abertis autopistas · abertis telecom · abertis airports · saba · abertis logística
annual report 09
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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
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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
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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
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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
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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
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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
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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
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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
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1.1
Corporate
Administration
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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.
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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
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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.
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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)
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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
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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
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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
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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
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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
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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
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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%
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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
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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.
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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
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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
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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
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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
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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
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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-flow 24
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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
france 25
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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
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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
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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
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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
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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
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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
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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.
improvements 32
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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
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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
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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
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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.
DTT 36
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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.
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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
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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
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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
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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
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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
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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
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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)
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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
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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
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R
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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
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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).
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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.
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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%
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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.
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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
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l
a
i
c
n
a
n
i
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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
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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
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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%
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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%
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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
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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
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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
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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
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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
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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.
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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
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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
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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
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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
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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
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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
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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