abertis group annual report

annual report 10

Letter from the Chairman

Interview with the CEO

Corporate administration and administrative bodies

1.1 Corporate administration

1.2 Administrative bodies

abertis group business activities

2.1 Toll roads

2.2 Telecommunications Infrastructures

2.3 Airports

2.4 Car Parks

2.5 Logistics Parks

Corporate social responsibility

3.1 abertis’s Strategic Plan

3.2 Indicators 2010

Economic and financial information

4.1 Consolidated figures

4.2 Financial management

4.3 Shareholders and the stock market

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4 AR CSR AA 5

abertis has consolidated its position as one of the world leadersin the private management of public infrastructures and operates in a total

of 17 countries.

REvEnuE by OpERatIOns sECtOR

REvEnuE by gEOgRaphIC aREa

Toll roads75%

Logistics services1%

Telecommunications13%

Airports

Car parks

7%

4%

2010

Spain50%

Rest of the world6%

France35%

United Kingdom

Chile

4%

5%

2010

5 AR CSR AA

2010 has seen the consolidation of abertis autopistas’ management model and a recovery in its traffic.

This has been mainly due to its successful internationalization process that has enabled it to

consolidate its position in France and South America, where the

economy is stronger than in other countries.

abertis telecom has celebrated its tenth anniversary in 2010 by establishing itself as the leader

in terrestrial telecommunications infrastructures and services in Spain with the largest network

for broadcasting and distributing audiovisual signals. It is the

internationally recognized satellite broadcasting operator through its key holdings in operators Eutelsat

and hispasat.

In the course of 2010, abertis airports has consolidated its

position as one of the benchmark operators in the airport

infrastructures sector in the world with operations at 29 airports in Europe, the US and Latin America

and overall annual traffic coming to 58 million passengers.

saba remains one of the leading operators in the sector in Spain

and in the rest of the world, managing a total of 128,149

spaces in 195 car parks in Spain, Italy, Chile, Portugal, France and

Andorra.

abertis logística is the business unit of abertis which focuses

on the promotion, design, development, management and use of logistics parks in

Spain, Portugal and Chile. It has consolidated its position in Spain

and has excellent prospects abroad.

3,078 154 35552 277millions of euros millions of euros millions of eurosmillions of euros millions of euros

Direct stake toll road concession revenue Car parks sector revenue Logistics parks sector revenue

Telecommunications infrastructures revenue

Airports sector operating revenue

6 AR CSR AA 7

Dear Shareholders:

One of the main aspects of 2010 for abertis has been the consistency

and strength of some fundamental factors that have enabled the

Group to continue growing. This is the case even after three years of

a crisis that has hit the amount of traffic on our toll roads in Spain

especially hard, and although this growth may be taking place at a

more moderate rate, it is growth all the same in our key figures.

Geographical diversification (50% of our revenue is generated

outside Spain), the growing visibility of businesses such as

telecommunications and the remarkable and positive growth in

traffic on our toll roads in France and Latin America are crucial in

understanding the key factors in our group’s progress.

2010 has been a year in which we have also operated from a solid

basis founded on the recurrence of our economic indicators: revenue,

operating income, cash flow and net income. These have not been

results influenced by changes in the scope of consolidation as these

have not been very significant. Instead they are the outcome of the

dynamics of our various businesses. It is a profile that is the product

of the consolidation of our operations after our period of major

growth between 2004 and 2009.

As for the performance of our stock, which is down 10% compared

to 2009, this was markedly less negative than that of the IBEX 35 as

a whole which fell by 17.4%. Furthermore, other groups operating

in our sector experienced losses of between 16% and 28%. On

more than one occasion I have argued that stock is governed and

moved by the markets. Our responsibility lies in our commitment to

a policy of remuneration for our shareholders based on the familiar

combination of dividends and bonus shares. The strength, recurrence

and robustness of flows from our businesses are the best guarantee

for the sustainability of this policy and the future expectations of

our stock.

Our Group has adapted to the economic situation. We were able

to get the most out of opportunities for growth at times of high

liquidity and we committed to consolidation, greater efficiency and

exigency in managing costs and our debt structure and also to the

potential of our businesses for organic growth when liquidity was

squeezed and market opportunities dwindled.

Salvador Alemany,

Chairman

Letter from salvador alemany, Chairman

“Each one of the Group’s businesses has a development project with a distinctive future and profile”

7 AR CSR AA

On several occasions I have talked about what abertis’s business

project consists of. It is a project that trusts in the strength of its

arguments to be able to work with government and its customers,

and also in the skills and abilities of its teams to identify, and in

some cases help to realize, the opportunities that drive and provide

a future to our businesses.

This expertise and know-how that are so instantly recognizable in

the Group’s businesses have been crucial when it comes to attracting

the interest of new partners, such as CVC, which have decided to sign

up for and actively take part in the future of abertis’s project. This

means that the Group can benefit from the experience, vision and

knowledge of global markets that our new partners contribute. With

them, with our historical shareholders, with our small shareholders

and with the team of people working in day-to-day operations in

our businesses, we can develop and grow.

For infrastructure managers the opportunities are, and will remain

over the coming years, significant in both number and in size, and

probably more so than they have been so far in this first decade

of the 21st century. And here it is possible to make out, alongside

Europe and the United States, an increasing role for the emerging

countries. These are countries that believe in their possibilities, that

have growing access to financial and natural resources, that are lear-

ning to enhance the talent of their people, that have set up domestic

markets which have drive and dynamism and that will gradually de-

velop regulatory frameworks and an environment of legal certainty

which will also provide the conditions for our investment. They are

markets and countries which are asserting their role in the global

economy and which are convinced that their time has come.

We need to get ready to seize the opportunities that come up under

the most favourable conditions both in our traditional markets and

also in these new markets. We need to think ahead to expedite the

conditions that drive the development and harnessing of the growth

potential of our businesses over the medium and long term.

The Duplo project is designed to achieve this goal. Its study phase

began last February, geared towards the reorganization of our five

businesses around two companies: Abertis Infraestructuras with the

toll roads, airports and telecommunications business units, and Saba

Infraestructuras with the car parks and logistics parks ones. These

two companies have the relative size and organization appropriate

to the scale of these businesses and their various stages of

maturation, with in the case of Saba Infraestructuras a shareholding

structure in which current abertis shareholders can join with new

institutional investors that accompany growth which is intrinsic

to the concessional nature of our businesses. At the same time,

Abertis Infraestructuras’ greater focus on three areas of business

should mean that it is able to identify and capitalize on any growth

opportunities that may come up.

The goal that motivates us is that all our stakeholders –employees,

shareholders, management team, governments and administrations,

the customers we serve– should continue to see in each one of the

Group’s businesses a development project with a distinctive future

and profile, with a definite vision of the role they want to play in their

respective areas. Players who are loyal, responsible and committed

to quality-driven management, efficiency in resource utilization,

partnerships with communities and regions and to achieving results

that continue to give good reason for the confidence of shareholders

and investors.

This is our world, one that is marked by the global markets in which we

operate, mindful of the necessary sustainable relationship between

infrastructures and their physical environment, and partnering

government in implementing cost-benefit analysis criteria that help

to construct objective decision-making models concerning which

infrastructures should be given priority, how they should be financed

and how they should be managed, without losing sight of the return

they need to yield in terms of economics, productivity and social

utility.

The Duplo project involves the reorganization of our five businesses around two companies, Abertis Infraestructuras and Saba Infraestructuras. These two companies have the relative size and

organization that is appropriate to the scale of these businesses and their stages of maturation.Letter from salvador alemany, Chairman

8 AR CSR AA 9

Entrevista a Francisco Reynés, Consejero Delegado

Q. 2010 has been your first year as CEO of the group. how

would you assess it?

A. A striking fact is that in 2010 after three years of crisis,

one of the biggest crises in fact of the last 60 or 70 years,

abertis has once more continued growing. Aside from the

circumstantial situation of one or another of our businesses or

the countries in which we operate, our Group’s consolidated

figures have experienced sustained, albeit moderate, growth

in terms of revenue, up 5.2% to almost 4,106 million euros,

gross operating margin, up 5.9% to 2,494 million euros, and net

income which is also up by 6.1% to close at 662 million euros.

Then of course there is our geographical diversification –up

to 50% of our revenues are generated outside Spain– and the

growing contribution of businesses such as telecommunications

which are crucial to the interpretation of the Group’s develop-

ment.

I think achieving these figures in this economic situation

demonstrates the consolidation of our Group’s progress and

that of each of its businesses over recent years. The result we

have achieved in 2010 is a direct result of the work done over

these recent years of transformation and strong growth.

Q. Which factors stand out as most relevant in the progress

of the businesses?

A. Firstly there is the positive performance of traffic on toll

roads outside Spain; +1.3% in France and +5.5% in the rest

of the international business. This has confirmed uncertainty

about when the turnaround will come in Spain and also that its

recovery is expected to be slow, yet at the same time it has also

provided a contrast with the offsetting factor of the contribution

made by countries such as France and Chile, in which recovery

looks robust and can largely make up for the negative figures still

coming out of Spain with a 4% fall in traffic.

There is also the growing visibility of businesses such as abertis

telecom. In this case the completion of the rollout of DTT in

Spain, the diversification of its range of signal broadcasting

services which reduces dependence on the traditional radio and

TV business and the growing contribution of satellite operations

by hispasat and Eutelsat reveal a business that has matured

and is contributing to the good performance of the Group in

the current economic context. In fact, abertis telecom has

successfully managed to absorb the impact of the “analogue

switch-off”, which brought to an end a period of several years in

which the changeover from one type of technology to the other

“abertis continues to grow”

Interview with Francisco Reynés, CEO

9 AR CSR AA

and their chronological overlap drove revenue in this business

area, with new business growth coming to 2%.

In the case of airports, the most significant thing in a

context in which a recovery in passenger numbers at tbi

airports, especially in the UK, did not materialize, was the

improvement in revenue per passenger as a result of the

various measures taken by the abertis airports team.

Revenue in this business unit grew by 5.5% compared to

2009.

As for the car park business, stability was the key factor in 2010 in

relation to activity indicators for 2009. 56.3 million vehicles used

our car parks over the course of the year, the same as in 2009, while

revenue rose by 2.8%.

Turning to operations in logistics parks, they faithfully reflected

poor economic conditions inasmuch as average occupancy

rates for our parks fell by 9.4 points compared to 2009 to

stand at 65.6%. However, it should be noted that gross floor

area increased by 4.5%. Here a major development was the

commissioning of our logistics park in Santiago de Chile, which

in line with the strong growth in the country’s economy kicked

off with occupancy levels of 100%.

The reality of growth ranging between 1% and 5% has also led

to an additional requirement to contain operating costs which

on a like-for-like basis fell by 0.2% over 2009. This, together with

financial costs which contrary to market trends even fell slightly

to 4.5% from 4.6%, was instrumental in the Group’s growth.

Another fact which also demonstrates the Group’s strength is

the recurrence of cash flows, which at 1,616 million euros was

the figure that grew most at 7.6% compared to 2009.

The Group’s borrowing structure also reflects the resilience of

our figures. Average life stands at 6.6 years and 84% is linked to

fixed rates. Also worth mentioning is the evolution of the net

debt/EBITDA ratio which was at a multiple of 5.9 compared to

6.2 at the end of 2009.

These factors were decisive in the confirmation of the Group’s

rating as having a “stable” outlook.

Q. you mentioned stability in the scope of consolidation;

how have the group’s investments developed in 2010?

A. The Group’s scope of consolidation did not change

substantially in 2010. In fact our investment volume, which at

757 million euros over the twelve months is significant, reflects

firstly a major reduction in growth processes resulting from the

consolidation strategy pursued in recent years and secondly the

Group’s essentially recurring investment efforts in the assets

that make up its portfolio. Because of its size and recurrence, the

indicator for the Group’s investments is one of the data that best

reflect the scale achieved by abertis over recent years and the

significant quantity of resources committed to maintaining and

improving the quality and functionality of the infrastructures we

manage.


The result achieved in 2010 is a direct result of the work done over these recent years of transformation and strong

growth

Carta del presidente Entrevista al Consejero Delegado

gobierno Corporativo1.1 Gobierno Corporativo1.2 Órganos de Gobierno

actividades del grupo abertis2.1 Autopistas2.2 Infraestructuras de

telecomunicaciones2.3 Aeropuertos2.4 Aparcamientos2.5 Parques logísticos

Responsabilidadsocial corporativa3.1 Plan Estratégico de RSC

de abertis3.2 Resumen indicadores

2010

Informacióneconómico-financiera4.1 Magnitudes consolidadas4.2 Gestión financiera 4.3 Accionistas y bolsa

10 AR CSR AA 11

From the investment standpoint another highlight in 2010 has

been the final agreement with the French government for an

extraordinary investment of 250 million euros over three years

in exchange for the extension by one year, up to 2029, of sanef’s

toll road concession. This plan, dubbed the “Paquet Vert” because

it involves investments geared towards reducing environmental

impact, is an example of the ability to call on major short-term

private investment flows in infrastructure networks with return

mechanisms, in this case the extension of the concession, which

do not strain the public purse.

Q. What can you tell us about the forecast for 2011?

A. I think that the outlook is good on the whole. However, we do

need to follow closely, and respond to the best of our ability, the

evolution of external factors such as the geopolitical crisis in North

Africa and its impact on oil prices, inflation and interest rates. All of

these factors are likely to affect how we come out of the crisis and

also in tandem the forecasts we have been working with, especially

in terms of the change in traffic on our toll roads.

We are working to maintain the strong cash flow generation of

our businesses. As was the case with Atlantia last January, we

are examining divestiture alternatives for some of our holdings

as a way of financing the Group’s new expansion opportunities,

and always based on the requirement for expected returns and

selectivity in the assets in which we invest. Here, and together

with other projects, we are following with great attention the

process of redefining the airport management model in Spain

which may well open the door to the award of the management

of some of the country’s main airports.

As for organic activity, and save for the uncertainties which I

have already mentioned, we anticipate that traffic will stabilize in

Spain while it will continue to grow in France and South America.

Passenger traffic at airports should pick up as well. We are also

optimistic about the development of abertis telecom after the

completion of the rollout I mentioned before of DTT in 2010. To

all this you can add a greater focus on cost control as a factor in

improving our margins which mainly depends on ourselves and

not so much on outside circumstances.

Another aspect that the management team is continuing to keep

an eye on is the containment of operating costs and investment

in expansion in all the sectors and countries in which we operate.

This is a basic factor in the current environment of uncertainty

which is also marked by the increasing cost of borrowing.

Q. What does the group hope to achieve with the

restructuring of its current businesses around two

companies?

A. The target is growth. After three years of economic crisis, in

which we consolidated the phase of strong expansion that we

implemented between 2004 and 2008, we now need to get ready

for a new stage. Incorporating assets that improve the average

life of our concessions is a strategic imperative for creating value

in the medium and long term, and this is the goal we have set.

We are going to fashion the conditions required for each of our

existing businesses to be able to access resources in a context in

which any growth project calls for greater capitalization and less

recourse to borrowing.

We believe that the structuring of the businesses around

two companies operating independently will provide each

At 1,616 million euros, cash flow was the figure that grew most at 7.6%

compared to 2009


11 AR CSR AA

one of them with a focus and specialization in terms of their

priority areas; toll roads, telecommunications and airports in

the case of abertis, and car parks and logistics parks in the

case of Saba Infraestructuras. This is like saying that it will

give them greater growth potential as there will be a greater

correlation between the projects to be implemented and

the resources available. One of the merits of the proposed

plan is the opportunity afforded to abertis’s shareholders to

remain linked to all the Group’s existing businesses as they

will have the chance to join the shareholders of the new

Saba infraestructuras. That way they become shareholders

of two companies that operate independently with their own

management teams and different shareholding structures, even

though some of the shareholders will be the same across the

two companies. It should be borne in mind that a significant

portion of our shareholders are with us for the long haul and

have accompanied the Group’s growth over recent years. They

will thus get the chance to actively take part in the new stage

by accompanying the future development of abertis and Saba

Infraestructuras.

Incorporating assets that improve the average life of

our concessions is a strategic imperative for creating value in the medium and long term







2010




Corporate governance and management bodies




2.1 Toll roads


2.3 Airports

2.4 Car Parks

2.5 Logistics Parks



3.2 Indicators 2010





gove

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14 AR CSR AA 15

Operations based on transparency and rigour

abertis operates through a solid and organized governance

structure which consists of the Board of Directors and its various

committees (Executive, Audit and Control, and Appointment and

Remuneration) and has made transparency and rigour into the

cornerstone of its actions.

This means its management bodies are fully aligned with the

corporate governance best practice contained in the Unified

Code of Corporate Governance, which has been buttressed by

commercial law and in particular by the regulations about the

securities market and company law. In this latter case, there

has been enhanced use of the provisions contained in Royal

Legislative Decree 1/2010, of 2 July, which enacts the amended

text of the Capital Companies Act.

In this respect, abertis not only ensures strict compliance with

rules and recommendations in this area but also seeks to make

sure that the fundamental concepts which guide its practice are

built into the corporate culture of the entire organisation. Hence

over the course of 2010, the company has continued to foster the

implementation of corporate governance best practice, which is

already consolidated in the listed company, in its subsidiaries.

abertis’s internal regulations, contained in its Bylaws, the

Regulations of the Annual General Meeting and the Regulations

of the Board of Directors, lay down rules of conduct for members

of the Board and ensures that decision-making pursues the

corporate interest of the company, enables shareholders to

exercise their rights and also provides the capacity to continue

delivering value.


15 AR CSR AA







2010


16 AR CSR AA 17

1.2 Administrative bodies board of Directors (as of 31 December 2010)

* Appointed Vice-secretary, non-board member on 8 June 2010 to replace Juan A. Margenat Padrós. He is also Secretary, non-board member, of the Appointment and Remuneration Committee (see next page).

In the course of 2010 Théâtre Directorship Services Alpha, S.à.r.l., Théâtre Directorship Services Beta, S.à.r.l. and Théâtre Directorship Services Gama, S.à.r.l. have joined the Board, and Comunidades Gestionadas, S.A., Javier Echenique Landiribar, Braulio Medel Cámara and Julio Sacristán Fidalgo have left it.

l Executive Committeel audit and Control Committeel appointment and Remuneration Committee

Miquel Roca JunyentSecretary, non-board member

salvador alemany MasChairman Florentino pérez Rodríguez

2nd Deputy ChairmanIsidro Fainé Casas

1st Deputy Chairman

théâtre Directorship services alpha, s.à.r.l., repre-sented by Javier de Jaime guijarro4th Deputy Chairman

Marcelino armenter vidal

Ricardo Fornesa Ribó

pablo vallbona vadell

théâtre Directorship services gama, s.à.r.l., represented by José antonio

torre de silva López de Letona

théâtre Directorship services beta, s.à.r.l., represented by santiago Ramírez Larrauri

Josep Maria Coronas guinart Vice-secretary, non-board member*

Francisco Reynés MassanetChief Executive Officer

Ángel garcía altozano

Emilio garcía gallego

Miguel Ángel gutiérrez Méndez

Ernesto Mata López

Enric Mata tarragó

Ramón pascual FontanaLeopoldo Rodés Castañé

Manuel Raventós negra

g3t, s.L., represented by Carmen godia bull

3rd Deputy Chairman

17 AR CSR AA







2010


Delegated monitoring bodies

Executive CommitteeSalvador Alemany Mas (Chairman)

Isidro Fainé Casas

Florentino Pérez Rodríguez

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

Théâtre Directorship Services Alpha, S.à.r.l., represented by Javier

de Jaime Guijarro

Marcelino Armenter Vidal

Francisco Reynés Massanet

Théâtre Directorship Services Gama, S.à.r.l., represented by José

Antonio Torre de Silva López de Letona

Miquel Roca Junyent (Secretary, non-board member)

Josep Maria Coronas Guinart (Vice-secretary, non-board

member)*

* Appointed Vice-secretary, non-board member on 8 June 2010 to replace Juan A. Margenat Padrós.

In the course of 2010, Théâtre Directorship Services Alpha, S.à.r.l.,

and Théâtre Directorship Services Gama, S.à.r.l. have joined the

committee to replace Ángel García Altozano and Pablo Vallbona

Vadell.

From left to right: Carmen Godia Bull, Florentino Pérez Rodríguez, Isidro Fainé Casas, Salvador Alemany Mas, Francisco Reynés Massanet, Javier de Jaime Guijarro, Miquel Roca Junyent, José Antonio Torre de Silva López de Letona, Josep Maria Coronas Guinart, Marcelino Armenter Vidal.

l Executive Committeel audit and Control Committeel appointment and Remuneration Committee

Executive Committee

audit and Control CommitteeErnesto Mata López (Chairman)

Marcelino Armenter Vidal

Emilio García Gallego

Marta Casas Caba (Secretary, non-board member)

appointment and Remuneration CommitteeManuel Raventós Negra (Chairman)

Ricardo Fornesa Ribó

Théâtre Directorship Services Alpha, S.à.r.l., represented by Javier

de Jaime Guijarro

Ángel García Altozano

Miguel Ángel Gutiérrez Méndez

Josep Maria Coronas Guinart (Secretary, non-board member)*

* Appointed Vice-secretary, non-board member on 8 June 2010 to replace Juan A.

Margenat Padrós.

In the course of 2010, Ricardo Fornesa Ribó and Théâtre

Directorship Services Alpha, S.à.r.l., have joined the committee.

18 AR CSR AA

ChairmanSalvador Alemany Mas

Chief Executive OfficerFrancisco Reynés Massanet

Director of Studies and Communication

Antoni Brunet Mauri

Director of Personnel and Organisation

Joan Rafel Herrero

Director of Strategy and Corporate Development

David Díaz Almazán

Director of Corporate Control and Management

Jordi Lagares Puig

Managing Director of Finance and Corporate

ResourcesJosé Aljaro Navarro

Director of Corporate Fiscal Planning

Josep Maria García Martín

Director of Information Systems

José Carlos Moreno Montero

Director of Investor RelationsSteven Fernández Fernández

Director of Corporate Finance

José Luis Viejo Belón

Director of Purchasing and General Services

José María Gómez Hospital

Managing Director of Business and Operations

Josep Martínez Vila

Managing Director of abertis autopistas

Josep Lluis Giménez Sevilla

Managing Director of sanef

François Gauthey

Managing Director of toll roads North America and

InternationalJordi Graells Ferrández

Managing Director of toll roads South

AmericaGonzalo Ferre Moltó

Managing Director of abertis telecom

Tobías Martínez Gimeno

Managing Director of abertis airports

Carlos del Río Carcaño

General Director of saba

Jordi Díez Díez

Managing Director of abertis logísticaJoan Font Alegret

Chairman’s Office staff

Finance Management

business and Operations Management

Corporate secretariat Corporate Management

senior Management (as of 31 December 2010)

Director of Institutional Relations

Sergi Loughney Castells

Company SecretaryJosep M. Coronas

Director of Corporate Security

Luis Jiménez arrébola

Director of Corporate Legal Services

Marta Casas Caba







2.1 Toll roads


2.3 Airports

2.4 Car Parks

2.5 Logistics Parks



3.2 Indicators 2010





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21

abertis has consolidated its position as a world

leader in the private management of public in-

frastructures and in 2010 it has had a presence

in a total of 17 countries through five business

areas:

Toll roads

Telecommunications infrastructures

Airports

Car parks

Logistics parks

Ireland

United States

United Kingdom

Andorra

Spain

Portugal

Sweden

France

Italy

South Africa

Puerto Rico

Mexico

Jamaica

Colombia

Bolivia

Chile

Argentina

20 AR CSR AA

21 AR CSR AA

shaRE OF OpERatIng REvEnuEs by sECtOR anD gEOgRaphIC aREa

avERagE WORKFORCE by sECtOR anD gEOgRaphIC aREa

Toll roads75%



Airports

Car parks

7%

4%

2010

Toll roads74%



Airports

Car parks

7%

4%

2009

Spain50%

Rest of the world6%

France35%

United Kingdom

Chile

4%

5%

2010

Spain52%

Rest of the world6%

France35%

United Kingdom

Chile

4%

3%

2009

Toll roads59%

Corporation3%


Airports

Car parks

16%

9%

2010

Toll roads59%

Corporation3%


Airports

Car parks

17%

9%

2009

Spain42%

Rest of the world20%

France25%

United Kingdom

Chile

7%

6%

2010

Spain41%

Rest of the world20%

France25%

United Kingdom

Chile

7%

7%

2009

22 AR CSR AA

2010 has seen the consolidation of abertis autopistas’ management model and a recovery in its traffic. This has been mainly due to an internationalization process

that has buttressed its position in France and South America, where the economy is stronger than in other countries.

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

of turnover and profit/loss– has maintained its key figures over

the course of the year in an environment that continues to be

marked by the decline in economic activity in some of its key

businesses. Traffic, which had been hard hit over the previous

months, has slowed its decline over the last few months of the

year to close 2010 virtually the same as in the previous year.

Against this backdrop, this year abertis autopistas has

consolidated its business model and improved its infrastructure

with the aim of providing greater service capacity and quality to

its network.

As a result, work has continued on the project to add a third

lane to the AP-7 toll road, the main corridor along the Iberian

Peninsula coastline. A new section has been opened in Girona in

2010 and work has begun on the final part which will mean that

2.1 Toll roads

in 2011 there will be a third lane right up to the French border

at La Jonquera.

Also underway are improvement and widening work on the AP-6

toll road, a basic communications corridor between Madrid and

northwest Spain, which will entail the construction of a third

lane in each direction in the San Rafael – Villacastín section.

As part of its commitment to improving customer service

and offering the latest in technology, abertis autopistas has

announced several initiatives that make it into a pioneer in

delivering customized solutions. They include the installation

of interactive information points and setting up service areas

addressed to heavy goods vehicles.

In 2010, abertis autopistas has continued to demonstrate its

environmental awareness after the agreement reached with the

Recovery in traffic through internationalization

23 AR CSR AA

French Government to invest 250 million euros in environmental

improvements to infrastructure as part of the “Paquet Vert” in

exchange for extending the term of sapn and sanef concessions

for another year up to 2029.

abertis has continued to consolidate its leadership in the world

road infrastructure management market. It directly operates

3,772 kilometres of toll roads in five countries and has a share in

the operation of another 5,579 kilometres through its presence

in concessions in Europe, Latin America and Africa.

The challenge for abertis autopistas in 2011 is the sustained

improvement of its toll road network and customer service. In this

respect, further work is to be done to enhance road construction

and route quality in its network along with improved service

quality supplemented by external quality factors that are closely

connected with toll road operation such as safety and information.

It is also committed to playing an important role in technological

development through driving electronic toll systems and putting

in place initiatives that support mobility.

spain France Rest of the world

acesa/invicat

aumar

iberpistas

castellana

aucat

aulesa

avasa

Trados 45

sanef

sapn

sanef aquitaine1

sea141

elqui

rutas del pacífico

apr

gco

Autopista Central

gesa1

opsa1


eurotoll slovtoll

bet’eire flow


Túnel del Cadí

Accesos de Madrid

Ciralsa

Autema

Henarsa

A’Lienor

Alis

Routalis1

Atlantia

Brisa

Ausol

Coviandes

RMG

Pt operational Services1

Coninvial1

COnCEssIOnaIRE COMpanIEs

DIRECt OR shaRED ManagEMEnt

tELEMatIC COMpanIEs

OthER hOLDIngs

1. Companies that only provide toll road operation services

1. Companies that only provide toll road operation services

24 AR CSR AA 25

abertis is present in the toll road business in France through the

concessionaire group sanef, in which it holds a 52.55% stake.

sanef is to manage up to 2029 a total of 1,757 kilometres of

toll roads in north-east France and Normandy (in this region

through its subsidiary sapn), which accounts for 20% of the

French network and 47% of abertis’s toll road network.

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

economic Europe, connecting with five great European capitals

(London, Brussels, Luxemburg, Frankfurt and Strasbourg) and

managing five of the seven toll road access routes to the Îlle de

France (Paris) region.

sanef also manages a number of companies that provide

telematic services, including electronic toll systems in France,

free flow electronic toll systems in Ireland and satellite-based

electronic toll systems in Slovakia.

One of the key developments in 2010 for sanef has been its

participation in the “Paquet Vert” measures, one of the largest

public-private partnerships to be sponsored by the French

Government. Under the agreement, sanef is to invest a total of

250 million euros over three years in projects to improve the

integration of its infrastructures in the environment and the

services it delivers to its customers. In return the term of sanef’s

two concessions will be extended by a year up to 2029. Through

these commitments to the environment the company hopes to

make its contribution to the recovery of the French economy.

These investments are part of a package of measures called the

“Plan de Rélance” designed to encourage greater economic activity

in the eight regions that sanef’s toll roads cross, thus contributing

to the economic and industrial development of the areas covered

by the Group’s network.

Another milestone in 2010 for sanef has been the opening of the

A-65 toll road (A’Liénor, in which sanef has a 35% stake), which

France

over the course of 150 kilometres joins the towns of Langon

and Pau in southwest France and has involved an investment of

1,200 million euros. The new toll road, also called the “Autoroute

de Gascogne”, will significantly improve connections in

southwest France. Construction work began in July 2008 and has

been completed four years after signing the concession contract

and two and a half years after starting work. The former road

connecting Langon and Pau was known for its twisty route and

traffic incidents. Through sanef aquitaine, sanef has taken over

management of the toll road for 60 years.

In 2010 the Reims south bypass has also come into service six

months ahead of schedule, a groundbreaking project in terms of

respect for the environment and the use of the latest technology.

It is a bypass on the Paris to Strasbourg A-4 toll road which links

France to Eastern Europe and will relieve the traffic that used to

go through Reims. The bypass, which is 14 kilometres long, has

involved an investment by sanef coming to 245 million euros.

Concessionaire companies holding Km. Concession end

sanef 52.55%1 1,389 2029

sapn 99.97% 368 2029

sea142 100.00%

sanef aquitaine3 100.00%

1,757


1. abertis has a 52.55% stake in sanef, which has holdings in the other companies2. Company that operates the A-14 toll road (sapn)3. Company that operates the A-65 toll road (A’Liénor)

telematic companies holding

eurotoll 100%

slovtoll 100%

bet’eire flow 100%

Company holding Km. Concession end

A’Lienor 35.00% 150 2066

Alis 19.67% 125 2067

Routalis1 30.00%

275

OthER hOLDIngs

1. Company that operates the A-28 toll road (Alis)

25 AR CSR AA

What is the “paquet vert” programme?

As part of the French government’s Grenelle de l’Environnement (Socio-political Summit for the Environment) and the “Plan de Rélance” (Economic

Recovery Plan), sanef has pledged to invest 250 million euros over the next three years in projects aimed at improving the environmental integration

of its infrastructures and the services it delivers to its customers. In return, the sanef group is to benefit from a one-year extension in the length

of the two sanef concessions (sanef and sapn) up to 2029. This is a key project in the Group’s development. The programme buttresses our public

service mission and our vocation as a long-term infrastructure manager and gives a fresh boost to our responsibility as a company and our positive

contribution to the environment.

What is the scope of the programme?

The “Paquet Vert” enhances the integration of our network in its surroundings and the agreed investment will help to stimulate local jobs in the

8 regions through which it runs. It covers 5 main areas: water, noise, biodiversity, reducing CO2 emissions, and service and rest area facilities. The

investment items depend on each aspect. A total of 40 projects have been started up involving more than 20 managers and a lot of workers. The French

government has chosen the projects based on how far each one can ramp up our commitment to the environment and to our customers through

new services.

What are these new services?

These investments will provide an important boost to our customer service policy. For example, we will extend an existing service in one of our facilities

on the A-29 which helps reduce CO2 emissions into the atmosphere: a no-stop electronic toll for heavy vehicles. We hope to install 7 new toll booths

and this accounts for almost half of total “Paquet Vert” investment.

We are also planning to install more dynamic equipment which enables improved traffic flows in those places where there is most transit, including

real-time information, CCTV and variable information panels. Furthermore, in order to promote carpooling and co-modality, we have created an online

portal about interchanges between the motorway and the surrounding area for people and goods at the junction of the A-1 and the “Seine

Nord” Europe Canal.

Green commitment: “The “Paquet Vert” programme will enable us to further our environmental commitment and speed up the implementation of new services for our customers”

Odile georges picotsanef group Concessions Manager

25 AR CSR AA

27

Strasbourg

Reims

LilleCalais

Caen

Alençon

Langon

Pau

Parissanef

Total km. France

2,032fran

ce

Direct or shared managementOther holdings

A’liénor

26 AR CSR AA

27 AR CSR AA

Financial and business results

Revenues generated from direct-managed toll road concessions

in France have reached 1,465 million euros and EBITDA totalled

917 million euros, representing 36% and 37% of the abertis

group’s total respectively.

The figures are for HIT/sanef consolidated.

sanef’s toll revenue in 2010 has come to 1,332 million euros, a

3.3% increase over 2009. sanef’s AADT in 2010 was up over the

last few months of the year and has risen by 1.3% compared

with 2009, in spite of the consequences of the strikes on 11 and

18 June and with a greater improvement in heavy vehicle traffic

(+4.9%).

The difference between total revenue and toll revenue (133

million euros) is basically down to sanef group revenue from

telematic services (down over 2009 due to the negative impact

of the sale of Masternaut in April 2009), service area charges and

telecoms and engineering services.

By the end of 2010 electronic toll transactions had reached

36.2% of total vehicles (an annual increase of 1.8 points) with

heavy vehicles standing at 75.7%.

In France, 74 million euros has been invested in renewing and

upgrading the existing network (upgrading toll booths and

network maintenance) and 183 million euros in new construction

projects, new lanes and investment in the Reims south bypass,

the widening of the A-13 and the “Paquet Vert”.

1,46536%

million euros

Revenues from direct-managed toll road concessions in France

of abertis’s total

2010 var. %

sanef 22,845 1.6

sapn 28,065 0.5

total aaDt 23,303 1.3

aaDt

2010 var. %

Operating revenues 1,465 3.7

EBITDA 917 4.7

EBIT 560 9.6

COns. REsuLts IFRs (millions of euros)(Contributions to abertis consolidated)

2010

Operational investment 74

Expansion investment 183

InvEstMEnts (millions of euros)

2928 AR CSR AA

In Spain, abertis autopistas is the largest toll road operator in

terms of kilometres managed with a total of 1,526 kilometres,

which accounts for 51% of the total of toll roads in the country.

As such it participates in a non-majority way in a total of 234 km

through other concessions.

In Spain, abertis autopistas has experienced a slowdown in

2010 in the decline in both heavy and light traffic. Although the

year ended with a negative result (down 4%), the trend over

the last few months of the year suggests that the figures are

stabilizing in Spain and a recovery in activity is likely to start in

2011.

The division has been confronted by numerous challenges.

Firstly there has been the consolidation of the avasa concession

operator which, following its purchase in 2009, has now been fully

incorporated into the business unit’s operations and accounts.

Then secondly there has been investment in maintenance and

widening of existing toll roads, including:

• On the AP-6 toll road, the upgrading and widening work

aimed at improving road safety and mobility in this key

communications corridor between Madrid and northwest

Spain (Galicia, Asturias, León, Salamanca, etc.). It involves a

raft of actions including the construction of a third lane in

both directions in the San Rafael – Villacastín section and the

widening of several viaducts. The work entails an investment

of more than 65 million euros and has received a Special

Mention in the category of Best Public Works from the jury

for the 2010 Association of Civil Engineers of Madrid Awards.

spain

The jury noted that the project means an improvement in the

systems for getting from the Region of Madrid to the corridors

in northwest Spain, as it substantially expands their capacity,

functionality and safety with a set of three tunnels, one of

which can operate in both directions.

• On the AP-7 toll road network, abertis autopistas has

completed work to add a third lane between Maçanet and

Fornells. This forms part of the AP-7 road widening project the

Group is implementing right along the 125 km between La

Jonquera (Girona) and Vila-seca/Salou (Tarragona) intended

to upgrade the capacity of the road to meet increased traffic

volumes and enhance vehicle mobility by eliminating four toll

barriers. Meanwhile the remaining works are progressing as

scheduled.

• On the C-32 in Catalonia, the coming into service in July of

the new section between Palafolls and Tordera, a 4.4-kilometre

extension of the motorway which enhances communications

in the southern part of the Costa Brava. This project is part of

the agreement signed between the Government of Catalonia

and the concession operator acesa which also includes

building a new spur on the C-32 motorway which has now

been extended to Lloret de Mar from the future link with the

A-2 dual carriageway which the Ministry of Development

has planned, and upgrading the existing motorway. Total

investment comes to 100 million euros.

DIRECt OR shaRED ManagEMEnt OthER hOLDIngs


acesa/invicat 100% 545 2021

aumar 100% 468 2019

iberpistas 100% 70 20311

castellana 100% 51 20311

aucat 100% 47 2039

aulesa 100% 38 2055

avasa 100% 294 2026

Trados 45 50% 14 2029

1,526


Túnel del Cadí 37.2% 30 2023

Accesos de Madrid 35.1% 61 2049

Henarsa 30.0% 62 2039

Ciralsa 25.0% 33 2040

Autema 23.7% 48 2037

234

1. The concession term may be extended up to 2036 based on actual traffic over the period from 2015 to 2019.

29 AR CSR AA

For the Centre south network, 2010 has meant the start of upgrading and widening work on the ap-6. What does this project mean for the

toll road?

Instead of the start of upgrading and widening work, I think it is more a case of the fourth stage of the long-term project to improve road connectivity

between the centre and northwest of the country that began in 1999. First of all Ávila and Segovia were connected to the high capacity road network.

In the second stage the capacity of the AP-6 was increased over a twenty-kilometre stretch between the M-50 and the start of the AP-6 concession

in Villalba. Then in the third stage the capacity of the first section of the AP-6, between Villalba and San Rafael, was also increased in a project that

included building a third tunnel under the Sierra de Guadarrama. Finally, in the fourth stage which is where we are now, the capacity of the next section

of the AP-6, between San Rafael and Villacastín, is to be increased and isolated jobs from the previous stages which were not done at the time will also

be completed. Once work in this fourth stage has been finished, I honestly believe that we will have a first-class infrastructure, one which will deliver

extremely high quality service to traffic in the coming years.

It is undoubtedly a very complex project... What have been the main challenges you have faced?

The greatest difficulty we have come across is making the progress of work compatible with traffic needs. We know that the work impacts on traffic

on the roads (lane narrowing, speed restrictions and so on) so we always try to ensure the negative effect is as small as possible. The widening to

three lanes is being carried out in sections less than five kilometres long and not on both carriageways at the same time, and signage and marking has

been stepped up. These measures have proven to be effective due to the close coordination between Civil Works Operations and Engineering. Another

difficulty has been the weather, which up to the present has been giving us a break. The average height of the AP-6 toll road is more than one thousand

metres, so on average we have a hundred days of ice or snow a year. Under these conditions, any type of planning, however detailed it may be, can

always be affected by unexpected setbacks.

how have personnel been prepared for this project?

The upgrade of our infrastructure is a project that has been carried out over the course of a decade. At this point in time, the people working with

iberpistas and castellana management have enormous experience in these kinds of situations. The key thing from my point of view is never to

forget that that our goal is to ensure traffic can flow under the best possible conditions. It is hard to pick out a particular group because everyone’s

contribution is important. However, as they are most directly engaged in customer service, I would give a special mention to the staff in the

Operations Centre and Toll Road Monitoring.

“Work on the AP-6 will result in a first-class infrastructure and make it possible to deliver extremely high quality service”

Ignacio arbillaabertis autopistas Centre-south network Manager

29 AR CSR AA

spain

Total km. Spain

1,760

Palafolls

La Jonquera

Girona

Lleida

Castellón

Valencia

Alicante

Seville

Cadiz

Navalcarnero Arganda del Rey

Guadalajara

Segovia

Adanero

Ávila

Astorga

León Logroño

Vitoria

Bilbao

Zaragoza

Madrid

Barcelona

Tarragona

avasa

acesa/invicat

Direct or shared managementOther holdings

30 AR CSR AA

31 AR CSR AA

2010 has also been a year of commitment to road safety and

improvement for abertis autopistas, particularly in terms

of technological advances on its roads. This year innovative

interactive information points have been installed where the

customer can get online information about road conditions,

weather forecasts and safety tips. Furthermore, abertis

autopistas has built specific rest areas for road hauliers equipped

with tight security measures as part of its commitment to better

meet its customers’ needs.

At the organizational level, the goal of the toll roads business

division in Spain this year has been to consolidate its network

management model in order to achieve greater business unit

operational efficiency and vision. This has involved bringing in

a new concept in network management that has led to the

technological integration of the concession operators. As a

result, abertis autopistas now operates uniformly across its

5 networks: the GenCat Network (concessions owned by the

Government of Catalonia), the Mediterranean Network, the Ebro

Network, the Levante Network and the Centre-South Network.

abertis has also set up a new company called invicat in 2010 to

manage toll road concessions previously run by acesa and which

are owned by the Government of Catalonia.


Revenues generated from directly managed toll road concessions

in Spain reached 1,365 million euros and EBITDA came to 1,066

million euros, representing 33% and 43% of the abertis group’s

total respectively.

In spite of the 4% fall in AADT in Spain, in the last few months of

the year the decline in traffic has lessened.

Operating income has been increased, in spite of poorer business

levels, by the effect of the additional 50% contribution by avasa

(+34 million euros in 2010) and by the partial compensation for

the AP-7 and Maresme agreements.

In the course of the year investment in electronic toll payment

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

toll roads in Spain as a whole comes to 35.1%, 1.6 percentage

points more than last year. Especially significant is avasa, with

41.8% of transactions by electronic toll, as all the concession

operator’s discounts and free options are linked to compulsory

use of this payment system.

In 2010 Spanish toll roads have carried out operational

investment coming to 54 million euros, mainly in optical fibre

installation, improvements to toll, maintenance and rest areas,

and the repair of structures and bridges. Another 188 million

euros has been invested in expansion, of which 179 million euros

has gone basically for the lane addition and section extension

work set out above.

2010



2010 var.

Operating revenues 1,365 1.1%

EBITDA 1,066 1.3%

EBIT 769 -3.1%

aaDt



2010 var.

acesa/invicat 31,753 -3.5%

aumar 19,034 -6.9%

iberpistas 27,123 -3.3%

castellana 7,241 1.5%

aucat 26,712 -4.1%

aulesa 4,911 -4.0%

avasa 13,447 -0.9%

total aaDt 22,383 -4.0%

3332 AR CSR AA

Chile

Following the acquisition in 2008 and 2009 of holdings in

various concession operators in Chile, abertis has grown to

become one of the country’s main toll road operators with the

direct or shared management of more than 430 kilometres.

In 2011 it is to focus on further plans for road infrastructure

and connectivity for regional urban and centres and upgrading

existing intercity concessions to provide better and increasingly

efficient comprehensive service to users.

Rest of the world

The internationalization of abertis autopistas has continued to be successful this year. Higher economic growth in the economies of Latin America has resulted

in increased industrial activity and a significant increase in traffic on the roads.

Thus the international business of this unit has helped offset the falls that are

continuing to take place in Spain.

Rest of the world: other countries in Latin america and Europe

abertis also has a presence in other countries in Latin America

and Europe, where it manages or has minority shareholdings in

toll roads in Argentina, Puerto Rico, Colombia, the UK, Portugal

and Italy.

In Puerto Rico abertis has stepped up its commitment to the

business by purchasing the remaining 25% not hitherto in its

possession of apr, the company which operates the Teodoro

Moscoso Bridge concession in San Juan. The operating lifetime

of this award was extended in 2009 for a period of 17 years up

to 2044.


Company holding Km. Concession end Country

elqui 100.0% 229 2022 Chile

apr 100.0% 2 2044 Puerto Rico

rutas del pacífico 78.9% 141 2024 Chile

gco 48.6%1 56 2018 Argentina

Autopista Central 28.9%2 60 2031 Chile

gesa3 100.0%

opsa4 78.9%

488

Company holding Km. Concession end Country

Coviandes 40.0% 86 20231 Colombia

Coninvial2 40.0%

RMG 33.3% 74 2026 United Kingdom

Pt.Operational Services3 33.3% South Africa

Ausol 31.6% 119 2020 Argentina

Grupo Brisa 14.6% 1,378 20354 Portugal

Grupo Atlantia5 6.7% 3,413 20384 Italy

1. 57.6% of voting rights.2. abertis controls 57.7% of Grupo Invin, which in turn has a 50% stake in Autopista Central.3. Company that operates elqui4. Company that operates rutas del pacífico

1. Concession end subject to meeting estimated revenue targets and forecast for 2023.2. Company that is building Coviandes3. Company that delivers operational and maintenance services to the South African concessionaire

Bakwena Platinum Corridor.4. Indicates the end of the concession with a higher relative weight.5. As of 31 December 2010 (sold in 2011).

33 AR CSR AA

abertis has increased its stake in apr up to 100%. What does the teodoro Moscoso bridge concession in puerto Rico mean for abertis?

The purchase of the 25% stake that abertis did not have in Autopistas de Puerto Rico (apr) is a sign of the Group’s confidence in its business in the

country. The project started 19 years ago when Autopistas de Puerto Rico S.E. and the Puerto Rico Highways and Transportation Authority executed

the Concession Agreement for the Financing, Design, Construction, Operation and Maintenance of the Teodoro Moscoso Bridge in the San Juan

metropolitan area. After two years of work and an initial investment of more than $80 million, this infrastructure was opened in 1994 and over the

course of nearly 16 years of operation it has served more than 128 million users, becoming synonymous with excellence and quality. In 2010, the

Teodoro Moscoso Bridge has generated revenues of nearly $19 million, which is an 8% increase over the previous year.

puerto Rico has opted for public-private partnerships as the best way of financing infrastructure.

The Government of Puerto Rico has put in place a new public-private partnerships programme through the implementation of Law No. 29 adopted in

June 2009. This is an important commitment by the country which sees this type of partnership as an integral part of its governance model and not as

a response to a temporary situation. Furthermore, Puerto Rico also offers the necessary ingredients for implementing long-term investment projects:

it has a solid legal framework, a stable currency and a clear and consistent government programme. abertis plays a key role here. Its presence over

several years and its commitment to the community and the quality of the service provided by the Teodoro Moscoso Bridge have helped to position

the group as a world leader in the management of transport infrastructures and a partner of choice for future PPP projects in Puerto Rico and the rest

of the United States. An example of abertis’s interest in this market and its commitment to public-private partnerships is the analysis we are currently

carrying out for the tender to finance, upgrade, operate and maintain the PR-5 and PR-22 motorways, the latter being the busiest on the island.

to what extent is the group’s presence in puerto Rico important from a geostrategic point of view?

In 1994 the Teodoro Moscoso Bridge was the first public-private partnership project in operation in the transport sector in the United States. Given

the Government’s programme and the features of the new Law that support it, I am convinced that not only does Puerto Rico have the potential to

become an attractive market in itself, but that it can also establish itself as a benchmark for other parts of the U.S. and act as an ideal gateway into

the rest of the U.S. market.

“The Teodoro Moscoso Bridge has turned abertis intoa partner of choice for future projects in Puerto Rico and the rest of the United States”

Luis palazziDirector of toll Roads north america

33 AR CSR AA

35

San Juan

ColombiaCoviandes

argentinaAusolautopistas del oeste (gco)

ChileAutopista Central

ChileRutas del Pacífico

ChileElqui

Bogotá

La Serena

Ovalle

Los Vilos

Valparaíso

Santiago

Santiago

Santiago

San Antonio

Bogotá

Villavicencio

San Fernando

San Isidro

Buenos Aires

Buenos Aires

LujánBuenos Aires

sOuth aMERICa

south africaPT Operational Services

Zeerust

Bela-Bela

Pretoria

JohannersburgJohannesburg

aFRICa

London

Oporto

Lisboa

Peterborough

GloucesterSawtry

Alconbury

Swindon

Cirencester

united Kingdom

RMg

portugalBrisa

ItalyAtlantia*

EuROpE

direct or shared managementother holdings

(*) In 2011 abertis has sold its stake in Atlantia (6.68%) through a private placement process.

34 AR CSR AA

35 AR CSR AA


Revenues from directly managed toll road concessions in the

rest of the world have come to 248 million euros and EBITDA

stood at 155 million euros, representing in both cases 6% of the

abertis group’s total.

The figures have increased significantly and are not comparable

with the previous year due to the impact on the P&L account for

2010 of the incorporation of Chilean shares (“Itinere assets”) for

a full year (6 months in 2009).

In Chile, business activity has been positive in all concession

operators, with increases of 4.5% in Autopista Central, 5.6% in

rutas del pacífico and 4.7% in elqui, and with an even greater

improvement in heavy vehicles.

In Argentina, in addition to the positive growth in business

activity (+6.5% AADT) there have also been price increases of

17.25% on average since 14 December 2009, and 20.47% on

average since 4 October 2010.

In Puerto Rico there has been a price increase of 50% since

1 January 2010, which has led to an income increase of 10%

despite the drop in traffic of 28.5%.

In 2010 Chilean companies, mainly Autopista Central, have

invested 2 million euros in free-flow toll equipment and

improving infrastructure. In Argentina, gco has invested 2 million

euros in upgrading toll stations and improving safety. It has also

invested 11 million euros in expansion through the acquisition of

the remaining 25% of apr.

In Colombia, in January 2010 it signed an agreement with the

government to amend the Coviandes concession contract, 40%

owned by abertis, whereby the concessionaire undertakes to

widen the central segment of the road and carry out safety

work costing approximately 650 million euros. This is to be

compensated by the government through a combination of

direct funding and tax benefits.

In Europe, abertis has maintained its presence in the Portuguese

firm Brisa with a 14.6% stake and where it has a seat on the

Board of Directors. In 2011 abertis has sold its stake in Atlantia

(6.68%) through a private placement process in which it made

capital gains.

248million euros

Revenues from direct-managed toll road concessions in the rest

of the world

2010



2010 var. %

Operating revenue 248 72.0

EBITDA 155 96.1

EBIT 64 688.6

aaDt



2010 var. %

elqui 4,795 4.7

rutas del pacífico 22,879 5.6

gco 73,419 6.5

apr 16,549 -28.5

Autopista Central 65,843 4.5

total aaDt 22,820 5.5

35 AR CSR AA

36 AR CSR AA 37

abertis telecom has celebrated its tenth anniversary in 2010 by establishing itself as the leading terrestrial telecommunications infrastructure and services group in Spain. It now has more than 3,300 centres making up the largest network of sites in the country for broadcasting and distributing audiovisual signals. It is also an

internationally recognized satellite broadcasting operator through its key holdings in operators Eutelsat and hispasat.

2010 has been the year in which the changeover to digital

terrestrial television (DTT) has been completed, the largest ever

technological replacement project to be carried out in Spain and

one of the biggest in Europe. Under the DTT National Technical

Plan, coverage has been provided to 98% and 96% of the

population for public and private television services respectively.

The progressive rollout since 2005 of a new digital broadcasting

network based on existing and new centres to replace the

analogue network deployed over the previous 50 years has


been a highly complex process in technical, logistic and social

(it affects over 46 million people) terms. 58% of the 5,700 DTT

broadcasting centres currently existing in Spain (in other words

3,315 of them) are operated by abertis telecom.

The project has been completed successfully and almost

two years ahead of most countries in Europe. It has involved

the whole abertis telecom organization, with more than 700

people working on it directly in addition to the participation of

more than 2,000 engineers and outsourced professionals.

Dtt rollout, an unprecedented success in spain

37 AR CSR AA

how has the satellites business gone over the course of the year?

After four years spent in the satellite communications industry, since January 2007 in Eutelsat and since June 2008 in hispasat, I think it is fair to say

that we have established ourselves in this sector in our role as an industrial manager both at home and abroad. We are known and recognized worldwide

by the various players in this business. As for developments in the market, we have been pleasantly surprised. Despite the global financial crisis, the

development of satellite technology-based activity has maintained its growth rates of previous years. And if forecasts are met, it is expected that growth

over the next five years will remain at around 4%. In 2010, the evolution of the satellite division in hispasat and Eutelsat has accounted for over 60%

of the company’s net profit. If forecast growth is achieved, it is quite possible that this contribution will grow even more in years to come.

2010 has been a year of significant launches…

A satellite launch is always a significant moment in a company’s operations. In late 2009, hispasat launched the satellite Amazonas2 into space which

has enabled the company to strengthen its position in the Latin American market. In 2010 we have also successfully launched the 1E satellite which

supplements and provides continuity for the 1C and 1D satellites, with a greater focus on the Iberian Peninsula and western Europe. This means that

hispasat now has, including Hisdesat satellites, seven satellites that will ensure the continuity and growth of the business. In addition, hispasat and

Hisdesat also have a portfolio of five new launches planned that will afford the company an excellent position in the sector. As for Eutelsat, the company

has put into orbit the KA-SAT satellite, which is functioning flawlessly and whose cutting-edge technology makes it into a key factor in the future

development of Eutelsat. Eutelsat has an impressive order book of seven satellites under construction (W3C, AB7, W5A, W6A, Es’hail, W3D and EB9B)

which are opening up an exciting future for the company.

What are the challenges the division will have to face over upcoming months?

hispasat and Eutelsat are companies that need to continuously adapt to market needs and developments. New trends based on the use of commercial

satellite capacity for the provision of military services constitute a huge opportunity and market that until now had been a closed shop. Governments

want to bring broadband to every corner of their respective countries and this means that satellites are a key factor for quickly and effectively

supplementing terrestrial infrastructures. Eutelsat is a pioneer in this field, as it has put into orbit the first European satellite using Ka-spot beam

technology to deliver broadband services. In television, the advent of high definition and 3D broadcasts entails heavy use of satellite capacity. There is a

future, there is demand, there is technology and there are capabilities: what more could you want?

“abertis has established itself at home and abroad as an industrial manager in the satellites sector”

Carlos EspinósManaging Director of abertis telecom satellite Infrastructures

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38 AR CSR AA 39

Yet abertis telecom has done more than just deploy DTT in

2010. Its satellite business has grown strongly and for the first

time this unit is the largest contributor to abertis telecom’s

results.

Satellite growth has come not only from the increases in new

services but also from its investees Eutelsat and hispasat,

which this year have launched new satellites and are planning to

put more into space in 2011.

Eutelsat, the leading operator in Europe with a market share of

30% and the third biggest operator in the world, has put into

orbit KA-SAT, a new high-performance satellite that will provide

access to broadband via satellite for areas with connectivity

problems.

For its part hispasat, the world’s seventh largest satellite

operator by revenue, has launched hispasat 1E which expands

the Group’s capacity in Europe, America and Africa and increases

its range of high quality services.

In 2010 abertis telecom has continued to develop

telecommunications services for operators by including new

projects for implementing wireless and fibre optic broadband

networks as well as security and emergency radio services such

as the ones provided to the Merchant Navy and Sea Rescue.

The challenge for 2011 is the consolidation and growth of the

new services and applications brought by new technologies. In

the field of DTT, the extension of the 3 new multiplexes will be

completed and work will be done to get ready for the arrival of

the digital dividend (the reallocation of frequencies) in 2014. As

for new services, the focus will be on high-definition television,

the development of DTT Premium services and driving other new

products such as 3D television, mobile television and interactive

services. In short, these will be new technological advances to

which abertis telecom as an independent network operator

wants to continue to contribute all its capacity for innovation

and development so as to turn the information society into a

reality.

Satellite growth has come not only from the increase in new services but also from its investees Eutelsat and

hispasat, which this year have launched new satellites and are planning to put

more into space in 2011.

Company holding Centres

abertis telecom 100.00% -

retevisión 100.00% 2,662 sites

tradia 100.00% 653 sites

adesal 51.00%

overon 51.00% -

hispasat 42.06%1 7 satellites2

Company holding Centres

Torre Collserola 4.8% -

Eutelsat 31.4% 27 satellites

Cota 25.0% -

1. Includes indirect stake held through Eutelsat2. Includes 2 Hisdesat satellites


39 AR CSR AA


The telecommunications infrastructures business sector brought

in the second highest amount of revenues at 552 million euros

and an EBITDA of 218 million euros, which represent 13% and

9% of the abertis total respectively.

The telecommunications sector has increased its revenues

compared to 2009 mainly due to the increased activity in the

audiovisual segment (digital terrestrial television) and new radio

contracts as well as higher non-recurring income (DTT trading

extensions). These increases coupled with higher revenues from

satellites (hispasat) offset the reduction in revenues from

analogue TV due to the changeover.







2010


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

consolidated by the equity method.

In 2010 abertis telecom has carried out operational investment

coming to 21 million euros, mainly in replacement investment

and operational support for retevisión and tradia. It has also

invested 126 million euros in expansion in the completion of

the deployment of DTT and in hispasat in its share in the

construction of the satellites Hispasat 1E, launched in December

2010, Amazon III and Small Geo.

2010 var. %

No. sites 3,315 3.0%

No. service centres 63,076 13.8%

2010



2010 var.

Operating revenues 552 1.9%

EBITDA 218 -0.9%

EBIT 106 -2.2%

InvEstMEnts (millions of euros)COns. REsuLts IFRs (millions of euros)(Contributions to abertis consolidated)

55213%

million euros

Revenue from telecommunications

infrastructures

of abertis’s total

40 AR CSR AA 41

In the course of 2010, abertis airports has consolidated its position as one of the benchmark operators in the airport infrastructures sector in the world with operations at 29 airports in Europe, the US and Latin America and overall annual traffic coming to

58 million passengers.

In spite of the initial upturn of traffic in the airport management

business worldwide, the persistence of the economic crisis in

some regions and adverse weather conditions with the eruption

of the Eyjafjalla volcano in Iceland and snowstorms in the first

quarter of the year have meant that the recovery has been

uneven across the various countries in which abertis airports

operates.

The geographical diversification of the airport management

division has been successful. Growth in Latin American countries

where it operates has made up for smaller numbers in other

economies such as the United States and Europe.

Against this backdrop, abertis airports has focused on active

management of its business through pursuing an active policy

of cost control and implementing other activities and services

2.3 Airports

such as driving commercial activity with its customers and car

parking facilities.

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

the airport sector six years ago, manages eight international

airports that it owns or has the concession for in Europe (the

UK and Sweden), the United States and Bolivia. In addition it

has total or partial management contracts for another five

airports in the United States. Over the course of the year, tbi’s

airports have continued to improve their infrastructures. Belfast

International Airport has opened a new, revamped, more modern

and spacious terminal this year which is designed to increase the

number of passengers and house a greater range of shops. For its

part, this year Cardiff airport has presented a plan to refurbish

and expand its terminal in order to increase its shopping facilities

and provide Wales with a more modern facility.

a world benchmark operator

41 AR CSR AA

What is the phoenix project?

The Phoenix Project is the big project for the refurbishment of the terminal that was mapped out in early 2009 in order to put in place a series of major

improvements for passengers at Belfast International Airport. The project has a number of key objectives. Firstly we want to build a more “intuitive” flow

through the departure terminal to shorten the journey from outside the facility to the boarding gate. Secondly we want to rebalance the terminal space

to double the area assigned to retail in the boarding area. We have also sought to create a more modern and spacious atmosphere in the terminal for users

and employees alike, bringing natural light into its centre. Finally we have also worked with our commercial partners so that the airport has new products

and services that improve the passenger experience. The project was started up in spring 2009 with the relocation of the security control area, which

was followed by the construction of a new link between the check-in and security areas. In later stages terminal space was relocated and its structure

upgraded. All work phases were planned and implemented in such a way as to ensure continued use of the building while reconstruction work was going

on. The renovation was completed in November 2010.

What does this extension mean for the airport and for the development of northern Ireland?

Tourism and investment are of critical importance for the economic development of Northern Ireland and for many of these visitors, Belfast International

Airport is the first impression they will receive of the region when they arrive and the last when they leave.

Belfast International Airport is the main air gateway to Northern Ireland and abertis, as a long-term investor in the region, needs to show that it is

ramping up its commitment to the regional economy with appropriate investments such as the Phoenix Project. It is also very important for us to show

that we are working with the Government to create access routes that open the region’s economy up to the rest of the world.

What are the main challenges for the future of belfast International airport?

One of the biggest challenges we always face is that Belfast International Airport serves a region on an island in the North Atlantic on the western

edge of Europe, which means that most air traffic is outgoing. However, this can also be an opportunity. As we are surrounded by the sea, long-distance

connections by rail and road with the rest of Britain and Europe will never be an alternative to flying. Moreover, as the region leaves behind its troubled

past and there are signs of an economic recovery, there will be significant opportunities for attracting tourists. In this respect, and in order to create access

channels for these visitors, we will have to compete vigorously to attract new airlines.

“Investment under the Phoenix Project demonstrates abertis’s commitment to the economy and development of Northern Ireland”

John Doranbelfast International airport Director

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4342 AR CSR AA

Through Desarrollo de Concesiones Aeroportuarias (dca), abertis

has an interest in a total of 15 airports in Central and Latin

America, specifically in Mexico, Jamaica, Chile and Colombia.

Particularly significant is its position in Grupo Aeroportuario del

Pacífico (GAP), which is the largest private airport operator in

America.

dca’s airports have delivered the best performance over the year

with significant growth in traffic, due in part to the boost which

Latin American economies continue to provide in comparison

with other markets.

abertis airports, like other divisions in the abertis group, has

also upped its commitment to the environment. London Luton

Airport, managed by tbi, has partnered Resource Efficiency East

to reduce carbon dioxide emissions at the airport.

In 2011 abertis airports plans to continue with its policy of

consolidating its business to maintain its standing as a major

airport infrastructure manager, a position that has been

recognized not only abroad but also in Spain. In the current

climate where governments are increasingly interested in public-

private partnerships and concessions, abertis airports will

continue to explore and analyze new investment opportunities

sponsored by all levels of government.Particularly significant

here is the Spanish Government’s announcement concerning

concessions at major airports including Madrid-Barajas and

Barcelona-El Prat, which abertis airports is examining closely.

Company holding Owned Concession Management

dca 100% - 15 -

tbi 90% 3 5 5

codad 85% - 1 -

3 21 5

Country holding Concession

Jamaica 74.5% 1

Colombia 33.3% 1

Chile 14.8% 1

Mexico 5.8% 12

15

Location holding Owned Concession Management

United Kingdom (London Luton, Belfast and Cardiff)

100.0% 2 1 -

Sweden 90.1% 1 - -

Florida (USA) 100.0% - 1 -

Bolivia 100.0% - 3 -

Georgia (USA) 100.0% - - 3

California (USA) 100.0% - - 1

North Carolina (USA) 100.0% - - 1

3 5 5

thROugh tbi*

thROugh dca

43 AR CSR AA

america

Direct or shared management

Owned

Concession

Management contract

Other holdings

Other holdings

Santiago

Viru Viru (Santa Cruz)

El Alto (La Paz)

Jorge Wilstermann(Cochabamba)

Cali

Eldorado

Sangster

Morelia

Bajio

Aguascalientes

Puerto Vallarta

Guadalajara

San José del Cabo

La Paz

Manzanillo

Los Mochis

Hermosillo

TijuanaMexicali

Burbank

Orlando Sanford

Middle Regional Georgia

Atlanta

Herbert Smart Downtown

Raleigh (Durham)

usa

Mexico

Colombia

bolivia

Chile

Jamaica

43 AR CSR AA

44 AR CSR AA 45

StockholmSkavsta

Belfast International

united Kingdom

Cardiff Airport

Direct or shared management

Owned

Concession

Management contract

Other holdings

Other holdings

London Luton

europe

sweden

44 AR CSR AA

45 AR CSR AA


The airports sector accounted for 7% of revenue and 3% of

abertis group’s EBITDA in 2010.

tbi’s activity has been affected by the global economic crisis,

adverse weather conditions with the eruption of the Eyjafjalla

volcano in Iceland, snowstorms in the first quarter of year, and

by decisions of airlines that have been reversed in 2011.

By contrast dca and Codad have performed well at 8.2% and

13.8% respectively.

In spite of the negative development of tbi’s activity, revenue

has increased by 5.5% due to tbi’s higher revenue per passenger

(+7.9%), a larger contribution by dca (higher rates at Montego

Bay Jamaica) and the favourable change in the exchange rates

for the pound and the dollar against the euro.

The airport sector has invested 31 million euros in 2010. The

bulk of this has been in the replacement of the radar systems at

Belfast and Cardiff, the repair of the apron at Stockholm and the

reconfiguration of the land/air side at Belfast.

277millions of euros

Operating revenues

2010 var. %

No. of passengers (thousands)

London Luton 8,752 -4.1

Belfast International 4,047 -10.8

Cardiff 1,401 -14.0

Orlando Sanford 1,139 -32.5

Stockholm Skavsta 2,489 -0.6

Bolivia 3,690 19.0

total no. of passengers tbi 21,517 -4.7

No. of passengers dca group (thousands)

Montego Bay (Jamaica) 3,284 1.2

Aerocali (Cali, Colombia) 3,114 23.7

Santiago de Chile 10,161 13.4

GAP (Mexico) 20,223 4.9

total no. of aggregate passengers dca 36,782 8.2

no. of flights codad 149,880 13.8

2010



2010 var. %

Operating revenues 277 5.5

EBITDA 81 8.1

EBIT 26 65.9


COns. REsuLts IFRs (MILLIOns OF EuROs)(Contributions to abertis consolidated))

46 AR CSR AA

saba remains one of the leading operators in the sector in Spain and the rest of the world, managing 128,149 spaces in 195 car parks in Spain, Italy, Chile, Portugal, France

and Andorra.

The success of the strategy for entry into the airport car park

segment with new contracts at Pamplona and Almeria airports,

increased internationalization with new spaces in Italy and

Chile, and a commitment to innovation and technological

advancement have been the key features of 2010 for abertis’s

car parks business.

In the Spanish market saba has established itself as one of the

major players in airport car park management. This year it has

landed car park management contract awards at Almeria and

Pamplona airports to add to the ones it has at Barcelona-El Prat,

Girona, Reus and Tenerife South. In total, the Group manages

37,126 spaces at Spanish airports. It also holds the concession

for 635 spaces at Brindisi airport in Italy.

2.4 Car Parks

Growth has also been strengthened in Spain with a new owned

car park in Palma de Mallorca. The facility is located right in the

heart of the old quarter and has a capacity of 284 spaces.

Abroad there has been asset turnover with growth in Italy and

the departure from Morocco. In Italy, saba has reinforced its

leading position with the opening of a new car park in Pisa.

With these new facilities, the Group now has a total of more

than 26,200 spaces in the country.

In Chile, the upgrading and modernization of the Providencia,

Plaza de la Ciudadanía, Plaza de las Armas and Tribunales facilities

has strengthened saba’s position in a country that is strategic for

the Group and in which it already has a total of 15 car parks with

a combined capacity of nearly 9,000 spaces.

Organic growth in spain, international consolidation and commitment to innovation

47 AR CSR AA







2010


(*) abertis participa en un 99,46% en saba aparcamientos, que es la que participa en el resto de sociedades.(**) accionariado compuesto al 50% por sociedades controladas por el grupo abertis, en total abertis ostenta el 76,01% de saba-sanef parkings

The company’s progress in 2010 has also

been shaped by other factors such as

innovation, the use of new technologies

and a concern to meet the social

needs of efficiency and environmental

sustainability.


The car park sector accounts for 4% of abertis’s operating revenues and reached 154

million euros. Its contribution to consolidated EBITDA was 64 million euros, which is 3%

of the abertis total.

The addition of new car parks and spaces (expansion in Spain and Italy and new

management contracts) together with the rise in rates are the factors behind the increase

in car sector figures in 2010. They help to offset the slightly negative evolution of business

operations on a like-for-like basis and average length of stay.

Over the course of the year saba has carried out expansion investment coming to 29

million euros in Spain, with the acquisition of its car park in Palma de Mallorca, and in

Italy, with the construction of 14 new car parks. In addition, it has carried out operational

investment in system repairs, upkeep and maintenance coming to 7 million euros.

Country holding no. of spaces no. of cities

Spain 99.48%1 73,302 46

Portugal 100.00% 17,796 8

Italy 100.00% 26,206 20

Chile 100.00% 8,942 3

France 76.28%2 1,042 1

Andorra 60.00% 861 2

128,149 80

2010 var. %

No. of car parks 195 -0.5%

No. of spaces 128,149 -0.1%

No. of short-stay vehicles (millions) 56.3 0.0%

No. of season ticket holders 34,261 -0.6%

2010



2010 var. %


EBITDA 64 9.3%

EBIT 34 -1.0%For the purposes of the car park business, in addition to the saba group 100% of saba sanef Parkings

(50% commercially dependent on sanef) is included.

1. abertis has a 99.48% stake in saba, which in turn has holdings in the other companies.2. 50% of shareholder structure made up of companies controlled by the abertis group; in total aber-tis holds 76.28% of saba-sanef car parks



49

europe

america

France (1)

Spain (46)

Portugal (8)

Italy (20)

Andorra (2)

Chile (3)

the number of cities in which saba is present in a country is indicated for each country. there may be one or more sites in each city.

48 AR CSR AA

49 AR CSR AA

What improvements has saba Chile made to its car parks in 2010?

During 2010 we have carried out a major and highly efficient programme of investment and improvements in the car parks that saba manages in the

capital of the country. Specifically this has been in the districts of Providencia and Santiago-Centro and it has involved investment of more than 2

million euros. With this strategy we are seeking to standardize our network of car parks, providing more technology, safety and comfort to the more

than 12,000 users we serve on a daily basis. The programme began in Providencia and it is to be expanded to our other facilities in 2011. It involves the

renewal of saba’s corporate image, the introduction of automatic pay stations and improved pedestrian access Furthermore, in the Plaza de la Ciuda-

danía and Plaza de Armas car parks in the centre of Santiago we have installed access control systems based on Chipcoin technology which consists of

an electronic token that is used as an alternative to the traditional paper ticket. Plus I would also like to underline the improvement and upgrading work

that we have carried out in our car parks to repair the damage caused by the earthquake that struck Chile in 2010. Our car parks were not seriously

affected and they all remained fully operational except for two in Concepción, an area near the epicentre, which came back into service in 30 days

in the case of Tribunales and 70 for Catedral. The saba Chile team has done an excellent job in dealing with the challenge created by the earthquake.

What change has there been in saba’s car park portfolio in 2010?

At the start of the year the Plaza de los Tribunales de Justicia car park in Concepción came into service, which means that with the Catedral car park

we now have more than 800 spaces in the city.

Plus at the end of 2010 we renewed our management contract with Clínica las Condes. The renewal of this contract means we have met the customer’s

requirements with a first-rate integrated solution for managing the entire infrastructure of car parks at Clínica las Condes, the first Chilean hospital to

be credentialed by the Joint Commission International.

What are the main future challenges in the car park sector in Chile and what role do you think saba can play in the country to help with its

development?

The country’s economic indicators show that we have got to continue with our development policy of expanding our presence in Chile. Personally

I would concentrate on two areas: firstly, consolidating our leadership in the concession sector, and then secondly ramping up saba quality as a

differentiating factor through an ongoing policy of bringing in cutting-edge technology, as this is an increasingly relevant consideration when

choosing which car park to use. Here I am particularly thinking about the use or inclusion of TAG technology (ViaT in Spain) in our car parks as

over 95% of motor vehicles in the country’s capital are equipped with the device.

“The investment carried out in saba’s facilities in Chile in 2010 has made it possible to enhance the technology, safety and convenience of our car parks”

Jean François Moussetgerente general saba Chile

49 AR CSR AA

50 AR CSR AA

abertis logística is abertis’s business unit which focuses on the promotion, development, management and use of logistics parks in Spain, Portugal and Chile.

2010 has been the year of the final internationalization of

abertis logística. In addition to growth in occupancy rates and

the number of contracts in Spain and the consolidation of its

business in the Central region, it has also inaugurated its park

in Chile, which opened with 100% of its space leased. This is

the result of a firm commitment to intermodal logistics park

management, tailored to meet the needs of its customers and

sited in the most strategic locations.

In Portugal, progress has been made in the abertis logisticspark

lisboa project, the first facility of its kind in the country, sited a

mere 30 km from the capital and near the country’s main road

and rail junctions.

In Spain, after adjustment quarters in both occupancy and prices,

the industry has experienced a modest upturn in demand. Against

2.5 Logistics Parks

this background, abertis logística has made special efforts to

market the extension of abertis logisticspark coslada (Coslada

II) located in the Corredor del Henares, the main hub for economic

development and logistics in the Madrid metropolitan area. In

Catalonia logistics parks have benefited from the recovery in

exports and traffic in the Port of Barcelona, and in Seville the

Logistics Activities Zone (ZAL) has reached an occupancy rate of

more than 75%.

At the corporate level, the final structure of the Consorci de

Parcs Logístics (cpl) has been concluded in 2010. This is a project

that combines the capabilities of abertis logística and the Port

Authority of Barcelona for the promotion and implementation

of logistics activities in Catalonia and its area of influence. As a

consequence of this operation, abertis has increased its stake in

cpl to 64.5% and in Cilsa to 44%.

Consolidation in spain and good prospects abroad

51 AR CSR AA

In 2010, abertis logística has obtained ISO 14001:2004

certification for the Environmental Management System used

in its logistics infrastructure development and management

business, encompassing all the company’s operations.

Furthermore, the abertis logisticspark penedès and the

Zona de Equipamientos CIM Vallès logistics parks have

also obtained ISO 14001 and 9001 certification for their

environmental and quality management systems respectively.


The logistics services business unit contributed operating re-

venues of 35 million euros and EBITDA of 23 million euros to

abertis. Both figures represent 1% of the group’s totals.

In 2010, changes in the P&L account have been positively

affected by the corporate restructuring of the cpl group that

has led to a fair value revaluation of Cilsa’s historical 32%,

generating a positive impact on income and EBITDA of 14

million euros. This impact more than offsets the non-conso-

lidation of Areamed, which since late 2009 has been part of

the toll roads unit.

There has been an increase in gross floor area with the com-

missioning of the first industrial unit in Santiago de Chile,

although average occupancy has fallen as a result of the eco-

nomic crisis. As this is a sector that is being developed, the

main investments have been for expansion projects for a total

of 26 million euros, with the chief investments being at Chile

and Portugal.

Company % holding Logistics parks City total surface area (hectares)

Current status

abertis logística 100.0

CIM Vallès (services area) Barcelona 7.0 Operational

abertis logisticscenter camarma Madrid 8.0Under construction

abertis logisticscenter henares Madrid 11.0Under construction

abertis logisticscpark penedés Barcelona 14.0 Operational

abertis logisticscpark coslada Madrid 10.7 Operational

Chile logística 100.0 abertis logisticscpark santiago Chile 63.3Operational / Under construction

abertis portugal Logística 100.0 abertis logisticscpark lisboa Portugal 100.0Under construction

sevisur 60.0 zal puerto de sevilla Seville 54.0Operational / Under construction

Parc Logístic Zona Franca 50.0 Parc Logístic Zona Franca Barcelona 41.0Operational / Under construction

Arasur 44.0 Arasur Alava 188.0Operational / Under construction

Cilsa* 28.4

Zal Barcelona and Zal Prat Barcelona 213.0Operational / Under construction

Zal Toulouse France 20.0Operational / Under construction

730


* abertis controls 64.50% of the holding company cpl, which in turn has a 44% stake in Cilsa

2010 var.

m2 units and offices built 534,407 4.5%

% average occupancy 65,6% -9.4

2010

Operational Investment 1

Expansion Investment 26

2010 var.


EBITDA 23 94.6%

EBIT 1 -65.3%InvEstMEnts (millions of euros)


52 AR CSR AA

europe

america

Portugal

Spain

France

Chile

abertis logisticspark lisboa

ZaL puerto de sevilla

ZAL ToulouseArasur

abertis logisticspark santiago

abertis logisticscenter camarma

abertis logisticspark coslada (I)

abertis logisticspark coslada (II)

abertis logisticspark penedès

CIM vallès

abertis logisticscenter henares

pLZFZal barcelona

Zal prat

52 AR CSR AA

Manuel Mirandaabertis logística Central Zone Manager

how would you rate 2010 for abertis Logisticspark Coslada?

2010 has been a year of continuing challenges and hectic activity which, thanks to the efforts of the people at abertis logística and especially in the

Central Zone, has turned into a year in which we have achieved first-class results. In particular I would mention the extension of contracts with Madrid

City Council and the Social Security Treasury Office together with the entry of five new customers into the logistics park in the shape of MRW, Grupo

Microma, Lince Envíos, Fagor and Incedere. This has enabled us to end the year with a park occupancy rate of 65%.

how has the market reacted to the product offered by abertis logística in the Central Zone?

The product that we are currently marketing in Coslada has some very specific features that mean it is a park people know about and recognize. Firstly

we meet the basic requirement for any logistics asset which is having a matchless location; there are superb road links between the M-40 and M-50

orbital roads, we are right next to the A-2, the dry port and Madrid airport are nearby and we have connections with the local metro and commuter

trains. Another feature is the flexibility of our units with floor areas ranging from 1,200 m2 to 10,000 m2. Finally, I would pick out the customer services

provided by the park as another distinctive factor which allows our customers to concentrate on their businesses and share expenses with their

neighbours. These three features have enabled us to define our potential customers.

What are abertis logística’s main challenges for the future in the Central Zone?

Our main challenge in the Central Zone is to become a leader in the logistics market, and doing that involves three things. Firstly we have to complete

the marketing of our Coslada parks, secondly we need to get actively involved in logistics development plans with government, specifically through

Madrid Plataforma Logística (MPL), and finally we have to develop the San Fernando and Camarma logistics parks when market conditions make this

advisable.

“The product we are offering at Coslada has some very specific features and this has enabled us to gain five new customers in 2010”

53 AR CSR AA

csr

csr

csr

csr

csr

csr

csr

csr

csr

csr

csr

csr

csr

csr

csr

csr

csr

csr

csr

csr







2.1 Toll roads


2.3 Airports

2.4 Car Parks

2.5 Logistics Parks



3.2 Indicators 2010





56 AR CSR AA

• Throughout 2010, abertis received various awards, including

Silver Class status in the industrial transport sector, awarded

by Sustainable Asset Management (SAM) for its sustainability

record during 2010-11, and the Honos award for its record in

protecting archaeological heritage, awarded by the Catalan

Institute of Classical Archaeology.

• During 2010 the text of the abertis Code of Ethics was redrafted,

in order to improve its dissemination and implementation at

international level and make it easier to adapt to applicable

legislation in the countries in which the Group operates.

• The additional services offered in service provision, the customer

service provided through new technologies and road safety

campaigns, among others, have contributed to maintaining

customer satisfaction rates.

• Retaining talent, employee satisfaction and the health and

safety of employees have been the main areas of action


this year, in which the management development and skills

management programmes have continued, as have the training

plans and the extension of the risk management systems.

• Investment in environmental initiatives has remained constant,

continuing with the extension of environmental management

systems according to ISO 14001, the energy saving and

efficiency actions and environmental awareness and education,

obtaining significant reductions.

• The Purchasing Committee promoted the new supplier approval

protocol, which includes a classification of suppliers according

to their CSR activities and results.

• Relations with local communities have been consolidated

through two lines of action: long-term agreements with

community organisations and sponsorship management,

increasing the total number of projects received by 90%.

an overview of CsR at abertis

What is the CRC programme and what is its purpose?

The CRC (Carbon Reduction Commitment) is a programme developed by the British government to control carbon emissions from energy sources used

by businesses. These sources include electricity, gas and fuels used for heating and electricity generation (not for vehicles). This programme requires

companies to measure their carbon footprint and buy emission permits (12 GBP per ton of CO2 produced). It is planned to publish a league table of

companies based on their emissions which is designed to encourage companies even further as they will want to maintain a good reputation. The

programme began with signing up for it in April 2010 and the first milestone in October 2011 is the publication of the first table of companies. The first

payment is scheduled for April 2012. In the first year, companies are to focus on identifying and measuring in detail their carbon emissions from their

various energy sources. The British government is one of the pioneers in the introduction of environmental policies to combat global warming. The CRC

is designed to encourage businesses to be more energy efficient and reduce CO2 emissions.

What steps have been taken to adapt to this new environmental tax initiative put in place by the british government?

abertis airports management sees this programme as an opportunity to review our energy strategy and evaluate options for reducing our energy use.

It’s a programme we are carrying out in coordination with abertis’s CSR strategy. It is important to stress that airports are facilities that use energy on

a continuous basis 24 hours a day, 365 days a year. The cost of the electricity that produces the equivalent of one tonne of CO2 is more than 100 GBP,

and comes to 133 GBP in Belfast where electricity is more expensive. The programme means adding 12 GBP to this cost, which remains significant but

nonetheless energy saving measures must take precedence, especially in terms of greater efficiency.

The plan we have outlined aims to cut our energy use by 15% in 3 years and includes 3 key areas: a review of the technologies we currently use and

their replacement by more efficient new technologies, bringing in new equipment maintenance practice, and a review of employee training programmes.

What’s your view of this initiative and what are its prospects for the future?

This initiative has involved working efficiently and in a cross-cutting way at abertis. Firstly, we have sought out a common strategy for all three airports,

London Luton, Belfast International and Cardiff, from the technical standpoint, and we have plans to share experiences to ensure the implementation

of best practice. Then secondly we have worked with abertis to use the Group’s energy education programmes (aristos), which the Group has made

available to its business units, to smooth the way for this cultural shift toward more efficient habits and enhance the identification of staff in the UK

with abertis.

adrià Canals MaciàInfrastructures Manager at abertis airports

“The goal is to cut energy use at the airports managed by abertis in Britain by 15% in 3 years”

57 AR CSR AA

58 AR CSR AA 59

the abertis foundation: a catalyst

Throughout 2010, the abertis foundation has become an agent for

road safety and for increasing and spreading awareness. Significant

events include the opening of the foundation’s French headquarters

and the commencement of activities in Chile, as well as the

establishment of a collaboration agreement with Rome City Council

to improve road safety, the consolidation of Volunteer Day and the

award of the Silver Medal of Merit for Road Safety by the Ministry

of the Interior.

Along the same lines, the “You’ve got one life left - don’t lose it

on the road” campaign was extended to Madrid, while the TV

programme “Espai Terra”, about nature, the environment and

traditions linked to the land has won prizes, an audience and

renown.

Awareness-raising during 2010 included various publications, the

continuation of guided tours at the foundation’s headquarters,

Castellet Castle, and the creation of a new university chair in

collaboration with the French government.

abertis chairs

The abertis - upC chair in transport Infrastructure Management. This chair engages in teaching and research activities in the field

of transport infrastructure management.

The abertis - IEsE chair in Regulation, powers and public policy. During 2010, it continued to generate ideas and disseminate

knowledge in the areas of regulation, powers and public policy.

The abertis - EsaDE Chair in Leaderships and Democratic governance. The aim of this chair is to analyse models of governance

for enterprise, public and community agencies, as well as to study and foster innovative leadership formulas capable of addressing the

challenges of today’s society.

The abertis - FEDEa chair in Infrastructure and transport Economics. The objectives of this chair are to foster research in the field

of infrastructure and transport economics, as well as the dissemination of associated studies.

The abertis - LuMsa chair, abertis’s first experience of university-business knowledge transfer outside of Spain, presented its first

programme of activities in Rome last December, with the theme Sustainable Management and Innovation.

The abertis - EnpC-IFsttaR chair, created jointly by the abertis foundation and l’École des Ponts ParisTech - IFSTTAR (Institut

Français des Sciences et Technologies des Transports, de l’Aménagement et des Réseaux) focuses on training and research in transport

infrastructure management.

59 AR CSR AA

3.2 Summary of Indicators 2010CsR stRatEgy anD MOnItORIng

Indicators compiled >200

% turnover included within the scope of the CSR strategic plan 94%

CustOMERs

Turnover with an implemented quality system 91%

Customer satisfaction index 7.6

Enquiries, complaints and suggestions attended to 97%

EnvIROnMEnt

Turnover with an implemented environmental management system 94%

Tonnes of CO2 (per million euros of turnover) 50.64

Use of electronic tolls (as a percentage of total transactions) 32%

Waste recovered (as a percentage of total waste generated) 87%

Environmental investment (as a percentage of consolidated net pro-fit)

4.7%

huMan REsOuRCEs

Women in the workforce (as a percentage of total workforce) 26%

Employees on indefinite contracts (as a percentage of total workforce) 87%

Resources invested in training €3,987,568

Average hours of training per employee 19.1

Turnover with an implemented workplace health and safety system 90%

Disabled workers recruited (directly and indirectly) 1.98%

InvEstMEnt COMMunIty

Management agencies 262

Shareholder opinions and enquires attended to 7,363

suppLIERs

Number of suppliers evaluated under social and environmental criteria

2,198

Percentage of tenders with social and environmental clauses 95%

Local purchasing percentage 91%

COMMunIty

Contribution to the community (as a percentage of consolidated net profit)

1.2%

Projects approved by the Sponsorship Committee 128

Investment in social accessibility and economic development (as a percentage of total contribution to the community)

47%

Associations and groups actively partnered by abertis 195

18XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

and

finan

cial

eco

nom

ic a

nd fi

nanc

ial e

cono

mic

and

fina

ncia

l eco

nom

ic a

nd fi

nanc

ial







2.1 Toll roads


2.3 Airports

2.4 Car Parks

2.5 Logistics Parks



3.2 Indicators 2010





62 AR CSR AA 63

Results First accounts adapted to IFRIC12 dated 1 January 2010. The

2009 P&L account has been modified for comparison purposes.

The profit results for abertis in 2010 were 662 million, which is

an increase of +6.1% over the previous year.

The positive growth of abertis toll roads in France and other

countries (mainly in Chile), increased telecommunications sector

business, the positive impact of compensation for the AP-7 and

Maresme agreements and, to a lesser extent, minor changes to


prices over the course of the year have offset the negative evolution

of traffic on Spanish toll roads and the slight fall in the airport

sector business, affected by other non-recurring factors (impact of

the ash cloud from the Icelandic volcano Eyjafjalla). This, together

with a higher contribution from equity method companies, led to

a 6.1% increase in results, despite higher amortization and a rise in

the negative financial result due to the acquisitions made in June

2009 (basically an additional 50% of avasa and rutas del pacífico

and an additional 75% of elqui, which are now all consolidated

using the full consolidation method).

(in millions of euros) Consolidated

2010 2009 vaR

Operating revenues 4,106 3,904 5%

Operating expenses (1,611) (1,548) 4%

EbItDa 2,494 2,356 6%

Amortization and impairment losses (975) (911)

Operating profit 1,519 1,445 5%

Financial result (667) (587)

Equity method companies 117 77

pre-tax profit 969 936 4%

Corporate Tax (226) (252)

profit for the year 743 684 9%

Minority interest (82) (60)

profit attributable to shareholders 662 624 6.1%

63 AR CSR AA

Revenues

Operating revenues came to 4,106 million euros, which is a +5%

rise over the preceding year.

This increase is due to the positive evolution of operations in

terms of geographic diversification (especially in the case of

abertis toll roads in France and Chile) and by sectors (particularly

in the case of the telecommunications sector as a result of the

completion of the rollout of Digital Terrestrial Television), price

reviews and consolidation for a full year of the figures of Avasa,

rutas del pacífico (until 30 June 2009 they were consolidated

using the proportional method) and elqui (until 30 June 2009

recognized by the equity method). These positive impacts have

offset the decline in activity in abertis’s toll roads in Spain,

airports (also hit by weather factors) and logistics parks.

In general there have been no significant

changes in the relative weight of revenue

generated outside Spain and the weight

of the various business units.

gross trading margin (EbItDa)

Operating expenses are concentrated in

personnel and maintenance of infrastructure

costs and have increased by 4%, mainly due

to the impact over a full year of acquisitions

made in 2009 and the performance of

trading operations (in toll road construction







2010


2010 % 2009 %

Toll roads 3,078 75% 2,907 74%

Telecommunications 552 13% 541 14%

Airports 277 7% 263 7%

Car parks 154 4% 150 4%

Logistics services 35 1% 30 1%

Corporate and other services 9 0% 12 0%

tOtaL 4,106 100% 3,904 100%

2010 % 2009 %

Spain 2,051 50% 2,026 52%

France 1,444 35% 1,388 36%

Great Britain 177 4% 166 4%

Chile 192 5% 113 3%

Rest of the world 241 6% 211 5%

tOtaL 4,106 100% 3,904 100%

OpERatIng REvEnuEs (millIons of euros) OpERatIng REvEnuEs (millIons of euros)

4,500

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

0

20092010

+5% +6% +5% +6.1%

Operating revenue EBITDA EBIT Profit shareholders

3,904 2,356 1,445 6244,106 2,494 1,519 662

64 AR CSR AA 65

and extending DTT coverage) with lower margins than usual.

Nonetheless, all these effects are partly offset by measures taken to

improve efficiency and streamline operating costs giving an EBITDA

margin at year-end of 60.8%.

The average workforce in 2010 was 12,401 employees, with the relative

weight of employees outside Spain being maintained.

amortisation and impairment of assets

Despite the positive impact on the amortizations recorded in sanef

through the one-year extension to its concession term following

the “Paquet Vert” agreement, there has been an increase in

amortizations mainly due to the inclusion of the new acquisitions

made in 2009 and impairment provisions for two logistics assets.

The operating revenues under IFRS were not amortised

systematically, although they did depreciate, based on the result of

the depreciation tests which had to be carried out on them. The

results of these tests on goodwill in the abertis group have not led

to the need to carry out any form of significant adjustment.

Financial result

The increase in the negative financial result is mainly due to the

increase in the financial burden derived from the acquisitions

made by the Group in 2009, the one-off impact of refinancing

and to other non-recurrent impacts (provision for recoverability

of equity loans).

However, it should be pointed out that the increase in the financial

burden derived from the impacts referred to above has been

reduced by the fall in interest rates during the first half of the year

compared to the first half of 2009, with a significant impact on

floating rate borrowings which at the close of 2010 stood at 16%

of the total. In addition, it should be noted that 2009 included

the non-recurrent positive impact of exchange rate differences in

Chile.

Equity method companies

The results of companies consolidated by the equity accounting

method have been enhanced by the positive performance of

Eutelsat and Coviandes over the course of the year which has led

to a significant improvement.

Corporation tax

In 2010 corporation tax expense has been affected by the non-

recurring positive impact of +6 million euros as a result of a cut

in the corporation tax rate in the UK (from 28% to 27%) from

2011 and which affects both the P&L account and outstanding

liabilities balances. Aside from this there is no significant change in

the effective rate as a result of the maintenance of pre-tax profits

subject to taxation (the results of companies consolidated by the

equity accounting method are taxed at source).

2010 % 2009 %

Toll roads 2,138 86% 2,007 85%

Telecommunications 218 9% 219 9%

Airports 81 3% 75 3%

Car parks 64 3% 59 2%

Logistics services 23 1% 12 1%

Corporate and other services -30 -1% -17 -1%

tOtaL 2,494 100% 2,356 100%

2010 % 2009 %

Spain 1,317 53% 1,306 55%

France 917 37% 878 37%

Great Britain 48 2% 41 2%

Chile 130 5% 73 3%

Rest of the world 83 3% 59 3%

tOtaL 2,494 100% 2,356 100%

EbItDa (millions of euros) EbItDa (millions of euros)

2010 2009 var

Gross cash flow 1,616 1,502 7.6%

gROss Cash FLOW (millions of euros)

65 AR CSR AA

Cash flow

In 2010, abertis generated a gross cash flow (before investments

and dividends) of 1,616 million euros, which is 7.6% higher than

the previous year.

balance sheet

The most notable changes for the year are mainly due to the

impact of the marking to market of Brisa and Atlantia (in other

non-current assets and assets held for sale) and the inclusion

of apr and Cilsa assets (in the latter case due to corporate

restructuring in the logistics sector which has grouped some

logistics hubs in Catalonia and the Port of Barcelona hinterland

in the south-west Mediterranean arc into cpl, as a result of which

abertis, with effect on 31 December 2010, has a stake of 64.5%

in cpl and increased its holding in Cilsa from 32% to 44%, which

then became proportionally consolidated).

It should also be noted that at year-end the value of its holding

in Atlantia has been transferred to the item “Assets held for

sale”. This is because of the decision by the abertis Executive

Committee at its last meeting in 2010 to approve the divestiture

of this holding, which was completed on 14 January 2011 with

its sale for 626 million euros.

Total assets as of 31 December 2010 came to 25,292 million

euros, which is a 2% increase over the previous year. Some







2010


2010 2009 var

Gross cash flow 1,616 1,502 7.6%

Net equity

Other assets

Other liabilities

Goodwill

Debt

Tangible and intangible fixed assets

2006 2006

59%

21%

24% 19%

17%

60%

assEts LIabILItIEs

(in millions of euros)

assEts Consolidated LIabILItIEs Consolidated

2010 2009 2010 2009

Non-current assets 23,214 23,620 Net equity 5,453 5,334

Tangible fixed assets 2,325 2,184 Capital and premium 2,376 2,374

Goodwill 4,398 4,350 Reserves 983 1,002

Other intangible assets 12,550 12,672 Results 662 624

Holdings in associates 1,461 1,374 Minority interest 1,433 1,334

Other non-current assets 2,480 3,039

Non-current liabilities 17,545 17,109

Debt 14,238 13,837

Other non-current liabilities 3,307 3,272

Current assets 1,466 1,253 Current liabilities 2,293 2,429

Debt 895 1,094

Assets held for sale 612 Other non-current liabilities 1,398 1,335

total assets 25,292 24,873 total liabilities 25,292 24,873

66 AR CSR AA 67

60% of total assets consists of tangible fixed assets and other

intangible assets (excluding goodwill), basically concessions, in

line with the nature of the Group’s businesses connected with

infrastructure management, a percentage figure which is in line

with the one for the previous year.

Consolidated stockholder’s equity came to 5,453 million euros,

2.2% higher than in the previous year mainly resulting from

the retained earnings for the year and the positive impact of

currency translation differences arising during the year, which

offset the lower value recorded in those financial investments

that have to be marked to market (-257 million euros) and the

additional dividend paid in 2009.

Gross indebtedness has risen from 14,932 million euros in 2009

to 15,134 million euros in 2010. This 202 million euro increase

is due mostly to the impact of the aforementioned additions

to the scope of consolidation and the impact of the €/Chilean

peso exchange rate on borrowings by toll road concessionaire

companies in Chile, partially offset by the cash flow generated

during the financial period. Gross debt accounts for 60% of

liability, a figure which is similar to the one at the end of 2009.

In line with the policy of minimising exposure to financial risk,

at the end of the year a major part of debt (84%) was at a fixed

rate or fixed through hedging.

Investments

In 2010 the group invested 757 million euros, of which 564

million or 75% have gone on expansion projects and the

remaining 192 million euros on operational investment.

The most significant investments in expansion in the year have

been as follows:

• In toll roads, expansion investment has chiefly been carried

out by acesa (€171 million), mostly on work done to add

a lane to the south and north sections of the AP-7 and

building the Palafolls-Tordera section on the C-32, and by

sanef (€183 million), largely on new construction (Reims

south bypass), new lanes (A13 Beuzeville-Pônt l’Êvèque)

and investment under the “Paquet Vert” scheme.

• In telecommunications infrastructures, expansion

investment has mostly been for the deployment and

extension of DTT coverage across the country and

hispasat’s investment in satellites.

• Expansion investment for the year in airports has been

carried out by tbi, basically in the restructuring of the land

and airside at Belfast and the access to terminals at Belfast

and Cardiff.

• Expansion investment in car parks has taken place mostly

in Spain (in particular the acquisition of a car park in Palma

de Mallorca) and Italy (with the construction of 14 new

car parks).

• Major expansion investment projects in logistics parks

have included the urbanization work done at the Lisbon

and Santiago de Chile logistics parks (the latter came into

service at the end of the year).

The most significant operational investments have taken place

in the toll road sector, especially at sanef, acesa and aumar,

at a total cost of 131 million euros. Investments have mostly

been undertaken in terms of the renewal of tolls, safety barriers

and the modernisation of the existing network. Mention should

also be made of investment in the telecommunications sector,

mainly in replacement investment and operational support for

retevisión and tradia, while in the airports sector there has

been investment in the maintenance and replacement of radar

systems at Belfast and Cardiff and the repair of the apron at

Stockholm.

Investments Operational % Expansion % total

Toll roads 131 68% 381 68% 512

Telecommunications 21 11% 126 22% 147

Airports 28 15% 3 0% 31

Car parks 7 4% 29 5% 36

Logistics 1 1% 26 5% 27

Holding/serviabertis 4 2% 0 0% 4

tOtaL 192 100% 564 100% 757

InvEstMEnts (millIons of euros)

67 AR CSR AA


In 2010 abertis has continued to consolidate the growthit has achieved over recent years.

Thanks to its constant ability to generate cash, abertis has been

able to continue investing in organic growth coming to 564

million euros, reducing like-for-like borrowings, and obtain new

financing to strengthen its liquidity position.

The group’s net debt came to 14,651 million euros compared

to 14,590 million euros in 2009 due to the inclusion of apr and

Centro Intermodal de Logística, S.A. in its scope of consolidation,

and which has entailed an increase of 184 million euros.

Financial structure / Financing policy

In 2010, abertis has maintained its financial structure in keeping

with its conservative profile to take long-term borrowings up to

96% as opposed to 94% in 2009. Nonetheless, at the end of

the year, finance obtained from non-bank sources stood at 66%

(69% in 2009).

Over the course of 2010 Abertis Infraestructuras, S.A. has taken

out loans amounting to 575 million euros, including 275 million

euros from the European Investment Bank (EIB), and of which

175 million euros are available at year end.

Average debt maturity in 2010 stands at 6.55 years (7.19 years

in 2009).

In 2010 the sixth programme of issues of promissory notes for

a maximum outstanding balance of 1,000 million euros with

1-year validity was registered with the Spanish Securities Market

Commission.







2010


(in millions of euros) 2010 2009

Net debt 14,651 14,590

Net debt / EBITDA 5.9 6.2

Net debt / Equity 2.7 2.7

FFO interest hedging / Net interest 2.4 2.8

68 AR CSR AA 69

Loans Loans

6.1% 4.9%2.3% 1.7%1.7%

EIB loans EIB loans

Syndicated loans

Syndicated loans

CNA CNA

Bonds Bonds44.4% 43.0%

9.3% 9.1%

25.4%

24.7%

12.5% 15.0%

FInanCIng InstRuMEnts 2010 FInanCIng InstRuMEnts 2009

4%

Over 10 years

Less than 1 year

Floating

Between 5 and 10 years


Fixed


27%84%

25%

13%

16%

31%

DEbt MatuRIty typE OF DEbt

Facilities FacilitiesCommercial notes

69 AR CSR AA

hedging of financial risks

The Group’s activities entail several different types of risk

including exchange rate risks, credit risks, liquidity risks, and

interest rate risks. The management programme for the Group’s

overall risk considers the uncertainty of the financial markets

and attempts to minimise any potential adverse affects to the

Group’s financial results.

Exchange rate risk

The Group operates in the international area and has assets in

the United Kingdom, the United States, Mexico and other less

significant holdings in South America and South Africa, and is

therefore exposed to risks from exchange rates due to operations

with currencies, especially the US dollar, the pound sterling, the

Mexican peso and the Chilean peso.

The exchange rate risk on net assets in group operations in

currencies other than the euro is managed mainly through

financial debt denominated in the corresponding foreign

currencies and through currency swap contracts.

Credit risks

The Group does not have significant concentrations of credit

risks. According to its risk management policy, the group may

undertake financial transactions with entities that have a

minimum “A-” rating awarded by internationally recognised

rating agencies. The rating categories of each entity are regularly

reviewed in order to actively manage the counterparty risk.

Liquidity Risk

The Group follows a policy of prudent liquidity risk management

that entails the availability of sufficient finance through

committed facilities and the ability to liquidate market

positions. Given the dynamic nature of the Group’s businesses,

the objective of Corporate Financial Management is to maintain

flexibility in financing through the availability of committed

facilities.

In 2010, Abertis Infraestructuras, S.A. has renewed and taken

out new credit facilities with a ceiling of 1,195 million euros, of

which 540 million euros are in credit facilities with maturity at

one year and 655 million euros in credit facilities with maturity

at more than one year. This change in financial policy makes it

possible to strengthen the group’s liquidity position in the light

of its short and medium-term needs.

Interest rate risks

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

a balance in the structure of the debt which allows minimising

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

abertis uses global interest rate hedges to reduce the risk of

changes in financial burden. These derivatives are designed, in

financial terminology, as instruments of cover.

Credit rating

abertis has a “BBB+” rating, awarded

by international credit rating agency

Standard & Poor’s for long-term debt.

This rating was given in April 2010

following a downward revision from “A-“

and was confirmed in August 2010.

abertis also has an “A-” rating,

Investment grade-high credit quality,

awarded by international credit rating

agency Fitch Ratings for long-term debt

and an “F2” rating, high credit quality,

for short-term debt. These ratings were

given in July 2009 and confirmed in

December 2010.







2010


70 AR CSR AA 71

stock market performance 2010

The performance of the stock markets in 2010 has once

again been marked by an increase in volatility brought about

by ongoing uncertainty about economic recovery, mainly in

developed countries and especially in the euro area. The process

of recovery of financial stability, which appeared more or less

on track in 2009, has suffered major setbacks as a result of

tensions in the bond markets. The lack of market confidence in

the sovereign debt of countries with weaker growth and higher

deficits has counteracted the monetary authorities’ measures

aimed at driving economic recovery.

The collapse of the price of Greek sovereign debt during the

first half of the year and of its Irish counterpart later on led to

a coordinated rescue package to ensure these countries could

access finance. In spite of these measures, there has been a

noticeable loss of confidence in the sovereign debt of the

peripheral countries in the euro area (Portugal, Spain and Italy),

driving up the yield on their securities and setting record rate

differences with German bonds which are the benchmark in the

eurozone.


Against a backdrop of an economic recovery that is taking place

at different rates in different places and a crisis of confidence

in sovereign debt, the major stock market indexes have had a

mixed year. While some closed in the red, including the main

indexes in Spain (Ibex 35: -17.4%), Italy (FTSE MIB: -13.2%) and

Portugal (PSI 20: -6.2%), others such as those in Germany (DAX

20: +16.1%) and the United Kingdom (FTSE 100: +9.0%) closed

up for the second year in a row.

The Spanish Ibex 35 ended 2010 down by 17.4% over the course

of the year. Market pressure on Spanish sovereign debt, which

peaked in May to June and in November, led to a fall in prices

to the lowest levels in the year. High market volatility has also

been reflected in the enormous swings in the Spanish stock

index which has moved in a wide band over the course of 2010,

ranging from a maximum for the year on 6 January of 12,222.5

points to a minimum on 8 June of 8,669.8 points.

71 AR CSR AA

abertis on the securities market: share performance

In 2010 abertis shares have been affected by developments in the Spanish stock market. Country risk has proved more significant than

its financial strength and the geographical diversification of its businesses, factors that have led it to achieve growth in revenue of 5.2%

and in net profit of 6.1% over the course of the year.

abertis’s stock ended 2010 down by 10.1% at a price of 13.455 euros per share. Its highest closing price in the year came on 6 January

(15.319 euros) and the lowest on 25 May (10.76 euros), in line with the general downward trend in the market over most of the year.

note on price adjustments due to bonus share issue: The allocation of new shares does not affect the equity of the company, even though it is divided into a larger number of shares. All shareholders who invested before the issue receive shares without any additional outlay. The investment in their portfolios therefore does not change even though they own a larger number of shares. Consequently, historic prices prior to the issue have to be adjusted in order to compare pre-issue and post-issue prices.







2010


Nonetheless, its stock did climb strongly in the first few days of

July in the wake of market rumours about changes in its reference

shareholders. These changes took place in late August with

the agreement between ACS and Trébol Holdings, a company

managed by CVC Capital Partners, which brought the latter

in as an abertis shareholder through Trébol International and

Admirabilia1. After the initial boost given by expectations about

these changes in abertis’s shareholding structure, the company’s

stock went back to following the market trend although it did

manage to do better than the Ibex 35 at the close of 2010.

1. For further details see the section on the composition of abertis’s shareholders.

January February March April May June July August September October November December

26/01 sanef signs the “Paquet Vert” agreement

18

17

16

15

14

13

12

11

10

9

8

Adjusted priceUnadjusted price

25/2 Results 2009

25/03 CAM sells 1.63% stake in abertis

19/4 abertis rated “BBB+” by S&P

27/4 Ordi-nary GSM

30/4 Investor’s Day

05/05 Payment additional dividend 2009

13/5

1Q 2010 results

24/5 Start of bonus issue

14/6 Heads of Agreement for acquisition 100% axión

24/6 Admis-sion bonus shares

05/07 Announ-cement Criteria/ACS holding talks for CVC to enter abertis

29/7 Results first half 2010

11/8 Announcement of ACS/CVC agree-ment for concerted action in a 25.83% stake in abertis

30/8 ACS/CVC agreement realized

21/10 Payment interim dividend 2010

11/11 3Q 2010 results

ChangE In abERtIs shaREs 2010

CLOsE (euros)

72 AR CSR AA 73

In spite of the change in its price in the course of 2010, over

the last ten years abertis shares have risen by 135% without

taking into account dividends, which shows that this year’s fall

has been absorbed and surmounted by the good performance in

previous years.

abertis closed 2010 with a capitalization of 9,944 million

euros, occupying ninth position by weight on the Ibex 35 and in

thirteenth position in the market capitalization ranking.

All company shares are admitted to official valorisation in the

Barcelona, Bilbao, Madrid and Valencia stock exchanges, and are

negotiated through the Spanish stock interconnection system.

abertis shares have been part of the Ibex 35 index since 1992

and are also on other major international indexes such as

Standard & Poor’s Europe 350, the FTSE Eurofirst 300 and on

the Dow Jones Sustainability world and European indexes (DJSI

World and DJSI Stoxx).

-10.1

31.0

2.9

11.1

37.8

41.9

16.6

1.3

26.2

stOCK MaRKEt appRECIatIOn (%)

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

-40.0

(*) CAGR: compound annual growth rate.

9,944million euros

Capitalization 2010 Accumulated variation

+135% CAGR over last

ten years (*): +8.9%

73 AR CSR AA

shareholder return

abertis’s goal is to offer its shareholders the best combination

of growth and return. The company’s business actions and

strategic decisions are geared towards generating value for its

shareholders.

2010 has been the third consecutive year of crisis, yet

nonetheless the Group’s sector and geographical diversification

strategy combined with a strict policy of cost containment has

managed to absorb the impact of the economic cycle. This is the

reason why, in spite of falling business activity and traffic that

remains negative (mainly in Spain), abertis continues to be a

great cash generator and this enables us to continue with our

shareholder remuneration policy.

Dividend

In the month of May, abertis paid out an additional dividend of 0.30 euros per share from the year 2009, and in October 2010, the

company paid an interim dividend of 0.30 euros gross per share for 2010.

At the 2011 Ordinary General Shareholders’ Meeting, the Board of Directors of abertis have agreed to propose, in addition to a 1x20

bonus share issue, an additional dividend for 2010 of 0.30 euros gross per share.

This amount, added to the interim dividend paid in October, amounts to direct shareholder return in the form of regular dividends of

0.60 euros gross, paid from 2010 profits, which is a maximum amount to be paid as dividends of 443.4 million euros, 5% more than the

sum paid for 2009 as a result of the bonus share issue.

At the 2011 Ordinary General Shareholders’ Meeting, the Board of Directors of abertis have agreed to propose, in addition to a 1x20 bonus share issue, an additional dividend for 2010 of 0.30 euros

gross per share.







2010


DIvIDEnDs paID (millIons OF euros)

Only includes payment of regular dividends.

500

400

300

200

100

0

+11% +10% +5% +18% +12% +5% +5%

443.4422.3402.2357.5304.0289.5264.2237.4

2003 2004 2005 2006 2007 2008 2009 2010

Interim dividendAdditional dividend

74 AR CSR AA 75

Capital increase

At the General Shareholders’ Meeting held on 27 April it was

decided to carry out a new bonus issue at a ratio of 1 new share

for every 20 held. Between 24 May and 7 June the entitlements

were traded at a high of 0.595 euros and a low of 0.525 euros.

The fair value of the entitlement was 0.56 euros.

The new shares were initially listed on the market on 24 June and

have the same political and economic rights as existing shares of

the same class, granting their holders the right to a dividend on

profits obtained as of 01 January 2010.

new milestone: abertis’s reorganization

In February 2011, the company announced the start of a study into the reorganization of the structure of the Group designed to

create the framework and conditions required to enable abertis’s five business units to embark upon a new growth stage. The Group

is to rearrange its 5 business units around two companies: the current Abertis Infraestructuras (toll roads, telecommunications and

airports) and the unlisted company Saba Infraestructuras (car parks and logistics parks). The process will be implemented based on

the distribution of an extraordinary dividend by abertis that can be paid in cash or in shares in the new saba Infraestructuras at the

shareholder’s decision. The transaction is subject to the execution of all the customary processes in these types of transactions and

to administrative authorizations and approval by the governing bodies of abertis. abertis’s Board of Directors has also announced its

intention to set up an ad hoc committee (Independent Commission) composed entirely of independent advisers to work with the Audit

and Control Committee in the exercise of functions designed to ensure proper valuation of the terms of the transaction and hence to

review any valuations made. This valuation would also have a fairness opinion given by independent experts.

The process will be implemented based on the distribution of an

extraordinary dividend by abertis that can be paid in cash or in shares in the new Saba Infraestructuras at

the shareholder’s decision.

Extraordinary dividend or saba Infraestructuras stock

Existing shareholders(voluntary option)

new shareholders

saba InFRaEstRuCtuRasunlistedIbEX 35

Criteria Caixa Corp

CvC Capital partners

aCs Other shareholders

75 AR CSR AA

Return over the decade

The graph below shows the stock profitability

of the abertis share over the last decade in

different theoretical times of the purchase

and sale of the share. The profitability of the

abertis share is compared with the Ibex 35

with dividends. The intersection indicates

the profitability obtained by abertis and

the market, respectively, for the selected

period (year of entry and exit). The Ibex 35

with dividends, which consists of the same

securities that make up the Ibex 35, is an

indicator that includes the change in stock

prices and the return from the distribution of

dividends and other payments to shareholders.

This way the index shows the impact of this

type of remuneration on an Ibex 35 replica

portfolio.

For example, an investor who invested 9.31

euros purchasing an abertis share at the end

of 2000 (an investor who used the successive

bonus share issues and taking into account

the dividends paid), on 31 December 2010

would have a portfolio to the value of 21.92

euros and would have been paid 6.70 euros

in dividends, which means an accumulated

return of 207.4%.







2010


Notes: (1) Entry and exit on the last day of the indicated year.Market appreciation is considered as are bonus share issues, and dividend yield. The possibility that the shareholder may have made additional outlays is not accounted for.

year of entry (1)

year of exit (1) 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

2000ABE 31.2% 38.1% 64.8% 132.9% 21.6% 259.0% 276.1% 151.9% 223.7% 207.4%

Ibex-35 with div. -6.1% -31.0% -8.7% 10.5% 34.8% 83.4% 103.1% 28.9% 78.3% 55.2%

2001ABE 5.5% 26.6% 80.6% 149.3% 180.5% 194.1% 95.7% 152.5% 139.6%

Ibex-35 with div. -26.5% -2.8% 17.6% 43.5% 95.2% 116.1% 37.2% 89.8% 65.2%

2002ABE 20.9% 74.2% 141.9% 172.8% 186.1% 89.0% 145.1% 132.4%

Ibex-35 with div. 32.2% 60.1% 95.3% 165.6% 194.1% 86.7% 158.2% 124.8%

2003ABE 45.7% 103.8% 130.3% 141.8% 58.5% 106.6% 95.7%

Ibex-35 with div. 21.1% 47.7% 101.0% 122.5% 41.3% 95.3% 70.1%

2004ABE 41.0% 59.6% 67.7% 9.0% 42.9% 35.2%

Ibex-35 with div. 22.0% 66.0% 83.7% 16.7% 61.3% 40.5%

2005ABE 13.5% 19.4% -23.2% 1.4% -4.2%

Ibex-35 with div. 36.0% 50.6% -4.4% 32.2% 15.1%

2006ABE 5.3% -33.1% -10.9% -15.9%

Ibex-35 with div. 10.7% -29.7% -2.8% -15.4%

2007ABE -37.3% -15.7% -20.6%

Ibex-35 with div. -36.5% -12.2% -23.5%

2008ABE 35.9% 27.7%

Ibex-35 with div. 38.3% 20.4%

2009ABE -6.2%

Ibex-35 with div. -12.9%

76 AR CSR AA 77

share capital and treasury share portfolio

abertis’s share capital stood at 2,217 million euros at 31

December, made up of 739,037,783 ordinary book entry shares

with a nominal value of 3 euros each, fully subscribed and paid

up and all of the same class. All the shares are listed on the four

Spanish stock markets.

In 2010, share capital increased by 35,192,275 shares, amounting

to an increase of 105.6 million euros, corresponding to the bonus

share issue.

With respect to treasury stock, at the end of 2010 abertis

was the direct holder of 14,551,098 shares which accounts for

1.969% of share capital, compared to the 13,971,451 shares it

held in 2009 (1.985% of share capital at the end of that year).

abertis shareholder structure

The company does not have a nominal register of its

shareholders and hence can only find out about the composition

of its shareholder structure from information about significant

holdings which is published pursuant to regulations (which

makes reporting holdings of more than 3% of share capital

mandatory), from information provided by Iberclear solely for

the General Shareholders’ Meeting and from communications

made by the shareholders on the occasion of the publication of

the Annual Report.

As detailed in the Corporate Governance Report 2010, which

forms part of this Annual Report, significant shareholdings (*)

at the end of the financial year are: Caja de Ahorros y Pensiones

de Barcelona (“la Caixa”) (28.98%) and Trébol Holding / ACS

(25.83%).

The ownership percentages of abertis shareholders have

changed compared to the end of 2009.

In August 2010 an agreement was announced between ACS,

Actividades de Construcción y Servicios SA (ACS) and the

company managed by CVC, Trébol Holdings S.á.r.l. (Trébol), for a

joint stake in two companies that would acquire abertis shares.

(*) Significant shareholdings for the purposes of Royal Decree 1362/2007 dated 19 October.

Until that time, ACS had had a direct and indirect total stake of

25.83% in abertis.

Following the agreement, ACS and Trébol have an indirect holding

through two investees, Trébol International BV and Admirabilia

SL, which respectively hold 15.55% and 10.28% of abertis.

Trebol holds 60% of the voting rights in both companies, while

ACS holds the remaining 40%. Trebol, advised by CVC Capital

Partners, belongs to a number of investment funds or collective

investment institutions (Limited Partnerships).

DIstRIbutIOn OF CapItaL OWnERshIp at 31/12/2010

Treasury stock

Free float

“la Caixa” (1)

Concerted action by Trébol Holding / ACS (2)

28.98%

1.97%

25.83%

43.22%

(1) Has holdings indirectly through its subsidiary company Criteria CaixaCorp S.A., coming to 20.22% and through other companies in its group coming to 8.26%.

(2) Concerted action by Trébol Holdings / ACS through the companies Trébol International BV and Admirabilia, S.L., which respectively have 15.55% and 10.28% stakes in abertis.

77 AR CSR AA

abertis and its shareholders and investors

Investor Relations Directorate

The Investor Relations Directorate provides full information

in a clear and timely manner concerning the company’s

progress together with explanations of abertis’s main

business, organizational and operational strategies. These are

key elements that make it possible to set the appropriate

price of shares and other financial assets issued by abertis.

Another of the objectives of this directorate is to deliver the

accessibility and direct contact with the company that makes

it possible to give an effective response to the issues raised by

the investment community.

To achieve these objectives and tailor information to

the needs of all groups, Investor Relations maps out and

implements a communication strategy for domestic and

international financial markets. This involves a policy of active

and wide-ranging communication that includes meetings

with institutional investors and financial analysts, conference

calls, meetings with shareholders, the shareholders’ magazine,

a call centre and a constantly updated website.

The functions of the directorate also include keeping the

company’s senior management informed concerning market

opinion about the organisation or any other questions which

may affect the share price.

In 2009 a complete programme of activities involving institutional

investors and financial analysts has been maintained involving

meetings in the leading financial markets in Europe, the United

States and Asia. This is necessary due to the Group’s worldwide

and diverse shareholder structure.







2010


171 meetings have been held over the course of 2010 with 262

investment institutions (managers) in 22 cities, some of which

have been visited on more than one occasion.

Minneapolis

BostonNew York

TorontoChicago

BrusselsLisbon

Singapore

Milan

Munich

The Hague

London

EdinburghDublin

managers

cities visited

road shows (usa, Europe, australia)

262 21

22ParisDenver

San FranciscoLos Ángeles

78 AR CSR AA

Investor’s Day

The second annual abertis Investor’s Day was held in April

2010, an event with analysts and institutional investors that

seeks to contribute to improving knowledge of the company, its

business units, financial structure, strategy and so on. It features

presentations by the top management of the company with

analysts and investors, facilitating two-way contact between

the professions and the head of the company. The event was

attended by 88 people and its presentations and audio were

also made available to the general public on abertis’s corporate

website.

shareholders’ Office

Relations with the company’s approximately 80,000 non-

institutional shareholders are handled by the Shareholders’

Office, which is also in charge of drawing up and implementing

information programmes in cities around Spain and providing

personalised service through all communication channels with

non-institution shareholders.

These channels consist of the Shareholders’ Service phone line,

which operates 24/7/365, and the corporate website featuring a

specific sector for the investor community featuring constantly

updated information about issues such as the company’s

performance, growth, stock market price and remuneration

policy. There is also e-mail, an increasingly popular option due to

its immediacy, and post.

The foregoing is enhanced by regular meetings under the

PRÓXIMO Programme. This is a pioneering initiative among non-

banking companies which was launched in 2005 and consists of

holding meetings all around Spain to provide shareholders and

investors in general with information about the Group, describe

its prospects and respond to queries and suggestions.

At the Ordinary General Shareholders’ Meeting 2010, which was

held on 27 April, the Shareholders’ Office also provided backup

for event organisation and meeting requests for information.

Shareholders’ right to information is included in article 7 of the

Regulations for General Shareholders’ Meetings, and in articles

144 and 212 of the Spanish Public Limited Companies Act. Thus

shareholders are provided with all the information they require

before each General Meeting is held and the Shareholders’ Office

clears up any doubts or queries they may have.

The most recent Ordinary General Shareholders’ Meeting was

held with the attendance of a total of 5,342 shareholders with

voting rights (67.81% of share capital), of which 633 attended

in person (5.23% of share capital) and 4,709 by proxy (62.58%

of share capital).

published by: Corporate Studies and Communication Dept., abertisDesign: gosban consultora de comunicación

abertis group annual report

Economy & Finance

infrastructures sector

abertis operators

groups businesses

spain unit of abertis

ar csr aa revenue

various businesses

ar csr aaletter

organic growth