Abertis Infraestructuras S.A. Annual Report 2008

FY2008 Annual Report · Abertis Infraestructuras S.A.

Loading PDF…

triptic_ING.qxd:Layout 2 19/3/09 21:49 Página 1

Significant Events of the Year

1st quarter 2008

(cid:2) saba wins award of the 6-year concession to manage a new
car park in Zaragoza (2,128 spaces) and also acquires the
concession to run a car park in Madrid (357 spaces).

(cid:2) abertis airports formalizes with ACS the purchase of 100% of
the company desarrollo de concesiones aeroportuarias
(dca), a holding group with interests in a total of 15 airports in
Mexico, Jamaica, Chile and Colombia.

(cid:2) abertis telecom buys 80% of the Madrid-based operator
teledifusión madrid, a telecommunications network which
operates local DTT licences.

2nd quarter 2008

(cid:2) The General Shareholders Meeting of abertis approves the
annual individual and consolidated accounts for the financial
year 2007, the distribution of a complementary dividend of
0.28 euros per share and the increase of stock dividends
charged against reserves of a new share for each of every 20 old
shares.

(cid:2) On 11th April 2008, abertis’ 2007 complementary dividend of
0.28 euros per share is paid with a total cost of 178.8 million
euros.

(cid:2) abertis’s Corporate Social Responsibility (CSR) report for 2007
has received an A+ rating, the highest available from the Global
Reporting Initiative (GRI), an international body which has
developed the main world standard of sustainability reports.

(cid:2) abertis is selected as preferred bidder to manage the
Pennsylvania Turnpike motorway subject to the legislative
changes and authorisations required from the House of
Representatives in the State of Pennsylvania. The bid submitted
by the consortium formed by abertis (50%), Citigroup
(41.67%) and Criteria CaixaCorp (8.33%), is of 12,801 million
dollars. The Pennsylvania Turnpike motorway is 801 km long
and has an ADT of more than 35,000 vehicles in a concession
up to 2083.

(cid:2) abertis carries out the capital increase charged against reserves
of 95.7 million euros. It involves the issue of 31.9 million new
shares with one new share for every 20 old ones, and gives
abertis a share capital of €2,010,987,168 with 670,329,056
shares.

(cid:2) abertis telecom reaches a memorandum of agreement with
TDF to acquire 65% of its stake in the operator Axion. The
transaction is subject to a ruling by the competition authorities
and the waiver of the right of first refusal by Axion’s other
shareholders.

(cid:2) abertis, through its wholly owned subsidiary abertis italia,
takes direct control of 6.68% in Atlantia after the spin-off of
Schemaventotto – the reference shareholder in Atlantia – is
completed.

(cid:2) abertis telecom formalises the purchase of 28.4% of Hispasat
from Ensafeca Holding Empresarial (the former Apuna) and
BBVA to become the main shareholder in the Spanish satellite
operator.

(cid:2) abertis sells 2.88% of Port Aventura to Criteria CaixaCorp.

3rd quarter 2008

(cid:2) abertis reaches an agreement with Grupo ACS for the purchase
of its Spanish subsidiary INVIN, S.L., with interests, among
others, in the concession operators Autopista Central (48%)
and Rutas del Pacífico (50%), both in Chile. The agreement
provides for the purchase of 51% of the company by abertis
and of the remaining 49% by Santander Infrastructure Fund II,
a fund of Grupo Santander.

(cid:2) saba wins the contract to manage four car parks on the Troya
peninsula in Portugal (852 spaces) which it will operate on a
lease basis for a renewable period of three years.

(cid:2) iberpistas signs an agreement to build a third lane on the San
Rafael to Villacastín section of the AP-6 (20 km) which is to
entail an investment of 72 million euros (2008–2010).

(cid:2) sanef, through bet eire flow, has started up free flow
electronic toll collection on the M50 in Dublin in the first
project of its kind in Europe.

(cid:2) abertis telecom wins the award to provide security and
emergency services for the governments of Navarra and
Valencia, and sea rescue services for the Ministry of
Development.

(cid:2) abertis remains on the worldwide Dow Jones Sustainability
Index World and the Dow Jones Sustainability Index Stoxx for
Europe for the third year in a row.

(cid:2) On 28th October the payment of a interni dividend for the
financial year of 2008 is made by abertis for a total amount of
201.1 million euros, which represents a gross amount of 0.30
euros per share, 7.1% more than the dividend on account paid
per share the previous year.

4th quarter 2007

(cid:2) The Pennsylvania Transportation Partners consortium formed
by abertis, Citigroup and Criteria CaixaCorp, which won the
tender last May for the Pennsylvania Turnpike motorway
concession, decides not to extend its bid which expired on 30th
September in the light of the changes in the legislative
procedures in the General Assembly of the State of
Pennsylvania not being passed. The end of the validity period
for the bid entails the recovery of the guarantees deposited and
release from the financing commitments agreed in the project.

(cid:2) saba acquires 100% of Parcheggio Arena S.r.l., a company
which holds the Verona car park concession (870 spaces and a
22-year concession), and wins the contract award to manage
the car parks at Barcelona airport (24,719 spaces) for 3 years
with the option of an annual extension up to a maximum of
five.

(cid:2) abertis and Citi close an agreement for the transfer of shares
held by Itínere in a number of companies, which will come into
effect when Citi Infrastructure Investors has successfully
concluded its acquisition of shares in Itínere. The transaction is
subject to authorisation. Once it has been completed, abertis
will own 100% of Avasa and in Chile, 100% of Elqui, 100% of
Gesa and 79% of Rutas del Pacífico and Operadora del Pacífico.

(cid:2) The consortium

formed by abertis
and Santander
Infrastructure Fund II executes the purchase of 100% of the
shares of Inversora de Infraestructuras, S.L. (Invinsl), a Spanish
subsidiary of ACS and holder of shares in Autopista Central
(50% at the time of the purchase) and Rutas del Pacífico (50%).
abertis’s holding in the consortium is finally of 57.7% while
Santander Infrastructure Fund II has the remaining 42.3%.

(cid:2) acesa starts the extension works of the C-32 motorway on the
4.2-km stretch from Palafolls to Tordera. Total forecast
investment comes to 55 million euros and the project is
expected to be completed in 2010.

(cid:2) abertis telecom acquires an additional 5% stake in Hispasat
from EADS/CASA, thus consolidating its position as the leading
shareholder in the Spanish satellite operator with a direct stake
of 33.4%. Taking into account its indirect holding through
Eutelsat, its total stake is 42.1%.

www.abertis.com

annual report 2008

Letter from the chairman

1. Corporate administration

1.1 Corporate administration
1.2 Administrative bodies
Board of Directors
Delegated monitoring bodies
Senior management
Toll road business
Diversification Business

2. abertis group business activities

2.1 Toll roads
2.2 Telecommunications Infrastructures
2.3 Airports
2.4 Car Parks
2.5 Logistics parks

3. Corporate social responsibility
3.1 abertis’ CSR Strategic Plan
3.2 Summary of Indicators 2008

4. Financial and economic information

4.1 Consolidated figures
4.2 Financial management
4.3 Shareholders and the stock market

10
10
11
11
11
12
12
12

16
21
34
38
44
48

54
54
57

60
60
66
68

4 annual report

letter from the chairman

Letter from the chairman
1. Corporate administration
2. abertis group business activities
3. Corporate social responsibility
4. Financial and economic information

Letter from the chairman

Dear Shareholders,

The problems the international financial markets have been

Now that we have made our diagnosis and seen the scale and scope

experiencing since August 2007 gave rise in 2008 to the first

of the crisis (the hypothesis that the world’s great economic regions

genuinely global crisis that we have had to face. In spite of the

will be become decoupled has yet to be fulfilled), we are now at

ability that national governments, central banks and assorted

the stage of dealing with its consequences, drawing up strategies for

regulatory authorities now have to intervene, it may well be the

action and identifying the lessons we should learn.

case that we are faced with a phenomenon whose scale and

significance in terms of depth, length and impact on the economy

The path taken by abertis

and society we have yet to fully appreciate.

In the case of abertis, I believe I am on safe ground when I say that

The coming together of a series of factors which crystallised in the

given the uncertainty and risk, and in sharp contrast to other

subprime mortgage crisis in the United States – but which are by no

economic and business players who have taken the growth model

means restricted to it – are symptomatic of the end of an era. This

of recent years to extremes, we have been able to modulate growth

period which we have now left behind was marked by a model of

which has combined making the most of the liquidity in the

financial growth based on a sustained policy of low (and sometimes

financial markets with responsible and rigorous use of these

even negative) real interest rates that generated extreme liquidity

resources.

in the system, and as a result the resort to excessive indebtedness

which ended up distorting the relationship between the prices of

assets and their real value.

After investing almost €9,000 million between 2004 and the end
of 2008 in expanding and internationalising our activities, we have

brought about major changes in our Group. Today 50% of our

Other indicators suggestive of volatile and destabilising behaviour,

such as commodity and food prices, the euro/dollar exchange rate

and, in the case of Spain and the United States, a major adjustment

revenue comes from outside Spain and 25% of our business (more
than €900 million) is generated by our telecommunications, airport,
car park and logistics park operations. We have thus successfully

in real estate prices and the burden of a trade deficit, have helped

consolidated our business model as a mobility and

this slide towards crisis in the world economy.

telecommunications infrastructures manager.

5 annual report

letter from the chairman

Letter from the chairman
1. Corporate administration
2. abertis group business activities
3. Corporate social responsibility
4. Financial and economic information

With the same long-term outlook which
we have had all these years, without
exposing ourselves to unnecessary risks
and reaffirming our commitment to
rigour and caution in our actions, we can
now look forward to a period of
consolidation.

Today we do not need to backtrack. We do not have to disinvest as

In the case of Chile this consolidation strategy also has a

a result of financial pressure or need. With the same long-term

geographical component to it. In Chile we already have five lines of

outlook which we have had all these years, without exposing

business and we are managing to reproduce the operational and

ourselves to unnecessary risks and reaffirming our commitment to

relational synergies which stem from the joint yet diverse presence

rigour and caution in our actions, we can now look forward to a

of our Group in the same country.

period of consolidation in which our priorities, at least until the

credit markets get back to normal, will be geared towards

We are always analysing market situations and opportunities, and

buttressing our position in businesses and companies in which we

as a result in September we decided not to extend our bid for the

already have a stake, with the resultant capacity for control and

concession for the Pennsylvania Turnpike motorway. It was a tender

greater visibility for them in our balance sheet and P&L results.

of major strategic importance for the Group in which the

consortium we headed was chosen as the preferred bidder in May.

Part of this approach consists of the operations that were finalised

However, given the uncertainty about the final outcome which

or announced in 2008. These have included taking an initial holding

depended on voting in the Assembly of the State of Pennsylvania

of 28.4% in Hispasat, subsequently added to with another 5% to

together with growing financial risk in a situation of brusque

make us the main shareholder in the company, which has

instability in the markets, in the end we opted not to extend.

consolidated our position in the communications satellite industry.

Nonetheless, we shall continue to monitor the decisions taken by

There is also the agreement we reached with Citi to buy its holdings

the Pennsylvanian authorities in 2009 with respect to the issue in

in the concession companies Rutas del Pacífico and Elqui in Chile

case they give rise to future opportunities.

and Avasa (which runs the AP-68 motorway between Zaragoza and

Bilbao) in Spain once its takeover of Itinere has been completed in

2009. As a result of these transactions abertis will become the

majority shareholder in the three concession operators by adding to

its previous acquisition of ACS’s holdings in Chilean motorways.

6 annual report

letter from the chairman

Letter from the chairman
1. Corporate administration
2. abertis group business activities
3. Corporate social responsibility
4. Financial and economic information

Key factors in 2008: business and geographical
diversification

The main figures for the 2008 financial year, which are exhaustively

Among the most significant events on the stock exchanges in 2008

set out in the pages of this Annual Report, show both the negative

were the major adjustments experienced by listed stock as a whole.

effect of a significant slowdown in economic activity in the various

It should be noted that unlike other markets such as real estate, in

countries in which we operate and also the positive way in which

2008 the stock exchange has been the only one able to offer fluidity

this impact has been absorbed and mitigated due to our mix of

and liquidity in its transactions, and thus it has been affected by

businesses and their geographical distribution. Thus, for instance,

the consequences of the lack of liquidity in the system as a whole.

today more than half of our toll road business is outside Spain, with

Our stock has also been part of this downward trend, although its

the sanef network in France, whose performance was significantly

performance in comparison with the Ibex 35 and other stocks in

better than that of its Spanish counterpart, being especially

our sub-sector in Spain and in other markets continues to signal

important.

the solidity and stability which have always been our characteristic

traits. So while we have slid down with the market, we have in fact

The fact that 50% of our total revenue and 45% of our ebitda is

done slightly better than it and our performance has been less

generated outside Spain together with the more acyclic nature of

negative than that of our competitors.

businesses such as telecommunications infrastructures means that

we have been able to close a financial period in 2008 that has been

In addition to our share performance, I would also like to highlight

marked by the stability and solidity of our most significant figures.

the return given by our stock which reflects the solidity of the

Operating revenue grew by 1.6% to reach €3,679 million. Ebitda
came to €2,256 million, a fall of -0.6% compared with 2007, while
net earnings were down by 9.4% to close the year at €618 million.
Investment over the year came to €1,704 million of which 16.2%
was allocated to operational investment and 83.8% to expansion.

Group’s balance sheet and P&L results. In this respect the Board of

Directors decided to increase the interim dividend for the financial
year from €0.28 to €0.30 per share, and thus the total amount
paid out to abertis stockholders in 2008 – additional dividend,

bonus share issue and interim dividend – was up by 14.8% over

2007.

7 annual report

letter from the chairman

Letter from the chairman
1. Corporate administration
2. abertis group business activities
3. Corporate social responsibility
4. Financial and economic information

We can and must face up to the
uncertainty in the markets and the
economy with the consistency of models
based on analysis, a sense of realism and
opportunity cost.

In the face of uncertainty, stick to a model

Those of us who are businesspeople and managers need to have a

We can and must face up to the uncertainty in the markets and the

clear understanding of what our role in the business value chain is.

economy with the consistency of models based on analysis, a sense

We cannot confuse the markets and our shareholders. If we are

of realism and opportunity cost. Nowadays any strategy for

businesspeople who have an industrial model, we need to commit

expansion and growth will depend a lot more on equity and the

to what we know how to do, to grow and diversify our geographical

solidity and soundness of the project involved and a whole lot less

risk, yet making sure we do this in areas which we are familiar with

on excessive credit and indebtedness. This economic reality and

and which we can manage in the medium and long term.

scenario are not only not new but are also the basis on which

Rigour, caution, tenacity, a commitment to continuance and a firm

abertis has laid the foundations of its growth, and are moreover

and positive attitude to the unfavourable circumstances and factors

the only sustainable ones that can deliver a believable project that

we may be faced with: these are the foundations on which we build

it is worth working for. We continue to be, with all of the

our values and the core of our actions which seek to meet the

conditioning factors and limitations of the current economic

expectations of responsibility and sustainability which our

situation, in charge of the fate of this project which belongs to all

shareholders, employees, society and government have about our

of us: to our shareholders and to the 12,000 people who work every

Group. abertis's chairmanship of the Corporate Reputation Forum in

day to make it into a reality.

2008 is a symbolic expression of this commitment.

Isidre Fainé, Chairman of abertis

Letter from the chairman

1. Corporate administration

1.1 Corporate administration
1.2 Administrative bodies
Board of Directors
Delegated monitoring bodies
Senior management
Toll road business
Diversification Business

2. abertis group business activities

2.1 Toll roads
2.2 Telecommunications Infrastructures
2.3 Airports
2.4 Car Parks
2.5 Logistics parks

3. Corporate social responsibility
3.1 abertis’ CSR Strategic Plan
3.2 Summary of Indicators 2008

4. Financial and economic information

4.1 Consolidated figures
4.2 Financial management
4.3 Shareholders and the stock market

10
10
11
11
11
12
12
12

16
21
34
38
44
48

54
54
57

60
60
66
68

10 annual report

corporate administration

Letter from the chairman
1. Corporate administration

1.1 Corporate administration
1.2 Administrative bodies
2. abertis group business activities
3. Corporate social responsibility
4. Financial and economic information

1.1 Corporate administration

With respect to shareholders, the market and clients
The regulations that govern decision-making processes in the

abertis has also been working on the authority and operation of its

company, ensure that shareholders can exercise their rights and

committees, with special emphasis being placed on the powers and

also establish the code of conduct for members of the Board of

tasks conferred on its Audit and Control Committee. Likewise, it has

Directors, are made up of the corporate statutes, the regulations of

brought in new practices in terms of transparency and rigour

the General Shareholders’ Meeting and the regulations of the Board

including, as is set out in the regulations, the endorsement of the

of Directors.

financial statements by all members of its Board of Directors every

In the course of 2008, abertis has continued working to improve its

six months.

corporate governance practice in order to keep in line with

The purpose of the foregoing is to continue making progress in the

international best practice recommendations, including the Unified

development of a sound organisation that is transparent and

Good Governance Code.

rigorous in its practice and able to continue generating value with

the trust of its customers and shareholders.

In this respect, it not only ensures strict compliance with rules and

recommendations in this area but also seeks to make sure that the

fundamental concepts which guide its practice are built into the

corporate culture of the entire organisation. Hence over the course

of the year the company has continued to foster the

implementation of corporate governance best practice, which is

already consolidated in the listed company, in its subsidiaries.

11 annual report

corporate administration

Letter from the chairman
1. Corporate administration

1.1 Corporate administration
1.2 Administrative bodies
2. abertis group business activities
3. Corporate social responsibility
4. Financial and economic information

1.2 Administrative bodies

Board of Directors

Delegated monitoring bodies

The members of the abertis Board of Directors, as of the 31st

of December 2008 are:

Executive Committee
Isidro Fainé Casas (Chairman)

Florentino Pérez Rodríguez

Isidro Fainé Casas (Chairman)

G3T, S.L., represented by Carmen Godia Bull

Florentino Pérez Rodríguez (1st Deputy Chairman)

Pablo Vallbona Vadell

G3T, S.L., represented by Carmen Godia Bull (2nd Deputy Chair-

Salvador Alemany Mas

man)

Pablo Vallbona Vadell (3rd Deputy Chairman)

Salvador Alemany Mas (Chief Executive Officer)

Marcelino Armenter Vidal

Ángel García Altozano

José Luis Olivas Martínez

Manuel Raventós Negra

Comunidades Gestionadas, S.A., represented by Antonio García Ferrer

Miquel Roca Junyent (Secretary, non-board member)

Enrique Corominas Vila

Juan A. Margenat Padrós (Vice-secretary, non-board member)

Dragados, S.A., represented by Demetrio Ullastres Llorente

Javier Echenique Landiribar

Ángel García Altozano

Emilio García Gallego

Miguel Ángel Gutiérrez Méndez

Ernesto Mata López

Enric Mata Tarragó

Braulio Medel Cámara

José Luis Olivas Martínez

Ramón Pascual Fontana

Manuel Raventós Negra

Leopoldo Rodés Castañé

During 2008 Manuel Raventós Negra has joined the commit-

tee (to replace Caixa d’Estalvis de Catalunya).

Audit and Control Committee
Ernesto Mata López (Chairman)

Enrique Corominas Vila

Emilio García Gallego

Marta Casas Caba (Secretary, non-board member)

During 2008 Emilio García Gallego has joined the committee

Miquel Roca Junyent (Secretary, non-board member)

(to replace Caixa d’Estalvis de Catalunya) and Ernesto Mata

Juan A. Margenat Padrós (Vice-secretary, non-board member)

López has been appointed Chairman.

During 2008 Caix d’Estalvis de Catalunya has left the Board.

Appointment and Remuneration Committee
Manuel Raventós Negra (Chairman)

Ángel García Altozano

Miguel Ángel Gutiérrez Méndez

Juan A. Margenat Padrós (Secretary, non-board member)

12 annual report

corporate administration

Letter from the chairman
1. Corporate administration

1.1 Corporate administration
1.2 Administrative bodies
2. abertis group business activities
3. Corporate social responsibility
4. Financial and economic information

Senior Management as of the 31st of December 2008

Corporation & Shared Services

Chief Executive Officer

Studies and Communication Corporate Director

Institutional Relations Corporate Director

People and Organisation Corporate Director

General Secretary

General Counsel

Corporate Security Director

Chief Corporate Management Officer

Corporate Development Director

Corporate Tax Director

Planning and Corporate Control Director

Chief Financial and Shared Services Officer

Finances Corporate Director

Managing Director of serviabertis

Toll Road Business

Toll roads Spain

Managing Director of Abertis Autopistas España

Managing Director of acesa and aucat

Managing Director of aumar

Managing Director of iberpistas

Toll Roads France and Northern Europe

Managing Director of sanef

Toll Roads America and International

Salvador Alemany Mas

Antoni Brunet Mauri

Sergi Loughney Castells

Joan Rafel Herrero

Juan A. Margenat Padrós

Marta Casas Caba

Luis Jiménez Arrébola

Josep Martínez Vila

David Díaz Almazán

Josep Maria García Martín

Jordi Lagares Puig

José Aljaro Navarro

Lluís Subirà Laborda

José Aljaro Navarro

José Mª Morera Bosch

Josep Lluís Giménez Sevilla

Enrique Villalonga Torres

José Antonio López Casas

François Gauthey

Managing Director of Toll Roads North America and International

Managing Director of Toll Roads South America

Jordi Graells Ferrández

Gonzalo Ferre Moltó

Diversification Business

Managing Director of Diversification Business

Telecommunications Infrastructures

Managing Director of abertis telecom

Airports

Josep Martínez Vila

Tobías Martínez Gimeno

Managing Director of abertis airports

Carlos del Río Carcaño

Car Parks

Managing Director of saba

Logistics Services

Managing Director of abertis logística

Josep Canós Ciurana

Joan Font Alegret

Letter from the chairman

1. Corporate administration

1.1 Corporate administration
1.2 Administrative bodies
Board of Directors
Delegated monitoring bodies
Senior management
Toll road business
Diversification Business

2. abertis group business activities

2.1 Toll roads
2.2 Telecommunications Infrastructures
2.3 Airports
2.4 Car Parks
2.5 Logistics parks

3. Corporate social responsibility
3.1 abertis’ CSR Strategic Plan
3.2 Summary of Indicators 2008

4. Financial and economic information

4.1 Consolidated figures
4.2 Financial management
4.3 Shareholders and the stock market

10
10
11
11
11
12
12
12

16
21
34
38
44
48

54
54
57

60
60
66
68

16 annual report

abertis group business activities

Letter from the chairman
1. Corporate administration
2. abertis group business activities

2.1 Toll roads
2.2 Infraestructuras de
telecomunicaciones
2.3 Airports
2.4 Car Parks
2.5 Logistics parks

3. Corporate social responsibility
4. Financial and economic information

2. abertis group business activities

abertis is an international group that manages mobility and tele-

The processes of diversification and internationalisation of its ac-

communications infrastructures through five business areas:

tivities over recent years means that abertis now has a presence in

a total of 17 countries on three continents and has consolidated its

position as a world leader in the private management of public in-

frastructures.

Toll roads

Telecommunications Infrastructures

Airports

Car Parks

Logistics services

17 annual report

abertis group business activities

Letter from the chairman
1. Corporate administration
2. abertis group business activities

2.1 Toll roads
2.2 Infraestructuras de
telecomunicaciones
2.3 Airports
2.4 Car Parks
2.5 Logistics parks

3. Corporate social responsibility
4. Financial and economic information

Share of operating revenues by sector and geographic area:

Average workforce by sector and geographic area:

During 2008 no significant variations have occurred in contributions either with respect to sector or geographical area.

18 annual report

abertis group business activities

Letter from the chairman
1. Corporate administration
2. abertis group business activities

2.1 Toll roads
2.2 Infraestructuras de
telecomunicaciones
2.3 Airports
2.4 Car Parks
2.5 Logistics parks

3. Corporate social responsibility
4. Financial and economic information

Strategy

The business model used by abertis is based on the following

equity in a rigorous and responsible way. The credit crisis is

principles and courses of action:

encouraging greater project selection, and the choice of quality

assets which generate cash flows and recurring and stable returns

The industrial profile of its business project, characterised by

has once again become one of the best options for medium- and

long-term commitment accompanied by the development and

long-term investment.

management of infrastructure during its entire lifecycle.

Short- and medium-term priority for the implementation of a

Progressive diversification and

internationalisation of

strategy for consolidating shareholdings while continuing to

processes and activities which have brought about an investment

permanently monitor target markets in order to keep on localising

effort of almost 9,000 million euros over the last five years. This

and analysing investment opportunities.

means that currently 50% of revenue is generated outside Spain,

and 25% of the business is generated by telecommunications,

Financial soundness and recurrence of the main indicators for its

airports, car parks and logistics parks activities. Strategy for entering

various business areas which enables abertis to maintain a

a country is mapped out based on the ‘oil slick’ principle of

comfortable and realisable level of indebtedness and absorb the

spreading throughout the territory from an initial project which

impact of the change in the business cycle in the global economy.

brings local scale and knowledge, and thus being able to make the

most of operational and relational synergies arising from a

Recognition that our activities are intergenerational and

diversified presence in the same country.

awareness of the public service afforded by infrastructures during

A selective and cautious investment policy which takes

debate about infrastructures and to deliver the best solution for

advantage of liquidity in financial markets but commits and uses

each time and set of circumstances.

the whole of the operating period. A willingness to join in with the

The industrial profile of its business
project, characterised by long-term
commitment accompanied by the
development and management of
infrastructure during its entire lifecycle.

21 annual report

abertis group business activities

Letter from the chairman
1. Corporate administration
2. abertis group business activities

2.1 Toll roads
2.2 Infraestructuras de
telecomunicaciones
2.3 Airports
2.4 Car Parks
2.5 Logistics parks

3. Corporate social responsibility
4. Financial and economic information

2.1 Toll roads

Reinforcement of leadership in Europe and
Latin America

expected to take place in 2009, will give abertis complete

control of Spanish concession operator Avasa, together with

100% of Chilean concession operator Elqui and 79% of Rutas

In 2008 abertis has continued to consolidate its leadership in the

del Pacífico, also in Chile.

world road infrastructure management market. It directly operates

3,527 kilometres of toll roads in France, Spain, Chile, Argentina and

Consolidation transactions in assets and countries in which it is

Puerto Rico and has a share in the operation of another 5,795 ki-

already operating have marked abertis’s strategy over the course

lometres through its presence in concessions in Europe and Latin

of the year. Nonetheless, the company retains as its medium- and

America.

long-term business strategy playing an active role in projects which

call for the partnership of the private sector in target countries,

In 2008, the business unit has carried out major projects chiefly

such as the United States, Europe and some parts of Latin America.

geared towards providing enhanced service capacity and quality to

This can be seen in the bid it submitted in the tender for the award

a large part of its current network of toll roads and consolidating its

of the Pennsylvania Turnpike concession, and in which it was the

presence in the road infrastructures markets in France, Spain and

successful bidder. However, in the end the failure to fulfil legislative

Chile:

procedures in the General Assembly of the State of Pennsylvania

meant that it was not prepared to extend the term of its bid when

· Over the course of the year, abertis has invested more than

the latter expired at the end of September.

200 million euros in the technological development, quality

and safety of its network and more than 190 million euros has

abertis’s toll road business – the group’s main activity in terms of

been spent on expanding it through construction and lane

turnover and profits – has managed to maintain its level of revenue

additions carried out by sanef and acesa.

in the year against a backdrop marked by a major economic

· Before the end of the year, abertis acquired 50% of two toll

million euros and an ebitda of 1,934 million euros represent 75%

roads in Chile, Autopista Central and Rutas del Pacífico, in a

and 86% of the total amount of revenues and ebitda of the group,

consortium and reached an agreement for the purchase from

respectively. The weight of this sector has been maintained with

slowdown and reduced consumer spending. Revenues of 2,756

concession operator Itínere of holdings in companies of which

respect to 2007.

it is already a shareholder. This latter transaction, which is

Spain

Direct or shared management

acesa

aumar

iberpistas

castellana

Other shares

Túnel del Cadí

Accesos de Madrid

Ciralsa

aucat

aulesa

Avasa

Trados 45

Autema

Henarsa

France

sanef

sapn

masternaut (*)

eurotoll (*)

bet eire flow (*)

Alis

Routalis

A’Lienor

(*) Companies providing telematic geo-localisation and toll services for vehicles.

Rest of world

apr

gco

Rutas del Pacífico

Autopista Central

Atlantia

Brisa

Elqui

Ausol

Coviandes

RMG

22 annual report

abertis group business activities

Letter from the chairman
1. Corporate administration
2. abertis group business activities

2.1 Toll roads
2.2 Infraestructuras de
telecomunicaciones
2.3 Airports
2.4 Car Parks
2.5 Logistics parks

3. Corporate social responsibility
4. Financial and economic information

France

In France, abertis has a presence by means of the French

Likewise sanef has holdings in a number of companies which

concessionaire group sanef in which it has a majority stake of

deliver telematic services:

52.57%. sanef is to manage up to 2028 1,743 kilometres of toll

· masternaut, a leading company in France in the geo-

roads through two concession operators, sanef in north-west

localisation of vehicles. The company manufactures and

France and sapn in Normandy, which accounts for 21% of the

markets communication systems intended for the tracking and

French network. As such it participates in a non-majority way in

management of vehicles based on satellite localisation

two concessions in France with a total of 275 km.

technology (GPS), transmission of GSM/GPRS data and

sanef’s network has an excellent position in the centre of economic

internet.

Europe, connecting with five great European capitals (London,

· eurotoll and bet eire flow deliver electronic toll services in

Brussels, Luxemburg, Frankfurt and Strasbourg) and managing five

France and free flow electronic toll collection systems in Ireland

of the seven toll road access routes to the Îlle de France (Paris)

respectively. eurotoll is leading a project to develop interoperable

region.

electronic toll collection in Europe for heavy vehicles, after having

carried out a pilot test on a 3,500-kilometre route along the toll

roads of seven countries, (France, Germany, the Czech Republic,

Switzerland, Austria, Italy and Spain).

23 annual report

abertis group business activities

Letter from the chairman
1. Corporate administration
2. abertis group business activities

2.1 Toll roads
2.2 Infraestructuras de
telecomunicaciones
2.3 Airports
2.4 Car Parks
2.5 Logistics parks

3. Corporate social responsibility
4. Financial and economic information

Direct or shared management

Company

% holding

Km.

Concession end

sanef

52.55% (*) 1,375

eurotoll (**)

100.00%

sapn

masternaut (**)

bet eire flow (**)

99.97%

96.58%

80.00%

368

1,743

2028

(*) abertis has a 52.55% stake in sanef, which has holdings in the
other companies
(**) Companies providing telematic geo-localisation and toll servi-
ces for vehicles

to revenue from tolls, service area charges and telecommunications

and engineering services, operating revenues also include income

from telematic services, which in 2008 has received a boost from

greater activity on the part of masternaut and eurotoll, the

integration of Webraska and the start up of operations at bet eire

flow.

Toll revenue comes to 1,259 million euros and is up by 1.4% in

spite of a decline in traffic (-1.6%) due to a rise in average rates

resulting from the annual review (+1.5%) and other structural

effects of optimisation between sections and other factors.

Changes in levels of activity reflect the economic slowdown, an

increase in the price of oil in the first half of the year, the impact

of the TGV on the A4 (Paris-Strasbourg) and poor weather in June

and July across the network and especially in August in the sapn

network.

% holding

Km.

Concession end

35.00%

19.67%

150

125

150

2065

2067

The percentage of heavy vehicle electronic toll collection

transactions stood at 69% in December, after the first anniversary

of the introduction of electronic toll collection for heavy vehicles in

the previous May. At the end of 2008 electronic toll collection

transactions as a percentage of total vehicles came to 33% which

is an annual increase of 9.5 points.

Other shares

Company

A'Lienor

Alis

Financial and business results
Revenues generated from direct-managed toll road concessions in

In France some 140 million euros have been invested in renewal

and modernisation of the existing network (in renewal of toll

France have reached 1,390 million euros and represent 38% of

collection areas, miscellaneous maintenance and resurfacing work)

abertis’s total operating revenues.

and another 92 million euros on new lanes, new structures and

contributions to the building of the A65 (Langon-Pau), a motorway

Operating revenues from the French concession increased by 2.9%

under construction that has been awarded to A’Lienor.

and the ebitda by 1.1% with an ebitda margin of 64%. In addition

ADT

sanef

sapn

Total ADT

2008

22,743

27,462

23,741

Var %

-1.6%

IFRS profit and loss
(millions of euros)

Operating revenues

EBITDA

EBIT

2008

1,390

888

603

Var %

2.9%

1.1%

0.3%

24 annual report

abertis group business activities

Letter from the chairman
1. Corporate administration
2. abertis group business activities

2.1 Toll roads
2.2 Infraestructuras de
telecomunicaciones
2.3 Airports
2.4 Car Parks
2.5 Logistics parks

3. Corporate social responsibility
4. Financial and economic information

Significant events
In the course of the year work has begun on widening the A13

vehicles to go past the barrier at 30 kilometres per hour thus

motorway with a third lane between Beuzeville and Pont-l’Evêque,

cutting down on waiting times at tolls. After a test period in 2007

a section covering 14 kilometres, with an investment of 80 million

at Hordain (A2), sanef has brought in this system in 2008 on the

euros planned for 2009.

Paris-Lille (A1), Paris-Valenciennes (A2) and Paris-Reims (A4) routes.

Likewise, in August 2008 sanef implemented free flow electronic

A’Lienor, in which sanef has a 35% stake, has started work on

tolls on the M50 in Dublin through its subsidiary bet eire flow,

building a new motorway, the A-65, which is to link up the towns

thus ramping up its leadership in the use of this system in Europe.

of Langon and Pau in the south of France and which was awarded

in June 2007. It is a motorway that is 150 kilometres long in the

In January 2009 a contract in Slovakia was awarded to a consortium

south of France which is set to come into service in 2010 and

featuring sanef to bring in a charge collection system for heavy

whose concession ends in 2065.

vehicles throughout the country (2,000 km). The system is set to

come into service on 1 January 2010 with a 13-year operation

In order to offer greater fluidity and enhanced service, sanef drives

term.

and develops new toll solutions with free flow electronic toll

collection, a fast electronic toll collection service which enables

In order to offer greater fluidity and
enhanced service, sanef drives and
develops new toll solutions with free
flow electronic toll collection

26 annual report

abertis group business activities

Letter from the chairman
1. Corporate administration
2. abertis group business activities

2.1 Toll roads
2.2 Infraestructuras de
telecomunicaciones
2.3 Airports
2.4 Car Parks
2.5 Logistics parks

3. Corporate social responsibility
4. Financial and economic information

Spain

In Spain, abertis is the largest toll road operator in terms of

kilometres managed (more than 1,500 kilometres of toll roads)

which is 52% of the total of toll roads in the country. As such it

participates in a non-majority way in a series of concessions with

a total of 230 km.

27 annual report

abertis group business activities

Letter from the chairman
1. Corporate administration
2. abertis group business activities

2.1 Toll roads
2.2 Infraestructuras de
telecomunicaciones
2.3 Airports
2.4 Car Parks
2.5 Logistics parks

3. Corporate social responsibility
4. Financial and economic information

Direct or shared management

Company

% holding Km.

Concession end

acesa

100.0%

Montgat-Palafolls (C-31 / C-32)

La Jonquera - Barcelona - Tarragona (AP-7)

Zaragoza - Mediterráneo (AP-2)

aumar

100.0%

Tarragona-Alicante (AP-7)

Sevilla-Cádiz (AP-4)

iberpistas

100.0%

Villalba-Adanero (AP-6)

castellana

100.0%

Villacastín-Ávila (AP-51)

aucat

aulesa

Avasa

San Rafael-Segovia (AP-61)

100.0%

Castelldefels-El Vendrell (C-32)

100.0%

León-Astorga (AP-71)

50.0%

Bilbao-Zaragoza (AP-68)

Trados 45

50.0%

Tramo II (M-45)

277

216

374

294

1,524

2021

2019

2031 (*)

2039

2055

2026

2029

(*) The concession period may be extended until 2036, depending on the traffic for the years 2015 to 2019

Other shares

Company

% holding

Km.

Concession end

Túnel del Cadí

37.2%

Túnel del Cadí (C-16)

Accesos de Madrid 35.1% Madrid-Arganda del Rey (R-3)

Ciralsa

Autema

Henarsa

Madrid-Navalcarnero (R-5)

25.0%

Circunvalación de Alicante

23.7%

Sant Cugat-Manresa (C-16)

22.5% Madrid-Guadalajara (R-2)

230

2023

2049

2040

2037

2024

28 annual report

abertis group business activities

Letter from the chairman
1. Corporate administration
2. abertis group business activities

2.1 Toll roads
2.2 Infraestructuras de
telecomunicaciones
2.3 Airports
2.4 Car Parks
2.5 Logistics parks

3. Corporate social responsibility
4. Financial and economic information

Financial and business results
Revenues generated from direct-managed toll road concessions in

In the course of the year investment in electronic toll payment

Spain reached 1,335 million euros and represented 36% of

devices has continued and at present the use of this system on toll

abertis’s total operating revenues.

roads in Spain as a whole comes to 32.3%, 3.7 percentage points

more than last year. In acesa and aucat, where this system has

In 2008, the drop in activity on Spanish toll roads (-6.6% ADT) led

already been in operation since 2003, the percentage of

to a fall in revenue which in part has been made up for by the

transactions for electronic toll collection reached more than 35%,

annual rise in rates. The ebitda margin is 78%.

and in other concessionaries, where this system entered into service

The major slowdown in the economy has been the major cause of

31%, and in all cases an increase is anticipated in the next few

at the beginning of 2005, penetration levels are between 14% and

the fall in ADT by -6.6% in 2008 with respect to the previous year.

years.

However, there have also been other factors which have had a

negative impact such as an increase in the price of oil in the first

In 2008 Spanish toll roads have made operational investments

half of the year, the occasional negative impact of opening parallel

coming to 65 million euros, basically for improvements in toll

roads on aumar (without aumar the ADT for abertis Spain would

collection areas, adaptation of tolls and information systems and

go from -6.6% to -5,0%), the road hauliers strike in June and the

for repairs to bridges and viaducts.

good weather in the first quarter of 2007 compared with the poor

weather in May, June and September 2008.

IFRS profit and loss
(millions of euros)

Concessionary

ADT 2008

Var %

Operating
revenues

Var %

Ebitda

Var %

Ebit

Var %

acesa

aumar

iberpistas

castellana

aucat

aulesa

Avasa

35,062

-5.3%

22,742

-10.2%

29,765

6,393

31,331

5,347

14,620

-5.8%

-1.4%

-8.0%

4.4%

0.1%

Trados45

59,600

-17.2%

646

357

123

103

-0.5%

-7.5%

-3.6%

-3.7%

-5.2%

5.6%

1.1%

4.5%

494

285

26,329

-6.6%

1,335

-3.0%

1,037

-2.3%

-11.0%

2.3%

-9.7%

-8.6%

45.3%

-3.4%

4.7%

-4.9%

405

224

-14

1.0%

-12.2%

2.3%

19.0%

-10.7%

194.3%

-0.7%

6.5%

816

-4.0%

29 annual report

abertis group business activities

Letter from the chairman
1. Corporate administration
2. abertis group business activities

2.1 Toll roads
2.2 Infraestructuras de
telecomunicaciones
2.3 Airports
2.4 Car Parks
2.5 Logistics parks

3. Corporate social responsibility
4. Financial and economic information

Significant events
abertis Spanish toll roads continued to undertake investment

· In the centre of the Peninsula, work on remodelling and

projects with respect to network expansion:

improving tunnel II at Guadarrama has been completed. This

has turned the AP-6 motorway (iberpistas-castellana) into

· In the course of 2008, work has continued on the project to

the first road infrastructure in Spain which has a system of

extend the lanes of the AP-7 under the terms of the agreement

three tunnels, one of them reversible depending on traffic

signed by acesa with the government. 63 million euros have

needs.

been invested, mostly on the stretch of the South AP-7

· In 2008 approval has been given to adding a third lane in both

(Tarragona) with the building of a third lane in this section

directions to the AP-6 motorway, iberpistas-castellana, on

virtually completed, while work has also begun on the North

the 20 kilometre stretch between San Rafael and Villacastín

(Girona) section. The agreement, with a total investment of 500

(Segovia) and work had begun by the end of the year. In this

million euros up to 2010, will make substantial improvements

case investment comes to 72 million euros and the project is

to the strategic Mediterranean corridor.

set to be completed in 2010.

· Work on the extension of the C-32 motorway has begun with

the Tordera’s river Bridge at Palafolls. Total forecast investment

In December, abertis reached an agreement with Citi Infrastructure

comes to 55 million euros up to 2010.

Investors to buy holdings the concession operator Itínere has in a

number of companies of which it is already a shareholder in both

Spain and in Chile. The transaction, which is set to take place in

2009, will enable abertis to control, among other companies, 100%

of Spanish concession operator Avasa and finally consolidate its

position on the Ebro route which, together with the presence of

the AP-7 in the Mediterranean corridor, gives it an excellent position

in the north-east of the Peninsula.

In the course of 2008, work has
continued on the project to extend the
lanes of the AP-7. With a total
investment of 500 million euros up to
2010, will make substantial
improvements to the strategic
Mediterranean corridor.

30 annual report

abertis group business activities

Letter from the chairman
1. Corporate administration
2. abertis group business activities

2.1 Toll roads
2.2 Infraestructuras de
telecomunicaciones
2.3 Airports
2.4 Car Parks
2.5 Logistics parks

3. Corporate social responsibility
4. Financial and economic information

Rest of the world

abertis also has a presence in Latin America, where it operates 260

As such, abertis is present, through non-majority shareholdings, in

kilometres of motorways in Argentina, Chile and Puerto Rico.

Europe and South America.

In Argentina it is part of the grupo concesionario del oeste (gco),

In Europe, abertis has maintained its presence in two of the leading

the holder of the concession for the Western Toll Road (Autopista

private motorway operating companies: the Portuguese firm Brisa,

del Oeste, the western route into the city of Buenos Aires) and,

with a strategic stake of 14.6%, (which means it can have a pre-

since December 2008, it has had a 57.7% stake in the Invin group,

sence on the company’s Board of Directors) and the Italian com-

the holder in Chile of 50% of Autopista Central (a 60-km long urban

pany Atlantia with a holding of 6.7%.

motorway in Santiago de Chile) and 50% of Rutas del Pacífico (the

motorway which links Santiago with Valparaíso and Viña del Mar

and is 141 km long).

Direct or shared management

Company

apr

gco

Rutas del Pacífico

Autopista Central

% holding

75.0%

48.6% (*)

28.9% (**)

Km.

141

260

Concession end

2027

2018

2024

2031

Country

Puerto Rico

Argentina

Chile

(*) 57.6% of voting rights
(**) abertis has a 57.7% stake in the Invin group, which has a 50% holding in each of the concession companies indicated

Other shares

Atlantia Group

Brisa Group

Elqui

Ausol

Coviandes

RMG

% holding

6.7%

14.6%

25.0%

31.6%

40.0%

33.3%

Km.

3,413

1,378

229

119

Concession end

2038 (*)

2035 (*)

2022

2020

2023

2026

Country

Italy

Portugal

Chile

Argentina

Colombia

United Kingdom

(*) concession end for higher relative weight concession is given

32 annual report

abertis group business activities

Letter from the chairman
1. Corporate administration
2. abertis group business activities

2.1 Toll roads
2.2 Infraestructuras de
telecomunicaciones
2.3 Airports
2.4 Car Parks
2.5 Logistics parks

3. Corporate social responsibility
4. Financial and economic information

Financial and business results
Revenues from directly managed toll road concessions in the rest

In Argentina, Average Daily Traffic (ADT) has risen by 4.8%, which

of the world have increased to 45 million euros, a 6.9% increase

has led to an increase in revenue.

with respect to the previous year. These figures do not take into

account holdings in Chile acquired in December 2008 and which

Change in ebitda has been affected by an increase in operating ex-

are thus not reflected in the P&L results or in activity for 2008.

penses due to inflation and in personnel expenses as a result of

non-recurrent extraordinary negative impacts arising from the co-

llective bargaining agreement signed in December 2006 at gco as

well as additional agreements reached with the trade unions. The

ebitda margin is 47%.

In 2008, gco has invested 4 million euros under the terms of agre-

ements with the government which mostly includes work on sec-

tion IV and resurfacing of the main roadway. It also includes work

on extending the mainline toll at Ituzaingó.

ADT

apr

gco

Total ADT

2008

23,120

71,210

69,449

Cons. results IFRS aggregated
(millions of euros)

Operating revenues

EBITDA

EBIT

2008 (*)

Var %

0.0%

4.8%

Var %

6.9%

-13.7%

-21.9%

(*) The acquisition of the Invin group in December 2008 which
therefore has no impact on the P&L results or activity.

abertis has a presence in Latin America,
where it operates 260 kilometres of
motorways in Argentina, Chile and Puerto
Rico. In Europe, abertis has maintained its
presence in Brisa, with a strategic stake of
14.6%, and Atlantia with a holding of 6.7%.

33 annual report

abertis group business activities

Letter from the chairman
1. Corporate administration
2. abertis group business activities

2.1 Toll roads
2.2 Infraestructuras de
telecomunicaciones
2.3 Airports
2.4 Car Parks
2.5 Logistics parks

3. Corporate social responsibility
4. Financial and economic information

Significant events
In June 2008 the spin-off was completed of Schemaventotto, the

Likewise, in December 2008 abertis reached an agreement with

reference shareholder in Atlantia and in which abertis had a

Citi Infrastructure Investors to buy stakes held by concession ope-

13.33% stake. After this operation, abertis, through its wholly

rator Itínere in a number of companies in which abertis is already

owned subsidiary abertis italia, ended up with a direct holding of

a shareholder. After the completion of this transaction, which is set

6.68% in Atlantia

to take place in 2009, abertis will have 100% control in Chile of the

toll road concession operator Elqui, with 79% of Rutas del Pacífico.

On 10 January 2009, the Argentinean government brought in a new

In this way abertis is set to step up its presence as a leading toll

rates structure which for the concession companies in which aber-

road operator in Chile (430 km) with high quality assets which in

tis has holdings in Argentina, gco and Ausol, entailed general in-

addition improve the average life of its concessions portfolio.

creases of between 53% and 55% at off-peak times and of

between 100% and 105% in rush hour. The measure is the start of

In May, a consortium led by abertis and made up of Citi Infras-

a process of normalisation of the rate system and contractual ba-

tructure and Criteria CaixaCorp won the concession for the

lance for concessions. However, abertis and the Argentinean go-

Pennsylvania Turnpike (801 km and a 75-year lease), with a bid of

vernment are to continue talks until 30 June 2009 in order to

12,800 million dollars. However, in October, and after reviewing

analyse proposals which foster the comprehensive restructuring of

the schedule and in the light of world financial uncertainty and the

the contracts for both concessions.

position of the legislative changes required to enable the award of

the final concession, the consortium decided to withdraw from the

In December 2008 the consortium made up of abertis (with

process. The analysis and knowledge acquired from the Pennsylva-

57.7%) and Santander Infrastructure Fund II (with the remaining

nia Turnpike, as well as the work done with the State authorities

42.3%) purchased 100% of the shares of Inversora de Infraestruc-

and congressmen and women and senators from the Assembly,

turas, S.L. (Invinsl), the Spanish subsidiary of ACS and holder of 50%

place abertis in a fine position from which to reconsider this pro-

of the Chilean toll roads Autopista Central and Rutas del Pacífico.

ject or others which may come up in the country at a time when

appropriate conditions prevail

In this way abertis is set to step up its
presence as a leading motorway operator
in Chile (430 km) with high quality assets
which in addition improve the average life
of its concessions portfolio.

34 annual report

abertis group business activities

Letter from the chairman
1. Corporate administration
2. abertis group business activities

2.1 Toll roads
2.2 Infraestructuras de
telecomunicaciones
2.3 Airports
2.4 Car Parks
2.5 Logistics parks

3. Corporate social responsibility
4. Financial and economic information

2.2 Telecommunications Infrastructures

European operator, leader in terrestrial and satellite
infrastructures
The growth of abertis telecom in the terrestrial telecommunications

infrastructures and services sector in Spain has been furthered with a

Network), B21C, J-ORTIGIA (ESA) and CHORIST. The latter is based on

the integration of a range of broadcasting technologies for use in

advanced incident management systems for high-risk situations.

decisive commitment to becoming an international benchmark

Growth continues to be its main medium- and long-term goal in a

operator in the satellite broadcasting sector. This position, begun in 2007

business area which is demonstrating its ability to withstand economic

when it became the main shareholder in the French operator Eutelsat

and financial uncertainties. In this respect, abertis telecom is to

(31.4%), has been buttressed during the year with the acquisition of

continue working on the analysis of opportunities in Europe in the

33.4% of Hispasat in Spain.

sphere of infrastructures for radio and television broadcasting. Likewise,

it will continue to seek to meet the challenges posed by technological

abertis telecom has geared its growth strategy in Spain towards

change in the light of the digitisation of television, its growing coverage

driving and rolling out Digital Terrestrial Television (DTT) and by the end

and the convergence process between the various TV broadcasting

of the year it had achieved coverage of 92% of the population. This

platforms: DTT, mobile TV and TV via IP.

commitment to adapting and digitising its network in the light of the

“analogue switch-off” set for 2010 also led to the opening of a new

abertis telecom is the parent company of the telecommunications

control centre at its Torre de Collserola facility in Barcelona, which it

business sector and solidifies the Group’s shareholdings in this sector.

uses to deliver telecommunications services that cover more than 5

Through tradia and retevisión, it has the largest network of locations

million people.

for the broadcasting and distribution of radio and television signals in

Spain, with more than 3,200 centres throughout Spain. Hispasat, with

Likewise, in the course of 2008 it has continued working on the

a fleet of 5 satellites (2 of them via the public company Hisdesat), is the

development of mobile telecommunications services for operators,

leading operator in communications in Spanish and Portuguese.

corporate networks and security and emergency networks.

abertis telecom has continued to step up its R&D&I to explore the

in the world, with a fleet of 26 satellites in geostationary orbit providing

possibilities of emerging broadcasting technologies with national and

coverage for 90% of the world’s population and offering services to

international projects such as Furia (Future Integrated Broadcasting

more than 3,100 TV channels and more than 1,100 radio stations.

It also has a stake in Eutelsat, the leading operator in Europe and third

The growth of abertis telecom in the
terrestrial telecommunications
infrastructures and services sector in
Spain has been furthered with a decisive
commitment to becoming an
international benchmark operator in the
satellite broadcasting sector.

35 annual report

abertis group business activities

Letter from the chairman
1. Corporate administration
2. abertis group business activities

2.1 Toll roads
2.2 Infraestructuras de
telecomunicaciones
2.3 Airports
2.4 Car Parks
2.5 Logistics parks

3. Corporate social responsibility
4. Financial and economic information

Direct or shared management

Company

abertis telecom

retevisión

tradia

Hispasat

overon

teledifusión madrid

adesal

% holding

100.0%

42.08% (*)

51.0%

80.0%

51.1%

(*) includes indirect holding through Eutelsat

Centres

2,524 sites

693 sites

5 satellites

Other shares

Company

Eutelsat

Torre Collserola

Cota

% holding

31.4%

41.8%

25.0%

Centres

26 satellites

Financial and business results
The telecommunications infrastructures business sector brought in

the second highest amount of revenues with 432 million euros and

ebitda, 167 million euros, representing 12% and 7% of the abertis

total respectively.

The main factor behind the increase in revenue has been the

general increase in rates for all services due to CPI reviews and an

increase in broadcasting activity (increased regional DTT services

and regionalisation and the analogue TV station La Sexta), and

carrier and wholesale activities. Furthermore, 2008 features the

inclusion of the Hispasat figures since July, which as it has an

ebitda margin that is greater than other companies in the sector,

has led to a greater rise in ebitda (16.7%) which has also benefited

from the extraordinary negative impacts in 2007 (execution of the

charge guarantee 2001 from Xfera and a one-off write-down of

assets).

These figures do not include the contribution of Eutelsat as it is

consolidated by the equity accounting method.

In 2008, 29 million euros has been invested in improving efficiency

at broadcasting, replacement and operational support centres and

another 124 million euros on organic growth, basically consisting

of the rollout of digital TV (60 million euros) and Hispasat’s

Amazonas 2 satellite, whose launch is planned for 2009 and which

will reinforce Hispasat’s competitive position in Latin America.

The telecommunications infrastructures
business sector brought in the second
highest amount of revenues with 432
million euros and ebitda, 167 million
euros, representing 12% and 7% of the
abertis total respectively.

36 annual report

abertis group business activities

Letter from the chairman
1. Corporate administration
2. abertis group business activities

2.1 Toll roads
2.2 Infraestructuras de
telecomunicaciones
2.3 Airports
2.4 Car Parks
2.5 Logistics parks

3. Corporate social responsibility
4. Financial and economic information

No. sites

2008

3,217

No. service centres

23,812

IFRS profit and loss
(millions of euros)

Operating revenues

EBITDA

EBIT

2008

432

167

Var %

0.0%

29.5%

Var %

9.0%

16.7%

7.9%

main satellite communications bridge between Europe and

America, providing coverage to 100% of the world’s Spanish-

speaking market and 90% of Portuguese speakers. In 2009

Hispasat is planning to launch Amazonas 2, which will provide 64

new simultaneous space capacity carriers in orbit. Eutelsat, for its

part, carried out a launch in 2008 and plans to put three more

satellites into orbit in 2009.

Over the course of the year abertis telecom has continued

working on the development of mobile telecommunications

services for operators, corporate networks and security and

emergency networks with new awards in the Region of Valencia

and Navarra. This business segment has recently been added to

with new activities in the sphere of sea rescue services after the

award of a contract by the Merchant Marine Directorate General

Significant events
In July 2008 abertis telecom acquired, after obtaining Cabinet

and the acquisition of 80% of the Madrid-based operator of the

teledifusión madrid telecommunications network, which operates

approval, 28.4% of Hispasat and a few months later reinforced its

local DTT licences.

position as the leading shareholder in the Spanish system of

satellites with the acquisition of a further 5%. In this way, and

In June 2008 a memorandum of agreement was reached with TDF

bearing in mind the indirect holding it possesses through Eutelsat,

to acquire 65% of its stake in Axion, a TV and radio signal

its total stake now comes to 42.1%. Hispasat’s current fleet

broadcasting and carrier network operator which manages 549

consists of 5 satellites (3 of which are its own and 2 of which it

sites, most of them being in Andalucía. The transaction is subject to

operates through the public company Hisdesat), and the more than

a ruling by the competition authorities and the waiver of the right

1,000 TV and radio channels broadcast make it into the leading

of first refusal by Axion’s other shareholders.

operator in communications in Spanish and Portuguese and the

38 annual report

abertis group business activities

Letter from the chairman
1. Corporate administration
2. abertis group business activities

2.1 Toll roads
2.2 Infraestructuras de
telecomunicaciones
2.3 Airports
2.4 Car Parks
2.5 Logistics parks

3. Corporate social responsibility
4. Financial and economic information

2.3 Airports

A world benchmark operator
In the course of 2008, abertis airports has consolidated its

In March 2008, abertis airports completed and reinforced its

position as one of the benchmark operators in the airport

position in the market with the acquisition of dca. dca is a holding

infrastructures sector in the world with operations at 31 airports in

company with direct or indirect interests in a total of 15 airports,

Europe, the US and Latin America.

mostly in Mexico, but also in Jamaica, Chile and Colombia, and it

During the year abertis’s airport management business saw its

Pacífico (GAP), where it operates 12 airports.

revenue grow with an impact on traffic brought about by the world

economic crisis that was below the average for the sector.

Through codad, abertis airports operates two runways at the

has a particularly strong position in the Grupo Aeroportuario del

Eldorado-Bogotá airport under concession.

The division has focussed on the consolidation of the business and

the management and integration of the Group’s corporate culture.

The consolidation of a well-run and experienced structure in various

It has two main assets, namely tbi and desarrollo de concesiones

airport markets will enable abertis airports to explore and analyse

aeroportuarias (dca).

new medium- and long-term investment opportunities from

national, regional and local governments or from private managers

tbi, the company which was the vehicle used by abertis to enter

who are disinvesting.

the airport sector as a benchmark operator in 2005, manages eight

international airports that it owns or has the concession for in

Europe (the UK and Sweden), the United States and Bolivia. In

addition it has total or partial management contracts for another

seven airports, most of them in the United States.

In the course of 2008, abertis airports has
consolidated its position as one of the
benchmark operators in the airport
infrastructures sector in the world with
operations at 31 airports in Europe, the
US and Latin America.

39 annual report

abertis group business activities

Letter from the chairman
1. Corporate administration
2. abertis group business activities

2.1 Toll roads
2.2 Infraestructuras de
telecomunicaciones
2.3 Airports
2.4 Car Parks
2.5 Logistics parks

3. Corporate social responsibility
4. Financial and economic information

Company

% holding

Owned airports

Concession airports Management contracts

tbi

dca

codad

90.0%

100.0%

85.0%

tbi participates with 90% in:

Country

United Kingdom (*)

Sweden

Florida (USA)

Bolivia

Georgia (USA)

California (USA)

North Carolina (USA)

Costa Rica

Owned airports

Concession airports Management contracts

(*) Includes London Luton airport concession

dca has different interests in the following countries:

Country

Jamaica (74,5%)

Colombia (33,33%)

Chile (14,77%)

Mexico (5,77%)

Owned airports

Concession airports Management contracts

40 annual report

abertis group business activities

America

Letter from the chairman
1. Corporate administration
2. abertis group business activities

2.1 Toll roads
2.2 Infraestructuras de
telecomunicaciones
2.3 Airports
2.4 Car Parks
2.5 Logistics parks

3. Corporate social responsibility
4. Financial and economic information

41 annual report

abertis group business activities

Letter from the chairman
1. Corporate administration
2. abertis group business activities

2.1 Toll roads
2.2 Infraestructuras de
telecomunicaciones
2.3 Airports
2.4 Car Parks
2.5 Logistics parks

3. Corporate social responsibility
4. Financial and economic information

Europe

Sweden

United Kingdom

42 annual report

abertis group business activities

Letter from the chairman
1. Corporate administration
2. abertis group business activities

2.1 Toll roads
2.2 Infraestructuras de
telecomunicaciones
2.3 Airports
2.4 Car Parks
2.5 Logistics parks

3. Corporate social responsibility
4. Financial and economic information

Financial and business results
Airport activity reached total revenues of 301 million euros in 2008,

In spite of the positive trend in activity at both tbi and codad, the

which represents 8% of the Group’s revenues, and an ebitda of 100

increase in revenue per passenger both in terms of traffic and

million euros, 4 % of the Group’s ebitda.

commercial transit at tbi and the inclusion in 2008 of the figures

for dca in the P&L results, revenue in euros has remained the same

There has been positive growth in activity with an increase in

with respect to the previous year basically due to the negative

passenger numbers registered at tbi airports of 3.6%. This has been

effect of the devaluation of the pound.

especially notable at Stockholm airport due to new routes run since

October 2007 and at the three airports in Bolivia, above all in

abertis airports maintains a policy of permanent improvement of

domestic passengers, with more than 24 million passengers being

the installations in aspects such as the optimisation of security

handled. In codad, the number of flights increased by 7.1%.

measures and the extension and improvement of commercial

services for passengers, and an increase of destinations in airports

At dca, there has been a slight fall in activity compared with

managed through agreements with the main airlines. In the course

December 2007 of -1.4% in aggregate passengers, which includes

of the year 36 million euros have been invested, basically in Luton

an increase of +2.0% in MBJ passengers due to new routes and new

and Belfast on maintenance and increasing capacity, and in Jamaica

airlines and a fall of -5.6% at GAP due to the economic crisis in

(dca) on the implementation of Stage II of the airport expansion

Mexico.

project, which consists of improving accesses and remodelling the

existing terminal.

2008

Var %

Cons. results IFRS
(millions of euros)

Operating revenues

EBITDA

EBIT

2008

301

100

Var %

0.3%

-5.1%

10,190

5,234

1,983

1,834

2.5%

-0.2%

-5.5%

3.5%

2,459

24.4%

2,763

24,463

6.7%

3.6%

No. of passengers (thousands):

London Luton

Belfast International

Cardiff

Orlando Sanford

Stockholm Skavsta

Bolivia

Total no. of passengers tbi

No. of DCA GROUP passengers (thousands):

Montego Bay (Jamaica)

Aerocali (Cali, Colombia)

Santiago de Chile

GAP (México)

2,996

2,385

9,015

2.0%

-0.5%

8.8%

22,252

-5.6%

Total no. of passengers aggregated dca 36,648

-1.4%

No. of codad flights

124,536

7.1%

43 annual report

abertis group business activities

Letter from the chairman
1. Corporate administration
2. abertis group business activities

2.1 Toll roads
2.2 Infraestructuras de
telecomunicaciones
2.3 Airports
2.4 Car Parks
2.5 Logistics parks

3. Corporate social responsibility
4. Financial and economic information

Significant events
In March 2008, abertis airports formalised the agreement reached

Over the course of the year there have also been major advances

with ACS in 2007 to buy 100% of the shares of the company

in other airports in the abertis airports network. Thus Jamaica

Desarrollo de Concesiones Aeroportuarias (dca), as set out above.

airport has completed work on extending its facilities which, at a

dca is a holding company with interests in 15 airports in Mexico,

total cost of 102 million dollars, will provide it with the capacity

Jamaica, Chile and Colombia.

required to handle all types of commercial aircraft and up to six

million passengers per year. Meanwhile, Orlando Sanford has

London Luton, one of London’s main airports and a strategic asset

started up new routes to Canada and Brussels; Belfast to Italy and

for abertis airports, has headed the table of UK airports by growth

Germany; and Cardiff now has four Canadian destinations and a

in passenger numbers which in 2008 came to 10.2 million (+2.5%),

number in Europe.

thus increasing its passenger traffic five-fold over the past ten years.

The rise is the result of the launch of new routes to destinations

Luton has continued with its investment policy while it is engaged

such as Cyprus, Italy, Poland, Eastern Europe and Jersey, as well as

in talks with the local authorities about its future expansion which

more frequent flights to extant destinations.

may lead to a change in and/or extension of the current concession

contract.

44 annual report

abertis group business activities

Letter from the chairman
1. Corporate administration
2. abertis group business activities

2.1 Toll roads
2.2 Infraestructuras de
telecomunicaciones
2.3 Airports
2.4 Car Parks
2.5 Logistics parks

3. Corporate social responsibility
4. Financial and economic information

2.4 Car Parks

Leadership and internationalisation
Organic growth in the domestic market and consolidation of

Madrid, and also to ramp up its presence in the management of

internationalisation, mainly in Italy, Portugal and Chile, have been

facilities for public and private institutions, including at hospitals

the key factors during 2008 in the car park division at abertis which

in Chile and Catalonia and at El Prat airport in Barcelona.

through saba – the sector leader – manages 106,000 spaces

(+11.2%) in 72 towns and cities with revenue of 135 million euros.

Its presence in Italy has been reinforced in 2008 with the

management of 13 new car parks and the building of other new

saba has continued working on a more uniform process of

ones. This has enabled it to build up its presence in the country to

expansion domestically as well as opening up new business

a total of 56 facilities with more than 26,000 spaces between them.

segments connected with tenders for public highway parking and

operating car parks at airports, hospitals, shopping centres, etc.

saba’s commitment to delivering solutions which enhance mobility

This strategy has enabled it to reinforce its presence in the centre

progressive implementation of the VIA T payment system in its

of the Peninsula recently with the acquisition of a car park in

network of car parks.

results in new technology initiatives each year, including the

Country

Spain

Portugal

Italy

Chile

Andorra

Morocco

% holding

99.4% (*)

100%

60%

51%

No. of spaces

No. of cities present

50,986

16,419

26,581

8.224

291

3,467

105,968

(*) abertis has a 99.4% stake in saba aparcamientos, which has holdings in the other companies

Organic growth in the domestic market
and consolidation of internationalisation,
mainly in Italy, Portugal and Chile, have
been the key factors during 2008 in the car
park division at abertis

45 annual report

abertis group business activities

Letter from the chairman
1. Corporate administration
2. abertis group business activities

2.1 Toll roads
2.2 Infraestructuras de
telecomunicaciones
2.3 Airports
2.4 Car Parks
2.5 Logistics parks

3. Corporate social responsibility
4. Financial and economic information

South America

Europe & North Africa

46 annual report

abertis group business activities

Letter from the chairman
1. Corporate administration
2. abertis group business activities

2.1 Toll roads
2.2 Infraestructuras de
telecomunicaciones
2.3 Airports
2.4 Car Parks
2.5 Logistics parks

3. Corporate social responsibility
4. Financial and economic information

saba’s medium- and long-term strategy is geared towards

improving the efficiency of its current operations, a crucial factor in

No. of car parks

situations of economic uncertainty, and consolidating

its

No. of spaces

2008

Var %

183

8.3%

105,968

11.2%

international expansion process which fundamentally focuses on

the Mediterranean and Latin America by making the most of the

consolidated presence of the abertis group abroad.

No. of short-stay vehicles (millions)

51.6

-0.2%

No. of season tickets

32,452

3.9%

Through saba, abertis is a leading operator in Spain and one of the

largest in Europe in the car parking sector. It manages 105,968 car

parks which are distributed in a total of 183 operational units and

IFRS profit and loss
(millions of euros)

is present in 72 cities in Spain, Italy Portugal, Chile, Morocco and

Operating revenues

Andorra, making it a reference point in the sector.

Financial and business results
The car park sector accounts for 4% of abertis’s operating revenues

and reached 135 million euros. Its contribution to consolidated

EBITDA

EBIT

2008

Var %

135

3.0%

-8.6%

-18.4%

ebitda was 51 million euros, which is 2% of the abertis total.

In the course of the year, saba has carried out operational

investment coming to 9 million euros mostly in management and

In spite of the extraordinary capital gains brought about by the sale

upkeep and maintenance of systems and software. As part of its

of spaces in 2007, the inclusion in 2008 of new car parks and spaces

policy of continuous improvement, major advances made by saba

(with an increase in season tickets) and the rise in average rates

in new health and safety technology, a field in which it is a pioneer,

have made up for the slight fall in short-stay parking and average

have included the introduction of the VIA-T payment system which

stays.

is now in use in 26 car park facilities in the Group.

47 annual report

abertis group business activities

Letter from the chairman
1. Corporate administration
2. abertis group business activities

2.1 Toll roads
2.2 Infraestructuras de
telecomunicaciones
2.3 Airports
2.4 Car Parks
2.5 Logistics parks

3. Corporate social responsibility
4. Financial and economic information

Significant events
In Spain, saba has reinforced its presence in the centre of the

In Chile it has expanded its presence in managing car parks for

country with the acquisition of a car park in Madrid with 357

public and private institutions such as the Clínica Las Condes

spaces in Plaza de los Monteses (Madrid) and in Catalonia with

hospital (1,260 spaces) and the Universidad Católica (2,500

the award of the car park at El Prat airport in Barcelona where for

spaces).

a period of three years, which can be extended on a yearly basis up

to five, saba is to manage a total of 24,719 spaces for the new

In Portugal, saba has won the contract award to manage four car

terminal 1 and the old terminal 2. In addition in Zaragoza it has

parks on the Troya peninsula (852 spaces), which are in addition to

won the contract award to manage a new car park with 2,128

the 16,000 it already manages in cities like Oporto, Lisbon, Leiria,

spaces, currently being remodelled, in a new complex which

Viseu, Portimao and Matosinhos.

combines retail and recreational facilities, housing, office space

and a five-star hotel.

Major events abroad include investment in Italy where saba italia

has won awards to manage 13 new car parks featuring 7,723 new

spaces. This means it now has a portfolio of 26,581 spaces in the

main cities in the country including Rome, Milan, Verona, Trieste,

Venice-Mestre, Bari and Sassari. Likewise, the company is also

building new car parks which will enable it to boost its presence in

the country up to 70 facilities with 33,000 spaces in total.

In Italy, saba has won awards to manage
13 new car parks featuring 7,723 new
spaces. The company is also building new
car parks which will enable it to boost its
presence in the country up to 70 facilities
with 33,000 spaces.

48 annual report

abertis group business activities

Letter from the chairman
1. Corporate administration
2. abertis group business activities

2.1 Toll roads
2.2 Infraestructuras de
telecomunicaciones
2.3 Airports
2.4 Car Parks
2.5 Logistics parks

3. Corporate social responsibility
4. Financial and economic information

2.5 Logistics parks

Consolidation in Spain, Portugal and Chile
In 2008 abertis logística has made progress in its strategy of

abertis logística will continue working mid term in the

fostering a new concept in intermodal logistics parks sited in

development of its expansion model in Spain, Portugal and Chile,

strategic

locations

and

connected by high

capacity

while also exploring new opportunities in Europe.

communications links both in Spain and abroad, and which in

recent years has led it to put in place projects in Spain (Barcelona,

abertis logística is the parent company of the business unit which

Madrid, Álava and Seville), Portugal and Chile.

focuses on the promotion, development, management and use of

The total surface area of abertis logística logistics parks now

locations with excellent access and large areas of land which

stands at 484 hectares. At the end of 2008, the company had

facilitates a high concentration of logistics companies in a single

logistic parks. The abertis logística parks are sited in strategic

around 418,894 m2 of gross floor area in logistics facilities with

area.

occupancy levels at over 90%, and it continues to make progress in

the construction of new projects and in its commercial activities.

abertis logística will continue working
mid term in the development of its
expansion model in Spain, Portugal and
Chile, while also exploring new
opportunities in Europe.

49 annual report

abertis group business activities

Letter from the chairman
1. Corporate administration
2. abertis group business activities

2.1 Toll roads
2.2 Infraestructuras de
telecomunicaciones
2.3 Airports
2.4 Car Parks
2.5 Logistics parks

3. Corporate social responsibility
4. Financial and economic information

Company

% holding

Logistics Parks

City

Total surface
area (m2)

Current status

abertis logística

100.0% CIM Vallés

Barcelona

70,000

Operational

abertis logisticscenter camarma

abertis logisticspark henares

Madrid

abertis logisticspark penedés

Barcelona

abertis logisticspark coslada

chile logística

100.0% abertis logisticspark santiago

abertis portugal logística

100.0% abertis logisticspark lisboa

sevisur

60.0% Zal Puerto de Sevilla

Madrid

Chile

Portugal

Sevilla

44,000 Under construction

106,000 Under construction

142,000

107,000

Operational

630,000 Under construction

1,000,000 Under construction

435,000

Operational

Under construction

Parc Logístic Zona Franca

50.0% Parc Logístic Zona Franca

Barcelona

409,000

Operational

Under construction

Arasur

44.0% Arasur

Álava

1,900,000

Operational

Under construction

4,843,000

Other shares

Company

% holding

Logistics Parks

City

Total surface
area (m2)

Current status

Cilsa

32.0% Zal Barcelona y Zal Prat

Barcelona

2,270,000

Operational

Under construction

50 annual report

abertis group business activities

Letter from the chairman
1. Corporate administration
2. abertis group business activities

2.1 Toll roads
2.2 Infraestructuras de
telecomunicaciones
2.3 Airports
2.4 Car Parks
2.5 Logistics parks

3. Corporate social responsibility
4. Financial and economic information

South America

Chile

Europe

France

Portugal

Spain

51 annual report

abertis group business activities

Letter from the chairman
1. Corporate administration
2. abertis group business activities

2.1 Toll roads
2.2 Infraestructuras de
telecomunicaciones
2.3 Airports
2.4 Car Parks
2.5 Logistics parks

3. Corporate social responsibility
4. Financial and economic information

Financial and business results
The logistics services business unit contributed operating revenues

Significant events
In 2008 progress has been made in Spain with the projects to

of 46 million euros and ebitda of 25 million euros to abertis, figures

expand the Arasur park – which will mean a million square metres

which represent 1% and 1% of the Group's totals respectively.

of units – and the construction of Zal II in the Port of Seville

(sevisur), awarded in 2007, which will mean a surface area of 44

hectares following investment for the full development of the

2008

Var %

project coming to 60 million euros over six years. Likewise, work

m2 units and offices built

418,894

4.3%

on the second phase of the abertis logisticspark coslada project,

% occupation units and offices

90.3%

4.6

sited in the Henares Corridor, has been completed.

IFRS profit and loss
(millions of euros)

Operating revenues

EBITDA

EBIT

2008

Var %

93.8%

223.8%

408.2%

In Portugal, in March 2008 work on building the abertis

logisticspark lisbon began after the purchase in February of the

company which owned the land. This is the first facility of its kind

in the country, sited a mere 30 km from the capital and near the

country’s main road and rail junctions. Investment set aside for the

development of the park’s 100 hectares will come to 265 million

euros over a period of 10 years. Likewise, the viability of the river

and rail connection for the park is being analysed which will bring

significant added value to the new facility. The first unit is set to be

In 2008, revenue has included capital gains from the sale of Port

marketed in 2011.

Aventura and revenue obtained from the assets bought from

Colonial on 31 December 2007 (Penedès and Coslada I). The rise in

In Chile, the first urbanisation studies and projects for the future

average occupancy over 2007 (from 85.7% to 90.3%) has mostly

abertis logisticspark santiago, in the Santiago de Chile

been due to the increase in occupancy at Arasur, whose first stage

Metropolitan Region, have been carried out. This project features a

came into service in September 2006 and which in 2007 and 2008

forecast total investment of 186 million dollars to be put in place

has signed major leasing contracts to achieve an occupancy level

over forthcoming years and which provides for the building of

by December 2008 of 85.2% (up from 38.1% in 2007).

350,000 m2 of warehouses and more than 15,000 m2 of corporate

As this is a sector that is being developed and which has projects

services facilities.

that are still in the construction phase, the main investments made

In January 2009, and with the aim of combining marketing capacity

in this sector in 2008 were for expansion projects, for a total of 65

and efforts, abertis logística and the Port Authority of Barcelona

million euros.

signed an agreement to activate a joint project designed to

promote and develop logistics activities in Catalonia and its sphere

of influence through the company Consorci de Plataformes

Logístiques.

Letter from the chairman

1. Corporate administration

1.1 Corporate administration
1.2 Administrative bodies
Board of Directors
Delegated monitoring bodies
Senior management
Toll road business
Diversification Business

2. abertis group business activities

2.1 Toll roads
2.2 Telecommunications Infrastructures
2.3 Airports
2.4 Car Parks
2.5 Logistics parks

3. Corporate social responsibility
3.1 abertis’ CSR Strategic Plan
3.2 Summary of Indicators 2008

4. Financial and economic information

4.1 Consolidated figures
4.2 Financial management
4.3 Shareholders and the stock market

10
10
11
11
11
12
12
12

16
21
34
38
44
48

54
54
57

60
60
66
68

54 annual report

corporate social responsibility

Letter from the chairman
1. Corporate administration
2. abertis group business activities
3. Corporate social responsibility

3.1 Strategic Plan
3.2 Summary of Indicators 2008

4. Financial and economic information

3.1 Strategic Plan

Corporate social responsibility and abertis
abertis uses the concept of bringing the world closer to

A cross-cutting vision of 2008
The Corporate Social Responsibility Report (www.abertis.com)

summarise the corporate message with which it seeks to convey its

contains an account of the CSR actions taken by abertis in the

mission, vision and values to society.

course of the year. Mention should be made of the most important

which offer a general cross-cutting overview of CSR practice in the

abertis builds Corporate Social Responsibility (CSR) into the core

Group.

of its strategy and defines its commitment to its stakeholders in

the vision and values of the organisation. These intangible factors

· In the light of the scope of CSR and given the proliferation of

add to the mission of the company and are reflected in its Strategic

numerous specific organisations for each field of action, abertis

CSR Plan.

has moved forward in lockstep by taking part in initiatives which

make a strategic contribution to its progress in the field of CSR.

In 2003 abertis mapped out its Strategic CSR Plan, which is

divided into eight strategic lines and features more than sixty

actions geared towards each of its lines of business and the

corporation in general. Later on it set out its CSR policy in a public

document and in 2007 it finalised and distributed its code of

conduct to all employees in the group and extended it to cover

suppliers, customers and government.

Inside abertis’s corporate organisation, the Corporate Social

Responsibility Committee is the body which brings together all

issues connected with the Strategic Plan and identifies the new

opportunities and risks in this field. The Committee, made up of the

CSR coordinators at each company in the Group, met twice in 2008

and also kept in constant contact using other, more operational

means of communication.

MISSION

VISION

STRATEGIC
CSR PLAN

To be a benchmark
operator in the
infrastructures sector

To meet the needs of transport and
telecommunications infrastructures by
combining customer, shareholder and
employee satisfaction with social
development

VALUES

Credibility, customer service
and efficiency, being proactive,
responsibility, dialogue and
partnership and trusting in
people

55 annual report

corporate social responsibility

Letter from the chairman
1. Corporate administration
2. abertis group business activities
3. Corporate social responsibility

3.1 Strategic Plan
3.2 Summary of Indicators 2008

4. Financial and economic information

In 2008 abertis has chaired the Corporate Reputation Forum (CRF),

· Fostering equality of opportunity for personnel at abertis, toge-

which has sought to share and publicise the knowledge acquired in

ther with improved internal communication, employee integration,

its research projects. The CRF has been appointed as one of the

training for professional development, enhanced health and safety

business sector representatives on the State Corporate Social

at work measures and retaining talent are the core aspects in

Responsibility Council, an advisory body for the Ministry of

human resources policy at abertis.

Employment and Immigration set up towards the end of 2008.

As a result of the survey carried out among all group employees, an

action plan has been mapped out for the period 2009-2011 which

· The institutionalisation of CSR at abertis has been made possible

will implement the most significant initiatives. Furthermore, its

thanks to the identification of stakeholders who are strategic for

executive development programme and competency-based

the corporation. A smooth relationship is maintained with them by

management model have been used to set out a number of

means of numerous channels for dialogue and communication in

processes which ensure talent retention and employee promotion.

order to meet their expectations and forge partnerships. This year

abertis has run a survey to find out the priorities of its strategic

· The increase in customer satisfaction reflects continuous efforts to

stakeholders and evaluate the material aspect of the content

enhance product quality, as can be seen in the increase in the per-

included in its corporate social responsibility report.

centage of quality management systems in place at the abertis

group and the mapping out of policies designed to evaluate and

· The mitigation of climate change has been identified as a major

improve this satisfaction.

economic opportunity. As a result, abertis has expanded the use

In the course of 2008 a total of 1,244 suppliers have been assessed

of renewable energies in its facilities, increased the percentage of

based on environmental and social standards, and once more the

waste it recovers, and built ecological efficiency standards into the

number of tenders which feature built-in environmental and social

construction of its logistics infrastructures.

standards has been increased.

In line with abertis’s environmental policy to implement and

achieve certification for environmental management systems

· The drawing up of the community commitment handbook has

across the Group, the number of business units which have an

systematised the award of abertis group sponsorship by ensuring

environmental management system has been increased. In addition

the transparency and strategic relevance of the projects concerned.

other new agreements with third sector organisations have been

In the second half of 2008, 59 projects have been presented, of

developed to minimise the impact of abertis’s activities on

which 33 have received support based on the principles set out in

biodiversity.

the handbook.

In 2008 abertis has continued with its commitment to the

· abertis's firm commitment to its investor community has led to

academic community through the chairs set up in leading

a reinforcement of its dividends policy in addition to continuous

institutions: the Universitat Politècnica de Catalunya (UPC), the

fostering of transparency and a two-way relationship with its

Fundación de Estudios de Economía Aplicada (FEDEA) and IESE and

shareholders.

ESADE business schools.

Meetings with financial analysts, fund managers and institutional

investors, in addition to the consolidated success of its Próximo

Programme, have earned for abertis the Information Transparency

Award presented by the Institut d'Estudis Financers and recognition

by Institutional Investor as one of the best companies in Spain and

in the infrastructures sector in terms of its relationship with its

investors.

56 annual report

corporate social responsibility

Letter from the chairman
1. Corporate administration
2. abertis group business activities
3. Corporate social responsibility

3.1 Strategic Plan
3.2 Summary of Indicators 2008

4. Financial and economic information

A benchmark in social action: the abertis foundation
As part of its corporate social responsibility, abertis has a strong

- Carrying out studies into infrastructures and nature areas which

commitment to society which is channelled through the abertis

analyse issues such as the impact of tourism on the Antarctic, the

foundation. This organisation fosters studies of the impact of

use people make of the large Collserola metropolitan park in

major infrastructures on the ground in order to ensure that they

Barcelona and the Foix Park environment.

are harmoniously integrated into their settings and generate

- The publication of some of these research projects and books such

positive impacts for the public and the economy.

as Viator dealing with the natural and artistic heritage to be found

In order to achieve this goal, the foundation structures all its

- Support for museums and other hallmark centres and their

activities into four main areas: road safety, fostering research,

contribution to art and culture.

spreading knowledge and support for the arts, culture and historical

In addition in 2008 the foundation has started up its international

heritage.

operations with the opening of a country office in Italy which is to

around Spain’s motorways.

come into service in 2009.

In the course of 2008, the foundation has continued to operate in

these four areas with a raft of initiatives including the following:

The abertis foundation, which will celebrate its tenth anniversary

- The Road Safety in Schools Programme, which ended in June and

Penedès in Catalonia, a building of enormous historical value due

will have follow through with a dedicated web portal addressed to

to the archaeological remains it houses. As a result of its sustainable

teachers, parents and students.

management, the castle obtained

ISO UNE 14.001:2004

- Holding the ‘Responsible Mobility. Values on the move’

environmental certification in 2008.

in 2009, is headquartered at Castellet castle in the county of l’Alt

conferences in Madrid and Valencia.

57 annual report

corporate social responsibility

Letter from the chairman
1. Corporate administration
2. abertis group business activities
3. Corporate social responsibility

3.1 Strategic Plan
3.2 Summary of Indicators 2008

4. Financial and economic information

3.2 Summary of Indicators 2008

CSR STRATEGY AND MONITORING

Meetings of the CSR committee

Indicators compiled

ENVIRONMENT

Turnover with environmental management system in place

Tons of CO2 (per million euros of turnover)

Use of ETC (percent of total transactions)

Waste recovered (percent of total waste generated)

Estimated annual production of photovoltaic solar energy at the PLZF in Barcelona

Increase in use of biodiesel

Investment Environment (respect to the consolidated net profit)

INVESTOR COMMUNITY

Increase in amount received by shareholders

Opinions and queries from shareholders dealt with

Attendees at Próximo Programme events

HUMAN RESOURCES

Women in workforce (percent of total workforce)

Workers on permanent contracts (percent of total workforce)

Increase in spending on training

Average training hours per employee

Turnover with health and safety at work system in place

Disabled workers hired (directly and indirectly)

CLIENTS

Turnover with quality system in place

Level of achievement of annual goals

Customer satisfaction index

Queries, complaints and suggestions dealt with

SUPPLIERS

Increase in number of suppliers assessed using social and environmental standards

Increase in number of tenders including social and environmental clauses

COMMUNITY

Contribution to the community (consolidated respect to turnover)

Investment in social accessibility and socioeconomic development (respect total investment)

Investment in community projects as LBG

270

75%

56 Tn

26%

92%

155,884 Kwh

553.81%

2.57%

15%

2,930

321

29%

73.2%

3.6%

23.4%

68.1%

2.57%

91%

88%

75%

98.7%

195.47%

16.57%

1.34%

54%

Letter from the chairman

1. Corporate administration

1.1 Corporate administration
1.2 Administrative bodies
Board of Directors
Delegated monitoring bodies
Senior management
Toll road business
Diversification Business

2. abertis group business activities

2.1 Toll roads
2.2 Telecommunications Infrastructures
2.3 Airports
2.4 Car Parks
2.5 Logistics parks

3. Corporate social responsibility
3.1 abertis’ CSR Strategic Plan
3.2 Summary of Indicators 2008

4. Financial and economic information

4.1 Consolidated figures
4.2 Financial management
4.3 Shareholders and the stock market

10
10
11
11
11
12
12
12

16
21
34
38
44
48

54
54
57

60
60
66
68

60 annual report

financial and economic information

Letter from the chairman
1. Corporate administration
2. abertis group business activities
3. Corporate social responsibility
4. Financial and economic information

4.1 Consolidated figures
4.2 Financial management
4.3 Shareholders and the stock market

4.1 Consolidated figures

Resultats
(millions of euros)

Operating revenues

Operating expenses

EBITDA

Amortization

Operating results

Financial result

Equity method company results

Before-tax results

Corporate Tax

Yearly results

Minority interest

Results

2008

3,679

(1,424)

2,256

(807)

1,448

(548)

979

(294)

685

(67)

618

2007

3,620

(1,351)

2,269

(785)

1,485

(539)

100

1,046

(290)

756

(74)

682

Var

-1%

-2%

-6%

-9%

-9,4%

The profit results for abertis in 2008 were 618 million euros, a de-

If the effect of this non-recurring impact of 2008 is not taken into

crease of -9.4% over the previous year.

consideration, the consolidated result from the financial year attri-

Results
(millions of euros)

Operating revenues

EBITDA

EBIT

2008

3,679

2,256

1,448

2007

3,620

2,269

1,485

Var

-1%

-2%

Profit due to shareholders

618

682

-9.4%

butable to shareholders decreased only by -5.1% in comparative

terms.

Change in the consolidated result is basically due to the impact

which the change in the economic cycle has had in particular in

the toll road sector, mitigated to an extent by positive trends in

other areas resulting from the policy of sector and geographical di-

versification put in place by abertis over recent years. In addition

there has also been a slight increase in the negative financial result

due to new acquisitions and a decline in the contribution from

For comparative purposes it should be noted that in 2008 a non-

companies consolidated by the equity accounting method (mainly

recurring negative impact of -29 million euros was registered due

due to the non-inclusion of Atlantia’s results, which since 30 June

to a change in Corporate Tax in the United Kingdom which invol-

2008 has been classified as a financial investment).

ves the progressive phasing out of the current industrial buildings

allowances.

61 annual report

financial and economic information

Letter from the chairman
1. Corporate administration
2. abertis group business activities
3. Corporate social responsibility
4. Financial and economic information

4.1 Consolidated figures
4.2 Financial management
4.3 Shareholders and the stock market

+2%

3,620

3,679

4.000

3.500

3.000

2.500

2.000

1.500

1.000

500

-1%

2,269

2,256

-2%

1,485

1,448

-9.4%

682

618

-5.1%

682

647

Operating revenues

EBITDA

EBIT

Profit due to
Shareholders

Comparable shareholder
profit

2007 2008

Revenues
Operating revenues came to 3,679 million euros, which is a +2%

rise over the preceding year. This increase is due mainly to the po-

sitive trend in sector and geographical diversification activities, up-

ward price reviews and the consolidation of the figures for DCA and

Operating revenues
(millions of euros)

Toll roads

2,755 75% 2,751

76%

2008

2007

Hispasat in the P&L results for 2008, which have made up for worse

Telecommunications

431 12%

396

11%

activity levels in toll roads, especially in Spain, and the negative im-

pact of changes in the euro/pound sterling exchange rate.

In general, the relative weight of the revenues generated outside

Spain was maintained, in addition to the weight of the different

business units.

Airports

Car Parks

Logistic services

Corporate and other services

301

135

300

131

TOTAL

3,679 100% 3,620 100%

Operating revenues
(millions of euros)

Spain

France

Great Britain

Rest of the world

TOTAL

2008

2007

1,906 52% 1,889

53%

1,379

37% 1,351

37%

203

191

223

157

3,679 100% 3,620 100%

62 annual report

financial and economic information

Letter from the chairman
1. Corporate administration
2. abertis group business activities
3. Corporate social responsibility
4. Financial and economic information

4.1 Consolidated figures
4.2 Financial management
4.3 Shareholders and the stock market

Gross trading margin (Ebitda)
Operating expenses are concentrated in personnel and mainte-

Financial result
The increase in the negative financial result is the consequence of

nance of infrastructure costs and have increased by 5%, mainly due

the continued expansion of the group which took place both in

to greater activity in the telecommunications, logistics and airports

2008, with the acquisition of dca and a 33.4% stake in Hispasat,

sectors and a greater relative weight compared to last year of te-

and at the end of 2007 with the acquisition of logistics assets and

lematic companies, mainly in France, which operate with a smaller

the purchase of an additional 4.6% of Brisa.

margin. Hence the Ebitda margin stands at 61.3%, slightly down

on 2007.

Equity method companies
The results of companies consolidated by the equity accounting me-

The average number of employees in 2008 reached 11,894.

thod were enhanced by the positive performance of Eutelsat over

the course of the year, even though there was a fall compared with

2007 mainly due to the fact that since 30 June 2008, the 6.68% hol-

ding which abertis has in Atlantia (through the wholly owned com-

pany Acesa Italia, S.r.L), has been classified as an available-for-sale

financial asset.

Corporate Tax
In 2008 a reduction in the Corporate Tax rate in both Spain and in

the United Kingdom, down from 32.5% to 30.0% and from 30% to

28% respectively, has led to a fall in current expenditure under this

heading. However, this impact has been counterbalanced by the

progressive phasing out of the industrial buildings allowance in the

United Kingdom, which has led to a non-recurring extraordinary

tax cost of -29 million euros in 2008.

Cash flow
In 2008, abertis generated a net cash flow (before investments and

dividends) of 1,417 million euros, in line with the figure for the pre-

vious year and changes in Ebitda.

Net cash-flow
(millions of euros)

Net cash-flow

2008

1,417

2007

1,421

Var

EBITDA
(millions of euros)

2008

2007

Toll roads

1,934 86% 1,994

88%

Telecommunications

Airports

Car Parks

Logistics services

167

143

105

Corporate and other services

-20

-1%

-37

-2%

TOTAL

2,256 100% 2,269 100%

EBITDA
(millions of euros)

Spain

France

Great Britain

Rest of world

TOTAL

2008

2007

1,246

55% 1,256

55%

895 40%

878

39%

2,256 100% 2,269 100%

Amortisation and impairment of assets
The rise in amortisation is due above all to the consolidation of the

new acquisitions made over the course of the year.

The operating revenues under IFRS were not amortised systemati-

cally, although they did depreciate, based on the result of the de-

preciation tests which had to be carried out on them. The results of

these tests on existing operating revenues in the abertis group

have not led to the need to carry out any form of adjustment.

63 annual report

financial and economic information

Letter from the chairman
1. Corporate administration
2. abertis group business activities
3. Corporate social responsibility
4. Financial and economic information

4.1 Consolidated figures
4.2 Financial management
4.3 Shareholders and the stock market

Balance

Assets consolidated
(millions of euros)

Non-current assets

Fixed assets

Liabilities consolidated
(millions of euros)

2008

2007

20,994

19,762

Equity

10,239

9,795

Capital

Reserves

Results

Goodwill and other intangibles

7,561

6,688

Holdings in associated companies

1,340

1,711

Other non-current assets

1,853

1,568

Minority interest

Non-current liabilities

Debt

Other non-current liabilities

Current assets

1,227

1,065

Current liabilities

Debt

Other non-current liabilities

Total assets

22,221 20,828

Total liabilities

Assets

Liabilities

2008

4,779

2007

5,020

1,748

1,853

1,006

1,356

618

682

1,406

1,129

14,651

13,298

12,751

11,643

1,900

1,655

2,791

2,510

1,607

1,230

1,184

1,280

22,221

20,828

64 annual report

financial and economic information

Letter from the chairman
1. Corporate administration
2. abertis group business activities
3. Corporate social responsibility
4. Financial and economic information

4.1 Consolidated figures
4.2 Financial management
4.3 Shareholders and the stock market

The balance reflects the effect of the incorporation of new compa-

nancial year a major part of debt (around 80%) was at a fixed rate

nies in the Group in 2008: the full consolidation of DCA, the pro-

or fixed through hedging.

portional consolidation of Hispasat and the incorporation by full

consolidation of Invin with accounting effect as of 31 December

(impact on balance sheet figures mostly due to the proportional

Investments
The most significant investments in expansion in the year were as

consolidation of Rutas del Pacífico and Autopista Central). Likewise,

follows:

the share in Atlantia disappears from equity method shares as it

In the toll road sector, in December 2008 the acquisition for 420

has been reclassified as an available-for-sale financial asset.

million euros of a 57.7% stake in Spanish firm Inversora de In-

Total assets as of 31 December 2008 came to 22,221 million euros

fraestructuras, S.L. (Invin), owner amongst others of the Chilean

which is a 7% increase over the previous year. Some 60% of total

concession operators Autopista Central (50%) and Rutas del Pací-

assets consists of tangible fixed assets and other intangible assets

fico (50%), was finalised. There was further expansion in the toll

(excluding goodwill), basically concessions, in line with the nature

road sector in the shape of investments by Sanef to expand capa-

of the Group’s businesses connected with infrastructure manage-

city (new lanes and the start of construction works on the Langon

ment, a percentage figure which is in line with the one for the pre-

– Pau (A65) motorway), by acesa mostly to add lanes to the AP-7

vious year.

motorway, and by Castellana on finishing works on the project to

add a third lane and third tunnel at Guadarrama.

Consolidated stockholder’s equity came to 4,779 million euros, -

5% down on the previous year mostly due to the impact of the net

In the telecommunications infrastructures sector, expansion inves-

capital loss registered in those financial investments which have to

tment entailed the acquisition of a direct 33.38% stake in

be valued at mark-to-market, the impact of translation differences

Hispasat at a cost of 262 million euros and an 80% holding in

and the acquisition of own shares.

teledifusión madrid. The remaining investment in expansion was

mostly geared towards extending DTT coverage and investment at

The increase in gross indebtedness of 1,485 million euros is basi-

Hispasat.

cally due to the financing of investments over the course of the

year, partially counterbalanced by the cash-flow generated in the

In the airports sector the acquisition for 276 million euros of 100%

financial period. Gross debt accounts for around 65% of liabilities

of desarrollo de concesiones aeroportuarias (dca) has been

and stockholders’ equity, a figure which is in line with or lower than

completed. The remaining investment in expansion in the airport

other large international infrastructures operators. In line with the

sector corresponds to tbi, mainly at Belfast and Luton.

policy of minimising exposure to financial risk, at the end of the fi-

Investments
(millions of euros)

Investments

Toll roads

Telecom

Airports

Car Parks

Logístics

Holding/Serviabertis

Total

Operational

205

74%

11%

Growth

612

386

297

43%

27%

21%

276

100%

1,428

100%

65 annual report

financial and economic information

Letter from the chairman
1. Corporate administration
2. abertis group business activities
3. Corporate social responsibility
4. Financial and economic information

4.1 Consolidated figures
4.2 Financial management
4.3 Shareholders and the stock market

The investment in expansion in car parks is mainly due to the ex-

The investment in expansion for 2008 does not include the pur-

pansion of saba Italia and the acquisition and upgrading of a car

chase from Ítínere of a number of toll road concessions in Spain

park in Madrid.

and Chile for an approximate total amount of 621 million euros. It

is awaiting formalisation in 2009.

Turning to investment in expansion in logistic parks, of note is the

purchase of land for the development of the future Lisbon logistics

park which is under construction at present.

The most significant operating investments took place in the sec-

tor of toll roads, above all at sanef, acesa and aumar which toge-

ther account for a total of 2,753 kilometres out of the 3,527

kilometres in the abertis group network, and came to 180 million

euros. The investments have mostly been undertaken in terms of

the renewal of tolls, safety barriers and the modernisation of the

existing network.

In 2008 abertis invested more than
€1,400 million in expansion projects
(Chile motorways, DCA, Hispasat) in line
with its strategy of sector and
geographical diversification and current
policy of consolidating and reinforcing
positions in assets in which the Group
already has a stake.

66 annual report

financial and economic information

Letter from the chairman
1. Corporate administration
2. abertis group business activities
3. Corporate social responsibility
4. Financial and economic information

4.1 Consolidated figures
4.2 Financial management
4.3 Shareholders and the stock market

4.2 Financial management

Financial structure / Financing policy
The financial structure in 2008 maintained a profile highly similar

In 2008 abertis has continued to consolidate its growth over recent

to that of 2007. Precedence is still given to non-banking finance in

years. The Group’s net debt amounted to 13,560 million euros

the long-term as it allows ample room for manoeuvre among the

compared to 12,510 million euros in 2007.

financial bodies in order to undertake new purchases or projects

where bank finance is only more flexible at first. At the end of 2008

The increase of 1,084 million euros in net debt is the outcome

the finance obtained from non-bank sources was kept at 66%,

mostly of the purchase of Rutas del Pacifico and Autopista Central,

compared to 70% in 2006.

the dca airports, 33.4% of Hispasat and logistics assets.

Net debt (notional)

Net debt /EBITDA

Net debt / equity

Interest cover FFO / Net interest

2008

2007

13,560 (*)

12,510

6.0

3.0

2.6

5.5

2.5

2.7

(*) Does not coincide with consolidated net debt of 14,059
million euros as it does not include IFRS accounting adjustments

Financing Instruments

In keeping with the policy of liquidity management and risk

coverage, the purchase of shares in 2008 was financed through a

loan with a “Club Deal” structure for 1,050 million euros, loan

expiration after one year and the possibility of extension for an

additional year at abertis’ discretion.

Average debt maturity in 2008, including refinancing of the most

recent acquisitions, stands at 7.47 years.

In 2008 the fourth programme of issues of promissory notes for a

maximum outstanding balance of 1,000 million euros with 1-year

validity was registered with the Spanish Securities Market

Commission (CMNV). The programmes for promissory notes have

provided us access to a short-term flexible financing and with an

inferior cost to that of the banking market. The total volume issued

during last year increased to 596 million euros, placing the active

balance at the end of the financial year at 572 million euros.

67 annual report

financial and economic information

Letter from the chairman
1. Corporate administration
2. abertis group business activities
3. Corporate social responsibility
4. Financial and economic information

4.1 Consolidated figures
4.2 Financial management
4.3 Shareholders and the stock market

Debt maturity

Type of debt

Hedging of financial risks
The Group’s activities are exposed to a range of financial risks:

Liquidity Risk
Prudent management of liquidity risks implies the maintenance of

exchange rate risks, credit risks, liquidity risks and interest rate risks.

available resources for finance through the sufficient cost of credit

The management programme for the group’s overall risk considers

facilities implicated and to maintain the capacity to sell market

the uncertainty of the financial markets and attempts to minimise

holdings. Given the dynamic character of the underlying businesses,

any potential adverse affects to the Group's financial results.

the objective of Corporate Financial Management is to maintain

Risk of rate of exchange
The Group operates in the international area and has assets in the

loan capital. To this purpose, at the end of the 2008 financial year,

abertis had confirmed credit lines to the amount of 1,070 million

flexibility on finance through financing the availability of lines of

United Kingdom, the United States, Mexico and South America, and

euros.

is therefore exposed to risks from exchange rates due to operations

with currency, especially the US dollar, the pound sterling, the Mexican

peso and the Chilean peso.

Interest rate risks
The objective of the management of interest rate risks is to reach

a balance in the structure of the debt which allows minimising

The exchange rate risk on net assets in group operations in currency

volatility in the results account in a multi-annual horizon.

distinct to that of the euro is managed mainly through a debt

abertis manages its global exposure to interest rates through

denominated in the corresponding foreign currencies and through

derivatives in order to reduce the risk of variations in financial

currency swap contracts.

charges. These derivatives are designed, in financial terminology, as

Credit risks
The Group does not have significant concentrations of credit risks.

instruments of cover.

Operations with derivatives and operations in cash are only

undertaken with financial institutions with verified credit solvency.

Credit rating
abertis has an A rating (investment grade-high credit quality)

This credit solvency is periodically revised.

awarded by international credit rating agency Standard & Poor’s

Entities are only accepted which have been independently qualified

for long-term debt. This rating was given in April 2008 and

in an independent manner with a minimum category of an “A-”

confirmed in November 2008.

rating.

During the financial years for which there is information available,

abertis also has an A rating (investment grade-high quality) for

credit limits were not exceeded and the management does not

long-term debt, assigned in March 2006 and ratified in November

anticipate the incurrence of losses through non-fulfilment of any of

2008, and an F1 rating (highest credit quality) for short-term debt,

the opposing parties described.

ratified at the same time. Both ratings were awarded by the

international credit agency Fitch Ratings.

68 annual report

financial and economic information

Letter from the chairman
1. Corporate administration
2. abertis group business activities
3. Corporate social responsibility
4. Financial and economic information

4.1 Consolidated figures
4.2 Financial management
4.3 Shareholders and the stock market

4.3 Shareholders and the stock market

In 2008 world stock exchanges have experienced the worst year in

living memory with major losses. An example of this can be seen in

Stock market performance 2008
The performance of international stock markets in 2008 has been

one of the leading indexes, the S&P 500, which was down by 38.5%,

a fall only seen twice before in its history in 1931 with the Great

marked by the global crisis triggered by the sharp fall in the real

Depression and in 1974 due to the oil crisis.

estate market which began in 2007 as a result of the lack of

liquidity associated with subprime mortgages and which has been

In Spain, the Ibex 35 was down by 39.4%, the worst annual result

followed by the financial crisis.

in recent years, after having risen by 151% in the period 2003-

2007. The index was set up in 1992 and since then the year in

The financial, money, credit, stock and financial instrument markets

which it had previously suffered most losses was 1992 when it fell

have faced liquidity and valuation tensions on an unprecedented

by 28.11%. In spite of this, it has been one of the best performers

scale. Their consequences have generated enormous uncertainty

among the major indexes in the Euro zone.

and have turned the slowdown which was already affecting the

world’s leading economies into a large-scale global crisis.

Against a backdrop of a generalised lack of liquidity, in 2008 the

stock markets, together with central banks, have been the only

providers of liquidity and hence have been affected by the

consequences of the massive market sales carried out by major

investors in order solve their liquidity needs.

abertis on the securities market: share performance
In 2008 abertis shares have also reflected the generalised fall in

world markets, although they have performed better than
comparable shares in the sector. The closing price was €12.60,
down by 39.97% over the previous year.

Annual change in the IBEX 35– abertis - Infrastructures Sector (*)

Dec. 07

Jan.

Feb.

March

April

May

June

July

August

Sept.

Oct.

Nov.

Dec.08

abertis

Ibex35 Infrastructures sector

(*) The infrastructures sector index includes concession operators and building firms.

69 annual report

financial and economic information

Letter from the chairman
1. Corporate administration
2. abertis group business activities
3. Corporate social responsibility
4. Financial and economic information

4.1 Consolidated figures
4.2 Financial management
4.3 Shareholders and the stock market

Change in abertis shares 2008

29/01 Schema-
venototto spin-
off agreement

01/04 JGA
Ord.

12/05 Start of
capital increase

14/05 1Q results 2008

11/06 Agreement
to buy 65% Axión

01/10 Announces no
extension Pennsylvania
Turnpike bid

01/12 Agreement
to acquire Itínere
concessions

closing
(euros)

28/02
Results 2007

27/03
C.Catalunya sells share
(abertis buys 1,5% in
stock)

04/01
Memorandum of
agreement to buy
Autopista Central and
Rutas del Paciﬁco

28/03 Finalises
purchase 100%
dca

01/07 Sale 2.9%
Port Aventura

03/07 Finalises
purchase 28.4%
Hispasat

31/07 Results ﬁrst half 2007

21/10 Agreement
purchase 5%
more of Hispasat

19/12 Formali-
sation purchase
Autopista
Central and
Rutas del
Paciﬁco

06/11 3Q 2008 results

19/05
Wins Pennsylvania
Turnpike tender

12/06
Admission bonus
shares

25/06
Schemavenototto spin-off.
Atlantia ﬁnancial stake

11/04 Payment additional dividend 2007

28/10 Payment interim dividend 2008

January

February

March

April

May

June

July

Aug.

Sept.

October

Nov.

Dec.

Adjusted price

Unadjusted price

Note on price adjustments due to bonus share issue:

The allocation of new shares does not affect the equity of the company, even though it is divided into a larger number of
shares.

All shareholders who invested before the issue receive shares without any additional outlay. The investment in their portfo-
lios therefore does not change even though they own a larger number of shares. Consequently, historic prices prior to the
issue have to be adjusted in order to compare pre-issue and post-issue prices.

Significant changes in price this year include the fall sustained in

months following this fall were marked by price stability with some

May and June. This was the result of the initial market reaction with

volatility as in the rest of the market.

respect to the announcement that the bid submitted by the

consortium made up of abertis (50%), Citigroup (41.67%) and

Nonetheless, and in spite of the changes this year, abertis shares are

Criteria CaixaCorp (8.33%) had been chosen as the winner of the

up over the last nine years by 103%, without taking into account

tender for the Pennsylvania Turnpike management contract. The

dividends, which shows that this year’s fall has been absorbed and

overcome by the positive trends seen in previous years.

abertis: market appreciation

-40%

Accumulated change
+ 103% which absorbs the fall
seen in 2008

2.9%

11.1%

2008

2007

2006

2005

2004

2003

2002

1.3%

2001

2000

1.3%

37.8%

41.9%

16.6%

26.2%

70 annual report

financial and economic information

Letter from the chairman
1. Corporate administration
2. abertis group business activities
3. Corporate social responsibility
4. Financial and economic information

4.1 Consolidated figures
4.2 Financial management
4.3 Shareholders and the stock market

abertis closed 2008 with a capitalisation of 8,446 million euros

All company shares are admitted to official valorisation in the

(down by 40% compared to capitalisation at the end of 2007) and

Barcelona, Bilbao, Madrid and Valencia stock exchanges, and are

is in tenth position by weight on the Ibex 35. It is also at the top of

negotiated through the Spanish stock interconnection system. The

the market capitalisation ranking for the leading companies wor-

abertis shares have continually formed part of the selective Ibex 35

king in the toll road sector and with which it is normally compared.

index since 1992 and are also present in other notable international

indexes such as Standard & Poor’s Europe 350, the FTSE Eurofirst

300, and in the world indexes and European indexes of Dow Jones

Sustainability (DJSI World and DJSI Stoxx).

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

6.10

7.31

9.22

11.82

11.15

10.54

11.67

7,737
28.2%
7,760
5,452

8,398
-7.8%
10,132
6,498

11,641
18.3%
11,687
9,141

9,110
-21.7%
12,817
8,864

6,037
-28.1%
8,555
5,365

10.80
8.06
1.3%
11.99
8.52
10.28
7.31

9.31
6.30
1.3%
10.61
6.84
8.38
5.40

11.99
9.39
16.6%
12.90
9.63
10.80
8.06

11.19
7.95
26.2%
11.89
8.05
9.26
6.46

9.65
6.22
-28.6%
15.21
9.34
9.60
6.19

IBEX 35
Close
Annual variation
High
Low
abertis(1)
Price
Close
Adjusted close(2)
Adjusted annual var, (2)
Non-adjusted high
Adjusted high(2)
Non-adjusted low
Adjusted low (2)
Non-adjusted
weighted average
Adjusted weighted
average (2)
Volume
Total Operating
volume
Average daily
volume
Equivalent percentage
on all shares
Cash value
traded (M Euros)
Daily average
cash value
No, shares
(31/12)
Market capitalisation
(31/12) (M Euros)
Options on
abertis shares
Futures on
abertis shares
Note: Closing highs and lows
(1) Between 2002 and 2007 data corresponds to ordinary shares (formerly known as class “A”)
(2) Adjustment derived from paid-up capital increases

264,975,041 278,223,793

137,047,819 146,336,403

158,556,245

292,134,982

12,181,931

1,031,608

6,389,462

5,401,374

6,679,584

9,732,570

548,191

585,346

634,225

876,720

57,736

38,028

43,793

22,637

43,731

1,597

2,433

2,557

1,670

2,590

3,269

1,350

3,045

3,333

5,853

53%

52%

53%

54%

71%

7.29

7.92

8.94

9,081
17.4%
9,101
7,578

16.20
13.33
41.9%
16.26
13.38
12.03
9.43

10,734
18.2%
10,919
8,946

21.26
18.37
37.8%
25.30
21.86
16.18
13.31

14,147
31.8%
14,388
10,666

22.50
20.41
11.1%
23.10
20.95
17.55
15.92

15,182
7.3%
15,946
13,602

22.04
20.99
2.9%
25.19
22.85
20.59
18.92

9,196
-39.4%
15,003
7,905

12.60
12.60
-40.0%
21.99
21.20
11.83
11.83

14.29

20.25

20.55

22.67

16.80

11.45

17.09

18.35

20.91

16.50

219,180,111 257,902,032 309,826,837 269,001,790 284,207,931

388,183,165 532,852,359

308,593,549 488,183,992 514,445,009 542,019,077 570,971,849

638,408,625 670,329,056

1,234,370

1,050,788

1,118,929

1,534,321

2,097,844

60%

50%

64%

79%

4,211

5,440

5,825

8,806

8,797

16,775,116

21,250,912

22,932,133

34,807,805

34,632,248

8,334

11,523

12,847

14,071

8,446

37,140

29,194

35,250

86,596

114,508

50,041

20,026

71 annual report

financial and economic information

Letter from the chairman
1. Corporate administration
2. abertis group business activities
3. Corporate social responsibility
4. Financial and economic information

4.1 Consolidated figures
4.2 Financial management
4.3 Shareholders and the stock market

Shareholder return
abertis has based its shareholder return policy on an annual

The dividend is distributed in two annual payments. In April abertis

dividend in two payments, which has grown with an annual bonus

paid a complementary additional dividend for the 2007 financial

share issue and, in recent years, due to an increase in the dividend

year of 0.28 euros per share, while in October 2008 the company

per share.

paid an interim dividend of 0.30 euros gross per share for 2008.

Bonus share issue
At the Annual Shareholders’ Meeting held on 1 April, a decision was

Annual Shareholders’ Meeting 2009, to be held on 31 March, in

addition to a 1x20 bonus share issue, an additional dividend for

The Board of Directors of abertis agreed to propose to the Ordinary

made to increase capital against reserves for a total of 95.7 million

2008 of 0.30 euros gross per share.

euros through the issue and circulation of 31,920,431 new ordinary

shares, at a ratio of 1 new share for every 20 held. Between 12 and

This amount, added to the interim dividend paid in October,

26 May 126 million entitlements were traded at a high of 1.08

amounts to direct shareholder return in the form of dividends of

euros and a low of 0.99 euros. The fair value of the entitlement was

0.60 euros gross, paid from 2008 profits, which represents an

1.01 euros.

increase of 7.1% with respect to the unit quantity credited and

charged to the profits of 2007 (0.56 euros gross per share).

The new shares were initially listed on the market on the 12th of

June, and have the same political and economic rights as existing

This dividend will represent a total maximum amount for the

shares of the same class, granting their holders the right to a

payment of this year of 402.2 million euros, which is an increase of

dividend on profits obtained as of 1st of January 2008.

12.5% with respect to the total quantity credited in 2007, taking

into account the 5% increase in the number of shares derived from

the bonus share issue.

Dividend
abertis attaches prime importance to the dividend paid to its

This dividend means that the pay-out (percentage of profits set

shareholders, and especially in times such as the ones being

aside to pay dividends) comes to 65% of consolidated earnings

experienced now. It is one of the attributes of the return that marks

imputed to abertis (52% in 2007), calculated on the profit per share

our securities and is based on confidence in generating recurring

in the 2008 financial year and taking into account the final number

profits which make

it possible to maintain shareholder

of shares in circulation. Likewise, the profitability per dividend for

remuneration as an addition to a selective and rigorous investment

the shareholder over the closing share price in the financial year

policy which generates added value for our shareholders.

2008 has risen to 4.8%.

Charged to 2008, the total amount to be
received by abertis shareholders
(additional dividend, bonus shares and
interim dividend) has risen by 14.8%
compared to 2007.

72 annual report

financial and economic information

Letter from the chairman
1. Corporate administration
2. abertis group business activities
3. Corporate social responsibility
4. Financial and economic information

4.1 Consolidated figures
4.2 Financial management
4.3 Shareholders and the stock market

Dividend per share (euros)

Reinforcement of dividend distribution policy

0.45€

+6%

0.48€

0.50€

+4%

+0%

0.50€

+12%

0.56€

+7%

0.60€

CAGR: +5.8%
(CAGR with capital
increase +11.1%)

2003

2004

2005

2006

2007

2008

Return over the decade
The graph below shows the stock return of the abertis share over

For example, an investor who invested 14.18 euros purchasing an

abertis share at the end of 1998 (an investor who participated in

the last decade in different theoretical times of purchase and sale

the successive bonus share issues and taking into account the

of the share. The return of the abertis share is compared with the

dividends paid), on the 31st of December 2008 would have a

Ibex 35. The intersection indicates the return obtained by the

portfolio to the value of 20.52 euros and would have been paid

abertis and the market, respectively for the selected period (year of

6.28 euros for dividends, which results in accumulated profits of

entry and exit).

89.0%.

1999
-25.3%
18.3%

2000
-21.0%

2002
2001
6.6%
1.6%
-7.4% -14.6% -38.6%
37.7%
44.7%
6.1%
-21.7% -27.9% -48.1%
38.1%
31.2%
-7.8% -33.7%
5.5%
-28.1%

)
1
(

y
r
t
n
e
f
o
r
a
e
Y

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

Year of exit (1)
ABE
Ibex-35
ABE
Ibex-35
ABE
Ibex-35
ABE
Ibex-35
ABE
Ibex-35
ABE
Ibex-35
ABE
Ibex-35
ABE
Ibex-35
ABE
Ibex-35
ABE
Ibex-35

9.1%

2006

2005

21.5%

43.8%

30.4%

68.5%

55.3%

8.1% 27.8%

2004
2007
75.3% 137.9% 166.5% 178.8%
54.3%
-7.7%

2008
2003
89.0%
25.9%
-21.3%
-6.5%
71.7% 140.8% 228.5% 268.5% 285.8% 160.0%
-33.5% -22.0% -7.8%
-21.0%
64.8% 132.9% 219.6% 259.0% 276.1% 151.9%
0.9%
-15.1%
95.7%
26.6%
9.5%
-7.9%
89.0%
20.9%
52.3%
28.2%
58.5%
18.9%
9.0%
1.3%
-23.2%
-14.3%
-33.1%
-35.0%
-37.3%
-39.4%

-0.3% 17.8%
66.7%
80.6% 149.3% 180.5% 194.1%
80.8%
74.2% 141.9% 172.8% 186.1%
50.4% 77.8% 134.3% 151.5%
45.7% 103.8% 130.3% 141.8%
96.2%
17.4% 38.7%
67.7%
41.0%
67.2%
18.2%
19.4%
41.4%
5.3%
7.3%

82.8%
59.6%
55.8%
13.5%
31.8%

(1) Entry and exit on the last day of the indicated year.
Market appreciation is considered as are bonus share issues, and dividend yield. The possibility that the shareholder may have made
additional outlays is not accounted for.

73 annual report

financial and economic information

Letter from the chairman
1. Corporate administration
2. abertis group business activities
3. Corporate social responsibility
4. Financial and economic information

4.1 Consolidated figures
4.2 Financial management
4.3 Shareholders and the stock market

The performance of the abertis share during the period has been

superior to that of the market.

Distribution of capital ownership at 31/12/08

Share capital and treasury share portfolio
abertis share capital rose to 2,011 million euros by the 31st of

December, made up of 670,329,056 shares that are entered in the

share register at a nominal value of 3 euros each, fully subscribed

and paid up.

In 2008, share capital increased by 31,920,431 shares, amounting

to an increase of 95.7 million euros, corresponding to the bonus

share issue.

With respect to treasury stock, at the end of 2008 abertis was the

(1) Company controlled by Caixa d'Estalvis i Pensions de Barcelona

direct holder of 13,382,267 shares which accounts for 1.996% of

share capital, compared to the 3,246,459 shares it held in 2007

(0.509% of share capital at the end of that year).

Criteria CaixaCorp, S.A. (28.91%), ACS, Actividades de Construcción

This increase arises from the purchase of 9,576,000 own shares in

March which accounted for 1.5% of company equity. As was

There have been changes in shareholder percentages at abertis

reported to the Spanish Securities Market Commission (CMNV) at

with respect to year-end 2007.

y Servicios, S.A. (25.83%) and Sitreba, S.L. (5.50%).

the time, abertis’s purpose is to hold these shares as treasury stock

on a temporary basis.

The most significant changes to have taken place are headed by

the sale in March 2008 of the 5.5% stake held by Caixa d’Estalvis

abertis shareholder structure
abertis shares are bearer shares, as a result the company can not

de Catalunya, which was acquired by Criteria CaixaCorp, S.A (3%),

ACS, Actividades de Construcción y Servicios, S.A. (1%) and by

maintain a shareholders record. For this reason the company does

abertis (1.5%) for its treasury share portfolio.

not know its shareholder structure with exactness beyond the

position of the shareholders which it can request from IBERCLEAR

After this purchase from Caixa d’Estalvis de Catalunya, Criteria

at the time of the General Shareholder's Meeting, the

CaixaCorp, S.A. holds 28.91% and ACS, Actividades de Construcción

communication that its own shareholders could make at the time

y Servicios, S.A., 25.83% of company stock.

of the publication of the Annual Report, and from information

available in the official website of the Spanish Securities Market

Subsequently, in April, July and September 2008, ACS restructured

Commission (CNMV).

its abertis stock by transferring part of its direct holdings to

companies in its group. In April and July 2008 it transferred 7.39%

As detailed in the Corporate Governance Report 2008, the

of abertis stock to Aurea Fontana, S.L. followed in September by

significant shareholdings for the purposes of Royal Decree

4.48% to Villa Aurea, S.L. After these transfers it has a direct holding

1362/2007 dated 19 October at the end of the financial year are:

of 13.96% and an indirect one coming to 11.87%.

74 annual report

financial and economic information

Letter from the chairman
1. Corporate administration
2. abertis group business activities
3. Corporate social responsibility
4. Financial and economic information

4.1 Consolidated figures
4.2 Financial management
4.3 Shareholders and the stock market

Shareholder structure (General Shareholders’ Meeting 1 April 2008)

Share tranche

Less than 100

Between 101 and 250

Between 251 and 500

Between 501 and 999

Between 1,000 and 5,000

Between 5,001 and 10,000

Between 10,001 and 25,000

Between 25,001 and 50,000

Between 50,001 and 1,000,000

Greater than 1,000,001

No. of shareholders (%)

No. of shares (%)

11%

18%

17%

18%

30%

0.5%

0.4%

0.1%

0.05%

0.28%

0.57%

1.14%

5.73%

2.20%

2.53%

1.55%

8.42%

77.53%

abertis and its shareholders and investors
Bearing in mind the current uncertainty in financial markets, the

Channels of information

Investor Relations / Shareholders’ Office area believes that

Investor Relations Department

equitable and symmetrical communication with shareholders and

Throughout 2008, abertis has dealt with queries from equity

investors is more important than ever.

analysts and investors individually every day, and coverage for fixed

It is for this reason that year after year we seek to continue forging

channel by ramping up meetings and road shows, in a year in which

close ties with our investment community, a relationship which

the level of indebtedness among companies has been of particular

income analysts and investors has been started up with a direct

gives us the opportunity to find out at first-hand about the

concern.

concerns of our shareholders and investors in general.

There are a number of channels for information and contact with

meetings, organise conference calls and provide a continuous

the company which we are constantly enhancing and fostering in

stream of information about all the company’s significant events in

order to make it increasingly easy to obtain information to be used

order to provide complete information to the market in a uniform

Alongside these daily queries, we also attend seminars, hold regular

when making investment decisions. We seek to deliver personalised

way.

care combined with personal, direct and stable communication.

Transparency and active, fluid and
constant communication with our
investor community is one of our guiding
principles

Letter from the chairman
1. Corporate administration
2. abertis group business activities
3. Corporate social responsibility
4. Financial and economic information

4.1 Consolidated figures
4.2 Financial management
4.3 Shareholders and the stock market

75 annual report

financial and economic information

Meetings with investors 2008

24 Cities visited, some
of them more than once
20 Road shows (15 Eu-
rope, 1 Canada, 3 East
Coast USA and 2 West
Coast USA)

In the course of 2008 we have increased activities in this area with

the company, with whom more than 60 individual meetings have

a larger number of meetings and in more countries with the two

been held.

habitual interlocutors for Investor Relations: institutional investors

and financial analysts.

Institutional investors

Investor Relations works habitually and constantly with different

brokerages, facilitating them with all the information necessary so

that they may carry out a evaluation of the company and assign a

225 individual and 134 group meetings have been held in the

target price to the shares in addition to a recommendation about

world’s major financial markets. In total 24 cities have been visited,

them. These financial analysts carry out a quarterly review based on

some of them on more than one occasion, and 20 road shows have

the publication of results and determined reports on relevant events

been held (15 in Europe, 1 in Canada, 3 on the East Coast of the

in addition to written reports on the development of the company.

USA and 2 on the West Coast of the USA)

Below is a chart showing the recommendations made by the various

Financial analysts

brokerages for abertis stock:

In the course of 2008, abertis has achieved four new analysis covers

in line with its goal of expanding the number of analysts who cover

Evolution of the recommendation for abertis stock
Decembre 2008 - (Decembre 2007)

Hold 25%
(21%)

Underweight 7%
(4%)

Buy 68%
(75%)

76 annual report

financial and economic information

Letter from the chairman
1. Corporate administration
2. abertis group business activities
3. Corporate social responsibility
4. Financial and economic information

4.1 Consolidated figures
4.2 Financial management
4.3 Shareholders and the stock market

Within the communication actions carried out with analysts and

PRÓXIMO programme

investors, the moments of greatest informational intensity centre

around the quarterly publications of abertis results and the

Pioneering initiative among non-banking companies on the

financial expansion operations which the company has undertaken.

Ibex

The PRÓXIMO programme is an initiative that, through informative

With respect to the publication of results, 3 conference call

meetings in different cities in Spain, allows the company to forge

telephone multi-conferences were organised, one per quarter, with

a closer relationship with its shareholders and investors, apart from

an average attendance of over 50 people. Presentations were made

coming together at Annual Shareholders Meetings.

in the Barcelona and Madrid stock exchanges for the publication

of the annual results, which were physically attended by 117

The programme, created on the recommendation of good

analysts and investors in total. As such the event was followed by

governance, is not obligatory for companies, but one whose

108 people through the corporate website as it was broadcast live

implementation abertis felt was important in order to build

by video webcast in three languages, with the opportunity to ask

stronger ties to its shareholders, to be able to explain first-hand the

on-line questions. The recorded event was available for subsequent

facts and events happening at any given moment, and to give

viewing during the following three months.

stakeholders the opportunity to directly address management and

In 2008, 42 communications were sent to analysts and investors

concerns, and their suggestions particularly in the current

which contained information concerning the company.

environment.

know the company’s strategy from first hand, express their doubts,

In relation to the information provided to official bodies, during

Meetings

2008 abertis communicated a total of 44 relevant events and

This year the Shareholders’ Office met with investors and

other information to the Spanish Securities Market Commission

shareholders in Barcelona, Madrid, Valencia and Palma de Mallorca.

(CNMV).

The meetings were well attended with total of 321 participants

and an average audience of 80 people.

In Barcelona the presentation was part of the “Saló del Diner, la

Borsa i Altres Mercats Financers” – Borsadiner. This show is

addressed to small shareholders and professionals, and is one of

the few fairs to be held in Spain specifically geared towards personal

wealth saving, investment and management.

77 annual report

financial and economic information

Letter from the chairman
1. Corporate administration
2. abertis group business activities
3. Corporate social responsibility
4. Financial and economic information

4.1 Consolidated figures
4.2 Financial management
4.3 Shareholders and the stock market

Bearing in mind the situation in the markets, this year the

Since 2005, the year in which the PRÓXIMO Programme was

Shareholders’ Office has made a special effort to get closer to our

launched, a total of 27 presentations have been held which have

investors community at the show by means of the abertis stand

been attended by 2,259 shareholders and investors.

which was open on all three days of Borsadiner. At the stand visitor

doubts and queries were answered, information was given out

abertis also offers “individualised” meetings. If a group of investors

about the company and it was possible to sign up to receive

or shareholders from any city is interested in getting to know the

information about the company free of charge.

company, they can simply get in contact with the Shareholders’

In addition to the stand a presentation was given which set out the

key factors in the company’s strategy and growth forecasts, and

A new feature in 2008 has been the customer satisfaction survey

attendees were able to put their questions in person to abertis

we have carried out to identify areas of improvement. It shows that

CEO, Mr. Salvador Alemany, the Financial Director and the head of

95% of attendees come along to find out at first hand about

Office and arrange a meeting.

the Shareholders’ Office.

innovations at the company, 28% to compare abertis with other

companies in their investment decisions, and 25% to ask about or

clarify company issues in person.

Events already passed

Since 2005: 27 presentations - 2,259 attendees

78 annual report

financial and economic information

Letter from the chairman
1. Corporate administration
2. abertis group business activities
3. Corporate social responsibility
4. Financial and economic information

4.1 Consolidated figures
4.2 Financial management
4.3 Shareholders and the stock market

www.abertis.com

Our goal is to make the Investor Relations website into a

Shareholders’ Service phone: 902 30 10 15
24-hour service, 365 days a year to help you with any question,

management tool for visitors (shareholders, investors and the

doubt or suggestion you may have.

markets in general) which gives them fast and easy access to the

most significant information about the company.

During 2008 more than 1,400 queries were responded to, many of

which concerned themes related to the General Meeting, the

In 2008, new features have included the option in our alerts service

extension of share capital and dividends.

Distribution of Telephone Queries for the Shareholders’ Service
(Data in percentages)

(an information service which sends information based on a pre-

selected list of topics of interest to the user’s personal e-mail

address) to receive an alert about events organised by the company

and to receive the new abertis News, a new communication

channel featuring a regular round-up of the main company news

with an attractive design and sent straight to the user’s personal e-

mail address.

In 2008 this section was the second most visited on the abertis

web page and within this section, the most visited area was

Relevant Facts in English.

abertis magazine
Our corporate publication has a section specifically for shareholders

and investors with all the information that could be interest to the

investor community: quarterly results, dividends, share evolution,

company presentations, etc.

79 annual report

financial and economic information

Letter from the chairman
1. Corporate administration
2. abertis group business activities
3. Corporate social responsibility
4. Financial and economic information

4.1 Consolidated figures
4.2 Financial management
4.3 Shareholders and the stock market

Mail

format, in a video re-broadcasting in three languages through the

E-mail, investor.relations@abertis.com

abertis web page, and which could be watched in recorded version

Adress, Avenida del Parc Logístic, 12-20, 08040 Barcelona

during the following three months.

These direct channels to the company offer the possibility of open

The Ordinary General Shareholders’ Meeting was held with a total

dialogue with shareholders, so they can express their doubts and

of 476,256,979 shares; 187,256,648 were present, and 289,000,331

the company can provide any information or clarification that may

were represented, forming a quorum of 74.59% of share capital

be necessary

(29.33% present and 45.26% represented).

General Shareholders’ Meeting
The Shareholders’ Office will answer any questions related to

attendance or organisation of the Annual Shareholders Meeting, in

The shareholders’ telephone responded to some 273 calls relating

to the Annual Meeting and over 200 requests for information were

attended from the Shareholders’ Office.

accordance with the rights of shareholders under article 212 and

The Investor Relations / Shareholders Office area pledges a

144 of public limited companies and article 7 of the regulations on

commitment to its shareholders, its private and institutional

General Shareholders’ Meetings.

investors, to market analysts and in general to the entire investor

community to form strong ties with them and provide them with

The General Shareholder’s Meeting was held in the financial year of

accessibility and availability. In short, we pledge A COMMITMENT

2008, on 1st of April, and was broadcast live by webcast in a video

TO INFORMATION AND TRANSPARENCY.

During 2008 more than 1,400 queries
were responded to, many of which
concerned themes related to the Annual
Meeting, the extension of share capital
and dividends.

Edits: Studies and Communication Corporate Management, abertis
Design: Gosban
B.16845-2009

Printed on Ecological Paper