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"Great stories are written with values in the hearts of men"
Explore our values...
Photo by Luís Pinto, finalist of the Emergentes dst Award 2011.

Respect. (from the lat. respectu) n. 1. respect; 2. consideration; high regard; 3. deference; compliance; veneration; 4. honour; worship; 5. relation; refererence...

We believe that everyone should be respected for their work, for their attitudes, opinions and options.

Photo by Mila Teshaieva, finalist of the Emergentes dst Award 2011.

Rigor. (from the lat. rigore) n. 1. harshness; strength; 2.fig., severity; punctuality; accuracy.

There is no "more or less levelled", "more or less upright”, "more or less clean" or "more or less safe", but rather “levelled”, "upright”, "clean” and “safe". The rigour is reflected in our procedures, in time and in the rules to follow. In the light of moral and principles, being severe means being rigorous.

Photo by , finalist of the Emergentes dst Award 2012.

Passion. (from the lat. passione) n. 1. intense and usually violent feeling (affection, joy, hate, etc.) which hinders the exercise of impartial logic; 2. derived from a feeling; 3. great predilection; 4. partiality; 5. great grief; immense suffering...

Under the sign of passion – a text of the Portuguese poet Regina Guimarães – is our icon. Passion is to reveal great enthusiasm for something, favourable encouragement or opposite to something.
It is the sensibility transmitted by an architect or engineer through work.
Passion is the dedication to a project. Passion is a state of warm soul.

Photo by Jakub Karwowski, finalist of the Emergentes dst Award 2012.

Loyalty. (from the lat. legalitate) n. the quality of being loyal; fidelity; sincerity.

Respect for the principles and rules that guide the honour and probity. Faithfulness to commitments and agreements undertaken, staunch character.
To remain loyal to the business partners because we depend on them and they depend on us.
Being trustworthy for being loyal.

Photo by Ian Lieske, finalist of the Emergentes dst Award 2011.

Solidarity. (from the lat. solidare) n. 1. the quality of being solidary; 2. reciprocal responsibility among the members of a group, namely social, professional, etc.; 3. sense of sharing another’s suffering.

Being solidary is being a friend, offering our hand with genuine generosity and bringing joy and human warmth to those who, somehow, are marginalized. Being solidary is being more human. A solidary company is recognized as a fair and non-selfish company. A solidary company is a preferred choice in business. It is a more competitive company. Volunteering is a vehicle to solidarity. It is modern, fair, cultured, friend, it is a noble gesture of moral elevation.

Photo by Clarence Gorton, finalist of the Emergentes dst Award 2012.

Courage. (from the lat. coraticum) n. 1. bravery facing danger; intrepidity; to have audacity; 2. moral force before a suffering or setback; 3. [fig.] to input energy when performing a difficult task; perseverance...

Courage is essential in our life. Courage to face less pleasant situations when complex issues come up, not expecting random resolutions.
It is a value that we must highlight as opposed to the fearful, cowardly and laziness.
The courage to react to criticism not with an attitude of demotivation or sadness, but rather to search for the means and the action to overcome its own reason. This kind of courage, which is also an intellectual courage, is highly recommended.

Photo by Filipa Alves, finalist of the Emergentes dst Award 2011.

Ambition. (from the lat. ambitione) n. 1. vehement desire of wealth, honours or glories; 2. expectation about the future; aspiration; 3. lust; greed…

Vehement desire to achieve a particular goal. Ambition not to resign ourselves. Ambition to take the best potential from ourselves. Ambition to deserve ourselves. Ambition to be athletes in our top-level competitive jobs. Ambition to beat our brands. Ambition to get the best deals with the maximum value, due to the high levels of proficiency and efficiency.

Photo by Scarlett Coten, finalist of the Emergentes dst Award 2011.

Esthetics. ESTHETICS (from the Greek aisthetiké, "sensitive") n.f. 1. Philosophy branch of philosophy that studies the beauty and nature of artistic phenomena; 2. author's own style, time, etc.; 3. harmony of shapes and colors, beauty; 4. set of techniques and treatments that aim to beautify the body.

We decided to build the company's economic foundations under a cultured, cosmopolitan and cool image. Because it is a charming state of being. Good taste because we are sustainable and we respect the planet. Good taste because we are sensitive. Good taste just because.

Photo by Karl Erik Brondbo, finalist of the Emergentes dst Award 2011.

Responsibility. (from the lat respondere) n. the trait of being answerable to someone for something or being responsible for one's conduct; a form of trustworthiness.

We must be certain that, before a choice, we chose what is best for both of us and not just the best for each one. Each employee is responsible for his negotiated activity and co-responsible if the co-worker does not fulfil his own task, thus preventing the common goal. A team is a set of individuals - is a whole. In the business game, as in social or family contexts, everyone must comply with their own relative position and we shall not permit that one of ours fails to be in our team.

In the period of 2016, dst group demonstrated once again its remarkable ability to maintain positive economic and
financial results in a macroeconomic framework of reduced growth of the Portuguese economy.


Indeed, the period of 2016 reflects the progressive and successful consolidation that dst group has been recording in the
last years and in the several business areas that has a presence, in particular by maintaining a proportional turnover
close to € 270M and an operating profitability, measured by EBITDA, € 37.5M. Debt levels remain below € 100M (-2.3%
compared to 2015), evidencing a rigorous and sustainable policy of financial management.


At this level, the group’s international operations growth and its investment strengthening in human capital had particular
relevance, which are two vectors of action involving an immediate and significant investment, but simultaneously prepare
the group for the growing challenges of responsiveness and innovation that today’s world demands from the big
economic groups.


In the period under review, dst group’s consolidated turnover amounted to € 198.2M. The slight decrease in the group’s
turnover (-3.9%) was accompanied by a proportional reduction of its operational profitability (-5.5%). However, the
group's profitability levels remained very robust values, with consolidated EBITDA to exceed € 37.5M at the end of the
2016 period, equivalent to an EBITDA margin of 18.9%. Evidencing the group’s prudent policy regarding markets and
related investments approach associated to the ongoing internationalization process.


However, although the group’s EBITDA remained fairly positive, the impact of goodwill depreciation expenses (€ 8.1M)
contributed to the net profit for the period, after non-controlling interests, of € 7.8M (€ -7.4M vs. 2015).


On the one hand, it is important to highlight the positive effect that the dst group’s diversification entails in terms of
maintaining positive levels of operating profitability: the Renewable Energy Business and Environment areas represent
42.5% of the group’s consolidated EBITDA in 2016 and totalize a net income positive for the period of approximately €


7.5M (after non-controlling interests), on the other hand, it is worth highlighting the business area which was dst group’s
genesis, Engineering & Construction, as it maintained a remarkable performance in the period under analysis, whith a
turnover of 78.6% of the total consolidated and 42.7% of the corresponding EBITDA.


dst group’s distinct activity performance in 2016 reflects the strong performance of its core business area, Engineering &
Construction, whose turnover for the period amounted to € 155.8M and whose respective net result approached € 5.3M
(67.3% of the consolidated net income for the period).


In the reporting period, stands out the sustained growth of the Environment business area, whith a contribution of €
11.8M to the group’s operating profitability, i.e. 28.6%. In turn, the consolidated turnover of this business area increased
by € 2.8M compared to 2015 (i.e. + 11.7%), reaching € 23.8M.


In addition, the Renewable Energy business area turnover increased to € 4.6M (€ 3.9M in 2015). Positive developments
in this business area also occurred in terms of its operating profitability, which stood at € 5.8M, with a positive impact on
the growth of its contribution to dst group’s consolidated EBITDA in 2016 (13.9% of the total for the period). As well as its
contribution to dst group’s consolidated net income, reaching 49.5%, which represents € 3.9 M of the total consolidated.


After a major investment period in the Telecommunications business area has been completed, its turnover has
recorded a remarkable growth, and in the period under review the increase was above € 5.3M, (+54.3% compared to the
same period of 2015). Although this business area does not present yet a relevant turnover to dst group global sphere,
this came up, in the period under review, to € 9.8M. It should be noted that this business area had a positive EBITDA
amounting to € 6.8M in 2016. Despite the impact of depreciation and amortization from the high investments made by
the group in this business implies that its net income for the period is necessarily negative, to the tune of €1.3M.


Also dst group’s presence in Ventures business area is noteworthy, with the implementation and monitoring by 2bpartner
– Group’s venture capital company – of a number of analysis processes and due diligence projects, in parallel with the
development, led by innovationpoint – investigação e desenvolvimento, s.a., of several innovative projects. In 2016,
2bpartner was present at the most relevant events in the sector, such as the 2015 UP Awards Gala, where 2bpartner
received the award of the "Investment Firm of the Year 2015".


In this context, naturally, Ventures business area does not yet have a turnover that may be representative of its potential
growth, remaining as a big bet vector in the future by dst group.

Proportional turnover
EBITDA and Net debt / EBITDA
Net Debt
Net Income per area
Renewable Energies
Real Estate
Engineering & Construction
Holding and others
dst group shareholding structure View