BUSINESS DIVISIONS - Sacyr
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
20 ANNUAL REPORT 2011 ANNUAL REPORT 21
04
BUSINESS
DIVISIONS
> Construction
Sacyr - Somague
> Infrastructure concessions
Sacyr Concesiones
> Property management
Testa
> Services
Valoriza
> Property development
> High Speed Line station in Logroño
Vallehermoso
22 ANNUAL REPORT 2011 AREAS OF ACTIVITY 23
CONSTRUCTION
SACYR - SOMAGUE
SACYR KEY FIGURES BACKLOG BY GEOGRAPHIC AREA
(Million of euross of euros) (Million of euross of euros)
2010 2011 2010 2011
Revenue 2,819.17 2,438.78 Spain 2.029,03 1.541,77
Net profit 76.68 62.98 Portugal 639,21 350,71
Cash flow 149.25 105.37 Ireland 8,03 1,30
Construction backlog 7,138.20 6,680.68 Chile 102,22 548,56
Ebitda 170.69 141.03 Italy 2.508,94 2.346,39
Costa Rica 44,91 56,65
Libya 645,930 662,18
BUSINESS SUMMARY Panama 856,19 823,04
Angola 206,23 291,42
Backlog Rest of the world 97,41 58,70
TOTAL 7.138,20 6.680,72
In 2011 the Group maintained a backlog of
over 6,681 million of euros. Apart from Spain,
BACKLOG: SPAIN vs INTERNATIONAL
accounting for 24% of the backlog, international
(Million of euross of euros)
markets, namely Portugal, Ireland, Costa Rica,
Chile and other countries, now comprise 77% of 2010 2011
the backlog.
Spain 2,029.03 1,541.77
Abroad 5,109.17 5,138.95
> High Speed Line Almeria. Los Gallardos - Sorbas stretch The construction backlog is equivalent to close to
TOTAL 7,138.20 6,680.72
400 million of euros in terms of future Ebitda.
In 2011, the Sacyr Vallehermoso Group’s construction The Group, which has been active in the Spanish Revenue
companies, primarily Sacyr and Somague, have construction industry through Sacyr since 1986, had BACKLOG (Million of euross of euros)
once again demonstrated their top-level technical, the longest order book in the sector at more than 33 Construction revenue in 2010 was in excess of 2,438
operating and commercial capabilities. months of guaranteed work. 2010 2011 million of euros. The Spanish market accounted
Civil work 6,315.49 5,878.24
for 52% of revenue, while the remaining 48% came
These aptitudes have enabled us to build up a In 2011, both public administrations and agencies from international works. Civil engineering was
Building 849,09 802.48
construction backlog worth 6,681 million of euros (Ministries of Public Works and of the Environment, predominant, accounting for 75% of revenue.
TOTAL 7,164.57 6,680.72
and achieve success in leading international ADIF, AENA, and organisations belonging to
projects. The satisfactory progress of these the various regional governments and city
projects – the Panama Canal being a highlight – councils) and a large number of private clients REVENUE (Million of euross of euros)
bear out the technological strength of the Group’s have entrusted their projects to SyV construction
2010 2011
construction area. companies, locking in a high level of activity for the BACKLOG (Million of euross of euros)
Civil work 2,105.83 1,818.72
Group over the coming years.
BUILDING 2010 2011 Building 706.19 608.37
The internationalization of the construction business
has become a driver that assures future volume even In terms of the type of work undertaken, the Group Residential 92.02 213.85 Services 7.15 9.37
in the face of the tough conditions now prevailing operates in all areas of infrastructure projects (high- Non-residential 730.69 588.63 Concessions 2.32
in the Spanish and global economies. At year-end speed railway lines, underground train lines, airports, TOTAL 822.71 802.48 TOTAL 2,819.17 2,438.78
2011, 77% of the construction business portfolio was motorways, toll roads, etc.) and is very active in both
located outside of Spain. public and private building construction.
24 ANNUAL REPORT 2011 AREAS OF ACTIVITY 25
Garrucha seaport. Almería
REVENUE REVENUE BY GEOGRAPHIC AREA
(Million of euros) (Million of euross of euros) (Million of euros)
2010 2011
EDIFICACIÓN 2010 2011
Spain 1,553.33 1,253.48
Residential 164.52 82.77
Portugal 476.53 374.72
Non-residential 541.67 525.60 Ireland 31.77 (0.50)
TOTAL 706.19 608.37 Chile 93.51 100.37
Italy 188.44 242.27
Costa Rica 9.38 5.03
Libya 9.73 2.78 > High Speed Line Madrid - Extremadura. Section
Aldea del Campo – Mérida > La Muela Joint Venture. Valencia
Panama 133.65 182.70
REVENUE BY TYPE OF WORK
Angola 228.27 240.53
(Million of euros)
Rest of the world 94.56 37.40
OBRA CIVIL 2010 2011 TOTAL 2,819.17 2,438.78
Motorways 778.23 614.64
Railways 606.32 450.94
Hydraulic 302.00 281.32
Airport 70.19 125.04 The Group performs a wide variety of civil works,
Urban development 140.77 60.51 with a breakdown that is perfectly aligned with
Other 208.32 286.27 the present distribution of public investment and
TOTAL 2,105.83 1,818.72 the requirements of private clients. Construction
activity in civil works accounted for 88% of the
backlog at year end. Activity levels were high and
spanned all types of projects.
> Talavera Southern bypass
26 ANNUAL REPORT 2011 AREAS OF ACTIVITY 27
Civil work
Among others, the Group was awarded the In 2011 the following construction projects were
following contracts in 2011: delivered, among others:
• Motorway concession between La Serena • AP-46 toll motorway from Alto de las Pedrizas
and Vallenar, Chile, with a 215.00 million of euros to the city of Málaga, with an investment of
investment in construction, consisting of the 371.7 million of euros. The objective is to build
comprehensive improvement of the stretch from the an alternative to the existing A-45 route, which
north exit of the city of La Serena to the southern currently is the only access from the north to the
entrance into Vallenar, widening 187 km of road. city of Málaga and its environs. The planned road
runs through the Málaga highlands from north to
• Motorway concession between Concepción south, until it meets the city’s new western bypass.
and Cabrero, Chile, with a 168.85 million of euros Although the distance covered is only 24.5 km, the
investment in construction, connecting the cities abrupt terrain calls for 4000 m of tunnel and 7200 m
of Concepción and Cabrero with a 60 km dual of viaducts.
carriageway; the cities of Cabrero and Cholguán with
a 30 km single carriageway; and 40 km of service > Works on Vallenar - Caldera motorway. Chile > Guardo turnoff. CL-615 Guardo - Palencia • Vallenar – Caldera en la Tercera Región de
lanes along the entire corridor. Atacama motorway. Chile, involving an investment
of more than 180 million of euros. The construction
• Hydroelectricity dam at Foz Tua, Portugal, with work consisted of turning the section between
a budget of 162.25 million of euros, involving the Vallenar and Caldera (188 km) and the Copiapó
construction of a concrete double-curved arch dam bypass (33 km) into a dual carriageway.
with a height of 108 m and a crest length of 275 m
and an underground plant containing two reversible • Madrid-Barcelona-France high-speed railway
generators with a total output capacity of 251 MW. line. Section: Cornellá del Terri-Vilademuls,
with an investment of 118.40 million of euros. The
• The Bergara stretch of the high-speed railway project involved building a 7.1 km railway trackbed,
in the Basque Country, with a budget of 94.73 including, most notably, two tunnels—at Llogaia
million of euros. Approximately 3 km long over rough and Feixes d’en Vidal—with a combined length of
terrain, in particular the viaduct over the Deba river, 2,798 m drilled using the new Austrian method, and
the Vitoria-Gasteiz-Eibar motorway and route GI-632, two viaducts with a combined length of 1,015 m.
that is 900 m long and more than 90 m high.
• Talavera southern bypass, with a budget of 70.1
• Motorway concession at the link roads to the million of euros and a length of 4 km. The project
>Tunnel boring machine assembly. La Sagrera. Barcelona Joint Venture
city of Iquique, Chile, with a 84.55 million of euros included building a cable-stayed bridge with a 318
investment in construction, consisting of two dual m span and a 190 m high inclined mast crossing
carriageway stretches in the area surrounding this the widest point of the river in a single suspended
city, for a total length of 78 km. stretch. In addition to the bridge, twin access
viaducts, each 204 m long, were built.
• 33-km Bajamar-Tajuña stretch of road on the
island of La Palma, with a budget of 72.59 million of • Thermo-solar plant in Lebrija (Seville), with a
euros, including, most notably, the construction of a budget of €60.3 million of euros. A 156-ha solar field
bike/pedestrian lane on the left shoulder to enhance with 64 parallel rows of 1,200 m parabolic mirrors
the road’s landscape and panoramic quality. Also has been built, generating 50 MW of energy through
worth emphasising is the construction of a viaduct heating oil in order to produce electricity.
over the Barranco de las Cuevas ravine.
> A–601 Pinares motorway. Castilla–León > Modernization Center Athletics Antequera. Jaén
28 ANNUAL REPORT 2011 AREAS OF ACTIVITY 29
In 2011, progress was made on the following Río Ovelha valley and a 915 m bridge over the
construction projects: Río Marão valley as well as two parallel 5.7 km
tunnels with two lanes in each direction and 13
• Design and construction of the third lock interconnections. Marâo will be Portugal’s largest
system of the Panama Canal extension project, tunnel system.
with a budget of US$3,129 million. The project
involves building two new lock systems on the • Águilas-Guadalentín desalination plant,
Atlantic and Pacific coasts to support increased Murcia. Europe’s second largest desalination
commercial traffic through the Canal. plant, with an annual output of 70 hm 3 for irrigation
and drinking water, will be built with a budget of
• Salermo-Reggio Calabria Motorway (Italy). 31 212.6 million of euros. Its key feature is the double
km section between Padula and Lauria, located osmosis process for reducing the boron content
150 km to the south of Naples and forming part of of seawater. The construction was completed this
the route from Rome to southern Italy (Calabria). year, and the project is currently in the test phase
Due to the complicated terrain, the project before being brought online
includes the construction of 37 viaducts and 20
tunnels. The budget amounts to 745 million of • Región de Murcia international airport, with
euros. an investment of 175 million of euros, designed
to support traffic of 3 million of euros passengers > DG48 motorway blow up. Salerno-Reggio Calabria. Italia
• Conclusion of the section of the Madrid- per year. The project includes building runways
Barcelona-French border high-speed railway and taxiways, the apron areas, the control tower
line between the Sants and La Sagrera stations and the passenger and cargo terminal buildings. Building
within the city of Barcelona, consisting of the Construction was completed this year, and the
construction of 5.6 km of tunnel in the Eixample project is currently in the test phase before being Among others, the Group was awarded the 5,500 m2 in several buildings (the Bloque Central,
district of Barcelona using a tunnel-boring brought online. following contracts in 2011: the Escola Nacional de Artes Plásticas, the
machine. The tunnel runs close to the Sagrada Escola Nacional de Música, and one building for
Familia historic building; the especially stringent • Extension of Line 9 of the Madrid Metro (ur- • Construction of the shell of the Kinaxixi urban services).
safety measures taken to protect this site included ban underground train), with a budget of 121.3 complex in Luanda (Angola), with a budget of 85
consolidating the terrain and using reinforced million of euros, entailing the construction of a million of euros, which will have a floor area of 250,000 • Building D of the Campus of the European
concrete screen walls. Work has been carried out 1,200 m tunnel using an EPB tunnel boring machi- m2 in two 25 floor towers for different uses (one for University of Madrid, in Villaviciosa de Odón,
on the track and in the area near the beginning of ne and 600 m of mine tunnel (the traditional me- offices and the other for residential use) and five with a budget of 23.45 million of euros, involving
the line. The budget was 238.61 million of euros. thod in Madrid). The project also involves building underground levels for parking and technical facilities. a floor area of 22,000 m2 with unique architecture
two stations and a connection to the existing line, and a main lecture hall for 500 persons.
• Port of Valencia enlargement protection with the required air shafts, pump facilities and • Building to be used for the Spain campus of
works. With a budget of 234 million of euros, emergency exits. United World Colleges, in Comillas (Cantabria), • Construction of two distribution and logistics
the project consists of building two protection with a budget of 45.27 million of euros, consisting of centres in Riberão Preto, Brazil, with a budget of
embankments (3 km and 1 km long) that will make • Drilling and buttressing of the closed conduit the complete refurbishment of a complex consisting 20.58 million of euros, comprising a total area of
up the new dock northwest of the existing Port of of the La Muela II reversible hydropower plant of three historical, early 20th century buildings 67,100 m2 in five modules.
Valencia and an independent canal to improve in Cortes de Pallás, Valencia, with a budget of involving a 13,582 m2 area to be converted into
maritime access and reduce environmental and 42.75 million of euros. The closed conduit has a lecture halls, laboratories and dormitories; the
safety risks. maximum inclination of 46º, the execution of which demolition of a fourth building; the construction of Major ongoing building projects under
required designing a new machine able to carry four new buildings to add 15,208 m2 of space for new construction in 2011 included:
• IP4 - Amarante / Vila Real motorway, Portugal, out all necessary operations: perforating, place- uses; and the development of the entire vicinity.
with an investment of 228.5 million of euros ment of explosives, debris removal, rock buttres- • The Hospital Universitario Central de
and spanning 25.6 km. The project includes 10 sing and concreting, and injections as needed to • Completion of the second stage of the Instituto Asturias, with a budget of 286 million of euros, a
viaducts (with a combined length of 3.2 km), protect the works from water seepage. de Artes Cénicas in Luanda (Angola), with a total floor area of 300,000 m2, 570 rooms, 1,039
and, most notably, a 816 m bridge over the budget of 29.90 million of euros on a floor area of beds, 38 operating theatres and 350 treatment
30 ANNUAL REPORT 2011 AREAS OF ACTIVITY 31
rooms. Construction will also include a special
building for the treatment of silicosis.
• Construction of the Repsol Campus at Calle
Méndez Alvaro (Madrid). This 127 million of
euros project to create our client’s new head
office covers a buildable area of 134,000 m 2, of
which 56,700 m2 will be used for an underground
car park with 1,600 spaces. The campus will
comprise four interconnected buildings laid out
in square surrounding a central courtyard. One
of the project hallmarks is that the façade will
be framed by structural “ribs”. The four above-
ground floors will be used as office space and for
a covered technical facility centralising most of the
installation systems serving the Campus.
> Refurbishment of Gran Vía 4 building. Madrid
• Levante II prison in Siete Aguas, Valencia,
with a budget of 102.37 million of euros. The
prison is to have 1,008 cells distributed across 10
residential modules, and 20 other buildings for
various purposes, making for a combined total
floor area of 130,000 m² and 60,000 m² of urban
infrastructure work.
• Valladolid hospital, with an investment of 90.13
million of euros. The project involves designing > Getafe Section 3 housing. Madrid
and executing the renovation and enlargement of
the Hospital Clínico Universitario de Valladolid.
79,000 m² of new floor area will be added, along
with an underground car park, an industrial
> Milenio square. Valladolid
building, a new surgery ward, an outpatient Construction works delivered in 2011 in the building building comprising the conference centre (17,000
building and an access building. The existing construction area include: m2) – equipped with a 1,450 seat auditorium, a 500
55,000 m² building will be comprehensively seat multipurpose room, and six other event rooms of coupled with urban development work in the environs
renovated and refurbished. • Urban renovation of Plaza de la Encarnación, various sizes – a commercial area (4,500 m2) and an of Alférez Provisional and Cortes de Aragón streets.
Seville, with an investment of 93.22 million of office area (4,000 m2) were built, along with a separate
• Vila Franca de Xira hospital, Portugal, with euros. An 8,000 m² wooden structure built to a building to be used as a 121 room hotel (8,000 m2). • Universidade E.B.C. Agostinho Neto library,
a budget of 76.06 million of euros of euros and unique world-class design has been put up to second phase, Luanda, Angola, with a budget of
floor area of 69,293.24 m². The new hospital will cover the square and create a multiple-purpose • New hospital in Braga, Portugal, with an 41.61 million of euros. This construction project also
be equipped with 280 beds, 844 parking spaces, venue, boasting a raised vantage point with views investment of 56.76 million of euros and a capacity includes housing for teaching staff and students.
nine operating theatres and 33 surgery and of the city. The interior of the structure is home to of 704 beds. The gross floor area of 102,404 m²
consultation rooms. a traditional covered market and an archaeology includes 2,194 parking spaces. • Luanda Medical Centre, Luanda (Angola),
museum. with an investment of 33.6 million of euros. Now
• Renovation and enlargement of the Sonangol • Local-line railway station on Avenida de Goya, completed, this building has 19 floors – two of them
Distribuidora head office building in Luanda, • Beiramar Auditorium and Conference Centre Zaragoza, to integrate the local railway network, with underground – of rental space for health services,
Angola, with a budget of 30.2 million of euros. The (Vigo), with a budget of 78.52 million of euros and a budget of 38.40 million of euros. A station building including clinics, imaging technologies, dentistry, etc.
renovated building will serve as the client’s head gross floor area of 45,000 m². Once the existing was built with a floor area of 1,176 m², along with a 160 There is a restaurant on the roof and the available
office. industrial building had been demolished, a new m long trackbed, entry points and emergency exits, lettings include open spaces.
32 ANNUAL REPORT 2011 AREAS OF ACTIVITY 33
INFRASTRUCTURE
CONCESSIONS Concesión
Concession
Motorway
Section
%
Ownership
Consolidation
Method
Total km
SACYR CONCESIONES
Madrid - Levante Motorway AP-36 Ocaña-La Roda 40.00% Equity 177.0
Madrid accesses (R-3 and R-5) R-3 M-40 - Arganda del Rey 25.16% Equity 31.8
R-5 M-40 - Navalcarnero 25.16% Equity 28.9
M - 50 A-6 - M-409 25.16% Equity 29.6
Aunor C-415 Alcantarilla - Caravaca de la Cruz 51.00% Proportionate 62.2
Madrid South Motorway (R-4) R-4, M-50 R-4 (M-50 - Ocaña); M-50 (A-2 A-4) 35.00% Equity 93.5
Pamasa MA-15 Palma Mallorca - Manacor 40.00% Proportionate 43.7
AS-18, AS-18 (oviedo - Porceyo), AS-17
Viastur 70.00% Full 26.8
AS-17 (Lugones - Bobes)
Alberique - Valdáliga - Guitriz -
Neopistas EE:SS 100.00% Full n.a.
Calzadilla de los Barros
Plaza Eliptica transport hub Plaza Elíptica (Madrid) 51.00% Proportionate n.a.
Parla Hospital Parla (Madrid) 100.00% Full n.a.
Northeast Hospital Coslada (Madrid) 100.00% Full n.a.
Eresma Motorway CL-601 Cuellar-Segovia 80.00% Full 49.2
Moncloa transport hub Moncloa (Madrid) 51.00% Proportionate n.a.
Turia Motorway CV-35 Valencia - Losa del Obispo 45.39% Proportionate 54.0
Barbanza Motorway AG-11 Padrón - Ribeira 80.00% Full 40.1
> M50 bypass. Dublín. Ireland
Majadahonda Hospital Majadahonda (Madrid) 20.00% Equity n.a.
The Sacyr Vallehermoso (SyV) Group’s Sun Motorways San José - Caldera (Costa Rica) 35.00% Proportionate 76.8
infrastructure concessions business started up
Seville metro Linea 1 Dos Hermanas-Aljarafe 32.77% Equity 18.1
in 1996 when the Group was awarded its first
Galway - Ballinasloe N-6 Doughiska - Tulrush (Irlanda) 45.00% Proportionate 56.0
concession in Chile: Tramo Los Vilos – La Serena
Tenemetro España Metro ligero de Tenerife 4.20% Equity 14.4
de la Ruta 5. Since then, its portfolio has grown
M50 - Dublín M-50 Circunvalación Dublin (Ireland) 45.00% Proportionate 43.3
thanks to continuing success in both new contract
awards and in acquisition and privatisation Brisal Portugal Autoestrada litoral centro 25.00% Equity 92.0
processes in Spain and abroad. Today, the SyV Guadalmedina Motorway AP-46 Málaga - Las Pedrizas 40.00% Equity 28.0
Group operates in the infrastructure concessions Braga Hospital Braga (Portugal) 51.00% Full n.a.
sector via its subsidiary Sacyr Concesiones. Vallenar-Caldera Motorway Norte de la Ruta 5 Vallenar-Caldera (Chile) 60.00% Proportionate 221.0
Total sacyr concesiones in operation 1,186.4
At 31 December 2011, Sacyr Concesiones had Arlanzón Motorway Santo Tomé del Puerto - Burgos 100.00% Full 146.0
a portfolio of 34 concessions in six countries, of
San José/Aeropuerto - San
which 22 are toll motorway concessions:16 in the Valley Motorway 35.00% Proportionate 65.8
Ramón (Costa Rica)
EU (11 in Spain, 2 in Portugal, 2 in Ireland and 1 Murcia airport Corvera (Murcia) 60.67% Full n.a.
in Italy) and six in Latin America (4 in Chile and 2
Tunel do Marao IP-4 Amarante - Vilareal (Portugal) 55.00% Full 29.8
in Costa Rica). It also holds 12 concessions for
Concepción -Cabrero Motorway Concepción - Cabrero 51.00% Proportionate 103.4
other assets, namely: 3 hospitals in Madrid, 3
Link road into Iquique Iquique 51.00% Proportionate 78.4
hospitals in Portugal, 2 transport hubs in Madrid,
Azores Hospital Azores (Portugal) 40.00% Proportionate n.a.
2 underground lines (one in Seville and one in
Pedemontana-Veneta Vicenza - Treviso (Italia) 60.00% Full 95.0
Tenerife), one airport in Murcia and one motorway
service area company. Of the 34 concessions, 10 Vila Franca Hospital Portugal Xira 51.00% Full n.a.
are under development and 24 are in full or partial Serena-Vallenar Motorway Chile Serena - Vallenar (Chile) 100.00% Full 187.0
operation, including 15 motorways totalling 1,154 Total Sacyr concesiones under development 705.4
km, as set out in the following list: Total Sacyr Concesiones 1,891.8
> Plaza Elíptica transport hub. Madrid
34 ANNUAL REPORT 2011 AREAS OF ACTIVITY 35
The assets are in their early years of concession sion term is 29 years, and the project breakdown
% Consolidation
and have the potential to create a great deal of is as follows: Operating concessions Motorway Section Total km
Ownership Method
value in the future. The average remaining conces- Madrid - Levante Motorway AP-36 Ocaña-La Roda 40.00% Participación 177.0
Madrid accesses (R-3 and R-5) R-3 M-40 - Arganda del Rey 25.16% Participación 31.8
Years of remaining life
R-5 M-40 - Navalcarnero 25.16% Participación 28.9
60 In operation M - 50 A-6 - M-409 25.16% Participación 29.6
55
Aunor C-415 Alcantarilla - Caravaca de la Cruz 51.00% Global 62.2
50 Construction
Madrid South Motorway (R-4) R-4, M-50 R-4 (M-50 - Ocaña); M-50 (A-2 A-4) 35.00% Participación 93.5
39 39 37 39 Pamasa MA-15 Palma Mallorca - Manacor 40.00% Proporcional 43.7
40
33 32 31 33 32 Viastur AS-18 / AS-17 Oviedo - Gijón 70.00% Global 26.8
30 30 30
30 28 27 28 26 27 27 Alberique - Valdáliga - Guitriz -
26 25 25 25 25 Neopistas EE:SS 100.00% Global n.a.
23 23 24 Calzadilla de los Barros
20 17 16 16 18 19 Plaza Eliptica transport hub Plaza Elíptica (Madrid) 51.00% Global n.a.
13
8 Parla Hospital Parla (Madrid) 100.00% Global n.a.
10
Northeast Hospital Coslada (Madrid) 100.00% Global n.a.
0 Eresma Motorway CL-601 Cuellar-Segovia 80.00% Global 49.2
do 3 y 4)
ld ld eP r
arb loe
Ho opu ntan lme lin
S ca
ist M de B era
az Tu te
e
Ho n m or
rid re a
es Ca as
op ol
on 5)
s d ep N lanz e
ist BRI a
tov ta Az o
N arla
Ho une la F rcia
sp sp ita Via za
ita to Ve a
de lin lla
d u - ga
a M a E ria
ita a o
ev a
Iqu ero
Va Te Aun s
Pa cloa
e a ció eop ón
d L
de el s
Au LN aho te
Au pita do M nca
M ta
ita ta l d stu
Moncloa transport hub Moncloa (Madrid) 51.00% Global n.a.
iqu
ad E mas
r ll
top - nd
a
ía s d ore
sp er a din
Au pis de ara
as SA
- L sm
sp ar-C etr
Ne el S
an
bia (R- (R-
r M R-
SM ajad ores
l d de ne
Ae emo ada Dub
l A Va
ía Ba evi
cc n- ist
an
Au lway etro lípti
ist
Pe G 0 ra
l B as
ld
o a br
T Vi u
s l ra
am rid Sur
Turia Motorway CV-35 Valencia - Losa del Obispo 45.39% Global 54.0
n e
l
e M el
erc ad id
5
l
l
Barbanza Motorway AG-11 Padrón - Ribeira 80.00% Global 40.1
Int e M adr
tov -
l
e
Ho Ho sp
rP
e
l l
Ho
sd M
do
i
o
aM
a
va nc
Majadahonda Hospital Majadahonda (Madrid) 20.00% Participación n.a.
t
so ista
bia
ati Co
6G
r
ist
top
am
ce op
Sun Motorways San José - Caldera (Costa Rica) 35.00% Proporcional 76.8
top
ern tas
N-
Au
Ac Aut
erc
Au
Alt pis
Seville metro Línea 1 Dos Hermanas-Aljarafe 32.77% Participación 18.1
Int
to
Au
Galway - Ballinasloe N-6 Doughiska - Tulrush (Irlanda) 45.00% Proporcional 56.0
Tenemetro Metro ligero de Tenerife 4.20% Participación 14.4
M50 - Dublín M-50 Circunvalación Dublín (Irlanda) 45.00% Proporcional 43.3
Brisal Autoestrada litoral centro (Portugal) 25.00% Participación 92.0
Guadalmedina Motorway AP-46 Málaga – Las Pedrizas 40.00% Participación 28.0
Braga Hospital Braga (Portugal) 51.00% Global n.a.
Vallenar-Caldera Motorway Norte Ruta 5 Vallenar – Caldera (Chile) 60.00% Proporcional 221.0
Total sacyr concesiones in operation 1,186.4
Concessions under development
At 31 December 2011 SyV had ten concessions Costa Rica and Chile. The concession in Chile
under development. Of these assets, two are in will increase the total figure managed by our
Spain, three in Portugal, and one each in Italy, concessions by 705 km.
Concessions under % Consolidation Total
Motorway Section
development Ownership Method km
> Sun motorways. Costa Rica Arlanzón Motorway Santo Tomé del Puerto - Burgos 100.00% Global 146.0
Valley Motorway San José/Aeropuerto - San Ramón (Costa Rica) 35.00% Prop 65.8
Murcia airport Corvera (Murcia) 60.00% Global n.a.
Revenue backlog Operating concessions
Tunel do Marao IP-4 Amarante - Vilareal (Portugal) 55.00% Global 29.8
Concepción -Cabrero Motorway Cabrero – Concepción 51.00% Proporcional 103.4
The Sacyr Concesiones revenue backlog comes At 31 December 2011, Sacyr Concesiones had
Link road into Iquique Iquique 51.00% Proporcional 78.4
to 29,233 million of euros according to forecast a portfolio of 24 concessions in operation (15 toll Azores Hospital Azores (Portugal) 40.00% n.a.
earnings from each concession. motorways, with a combined length of 1,154 km, and Pedemontana-Veneta Vicenza - Treviso (Italia) 40.00% n.a.
a total of 1,186 km if the two underground train lines Vila Franca Hospital Portugal Xira 51.00% n.a.
are included; four hospitals, with a total of 1,843 beds; Serena-Vallenar Motorway Serena – Vallenar 100.00% Global 187.0
two transport hubs, one service area management Total en construccion Sacyr Concesiones 705.4
company; and two underground train lines):
Total Sacyr concesiones under development
párrafo repetido, hay que revisar redacción Total Sacyr Concesiones
36 ANNUAL REPORT 2011 AREAS OF ACTIVITY 37
BUSINESS SUMMARY
In 2011, the milestones in Sacyr Concesiones’ located in Chile’s First Region (Tarapacá), and will • In February, the financing of the €163 million in Lastly, the company entered into the following
business were as follows: traverse the comunas, or municipalities, of Pozo borrowings related to the Guadalmedina motorway corporate transactions:
Almonte, Alto Hospicio and Iquique. was concluded.
• In January, Sacyr Concesiones was awarded the • February 2011, the company sold 60% of Autopista
concession to build, repair, maintain and operate • In May, the 705 bed Braga Hospital began • In July, the 61.4 million of euros in borrowings related del Guadalmedina and currently holds a 40% stake.
the Concepción – Cabrero motorway in Chile, operating. to the Hospital de Parla was successfully refinanced.
involving an investment of 270 million of euros. • In December, a 49% stake in the Concepción
The concession, located in the Bío Bío Region • In October, the 28.04 km Guadalmedina • In August, the 135.5 million of euros in borrowings Cabrero and the Alternativas de Accesos to Iquique
(the Eighth Region of Chile), intersecting Ruta 5, motorway opened. related to the Arlanzón motorway was refinanced. motorways were sold for 120.7 million of euros and
which crosses Chile from north to south. This 103 56.5 million of euros, respectively.
km motorway will link the cities of Concepción and • In November, the final stretch of the Vallenar- • In addition to the amount of 196 million of euros
Cabrero. Caldera motorway began operating. The first stretch relating to the financing of the Concepción-Cabrero KEY FINANCIAL INDICATORS
(64.6 km long) opened in April, and the opening of motorway.
• In January, Sacyr Concesiones was awarded the the final stretch has made the entire 221 km project Income statement highlights were:
concession to build, widen, upgrade, maintain and operational. • In October, financing of the 80 million of euros in
operate a new motorway in Chile: : the Alternativas borrowings for the Alternativas de Acceso a Iquique a) Revenue from companies:
de Acceso a Iquique project, with an investment In 2011, the following financing and refinancing motorway was concluded.
of 140 million of euros. The 78.4 km concession is transactions were concluded:
Revenues (Miles of euros) (*)
2011 2010 Var. (%)
Turia (*) 5,643 2,514 124.5%
Aunor (*) 3,827 1,630 134.8%
Viastur 6,578 6,247 5.3%
Palma – Manacor 3,405 3,257 4.6%
Barbanza 4,388 4,395 (0.2%)
Eresma 5,735 5,323 7.7%
Arlanzón 10,125 - -
Neopistas 1,704 1,840 (7.4%)
Moncloa Transport hub (*) 6,139 2,803 119.0%
Plaza Elíptica Transport hub (*) 3,292 1,440 128.6%
Gualdamedina - - -
Parla Hospital 12,807 13,301 (3.7%)
Northeast Hospital 13,703 14,273 (4.0%)
Sacyr Concesiones 6,990 1,589 339.9%
Murcia Airport Concession - - -
Spain 84,336 58,611 43.9%
Group Concessions Costa Rica 14,427 10,886 32.5%
Group Concessions Irlanda 16,865 14,662 15.0%
Group Concessions Portugal 28,069 9,125 207.6%
Group Concessions Chile 8,389 463 1,710.0%
TOTAL WITHOUT CONSTRUCTION REVENUES 152,086 93,747 62.2%
Construction Revenues 421,140 440,178 (4.3%)
TOTAL 573,226 533,925 7.4%
> Braga Hospital. Portugal Note: Figures include revenue from of assets under construction, in accordance with accounting standard IFRIC 12.
38 ANNUAL REPORT 2011 AREAS OF ACTIVITY 39
b) Key financial indicators
The key financial indicators for Sacyr Concesiones
were as follows:
Sacyr Concesiones Financial Indicators (Miles de Euros)
2011 2010 Var. (%)
Revenue 573,226 533,925 7.4%
Ebitda 99,532 66,460 49.8%
BDI (42,463) (39,200) (8.3%)
c) The key business benchmarks in terms of ave- or in terms of transport hub passenger traffic, were
> Barbanza motorway. A Coruña
rage daily traffic intensity on each road or motorway, as follows:
IMD december
2011 2010 Var. (%)
Turia 36,374 37,302 (2.5%)
Aunor 11,076 11,814 (6.3%)
Viastur 22,518 22,045 2.1%)
Palma – Manacor 20,642 20,993 (1.7%)
Barbanza 12,679 12,954 (2.1%)
Eresma 6,906 6,573 5.1%)
Arlanzón 22,672 22,954 (1.2%)
Neopistas - - -
Plaza Elíptica Transport hub - - -
> Internacional airport of Region of Murcia > AP-46 toll
Plaza Elíptica Transport hub - - -
Gualdamedina - - -
Hospital de Parla - - -
Hospital del Noroeste - - -
Sacyr Concesiones - - -
Murcia Airport Concession - - -
Costa Rica
Sun Motorway 26,818 18,908 41.8%
Valley Motorway - - -
Ireland
N-6 Concessions Ltd 9,181 9,023 1.8%
M50 Concessions Ltd 108,146 99,962 8.2%
Portugal
Autoestradas do Marao 13,718 12,692 8.1%
Chili -
Vallenar Caldera 4,599 - -
> Condequinto station. Seville underground40 ANNUAL REPORT 2011 AREAS OF ACTIVITY 41
PROPERTY MANAGEMENT
TESTA
ASSET (Millions of euros)
Testa, a leader in its sector, boasts a portfolio of
top-level, prime-location properties leased to large
2011 2010
companies and major clients. This enables the
company to maintain its long-standing and stable Office 2,468 2,484
occupancy levels of around 100%. Shopping 314 307
Residential 295 294
The bulk of the Sacyr Vallehermoso Group’s Hotels 451 452
property business currently comprises offices Industrial 124 131
for rent in Barcelona, Madrid, Paris and Miami. Senior citizans’ homes 21 20
The Group has an area of over 1.5 million m 2 in Others 38 39
operation. Work in prtogress, plots and 362 378
TOTAL 4,073 4,105
In 2011, Testa reported revenue of 251 million of
UNREALISED 1,163 1,157
euros and Ebitda of 200 million of euros.
The rental portfolio stood at 2,636 million of euros,
with underlying Ebitda of 2,082 million of euros BUSINESS SUMMARY
and a margin of 79%.
Testa currently has 1,532,164 m2 in operation, of parking spaces (an additional 114,505 m 2). The
which 585,097 m2 correspond to offices. The company also manages similar assets owned
KEY INDICATORS company operates 13,071 parking spaces, 9,872 by property funds, totalling 785,897 m2, 8,449
(Millions of euros) of which are linked to office buildings. housing units and 8,355 parking spaces.
2011 2010 Gescentesta, a shopping centre administration In addition, Testa owns ten hotels with a total of
Revenue 250.90 249.9 and management company, oversees 276,390 m 2 1,605 rooms. These assets add a further 124,611
Ebitda 200.20 196.8 in shopping centres. m2 to the company’s portfolio. Testa’s hotels are
Net profit 72.50 61.1 four- and five-star establishments and are leased
Rental portfolio 2,431 2,585 In terms of housing rentals, Testa manages a total to the some of the best-known hotel chains.
of 1,534 owned apartments and 1,338 owned
AREA BY PRODUCT (M2)
Asset appraisal 2011 2010
Housing 114,505 114,505
Based on independent appraisals by CB Richard Ellis Office 585,097 585,097
and Tasaciones Hipotecarias, at 31 December 2011 Shopping 71,958 71,958
Testa’s assets were valued at €4,073 million, with unreali- Industrial 210,430 210,430
sed capital gains of €1,163 million. Offices, with an overall
Hotels 124,611 126,136
valuation of €2,468 million, shopping centres, valued at
Senior citizens’ homes 9,429 9,429
€314 million, and hotels, at €451 million, occupy the top
Car parks 397,613 397,613
positions in the asset ranking.
Mixed use 18,521
> L’Oreal building, Josefa Valcárcel, 48. Madrid TOTAL 1,532,164 1,515,16842 ANNUAL REPORT 2011 AREAS OF ACTIVITY 43
Revenue
Rentals by product type
Testa’s revenue amounted to 251 million of euros m 2 at year-end 2010, owing to the incorporation
at 31 December 2011. Ebitda totalled 200 million of of the Pazo de Congresos de Vigo in which Testa Shopping 10%
euros, placing the Ebitda/revenue margin at 79.8%. holds a 44.44% stake. This asset consists of a Shopping 10%
Occupancy stood at 95.5%. 14,475 m 2 auditorium, a 121-room four-star hotel Industrial 4% Industrial 4%
with an area of 8,184 m 2, offices with 4,660 m 2 of Hotels 11%
Hotels 11%
Leasable area at the end of the period stood at floor space, premises with more than 4,900 m 2 of Senior citicens homes’ 1%
Senior citizens
1,532.2 thousand m2, up from the 1,515.2 thousand floor space and 325 parking spaces. Office homes’1% Car parks 1% Car parks 1%
66% Services 2%
Services 2%
Housing 5%
Housing 5%
REVENUE BY PRODUCT (Millions of euros) Office 66%
2011 2010
Housing 13.1 13.0
Office 165.9 164.6
OCCUPANCY BY PRODUCT TYPE
Shopping 24.7 24.8
Industrial 9.9 11.0 % Ocup. m2
Hotels 28.6 28.0 Office 96.3% 585,097
Senior citizens’ homes 1.8 1.8 Shopping 95.8% 71,958
Hotels 100.0% 126,136
Car parks 1.2 1.2
Housing 96.4% 114,505
TOTAL 245.3 244.4
Logistics centres 89.8% 210,430
Services 5.6 5.5 Senior citizen’ homes 100.0% 9,429
TOTAL 250.9 249.9 Car parks 100.0% 397,613
TOTAL 95.5% 1,515,168
RENTAL INCOME BY GEOGRAPHIC (Millions of euros)
2011 2010
Madrid 134.2 130.7
Cataloni 35.2 35.5
Andalusi 11.8 11.8
Baleare 8.6 8.8
Others 11.8 12.4
París (France) 30.9 30.5
Miami (EE.UU.) 12.8 14.7
TOTAL 245.3 244.4
Others 5.6 5.5
TOTAL 250.9 249.9
> Eurostars Gran Madrid Hotel44 ANNUAL REPORT 2011 AREAS OF ACTIVITY 45
Offices Shopping centres
Testa has offices available for lease in the central (355,271 m2), Barcelona (105,979 m2), Paris and Testa’s shopping centre portfolio comprises four centres are located in the best commercial areas
business districts of certain major cities. The Miami. centres, plus the premises owned by property of capitals and other growing cities.
majority of Testa’s office space is in Madrid funds, which it also manages. All of the shopping
Offices
Shopping centres
m2 area m2 area
Offices
Parking spaces Parking spaces
Shopping centre Location M2 area Nº of premises
Building Ribera del Loira, 60 Edificio Endesa 54,849 1,253
Building Avenida del Partenón Campo de las Naciones 37,692 663 Porto Pi Palma de Mallorca 26.359 169
Building Avenida de Bruselas, 33 Edificio Indra 33,718 853
Larios Málaga 21.504 152
Princesa Complex Princesa Complex 33,668
Princesa Complex Madrid 13.202 51
Building Juan Esplandiú, 11 - 13 Edificio O'donnell 27,679 436
Parque Empresarial Ática Ática 7 23,395 502 Oeste Center Madrid 10.893 66
Castellana 259 Torre SyV 21,390 631 TOTAL 71.958 438
Building Alcalá, 45 Alcalá, 45 18,655 40
Building Avenida de Bruselas, 24 Edificio Procter 9,163 243
Building Avenida de Bruselas, 26 Edificio Codere 8,895 214
Building Costa brava, 2 - 4 Raqueta 16,000 335
Hotels
Building Castellana Castellana 83-85 15,055 271 Testa’s lease clients include some of the world’s well-located landmark buildings with prime
Building Eucalipto, 25- 33 Los Jacintos 14,553 256 top hotel chains. The hotels owned by Testa are in transport connections.
Building Príncipe de Vergara, 187 Príncipe de Vergara, 187 10,732 165
Building Pedro Valdivia, 10 Pedro Valdivia, 10 6,568 89
Building Juan de Mariana, 17 Juan de Mariana, 17 3,366 60 Hotels
Building Josefa Valcarcel, 48 Josefa Valcarcel, 48 19,893 357
MADRID 355,271 6,368 Hotel City Chain M2 area Rooms Category
Building Muntadas I Muntadas I 24,380 640
Eurostars Madrid Tower Madrid Hotusa 31,800 474 *****
Building Avenida de Vilanova, 12-14 Edificios Endesa 16,494 94
Eurostars Grand Marina Barcelona Hotusa 20,030 274 *****
Building Sant Cugat I Sant Cugat 15,374 219
Building Diagonal 605 Diagonal 605 14,795 217 AC Forum Barcelona AC 13,768 184 ****
Building Sant Cugat II 10 San Cugat 10,008 251
NH Sanvy Madrid NH 12,182 149 ****
Building Avenida Diagonal, 514 Diagonal 514 9,721 76
Puerta Castilla Madrid Silken 13,180 262 ****
Paseo Gracia, 56 Paseo Gracia 56 8,212 32
Building Muntadas II Muntadas II 3,783 82 Tryp Barcelona Aeropuerto Barcelona Sol Meliá 10,125 205 ****
BARCELONA 102,767 1,611
Tryp Oceanic Valencia Sol Meliá 9,308 197 ****
RESTO ESPAÑA 24,840 173
Tryp Alameda Málaga Sol Meliá 6,000 136 ****
Tour Adriá Tour Adriá 53,841 615
PARIS (FRANCIA) 53,841 615 Tryp Jerez Jerez Sol Meliá 4,637 98 ****
Brickell Ave. 1111 Brickell Ave. 1111 48,378 1,105
Eurostars Gran Madrid Madrid Hotusa 3,581 100 ****
MIAMI (EE.UU.) 48,378 1,105
TOTAL 124,611 2,079
TOTAL 585,097 9,87246 ANNUAL REPORT 2011 AREAS OF ACTIVITY 47
Homes for the elderly Logistics centres
In view of the growing need for care services focuses on building homes for subsequent lease The logistics centres and industrial premises and particularly on the Henares corridor near
for the elderly, the outlook for this business line to a specialised operator, thus eliminating the business continued to boast a very high Madrid, continues to increase . Testa’s logistics
is very good. Testa’s presence in this business management risk. occupancy rate, confirming this business’ positive centres comprise a total area of 210,430 m2 in
outlook for Testa. Profitability in this segment, Barcelona, Zaragoza, Guadalajara and Coslada
which focuses on the Madrid-Barcelona corridor (Madrid).
Homes for the elderly
Logistics centres
Home City m2 area Rooms Beds
Propertie Location m2 area
Faro de Hércules La Coruña 5,829 93 138
Logistic Center Cabanillas del Campo (Guadalajara) 70,134
El Viso Madrid 3,600 95 119
Logistic Center Alovera (Guadalajara) 39,879
TOTAL 9,429 188 257
Logistic Center Coslada (Madrid) 35,934
Logistic Center Azuqueca de Henares (Guadalajara) 27,995
Logistic Center Pedrola (Zaragoza) 21,579
Housing
Logistic Center Lliça de Vall (Barcelona) 14,909
New life is being breathed into the housing market by the Spanish government. Testa was the first TOTAL 210,430
through recently unveiled plans to promote home private operator in Spain to create a specific
rentals, at both the state and the regional level, subsidiary for this segment, Testa Residencial.
and by the economic and tax measures introduced
Housing
Property M2 area Parking spaces Housing
Plaza Castilla 20,574 302
Valdebernardo 7,030 100 94
Conde Xiquena 17 1,664 14 15
Alcorcón 10,750 182 159
MADRID PRIVATE HOUSING 40,018 296 570
Pavones Este 7,574 115 104
Usera 11,958 148 148
Leganés 6,864 103 80
Móstoles I 5,620 109 104
Móstoles II 4,082 92 75
MADRID GOVERNMENT-SUBSIDISED HOUSING 32,016 475 436
Alameda de Osuna 9,318 95 95
SPECIAL PRIVATE HOUSING 9,318 95 95
Sta. María Benquerencia 10,327 103 103
TOLEDO PRIVATE HOUSING 10,327 103 103
Benta Berri 18,744 277 255
S. SEBASTIAN CONCESSIONS 18,744 277 255
TOTAL 114,505 1,338 1,534
> Plaza de Castilla housing. Madrid48 ANNUAL REPORT 2011 AREAS OF ACTIVITY 49
SERVICES
VALORIZA
These activities create synergies with and recurring revenue. The different service businesses
complement the Group’s traditional businesses, also help establish closer links with traditional
in addition to generating high Ebitda margins and clients and foster new commercial relationships.
Key figures (Millions of euros)
2011 2010 % 11/10
Revenue 991.9 1,000.4 (0.8%)
Ebitda 158.2 149.3 6.0%
Net profit 35.4 42.8 (10.5%)
Cash Flow 101.8 100.1 (1.1%)
Revenue backlog 12,079.0 12,043.6 0.3%
Revenue Revenue backlog
The Sacyr Vallehermoso Group’s services division The company’s revenue backlog at 31 December was
ended 2011 with revenue of 992 million of euros, 1% €12,102 million of euros.
lower than in 2010. Attributable profit was 35.5 million
of euros. The breakdown of revenue by activity was as
follows: environmental services 32.9%, water services
25.9%, multi-services 23.7% and energy 17.5%.
Ebitda rose 6% on 2010 to 158.2 million of euros,
giving an Ebitda margin of 16%.
Revenue by activity
2011 Weight 2010 % 11/10
> Ground maintenance in Guadalajara Environment 325,959 32.9% 300,944 8.3%
Water 257,250 25.9% 298,285 (12.6%)
Energy 173,237 17.5% 178,683 (3%)
Despite being a new business, Sacyr Vallehermoso’s • Multi-services (facilities management, industrial Multi-services 235,455 23.7% 226,488 4.0%
services arm is the fastest-growing division in the maintenance, servicing and maintenance of Revenue by activities 991,901 1,000,402 (0.8%)
Group, thanks to the high level of activity in its four motorways, toll roads and roads, maintenance of
business areas: dams and canals, service areas on motorways and
Revenue backlog by activity
toll roads, healthcare services and comprehensive
• Environmental services (municipal hospital management)
2011 Peso relativo
services, waste management, landscaping and
Environment 2,690 22.3%
environmental public works). • Energy (engineering projects, construction and
Water 6,611 54.9%
management of biomass and combined cycle
• Water services (integrated water cycle plants, energy efficiency, solar power and the Energy 1,852 15.4%
management, drinking water, desalination, development, construction and management of Multi-services 926 7.7%
purification and reuse) wind farms) Revenue backlog by activities 12,07950 ANNUAL REPORT 2011 AREAS OF ACTIVITY 51
BUSINESS SUMMARY
Valoriza Gestión is the parent company within the and batteries, treatment facilities for construction
Sacyr Vallehermoso Group’s services division, and demolition debris, landfill gas removal, and
providing general management services for this plants for biomethanation, incineration, and
area. The Valoriza Group has demonstrated strong, waste-to-energy production, as well as facilities
dynamic growth in recent years, underpinned by a to incinerate, compost, and thermally dry sludge
corporate restructuring and the development of its from wastewater treatment plants.
businesses.
Regeneration: This area encompasses water
a.- Environmental initiatives quality control, atmospheric control and recovery
of landscapes and woodlands.
The difficult situation faced by local governments has
led to a downturn in revenue from urban services, Contracts won in 2011 included the following:
translating into fewer tenders and a decline in
services rendered for city councils. The long-standing • Street cleaning and cleaning of internal > Valoriza, Infraestructures conservation
nature of most contracts has improved the Ebitda areas in the municipality of Caldes de Montbui
and profit-after-tax margins of most projects. The (Barcelona) for a total of 4.9 million of euros (four- desalination plants, tertiary treatments and recycling, owned subsidiary Sadyt, a leading player in the
greatest problem is the high degree of indebtedness year concession contract). industrial waste water treatment, agricultural treatment, field of desalination and water treatment. In 2011 it
of local governments and their difficulties with etc.) and the integrated management of the water continued its vigorous expansion both in Spain and
meeting their payment obligations. Attempts have • MSW collection and transport services in the cycle under public sector concessions or in the private internationally.
been made to deal with these issues in two ways: area of Najerilla-Moncalvillo (La Rioja), for a sector. Revenue stood at 257 million of euros in 2011,
by entering into contracts only with city councils that total of 2.7 million of euros (five-year concession with Ebitda of 40 million of euros. The following noteworthy contracts were won in
have a healthy financial situation, and by terminating contract). 2011:
contracts that might entail problems stemming from These activities are carried out by Valoriza Agua in
defaults. • Operation of the composting and thermal Spain and AGS in Portugal and Brazil, and serve a • Expansion of desalination plant in Perth (Australia)
sludge-drying plant using cogeneration in the total over of three million people in the three countries. • Public works to expand the Sagra Alta wastewater
Revenue in 2011 totalled 326 million of euros, with Canal de Isabel II in Loeches, for a total of 8.8 treatment plant
Ebitda at 52 million of euros, 20% higher than the million of euros (four-year concession contract). Amid the economic downturn, two thirds of the • Systematic and emergency leak detection services
previous year, and after-tax profit at 12.7 million of company’s revenue in 2011 was obtained outside of for the Canal de Isabel II supply network, area 1
euros, a 15% improvement on 2010. The works and Spain. • La Reguera wastewater treatment plant operation
services backlog came to 2,690 million of euros. In terms of international business, business and maintenance
activities are carried out in Portugal through Valoriza Agua is one of the leading water management • Torrejón wastewater treatment plant operation and
Valoriza Servicios Medioambientales’ business HIDURBE, which engages in waste collection companies in Spain with a portfolio of contracts, in maintenance
areas are as follows: and treatment, and VIVEROS DE FALCAO, which Spain and abroad, worth more than 6,600 million of • Desalination plant for AngloAmerican Chile -
engages in landscaping services. In 2011, the first euros. Noteworthy activities include integrated water Mantoverde
Municipal services: Encompasses street bids for waste-treatment concessions were submitted cycle management in Santa Cruz de Tenerife through • Purification plant in Valle Guerra (Tenerife)
cleaning concessions, collection of municipal in Croatia, Italy, Poland, France and Australia. the subsidiary Emmasa, as well as management of
solid waste (MSW) (including underground Emalsa, a company which offers integrated drinking
recycling containers), gardening and Revenues in Portugal totalled 6.7 million of euros in water distribution in Las Palmas de Gran Canarias. Four additional water management contracts in
maintenance of green areas, parking-metre 2011. Valoriza Agua also has a contract for integrated Melilla:
management and towing services. Given the water cycle management in Alcalá de Henares
present economic situation, a more selective b.- Water (Madrid) and the water supply concession for the • Gis de Melilla
approach is being adopted in this business area. city of Guadalajara. In Portugal, AGS supplies 18 • Wastewater collection network cleaning
This business line encompasses two main fields of municipalities, including Setúbal, Cascáis, Gondomar • Maintenance of reverse osmosis plants, rainwater co-
Waste treatment: This area operates substantial activities: engineering, development, construction, and Barcelos. In Brazil, AGS has two concessions llection and water networks and ornamental fountains
long-term concessions. It builds and operates maintenance and operation of all types of water-related in São Paulo state. For project development and • New drinking water distribution network in the Reina
plants to treat municipal solid waste, packaging, plants (drinking water and water purification plants, execution, Valoriza Agua operates through its wholly Regente neighbourhood52 ANNUAL REPORT 2011 AREAS OF ACTIVITY 53
The main water supply concessions are: The most significant desalination projects Agua and its specialised subsidiary Sadyt have
completed and in progress and in which Valoriza attained global recognition are as follows:
End-to-end water cycle concessions
Portfolio Desalination plants
% End Population
Concessionaire (millions Customers Hm3
VALORIZA of contract served
of euros)€
1. RO ASHDOD (Israel) inverse osmosis 384,000 m³
EMALSA
33.00% 2,043 1,055 398,000 162,200 31.0 2. Construction, O&M, desalination plant (Perth) inverse osmosis 306,000 m³
Las Palmas, Santa Brigida
EMMASA 3. Aguilas desalination plant (Murcia) inverse osmosis 212,000 m³
94.60% 2,031 1,567 223,200 70,200 22.0
Santa Cruz de Tenerife 4. Teclem Hounaine (Algeria) inverse osmosis 200,000 m³
GUADALAGUA
60.00% 2,033 180 80,000 30,000 10.0 5. La Abrera (Barcelona) electrodialysis reversal 200,000 m³
Guadalajara
AGUAS DE ALCALÁ 6. Skikda (Algeria) inverse osmosis 100,000 m³
25.00% 2,029 100 201,400 45,500 24.0
Alcalá de Henares 7. Costa del Sol desalination plant (Fuengirola, Málaga) inverse osmosis 60,000 m³
ALMADEN 100.00% 2,028 20 6,300 3,840 0.4 8. Cuevas de Almanzora irrigation partnership, Almería inverse osmosis 20,000 m³
SAN VICENTE DE LA BARQUERA 100.00% 2,024 13 4,650 3,934 0.6 9. Mantoverde desalination plant (Chile) inverse osmosis 16,000 m³
PIOZ 60.00% 2,033 43 3,600 1,928 0.4 10. Bahía de Alcudia (Majorca) inverse osmosis 14,000 m³
ESPAÑA 2,978 917,150 317,602 88.4
AGUAS DO SADO
40.00% 2,022 130 117,000 61,300 12.0
Setubal
TRATAVE
40.00% 2,026 70 360,000 300 16.0
Guimaraes, Santo Tirso, Vila Nova
AGUAS DA FIGUEIRA
40.00% 2,034 159 70,000 38,200 6.0
Figueira Da Foz
AGUAS DE CASCAIS
43.00% 2,025 383 188,000 107,000 24.0
Chascáis
AGUAS DE CARRAZEDA
75.00% 2,031 38 9,000 5,200 0.5
Carrazeda
AGUAS DE GONDOMAR
42.96% 2,026 229 194,000 74,200 12.0
Gondomar
AGUAS DE ALENQUER
40.00% 2,033 93 40,000 22,200 5.0
Alenquer
AGS PAZOS DA FERREIRA
90.00% 2,034 366 53,000 7,100 1.0
Pazos Da Ferreira
AGUAS DE BARCELOS
75.00% 2,034 721 155,000 40,000 4.0
Bracéelos
AGUAS DO MARCO
50.80% 2,039 430 56,000 24,500 0.5
Marco do Canaveses
TAVIRAVERDE
31.85% 2,026 76 22,000 27,000 3.4
Tavira
AGUAS DA SERRA
100.00% 2,035 106 21,000 1 2.0
Covilha
COVILHA
49.00% 2,033 250 55,000 27,000 4.5
Covilha
FAGAR
32.83% 2,040 45 57,000 32,000 1.5
Faro
PORTUGAL 3,096 1,397,000 466,001 92.4
AGUAS DE MANDAGUAHY
84.90% 2,021 27 103,000 1 5.4
Mandaguahy - SaO Paulo
SANEAR
54.00% 2,015 3 329,000 1 13.4
Sao Paulo
BRASIL 30 432,000 2 18.8
TOTAL 6,104 2,746,150 783,605 200 > Honaine desalination plant. Algeria54 ANNUAL REPORT 2011 AREAS OF ACTIVITY 55
models (tourism, professional and special promotion),
hospitals (cafés, shops and catering) and urban
transport hub (cafés and franchises).
Cafestore ended 2011 with a total of 28 service areas
in Spain, four petrol stations under management,
and three hospitals in the autonomous community of
Madrid. Cafestore’s service areas are located on the
main traffic corridors of 11 autonomous communities.
The company is Spain’s third-largest operator in this
market,
Sales volume in 2011 was 4% higher than last year,
reaching 30 million of euros. This was a considerable
achievement given that 2011 was a particularly tough
year for the hotel and restaurant industry.
In 2011, Cafestore began operating the
following concessions:
Urban segment:
• Burger King (franchise) at the Moncloa
> Construction and demolitionwaste management service transport hub (Madrid)
in Torrejón de Ardoz. Madrid • Cafestore Moncloa, cafeteria at the Moncloa
transport hub (Madrid)
> Cafestore service area in Hernani. Guipúzcoa million of euros, 10 year contract);
• Home assistance service, Alava provincial Hospital segment:
government 9.1 million of euros, two year • Cafeteria (outpatient hospital area) in addition
c. Multi-services cios Sociosanitarios (VSS), 52% of which is held by contract); to the two existing cafeterias at the Hospital
Valoriza Facilities and 48% by SEPIDES. Operating o Home assistance service, Albacete city Universitario Majadahonda – Puerta de Hierro
The companies in the multi-services unit include: within the scope of the Dependent Persons Law government (7.7 million of euros, four year (Madrid)
(Ley de Dependencia), VSS provides home assis- contract);
• Valoriza Facilities: The core business is facility tance services to the elderly and manages nursing • Cleaning services for the University of En route restaurant segment:
management for buildings (cleaning, maintenance, homes. Cordoba (5.2 million of euros, four year • Hernani service stations (both sides) on AP-8
security, etc.). contract); km 22
The central government’s PLAN 2000 ESE, which will • Cleaning services for Hospital Nuestra • Reopening of the café in Ugaldebieta (Bilbao)
In 2011, the company made a major effort to opti- involve competitive tenders to optimise the energy use Señora del Prado in Talavera de la Reina, (A-8 km 131), which was damaged in 2009
mise contract management with a special focus on of around 2,000 public buildings over the next five years, Toledo (3.8 million of euros, two year contract);
cash management. As a result, revenue growth was will require Valoriza Facilities to get ready to step up to • Cleaning of municipal buildings for the San In addition, in 2012, a service station will be
somewhat slower than in previous years, standing the plate. Sebastián City Council (3.8 million of euros, opened in Mondragón (AP-1 km 18, both sides).
at 137 million in 2011. However, the approach suc- To this end, Valoriza created a new energy services two year contract);
ceeded in boosting profit before tax by 5.5% to €7.4 business (ESE), which has been. • Maintenance of Oviedo University’s facilities • Valoriza Conservación de
million and in reducing borrowings. 100% of 2010 €2.6 million of euros, two year contract); Infraestructuras, the SyV Group company
profit was distributed as dividends. The main contracts awarded to Valoriza • Bilbao City Council building maintenance specialising in maintaining and operating
Facilities in 2011 were: (4.2 million of euros). infrastructure. Since 2004, the company has
The selection of creditworthy clients has led to a gained market share and currently ranks
reduction in the companies’ receivables. Integrated Management of the “Las
• • Cafestore provides restaurant and convenience among the six leading companies nationwide
Fuentes” senior citizens’ home and day centre store services in three concession segments: en in terms of revenue, having risen seven
A standout this year was the investee Valoriza Servi- (Zaragoza) for the government of Aragón (13.5 route restaurant segment, following various business notches since it was founded. In 2011, theYou can also read
