01 Portada_ENG_ok.indd - Abertis by yantingting


									No.12 October 2007

                             20 YEARS ON THE
                             STOCK EXCHANGE
abertis is a publication of Abertis Infraestructuras, SA
Avenida del Parc Logístic, 12-20. 08040 Barcelona.
Tel.: 93 230 50 00. Fax: 93 230 50 02.
Published by: Research and Corporate Communication Department.           Production: Ediciones Reunidas, SA (Grupo Zeta).
Produced by: Institutional Relations and Corporate Reputation            Consell de Cent, 425, 5º. 08009 Barcelona. Tel.: 93 484 66 00.
Department.                                                              Barcelona corporate magazines coordinator: Nuria González.
Editorial board: Salvador Alemany, Francisco José Aljaro, Toni Brunet,   New projects director: Juan Maldonado.
Joan A. Margenat, Josep M. Vila, Ricard Maxenchs and Joan Rafel.         Senior journalist: Toni Sarrià. Journalist: Delia G. Doménech.
Image and production: Joan Fontanals.                                    Art director: Lluís Coma. Layout: Josep Astorch, Ina Wolbers.
Content coordination: Pilar Boix.                                        Editing: Ares Rubio. Documentation: Marisa Espinosa.
Staff writers: Ana Aguirre, Elena Barrera, Leticia Gonzálvez,            Barcelona development chief: Juan Garçon.
Joan Fontanals, Marc Gómez, Esther Mir and Albert Rossell.
Additional contributions from: Christine Allard, Pilar Barbero,          DL: B-39.006-2003
Roger Clifton, Marta Giner, Sagrario Huelin, Anna Morera, Enric
Pérez, Mercedes Pérez-Cruz, Roser Prenafeta, Beatriz Sanz, Sílvia        abertis hotline for shareholders: 902 30 10 15.
Vàzquez, José Luis González, abertis, abertis telecom, abertis           www.abertis.com
logistics, abertis airports, abertis foundation, acesa, aucat,           abertis takes no responsibility for the views expressed by the journalists and writers
aulesa, aumar, Avasa, sanef, iberpistas, castellana and saba.            in the pieces published, nor does it necessarily agree with their opinions.

                          THE OPPORTUNITIES OFFERED
                          BY NEED FOR INFRASTRUCTURES

                                he importance of infrastructures       paying to use road infrastructures,
                              for countries’ competitiveness is        initiated by the Federal Government’s
                              a matter which I have mentioned          Secretary of State for the Department
                          on several occasions. Infrastructures        for Transport and reproduced as an
                          play a key role in internal cohesion and     article in our magazine.
                          connectivity, as well as in relations with      Important figures such as the
                          other areas and economic regions.            Comptroller General of the United Status,
                            Infrastructures define projects, and       David M. Walker, and the President of
                          their planning and, obviously, their         the US Chamber of Commerce, Thomas
                          successful materialisation create a          J. Donohue, have clearly expressed
                          clear-cut image of how they contribute       the pressing need to take difficult but
                          to society’s development and progress.       highly effective decisions which, based
                            The unquestionable opportunities           on the idea of ‘the user pays’, provide
                          offered by the need for infrastructures      and improve access to the financial
                          are also determined by the fact that         resources required not only to ensure that
                          the prosperity which we enjoy and the        people receive the benefits of modern
                          communication technologies with which        infrastructures, but more importantly,
                          we have been provided are increasing         to prevent the social and economic cost
                          the demand for mobility and putting          and damage which would arise if these
                          ever-greater pressure on the stock of        infrastructures were not available.
                          physical infrastructures which cannot           The countries of Europe –Germany,
                          react to these demands with the same         Austria, France and Portugal among
                          level of flexibility. This is a situation    others– and those of the enlarged EU, are
ISIDRE FAINÉ              which many other countries also face         heading down this road. The European
Chairman of abertis       and which, as a society, we have to be       Directives founded on the principles of
                          able to analyse, recognise and find the      financial and environmental sustainability
                          means to respond to.                         also anticipate this future situation. It
                            Competitiveness and growth are             is therefore necessary to move forward
                          associated with our ability to finance       with the decision to create a stable
                          and invest in infrastructures, thus          and dependable model for financing
                          maintaining and increasing their supply.     infrastructures.
                          This observation, however, rivals the           Here at abertis, we understand that
                          equal requirement for attention to other     following the trend of the countries
                          growing demands in areas such as health,     around us and agreeing to criteria
                          education and social and welfare policies.   such as paying for usage is clearly part
                            Once again, and as a society, we have      of the solution and not part of the

    APPROPRIATELY         to ask ourselves how we can sustainably      problem. Proceeding in this manner
                          face all these challenges without            will lead to further opportunities while
AND OPPORTUNELY           impeding the financial balance of the        posing hardly any risk. Appropriately
                          public resources. This debate is being       and opportunely supplying the
SUPPLYING THE             heard with ever-increasing frequency,        infrastructures demanded by the country
INFRASTRUCTURES           not just in developed countries but also     is, without a doubt, one of the best ways
                          in emerging economies.                       of serving the public’s interests and
DEMANDED BY THE             In the United States, recent               generates positive externalities in terms
COUNTRY IS ONE            situations such as the collapse of the       of wealth, employment, attracting skills

                      “   Minneapolis bridge have highlighted the
                          inexorable need to make certain urgent
                          investments which would otherwise
                          clearly hinder the country’s economy.
                                                                       and increasing the dynamism of the
                                                                       economy, thereby easily surpassing the
                                                                       costs of using the infrastructures. These
                                                                       are the commitments and necessary
INTERESTS                 This situation led to the debate on          opportunities which we want to share.
                             No.12 OCTOBER 2007


         MARY E. PETERS

           REGISTERS 20 YEARS





 04 05





      WORLD CONGRESS                                          48



                        HALF 2007

                                                                   No.12 / October / 07

         few years ago I surprised a North American colleague with the        Shell or Dell from? Granted, they still have company headquarters
           apparently trivial question “Where are you from?” She stopped      where they pay tax, but where are their people from?
            and stared at me. “What do you mean?” –she asked– “Where              When the 2005 report Innovate America proclaimed the need for
I was born, where I went to high school, where my parents live, where         the country (United States) to reinvent and design policies to take
I’ve lived in the last few years, where I feel like I’m from, where I would   control and return to the “vanguard of the World” (expressed in my
like to feel like I’m from?” The distinct responses that she gave me          own terms, but I think they translate well enough the intrinsic objec-
literally created a world map, since her father was a diplomat and had        tive of their future plans), a reader on Fast Company commented
plied his trade in the half of the World’s embassies.                         that its authors had not by any means understood the new world
   The World is no longer organised from the outset in a single hier-         wide business reality: competition is no longer between countries but
archical way, but instead its citizens are from a range of conceptual         is instead between companies spread around the world that are not
countries and continents. The most advanced citizens (interpret this          from any particular place. Although they are obliged to pay taxes in
phrase any way you wish) are no longer from a single place. They are          specific countries they are in fact countries themselves.
rather characterised by a multitude of tags. They belong to distinct              The creative oriental creed, with China at the head, where is it
tribes. Some of these are language based (for example that of the             from? Where did it learn? Where does it feel like it’s from? Its empires
domain .cat in reference to the Catalonia linguistic community with           will be truly global, its companies will have no frontiers. When viewing
which I identify myself), others are scientific (for example that of the      the way the new Orient understands the new world that is upon us,
American Society for Information Science and Technology, to which I           European protectionism seems somewhat ridiculous. It’s like installing
belonged), others are hobbies (I am a model train fanatic when I have         doors for the countryside or worse, believing that the world is able to
time, that is to say never) and others are dreamt up ones (if Ursula K.       be ordered, instead of comprehending that it orders itself, according
Le Guin constructs Earthsea in reality some day I’d buy a plot of land:       to a distinct logical framework.
www.ursulakleguin.com).                                                           We are moving towards a “horizontal” world. One made up of inter-
   It’s in this way I am able to express my opinion with regard to my feel-   est based communities, tribes and what I term sentities (communities
ing of belonging to distinct worlds. When a facet of me becomes visible,      based on sentiment or feelings, a phrase of my own invention). Music
corresponding to one of the many possible themes, some of which I’ve          fans that come together in Barcelona to actively participate in the
mentioned, I feel I’m part of it and I’m able to act as a citizen.            Sonar festival. Independent cinema fanatics who make the pilgrimage
   I am not referring to a pipe dream. At this very moment new coun-          to Sundance. Football clubs that are universal. European projects that
tries are being constructed in the world, some of which do not even           bring companies from across the continent together in temporary
physically occupy any land. The Swedes from Funky business already            relationships.
warn us jokingly of the significance in terms of sheer numbers of what            When compared with the world consisting of countries and states,
they refer to as the Independent Republic of Britney Spears made up           it is the World of cities that is growing (2007 is the first as far as I can
of her entire set of fans around the world (and whom incidentally,            remember in which the population in cities of the world has surpassed
boast a population in excess of that of countries such as Belgium).           that of rural areas), perhaps owing to the fact it is a world made up
Perhaps this is what is occurring with large companies. Where are IBM,        of people who are able to decide where they live (it is not strange for
                                                                              example to encounter people born in other countries that become
                                                                              complete and utter fans of the cities where they have decided to live).
                                                                                  We are from the city we choose. We are from communities that may be
                                                                              scientific, related to hobbies or voluntary work where we feel comfortable.
                                                                              We work for a company that has nothing more than its own flag.
                                                                                  It may be that Asia represents a threat. This is more than anything
                                                                              if we see it from a conventional perspective: “them versus us”. Yet for
                                                                              many companies there is another message: Asia is not a threat to them,
                                                                              but instead forms part of their everyday reality, part of their value chain,
                                                                              their formula for survival, representing opportunity. This is because the
                                                                              key to the question I believe is in understanding what us means in the
                                                                              aforementioned phrase. Asia perhaps will show us that the survival of
                                                                              the West has come from being able to dissolve itself in all that is global,
                                                                              taking advantage of our best attribute, our talent, our open minded way
                                                                              of viewing the world, our cosmopolitan zeitgeist (a cultural Europe with
                                                                              its great artists, musicians and scientists, without flags).
Alfons Cornella is founder and president of Infonomia
(www.infonomia.com), the Spanish language innovators’ network of                  Extract from the article “Toward the transverse nations of oneself”
reference. He is author of 16 books in the fields of science, technology                             published in edition number 54 of the magazine
and innovation as well as hundreds of articles on the transformation and                               If.. the innovation magazine available online at
innovation of organisations due to the impact of technology.                               http://www.infonomia.com/if/articulo.php?id=120&if=54

06 07
       merica was stunned on Aug. 1 when the Interstate 35 West

A        bridge over the Mississippi River in Minneapolis collapsed
          in a tangle of vehicles, concrete and steel. My department
is working closely with the National Transportation Safety Board
to determine why the bridge failed, and in the aftermath of this
tragedy, a necessary national conversation has begun concerning
the state of the nation’s bridges and motorways and the financial
model used to build, maintain and operate them.
   Many, including the Post [“Paying the Price”, editorial, Aug. 21],
are taking this opportunity to call for gasoline tax increases and
a larger federal presence in transportation investment decisions.
For a variety of reasons, a response of this sort would exacerbate
our transportation system failures, not alleviate them. A far better
question than whether gas taxes are high enough is what taxpayers
get if we expand our dependence on the gasoline tax. The answer is
almost certainly higher gas prices, more congestion and stagnating
quality of life, which is why the Post’s call for a substantial increase
in the nation’s gas tax is ill-advised.
   Our system is failing because federal gasoline taxes are deposited
into a centralized trust fund and allocated based on political will.
Major spending decisions often have nothing to do with underlying
economics, engineering realities or consumer needs. New programs
and pet project earmarks have proliferated in recent years. The
2005 transportation funding bill, for example, included more than
6,000 politically driven earmarks reported to cost some $24 billion.
That’s a staggering figure. The true price however is unfortunately
much higher because earmarks typically represent only a fraction
of project costs.
   In addition to breeding wasteful spending, the gas tax does virtu-
ally nothing to reduce the explosion in motorway congestion occur-
ring in the past 25 years. Gas taxes are levied regardless of when and
where someone drives, creating a misperception that motorways                  Finally, it would be virtual policy schizophrenia to increase
are “free”. In turn, this encourages overuse and gridlock, often at         our reliance on gasoline tax revenue to improve and sustain our
precisely the times we need motorways the most. The Government              nation’s transportation systems while striving to reduce US oil
Accountability Office last month released a report arguing that gas         consumption and promote the production and use of alternative
taxes are fundamentally incapable of balancing supply and demand            fuels. The success of one policy would by definition mean the fail-
for roads during periods of congestion. We agree.                           ure of the other.
   The GAO, along with almost every expert who has studied the                 Instead of raising ineffective taxes, we need a data-driven,
issue, says that direct pricing of road use, similar to how people pay      performance-based approach to building and maintaining our
for other utilities, holds far more promise in addressing congestion        transportation infrastructure. We also need an underlying financial
than do traditional gas taxes. And thanks to new technologies that          model that is responsive to the challenges of today and tomorrow,
have eliminated the need for toll stations, the concept of road pric-       not poorly considered policy reactions riding on the coattails of
ing is spreading rapidly around the world.                                  tragedy.
   Charging directly for road use holds enormous promise both to gen-
erate large amounts of revenue for reinvestment and to cut congestion.
Ultimately, it will allow political leaders to reduce reliance on or even
                                                                                                      MARY E. PETERS, Secretary of the US Federal
cut the inefficient array of fuel taxes, sales taxes and property taxes                                Department of Transport. Article published
that are being funnelled into transportation systems nationwide.                               in The Washington Post, Saturday, August 25, 2007.


                                                                                                                            No.12 / October / 07

              COMPANIES IN THE ÍBEX 35
              Text ABERTIS Photos ABERTIS

08 09

                                                                                      The chief executive, Salvador Alemany, was the guest of
                                                                                       honour at the Madrid Stock Exchange on May 17, 2007.

                                                                TIMELINE OF RELEVENT FACTS
                                                                02.07.69: The first stretch of the Montgat-Mataró (A-19)
                                                                          motorway is inaugurated.
                                                                18.05.87: First effective day that acesa is listed.
                                                                14.01.92: Inauguration of the select Íbex 35 group.
                                                                05.10.92: Historic low for the Íbex 35 of 1873.58 points.
                                                                12.09.94: acesa launches takeover bid for saba.
                                                                24.03.98: Íbex 35 surpasses 10 000 points.
                                                                19.03.02: acesa launches takeover bid for iberpistas.
                                                                20.05.02: Agreement for merger that gives rise to abertis being formed.
                                                                19.07.02: Result of the takeover bid for iberpistas.
                                                                02.06.03: First listed day of abertis.
                                                                04.12.03: Formal acquisition of retevisión.
                                                                24.11.04: abertis and Aena Internacional launch a takeover bid for TBI.
                                                                14.12.05: The French government awards sanef to the consortium
                                                                          led by abertis.
                                                                23.04.06: abertis and Autostrade announce merger.
                                                                05.12.06: abertis acquires 32% of the satellite operator Eutelsat.
                                                                13.12.06: abertis and Autostrade suspend their merger.
                                                                20.04.07: Íbex 35 reaches an historic maximum of 15080.90 points.
                                                                15.05.07: abertis shares register an historic maximum adjusted
                                                                          closing price of 24,98 euros per share.
                                                                18.05.07: abertis registers 20 years on the stock exchange.

       bertis celebrates: this year it celebrates its 20th      abertis, which formed as a result of the merger

A        year on the Stock Exchange. It all began with
          acesa shares on May 18, 1987 at a price of
1,56 euros. Since then it has undergone a radical trans-
                                                             between Acesa Infraestructuras and Áurea, following
                                                             acesa’s acquisition of iberpistas, continues along the
                                                             same path as acesa as a listed company, maintaining
formation when considering that 20 years later the value     the long tradition of presence in markets such those of
of abertis –which took over in 2003– reached historic        Áurea/aumar, iberpistas, saba and sanef.
maximums this year of around 25 euros per share, with a         The presence of abertis in the select Íbex 35 Index
market capitalisation in the region of 15 billion euros.     is noteworthy, given that it has maintained a position
   In the last few years, the Corporation has boasted        among the top 16 companies as calculated by the
significant and continuous growth, raising capital on 19     index as well as in the previous three years position-
occasions and increasing share prices on average 75%         ing itself among the top 10 group, in addition to being
annually.                                                    the only company to have maintained its presence

                                                                                                                        No.12 / October/ 07
Directors and
members of           in the index since its inception in1992. The com-          via its investor and shareholder relations services and
the Corporation      pany is also present on the relevant international         periodic publications on the Group’s performance,
during the 20 year
Stock Exchange
                     indices, Standard and Poors, Europe 360, FTSEuro-          generally disseminating any information of interest
anniversary event.   first 300 and the Dow Jones Sustainability World           which relates to any one of the market sectors.
                     Index, which includes the highest ranking listed
                     European companies.                                        INTERNATIONALIZATION.                The growth of the
                                                                                abertis group has been characterised by its inter-
                     SHAREHOLDER VALUE. One of abertis’ essential               nationalization which has been a constant factor in
                     objectives is the guarantee of sustainable shareholder     the majority of operations it has been involved in. It
                     remuneration achieved through efficient management         is worth noting that over a period of eight years the
                     and rigorous analysis of opportunities for profitability   Corporation has gone from having a presence in three
                     growth.                                                    countries to carrying out business in 18 including
                        The profitability of abertis’ portfolio over the past   France, Italy, Portugal, the United Kingdom, Argentina,
                     20 years it has been listed is valued at 1,844%, taking    Chile, Mexico and the United States.
                     into account adjustments related to capital raising           This penetration of foreign markets is evidenced
                     and annual dividend payments. The portfolio’s annual       when comparing sources of income. While in 1999 only
                     profitability is 92%.                                      3% of the Group’s income stemmed from international
                        abertis maintains a special relationship with its       activities, in 2006 this figure had risen to 48%.
                     shareholders, providing information and transparency
                     in all processes. The Corporation has close to 100,000     DATA TO REFLECT THE TRAJECTORY.                   2006
                     shareholders with whom it maintains open channels          performance figures confirm the solid progress of
                     for communication and interchange of information           abertis. At the close of the last financial year the
                                                                                Corporation declared a net profit of 530 million euros.
                                                                                Income from operations reached 3,335 million euros,
ABERTIS HAS GONE FROM HAVING A                                                  75% more than 2005, while the Earnings Before
PRESENCE IN THREE COUNTRIES TO                                                  Interests, Tax, Depreciation and Amortization (Ebitda)
                                                                                rose to 2,099 million euros (up 74%). abertis’ cash
CARRYING OUT BUSINESS IN 18 INCLUDING                                           flow meanwhile increased by 48% with respect to
FRANCE, THE UK, CHILE, MEXICO AND THE US                                        2005 reaching 1,221 million euros.

10 11

                                           Salvador Alemany receives the award from the chairman of the Madrid Stock Exchange, Antonio Zoido.

  A     bertis now forms part of the prestigious FT Global 500
        ranking published each year in the financial newspaper the
  Financial Times, which includes the 500 largest companies in
                                                                          capitalisation, abertis leads the list together with Atlantia.
                                                                          Companies such as APRR, Cintra and Brisa among others follow.
                                                                             Since abertis initiated its stock market trajectory, it has not
  the World by market capitalisation. abertis occupies position           ceased its continual growth reaching a market capitalisation in
  478 of the ranking, with a market capitalization of 14,582 millions     excess of 14,000 million euros, positioning itself among the
  euros as at March 30, 2007.                                             largest European infrastructure company groups. The most
     The Financial Times FT Global 500 ranking’s 11th edition published   spectacular growth has occurred from 2003 onwards, coinciding
  this year, includes companies with free float in excess of 15%.         with the acquisition of retevisión, the British airport operator TBI,
     If we compare the position held by the abertis corporation           the French motorways operator sanef and the satellites operator
  with that of its main European competitors in terms of market           Eutelsat, among other activities.

MARKET CAPITALISATION (in millions of euros)
 9.000                                            Market Capitalisation x31
             18/05/1987   1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

                                                                                                                             No.12 / October / 07
                                AND APPOINTMENTS

        Text ABERTIS Photos ABERTIS

                 he reality for abertis since 1999 when it began   wise, an equally firm and energetic commitment has

        T     on its path as Acesa Infraestructuras has been
              characterised by permanent change and growth
        which have led the company to six-fold increases
                                                                   been made to the internationalisation of activities, in
                                                                   the realisation that medium and long term competi-
                                                                   tiveness and sustainability are best approached through
        in principle values. Without doubt, it is the resultant    increasing interactions and integration of national
        process stemming from a strategy in which from a           economies within Europe as well as those of Europe
        leading position in motorways, a strong commitment         with the rest of the world.
        was made to business sector diversification.                  In order to operate and achieve success in the global
           In this way, the telecommunications and airport sec-    market abertis has embarked on a route that has al-
        tors have joined and reinforce the process initiated in    lowed it to situate itself in the front line. While in 1999,
        previous years with parking and industrial areas. Like-    98% of the company’s income was generated in Spain,

12 13
currently, following the integration of sanef (2006) and    IN ORDER TO OPERATE AND ACHIEVE
TBI (2005), virtually 50% of earnings are from abroad
–with France at the head, making up 37%– while 56%          SUCCESS IN THE GLOBAL MARKET
of the current 11,000 personnel employed by the             ABERTIS HAS EMBARKED ON A ROUTE
Group work outside Spain.
   For these reasons abertis, which has its origins in      THAT HAS ALLOWED IT TO SITUATE
Spain and Catalonia can no longer be classified or con-     ITSELF IN THE FRONT LINE
sider itself as an exclusively Spanish, French or English
company. abertis identifies with its European roots            The new organisational structure, able to be seen on
presenting itself as an European infrastructure man-        abertis’ web page (www.abertis.com) will allow the
agement group in the distinct markets and countries         company to adapt its management model to the new
within the EU and as an European group looking to           circumstances of the Group while making available a
grow internationally.                                       more agile corporate and business management struc-
                                                            ture better equipped for continual adaptation to the
ORGANISATIONAL MODEL ADAPTED TO                             changes which future corporate growth continue to de-
GROWTH AND DIVERSIFICATION. In achieving                    mand. The objective being pursued is to assure that the
such growth, the company must also address the chal-        abertis organisation –now undeniably international–
lenge of implementing an organisational structure to        and the teams that make it up work in an environment
successfully combine with this process of growth and        where operational processes of those associated with
diversification both within the sector and geographi-       decision making continue to take into account the key
cally, adapting to it and changing with it. It had been     role and impact that the infrastructure they manage
planned to address this exercise in depth virtually since   has on the economic, social and regional development
the creation of abertis in 2003, in spite of the Group      of the communities they serve while continuing to fa-
having undergone significant and noteworthy changes         cilitate the process of growth and therefore change to
in dimension and complexity.                                which abertis has an ongoing commitment.

                                                                                                                      No.12 / October / 07
                       I n 2007 abertis redesigned its motorway business
                         model in Spain, creating a new business unit, Autopis-
                       tas de España in combination with a series of changes
                                                                                  standards and ongoing dialogue with the public admin-
                                                                                  istration at the same time as strengthening objectives,
                                                                                  for example working on environmental aspects, insti-
                       in the general management of the Group’s Spanish           tutional relations and the commercial area. A direct
                       concessionaries: acesa-aucat, aumar and iberpistas.        and necessary relationship is thereby established with
                       As part of the redesign, the new general manager of        abertis’ future, driving the company toward continual
                       abertis airports was appointed in June.                    growth fuelled by two sources: the economic and fi-
                                                                                  nancial capacity of the firm and its technical ability in
                       JOSÉ MARÍA MORERA                                          directing operations and companies.
                       The professional background of the newly appointed
                       general manager of Autopistas España, Jose María Mo-       CARLOS DEL RÍO
                       rera (Madrid, 1947), has provided him with an enriched     From his most recent professional experience at the
                       perspective. This stems from his experience in the         head of Pacific Airport Group (Grupo Aeroportuario del
                       public sector in quality analysis and control, from his    Pacífico–GAP), the new general manager of abertis
                       period as a teacher as a communicator of experiences,      airports, Carlos del Río (Madrid, 1950) rates his most
                       his time in the private sector taking on the creative      positive experience as being the opportunity of launch-
                       task of configuring new professional structures and        ing the company on the New York and Mexican Stock
                       more recently in iberpistas since 1987, where he was       Exchanges, hence gaining an understanding the world’s
                       responsible for tackling technological and professional    largest financial market. Further, he considers that the
                       review to the point of converting it into the dynamic      challenge he faces taking charge of this company is in
                       company it is today.                                       improving current assets profitability and taking advan-
                          All these factors are combined as he assumes his        tage of market opportunities that present themselves in
                       current role where he stresses the importance of creat-    expanding business activities, especially given that it is
                       ing a new structure within abertis. This structure must    the most recently created division. With regard to the
                       emerge from working together to define the funda-          Firm’s future, he points out that the international infra-
                       mental challenges such as the capacity to adapt to         structure sector and more specifically that of privatiza-
                       technological challenges, meeting demanding quality        tion represent markets experiencing explosive growth.

On the right,
José María Morera,
the new general
manager of
Autopistas España.
On the right, Carlos
del Río, the new
general manager
of abertis airports.

14 15

                                                                                                                                           From left to
JOSEP LLUÍS GIMÉNEZ                                            with sizeable projects such as the third Guadarrama tun-               right: Josep Lluís
The new general manager of acesa, Josep Lluís Giménez          nel. He explicitly assures that in his new role his goal is to        Giménez, the new
                                                                                                                                   general manager of
(Barcelona, 1957), stresses the fact that prior periods of     make iberpistas a leader within and outside the Group,
                                                                                                                                   acesa; José Antonio
professional experience have allowed him to acquire a          categorising the future of the abertis group as inspiring.        López Casas, the new
vocation in client service, in addition to having had the      He affirms that the Corporation has set appropriate and                general manager
experience of floating a company on the Stock Exchange.        achievable goals, being equipped with top ranking teams               of iberpistas; and
While working at abertis, heading the management               of personnel and clear thinking shareholders of renown.              Enrique Villalonga,
                                                                                                                                       the new general
of the South American Motorways division, he highly            Overall, abertis possesses the resources and has set
                                                                                                                                    manager of aumar.
values having been able to add to global capabilities.         objectives, yet ongoing and persevering work will be a
Josep Lluís Giménez considers that meeting user needs          key factor in moving forward. The main future challenges
and making available high quality motorways as well as         that lie ahead from his point of view will stem from the
working in close proximity and with the region in order        privatisation processes in Spain and surrounding areas.
to improve efficiency is of utmost importance. Amongst
future challenges the widening of the AP-7 stands out as       ENRIQUE VILLALONGA
having to provide a clear and precise solution for what is     The new general manager of aumar, Enrique Villalonga
a strategic corridor. Factors that in his judgment will in-    (Valencia, 1948), emphasises that the main asset of any
fluence the Firm’s growth are the significant increase in      company are the people who make it up. As part of his
mobility, the need for new infrastructures and countries’      role, he has therefore set the goal of instilling enthusiasm
budgetary limitations. Lastly, he identifies the interaction   in his team so as to obtain the best possible work climate
between business units as representing abertis’ main           as well as maximising efficiency. What he most values
potential in taking advantage of market opportunities.         amongst prior experiences is what he has gained person-
                                                               ally and professionally upon having shared a range of
JOSÉ ANTONIO LÓPEZ CASAS                                       ideas and opinions with people from many countries. En-
The new general manager of iberpistas, José Antonio            rique Villalonga believes that abertis finds itself in a privi-
López Casas (Madrid, 1950), has an in-depth understand-        leged situation owing to its level of diversification and its
ing of workplace training and personnel management             international character. He indicates that the factors that
thanks to his previous private sector experience. During       most affect the growth of the Group are the ability to
his time in the political arena, he experienced first hand     take advantage of the internal synergies and share the
the division of Spain into autonomous regions and its          know-how amongst distinct companies that make up the
joining Europe. Advisor to iberpistas since 1989 and           Group. In addition he affirms that the expansion of busi-
general manager of castellana (a role he will continue         ness sectors cannot be ruled out but instead should be
to fill), José Antonio López Casas considers it a privilege    evaluated according with economic movements and new
to have contributed to the development of the company          opportunities that present themselves.

                                                                                                                                 No.12 / October / 07


16 17

                                                             their Management and so as to learn about manage-
                                                             ment and financing experiences which have yielded
                                                             optimum results in this field, Motoo Konishi and his
                                                             team visited abertis at the end of June. This visit is set
                                                             against a background of various meetings he and his
                                                             team held in Barcelona with public sector representa-
                                                             tives and managers of private infrastructure manage-
                                                             ment companies.
                                                             What activities is the World Bank involved with in
                                                             the transport and infrastructure sector?
                                                             To date we have invested around 2300 million euros
                                                             in 28 projects currently in execution. Of these, close
                                                             to two thirds are being carried out in middle income
                                                             countries, such as Russia, Poland or Romania, while
                                                             the remaining third corresponds to other countries in
                                                             the European Union. Furthermore, in the coming three
                                                             years we shall issue credits for 2200 million euros, that
                                                             is to say, we shall lend between 510 and 725 million
                                                             per year in order to execute new infrastructure projects.
                                                             Future economic growth and competitiveness are
                                                             related with the availability of good infrastruc-
                                                             ture. Do you think the public budgets will be able
                                                             to cope with the investments necessary for their
                                                             creation and maintenance?
                                                             This specifically is one of the questions we have debat-
                                                             ed during the Integration of Transport Modes and their
                                                             Management sessions. Public investment will always be
                                                             limited. Up until now it is true that the majority of in-
                                                             frastructure financing has been public, but we have de-
                                                             tected for example in Spain that partnerships between
        he development of new strategies in the trans-       the public and private sectors, so called Private-public

T     port sector, the analysis of links which link devel-
      opment and economic growth with the creation
or renovation of infrastructures as well as negotiation
                                                             Partnerships (PPPs), have been fruitful. Thanks to these,
                                                             it is possible for example to construct, rather than just
                                                             10 roads, more than 20, with the cost being met fur-
with governments and politicians in initiating spe-          ther down the track. For this reason we were interested
cific projects are amongst the main responsibilities of      in learning about abertis’s experience.
Motoo Konishi, the World Bank head of Transport and          What is your opinion regarding the evolution of PPPs
Infrastructure for Europe and Central Asia. In order to      in Spain? Do you think our model is exportable?
present his study Integration of Transport Modes and         The Spanish model is of especial interest. It exem-


                                                                                                                          No.12 / October / 07
                      plifies efficiency, given that more than 2000 km of         This of course is a difficult question. In the US, PPPs
                      highway have been constructed in Europe in under            have only recently been put in practice. In fact there are
                      five years with European financing. Nevertheless there      few countries with experience in this area, even in Eu-
                      are a number of specific aspects, such as adjudication      rope. From 1999 such collaborative methods have been
                      criteria which are distinct in each country making it       reactivated and re-launched and for this reason Europe
                      therefore more difficult to export. However, countries      is able to benefit from the World Bank programme in
                      such as Poland and Russia will be able to benefit from      place, particularly some of the more recent members of
                      some aspects of the Spanish model or draw on it to a        the European Union, such as the Czech Republic. In ad-
                      large extent. The World Bank has taken advantage of         dition, other countries such as Poland and Russia who
                      such know-how of Spanish consultants and owing to           are benefiting from World Bank investments, are start-
                      it has won an award from the International Roads As-        ing to see the advantages of this type of financing.
                      sociation for one of the studies carried out jointly with      The reality is that the US must learn to manage con-
                      the consultants.                                            cessions which are a type of PPP and acquire experience
                      In ensuing years significant investments are fore-          in this area so as to determine when it is recommend-
                      seen for updating infrastructures, with these clear-        able to opt for the private sector and when is viable to
                      ly having to incorporate the distinct peculiarities         take more risks. Spain possesses such experience but the
                      corresponding to each zone. What specific aspects           US has not yet acquired it. Therefore the Spanish case
                      does the EU have compared to the US?                        may serve as an example with some of it features per-
                                                                                  haps being exportable to countries such as Russia, which
                                                                                  incidentally is to sign its first PPP for 2200 million euros
                                                                                  for the construction of a highway in Saint Petersburg.
   MANAGEMENT AND INFRASTRUCTURE                                                  Given this situation, what role must private par-

   I n depth knowledge of the true situation in countries as diverse
     as Malawi, Somalia, Sudan, Tanzania or Zimbawe, in Africa; Bolivia,
   in Latin America; or in Asia, Kazajistan, Motoo Konishi has been head
                                                                                  ticipation play in financing such infrastructure?
                                                                                  When liquidity exists in the market and investors are
   of the transport and infrastructure sector for Europe and Central              looking for promising opportunities –as is always the
   Asia at the World Bank from 2004 . Prior to this, as an economist              case– a decent PPP can be taken advantage of, since
   with a Masters in Economic Development, Legislation and                        private investment is more significant. One of the prior
   International Business from the Fletcher School of Law and                     conditions that should exist is trust between public
   Diplomacy in Massachusetts (United States) and graduate of
                                                                                  and private sectors. This is the only way of assuring the
   the Young Professionals Programme run by the World Bank itself,
   he was also responsible for operations relating to sanitary                    risk is sufficiently evenly spread. Achieving this requires
   infrastructure such as water storage within the Europe and                     time and experience. Nevertheless, we do not wish
   Central Asia Infrastructure and Energy Services Department.                    the private sector to lose money, meaning that a good

18 19

                                                              and is extending this model to neighbouring countries.
                                                              For example, we are aware of the planned extension to
                                                              the roadway toward the Ukraine and the southern part
                                                              of Caucasia toward the Middle East. Such vision is defi-
                                                              nitely present as part of the European strategy.
                                                                 Another key theme along these lines in the near fu-
                                                              ture will be the availability of ports. The competition in
                                                              this area is and will continue to be enormous and in 10
                                                              to 15 years time Europe in general will lack port capac-
                                                              ity. It will be difficult to overcome since it will mean
                                                              that the continent will become “more expensive”. Nev-
balance must be struck. In fact we can use abertis, a         ertheless an excellent example of PPP in this respect is
company which is not solely concerned with producing          the direct train between Figueres (Spain) and Perpignan
profits, but is in fact also dedicated to providing a serv-   (France), a project for which the private sector assumes
ice to the public, as an example.                             the investment risk thanks to concessions from both
Should the private investor participate beyond                countries.
merely financing and be involved in other services            And beyond European borders?
and phases?                                                   Without a doubt there is less planning. Plans are struc-
That is right. PPPs aim to attract private financing, but     tured at a more national level. Europe will be strong-
this is not the most important aspect. Other valuable         er in the future because it has taken into account
aspects include innovations achieved, the timely provi-       the transnational viewpoint. In East Asia for example,
sion of services, a better result and improved quality for    the World Bank and the Japanese government have
the user, amongst other aspects. It is true that private      launched a study to improve regional transport, with
financing is more expensive than public financing, but        the objective of making it more competitive, this being
these additional advantages compensate for the differ-        an isolated example.
ence in price.
Would the role of government be limited to guar-
anteeing the stability of the system?
From my point of view, it is of utmost importance that
the government provides the framework for action, the
                                                                WORLD BANK OBJECTIVES
vision: for example, how to ensure that a city is attrac-
tive and competitive. Investments in infrastructure are,
                                                                F   rom its creation in 1944 to promote the reconstruction of Europe
                                                                    following the devastation of the war, the World Bank has broadened
                                                                its range of activities to a point where it reaches all regions of the
without doubt the drivers that allow it. On the other           planet with the mandate of alleviating poverty. From its embryonic
hand, it is also the government’s mission to put in             form as the International Bank for Reconstruction and Development
                                                                (IBRD), it is currently an international organisation owned by 185
place the strategy given that apart from constructing
                                                                member countries, formed by two separate development institutions:
schools or roads, other investments must also be made           the International Bank for Reconstruction and Development (IBRD) and
and therefore priorities set in this respect.                   the International Development Association (IDA). The first of these
   Thirdly, collaboration with the private sector is neces-     centres its activities in middle income countries and poor countries
sary in order to determine how make decisions regard-           with credit capabilities, while the IDA helps the poorest countries in
                                                                the world. Together they offer low interest loans, interest free loans
ing new infrastructure, with public interest being the
                                                                and donations to developing countries for projects in education, health,
foremost concern at all times.                                  infrastructure, communications and many other spheres. The financing
We live in a globalized world without economic                  of reconstruction processes continues to be a priority objective of the
boundaries, where infrastructure is viewed from                 organisation, especially in situations where natural disaster and ongoing
a transnational viewpoint. What is the current                  conflict affect economies in development and transition. In addition
                                                                the World Bank has broadened its portfolio which now includes the
importance of planning infrastructure from this
                                                                financing of projects in order to make social improvements, reduce
perspective?                                                    poverty, alleviate debt or promote good government. In the field of
In fact, Europe through the European Commission has             transport, activities include the issuing of credit to allow existing
already achieved this via its European transport networks       infrastructure to be improved or create further new infrastructure.

                                                                                                                           No.12 / October / 07
                                         WORTHY OF A NOBEL PRIZE


       rected on 14 islands interconnected by 57 bridges, Stockholm,      permeable to new tendencies and with an open mind while jeal-

E      Sweden’s capital maintains an intimate relationship with
       the water which it sweetly caresses and dodges as it has for
centuries. A third of the water, a third of the light and a third of
                                                                          ously guarding their most deeply rooted traditions. A short escape
                                                                          there in December is all that’s needed to confirm the passion with
                                                                          which they celebrate Christmas and festivities such as Santa Lucia.
the space: an appropriate equation which occupants recite with               Without a doubt the best way of immersing oneself in the urban
pleasure, as if citing the alchemistic proportions that transform this    landscape of Stockholm is to do so on foot, despite it being the sec-
city into a unique destination. Perhaps it is that watery interaction     ond largest capital city in Scandinavia –the largest being Copenhagen.
which converts it into one of the world’s most beautiful port cities.     A street pilgrimage puts the visitor in contact with one of its immu-
   In Stockholm there is a strikingly harmonic beat between the           table truths: Stockholm is the design Mecca of Scandinavia on every
traditional and the vanguard. One example is the perfect union of         level, from interior design, glassware and ceramics, to textiles and fur-
the Gamla Stan streets in the historic centre of the city, with their     niture. Immediate evidence of this can be found on the underground
750 years of history and the Södermalm Island, the old settlement         lines, particularly the blue line which starts from Kungsträdgården, in
of the working class, now taken over by local intellectuals, forming      the city centre, travelling north-west. Some of the underground sta-
the cultural epicentre par excellence. The mixture between past and       tions such as Centalstation are works of art: green live rock, salomonic
present is best seen in the personality of the inhabitants: innovative,   columns, forged iron lamp posts with neon lights…

 20 21

THOUSAND YEAR OLD CULTURE. All routes through the
city –founded in the XIII century by King Birger Jara to protect lake   NOBEL’S HOME
Mälaren from pirates– should be begun amongst the stony alleys
and ochre and rusty red painted houses of the historic quarter,         A    lfred Nobel was born in Stockholm in 1883 to a family
                                                                             of engineers. After having been trained in Paris and the
                                                                        United States, he dedicated a significant part of his life
Gamla Stan. History and a medieval flavour seeps out of every
pore. The Nobel Museum is situated on the isle, on the peaceful         to carrying out experiments to improve the safety of
                                                                        nitro-glycerine this leading him to mixing it with black
Stortoget plaza, a beautiful building from the XVII century that        gunpowder allowing it to be absorbed by diatomaceous
becomes an excellent starting point for revelling in the pomp           earth. The resulting mass was able to be moulded in cylinders
and tradition of the world’s most famous prizes. Each year on           which did not explode until they were activated by a detonator.
December 10, in commemoration of the death of Alfred Nobel,             Nobel baptised his invention with the name dynamite.
Stockholm dons its ball attire for the award of the prestigious            Yet the Swedish inventor was also an industrialist:
                                                                        upon his death in 1896, he was the owner of companies
prizes, whose banquet has been held since 1901 in the Blue Hall         in 90 locations and 20 countries, representing a fortune of
of the City Hall. The most inquisitive can trace the Nobel route in     31.5 million Swedish Kroners. In his will, Nobel let his wish
the restaurant of renown Der Gyldene Freden (Osterlanggtan, 51),        be known for the profits produced by the capital of the
where the academics who select the awardees meet each Thurs-            fund be distributed each year amongst those who had most
day, completing their circuit at the Grand Hotel (Södra Blasiehol-      benefited humanity in the fields of literature, chemistry,
                                                                        physics, medicine and peace. The Nobel Prizes were hence born,
mshamnen, 8), the lodgings of illustrious invitees.                     the most prestigious awards in the world which transform
   In the heart of Gamla Stan, the imposing Royal Palace                Stockholm into a unique stage which is the focus of world
(Slottsbacken) can also be found as well as the XIV century Ca-         attention year after year.

                                                                                                                   No.12 / October / 07
  THE ART OF SHOPPING. The Swedish capital is without doubt
  the Mecca of Scandinavian design and a pleasure for lovers of
  shopping. The best option when beginning the consumer tour is
  to traverse the Östermalm district where shops such as Svenskt
  Tenn (Strandvagen, 5) can be found, specialising in furniture and
  complements or Asplund (Sibyllegatan, 31), a temple for rugs and
  interiors. At a stone’s throw is Kosta Boda (Birger Jarlsgatan, 3),
  housing Sweden’s most emblematic crystalware. For those who
  prefer an authentic and bohemian touch there is nothing like losing
  oneself in the shops of the Södermalm district, at the weekend
  Street markets or in the Konsthantverkarna (Mäster Samuelsgatan,
  2), a permanent showroom in the city centre housing the latest
  creations from local designers in textile, shoes and jewels.

  FOR DIE HARD FOOD-LOVERS. For years Stockholm has been
  converted on its own merits into one of the most sophisticated
  and cutting edge gastronomic enclaves in Scandinavia. Food-lovers
  thoroughly enjoy the vast culinary range offered by restaurants.
  Amongst the inescapable gastronomic establishments of note,
  some have legendary status such as Berns (Berzelii Park) where
  the menu is replete with excellent quality fish from Stockholm
  and a hint of the influence of vanguard French cuisine. The design
  of the premises is the work of the London designer Terence
  Conran. Other exemplary, outstanding gastronomic locations
  include the Norrbacken restaurant (Norrbackagtan, 30), one
  of the best examples of a fusion of classic Swedish cuisine and
  Ulla Win bladh (Rosendalsvägen, 8), which stands out amongst
  restaurants with more traditional local cuisine, nestled only a
  stone’s throw from Skansen.

  STOCKHOLM BY NIGHT. Stockholm emits a Latin vibe little seen
  in the Scandinavian peninsular. To discover it one need only take
  the plunge and go to Sturplan Plaza or Södermalm Island in the
  Atlasområd, district, one of the fastest changing, most dynamic
  areas in recent years. This area is home to the in bars, discos and
  cafes of the city. The hedonistic Kharma (Sturegatan, 10), with
  one of the most impressive interior designs by the firm London
  W8, the nearby glamorous Sturecompaniet (Sturegatan, 4) or the
  Upstairs Bar (Ringvägen, 98), the Clarion Hotel’s bar are some of
  coolest enclaves in Stockholm. The Södermalm district, popularly
  known as Söder, is the principal melting pot for trends and fads,
  thanks to the fact that in recent years a significant number of
                                                                        thedral proudly rising up just metres away, with its late Gothic
  intellectuals, artists and young creative people have installed
  themselves there. Some of the most emblematic locations include       interior. Wandering unhurriedly through the old quarter one is
  the warmly lit bar Indigo (Götgatam 19) with its calculated retro     beckoned, more so with the intense cold, to make a tempting
  feel, the Roxy pub (Nytroget, 6) or the modest yet original, Garlic   stop-off in one of the numerous timber cafes to enjoy a comfort-
  & Shots (Folkungagatan, 84), where dishes are loaded with garlic      ing hot chocolate accompanied by the ever present kanelbullen
  and there are 101 types of vodka.
                                                                        (cinnamon pastry). This elegant and classical area of the city con-
  COMFORT AND DESIGN. Lodgings in Stockholm also represent an           tinues northward where it intercepts with Norrmalm. The city’s
  experience. Some of the most recommendable options are:               cultural highlights are concentrated here along with representative
     Radisson SAS Strand Hotel (Nybrokajen, 9. Tel. 46 8 5 066 40 00    buildings such as the Opera Theatre inaugurated in 1800 and the
  www.stockholm.radissonsas.com). In the heart of the city, close to    National Museum of Art (Nationalmuseum). Created in 1866 by
  Berzelii Park. From 230 for a double room.
                                                                        the German architect Stüler with the appearance of an Italian ren-
     Grand Hotel (Södra Blasieholmshamnen, 8. Tel. 46 0 8 679 35 00
  www.grandhotel.se). An exquisite classic in the city from             aissance style building, it houses the most extensive collection of
    300 for a double room.                                              classical art in Sweden.
     Clarion Hotel Stockholm (Ringvägen, 98. Tel. 46 0 8 462 10 00         The history of Stockholm is, in itself, a guide for discovering
  www.clarionstockholm.com). Its motto It’s not a hotel defines its     the city, with its legacy of museums of great beauty. One of the
  inner nature of cutting edge design inviting one to relax with the
                                                                        most charismatic is Skansen, the first open air museum, founded
  first class service. A double room costs 300.
                                                                        in 1891, allowing a journey in time to the Sweden of five centu-
  TO FIND OUT MORE: www.stockholmtown.com has everything                ries ago. Equally recommendable is the Vasamuseet in Djurgården,
  that a visitor may be interested in finding out about the city,       which offers the opportunity to view one of the jewels of the city
  from online selection of hotels to itineraries for an escape to       in all its splendour, the Vasa, a royal galleon which sunk in Stock-
  the 24,000 islands that surround the city, a cultural calendar
                                                                        holm bay during its inaugural voyage in 1628, being rescued and
  and the best selection of leisure activities destinations.
                                                                        restored 333 years later.

22 23

                                                                          “EVERYBODY CAN FIND
                                                                          THINGS TO SEE AND
                                                                          TO DO IN STOCKHOLM”
                                                                          A     bertis began its relationship with Sweden and specifically with
                                                                                Stockholm in 2004 with the acquisition of the airports compa-
                                                                          ny TBI, 90% owner of Stockholm’s airport Skavsta. Stockholm Skavs-
                                                                          ta is Stockholm’s second largest airport and one of the fastest grow-
                                                                          ing in Sweden in recent years. Situated to the south of the capital, it
                                                                          was the pioneering airport for low cost airlines in Scandinavia as well
                                                                          as the operations base for Ryanair in the area. We spoke with Dot
                                                                          Gade, the managing director of the Stockholm Skavsta airport, and
                                                                          a Dane who has made the Swedish capital her second home.

                                                                          Could you recommend a typical
                                                                          dish from your country [in this
                                                                          case Sweden]?
                                                                          The typical dish for the summer
                                                                          solstice is boiled new potatoes
                                                                          served with a variety of herrings
                                                                          and sour cream with chopped
                                                                          spring onion. This dish of course
                                                                          is eaten accompanied by Swedish
                                                                          beer (preferably Mariestad) and a
                                                                          couple of cold shots.
                                                                          How would you define the Swe-
                                                                          dish people?
                                                                          Many of my Danish friends asked 21
                                                                          years ago why I wanted to move in              Dot Gade, managing director
                                                                                                                                  Stockholm Skavsta.
                                                                          order to go and live with the stuck-
                                                                          up Swedes. I do not at all agree with them since I was received with
                                                                          open arms and they are extremely funny and affectionate people.
                                                                          They also like nature and enjoy sailing, trekking and their special al-
CREATIVITY IN SPADES. Crossing the Skeppsholmsbron                        lemansrätt (the right to be where ever one wishes in the wilderness).
bridge, the small isle of Skeppsholmen emerges, home of the               What is the best place for going for an agreeable stroll?
Modern Art Museum, the work of the Spaniard Rafael Moneo. This            A stroll along the river in the enchanting village of Nyköping, situ-
centre, opened in 1998 was well accepted due to its integration           ated 7 kilometres from the airport, with 820 years of history.
both in the city and with the natural surrounds, boasting one of the      Why is visiting Stockholm a must?
best collections in the world of its kind, with works from Dali, Miró,    Because Stockholm, the capital of Scandinavia, is truly gorgeous. Its
Warhol, Matisse, Kandinsky and Mondrian amongst other renowned            location amongst hundreds of islands represents a unique enclave
artists. It is also highly recommended to pay a visit to Kulturhuset, a   for a capital. Stockholm is at the cutting edge in terms of design,
Cultural House open to all, hosting musical, theatrical, photographic     culture and music, nightlife, food and innovation. In other words
and design events of every type as well as contemporary art. In this      everyone is able to find things to see and do.
area the most select stores and best art galleries are concentrated       Two unmissable places to visit…
on wide avenues between Birger Jarlsgatan and Sibyllegatan, while         The first would be to experience the handsome archipelago near
international brands’ luxury boutiques are found in the region of         Nyköping it can’t be missed! The second would be to immerse
Strandvagen, the city’s most emblematic avenue which ends at the          oneself in the famous ice hotel to the north of Sweden whose
maritime port. Without venturing very far, food-lovers can marvel         environment can also be experienced in the Ice Bar in the Hotel
at the Saluhall undercover markets, jammed with stalls that are a         Nordic Sea situated in the centre of Stockholm. In order to get in
true delight as well as shellfish and salmon restaurants.                 you should rug up and wear gloves and that way you can enjoy a
   Stockholm, Nobel’s city, never ceases to reinvent itself, set on the   drink from a glass made out of ice.
water and at no stage allowing room for indifference thanks to its        What should you buy before leaving the country?
enticingly open and dynamic personality. It is an attractive city with    I would say anything of Swedish design, such as crystal-ware or
a special flavour that conveys an unerring invitation to discover it in   interior adornments. For many visitors, it is essential that the sou-
its state of continual metamorphosis in the rhythm of the seasons.        venir have the ever-present elk symbol.

                                                                                                                           No.12 / October / 07

             Text ABERTIS Photos ABERTIS

                    bertis has reached an agreement with ACS for            The 15 airports in which DCA has a holding recorded
                     the acquisition of Desarrollo de Concesiones         combined revenue of 288 Mn for 2006, with an
                       Aeroportuarias (DCA), a holding company with       EBITDA of 174Mn.
             a stake in 15 airports in Mexico, Jamaica, Chile and Co-
             lombia. The operation involves the acquisition of 100%       GRUPO AEROPORTUARIO DEL PACÍFICO
             of DCA shareholdings for a total value of 270.8 Mn.          (GAP). DCA currently has a stake in 16 airports, wheth-
                This transaction bolsters abertis’ position in the air-   er directly or indirectly. DCA is a shareholder in Aero-
             port sector by operating through the TBI group, which        puertos Mexicanos del Pacífico (AMP), along with Aena
             in turn falls under the banner of abertis airports. The      Internacional and the Mexican company CMA. AMP is
             Group now own, part owns on operates 29 airports in          in turn the main shareholder and strategic partner of
             eight countries, handling 56 million passengers a year.      the Grupo Aeroportuario del Pacífico (GAP) having a
                The transaction is subject to approval from the dis-      management contract with GAP which gives it special
             tinct authorities and airport administrators. In addition,   rights to for example appoint specific members of the
             a Morgan Stanley fairness opinion report has been pro-       management team –the managing director amongst
             duced on the terms and structure of the operation.           these– as well as the right to four seats on the Board of
                The DCA airport network is projected to manage            Directors (of 11 in total).
             around 37 million passengers in 2007. The airport port-         GAP operates 12 airport concessions in the Pacific
             folio has enjoyed significant growth in recent years with    and central Mexico regions, including six of the coun-
             stable margins, predictable cash flows and high EBITDA       try’s largest airports. More specifically, GAP manages
             margins providing attractive long term profitability.        the airports of Guadalajara (6.4 million passengers an-

24 25
nually), Tijuana (3.8 million), Puerto Vallarta (3 million),      The TBI network consists of eight international air-
Los Cabos (2.7 million), Hermosillo (1.2 million), Bajío       ports. Three of them are located in the UK (London
(1.2 million) as well as six additional airports (Mexi-        Luton, Cardiff International and Belfast International),
cali, Los Mochis, La Paz, Manzanillo, Aguascalientes and       one in Sweden (Stockholm Skavsta), three in Bolivia
Morelia) which combined deal with a further 2.4 mil-           (La Paz, Santa Cruz and Cochabamba) and finally, one
lion passengers annually.                                      in the United States (Orlando Sanford).
                                                                  It also holds government or local authority manage-
JAMAICA AND SANTIAGO DE CHILE. In Ja-                          ment contracts at three other US airports (Atlanta,
maica, DCA makes up part of the consortium which               Georgia and Burbank, California) as well as providing
has operated the Sangster International Airport over the       consulting services acting through a consortium based
past 30 years. The airport, which has high potential for       in Miami (Florida). abertis airports also manages two
growth, is situated in one of Jamaica’s main tourist areas     runways at the El Dorado terminal in Bogotá (Colom-
and in 2006 recorded 3.1 million passengers per year.          bia) via the company Codad.
   DCA also has a share in the company which since
1999 has managed the Santiago de Chile airport ter-
minal concession, the country’s principal point of entry
and one of the most modern airports in the region.
In 2006 it handled a total of 6.9 million passengers
although it is equipped to process over 12 million pas-           TWO MANAGEMENT
sengers annually.
   DCA is also one of the shareholders which man-                 CONTRACTS FOR TBI IN THE US
ages the Cali airport concession through to 2020. The
airport recorded 2.3 million passengers in 2006, this             A    bertis airports has signed a contract with the city of Macon, Georgia
                                                                       (USA) through its subsidiary TBI Airport Management, to operate
                                                                  the Middle Regional Georgia and Herbert Smart Downtown airports for
being mainly domestic traffic, although the develop-
                                                                  a 10-year period. The annually renewable contract allows abertis airports
ment of international traffic is being promoted.                  to manage the two strategically located airports,150 kilometres from
   DCA’s portfolio of airports complements that of the            Atlanta which have good potential for growth.
TBI managed network –acquired by abertis (90%) and                   Middle Regional Georgia is a two runway commercial airport servicing
Aena Internacional (10%) in 2005– thereby strength-               30,000 passengers per annum. The Herbert Smart Downtown aerodrome
                                                                  is a two runway general aviation airport predominantly providing corporate
ening the presence of the Group in Latin America. This
                                                                  jet operated private flight services.
operation will allow abertis to assert its presence in 29            Through the incorporation of these two airports to its portfolio, abertis
airports across eight countries, processing over 56 mil-          airports has increased the size of its airport network and strengthened
lion passengers a year.                                           its US market position.

                                                                                                     AMERICAN AIRPORT
                                                                                               NETWORK HIGHLIGHTING
                                                                                            ABERTIS AIRPORTS ACTIVITIES

                                                                                                                            No.12 / October / 07

            Text ABERTIS Photos ABERTIS

                                                                         complex to 17,200 m2 (from the current 11,030 m2).

                   aba, abertis’ car park subsidiary, has been award-
                   ed a contract for the construction and manage-        The Rome City Council agreement also includes the
                   ment of a car park complex in Rome (Italy). The       construction of an operations and maintenance termi-
            project, awarded as a concession by Rome City Council        nal for the city’s electric buses with a capacity for 123
            is to be located at the current site of the existing Villa   vehicles of 5 meters in length as well as 112 vehicles
            Borghese cark park, managed by saba, and requires a          of 5 meters. The terminal is to be used by the transport
            total investment of 92.5Mn.                                  agency (ATAC) of the Rome City Council. The contract
               The project involves the expansion of the current         also includes the management of the existing 230-space
            underground car park with the addition of 200 park-          motorcycle parking area. Work is due to commence in
            ing spaces, for a new total of 2017. Furthermore, saba       early 2008, with a projected duration of four years. The
            italia is to build a new 81 space car park for tourist       total estimated investment associated with the contract
            coaches, connected to Rome’s public transport system,        is 92.5 Mn. saba is to manage the concession of the
            as well as expanding the available shopping area in the      entire car parking complex over a period of 50 years.

26 27

              SABA CURRENTLY
          MANAGES OVER 20,000

   Villa Borghese, located in the centre of Rome, is one of
the city’s most visited public areas. It is the city’s largest
park and in recent years has combined green areas and
the first class cultural activities on offer there.
   Villa Borghese contains some of Italy’s most pictur-
esque parks and gardens as well as five of the city’s
most important museums, including the Borghese Gal-
lery and the National Gallery of Modern Art. In recent
years the complex has started offering visitors a great
array of cultural and recreational activities. It is home
to Rome’s Bioparco and the Museo Civico di Zoologia
as well as the city’s Casa del Cinema.

Villa Borghese parking construction and operation
project raises saba’s already strong presence in the
Italian car parks sector. In Italy saba manages –through
                                                                 NEW PARKING AREAS IN
saba italia– 42 car parks with over 20,000 parking               LAS PALMAS, TERRASSA AND GIRONA
spaces. Rome, Milan, Venice, Verona, Bari and San Remo
are amongst the 16 Italian cities where saba operates.           S   aba in June acquired a car park on Calle León y Castillo, 53, in the
                                                                     administrative heart of Las Palmas (Gran Canaria). The facility, previously
                                                                 belonging to the insurance company Cahispa, has a 549 parking space capacity,
   saba currently manages a total of 95,849 parking
spaces in 176 car parks in Spain, Italy, Chile, Portugal,        distributed over two underground levels, the ground floor and five additional
                                                                 above ground levels. The acquisition involves an investment of 9,050,000.
Morocco and Andorra. The company has new projects                   The company has also recently reached an agreement with La Clau group
in execution soon to be operational which will see               for the management of the Vapor Gran complex car park, in Terrassa
saba’s combined network reach a total of 198 car                 (Barcelona). The 272 parking space capacity facility, split between two
parks with 120,000 managed spaces.                               underground levels, has been leased to saba for an initial period of ten years.
   saba is the car park subsidiary of the abertis group,         The car park has been operational since July 2.
                                                                    In addition, saba has been awarded the contract for the management of
Europe’s leading infrastructure group which also has             the Girona airport parking area. The facility consists of 2,413 public parking
operations in the toll roads, telecommunication infra-           spaces, 73 for employees, 233 for crew staff and 280 spaces corresponding
structures, airports and logistics parks sectors.                to car-rental companies.

                                                                                                                          No.12 / October / 07
                                                                                               be operational at all times –including the sections in
                                     GREEN LIGHT FOR

                 A LOOK AT ABERTIS
                                                                                               construction–. This, together with gradual opening of
                                     THE WIDENING OF                                           completed sections, will allow effects on traffic to be
                                     THE SOUTHERN AP-7                                           Preliminary work commenced in June (structural
                                                                                               widening) without affecting traffic.

                                     A    cesa this September begun construction work on
                                          the third lane of the Mediterranean (AP-7 and AP-2
                                     junction) Vila seca/Salou section in Tarragona of the
                                                                                               COST OF WORKS. The AP-7 widening project im-
                                                                                               plies an investment by acesa of 500 Mn, of which al-
                                     Southern AP-7 motorway. The construction companies        most 150 Mn are ear-marked for the Southern AP-7.
                                     awarded contracts corresponding to the various sec-       The widening was granted approval in 2006 under an
                                     tions were Comsa Empresa Constructora, SA and the         agreement between the Ministry of Public Works and
                                     joint venture between Vías y Construcciones, SA and       acesa with the collaboration of the Catalonia Govern-
                                     Romero Gamero, SA.                                        ment. The following works are also included:
                                        Widening works have been split into two parts:
                                     Mediterranean-Altafulla and Altafulla-Vila-seca/Salou.       On the Southern AP-7, the elimination of the three
                                     These sections are then divided into sub-sections ex-     main barriers (Mediterranean, Vendrell and Tarragona)
                                     ecuted sequentially. Two lanes in each direction are to   so as to install a closed toll system.
                                                                                                  The Northern AP-7 is to be expanded to three and
                                                                                               four lanes (Girona ring road), with three new connec-
                                                                                               tions added to the two existing one corresponding to
                                                                                               Girona South and Girona North. The Ministry of Public
                                                                                               Works has available all preliminary design documenta-
                                                                                               tion corresponding to the Northern AP-7 widening, in
                                                                                               preparation for the tender process.

                                                                                                 From the commencement of preliminary works
                                                                                               acesa has made information available to all users, via
                                                                                               the required means of communication (signs, radio
                                                                                               announcements, periodic bulletins such as Tercer carril
                                                                                               and updating details and information in real time on
                                                                                               the web of the concessionary) so as to guarantee the
                                                                                               provision of appropriate and timely information on the
                                                                                               widening project. Preliminary works begun in June were
                                                                                               carried out without affecting traffic.
The previous
works initiated in
June were carried
out without they
affected the traffic.

28 29
                                                                                                                            SITREBA TA KOOL A
R    esults of the 2007 review confirm that abertis has
     maintained its presence once again in this year’s the
Dow Jones Sustainability Index (DJSI) World, world-wide
                                                             practices. In addition, abertis
                                                             improved its position with
                                                             respect to risk management,
in scope, as well as on the DJSI Stoxx, covering Europe.     human capital development and
   The DJSI World 2007 review, brings together the top       corporate citizenship. The DJSI
10% of companies with the best corporate sustainabili-       World and DJSI Stoxx reviews are
ty criteria in the world, having invited 2,500 companies,    effective September 24.
of which 318 were finally selected, representing 20% of         The presence of abertis in both in-
the global capitalisation of each sector.                    ternational sustainability indices is the result
   In the case of the DJSI Stoxx, the European index rep-    of the Group’s ongoing work and the dedication of ef-
resenting the top 20% of companies in terms of sus-          forts and resources in maintaining continual progress
tainability, 156 of the 600 companies initially invited      in relation to sustainability, as well as employing good
were selected.                                               business practices within the economic, social environ-
   For the second year running, abertis has achieved         mental dimensions. abertis structures such activities
an above-average score in the three “dimensions”             via its Strategic Social Responsibility Plan, applied to its
analysed: economic, environmental and social. abertis        distinct business units.
performed particularly well with respect to codes of            For further information regarding the 2007 review re-
conduct, corporate governance, environmental policy          sults, the following web page may be consulted: http://
and management systems, biodiversity and labour              www.sustainability-index.com/.

                                                                                                                                  No.12 / October / 07
                  A LOOK AT ABERTIS

                                      NEW ROUTES IN STOCKHOLM SKAVSTA
                                      AND BELFAST INTERNATIONAL
       The Northern                   abertis airports continues the trend of growth registered in recent years,
          Irish prime
        minister, Ian                 expanding the number of destinations and passengers
    Paisley (centre),
   accompanied the
  chief executive of
 Aer Lingus, Dermot
                                      S    tockholm Skavsta (Sweden) and Belfast Inter-
                                           national (Northern Ireland), airports managed
                                      by abertis, have sealed important agreements this
                                                                                              this being a winter route operating until March 29.
                                                                                                Parallel to the commencement of new routes,
                                                                                              Ryanair is to add two new Boeing 737-800 aircraft
      Mannion (left)
                                      summer with a number of airlines for the addition       to the fleet of four it already has in the Swedish air-
     and the Belfast
       International                  of new European routes and destinations. In both        port, while increasing its workforce to 180. In June,
  airport managing                    cases it represents an important move forward that      the low-cost company celebrated its tenth anniver-
       director, John                 confirms the significant growth and development         sary at the Stockholm Skavsta airport. In this period
       Doran (right),                 the two airports have experienced in recent years.      15 routes have been opened, with 13 more now to
           during the
                                         In the case of Stockholm Skavsta, the low-cost       be added.
    presentation of
     the agreement.                   airline Ryanair is to start up 13 new routes in au-       Additionally, Belfast International airport has re-
                                      tumn 2007. The airport’s air traffic will thereby       cently reached agreements with Aer Lingus and
                                      increase 40% reaching up to 2.7 million passengers      Easyjet to open a total of 12 new routes in 2007
                                      per annum, a million more compared with 2006.           and 2008, representing more than 1,140,000 new
                                         The first of the new Ryanair routes commences        passengers annually for the airport.
                                      October 10, connecting Stockholm Skavsta with
                                      Valencia, Pisa, Karlsruhe/Baden Baden, Berlin-
                                      Schönefeld and Bratislava/Vienna. From October 30,       LONDON LUTON REINFORCES ITS
                                      another six routes are to be inaugurated: Alicante,      CONNECTIONS WITH CENTRAL EUROPE
                                      Porto, Eindhoven, Liverpool, Malta and Trapani. Last-
                                      ly, on December 19 Salzburg is to be incorporated,        L  ondon Luton airport has reached an agreement
                                                                                                   with the airline SkyEurope to start up new
                                                                                                routes to Slovakia and the Czech Republic.
            The chief                                                                           SkyEurope has opened new routes to Bratislava
         executive of                                                                           (12 weekly), Kosice and Poprad (3 weekly) and
    Ryanair, Michael                                                                            Prague (7 weekly) from London Luton.
    O’Leary, and the
  managing director
   of the Stockholm
Skevsta airport, Dot
                                                                                                Aer Lingus is to base three new aircraft at Belfast
    Gade, during the                                                                          International airport, launching the eight follow-
     presentation of                                                                          ing routes: Barcelona, Malaga, London-Heathrow,
      the agreement                                                                           Amsterdam, Rome, Budapest, Faro and Geneva. This
       in Stockholm.                                                                          operation involves an investment by the Irish airline
                                                                                              of 150 million, representing an additional million
                                                                                              passengers in annual traffic at the airport. EasyJet
                                                                                              meanwhile has also announced this summer that
                                                                                              they are to add a new aircraft to the five currently
                                                                                              based at Belfast International, allowing it to launch
                                                                                              four new direct routes to Barcelona, Gdansk, Prague
                                                                                              and Venice in coming months.

 30 31
                                                                                                                       SITREBA TA KOOL A
abertis telecom sponsors the TETRA                          tion of such networks, abertis telecom has managed                The abertis telecom
                                                                                                                              stand was much
World Congress in Madrid                                    and maintained the Nexus network, which services the
                                                                                                                              visited during
                                                            regional Catalonia police force using TETRAPOL digital
                                                                                                                              the TETRA World

T   his event (www.tetraworldcongress.com) took place
    at the IFEMA exhibition centre in Madrid June 11-14,
bringing together the leading international experts in
                                                            trunking technology.
                                                               Furthermore, since 1995, abertis telecom has im-
                                                            plemented, managed and maintained security and
                                                                                                                              Congress by
TETRA technology and applications (network operators,       emergency networks using TETRA technology, such
equipment manufacturers and users).                         as the Ágora network, for the Catalonia Government
   abertis telecom with its range of mobile radio-com-      emergency services, the Radiecarm network in Murcia,
munications services is specialized in the design, imple-   the SECORA network for the city of Seville, the Jerez
mentation and management of security and emergency          City Council network and the Pilot system for the Gov-
networks. These networks based on digital trunking          ernment of Cantabria.
technology provide essential services to users requiring
a reliable communications system, available at all times
from which they are able to make group phone calls,
send status messages as well as other functions that
smooth operations in emergency situations.

telecom has in excess of 20 years experience in provi-
sion of mobile telecommunications solutions for closed
user groups on analogue networks and over 10 years
for digital networks. From 1994, when the company
began with the design, deployment and implementa-
                                                                                                                                           abertis telecom
                                                                                                                                           presented their
                                                                                                                                             OTRS3 during
                                                                                              ABERTIS                                              the fair.
                                                                                              TELECOM AT THE
                                                                                              TETRA WORLD
                                                                                              CONGRESS 2007

                                                                                              As part of the
                                                                                              congress, abertis
                                                                                              telecom carried
                                                                                              out a series of
                                                                                              demonstrations in
                                                                                              relation with its
                                                                                              capacity in the design
                                                                                              and management
                                                                                              of TETRA digital
                                                                                              trunking networks.

                                                                                                                             No.12 / October / 07
              A LOOK AT ABERTIS

                                                                                                                                        telecom has
                                                                                                                                      worked on the
                                                                                                                                     development of
                                                                                                                                      HDTV from its
                                                                                                                                       initial stages.

                                                                                              Television Corporation in collaboration with abertis
                                  ABERTIS TELECOM,                                            telecom made pilot emissions throughout the High
                                  DEVELOPING                                                  Definition TV Week via the multiple DTT channel.

                                  HIGH                                                        HIGH DEFINITION TV PILOT TESTING. abertis
                                                                                              telecom has worked on the development of HDTV from
                                  DEFINITION TV                                               its initial stages, last year carrying out a number of test

                                  A    bertis telecom collaborated for the second year
                                       running with the Aragon Radio and Television
                                  Corporation (Corporación Aragonesa de Radio y Televisión)
                                                                                              broadcasts in the city of Merida, to coincide with the
                                                                                              Football World Cup in Germany, as well as forming part
                                                                                              of TEA 2006, the International High Definition Cinema,
                                  at TEA 2007, the International High Definition Cinema,      Music and Television Week. abertis telecom leads the
                                  Music and Television Week.                                  implementation of Digital Terrestrial Television in Spain,
                                     The event, held June 25 – July 1 at the Aragon Gover-    having a DTT network of more than 160 centres that pro-
                                  nment Advanced Technologies Centre and the Zaragoza         vides coverage for over 80% of the Spanish population.
                                  Auditorium, drew together international experts in             abertis telecom forms part of the HDTV Forum (Foro
                                  Digital Cinema and HDTV who discussed the current           HDTV) created by the Spanish Ministry for Industry, Tourism
                                  positioning of High Definition technology in the con-       and Trade as a meeting point for sector leaders, with the
                                  text of the technology sector. The Aragon Radio and         aim of encouraging development of this technology.

                                  ABERTIS TELECOM AWARDED THE PROVISION
                                  OF A RADIOCOMMUNICATIONS SECURITY
                                  AND EMERGENCY NETWORK IN CANTABRIA

      Image of the
                                  T   he Cantabrian Government, has recently entrusted
                                      the implementation and management of a single
                                  security and emergency services radio-communications
                                                                                                 The deployment of a single communications network
                                                                                              for the various security and emergency services bod-
                                                                                              ies, allows Cantabria to efficiently and reliably man-
maritime walkway
     in Santander.
                                  network.                                                    age communications while making use of the most
                                                                                              advanced applications, in any circumstances.
                                                                                                 The start-up of the system took place in June with
                                                                                              testing of network and systems functions.
                                                                                                 It will be expanded throughout 2008 in order to
                                                                                              provide complete coverage for Cantabria as a whole.
                                                                                              The system is to allow for the provision of secure com-
                                                                                              munications shared by the distinct user organisations,
                                                                                              they being Civil Protection, the Mountains Directorate-
                                                                                              General and the Transport Directorate-General, as well
                                                                                              as, in a second phase, local police, ambulance and fire

32 33
                                                                                                                             SITREBA TA KOOL A
The internationalisation of the com-
pany marks its participation in an                                                                                                    Above from left to
                                                                                                                                      right: Josep Canós,
emblematic exposition for the sector                                                                                                  general manager
                                                                                                                                      of abertis logistics;

A    bertis logistics had a key role in participating in
     the SIL International Logistics and Maintenance
Exhibition (Salón Internacional de la Logística y la
                                                               internationalisation of the company. At the same time
                                                               abertis logistics also took the opportunity to present
                                                               news regarding the progress of the logistics parks the
                                                                                                                                      Manuel Royes,
                                                                                                                                      state delegate
                                                                                                                                      for the Free Zone
                                                                                                                                      Consortium; Miquel
Manutención), whose 9th edition took place from June           company currently manages in Álava (Arasur) and Sevilla                Valls, chairman
5-8 in Barcelona, consolidating itself as one of the most      (ZAL Sevilla), as well as those in which it has a share in             of the Barcelona
important events of the sector. The chief executive of         Barcelona (ZAL Barcelona, Parc Logístic in the Free Zone               Chamber of
abertis, Salvador Alemany, and the chairman of abertis         and CIM Vallès).                                                       Commerce; Jordi
                                                                                                                                      Hereu, mayor of
logistics, Macià Alavedra, visited the Hall where the             The abertis logistics project portfolio follows a
                                                                                                                                      Barcelona; Joan
abertis group presented detail on their most recent            growth model based on a network of parks located in                    Clos, Industry
projects and progress in the supply of logistics parks.        break of load nodes on primary logistics corridors.                    minister, Salvador
   SIL provided an ideal framework to reflect upon the            The SIL surpassed the record this year for the number               Alemany, chief
current situation and tendencies within the sector,            of visitors with more than 48,000, thereby consolidating               executive of abertis
                                                                                                                                      and Enrique Lacalle,
whose significant national and international poten-            the gathering –organised by the Barcelona Free Zone
                                                                                                                                      SIL chairman.
tial is being taken advantage of by abertis logistics.         Consortium (Consorci de la Zona Franca de Barcelona)–                  Below, the abertis
Amongst recent projects, new initiatives in Lisbon and         as a leading event in international logistics. More than               logistics SIL 2007
Santiago de Chile stand out as being decisive in the           1,000 companies participated in the 2007 exhibition.                   stand.

T   he company Logento has leased a 10,000 m2 indus-
    trial building in the Arasur logistics park, situated in
Arasur in Rivabellosa (Álava). From here Logento is to
manage 11,000 tonnes per month of plastic resins from
the Repsol Santander production plant. The Arasur ser-
vices area also continues its consolidation with abertis                                                                                           Visit to
logistics announcing that the restaurants company              nies already operating out of ZAL Sevilla, such as El Corte            Sevilla’s ZAL, where
Saburdi is to operate the cafeteria–restaurant of the          Inglés, ABX, Lamaignere, Grupo Rufaro and Concesur.                     Christian Salvesen
complex. With an area of 2,600 m2, the new restaurant             abertis logistics meanwhile at the end of July fina-                      have installed
is to be located in the same building as the three star        lised the purchase of a site measuring 63.3 hectares on
hotel managed by the Husa chain.                               which the abertis Park Santiago logistic park is to be
   Furthermore, the multinational distributor Christian        developed within the Metropolitan Region of Santiago
Salvesen has acquired a 4000 m2 section of an industrial       de Chile. The land forms part of the ENEA Business Park,
warehouse in the Logistics Activities Area (ZAL) of the Port   a 1,000 hectare complex integrating industry, offices,
of Seville, in which abertis has a 60% share. Christian        residential development, green zones and leisure areas as
Salvesen thereby becomes another of the large compa-           well as service and special project areas.

                                                                                                                                          No.12 / October / 07
                            IBERPISTAS EVALUATES
                            CLIENT SATISFACTION
                            W      ith the motto Muévase en línea recta. Viaje
                                   por autopista (Get Around in a Straight Line. Go
                            on a motorway), iberpistas launched a campaign
                                                                                       toll stations, service areas and by mail to clients
                                                                                       that make electronic payment of tolls. Question-
                                                                                       naires could also be downloaded from the webpage
                            to gauge client satisfaction with the AP-6 motorway        www.iberpistas.es.
                            between Villalba and Adanero, the AP-61 from Segovia         These questionnaries were designed with a rapid
                            to San Rafael and the AP-51 between Ávila and              response format and included questions focussing on
                            Villacastín.                                               general aspects of motorways, toll-ways, information
                              In all 50,000 questionnaires were distributed in         provided as well as other complementary services.

                                                                               Muévase en línea recta.
                                                                                Viaje por autopista.

                              iberpistas has
                            received 50,000

                                                        A group of students during
                                                              a visit to iberpistas.
                                                                                       RECORD NUMBER
                                                                                       OF VISITS TO
                                                                                       THE IBERPISTAS
                                                                                       CONTROL CENTRE
                                                                                       D     uring the first six months of this year the record
                                                                                             for visits and visitors to the iberpistas San Rafael
                                                                                       Control Centre (Segovia). Close to 1,300 people have
                                                                                       witnessed in detail how the installations work as well
                                                                                       as our method of managing the AP-6, AP-51 and AP-61
                                                                                          The visits, begun a number of years ago, are an
                                                                                       attempt to expose young people to the importance
                                                                                       of appropriate training in road safety. Over the course
                                                                                       of the year guided group excursions are carried out
                                                                                       for schools, cultural associations, sports associations,
                                                                                          In the case of professionals from the sector and public
                                                                                       institutions, interest is focussed on sharing experiences
                                                                                       and concerns in order to continue to make advances in
                                                                                       safety into the future.

34 35
                                                                                                                          SITREBA TA KOOL A
The operation improves the flow of
traffic on the AP-7 motorway between
La Jonquera (Girona) and Alicante

F   or the seventh year the concessionaries acesa and
    aumar have collaborated with State administrative
bodies in facilitating the flow of traffic during the so-
called Crossing the Strait of Gibraltar Operation, which
ran from June 15–September 15. The action forms part
of the abertis foundation Road Safety Programme.
   aumar and acesa, the operators managing the AP-7
between La Jonquera and Alicante, have started up a
programme in order to reinforce information systems,
with a view to improving both user safety and traffic
flow on the motorway.                                         ed 15,000 such maps at toll stations in Sagunto
   Measures put in place by acesa and aumar include           (Valencia) and Sant Joan d’Alacant (Alicante) as well
the installation of signs in Arabic as well as provision      as in service areas and petrol stations. acesa distrib-
of maps in French and Arabic to motorists containing          uted the remainder in La Jonquera (Girona), in view of
information with respect to the location of medical           the high vehicle flows from Europe heading to North
personnel, petrol stations, SOS telephones, service           Africa that pass through this point.
areas, as well as acesa, aumar and DGT telephone                Also, aumar collaborated with the Red Cross in
numbers. Additionally, at certain AP-7 motorway serv-         the installation of a supervised children’s playground
ice areas between La Jonquera and Alicante, travellers        at the Sagunto service area, which was open to the
have available a team of doctors and nurses as well as        public up to the end of August.
French and Arabic interpreters at the Red Cross assist-         This initiative aimed to improve the quality of rest
ance areas.                                                   stops taken by drivers and passengers at the same
   This year, acesa and aumar printed 25,000 maps             time as helping to entertain children en route to the
in French and Arabic. Meanwhile aumar distribut-              North of Africa.

A    cesa collaborates with the Learning Camp in Tarragona,
     an educational service provided by the Catalonia
Government whose main objective is to expose students
to information regarding and encourage the study of the
remains of the Roman city. Furthermore, the scope of
project also includes the modern side to Tarragona with
its maritime influences and chemical industry linked to its
socio-economic progress.
   The time spent at the Learning Camp promotes the
discovery of the natural, social and historical environment
of the area, with especial impact being seen via the
environmental and heritage education content. At the same
                                                                                                                                           The aim of
time a special framework is built encouraging teachers and    Education Department of the Catalonia Government,                   this initiative is to
students relate to each other and get on well.                which offers teaching centres the opportunity to execute          encourage the study
   Such learning camps aimed mainly at primary, secondary     study and experimental workshops in specific areas within         of Roman Tarragona.
and technical college education students are run by the       Catalonia.

                                                                                                                              No.12 / October / 07


                  ollowing over 40 years of history during which      Planning, design and execution of the directives that
                  it has asserted itself as a leader in the Span-   define saba’s national and international expansion are
               ish car park sector, saba, the car park subsidiary   the main roles in leading the saba Management Team,
           of the abertis group, has embarked on a process of       headed by Jordi Díez.
           international expansion. Currently it is present in        Holding a degree in Economic and Business, Jordi
           six countries spread over three continents (Spain,       Díez has been involved with the company for over a
           Italy, Chile, Portugal, Morocco and Andorra), having a   decade during which time he has acted as finance di-
           growth strategy focussed on the selective search for     rector and Planning and Control director before joining
           new business opportunities in foreign markets. Inno-     the Management Team. Currently he is responsible for
           vation, the application of new technologies and the      moving saba’s growth “train” forward with his goals
           concept that parking represents an essential part of     centring on guaranteeing company objectives are met
           being mobile and accessing urban centres and met-        according with its strategy for growth. It is a strategy
           ropolitan areas are some of the factors that provide a   which according to Jordi Díez, is set “not only from a
           framework for the company’s development.                 quantitative point of view” but also “from a qualitative

36 37

                                                                                                                           Company growth
perspective, forcing the company to be more selective       since 2005, has been with saba almost eight years. As         is one of the main
with opportunities that present themselves”.                head of Expansion Management he is responsible for the       objectives of the 18
                                                                                                                        members of the saba
  saba’s growth strategy, says Jordi Díez, “is in line      contracts awarded by public administration for the con-
                                                                                                                         Management Team.
with the internationalisation and growth policies to        struction and operation of parking areas, this represent-
which the abertis group is currently committed”. He         ing the bulk of saba’s assets.
indicates that it is essential to take advantage of the        The team directed by Alfred Morales also controls
synergies between the two, and that they engage in          car park acquisition operations such as that of Las
continual coordination with virtually the entire set        Palmas de Gran Canaria –purchased by the company
of divisions of the Group. abertis professionals and        in June of this year. Together with Alfred Morales in
saba’s Management Team work together in order to            Expansion Management are Mercè Barber, head of Ex-
meet company objectives.                                    pansion Projects and Marina Burgos, Investment ana-
  The saba Management Team is organised into three          lyst. Meanwhile, Esther Pons provides administrative
broad areas, thereby structuring the functions it carries   assistance to the team.
out so as to hone objectives and optimize resources:           Within the area of development, and parallel to the
Expansion, Management Planning and Control and In-          National Expansion Management section is Project
ternational Development.                                    Management Control which is responsible for another
                                                            of saba’s business model pillars in Spain: the develop-
MAIN OBJECTIVE: TO CONTINUE GROWING.                        ment and management of parking areas belonging to
The Expansion area is an area of great importance within
the Management Team and in general throughout the
company. Its competencies include management of
saba’s main assets, the contracted parking areas. It also
                                                             DESIGN AND EXECUTION OF THE DIRECTIVES
controls the procurement process and private operations             THAT PROVIDE A FRAMEWORK FOR
in Spain. In charge of all this is the National Expansion
Management section headed by Alfred Morales, an in-
                                                            NATIONAL AND INTERNATIONAL EXPANSION,
dustrial engineer who despite having occupied this role              THE WORK OF JORDI DÍEZ’S TEAM

                                                                                                                        No.12 / October / 07
The teamwork
of the saba            third parties. This is the case for example in parking         dicated by the Management Team head, Jordi Díez, the
Management Team        areas such as those of L’Illa Diagonal and Pedralbes           parking areas managed by the Group are geographically
makes it possible      Centre shopping centres, both located in Barcelona,            spread, this being accentuated as the company expands
for the company to
                       or as a consequence of the management of Girona                its activities in other countries. In order to better con-
continue the ongoing
growth process.        airport parking area, which saba obtained in a recent          trol economic activities, Planning and Control central-
                       tender process. This represents a significant market           izes income collection from each of the parking regions,
                       sector for the company given the diversity of assets           this being one of the most complex tasks.
                       (parking areas in shopping centres, hospitals, fairs,             Additionally, upon centralising the financial control,
                       etcetera) and considering that it is also responsible          this department provides permanent support to the
                       for open air parking (so-called blue zones or metered          remaining units and functional areas across the entire
                       parking) in addition to leasing of parking spaces. Con-        company.
                       rad Planellas, qualified in Tourism, leads Project Man-           Montserrat Busquets, head of Management, Lorena
                       agement Control. Prior to this role, Conrad Planellas          Ruiz, head of Internal Control, and María Ruiz, re-
                       was responsible for new project management and an              sponsible for Consolidation and for Management In-
                       area director within saba.                                     formation, work together in the Management group
                                                                                      with Francesco Serrano. Xavier Nin is in charge of the
                       MAXIMUM CONTROL OF ECONOMIC MAN-                               administrative management of Management Control,
                       AGEMENT. Planning Management and Management                    while Joaquín Buendía, Maribel Zaballos and Mercedes
                       Control lead by Francesc Serrano is responsible for an-        Vargas reinforce the control of revenue collection.
                       other of the key functions of the company, that being          Lastly, Maite Resano is the Management Team secre-
                       the control of economic management. They perform               tary and reports directly to Jordi Díez.
                       periodic checks of saba’s budget management, as well
Jordi Díez,            as being responsible for the company balance sheet.            INTERNATIONAL EXPANSION AND MAN-
head of the saba          Francesc Serrano, who holds a degree in Economics,          AGEMENT. Currently the international market is
Management Team.       Business and Legal Sciences, in head of internal con-          one of the growth priorities for the abertis group and
                       trol, a facet of management within saba that requires          as a consequence this also applies to saba, who is
                       special care. This is especially due to the fact that as in-   increasing considerably the number of parking spaces

38 39

abroad. Without losing sight of qualitative criteria in
its approach to such operations, saba has a proactive      INTERVIEW: JOAN FONT,
attitude with respect to its international assets.
   In charge of the International Area is Alberto Per-
                                                           CHIEF EXECUTIVE OF SABA
reau, an industrial engineer. Under the guidance of Al-    What are the values that stand out in relation to the saba Management Team?
berto Perreau, who has spent 10 years dedicating him-      Fundamentally, its great commitment to each and every project with which
                                                           it is involved. It is a hard working, highly trained and experienced team which
self fundamentally to the international development
                                                           has always provided an extremely positive response to each of the challenges
of the company, this area concentrates on researching      the company has set it.
prospective international work and seeking out and         What is the role of the Management Team when opening new markets?
presenting business proposals. When taking on for-         The Management Team plays a crucial role since both international
eign operations the cooperation of locally established     and national expansion depend on it.
                                                           One of our strategic axes is based on
partners in the areas the company looks to expand is
                                                           a policy of selective growth meaning
usually sought. Alberto Perreau’s team is responsible      that we always research and invest
for maintaining partner relations which represent key      in projects that we believe are very
aspects of the business.                                   solid, having reasonable long term
   The presence of saba abroad is continually increas-     profitability.
                                                           How do you view the way saba has
ing, meaning that ongoing close range tutelage of the
                                                           evolved since its creation through to the
various subsidiaries saba possesses abroad is of utmost    expansion it is currently experiencing?
importance. saba has subsidiaries in all countries it is   Highly positively. Not only have we
present. The control of these companies is centralised,    significantly increased the number
with the Management Team being responsible for deci-       of business units, but we have also
                                                           positioned saba as a leader in the car
sion making in relation to operations outside Spain.
                                                           park sector, both on a national and
   Elisenda Mestre, qualified in Business Administra-      international level. That is to say that
tion and Management, is responsible for carrying out       the company’s growth has not only
related management activities. She is the most recent      been quantitative but has also been in a
addition to the Management Team, having arrived in         qualitative way. Currently we are able to
                                                           state that saba has a network of parking
September 2006.
                                                           areas characterised by high quality
   As part of the strategy for international expansion,    standards: innovation, the application of
Italy is one of the countries being focussed on by saba.   new technologies and the concept that
Because of its urban planning peculiarities this trans-    car parks represent an essential part of
alpine country’s potential for growth is much greater      being mobile and accessing urban centres and metropolitan areas are some of
                                                           the factors that provide a framework for the company’s development.
than the majority of European Union countries. Busi-
                                                           What projects stand out amongst recent ones?
ness opportunities have led to the creation of a spe-      Al projects are equally important. Perhaps amongst the most recent ones we
cific unit being set up for Italy within the Management    could highlight, on a national level, the award of the Girona airport parking
Team, headed by Julius Corella.                            management, as well as the incorporation of a new parking area in Las Palmas
   France and recently joined European Union coun-         de Gran Canarias well as a further one in the city of Terrassa (Barcelona).
                                                           On an international level the company’s growth in Italy has been attractive.
tries are also being focussed on by saba, as pointed
                                                           The recent acquisition of the company Italparcheggi has seen the
out by Management Team head Jordi Díez. In the case        incorporation of a block of 4 parking areas and 2,738 parking spaces. It is also
of France, saba is collaborating closely with sanef, the   worth pointing out the recent setting up of saba in Chile, making available 11
French motorways subsidiary with the aim of identify-      parking areas with 5,088 spaces there as well as saba being recently awarded
ing growth opportunities in the neighbouring country.      of the first public car park tender. This was in Concepción, where 415 spaces
                                                           are to be available once construction has been completed.
Jordi Díez also indicates that Mexico and Brazil may be
                                                           What future challenges must saba tackle from here on?
attractive markets for saba in Latin America, where the    The challenge that lies ahead is that of consolidating our presence in
company already has a strategic presence in Chile.         the countries we are established in as well as taking advantage of the
   saba’s Management Team represents one of the            opportunities that these market present in order to continue to grow.
company’s basic pillars and it is this team which allows   Parallel to this we plan to keep working on opening new markets in countries
                                                           where apart from providing attractive opportunities, there are guarantees of
the company to continue the ongoing development
                                                           sufficient political, economic, monetary and legal stability. The presence of the
process and to go on growing, consolidating itself as      Group’s business units in such countries is an aspect which facilitates working
one of the leading companies in the car park sector        there. Furthermore, we will continue working on developing projects that
both in and outside Spain.                                 allow us to improve the already good quality service offered to our clients.

                                                                                                                      No.12 / October / 07
                                   BY SANEF IN
                                    FOR OVER FORTY YEARS, SANEF HAS DEALT
                                    WITH ECOLOGICAL QUESTIONS RELATED
                                    TO ITS ACTIVITIES, MORE THROUGH BELIEF
                                    THAN OBLIGATION
                                    Text and Photos SANEF

                                           ncouraging the prevention of contamination and

                                   E       adapting oneself to legal requirements along
                                           with other applicable requirements are objec-
                                    tives around which sanef has based its environmental
                                    protection policy. This strategy is applied not only while
                                    it carries out activities as an investor, planner and con-
                                    troller of transport works and infrastructure, but also in
                                    the three areas of activity in which it is present: mo-
                                    torways infrastructure, operational services and remote
                                    and local measurement.
                                       Based on this approach, over a period of forty years
                                    sanef has constructed more than 1,700 km of roads
                                    with the participation of 3,582 collaborators, keeping
                                    in mind at all times the aim of reducing the ecological
                                    impact of its projects. Beyond the concern of aestheti-
                                    cally integrating works, sanef applies a rigorous policy
                                    of protecting water resources, conscious of the fact it
                                    is a fragile and limited resource which has to be coher-
                                    ently and rationally managed with the idea of avoiding

                                The scope of sanef’s activities includes the supply of necessary
                                resources to manage and limit water contamination.

40 41

                                                                                                                                   Studies carried
                                                                                                                                    out in natural
discharge to the natural environment resulting in grave     resource must be evaluated: assuming the same water
                                                                                                                               environments near
short or long term consequences for health and hy-          quality, a large river is less sensitive than a small one. In        sanef discharges
giene as well as for the environment and economy.           addition its vulnerability must be assessed: in the case              have not on any
                                                            of a bridge that crosses a river, the river is more vulner-         occasion revealed
CONTAMINATION UNDER CONTROL. The                            able if it can only be accessed via a bank hundreds of               any degradation.
scope of sanef’s activities includes the supply of neces-   metres long.
sary resources in order to prevent four significant types     Finally, risks have to be looked at: a potable water
of water contamination. Firstly, that related to traffic    source providing for hundreds of thousands of inhabit-
consisting fundamentally of uncombusted particulate         ants involves a greater risk than a river full of trout.
matter produced during fuel combustion or metals              sanef has drawn up this action plan from a precise
emanating from wear of vehicle parts. Studies under-        mapping out of the intrinsic vulnerability of the water
taken to characterise the motorway spray water have         network, checked against heavy vehicle accident data.
allowed identification of the character of contamina-       Such measures allow the maximum number of risks to
tion as well as the simplest and best tools for filtering   be averted per euro invested.
contaminants. As a consequence, studies carried out
on natural environments near discharges (liquid from        RESPONSIBLE CONSUMPTION. Committed
an industrial plant) have not on any occasion revealed      to sustainable development, the sanef group has also
any degradation, given the efficiency of collection and     had up and running since 2002 an information tool to
treatment systems.                                          which non-financial data is input allowing the impact
   Secondly, sanef carry out effective dose controls        of activities on natural resources and raw materials to
as well as applying salt and brine across the network       be evaluated. A measure is also made of the efforts
of roads during the winter period. Such substances          made to reduce their consumption.
increase the salinity and conductivity of the water and        Convinced that only what one measures can be con-
are able to affect the quality of the receiving body.       trolled, sanef has used such an approach to reduce the
   Thirdly, construction works also constitute a source     consumption of certain materials (water, fuels, green-
of water contamination. A proper inventory of limits        house gas emissions, electricity) and also to establish
and sensitive areas in the preliminary phase, as well as    materials saving policies (consumption of phytosani-
inclusion of necessary contractual stipulations during      tary products, dry goods).
execution of the project guarantee the protection of
the environment.
   Lastly, sanef has elaborated a policy for the protec-               SANEFAPPLIES A RIGOROUS WATER
tion of the water network against the risk of accidental    PROTECTION POLICY CONSCIOUS OFTHE FACT
contamination due for example to dangerous goods
transportation and spills. The sensitivity of water as a    THAT IT’S A PRECIOUS AND LIMITED RESOURCE

                                                                                                                             No.12 / October / 07
abertis group
posing for
The Orange Book
                  THE ORANGE BOOK
                  Text JOSÉ LUIS GONZÁLEZ Photos DAVID CAMPOS

                                                                         he Orange Book contents are a reflection of

                                                                T     everything that defines abertis: its objectives (mis-
                                                                      sion and vision), the principles upon which its
                                                                operations are based (values and corporate policies), its
                                                                commitment to society (giving priority to people, the
                                                                environment and culture) or more specific features of its
                                                                business units.
                                                                   Periodically, collaborators are to receive collectable
                                                                files which combine the most relevant information able
                                                                to be added to the book. The upcoming files look at the
                                                                Corporate Social Responsibility Plan and information on
                                                                the abertis airports division.
                                                                   The Orange Book forms part of the array of actions
                                                                promoted by abertis which aim to encourage aware-
                                                                ness of the Group and the businesses that make it up
                                                                thereby facilitating their integration.
                                                                   The communication campaign of The Orange Book
                                                                commenced last May and is to extend through to 2008.
                                                                Based on the “human impulse” concept as a driver of
                                                                culture abertis and around 20 collaborators from the
                                                                various Group companies have joined the campaign.

42 43

                                                        SHARING VISION AND VALUES
                                                                                                                                      pose in the
                                                                                                                                     Castell Jalpí


        round a hundred collaborators of the Corporation      the abertis rhythm. In the afternoon, through a Trivial

A        came together June 27 in Castell Jalpí, located in
          Arenys de Munt (Barcelona), with the idea of
sharing abertis’ vision and values and in order to get to
                                                              Televoting, attendees tested their knowledge of the
                                                              distinct business units of the Group. Various corporate
                                                              directors described their functions and challenges faced
know the functions of the distinct corporate manage-          by their teams.
ment groups. It was a day spent away from the office             In an attempt to unite the entire corporate team,
that without doubt also allowed participants to get to        inabertis 07 organised a June 28 meeting at the Group
know one another much better. abertis teams in Ma-            headquarters for those unable to attend the meeting
drid, Lisbon and Paris also participated in the session.      the previous day.
   The session, named inabertis 07, in reference to
Abertis Infraestrucuturas SA as well as to the spirit of
interaction and integration sought, was divided in two
differentiated parts. In the morning collaborators par-
ticipated in a percussion workshop and saw the benefits
of combining efforts in the creation of a group project:
                                                                                                                         On the 28th,
                                                                                                                         a meeting at
                                                                                                                         the corporate
                                                                                                                         headquarters was
                                                                                                                         held for those unable
                                                                                                                         to attend the session
                                                                                                                         the previous day.

                                                                                                                         Those collaborating
                                                                                                                         enjoyed themselves
                                                                                                                         with a percussion
                                                                                                                         workshop held
Chief executive, Salvador Alemany, welcoming                                                                             to discover the
abertis employees.                                                                                                       abertis rhythm.

                                                                                                                           No.12 / October / 07
                                                                       Within intrabertis,
                                                                       collaborators are able
                                                                       to access corporate
                                                                       information, workplace
                                                                       details as well as social and
                                                                       cultural activities on offer.

           Text and Photos ABERTIS

                    he new intranet, christened intrabertis by      into the primary internal communications channel for
                 users, is a project promoted by corporation        all companies controlled by abertis. The next com-
                 abertis whose aim is to reorganise the internal    pany to be added to the intranet is to be aumar, in
           communications channels and convert them into the        December.
           primary information resource amongst collaborators.
           Its re-design has focussed on three main aspects.        BREAKING NEWS IS HERE! The latest news from
              Firstly, the new image has been personalised ac-      intrabertis is the wide range of information available
           cording to the company so that each user who enters      to users. Collaborators are able to consult group data
           views their own main webpage. A second aspect            and that of their own company (history, economic
           taken into account is the structure of the contents,     balances, internal communiqués), workplace infor-
           now organised in six large blocks in line with the way   mation and information related to daily tasks (work
           it is used: information, work tools, documentation,      conditions, professional training opportunities…) as
           etcetera. Lastly, the new intranet combines workplace    well as information of personal interest (sales and dis-
           and business information content along with other        counts, social and cultural events…).
           social and cultural information.                            The intranet communication campaign has the
              Users of acesa, aucat, castellana, iberpistas,        slogan Breaking news is here! 50 cardboard penguins
           saba, serviabertis and the abertis Corporation           acted as tiny representatives, who communicate the
           share the new portal with the goal of converting it      intranet launch date in the Madrid, Segovia, Granollers
                                                                    (Barcelona) and Vallcarca (Barcelona) offices as well as
                                                                    in the Parc Logístic de la Zona Franca, in Barcelona.
50 CARDBOARD PENGUINS ACTED AS TINY                                    In parallel and with the aim of encouraging first
REPRESENTATIVES, COMMUNICATING THE                                  interactive use of intrabertis, users are able to par-
                                                                    ticipate in a competition Are you clear headed? Which
INTRANET LAUNCH DATE IN THE DISTINCT                                attempts to test knowledge of the tool and the Group
OFFICES OF THE GROUP IN SPAIN                                       in general.

44 45

                                                                             Images showing the
                                                                             three webpages of
                                                                             the abertis group
                                                                             business units.

                                                            ‘ON-LINE’ SERVICES
Text and Photos ABERTIS

               ith the aim of providing an improved         es), offers detailed information on the Pau Casals mo-

W             service to users of the road network, acesa
             has recently refurbished its webpage (www.
autopistas.com). On the new website, the traffic situa-
                                                            torway (C-32) services on offer. Apart from offering
                                                            information on traffic conditions, the new website has
                                                            other useful services available such as promotions or
tion can be reviewed as well as predictions for ensuing     payment system details.
days. In addition new content of interest to clients has       Lastly, serviabertis has also redesigned its website
been incorporated, in particular, with respect to the       (www.serviabertis.com), on which detailed informa-
AP-7 motorway.                                              tion on the company services and current projects is
   With a clearer design adapted to the corporate image     available.
of the abertis group, acesa’s new webpage makes
tariff and discount information available to those who
visit it as well as detailed information on the distinct
payment systems on the motorway. The webpage con-
tains recommended itineraries of interest to tourists
                                                                           ACESA PUBLISHES NEW CONTENT
at the same time as providing an in depth description                     OF INTEREST TO CLIENTS ON THEIR
of the environmental and cultural heritage protection
policy of the company.
                                                                          WEBSITE, IN PARTICULAR RELATING
   Parallel to this the new aucat webpage (www.aucat.                       TO THE AP-7 WIDENING PROJECT

                                                                                                                      No.12 / October / 07
The awardees
pose together
with the jury.
                 IV ABERTIS AWARD
                 Text ALBERT ROSSELL Photos JOSEP LOASO

                          he doctoral thesis Modelling and optimal regula-     operator and stevedoring company) as well as optimiz-
                       tion of container port terminal concessions, by Sergi   ing relations between the three parties.
                       Saurí Marchán PhD, a civil engineer, was the investi-     Sergi Saurí received the award from the Catalonia
                 gative project that took out the IV abertis Award, whose      Government Secretary for Mobility, Manel Nadal, at
                 aim is to promote transport and telecommunications            a ceremony at the Escuela Técnica Superior de Ing-
                 infrastructure research.                                      enieros de Caminos, Canales y Puertos of Barcelona
                    Given recent calls demanding increased port com-           (ETSICCPB), which forms part of the Catalonia Techni-
                 petitiveness, owing to globalisation and restructuring        cal University (Universitat Politècnica de Catalunya-
                 of world trade routes particularly affecting container        UPC). The presentation was also attended by the
                 terminals, the thesis applies a macroeconomic focus in        general manager of the Corporate Management of
                 modelling, from an analytical and quantitative viewpoint,     abertis, Josep Martínez Vila, the vice-rector of Uni-
                 relations between the public administration (the port         versity Policy at the UPC, Josep Casanovas, the direc-
                 authority) and private entities (the container terminal       tor of the ETSICCPB, Antonio Huerta, and the director

46 47

                                                                                                                            Above, Sergi Saurí
                                                                                                                               receives the IV
             THE ABERTIS PROFESSORSHIP PROMOTES TRAINING AND                                                               abertis Award from
                  RESEARCH ON THE MANAGEMENT OF TRANSPORT                                                                 Manel Nadal. Below,
                                                                                                                            Anabelén Casares,
                       AND COMMUNICATIONS INFRASTRUCTURES                                                                      runner up, and
                                                                                                                          Josep Martínez-Vila,
                                                                                                                             general manager
                                                                                                                                 of Corporate
of the abertis professorship, Francesc Robusté.              members of abertis and UPC awarded second place to                  Management
   The abertis Award is promoted by the abertis              Doctor of Law and Leon University lecturer Anabelén                    of abertis.
professorship for Transport Infrastructure Management        Casares Marcos’ for her project Contractual Guarantee
and constitutes one of its key initiatives for the encour-   of the Quality of Construction and Concession Manage-
agement of research in the field. It comprises an amount     ment of Private-Initiative Transport Infrastructure, due
of 4,000 euros as well as the work’s publication.            to its broad analysis of the Spanish concession system
   The abertis professorship, created by abertis in col-     from a legal perspective.
laboration with the UPC in 2003, aims to promote train-         In addition to the first and second-placed projects,
ing and research in the field of transport and telecom-      the jury also made special mention of Road paving
munications infrastructure management.                       management systems, by Clara Martínez, and Traf-
                                                             fic-backed securities, by Carles Vergara. A total of 10
SPECIAL MENTION FOR RUNNER UP AND                            entries were submitted to this fourth edition of the
FINALISTS. On this occasion, the jury made up of             awards.

                                                                                                                          No.12 / October / 07


                      hen in September 1999 abertis purchased          Doctor Joan Albert Adell, responsible for the rehabilita-
                     the Castellet Castle from the Children’s       tion project, oversaw a publication on the castle’s origins
                   Hospital Foundation of Barcelona, they un-       from the first documented sources in the 10th century
        dertook a rehabilitation project that involved a building   through to the end of the 11th century, identifying the cas-
        from the 11th century, restored in 1928 in a rocky area     tle as a fort and centre for territorial control linking it with
        invaded by brush on the site of a 15th century palace.      others from the area or frontier from the 11th century.
        Archaeological excavations were carried out until sterile      Castellet was one of the forts used to defend the
        soil was reached, without material of archaeological        southern frontier of the county of Barcelona with then
        importance having been found.                               Moorish, Andalucian territory. Often, they went from
           With the information collected the formal plans were     being under Christian control to that of the Andalucians
        finalized and work was commenced in March 2000. The         and vice versa.
        castle was opened as the abertis foundation head-
        quarters in October 2001. The goal had been fulfilled.      MOST RECENT DISCOVERIES OF IBERIAN
        Two complementary buildings (Knowledge and History),        CULTURE ORIGIN. In June 2007 a second phase of
        doted with the most advanced facilities were available      rehabilitation work was initiated, directed once again by
        for the abertis foundation’ activities. On weekends,        Doctor Adell. Work is to centre on the surrounding patios
        a history interpretation centre provides public who are     which until now have remained untouched. The aim was
        interested the opportunity to get to know both the his-     to carry out repair work to remediate degradation of
        tory of Castellet as well as the surrounding territory.     the outer rock layers. In order to do so, the Regional Uni-

48 49

                                                                                                                         Left: the fortress
                                                                                                                         dominates the
                                                                                                                         Castellet village
                                                                                                                         which preserves its
                                                                                                                         agreeable medieval
                                                                                                                         Right: 15th century
                                                                                                                         stairs below the
                                                                                                                         20th Century tower.

                                                                                                                         Archaeological work
                                                                                                                         and rehabilitation
                                                                                                                         have led to the
                                                                                                                         discovery of pieces
                                                                                                                         of ceramic and
                                                                                                                         remains from a
                                                                                                                         canine ritual burial.

versity of Barcelona carried out a geological study which      The Iberian ceramic find and that of the ritual canine
based on a series of analyses recommended the excava-       burial as well as defensive structures in excess of two
tion of the patios in order to repair the aforementioned    metres in height indicate the constant presence of in-
layers, at the same time as applying bioremediation tech-   habitants on the hillside over the Foix River, the site of
niques to resolve the problem of intrusive vegetation.      the abertis foundation headquarters.
    Once the excavation permit had been obtained from          Archaeological work continues. Simultaneously, bi-
the Head Cultural Heritage office of the Catalonian Gov-    ologists and geologists are carrying out their work.
ernment, a team of 12 people, directed by the archae-       Once excavations are completed, the archaeological
ologist Daniel Alcubierre, from the company Codex SCCL,     finds will be assessed. Such data improves previous
commenced simultaneous excavation in the four patios.       knowledge of the fortress and helps us to better inter-
While it had been hoped that remains would be found         pret its lengthy history, prior use and connection with
in the subsoil, the great surprise was the discovery of     the surrounding territory.
walls from various periods as well as associated ceramics
pieces –which allowed the walls to be dated– in addition
to Greek remains. Specifically, a ceramic fragment from             ON THE HILLSIDE WHERE THE CASTLE
the 4th Century BC, possibly belonging to a kylix type                   IS LOCATED, ONE CAN TRACE A
cup was discovered. This may indicate the high quality of
life enjoyed by such Cosetano villagers who had access            CHRONOLOGICAL SEQUENCE FROM THE
to the highest value crockery at the time.                          3RD CENTURY BC TO CURRENT TIMES
*Name that received the Iberians of present Penedès.

                                                                                                                            No.12 / October / 07
IN                  MINUT

Last July, sapn, a sanef group subcontractor
company, inaugurated the Rouen entrance
A-13 expansion works. These construction
works began at the end of 2005 and were
carried out at a cost of 25 million euros.
   sapn, a French subcontractor for the
A-13, A-14 and A-29 motorways, managed
this project to widen to three lanes without
interrupting traffic.
   The project, situated on the A-13 stretch
between the Oissel bifurcation and that
of the Maison Brûlée, to the south of the
Rouen’s metropolitan area, covers a distance
of 7 km. The traffic in this stretch currently
reaches 46,000 vehicles per day.

July 24, sanef finalised the process of re-
financing its debt up to 2024 for a total of
  1,500 Mn. The operation provides sanef         saba
new financial resources with which to con-       The Abertis Infraestructuras subsidiary has
tinue to grow and demonstrates the share-        finalised the process of fitting out parking
holder and finance market confidence in the      areas in order to comply with the recently
capacity of the company to expand.               implemented Consumer Law. The company’s
                                                 Spanish installations are all fully equipped     abertis airports
                                                 to apply tariffs in minute increments, as well   From September 23, the airline Silverjet is to
                                                 as complying with other requirements of          expand its daily connections to two per day
                                                 the new law. In addition a system was im-        between London Luton, managed by abertis
Eutelsat                                         plemented that allows the identification of      airports via its participation in TBI, and
The turnover of Eutelsat Communications,         the vehicle using a marker that appears on       Newark, New York. Silverjet is an airline that
32% owned by abertis, grew by 4.8% at            the ticket. The associated investment made       exclusively offers a transatlantic business
the close of the last financial year (June       by saba was 4 Mn.                                class flights service at tourist class prices.
2006-June 2007). Strong progress in the net                                                       New flights leave London Luton at 4.45pm
consolidated earnings stands out as having                                                        and arrive at New York at 7.45pm while the
reached 170 Mn, compared to 40 Mn                                                                 return leg leaves at 9.55pm arriving at Lon-
for the 2005-2006 period. These results                                                           don at 10.05am. Currently Silverjet operates
have meant the upward reassessment of                                                             a single flight leaving London at 10.00am
predicted income for 2007-2008, now set at                                                        and arriving in New York at 1.00pm (all
between 840 Mn and 850 Mn.                                                                        times are local).

                                                                                                  autopistas del oeste
                                                                                                  Snow fell in Buenos Aires. It hadn’t snowed
                                                                                                  in the city since 1918 and then as if it were
                                                                                                  an optical illusion, on July 9, Argentine In-
                                                                                                  dependence Day, the snow interrupted,
                                                                                                  finding its way it every nook and cranny,
                                                                                                  even blanketing for example the city’s ac-
                                                                                                  cess route, surprising anyone able to enjoy
                                                                                                  the spectacle.

50 51
                                                                                                 abertis foundation
                                                                                                 The abertis foundation with the support
                                                                                                 of aumar, promoted the exposition Spanish
                                                                                                 Ceramic Master pieces held in the Francisco
                                                                                                 Godia Foundation of the González Martí Na-
                                                                                                 tional Ceramic and Sumptuary Art Museum
                                                                                                 of Valencia. The show which took place from
                                                                                                 May 11-July 22 brought together 74 works
                                                                                                 from the 14th-19th centuries, originating
                                                                                                 from Alcora (Castellón), Aragón, Catalonia,
                                                                                                 Talvera de la Reina (Toledo) and Valencia.

iberpistas sponsored the First Road Safety
Tournament organised by the Radio Sta-
tion Cadena Cope in Segovia, held in May
and June. The tournament designed for
school students from the Segovian capi-
tal and municipalities through which the AP-
6 and AP-61 run, was aimed at contributing
to the training of young people in traffic and
road safety.
   In total, 800 drawings were presented
based on the traffic and road safety theme
in the province.
   This iberpistas initiative was supported
by the Regional Castilla y León Government,
the Governmental Sub-delegation in Sego-
via, the Segovia and El Espinar City Councils
and the Esteban Vicente Museum.

acesa                                             (place names) book, that contains a collec-    abertis logistics
acesa and the Sant Celoni City Council (Bar-      tion of names of the municipality’s signifi-   Concesur, the largest Mercedes Benz
celona) have signed a collaborative agree-        cant homes and locations.                      concessionary in Europe, has incorporat-
ment for the execution of a range of cul-                                                        ed itself in the Logistics Activities Area
tural and environmental projects. The first                                                      (ZAL) of the Port of Seville, managed
of these has allowed the sign posting of the                                                     by abertis logistics. This centre which
Vall d’Olzinelles itineraries, situated on the                                                   also includes a mechanical and industrial
Montnegre range. The second initiative was                                                       vehicle workshop, covers an area of 37,000
the conditioning of the Llobateres dams,                                                         m 2 . Mercedes Benz has invested almost
a natural area near Sant Celoni. acesa has                                                       four million euros in this new complex,
also collaborated in the printing of Olzinelles                                                  situated in one of the most rapidly ex-
book describing local heritage, while also                                                       panding business areas of Andalusia’s
participating in the Sant Celoni toponymy                                                        Capital.

                                                                                                                        No.12 / October / 07
SHAREHOLDER REVIEW                                                                                                                                 S


 T   he 6,000 shareholders in attendance (567 present and attend-
     ing and 5,306 represented), representing 78.13% of the share
 capital (58.56% present and attending and 19.57% represented),
                                                                          Payment will be made in the second half of October. The Share
                                                                          Transfer Plan is approved to encourage employees to become
                                                                          shareholders as well as a stock option programme for the manage-
 approved the 2006 balance sheet, the management report and               ment team. In the words of the general manager of abertis, Salva-
 the 2006 dividend as well as a scrip issue. Amongst agreements           dor Alemany, this plan is designed to “continue being competitive
 reached, approval was given for issue of a complementary gross           in acquiring talent and to guarantee the level of commitment and
 dividend of 0.25 euros to be made effective June 18 adding to the        stability necessary in our professionals”.
 2006 dividend and representing a gross total of 0.5 euros per share         Over the course of the meeting, the incorporation of the follow-
 against the 2006 earnings.                                               ing four new executive members to the company’s highest manage-
   A traditional scrip issue consisting of one new share for every 20     ment group was approved: Florentino Pérez (ACS), Javier Echenique
 old shares, a transaction worth 91.2 Mn was also approved. This          (ACS) and Caixaholding (represented by Marcelino Armenter), as
 capital raising operation took abertis’ share capital to 1,900 Mn        directors representing controlling shareholders and Emilio García, as
 with more than 630 million shares issued.                                independent director.
   With respect to shareholder remuneration, an announcement                 The abertis board meeting which took place following the gen-
 was made by abertis’ Board of Directors of a 10% increase in the         eral meeting of shareholders appointed Florentino Pérez Rodríguez
 dividend, payable from the next dividend against the 2007 financial      as vice-chairman of abertis as well as approving the extension of
 year earnings. This increase, coupled with the scrip issue, represents   the abertis executive committee with the appointment of Floren-
 a 15% increase in shareholder remuneration.                              tino Pérez Rodríguez and Marcelino Armenter Vidal, representing
   Finally, abertis Board of Directors on September 18 agreed the         Caixaholding.
 payment of a gross interim dividend of 0.28 per share against               It is worth mentioning that the voting results for each of the pro-
 2007 earnings with dividend rights, representing a 12% increase.         posals involved approval in excess of 99%.

 52 53
  Internationalization of abertis
  In his delivery the chairman of abertis, Isidre Fainé, analyzed the
  economic circumstances and commented on the most significant
  facts in relation to the 2006 financial year, which he classified as
  “truly remarkable”, representing without doubt the confirmation
  of a process through which we have already passed the point of no
  return”. In Isidre Fainé’s judgement, while the incorporation of sanef
  is the most noteworthy factor with respect to the balance sheet, it
  also represents a platform for seizing new opportunities.
     Following France, “the foundation stone of abertis’ European
  plans”, is Italy and more specifically, the Atlantia integration process
  (previously Autostrade). Similarly, he argued the Group’s continued
  belief in the viability and strategic sense of the merger, stating that
  efforts are to be made to re-launch the integration once the Italian
  regulatory framework has been clarified.
     In addition, a new agreement was signed on June 28 with Sche-
  maventotto shareholders allowing for a greater temporary period
  for the verification of paths for moving forward with the integration
  of abertis and Atlantia. The agreement is in force until December
  31, 2008 but grants abertis the authority to bring the consultation
  process forward to February 2008 in order to resolve the situation.
     Stock marjet progress following a review of the most relevant
  figures, Isidre Fainé commented on the stock market performance
  of abertis. The chairman referred to the year’s “positive close” and
  pointed out the 11.11% increase as well as the cumulative increase
  in the past seven years of 228%. “If we focus on the past four years,        abertis has seen such strategies recognised with its inclusion in
  we’ve reached 153%, with a cumulative annual average of 26%”               the Dow Jones Sustainability Index, made up of companies able to
  he emphasised. Likewise, he recalled the record maximum share              demonstrate best practice in the area of sustainability and social
  price reached in May and made special mention of the anniversary           responsibility.
  celebrated by abertis in 2007: 20 years on the stock market with a
  cumulative profitability of 1,844%.                                        Global thrust to abertis’ activities
     In finishing his delivery the chairman of abertis communicated          The chief executive, Salvador Alemany, also indicated that one of
  the main areas of activity with respect to social responsibility, defin-   the most important factors in 2006 was the acquisition of 100% of
  ing the main operating principles which are based on “the convic-          sanef’s capital meaning “we have improved the quality and lifecycle
  tion that social benefits and the serving of public interests derived      of our motorways concessions portfolio, taking the current average
  from our activities as developers and managers of infrastructure are       to 2026” along with the acquisition of 32% of Eutelsat, an operator
  essential to economic competition and to society”. He also high-           which provides coverage to 90% of the world’s population, represent-
  lighted dialogue and collaboration, trust in people, and credibility as    ing “the global thrust of the business and activities of our Group”. On
  well as efficiency as principles to guide abertis’ interactions with its   the subject of telecommunications, Salvador Alemany took the op-
  surrounding environment.                                                   portunity to communicate abertis’ intention to acquire a share in
     Furthermore, Isidre Fainé explained that abertis’ commitment            the Spanish satellite operator Hispasat.
  to the community and the fabric of society is managed on distinct             With respect to the 2006 results approved at the General Meet-
  levels. Amongst these is the abertis foundation, into which is fun-        ing, Salvador Alemany gave a reminder that the financial year ended
  nelled more then a third of the Company’s community investment.            with revenue at over 3,300 Mn, 50% of which was from abroad and
                                                                             yielding a net profit of 530 Mn. He also made mention of the 48%
                                                                             increase in cash-flow which is his words represents a “key indicator of
                                                                             our solidity”. Meanwhile investments rose to 3,590 Mn. He finished
                 THE INTERNATIONALISATION                                    on the topic by referring to data from the first three months of the
                      OF ABERTIS WAS ONE OF                                  2007 financial year, which he stated “resoundingly confirm our initial
                                                                             predictions”, providing a general guide to the years close: an increase
                          THE MAJOR THEMES                                   in income of over 7%, an improvement in gross operational margins
                        DURING THE MEETING                                   of over 10% and growth in net revenue of over 15%.

                                                                                                                              No.12 / October / 07
  1st HALF 2007*
  34.2% TO 314 MILLION EUROS

     REVENUE REACHED 1,733 MILLION EUROS(+12%).                           Economic results
                                                                          abertis results for the first six-month period of 2007, presented
     EBITDA OF 1,106 MILLION EUROS (+13%).                                according to NIIF accounting criteria, continue in the same vein
                                                                          as the initial stages of 2007, with significant overall gains across
     NET PROFITS OF 314 MILLION EUROS (+34,2%).                           the Group’s activities. The promising progress in traffic registered
                                                                          on motorways –especially in France– combined with gains by the
    NET CASH-FLOW INCREASE OF 12%, TO 648 MILLION                         telecommunications infrastructure sector, the significant increase
  EUROS.                                                                  in airport activity –abertis airports logging 11 million passengers
                                                                          in manager airports– as well as sustained growth in car parks and
    EXPANSION CAPITAL EXPENDITURE OF 1,221 MILLION                        logistics activities.
  EUROS.                                                                     Operational revenue increased 12% to 1,733 Mn. The most
                                                                          significant performance data are:
  OF ALL DEBT RELATED TO RECENT ACQUISITIONS (SANEF,                            The motorway sector (76% of abertis’ income and 87% of
  EUTELSAT), HENCE PROTECTING ITSELF FROM EXPO-                           the Ebitda), assisted by favourable climatic conditions at the start
  SURE TO FUTURE MARKET FLUCTUATIONS. 83% OF THE                          of the year, performed well, recording 10% growth,
  GROUP’S DEBT IS FIXED RATE WITH AN AVERAGE LOAN                               The telecommunications sector (11% calculated against total
  PERIOD OF 7.3 YEARS.                                                    income and 8% calculated on Ebitda) recorded growth of 12%,
                                                                          thanks to the DTT roll out process, national radio broadcaster con-
                                                                          tracts recently signed and the provision of value added services to

  T   he Group closes the first six-month period marked by the
      sound progress of indicators in all business areas: traffic has
  increased over the entire road network, significant growth was seen
                                                                          public administrations and corporate clients.
                                                                                The airports sector (8% calculated against total income and
                                                                          4% calculated on Ebitda) recorded growth of 16% due to the in-
  in airports, car parks and logistics sectors while there was consoli-   crease in the number of passengers (especially in Bolivian airports
  dated growth in telecommunications stemming from the DTT roll           and Orlando airport), income per passenger and owing to increased
  out and value added services.                                           commercial income.

    KEY DATA (Mn            )                                                    RESULTS OBTAINED IN THE FIRST
                                       1S 2007            vs 06                 SIX-MONTH PERIOD ACCURATELY
    Income                                1,733            12%
    Total ADT                           25,052            4.2%
                                                                                     REFLECT SOUND ONGOING
    Spain ADT                           25,693            4.4%
                                                                                     PERFORMANCE REGISTERED
    EBITDA                                1,106            13%                         FOR ALL SECTORS IN 2007
    EBIT                                   715             20%
    Net profit                             314             34%            (*)   Summary of the results presented to the Spanish stock market commission
                                                                          (CNMV). The complete version can be consulted on www.abertis.com,
    Gross debt                          12,902              6%
                                                                          in the Investor Relations section or by requesting it through the Shareholder
                                                                          Assistance Line 902 30 10 15.

  54 55

    BY SECTORS                                                                      BY COUNTRY

                                   4% 1%                                                                          5% Others
                        8%                                                                              6%


                                                                   76%                     37%                                                   52%

  Of total revenue, the motorways sector represented 76%, telecommunications      48% of revenue is generated outside Spain, 37% being from France while 6% is
  infrastructure 11% and airports 8 %. The car parks sector contributes 4% with   from Great Britain, fundamentally from the TBI airports activity.
  logistics infrastructure representing 1%.

                                                                                                                                      No.12 / October / 07
  G     ross earnings results (Ebitda) increased to
          1,106 Mn, representing 13% growth in the first six
  months of 2007, while the net earnings reached 715 Mn
                                                                    EARNINGS RESULTS (Mn                         )
                                                                                                            1S 2007   1S 2006      Variation
  corresponding to growth of 20% with respect to the                Operational Revenue                       1,733     1,553           12%
  same period in 2006.                                              Operational Expenses                      (627)     (572)           10%
     Earnings figures for companies consolidated under              EBITDA                                    1,106       980           13%
  the equity method represent 40 Mn, with this coming
                                                                    Depreciation                              (391)     (385)            1%
  from abertis’ 6.7% indirect participation in Atlantia and
                                                                    EBIT                                       715        595           20%
  the 32% share in Eutelsat, which has been consolidated
                                                                    Financial Results                         (259)     (257)
  under the equity method since January 1, 2007.
                                                                    Share of profits/losses of associates       40         23
     During the first six months of 2007, abertis generated
  a net cash flow of 648 million euros, 12% up on the               PROFIT BEFORE TAX                          497        361           38%
  same period in 2006, this reflecting the growth in sectors        Income tax                                (150)     (126)
  as a whole.                                                       PROFIT FOR THE PERIOD                      347        235           48%
     In the period from January to June 2007, the abertis           Attributable to minority interest          (33)        (1)
  group obtained a net profit of 314 Mn, 34.2% up on                NET ATTRIBUTABLE PROFIT
  the first six months of 2006.                                     TO EQUITY HOLDERS
                                                                    OF THE PARENT COMPANY                      314        234           34%

       BALANCE (Mn            NIIF)
       ASSETS (Mn NIIF)                        1S 2007            4T 2006        Var (Mn )
       Tangible assets                           6,795              6,805              (10)
       Property, plants and equipment            9,680              9,610                70
       Investment and other financial assets     2,951              1,856             1,095
       NON-CURRENT ASSETS                       19,426             18.271             1,155
       Trade and other receivables                 593                555                39
       Others                                      420                391                28           the mean maturity (7.36 years), fluctua-
       CURRENT ASSETS                            1,013                946                67           tions in interest rates have a limited impact
       TOTAL ASSETS                             20,439             19,217              1,222          on abertis’ financial expenses. The gross
       LIABILITIES (Mn NIIF)                   1S 2007            4T 2006        Var (Mn )            liabilities for the first six-month period of
       Capital                                   1,824              1,824                  0          the year amounts to 12,902 Mn.
       Reserves                                  2,974              2,623                352             At the end of June, taking advantage
       SHAREHOLDERS EQUITY                       4,798              4,447                352          of the then favourable market situa-
       Loans and borrowings                     11,652             11,088                564          tion, the bridge loan taken out to acquire
       Other liabilities                         1,795              1,687                109          Eutelsat was refinanced, originally fore-
       SHAREHOLDERS EQUITY                      13,447             12,775                673          seen as having a two year duration. The
       Loans and borrowings                      1,250              1,080                171            1,000 Mn refinancing operation was car-
       Trade and other payables                    943                916                 27          ried out through the issue of a 10-year
       CURRENT LIABILITIES                       2,193              1,996                197          bond with a 5.125% coupon.
       TOTAL LIABILITIES                        20,439             19,217              1,222
                                                                                                         In addition, in July the company refi-
                                                                                                      nanced 1,500 Mn of sanef liabilities. The
                                                                                                      transaction involves securing availability of

  T   he main variation in the balance sheet has been generated as a
      consequence of the acquisition of a share in Eutelsat. abertis’
  total assets reached 20,439 Mn at June 30, 2007 (up 6% with re-
                                                                             funds for the repayment of the debt which matures in the period
                                                                             from 2007-2016, extending maturity to 2020-2024. It is pointed
                                                                             out that this is fixed-rate debt.
  spect to December 2006) and shareholder equity rose to 4,798 Mn.              These operations signify the completion of the process of
    Net liabilities at the end of June 2007 rose to 12,556 Mn                refinancing all debt related to recent acquisitions and provides
  (39% with recourse, 61% without). It is important to point                 significant protection against any negative trends able to arise in
  out that given the high percentage of fixed-rate debt (83%) and            debt markets in coming months.

  56 57
  A    bertis invested a total of 1,315 Mn in the first semester of
       2007, of which 1,221Mn (93% of the total investment) was
  used in the reinforcement of the Group’s expansion and to consoli-
                                                                                                               IN EXPANSION
  date the strategy of sector and geographic diversification.            BY SECTOR                             BY SECTOR
     The most noteworthy investment was made in the Telecom-
  munications infrastructure sector with the acquisition of 32% of
  the French satellite operator Eutelsat for 1,070 Mn, by abertis
  telecom. The remainder of investments in this sector were funda-
  mentally centred on DTT development.
     In terms of capital expenditure on expansion in the motorways
  sector, sanef’s most significant investment was of 62 Mn in new
  lanes, service areas and capital provisions for the A’lienor consor-
  tium (awarded the construction of the AP-65 Langon-Pau).
     The 17 Mn outlay by castellana for the completion of work
  on the new Guadarrama tunnel and for lane expansion on the AP-6        completion of the construction of new buildings in the Barcelona
  also stands out. Finally, 11 Mn was included in this section, cor-     Free Zone Logistics Park and the development of the second phase
  responding to iberpistas acquisition of a further 20.8% of aulesa      of the logistics platform Sevisur in Seville.
  (raising their share to 100%).                                            The most significant operational investments in the first
     In the airports sector, the main investment was in augment-         six months of 2007 ( 94 Mn in total) were made in the motor-
  ing capacity of the Cardiff airport while in the car parks sector,     ways and car parks sectors. Of these, the leading investments
  the most noteworthy operation involved the acquisition in Las          were those made by sanef ( 32 Mn), mainly in the maintenance
  Palmas de Gran Canaria of a parking area corresponding to an           and upgrading of the network and for the car parks sector, ( 9 Mn)
  investment of around 10 Mn in addition to the outlay of 5 Mn           investments corresponding to the environment, safety and fitting
  for a the construction of a parking area in Girona and 4 Mn for        out of facilities for those with impaired mobility. Lastly the Belfast
  the acquisition of parking spaces in Elche.                            International airport has seen 2 Mn spent on improvements to
     Expansion investments in the logistics park sector include the      the Fire Department area.

  The following shows the contribution of each sector to abertis results and the variation with
  respect to 2006:

     OPERATIONAL INCOME                                    1S 2007
                                                           1S 2006
                                                                           EBITDA                                                 1S 2007
                                                                                                                                  1S 2006
     100%                                                                 100%

      80%   76%76%

     60%                                                                   60%

      40%                                                                  40%

      20%                                                                  20%
                        11%11%                                                                8% 8%
                                     8% 8%                                                                 4% 4%
                                                  4% 4%                                                                  2% 2%      1% 1%
                                                             1% 1%
       0%                                                                   0%

                                                                                                                          No.12 / October / 07
  Motorways                                       Telecommunications                              Car Parks
  Motorways continue to be, at                    infrastructures                                 For the first six months of
  the end of the first six months                 Telecommunications infra-                       2007, saba recorded 13 %
  of 2007, the primary business                   structures are situated in sec-                 growth in operational revenues
  activity, with a similar weighting to that of   ond position when rated by operational rev-     amounting to 65Mn and Ebitda of 28Mn,
  the corresponding period the previous year.     enue with a value of 191 Mn (11% of the         representing 4% and 2%, respectively of the
  The sector contributed 1,310 Mn in rev-         total) and by Ebitda with 84 Mn (8%).           abertis’ totals. saba’s 2006 international ex-
  enue (76% of Group revenue) and 958 Mn             abertis telecom has continued perform-       pansion through the acquisition of car parks
  in Ebitda (87%).                                ing positively with gains in income for the     predominantly in Italy combined with 2007
     The growth in traffic on abertis’ road       first six-month period of 2007 of 12%, with     expansion in Spain (Pamplona, Las Palmas
  network rose to 4.4% in the first six months    its main activities being centred on the roll   de Gran Canaria, Elche and Terrassa) clearly
  of 2007, this figure representing a value for   out of DTT, the expansion in coverage which     drove revenues in the initial stages of 2007.
  Average Daily Traffic (ADT) of 25,693 vehi-     in august reached 85% as well as recently       Vehicle rotation for the first six months of
  cles. With respect to motorways managed         signing contracts with national radio broad-    the year amounted to 5.4 million vehicles,
  by sanef, traffic growth reached 4.1% for       casters.                                        up 7.3% on the first six months of the 2006.
  the period, with an ADT of 23,152 vehicles.        abertis telecom currently transmits 20       saba manages a total of 88,010 parking
  In this way, throughout the year to date,       digital channel signals from 153 network        spaces in 162 parking areas in Spain, Italy,
  the tendency for growth seen at the end of      transmission centres. Such centres are fully    Chile, Portugal, Morocco and Andorra.
  2006 has been maintained with overall ADT       adapted to cater to advances in audiovisual
  gains across the network. Included in such      services as per the National Digital Televi-    Infrastructures
  trends are sanef and GCO (Argentina), reg-      sion Plan. Overall, abertis has more than       logistics
  istering 4.2% growth (25,052 vehicles), this    3,200 sites.                                    abertis logística reported a
  also being in excess of that foreseen.                                                          17% increase in operational
     The use of electronic toll collection sys-   Airports                                        revenue from January to June 2007 to 10
  tems across the network has been signifi-       Revenue for airports grew to                    Mn, representing 1% of the abertis’ total
  cant in aiding traffic flow on roads, thereby     147 Mn (8% of abertis’                        and contributing 3Mn to Ebitda. abertis
  improving transport and decreasing fuel         total income) while Ebitda of                   logística continues the trend for positive
  consumption by avoiding the need to bring         43 Mn was registered (4%).                    growth corresponding to its Spanish logistics
  the vehicle to a standstill at the toll sta-       Revenues in the six-month experienced        park activities, at the same time pursuing an
  tion. Over the first six months for abertis     a steep rise of 16%, representing growth of     international expansion strategy. Expansion
  motorways in Spain, 25.6% of transactions       6.1% in overall airport passenger numbers       abroad was initiated last year following the
  were carried out via electronic toll collec-    to nearly 11 million users.                     announcement of a project in Portugal, con-
  tion systems. Meanwhile the sanef network          The strong performance by the Orlando        tinuing this year with an agreement signed in
  registered electronic toll collection use of    Sanford (with an increase in passengers of      July to develop a logistics park in the metro-
  22.4% in the first six months of 2007.          almost 10%) and Stockholm Skavsta (8%           politan area of Santiago de Chile. The invest-
                                                  increase in users) airports deserve special     ment for the park, which is to occupy 63
                                                  mention along with the three Bolivian air-      hectares, 350,000 m2 of which may be built
                                                  ports (Santa Cruz, Cochabamba and La Paz),      on, will be made gradually over the next 10
                                                  which underwent growth in excess of 17%.        years to a total of 168 Mn.

  58 59
el mundo
the world

Acercamos el mundo
Bringing the world closer

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