jun
15-Set 3M+0,15%
15-Dez
15-Mar
Tagus Railway Crossing-B 14-11-1997 73.157.024,86 15-09-2003 15-09-2017 Annual 15-Jun
15-Set 3M+0,15%
15-Dez
Tagus Railway Crossing-C 26-11-1998 21.270.000,00 15-09-2004 15-09-2018 Annual 15-Mar 1st fixed disbur. 4,670%
21.535.000,00 15-Jun 2nd fixed disbur. 5,800%
39.807.663,54 15-Set 3rd fixed disbur. 3,650%
15-Dez
Minho Line-A 26-11-1998 21.270.000,00 15-09-2004 15-09-2018 Annual 15-Mar 1st fixed disbur. 4,670%
21.535.000,00 15-Jun 2nd fixed disbur. 5,800%
19.855.747,65 15-Set 3rd fixed disbur. 3,650%
EIB FINANCING
15-Dez
15-Mar
Variable EIB, cannot
CP III North Line-D 10-11-2000 25.937.490,65 15-09-2011 15-09-2020 Annual 15-Jun
15-Set 3M+0,15%
15-Dez
15-Mar
Link to Algarve-A 08-10-2001 90.000.000,00 15-09-2012 15-09-2021 Annual 15-Jun
15-Set 3M+0,15%
15-Dez
15-Mar
Minho Line-B 08-10-2001 59.855.747,65 15-09-2012 15-09-2021 Annual 15-Jun
15-Set 3M+0,15%
15-Dez
15-Mar
CPIII/2 North Line-A 02-10-2002 100.000.000,00 15-03-2013 15-03-2022 Annual 15-Jun
15-Set 3M+0,15%
15-Dez
15-Mar
CPIII/2 North Line-B 15-07-2004 200.000.000,00 15-12-2014 15-12-2023 Annual 15-Jun
15-Set 3M+0,15%
15-Dez
15-Mar
Suburban 25-11-2004 100.000.000,00 15-06-2009 15-06-2024 Annual 15-Jun
15-Set 3M+0,15%
15-Dez
Suburban B 14-12-2005 100.000.000,00 15-09-2010 15-09-2025 Annual 15-Set Fixed Reviewable 3,615%
Link to Algarve-B 02-10-2002 30.000.000,00 15-03-2013 15-03-2012 Annual

15-Mar
15-Jun
15-Set
exceed Euribor
3M+0,15%
3,650%
93
15-Dez
Eurobond w/
Surety
Eurobond 06/26 08-11-2006 600.000.000,00 16-11-2026 Bullet 16-Nov Fixed 4,047%
"Schuldshein" Berlin-Hannoversche Loan 16-07-2000 250.000.000,00 04-08-2010 Bullet 4-Fev Euribor 6M 3,335%
Hypothekenbank 4-Ago
SCHULDCHEIN W/SURETY
"Schuldshein" ABN AMRO BANK Loan 03-04-2001 300.000.000,00 11-04-2011 Bullet 9-Abr Euribor 6M - 0,03% 3,604%
9-Out
"Schuldshein" WestLB AG Loan 02-10-2002 200.000.000,00 08-10-2012 Bullet 8-Abr Euribor 6M 3,604%
8-Out
2.491.871.885

The loans from the EIB, Schuldshein ABN, Schuldshein Berlin and Schuldshein Westlb and Eurobond
06-26 were obtained exclusively to finance Long Duration Infrastructure investment projects.
Interest is paid every quarter, half year or year and at the end of the period.
Except for loans from Schuldshein ABN, Schuldshein Berlin, Schuldshein WestLB and Eurobond 06/26,
which will be fully paid at maturity, for the other loans the principal is reimbursed in equal and
consecutive annual amounts after the grace period.
All loans are covered by a state surety.
The table below shows amounts financed at a fixed rate on 31 December 2007:
Nominal Value
Item Owed Capital Fair Value Interest Rate
( ))
CP II B 29.927.873,82 7.980.766,44 8.036.308,05 4,83 % - Fixed
Tagur River Railway Crossing-C 25.000.000,00 19.907.500,00 20.002.116,66 4,67% - Fixed
25.000.000,00 20.242.500,00 21.538.186,02 5,80% - Fixed
Minho Line-A 25.000.000,00 19.907.500,00 20.002.116,66 4,67% - Fixed

25.000.000,00 20.242.500,00 21.538.186,02 5,80% - Fixed
EIB - Suburban B 100.000.000,00 100.000.000,00 90.222.574,14 3,615 % - Fixed

EIB - Suburban C 55.000.000,00 55.000.000,00 52.561.679,59 4,247 % - Fixed
Eurobond 2006/2026 600.000.000,00 600.000.000,00 537.519.157,70 4,047 % - Fixed
843.280.766 771.420.325
Debenture loans
Within the terms of the Joint Order by the Secretary of State of the Treasury and Finance and the
Secretary of State of Transport, the state authorised the following debenture loan to be issued by
REFER, EP through Barclays Bank HSBC, JP Morgan, Socit Gnrale and Caixa Banco de
Investimentos in the amount of 600,000,000.00 euros.
94

7. INFRASTRUCTURE MANAGEMENT
Movements in the year in the Tangible Fixed Assets items and respective Depreciation items.
2007
(euros)
Opening Closing
Gross Assets Transf/Adj. Increases Disposals
Balance Balance
Tangible Fixed Assets
Land and natural resources 1.976.874 1.242 - - 1.978.116
Buildings and other structures 31.337.655 917.481 616.200 -586.925 32.284.411
Basic equipment 19.208.421 132.960 1.160.581 -4.547 20.497.415
Transport equipment 7.500.129 13.685 148.930 - 7.662.744
Tools and utensils 480.044 - 12.692 - 492.736
Office equipment 18.206.552 2.599.634 724.261 -3.707 21.526.740
Other tangible assets 439.730 - 12.293 - 452.023
Fixed assets in progress 11.397.217 -701.573 401.798 - 11.097.442
Total Gross Tangible Fixed Assets 90.546.622 2.963.429 3.076.755 -595.179 95.991.627
(euros)
Opening Closing
Depreciation Transf/Adj. Increases Disposals
Balance Balance
Buildings and other structures 6.124.175 -6.746 1.110.187 -1.041.564 6.186.052
Basic equipment 9.354.092 81.079 1.260.366 -1.258.529 9.437.008
Transport equipment 6.947.214 - 241.274 -226.360 6.962.128
Tools and utensils 463.879 -18.468 445.411
Office equipment 16.852.890 8.771.939 502.500 -3.451.822 22.675.507
Other tangible assets 285.933 - 45.894 -43.057 288.770
Total Depreciation 40.028.183 8.846.272 3.160.220 -6.039.800 45.994.875
Total Net Tangible Fixed Assets 50.518.439 -5.882.843 -83.465 5.444.621 49.996.752
2006
(euros)
Opening Closing
Gross Assets Transf/Adj. Increases Disposals
Balance Balance
Land and natural resources
Buildings and other structures
902.325
29.507.789
1.454.120
1.819.724
268.194
10.139
-647.763
-
1.976.875
31.337.652
95
Basic equipment 18.196.466 646.792 367.697 -2.538 19.208.417
Transport equipment 7.495.472 944 36.289 -32.576 7.500.129
Office equipment 11.157.873 7.137.004 382.351 -470.676 18.206.552
Other tangible assets 439.325 - 407 - 439.732
Fixed assets in progress 9.857.961 -2.712.801 4.252.060 - 11.397.220
Total Gross Tangible Fixed Assets 78.029.815 8.345.784 5.324.576 -1.153.553 90.546.622

(euros)
Opening Closing
Depreciation Transf/Adj. Increases Disposals
Balance Balance
Buildings and other structures 5.002.319 - 1.121.856 - 6.124.175
Basic equipment 7.983.681 64.708 1.306.843 -1.140 9.354.092
Transport equipment 6.695.363 - 284.427 -32.576 6.947.214
Office equipment 9.265.182 4.591.944 3.466.294 -470.530 16.852.890
Other tangible assets 238.719 - 47.214 - 285.933
Total Depreciation 29.634.331 4.656.652 6.241.446 -504.246 40.028.183
Total Net Tangible Fixed Assets 48.395.484 3.689.132 -916.870 -649.307 50.518.439
The following tangible assets were set up on third-party properties:

(euros)
Value
Av. Fontes Pereira de Melo 809

Terreiro do Pao 42.040
Edifcio ART'S (building) 423.059
465.908
Renovation work was performed to the facilities at Av. Fontes Pereira de Melo.
The companys facilities at Terreiro do Pao are those indicated in Joint Order 261/99 related with
"establishing the CP concession" and the respective improvement works which took place on
31/12/1999.
The Edifcio Arts building was subject to works to adapt the facilities and to install a data and voice
network.
All the assets are assigned to the companys activities.
7.1.1 Financial Leasing Contracts

Contracts
REFER records its fixed assets acquired through financial leasing contracts in the fixed assets item.
(euros)
96
Accumulated
Item Gross Value Net Value
Amortization
Office Equipment 16.463 13.171 3.292
On 31/12/2007, the company had leasing contracts with the following leasing companies:

Lessor Equipment Quantity Contracted Value Amortization Net Value
RICOH Photocopy machines 2 2.731 2.185 546

Listopsis Photocopy machine 1 13.732 10.986 2.746
3 16.463 13.171 3.292
The owed amount is all short-term.
7.2 Intangible Fixed Assets

Movements in the year in the Intangible Fixed Assets items and respective Amortization items.
2007
(euros)
Opening Closing
Gross Assets Transf/Adj. Increases
Balance Balance
Intangible Assets
Setup costs 154.561 - 154.561
Research and development costs 890.457 2.404 - 892.861
Computer programs 13.910.093 749.195 14.659.288
Trespasses - - -
Industrial property and other rights 1.812.700 891.385 - 2.704.085
Intangible assets in progress 1.826.613 -1.016.658 1.225.502 2.035.456
Total Gross Intangible Assets 18.594.424 626.326 1.225.502 20.446.252
(euros)
Opening Closing
Amortisation Transf/Adj. Increases
Balance Balance
Intangible Assets
Setup costs 154.561 - 154.561
Research and development costs 824.105 2.016 66.740 892.861
Computer programs 10.662.506 2.881.288 557.747 14.101.541
Industrial property and other rights 1.812.700 - 891.385 2.704.085
Total Amortisation
Total Net Intangible Assets

13.453.872
5.140.552
2.883.304
-2.256.978
1.515.872
-290.370
17.853.048
2.593.203
97
2006
(euros)
Opening Closing
Gross Assets Transf/Adj. Increases
Balance Balance
Intangible Assets
Research and development costs 1.034.211 10.807 - 1.045.018
Computer programs 14.262.396 -352.303 - 13.910.093
Industrial property and other rights 921.314 891.386 - 1.812.700
Fixed assets in progress 1.353.379 -1.050.291 1.523.525 1.826.613
Total Gross Intangible Assets 17.571.300 -500.401 1.523.525 18.594.424

(euros)
Opening Closing
Amortisation Transf/Adj. Increases
Balance Balance
Intangible Assets
Research and development costs 830.164 137.695 10.807 978.666
Computer programs 7.466.764 3.195.742 - 10.662.506
Industrial property and other rights 921.314 - 891.386 1.812.700
Total Amortisation 9.218.242 3.333.437 902.193 13.453.872
Total Net Intangible Assets 8.353.058 -3.833.838 621.332 5.140.552
7.3 Financial Assets

7.3.1 Investments in Affiliated Companies
Movements in the year of financial investments in affiliated companies:
(euros)
Subsidiaries 2007 2006
Opening Balance 18.881.151 18.895.550
Acquisition in the year 7.475.981

Gains/ (losses) in the year 4.355.555 -14.399
Closing Balance 30.712.687 18.881.151
Details
Details of Shareholdings in Affiliated Companies:
(euros)
Result in the Balance Sheet
Companies Shareholding % Equity
Year Value
In the Group
FERBRITAS 98,43% 5.583.384 746.977 5.495.725
Empreend. Industriais e Comerciais, S.A.
Rua Jos da Costa Pedreira n11 - Lisbon
INVESFER 99,997% 6.359.265 -3.061.463 6.316.658
Promoo e Com. De Terrenos e Edif., S.A.
Palcio de Coimbra - Rua de Santa Apolnia n 51 - Lisbon
REFER TELECOM 100,00% 17.518.864 4.315.639 17.518.864
Servios de Telecomunicaes, S.A.
Estao de Santa Apolnia - Lisbon
CPCOM - Explorao de Espaos Comerciais da CP,
Av. Da Repblica, 90 Galeria Fraco 4 - Lisbon
CP , S.A . 80,00% 612.651 10.689 490.121
29.821.368
98
Associated Companies
RAVE 40,00% 2.228.297 -5.932 891.319
Av D.Joo II Lote 1.07.2.1, 1 Piso- Parque das Naes - Lisbon
GIL 32,98% -29.773.329 -3.220.014 0
Gare Intermodal de Lisboa, S.A.
Av.Marechal Gomes da Costa, n 37 - Lisbon
Other Companies
FERNAVE 10,00% -1.383.496 -1.740.073 0
Formao Tcnica, Psicologia Aplicada e Consultoria
em Transportes e Portos,S.A.
Rua Castilho n 3 - Lisbon
METRO MONDEGO 2,50% 1.249.052 -646.530 0
Praa 8 de Maio, 38 - Coimbra
0
29.821.368

The above information about subsidiary companies was taken from their respective financial
statements for the year under approval, and those referring to the company GIL are from September
2007 and those of Refer Telecom from November 2007.
As for the remaining companies, the values are not audited and provisory on 31 December 2007
and might thus be subject to some alterations. However, we believe that there will no materially
relevant alterations.
7.3.2 Categories according

according to IAS 39
2007
Financial
Financial assets
Credits and Financial assets liabilities at the Other financial Non-financial assets
at the fair value Total
receivables available for sale fair value liabilities and liabilities
through results
through results
31 December 2007
Assets
Cash and cash equivalents 209.719 209.719
Clients and other receivables 113.393.401 8.925.959 122.319.360
Derivative financial instruments 35.135.954 35.135.954
Loans and receivables 39.529.625 39.529.625
Financial Assets available for sale - -
Total financial assets 153.132.745 35.135.954 - - - 8.925.959 197.194.658
Liabilities
Loans obtained -2.080.679.653 -2.080.679.653
Liability derivative financial instruments -74.043.570 -74.043.570
Shareholders -18.450.000 -18.450.000
Suppliers and other payables -144.250.882 -2.927.475 -147.178.357
Total financial liabilities - - - -74.043.570 -2.243.380.535 -2.927.475 -2.320.351.580
2006
Financial
Financial assets
Credit and Financial assets liabilities at the Other financial Non-financial assets
at the fair value Total
receivables available for sale fair value liabilities and liabilities
through results
through results
31 December 2006
Assets -
Cash and cash equivalents 15.955.730 15.955.730
Clients and other receivables 106.052.687 43.540.469 149.593.156
Financial assets at the fair value through results 54.000.000 54.000.000
Loans and receivables 54.454.625 54.454.625
Financial assets available for sale
Total financial assets
Liabilities
176.463.042 79.337.633
46.181
46.181 - - 43.540.469
46.181
299.387.325
99
Loans obtained -1.776.144.102 -1.776.144.102
Liability derivative financial instruments -38.522.071 -38.522.071
Suppliers and other payables -167.997.150 -2.317.252 -170.314.402
Total financial liabilities - - - -38.522.071 -1.944.141.252 -2.317.252 -1.984.980.575
7.3.3 Financial assets available for sale

Movement in the year in Financial Assets available for sale (Net of Impairment):

(euros)
Assets Available for Sale 2007 2006
Opening Balance 46.181 104.031
Acquisition in the year

Changes in the fair value -46.181 -57.850
Closing Balance - 46.181
The item of assets available for sale includes the following investments:
(euros)
Unlisted Entities 2007 2006
Fernave - 46.181
Metro Mondego - -
- 46.181
Impairment details
(euros)
Description 31-12-2006 Increases Decreases 31-12-2007
Fernave 18.314 46.180 - 64.494

Metro Mondego 26.875 - 26.875
7.3.4 Loans
Loans and receivables
Summary of loans granted to companies in which the company has a financial interest and which
are not capital instruments of those entities:
(euros)
Loans made 2007 2006
FERBRITAS
INVESFER
997.861
38.531.764
997.861
53.456.764
100
39.529.625 54.454.625
The lower supplementary entries for INVESFER, in the amount of 14,925,000 euros, were converted
into a capital increase, according to the deed of August 2007. This capital increase was made solely
by REFER and thus its shareholding changed from 99.33% to 99.997%.
Loans to Invesfer bear interest at the 12-month Euribor rate + 0.5%. For the year of 2007, 1,454,637
euros in interest was recognised for the rendered financing (see note 7.19).

7.3.5 Financial assets at the fair value through results

On 31 December 2006, the amount recorded in this item referred to fixed income securities
acquired during 2006 in order to obtain short-term gains.
(euros)
31-12-2007 31-12-2006
Other negotiable securities 0 54.000.000
- 54.000.000
7.4 Inventories
(euros)
31-12-2007 31-12-2006
Raw, secondary and consumpt. materials 12.748.531 14.354.116

Merchandise 0 25.976
Advances for purchases 253.626 0
Adjustment to Stock Department -558.468 -248.736
INFRASTRUCTURE MANAGEMENT 12.443.689 14.131.356
The item of raw, secondary and consumption materials refers to the various types of materials that
are incorporated in the investment and maintenance works for the infrastructures.
The production variation in 2006 refers to the sale of the Interrepblica Building and was broken down
as follows:
(euros)
2007 2006
Initial stocks 0 14.375.186
Stock adjustments 0 1.035.067
Final stocks 0 0
0 -15.410.253
The adjustment for the depreciation of inventories of REFER, E.P., increased by 310,000 euros after
101
the stock inventory which is properly recorded in the item "Adjustments to Inventories and Accounts
Receivable" of the Profit and Loss Account.
7.5 Derivative Financial Instruments

Instruments
The company uses derivatives to manage the financial risks to which it is subject.
According to its financial policies, REFER does not use derivatives for speculation purposes.
Although the contracted derivatives are effective hedging instruments against risks, not all would be
qualified as hedge accounting instruments according to the rules and requirements of IAS 39 (see
Note 3.9). Thus, it was decided to consider the derivatives portfolio as of negotiation and,
consequently, not qualify any of the positions as a hedge accounting instrument.

Instruments that do not qualify as hedge accounting instruments are classified as negotiation
derivatives in the financial assets category at the fair value through results. Negotiation derivatives are
recorded in the balance sheet by their fair value and their variations are recognised in the financial
results. On 31 December 2007 and on 31 December 2006, the nominal value of the REFER, E.P.,
derivatives portfolio reached 3.1 billion euros and 2.7 billion euros, respectively, for an overall
financial liability of 4.6001 billion euros in 2007 and of 4.3 billion euros in 2006.
The table below shows the contracted value of existing derivatives:
31 December 2007
Nominal
Instrument Covered Coverage % Description Fair Value ()
( ) Amount Maturity
(million ))
Logo I 100% Change from the Eur6m in advance -5.667.734 250 31-01-2008
index rate to Eur12m in arrears
Logo II 100% Plain vanilla 6.567.372 250 31-01-2009

Schuldshein BHH Plain vanilla 7.765.279 250 04-08-2010
Schuldshein ABN Cap KO (Eur 6m < 5.80%) 9.513.013 300 11-04-2011
Schuldshein West LB Cap KO (Eur 6m < 6.00%) 7.536.451 200 08-10-2012
Schuldshein West LB Flip swap -2.056.677 200 08-10-2012
Eurobond 05/15 Dual Range [(10Y GBP-10Y EUR -23.875.898 150 16-03-2015
Spread) and (10Y-2Y EUR Spread)]
Eurobond 05/15 Plain vanilla -4.556.005 150 16-03-2015

Eurobond 05/15 Plain vanilla -4.517.442 150 16-03-2015
Eurobond 05/15 10Y-2Y EUR Spread Rib -4.097.664 300 16-03-2015
Eurobond 06/21 Cap KO (Eur 12m < 7%) -13.940.803 500 13-12-2021
Eurobond 06/26 Cap KO (Eur 12m < 6.50%) -8.337.142 200 16-11-2026
Eurobond 06/26 Eur Fly -6.994.205 100 16-11-2026
Eurobond 06/26 Long Cap 3.753.839 100 16-11-2026
-38.907.615 3.100
31 December 2006
Nominal
Instrument Covered Coverage % Description Fair Value ()
( ) Amount Maturity
(million ))
Logo I 100% Change from the Eur6m in advance -1.649.728 250 31-01-2008
index rate to Eur12m in arrears
Logo II 100% Plain vanilla 7.197.908 250 31-01-2009
Schuldshein BHH Plain vanilla 6.264.891 250 04-08-2010
Schuldshein ABN
Schuldshein West LB
Cap KO (Eur 6m < 5.80%)
Cap KO (Eur 6m < 6.00%)
7.448.243
4.200.826
300
200
11-04-2011
08-10-2012
102
Schuldshein West LB Flip swap -1.974.913 200 08-10-2012
Eurobond 05/15 Variable rate indexed at Max (6M -13.793.521 150 16-03-2015
Euribor; 6M CHF Libor) and limited by
10Y-2Y EUR Spread
Eurobond 05/15 Plain vanilla -179.260 150 16-03-2015
Eurobond 05/15 Plain vanilla 225.765 150 16-03-2015
Eurobond 05/15 10Y-2Y EUR Spread Rib -18.009.648 300 16-03-2015
Eurobond 06/21 Cap KO (Eur 12m < 7%) -2.915.000 500 13-12-2021
-13.184.437 2.700

7.6 Clients and Other Receivables

(euros)
31-12-2007 31-12-2006
Clients c/a 57.192.784 52.509.192

Advance to suppliers 0 148.340
Shareholders 3.036.025 0
Other debtors 50.606.125 47.405.550
Adjustments to other debtors -1.504.466 -28.888
Accrued income 3.092.700 6.166.833
Pre-payments 1.554.053 1.087.527
Taxes to be recovered 8.342.139 42.304.602
122.319.360 149.593.156
Debits to clients include essentially user fees charged to entities that use the infrastructures (CP and
Fertgus) and also debits to CP for the supply of various materials, sale of scrap and services
rendered for commercial activities, manoeuvres, other services and computerisation of the rolling
stock.
The debt of those two entities is broken down as follows:
(euros)
31-12-2007 31-12-2006
CP 54.090.368 49.361.367
FERTAGUS 3.102.416 3.147.825
57.192.784 52.509.192
In this year, CP and FERTAGUS were invoiced a total user fee of 54,865,396 euros and 2,552,138
euros, respectively, which represented 80% of the value of rendered services.
The Other Debtors item consists of the following:
(euros)
31-12-2007 31-12-2006
Other debtors 32.130.420 34.952.776

Suppliers of fixed assets 17.357.413 7.496.641
Values to be adjusted
Others
1.028.560
89.732
4.860.399
95.734
103
50.606.125 47.405.550
In the Other Debtors item, about 25% of the balance is in favour of courts and are related with
expropriation processes. Infervisa, Metro do Porto, RAVE, the Municipality of Vila Franca de Xira and
Fernave comprise about 33% of the balance and refer to the sale of properties, concession
protocols for using public domain assets and the rendering of occasional services provided by
REFER. Nearly 5% refers to doubtful debt which is provisioned.
In Suppliers of Fixed Assets, about 91% of the balance refers to the value to be received from the
Town Council of Espinho referring to the protocol specified in note 6.3 in the "Others" item; part of this

amount is 4 months old 10,310,424 euros and the remaining value 5,440,466 euros was
debited on 31/12/2007.
The value shown in receivables from shareholders refers to interest on supplementary entries charged
to Invesfer from 2003 until 2007 (see note 7.3.4).
About 84.5% of the value of the item Amounts to be Settled refer to VAT in invoices of property
projects to be sold or commercially rented. This VAT amount may be deducted when the deed is
signed if the respective purchasers decide to subject the operation to VAT instead of IMI (municipal
property tax).
About 11% refers to VAT that was not subject to deduction, but which was nevertheless paid since it
referred to the Inversion of the Taxable Person.
The adjustment for other debtors refers to the balance of Benaterras 6,818 euros dating from
2001 to 2003, the balance of Aetur 22,070 euros which dates from 2003 to January 2006 and
the balance of O2 1,475,579 euros whose adjustment was set up in the current year, and refers
to the balance from 2004 to 2006.
Only O2 is subject to a lawsuit, whereby the value of the process is of 1,805,993 euros (including
interest). As for Aetur, the lawsuit was lifted and an attempt is being made to reach an extra-judicial
agreement.
In relation to Benaterras, the company intends to file a lawsuit in the amount of 8,226 euros (including
interest).
The table below shows the details of the recoverable tax item:
(euros)
31-12-2007 31-12-2006
Taxes to be recovered
VAT to be recovered 8.011.623 41.985.190
Social Security 330.516 319.412
8.342.139 42.304.602
In this year, the receivable VAT amount is much lower than in 2006 since, with the application of
Notice no. 30 101 of 24/05/2007 about the Inversion of the Taxable Person, in force as of 1 April 104
2007, the VAT amount referring to investments changed to a zero balance (REFER deducts and
liquidates the respective tax), although it was found that, due to the delay between the calculation
report liquidation date and the invoice receipt date deduction date results in the fact that, in
most situations, REFER must liquidate the tax before it can deduct it. On 31 December 2007, the VAT
amount to be deducted and which had already been paid reached 115,925 euros.
The amount owed to Social Security is justified since REFER is a centralising company and, as such, it
temporarily substitutes Social Security by paying employees in situations of sick leave/leave through a
medical certificate.

7.7 Cash and Cash Equivalents

(euros)
31-12-2007 31-12-2006
Cash 21.204 21.535

Bank deposits 188.515 15.934.195
Cash and cash equivalents 209.719 15.955.730
7.8 Reserves Attributable to Capital Holders

7.8.1 Movements in reserves during the year
(euros)
Donations 199.070 199.070 0
Reserves - Infrastructure Management 199.070 - 199.070 -
7.9 Loans Obtained

7.9.1 Current and non-
non-current loans
REFER, E.P., is subject to the following list of current and no-current loans:
INFRASTRUCTURE MANAGEMENT (euros)
2007 2006
Non-current loans
Debts to credit institutions 1.600.000.000 1.600.000.000
Financial leasing liabilities
1.600.000.000 1.600.000.000
Current Loans
Debts to credit institutions 480.679.653 176.144.102
480.679.653 176.144.102
2.080.679.653 1.776.144.102
7.9.2 Loan terms and reimbursement periods

2007
Amortization
105
Item Signing Date Owed capital Interest payment Interest rate
Start Date End Date Interval
REFER Eurobond 2005/2015 16-03-2005 600.000.000,00 16-03-2015 Bullet 16-Mar Fixed - 4%

Without State Surety
REFER Eurobond 2006/2021 30-11-2006 500.000.000,00 13-12-2021 Bullet 13-Jan Fixed - 4,25%
8-Out
LOGO Securities Loan 29-01-2003
"A1Loan" 250.000.000,00 30-01-2008 Bullet 31-Jan Euribor 6M + 0,40
"A2Loan" 250.000.000,00 30-01-2009 Bullet 31-Jul Euribor 6M + 0,45
1.600.000.000

2006
Amortization
Item Signing Date Owed Capital Interest payment Interest rate
Start date End date Interval
REFER Eurobond 2005/2015 16-03-2005 600.000.000,00 16-03-2015 Bullet 16-Mar Fixed - 4%

Without State Surety
REFER Eurobond 2006/2021 30-11-2006 500.000.000,00 13-12-2021 Bullet 13-Jan Fixed - 4,25%
LOGO Securities Loan

29-01-2003
"A1Loan" 250.000.000,00 30-01-2008 Bullet 31-Jan Euribor 6M + 0,40
"A2Loan" 250.000.000,00 30-01-2009 Bullet 31-Jul Euribor 6M + 0,45
1.600.000.000
Logo Securities, headquartered in Jersey, on 1 January 2003 issued two debenture loans, within the
terms of the Offering Circular of 29 January 2003. These loans, in a total amount of 500 million euros,
were used to finance REFER, E.P.
On 31 December 2007, REFER had 430 million in Commercial Paper and about 60 million in
Bank Overdrafts.
7.10 Suppliers and Other Payables

(euros)
31-12-2007 31-12-2006
Current Liabilities
Creditors, accruals and deferrals 165.628.357 170.314.402
Suppliers, c/a 43.538.680 48.076.698
Suppliers - invoices received and pending 5.917.958 16.850.872
Advances to suppliers 17.839 17.839
Payable taxes 2.618.799 2.299.412
Other shareholders 18.450.000 0
Other creditors 21.479.167 23.778.508
Accrued costs 67.024.155 77.948.406
Deferred income 6.581.760 1.342.667
INFRASTRUCTURE MANAGEMENT 165.628.357 170.314.402
The item Other Creditors shows the following details: 106

(euros)
31-12-2007 31-12-2006
Advances for sales 12.899.219 14.633.619

Miscellaneous creditors 8.512.686 8.816.884
Others 35.979 37.826
Personnel 31.283 290.179
21.479.167 23.778.508
In the item Advances for Sales, about 89% of the balance refers to the promissory sale contract
signed on 28/7/2000 to obtain Surface Rights over a plot to build and maintain a shopping centre

whose deed has not been signed yet but for which the company continues to receive the amounts
agreed in the Promissory Sale Contract.
In the Miscellaneous Creditors item, the entity Estao Viana - Centro Comercial, S.A. comprises 36%
of the balance, with amounts going back to July 2005 and which refer to the Property Valorisation
Project for land annexed to the Viana do Castelo Station.
About 74% of the balance in the Others item refers to union fees of employees paid in January 2008.
The Personnel account refers to Meal Pension and Pledged Amounts.
The Accrued Costs item essentially consists of interest to be paid for the debenture loan, holidays and
holiday subsidy, rents for facilities and various costs in 2007, which were not invoiced by the
competent entities until the end of the year, and also includes 1,204,300 euros regarding tangible
fixed assets integrated in 2007, of the wood crossties creosoting industrial establishment, through the
concession to the company TECNOCARRIL, a transfer that was stipulated in a contract signed
between CP and Ferrovias on 18/03/1993, whereby CP authorised Ferrovias to make the concession
to Tecnocarril on 30/03/1995 and REFERs contractual position consequent to D.L. 104/97, of
29/04/1997, and whose value would be included in the proportion of the respective amortisation.
The table below shows the details on payable taxes:

(euros)
31-12-2007 31-12-2006
Payable taxes
Social Security 2.186.811 1.988.351
Other taxes 431.988 311.061
2.618.799 2.299.412
On 31 December 2007, REFER, E.P., did not have any overdue debts to the state or other public
entities.
The Others item refers to Stamp Tax paid in January 2008.
7.11 Liabilities for Retirement Benefits

The portion covering pre-retirement expenses corresponds to expenses to be paid by REFER, E.P. for
107
pre-retirement remunerations to employees assigned to the activities transferred to REFER, EP, in
accordance with Decree-Law 104/97, of April 29, who were transferred from CP (about one thousand
employees).
This items movements are shown in the tables below:

(euros)
2007 01-01-2007 Increase Decrease 31-12-2007
Liabilities for
Pre-retirement 3.781 - 3.781 -
3.781 - 3.781 -
0,00
(euros)
2006 01-01-2006 Increase Decrease 31-12-2006
Liabilities for
Pre-retirement 85.883 - 82.102 3.781
85.883 - 82.102 3.781
This provision was fully settled in this year.

7.12 Provisions
The breakdown of the Accumulated Provisions accounts and respective movements in 2007 and
2006 was as follows:
(euros)
01-01-2007 Increase Decrease 31-12-2007
Legal proceedings in progress 18.509.144 97.020 7.557.772 11.048.392

Provisions for shareholdings 5.026.601 2.486.460 7.513.061 -0
23.535.745 2.583.480 15.070.833 11.048.392
(euros)
01-01-2006 Increase Decrease 31-12-2006
Legal proceedings in progress 18.187.589 1.083.025 761.470 18.509.144

Provisions for shareholdings 2.413.366 4.353.340 1.740.105 5.026.601
20.600.955 5.436.365 2.501.575 23.535.745

108
The Provision for Legal Proceedings in progress includes civil proceedings and proceedings covering
work relations. In this year, the lawsuit with the Dragados Group was settled, which corresponds to
90% of the reductions shown in the period in question.
The legal proceedings subject to provision refer to accidents and indemnity requests for damages,
for occupation of land, and others of lesser relevance, which reached 2,334,558 euros, and work
relations processes that reached 8,713,830 euros.
The Provision for Subsidiaries is used to retract the liabilities of REFER arising from shareholding in the
equity of INVESFER which represented a negative balance in August 2007, a date on which a capital

increase was made. The reduction of 7,513,061 euros refers to the annulment of the provision set up
for Invesfer after the capital increase.
7.13 Income Tax

(euros)
31-12-2007 31-12-2006
Taxes to be recovered
Rec. corp. inc. tax 970.234 1.451.725
970.234 1.451.725
Payable taxes
Payab. corp. inc. tax 913.463 1.038.873
913.463 1.038.873
Of the total amount of corporate income tax (IRC), 420,000 euros refer to special payments on
account (PEC) from 2003 to 2007. In 2007, the special payments on account that were not
recoverable from 2001 to 2002, in the total amount of 2,993 euros, were settled by a counter-entry
of costs from previous years.
7.14 Sales and Rendered Services
(euros)
31-12-2007 31-12-2006
Utilisation of slots (fees) 60.720.093 54.728.768
Rolling stock manoeuvres/parking 4.128.902 4.032.245
Traction power 3.264.027 0
Use of stations and stops 2.004.389 0
Other services 1.896.772 4.205.055
Public information 932.753 0
Crossings 142.146 185.716
Conservation of private branch lines 123.307 75.194
Products 0 24.315.959
Operation of the railway complex 0 358.722
Telecommunications 0 338.400
Sales and Rendered Services 73.212.389 88.240.058
This item includes income from rendered services, with emphasis on the income for using the 109
infrastructures, that is, the railway infrastructure user fees, approved by the National Railway Transport
Institute and debited from CP and Fertagus.
This item also includes services rendered by company employees for railway circulation manoeuvres
and debited from CP and Fertagus, for using railway complexes.
7.15 External Supplies and Services

The External Supplies and Services item is broken down as follows:

(euros)
31-12-2007 31-12-2006
Subcontracts 75.542.238 69.686.550
Electricity 7.874.843 7.672.013
Specialised work 5.367.768 6.508.478
Surveillance and security 3.681.929 3.684.876
Rents and rentals 3.143.896 2.950.041
Communications 2.457.745 2.400.110
Conservation and repairs 1.615.705 1.763.330
Cleaning, hygiene and comfort 1.581.267 1.424.319
Insurance 1.524.509 1.651.750
Royalties 1.205.444 754.213
Fuel 1.149.004 1.152.813
Personnel transport 942.225 899.963
Water 493.216 454.185
Fees 398.352 457.797
Office materials 387.823 340.773
Travel and accommodations 282.085 245.900
Publicity and advertising 213.571 172.966
Others 200,000 euros 275.124 1.796.720
External Supplies and Services 108.136.743 104.016.796
The Subcontracts item refers essentially to the subcontracting of track maintenance services,
signalling and telecommunications. The maintenance services of the telecommunications systems
are ensured mostly by Refer Telecom, a subsidiary company.
7.16 Personnel Costs

(euros)
31-12-2007 31-12-2006
Remuneration of governing bodies 461.604 481.500
Personnel wages 60.986.746 65.788.735
Remuneration charges 17.522.565 20.052.627
Social action costs 572.796 695.445
Other personnel costs
Personnel Expenses
6.054.751
85.598.462
6.087.521
93.105.828 110
The debt to Social Security T.S.U. (single social rate) reached 2,186,811 euros, and there are no
overdue amounts.
The other personnel costs cover essentially work accident insurance, training and indemnities.
On average, during 2007 the company had 3,580 employees, compared with 3,654 in 2006.
Note also the expenses by REFER, E.P., on employee representation structures (information referred to
in the Order by the Secretary of State of the Treasury, of 25 June 1980). For employees participating
full time Union Leaders and Employee Committee, expenses were determined for the employee
representation structure in 2007 and 2006 in the total amount of 167,939 euros and 177,259 euros,
respectively, broken down as follows:

(euros)
31-12-2007 31-12-2006
Monthly wages 96.509 101.027
Seniority wage rises 8.760 9.426
Holiday pay and thirteenth month 18.615 20.029
Employer's contribution 31.851 33.621
Others 12.204 13.156
Expenses on Employee Representation
167.939 177.259
Structures
Number of participating employees
(euros)
31-12-2007 31-12-2006
Part-time (average number)
Union leaders 169 130
Commission and sub-commissions 20 17
Full-time
Union leaders 7 8
Commission and sub-commissions - -
Number of employees participating in

196 155
representation structures
7.17 Other Operating Costs and Losses

The consolidated position of the Other Operating Costs and Losses item is as follows:
(euros)
31-12-2007 31-12-2006
Indirect taxes 2.988.221 5.697.120
INTF (National Institute For Rail Transport) 2.908.037 2.395.434
Miscellaneous operation costs 263.498 0
Subscription fees 144.248 159.951
Direct taxes 99.583 105
Indemnities 13.605 47.478
Other Expenses 6.417.192 8.300.087
111

7.18 Other Operating Revenue

(euros)
31-12-2007 31-12-2006
Compensation indemnities 31.052.430 31.090.007
Miscellaneous licences/tenders 3.904.069 3.010.375
Parking/use of complem. facilit./leasing of comm. space 1.991.119 3.512.079
Other income 563.034 2.548.591
Telecommunications 1.572.908 874.628
Assignment of personnel 1.572.753 135.781
Sale/assignment of electricity and water 619.952 3.495.319
Miscellaneous sales 545.728 2.618.551
Contract specifications 227.972 383.570
Home conservation fund 196.659 182.312
Equipment rental 88.098 210.788
Technical assistance studies and projects 68.508 14.548
Training subsidies 41.266 0
Miscellaneous advertising 27.720 0
Nursery schools, cafeterias and bar 13.088 12.438
Other Operating Revenue 42.485.303 48.088.989
During this year, the company spent 31,016,716 euros to settle accounts (RCM 149/2007), that is,
compensation indemnities received from the state.
The amount of 15,000 euros was also received for the 2nd instalment (the first was received in 2005)
for the NewTr@in project to develop training content in railway infrastructure or management areas
through e-learning.
7.19 Financial Costs and Income

Financial Costs and Losses
(euros)
31-12-2007 31-12-2006
Financial Expenses and Losses
Amort. and adjustments of financial applications

and investments
Interest paid
-46.180
-177.698.165
-381.985
-152.126.286
112
Derivative financial instruments -50.289.785 -42.525.695
-228.034.130 -195.033.966
Income and Gains
Rev. from negot. securities and other financial

applications 183.208 41.869.683
Interest earned 133.259.726 51.228.110
158.009.541 134.739.840
Gains/Losses in Associated Comp. 4.355.555 -14.399
Financial Results -65.669.035 -60.308.525

Interest paid referred to debenture loans, medium and long term loans, interest on short-term credit
lines, interest on treasury applications of companies affiliated to REFER and also interest arising from
hedge operations (swaps). Treasury surplus arising from REFER group companies is managed by
transferring the respective surplus to REFER and remunerating it according to the principle of full
competition, for which the Transfer Price Policy is not applied (this management policy began in
March 2007). On 31/12/2007, RAVE had an application of 6,650,000 euros and Refer Telecom had
11,800,000 euros. This account also includes 1,454,637 euros referring to the remuneration of
supplementary entries assigned to Invesfer (see note 7.3.4). The Financial Applications Adjustment
value refers to Fernave, covering the adjustment according to the lost market value on 31/12/2007.
Our shareholding in Fernave, of 64,494 euros, is fully adjusted as is also the shareholding in Metro
Mondego of 26,875 euros.
Interest earned refers to interest arising from the hedge operations (swaps) and interest earned in
financial applications.
7.20 Losses and Gains in Subsidiaries

(euros)
31-12-2007 31-12-2006
Losses in subsidiary companies -1.154.683 -14.399

Gains in subsidiary companies 5.510.238 0
Gains/Losses in Subsidiary Companies 4.355.555 -14.399
Losses in Group Companies and Subsidiaries refer to the adjustment of shareholdings in Invesfer, in
RAVE and in CPCOM.
Gains in Group Companies refer to the Asset Equivalence in relation to Refer Telecom and Ferbritas.
7.21 Income Tax for the Year
7.21.1 Deferred Tax Assets and Liabilities

113
REFER, E.P., did not recognise deferred tax assets or liabilities in the financial statements.
As for deferred tax assets, since there are fiscal losses to be applied, in the total value of 859,483,347
euros, due to the current economic setting and the budgets for the upcoming years, the company
does not expect to obtain fiscal profits in the future enabling it to recover the temporary asset
differences.

(euros)
Year Amount
2001 124.998.468
2002 118.234.573
2003 110.760.838
2004 144.237.869
2005 159.550.024
2006 201.701.575
859.483.347
There were no situations originating deferred tax liabilities.
7.21.2 Income Tax for the Year

The income tax for the year, recognised in the profit and loss account, is shown below:
(euros)
31-12-2007 31-12-2006
Current taxes in the year 89.356 133.393
89.356 133.393
8. STATEMENTS OF INTERNAL WORKS PERFORMED FOR LONG DURATION INFRASTRUCTURE INVESTMENT ACTIVITIES
(euros)
Item 2007 2006

- Consumption 87.083 40.985
- Materials for investment 6.348.174 17.961.915
- Equipment 46.267 17.017
- Labour 1.279.159 915.372
- Structural costs 33.665.475 31.191.268
Total Long Duration Infrastructure Investment Activities 41.426.159 50.126.557
9. INVESTMENT COMMITMENTS 114

The estimated value of investments to be made on Long Duration Infrastructures (LDI) for the Public
Railway Domain and other investments that are not part of the LDI (IEAG Support and Management
Structures integrating the investments of operation, studies and other fixed assets) necessary for
developing the forecast activities reached 437 million euros.
Of the total investment planed, 95% ( 413 million) corresponds to investments on LDI; the remaining
5% ( 24 million) correspond to investments on IEAG.

( thousand euros)
Programs/Projects Estimate 2008
Investment in LDI
Integration of the Country's Major Corridors in the Trans-European
155
Transport Network
Development of urban accesses 127
Intermodal coordination 51
Development of regional and interregional accesses 40
Transport system safety, quality and efficiency 41

Total Investment in LDI 413
Total Investment in IEAG (supp. and manag. structures) 24
Total REFER investment 437
Investment Commitment
10. GUARANTEES
There are 2,471,972,356 euros referring to surety provided by the state for loans from the EIB and for
loans from the banks of Berlin, ABN and WestLB.
On 31 December 2007, there were about 239,857,883 euros in Bank Guarantees Received from
Suppliers.
On 31/12/2007, the company had 2,930,976 euros in Bank Guarantees Received from
Clients/Debtors. These guarantees were used to guarantee proper and full compliance with the
concession contract in favour of REFER.
As the majority shareholder of Ferbritas, REFER signed comfort letters in favour of Banco Mello
covering Property Leasing Contracts / Medium and Long Term Financing up to the amounts of
4,239,782 euros and 498,798 euros, respectively.
Also as the majority shareholder of Invesfer, REFER is responsible for the letters of comfort signed in
favour of BPI covering the short term, medium term and long term credit and leasing of vehicles, up
the amounts of 274,339 euros, 39,904 euros and 67,116 euros, respectively.
115
11. CONTINGENCIES
Lawsuits
At the end of 2007, the legal proceedings in progress, referring to expropriations, reached a value of
4,884,487. This amount does not have an impact on the balance sheet.
In this case, deposits are made in the name of the court where the lawsuit is in progress. These
deposits are equivalent to the arbitrated amount and are safeguarded at the bank Caixa Geral de
Depsitos. Moreover, the resolution of these proceedings does not imply a cost to the company but
rather an investment in railway infrastructures. Besides these proceedings, there are also others
related with accidents at the infrastructures managed by the company, damages caused to third-

party properties, but for which the company is at fault, and some processes in progress in the Labour
Court covered by a provision.
12. BALANCES/TRANSACTIONS WITH RELATED PARTIES

Related parties are regarded as entities with which REFER maintains a relation of control or influence.
However, there are other related entities to be disclosed such as members of the Board of Directors
and company Directors, as well as entities with which REFER maintains commercial relations and that
are controlled by the same shareholder (the state).
12.1 Remuneration to Members of the Governing Bodies

Information referred to by Council of Ministers Resolution no. 155/2005 of 8 September 2005:
31-12-2007 31-12-2006
Employer
Employer
Social Security Accessory Deductions for the Main Accessory Employer Deduct.
Board of Directors Position Main Remuneration Deduction for
Regime Remuneration CGA (civ. Serv. Remunerations Remunerations For Social Security
Social Security
Pens. Fund)
Lus Filipe Melo e Sousa Pardal Chairman Normal Regime 68.223 30.084 18.607 - 68.223 30.084 18.607
Alfredo Vicente Pereira Vice-Chairman Normal Regime 64.640 26.471 17.756 2.596 64.641 26.786 17.757
Romeu Costa Reis Member CGA 60.546 25.337 - - 60.546 25.497 -
Alberto Jos Engenheiro Castanho Ribeiro Member Normal Regime 60.546 25.647 16.784 2.671 60.546 26.430 16.784
Carlos Alberto Joo Fernandes Member CGA 60.546 25.647 - 60.546 25.481 -
Assigned Remuneration 314.501 133.187 53.147 5.267 314.502 134.278 53.148
Accessory remunerations to the Board of Directors include the subsidy for accumulating positions as
stipulated in Council of Ministers Resolution no. 29/89 of August 26, no. 17.
The Audit Committee was remunerated as follows:
(euros)
31-12-2007 31-12-2006
Employer Employer
Monthly Total Monthly Total
Deduct. For Deduc. For
Amount Amount Amount Amount
Soc. Sec. Social Secur.
Antnio Portela (until August/2006) - - - 1.089 8.713 -
Hilrio Manuel Marcelino Teixeira 951 11.406 2.709 951 11.406 -

Salgueiro, Castanheira & Associados, SROC 4.361 52.330 - 4.173 50.076 2.596
5.312 63.736 2.709 6.213 70.195 2.596
The amounts shown as being paid to Salgueiro, Castanheira & Associados SROC, S.A., are 116
remuneration for specialised work.

12.2 Balances and transactions with Affiliated Companies

(euros)
31-12-2007 31-12-2006
Receivable balances
Invesfer 3.304.115 137.891

Ferbritas 27.581 58.569
CP Com 2.892.845 2.185.145
Refer Telecom 1.385.088 803.092
7.609.629 3.184.697
Payable balances
Invesfer 647.864 9.505.349

Ferbritas 8.444.977 5.468.504
CP Com 149.313 0
Refer Telecom 17.070.918 5.431.484
26.313.072 20.405.337
Purchased Services
Invesfer 1.134.280 7.331.598

Ferbritas 11.185.000 9.294.765
CP Com 0 0
Refer Telecom 12.950.027 9.359.511
25.269.307 25.985.874
Rendered Services
Invesfer 238.148 2.446.585

Ferbritas 92.183 81.019
CP Com 2.892.845 2.185.145
Refer Telecom 1.199.925 1.769.328
4.423.101 6.482.077
Related Parties - Subsidiaries
12.3 Balances and transactions with associated

associated companies
(euros)
31-12-2007 31-12-2006 117
Receivable balances 1.264.765 697.216
RAVE 1.264.765 697.216
Payable balances 6.690.240 1.089

RAVE 6.690.240 0
GIL 0 1.089
Purchased services 2.725 0

RAVE 2.725 0
Rendered services 190.706 1.582.063

RAVE 190.706 1.582.063
Related parties - Associated Companies

12.4 Balances and transactions with CP and FERTAGUS

(euros)
31-12-2007 31-12-2006
Receivable balances
CP - Caminhos de Ferro, E.P. 54.088.857 49.359.856

FERTGUS - Travessia do Tejo 3.098.763 2.144.172
57.187.619 51.504.028
Payable balances

FERTGUS - Travessia do Tejo 15.284 5.222
5.661.289 4.364.876
Purchased services
CP - Caminhos de Ferro, E.P. 73.707 394.809

73.707 394.809
Rendered services

FERTGUS - Travessia do Tejo 3.491.154 2.839.058
68.115.188 56.834.261
13. IMPACT OF ADOPTING/APPLYING THE IFRS

REFER, EP adopted the IFRS, issued and in force or issued and adopted prior to 31 December 2005.
The transition date was on 1 January 2004, whereby REFER prepared its opening balance sheet on that
date, taking into account the exemptions and exclusions to other existing standards, allowed by IFRS 1.
IFRS 1 allows exemptions, in particular regarding the retrospective application of the IFRS, the
processing recommended by other standards of the IASB. On the transition date, REFER decided to
apply the following exemptions:
a) Valuation of tangi
tangible
angible assets
Tangible fixed assets held by the company on 1 January 2004 were revaluated before the spin-off of
118
the assets from CP and the assets of the extinguished offices, based on the applicable legislation.
Note that, given the specific nature of activities carried out by REFER, EP, and the operation model that
it was assigned, a significant part of the long duration infrastructure investment assets are not
recognised as tangible assets in the balance sheet of REFER, EP, and are recorded as part of the items
of the balance sheet classified as "Long Duration Infrastructure Investment Activities." These assets,
mostly railway infrastructures, were not subject to any adjustment in the transition.
Contas IFRS 2007

As for assets not assigned to long duration infrastructure investment activities, the criteria of recognition,
valuation and depreciation applied in the previous accounting standards are comparable to those of
the historic cost model in the IFRS, and thus were not adjusted.
The following paragraphs present the impacts of adopting the IFRS on the transition date and
subsequent years.
Transition to the IFRS on 31 December 2004
The total adjustment amount on the transition date reflects the difference recorded in the financial
statements arising from the conversion to the IFRS. These adjustments are recognised in Accumulated
Results.
The following table shows the impacts on REFERs equity by adopting the IFRS on the transition date
and on the closing of 2004:
(euros)
31/12/2004 01/01/2004
Equity - Official Chart of Accounts 2.445.436.818 2.576.162.207
Recognition of derivative financial instruments at the fair value -21.521.162 -14.108.310

Accrued interests of payable loans -10.468.134 -10.137.701
Revaluation of the bank debt and respective costs to obtain financing -175.652 -261.819
Non-demandable maintenance costs - 2003 2.003.704 2.003.704
Provision for costs with CP 2.394.230 2.394.230
Accrual of non-recoverable income -14.296.961 -5.543.636
Recognition of deferred indemnities in the official chart of accounts 0 -20.161.052
Provision for negative equity of the subsidiary Fernave 0 -1.321.468
Provision for negative equity of the subsidiary GIL 7.139.991 0
Fernave supplementary entries impairment -1.871.429 -1.871.429
Adjustment of stocks at the fair value -61.130 0
Asset equivalence of "Metro do Mondego" 14.399 14.311
Reclassification of intangible assets -6.048.083 0
Reclassification of balances of Long Duration Infrastructure Investment activities -2.964.086.575 -2.901.003.225
IFRS adjustments
Equity - IFRS
-3.006.976.802
-561.539.984
-2.949.996.395
-373.834.188
119
Contas IFRS 2007

The following table shows the impact on the results for 2004:
(euros)
2004
Net profit - Official Chart of Accounts -154.157.239
Recognition of derivative financial instruments at the fair value -7.412.852

Accrued interest from payable loans -330.433
Revaluation of the bank debt and respective costs to obtain financing 86.167
Accrual of non-recoverable income -8.753.325
Provision for negative equity of the subsidiary Fernave 1.321.468
Provision for negative equity of the subsidiary GIL 7.139.991
Stock adjustment by the fair value -61.130
Asset equivalence of "Metro do Mondego" 88
Prior costs recognised in retained results -51.896.600
Reclassification of intangible assets -6.048.083
Reclassification of balances of Long Duration Infrastructure Investment Activities 32.192.932
IFRS adjustments -33.761.777
Net Profit - IFRS -187.919.016
The differences between the financial statements prepared according to the IFRS and those that had
been prepared according to the accounting principles generally accepted in Portugal, on 31
December 2004, are explained as follows:
1) Recognition of
of derivative financial instruments at the fair value According to IAS 39 - Financial
instruments and for the purposes of the IFRS accounts, financial instruments are recognised in assets
and liabilities by their fair value. The change in the respective fair values is recognised in the profit and
loss account.
2) Accrual of interest from payable loans In view of the practice of not recording the fair value of
derivative financial instruments in the Official Chart of Accounts, and since the said value is recorded
according to the IFRS (see previous paragraph), the estimated payable financing interest to which the
said derivative financial instruments are associated was recorded in the accounts.
3) Revaluation of the bank debt and respective costs to obtain financing REFER's debt to banks,
120
1 20
to which credit opening costs were associated (which were previously deferred in the Balance Sheet of
the Official Chart of Accounts, in a linear manner, until maturity), was re-expressed by applying the
effective interest rate method. Therefore, the respective items of deferred costs and payable loans
were adjusted.
4) Non-
Non-demandable maintenance costs 2003 Since it was noted that the company had
recognised liabilities for maintenance contracts in reference to 2003 and previous years for which,
according to information obtained, responsibility had already been incurred, it was determined that
there are no liabilities covered by IAS 37, and thus the said liabilities were cancelled on the transition
date.
Contas IFRS 2007

5) Provision
Provision for costs with CP in 1999, REFER recorded a provision covering the costs that it would
be invoiced by CP. Since it was concluded that REFER had no obligation in view of IAS 37 Provisions,
contingent liabilities and contingent assets, that provision was settled on the transition date.
6) Accruals of non-
non-recoverable income REFER recorded in accrued income amounts referring to
the operation concessions to Metro do Porto (1999-2000), referring to a contract to repair the road
deck on the 25 de Abril Bridge (2001-2002), and amounts referring to rendering services at stations and
train manoeuvres for CP, which the latter does not accept. Since these assets are contingent, they
were partially de-recognised on the transition date (those referring to periods prior to 1 January 2004)
and in the year (those that had been already recognised in 2004). This additional income was
adjusted, in the Official Chart of Accounts, as earnings in the year of 2005.
7) Accounts
Recognition of deferred indemnities in the Official Chart of A ccounts - In the OCA, REFER, E.P.,
E.P.
commonly deferred the cost on benefits paid for suspending work contracts. According to IAS 19
Employee benefits, these benefits were fully recognised on the transition date. In the OCA, they were
recognised in 2004, directly in retained results.
8) Provision for negative equity of the subsidiary Fernave The company detected the need for this
provision in accordance with IAS 37 (REFER was in fact responsible for providing letters of comfort in
favour of the subsidiary). In the OCA, that provision had been set up through results for the year of
2004. In the IFRS, the said provision was covered by the transition adjustments, since the responsibility
already existed on 1 January 2004.
9) Provision for the negative equity of the subsidiary GIL The company detected that this
provision, set up in the OCA by REFER, EP, in 2004, was not an actual responsibility in accordance with
IAS 37. Therefore, the said provision was reverted in the IFRS accounts.
10) Impairment of the Fernave Supplementary
Supplementary Entries REFER, EP, felt that its supplementary entries
to its subsidiary Fernave will not be recoverable due to this company's financial situation. Therefore,
they were de-recognised by impairment on the transition date.
11) Stock adjustment by the fair value The stock was adjusted in view of its net realisable value.
12) Asset equivalence of Metro do Mondego These assets were reverted in accordance with IAS
28, under the presupposition that REFER does not have significant influence in the management of this
entity (shareholding of 2.5%). 121
13) Costs in 2004 recognised in retained earnings In the OCA, REFER recognised various
movements directly in retained earnings, during 2004, that, in accordance with IAS 18, must be
reflected in the results for the year, as follows:
Late interest debited from CP, which could no longer be demanded in 2004 (14,945,114 euros);
Annulment of estimated income in previous years (12,414,322 euros);
Losses arising from the Refer/CP agreement (signed in 2004), in the amount of 16,761,008 euros;
Provisions for negative equity of subsidiaries on 31 December 2003 (7,776,156 euros).
14) Annulment of Intangible Assets The company analysed the capitalisation, in intangible assets,
of costs that are not qualified for such in accordance with IAS 38.
Contas IFRS 2007

15) Reclassification of the balances/transactions inherent to long duration infrastructure investment

activities - The company separated Investment Missions from Infrastructure Management at REFER, EP.
Additionally, note that the existing rules for presenting financial statements prepared according to the
IFRS, on the said date, also gave rise to some reclassifications that do not affect the companys equity
or results, in particular in reference to:
Advances for purchases, which in the OCA are included in stocks, and were reclassified to an
item of third parties; and
Amounts recognised in the profit and loss statement of the OCA as extraordinary costs and
income were reclassified to the respective operating items, since they did not fit under the
concept of extraordinary results in the IFRS.
When the year was closed in 2005, the adjustments made in the transition in the year of 2004 were
taken into account.
The impact of applying the IFRS and other alterations to the accounting policies in the financial
statements on 31 December 2005 may be analysed as follows:
31/12/2005
Equity - Official Chart of Accounts 2.440.886.220

Accrued interest of payable loans -10.292.333
Revaluation of the bank debt and respective costs to obtain financing 3.214.225
Non-demandable maintenance costs - 2003 2.003.704
Provision for negative equity of the subsidiary GIL 7.859.032
Fernave supplementary entries impairment -1.882.869
Stock adjustment by the fair value -61.130
Equity equivalence of "Metro do Mondego" -77.157
Reclassification of balances of Long Duration Infrastructure Investment Activities -3.077.112.259
IFRS adjustments -3.089.501.824
Equity - IFRS -648.615.604

122
Contas IFRS 2007

(euros)
2005
Net Profit - Official Chart of Accounts -160.369.481
Recognition of derivative financial interests at the fair value 15.603.948

Accrued interest of payable loans 175.801
Revaluation of the bank debt and respective costs to obtain financing 3.389.877
Provision for costs with CP -2.394.230
Accrued non-recoverable income 14.296.961
Provision for negative equity of the subsidiary GIL 719.041
Fernave supplementary entries impairment -11.440
Asset equivalence of "Metro do Mondego" -91.556
IFRS adjustments 73.146.919
Net profit - IFRS -87.222.562
In the analysis of the closing of 2006, the company took into account the transition adjustments in the
years of 2004 and 2005, and the following adjustments were made for the first time in 2006:
Reclassification of Reserves and Donations According to IAS 18, it was felt that the donations of the
various machines and equipment which were transferred to REFER in accordance with the contract
works, at zero cost, and that were integrated at the market cost, are qualified as income.
The impact of applying the IFRS and other alterations to the accounting policies in the financial
statements on 31 December 2006 may be analysed as follows:
(euros)
31/12/2006

Accrued interest of payable loans
Revaluation of the bank debt and respective costs to obtain financing
-10.292.333
3.220.299
2.003.704
123
Non-demandable maintenance costs - 2003
Provision for the negative equity of the subsidiary GIL 8.760.956
Adjustment of stock by the fair value -61.130
IFRS adjustments -3.127.997.733
Equity - IFRS -810.961.314
Contas IFRS 2007

(euros)
2006

Revaluation of the bank debt and respective costs to obtain financing 6.074
Provision for the negative equity of the subsidiary GIL 901.924
Fernave supplementary entries impairment 1.882.869
Asset equivalence of "Metro do Mondego" 77.157
Reclassification of intangible assets 433.067
Reclassification of reserves and donations 199.070
IFRS adjustment 39.551.546
Net profit - IFRS -162.150.029
124
Contas IFRS 2007

(euros)
31 December 2006 Off. Chart. of Acc. Adjustments IFRS
Assets

0 809.087.112 809.087.112
Non-current
Tangible fixed assets 6.538.456.471 -6.487.938.032 50.518.439
Intangible assets 9.468.023 -4.327.471 5.140.553
Investments in subsidiary and associated companies 18.881.151 0 18.881.151
Financial assets available for sale 46.181 0 46.181
Loans and receivables 54.454.625 0 54.454.625
6.621.306.451 -6.492.265.503 129.040.948
Current
Derivative financial instruments 0 25.337.633 25.337.633
Inventories 23.130.464 -8.999.108 14.131.356
Clients and other receivables 198.344.736 -48.751.580 149.593.156
Receivable income tax 1.451.725 0 1.451.725
Cash and cash equivalents 15.955.730 0 15.955.730
292.882.655 -32.413.055 260.469.600
Total assets 6.914.189.106 -5.715.591.446 1.198.597.660
Equity
Capital 305.200.000 0 305.200.000
Non-distributable reserves 3.334.470.524 -3.334.470.524 0
Cumulative results -1.120.895.363 166.921.245 -953.974.118
2.518.737.994 -3.167.549.279 -648.811.285
Results in the year attributable to shareholders -201.701.575 39.551.546 -162.150.029
2.317.036.419 -3.127.997.733 -810.961.314
Liabilities
Non-current
Loans obtained 4.056.226.651 -2.456.226.651 1.600.000.000
Provisions 32.296.701 -8.760.956 23.535.745
Total non-current liabilities 4.088.527.133 -2.464.987.607 1.623.539.526
Current
Loans obtained 223.383.902 -47.239.800 176.144.102
Suppliers and other payables 284.202.779 -113.888.377 170.314.402
Payable income tax 1.038.873 0 1.038.873
Total current liabilities 508.625.554 -122.606.106 386.019.448
Total liabilities
Total equity and liabilities
4.597.152.687
6.914.189.106
-2.587.593.713
-5.715.591.446
2.009.558.974
1.198.597.660 125
In its analysis of the closing of 2007, the company took into account the transition adjustments in the
years of 2004, 2005 and 2006.
Contas IFRS 2007

(euros)
31-12-2007

Revaluation of the bank debt and respective costs for obtaining financing 2.580.815
Reclassification of donations -1.204.300
IFRS Adjustments -3.225.583.680
Equity - IFRS -973.754.549
(euros)
2007

Accrued interest of payable loans 10.292.333
Revaluation of the bank debt and respective costs for obtaining financing -639.484
Non-demandable maintenance costs - 2003 -2.003.704
Adjustment of stocks by the fair value 61.130
Reclassification of intangible assets 674.507
IFRS adjustments 60.137.253
Net Profit - IFRS -162.830.401
126
Contas IFRS 2007

(euros)
31 December 2007 Off. Chart of Acc. Adjustments IFRS
Activos

0 1.064.647.663 1.064.647.663
Non-current
Tangible fixed assets 6.864.868.236 -6.814.871.484 49.996.752
Intangible assets 8.163.703 -5.570.500 2.593.203
Investments in subsidiary and associated companies 30.712.687 0 30.712.687
Financial assets available for sale 26.875 -26.875 0
Loans and receivables 39.529.625 0 39.529.625
6.943.301.126 -6.820.468.859 122.832.267
Current
Inventories 31.812.839 -19.369.150 12.443.689
Clients and other receivables 171.021.899 -48.702.539 122.319.360
Receivable income tax 970.234 0 970.234
Cash and cash equivalents 209.719 0 209.719
204.014.691 -32.935.735 171.078.956
Total assets 7.147.315.817 -5.788.756.931 1.358.558.886
Equity
Capital 305.200.000 0 305.200.000
Non-distributable reserves 3.492.193.724 -3.492.193.724 0
Cumulative results -1.322.596.939 206.472.791 -1.116.124.148
2.474.796.785 -3.285.720.932 -810.924.147
Results in the year attributable to shareholders -222.967.654 60.137.253 -162.830.401
2.251.829.131 -3.225.583.680 -973.754.549
Liabilities
Non-current
Loans obtained 3.821.972.355 -2.221.972.355 1.600.000.000
Provisions 20.873.590 -9.825.198 11.048.392
Total non-current liabilities 3.842.845.945 -2.231.797.553 1.611.048.392
Current
Loans obtained 779.506.585 -298.826.932 480.679.653
Suppliers and other payables 272.220.694 -106.592.336 165.628.357
Payable income tax 913.463 0 913.463
Total current liabilities 1.052.640.741 -331.375.698 721.265.043
Total liabilities 4.895.486.686 -2.563.173.251 2.332.313.435

Total equity and liabilities 7.147.315.817 -5.788.756.931 1.358.558.886
14. EVENTS AFTER THE BALANCE

BALANCE SHEET DATE
At the start of 2008, REFER became aware of a lawsuit against it filed by the consortium Teixeira 127
Duarte/EPOS consequent to REFERs termination of the Rossio Tunnel Rehabilitation Contract. REFER
terminated the contract in October 2006 based on contractual non-compliance regarding technical
aspects and the completion deadline.
There is no other relevant information that is not shown in the Balance Sheet, Profit and Loss Account
and in the Notes.
Contas IFRS 2007

128
Contas IFRS 2007

13
ANNEX I CONTRACTS THAT WERE NOT
ANNEXES
PUBLIC TENDER (DIRECT AWARD)
NOT SIGNED THROUGH A PUBLIC
(Annex indicated in the chapter Corporate Governance Information on Other Transactions)

Process Initial Contract Additional Signature Contract
Description Procedure Supplier
Num Amount () Amount() Date
Topografia e Cartografia Bombel/Casa
1162 FERBRITAS-Empreend. Ind.Comrcio SA 13-02-2007 220.800,00 Prestaes Servios
Bra
1338 Ajuste directo Prestao Servios FERBRITAS-Empreend. Ind.Comrcio SA 25-01-2007 398.588,88 Prestaes Servios
LA-Fiscalizao Exec.PDs Km308,

317, 325
1442 Fiscalizao Pass. Desn Coimbra F1 TPFCE-Consultoria em Engenharia SA 19-04-2007 201.102,00 Prestaes Servios
1462 LSintra. Barreiras Acsticas. T Mais Complage-Construes e Projectos SA 05-02-2007 224.053,08 Empreitada
Reforo Estrutural Nova Estao

1508 Promorail - Tecnologias de 01-06-2007 224.005,28 Empreitada
Lagos
HP596 - BarMar-Lav-
Elect+Beneficiao
1567 Prestao de Servios Francisco Simes Gomes 12-01-2007 143.200,00 Prestaes Servios
1570 Aplicao Quantm- Sines-Grndola N Quantm, Limited 14-05-2007 202.500,00 Prestaes Servios
1651 JF588 - Ass., Coord. e Fiscal. JE448 Ws Atkins(Portugal)Consultores 12-01-2007 136.259,50 Prestaes Servios
LS, Alent. V.Novas - Adaptao

1707 Bombardier Transportation Portugal, 24-05-2007 187.150,54 Empreitada
CONVEL
1713 LSintra. PI Papel. T a Mais e a Menos. TECNOVIA-Sociedade de Empreitadas 13-02-2007 282.974,43 Empreitada
Demarc. do Pat. REFER Santa Clara-

Tunes
P Servios N estao de Lagos Jan-
Jul 06
Telecomando L Minho, Guim e R
1923 EFACEC - Sistemas de Electronica SA 22-06-2007 415.722,00 Prestaes Servios
Braga
Proj Prot Fundaes Pontes L.Beira
1946 A2P Consult Estudos e Projectos Lda 05-09-2007 361.572,40 Prestaes Servios
Baixa
2094 HF548B - Ass., Fiscal. HE476 Consulgal-Consult Engenh Gesto, SA 03-08-2007 399.628,83 Prestaes Servios
2099 Demarcao do Patrimnio REFER FERBRITAS-Empreend. Ind.Comrcio SA 01-03-2007 357.714,00 Prestaes Servios
Proj RCT+TP para Zona Suburbana

2103 Movares Nederland BV 12-09-2007 349.750,00 Prestaes Servios
do Porto
2113 Forn.e Insta. de assentos de bancos PERFILFORMA-Com de Equipamentos Lda 16-07-2007 666.423,00 Prestaes Servios
Estao Multimodal Mercadorias -

Leixes
2243 2 t. adicional ao ct 27/04-CA-LN Alcatel Portugal SA 15-02-2007 594.274,61 Empreitada
2244 P.serv.manut. Subestaes AC Efacec - Servicos Manut Assist SA 02-02-2007 208.210,00 Prestaes Servios
2249 P.serv.manut. PC Zona Centro/Sul Efacec - Servicos Manut Assist SA 02-02-2007 221.986,40 Prestaes Servios
P.serv.manut. Postos de catenria Z

2250 Efacec - Servicos Manut Assist SA 02-02-2007 236.785,50 Prestaes Servios
Nort
P.serv. manut. Postos de catenria da
2251 Efacec - Servicos Manut Assist SA 02-02-2007 244.185,00 Prestaes Servios
LN
2255 P.serv.manut - PCE Zona N/C/S Efacec - Servicos Manut Assist SA 06-02-2007 306.848,50 Prestaes Servios
2263 P.serv.manut - PAT+PTC+TPV Efacec - Servicos Manut Assist SA 02-02-2007 224.623,50 Prestaes Servios
Prestao de Servios de Deserv.
2267 Ferrovias e Construes, S.A. 20-04-2007 389.860,00 Prestaes Servios
Qumica
2285 Comunicaes Explorao Refer Telecom Serv Telecomunic SA 11-01-2007 245.075,40 Prestaes Servios
Prest Servios Homologao
129
2325 Movares Nederland BV 12-09-2007 279.000,00 Prestaes Servios
Ressonncia
1. Termo Adicional ao CT 18/04 CA-
2350 COBA - Consult Ob Barrag Planeam SA 14-03-2007 247.860,00 Empreitada
LN
2364 Zona Sub.Lisboa-Med.Defint.RCT+TP THALES - Security Solutions and 24-05-2007 7.923.441,39 Empreitada
Alimt. Elct. Subest.

2374 BLOQ Ren - Rede Elec. Nacional SA 12-03-2007 395.000,00 Empreitada
Fatela/Penamacor
2394 Fiscalizao das Barreiras Acsticas FERBRITAS-Empreend. Ind.Comrcio SA 04-07-2007 195.512,32 Prestaes Servios
Projecto Tneis de Ftima e

2421 Geodata S.P.A. 8Sucursal) 24-10-2007 197.861,12 Prestaes Servios
Albergaria
Acessoria Apoio Gesto-Tnel do
Rossio
5 Adicional ao Contrato 039-
2432 SOMAGUE Engenharia SA 22-06-2007 1.302.412,55 Empreitada
2002/CA/DN
2441 Consulta Tcnica e de Gesto Amberg Consulting Engineers Ltd 07-05-2007 249.670,00 Prestaes Servios
Manut.dos Sistemas de Segurana-
2444 TECNASOL-FGE Fundaes Geotecnia SA 25-07-2007 532.084,78 Prestaes Servios
T.Rossio
7. T Adicional ao Contrato 16/03
CA/LN
6. T Adicional ao Contrato 22/04 CA-
2458 Mota - Engil, Engenhar e Construo 11-07-2007 711.276,88 Empreitada
LN
Manut. Integral dos Sist. de
2462 Dimetronic SA 23-01-2007 2.896.526,45 Prestaes Servios
Sinalizao
Sinalizao
2465 Dimetronic SA 23-01-2007 925.795,80 Prestaes Servios
Sinalizao
Prest Serv Manut e Rep Avarias Sinal
2467 Alcatel Portugal SA 11-01-2007 1.222.522,20 Empreitada
BA
Contas IFRS 2007


Servio de Telecomunicaes
2491 Refer Telecom Serv Telecomunic SA 30-01-2007 7.454.732,00 Prestaes Servios
Ferrovirias
2494 Gesto do parque de telemveis Refer Telecom Serv Telecomunic SA 30-01-2007 600.000,00 Prestaes Servios
Rede de dados, pontos e acessos
2495 Refer Telecom Serv Telecomunic SA 30-01-2007 1.535.040,00 Prestaes Servios
Internet
Data Center e Sistemas de
2496 Refer Telecom Serv Telecomunic SA 30-01-2007 577.440,00 Prestaes Servios
Informao
2497 1 Adicional Trabalhos a mais Mota - Engil, Engenhar e Construo 04-05-2007 660.812,68 Empreitada
2499 4 Adicional ao Contrato 02/02-CA-BB Alcatel Portugal SA 19-07-2007 247.661,68 Empreitada
2529 2 Adicional Promorail - Tecnologias de 24-05-2007 176.461,20 Empreitada
2530 Assessoria/Fiscalizao - T. Rossio DHV FBO - Consultores S.A. 30-05-2007 2.188.217,63 Prestaes Servios
2541 Fiscalizao 2.1 - 4 Termo adicional PENGEST-Planeamento, Engenharia e 15-05-2007 210.004,41 Empreitada
Gesto Documental Tecnico-

2553 Accenture, Consultores de Gesto, 03-07-2007 195.000,00 Prestaes Servios
Administrativa
ST 2.1 Pass desn Fase 3 - 2 T
2554 ZAGOPE-Constr. e Engenharia, S.A. 24-05-2007 599.342,16 Empreitada
adicional
Prestao de Servios de
Expropriaes
2563 Fiscalizao Subtroo 1.2/1.3 - Incio BRISA Engenharia e Gesto, SA 15-06-2007 379.994,98 Prestaes Servios
2607 1 Adicional ao contrato n 1665 PROSPECTIVA-Projectos, Servios e 30-05-2007 360.000,00 Prestaes Servios
2664 1. T. Adicional ao Contrato 1575 TPFCE-Consultoria em Engenharia SA 11-06-2007 185.952,62 Prestaes Servios
Fiscalizao das Passagens
Desniveladas
Trab. Complementar de Fiscaliz. L.
Sines
8. Aditamento ao Contrato 49/94-
2676 Tyco Engenharia, Unipessoal, Lda 04-06-2007 893.173,76 Empreitada
SEC
2677 Proj. Compl. Variante Alccer FERBRITAS-Empreend. Ind.Comrcio SA 25-07-2007 326.087,00 Prestaes Servios
Ensaios para garantia controlo
2705 Geocontrole -Gab Geotecnia Topograf 03-09-2007 128.647,88 Prestaes Servios
qualidade
Proj.Execuo Servios
2728 GRID-Cons Estud Proj Engenharia,Lda 19-06-2007 217.887,30 Prestaes Servios
Complementares
Norte-Reab.via ascendente entre kms
2788 Somafel-Eng.e Obras Ferrovirias SA 03-07-2007 588.832,76 Empreitada
235,
2800 Prestao de Servios e Fiscalizao FERBRITAS-Empreend. Ind.Comrcio SA 26-11-2007 398.460,00 Prestaes Servios
Forn. e Montagem CONVEL Ramal

2811 Bombardier Transportation Portugal, 03-09-2007 266.694,32 Empreitada
de Tomar
Proj. e montagem de rct no Ramal
2815 THALES - Security Solutions and 03-07-2007 187.312,40 Prestaes Servios
Tomar
2818 L.Sul - Sin. e Telec. Ramal Siderurgia THALES - Security Solutions and 25-06-2007 1.913.645,43 Empreitada
6 adicional ao contrato 19/03 CA-

2820 SOPOL-Soc Geral de Construes e 16-08-2007 1.476.316,29 Empreitada
PLN
Demarc. Patrimnio REFER-P.Novo-
Pinheiro
Demarc. Patrimnio REFER-Pinheiro-
Km94
Demarc.Patrimnio REFER-Funcheira-
SClara
2850 Estao do Cacm REBEL Representantes de Equipam 09-07-2007 149.350,00 Prestaes Servios
2865 Ponte Eiffel - Fundaes Teixeira Duarte-Eng. Construes SA 20-07-2007 3.838.753,17 Empreitada
5. Termo Adicional ao CT 11/05
CA/LN
Integrao Encravam. SSI CCO
2907 Dimetronic SA 10-08-2007 734.634,06 Empreitada
Lisboa
2910 Elaborao de projecto FERBRITAS-Empreend. Ind.Comrcio SA 20-04-2007 195.814,40 Prestaes Servios
Reparao de danos - Tnel de
2925 Fergrupo - Const Tecnicas Ferrov SA 06-06-2007 1.280.000,00 Empreitada
Ftima
Fiscalizao Obra RIV - Concluso da
PS
Remodelao do Sistema SATA L
Douro.
Definio de modelo de Gesto de
2969 Deloitte Consultores, S.A. 30-05-2007 264.800,00 Prestaes Servios
Activos
Desmatao-Prev Incendios
2981 FITONOVO, Lda. 24-09-2007 195.800,00 Prestaes Servios
LGuimRBrag
Desmat prev incend-LMinho-Barc
2982 Fergrupo - Const Tecnicas Ferrov SA 24-09-2007 191.575,00 Prestaes Servios
Valena
Desmat Prev Incend-LMinho-
2983 Fernandes & Remelhe Lda 24-09-2007 178.000,00 Prestaes Servios
PSB/Barcelos
2984
2986
Desmat prev incend-LDouro-
Caide/Pocinho
Desmat prev incend-LNorte e Vouga

Fergrupo - Const Tecnicas Ferrov SA
Jos Oliveira Chaves & C. Lda

24-09-2007
24-09-2007
181.300,00
159.309,00
Prestaes Servios
Prestaes Servios
130
3024 L.Douro Estudo Geotcnico GEG-Gab Estruturas e Geotecnia, Lda 26-07-2007 187.000,00 Prestaes Servios
Prosseguimento do processo de
encomenda
3057 PO Eiffel Coordenao de Segurana Tabique Engenharia 08-10-2007 150.760,00 Prestaes Servios
Contas IFRS 2007


PS-Pass.Desniveladas de Viana do
Castelo
Construo do Data Center-Contumil
3149 Dimetronic, SA 08-08-2007 1.664.656,87 Empreitada
(CCO)
3178 Manut Sist Sinal Inst L. B Baixa THALES - Security Solutions and 26-06-2007 169.978,40 Prestaes Servios
3193 Estudo do Algarve - Fase II FERBRITAS-Empreend. Ind.Comrcio SA 31-07-2007 133.000,00 Prestaes Servios
Estudo de avaliao do quadro
3210 Leadership Business Consulting 17-08-2007 232.500,00 Prestaes Servios
regulatri
3286 L. Tua 2 e 3 Fases GEG-Gab Estruturas e Geotecnia, Lda 09-10-2007 175.500,00 Prestaes Servios
3327 Higiene e Limpeza Iberlim Iberlim-Sociedade Tcnica 28-06-2007 126.632,88 Prestaes Servios
L. Sul-km 260,498a260,664 - Est.
3344 Neopul - Soc Estudos Construes SA 31-10-2007 305.011,98 Prestaes Servios
Talude
Upgrade Sistema Rdio Solo-
3465 NEC Portugal-Telecom. e Sistemas,SA 19-12-2007 249.991,00 Prestaes Servios
comboios
Rels impedncia - Subest. Braga-
3468 AREVA - Transmisso e Distribuio 05-12-2007 339.454,77 Prestaes Servios
Faro
3471 Videografia da Rede Ferroviria Ambisig - Ambiente e Sistemas 16-11-2007 168.415,00 Prestaes Servios
3522 MUXFLEX / Gesto Centralizada EFACEC - Sistemas de Electronica SA 14-12-2007 158.411,00 Prestaes Servios
Terraplenagem e Drenagem e Estudo
Geolg
Plataf, OA, restb, Amb. PSS e comp
tc.
3582 Aprovao de adjudicao Somafel-Eng.e Obras Ferrovirias SA 30-11-2007 488.888,00 Empreitada
Prest. de Serv. relativa a
expropriaes
Prest. de Serv. relativa a
Expropriaes
Ferbritas - Expropriaes Zona do
Cacm
7 ADICIONAL AO CONTRATO
3681 SOPOL-Soc Geral de Construes e 19-11-2007 737.477,10 Empreitada
19/03 CA-PLN
5. Termo Adicional ao CT 11/05
CA/LN
1 Adicional ao contrato N 15/05-
3709 Ferrovias e Construes, S.A. 24-05-2007 30.009.728,40 Prestaes Servios
CA/CM
8. Adicional ao Contrato 16/03 CA-
PLN
Trab. Mais ao Contrato
3779 Somafel-Eng.e Obras Ferrovirias SA 19-07-2007 2.987.446,16 Prestaes Servios
1548/06/CA/CM
40486-Castelo Branco/Covilh-
Topografia
40487-Castelo Branco/Covilh-Geol.
TD
3853 Obras acess, Exprop, Licen Amb. FERBRITAS-Empreend. Ind.Comrcio SA 07-12-2007 178.888,92 Prestaes Servios
40477-Castelo Branco/Covilh-
Via,Platafo
3855 40484-Castelo Branco/Covilh-IFTE FERBRITAS-Empreend. Ind.Comrcio SA 11-12-2007 399.744,00 Prestaes Servios
3856 Via frrea FERBRITAS-Empreend. Ind.Comrcio SA 11-12-2007 395.751,77 Prestaes Servios

3859 Terrap, drena, edif, OA FERBRITAS-Empreend. Ind.Comrcio SA 02-11-2007 354.194,54 Prestaes Servios
1. Adicional ao C.to N.
1337/06/CA/CM
3890 Plano Director de Explorao - SMA+ SMA+ 28-12-2007 190.000,00 Prestaes Servios
05/04/CA/CM
2 Adicional Contrato n
05/04/CA/CM
Prest Serv Manut e Rep Avarias Sinal
BA
7. Adicional ao Contrato N. 35/93
SADM
2462/07/CA/GO
2464/07/CA/GO
C.to de Manuteno Integral Sist.
131
Sinal.
4062 Estudo do Algarve - Fase III FERBRITAS-Empreend. Ind.Comrcio SA 19-12-2007 125.000,00 Prestaes Servios
4086 Remodelao Estao General Torres INVESFER-Prom.Com.Terr.Edifcios SA 20-12-2007 212.200,00 Prestaes Servios
4104 MCE / Linha do Alentejo EFACEC - Sistemas de Electronica SA 21-12-2007 148.408,33 Prestaes Servios
4120 1 Adicional ao contrato N 1620 CME - Construo e Manuteno 13-11-2007 1.882.745,18 Prestaes Servios
Prestao de Servios EMEF -
4185 EMEF -Emp Manutenc Equip Ferrov SA 17-12-2007 620.000,00 Prestaes Servios
Prorrogao
Proj. R.Lous Coimbra Parque-
4198 FERBRITAS-Empreend. Ind.Comrcio SA 26-12-2007 1.732.100,00 Prestaes Servios
Serpins SMM
2Adicional ao Contrato n07/06-CA-
4313 Projinova Proj e Est Telecomun Lda 21-12-2007 130.000,00 Prestaes Servios
SG
Contas IFRS 2007

ANNEX II CONTRACT WORKS WHOSE VALUE EXCEEDED 125,000

Initial Contract Additional Signature Contract

Process Num Description Procedure Supplier
Amount () Amount() Date
2467 Prest Serv Manut e Rep Avarias Sinal BA Ajuste Directo Alcatel Portugal SA 1.222.522,20 11-Jan-07
2314 Variante entre a Est. Pinheiro e o Km 94 Concurso Pblico SOPOL-Soc Geral de Construes e 23.912.949,70 25-Jan-07
1462 LSintra. Barreiras Acsticas. T Mais Ajuste Directo Complage-Construes e Projectos SA 224.053,08 5-Fev-07
1555 Beneficiao de Concordncias Concurso Pblico PAVIA Pavimentos e Vias SA 225.096,87 9-Fev-07
1713 LSintra. PI Papel. T a Mais e a Menos. Ajuste Directo TECNOVIA-Sociedade de Empreitadas 282.974,43 13-Fev-07
2243 2 t. adicional ao ct 27/04-CA-LN Ajuste Directo Alcatel Portugal SA 594.274,61 15-Fev-07
1176 Benefi. e Ref. Tnel dos Aores Concurso Pblico Fergrupo - Const Tecnicas Ferrov SA 232.321,00 16-Fev-07
1477 HE477 - PS Km 5+950 da Linha Alentejo Concurso Pblico Edifer-Const.Pires Coelho 2.239.014,00 1-Mar-07
924 L.Norte,Oeste,R.T,Alf,Lous-Ataque Mecn Concurso Pblico Somafel-Eng.e Obras Ferrovirias SA 1.783.850,40 8-Mar-07
2374 Alimt. Elct. Subest. Fatela/Penamacor Ajuste Directo BLOQ Ren - Rede Elec. Nacional SA 395.000,00 12-Mar-07
2350 1. Termo Adicional ao CT 18/04 CA-LN Ajuste Directo COBA - Consult Ob Barrag Planeam SA 247.860,00 14-Mar-07
1481 Passagens desniveladas fase 1 Coimbra Concurso Pblico Ferrovial Agroman SA 2.975.813,48 22-Mar-07
899 Correco dos Pilares da Ponte So Joo Concurso Pblico Teixeira Duarte-Eng. Construes SA 436.800,00 26-Mar-07
896 Emp. de Benef. Refor. Tnel das Alhadas. Concurso Pblico Mota - Engil, Engenhar e Construo 2.991.243,80 16-Abr-07
1240 Linha de V. Novas - Agolada /Qta. Grande Concurso Pblico Fergrupo - Const Tecnicas Ferrov SA 399.950,75 16-Abr-07
1482 Trab Compl-Interface Poente de Campanh Concurso Pblico Maranho - Soc de Construes Lda 497.522,78 4-Mai-07
2497 1 Adicional Trabalhos a mais Ajuste Directo Mota - Engil, Engenhar e Construo 660.812,68 4-Mai-07
2541 Fiscalizao 2.1 - 4 Termo adicional Ajuste Directo PENGEST-Planeamento, Engenharia e 210.004,41 15-Mai-07
1707 LS, Alent. V.Novas - Adaptao CONVEL Ajuste Directo Bombardier Transportation Portugal, 187.150,54 24-Mai-07
2364 Zona Sub.Lisboa-Med.Defint.RCT+TP Ajuste Directo THALES - Security Solutions and 7.923.441,39 24-Mai-07
2529 2 Adicional Ajuste Directo Promorail - Tecnologias de 176.461,20 24-Mai-07
2554 ST 2.1 Pass desn Fase 3 - 2 T adicional Ajuste Directo ZAGOPE-Constr. e Engenharia, S.A. 599.342,16 24-Mai-07
1508 Reforo Estrutural Nova Estao Lagos Ajuste Directo Promorail - Tecnologias de 224.005,28 1-Jun-07
2676 8. Aditamento ao Contrato 49/94-SEC Ajuste Directo Tyco Engenharia, Unipessoal, Lda 893.173,76 4-Jun-07
1624 Substituio da PSR da Arroteia Concurso Pblico CONDURIL, SA 359.992,00 5-Jun-07
2925 Reparao de danos - Tnel de Ftima Ajuste Directo Fergrupo - Const Tecnicas Ferrov SA 1.280.000,00 6-Jun-07
Concurso Pblico
1889 Estabilizao da Plataforma Feroviria Ferrovias e Construes, S.A. 6.088.800,00 19-Jun-07
Internacional
2432 5 Adicional ao Contrato 039-2002/CA/DN Ajuste Directo SOMAGUE Engenharia SA 1.302.412,55 22-Jun-07
2631 Empreitada de Passagens Desniveladas Concurso Pblico TECNOVIA-Sociedade de Empreitadas 2.389.000,00 22-Jun-07
2818 L.Sul - Sin. e Telec. Ramal Siderurgia Ajuste Directo THALES - Security Solutions and 1.913.645,43 25-Jun-07
2788 Norte-Reab.via ascendente entre kms 235, Ajuste Directo Somafel-Eng.e Obras Ferrovirias SA 588.832,76 3-Jul-07
772 Empreitada de reposio de estabilidade Concurso Pblico Teixeira Duarte-Eng. Construes SA 194.972,50 6-Jul-07
2458 6. T Adicional ao Contrato 22/04 CA-LN Ajuste Directo Mota - Engil, Engenhar e Construo 711.276,88 11-Jul-07
2499 4 Adicional ao Contrato 02/02-CA-BB Ajuste Directo Alcatel Portugal SA 247.661,68 19-Jul-07
2865 Ponte Eiffel - Fundaes Ajuste Directo Teixeira Duarte-Eng. Construes SA 3.838.753,17 20-Jul-07
895 Linha de Cascais - Estao de Oeiras Concurso Pblico Ferrovias e Construes, S.A. 584.955,76 25-Jul-07
2702 Lig. Ferrov. entre km 0+000 e Viaduto Concurso Pblico SOMAGUE Engenharia SA 27.793.297,74 8-Ago-07
3149 Construo do Data Center-Contumil (CCO) Ajuste Directo Dimetronic, SA 1.664.656,87 8-Ago-07
2907 Integrao Encravam. SSI CCO Lisboa Ajuste Directo Dimetronic SA 734.634,06 10-Ago-07
2655 Pregagens Lajes Pavimento Galerias Concurso Pblico Ancorpor - Geotec. Fundaes, Lda. 884.550,00 14-Ago-07
2820 6 adicional ao contrato 19/03 CA-PLN Ajuste Directo SOPOL-Soc Geral de Construes e 1.476.316,29 16-Ago-07
4029 2 Adicional Contrato n 05/04/CA/CM Ajuste Directo Alcatel Portugal SA 4.237.361,49 17-Ago-07
2811 Forn. e Montagem CONVEL Ramal de Tomar Ajuste Directo Bombardier Transportation Portugal, 266.694,32 3-Set-07
1867 LxSA - EP - Benef cobert e plataf Concurso Pblico Teixeira Duarte-Eng. Construes SA 619.459,69 6-Set-07
2891 5. Termo Adicional ao CT 11/05 CA/LN Ajuste Directo Mota - Engil, Engenhar e Construo 434.787,47 10-Set-07
3704 5. Termo Adicional ao CT 11/05 CA/LN Ajuste Directo Mota - Engil, Engenhar e Construo 434.787,47 10-Set-07
2417 Reabilitao Via Kms 64.020 a 70.400 Concurso Pblico Fergrupo - Const Tecnicas Ferrov SA 2.590.000,05 14-Set-07
4030 Prest Serv Manut e Rep Avarias Sinal BA Ajuste Directo Alcatel Portugal SA 1.222.522,20 18-Set-07
3969 3. Adicional ao C.to N. 05/04/CA/CM Ajuste Directo Alcatel Portugal SA 4.331.872,44 19-Set-07
132
2451 7. T Adicional ao Contrato 16/03 CA/LN Ajuste Directo SOMAGUE Engenharia SA 3.912.587,25 20-Set-07
Concurso Pblico
1610 Ramais Particulares e Lourial Ferrovias e Construes, S.A. 1.952.586,00 9-Out-07
Internacional
2704 Atrav. Ferrov. Sado-Ponte e Viaduto Aces Concurso Pblico Teixeira Duarte-Eng. Construes SA 66.753.066,90 16-Out-07
2382 Subtroo 1.2 - Trabalhos complementares Concurso Pblico ACA-Construes Alberto Couto Alves 649.944,87 17-Out-07
2688 Prot. das fundaes Ponte do Guadiana Concurso Pblico OFM-Obras Pb, Ferrov. Martimas SA 178.155,59 18-Out-07
Procedimento por
3485 PSP na estao de Barcarena MTR - Gesto Consultadoria Comrcio 248.989,00 19-Out-07
Negociao
3681 7 ADICIONAL AO CONTRATO 19/03 CA-PLN Ajuste Directo SOPOL-Soc Geral de Construes e 737.477,10 19-Nov-07
1475 Remodelao da SST de Entroncamento Concurso Pblico EFACEC Engenharia SA 1.278.672,38 20-Nov-07
3763 8. Adicional ao Contrato 16/03 CA-PLN Ajuste Directo SOMAGUE Engenharia SA 1.099.765,45 20-Nov-07
3028 L.MINHO - Reab.Superestrutura da Via. Concurso Pblico Fergrupo - Const Tecnicas Ferrov SA 3.198.314,90 29-Nov-07
3077 LDOURO - Reab.Superestrutura da Via. Concurso Pblico Fergrupo - Const Tecnicas Ferrov SA 1.695.263,40 29-Nov-07
3582 Aprovao de adjudicao Ajuste Directo Somafel-Eng.e Obras Ferrovirias SA 488.888,00 30-Nov-07
2875 PD's nos p.k. 11+233 e 13+733-R. Tomar Concurso Pblico Obrecol - Obras e Construes SA 795.000,00 20-Dez-07
Concurso Pblico
3129 HE479 PS Km 8+512 L Alentejo Lena Engenharia e Construes, SA 2.380.000,00 31-Dez-07
Internacional
Contas IFRS 2007

EXCEEDING 125,000
ANNEX III RENDERED SERVICES OF A VALUE EXCEEDING
Signature
Process Initial Contract Additional
Description Procedure Supplier Contract
Num Amount () Amount()
Date
2920 Seguro Sade Concurso Pblico Assicurazioni Generalli 1.149.901,39 01-01-2007
2921 Seguro sade - agregados Concurso Pblico Assicurazioni Generalli 1.149.901,39 01-01-2007
2922 Acidentes pessoais Concurso Pblico Assicurazioni Generalli 1.149.901,39 01-01-2007
2285 Comunicaes Explorao Ajuste Directo Refer Telecom Serv Telecomunic SA 245.075,40 11-01-2007
1567 Prestao de Servios Ajuste Directo Francisco Simes Gomes 143.200,00 12-01-2007
1651 JF588 - Ass., Coord. e Fiscal. JE448 Ajuste Directo Ws Atkins(Portugal)Consultores 136.259,50 12-01-2007
2462 Manut. Integral dos Sist. de Sinalizao Ajuste Directo Dimetronic SA 2.896.526,45 23-01-2007
2464 Manut. Integral dos Sist. de Sinalizao Ajuste Directo Dimetronic SA 2.370.252,92 23-01-2007
2465 Manut. Integral dos Sist. de Sinalizao Ajuste Directo Dimetronic SA 925.795,80 23-01-2007
1338 Ajuste directo Prestao Servios Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 398.588,88 25-01-2007
2491 Servio de Telecomunicaes Ferrovirias Ajuste Directo Refer Telecom Serv Telecomunic SA 7.454.732,00 30-01-2007
2494 Gesto do parque de telemveis Ajuste Directo Refer Telecom Serv Telecomunic SA 600.000,00 30-01-2007
2495 Rede de dados, pontos e acessos Internet Ajuste Directo Refer Telecom Serv Telecomunic SA 1.535.040,00 30-01-2007
2496 Data Center e Sistemas de Informao Ajuste Directo Refer Telecom Serv Telecomunic SA 577.440,00 30-01-2007
2244 P.serv.manut. Subestaes AC Ajuste Directo Efacec - Servicos Manut Assist SA 208.210,00 02-02-2007
2249 P.serv.manut. PC Zona Centro/Sul Ajuste Directo Efacec - Servicos Manut Assist SA 221.986,40 02-02-2007
2250 P.serv.manut. Postos de catenria Z Nort Ajuste Directo Efacec - Servicos Manut Assist SA 236.785,50 02-02-2007
2251 P.serv. manut. Postos de catenria da LN Ajuste Directo Efacec - Servicos Manut Assist SA 244.185,00 02-02-2007
2263 P.serv.manut - PAT+PTC+TPV Ajuste Directo Efacec - Servicos Manut Assist SA 224.623,50 02-02-2007
2255 P.serv.manut - PCE Zona N/C/S Ajuste Directo Efacec - Servicos Manut Assist SA 306.848,50 06-02-2007
1408 LA-Fiscalizao Exec.PDs Km308, 317, 325 Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 163.300,00 07-02-2007
2317 Prest. Serv. Fisc. e Coord. Seg. Concurso Pblico TPF Planege - Consultores Eng 2.546.410,00 12-02-2007
1162 Topografia e Cartografia Bombel/Casa Bra Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 220.800,00 13-02-2007
1855 Demarc. do Pat. REFER Santa Clara-Tunes Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 390.000,00 16-02-2007
2099 Demarcao do Patrimnio REFER Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 357.714,00 01-03-2007
1871 P Servios N estao de Lagos Jan-Jul 06 Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 137.786,45 07-03-2007
1442 Fiscalizao Pass. Desn Coimbra F1 Ajuste Directo TPFCE-Consultoria em Engenharia SA 201.102,00 19-04-2007
2267 Prestao de Servios de Deserv. Qumica Ajuste Directo Ferrovias e Construes, S.A. 389.860,00 20-04-2007
2910 Elaborao de projecto Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 195.814,40 20-04-2007
Procedimento por
2866 Prest. Servios Manut. E.Traco Lote1 Efacec - Servicos Manut Assist SA 1.436.750,00 30-04-2007
Negociao
Procedimento por
2899 Prest. Servios Manut. E. Traco Lote2 MECI - Gesto de Projectos de 1.410.000,00 30-04-2007
Negociao
2441 Consulta Tcnica e de Gesto Ajuste Directo Amberg Consulting Engineers Ltd 249.670,00 07-05-2007
2562 Prestao de Servios de Expropriaes Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 139.096,08 08-05-2007
1570 Aplicao Quantm- Sines-Grndola N Ajuste Directo Quantm, Limited 202.500,00 14-05-2007
2613 Fornecimento de Consumveis Informticos Concurso Limitado Albano R. Neves Alves, Distribuio 180.380,63 18-05-2007
3709 1 Adicional ao contrato N 15/05-CA/CM Ajuste Directo Ferrovias e Construes, S.A. 30.009.728,40 24-05-2007
2530 Assessoria/Fiscalizao - T. Rossio Ajuste Directo DHV FBO - Consultores S.A. 2.188.217,63 30-05-2007
2607 1 Adicional ao contrato n 1665 Ajuste Directo PROSPECTIVA-Projectos, Servios e 360.000,00 30-05-2007
2969 Definio de modelo de Gesto de Activos Ajuste Directo Deloitte Consultores, S.A. 264.800,00 30-05-2007
3880 1. Adicional ao C.to N. 1337/06/CA/CM Ajuste Directo Dimetronic SA 6.294.402,24 01-06-2007
2664 1. T. Adicional ao Contrato 1575 Ajuste Directo TPFCE-Consultoria em Engenharia SA 185.952,62 11-06-2007
2563 Fiscalizao Subtroo 1.2/1.3 - Incio Ajuste Directo BRISA Engenharia e Gesto, SA 379.994,98 15-06-2007
Concurso Pblico
2253 Fiscalizao - Caminho Ribeirinho PROMAN-Centro Estudos e Projectos 474.430,00 18-06-2007
Internacional
2728 Proj.Execuo Servios Complementares Ajuste Directo GRID-Cons Estud Proj Engenharia,Lda 217.887,30 19-06-2007
2668 Trab. Complementar de Fiscaliz. L. Sines Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 178.072,70 20-06-2007
1923 Telecomando L Minho, Guim e R Braga Ajuste Directo EFACEC - Sistemas de Electronica SA 415.722,00 22-06-2007
2170 Estao Multimodal Mercadorias - Leixes Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 397.796,60 22-06-2007
2431 Acessoria Apoio Gesto-Tnel do Rossio Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 670.500,00 26-06-2007
3178 Manut Sist Sinal Inst L. B Baixa Ajuste Directo THALES - Security Solutions and 169.978,40 26-06-2007
3327 Higiene e Limpeza Iberlim Ajuste Directo Iberlim-Sociedade Tcnica 126.632,88 28-06-2007
2553
2665
2815
2394
Gesto Documental Tecnico-Administrativa
Fiscalizao das Passagens Desniveladas
Proj. e montagem de rct no Ramal Tomar
Fiscalizao das Barreiras Acsticas
Ajuste Directo
Ajuste Directo
Ajuste Directo
Ajuste Directo
Accenture, Consultores de Gesto,
FERBRITAS-Empreend. Ind.Comrcio SA
THALES - Security Solutions and
195.000,00
332.445,00
187.312,40
195.512,32
03-07-2007
03-07-2007
03-07-2007
04-07-2007
133
2850 Estao do Cacm Ajuste Directo REBEL Representantes de Equipam 149.350,00 09-07-2007
4031 7. Adicional ao Contrato N. 35/93 SADM Ajuste Directo EFACEC - Sistemas de Electronica SA 986.818,08 09-07-2007
2113 Forn.e Insta. de assentos de bancos Ajuste Directo PERFILFORMA-Com de Equipamentos Lda 666.423,00 16-07-2007
3779 Trab. Mais ao Contrato 1548/06/CA/CM Ajuste Directo Somafel-Eng.e Obras Ferrovirias SA 2.987.446,16 19-07-2007
2836 Demarc. Patrimnio REFER-P.Novo-Pinheiro Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 231.600,00 24-07-2007
2837 Demarc. Patrimnio REFER-Pinheiro-Km94 Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 201.300,00 24-07-2007
2444 Manut.dos Sistemas de Segurana-T.Rossio Ajuste Directo TECNASOL-FGE Fundaes Geotecnia SA 532.084,78 25-07-2007
2677 Proj. Compl. Variante Alccer Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 326.087,00 25-07-2007
3024 L.Douro Estudo Geotcnico Ajuste Directo GEG-Gab Estruturas e Geotecnia, Lda 187.000,00 26-07-2007
2838 Demarc.Patrimnio REFER-Funcheira-SClara Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 390.400,00 27-07-2007
2934 Fiscalizao Obra RIV - Concluso da PS Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 186.280,00 28-07-2007
3193 Estudo do Algarve - Fase II Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 133.000,00 31-07-2007
2094 HF548B - Ass., Fiscal. HE476 Ajuste Directo Consulgal-Consult Engenh Gesto, SA 399.628,83 03-08-2007
3118 PS-Pass.Desniveladas de Viana do Castelo Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 211.729,84 03-08-2007
3210 Estudo de avaliao do quadro regulatri Ajuste Directo Leadership Business Consulting 232.500,00 17-08-2007
Contas IFRS 2007

Signature
Process Initial Contract Additional
Description Procedure Supplier Contract
Num Amount () Amount()
Date
4032 1. Adicional ao C.to N. 2462/07/CA/GO Ajuste Directo Dimetronic SA 3.745.000,32 31-08-2007
4033 1. Adicional ao C.to N. 2464/07/CA/GO Ajuste Directo Dimetronic SA 2.789.056,32 31-08-2007
4034 C.to de Manuteno Integral Sist. Sinal. Ajuste Directo Dimetronic SA 1.205.304,00 31-08-2007
2705 Ensaios para garantia controlo qualidade Ajuste Directo Geocontrole -Gab Geotecnia Topograf 128.647,88 03-09-2007
1946 Proj Prot Fundaes Pontes L.Beira Baixa Ajuste Directo A2P Consult Estudos e Projectos Lda 361.572,40 05-09-2007
2103 Proj RCT+TP para Zona Suburbana do Porto Ajuste Directo Movares Nederland BV 349.750,00 12-09-2007
2325 Prest Servios Homologao Ressonncia Ajuste Directo Movares Nederland BV 279.000,00 12-09-2007
Concurso Pblico
2420 Estudos e Projectos Estao de Alfarelos GIBB Portugal Strategic Alliance 439.224,38 18-09-2007
Internacional
2981 Desmatao-Prev Incendios LGuimRBrag Ajuste Directo FITONOVO, Lda. 195.800,00 24-09-2007
2982 Desmat prev incend-LMinho-Barc Valena Ajuste Directo Fergrupo - Const Tecnicas Ferrov SA 191.575,00 24-09-2007
2983 Desmat Prev Incend-LMinho-PSB/Barcelos Ajuste Directo Fernandes & Remelhe Lda 178.000,00 24-09-2007
2984 Desmat prev incend-LDouro-Caide/Pocinho Ajuste Directo Fergrupo - Const Tecnicas Ferrov SA 181.300,00 24-09-2007
2986 Desmat prev incend-LNorte e Vouga Ajuste Directo Jos Oliveira Chaves & C. Lda 159.309,00 24-09-2007
2944 Remodelao do Sistema SATA L Douro. Ajuste Directo EFACEC - Sistemas de Electronica SA 245.433,44 03-10-2007
3057 PO Eiffel Coordenao de Segurana Ajuste Directo Tabique Engenharia 150.760,00 08-10-2007
3286 L. Tua 2 e 3 Fases Ajuste Directo GEG-Gab Estruturas e Geotecnia, Lda 175.500,00 09-10-2007
2421 Projecto Tneis de Ftima e Albergaria Ajuste Directo Geodata S.P.A. 8Sucursal) 197.861,12 24-10-2007
1547 HP596 - BarMar-Lav-Elect+Beneficiao Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 399.948,54 26-10-2007
3648 Ferbritas - Expropriaes Zona do Cacm Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 178.328,83 26-10-2007
3344 L. Sul-km 260,498a260,664 - Est. Talude Ajuste Directo Neopul - Soc Estudos Construes SA 305.011,98 31-10-2007
3546 Terraplenagem e Drenagem e Estudo Geolg Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 399.572,44 02-11-2007
3547 Plataf, OA, restb, Amb. PSS e comp tc. Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 341.700,33 02-11-2007
3859 Terrap, drena, edif, OA Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 354.194,54 02-11-2007
4120 1 Adicional ao contrato N 1620 Ajuste Directo CME - Construo e Manuteno 1.882.745,18 13-11-2007
3471 Videografia da Rede Ferroviria Ajuste Directo Ambisig - Ambiente e Sistemas 168.415,00 16-11-2007
4236 Limpeza Delegao Norte Concurso Limitado 601.632,72 16-11-2007

ISS FACILITY SERVICES-Gest e Manut
4237 Limpeza Gesto de Estaes Concurso Limitado 601.632,72 16-11-2007
4238 Limpeza DGEC - Obras de Arte Concurso Limitado 601.632,72 16-11-2007
4240 Limpeza na UOS Concurso Limitado Iberlim-Sociedade Tcnica 675.180,00 16-11-2007
4241 Limpeza na Gesto de Estaes Concurso Limitado Iberlim-Sociedade Tcnica 675.180,00 16-11-2007
4242 Limpeza nas Obras de Arte - DGEC Concurso Limitado Iberlim-Sociedade Tcnica 675.180,00 16-11-2007
4243 Limpeza DGEC Concurso Limitado Iberlim-Sociedade Tcnica 3.035.160,00 16-11-2007
4244 Limpeza DGOD Concurso Limitado Iberlim-Sociedade Tcnica 3.035.160,00 16-11-2007
4245 Limpeza Delegao Norte Concurso Limitado Iberlim-Sociedade Tcnica 3.035.160,00 16-11-2007
4246 Limpeza Gesto de estaes Concurso Limitado Iberlim-Sociedade Tcnica 3.035.160,00 16-11-2007
4247 Limpeza de Patrimnio Concurso Limitado Iberlim-Sociedade Tcnica 3.035.160,00 16-11-2007
4248 Limpeza Recursos Humanos Concurso Limitado Iberlim-Sociedade Tcnica 3.035.160,00 16-11-2007
4249 Limpeza Secretaria Geral Concurso Limitado Iberlim-Sociedade Tcnica 3.035.160,00 16-11-2007
4250 Limpeza UOC Concurso Limitado Iberlim-Sociedade Tcnica 3.035.160,00 16-11-2007
4251 Limpeza UON Concurso Limitado Iberlim-Sociedade Tcnica 3.035.160,00 16-11-2007
3032 Prosseguimento do processo de encomenda Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 399.180,00 19-11-2007
3608 Prest. de Serv. relativa a expropriaes Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 245.263,22 19-11-2007
3614 Prest. de Serv. relativa a Expropriaes Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 224.743,21 19-11-2007
3615 2 Adic. 1665 - Impl.e acomp. Sist. amb. Ajuste Directo PROSPECTIVA-Projectos, Servios e 251.420,00 19-11-2007
2800 Prestao de Servios e Fiscalizao Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 398.460,00 26-11-2007
3785 40486-Castelo Branco/Covilh-Topografia Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 368.851,50 29-11-2007
3786 40487-Castelo Branco/Covilh-Geol. TD Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 333.077,00 29-11-2007
3468 Rels impedncia - Subest. Braga-Faro Ajuste Directo AREVA - Transmisso e Distribuio 339.454,77 05-12-2007
3853 Obras acess, Exprop, Licen Amb. Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 178.888,92 07-12-2007
3855 40484-Castelo Branco/Covilh-IFTE Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 399.744,00 11-12-2007
3856 Via frrea Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 395.751,77 11-12-2007
3522 MUXFLEX / Gesto Centralizada Ajuste Directo EFACEC - Sistemas de Electronica SA 158.411,00 14-12-2007
3854
4185
3465
4062
40477-Castelo Branco/Covilh-Via,Platafo
Prestao de Servios EMEF - Prorrogao
Upgrade Sistema Rdio Solo-comboios
Estudo do Algarve - Fase III
Ajuste Directo
Ajuste Directo
Ajuste Directo
Ajuste Directo
EMEF -Emp Manutenc Equip Ferrov SA
NEC Portugal-Telecom. e Sistemas,SA
322.856,79
249.991,00
125.000,00
620.000,00
14-12-2007
17-12-2007
19-12-2007
19-12-2007
134
4086 Remodelao Estao General Torres Ajuste Directo INVESFER-Prom.Com.Terr.Edifcios SA 212.200,00 20-12-2007
4104 MCE / Linha do Alentejo Ajuste Directo EFACEC - Sistemas de Electronica SA 148.408,33 21-12-2007
4313 2Adicional ao Contrato n07/06-CA-SG Ajuste Directo Projinova Proj e Est Telecomun Lda 130.000,00 21-12-2007
4198 Proj. R.Lous Coimbra Parque-Serpins SMM Ajuste Directo FERBRITAS-Empreend. Ind.Comrcio SA 1.732.100,00 26-12-2007
3890 Plano Director de Explorao - SMA+ Ajuste Directo SMA+ 190.000,00 28-12-2007
Contas IFRS 2007

ANNEX IV SUPPLIES EXCEEDING 125,000

Signature
Process Num Description Procedure Supplier Amount ()
Contract Date
2111 Fornecimento componentes fixaes Nabla Concurso Pblico Railtech International 3.814.000,00 39288
Internacional
2121 Fornec 13.000 ton de Carril 60 E1 Concurso Limitado ArcelorMittal Espaa, S.A. 9.360.000,00 39311
3697 Fornecimento de TB e fixaes- SATEPOR Concurso Limitado Satepor-Indstria de Travessas de 19.755.000,00 39346
135
Contas IFRS 2007

Refer 2007 en

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Refer 2007 en

Uploaded by

Copyright:

Available Formats

Rede Ferroviria Nacional REFER, E.P.

Version submitted to the

IAS / IFRS Financial Statements

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

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

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

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

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

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

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

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

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

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

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

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

IAS / IFRS Financial Statements

IAS / IFRS Financial Statements

1 MESSAGE BY THE BOARD OF DIRECTORS

IAS / IFRS Financial Statements

We would like to point out those strategic goals:

S TRATEGIC G OALS FOR THE R AILWAY S ECTOR

Improve accessibility and Guarantee suitable safety,

mobility in order to substantially interoperability and environmental

increase the market share. sustainability standards.

Evolve to a sustainable Promote research,

IAS / IFRS Financial Statements

IAS / IFRS Financial Statements

To improve efficiency, work was maintained to implement an

IAS / IFRS Financial Statements

In 2007, the Board of Directors presented

IAS / IFRS Financial Statements

IAS / IFRS Financial Statements

IAS / IFRS Financial Statements

COMPANYS MISSION, GOALS AND POLICIES

In summary, REFER has the following mission:

And its vision:

REFER WILL BE AN EXEMPLARY EUROPEAN RAILWAY INFRASTRUCTURE

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

IAS / IFRS Financial Statements

Analysis perspectives Strategic Goals

1. Ensure economic - financial sustainability

4. Improve the contribution by additional operating activities

10. Increase the organisation's productivity

Internal / Processes 11. Optimise management and control of investments / contracts

Organisational 13. Foster professional development

IAS / IFRS Financial Statements

IAS / IFRS Financial Statements

INTERNAL AND EXTERNAL RULES AND REGULATIONS

IAS / IFRS Financial Statements

IAS / IFRS Financial Statements

INFORMATION ON RELEVANT TRANSACTIONS WITH RELATED ENTITIES

Company Contract Amount

CPCOM Explorao de Espaos Comerciais

Other income 25.057,00

REFER TELECOM Servios de

Other income 139.480,00

INVESFER Promoo e Comercializao de

IAS / IFRS Financial Statements

INFORMATION ABOUT OTHER TRANSACTIONS

Amounts Invoiced Amounts Invoiced

IAS / IFRS Financial Statements

CHAIRMAN OF THE BOARD OF DIRECTORS

VICE CHAIRMAN OF THE BOARD OF DIRECTORS