• Grow in new concessions profitably and with financial discipline
  • Promote agreements with Governments to increase the average life and optimize tariffs
  • Increase revenues and efficiently manage expenses, making recurrent cash flow grow
€5,323 Mn +13%
€2,058 Mn +10%
€3,480 Mn +14%
€897 Mn +13%
Net profit


In 2017, the positive evolution of traffic on the Group’s toll roads continued, which continues to grow at a good pace in the company’s main markets. The consistent levels of activity achieved in Spain, Chile and Italy stand out, as well as the continued growth in France and the change of trend in Brazil. India, a market that has joined the Group in 2017, has also experienced a significant growth in traffic. The negative evolution of the activity in Puerto Rico is mainly due to the impact of Hurricane Maria last September.
Traffic 2017 ADT Var. ADT
Spain 20,876 +3.9%
France 24,836 +1.5%
Italy 64,589 +3.2%
Brazil 18,255 +3.2%
Chile 26,810 +4.0%
Puerto Rico 64,645 -2.9%
Argentina 82,825 -1.7%
India 19,613 +9.6%
Total Abertis 24,368 +2.5%


  Dec. 2017 Dec. 2016 Var.
Operating revenue 5,323 4,707 13%
Operating expenses -1,843 -1,642  
Ebitda 3,480 3,065 14%
Ebitda (like-for-like)     7%
Depreciation and amortization of revalued assets -1,422 -1,192  
Operating result (Ebit) 2,058 1,872 10%
Net financial result -786 -611  
Shares of profits (losses) of associates 19 30  
Income tax -365 -287  
Discontinued operations 72 7  
Minority interests -102 -216  
Net profit 897 796 13%
Net profit (like-for-like)     24%
* Cuenta de resultados consolidada de 2016 reexpresada considerando el impacto de la clasificación de las actividades interrumpidas en aplicación de la NIIF 5


Revenues have increased 13% up to 5,323 million euros, mainly due to consolidation from the global integration of A4 and the two toll roads in India, the positive evolution of the activity and the favorable impact of the exchange rate of the Brazilian real and the Chilean peso.L

Seventy-four percent of Abertis’ revenues come from outside Spain. The French market has consolidated as the largest for the Group (32%), followed by Spain (26%).
Revenue 2017 €Mn
Spain 1,362
France 1,690
Italiy 423
Brazil 851
Chile 514
Puerto Rico 131
Argentina 227
Rest of the world (ROW) 122
Holding 3
Total Abertis 5,323


The gross operating margin (EBITDA) reached 3,480 million euros (+14%), although when discounting perimeter and other non-recurrent impacts, the like-for-like EBITDA grew 7% more than in the previous year.

Likewise, the results of the Group have been favored by the implementation of a series of measures to improve efficiency and optimize operating expenses, which the Group will continue to focus on in the coming years.

The result of operations (EBIT) of the year grew 9.9%, 9.2% in like-forlike terms.
Ebitda 2017 €Mn
Spain 1,112
France 1,161
Italy 215
Brazil 429
Chile 402
Puerto Rico 92
Argentina 71
Rest of the world (ROW) 35
Holding -36
Total Abertis 3,480


The net financial result amounts to -786 million euros, of which -677 million euros correspond to the financial cost of the debt and the rest amounted to -107 million euros.


The contribution of registered companies using the equity method amounts to 19 million euros.


The income tax expense amounts to 365 million euros, with the following tax rates in the main countries where Abertis operates: Spain, 25%; France, 39.4% (compared to a prior of 34.4%); Italy, 27.9% (compared to a prior 31.4%); Brazil, 34% and Chile, 25.5% (compared to a prior of 24%).


The consolidated result for the year 2017 attributable to the shareholders has reached 897 million euros, which represents an increase with respect to 2016 of 13% and 24% in like-for-like terms.


During 2017 Abertis generated a gross cash flow (before investments and dividend payments) of 2.073 million euros. Discretionary cash flow was 1,987 million euros, which in like-for-like terms is 11.5% higher than in 2016. The cash flow of the Group is enough to support the investment plan that the company is undertaking to improve the infrastructure of its assets and also allows the company to maintain one of its main strategic pillars: shareholder remuneration.


Total assets as of December 31, 2017 amounted to 29,831 million euros, representing a reduction of 4.3% compared to the close of 2016, mainly due to the impact of the purchase of minority interests of HIT and A4 Holding and the impact of the depreciation of the Brazilian real, the Chilean peso and the US dollar.

On the other hand, consolidated net equity reached 4,777 million euros, 30.8% less than at the end of 2016, due to the impact of the purchase of minority stakes and negative conversion differences, among others.


  Dec. 2017 Dec. 2016
Tangible and intangible assets 20,128 22,506
Financial fixed assets 4,075 4,281
Current assetss 1,373 1,819
Cash flow 2,458 2,529
Assets held for sale 1,796 50
Total assets 29,831 31,186
Net equity 4,777 6,901
Non-current financial debt 16,217 15,210
Non-current liabilities 4,988 5,348
Current financial debt 1,608 1,695
Current liabilities 1,613 1,988
Liabilities held for sale 628 44
Total liabilities 29,831 31,186



Inorganic growth:

• Acquisition of an additional 47.45% in Holding d’Infraestructures de Transport (HIT), the company that controls 100% of Sanef, reaching 100% of its control (2,214 million euros).

• The closing of the purchase of 100% of two toll roads in India (133 million euros).

• The acquisition of an additional 32.16% of A4 Holding (179 million euros).

• The awarding of the Via Paulista 30-year concession in Brazil (396 million euros).

2017 Investments Operations Expansions Inorganic Expansions Total
Spain 12 6 0 19
France 39 151 2,214 2,404
Italy 1 15 179 195
Brazil 24 458 396 878
Chile 4 80 0 83
Rest of the world (ROW) 5 9 135 148
Holding 1 0 0 1
Total Abertis 85 719 2,924 3,728
Expansion of road capacity:

• In Brazil, Arteris continues to work on the expansion and improvement of the roads. Worth highlighting in 2017 are the pavement recovery works, the completion of the duplication of the Serra do Cafezal in Régis Bittencourt, the duplication of lanes in Fluminense and the works of the and the works of the Florianópolis ring road in Litoral Sul (458 million euros).

• In France, Sanef has continued working on the improvement of its network as part of the agreement reached in 2016 with the French Government (Plan Relance), highlighting the construction of a third structure in the Guerville viaduct, among others (151 million euros).

• In Chile, the construction of the new Maipo bridge in Autopista Central and the construction of a new section in Autopista Los Andes (80 million euros) stand out.


Abertis has succeeded in reducing the average cost of consolidated debt down to 4% in 2017.


  • Achieve a healty and efficient financial structure
Refinancing operations
Over €10,000 Mn


Abertis has signed loan agreements with credit institutions for a total value of 2,140 million euros, and with maturities between 2018 and 2022.

• Throughout the year, promissory notes with quarterly maturities were issued, with a promissory note amounting to 100 million euros due in January 2018 remaining at the end of 2017.

• HIT, a French subsidiary of Abertis, has issued bonds worth 1,000 million euros: 500 million euros with maturity in 2023, and 500 million euros with maturity in 2027.

• HIT has reepurchased bonds for 140 million euros from a previous issue with maturity in October 2021, at an interest rate of 4.875%.
• A4 Holding has repurchsed bonds for 200 million euros from an issue with maturity in 2020.

• Arteris completed the issuance of new bonds for 1,615 million Brazilian reais (approximately 407 million euros at the close of December 31, 2017) with two tranches, the first one with maturity in October 2022 and a CDI 12m + 1,60% coupon and the second one with maturity in 2024 and a IPCA 12m + 5.09% coupon.

• Arteris closed also an issue of bonds for 72 million Brazilian reais (approximately 18 million euros) with maturity in January 2018 and a CDI 12m + 1.80% coupon.

• Vías Chile has closed the voluntary redemption of bonds of Autopista Los Libertadores for an amount of 120 million euros and of Rutas del Pacífico for an amount of 190 million euros (in the latter case the transaction was completed in January 2018).

With these operations, the Group extends the profile of debt maturities and highlights the efficiency in the active management of the company’s balance sheet. It also strengthens its ability to take advantage of the opportunities offered by the credit market to obtain attractive conditions and continues to generate value for its shareholders.

Sustainable credit

Abertis has signed its first sustainable credit with ING for a total of 100 million euros at 3 years with the possibility to extend maturity by an additional year. This loan is characterized by the fact that its cost is indexed to the company’s environmental, social and corporate governance (ESG) performance, such that the cost is reduced if there is a positive evolution in these areas.

The measurement of the sustainability rating applicable to the credit subscribed with ING is made by the rating agency Sustainalytics, an independent leader in ESG analysis and assessments, which supports investors around the world in the development and implementation of responsible investment strategies.


Following the policies defined by the Board of Directors, the financial structure of the Abertis Group seeks to limit the risks to which it is exposed due to the nature of the markets in which it operates.

Abertis maintains a high percentage of debt at a fixed rate or at a rate fixed through hedging, minimizing to a large extent the possible effects of stress in the credit market.

Abertis’ net financial debt increased by 990 million euros in 2017, mainly due to the impact of the acquisitions of minority interests in Italy and France, the payment of dividends, the purchase of the toll roads in India and the operating and expansion investments made in the year.
  2017 2016
Net debt €15,367 Mn €14,377 Mn
Net debt/Ebitda 4.4x 4.7x
Debt maturity 5.3 years 5.9 years
Fixed debt 79% 90%
Average cost of consolidated debt 4,0% 4,8%


Agency Date of evaluation Rating Outlook
Fitch Ratings      
Long term 25/10/2017 BBB+ Rating Watch Negative
Short term 25/10/2017 F2 Rating Watch Negative
Standard & Poor’s      
Long term 24/10/2017 BBB Developing Outlook


Abertis has increased its shareholder remuneration by 10% in 2017.


  • Sustainable growth in share value and remuneration
Annual yield
Market CAGR
Accrued dividends
€792 Mn


Closing price €18.55 / share
Maximum price €19.06
Minimum price €13.24
Number of shares 990,381,308
Capitalization €18,372Mn
Annual yield 2013-2017* +16%
Treasury stock 8%
* Includes stock appreciation, bonus issues and dividend yield for shareholders who purchased on December 31, 2012 and have not sold their shares until December 31, 2017.


On April 3, 2017, the General Shareholders’ Meeting of Abertis agreed to the distribution of a second and final payment of the 2016 dividend charged against available voluntary reserves of 0.37 euros gross per share, which became effective in April of 2017. In this way, the total 2016 dividend was 0.73 gross euros per share, representing 723 million euros and implies an increase of 10% over the total distributed amount against the results of the previous year.

The aforementioned Shareholders’ Meeting agreed to offer shareholders the possibility to choose between receiving the second payment of the 2016 dividend of 0.37 euros gross per share in cash or through the awarding of shares of Abertis Infraestructuras, S.A. from shares held by the Company. 15.3% of the share capital of Abertis Infraestructuras, S.A. has opted to collect said dividend in the Company’s own shares, which has entailed the delivery of 2.9 million treasury shares representing 0.29% of the share capital of Abertis Infraestructuras, S.A.

The Board of Directors has agreed to propose to the Ordinary General Shareholders’ Meeting the distribution of a second and final dividend payment for 2017 of 0.40 euros gross per share. With all of the above, considering the first dividend payment already distributed of also 0.40 €/ share, the total 2017 dividend will amount to 792.3 million euros, and represents an increase of 10% over the total distributed amount in 2016.

Thus, in compliance with the commitment established in the 2015-2017 Strategic Plan, shareholder remuneration has experienced an average increase of 10% per year in the period (specifically 10% in 2017, 11% in 2016 and 10% in 2015).


* As per the notification submitted to Abertis in December 2017 and December 2016: Participation through Criteria Caixa, S.A.U. of 15.07% and Inversiones Autopistas, S.A. of 6.07% and under a syndication agreement with G3T, S.L. and BCN Godia, S.L.U. of 0.26% and 0.15% respectively (15.08% through Criteria Caixa, S.A.U. and 7.17% through Inversiones Autopistas, S.A., as of the close of 2016).



Abertis’ tax policy is based on transparency and the responsible and cautious application of tax laws.
Total tax contribution
€1,832 Mn
Tax contribution
per kilometer of directly managed toll road
The Group is committed to its duty to pay taxes to contribute to public finances, which provide the essential public services for the progress and socio-economic development of the countries in which it operates.

Since 2014, Abertis voluntarily adheres to the Code of Good Tax Practices, which contains a set of recommendations agreed between the Spanish Agencia Tributaria (Tax Agency) and the Foro de Grandes Empresas (Large Company Forum). The company complies with its principles of performance.

Following the principles that have guided its actions since its incorporation, Abertis avoids the use of opaque structures, processes or systems with fiscal purposes that seek to shift profits to low tax jurisdictions (tax havens) or prevent tax authorities from identifying the end party responsible for the activities or the ultimate owner of the goods or rights involved. Additionally, the Board of Directors is notified on an on-going basis about the tax policies being applied.


Country* Total contribution (€Mn)
France 867
Spain 237
Argentina 216
Brasil 215
Chile 141
Italy 132
Other** 24
Total 1,832
* Changes in perimeter with respect to 2016: Italy includes Grupo A4 Holding for all of 2017 and section Other includes Trichy Tollway Pvt Ltd and Jadcherla Expressways Pvt Ltd concessionaries of India since the date of acquisition (2/3/17).
** Includes United Kingdom, The Netherlands, Puerto Rico, Mexico and India, among others.


Abertis makes quantifiable economic and social contributions through the payment of public taxes in the different countries in which it operates. Said payments imply a strong effort in order to comply with all formal notification and collaboration obligations before the Spanish Tax Agency as well as with all relevant responsibilities.

Following OECD cash basis methodology, the total tax contribution of the Abertis Group in 2017 amounted to 1,832 million euros, 811 and 1,021 of which have corresponded to taxes paid and taxes collected respectively. In this sense, the Abertis Group includes all dependant companies that are consolidated by the global integration method10.

In 2017, for every 100 euros of Abertis’ revenue, 34 euros are destined to the payment of taxes. Specifically, 15 euros go to the payment of taxes paid and 19 euros go to the payment of taxes collected.

Likewise, the tax contribution per kilometer of toll roads directly managed by Abertis amounts to 219,339 euros, of which 94,053 euros and 125,286 euros correspond to taxes paid and taxes collected respectively.
* Includes taxes paid by the Hispasat Group that amount to €58 Mn (€43 Mn of taxes paid and €15 Mn of taxes collected).
Taxes paid are those that represent an effective cost for the company (payments of Income Tax, local taxes, indirect taxes on goods and services and social security for the business quota).
Taxes collected are those that do not affect the result but are collected by Abertis on behalf of the tax administration or are paid on behalf of other taxpayers (value added tax, withholdings and social security for the worker’s contribution).


Abertis applies preventive measures to preserve the environment and reduce pollution, giving shape to a more efficient, responsible and sustainable operations model.


  • Reduce the carbon footprint
  • Develop products and services with positive environmental and social criteria
  • Innovation based on circular economy criteria of the activity’s value chain
  • Enhance and preserve the natural capital
Emissions of CO2e (scopes 1 and 2) (Tn/€Mn of revenue)
* Perimeters 2016 and 2017 non comparable.
€23 Mn +3%
Destined to the environment
The Abertis Group applies a set of measures aimed at minimizing environmental impact and which start from the design phase of the infrastructure itself, seeking a balance between sustainability and economic and technical viability. This allows defining and implementing preventive measures to preserve the environment and reduce pollution, giving shape to a more efficient, responsible and sustainable operations model.

79.6% of revenue has an environmental management system implemented and/or certified according to the ISO 14001 international standard.


Abertis has formally identified the risks and opportunities arising from climate change and is currently in the process of conducting an economic assessment of the former as part of its corporate risk management framework and specific projects developed in this area.

The emissions derived from the use of the infrastructures, as well as the intensity related to liquid fuels and materials and energy used during maintenance and construction are some of the main sources of emissions related to the activity.

Annually, Abertis takes part in the climate change performance and management analysis conducted by the Carbon Disclosure Project, through the preparation of a detailed report on the management of risks and opportunities as well as details of its carbon footprint. The calculation of the footprint, expressed in tons of CO2e, is a fundamental element for Abertis to determine which priority areas and processes the organization must focus on that require action, as well as to evaluate the advances taking place in response to actions implemented in the field of greenhouse gas emissions reduction.
In 2017, scope 1 and 2 CO2e emissions were reduced by 13% relative to revenue with respect to 2016 in a non-constant perimeter. If an estimate of the scope 1 and 2 CO2 e emissions is included from the new additions (India and Italy) in the year 2016, the evolution would represent an increase of 3.5%. Total emissions in relation to revenue have increased 16.6%.*
* The emissions included in the calculation of the carbon footprint are the following: scope 1 emissions: emissions derived from the direct consumption of fuels and refrigerant gases; scope 2 emissions: indirect emissions derived from electricity consumption; scope 3 emissions: other indirect emissions derived from the suppliers of the organization and from the use of the products and services provided by the organization (vehicles traveling on the included toll roads).
Of the total emissions of the Group in 2017, 86.3% of the contaminating emissions come from the vehicles that transit through its toll road network. In this sense, Abertis works to facilitate the circulation and implementation of more ecological, quieter and safer vehicles on its roads (see Road Tech section).

Likewise, with regard to the management of scope 1 and 2 emissions, different actions have been developed focused on contributing to the established overall emissions reduction target.

• In 2017, Autopistas obtained the environmental quality certification granted by the Generalitat de Catalunya, which recognizes Aucat’s and Invicat’s fleet of environmentally-friendly vehicles that contribute to ecoefficiency and sustainability. This action was developed as part of the deployment of the sustainable mobility plan formalized during the year.

• Among the measures implemented by Autopistas through its Electrical Maintenance Master Plan are the regulation of the lighting flux, the optimization of outdoor lighting or the renovation and installation of LED technology lamps.

• Photovoltaic panels, recycled material collection systems and a waste segregation center have been installed in Brazil.


346,046 Tn
Generated waste
Adequate waste management is integrated into daily operations. Road maintenance is another way in which the environmental footprint can be reduced, often through R&D.

During 2017, work has continued on the development of joint projects with the goal of identifying the feasibility of reusing construction waste for the conservation of pavements.

Likewise, possible collaboration agreements are being explored with different stakeholders for the reuse of the waste generated by the activity, including the potential energy recovery thereof and specific containers have been installed for the recovery of this type of waste during construction work.
Non-hazardous waste
Hazardous waste
Construction waste
Ordinary wet sludge
Although most wastewater generated during the activities is similar to domestic wastewater, appropriate measures are available to ensure an adequate management thereof in the case of other types of wastewater, including containment ponds and other treatment and purification techniques.

Worth highlighting is the treatment of wastewater through the use of roots and the installation of rainwater collection tanks in Brazil with the aim of optimizing water consumption and promoting actions related to circular production processes.

• Sanef (France) advances in it aquifer protection program which, as part of the Relance Plan, will entail a total investment of 55 million euros. In 2017, work has been carried out on the construction of water collection and treatment ponds in 12 locations along the A4 and A1 toll roads, with an investment of 25 million euros.

• In Autopista Los Libertadores (VíasChile), where water for irrigation is scarce, a system of reuse of treated water was implemented, allowing to irrigate the landscaping areas of the urban section of this route. This project allowed increasing the availability of water in the sector, reduce transportation time and costs and reduce emissions from transportation.


1,418.3 km of Abertis’ toll roads are located in zones of special biodiversity interest, mainly in France, Brazil, Spain and Italy.


– emergency plans
– conservation and cleaning plans
– environmental monitoring programs
– environmental liability recovery programs
– awareness and education campaigns
– installation of wildlife crossings and enclosures
– compensatory planting

• Awareness-raising is another of the Group’s tools to reduce its environmental footprint. In Brazil, through Arteris, the Group conducts awareness campaigns during the holidays as well as other campaigns on the occasion of Water Day, Environment Day, Tree Day and others. Likewise, Spain is also committed to raising awareness among partners and collaborating companies by establishing requirements for better environmental practices. Similarly, France has continued with awareness actions related to the biodiversity of the environment in the vicinity of roads.

• In addition, environmental emergency kits have been installed in construction sites in Brazil, and specific supervisory measures have been carried out of environmental matters affecting construction work, together with specific wildlife studies.

• In India, the Government is collaborating in the Mission for a clean India campaign, which aims to promote hygiene standards to ensure cleaner roads.


– installation of acoustic screens
– measurement of the acoustic impact by means of control points

During 2017, acoustic impact studies were conducted in a total of 2,511 kilometers in mostly Spain, Brazil, Chile and Italy, which represents 31% of the total kilometers managed.

• France has worked on the isolation of the facades of Roberval Castle (along the A1 toll road), by updating the strategic noise maps (in the same way as Spain) and noise prevention plans for the environment and the noise observatory.

• Argentina works both on the use of noise reducing asphalt, as well as on the deployment of reforestation plans.
For more information please see the Annex to this Report.


Abertis collaborates with the community through projects relating to road safety, the environment, culture and social accessibility.


  • Generate positive synergies with local communities
Initiatives developed in 2017
€6.3 Mn +5%
Destined to social initiatives and sponsorships


Abertis actively participates in the local communities in which it operates through different mechanisms, including the formalization of communication channels and the establishment of direct relationships, as well as through involvement in industry and generalist associations and coordinating and executing sponsorship and social action projects.

During 2017, the companies of the Group in the different countries have participated in a total of 82 associations. Also worth noting is the continuation of the 1% cultural projects in Spain and the Rouanette Law in Brazil.

Red Viva Program (Chile). Prior to the development of new interventions due to capacity expansion construction work, a mapping of stakeholder groups that are linked to the territory and the local community was carried out, in which their expectations and needs that are to be incorporated into the design and execution of the works are identified. The Red Viva program coordinates the actions geared at building links with the territory, formalizing a systematic direct relationship with the local community and generating positive social impacts of the operations. Once the works are completed and the new infrastructure begins operations, the Red Viva program continues the relationships established in the initial phases.

Hurricane Relief Aid in Puerto Rico

In order to contribute to the recovery efforts following Hurricane Maria in Puerto Rico, Abertis and Goldman Sachs, parties to the Metropistas consortium partners, consortium, have donated US$ 1 million toward aid after the hurricane swept through the island.

The donation will be channeled through three non-governmental organizations (NGOs) that have been actively involved in various aspects of posthurricane relief efforts in Puerto Rico: United for Puerto Rico, the American Red Cross and Team Rubicon, each of which will receive an equal portion of the total.


The Abertis Foundation represents institutionally and strategically the organization’s commitment to the environment and the local community, and coordinates the identification of positive synergies in different countries. On an annual basis, it publishes the activities report, which provides details about the actions that have been conducted.

The Castellet Castle, the Abertis Foundation’s headquarters, also hosts the headquarters of the UNESCO International Center for Mediterranean Biosphere Reserves (CIURBN), which coordinates a network of 60 reserves in 15 Mediterranean countries with the aim to build bridges for dialogue, cooperation and the exchange of knowledge and experiences.


Road Safety:

Te queda una vida (“You have one life left”) and “#SumaTuLuz” (Sum up your light): Awareness actions in nightlife areas in Madrid and Catalonia to alert young people about the risks of driving after having consumed alcohol or drugs, or on the dangers of distractions caused by the use of mobile phones.

Cooperante Vial (Road cooperant):a project taking place in Barcelona and Madrid where young people with Down syndrome observe and take notes of the mobility habits around schools and then provide suggestions for improvement.

KanGo!: Third edition of a project that combines road safety with disabilities in Barcelona.

Senior Driver Observatory: A workshop about the subject of driving after 70 held in Madrid in June.


Colaboración Italia-España: The Abertis Foundation, together with the Spanish Embassy in Rome and the Royal Academy of Spain in Rome, has presented in Italy its program to promote collaboration between both countries within the framework of UNESCO’s Network of Mediterranean Biosphere Reserves.

Mediterranea 2017: the CIURBN hosted the MEDITERRANEA 2017 convention in September, the first forum for Sustainable Tourism in Mediterranean Biosphere Reserves.


Since 2003, Abertis and the Abertis Foundation have been promoting the creation of different academic chairs in collaboration with renowned universities and national and international academic institutions. Aware of the importance of working with the academic world to ensure social and economic progress, Abertis promotes training, research and the transfer of knowledge between University and Corporations.

The first Academic Chair was established in Spain together with the Polytechnic University of Catalonia - BarcelonaTec, and was subsequently followed by France (IFSTTAR-École des Ponts); Puerto Rico (University of Puerto Rico); Chile (Pontificia Universidad Católica de Chile) and Brazil (University of São Paulo). More recently, the Abertis-UPM Chair (Polytechnic University of Madrid) was also created.

1st Abertis Road Safety Award

The International Network of Abertis Academic Chairs has granted its first International Road Safety Award in 2017, which recognizes the best work among the winners of the national prizes of each Chair (Brazil, Chile, Spain, France and Puerto Rico).

The award went to Dr. Hédi Hamdane, from the Aix-Marseille University (France). In his thesis, the author develops several road safety systems for vehicles to detect pedestrians and thus avoid impact. These systems analyze the trajectory of the vehicle by processing images with sensors; the emergency brake is activated whenever a pedestrian is detected in its path.



• VíasChile has received the Valor Compartido Award from Sustainability Hub for its project on the scouting and social rehabilitation of imprisoned women.

• Arteris continues to promote the Projeto Escola (School Project) in Brazil. In 2017, the project opened to people with disabilities.

• Also in Brazil, the Jovens Aprendizes (Young apprentices) project combines volunteering with labor integration. Its aim is to integrate young people living in shelters near the Autopista BR-101 into the work environment of Fluminense.

• Thanks to the collaboration of Grupo Abertis, the Sant Joan de Déu Hospital in Barcelona has added to its new hall (a large 600-square meter space joining the external consultations, child hospitalization and women’s areas) several interactive games related to the human body to provide fun to children, patients and relatives during their waiting times.

• Demos Project: Sanef has signed an agreement with the Paris Philarmonic to finance the musical education of disadvantaged children.


• Abertis along with its Foundation and subsidiaries of Grupo Sanef and A4 Holding have sponsored several exhibitions of Pablo Picasso’s artwork in Spain, Italy and France.

• Abertis’ subsidiaries in Argentina, Ausol and GCO, have brought to Buenos Aires unique works from Joan Miró as part of the exhibition “Miró: The experience of watching”, open to the public from October 25 until February 25, 2018 at the Buenos Aires National Museum of Fine Arts.

• A4 Holding has also sponsored the exhibition “Da Caravaggio a Bernini. Capolavori del Seicento italiano nelle Collezioni Reali di Spagna”.

Total investment in social action initiatives and sponsorships in 2017 was 6.3 million euros, for projects of different characteristics according to the Abertis and LBG classification.


Abertis works with qualified suppliers with proven technical, financial, ethical and responsible performance credentials.
Purchases from local suppliers


Abertis’ supplier policy is based on the principles of competence, longterm relationship, adequate planning, efficiency and control. Abertis has several control mechanisms in place with the purpose of assuring adequate compliance with these principles and their traceability in order to revent certain risks. Said mechanisms combine committees and management tools that ensure that each and every contract is justified, that describe the implications resulting from not proceeding with them, and that verify their profitability.

The implemented supplier contracting process is electronic and includes a formal assessment and qualification process based on the risk levels associated with the supplier company.

Supplier involvement in the development of products and services with positive ESG (environmental, social and good governance) impacts is important, especially when they participate in activities related to road maintenance and construction. The objectives of the Master Plan in relation to external collaborators are present in the four strategic pillars of the plan, due to the cross-cutting impact they have on each of the aspects. In this sense, 100% of the tenders in 2017 have been formalized under environmental and social clauses (ESG).

The scope of the non-financial information and the main management procedures related to ESG aspects includes external collaborators, and performance in connection with the actions conducted a part of the life cycle of the organization’s activity is reflected in the data presented.

The supplier management policy and the implemented contracting procedures establish, among other requirements, the qualification and evaluation of suppliers in matters pertaining to ESG. A formal system has been implemented in Brazil, Spain and Chile, through a joint evaluation tool that collects information on supplier performance and management in connection with different environmental, social and good governance aspects. Thus, it is possible to obtain an indicator of the performance of each supplier and establish a system of incentives for continuous improvement. In the rest of the countries, work is under way to integrate equivalent supplier evaluation procedures, although 100% of the critical suppliers have already been evaluated.

The ultimate goal is to ensure the standardization under common criteria in all countries and progressively increase the volume of purchases from these suppliers.

The increase in the number of evaluated suppliers according to CSR scoring in Brazil stands out, where the evaluation is a prerequisite to participate in the bidding processes. The good performance of this measure makes it a good case for replicability in other countries to encourage the increased participation of suppliers in this type of ESG performance evaluation exercises.


• 2nd Supplier Convention at Autopistas, which brought together more than 100 people on behalf of 65 suppliers to discuss Road Safety, Risk Prevention, Supplier Evaluations and Customer Service.

• VíasChile has launched a training program for its different concessionaries addressed to all personnel involved in the purchase of goods and services. The idea is to showcase the general guidelines of the Procurement processes, the stages of the acquisition of goods and services and the use of the Contracts and Instruments Management System as a support to the management of company contracts.

• Arteris has conducted the environmental assessment and monitoring of all construction works in Brazil.

• 3rd edition of the Abertis Global Purchasing Meeting, with the participation of all people involved in the Purchases Department of all countries.



Abertis strives to create a culture of respect, inclusion, collaboration, safety and health in the workplace.


  • Guarantee the safety and health of people at the workplace
  • Promote a team that is satisfied, committed and aligned with our goals and values.
  • Guarantee equal opportunities
  • Boost quality of employment
  • Attract, develop and retain professional talent within a multicultural context
Collaborators (final workforce)
Executives come from the local community
Total workforce
Heads of deparment
* The average number of Abertis employees at the end of December 31, 2017 includes 205 employees associated with non-current assets held for sale (233 employees as of December 31, 2016), which means the average number of employees without considering those associated with these assets and/or businesses discontinued in the current or previous years would amount to 14,841 in 2017 and 14,889 in 2016.


  Men Women Total
Workforce 63% 37% 15,099
Permanent contract 97% 94% 95%
Full-time 95% 85% 91%
Turnove 17% 25% 20%


The center of the entire Abertis universe is the people that make up its human team. A cross-functional and diverse team whose mission is to consolidate Abertis as the world’s leading toll road operator and a global reference in the field of road mobility.

Abertis’ team is made up of nearly 15,000 people that combine the talent to ensure that our toll roads become high quality roads for our customers.

This way, the Abertis Group strives to create a culture of respect, inclusion, collaboration, safety and health in the workplace. The vision of the Human Resources teams is to create a positive environment in which people can share the Group’s values and leverage their capabilities - experience, knowledge and skills - to achieve the levels of excellence with which to contribute to the consolidation of Abertis as a reference company in the industry.

The Group promotes diversity through hiring, internal promotion and training and development programs.

A total of 342 people have taken parental leave during the year, with a retention rate of 99.2% for men and 90% for women.
The presence of women in executive and management positions has increased, thus consolidating a positive trend over time. Nevertheless, it is necessary to keep on working to guarantee the gender balance across all professional categories. All countries have regulations linked to equal opportunities, although only Spain imposes the obligation to prepare a specific equality plan in relation to the various management aspects surrounding this matter, in addition to remuneration, such as promotion, training and selection, among others. The overall remuneration ratio for women is 83.2%, a slightly higher percentage than the previous year.

Similarly, some countries have specific legislation on the hiring of functional-diverse people. Brazil, France and Spain require the hiring of a percentage of hiring of functional-diverse people, either workers, either directly or indirectly, through the use of alternative measures.
* This graph and the following in this chapter are calculated from data with a non-financial information scope (specified in chapter “About this report”)


Ninety per cent of executive-level vacancies in the last five years have been filled via internal promotion.


In 2017, Abertis has started the implementation of its Succession Plan for both the Corporation and the subsidiaries. This plan allows to identify the successors of all critical positions at the company (“high potentials”) and provide a global and cross-cutting vision to making the most of the organization’s talent base.

The Succession Plan is already under way in most of the Group’s business units. At present, the training needs of the so-called successors with respect to the responsibilities of the positions to which they are appointed are being analyzed.

Likewise, in 2017 work has continued on a development program for managers and key employees and specific training has been developed in the field of cultural competences as a result of the greater international and cultural diversity conforming the Group’s employee base.

• In 2017 the HR Standards were created, a tool that helps streamline the development objectives and the improvement of the Human Resources departments of all business units.


Talent promotion and retention are the main elements that make up Abertis’ professional development policy. Therefore, committing to this talent base is a fundamental pillar of our people management policy. One of the Group’s strategic objectives is to ensure that at least 75% of the executives and managers vacancies are filled by internal candidates.

Proof of this is the importance that the company gives to people development initiatives, such as the Abantis program, designed for the executive development of high potential employees within the Group and which is now in its fourth edition, and the “Talent Development Program”, both developed in collaboration with top business schools.

In the last five years, 39 executive positions have been renewed in the Group, 32% of the total number of Abertis executives. Ninety per cent of these new management positions have been filled by internal promotion via vertical or horizontal movements. In addition, more than 48% of employees who have gone through the Talent program are currently holding a leading position in the Group.

The Group has established a Management by Objectives system for the promotion of talent. Currently, 100% of the executives positions, 96.2% of managers (heads of department) and 60.3% of the remaining positions are under this performance evaluation system.


Abertis bases its business corporate culture on the basis of collective intelligence resulting from the sum of the intelligence of the entire team. The company has consolidated the so-called “Open Culture” through various programs:

Open Circles: Participatory sessions to connect with the vision of the Corporation.

Come in!: Short presentations enabling direct and transparent access to knowledge about the organization’s relevant issues and projects. Open Challenges: Participatory and voluntary projects. In 2017, the projects of the 5 teams have been approved. The most advanced one is the Innovation project that seeks the mobilization of 180 people of the corporation through a program consisting of several actions (6 in 2018).

Nice 2 Meet you: Short presentations about each department of the Corporation to promote greater knowledge in the various areas and a greater efficiency. In 2017, 5 units were submitted: Tax, Legal Counsel, Risk Control and Internal Audit, Engineering and Construction and Information and Technology Systems.

Likewise, the Corporation has continued to work with different Open initiatives, such as the second edition of In Abertis, based on trust; the Nice to Meet You meetings; the Open Challenges or the Come In session dedicated to international intelligence presentations.

• In 2017 Sanef has completely renewed its corporate headquarters by adapting “open space” criteria. The company is studying the renovation of other corporate buildings with these same criteria. A4 Holding also plans to adapt its Verona offices to this new concept that seeks transparency, participation and teamwork.

• Autopistas has launched the Focus project on cultural transformation at the company, with initiatives such as a new intranet with access to all employees, a new workforce rotation policy that gives greater flexibility, and the implementation of process-based management.

• In India, an inverse training program was launched whereby country employees were able to learn about the cultural differences between the Asian country and the rest of the countries of the Group.


To encourage the efficient use of this collective intelligence, Abertis has created the Connectis knowledge network, a space that allows people involved in the different phases of the operation to share knowledge and work collaboratively with the goal of implementing continuous improvement processes across the entire group.

Toll roads of Brazil, France, Spain, Chile, Argentina and Puerto Rico are actively involved and, specifically, the areas of civil construction works, operations and exploitation, technology and information systems and procurement.

The initiatives identified in Connectis become projects that are implemented by the different activities and countries jointly, thus sharing good practices and the challenges encountered, from a broader perspective that enriches all stages of the project. This allows implementing continuous improvement processes across the entire Group using tools such as e-learning or webinars.


The Group periodically conducts work climate surveys to measure employee satisfaction and develop action plans focused on improving the well-being of the staff.

• In 2017, actions have been launched that focus on the analysis of the current performance evaluation processes and the promotion criteria for their revision and modification after the results of the work climate survey conducted among central services employees in 2016, which saw a participation of nearly 90%

• Arteris (Brazil) has conducted the satisfaction survey as part of the Valor Carreira project, whose results have been satisfactory and an overall satisfaction rate of 80%.

• Vías (Chile) has conducted the “Yo opino (I give my opinion)” survey at the central offices, and it is planned to be rolled out in the toll roads.


Abertis wants to encourage and support volunteering activities with the ...creation of the Abertis Infraestructuras and Abertis Foundation “Altruis Volunteer Program”, through which its professionals can spontaneously donate part of their time, skills, knowledge and economic support to improve society.

This implies carrying out activities of a general interest that meet welfare, social services, civic action, educational, cultural, scientific, sports, health, development cooperation, environmental, defense of the social economy or research criteria oriented to that end, as well as development of associative life, the promotion of volunteering services or any other of similar nature at the national level.

In Brazil and through its Voluntários program, Arteris employees travel around the toll roads to locate homeless youth living near the infrastructures.

Among other corporate volunteering actions, Sanef workers in France give music lessons to small orchestras consisting of children without economic resources.

Likewise, VíasChile’s landscaping professionals in Chile teach classes to women in prison to encourage their re-integration into the workplace. Also in VíasChile, as part of the “Construye tu Futuro (Build your Future)” plan, succeeded in helping more than 170 young people from highly socially vulnerable backgrounds in 2017 obtain state scholarships to pursue higher education careers. Thanks to this program, nearly 500 young people have gained access to technical and professional careers, with the support of tutors and volunteering collaborators of VíasChile.
For more information, please see the Contribution to the Community section.


€4.7 Mn
Investment in training
Almost all countries have specific training plans aligned with the direct needs of collaborators and the achievement of the strategic objectives of the Group. Abertis has set the goal that, in the coming years, each employee of the Group will receive a minimum of one development action per year, thus increasing the average number of training hours per worker.

• Autopistas has launched the CAMPUS platform with the aim of conducting online training through a platform available on the company’s intranet. Due to the geographical dispersion of collaborators, it is a very useful tool that allows reaching out to the entire workforce simultaneously and offer regulatory-required training courses (health and safety, collective agreements and ISO certifications basically) and also required training applicable to the entire staff.

Online Arteris University. The Arteris University was created in 2016 with the goal of sharing the knowledge about the business among internal collaborators, and promoting the professional development among talented company employees. In July 2017, the Arteris University was strengthened through the creation of the Arteris Online University and the Arteris Operations University.

Arteris Online University:
31 published courses;
92% active collaborators in the network

Arteris Operations University:
training for 362 collaborators; 54 courses completed.


The Group has launched the Global Health and Safety Program with the aim of reducing accidents at work.
Workplace accidents
106,934 hours
of health and safety training
In 2017, work-related accidents were significantly reduced, with drops observed across all main indicators. It is the result of unrelenting work to prevent risks and of the actions implemented in all of the Group’s concessionaires.




92.3% of turnover has a formal health and safety implemented and/or certified management system based on the OHSAS 18001 international standard. Operations in India, one of the concessionaires in Puerto Rico and one in Argentina, as well as the operations in Italy lack this type of formalized systems.

The analysis of workplace risks, the deployment of preventive measures, training and the provision of specific equipment and the monitoring of performance indicators on a permanent basis are some of the actions included in the systems.

Likewise, 85% of the workforce is covered by a health and safety committee, which jointly between the workers and the organization, conduct a specific follow-up of the application plans and the measures aimed at preventing occupational risks. These committees have met on a total of 522 occasions, with the goal of addressing various issues such as training, safety activities, planning monitoring, investigation of events and coordination with contracted companies involving 25,924 employees.

Workplace accidents have continued with a downward trend, as have the related rates, according to the established objective. Nevertheless, the potential incidence of India must be assessed as soon as the procedures and the safety culture are consolidated that allow to obtain related data. During the year 2017, one collaborator died in France due to an accident, and there were a total of 209 accidents among subcontractors, which are not included in the data analyzed in this report.



Global Occupational Safety Program: Aligned with the Global Road Safety program, the Global Occupational Safety Program was launched in 2017 with the aim to work together as a Group to reduce accidents at work.

Ongoing training: During 2017, 106,934 hours of Health and Safety training were completed at Group level (-27.1%).

Improved worker safety: En France, Sanef has driven actions such as the 9 golden rules of prevention and has completely banned the consumption of alcohol among its workers during corporate events, and has conducted several awareness actions as well.

mplementation of the Workplace Risk Reduction Index (IRR) as a Strategic Objective of Arteris. In order to have available proactive measures to measure and monitor health and safety at work, the toll roads in Brazil have designed an index that relates the number of accidents that occur to the number of audits or prevention actions that have been developed, since a direct relationship between these two variables has been observed.

Global Corporate Challenge: Promotion of physical activity among Sanef employees. For 100 days, employees (divided into 7 teams) wore a pedometer to measure their physical activity. They competed symbolically between teams to see who had gone the furthest. The goal is to encourage employees to make progress, in particular by exceeding the 10,000 step per day threshold recommended by the WHO.

Other actions performed: – Specific monitoring and control audits – Psycho-social evaluations – Procedures for continuous improvement – Workshops and awareness-raising activities.

Sanef’s 9 golden rules of prevention

1. Remain aware and be concerned about safety
2. Comply with and enforce safety rules
4. Do not act with haste
3. Keep calm
5. Choose a safe route and do not run
6. Keep workspaces neat and clean
7. Control the vehicle and respect traffic laws
8. Make sure you have the necessary resources, carry/wear the right equipment and know the rules
9. Take care of the material and ensure its proper use


The Economic Value Added (EVA) shows the economic value generated by the Abertis Group and at the same time describes how that value is distributed among those elements that have contributed to its creation.

The economic value generated by Abertis in the year 2017 has amounted to 5,655.9 million euros, of which 74.9% has been distributed and 25.1% has been retained by the organization.