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Abertis Infraestructuras, Sa and Subsidiaries

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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
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