link SEPTEMBER 2015 Nº12 - SECOND EDITION

Abertis takes Cellnex to the stock market

INTERVIEWS Josep Lluís Giménez Sevilla, managing director of Abertis Industrial Development P. 12

REPORT Abertis extends its toll road concessions in France P. 26 ABERTIS FOUNDATION Velázquez, cultural event of the year in France P. 52 Abertis is a leading International group in the management of toll roads. A global group present in 12 countries and with over 15,000 employees, aimed at the generation of value through investments in infrastructures which contribute to the economic and social development of the territories and countries in which it operates. abertis.com EDITORIAL Adaptation + anticipation = transformation Following Zygmunt Bauman, we can Telecom, now known as Cellnex Telecom, as a confi rm that, in the “liquid” global soci- listed company. ety in which we live, the ability to react when In the case of Cellnex, which we will also BUSINESSES WITH faced with events is clearly shown to be more present in the pages of this edition of Link, the A MEDIUM- OR important than planning itself. This is a refl ection agreement to acquire and manage more than that I usually share in reference to my business 7,000 sites for telecommunications in Italy and LONG-TERM experience, but I think that the events lived in the entrance to the stock market makes us real- PROJECT BECOME these last eight years, which have been marked ise that there is a transformation which con- USED TO BEING by a profound economic crisis and great geo- solidates the company as the number one INNOVATIVE political uncertainty, confi rm and expand this independent operator of infrastructures and thesis in the fi elds of politics and economy. telecommunication networks. The receptivity BECAUSE THEY Institutional Europe has reacted by putting on the behalf of the investors has been translated KNOW THAT into practice regulation mechanisms, supervision into a postive entrance to the stock market which THEY CAN’T WAIT and also recovery and stabilization that long anticipates the company’s future growth and FOR THE FUTURE term are supposed a new leap forward in terms its course in the long-term. of re-enforcing determined aspects of the Union. When at Abertis we presented ourselves TO ARRIVE; Different governments have adopted policies with the possibility of giving a new impulse to THEY MUST GO characterized by defi cit and debt control. The the terrestrial telecommunication infrastructure AND SEEK IT OUT. impact of the crisis on citizens is also leading to project we were convinced that it would be a a redefi nition of the political stage, more diverse classic example of a win-win situation. and more fragmented, and for this reason more On one hand, Abertis will be able to dedi- complex, which demands new responses. Com- cate its resources to fulfi l its commitments to panies have also reoriented their priorities in international growth and, on the other hand, terms of business and geography. Cellnex Telecom will obtain greater fi nancing It is not the fi rst occasion on which I have capabilities in a European telecommunications used our Group as an example of this capacity market in which the externalization of networks for adaptation, anticipation and, ultimately, and consolidation between the different actors transformation. A type of response which dem- are redefi ning the map of the sector. onstrates the proactivity in the design of our own The businesses with a medium- or long- future. In our case, the vector that has marked term project become used to being innovative this process of transformation has been indus- because they know that they can’t wait for the trial. On one hand, facilitating the different busi- future to arrive; they must go and seek it out. nesses that accompany our principal activity in They must create it. Now is Cellnex Telecom’s SALVADOR toll road management, the necessary mecha- moment and, from Abertis, we are proud to be ALEMANY nisms that assure its growth and competitiveness able to walk at it side as its primary shareholder. PRESIDENT OF ABERTIS in the medium- and long-term, based on its own These lines began by talking about the abil- abilities and a focused administration. ity to react when faced with turbulent situations On the other hand, this is something that and highlighted the strength of Abertis’ industrial has its concretion in the new General Manage- model. On the margin of fl uctuating swings, ment of Industrial Development which we derived from some moments of uncertainty present in these pages, to assure ourselves that about the maintenance of the euro and the we are developing and sharing a kind of know- future of the European Union as we know it, how that belongs to and is characteristic of us, Abertis continues to follow the path of recovery defi ning in some way a competitive and dif- in terms of fundamentals and traffi c evolution, ferential advantage that Abertis has in its method already in positive in our principal markets after of managing its roadway and transport infra- years of setbacks. This recovery will bring a new structures. We are seeing the results of this opportunity to focus the debate surrounding strategy in the dynamics of growth and expan- the management of our infrastructures and sion that, supported by these management mobility in Spain, in Europe and in the world. At capacities like independent companies, are Abertis, we will employ our know-how and experimenting with Saba’s projects or the new experience at the service of the Administrations phase that was initiated by the former Abertis in the search of solutions in this fi eld. Q

SEPTEMBER 2015 Q LINK abertis Q 3 Nº12 SUMMARY

08 STOCK MARKET Cellnex enters the stock market 24 34 43 ANALYSIS NEW OFFICIES ENVIRONMENT link abertis Recovery 24 Abertis Climate change Toll toad traffi c in Spain starts The company opens Abertis in the COP21 to increase again its new corporate headquarters in Barcelona Agreement with the French government 26 44 06 LYON OPINION Abertis extends its 36 concessions in France SATELLITES Travel guide Eugenio Prieto A legend wrapped in silk Investment sustained Hispasat in infrastructures 28 New orbital position in Brazil TOLL ROADS 48 08 Arteris 38 TELE-TOLLS REFLECTION STOCK MARKET Works move at a good pace Chile Opportunity for growth Circle of Infrastructures The Andean country adopts TAG Debate surrounding Cellnex on the stock exchange 30 new recovery models TOLLS 49 12 New technology 30 PREVENTION INTERVIEW Contactless toll booths arrive 39 Road safety Josep Lluís Giménez Innovation 31 ANALYSIS Seminar for over-sixties “Client vision is key” Abertis allocated the Business Meeting XXVI fi rst pay-per-distance in in the Pyrenees the United States Economic optimism 50 18 ENVIRONMENT TEAM 40 Abertis Foundation Marketing and Commercial 32 Castellet opens UNESCO CORPORATE CULTURE Department at Abertis WORKS headquarters Autopistas Spain Autopista C-32 Good practice At the client’s service The new route will arrive in Abertis, the best Ethical Code Lloret de Mar in 2017 52 22 42 CULTURE INTERVIEW 33 OPINION Velázquez exhibition52 João Aguiar Machado IMPROVEMENTS Marta Casas Sponsorship of Abertis in France “Europe is the world’s leading Service areas Ethical compliance Miró Exhibition54 region in road safety” Renewed on the AP-7 and the AP-2 and transparency Arteris takes the exhibit to Brazil

4 Q LINK abertis Q SEPTEMBER 2015 12 50

18 66 34

link abertis is a publication of Abertis Infraestructuras, SA Av. del Parc Logístic, 12-20. Investor’s link 08040 Barcelona. Tel.: 93 230 50 00. Fax: 93 230 50 02. EDITED AND CREATED BY: Corporate Commu- nicationManagement of Abertis.

EDITORIAL BOARD: Salvador Alemany, Francisco Reynés, José Aljaro, Josep Maria 66 Coronas, Toni Brunet, Juan María Hernández RESULTS Puértolas, Sergi Loughney and Joan Rafel. First quarter 2015 CORPORATE IMAGE AND PRODUCTION: Erik Ribé and Berta Riera. Historical benefits CONTENT CO-ORDINATION: Alícia Cobeña. 55 60 EDITORIAL: Alícia Cobeña, Gemma 70 Gazulla, Marc Gómez, Leticia Gonzálvez TALENT TECHNOLOGY SHARES and Marta Maxenchs. University-business Mobility for schoolchildren Abertis launches an OPA CONTRIBUTORS: Christine Allard, Sandra Vasconcelos, Sergio Castilla, IV International Prize for Abertis The KanGo! project is under way On 6.5% of its capital Jorge Chamizo, Muriel Lázaro, Anna-Sophie Leber, Enric Pérez, Mercedes Pérez-Cruz, Marc Ribó, Berta Riera, Andrea Yametti, 56 61 71 Abertis, Abertis Autopistas, Cellnex OPERATIONS Telecom and the Abertis Foundation. INTERVIEW COMMITMENT Simon Cohen Purchase of capital PRODUCTION: Accessibility 61 Ediciones Reunidas, SA (Zeta Group). Barcelona and Cadí Tunnels Revistas Corporativas Barcelona. “The Abertis Prize makes Agreement between Consell de Cent, 425. 08009 Barcelona. transport professionals the Abertis Foundation and Tel.: 93 265 53 53. Manager: Òscar Voltas. Editorial coordinator: more aware” the ONCE Foundation 72 Nuria González. Chief editor: Toni Sarrià. Recognition 61 GENERAL MEETING 2015 Drawn up by: Marta Carrera, Gemma Figueras, Balance and Paco Martínez and Toni Capilla. The Abertis Foundation Layout: Cristina Vilaplana, Xavier Julià and 58 future challenges Samuel Vergés. Collaborator: Cisco Figueroba. receives the Stela Prize 2015 Legal deposit: B-16432-2010. HEALTH ISSN: 2385-6262 Social commitment Abertis shareholder support line: 74 902 30 10 15. www.abertis.com The Abertis Foundation 62 INCREASE IN CAPITAL Abertis does not take responsibility with the Guttmann Institute IN BRIEF Rewards for for the opinions of its collaborators in the pieces published,nor does it th on its 50 anniversary Latest from Abertis shareholders necessarily identify with their opinion.

SEPTEMBER 2015 Q LINK abertis Q 5 OPINION

Author profi le Sustained President of AT Kearney in Spain and Portugal since January 2010, he graduated as an investment in engineer of Roads, Canals and Ports from the Polytechnic University of Madrid, infrastructures and has an MBA from the Business Institute. The strategic vision for infrastructure in Spain must return He was also a member to a public investment model, sustained to mitigate the of the European resource defi cit in certain infrastructures and equipment, Management Committee and to respond to the major trends in global change of AT Kearney and European leader in the area of Transport, Tourism and Infrastructure. TEXT EUGENIO PRIETO PHOTOS AGENCY During his professional journey at AT Kearney, Spain has made a qualitative leap been made in secondary and tertiary treat- he has managed forward in its transport infrastructure ment of residual waters: but greater develop- countless projects resources in the past 30 years, but the recent ment in these infrastructures continues to with a strong functional cuts in construction and infrastructure main- be necessary to comply with the objectives specialization tenance could put their conservation, the established by the European Union, and in in strategic and competitiveness of our economy and the health the provision of hospital beds per organizational social well-being of Spanish citizens at risk. inhabitant is considerably lower than in coun- development, business In recent years, investment in infrastruc- tries such as Germany or France. transformation and ture in Spain has followed cyclical patterns, The country needs sustained public managing change in different industries. while public investment in infrastructure in investment to ensure adaptation to changes Likewise, he has laid Germany and France has been sustained in that will come about in the future on a global out strategies in the last 20 years with more than 60,000 mil- level. Investment in infrastructure must be a large international lion and more than 80,000 million euros response to fi ve major global trends, three companies. invested annually, respectively. of which will act as powerful instigators of With more than Despite the good position achieved dur- sustained public investment in infrastructure 25 years’ experience ing the last investment cycle in Spain in cer- while the two other trends entail a risk that in consulting, he has tain transport infrastructures (high-capacity governments must mitigate so as not to stall also carried out various road networks, high-speed railway network, the inevitable necessity of sustained public management roles airports and ports), Spain displays important investment. at the transport defi ciencies in the maintenance of current Firstly, the management of natural company TNT. structures in the goods transport and logisti- resources and the environment will prompt cal infrastructure network, as well as in sec- new water, energy, environmental and trans- ondary networks and in accessibility and urban port infrastructures in Spain, associated with mobility. In fact, spending on infrastructure a greater concern for the imperative shortage maintenance has been reduced by 25% on and the effi cient management of water; the roads and 20% on railways since 2009, going search for a greater energy independence against recommendations from international and efficiency; and the strengthening of organizations such as the World Bank. logistic structures to accommodate the grow- Moreover, Spain has an enormous defi - ing globalization of commerce. Additionally, cit in infrastructure resources and citizen demographic changes will propel new social facilities, especially in water, health, educa- and urban infrastructures in Spain to respond tion, environment and telecommunications. to the ageing population, the development For example, in water great advances have of the middle class with a progressive redis-

6 Q LINK abertis Q SEPTEMBER 2015 tribution of wealth, increasing urbanization restrict public investment in infrastructures and the growth of cities. Thirdly, the disrup- SPAIN MUST GO FIRMLY that the most responsible governments tive potential of technological innovation AND WITH CONVICTION should know how to manage. will oblige us to make important investments Spain should go fi rmly and with convic- in digital infrastructure in Spain, a conse- IN FAVOUR OF SUSTAINED tion in favour of sustained public investment quence of the impact of new technology and PUBLIC INVESTMENT in infrastructure, as have other similar Euro- the necessary increase in digital connections. IN INFRASTRUCTURE, pean countries, to secure the process of Nevertheless, the evolution of the world AS DO OTHER SIMILAR economic and social transformation in which economy could result in a stalling of invest- it is immersed. Future investments should ment in infrastructure, especially due to the EUROPEAN COUNTRIES centre their objectives on economic growth, trend of reduced economic growth and the the generation of employment and social high levels of indebtedness in the European well-being. As the country’s economic motor, Union. Likewise, the complexity of the geo- infrastructure has the potential to promote political environment supposes a risk for the exportation, support new economic sectors development of infrastructure, given that the by strengthening enterprising spirit and increase in fi scal pressure in developed coun- employment, and develop sustainable, high- tries and increased distrust in governments quality services for citizens and their sur- on a global level will provoke temptations to roundings. Q

SEPTEMBER 2015 Q LINK abertis Q 7 STOCK MARKET

Leader in the telecommunications market Cellnex enters the stock market Abertis’ terrestrial telecommunications subsidiary entered the trading floor on 7th May, with great interest from shareholders and an initial stock market capitalization of more than 3,200 million euros

TEXT AND PHOTOS ABERTIS

The president of Cellnex Telecom, Francisco Reynés, and the CEO, Tobías Martínez, were the ones to give the ring on the bell, the traditional signal that declares that the business is now listed on the stock market. The company, which is the European leader in wireless telecommunication infra- structure, made a great entrance to the trading floor, with its value increasing by 11.4%, to 15.60 euros, after the bell was rung. The newly-listed company ended the session with an overall increase of 10.04%, reaching 15.41 euros per share.

Great interest in investment The emergence of Cellnex Telecom on the continuous market has attracted the inter- est of large funds and international institu-

8 Q LINK abertis Q SEPTEMBER 2015 CELLNEX TELECOM INCREASED ITS STOCK MARKET VALUE BY 11.4% TO 15.60 EUROS AT THE START OF THE SESSION AND ENDED WITH AN INCREASE OF 10.04%, REACHING 15.41 EUROS PER SHARE

SEPTEMBER 2015 Q LINKabertis Q 9 STOCK MARKET

tional investors. Those with the greatest For his part, the CEO of Cellnex, Tobías participation include Columbia Threadnee- Martínez, signalled that “the great interest THE ARRIVAL ON THE dle with 8.9%, Blackrock with 6.2% and shown by investors is proof of our position STOCK MARKET IS A Criteria with 4.62%. Following the OPV, of leadership in the market and out poten- Abertis has 34% of Cellnex’s capital. In terms tial for future growth. I am convinced that GREAT OPPORTUNITY of the nationality of the new shareholders, the profile of our investors will be a solid TO STRENGTHEN GROWTH American investors stand out. They include reflection of Cellnex Telecom and of the AND FAVOUR ITS POSITION George Soros and count for half the overall project in the long term, and we will work AS A LEADER IN THE SECTOR investors, while the English account for 25% together with them in this new phase that of participation and the Spanish a tenth. we began on 7th May as a listed company. According to the president of Cellnex and vice president of Abertis, Francisco Reynés, New opportunity this is an indication that “Spain and Span- for growth means of financing, allowing it to strengthen ish businesses are attractive to international The entry of Cellnex Telecom to the Stock its plans to internationalize and grow. investors”. Market presents a great opportunity to In his first interview given to commu- strengthen its growth and promote its pres- nication outlet after the company entered ence in Europe as a leader in the terrestrial the stock market, the CEO of Cellnex, Tobías telecommunication infrastructure sector. It Martínez, confirmed that the business currently has 15,710 sites available, 7,472 of “wants to triple its size over a period of three Francisco Reynés which are found in Spanish territory, and to five years” which is why it is weighing up and Tobías 7,698 in Italy. Furthermore, its new status as the possibility of acquiring businesses “in Martínez during a listed company will mean it can access new the big European markets”. the presentation of Cellnex Telecom.

10 Q LINK abertis Q SEPTEMBER 2015 A Board with an The Management Board. international character Behind, from left to right: 100 million clients Josep Maria Coronas, Cellnex Telecom has formed a Management Peter Shore, Lluís Board with nine members, of which four Cellnex Telecom, SA, Deulofeu, Bertrand advisors are independent. They are from Abertis’s telecommunication Boudewijn and Giampaolo Zambeletti. Italy, France, the United Kingdom and the subsidiary, began to operate st Front: José Aljaro, Netherlands, and their profi le refl ects the independently on 1 April Tobías Martínez, Francisco company’s objective of internationalization. 2015. It is a business with Reynés, Javier Martí and a markedly international Mary Annabel Gatehouse. The creation of this body responds to the profi le which offers services recommendations relating to the corporate to more than100 million governance emitted by the National Stock people in Europe. Market Commission (CNMV). Its principal objectives On the possibility that Cellnex will form include promoting the use part of the Ibex 35, Tobías Martínez has of innovative technologies assured that “entry into the selection, which as a way to increase social would always be welcomed, is not an objec- and economic connectivity. tive for the company, but rather a conse-

quence.” A fact that, nevertheless, is pre- ments, audiovisual diffusion infrastructure, sented as a possibility given the optimum as well as network services and others. IN 2014 THE COMPANY results of the fi rst days of Cellnex’s listing. While in 2014 the company had takings HAD TAKINGS OF of 436 million euros and an Ebitda (gross 436 MILLION EUROS Positive expectations for the future operating profi t) of 178 million, 2015 is pre- AND AN EBITDA Cellnex is on the road to consolidating its sented as Cellnex’s year of strengthening, with position as a market leader in telecommu- a focus on the mobile phone infrastructure (GROSS OPERATING nications while it offers solutions in three sector, whose performance is expected to PROFIT) OF 178 MILLION specifi c areas such as the renting of place- continue increasing over the coming years. Q

SEPTEMBER 2015 Q LINK abertis Q 11 INTERVIEW

Managing Director of Abertis Industrial Development Josep Lluís Giménez: “Client vision is a key factor in the industrial management of toll roads” The managing director of Abertis Industrial Development analyzes the new role that his Department will play after the recent restructuring of the company

TEXT AND PHOTOS ABERTIS

Some months ago, Josep Lluís Q Q Q of investment and divestment. We have Giménez arrived at the front of How did the General Directorate of Indus- evolved from an infrastructure group that the new Directorate of Industrial Devel- trial Development emerge? Could we say managed five activities to an administra- opment, culminating a journey in Ab- that it is an evolution of the former General tion focused on toll roads. This forces us ertis that began in 2001 in Argentina as Directorate of Resources and Efficiency? to demonstrate and showcase the indus- director of Foreign Concessions at GCO. It was born, effectively, as an evolution trial elements of our management based After four years in charge of the General of the former General Directorate of Re- on experience, knowledge and talent.

Department of Toll Roads in Spain, Josep sources and Efficiency, although with a Q Q Q Lluís Giménez is now one of the protago- different focus in order to adapt to the Within the reorganization that has taken nists in the restructuring of the Group’s new economic scene. place in the Group, and more precisely Senior Management and a new phase of Economic crises, like the one we’re within the Corporation, which is where the updating the company vision of Abertis. experiencing in Spain, share the necessity Directorate is situated, what will be Indus-

Q Q Q to “tighten our belts” and, because of this, trial Development’s role? What is your assessment after these first you have to apply the logic of efficient The industrial role complements the financial months at the head of the Directorate of management, where the maximum ex- vision. They are two totally complementary Industrial Development? ponent is the good use of resources. We factors, we can’t understand one line without We can consider it to be positive. Firstly, have also been obliged to be financially the other. In an investment, which is what a because it has allowed me to understand the disciplined and selective in our processes toll road is, with a long-term vision, you need double-rationale of the Group’s management. a financial infrastructure that gives you strong On the one hand, from the perspective of lungs to sustain it. But there are also other the managing director of the business unit elements, that properly managed, mean that Abertis Autopistas Spain and, on the other, IF WE DON’T THINK the investment can gain a new dimension from the perspective of the Corporation, ABOUT THE CLIENT and increase its value. Ultimately, a conces- visualized as the strong arm of the sharehold- AS A KEY FACTOR, THEN sion is a contract with a finite lifespan and ers. This requires a clear orientation of the that, logically, totally conditions our future. THE BUSINESS MODEL value of the investments made and a high Q Q Q level of internal co-ordination and coherence. BEGINS TO FAIL” So, in your opinion, what should Abertis

12 Q LINK abertis Q SEPTEMBER 2015 Josep Lluís Giménez no longer considers the crisis to be as serious, “a more industrial business vision makes more sense”. INTERVIEW

“Ultimately, the industrial role do? What would be your objective to get is based on the concept that we are man- complements the out of this finite lifespan? aging public property and that this has a financial vision”, Well, something that has always been clear impact on society. From there, what reflects the director Industrial done in Abertis and which explains our we need is to create a reputation and so- Development. equity story, above all seeing the experi- cial image. This also forms a part of our ence of Acesa, a concession that was ini- industrial role. In second place, we have tially created for 35 years and ended up to understand that, although we can talk expanding into successive negotiations about many clients, for us the principal for a period of further 15 years. Ultimate- client, or from an industrial point of view, ly, it’s about extending the lifespan of our is whoever pays for the toll road. This concessions, whether it be through exist- means offering the best route, the best ing business or through new acquisitions journey, the best travel experience for our that expand our portfolio of concessions clients and users. If we make them happy, under management. as human beings that make up society,

Q Q Q what we achieve is social acceptance and In what way, then, can your objective be this will redound to our prestige and to achieved? our image as managers. To lengthen the lifespan of our conces- Thirdly, it’s necessary to generate a sions, we need a series of basic behav- working environment where our employ- iours that reside in four factors: The first ees feel integrated and valued. To give an

14 Q LINK abertis Q SEPTEMBER 2015 example, the employees who are at the functions in the industrial area ultimately strategic in our activity. The Area of Or- foot of the toll road have a distinctive have a common denominator, to help the ganization and Transformation, directed feature, which is their spirit of sacrifice. efficient development of the operations by Jordi Fernández, which must unfold We don’t realise, because it seems that in the units of the business. and adapt the business management or- a toll road is something that we see as a What are the support bases? A new ganizational model, defined in our group, simple activity – we circulate and we pay. Department of Engineering, directed by oriented to the efficient management But behind this there is 24/7 manage- Phillippe Fenain, where we we have avail- of the units of the management And, ment, 365 days a year. And these people able knowledge of the large processes rel- finally, the Area of International Affairs, who are there working make sure the toll ative to managing a toll road. An Area of the responsibility of which falls to Enric road is in optimal conditions: they assist Systems, directed by José Carlos Moreno, Pérez, whose mission is to sustain the with incidents and accidents, they main- which visualized with what technology relationship with the regulators and the tain the infrastructure in good condition, operations should be developed and how opinion makers so that our experience of provide security, and improve the client’s they should be rolled out in the different the management model and its evolution road experience. As such, the employee businesses. In the Area of Procurement, is considered. is an important vector when it comes to directed by José María Gómez Hospital, The key factor is that all the direc- managing our industrial model. which facilitates the criteria and models tors and decision-makers are interrelated And, finally, we seek out a relation- to effectuate in an efficient way the ac- and always see a project from all the ship with the Administrations that allows quisition of property which is considered perspectives we are working with: from a process of negotiation in which we the perspective of Engineering, from the can always get adequate compensation, complementary perspective of Systems, including time scale extensions. In this etc. There is no Engineering operation case, the Administration has to see us as WE HAVE TO OFFER without Systems, and no Systems with- the best partner for the development of THE BEST ROUTE, THE out Engineering. You might also need a infrastructures and the application of so- BEST JOURNEY, good acquisition or a certain sectoral po- lutions to mobility problems. THE BEST TRAVEL sitioning. But, above all, what you need Basically, the strategy of the indus- is to transform the organizations and in- trial model passes through this vision, EXPERIENCE FOR tegrate policies when managing in an ef- complemented, as we previously said, by OUR CLIENTS” ficient way. the financial vision. We have to, we must, integrate both visions. We have explained all of this, social responsibility, relation with the Administration, client and em- ployee, redounded to social capital, fun- damental in creating value for the share- holder, which is ultimately the objective that we all pursue when we are managing our activity.

Q Q Q Your Directorate is formed by various departments: Organization, Procurement, Systems, Transformation and Engineering. How do you manage to co-ordinate all these departments? I see all the functions as integrated re- lations. With my organization team we always question the traditional organiza- tional charts based on hierarchical rectan- gles , where we have the person’s name and job. This is a totally antiquated model that belongs to the last century and no longer works. For me, what’s relevant are the integrated and interrelated functions that are configured as a spherical vision, with us all going round together. All the

SEPTEMBER 2015 Q LINK abertis Q 15 INTERVIEW

Q Q Q agement of toll roads to apply the best Profi le One of the things that is perhaps most dif- operative practices to each business unit. Adviser of various companies fi cult to manage is the distinction between The new Directorate of Industrial De- owned by the group, the managing functions and the interaction between this velopment is at the service of the busi- director of Industrial Development new Directorate, from Corporation, with ness units,ensuring technical support in at Abertis Infraestructras was also the business units. How is the differentia- a broad sense so that the businesses de- managing director of Abertis tion in functions between both managed? velop a responsible and effi cient service Autopistas Spain until 2014. We have to understand that there are el- offered to clients and users. In 2007 he took over the general ements that are key in the development As such, the key success factors that management of Acesa, a company of corporate functions and that they are we are going to defend in our industrial he joined in 2001 as area manager the express delegation of our sharehold- model are contractual fulfi lment, technol- of South American Concessions, ers (the Corporation is the executive arm ogy, engineering, roadway administration, and assumed the functions of the shareholders). This is the logic that the client and social responsibility. These of president of Grupo we have to try and explain, and fi nd which factors are those that must be developed Concesionario del Oeste, S.A. are the mechanisms of interrelation be- in every business unit, in every country (GCO) and vicepresident of tween businesses and the Corporation so and in the function of every contract. Autopistas del Sol, S.A. (Ausol), that we can act competently. For this, we The modulation of the application of concessions of the accesses to the city of Buenos Aires. have to depart from a clear defi nition. In a policy, regulation or a process that ema- my opinion, the business is autonomous nates from the industrial area is going to He is an economist who holds a and must act with absolute responsibility depend on the manager of the business. diploma in Financial Management towards the toll road service it provides. This is who has the ability to discern, for and a master’s degree in The Corporation, on the other hand, out- example, if they are going to cut close to Management from EADA. lines policies, lines of approach, criteria the limit of the regulation or the limit of His training was completed with the Senior Management and the forms of organization that must the client’s perception. Programme at the IAE Business cover the business’ risks, principally those Well, that said, from the Corporate School at the Austral University that concern our shareholders. These poli- Industrial area we will introduce the fulfi l- in Buenos Aires, and the Executive cies and lines of approach are transmitted ment of these elements to sustain a true Development Programme to businesses so that they are equipped industrial model; in the end, our defi nitive at the IESE Business School. with the elements, the structures and the objective is to be an infrastructure opera- His career path began in 1981 at processes necessary to mitigate these tor with a modern management model, Caja de Barcelona, now known as risks. From there, we have to brainstorm oriented towards the client, effi ciency and “La Caixa”. He developed banking experiences so that all of us, in all coun- security. If this can be understood as a new management functions until 1989, tries, can learn from these interventions. management focus, the answer is yes. when he was incorporated into the The Corporation should outline the poli- But, let’s remember, this vision must fi nancial entity’s area of associate cies, the businesses have to develop them. not contradict the fi nancial and econom- company control. I am under no circumstances going to ic vision – quite the opposite, in fact. As In 1995 he joined Inmobiliaria tell a business how it should pave a toll such, and as we have said, the manage- Colonial, S.A., as manager of road, that’s up to them. But I can say that ment of operations from the industrial operations and fi nance, where they need to have a minimum standard of perspective must be totally compatible he worked until the company’s paving that guarantees our shareholders with fi nancial-economic management. entrance to the stock market in that the risk of breach of contract is per- That said, I would like to make it 1999. He was also the managing fectly delimited or that safety, as a stra- clear that, if from the fi nancial manage- director of Q-Factory 21 S.L., a tegic objective of the Group, is perfectly ment decisions are made that could call business incubator for companies covered. For me this is the key and this is into question contractual fulfi lment or related to new technologies. why we determine policies, why we inno- the levels of service, the complemen- vate when it comes to processes and we tarity will fail and the industrial vision search the indicators that allow us to raise will be diluted. For example, if it turns the alarm with suffi cient forewarning. out that it is not that important that the

Q Q Q wearing course of the toll road is 8mm In other words, the Corporation is going to thick and we believe that 4mm is suf- drive a focus oriented towards management fi cient, there we are assuming business beyond the purely fi nancial and economic? risks; or if it turns out that we apply free I try to transmit the idea that we are going fl ow system and then we don’t want to to share the whole experience in the man- evolve technologically, we have lost all of

16 Q LINK abertis Q SEPTEMBER 2015 our industrial advantage. If this happens, THE INDUSTRIAL ROLE one of the big players in infrastructure, we are closer to being an infrastructure COMPLEMENTS THE investment funds or industrial groups investment fund than an industrial man- FINANCIAL VISION, (and there are few of these in the world). ager of infrastructure. So the response to And, on the other hand, operations of an corporate focus on management is no. WE CAN’T UNDERSTAND organic character based on the amplifica-

Q Q Q ONE LINE WITHOUT tion of our concessionary networks, where Certain stakeholders who have gained pres- THE OTHER” the motor should be one of the business ence in the infrastructure market hold a lot units and new operations identified by of weight as financial investors. What role our business development teams (M&A), should Abertis play from now on? Should whether they be organic or inorganic, op- it be open to other kinds of projects, that From my point of view, to face the erations with “industrial” risk. up to now haven’t been considered, or challenge of growth there are three In the world of toll road infrastruc- maybe simply centre itself on consolidation new lines we should consider. Firstly, we tures there is still a lot to cover and we processes in the secondary market? should create a system to identify growth have to keep moving. Do we want to be M&A, which stands for mergers and ac- opportunities. Secondly, taking on new multinationals? In that case we have to quisitions, but which I prefer to call Busi- risks in the projects, in other words as- have the ability to manage on a global ness Development and Industrial Devel- suming technical risks, whether they be scale, we need a new business model opment, have to go hand in hand, to ap- technological, in construction, etc. And and we need to restrengthen our capaci- ply industrial logic to the selection, analy- lastly, rethinking the members policy, as a ties. An example of an operation in this sis and acquisition of new concessions. minimum being more selective. area which could be interesting is that The challenge that we must face in An organization oriented towards of Sanef ITS, whose capital has recently our group is growth, subject to a policy of growth should be redefined under these come to be 100% belonging to Abertis. shareholder returns based on growing divi- lines. Ultimately, by simplifying we can As from now, we have increased our ca- dends, a consequence of increases in capital. visualize this as two lines of action. On pacity in technology applied to tolls. We Sometimes I wonder why there is so much one hand, everything that falls under are capable of dealing with other types of focus on incrementing the Ebitda, when for operations, as pointed out by our CEO business, which is part of being operators our shareholders the important thing is the Francisco Reynés, of a transformational of insight into toll chargers. cash flow available for dividends. character, a large-scale operation with The future is in our hands. Q

SEPTEMBER 2015 Q LINK abertis Q 17 TEAM

Marketing and Commercial Directorate of Abertis Autopistas Spain At the client’s service The creation of the Marketing Department six years ago has been key in the organization’s awareness of the fact that the client is at the centre of everything done by the Directorate

TEXT ABERTIS PHOTOS DANIEL AZNAR

The principal objective of the Abertis Plan, the service strategy and client relations Group’s toll road Marketing Directo- have been defined, and the processes of invoic- rate is selling and making sure all the com- ing and payment management have been pany’s employees are part of the sale. coordinated, all of this across three major areas. In this sales process, the Directorate t Elena Mellado, head of Marketing and is responsible for the relationship with clients Communication, leads the client action plan, both from within and outside of the organ- the digital marketing strategy and the exter- ization. Its job is to know the client and nal Communication Plan of toll roads in Spain. understand his or her needs when journey- As for Montse Serrano, she is at the fore- ing on Abertis toll roads. According to the front of the Business and Client Department, director of Marketing and Commercial, Marga and is, on the one hand, in charge of customer Tejedor, “it’s necessary to ensure that the service operations and service satisfaction client’s experience, from the moment they studies; and as far as Business is concerned, leave their home until they returns, is going is also in charge of coordinating with the to be excellent. And this is only possible by operators that offer services along the toll making our organization aware of the fact roads (service stations/areas and fibre optic). that we all contribute to this experience.” The Commercial Department is also found within Clients and Business, and is in charge The three pillars of the Directorate of the commercial care of mayor toll road Since the Marketing and Communication clients, principally large fleets of vehicles. Directorate designed the Communication Finally, Jesús Tabuenca is in charge of Invoicing and Administration, and coordi- nates the evolution of invoicing processes, THE DIRECTORATE IS payment management, discounts and pay- RESPONSIBLE FOR THE ment methods defined for the Abertis Group’s toll road concessions. RELATIONSHIP WITH THE CLIENT BOTH WITHIN Latest structural changes AND OUTSIDE OF THE The Marketing and Commercial Department ORGANIZATION ITS JOB of Abertis Autopistas has experienced a great transformation, especially in the Invoicing IS TO KNOW THE CLIENT Department. The launch of a new invoicing AND THEIR NEEDS system has led this Department to redesign

18 Q LINK abertis Q SEPTEMBER 2015 From left to right: Elena Mellado, Marga Tejedor, Jesús Tabuenca and Montse Serrano.

SEPTEMBER 2015 Q LINK abertis Q 19 TEAM

1 2 3

all invoicing processes with a focus on effi- toll road needs, all of which is a direct con- members of the Directorate, basing the ciency and customer service. sequence of dialogue with customers. distribution of work on the capacity of each On the other hand, the process of “It is important that the business units group, independent of the location of the restructuring the company has involved the know the clients, that they orient their post, leaving behind the concessionary men- adoption of the operations of External Com- organization towards excellent customer tality in the distribution of tasks. munication and Institutional Relations, service, innovation and continual improve- which up till now was managed by Corpora- ment”, reminds the director of Marketing. Challenges for the Directorate tion. The results are very positive as they Her Department has been a pioneer in In a country such as Spain, where the toll mean that the toll road business in Spain the launch of cross processes when distrib- road business is not always well regarded, can be explained from the front line, in great uting operations between the different the first challenge is transmitting to society detail and on a local scale, in particular the the reason behind the business and the approach which values society. added value it is capable of offering. The intention is that, in a not-too- The client, the reason THE CREATION OF THE distant future, toll road clients will know for the Directorate where every cent of their toll fee goes, and The creation of the Marketing Department MARKETING DEPARTMENT will be familiar with all the services behind six years ago has been key in the organization HAS BEEN KEY TO THE the Abertis toll road, which exist to make becoming aware of the fact that the client is ORGANIZATION TO BECOME them safe and comfortable. at the centre of everything done by the Direc- AWARE OF THE FACT Along this line, and with the objective torate. This has been a great opportunity to of attracting the greatest number of users, listen to the client and improve working meth- THAT THE CLIENT IS AT THE the Marketing Directorate is rolling out its ods and, above all, “to generally explain our CENTRE OF EVERYTHING digital strategy with a very favourable recep- business and the service we offer to society tion for the new channels it is launching. in a transparent way”, explains Marga Tejedor. With the digital transformation of all cus- The good relationship they have tomer service processes in the last five years, achieved with clients allows them to design THE DIRECTORATE HAS they have moved from an in-person service customer service and support plans every BEEN A PIONEER IN THE model to a remote service model. year. The Customer Centre and multichan- LAUNCHING OF CROSS Another of the challenges is pursuing nel support, the evolution of the portal PROCESSES WHEN a higher level of penetration of the Vía-T autopistas.com, the virtual office, the chat and an increase in inter-operational experi- feature and the app correspond to services DISTRIBUTING OPERATIONS ences with France and Portugal. The Market- focused on different moments of the client’s AMONG ITS MEMBERS ing Directorate continues working to offer

20 Q LINK abertis Q SEPTEMBER 2015 New projects under way The customer focus plans, which did not exist in the Group until six years ago, have allowed the Directorate of Marketing to launch some extremely interesting projects: — 1 — Elena Mellado, Marketing Client segmentation has allowed and Communication the design of a range of services Department specially focused on each particular — 2 — profi le. The Project Truck 360º Jesús Tabuenca, Invoicing and Administration is a clear example of how to Department. focus the company’s services — 3 — and communication on an Montse Serrano, Business area as important as transport. and Clients Deparment. — 4 — The focus and excellent Marga Tejedor, Director of understanding of this client target Marketing and Commercial 4 at Abertis Autopistas Spain. meant that two years ago the Commercial Department was created, through which the main clients are identifi ed and offered a increasingly more personalized traffi c infor- diate way. This dynamic obliges them to be personalized service appropriate to mation for the client’s particular needs. very co-ordinated both within and outside their particular needs. of the Directorate, to be able to make swift Intense activity decisions without sacrifi cing the excellence They have given clients a voice and a vote in the organization Abertis Autopistas Spain’s Marketing and of their service. As such, knowledge of their and this allows them to maintain Commercial team, in any of the three fi elds, business and the relationship with the media a close relationship and design has very intense day-to-day operations. Just leads them to be permanently in contact the continual improvement plans in terms of customer service, they are con- with all areas of the organization. in conjunction. tacted more than 2,000 times a day, which has to be managed in a increasingly imme- Permanent contact with The reputation crisis experienced on social media with the providers, the media and #novullpagar (’I don’t want to pay’) Management movement has allowed them to The Marketing and Commercial team cov- design a digital strategy and, above THE PRINCIPAL CHALLENGE ers a broad range of operations and its rela- all, lose their fear of interacting IS TO SEND THE MESSAGE tions are almost 360º. The area of Businesses with clients online. Other previous and Clients assists private and professional crises, and the positive results TO SOCIETY OF THE REASON clients on a daily basis, and maintains a close obtained, have demonstrated BEHIND THE BUSINESS relationship with the transport associations, that constant communication AND THE ADDED VALUE managers of fl eets and with service provid- and the relationship with clients are the paths to follow. THAT ABERTIS TOLL ers and operators such as businesses that manage service areas and stations. ROADS BRING On the other hand, in the area of invoic- ing, a close relationship is maintained with all the issuers and managers of payment methods, fi nancial and non-fi nancial entities THE INTENTION IS THAT TOLL and Management. ROAD CLIENTS KNOW WHERE As for the department of Communica- EVERY CENT OF THEIR TOLL FEE tion and Institutional Relations, they are also IS GOING, AND THEY KNOW in permanent contact with the mass media and with any type of institution that is EVERY SERVICE OFFERED involved in the fi eld of toll roads, as well as BY ABERTIS TOLL ROADS many kinds of businesses and contractors. Q

SEPTEMBER 2015 Q LINK abertis Q 21 INTERVIEW

Director-General for Mobility and Transport at the European Comission João Aguiar Machado: “Europa is the leading road safety region worldwide” According to the Director General for Mobility and Transport of the European Union, safer drivers and cars are also essential to reducing the accident rate

TEXT AND PHOTOS ARTERIS

After working for more than twenty focuses on transshipment facilities, is to give a boost to investment in parti- years for European institutions, João missing links and the creation of a net- cular by attracting private investors in the Aguiar Machado analyses the mobility and work of multimodal transport corridors financing of projects of European interest. European transport infrastructure area, and allowing large volumes of freight to be The EFSI aims to overcome current mar- proposes several solutions to tackle the moved efficiently. Freight transport will ket failures by addressing market gaps principal challenges which the sector faces. greatly benefit from this new approach, and mobilising private investment.

Q Q Q which is based on EU priorities and is Indeed, the financial support provided What measures do you plan to take to less dependent on local interests. by the European Investment Bank (EIB) improve the transport system and boost Thirdly, the Commission is commit- via EFSI should help in attracting investors the European market and ensure it has a ted to foster innovation and digitalisa- to projects that they would not consider place on the international stage? tion in transport, by supporting develop- investing in otherwise. To do so, EFSI will Improving the competitiveness and sus- ment of standards, ensuring interopera- allow the EIB to have a higher risk bearing tainability of the EU transport system is bility, financing research, demonstration capacity, taking on some risks that private an overarching objective of the EU trans- and pilot projects, setting the right le- investors are not willing to take. port policy. The Commission is looking gislative framework and favouring a coo- Typically transport infrastructure pro- into various ways to achieve this goal. perative attitude. Examples of policies in jects have positive socioeconomic benefit Firstly, the Commission aims at im- this area include the Directive on Clean and identified revenue streams, with me- proving the functioning of the internal Power for Transport, support for deplo- dium to long turn returns on investments, market. Transport services do not per- yment of SESAR in aviation and ERTMS and for which risks can be shared bet- form equally well in all modes and in all in rail. But we still need to work further ween the public and the private sectors. parts of the EU due to several remaining on overcoming fragmentation in trans- However, private investors are adverse to barriers. Several initiatives to address port research and innovation. We need certain type of risks that the EFSI could these issues have been proposed, for ins- disruptive ideas that have the potential cover, unlocking the investments from tance the Single European Sky 2+ or the to substantially change transport and the private sector. 4th railway package that are still to be mobility in line as needed and wanted In addition, the Commission will im- adopted by the legislator. In other areas, by society. prove the visibility of investment op- new projects are still to be prepared e.g. Q Q Q portunities for private investors, through a set of proposals to address Road Trans- How will the Commission contribute the creation of the EU Investment Pro- port that is planned for 2016. or what action will it take to encoura- ject Portal, which will be a transparent Secondly, there is a huge effort to ge private sector involvement in the portal of viable projects to ensure that develop and modernise trans-European Juncker investment plan? investors have reliable information on transport infrastructure. The new TEN- The aim of the Juncker Plan, via the Euro- which to base their decisions. Investors T framework has tripled its budget and pean Fund for Strategic Investment (EFSI), should be able to have the confidence

22 Q LINK abertis Q SEPTEMBER 2015 Secondly, we need to improve the wide road safety data in order to create regulatory framework in order to facili- a knowledge base which will support all tate investment. Barriers to investments policy-makers in making the right priori- and possible solutions to overcome them ties and decisions. have been outlined in a recent report For the coming year, the Commis- written by former European Commission sion will look especially into issues such Vice-president Henning Christophersen as the risks of potentially distracting new and European Corridor Coordinators Prof. technical devices, the safety challenges in Kurt Bodewig and Prof. Carlo Secchi. an ageing society and the continued high The so-called “CBS Report” outlines number of serious road traffi c injuries. It 12 recommendations that the Commis- is simply unacceptable that 26 000 lives sion is now assessing and may come up are still lost on EU roads every year, and with proposals. The Commissioner for many more are seriously injured. While Transport, Violeta Bulc, expressed strong great progress has been made –Europe interest in these recommendations and is is the leading road safety region world- working with colleagues Commissioners wide– much more can still be done, and in order to act as quickly as possible. we intend to continue our efforts! Q

Q Q Q In terms of road safety, motorways have the lowest accident rates of all roads. What action plans do you intend to pro- Profi le they need to move forward with pro- mote to improve roads safety? J. Aguiar Machado is in charge jects, and avoid any stumbling blocks or The road infrastructure safety manage- of developing an EU transport uncertainty. ment procedures of Directive 2008/96/EC policy that ensures sustainable Q Q Q are promoted as a good practice also for mobility of people and goods What measures do you intend to take the roads beyond the TEN-T motorways. in a single European transport to stimulate investment and ensure the These procedures (including road safety area, contributing to jobs most effi cient funding for transport in- impact assessments, audits and periodic and growth. frastructure? inspections) are about good public ma- Before taking up his current There are several ways. First of all, we nagement, ensuring that taxpayer money position, he was Deputy need to improve technical assistance, in is not spent on building unsafe roads and Director General at the European order to help authorities and project pro- making existing roads safer. Many Mem- Commission’s Directorate-General moters to better prepare their projects ber States have already picked up on this for Trade, responsible for bilateral and make them suitable to attract priva- and apply the infrastructure safety ma- trade relations with Asia, te investors. Of course, it will require an nagement procedures on the wider road Latin America and Africa –including many of the EU’s important change in mind-set for project network, voluntarily. free trade negotiations– and for promoters, since most of them only con- But the road infrastructure is only trade in services, investment, sidered public funding to support their part of the complete road safety picture. intellectual property and public projects. But this change is not due to For safer roads, also safer drivers and safer procurement. EFSI, it is due to the fact that public bud- vehicles are needed. Of course, much of From 2007 to 2008 he was gets are anyway limited. this is the responsibility of the Member Deputy Director-General In this regard, the role of the Euro- States. The Commission contributes whe- at the EC’s Directorate-General pean Investment Advisory Hub (EIAH) re there is added value of European level for External Relations, in charge is essential. The EIAH will be Europe’s intervention, for example on the mini- of coordinating overall EU gateway to investment support. It will mum requirements for technical vehicle relations with Asia and Latin share good practices, lessons learnt and inspections, on the harmonised format America. Mr Aguiar Machado real-life case studies on project fi nan- of the European driving licence, on safe- spent most of his career working ce and project management. The EIAH ty requirements linked to the training on trade matters in Brussels is a joint Commission and EIB initiative, and qualifi cation of professional drivers, and in EC Delegations in both regrouping and expanding existing tech- on technical vehicle safety standards, Tokyo and Geneva. nical assistance available. The one-stop on the system to enable enforcement of He studied economics in shop approach will also make it easier for road traffi c rules also when it comes to Lisbon and at the College project promoters to access the services cross-border traffi c and, last but not least, of Europe in Bruges. they need. on the compilation and analysis of EU-

SEPTEMBER 2015 Q LINK abertis Q 23 ANALYSIS

Toll road traffic increased 5.7% in the first half Spanish toll roads are showing signs of Abertis consolidates economic recovery. the recovery of road traffic in Spain The changing trend in the national market is confirmed, with four positive quarters in a row

TEXT IDNET NOTICIAS PHOTOS ABERTIS

Economic recovery in general can be increase on this scale registered in the coun- extent by the seasonal impact of Easter. The clearly seen in Abertis’ results for the try since 2007. As such, the changing trend growth of heavy-duty traffic vehicles (in part first half-year, with an increase of 1.7% in in the national market was confirmed, with favoured by certain routes that have been dis- operational revenues, reaching 2,131 million four consecutive positive quarters. placed from regional roads to Abertis toll roads) euros. Traffic on Spanish toll roads had also Nevertheless, the figures from the first and the strong increase in light-duty vehicles increased by 5.7% by June, the largest quarter of 2015 were seen to be affected to an should also be highlighted in this period.

24 Q LINK abertis Q SEPTEMBER 2015 reflected a daily average intensity (DAI) com- AS A CONSEQUENCE parable to 21,362 vehicles in the first six OF THE CRISIS, TRAFFIC months of 2015, which is an increase of 1.8% As well as traffic recovery in Spain, with IN SPAIN DECLINED the previously mentioned increase of 5.7% 35% BETWEEN 2007AND in the first quarter, the positive evolution 2013, MUCH HIGHER THAN of the international markets in which Aber- THE REST OF EUROPE tis operates was confirmed, and in the first months of the year have surpassed the com- pany’s forecasts. Nearly three out of four euros made by Abertis come from the inter- national area. Here Chile and France stand 30 years to return to the levels recorded out, with increases in traffic of 10% and before 2007. In this scenario the correlation 2.2% respectively. between traffic and GDP is too conservative The combined effect of this increase in in the eyes of the analysis firm. traffic together with the strengthening of Because of this, in the opinion of Deut- the efficiency programme and savings have sche Bank, many investors have not paid allowed Abertis an improved Ebitda margin, enough attention to this potential recovery which for the first time surpassed 63% of of traffic in Spain, the turning point of which consolidated revenues. is found in 2014. Departing from the fact According to statistics from the Min- that growth of 1% in traffic brings 8 million istry of Public Works and Transport, the additional euros to the Ebidta, recovering increase in traffic was greatest for heavy- levels of the 2007 financial year would sup- duty vehicles, reaching 9.3%. In the month pose an increase in 16% of the net cash flow of June, the DAI of Spanish toll roads was consolidated in relation to the figures of the around 17,281 vehicles. With this, the traf- 2014 financial year. fic on these roads now brings together 13 months of increases. The importance of Among the principal drivers of stock the toll road business market value of the Abertis Group, Deutsche This data supports the predictions of Of the Group’s total revenue in the first half, Bank highlights precisely the improvement Deutsche Bank, which put forward in a recent 95% was generated by toll road activity. of traffic in Spain, France, Brazil, Chile and report that “before the end of the concession In particular, Abertis’ toll road business other countries, the generation of cash-flow, Acesa in 2021, we will see a strong recovery contributed 2,026 million euros in profits the possible expansion of various concessions in traffic, as and when the Spanish pattern and 1,306 million euros in Ebitda (87%). The and the positive results of the company’s of consumption returns to normal.” Deutsche traffic across Abertis’ toll road network strategy applied to the reduction of costs. Q Bank considers that 85% of the traffic lost in these years will be recovered by 2021, and puts the target price of Abertis shares at 18.20 euros. As a consequence of the severe crisis experienced, the decline of traffic in Spain reached 35% between 2007 and 2013, much higher than the rest of Europe. Now that economic recovery is under way, it is also hoped that toll road traffic will recover quickly. In fact, analysts at the German financial entity question the market consensus which estimates that the evolution of traffic in Spain from 2016 onwards will multiply alongside GDP, in line with the typical pattern registered before the crisis (approximately 1.5 times), which means that traffic will take more than

SEPTEMBER 2015 Q LINK abertis Q 25 ANALYSIS

Agreement with the French government Abertis extends its concessions in France The company reaches an agreement with the French government for the investment of 590 million euros in exchange for extending the concession period of its toll roads in the country

TEXT AND PHOTOS ABERTIS

Within the framework of the new to the development of the country’s infra- Relaunch Plan, approved by the French structure, which in the case of Sanef, Abertis’ ABERTIS CHANNELS ITS government last April, Abertis will invest some subsidiary in France, is estimated to be around PRESENCE IN THE TOLL 590 million euros in the maintenance and 11 million euros a year. improvement of its toll roads in France in Furthermore, a limit on the return ROAD MARKET IN FRANCE exchange for an average extension of its con- allowed to the concessions based on the THROUGH SANEF, A cession contracts by two and a half years. accumulated evolution of their operating SUBSIDIARY OF WHICH As Abertis reported in a statement sent revenues since the privatization of toll roads ABERTIS CONTROLS to the National Stock Market Commission in 2006 will be introduced. This limit will in (CNMV), the French Government has also no way impact on Abertis’ French concessions. 52.55% OF CAPITAL promised to compensate through tariff The agreement between the company increases between 2016 and 2013, the freez- and the French government will highlight the ing of 2015 tariffs and the increase of the legal soundness of the concession’s contracts 2013 fees. in the country and the advances that can be For their part, the French toll road conces- made in terms of investments in a public- sions will have to make a yearly contribution private collaboration context.

26 Q LINK abertis Q SEPTEMBER 2015 AS WELL AS IN FRANCE, IN RECENT MONTHS ABERTIS HAS ALSO EXTENDED ITS CONCESSIONS IN OTHER COUNTRIES SUCH AS BRAZIL

Paquet Vert, the predecessors to the Relaunch Plan Six years ago, Abertis had already reached an agreement with the French government through which the company made an additional investment of 250 million euros, principally destined to environmental improvements, part of what was known as the Paquet Vert, promoted by the French administration. The plan included a series of investments, with a public-private fi nancing model that generated an elevated number of requests from businesses of various sizes and activity in the eight regions that are crossed by Sanef toll roads, and contributed to the economic and industrial development of the territories covered by the Group’s network. These are some of the measures that the plan took into account: Protecting the air. Roll-out of non-stop toll booths in all of Abertis channels its presence in the toll year, with the objective of becoming an indis- Sanef’s hubs. This is already a reality for light-duty vehicles road market in France through Sanef, a sub- pensable part of the improvement of the that circulate the toll roads A1, sidiary of which Abertis controls 52.55% of country’s infrastructure network, through A2 and A4 between Paris and capital. public-private collaboration. Reims, and the A16 and the A26. Sanef manages 1,700 kilometres of toll In recent months many important deals roads in the north east of France, Normandy of this kind have been closed, such as a con- Protection of water resources. Treatment of regular and and Aquitaine, representing 22% of the total tractual addendum of 395 million reais (120 accidental emissions on toll roads. toll roads in the country. million euros) for the civil works in the region of Serra do Cafezal (Régis Bittencourt). Sound protection. Treatment Other examples of In Chile too, Abertis’ subsidiary is in nego- of noise pollution black spots. expanding concessions tiations with the Ministry of Public Works to Installation of new noise barriers. France is not the only country in which Aber- boost the portfolio of infrastructure conces- Protection of biodiversity and tis has agreed to extend the concession of its sions through new investments in the com- development of tree heritage. assets. Arteris, the company’s Brazilian sub- pany’s toll road network – roadway expansion Biodiversity audits in Sanef’s sidiary, has maintained an open dialogue with and improvement works – in exchange for green spaces. the Administrations throughout the fi nancial extended concession terms. Q

SEPTEMBER 2015 Q LINK abertis Q 27 TOLL ROADS

Measures to improve the flow of traffic Arteris’ works in Brazil advance at a good pace The new Avenida do Contorno, a logistic axis in the metropolitan region of Rio de Janeiro, will solve the logistic problem in the metropolis

TEXT AND PHOTOS ARTERIS/ABERTIS

The extension of Avenida do Con- which has an intense concentration of traffic”, torno in Rio de Janeiro, a 2.2 kilome- states the director of Operations at Autopista tre stretch of the road BR-101/RJ, is the first Fluminense, Edmundo Régis Bittencourt. major work completed by Arteris this year. The works were carried out by Autopista Works around Florianópolis Fluminense, a concession which is respon- On 27th April, the Autopista Litoral Sul, one sible for managing the 320 kilometre long of Abertis’ new concessions, began work on BR-101, which lies between Niterói, in the the northern stretch of the Contorno de Flo- state of Rio de Janeiro, and the border with rianópolis, in Biguaçu (Santa Catarina), once The Contorno de Florianópolis will have Espírito Santo. The inauguration took place it received authorization from the Brazilian approximately 50 kilometres of dual car- on the 26th June. Institute of the Environment and Natural riageway, three cloverleaf interchanges, 22 Avenida do Contorno is an important Resources (Ibama). The works have been level crossings, three viaducts, 12 bridges logistical axis in the Metropolitan Region of divided into three sections: north, middle and and eight tunnels. “Close to 20% of the Rio de Janeiro that integrates different dis- south. The works on the middle section vehicles that use the BR-101/SC in the tricts such as Rio de Janeiro, Niterói, São started in 2014 and are going according to Grande Florianópolis region will use the new Gonçalo and Itaboraío, as well as providing schedule, with 50% carried out to date. In dual carriageway, which will help to improve access to the Niterói-Manilha dual carriage- the northern section, topographical measure- traffic on the toll road, which is one of the way and the Rio-Niterói bridge, guarantee- ments are being taken, as well as the instal- busiest in the country”, states Marcos ing better conditions for the development lation of the works office, tree clearing, clear- Guedes, strategic planning manager of of the local economy and reduced journey ing the terrain and the installation of railings. Autopista Litoral Sul. A daily average of times for movements within this region. 180,000 vehicles pass through this region. Seen as one of the principal road obsta- It is estimated that each stretch of the cles in the South East region of Brazil, the dual carriageway will be completed within challenge was to develop the works without three years of the works starting. In addition incurring the loss of lanes for users, given NEARLY 20% OF THE VEHICLES to the construction of the Contorno, the that the daily average intensity of vehicles Autopista Litoral Sul is also responsible for (DAI) is around 90,000 along this stretch. THAT USE THE BR-101/SC the stretch between Curitiba (PR) and Pal- “The importance of these works goes WILL USE THE NEW ROAD, hoça (SC), made up of the Perímetro Leste beyond increasing the fluidity of traffic in Nit- WHICH WILL HELP TO IMPROVE de Curitiba (BR-116/PR) and of the BR-376/ erói. It will also reduce journey times for resi- THE TRAFFIC ON ONE PR and the 101/SC. During the 25 years of dents of the cities of Baixada Fluminense who the concession’s contract, 3,100 million work in Rio de Janeiro, and will improve conges- OF THE BUSIEST TOLL ROAD Brazilian reais have been invested in the tion at the access to the Río-Niterói bridge, IN THE COUNTRY refurbishment of the stretch.

28 Q LINK abertis Q SEPTEMBER 2015 Aerial views of the Launch of new lane divided into nine sections, with four having Serra do Cafezal. in Serra do Cafezal already been executed, and they are being The Autopista Régis Bittencourt, another of carried out with the intention of causing as and deep drainage (sewers and tunnels), Arteris’ concessions, entered the final phase little disturbance as possible to road traffic. among others. of works in the Serra do Cafezal. They have The complexity of the works has already completed 17.5 kilometres of a new awoken interest in Civil Engineering classes, A highway with history lane and the construction of nine viaducts. which have turned to the concession to The history of the expansion of the Autovía Currently, the works are continuing on a organize visits to see the works. The princi- Régis Bittencourt dates back to the second stretch of 13 kilometres, between the pal focus of the job consists of the construc- half of the 1970s. The expansion works municipalities of Miracatu and Juquitiba, in tion of the tunnels, although the forefront began at the extremities and, by he start of the state of Sao Paulo, where 4 tunnels and of the works is centred on the works of the 70s, the exits at Curitiba and Sao Paulo 12 viaducts will be built. ground shifting for the opening of new lanes were already extended. The extension of the Serra do Cafezal is It would not be until the 1990s that the most important work of the contract the Sao Paulo section began to be doubled, signed between the concession and the with sporadic works that lasted just over 10 National Agency for Land Transport (ANTT), years. In 2001 the road was already practi- it being the only section of road that has only ON AVENIDA DO CONTORNO, cally extended, except the section at Serra one lane. The investment was around 1,000 do Cafezal. The first permit (advance license) million Brazilian reais and the total length of THE CHALLENGE WAS for the expansion in the Serra dates from the extension is 30 kilometres. The works, TO DEVELOP THE WORKS 1992, however the works could not be car- which have involved around 1,500 employ- WITHOUT DISRUPTIONS ried out because the license was challenged. ees, have been under way since 2010 and are THAT INCURRED THE The financial minister accepted the com- expected to be finalized at the end of 2016. plaint and began a public civil lawsuit that Once finished, four tunnels and 34 viaducts CLOSURE OF LANES lasted till the end of 2012, the year in which will be opened to traffic. The work has been FOR THE USER it was declared inadmissible. Q

SEPTEMBER 2015 Q LINK abertis Q 29 TOLLS

Improving client experience Contactless tolls arrive NFC technology allows the user to pay the toll just by swiping their mobile phone a few centimetres from the toll road terminal, even if it is turned off or has no signal

TEXT AND PHOTOS SANEF ITS/ABERTIS

Sanef and Orange have started a new The eight terminals, equipped with bank card Sanef’s project manager, Laurent Bessou, form of toll payment via smartphone readers, are already in operation. In almost a indicated that this service “is a first step towards on the A14 toll road, which facilitates toll month, some 40 regular users of this toll ETC technology, which offers the advantages road mobility and offers the client greater booth have tried out the system to detect of being hands-free and non-stop. The idea is comfort. Both members wanted to respond faults and opportunities to improve. A second to offer a new service in which you can use a to clients’ demands and offer them new testing phase, which will last two months, is tool that is key in our daily lives, such as the services to facilitate their daily journeys. under way with 200 selected clients, and will mobile phone. With the SIM card as an informa- Clients wishing to use this service must allow Sanef to obtain information about cli- tion storage system, we can offer reliable and register on-line and download the application ent satisfaction with the contactless toll and safe technology. Ultimately, this system will to their mobile phone. Once at the tolling sta- offer them a reliable service. offer many benefits to toll road clients: speed, tion, all you have to do is swipe your smart- easy use, as well as lightening traffic thanks to phone, even if it is switched off or has no signal. Fluidity and simplicity the features offered by smartphones”. With this system, clients can validate their If the results are positive, this service A phased experiment toll just by swiping the back of their mobile could be rolled out to the rest of the users via In the first testing phase, Sanef has installed telephone, compatible with NFC technology, a mobile application that allows the user to contactless NFC readers in the toll payment just a few centimetres from the toll station pay the toll, control their expenses and ben- terminals at Montessson (autopista A14). terminal, and the bar lifts in under one second. efit from new services via smartphones. Q

30 Q LINK abertis Q SEPTEMBER 2015 Pioneering innovative technology The first pay-per-distance scheme in United States will be from Abertis Drivers in the state of Oregon will be the first in North America to test this project, which is unique in the world

TEXT AND PHOTOS SANEF ITS/ABERTIS

Sanef ITS, a subsidiary of Abertis and With this solution, Sanef ITS continues of Transport has made this pilot project avail- leader in intelligent transport solu- to deliver many years of experience in toll able to other states and provinces in Canada tions, has awarded a contract to test an inno- road technological systems. so that IMS and Sanef ITS can develop similar vative pay-per-kilometre system in Oregon’s This transition away from fuel tax towards programmes in their infrastructures. With this toll road network, driven by the American a payment solution based on distance travelled experience, Sanef ITS is positioned to become State’s Department of Transport. is a step towards the creation of a sustainable a world leader in this new type of toll. Drivers in the state of Oregon will be system that allows the attainment of revenue the first in North America to test the pilot necessary to improve and maintain the road- About Sanef ITS project, unique in the world, which as of July way infrastructure of the United States. With headquarters in France, Sanef ITS facilitates payment per distance travelled as employs more than 600 people worldwide an alternative to payment through fuel tax, 24-month pilot project and has successfully implemented toll which up till now is how drivers pay. It is a Volunteer drivers in the state of Oregon can projects across the American continent and cutting-edge technology that takes into benefit from this new system from the 1st July the world. For more than four decades, Sanef account the best fuel efficiency of current 2015 and can test it for a period of 24 months. IT has been a leader in the design, installation vehicles and the growing demand for electric All registered vehicles in Oregon can partici- and maintenance of free-flow toll systems and hybrid vehicles on the market. pate in the project. The Oregon Department and pay-per-distance-travelled schemes. Q

SEPTEMBER 2015 Q LINK abertis Q 31 WORKS

The new stretch will cost 71 million euros Toll road C-32 to arrive in Lloret de Mar in 2017 The works will be carried out over two years and will mean that the current journey can be completed in half the time. It will also reduce traffi c in the communities of Lloret and Blanes

TEXT AND PHOTOS ABERTIS

Next September works will start to The lengthened section of the C-32 GI-600 and the GI-682, two motorways extend the toll road C-32, which is will fl ow between the current end of the toll with very heavy traffi c (an average of more managed by Abertis, to Lloret de Mar. The road (in the municipalities of Tordera and than 20,000 vehicles daily), especially in new stretch, the works on which have already Blanes), where today it is linked with the summer and certain weekends. With the been tendered and will take two years to motorway GI-600 and the C-63, and will new infrastructure, this journey will take complete, will have a length of 7.6 kilometres have a connection with the GI-682 (the just five minutes, half the current time. and will require an investment of 71 million Lloret motorway). Moreover, it will attract some 9,600 vehicles euros. Abertis will be in charge of carrying The new branch, which was presented daily and as such will ease congestion in out the works, after an agreement signed by the director of Abertis Autopistas Spain, Lloret and Blanes, communities that have with the Department of Territory and Sustain- and the councillor of the Territory of the a high concentration of traffi c. ability, part of the Government of Catalonia. Government, Santi Vila, will decongest the The new branch of the C-32 will be formed mostly by three lanes, two going up and one going down, with the different traf- fi c directions separated by a safety barrier. This confi guration, of 2+1 lanes with a bar- rier, will be new in Spain. It is a formula that is used in countries such as Sweden, France and Ireland to avoid head-on collisions. Q

Planning the works The works on the two junctions of the C-32 in Argentona and Mataró will begin in June. The remodelling works on the two junctions of the Argentona-Mataró stretch of the C-32, executed by Invicat, a subsidiary of Abertis, will begin in June and it is expected that they will be fi nalized in the second half of 2016. The works will centre on the accesses 99 (link with the C-60) and 100 (Mataró West) and will allow the improvement of the connection with the toll road, as well as the fl uidity of traffi c and road safety.

32 Q LINK abertis Q SEPTEMBER 2015 IMPROVEMENTS

Improving client service Service areas renewed on the AP-7 and the AP-2 Áreas invests 12.78 million euros in the overall transformation plan of the service areas along the toll roads AP-7, AP-2 and AP-68, managed by Abertis Autopistas

TEXT AND PHOTOS ABERTIS AUTOPISTAS

Abertis Autopistas and Áreas have elling of the facilities on the toll road AP-68 the implementation of this plan, Abertis finalized the last phase of the plan to (Zaragoza-Bilbao). In Catalonia, faced with Autopistas and Áreas carried out an in-depth renovate the service areas of the toll roads, the many journeys made over Easter, the study into the different service areas to which constitutes a reformation of a total new service areas at Empordà and Montseny adapt the offer of each one to the new hab- of 17 installations on the roads AP-7, AP-2 on the AP-7, and Lleida on the AP-2 have its of regular users. and AP-68. This project has the aim of trans- already been put into operation, while in Áreas continues to implement its own forming the concept of customer service Aragón the area at Monegros has also just brand, Airea, which transforms the service with the redesign, the improvement and been inaugurated, also on the AP-2. As such, areas with a completely renovated design, modernization of these spaces, incorporat- it is estimated that within a few months the incorporating regional products, amongst ing improved service facilities such as free service areas at La Jonquera, La Selva and other features of added value. On the other Wi-Fi, new dining options, improved chil- Montcada (AP-7) will also be renovated. The hand, the plan maintains the dedication to dren’s areas, next generation vending facil- plan, in total, represents an investment of collaborating with well-known dining brands, ities, a new concept bathroom zone and, in 12.78 million euros from Áreas. some of which have been very welcomed, general, a new image and improvement to such as Burger King or Il Caffè di Roma in the customer’s experience. In-depth study the service areas at La Selva and El Vallès, The project to renovate the service This project responds to the new habits and where they have already been in operation areas commenced in 2011 with the remod- needs of drivers and toll road users. Prior to for some years. Q

SEPTEMBER 2015 Q LINK abertis Q 33 NEW OFFICES

The building is clad with glass, giving it The installations are conducive to teamwork and trust the appearance Abertis opens new of a crystal cube. corporate headquarters Found in Barcelona’s Pedralbes neighbourhood, the new building is a response to the organizational and cultural restructuring of the company

TEXT AND PHOTOS ABERTIS

Abertis inaugurated its new corpora- Unrolling of the strategy Abertis approved the change in head- tive headquarters on 23rd April, coin- The company occupies the building, which quarters at the last General Shareholders ciding with St George’s Day. Located at 17 is owned by Colonial, as part of a rental meeting which was held last March. The cur- Avenida de Pedralbes in Barcelona, the build- scheme, and it comprises 1,320m2 spread rent headquarters are found at Barcelona’s ing offers space for 200 employees of the over four floors, with two more that are used Parc Logístic, where the Group’s toll road and Corportation division. for underground parking. telecommunication businesses are located.

34 Q LINK abertis Q SEPTEMBER 2015 Technical characteristics Building constructed in 1990 with 1,320m2 of fl oor space. The exterior of the current building is clad with glass, giving it the appearance of a crystal cube. The internal compartmentalizations are made with a base of wooden and glass partitions, combining the colours of white fi nishing and natural wood. The glass panes are double-glazed, with overwhelmingly favourable results in terms of both acoustics and temperature. The building complies with the effi ciency and energy-saving parameters stated under the LEED certifi cation. The move of the corporate headquarters can take place, with open-door offi ces to symbolizes the Group’s new management foster an environment of trust that will help model, based on the deployment of its strategy the Corporation’s 200 employees to adapt in every unit of the business, leadership in the fully to the shared space. Teamwork and high Facilities relationship with shareholders and stakehold- levels of confi dence are two of the pillars on Auditorium with a capacity ers and the integration of new businesses. The which the Corporation is based, and the new of 210 people, foldable objective is to consolidate the company’s know- offi ces respond to this vision. seats, videowall and how of the industrial model and showcase it. surround sound. The change in building defi nitively crys- Global vision 18 meeting rooms with tallizes the transition towards a working As head of a multinational, the Corporation large format display screens model that generates greater cohesion is equipped with a team that is diverse in and videoconference between employees and consolidates an terms of the background, culture and lan- technology. international and multicultural corporate role. guage of its employees, which is simplifi ed 1 telepresence room. Beyond the physical relocation of the cor- by the method of acting and behaving. These porate headquarters, the move involves a newer, more collaborative and effi cient work- 1 Management Board room. modification of working methods, both ing methods consolidate the internal and 3 dining areas and kitchen service. operationally and culturally. external reputation of Abertis, generating an environment of confi dence as much for pro- 1 break room with an integrated dining area. A new vision for the Corporation viders as for collaborators, at the same time Abertis’ new offi ces were conceived as an improving the interaction with businesses 50 covered parking spaces. open space where good operational practices and the rest of the Group’s companies. Q

SEPTEMBER 2015 Q LINK abertis Q 35 SATELLITES

Expansion of telecommunications Hispasat assigned a new orbital position in Brazil

Abertis continues expanding its presence in the satellite market through Hispasat. Brazil’s achievement, an agreement to provide Internet access in Mexico and its participation in the creation of the SAT>IP alliance are evidence of this

TEXT AND PHOTOS HISPASAT

At the auctioning of exploitation 36º west) and a fourth (55.5º west) in which years, renewable for another 15. The Cana- rights of four orbital positions cele- it is also involved, thanks to an agreement dian operator Telesat, the Emirati operator brated in May in Brazil, Hispamar Satellites, with Intelsat. Yahsat and the French operator Eutelsat the Brazilian subsidiary of satellite operator Hispamar Satellites won in the last of also participated in the bidding. Hispasat, won the exploitation rights of the four auctions from the Brazilian regulatory Ku band in the 74º west orbital position. As agency Anatel, and it was awarded the right Hispasat strengthens in Mexico such, the Spanish operator adds a new to operate the Ku band in this new position In the month of May, Hispasat signed an orbital position to the three to which it for a price of some 16 million dollars. The agreement with Globalsat to provide broad- already has rights (30º west, 61º west and operator can exploit these rights for 15 band internet access to more than 8,700

36 Q LINK abertis Q SEPTEMBER 2015 public spaces in rural or remote communi- creation of working groups through its patible with their requirements. As such, the ties in Mexico. This fi gure includes three of executive committee. The partnership will boost that SAT>IP technology is experienc- the four zones that belong to the 10K net- have as its principal objectives promoting ing has created the appropriate conditions work, an initiative from the Mexico Con- the use of the SAT>IP protocol in the indus- for the formation of this partnership, a forum nected project, developed by the Ministry try, facilitating the certification of new open to all those manufacturers, satellite of Communication and Transport (MCT), devices and developing and improving the operators, broadcasters and service provid- the objective of which is the provision of standard. ers that want to be involved in the develop- internet access to more than 10,000 schools, Over recent years, nearly 40 manufac- ment and improvement of a standard key health centres, libraries, community centres turers have supported the SAT>IP standard, to the future of content distributed by sat- and other facilities run by the Mexican gov- through the development of products com- ellite in a multi-screen environment. Q ernment, located in communities that do not have broad band connectivity. After signing this agreement, Hispasat become the largest provider of satellite capacity for Prize for the Best Satellite Innovation Programme the 10K network. In June, Hispasat celebrated the new developments that mark On the other hand, Hispasat has signed Prize for Best Satellite Innovation the difference, have a clear positive an agreement with the Mexican satellite Programme for Telecommunication impact on the satellite business services contractor Spacenet for the high- Satellites award ceremony at its and make us leaders in the market”. quality, quick and effi cient transmission of social headquarters in Madrid. Elena Pisonero gave a brief overview films and live events to 500 cinemas in The ceremony was chaired of the 25 years of Hispasat’s history Mexico. Cinematographic distribution by by the general secretary of and concluded that “we have before satellite eliminates the need for physical Industry, Begoña Cristeto. us a future that is promising, but also equipment, simplifying the logistics, reduc- The fi rst prize was for the project challenging. Over the next 25 years ing the time it takes for fi lms to arrive at the Thermic modular platform for we will have to promote innovative cinema and removing the risk of loss or satellites, presented by Alejandro developments that respond to broken material. Torres and Donatas Mishkinis, from constantly evolving demands.” IberEspacio Aerospace Technology. According to the president, Hispasat The SAT>IP partnership is born The president of Hispasat, Elena “has always maintained a constant Hispasat and SES, together with the manu- Pisonero, highlighted in her statement dedication to innovation and facturers Panasonic, Nagra, ALi Corporation that, “with the awarding of this prize, a commitment to the Spanish and MaxLinear have united to boost the the company reaffi rms, once again, aerospace industry. Two elements development of the SAT>IP standard and its vocation as a trailblazer in the which, in view of the result of its adoption by the sector. The SAT>IP part- aerospace industry in Spain, and this 25th Anniversary Prize, nership formalized the agreement that was as a driver of innovation and is still going full force.” initiated last year with the aim of boosting the development of hardware and software compatible with this technology. The innovative SAT>IP technology converts the satellite signal to IP in the same reception point, thanks to a small serve which can be located in the antenna itself or in the user’s home, and is distributed by all domestic IP devices: televisions, tablets, smartphones and laptops. This technology offers high-quality content via satellite to screens in people’s homes in a more effi cient way, using networks that already exist in the building. SAT>IP is currently a European standard (CENELEC EN50585) compatible with satellite and terrestrial networks. The SAT>IP partnership, which has been constructed in Luxembourg as a non-profi t organization, will be in charge of the defi ni- tion of strategies related to SAT>IP and the

SEPTEMBER 2015 Q LINK abertis Q 37 REFLECTION

Debate about the future of infrastructure field, we have been progressing in the con- ceptual advancement of how the field of infrastructure should evolve. It has been understood that the model must be changed”, New models in a context in which new investment is detained in public administration. Neverthe- less, he reminded that “we shouldn’t move for recovery into defeatism, we must draw conclusions from this situation and move on”. He con- cluded that “pay-per-use is the only solution” Abertis’ headquarters welcomed a workshop organized by given that otherwise “the sector would have the Circle of Infrastructure, which dealt with the creation to continue working abroad because there of new policies for advancement in this economic sector would be no projects in Spain.”

TEXT AND PHOTOS ABERTIS Key projects Both this year and in 2016 GDP increases of In a context in which the majority of In this sense, the president of Abertis, over 2.5% have been predicted. The fore- indicators show a notable recovery in Salvador Alemany, signalled that “according casted increases in production activity relate Spain’s economic activity, last July the Aber- to the experts, both in the public and private to many sectors, including the construction tis Foundation and the Circle of Infrastructure sector, which expects positive growth for the Foundation dedicated a workshop to analyz- first time since the start of the crisis. Empha- ing which policies are most suitable to con- sizing infrastructure means both making the tributing to strengthening recovery. With the most of the existing potential of the stock title Valuing infrastructure at a time of eco- “PAY-PER-USE IS THE ONLY market and creating a collective awareness nomic recovery, Abertis’ headquarters in SOLUTION. OTHERWISE, about the importance of the role of this Barcelona welcomed a debate in which the THE SECTOR WILL HAVE potential in the resumption of growth. Draw- principal conclusion was the necessity to TO CONTINUE WORKING ing on the findings relating to the extent of establish solid bases for a new, stable period recovery, key projects were presented during of growth in all areas of economic activity, ABROAD,” SIGNALLED the Circle’s workshop to consolidate eco- but especially in investment in infrastructure. SALVADOR ALEMANY nomic activity, such as proposals that share the objective of valorizing existing infrastruc- tures. The participation of international experts such as Lucinda Turner, who is in charge of strategic transport planning in Lon- don, meant a wider perspective was covered. Accordingly, the president of the Circle of Infrastructure, Pere Macias, proposed looking abroad and taking the example of certain cities such as London, “whose infrastructure policy model could be useful” or countries such as France, which was used as a model for the relaunch plan to boost the economy, “which will allow important investment in infrastructure”. The president of the Circle underscored that “decisions must be taken from within the sector to contribute in the most positive way to recovery. We have to change the model, make new policies”. The workshop included the presence of senior public managers, such as the adviser Group photo of the participants on Land and Sustainability for the Catalan at the Circle Government, Santi Vila, and the secretary of of Infrastructure state for Planning and Infrastructure, Julio workshop. Gómez-Pomar. Q

38 Q LINK abertis Q SEPTEMBER 2015 ANALYSIS

The CEO of Abertis, Abertis calls for measures to attract investment Francisco Reynés, during his XXVI Business Meeting engagement. in the Pyrenees Key players in the economic world wished to transmit a message of optimism to entrepreneurs

TEXT AND PHOTOS ABERTIS

Ready to grow was the slogan of the nesses; for society to offer “sincerity and of the adviser on Land and Sustainability XXVI Business Meeting in the Pyr- value to companies” and asked for the young for the Catalan Government, Santi Vila, who enees, at which brought together repre- to “learn and travel”. led the inaugural conference. The adviser sentatives from the business world with the During the days of the meeting, the highlighted that the workshops’ slogan was objective of transmitting a message of opti- directors shared their business experiences apt for these economic times and “it leads mism to directors and entrepreneurs. and discussed changes in the economic us to consider with which model we feel Among the entrepreneurs and speakers cycle. The event also included the presence most comfortable: a return to the classic that participated in these seminars, held in rapid growth model, decline or sustainable La Seu d’Urgell, were the CEO and vice growth”. Other entrepreneurs were also president of Abertis, Francisco Reynés; the present at the meeting, such as Raimon CEO of Bankinter, María Dolores Dancausa; Ripoll, a member of Deloitte, and Àngels the president of the Fira and of Freixenet, DURING THE DAYS OF Roqueta, from Compass Private Equity. Josep Lluís Bonet; the CEO of La Farga, Oriol THE MEETING, DIRECTORS In charge of closing the meeting was Guixà,and professors of Economy Oriol Amat SHARED THEIR BUSINESS the minister of Public Finance and Admin- and Germà Bel, among others. During his EXPERIENCES AND istration, Cristóbal Montoro, who praised speech, Francisco Reynés called for countries the push from the Catalan business world to provide “clear regulation and legal cer- DISCUSSED CHANGES and highlighted that last year 2,000 new tainty” to attract investment from busi- IN THE ECONOMIC CYCLE businesses were created in Catalonia. Q

SEPTEMBER 2015 Q LINK abertis Q 39 CORPORATE CULTURE

According to a study from Ribas and Associates Abertis, the Ibex 35 company with the best Ethical Code The adaptation of Abertis’ Ethical Code was motivated by the reforms that have come about in Spain’s legislative field, and by the coming into power of the new penal code

TEXT AND PHOTOS ABERTIS

A recent study that analyzes the ethical codes consider the crimes that are Human Resources team, is in charge of pre- ethical codes of the companies that most likely to be committed within a busi- paring and implementing an annual training form part of the Ibex 35 had situated Aber- ness setting. Abertis was top of the list, fol- plan for employees, to foster understanding tis at the head of the ranking, with a 100% lowed by OHL (86.15%), Sacyr (86.15%), of the rules and procedures developed in compliance rate with its Ethical Code, appli- Repsol (80%) and Acciona (77.69%). Accord- the behavioural guidelines included in it. cable to all the businesses in the group over ing to the study, the crimes most frequently This outline will be replicated in all the which Abertis exercises control. The latest mentioned are those relating to corruption, Group’s businesses. adaptation of the Ethical Code was moti- intimidation, workers’ rights and the envi- Moreover, this Department establishes vated by the reforms that have come about ronment. The least frequent were those the framework for action for all employees this year in Spain in the legislative field, and related to urban planning or fraudulent in their daily work, as well as their interaction by the coming into power of the new penal bankruptcy. with stakeholders or interest groups: clients, code, on 1st July. suppliers, shareholders and associates, col- The purpose of Abertis’ Ethical Code, New Department for Compliance leagues, investors, public administrations approved by the Administrative Board, is to With the aim of ensuring the correct under- and non-profit entities. establish an ethical outline, a reference point standing of the Ethical Code, the Depart- The Ethical Code also defines the infor- of obligatory compliance for employees, ment for Compliance, together with Com- mation channels designed so that all whatever their country, category, condition munication Management and Abertis’ employees and people belonging to interest or business they belong to. It constitutes a groups can consult any doubts about their fundamental pillar on which the new cor- interpretation of the Ethical Code – as well porate culture of Abertis rests, based on as of legislation and internal regulation – and integrity, honesty and transparency, as well can communicate alleged infringements. as being one of the principal manifestations All the documentation supporting consul- of good governance. Initially, the ethical tations/notifications, monitoring and inves- behavioural codes were managed by the tigation, as well as resolutions, will be members of the Board of Directors, and the archived by the corresponding commissions evolution of best practice has meant that of Abertis’s Ethical Code for the time these behaviours have ended up extending required by the law applicable to the coun- to all employees, re-enforcing the sustain- try of the relevant commission. able growth of the business and strengthen- THE INTEGRITY OF ing the company’s social responsibility. THE GROUP IN THE A Group Ethical Code The previously cited study, entitled WHOLE WORLD IS Given the internationalization and the diver- Ethical Codes and penal red lines, carried sity of the legislation applicable to the out by Ribas and Associates, shows in which THE BASIS OF ITS Group, the idea was to have an Ethical Code way and to what extent the companies’ SUSTAINABLE SUCCESS that considers the universal values and

40 Q LINK abertis Q SEPTEMBER 2015 behavioural principles that should be devel- tion, so that they can report to Abertis’ and the local committees must report the oped by all Abertis businesses, through the Auditory and Control Commission about level of training on the subject to the Cor- rules of the Ethical Code, in order to to adapt risks and possible infringements, as well as porate Ethics Committee annually. to the national legislation and customs of the implementation of suitable measures the applicable country. to prevent the perpetration of crimes. Within Compliance with the United At the same time, on 28th April 2015 the implementation of suitable measures, Nations’ Abertis’ Administrative Board approved a the rolling out of the Ethical Code is found Global Compact compliance standard that takes into account The Abertis Group has adhered to the United the existence of the Ethical Committee and Nations’ Global Compact and has adopted Committee for Prevention, whose principal its behavioural and operational principles mission is to oversee compliance with Aber- THE ETHICAL CODE in matters of human and labour rights, the tis’ Ethical Code and its Development Reg- IS THE FUNDAMENTAL environment and in fighting corruption. The ulations. This rule regulates the obligation PILLAR ON WHICH ABERTIS’ present code respects the principles of this that different local Ethical and Penal Preven- pact and has been created with the premise tion Committees have to report to the Cor- NEW CORPORATE of adhering to the strictest compliance with porate Ethics Committee and Penal Preven- CULTURE IS BASED all legal dispositions and regulations. Q

SEPTEMBER 2015 Q LINK abertis Q 41 OPINION

Marta Casas, chief Compliance offi cer at the Abertis Group of Corporate Ethics and Penal Prevention Committee. From here, the chief Compliance offi c- ers and their teams, as leading managers Ethical compliance of regulatory compliance, must work so that their organizations have sufficient controls to promote a culture of compli- and transparency ance and avoiding the committing of any offence. Defining the Compliance Pro- gramme is, as such, the primary objective The meaning of compliance is sim- of this team. ply “conforming” or “in agreement”. The Compliance Programme, launched That’s it. Drawing on this term, the Anglo by the Directorate of Compliance of the Saxons have for many years been con- Abertis Group, has as its objective identify- structing a system of compliance whose ing the applicable legal regulation to be objective has been none other than to translated to internal regulation, controlling equip companies with the appropriate its implementation, evaluating the risks of mechanisms to assure that each and every regulatory non-compliance, verifying that applicable law and regulation is adhered the controls work and training all employ- to; that no employee, director or adviser is ees of the Group on the topic of compli- capable of committing an act that goes ance, with the Ethical Code as the funda- against these rules and that, moreover, mental guideline that represents one of everything is done under the principles of the principal manifestations of good gov- ethics, good faith and transparency. Scan- ernance. dals such as Enron and others have put this Once the position of chief Compliance behaviour in the limelight in some jurisdic- offi cer and the Directorate of Compliance tions more than in others. were created, it was asked how this new In Spain, this is much more recent. It function would interrelate with that carried was the reform of the Penal Code in 2010 out by the Department of Risk Control and that considered the penal responsibility of Law has also for the fi rst time touched on Internal Auditing, or even with other legal entities for the fi rst time. Businesses, the idea of compliance, attributing the departments. How will overlap be avoided? for the first time, could be held legally operation of supervising legal and ethical In short, who will do what? responsible and, apart from going to prison, risks to certain commissions specializing in The objective of Internal Auditing is could be punished with large fi nes, closure listed companies. fundamentally safety, control. It offers the orders and, among other things, being pro- Finally, there is also the regulation UNE- guarantee that all activities have been and hibited from dealing with the Government. ISO 19600.2015. Systems of Compliance are being carried out in adherence with In the wake of this, businesses began to management, which establish the guidelines established objectives, policies and proc- create a suitable control system so that in for implementing, evaluating, maintaining esses. the event that an employee, director or and improving an effi cient compliance man- On the other hand, the objective of advisor was accused of a crime, it could be agement system, even if it is not certifi able, Compliance is fundamentally operational. certifi ed that an appropriate control system is now considered an obligatory reference It must ensure that all the activities being had been established to try and avoid its point in this subject. carried out or that will be carried out are occurrence. Before this new economic climate, done so in line with legal requirements and It was the last reform to the Penal Abertis had created the new Directorate of that appropriate policies and procedures Code, which came into force on 1st July, Compliance, which will report to the Audit are implemented, and adhered to. which demands clearly that businesses and Control Commission, subsequently Finally, the function of Compliance must have a body with autonomous pow- being named as the corresponding local is only concerned with regulatory risk, ers whose function is the supervision of Compliance offi cers in the businesses. The while Internal Auditing deals with all the functioning of the crime prevention corresponding Ethical Committees of the the organization’s risks and it will be, of model. If that weren’t enough, from the Abertis Group have moreover adopted the course, the latter that will audit Compli- commercial sphere the Good Governance additional function of anticipating the per- ance to ensure that it is doing what it said Code and the new Spanish Corporation petration of offences, adopting the name it would do. Q

42 Q LINK abertis Q SEPTEMBER 2015 ENVIRONMENT

Abertis contributes to the reduction of the carbon footprint A new step to combat climate change The RSC Commission supports a potential international agreement on climate change between governments

TEXT AND PHOTOS ABERTIS

Coinciding with this year’s celebration biggest emitters of greenhouse gases, are tied consumption (of both hydrological and ener- in Paris of the COP 21 (XXI Conference to a universal agreement on climate change. getic materials), as well as expanding this of the Parties), part of the United Nations’ In this sense, Abertis’ policy on the sub- policy to providers and contracted entities. Framework Convention on Climate Change, ject of climate change is to optimize resource Every year the Abertis Group completes a Abertis’ RSC Commission has given its support questionnaire from the Carbon Disclosure to an international agreement between gov- Project initiative which allows, as well as ernments that contributes to the reduction understanding and communicating CO2 emis- of the carbon footprint caused by human activ- THE AGREEMENT’S AIMS sions, the identifi cation of possible risks and ity. Its aims are the optimization of resource opportunities associated with climate change, consumption, waste management and the ARE THE OPTIMIZATION OF which could affect the company’s activity. conservation of biodiversity and natural spaces. RESOURCE CONSUMPTION, Abertis also participates in the Spanish The COP 21 constitutes a decisive stage WASTE MANAGEMENT Group for Green Growth, a public-private in the negotiation of the future international AND THE CONSERVATION collaboration platform that works on Euro- agreement, with completion expected after pean involvement in the matter of climate 2020, with the objective that all countries – OF BIODIVERSITY change and is focused on a low-carbon developed and developing – including the AND NATURAL SPACES economy. Q

SEPTEMBER 2015 Q LINK abertis Q 43 LYON

A French jewel between two rivers A legacy wrapped in silk

The capital of the French region of Rhône-Alpes has history, culture and elegance around every corner. Losing yourself in the cobblestone streets and discovering the exquisite renaissance heritage are just some of the attractions in the city that was the cradle of cinema thanks to the Lumière brothers

TEXT ELÍAS JUÁREZ PHOTOS TOURISME RHÔNE-ALPES

A lot has changed since two millennia the European continent, something that has ago, when a Roman military base set been maintained until the present day, and up on the lands where nowadays Lyon is which can be discovered in-depth and the found, and where they founded the capital Museum of Publishing. But this wasn’t the of the Three Gauls under the rule of the city’s only economic explosion, given that in emperor Augustus. Nevertheless, the city’s the 18th century there was a boom in silk- true golden age didn’t begin until the 15th weaving which gave a boost to the key indus- Flanked by the waters century, with the arrival of the printing press. try in Lyon’s history. of Rhône and the It was then that Lyon acquired great impor- The river environment dominates the Saône, Lyon is a city tance as a centre of publishing throughout city, in which the waters of the Rhône and characterized by its rivers. © P. Blanc © P. © Région Urbaine de Lyon © Région

the Saône meet. In fact, the course of both fi nd the Museum of Fine Art, with an impres- rivers borders a large part of the city’s historic sive collection of French painting and sculp- Boulevard centre. One of the most typical zones is the ture, and the eye-catching Opera House, Périphérique Nord long, narrow peninsula that sits between the which is neoclassical in style and topped with two rivers. Here beats the cultural and com- a stunning glass dome. In 2014, Sanef, Abertis’ French mercial heart of Lyon which, due to its beauty subsidiary, closed a deal with and history, has been designated a World Panoramic views the city of Lyon for the execution Heritage Site by UNESCO. The beautiful Ter- Don’t miss Fourvière Hill, which is crowned of improvement works on reaux Square is one of the highlights of the by the Tour Métallique, the structure of which Boulevard Périphérique Nord peninsula, and features a fountain designed is reminiscent of the Eiffel Tower in Paris. To of the French city, a urban road of 10 kilometres. The contract by Frédéric-Auguste Bartholdi, the man arrive at the top and enjoy a different kind includes the management and behind the Statue of Liberty in New York. The of journey, taking the funicular from Édouard maintenance of the road and its th square is also home to the majestic, 17 square is recommended. Once at the top, facilities over a 20 year period, century Hôtel de Ville, where the town hall the Basilica of Notre-Dame de Fourvière is including the management is found. Very close to here is where you’ll the real star of the show. Constructed in the of toll payment systems. 19th century with an ornate interior, it is fl anked by four octagonal towers which cre- ate an instantly-recognizable silhouette. From this construction you can enjoy the best VIEUX LYON INVITES YOU panoramic views over the city. TO ENJOY A PEACEFUL Vieux Lyon, which is outside the penin- VISIT, WITHOUT WATCHING sular, at the foot of Fourvière Hill, deserves a THE CLOCK, WANDERING special mention. This area invites you to enjoy a peaceful visit, without watching the clock, THROUGH THE CHARMING, wandering through the charming, cobble- COBBLESTONE STREETS stone streets. Des Trois Maries, Du Boeuf and

SEPTEMBER 2015 Q LINK abertis Q 45 LYON

TÊTE D’OR PARK, A HUGE GREEN SPACE IN THE FRENCH CITY, DATES FROM 1860 AND OFFERS 117 HECTARES OF GARDENS THAT ARE HOME TO AN IDYLLIC LAKE

Juiverie are just three examples of streets where medieval and renaissance heritage can be seen with every step. Close by stands the Cathedral of St-Jean, built between the 11th 1 Kirchgessner © M. and 16th centuries, and which combines Romanesque and Gothic architecture. It is worth hearing the ringing of the enormous bell which is hidden inside. Four times a day, a series of mechanical gears moves a carou- sel of fi gures with great precision, something truly surprising when you bear in mind that the mechanism dates from the 14th century. In it, the Sun revolves around the Earth, in line with beliefs at the time.

Recharging your batteries To take a break and restore your energy dur- ing the visit, one of the most authentic gas- tronomic options in Lyon is the so-called bouchons, a word which has taken on its own meaning here. In the rest of France, this term refers to a traffi c jam or to the lid of a bottle. In Lyon, however, it is the name given to small 2 Lyon Perrin/OT © M.

restaurants with few tables where you can Secrets hidden beneath the city try the city’s typical dishes, such as cervelle de canut (fresh cheese with fi ne herbs), bou- To truly explore Lyon’s historic made up of more then 300 din noir aux pommes (black pudding and centre, it’s not enough to simply mysterious passageways. Although apple) and quenelles (seafood croquettes), wander its streets, visit the some date from Roman times, among other delicacies. monuments or travel its rivers. the great majority were built There are hidden depths that th in the 19 century. One of Textile past you don’t see straight away. the reasons was the easy One of the most bohemian neighbourhoods Beneath the ground you’ll transportation of silk through the fi nd the traboules, a series of city while also protecting it from is Croix Rousse, located at the top of a hill secret passages that link the the rain. However, these which sits between the Rhône and the Saône. blocks beneath the streets, passageways have been used for Divided between the zones of the slopes and at times even entering interior more clandestine motives through the tableau, the development of its history patios. Beneath the ground in their history. The French Resistance is intimately linked to that of silk. The so- the neighbourhoods of Vieux used them to move discretely from called canuts, as the weavers used to be Lyon and Croix Rousse there one place to another during the known, boosted the growth of this part of is an authentic network Second World War. the city with the expansion of the textile industry. This peculiarity led to the construc-

46 Q LINK abertis Q SEPTEMBER 2015 tion of high-ceilinged buildings in the neigh- bourhood, to create space for the enormous Vistor’s guide machinery that was required. Croix Rousse Getting there was always said to be the working hill, while Lyon has an international airport 24km from the Fourvière was where people prayed. centre. You can take a direct fl ight from Madrid with Iberia, from Barcelona with Easyjet and The cradle of cinema Vueling, and from Palma de Mallorca, Málaga It is impossible to talk about France’s third and Seville, also with Vueling. most populous city without mentioning Getting around cinema. This is above all thanks to the Lumière Lyon’s effi cient public transport network features brothers, inventors of cinematography and four metro lines, fi ve tram lines, two funiculars the fi rst to record moving images. It was in and more than a 100 bus routes that allow you Lyon that these pioneers of the ‘seventh art’ to move around the city with ease. Part-Dieu located the base of the cinema industry. Cin- is Lyon’s most important train station. ema lovers cannot miss the Lumière museum, Where to stay found in the family’s former home, in the LE ROYAL heart of the historic centre, on rue du 1er 20 Place Bellecour Film (’First Film Street’). — 1 — +(33) 04 78 37 57 31 One of the most peaceful points in Lyon Fountain in http://www.lyonhotel-leroyal.com and the ideal place to end to your visit is Tête Jacobins Square. — 2 — An elegant hotel with stately rooms in the heart d’Or Park, towards the north of the city. This Trinité Square. of the city, an excellent point of departure for large green space in the French city dates — 3 — discovering the historical centre. Notable for from 1860 and offers 117 hectares of gardens Inside one of the bouchons in Lyon. the carefully-selected combination of fabrics that are home to an idyllic lake where you — 4 — in the rooms. From 190 euros. can hire a boat and take a relaxing trip. An Fountain at HOTEL DES ARTISTES ideal place to say goodbye to the capital of Vollon Square. — 5 — 8 Rue Gaspard André the Rhône-Alpes region. Q Restaurant Abel. +(33) 04 78 42 04 88 www.hotel-des-artistes.fr Situated in the heart of the city, in front of Place des Celestines, the decor is inspired by the world of theatre and is fi nished with myriad paintings on the wall, in honour of the hotel’s name. From 105 euros. Where to eat BRUNET 23 Rue Claudia +(33) 04 78 37 44 31 www.bouchonlyonnaisbrunet.fr 3 4 M. Perrin/OT Lyon Perrin/OT © M. © M. Rougy © M. This authentic bouchon is the perfect place to sample Lyon’s typical cuisine – be sure to choose the traditional menu. As well as its extensive menu, it also offers seasonal dishes. TETEDOIE Montée du Chemin Neuf +(33) 04 78 29 40 10 www.tetedoie.com A restaurant with an elegant, contemporary atmosphere which is notable for its modern cuisine which uses mainly regional products. The head chef is the renowned Christian Têtedoie. To fi nd out more www.es.lyon-france.com Kirchgessner 5 © M.

SEPTEMBER 2015 Q LINK abertis Q 47 INVESTMENTS

Commitment to the Andean country Abertis gains control of 100% of two Chilean toll roads Abertis Autopistas Chile buys the remaining 49.9% of Autopista del Sol and Autopista Los Libertadores for 134 million euros

TEXT AND PHOTOS ABERTIS

In July, Abertis, through its subsidiary Abertis’ capacity to grow its asset base in region of Santiago. They have a concession in Chile, Abertis Autopistas Chile, attractive conditions. term of up to 2019 and 2026 respectively; completed a contract of sale with the Pub- Autopista del Sol is a toll road of 133 and they generated an Ebitda of 62 million lic Investment Fund Penta Las Américas kilometres which links Santiago de Chile euros in 2014. Abertis counts Autopista del Infrastructures I and the Public Investment with the port of San Antonio. As for Autopista Sol and Autopista Los Libertadores among Fund Penta Las Américas Infrastructures II, Los Libertadores, which is 116 kilometres, its 2012 assets portfolio. for the 50% acquisition of Infraestructura it connects the country’s capital with impor- Through this agreement, Abertis boosts Dos Mil, parent company of the Chilean tant cities in the north of the metropolitan its commitment to Chile, where it operates concessions Autopista del Sol and Autopista six high-capacity toll roads, with a total of Los Libertadores. more than 770 kilometres. The toll roads in The operation was closed for an amount this country present positive figures both of 93,350 million Chilean pesos (134 million THE OPERATION IS A in increases in traffic and in their Ebitda, euros) and means complete control (100%) DEMONSTRATION OF thanks to the reduction in costs generated of these two concessions for Abertis. It is a ABERTIS’ CAPACITY TO GROW by the new Group’s new efficiency plans demonstration of Abertis’ dedication to and the application of best practices. Chile consolidating its role as an industry leader ITS BASE OF OPERATIONS IN is Abertis’ fourth largest market in terms of in the projects it participates in and shows ATTRACTIVE CONDITIONS revenue (4% of the Group’s total). Q

48 Q LINK abertis Q SEPTEMBER 2015 PREVENTION

Increase in the population over 65 The debate surrounded the steady increase in the population aged over 65, which counts for around 10% of the 30 million driv- Road safety ers in Spain. It should also be noted that more than 90% of drivers continue to drive after 60 years of age, according to data from the DGT. The most recent statistics, published for the elderly, last year by the relevant agencies, showed an increase in fatal accidents among drivers over 65 of 2% (equivalent to 476 deaths), when taking into account all Spanish terri- in debate tory. The experts have signalled that, as in other areas of life, there is no need for old The conference was outlined in the Road Safety age to translate into physical or psychic Programme held by the Abertis Foundation impediments, given that, in many instances, in all countries in which the Group operates. those over 70 are fitter for safe driving than younger people. TEXT AND PHOTOS ABERTIS FOUNDATION The conference is outlined in the Road Safety Programme held by the Abertis Foun- Under the title Older people, driving the Prevention of Traffic Accidents (P(A)T); Sal- dation in all the countries in which the Group at 70 and 80, prestigious technicians, vador Alemany, president of Abertis and of the operates (Brazil, Spain, France, Puerto Rico policy makers and medical experts discussed Abertis Foundation; Antoni Español, managing and Chile) and which is articulated by four road safety for over-70s, relating to all the director of Abertis Autopistas Spain, and Sergi main guidelines: education in schools, dis- different ways they can take part in journeys Loughney, director of Abertis Institutional Rela- semination and awareness activities such as (as drivers, navigators or pedestrians). tions and director of the Abertis Foundation. the campaign You’ve got one life. Don’t lose Taking part in the colloquium were Valentí it on the road for young people aged between Fuster, managing director of the National Cen- 18 and 30, driven by awareness campaigns tre for Cardiovascular Investigation Carlos III in collaboration with specialist centres such (CNIC) in Madrid and director of the Mount MORE THAN 90% OF as the Guttmann Institute and the National Sinai Medical Center Cardiovascular Institute SPANISH DRIVERS CONTINUE Hospital for Paraplegics in Toledo. in New York; María Seguí, director of the Direc- TO DRIVE AFTER 60 YEARS The Abertis Foundation is a pioneer in torate General of Traffic (DGT); Joan J. Isern, the development of information and aware- director of the Catalan Transit Service (SCT); OF AGE, ACCORDING ness activities on the topic of road safety for Ole Thorson, president of the Association for TO DATA FROM THE DGT elderly drivers and pedestrians. Q

SEPTEMBER 2015 Q LINK abertis Q 49 ENVIRONMENT

In the headquarters of Abertis Foundation The UNESCO Mediterranean Biosphere Reserve Network starts its activity

The institution is initially formed by 60 biosphere reserves located in 14 countries:

TEXT AND PHOTOS ABERTIS FOUNDATION

Last June, the presentation of the Juan Manuel de Barandica, the Permanent Mediterranean Biosphere Reserve Delegate of Spain to UNESCO, and Josep AS ONE OF THE FIRST Network (RRBMed) took place in the castle Maria Coronas, Secretary General of Abertis. ACTIVITIES BY THE of Castellet (Barcelona), a UNESCO Interna- Also participating in the presenta- tional Centre for Mediterranean Biosphere tion were Miguel Clüsener-Godt, coordina- NETWORK, A DEBATE Reserves and the headquarters of the Aber- tor of UNESCO's MaB (Man and the Bio- WAS HELD ENTITLED tis Foundation. sphere) Programme; Basilio Rada, National 'THE TWO COASTLINES The institutional launch was led by Fed- Parks Director; Sergi Loughney, the Director OF THE MEDITERRANEAN' erico Ramos, Secretary of State for the Envi- of the Abertis Foundation and of the ronment; Han Qunli, Director of the Division UNESCO Centre, and Martí Boada, coordi- of Ecology and Earth Sciences of UNESCO; nator of the Centre.

Outreach Materials RRBMed is initially formed by 60 biosphere reserves located in 14 countries: Algeria, Bul- garia, Croatia, Slovenia, France, Greece, Israel, Italy, Lebanon, Morocco, Montenegro, Por- tugal, Spain and Tunisia. In order to raise awareness of the bio- sphere reserves which will form part of the RRBMed, a series of materials to promote the features and natural heritage, landscape and cultural values of each of these spaces has been created.

The headquarters of Abertis Foundation is now fully operative as a UNESCO International Centre.

50 Q LINK abertis Q SEPTEMBER 2015 Participants pose Debate and work session South of Europe, the North of Africa and the outside the castle As one of the Network's first activity, a debate West of Asia, with a rich diversity of cultures of Castellet. entitled The Two Coastlines of the Mediter- and landscapes, as well as a complex socio- ranean was held including Josep Roca, som- political reality. melier from El Celler de Can Roca; Josefina The activity continued in the afternoon Castellví, oceanographer and expert on the with a work session, which opened with a Antarctic; Shlomo Ben Ami, Vice President of key note speech by Antonio Troya, member Model Project the International Centre of Toledo for Peace, of the Mediterranean office of the Interna- The climate change debate is on the agenda and Munther Haddadin, former Minister of tional Union for the Conservation of Nature of political and economic powers, and even Water and Irrigation of Jordan. (IUCN), and continued with the process of the Holy See referred to it in the recent encyc- The debate allowed participants to defining and creating the Mediterranean lical by his Holiness, Pope Francis, about the open a dialogue, where they shared their Biosphere Reserve Network with the directors environment. In this sense, Abertis, a company personal and unique vision about the Med- and representatives of UNESCO's MaB Com- led by Salvador Alemany and directed by its iterranean as a meeting point between the mittees approving and signing the corre- CEO-Vice-President Francisco Reynés, leads sponding document. a model project between a company, the Furthermore, a second workday took environment and UNESCO. This novel concept place in the Montseny Biosphere Reserve. is the UNESCO International Centre of Med- During a field visit, the participants had the iterranean Biosphere Reserves in the head- THE DEBATE OPENED A opportunity to get to know an emblematic quarters of the Abertis Foundation located in DIALOGUE ABOUT THE space from the point of view of managing its the castle of Castellet. The Director-General MEDITERRANEAN AS A MEETING unique, robust biogeography and cultural of UNESCO, Irina Bokova, highlighted in a SPACE BETWEEN THE SOUTH heritage elements. They also learned of the recent meeting in Paris with Their Majesties, experiences of new successful socio-eco- the Royal Family, her satisfaction with the OF EUROPE, THE NORTH OF nomic activities which promote conserving first collaboration between UNESCO and a AFRICA AND THE WEST OF ASIA the landscape. private company, in this case Abertis. Q

SEPTEMBER 2015 Q LINK abertis Q 51 CULTURE

Abertis and Art Velázquez, cultural event of the year in France The retrospective, sponsored by Abertis, takes a full panoramic look at Diego Velázquez, from his beginnings in Seville to his later years and the influence his art had on his contemporaries

TEXT AND PHOTOS ABERTIS FOUNDATION

Palais, the collaboration of the Kunsthistor- ishes Museum in Vienna and the generous support of the Prado Museum. It has truly exceptional loans like the Apollo in the Forge of Vulcan (Prado Museum, Madrid) and other masterpieces like the Rokeby Venus (National Gallery, London) and the Portrait of Pope Innocent X (Palazzo Doria Pamphili, Rome), universal icons of art history. The show, which opened on March 26, runs through July 13 in Paris' Grand Palais. The retrospective, doubtlessly the cul- tural event of the year in the French capital, was inaugurated in the presence of HM the King Felipe VI and HM the Queen Letizia of Spain, and the president of the French Repub- lic, François Hollande. Participating in the different events related to the inauguration, Abertis' chief executive officer, Francisco Reynés, and the major representatives o fits French subsidiary, Sanef, chairman, Alain Minc, and managing director, Lluis Deulofeu. The exhibition breaks with traditional The Infanta Maria Theresa of Spain, retrospectives by presenting answers to some The Velázquez exhibition, which oil on canvas from 1651-1654, of the mysteries surrounding the life of the opened in Paris on March 26 and is is one of the show's emblematic works artist, answers that have been unearthed in sponsored by Abertis, has become one of the recent years by exhibiting works recently cultural events of the year of the French discovered, in some cases for the first time capital with an average of nearly 5,000 visi- ever. tors a day, up to a total of almost half a mil- lion people (478,833). Abertis and Culture This is the first Diego Velázquez retro- Abertis, through the Abertis Foundation and spective in France. It presents a full panoramic THIS IS DIEGO VELÁZQUEZ'S its subsidiaries in the countries where it oper- of the Spanish artist's work, from his begin- FIRST RETROSPECTIVE ates, has sponsored major cultural exhibitions nings in Seville to his later years and the influ- IN FRANCE, WHICH over the last few years like the huge Salvador ence his art had on his contemporaries The Dalí retrospective. The show broke records in show was made possible by the combined PRESENTS A FULL PANORAMIC number of visits in the cities it travelled to: efforts of the Louvre Museum and the Grand OF THE SPANISH ARTIST in 2012, in the Georges Pompidou Centre in

52 Q LINK abertis Q SEPTEMBER 2015 Paris (sponsored by Sanef); in 2013, in the Abertis' tie to the art world hit another manages more than 1,180 miles of toll roads Reina Sofía in Madrid (sponsored by the Aber- milestone in 2007 with the acquisition, in northern France, Normandy and Aquitaine, tis Foundation); and in 2014, in Rio de Janeiro through transfer, of Spanish artist Pablo Ruiz including four of the seven toll road accesses and São Paulo (sponsored by Abertis' Brazil- Picasso's Woman in Hat and Fur Collar (1937), to the Île de France (Paris' region) and also ian subsidiary, Arteris). This made it the first currently in the Museu Nacional d’Art de the transit that connects Germany, Belgium Salvador Dalí retrospective to travel to Latin Catalunya (MNAC). and Luxembourg with northern France and America and the most visited in the artist's It also collaborates with the biggest the United Kingdom. In total, they make up history. cultural and artistic institutions in the coun- 22% of toll road market share in France. Through the collaboration between try like the Centro de Cultura Contemporánea Abertis is present in France through the Abertis and the Museo Nacional Centro de de Barcelona (CCCB), the Friends of MNAC activity of the Abertis Foundation and the Arte Reina Sofía, important exhibitions have Foundation, the Gran Teatre del Liceu Foun- Chaire Abertis, part of the l’École des Ponts travelled to the museum in Madrid like the dation, the Macba Foundation, the Orquesta ParisTech and IFSTTAR. Since 2011 it works major retrospective of the pop artist Richard de Cámara de Granollers Foundation, the on training and researching on the topic of Hamilton which could be seen in 2014. One Orfeón Catalán-Palau de la Música Founda- infrastructure management. Q of the stars on 2015's agenda is the exhibition tion, the Pau Casals Foundation, the Audito- of the collections of Basel's Kunstmuseum. rio Foundation, the Friends of the Museo del They can be visited until September 14, 2015 Prado Foundation, the Teatro Real and the at the Madrid art center. Teatre Nacional de Catalunya.

Abertis in France Abertis is the biggest Spanish investor in THE SHOW INCLUDES France. Over the last few years, the group has TRULY EXCEPTIONAL invested more than five billion euros in the LOANS LIKE APOLLO IN country, strengthening its presence in the THE FORGE OF VULCAN toll road business. Abertis' presence in the country is chan- HM King Felipe VI and HM AND OTHER MASTERPIECES nelled through the concessionary group Sanef. Queen Letizia inaugurated the Velázquez exhibition in LIKE THE ROKEBY VENUS Abertis participates with 52.55%. The group Paris, sponsored by Abertis.

SEPTEMBER 2015 Q LINK abertis Q 53 CULTURE

With the sponsorship of Arteris, Abertis' subsidiary Miró's work takes a trip to Brazil The show on the Catalan painter underlines his resolve to arrive at the purity of art by venturing beyond conventional painting

TEXT AND PHOTOS ABERTIS

Abertis, through its subsidiary in Bra- zil, Arteris, sponsors the first Joan Miró retrospective in Brazil. The exhibition is called Joan Miró. A força da matéria and brings together a total of 114 of the artist's works, including paintings, drawings, sculptures and graphic works from 1931 to 1981. Sixty-six works come from the Joan Miró Foundation and the others from individual collections. The name chosen and the selection of works underline Miró's resolve to arrive at the purity of art by venturing beyond conventional painting. The exhibition highlights his constant experimentation with different techniques, media and procedures which lead him to develop a new culture of the materials. This exhibition is the first that the Joan Miró Foundation has organised in Brazil and can be visited from May 24 to August 16 in the Instituto Tomie Ohtake in São Paulo and from September 2 to November 15 in the Museu de Arte de Santa Catarina in the city David Díaz, CEO of Arteris, in his of Florianópolis. keynote for the inauguration of Representatives from Abertis and Arteris the Miró exhibition in São Paulo. importance of the exhibition: “Joan Miró. A and from the organisers participated in the força da matéria is the first exhibition that event held in honour of the exhibition's inau- Arteris' CEO, David Díaz, emphasised the Joan Miró Foundation organises in Brazil. guration on May 21 in São Paulo. the importance of cultural sponsorship For the Foundation's team it was a stimulat- through the past Salvador Dalí exhibit and ing challenge to bring the artist's work to now the Joan Miró show in reinforcing Arteris' audiences in other countries with a project image as a company dedicated to managing that goes beyond just the exhibition. More toll roads in an efficient and sustainable way, than 100 works from our collection and from without neglecting its commitment to Cor- the Miró family will show the visitor Joan porate Social Responsibility wherever it oper- Miró's constant experimentation with a vari- ates and with all the communities it par- ety of techniques, media and procedures ticipates in. through his personal use of the materials." Ricardo Ohtake, chairman of the Insti- The director of the Abertis Foundation, tuto Tomie Ohtake, the centre hosting the Sergi Loughney, underlined the importance exhibition in São Paulo, thanked Abertis and of Corporate Social Responsibility for Abertis, its subsidiary Arteris for their commitment focused on several axes of activity like culture, to culture, saying they were an example for the environment and social action, raising other companies in Brazil. awareness about road safety and the need to Rosa Maria Malet, director of the Miró reduce accident rates on highways, a priority Foundation in Barcelona, explained the in all the countries where Abertis operates. Q

54 Q LINK abertis Q SEPTEMBER 2015 TALENT

University-Company cooperation This year's Abertis Awards The 5th International Award was given to a thesis on toll road traffic flow standardisation

TEXT AND PHOTOS ABERTIS

The 4th International Abertis Transpor- thesis category with a paper titled A mes- proves the company's commitment to the tation Infrastructure Management oscopic traffic simulation based dynamic academic world, to contribute to research on Award was given to Julien Monteil, PhD, in the traffic assignment. In the undergraduate and the repercussion major works have on an area doctoral thesis category for Investigating the master's final paper category, the winner was and to improve that area's residents' quality effects of cooperative vehicles on highway Irene Martínez Josemaría, for the same paper of life. The International Network of Abertis traffic flow homogenization: analytical and that she won her 4th International Award for, Chairs is present in Spain, France, Puerto Rico, simulation studies. In the dissertation and for her paper Effects of freeway traffic homo- Chile and Brazil in collaboration with these undergraduate and master's final paper cat- geneity on lane changing activity: the role of universities: Universitat Politècnica de Cat- egory, the winner was Irene Martínez Jose- dynamic speed limits. alunya-BarcelonaTech (Barcelona, Spain); maría, with her paper Effects of freeway traf- The Abertis Awards, at the national level, IFSTTAR, École des Ponts-ParisTech, Fondation fic homogeneity on lane changing activity: have a monetary award of 10,000 euros in des Ponts (Paris, France); the Universidad de the role of dynamic speed limits. Both won the thesis category and 4,000 euros in the Puerto Rico (San Juan, Puerto Rico); the Pon- the national prizes in their categories that the dissertation category. The papers are evalu- tificia Universidad Católica de Chile (Santiago, Abertis Chair awarded in France and Spain. ated by a panel of experts in the different Chile) and the Universidad Politécnica de São The International Award is a prize that the areas of the transport infrastructure and Paulo (São Paulo, Brazil). Q Abertis Chair gives every year which recognises engineering field. the best work chosen from finalists in the local awards in Brazil, Chile, Spain, France and Puerto International Network Rico. Some of these young researchers are of Abertis Chairs expected to do a stay in some of Abertis Group's The international presence of the Abertis Chair, From left to right: Enrique companies around the world. created in 2003, is growing constantly and Martín Alcaide, Irene Martínez The award ceremony for the Interna- Josemaría, Julien Monteil and Mari Paz Linares Herreros. tional Awards was held for the first time in the Leonardo da Vinci Auditorium in Abertis Group's new headquarters in Barcelona. The secretary of Territory and Mobility of the Generalitat de Catalunya, Ricard Font, the chairman of Abertis, Salvador Alemany, Aber- tis' CEO, Francisco Reynés, the vice dean of the Universitat Politècnica de Catalunya, Sisco Vallverdú, the manager of the Abertis Chair in Spain, Francesc Robusté, and his counterpart in France, Simon Cohen, and the manager of Institutional Relations and CSR at Abertis, Sergi Loughney, were all in attendance. The 12th Abertis Abertis Chair Awards in Spain, in association with the UPC-Barce- lonaTech, were also given. Mari Paz Linares Herreros, PhD was the winner in the doctoral

SEPTEMBER 2015 Q LINK abertis Q 55 INTERVIEW

Manager of the Abertis Chair France Simon Cohen: "The Abertis Prize helps raise awareness among transport professionals” From his privileged academic position at the IFSTTAR and ParisTech, Cohen analyses the role played by Abertis as a driving force behind research in the transport infrastructure industry

TEXT AND PHOTOS ARTERIS

Research in transport infrastructure the network we have today. We've driven Engineers and Transportation master's is something Simon Cohen knows this movement. In this virtuous circle, students profit from this complementa- well. His professional career and academic each of these three institutions profits: ry training that really favours the studies experience back him up as he discusses Applied research is more responsive to offices and industry consulting firms.

Abertis' interest in education in this field. infrastructure manager concerns; pro- Q Q Q

Q Q Q fessional means and education benefit How does the Abertis Chair help improve As manager of the Abertis Chair France, from the latest developments derived transportation infrastructure manage- and keeping in mind your experience in from research; and businesses can add ment in your country? the transport industry, what are your func- well trained engineers and executives to When you say transportation infrastruc- tions and what goals do you hope to meet their teams. ture management you mean network in the short term? About this last point, I'd like to stress operators. We can only make this indus- I'm the research director at the French Abertis Chair France's initiative with the try progress by working hand in hand institute of science and technology for ParisTecha School of Bridges and Roads. with those managers. There are several transport, spatial planning, development Every year, the chair finances training ways to work with them. We can share and networks (IFSTTAR) and professor sessions focused on traffic simulation. advanced knowledge, we can train ex- at the ParisTech School of Bridges and ecutives (seminars, specialised course- Roads. My work is mainly focused on road work), we can share our experience and operation, traffic engineering and intel- we can even collaborate in research and ligent transportation systems (ITS). The WE CAN ONLY MAKE development. Abertis Chair France in transportation PROGRESS IN The Abertis Chair prize, which is giv- infrastructure management was created en out every year, is an important ges- early in 2011. Directing this chair allows TRANSPORTATION ture that is inscribed in this perspective me to be positioned right in the centre INFRASTRUCTURE of communicating and sharing advanced of a triangle that links research, higher MANAGEMENT BY knowledge. By rewarding these disserta- education and the business world. In the WORKING HAND IN tions and theses, the prize raises aware- short run, our main goal is to get these ness in the professional world of trans- three institutions working together on HAND WITH NETWORK portation about the major scientific is- each of the Abertis chairs' roadmaps for OPERATORS sues facing it in the short and medium

56 Q LINK abertis Q SEPTEMBER 2015 Simon Cohen believes that terms. Among the last winning topics, ing it. There are probably other practices cooperation there were key issues like the contribu- abroad that would be worth examining. between universities and businesses can tion that cooperative vehicles will make Q Q Q improve in France. to toll road operation, electromobility, In terms of road safety, toll roads are the safeguarding of biodiversity in transpor- highways with the lowest accident rates. tation infrastructure management and What measures do you think should be even new technologies in the service of adopted to improve road safety? road safety. Road safety policies are usually based

Q Q Q on three components: the vehicle, the Thanks to its international network of driver and the infrastructure. Progress chairs, Abertis encourages cooperation related to vehicle security thanks to between universities and businesses. How driver assistance systems (ADAS) or O Reinforcing maintenance and opera- would you assess this collaboration? intelligent speed adaptation (ISA) are tion personnel safety, especially when I think that in France this collaboration is the industrial sector's responsibility. In- work is being done. still a shy one. As I see it, it often limits stitutional stakeholders act in the area itself to admitting students within the of regulation: control-penalties, road O Deploying innovative devices for a framework of master's dissertations and education and training campaigns, fights safe and comfortable drive. Cutting edge sometimes but much less often theses. against alcohol use, speed limits, etc. technology is making a major contribu- Now, the ways we collaborate could take Network manager mainly deal with the tion to the field of safety: information on many very enriching forms. I could last component: infrastructure and the and alert systems, surveillance and au- mention the collaboration contracts in surroundings. tomatic incident detection, obstacle de- research, the experience of a researcher There are some interesting meas- tection, fog detection, etc. or a team in a company, lab analyses, ures in toll roads (the safest road infra- technological transfers for an assess- structures) I'd like to mention: I shouldn't forget to mention the ment or even collaboration on nation- O Maintenance of safer and higher qual- importance of operational measures al, European or international projects. ity means (improvement of areas with that cut back on accidents and their se- There are a variety of ways collaboration high accident risk, barriers for motorcy- verity like access regulation and speed could happen with the aim of increas- cles, safety in tunnels). control. Q

SEPTEMBER 2015 Q LINK abertis Q 57 HEALTH

Social commitment The Abertis Foundation with the Guttmann Institute on its 50th anniversary

The Guttmann The Abertis Foundation provided sup- Institute Foundation, Francesc Homs; Aber- port for the Guttmann Institute when tis' director of Institutional Relations and Institute, which it celebrated its 50th anniversary, helping to director of the Abertis Foundation, Sergi was inaugurated develop the Institute's main assistance, sci- Loughney, and the director of the Guttmann in Barcelona on entifi c and social projects, especially those Institute, Doctor Josep María Ramírez. 27 November 1965, focussing on road safety for young people. The Guttmann Institute, which was Both institutions have recently been working inaugurated in Barcelona on 27 November has become one of to promote responsible driving in the busiest 1965, has become one of the international the international nightlife areas of the various Catalan towns references in its speciality, neuro-rehabilita- references in as part of the You have one life left campaign tion. Founded by Guillermo González Gilbey, its speciality, led by the Abertis Foundation. who suffered from tetraplegia, and inaugu- The act of signature of the collaboration rated by Doctor Sir Ludwig Guttmann, a Ger- neuro-rehabilitation agreement was attended by the president of man neurosurgeon who changed the prog- Abertis and the Abertis Foundation, Salvador nosis for people with spinal injuries and was TEXT AND PHOTOS ABERTIS FOUNDATION Alemany; the president of the Guttmann the driving force for the Paralympic Games,

Commitment of the Abertis Foundation Since its earliest days, the Abertis Participation Board of the Foundation has been an Institutional Guttmann Institute, at which there Friend of the Guttmann Institute and will be discussions on Social this year it will be particularly Innovation and disability. supporting the following Discussions about disability in the commemorative activities: framework of a society in the process of transformation. The organisation of two scientifi c events. The B-Debate on Brain Health, Translation, subtitling and jointly organised with Biocat and ”la broadcast on Catalan and Spanish Caixa” in May, and the XXVII Technical television of the British TV fi lm The Conference of the Guttmann Institute, Best of Men, a BBC production that which will make it possible to hold tells the life story of Doctor Ludwig four events: the XXXII National Guttmann, a German neurosurgeon Conference of the Spanish Paraplegia who changed the prognosis for people Society (SEP), the XXI Symposium of with spinal injuries and was the driving the Spanish Association of Specialist force for the Paralympic Games. Nursing in Spinal Injuries (ASELME), the I Conference on Technology and Graphic production of a Rehabilitation and a conference aimed commemorative lithograph at disabled persons' associations created specially and free of promoted by the Social and charge by the artist Enric Ansesa.

58 Q LINK abertis Q SEPTEMBER 2015 it was the first hospital in Spain dedicated to ity and commitment of all those who have spinal injuries. Now, 50 years later, it will be BOTH INSTITUTIONS HAVE joined this initiative and clearly shows soci- involved in a number of institutional, scien- PROMOTED RESPONSIBLE ety's ability to act together in search of a tific and social activities to commemorate better world. The financial resources provided this anniversary. DRIVING IN THE BUSIEST by the Friends are used to continue and NIGHTLIFE AREAS IN improve the medical rehabilitation, scientific, Friends of the Guttmann Institute VARIOUS CATALAN TOWNS educational and social activities of the Gutt- The Friends of the Guttmann Institute ini- mann Institute. Q tiative is made up of companies, institutions and people who, through their contributions and support, have given us their trust and autonomy and quality of life of disabled peo- The president of Abertis, Salvador Alemany, consideration, as well as helping us to achieve ple. The Friends of the Guttmann Institute and the president the foundation's targets of improving the are an example of the awareness, responsibil- of the Guttmann Institute Foundation, Francesc Homs.

SEPTEMBER 2015 Q LINK abertis Q 59 TECHNOLOGY

Mobility for schoolchildren

The KanGo! The pilot applies NFC (Near Field Com- munication) technology to the urban bus route stops nearest to the schools and sends project is information to families as their children go past the established stops. Families receive an SMS or email with informational updates. under way NFC technology NFC is a technology that enables devices The initiative will make it easier to use public to connect and exchange data in small transportation to get to school. The pilot, which started ranges without touching each other. Chil- dren's families can automatically receive in January, was rolled out in six schools in Barcelona information about where they are (stops or

TEXT AND PHOTOS ABERTIS FOUNDATION school) as soon as they insert their transport card. A KanGo! partner from the Catalan Down Syndrome Foundation is stationed at each of the stops to make sure that each student is ticked off as they go by. For this initiative to work well schools are requested to install a swipe point at the entrance, to involve themselves in the project and to work with families. Around 100 girls and boys are currently participating in the initiative, although the figure fluctuates depending on how families organize their day. To participate in this project, children have to be at least eight years old, have a transit pass (T12) and an ID with the NFC chip. They also have to go by the established stop control point and by the point at the school. Six schools are participating in the project: IE Costa i Llobera, Colegio Sant Ignasi, La Salle Bonanova, Colegio Jesús- Maria Sant Gervasi, the Tàber School and the Projecte School. The pilot was launched in January and run through June 2015. From June to July, there will be an assessment of objectives The Abertis Foundation, the city gov- reached and any shortcomings detected in ernment of Barcelona, the Catalan AROUND 100 GIRLS AND BOYS the project. Down Syndrome Foundation, Telefónica and ARE CURRENTLY PARTICIPATING The manager of Institutional Relations Transportes Metropolitanos de Barcelona at Abertis and director of the Abertis Founda- are developing the KanGo! project to facil- IN THE INITIATIVE, ALTHOUGH tion, Sergi Loughney, the alderman of the itate the use of public transport by school- THE FIGURE FLUCTUATES district of Sarrià-Sant Gervasi, Joan Puigdollers, children in the Sarrià-Sant Gervasi district DEPENDING ON HOW the general manager of the Catalan Down of Barcelona. This pilot aims to encourage FAMILIES ORGANIZE THEIR DAY Syndrome Foundation, Katy Trias, and Tele- children's independence, giving family and fónica's manager of Public Administrations students the security and confidence to in Catalonia, Mariano Yagüez were in attend- travel to school. ance at the agreement's presentation. Q

60 Q LINK abertis Q SEPTEMBER 2015 COMMITMENT

Expanding accessibility Agreement with ONCE The Abertis Foundation and the ONCE Foundation will make it easier for people with disabilities to use toll roads

TEXT AND PHOTOS ABERTIS FOUNDATION

The Abertis Foundation and the ONCE Foundation signed a coopera- tion agreement whereby both institutions will work together to promote measures that will improve services and their condi- tions in transportation by toll road for peo- ple with disabilities or reduced mobility. The collaboration also includes the need and infrastructures, and that that access The agreement's signing was attended to leverage on innovation to promote and should be more efficient and interactive. by the general manager of the ONCE Foun- favour social inclusion by acting in services, The agreement establishes the promo- dation, José Luis Martínez Donoso, and products, environments, means of transpor- tion of awareness raising actions to educate manager of Institutional Relations at Aber- tation, and mobility and ICT applications. the community about the rights of people tis and director of the Abertis Foundation, The idea is that everyone should have the with disabilities, universal accessibility and Sergi Loughney. same access to public and private services that group's full inclusion in society. Q

Institutional recognition The Abertis Foundation receives the Stela Prize 2015 The award honours initiatives that favour people with Down syndrome on the job market

TEXT AND PHOTOS ABERTIS FOUNDATION

The Abertis Foundation received one Rebeca Pérez, accompanied by the Founda- The Stela Program is an initiative of of the 2015 Stela Awards for its tion's project manager, Ricard Fornesa, the Down Syndrome Foundation of Madrid work integrating people with Down Syn- accepted the prize on behalf of the Abertis that was born in 1995 to help people with drome or another disability to the work- Foundation. Down syndrome or another intellectual force that the Down Syndrome Founda- The Abertis Foundation's road partners disability gain access to the job market tion of Madrid grants. Juanjo Barragán, help school children get to school in Madrid and integrate in society through its Jobs administrative assistant at the Abertis and Barcelona by supporting families and with Support methodology as a well to Group's office in Madrid (on 49 Paseo de la law enforcement. The Abertis Foundation fully integrate them into our communities. Castellana), and the Abertis Foundation's employees a total of 31 people with Down A total of 30 companies have employed road partners, Juan Manuel Baños and syndrome or another disability. 49 people this year. Q

SEPTEMBER 2015 Q LINK abertis Q 61 NEWS IN BRIEF

Solidarity with Valparaíso in Chile

After the fire that devastated the Chilean cities of Valparaíso and Viña del Mar in March, the Abertis Foun- dation, in collaboration with the Red Cross, once again showed solidarity with the inhabitants by making contributions to restore the affected area. The fire con- sumed around 560 hectares on the out- skirts of the city and approximately 7,000 people were obliged to evacuate their homes. The fire occurred one year after another fire had devastated the same area, in April 2014, which led to several deaths and the destruction of hundreds Francisco Reynés, the main of homes. Q

Panoramic view of the scale speaker at the Observatorio Colón of the fire in Valparaíso.

Francisco Reynés, managing director take place every four years, but investments, and vice-president of Abertis, was the especially in an industry such as ours, are long main speaker at the Observatorio Colón, term and the rules of a game cannot be which was held for the first time in Barcelona changed after it has started”, stated the man- and assembled over 80 managing directors aging director of Abertis. Furthermore, he of the country's main companies. Francisco highlighted the need for a leader who can Reynés gave a speech at the Royal Polo Club integrate the culture of the company that of Barcelona entitled Teamwork and talent he runs and give importance to teamwork. management, in which he highlighted the “A leader should be capable of taking failure importance of legal certainty for capturing on board and sharing success with the teams.” new investments. “The legal certainty of a In this respect, he said that in this work it is country is more important than the various essential to hire “employees with good vibes, political changes that might occur. Elections who have emotional intelligence”. Q

Condolences for the death of Leopoldo Rodés The Abertis Group has expressed its years. Between 2005 and 2013, he formed condolences over the death in July part of its Board of Directors and in 2013 of Leopoldo Rodés, who amongst other he became president of the International responsibilities was president of the Inter- Advisory Board, where he carried out inten- national Advisory Board of the company sive work providing advice for the Board of and a patron of the Abertis Foundation. Directors and the Group Senior Manage- Leopoldo Rodés maintained close links ment, together with other internationally with Abertis Infraestructuras for many renowned professionals. Q

62 Q LINK abertis Q SEPTEMBER 2015 New Abertis Autopistas, distinguished Metropistas for its quality of service road safety Abertis Autopistas has renewed its ject to annual inspections. During the process, ISO 9001 certification for its Quality Abertis Autopistas was subject to a renewal campaign Management System applied to toll road audit conducted by the accredited company operation, conservation, maintenance and TÜV RHEINLAND. Q Metropistas has joined an educa- project and works management. It has also tional campaign to transmit the renewed its ISO 14001 certification, which message about how important it is to always recognises its environmental work applied wear a seatbelt. Its integration consisted of to toll road operation, conservation, main- the distribution of educational material and tenance and project and works management. keyrings with messages to encourage driv- Finally, it has obtained renewal of the OHSAS ers to wear their seatbelts at all times. “Driv- 18001 standard based on the definition of ing is a great responsibility and we have to occupational health and safety management do it with common sense all the time. Road systems. This triple certification, which it was safety is one of the main commitments of first awarded in 2012 and which it is now Metropistas with society and the aim is to renewing, is valid for three years and is sub- achieve a reduction in the number of serious accidents, injured and fatal consequences on the roads, as well as to improve response times if an accident occurs”, said Gonzalo Abertis, present at the III Annual Alcalde, managing director of Metropistas in Puerto Rico. The promotional material Forum for Managing Directors was distributed in the toll areas located along the PR-22 and the PR-5. Q The president of the Spanish Securities and Enagás, Antonio Llardén, as well as the Commission (CNMV), Elvira Rodríguez, managing director of Bankia, José Sevilla. As and directors of listed companies, among the directors emphasised, in recent years them Abertis, took part in June in the III Annual companies have made great progress in the VIII Factor Forum for Managing Directors, organised in area of corporate governance, although there Madrid by the IESE, El País, Talengo and KPMG. are still some things to be done. “The impor- Humà Award The managing director and vice-president of tant thing about corporate governance is what Abertis, Francisco Reynés, agreed with the is still to be done and there is still quite a lot”, The Fundació Factor Humà, in which rest of the directors who attended about the Francisco Reynés pointed out. In his opinion, Abertis is involved, held in June the importance of promoting good governance there will be no need to differentiate between VII Factor Humà Mercè Sala Award, which within companies so that they can develop listed and unlisted companies or between distinguishes organisational or entrepre- favourably, transparency is enhanced and companies that are on the Ibex or outside it, neurial success stories. At this edition, the investment is boosted. The event was attended because the corporate governance recom- award was given to AMAT Inmobiliaris for by the presidents of Mapfre, Antonio Huertas, mendations are valid for all companies. Q its innovative approach and ethical commit- ment to customers. The CaixaForum Audi- torium was the venue for more than 300 entrepreneurs to meet and find out which initiative was the winner of this edition. The judging panel, made up of people who knew Mercè Sala as well as previous winners of the award and references in human resources management, ethics and business, took account of the fact that the winning company complied with the four values that Mercè Sala represented: pragmatism, innovation, global vision and human relations. Q

SEPTEMBER 2015 Q LINK abertis Q 63 NEWS IN BRIEF

From left to right: Abertis' director of Abertis headquarters hosts the debate communication, Juan María Hernández-Puértolas; Professor at the University on Spain's 30 years in the EU of Barcelona, Francesc Granell; Minister of Foreign On 9 July the Leonardo da Vinci Audi- for International Information and Documenta- Affairs and Cooperation, José Manuel García- torium at Abertis headquarters in Bar- tion in Barcelona (CIDOB), the minister used Margallo; the former celona was the scene of a debate to com- the current example of Greece to defend the president of the European memorate the thirtieth anniversary of Spain unity of Europe. García-Margallo stated that Parliament, Josep Borrell; the journalist Xavier Vidal-Folch; joining the European Union. With the title “outside Europe there is no salvation” and he the general secretary 1985-2015. Spain, 30 years of European inte- highlighted that one of the most important of Abertis, Josep Maria gration, the event was attended by the Minis- contributions from Spain's entry to the euro- Coronas; and Abertis' director of RRII and ter of Foreign Affairs, José Manuel García- zone was the obligation for Spain to “maintain RSC, Sergi Loughney. Margallo; the former president of the European discipline”, something which, according to the Parliament, Josep Borrell, and the professor of minister, Greece had not managed to do. The the University of Barcelona Francesc Granell. minister gave examples of the discipline of the The commemoration was a good opportunity central Government such as tax consolidation, to take stock and reflect on what the European restructuring of the financial sector and the Union has meant for Spain and what Spain has change from the “brick” model to the “neurone contributed to Europe. During the debate, which and external sector” model, which has contrib- was moderated by the journalist Xavier Vidal- uted to Spain becoming one of the countries Folch and organised by Abertis and the Centre with most growth in the Union. Q

Abertis, at the UIMP Josep Lluís Giménez (right), at the speakers' table. conference on infrastructure Seopan and Menéndez Pelayo Inter- both transport and social, to maintain the national University (UIMP) held a country's economic growth and competitive- conference on 29 and 30 June in Santander ness. In this respect, the concessions are to analyse the challenges and opportunities expected to the drivers of developing new of the future of the infrastructure concession infrastructure projects, not only in Spain but model. The event was attended by Abertis' also in Europe. Another of the conclusions managing director of industrial development, was that Spain lucky enough to have leading Josep Lluís Giménez. One of the main conclu- companies in the industry at world level, as that can contribute to maintaining and sions of the debate was that Spain continues is the case with Abertis, which stand out due extending the stock of infrastructure in the to require major investment in infrastructure, to their reliability, quality and experience and country. Q

64 Q LINK abertis Q SEPTEMBER 2015 investor’s link

INVESTOR’S P. 70 Abertis launches an IPO on 6.5% of its capital for 962 million

Record profi ts Abertis makes a profi t of 1.677 billion JANUARY 2015 Q LINK abertis Q 65 INVESTOR’S LINK

Group continues to break records Results for fi rst half of 2015

Abertis profi ts reach 1.677 billion euros, its best results ever

TEXT ABERTIS PHOTOS ABERTIS AND AGENCIES

Abertis results during the fi rst half of The key items 2015 were infl uenced by the incor- poration of capital gains derived from the Clarifi cation of value. members and incorporate placement on the stock exchange of 66% Results include capital gains representatives of key for the listing on the stock nationalities such as France of Cellnex (formerly Abertis Telecom), which exchange in May of 66% or Brazil. increased the Group's profi ts to 1.677 billion of Cellnex Telecom. euros. These are the best results in the his- Orientation towards growth. tory of the company. The fi gure has raised Business solidity and operational The company continues to the Abertis profi t per share (PPS), which is excellence. The comparable net complete expansion projects: situated at almost 1.80 euros per share. result, excluding extraordinary - Acquisition of the additional Discounting the extraordinary profi ts, results, has increased by 5%. 15.01% of Túnels de Barcelona as well as other bills and provisions, the net Most signifi cant are the i Cadí, giving a majority profi t of Abertis in comparable terms rose increased traffi c in Spain (+5.7%), holding of 50.01%. by 5% with respect to the fi rst half of 2014. Chile (+10%) and France (+2.2%), - Acquisition of the additional The improvement in results is mainly which together with the 50% of the Los Libertadores effi ciency plans have increased and El Sol toll roads in due to the good progress of the Group's busi- the comparable Ebitda by 5%. Chile making the holding ness, especially toll road traffi c, which con- now 100%. tinues to increase at a good pace in the com- Financial strength. The revenue - Agreement with the French pany's main markets. In the case of Spain, derived from the sale of Cellnex government for the Relance the change in trend has been consolidated, has enabled a signifi cant Plan, by means of which with an increase in the fi rst semester of 5.7%, reduction to be made to it will invest 600 million the largest percentage since early 2007. Also the Group's net debt of almost in exchange for an average signifi cant was the growth in Chile (+10%) 20%, up to 11.220 billion extension of the concessions euros, which situates the to 2.5 years. net/Ebitda ratio at 3.7x and - Eight new toll road investment strengthens the fi nancial projects under consideration capacity for taking with a value of up to 9 billion OF THE TOTAL REVENUE, on new investment. euros in Spain, Italy, Chile, Brazil, the US and Puerto Rico. 95% WAS GENERATED Corporate Governance. IN TOLL ROADS, WHILE The company has agreed to 5% CORRESPONDED overhaul its Board of Directors in the near future to give more TO HOLDINGS IN THE weight to independent board TELECOMMUNICATIONS INDUSTRY

66 Q LINK abertis Q SEPTEMBER 2015 and France (+2.2%), which continue to sponded to Abertis holdings in the telecom- Los Libertadores and Autopista del Sol in develop above company forecasts. munications industry (Hispasat). Chile, and in Túnels de Barcelona i Cadí, which Over 70% of Abertis income now The gross operating profit (Ebitda) were completed during the month of July. comes from outside Spain. The French mar- came to 1.360 billion euros, although dis- ket has become the largest for the Group, counting non-recurrent effects the compa- Increase in financial strength with 36% of revenue, followed by Spain with rable Ebitda was around 1.457 billion euros, and greater growth capacity 28%; Brazil with 20% of revenue and Chile 5% more than in the same period the previ- The income derived from the sale of Cellnex with 6% complete the most significant ous year. has enabled a substantial reduction to be contributions. Group investments during the period made in the Group's net debt, which in the Abertis' operating income in the first came to 409 million euros, 379 million of first half of the year came to 11.220 billion half of the year reached 2.131 billion euros, which was earmarked for expansion and 31 euros, compared to 13.789 billion euros at 2% more than in the same period for the million for operating investments. The main year-end 2014, giving a reduction of almost previous year, mainly due to an improve- expansion projects during the six-month 20%. The net debt/Ebitda ratio is 3.7x. The ment in global traffic and discounting the period were concentrated on improving and Group is thus strengthening its financial exchange rate effect. extending lanes on the Brazil toll roads (239 capacity for making new investments. Of the total revenue, 95% was gener- million). These figures do not include opera- Of the total debt, 66% is made up of ated in toll road activity, while 5% corre- tions to increase the holding in Autopista guarantees on own projects (without back-

SEPTEMBER 2015 Q LINK abertis Q 67 INVESTOR’S LINK

ing). 95% of the debt is long term and 90% Income statement January-June 2015 fixed rate. The average cost of the debt is 5.2% and the average maturity is 5.9 years. Items (million €) In June, Standard & Poor’s made a June 15 June 14 Variation positive review of its outlook on the BBB Operating income 2,131 2,096 rating of Abertis, in view of the improvement Operating expenses -770 -686 in its forecasts for macroeconomic improve- Ebitda 1,360 1,410 -4% Comparable Ebitda 5% ment, repayment of debt and disinvestment Amortisation -593 -574 in Cellnex, amongst other factors. Impairment of assets -1,621 -4 Ebit -854 832 Compliance with the Non-recurring financial result -211 54 2015-2017 Strategic Plan Recurring financial result -426 -418 Abertis continues to move forward in com- Equity method result -52 15 pliance with the main objectives of its 2015- Corporation tax 102 -157 2017 Strategic Plan. One of the main points Interrupted business 2,721 48 of this plan is the programme for buying Minority interests 399 -66 back company own shares. Taking account Net profit 1,677 308 of the attractive price at which Abertis is Comparable net profit 5% listed and the Group¡s liquidity position,

68 Q LINK abertis Q SEPTEMBER 2015 Orientation towards growth THE GROUP WILL EXTEND AND ACCELERATE THE The Group continues to Abertis subsidiary in Brazil, concentrate on growth as one Arteris, for which there are PROGRAMME FOR BUYING of its main strategic objectives various options for expansion BACK OWN COMPANY for the next few years. through the new Brazilian SHARES THANKS TO At present it is studying Infrastructure Plan (PIL), investment opportunities presented recently by THE ATTRACTIVE PRICE AT both for the extension and the Brazilian government. WHICH THEY ARE LISTED AND expansion of its current THEIR LIQUIDITY POSITION concessions and for the In Chile, the Group continues to incorporation of new projects move forward in the consolidation into its portfolio. To do this, it has of its holdings in toll roads. a situation of fi nancial solidity On 20 July, Abertis completed this programme will be expanded and accel- and a healthy balance sheet, the acquisition of 50% less one erated. In this respect, the Board of Directors which, together with its liquidity share of the Los Libertadores toll agreed to present an Initial Public Offering position, gives it a great capacity road and the El Sol toll road, for (IPO) for up to 6.5% of the capital at 15.70 for taking on new projects. approximately 130 million euros, euros per share. This offering will be in addi- which gives it 100% control of tion to the current treasury shares. In relation to the extension of both toll roads. Furthermore, the After completing the listing of Cellnex its current concessions, one company is negotiating with the on the market, progress is being made in of the outstanding projects is Chilean government to introduce the Relaunch Plan for the toll signifi cant improvement packages the application of the effi ciency plan, which roads in France. In recent months, to its toll road network in is to take the form of a second three-year the company has agreed with the exchange for an extension business effi ciency programme for the toll French government the defi nitive to the concession periods. road business in Spain, new effi ciency pro- terms of the plan, by which the grammes for the businesses in Brazil and Abertis subsidiaries in France Regarding the opportunities for Chile, and a plan worth around 100 million (Sanef and Sapn) will invest incorporating new assets in the euros for the business in France. almost 600 million euros over Group's portfolio, the company The company is also working to achieve the next fi ve years in exchange is now concentrating on studying additional savings on the Group's fi nancial for an average extension of eight investment projects in expenses and is currently studying liability its concessions of 2.5 years. Spain, Italy, Chile, Brazil, the management programmes –aimed at buy- United States and Puerto Rico, There are also opportunities with an investment potential ing back old bonds and making new issues in the toll road network of the of up to 9 billion euros. at low rates and lengthening their maturity period– both in the Spanish and French market. It is also studying new fi nancing formulas for its Brazil subsidiary, Arteris. Balance sheet January-June 2015 Corporate Governance Items (million €) The Abertis Board of Directors agreed on June 2015 December 2014 the appointment of Juan José López Burniol Tangible and intangible fi xed assets 17,550 19,561 as director and a member of the Executive Financial assets 4,734 4,216 Committee, to replace Isidro Fainé. Current assets 1,172 1,405 Furthermore, and in order to continue Cash and Banks 3,769 2,242 guiding the Group towards growth Assets held for sale 0 316 and internationalisation, it was agreed to Total assets 27,226 27,740 revise in the composition of the Board of Directors in the near future in order to pro- Net worth 6,674 5,993 vide the board with greater representative- Non-current fi nancial debt 14,087 14,665 ness of independent directors; as well as to Non-current liabilities 3,913 3,888 incorporate people with known worth onto Current fi nancial debt 902 1,367 the board who know the Group's most rel- Current liabilities 1,649 1,712 evant markets outside Spain, such as France Liabilities held for sale 0 116 Total liabilities 27,226 27,740 and Brazil. Q

SEPTEMBER 2015 Q LINK abertis Q 69 INVESTOR’S LINK

Changes to share capital Abertis announce an IPO on 6.5% of its capital The company will buy its own shares at a price of €15.70 per share

TEXT AND PHOTOS ABERTIS

Abertis has announced an initial pub- lic offering (IPO) on a maximum of 61,309,319 own shares, representing 6.5% of its share capital, at a price of €15.70 per share. Abertis intends for its shares to con- tinue to be listed on the securities markets on which they currently operate and there- fore the purpose of the offer is not to exclude the company shares from being listed. up to 5% of the share capital to increase The company believes that it is pre- THE COMPANY DOES the return to shareholders. pared with its treasury shares for potential NOT NEED TO MAKE However, it has decided to increase this corporate operations, as it told the Spanish USE OF EXTERNAL percentage due, amongst other things, to National Securities Commission (CNMV). FINANCING TO CARRY the cash surplus achieved after the sale of In accordance with the 2015-2017 Cellnex, which was listed on the market on Strategic Plan presented by the company OUT THE IPO 7 May, and which enables the offer to be on 30 October, Abertis agreed to buy back made without the need to seek external financing. The company is not acting by arrangement with any person or entity and Forecast remuneration for shareholders 2015-2017 it has the funds required to make the IPO, with which it is offering its shareholders a Share buyback Public offering to acquire 6.5% of share capital at €15.70 per share “specifi c mechanism of liquidity so that they can sell their shares in appropriate conditions Dividends 2.1 billion euro dividend in 2015-2017 (10% CAGR) of transparency and equal treatment”, said managing director, Francisco Reynés. million euros DPA Abertis share capital comes to 2,829,660,882 euros and is divided into 795 0.76 0.73 943,220,294 ordinary shares with a nomi- 721 0.69 654 nal value of 3 euros each. On the date of the announcement of the IPO, Abertis held 16,530,914 own shares as treasury shares, representing 1.753% of 2015E 2016E 2017E 2015E 2016E 2017E the share capital and voting rights of the company. If the operation is successfully Shareholder remuneration policy aimed at creating value completed, the company will have treasury shares of 8.25%. Q

70 Q LINK abertis Q SEPTEMBER 2015 Reinforcement of the industrial role Abertis acquires control of Túnels de Barcelona i Cadí

Above, southern The company achieved entrance of Cadí a total holding of 50.01% Tunnel.Right: Vallvidrera Tunnel. TEXT AND PHOTOS ABERTIS

Abertis, through its subsidiary Infrae- solidation, expecting an approximate con- structures Viàries de Catalunya, SA tribution of €54 million in income and €41 (Invicat), has reached an agreement for the million in Ebitda by 2016. acquisition of an additional 15.01% of the The Cadí Tunnel is the main connection capital of Túnels de Barcelona i Cadí, SA, for point between the central area of Catalonia €34 million. The operation is subject to the and the Pyrenees, while the Vallvidrera Tun- approval of the Generalitat de Cataluña. nels are the main axis between Barcelona With this purchase, Abertis will achieve and the main inland cities. Between the two a 50.01% holding in the company and, there- concessions there is a total of 41 kilometres, fore, will consolidate this asset by full con- including 10 kilometres of tunnels. Q

SEPTEMBER 2015 Q LINK abertis Q 71 INVESTOR’S LINK

Balance and future challenges General Shareholders Meeting 2015

Abertis closes a four-year Abertis took advantage of its General dividend. In 2014 alone, almost 600 million stage (2011-2014) where Shareholders Meeting to take an over- Euros were paid in dividends, a 5% increase its market capitalisation view of the 2011-2014 Strategic plan and to compared to the amount paid in 2013. present the new plan for 2015-2017 to share- The company's president, Salvador Ale- has grown by around 50%. holders. The Group's strategy for the next many, highlighted "the solid bases of our three years is based on the essential pillars regular activity give us enough margin to of creating value, searching for new synergies, continue improving the dividends policy TEXT AND PHOTOS ABERTIS concentration and internationalisation, as while, at the same time, having the necessary well as improving compensation to its more resources to respond to the opportunities than 70,000 shareholders. which the market offers us and, when appro- The new dividends policy foresees a priate, take advance of them". He reminded 10% annual increase in shareholder com- the attendants that, in the next three years, pensation, adding an annual regular dividend the Group intends to distribute more than 2 increase of 5% and the traditional annual billion Euros in dividends to its shareholders. bonus share expansion. Shareholders will This increase in payment is in addition also benefit from a stock repurchasing plan to the market re-evaluation of Abertis stock. of up to 5% of the total Francisco Reynés, Vice President and CEO of In the 2011-2014 period, more than 3 the Group, reminded the audience that Francisco Reynés will billion Euros were distributed in dividends, “between 2011 and 2014 Abertis' capitalisa- occupy the sole executive vice-presidency created with a 7% annual growth in the regular tion has grown by approximately 5 billion in this General Meeting. Euros, up to around 15 billion Euros, which signifies an increase of almost 50%”.

Success of the 2011-2014 Strategic Plan: Solid Results Abertis closed the 2014 fiscal year fulfilling all its commitments acquired in the 2011- 2014 Strategic Plan. This was a period when the company showed substantial improve- ments of its operating variables with a 20% increase in revenues and 25% increase in Ebitda, and an improved operating margin of more than 300 basic points up to 64%.

THE GROUP HAS CARRIED OUT ACQUISITIONS AND INVESTMENTS IN EXPANSION FOR A TOTAL OF 8 BILLION EUROS

72 Q LINK abertis Q SEPTEMBER 2015 Francisco Reynés reviewed the close of the 2011-2014 Strategic Plan in which “the The main topics from the session Group has strengthened its position with a resilient base of assets of 8,300 kilometres The Group has effi ciently concessions and making managed debts in recent years, new acquisitions, such as spread across 11 countries and has con- with a reduction in the ratio the new purchase agreement solidated itself as a world leader in the toll of net debt/Ebitda from 5.8x of more than 7,300 mobile roads sector”. to 4.4x. The issues made in telephone towers from the The group has carried out acquisitions recent month and the liquidity Italian operator Wind for and investments in expansion for a total of accumulated allow the Group around 700 million Euros. 8 billion Euros, dedicated to its entry into to cover its fi nancing until 2018. Brazil and Puerto Rico, as well as strengthen- The company continues ing its position in Chile. The company has The new Strategic Plan for working on the initial public also grown in the telecommunications sector 2015-2017 improves shareholder offering during the second by taking control of Hispasat and entering compensation, with an expected quarter of the year - subject into the mobile phone tower business. 10% annual growth, added to to market conditions- of its the increased dividend and the terrestrial telecommunications With regards to effi ciency, in recent years annual bonus share expansion. division, which will now Abertis accumulated savings of more than operate under the brand 740 million Euros, above the original estimate, Traffi c is recovering in Abertis' name Cellnex Telecom. thereby creating a solid base to implement principal markets. In the fi rst a new plan which will focus on Brazil, Chile two months of 2015, traffi c Abertis' Board of Directors and France in upcoming years. grew by 4.3% in Spain; has been reduced to 16 members, The Group has effi ciently managed its by 2.4% in France and after the resignation presented debt, which has been reduced by 6%, as well by 6.1% in Chile. by Santiago Ramírez Larrauri, as its debt ratio, which has gone from 5.8x to due to the recent sale of 4.4x, which has guaranteed a notable fi nancial The Group maintains focused Abertis shares held by Trebol strength while maintaining its credit rating on growth by extending existing International (CVC). from Standard & Poor's and Fitch. The share issues successfully made in recent months and the liquidity accumulated allow the Group to cover its fi nancing needs until 2018. The nomination of Juan-Miguel Villar IN RECENT YEARS ABERTIS Mir was also approved as the director of Cellnex Telecom, the new brand ACCUMULATED MORE Grupo Villar Mir, replacing Obrascón Huarte from Abertis Telecom Terrestre Lain, while Francisco Reynés has been re- During the meeting, Francisco Reynés THAN 740 MILLION elected as the CEO for four years, keeping unveiled the new brand of the subsidiary of EUROS IN SAVINGS, ABOVE his current positions on the Board of Direc- Abertis' terrestrial telecommunications, ORIGINAL ESTIMATES tors. The independent board member Miguel which since April has been operating under Ángel Gutiérrez Méndez, is also staying on the brand name Cellnex Telecom. The new as president of the Auditing and Control company is now the leading operator in the Board and of the Corporate Social Respon- Commission. Europe in managing telecommunications sibility Commission; and the resignation of infrastructure, with service to more than 100 Théâtre Directorship Services Gama, Sàrl, Complementary dividend and other million people and has a clear global ambition. represented by José A. Torre de Silva López agreements from the Meeting de Letona, as a Member of the Executive Abertis Shareholders Meeting also approved Changes in the Administrative Board Commission, though he will remain a mem- the distribution of a gross complementary and the Group's regulation ber of the Board of Directors. regular dividend of 0.33 Euros per share The president of Abertis, Salvador Alemany, During his speech in the Meeting, Sal- which, added to the dividend paid in Novem- also informed the attendants in the Meeting vador Alemany went over the changes which ber 2013, totals 0.66 Euros gross per share of the changes in the Board announced by occurred in the Board of Directors through- for the results from 2014. The complemen- the company. Given the reduction of share- out the years, which included the resignation tary dividend payment was carried out on holder participation held by Trebol Interna- of Isidro Fainé, Juan-Miguel Villar Mir, Carmen 13 April. In total, Abertis dedicated around tional (CVC), the Board of Directors accepted Godia and Javier de Jaime in their roles as 600 million Euros in regular dividend pay- the resignation presented by Théâtre Direc- Vice Presidents, as well as the creation of a ments for the 2014 fi scal year, which rep- torship Service Beta, Sàrl, represented by single executive vice presidency, which will resents a 5% increase compared to the Santiago Ramírez Larrauri, as a Member of be held by the CEO, Francisco Reynés. previous year. Q

SEPTEMBER 2015 Q LINK abertis Q 73 INVESTOR’S LINK

The measure forms part of the shareholder remuneration policy Abertis makes its scrip issue The Group carried out this traditional operation in the S&P places the Abertis proportion of one new share for every twenty old ones BBB ‘rating’ as positive TEXT AND PHOTOS ABERTIS In June, Standard & Poor’s maintained Abertis' credit rating at BBB and situated it as having a positive outlook, As approved by the General Share- which opens the door to holders' Meeting on 24 March, Aber- improving its rating. The fi rm tis carried out in June its traditional scrip attributed its decision to the issue at 5% charged to reserves, continuing José Aljaro placing on the market of 66% with its shareholder remuneration policy. of its Cellnex telecommunications This year's scrip was carried out for a subsidiary and its defi nitive entry nominal amount of 134.7 billion euros, into the airport business. which makes Abertis' share capital more Standard & Poor’s also than 2.829 billion euros, and has involved highlighted the effi ciency plans the issue of almost 45 million new ordinary implemented by Abertis to shares. reduce costs, as well as the improved economic outlook The traditional scrip, in the propor- in Europe and its impact on tion of one new share for every twenty old the toll road business. shares, constitutes one of the founda- S&P considers that all of tions of Abertis' shareholder remunera- this will contribute to improving tion policy, together with distribution of the Group's credit rating which dividends. will in turn, continue to reduce

The new shares were assigned free Fernández Steven its recourse debt. The rating of charge to Abertis Infraestructuras share- agency calculates that Abertis holders who had this status at the close has earned revenue for a total of the market on 12 June 2015, the fi nal amount of 2.3 billion euros with day of the stock exchange session before the market listing of Cellnex and the disinvestment of its fi nal the period of negotiation of rights. airport assets. Furthermore, The new shares issued grant their it highlighted the company's owners, from the time of their issue, the try for José Aljaro, fi nancial and corporate strategy of taking over new same political and economic rights as the development managing director; Best IR toll road concessions in order shares that he company already had in cir- Professional for Steven Fernández, inves- to increase its portfolio and culation. tor relations director and Best Investor Rela- extend its concession period. tions Department. Q Recognition for the Investor Relations Department Once again, the Abertis Investor Relations Details of the scrip Department has been awarded recogni- Shares Share capital (euros) tion for its work. The Extel survey, carried out among international analysts, has rec- Before 898,305,042 2,694,915,126 ognised it in its 2015 edition by award- Scrip 44,915,252 134,745,756 ing it fi rst place in three categories in the Post-scrip 943,220,294 2,829,660,882 Transport industry: Best CFO in the Indus-

74 Q LINK abertis Q SEPTEMBER 2015 JUNE 2009 Q LINK abertis Q 75