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Abertis Reinvents Itself Abertis Has Completed the Process of Restructuring Its Businesses Editorial Public-Private Initiatives and Revitalising the Economy

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Abertis Reinvents Itself Abertis Has Completed the Process of Restructuring Its Businesses Editorial Public-Private Initiatives and Revitalising the Economy INTRE E VI WS Francisco Reynés, Chief executive officer of abertis P. 12 Joaquín Almunia, European Commissioner for Competition P. 24 ARTICLE abertis and Goldman Sachs take over the management of two toll roads in Puerto Rico P. 16 DECEMBER 2011 Nº05 - SECOND PERIOD abertis reinvents itself abertis has completed the process of restructuring its businesses EDITORIAL Public-private initiatives and revitalising the economy For practically 15 years, growth in our a financial opportunism that seeks to relatively country has been based, to a large quickly monetize certain assets in view of “IT IS TIME extent, on the high level of resources available adverse economic conditions, but rather on TO TACKLE THE to Public Administrations. Tax revenue came the basis of a long-term relationship of mutual partly from real-estate development, but also trust between public and private bodies. UNAVOIDABLE TASK from the European Union’s cohesion and It is time to tackle the unavoidable task OF CORRECTING regional development funds, from which of correcting the deficit, but without abandon- THE DEFICIT, Spain has benefited for over 25 years. ing policies that will boost the economy. I will BUT WITHOUT These short-term revenues –which many just give one example of what can be done in ABANDONING considered to be structural, taking on current this respect in the infrastructures field.T his is POLICIES THAT expenses against non-current income– have the implementation of the Eurovignette Direc- been sharply reduced by the collapse of the tive, which France and other EU countries will WILL BOOST property market and the fact that the Euro- have implemented by 2012-2013. If applied THE ECONOMY” pean funds have practically disappeared, in Spain, this would bring in resources that now that Spain has achieved convergence with could be used to both avoid holding up invest- the EU average. Thus, in a context of pressures ments that are currently threatened with an on public resources, we are facing up to the indefinite delay and maintain the existing road challenge of sustaining, over the long-term, network while facilitating deficit reduction in public services which include education, the a way which is more equitable and socially health service, and implementing employment acceptable than other austerity measures. and immigration policies, while the treasury is In addition to implementing the Eurovi- not receiving the revenue this requires. gnette, certain road corridors could be turned The state therefore needs to explore ways into concessions. This would bring in additional of working with the private sector in the areas revenue in the short term while freeing up of finance and management that will make it resources currently spent on recurrent main- possible for the government’s budget to meet tenance expenses. This was, for example –as high-priority needs in the fields of unemploy- described in this issue of our magazine– the ment, health, social care, education and immi- option chosen by Puerto Rico when it awarded gration without unreasonably calling into a 40-year concession for one of the island’s question the continuity of investments in serv- main road links. ices and infrastructures that are key to boost- Implementing the Eurovignette and opt- SALVADOR ing the economy in both the short and medium ing for the concessions model would move us ALEMANY term and ensuring its competitiveness and towards a homogeneous pay-per-use model PRESIDENT OF ABERTIS sustainability. It is possible to reconcile the for high-capacity road corridors, as is already demand for infrastructures with limitations on the case in neighbouring countries. The conces- public resources. We must recognise the role sions model is also suitable for both increasing played by the public sector in many areas: in competition between airports and managing the planning processes –which should extend them individually. In this issue, Hans-Martin beyond the short cycle of policies and budgets; Niemeier, an expert in the field and a Professor in finance models– and, where appropriate, at Bremen University, also discusses this model pricing models; and in controlling and regulat- as applied to airports. ing competitiveness in those sectors in which Public-private partnerships will not resolve companies manage networks and are therefore the current crisis on their own, but there are close to the concept of natural monopolies. undoubtedly still, in Europe and world-wide, We should also recognise the role that certain infrastructure investments which would the private sector can play in financing, imple- be highly profitable in socio-economic terms, menting, operating and managing infrastruc- which should be implemented and would sup- tures. This role must not be undertaken from port economic growth. n DECEMBER 2011 n LINK abertis n 3 Nº05 SUMMARY 12 16 08 ABERTIS The Group completes the process of restructuring its businesses 52 60 24 20 30 34 link abertis is published by CoMPANY EQUIPMENT NEWS Abertis Infraestructuras, SA Av. del Parc Logístic, 12-20. link abertis Airport management Operations Centres Toll roads 42 08040 Barcelona. 1st International Seminar Ensuring road safety The AP-4 has its 40th Birthday Tel.: 93 230 50 00. Fax: 93 230 50 02. EDITED AND PRODUCED BY: abertis Studies on private sector airport on toll roads while sanef 45 and Communication Corporate Direction. management improving traffic flow EDITORIAL BoaRD: Salvador Alemany, Increasing safety 72 Francisco Reynés, José Aljaro, Josep Maria awareness on toll roads Coronas, Toni Brunet, Juan María Hernández 06 Recognition 51 Road safety 58 Puértolas, Sergi Loughney and Joan Rafel. OPINION Customer service 45 CoRPORATE IMAGE AND PRODUCTION: 22 34 Salvador Alemany was presented The abertis foundation Erik Ribé y Bernat Ruiz. ARTICLE TRAVEL sanef and sapn use Hans-Martin Niemeier with a prize for his work on ICTs analyses the mobility CoNTENT CooRDINATOR: Are European airport policies Cercle d’Economia Meeting Girona mobile phone technology Alícia Cobeña. Creu de Sant Jordi 52 needs of old people WRITTEN BY: Alícia Cobeña, Gemma Gazulla, on the right track? Debate on austerity A walled medieval jewel to provide road users with Investor’s link Marc Gómez and Leticia Gonzálvez. and deficit control information about road The president of abertis Carbon footprint 60 CONTRIBUTORS: Christine Allard, Carolina Bergantiños, Bob Bullock, works affecting their routes receives Catalonia’s Study by the abertis foundation Julio Cerezo, Joan Fontanals, Sagrario Huelin, Astrid Noury, Vanessa O’Connor, Enric Pérez, 12 38 highest honour into polluting emissions from INTERVIEW ARTICLE Corporate Tour 46 Mercedes Pérez-Cruz, Roser Prenafeta, Marc Ribó, 24 UIMP 53 the abertis toll roads Albert Rossell, Bernat Ruiz, Beatriz Sanz, abertis, Francisco Reynés INTERVIEW Infrastructures abertis CEO visits the US, abertis autopistas, abertis telecom, abertis telecom at the 25th abertis airports and abertis foundation. “abertis is focussed on Joaquín Almunia The Cercle d’Infraestructures Argentina and Chile 66 Telecommunications Congress RESULTS PRODUCED BY: overseas growth and “We must work on analyses methods of Global Gathering 2011 48 62 January-September 2011 Ediciones Reunidas, SA (Grupo Zeta). BRANDING Revistas Corporativas Barcelona. on improving its efficiency” opening markets, financing public works abertis shares its future abertis-IESE Chair 54 Good figures from the Group Consell de Cent, 425. 08009 Barcelona. not closing them” in times of crisis corporate challenges Fifth anniversary of New image as it looks towards the end Tel.: 93 265 53 53. Manager: Òscar Voltas. Editorial coordinator: New executive team 49 the abertis research project abertis rolls out a new of the financial year Nuria González. Chief writers: Toni Sarrià and 16 advertising campaign Olga Tarín. Lay-out: Cristina Vilaplana ARTICLE abertis’ Steering Committee Interview 55 and Xavier Julià. Edited by: Ares Rubio. 28 40 is reorganised Xavier Vives, director Legal deposit: B-16432-2010. Puerto Rico ARTICLE ARTICLE 72 abertis shareholder care line: abertis and Goldman The Eurovignette, Truck Parks New satellite 50 of the abertis-IESE Chair 63 SHAREHOLDERS 902 30 10 15. www.abertis.com Sachs will take over the under discussion The first service areas Progress in developing the 8th abertis Prize 56 IN BRIEF General Meeting 2011 abertis accepts no responsibility management of two specifically for truck drivers Hispasat AG1 satellite, the Competition for research into Notes on what’s for the opinion of its contributors Seminar organized by ASETA Approval of the process in the articles published, nor does toll roads in Puerto Rico and Santander’s UIMP have been opened on the AP-7 first in the Small Geo mission infrastructure management new at abertis of restructuring the Group it necessarily identify with their opinion. 4 n LINK abertis n DECEMBER 2011 DECEMBER 2011 n LINK abertis n 5 OPINION Mild forces of competition costs rise and no effort is necessary to gain Airport managers claim that airports face AIRPORT POLICY NeedS traffic by better utilization of capacity. Only BY Is EU Airport tough competition. There is some truth in TO be reFOrmed ata few continental airports such as Buda- HANS-MARTIN this. Airports have never been pure monop- FURTHer. SUCH AS pest, Copenhagen and Hamburg is price cap NIEMEIER olies without any substitutes. There have reFOrm SHOULD regulation practiced successfully; the regu- alwaysbeen some unattractive substitutes. lator determines the price level for a certain Director of Policy on the However, things have begun to change. ADOPT THE PRINCIPLE period of time so that it is profitable to the Institute for Transport and This change is visible at small regional air- TO reGULATE LESS, reduce costs and to change the price struc- Development at right track? ports which have to decide to be served by BUT MOre EFFecTIVELY ture to gain more traffic. Bremen University Ryainair or left undeveloped. Also some of Applied Sciences. larger airports face competition. The publicly Reform of EU Airport Policy owned Manchester airport, for example, Airport policy needs to be reformed further.
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