Abertis Infraestructuras, Sa and Subsidiaries

Total Page:16

File Type:pdf, Size:1020Kb

Abertis Infraestructuras, Sa and Subsidiaries ABERTIS INFRAESTRUCTURAS, S.A. AND SUBSIDIARIES CONSOLIDATED MANAGEMENT REPORT FOR THE YEAR 2020 2020 CONSOLIDATED MANAGEMENT REPORT 2 Contents 1. Letter to the shareholders and stakeholders ................................................................................................... 3 2. Summary of the year's global performance .................................................................................................... 5 2.1 Abertis in 2020 ..................................................................................................................................... 5 2.2 2020 milestones ................................................................................................................................... 6 3. Strategy .................................................................................................................................................... 8 3.1 Business model .................................................................................................................................... 8 3.2 Strategic approach ............................................................................................................................... 10 4. Corporate governance ................................................................................................................................ 12 4.1 Board of Directors ................................................................................................................................ 12 4.2 Board Committees ............................................................................................................................... 12 4.3 Executive team .................................................................................................................................... 13 5. Compliance and risk management ............................................................................................................... 14 5.1 Ethics and compliance .......................................................................................................................... 14 5.2 Risk control ......................................................................................................................................... 16 6. Safe and innovative toll roads ..................................................................................................................... 19 6.1 Road safety ......................................................................................................................................... 19 6.2 Innovation .......................................................................................................................................... 21 7. Value creation ........................................................................................................................................... 24 7.1 Shareholders ....................................................................................................................................... 24 7.2 Society ............................................................................................................................................... 35 7.3 Human team ....................................................................................................................................... 41 7.4 Value added statement ......................................................................................................................... 44 8. About this report ....................................................................................................................................... 45 9. Events after the reporting period ................................................................................................................. 45 10. Outlook................................................................................................................................................... 46 2020 CONSOLIDATED MANAGEMENT REPORT 3 1 Letter to the shareholders and stakeholders For Abertis 2020 was a year which, although impacted by the effects of the COVID-19 pandemic, can nevertheless be described as a success. Two concessions were acquired, one in the United States and another in Mexico, in international transactions of immense significance for the future of Abertis and which evidence its ability to continue to grow and incorporate new assets with sound future prospects and long concession terms. In the first half of the year we completed the purchase of Red de Carreteras de Occidente (RCO), one of the largest toll road operators in Mexico. The road network operated by RCO constitutes the backbone of the country’s central-western region, connecting the main industrial corridor, El Bajío, with its two major cities, Mexico City and Guadalajara. In December we acquired the concession operator Elizabeth River Crossings (ERC), which manages four tunnels and a toll road in the State of Virginia, in what marks Abertis’ debut presence in the United States. These are truly magnificent assets that have demonstrated great resilience during the pandemic. Furthermore, this transaction represents yet another important step in the Group’s growth strategy, namely the acquisition of a robust platform in the United States, a country that is firmly committed to public-private partnerships and the concession framework. Both of these transactions demonstrate Abertis’ ability to manage its concession portfolio efficiently, replacing concessions that expire with new assets in new countries; assets which, in turn, can act as a platform from which to launch potential new transactions in those countries, thus contributing to the lengthening of the average life of the business and, therefore, to the sustainability of the Abertis Group. Moreover, in performing the transactions described we enjoyed the support and trust of our shareholders, Atlantia, ACS and Hochtief. Due to the pandemic, and as a result of the mobility restrictions imposed in all countries in order to safeguard the health of the population, there was a decline in the Group’s business activity in the course of the year. Toll road traffic figures ended 2020 down 21% in overall terms. Europe is the market in which traffic experienced the sharpest fall -particularly in Spain and Italy (down 31% and 28%, respectively)-, whereas the decrease in countries such as Brazil and Mexico proved to be significantly less severe (-7% and -12%, respectively). Nevertheless, although light vehicle traffic figures showed significant losses (-25% in the year), heavy vehicle transport was only slightly affected (-6%). Forecasts for recovery, therefore, are optimistic, based on the prospect of an increased use of private transport and a preference for domestic tourism. As a world-renowned operator of high-capacity, high-quality roads, managing close to 8,700 km of toll roads and with a presence in 16 countries in Europe, the Americas and Asia, at Abertis we wish to contribute to sustainable, connected mobility, and we conduct our activity in a manner founded on full responsibility to all our stakeholders. Once again in 2020, we renewed our commitment to the United Nations and the Global Compact to reach the goals of the 2030 Agenda. In this regard, we joined the SDG Ambition initiative, in which 600 companies from 65 countries are participating, with the aim of establishing a corporate strategy containing specific quantifiable targets aligned with the Sustainable Development Goals (SDGs). In 2021 we plan to carry out an assessment of the degree to which the objectives of the Corporate Social Responsibility Master Plan, which ended in 2020, have been achieved. The result will enable us to set new targets relating to the environmental, social and governance (ESG) issues affecting our activity. 2020 CONSOLIDATED MANAGEMENT REPORT 4 Infrastructure must be ready to meet the mobility needs of tomorrow, and we are in a position to achieve this, thanks to the enormous potential that technology has to offer. In 2020 we launched the Garage project, which enables us to use new technologies such as the Internet of Things, artificial intelligence and big data to provide better toll road maintenance and improved traffic management. We are also working to ensure that our toll roads will be able to welcome electric, connected and autonomous vehicles. The COVID-19 crisis has once again demonstrated the fundamental role played by infrastructure in bringing territories together and connecting people, as well as in guaranteeing access to essential services. We would like to express our gratitude to all the members of the team making up the Abertis Group, for their efforts in ensuring service continuity on all our toll roads, which have remained open at all times to guarantee mobility and transport during this grave public health crisis. Similarly, we wish to thank our shareholders, suppliers, investors and customers for their support and the trust they place in the Abertis Group, which enables us to continue to create value and contribute it to society as a whole. Marcelino Fernández Verdes Chairman 2020 CONSOLIDATED MANAGEMENT REPORT 5 2 Summary of the year's global performance 2.1 Abertis in 2020 The Abertis Group is a worldwide authority in toll road management, with close to 8,700 km of high-capacity, high-quality roads in 16 countries in Europe, the Americas and Asia, of which approximately 8,400 km are managed directly. Abertis is the benchmark toll road operator
Recommended publications
  • Brookfield Infrastructure Partners LP (BIP.N)2 16 June 2017
    16 June 2017 Americas/Canada Equity Research Infrastructure Brookfield Infrastructure Partners LP (BIP.N) Rating (from NEUTRAL) OUTPERFORM Price (14-Jun-17, US$) 39.43 UPGRADE RATING Target price (US$) (from 40.00) 44.00 52-week price range (US$) 40.91 - 27.91 Market cap (US$ m) 9,606.72 A Tactical Trade; Upgrade to Outperform on Target price is for 12 months. Index Inclusion Potential and Organic Re-Rate Research Analysts Andrew M. Kuske ■ A Timing Trade: We upgrade Brookfield Infrastructure Partners, LP (BIP) to 416 352 4561 [email protected] Outperform from the previous Neutral and increase our target price to US$44 Paul Tan from the prior US$40 in light of some tactical issues. In addition, we believe a 416 352 4593 solid fundamental organic growth story is underappreciated which is poised [email protected] to deliver value. Simply, the near-term issues revolve around two factors: (a) potential index inclusion; and, (b) NTS economics. We do not believe the full extent of these issues is appreciated by the market (albeit index potential may be creeping in). Longer-term, we continue to believe the fundamental organic growth story is not appreciated versus BIP's historical M&A bias. ■ Index inclusion: With the S&P/TSX undergoing a consultation process for selected index criteria, the potential inclusion of BIP in the Composite is likely to have a meaningful impact on unit demand around the Q3 index revision. At that time, BIP would look to join the other Brookfield siblings (namely Brookfield Renewable and Brookfield Properties) in the Composite as a top 40 float weighted name which creates a tactical trade.
    [Show full text]
  • PB 20-02 -- Leasing the Turnpike.Pub
    Commonwealth Vol. 20, No. 02 POLICY BRIEF May 2008 Leasing the Pennsylvania Turnpike Frequently Asked Questions & Answers COMMONWEALTH FOUNDATION & REASON FOUNDATION 1. Does Pennsylvania need more money for its roads, highways, bridges and mass transit systems? The Pennsylvania Transportation Funding and Reform Commission (November 2006 report) identified the need for an increase of $1.7 billion in annual funding simply to maintain the state’s current transportation infrastructure. The bi-partisan commission recommended an increase of: $965 million for roads, highways, and bridges. $760 million for mass transit. 2. Didn’t Act 44 of 2007—which will impose new tolls on the currently free Interstate-80—solve our transportation funding problem? Act 44 provides less than half the funding needed for roads, highways, and bridges, according to the Penn- sylvania Transportation Funding and Reform Commission report. $450 million for roads, highways, and bridges in FY 2007-08. $300 million for mass transit in FY 2007-08. Act 44 provides an average of only $946 million over the next 10 years and does not reach $1.7 billion un- til 2036. Furthermore, Act 44 funding increases are also unlikely to keep pace with inflation and are depend- ent on federal approval for tolling I-80, which has not been granted by the Federal Highway Administration. 3. What if the Federal Highway Administration rejects Pennsylvania’s application to toll I-80? Act 44 will generate only $450 million annually if the Federal Highway Administration does not approve the tolling of I-80. $200 million for roads, highways, and bridges—only one-fifth the identified need of $965 million.
    [Show full text]
  • 2019 Consolidated Management Report 2
    ABERTIS INFRAESTRUCTURAS, S.A. AND SUBSIDIARIES CONSOLIDATED MANAGEMENT REPORT FOR THE YEAR 2019 2019 CONSOLIDATED MANAGEMENT REPORT 2 Contents 1. Letter to the Shareholders and Stakeholders ............................................................................................................ 3 2. Summary of the year's performance ....................................................................................................................... 5 2.1 Abertis in 2019 ............................................................................................................................................... 5 2.2. 2019 Milestones............................................................................................................................................. 6 3. Strategy .............................................................................................................................................................. 8 3.1 Business model .............................................................................................................................................. 8 3.2 Strategic approach ......................................................................................................................................... 10 4. Corporate Governance .......................................................................................................................................... 12 4.1 Board of Directors .........................................................................................................................................
    [Show full text]
  • Comision Nacional Del Mercado De Valores (Cnmv)
    Relevant Fact Investor Relations Inst. Investors & Research Tel. +34 91 595 10 00 Shareholder’s Office Tel. +34 902 30 10 15 [email protected] COMISION NACIONAL DEL MERCADO DE VALORES (CNMV) In compliance with article 228 of the Consolidated Text of the Spanish Securities Market Law, ABERTIS INFRAESTRUCTURAS, S.A. ("Abertis" or the “Company”), hereby notifies the Spanish National Securities Market Commission of the following RELEVANT FACT The company sends the report from the Board of Directors of Abertis Infraestructuras, S.A. in relation to the Tender Offer made by Hochtief AG. Madrid, 17 April 2018 abertis.com / [email protected] REPORT BY THE BOARD OF DIRECTORS OF ABERTIS INFRAESTRUCTURAS, S.A. ON THE TAKEOVER BID BY HOCHTIEF AKTIENGESELLSCHAFT AUTHORISED BY THE NATIONAL SECURITIES MARKET COMMISSION (CNMV) ON 12 APRIL 2018 The present report has been drawn up by the Board of Directors of Abertis Infraestructuras, S.A. (hereinafter “Abertis” or the “Company”) in relation to the voluntary takeover bid made by Hochtief Aktiengesellschaft (hereinafter, “Hochtief” or the “Bidder”), on 18 October 2017, to acquire all of the shares that make up the share capital of Abertis, as amended on 23 March 2018 (hereinafter the bid and its amendment are referred to as the “Takeover Bid” or the “Bid”). The present report has been approved by the Abertis Board of Directors at its meeting of 16 April 2018, in compliance with the provisions of article 134.4 of the Redrafted Text of the Securities Market Law, approved by Royal Legislative Decree No. 4/2015, of 23 October (hereinafter the “LMV”, for its Spanish initials), and article 24 of Royal Decree No.
    [Show full text]
  • What States Should Know When Considering Public-Private Partnerships to Fund Transportation
    Driven by Dollars What States Should Know When Considering Public-Private Partnerships to Fund Transportation MARCH 2009 The Pew Charitable Trusts applies the power of knowledge to solve today’s most challenging problems. Our Pew Center on the States identifies and advances effective policy approaches to critical issues facing states. PEW CENTER ON THE STATES Susan Urahn, managing director Research Team Design and Publications Team Michele Mariani Vaughn Carla Uriona Lori Grange Alyson Freedman Melissa Maynard Communications Team Kil Huh Andrew McDonald Jane Breakell Janet Lane Ann Cloke Jessica Riordan Research Consultants G. Edward DeSeve, Chairman, Strategy and Solution Partners Timothy James, Professor, W.P. Carey School of Business, Arizona State University Donald F. Kettl, Robert A. Fox Leadership Professor, University of Pennsylvania Katherine Barrett and Richard Greene, Barrett and Greene, Inc. Will Wilson ACKNOWLEDGMENTS LEARN MORE The following three experts served as external reviewers for this report. While these experts have screened the report for accuracy, For more information from the Pew Center on neither they nor their organizations necessarily endorse its findings the States about economic competitiveness or conclusions. We thank them for their assistance. and government efficiency and effectiveness, please see: Jennifer L. Dorn, President and Chief Executive Officer, National Academy of Public Administration • Grading the States 2008, assessing all 50 states on how well they manage their infrastructure Mortimer Downey,
    [Show full text]
  • Grupo ACS Key Operating & Financial Figures
    Works on the construction of Lima’s Metro Line 2 (Peru) WorldReginfo - 71a985cf-f25d-4c84-8bee-c421f0c02885 RESULTS REPORT 1Q19 INDEX 1 Executive Summary 3 Main figures 3 Relevant facts 5 2 Consolidated Financial Statements 6 2.1 Income Statement 6 2.1.1 Sales and Backlog 7 2.1.2 Operating Results 9 2.1.3 Financial Results 9 2.1.4 Results from Associates 10 2.1.5 Net Profit Attributable to the Parent Company 10 2.2 Consolidated Balance Sheet 11 2.2.1 Non-Current Assets 12 2.2.2 Working Capital 12 2.2.3 Net Worth 12 2.2.4 Net Debt 12 2.3 Net Cash Flows 13 2.3.1 Operating Activities 13 2.3.2 Investments 14 2.3.3 Other Cash Flows 14 3 Evolution per Areas of Activity 15 3.1 Infrastructures 15 3.1.1. Construction 15 3.1.2 Abertis 17 3.2 Industrial Services 18 3.3 Services 20 4 Annex 21 4.1 Main figures per area of activity 21 4.2 Share data 22 4.3 Exchange Rate Effect 23 4.4 Main Awards 24 4.4.1 Infrastructure 24 4.4.2 Industrial Services 24 4.4.3 Services 24 5 ACS Group organizational structure 25 6 Glossary 26 2 WorldReginfo - 71a985cf-f25d-4c84-8bee-c421f0c02885 RESULTS REPORT 1Q19 1 Executive Summary Main figures Grupo ACS Key operating & financial figures Euro Million 3M18 3M19 Var. Turnover 8,671 9,263 +6.8% Backlog 66,677 75,399 +13.1% Months 22 23 EBITDA (1) 686 761 +10.9% Margin 7.9% 8.2% EBIT (1) 482 501 +3.9% Margin 5.6% 5.4% Attributable Net Profit 249 282 +12.9% EPS 0.80 € 0.91 € +14.3% Net Investments 161 544 n.s Investments 183 571 Disposals 21 27 Total Net (Debt)/Cash (359) (897) +149.8% Businesses' Net (Debt)/Cash (158) (778) Project Financing (201) (119) Data presented according to ACS Group management criteria.
    [Show full text]
  • The ACS Group Earns € 574 Million in 2020, Affected by Abertis' Reduction
    2020 RESULTS The ACS Group earns € 574 million in 2020, affected by Abertis’ reduction of € 280 million Sales stood at € 34,937 million, a reduction of 10.5% that was mainly due to the impact of COVID-19. EBITDA stood at € 2,397 million, a reduction of -14.2% without considering Abertis, whose average traffic dropped 21% as a result of COVID-19. The adjusted net profit, excluding non-recurrent impacts, amounted to € 602 million, down € 360 million from 2019, € 280 million due to Abertis. Not considering Abertis, the decrease was 11.2%. Backlog stood at € 69,226 million, down 11% due mainly to the depreciation of the US dollar. In comparable terms, the decrease was 3.7% Grupo ACS Key operating & financial figures Euro Million 2019 2020 Var. Var ex-ABE* Turnover 39,049 34,937 -10.5% -10.5% EBITDA 3,148 2,397 -23.9% -14.2% EBIT 2,126 1,433 -32.6% -18.9% Attributable Net Income 962 574 -40.3% -15.1% Adjusted Net Income ** 962 602 -37.4% -11.2% Backlog 77,756 69,226 -11.0% -11.0% Total Net Debt (54) (1,820) n.a. n.a. * Without considering the contribution of Abertis, whose traffic figures have been strongly affected by the COVID-19 pandemic. ** Excluding non-recurring impacts (the sale of Thiess, reversal of provisions and financial derivative results). 1 2020 RESULTS 1. Consolidated Results The Group’s 2020 ordinary net profit accounted for € 602 million, € 360 million less than the previous year. This decline is mainly due to the evolution of Abertis, whose traffic was heavily affected by the lockdown measures related to COVID- 19, reducing its contribution by € 280 million.
    [Show full text]
  • M.8894 - Atlantia / Acs Hochtief / Abertis Infraestructuras
    Disclaimer : The Competition DG makes the information provided by the notifying parties in section 1.2 of Form CO available to the public in order to increase transparency. This information has been prepared by the notifying parties under their sole responsibility, and its content in no way prejudges the view the Commission may take of the planned operation. Nor can the Commission be held responsible for any incorrect or misleading information contained therein. M.8894 - ATLANTIA / ACS HOCHTIEF / ABERTIS INFRAESTRUCTURAS SECTION 1.2 Description of the concentration The Commission received notification of the proposed concentration whereby Atlantia S.p.A. (Italy) and ACS Group (Spain) / HOCHTIEF (Germany) will acquire joint control over Abertis Infraestructuras S.A. (Spain) within the meaning of Article 3(1)(b) and Article 3(4) of Council Regulation (EC) 139/2004. The acquisition of control is carried out by way of a series of transactions, by way of acquisition of shares, regulated by an investment agreement that will ultimately lead Abertis to have the following shareholding structure: (i) Atlantia will own 50% plus one share; (ii) ACS will own 30%; and (iii) HOCHTIEF will own 20% minus one share. More particularly, Atlantia S.p.A. is an Italian holding company active in the following five areas of business: “Italian motorways”, via Autostrade per l’Italia S.p.A.; “Overseas motorways”, with presence in Chile and Brazil and minor assets in Poland and India; “Italian airports”, with the two Rome airports managed by Aeroporti di Roma S.p.A.; “Overseas airports”, namely the three airports on the Côte d’Azur; and “Other related businesses” which inter alia includes activities carried out by Telepass S.p.A., Autostrade Tech S.p.A., Pavimental S.p.A., and Spea Engineering S.p.A.
    [Show full text]
  • FTSE Goldman Sachs ESG-Enhanced Global Investment-Grade Corporate Bond Index | August 31, 2021
    FTSE Russell Factsheet | FTSE Goldman Sachs ESG-Enhanced Global Investment-Grade Corporate Bond Index | August 31, 2021 INDEX CONSTITUENTS September 2021 Index Profile - Index data as of August 31, 2021 Coupon Maturity Index Weight Description (%) (YYYYMMDD) (%) 3M CO 1.750 20230214 0.0031 3M CO 2.250 20230315 0.0041 3M CO 0.950 20230515 0.0044 3M CO 3.250 20240214 0.0052 3M CO 2.000 20250214 0.0048 3M CO 2.650 20250415 0.0033 3M CO 3.000 20250807 0.0036 3M CO 2.250 20260919 0.0096 3M CO 1.500 20261109 0.0059 3M CO 2.875 20271015 0.0129 3M CO 3.625 20280914 0.0167 3M CO 3.375 20290301 0.0220 3M CO 2.375 20290826 0.0255 3M CO 3.050 20300415 0.0161 3M CO 1.750 20300515 0.0132 3M CO 1.500 20310602 0.0130 3M CO 5.700 20370315 0.0195 3M CO 3.125 20460919 0.0033 3M CO 3.625 20471015 0.0036 3M CO 4.000 20480914 0.0089 3M CO 3.250 20490826 0.0068 3M CO 3.700 20500415 0.0048 A2A SPA 0.625 20310715 0.0117 A2A SPA 0.625 20321028 0.0034 ABB FIN BV 0.625 20230503 0.0051 ABB FIN BV 0.750 20240516 0.0055 ABB FIN BV 0.000 20300119 0.0182 ABBOTT IRELAND FINANCING DAC 0.875 20230927 0.0084 ABBOTT IRELAND FINANCING DAC 0.100 20241119 0.0141 ABBOTT IRELAND FINANCING DAC 1.500 20260927 0.0089 ABBOTT IRELAND FINANCING DAC 0.375 20271119 0.0042 ABBOTT LABORATORIES 3.400 20231130 0.0069 ABBOTT LABORATORIES 2.950 20250315 0.0066 ABBOTT LABORATORIES 3.750 20261130 0.0268 ABBOTT LABORATORIES 1.150 20280130 0.0089 ABBOTT LABORATORIES 1.400 20300630 0.0154 ABBOTT LABORATORIES 4.750 20361130 0.0532 ABBOTT LABORATORIES 6.150 20371130 0.0202 ABBOTT LABORATORIES 6.000
    [Show full text]
  • Brookfield Infrastructure Partners L.P. 2018 ANNUAL REPORT UNITED STATES SECURITIES and EXCHANGE COMMISSION Washington D.C
    Brookfield Infrastructure Partners L.P. 2018 ANNUAL REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 20-F ¨ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended December 31, 2018 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ¨ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-33632 BROOKFIELD INFRASTRUCTURE PARTNERS L.P. (Exact name of Registrant as specified in its charter) Bermuda (Jurisdiction of incorporation or organization) 73 Front Street Hamilton, HM 12, Bermuda (Address of principal executive offices) Jane Sheere 73 Front Street Hamilton, HM 12, Bermuda +1-441-294-3309 (Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person) Securities registered pursuant to Section 12(b) of the Act: Title of class Name of each exchange on which registered Limited Partnership Units New York Stock Exchange; Toronto Stock Exchange Securities registered or to be registered pursuant to Section 12(g) of the Act: None Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report: 277,347,890 Limited Partnership Units as of December 31, 2018 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
    [Show full text]
  • Abertis Infraestructuras, Sa1
    1 ABERTIS INFRAESTRUCTURAS, SA 1. INTRODUCTION Abertis is one of the most important groups worldwide in the industry of managing toll roads. It was set up in 2003 after the merger of two Spanish companies: Acesa and Áurea. Nowadays, 8,500 kilometers of high capacity roads are managed by this public limited corporation. Thanks to its internationalization strategy, Abertis operates in 14 countries, being leader in some of them. This has resulted into geographic risk diversification leading to a stable company capable of getting over different business cycles. Sanef (France) and Arteris (Brazil) are some of the many subsidiaries that compose the Abertis group of companies. In addition, it does not only manage toll roads but it also has entered in the communication satellites industry (TDT) by being one of the main shareholders of Hispasat (57.05%) and Cellnex Telecom (34%). Both, Abertis and Cellnex, are listed in the Spanish Stock Exchange and are part of the IBEX 35 index. Acesa, one of the companies that took part in the merger, was established in 1967 and inaugurated the first Spanish toll motorway in 1969 between Montgat and Mataró. From here on, they began the expansion around Spain by building additional stretches between different regions such as El Vendrell - Zaragoza or La Jonquera - Salou, among others. On March 2002, Acesa made a take over bid in order to break the merger process between Iberpistas and Áurea (Dragados' subsidiary). This strategy aimed to be able to compete at at European level. However, Áurea made a counteroffer starting an offer war which finally lead to the merger of both, Acesa and Áurea.
    [Show full text]
  • View Annual Report
    10 Summary 01 Introduction 06 Letter from the Chairman 10 Report from the Vice-Chairman & CEO 02 Abertis Group 16 Corporate Governance 18 Board of Directors 19 Delegated Monitoring Bodies 20 Senior management 23 Abertis in the world 44 Key figures 46 Significant events 48 A success story 03 Stakeholders Shareholders 54 Figures and Results 64 Financial management 68 Shareholders and stock exchange Society 72 CSR 2015 01 Introduction 02 Abertis Group 03 Stakeholders Abertis Annual Report xx 4 Introduction Letter from the Chairman Report from the Vice-Chairman & CEO 5 2014 2015 01 Introduction 02 Abertis Group Abertis Annual Report 03 Stakeholders Abertis Annual Report 04 Resultados xx “ 6 Letter from the Chairman Dear Shareholders, When I addressed you a year ago in the report for the financial year 2014, I spoke about a hopeful but also cautious vision of the economic situation, and told you that overcoming the heaviest blows of this long crisis would take time and effort. Today, and although the outlook is more favourable as a whole, we need to remain cautious in the light of a still fragile and insufficient recovery. Macroeconomic situation The macroeconomic data with which the Spanish economy has closed 2015 have been positive, confirming the firmer trend already noted in the previous year. GDP growth stood at 3.2%, the highest rate since 2007 and one of the highest in the European Union. However, in spite of these significant strengths the Spanish economy still presents a number of challenges which need to be robustly tackled if we want this recovery to become consolidated over time.
    [Show full text]