Abertis Infraestructuras S.A. Annual Report 2009

Plain-text annual report

abertis autopistas · abertis telecom · abertis airports · saba · abertis logística annual report 09 2 AR CSR AA Letter from de Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market 3 3 AR CSR AA x e d n I Letter from the Chairman Corporate administration and Administrative bodies 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 Financial and economic information 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market 4 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market 5 Letter from the chairman Dear Shareholders, The keys to a good year for abertis I could not begin this, my ﬁrst letter to shareholders as Chairman of The combination of a number of causes – a greater consolidation scope, abertis, without ﬁrst expressing my appreciation for the work that Isidre costs that grew proportionately less than this scope and historically low Fainé has done over the course of his ten years in the post. It was under interest rates which made it possible to cut ﬁnancial costs – have been his leadership that our Group went through the process of change and reﬂected in the Group’s growth. expansion which has brought us a global reach and positioned us as one of the world’s leading infrastructure managers. This Report contains a detailed breakdown of the change that has taken A few months ago we came to the end of 2009 after a year that had still highlight the fact that operating revenue grew by 7% up to 3,935 million been weighed down by the crisis and uncertainty – initially ﬁnancial and euros. EBITDA came to 2,435 million euros, an increase of 7.9% compared then later on in the real economy – that has affected the world economy with 2008, and net earnings rose by 5.6% up to 653 million euros. place in all our business activity indicators. In particular I would like to since the last quarter of 2007. Investment over the course of the year stood at 1,394 million euros, with 233 million euros spent on operational investment and 1,161 million Against this background, which has tested the soundness, consistency and euros on expansion investment. strength of many of the strategies employed by economic players in the ﬁrst decade of the 21st century, abertis has nonetheless succeeded in This good performance is the outcome of two factors which have guided achieving excellent results in its main ﬁgures. abertis’s development over recent years: internationalisation and sector Salvador Alemany, Chairman of abertis 5 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market diversiﬁcation. Together they have made it possible to rebalance our geographical risk and consolidate up our inﬂuence or taking control when this is possible and enhancing visibility in the balance the Group. sheet and proﬁt and loss account. An example of this has been the consolidation in 2009 of our stakes in concession operators Rutas del Pacíﬁco and Elqui in Chile and in their Spanish counterpart Just as in 2008, practically 48% of our revenue and 46% of our EBITDA came from outside Spain. In Vascoaragonesa. As a result of these operations, our presence in Chile now extends to four business addition, almost 1,000 million euros – 26% of total revenue – came from diversiﬁcation activities in sectors and it is after Spain and France the country with the third highest turnover for abertis. telecommunications, airports, car parks and logistics parks. For another year abertis telecom’s operations, supported by the progressive deployment of DTT in Spain and the growing contribution made by the satellite business, have proved to be the activity least exposed to the business cycle and therefore one of the most stabilising components of our proﬁt and loss account. To this should be added the relatively better performance of trafﬁc on our toll roads that are managed by sanef in France. Indeed, as conﬁrmation of the role of geographical diversiﬁcation in abertis, France now accounts for almost 35% of the Group’s overall business. On the other side of the coin, and of particular signiﬁcance in Spain, the major decline in industrial activity and consequently in road freight have led to negative growth in trafﬁc levels on Spanish toll roads as well as lower occupancy rates in logistics parks. It is these speciﬁc changes in our operations by sectors and by countries which have given rise to a distinctly positive balance sheet which has been It is these speciﬁc changes in our operations by sectors and by countries which have given rise to a distinctly positive balance sheet which has been able to efﬁciently absorb the impact of the business cycle. In 2009 our stock – maintaining an attractive and competitive dividend policy – regained grip and closed the year up by 31%, which made it into one of the 10 leading securities on the Ibex 35 in terms of appreciation. With a capitalisation of over 11,000 million euros, abertis is the 7th largest Spanish company on the Spanish stock market and has retained its world leadership among major concession groups. A credible model Those companies which, like abertis, took advantage of the years of economic growth to move into new markets by diversifying their geographical base, and to expand the scope of their businesses by diversifying their operations based on their management capability, have thereby laid the groundwork for a balanced and credible management model. The results contained in this Report reﬂect the decisions taken over the course of recent years together with the way we approach our business able to efﬁciently absorb the impact of the business cycle, with balanced risks and a combined activities, how we take decisions and how we implement them. This is something that at times we cash generation capacity which enables us to maintain an attractive, competitive and predictable have deﬁned as the abertis style: rigour, sound judgement, a sense of reality and an awareness of the remuneration policy for our shareholders. Equally, forecasts for ﬂows from the business make it public service aspect of the assets we manage. It also involves a long-term vision, a commitment to possible to cover debt servicing requirements sufﬁciently and provide scope for continuing to explore the assets whose management has been entrusted to us, proximity to government and sensitivity new growth and expansion projects when market conditions make this advisable. to the expectations of the societies and territories in which we operate and which have also Today, just like a year ago, we remain committed to a period marked by the consolidation of growth 2009. Commitment to the sustainability of the model we have chosen and responsibility to our in which we have invested more than 10,000 million euros between 2004 and 2009. This entails shareholders, employees and society; this is the mission and these are the values that deﬁne us. This buttressing our position in priority businesses and assets where we are already active by stepping is the project that continues to drive us. beneﬁted from the activities of the Abertis foundation, which celebrated its 10th anniversary in 6 AR CSR AA Letter from de Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market 7 7 AR CSR AA n o i t a r t s i n m d A i Letter from the Chairman Corporate administration and Administrative bodies 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 Financial and economic information 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market 8 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market 9 1.1 Corporate Administration 9 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market With respect to shareholders, the market and clients abertis’ internal regulations that govern decision-making processes In this respect, it not only ensures strict compliance with rules in the company, ensure that shareholders can exercise their rights and recommendations in this area but also seeks to make sure and also establish the code of conduct for members of the Board that the fundamental concepts which guide its practice are built of Directors, are made up of the corporate bylaws, the regulations into the corporate culture of the entire organisation. Hence over of the General Shareholders’ Meeting and the regulations of the the course of the year, the company has continued to foster the Board of Directors. implementation of corporate governance best practice, which is already consolidated in the listed company, in its subsidiaries. In the course of 2009, abertis has continued working to improve its corporate governance practice in order to keep in line with abertis has also been working on the authority and operation of international best practice recommendations, including the Uniﬁed its committees (Executive, Audit and Control and Appointments Good Governance Code. and Remuneration) in order to continue making progress in the development of a sound organisation that is transparent and rigorous in its practice and able to continue generating value with the trust of its customers and shareholders. 10 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market 11 1.2 Administrative bodies Board of Directors at 31 December 2009 Salvador Alemany Mas* Chairman and Chief Executive Ofﬁcer Isidro Fainé Casas 1st Deputy Chairman Florentino Pérez Rodríguez 2nd Deputy Chairmanº G3T, S.L., represented by Carmen Godia Bull 3rd Deputy Chairman Pablo Vallbona Vadell 4th Deputy Chairman Marcelino Armenter Vidal Ángel García Altozano Francisco Reynés Massanet Ernesto Mata López Emilio García Gallego Manuel Raventós Negra Miguel Ángel Gutiérrez Méndez Comunidades Gestionadas, S.A., represented by Antonio García Ferrer Enric Mata Tarragó Braulio Medel Cámara Javier Echenique Landiribar Ricardo Fornesa Ribó ! Executive Committee ! Audit and Control Committee ! Appointment and Remuneration Committee * Appointed Chairman on 11 May 2009 to replace Isidro Fainé Casas. Ramón Pascual Fontana Leopoldo Rodés Castañé Julio Sacristán Fidalgo Miquel Roca Junyent Secretary, non-board member Juan A. Margenat Padrós Vice-secretary, non-board member During 2009 Ricardo Fornesa Ribó, Francisco Reynés Massanet and Julio Sacristán Fidalgo have joined the Board, and Enrique Corominas Vila, José Luis Olivas Martínez and Dragados, S.A. have left it. 11 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market Executive Commitee Delegated monitoring bodies Executive Committee Salvador Alemany Mas (Chairman) Isidro Fainé Casas Florentino Pérez Rodríguez G3T, S.L., represented by Carmen Godia Bull Pablo Vallbona Vadell Marcelino Armenter Vidal Ángel García Altozano Francisco Reynés Massanet Miquel Roca Junyent (Secretary, non-board member) Juan A. Margenat Padrós (Vice-secretary, non-board member) During 2009 Francisco Reynés Massanet has joined the commit- tee (to replace Manuel Raventós Negra) and José Luis Olivas Mar- tínez has left it. Audit and Control Committee Ernesto Mata López (Chairman) Marcelino Armenter Vidal Emilio García Gallego Marta Casas Caba (Secretary, non-board member) From left to right: Marcelino Armenter Vidal, Francisco Reynés Massanet, Isidro Fainé Casas, Juan A. Margenat, Carmen Godia Bull, Salvador Alemany Mas, Florentino Pérez Rodríguez, Miquel Roca Junyent, Pablo Vallbona Vadell, Ángel García Altozano During 2009 Marcelino Armenter Vidal has joined the committee to replace Enrique Corominas Vila. Appointment and Remuneration Committee Manuel Raventós Negra (Chairman) Ángel García Altozano Miguel Ángel Gutiérrez Méndez Juan A. Margenat Padrós (Secretary, non-board member) 12 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market 13 Senior Management as of 31 December 2009 Chairman Salvador Alemany Mas Toll road business Toll roads Spain Director of Studies and Communication Antoni Brunet Mauri Managing Director of abertis autopistas España José Mª Morera Bosch Director of Institutional Relations Sergi Loughney Castells Toll roads France and Northern Europe Company Secretary Director of Corporate Legal Services Director of Corporate Security Juan A. Margenat Padrós Marta Casas Caba Luís Jiménez Arrébola Managing Director of sanef Autopistas Sudamérica François Gauthey Managing Director of Autopistas Sudamérica Gonzalo Ferre Moltó Toll roads North America and International Managing Director of Autopistas Norteamérica e Internacional Jordi Graells Ferrández Corporate Managing Director Francisco Reynés Massanet Director of Corporate Development David Díaz Almazán Diversiﬁcation Business Director of Corporate Fiscal Planning Josep Maria García Martín Director of Fiscal Planning and Corporate Governance Jordi Lagares Puig Telecommunications infrastructures Managing Director of abertis telecom Director of Personnel and Organisation Joan Rafel Herrero Airports Tobías Martínez Gimeno Managing Director of Shared Services Francisco Reynés Massanet Managing Director of abertis airports Carlos del Río Carcaño Managing Director of Finance Director of Corporate Finance José Aljaro Navarro José Luis Viejo Belón Car parks General Director of saba Logistic parks Josep Canós Ciurana Managing Director of abertis logística Joan Font Alegret Director of Business and Operations Josep Martínez Vila 13 AR CSR AA Letter from de Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market Toll road business Toll roads Spain Toll roads France and Northern Europe Managing Director of sanef Autopistas Sudamérica Managing Director of abertis autopistas España José Mª Morera Bosch François Gauthey Managing Director of Autopistas Sudamérica Gonzalo Ferre Moltó Toll roads North America and International Managing Director of Autopistas Norteamérica e Internacional Jordi Graells Ferrández Diversiﬁcation Business Telecommunications infrastructures Managing Director of abertis telecom Airports Car parks General Director of saba Logistic parks Managing Director of abertis airports Carlos del Río Carcaño Tobías Martínez Gimeno Josep Canós Ciurana Managing Director of abertis logística Joan Font Alegret 14 AR CSR AA Letter from de Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market 15 15 AR CSR AA s e i t i v i t c A Letter from the Chairman Corporate administration and Administrative bodies 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 Financial and economic information 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market 16 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market abertis is an international group that manages mobility and telecommunications infrastructures through ﬁve business areas: Toll roads Telecommunications infrastructures Airports Car parks Logistic parks The processes of diversiﬁcation and internationalisation of its activities over recent years means that it now has a presence in a total of 18 countries and has consolidated its position as a world leader in the private management of public infrastructures. United States Puerto Rico Mexico Jamaica Colombia Bolivia Chile Argentina United Kingdom Ireland Andorra Spain Portugal Sweden France Italy Morocco South Africa 17 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market Share of operating revenues by sector and geographic area: Car parks 4% Logistic parks 1% Airports 7% Car parks 4% Airports 8% Logistic parks 1% Chile 3% United Kingdom 4% Rest of the world 6% Rest of the world 5% United Kingdom 6% Telecommunications 14% Telecommunications 12% Toll roads 74% 2009 Toll roads 75% France 35% 2008 2009 Spain 52% France 37% 2008 Spain 52% Average workforce by sector and geographic area: Car parks 9% Corporation 3% Corporation 3% Car parks 9% Rest of the world 20% Spain 41% Rest of the world 19% Spain 41% Airports 17% Airports 18% Toll roads 59% Chile 7% Toll roads 58% United Kingdom 7% Chile 4% United Kingdom 8% Telecommunications 12% Telecommunications 12% 2009 2008 2009 France 25% 2008 France 28% 18 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market 19 1. Long-term commitment 2. Diversiﬁcation and internationalisation 3. Selective and cautious investment policy 4. Strategy for consolidating shareholdings 5. Financial soundness 6. Intergenerational Strategy The business model used by abertis is based on the following (cid:154)(cid:22) Short- and medium-term priority for the implementation of principles and courses of action: a strategy for consolidating shareholdings while continuing to permanently monitor target markets in order to keep on (cid:154)(cid:22) The industrial proﬁle of its business project, characterised by localising and analysing investment opportunities. long-term commitment accompanied by the development and management of infrastructure during its entire lifecycle. (cid:154)(cid:22) Financial soundness and recurrence of the main indicators for (cid:154)(cid:22) Progressive diversiﬁcation and internationalisation of processes a comfortable and realisable level of borrowing and absorb and activities which have brought about an investment effort the impact of the change in the business cycle in the global its various business areas which enables abertis to maintain of almost 10,000 million euros over the last ﬁve years. This economy. means that currently 48% of revenue and 46% of operating proﬁt (Ebitda) is generated outside Spain. Strategy for entering (cid:154)(cid:22) Recognition that our activities are intergenerational and a country is mapped out based on the ‘oil slick’ principle of awareness of the public service afforded by infrastructures spreading throughout the territory from an initial project during the whole of the operating period. A willingness to join which brings local scale and knowledge, and thus being able to in with the debate about infrastructures and to deliver the best make the most of operational and relational synergies arising solution for each time and set of circumstances. from a diversiﬁed presence in a country. (cid:154)(cid:22) A selective and cautious investment policy supported by ﬁnancial markets but which commits and uses equity in a rigorous and responsible way. The credit crisis is encouraging greater project selection, and the choice of quality assets which generate cash ﬂows and recurring and stable returns has once again become one of the best options for medium- and long-term investment. 19 AR CSR AA Letter from de Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market 20 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market 21 2.1 Toll roads direct operation 3.756 km Reinforcement of leadership in Europe and Latin America In 2009, abertis has continued to consolidate its leadership in the world road infrastructure management market. It directly operates 3,756 kilometres of toll roads in France, Spain, Chile, Argentina and Puerto Rico and has a share in the operation of another 5,575 kilometres through its presence in concessions in Europe and Latin America. 2009 has seen a worldwide economic slowdown In this scenario the Group has made efforts to which has affected the Group’s toll road rein in expenditure and investment while keeping operations, especially in the ﬁrst quarter of the to a policy of efﬁciency and cost optimisation. year. However, starting in the second quarter a reduction in the rate of decline in trafﬁc has abertis continues to seek out initiatives which been noted, something which has been more make it possible to invest in its networks with obvious in the case of sanef in France (which a guaranteed return. To that end it has signed operates half of abertis’s network and which agreements with government to carry out has recorded positive trafﬁc levels in some building and extension work whose return months of the year) and in Chile. This means comes from a combination of higher trafﬁc that the business model and sustained strategy levels, extensions to the concession term or of geographical diversiﬁcation which abertis other compensations depending on the case. has maintained over recent years is becoming consolidated. 21 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market Direct or shared management Concession companies Other shares Spain acesa aumar iberpistas castellana aucat aulesa avasa Trados 45 (*) Company that operates the A’Lienor concessionaire Telematic companies Spain France sanef sanef aquitaine (*) sapn Rest of the world Spain elqui rutas del pacíﬁco apr gco Autopista Central Túnel del Cadí Accesos de Madrid Ciralsa Autema Henarsa France A’Lienor Routalis (*) Alis Rest of the world Atlantia Brisa Ausol Coviandes RMG Pt operational Services (**) (*) Company that operates the Alis concessionaire (**) Company which provides operation and maintenance services for the South African concession operator Bakwena Platinum Corridor Rest of the world France eurotoll slovtoll bet’eire ﬂow abertis continues to seek out initiatives which make it possible to invest in its networks with a guaranteed return. 22 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market France in the toll abertis has a presence road business in France through the concessionaire group sanef, in which it holds a 52.55% stake. sanef is to manage up to 2029 a total of 1,743 kilometres of toll motorways in north-west France and Normandy (in the latter case through its subsidiary sapn), which accounts for 21% of the French network and 46.6% of abertis’s toll road network. sanef’s network has an excellent position in completion of the Chambourcy link, further - Its slovtoll subsidiary has won as part of the centre of economic Europe, connecting work on the Reims south by-pass, adding lanes a consortium the award of a new contract with ﬁve great European capitals (London, to the A13, restructuring the Pont-l’Évêque to introduce satellite-based electronic toll Brussels, Luxemburg, Frankfurt and Strasbourg) link road and building the A-65 (A’lienor). systems for heavy vehicles on roads and and managing ﬁve of the seven toll road access motorways in Slovakia. This award is an routes to the Ille de France (Paris) region. The sanef group has continued to implement addition to the projects carried out by sanef in It also holds a minority stake in two other commitment to being a major international prelude to the possible award of the project to concessions in France with a total of 275 km. player in these kinds of technological put this system in place on French roads. electronic toll systems as part of abertis’s Croatia, Canada, the UK and Ireland and is the solutions: In 2009 sanef sold its 96.58% stake in In January 2010, the sanef group signed an Masternaut, a company that provides - Its Eurotoll subsidiary, which delivers agreement (Paquet Vert) with the French telematic geo-localisation services. electronic toll services and ﬂeet management Government under which the abertis group tools to optimise consumption and bolster company is to invest a total of 250 million Over the course of the year, the sanef group ﬂeet competitiveness, has put in place the euros over three years in making additional, has addressed a large part of its investment most extensive system of interoperable mostly environmental improvements to its strategy to extending and improving the electronic toll collection for heavy vehicles toll road network which in return will enable service quality offered by its network and to seen in Europe to date, covering 12,000 km in it to extend the term of the two sanef and investing in new constructions, including the France and Spain. Direct or shared management Other shares Concessionaire companies % holding Km. Concession end Company % holding sanef 52.55% (*) 1,375 2029 A’Lienor sanef aquitaine (**) 100.00% Routalis (*) sapn 99.97% 368 2029 Alis 35.00% 30.00% 19.67% 1,743 (*) abertis has a 52.55% stake in sanef, which has holdings in the other companies (**) Company that operates the A65 toll road (A’Lienor) (*) Company that operates the A28 toll road (Alis) C oncession end 2065 2067 Km. 150 125 275 sapn concession operators for another year up to 2029. Financing for the Paquet Vert involves a public-private partnership which seeks to foster short-term private investment by giving a return over a number of years. Companyes telemáticas % holding eurotoll slovtoll bet’eire ﬂow 100.00% 100.00% 80.00% 23 AR CSR AA Letter from de Chaiman Letter from the Chaiman Corporate Administration Corporate Administration Letter from the Chairman Letter from the Chairman 1.1 Corporate administration 1.1 Corporate administration 1.2 Administrative bodies 1.2 Administrative bodies abertis group business abertis group business activities activities 2.1 Toll roads 2.1 Toll roads 2.2 Telecommunications 2.2 Telecommunications 2.3 Airports 2.3 Airports 2.4 Car parks 2.4 Car parks 2.5 Logistic parks 2.5 Logistic parks Infrastructures Infrastructures Corporate social Corporate social responsibility responsibility 3.1 A cross-cutting vision of 2009 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.2 The abertis foundation 3.3 Indicators 2009 3.3 Indicators 2009 Financial and economic Financial and economic information information 4.1 Consolidated ﬁgures 4.1 Consolidated ﬁgures 4.2 Financial management 4.2 Financial management 4.3 Shareholders and the stock market 4.3 Shareholders and the stock market Since it started up in 2008, more than 100,000 drivers a day have been able to take advantage of the new free-ﬂow electronic toll system Christian Copin bet’eire ﬂow Managing Director M50 Dublin: “sanef switched over to a comprehensive automatic payment system solution, enhanced trafﬁc ﬂows and cut costs to a bare minimum” How did the project come about? sanef, through the Bet’Eire Flow consortium which it owns 80% of, won the contract in 2007 to implement, operate and maintain an electronic toll system on Dublin’s M50 motorway. The Irish National Roads Authority awarded the contract to sanef, which involved replacing the toll barriers by an electronic toll system to come into service in the summer of 2008 and which would enable drivers to travel along the M50 without having to stop. So the project really came out of the need of the Irish authorities to bring in a solution to the problems posed by the M50: it is the primary distribution road in the city and there was major growth in the trafﬁc using it, with 85,000 vehicles a day, of which 6% were heavy lorries. What was Sanef’s strategy? One of the key factors was to adopt a customer-driven approach which called for complete information in order to implement the system changeover. The advantages of “no coins, no queues” was more popular than the previous system so people started using it straight away. Plus we also needed to meet the needs of the different kinds of customers we have (local people, long-distance trafﬁc, tourists, etc.) so we needed a wide variety of facilities combining free-ﬂow electronic toll technology with conventional systems. Did you get good results? sanef switched over to a comprehensive automatic payment system solution, enhanced trafﬁc ﬂows and cut costs to a bare minimum. It brought the system into service within a year and since 30 August 2008, around 100,000 drivers per day have been beneﬁting from the new system and improved mobility. Once up and running, Bet’Eire Flow, which has 120 employees and another 180 in the call centre, is to control the system for 7 years during which time it will provide complete electronic toll management and payment services: video tolls, photo identiﬁcation surveillance, control of offences, handling season ticket holders, equipment maintenance and a number of other issues. We currently have 159,500 registered electronic toll devices. free-ﬂow24 AR CSR AA Letter from de Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market 25 abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Calais Lille Total km. France 2,018 sanef Caen Alençon Paris Reims Strasbourg A’liénor Langon Pau direct management other shares france25 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market Financial and business results Revenues generated from direct-managed The difference between total revenue toll road concessions in France have and toll revenue (+123 million euros) is reached 1,413 million euros and ebitda basically down to sanef group revenue totalled 910 million euros, representing from telematic services (which received 36% and 37% of the abertis group’s a boost compared to 2008 with the total respectively. start-up of operations by bet’eire ﬂow and the companies in Slovakia, though The ﬁgures are for HIT/sanef consolidated they were hit by the sale of Masternaut), (includes the impact of the HIT holding service area charges and telecoms and and consolidation of HIT and sanef). engineering services. sanef’s toll revenue in 2009 came to By the end of 2009 electronic toll 1,290 million euros, a 2.4% increase over transactions had reached 34.4% of 2008. sanef’s AADT in 2009 remained total vehicles (an annual increase of 1.4 stable compared with 2008, with the rise points) with heavy vehicles standing at in toll revenue basically being due to the 74.3% (69% in 2008). 4.8% increase in average rates resulting from the annual review, and in spite of In France 104 million euros has been the -0.3% leap year impact in 2008 and invested in renewing and upgrading the another -2.1% from the heavy and light existing network (upgrading toll booths, vehicle mix (there has been a major fall miscellaneous maintenance and road in heavy vehicle trafﬁc). resurfacing) and 170 million euros in the new construction projects referred to above. Revenues from direct- managed toll road concessions in France Ebitda from direct-managed toll road concessions in France 1,413 36% millions of euros of abertis’s total millions of euros 910 37% of abertis’s total AADT sanef sapn Total AADT Cons. results IFRS (millions of euros) (contributions to abertis consolidated)) 2009 22,487 27,935 22,996 Var. % -0.55 1.7% 0.0% Operating revenues EBITDA EBIT 2009 1,413 910 515 Var. % 1.6% 2.5% 2.2% Investment (millions of euros) Operational investment Expansion investment 2009 104 170 26 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market 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 51% 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. Corporate operations have included, halfway through the - In the course of 2009 work has continued on the project year, the ﬁnalisation of the agreement with Citi Infrastructure to add to the lanes of the AP-7 under the terms of the Investors to buy holdings the concession operator Itínere has agreement signed by acesa with the Spanish government. in a number of companies of which abertis was already a Work on building a third lane on the Tarragona section has shareholder. The transaction has enabled abertis to take 100% been completed and work has begun on the section in Girona. control in Spain of the concession operator avasa and ﬁnally The agreement, with a total investment of 500 million consolidate its position on the Ebro route which, together with euros up to 2011, will make substantial improvements to its presence on the AP-7 in the Mediterranean corridor, gives it the strategic Mediterranean corridor. an excellent position in the north-east of the Peninsula. - acesa has also continued with work to extend the C-32 toll Direct or shared management road from Palafolls to Tordera, which involves building a 4.4 Company acesa aumar iberpistas castellana aucat aulesa avasa Trados 45 % holding 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 50.0% Km. 542 468 70 51 47 38 294 15 1,524 Concession end 2021 2019 2031 2031 (*) 2039 2055 2026 2029 (*) The concession term may be extended up to 2036, depending on actual trafﬁc between 2015 and 2019 In 2009 the toll roads business division has focused on kilometre section with two lanes in each direction and two management to enhance road construction and route quality in viaducts. The project is expected to be completed in June its network along with improved service quality supplemented 2010. by external quality factors that are closely connected with - In the centre of the Peninsula, approval has been given to toll road operation such as safety and information. Another adding a third lane in both directions to the AP-6 motorway priority has been to upgrade structures to meet operational (iberpistas-castellana) on the 20 kilometre stretch efﬁciency goals and business unit vision. In this respect the between San Rafael and Villacastín (Segovia). Construction abertis autopistas España unit has been established which work is to begin in 2010 with a total investment of 75 brings with it a new concept in network management (to million euros over the next two years. replace concession operator management) and creates the Operations, Business and Corporate departments. Furthermore, agreements have been reached in 2009 with Major investment projects over the course of the year have and Aragón to subsidise light vehicles taking speciﬁc routes included additional lanes and new sections in order to cope with and which use the electronic toll system on the AP-68 (avasa) central government and the regional governments of La Rioja % holding Km. Concession end higher vehicle volumes and offer better service to users: and the AP-2 (acesa). The scheme is intended to make local 37.2% 35.1% 30.0% 25.0% 23.7% 30 61 62 29 48 230 2023 2049 2024 2040 2037 trips easier, thus improving road safety. In 2010, the Government of Catalonia and acesa have signed the Maresme Agreement to implement a series of measures to improve road communications in el Maresme and la Selva at a cost of 100 million euros. Other shares Company Túnel del Cadí Accesos de Madrid Henarsa Ciralsa Autema 27 AR CSR AA Letter from de Chaiman Letter from the Chaiman Corporate Administration Corporate Administration Letter from the Chairman Letter from the Chairman 1.1 Corporate administration 1.1 Corporate administration 1.2 Administrative bodies 1.2 Administrative bodies abertis group business abertis group business activities activities 2.1 Toll roads 2.1 Toll roads 2.2 Telecommunications 2.2 Telecommunications 2.3 Airports 2.3 Airports 2.4 Car parks 2.4 Car parks 2.5 Logistic parks 2.5 Logistic parks Infrastructures Infrastructures Corporate social Corporate social responsibility responsibility 3.1 A cross-cutting vision of 2009 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.2 The abertis foundation 3.3 Indicators 2009 3.3 Indicators 2009 Financial and economic Financial and economic information information 4.1 Consolidated ﬁgures 4.1 Consolidated ﬁgures 4.2 Financial management 4.2 Financial management 4.3 Shareholders and the stock market 4.3 Shareholders and the stock market Josep Armengol acesa Construction Manager AP-7 widening: “To be successful the implementation of this project calls for partnership, plus it is also a challenge in terms of service for users” In 2006 acesa signed a contract to widen the AP-7 toll road with the Ministry of Development. However, work on the project had begun a long time before that… The project to widen the AP-7 between La Jonquera and Vila-seca/Salou over a distance of 125 kilometres is designed to meet the urgent need for action on one of the key roads in the country and one of the most heavily used by people and freight in the whole of Europe. Thus since 2000 acesa had been urging government to undertake the project while in tandem it carried out technical analysis and trafﬁc studies to create a vision of the future that would demonstrate how the widening could be carried out, its impact on the In 2009 55 kilometres of the total section to be widened have been completed, in which acesa is to invest 500 million euros ground and, most importantly, how to maintain services for users. Is it a pioneering agreement? The agreement contains measures designed to upgrade the capacity of the road to meet increased trafﬁc volumes, by adding lanes over a distance of 125 kilometres, and to enhance vehicle mobility by eliminating four toll barriers. Forecast investment would involve an outlay of 500 million euros by acesa. It also includes devising a new formula which makes it possible to carry out necessary investment in mature concessions. For the ﬁrst time there was to be major ﬁnancial investment with a great economic and social impact in a concession toll road without increasing rates or terms. How can such a complex project be successful? To be successful the implementation of this project calls for partnership. Internal coordination: different teams working in lockstep to design and carry out 25 construction projects. External collaboration: working in conjunction with government and institutions. Then it is also a challenge in terms of service for users: the road has to be open all the time, with two lanes in each direction. Plus you have to minimise health and safety risks arising from working on the road and the trafﬁc, and that meant carrying out the work sequentially and by sections, which means the widening is progressive and sustained. And then of course there are environmental factors so we made sure we cared for the area affected by the building work using a range of preventive and corrective measures employed in construction projects. Overall at the moment I think things are going well: in 2009 we completed 45% of the total section to be widened (that’s 55 kilometres of motorway) and we began work on the 10 links which will enable us to do away with the four barrier tolls towards the end of 2010. AP7 28 AR CSR AA Letter from de Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market 29 Total km. Spain 1,754 avasa Bilbao Vitoria Logroño León Astorga Segovia Adanero Guadalajara Ávila Navalcarnero Madrid Arganda del Rey La Jonquera Girona Lleida Palafolls Barcelona Zaragoza Tarragona Castellón Valencia Alicante Seville Cadiz direct management other shares spain 29 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market Financial and business results Revenues generated from directly AADT by -7.4% in 2009 with respect heavy vehicles and use of it has increased managed toll road concessions in Spain to the previous year, with a signiﬁcant signiﬁcantly as all discount and cost-free reached 1,360 million euros and ebitda difference between heavy vehicles which systems are linked to compulsory use came to 1,063 million euros, representing have decreased by -18.6% and light ones of the system, which now accounts for 35% and 44% of the abertis group’s which have dropped by -5.5%. 36.8% of electronic toll transactions. total respectively. In the course of the year investment In 2009 Spanish toll roads have made In spite of the fall in activity (-7.4%), in electronic toll payment devices has operational investments coming to 47 operating income has increased due to a continued and at present the use of this million euros, basically for improvements tariff review of 4.43%, the impact of the system on toll roads in Spain as a whole in toll collection, maintenance and rest additional 50% contribution by avasa comes to 33.5%, 1.2 percentage points areas, and for adaptation of tolls and beginning in July 2009 (+38 million more than last year. In acesa and aucat, information systems. Another 543 million euros) and partial compensation from where this system has already been in euros has been invested in expansion, of the AP-7 agreement. The ebitda margin operation since 2003, the percentage of which 432 million euros has gone on the stands at 78%. transactions for electronic toll collection acquisition of another 50% of avasa and The major slowdown in the economy In avasa, the system came into service addition and section extension work set has been the chief cause of the fall in in December 2004 for both light and out above. reached 37.8% and 36.0% respectively. 111 million euros basically for the lane AADT acesa aumar iberpistas castellana aucat aulesa avasa Total AADT Cons. results IFRS (millions of euros) (contributions to abertis consolidated) 2009 32,908 20,444 28,039 7,134 27,853 5,115 13,571 23,899 Var. % -6.1% -10.1% -5.8% 11.6% -11.1% -4.3% -7.2% -7.4% Operating revenues EBITDA EBIT Investment (millions of euros) Operational investment Expansion investment 2009 1,360 1,063 800 Var. % 2.4% 2.6% -1.0% 2009 47 543 Revenues from direct- managed toll road concessions in Spain 1,360 35% millions of euros of abertis’s total Ebitda from direct-managed toll road concessions in Spain 1,063 44% millions of euros of abertis’s total 30 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market Rest of the world Chile Rest of the world: other countries in Latin America and Europe abertis also has a presence in other countries In June 2009, abertis ﬁnalised the acquisition of shares held by Itínere in (cid:154)(cid:22) 75% of the elqui concession operator which holds the 229-kilometre in Latin America and Europe, where it manages various concession operators in Spain and Chile. In the latter country this long Los Vilos-La Serena concession; abertis previously owned 25% or has minority shareholdings in toll roads has meant the acquisition of: of stock and therefore has taken complete control of the ﬁrm. in Argentina, Puerto Rico, Colombia, the UK, (cid:154)(cid:22) 50% of rutas del pacíﬁco, to take its stake to 78.85%, the concession (cid:154)(cid:22) 49% of gestora de autopistas (gesa), in which abertis already had operator for the motorway which links Santiago de Chile with Valparaíso a 51% stake. Gesa is tasked, amongst others, with operation and In Argentina it manages the grupo and Viña del Mar and is 141 km long. maintenance for elqui concesionario del oeste (gco), the holder of the concession for the Autopista del Oeste, the (cid:154)(cid:22) 50% of “Rutas II” and 50% of Operadora del Pacíﬁco, the latter being With this transaction abertis has ramped up its presence as a benchmark western route into the city of Buenos Aires, in charge of operating and maintaining the rutas del pacíﬁco toll road. toll road operator in Chile, where it manages a 430-kilometre network and has a presence in Ausol (Autopista del Sol), In both companies abertis has achieved a majority shareholding and featuring high quality assets which, moreover, improve the average life holder of the northern route into Buenos Aires. Portugal and Italy. control with a stake of 78.5%. of its concessions portfolio. Direct or shared management Company % holding Km. Concession end Country elqui rutas del pacíﬁco apr gco Autopista Central 100.00% 78.9% 75.0% 48.6%(*) 28.9%(**) 229 141 2 56 61 489 2022 Chile 2024 Chile 2044 Puerto Rico 2018 Argentina 2031 Chile (*) 57.6% of voting rights. (**) abertis holds 57.7% of Grupo Invin, which in turn has a 50% stake in Autopista Central Other shares Company Coviandes RMG Pt.Operational Services(**) Ausol Grupo Brisa Grupo Atlantia 31.6% 119 2020 Argentina 14.6% 1,378 2035(***) Portugal 6.7% 3,413 2038(***) Italy (*) Concession end subject to meeting speciﬁc total revenues and forecast for 2023 (**) Company which provides operation and maintenance services for the South African concession operator Bakwena Platinum Corridor (***) Shows end of concession with greater relative weight % holding Km. Concession end Country concession which in 2009 had its operating 40.0% 33.3% 33.3% 86 74 2023(*) Colombia 2026 United Kingdom term extended by 17 years up to 2044. In Europe, abertis has maintained its presence South Africa in two of the leading private motorway In Colombia, it has a presence in the concession operator Coviandes (Santa Fe de Bogotá- Villavicencio). In Puerto Rico, for the last nine years abertis has held 75% of Autopista de Puerto Rico (apr) which runs the Teodoro Moscoso Bridge concession in San Juan, a operating companies: the Portuguese ﬁrm Brisa, with a strategic stake of 14.6% which means it can have a seat on the company’s Board of Directors, and the Italian company Atlantia with a holding of 6.7%. In the UK it has a stake in the concession operator RMG, holder of the concessions for the A1-M and the A419/417. 31 AR CSR AA Letter from de Chaiman Letter from the Chaiman Corporate Administration Corporate Administration Letter from the Chairman Letter from the Chairman 1.1 Corporate administration 1.1 Corporate administration 1.2 Administrative bodies 1.2 Administrative bodies abertis group business abertis group business activities activities 2.1 Toll roads 2.1 Toll roads 2.2 Telecommunications 2.2 Telecommunications 2.3 Airports 2.3 Airports 2.4 Car parks 2.4 Car parks 2.5 Logistic parks 2.5 Logistic parks Infrastructures Infrastructures Corporate social Corporate social responsibility responsibility 3.1 A cross-cutting vision of 2009 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.2 The abertis foundation 3.3 Indicators 2009 3.3 Indicators 2009 Financial and economic Financial and economic information information 4.1 Consolidated ﬁgures 4.1 Consolidated ﬁgures 4.2 Financial management 4.2 Financial management 4.3 Shareholders and the stock market 4.3 Shareholders and the stock market Ahmed Darwiche General Manager of opsa – rutas del pacíﬁco “rutas del pacíﬁco has raised the bar for Chilean roads” What has been the most important milestone since Abertis became the main shareholder in Rutas del Pacíﬁco? The start-up of statutory safety work agreed with the Ministry of Public Works and which we have been carrying out on Route 68 since November 2009 to enhance safety levels. It consists of 35 projects for road restraint systems, signage and pedestrian connectivity among other things, with investment coming to nearly 25 million euros. It demonstrates our commitment to working to improve the quality of the service we provide. What has the experience of working with Abertis been like for you? We’ve spent the ﬁrst few months mainly taking on board the company’s new management policies and procedures and building abertis’s philosophy into our operating and service policies for our customers in transport and telecommunications infrastructure management. In this respect, rutas del pacíﬁco brought in different types of toll payment systems in 2009 for peak trafﬁc times, such as holiday periods or long weekends, in order to avoid jams and they have proved to be very successful. In your view, what are the challenges facing interurban concessions and what will Rutas del Pacíﬁco’s role be in dealing with them? Firstly we have to speed up processes for improving our infrastructures; secondly, we have to develop new projects; and then thirdly we have to bring in the electronic toll system for our interurban toll roads. Once that’s been done, the challenge for the concession operator is to ensure it operates properly based on the type of customers we have and trafﬁc levels. From the point of view of our public image, the introduction of electronic tolls on Route 68 received extensive media coverage and made us into the visible face of the system. The company’s constant challenge is to enhance service levels on our toll roads to meet our customers’ needs. improvements32 AR CSR AA SOUTH AMERICA San Juan Letter from de Chaiman Corporate Administration abertis group business activities Corporate social responsibility Financial and economic information Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies 2.1 Toll roads 2.2 Telecommunications Ireland bet’eire ﬂow Infrastructures 2.3 Airports Dublin 2.4 Car parks 2.5 Logistic parks United Kingdom RMG Gloucester Peterborough Sawtry Alconbury Cirencester Swindon EUROPE 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market London Milan Venice Genoa Rome Naples Bogotá Bogotá Colombia Coviandes Chile Elqui La Serena Villavicencio Portugal Brisa Porto Lisbon Argentina Ausol toll roads del oeste (gco) San Fernando San Isidro Buenos Aires Luján Buenos Aires Ovalle Los Vilos Chile Rutas del Pacíﬁco Valparaíso Buenos Aires Santiago Santiago San Antonio Chile Autopista Central Santiago direct management other holdings South Africa PT Operational Services AFRICA Bela-Bela Zeerust Pretoria Johannesburg Italy Atlantia Johannesburg 33 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market Financial and business results Revenues from directly managed toll the fall in heavy vehicles while light ve- gco has invested 4 million euros under road concessions in the rest of the world hicles have increased on interurban toll agreements with the government which have come to 151 million euros and roads due to greater demand for inter- mostly cover resurfacing work on the ebitda stood at 95 million euros, repre- nal routes and destinations. Furthermore, main roadway. In addition, another 184 senting in both cases 4% of the abertis there has also been a rates rise of around million euros has been invested in ex- group’s total. 10% in 2009. pansion entirely for the acquisition of the Chilean stock referred to above. The ﬁgures have risen signiﬁcantly and In Argentina, in spite of the 3.1% fall in are not comparable with the previous AADT due to the general economic cli- year due to the impact on the P&L ac- mate, the new rates applied at gco from count in 2009 of the inclusion of Chilean 10 January 2009 (on average +43.4%) shares on 31 December 2008 and the and the additional increase on 14 Dec- subsequent acquisition of “Itinere assets” ember 2009 (another 20% on average) with effect on 30 June 2009. have led to a rise in operating revenue of In Chile, activity has grown in all con- 33%. cession operators with increases of 0.9% In 2009, the Chilean concession opera- at Autopista Central, 2.3% at rutas del tors have invested 3 million euros, most pacíﬁco and 7.7% at elqui. The impact of it from Autopista Central, on tags, new of the economic crisis has been seen in equipment and hardware. In Argentina, Revenues from direct- managed toll road concessions in the rest of the world 151 millions of euros Ebitda from direct-managed toll road concessions in the rest of the world 95 millions of euros AADT elqui rutas del pacíﬁco gco Autopista Central Total AADT 2009 4,579 21,660 68,969 62,989 33,974 Var. % 7.7% 2.3% -3.1% 0.9% -0.7% Cons. results IFRS (millions of euros) (contributions to abertis consolidated) Operating revenues EBITDA EBIT 2009 151 95 22 Var. % 300.7% 832.2% 282.6% Investment (millions of euros) Operational investment Expansion investment 2009 7 184 34 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market 2.2 Telecommunications Infrastructures 3.200 signal broadcasting centres European operator, leader in terres- trial and satellite infrastructures abertis telecom is the parent com- pany of the telecommunications business and brings together the group’s shareholdings in this sec- tor. Through tradia and retevisión, it has the largest network of loca- tions for the broadcasting and dis- tribution of radio and television signals in Spain, with more than 3,200 centres throughout the country. abertis telecom is the parent company of the telecommunications Over recent years, abertis telecom has positioned itself as the business and brings together the group’s shareholdings in this leading group in the terrestrial telecommunications infrastructures sector. Through tradia and retevisión, it has the largest network and services sector in Spain and as an international benchmark of locations for the broadcasting and distribution of radio and operator in the satellite broadcasting sector. television signals in Spain, with more than 3,200 centres throughout the country. In addition, Hispasat, with a ﬂeet of 6 satellites (2 of During 2009, abertis telecom has continued to gear its growth them via the public company Hisdesat), is the leading operator in strategy in Spain towards driving and rolling out Digital Terrestrial communications in Spanish and Portuguese. Television (DTT). The “analogue switch-off”, set for April 2010, is It also has a stake in Eutelsat, the leading operator in Europe and 2,782 abertis telecom centres. By the end of the year, coverage third in the world, with a ﬂeet of 27 satellites in geostationary orbit of 97% of the population (more than 45 million people) had been providing coverage for 90% of the world’s population and offering achieved. In addition, abertis telecom has enabled the inclusion of services to more than 3,400 TV channels and over 1,100 radio new services into DTT such as High Deﬁnition test broadcasts. structured into 90 changeover projects which involve activities in stations. 35 AR CSR AA Letter from de Chaiman Letter from the Chaiman Corporate Administration Corporate Administration Letter from the Chairman Letter from the Chairman 1.1 Corporate administration 1.1 Corporate administration 1.2 Administrative bodies 1.2 Administrative bodies abertis group business abertis group business activities activities 2.1 Toll roads 2.1 Toll roads 2.2 Telecommunications 2.2 Telecommunications 2.3 Airports 2.3 Airports 2.4 Car parks 2.4 Car parks 2.5 Logistic parks 2.5 Logistic parks Infrastructures Infrastructures Corporate social Corporate social responsibility responsibility 3.1 A cross-cutting vision of 2009 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.2 The abertis foundation 3.3 Indicators 2009 3.3 Indicators 2009 Financial and economic Financial and economic information information 4.1 Consolidated ﬁgures 4.1 Consolidated ﬁgures 4.2 Financial management 4.2 Financial management 4.3 Shareholders and the stock market 4.3 Shareholders and the stock market Everyone at abertis telecom has been working hard since the project began to make sure that the changeover from analogue to digital TV is a success Oriol Sitjà abertis telecom Business Manager “Introducing DTT is the most complex telecommunications project Spain has undertaken to date” Digital rollout and the analogue switch off is an enormously complex project… Replacing an analogue TV broadcasting system by an exclusively digital one is the most complex technological process Spain has undertaken to date. In addition to the tremendous social impact of the change, which will affect more than 46 million people, the process has to be coordinated between different players, TV stations, government, installers, associations and network operators to ensure the changeover not only takes place on schedule this April but also that the new system has the same coverage as the present one, which of course has been achieved through deployment over the last ﬁfty years. And Abertis Telecom is fully involved in this process. Everyone at abertis telecom – as a benchmark operator – has been heavily engaged since the start of the process to achieve these goals and to make sure that the changeover from analogue to digital TV is a success. And it is doing that by closely partnering broadcasters and government to ensure that DTT reaches practically everyone living in Spain before the analogue switch-off. Due to its size and scope, all departments at the company are involved in the project ranging from technology and operations to communication and quality. We’re talking about replacing one broadcasting system by another which means upgrading broadcasting equipment at more than 4,000 points around Spain. And that replacement has to be made with the two systems, analogue TV and DTT, broadcasting at the same time and calls for the cooperation of individuals and owners’ associations to adapt individual or collective aerials and install suitable receivers. Is all that hard work being rewarded? DTT is meeting its objectives: by 31 December 2009 more than 5 million people were only getting digital TV signals and DTT coverage is more than 97% of the population, plus in July 2009 DTT overtook analogue in terms of audience share. To be sure the DTT changeover process in Spain is leading the way in Europe ahead of countries which have also begun analogue switch-off processes, including France, Italy and the UK. Europe is undergoing technological change and DTT opens up the doors to new broadcasting scenarios (High Deﬁnition in the immediate future and other options in the medium to long term), and to new media for using leisure and communication applications and services. DTT36 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market 37 Direct or shared management Company % holding Centres abertis telecom 100.00% - retevisión tradia teledifusión madrid adesal overon Hispasat 100.00% 2,524 sites 100.00% 693 sites 80.0% 51.1% 51.0% - - 42.06%(*) 6 satellites (*) includes indirect holding through Eutelsat The telecommunications infrastructures division at abertis has have been launched in 2009 by Eutelsat, after the HOT BIRD™ continued to develop telecommunications services for operators 10, which went into orbit in February, and the W2A, which was by including new projects for implementing wireless and ﬁbre launched in April. They are part of an expansion programme which optic broadband networks as well as security and emergency includes putting nine satellites into orbit between 2008 and 2011 radio services such as the ones provided since May to the and which will enable Eutelsat to increase its facilities in orbit Merchant Navy and Sea Rescue. by 30% and generate frequency bands that are optimised for new services. Thus it is planned to launch another high-capacity In July it was announced that the purchase of Axión would not satellite (KaSat) towards the end of 2010, whose revolutionary take place as it was held that the conditions set by the National multichannel transmission architecture will offer more than Competition Commission (CNC) and endorsed by the Ministry a million households in Europe and the Mediterranean basin a of the Economy would make it impossible to achieve the goals broadband service comparable with ADSL2 in terms of speed and of the initial agreements and the industrial project which were cost. the reason for the operation. Other shares Company Torre Collserola Eutelsat Cota % holding Centres Eutelsat and Hispasat which have meant that both companies which features cutting-edge technology for broadband services. In the satellite business, there have been new launches at biggest communications satellite with pan-American coverage 41.8% 31.4% 25.0% - have been able to increase their ﬂeets and step up their presence With this new satellite, Hispasat is beginning a period of growth 27 satellites in key orbital positions as well as enter emerging satellite markets in which it is planned to launch four satellites over the next four - with enormous potential for growth. years. For its part Hispasat put Amazonas 2 into orbit in October, the Towards the end of 2009, Eutelsat launched the W7 satellite, abertis telecom takes advantage of the opportunities provided ﬁtted with 70 operative transponders and ﬁve high-performance by this business sector in order to foster and maintain conditions coverage areas (Europe, Russia, Africa, the Middle East and which ensure continuous and sustainable growth. Consequently, Central Asia), doubling the bandwidth available for digital in addition to expanding the markets in which it operates with transmission of video and telecommunications services. All of its traditional business and customer base, it also seeks to create this is a considerable boost to the commercial potential of an added-value services which bring it competitive advantage and area of key importance. This satellite is crucial in Eutelsat’s ﬂeet make alternative sources of revenue available. for telecommunications and data services, the second mainstay of the company’s operations and which generated more than Over the course of the year, abertis telecom has continued to step 18% of its revenue in 2008-2009. The W7 is the third satellite to up its R&D&I to explore the possibilities of emerging broadcasting 37 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market technologies with national and international projects such as Financial and business results Furia (Future Integrated Broadcasting Network), B21C, J-ORTIGIA (ESA) and CHORIST. The latter is based on the integration of a The telecommunications infrastructures business sector brought These ﬁgures do not include the contribution of Eutelsat as it is range of broadcasting technologies for use in advanced incident in the second highest amount of revenues at 541 million euros consolidated by the equity method. management systems for high-risk situations. and an ebitda of 219 million euros, 14% and 9% of the abertis Growth continues to be its main medium- and long-term goal in total respectively. In 2009 abertis telecom has invested 194 million euros in organic growth, basically in retevisión and tradia for the a business area which is demonstrating its ability to withstand The telecommunications sector has increased its revenue compared regional rollout of digital TV and in Hispasat on the Amazonas II economic and ﬁnancial uncertainties. In this respect, abertis with 2008 due to the annual review of rates for all services and (launched in October), Hispasat 1E and Hispasat AG-1 satellites, telecom is to continue working on the analysis of opportunities an increase in broadcasting activity (TDT and the impact of new the latter two being under construction. In addition, 30 million in Europe in the sphere of infrastructures for radio and television contracts) and in carrier and wholesale activities. Furthermore, there euros has been invested in improving efﬁciency at broadcasting broadcasting. Likewise, it will continue to seek to meet the has also been a rise in non-recurring revenue (due to additional centres, replacement and operational support, mostly retevisión challenges posed by technological change in the light of the coverage extensions) which has risen from 21 million euros in 2008 and tradia, and in overon for a new operating headquarters in digitisation of television, its growing coverage and the convergence to 59 million euros in 2009. Likewise, when compared with 2008, Madrid and new mobile units. process between the various TV broadcasting platforms: DDT, 2009 also includes the positive revenue impact of more than 30 mobile TV and TV via IP. million euros due to the proportionate consolidation of Hispasat over the entire year (in 2008 from 1 July 2008) which, as it has a higher ebitda margin than other companies in the sector, has led to a greater rise in ebitda (31.5%). Cons. results IFRS (millions of euros) (contributions to abertis consolidated) No. sites (*) No. service centres (**) 2009 3,217 55,406 Var. % 0.0% 132.7% (*) Sites: broadcasting centers or retransmitters (**) Service centres: equipment and facilities that serve different customers and operators. These facilities are installed at the sites. Operating revenues EBITDA EBIT Investment (millions of euros) Operational investment Expansion investment 2009 30 194 2009 541 219 108 Var. % 25.5% 31.5% 35.7% 38 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market 39 2.3 Airports 57 million passengers A world benchmark operator In the course of 2009, abertis airports has consolidated its position as one of the benchmark operators in the airport infrastructures sector in the world with operations at 29 airports in Europe, the US and Latin America and overall annual trafﬁc coming to 57 million passengers. During the year abertis’s airport management business has been tbi, the company which was the vehicle used by abertis to enter subject to a number of factors which have affected air trafﬁc the airport sector as a benchmark operator four years ago, manages worldwide. They include the persistence of the international eight international airports that it owns or has the concession for economic crisis, adverse winter weather conditions in December in Europe (the UK and Sweden), the United States and Bolivia. In and February and, especially in Mexico, the effect on passenger addition it has total or partial management contracts for another transport of the outbreak of swine ﬂu. Against this background, ﬁve airports in the United States. the company has focussed its efforts on proactive management of the business to optimise costs and activities which are not part Over the course of the year, three of its main airports have of its core business and concentrate investment on operational upped their number of routes and the frequency of their ﬂights enhancement of facilities and driving commercial business with its to destinations with growing demand. Three new airlines have clients, the airline companies. been operating their international ﬂights from London Luton since 39 AR CSR AA Letter from de Chaiman Letter from the Chaiman Corporate Administration Corporate Administration Letter from the Chairman Letter from the Chairman 1.1 Corporate administration 1.1 Corporate administration 1.2 Administrative bodies 1.2 Administrative bodies abertis group business abertis group business activities activities 2.1 Toll roads 2.1 Toll roads 2.2 Telecommunications 2.2 Telecommunications 2.3 Airports 2.3 Airports 2.4 Car parks 2.4 Car parks 2.5 Logistic parks 2.5 Logistic parks Infrastructures Infrastructures Corporate social Corporate social responsibility responsibility 3.1 A cross-cutting vision of 2009 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.2 The abertis foundation 3.3 Indicators 2009 3.3 Indicators 2009 Financial and economic Financial and economic information information 4.1 Consolidated ﬁgures 4.1 Consolidated ﬁgures 4.2 Financial management 4.2 Financial management 4.3 Shareholders and the stock market 4.3 Shareholders and the stock market Over the next few years we’ll tackle the extension and resurfacing of the landing runway which will enable us to access new markets Fernando Bosque CEO at MBJ Airports “The extension of Sangster International means that we can handle up to nine million passengers per year” 1.- What has been involved in the extension of Sangster International airport, which was completed in the middle of 2009? The main goal was to expand our passenger handling capacity to nine million by enhancing our service quality. To do that we built a boarding dock with 10 boarding gates that is fully equipped with all the services that a modern airport requires. This new dock came into service with the new arrivals hall and access to public transport. Taken together this facility has increased our passenger handling capacity by 200%. We’ve also revamped the old building with a large check-in area with 100 desks. We’ve also extended the parking apron and taxiway to handle 20 planes at peak times and we’ve installed boarding bridges at all boarding gates. Total investment has come to 183 million dollars, ﬁnanced with 90 million dollars in long-term loans and the rest from shareholders and self-ﬁnancing. 2.- What is the signiﬁcance of this extension for the airport and for the development of Jamaica? The main gateway for tourism in Jamaica is Montego Bay airport, which receives 1.4 million visitors or 85% of tourists who come to the country by air. The reason is because the resorts are in the north and the airport has good facilities and communications. Sangster plays a key role in the country’s economy and its future development due to its great dependence on tourism. The extension will make it possible to ensure steady increases in investment in tourism development and hence in resulting growth. 3.- What are the main future challenges for Montego Bay airport? Because it is an airport which serves a tourism destination, the concentration of operations is going to continue. Once the US and European economies have recovered, the rise in trafﬁc will call for fresh efforts to adapt the facility so as to maintain the level of comfort appropriate for the image the country wishes to transmit. Furthermore, the carrying capacity of the runway and the taxiways and air safety conditions are being affected by the age of the surface and layout of the airﬁeld. That means that over the period 2010 to 2013 we’ll need to do some upgrading work costing around 25 million dollars. Lengthening the runway by 400 metres will make it possible to access markets which at present are not viable. With all of these changes, the airport will continue to play its role as an essential factor in Jamaica’s economic growth. 40 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market Company % holding Owned Concession Management dca tbi codad 100.0% 90.0% 85.0% - 3 - 3 15 5 1 21 - 5 - 5 Through dca Country % holding. Concession Jamaica Colombia Chile México 74.5% 33.3% 14.8% 5.8% 1 1 1 12 15 the middle of the year. The airport now has a network Furthermore, gap’s Five Year Plan has been successfully of routes that includes over 100 destinations in Europe, negotiated and approved. It features a 6% rate increase and Africa and Asia. Cardiff Airport, for its part, increased the the setting out of a new investment framework for the next frequency of its ﬂights to Tenerife and Sharm-el Sheik ﬁve years in the twelve airports managed by the group. (Egypt) and Orlando Sanford began operating new ﬂights to Bentonville (Arkansas) and Duluth (Minnesota) abertis airports also operates two runways at the amongst others which have been added to the more than Eldorado-Bogotá airport through codad under a concession 30 cities served by ﬂights from the airport. Moreover, agreement. since September Orlando Sanford and Cardiff have been connected by direct ﬂights which up to now have been the The consolidation and growth of the assets managed by only direct connection between Florida and Wales. abertis airports, combined with the management of an Through the desarrollo de concesiones aeroportuarias the company to explore and analyse new medium- and (dca) group, abertis has an interest in a total of 15 airports long-term investment opportunities from national, regional in Jamaica, Chile and Colombia and a particularly strong and local governments or from private managers who are experienced structure in various airport markets will enable position in the Grupo Aeroportuario del Pacíﬁco (GAP) in disinvesting. Mexico. Through tbi Country United Kingdom(*) Sweden Florida (USA) Bolivia Georgia (USA) California (USA) North Carolina (USA) Owned Concession Management 2 1 - - - - - 3 1 - 1 3 - - - 5 - - - - 3 1 1 5 In February, the second stage of the extension of Sangster International airport at Montego Bay (Jamaica) was completed to round off a project that has been carried out over the last ﬁve years and has increased the airport’s passenger handling capacity to nine million per year. Investment in the extension project, which has doubled the terminal building’s capacity, installed 12 new boarding bridges and increased the size of the parking apron by 46%, has come to 147 million euros. 41 AR CSR AA Letter from de Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market USA Burbank Mexicali Tijuana Raleigh (Durham) Atlanta Herbert Smart Downtown Middle Regional Georgia Orlando Sanford Hermosillo Los Mochis Manzanillo La Paz San José del Cabo Mexico Guadalajara Puerto Vallarta Colombia Bolivia Chile Aguascalientes Sangster Bajio Morelia Jamaica Eldorado Cali El Alto (La Paz) Jorge Wilstermann (Cochabamba) Viru Viru (Santa Cruz) Santiago Direct management Owned Concession Management contract Other holdings other holdings america42 AR CSR AA Letter from de Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market 43 Sweden Stockholm Skavsta United Kingdom Belfast International Cardiff International London Luton Direct management Owned Concession Management contract Other holdings other holdings europe43 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market Financial and business results The airports sector (which includes abertis Airports, the DCA group acquired in March 2008, ACDL/TBI and Codad) No. of passengers (thousands) accounts for 7% of the revenue and 4% of the Ebitda of the abertis group in 2009. The main factors in airport activity in 2009 include the 7.7% fall in the number of TBI passengers down to 22.6 million, mainly due to a generalised reduction in carrying capacity among charter operators in the United Kingdom and the United States, the impact of the economic crisis, a reduction in routes and the effect of poor weather in February and December in the United Kingdom. There has also been negative growth in DCA airport activity (-8.0%) compared with 2008 due to a decline in both domestic and international trafﬁc, with GAP being especially hard hit due to swine ﬂu in Mexico. At Codad, the number of ﬂights increased by 5.8%. In terms of revenue and ebitda ﬁgures, DCA’s additional contribution in 2009 of 3 months (it made no contribution in the ﬁrst quarter of 2008) does not offset the decline in activity and the change in the pound/euro exchange rate with an average 11% depreciation of the pound against the euro. The airport sector has invested 34 million euros in 2009. There has been investment in maintenance at all the airports in the TBI group (in particular at Luton, Belfast and Cardiff), in resurfacing Codad’s north runway, restructuring access to the terminal at Luton and the completion of the Jamaica airport extension which came into service in the middle of February 2009. London Luton Belfast International Cardiff International Orlando Sanford Stockholm Skavsta Bolivia Total no. of tbi passengers dca group passengers (thousands) Montego Bay (Jamaica) Aerocali (Cali, Colombia) Santiago de Chile GAP (México) Total no. of dca aggregated passengers 2009 Var. % 9,129 4,538 1,628 1,688 2,505 3,100 22,589 3,244 2,518 8,957 19,287 34,005 -10.4% -13.3% -17.9% -8.0% 1.9% 12.2% -7.7% -4.2% 9.8% -0.6% -13.3% -8.0% No. of CODAD ﬂights 131,571 5.8% Cons. results IFRS (millions of euros) (contributions to abertis consolidated) Operating revenues EBITDA EBIT Investment (millions of euros) Operational investment Expansion investment 2009 278 97 32 Var. % -7.4% -2.4% -6.8% 2009 29 5 44 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market 2.4 Car Parks 128.240 spaces Leadership and international reinforcement Through saba, abertis is a leading operator in Spain and one of the largest in Europe in the car parking sector. It manages 128,240 spaces which are distributed in a total of 196 operational units and is present in 77 towns and cities in Spain, Portugal, Italy, Chile, France, Andorra and Morocco, making it a reference point in the sector. Organic growth in the Spanish market, fresh progress in its business segments connected with tenders for on-street internationalisation process – Italy, Portugal and Chile have metered parking and managing car parks at airports, ports, been joined in 2009 by France – and greater involvement in hospitals and shopping centres. other business activity segments, mostly the management of car parks at airports, have been the main features of As a result, during the year the company has won major operations in the car parks division at abertis which, through concession contracts for managing car parks at airports (it saba, is one of the benchmark operators in the sector as it has continued to operate the car park at El Prat Airport in manages around 130,000 spaces (+21%) in 77 cities. Barcelona and has landed new awards for Tenerife Sur, Girona, Over the course of the year, saba has continued working on Port of Blanes), shopping centres (Illa Carlemany in Andorra) Reus, Almeria and Pamplona), ports (metered parking at the a more uniform process of expansion domestically as well and hospitals (Mataró). as on its business mix through greater involvement in new 45 AR CSR AA Letter from de Chaiman Letter from the Chaiman Corporate Administration Corporate Administration Letter from the Chairman Letter from the Chairman 1.1 Corporate administration 1.1 Corporate administration 1.2 Administrative bodies 1.2 Administrative bodies abertis group business abertis group business activities activities 2.1 Toll roads 2.1 Toll roads 2.2 Telecommunications 2.2 Telecommunications 2.3 Airports 2.3 Airports 2.4 Car parks 2.4 Car parks 2.5 Logistic parks 2.5 Logistic parks Infrastructures Infrastructures Corporate social Corporate social responsibility responsibility 3.1 A cross-cutting vision of 2009 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.2 The abertis foundation 3.3 Indicators 2009 3.3 Indicators 2009 Financial and economic Financial and economic information information 4.1 Consolidated ﬁgures 4.1 Consolidated ﬁgures 4.2 Financial management 4.2 Financial management 4.3 Shareholders and the stock market 4.3 Shareholders and the stock market Giovanni Centurelli CEO at saba Italia “saba Italia has continued to grow strongly in 2009 in spite of the change in demand due to the crisis” 1.- What change has there been in Saba Italia’s car park portfolio in 2009? The Villa Borghese project in Rome is the most innovative in the car park sector in Europe 2009 has been a very good year for saba Italia in terms of both increased geographical coverage and operations. With the acquisition of two operating companies and the coming into service of car parks built in Assisi, Genoa and Sassari, saba Italia now has a presence in 19 major cities with 55 parking facilities which means we have been able to expand our network of facilities across the country. In operational terms we have seen a major increase in turnover (more than 35%) in spite of a change in car park demand due to the poor economic climate. 2.- Are you planning to continue growing over forthcoming years in the Italian market? We will continue to expand over the next few years, albeit at a slower rate. The company has a portfolio of construction and management concessions for another 10 car park facilities which together have some 4,500 spaces and will come into service over the next three to ﬁve years. 3.- What are the main future challenges in the car park sector in Italy and what role do you think saba can play in the country to help with its development? LThe main challenges in the sector are connected with the privatisation of companies in which local councils have a stake and the implementation of major urban restructuring projects. Here at saba Italia we believe we can play an important role as a player and developer in the most innovative car park project in Europe: creating an urban hub in the Villa Borghese car park in Rome. This will be saba Italia’s biggest challenge over the next few years. italy46 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market 47 Abroad saba has begun operations in France in 2009 with two projects in Financial and business results Paris: Lagrange (Notre Dame) and François 1er, with a combined total of 1,042 spaces and concession terms of 12 and 14 years respectively. Both The car park sector accounts for 4% of operations buttress abertis’s position in a strategic market and enhance abertis’s operating revenues and reached 150 synergies between its various business units since saba has undertaken million euros. Its contribution to consolidated the two projects with sanef, the abertis subsidiary which is a concession ebitda was 55 million euros, which is 2% of operator of toll roads in the country. the abertis total. In Italy, where saba has consolidated its position as one of the leading The incorporation of new car parks and spaces operators, progress has been made in car parks under construction – with combined with an increase in rates are the the coming into service of the facilities built in Assisi, Genoa and Sassari reasons behind the increase in 2009 in ﬁgures Country % holding No. of spaces No. of cities Spain Portugal Italy Chile France Andorra Morocco 99.46%(*) 100% 100% 100% 76.01%(**) 60% 51% 72,134 17,035 25,409 8,942 1,042 696 2,982 128,240 44 7 19 3 1 2 1 77 – which will enable it to increase its presence in the country up to 25,409 for the car parks sector, which offset moderate spaces. The same is the case in Portugal, where it manages more than growth in operations in comparative terms (*) abertis has a 99.46% stake in saba aparcamientos, which has holdings in the other companies (**) 50% of shareholders are companies controlled by the abertis group; in total abertis holds 76.01% of saba-sanef parkings 17,000 spaces. In Chile, the company has begun operating a new car park in and average stay times. Concepción (Plaza Tribunales) and acquired the Parque Forestal car park in the centre of Santiago, thus ramping up saba’s presence in the country with Over the course of the year saba has invested a capacity of almost 9,000 spaces in Santiago, Concepción and Valparaíso. 35 million euros in expansion in Italy, Spain, Chile and France. In addition, it has carried out No. of car parks No. of spaces No. of short-stay vehicles (millions) 2009 196 128.240 56,3 Var. % 7.1% 21.0% 9.1% saba’s commitment to delivering solutions which enhance mobility results operational investment in repairs, upkeep and No. of season ticket holders 34.477 6.2% in new technology initiatives each year, including this year the start up of adaptation to regulations coming to 8 million a remote car park management (Gestión a Distancia de Aparcamientos euros. or Geda) centre, a pioneering technology project in car park and metered parking monitoring and control in the company’s network of facilities in Spain. saba’s medium- and long-term strategy is geared towards improving the efﬁciency of its current operations, a crucial factor in an adverse economic climate, and consolidating its 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. For the purposes of car park business, in addition to the saba group 100% of saba sanef Parkings (50% commercially dependent on sanef) is included, even though there is no signiﬁcant impact on the P&L ﬁgures in 2009 and still no impact in 2008.. Cons. results IFRS (millions of euros) (contributions to abertis consolidated) Operating revenues EBITDA EBIT Investment (millions of euros) Operational investment Expansion investment 2009 Var. % 150 11.3% 55 32 8.0% 2.2% 2009 8 35 47 AR CSR AA Letter from de Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market Chile Valparaíso Santiago Concepción Paris France Andorra Trieste Venice Verona Cremona Milan Genoa Pisa Spain A Coruña Pamplona Andorra Girona Porto Madrid Castellón Barcelona Rome Portugal Lisbon Alicante Seville Malaga Rabat Girona Barcelona Morocco Las Palmas de Gran Canaria Bari Brindisi Italy europeamerica48 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market 2.5 Logistic parks 511.503 m2 of gross ﬂoor area Consolidation in Spain, Portugal and Chile abertis logística is the parent company of the business unit which focuses on the promotion, development, management and use of logistic parks. In 2009 abertis logística has continued to implement its strategy spending resulting from the current adverse economic climate. of fostering a new concept in intermodal logistics parks sited in Against this background, abertis logística has put in place a strategy strategic locations and connected by high capacity communications that involves the consolidation and management of its assets, links both in Spain and abroad, and which in recent years has led it to adapting investment levels and driving the sales and marketing put in place projects in Spain (Barcelona, Madrid, Álava and Seville), divisions, making management and services more ﬂexible to meet Portugal and Chile. The gross surface area managed by abertis changing customer needs, and even partnering them in functional logística logistics parks stood at 484 hectares in 2009, with almost analysis of their storage and distribution problems and the search for 2.4 million m2 in buildable area. At the end of 2009, the company solutions which optimise their needs in this area. had 511,503 m2 of gross ﬂoor area in logistics facilities with average occupancy levels of 75%, and 128,000 m2 of logistics services. In 2009, progress has been made on the extension projects at Arasur Over the course of the year the sector has readjusted occupancy 43.5 hectares after global project development investment coming levels and prices due to the decline in production and consumer to 60 million euros over a period of six years. Furthermore, work on and ZAL II in the Port of Seville, where total area is expected to reach 49 AR CSR AA Letter from de Chaiman Letter from the Chaiman Corporate Administration Corporate Administration Letter from the Chairman Letter from the Chairman 1.1 Corporate administration 1.1 Corporate administration 1.2 Administrative bodies 1.2 Administrative bodies abertis group business abertis group business activities activities 2.1 Toll roads 2.1 Toll roads 2.2 Telecommunications 2.2 Telecommunications 2.3 Airports 2.3 Airports 2.4 Car parks 2.4 Car parks 2.5 Logistic parks 2.5 Logistic parks Infrastructures Infrastructures Corporate social Corporate social responsibility responsibility 3.1 A cross-cutting vision of 2009 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.2 The abertis foundation 3.3 Indicators 2009 3.3 Indicators 2009 Financial and economic Financial and economic information information 4.1 Consolidated ﬁgures 4.1 Consolidated ﬁgures 4.2 Financial management 4.2 Financial management 4.3 Shareholders and the stock market 4.3 Shareholders and the stock market The Decathlon project has been an excellent experience for all of abertis logística’s parks Francisco Rodríguez Piñero ZAL Seville General Manager “ZAL Seville’s main challenge is to consolidate its position as a benchmark project in the logistics and port sector” 1.- What has the ZAL II development project in the Port of Seville consisted of? The development of ZAL II is a natural extension of ZAL I towards the south by increasing managed area by 18 hectares and making it possible to urbanise other plots, which in turn means we can build units up to 40,000 m2 in size which would be impossible in ZAL I. Investment in ZAL II has come to around 5 million euros and we have used the same construction quality and functional design parameters as at ZAL I, albeit with a different geometry. The layout used has meant we have been able to create some large plots while maintaining the same access and optimising logistics plot occupancy in relation to total area. We’ve even been able to improve on the occupancy ration in ZAL I which was already high for projects of this kind. 2.- What are the main features of the turnkey warehouse project for Decathlon? The turnkey project for Decathlon is another milestone in ZAL management. It has some technically very different and ambitious speciﬁcations and is also extremely large, at four times the area of the ﬁrst units built in Seville by abertis logística. The gross ﬂoor area of the unit is 30,000 m2 with 500 m2 on mezzanine ﬂoors, and it could accommodate four Champions League size soccer pitches. Implementing this project has been a great experience for abertis logística, not just in Seville but also because of its applicability to the rest of the company’s logistics parks. 3.- What are the main future challenges for ZAL Seville? ZAL Seville’s main challenge is to maintain all that has been achieved over the last ﬁve years as a benchmark project, not only for Seville and Andalusia but also for the entire Spanish ports system. In spite of the current economic climate, the project needs to uphold the same construction speciﬁcations and service quality for customers and users. And we have to do that while adapting to a market in which demand has dropped off and supply is intensely competitive with priority given to increasing unit occupancy rates. Plus the upcoming start-up of the new entrance lock at the Port of Seville will make it possible to increase cargo trafﬁc in the port, which in turn will mean that ZAL needs to be ready to meet the growing needs of logistics operators for storage and added value services. Here new projects such as the addition of the container rail terminal to ZAL will help us to achieve this goal. zal seville 50 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market 51 the second phase of the abertis logisticspark coslada project, sited in the Henares Corridor, has been completed. Direct or shared management Also in Spain, abertis logística and the Port of Barcelona Authority have decided to join their marketing forces and capabilities and have signed an agreement to carry out a joint project geared towards the promotion and development of logistics activities in Catalonia and its area of inﬂuence through a company called Consorci de Parcs Logístics. Company % holding Logistic parks CIM Vallés City Barcelona abertis logística 100.0% abertis logisticscenter henares Madrid abertis logisticscenter camarma Madrid abertis logisticscpark penedés Barcelona abertis logisticscpark coslada Madrid abertis logisticscpark santiago Chile abertis logisticscpark lisboa Portugal zal puerto de sevilla Sevilla 100.0% 100.0% 60.0% In Portugal, progress has been made in mapping out and developing abertis Portugal Logística road access to the abertis logisticspark lisboa, the ﬁrst facility sevisur Chile logística of its kind in the country, sited a mere 30 km from the capital and near the country’s main road and rail junctions. The logistics park has also begun the earthworks required for its urbanisation. Parc Logístic Zona Franca 50.0% Parc Logístic Zona Franca Barcelona Arasur 44.0% Arasur Álava Total surface area (hectares) 7.0 4.4 10.6 14.2 10.7 63.3 100.0 43.5 40.9 190.0 484.6 Current status Operational Under construction Under construction Operational Operational Under construction Under construction Operational / Under construction Operational / Under construction Operational / Under construction In Chile, work has continued on the ﬁrst integrated logistics park in Santiago, abertis logisticspark santiago. The project, which covers 63.3 hectares, provides for the building of 350,000 m2 of warehouses and more than 15,000 m2 of corporate services facilities. The ﬁrst stage of the park, which includes the ﬁrst 20,000 m2 of units, is to be opened in the ﬁrst half of 2010. Other shares Company Cilsa abertis logística will continue working in the medium-term on the development of its model, mainly in Spain, Portugal and Chile, while also exploring new business opportunities and new management models. % holding Logistic parks City Total surface area (hectares) 32.0% Zal Barcelona / Zal Prat Barcelona 227.0 Current status Operational / Under construction AR CSR AA Letter from de Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market 51 Chile Santiago France Pais Spain Portugal Lisbon Seville americaeurope52 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market 53 Financial and business results The logistics services business unit contributed operating revenues of 30 million euros and ebitda of 12 million euros to abertis, ﬁgures which represent 1% and 0.5% of the Group’s totals respectively. In 2009, the decline in operating revenue (-32%) is mostly due to the impact in 2008 of the capital gain from the sale of Port Aventura (12 million euros). Without this, operating revenue would have fallen by 2.4%, mainly as a result of the fall in income at Areamed (less business activity), a fall in average prices and a reduction in average leased square metres, mostly at PLZF, Cim Vallés and Penedès which have not been offset by the increase at sevisur and Arasur. In addition, average occupancy has fallen by 14.4% with the coming into service of Coslada II in May (without any units being leased in 2009) and none of the new Arasur and sevisur units being marketed. As this is a sector that is being developed, the main investments have been for expansion projects for a total of 29 million euros, with the chief investments being at Sevisur, abertis logística Chile and abertis logística Portugal. Another million euros has been invested in ﬁtting out Coslada II. m2 units and ofﬁces built % average occupancy 2009 511,503 75.0% Var. % 22.1% -14.4% Operating revenues EBITDA EBIT 2009 Var. % 30 12 3 -32.1 -52.1 -84.1 Operational investment Expansion investment 2009 1 29 Cons. results IFRS (millions of euros) (contributions to abertis consolidated) Investment (millions of euros) 53 AR CSR AA Letter from de Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market 54 AR CSR AA Letter from de Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market 55 55 AR CSR AA R S C Letter from the Chairman Corporate administration and Administrative bodies 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 Financial and economic information 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market 56 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market 57 3. Corporate Social Responsibility inclusion of abertis’s corporate social responsibility strategy, begun in 2002, has enabled the its new business units by identifying priority areas for improvement. The Corporate Social Responsibility Committee the coordination body for abertis’s corporate social responsibility strategy. is (cid:154)(cid:22) Service improvements have included increasing the percentage of quality management systems, actions geared towards cutting the road accident rate and enhanced communication in DTT deployment. This has resulted in an increase in customer satisfaction. (cid:154)(cid:22) There are now more business units which have environmental management systems in place. The Group has increased its energy efﬁciency, cut its use of resources, enhanced waste and wastewater management and reduced CO2 emissions through the Carbon Reduction Commitment and the Carbon Disclosure Project. (cid:154)(cid:22) Several meetings with investors have been held and communication channels with shareholders have been consolidated. (cid:154)(cid:22) abertis has prioritised maintaining jobs, creating loyalty among the talent in its workforce, fostering equality and integration for the disabled and enhancing internal communication and health and safety at work. It has increased the percentage of the companies in the Group which have a health and safety at work system in place. (cid:154)(cid:22) The number of tenders which have included environmental and social clauses has been increased, 2,235 suppliers have been A cross-cutting vision of 2009 (cid:154)(cid:22) abertis has received a number of awards, including a evaluated and a procedure for joint assessment and approval Gold Class distinction in recognition of its sustainability has been drawn up. performance in the industrial transport sector in 2009-10 (cid:154)(cid:22) abertis has buttressed its alliances with knowledge-generating presented by Sustainable Asset Management (SAM), and the organisations. Relations between the Group and the local Asociación Multisectorial de Empresas (AMEC – Multi-sector community have been furthered by the handbook of commitments Companies Association) Award for its international track to the community and the global sponsorship database. record. It has also remained on the Dow Jones world and European sustainability indexes. Its presence on the Corporate Reputation Forum enables participation in the State Corporate Social Responsibility Council (CERSE). 57 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market The abertis foundation: the year of its 10th anniversary The abertis chairs The abertis foundation has celebrated its tenth anniversary by reinforcing its commitment to society. As a prime example of abertis’s The signing of an agreement with LUMSA corporate social responsibility, one of its main missions continues to be promoting and publicising research into the impact of University in Italy has led to the setting up of the infrastructures on their surroundings. It has also continued with its work on road safety and has organised discussion events featuring abertis-LUMSA chair, which is designed to research experts and professionals from a range of ﬁelds. The outstanding initiative in 2009 has been the start-up in Catalonia of the ‘Te queda and share ideas about the impact of infrastructures una vida’ (You’ve got one life left) programme, a successful project which is a pioneer in Europe and seeks to foster good habits among in countries in the Mediterranean arc. drivers aged under 30. One of the main milestones achieved this year has been the opening of the Italian country ofﬁce in Rome as part of an internationalisation Transport and Trafﬁc seminars, while the abertis process that is to continue with similar facilities elsewhere, the next one being scheduled for Paris. The abertis-LUMSA chair has also research awards have gone to two projects about been set up. airports and toll roads. The abertis-UPC chair has run another series of A study has been presented that analyses the impact of tourism in Antarctica. Solutions involve environmental education for visitors. The abertis-IESE chair has continued to train and Castellet Castle has stepped up its role as a venue for knowledge transfer and cultural promotion by hosting a wide range of activities roundtables and workshops which for the most and updating the exhibition which sets out its 2,500 years of history under the title ‘One Castle, One Way’. part have focussed on the current economic inspire executives. In 2009 it has held forums, The abertis foundation has for the second time made its activities report available online. It is published in ﬁve languages and has received 25,262 hits since it was posted towards the end of 2009. crisis. The activities of the abertis–FEDEA chair in Infrastructure and Transport Economics have included a workshop covering ‘Airport privatisation and regulation’ that was held in Barcelona. Through the Chair in Leadership and Democratic Governance, abertis and ESADE nurture dialogue between organisations and key individuals that engage with the challenge of governing in a world that is both global and local at the same time. 58 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market Most signiﬁcant indicators CSR STRATEGY AND MONITORING Indicators compiled CLIENTS Turnover with quality system in place Customer satisfaction index Queries, complaints and suggestions dealt with 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) Increase in use of biodiesel Environmental investment (percent of consolidated net proﬁt) HUMAN RESOURCES Women in workforce (percent of total workforce) Workers on permanent contracts (percent of total workforce) Spending on training Average training hours per employee Turnover with health and safety at work system in place Disabled workers hired (directly and indirectly) 270 INVESTOR COMMUNITY Meetings with institutional investors Increase in amount received by shareholders Opinions and queries from shareholders dealt with Attendees at Próximo Programme events SUPPLIERS Increase in number of suppliers assessed using social and environmental standards Increase in number of tenders including social and environmental clauses Local procurement percentage COMMUNITY Contribution to the community (percent of consolidated net proﬁt) Projects awarded under the community commitment handbook Investment in social accessibility and economic development (percentage of total contribution to the community) Total number of third sector organisations with cooperation agreements 280 8.5% 6.105 401 80% 40% 90% 1.1% 95 53% >100 93% 7.03 96% 96% 57.89 Tn 32% 87% 33% 3% 33% 81% 3,844,428(cid:69) 18,2 89% 1.9% 59 AR CSR AA Letter from de Chaiman Letter from the Chaiman Corporate Administration Corporate Administration Letter from the Chairman Letter from the Chairman 1.1 Corporate administration 1.1 Corporate administration 1.2 Administrative bodies 1.2 Administrative bodies abertis group business abertis group business activities activities 2.1 Toll roads 2.1 Toll roads 2.2 Telecommunications 2.2 Telecommunications 2.3 Airports 2.3 Airports 2.4 Car parks 2.4 Car parks 2.5 Logistic parks 2.5 Logistic parks Infrastructures Infrastructures Corporate social Corporate social responsibility responsibility 3.1 A cross-cutting vision of 2009 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.2 The abertis foundation 3.3 Indicators 2009 3.3 Indicators 2009 Financial and economic Financial and economic information information 4.1 Consolidated ﬁgures 4.1 Consolidated ﬁgures 4.2 Financial management 4.2 Financial management 4.3 Shareholders and the stock market 4.3 Shareholders and the stock market In 2010 we want to extend Volunteers Day to other countries in which the Group has a presence Sagrario Huelin Head of Corporate Social Responsibility at abertis “The corporate volunteer programme is another step forward in abertis’s commitment to the community” 1.- What is the Volunteers programme, started up in 2009, and what is its purpose? Volunteers’ is abertis’s corporate volunteer programme, the result of company employee initiatives supported by the Group. It is a participatory project where we have worked with volunteers, initially from abertis telecom, and the internal communications team at Corporate People and Organisation Management. This project is another step forward in abertis’s commitment to the community, and seeks to achieve greater engagement with society through the skills of the Group’s employees. As part of events held to mark the tenth anniversary of the abertis foundation, which took place in 2009, in December we held our ﬁrst Corporate Volunteer Day addressed to company employees. 2.- What did the Volunteer Day consist of? On 1 and 2 December at various abertis workplaces and centres across Spain, activities to inform and educate employees about the opportunities for volunteer work were run. Awareness-raising activities included inviting 15 non-proﬁt organisations to give a presentation about what they do. Through information points at the corporate headquarters in Barcelona and at the iberpistas San Rafael Operation and Control centre, employees had the chance to ﬁnd out about the activities of these organisations, ask questions and take part in their volunteer and aid projects. We also promoted the collection of food and clothing for charities Banco de los Alimentos, Roba Amiga, Cáritas and Cottolengo at head ofﬁce in Barcelona and Madrid and at abertis telecom, aumar and iberpistas centres throughout Spain. In the middle of December we also held a charity walk to promote the “Sponsor a treatment” project at San Juan de Dios Hospital in Barcelona. Over 200 employees and their families took part and they made it possible to provide more than 100 treatments to children in Sierra Leona. 3.- What’s your view of this initiative and what are its prospects for the future? Very positive. We were especially pleased by the involvement of our Chairman, Salvador Alemany, who attended the presentations and then had a meeting with the people from the 15 NGOs, and also because it gave us a chance to inform and educate company employees. In 2010 we will continue to strengthen the volunteer programme in Spain through setting up a network of volunteers and running a series of activities. Then the next step is to extend the project and the Corporate Volunteer Day to other countries where abertis operates, which we will also be doing in 2010. 60 AR CSR AA Letter from de Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market 61 61 AR CSR AA l a i c n a n i F Letter from the Chairman Corporate administration and Administrative bodies 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 Financial and economic information 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market 62 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market 63 4.1 Consolidated ﬁgures Proﬁt results millions of euros 653 +5.6% compared with 2008 Results Results The proﬁt results for abertis in 2009 were 653 million, which is an increase of 5.6% over the previous year. Revenues Operating revenues came to 3,935 million euros, which is a 7% rise over the preceding year. This increase has been brought about by positive growth in sector and geographical diversiﬁcation activities (especially in the case of the Negative growth in operations, especially in the toll road and airport sectors telecommunications sector as a result of the deployment of Digital as a result of the current economic climate, and the increase in amortisations Terrestrial Television), upward price reviews and by the consolidation for an and the negative ﬁnancial result, due to the impact of the acquisitions made entire ﬁnancial year of the ﬁgures for DCA, Hispasat and Invin, as well as in 2009 and 2008, are offset by positive change in the telecommunications in the second half of 2009 all of the ﬁgures for avasa, rutas del pacíﬁco sector (a reﬂection of sector diversiﬁcation), the accounting impact of (previously consolidated proportionately) and Elqui (previously consolidated compensation for the AP-7 agreement signed in 2006 with the government using the equity method). These positive impacts have offset lower activity and rate reviews. levels for toll roads (especially in Spain) and airports, which in the United 63 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market Revenues (millions of euros) Operating revenues Operating expenses EBITDA Amortization Operating proﬁt Financial result Equity method company results Pre-tax proﬁt Corporation tax Proﬁt for the year Minority interest Proﬁt attributable to shareholders Consolidated 2009 3,935 (1,500) 2,435 (952) 1,483 (573) 78 988 (266) 722 (69) 653 2008 3,679 (1,424) 2,256 (807) 1,448 (548) 79 979 (294) 685 (67) 618 Var. 7% 5% 8% 2% 1% 5% 5.6% 7% 3,935 3,679 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 8% 2,435 2,256 2% 1,483 1,448 5 6% 653 618 Operating revenue EBITDA EBIT Proﬁt shareholders 2008 2009 Operating revenues +7% 64 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market 65 Operating revenues (millions of euros) Operating revenues (millions of euros) Toll roads Telecommunications Airports Car parks Logistics services Corporate and other services 2009 2,923 541 278 150 30 12 % 74% 14% 7% 4% 1% 0% 2008 2,756 431 301 135 44 13 % 75% 12% 8% 4% 1% 0% Spain France Great Britain Chile Rest of the world 2009 2,035 1,388 166 120 226 % 52% 35% 4% 3% 6% 2008 1,906 1,379 203 13 178 % 52% 37% 6% 0% 5% Total 3,935 100% 3,679 100% Total 3,935 100% 3,679 100% Ebitda (millions of euros) Ebitda (millions of euros) Toll roads Telecommunications Airports Car parks Logistics services Corporate and other services 2009 2,068 219 97 55 12 -17 % 85% 9% 4% 2% 0% -1% 2008 1,934 167 100 51 25 -20 % 86% 7% 4% 2% 1% Spain France Great Britain Chile Rest of the world 2009 1,316 910 41 84 84 % 54% 37% 2% 3% 3% 2008 1,246 891 58 4 56 % 55% 39% 3% 0% 2% -1% Total 2,435 100% 2,256 100% Total 2,435 100% 2,256 100% Kingdom have also been hit by the negative impact of changes in the pound/euro exchange rate. In general, the relative weight of the revenues generated outside Spain has been maintained, in addition to the weight of the different business units. Gross trading margin (Ebitda) Operating expenses are concentrated in personnel and maintenance of infrastructure costs and have increased by 5%, mainly due to the impact of acquisitions made in 2008 and 2009 and to greater activity in the telecommunications and car parks sectors (in the case of the latter due to the opening of new facilities). The new acquisitions have improved the ebitda margin, which at year-end 2009 stood at 61.9%. The average workforce in 2009 was 12,484 employees, with the relative weight of employees outside Spain being maintained. Net cash ﬂow (millions of euros) Net cash ﬂow 2009 1,550 2008 1,417 Var % 9% 65 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market Amortisation and impairment of assets Equity method companies The rise in amortisation is due above all to the consolidation of the new acquisitions made in 2009 The results of companies consolidated by the equity accounting method were enhanced by the and 2008. positive performance of Eutelsat over the course of the year, even though there was a slight fall compared with 2008 mainly due to the fact that during the whole of 2009, the 6.68% holding that Operating revenues under IFRS were not amortised systematically, although they did depreciate, abertis has in Atlantia has been recognised as an available-for-sale ﬁnancial asset (until 30 June 2008 based on the result of the depreciation tests which had to be carried out on them. The results of these it was recognised using the equity method). tests on goodwill in the abertis group have not led to the need to carry out any form of signiﬁcant adjustment. Financial result Corporation Tax In 2009 there has been a reduction in corporate tax cost in spite of the increase in pre-tax proﬁt. This is because the 2008 ﬁnancial year included a non-recurring extraordinary tax cost of -32 million euros The increase in the negative ﬁnancial result is the consequence of the continued expansion of the (with a ﬁnal impact on abertis’s result of -29 million euros) due to the phasing out in the United group which took place in 2009 and in 2008. Kingdom of the allowance for depreciation of assets classiﬁed as industrial buildings. However, it should be pointed out that the increase in the ﬁnancial burden derived from the acquisitions Cash ﬂow referred to above has been reduced by the fall in interest rates (with a signiﬁcant impact on ﬂoating rate borrowings, which at the close of 2009 stood at 16%), the non-recurrent positive impact of In 2009, abertis generated a net cash ﬂow (before investments and dividends) of 1,550 million euros, exchange rate differences and the greater ﬁnancial revenue from the dividend from Atlantia (the latter which is 9% higher than the previous year and in line with changes in Ebitda. partially offsets the non-inclusion in 2009 of its proﬁt and loss using the equity method). abertis generated a net cash ﬂow 9% higher than the previous year 66 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market 67 Assets Consolidated Liabilities Consolidated Non-current assets Tangible ﬁxed assets Intangible ﬁxed assets Holdings in associates Other non-current assets 2009 23,393 10,801 8,705 1,374 2,512 2008 20,994 10,239 7,561 1,340 1,853 Equity Capital and premium Proﬁt / loss Proﬁt / loss Minority interest Non-current liabilities Debt 2009 5,762 2,374 1,265 653 1,470 16,487 13,837 Other non-current liabilities 2,650 Current assets 1,245 1,227 Current liabilities Debt Other non-current liabilities 2,388 1,094 1,294 2008 4,779 2,328 426 618 1,406 14,651 12,751 1,900 2,791 1,607 1,184 Total assets 24,637 22,221 Total liabilities 24,637 22,221 Assets Other assets 21% Liabilities Other liabilities 16% Tangible ﬁxed assets 44% Equity 23% Goodwill and other intangibles 35% Debt 61% Balance sheet The balance sheet reﬂects the effect of the incorporation in the Group in 2009 of the acquisition, with effect on 30 June 2009, of the holdings in companies in which abertis was already a shareholder at the end of 2008: mainly the full consolidation of avasa and rutas del pacíﬁco (until 30 June 2009 subject to proportionate consolidation) and elqui which until 30 June 2009 had been consolidated using the equity method. Total assets as of 31 December 2009 came to 24,637 million euros which is an 11% increase over the previous year. Some 60% of total assets consists of tangible ﬁxed assets and other intangible assets (excluding goodwill), basically concessions, in line with the nature of the Group’s businesses connected with infrastructure management, a percentage ﬁgure which is in line with the one for the previous year. Consolidated stockholder’s equity came to 5,762 million euros, 21% higher than in the previous year mainly resulting from the 319 million euros in net capital gains recognised due to the mark-to-market of assets and liabilities which abertis already held in avasa prior to the acquisition of an additional 50% of the company in application of IFRS 3 (Step Acquisitions) and from the retained earnings for the year, which offset the additional dividend paid in 2008 and the interim dividend for 2009. Gross indebtedness rose from 14,358 million euros in 2008 to 14,932 million euros in 2009. This 574 million euro increase is due mostly to the ﬁnancing of investments over the year, partially offset by the cash ﬂow generated during the ﬁnancial 67 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market period. Gross debt accounts for 61% of liability and equity, a (cid:154)(cid:22) At sanef, new building work (completion of the Chambourcy work being done to develop the future Lisbon and ﬁgure which is in line with or lower than other large international link road and the Reims south by-pass), additional lanes Santiago de Chile logistics parks which are currently under infrastructures operators. In line with the policy of minimising and capital contributions at A’lienor for the A65. At acesa construction. exposure to ﬁnancial risk, at the end of the year a major part of work on adding lanes to the AP-7 south and the AP-7 north debt (84%) was at a ﬁxed rate or ﬁxed through hedging. and building the Palafolls-Tordera section. The most signiﬁcant operational investments have taken place Investments (cid:154)(cid:22) In telecommunications infrastructures, expansion in the toll road sector, especially at sanef, and acesa at a investment has mostly been for the deployment and total cost of 130 million euros. Investments have mostly been extension of DTT coverage across the country and undertaken in terms of the renewal of tolls, safety barriers and Hispasat’s investment in satellites. the modernisation of the existing network. There has also been In 2009 the group invested 1,394 million euros, of which (cid:154)(cid:22) In airports expansion investment for the year has been operational investment in the telecommunications sector, mostly 1,161 million or 83% have gone on expansion projects and the made by tbi, basically to rework access to the terminal at in improving efﬁciency at broadcasting centres, replacement and remaining 233 million euros on operational investment. Luton and restructure the land and airside at Belfast, and operational support, and in the airports sector with spending on the completion of stage II of the Jamaica airport extension maintenance, in particular at Luton. The most signiﬁcant investments in expansion in the year have project. been as follows: (cid:154)(cid:22) Expansion investment in car parks has taken place mostly in The ﬁgures for expansion investment in 2009 do not include (cid:154)(cid:22) In the toll road sector, the acquisition for 616 million euros concessions for two car parks in France have been acquired Agreement or sanef’s signing up for the “Paquet Vert” or Plan de of a number of holdings in companies in which abertis was in return for a commitment to future investment. Relance (both agreements were concluded in January 2010). Italy and to a lesser extent in Spain and Chile. In addition, the any sums connected with acesa’s signature of the Maresme already a shareholder at the end of 2008 (50% of avasa, (cid:154)(cid:22) Major expansion investment projects in logistics parks rutas del pacíﬁco, rutas II and operadora del pacíﬁco, have included at sevisur the construction of new units and 75% of elqui and 49% of gesa). the urbanisation of the ZAL-II, as well as the urbanisation Investment (millions of euros) Investment Toll roads Telecommunications Airports Car parks Logistics Holding/Serviabertis Total Operating 158 30 29 8 1 6 % 68% 13% 12% 4% 0% 3% Expansión 898 194 5 35 29 0 % 77% 17% 0% 3% 3% 0% Total 1,056 224 34 43 30 6 233 100% 1,161 100% 1,394 68 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market 69 4.2 Financial management In 2009 abertis has increased it’s holdings in subsidiaries in which it was already a shareholder to consolidate its growth over recent years. The group’s net debt amounted Net debt (notional) to 14,590 million euros compared to 14,059 million euros in 2008. Net debt / EBITDA Net debt / Equity The increase of 531 million euros in net debt is the outcome mostly of the purchase Interest cover FFO / Net interest 2009 14,590 2008 14,059 6.0 2.5 2.8 6.2 2.9 2.6 of Itínere’s holdings in companies in Spain and Chile, a transaction which means that abertis now holds 100% of the shares in avasa in Spain and 100% of elqui in Chile and has taken control of rutas del pacíﬁco, also in Chile, with a 79% stake. 69 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market total volume issued during last year increased to 420 million euros, At 31 December 2009, 84% (78% in 2008) of debt was at a ﬁxed placing the active balance at the end of the ﬁnancial year at 244 rate or hedged rate, so possible changes in interest rates are not million euros. expected to have a signiﬁcant impact on these consolidated ﬁnancial statements. Financial structure / Financing policy The ﬁnancial structure in 2009 has improved abertis’s traditionally conservative proﬁle with long-term borrowings accounting for 94%. Precedence is still given to non-banking ﬁnance in the long-term as it allows ample room for manoeuvre among ﬁnancial institutions in order to undertake new purchases or projects where bank ﬁnance is more ﬂexible Loans 5% at ﬁrst. At the end of 2009 the ﬁnance obtained from non- bank sources stood at 69% compared to 66% in 2008. EIB loans 9% Bonds 42% Financing Instruments 2009 Commercial notes 2% Facilities 2% Deal” structure for 515 million euros and a loan in local currency for 69,000 millon Chilean pesos, both with a three- CNA 15% year term. In 2009 there has also been reﬁnancing through the issue of 7-year bonds in the 1,050 million euro club deal used to ﬁnance the acquisitions in 2008. This reﬁnancing has enabled us to increase the weight of bonds in ﬁnancing instruments to 42% in 2009, compared with 36% in 2008. Syndicated loans 25% Debt maturity Average debt maturity in 2009 stands at 7.19 years. From 1 to 3 years14% In 2009 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. The programmes for promissory notes have provided us access to a short-term ﬂexible ﬁnancing From 3 to 5 years 23% and with an inferior cost to that of the banking market. The From 5 to 10 years 27% Less than 1 year 6% Type of debt Folating 16% More than 10 years 30% Fixed or hedged 84% Financing Instruments 2008 Commercial notes 4% Facilities 1% Loans 7% Bonds 36% EIB loans 12% CNA 16% Syndicated loans 24% 70 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market 71 Hedging of ﬁnancial risks Credit rating The Group’s activities are exposed to a range of ﬁnancial risks: exchange rate risks, credit risks, liquidity risks and interest rate awarded by international credit rating agency Standard & Poor’s for risks. The management programme for the group’s overall risk considers the uncertainty of the ﬁnancial markets and attempts long-term debt. This rating was given in April 2008 and conﬁrmed to minimise any potential adverse affects on the group’s ﬁnancial results. in April 2009. abertis has an “A-” rating, Investment grade-high credit quality, Risk of rate of exchange Liquidity Risk abertis also has an “A-” rating, Investment grade-high credit quality, awarded by international credit rating agency Fitch Ratings The Group operates in the international area and has assets in The Group follows a policy of prudent liquidity risk management for long-term debt and an “F2” rating, high credit quality, for short- the United Kingdom, the United States, Mexico and other less that entails the availability of sufﬁcient ﬁnance through term debt. These ratings were given in July 2009. signiﬁcant holdings in South America and South Africa, and is committed facilities and the ability to liquidate market positions. therefore exposed to risks from exchange rates due to operations Given the dynamic nature of the Group’s businesses, the objective with currencies, especially the US dollar, the pound sterling, the of Corporate Financial Management is to maintain ﬂexibility in Mexican peso and the Chilean peso. ﬁnancing through the availability of committed facilities. To that end, at the close of 2009 abertis had conﬁrmed credit facilities The exchange rate risk on net assets in group operations in coming to 1,025 million euros. currencies other than the euro is managed mainly through ﬁnancial debt denominated in the corresponding foreign Interest rate risks currencies and through currency swap contracts. The objective of the management of interest rate risks is to reach Credit risks The Group does not have signiﬁcant concentrations of credit a balance in the structure of the debt which allows minimising volatility in the P&L account in a multi-year horizon. risks. abertis uses global interest rate hedges to reduce the risk of According to its risk management policy, the group may undertake changes in ﬁnancial burden. These derivatives are designed, in ﬁnancial transactions with entities that have a minimum “A-” ﬁnancial terminology, as instruments of cover. rating awarded by internationally recognised rating agencies. The rating categories of each entity are regularly reviewed in order to actively manage the counterparty risk. 71 AR CSR AA Letter from de Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market 72 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market 73 4.3 Shareholders and the stock market Stock market performance 2009 The Spanish index hit its low for the year in March, sparking fears of the recession later than other countries whose stock markets of a second Great Depression. The crisis in the ﬁnancial sector have gained less. The reasons for these differences in performance The stock markets in 2009 have been characterised by a fall in which saw the ratings for some of the main banks reduced in are rooted in the features of the group of companies on the index, trading volumes in ﬁnancial markets and volatility. the same month caused the market to plummet, losing 15% in multinational ﬁrms whose turnover is to a great extent abroad, as the quarter. However, emergency government packages proved is the case with abertis. Volume has fallen in line with the constant decline in credit and to be effective and stabilised the economy, and this combined trade transactions worldwide. Fear, lack of conﬁdence and the with business results that were better than expected helped the destruction of the value of many assets has led to shrinkage in market to recover. capital movements. As for volatility, as the year went on there was a gradual fall in last ten. This has taken place in an economic situation in which uncertainty, as has been reﬂected in the performance of the Ibex 35. Spain has negative GDP ﬁgures and the prospect of coming out The Ibex 35 rose 29.84% in 2009 in its second best year out of the 73 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market abertis on the securities market: share performance abertis shares ended the year up by 31% to close at 15.72 For abertis stock, 2009 has been the third best year of the euros. decade and as can be seen in the ﬁgure below, it has only closed one year in the red which shows it is defensive stock and highly Over the course of the year the minimum close price was on attractive over the long term (in the last ten years abertis shares 6 March as the stock fell in lockstep with the market. It was a have risen by 165%, without taking into account dividends). quarter with unprecedented trafﬁc falls and which the market rapidly discounted. From that point on the trend was upward to reach a peak in the fourth quarter at close on 19 October at 15.965 euros. Share appreciation +31% closing the year at 15.72 euros Change in abertis shares 2009 Close (euros) 31/3 Ordinary GSM 25/2 Winding up of Sitreba 11/5 Start of bonus issue 19/5 Bancaja and B. Valencia sell shares in abertis 27/10 Payment interim dividend 2009 06/08 Announcement not to proceed with acquisitions of Axion and TDM 30/7 Results ﬁrst half 2009 12/5 1Q results 2009 10/7 abertis rated “A-“ by Fitch Ratings 26/2 Results 2008 15/4 Payment additional dividend 2008 18/6 Admission bonus shares 26/6 Purchase of various Itinere concessions completed 5/11 3Q 2009 results 30/09 Issue bonds for institutional investors for 1,000 M euros Unadjusted price Adjusted price January February March April May June July August September October November December 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 portfolios 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. 18 17 16 15 14 13 12 11 10 9 8 74 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market 75 abertis is in seventh position by weight on the Ibex 35, and is in twelfth place in the market capitalisation ranking at 11,064 million euros at the end of 2009. All company shares are admitted to ofﬁcial trading on the Barcelona, Bilbao, Madrid and Valencia stock exchanges, and are negotiated through the Spanish stock interconnection system. abertis shares have been part of the Ibex 35 index since 1992 and are also on other major international indexes such as Standard & Poor’s Europe 350, the FTSE Euroﬁrst 300 and on the Dow Jones Sustainability world and European indexes (DJSI World and DJSI Stoxx). Market capitalisation 11,064 millions of euros abertis: stock market appreciation CAGR: +10.3% 41.9% 37.8% 26.2% 16.6% 11.1% 31.0% 1.3% 1.3% 2.9% -40.0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Accumulated change +165% over last decade 75 AR CSR AA Shareholder return Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market Even with negative trafﬁc and a fall in activity, abertis continues This amount, added to the interim dividend paid in October, to be a great cash generator and this enables us to continue amounts to direct shareholder return in the form of dividends Generating value for shareholders is one of our main with our shareholder remuneration policy. of 0.60 euros gross, paid from 2009 proﬁts. responsibilities abertis goal is to provide its shareholders with the best it was decided to carry out a new bonus issue at a ratio of combination of growth and return. The company’s business The dividend is distributed in two annual payments. In April 1 new share for every 20 held. Between 11 and 25 May the actions and strategic decisions are geared towards generating abertis paid an additional dividend for the 2008 ﬁnancial year of entitlements were traded at a high of 0.72 euros and a low of value for its shareholders. 0.30 euros gross per share, while in October 2009 the company 0.63 euros. The fair value of the entitlement was 0.69 euros. Combination of dividend + bonus issue At the General Shareholders’ Meeting held on 31 March 2009 paid an interim dividend of 0.30 euros gross per share for 2009. In 2009, a year in which the impact of the crisis could still be The new shares were initially listed on the market on 18 June felt, the Group’s sector and geographical diversiﬁcation model The Board of Directors of abertis agreed to propose to the and have the same political and economic rights as existing combined with a strict cost containment policy have managed Ordinary General Shareholders’ Meeting 2010, to be held on shares of the same class, granting their holders the right to a to absorb the impact of the business cycle. 27 April, in addition to a 1x20 bonus share issue, an additional dividend on proﬁts obtained as of 1 January 2009. dividend for 2009 of 0.30 euros gross per share. The historic performance of dividend distribution shows a clear improvement in remuneration for our shareholders and our commitment to providing a return. Dividend totals (millions of euros) +11% 264.2 237.4 +10% 289.5 +5% 304.0 +12% 402.2 +5% 422.3 +18% 357.5 2003 2004 2005 2006 2007 2008 2009 76 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market 77 Return over the decade The graph below shows the stock proﬁtability of the abertis share over the last decade in different theoretical times of the purchase and sale of the share. The proﬁtability of the abertis share is compared with the Ibex 35. The intersection indicates the proﬁtability obtained by the abertis and the market, respectively, for the selected period (year of entry and exit). For example, an investor who invested 9.65 euros purchasing an abertis share at the end of 1999 (an investor who used the successive bonus share issues and taking into account the dividends paid), on 31 December 2009 would have a portfolio to the value of 21.61 euros and would have been paid 6.50 euros in dividends, which means an accumulated return of 232.7%. The performance of the abertis shares during the period has been superior to that of the market. Accumulated return 1999-2009 232.7% Accumulated return 2008-2009 35.9% 2000 6.1% -21.7% 2001 37.7% -27.9% 31.2% -7.8% 2002 44.7% -48.1% 38.1% -33.7% 5.5% -28.1% 2003 71.7% -33.5% 64.8% -15.1% 26.6% -7.9% 20.9% 28.2% 2004 140.8% -22.0% 132.9% -0.3% 80.6% 8.1% 74.2% 50.4% 45.7% 17.4% ) 1 ( r a e y y r t n E 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Exit year(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 2005 -7.8% 27.8% 17.8% 2006 228.5% 268.5% 21.5% 219.6% 259.0% 55.3% 149.3% 180.5% 68.5% 141.9% 172.8% 77.8% 134.3% 103.8% 130.3% 82.8% 59.6% 55.8% 13.5% 31.8% 38.7% 41.0% 18.2% 2007 285.8% 30.4% 276.1% 66.7% 194.1% 80.8% 186.1% 151.5% 141.8% 96.2% 67.7% 67.2% 19.4% 41.4% 5.3% 7.3% 2008 160.0% -21.0% 151.9% 0.9% 95.7% 9.5% 89.0% 52.3% 58.5% 18.9% 9.0% 1.3% -23.2% -14.3% -33.1% -35.0% -37.3% -39.4% 2009 232.7% 2.6% 223.7% 31.1% 152.5% 42.2% 145.1% 97.8% 106.6% 54.3% 42.9% 31.5% 1.4% 11.2% -10.9% -15.6% -15.7% -21.4 35.9% 29.8% (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. 77 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market Share capital and treasury share portfolio abertis shareholder structure The company does not have a nominal register of its shareholders abertis’s share capital stood at 2,112 million euros at 31 and hence can only ﬁnd out about the composition of its Distribution of capital ownership at 31/12/09 December, made up of 703,845,508 ordinary book entry shares shareholder structure from information about signiﬁcant with a nominal value of 3 euros each, fully subscribed and paid holdings which is published pursuant to regulations (which makes up and all of the same class. All the shares are listed on the four reporting holdings of more than 3% of share capital mandatory), Free-Float 43.27% Criteria(1) 28.91% Spanish stock markets. from information provided by Iberclear solely for the General Shareholders’ Meeting and from communications made by the In 2009, share capital increased by 33,516,452 shares, amounting shareholders on the occasion of the publication of the Annual to an increase of 100.6 million euros, corresponding to the bonus Report. share issue. With respect to treasury stock, at the end of 2009 abertis was the forms part of this Annual Report, signiﬁcant shareholdings (*) at As detailed in the Corporate Governance Report 2009, which direct holder of 13,971,452 shares which accounts for 1.985% of the end of the ﬁnancial year are: Criteria CaixaCorp, S.A. (28.91%) Grupo ACS 25.83% share capital, compared to the 13,382,267 shares it held in 2008 and ACS, Actividades de Construcción y Servicios, S.A. (25.83%). Autocartera 1.99% (1.996% of share capital at the end of that year). (1) Company controlled by “la Caixa” Furthermore, as noted in the previous section abertis holds 2% in treasury stock. (*) Signiﬁcant shareholdings for the purposes of Royal Decree 1362/2007 dated 19 October. abertis’s share capital at 31 December 2009 2,112 millions of euros 78 AR CSR AA Letter from the Chaiman Letter from de Chaiman Corporate Administration Corporate Administration Letter from the Chairman Letter from the Chairman 1.1 Corporate administration 1.1 Corporate administration 1.2 Administrative bodies 1.2 Administrative bodies abertis group business abertis group business activities activities 2.1 Toll roads 2.1 Toll roads 2.2 Telecommunications 2.2 Telecommunications Infrastructures Infrastructures 2.3 Airports 2.3 Airports 2.4 Car parks 2.4 Car parks 2.5 Logistic parks 2.5 Logistic parks Corporate social Corporate social responsibility responsibility Financial and economic Financial and economic information information 3.1 A cross-cutting vision of 2009 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.2 The abertis foundation 3.3 Indicators 2009 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.1 Consolidated ﬁgures 4.2 Financial management 4.2 Financial management 4.3 Shareholders and the stock market 4.3 Shareholders and the stock market 79 abertis and its shareholders and investors abertis goal is to provide clear, regular, transparent and impartial information to all its investor community. To achieve this goal and adapt this information to the needs of all groups, we have developed an active and wide-ranging communication policy which includes meetings with institutional investors and ﬁnancial analysts, conference calls, meetings with shareholders, our shareholder magazine, shareholder call centre and a constantly updated website. abertis is constantly putting in place measures to improve the quality of its ﬁnancial reports to convey its messages in the easiest way possible, an issue of major importance in a business group which operates in a number of sectors. London Edimburgh Dublin Bilbao Zaragoza Estocolmo Copenhaguen Munich Milan Paris Denver San Francisco San Diego Midd Atlantic Boston New York Toronto Chicago 25 cities visited 214 meetings managers249 Sidney Melbourne 31 road shows (USA, Europe, Australia) 79 AR CSR AA Letter from the Chaiman Corporate Administration Letter from the Chairman 1.1 Corporate administration 1.2 Administrative bodies abertis group business activities 2.1 Toll roads 2.2 Telecommunications Infrastructures 2.3 Airports 2.4 Car parks 2.5 Logistic parks Corporate social responsibility Financial and economic information 3.1 A cross-cutting vision of 2009 3.2 The abertis foundation 3.3 Indicators 2009 4.1 Consolidated ﬁgures 4.2 Financial management 4.3 Shareholders and the stock market Investor Relations Department and Shareholders’ Ofﬁce The Investor Relations Department devises and implements the communication strategy for Relations with the company’s approximately 80,000 non-institutional shareholders are handled by domestic and foreign ﬁnancial markets and maintains constant contact with analysts and investors. the Shareholders’ Ofﬁce, which is also in charge of drawing up and implementing information Communication and explanation of abertis’s main business, organisational and operative strategies programmes in cities around Spain and providing personalised service through all communication makes it possible to appropriately set the price of shares and other ﬁnancial assets issued by channels with non-institution shareholders. abertis. The functions of the department also include keeping the company’s senior management informed and the corporate website (with a speciﬁc sector for the investor community featuring constantly concerning market opinion about the organisation or any other questions which may affect the updated information about issues such as the company’s performance, growth, stock market price share price. and remuneration policy). There is also e-mail, an increasingly popular option due to its immediacy, These channels basically consist of the Shareholders’ Service phone line (which operates 24/7/365) The Investor Relations Department seeks to ensure daily access and direct contact with the company, and post. to provide information at the time when it is needed and deal efﬁciently with queries from the The foregoing is enhanced by regular meetings under the PRÓXIMO Programme. This is a pioneering analyst and investor community. initiative among non-banking companies which was launched in 2005 and consists of holding meetings all around Spain to provide shareholders and investors in general with information about In 2009 a complete programme of activities involving institutional investors and ﬁnancial analysts the Group, describe its prospects and respond to queries and suggestions. has been maintained involving meetings in the leading ﬁnancial markets in Europe, the United States and Australia. This is necessary due to the Group’s worldwide and diverse shareholder structure and At the Ordinary General Shareholders’ Meeting 2009, which was held on 31 March, the business. Shareholders’ Ofﬁce also provided backup for event organisation and meeting requests for information. Shareholders’ right to information is included in article 7 of the Regulations for General 214 meetings have been held over the course of 2009 with 249 investment institutions (managers) Shareholders’ Meetings, and in articles 212 and 144 of the Public Limited Companies Act. Thus in 25 cities, some of which have been visited on more than one occasion. shareholders are provided with all the information they require before each General Meeting is held and the Shareholders’ Ofﬁce clears up any doubts or queries they may have. The most recent Ordinary General Shareholders’ Meeting was held with the attendance of a total of 6,528 shareholders with voting rights (75.68% of share capital), of which 753 attended in person (6.12% of share capital) and 5,775 by proxy (69.56% of share capital). Published by: Corporate Studies and Communication Dept, abertis Design: Gosban consultora de comunicación B-19571-2010 Printed on ecological paper

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