annual report 2005 -...

>In 2005, Odebrecht celebrated the 15th anniversary of its UnitedStates subsidiary, Odebrecht Construction, Inc. (OCI). During that

period, OCI participated in over 20 major projects, including theexpansion of Miami International Airport, the Miami Metro Mover,the construction in California of Seven Oaks Dam and a stretch ofRoute 56. In the past 15 years OCI has established itself in theAmerican market and is now a recognized brand in the USeconomy’s Construction Sector. One of the important projects OCI iscurrently working on is the construction of the Miami PerformingArts Center, considered one of the most advanced arts andentertainment complexes in the United States. OCI is alsoparticipating in rebuilding the dike system of New Orleans,cooperating with the Army Corps of Engineers.

www.odebrecht.com

annual report 2005

Odebrecht Organization

Integrating CompanyOdebrecht S.A.

Businesses> Engineering & ConstructionLeading Company: Construtora Norberto Odebrecht S.A.> Chemicals & PetrochemicalsLeading Company: Braskem S.A.> Investments In Infrastructure

Odebrecht Investimentos em Infra-Estrutura Ltda.

Support InstitutionsOCS – Odebrecht Administradora e Corretora de Seguros Ltda.(captive insurance company)Odeprev – Odebrecht Previdência (pension fund)

Social ActionOdebrecht Foundation

Ver

sal E

dit

ore

s |

Pra

ta D

esig

n

addresses

offices In Brazil

Rio de JaneiroPraia de Botafogo, 300 – Sobreloja, 2º e 11º andares – Botafogo22250 -040 – Rio de Janeiro, RJ

São PauloAv. das Nações Unidas, 4777Edifício Villa Lobos – 6º, 7º, 11º e 13º andares05477-000 – São Paulo, SP

BrasíliaSAS Qd.5, Bl.NEd. OAB – 9 o andar70438-900 – Brasília, DF

RecifeRua Antônio Lumack do Monte, 12816 o andar – sala 1603Ed. Empresarial Center IIIBoa Viagem51020 -350 – Recife, PE

SalvadorAv. Luís Viana, 2841Edifício OdebrechtParalela41730 -900 – Salvador, BA

offices worldwide

AngolaOdebrecht Angola – Projectos e Serviços Ltda.Parque Empresarial OdebrechtRua Eng. Pedro de Castro Van-Dúnem “Loy”, s/nºLuanda Sul - Luanda – Angola

ArgentinaConstrutora Norberto Odebrecht S.A.Reconquista 1166, Piso 10 – Capital FederalC.P. C1003ABX – Buenos Aires - Argentina

BoliviaConstructora Norberto Odebrecht S.A.Av. Arce Y Rosendo GutiérrezEdificio MulticentroTorre B, Piso 6 – Of. 602La Paz - Bolivia

ChileConstructora Odebrecht Chile S.A. Av. Lib. Bernardo O’Higgins, 292, Of. 21Metro U. Católica,CP 6501242Santiago de Chile – Chile

ColombiaConstructora Norberto Odebrecht de Colombia Ltda.Avenida 15, 101-09 – Piso 6 – Of. 603Edificio Vanguardia – Bogotá – Colombia

Dominican RepublicConstructora Norberto Odebrecht S.A. Av.Gustavo Mejia Ricart, 106Esq. Abraham LincolnSuite 201, 2o Piso – PiantiniSanto Domingo – Dominican Republic

EcuadorConstructora Norberto Odebrecht del Ecuador S.A.Av. 12 de Octubre, 1942 y Cordero Ed. World Trade Center, Piso 8, Of. 808, Torre A Quito – Ecuador

MexicoConstructora Norberto Odebrecht S.A. Av. Jaime Balmes 08 – 6º Piso Colonia Los Morales PolancoCP 11510 – Mexico,D.F.

PanamaConstrutora Norberto OdebrechtCalle 53, MarbellaWorld Trade Center, Piso 17, Oficina 1703Ciudad de Panamá - República de Panamá

PeruOdebrecht Perú Ingeniería y Construcción S.A.C.Av. La Floresta 497 – Of. 104Chacarilla del Estanque – San BorjaLima – Peru

PortugalBento Pedroso Construções S.A. Quinta da Fonte – Rua Quinta da QuintãEdifício D. João I, no 4, Piso 1 B2770-203 – Paço de ArcosPortugal

United Arab EmiratesConstrutora Norberto Odebrecht S.A.Corniche Road - 3 Sails Tower - Suite 1702Khalidiya – P.O.Box - 37.600Abu Dhabi – United Arab Emirates

Zommorrodah Building, 1st Floor, Office15AAl Zabeel Road, Al KaramaP.O.Box - 114.155Dubai - United Arab Emirates

United StatesOdebrecht Construction, Inc.201 Alhambra Circle – Suite 1400 Coral Gables, Florida 33134 – USA

VenezuelaCBPO Ingeniería de Venezuela S.A.Centro Empresarial Torre HumboldtPiso 10 – 0ficina 10-13 – Avenida Rio CauraUrbanización – Parque HumboldtCaracas – Venezuela

Odebrecht Engineering & Construction | Annual Report 2005 | 1

>While triumphing over the adverse scenario early in the year, in whichmarket disturbances threatened to jeopardize the value and liquidity

of overseas contracts and natural catastrophes pushed up the prices of goods and services in projects in Mexico and the Caribbean, the teamsof Odebrecht Engineering & Construction showed their exceptional abilityto adapt to unpredictable external events.

Compared to 2004, corporate Ebitda increased 10.7% to a total of BRL 457 million, while the value of new international contracts rose28% to a total of USD 1.8 billion.

The prospects for Odebrecht look very promising considering our excellentresults and financial performance. The real basis of our future strengthrests nonetheless on the emergence from within our ranks of new leadersand entrepreneurs. A new generation has assumed responsibility andshown that it can deliver results in a challenging business environment.The performance of this new leadership is backed by a corporate practicethat gives top priority to management training and leadershipdevelopment. Personal attributes of leaders such as character and socialcommitment are fundamental and essential values in the Odebrechtculture. Our responsibility is to build both a successful business andsustainable communities. This commitment to business and community isthe Odebrecht brand and image. Nowhere is this better shown than in ourconcern over safety in the workplace. In 2005, our corporate safety recordimproved dramatically. The accident frequency rate dropped 49% and theaccident severity rate 70%. This is most of all a sign that the wellbeing ofour workers and their families comes first.

In the years ahead we will target and expand our services to a new set of global clients. We will enlarge our presence in a variety of international markets. In Latin America we will be proactive in creatingpartnerships to integrate and consolidate a regional infrastructure system. In Portugal and the United States we will find innovativeopportunities to strengthen our market position. In the Middle East we will cultivate partnerships with qualified clients to build a firmfoundation for future growth.

Our future will mirror our history. The Odebrecht record over the past 60 years has been one of serving our clients and the communities wherewe work. This service ethos will continue to be the basis and guiding force of all our future growth.

Marcelo Bahia Odebrecht

message from the CEO

Relatorio anual miolo in 6/29/06 5:31 PM Page 1

| Odebrecht Engineering & Construction | Annual Report 20052

profile

>The leading company of the Odebrecht Organization’sEngineering & Construction division, Construtora Norberto

Odebrecht is the largest engineering and construction company inLatin America, besides being Brazil’s biggest service exporter. ENRMagazine ranks it as one of the top 25 international contractors,based on revenues earned outside its country of origin. Offering integrated engineering, procurement, construction,assembly and management services for civil construction,industrial and special technology projects, it operates in North,South and Central America, Africa, Europe and the Middle East. In 2005, approximately 75% of its Gross Revenue originated from services outside Brazil. Up to 1,400 Brazilian companiesparticipated in business opportunities, exporting products andservices for Odebrecht Engineering & Construction contracts. Odebrecht also works in the environmental area, providingtreatment services for industrial and urban solid wastes, treatmentof waste water (focused on reusing water) and as a concessionaireoperating water and sewage treatment services.

portfolio of services> Airports> Dams> Nuclear power plants> Petrochemical plants> Cultural and entertainment complexes> Real estate and tourism complexes > Reservoirs and waterways> Equipment for the oil and gas industry> Railroads> Power transmission lines> Subways> Process plants> Offshore oil platforms and services> Ports> Environmental management services> Mining ventures> Irrigation projects> Sanitation projects > Oil refineries> Hydroelectric power plants> Iron and steel mills> Thermal power plants> Roads and Bridges

full subsidiaries> CBPO Engenharia Ltda. > Odebrecht Empreendimentos Imobiliários Ltda.> Lumina Engenharia Ambiental Ltda.



Angola

Brazil

profile

companies in which Odebrechthas shareholder interests > Aenor – Auto-etradas do Norte (Portugal) > Águas de Limeira (Brazil) > Hidropastaza Sociedad Anónima (Ecuador) > Lusoscut Auto-estradas das Beiras Litoral e Alta S.A. (Portugal) > Lusoscut Auto-estrada da Costa de Prata S.A. (Portugal) > Lusoscut Auto-estrada do Grande Porto S.A. (Portugal) > NSPC – North Sea Production Company (United Kingdom)> Sociedade Mineira de Catoca (Angola) > Sociedade de Desenvolvimento Mineiro de Angola

worldwide presence> Angola Odebrecht Angola Projectos e Serviços Ltda.> Argentina Construtora Norberto Odebrecht S.A.> Bolivia Constructora Norberto Odebrecht Bolívia S.A.> Brazil Construtora Norberto Odebrecht S.A.> Chile Constructora Odebrecht Chile S.A.> Colombia Constructora Norberto Odebrecht de Colombia Ltda.> Djibouti Odebrecht Djibouti SAZF> Dominican Republic Construtora Norberto Odebrecht S.A.> Ecuador Constructora Norberto Odebrecht del Ecuador S.A.> Iraq Dhawahi Al-Madina for Construction Contracting LCC> Kuwait Construtora Norberto Odebrecht S.A.> Mexico Construtora Norberto Odebrecht S.A.> Panama Construtora Norberto Odebrecht S.A.> Peru Odebrecht Perú Ingeniería y Construcción S.A.C.> Portugal Bento Pedroso Construções S.A.> United Arab Emirates Construtora Norberto Odebrecht S.A.> United States Odebrecht Construction, Inc.> Uruguay Constructora Odebrecht Uruguay S.A.> Venezuela CBPO Ingeniería de Venezuela S.A

employmentAs of December 31, 2005, Odebrecht Engineering & Constructiondirectly employed 27,159 people. Throughout the year, 6,296 new employees were hired.

> In Brazil: 18,019> Worldwide: 9,140

Through the Young Partner initiative, we hired 127 new employees: 73 in Brazil, and 54 in other countries.

Outsourced workers: 6,500

Portugal

Uni

Per

Arg


Ecuador

Venezuela

United States

Dominican RepublicPeru

Argentina



awards and recognition

> Petrobras Award for Quality, Safety,Environment, and Health – Maritime UnitsConstruction category, for the works of theAutonomous Petroleum Repumping Platform (PRA-1).

> Named Best Company in 2005 by theProgram Management of Engineering Suppliers of Petrobras.

> Best of Latin America in Engineering &Construction for the third consecutive year,according to the special edition of Global Finance -The World’s Best Companies.

> Largest International Builder ofHydroelectric Power Plants, according to the2005 edition of the Global Construction Guideproduced by the ENR-Engineering News-RecordMagazine. Construtora Norberto Odebrecht alsoqualified in 15 other categories of the publication.

> Best Company to Work for in Peru, in anelection held by the Great Place to Work Institute.

> Tribute from the Brazilian-AmericanChamber of Commerce of Florida, forOdebrecht’s 15 year presence in the United States.

> Good Safety Practices at Work, recognitionby the Army Corps of Engineers for Odebrecht-Austin Consortium’s work at the Arifjan Terminal, in Kuwait.

> Bolivar Regional Construction Award, withSpecial Recognition, in the Services Infrastructurecategory, for the construction of the second bridgeover the Orinoco River, in Puerto Ordaz, State ofBolívar, in Venezuela.

> Excellence in Foreign Trade, granted by theMinistry of Development, Industry & Foreign Tradeof Brazil and by the Foreign Trade Association of Brazil.

> Best Social Management & EnvironmentCompany of the Engineering & Constructionsector, according to the magazine IstoÉ Dinheiro.

> First Place in the ranking of 500 GreatConstruction Companies, for the ninthconsecutive year, according to the magazine O Empreiteiro.

> Most Admired Heavy ConstructionCompany of Brazil, according to CartaCapitalMagazine and the newspaper DCI.



2005 highlights

projects completedIn Brazil> Ocean outfall, coastal and beach Clean up Project in São Conrado and Leblon,Rio de Janeiro (Rio de Janeiro)> Passenger Terminal of Guararapes Airport, Recife (Pernambuco)> Salitre Irrigation Project, Juazeiro (Bahia)> Morada dos Cardeais Building, Salvador (Bahia)> Picada Hydroelectric Power Plant, Juiz de Fora (Minas Gerais)> Access to Expressway I, Florianópolis (Santa Catarina)> Recovery of the Marechal Deodoro / Realengo stretch of Avenida Brasil, Rio de Janeiro > Oil Treatment Plant of Petrobras, in Fazenda Alegre, Jaguaré (Espírito Santo)> Expansion of the Tietê Riverbed – Phase II – Lot I, in São Paulo (São Paulo)

In other countries> Tingo María – Aguaytía Route, in the Ucayali Department (Peru)> Northwest Aqueduct, Phase 1 (Dominican Republic)> Earth Terminal Complex, in Arifjan (Kuwait) > Expansion of the General San Martín Gas Pipeline, passing through Tierra delFuego, Bahía Blanca and Buenos Aires (Argentina)> Maritime Terminal for receiving liquid bulk cargos (Djibouti)

main contracts awardedIn Brazil> Santa Genoveva Airport, Goiânia (Goiás)> Castanhão Aqueduct – Lot 3, Morada Nova (Ceará)> Modernization of the Luiz Carlos Barreto de Carvalho – Estreitinho HydroelectricPower Plant, in Pedregulhos (São Paulo)> Bridgestone-Firestone Factory, Camaçari (Bahia)> Renovation of the Maracanã Football Stadium Complex, Rio de Janeiro > Zé Fernando Small Hydroelectric Power Plant, Juscimeira (Mato Grosso)> Píer I of the Ponta da Madeira Maritime Terminal, São Luís (Maranhão)> João Havelange Olympic Stadium – Pan 2007 Consortium, Rio de Janeiro > Alto de Pinheiros Residential Building, São Paulo (São Paulo)> Natural Gas Condensation Processing Plant – UPCGN II, Macaé (Rio de Janeiro)> Expansion of Pier III – CVRD, São Luís (Maranhão)> Recovery of Petrobras Oil Pipeline, São Sebastião (São Paulo)

In other countries> Earth Terminal Complex, in Arifjan (Kuwait) > Expansion of General San Martin Gas Pipeline (Argentina)> El Carmen Arroyo – Arroyo Concepción – Interoceanic Road Corridor , in Puerto Suaréz (Bolivia)> Multimodal IIRSA North Stretch – Paita-Yurimaguas (Peru)> Interoceânica Sul Highway– Urcos-Inambari and Inambari-Iñapari streches (Peru)> Palomino Hydroelectric Power Plant, in San Juan (Dominican Republic)> North Terminal of the Miami International Airport (USA)> General Lázaro Cárdenas Refinery – Amine and Naphtha Plant (Mexico)> Expansion of the Northwest Aqueduct – Phase II (Dominican Republic)


Gross Revenue

Backlog in Brazil

Backlog Worldwide

Contracts Awarded in Brazil

Contracts Awarded Worldwide

financial indicators2005

BRL 6.33 billion

BRL 3.78 billion

USD 2.33 billion

BRL 2.19 billion

USD 1.81 billion

2004

BRL 5.85 billion

BRL 3.59 billion

USD 2.33 billion

BRL 2.39 billion

USD 1.41 billion



service exports

Supported by the effort of 1,400 companies(1,140 of which were small and medium-sized), Construtora NorbertoOdebrecht generated an influx of USD 650million into the Brazilian economy. Exportingover 60,000 items to 14 countries generatedin turn 130,000 direct and indirect jobs inBrazil and countless opportunities for newbusiness worldwide.



health, safety and environment

evolution of occupational health indicators

HHI*JrODI**

*Hearing Health Index** Job-related Osteomuscular Diseases Index

>In 2005, Odebrecht Engineering and Construction achieved itsbest results ever in the field of Health and Safety. The basis for

this achievement is the practice of an integrated managementprogram grounded on the concepts of Prevention and ContinualPerformance Improvement. Through this program we were ableto reduce the lost-time accident frequency rate and the accidentseverity rate by 49% and 70% respectively, compared to 2004.The occupational health and safety programs at our jobsites alsomeet the international standards and legal requirements of thecountries in which we do business.

environmental programsAccording to the Basic Environmental Management Plan ofOdebrecht Engineering & Construction, planning for preventionand control of environmental impacts at all jobsites includes:> Identification of potential impacts> Definition of procedures to eliminate, minimize and controlpotential impacts> Rehabilitation of degraded areas> Appropriate handling and final disposal of solid wastes > Training and competence preparation towards prevention > Emergency preparedness > Community interactions and social responsibility practices in areas near jobsites

certification> OHSAS 18001:1999 – Safety and Health> ISO 14001:2004 – Environment> ISO 9001:2000 – Quality > PBQP-H Level A – Quality in Buildings

2,5

2,0

1,5

1,0

0,5

02003 2004 2005

0,100,25

0,07

2,192,37

0,23



historical evolution of workplace safety indicators

accident frequency rate

accident severity rate

innovation award

Since 1992, members of Odebrecht Engineering & Construction, from several countries, participate in the annual Innovation Award Contest. This is one of the main tools at Odebrecht for generationand dissemination of knowledge derived from jobsite experiences and results. The 2005 13th editionof this Contest brought a new record of 95 case studies and introduced a new category of award inthe area of health, safety and environment – HSE. Case studies of the award winners presented innovative solutions used in the San FranciscoHydroelectric Project in Ecuador (Productivity category); in the construction of the autonomousrepumping platform PRA-1, for Petrobras, in Bahia, (Young Partner and Social Responsibilitycategories); and in the Vale dos Cristais urbanization project, in Minas Gerais, (Health, Safety and Environment category).

knowledge circles

Company members with specialized fields of expertise, hold periodical meetings to shareexperiences and insights. The first circle was organized in 2001 with focus on Dams andHydroelectric Power Plants. There are presently 6 active Knowledge Circles covering a range of different subjects.

1997 1998 1999 2000 2001 2002 2003 2004 2005

1997 1998 1999 2000 2001 2002 2003 2004 2005

50

40

30

20

10

0

3000

2500

2000

1500

1000

500

0

47,05

33,50

28,31

23,5426,64

18,42

8,79 10,69

5,40

2.550

1.186

777 768 811

432 534 580

174

No-lost-timeLost-time

11,147,86 7,49 6,65 7,17 5,77 3,74 5,78

3,02



people development

>Construtora Norberto Odebrecht and its subsidiaries take pridein identifying, training and integrating entrepreneur-partners.

Investing in education and training is an important part of theOdebrecht culture and the basis to forge an emerging generationof new leaders.

educationThe commitment to prepare a new generation of leaders anddevelop abilities and competence at Construtora NorbertoOdebrecht led to the creation of a range of programs forprofessional and personal growth, including:

> PDE – Program for Developing Entrepreneurs> PJC – Young Builder’s Program> MBA Getulio Vargas Foundation – Odebrecht> MBA University of São Paulo – Environmental TechnologyManagement> MBA IAG Rio de Janeiro Pontific Catholic University – FinancialDecision-Making in High-Risk Conditions> Qualifying Technicians and Supervisors> Leadership Seminars

Odebrecht Engineering Award – This award is conferred annuallyby Construtora Norberto Odebrecht, in partnership with theRegional Board of Engineering, Architecture and Agronomy of the State of Pernambuco, to distinguished students in CivilEngineering from the Federal University, the State University and the Catholic University, all in Pernambuco.

Partnership with universities – Odebrecht Engineering &Construction has partnerships with 6 universities in Brazil, 10 in Peru, 3 in Portugal, 1 in Angola, 1 in Ecuador and 2 in the Dominican Republic.

cultural actionOdebrecht Engineering & Construction supported variouscultural projects, particularly the publications DEP (Diplomacy,Strategy and Politics), a Brazilian magazine focused on SouthAmerican issues and the book Nuestra Pátria (Our Country), anencyclopedia of Civic Education and National History, publishedin Ecuador. It sponsored the electronic formatting of the 178year-old collection of the Diário de Pernambuco, the oldestnewspaper in Latin America, and the oldest periodical incirculation published in Portuguese. It also sponsored theexhibition De Caracas à Amazônia (From Caracas to Amazônia),by the Venezuelan photographer Andrés Manner. Other projectswere sponsored in Ecuador, Mexico and the Dominican Republic.



social action

Odebrecht Engineering & Construction supports socialdevelopment projects in several communities near itsconstruction sites. Highlights in 2005 were:

> Sustainable Development Project in São Roque doParaguaçu, Bahia – This initiative included setting up a community cultural center with a five thousand volumelibrary and a computer access facility available to employeesand local residents.

> Invisible Security Belt, Venezuela – In the municipality ofJesus Enrique de Lossada, near Maracaibo, 800 families areparticipating in the installation of the El Dilúvio-Palmarirrigation project. The aim is to reduce the risks of conflicts andto support an improvement in the population’s quality of life.

> School 103 of Camuxiba, Angola – Comprising 12classrooms, a computer room and library, the new schoolbenefits 1,600 students of the Samba region, in Luanda.

> Mobile Information Center, Angola – Installed in a bus, it offers information on the progress of the third stage ofthe Águas de Luanda Project and on sanitary education to the population.

> Agricultural Development, Ecuador – Taking advantage of the infrastructure of the Carrizal-Chone Irrigation System,this action supports structuring of self-sustainable productivechains, the sale of its products and the relationship betweenproducers and distributors

> Education for Work, Alagoas – In Marechal Deodoro,professional courses conducted in partnership with Braskemtrain youngsters and adults to enter the employment market.



assets

Current assets Cash, banks, financial investiments

and marketable securitiesTrade accounts receivable

InventoriesOther accounts receivables

Long-term receivablesTrade accounts receivable

Odebrecht Organization companiesOther accounts receivable

Permanent assets

Total assets

Construtora Norberto Odebrecht S.A. and subsidiaries Balance sheet at december 31 (in thousand of U.S. dollars)

2005

608,842 458,445

131,576 253,056 1,451,919

364,205 198,352 153,626 716,183

331,742

2,499,844

2004

487,782 375,745 100,342 311,440

1,275,309

285,599 128,220 99,298 513,117

261,044

2,049,470

consolidated

liabilities and stockholders’ equity

Current liabilities

DebtsSuppliers and subcontractors

Taxes, rates, salaries and payoll chargesOther accounts payable

Long-term liabilities

DebtsAdvances for customersOther accounts payable

Minority interests

Stockholders’ equity

Total liabilities and stockholders’ equity

2005

46,319 308,505

97,991 216,306 669,121

500,075 363,162 150,198

1,013,435

1,847

815,441

2,499,844

2004

155,233 238,877 85,790

140,573 620,473

437,965 290,385 121,996

850,346

570

578,081

2,049,470

consolidated

This financial information has been translated using the exchange rate prevailing on ecach date (12/31/2005 - BRL 2.3407:USD 1.00; 12/31/2004:USD 1.00)



Gross services revenue

Taxes and contributions on servicesNet services revenue

Cost of services rendered

Gross profit

General and administrative expense

Income after general and administrative expenses

Financial income, net From investments in subsidiaries and associated companies

Operating profit

Non-operating results Income tax and social contribution

Management profit sharing Minority interest

Net income for the year

Construtora Norberto Odebrecht S.A. and subsidiariesStatement of income

Years ended december 31 (in thousand of U.S. dollars)

2005

2,705,450

(50,343)2,655,107

(2,298,240)

356,867

(238,189)

118,678

4,856 4,631

128,165

(11,536)(53,049)

(5,298)(1,156)

57,126

2004

2,204,871

(36,891)2,167,980

(1,906,036)

261,944

(152,884)

109,060

76,439 (13,796)

171,703

7,442 (60,894)

(4,747)(47)

113,457

consolidated

This financial information has been translated using the exchange rate prevailing on ecach date (12/31/2005 - BRL 2.3407:USD 1.00; 12/31/2004:USD 1.00)



corporate officers of Construtora Norberto Odebrecht S.A.

Entrepreneurial Leader (CEO)Marcelo Bahia Odebrecht

Senior Officers

IInn BBrraazziillBenedicto Barbosa da Silva Junior, South & SoutheastHenrique S. do Prado Valladares, Energy & MercosurJoão A. Pacífico, North, Northeast & Mid-WestJorge C. Azevedo Filho, Real Estate VenturesMárcio Faria, Industrial PlantsMarco Cruz, Environmental EngineeringMiguel Gradin, Oil & Gas Services

WWoorrllddwwiiddeeErnesto Baiardi, Dominican RepublicEuzenando Azevedo, VenezuelaFernando L. Santos-Reis, Ecuador & PanamaJorge Barata, Peru & BoliviaLuiz A. Mameri, AngolaLuiz Teive Rocha, COO - Vice President for International Business

Alessandro Gomes, United Arab EmiratesCarlos Armando Guedes Paschoal, PortugalGilberto Neves, United StatesMarcelo Jardim, International Business DevelopmentMiguel Peres, MexicoPaulo Suffredini, United States – Federal Government Contracts

Directors

Paulo Lacerda de Melo, Vice President for Engineering & Business VenturesAdriano Jucá, Legal AffairsAndré Amaro da Silveira, Service Exports & Structured ProjectsCarlos Fadigas, Finance & Information TechnologyCarlos J. Hupsel de Azevedo, Planning & DevelopmentRoberto Dias, Institutional RelationsRomildo Santos Filho, Business DevelopmentSergio Leão, Occupational Health, Safety & Environment


annual report 2005 -...

Documents

Transcript of annual report 2005 -...