The 2009 financial year ran its course in a climate of falling world production, strongly declining economic activity in the Eurozone and marked contraction of national GDP (-2.7%).

As a result, and in line with what has been happening since 2002, the construction and public works sector in Portugal saw the biggest contraction in production volume of the decade, with a fall of around 9%, which was considerably more than the figure for the economy as a whole.

In that period (except in 2007), always having grown against the cycle, in the 2009 financial year OPWAY - ENGENHARIA, S.A. could not avoid a sharp fall in operating income. The figure for 2009 was M€346, compared with M€445 in 2008.

The operating income figures mentioned above are therefore not directly comparable, so if the 2008 figure is adjusted to the 2009 reality (M€403), the drop will be around 14%.

The worsening of the crisis in the sector again implies an increase in competition, with the inevitable decline in prices and this had a very adverse impact on the Company’s profitability, which in fact posted an operating loss in 2009.

The problem of closing, in financial terms, some of the most important completed public works contracts continued in 2009; this situation is very serious for the Company’s treasury and has a direct impact on its financial costs, with repercussions, too, on the structure of the Balance Sheet, which again records very significant asset accruals and liabilities.

In financial terms the marked reduction of the indexes, albeit partly absorbed by the increase in ‘spreads’, margins and commissions charged by the financial institutions meant that the Company, even in a year when it was extremely hard to receive payments and investment was considerable, cut its financial costs by about 19%, falling from M€15.6 in 2008 to M€12.6 in 2009.

But the financial losses, which were M€8.7 in 2008, shrank by around 9% to stand at M€7.9 in 2009.

In light of the operating losses posted in the year, the Company is posting a net loss of approximately M€12.5 in 2009, which had a negative impact on the main management indicators.

In 2009, non-financial investment rose to around M€6, largely related to the acquisition of basic and transport equipment.