Message from the CEO
[GRI 1.1]
2012: Achievements and Challenges Ahead
2012 was an exceptionally important year for Invepar. We consolidated our presence in our existing operational segments and expanded into the airport sector. We also recorded four new achievements, including the São Paulo International Airport and Via Expressa TransOlímpica concessions, the incorporation of Via Parque Rímac, in Peru, and the granting of a stock purchase option on Line 4 of the Rio de Janeiro subway system. All these projects are highly visible and play a vital role in the mobility and logistics of their respective regions.
For example, São Paulo International Airport will have to have a new terminal capable of handling 12 million passengers per year by the beginning of 2014, while the Via Expressa TransOlímpica has to be ready before the 2016 Olympic Games, while the benefits for the population will be enormous. By the end of the concession, the airport will be able to handle 60 million passengers a year and the TransOlímpica will contribute to the urbanization of Rio de Janeiro, providing improved access to and greater integration between its different regions. Via Parque Rímac will improve traffic flow in Lima, the capital of Peru, and Line 4 of the Rio de Janeiro subway system will carry over 300,000 passengers per day. All these operations will be conducted in accordance with best management practices, as well as the professionalism and regard for quality that have made Invepar one of Brazil’s fastest growing transport infrastructure companies.
We are facing a number of challenges related to investing the necessary resources in ongoing operations, while simultaneously improving our operating and financial performance. However, we have successfully overcome challenging situations before, such as the arrival and start-up of MetrôRio’s new trains, and have achieved all our targets to date (for more details, see Corporate Performance).
In the Toll Road segment, the total number of paying vehicle equivalents increased by 13.4% to more than 147 million, while the result in the Urban Mobility segment was equally positive, with 185.9 million passengers transported, 3.3% more than in 2011. Similarly, in the Airport segment, GRU Airport handled 32.8 million passengers in 2012, 9.2% up on the year before.
These results were reflected in Invepar’s positive financial performance. We recorded consolidated annual gross revenue of R$2.2 billion, a 42.4% improvement over 2011, while adjusted consolidated EBITDA (excluding the IFRS effects) moved up by 24.2% to R$428.0 million. Annual net income stood at R$24.6 million, R$84.2 million more than the previous year.
Also in 2012, we took our first steps towards a new growth cycle. We launched a new brand identity, in which our essential nature is encapsulated in the phrase “Commitment means reliability”, as well as a new green and yellow logo, symbolizing our sector and our country. We also intend to become a market byword for our main attributes as a Partner, Mobilizer and Innovator.
Invepar is now preparing for its IPO, which is why we have been paying even greater attention to our corporate governance. We have already adopted several best market practices, such as ensuring accountability in accordance with the requirements of the CVM (Brazilian Securities and Exchange Commission) and building a robust governance framework, with a Board of Directors, Board of Executive Officers and Fiscal Council, as well as a series of advisory committees. In 2012, we strengthened our business guidelines through the adoption of a corporate Code of Ethics, accompanied by a communications channel for suggestions and complaints. We are also signatories to the United Nations Global Compact.
The issues defended by the Compact, such as human rights, environmental preservation and decent work practices, among others, are of increasing concern to Invepar. All the group’s companies seek to promote social and environmental responsibility initiatives in order to reduce negative impacts and enhance positive influences on their surrounding communities. One successful example of this was the project to resettle families evicted due to the works associated with the Via Parque Rímac toll road. In order to accomplish this, the Concessionaire is financing the construction of an apartment complex, whose units can be acquired for the same price paid for their current residences.
Our commitment to issues like this is embodied by the Invepar Institute, through which we invest our own resources and those arising from tax incentives in educational, sporting, cultural and environmental projects, thereby building long-term relations with our surrounding communities and fostering their development.
We have high expectations for the future. There are innumerable opportunities in our operational segments (toll roads, urban mobility and airports), especially now that infrastructure has become a government priority, exemplified by the inclusion of public transport concessions in major metropolitan areas in the Growth Acceleration Program (PAC). We will continue to pay close attention to opportunities in Brazil, but will also be prepared for possibilities in the rest of Latin America, while always maintaining our focus on service quality, for which Invepar aims to become an international benchmark, putting it amongst the best companies in the world. Essentially, our intention is to grow while creating value for our shareholders and society as a whole.
One of the great challenges in this regard is to find and develop talent with the skills and culture that we esteem. But we are also fully aware of the value of our existing workforce, without whose dedication and professionalism we could not have achieved our targets. According to an organizational climate survey conducted in 2012, most of our staff already have a sense of belonging to the Company, which is extremely important to us. We are also strengthening our image as a group, which led us to create a new brand identity, giving more exposure to the Invepar name and reinforcing our image and market credibility.
We are proud of the role we are playing in the countries where we operate. A strong economy calls for first-rate infrastructure, allowing people to reach their destination quickly, facilitating the transportation of agricultural and manufactured products, and ensuring connections between different modes of transport. We will continue contributing to sustainable mobility through solutions that complement one another and enable ample and unrestricted accessibility. We are certain we are on the right track and that we have the full support of our employees, shareholders and the granting powers. You will find more information regarding our group and its 2012 performance throughout this report, which for the first time has been prepared in accordance with the Global Reporting Initiative’s sustainability reporting guidelines. I wish you all a good read.
Gustavo Rocha
CEO of Invepar
