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Link Abertis Magazine N. 5 December 2011 Link Abertis Magazine N. 5 December 2011 Document Transcript

  • IntERvIEws Francisco Reynés, Chief executive officer of abertis P. 12 Joaquín Almunia, European Commissioner for Competition P. 24 ARtIClE abertis and Goldman Sachs take over the management of two toll roads in Puerto Rico P. 16DECEMBER 2011 nº05 - SECOnD PERIOD abertis reinvents itself abertis has completed the process of restructuring its businesses
  • editorial Public-private initiatives and revitalising the economy For practically 15 years, growth in our a financial opportunism that seeks to relatively country has been based, to a large quickly monetize certain assets in view of“IT IS TIME extent, on the high level of resources available adverse economic conditions, but rather onTO TACKLE THE to Public administrations. tax revenue came the basis of a long-term relationship of mutual partly from real-estate development, but also trust between public and private bodies.UNAVOIDABLE TASK from the european Union’s cohesion and it is time to tackle the unavoidable taskOF CORRECTING regional development funds, from which of correcting the deficit, but without abandon-THE DEFICIT, spain has benefited for over 25 years. ing policies that will boost the economy. i willBUT WITHOUT these short-term revenues –which many just give one example of what can be done inABANDONING considered to be structural, taking on current this respect in the infrastructures field. this isPOLICIES THAT expenses against non-current income– have the implementation of the eurovignette direc- been sharply reduced by the collapse of the tive, which France and other eU countries willWILL BOOST property market and the fact that the euro- have implemented by 2012-2013. if appliedTHE ECONOMY” pean funds have practically disappeared, in spain, this would bring in resources that now that spain has achieved convergence with could be used to both avoid holding up invest- the eU average.thus, in a context of pressures ments that are currently threatened with an on public resources, we are facing up to the indefinite delay and maintain the existing road challenge of sustaining, over the long-term, network while facilitating deficit reduction in public services which include education, the a way which is more equitable and socially health service, and implementing employment acceptable than other austerity measures. and immigration policies, while the treasury is in addition to implementing the eurovi- not receiving the revenue this requires. gnette, certain road corridors could be turned the state therefore needs to explore ways into concessions.this would bring in additional of working with the private sector in the areas revenue in the short term while freeing up of finance and management that will make it resources currently spent on recurrent main- possible for the government’s budget to meet tenance expenses. this was, for example –as high-priority needs in the fields of unemploy- described in this issue of our magazine– the ment, health, social care, education and immi- option chosen by Puerto rico when it awarded gration without unreasonably calling into a 40-year concession for one of the island’s question the continuity of investments in serv- main road links. ices and infrastructures that are key to boost- implementing the eurovignette and opt-Salvador ing the economy in both the short and medium ing for the concessions model would move usalemany term and ensuring its competitiveness and towards a homogeneous pay-per-use modelPresident OF abertis sustainability. it is possible to reconcile the for high-capacity road corridors, as is already demand for infrastructures with limitations on the case in neighbouring countries.the conces- public resources. We must recognise the role sions model is also suitable for both increasing played by the public sector in many areas: in competition between airports and managing the planning processes –which should extend them individually. in this issue, Hans-Martin beyond the short cycle of policies and budgets; niemeier, an expert in the field and a Professor in finance models– and, where appropriate, at bremen University, also discusses this model pricing models; and in controlling and regulat- as applied to airports. ing competitiveness in those sectors in which Public-private partnerships will not resolve companies manage networks and are therefore the current crisis on their own, but there are close to the concept of natural monopolies. undoubtedly still, in europe and world-wide, We should also recognise the role that certain infrastructure investments which would the private sector can play in financing, imple- be highly profitable in socio-economic terms, menting, operating and managing infrastruc- which should be implemented and would sup- tures. this role must not be undertaken from port economic growth. n DECEMBER 2011 n Link abertis n 3
  • nº05 SuMMary 12 16 08 Abertis The Group completes the process of restructuring its businesses 52 60 24 20 cOmpAny 30 equipment 34news link abertis is published by Abertis Infraestructuras, SA Av. del Parc Logístic, 12-20. link abertis Airport management Operations Centres Toll roads 42 08040 Barcelona. Tel.: 93 230 50 00. Fax: 93 230 50 02. 1st International Seminar Ensuring road safety The AP-4 has its 40th Birthday 72 edited And prOduced by: abertis Studies on private sector airport on toll roads while sanef 45 and Communication Corporate Direction. 06 management improving traffic flow Increasing safety editOriAl bOArd: Salvador Alemany, Francisco Reynés, José Aljaro, Josep Maria 22 34 awareness on toll roads Coronas, Toni Brunet, Juan María Hernández Recognition 51 Road safety 58 Puértolas, Sergi Loughney and Joan Rafel. OpiniOn Customer service 45 cOrpOrAte imAge And prOductiOn: Salvador Alemany was presented The abertis foundation Erik Ribé y Bernat Ruiz. Hans-Martin Niemeier Article trAvel sanef and sapn use cOntent cOOrdinAtOr: with a prize for his work on ICTs analyses the mobilityAre European airport policies Cercle d’Economia Meeting Girona mobile phone technology Alícia Cobeña. Creu de Sant Jordi 52 needs of old people written by: Alícia Cobeña, Gemma Gazulla, on the right track? Debate on austerity A walled medieval jewel to provide road users with Investor’s link Marc Gómez and Leticia Gonzálvez. The president of abertis Carbon footprint 60 38 cOntributOrs: Christine Allard, 12 and deficit control information about road Carolina Bergantiños, Bob Bullock, receives Catalonia’s Study by the abertis foundation 24 works affecting their routes Julio Cerezo, Joan Fontanals, Sagrario Huelin, highest honour into polluting emissions from Astrid Noury, Vanessa O’Connor, Enric Pérez, 66 interview Article Corporate Tour 46 Mercedes Pérez-Cruz, Roser Prenafeta, Marc Ribó, UIMP 53 the abertis toll roads Albert Rossell, Bernat Ruiz, Beatriz Sanz, abertis, Francisco Reynés interview Infrastructures abertis CEO visits the US, 62 abertis autopistas, abertis telecom, Argentina and Chile abertis telecom at the 25th abertis airports and abertis foundation. “abertis is focussed on Joaquín Almunia The Cercle d’Infraestructures results prOduced by: Global Gathering 2011 48 Telecommunications Congress overseas growth and “We must work on analyses methods of January-September 2011 Ediciones Reunidas, SA (Grupo Zeta). on improving its efficiency” opening markets, financing public works abertis shares its future abertis-IESE Chair 54 brAnding Good figures from the Group Revistas Corporativas Barcelona. Consell de Cent, 425. 08009 Barcelona. 16 not closing them” in times of crisis corporate challenges Fifth anniversary of New image as it looks towards the end Tel.: 93 265 53 53. Manager: Òscar Voltas. Editorial coordinator: 28 40 New executive team 49 the abertis research project abertis rolls out a new of the financial year Nuria González. Chief writers: Toni Sarrià and 72 abertis’ Steering Committee Interview 55 advertising campaign Olga Tarín. Lay-out: Cristina Vilaplana Article and Xavier Julià. Edited by: Ares Rubio. is reorganised Xavier Vives, director 63 Legal deposit: B-16432-2010. Puerto Rico Article Article abertis shareholder care line: abertis and Goldman The Eurovignette, Truck Parks New satellite 50 of the abertis-IESE Chair shArehOlders 902 30 10 15. www.abertis.com Sachs will take over the under discussion The first service areas Progress in developing the 8th abertis Prize 56 in brief General Meeting 2011 abertis accepts no responsibility management of two Seminar organized by ASETA specifically for truck drivers Hispasat AG1 satellite, the Competition for research into Notes on what’s Approval of the process for the opinion of its contributors in the articles published, nor does toll roads in Puerto Rico and Santander’s UIMP have been opened on the AP-7 first in the Small Geo mission infrastructure management new at abertis of restructuring the Group it necessarily identify with their opinion.4 n link abertis n DECEMBER 2011 DECEMBER 2011 n link abertis n 5
  • opinion By Is EU Airport Mild forces of competition Airport managers claim that airports face tough competition. There is some truth in aiRpoRt poliCy nEEDs to BE REfoRMED costs rise and no effort is necessary to gain traffic by better utilization of capacity. Only ata few continental airports such as Buda- Policy on the Hans-Martin this. Airports have never been pure monop- fuRthER. suCh as pest, Copenhagen and Hamburg is price cap nieMeier olies without any substitutes. There have regulation practiced successfully; the regu- REfoRM shoulD alwaysbeen some unattractive substitutes. lator determines the price level for a certain Director of However, things have begun to change. aDopt thE pRinCiplE period of time so that it is profitable to right track? the institute for Transport and This change is visible at small regional air- to REgulatE lEss, reduce costs and to change the price struc- Development at ports which have to decide to be served by But MoRE EffECtivEly ture to gain more traffic. Bremen University Ryainair or left undeveloped. Also some of Applied Sciences. larger airports face competition.The publicly Reform of EU Airport Policy He is Chairman of Hans-Martin Niemeier describes the possible scenarios owned Manchester airport, for example, paRtially pRivatizED Airport policy needs to be reformed further. the German Aviation the industry is moving towards in its privatization process which was regulated like the three London aiRpoRts pERfoRM Such as reform should adopt the principle Research Society BAA airportshas been de-designated from to regulate less, but more effectively. It is (GARS) and managing regulation in 2007 because nearby Liverpool lEss EffiCiEntly not necessary to regulate all airports with member of the In the good old days of regulated air 1996 which has decreased prices for these airport has been developed as an attractive than fully more than five million passengers as the Scientific Advisory transport the role of airports was services and has led to modest changes of alternative providing today even intercon- pRivatizED anD EU directive demands.Use a credible threat Board of the Hamburg clear. Airports were serving the national the market structure of ground handling. tinental services. of regulation like the UK regulator. In addi- Aviation Conference . flag carriers and both worked together The 1995 directive on slot allocation has These are encouraging transformations statE-ownED tion regulate and increase competitive He was a member to serve those who could afford the luxury been revised several times trying to improve but they rarely occur at major city airports forces. Implement price caps with strong of the Scientific of travelling by air. However liberaliza- the administrative measure to reduce con- on the Continent. Take the example of incentives for cost savings and efficient pric- Advisory Group tion of airline regulation and airport priva- gestion. Finally, in 2009 the directive of Amsterdam airport. Business travellers pre- The failure becomes visible if airports ing and investment. Design a competitive for the Economic tization has changed this. It has brought airport charges has passed parliament. fer Amsterdam airport over the alternative are allowed to raise the level of charges in landscape with open skiesand market bases regulation of the large gainsto consumers by slashing air- Itstipulates among other things that an of taking the high speed train or travelling times of criseswhen airlines are desperate slot markets. n German Air Traffic Management System. fares, but the once cozy relationship turn- independent regulator is to be established via Brussels and Düsseldorf airport. Amster- to cut costs. It also becomes visible if airports edinto a stressful one. in each member state. dam faces competition in the long haul do not adjust the structure of charges to He has written IATA, the international airline repre- No doubt, the EU has been actively market but in the origin and destinationtraf- price scarce capacity that is lowering off extensively in the sentative claims that airports are exploiting trying to reform the airport sector, but fic it has persistent market power at least peak charges and increasing peak charges. area of air transport airlines while according to ACI the airport is this enough? Will the goal of fair and as long as small regional Dutch airports are All this is a result of cost based regulation economics and is co-editor of the books trade association airports are competing efficient pricing be achieved given the cur- not independently owned and developed. because charges can be raised whenever Airport Competition, with each other and are constrained by rent liberalization, privatization and com- Of course, there could be more com- Airport Slots, mighty global airline alliances. No doubt, petition trends? petition. The BAA airports should have bet- The Economic the value chain of air transport does not ter been separately privatized and the same Regulation of mirror at all a smoothly operating supply Unfulfilled Hopes is true for the two Paris Airports. But even european airports Airports. His primary chain in competitive industries and gives of Airport Privatization then there would remain a few airports with that have been research focuses large opportunities for improvement. Stud- The privatization of BAA in 1997 created persistent market power. fully or partially on airport regulation ies show that a number of European airports great expectations. Sooner or later the state privatised and privatisation. have high costs especially the German air- owned enterprises with low incentives for Regulation: Halfway Reforms at best ports which have not outsourced ground cost efficiency and service quality would be Are airports regulated by institutions which handling. Airport capacity is mispriced at replaced by innovative cost efficient firms guarantee a fair process and which set incen- busy airports with billions of welfare losses. delivering services at market prices with a tives towards cost efficiency and fair and What policy should be adopted? Is the range of quality users demand. These hopes efficient pricing? The answer to this question EU Policy on the right track? In this article have not been fulfilled. Privatization has not is no. Out of the 27 member states of the I argue that the EU attempts fall short changed the nature of the industry on the EU only Austria, GB, Ireland and The Neth- of their own goals and a major policy regime continent as it has in the UK. Privatization erlands have an independent regulator. The change is necessary. has stopped somewhat in the middle. It has EU Directive on charges is completely right made airports more profit-oriented, but the in demanding a separation of ownership EU Policy typical private airport on the continent is a and regulatory functions. But will it succeed? partially privatized airport (very often dom- Airports fully In 1995 the EU has set out a clear pic- It is too early to tell, but the first signs are privatised ture how airports should operate. Airports inated by the state).Partial privatization has alarming. Germany will implement the should in particular operateat minimum some positive effects. Airports have devel- directive in such a way that airports are Airports partially cost and excess demand should be effi- oped non aviation business and also slightly independently regulated if the ministry of privatised with a ciently rationed by giving scarce slots to cutcosts dueto ground handling liberaliza- finance owns the airportand the ministry majority interest those with the highest willing to pay. tion. But overall partially privatized airports of transport regulates charges. Such a pecu- Airports partially After deregulating the airline industry- perform less efficientlythan fully privatized liar interpretation of independence cements privatised with a the EU has deregulated ground handling in and state-owned. a system of regulatory capture and failure. minority interest6 n link abertis n DECEMBER 2011 DECEMBER 2011 n link abertis n 7
  • reportrestructuring the businessesabertis reinvents itself were other significant resolutions on share- was “a moment of profound transformation, holder remuneration policy, was a watershed of rethinking the bases on which we operate”. A DECADE AftER moment for the company. For Salvador Alemany, with this reorganiza- thE CoMpAny ChosE thE The Shareholders’ Meeting approved tion “we aim to bring forward those decisionsThe Group, which is now focused on managing its three businesses –toll roads, several resolutions which specified the proc- that will make it possible for all the abertis pAth of gloBAlisAtiontelecommunications and airports– begins a new stage in its history, one in which it is ess of restructuring the Group’s five busi- businesses to enjoy the conditions they need AnD gEogRAphiCAlaiming for selective growth, greater globalisation and improving its operating efficiency nesses into two independent companies. in order to continue to grow”. According to DivERsifiCAtion, This restructuring was announced in February the president of abertis, it is a question of ABERtis is onCE MoRETexTo abertis | FoToS abertis / Thales Alenia Space and created Abertis Infraestructuras, which giving the company “greater focus”, by con- manages the toll roads, telecommunications centrating on the toll roads, telecommunica- REinvEnting itsElf It is not the first time this has hap- toll road business in Spain– chose the path to grow both its results and its shareholder infrastructures and airports businesses and tions and airports businesses, which demand pened in its still short history. Indeed, of globalisation and geographical diversifica- remuneration policy through years which Saba Infraestructuras, which comprises the high levels of financing.one of the company’s hallmarks has been its tion, abertis is once more reinventing itself. were marked by the greatest financial and car parks and logistics parks businesses. The chief executive officer of abertis,capacity to adapt to the business environ- And it’s reinventing itself after multiply- economic crisis the world has known since Francisco Reynés, when speaking about thement and, at each juncture, to identify the ing its principal figures by six over the last few the crash of 1929. The Shareholders’ Meet- A Profound Transformation business restructuring, said that it “allowsright path to take. A decade after the com- years, with its own successful infrastructure ing in June, in which the reorganisation of As the president of abertis, Salvador Ale- the Group to focus its activities in order topany –which at that time was focussed on the management model and having continued the Group’s businesses was approved, as many, said, in his speech to the Meeting, it continue to grow in this financial environ- The delay in Spain’s recovery is compensated for by increased traffic in France and Latin America. DECEMBER 2011 n Link abertis n 9
  • remaining aware of the need to extend it made no corporate acquisitions during the the lifetimes of the existing concessions ACCoRDing to fRAnCisCo financial year–. amongst its assets. On the prospects for 2011, Francisco REynés, fRoM now on, Reynés stated that the toll road business The process of spinning off thE nEw ABERtis will “shows that the increases in traffic in France the car parks and logistics parks oRiEntAtE its stRAtEgiC and Latin America are continuing to com- has been completed ChAllEngEs to pensate for the delay in Spain’s recovery”. Last October, the 78.06% of Saba Infrae- He emphasised that “the improvement “sElECtivE gRowth, structuras shares still held by abertis were in the operating margin after the first sold to the consortium made up of Caixa- CREAting shAREholDER quarter results shows that operating effi- Holding, Proa Capital and Torreal. abertis vAluE, AnD gREAtER ciency has increased”. received a total of 311.5 million euros from gloBAlisAtion AiMED Francisco Reynés indicated that, for the sale of the shares. This did not affect the this year, the Group’s management objec- At DivERsifying Risk” Group’s 30 September figures. tives would be focused on improving opera- This transaction concludes a process tional efficiency both in terms of invest- which began on 23 February when abertis ments and costs and expenses, would give announced that it was initiating the restruc- priority to debt reduction, and to a selec- turing of its businesses into two companies: tive focus on the market’s opportunities Abertis Infraestructuras (a public company, for growth. “We have both the strong bal- made up of the toll road, telecommuni- ance sheet and the will that are necessary cations and airports businesses) and Saba for us to continue to grow and generate Infraestructuras (a private company, made value for shareholders”, he said. n up of the car parks and logistics parks businesses). On the 17th of May, abertis reported that it had signed an agreement with a consortium made up of Caixa- Holding, Torreal and Proa Capital under which they would become shareholders in Saba Infraestructuras, together with those abertis shareholders that decidedment of scarce resources, while maintaining With the new bring to abertis telecom; and the Spanish to take the expected dividend in the forma healthy balance sheet and profit and loss restructuring, Government’s plans to award a concession of Saba shares. managementaccounts”. Francisco Reynés also emphasized of airports and contract for the Barcelona-El Prat airport. On 25 July, abertis announced that athat reorganising the Group’s businesses into infrastructures The president of abertis said that the total of 2,681 shareholders, who togethertwo independent companies “strengthens passes into the opportunities for businesses like ours are represent 21.94% of the total abertis shares, hands of Abertisthe company’s balance sheet, which will infraestructuras. today –and will be over the next few years– had opted to receive their dividend in thebenefit the shareholders”. clearly more numerous and, surely larger, form of Saba Infraestructuras shares. This Francisco Reynés explained that the than they have been in this first decade of group of shareholders included the 20.7%impact of the restructuring on abertis’ prin- As sAlvADoR AlEMAny 21st Century. shareholding held by CaixaHolding.cipal figures will be limited. The proforma Having completed the process offigures for the 2010 results, after taking out sAiD “this is A MoMEnt restructuring its businesses and the sale The Group’s growth in 2010the car park and logistics parks businesses, of pRofounD of its shareholding in Atlantia, abertis and its prospects for 2011show an estimated impact on abertis’ fig- tRAnsfoRMAtion, of has begun a new phase –in a macroeco- In his speech to the shareholders, Franciscoures of -5% in revenue, -4% in EBITDA and REthinking thE BAsEs nomic context which is especially com- Reynés emphasised that “in 2010 abertis-1% in net profits. The net debt is reduced plex–. As Salvador Alemany, the president achieved sustained growth in revenues,by 5% to 13,963 million euros, and the net on whiCh wE opERAtE” of the company, recently explained, “today, EBITDA and net operating profit, in an envi-debt/EBITDA ratio also improves, to 5.8%. the process of financing new projects is more ronment that is complex and uncertain”.The demanding and expensive, and available chief executive officer explained that theFuture Prospects ABERtis will ContinuE funding is more limited. It therefore requires keys to the Group’s progress during the finan-The chief executive officer pointed out to gRow, with thE from us greater capitalisation and balance cial year have been: geographical diversifica-that, from now on, the new abertis would AiM of inCREAsing sheet resources.Additionally, it is more heav- tion, the growing visibility of businesses suchorientate its strategic challenges to “selec- ily conditioned by the evaluations of ratings as telecommunications, the increases in traf-tive growth, creating shareholder value, and thE pREsEnCE of companies and the way in which country fic on toll roads in France and Latin America,greater globalisation aimed at diversifying intERnAtionAl BusinEssEs risk is changing moment by moment”. And the control of operating expenses andrisk”. He said that the company would con- in its poRtfolio whilE this is the financial environment in which improved margins.tinue to be aware of investment opportu- REMAining AwARE of thE abertis has decided to continue to grow, He also pointed out that, in 2010,nities arising in the market. Specifically, he now that it is fully focussed on the Toll Roads, abertis invested a total of 757 millionmentioned toll road privatisations in the nEED to ADD yEARs to Telecommunications and Airports businesses. euros –193 million of which were spentUnited States and other countries; the busi- thE Existing ConCEssions Its aim is to increase the presence of inter- on operating investment and 564 millionness that the second digital dividend may AMongst its AssEts national businesses in its portfolio while on investment in expansion, although10 n Link abertis n DECEMBER 2011 DECEMBER 2011 n Link abertis n 11
  • INTERVIEWChief executive officer of abertisFrancisco Reynés«abertis is focused onoverseas growth and onimproving its efficiency»The chief executive officer of abertis emphasised that the Groupis committed to toll road projects on the American continentTexT abertis | PHoTos David Campos In this interview, the chief executive parks and logistics parks businesses. It was a Profile officer of abertis reviews the Company’s question of ensuring the necessary conditions Born in Palma de Mallorca incurrent status,after a year of profound and ongo- for each of the businesses to have access to 1963, he holds an industrialing changes in the Group. These changes have resources in a context in which every growth engineering degree and hasalready resulted in a new abertis which is more project demands a higher level of capitalisation an MBA from the Iesefocused on its three current businesses and looks and can take on less debt.We understand that Business school. He has beentowards international markets. concentrating the businesses into two compa- the chief executive officern n n nies that are managed independently gives each since mid 2010. Previously,In recent weeks, the process of restructur- one a focus and specialisation in its priority areas. from May 2009 up to Juneing the abertis businesses, which began These areas are toll-roads, telecommunica- 2010, he was the corporatein February, has reached completion. What tions and airports in the case of abertis, and car managing director of abertis.has been the Group’s objective in under- parks and logistics parks in the case of Saba Before joining the Group,taking this restructuring? Infraestructuras.This means that the new struc- he was the Ceo of CriteriaThe main objective has been to ensure growth. ture gives them both better futures and greater CaixaCorp. He has alsoAfter three years of financial and economic potential growth, since there will be a closer worked as managingcrisis, in which we have consolidated the stage correlation between the projects to be developed director and memberof vigorous expansion we experienced between and the resources available. of the Board of Directors2004 and 2008, we need to prepare ourselves n n n of Gas Natural, and was the Ceo of Uniland.for a new phase. The world has changed, and When you talk about continuing to grow,this change is not temporary. Incorporating what will abertis’ priorities be now? Francisco Reynés is alsoassets that will increase our concessions’average The first thing I would like to emphasise when on the boards of sanef,lifetime is a strategic imperative if we are to talking about growth is that we are not going eutelsat and Hispasat.create value in the medium and long term.We for growth at any price. We will grow whenmust also accentuate the Group’s global orien- the returns are in line with those we havetation. And, of course, we cannot grow just at set for ourselves as a company. And whileany price, but rather through those projects that growing we will be preserving the structure ofoffer adequate profitability. our balance sheet. This means that, while we This is the objective we set ourselves when continue to grow, we will be keeping a closewe suggested the project of spinning off the car watch on our rating, which is currently one12 n LINK abertis n DECEMBER 2011
  • of the best in our sector. It’s also important to emphasise that, at this time, abertis will not consider growing outside the three types of business in which we have a presence. In this respect, we do not foresee diversifying into other sectors. With respect to geographical priorities, we believe that it is the right time to continue to diversify overseas, with a special focus on toll road projects on the American continent. In this respect, we have recently announced a remodelling of our executive team. An important aspect of this process has been the appointment of David Díaz as managing director of American Toll Roads (Autopistas America), to which our toll road businesses in Chile, Argentina, Puerto Rico will report, as will the office the Group has established in Washington to study projects in the United States. I believe that the Unites States is cur- rently a priority for abertis in terms of growth projects, although, as always, we will study the opportunities that arise in other markets and may be of interest to the company. I would also like to point out that, as far as is possible, we will undertake growth projects with local partners who provide a knowledge of the territory and financial part- ners which will share the burden of financing the operations. In any case, abertis’ role will always be that of the industrial, management- orientated partner, in all the projects we WE DO nOt fOREsEE undertake. DivERsifying fuRthER n n n company is working. What are your objec- WE aRE COnsiDERing I believe that the prospects are good intO OthER sECtORs” Is there any foreseeable change in the tives in this respect? DivEsting OuRsElvEs Of as a whole, although we will have to watch Group’s current business portfolio? Indeed, one of the aspects on which the closely as events unfold in the macro- CERtain shaREhOlDings, it is thE Right tiME We are at a time when we are restructuring management team is focusing its attention economic scenario. The situation in Europe as a Way Of finanCing tO COntinuE tO gROW our assets portfolio, in order to reduce the and efforts even more intensely in 2011, if is very complex, and all available informa- complexity of managing it and to reinforce that were possible, is containing both operat- nEW OppORtunitiEs anD tion makes one think that this will con- OvERsEas, EspECially our industrial role in those projects in which ing expenses and operating investments in REDuCing inDEBtEDnEss” tinue in the coming months. All these thROugh tOll ROaD we have partners. In this respect, we have all the sectors and countries we operate in. components may affect the scenarios for pROjECts in thE great interest in financially consolidating the This is a factor of fundamental importance in OuR CRitERiOn in coming out of the crisis, and therefore aMERiCas” shareholdings we have in certain projects, the current uncertain situation, in which –in REORganising thE the forecasts with which we have been and also in becoming more deeply involved addition– the cost of debt is increasing. To working, especially the trends for traffic ManagEMEnt stRuCtuRE in the projects which have long-term value this end, we are reorganising the company’s on toll road networks. We are working to and synergies within the group. management structure based on the criteria is iMpROvED OpERating maintain our businesses’ strong cash flow Additionally –as was the case with Atlan- of a substantial improvement in the efficiency EffiCiEnCy” generation. In terms of the organic busi- tia at the start of 2011, we are considering of our operations and adapting this manage- ness, and excepting the unknowns already possibly divesting ourselves of certain share- ment structure to the new challenges. To mentioned, we can foresee that traffic holdings, as a way of financing the new oppor- summarise, there is a commitment from the may continue to stabilise in Spain, while tunities for expansion that will present them- company’s management team to sustainably we expect growth in France and America. selves to the group, and as a way of reducing generate growing shareholder value in the Passenger traffic through airports has also our level of indebtedness.We will, in any case, long term. In this respect, a key role will be turned the corner towards growth this always be demanding when it comes to played by maintaining an attractive dividend year. We are also optimistic about abertis expected returns and selective when it comes policy while, by our decisions, transparency telecom after completing the DTT rollout to the assets we invest in. and proactiveness with the market, looking in 2010. To all this we can add our focus on n n n after the value of our shares. controlling costs and capex as a factor in In recent months you have, on several n n n improving our margins, which do depend occasions, pointed to efficiency as one of What are your expectations for the close fundamentally on us, rather than on exter- the determining factors on which the of the 2011 financial year? nal circumstances. n14 n LINK abertis n DECEMBER 2011 DECEMBER 2011 n LINK abertis n 15
  • report 2 1 3abertis The consortium led by abertis and ners, with the remaining 60% financed with —1— With Metropistas, abertisabertis and Goldman Sachs the Goldman Sachs Infrastructure long-term debt to a group of 12 financial has strengthened its presence in Puerto Rico, Partners II investment fund have closed a entities. The consortium will manage both which is a beachhead contract with the Government of Puerto toll roads through a jointly-owned company and gateway into the United States.take on the management of Rico which concludes the process of award- called Autopistas Metropolitanas de Puerto —2— ing the management concession for the Rico LLC (Metropistas). The PR-22 toll road, which is PR-22 and PR-5 toll roads. The consortium, also known as the José San which has taken on the management of the The José de Diego Expressway Diego expressway serves 84,000 vehicles daily.two toll roads in Puerto Rico toll roads for a 40-year period, has paid a The PR-22 toll road, also known as the José —3— concession fee of US$1,136Mn (€830Mn). de Diego Expressway, is the busiest in Puerto San Juan de Puerto Rico is The operation has been completed by Rico, with 84,000 vehicles a day, accord- the capital city, and is home to a large proportion of the a consortium made up of abertis (45%) ing to data for 2010. The PR-22 runs for country’s population. and the Goldman Sachs Infrastructure Part- 83 kilometres along the north of Puerto The Teodoro MoscosoHaving closed the deal, the consortium is starting to manage, through the Metropistas concession ners II investment fund (55%). Approxi- Rico, connecting San Juan, the capital, with Bridge and the PR-22 and PR-5 toll roads allcompany, the PR-22 and PR-5 toll roads. The concession has been awarded for 40 years mately 40% of the deal has been funded the city of Arecibo. The toll road has seven contribute to revitalisingTExT anD PHoToS abertis through capital contributions by the part- toll stations, including the Buchanan plaza, the region’s economy.16 n link abertis n DECEMBER 2011 DECEMBER 2011 n link abertis n 17
  • Teodoro Moscoso Bridge have all con- tributed to positioning the Group as a world leader in transport infrastructure management and a preferred partner for developing Puerto Rico’s Public-Private Partnership (P3) programme, and also for future public-private projects in the rest of the USA. Managing the PR-22 and PR-5 toll roads will provide a reference to other parts of the US and act as a gateway to the rest of the North American market. about Goldman Sachs Goldman Sachs is a leading global invest- ment banking, securities and investment management firm. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial cen- tres around the world. Goldman Sachs is one of the largest infrastructure fund managers globally, having raised total capital of over US$10,000Mn (€14,173Mn) since the busi- ness was set up in 2006. GS Infrastructure Partners is its first fund dedicated to making direct investments in infrastructure compa- 2 1 nies and assets. The fund is principally focussed on investment opportunitiesthrough which over 25 million vehicles pass —1— in transport and public services. GS Infra- The Teodoro Moscosoannually. It serves an area which is home Bridge joins the San Juan Managing thEsE two toll structure Partners has holdings in a wide aBERtis’ pREsEnCE in puERto RiCoto numerous multinational industrial and metropolitan centre to the city’s international RoaDs pRoviDEs a gatEway range of transport assets worldwide, ContRiButEs to positioning thE gRoup aspharmaceutical companies. including Associated British Ports, Carrix, airport. into thE REst of thE noRth a lEaDing tRanspoRt infRastRuCtuRE —2— Eurotunnel, Red de Carreteras de OccidenteThe PR-5 toll road The PR-22 and PR-5 toll aMERiCan MaRkEt and Sintonia. n ManagEMEnt CoMpany woRlDwiDEThe PR-5, which opened in 2006, is a four- roads run along the north of Puerto Rico.kilometre extension of the PR-22 which runsthrough Bayamón in the San Juan metro-politan area. It also links to the PR-6 andPR-2 highways and ends at its intersectionwith the PR-199. In 2010, operating revenue fromthe PR-22 and PR-5 tolls roads totalledUS$90Mn (€62Mn). San Juan arecibo Dorado BarcelonetaConsolidation in Puerto Rico and Vega Bajagateway to the United States CatañoThe operation consolidates abertis’ pres- Manatíence as a toll road operator in Puerto Vega altaRico, where for 16 years it has managedthe Teodoro Moscoso Bridge in the SanJuan metropolitan area. Since it was Bayamónopened, the bridge has had over 128 mil- Guaynabolion users and generated nearly US$19min 2010, an increase of 8% on the previ-ous year. The fact that abertis has had a the pR-22 toll road the pR-5 toll roadpresence in Puerto Rico over severalyears, its commitment to the community Link the teodoro Moscoso Bridge the airportand the quality of service provided by the www.gs.com18 n link abertis n DECEMBER 2011 DECEMBER 2011 n link abertis n 19
  • COMPANYAirportsThe future ofairport managementThe abertis-Fedea Chair and the RACC Foundation organised the firstInternational Seminar on private airport management, which was heldin Madrid on 24 May and 15 JuneTexT Gemma Gazulla | PHoTos abertis The debate on airport management Professors David Starkie (United King- but it has resulted in European airports being is highly topical. On the one hand, dom) and Hans Martin Niemeier (Germany), more profit-orientated. Niemeier said thatthe European Union is deeply involved in and the Head of Economic Regulation at Europe needs to develop a coherent regula-the process of creating a true single market the British CAA (Civil Aviation Authority), tion, privatisation and competition policy,for air transport with a view to increasing Ken Cheong, analysed how the different with just and democratic institutions andthe sector’s efficiency. On the other, Spain processes had been carried out in each of processes.is planning to end the over 20 years of their countries. To end the first session, representativesAENA, a public body, managing the airports. of leading airport management companiesHow has this privatisation process been Increased competition gave their points of view. Bob Bullock, aber-approached on the European continent? David Starkie emphasised the importance tis airports Director of Business Develop-What model is best for Spain? of free competition. Although the sector ment, explained the situation of abertis in With the aim of answering these ques- was previously dominated by companies the United Kingdom, while John Bruen, Committee which classifies Spanish airports From left to right: Manuel López, president of ACeTA; Ferrantions, and to analyse the challenges that with strong monopolies, things have Director of Corporate Development at Fer- on the basis of their traffic, operating results, The Open SkieS TreaTy, soriano, president of spanair;Spain will have to confront with respect changed in the last 25 years. The Open Skies rovial Aeropuertos described his company’s principal routes and distance between dif- lOw cOST airlineS and Josep Piqué, president ofto airport matters in the near future, the Treaty, the birth of low cost airlines and the point of view. ferent facilities. Of the report’s conclusions, Vueling; and Miquel Nadal,abertis-Fedea Chair and the RACC Founda- increase in internet business have involved one which stands out is that the link The increaSe in inTerneT Director of the RACC Foundation.tion organised the first International Sem- increasing competition that requires regu- should airports be managed between transport infrastructures is weak- buSineSS have invOlvedinar on private airport management. The lations that are less complex and more individually or together? ening; it is therefore imperative to evaluate increaSing cOmpeTiTiOnevent was attended by many of the players generalist. The second day –the 15th of June– opened investment projects ex ante, i.e. before ThaT requireS regulaTiOnSinvolved and by leading Spanish and inter- On the rest of the continent, privatisa- with a paper by Javier Gómez Navarro, implementation.national experts. tion, for the most part, has been partial. former Trade and Tourism Minister and ThaT are leSS cOmplex and According to Niemeier, privatisation has former President of the Higher Council of Business presence mOre generaliST, accOrdingPrivatisation in other countries not changed the nature of the industry Chambers of Commerce. A discussion From the business point of view, the follow- TO david STarkieThe first session, on 24 May had a clearly –as was the case in the United Kingdom– then took place between the country’s lead- ing representatives of leading Spanish air-international nature, and focussed on ana- ing experts, who offered differing points of lines were present: Manuel López, presidentlysing the privatisation experiences of coun- view on the challenges of AENA’s privatisa- of the Association of Spanish Air Transport opinions to be listened to before charges whom Spanish airports must not only com-tries around us, such as the United Kingdom tion process. Companies (ACETA); Josep Piqué, president are fixed. He also insisted on greater trans- pete with each other but also with otherand Germany. The new SpaniSh airpOrT For Germà Bel, of Barcelona University, of Vueling; and Ferran Soriano, president of port intermodality, as laid down in the airports worldwide. Isaías Táboas, the Secretary of State for mOdel, wiTh mOre the important question isn’t whether private Spanair.They all demanded greater transpar- Transport White Paper, as already imple- The president of the new Aena Aerop-Transport, opened the seminar with a pres- or public management is better, but rather ency in airport management and a more mented in cities such as Paris, Frankfurt, uertos Company gave the closing address.entation entitled The Reform Strategy for flexible and auTOnOmOuS whether a country’s airports should be man- significant role for the airlines in AENA’s Brussels and Zurich. Juan Ignacio Lema defended the currentSpanish Airports offered the Government’s managemenT, will allOw aged together –as in Estonia, Finland and current consultation process. Josep Piqué, president of Vueling, privatisation process as necessary in orderview of how AENA should be privately man- airpOrTS TO becOme mOre Portugal– or individually –as in most west- Manuel López emphasized the need for applauded the progress being made in to adapt to today’s reality, which demandsaged. The Secretary of State reminded those cOmpeTiTive in an ern European countries. airlines to ensure that they are profitable. AENA’s privatisation process, but said that lower costs and greater flexibility. Accordingpresent how sound and efficient AENA Ofelia Betancor, the researcher in He called for: an efficient new model; trans- it was insufficient, that AENA should move to Lema, the new model, with more flexibleand Spanish Airports are, and defended the increaSingly demanding charge of the Transport Department in the parency with respect to each airport’s man- towards decentralised management. This and autonomous management, will allowreform of the current model and the liber- envirOnmenT, accOrding abertis-Fedea Research Chair, presented the agement, charges and costs; continuous management model was also defended by airports to become more competitive in analisation of the telecommunications sector. TO Juan ignaciO lema Report by FEDEA’s Air Transport Monitoring quality improvement; and for the airlines’ the president of Spanair, Ferran Soriano, for increasingly demanding environment. n20 n LINk abertis n december 2011 december 2011 n LINk abertis n 21
  • but rather the collapse in demand which came in thE opinion of josEph about as a result of the credit crunch. He added REPORT stiglitz, thE noBEl that the three rescue packages implemented to date - Greece, Ireland and Portugal – have lauREatE in EConoMiCs, hindered recovery in those countries. thE thREE REsCuE paCkagEs iMplEMEntED Pedro Solbes: change the rescue package model to DatE -gREECE, iRElanD Pedro Solbes, a former Ministry of the Econ- anD poRtugal– havE omy, argued for the finalisation of the reform hinDERED thEiR RECovERy programme for the Spanish economy, espe- cially the reform of the labour market. Solbes 1 argued for a change in the rescue package bility law which would establish spending model to be applied to those European coun- limits and levels of indebtedness for the tries which are in crisis. autonomous regions. Josep Piqué: concern Fernández Ordóñez: the deficit about social cohesion should not exceed 6% Josep Piqué, President of the Cercle d’Economia, In one of the most keenly anticipated speeches, gave a warning on several crucial topics: the the Governor of the Bank of Spain, Miguel compatibility of micro- and macroeconomic From left to right: Joschka Fischer, former German Foreign Minister and former Vice Ángel Fernández Ordóñez, urged both auton- policies, maintaining social cohesion and the Chancellor; Andreu Mas-Collell, Economics Minister in the Government of Catalonia; Pedro Solbes, former Spanish Second Vice-President and ex-Minister of the Economy; and Daniel omous regions and municipalities not to worrying level of youth unemployment. Cohen, Professor of Economics at the l’École normale Supérieure and the University of Paris. exceed their deficit limits. His aim is that the The closing address was given by Miguel public deficit for the whole of Spain does not Sebastián, the Industry Minister, who said that exceed 6%. He also stated that labour reform the adjustments being made to both the pub-Meeting of the Cercle d’Economia at Sitges should go further, with the aim of reaching an lic and private sectors are well under way. He appropriate balance between market flexibil- reiterated the need to make growth compat-Austerity as the basis ity and job security. ible with social welfare. n 2 In his opinion, the current high level of unemployment is unacceptable, and there growth must be accelerated, since growth willof the economy then create new jobs.With respect to the finan- cial system, he said that the clean-up of the banking sector must be completed, as must the restructuring of savings banks. Referring to —1— Mariano Rajoy, President of the Popular Party, and Josep Piqué, President of the Cercle d’Economia. —2—A policy of austerity and deficit control was the common thread in most of the talks those sums which the savings banks have Miguel Ángel Fernández Ordóñez, Governor of the Bank of Spain.given at the 26th Meeting of the Cercle d’Economia held in Sitges at the end of May received from the FROB (the Spanish bank —3— rescue fund), he reminded those present that Cristina Garmendia, Minister of ScienceTExT Albert Bassols | PHOTOS Cercle d’Economia / archive and innovation, and Artur Mas, these are specific one-off loans that must be President of the Catalan Government. repaid. If any savings banks are unable to repay —4— This perspective was shared by the more of the strengths of the Catalan economy, such them, a process will begin by which ownership Salvador Alemany, former President of the Cercle and President of abertis, with José than 700 businessmen and experts who MaRiano Rajoy BEliEvEs as value-added exports, the major increase in can be awarded to other financial bodies. luis lópez de Silanes, President of CHl.attended the meeting.Amongst those present the knowledge economy and R&D over the last In the discussion on the international com- —5— that it is nECEssaRy to Joseph Stiglitz, nobel laureatewas Salvador Alemany, the ex-President of the decade, Catalonia’s geographical interconnect- petitiveness of the Spanish economy,(which wasCercle and President of abertis, who played CREatE a CliMatE of edness, and its strong business culture. moderated by the President of Banco Sabadell, in Economics, and narcís Serra, former Minister of Defence andan active part in the conference. ConfiDEnCE in whiCh Josep Oliu), the Minister of Science and Innova- former Spanish Vice-President. 3 EntREpREnEuRs Can Mariano Rajoy: advocating a future of tion,Cristina Garmendia,announced the creationArtur Mas: the necessity of a budget stability law of a risk capital fund for R&D projects, into which 4 5 DEvElop thEiR initiativEs,fiscal agreement for Catalonia The President of the Popular Party, Mariano the Government is investing €300Mn. She wasArtur Mas, the President of the Catalonian anD in whiCh CREDit will Rajoy, stated that his priority, ahead of having confident that the private sector would provideGovernment, delivered a constructive opening onCE MoRE BE availaBlE the debate about the fiscal agreement, is to another €700Mn.address, in which he emphasised the need to revitalise the economy and create jobs. Rajoycontinue the policy of austerity. Mas stressed believes that the current government does nobel laureate’s counter-argumentthe need for a fiscal agreement between Cata- aRtuR Mas EMphasisED not create the confidence necessary for the Disagreeing with the view of the majority oflonia and whatever central government is in thE nEED foR a fisCal economy to recover. He added that the future those present, the 2001 Laureate in Econom-power after the general election, because, in his agenda must include creating a climate of ics, Joseph Stiglitz, said that the policy of aus- agREEMEnt BEtwEEnopinion, Catalonia’s annual fiscal deficit of 9.5% confidence in which entrepreneurs can develop terity would cause the European economy tois not sustainable. Looking towards the future, Catalonia anD thE nExt their initiatives, and in which credit will once stagnate and lengthen the crisis. In his opinion,the Catalan President reminded the meeting spanish govERnMEnt more be available. He proposed a budget sta- it was not the deficit that caused the crisis,22 n link abertis n DECEMBER 2011 DECEMBER 2011 n link abertis n 23
  • Profile He represented Madrid in INTERVIEW the Spanish Lower House of Parliament from 1979 to 2004.Economic analysis He was twice a minister,Joaquín Almunia firstly in the Department of Employment and Social Security (1982- 1986) and on the second occasion he was Minister of Public Administration (1986-1991), both under«We must work on opening Felipe González. After being PSOE spokesman in the Lowermarkets, not closing them» House (1994-1997), he was Secretary General of the Party from 1997 and 2000, and therefore leader of the oppositionThe Vice-President of the European Commission and Commissioner with Responsibility for that period.for Competition advocates investments which generate high quality employment and From 2004 to 2010, hebusiness activity. To achieve this aim, he believes, there needs to be more R&D&i, education was Europeansystems which meet the needs of businesses, and more competition in the services sector Commissioner for Economic and MonetaryTExT abertis | PHOTOS David Campos Affairs. He is currently the Vice- President of European The Vice-President of the European Despite decades of discussions and My absolute priority is to contribute to Commission, and Commission and Commissioner with preparation, the EMU is still not completed. Europe coming out of this crisis and to ensure Commissioner forResponsibility for Competition considers that That’s a fact. Many steps have been taken to that it comes out stronger, more able to grow Competition.Imposing barriers in European markets as strengthen the governance of the EMU. in a balanced and sustainable manner, anda reaction to overseas protectionism would A year ago, the Commission presented propos- more able to create more and better jobs.be very damaging. Joaquín Almunia proffers als which the European Parliament and Coun- Competition policy has a key role to play andalternatives based on, for example, increasing cil finally approved at the end of September. it is an essential tool for providing EuropeR&D&i and ensuring that the educational The new Euro zone governance package with the means to compete effectively in asystems are better suited to the needs of improves the monitoring of public accounts global market.business. and makes it more effective, while at the same One of my main tasks, if not the mainn n n time focussing on the structural reforms one, consists in ensuring that the banks areFirstly, I would like to make a general required to increase potential for growth in restructured, so that they recover their rolecomment as Vice-President of the Com- countries which have lost competitiveness. of financing the real economy without themission. The EU has been a model of I am convinced that the EMU will come need for state intervention; in other words,regional integration for other countries out of this crisis stronger, and that we will to ensure that they are viable. This involvesand economic regions. Do the difficulties have more Europe rather than less, in terms de-leveraging the banking system and clear violation of the fundamental rules of WE Will finD thE The European Commission is planningencountered in firming up a new Euro- of the governance of the Euro zone and the increasing its solvency ratios to levels which competition. These rules, and the imposition solutions, hoWEvER to present a package of measures revis-pean Constitution, or the financial and search for solutions to increment job crea- will enable it to stand up to stress tests. of fines, benefit us all. Since fines are a sanc- ing regulations on public procurement. DiffiCult thEy Mayeconomic crisis –with the threat caused tion; and this also applies in other areas such I’m convinced that in the current situ- tion, but do not compensate affected con- It has also announced that it will publishby sovereign risk and the uncertainties as the management of immigration and ation European competition rules must con- sumers or companies (often SMEs), we are BE, anD EuRopE Will the initiative on the granting of govern-surrounding the Euro– call into question common frontiers, and the fight against ter- tinue to be strictly enforced while fully continuing to study the ways in which, in ContinuE to BE a ment concessions which has been sub-the path taken so far? Is more Europe rorism.This is what Europeans want, and also respecting appropriate procedures and due Europe, we can strengthen the right to com- MoDEl foR othER mitted for consultation. In some cases,still part of the solution? what our international partners want. I am process, and taking into account the general pensation for the damage caused by failure REgions of thE WoRlD” we are referring assets and servicesEurope has always been built step-by-step. sure that we will find the solutions, however public interest and that of the economy. One to comply with competition rules. which operate like virtual natural mo-To give an example from my own portfolio difficult this may be, and that Europe will of my priorities is to fight the cartels, which For companies and consumers, compe- finanCial staBility nopolies. How is competition protectedin the Commission, the Economic and Mon- continue to be a model for other regions of are, undoubtedly, the most damaging form tition means greater choice of goods and within this new framework? REquiREs that MaRkEtetary Union (EMU) took decades to come the world. of infringement of competition rules, and services, better quality and lower prices. This The Commission is preparing new rules forinto being, and the Regulation authorising n n n one which seriously damages the public. In has been demonstrated in many sectors, CoMpEtition is state aid to services of general economicthe Commission to examine mergers and What are your principal objectives 2010, the Commission imposed fines total- including telecommunications, air transport aCCoMpaniED By interest. The general objective is to haveacquisitions came into force in 1990, 17 years as Commissioner responsible for ling almost 3,000 million Euro on companies and public tenders. appRopRiatE lEvEls clearer and more straightforward rules, inafter it was proposed. Competition? which fixed prices or segmented markets in n n n of REgulation” order to simplify matters for public authori-24 n LINK abertis n DECEMBER 2011 DECEMBER 2011 n LINK abertis n 25
  • ties and service providers. At the same time, ture Regulation (EMIR) on over-the-counter CoMpEtition ContRol haswe want to focus more sharply on services derivative product transactions and the review an iMpoRtant RolE towhich have cross-frontier impact.This means of the MiFID directive. This review aims to play in pREvEnting anyfocussing less on the less remunerative local improve the organisation, transparency andservices. oversight of exchange-based trading.The prin- onE gRoup oR BoDy We are also considering extending cipal objective of these measures is to improve ContRolling EssEntialthe range of social services which will be the way in which markets operate and prevent infoRMation WhiChexempt from a prior competitiveness test - a dangerous accumulation of risk. alloWs it to ManipulatEcurrently, only hospitals and social housing It is not a question of eliminating the finanCial MaRkEts foRare exempt. Of course, even in this case, gov- benefits which a competitive market can pro- thE BEnEfit of thE fEW”ernments must avoid overcompensating vide in terms of efficiency and access to serv-companies or other bodies for the service ices. But financial stability requires that marketprovided. I want to increase the efficiency of competition is accompanied by appropriateservices of general economic interest, espe- levels of regulation. –including the liberal professions and com-cially since state budgets have been reduced Competition control has an important merce– in order to reduce costs and increaseconsiderably as a result of the crisis, and tax role to play in preventing any one group or the potential for growth.payers’ money must be spent with even body controlling essential information which The Commission has been recommend-greater care. I have discussed this widely, and allows it to manipulate financial markets for ing this for the last decade, since the Lisbonhave consulted all the parties involved –the the benefit of the few. The product and dis- Strategy, and has re-stated it in the EuropeEuropean Parliament, the business world, semination of market data is a fundamental 2020 Strategy. There are European compa-national and regional governments, local matter which must be controlled by the use nies and countries which will understand 3.000authorities and, of course, my colleagues on of competition policy instruments. It is, above this and be better prepared to confront futurethe Commission. We have launched a new all, necessary to prevent this data being control- challenges.round of consultations on the current draft, led by those who can abuse their position by Before the summer, the Member Statesand I hope that the Commission will adopt m of fines imposed using it to exclude their competitors or to dis- and the Commission identified certainthe new rules next year. by the European tort market operations. reforms and other priorities. These weren n n Commission on With respect to managing the Euro zone, essentially the corrective measures to beIs state intervention in some financial companies which the Commission has made ambitious propos- applied to public finance and the structural fixed prices orentities a threat to the free competition als to ensure that the countries which share policies aimed at increasing growth and segmented markets.between them and those banks which the Euro can enjoy all its advantages while employment. These actions, taken at a 25have not needed state aid? obeying the rules which guarantee harmony national level, are the key to achieving theObviously it is. Many banks haven’t needed and stability.The Member States should adopt EU’s common objective of coming out ofstate aid, but have been affected by the these proposals and obey them in the future. the crisis, which includes solving the debt bank restructuringcurrent crisis and, of course, by the aid n n n crisis in the Euro zone. plans have beenreceived by their competitors. How can European companies compete In any case, returning to the question, adopted by the The Commission therefore insists that Commission, for against products and services which are I am very clear that protectionism wouldany entity which receives public money must banks if the United producedunderworkingandenvironmen- only aggravate the situation for everyone.present a restructuring plan in order to reduce Kingdom, Benelux, tal conditions which are often not compa- Europe must remain open to foreign inves-both the cost for taxpayers and market distor- Denmark, Ireland, rable with those in Europe? tors –just as we want European investmenttions with respect to those banks which do Germany and European companies can and must compete to be accepted in other parts of the world–not need state aid.To this end, we are impos- other countries. by innovating, producing quality goods with because this brings significant benefits foring three conditions on those banks which original design and in which R&D plays a everyone. Our economies need to havehave needed tax payers’ money. Firstly, banks major part. access to competitive markets, and our com-which have received state aid must be The third condition is that subsidised foR CoMpaniEs the reasons for the financial crisis as the collapse Public authorities must, for their part, panies can only be true world leaders if theyrestructured in order to achieve long-term institutions cannot use state aid to obtain a anD ConsuMERs, of the subprime mortgage market in the United defend the adoption of transparent and anti- have the incentive to be more innovativeviability as soon as possible. This means we competitive market advantage over non- States, which was aggravated by the collapse discriminatory rules, the protection of human and effective, and if they are exposed torequire financial institutions to focus on their subsidised banks. In practical terms, this CoMpEtition of Lehman Brothers. rights and good working conditions with competition. Shutting off access to Europeancore business –and abandon their loss-mak- means that subsidised banks cannot attract MEans gREatER The EU is very actively strengthening the decent pay, the protection of the environ- markets as a reaction to overseas protection-ing businesses– in order to gain sustainable depositors by offering rates of interest which ChoiCE of gooDs regulatory framework for financial markets, ment, etc, in the international forums. This ism would be very damaging for all involved.sources of finance and provide themselves are below those of the market, nor give loans anD sERviCEs” and working to increase their transparency. is what we are working on. However, it is clear We must therefore work on opening markets,with sufficient capital. After restructuring, with conditions that are more favourable Legislative reform is under way to improve that labour conditions in China and other not closing them. nbanks must manage without any state aid. than those of the market. Additionally, the transparency and stability in financial markets countries are not going to drastically change The second condition is very important bank must focus on completing its restructur- and we still have a significant number of plans and institutions. overnight. This will necessarily be a gradualfrom the perspective of fairness. Our rules ing plan. This generally implies selling part of pending. Specifically, the EU had created new change. European companies and publicon sharing the cost of restructuring require its assets, and as a consequence, it cannot n n n supervisory bodies to increase coordination authorities know this, and must adapt bythat banks pay back the aid they received buy other companies or credit entities. What actions could the Commission and strengthen the power of European regula- choosing to make investments which gener-from the state. Until the bank completes it’s As of the end of September, we have take to prevent future crisis like the tors to intervene when bubbles or other sys- ate quality employment and businesses.Thisrestructuring and returns to normal business, accepted 25 bank restructuring plans, for current one? temic risks are detected. The Commission is requires more R&D&i, education systems Linkit must not remunerate shareholders or the banks if the United Kingdom, Benelux, Den- The Commission, the G20 and the Financial taking initiatives to improve market regulation. which meet the needs of businesses, and European Commissionholders of hybrid capital. mark, Ireland, Germany and other countries, Stability Forum have all correctly diagnosed These include the European Market Infrastruc- more competition in the services sector ec.europa.eu26 n LINK abertis n DECEMBER 2011 DECEMBER 2011 n LINK abertis n 27
  • implementation of this directive and other Applying the ways of financing infrastructures. report eurovignette in SpAin Andrés Ayala, spokesman for the Popu- lar Party’s Parliamentary Group stated that would Affect 400,000 “the toll roads have sufficient capacity to SpAniSh vehicleS over 3.5 offer a different experience from the rest of tonneS And 50,000 the road network, and this provides added value to the road user”. He was, however, foreign oneS against implementing the Eurovignette now “because it taxes a specific sector, the haul- age sector”. in SpAin there Are A Pere Macias, CiU’s spokesman in the totAl of 3,365 kilometreS same Commission, defended the directive: of roAd on which An “I wouldn’t invent new pay-per-use mecha- explicit toll iS chArged, nisms - if it’s being applied in Europe there must be good reasons. A thorough remodel- which repreSent 22% of ling of the network must be undertaken, the network based - in the first place - on pay-per-use, and in the second on creating a single, effi- cient network”, he stated. €62,500Mn in 15 years According to Manuel Villarante, the In Spain there are a total of 3,365 kilometres Director of Land Transport, the opinion in the of road on which an explicit toll is charged, Development Ministry is that “it’s not the which represent 22% of the total high- right time” to apply the directive. He justified capacity road network. In other countries, his opinion “based on the economic crisis and such as Portugal (70%), France (60%) and the situation of the transport sector”. He said Italy (86%), the percentage is considerably that the transport sector “could become less higher. In Germany, after the implementa- competitive”. tion of the Eurovignette charges are levied Manuel Villarante underlined the major on the whole network. financial impact that directive could have on According to a study produced by a Spanish hauliers: “Spain and Italy, since they working group organised by ASETA, if the are on the periphery, will tax internal traffic Eurovignette were applied in Spain, it would more heavily than central European coun- affect 400,000 Spanish vehicles over 3.5 tries” which, in this respect “will be at an tonnes and 50,000 foreign ones. The study advantage”. does not rule out extending it - at some unspecified time - to all other vehicles, impact on hauliers (around 30 million), as is the case in Holland. The financial impact of applying the directive According to these calculations, imple- to the transport sector is one of the keyInfrastructures From left to right: Josep Lluís Giménez sevilla, menting the Eurovignette would raise as aspects of the debate.According to Pere Pad- managing director of abertis autopistas;The Eurovignette, under much as €3,602Mn for the Spanish govern- rosa, the President of ASTIC, the employers’ Andrés Ayala, Rafael simancas and Pere Macias, spokesmen of the Popular Party ment in the first year. Over 15 years, the total organisation, would result in very small mar- Group, the socialist Parliamentary Group and figure would be €62,500Mn. This revenue gins for transport companies.As he explained, CiU, respectively, in the spanish Parliament’s would mainly be used to maintain and “75% of costs are due to external factors: fuel Development and Housing Commission.discussion in Santander improve the 15,584 kilometres of roads man- (32%), payroll (31%) and tolls (11%)”. “The aged by the central government, autonomous Eurovignette would leave us with a margin regions, provincial governments and island of just 1% or 2% to manage”. councils. “I am not calling into question the Eurovi-Several European countries, such as Germany, Austria, Belgium, Holland and Sweden Spain’s case? This was the subject debated gnette as a method of taxation”, said Perehave already applied the Eurovignette to tax trucks driving on toll-free roads. in The Eurovignette in Spain and Europe: the The political viewpoint Padrosa. He asked that the process be “trans- state of affairs Conference organised by The debate on pay-per-use “is on the table parent” and that the moneys collected beFrance and Denmark intend to implement it soon. In Spain, it’s under discussion ASETA and the Menéndez Pelayo Interna- and is both opportune and necessary”, used to improve infrastructures. nTexT abertis | PHoTos Héctor Cerrada tional University in Santander. according to Rafael Simancas, the Socialist The event, which took place on 27 Parliamentary Group’s spokesman in the In June 1999, the European Union based on distance travelled. Its purpose is The Eurovignette is currently opera- and 28 June, brought together politicians, Spanish Parliament’s Development and Hous- adopted a new legal framework to recover both the cost of infrastructure tional in Germany, Austria, Belgium, Holland, journalists, financial institutions and ing Commission. He stated, however, that “itwhich governs the system of the taxes and and “external” costs. The directive estab- Hungary, Luxembourg, The Czech Republic key players, to offer their views on the mat- does not seem to us that this measure cancharges levied on trucks. This directive is lishes the criteria, but leaves each Member and Sweden. France and Denmark are plan- ter. Josep Lluís Giménez, managing direc- be applied at this time”. Rafael Simancasreferred to as the Eurovignette Directive. State free to choose whether or not to ning to implement it in the near future. Is it tor of abertis autopistas, was the event went on to say that a Parliamentary sub- LinkThis is a charge made on heavy vehicles impose it. necessary to implement the directive in moderator. commission is being set up to study both the www.aseta.es28 n Link abertis n decemBer 2011 decemBer 2011 n Link abertis n 29
  • TEAMEnsuring road safety and improving traffic flowControllingthe toll roadsabertis autopistas Spain’s Operations Centrescoordinate and manage the working order of itswhole toll-road network throughout the yearTexT and PHOTOS abertis How is a toll-road managed? What As Sara Rodríguez, Manager of abertis protocol should be followed if there autopistas Centres of Operations, ex-is an accident? abertis autopistas Spain’s plained, the centres’ main objective is toOperations Centres are working every day “keep traffic flowing well on the toll roadsto serve road users on over 1,500 kilometres 24 hours a day. When an incident occurs,of toll roads. Strategically located at differ- the challenge is to re-establish normal traf-ent points of the road network, these centres fic conditions as soon as possible”.have cutting-edge technology to manage This objective basically translates intothe resources needed to handle any type of two fundamental tasks: on the one hand, toincident. manage the toll road’s serviceability and The Operations Centres process the infor- operations (incidents, works, signalling -mation received from both external agen- everything that happens on a toll road); and,cies and the resources abertis autopistas on the other hand, to coordinate the infor-deploys to ensure that its customers travel mation collected and generated in manag-safely and comfortably. When there is an ing its serviceability. Two different aspects:incident, they set in motion an action plan information centre and road serviceabilitywhich mobilises the teams required to han- management centre. “There are variousdle it (systems, highway serviceability, main- channels through which information abouttenance, safety and assistance). accidents reaches us from the toll road, There are four centres operating in including from the SOS posts or customers’the abertis autopistas network: one at calls coming into the call centre. InformationGranollers in Barcelona province; one at San also reaches us from our teams who are outRafael, in Segovia province which manages on the highways and send us a lot of infor-the Central and Southern toll roads; one at mation”. There are also technological sys-Sagunto in Valencia province which manages tems, such as highway sensors, loop trafficthe aumar AP-7; and one in Logroño in detectors and Bluetooth systems, which tions centres) and by setting common cri- “The Operations Support Department From left to right: Víctor Blanco,La Rioja, which coordinates the Ebro AP-68. provide the centre with real-time informa- teria and directives in the fields of mainte- has different sections, such as Toll Control isabel Marcilla, Paz Casas, Mónica Gámez, nuria Marqués, Gonzalo tion on traffic status. nance and upkeep. The centres usually have and Central Maintenance which, acting trans- Grande, Cristina Zamorano, Sara three levels: communications coordinators versally, support the networks”, explained Their main objecTive is To Rodríguez, dalina llorente, lourdes Working as a team who, through monitors, manage the usabil- Sara Rodríguez. Under normal operational Roquet and Juan Zamorano. The four Operations Centres are part of ity of a section of the toll road; the control conditions, each coordinator manages a few keep Traffic flowing wellThe operaTions cenTres abertis autopistas’ Operations Support room coordinator (only at Granollers and incidents in the section of highway assigned on The Toll roads 24 hoursare working every Department which is headed up by Lourdes San Rafael), who is the interface with the to them.“However, they can rely on the sup- a day. when an incidenTday To serve drivers Roquet. This is a cross-network department, Emergency Centres, with the Management port of the rest of the team the moment an occurs, The challenge which supports the networks by performing and with the police services of the various incident or management problem requiresTravelling on The over is To re-esTablish normal those functions that can be carried out autonomous regions. Lastly, each centre has this support for it to be handled in the best1,500 kilomeTres jointly for all of them (toll control, maintain- a manager who coordinates the various possible manner. This is just a small example Traffic condiTionsof Toll roads ing central systems, and managing opera- operators’ activities. of the importance of having a good team as soon as possible30 n link abertis n december 2011 december 2011 n link abertis n 31
  • How the Centres Operate Recently, the abertis autopistas Operations Centres have been standardised, in terms of both how they work and the iT applications and systems they use. “even so, there are differences between them resulting from the toll road’s characteristics and environment -for example, any special operations, the seasonal nature of weekend traffic, and the serviceability of each one in winter”, commented Gonzalo Grande. Since this summer, the San 1 Rafael Operations Centre has been managing the serviceability of the whole of the Central-South network, now that management of the Sevilla-Cadiz aP-4 and the leon-astorga aP-71 has been consolidated. One should also mention that the aucat Centre in Granollers and the 4 Villajoyosa Centre in Sagunto have been consolidated. — 1 — isabel Marcilla, managing a toll road”, commented Gonzalo Protocol to be followed according to the Manager of from the logroño Centre. Grande, who manages the San Rafael Oper- if there is an accident the San Rafael Centre, “the — 2 — Mónica Gámez and nuria Marqués, ations Centre. The section responsible for The protocols to be followed if there is change has gone well and from the Sagunto Centre. Road Safety and Serviceability, managed by an accident are very similar for the four people are adapting and — 3 — Cristina Zamorano, dalina Antoni Comes, also works with the Opera- Operations Centres. If there is an incident acquiring the new knowledge llorente and Gonzalo Grande, they need pretty quickly”. from the San Rafael Centre. tions Centres.This section defines and imple- on a toll road, the operators receive, — 4 — Víctor Blanco, Paz Casas, ments centralised working practices which over various channels, information from The process of consolidating Guillem Pibernat and can respond consistently to demands both cameras (if there is a camera where the the Operations Centres in the Sara Rodríguez, from Central-South network has the Granollers Centre. from the toll road networks and their sur- accident took place). The centre activates involved “adapting established roundings, in accordance with the objectives all the resources, both internal –support 2 circuits so that they are laid down by abertis autopistas. and maintenance teams– and external ones performed in a more efficient –the police, fires service, and ambulances– and standardised manner”. Road Serviceability and also informs the toll operators that in the next few months, the Management and Coordination there has been an incident, as it may affect logroño Centre’s application The Operations Support Department pro- traffic flow. platform will be changed, and vides each toll road network with an Oper- The information arriving at the centre it will be adapted for the ebro ations Centre for managing the Serviceabil- is passed on to the various traffic manage- network’s circuits and ity of its toll road. The Operations Centre in ment agencies - the DGT (central govern- processes. The logroño Centre Granollers is the largest, both in terms ment Traffic Department), SCT (Catalonia will then have consolidated its of the number of people working there Traffic Service) and the Basque Regional process of applying abertis –approximately 30– and in terms of sections Government, depending on where the inci- autopistas Spain’s model. with the highest ADT (average daily traffic), dent occurred. Certain incidents, such as With respect to contacting with since it controls the Barcelona metropolitan accidents or signage/signalling problems, informaTion is provided other departments in order area, which has sections with ADT levels of are also reported to the Development Min- to coordinate operations, To road users Through over 100,000.The Granollers centre not only istry, or, in the case of the Gencat network, “the relationship with The variable informaTion manages the toll roads in the Gencat (Cata- the Catalonia Regional Government. Infor- other departments is panels on Toll roads, lonia) network and acesa’s AP-7 and AP-2, mation is provided to road users through the other fundamental it also collects information from the other the variable information panels on toll roads, aspect that ensures that The Traffic informaTion abertis autopistas centres and distributes the traffic information web site and the our toll road operations web siTe and The this information. Altogether, more than Customer Service Centre, which they can are of the highest quality,” 3 cusTomer service cenTre 80 people work at the Operations Centres. call for information. n explained Gonzalo Grande.32 n link abertis n december 2011 december 2011 n link abertis n 33
  • travelGironaA walledmedieval jewelLong flights of steps, porticoed squares and steep recommended. This is on the site of a 15thalleys give Girona’s old town centre a medieval air. century synagogue, the remains of which can still be seen.With its 2,500 years of heritage, and its proximity Força Street is the tiny main street ofto the Costa Brava, this fascinating city is an the call and is part of the Roman Via Augusta,unmissable destination which crossed the city. This street takes the visitor to the square on which the InstitutTexT Marta Carrera | PHoTos agencies Vell stands, which houses the City History Museum and Girona’s Municipal Archive. To truly understand Girona, visits to both of Located between the sea and the interior is even more breathtaking. Having these are essential. mountains, the enchanting city of passed through the Sant Miquel door,Girona is proof that good things come in the visitor will be awestruck by the spec- Medieval ambiancesmall packages, as it has fewer than 100,000 tacular Gothic nave, which is almost 23 Just a few metres from the Jewish district,inhabitants. Its historic, architectural, gas- metres wide, making it the second widest in the centre of the Sant Pere district, aretronomic and cultural legacies combine to in the world - the widest being St Peter’s the Arab Baths, another example of the city’smake it a real treasure with a personality all basilica in the Vatican. historical mix of cultures. Built in 1194, their Project to widen theof its own. This city, bisected by the River most outstanding feature is the magnificent aP-7 in Girona ProvinceOnyar, is packed with exciting shopping Artistic city par excellence apodyterium, or changing room. Here, a abertis autopistas is widening the AP-7 toll roadareas and busy markets which are founded Just a few steps away from this architectural central octagonal “temple” with horseshoe in Girona. The works to add third and fourth lineson hundreds of years of commerce. treasure is the Museu d’Art, which is housed arches holds up a skylight which lets in on the Fornells-Vilademuls section are Though the modern city has spread in the Bishop’s Palace and has on display natural light and covers the pool. The cupola, proceeding according to schedule.well beyond the original confines, the walls more than 8,500 valuable works of art. Some made of volcanic stone, holds in the heat. There were two contracts awarded for theof the Barri Vell still stand, sealing within of the most outstanding works are in the Back in the open air again, on one of widening project, one for each of thethem one of Spain’s richest old city centres. Gothic and Romanesque styles. Close by, the narrow streets, the visitor feels the medi- subsections: the first was from Fornells to sarriàTo walk through the Barri Vell is to take a we come across the mysterious Jewish Call eval ambience and historic enchantment de Ter, and the second from sarrià to Ter ajourney through time and civilisations. (district). The visitor can stroll through its at every corner. It is therefore no surprise Vilademuls. The work was begun in April of thisA good place to begin this walk is at the anarchic network of narrow alleyways and that film makers have seen it as the perfect year, and it is expected to take 21 months.Cathedral of Santa Maria, one of the most steps, which conceals one of the most backdrop. The Barri Vell was used to repro- acesa will complete the works on the AP-7 inimportant monuments in the whole “barri”. evocative walks in the city. Setting out from duce France in the 18th Century in the Girona with the widening from two to three It is located in the highest part of the Cathedral Square - which is historically film Perfume: The Story of a Murderer, which lanes of the Vilademuls-Figueres sur sectionthe city. At its pinnacle is a bronze angel where the Christian and Jewish markets was based on Patrick Süskind’s novel. and the Figueres sur-la Jonquera section. Thewhich dominates the bell tower. It was con- were held - the visit reaches the Sobreportes David Trueba has also used it for his film lengths of these sections are 17.3 and 22.3structed between the 9th and the 17th Gate, the old way into the labyrinth of the Soldados de Salamina, based on the novel kilometres respectively.Centuries, and thus the whole is a fascinat- Call. In the door jambs of some of building by Javier Cercas. This work began in January 2010, and ising of architectural styles. In addition it there are still the holes for the mezuzá - a The rich cultural influences Girona expected to finish in December 2011.houses sculptures from the middle of the case which held a small parchment with has absorbed over the centuries have led to20th Century. It is reached by way of 90 Jewish prayers written on it. For a fuller it being home to a prestigious university, The works to widen the AP-7 bring considerablesteps constructed in the baroque style. understanding of this religion, a visit to which brings to this Catalan city a happy improvements to the strategic Mediterranean corridor. its increased capacity will resultAlthough the exterior is very impressive, the the Museum of Jewish History is highly student ambiance. Its Faculty of Letters, in improved service for users.34 n link abertis n december 2011 december 2011 n link abertis n 35
  • in the former Sant Domènec monastery, is left. Cross on any one of the four best Marvellous just one example of Girona’s interest in known Girona bridges, all of which are very surroundings interview | Xavier PeruCHo visitors’ culture, which is further demonstrated by the prestigious Temporada Alta autumn distinctive.The first is Manuel Gómez Bridge, which has a single arch. The second is the Costa Brava Just one hour’s drive away, “Girona and its province are the perfect escape” theatre festival. Sant Agustí Bridge. This second bridge links visitors can enjoy this Guide Argenteria Street –the continuation of the wonderful part of the Catalan coast, with its many beaches Romanesque Treasure Rambla de la Llibertat– to Independence How to get there Our next destination is the Benediction Square. Or, to put it another way, it links and coves which have clear xavier Perucho, who is in charge Girona is easy to reach by road, water with fine sand or rocks. monastery of Sant Pere de Galligants, which two of the areas where you can really feel of the works that acesa is carrying train and air. By car: the main some of the best known are dates from the 12th century and has been the pulse of the city. out on the AP-7 north toll road, highways are AP-7, the n-ii and the Aiguablava, Fornells, llafranc C-25. The train station is in the declared a National Historic-Artistic mon- Charming small handicraft and antique talks about the attractions of the and Tamariu. Plaza de españa, and for visitors ument. Built in the Romanesque style, this shops are interspersed with lively pavement city of Girona, mentioning some flying in, the airport is just church has three naves and four apses, and bars and attractive restaurants - where Dalí Theatre-Museum places the visitor must not miss. 15 kilometres away. a beautiful octagonal bell tower. Its fine visitors can try local dishes such as botifarra Visiting the Dali Theatre- nnn Museum in Figueres is the best Getting around the city cloister now houses the Provincial Museum dolça, (sweet Catalan sausage) arròs a la A good reason for visiting Girona. way to understand the life Distances between points of Archaeology. cassola (rice casserole) or suquet de peix both Girona and its province make a of this artistic genius from of interest are short, so it is easy Close to the monastery is the highest (fish stew), and desserts such as carquinyolis Girona. The museum houses perfect escape: the city’s medieval to get around on foot. it has point in the city wall, and this is reached up (sweet almond and marzipan bread) or more than 1,500 of this master charm, its proximity to the costa 10 city bus lines, and there is a a series of steep alleys.The walls were impor- bunyols (doughnuts). of surrealism, including some brava, the Fajeda d’en Jordà woods tourist train through the Barri Vell. tant to the city’s defences –it has been Standing on the Sant Agustí Bridge, the most representative, such and the volcanoes around Olot, Where to stay besieged 40 times– and are still very well the visitor can view the famous houses as Galatea of the spheres, leda dali’s surrealism, etc. Add to this Hotel llegendes de Girona Catedral preserved. along the Onyar. Some are ochre colour, Atomica and the Bread Basket. an unbeatable cuisine, and Portal de la Barca, 4 Tel. 972 22 09 05 www.llegendeshotel.com This hotel is in historic building in the old town, next to the Cathedral. The modern renovations have preserved the original character perfectly. From 120 euro. Hotel Carlemany plaza Miquel santaló, s/n Tel. 972 21 12 12 www.carlemany.es This recently renovated hotel, with a 1 2 3 4 glass façade, beautiful carpets, The first city walls were constructed — 1 — Banyoles lake. The empuries sculptures and paintings, resembles — 2 — The Dalí Theatre-Museum in Figueres. when the city –then called Gerunda– was Archaeological site breathtaking marvels which are Historically, Girona has been open a modern art gallery. From 110 euro. — 3 — Reconstruction of the Roman forum a part of the Roman Empire. There are virtu- in the ruins at empúries. Founded by the Greeks all less than one hour from Girona. to trade and to visitors - it is well Where to eat ally no traces of this period to be found in — 4 — Tamariu. in the 6th century BC, nnn prepared for the many tourists who el Celler de Can Roca Girona today.The excellent panoramic views the ancient city of emporiae What should we not miss visiting go there. You will get a warm reception carretera de Taialà, 40 of the city from the Passeig de la Muralla some rose, some yellow and some cream, was an important commercial when we go to Girona? from the guides, restaurants and Tel. 972 22 21 57 enclave. in the 3rd century BC, (Wall Walkway) include the huddled roofs and they blend together to form a pictorial A visit to the medieval city is a must. hotels. The people of Girona feel www.elcellerdecanroca.com it was occupied by the of the old guilds district, the modern city harmony. Going along the riverside at The cathedral, the Arab baths, the fortunate and proud of their city, and in this Michelin two star restaurant, Romans, who also left their the chef Joan Roca and his and the impressive La Devesa Park - which dusk and watching how the houses seem Jewish call (district) and a walk along they want to share their enthusiasm mark. The ruins include brothers offer exciting cooking, is the city’s lungs. to tint the landscape, and are reflected alleyways, walls built on top the walls - these are all good things to with everyone who goes there. such as his baby squid with in the water, is like walking into an impres- of older ones, mosaics do. And there are also the bridges over nnn onion “rock”, or the foie gras Relaxing with nature sionist painting. The visitor should miss and even objects from the river Onyar: the Pedra, manel When is the best time of year and truffle turron. At the confluence of the Ter and Onyar the Peixateries Velles Bridge, which was the Greek era. Gómez, Sant Agustí, and Peixeteries to visit Girona? rivers, the La Devesa Park extends over designed by Gustave Eiffel, and bears Velles bridges. When crossing, you during the week which they Albereda Banyoles lake paseo José Canalejas, 6 40 wooded acres, making it the largest his stamp as vividly as the famous tower Covering an area of have one of the famous views of call Girona temps de flors Tel. 972 22 60 02 city park in Catalonia. It offers a gentle in Paris. Nor should one forget the Pedra 107 hectares, this is one the city, the coloured houses along the (Girona’s Flower Week), which is This is a classic restaurant invitation to its visitors to stroll among Bridge, which is very close to the other- of the largest lakes in spain. river and the church of Sant Feliu, in may. during this week, the city which has just opened its more than two thousand plane trees, worldly columns of the Plaza del Vi, where The best way to see this lake as well as the cathedral, in the opens the doors of its historical new riverside premises. some of which are more than 50 tall. the Town Hall is located. is to drive around it, a route background. Looking from the eiffel houses, museums and public luxuriate in eating pigs’ feet The locals have been walking through this Here, right in the heart of Barri Vell, which also takes you the bridge, the visitor will feel like he’s buildings, so that visitors can see with Palamós prawns park since the 18th century, and enjoying is the ideal spot to bid goodbye to this city Romanesque church of inside the typical postcard of Girona. the floral exhibitions in each one. while enjoying a wonderful a peaceful atmosphere right in the middle of artists and culture, of history and archi- santa Maria de Porqueres. nnn In its alleyways and steps, you view of the Cathedral. of the city. tecture - a city whose size is inversely Very briefly, how would you breathe in the perfume of the To find out more La Devesa is reached by crossing from proportional to the marvels it hides behind describe the people? flowers adorning the city. n www.girona.cat the right bank of the River Onyar to the its alleyways. n36 n link abertis n december 2011 december 2011 n link abertis n 37
  • reportCercle d’Infraestructures ConferenceProjects for which fundingis immediately availableCastellet Castle hosted another Cercle d’Infraestructures conference,which aimed to analyse how finance can be found for necessarypublic works in times of economic crisisTexT Leticia Gonzálvez | PHoTos abertis In the current economic conditions, competitiveness, and for it do so, appropri- ing concessions works in its favour, since it and taking into account the difficul- ate infrastructure development is required,” enjoys the confidence of foreign countries.ties that both the financial sector and pub- she continued.lic administrations find themselves in, some This development can only be imple- Changes in the financial sectorpublic works projects are difficult to finance. mented under “strict planning,” in order to As a result of the world economic crisis, theHowever, projects which can be financed avoid inefficiencies “which would result in international financial sector is undergoingmust be found, in order to ensure that nec- empty infrastructures,” emphasised the a profound transformation. These changesessary infrastructures are built. general secretary. She also said that it was have had consequences which include: mak- This was the main concept behind the necessary for different levels of government ing debt more expensive; resulting in lever-Projects for which finance is immediately (Central and Autonomous Regions) to work age structures which are more conservative;available conference which was organised together to establish their priorities. greater difficultly in taking on long-termby the Cercle d’Infraestructures and held in investments; and in general, finding it harderCastellet Castle, the headquarters of the Time of opportunities to establish funding. “The financial situation The Eurovignette, which has already been speakers and participants in theabertis foundation. The secretary general It is said that crisis situations always bring of public bodies has also been defined to be altERnatIvE MEans of implemented in certain countries, is a clear conference heldfor Infrastructures, Inmaculada Rodríguez- with them major problems, but are also a new risk which discourages foreign capital example of this type of measure. funDIng Can also BE in Castellet Castle,Piñero, and the president of abertis, Salva- times of great opportunities. In the case of entering this market,” said David Noguera, Alternative means of funding can also the headquartersdor Alemany, participated in the event along infrastructures, we are currently experienc- director Structured Finance at the Banco ExploRED, whICh InCluDE be explored, “which include components of the abertis foundation.with financial and technical experts. ing a “multi-conflict situation,” as Salvador Sabadell. CoMponEnts that that provide the funders with additional Alemany defined it, since “we have a need “Public investment in infrastructures pRovIDE thE funDERs security and guarantees,” said XavierPlanning to prevent inefficiencies greater than any experienced before to act is declining year-on-year, and there is no Auguets. Two proposals for this are the Loan wIth aDDItIonal sECuRItyIn a crisis situation, the need to find appro- in the short term. However, infrastructure guarantee that this situation will be cor- Guarantee Instrument for trans-Europeanpriate financing systems for implementing planning must always be long-term.” rected. It’s funding is also becoming more anD guaRantEEs transport network projects (LGTT) at a Euro-planned infrastructures becomes especially “This is a moment of great opportu- difficult,” according to Xavier Auguets, direc- pean level, and the Multilateral Investmentimportant. “Infrastructures plan a key role nity,” he said. “We must recognise past mis- tor of Insurance and Business Holdings at According to this expert, infrastructures Guarantee Agency (MIGA), which operatesin social and territorial cohesion,” said takes in order to face the future.” This Catalunya Caixa. “As a result of the global have become a “safe haven asset” for certain world-wide.Inmaculada Rodríguez-Piñero. “Logistics is includes reviewing all aspects of planning, financial crisis, there is a positive avalanche international investors, “who are prepared The LGTT is an instrument which hasplaying an increasingly defining role in the from defining tariffs to implementation of changes in the framework for funding to invest in infrastructures, provided that been launched by the EU and Europeancountry’s economic activity and industrial times, and also including establishing new infrastructure projects, and in the corporate the project’s risk-to-price ratio is acceptable Investment Bank (EIB) to promote greater criteria for concessions. “A new methodol- finance of companies in this sector,” he said. to them.” private sector participation in the financing ogy for infrastructure planning is required,” “Increases in the amount of capital of transport infrastructures which are of which accepts that current procedures must required for these projects, the cost of Financial innovation European importance.InfRastRuCtuREs havE be re-thought and “expectations lowered,” finance and the risk of re-financing, together What solutions can be suggested to the For its part, the MIGA, which is part ofBECoME a “safE havEn according to the president of abertis. with the increase in the guarantees required, funding problem? According to Xavier the World Bank, promotes direct foreignassEt” foR CERtaIn Not everything, however, gives cause for are resulting in lower shareholder profitabil- Auguets, it will be necessary to resort to investment through insurance for companies concern. “Every country must be well aware ity. In addition to the stability of the legal what he calls, “financial innovation.” One which invest in its member countries in theIntERnatIonal InvEstoRs of its strong points, in order to make full use framework, all projects must guarantee a possible solution is to extend the pay-per- form of guarantees covering political risks. Linkwho aRE pREpaRED of them,” he said, and added that in Spain’s profitability which is attractive to investors,” use model to infrastructures which are cur- It also provides consultancy, training, sup- Cercle d’infraestructuresto InvEst In thEM case, the stability of the legal system govern- David Noguera explained. rently supported purely by public funding. port and mediation. n www.cercleinfraestructures.cat38 n link abertis n DECEMBER 2011 DECEMBER 2011 n link abertis n 39
  • reportpioneering service in the Spanish toll road networkabertis autopistasopens the first TruckParks, on the AP-7The new service areas for truck drivers have measures designedto ensure the safety of customers and their loadsTexT AnD PHoToS abertis abertis autopistas has opened the be paid for with the electronic teletoll truck parks ‘link truckers’, first service area specifically for truck device. There is a promotional offer, Porta Barcelona Service Area the new magazine drivers, or Truck Park, on the AP-7 at the valid until the 31st of August, of “pay for (going towards Barcelona) for transportation Montseny service area (going towards Bar- one night and get one free”. professionals celona). Truck Park Montseny, which has a abertis autopistas and Areas have Surface area: 11,000 m2 Secure parking spaces: 56 To coincide with opening the Truck total of 122 parking spaces, is the first such joined forces in this project to produce Parks at the Montseny and Porta Service building: 144 m2 facility in the Spanish Toll Road network, a special catering offer exclusively for Barcelona service areas on the AP-7 and provides an extensive offering in broad professional drivers with different packs to el Montseny Service Area toll road, abertis autopistas has range of services and shops specifically suit their needs. (going towards Barcelona) launched link Truckers, a new designed for hauliers. Surface area: 18,000 m2 magazine for transportation In July, abertis autopistas opened a Security and safety are priorities Secure parking spaces: 122 professionals. second Truck Park at the Porta Barcelona The new Truck Parks have measures Service building: 187 m2 link Truckers is intended to be a service area, with a total of 56 parking designed to ensure the safety of customers direct means of communication spaces. Two more Truck Parks are planned, and the loads on their heavy vehicles. entrances between abertis and transportation one close to Sagunto (Valencia) and the They have 3.5 metre high fences with anti- professionals. in link Truckers, other close to La Jonquera (Girona). These theft components, vibration sensors all 3 access lanes readers will find toll road news, useful (1 entrance/2 exits) advice related to their work, may start to operate towards the end of around the perimeter, and individualised entry and exit control recommendations on safe driving, 2012; however, both projects are still being access control for pedestrians. Other for trucks by tractor unit the latest sector news, articles, studied services include CCTV recording systems, licence plate reader interviews and suggestions on how to The Truck Parks each have a parking loudspeaker systems, licence plate individual access control spend their leisure time. area with spaces reserved for heavy vehicles checks at access and night-time lighting. for pedestrians through up to 24 metres long, Wi-Fi zone, and spe- Opening the Truck Parks is one more a turnstile by validating abertis autopistas has again chosen cial spaces for refrigerated trucks. The Parks step in implementing abertis autopistas’ the entrance ticket to use an advanced digital format to also have a building exclusively used for and Áreas’ objective of adapting the services CCTV Camera system make reading a dynamic and various services, including baths and show- to the needs of the different customers at gates engaging experience. like link Separation between vehicles autopistas, it combines text, images ers, laundry service, relaxation rooms, Wi-Fi using the toll roads. entering and exiting and videos. it thus avoids using large connection and vending machines. There In this respect, the new facilities amounts of paper and ink, and so Payment exclusively is also a cafeteria reserved for HGV drivers offer a pioneering traveller service, provid- contributes to conserving the by Via-T. in the service area. ing specific offerings for each type of environment. occupation level control Truck Park offers its customers a special customer - private car drivers and profes- with the option of reserving parking tariff to suit the industry’s statutory sional HGV drivers - in which quality a space. rest times. The first hour is free; staying of service and providing the right service intercom system a night costs €16; a whole day is €28; to meet our customers’ needs are always information panels displaying and two days cost €38. Parking can only key values. n the number of free spaces40 n link abertis n DECEMBER 2011 DECEMBER 2011 n link abertis n 41
  • NEWS Toll roads Forty years later, the seville- Cadiz toll road is still fulfilling its mission faithfully: excellent AP-4: 40 years of quality of service and customer satisfaction, in harmony with the environment, the surroundings and the society. service in Andalusia In November, the AP-4 toll road linking Seville and Cadiz has an important anniversary TexT AnD PHoTos abertis This road, which is one of the main 1 transportation backbones of Andalu- 2 sia, and has boosted the development of the region’s economy, industry, agriculture and tourism, will have been in service for 40 years. Through these four decades, the AP-4 has seen many memorable moments. n —2— The contract for the works was awarded to the Dragados y Construcciones construction company and work began in February 1971. it was completed —1— a year sooner than expected. on the 4th of november 1971, —3— several sections of the road in its construction, the best were opened: Dos Hermanas- machinery and most modern los Palacios; los Palacios-las techniques available at the Cabezas and Jerez south-Puerto time were used. At the time, Real. A couple of months later, the Ministry of Public Works the road was completed when said: “in its implementation, the las Cabezas-Jerez techniques were used that we north Jerez north -Jerez south consider very advanced in this sections were opened. 3 country for a project this size”.42 n link abertis n DECEMBER 2011 DECEMBER 2011 n link abertis n 43
  • Toll RoADs NEWS sanef’s campaign to increase safety awareness on toll roads The initiative aims to make customers more aware of road safety issues - after there were 24 accidents and 7 people were injured on sanef’s toll roads in 2010 In May, sanef and sapn launched included sending emails to sanef account sanef campaign advertisement with the slogan: Do we have an awareness campaign with the holders, information on www.sanef.com to go this far to get your aim of ensuring that their customers drive and spots on sanef’s radio station. n attention? safely. The campaign has the slogan Do we have to go this far to get your attention? This invites customers to question their 1 2 own behaviour and drive more responsibly close to areas where staff are working on —1— 3 initially, the barriers at the toll stations were opened the toll roads. manually. in the 80s, automated systems for payment Toll road staff place signs and signals with card were installed for some lanes. The latest to ensure day- and night-time visibility.They improvement was the teletoll system. —2— also control the traffic in order to protect The first car to use the AP-4 was a Volkswagen Beetle customers in places where accidents or belonging to an American who lived in seville and worked breakdowns have occurred. On some occa- in Rota. in 1972, the Average Daily Traffic was 2,466 vehicles (50% of the light vehicles driving that route). on sions, they have to cross lanes in order 31 July there was a record number of vehicles - 100,670. to collect objects that have fallen onto —3— the carriageway. When there are staff The AP-4 has always been committed to protecting its surroundings. since its opening, when many pine trees on the road, this is well-signed, but, despite were planted, environmental planning has been a priority. this, there are too many accidents during There are now 300 hectares which have been landscaped staff operations. The awareness campaign’s using dozens of species native to the area. posters have been put up at sanef’s toll stations. The marketing campaign also Toll RoADs sanef uses mobile phone technology to give road users information about its toll roads The free ‘Circulez malin’ (Drive Smart) mobile phone App gives sanef and sapn customers all the information about any roadworks on their routes For some time, it has been possible of the iPhone, users will soon be able to down- to access information about works load the Circulez malin app from either on sanef’s toll roads at sanef.com. Now, www.circulez-malin.fr or the App Store. customers will also be able to access this information from their mobile phones. keeping customers informed This free application, which is updated sanef undertakes to provide information when necessary, provides information about current engineering works on its toll about the main ongoing roadworks: dates, roads through several channels: sanef’s Significant time savings traffic impact and details of any diversions toll road radio station, fixed signs installed The new toll road means that users can cover or exchange closures. This information Mobile ahead of the works, variable message signs, the distance between Seville and Cadiz in a little tool gives drivers more control over their phones and leaflets that are distributed to custom- over an hour, i.e., in less than half the time it have become journeys. a new source ers during the week prior to the works. Addi- had taken previously. It’s easy to access this free service. of information tionally, before setting off, customers can sevilla Jerez Cadiz For any smartphone (HTC, Blackberry, iPhone, about the consult the Current engineering works sec- km time (minutes) km time (minutes) status of By the toll road 71 42 106 62,5 etc), just connect to the mobile website sanef’s tion on the sanef.com website for practical By the N-IV 88 80 137 140 www.circulez-malin.fr. Specifically, in the case toll roads. information and details of any detours. n44 n link abertis n DECEMBER 2011 DECEMBER 2011 n link abertis n 45
  • AbERtIs NEWS The challenge of the United states sion company that manages the 119-km as the largest toll-road operator in the abertis focuses on the Americas In Washington, our CEO met Ray LaHood, the US Transport Secretary and John Mica, toll road that provides access to Buenos Aires from the north. abertis has a country since, as a result of acquiring several concession companies, it manages, a member of congress and President of 45% stake in Ausol. He then went to directly, or indirectly, 480 kilometres of Francisco Reynés, the Group’s chief executive officer, has the House of Representatives Transporta- the offices of Grupo Concesionario del toll roads. In Santiago de Chile, the CEO high-level meetings in the United States, Argentina and Chile tion and Infrastructure Committee, and Oeste (gco), which holds the concession met the Minister of Public Works, Laurence discussed with them the US market’s stra- for the 56-km Western Toll Road. Francisco Golborne, the Under-secretary of Public tExt abertis | PHOtOs Luis Carlos Fernández / abertis tegic importance for abertis.The company’s Reynés was able to meet Julio de Vido, Works, Loreto Silva, and Emilio Pellegrini, In September and October, abertis Secretary of State; Marcos Rodríguez-Ema, objective, at this time, when infrastruc- the Minister for Public Investment and Gen- the General Concession Coordinator. chief executive officer Francisco Rey- the Governor’s Chief of Staff; and Rubén ture privatisations are being finalised, is eral Planning, with whom he discussed During his visit, Francisco Reynés dined nés made a corporate tour which indicated Hernández, the Secretary for Transport and to be working directly on the ground. It the status of the country’s infrastructures with Minister-Counsellor David Navarro, the company’s strategic commitment to the Communications. also aims to promote the definition of leg- and its current economic situation. The and Jaime Moreno, the First Secretary of Americas - one of the principal areas where As a result of a recent agreement, islative and regulatory frameworks at the abertis CEO also attended a dinner at the Embassy. the Group aims to grow in the next few years. abertis, jointly with the Goldman Sachs federal and state level which appreciate the Ambassador’s Residence, where he The visit to Chile ended with a meeting The CEO visited Puerto Rico, the US, Infrastructure Partners II investment fund, the factors that are necessary for implement- met Íñigo Febrel, the Spanish Trade and between the CEO and the Chilean Minister Argentina and Chile, which are all key coun- manages the PR-22 and PR-5 toll roads. ing long-term projects. Finance Commissioner. for Transport and Communications, Pedro tries for the company. During the trip, he took The new concession company, called Metro- Pablo Errázuriz. After the meeting the opportunity to meet with important pistas, will manage these toll roads for the Visit to concession companies Chile’s largest Francisco Reynés visited the facility of the government officials, including, in Puerto next 40 years. For 16 years, abertis has also in Argentina toll-road operator Autopista Central, in which the company Rico, Luis Fortuño, the Governor of Puerto managed the Teodoro Moscoso Bridge in the During his stay in Argentina, Francisco Rey- Francisco Reynés also made a stop in Chile, has a 50% stake, and Rutas del Pacífico, in Rico; Kenneth McClintock-Hernández, the San Juan metropolitan area. nés visited the offices of Ausol, the conces- where abertis has consolidated its position which it has a majority shareholding. n 1 2 3 —1— Francisco Reynés, abertis CEO, during his meeting with Luis Fortuño, the Governor of Puerto Rico. — 2 — Francisco Reynés, during his meeting Julio de Vido, the Argentinean Minister for Public Investment and General Planning. —3— Francisco Reynés meeting the Chilean Minister of Public Works, Laurence Golborne.46 n LInk abertis n DECEMBER 2011 DECEMBER 2011 n LInk abertis n 47
  • NEWS abertiS in tHe framework of tHe Global GatHerinG 2011 abertis holds its abertis reorganises its management team Global Gathering 2011 The new organisation simplifies abertis’ Steering Committee, which has set priority objectives for the company - international During the two days of the meeting, those present growth and an improvement in cost efficiency considered the Company’s future corporate challenges text anD PHotoS abertis text anD PHotoS abertis At the most recent Global Gathering, the Group’s CEO, Francisco Reynés, and will Last September, the abertis execu- repeatedly emphasising the importance abertis announced that it was restruc- be responsible for the Autopistas Puerto Rico tive team met for the third Global of efficiency. turing the company’s senior management unit, run by Gonzalo Alcalde;Autopistas Chile, Gathering. The objective was to share infor- The event was also attended by José organisation chart.The aim of the new organ- run by Enrique Calcagni; the Argentinean mation on the company’s new strategic Luis Giménez, managing director of abertis isation chart is to simplify the company’s concession companies gco and Ausol, run by lines and continue to encourage team build- autopistas Spain; the managing director Steering Committee, as well as the matrix of Carlos Staino and Marcelo Benaglia, respec- ing in the Group. During the two days of of sanef, François Gauthey; the managing relationships between abertis’ business units tively; and the Washington office, which will the meeting, which took place in Girona, director of Autopistas America, David Díaz; and corporate services. “The group is faced be run by Jordi Graells. n those present considered the Company’s the managing director of abertis telecom, with the challenge of continuing to grow, and future corporate challenges and the Tobías Martínez; and the managing director is making foreign growth a particular priority”, challenges for its industries (toll roads, tel- of abertis airports, Carlos del Río, explained said Francisco Reynés during his speech to ecommunications and airports). the future challenges they have set the the executives. “In order to do this” - added companies they head up. Lluís Deulofeu, the Group’s CEO - “we must also adapt our Strategic Plan Internal Resources and Efficiency managing organisation with the aim of allowing this Francisco Reynés, abertis chief executive director, and José Aljaro, chief financial growth to take place, and improve operational officer, gave the opening address to the officer also presented the objectives they efficiency so as to maximise the cash-flow meeting, which was attended by around a have set for each of their departments. José aljaro, chief financial officer at abertis. available for investment”. hundred managers from different coun- Salvador Alemany, the president of The new organisation chart includes two tries. He gave a very full explanation of the abertis, gave the closing address, in which Group photo of particularly important corporate depart- company’s strategic plan for the next he reiterated the managing director’s mes- the participants ments. Firstly, José Aljaro becomes the CFO, few months and asked those present to sage and encouraged those present to con- in the 3rd Global and, as a result of the restructuring, his Gathering, which adapt to the current economic situation, tinue to make abertis a global leader. n department is taking over the Group’s Cor- was held in Girona. porate Development. Secondly, the Internal Juan María Hernández Resources and Efficiency Direction has been Puértolas, the Group’s new created and will be headed up by Lluís Deu- Communications Director lofeu. Creating this department demonstrates last april, Juan maría Hernández the strategic importance given by the Group Puértolas was appointed to the post to operational efficiency at this time. of Communications Director at Following the restructuring, the Strategic abertis. He replaced toni brunet, who has become the company’s Planning and Corporate Development, Studies and President’s office Finances, Investor Relations, Management Corporate Director. The new Control and Tax Consultancy units will now Communications Director lluís Deulofeu, internal resources and report to the Chief Financial Office.The Peo- efficiency managing director at abertis. at abertis will report directly to ple Management unit, Organisation and the Group’s chief executive officer, Transformation Office, and the Information francisco reynés, and will be Systems,Administration, Purchases and Gen- responsible for developing eral Services, and Special Projects units, will abertis’ internal and external all report to the Internal Resources and Effi- communication strategy. He joined ciency Direction. abertis at the start of June. Juan maría Hernández Puértolas David Díaz, the new managing has a degree in Journalism and director of autopistas america economics, and a Diploma in Following the reorganisation, David Díaz, until General management from the ieSe business School. Since now abertis’ managing director of Strategy november 2007, he has and Corporate Development, has been been Director of external appointed general manager of the Group’s Communications for Criteria Autopistas America division, a recently cre- CaixaCorp. Previously he worked ated position. as Chief economics editor of La David Díaz, the new managing director The new managing director of Autopis- Vanguardia before becoming the of autopistas america at abertis. tas America at abertis will report directly to newspaper’s Chief editorials editor.48 n link abertis n DECEMBER 2011 DECEMBER 2011 n link abertis n 49
  • NEWS TElEcoMMunicATionS TElEcoMMunicATionS Hispasat is making good progress The president of abertis was awarded in developing the AG1 satellite for his contribution to developing The Spanish satellite operator will develop, launch and operate the AGI, the first satellite in the Small Geo mission. and increasing awareness of ICT Launch of the Hispasat AG1 is planned for 2013 In his speech, Salvador Alemany proposed that a Digital Agenda be TExT AnD PHoToS abertis defined, in line with the European one, which “would allow us to achieve our objectives of stimulating the economy, growth and job creation” Hispasat, the Spanish satellite com- In recent months there has been intense TExT abertis | PHoToS Silvia Colmenero munications operator was at the 2011 effort put into designing the AG1 satellite’s Paris-Le Bourget Air & Space Show to present various subsystems and equipment. Hispasat its recent progress in developing the is currently carrying out a critical review in To mark the tenth Catalonia Telecom- nomic growth, and indicated that “if we want Conference Centre; Joana Caparrós Masip, Hispasat AG1 satellite, which is part of order to finalise the definitive configuration. munications Fair, held in the Cosmo- to be one of the important nodes in the net- president ofWomen Together; Josep González the Small Geo mission. abertis has a 33.4% Developing this new satellite makes Hispasat Caixa Auditorium in Barcelona and organised work of this new global economy, we need i Sala, president of PIMEC; José Manuel Lara, shareholding in Hispasat. This is one of the a leader in ESA’s initiatives to develop and by the Catalonia College of Technical Tele- to define a Digital Agenda which, starting president of Planeta Group and Antena 3; and most cutting-edge of the European Space commercially operate innovative communi- communications Engineers and Experts from the current state of ICT and the objec- Bernardo Lorenzo, president of the Telecom- Agency’s projects. Its main objective is the cations payloads which will make it possible (COETTC), Salvador Alemany, President of tives of the Digital Agenda for Europe, will munications Market Commission (CMT). n development, qualification and launch of a to introduce new communications services abertis, was presented with a prize for his allow us to achieve our objectives of stimu- small geostationary satellite platform. for developing products and services in the contribution to developing and increasing lating the economy, growth and job creation”. From left to right: Jorge Fernández Díaz, Petra Mateos, president of Hispasat, fields of Direct to Home (DTH) TV, broadband awareness of ICT in Spain. At the event, other personalities in the third Vice-President of the Spanish Parliament; Salvador Alemany, president took part in an event at this, the industry’s and High Definition TV (HDTV). In his speech, Salvador Alemany empha- business world were honoured, includingAgustí of abertis; and Ferran Amago, most important Show, which was chaired sised the importance of ICT in driving eco- Cordón, general manager of the Barcelona Dean of the coETTc. by Magalí Vaissière, the ESA’s Director of Tel- Technological innovation ecommunications and Integrated Applica- The Hispasat AG1, which has an estimated tions, which was also attended by the pro- useful life of 15 years, will provide Hispasat gramme’s managers and other companies with a modern and competitive communi- involved in the project. Petra Mateos empha- cations capacity, both for traditional space sised that “the new satellite will consolidate capacity rental and for technology innova- the company’s position in the field of regen- tion projects. This consolidates the com- erative digital onboard processing, and is pany’s position as an international industry also another example of Hispasat’s clear leader and a driver for the technological commitment to collaborate in progress in development of new satellite communica- the satellite communications sector. The tions solutions. launch of a Hispasat Hispasat AG1 incorporates the REDSAT Its 20 transponders in the Ku and Ka satellite (above). Petra Mateos, payload which is designed to enable a more frequency bands will provide a wide range of president of flexible and efficient use of satellite power, communications services. In its development Hispasat, with thus substantially increasing its transmission work for the SmallGeo mission, Hispasat is Giuseppe Viriglio, the ESA’s Director of capacity, with a consequent reduction in its working with Thales Alenia Space Spain and Telecommunication communications costs.” EADS-CASA Espacio. n and navigation. TElEcoMMunicATionS New audiovisual project Last May, the Interior Department abertis telecom is a project of around of the Catalonian Autonomous Gov- two million Euro, involves supplying four ernment provisionally awarded a contract transmission systems for four aeroplanes, to abertis telecom to supply and maintain and eight centres equipped to receive two a system for transmitting and receiving signals simultaneously, to cover the whole video from aeroplanes. El service, which for of Catalonia. n50 n link abertis n DECEMBER 2011 DECEMBER 2011 n link abertis n 51
  • NEWS telecommunicationS 25th UIMP Telecommunications Congress abertis telecom proposes co-investment in networks in order to meet future challenges “in an unfavourable economic environment” text anD PHotoS abertis The managing director of abertis next generation networks of around 300 bil- by DTT, so careful planning is required to telecom, Tobías Martínez, defended lion Euro, to be made in the next eight years prevent interference. He also warned that the idea that operators should, “combine in an “unfavourable economic environment.” the Migration Plan to ensure the success of efforts and co-invest in next generation net- this process must have been approved by the works, in order to meet the sector’s future Gold medal for civic merit end of this year. challenges.”This was during his speech at the ““Co-investment is the best solution, due to Along with abertis telecom repre- 25th UIMP Telecommunications Congress, its capacity to rationalise existing networks sentatives of telecommunications operators which was held from the 5th to 8th of Sep- and optimise new ones,” he emphasised, add- and technology companies took part in the tember in Santander. This summit, has been ing that, “We can’t all of us build highways summit. Those present for the opening ses- organised, every year since 1987, by Tele- that just go to the same place.” The manag- sion included: the Prince and Princess of fónica and AMETIC (the industry association). ing director of abertis telecom reminded Asturias; the president of the Cantabrian On this occasion it was entitled ‘Beyond Our those present of the company’s profile “as a Autonomous Region, Ignacio Diego; the Min- Achievements’ and participants included the technological and financial partner” which ister of Industry, Tourism and Commerce, heads of the industry’s most important com- is willing to participate, with other operators, Miguel Sebastián; and representatives of panies, government departments and the in deploying the new infrastructures which other local and national authorities. n Telecommunications Market Commission. society needs. In his speech, entitled ‘The new invest- In his speech, Tobías Martínez also recoGnition The president of ment cycle: an opportunity to rationalise reminded them of the success of Spain’s DTT From left to right: abertis, Salvador Jesús Banegas, Salvador Alemany, honoured alemany, after receiving the creu infrastructure deployment’, Tobías Martínez said that the sharing of network deployment is a “efficient and valid model,” for fulfilling roll-out and the analogue switch-off, which was completed in April 2010. In Europe, 19 other countries have also completed this president of ametic; Bernardo lorenzo, president with the Creu de Sant Jordi de Sant Jordi from the president of of the cmt; Juan the objective of universal access to high- process and 7 will do so next year. He empha- antonio Zufiria, the Government of catalonia, speed internet and the other milestones set sised the need to “plan correctly” for the president of iBm out by the European Commission in its Dig- fourth generation mobile services which will españa; and A total of 29 people and 15 entities received the Creu de artur mas. ital Agenda. These will together require, for be deployed in the 800 MHz spectrum as tobías martínez, Sant Jordi (Saint Jordi award) in an event held in the Salon the whole of Europe, an investment in the from 2015. This spectrum is currently used managing director of abertis telecom. de Sant Jordi of the Catalonian Government Palace The president of abertis, Salvador has provided for the most needy in society; Alemany, was awarded the Creu Ramón Pascual de Sans, for being one of the de Sant Jordi –the highest honour awarded leading scientists in Catalonia; and Eduard by the Catalonia Regional Government– Punset, for his career as economist, politician for his significant contributions to Catalan and scientific educator. society and the Catalan economy. The Creu de Sant Jordi is awarded to those people Gold medal for civic merit and bodies that have made exceptional In April, Salvador Alemany also received contributions to Catalonia, especially in the the Barcelona Town Hall’s Gold Medal for civic and cultural fields. The honour was Civic Merit, which was unanimously agreed created in 1981, and any person, group or upon in a Full Council meeting, by all polit- entity can nominate a person, company ical groupings. or other entity for the prize. The city’s then mayor, Jordi Hereu, At the award ceremony this year, a total presented him with the medal at a cere- of 29 people and 15 entities received the mony held in the Town Hall’s Saló de Creu de Sant Jordi, including Josep Antoni Cent. It was the president of the abertis Duran i Lleida, for his career as a whole and foundation, Miquel Roca Junyent, who for having been one of the first Catalan made the presentation to Salvador Alemany members of the European Parliament; and read out the citation for this medal, Montserrat Colomer, for her work as a social which the Full Council had approved worker, to recognise the quality of help she unanimously. n52 n link abertis n DECEMBER 2011 DECEMBER 2011 n link abertis n 53
  • NEWS AbErtiS-iESE ChAir AbErtiS-iESE ChAir The abertis-IESE Chair “The Chair has consolidated its position celebrates its fifth anniversary as a leader in its field of research” During the event the current economic situation Interview with Xavier Vives, holder of the abertis-IESE Chair was reviewed and the euro zone’s prospects were analysed tExt AnD PhotoS abertis On the 1st of July, the fifth anniversary introduced the Vice-President of European The abertis-IESE is celebrating its first Profile of the abertis-IESE Chair was cele- Commission, Joaquín Almunia, and empha- years. The current holder, Xavier Vives, xavier Vives has a brated at an event in which speeches were sised his important role in European eco- is satisfied with the ground covered so far, and, degree in Economics made by: the director general of the IESE nomic policy, both in his current position in the face of the current economic situation, from the Autonomous Business School, Jordi Canals; Professor Xavier as Commissioner responsible for Competi- considers that an academic perspective University of barcelona, Vives, current holder of the chair; the presi- tion, and in his previous post as Commis- can contribute to addressing the problem. and an MA and doctorate dent of abertis, Salvador Alemany and Fran- sioner for Economic Affairs. And this is especially true if there is greater in Economics from cisco Reynés, the company’s chief execu- involvement of public-private partnerships. University of tive officer. The Vice-President of the Euro- Commitment to n n n California-berkeley. pean Commission, Joaquín Almunia, was innovation and competitiveness What is your assessment of the first between 1991 and 2001 the guest of honour, and gave a talk on the In his speech, Joaquín Almunia reviewed five years of the abertis-iESE Chair? he was the director euro zone’s economic prospects. the European economic situation, and stated What stands out in this period? of the institute of Jordi Canals emphasised the benefits that, despite growing doubts about Greece’s I think that the overall assessment is very Economic Analysis which the relationships between busi- future, “there will be no default” since the positive, firstly because, in these five years, we at the CSiC. he has been nesses and universities brought to society, Commission will be prepared to do whatever have consolidated the Chair’s position as a Professor of European and thanked abertis for its commitment is necessary to prevent it. Although he said leader in its field of research, through intense Studies at the inSEAD to sponsoring this Chair. Xavier Vives that “something has failed” for the current and increasing activity.And secondly because business School in Paris, reviewed the events held, and books and situation to have been reached, the solution this activity has combined academic research, research Professor at the iCrEA-UPF and has given articles published over the last five years, will require “a forceful effort to be made in publishing and dissemination, in the strictest The presence of courses in the and said that this effort has resulted in communication and explanation,” in order the Vice-President sense informing a more general public about universities of California- a partnership with CES-Ifo and other inter- that society “will not consider what needs of European the matters studied. This has had a specific which imply a shortage or total lack of public berkeley, harvard, nationally renowned bodies. Francisco to be done as an imposition.” The European Commission, impact in both the business world - where we resources for the necessary new investments. Joaquín Almunia, Pennsylvania, new York Reynés, emphasised the beneficial part- Commissioner ended his speech by confirm- was eagerly have had the advantage of the wonderful stage The second is a need to search for greater effi- and barcelona (UAb). nership between the company and the ing that growth must come from “dynamism, anticipated by which the IESE provides - and in our consul- ciency in public spending by using aspects of those attending the he has also worked as IESE’s prestigious research teams, and innovation and competition,” and urged gov- tancy work for public bodies. the best practice in the private sector to indicate fifth anniversary a consultant for World reviewed the current economic environment. ernments to facilitate this, and to decide“what celebrations of the n n n areas for improvement. These are two clear bank and the European Salvador Alemany, the president of abertis, they know and what they don’t know”. n abertis-iESE Chair. Are there other similar initiatives around examples of this necessary collaboration. Commission. he is the world in which the academic institu- From our academic perspective, we can currently Professor of tions and businesses collaborate in the collaborate by rigorously analysing how these Economics and Finance, field of regulation, competition and pub- relationships are working and by proposing academic director of lic policy? how is our Chair positioned lines of approach which will maximise the the Public Sector-Private in this respect? results of these relationships in terms of both Sector Centre, and holds Yes, there are other chairs or research centres efficiency and well-being. the abertis Chair of working in these fields, but what differentiates n n n regulation, Competition us from the others is the breadth of our area What initiatives must be undertaking and Public Policy at the iESE business School, of study. In general, existing initiatives either in the coming years to reinforce the role barcelona. address more specific subjects or else they and contribution of the abertis-iESE focus more on the statutory-legal perspective, Chair in particular -and of the academic rather than on the economic perspective. world in general- to the social and eco- ships, through which the private sector takes n n n nomic improvement of the country? charge of public services or infrastructures. In how can collaboration between the One of the areas where we have seen that this field, there are many opportunities to make public and private sectors contribute to significant improvements are needed is in improvements at the level of designing and finding a way out of the current eco- the regulation of certain markets, for example, executing the contracts, in order to avoid prob- nomic situation? Can the academic the financial markets at an international level. lems of opportunism or asymmetric information. world make a significant contribution Steps are being in the right direction, but these These are fields in which high quality in this respect? must be analysed and evaluated, and we must academic research should serve to improve In the current situation, it is absolutely essential continue to propose approaches that will bring the way in which the economy operates, and that public-private relationships are strength- an improvement. therefore create a climate of confidence in our ened. There are two main reasons for this. The A second area in which we have detected society which will allow us to overcome the first is the limitations on government budgets, growing interest is that of public-private partner- current situation. n54 n link abertis n december 2011 december 2011 n link abertis n 55
  • NEWS tion of aircraft noise abatement procedures to Xavier Prats, lecturer in the UPC’s Tele- communications and Aerospace Engineering School in Castelldefels. The thesis proposes a methodology for managing the acoustic impact of ever increasing air traffic by opti- mising flight procedures. This system is already being used at Girona Airport. The 4,000 Euro prize awarded for a Dis- sertation, an End-of-Degree or Master’s Dissertation, an Independent Research Antoni Giró presents Project or Article, went to Robustness in the 8th abertis Prize Logistics: passenger rail transport, by Luis to Francesc Soriguera, Cadarso, who has an Aeronautical Engineer- for his thesis Highway travel time estimation ing degree from the Madrid Polytechnic with data fusion. University. His research offers solutions to the problem of delays in short-distance frequent train journeys which involve a large number of stops - typically, commuter trains. The results of testing this model have been well-received by Renfe’s planners. First International Thesis Competition Starting in 2012, the winner of the abertis Prize for a doctoral thesis, organised by the ABERTIS CHAIR abertis-UPC Chair, will compete against abertis Prize for research into the winner of the equivalent competition organised in France by the abertis-ENPC- infrastructure management IFSTTAR Chair. On the 27th of January, the abertis chair and the fundación abertis inaugurated In this, the eighth year of the competition, prizes were awarded for the first abertis chair in France, jointly with Xavier Prats, author studies of estimations of travel times on toll roads, the reduction the École des Ponts ParisTech (ENPC) and of Contributions to the optimisation of aircraft of acoustic impact of aeroplanes, and improvements to the rail network the Institut Français des Sciences et Tech- noise abatement nologies des Transports, de l’Aménagement procedures, collects TEXT Albert Rossell | PHOTOS Josep Loaso et des Réseaux (IFSTTAR). Held by Professor the second prize from lluís Recoder. Simon Cohen, the chair’s activities will be focused teaching and research in the field The study Highway travel time estima- ity of the research has been demonstrated Above, group photo of of transport infrastructure management, tion with data fusion by Francesc by the publication of six articles in leading the 8th abertis Prize aimed at students, researchers, teachers and ceremony. Below, Soriguera, was the winning Doctoral Thesis international journals. Francisco Reynés, professionals in this field. n research paper in the 8th abertis award for Francesc Soriguera, a professor in the CEO of abertis research into transport infrastructure man- Department of Transport Infrastructures agement.This award is made annually by the and Land Usage at the Universitat Politèc- abertis-UPC Chair.The winner receives 10,000 nica de Catalunya, received the prize in a Euro and the study is published. ceremony on the 18th of May in the Higher The winning thesis presented a simple Technical School of Road, Canal and Port and innovative methodology for forecasting Engineering in Barcelona. Antoni Giró, the travel times on toll roads, based on merging Rector of the UPC presided over the awards the data from toll tickets with that from sen- ceremony, accompanied by Lluís Recoder, sors counting passing traffic. Applying this the Councillor for Land Usage and Sustain- methodology on the AP-7 toll road between ability for the Catalonian Regional Govern- Francisco Reynés with Sant Celoni and La Roca del Vallès has dem- ment; Francisco Reynés, the chief executive luis Cadarso, author of Robustness in onstrated empirically that it is possible to officer of abertis; and Francesc Robusté, Logistics: passenger develop a precise real time information sys- holder of the abertis chair. rail transport. tem for estimating travelling times on toll roads.This is therefore a possible added value Research into Airports service which toll road concession companies wins Second Prize could offer with almost no additional invest- The second prize for a doctoral thesis was Link ment in technology.The quality and original- awarded for Contributions to the optimiza- www.catedrasabertis.com56 n lInk abertis n DECEMBER 2011 DECEMBER 2011 n lInk abertis n 57
  • NEWS ABERTIS foundATIon Driving in your 70s and 80s. Why not? As part of its Road Safety Programme, the abertis foundation organised a conference on the mobility needs of older people TExT Albert Rossell | PHoToS Josep Loaso The Director General of the Traffic to say that the traffic authorities should be Department, Pere Navarro, and the able to access medical histories, in order to Director of the Catalan Traffic Service, Joan ensure that older people, “can safely exercise Aregio, agreed on the need to set up mecha- their right to drive,” without this “infringing nisms for coordinating the Traffic and Health on the rights of others.” authorities when renewing driving licences Within the context of an ageing Spanish for the over 65s. These experts spoke at the population, the abertis foundation, as part conference entitled Driving in your 70s and of its Road Safety Programme, organised this 80s. Why not? This conference was organised conference with the objective of reflecting on by the abertis foundation in Barcelona. Par- the mobility needs of older people, whether ticipants also said that aptitude tests should they are pedestrians, drivers or passengers.The be more specific, and called for better road conference brought together politicians, rep- signs, especially at key points such as rounda- resentatives of official institutions, health bouts and intersections. experts working in various fields and road Pere Navarro said that age restrictions safety experts. Clara de Yzaguirre, director of the Bar- traffic accidents in Catalonia, resulting in a could not be placed on drivers, “since it celona Town Hall Mobility Plan, said that, in total of 213 deaths. Of the deaths, 40% were depends on each individual’s physical and Pedestrian statistics Barcelona, pedestrian road accidents repre- drivers, 40% were pedestrians, and 20% pas- Politicians, psychological state.” He called for, “each Xavier Almirall, the director of the Office representatives of sent 10% of accidents to the over 60s. The sengers. Although mortality on the Catalan older person and their families to have for the Catalan Road Safety Plan (Catalan official institutions, main reasons are ignoring lights and not using road network has fallen by around 60% in a responsible attitude when deciding Traffic Service), highlighted the 102% health experts and pedestrian crossings. the last decade, in the case of the over 64s, road safety experts whether or not they are fit enough to drive.” increase in pedestrian road deaths for the attended the According to Ana Isabel Blanco, head of the reduction was only 48%. n Joan Aregio was the first of those present over 65s in 2010. conference. the Department of Planning and Participation at the National Road Safety Observatory (which reports to the Central Government Traffic Department), the number of elderly pedestrians injured or killed in traffic acci- dents at a European level is far higher than for other age ranges. Statistics from the Spanish Government Traffic Department (DGT), show that the over 65s make up almost 10% of the 30 mil- Link lion drivers in Spain. Between 2008 and 2010, abertis foundation almost 7,000 people over 65 were victims of www.fundacioabertis.org Joan Aregio luis Montoro Pere navarro Miquel Roca Josep lluís director of scientific director General manaGer president of the Giménez the catalan of the abertis of the traffic abertis foundation manaGinG director traffic service foundation department of abertis “There must be autopistas spain “older people “older people are “There must be training to help old strictly obey traffic both important and a guarantee to people to adapt “It is our rules.” unjustly overlooked.” ensure the mobility their driving.” responsibility to and safety of old remember that there people.” are groups of users who have special needs.”58 n lInk abertis n december 2011 december 2011 n lInk abertis n 59
  • news 2 —1— Catalonia’s proportion of forested Martí Boada: areas (62% of the region) is “Catalonia is a wooded one of the highest in europe. country - it just doesn’t —2— Martí boada, Professor at barcelona’s know it” autonomous university (uab), to mark World environment day and a member of the scientific board 1 of the abertis foundation. (5 June) and the international Year of forests (2011), the abertis foundation organised a lecture abertis foundation entitled ‘The Catalonia forests: on the various sections of the toll roads. between 85 and 99.7% on most of the abertis autopistas’ carbon footprint As a result, it has been estimated that the forest mass on the Barcelona- sections. Light vehicles are responsible for the greater part of these direct emissions present and future’ which was given by Martí boada, who is a Professor at barcelona’s La Jonquera section of the AP-7 com- –between 70 and 90%– although the autonomous university (uab), The forested area along the AP-7 between Barcelona and La Jonquera pensated for 2.6% of the emissions effect per vehicle is notable higher for heavy and a member of the scientific can compensate for 2.6% of its greenhouse gas emissions. This produced in 2008. This is a very positive vehicles. board of the abertis foundation. figure, given that it is above the Kyoto- It has also been shown that replacing is a very positive figure, given that it is above the Kyoto threshold during his lecture, which was recommended CDM threshold of 2%. technologically obsolete vehicles by given in the fundación francisco text Albert Rossell | PHotos abertis foundation The species that made the largest con- ones complying with the most recent Euro- Godia, Martí boada said “Catalonia tributions to counteracting emissions pean standards would significantly reduce is a wooded country - it just on that section were Pinus pinaster, their impact. There would be a 0.7% reduc- doesn’t know it”. Catalonia’s The abertis foundation has tool for identifying and quantifying Populus nigra, Pinus pinea and Pinus tion in total emissions if only the cars were proportion of forested areas (62% sponsored a study to evaluate the emissions produced on its toll road halepensis, which together were respon- replaced, but 2.7% if, in addition, goods of the region) is one of the highest the extent of greenhouse gas emissions network. sible for 59% of the total mitigation vehicles and buses were also replaced in europe and far higher than spain as a whole (25%), france (27%), produced on the 1,509 kilometres of In estimating the amount of green- effect. by models producing lower GHG emissions. the european union (25%) and toll roads managed by abertis in Spain house gases, both the direct emissions In this respect, the investigation concludes even the united states (35%). and the degree to which the vegetation (produced by vehicles) and indirect Co2 emissions that measures to promote the use of these along these motorways compensates for ones (caused by constructing and main- The research shows that CO2 is the principal less polluting vehicles, such as adopting these emissions. Gumersindo Feijóo, taining infrastructures) have been taken greenhouse gas, both in terms of the different, emission-based tariffs should Professor of Chemical Engineering at the into account. In order to calculate the direct and indirect emissions, contributing definitely be studied, since these are University of Santiago de Compostela, forest mass and thus its capacity to around 97% in the first case, and 96% simpler and more direct to implement than Link has led this research, which has given absorb CO2 emissions, and inventory in the second. The emissions are principally other alternative means of reducing levels abertis foundation abertis an environmental management has been made of the trees and shrubs produced by vehicles, which contribute of GHG. n www.fundacionabertis.org60 n link abertis n december 2011 december 2011 n link abertis n 61
  • A new corporate video that works brAnding Original, expressive, descriptive, and friendly… these are some of the adjectives which can be applied to the new abertis corporate video. A video which presents, in a friendly way, and with an attractive and innovative look -but while avoiding grandiloquence or added gimmicks- the business of managing the Group’s infrastructures. The video is in two parts: a first, more emotional part in which, in the style of an advertising spot, the viewer is introduced to the world of abertis through a visual Making infrastructures work means architecture which very bringing people together, connecting the seductive, and presents the ambitions of those who make it possible businesses though having for the company to function with the infrastructures appear and expectations of those who benefit from disappear. its products and services, i.e. its customers. The second part descriptively This is what abertis does, it stands and quantitatively presents beside people and society, but it’s not no- abertis’ values, statistics and ticed. What it does, to summarise, ensure figures, all with the same that infrastructures work. look -clear, transparent, approachable and direct- Working for a world that works as in the first part of the The campaign, which is organised around video. it brings the viewer into the world of abertis inabertis its claim Infrastructures that work, is not only a response to the need to bring to the a new and different way, by showing him that abertisabertis rolls out its public, in an objective manner, an aware- culture is much more than just ness of, and knowledge about, the three infrastructures, because abertis business areas, it also covers the environment it is also, for its customersnew brand identity activities of the abertis foundation, which promotes research into the repercussions infrastructures have on land, the environ- and shareholders, a synonym for satisfaction. ment and the economy. Through its foun-The Group has brought together its three business areas in the dation, abertis shows its commitment tonew advertising campaign, reinforcing its company values through society by promoting a world that works. arta common raison d’etre: managing “infrastructures that work” In fact, the campaign also covers the foundation, explaining abertis’ commit- researchTexT Joan Fontanals | PHOTOS abertis ment to Corporate Social Responsibility (CSR), and how the foundation has devel- road safety oped a road safety programme, as well as Based on this key concept, abertis The abertis values are therefore abertis constantly works at manag- working to preserve and disseminate our is rolling out its corporate image brought together in its corporate mes- ing infrastructures sustainably, whether cultural, historic and artistic heritage. Thecampaign, developing a new corpo- sage which, in turn, is its raison d’etre: they are toll roads, airports or telecom- publicity campaign aims to publicise thisrate video, radio ads, internet banners Infrastructures that work. This is a mes- munications, involving itself in, and through an image which is friendly, simple, for a world that works have on our research into the impact infrastructures At the abertis foundation, we promoteand publicity layouts to tell its target sage which defines and describes what committing itself to, society. This is why direct, reliable, approachable and transpar- territory, the environment, the economy and demographics. One of the ways in which we have Social Responsibility has been the developme nt responded to abertis’ commitment to Corporateaudience about its assets, statistics and abertis does in a simple and transparent the current claim of abertis is defined ent. This is the new image of e abertis of a Road Safety Programme, which aims to raise awareness of the need for responsible we act to promote and conserve it, aiming mobility. to bring Conscious of our historic and artistic heritage,key indicators, as well as the benefits of way –and what it does is to ensure that as toll roads, airports and telecommuni- which reinforces brand value and the culture closer to people. This is our commitme nt for a world that works.the new way the businesses have been all the infrastructures that people use cations that work, bringing the business- Group’s growth, and strengthens its rela- fundacionabertis.org Link 03/12/10 13:08organised as a result of the recent re- every day work efficiently and effective- es together in the corporate message tionship with the general public and its AAFF PAG A-4 ENG.indd 1 new abertis video:structuring. ly– in other words, that they work well. that defined them. customers. n www.abertis.com/area-multimedia62 n link abertis n DECEMBER 2011 DECEMBER 2011 n link abertis n 63
  • toll RoaDS NEWS IN BRIEF Jordi Graells becomes the new President of the IBTTA INvEStoR’S The Director of the abertis Group’s Autopistas USA division, Jordi Graells, was appointed President of the Interna- General ShareholderS’ MeetinG 72 tional Bridge, Tunnel and Turnpike Asso- Green light for the company’s ciation (IBTTA) at its 79th Annual Meet- ing, which was held in Berlin. Jordi Graells, restructuring process who has been First Vice-President through- out 2011, will be President of the IBTTA for 2012. He will be carrying out his respon- sibilities in Washington DC, where he will continue to evaluate the business oppor- tunities that arise in the USA. n abeRtiS-eSaDe cHaiR related to the creation of abertis, was the Talk on leadership takeover bid for iberpistas and the merger with Aurea which followed it.The second was As part of a series of Leadership related to the cancellation of the merger Moments talks, on the 28th of June with Autoestrade, which is now Atlantia. 2011, Salvador Alemany gave a talk entitled Lastly, he described experiencing the final of We play the game: three landscapes and a the 1996 Final Four when he was President story. The President of abertis narrated of FC Barcelona’s Basketball team. three moments in his personal and pro- abertis is one of the bodies sponsoring fessional life which were decisive whether the ESADE Chair of Democratic Leadership successes or failures. His first experience, and Governance. n telecommunicationS abertis telecom collaborates on a musical event in 3D abertis telecom, the telecommuni- in the Zaragoza EXPO. The abertis Group cations infrastructure operator in the operator provided CDN (Content Delivery abertis Group, collaborated with the Aragon Network) services to broadcast it over the Radio and Television Corporation (CARTV) Internet. In October, the “5” company on the first live 3D broadcast of a musical received the award for the Best Technical TV event, on 10 June. The event was the concert Production for this 3D show, at the IX Profes- by Violadores del Verso at the Torre del Agua, sional Production awards. n Results – January to September 2011 abeRtiS autopiStaS Visit by the Indian Government Delegation abertis improves its net profit Last May,abertis autopistas was visited by an Indian Government Delegation, led by C.P. Joshi, the Minister of Road Transport and Highways, who was on an official visit to Spain. The Group visited the facilities at the Guadarrama Tunnel traffic control centre and the San Rafael toll station in Segovia province. They were accompanied by abertis autopistas and EBITDA managers, including Ignacio Arbilla, Director of the Central-South Network; Jesús Martín Recio, Head of Maintenance for the Central- South Network; and Francisco Rubio, Head of Service at the San Rafael Operations Centre. n64 n link abertis n DECEMBER 2011 MARZO 2010 n link abertis n 73
  • ReVeNUe On the toll roads, growth n TOll rOADS 79% n TElEcOMMUNIcATIONS 13% ReVeNUe n SPAIN 48% n frANcE 38% CONTRIBUTION January-september 2011 (Mn €) BY seCTORs of traffic in France GeNeRATION BY seCTORs REVENUES EBITDAINvestor’s and Latin America n AIrPOrTS 8% n UNITED KINGDOM 5% n OTHErS 5% Toll roads 2.349 1.669lINk compensates for the decline recorded in Spain. n cHIlE 4% Telecommunications Airports 383 223 169 72 January-September 2011 key Points The Group’s consolidation Results perimeter reflects, in this period, the restructuring carried out this year, with the impact of the sale of Atlantia and the spin-off of the car parks and logistics parks businesses. abertis recorded a net profit of €594Mn (up 5.9%) The percentages of both revenues (52%) and eBITDA (48%) generated outside abertis’ results in the first nine compensates for the decline still seen in spain have increased months of 2011 include the effects Spain (-5.6%), caused by the poor eco- compared to the same of the restructuring the company carried nomic situation. The period also featured an period of the previous year. out this year and a capital gain of €151Mn increase in revenues from the airports busi- from the sale of its 6.68% stake in Atlantia. ness (+6%) and a reduction in revenues at Growth of traffic on the toll It also includes a restatement of revenues, abertis telecom (-9%), due to a year-on- roads in France (+0.6%) and the Americas (+5.6%) compensates expenses and results, for both 2010 and year decline in one-off business. for the decline still seen in 2011, linked to the spin-off of the car parks spain (-5.6%). Revenues from and logistics business. Income statement abertis telecom reduced by 9%, The improvement - a reduction in oper- abertis’ operating revenues in the first as a result of one-off revenues ating expenses of 3% and EBITDA growth nine months were €2,964Mn (-0.1%). The in 2010 linked to extending DTT of nearly 2% stand out in a period in percentage of revenues generated outside cover. Revenues from abertis which growth of traffic on the toll roads Spain increased to 52% –mainly from France, airports grew (+6%) over the in France (+0.6%) and the Americas (+5.6%) Chile and the United Kingdom – com- previous financial year. Additionally, the saba Infraestructuras shares that were still held by abertis were sold to the consortium made up of CaixaHolding, Proa Capital and Torreal. The abertis Board of Directors approved payment of an interim dividend against 2011 results of €0.30 per share, payable on the 31st of October. With the payment of this dividend, abertis will have distributed a total of €1.67 per share this year, totalling €1,245.3Mn. 1,894 million euro in ThE ABERTis BoARD of DiRECToRs AppRovED eBITDA (+1.6%). pAyMEnT of An inTERiM DiviDEnD AgAinsT 2011 REsulTs of €0.30 pER shARE DECEMBER 2011 n lINk abertis n 67
  • tal gains from the sale of the stake in Atlan- tia and the effect of the spin-off of the car parks and logistics parks businesses are not taken into account, the comparable con- solidated net profit is €575Mn (+5.6%). Cash flow before investments and dividends was €1,150 Mn. Balance sheet and investments At the end of the first nine months of the year, abertis had total assets of €24,038Mn and net equity of €4,610Mn. The Group invested a total of €519Mn during the period, of which €371Mn (82%) was used for organic expansion, €81Mn for operating investment and €144Mn for inorganic expansion, with the acquisition - through the Metropistas concession com- pany (45% abertis), of two toll roads in 1 Puerto Rico. Apart from this operation, expansion investment in toll roads (€171Mn) included most notably the investments made by acesa (widening the AP-7), iberpistas (increasing the number of lanes), and by sanef (Paquet Vert); while the investment in telecommunications (€56Mn) related to the DTT rollout (three new multiplexes) and investments by Hispasat. 3 Debt structure In the last quarter of the year, abertis’ net €383Mn (-9%) and EBITDA of €169Mn. —1— income Statement January-September 2011 mn ₣ debt was €730Mn lower than at the end of This sector represents 13% of abertis’ total The airports sept. 2011 sept. 2010 Change business achieved Total revenues 2,964 2,968 -0.1% the fiscal year, at €13,921Mn (-5%). Of the revenue and 9% of the EBITDA. operating revenues operating costs -1,070 -1,104 -3.1% total debt, 57% is secured project financing In this period, abertis telecom’s rev- of €223Mn (+6%). —2— Ebitda 1,894 1,864 1.6% (i.e. non-recourse). 96% is long-term and enues have been affected by a reduction in The Depreciation -702 -683 3% 81% is at fixed rates or fixed through hedg- one-off revenues from DTT extensions and telecommunications Operating profit (EBIT) 1,192 1,180 1% ing. The average cost of the debt is by the analogue TV switch-off, which took business recorded operating revenues financial result -447 -436 4.6% and the average maturity is 6.4 years. place in April 2010. The latter, however, Equity method result 96 83 2 of €383Mn (-9%). was balanced by an increase in the digital —3— Profit before taxes 840 828 2% Business performance: business and in satellite capacity. Eutelsat’s abertis toll roads income tax expense -204 -218 pared to the same period in the previous year. Toll roads equity-accounted contribution to net oper- contributed revenues of Profit for the period 637 610 4%AT ThE EnD of ThE Of the total revenue, 79% was gener- In this period, abertis’ toll road business ating profit was €69Mn and Hispasat’s €2,349Mn (+79%). non-controlling interests -62 -66 ated by the toll road business, while 13% contributed revenues of €2.349Mn (79%) was €18Mn. Ordinari net attrib profit parent company 575 544 5.6%fiRsT ninE MonThs came from the telecommunications infra- and €1,669Mn to EBITDA (88%). The total gain on disposal of ginancial shareholding 20 17of ThE yEAR, ABERTis structures business and 8% from the air- traffic on the abertis toll road network in Airports Net attributable profit parent company 594 561 5.9%hAD ToTAl AssETs of ports. Operating expenses for the period the first nine months reflects an Average In the first nine months of 2011, the airports Balance sheet 2011 mn ₣€24,038Mn AnD nET dropped by 3.1%, down to €1,070Mn. Daily Traffic (ADT) at 23,127 vehicles business had operating revenues of €223Mn sept. 2011 Dec. 2010 Gross operating income (EBITDA) for (-1.3%), and growth of 0.4% in HGV traffic. (+6%), i.e. 8% of abertis’ total revenue,EquiTy of €4,610Mn property, plant and equipment 1,710 2,325 the period totalled €1,894Mn (+1.6%) while During this period, traffic levels in France and an EBITDA of €72Mn (+12%), 4% of intangibles assets 25,320 16,948 the net operating profit (EBIT) was increased, with an ADT recorded in sanef’s the total. financial assets 4,173 3,942 €1,192Mn (+1%). Net financial expense network of 23,952 vehicles (+0.6%). Growth The principal figures for the airports Current assets 1,282 1,466 for the period totalled €-447Mn. was also recorded on toll roads in Chile,Argen- business have strengthened in this period, Assets classified as held for sale 1,303 612 Earnings from companies accounted tina and Puerto Rico (+5.6%). The ADT for as a result of an increase in the number Total assets 24,038 25,292594 for using the equity method totalled toll roads in Spain was 21,982 vehicles of passengers using the airports managed shareholder’s equity 4,641 5,453 €96 Mn, coming principally from the hold- (-5.6%) in the first nine months of the year. by tbi, up to €17.9Mn (+7.8%) and an financial debt 14,340 15,134 ing in Eutelsat. increase in the per-passenger revenue other liabilities 4,163 4,705million euro of total For the first nine months of 2011, the Telecommunications infrastructures of 1.6%. Additionally, the total contribu- liabilities directly associated with assetsnet consolidated abertis Group showed total consolidated By the end of the period, telecommunica- tion from the airports managed by dca classified as held for sale 894 0profit (+5.9%). net profit of €594Mn (+5.9%). If the capi- tions business had generated revenues of increased by 4.4%. Total liabilities 24,038 25,29268 n lINk abertis n DECEMBER 2011 DECEMBER 2011 n lINk abertis n 69
  • The process of spinning off —1— The airports business accounts the car parks and logistics parks for 8% of abertis’ total revenues is completed and 4% of eBITDA. During this period, the 78.06% of Saba —2— The telecommunications Infraestructuras shares that were still held sector represents 13% by abertis were sold to the consortium of abertis’ total revenues made up of CaixaHolding, Proa Capital and 9% of the eBITDA. and Torreal. abertis received a total of €311.5Mn from the sale of the shares. This did not affect the Group’s 30 Septem- ber figures. This transaction concludes a process which began on 23 February when abertis announced that it was initiating the restruc- turing of its businesses into two companies: Abertis Infraestructuras (a public company, made up of the toll-road, telecommunica- tions and airports businesses) and Saba Infraestructuras (a private company, made up of the car parks and logistics parks businesses). On the 17th of May, abertis reported that it had signed an agreement with a consortium made up of CaixaHold- ing, Torreal and Proa Capital under which they would become shareholders in Saba Infraestructuras, together with those abertis shareholders that decide to take the expected dividend in the form of Saba shares. On 25 July, abertis announced that a total of 2,681 shareholders, who together represent 21.94% of total abertis shares, had opted to receive their dividend in the form of Saba Infraestructuras shares. This group of shareholders included the 20.7% shareholding held by CaixaHolding. Interim dividend The abertis Board of Directors has agreed payment of an interim dividend for FY 2011 of a gross amount of €0.30 per share to each outstanding share with dividend rights, including those from the latest bonus share issue. The total maximum interim dividend is €232.8Mn, and it is expected to be paid out on the 31st of October. With the payment of this dividend, 2 abertis will have distributed a total of €1.67 per share this year, totalling €1,245.3Mn.The total includes ordinary shareholder’s remu- neration –a gross dividend of €0.60 in two wiTh ThE sAlE of iTs ABERTis hAs nET DEBTs payments– and non-recurring extraordinary holDing of 78.06% of of €13,921Mn (-5%) remuneration of €0.67 per share for those shareholders that decided to be paid cash for sABA infRAEsTRuCTuRAs the spin-off of the car parks and logistics parks shAREs, ABERTis hAs 519 business, and a return of contributions to share- CoMplETED ThE pRoCEss holders against the issue premium of €0.40 of spinning off ThE per share.The profitability per dividend, taking into account the traditional bonus share issue CAR pARks AnD million euro 1 of one new share for 20 old ones - at yesterday’s logisTiCs pARks in capex close of business price – is 12.9%. n70 n lINk abertis n DECEMBER 2011 DECEMBER 2011 n lINk abertis n 71
  • Bonus The Meeting approved a bonus share accounTinG The Meeting gave the green light to the exTRaoRdinaRy An extraordinary interim issue issue against reserves consisting yeaR 2010 annual accounts for the 2010 financial dividend dividend was approved, INvestor’s of 1 new share for every 20 old shares, year and the Board of Directors’ of €0.67 per share LINK at a nominal value of €3 per share, totalling €110.9Mn. report on the company’s management and remuneration policy. against 2011 earnings. 2 1 3abertis group The Shareholders’ Meeting approved pany of all the Saba Aparcamientos, SA and —1— salvador alemany, speaking several resolutions on the process of Abertis Logística, SA shares, with a totalGeneral Shareholders’ to the shareholders’ Meeting. restructuring the Group’s businesses. Firstly, worth of €399Mn. The Meeting approved —2— it ratified the board’s resolution creating Saba an extraordinary interim dividend of €0.67 General view of Infraestructuras, and the transfer to this com- per share against 2011 earnings. Sharehold- the Board of directors. —3— ers had until 22 July to choose whether to Francisco Reynés, chiefMeeting 2011 receive the dividend in cash or in the form executive officer of abertis. of new Saba Infraestructuras shares, at a rate of one share for each share in Abertis ThE MEETing appRovED Infraestructuras, SA. REsTRuCTuRing ThE 443.4 The meeting also ratified the sale of the gRoup’s BusinEssEs Saba Infraestructuras shares that were stillThe abertis shareholders gave the green light to the process of restructuring the company, inTo aBERTis held by abertis to the “la Caixa” Group, ProAwhich will be focussed on the Toll Roads, Telecommunications and Airports businesses infRaEsTRuCTuRas anD Capital and Torreal, once the current share- million in dividends holders had decided whether to take the charged toTexT and PHoTos abertis saBa infRaEsTRuCTuRas dividend in cash or shares. the 2010 results.72 n link abertis n DECEMBER 2011 DECEMBER 2011 n link abertis n 73
  • stock market performance ing power to the Board of Directors to issueand changes in shareholdings ThE pREsiDEnT of promissory notes, debentures, bonds, and otherIn his speech to the Meeting, SalvadorAlemany, securities with a maximum total value of aBERTis EMphasisED ThEPresident of abertis, also referred to the com- €8,000Mn, of which they can set aside apany’s solid stock market performance. He CoMpany’s soliD sToCk maximum of €1,000Mn for establishing annualemphasised that, so far this year “the Group’s MaRkET pERfoRManCE promissory notes for the company.shares have clearly out-performed the Ibex anD ThE gRoup’sand other leading securities in our sector”. appointments inCREasED liquiDiTy He also commented on certain aspects The meeting ratified the appointments of thethat have been key to changes in the com- following board members:Théâtre Directorshippany’s shareholder structure in recent years, ThE pRoCEss “will Services Alpha, Sàrl, represented by Javier deincluding “increased liquidity, which has prac- Jaime Guijarro, Théâtre Directorship Servicestically doubled since 2007, and the capacity sTREngThEn ThE Beta, Sàrl, represented by Santiago Ramírezto absorb the savings banks’ divestitures (their CoMpany’s BalanCE shEET, Larrauri, and Théâtre Directorship Servicesshareholdings have dropped from 19% at whiCh will BEnEfiT ThE Gama, Sàrl, represented by José Antonio Torrethe end of 2007 to just over 1% at present)”. shaREholDERs”, aCCoRDing de Silva López de Letona.These three are pro- prietary directors, jointly proposed by Trebolother resolutions To salvaDoR alEMany International BV and Admirabilia, SL. TheThe abertis Shareholder’s Meeting also appointments of Gonzalo Gortázar, proposedapproved a return of contributions charged to the 2010 results. Payment of the supplemen- by Criteria Caixa Corp. and Antonio Tuñón,the share issue premium of €0.4/share, to take tary dividend was set for 28 June. En total, proposed by Trebol Int BV and Admirabilia, SL,place on 27 July.According to SalvadorAlemany, abertis will have paid out €443.4Mn in divi- were also approved, to replace Braulio Medelthe President of abertis, in making this return, dends charged to the 2010 results. and Enric Mata. The Meeting also re-elected,a factor taken into account was “the positive The Meeting also approved a bonus share as directors: G3T SL, proposed by Inversionesimpact of the revenue and capital gains result- issue against reserves consisting of one new share Autopistas, SL, and Leopoldo Rodés and Manueling from the sale of our 6.67% stake in Atlan- for every 20 old shares, at a nominal value of €3 Raventós, who were proposed by Criteriatia”. As Salvador Alemany explained, part of per share, equivalent to a total amount of CaixaCorp.these resources also went to reduce the debt. €110.9Mn. Finally, it also approved the 2011 Employ- The Meeting also ratified payment of a The abertis shareholders gave the green ees Share Plan for a group of employees of thesupplementary gross dividend of €0.30 per light to the annual accounts for the 2010 finan- company and its subsidiaries, who may optshare, which, together with the interim dividend cial year and the Board of Directors’ report on to receive all or part of their variable remu-paid in October 2010 gives a total gross the company’s management and remuneration neration as abertis shares, up to a maximumamount of €0.60 per share, to be charged to policy.The shareholders also approved delegat- of €12,000 per year. n74 n link abertis n DECEMBER 2011
  • culture environment art research road safetyfor a world that worksAt the abertis foundation, we promote research into the impact infrastructures have on ourterritory, the environment, the economy and demographics. One of the ways in which we haveresponded to abertis’ commitment to Corporate Social Responsibility has been the developmentof a Road Safety Programme, which aims to raise awareness of the need for responsible mobility.Conscious of our historic and artistic heritage, we act to promote and conserve it, aiming to bringculture closer to people. This is our commitment for a world that works.fundacionabertis.org
  • What’s the traffic like going into Seville? Travel guides Radio stations Information numbers the shortest route.Why ask others first if you can ask us directly?If you want to plan your trip, ask the people who know. At autopistas.com you’ll find all the detailed,correct and updated information to plan your journeys.Traffic information in real time • Highway safety advice • Tourist guides • Car-sharing service •E-invoicing • Via T • En route services • Weather forecast • Leisure-time proposals.