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Integrated Annual Report 2018 INTEGRATED ANNUAL REPORT 2018 INTEGRATED ANNUAL REPORT Contents INTEGRATED ANNUAL REPORT 2018 INTEGRATED ANNUAL REPORT 2018 Abertis PRESENTATION 1 VALUE CREATION 6 Letter to shareholders 08 SHAREHOLDERS Abertis in 2018 10 Main figures 70 2018 Milestones 12 Debt management 74 Shareholder structure 76 STRATEGY 2 COMMUNITY Tax contribution 78 Business model 16 Contribution to the environment 80 Opportunities and challenges 18 Contribution to the community 86 Strategic approach 20 Suppliers and supply chain management 90 CSR Master Plan 23 Global Footprint 26 HUMAN TEAM Awards and Recognitions 37 Talent management 92 Professional development 94 Health and safety 96 CORPORATE GOVERNANCE 3 ADDED-VALUE STATUS 99 Board of Directors 40 Management team 41 OUTLOOK 7 COMPLIANCE AND RISK 2019 Course of action 102 MANAGEMENT 4 Ethics and Compliance 44 ABOUT THIS REPORT 106 Risk Control 46 8 ANNEXES 108 SAFE AND 9 INNOVATIVE ROADS 5 Road Safety 50 Road Tech 58 Quality management and client focus 64 4 | 5 Presentation | INTEGRATED ANNUAL REPORT 2018 Abertis CHAPTER Letter to shareholders 08 1 Abertis in 2018 10 Presentation 2018 milestones 12 6 | 7 LETTER TO SHAREHOLDERS Marcelino Fernández Verdes José Aljaro Navarro Chairman Chief Executive Officer After completing the shareholding structure transformation following the takeover bids on the company that started in the first half of 2017, Abertis began a new phase in 2018. The Extraordinary General Shareholders' Meeting approved the appointment of the new Abertis's Board of Directors on 10 December 2018. The Group thus embarked on a new period with the impulse of its three new shareholders, Atlantia, ACS and Hochtief, to continue growing and developing a global leadership project in the infrastructure field. From now on, Abertis’ new management will work on a strategic revision process of the company to identify improvement areas and synergies, in order to continue creating value and taking advantage as well of the international presence and market knowledge of the new shareholders. This new phase will be oriented to growth, yet without overlooking the financial discipline for which the Group is renowned. The company will reinforce its growth strategy in countries with stable frameworks for concessions and a clear commitment to developing public-private partnerships in the toll road sector. SOLID FIGURES In 2018, the traffic on the Group's toll road network continued its positive trend, with a particular increase in Spain and France. There was also a recovery in Puerto Rico after Hurricane Maria ravaged the island in 2017. Chile and India also reported remarkably positive growth this year. Abertis's results have been improved in 2018, with a €1,682 Mn net profit (+87% comparing to 2017). This result has been boosted mostly by the impact of the €605 million of capital gains obtained after the sale of 34% stake of Cellnex Telecom. Without this effect, the net profit grows 15% on a like-for-like basis. As a world reference in the toll road management industry, road safety is a priority for Abertis. In this regard, the Group posted improvements during 2018 in terms of accident rate (-6% versus the previous year) and fatality (-10%). There was also a salient decrease in the number of road accident deaths (-8.7%). This all stemmed from the extensive efforts to improve prevention and safety in all the countries. AGREEMENTS WITH GOVERNMENTS In 2018, Abertis continued furthering its growth strategy based on existing assets. During the year, the Group closed two agreements with the government of Argentina Presentation | INTEGRATED ANNUAL REPORT 2018 Abertis Abertis’ new management will work on a strategic revision process of the company to identify improvement areas and synergies, in order to continue creating value” to extend the concession for its subsidiaries Autopista del Sol (Ausol) and Grupo Concesionario del Oeste (GCO), in exchange for a global investment plan that will be financed with the future revenues thanks to the extension of the contracts. Also the subsidiary VíasChile reached an agreement with the Chilean government to carry out further investments in Autopista del Sol (Route 78) in exchange for an almost two-year extension in the duration of the concession. The extensive investment plan in view aims to not only resolve problems caused by the increase in traffic over recent years but also improve traffic flow and road safety. For Abertis, the closing of these deals means reinforcing its commitment to public- private partnerships with a view to providing solutions that create value for the future in the regions where Abertis has a presence through agreements with the public administrations to engage in new investments by extending concessions or improving tariffs. Doing so also demonstrates the Group's ability to continue growing its current asset portfolio and to extend the average duration of its concessions. SUSTAINABLE MANAGEMENT In line with its committment to support the principles of the Global Compact over a decade now, Abertis has publicly and formally renewed its commitment to achieve the UN's Sustainable Development Goals (2030 Agenda). It is worth noting the organisation's contribution to achieving Goals 9 (Industry, Innovation and Infrastructure) and 11 (Sustainable Cities and Communities) through Road Safety and Road Tech strategic programmes that coordinate innovations in road safety and infrastructures for a more sustainable mobility. The Group also continued working on deploying the Corporate Social Responsibility Master Plan and achieving the objectives and goals established in all countries in 2018. Abertis is one of the world's leading toll road operators in terms of kilometres managed, with nearly 8,200 kilometres of high-capacity roads, and operations in 15 countries across Europe, America and Asia. Thanks to the joint efforts of over 14,000 employees, the Group has a solid foundation to face the challenges of the future with rigour and confidence. Financial strength, industrial excellence and long-term vision make Abertis a key piece in the search for solutions to one of the world's biggest challenges: the sustainable management of infrastructures of the future. 8 | 9 Abertis in 2018 World reference We operate thousands of kilometres of high-capacity and quality roads worldwide. 15 7,759 14,119 COUNTRIES KILOMETRES EMPLOYEES (DIRECTLY MANAGED) An ally for governments Our long-term commitment and top quality services make us a great partner for governments. Long-term outlook We strive to be part of the solution for addressing the challenges of traffic growth in the world.. Over 60 EXCELLENCE BEST YEARS OF IN MANAGEMENT PRACTICES EXPERIENCE Presentation | INTEGRATED ANNUAL REPORT 2018 Abertis Safe and innovative roads Abertis is positioned as a core piece in one of the greatest global challenges in this day and age: the sustainable financing of infrastructures of the future. TOTAL ADT 25,120 +1.8% ACCIDENT RATE 20.2 -6% FATALITY RATE 1.2 -10% ELECTRONIC TOLL TRANSACTIONS 65.1% +2.8p.p. Financial strength and industrial experience We invest in smart engineering and technology so that our customers get the best experience. SOLID FIGURES: REVENUE €5,255 Mn EBITDA €3,549 Mn NET PROFIT €1,681 Mn Creation of value for society We combine our commitment to our shareholders and employees with the contribution to growth in the countries where we operate. TAX CONTRIBUTION €2,458 Mn WORKPLACE ACCIDENT RATE 11.3 CO2e EMISSIONS/TURNOVER 4,189.3 Tn INITIATIVES DEVELOPED FOR THE COMMUNITY 303 LOCAL SUPPLIER PURCHASES 88.9% 10 | 11 2018 MILESTONES FEBRUARY • José Aljaro is appointed as the new CEO of Abertis MARCH • Agreement with the Chilean government for new investments in Autopista del Sol (Route 78) in exchange for an extension of the concession • Agreement in principle signed between Atlantia, ACS and Hochtief regarding the Abertis takeover APRIL • Authorisation by the CNMV (Spanish National Securities Market Commission) of Hochtief's takeover for Abertis MAY • Conclusion of Hochtief's takeover for Abertis Infraestructuras • Restructuring of the Abertis' Board of Directors JUNE • Private placement of 4.1% stake of Cellnex Telecom JULY • Closing of agreements to invest in the road network in Argentina in exchange for an extension of the term of the concessions • Sale of the entire holding in Cellnex Telecom AUGUST • Delisting of Abertis SEPTEMBER • Presentation in New York of the global partnership with UNICEF for child road traffic injury prevention OCTOBER • Change in Abertis control • Two-year extension for toll operation on the M50 in Dublin (Ireland) • Sponsorship of a major retrospective exhibition on Miró in Paris DECEMBER • Constitution of the new Abertis' Board of Directors following the shareholding transformation • Collaboration agreement with the Ministry of Foreign Affairs of Spain and Joan Miró Foundation to carry out a travelling exhibition on Miró Presentation | INTEGRATED ANNUAL REPORT 2018 Abertis 12 | 13 Strategy | INTEGRATED ANNUAL REPORT 2018 Abertis CHAPTER Business model 16 2 Opportunities and challenges 18 Strategy Strategic approach 20 CSR Master Plan 23 Global Footprint 26 Awards and Recognitions 37 14 | 15 BUSINESS MODEL Abertis is a world referent operator in toll road management Abertis is one of leading international toll road management groups in terms of kilometres managed, with over 8,200 kilometres of high-capacity and quality 8,200 roads, and operations in 15 countries across Europe, America and Asia. KILOMETRES In addition to being the number one national operator in countries such as of high-capacity roads Spain, Chile, and Brazil, Abertis also has an important presence in France, Italy (directly and indirectly and Puerto Rico. The company has a stake in the indirect management of over managed)* 200 kilometres. Thanks to the Group's internationalisation strategy over recent years, over 70% of Abertis' revenues comes from outside Spain, with significant contributions from France, Brazil and Chile. Road safety is a top priority for Abertis. The company continually invests in technology and smart engineering to guarantee the safety, comfort, speed and ease of its customers' travel when they choose the Group's toll roads.
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