of the content of provision for public airport service
in support of civil aviation granted to ANA, S.A., as well
as the terms and rules for their execution, listing the
set of rights and obligations of both parties.
The model for economic regulation and the regime
for the quality of airport service provided for in the
Concession Contract are fundamental pieces in the
definition of a strategy supported by a value chain
that includes economic stability, quality of service,
employee development and environmental and social
responsibility.
The Concession Contract also sets out the relational
framework between the concessionaire and the grantor
in relation to the future development of the new airport
for Lisbon and/or the expansion of the airport capacity
The operation of the public airport service in the
airports of the Autonomous Region of Madeira was
awarded to ANAM, S.A., through a Concession Contract
signed in 1993, as was mentioned earlier.
5.2_PRIVATISATION PROCESS
Under the terms of the Financial and Economic Assist-
ance Programme, the Portuguese State pledged to
carry out a privatisation programme, which included
the commitment to sell the shares of ANA, S.A. by the
end of 2012.
In light of this commitment, the Council of Ministers
approved the company’s privatisation process on 30
August 2012, by the sale of up to 100% of the shares
in its capital.
Because of the significance and the specificity of the
infrastructures in question, the sale process was organ-
ised in different phases, including a preliminary phase
to gather intentions to buy from potential qualified
investors. The ANA, S.A. privatisation process attracted
numerous significant investors. On 24 October, 2012,
eight proposals interested in the purchase of the
company were presented, 5 of which passed to a 2
nd
phase.
During the process, 4,466 documents were made
available to potential investors, and 3,534 of them
were inspected by the interested parties. It is also
worth mentioning here that during the data room
phase, 487 accesses were granted to the advisory
teams of the investors.
The quality of the assets and human resources at the
company elicited great interest from investors. This was
clear from the way the groups selected for the 2
nd
phase of negotiations were recomposed and reinforced
with investors from groups not selected in the 1
st
phase.
The winning proposal was named on 27 December of
last year, the company Vinci – Concessions S.A.S. being
chosen to proceed with the acquisition of the ANA, S.A.
shares.
5.3_COMPLIANCE WITH THE OBJECTIVES
The strategic guidelines given to the management
teams of the SBS companies have been set out within
a framework of annual and multiannual objectives,
in contracts for each mandate. They constitute the
essential reference points for the managers’ activities.
2012 was a year of transition between the model of
objectives being set out in contracts by the public
shareholder and the company’s privatisation, and
therefore no management objectives and correspond-
ing goals were formulated.
However, in 2012, ANA, S.A. performed its activities,
having in view the compliance with a set of specific
performance indicators, aligned with the objectives of
profitability, growth and productivity and expressed
in the company’s management forecast tools.
ANNUAL REPORT ‘12
STRATEGY
24
