abertis group annual report
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annual report 10
Letter from the Chairman
Interview with the CEO
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 Logistics Parks
Corporate social responsibility
3.1 abertis’s Strategic Plan
3.2 Indicators 2010
Economic and financial information
4.1 Consolidated figures
4.2 Financial management
4.3 Shareholders and the stock market
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4 AR CSR AA 5
abertis has consolidated its position as one of the world leadersin the private management of public infrastructures and operates in a total
of 17 countries.
REvEnuE by OpERatIOns sECtOR
REvEnuE by gEOgRaphIC aREa
Toll roads75%
Logistics services1%
Telecommunications13%
Airports
Car parks
7%
4%
2010
Spain50%
Rest of the world6%
France35%
United Kingdom
Chile
4%
5%
2010
5 AR CSR AA
2010 has seen the consolidation of abertis autopistas’ management model and a recovery in its traffic.
This has been mainly due to its successful internationalization process that has enabled it to
consolidate its position in France and South America, where the
economy is stronger than in other countries.
abertis telecom has celebrated its tenth anniversary in 2010 by establishing itself as the leader
in terrestrial telecommunications infrastructures and services in Spain with the largest network
for broadcasting and distributing audiovisual signals. It is the
internationally recognized satellite broadcasting operator through its key holdings in operators Eutelsat
and hispasat.
In the course of 2010, 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 58 million passengers.
saba remains one of the leading operators in the sector in Spain
and in the rest of the world, managing a total of 128,149
spaces in 195 car parks in Spain, Italy, Chile, Portugal, France and
Andorra.
abertis logística is the business unit of abertis which focuses
on the promotion, design, development, management and use of logistics parks in
Spain, Portugal and Chile. It has consolidated its position in Spain
and has excellent prospects abroad.
3,078 154 35552 277millions of euros millions of euros millions of eurosmillions of euros millions of euros
Direct stake toll road concession revenue Car parks sector revenue Logistics parks sector revenue
Telecommunications infrastructures revenue
Airports sector operating revenue
6 AR CSR AA 7
Dear Shareholders:
One of the main aspects of 2010 for abertis has been the consistency
and strength of some fundamental factors that have enabled the
Group to continue growing. This is the case even after three years of
a crisis that has hit the amount of traffic on our toll roads in Spain
especially hard, and although this growth may be taking place at a
more moderate rate, it is growth all the same in our key figures.
Geographical diversification (50% of our revenue is generated
outside Spain), the growing visibility of businesses such as
telecommunications and the remarkable and positive growth in
traffic on our toll roads in France and Latin America are crucial in
understanding the key factors in our group’s progress.
2010 has been a year in which we have also operated from a solid
basis founded on the recurrence of our economic indicators: revenue,
operating income, cash flow and net income. These have not been
results influenced by changes in the scope of consolidation as these
have not been very significant. Instead they are the outcome of the
dynamics of our various businesses. It is a profile that is the product
of the consolidation of our operations after our period of major
growth between 2004 and 2009.
As for the performance of our stock, which is down 10% compared
to 2009, this was markedly less negative than that of the IBEX 35 as
a whole which fell by 17.4%. Furthermore, other groups operating
in our sector experienced losses of between 16% and 28%. On
more than one occasion I have argued that stock is governed and
moved by the markets. Our responsibility lies in our commitment to
a policy of remuneration for our shareholders based on the familiar
combination of dividends and bonus shares. The strength, recurrence
and robustness of flows from our businesses are the best guarantee
for the sustainability of this policy and the future expectations of
our stock.
Our Group has adapted to the economic situation. We were able
to get the most out of opportunities for growth at times of high
liquidity and we committed to consolidation, greater efficiency and
exigency in managing costs and our debt structure and also to the
potential of our businesses for organic growth when liquidity was
squeezed and market opportunities dwindled.
Salvador Alemany,
Chairman
Letter from salvador alemany, Chairman
“Each one of the Group’s businesses has a development project with a distinctive future and profile”
7 AR CSR AA
On several occasions I have talked about what abertis’s business
project consists of. It is a project that trusts in the strength of its
arguments to be able to work with government and its customers,
and also in the skills and abilities of its teams to identify, and in
some cases help to realize, the opportunities that drive and provide
a future to our businesses.
This expertise and know-how that are so instantly recognizable in
the Group’s businesses have been crucial when it comes to attracting
the interest of new partners, such as CVC, which have decided to sign
up for and actively take part in the future of abertis’s project. This
means that the Group can benefit from the experience, vision and
knowledge of global markets that our new partners contribute. With
them, with our historical shareholders, with our small shareholders
and with the team of people working in day-to-day operations in
our businesses, we can develop and grow.
For infrastructure managers the opportunities are, and will remain
over the coming years, significant in both number and in size, and
probably more so than they have been so far in this first decade
of the 21st century. And here it is possible to make out, alongside
Europe and the United States, an increasing role for the emerging
countries. These are countries that believe in their possibilities, that
have growing access to financial and natural resources, that are lear-
ning to enhance the talent of their people, that have set up domestic
markets which have drive and dynamism and that will gradually de-
velop regulatory frameworks and an environment of legal certainty
which will also provide the conditions for our investment. They are
markets and countries which are asserting their role in the global
economy and which are convinced that their time has come.
We need to get ready to seize the opportunities that come up under
the most favourable conditions both in our traditional markets and
also in these new markets. We need to think ahead to expedite the
conditions that drive the development and harnessing of the growth
potential of our businesses over the medium and long term.
The Duplo project is designed to achieve this goal. Its study phase
began last February, geared towards the reorganization of our five
businesses around two companies: Abertis Infraestructuras with the
toll roads, airports and telecommunications business units, and Saba
Infraestructuras with the car parks and logistics parks ones. These
two companies have the relative size and organization appropriate
to the scale of these businesses and their various stages of
maturation, with in the case of Saba Infraestructuras a shareholding
structure in which current abertis shareholders can join with new
institutional investors that accompany growth which is intrinsic
to the concessional nature of our businesses. At the same time,
Abertis Infraestructuras’ greater focus on three areas of business
should mean that it is able to identify and capitalize on any growth
opportunities that may come up.
The goal that motivates us is that all our stakeholders –employees,
shareholders, management team, governments and administrations,
the customers we serve– should continue to see in each one of the
Group’s businesses a development project with a distinctive future
and profile, with a definite vision of the role they want to play in their
respective areas. Players who are loyal, responsible and committed
to quality-driven management, efficiency in resource utilization,
partnerships with communities and regions and to achieving results
that continue to give good reason for the confidence of shareholders
and investors.
This is our world, one that is marked by the global markets in which we
operate, mindful of the necessary sustainable relationship between
infrastructures and their physical environment, and partnering
government in implementing cost-benefit analysis criteria that help
to construct objective decision-making models concerning which
infrastructures should be given priority, how they should be financed
and how they should be managed, without losing sight of the return
they need to yield in terms of economics, productivity and social
utility.
The Duplo project involves the reorganization of our five businesses around two companies, Abertis Infraestructuras and Saba Infraestructuras. These two companies have the relative size and
organization that is appropriate to the scale of these businesses and their stages of maturation.Letter from salvador alemany, Chairman
8 AR CSR AA 9
Entrevista a Francisco Reynés, Consejero Delegado
Q. 2010 has been your first year as CEO of the group. how
would you assess it?
A. A striking fact is that in 2010 after three years of crisis,
one of the biggest crises in fact of the last 60 or 70 years,
abertis has once more continued growing. Aside from the
circumstantial situation of one or another of our businesses or
the countries in which we operate, our Group’s consolidated
figures have experienced sustained, albeit moderate, growth
in terms of revenue, up 5.2% to almost 4,106 million euros,
gross operating margin, up 5.9% to 2,494 million euros, and net
income which is also up by 6.1% to close at 662 million euros.
Then of course there is our geographical diversification –up
to 50% of our revenues are generated outside Spain– and the
growing contribution of businesses such as telecommunications
which are crucial to the interpretation of the Group’s develop-
ment.
I think achieving these figures in this economic situation
demonstrates the consolidation of our Group’s progress and
that of each of its businesses over recent years. The result we
have achieved in 2010 is a direct result of the work done over
these recent years of transformation and strong growth.
Q. Which factors stand out as most relevant in the progress
of the businesses?
A. Firstly there is the positive performance of traffic on toll
roads outside Spain; +1.3% in France and +5.5% in the rest
of the international business. This has confirmed uncertainty
about when the turnaround will come in Spain and also that its
recovery is expected to be slow, yet at the same time it has also
provided a contrast with the offsetting factor of the contribution
made by countries such as France and Chile, in which recovery
looks robust and can largely make up for the negative figures still
coming out of Spain with a 4% fall in traffic.
There is also the growing visibility of businesses such as abertis
telecom. In this case the completion of the rollout of DTT in
Spain, the diversification of its range of signal broadcasting
services which reduces dependence on the traditional radio and
TV business and the growing contribution of satellite operations
by hispasat and Eutelsat reveal a business that has matured
and is contributing to the good performance of the Group in
the current economic context. In fact, abertis telecom has
successfully managed to absorb the impact of the “analogue
switch-off”, which brought to an end a period of several years in
which the changeover from one type of technology to the other
“abertis continues to grow”
Interview with Francisco Reynés, CEO
9 AR CSR AA
and their chronological overlap drove revenue in this business
area, with new business growth coming to 2%.
In the case of airports, the most significant thing in a
context in which a recovery in passenger numbers at tbi
airports, especially in the UK, did not materialize, was the
improvement in revenue per passenger as a result of the
various measures taken by the abertis airports team.
Revenue in this business unit grew by 5.5% compared to
2009.
As for the car park business, stability was the key factor in 2010 in
relation to activity indicators for 2009. 56.3 million vehicles used
our car parks over the course of the year, the same as in 2009, while
revenue rose by 2.8%.
Turning to operations in logistics parks, they faithfully reflected
poor economic conditions inasmuch as average occupancy
rates for our parks fell by 9.4 points compared to 2009 to
stand at 65.6%. However, it should be noted that gross floor
area increased by 4.5%. Here a major development was the
commissioning of our logistics park in Santiago de Chile, which
in line with the strong growth in the country’s economy kicked
off with occupancy levels of 100%.
The reality of growth ranging between 1% and 5% has also led
to an additional requirement to contain operating costs which
on a like-for-like basis fell by 0.2% over 2009. This, together with
financial costs which contrary to market trends even fell slightly
to 4.5% from 4.6%, was instrumental in the Group’s growth.
Another fact which also demonstrates the Group’s strength is
the recurrence of cash flows, which at 1,616 million euros was
the figure that grew most at 7.6% compared to 2009.
The Group’s borrowing structure also reflects the resilience of
our figures. Average life stands at 6.6 years and 84% is linked to
fixed rates. Also worth mentioning is the evolution of the net
debt/EBITDA ratio which was at a multiple of 5.9 compared to
6.2 at the end of 2009.
These factors were decisive in the confirmation of the Group’s
rating as having a “stable” outlook.
Q. you mentioned stability in the scope of consolidation;
how have the group’s investments developed in 2010?
A. The Group’s scope of consolidation did not change
substantially in 2010. In fact our investment volume, which at
757 million euros over the twelve months is significant, reflects
firstly a major reduction in growth processes resulting from the
consolidation strategy pursued in recent years and secondly the
Group’s essentially recurring investment efforts in the assets
that make up its portfolio. Because of its size and recurrence, the
indicator for the Group’s investments is one of the data that best
reflect the scale achieved by abertis over recent years and the
significant quantity of resources committed to maintaining and
improving the quality and functionality of the infrastructures we
manage.
Interview with Francisco Reynés, CEO
The result achieved in 2010 is a direct result of the work done over these recent years of transformation and strong
growth
Carta del presidente Entrevista al Consejero Delegado
gobierno Corporativo1.1 Gobierno Corporativo1.2 Órganos de Gobierno
actividades del grupo abertis2.1 Autopistas2.2 Infraestructuras de
telecomunicaciones2.3 Aeropuertos2.4 Aparcamientos2.5 Parques logísticos
Responsabilidadsocial corporativa3.1 Plan Estratégico de RSC
de abertis3.2 Resumen indicadores
2010
Informacióneconómico-financiera4.1 Magnitudes consolidadas4.2 Gestión financiera 4.3 Accionistas y bolsa
10 AR CSR AA 11
From the investment standpoint another highlight in 2010 has
been the final agreement with the French government for an
extraordinary investment of 250 million euros over three years
in exchange for the extension by one year, up to 2029, of sanef’s
toll road concession. This plan, dubbed the “Paquet Vert” because
it involves investments geared towards reducing environmental
impact, is an example of the ability to call on major short-term
private investment flows in infrastructure networks with return
mechanisms, in this case the extension of the concession, which
do not strain the public purse.
Q. What can you tell us about the forecast for 2011?
A. I think that the outlook is good on the whole. However, we do
need to follow closely, and respond to the best of our ability, the
evolution of external factors such as the geopolitical crisis in North
Africa and its impact on oil prices, inflation and interest rates. All of
these factors are likely to affect how we come out of the crisis and
also in tandem the forecasts we have been working with, especially
in terms of the change in traffic on our toll roads.
We are working to maintain the strong cash flow generation of
our businesses. As was the case with Atlantia last January, we
are examining divestiture alternatives for some of our holdings
as a way of financing the Group’s new expansion opportunities,
and always based on the requirement for expected returns and
selectivity in the assets in which we invest. Here, and together
with other projects, we are following with great attention the
process of redefining the airport management model in Spain
which may well open the door to the award of the management
of some of the country’s main airports.
As for organic activity, and save for the uncertainties which I
have already mentioned, we anticipate that traffic will stabilize in
Spain while it will continue to grow in France and South America.
Passenger traffic at airports should pick up as well. We are also
optimistic about the development of abertis telecom after the
completion of the rollout I mentioned before of DTT in 2010. To
all this you can add a greater focus on cost control as a factor in
improving our margins which mainly depends on ourselves and
not so much on outside circumstances.
Another aspect that the management team is continuing to keep
an eye on is the containment of operating costs and investment
in expansion in all the sectors and countries in which we operate.
This is a basic factor in the current environment of uncertainty
which is also marked by the increasing cost of borrowing.
Q. What does the group hope to achieve with the
restructuring of its current businesses around two
companies?
A. The target is growth. After three years of economic crisis, in
which we consolidated the phase of strong expansion that we
implemented between 2004 and 2008, we now need to get ready
for a new stage. Incorporating assets that improve the average
life of our concessions is a strategic imperative for creating value
in the medium and long term, and this is the goal we have set.
We are going to fashion the conditions required for each of our
existing businesses to be able to access resources in a context in
which any growth project calls for greater capitalization and less
recourse to borrowing.
We believe that the structuring of the businesses around
two companies operating independently will provide each
At 1,616 million euros, cash flow was the figure that grew most at 7.6%
compared to 2009
Interview with Francisco Reynés, CEO
11 AR CSR AA
one of them with a focus and specialization in terms of their
priority areas; toll roads, telecommunications and airports in
the case of abertis, and car parks and logistics parks in the
case of Saba Infraestructuras. This is like saying that it will
give them greater growth potential as there will be a greater
correlation between the projects to be implemented and
the resources available. One of the merits of the proposed
plan is the opportunity afforded to abertis’s shareholders to
remain linked to all the Group’s existing businesses as they
will have the chance to join the shareholders of the new
Saba infraestructuras. That way they become shareholders
of two companies that operate independently with their own
management teams and different shareholding structures, even
though some of the shareholders will be the same across the
two companies. It should be borne in mind that a significant
portion of our shareholders are with us for the long haul and
have accompanied the Group’s growth over recent years. They
will thus get the chance to actively take part in the new stage
by accompanying the future development of abertis and Saba
Infraestructuras.
Incorporating assets that improve the average life of
our concessions is a strategic imperative for creating value in the medium and long term
Carta del presidente Entrevista al Consejero Delegado
gobierno Corporativo1.1 Gobierno Corporativo1.2 Órganos de Gobierno
actividades del grupo abertis2.1 Autopistas2.2 Infraestructuras de
telecomunicaciones2.3 Aeropuertos2.4 Aparcamientos2.5 Parques logísticos
Responsabilidadsocial corporativa3.1 Plan Estratégico de RSC
de abertis3.2 Resumen indicadores
2010
Informacióneconómico-financiera4.1 Magnitudes consolidadas4.2 Gestión financiera 4.3 Accionistas y bolsa
Letter from the Chairman
Interview with the CEO
Corporate governance and management 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 Logistics Parks
Corporate social responsibility
3.1 abertis’s Strategic Plan
3.2 Indicators 2010
Economic and financial information
4.1 Consolidated figures
4.2 Financial management
4.3 Shareholders and the stock market
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14 AR CSR AA 15
Operations based on transparency and rigour
abertis operates through a solid and organized governance
structure which consists of the Board of Directors and its various
committees (Executive, Audit and Control, and Appointment and
Remuneration) and has made transparency and rigour into the
cornerstone of its actions.
This means its management bodies are fully aligned with the
corporate governance best practice contained in the Unified
Code of Corporate Governance, which has been buttressed by
commercial law and in particular by the regulations about the
securities market and company law. In this latter case, there
has been enhanced use of the provisions contained in Royal
Legislative Decree 1/2010, of 2 July, which enacts the amended
text of the Capital Companies Act.
In this respect, abertis not only ensures strict compliance with
rules and recommendations in this area but also seeks to make
sure that the fundamental concepts which guide its practice are
built into the corporate culture of the entire organisation. Hence
over the course of 2010, the company has continued to foster the
implementation of corporate governance best practice, which is
already consolidated in the listed company, in its subsidiaries.
abertis’s internal regulations, contained in its Bylaws, the
Regulations of the Annual General Meeting and the Regulations
of the Board of Directors, lay down rules of conduct for members
of the Board and ensures that decision-making pursues the
corporate interest of the company, enables shareholders to
exercise their rights and also provides the capacity to continue
delivering value.
1.1 Corporate administration
15 AR CSR AA
Carta del presidente Entrevista al Consejero Delegado
gobierno Corporativo1.1 Gobierno Corporativo1.2 Órganos de Gobierno
actividades del grupo abertis2.1 Autopistas2.2 Infraestructuras de
telecomunicaciones2.3 Aeropuertos2.4 Aparcamientos2.5 Parques logísticos
Responsabilidadsocial corporativa3.1 Plan Estratégico de RSC
de abertis3.2 Resumen indicadores
2010
Informacióneconómico-financiera4.1 Magnitudes consolidadas4.2 Gestión financiera 4.3 Accionistas y bolsa
16 AR CSR AA 17
1.2 Administrative bodies board of Directors (as of 31 December 2010)
* Appointed Vice-secretary, non-board member on 8 June 2010 to replace Juan A. Margenat Padrós. He is also Secretary, non-board member, of the Appointment and Remuneration Committee (see next page).
In the course of 2010 Théâtre Directorship Services Alpha, S.à.r.l., Théâtre Directorship Services Beta, S.à.r.l. and Théâtre Directorship Services Gama, S.à.r.l. have joined the Board, and Comunidades Gestionadas, S.A., Javier Echenique Landiribar, Braulio Medel Cámara and Julio Sacristán Fidalgo have left it.
l Executive Committeel audit and Control Committeel appointment and Remuneration Committee
Miquel Roca JunyentSecretary, non-board member
salvador alemany MasChairman Florentino pérez Rodríguez
2nd Deputy ChairmanIsidro Fainé Casas
1st Deputy Chairman
théâtre Directorship services alpha, s.à.r.l., repre-sented by Javier de Jaime guijarro4th Deputy Chairman
Marcelino armenter vidal
Ricardo Fornesa Ribó
pablo vallbona vadell
théâtre Directorship services gama, s.à.r.l., represented by José antonio
torre de silva López de Letona
théâtre Directorship services beta, s.à.r.l., represented by santiago Ramírez Larrauri
Josep Maria Coronas guinart Vice-secretary, non-board member*
Francisco Reynés MassanetChief Executive Officer
Ángel garcía altozano
Emilio garcía gallego
Miguel Ángel gutiérrez Méndez
Ernesto Mata López
Enric Mata tarragó
Ramón pascual FontanaLeopoldo Rodés Castañé
Manuel Raventós negra
g3t, s.L., represented by Carmen godia bull
3rd Deputy Chairman
17 AR CSR AA
Carta del presidente Entrevista al Consejero Delegado
gobierno Corporativo1.1 Gobierno Corporativo1.2 Órganos de Gobierno
actividades del grupo abertis2.1 Autopistas2.2 Infraestructuras de
telecomunicaciones2.3 Aeropuertos2.4 Aparcamientos2.5 Parques logísticos
Responsabilidadsocial corporativa3.1 Plan Estratégico de RSC
de abertis3.2 Resumen indicadores
2010
Informacióneconómico-financiera4.1 Magnitudes consolidadas4.2 Gestión financiera 4.3 Accionistas y bolsa
Delegated monitoring bodies
Executive CommitteeSalvador Alemany Mas (Chairman)
Isidro Fainé Casas
Florentino Pérez Rodríguez
G3T, S.L., represented by Carmen Godia Bull
Théâtre Directorship Services Alpha, S.à.r.l., represented by Javier
de Jaime Guijarro
Marcelino Armenter Vidal
Francisco Reynés Massanet
Théâtre Directorship Services Gama, S.à.r.l., represented by José
Antonio Torre de Silva López de Letona
Miquel Roca Junyent (Secretary, non-board member)
Josep Maria Coronas Guinart (Vice-secretary, non-board
member)*
* Appointed Vice-secretary, non-board member on 8 June 2010 to replace Juan A. Margenat Padrós.
In the course of 2010, Théâtre Directorship Services Alpha, S.à.r.l.,
and Théâtre Directorship Services Gama, S.à.r.l. have joined the
committee to replace Ángel García Altozano and Pablo Vallbona
Vadell.
From left to right: Carmen Godia Bull, Florentino Pérez Rodríguez, Isidro Fainé Casas, Salvador Alemany Mas, Francisco Reynés Massanet, Javier de Jaime Guijarro, Miquel Roca Junyent, José Antonio Torre de Silva López de Letona, Josep Maria Coronas Guinart, Marcelino Armenter Vidal.
l Executive Committeel audit and Control Committeel appointment and Remuneration Committee
Executive Committee
audit and Control CommitteeErnesto Mata López (Chairman)
Marcelino Armenter Vidal
Emilio García Gallego
Marta Casas Caba (Secretary, non-board member)
appointment and Remuneration CommitteeManuel Raventós Negra (Chairman)
Ricardo Fornesa Ribó
Théâtre Directorship Services Alpha, S.à.r.l., represented by Javier
de Jaime Guijarro
Ángel García Altozano
Miguel Ángel Gutiérrez Méndez
Josep Maria Coronas Guinart (Secretary, non-board member)*
* Appointed Vice-secretary, non-board member on 8 June 2010 to replace Juan A.
Margenat Padrós.
In the course of 2010, Ricardo Fornesa Ribó and Théâtre
Directorship Services Alpha, S.à.r.l., have joined the committee.
18 AR CSR AA
ChairmanSalvador Alemany Mas
Chief Executive OfficerFrancisco Reynés Massanet
Director of Studies and Communication
Antoni Brunet Mauri
Director of Personnel and Organisation
Joan Rafel Herrero
Director of Strategy and Corporate Development
David Díaz Almazán
Director of Corporate Control and Management
Jordi Lagares Puig
Managing Director of Finance and Corporate
ResourcesJosé Aljaro Navarro
Director of Corporate Fiscal Planning
Josep Maria García Martín
Director of Information Systems
José Carlos Moreno Montero
Director of Investor RelationsSteven Fernández Fernández
Director of Corporate Finance
José Luis Viejo Belón
Director of Purchasing and General Services
José María Gómez Hospital
Managing Director of Business and Operations
Josep Martínez Vila
Managing Director of abertis autopistas
Josep Lluis Giménez Sevilla
Managing Director of sanef
François Gauthey
Managing Director of toll roads North America and
InternationalJordi Graells Ferrández
Managing Director of toll roads South
AmericaGonzalo Ferre Moltó
Managing Director of abertis telecom
Tobías Martínez Gimeno
Managing Director of abertis airports
Carlos del Río Carcaño
General Director of saba
Jordi Díez Díez
Managing Director of abertis logísticaJoan Font Alegret
Chairman’s Office staff
Finance Management
business and Operations Management
Corporate secretariat Corporate Management
senior Management (as of 31 December 2010)
Director of Institutional Relations
Sergi Loughney Castells
Company SecretaryJosep M. Coronas
Director of Corporate Security
Luis Jiménez arrébola
Director of Corporate Legal Services
Marta Casas Caba
Letter from the Chairman
Interview with the CEO
Corporate governance and management 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 Logistics Parks
Corporate social responsibility
3.1 abertis’s Strategic Plan
3.2 Indicators 2010
Economic and financial information
4.1 Consolidated figures
4.2 Financial management
4.3 Shareholders and the stock market
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21
abertis has consolidated its position as a world
leader in the private management of public in-
frastructures and in 2010 it has had a presence
in a total of 17 countries through five business
areas:
Toll roads
Telecommunications infrastructures
Airports
Car parks
Logistics parks
Ireland
United States
United Kingdom
Andorra
Spain
Portugal
Sweden
France
Italy
South Africa
Puerto Rico
Mexico
Jamaica
Colombia
Bolivia
Chile
Argentina
20 AR CSR AA
21 AR CSR AA
shaRE OF OpERatIng REvEnuEs by sECtOR anD gEOgRaphIC aREa
avERagE WORKFORCE by sECtOR anD gEOgRaphIC aREa
Toll roads75%
Logistics services1%
Telecommunications13%
Airports
Car parks
7%
4%
2010
Toll roads74%
Logistics services1%
Telecommunications14%
Airports
Car parks
7%
4%
2009
Spain50%
Rest of the world6%
France35%
United Kingdom
Chile
4%
5%
2010
Spain52%
Rest of the world6%
France35%
United Kingdom
Chile
4%
3%
2009
Toll roads59%
Corporation3%
Telecommunications13%
Airports
Car parks
16%
9%
2010
Toll roads59%
Corporation3%
Telecommunications12%
Airports
Car parks
17%
9%
2009
Spain42%
Rest of the world20%
France25%
United Kingdom
Chile
7%
6%
2010
Spain41%
Rest of the world20%
France25%
United Kingdom
Chile
7%
7%
2009
22 AR CSR AA
2010 has seen the consolidation of abertis autopistas’ management model and a recovery in its traffic. This has been mainly due to an internationalization process
that has buttressed its position in France and South America, where the economy is stronger than in other countries.
abertis’s toll road business – the Group’s main activity in terms
of turnover and profit/loss– has maintained its key figures over
the course of the year in an environment that continues to be
marked by the decline in economic activity in some of its key
businesses. Traffic, which had been hard hit over the previous
months, has slowed its decline over the last few months of the
year to close 2010 virtually the same as in the previous year.
Against this backdrop, this year abertis autopistas has
consolidated its business model and improved its infrastructure
with the aim of providing greater service capacity and quality to
its network.
As a result, work has continued on the project to add a third
lane to the AP-7 toll road, the main corridor along the Iberian
Peninsula coastline. A new section has been opened in Girona in
2010 and work has begun on the final part which will mean that
2.1 Toll roads
in 2011 there will be a third lane right up to the French border
at La Jonquera.
Also underway are improvement and widening work on the AP-6
toll road, a basic communications corridor between Madrid and
northwest Spain, which will entail the construction of a third
lane in each direction in the San Rafael – Villacastín section.
As part of its commitment to improving customer service
and offering the latest in technology, abertis autopistas has
announced several initiatives that make it into a pioneer in
delivering customized solutions. They include the installation
of interactive information points and setting up service areas
addressed to heavy goods vehicles.
In 2010, abertis autopistas has continued to demonstrate its
environmental awareness after the agreement reached with the
Recovery in traffic through internationalization
23 AR CSR AA
French Government to invest 250 million euros in environmental
improvements to infrastructure as part of the “Paquet Vert” in
exchange for extending the term of sapn and sanef concessions
for another year up to 2029.
abertis has continued to consolidate its leadership in the world
road infrastructure management market. It directly operates
3,772 kilometres of toll roads in five countries and has a share in
the operation of another 5,579 kilometres through its presence
in concessions in Europe, Latin America and Africa.
The challenge for abertis autopistas in 2011 is the sustained
improvement of its toll road network and customer service. In this
respect, further work is to be done to enhance road construction
and route quality in its network along with improved service
quality supplemented by external quality factors that are closely
connected with toll road operation such as safety and information.
It is also committed to playing an important role in technological
development through driving electronic toll systems and putting
in place initiatives that support mobility.
spain France Rest of the world
acesa/invicat
aumar
iberpistas
castellana
aucat
aulesa
avasa
Trados 45
sanef
sapn
sanef aquitaine1
sea141
elqui
rutas del pacífico
apr
gco
Autopista Central
gesa1
opsa1
spain France Rest of the world
eurotoll slovtoll
bet’eire flow
spain France Rest of the world
Túnel del Cadí
Accesos de Madrid
Ciralsa
Autema
Henarsa
A’Lienor
Alis
Routalis1
Atlantia
Brisa
Ausol
Coviandes
RMG
Pt operational Services1
Coninvial1
COnCEssIOnaIRE COMpanIEs
DIRECt OR shaRED ManagEMEnt
tELEMatIC COMpanIEs
OthER hOLDIngs
1. Companies that only provide toll road operation services
1. Companies that only provide toll road operation services
24 AR CSR AA 25
abertis is present in the toll 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 1,757 kilometres of
toll roads in north-east France and Normandy (in this region
through its subsidiary sapn), which accounts for 20% of the
French network and 47% of abertis’s toll road network.
sanef’s network has an excellent position in the centre of
economic Europe, connecting with five great European capitals
(London, Brussels, Luxemburg, Frankfurt and Strasbourg) and
managing five of the seven toll road access routes to the Îlle de
France (Paris) region.
sanef also manages a number of companies that provide
telematic services, including electronic toll systems in France,
free flow electronic toll systems in Ireland and satellite-based
electronic toll systems in Slovakia.
One of the key developments in 2010 for sanef has been its
participation in the “Paquet Vert” measures, one of the largest
public-private partnerships to be sponsored by the French
Government. Under the agreement, sanef is to invest a total of
250 million euros over three years in projects to improve the
integration of its infrastructures in the environment and the
services it delivers to its customers. In return the term of sanef’s
two concessions will be extended by a year up to 2029. Through
these commitments to the environment the company hopes to
make its contribution to the recovery of the French economy.
These investments are part of a package of measures called the
“Plan de Rélance” designed to encourage greater economic activity
in the eight regions that sanef’s toll roads cross, thus contributing
to the economic and industrial development of the areas covered
by the Group’s network.
Another milestone in 2010 for sanef has been the opening of the
A-65 toll road (A’Liénor, in which sanef has a 35% stake), which
France
over the course of 150 kilometres joins the towns of Langon
and Pau in southwest France and has involved an investment of
1,200 million euros. The new toll road, also called the “Autoroute
de Gascogne”, will significantly improve connections in
southwest France. Construction work began in July 2008 and has
been completed four years after signing the concession contract
and two and a half years after starting work. The former road
connecting Langon and Pau was known for its twisty route and
traffic incidents. Through sanef aquitaine, sanef has taken over
management of the toll road for 60 years.
In 2010 the Reims south bypass has also come into service six
months ahead of schedule, a groundbreaking project in terms of
respect for the environment and the use of the latest technology.
It is a bypass on the Paris to Strasbourg A-4 toll road which links
France to Eastern Europe and will relieve the traffic that used to
go through Reims. The bypass, which is 14 kilometres long, has
involved an investment by sanef coming to 245 million euros.
Concessionaire companies holding Km. Concession end
sanef 52.55%1 1,389 2029
sapn 99.97% 368 2029
sea142 100.00%
sanef aquitaine3 100.00%
1,757
DIRECt OR shaRED ManagEMEnt
1. abertis has a 52.55% stake in sanef, which has holdings in the other companies2. Company that operates the A-14 toll road (sapn)3. Company that operates the A-65 toll road (A’Liénor)
telematic companies holding
eurotoll 100%
slovtoll 100%
bet’eire flow 100%
Company holding Km. Concession end
A’Lienor 35.00% 150 2066
Alis 19.67% 125 2067
Routalis1 30.00%
275
OthER hOLDIngs
1. Company that operates the A-28 toll road (Alis)
25 AR CSR AA
What is the “paquet vert” programme?
As part of the French government’s Grenelle de l’Environnement (Socio-political Summit for the Environment) and the “Plan de Rélance” (Economic
Recovery Plan), sanef has pledged to invest 250 million euros over the next three years in projects aimed at improving the environmental integration
of its infrastructures and the services it delivers to its customers. In return, the sanef group is to benefit from a one-year extension in the length
of the two sanef concessions (sanef and sapn) up to 2029. This is a key project in the Group’s development. The programme buttresses our public
service mission and our vocation as a long-term infrastructure manager and gives a fresh boost to our responsibility as a company and our positive
contribution to the environment.
What is the scope of the programme?
The “Paquet Vert” enhances the integration of our network in its surroundings and the agreed investment will help to stimulate local jobs in the
8 regions through which it runs. It covers 5 main areas: water, noise, biodiversity, reducing CO2 emissions, and service and rest area facilities. The
investment items depend on each aspect. A total of 40 projects have been started up involving more than 20 managers and a lot of workers. The French
government has chosen the projects based on how far each one can ramp up our commitment to the environment and to our customers through
new services.
What are these new services?
These investments will provide an important boost to our customer service policy. For example, we will extend an existing service in one of our facilities
on the A-29 which helps reduce CO2 emissions into the atmosphere: a no-stop electronic toll for heavy vehicles. We hope to install 7 new toll booths
and this accounts for almost half of total “Paquet Vert” investment.
We are also planning to install more dynamic equipment which enables improved traffic flows in those places where there is most transit, including
real-time information, CCTV and variable information panels. Furthermore, in order to promote carpooling and co-modality, we have created an online
portal about interchanges between the motorway and the surrounding area for people and goods at the junction of the A-1 and the “Seine
Nord” Europe Canal.
Green commitment: “The “Paquet Vert” programme will enable us to further our environmental commitment and speed up the implementation of new services for our customers”
Odile georges picotsanef group Concessions Manager
25 AR CSR AA
27
Strasbourg
Reims
LilleCalais
Caen
Alençon
Langon
Pau
Parissanef
Total km. France
2,032fran
ce
Direct or shared managementOther holdings
A’liénor
26 AR CSR AA
27 AR CSR AA
Financial and business results
Revenues generated from direct-managed toll road concessions
in France have reached 1,465 million euros and EBITDA totalled
917 million euros, representing 36% and 37% of the abertis
group’s total respectively.
The figures are for HIT/sanef consolidated.
sanef’s toll revenue in 2010 has come to 1,332 million euros, a
3.3% increase over 2009. sanef’s AADT in 2010 was up over the
last few months of the year and has risen by 1.3% compared
with 2009, in spite of the consequences of the strikes on 11 and
18 June and with a greater improvement in heavy vehicle traffic
(+4.9%).
The difference between total revenue and toll revenue (133
million euros) is basically down to sanef group revenue from
telematic services (down over 2009 due to the negative impact
of the sale of Masternaut in April 2009), service area charges and
telecoms and engineering services.
By the end of 2010 electronic toll transactions had reached
36.2% of total vehicles (an annual increase of 1.8 points) with
heavy vehicles standing at 75.7%.
In France, 74 million euros has been invested in renewing and
upgrading the existing network (upgrading toll booths and
network maintenance) and 183 million euros in new construction
projects, new lanes and investment in the Reims south bypass,
the widening of the A-13 and the “Paquet Vert”.
1,46536%
million euros
Revenues from direct-managed toll road concessions in France
of abertis’s total
2010 var. %
sanef 22,845 1.6
sapn 28,065 0.5
total aaDt 23,303 1.3
aaDt
2010 var. %
Operating revenues 1,465 3.7
EBITDA 917 4.7
EBIT 560 9.6
COns. REsuLts IFRs (millions of euros)(Contributions to abertis consolidated)
2010
Operational investment 74
Expansion investment 183
InvEstMEnts (millions of euros)
2928 AR CSR AA
In Spain, abertis autopistas is the largest toll road operator in
terms of kilometres managed with a total of 1,526 kilometres,
which accounts for 51% of the total of toll roads in the country.
As such it participates in a non-majority way in a total of 234 km
through other concessions.
In Spain, abertis autopistas has experienced a slowdown in
2010 in the decline in both heavy and light traffic. Although the
year ended with a negative result (down 4%), the trend over
the last few months of the year suggests that the figures are
stabilizing in Spain and a recovery in activity is likely to start in
2011.
The division has been confronted by numerous challenges.
Firstly there has been the consolidation of the avasa concession
operator which, following its purchase in 2009, has now been fully
incorporated into the business unit’s operations and accounts.
Then secondly there has been investment in maintenance and
widening of existing toll roads, including:
• On the AP-6 toll road, the upgrading and widening work
aimed at improving road safety and mobility in this key
communications corridor between Madrid and northwest
Spain (Galicia, Asturias, León, Salamanca, etc.). It involves a
raft of actions including the construction of a third lane in
both directions in the San Rafael – Villacastín section and the
widening of several viaducts. The work entails an investment
of more than 65 million euros and has received a Special
Mention in the category of Best Public Works from the jury
for the 2010 Association of Civil Engineers of Madrid Awards.
spain
The jury noted that the project means an improvement in the
systems for getting from the Region of Madrid to the corridors
in northwest Spain, as it substantially expands their capacity,
functionality and safety with a set of three tunnels, one of
which can operate in both directions.
• On the AP-7 toll road network, abertis autopistas has
completed work to add a third lane between Maçanet and
Fornells. This forms part of the AP-7 road widening project the
Group is implementing right along the 125 km between La
Jonquera (Girona) and Vila-seca/Salou (Tarragona) intended
to upgrade the capacity of the road to meet increased traffic
volumes and enhance vehicle mobility by eliminating four toll
barriers. Meanwhile the remaining works are progressing as
scheduled.
• On the C-32 in Catalonia, the coming into service in July of
the new section between Palafolls and Tordera, a 4.4-kilometre
extension of the motorway which enhances communications
in the southern part of the Costa Brava. This project is part of
the agreement signed between the Government of Catalonia
and the concession operator acesa which also includes
building a new spur on the C-32 motorway which has now
been extended to Lloret de Mar from the future link with the
A-2 dual carriageway which the Ministry of Development
has planned, and upgrading the existing motorway. Total
investment comes to 100 million euros.
DIRECt OR shaRED ManagEMEnt OthER hOLDIngs
Company holding Km. Concession end
acesa/invicat 100% 545 2021
aumar 100% 468 2019
iberpistas 100% 70 20311
castellana 100% 51 20311
aucat 100% 47 2039
aulesa 100% 38 2055
avasa 100% 294 2026
Trados 45 50% 14 2029
1,526
Company holding Km. Concession end
Túnel del Cadí 37.2% 30 2023
Accesos de Madrid 35.1% 61 2049
Henarsa 30.0% 62 2039
Ciralsa 25.0% 33 2040
Autema 23.7% 48 2037
234
1. The concession term may be extended up to 2036 based on actual traffic over the period from 2015 to 2019.
29 AR CSR AA
For the Centre south network, 2010 has meant the start of upgrading and widening work on the ap-6. What does this project mean for the
toll road?
Instead of the start of upgrading and widening work, I think it is more a case of the fourth stage of the long-term project to improve road connectivity
between the centre and northwest of the country that began in 1999. First of all Ávila and Segovia were connected to the high capacity road network.
In the second stage the capacity of the AP-6 was increased over a twenty-kilometre stretch between the M-50 and the start of the AP-6 concession
in Villalba. Then in the third stage the capacity of the first section of the AP-6, between Villalba and San Rafael, was also increased in a project that
included building a third tunnel under the Sierra de Guadarrama. Finally, in the fourth stage which is where we are now, the capacity of the next section
of the AP-6, between San Rafael and Villacastín, is to be increased and isolated jobs from the previous stages which were not done at the time will also
be completed. Once work in this fourth stage has been finished, I honestly believe that we will have a first-class infrastructure, one which will deliver
extremely high quality service to traffic in the coming years.
It is undoubtedly a very complex project... What have been the main challenges you have faced?
The greatest difficulty we have come across is making the progress of work compatible with traffic needs. We know that the work impacts on traffic
on the roads (lane narrowing, speed restrictions and so on) so we always try to ensure the negative effect is as small as possible. The widening to
three lanes is being carried out in sections less than five kilometres long and not on both carriageways at the same time, and signage and marking has
been stepped up. These measures have proven to be effective due to the close coordination between Civil Works Operations and Engineering. Another
difficulty has been the weather, which up to the present has been giving us a break. The average height of the AP-6 toll road is more than one thousand
metres, so on average we have a hundred days of ice or snow a year. Under these conditions, any type of planning, however detailed it may be, can
always be affected by unexpected setbacks.
how have personnel been prepared for this project?
The upgrade of our infrastructure is a project that has been carried out over the course of a decade. At this point in time, the people working with
iberpistas and castellana management have enormous experience in these kinds of situations. The key thing from my point of view is never to
forget that that our goal is to ensure traffic can flow under the best possible conditions. It is hard to pick out a particular group because everyone’s
contribution is important. However, as they are most directly engaged in customer service, I would give a special mention to the staff in the
Operations Centre and Toll Road Monitoring.
“Work on the AP-6 will result in a first-class infrastructure and make it possible to deliver extremely high quality service”
Ignacio arbillaabertis autopistas Centre-south network Manager
29 AR CSR AA
spain
Total km. Spain
1,760
Palafolls
La Jonquera
Girona
Lleida
Castellón
Valencia
Alicante
Seville
Cadiz
Navalcarnero Arganda del Rey
Guadalajara
Segovia
Adanero
Ávila
Astorga
León Logroño
Vitoria
Bilbao
Zaragoza
Madrid
Barcelona
Tarragona
avasa
acesa/invicat
Direct or shared managementOther holdings
30 AR CSR AA
31 AR CSR AA
2010 has also been a year of commitment to road safety and
improvement for abertis autopistas, particularly in terms
of technological advances on its roads. This year innovative
interactive information points have been installed where the
customer can get online information about road conditions,
weather forecasts and safety tips. Furthermore, abertis
autopistas has built specific rest areas for road hauliers equipped
with tight security measures as part of its commitment to better
meet its customers’ needs.
At the organizational level, the goal of the toll roads business
division in Spain this year has been to consolidate its network
management model in order to achieve greater business unit
operational efficiency and vision. This has involved bringing in
a new concept in network management that has led to the
technological integration of the concession operators. As a
result, abertis autopistas now operates uniformly across its
5 networks: the GenCat Network (concessions owned by the
Government of Catalonia), the Mediterranean Network, the Ebro
Network, the Levante Network and the Centre-South Network.
abertis has also set up a new company called invicat in 2010 to
manage toll road concessions previously run by acesa and which
are owned by the Government of Catalonia.
Financial and business results
Revenues generated from directly managed toll road concessions
in Spain reached 1,365 million euros and EBITDA came to 1,066
million euros, representing 33% and 43% of the abertis group’s
total respectively.
In spite of the 4% fall in AADT in Spain, in the last few months of
the year the decline in traffic has lessened.
Operating income has been increased, in spite of poorer business
levels, by the effect of the additional 50% contribution by avasa
(+34 million euros in 2010) and by the partial compensation for
the AP-7 and Maresme agreements.
In the course of the year investment in electronic toll payment
devices has continued and at present the use of this system on
toll roads in Spain as a whole comes to 35.1%, 1.6 percentage
points more than last year. Especially significant is avasa, with
41.8% of transactions by electronic toll, as all the concession
operator’s discounts and free options are linked to compulsory
use of this payment system.
In 2010 Spanish toll roads have carried out operational
investment coming to 54 million euros, mainly in optical fibre
installation, improvements to toll, maintenance and rest areas,
and the repair of structures and bridges. Another 188 million
euros has been invested in expansion, of which 179 million euros
has gone basically for the lane addition and section extension
work set out above.
2010
Operational investment 54
Expansion investment 188
2010 var.
Operating revenues 1,365 1.1%
EBITDA 1,066 1.3%
EBIT 769 -3.1%
aaDt
InvEstMEnts (millions of euros)
COns. REsuLts IFRs (millions of euros)(Contributions to abertis consolidated)
2010 var.
acesa/invicat 31,753 -3.5%
aumar 19,034 -6.9%
iberpistas 27,123 -3.3%
castellana 7,241 1.5%
aucat 26,712 -4.1%
aulesa 4,911 -4.0%
avasa 13,447 -0.9%
total aaDt 22,383 -4.0%
3332 AR CSR AA
Chile
Following the acquisition in 2008 and 2009 of holdings in
various concession operators in Chile, abertis has grown to
become one of the country’s main toll road operators with the
direct or shared management of more than 430 kilometres.
In 2011 it is to focus on further plans for road infrastructure
and connectivity for regional urban and centres and upgrading
existing intercity concessions to provide better and increasingly
efficient comprehensive service to users.
Rest of the world
The internationalization of abertis autopistas has continued to be successful this year. Higher economic growth in the economies of Latin America has resulted
in increased industrial activity and a significant increase in traffic on the roads.
Thus the international business of this unit has helped offset the falls that are
continuing to take place in Spain.
Rest of the world: other countries in Latin america and Europe
abertis also has a presence in other countries in Latin America
and Europe, where it manages or has minority shareholdings in
toll roads in Argentina, Puerto Rico, Colombia, the UK, Portugal
and Italy.
In Puerto Rico abertis has stepped up its commitment to the
business by purchasing the remaining 25% not hitherto in its
possession of apr, the company which operates the Teodoro
Moscoso Bridge concession in San Juan. The operating lifetime
of this award was extended in 2009 for a period of 17 years up
to 2044.
DIRECt OR shaRED ManagEMEnt OthER hOLDIngs
Company holding Km. Concession end Country
elqui 100.0% 229 2022 Chile
apr 100.0% 2 2044 Puerto Rico
rutas del pacífico 78.9% 141 2024 Chile
gco 48.6%1 56 2018 Argentina
Autopista Central 28.9%2 60 2031 Chile
gesa3 100.0%
opsa4 78.9%
488
Company holding Km. Concession end Country
Coviandes 40.0% 86 20231 Colombia
Coninvial2 40.0%
RMG 33.3% 74 2026 United Kingdom
Pt.Operational Services3 33.3% South Africa
Ausol 31.6% 119 2020 Argentina
Grupo Brisa 14.6% 1,378 20354 Portugal
Grupo Atlantia5 6.7% 3,413 20384 Italy
1. 57.6% of voting rights.2. abertis controls 57.7% of Grupo Invin, which in turn has a 50% stake in Autopista Central.3. Company that operates elqui4. Company that operates rutas del pacífico
1. Concession end subject to meeting estimated revenue targets and forecast for 2023.2. Company that is building Coviandes3. Company that delivers operational and maintenance services to the South African concessionaire
Bakwena Platinum Corridor.4. Indicates the end of the concession with a higher relative weight.5. As of 31 December 2010 (sold in 2011).
33 AR CSR AA
abertis has increased its stake in apr up to 100%. What does the teodoro Moscoso bridge concession in puerto Rico mean for abertis?
The purchase of the 25% stake that abertis did not have in Autopistas de Puerto Rico (apr) is a sign of the Group’s confidence in its business in the
country. The project started 19 years ago when Autopistas de Puerto Rico S.E. and the Puerto Rico Highways and Transportation Authority executed
the Concession Agreement for the Financing, Design, Construction, Operation and Maintenance of the Teodoro Moscoso Bridge in the San Juan
metropolitan area. After two years of work and an initial investment of more than $80 million, this infrastructure was opened in 1994 and over the
course of nearly 16 years of operation it has served more than 128 million users, becoming synonymous with excellence and quality. In 2010, the
Teodoro Moscoso Bridge has generated revenues of nearly $19 million, which is an 8% increase over the previous year.
puerto Rico has opted for public-private partnerships as the best way of financing infrastructure.
The Government of Puerto Rico has put in place a new public-private partnerships programme through the implementation of Law No. 29 adopted in
June 2009. This is an important commitment by the country which sees this type of partnership as an integral part of its governance model and not as
a response to a temporary situation. Furthermore, Puerto Rico also offers the necessary ingredients for implementing long-term investment projects:
it has a solid legal framework, a stable currency and a clear and consistent government programme. abertis plays a key role here. Its presence over
several years and its commitment to the community and the quality of the service provided by the Teodoro Moscoso Bridge have helped to position
the group as a world leader in the management of transport infrastructures and a partner of choice for future PPP projects in Puerto Rico and the rest
of the United States. An example of abertis’s interest in this market and its commitment to public-private partnerships is the analysis we are currently
carrying out for the tender to finance, upgrade, operate and maintain the PR-5 and PR-22 motorways, the latter being the busiest on the island.
to what extent is the group’s presence in puerto Rico important from a geostrategic point of view?
In 1994 the Teodoro Moscoso Bridge was the first public-private partnership project in operation in the transport sector in the United States. Given
the Government’s programme and the features of the new Law that support it, I am convinced that not only does Puerto Rico have the potential to
become an attractive market in itself, but that it can also establish itself as a benchmark for other parts of the U.S. and act as an ideal gateway into
the rest of the U.S. market.
“The Teodoro Moscoso Bridge has turned abertis intoa partner of choice for future projects in Puerto Rico and the rest of the United States”
Luis palazziDirector of toll Roads north america
33 AR CSR AA
35
San Juan
ColombiaCoviandes
argentinaAusolautopistas del oeste (gco)
ChileAutopista Central
ChileRutas del Pacífico
ChileElqui
Bogotá
La Serena
Ovalle
Los Vilos
Valparaíso
Santiago
Santiago
Santiago
San Antonio
Bogotá
Villavicencio
San Fernando
San Isidro
Buenos Aires
Buenos Aires
LujánBuenos Aires
sOuth aMERICa
south africaPT Operational Services
Zeerust
Bela-Bela
Pretoria
JohannersburgJohannesburg
aFRICa
London
Oporto
Lisboa
Peterborough
GloucesterSawtry
Alconbury
Swindon
Cirencester
united Kingdom
RMg
portugalBrisa
ItalyAtlantia*
EuROpE
direct or shared managementother holdings
(*) In 2011 abertis has sold its stake in Atlantia (6.68%) through a private placement process.
34 AR CSR AA
35 AR CSR AA
Financial and business results
Revenues from directly managed toll road concessions in the
rest of the world have come to 248 million euros and EBITDA
stood at 155 million euros, representing in both cases 6% of the
abertis group’s total.
The figures have increased significantly and are not comparable
with the previous year due to the impact on the P&L account for
2010 of the incorporation of Chilean shares (“Itinere assets”) for
a full year (6 months in 2009).
In Chile, business activity has been positive in all concession
operators, with increases of 4.5% in Autopista Central, 5.6% in
rutas del pacífico and 4.7% in elqui, and with an even greater
improvement in heavy vehicles.
In Argentina, in addition to the positive growth in business
activity (+6.5% AADT) there have also been price increases of
17.25% on average since 14 December 2009, and 20.47% on
average since 4 October 2010.
In Puerto Rico there has been a price increase of 50% since
1 January 2010, which has led to an income increase of 10%
despite the drop in traffic of 28.5%.
In 2010 Chilean companies, mainly Autopista Central, have
invested 2 million euros in free-flow toll equipment and
improving infrastructure. In Argentina, gco has invested 2 million
euros in upgrading toll stations and improving safety. It has also
invested 11 million euros in expansion through the acquisition of
the remaining 25% of apr.
In Colombia, in January 2010 it signed an agreement with the
government to amend the Coviandes concession contract, 40%
owned by abertis, whereby the concessionaire undertakes to
widen the central segment of the road and carry out safety
work costing approximately 650 million euros. This is to be
compensated by the government through a combination of
direct funding and tax benefits.
In Europe, abertis has maintained its presence in the Portuguese
firm Brisa with a 14.6% stake and where it has a seat on the
Board of Directors. In 2011 abertis has sold its stake in Atlantia
(6.68%) through a private placement process in which it made
capital gains.
248million euros
Revenues from direct-managed toll road concessions in the rest
of the world
2010
Operational investment 4
Expansion investment 11
2010 var. %
Operating revenue 248 72.0
EBITDA 155 96.1
EBIT 64 688.6
aaDt
InvEstMEnts (millions of euros)
COns. REsuLts IFRs (millions of euros)(Contributions to abertis consolidated)
2010 var. %
elqui 4,795 4.7
rutas del pacífico 22,879 5.6
gco 73,419 6.5
apr 16,549 -28.5
Autopista Central 65,843 4.5
total aaDt 22,820 5.5
35 AR CSR AA
36 AR CSR AA 37
abertis telecom has celebrated its tenth anniversary in 2010 by establishing itself as the leading terrestrial telecommunications infrastructure and services group in Spain. It now has more than 3,300 centres making up the largest network of sites in the country for broadcasting and distributing audiovisual signals. It is also an
internationally recognized satellite broadcasting operator through its key holdings in operators Eutelsat and hispasat.
2010 has been the year in which the changeover to digital
terrestrial television (DTT) has been completed, the largest ever
technological replacement project to be carried out in Spain and
one of the biggest in Europe. Under the DTT National Technical
Plan, coverage has been provided to 98% and 96% of the
population for public and private television services respectively.
The progressive rollout since 2005 of a new digital broadcasting
network based on existing and new centres to replace the
analogue network deployed over the previous 50 years has
2.2 Telecommunications Infrastructures
been a highly complex process in technical, logistic and social
(it affects over 46 million people) terms. 58% of the 5,700 DTT
broadcasting centres currently existing in Spain (in other words
3,315 of them) are operated by abertis telecom.
The project has been completed successfully and almost
two years ahead of most countries in Europe. It has involved
the whole abertis telecom organization, with more than 700
people working on it directly in addition to the participation of
more than 2,000 engineers and outsourced professionals.
Dtt rollout, an unprecedented success in spain
37 AR CSR AA
how has the satellites business gone over the course of the year?
After four years spent in the satellite communications industry, since January 2007 in Eutelsat and since June 2008 in hispasat, I think it is fair to say
that we have established ourselves in this sector in our role as an industrial manager both at home and abroad. We are known and recognized worldwide
by the various players in this business. As for developments in the market, we have been pleasantly surprised. Despite the global financial crisis, the
development of satellite technology-based activity has maintained its growth rates of previous years. And if forecasts are met, it is expected that growth
over the next five years will remain at around 4%. In 2010, the evolution of the satellite division in hispasat and Eutelsat has accounted for over 60%
of the company’s net profit. If forecast growth is achieved, it is quite possible that this contribution will grow even more in years to come.
2010 has been a year of significant launches…
A satellite launch is always a significant moment in a company’s operations. In late 2009, hispasat launched the satellite Amazonas2 into space which
has enabled the company to strengthen its position in the Latin American market. In 2010 we have also successfully launched the 1E satellite which
supplements and provides continuity for the 1C and 1D satellites, with a greater focus on the Iberian Peninsula and western Europe. This means that
hispasat now has, including Hisdesat satellites, seven satellites that will ensure the continuity and growth of the business. In addition, hispasat and
Hisdesat also have a portfolio of five new launches planned that will afford the company an excellent position in the sector. As for Eutelsat, the company
has put into orbit the KA-SAT satellite, which is functioning flawlessly and whose cutting-edge technology makes it into a key factor in the future
development of Eutelsat. Eutelsat has an impressive order book of seven satellites under construction (W3C, AB7, W5A, W6A, Es’hail, W3D and EB9B)
which are opening up an exciting future for the company.
What are the challenges the division will have to face over upcoming months?
hispasat and Eutelsat are companies that need to continuously adapt to market needs and developments. New trends based on the use of commercial
satellite capacity for the provision of military services constitute a huge opportunity and market that until now had been a closed shop. Governments
want to bring broadband to every corner of their respective countries and this means that satellites are a key factor for quickly and effectively
supplementing terrestrial infrastructures. Eutelsat is a pioneer in this field, as it has put into orbit the first European satellite using Ka-spot beam
technology to deliver broadband services. In television, the advent of high definition and 3D broadcasts entails heavy use of satellite capacity. There is a
future, there is demand, there is technology and there are capabilities: what more could you want?
“abertis has established itself at home and abroad as an industrial manager in the satellites sector”
Carlos EspinósManaging Director of abertis telecom satellite Infrastructures
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38 AR CSR AA 39
Yet abertis telecom has done more than just deploy DTT in
2010. Its satellite business has grown strongly and for the first
time this unit is the largest contributor to abertis telecom’s
results.
Satellite growth has come not only from the increases in new
services but also from its investees Eutelsat and hispasat,
which this year have launched new satellites and are planning to
put more into space in 2011.
Eutelsat, the leading operator in Europe with a market share of
30% and the third biggest operator in the world, has put into
orbit KA-SAT, a new high-performance satellite that will provide
access to broadband via satellite for areas with connectivity
problems.
For its part hispasat, the world’s seventh largest satellite
operator by revenue, has launched hispasat 1E which expands
the Group’s capacity in Europe, America and Africa and increases
its range of high quality services.
In 2010 abertis telecom has continued to develop
telecommunications services for operators by including new
projects for implementing wireless and fibre optic broadband
networks as well as security and emergency radio services such
as the ones provided to the Merchant Navy and Sea Rescue.
The challenge for 2011 is the consolidation and growth of the
new services and applications brought by new technologies. In
the field of DTT, the extension of the 3 new multiplexes will be
completed and work will be done to get ready for the arrival of
the digital dividend (the reallocation of frequencies) in 2014. As
for new services, the focus will be on high-definition television,
the development of DTT Premium services and driving other new
products such as 3D television, mobile television and interactive
services. In short, these will be new technological advances to
which abertis telecom as an independent network operator
wants to continue to contribute all its capacity for innovation
and development so as to turn the information society into a
reality.
Satellite growth has come not only from the increase in new services but also from its investees Eutelsat and
hispasat, which this year have launched new satellites and are planning to put
more into space in 2011.
Company holding Centres
abertis telecom 100.00% -
retevisión 100.00% 2,662 sites
tradia 100.00% 653 sites
adesal 51.00%
overon 51.00% -
hispasat 42.06%1 7 satellites2
Company holding Centres
Torre Collserola 4.8% -
Eutelsat 31.4% 27 satellites
Cota 25.0% -
1. Includes indirect stake held through Eutelsat2. Includes 2 Hisdesat satellites
DIRECt OR shaRED ManagEMEnt OthER hOLDIngs
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Financial and business results
The telecommunications infrastructures business sector brought
in the second highest amount of revenues at 552 million euros
and an EBITDA of 218 million euros, which represent 13% and
9% of the abertis total respectively.
The telecommunications sector has increased its revenues
compared to 2009 mainly due to the increased activity in the
audiovisual segment (digital terrestrial television) and new radio
contracts as well as higher non-recurring income (DTT trading
extensions). These increases coupled with higher revenues from
satellites (hispasat) offset the reduction in revenues from
analogue TV due to the changeover.
Carta del presidente Entrevista al Consejero Delegado
gobierno Corporativo1.1 Gobierno Corporativo1.2 Órganos de Gobierno
actividades del grupo abertis2.1 Autopistas2.2 Infraestructuras de
telecomunicaciones2.3 Aeropuertos2.4 Aparcamientos2.5 Parques logísticos
Responsabilidadsocial corporativa3.1 Plan Estratégico de RSC
de abertis3.2 Resumen indicadores
2010
Informacióneconómico-financiera4.1 Magnitudes consolidadas4.2 Gestión financiera 4.3 Accionistas y bolsa
These figures do not include the contribution of Eutelsat as it is
consolidated by the equity method.
In 2010 abertis telecom has carried out operational investment
coming to 21 million euros, mainly in replacement investment
and operational support for retevisión and tradia. It has also
invested 126 million euros in expansion in the completion of
the deployment of DTT and in hispasat in its share in the
construction of the satellites Hispasat 1E, launched in December
2010, Amazon III and Small Geo.
2010 var. %
No. sites 3,315 3.0%
No. service centres 63,076 13.8%
2010
Operational investment 21
Expansion investment 126
2010 var.
Operating revenues 552 1.9%
EBITDA 218 -0.9%
EBIT 106 -2.2%
InvEstMEnts (millions of euros)COns. REsuLts IFRs (millions of euros)(Contributions to abertis consolidated)
55213%
million euros
Revenue from telecommunications
infrastructures
of abertis’s total
40 AR CSR AA 41
In the course of 2010, 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
58 million passengers.
In spite of the initial upturn of traffic in the airport management
business worldwide, the persistence of the economic crisis in
some regions and adverse weather conditions with the eruption
of the Eyjafjalla volcano in Iceland and snowstorms in the first
quarter of the year have meant that the recovery has been
uneven across the various countries in which abertis airports
operates.
The geographical diversification of the airport management
division has been successful. Growth in Latin American countries
where it operates has made up for smaller numbers in other
economies such as the United States and Europe.
Against this backdrop, abertis airports has focused on active
management of its business through pursuing an active policy
of cost control and implementing other activities and services
2.3 Airports
such as driving commercial activity with its customers and car
parking facilities.
tbi, the company which was the vehicle used by abertis to enter
the airport sector six years ago, manages eight international
airports that it owns or has the concession for in Europe (the
UK and Sweden), the United States and Bolivia. In addition it
has total or partial management contracts for another five
airports in the United States. Over the course of the year, tbi’s
airports have continued to improve their infrastructures. Belfast
International Airport has opened a new, revamped, more modern
and spacious terminal this year which is designed to increase the
number of passengers and house a greater range of shops. For its
part, this year Cardiff airport has presented a plan to refurbish
and expand its terminal in order to increase its shopping facilities
and provide Wales with a more modern facility.
a world benchmark operator
41 AR CSR AA
What is the phoenix project?
The Phoenix Project is the big project for the refurbishment of the terminal that was mapped out in early 2009 in order to put in place a series of major
improvements for passengers at Belfast International Airport. The project has a number of key objectives. Firstly we want to build a more “intuitive” flow
through the departure terminal to shorten the journey from outside the facility to the boarding gate. Secondly we want to rebalance the terminal space
to double the area assigned to retail in the boarding area. We have also sought to create a more modern and spacious atmosphere in the terminal for users
and employees alike, bringing natural light into its centre. Finally we have also worked with our commercial partners so that the airport has new products
and services that improve the passenger experience. The project was started up in spring 2009 with the relocation of the security control area, which
was followed by the construction of a new link between the check-in and security areas. In later stages terminal space was relocated and its structure
upgraded. All work phases were planned and implemented in such a way as to ensure continued use of the building while reconstruction work was going
on. The renovation was completed in November 2010.
What does this extension mean for the airport and for the development of northern Ireland?
Tourism and investment are of critical importance for the economic development of Northern Ireland and for many of these visitors, Belfast International
Airport is the first impression they will receive of the region when they arrive and the last when they leave.
Belfast International Airport is the main air gateway to Northern Ireland and abertis, as a long-term investor in the region, needs to show that it is
ramping up its commitment to the regional economy with appropriate investments such as the Phoenix Project. It is also very important for us to show
that we are working with the Government to create access routes that open the region’s economy up to the rest of the world.
What are the main challenges for the future of belfast International airport?
One of the biggest challenges we always face is that Belfast International Airport serves a region on an island in the North Atlantic on the western
edge of Europe, which means that most air traffic is outgoing. However, this can also be an opportunity. As we are surrounded by the sea, long-distance
connections by rail and road with the rest of Britain and Europe will never be an alternative to flying. Moreover, as the region leaves behind its troubled
past and there are signs of an economic recovery, there will be significant opportunities for attracting tourists. In this respect, and in order to create access
channels for these visitors, we will have to compete vigorously to attract new airlines.
“Investment under the Phoenix Project demonstrates abertis’s commitment to the economy and development of Northern Ireland”
John Doranbelfast International airport Director
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Through Desarrollo de Concesiones Aeroportuarias (dca), abertis
has an interest in a total of 15 airports in Central and Latin
America, specifically in Mexico, Jamaica, Chile and Colombia.
Particularly significant is its position in Grupo Aeroportuario del
Pacífico (GAP), which is the largest private airport operator in
America.
dca’s airports have delivered the best performance over the year
with significant growth in traffic, due in part to the boost which
Latin American economies continue to provide in comparison
with other markets.
abertis airports, like other divisions in the abertis group, has
also upped its commitment to the environment. London Luton
Airport, managed by tbi, has partnered Resource Efficiency East
to reduce carbon dioxide emissions at the airport.
In 2011 abertis airports plans to continue with its policy of
consolidating its business to maintain its standing as a major
airport infrastructure manager, a position that has been
recognized not only abroad but also in Spain. In the current
climate where governments are increasingly interested in public-
private partnerships and concessions, abertis airports will
continue to explore and analyze new investment opportunities
sponsored by all levels of government.Particularly significant
here is the Spanish Government’s announcement concerning
concessions at major airports including Madrid-Barajas and
Barcelona-El Prat, which abertis airports is examining closely.
Company holding Owned Concession Management
dca 100% - 15 -
tbi 90% 3 5 5
codad 85% - 1 -
3 21 5
Country holding Concession
Jamaica 74.5% 1
Colombia 33.3% 1
Chile 14.8% 1
Mexico 5.8% 12
15
Location holding Owned Concession Management
United Kingdom (London Luton, Belfast and Cardiff)
100.0% 2 1 -
Sweden 90.1% 1 - -
Florida (USA) 100.0% - 1 -
Bolivia 100.0% - 3 -
Georgia (USA) 100.0% - - 3
California (USA) 100.0% - - 1
North Carolina (USA) 100.0% - - 1
3 5 5
thROugh tbi*
thROugh dca
43 AR CSR AA
america
Direct or shared management
Owned
Concession
Management contract
Other holdings
Other holdings
Santiago
Viru Viru (Santa Cruz)
El Alto (La Paz)
Jorge Wilstermann(Cochabamba)
Cali
Eldorado
Sangster
Morelia
Bajio
Aguascalientes
Puerto Vallarta
Guadalajara
San José del Cabo
La Paz
Manzanillo
Los Mochis
Hermosillo
TijuanaMexicali
Burbank
Orlando Sanford
Middle Regional Georgia
Atlanta
Herbert Smart Downtown
Raleigh (Durham)
usa
Mexico
Colombia
bolivia
Chile
Jamaica
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44 AR CSR AA 45
StockholmSkavsta
Belfast International
united Kingdom
Cardiff Airport
Direct or shared management
Owned
Concession
Management contract
Other holdings
Other holdings
London Luton
europe
sweden
44 AR CSR AA
45 AR CSR AA
Financial and business results
The airports sector accounted for 7% of revenue and 3% of
abertis group’s EBITDA in 2010.
tbi’s activity has been affected by the global economic crisis,
adverse weather conditions with the eruption of the Eyjafjalla
volcano in Iceland, snowstorms in the first quarter of year, and
by decisions of airlines that have been reversed in 2011.
By contrast dca and Codad have performed well at 8.2% and
13.8% respectively.
In spite of the negative development of tbi’s activity, revenue
has increased by 5.5% due to tbi’s higher revenue per passenger
(+7.9%), a larger contribution by dca (higher rates at Montego
Bay Jamaica) and the favourable change in the exchange rates
for the pound and the dollar against the euro.
The airport sector has invested 31 million euros in 2010. The
bulk of this has been in the replacement of the radar systems at
Belfast and Cardiff, the repair of the apron at Stockholm and the
reconfiguration of the land/air side at Belfast.
277millions of euros
Operating revenues
2010 var. %
No. of passengers (thousands)
London Luton 8,752 -4.1
Belfast International 4,047 -10.8
Cardiff 1,401 -14.0
Orlando Sanford 1,139 -32.5
Stockholm Skavsta 2,489 -0.6
Bolivia 3,690 19.0
total no. of passengers tbi 21,517 -4.7
No. of passengers dca group (thousands)
Montego Bay (Jamaica) 3,284 1.2
Aerocali (Cali, Colombia) 3,114 23.7
Santiago de Chile 10,161 13.4
GAP (Mexico) 20,223 4.9
total no. of aggregate passengers dca 36,782 8.2
no. of flights codad 149,880 13.8
2010
Operational investment 28
Expansion investment 3
2010 var. %
Operating revenues 277 5.5
EBITDA 81 8.1
EBIT 26 65.9
InvEstMEnts (millions of euros)
COns. REsuLts IFRs (MILLIOns OF EuROs)(Contributions to abertis consolidated))
46 AR CSR AA
saba remains one of the leading operators in the sector in Spain and the rest of the world, managing 128,149 spaces in 195 car parks in Spain, Italy, Chile, Portugal, France
and Andorra.
The success of the strategy for entry into the airport car park
segment with new contracts at Pamplona and Almeria airports,
increased internationalization with new spaces in Italy and
Chile, and a commitment to innovation and technological
advancement have been the key features of 2010 for abertis’s
car parks business.
In the Spanish market saba has established itself as one of the
major players in airport car park management. This year it has
landed car park management contract awards at Almeria and
Pamplona airports to add to the ones it has at Barcelona-El Prat,
Girona, Reus and Tenerife South. In total, the Group manages
37,126 spaces at Spanish airports. It also holds the concession
for 635 spaces at Brindisi airport in Italy.
2.4 Car Parks
Growth has also been strengthened in Spain with a new owned
car park in Palma de Mallorca. The facility is located right in the
heart of the old quarter and has a capacity of 284 spaces.
Abroad there has been asset turnover with growth in Italy and
the departure from Morocco. In Italy, saba has reinforced its
leading position with the opening of a new car park in Pisa.
With these new facilities, the Group now has a total of more
than 26,200 spaces in the country.
In Chile, the upgrading and modernization of the Providencia,
Plaza de la Ciudadanía, Plaza de las Armas and Tribunales facilities
has strengthened saba’s position in a country that is strategic for
the Group and in which it already has a total of 15 car parks with
a combined capacity of nearly 9,000 spaces.
Organic growth in spain, international consolidation and commitment to innovation
47 AR CSR AA
Carta del presidente Entrevista al Consejero Delegado
gobierno Corporativo1.1 Gobierno Corporativo1.2 Órganos de Gobierno
actividades del grupo abertis2.1 Autopistas2.2 Infraestructuras de
telecomunicaciones2.3 Aeropuertos2.4 Aparcamientos2.5 Parques logísticos
Responsabilidadsocial corporativa3.1 Plan Estratégico de RSC
de abertis3.2 Resumen indicadores
2010
Informacióneconómico-financiera4.1 Magnitudes consolidadas4.2 Gestión financiera 4.3 Accionistas y bolsa
(*) abertis participa en un 99,46% en saba aparcamientos, que es la que participa en el resto de sociedades.(**) accionariado compuesto al 50% por sociedades controladas por el grupo abertis, en total abertis ostenta el 76,01% de saba-sanef parkings
The company’s progress in 2010 has also
been shaped by other factors such as
innovation, the use of new technologies
and a concern to meet the social
needs of efficiency and environmental
sustainability.
Financial and business results
The car park sector accounts for 4% of abertis’s operating revenues and reached 154
million euros. Its contribution to consolidated EBITDA was 64 million euros, which is 3%
of the abertis total.
The addition of new car parks and spaces (expansion in Spain and Italy and new
management contracts) together with the rise in rates are the factors behind the increase
in car sector figures in 2010. They help to offset the slightly negative evolution of business
operations on a like-for-like basis and average length of stay.
Over the course of the year saba has carried out expansion investment coming to 29
million euros in Spain, with the acquisition of its car park in Palma de Mallorca, and in
Italy, with the construction of 14 new car parks. In addition, it has carried out operational
investment in system repairs, upkeep and maintenance coming to 7 million euros.
Country holding no. of spaces no. of cities
Spain 99.48%1 73,302 46
Portugal 100.00% 17,796 8
Italy 100.00% 26,206 20
Chile 100.00% 8,942 3
France 76.28%2 1,042 1
Andorra 60.00% 861 2
128,149 80
2010 var. %
No. of car parks 195 -0.5%
No. of spaces 128,149 -0.1%
No. of short-stay vehicles (millions) 56.3 0.0%
No. of season ticket holders 34,261 -0.6%
2010
Operational investment 7
Expansion investment 29
2010 var. %
Operating revenues 154 2.8%
EBITDA 64 9.3%
EBIT 34 -1.0%For the purposes of the car park business, in addition to the saba group 100% of saba sanef Parkings
(50% commercially dependent on sanef) is included.
1. abertis has a 99.48% stake in saba, which in turn has holdings in the other companies.2. 50% of shareholder structure made up of companies controlled by the abertis group; in total aber-tis holds 76.28% of saba-sanef car parks
InvEstMEnts (millions of euros)
COns. REsuLts IFRs (millions of euros)(Contributions to abertis consolidated)
49
europe
america
France (1)
Spain (46)
Portugal (8)
Italy (20)
Andorra (2)
Chile (3)
the number of cities in which saba is present in a country is indicated for each country. there may be one or more sites in each city.
48 AR CSR AA
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What improvements has saba Chile made to its car parks in 2010?
During 2010 we have carried out a major and highly efficient programme of investment and improvements in the car parks that saba manages in the
capital of the country. Specifically this has been in the districts of Providencia and Santiago-Centro and it has involved investment of more than 2
million euros. With this strategy we are seeking to standardize our network of car parks, providing more technology, safety and comfort to the more
than 12,000 users we serve on a daily basis. The programme began in Providencia and it is to be expanded to our other facilities in 2011. It involves the
renewal of saba’s corporate image, the introduction of automatic pay stations and improved pedestrian access Furthermore, in the Plaza de la Ciuda-
danía and Plaza de Armas car parks in the centre of Santiago we have installed access control systems based on Chipcoin technology which consists of
an electronic token that is used as an alternative to the traditional paper ticket. Plus I would also like to underline the improvement and upgrading work
that we have carried out in our car parks to repair the damage caused by the earthquake that struck Chile in 2010. Our car parks were not seriously
affected and they all remained fully operational except for two in Concepción, an area near the epicentre, which came back into service in 30 days
in the case of Tribunales and 70 for Catedral. The saba Chile team has done an excellent job in dealing with the challenge created by the earthquake.
What change has there been in saba’s car park portfolio in 2010?
At the start of the year the Plaza de los Tribunales de Justicia car park in Concepción came into service, which means that with the Catedral car park
we now have more than 800 spaces in the city.
Plus at the end of 2010 we renewed our management contract with Clínica las Condes. The renewal of this contract means we have met the customer’s
requirements with a first-rate integrated solution for managing the entire infrastructure of car parks at Clínica las Condes, the first Chilean hospital to
be credentialed by the Joint Commission International.
What are the main future challenges in the car park sector in Chile and what role do you think saba can play in the country to help with its
development?
The country’s economic indicators show that we have got to continue with our development policy of expanding our presence in Chile. Personally
I would concentrate on two areas: firstly, consolidating our leadership in the concession sector, and then secondly ramping up saba quality as a
differentiating factor through an ongoing policy of bringing in cutting-edge technology, as this is an increasingly relevant consideration when
choosing which car park to use. Here I am particularly thinking about the use or inclusion of TAG technology (ViaT in Spain) in our car parks as
over 95% of motor vehicles in the country’s capital are equipped with the device.
“The investment carried out in saba’s facilities in Chile in 2010 has made it possible to enhance the technology, safety and convenience of our car parks”
Jean François Moussetgerente general saba Chile
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abertis logística is abertis’s business unit which focuses on the promotion, development, management and use of logistics parks in Spain, Portugal and Chile.
2010 has been the year of the final internationalization of
abertis logística. In addition to growth in occupancy rates and
the number of contracts in Spain and the consolidation of its
business in the Central region, it has also inaugurated its park
in Chile, which opened with 100% of its space leased. This is
the result of a firm commitment to intermodal logistics park
management, tailored to meet the needs of its customers and
sited in the most strategic locations.
In Portugal, progress has been made in the abertis logisticspark
lisboa project, the first facility of its kind in the country, sited a
mere 30 km from the capital and near the country’s main road
and rail junctions.
In Spain, after adjustment quarters in both occupancy and prices,
the industry has experienced a modest upturn in demand. Against
2.5 Logistics Parks
this background, abertis logística has made special efforts to
market the extension of abertis logisticspark coslada (Coslada
II) located in the Corredor del Henares, the main hub for economic
development and logistics in the Madrid metropolitan area. In
Catalonia logistics parks have benefited from the recovery in
exports and traffic in the Port of Barcelona, and in Seville the
Logistics Activities Zone (ZAL) has reached an occupancy rate of
more than 75%.
At the corporate level, the final structure of the Consorci de
Parcs Logístics (cpl) has been concluded in 2010. This is a project
that combines the capabilities of abertis logística and the Port
Authority of Barcelona for the promotion and implementation
of logistics activities in Catalonia and its area of influence. As a
consequence of this operation, abertis has increased its stake in
cpl to 64.5% and in Cilsa to 44%.
Consolidation in spain and good prospects abroad
51 AR CSR AA
In 2010, abertis logística has obtained ISO 14001:2004
certification for the Environmental Management System used
in its logistics infrastructure development and management
business, encompassing all the company’s operations.
Furthermore, the abertis logisticspark penedès and the
Zona de Equipamientos CIM Vallès logistics parks have
also obtained ISO 14001 and 9001 certification for their
environmental and quality management systems respectively.
Financial and business results
The logistics services business unit contributed operating re-
venues of 35 million euros and EBITDA of 23 million euros to
abertis. Both figures represent 1% of the group’s totals.
In 2010, changes in the P&L account have been positively
affected by the corporate restructuring of the cpl group that
has led to a fair value revaluation of Cilsa’s historical 32%,
generating a positive impact on income and EBITDA of 14
million euros. This impact more than offsets the non-conso-
lidation of Areamed, which since late 2009 has been part of
the toll roads unit.
There has been an increase in gross floor area with the com-
missioning of the first industrial unit in Santiago de Chile,
although average occupancy has fallen as a result of the eco-
nomic crisis. As this is a sector that is being developed, the
main investments have been for expansion projects for a total
of 26 million euros, with the chief investments being at Chile
and Portugal.
Company % holding Logistics parks City total surface area (hectares)
Current status
abertis logística 100.0
CIM Vallès (services area) Barcelona 7.0 Operational
abertis logisticscenter camarma Madrid 8.0Under construction
abertis logisticscenter henares Madrid 11.0Under construction
abertis logisticscpark penedés Barcelona 14.0 Operational
abertis logisticscpark coslada Madrid 10.7 Operational
Chile logística 100.0 abertis logisticscpark santiago Chile 63.3Operational / Under construction
abertis portugal Logística 100.0 abertis logisticscpark lisboa Portugal 100.0Under construction
sevisur 60.0 zal puerto de sevilla Seville 54.0Operational / Under construction
Parc Logístic Zona Franca 50.0 Parc Logístic Zona Franca Barcelona 41.0Operational / Under construction
Arasur 44.0 Arasur Alava 188.0Operational / Under construction
Cilsa* 28.4
Zal Barcelona and Zal Prat Barcelona 213.0Operational / Under construction
Zal Toulouse France 20.0Operational / Under construction
730
DIRECt OR shaRED ManagEMEnt
* abertis controls 64.50% of the holding company cpl, which in turn has a 44% stake in Cilsa
2010 var.
m2 units and offices built 534,407 4.5%
% average occupancy 65,6% -9.4
2010
Operational Investment 1
Expansion Investment 26
2010 var.
Operating revenues 35 17.7%
EBITDA 23 94.6%
EBIT 1 -65.3%InvEstMEnts (millions of euros)
COns. REsuLts IFRs (millions of euros)(Contributions to abertis consolidated)
52 AR CSR AA
europe
america
Portugal
Spain
France
Chile
abertis logisticspark lisboa
ZaL puerto de sevilla
ZAL ToulouseArasur
abertis logisticspark santiago
abertis logisticscenter camarma
abertis logisticspark coslada (I)
abertis logisticspark coslada (II)
abertis logisticspark penedès
CIM vallès
abertis logisticscenter henares
pLZFZal barcelona
Zal prat
52 AR CSR AA
Manuel Mirandaabertis logística Central Zone Manager
how would you rate 2010 for abertis Logisticspark Coslada?
2010 has been a year of continuing challenges and hectic activity which, thanks to the efforts of the people at abertis logística and especially in the
Central Zone, has turned into a year in which we have achieved first-class results. In particular I would mention the extension of contracts with Madrid
City Council and the Social Security Treasury Office together with the entry of five new customers into the logistics park in the shape of MRW, Grupo
Microma, Lince Envíos, Fagor and Incedere. This has enabled us to end the year with a park occupancy rate of 65%.
how has the market reacted to the product offered by abertis logística in the Central Zone?
The product that we are currently marketing in Coslada has some very specific features that mean it is a park people know about and recognize. Firstly
we meet the basic requirement for any logistics asset which is having a matchless location; there are superb road links between the M-40 and M-50
orbital roads, we are right next to the A-2, the dry port and Madrid airport are nearby and we have connections with the local metro and commuter
trains. Another feature is the flexibility of our units with floor areas ranging from 1,200 m2 to 10,000 m2. Finally, I would pick out the customer services
provided by the park as another distinctive factor which allows our customers to concentrate on their businesses and share expenses with their
neighbours. These three features have enabled us to define our potential customers.
What are abertis logística’s main challenges for the future in the Central Zone?
Our main challenge in the Central Zone is to become a leader in the logistics market, and doing that involves three things. Firstly we have to complete
the marketing of our Coslada parks, secondly we need to get actively involved in logistics development plans with government, specifically through
Madrid Plataforma Logística (MPL), and finally we have to develop the San Fernando and Camarma logistics parks when market conditions make this
advisable.
“The product we are offering at Coslada has some very specific features and this has enabled us to gain five new customers in 2010”
53 AR CSR AA
csr
csr
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csr
csr
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csr
csr
csr
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Letter from the Chairman
Interview with the CEO
Corporate governance and management 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 Logistics Parks
Corporate social responsibility
3.1 abertis’s Strategic Plan
3.2 Indicators 2010
Economic and financial information
4.1 Consolidated figures
4.2 Financial management
4.3 Shareholders and the stock market
56 AR CSR AA
• Throughout 2010, abertis received various awards, including
Silver Class status in the industrial transport sector, awarded
by Sustainable Asset Management (SAM) for its sustainability
record during 2010-11, and the Honos award for its record in
protecting archaeological heritage, awarded by the Catalan
Institute of Classical Archaeology.
• During 2010 the text of the abertis Code of Ethics was redrafted,
in order to improve its dissemination and implementation at
international level and make it easier to adapt to applicable
legislation in the countries in which the Group operates.
• The additional services offered in service provision, the customer
service provided through new technologies and road safety
campaigns, among others, have contributed to maintaining
customer satisfaction rates.
• Retaining talent, employee satisfaction and the health and
safety of employees have been the main areas of action
3.1 abertis’s Strategic Plan
this year, in which the management development and skills
management programmes have continued, as have the training
plans and the extension of the risk management systems.
• Investment in environmental initiatives has remained constant,
continuing with the extension of environmental management
systems according to ISO 14001, the energy saving and
efficiency actions and environmental awareness and education,
obtaining significant reductions.
• The Purchasing Committee promoted the new supplier approval
protocol, which includes a classification of suppliers according
to their CSR activities and results.
• Relations with local communities have been consolidated
through two lines of action: long-term agreements with
community organisations and sponsorship management,
increasing the total number of projects received by 90%.
an overview of CsR at abertis
What is the CRC programme and what is its purpose?
The CRC (Carbon Reduction Commitment) is a programme developed by the British government to control carbon emissions from energy sources used
by businesses. These sources include electricity, gas and fuels used for heating and electricity generation (not for vehicles). This programme requires
companies to measure their carbon footprint and buy emission permits (12 GBP per ton of CO2 produced). It is planned to publish a league table of
companies based on their emissions which is designed to encourage companies even further as they will want to maintain a good reputation. The
programme began with signing up for it in April 2010 and the first milestone in October 2011 is the publication of the first table of companies. The first
payment is scheduled for April 2012. In the first year, companies are to focus on identifying and measuring in detail their carbon emissions from their
various energy sources. The British government is one of the pioneers in the introduction of environmental policies to combat global warming. The CRC
is designed to encourage businesses to be more energy efficient and reduce CO2 emissions.
What steps have been taken to adapt to this new environmental tax initiative put in place by the british government?
abertis airports management sees this programme as an opportunity to review our energy strategy and evaluate options for reducing our energy use.
It’s a programme we are carrying out in coordination with abertis’s CSR strategy. It is important to stress that airports are facilities that use energy on
a continuous basis 24 hours a day, 365 days a year. The cost of the electricity that produces the equivalent of one tonne of CO2 is more than 100 GBP,
and comes to 133 GBP in Belfast where electricity is more expensive. The programme means adding 12 GBP to this cost, which remains significant but
nonetheless energy saving measures must take precedence, especially in terms of greater efficiency.
The plan we have outlined aims to cut our energy use by 15% in 3 years and includes 3 key areas: a review of the technologies we currently use and
their replacement by more efficient new technologies, bringing in new equipment maintenance practice, and a review of employee training programmes.
What’s your view of this initiative and what are its prospects for the future?
This initiative has involved working efficiently and in a cross-cutting way at abertis. Firstly, we have sought out a common strategy for all three airports,
London Luton, Belfast International and Cardiff, from the technical standpoint, and we have plans to share experiences to ensure the implementation
of best practice. Then secondly we have worked with abertis to use the Group’s energy education programmes (aristos), which the Group has made
available to its business units, to smooth the way for this cultural shift toward more efficient habits and enhance the identification of staff in the UK
with abertis.
adrià Canals MaciàInfrastructures Manager at abertis airports
“The goal is to cut energy use at the airports managed by abertis in Britain by 15% in 3 years”
57 AR CSR AA
58 AR CSR AA 59
the abertis foundation: a catalyst
Throughout 2010, the abertis foundation has become an agent for
road safety and for increasing and spreading awareness. Significant
events include the opening of the foundation’s French headquarters
and the commencement of activities in Chile, as well as the
establishment of a collaboration agreement with Rome City Council
to improve road safety, the consolidation of Volunteer Day and the
award of the Silver Medal of Merit for Road Safety by the Ministry
of the Interior.
Along the same lines, the “You’ve got one life left - don’t lose it
on the road” campaign was extended to Madrid, while the TV
programme “Espai Terra”, about nature, the environment and
traditions linked to the land has won prizes, an audience and
renown.
Awareness-raising during 2010 included various publications, the
continuation of guided tours at the foundation’s headquarters,
Castellet Castle, and the creation of a new university chair in
collaboration with the French government.
abertis chairs
The abertis - upC chair in transport Infrastructure Management. This chair engages in teaching and research activities in the field
of transport infrastructure management.
The abertis - IEsE chair in Regulation, powers and public policy. During 2010, it continued to generate ideas and disseminate
knowledge in the areas of regulation, powers and public policy.
The abertis - EsaDE Chair in Leaderships and Democratic governance. The aim of this chair is to analyse models of governance
for enterprise, public and community agencies, as well as to study and foster innovative leadership formulas capable of addressing the
challenges of today’s society.
The abertis - FEDEa chair in Infrastructure and transport Economics. The objectives of this chair are to foster research in the field
of infrastructure and transport economics, as well as the dissemination of associated studies.
The abertis - LuMsa chair, abertis’s first experience of university-business knowledge transfer outside of Spain, presented its first
programme of activities in Rome last December, with the theme Sustainable Management and Innovation.
The abertis - EnpC-IFsttaR chair, created jointly by the abertis foundation and l’École des Ponts ParisTech - IFSTTAR (Institut
Français des Sciences et Technologies des Transports, de l’Aménagement et des Réseaux) focuses on training and research in transport
infrastructure management.
59 AR CSR AA
3.2 Summary of Indicators 2010CsR stRatEgy anD MOnItORIng
Indicators compiled >200
% turnover included within the scope of the CSR strategic plan 94%
CustOMERs
Turnover with an implemented quality system 91%
Customer satisfaction index 7.6
Enquiries, complaints and suggestions attended to 97%
EnvIROnMEnt
Turnover with an implemented environmental management system 94%
Tonnes of CO2 (per million euros of turnover) 50.64
Use of electronic tolls (as a percentage of total transactions) 32%
Waste recovered (as a percentage of total waste generated) 87%
Environmental investment (as a percentage of consolidated net pro-fit)
4.7%
huMan REsOuRCEs
Women in the workforce (as a percentage of total workforce) 26%
Employees on indefinite contracts (as a percentage of total workforce) 87%
Resources invested in training €3,987,568
Average hours of training per employee 19.1
Turnover with an implemented workplace health and safety system 90%
Disabled workers recruited (directly and indirectly) 1.98%
InvEstMEnt COMMunIty
Management agencies 262
Shareholder opinions and enquires attended to 7,363
suppLIERs
Number of suppliers evaluated under social and environmental criteria
2,198
Percentage of tenders with social and environmental clauses 95%
Local purchasing percentage 91%
COMMunIty
Contribution to the community (as a percentage of consolidated net profit)
1.2%
Projects approved by the Sponsorship Committee 128
Investment in social accessibility and economic development (as a percentage of total contribution to the community)
47%
Associations and groups actively partnered by abertis 195
18XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
and
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Letter from the Chairman
Interview with the CEO
Corporate governance and management 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 Logistics Parks
Corporate social responsibility
3.1 abertis’s Strategic Plan
3.2 Indicators 2010
Economic and financial information
4.1 Consolidated figures
4.2 Financial management
4.3 Shareholders and the stock market
62 AR CSR AA 63
Results First accounts adapted to IFRIC12 dated 1 January 2010. The
2009 P&L account has been modified for comparison purposes.
The profit results for abertis in 2010 were 662 million, which is
an increase of +6.1% over the previous year.
The positive growth of abertis toll roads in France and other
countries (mainly in Chile), increased telecommunications sector
business, the positive impact of compensation for the AP-7 and
Maresme agreements and, to a lesser extent, minor changes to
4.1 Consolidated figures
prices over the course of the year have offset the negative evolution
of traffic on Spanish toll roads and the slight fall in the airport
sector business, affected by other non-recurring factors (impact of
the ash cloud from the Icelandic volcano Eyjafjalla). This, together
with a higher contribution from equity method companies, led to
a 6.1% increase in results, despite higher amortization and a rise in
the negative financial result due to the acquisitions made in June
2009 (basically an additional 50% of avasa and rutas del pacífico
and an additional 75% of elqui, which are now all consolidated
using the full consolidation method).
(in millions of euros) Consolidated
2010 2009 vaR
Operating revenues 4,106 3,904 5%
Operating expenses (1,611) (1,548) 4%
EbItDa 2,494 2,356 6%
Amortization and impairment losses (975) (911)
Operating profit 1,519 1,445 5%
Financial result (667) (587)
Equity method companies 117 77
pre-tax profit 969 936 4%
Corporate Tax (226) (252)
profit for the year 743 684 9%
Minority interest (82) (60)
profit attributable to shareholders 662 624 6.1%
63 AR CSR AA
Revenues
Operating revenues came to 4,106 million euros, which is a +5%
rise over the preceding year.
This increase is due to the positive evolution of operations in
terms of geographic diversification (especially in the case of
abertis toll roads in France and Chile) and by sectors (particularly
in the case of the telecommunications sector as a result of the
completion of the rollout of Digital Terrestrial Television), price
reviews and consolidation for a full year of the figures of Avasa,
rutas del pacífico (until 30 June 2009 they were consolidated
using the proportional method) and elqui (until 30 June 2009
recognized by the equity method). These positive impacts have
offset the decline in activity in abertis’s toll roads in Spain,
airports (also hit by weather factors) and logistics parks.
In general there have been no significant
changes in the relative weight of revenue
generated outside Spain and the weight
of the various business units.
gross trading margin (EbItDa)
Operating expenses are concentrated in
personnel and maintenance of infrastructure
costs and have increased by 4%, mainly due
to the impact over a full year of acquisitions
made in 2009 and the performance of
trading operations (in toll road construction
Carta del presidente Entrevista al Consejero Delegado
gobierno Corporativo1.1 Gobierno Corporativo1.2 Órganos de Gobierno
actividades del grupo abertis2.1 Autopistas2.2 Infraestructuras de
telecomunicaciones2.3 Aeropuertos2.4 Aparcamientos2.5 Parques logísticos
Responsabilidadsocial corporativa3.1 Plan Estratégico de RSC
de abertis3.2 Resumen indicadores
2010
Informacióneconómico-financiera4.1 Magnitudes consolidadas4.2 Gestión financiera 4.3 Accionistas y bolsa
2010 % 2009 %
Toll roads 3,078 75% 2,907 74%
Telecommunications 552 13% 541 14%
Airports 277 7% 263 7%
Car parks 154 4% 150 4%
Logistics services 35 1% 30 1%
Corporate and other services 9 0% 12 0%
tOtaL 4,106 100% 3,904 100%
2010 % 2009 %
Spain 2,051 50% 2,026 52%
France 1,444 35% 1,388 36%
Great Britain 177 4% 166 4%
Chile 192 5% 113 3%
Rest of the world 241 6% 211 5%
tOtaL 4,106 100% 3,904 100%
OpERatIng REvEnuEs (millIons of euros) OpERatIng REvEnuEs (millIons of euros)
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
20092010
+5% +6% +5% +6.1%
Operating revenue EBITDA EBIT Profit shareholders
3,904 2,356 1,445 6244,106 2,494 1,519 662
64 AR CSR AA 65
and extending DTT coverage) with lower margins than usual.
Nonetheless, all these effects are partly offset by measures taken to
improve efficiency and streamline operating costs giving an EBITDA
margin at year-end of 60.8%.
The average workforce in 2010 was 12,401 employees, with the relative
weight of employees outside Spain being maintained.
amortisation and impairment of assets
Despite the positive impact on the amortizations recorded in sanef
through the one-year extension to its concession term following
the “Paquet Vert” agreement, there has been an increase in
amortizations mainly due to the inclusion of the new acquisitions
made in 2009 and impairment provisions for two logistics assets.
The operating revenues under IFRS were not amortised
systematically, although they did depreciate, based on the result of
the depreciation tests which had to be carried out on them. The
results of these tests on goodwill in the abertis group have not led
to the need to carry out any form of significant adjustment.
Financial result
The increase in the negative financial result is mainly due to the
increase in the financial burden derived from the acquisitions
made by the Group in 2009, the one-off impact of refinancing
and to other non-recurrent impacts (provision for recoverability
of equity loans).
However, it should be pointed out that the increase in the financial
burden derived from the impacts referred to above has been
reduced by the fall in interest rates during the first half of the year
compared to the first half of 2009, with a significant impact on
floating rate borrowings which at the close of 2010 stood at 16%
of the total. In addition, it should be noted that 2009 included
the non-recurrent positive impact of exchange rate differences in
Chile.
Equity method companies
The results of companies consolidated by the equity accounting
method have been enhanced by the positive performance of
Eutelsat and Coviandes over the course of the year which has led
to a significant improvement.
Corporation tax
In 2010 corporation tax expense has been affected by the non-
recurring positive impact of +6 million euros as a result of a cut
in the corporation tax rate in the UK (from 28% to 27%) from
2011 and which affects both the P&L account and outstanding
liabilities balances. Aside from this there is no significant change in
the effective rate as a result of the maintenance of pre-tax profits
subject to taxation (the results of companies consolidated by the
equity accounting method are taxed at source).
2010 % 2009 %
Toll roads 2,138 86% 2,007 85%
Telecommunications 218 9% 219 9%
Airports 81 3% 75 3%
Car parks 64 3% 59 2%
Logistics services 23 1% 12 1%
Corporate and other services -30 -1% -17 -1%
tOtaL 2,494 100% 2,356 100%
2010 % 2009 %
Spain 1,317 53% 1,306 55%
France 917 37% 878 37%
Great Britain 48 2% 41 2%
Chile 130 5% 73 3%
Rest of the world 83 3% 59 3%
tOtaL 2,494 100% 2,356 100%
EbItDa (millions of euros) EbItDa (millions of euros)
2010 2009 var
Gross cash flow 1,616 1,502 7.6%
gROss Cash FLOW (millions of euros)
65 AR CSR AA
Cash flow
In 2010, abertis generated a gross cash flow (before investments
and dividends) of 1,616 million euros, which is 7.6% higher than
the previous year.
balance sheet
The most notable changes for the year are mainly due to the
impact of the marking to market of Brisa and Atlantia (in other
non-current assets and assets held for sale) and the inclusion
of apr and Cilsa assets (in the latter case due to corporate
restructuring in the logistics sector which has grouped some
logistics hubs in Catalonia and the Port of Barcelona hinterland
in the south-west Mediterranean arc into cpl, as a result of which
abertis, with effect on 31 December 2010, has a stake of 64.5%
in cpl and increased its holding in Cilsa from 32% to 44%, which
then became proportionally consolidated).
It should also be noted that at year-end the value of its holding
in Atlantia has been transferred to the item “Assets held for
sale”. This is because of the decision by the abertis Executive
Committee at its last meeting in 2010 to approve the divestiture
of this holding, which was completed on 14 January 2011 with
its sale for 626 million euros.
Total assets as of 31 December 2010 came to 25,292 million
euros, which is a 2% increase over the previous year. Some
Carta del presidente Entrevista al Consejero Delegado
gobierno Corporativo1.1 Gobierno Corporativo1.2 Órganos de Gobierno
actividades del grupo abertis2.1 Autopistas2.2 Infraestructuras de
telecomunicaciones2.3 Aeropuertos2.4 Aparcamientos2.5 Parques logísticos
Responsabilidadsocial corporativa3.1 Plan Estratégico de RSC
de abertis3.2 Resumen indicadores
2010
Informacióneconómico-financiera4.1 Magnitudes consolidadas4.2 Gestión financiera 4.3 Accionistas y bolsa
2010 2009 var
Gross cash flow 1,616 1,502 7.6%
Net equity
Other assets
Other liabilities
Goodwill
Debt
Tangible and intangible fixed assets
2006 2006
59%
21%
24% 19%
17%
60%
assEts LIabILItIEs
(in millions of euros)
assEts Consolidated LIabILItIEs Consolidated
2010 2009 2010 2009
Non-current assets 23,214 23,620 Net equity 5,453 5,334
Tangible fixed assets 2,325 2,184 Capital and premium 2,376 2,374
Goodwill 4,398 4,350 Reserves 983 1,002
Other intangible assets 12,550 12,672 Results 662 624
Holdings in associates 1,461 1,374 Minority interest 1,433 1,334
Other non-current assets 2,480 3,039
Non-current liabilities 17,545 17,109
Debt 14,238 13,837
Other non-current liabilities 3,307 3,272
Current assets 1,466 1,253 Current liabilities 2,293 2,429
Debt 895 1,094
Assets held for sale 612 Other non-current liabilities 1,398 1,335
total assets 25,292 24,873 total liabilities 25,292 24,873
66 AR CSR AA 67
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 5,453 million euros,
2.2% higher than in the previous year mainly resulting from
the retained earnings for the year and the positive impact of
currency translation differences arising during the year, which
offset the lower value recorded in those financial investments
that have to be marked to market (-257 million euros) and the
additional dividend paid in 2009.
Gross indebtedness has risen from 14,932 million euros in 2009
to 15,134 million euros in 2010. This 202 million euro increase
is due mostly to the impact of the aforementioned additions
to the scope of consolidation and the impact of the €/Chilean
peso exchange rate on borrowings by toll road concessionaire
companies in Chile, partially offset by the cash flow generated
during the financial period. Gross debt accounts for 60% of
liability, a figure which is similar to the one at the end of 2009.
In line with the policy of minimising exposure to financial risk,
at the end of the year a major part of debt (84%) was at a fixed
rate or fixed through hedging.
Investments
In 2010 the group invested 757 million euros, of which 564
million or 75% have gone on expansion projects and the
remaining 192 million euros on operational investment.
The most significant investments in expansion in the year have
been as follows:
• In toll roads, expansion investment has chiefly been carried
out by acesa (€171 million), mostly on work done to add
a lane to the south and north sections of the AP-7 and
building the Palafolls-Tordera section on the C-32, and by
sanef (€183 million), largely on new construction (Reims
south bypass), new lanes (A13 Beuzeville-Pônt l’Êvèque)
and investment under the “Paquet Vert” scheme.
• In telecommunications infrastructures, expansion
investment has mostly been for the deployment and
extension of DTT coverage across the country and
hispasat’s investment in satellites.
• Expansion investment for the year in airports has been
carried out by tbi, basically in the restructuring of the land
and airside at Belfast and the access to terminals at Belfast
and Cardiff.
• Expansion investment in car parks has taken place mostly
in Spain (in particular the acquisition of a car park in Palma
de Mallorca) and Italy (with the construction of 14 new
car parks).
• Major expansion investment projects in logistics parks
have included the urbanization work done at the Lisbon
and Santiago de Chile logistics parks (the latter came into
service at the end of the year).
The most significant operational investments have taken place
in the toll road sector, especially at sanef, acesa and aumar,
at a total cost of 131 million euros. Investments have mostly
been undertaken in terms of the renewal of tolls, safety barriers
and the modernisation of the existing network. Mention should
also be made of investment in the telecommunications sector,
mainly in replacement investment and operational support for
retevisión and tradia, while in the airports sector there has
been investment in the maintenance and replacement of radar
systems at Belfast and Cardiff and the repair of the apron at
Stockholm.
Investments Operational % Expansion % total
Toll roads 131 68% 381 68% 512
Telecommunications 21 11% 126 22% 147
Airports 28 15% 3 0% 31
Car parks 7 4% 29 5% 36
Logistics 1 1% 26 5% 27
Holding/serviabertis 4 2% 0 0% 4
tOtaL 192 100% 564 100% 757
InvEstMEnts (millIons of euros)
67 AR CSR AA
4.2 Financial management
In 2010 abertis has continued to consolidate the growthit has achieved over recent years.
Thanks to its constant ability to generate cash, abertis has been
able to continue investing in organic growth coming to 564
million euros, reducing like-for-like borrowings, and obtain new
financing to strengthen its liquidity position.
The group’s net debt came to 14,651 million euros compared
to 14,590 million euros in 2009 due to the inclusion of apr and
Centro Intermodal de Logística, S.A. in its scope of consolidation,
and which has entailed an increase of 184 million euros.
Financial structure / Financing policy
In 2010, abertis has maintained its financial structure in keeping
with its conservative profile to take long-term borrowings up to
96% as opposed to 94% in 2009. Nonetheless, at the end of
the year, finance obtained from non-bank sources stood at 66%
(69% in 2009).
Over the course of 2010 Abertis Infraestructuras, S.A. has taken
out loans amounting to 575 million euros, including 275 million
euros from the European Investment Bank (EIB), and of which
175 million euros are available at year end.
Average debt maturity in 2010 stands at 6.55 years (7.19 years
in 2009).
In 2010 the sixth 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.
Carta del presidente Entrevista al Consejero Delegado
gobierno Corporativo1.1 Gobierno Corporativo1.2 Órganos de Gobierno
actividades del grupo abertis2.1 Autopistas2.2 Infraestructuras de
telecomunicaciones2.3 Aeropuertos2.4 Aparcamientos2.5 Parques logísticos
Responsabilidadsocial corporativa3.1 Plan Estratégico de RSC
de abertis3.2 Resumen indicadores
2010
Informacióneconómico-financiera4.1 Magnitudes consolidadas4.2 Gestión financiera 4.3 Accionistas y bolsa
(in millions of euros) 2010 2009
Net debt 14,651 14,590
Net debt / EBITDA 5.9 6.2
Net debt / Equity 2.7 2.7
FFO interest hedging / Net interest 2.4 2.8
68 AR CSR AA 69
Loans Loans
6.1% 4.9%2.3% 1.7%1.7%
EIB loans EIB loans
Syndicated loans
Syndicated loans
CNA CNA
Bonds Bonds44.4% 43.0%
9.3% 9.1%
25.4%
24.7%
12.5% 15.0%
FInanCIng InstRuMEnts 2010 FInanCIng InstRuMEnts 2009
4%
Over 10 years
Less than 1 year
Floating
Between 5 and 10 years
Between 1 and 3 years
Fixed
Between 3 and 5 years
27%84%
25%
13%
16%
31%
DEbt MatuRIty typE OF DEbt
Facilities FacilitiesCommercial notes
69 AR CSR AA
hedging of financial risks
The Group’s activities entail several different types of risk
including exchange rate risks, credit risks, liquidity risks, and
interest rate risks. The management programme for the Group’s
overall risk considers the uncertainty of the financial markets
and attempts to minimise any potential adverse affects to the
Group’s financial results.
Exchange rate risk
The Group operates in the international area and has assets in
the United Kingdom, the United States, Mexico and other less
significant holdings in South America and South Africa, and is
therefore exposed to risks from exchange rates due to operations
with currencies, especially the US dollar, the pound sterling, the
Mexican peso and the Chilean peso.
The exchange rate risk on net assets in group operations in
currencies other than the euro is managed mainly through
financial debt denominated in the corresponding foreign
currencies and through currency swap contracts.
Credit risks
The Group does not have significant concentrations of credit
risks. According to its risk management policy, the group may
undertake financial transactions with entities that have a
minimum “A-” rating awarded by internationally recognised
rating agencies. The rating categories of each entity are regularly
reviewed in order to actively manage the counterparty risk.
Liquidity Risk
The Group follows a policy of prudent liquidity risk management
that entails the availability of sufficient finance through
committed facilities and the ability to liquidate market
positions. Given the dynamic nature of the Group’s businesses,
the objective of Corporate Financial Management is to maintain
flexibility in financing through the availability of committed
facilities.
In 2010, Abertis Infraestructuras, S.A. has renewed and taken
out new credit facilities with a ceiling of 1,195 million euros, of
which 540 million euros are in credit facilities with maturity at
one year and 655 million euros in credit facilities with maturity
at more than one year. This change in financial policy makes it
possible to strengthen the group’s liquidity position in the light
of its short and medium-term needs.
Interest rate risks
The objective of the management of interest rate risks is to reach
a balance in the structure of the debt which allows minimising
volatility in the results account in a multi-annual horizon.
abertis uses global interest rate hedges to reduce the risk of
changes in financial burden. These derivatives are designed, in
financial terminology, as instruments of cover.
Credit rating
abertis has a “BBB+” rating, awarded
by international credit rating agency
Standard & Poor’s for long-term debt.
This rating was given in April 2010
following a downward revision from “A-“
and was confirmed in August 2010.
abertis also has an “A-” rating,
Investment grade-high credit quality,
awarded by international credit rating
agency Fitch Ratings for long-term debt
and an “F2” rating, high credit quality,
for short-term debt. These ratings were
given in July 2009 and confirmed in
December 2010.
Carta del presidente Entrevista al Consejero Delegado
gobierno Corporativo1.1 Gobierno Corporativo1.2 Órganos de Gobierno
actividades del grupo abertis2.1 Autopistas2.2 Infraestructuras de
telecomunicaciones2.3 Aeropuertos2.4 Aparcamientos2.5 Parques logísticos
Responsabilidadsocial corporativa3.1 Plan Estratégico de RSC
de abertis3.2 Resumen indicadores
2010
Informacióneconómico-financiera4.1 Magnitudes consolidadas4.2 Gestión financiera 4.3 Accionistas y bolsa
70 AR CSR AA 71
stock market performance 2010
The performance of the stock markets in 2010 has once
again been marked by an increase in volatility brought about
by ongoing uncertainty about economic recovery, mainly in
developed countries and especially in the euro area. The process
of recovery of financial stability, which appeared more or less
on track in 2009, has suffered major setbacks as a result of
tensions in the bond markets. The lack of market confidence in
the sovereign debt of countries with weaker growth and higher
deficits has counteracted the monetary authorities’ measures
aimed at driving economic recovery.
The collapse of the price of Greek sovereign debt during the
first half of the year and of its Irish counterpart later on led to
a coordinated rescue package to ensure these countries could
access finance. In spite of these measures, there has been a
noticeable loss of confidence in the sovereign debt of the
peripheral countries in the euro area (Portugal, Spain and Italy),
driving up the yield on their securities and setting record rate
differences with German bonds which are the benchmark in the
eurozone.
4.3 Shareholders and the stock market
Against a backdrop of an economic recovery that is taking place
at different rates in different places and a crisis of confidence
in sovereign debt, the major stock market indexes have had a
mixed year. While some closed in the red, including the main
indexes in Spain (Ibex 35: -17.4%), Italy (FTSE MIB: -13.2%) and
Portugal (PSI 20: -6.2%), others such as those in Germany (DAX
20: +16.1%) and the United Kingdom (FTSE 100: +9.0%) closed
up for the second year in a row.
The Spanish Ibex 35 ended 2010 down by 17.4% over the course
of the year. Market pressure on Spanish sovereign debt, which
peaked in May to June and in November, led to a fall in prices
to the lowest levels in the year. High market volatility has also
been reflected in the enormous swings in the Spanish stock
index which has moved in a wide band over the course of 2010,
ranging from a maximum for the year on 6 January of 12,222.5
points to a minimum on 8 June of 8,669.8 points.
71 AR CSR AA
abertis on the securities market: share performance
In 2010 abertis shares have been affected by developments in the Spanish stock market. Country risk has proved more significant than
its financial strength and the geographical diversification of its businesses, factors that have led it to achieve growth in revenue of 5.2%
and in net profit of 6.1% over the course of the year.
abertis’s stock ended 2010 down by 10.1% at a price of 13.455 euros per share. Its highest closing price in the year came on 6 January
(15.319 euros) and the lowest on 25 May (10.76 euros), in line with the general downward trend in the market over most of the year.
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.
Carta del presidente Entrevista al Consejero Delegado
gobierno Corporativo1.1 Gobierno Corporativo1.2 Órganos de Gobierno
actividades del grupo abertis2.1 Autopistas2.2 Infraestructuras de
telecomunicaciones2.3 Aeropuertos2.4 Aparcamientos2.5 Parques logísticos
Responsabilidadsocial corporativa3.1 Plan Estratégico de RSC
de abertis3.2 Resumen indicadores
2010
Informacióneconómico-financiera4.1 Magnitudes consolidadas4.2 Gestión financiera 4.3 Accionistas y bolsa
Nonetheless, its stock did climb strongly in the first few days of
July in the wake of market rumours about changes in its reference
shareholders. These changes took place in late August with
the agreement between ACS and Trébol Holdings, a company
managed by CVC Capital Partners, which brought the latter
in as an abertis shareholder through Trébol International and
Admirabilia1. After the initial boost given by expectations about
these changes in abertis’s shareholding structure, the company’s
stock went back to following the market trend although it did
manage to do better than the Ibex 35 at the close of 2010.
1. For further details see the section on the composition of abertis’s shareholders.
January February March April May June July August September October November December
26/01 sanef signs the “Paquet Vert” agreement
18
17
16
15
14
13
12
11
10
9
8
Adjusted priceUnadjusted price
25/2 Results 2009
25/03 CAM sells 1.63% stake in abertis
19/4 abertis rated “BBB+” by S&P
27/4 Ordi-nary GSM
30/4 Investor’s Day
05/05 Payment additional dividend 2009
13/5
1Q 2010 results
24/5 Start of bonus issue
14/6 Heads of Agreement for acquisition 100% axión
24/6 Admis-sion bonus shares
05/07 Announ-cement Criteria/ACS holding talks for CVC to enter abertis
29/7 Results first half 2010
11/8 Announcement of ACS/CVC agree-ment for concerted action in a 25.83% stake in abertis
30/8 ACS/CVC agreement realized
21/10 Payment interim dividend 2010
11/11 3Q 2010 results
ChangE In abERtIs shaREs 2010
CLOsE (euros)
72 AR CSR AA 73
In spite of the change in its price in the course of 2010, over
the last ten years abertis shares have risen by 135% without
taking into account dividends, which shows that this year’s fall
has been absorbed and surmounted by the good performance in
previous years.
abertis closed 2010 with a capitalization of 9,944 million
euros, occupying ninth position by weight on the Ibex 35 and in
thirteenth position in the market capitalization ranking.
All company shares are admitted to official valorisation in 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).
-10.1
31.0
2.9
11.1
37.8
41.9
16.6
1.3
26.2
stOCK MaRKEt appRECIatIOn (%)
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
-40.0
(*) CAGR: compound annual growth rate.
9,944million euros
Capitalization 2010 Accumulated variation
+135% CAGR over last
ten years (*): +8.9%
73 AR CSR AA
shareholder return
abertis’s goal is to offer its shareholders the best combination
of growth and return. The company’s business actions and
strategic decisions are geared towards generating value for its
shareholders.
2010 has been the third consecutive year of crisis, yet
nonetheless the Group’s sector and geographical diversification
strategy combined with a strict policy of cost containment has
managed to absorb the impact of the economic cycle. This is the
reason why, in spite of falling business activity and traffic that
remains negative (mainly in Spain), abertis continues to be a
great cash generator and this enables us to continue with our
shareholder remuneration policy.
Dividend
In the month of May, abertis paid out an additional dividend of 0.30 euros per share from the year 2009, and in October 2010, the
company paid an interim dividend of 0.30 euros gross per share for 2010.
At the 2011 Ordinary General Shareholders’ Meeting, the Board of Directors of abertis have agreed to propose, in addition to a 1x20
bonus share issue, an additional dividend for 2010 of 0.30 euros gross per share.
This amount, added to the interim dividend paid in October, amounts to direct shareholder return in the form of regular dividends of
0.60 euros gross, paid from 2010 profits, which is a maximum amount to be paid as dividends of 443.4 million euros, 5% more than the
sum paid for 2009 as a result of the bonus share issue.
At the 2011 Ordinary General Shareholders’ Meeting, the Board of Directors of abertis have agreed to propose, in addition to a 1x20 bonus share issue, an additional dividend for 2010 of 0.30 euros
gross per share.
Carta del presidente Entrevista al Consejero Delegado
gobierno Corporativo1.1 Gobierno Corporativo1.2 Órganos de Gobierno
actividades del grupo abertis2.1 Autopistas2.2 Infraestructuras de
telecomunicaciones2.3 Aeropuertos2.4 Aparcamientos2.5 Parques logísticos
Responsabilidadsocial corporativa3.1 Plan Estratégico de RSC
de abertis3.2 Resumen indicadores
2010
Informacióneconómico-financiera4.1 Magnitudes consolidadas4.2 Gestión financiera 4.3 Accionistas y bolsa
DIvIDEnDs paID (millIons OF euros)
Only includes payment of regular dividends.
500
400
300
200
100
0
+11% +10% +5% +18% +12% +5% +5%
443.4422.3402.2357.5304.0289.5264.2237.4
2003 2004 2005 2006 2007 2008 2009 2010
Interim dividendAdditional dividend
74 AR CSR AA 75
Capital increase
At the General Shareholders’ Meeting held on 27 April it was
decided to carry out a new bonus issue at a ratio of 1 new share
for every 20 held. Between 24 May and 7 June the entitlements
were traded at a high of 0.595 euros and a low of 0.525 euros.
The fair value of the entitlement was 0.56 euros.
The new shares were initially listed on the market on 24 June and
have the same political and economic rights as existing shares of
the same class, granting their holders the right to a dividend on
profits obtained as of 01 January 2010.
new milestone: abertis’s reorganization
In February 2011, the company announced the start of a study into the reorganization of the structure of the Group designed to
create the framework and conditions required to enable abertis’s five business units to embark upon a new growth stage. The Group
is to rearrange its 5 business units around two companies: the current Abertis Infraestructuras (toll roads, telecommunications and
airports) and the unlisted company Saba Infraestructuras (car parks and logistics parks). The process will be implemented based on
the distribution of an extraordinary dividend by abertis that can be paid in cash or in shares in the new saba Infraestructuras at the
shareholder’s decision. The transaction is subject to the execution of all the customary processes in these types of transactions and
to administrative authorizations and approval by the governing bodies of abertis. abertis’s Board of Directors has also announced its
intention to set up an ad hoc committee (Independent Commission) composed entirely of independent advisers to work with the Audit
and Control Committee in the exercise of functions designed to ensure proper valuation of the terms of the transaction and hence to
review any valuations made. This valuation would also have a fairness opinion given by independent experts.
The process will be implemented based on the distribution of an
extraordinary dividend by abertis that can be paid in cash or in shares in the new Saba Infraestructuras at
the shareholder’s decision.
Extraordinary dividend or saba Infraestructuras stock
Existing shareholders(voluntary option)
new shareholders
saba InFRaEstRuCtuRasunlistedIbEX 35
Criteria Caixa Corp
CvC Capital partners
aCs Other shareholders
75 AR CSR AA
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
with dividends. The intersection indicates
the profitability obtained by abertis and
the market, respectively, for the selected
period (year of entry and exit). The Ibex 35
with dividends, which consists of the same
securities that make up the Ibex 35, is an
indicator that includes the change in stock
prices and the return from the distribution of
dividends and other payments to shareholders.
This way the index shows the impact of this
type of remuneration on an Ibex 35 replica
portfolio.
For example, an investor who invested 9.31
euros purchasing an abertis share at the end
of 2000 (an investor who used the successive
bonus share issues and taking into account
the dividends paid), on 31 December 2010
would have a portfolio to the value of 21.92
euros and would have been paid 6.70 euros
in dividends, which means an accumulated
return of 207.4%.
Carta del presidente Entrevista al Consejero Delegado
gobierno Corporativo1.1 Gobierno Corporativo1.2 Órganos de Gobierno
actividades del grupo abertis2.1 Autopistas2.2 Infraestructuras de
telecomunicaciones2.3 Aeropuertos2.4 Aparcamientos2.5 Parques logísticos
Responsabilidadsocial corporativa3.1 Plan Estratégico de RSC
de abertis3.2 Resumen indicadores
2010
Informacióneconómico-financiera4.1 Magnitudes consolidadas4.2 Gestión financiera 4.3 Accionistas y bolsa
Notes: (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.
year of entry (1)
year of exit (1) 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
2000ABE 31.2% 38.1% 64.8% 132.9% 21.6% 259.0% 276.1% 151.9% 223.7% 207.4%
Ibex-35 with div. -6.1% -31.0% -8.7% 10.5% 34.8% 83.4% 103.1% 28.9% 78.3% 55.2%
2001ABE 5.5% 26.6% 80.6% 149.3% 180.5% 194.1% 95.7% 152.5% 139.6%
Ibex-35 with div. -26.5% -2.8% 17.6% 43.5% 95.2% 116.1% 37.2% 89.8% 65.2%
2002ABE 20.9% 74.2% 141.9% 172.8% 186.1% 89.0% 145.1% 132.4%
Ibex-35 with div. 32.2% 60.1% 95.3% 165.6% 194.1% 86.7% 158.2% 124.8%
2003ABE 45.7% 103.8% 130.3% 141.8% 58.5% 106.6% 95.7%
Ibex-35 with div. 21.1% 47.7% 101.0% 122.5% 41.3% 95.3% 70.1%
2004ABE 41.0% 59.6% 67.7% 9.0% 42.9% 35.2%
Ibex-35 with div. 22.0% 66.0% 83.7% 16.7% 61.3% 40.5%
2005ABE 13.5% 19.4% -23.2% 1.4% -4.2%
Ibex-35 with div. 36.0% 50.6% -4.4% 32.2% 15.1%
2006ABE 5.3% -33.1% -10.9% -15.9%
Ibex-35 with div. 10.7% -29.7% -2.8% -15.4%
2007ABE -37.3% -15.7% -20.6%
Ibex-35 with div. -36.5% -12.2% -23.5%
2008ABE 35.9% 27.7%
Ibex-35 with div. 38.3% 20.4%
2009ABE -6.2%
Ibex-35 with div. -12.9%
76 AR CSR AA 77
share capital and treasury share portfolio
abertis’s share capital stood at 2,217 million euros at 31
December, made up of 739,037,783 ordinary book entry shares
with a nominal value of 3 euros each, fully subscribed and paid
up and all of the same class. All the shares are listed on the four
Spanish stock markets.
In 2010, share capital increased by 35,192,275 shares, amounting
to an increase of 105.6 million euros, corresponding to the bonus
share issue.
With respect to treasury stock, at the end of 2010 abertis
was the direct holder of 14,551,098 shares which accounts for
1.969% of share capital, compared to the 13,971,451 shares it
held in 2009 (1.985% of share capital at the end of that year).
abertis shareholder structure
The company does not have a nominal register of its
shareholders and hence can only find out about the composition
of its shareholder structure from information about significant
holdings which is published pursuant to regulations (which
makes reporting holdings of more than 3% of share capital
mandatory), from information provided by Iberclear solely for
the General Shareholders’ Meeting and from communications
made by the shareholders on the occasion of the publication of
the Annual Report.
As detailed in the Corporate Governance Report 2010, which
forms part of this Annual Report, significant shareholdings (*)
at the end of the financial year are: Caja de Ahorros y Pensiones
de Barcelona (“la Caixa”) (28.98%) and Trébol Holding / ACS
(25.83%).
The ownership percentages of abertis shareholders have
changed compared to the end of 2009.
In August 2010 an agreement was announced between ACS,
Actividades de Construcción y Servicios SA (ACS) and the
company managed by CVC, Trébol Holdings S.á.r.l. (Trébol), for a
joint stake in two companies that would acquire abertis shares.
(*) Significant shareholdings for the purposes of Royal Decree 1362/2007 dated 19 October.
Until that time, ACS had had a direct and indirect total stake of
25.83% in abertis.
Following the agreement, ACS and Trébol have an indirect holding
through two investees, Trébol International BV and Admirabilia
SL, which respectively hold 15.55% and 10.28% of abertis.
Trebol holds 60% of the voting rights in both companies, while
ACS holds the remaining 40%. Trebol, advised by CVC Capital
Partners, belongs to a number of investment funds or collective
investment institutions (Limited Partnerships).
DIstRIbutIOn OF CapItaL OWnERshIp at 31/12/2010
Treasury stock
Free float
“la Caixa” (1)
Concerted action by Trébol Holding / ACS (2)
28.98%
1.97%
25.83%
43.22%
(1) Has holdings indirectly through its subsidiary company Criteria CaixaCorp S.A., coming to 20.22% and through other companies in its group coming to 8.26%.
(2) Concerted action by Trébol Holdings / ACS through the companies Trébol International BV and Admirabilia, S.L., which respectively have 15.55% and 10.28% stakes in abertis.
77 AR CSR AA
abertis and its shareholders and investors
Investor Relations Directorate
The Investor Relations Directorate provides full information
in a clear and timely manner concerning the company’s
progress together with explanations of abertis’s main
business, organizational and operational strategies. These are
key elements that make it possible to set the appropriate
price of shares and other financial assets issued by abertis.
Another of the objectives of this directorate is to deliver the
accessibility and direct contact with the company that makes
it possible to give an effective response to the issues raised by
the investment community.
To achieve these objectives and tailor information to
the needs of all groups, Investor Relations maps out and
implements a communication strategy for domestic and
international financial markets. This involves a policy of active
and wide-ranging communication that includes meetings
with institutional investors and financial analysts, conference
calls, meetings with shareholders, the shareholders’ magazine,
a call centre and a constantly updated website.
The functions of the directorate also include keeping the
company’s senior management informed concerning market
opinion about the organisation or any other questions which
may affect the share price.
In 2009 a complete programme of activities involving institutional
investors and financial analysts has been maintained involving
meetings in the leading financial markets in Europe, the United
States and Asia. This is necessary due to the Group’s worldwide
and diverse shareholder structure.
Carta del presidente Entrevista al Consejero Delegado
gobierno Corporativo1.1 Gobierno Corporativo1.2 Órganos de Gobierno
actividades del grupo abertis2.1 Autopistas2.2 Infraestructuras de
telecomunicaciones2.3 Aeropuertos2.4 Aparcamientos2.5 Parques logísticos
Responsabilidadsocial corporativa3.1 Plan Estratégico de RSC
de abertis3.2 Resumen indicadores
2010
Informacióneconómico-financiera4.1 Magnitudes consolidadas4.2 Gestión financiera 4.3 Accionistas y bolsa
171 meetings have been held over the course of 2010 with 262
investment institutions (managers) in 22 cities, some of which
have been visited on more than one occasion.
Minneapolis
BostonNew York
TorontoChicago
BrusselsLisbon
Singapore
Milan
Munich
The Hague
London
EdinburghDublin
managers
cities visited
road shows (usa, Europe, australia)
262 21
22ParisDenver
San FranciscoLos Ángeles
78 AR CSR AA
Investor’s Day
The second annual abertis Investor’s Day was held in April
2010, an event with analysts and institutional investors that
seeks to contribute to improving knowledge of the company, its
business units, financial structure, strategy and so on. It features
presentations by the top management of the company with
analysts and investors, facilitating two-way contact between
the professions and the head of the company. The event was
attended by 88 people and its presentations and audio were
also made available to the general public on abertis’s corporate
website.
shareholders’ Office
Relations with the company’s approximately 80,000 non-
institutional shareholders are handled by the Shareholders’
Office, which is also in charge of drawing up and implementing
information programmes in cities around Spain and providing
personalised service through all communication channels with
non-institution shareholders.
These channels consist of the Shareholders’ Service phone line,
which operates 24/7/365, and the corporate website featuring a
specific sector for the investor community featuring constantly
updated information about issues such as the company’s
performance, growth, stock market price and remuneration
policy. There is also e-mail, an increasingly popular option due to
its immediacy, and post.
The foregoing is enhanced by regular meetings under the
PRÓXIMO Programme. This is a pioneering 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 the Group, describe
its prospects and respond to queries and suggestions.
At the Ordinary General Shareholders’ Meeting 2010, which was
held on 27 April, the 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 Shareholders’ Meetings, and in articles
144 and 212 of the Spanish Public Limited Companies Act. Thus
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 5,342 shareholders with
voting rights (67.81% of share capital), of which 633 attended
in person (5.23% of share capital) and 4,709 by proxy (62.58%
of share capital).
published by: Corporate Studies and Communication Dept., abertisDesign: gosban consultora de comunicación