OHL Group Annual Report - Grupo Villar Mir

OHL Group Annual Report 

2010

Economic Data 

OHL Group 

Data Highlights 2010 

2010 % 2009 % Var. (%) 

Millions of euros 

Annual turnover 4,909.8 100.0% 4,780.2 100.0% 2.7% 

Gross operating income (EBITDA) 1,005.0 20.5% 763.1 16.0% 31.7% 

Net operating income (EBIT) 700.1 14.3% 512.0 10.7% 36.7% 

Gross income 382.3 7.8% 300.2 6.3% 27.3% 

Net attributable income 195.6 4.0% 156.1 3.3% 25.3% 

Parent company net shareholders’ equity 1,300.0 779.9 66.7% 

Operational Data 

Ratios 

Backlog breakdown 


Short-term portfolio 5,760.4 6.8% 5,395.1 8.1% 6.8% 

Long-term portfolio 78,546.4 93.2% 61,331.4 91.9% 28.1% 

Total backlog 84,306.8 100.0% 66,726.5 100.0% 26.3% 

Turnover breakdown 

Concessions 1,508.7 30.7% 1,141.8 23.9% 32.1% 

International Construction 1,829.3 37.3% 1,821.4 35.7% 0.4% 

Domestic Construction 1,241.6 25.3% 1,604.4 33.6% -22.6% 

Other activities 330.2 6.7% 212.6 4.4% 55.3% 

Total turnover 4,909.8 100.0% 4,780.2 100.0% 2.7% 

Human resources (employees at year end ) 

Permanent staff 16,279 72.1% 15,014 68.6% 8.4% 

Temporary staff 6,301 27.9% 6,857 31.4% -8.1% 

Total employees 22,580 100.0% 21,871 100.0% 3.2% 

Gross operating income (EBITDA) / Turnover 20.5% 16.0% 

Net operating income (EBIT) / Turnover 14.3% 10.7% 

Gross income / Turnover 7.8% 6.3% 

Net attributable income / Turnover 4.0% 3.3% 

Data per Share (euros) 

Share price at close of year 22.675 

Gross dividend per share 0.4903 

Annual revaluation 20.04% 

Net attributable income 1.96 

Number of shares at close of year 

99,740,942

25% 

15% 

TURNOVER BREAKDOWN and PERFORMANCE 

Sales 2010 Sales 2006 - 2010 (Millions of euros) 

7% 

37% 

Concessions 

31% 

International Construction 

Domestic Construction 

Other Activities 

EBITDA BREAKDOWN and PERFORMANCE 

EBITDA 2010 EBITDA 2006 - 2010 (Millions of euros) 

9% 

2% 

Concessions 

74% 




BACKLOG BREAKDOWN and PERFORMANCE 

Backlog 2010 Backlog 2006 - 2010 (Millions of euros) 

3% 3% 

4% 

Concessions 

90% 




5,000 

4,000 

3,000 

2,000 

1,000 

0 

1,200 

1,000 

800 

600 

400 

200 

0 

100,000 

80,000 

60,000 

40,000 

20,000 

0 

3,278 

2006 

489 

2006 

3,764 

2007 

543 

2007 

38,058 

31,783 

2006 

2007 

4,009 

2008 

608 

2008 

4,780 

2009 

763 

2009 

66,727 

59,068 

2008 

2009 

4,910 

2010 

1,005 

2010 

84,307 

2010

2010 OHL Group Annual Report CONTENTS 

OHL Group. Data Highlights 2010 

Letter from the Chairman 2 

OHL GROUP REPORT 

Corporate Governance 6 

OHL Group Activities 16 

Concessions 18 

International Construction 32 

Domestic Construction 46 

Industrial 54 

Developments 58 

Environment 60 

FINANCIAL STATEMENTS AND MANAGEMENT REPORT 

Auditor’s Report 66 

Financial Statements 67 

Management Report 211 

Major Companies of the OHL Group 

2010 

1

2 

Juan-Miguel Villar Mir 

Chairman of the OHL Group 

Letter from 

the Chairman

Dear Fellow Shareholders: 

2010 OHL Group Annual Report 

For the second consecutive year, we are using this format to present the main events that have marked 

the performance of the Group over the past financial year 2010. 

In an adverse context for the Spanish economy, which contracted by 0.1% in 2010, the OHL Group ended 

this financial year with very satisfactory results in its main economic parameters, thanks to its solid business 

strategy, established and published in 2002, and has succeeded in anticipating the crisis affecting our country. 

OHL’s sales were placed at 4,909.8 million euros, up 2.7% with respect to the 2009 financial year, while EBITDA 

grew to a much greater extent, 31.7%, reaching 1,005.0 million euros. I must also highlight the outstanding 

performance of the net profit which, with a significant increase of 25.3%, totaled 195.6 million euros. In addition, 

the Group’s total backlog continued on its upward course, increasing 26.3% to 84,306.8 million euros. 

The main driving force behind these growth figures has been the Concessions business, with an EBITDA growth 

rate of more than 70%. As a result, this area of activity has become consolidated as the Group’s primary business, 

having accounted for 74.3% of the OHL Group’s total EBITDA in the 2010 financial year. 

Also, the International Construction division has become consolidated as the second most important area of 

the Group in terms of EBITDA, with 14.9% of the total, and as the leading activity in terms of sales, with 37.3%. 

With this, OHL today is more a concession group than a construction group and is more international than 

domestic. And that is how it is going to continue in the future, as the two fundamental mainstays of our strategy 

are internationalization and infrastructure concessions. 

Our projection abroad has led us to be: 

- the primary private investor in transportation infrastructures in Latin America, 

- the seventh largest toll road concession group worldwide, according to the prestigious Public Works Financing 

ranking, and 

- the global leader in the construction of hospitals, with more than 6 million square meters built in the last 10 

years. 

The good results obtained by OHL are reflected in its share price performance. The company’s share ended 

2010 quoted at 22.675 euros, signifying a 20% revaluation in the year. In this way, for the second year in a 

row, the OHL share has been placed among the four Ibex-35 securities with the best annual performance, far 

above the average for both this index as well as the construction sector index, which declined 17.4% and 14.9%, 

respectively, during the past financial year. 

A look at our share price trend starting at the end of 2002, the year when the Group’s current strategy was defined, 

and up to December 31, 2010, reveals that the OHL share over the last 8 years grew at an accrued annual rate of 

24.1%, while the Ibex 35 did so at 6.3% and the average of listed construction companies, without OHL, at 3.9%. 

3

4 

Consequently, in the course of those 8 years, 100 euros invested in OHL on December 31, 2002 would have 

turned into 566 euros as of December 31, 2010, delivering an added value of 466 euros, while those same 100 

euros invested in the other major listed construction companies on an average would have become 135 euros, 

with a capital gain of 35 euros in comparison to the 466 euros of value created for OHL’s shareholders. And this 

means that in the last 8 years we have generated 13 times more value for our shareholders than the average of 

the rest of the listed construction companies. 

Outstanding in the financial sphere was the successful listing of our concession subsidiary in Mexico. OHL México 

has been trading on the Mexican Stock Exchange since November 11, 2010 with an issue price of 25 pesos per 

share. This was the largest transaction of this kind on the Mexican stock exchange in the last ten years and the 

third largest in the transportation infrastructure sector worldwide in the last five years. 

This operation, which now joins the listing concluded earlier in Brazil, where OHL Brasil has been traded on the 

Novo Mercado of the São Paulo (Bovespa) Stock Exchange since 2005, has generated significant value in the 

concession business and constitutes a decisive step forward in the policy of financial autonomy established 

for the future growth of the business activity of OHL Concessions. 

OHL has decided to combine its current divisions of International Construction and Domestic Construction 

to form a single Construction Division –a decision adopted subsequent to the close of accounts for the 2010 

financial year. With this measure, the OHL Group is optimizing the use of its human and technical resources 

for maximum efficiency in the operation of the construction business from a global perspective. Moreover, 

this move is a step ahead of the likely developments in the construction sector in Spain, which is expected to 

stabilize in the future with a size of approximately one-half of its recent record figures. 

Sustainable development 

OHL’s strategy is based on a responsible and sustainable business model that has enabled it to reach significant 

milestones in 2010, evidencing its commitment to continuous improvement, to R&D&I and to the impetus to 

be given to sustainability, an effort that has been reflected, yet another year, in our now traditional presence in 

the FTSE4Good Ibex, the first Spanish stock exchange index to verify the sustainable development of Spanish 

companies. 

The Group has attained important targets in the area of Corporate Social Responsibility in 2010 and has set in 

motion the Group Corporate Social Responsibility Master Plan, after extending the duration of the Plan to five 

years (2010-2014), due to the special relevance of the projects to be implemented. One of the outcomes of 

the Master Plan was the revision of the OHL Group Code of Conduct and the revamping of the Code of Conduct 

Reporting Channel. 

The wager on a low-carbon economy has led us to hold an outstanding position in this area. In the rating 

published by the Carbon Disclosure Project (CDP), an independent nonprofit organization that analyzes the 

climate change information of major companies, OHL has obtained a score classified as “High”, placing third 

among the companies in the “Construction and Engineering” sector and sharing seventh place in the general 

classification. 

And with respect to innovation and technology, OHL ranks third among Spanish construction companies, eleventh 

among the construction firms in the European Union and fifteenth among Spanish companies overall, according 

to the 2010 EU Industrial R&D Investment Scoreboard, which is published yearly by the European Commission 

and includes the top 1,000 European companies in terms of investment in research and development.


Again this year, and as an example of our commitment to the employees of the Group, our primary strategic 

resource, we have continued to reinforce our wager on training. Therefore, in 2010, both the number of 

participants as well as the hours of training provided increased 53 and 47%, respectively. 

Insofar as occupational risk prevention, one of the OHL Group’s longstanding priorities, with a culture of 

prevention based on a ‘’zero-accident’’ goal, we have reaped excellent results. The Group, in the context of its 

policy of continuous improvement, has reduced its occupational accident rate by 24% over the 2007-2010 period. 

And I would also like to highlight another significant event, although it occurred subsequent to the end of the 

financial year. I refer to the decision by OHL’s Board of Directors to entrust the functions of the promotion and 

monitoring of the Corporate Social Responsibility policy to the Board Committee, which has gone on to be 

called the Audit, Compliance and Corporate Social Responsibility Committee. This decision by the Board is yet 

another example of its firm determination to advance in the improvement of Corporate Governance and in the 

integration of sustainability into the business. 

Fellow Shareholders, during this 2010 financial year, a year weighed down once again by the severe economic and 

financial crisis that continues to beleaguer the Spanish economy and, most especially, the construction sector, 

the OHL Group has presented very satisfactory results and maintains a solid financial position, demonstrating 

the wisdom of the strategy announced in 2002 and the wager on sustainability as a guarantee of growth. 

Difficult junctures always offer significant opportunities, and the OHL Group, thanks to the support given by all 

of you, by our customers and by our team, has succeeded in taking advantage of them in this 2010 financial 

year. I wish to express, in my own name and on behalf of the Board of Directors of OHL, our appreciation to all 

of you for the trust you have placed in our Group and to our customers for the support they give us, together 

with our congratulations to all of the employees of the Group, whose effort, dedication, professionalism and 

pursuit of excellence have made it possible to continue to move ahead in consonance with our commitment 

to ongoing improvement. 

The Chairman of the Board of Directors 

Juan-Miguel Villar Mir 

5

Corporate Governance 

6 

M-12 Airport Access Road control center, Madrid (Spain).


Corporate 

Governance 




7


8 

OHL’s corporate governance 

OHL, committed to the principles of good governance, has always felt that investing 

in the adoption of the best corporate governance practices means creating value for 

society, independently of the greater or lesser business returns this course of action 

may contribute in the short term. 

Consistent with its commitment -and always on a voluntary basis- once again OHL 

has progressed and improved during the 2010 financial year in the area of corporate 

governance, seeking at all times to obtain an ethical and transparent model that will 

enable the sustainable development of the company, taking into account its relations 

with its various groups of stakeholders. 

During the first few months of 2010, OHL’s Board of Directors accepted the resignation 

tendered by the external director, Jaime Vega de Seoane who, in this way, followed 

the recommendation of the Unified Good Governance Code for listed companies with 

respect to the advisability of limiting the duration in office of independent directors to 

no more than 12 years. This personal initiative by Mr. Vega de Seoane has contributed 

to enabling OHL to continue to be counted among the group of companies complying 

with the corporate governance recommendations. 

With a view to achieving greater effectiveness and transparency in corporate 

governance, in March 2010 the Board of Directors, on the proposal of the Audit and 

Compliance Committee, approved the “OHL Group Code of Conduct”, an express 

statement of the values, principles and standards of conduct that are to guide the 

conduct of all of the people in the Group in the performance of their work. At the 

same time, a channel for reporting irregularities was set up, in line with the provision 

made in the Code of Conduct itself. 

These most recent testimonies to OHL’s commitment to good governance are added 

to other actions taken in the past on a voluntary basis and which, subsequently, have 

become compulsory within the current legal framework. 

For example, the recent Sustainable Economy Act requires for future financial years 

the preparation of an individualized annual report on the compensation paid to 

directors, to be submitted as a separate point on the agenda to the Ordinary General 

Shareholders’ Meeting, on a consultative basis. The OHL Board of Directors has been 

preparing a report of this kind and submitting it to the Ordinary General Shareholders’ 

Meetings as a separate agenda item since 2007. 

Subsequent to the close of accounts for the 2010 financial year, the Board of Directors 

agreed to entrust to the Board’s Audit and Compliance Committee the duties referring 

to the promotion and control of the OHL Group’s Corporate Social Responsibility policy, 

which is an additional example of the Group’s commitment in this area.


The composition of the bodies of governance, management and representation 

of OHL, the General Shareholders’ Meeting and the Board of Directors, with their 

respective powers and responsibilities as a body, duly assisted by the Audit and 

Compliance Committee and the Appointments and Compensation Committee, are 

governed by a set of regulations (Corporate Bylaws, Rules of Procedure of the General 

Shareholders’ Meeting, Rules of Procedure of the Board of Directors and Code of 

Conduct on matters relating to the Securities Market and the Code of Conduct) fully 

adapted to the national and international recommendations of good governance 

practices and, together with all of the information of interest with respect to corporate 

governance, such as the annual Corporate Governance Report and the OHL Group 

Code of Conduct, are available to shareholders, investors, employees and any other 

parties with an interest at the company’s website, www.ohl.es. 

Ownership Structure 

SIGNIFICANT STAKES IN THE SHAREHOLDER COMPOSITION OF OHL AT DECEMBER 31, 2010 

Name or company name of the shareholder 

Number of direct voting 

rights 

Number of indirect 

voting rights (*) 

% of the total voting 

rights 

Inmobiliaria Espacio, S.A. - 57,012,288 (*) 57.160 

Deutsche Bank, A.G. 3,027,383 - 3.035 

Fidelity International Limited - 2,043,620(**) 2.049 

(*) Through: 

Name or company name of the direct owner of the stake 


rights 

% of the total voting 

rights 

Grupo Villar Mir, S.L. Unipersonal 49,374,489 49.50 

Espacio Activos Financieros, S.L.Unipersonal 7,637,799 7.66 

(**) Fidelity International Limited holds its stake through Pe Mm Stone, Fidelity Sicav-Fid Europe, 

Fidelity Trilogie Sub Larger, Fast Opt European Mkt Neut FD, Fid Fds-Emerging Mkts Pool, Fid Fds-Iberia 

Pool, Fid Fds-Latin American Pool, Fid Instl Emerging Markets Fd, Fidelity European Opp Fnd 1992, Fid 

Fds-Euro Smaller Co Pool, according to the records of the CNMV register. 

9


10 

Board of Directors 

Board of Directors at December 31, 2010 

Chairman of the Board of 

Directors 

Board Committees 

Audit and Compliance Committee 

Mr. Juan-Miguel Villar Mir 

Nominee Director* 

Member of the Appointments and Compensation Committee 

Deputy Chairman Mr. Juan Villar-Mir de Fuentes 


Member of the Audit and Compliance Committee 

Members Mr. Baltasar Aymerich Corominas 


Mr. Tomás García Madrid 



Mr. Javier López Madrid 



Mr. Rafael Martín de Nicolás Cañas 

Executive Director 

Mr. Juan Mato Rodríguez 

Independent Director 

Chairman of the Audit and Compliance Committee 

Saarema Inversiones, S.A., represented by 

Mr. Joaquín García-Quirós Rodríguez 



Mr. Luis Solera Gutiérrez 



Mr. Alberto Miguel Terol Esteban (1) 



Mr. Álvaro Villar-Mir de Fuentes 


Ms. Silvia Villar-Mir de Fuentes 


Non-Director Secretary Mr. Daniel García-Pita Pemán 

Non-Director Deputy Secretary Mr. José María del Cuvillo Pemán 

* Appointed on the proposal of Grupo Villar Mir, S.L. Unipersonal 

(1) Subsequent to the close of accounts for the year, on March 22, 2011, Mr. Alberto Miguel Terol Esteban was 

appointed as Chairman of the Audit and Compliance Committee following the resignation of Mr. Juan Mato 

Rodríguez on completion of the statutory term of office. 

The Audit and Compliance Committee, chaired by an independent director, meets 

as often as the need arises and, at least, four times per year. One of the meetings is 

necessarily devoted to assessing the efficiency of and compliance with the company’s 

governance rules and procedures and to preparing the information to be approved 

by the Board of Directors and included in its yearly public documentation.


In addition, the following duties are included among the Committee’s main functions: 

• To evaluate the results of the audits of the company’s accounts (internal and 

external). 

• To review the issue prospectuses and the routine financial information the Board 

is required to furnish to the markets. 

• To review compliance with the Internal Regulation of Conduct in the Securities 

Markets, the Rules of Procedure of the Board of Directors, the Rules of Procedure of 

the General Shareholders’ Meeting, the OHL Group Code of Conduct and, in general, 

the company’s rules of governance, putting forward the proposals necessary for 

the improvement thereof. 

• To report to the Board prior to the adoption of resolutions relating to the creation 

or acquisition of stakes in special purpose entities or entities domiciled in countries 

or territories considered to be tax havens. 

From the beginning of 2011, the duties referring to the promotion and control of 

the OHL Group’s Corporate Social Responsibility policy have been added to the 

foregoing tasks, as an example of the OHL Group’s commitment to sustainable 

development and the integration of corporate social responsibility into the strategy 

of the business. 

The composition of the Committee is as follows: 

Chairman Mr. Juan Mato Rodríguez 

Members Mr. Tomás García Madrid 

Mr. Alberto Miguel Terol Esteban 

Mr. Juan Villar-Mir de Fuentes 

On March 23, 2010, the Board of Directors appointed Mr. Alberto Miguel Terol Esteban 

as a member of the Audit and Compliance Committee. 

On March 22, 2011, Mr. Juan Luis Mato Rodríguez tendered his resignation as 

Chairman of the Audit and Compliance Committee, on the expiry of his term of office 

on March 27, when the legal term of four years stipulated in the Corporate Bylaws and 

in the Rules of Procedure of the Board concluded. Mr. Alberto Miguel Terol Esteban, 

also an independent director, was elected as the new Chairman of the Committee. 

11


12 

Appointments and Compensation Committee 

The Appointments and Compensation Committee, chaired by an independent director, 

is comprised by external directors, the majority of whom are independent directors. 

The Committee meets as often as the Board, or the Chairman of the Board, requests 

the issuance of a report or the adoption of proposals and, in any case, whenever 

advisable for the proper discharge of its duties. 

One of its meetings is devoted to preparing the information on the Directors’ 

compensation, which the Board of Directors must approve and include in its yearly 

public documentation. 

This Committee is entrusted with establishing the criteria to be applied for the 

composition of the Board of Directors. Moreover, it brings before the Board its 

proposals for the appointment of directors, the appointment and removal of the 

secretary and of the members of each of the committees and, at the same time, it 

proposes the compensation system and the amount of the annual compensation 

to be paid to the directors and to the members of the Steering Committee, among 

other duties. 

The composition of the Committee is set out below: 

Chairman Mr. Luis Solera Gutiérrez 

Members Mr. Javier López Madrid 

Saarema Inversiones, S.A., represented by 

Mr. Joaquín García-Quirós Rodríguez 

The Audit and Compliance Committee elected Mr. Luis Solera Gutiérrez as Chairman 

of the Committee at its meeting of January 12, 2010. 

On March 23, 2010, the Board of Directors was informed of and accepted the 

resignation of Mr. Juan-Miguel Villar Mir as a member of the Appointments and 

Compensation Committee. 

Incompatibilities and conflicts of interest 

OHL has always been particularly scrupulous in dealing with situations of possible 

incompatibility and conflicts of interest with respect to its Directors, a concern which 

has led it to develop Rules of Procedure for the Board of Directors that adequately 

regulate these issues, among other aspects. 

The Board’s Rules of Procedure also regulate in detail those situations where, due 

to the existence of a possible conflict of interest, a Director must abstain from taking 

part in discussions and voting. The Directors may only engage in professional or


commercial transactions with the company in those cases where a prior report is 

issued by the Appointments and Compensation Committee approving the transaction 

in question. 

Management Team at December 31, 2010 

OHL Group Structure 

ohl 

concessions 

internal audit 

manaGer 

economic & 

financial General 

manaGer 

ohl 

international 

construction 

audit and 

compliance 

committee 

chairman of the 

Group in mexico 

domestic 

construction 

Governance bodies of Obrascón Huarte Laín, 

S.A., parent company of the Group 

General 

shareholders 

meetinG 

Board 

of directors 

chairman deputy chairman 


Group in peru 

ohl 

industrial 

appointments and 

compensation 

committee 

secretary 

of the Board 

leGal services 

General manaGer 

corporate General 

manaGer 


Group in colomBia 

ohl 

developments 

ohl 

environment 

Structural areas of the Group Operating areas of the Group 

13


14 

The management team is complemented by the Steering Committee. 

OHL Group Steering Committee 

Mr. Juan-Miguel Villar Mir Chairman 

Mr. Luis García-Linares García Member 

Mr. Tomás García Madrid Member 

Mr. Francisco Marín Andrés Member 

Mr. Rafael Martín de Nicolás Cañas Member 

Mr. José Antonio Membiela Martínez Member 

Mr. Andrés Pan de Soraluce Muguiro Member 

Mr. Juan Luis Osuna Gómez Member 

Mr. Gonzalo San Cristóbal Tierra Member 

Mr. Juan Villar-Mir de Fuentes Member 

Mr. Enrique Weickert Molina (1) Member 

Mr. José María del Cuvillo Pemán Member 

(1) On January 12, 2010, the Appointments and Compensation Committee appointed Mr. 

Enrique Weickert Molina as Economic and Financial General Manager, to replace Mr. José 

Antonio Fernández Eléjaga, who left the Committee on retirement. 

The main duties and responsibilities of the Steering Committee are as follows: 

•.Become familiar with and control the implementation of the plans, programs, 

forecasts, budgets and financial statements of the Group. 

• Analyze the trend in awards and the status of the backlog of contracts, review 

the commercial operations and assign the tasks to be undertaken. 

• Examine and report on the long-term plans, the investment and disinvestment 

programs and the annual budget. 

• Define human resources policies and examine and report on changes in the staff 

establishment and remuneration terms and conditions. 

• Examine and report on the organic structure of the Group and its operation. 

• Approve the rules of internal procedure. 

• Provide the relevant information on the activities of each of its members. 

• Assist the Chairman in any matters on which the Chairman may request the 

Committee’s opinion. 

• Keep current with the quarterly report on investment performance submitted by 

the Economic & Financial General Manager.


15

OHL Group Activities 

16 

AirportLink project. The OHL Group is building the extension of the Miami 

Metrorail to the city’s international airport (USA).


OHL Group. Data Highlights 2010 


Activities 

Letter from the Chairman 2 




Concessions 18 

International Construction 32 

Domestic Construction 46 

Industrial 54 

Developments 58 

Environment 60 

17


Aerial view of the Viaducto 

Bicentenario toll road in 

Mexico. 

18 

The sales of OHL 

Concessions 

grew 32.1% 

in 2010, and 

EBITDA, 71.3% 

OHL CONCESSIONS 

Market and strategy 

OHL Concessions division leads the business area of transportation infrastructures 

under concession within the OHL Group and has become consolidated during the 

2010 financial year as the Group’s most dynamic division, achieving significant 

growth in sales and EBITDA. 

In 2010, the turnover of OHL Concessions division totaled 1,508.7 million euros, with 

an increase of 32.1% with respect to the previous financial year; its EBITDA grew 

71.3%, to 746.9 million euros, while its EBIT was up 78.0%, reaching 561.7 million 

euros. These figures account for 30.7%, 74.3% and 80.2%, respectively, of the totals 

for the Group. 

Together with these results, the 2010 financial year of OHL Concessions stands out 

for the intensive activity carried out in several fields of action. The company obtained 

significant financial successes, added three concession projects to its backlog; 

opened to traffic new sections of toll roads and commenced operation of the railway 

terminal of its subsidiary, Terminales Marítimas del Sureste, in addition to securing 

pre-classification in a number of bidding processes, thereby enhancing its growth 

in a range of markets. 

The performance of OHL Concessions, in addition to the increase in all of the main 

figures of the OHL Group’s statement of income, has contributed decisively to 

the current profile of OHL as an international and diversified group, particularly 

in concessions. And it will continue as such in the future, thanks to the long-term 

OHL Concessions: trend in sales and EBITDA. 


2,000 

1,500 

1,000 

500 

0 

542.4 

435.5 

317.0 

339.9 

2007 

2008 

1,141.8 

2009 1 

436.0 

1,508.7 

2010 1 

746.9 

(1) Information restated in accordance with IFRIC 12. 

EBITDA Sales 

EBITDA

OHL Concessions in the OHL Group 

69% 

Sales EBITDA 

Rest of the Group 

Concessions 

31% 

26% 

Rest of the Group 

Concessions 


backlog of OHL Concessions, worth 76,211 million euros at the end of the financial 

year, accounting for 90.4% of the total for the Group. 

All of the foregoing is a consequence of the business strategy implemented by OHL 

over the last few years, concentrating its investment effort on the transportation 

infrastructure concession business, where the international activity of this division 

has become consolidated as the Group’s core business line. 

As a consequence of the application of IFRIC 12, the sales figures for 2009 and 

2010 include the construction activities carried out by the concession companies 

themselves, excluding “intergroup” transactions. The OHL Group has equaled these 

sales to the costs of such construction activity, therefore not affecting the EBITDA 

for those years. Due to this adjustment to IFRIC 12, the information on 2009 differs 

from the figures presented in the annual report for that year. 

Trend in the long-term backlog. 


80,000 

70,000 

60,000 

50,000 

40,000 

30,000 

20,000 

10,000 

0 

3,208 

2001 

4,566 8,517 10,035 

2002 

2003 

2004 

23,856 

16,744 

2005 

2006 

46,362 51,490 

2007 

2008 

2009 

74% 

60,373 

76,211 

2010 

19


20 

2,000 

1,500 

1,000 

500 

0 

53% 

Geographical origin of the long-term backlog 2010 

(Total: 76,211 millions de euros) 

53% 

2% 1% 

8% 

32% 

4% 

Argentina 

Over the decade following its creation in November 2000, OHL Concessions has 

Argentina 

experienced relevant growth in its main figures. The highlights of the evolution of the 

Brazil 

company, together with the main figures, are shown on the following diagram: 

Chile 

OHL CONCESSIONS Spain MILESTONES 

2000 

Mexico 

2001 

Peru 

2002 2003 2004 2005 2006 2007 2008 2009 (1) 2010 

Founding 

of OHL 

Concesiones, 

SL (with 

AECSA, 

M-45 and 9% 

of Autovias) 

Million € 

70 

40 

2000 

94% Shareholding 

in 

Autovias 

Acquisition 

of I2000 

Strategic 

Definition 

20 

121 

85 

47 

2001 

Acquisition 

of 

Centrovias 

and Fumisa 

Award of 

Ruta 60 

and Eje 

Aeropuerto 

219 

79 

46 

2002 

Award of 

CONMEX 

and Port of 

Alicante 

388 

127 

68 

2003 

Acquisition 

of Intervias 

524 

166 

91 

2004 

Brazil 

The performance of the principal concession companies during the financial year has 

contributed to the positive trend in sales and EBITDA. The toll road sector, the main 

business line of the company, has undergone an average increase in traffic of 21.4%. 

The positive trend in traffic flows and toll rates of the concession companies is reflected 

on the following table. 

537 

250 

152 

Chile 

Spain 

Mexico 

Peru 

Flotation of 

OHL Brasil 

Acquisition 

of Amozoc- 

Perote 

2005 

Acquisition 

of Vianorte 

and AMAIT 

Award of 

Light Rail 

Metro 

Ligero 

Oeste 

8% 

32% 

4% 

OHL Investment Value 

Sales (2) 

EBITDA (2) 

766 

333 

254 

2006 

Federal 

Toll Roads 

(Brazil) 

Móstoles- 

Navalcarnero 

Train 

Aragón Toll 

Road 

802 

436 

317 

2007 

Award of 

Viaducto 

Bicentenario 

Libramiento 

Norte de 

Puebla Toll 

Road 

Norte Toll 

Road 

921 

542 

2008 

340 

Award 

of Los 

Poetas-Luis 

Cabrera 

Toll Road 

Development Consolidation and Growth 

1,244 

1,142 

436 

2009 (1) 

Flotation 


México 

Urbana 

Norte Toll 

Road 

Port of 

Ennore 

1,428 1,509 

747 

2010 (1) 

C. A .C. Sales (2000-2010): 43.8% C. A. C. EBITDA (2000-2010): 43.6% 

(1) Figures for sales and EBITDA are presented in accordance with IFRIC 12, and, consequently, are not comparable with previous years. 

(2) Sales and EBITDA contributed by OHL Concessions to the OHL Group consolidated figures.

From 1/1/10 

to 12/31/10 


TRAFFIC FLOW TREND UPDATES OF TOLL RATES IN THE 

JAN/DEC 2010 PERIOD WITH 

RESPECT TO JAN/DEC 2009 

From 1/1/09 

to 12/31/09 

The 3,226-km road network operated in Brazil stands out with an overall increase in 

traffic in excess of 29%, where the toll roads have attained an average daily traffic flow 

of 1,621,331 vehicle equivalents. The needs of road users are attended to by means 

of a complex and efficient logistics system managed by the nine operations control 

centers, in coordination with the 61 operating bases. 

The traffic personnel are faced each month with the enormous challenge of satisfactorily 

settling more than 86,000 incidents (53%, actions by the traffic inspection vehicles; 

40%, mechanical assistance, and 7%, medical care) and, for this purpose, the human 

resources and the 303 operating vehicles managed by the concession companies travel 

3.3 million km monthly, that is, equivalent to 82 times around the world following 

the equator. 

Var. 

(%) 

% Revision 

(5) 

Last Revision 

ARGENTINA Aecsa(1) 211,863 208,465 1.6 40.0 October 2010 

BRAZIL Autovias (1) 114,656 103,160 11.1 4.2 July 2010 

Centrovias (1) 80,179 61,709 29.9 4.2 July 2010 

Intervias (1) 155,778 141,447 10.1 4.2 July 2010 

Vianorte (1) 86,209 78,207 10.2 4.2 July 2010 

Autopista Planalto Sul (1) 72,006 63,221 13.9 6.9 December 2010 

Autopista Fluminense (1) 115,025 84,770 35.7 4.0 February 2010 

Autopista Fernão Dias (1) 333,749 233,323 43.0 18.2 December 2010 

Autopista Régis Bittencourt (1) 368,695 278,801 32.2 - - 

Autopista Litoral Sul (1) 295,032 209,993 40.5 9.1 February 2010 

CHILE Autopista del Sol (1) 80,827 74,472 8.5 1.7 July 2010 

Autopista Los Libertadores (1) 39,745 36,671 8.4 3.0 January 2010 

Autopista Los Andes (1) 14,866 13,823 7.5 2.1 January 2010 

SPAIN Euroglosa M-45 (2) 78,061 76,565 2.0 0.7 March 2010 

Autopista Eje Aeropuerto (1) 8,647 9,120 -5.2 -1.0 July 2010 

Autovía de Aragón (Tramo 1) (2) 97,430 94,591 3.0 168.0 January 2010 

Metro Ligero Oeste (3) 20,475 20,399 0.4 0.8 January 2010 

Puerto de Alicante (TMS) (4) 68,824 36,293 89.6 - - 

MEXICO Amozoc-Perote (1) 26,731 25,731 3.9 10.8 January 2010 

Concesionaria Mexiquense I (1) 153,403 127,360 20.4 4.1 January 2010 

Viaducto Bicentenario (2) 17,468 13,861 26.0 - - 

PERU Autopista del Norte (1) 17,193 14,164 21.4 10.7 May 2010 

(1) Number of vehicles (Average Paying Traffic Equivalent) 

(2) Number of vehicles (Average Daily Traffic Intensity) 

(3) Average daily number of passengers 

(4) Accrued number of T.E.U. movements 

(5) Average increase in the rate applied at each toll plaza, resulting from the rate increase provided for in each concession agreement 

21


Fernão Dias highway toll 

collection, in Brazil. 

22 

INFRASTRUCTURE MANAGED BY OHL CONCESSIONS 

TOLL ROADS 

Toll Road / Concession Company Length OHL Interest 

(Km) (%) 

SPAIN 

M-45 Expressway 

74 

Euroglosa 45 C.C.A. Madrid, S.A. 

M-12 Toll Road 

8.3 100.0 

Autopista Eje Aeropuerto C.E.S.A. 

A-2 Freeway-Section 1 

9.4 100.0 

Autovía de Aragón Tramo 1, S.A. 56.0 95.0 

ARGENTINA 

Ezeiza-Cañuelas Toll Road 

60 

AEC, S.A. 60.0 87.4 

BRAZIL 

Autovias 

3,226 

Autovias, S.A. 

Centrovias 

316.5 60.0 

Centrovias Sistemas Rodoviarios, S.A. 

Intervias 

218.1 60.0 

Consessionária de Rodovias do Interior Paulista S.A. 

Vianorte 

375.7 60.0 

Vianorte, S.A. 

Rio de Janeiro to Espírito Santo 

236.6 60.0 

Autopista Fluminense, S.A. 

Belo Horizonte to São Paulo 

320.1 60.0 

Autopista Fernão Dias, S.A. 

São Paulo to Curitiba 

562.1 60.0 

Autopista Régis Bittencourt, S.A. 

Curitiba to Florianópolis 

401.5 60.0 

Autopista Litoral Sul, S.A. 

Curitiba to Rio Grande do Sul 

382.3 60.0 

Autopista Planalto Sul, S.A. 412.7 60.0 

CHILE 

Los Libertadores Toll Road 

343 

Autopista Los Libertadores, S.A. 

Del Sol Toll Road 

119.0 51.0 

Autopista del Sol, S.A. 

Los Andes Toll Road 

131.5 51.0 

Autopista Los Andes, S.A. 92.0 100.0 

>>

MEXICO 359 

Circuito Exterior Mexiquense Beltway 


Concesionaria Mexiquense, S.A. de C.V. 

Viaducto Bicentenario 

154.9 73.9 

Viaducto Bicentenario, S.A. de C.V. 

Amozoc-Perote Road 

32.0 73.9 

Grupo Autopistas Nacionales, S.A. 

Libramiento Norte de Puebla Bypass 

123.0 51.1 

Autovías Concesionadas OHL, S.A. de C.V. 

Los Poetas-Luis Cabrera Toll Road 

34.9 73.9 

Controladora Vía Rápida Poetas, S.A de C.V. 

Urbana Norte Toll Road 

5.5 36.9 

Autopista Urbana Norte, S.A. de C.V. 9.0 73.9 

PERU 356 

Norte Toll Road 

Autopista del Norte, S.A.C. 356.2 100.0 

TOTAL OHL CONCESSIONS 4,417 - 

The sector of toll roads under concession constitutes the company’s main business 

line. With an annual average daily traffic flow in excess of two million three hundred 

thousand vehicle equivalents, this sector accounts for 80.5% of the turnover 

of OHL Concessions, including the sales of the construction activity carried out by 

the concession companies themselves. 

RAILWAYS 

Length 

(Km) 

OHL Interest 

(%) 

Metro Ligero Oeste (Spain) 

Metro Ligero Oeste, S.A. 

Móstoles Navalcarnero Commuter Train (Spain) 

22.4 51.3 

Cercanías Móstoles Navalcarnero, S.A. 15.0 100.0 

During 2010, the performance of the ML2 and ML3 light rail lines operated by Metro 

Ligero Oeste remained stable in terms of the number of passengers, with 7.5 million 

for the year. 

The business 

activity of toll 

roads under 

concession 

accounts for 

80.5% of the 

turnover of OHL 

Concessions 

23


24 

In 2010, OHL 

Concessions 

expanded 

its activity in 

commercial 

ports with the 

addition of 

the container 

terminal in the 

Port of Ennore, 

in India 

Port of Alicante, in Spain. 

AIRPORTS 

Toluca International Airport (Mexico) Airport, 

Administradora Mexiquense del Aeropuerto 

Internacional de Toluca, S.A. 

COMMERCIAL PORTS 

Services under 

Concession 

supplementary 

and commercial 

services 

Surface Area 

(hectares) 

OHL Interest (%) 

The investment program implemented in the Toluca International Airport (AIT) has 

made it possible to enhance its level of service. At the present time it has a commercial 

platform of 75,000 m² and a capacity for handling up to eight million passengers 

yearly. 

36.2 


Port of Alicante (Spain) 

Terminales Marítimas del Sureste, S.A. 

Port of Ennore (India) 

30.0 100.0 

Bay of Bengal Gateway Terminal Private, Ltd. 50.0 26.0 

With the award in 2010 of the project for the construction and subsequent operation 

of the container terminal of the Port of Ennore, OHL Concessions has expanded its 

activity in this business line and added India as a new market. 

MARINAS 

Number of Berthing 

Points 


Zumaia Marina (Spain) 

Marina Urola, S.A. 

Roda de Bará Marina (Spain) 

548 78.3 

Nova Dàrsena Esportiva de Barà, S.A. 

Tarragona Marina (Spain) 

647 50.0 

Nautic Tarragona, S.A. 

Torredembarra Marina (Spain) 

441 25.0 

Port Torredembarra, S.A. 795 24.1

Highlights 

FINANCING 

BRAZIL 


In the framework of the OHL Group’s policy of financing concessions through nonrecourse 

borrowing and in local currency, OHL Brasil successfully completed two bond 

issues made by its four São Paulo concessionaires, Autovias, Centrovias, Intervias 

and Vianorte. In the first four, subscribed in the month of April, a total of 1,372 million 

Brazilian reais were obtained by the four subsidiaries. The last two, made by Autovias 

and Intervias, contributed an additional 400 million reais. 

In addition to these bond issues, and also in line with the financing strategy for the 

investments made by the federal network concession companies, in December 2010 

OHL Brasil concluded a long-term financing agreement with the Banco Nacional de 

Desenvolvimento Econômico e Social (BNDES) of Brazil in the amount of 1,070 million 

reais for the subsidiary, Autopista Régis Bittencourt, to replace the 332 million reais 

in financing it had secured on a short-term basis. 

In January 2011, BNDES approved another long-term loan of 331 million reais for 

Autopista Planalto Sul, also a concession subsidiary in the federal network. 

MEXICO 

During the financial year, OHL Concessions prepared and successfully concluded 

the listing of its subsidiary, OHL México (formerly, OHL Concesiones México) on the 

Mexican Stock Exchange. The shares commenced trading on November 11, 2010, and 

the OHL Group maintains a 73.85% interest in the company. 

Sections of Autovias (left) 

and Centrovias, two of the 

four toll roads operated by 

OHL Brasil in the São Paulo 

state network. 

25


Amozoc-Perote, Circuito 

Exterior Mexiquense and 

Toluca International Airport, 

from left to right, are three of 

the concessions operated by 

OHL México. 

26 

The offering consisted of a primary tranche (capital increase) of 368,225,185 new 

shares, equivalent to 32.74% of the pre-existing capital, and a secondary tranche 

of 21,197,798 old shares owned by OHL Concessions. The transaction was extremely 

well accepted by Mexican and international investors alike and was the largest listing 

operation concluded in the Mexican securities market in the last 10 years. 

This transaction has evidenced the wisdom of the strategy implemented by the 

OHL Group since the 2002 financial year and the significant value generated in its 

investments in the Concessions business. Moreover, it signifies a decisive step forward 

in the policy of financial autonomy imposed for the future growth of this division. 

Through this policy, the Group has attained the following strategic targets: 

- To incorporate into the shareholder composition of OHL Mexico a significant base of 

investors, both local as well as international, thereby consolidating the company as 

one of the infrastructure market leaders in Mexico, placing it in an excellent position 

in order to take advantage of the expected growth in infrastructure investment in 

the country. 

- To maintain a 73.85% stake in the company and, consequently, the control, thereby 

ensuring continuity in the company’s strategy and policies. 

- To crystallize the value generated in the investments by the Group in concessions 

in Mexico. The placement price, 25 pesos per share, signifies a valuation of OHL 

Mexico, prior to the capital increase, equivalent to 1,661 million euros (which means 

multiplying the funds invested by the Group in this company by 2.6), and above the 

estimate of 1,455 million euros given to analysts in April 2010. 

- To provide OHL Mexico with the resources necessary in order to complete its 

investment program and its future development autonomously without the need 

for support by the parent company. 

- To obtain resources to reduce the OHL Group’s recourse debt by an amount of 

more than 250 million euros.

COMMENCEMENT OF OPERATION 


During 2010, in line with the investment program and the commitments acquired 

with respect to a number of government administrations in Spain and abroad, OHL 

Concessions has opened to traffic several road sections and has completed the 

consolidation of multimodal transportation in the Terminales Marítimas del Sureste 

concession. 

SPAIN 

During the first half of the month of August, the concession company Autovía de Aragón 

Tramo I opened to traffic the third lane of the A-2 Freeway between kilometers 23 and 

30, Alcalá de Henares bypass, in the Community of Madrid. 

At the Port of Alicante, during the month of September, Terminales Marítimas del 

Sureste (TMS) formally opened the railway access to its container terminal, providing 

the port with the possibility of having its own connection to the national railway network 

for operating the shipment of cargo to and from the Canary Islands. 

CHILE 

Section 3 of the eastern sector of the Los Andes toll road was opened to traffic on 

January 12. This 8-km-long section with two lanes in each direction connects Llay Llay 

with the Pan American Highway. 

MEXICO 

The second and third sections of the first phase of the Bicentennial Viaduct were 

formally opened in the State of Mexico between the months of September and 

November. The 17 kilometers put into operation in the two sections completed the 22 

km of this first stage of the viaduct, which operates at the present time on a reversible 

basis in the metropolitan area of the Valley of Mexico. 

Also in the State of Mexico, the first 10-km section, Guadalupe Lake-Vialidad 

Mexiquense, of Phase III of the Circuito Exterior Mexiquense beltway commenced 

operation on September 29. This phase comprises the northwest arm of this 

infrastructure, which bypasses the country’s capital from north to south and is 

scheduled for completion in 2011. 

CONSTRUCTION STARTS 

In fulfillment of the construction and infrastructure improvement commitments acquired 

through awards to OHL Concessions, the following projects were initiated in the course 

of the 2010 financial year: 

The listing of 

OHL México on 

the Mexican 

Stock Exchange 

was the largest 

listing operation 

in this market in 

the last 10 years 

27


28 

Régis Bittencourt toll road 

(left), in Brazil, and a section 

of the A-2 Freeway, in Spain. 

BRAZIL 

In the second half of the year, Autopista Régis Bittencourt initiated the most significant 

construction project included in the concession agreement signed with the National 

Inland Transportation Agency in 2008. The project concerns the dualling of 30.5 km of 

the Sierra de Cafezal, the only section of the infrastructure with an undivided roadway, 

involving an investment of more than 330 million Brazilian reais and scheduled for 

completion in 2013. 

SPAIN 

During the month of July, the concession company Autovía de Aragón – Tramo I performed 

the setting-out and commenced the construction work of the project for the third lane, 

accesses and improvement of the layout of the A-2 Freeway, along the section between 

Alcalá de Henares-Border between the provinces of Madrid and Guadalajara, KP 32.0 

to 38.7. The purpose of the project is to increase the capacity of the existing road, to 

improve its layout and to revamp several connections with other roads. 

MEXICO 

On August 30, three months after the award of the urban toll expressway project 

for providing service to the southwest area of Mexico City, the concession company 

Controladora Vía Rápida Poetas commenced work. This road system will connect Santa 

Fe with the Peripheral Road on the Centenario-Luis Cabrera route, with two intermediate 

intersections linking this infrastructure with Las Águilas and Las Torres avenues. 

PERU 

Construction commenced on November 8 for the dualling of the roadway on the 23.72 

kilometers freed from interference within section 3, Casma-Huarmey. The construction 

project forms a part of the improvements to be made along 356 km of the North Pan 

American Highway, awarded to the concession company, Autopista del Norte.

AWARDS 

MEXICO 


Two new road infrastructures were awarded in the Federal District. Both are a part of 

a project promoted by the government of the Capital for the construction of an urban 

toll expressway to link the outgoing freeways to Querétaro, Toluca and Cuernavaca. 

The Los Poetas-Luis Cabrera toll road, awarded in April 2010 to Controladora Vía Rápida 

Los Poetas, comprises the road system of bridges, tunnels and distribution roads on 

the southwest of Mexico City. The road is 5.5 km long, 3 km of which are made up by 

tunnels and viaducts. 

In addition, during the month of June, the subsidiary Autopista Urbana Norte was 

awarded the concession for the construction and subsequent operation of the north 

section of the second level of the Mexico City Peripheral Road. This 9-km-long urban 

toll expressway will connect at its northernmost point with the Viaducto Bicentenario 

toll road in the area delimiting the border between the Federal District and the State 

of Mexico, and will link up to the south with the San Antonio Distribution Road. 

The opening to traffic of the first section of both infrastructures is estimated to take 

place at the end of the 2011 financial year. 

INDIA 

In June, in addition to adding another concession to its backlog, OHL Concessions also 

extended its activity to a new market, as the successful bidder in the public call for 

tenders for the construction and operation of the future container terminal at the Port 

of Ennore, in India. The new terminal will have a 50-hectare esplanade and a berthing 

line 1,000 m in length, with a depth of 15 m, and will become the main alternative for 

growth in the transportation of containerized goods in East India. 

The last section of the first 

stage of the Bicentennial 

Viaduct was opened to traffic 

on November 29, 2010. From 

left to right, José Andrés de 

Oteyza, Chairman of the OHL 

Group in México; Paulina 

Alejandra del Moral, Mayor 

of Cuautitlán-Izcalli; and 

Enrique Peña Nieto, Governor 

of the State of Mexico. 

29


30 

50 

40 

30 

20 

10 

0 

-10 

-20 

-30 

Duration of the main concessions * 

8 8 8 10 

2222 22 22 22 

15 16 17 17 17 17 

7 

23 23 2525 32 32 33 

30 

26 

27 27 

1 2 3 4 

Years pending 

Years transpired 

5 6 

7 8 

-1 -1 

-3 -3 -3 -3 -3 -3 -3 -3 -3 

-13 -13 -13 

0 

-2 

-4 -5 

-8 -7 

-8 -8 -8 

-10 

-12 -12 

-15 

-17 

* The systematic examination of fresh projects of interest and the addition of new concessions lengthens 

the average residual life of the backlog. 

PRE-CLASSIFICATIONS 

9 10 11 12 13 14 15 16 

17 18 19 20 

In the context of the activity of the examination of new markets and investment 

opportunities, OHL Concessions has been pre-classified in major public private 

partnership projects in the United States, both in the toll road sector as well as with 

respect to commercial ports. 

In the State of Georgia, the company is placed among the finalists for the performance 

of the West by Northwest project, a corridor of express lanes adjacent to the toll-free 

road with a total length of 46 km. 

The pre-classification in Puerto Rico is for the operation of two toll roads, the 87-km 

PR-22, between San Juan and Hatillo, and the 6.4-km PR-5, within the metropolitan 

area of San Juan. 

In the port sector, the company was pre-classified for the performance of the project for 

the design, financing, construction and subsequent operation of the Marine Terminal 

in South Philadelphia, in the State of Pennsylvania. 

21 22 

23 24 

25 26 

45 

27 28 

1 Vianorte 

2 Autovias 

3 Centrovias 

4 A. del Sol 

5 Ezeiza-Cañuelas 

6 A. los Libertadores 

7 A. Aragón T1 

8 Intervias 

9 Euroglosa 45 

10 A. Eje Aeropuerto 

11 Móstoles-Navalcarnero 

12 R. Janeiro-E.Santo 

13 S. Paulo-Belo Horizonte 

14 S. Paulo-Curitiba 

15 Curitiba-Florianópolis 

16 Curitiba-R. Grande do Sul 

17 Autopista del Norte 

18 Amozoc-Perote 

19 A. Los Andes 

20 Puerto de Alicante 

21 Metro Ligero Oeste 

22 Libramiento N. Puebla 

23 Viaducto Bicentenario 

24 Circuito Ext. Mexiquense 

25 A. Urbana Norte 

26 Los Poetas-Luis Cabrera 

27 Puerto de Ennore 

28 Aeropuerto Int. Toluca

PRIZES AND RECOGNITIONS 


The good performance of OHL Concessions and its subsidiaries has given rise to many 

international and national recognitions during the past financial year, including the 

following: 

• OHL Concessions is firmly placed as the 7th largest developer of transportation 

infrastructures under concession worldwide, according to the prestigious ranking 

of the magazine, Public Works Financing (PWF). 

• The Viaducto Bicentenario toll road has been singled out as the best civil 

engineering project in 2010 in the State of Mexico. 

• The financing of the Circuito Exterior Mexiquense beltway was given the Latin 

American PPP Deal of the Year 2009 award, granted by the Euromoney-Project 

Finance group. 

• OHL Brasil was recognized as the second best listed company by shareholders 

in Capital Aberto’s 2010 Ranking. 

• Metro Ligero Oeste obtained the prize for the Best World Light Rail Initiative, 

awarded by the International Association of Public Transport (UITP). 

• The Projeto Escola, organized by OHL Brasil, has been included in the Save the 

Children catalog of best corporate practices, promoted by UNICEF and the United 

Nations Global Compact. 

• OHL Concessions and its Spanish subsidiaries have obtained OHSAS 18001 

certification, confirming the quality of the occupational risk management system 

established. 

• Certification of the concession company, Autovía de Aragón Tramo 1, in quality 

and environment according to the ISO 9001 and ISO 4001 standards. 

• Subsequent to the close of accounts for the financial year, in February 2010, the 

financing of the Viaducto Bicentenario was selected for the Latin American PPP Deal 

of the Year 2010 recognition, awarded by the Euromoney-Project Finance group. 

The Viaducto 

Bicentenario 

toll road was 

awarded a prize 

as the best civil 

engineering 

project in the 

State of Mexico 

in 2010 

31


Community Asphalt, an 

OHL USA subsidiary, is 

performing the construction 

work for the AirportLink 

project, in order to extend the 

Miami Metrorail to the city’s 

international airport. 

32 

OHL INTERNATIONAL CONSTRUCTION 

Market and Strategy 

OHL International Construction was consolidated in 2010 as the leading division of the 

OHL Group in terms of sales and second in terms of EBITDA. Its revenues amounted 

to 1,829.3 million euros and its EBITDA to 150.0 million euros, figures which account 

for 37.3% and 14.9%, respectively, of the Group total. This is owing to the positive 

performance of the activity in the US, Central and Eastern Europe, and Qatar, and 

the notable rate of execution of projects related to Group concessions in Mexico (the 

Circuito Exterior Mexiquense loop roadway and the Viaducto Bicentenario). 

OHL International Construction future growth is guaranteed by its important backlog at 

year-end 2010, which amounted to 3,298.0 million euros, recording a 24.0% increase 

with respect to that recorded at year-end 2009, and also by the awards of major works 

after the close of the year. 

The efforts made in developing the business of this division in various countries bore 

fruit during 2010 with the award of its first works in markets as important as the State 

of New York, Colombia, Poland and, in January-February 2011, Canada and Kuwait. 

OHL INTERNATIONAL CONSTRUCTION. SALES IN 2010 

Country Millions of euros % 

Mexico 516.3 28.22 

USA 375.6 20.53 

Czech Rep. 346.3 18.93 

Algeria 231.0 12.63 

Qatar 172.4 9.42 

Slovak Rep. 96.3 5.26 

Chile 29.2 1.60 

Bulgaria 19.4 1.06 

Argentina 14.3 0.78 

Peru 13.4 0.73 

Poland 7.7 0.42 

Hungary 2.4 0.13 

Montenegro 1.9 0.10 

Bosnia 1.9 0.10 

Canada 1.0 0.05 

Turkey 0.2 0.01 

TOTAL 1,829.3 100.00


Moreover, in New York, OHL USA has become the strategic partner and principal 

shareholder of the New York construction company Judlau Contracting, holding 

50.10% of its capital. 

UNITED STATES 

The construction industry in the United States is promising, despite the fact that the 

latest surveys taken by the prestigious construction sector journal ENR consider that 

it will take another 18 months to recover from the crisis. This publication, through 

a survey of over 3,000 US companies conducted in Q4, shows that the confidence 

index rose to 43 points - as compared to the 32 points of the previous quarter- on a 

scale of 100, with 50 indicating a stable market. Despite the forecasts for recovery in 

the middle term, OHL USA has continued with its stable growth strategy through its 

local companies. 

Northeast Region 

In 2010, the OHL Group entered the construction market of the State of New York 

through its strategic alliance with the local construction company Judlau Contracting, 

Inc. Through its incorporation into the shareholder structure of this company as 

a strategic partner, OHL has reinforced the financial and technical capacity of 

Judlau Contracting, which will now compete in major civil engineering projects and 

infrastructure development within a public-private collaboration scheme, extending 

its sphere of action from New York to other US states. 

Likewise, in addition to the Northeast region and Canada, the Group, under the 

responsibility of this region, has begun business development activities and project 

exploration in the Western part of the US, specifically in the State of California. 

Significant Activities 

Among the most significant activities taking place in 2010 in this region and in other 

US states under its responsibility, mention must be made of the opening of offices 

in New York and Los Angeles. In the summer of 2010, OHL USA opened its New York 

office to formally initiate the operation of the new Group division, OHL USA Northeast 

and Canada. After the New York office was set up, in September a representation office 

of OHL USA was opened in Los Angeles, in an aim to study the West coast market, 

especially the states California and Washington. 

The incorporation of the company Judlau Contracting into the Group is another 

significant milestone. In November, OHL USA joined the shareholder structure of 

this New York company which, in its 27-year history, has gained extensive recognized 

In New York, Judlau 

Contracting has participated 

in the construction of the East 

Side Access, among other 

projects. 

33


34 

OHL USA has 

become the 

strategic partner 

and primary 

shareholder of 

the New York 

construction 

company, Judlau 

Contracting, 

holding 50.1% of 

its capital 

Construction work on 

the 826/836 expressway 

interchange in Miami. 

prestige in infrastructure construction and civil engineering works (tunnels, highways, 

bridges, and subway) in the State of New York, participating in some of the most 

important projects, such as East Side Access. 

The prestigious publication New York Construction, in its rankings of Top Contractors, 

ranks Judlau in the following positions: 2nd company in Top Transportation Contractors, 

4th in Top General Contractors and 4th in Top Public Contractors. The company closed 

2010 with revenues of 308 million dollars and a backlog of 440 million dollars. 

Lastly, with the year nearly over, OHL was awarded its first construction contract in New 

York. After submitting tenders, for the first time in 2010, to the principal construction 

programs of the five boroughs of the city of New York, in the month of December 

OHL USA was awarded its first contract in this market, for the works “Replacement of 

the Water Siphon between Brooklyn and Staten Island”, by the New York Economic 

Development Authority. 

With a 200 million dollar-budget, the principal objective of the project is the 

replacement of two siphons between Brooklyn and Staten Island by a new lower-level 

siphon. This will allow for the necessary dredging in the canal providing access to the 

ports of New York and New Jersey for the new post-Panamax cargo carriers. The siphon 

is a reserve or stand-by hydraulic line for the supply of potable water to Staten Island 

in the event of failure of the Richmond Tunnel principal transmission line. 

The works consist of the execution of a tunnel measuring 3.85 m in diameter, and 3,000 

m in length, under the outlet of the Hudson River in the Atlantic. The tunnel will be 

constructed with the use of an EPB designed for pressure of up to 8 bars. In addition, 

the project includes connections to the existing system in Brooklyn and Staten Island 

and the execution of a chlorination plant. 

Southeast Region 

The recovery of the construction sector in the Southeast of the US in 2010 was not 

as strong as could be desired. Nevertheless, despite this adverse situation of the 

local market, OHL USA has continued with its strategy of positioning itself in various 

activity segments through its local companies and by acting directly. Owing to the 

international experience of the OHL Group and its local subsidiaries, it has been able 

to participate in several projects, such as the high-speed railway line Tampa-Orlando 

and the concession of the West Highway by Northwest (WxNW) in Georgia, and was 

awarded the works for the Miami 826/836 interchange. 

In developing its activities in the Southeast US, the Group has focused the subsidiaries 

in this region on specific geographical areas and/or specific market niches:


Community Asphalt, traditionally focused on paving activities, has managed to 

diversify its activity towards railway works (contract for extending the Miami subway) 

and structures (contract to redo the major Miami highway crossroads). 

Arellano deals in the construction of hospitals and universities, and is developing an 

intense commercial activity to expand to the north of Florida. 

Tower deals in non-residential building construction in the North of Florida, with 

special emphasis on schools, military barracks, and port terminals. 

Stride has specialized in all types of non-residential building construction projects 

in Miami and the surrounding areas, and was awarded the important contract to 

modernize all of the service stations of the Turnpike, the principal highway which 

runs through Florida from North to South. 

BCA has specialized in constructing schools. 

OHL USA acts directly in those projects where the international experience of OHL 

plays a key role to obtain pre-qualifications. 


With the experience and financial and technical support of the OHL Group, channeled 

through the subsidiary holding OHL USA, its US companies have been able to face 

new challenges and have obtained projects with new financing models or in new 

areas of activity. 

In Florida worthy of mention is the award of the 826/836 Interchange to Community 

Asphalt (heading a joint venture with two local companies) for the amount of 560 

million dollars, which includes partial financing to be contributed by the joint venture 

partners. This contract is in addition to the contract obtained during the previous 

year for a railway project, the AirportLink, which is a clear sign that this subsidiary 

has gone from being a company dealing primarily in paving to a company engaging 

in general civil engineering works. 

Panoramic view of the Miami 

South Cultural Center (left) 

and visualization of the 

Pompano Beach service area 

on the Turnpike, in Florida. 

35


Construction work for the 

AirportLink project, in Miami 

(above), and Miami Green 

Building. 

36 

Likewise important is the award to Stride of the turnkey project for remodeling all of 

the service areas of the principal toll highway running through Florida from north to 

south, the Turnpike. This contract will be executed for the concessionaire subsidiary 

of Áreas, a European company recently set up in the US, and which was awarded 

said concession also as a result of the participation of OHL USA in its bidding group. 

In 2010 satisfactory progress continued to be made in the execution of the first phase 

of the AirportLink project, for 360 million dollars, which converted OHL into the first 

Spanish company to obtain a railway construction project in the US. The project 

consists of the construction of the prolongation of the Miami Subway (MetroRail) to 

the Miami international airport. 

The execution of this contract proved additionally beneficial for OHL in the US, as it 

has allowed our company to improve its position in the face of the forthcoming highspeed 

railway project tenders. 

Through Arellano Construction, the project was obtained for the extension of the 

South Miami Hospital, having over 262,000 m2 , which will be equipped with a new 

emergency ward and operating room, among other medical areas. 

Lastly, note must be made of the incorporation into the Group of the company 

Betancourt Castellon Associates, Inc. Founded in 1981, this company has broad 

experience in numerous public agencies such as the US Department of Defense and 

the Army Engineer Corps, as well as corporate customers. During the past two decades, 

BCA has specialized in constructing educational buildings, with revenues of over 330 

million dollars in projects of this type. One of the latest of these, Terra Environment 

Research Center, has received the maximum LEED certification, which places it among 

the leading research institutes in regard to sustainability and environmental protection. 

Significant Data 

• OHL USA is ranked as one of the leading and most widely recognized local groups 

in the sector, ranking second in 2010 among Florida construction companies, and 

third in the Southeast US (ENR ranking of principal companies). 

• The 826/836 Interchange is the second major project in the Southeast US, and 

Airportlink is the seventh (ENR ranking of major projects in 2010). 

• OHL USA values the importance of safety in its projects, which is reflected in the 

participation of Group companies such as Community Asphalt, in programs such 

as Construction Health And Safety Excellence (CHASE). This program is an OSHA/ 

AGC association to reduce occupational accidents, with participation being limited


to those companies having a high level health and safety program. In recent years 

Community Asphalt has been obtaining excellent health and safety results, and, 

consequently, has come to form part of this select program. 

• The business association Círculo de Empresarios together with the business 

school of the University of Pennsylvania, the Wharton School, awarded special 

mention to the 826/836 Interchange project as one of the most representative 

international operations of Spanish companies in 2010. 

Canada 

In 2010 Canada had an economic growth of nearly 3% which, according to the Bank 

of Canada, will be reduced to 2.3% in 2011. The Construction Sector Council indicates 

in its report Construction looking forward 2010-2018 that GDP will grow by 2.7% in 

each of the years 2012 and 2013. This agency likewise forecasts growing labor costs 

in the construction sector owing to increased demand and number of projects. The 

federal government will maintain the infrastructure stimulus fund during 2011. In 

recent years, Canada has become, and will continue in 2011 to be the most active 

concessions market, focusing on social infrastructures and transport. 

OHL Canada will continue its strategy of obtaining social infrastructure contracts 

(hospitals and courthouses) and transport (highways, railways and subways), seeking 

out the right partners, and in those places where it has a competitive advantage, 

focusing on the markets of Ontario and Quebec, where it has an office. It will also 

seek out opportunities in other provinces having an active construction market, such 

as Alberta, British Columbia and Newfoundland, seizing opportunities and taking 

advantage of federal and provincial government stimuli. 


Among the most significant activities in this country in 2010 mention need be made 

of the opening in the month of August of the OHL Canada office in the metropolitan 

area of Toronto, as an addition to the Montreal office, which has been open since 

January 2009. Its opening confirms the interest of the Group in the Ontario market, 

especially the Toronto market. 

Moreover, OHL was designated as preferred bidder and subsequently awarded 

the first Group contract in Canada, the project for extending the Toronto Subway: 

“Highway 407 Station and Northern Tunnels of the Spadina Subway line”, the first 

contract of the Group in Canada. 

In February 2011, 

OHL signed its 

first contract 

in Canada, a 

project for the 

extension of the 

Toronto Subway, 

after being 

selected in 

November 2010 

37


Brěclav Station, Czech 

Republic. 

38 

OHL ŽS is one 

of the leading 

construction 

companies 

in the Czech 

Republic, with 

sales worth 

409.1 million 

euros in 2010 

Central and Eastern Europe 

The OHL Group has very important subsidiaries in Central Europe, both from the 

perspective of sales as well as employment. In April 2003, OHL entered the Czech 

Republic as a strategic partner and controlling shareholder of the construction group 

ŽPSV, the principal company of which is the current OHL ŽS. This company, as well as 

ŽPSV itself, are the two principal Group companies in Central Europe. 

OHL ŽS is one of the leading construction companies in the Czech Republic, and OHL 

controls 88.01% of its capital. In 2010, its sales amounted to 409.1 million euros, 

practically 50% of which comes from the railways segment. 

In general, this company focuses on the execution -construction, modernization, 

reconstruction and maintenance- of various types of projects, both in the railways 

and highways sector as well as hydraulic, environmental, underground and building 

construction works. 

Its presence outside of the Czech Republic offers multiple opportunities to expand 

the internationalization strategy in order to take on projects basically involving 

infrastructures and railways activities. Currently, in addition to operating in the 

Czech Republic, it also operates in Slovakia, Bulgaria, Montenegro, Poland, Romania, 

Hungary, Azerbaijan, Bosnia and Herzegovina and Russia. 

The principal strategic objective of OHL ŽS is to maintain its positions in Czech Republic 

construction market, and extend its activities abroad, both in the countries in which 

it is already present as well as through its entry in new markets, principally those of 

southern and southeastern Europe. 

Among the major works executed in the Czech Republic are the following: Czech 

Railways, 1st phase of Train Sidetrack; University Hospital; Renovation of Psychiatric 

Clinic; Technical University, School of Electrical Engineering Building; Bohunice 

University Campus, AVVA-Green Stage Building; Šlapanicko, Treatment of Říěka and 

Rakovec Rivers; 7.61 MWp and 5.61 MWp Photovoltaic Plant; Reconstruction of the 

Břeclav, Railway Junction, 1st phase, and Česká Třebová Multifunctional Transportation 

Terminal, Bezruč plaza. In Hungary, it has reconstructed a section of the Mezotúr- 

Gyoma railway. 

ŽPSV, in which OHL has an 89.95% holding, has more than fifty years of experience and 

an important presence among the leading construction concrete suppliers, particularly 

for railways and highways, building construction, industrial estates and shopping 

centers. It sales rose to 43.8 million euros in 2010.


This company has decided to expand its services to include the supply and assembly 

of concrete structures for the areas of building construction and roadways. Given 

its wide variety and volume of manufactured pieces, this supplier ranks among the 

leading concrete product suppliers in the Czech Republic. 

ŽPSV has seven factories in the Czech Republic, and the key countries in its strategy of 

expansion abroad are Bulgaria, Serbia, Slovakia, Hungary and Poland. Its subsidiary 

ŽPSV a.s. Čaña acts in the Slovak Republic, specializing in the manufacture of concrete 

components, such as railway sleepers. In Bulgaria it has the subsidiary ŽPSV Sofia 

EOOD, with a factory in Varna, which principally produces prestressed reinforced 

concrete sleepers. 

In the second half of the year it extended the production of sleepers with other 

prefabricated elements for rail bed drainage, platforms and anti-noise walls. 

Algeria 

During 2010, OHL continued to develop its construction activity in Algeria through 

the execution of the Algiers Ring Road and the modernization and dual-track route 

for the railway between Annaba and Ramdane Djamel. Early in the year it finalized 

the Oran Convention Center. 

Execution of the project for the second ring road between Algeria and Boudouaou is 

highly advanced, and the sections of Meftah-Khemis El Khechna and Douera-Birtouta 

were opened to traffic in 2010, in acts attended by the Minister of Public Works and 

the Governor of Algiers. 

The Douera-Birtouta section has included the execution of an open-cut tunnel, in an 

aim to reestablish the orographic continuity of the city of Kreicia. 

This roadway project, considered to be the most important one of its kind in Algiers, 

is expected to finalize in mid-2011. 

ŽPSV ranks 

among the 

major suppliers 

of concrete 

products in the 

Czech Republic 

Oran Convention Center, 

with the Le Meridien Hotel 

in the foreground and the 

Exhibition and Conference 

halls in the background. To 

the right, second beltway 

around Algiers. 

39


40 

Following 

completion of 

the Convention 

Center, OHL 

is building a 

section of the 

second beltway 

around Algiers, 

the Algerian 

capital’s most 

important road 

project 

Section of the Ankara-Istanbul 

high-speed train line, in 

Turkey. 

The project for modernizing and constructing a dual track route for the Annaba- 

Ramdane Djamel railway line made considerable progress during 2010, especially 

in strategic works for the continuity of the line, as is the case of the Ras el Ma and 

Guessaba tunnels, excavated using latest generation guided roadheaders. Likewise, 

more than 20 km of railway track was laid. 

The singular most important event in Algeria during 2010 was the successful 

inauguration of the Oran Convention Center, which took place on 20 April, attended 

by the Minister of Energy, on the occasion of the 16th International Conference on 

Liquefied Natural Gas, organized by Sonatrach, the leading public enterprise company 

of Algeria, responsible for managing the country’s oil and gas activities. 

The Oran Convention Center complex is comprised of an Exhibition Center, Conference 

Center, hotel and car park. The Exhibition Center, having over 10,000m2 of exhibit 

space, has on its upper floor all of the services characteristic of this type of facility, 

including 25 fully equipped meeting rooms of different capacity. The Convention Center 

has an auditorium which seats 3,000 persons, a large dining hall for 2,000 persons, 

two multi-use halls holding 500 persons and a hall for Heads of State, equipped with 

a room for Heads of State summits, with simultaneous translation, guest reception 

hall, dining hall and press conference room. 

Lastly, the 5-star Le Meridien Hotel, having a 300-room capacity, was built under the 

standards of the Starwood chain. 

In conjunction with these activities, OHL has continued to carry out intense commercial 

activity in Algeria, seeking out new business opportunities within the profile of projects 

which are objectives in this country. 

Turkey 

In 2010, the customer has made final acceptance of the works for the Ankara-Estambul 

high speed train project, operating commercially with full success since mid-2009. 

Likewise, the waste water treatment plant of Konya has finalized, and has been in 

operation since June 2009, with final acceptance of the plant expected to take place 

during 2011. 

OHL International Construction continues to be interested in keeping itself active in 

the competitive Turkish market, and is currently participating in the pre-qualification 

and bidding processes for important infrastructure projects in the country.

Middle East 


OHL International Construction established itself in the Middle East several years 

ago, and ever since then it has been carrying out intense commercial activity in this 

geographical area, participating in pre-qualification and tenders for several projects, 

and attentively following infrastructure plans as important as the development, 

practically from scratch, of the railway system in the Persian Gulf countries, a field in 

which OHL is one of the world’s most experienced companies. 

During 2010 in Qatar satisfactory progress continues to be made in the execution of 

the project for the Sidra Medical and Research Center, a hospital which will serve as 

a reference throughout the Gulf, having an award budget of 1,645.7 million euros and 

a surface area of 364,000 m². Its presence in this country places OHL in a privileged 

position with respect to future infrastructure projects (especially subway and railway) 

and stadium projects planned for the 2022 World Cup Soccer Championships in Qatar. 

The commercial activity carried out during the past year has borne fruit, with the award 

of the joint venture in Kuwait for the Jamal Abdul Nasser street elevated viaduct, 11 

km long, and having a budget of 666 million euros. For OHL this project opens the 

doors to Kuwait, a country which has an ambitious infrastructure investment plan for 

the next five years. 

OHL also forms part of the Spain-Saudi Arabia consortium which has presented the best 

tender for the Meca-Medina high speed railway line, and has been prequalified for the 

North-South railway line in Saudi Arabia. It is also paying close attention to possible 

projects in other countries of the zone, such as Oman and the United Arab Emirates. 

Latin America 

In 2010 the economy of Mexico recovered slightly, with a GDP growth of nearly 4.3%. 

Owing to the financial strength it attained over the past 12 years, Mexico was able to 

overcome the difficult current world situation. 

OHL strategy in Mexico has been focused on developing works under concession, 

which has produced excellent results for the Group. The knowledge obtained in this 

country by the divisions of International Construction and Concessions has facilitated 

the award in 2010 of the Autopista Urbana Norte in Mexico City, which will be joined 

with the Viaducto Bicentenario. Its construction will begin in 2011 and finalize in 2012. 

OHL was also awarded the concession of Supervía Poniente, another highly important 

urban motorway, the execution of which presents a technical challenge given the 

difficult typography of the area. The works will finalize in 2012. 

Construction work on the 

Sidra Hospital, in Qatar. 

41


Viaducto Bicentenario toll 

road and, to the right, first 

section in operation of Phase 

III of the Circuito Exterior 

Mexiquense. 

42 

The infrastructure works investment announced by the Federal Government points 

towards a recovery in growth of the construction industry, of around 4.0% in 2011, 

slightly higher than expected GDP growth, which serves to reinforce the view of focusing 

on contracting large scale public works projects. 


Among the significant activities for 2010 is the conclusion in November of the first 

phase, Toreo Cuatro Caminos-Tepalcapa, of the Viaducto Bicentenario, inaugurated 

by the Governor of the State of Mexico, Enrique Peña Nieto, on 24 November 2010, as 

the stellar work of the Independence Bicentennial, and the Centennial of the Mexican 

Revolution. 

The termination of the first phase of the Viaducto Bicentenario, 22 km long, and the 

start-up of operation marked the culmination of a challenge in regard to logistics, 

planning and works control. In order to comply with a tight work program, it was 

necessary to open five work fronts, which worked not only simultaneously but also at 

night, after 11 pm, in order to allow traffic to resume at 5 am the following morning, and 

likewise necessary to use prefabricated concrete elements, which had to be moved 

in a coordinated and synchronized fashion, getting the tasks done in less time and 

minimizing the effect on the existing roadway. 

Also significant is the continuation of construction work on phases II and III of the 

Circuito Exterior Mexiquense toll road, one of the most important roadway concession 

works in Mexico in recent years. 

From the construction perspective, work on phase II presented a series of challenges 

which required state-of-the-art engineering, given the instability of the terrain which 

the Circuito Exterior Mexiquense crosses at said section, which was once part of Lake 

Texcoco. In the structure accesses and in curved sections use was made of layers of 

high density polystyrene, which reached heights of up to 2.2 m, over which a 20 cm 

thick concrete slab was built, to support the below grade level and paving structure.


All of these actions will keep the OHL Group in 2011 at the head of the most important 

construction companies in Mexico, waiting for this country to capitalize the growth 

opportunities which are presented to it, in a year in which the forthcoming presidential 

elections may set off a wave of important public investments in the construction 

industry. 

In Chile, in 2010 OHL concluded the works corresponding to the hospital in the city of 

Coquimbo, Region IV, and the institutional building of Ministry of Public Works (MOP) 

in the city of La Serena. 

Works for the Coquimbo Hospital, consisting of the construction of a new 300-bed 

seven-floor hospitalization tower, having a surface area of 12,700 m², is a 19.4 million 

euro investment which at year-end 2010 was at the provisional acceptance stage. 

The new regional headquarters of the MOP in La Serena has a surface area of 9,991m² 

including offices, underground parking, services and warehouses, distributed in five 

floors, with two underground floors. It has an auditorium with a capacity for 200 

persons, and is an 8.6 million euro investment. 

Together with these actions, in 2010 final acceptance of La Reina Military Hospital 

in Santiago took place. This project stands out owing to the magnitude of the works, 

which are considered the second largest public works executed in Chile in the past 

50 years, and also owing to the fact that this was the first hospital contract in Chile to 

include technical service, training and maintenance of medical and clinical equipment. 

In 2010 the first award was obtained for works with the state company CODELCO, 

which carries out most of the mining activity in Chile, is the country’s leading export 

company, and has in its backlog a concentration of the bulk of the mining investment 

for the coming years. 

The objective of the awarded project is to comply with the commitment taken on by 

CODELCO Chile to carry out works which make it possible to mitigate the vulnerability 

of the Piuquenes dam, materializing the construction of works which make it possible 

to reduce at a first stage the risk implied by the obstruction of the Rio Blanco diversion 

tunnel. 

In Argentina, the Group successfully finalized the construction of the Cordoba Hospital 

(335 beds), a project developed in an aim to reach the maximum levels of integral 

service. In addition to the Central Hospital, the High Complexity Medical Institute 

and the Burn Unit, the Hemodialysis Center was built, with OHL being contracted to 

provide the services required by the project. 

The OHL Group 

is one of the 

most relevant 

companies in 

Mexico as a 

result of the 

outstanding 

construction 

projects carried 

out for its 

concessions 

43


Héctor Quintana Maternity 

and Infants Hospital (left), 

in Argentina, and building 

for Chile’s Ministry of Public 

Works in La Serena. 

44 

Also begun was the second stage of the Quintana de Jujuy Hospital and OHL was 

contracted to construct a new building to house the maternity care service, which will 

start up in January 2011, and which will form a 300-bed maternal-infant care complex. 

The Maternal-Infant Care Hospital of La Matanza is expected to be delivered by mid- 

2011, and work on the Scientific and Technological Pole continues to make strong 

progress. This latter work is a center for the management and production of knowhow 

which will house the headquarters of the Ministry of Science, Technology and 

Productive Innovation as well as its agencies, the Conicet and the National Agency 

for the Promotion of Science and Technology. 

With respect to new projects in Argentina, OHL has shown interest and is preparing 

tenders for infrastructure works in areas which are essential for the development and 

growth of the country, where the experience acquired in Spain and other countries 

proves decisive. 

The construction of various sections and stations of the H Line is the first project of 

those included in the Construction Master Plan for new Subway lines for the City of 

Buenos Aires. 

Within the framework of significant environmental aspects affecting a highly important 

sector of the population of Buenos Aires, OHL experience in tunnel construction using 

TBM will be important for the tender to be presented in the construction of sewers 

under the Cuenca Matanza Riachuelo Sanitation Plan. 

It will also continue participating in the hospital and penitentiary construction market, 

in which the company ranks among the leading companies in Argentina in terms of 

square meters constructed. 

In an aim to extend the activity to other markets, in Uruguay the company participates 

with a strong investment for the installation of the cellulose paste manufacturing 

industry, with the resulting needs for railway transport and new ports.


In Paraguay an analysis is being made of participation in the construction of aqueducts 

and sanitation systems, investments which will receive international financing. 

In Colombia, in association with the Italian firm Impregilo and with a 30% holding, 

OHL participates in the construction of the 400 MW El Quimbo Hydroelectric Plant, 

in the Department of Huila. 

The project provides for the construction of a concrete faced rockfill dam and additional 

works for the generation of 400 MV. It is valued at over 243 million euros. 

In Ecuador final delivery was made of the San Eduardo tunnels project, two 1,300m-long 

tunnels in the city of Guayaquil, which are the country’s longest urban roadway tunnels 

across the largest section. 

In Peru construction was begun on the Second Carriageway of the Red Vial 4 roadway, 

between the cities of Casma and Huarmey. The section under construction is the third 

of four sections into which the works are divided, with a total length of execution of 

283.86 km, of which 70.69 km correspond to the third section. 

Also in Peru, in May 2010 a contract was signed for the renovation and improvement 

of the Ayacucho-Abancay highway, section IV, located in the Department of Apurímac. 

The works form part of the central highway which runs parallel to the Andes mountain 

range, and which is built at different altitudes, ranging from 2,950 meters to 4,230 

meters above sea level. 

OHL has 

secured its first 

construction 

project in 

Colombia, 

through a jointventure 

contract 

for building 

the El Quimbo 

hydroelectric 

power plant 

45


46 

Domestic 

Construction 

division 

obtained sales 

worth 1,241.6 

million euros 

in 2010 and an 

EBITDA figure 

of 90.4 million, 

with a decline of 

22.6% and 30%, 

respectively 

DOMESTIC CONSTRUCTION 

After a long period (1995-2007) of positive contribution to growth in Spain, in 2010 

the construction sector once again suffered a sharp 10.8% fall in activity, which 

consequently lowered the national economy by 1.5 points. 

Likewise, the contribution of the sector to gross fixed capital formation (GFCF) 

decreased by 11.1%, at 135,296 million euros. 

Sector production rose to 147,902 million euros, 12.7% of GDP, as opposed to 164,345 

million euros, 14.4% of GDP, in 2009. 

In the context of such an unfavorable scenario, activity in all of the subsectors has 

fallen, with civil engineering activity, which recorded a 13.5% decrease, heading the 

list, in contrast to a 9.3% decrease in building construction activity. 

In terms of employment, domestic construction also recorded highly negative figures. 

The sector destroyed 237,000 jobs in 2010, and closed the year with 1,651,000 

employees, which means that 1,100,000 jobs have been lost since the crisis began. 

Public tenders in Spain totaled 26,519 million euros in 2010, which represents a 32.2% 

decrease with respect to the 39,100.4 million euros tendered in 2009. 

Local administrations are once again the entities with the greatest amount tendered, 

11,574.2 million euros, a 22.4% decrease with respect to the 14,923.1 million euros 

tendered in 2009, the year of Plan E. 

The autonomous communities are the second most important tender group, tendering 

9,413.4 million euros as opposed to 11,956.9 million euros in 2009, a 21.3% decrease. 

Expansion of the El Musel 

harbor in Gijón (left) and the 

Huergas Viaduct on the highspeed 

train line between La 

Robla-Pajares Tunnels.


The Spanish State General Administration tendered a mere 5,531.5 million euros, as 

opposed to 12,220.4 million euros during the previous year. This sharp fall of 54.7% can 

be explained by the pressure of the public debt on the execution of the annual budget 

for 2010 and subsequent years, and that has prompted that the Ministry of Public 

Work has just tendered 3,662.1 million euros, resulting in a 60.2% cutback in tenders 

with respect to those carried out in 2009, which amounted to 9,209.9 million euros. 

The most significant decrease within the sphere of the Ministry of Public Works took 

place in Adif, the Spanish Railways Infrastructure Administrator, with the amount 

tendered falling from 5,253.3 million euros in 2009 to 1,604.1 million euros in 2010, 

that is, 69.5% fewer tenders. 

The Spanish Directorate General of Highways, on its part, reduced tenders by 35.9%, 

from 728.3 million euros in 2009 to 467.1 million euros, and the Directorate General 

of Railway Infrastructures tendered 349.9 million euros in 2010 as opposed to 862.8 

in 2009, a 59.4% decrease. 

In the meantime, Aena (Spanish Airports and Air Navigation) as well as the Spanish 

port authorities closed 2010 with significant decreases in their volume of tenders. 

Along the same line of cutbacks, in 2010 the Spanish Ministry of Environment, Rural 

and Marine Affairs tendered 21.5% less than the previous year, with 1,142.2 million 

euros tendered in 2010, as opposed to 1,455.9 million euros in 2009. 

In the face of this situation, which had been foreseen, OHL made the required 

adjustments in the Domestic Construction division cost structures in order to keep 

this division profitable, despite its decreased volume of activity. 

Domestic Civil Engineering Works 


The civil engineering works sector was the sector recording the greatest decrease in 

Spanish public tenders in 2010, with the amount tendered dropping to 15,512.4 million 

euros, a 38.6% decrease with respect to the 25,271.3 million euros tendered in 2009. 

All of the subsectors, with the exception of environmental civil engineering works, 

recorded decreases, as can be seen in the table below. 

Construction work on the 

Bus-HOV lane on the C-58, 

Barcelona. 

47


48 

CIVIL ENGINEERING WORKS TENDER PERFORMANCE BY SUBSECTOR 

SUBSECTORS 2009 2010 Change 10/09 

Transport 12,687.9 6,883.0 -45.8% 

Land Development 7,713.4 4,683.9 -39.3% 

Hydraulic works 4,103.4 3,035.0 -26.0% 

Environment 766.6 910.5 +18.8% 

Total Civil Engineering Works 25,271.3 15,512.4 -38.6% 

As in previous years, transport infrastructures were the type of works recording the 

highest amount tendered, although these works account for the greatest decrease, 

45.8%, basically owing to the action of the Ministry of Public Works, which has been 

forced to reprogram all of its investments in order to decrease public indebtedness, 

and also to the decrease in tenders of Adif, the public business entity in charge of the 

high-speed railway network. 

As a result of this, highway tenders by Spanish public administrations as a whole 

decreased by 36.6%, down to 2,961.9 million euros, and railway tenders by 56.8%, 

down to 3,218.1 million euros. 

Within such an unfavorable market context, in 2010 the OHL area of Domestic Civil 

Engineering Works recorded a volume of 791.4 million euros in sales, a 16.5% decrease 

with respect to the previous year, although this continues to be the most important 

activity of the National Construction division, accounting for 63.7% of its sales. 

New contracting amounted to 484.0 million euros, with backlog for this activity at 

year-end at 1,450.1 million euros, equivalent to 22 months of activity. 


Ronda West Beltway 

around Malaga. 

Owing to their volume, the awards of the following works in 2010 are worthy of note: 

Concession Sector 3 Aragon Roads Structuring Network; Enlace PAET Medina del 

Campo, Platform; Huelva Station Railway Infrastructure; Additional Works from Tajo/ 

Segura Aqueduct to the Plains of La Mancha; Port Development Right Bank of Aviles 

Estuary; and Prolongation of Autonomous Government of Catalonia Railways in 

Terrassa, Architecture and Facilities.


Significant contribution to OHL sales in 2010 in the area of Domestic Civil Engineering 

Works was made by the production obtained in the following works, among others: 

Langosteira Port Joint Venture, 27.5%; Water Conduction to the Plains of La Mancha; 

Dique Torres Port Joint Venture, 27%; Motorway A-7 Ronda Oeste in Malaga; Gibraltar 

Airport Access; L-9 Airport Logistics Joint Venture, 17%; L-9 Airport Stations Joint 

Venture, 36%; Travesía San Pedro de Alcántara Motorway Renovation; Tarrasa Tunnel/ 

Interc. Joint Venture; Santa María-Pagador Highway Doubling Joint Venture, 75%; La 

Robla - Pajares Tunnels Joint Venture, 72.5%, and the section of Zamora-Lubián, both 

are high-speed railways. 

NATIONAL CIVIL WORKS. MAIN CONTRACTS AWARDED IN 2010 

Type Work Amount 

(without 

VAT) 

Roads, highways 

and toll roads 

Concession Sector 3 Main Road Network 

Highways of Aragon 

Conservation and maintenance of various 

roads 

Place Client 

43,422 Huesca Region of Aragon 

Thousands of euros 

5,722 Huesca Ministry of Public Works. D.G. of 

Roadways 

Railway Works Link PAET Medina del Campo. Platform 31,122 Valladolid Ministry of Public Works. D.G. of 

Railways 

Water works 

Maritime works 

Other civil works 

Railway infrastructure for the Station in 

Huelva 

Extension of FGC in Terrassa. Architecture and 

facilities 

Platform, extension and tracks Header section 

South Atocha- C/ Pedro Bosch 

Complementary Works No. 3. Extension 

of the FGC in Terrassa. Infrastructure, 

superstructure, tracks and catenary 

Complementary works for the Tagus/Segura 

Aqueduct to La Llanura Manchega 

Connection of the Abrea and Cardedeu 

WTPs. Section: Fons Santa-Trinidad. Cond. 

Installations 

Wastewater collector the Tamaraceite ravine, 

Gran Canaria 

Port development of the right bank of Ría de 

Avilés 

Large vessels docking bays, Western sector, 

Palma de Mallorca 

29,752 Huelva Ministry of Public Works. ADIF 

16,961 Barcelona Regional Government of Catalonia. 

GISA 

11,969 Madrid Ministry of Public Works. ADIF 

7,626 Barcelona Regional Government of Catalonia. 

GISA 

28,925 Cuenca Ministry of the Environment and 

MRE C.H. Guadiana 

14,255 Barcelona Regional Government of Catalonia 

Aguas Ter Llobregat 

8,879 Las Palmas Ministry of the Environment and 

MRE. D.G. of Water 

24,934 Asturias Ministry of Public Works. A.P. Avilés 

14,034 P. Mallorca Ministry of Public Works. A.P. 

Balearic Islands 

Remodeling of docks in Port Ondarroa 7,900 Guipúzcoa Regional Gov. of the Basque 

Country CA. D.G. of Transport and 

Public Works 

Urban adaptation of the the loading zone of 

the Bilbao Airport 

New roads and pathways between runways 

18-36 of the Madrid Barajas Airport 

5,450 Vizcaya Ministry of Public Works. Aena 

5,485 Madrid Ministry of Public Works. Aena 

49


50 

Domestic 2,500 Civil Works of the OHL Group. 

Sales, Contracting and Backlog. Millions of euros 

2,000 

2,500 

2,000 

1,500 

1,000 

1,500 

1,000 

500 

0 

500 

0 

2007 

2007 

2008 

2008 

2009 

2009 

2010 

2010 

Sales 

Contracting 

Sales 

Backlog 

Contracting 

Backlog 

Operating data 2007 2008 2009 2010 

Sales 1,113.4 1,019.4 947.7 791.4 

Contracting 1,010.5 620.5 510.0 484.0 

Backlog 2,314.1 2,288.8 1,862.0 1,450.1 

Average size of the works budgeted at over 

600,000 euros. Millions of euros 

12 

10 

8 

6 

4 

2 

0 

10.9 10.9 

2007 

2008 

8.1 

2009 

6.1 

2010 

Breakdown of sales by activity 

in 2010. 

Total: 790.1 millions of euros 

32% 

28% 

Railways 

Roads 

Other civil works 

Water works 

Maritime works 

12% 

17% 

11%

Gran Canaria Insular Hospital. 

Domestic Building Construction 



Decreased construction activity, prevalent in previous years, continued along the same 

lines in 2010, and in this context activity in the building construction subsector in Spain 

recorded an annual decrease of 25% in residential building, the same percentage 

recorded for building renovation, whereas non-residential building construction, with 

16% less activity, was the subsector recording the lowest decrease. 

During 2010, the Domestic Building Construction General Management continued with 

the same strategy which it has been employing since 2002, based on giving priority to 

non-residential building construction, through the tender of large buildings, especially 

hospitals and outfitting. 

Works contracting amounted to 431.5 million euros, of which 289.5 million euros 

correspond to public tenders (67%) and the remainder, 142.0 million euros, to private 

works (33%). Of these contracted works, only 6% correspond to housing -in line with 

Group strategy- which recorded a 14% decrease with respect to residential building 

contracting during the previous year. 

Within the context of OHL guidelines for non-residential building construction, and 

basically owing to the current market situation, new tender models, PFI, are being 

promoted which make it possible to enter into public-private collaboration contracts 

with long-term financing and which mitigate the public budgetary tensions currently 

affecting the Public Administration. The Group, given its excellent technical and 

financial solvency, is immersed in this new model towards which building construction 

contracting is leaning. 

51


52 

The Group 

is involved 

in the new 

tendering model 

with private 

financing, the 

new trend 

in building 

construction 

Mar Menor Hospital (left) and 

Center for the Mentally Infirm, 

in Murcia and Valencia, 

respectively. 

Likewise, given its own great potential in facilities by means of the subsidiary Ingesan, 

it is able to offer its customers all of the services which, after a building is delivered, 

are required for its upkeep and maintenance; this potential has resulted in a 100% 

growth in this activity with respect to 2009, and the 2011 forecast is for a 35% increase 

with respect to 2010 sales. 

Within the framework of this strategy, worthy of note is the contracting of two publicprivate 

collaboration projects: the Tarrega Penitentiary and an office building for the 

Autonomous Government of Andalusia in Seville. Construction of these buildings 

is scheduled to begin in 2011 and 2012, and subsequently the buildings will be 

maintained and operated for 32 and 24.75 years, respectively. 

During 2010 facilities management contracting has likewise increased, with contracts 

in airports (Alicante), hospitals (Princesa Hospital, in Madrid) and various primary 

healthcare centers in Barcelona. 

With respect to the typology of the backlog works, non-residential building construction 

accounts for 60% of the works; hospitals, 35% and residential building construction, 5%. 


In the area of hospitals, construction of the Mar Menor Hospital and the Grand Canary 

Insular Hospital has now finalized, and works have begun for the Cuenca Hospital and 

the New Hospital of Mosteles, both contracted in 2010. 

Moreover, construction of the following works has finalized: the courthouse building in 

Almeria, the Center for the Mentally Ill in Valencia, the Miribilla Pelota Court in Bilbao, 

the Parquesol Police Station in Valladolid, and the Barcelona Blood Bank. 

With respect to hotel construction, renovations continue on the Mencey Hotel in 

Tenerife, and the renovation of the El Sardinero Hotel in Santander has been contracted.

DOMESTIC BUILDING CONSTRUCTION. PRINCIPAL AWARDS IN 2010 


Works Amount Place Customer 

New Hospital of Móstoles 88,770 Madrid Capio 


Cuenca Hospital Joint Venture (50%) 54,710 Cuenca C.A. Castilla-La Mancha. Sescam 

Tárrega Penitentiary 42,410 Lérida Regional Government of Catalonia 

- GISA 

Administrative Building Seville 30,085 Seville 

Valencia Airport Electric Power Plant 17,084 Valencia Ministry of Public Works - Aena 

160 dwellings Avda. Estatut 14,740 

Renovation of Sardinero Hotel 11,195 Cantabria El Sardinero, S.A. 

Renovation and Enlargement of the Teatro de la 

Comedia 

Domestic Building Construction 

Contracting 

Total 2010: 431.5 million € 

67% 

33% 

Headquarters building of the 

Barcelona Blood Bank. 

Public 

Private 

8,733 Madrid Ministry of Public Works - Aena 

Domestic Building Construction Backlog 

Total 2010: 761.6 million € 

5% 

Non-residential 

60% 

35% 

Hospitals 

Residential 

OHL has 

commenced 

work on two 

new hospitals 

contracted 

in 2010, the 

Cuenca Hospital 

and the New 

Móstoles 

Hospital 

53


Crude heat exchanger train 

for the Cepsa refinery in La 

Rábida, Huelva (Spain). 

54 

OHL INDUSTRIAL 


The year 2010 marked the definitive take-off of OHL Industrial, which achieved its first 

contracts in the Oil & Gas sector at the international market and Spain in excess of 

100 million dolars, bringing this Group division to the fore and enabling it to compete 

with the leading international companies of the sector. 

This circumstance has been directly reflected in the global sales of the company, which 

have tripled with respect to the preceding year, reaching 83.4 million euros, with the 

company obtaining profits for the first time since its recent creation, in addition to 

ending the year with a backlog of 250 million euros. 

At the international level, the situation of the oil & gas and energy markets is much 

more dynamic than that the of the domestic market, and there are clear, specific 

investment programs in many of the countries and areas of interest of the Group, such 

as Mexico, Peru, Colombia, Chile and the Middle East, among others. 

OHL Industrial confirms its strategy of entering these markets, and, additionally, 

prepares its participation in a number of projects in the complex Chinese market. 

The sluggishness of investments in Spain in the hydrocarbon and conventional 

energies sectors has only served to reinforce the firm vocation of OHL Industrial for 

international markets. Consequently, the strategy of introduction into the international 

markets has been reinforced with the opening of a subsidiary in Abu Dhabi and the 

creation of a subsidiary in Peru, OHL Industrial Perú, and one in Chile, OHL Industrial 

Chile. Likewise, the rating of contractor has been obtained in the principal Columbian 

Oil & Gas sector customer. 

The activity of OHL Industrial México continues to grow, and has a new General 

Management, which is clearly improving our position in this market, allowing us to 

participate in a number of tenders with new strategic partners. 

OHL Industrial Energy has begun a line of close collaboration with OHL International 

Construction in order to participate jointly in hydroelectric power plant projects in a 

number of countries. This initiative should bring the Group positive results in view of 

the significant synergies at stake and the favorable reception this joint participation 

has received in the market.


As a continuation of its policy of diversification, OHL Industrial has completed the 

acquisition of Sthim Maquinaria, a company specialized in the handling of solids, 

aggregates, and cement, which has an important backlog of international customers 

and which will now expand its activity to include important plant construction turnkey 

projects in its area of specialization. 

In order to provide an agile and adequate response to the strong obligations and 

responsibilities resulting from complex international contracts, the Group has 

deemed it advisable to provide OHL Industrial with a solid Economic-Financial 

Management, which will help consolidate the activity of OHL Industrial in accordance 

with international standards. 

OHL Industrial has put great effort into furthering its management systems certification 

processes, as evidenced by its commitment to its employees, its customers and to 

Group policy in this regard, and has obtained the following certifications: ISO 9001 

Quality Management System, ISO 14.001 Environmental Management System and 

OSHAS 18.001 Health and Safety Management System. 

Growth in OHL Industrial activity is only made possible by the efforts of the human 

resources area. Employment grew by 23% in 2010 with respect to the previous year, 

and in consonance with the company’s international policy, substantial improvement 

has been made in employee quality and recruiting, particularly in regard to a mastery 

of English. 


In the Oil & Gas sector it is crucial to mention the success of the contracting in Peru 

of the gas fractionation plant in Pisco, for Pluspetrol, for 125 million dollars, obtained 

through harsh competition with European and American companies, and as the result 

of a strategic alliance with a leading US gas technology firm. The execution of this 

project by Ecolaire is a challenge which the company takes on with full responsibility. 

The Oil & Gas 

and energy 

markets are 

much more 

dynamic abroad 

than in Spain 

La Olmeda photovoltaic 

power plant (left), in 

Valladolid, and Novatec 

solar thermal power plant in 

Murcia, both in Spain. 

55


To the left, conveyor belt at 

the Holcim Apasco cement 

company, in Mexico, and 

reactor in the Sabic Innovative 

Plastics plant in Cartagena, 

Spain. 

56 

Also contracted through Ecolaire is a hydrocarbons warehouse terminal in Algeciras for 

130 million euros, for the Dutch company Vopak, one of the world’s leading companies 

in this sector, which opens a period of collaboration over time in numerous projects. 

The participation of SATO in this same project, in charge of executing marine works, 

shows the integration and cooperation of OHL Industrial with Group companies. 

During the year, the Oil & Gas division has culminated the project for energy 

improvement of the crude heat exchanger train of the La Rábida refinery, improving 

the foreseeable energy saving, and consequently receiving customer recognition. 

The Energy division has contracted and executed in record time the 5 MW photovoltaic 

plant of La Olmeda, (Valladolid). This is a significant event, given that it is the first 

project of this type delivered by this newly created division. 

Likewise, the Energy Division has contracted the 29 MW photovoltaic plant of Brindisi, 

Italy, for GSF Capital, for 42 million euros, which is also the first international contract 

of this division. 

In the fire-prevention sector, an important maintenance contract was obtained for the 

plant of Sabic Innovative Plastics in Cartagena, Spain, in addition to continuing with 

the passive fire protection projects for nuclear plants such as Ascó and Trillo. 

The Solids Handling division finalized the kilometers-long limestone conveyor belt at 

the Holcim Apasco cement plant in Mexico. It also obtained a 12-million dollar contract 

in Mexico, the project for the crushing and transport of raw materials for the cement 

company Soc. Coop. Cruz Azul in Hidalgo.

MOST IMPORTANT OHL INDUSTRIAL CONTRACTS IN 2010 


OIL & GAS 

Project Millions € Location Customer 

Gas Fractionation Plant 95.5 Pisco (Peru) Pluspetrol 

Hydrocarbon Warehouse in Algeciras Marine 

Terminal 

130.0 Algeciras (Cadiz, Spain) Vopak 

30 MW Solar Thermal Plant 50.0 Calasparra (Murcia, Spain) Novatec 

ENERGY 


28.9 MW Photovoltaic Plant 42.0 Brindisi (Italy) GSF Capital 

5 MW Photovoltaic Plant La Olmeda 5.5 Palacio de San Vicente 

Fotowatio 

(Valladolid, Spain) 

Renewables 

Ventures 

FIRE-PREVENTION SYSTEM 

Passive fire protection 


Passive fire protection and penetration 

1.5 Ascó (Tarragona, Spain) Central 

sealing 

Nuclear Ascó 

I/II 

Fire safety protection systems 1.0 Trillo (Guadalajara, Spain) Central 

Nuclear Trillo 

SOLIDS HANDLING 


Crushing and transport of raw materials to the 

12.0 Hidalgo (Mexico) Soc. Coop. La 

T-1 conveyor belt 

Cruz Azul 

Clinker transport and storage 2.0 Cenosa (Honduras) Cementos del 

Norte 

Transport Equipment 1.6 Proyecto Gragulfa (Mexico) Polysius 

(Spain) 

The contracting 

of the gas 

cracking plant 

at the Pluspetrol 

refinery in 

Pisco, Peru, has 

been a crucial 

development 

for OHL 

Industrial and 

its subsidiary, 

Ecolaire 

57


View of the Mayakoba resort 

on Mexico’s Riviera Maya. 

58 

OHL DEVELOPMENTS 

OHL Developments started up in 2001 as an autonomous business line within the OHL 

Group as the result of the need to develop the exclusive Mayakoba Project, In Mexico. 

From the outset and starting with the aforementioned Mayakoba Project, OHL 

Developments has accumulated significant experience in the development and 

promotion of high quality combined use real estate projects operated by the most 

prestigious international luxury hotel chains. OHL Developments is set up as a business 

unit which channels OHL Group corporate resources towards strategic diversification 

opportunities. 

It is to be highlighted that OHL Developments activity has been growing, to currently 

include a wide range of services associated with the full life cycle of its projects. 

Consequently, it manages both the initial stages (seeking out and identifying 

opportunities, feasibility analysis and global project conceptualization), as well as 

the development stages (construction design and execution, recruiting of funds and 

structuring of the financing, identification and shaping of strategic alliances), lastly 

taking part likewise in the final stages of marketing and operation, as well as final 

disinvestment. 


With a clearly international vocation, the projects currently in operation are located 

in Mexico, the principal project being the luxury Mayakoba hotel complex, located in 

the Riviera Maya. 

After two years of weak demand in the sector as a result of the serious international 

crisis and the H1N1 flu, clear signs of recovery can currently be seen, which signal a 

return to normality, albeit a slow one. 

As a result of this clear improvement on the current international scene, mention must 

be made of the slight recovery of the markets of groups, conventions and incentives 

which are so important to the project. Likewise important are the gradual recoveries 

in rates and occupancy. Expectations point to a slow recovery. 

The improvement in the tourism market, together with the consolidation of Mayakoba 

as a destination, is already producing clearly positive progress in OHL Developments 

project exploitation, with the projects recovering their growth trends which will 

ultimately allow them to reach cruising speed.


OHL Developments has currently subscribed letters of intent with two leading hotel 

groups with which, together with potential investor partners, significant strides have 

been made in negotiating the final two projects for phase I of the Mayakoba project. 

Moreover, it is also important to highlight the normalization of the financial markets 

which undoubtedly will facilitate the start-up of these final two projects and will 

unquestionably result in the definitive consolidation of the best and most exclusive 

development in Central America. 


In 2010 the projects in exploitation continued increasing their prestige, meriting 

various recognitions and awards during the year which show their high quality. 

The Fairmont Hotel, as in previous years, obtained the “5 Diamonds Award” rating 

awarded by the US American Automobile Association, the maximum rating given by 

this association, which it only awards to less than 0.3% of the more than 50,000 hotels 

included in its ranking. This Hotel was likewise included on the list of the world’s 500 

best hotels compiled by “Travel + Leisure” magazine. 

The Rosewood Hotel obtained, for the third consecutive year, the “5 Diamonds Award” 

rating from the aforementioned association. Moreover, in 2010 it was chosen as the 

best luxury hotel in Mexico and Central America, and one of the 20 best in the world 

by “Travel + Leisure” magazine. 

The Banyan Tree Hotel started operating in March 2009. After nearly two years of 

operation, it has been rated as the world’s ninth best luxury hotel, the world’s second 

best hotel in the Spa category, and the world’s third best hotel in the Romance category 

by Tripadvisor. 

In 2010 El Camaleón golf course held the 4th edition of the PGA “Mayakoba Golf 

Classic” tournament. 

In the San Francisco Project, located in Puebla (Mexico), the Shopping Mall -which 

has 16,300 m2 of surface area available for rent- continues in operation, as does La 

Purificadora Hotel. 

The main 

project of OHL 

Developments 

is the Mayakoba 

super-luxury 

hotel complex 

on Mexico’s 

Riviera Maya 

Mayakoba Golf Classic 

tournament (above), on 

the PGA tour, held on the El 

Camaleón golf course, and 

the beach at the Mayakoba 

resort. 

59


60 

OHL 

Environment has 

consolidated 

its international 

presence with 

major awards in 

Brazil and the 

United States 

OHL ENVIRONMENT 


Interior of the Mostaganem 

reverse-osmosis desalination 

plant, in Algeria. 

The year 2010 was one in which Spanish market environmental project tenders 

suffered the effects of the financial crisis, maintaining a sharp downtrend. This crisis 

has had a direct impact on the Spanish Ministry of the Environment and Rural and 

Marine Affairs, the principal engine of the sector in the area of water treatment and 

desalination in Spain. 

The international market, on its part, has tendered numerous projects, principally 

concession contracts having operation and maintenance time periods normally in 

excess of 20 years, in countries such as Portugal, Algeria, Mexico, Brazil, Arab Emirates, 

Egypt, India, Colombia and Peru. OHL Environment is one of the Spanish companies 

having the greatest presence and activity in this foreign market, with plants in operation 

in Brazil, Chile, Mexico and the US, and plants currently under construction in Algeria, 

Brazil and the US. 

Likewise during 2010, OHL Environment has actively participated in R&D&I forums 

as a member of the Water Technology Platform, an entity promoted by the Spanish 

Ministry of Science and Innovation and the Ministry of the Environment and Rural 

and Marine Affairs. Currently, it has three major R&D&I projects underway, and has 

AENOR-UNE-166002.2006 certification. 

The strategy of OHL Environment is comprised of the following objectives: 

• In the Spanish market, maintaining its participation through the 2008-2015 

National Water Quality Plan, with foreseeable investments of around 20,000 

million euros, and the 2007 Royal Decree on Reutilization, which requires the 

incorporation of tertiary treatment to increase waste water quality in a large 

number of plants.


• In the international market, by means of its introduction into geographical 

areas such as the Middle East, Eastern Europe and Asia, and in markets such 

Colombia and Peru, as well as by extending its presence in the Mediterranean, 

promoting alliances with local groups. 

• Extension of new businesses having a high technological component, such as 

thermal sludge drying, sludge treatment, and others. 

• To increase its own technology as value added through consolidation of R&D&I. 

• Diversification of activity, incorporating integral water management in certain 

cases. 

• International market growth through acquisitions of going concerns or local 

companies. 

• Consolidation and the commitment to grow in countries in which it already 

has a presence: Mexico, US, Brazil, Chile and Algeria. 


Among the contracts awarded to OHL Environment in 2010 are the operation and 

maintenance of the Alicante II desalination plant, one of the most important plants 

in the Water Program developed by the Ministry of the Environment, Rural and Marine 

Affairs, and the consolidation of its international presence by means of two important 

concession awards in Brazil and the US. 

OHL ENVIRONMENT. AWARDS IN 2010 

Type Works Amount 

(Thousand €) 

Construction and operational 

rental for 20 years 

Construction and 15 years of 

operation and maintenance 

WWTP Campos de 

Jordão. São Paulo. 

SWDP in Hialeah. 

Florida. 

Operation 3 years Operation and 

Maintenance WWTP 

Vallbona d’Anoia 

Operation 2 years Operation and 

Maintenance SWDP 

Alicante II 

Location Customer 

168,755 Brazil Sabesp 

35,551 USA City of Hialeah 

2,974 Spain Agencia Catalana del 

Agua. ACA 

Sales in 2010 

reached 138.3 

million euros, 

6.9% higher 

than the figure 

recorded in 

2009 

2,294 Spain Mancomunidad Canales 

del Taibilla. MMARM 

61


Desalination plants in 

Mostaganem (left.), in Algeria, 

and Alicante II, in Spain. 

62 

XV Anniversary 

of the presence 


Environment in 

Brazil, through 

Ambient 

The SWDP of Hialeah in Miami (Florida, USA) includes the design, construction and 

operation over a period of 15 years, under the concession system, of a plant having a 

production capacity of 40,000 m3 /day, able to supply a population equivalent of 150,000 

inhabitants. A future increase of up to 70,000 m3 /day is foreseen. 

The WWTP of Campos de Jordão, in the State of São Paulo (Brazil), includes the design, 

construction and operating rental for 20 years, under the concession system, of a plant 

able to treat 18,500 m3 /day, serving a population equivalent of 76,000 inhabitants. 

It is likewise noteworthy having arrived, in 2010, at the XV anniversary of the presence 

of OHL Medio Ambiente Inima in Brazil through Ambient. 

The first cogeneration plant in Brazil in the WWTP of Ribeirão Preto, State of São Paulo, 

was started up, which optimizes the harnessing of biogas energy, and which will result 

in a saving of over 50% of the total energy consumption of the plant. 

In Spain, the works for enlarging the PWTP in Majadahonda in Madrid, for Canal de 

Isabel II, and the WWTP of Alicante Norte for the Entidad de Sanejament of the Valencia 

Autonomous Community were successfully completed, with operation for two-years 

subsequently commencing. 

The works for the PWTP of Llanura Manchega and the WWTP of Algeciras continue, both 

of which are under the Spanish Ministry of the Environment and Rural and Marine Affairs. 

In the meanwhile, construction of the Mostaganem desalination plant is well under 

way, and the works of the Cap-DJinet desalination plant are making steady progress, 

both of which are located in Algeria. 

Also under execution are the waste water treatment plants of Mogi-Mirim, in Brazil, 

and the plant of Ponte do Baia, in Portugal. 

Finally, Ambient, a Group subsidiary through OHL Meio Ambiente Inima Brasil, has 

been singled out by the magazine Saneamento Ambiental as “Empresa do Ano de 

Saneamento Ambiental – 2010 in the Private Enterprise Category”, for the second 

consecutive year.


PRINCIPAL CONCESSIONS MANAGED BY OHL ENVIRONMENT IN 2010 

Name Activity Concession Period 

Ambient Waste water treatment in Ribeirão Preto, São Paulo 

(Brazil) 

2002-2023 

Aquaria Taunton-River Desalination Plant, Boston (USA) 2008-2028 

Metrofang Thermal sludge drying in the Besós WWTP, Barcelona 

(Spain) 

2001-2016 

AIE Cádiz-S.Fernando Cádiz-San Fernando WWTP (Spain) 2002-2023 

Carboneras Carboneras Desalination Plant, Almería (Spain) 2003-2028 

Biorreciclaje de Cádiz Recogida selective y tratamiento de RSU, Medina Sidonia 

(España) 

2008-2037 

Promoaqua Los Cabos Desalination Plant (Mexico) 2007-2026 

Mostaganem Mostaganem Desalination Plant (Algeria) Under construction (25 years) 

Cap Djinet Cap Djinet Desalination Plant (Algeria) Under construction (25 years) 

Mogi-Mirim WWTP Mogi-Mirim (Brazil) Under construction (28 years) 

Campos de Jordão WWTP Campos de Jordão, São Paulo (Brazil) Under construction (20 years) 

Hialeah SWDP Hialeah. Miami (USA) Under construction (15 years) 

Above, cogeneration facility at the Ribeirão 

Preto WWTP, Brazil, and jet at the PWTP in 

Majadahonda, Spain. 

63

Obrascón Huarte Lain, S.A. and subsidiaries 

64 

The OHL subsidiary, SATO, participated in the expansion of El Musel harbor, Gijón 

(Spain).

2010 Financial Statements of the OHL Group CONTENTS 

FINANCIAL STATEMENTS AND 

MANAGEMENT REPORT 

Auditor’s Report 66 

Consolidated Financial Statements 67 

Management Report 211 

Financial Statements 

and Management 

Report 

65


66

2010 Financial Statements of the OHL Group 

Financial Statements 

67


68 

Consolidated balance sheets at 31 December 2010, 31 December 2009 and 1 January 2009 


ASSETS Notes 31/12/2010 31/12/2009 01/01/2009 

NON-CURRENT ASSETS 

Intangible assets C.1. 

Intangible assets of concession operators 7,038,121 5,117,708 3,753,933 

Other intangible assets 430,311 189,156 137,408 

Accumulated amortisation (1,027,291) (766,819) (567,591) 

6,441,141 4,540,045 3,323,750 

Property, plant and equipment C.2. 

Land and buildings 543,572 420,316 275,516 

Machinery 354,264 311,151 294,642 

Other fixtures, tools and furniture 132,746 110,356 88,964 

Advances and property, plant and equipment in the course of 

construction 

29,249 11,244 46,970 

Other items of property, plant and equipment 64,565 40,367 44,416 

Accumulated depreciation and impairment losses (413,223) (322,035) (267,174) 

711,173 571,399 483,334 

Investment property C.3. 98,368 85,009 67,962 

Goodwill C.4. 43,818 38,850 38,850 

Non-current financial assets C.5. 

Investment securities 5,655 3,710 3,846 

Other receivables 280,532 356,271 307,058 

Deposits and guarantees given 11,702 11,128 28,721 

Impairment losses (904) (904) (17,519) 

296,985 370,205 322,106 

Investments accounted for using the equity method C.6. 157,672 181,943 118,518 

Deferred tax assets C.21. 833,098 642,234 522,477 

TOTAL NON-CURRENT ASSETS 8,582,255 6,429,685 4,876,997 

CURRENT ASSETS 

Inventories 

Embodiment items, fungibles and replacement parts for machinery 59,044 88,784 88,758 

Auxiliary shop projects and site installations 19,316 25,401 26,775 

Advances to suppliers and subcontractors 47,928 48,716 53,746 

Write-downs (2,712) (2,044) (931) 

123,576 160,857 168,348 

Trade and other receivables C.7. 

Trade receivables for sales and services 1,660,549 1,670,741 1,549,207 

Receivable from associates 108,885 95,397 127,100 

Employee receivables 1,055 1,088 913 

Tax receivables C.21. 216,846 172,077 143,868 

Sundry accounts receivable 285,011 166,973 162,077 

Write-downs (173,086) (174,037) (155,223) 

2,099,260 1,932,239 1,827,942 

Current financial assets C.5. 

Investment securities 64,722 23,719 85,442 

Other receivables 266,478 245,053 212,497 

Deposits and guarantees given 22,496 51,031 13,018 

Write-downs (2,445) (2,199) (49,168) 

351,251 317,604 261,789 

Current income tax assets 30,698 27,536 26,432 

Other current assets 48,699 43,541 43,866 

Cash and cash equivalents C.8. 1,366,605 688,641 503,333 

TOTAL CURRENT ASSETS 4,020,089 3,170,418 2,831,710 

TOTAL ASSETS 12,602,344 9,600,103 7,708,707 

Note: the accompanying Notes A.1 to F are an integral part of the consolidated balance sheet at 31 December 2010.


Consolidated balance sheets at 31 December 2010, 31 December 2009 and 1 January 2009 Thousand of euros 

EQUITY AND LIABILITIES Notes 31/12/2010 31/12/2009 01/01/2009 

EQUITY 

Share capital C.9. 59,845 59,845 52,495 

Share premium C.10. 424,430 424,430 254,365 

Treasury shares C.11. - - (35,005) 

Reserves C.12. 47,223 19,730 21,079 

Reserves of consolidated companies C.12. 671,276 388,506 444,973 

Valuation adjustments C.14. (98,427) (268,724) (361,544) 

Consolidated profit for the year attributable to the Parent C.22. 195,630 156,075 - 

TOTAL EQUITY ATTRIBUTABLE TO THE PARENT 1,299,977 779,862 376,363 

Non-controlling interests C.15. 724,779 348,297 279,164 

TOTAL EQUITY 2,024,756 1,128,159 655,527 

NON-CURRENT LIABILITIES 

Debt instruments and other marketable securities C.16. 

Corporate bond issue 1,109,090 598,603 613,652 

Bond issue of concession operators 824,262 243,883 212,713 

1,933,352 842,486 826,365 

Bank borrowings C.16. 

Mortgage loans and other loans 755,659 522,288 599,672 

Loans of concession operators 2,240,370 2,028,186 1,693,716 

2,996,029 2,550,474 2,293,388 

Other financial liabilities C.17. 235,266 173,794 194,119 

Deferred tax liabilities C.21. 729,058 453,647 264,372 

Provisions C.18. 162,635 127,583 93,477 

Deferred income C.19. 306,209 169,243 159,979 

Other non-current liabilities C.20. 355,028 232,448 201,679 

TOTAL NON-CURRENT LIABILITIES 6,717,577 4,549,675 4,033,379 

CURRENT LIABILITIES 

Debt instruments and other marketable securities C.16. 

Corporate bond issue 25,440 39,604 21,613 

Bond issue of concession operators 148,096 19,665 17,167 

173,536 59,269 38,780 

Bank borrowings C.16. 

Mortgage loans and other loans 400,717 510,321 212,492 

Loans of concession operators 609,727 477,827 128,875 

Unmatured accrued interest payable 15,741 3,070 3,367 

Unmatured accrued interest payable of concession 

operators 

8,668 10,171 17,294 

1,034,853 1,001,389 362,028 

Other current liabilities C.17. 10,753 26,968 15,942 

Trade and other payables 

Customer advances 423,959 496,301 423,942 

Accounts payable for purchases and services 1,059,113 1,160,468 1,080,211 

Notes payable 427,666 516,967 574,725 

1,910,738 2,173,736 2,078,878 

Provisions C.18. 213,549 187,054 141,900 

Current income tax liabilities 64,402 50,647 45,301 

Other current liabilities C.20. 

Payable to associates 138,909 101,881 93,493 

Remuneration payable 34,659 24,895 17,422 

Tax payables C.21. 154,682 173,831 166,081 

Other non-trade payables 114,846 114,586 52,132 

Guarantees and deposits received 3,121 1,712 1,734 

Other current liabilities 5,963 6,301 6,110 

452,180 423,206 336,972 

TOTAL CURRENT LIABILITIES 3,860,011 3,922,269 3,019,801 

TOTAL EQUITY AND LIABILITIES 12,602,344 9,600,103 7,708,707 

Note: the accompanying Notes A.1 to F are an integral part of the consolidated balance sheet at 31 December 2010. 

69


70 

Consolidated income statements for the years ended 31 December 2010 and 31 December 2009 

Thousand of euros 

Notes 2010 2009 

REVENUE C.22. 4,909,776 4,780,243 

Other operating income 434,102 245,122 

Changes in inventories of finished goods and work in progress (10,194) (6,048) 

Procurements (2,810,632) (2,990,506) 

Staff costs (683,473) (613,443) 

Depreciation and amortisation charge (246,411) (206,611) 

Changes in provisions (58,553) (44,457) 

Other operating expenses C.22. (834,547) (652,260) 

PROFIT FROM OPERATIONS 700,068 512,040 

Finance income C.22. 94,630 48,404 

Finance costs C.22. (431,557) (246,632) 

Net exchange differences 2,105 (10,921) 

Gains (Losses) on remeasurement of financial instruments at fair value C.22. 5,970 (16,146) 

Result of companies accounted for using the equity method C.6. 14,027 4,906 

Impairment and gains and losses on disposals of financial instruments C.22. (2,965) 8,573 

PROFIT BEFORE TAX 382,278 300,224 

Income tax C.21. (130,119) (109,126) 

PROFIT AFTER TAX 252,159 191,098 

Non-controlling interests C.15. (56,529) (35,023) 

CONSOLIDATED PROFIT FOR THE YEAR ATTRIBUTABLE TO THE PARENT C.22. 195,630 156,075 

Earnings per share: 

Basic A.5. 1.96 1.84 

Diluted A.5. 1.96 1.84 

Note: the accompanying Notes A.1. to F are an integral part of the consolidated income statement for the year ended 31 December 2010.


Consolidated statements of comprehensive income for the years ended 31 December 2010 

and 31 December 2009 

2010 


2009 

CONSOLIDATED PROFIT FOR THE YEAR 252,159 191,098 

INCOME AND EXPENSE RECOGNISED DIRECTLY IN EQUITY 137,557 102,337 

Remeasurement of financial instruments - 38,966 

Cash flow hedges (128,256) (45,236) 

Translation differences 238,328 104,990 

Companies accounted for using the equity method (11,963) 954 

Tax effect 39,448 2,663 

TRANSFERS TO PROFIT OR LOSS 52,448 23,312 

Cash flows hedges 66,911 31,178 

Companies accounted for using the equity method 4,915 1,854 

Tax effect (19,378) (9,720) 

TOTAL COMPREHENSIVE INCOME 442,164 316,747 

Attributable to the Parent 365,927 248,895 

Attributable to non-controlling interests 76,237 67,852 

Note: the accompanying Notes A.1. to F are an integral part of the consolidated statement of comprehensive income for the year 

ended 31 December 2010. 

71


72 

Consolidated statements of changes in equity for the years ended 31 December 2010 and 31 December 2009 

Share 

capital 

Share 

premium 

and 

reserves 

Treasury 

shares 

Equity attributable to the Parent 

Consolidated profit for 

the year attributable to 

the Parent 

Valuation 

adjustments 

Total equity 

attributable 

to the Parent 

Noncontrolling 

interests 


Total equity 

Balance at 1 January 2009 52,495 569,731 (35,005) 150,686 (361,544) 376,363 279,164 655,527 

Total recognised income and expense - - - 156,075 92,820 248,895 67,852 316,747 

Transactions with shareholders or 

owners 

7,350 143,123 35,005 (37,617) - 147,861 - 147,861 

Capital reductions (2,625) (38,455) 41,080 - - - - - 

Capital increases 9,975 186,755 - - - 196,730 - 196,730 

Dividends paid - - - (37,617) - (37,617) - (37,617) 

Treasury share transactions - (5,177) (6,075) - - (11,252) - (11,252) 

Other changes in equity - 119,812 - (113,069) - 6,743 1,281 8,024 

Transfers between equity items - 113,069 - (113,069) - - - - 

Other changes - 6,743 - - - 6,743 1,281 8,024 

Ending balance at 31 December 2009 59,845 832,666 - 156,075 (268,724) 779,862 348,297 1,128,159 

Total recognised income and expense - - - 195,630 170,297 365,927 76,237 442,164 

Transactions with shareholders or 

owners 

- - - (42,948) - (42,948) - (42,948) 

Dividends paid - - - (42,948) - (42,948) - (42,948) 

Other changes in equity - 310,263 - (113,127) - 197,136 300,245 497,381 

Transfers between equity items - 113,127 - (113,127) - - - - 

Other changes - 197,136 - - - 197,136 300,245 497,381 

Ending balance at 31 December 2010 59,845 1,142,929 - 195,630 (98,427) 1,299,977 724,779 2,024,756 

Note: Notes A.1 to F are an integral part of the consolidated statement of changes in equity for the year ended 31 December 2010.


Consolidated statements of cash flows for the years ended 31 December 2010 and 31 

December 2009 

2010 


2009 

A) CASH FLOWS FROM OPERATING ACTIVITIES 898,266 742,154 

Profit before tax 382,278 300,224 

Adjustments to profit 622,754 462,884 

Depreciation and amortisation charge 246,411 206,611 

Other adjustments to profit 376,343 256,273 

Changes in working capital (445,161) 16,747 

Other cash flows from operating activities 338,395 (37,701) 

Income tax recovered (paid) (81,345) (72,837) 

Other amounts received (paid) relating to operating activities 419,740 35,136 

B) CASH FLOWS FROM INVESTING ACTIVITIES (1,431,014) (1,228,297) 

Payments due to investment (1,539,229) (1,339,554) 

Group companies and associates (575,519) (418,110) 

Property, plant and equipment, intangible assets and investment property (1,156,767) (827,739) 

Other financial assets 193,057 (93,705) 

Proceeds from disposal 13,585 62,853 

Group companies, associates and business units 3,660 12,176 

Property, plant and equipment, intangible assets and investment property 9,925 50,677 

Other cash flows from investing activities 94,630 48,404 

Dividends received 8 11 

Interest received 94,622 48,393 

C) CASH FLOWS FROM FINANCING ACTIVITIES 1,138,552 639,531 

Proceeds and payments relating to equity instruments - 190,656 

Issue - 196,731 

Acquisition - (18,842) 

Disposal - 12,767 

Proceeds and payments relating to financial liability instruments 1,325,719 679,223 

Issue 2,564,419 1,100,359 

Repayment (1,238,700) (421,136) 

Dividends and returns on other equity instruments paid (42,948) (37,617) 

Other cash flows from financing activities (144,219) (192,731) 

Interest paid (442,725) (208,438) 

Other proceeds and payments relating to financing activities 298,506 15,707 

D) EFFECT OF FOREIGN EXCHANGE RATE CHANGES 72,160 31,920 

E) NET INCREASE/DECREASE IN CASH AND CASH EQUIVALENTS (A+B+C+D) 677,964 185,308 

F) CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 688,641 503,333 

G) CASH AND CASH EQUIVALENTS AT END OF YEAR (E+F) 1,366,605 688,641 

COMPOSITION OF CASH AND CASH EQUIVALENTS AT END OF YEAR 

Cash on hand and at banks 660,618 320,543 

Other financial assets 705,987 368,098 

TOTAL CASH AND CASH EQUIVALENTS AT END OF YEAR 1,366,605 688,641 

Note: the accompanying Notes A.1 to F are an integral part of the consolidated statement of cash flows for the year 

ended 31 December 2010. 

73


74 

OBRASCON HUARTE LAIN, S.A. AND SUBSIDIARIES 

Consolidated financial statements and director’s report for the year ended 31 December 2010 

Translation of a report originally issued in Spanish based on our work performed in accordance with the audit 

regulations in force in Spain and of consolidated financial statements originally issued in Spanish and prepared 

in accordance with the regulatory financial reporting framework applicable to the Group (see Notes B and F). In 

the event of a discrepancy, the Spanish-language version prevails. 

A.- General Information 

A.1.- Company name and registered office 

Obrascón Huarte Lain, S.A., formerly Sociedad General de Obras y Construcciones Obrascón, S.A., (the “Parent”) 

was incorporated on 15 May 1911 and has its registered office in Madrid, at Paseo de la Castellana, 259 D. 

A.2.- Lines of business 

The main business activities carried on by the companies composing the Obrascón Huarte Lain Group are 

as follows: 

Infrastructure concessions 

• Operation of administrative infrastructure concessions, relating mainly to transport, car parks, ports and airports. 

Construction 

• Construction of all manner of civil engineering works and building construction for public- and private-sector 

customers, both in Spain and abroad. 

• Management, operation, upkeep and maintenance of infrastructure (roads, railways and buildings) and 

urban equipment. 

Other business activities 

“Other Business Activities” groups together the other business activities carried on by the Group which are 

currently of less importance in relative terms than the main lines of business, which are infrastructure concessions 

and construction. These business activities are as follows:

Industrial 


• Industrial engineering, particularly complete industrial plants or systems, including the design, construction, 

maintenance and operation thereof and any other activity related to mining, gas, oil, chemicals, 

petrochemicals and energy. 

Development 

• Operation of hotel complexes and large retail outlets. 

• Care services. 

Environment 

• Water cycle projects, technical and scientific advisory services and engineering services for water supply 

and treatment facilities. 

• Environmental restoration services. 

• Operation of water and environmental concessions. 

A.3.- Profit for the year, changes in equity attributable to the Parent and changes in cash flows 

The figures for 2010 are compared with restated figures for 2009 as a result of the application of IFRIC 12 (see 

Note B.2). 

1. Profit for the year 

The consolidated profit for 2010 attributable to the Parent amounted to EUR 195,630 thousand, representing 

4.0% of revenue and growth of 25.3% with respect to 2009. 


2010 2009 Var. % 

Revenue 4,909,776 4,780,243 2.7 

EBITDA 1,005,032 763,108 31.7 

EBIT 700,068 512,040 36.7 

Financial and other results (317,790) (211,816) 50.0 

Profit before tax 382,278 300,224 27.3 

Income tax (130,119) (109,126) 19.2 

Non-controlling interests (56,529) (35,023) 61.4 

Profit attributable to the Parent 195,630 156,075 25.3 

EBITDA is calculated as profit from operations plus the depreciation and amortisation charge plus the change in provisions. 

75


76 

2. Changes in equity attributable to the Parent 

The changes in the equity attributable to the Parent in 2010 and 2009 were as follows: 

3. Changes in cash flows 


Balance at 1 January 2009 376,363 

Profit attributable to the Parent in 2009 156,075 

Valuation adjustments relating to hedges (3,611) 

Translation differences 69,155 

Valuation adjustments relating to available-for-sale financial assets 27,276 

Dividend paid out of 2008 profit (37,617) 

Treasury shares (6,075) 

Treasury share transactions (5,177) 

Capital increase and share premium net of expenses 196,730 

Other changes 6,743 

Balance at 31 December 2009 779,862 

Profit attributable to the Parent in 2010 195,630 

Valuation adjustments relating to hedges (32,656) 

Translation differences 202,953 

Dividend paid out of 2009 profit (42,948) 

Other changes 197,136 

Balance at 31 December 2010 1,299,977 

The cash flows in 2010, compared with those of 2009, classified on the basis of whether they arise from operating, 

investing or financing activities, are summarised as follows: 


Cash flows 2010 2009 Difference 

Operating activities 898,266 742,154 156,112 

Investing activities (1,431,014) (1,228,297) (202,717) 

Financing activities: 1,138,552 639,531 499,021 

Changes in recourse borrowings 419,415 126,481 292,934 

Changes in non-recourse borrowings 906,304 552,742 353,562 

Other changes (187,167) (39,692) (147,475) 

Effect of foreign exchange rate changes 72,160 31,920 40,240 

Net increase/(decrease) in cash and cash equivalents 677,964 185,308 492,656 

Cash and cash equivalents at beginning of year 688,641 503,333 185,308 

Cash and cash equivalents at end of year 1,366,605 688,641 677,964

A.4.- Proposed distribution of profit and dividend 


The distribution of the profit for 2010 that the directors of Obrascón Huarte Lain, S.A. will propose for approval 

by shareholders at the Annual General Meeting is as follows: 

The directors of Obrascón Huarte Lain, S.A. will propose to the shareholders at the Annual General Meeting 

the payment of a maximum total gross dividend of EUR 48,903 thousand, equal to EUR 0.4903 per share, with 

a charge to: 

The distribution of profit proposed by the directors does not include any appropriation to the legal reserve, 

since the stipulated level had been reached in prior years (see Note C.12). 

A.5.- Earnings per share 

1. Basic earnings per share 

Basic earnings per share are calculated by dividing the consolidated profit for the year attributable to the Parent 

by the weighted average number of ordinary shares outstanding during the year, excluding the average number 

of treasury shares held in the year. 

2. Diluted earnings per share 


2010 profit 5,426 

Distribution: 

Dividends 

5,426 


2010 profit 5,426 

Voluntary reserves 9,975 

Share premium 33,502 

Total dividend 48,903 

Diluted earnings per share are calculated in a similar way to basic earnings per share; however, the weighted 

average number of shares outstanding is increased by share options, warrants and convertible debt. 

77


78 

There are no differences between basic earnings per share and diluted earnings per share in either year. 

Consolidated profit for the year attributable to the Parent 

(thousands of euros) 

B.- Basis Of Presentation And Basis Of Consolidation 

B.1. - Bases of presentation 

2010 2009 

195,630 156,075 

Weighted average number of shares outstanding 99,740,942 84,670,491 

Basic earnings per share (euros) 1.96 1.84 

Diluted earnings per share (euros) 1.96 1.84 

The consolidated financial statements for 2010 of the Obrascón Huarte Lain Group were formally prepared: 

• By the Parent’s directors, at the Board of Directors Meeting held on 22 March 2011. 

• In accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union. 

• Taking into account all the mandatory accounting principles and rules and measurement bases with a 

material effect on the consolidated financial statements. The most significant accounting principles and 

policies and measurement bases applied in the preparation of the Group’s 2010 consolidated financial 

statements are summarised in Note B.6. 

• So that they present fairly the Group’s consolidated equity and financial position at 31 December 2010, and 

the results of its operations, the changes in consolidated equity and the consolidated cash flows in 2010. 

• On the basis of the accounting records kept by the Parent and by the other Group companies. 

However, since the accounting principles and policies and measurement bases used in preparing the 

Group’s consolidated financial statements for 2010 differ in many cases from those used by the Group 

companies (local standards), the required adjustments and reclassifications were made on consolidation 

to unify the accounting principles and policies and measurement bases used and to make them compliant 

with International Financial Reporting Standards (IFRSs). 

The Group’s consolidated financial statements for 2009 were approved by the shareholders at the Annual 

General Meeting of the Parent on 18 May 2010. The 2010 consolidated financial statements of the Group and 

the 2010 financial statements of the Parent and of the Group companies have not yet been approved by their 

shareholders at the respective Annual General Meetings. However, the Parent’s Board of Directors considers 

that they will be approved without any changes.

B.2.- International Financial Reporting Standards (IFRSs) 


The bases of consolidation, accounting policies and measurement bases used in preparing the consolidated 

financial statements at 31 December 2010 are the same as those used in the consolidated financial statements 

for 2009, except for the following standards and interpretations that came into force in 2010 which, where 

applicable, were used by the Group in preparing the consolidated financial statements: 

Standards and interpretations effective in 2010 

The accounting policies used in preparing these consolidated financial statements at 31 December 2010 are 

the same as those used in preparing the consolidated financial statements for the year ended 31 December 

2009, except for the application in 2010 of the following obligatory policies: 

• Amendments to IFRS 2, Group Cash-settled Share-based Payment Transactions. 

• Revision of IFRS 3, Business Combinations. 

• Amendments to IAS 27, Consolidated and Separate Financial Statements. 

• Amendment to IAS 39, Financial instruments: Recognition and Measurement – Eligible Hedged Items. 

• IFRIC 12, Service Concession Arrangements. 

• IFRIC 15, Agreements for the Construction of Real Estate. 

• IFRIC 16, Hedges of a Net Investment in a Foreign Operation. 

• IFRIC 17, Distributions of Non-cash Assets to Owners. 

• IFRIC 18, Transfers of Assets from Customers. 

• 2009 improvement projects Non-urgent amendments to IFRSs. 

Of these standards and interpretations, the only one with a significant impact on the OHL Group is IFRIC 12, 

Service Concession Arrangements. 

Application of IFRIC 12 

On 30 November 2006, the International Financial Reporting Standards Interpretations Committee (IFRIC) 

published interpretation no. 12, Service Concession Arrangements (“IFRIC 12”), which was adopted by the 

European Union on 25 January 2009. This interpretation became mandatorily applicable on 1 January 2010, and 

since that date, the OHL Group has prepared its consolidated financial statements in accordance therewith. 

As required by IAS 1, the information in the consolidated balance sheet at 31 December 2010 is presented for 

comparison purposes with the consolidated balance sheet at 31 December 2009, which was also restated in 

accordance with IFRIC 12 and, accordingly, differs from that originally presented. 

Also, the information in the consolidated income statement for 2010 is presented for comparison purposes 

with that for 2009, which was also restated and, therefore, differs from the consolidated income statement 

presented in 2009. 

79


80 

IFRIC 12 affects public-to private service concession arrangements that meet two conditions: 

1. The grantor controls or regulates what services the operator must provide with the infrastructure, to whom 

it must provide them, and at what price. 

2. The grantor controls any significant residual interest in the infrastructure at the end of the term of the 

arrangement. 

Under IFRIC 12, infrastructure subject to a service concession arrangement must not be recognised as the 

property, plant and equipment of the operator, because the contractual service arrangement does not convey 

the right to control the use of the public service infrastructure to the operator. 

If the operator provides more than one service (e.g. construction or upgrade services, and operation services), 

the consideration received under the concession arrangement must be recognised in the income statement 

separately in accordance with the applicable standards in each case: IAS 18, Revenue and/or IAS 11, Construction 

Contracts. 

There are two ways of recognising the consideration received in order to account for the services provided by 

the operator: 

1. As a financial asset, to the extent that the operator has an unconditional contractual right to receive cash 

from the grantor, without bearing any demand risk. This means that the sales, operating costs and, therefore, 

the profit/loss from operations that had traditionally been recognised are substituted by an item of finance 

income, which is presented as an increase in revenue. 

2. As an intangible asset, to the extent that the operator does not have the aforementioned right, but rather 

receives a right to charge users of the public service, bearing the demand risk. In this case, the effects 

on the income statement continue to be recognised in the traditional manner, recognising sales and the 

associated operating costs. 

Under IFRIC 12, if the consideration associated with a given concession has two components (one with demand 

risk and the other without), the financial asset and the intangible asset must be recognised separately. These 

cases are known as “bifurcated arrangements”. 

In addition, IFRIC 12 requires a provision to be recognised relating to the estimated cost of projected multiannual 

maintenance expenses, and the related interest cost is recognised in the income statement for each of the 

periods remaining until the expenses are incurred. 

The main impacts deriving from the application of IFRIC 12 are as follows:


1. The net balance of concessions in which the operator bears the demand risk was reclassified from property, 

plant and equipment to intangible assets. 

2. The portion for which the operator does not bear the demand risk was reclassified from property, plant and 

equipment to financial assets (account receivable). 

In the reclassification to financial assets (account receivable), based on the calculation method and the 

remaining term of the concession, property, plant and equipment was derecognised and a financial asset 

(account receivable) was recognised, with a balancing entry in reserves and non-controlling interests. 

Also, the effect of recognising a provision for the estimated cost of the multiannual maintenance expenses led 

to an increase in long-term provisions and to a decrease in reserves and non-controlling interests. 

At 31 December 2009, the net impact on the equity of the OHL Group of all the aforementioned effects to reduce 

equity attributable to the Parent by EUR 54,142 thousand, of which EUR 9,554 thousand relate to the profit for 

the year and EUR 13,106 thousand to non-controlling interests, giving a total decrease in consolidated equity 

of EUR 67,248 thousand. 

In addition, the application of IFRIC 12 led to the recognition of sales relating to construction performed by non- 

Group companies for concession operators. In this regard, the consolidated income statement for 2009 was 

restated, and construction sales at concession operations, amounting to EUR 405,433 thousand were recognised. 

The reconciliation of the consolidated balance sheet at 31 December 2009 including the effects of IFRIC 12 to 

that prepared prior to the entry into force of IFRIC 12 is as follows: 


ASSETS 31/12/09 Adjustments 31/12/09 

including 

excluding 


IFRIC 12 

IFRIC 12 

Intangible assets 4,540,045 4,225,921 314,124 

Property, plant and equipment 571,399 (4,340,949) 4,912,348 

Investment property 85,009 - 85,009 

Goodwill 38,850 - 38,850 

Non-current financial assets 370,205 65,509 304,696 

Investments accounted for using the equity method 181,943 9,676 172,267 

Deferred tax assets 642,234 57,160 585,074 

TOTAL NON-CURRENT ASSETS 


6,429,685 17,317 6,412,368 

Inventories 160,857 - 160,857 

Trade and other receivables 1,932,239 49,569 1,882,670 

Current financial assets 317,604 - 317,604 

Current income tax assets 27,536 - 27,536 

Other current assets 43,541 - 43,541 

Cash and cash equivalents 688,641 - 688,641 

TOTAL CURRENT ASSETS 3,170,418 49,569 3,120,849 

TOTAL ASSETS 9,600,103 66,886 9,533,217 

81


82 

EQUITY AND LIABILITIES 31/12/09 

including 

IFRIC 12 

EQUITY 


Adjustments 31/12/09 

excluding 

IFRIC 12 

Share capital 59,845 - 59,845 

Share premium 424,430 - 424,430 

Reserves 19,730 - 19,730 

Reserves of consolidated companies 388,506 (46,083) 434,589 

Valuation adjustments (268,724) 1,495 (270,219) 

Consolidated profit for the year attributable to the Parent 156,075 (9,554) 165,629 

TOTAL EQUITY ATTRIBUTABLE TO THE PARENT 779,862 (54,142) 834,004 

Non-controlling interests 348,297 (13,106) 361,403 

TOTAL EQUITY 1,128,159 (67,248) 1,195,407 


Debt instruments and other marketable securities 842,486 - 842,486 

Bank borrowings 2,550,474 - 2,550,474 

Other financial liabilities 173,794 - 173,794 

Deferred tax liabilities 453,647 11,839 441,808 

Provisions 127,583 97,276 30,307 

Deferred income 169,243 1,583 167,660 

Other non-current liabilities 232,448 31,686 200,762 

TOTAL NON-CURRENT LIABILITIES 4,549,675 142,384 4,407,291 


Debt instruments and other marketable securities 59,269 - 59,269 

Bank borrowings 1,001,389 - 1,001,389 

Other financial liabilities 26,968 - 26,968 

Trade and other payables 2,173,736 (1,486) 2,175,222 

Provisions 187,054 (6,764) 193,818 

Current income tax liabilities 50,647 - 50,647 

Other current liabilities 423,206 - 423,206 

TOTAL CURRENT LIABILITIES 3,922,269 (8,250) 3,930,519 

TOTAL EQUITY AND LIABILITIES 9,600,103 66,886 9,533,217


The reconciliation of the consolidated income statement for 2009 including the effects of IFRIC 12 to that prepared 

prior to the entry into force of IFRIC 12 is as follows. 

2009 including Adjustments 


2009 excluding 

IFRIC 12 

IFRIC 12 

Revenue 4,780,243 390,696 4,389,547 

Other operating income 245,122 - 245,122 

Changes in inventories of finished goods and work in progress (6,048) - (6,048) 

Procurements (2,990,506) (405,433) (2,585,073) 

Staff costs (613,443) - (613,443) 

Depreciation and amortisation charge (206,611) 5,663 (212,274) 

Changes in provisions (44,457) - (44,457) 

Other operating expenses (652,260) (13,517) (638,743) 

PROFIT FROM OPERATIONS 512,040 (22,591) 534,631 

Finance income 48,404 347 48,057 

Finance costs (246,632) (15,387) (231,245) 

Net exchange differences (10,921) (2,943) (7,978) 

Gains (losses) on remeasurement of financial instruments at fair value (16,146) - (16,146) 

Result of companies accounted for using the equity method 4,906 7,283 (2,377) 

Impairment and gains or losses on disposals of financial instruments 8,573 - 8,573 

PROFIT BEFORE TAX 300,224 (33,291) 333,515 

Income tax (109,126) 12,183 (121,309) 

PROFIT AFTER TAX 191,098 (21,108) 212,206 

Non-controlling interests (35,023) 11,554 (46,577) 

CONSOLIDATED PROFIT FOR THE YEAR ATTRIBUTABLE TO 

THE PARENT 

156,075 (9,554) 165,629 

Standards and interpretations issued but not yet in force 

At the date of preparation of these consolidated financial statements at 31 December 2010, the most significant 

standards and interpretations that had been published by the IASB but which had not yet come into force, either 

because their effective date is subsequent to the date of the consolidated financial statements or because they 

had not yet been adopted by the European Union, were as follows: 

83


84 

Standards, amendments and interpretations Obligatory application in 

annual reporting periods 

beginning on or after 

Approved for use by the European Union 

Amendment to IAS 32 Financial Instruments: Presentation - Classification of Rights Issues 1 February 2010 

Revision of IAS 24 Related Party Disclosures 1 January 2011 

Amendment to IFRIC 14 Prepayments of a Minimum Funding Requirement 1 January 2011 

IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments 1 July 2010 

Amendments to IAS 12 Income tax – Deferred Tax: Recovery of Underlying Assets 1 January 2012 

Not approved for use in the EU 

IFRS 9 Financial Instruments: Classification and Measurement 1 January 2013 

Amendment to IFRS 7 Financial Instruments Disclosures: Transfers of Financial Assets 1 July 2011 

There is no accounting or valuation principle which, having a significant effect on the consolidated financial 

statements at 31 December 2010, has not been applied in their preparation. 

B.3.- Functional currency 

These consolidated financial statements are presented in euros since this is the currency of the principal 

economic area in which the Group operates. Foreign operations are accounted for in accordance with the 

policies established in Note B.6.9. 

B.4. - Responsibility for the information and use of estimates 

The information in these consolidated financial statements is the responsibility of the Parent’s directors. 

In the consolidated financial statements for 2010 estimates were occasionally made by the senior executives 

of the Group and of the Group companies, later ratified by their directors, in order to quantify certain of the 

assets, liabilities, income and expenses reported herein. These estimates relate basically to the following: 

• The impairment losses on certain assets 

• The useful life of the intangible assets and property, plant and equipment 

• The recognition of construction contract revenue and costs 

• The amount of certain provisions 

• The fair value of the assets acquired in business combinations and goodwill 

• The fair value of certain unquoted assets 

• The assessment of possible contingencies relating to employment and tax risk


Although these estimates were made with the best information available at 31 December 2010, events that take 

place in the future might make it necessary to change these estimates in coming years. Changes in accounting 

estimates would be applied in accordance with the requirements of IAS 8, recognising the effects of the change 

in estimates in the related consolidated income statements. 

As required by IAS 1, the information relating to 2010 is presented, for comparison purposes, with the information 

relating to 2009 and, accordingly, it does not constitute the Group’s complete consolidated financial statements 

for 2009. 

B.5. - Basis of consolidation 

1. Subsidiaries 

“Subsidiaries” are defined as companies over which the Parent has the capacity to exercise control; control is 

presumed to exist when the Parent has the power to govern the financial and operating policies of an investee 

so as to obtain benefits from its activities. This control is presumed to exist when the Parent owns directly or 

indirectly more than half of the voting power of the investee or, even if this percentage is lower, when there are 

agreements with other shareholders that give the Parent control. 

The financial statements of the subsidiaries are fully consolidated with those of the Parent and, therefore: 

• The results on intra-Group transactions are eliminated and are deferred until they are realised vis-à-vis 

non-Group third parties, with the exception of those relating to construction work performed for concession 

operators which, in accordance with IFRIC 12, are recognised by reference to the stage of completion. 

• Receivables, payables, income and expenses between consolidated Group companies are eliminated in 

the consolidated financial statements. 

• Any excess of the cost of the investments in the consolidated companies over the corresponding underlying 

carrying amounts arising as a result of the acquisitions is allocated to certain assets and liabilities up to 

the limit of the fair value of each item. 

• After allocation of the excess to assets and liabilities, any remaining positive difference is recognised under 

“Goodwill” on the asset side of the consolidated balance sheet. 

• If the difference between the acquisition cost of the investments and their underlying carrying amount is 

negative, it is taken to consolidated income. 

• The share of non-controlling interests in the equity of the investees is presented under “Equity – Non- 

Controlling Interests” in the consolidated balance sheet. 

• The share of non-controlling interests in the profit or loss for the year is presented under “Non-Controlling 

Interests” in the consolidated income statement. 

85


86 

2. Joint ventures 

A joint venture is a contractual arrangement whereby two or more companies undertake operations, hold assets 

or have interests in entities so that strategic financial and operating decisions affecting the joint venture require 

the unanimous consent of the venturers. 

The financial statements of the joint ventures are proportionately consolidated with those of the Parent and, 

therefore: 

• The results on intra-Group transactions are eliminated, in proportion to the Parent’s ownership interest in 

the joint venture, and are deferred until they are realised vis-à-vis non-Group third parties, with the exception 

of those relating to construction work performed for concession operators. 

• Receivables, payables, income and expenses between consolidated Group companies are eliminated from 

the consolidated financial statements in proportion to the Parent’s ownership interest in the joint venture. 

• Any excess of the cost of the interests in joint ventures over the corresponding underlying carrying amounts 

arising as a result of the acquisition is allocated to certain assets and liabilities up to the limit of the fair 

value of each item. 

• After allocation of the excess to assets and liabilities, any remaining positive difference is recognised under 

“Goodwill” on the asset side of the consolidated balance sheet. 

• If the difference between the acquisition cost of the investments and their underlying carrying amount is 

negative, it is taken to consolidated income. 

The assets and liabilities assigned by the Group to jointly controlled operations are recognised in the consolidated 

balance sheet classified according to their specific nature. Similarly, the Group’s share of the income and 

expenses of joint ventures is recognised in the consolidated income statement on the basis of the nature of 

the related items. 

3. Associates 

Associates are companies over which the Parent is in a position to exercise significant influence, but not control 

or joint control with other shareholders. 

In the consolidated financial statements, investments in associates are accounted for using the equity method, 

and therefore:


• They are accounted for at the Group’s share of their net assets, less any impairment of the investment. 

• The proportional part of the equity of the associate attributable to the Group is compared with the cost of 

acquisition of the investment, and any excess or deficiency attributable to identified assets and liabilities 

will increase or reduce the initial measurement thereof. 

• Any remaining excess is recognised under “Investments Accounted for Using the Equity Method” on the 

asset side of the consolidated balance sheet, whereas any remaining deficiency is allocated to consolidated 

profit or loss. 

• If as a result of losses incurred by an associate its equity were negative, the investment should be presented 

in the Group’s consolidated balance sheet with a zero value, unless the Group is obliged to give it financial 

support, in which case the related provisions to cover the risk would be recorded. 

4. Scope of consolidation 

The companies included in the scope of consolidation at 31 December 2010 are detailed in Appendix I. 

The activities, the registered offices, the detail of equity and the carrying amount of the investments relating 

to the most significant companies included in the scope of consolidation are shown in Appendices II and III. 

5. Changes in the scope of consolidation 

The changes in the scope of consolidation in 2010 were as follows: 

Inclusions No. of companies 

Full consolidation 20 

Proportionate consolidation 4 

Equity method 3 

Total inclusions 27 

Exclusions No. of companies 

Full consolidation 10 

Proportionate consolidation 1 

Equity method 2 

Total exclusions 13 

Most of the companies included in the scope of consolidation are companies incorporated by the Group and 

did not have a material impact on the consolidated financial statements. 

The detail of and the reason for the inclusion or exclusion of companies are disclosed in Appendix IV. 

87


88 

B.6.- Accounting principles and policies and measurement bases used 

The accounting principles and policies and measurement bases applied in preparing the Group’s consolidated 

financial statements for 2010 were as follows. 

1. Intangible assets 

Intangible assets are recognised initially at acquisition or production cost. 

They are subsequently measured at acquisition or production cost less any accumulated amortisation and any 

accumulated impairment losses. 

Intangible assets of concession operators 

“Intangible Assets of Concession Operators” includes mainly the operating rights relating to administrative 

concessions. 

In order to recognise and measure concession arrangements, the Group companies use IFRIC 12, Service Concession 

Arrangements, published by the International Financial Reporting Standards Interpretations Committee on 30 

November 2006, application of which is obligatory in annual reporting periods beginning on or after 1 January 2010. 

This interpretation relates to the recognition by private sector operators involved in providing infrastructure assets 

and services to the public sector, classifying the assets into financial assets, intangible assets or a combination 

of the two. 

The interpretation establishes that in concession arrangements, the operator should not recognise the infrastructure 

as property, plant and equipment. 

The financial asset arises when an operator constructs or upgrades infrastructure and has an unconditional 

contractual right to receive a specific amount of cash or another financial asset over the term of the arrangement. 

An intangible asset arises when the operator provides construction or upgrade services and receives a right to 

operate the infrastructure for a fixed period of time after the construction has been completed, in which the 

operator’s future cash flows have not been specified, since they may vary on the basis of the usage of the asset 

and for which reason they are considered to be contingent. A combination of the two may also arise, i.e. a financial 

asset and an intangible asset, when the operator’s return is provided partially by a financial asset and partly by 

an intangible asset. In relation to both financial assets and intangible assets, the revenue and costs relating to 

construction or upgrades are recognised in profit or loss during the construction phase. 

The borrowing costs incurred during the construction period are capitalised.


The intangible assets of concession operators are amortised on the basis of the expected pattern of consumption 

(production units) of the concession assets during the term of the concession only. 

Other intangible assets 

“Other Intangible Assets” includes the costs arising from the installation and acquisition of computer software, 

which is amortised on a straight-line basis over a maximum period of five years. 

It also includes development expenditure, which is capitalised if it meets the requirements of identifiability, 

reliability in the measurement of cost and high probability that the assets created will generate economic 

benefits. This expenditure is amortised on a straight-line basis over the useful life of the asset. 

Expenditure on research activities is recognised as an expense in the year in which it is incurred. 

Also, under IFRS 3, all the assets of a business combination, including intangible assets, regardless of whether 

they had been previously recognised in the acquiree’s balance sheet, must be measured at fair value, provided 

that they meet certain identifiability and separability criteria. In this regard, this heading includes the amount 

relating to the measurement of the backlog and the customer portfolio of the acquirees at the date of acquisition, 

taking as a reference the projected margins after taxes, projected expenditure and the term of the contracts. 

The amount relating to the backlog will be amortised over the residual term of the contracts and the customer 

portfolio will be amortised over the estimated average useful life thereof. 

2. Property, plant and equipment 

Property, plant and equipment are recognised at acquisition cost (revalued, where appropriate, in accordance 

in accordance with the applicable legislation prior to the date of transition to IFRSs, including Royal Decree-Law 

7/1996) less any accumulated depreciation and any recognised impairment losses. 

The costs of expansion, modernisation or improvements leading to increased productivity, capacity or efficiency 

or to a lengthening of the useful lives of the assets are capitalised. 

Repairs that do not lead to a lengthening of the useful life of the assets and maintenance costs are charged to 

the consolidated income statement for the year in which they are incurred. 

The Group capitalises interest during the non-current asset construction period as indicated in Note B.6.18. 

Group work on non-current assets is recognised at accumulated cost (external costs plus in-house costs, 

determined on the basis of in-house consumption of warehouse materials and manufacturing costs allocated 

using hourly absorption rates similar to those used for inventory measurement). 

89


90 

Depreciation is calculated, using the straight-line method, on the basis of the acquisition cost of the assets 

less their residual value; the land on which the buildings and other structures stand has an indefinite useful 

life and, therefore, is not depreciated. 

The period property, plant and equipment depreciation charge is recognised in the consolidated income 

statement at rates based on the following years of estimated useful life of the various assets: 

Assets held under finance leases are depreciated over their estimated useful lives on the same basis as owned 

assets of the same nature. 

At the end of each reporting period, the consolidated companies assess whether there is any internal or external 

indication that the carrying amounts of their property, plant and equipment items exceed their recoverable 

amounts, i.e. the higher of the net amount which could be obtained if they were sold and the present value of 

the cash flows. If any such indication exists, the carrying amount of the assets is reduced to the recoverable 

amount and the future depreciation charges in the consolidated income statement are adjusted in proportion 

to the adjusted carrying amounts and new useful lives. 

Similarly, when there are indications that the value of the assets has recovered, the consolidated companies 

recognise the reversal of the impairment loss recognised in prior periods and adjust the depreciation charges 

in future consolidated income statements up to a maximum of the original cost of the related asset. 

3. Investment property 

Years of useful life 

Buildings 25-50 

Machinery 6-16 

Other fixtures, tools and furniture 10 

Other items of property, plant and 

equipment 

3-5 

“Investment Property” in the accompanying consolidated balance sheet reflects the values of the land, buildings 

and other structures held either to earn rentals or for capital appreciation as a result of future increases in 

market prices. 

Land is measured at acquisition cost increased by site clearance and preparation costs. Structures are measured 

at the cost of the related progress billings plus contract costs, such as site management, levies, architects’ fees, 

etc. They are depreciated on a straight-line basis over their useful lives, which are the same as those used for 

similar items of property, plant and equipment.


Borrowing costs attributable to these investments are capitalised during the construction period until the 

properties are ready for sale and are treated as an addition to the value of the investment. Interest income 

obtained from the short-term investment of cash surpluses is deducted from the cost of the investment. 

Revenue and gains or losses are recognised when the assets are sold and the sale to the buyer has been 

executed in a public deed, which is when the rights and obligations inherent thereto are transferred. Rental 

income is allocated to the consolidated income statement on an accrual basis. 

In leases, expenses are recognised on an accrual basis and all maintenance, management and impairment 

costs relating to the leased assets are charged to income. 

At the end of each reporting period, the Group analyses whether the carrying amount of investment property 

exceeds fair value and, if so, it makes the appropriate valuation adjustment in the consolidated income statement 

by recognising an impairment loss in income to reduce the carrying amount to fair value. 

4. Impairment of intangible assets and property, plant and equipment 

The Group reviews the carrying amount of the intangible assets and property, plant and equipment in use to 

ascertain whether they might have become impaired, i.e. their carrying amount might not be recoverable, taking 

into account the higher of the present value of the future net cash flows and the net selling price in the event 

of their disposal. 

The present value of the expected future cash flows is estimated using a pre-tax discount rate that reflects 

current market assessments of the value of money and the specific risks associated with the asset, both during 

the use of the asset and from the possible disposal of the asset at the end of its useful life. 

An impairment loss is recognised if the carrying amount exceeds the higher of the aforementioned amounts. 

The indications of impairment considered for these purposes are, inter alia, the operating losses or negative 

cash flows during the period if they are combined with a track record or projection of losses or depreciation or 

amortisation taken to consolidated income, which, in percentage terms, in relation to revenue, are substantially 

higher than those from previous years, effects of obsolescence, reduction in the demand for the services 

provided, competition and other economic and legal factors. 

When an impairment loss subsequently reverses, income is recorded up to the amount of the impairment loss 

previously recognised. 

91


92 

5. Goodwill 

Any excess of the costs of acquisition of an investment in a company over its underlying carrying amount is 

allocated to certain assets and liabilities on consolidation. 

This excess is allocated as follows: 

1. If it is attributable to specific assets and liabilities of the company acquired, increasing the value of the 

assets acquired or reducing the value of the liabilities acquired. 

2. If it is attributable to specific intangible assets, recognising it explicitly in the consolidated balance sheet. 

3. The remaining amount is recognised as goodwill on the asset side of the consolidated balance sheet. 

At the end of each reporting period it is analysed whether as a result of any impairment the value of the goodwill 

is lower than its carrying amount. If so, the difference is eliminated with a charge to the consolidated income 

statement. 

An impairment loss recognised for goodwill must not be reversed in a subsequent period. 

Goodwill arising from the acquisition of foreign companies is translated to euros at the year-end exchange rates. 

6. Financial assets 

These are assets representing collection rights for the Group as a result of investments or loans. These rights 

are classified as current or non-current on the basis of whether they are due to be settled within less than or 

more than 12 months, respectively. They are made up of: 

Investment securities 

Financial assets represented by securities that can be classified as: 

• Held-to-maturity investments: securities with fixed or determinable payments and fixed maturity that the 

Group has the positive intention to hold from the date of purchase to the date of maturity. 

These securities are recognised at acquisition cost, including transaction costs. 

Any deficiency of the acquisition cost below the fair value of these assets at the end of the reporting period 

is taken to profit or loss.


• Held-for-trading financial assets: securities acquired with the intention of generating a profit from differences 

between their purchase and sale prices. 

These securities are also recognised at cost, including transaction costs. 

Any differences between the acquisition cost and the fair value of these assets at the end of the reporting 

period is also taken to the consolidated income statement. 

• Available-for-sale financial assets: investments in financial assets from which the Group does not expect 

to obtain a significant gain and which are made for cash management purposes. 

If the fair value of these investments exceeds their carrying amounts, the value of the asset is increased and 

the increase is recognised in equity. On disposal, this amount is transferred to the consolidated income 

statement. 

In the event of impairment, the amount credited to equity is reduced and, if the amount of the impairment 

loss exceeds the amount previously credited to equity, the excess is charged to the consolidated income 

statement. 

Other loans 

“Other Loans” include loans and receivables originated by the companies in exchange for supplying cash, goods 

or services directly to a debtor. They are measured at the principal amount plus the accrued interest receivable. 

Deposits and guarantees 

These are cash amounts securing project bids or contracts of another kind. These amounts are restricted as to 

their use to the extent that the specific terms and conditions of each project bid or contract continue to exist. 

Deposits and guarantees expiring within 12 months are classified as current items and those expiring within 

more than 12 months are classified as non-current items. 

7. Transfers of financial assets and derecognition of financial assets and liabilities 

The accounting treatment of the transfers of financial assets depends on the extent to which the risks and 

rewards associated with the transferred assets are contractually transferred to third parties. 

Financial assets are only derecognised when they are realised or when the Group transfers substantially all the 

risks and rewards of ownership and control thereover to third parties. 

Financial liabilities are only derecognised when the obligations giving rise to them cease to exist. 

93


94 

8. Inventories 

“Inventories” in the consolidated balance sheet includes the assets that the consolidated companies: 

• Hold for sale in the ordinary course of business; 

• Have in the process of production, construction or development for such sale; or 

• Expect to consume in the production process or in the provision of services. 

All inventories are measured at the lower of cost and net realisable value. 

Net realisable value is the estimated selling price less all the costs required to complete the production of 

inventories and to sell them. 

Goods and work in progress are measured at production cost, which includes the cost of materials, direct labour 

and production costs and the interest incurred during the construction period. 

9. Foreign currency transactions 

The items included in the financial statements of each of the Group companies are measured in their respective 

functional currencies. 

The consolidated financial statements are presented in euros, which is the Parent’s functional and 

presentation currency. 

In the separate financial statements of the Group companies, foreign currency transactions are translated 

as follows: 

• Transactions performed during the year in currencies other than the functional currency are translated at 

the exchange rates prevailing at the date of the transaction. 

• Monetary asset and liability balances denominated in currencies other than the functional currency (cash 

and items with no loss of value when converted to cash) are translated at the closing exchange rates. 

• Non-monetary asset and liability balances denominated in currencies other than the functional currency 

are translated at the historical exchange rates. 

Translation gains and losses are recognised in the consolidated income statement.


On consolidation, the balances of the financial statements of the consolidated companies whose functional 

currency is not the euro are translated to euros as follows: 

• Assets and liabilities are translated at the exchange rates prevailing at the reporting date. 

• Income and expense items are translated at the average exchange rates for the year, unless exchange rates 

fluctuate significantly, in which case they are translated at the year-end exchange rates. 

• Equity is translated at the historical exchange rates. 

Any exchange differences arising from the consolidation of companies with a functional currency other than 

the euro are classified in the consolidated balance sheet as translation differences under “Equity - Valuation 

Adjustments”. 

Entities and branches located in hyperinflationary economies 

None of the functional currencies of the subsidiaries, jointly controlled entities and associates located abroad 

relate to hyperinflationary economies as defined by International Financial Reporting Standards (IFRSs). 

Accordingly, at the 2010 accounting close it was not necessary to adjust the financial statements of any of the 

consolidated entities to correct them for the effect of inflation. 

10. Bank borrowings, debt instruments and other marketable securities 

Bank borrowings, debt instruments and other marketable securities are measured at the amount received, net of 

direct issue costs, plus the accrued interest payable at year-end. Borrowing costs are recognised on an accrual 

basis in the consolidated income statement using the method of modifying the nominal rate, taking into account 

issue discounts, fees and expenses. This method is equivalent to using the effective interest rate, which is the 

rate that exactly matches the net value of the income received to the present value of future disbursements. 

Debts due to be settled within twelve months of the balance sheet date are classified as current items and 

those due to be settled within more than twelve months as non-current items. 

11. Derivative financial instruments and hedge accounting 

In order to mitigate the economic effects of exchange rate and interest rate fluctuations to which the Group is 

exposed as a result of its business activities, the Group uses derivative financial instruments, such as foreign 

currency hedges, interest rate swaps and interest rate options. 

The Group has also arranged an equity swap tied to the Group’s share price in order to hedge the potential loss 

that might arise from the exercise of the options under the incentive plan described in Note C.22.3. 

95


96 

The foreign currency hedges and interest rate swaps are future exchange commitments, on the basis of which 

the Group and banks agree to exchange interest payments or currencies in the future. In the case of an interest 

rate derivative, the commitment is to pay a fixed interest rate in exchange for receiving a floating interest rate. 

In the case of a foreign currency derivative, the commitment is to pay or receive a given amount of euros in 

exchange for a given amount in another currency. In the case of the equity swap tied to the Group’s share price, 

the commitment is to pay or receive the result of the change in the share price with respect to a reference price 

and to pay a floating interest rate. The Group acquires the right to receive interest on the interest rate options 

arranged if the interest rate exceeds the reference level initially established with the banks, in exchange for 

paying a given amount to these banks at the beginning of the transaction. 

It should be noted that when the Group arranges a derivative, it does not do so with the intention of settling it 

early or of trading with it. The Group does not use derivatives for speculative purposes, but rather to mitigate 

the economic effects that may arise from its foreign trade and financing activities due to exchange and interest 

rate fluctuations. 

Summarised below are the most essential aspects of accounting legislation relating to derivative financial 

instruments, such as recognition in the balance sheet, the direct effect on equity or the indirect effect through 

consolidated profit or loss. 

Derivatives are recognised in the consolidated balance sheet at their market value in the same way as any other 

financial asset or liability or investments accounted for using the equity method. 

Market value (also known as fair value) is the net amount that the Group would have to pay or receive if the 

derivative were settled at the measurement date, and is equal to the difference between the present value of the 

future collections and payments agreed on by the Group and the related banks under the terms of the derivative 

arranged. The market value of the options arranged is the same as the amount which the Group would receive 

in the event of settling them and is determined using a widely accepted pricing model (Black & Scholes). 

As in the case of other financial assets and liabilities, changes in the fair value of a derivative are recognised 

in equity. The change in equity arises directly through “Equity - Valuation Adjustments” or indirectly through 

profit or loss. 

The fair value of a derivative changes during its term. Changes in fair value arise: as a result of the passage of 

time, as a result of changes in interest rate curves; in the case of foreign currency derivatives also as a result 

of changes in exchange rates; in the case of equity swaps, also as a result of changes in the share price; and in 

the case of interest rate options, also as a result of changes in the volatility of interest rates. 

Only certain derivatives can be considered to qualify for hedge accounting.


The requirements that must be met for a derivative to be considered to qualify for hedge accounting are as follows: 

• The underlying in relation to which the derivative is arranged to mitigate the economic effects that might 

arise therefrom as a result of fluctuations in exchange rates and interest rates must initially be identified. 

• When the derivative is arranged, the reason for which it was arranged must be appropriately documented 

and the hedged risk must be identified. 

• It must be demonstrated that the hedge is effective from the date of the arrangement of the derivative 

to the date of its settlement, i.e. that it meets the objective initially defined. In order to assess this, the 

effectiveness of the hedge is tested, and given effectiveness levels must be achieved. 

When the derivative does not qualify for hedge accounting, or the Group voluntarily decides not to apply hedge 

accounting, changes in fair value are recognised in the consolidated income statement. 

For derivatives that qualify for hedge accounting, under the relevant accounting standards changes in fair value are 

recognised directly in equity or indirectly through profit or loss on the basis of the type of hedged risk concerned: 

a) Cash flow hedges 

A derivative arranged to hedge against exposure to future variability in the expected cash flows in a foreign 

currency transaction as a result of exchange rate fluctuations can be considered to be a cash flow hedge. The 

same is true of a derivative arranged to hedge against exposure to future variability in the expected cash flows 

in floating-rate financing as a result of interest rate fluctuations. 

The portion of the gain or loss on hedging instruments whose purpose is to act as a cash flow hedge of 

an underlying and which is determined to be an effective hedge is recognised under “Equity - Valuation 

Adjustments”, and the ineffective portion of the gain or loss is recognised in the consolidated income statement. 

The changes in the time value of the options are recognised directly in the consolidated income statement. 

The cumulative balance of “Equity - Valuation Adjustments” is transferred to the consolidated income statement 

when, and to the extent that, the gains or losses on the hedged risk of the underlying also start to be reflected 

in the consolidated income statement. 

97


98 

b) Hedges of net investments in foreign operations 

When a derivative or another hedging instrument is used to hedge against exchange rate fluctuations that 

affect the carrying amount of net investments in foreign operations, it can be considered to be a hedge of a net 

investment in a foreign operation. 

The gains or losses on this type of derivative or hedging item are recognised in the consolidated income statement 

in a similar fashion to those on cash flow hedges. The only difference is that the accumulated amounts under 

“Equity - Valuation Adjustments” are not recognised in the consolidated income statement until the investment 

is sold. 

c) Fair value hedges 

Fair value hedges arise when a derivative is arranged to convert financing at a fixed interest rate into financing 

at a floating interest rate in order to tie a portion of the financing to interest rate changes and, therefore, to the 

performance of the market. 

Fair value hedges also arise when a derivative is arranged to hedge the possible future changes in the equivalent 

euro value of firm commitments to collect or pay certain amounts in foreign currency due to exchange rate 

fluctuations. 

When the purpose of the hedging derivative is to act as a fair value hedge, gains or losses on the derivative 

and its underlying are recognised through profit or loss. 

12. Provisions 

The Group’s consolidated financial statements include all the material provisions with respect to which it is 

considered that it is highly probable that the obligation covered by them will have to be settled. Contingent 

liabilities are not recognised in the consolidated financial statements, but rather are disclosed, as required by 

IAS 37 (see Note D.6). 

Provisions are classified as short-term or long-term provisions based on the estimated period of time in which 

the obligations covered by them will have to be settled. 

Provisions for major maintenance obligations 

In accordance with IFRIC 12, provisions are recognised for the estimated expenditure required to carry out 

multiannual maintenance work, with a charge to the income statement for each of the periods remaining until 

the work has been completed.

Litigation and claims in process 


At the end of 2010 certain litigation and claims were in progress against the consolidated companies arising 

from the ordinary course of their operations. The Group’s legal advisers and directors consider that the outcome 

of litigation and claims will not have a material effect on the consolidated financial statements for the years in 

which they are settled. 

Provision for construction contract completion 

This provision is intended to cover the expenses arising from completion of a contract until its definitive 

settlement. The estimated costs in this connection are accrued for over the construction period on the basis 

of production volumes. 

Provision for management and other fees 

This provision relates to the amount incurred in connection with project management and inspection fees, 

laboratory, layout and other fees payable at the consolidated balance sheet date. The amounts of these fees 

are established in the related project specifications and in current legislation. The estimated costs in this 

connection are accrued for over the construction period on the basis of production volumes. 

Provision for temporary site employees 

This provision reflects the liability incurred for temporary site employees, based on the average remuneration 

rate and the average years of service. 

13. Revenue recognition 

Revenue is recognised on an accrual basis, i.e. when the actual flow of the related goods and services occurs, 

regardless of when the resulting collections and payments are made. 

By type of business, revenue is recognised as follows: 


Revenue is recognised on an accrual basis. 

If a toll system is used, toll revisions are not applied until the new tolls come into force. 

Revenue from motorway services is recognised on an accrual basis, regardless of whether or not a portion of 

the contract has been collected in advance. 

99


100 

In accordance with IFRIC 12, the concession operators recognised sales relating to construction performed by 

parties outside the Group. 

Construction revenue is recognised by reference to the stage of completion. Under this method, contract 

revenue is matched with contract costs incurred in reaching the stage of completion. In relation to infrastructure 

construction under concession, the concession operators subcontract work to related parties or independent 

construction companies. The construction subcontractors do not exempt the concession operator from the 

obligations acquired by it in relation to the concession and therefore, they are responsible for the performance, 

completion and quality of the construction work. The concession operator does not recognise any margin in its 

income statement on the performance of the aforementioned construction work. 

The Group recognises under “Other Operating Income” the collection rights recognised during the year relating 

to the return guaranteed and not yet collected, in accordance with the concession arrangement. 

Certain concession operators are entitled to receive, through a pre-established formula under the concession 

arrangement, the difference between the actual return, net of taxes, obtained from operating the concessions 

(“actual return”), and the guaranteed actual return (“guaranteed return or fixed internal rate of return”), if the 

latter is higher. The difference between the actual return and the pre-tax guaranteed return is recognised in 

the balance sheet as part of the intangible asset and in the income statement as other operating expenses, as 

the aforementioned right accrues. The profit or loss recognised based on this calculation includes the related 

tax effect, with a balancing entry under non-current deferred taxes. The excess of the guaranteed return over 

the actual return is recognised when concession operation commences or as operation of each phase of the 

concession commences (depending on the concession) and/or when it is certain that the related economic 

benefits will be received. In relation to the companies Concesionaria Mexiquense, S.A. de C.V. and Viaducto 

Bicentenario, S.A. de C.V., in order to determine the investment made and the fixed internal rate of return, the 

administrative bodies of the concession operators and the Mexican Government, through the Mexican System 

of Highways, Airports, Related and Auxiliary Services (SAASCAEM), have established a periodic procedure that 

is documented as “Total investment yet to be recovered”, and is approved by SAASCAEM itself and the legal 

representatives of the concession operators. 

Based on estimated annual returns calculated by the administrative bodies of each concession operator, it is 

estimated that the minimum guaranteed returns recognised will be recovered over the normal concession term. 

Construction 

Revenue is calculated using the percentage of completion method (IAS 11), whereby, in construction contracts 

from which a final profit is expected, the profit is calculated by applying to the expected profit the percentage 

resulting from comparison of the actual costs incurred with the projected total costs to be incurred until 

the contract has been completed. An expected loss on a construction contract is recognised as an expense 

immediately.


In accordance with standard practice in the industry, the estimates used to calculate the stage of completion 

include the possible effect of the margin on certain contract modifications, addenda and settlements which 

are being processed, and which the Group considers at that time to be reasonably realisable. 

“Trade Receivables for Sales and Services – Trade Receivables for Amounts to Be Billed for Work or Services 

Performed” on the asset side of the consolidated balance sheet represents the difference between the amount 

of the completed work recognised, including the adjustment to the margin recognised by application of the 

percentage of completion method, and the amount of billed completed work up to the balance sheet date. 

If the amount of production from inception is lower than the amount billed, the difference is recognised under 

“Customer Advances” on the liability side of the consolidated balance sheet. 

Revenue in the case of infrastructure and urban equipment services is determined by measuring the completed 

units at the contract price, per the main contract with the owners or per approved addenda or amendments 

thereto. If these services have not been contractually approved, because the related contracts are being drawn 

up, the related revenue will only be recognised if technical approval has been secured. If because of their term 

and conditions contracts in this area meet the requirements provided for in IAS 11, the percentage of completion 

method is also applied. 


Industrial 

Revenue from sales and services is recognised on an accrual basis. 

Revenue from engineering, procurement and construction contracts (EPC) is recognised by reference to the 

stage of completion. 

Development 

Revenue in the hotel complex business is recognised with reference to the service provided, on an 

accrual basis. 

The shopping centres generate rental income, which is recognised on an accrual basis. 

Price revisions are applied if they are provided for in the related contracts. 

In the care services area, revenue is recognised on an accrual basis. The monthly or daily charges are applied 

on the basis of the use of the service. For private customers, the prices are set freely. Prices for government 

subsidised customers have to be approved by the various authorities, which publish them in the corresponding 

Official Gazettes at the beginning of each year. 

101


102 

Environment 

Production in the area relating to the construction of water cycle projects is recognised by reference to the 

stage of completion. 

In the case of services relating to environmental recovery, production is recognised as the services are 

provided and is measured at the contract price. 

In the water concessions and projects area, which encompasses water treatment, purification and desalination, 

production is recognised on the basis of the terms and conditions of each contract, applying the tariffs and 

criteria stipulated therein to the services provided. 

14. Deferred income 

“Deferred Income” relates mainly to grants related to income and grants related to assets. Grants are credited 

to the consolidated income statement in one or several years. Grants may be: 

Grants related to income: grants to offset an expense or guarantee a minimum inflow of funds. They are credited 

to “Other Operating Income” in the consolidated income statement in the same period as that in which the 

associated expenses are recognised. 

Grants related to assets: grants for the setting up or investment in long-term assets of a company, its investments 

or to finance borrowings arising from such investments. Grants related to assets are recognised as deferred 

income on the liability side of the consolidated balance sheet and are taken systematically to “Other Operating 

Income” in the consolidated income statement over the useful lives of the assets concerned. 

15. Share-based payment 

The incentive plan tied to the share price approved by the Parent is measured when granted using a binomial 

pricing model which takes into account the exercise price, expected volatility, option life, expected dividends, 

the risk-free interest rate and the assumptions made to incorporate the effects of expected early exercise. 

In accordance with IFRS 2, the aforementioned amount is allocated to income under “Staff Costs” over the period 

in which the employee is required to stay at the company in order to exercise the options and is allocated to 

the consolidated income statement on a straight-line basis over the period between the grant date and the 

exercise date. Pursuant to the Plan Regulations, the Company may choose whether the plan will be cash-settled 

or equity-settled. The Parent’s management considers that it does not have a present obligation to settle in cash 

and, therefore, the balancing entry for the staff costs recognised is made in an equity account without making 

any adjustment to the amount initially recognised, in accordance with the provisions of IFRS 2 on equity-settled 

share-based payment transactions.


Lastly, as detailed in Note C.17.2, in order to hedge the potential loss that might arise from the plan, the Parent 

has arranged a financial instrument. This financial instrument is considered to be a derivative and is accounted 

for accordingly (see Note B.6.11). 

16. Termination and post-employment benefits 

The termination benefits that have to be paid to employees pursuant to the legislation applicable to each Group 

company are charged to the consolidated income statement in the year in which they are paid. 

If the Group were to establish a collective redundancy procedure, provisions for the related costs would be 

recognised in the consolidated income statement when the detailed formal plan for the restructuring were 

established and communicated to the parties concerned. 

There are no redundancy plans making it necessary to recognise a provision in this connection. 

The Group does not have any post-employment benefit obligations in the form of pension plans or other benefits. 

17. Leases 

Leases are classified as finance or operating leases. 

Finance leases are deemed to be those in which the risks and rewards relating to the leased asset are transferred 

to the lessee, which, habitually but not necessarily, has the option to purchase the asset at the end of the lease 

on the terms and conditions agreed on when the transaction was arranged. In leases of this nature: 

• When the consolidated companies act as the lessor of an asset, the aggregate present values of the lease 

payments receivable from the lessee plus, where applicable, the price of exercising the purchase option 

are recognised as accounts receivable (financial assets). 

• When the consolidated companies act as the lessee, they present the cost of the leased assets in the 

consolidated balance sheet, based on the nature of the leased asset, and, simultaneously, recognise a 

liability for the same amount. 

The assets are measured at the lower of fair value, i.e. at the price that would be set by two parties in an arm’s 

length transaction, and the discounted present value of the amounts payable to the lessor plus the price of 

exercising the purchase option. 

These assets are depreciated on the basis of their nature using similar criteria to those applied to the items of 

property, plant and equipment. 

103


104 

Operating leases are leases for rights of use that do not transfer the risks and rewards incidental to ownership of 

an asset and are accounted for on the basis of the contractual nature of each transaction. Income and expenses 

from these transactions are allocated to the consolidated income statement on an accrual basis. 

18. Borrowing costs 

Borrowing costs directly attributable to the acquisition, construction or production of assets that necessarily 

take a substantial period of time to get ready for their intended use or sale are added directly to the cost of 

those assets, until such time as the assets are ready for their intended use or sale. 

Pursuant to IAS 23, investment income earned on the temporary investment of specific borrowings pending 

their expenditure on qualifying assets is deducted from the borrowing costs. 

All other borrowing costs are recognised in the consolidated income statement in the year in which they are 

incurred. 

19. Income tax 

The Group companies’ income tax expense is calculated on the basis of accounting profit before tax, increased 

or decreased, as appropriate, by the permanent differences from taxable profit, net of tax relief and tax credits, 

excluding tax withholdings and prepayments made during the year. 

Deferred tax assets and liabilities are the taxes expected to be recoverable or payable on differences between 

the carrying amounts of assets and liabilities in the consolidated financial statements and their tax bases. 

They are measured at the tax rates that are expected to apply in the period when the asset is realised or the 

liability is settled. 

At 31 December 2010, most of the Spanish Group companies were being taxed under the consolidated tax regime 

and, accordingly, the income tax expense recognised in the consolidated income statement relates to the sum 

of the tax expense of the consolidated tax group companies and that of the companies not forming part of the 

consolidated tax group, which are mainly the foreign companies.

20. Consolidated statement of cash flows 


Cash flows are inflows and outflows of cash and cash equivalents, which are short-term, highly liquid investments 

that are subject to an insignificant risk of changes in value. 

This statement reflects changes in consolidated cash flows in the year, classifying them as: 

• Cash flows from operating activities: the principal revenue-producing activities of the Group companies 

and other activities that are not investing or financing activities. 

• Cash flows from investing activities: those arising from the acquisition and disposal of non-current assets. 

• Cash flows from financing activities: those arising from changes in borrowings and transactions with 

shareholders. 

The consolidated statement of cash flows is prepared using the indirect method, i.e. on the basis of the changes 

in the consolidated income statement and consolidated balance sheet, and is presented with comparable 

figures for two consecutive periods. 

105


106 

C.- Notes To The Consolidated Financial Statements 

C.1.- Intangible assets 

The changes in “Intangible Assets” in the consolidated balance sheets at 31 December 2010 and 2009 were 

as follows: 

Cost 

Intangible assets 

of concession 

operators 

Other intangible 

assets 


Balances at 1 January 2009 3,753,933 137,408 3,891,341 

Additions and disposals due to change in the scope of consolidation 48,639 - 48,639 

Additions 967,318 53,226 1,020,544 

Disposals (79,300) (1,519) (80,819) 

Transfers and other (8,082) - (8,082) 

Exchange differences 435,200 41 435,241 

Balances at 31 December 2009 5,117,708 189,156 5,306,864 

Additions and disposals due to change in the scope of consolidation 17,085 829 17,914 

Additions 1,473,986 239,522 1,713,508 

Disposals (18,283) (4,367) (22,650) 

Transfers and other - (734) (734) 

Exchange differences 447,625 5,905 453,530 

Balances at 31 December 2010 7,038,121 430,311 7,468,432 

Accumulated depreciation and impairment losses 

Balances at 1 January 2009 540,361 27,230 567,591 

Additions and disposals due to change in the scope of consolidation 1,090 - 1,090 

Additions 135,383 12,665 148,048 

Disposals (24,606) (737) (25,343) 

Transfers and other (190) - (190) 

Exchange differences 75,527 96 75,623 

Balances at 31 December 2009 727,565 39,254 766,819 

Additions and disposals due to change in the scope of consolidation - 208 208 

Additions 188,874 14,209 203,083 

Disposals - (1,243) (1,243) 

Transfers and other - (542) (542) 

Exchange differences 57,851 1,115 58,966 

Balances at 31 December 2010 974,290 53,001 1,027,291 

Net balances at 31 December 2009 4,390,143 149,902 4,540,045 

Net balances at 31 December 2010 6,063,831 377,310 6,441,141 

Total

Intangible assets of concession operators 


Concession arrangements are arrangements between the concession grantor, which is generally a public sector 

entity, and the Group companies to provide services to the public through the operation of certain assets 

required for the provision of the service. 

The concession right generally entails a monopoly on the provision of the service granted for a specified period 

of time, after which, in general, the concession assets required to provide the service have to be handed over 

to the concession grantor. 

Revenue from performing the service may be received directly from the users or, sometimes, through the 

concession grantor itself. The prices for providing the service are usually regulated by the grantor. 

These projects are generally financed with long-term borrowings without recourse to the shareholder, secured 

mainly by the cash flows generated by the concession operator companies and their assets, accounts and 

contractual rights. Since cash flows constitute the main security for the repayment of the borrowings, there 

are restrictions on the use of the funds by the shareholders until certain conditions have been met, which is 

assessed each year. 

Also, reserves are recognised and continue to exist throughout the term of the borrowings, relating generally 

to the six months following the servicing of the debt, which are restricted as to their use by the Company, and 

whose purpose is to cater for the servicing of the debt if the cash flows generated by the Company prove to be 

insufficient. These reserve accounts are classified under “Current Financial Assets – Other Receivables” in the 

consolidated balance sheet (see Note C.5.2). 

107


108 

The Group’s concessions at 31 December 2010 were as follows: 

Operator Description of the concession Country % Total 

projected 

investment 

(millions 

of euros) 


Administradora Mexiquense del Aeropuerto Internacional de 

Toluca, S.A. de C.V. (1) 

Remaining 

period 

(years) 

Toluca airport Mexico 36.19 1,106 45 

Autopark, S.A. Underground car park Brazil 90.00 12 32 

Autopista del Norte, S.A.C. Red Vial 4 toll road Peru 100.00 227 23 

Autopista Eje Aeropuerto Concesionaria Española, S.A. Barajas airport toll road Spain 100.00 426 17 

Autopista Ezeiza Cañuelas, S.A. Ezeiza Cañuelas toll road Argentina 87.41 120 10 

Autopista Fernao Dias, S.A. Federal toll road Brazil 60.00 1,033 22 

Autopista Fluminense, S.A. Federal toll road Brazil 60.00 771 22 

Autopista Litoral Sul, S.A. Federal toll road Brazil 60.00 991 22 

Autopista Planalto Sul, S.A. Federal toll road Brazil 60.00 534 22 

Autopista Régis Bittencourt, S.A. Federal toll road Brazil 60.00 1,289 22 

Autopista Urbana Norte, S.A. de C.V. Urban toll road Mexico 73.85 711 32 

Autovía de Aragón-Tramo 1, S.A. A-2 road, Madrid R-2 section Spain 95.00 247 16 

Autovías, S.A. Sao Paulo toll road Brazil 60.00 495 8 

Autovías Concesionadas OHL, S.A. de C.V. Puebla road Mexico 73.85 189 27 

Bay of Bengal Gateway Terminal Private Limited (1) Ennore port India 26.00 230 33 

Centrovías Sistemas Rodoviários, S.A. Sao Paulo toll road Brazil 60.00 413 8 

Cercanías Móstoles Navalcarnero, S.A. Railway line Spain 100.00 424 17 

Concesionaria de Rodovías do Interior Paulista, S.A. Sao Paulo toll road Brazil 60.00 719 17 

Concesionaria Mexiquense, S.A. de C.V. Mexican outer loop Mexico 73.85 2,411 31 

Controladora Vía rápida Poetas, S.A.P.I. de C.V. Las Poetas - Luis Cabrera urban toll 

road 

Mexico 36.93 443 32 

Euroglosa 45 Concesionaria de la Comunidad de Madrid, S.A. M-45 road. N-V to N-IV section Spain 100.00 109 17 

Grupo Autopistas Nacionales, S.A. Amozoc Perote toll road Mexico 51.09 221 23 

Marina Urola, S.A. Marina Spain 78.34 2 17 

Metro Ligero Oeste, S.A. Pozuelo-Boadilla light rail Spain 51.30 925 26 

Nautic Tarragona, S.A. (1) Marina Spain 25.00 13 14 

Nova Dársena Esportiva de Bara, S.A. Marina Spain 50.00 14 25 

Port Torredembarra, S.A. (1) Marina Spain 24.08 5 13 

Sociedad Concesionaria Autopista del Sol, S.A. (3) Santiago-San Antonio toll road Chile 51.04 210 8 

Sociedad Concesionaria Autopista Los Andes, S.A. Route 60 toll road Chile 100.00 385 25 

Sociedad Concesionaria Autopista Los Libertadores, S.A. (3) Santiago-Los Andes toll road Chile 51.02 189 15 

Terminales Marítimas del Sureste, S.A. Terminal operation Spain 100.00 131 25 

Viaducto Bicentenario, S.A. de C.V. Flyover Mexico 73.85 1,681 27 

Vianorte, S.A. Sao Paulo toll road Brazil 60.00 444 7 

>>>

Environment 


Ambient Serviços Ambientais de Ribeirao Preto, S.A. (2) Waste water treatment plant Brazil 100.00 79 13 

Araucária Saneamento, S.A. Waste water treatment plant Brazil 70.00 48 20 

Biorreciclaje de Cádiz, S.A. (1) Urban solid waste Spain 32.66 49 27 

Cádiz San Fernando, A.I.E. (1) Waste water treatment plant Spain 21.95 24 13 

OHL Medio Ambiente, Inima, S.A. Desalination plant Spain 25.00 0 18 

Promoaqua Desalación de los Cabos, S.A. de C.V. (2) Desalination plant Mexico 92.00 40 16 

SESAMM - Serviços de Saneamiento de Mogi Mirim, S.A. (2) Water treatment plant Brazil 57.00 25 27 

Shariket Miyeh Ras Djinet, Spa (1) Desalination plant Algeria 25.49 91 24 

Shariket Tahlya Miyah Mostaganem, Spa (1) Desalination plant Algeria 25.50 144 24 

Tractament Metropolitá de Fangs, S.L. Thermal sludge-drying plant Spain 50.40 69 6 

Other 

Concessió Estacions Aeroport L 9, S.A. (1) L-9 stations Spain 36.00 916 33 

Nova Bocana Barcelona, S.A. (1) Hotel Spain 25.00 177 31 

Nova Bocana Barcelona, S.A. (1) Hotel Spain 25.00 51 31 

Nuevo Hospital de Burgos, S.A. (1) Hospital Spain 20.00 269 26 

Phunciona Gestión Hospitalaria, S.A. (1) Hospital Spain 33.33 79 26 

Sacova Centros Residenciales, S.L. Home for the elderly Spain 100.00 71 39 

Sociedad Concesionaria Centro de Justicia de Santiago, S.A. (2) Law courts Chile 100.00 89 15 

Superficiaria Los Bermejales, S.A. Autonomous Community Government 

of Andalusia building 

Spain 75.00 41 26 

Urbs Iudex et Causidicus, S.A. (1) Law courts Spain 20.00 384 28 

(1) Companies included under “Investments Accounted for Using the Equity Method”. 

(2) Concession operators accounted for as a financial asset. 

(3) Concession operators accounted for using a bifurcated arrangement 

Under the related concession arrangements, the concession operators are required to make investments which 

must be completed within the periods specified below: 


Period 

Within 5 years 4,015,383 

Between 5 and 10 years 1,813,147 

After 10 years 4,442,865 

Total 10,271,595 

These investments will be financed through loans granted to the concession operators, and capital increases 

at, and the cash flows generated by, the concession operators. 

109


110 

At 31 December 2010, “Intangible Assets of Concession Operators” included EUR 311,300 thousand relating 

to borrowing costs capitalised during the construction period (31 December 2009: EUR 222,931 thousand). 

Borrowing costs capitalised in 2010 amounted to EUR 88,369 thousand (2009: EUR 83,167 thousand). 

At 31 December 2010, “Intangible Assets of Concession Operators” included EUR 5,119,280 thousand relating 

to net intangible assets of Group concession operators located abroad (31 December 2009: EUR 3,242,159 

thousand). 

At 31 December 2010, “Intangible Assets of Concession Operators” included EUR 492,952 thousand (31 

December 2009: EUR 242,130 thousand) relating to the collection rights recognised for the return guaranteed 

by the Mexican Government of the subsidiaries Concesionaria Mexiquense, S.A. de C.V. (2010: EUR 411,388 

thousand and 31 December 2009: EUR 224,504 thousand) and Viaducto Bicentenario, S.A. de C.V. (2010: EUR 

81,564 thousand and 31 December 2009: EUR 17,626 thousand) (see Note B.6.13). 

At 31 December 2010, intangible assets of concession operators with a cost of EUR 152,294 thousand had been 

fully amortised and were still in use (31 December 2009: EUR 68,891 thousand). 

At 31 December 2010, “Intangible Assets of Concession Operators” included EUR 192,067 thousand (31 December 

2009: EUR 184,092 thousand), relating to concession operator fees, the breakdown by company being as follows: 


Companies 2010 2009 

Autopista del Norte, S.A.C. 4,433 - 

Autovías, S.A. 7,772 7,655 

Centrovías Sistemas Rodoviarios, S.A. 11,132 10,972 

Concesionaria de Rodovias do Interior Paulista, S.A. 10,002 5,203 

Sociedad Concesionaria Autopista del Sol, S.A. 9,205 15,432 

Sociedad Concesionaria Autopista los Libertadores, S.A. 2,647 4,438 

Vianorte, S.A. 101,943 100,569 

Viaducto Bicentenario, S.A. de C.V. 44,933 39,823 

Total 192,067 184,092 

“Other Intangible Assets” relates mainly to the value assigned on consolidation to the customer portfolio and 

backlog of the acquirees.


On 30 November 2010, the OHL Group acquired 50.1% of the US construction company Judlau Contracting, Inc., 

a company specialised in civil engineering work, the headquarters of which are located in New York State, where 

it has performed and is currently performing significant engineering projects on tunnels, bridges, roads and the 

subway. Its customers include most notably the New York Metropolitan Transportation Authority. 

The OHL Group recognised the obligation to acquire the 49.9% remaining shares, if they were made available 

by the sellers, between December 2015 and May 2019, at a maximum rate of 10% per year. The price of these 

shares would be calculated in accordance with the average EBITDA of the three reporting periods immediately 

preceding the date of exercise of the aforementioned option. 

The total cost of the investment, following the recognition of the purchase option, amounts to EUR 157,572 

thousand. 

As a result of this business combination, EUR 220,558 thousand were recognised as an addition to “Other 

Intangible Assets”, and a deferred tax liability of EUR 100,288 thousand was also recognised. 

The cost of the business combination includes the adjustments required in relation to contingent payments 

amounting to EUR 13,008 thousand, since the cost of the combination depends on the EBITDA obtained by the 

company in the period from 2009 to 2012. 

Total revenue in 2010 amounted to EUR 233,902 thousand, of which EUR 40,808 thousand were contributed 

to the consolidated income statement. Profit contributed to the consolidated income statement totalled EUR 

2,111 thousand. 

The Company’s balance sheet at the date of inclusion in the OHL Group, the adjustments made during the 

business combination and the resulting balance sheet are as follows: 

111


112 

ASSETS Acquired balance Adjustments 


Adjusted balance 


sheet 

sheet 

Intangible assets 131 220,558 220,689 

Property, plant and equipment 12,192 - 12,192 

Non-current financial assets 1,998 - 1,998 

TOTAL NON-CURRENT ASSETS 


14,321 220,558 234,879 

Inventories 300 - 300 

Trade and other receivables 65,572 - 65,572 

Current financial assets 10,524 - 10,524 

Other current assets 2,563 - 2,563 

Cash and cash equivalents 24,792 - 24,792 

TOTAL CURRENT ASSETS 103,751 - 103,751 

TOTAL ASSETS 


118,072 220,558 338,630 

Deferred tax liabilities 1,115 110,288 101,403 

Other non-current liabilities 771 - 771 

TOTAL NON-CURRENT LIABILITIES 


1,886 110,228 102,174 

Bank borrowings 1,668 - 1,668 

Trade and other payables 68,014 - 68,014 

Current income tax liabilities 691 - 691 

Other current liabilities 8,511 - 8,511 

TOTAL CURRENT LIABILITIES 78,884 - 78,884 

COST OF THE BUSINESS COMBINATION 37,302 120,270 157,572 

C.2.-Property, plant and equipment 

The changes in “Property, Plant and Equipment” in the consolidated balance sheets in 2010 and 2009 were 

as follows:

Land and 

buildings 


Machinery Other 

fixtures, 

tools and 

furniture 

Advances 

and 

property, 

plant and 

equipment 

in the 

course of 

construction 

Other items 

of property, 

plant and 

equipment 


Cost 

Balance at 1 January 2009 275,516 294,642 88,964 46,970 44,416 750,508 

Additions and disposals due to change in 

the scope of consolidation 

17,318 852 2,253 78,642 627 99,692 

Additions 11,837 26,722 22,224 13,554 8,540 82,877 

Disposals (2,843) (14,358) (6,615) (12,394) (1,678) (37,888) 

Transfers and other 117,671 2,854 3,969 (114,203) (11,528) (1,237) 

Exchange differences 817 439 (439) (1,325) (10) (518) 

Balances at 31 December 2009 420,316 311,151 110,356 11,244 40,367 893,434 



Total 

100,245 29,129 13,538 35,407 12,061 190,380 

Additions 35,278 22,549 11,778 20,599 11,108 101,312 

Disposals (43,797) (17,010) (6,664) (32,166) (6,599) (106,236) 

Transfers and other (69) 69 2,014 (6,496) 5,439 957 

Exchange differences 31,599 8,376 1,724 661 2,189 44,549 

Balances at 31 December 2010 543,572 354,264 132,746 29,249 64,565 1,124,396 

Accumulated depreciation and impairment losses 

Balances at 1 January 2009 39,204 170,545 43,982 - 13,443 267,174 



- 1 (3) - 48 46 

Additions 14,136 30,499 22,523 - 7,234 74,392 

Disposals (2,247) (12,340) (4,243) - (1,519) (20,349) 

Transfers and other 911 70 (458) - (333) 190 

Exchange differences 278 263 (162) - 203 582 

Balances at 31 December 2009 52,282 189,038 61,639 - 19,076 322,035 



6,975 18,024 4,268 - 2,733 32,000 

Additions 14,116 30,744 14,145 - 8,854 67,859 

Disposals (4,193) (10,926) (2,646) - (1,633) (19,398) 

Transfers and other (49) (892) 1,416 - 14 489 

Exchange differences 2,650 5,476 990 - 1,122 10,238 

Balances at 31 December 2010 71,781 231,464 79,812 - 30,166 413,223 

Net balances at 31 December 2009 368,034 122,113 48,717 11,244 21,291 571,399 

Net balances at 31 December 2010 471,791 122,800 52,934 29,249 34,399 711,173 

113


114 

The net balance at 31 December 2010 in the table above includes most notably the following items: 

• EUR 4,140 thousand relating to property, plant and equipment held by the consolidated companies under 

finance leases at 31 December 2010 (31 December 2009: EUR 6,381 thousand). 

• Certain items of property, plant and equipment with a carrying amount of EUR 269,423 thousand (31 

December 2009: EUR 191,448 thousand), which had been mortgaged as security for loans against which 

EUR 182,592 thousand had been drawn down (31 December 2009: EUR 121,123 thousand) (see Note C.16.2). 

At 31 December 2010 and 2009, there were no material amounts relating to items of property, plant and 

equipment that were temporarily idle or retired from active use. 

The Group takes out the required insurance policies to cover the possible risks to which its property, plant and 

equipment are subject. 

Property, plant and equipment with a cost of EUR 95,201 thousand had been fully depreciated and was still in 

use at 31 December 2010 (31 December 2009: EUR 89,169 thousand). 

At 31 December 2010, “Property, Plant and Equipment” included EUR 11,984 thousand relating to borrowing 

costs capitalised during the construction period (31 December 2009: EUR 11,660 thousand). Borrowing costs 

capitalised in 2010 amounted to EUR 324 thousand (2009: EUR 768 thousand). 

C.3.- Investment property 

The changes in “Investment Property” in the consolidated balance sheets in 2010 and 2009 were as follows: 


Balances at 1 January 2009 67,962 

Additions 10,279 

Disposals (2,277) 

Exchange differences (277) 

Transfers 9,322 

Balances at 31 December 2009 85,009 

Additions and disposals due to change in the scope of 

consolidation 

14,933 

Additions 10,979 

Disposals (19,598) 

Exchange differences 7,063 

Transfers (18) 

Balances at 31 December 2010 98,368


At 31 December 2010, certain investment property, with a carrying amount of EUR 6,419 thousand (31 December 

2009: EUR 6,324 thousand) had been mortgaged as security for loans against which EUR 5,252 thousand had 

been drawn down (31 December 2009: EUR 4,127 thousand) (see Note C.16.2). 

At 31 December 2010, the main investment property was the Mayakoba tourism development in the Riviera Maya 

district of Mexico, amounting to EUR 79,033 thousand (31 December 2009: EUR 62,631 thousand). 

At 31 December 2010, the fair value of the Group’s investment property, calculated on the basis of external 

appraisals and bids and in-house estimates, amounted to EUR 168,987 thousand (31 December 2009: EUR 

132,356 thousand). 

C.4.- Goodwill 

The detail, by company, of “Goodwill” in the consolidated balance sheets at 31 December 2010 and 2009 is 

as follows: 


Companies giving rise to goodwill 2010 2009 

Agrupación Guinovart Obras y Servicios Hispania, S.A. 2,350 2,350 

Avalora Tecnologías de la Información, S.A. 225 225 

Chemtrol Proyectos y Sistemas, S.A. 8,612 8,612 

Construcciones Adolfo Sobrino, S.A. 3,408 3,408 

Construcciones Enrique de Luis, S.A. 142 142 

Constructora TP, S.A.C. 849 849 

Ecolaire España, S.A. 8,716 8,716 

Electrificaciones y Montajes Integrales OHL , S.A. 99 99 

Ferrocivil, S.A. 7 7 

Ingeniería de los Recursos Naturales, S.A. - 66 

Inmobiliaria Mayaluum, S.A. de C.V. 350 350 

Instituto de Gestión Sanitaria, S.A.U. 399 399 

Morkaitz, S.A. - 42 

OHL Medio Ambiente, Inima, S.A.U. 9,082 9,082 

OHL Industrial México, S.A. de C.V. 132 132 

Proyectos y Sistemas, S.A. 4,371 4,371 

Sthim Maquinaria, S.A. 5,076 - 

Total 43,818 38,850 

115


116 

The changes in 2010 and 2009 in “Goodwill” in the consolidated balance sheets were as follows: 

2010 


2009 

Beginning balance 38,850 38,850 

Additions and disposals due to changes in the scope of 

consolidation 

4,968 - 

Ending balance 43,818 38,850 

The estimates and projections available to the Parent’s directors show that the projected profit and discounted 

cash flows of these companies attributable to the Group adequately support the carrying amount of the goodwill 

recognised. 

C.5.- Financial assets 

1. Investment securities 

The detail of “Investment Securities” at 31 December 2010 and 2009 is as follows: 

2010 


2009 

Non-current Current Non-current Current 

Held-to-maturity securities 1,558 64,722 1,151 23,719 

Available-for-sale securities 4,097 - 2,559 - 

Subtotal 5,655 64,722 3,710 23,719 

Impairment losses (871) - (871) - 

Total 4,784 64,722 2,839 23,719 

The amounts of investment securities classified as current relate in full to securities maturing at over three 

months and at under twelve months. 

“Impairment Losses” relates to the Group’s best estimate of the fair value of the investment securities.

2. Other loans and deposits and guarantees given 

The detail is as follows: 


2010 2009 

If the loans granted to other companies pose any collection risk an impairment loss is recognised. 

All the initial amounts are increased by accrued interest receivable. 



Other loans 280,532 266,478 356,271 245,053 

Deposits and guarantees given 11,702 22,496 11,128 51,031 

Impairment (33) (2,445) (33) (2,199) 

Total, net 292,201 286,529 367,366 293,885 

Cash deposits and guarantees were made and given in connection with project bids and contracts of various 

types. Those expiring within twelve months are classified as current items and those expiring within more than 

twelve months are classified as non-current items. 

At 31 December 2010, “Other Non-Current Loans” included the collection rights of the concession operators 

recognised in accordance with the financial asset model, amounting to EUR 214,419 thousand (31 December 

2009: EUR 307,639 thousand). 

At 31 December 2010, “Other Current Loans” included restricted reserve accounts amounting to EUR 256,074 

thousand used by certain concession operators to service debt (31 December 2009: EUR 235,312 thousand). 

117


118 

C.6.- Investments accounted for using the equity method 

The investments accounted for using the equity method at 31 December 2010 and 2009 were as follows: 

The basic aggregates (at 100%) of the investments accounted for using the equity method are as follows: 


2010 2009 

Total assets 2,515,161 2,242,018 

Total equity 460,844 452,441 

Total liabilities 2,054,317 1,789,577 

Total equity and liabilities 2,515,161 2,242,018 

Revenue 116,103 152,405 

Net profit 39,765 13,615 



Administradora Mexiquense del Aeropuerto Internacional de Toluca, S.A. de C.V. 78,773 91,424 

Avalora Tecnologías de la Información, S.A. 2,607 1,761 

Cádiz San Fernando, A.I.E. 1,160 1,054 

Concessió Estacions Aeroport, L9, S.A. 14,252 6,266 

E.M.V. Alcalá de Henares, S.A. 2,187 2,034 

Nova Bocana Barcelona, S.A. 9,404 9,767 

Nuevo Hospital de Burgos, S.A. 3,454 2,509 

Operadora Mayakoba, S.A. de C.V. - 14,089 

Participes de Biorreciclaje, S.A. 1,969 1,720 

Phunciona Gestión Hospitalaria, S.A. 2,486 2,155 

Port Torredembarra, S.A. 549 603 

Shariket Miyed Ras Djinet, Spa 3,434 2,239 

Shariket Tahlya Miyah Mostaganem, Spa 5,844 5,320 

Tomi Remont, a.s. 7,190 5,673 

TSS, a.s. 18,973 18,095 

Viceroy Resorts Mayakoba, S.R.L. de C.V. - 9,798 

Urbs Iudex et Causidicus, S.A. - 4,561 

Urbs Iustitia Commodo Opera, S.A. 2,417 - 

Other 2,973 2,875 

Total 157,672 181,943


The changes in “Investments Accounted for Using the Equity Method” in the consolidated balance sheet in 

2010 and 2009 were as follows: 

Appendices I, II and III include a list of the main investments accounted for using the equity method, showing 

the name, registered office, percentage of ownership and equity of the related companies and the net cost of 

the investment. 

C.7.- Trade and other receivables 

1. Trade receivables for sales and services 


2010 2009 

Beginning balance 181,943 118,518 

Increases 5,378 72,551 

Share of profit for the year 14,027 4,906 

Decreases (22,629) (7,281) 

Additions and disposals due to change in the scope of 

consolidation (21,047) (6,751) 

Ending balance 157,672 181,943 

The detail of “Trade Receivables for Sales and Services” at 31 December 2010 and 2009 is as follows: 


2010 2009 

Trade receivables for sales and services 

Amounts to be billed for work or services performed 783,666 798,848 

Progress billings receivable 724,823 739,781 

Trade notes receivable 42,572 47,506 

Retentions 109,488 84,606 

Subtotal 1,660,549 1,670,741 

Customer advances (423,959) (496,301) 

Net total 1,236,590 1,174,440 

119


120 

The detail of the balance of “Trade Receivables for Sales and Services”, by type of customer, is as follows: 

At 31 December 2010, the balance of “Trade Receivables for Sales and Services” had been reduced by EUR 

474,139 thousand (31 December 2009: EUR 484,825 thousand) relating to the accounts receivable from customers 

assigned without recourse to banks. Since these factoring arrangements are without recourse in the event of 

non-payment, they are treated as a reduction of trade receivables. These transactions bear interest at normal 

market rates until the date stipulated in the related factoring agreement. 

The aforementioned amount includes the amount relating to the sale of receivables for work already performed, 

but which will be collected in the future, since they relate to project contracts awarded under the “total price 

payment” system amounting to EUR 81,429 thousand (31 December 2009: EUR 222,626 thousand), which are 

deducted directly from the progress billings receivable. 

The Group’s directors consider that the carrying amount of trade and other receivables approximates their 

realisable value. 

2. Other receivables 


2010 2009 

Spain 642,644 796,887 

Public sector 433,510 531,336 

Central government 133,630 189,596 

Autonomous community government 167,323 198,852 

Local government 55,603 87,838 

Other agencies 76,954 55,050 

Private sector 209,134 265,551 

Operations abroad 1,017,905 873,854 

Total 1,660,549 1,670,741 

The detail of “Other Receivables” at 31 December 2010 and 2009 is as follows: 

2010 2009 

Gross balance Impairment Carrying 

amount 


Gross balance Impairment Carrying 

amount 

Receivable from associates 108,885 (615) 108,270 95,397 (736) 94,661 

Employee receivables 1,055 - 1,055 1,088 - 1,088 

Tax receivables (Note C.21.7) 216,846 - 216,846 172,077 - 172,077 

Sundry accounts receivable 285,011 (114,060) 170,951 166,973 (114,120) 52,853 

Total 611,797 (114,675) 497,122 435,535 (114,856) 320,679


The balances receivable from associates relate mainly to transactions associated with the Group’s normal 

business activities, performed on an arm’s length basis. 

C.8.- Cash and cash equivalents 

“Cash and Cash Equivalents” relates to the Group’s fully liquid assets and includes cash on hand and at banks 

and short-term bank deposits with an original maturity of three months or less. These balances are not restricted 

as to their use and are not subject to a risk of changes in value. 

Most of the balances relate to short-term deposits. 

C.9.- Share capital 

The changes in the share capital of the Parent in 2010 and 2009 were as follows: 

At 31 December 2010, the share capital was represented by 99,740,942 fully subscribed and paid bearer shares 

of EUR 0.60 par value each. The shares are listed on the Madrid and Barcelona Stock Exchanges and are traded 

on the Spanish Stock Market Interconnection System. 

The detail of the only company with a direct or indirect ownership interest of 10% or more in the share capital 

of the Parent at 31 December 2010 is as follows: 

Company % of ownership 

Inmobiliaria Espacio, S.A. 57.16 

C.10.- Share premium 

Number of shares Par value 

(thousands of euros) 

Number of shares and par value of share capital at 1 January 2009 87,492,055 52,495 

Capital reduction (4,374,603) (2,625) 

Capital increase 16,623,490 9,975 

Number of shares and par value of share capital at 31 December 2009 99,740,942 59,845 

Number of shares and par value of share capital at 31 December 2010 99,740,942 59,845 

The Consolidated Spanish Limited Liability Companies Law expressly permits the use of the share premium 

account balance to increase the capital of the entities at which it is recognised and does not establish any 

specific restrictions as to its use. 

121


122 

C.11.- Treasury shares 

The changes in “Treasury Shares” in 2010 and 2009 were as follows: 

C.12.- Reserves 

The detail of “Reserves” in the consolidated balance sheets in 2010 and 2009 is as follows: 

Legal reserve 

No. of shares Thousands of 

euros 

Balance at 1 January 2009 2,980,262 35,005 

Purchases 2,257,961 18,842 

Sales (863,620) (12,767) 

Retirement due to capital reduction (4,374,603) (41,080) 

Balance at 31 December 2009 - - 

Balance at 31 December 2010 - - 


2010 2009 

Restricted reserves of the Parent 

Legal reserve 11,969 10,499 

Reserve for retired capital 3,856 3,856 

Subtotal 

Voluntary and consolidation reserves 

15,825 14,355 

Attributable to the Parent 31,398 5,375 

Attributable to the consolidated companies 671,276 388,506 

Subtotal 702,674 393,881 

Total 718,499 408,236 

Under the Consolidated Spanish Limited Liability Companies Law, 10% of net profit for each year must be 

transferred to the legal reserve until the balance of this reserve reaches at least 20% of the share capital. The 

legal reserve can be used to increase capital provided that the remaining reserve balance does not fall below 

10% of the increased share capital amount. Otherwise, until the legal reserve exceeds 20% of share capital, 

it can only be used to offset losses, provided that sufficient other reserves are not available for this purpose. 

The distribution of the Parent’s 2010 profit proposed by the directors does not include any appropriation to the 

legal reserve, since the legally required minimum level had already been reached in full.

Reserve for retired capital 


The balance of “Reserve for Retired Capital” amounted to EUR 3,856 thousand at 31 December 2010 (31 

December 2009: EUR 3,856 thousand), as a result of the capital reductions performed in 2009 amounting to 

EUR 2,625 thousand and in 2006 amounting to EUR 1,231 thousand, through the retirement of treasury shares, 

and pursuant to current legislation safeguarding the guarantee provided by equity vis-à-vis third parties, a 

reserve for retired capital was recognised. 

This reserve is restricted as to its use and may only be used if the same requirements as those stipulated for 

capital reductions are met, i.e. the shareholders at the Annual General Meeting must decide on its use. 

Reserves of consolidated companies 

The detail, by company, of the balances of “Reserves of Consolidated Companies” in the consolidated balance 

sheets at 31 December 2010 and 2009 is as follows: 




Aeropistas, S.L. (44,300) (32,237) 

Agrupación Guinovart Obras y Servicios Hispania, S.A. (1,406) (3,894) 

Ambient Serviços Ambientais de Ribeirao Preto, S.A. 4,207 (180) 

Aquaria Water LLC (1,763) (135) 

Arellano Construction Co. (1,312) 879 

Asfaltos y Construcciones Elsan, S.A. (1,369) (1,638) 

Astral Facilities Management, S.A. - (241) 

Autopark, S.A. (1,097) (3,152) 


Autopista Eje Aeropuerto Concesionaria Española, S.A. (15,996) (14,791) 

Autopista Ezeiza Cañuelas, S.A. (34,592) (23,103) 

Autopista Fernao Dias, S.A. 2,015 (116) 

Autopista Fluminense, S.A. 1,673 (59) 

Autopista Litoral Sul, S.A. 467 (138) 

Autopista Planalto Sul, S.A. 488 (49) 

Autopista Regis Bittencourt, S.A. 5,849 (44) 

Autovía de Aragón-Tramo 1, S.A. 237 (292) 

Autovias, S.A. 6,343 1,978 

Avalora Tecnologías de la Información, S.A. 1,552 973 

Baja Puerto Escondido, S.A. de C.V. (364) (612) 

Biorreciclaje de Cádiz S.A. 1,701 1,559 

BNS International Inc. (300) (145) 

Centro Comercial Paseo de San Francisco, S.A. de C.V. 5,489 6,061 

Centrovías Sistemas Rodoviários, S.A. 3,645 750 

Cercanías Móstoles Navalcarnero, S.A. (14,684) (14,684) 

Chemtrol Proyectos y Sistemas, S.L. 1,376 - 

Community Asphalt Corp. 901 2,439 

Concesionaria Mexiquense, S.A. de C.V. 140,254 133,654 

Concessió Estacions Aeroport L 9, S.A. 5,914 152 

Concessionaria de Rodovías do Interior Paulista, S.A. 16,016 15,589 

Construcciones Adolfo Sobrino, S.A. (585) - 

Construcciones Amozoc Perote, S.A. de C.V. 3,244 14,090 

Construcciones Enrique de Luis, S.A. (5,182) 1,151 

Constructora de Proyectos Viales de México, S.A. de C.V. 132,052 91,412 

Constructora TP, S.A.C. (2,627) (1,306) 

Desalinizadora Arica Ltda. 1,312 1,350 

E.M.V. Alcalá de Henares, S.A. 1,625 1,594 

Ecolaire España, S.A. (336) 435 

Empresa Constructora Huarte San José, Ltda. 243 232 

>>> 

123


124 

>>> 

Euroconcesiones, S.L. 2,003 1,530 

Euroglosa 45 Concesionaria de la Comunidad de Madrid, S.A. (103) (404) 

EyM Instalaciones, S.A. 4,336 1,413 

Gastronómica Santa Fe, S.A. de C.V. (7,479) (5,700) 

Golf de Mayakoba, S.A. de C.V. (4,590) 470 

Grupo Autopistas Nacionales, S.A. (1,945) (2,223) 

Huaribe S.A. de C.V. (2,547) 6,263 

Infraestructura Dos Mil, S.A. (6,101) (5,528) 

Ingeniería de los Recursos Naturales, S.A. - 556 

Inima USA Construction Corporation (987) - 

Inima USA Corporation (713) (861) 

Inmobiliaria Mayaluum, S.A. de C.V. 5,537 7,044 

Islas de Mayakoba, S.A. de C.V. (3,637) 8,226 

Lagunas de Mayakoba, S.A., de C.V. (328) (315) 

Latina Manutençao de Rodovias, Ltda. 3,069 5,707 

Latina Sinalizaçao de Rodovias, Ltda. 1,236 - 

Mayakoba Thai, S.A. de C.V. (6,603) (46) 

Metro Ligero Oeste, S.A. (27,076) (16,131) 

MKH Promatec, S.A. 433 (278) 

Nova Dársena Esportiva de Bara, S.A. 719 (194) 

Nuevo Hospital de Burgos, S.A. (389) (210) 

Obras y Servicios Hispania-Gas, S.A. - 1,782 

Obrascón Huarte Lain, Construcción Internacional, S.L. 1,044 1,193 

Obrascon Huarte Lain, Desarrollos, S.L. 788 (255) 

Obrascón Huarte Lain Brasil, S.A. 83,622 64,482 

OHL Andina, S.A. 18,115 19,588 

OHL Austral, S.A. 14,637 17,119 

OHL Central Europe, a.s. 2,851 1,744 

OHL Colombia, Ltda. (488) - 

OHL Concesiones Argentina, S.A. 1,579 114 

OHL Concesiones Chile, S.A. (3,515) (1,789) 

OHL Concesiones, S.L. 64,225 44,943 

OHL Desarrollos México, S.A. de C.V. (30,178) (30,340) 

OHL Finance, S.á.r.l. 404 572 

OHL Industrial Chile, S.A. (33) (2,403) 

OHL Industrial México, S.A. de C.V. (80) 231 

OHL Industrial, S.L. (1,957) (569) 

OHL Infrastructures. Inc 187 (2,996) 

OHL Medio Ambiente Inima México, S.A. de C.V. 282 (1,337) 

OHL Medio Ambiente, Inima Chile Ltda. 68 (8,367) 

OHL Medio Ambiente, Inima, S.A.U. (11,778) 957 

OHL Meio Ambiente Inima Brasil Ltda. 2,861 167 

OHL México, S.A.B de C.V. 268,417 11,485 

OHL Toluca, S.A. de C.V. (286) (242) 

OHL USA, Inc. (5,836) (4,676) 

OHL ZS, a.s. 40,868 34,201 

Operadora Concesionaria Mexiquense, S.A. de C.V. 1,838 2,065 

Operadora Hotelera del Corredor Mayakoba, S.A. de C.V. (9,250) (4,739) 

Pachira, S.L. 118 194 

PACSA, Servicios Urbanos y del Medio Natural, S.L. - 1,480 

Participes en Brasil, S.L. 28,535 18,730 

Paulista Infraestructura, Ltda. 1,042 3,650 

Phunciona Gestión Hospitalaria, S.A. 244 43 

Promoaqua Desalación de los Cabos, S.A. de C.V. 732 80 

Proyectos y Sistemas, S.A. 182 337 

Rentia Invest, a.s. 1,001 (329) 

S.A. Trabajos y Obras (34,811) (36,901) 

Sacova Centros Residenciales, S.L. (4,254) (3,079) 

Seconmex Administración, S.A. de C.V. 518 369 

Shariket Miyeh Ras Djinet, Spa (399) (112) 

Shariket Tahlya Miyah Mostaganem, Spa (1,494) (549) 


Sociedad Concesionaria Autopista Los Andes, S.A. (2,628) (48) 

Sociedad Concesionaria Autopista Los Libertadores, S.A. 7,800 1,890 

Sociedad Concesionaria Centro de Justicia de Santiago, S.A. 2,430 (289) 

Sociedad Vehículo CA, S.L. 20,139 12,919 

SPR - Sociedade para Participaçao em Rodovias, S.A. - 1,332 

>>>


Stride Contractors, Inc. 1,401 339 

Técnicas y Gestión Medioambiental, S.A. 936 938 

Tenedora de Participaciones Tecnológicas, S.A. - 26,874 

Terminales Marítimas del Sureste, S.A. 3,102 6,432 

The Tower Group (17,895) (5,159) 


Trabajos de Carpintería Especializados, S.L. - (501) 

Tractament Metropolità de Fangs, S.L. 2,688 2,686 

TSS, a.s. 8,296 7,057 

Urbanizadora Hispano Belga, S.A. - 1,087 

Urbs Iudex et Causidicus, S.A. 2,464 1,648 

Viaducto Bicentenario, S.A. de C.V. 5,637 - 

Vianorte, S.A. (863) (2,470) 

Viveros de Mayakoba, S.A. de C.V. 105 222 

ŽPSV Caña, a.s. 1,799 1,564 

ŽPSV Eood, a.s. (222) 785 

ŽPSV a.s. 2,103 1,032 

ŽS Bratislava, a.s. 3,510 3,390 

Other 577 383 

Total 671,276 388,506 

In October 2010 the Group, through its subsidiary OHL Concesiones, S.L., signed the share placement and sale 

agreement for the purpose of making a public offering and initial public offering for the shares of OHL México, 

S.A.B. de C.V. 

Following the aforementioned transaction, the Group’s ownership interest in OHL México, S.A.B. de C.V. stood 

at 73.85%. 

The aforementioned transaction gave rise to a EUR 172,607 thousand increase in the reserves of consolidated 

companies. 

C.13.- Capital management 

The objective of the Group’s capital management is to maintain an optimal financial structure that enables it 

to reduce the cost of capital but also guarantees the capacity to continue managing recurring operations and 

undertaking new projects focused on growth and the creation of value. This Group objective is not officially 

established and the Board of Directors has not set any parameters with respect thereto. 

The main sources used by the Group to finance its growth are: 

• Project finance, which is always long term and with recourse only to the cash flows generated and the project 

assets being financed and always in the same currency as the revenue from the related project. 

• Cash flows generated by the Group that are not related to project finance, including dividends arising from 

projects. 

• Long-term corporate finance, with recourse to the head of the Group, of a moderate amount with respect 

to equity and in proportion to the cash generated. 

125


126 

• Short-term corporate finance, with recourse to the head of the Group, used only to cover the possible 

seasonality of business during the year. 

The capital structure is controlled through leverage, i.e. the ratio of net financial debt to equity. Also, since the 

objective is to maintain moderate financing levels associated with the generation of funds, the net debt as a 

percentage of EBITDA is used. The Group’s directors considered that the leverage ratio at 31 December 2010 

was adequate, the detail being as follows: 

The distribution of the Group’s non-current and current borrowings is as follows: 


2010 % 2009 % % change 

Equity 2,024,756 1,128,159 79.5 

Recourse borrowings 

Gross recourse borrowings 1,693,057 27.6 1,269,764 28.5 33.3 

Current financial assets + cash and cash equivalents not 

assigned to non-recourse borrowings 

519,528 539,629 

Net recourse borrowings 1,173,529 26.6 730,135 21.2 60.7 

Net recourse borrowings/equity 0.58 0.65 

Non-recourse borrowings 

Gross non-recourse borrowings 4,444,713 72.4 3,183,854 71.5 39.6 

Current financial assets + cash and cash equivalents 

assigned to non-recourse borrowings 

1,198,328 466,615 

Net non-recourse borrowings 3,246,385 73.4 2,717,239 78.8 19.5 

Net non-recourse borrowings/equity 1.60 2.41 

Total financial debt 

Total gross financial debt 6,137,770 100.0 4,453,618 100.0 37.8 

Total net financial debt 4,419,914 100.0 3,447,374 100.0 28.2 

Total net debt/equity 2.18 3.06 

Total net debt/ EBITDA 4.40 4.52 


2010 % 2009 % % change 

Non-current gross borrowings 4,929,381 100.0 3,392,960 100.0 45.3 

Recourse borrowings 1,384,629 28.1 891,163 26.3 55.4 

Non-recourse borrowings 3,544,752 71.9 2,501,797 73.7 41.7 

Current gross borrowings 1,208,389 100.0 1,060,658 100.0 13.9 

Recourse borrowings 308,428 25.5 378,601 35.7 (18.5) 

Non-recourse borrowings 899,961 74.5 682,057 64.3 31.9 

Total gross borrowings 6,137,770 100.0 4,453,618 100.0 37.8 

Non-current 4,929,381 80.3 3,392,960 76.2 45.3 

Current 1,208,389 19.7 1,060,658 23.8 13.9

C.14.- Valuation adjustments 

1. Hedging reserves 


Hedging reserves include the amount of changes in the fair value of financial derivatives, net of the related tax effect. 

The changes in “Hedging Reserves” in 2010 and 2009 were as follows: 

2. Valuation adjustments relating to available-for-sale financial assets 

The changes in “Valuation Adjustments Relating to Available-for-Sale Financial Assets” in 2010 and 2009 were 

as follows: 


3. Translation differences 


2010 2009 

Beginning balance (109,110) (105,499) 

Net change in the year (32,656) (3,611) 

Ending balance (141,766) (109,110) 

2010 2009 

Beginning balance - (27,276) 

Valuation adjustments relating to available-for-sale financial assets / 

allocation to income 

- 27,276 

Ending balance - - 

The detail, by country and by company, of “Translation Differences” at 31 December 2010 and 2009 is as follows: 


Country and company 2010 2009 

Algeria 

Other (82) (22) 

Total Algeria 

Argentina 

(82) (22) 


OHL Concesiones Argentina, S.A. (1,462) (1,973) 

Total Argentina 

Brazil 

(6,351) (6,766) 

Ambient Serviços Ambientais de Ribeirao Preto, S.A. 7,950 3,481 

Autopista Fernao Dias, S.A. 4,302 677 

Autopista Fluminense, S.A. 3,493 1,024 

Autopista Litoral Sul, S.A. 2,792 896 

>>> 

127


128 

>>> 

Autopista Planalto Sul, S.A. 1,077 123 

Autopista Régis Bittencourt, S.A. 6,135 2,089 

Autovías, S.A. 16,278 9,026 

Centrovías Sistemas Rodoviarios, S.A. 12,499 7,171 

Concesionaria de Rodovías do Interior Paulista, S.A. 14,344 633 

Latina Manutençao de Rodovías, Ltda. 678 141 

Latina Sinalizaçao de Rodovías, Ltda. 308 129 

Obrascón Huarte Lain Brasil, S.A. 1,020 (21) 

OHL Meio Ambiente Inima Brasil Ltda. 991 272 

Paulista Infraestructura, Ltda. 285 194 

SPR - Sociedade para Participaçao em Rodovias, S.A. (347) 693 

Vianorte, S.A. 9,358 4,986 

Other 243 (103) 

Total Brazil 81,406 31,411 

Canada 

Other 258 (18) 

Total Canada 

Colombia 

258 (18) 

Other (100) (14) 

Total Colombia 

India 

(100) (14) 

Other (51) - 

Total India 

Mexico 

(51) - 

Administradora Mexiquense del Aeropuerto Internacional de Toluca, S.A. 

de C.V. 

(6,828) (22,038) 

Autovías Concesionadas OHL, S.A. de C.V. (1,218) (5,360) 

Baja Puerto Escondido, S.A. de C.V. 3,472 2,340 

Centro Comercial Paseo de San Francisco, S.A. de C.V. 1,846 (2,202) 

Concesionaria Mexiquense, S.A. de C.V. (22,651) (67,385) 

Construcciones Amozoc Perote, S.A. de C.V. (396) (2,653) 

Constructora de Proyectos Viales de México, S.A. de C.V. (7,925) (22,571) 

Gastronómica Santa Fé, S.A. de C.V. 451 99 

Golf Mayakoba, S.A de C.V. (1,551) (2,275) 

Grupo Autopistas Nacionales, S.A. (2,606) (5,559) 

Huaribe, S.A. de C.V. (21,147) (32,833) 

Inmobiliaria Mayaluum, S.A. de C.V. (513) (1,861) 

Islas de Mayakoba, S.A. de C.V. (1,498) (3,091) 

Mayakoba Thai, S.A. de C.V. 763 (116) 

OHL Desarrollos México, S.A. de C.V. (1,054) 10 

OHL México, S.A.B. de C.V. (10,111) (3,935) 

Operadora Mayakoba, S.A. de C.V. (26) (1,818) 

Promoaqua Desalación de los Cabos, S.A. de C.V. (1,099) (1,905) 

>>>


Viaducto Bicentenario, S.A. de C.V. 12,518 (10,902) 

Viceroy Resorts Mayakoba, S. de R.L. de C.V. (1,389) (2,819) 

Villas de Mayakoba, S.A. de C.V. (538) (658) 

Other 56 (884) 

Total Mexico (61,444) (188,416) 

Chile 

Desalinizadora Arica, Ltda. 532 94 

Constructora e Inmobiliaria Huarte Ltda. (983) (179) 


Inversiones Inima, S.A. 309 - 

OHL Andina, S.A. 4,802 961 

OHL Austral, S.A. 2,639 (286) 

OHL Concesiones Chile, S.A. 2,406 (30) 


Sociedad Concesionaria Autopista Los Andes, S.A. 6,515 1,144 


Sociedad Concesionaria Centro de Justicia de Santiago, S.A. 700 (1,046) 

Other 104 155 

Total Chile 

Peru 

22,334 7,818 

Autopista del Norte, S.A.C. 2,183 96 

Other 251 36 

Total Peru 

Czech Republic 

2,434 132 

OHL Central Europe, a.s. (3,371) (1,989) 


Tomi Remont, a.s. 636 314 

TSS, a.s. 1,977 964 

ZPSV, a.s. 3,787 2,270 

Other 18 (208) 

Total Czech Republic 

US 

8,699 4,579 

Aquaria Water LLC (878) (1,333) 

Arellano Construction Co. 4,090 969 

Community Asphalt Corp. (2,101) (5,054) 

Inima USA Corporation 3,135 258 

Judlau Contracting, Inc. 5,811 

OHL USA, Inc. (12,833) (753) 

The Tower Group (698) (1,688) 

Other (290) (717) 

Total US (3,764) (8,318) 

Total 43,339 (159,614) 

129


130 

C.15.- Non-controlling interests 

The balance of “Non-Controlling Interests” in the consolidated balance sheets includes the interest of noncontrolling 

shareholders in the fully consolidated companies. The balance of “Non-Controlling Interests” in 

the consolidated income statements reflects the share of non-controlling shareholders in profit for the year. 

The detail of “Non-Controlling Interests” in the consolidated balance sheets at 31 December 2010 and 2009 

is as follows: 

Companies 2010 


2009 

Aquaria Water LLC 449 659 

Araucária Saneamento, S.A. 102 - 

Autopista Ezeiza Cañuelas, S.A. 1,731 2,243 

Autopista Fernao Días, S.A. 4,490 1,834 


Autopista Litoral, Sul, S.A. 3,929 969 

Autopista Planalto Sul, S.A. 1,656 440 

Autopista Regis Bittencourt, S.A. 14,849 5,589 

Autovías, SA. 28,254 17,476 

Autovía de Aragón-Tramo I, S.A. 1,802 527 

Autovías Concesionadas OHL, S.A. de C.V. (431) - 

Centrovías Sistemas Rodoviários, S.A. 23,417 15,117 

Community Asphalt Corp. 8,963 7,613 


Concesionaria de Rodovías do Interior Paulista, S.A. 36,409 22,974 

Construcciones Amozoc Perote, S.A. de C.V. 1,411 1,362 

Grupo Autopistas Nacionales, S.A. 4,271 6,551 

Infraestructura Dos Mil, S.A. - 10,131 

Lagunas de Mayakoba, S.A de C.V. 16,466 (33) 

Latina Manutençao de Rodovías, Ltda. 4,984 7,092 

Latina Sinalização de Rodovias, Ltda. 1,956 1,201 

Mayakoba Thai, S.A. de C.V. 7,048 7,539 

Metro Ligero Oeste, S.A. 15,813 29,167 


OHL México, S.A.B. de C.V. 320,059 - 

OHL Toluca, S.A. de C.V. (27,609) - 

OHL ŽS, a.s. 6,289 4,810 

Operadora Concesionaria Mexiquense, S.A. de C.V. 1,221 - 

Operadora Hotelera del Corredor de Mayakoba, S.A. de C.V. (9,234) - 

Operadora Mayakoba, S.A. de C.V. 8,712 - 



Recol Networks, S.A. 1,681 - 

Sawgrass Rock Quarry, Inc. (944) (992) 

Servicios Hoteleros del Corredor de Mayakoba, S.A. de C.V. 181 - 

SESAMM - Serviços de Saneamiento de Mogi Mirim, S.A. 2,204 1,957 

Sthim Maquinaria, S.A. 829 - 

Sociedad Concesionaria Autopista del Sol, S.A. - 12,850 

Sociedad Concesionaria Autopista Los Libertadores, S.A. - 5,003 

SPR - Sociedade para Participaçao em Rodavías, S.A. - 1,581 

Tractament Metropolitá de Fangs, S.L. 7,909 6,640 


>>>


Vianorte, S.A. 5,542 5,045 

Villas de Mayakoba, S.A. de C.V. - 672 

ŽPSV Caña, a.s. 3,053 2,823 

ŽPSV, a.s. 5,346 4,684 

ŽS Bratislava, a.s. 2,470 2,766 

Other 118 52 

Total 724,779 348,297 

The admission to listing of OHL México, S.A.B. de C.V. gave rise to an increase of EUR 321,692 thousand in noncontrolling 

interests (see Note C.12). 

The detail of the interests of non-controlling shareholders in the profit for 2010 and 2009 is as follows: 



2009 


Autopista Fernao Dias, S.A. 279 1,461 



Autopista Planalto Sul, S.A. 612 389 


Autovías, S.A. 7,795 5,374 





Construcciones Amozoc Perote, S.A. de C.V. 44 (346) 

Grupo Autopistas Nacionales, S.A. (996) (439) 

Infraestructura Dos Mil, S.A. (575) (846) 

Latina Manutençao de Rodovías, Ltda. 2,486 3,193 

Latina Sinelizaçao de Rodovías, Ltda. 927 1,114 

Mayakoba Thai, S.A. de C.V. (3,799) (3,183) 



OHL México, S.A.B. de C.V. 1,993 - 

OHL Toluca, S.A. de C.V. (563) - 

OHL ŽS, a.s. 919 940 

Operadora Concesionaria Mexiquense, S.A de C.V. 167 - 

Operadora Hotelera del Corredor Mayakoba, S.A. de C.V. 500 - 

Paulista Infraestructura, Ltda. 1,150 948 

Sociedad Concesionaria Autopista del Sol, S.A. 2,710 985 

Sociedad Concesionaria Autopista Los Libertadores, S.A. 1,118 937 

Sthim Maquinaria , S.A. 271 - 

Tractament Metropolitá de Fangs, S.L. (770) 25 


Vianorte, S.A. (121) 3,367 

ŽS Bratislava, a.s. (289) 62 

Other (4) 385 

Total 56,529 35,023 

131


132 

The detail of the percentage of ownership and the company name of the non-controlling shareholders at 31 

December 2010 of the fully consolidated Group companies is as follows: 

Company % of ownership Company name 

Autopista Ezeiza Cañuelas, S.A. 12.59% Banco de Galicia y Buenos Aires, S.A. 

Oshsa-Levante, A.I.E. 45.00% Canalizaciones y Servicios Valencia, S.L. 

Aqua Mayakoba, S.A. de C.V. 29.40% Tenedora de Inversiones y Participaciones, S.L. 

Aquaria Water LLC 12.50% Bluestone Energy Services, INC. 

Araucária Saneamento, S.A. 20.00% Cesbe, S.A. Engenharia e Empreendimentos 

10.00% Constructora Elevaçao, Ltda. 

Archea, S.L. 8.38% Catalana DÍniciatives CR, S.A. (through Recol Networks, S.A.) 

1.96% Colegio de Ingenieros de Caminos Canales y Puertos 

(through Recol Networks, S.A.) 

19.05% Others (through Recol Networks, S.A.) 

Autovía de Aragón-Tramo 1, S.A. 5.00% Técnicas y Proyectos, S.A. 

Autopista Fernao Dias, S.A. 40.00% BM&FBOVESPA (through Obrascón Huarte Lain Brasil, S.A.) 

Autopista Fluminense, S.A. 40.00% BM&FBOVESPA (through Obrascón Huarte Lain Brasil, S.A.) 

Autopista Litoral Sul, S.A. 40.00% BM&FBOVESPA (through Obrascón Huarte Lain Brasil, S.A.) 

Autopista Planalto Sul, S.A. 40.00% BM&FBOVESPA (through Obrascón Huarte Lain Brasil, S.A.) 

Autopista Regis Bittencourt, S.A. 40.00% BM&FBOVESPA (through Obrascón Huarte Lain Brasil, S.A.) 

Autopark, S.A. 10.00% Empresa Baiana de Estacionamientos S/C Ltda. 

Autopista Urbana Norte, S.A. de C.V. 26.15% Mexican stock exchange (through OHL México, S.A.B. de C.V.) 

Autovias, S.A. 40.00% Bolsa de Sao Paulo (through Obrascón Huarte Lain Brasil, S.A.) 

Autovias Concesionadas OHL, S.A. de C.V. 26.15% Mexican stock exchange (through OHL México, S.A.B. de C.V.) 

Brote Servicios Avanzados de Outsourcing, S.L. 8.38% Catalana DÍniciatives CR, S.A. (through Recol Networks, S.A.) 


(through Recol Networks, S.A.) 


CAC Vero I, LLC 6.75% José Fernández (through Community Asphalt Corp.) 

5.25% Ignacio Halley (through Community Asphalt Corp.) 

1.50% John Morris (through Community Asphalt Corp.) 

Community Asphalt Corp. 6.75% José Fernández 

5.25% Ignacio Halley 

1.50% John Morris 

Construcciones Amozoc Perote, S.A. de C.V. 30.82% Banco Invex, S.A. 

18.09% Mexican stock exchange (through OHL México, S.A.B. de C.V.) 

Centrovías Sistemas Rodoviários, S.A. 40.00% BM&FBOVESPA (through Obrascón Huarte Lain Brasil, S.A.) 

Concesionaria Mexiquense, S.A. de C.V. 26.15% Mexican stock exchange (through OHL México, S.A.B. de C.V.) 

Grupo Autopistas Nacionales, S.A. 30.82% Banco Invex, S.A. 


Concessionaria de Rodovías do Interior Paulista, S.A. 40.00% BM&FBOVESPA (through Obrascón Huarte Lain Brasil, S.A.) 

Lagunas de Mayakoba, S.A., de C.V. 39.45% CIA. Española de Financiación del Desarrollo Cofides, S.A. 

Latina Manutençao de Rodovias, Ltda. 40.00% BM&FBOVESPA (through Obrascón Huarte Lain Brasil, S.A.) 

Latina México. S.A. de C.V. 26.15% Mexican stock exchange (through OHL México, S.A.B. de C.V.) 

Latina Sinalizaçao de Rodovias, Ltda. 40.00% BM&FBOVESPA (through Obrascón Huarte Lain Brasil, S.A.) 

Lotes 3 Servicios, S.A. de C.V. 20.00% Hotel SPA Privete Limited 

23.52% Tenedora de Inversiones y Participaciones, S.L. 

(through Aqua Mayakoba, S.A. de C.V.) 

Marina Urola, S.A. 20.00% Jon Irigoien Azcue 

1.67% Marina Mediterránea 

Mayakoba Thai, S.A. de C.V. 10.35% Hotel SPA Privete Limited 

26.36% Tenedora de Inversiones y Participaciones, S.L. 

(through Aqua Mayakoba, S.A. de C.V.) 

>>>

Metro Ligero Oeste, S.A. 18.70% Comsa Emte Concesiones, S.L. 


25.92% Ahorro Corporación Desarrollo, S.G.E.C.R., S.A. 

4.08% Ahorro Corporación Financiera, S.V., S.A. 

Obrascón Huarte Lain Brasil, S.A. 40.00% BM&FBOVESPA 

OHL México, S.A.B. de C.V. 26.15% Mexican stock exchange 

OHL Pozemné stavby a.s., 4.83% Ing. Stefi Michal (through ZPSV, a.s.) 

1.62% Václav Bartonek (through ZPSV, a.s.) 

5.54% Others (through ZPSV, a.s.) 

OHL Toluca, S.A. de C.V. 26.15% Mexican stock exchange (through OHL México, S.A.B. de C.V.) 

OHL ZS, a.s. 4.83% Ing. Stefi Michal (through ZPSV, a.s.) 

1.62% Václav Bartonek (through ZPSV, a.s.) 

5.54% Others (through ZPSV, a.s.) 

Operadora Concesionaria Mexiquense, S.A. de C.V. 26.15% Mexican stock exchange (through OHL México, S.A.B. de C.V.) 

Operadora Hotelera del Corredor Mayakoba, S.A. de C.V. 32.61% CIA. Española de Financiación del Desarrollo Cofides, S.A. 

(through Operadora Mayakoba, S.A. de C.V.) 

17.35% FHMK, S.A. DE C.V. (through Operadora Mayakoba, S.A. de C.V.) 

Operadora Mayakoba, S.A. de C.V. 32.61% CIA. Española de Financiación del Desarrollo Cofides, S.A. 

(through Lagunas de Mayakoba, S.A. de C.V.) 

17.35% FHMK, S.A. DE C.V. 

Organización de Proyectos de Infraestructura, S. de R.L. 

de C.V. 


Paulista Infraestructura, Ltda. 40.00% BM&FBOVESPA (through Obrascón Huarte Lain Brasil, S.A.) 

Portal de Servicios en la Red, Serviasesor S.L. 30.00% Enrique Delgado Carravilla 

5.87% Catalana DÍniciatives CR, S.A. (through Recol Networks, S.A.) 

1.37% Colegio de Ingenieros de Caminos Canales y Puertos (through Recol 

Networks, S.A.) 


Promoaqua Desalación de los Cabos, S.A. de C.V. 4.00% Cableados Industriales, S.A. de C.V. 

2.00% Libra Ingenieros Civiles, S.A. de C.V. 

2.00% Vazlu, S.A. 

Promotora para la Aplicación Sectorial de Nuevas 

Tecnologías, S.L. 

8.38% Catalana DÍniciatives CR, S.A. (through Recol Networks, S.A.) 

1.96% Colegio de Ingenieros de Caminos Canales y Puertos (through Recol 

Networks, S.A.) 


Sawgrass Rock Quarry Inc. 6.75% José Fernández (through Community Asphalt Corp.) 

5.25% Ignacio Halley (through Community Asphalt Corp.) 

1.50% John Morris (through Community Asphalt Corp.) 

Seconmex Administración, S.A. de C.V. 26.15% Mexican stock exchange (through OHL México, S.A.B. de C.V.) 

SESAMM - Serviços de Saneamento de Mogi Mirim, S.A. 36.00% Cía Saneamiento Básico do Estado de Sao Paulo 

7.00% Estudios Técnicos e Projetos Etep, Ltda. 

Recol Networks, S.A. 8.38% Catalana DÍniciatives CR, S.A. 


19.05% Others 

Servicios Hoteleros del Corredor Mayakoba, S.A. de C.V. 32.61% CIA. Española de Financiación del Desarrollo Cofides, S.A. 

(through Operadora Mayakoba, S.A. de C.V.) 

17.35% FHMK, S.A. DE C.V. (through Operadora Mayakoba, S.A. de C.V.) 

Sthim América, LLC 6.17% Luis Guijarro González-Orduña (through Sthim Maquinaria, S.A.) 

6.17% Alejandro Galindo Garbay (through Sthim Maquinaria, S.A.) 

6.17% Eduardo Granados García (through Sthim Maquinaria, S.A.) 

6.18% Sergio Suárez Almoguera (through Sthim Maquinaria, S.A.) 

Sthim Maquinaria, S.A. 6.17% Luis Guijarro González-Orduña 

6.17% Alejandro Galindo Garbay 

6.17% Eduardo Granados García 

6.18% Sergio Suárez Almoguera 

>>> 

133


134 

>>> 

Sthim Maquinaria de México, S.A. de C.V. 6.17% Luis Guijarro González-Orduña (through Sthim Maquinaria, S.A.) 

6.17% Alejandro Galindo Garbay (through Sthim Maquinaria, S.A.) 

6.17% Eduardo Granados García (through Sthim Maquinaria, S.A.) 

6.18% Sergio Suárez Almoguera (through Sthim Maquinaria, S.A.) 

Superficiaria Los Bermejales, S.A. 25.00% Ingeconser, S.A.U. 

Tractament Metropolità de Fangs, S.L. 10.00% Empresa Metropolitana de Sanejament, S.A. (EMSSA) 

10.00% Sanejament Energía, S.A. (SAENSA) 

21.60% Omicrón, S.A. 

8.00% Gas Natural, S.A. 

Vianorte, S.A. 40.00% BM&FBOVESPA (through Obrascón Huarte Lain Brasil, S.A.) 

Viaducto Bicentenario, S.A. de C.V. 26.15% Mexican stock exchange (through OHL México, S.A.B. de C.V.) 

ŽPSV Caña, a.s. 41.00% ZSR Bratislava 

2.95% Ing. Stefi Michal (through ŽPSV, a.s.) 

0.99% Václav Bartonek (through ŽPSV, a.s.) 

2.04% Others (through ŽPSV, a.s.) 

ŽPSV Eood, a.s. 5.00% Ing. Stefi Michal (through ŽPSV, a.s.) 



ŽPSV, a.s. 5.00% Ing. Stefi Michal 

1.68% Václav Bartonek 

3.37% Others 

ŽS Bratislava, a.s. 22.34% Doprastav, a.s. 

3.75% Ing. Stefi Michal (through ŽPSV, a.s.) 



C.16. Bank borrowings and debt instruments and other marketable securities 

At 31 December 2010 the bank borrowings and debt instruments and other marketable securities amounted 

to EUR 6,137,770 thousand. 

The detail of the related maturities is as follows: 


2011 2012 2013 2014 2015 Subsequent 

years 

Total 

Corporate bonds 25,440 421,025 - - 688,065 - 1,134,530 

Bonds of concession operators 148,096 166,285 164,914 166,359 138,826 187,878 972,358 

Total debt instruments and other 

marketable securities issued 

173,536 587,310 164,914 166,359 826,891 187,878 2,106,888 

Bank borrowings 1,034,853 449,834 301,455 230,082 117,241 1,897,417 4,030,882 

Total bank borrowings and debt 

instruments and other marketable 

securities issued 

1,208,389 1,037,144 466,369 396,441 944,132 2,085,295 6,137,770

C.16.1- Debt instruments and other marketable securities 


The detail of the balance of “Debt Instruments and Other Marketable Securities” in the consolidated balance 

sheets at 31 December 2010 and 2009 is as follows: 

1. Corporate bond issue 


2010 2009 

Non-current corporate bond issue 1,109,090 598,603 

Current corporate bond issue 25,440 39,604 

Non-current bond issue of concession operators 824,262 243,883 

Current bond issue of concession operators 148,096 19,665 

Total 2,106,888 901,755 

In April 2010 the Parent completed a straight bond issue amounting to EUR 700,000 thousand, which matures 

in 2015. The bonds were issued at par and bear an annual rate of interest of 7.375% payable every six months. 

As a result of the aforementioned bond issue, a partial exchange offer was considered appropriate amounting to 

up to three hundred million euros of the bond issue performed in 2007 and admitted for listing on the London 

Stock Exchange, “EUR 700,000,000 5.00 per cent. Notes due 2012”, the balance of which was EUR 600,000 

thousand before the exchange. The Parent exchanged a nominal amount of EUR 178,400 thousand through 

the delivery of bonds from the issue, which represented an acceptance of 29.7%. 

The current annual interest rate on these bonds is 6.25% and their nominal balance at 31 December 2010 was 

EUR 421,600 thousand. 

The detail, by company, of “Corporate Bond Issue” at 31 December 2010 and 2009 is as follows: 

Companies Thousands of euros Year of final 

2010 2009 

maturity 

The average interest rate on the bond issues was 6.81% in 2010 (2009: 5.75%). 

Issue currency 

Obrascón Huarte Lain, S.A 1,134,530 621,925 2015 Euros 

OHL ŽS, a.s. - 16,282 2010 Czech koruna 

Total 1,134,530 638,207 

135


136 

2. Bond issue of concession operators 

The detail, by company, of “Bond Issue of Concession Operators” at 31 December 2010 and 2009 is as follows: 

Companies Thousands of euros Year of final 

2010 2009 

maturity 

In connection with the aforementioned bond issues, the companies have undertaken to achieve certain financial 

ratios in relation to their respective financial statements, which were being achieved in full at 31 December 

2010. These issues are also secured by the related concession assets. 

The average interest rate on the bond issues of concession operators was 10.07% in 2010 (2009: 5.31%). 

The corporate bonds and the bonds of concession operators are summarised, by maturity, as follows: 


Transaction 2011 2012 2013 2014 2015 Subsequent 

years 

Total 

Corporate bonds 25,440 421,025 - - 688,065 - 1,134,530 

Bonds of concession 

operators 

148,096 166,285 164,914 166,359 138,826 187,878 972,358 

Total 173,536 587,310 164,914 166,359 826,891 187,878 2,106,888 

The fair value of the bonds approximates their carrying amount. 

C.16.2- Bank borrowings 

The detail of the bank borrowings at 31 December 2010, by maturity, is as follows: 

Issue currency 

Autovías, S.A. 233,206 - 2017 Brazilian real 

Centrovías, Sistemas Rodoviarios, S.A. 188,286 - 2017 Brazilian real 

Concesionaria de Rodovías do Interior Paulista, S.A. 275,073 - 2015 Brazilian real 

Sociedad Concesionaria Autopista del Sol, S.A. 82,245 141,557 2018 Chilean peso 

Sociedad Concesionaria Autopista Los Libertadores, S.A. 74,876 121,991 2025 Chilean peso 

Vianorte, S.A. 118,672 - 2017 Brazilian real 

Total 972,358 263,548

The following should be noted in connection with bank borrowings: 

• Mortgage loans 


At 31 December 2010, certain items of property, plant and equipment amounting to EUR 269,423 thousand 

(31 December 2009: EUR 191,448 thousand) had been mortgaged for a total of EUR 182,592 thousand (31 

December 2009: EUR 121,123 thousand) (see Note C.2.). 

At 31 December 2010, certain investment properties amounting to EUR 6,419 thousand (31 December 2009: 

EUR 6,324 thousand) had been mortgaged for a total of EUR 5,252 thousand (31 December 2009: EUR 4,127 

thousand) (see Note C.3.). 

These loans bear interest at market rates. 

• Billing and note discounting facilities: 

2011 2012 2013 2014 2015 Subsequent 

years 

The average interest rate on the amounts used was 1.46% in 2010 (2009: 1.78%). 


Mortgage loans 123,102 7,251 7,640 8,461 9,513 31,875 187,842 

Billing and note discounting 

facilities 

Total 

20,341 - - - - - 20,341 

Loans and credit lines 257,274 337,571 209,117 136,943 7,288 - 948,193 

Total mortgage and other loans 400,717 344,822 216,757 145,404 16,801 31,875 1,156,376 

Loans of concession operators 609,727 105,012 84,698 84,678 100,440 1,865,542 2,850,097 

Total loans 1,010,444 449,834 301,455 230,082 117,241 1,897,417 4,006,473 

Unmatured accrued interest 

payable 

Unmatured accrued interest 

payable of concession 

operators 

Total unmatured accrued 

interest payable 

15,741 - - - - - 15,741 

8,668 - - - - - 8,668 

24,409 - - - - - 24,409 

Total 1,034,853 449,834 301,455 230,082 117,241 1,897,417 4,030,882 


2010 2009 

Limit 71,355 94,401 

Amount used 20,341 23,385 

Undrawn balance 51,014 71,016 

137


138 

• Loans, credit facilities and loans of concession operators: 


2010 2009 

Limit 5,329,445 4,536,773 

Amount used 3,835,936 3,427,371 

Undrawn balance 1,493,509 1,109,402 

The average interest rate on the amounts used was 6.84% in 2010 (2009: 6.17%). 

At 31 December 2010, the Parent had a loan of EUR 206,554 thousand for which it has to achieve certain financial 

ratios relating to the consolidated financial statements, which were being achieved in full at 31 December 2010. 

The subsidiary Terminales Marítimas del Sureste, S.A had a syndicated loan for which it has to achieve certain 

financial ratios, which were not being achieved at 31 December 2010. However on 23 December 2010 it obtained 

a dispensation from the banks which is valid until 31 December 2011. 

At 31 December 2010, the subsidiary Sociedad Vehículo CA, S.L. had a loan balance of EUR 22,214 thousand 

for which it has to achieve certain financial ratios relating to its consolidated financial statements, which were 

being achieved in full at 31 December 2010. 

In connection with the loans of the concession operators at 31 December 2010, totalling EUR 2,850,097 thousand 

(31 December 2009: EUR 2,506,013 thousand), the operators must provide certain guarantees in relation to 

their accounts receivable and concession infrastructure. 

The detail, by operator, of the loans of the concession operators of the Group at 31 December 2010 and 2009 




2009 

Aeropistas, S.L. 232,751 235,022 


Aquaria Water LLC 21,499 19,997 


Autopista Ezeiza Cañuelas, S.A. 9,194 10,992 

Autopista Fernao Dias, S.A. 94,422 73,238 


Autopista Litoral Sul, S.A. 84,466 60,868 

Autopista Planalto Sul, S.A. 44,940 39,140 


Autopista Urbana Norte, S.A. de C.V. 14,087 - 

Autovía de Aragón-Tramo 1, S.A. 36,835 33,296 

Autovías, S.A. 2,204 115,235 




>>>

C.17.- Other financial liabilities 

1. Obligations under finance leases 


Grupo Autopistas Nacionales, S.A. 36,340 - 

Metro Ligero Oeste, S.A. 522,087 509,505 

Nova Dársena Esportiva de Bara, S.A. 12,639 13,058 

Promoaqua Desalación de los Cabos, S.A. de C.V. 5,007 4,784 

Sacova Centros Residenciales, S.L. 27,522 31,196 

SESAMM – Serviços de Saneamento de Mogi Mirim, S.A. 3,000 - 

Sociedad Concesionaria Autopista del Sol, S.A. 386 - 

Sociedad Concesionaria Autopista Los Andes, S.A. 218,600 220,708 

Sociedad Concesionaria Centro de Justicia de Santiago, S.A. 31,760 31,574 

Terminales Marítimas del Sureste, S.A. 80,119 82,570 

Tractament Metropolità de Fangs, S.L. 25,910 28,328 


Vianorte, S.A. 2,102 21,812 

Total 2,850,097 2,506,013 

The detail of the Group’s obligations under finance leases at 31 December 2010 and 2009 is as follows: 

The Group leases certain of its fixtures and equipment under finance leases. The average lease term is 55 

months. In the year ended 31 December 2010, the average effective interest rate on the lease obligations was 

5.31% (2009: 4.33%). Interest rates are set at the contract date. All leases are on a fixed instalment basis. The 

unmatured interest on the leases amounts to EUR 1,345 thousand (2009: EUR 1,982 thousand). 

2. Derivative financial instruments 


Transaction 2010 2009 

Under non-current liabilities 16,263 17,126 

Under current liabilities 9,478 13,311 

Total 25,741 30,437 

The Group uses derivative financial instruments, such as foreign currency hedges, interest rate swaps and 

interest rate options in order to mitigate the economic effects of exchange rate and interest rate fluctuations to 

which it is exposed as a result of its business activities. In 2007 the Group also arranged an equity swap tied 

to the Parent’s share price in order to hedge the potential loss that might arise from the exercise of the options 

under the incentive plan described in Note C.22.3. 

It is not permitted at the Group to arrange derivatives for speculative purposes. 

No collection risks are expected to arise in relation to the amounts that the banks have undertaken to pay to 

the Group in the future on the basis of the derivatives arranged, since the banks with which they were arranged 

are highly solvent. 

139


140 

The derivatives arranged by the Group are basically measured by discounting the future cash flows. Interest rate 

options are measured using a widely accepted pricing model (Black-Scholes). In all cases, they are measured 

in accordance with the contractual and market conditions prevailing at the date of measurement. 

The fair value of the derivatives is determined directly or indirectly using the information available in the various 

markets (foreign currency, fixed income and equity securities, interbank and other organised markets). 

The derivatives arranged can be classified in three categories based on the degree to which their fair value is 

directly observable in the market: 

Level 1: the derivatives arranged whose characteristics are identical to those listed on an active market. 

Level 2: the derivatives arranged whose characteristics are not identical to those listed on an active market 

but whose fair value can be inferred from prices listed on one or various active markets. 

Level 3: the derivatives arranged which cannot be classified in levels 1 or 2. 

All of the derivatives arranged by the Group are level 2 derivatives. 

The main criteria relating to derivatives are described in Note B.6. Set forth below is a description of how the 

fair values of the derivatives arranged by the Group were accounted for at 31 December 2010 as other financial 

assets or liabilities and of their impact, net of taxes, on equity. 

Foreign currency hedges 

The Group arranges foreign currency hedges in order to avoid the economic impact that currency fluctuations 

have on payment obligations and collection rights in foreign currencies. 

Following is a detail of the outstanding foreign currency hedges at 31 December 2010, indicating, on the one 

hand, the nominal amounts in euros of the hedges, i.e. the amounts that the Group and the banks have agreed 

to exchange in euros in exchange for paying or receiving certain amounts in foreign currencies, classified by 

maturity, and, on the other, the fair values of the hedges, grouped together as other financial assets or liabilities, 

and their impact, net of taxes, on equity. Also indicated is the range of exchange rates and the nominal amounts 

in foreign currency arranged.

Nominal 

amount 


Maturity Fair values included in: Foreign currency/ 

Within 3 

months 

After 3 

months 

Other 

financial 

assets 

Other 

financial 

liabilities 

Impact 

on 

equity 

euro 

Range of 

exchange rates 

The detail of the outstanding foreign currency hedges at 31 December 2009 is as follows: 


Nominal 

amount 

in foreign 

currency 

Derivatives not considered hedges for accounting purposes at the decision of the Group 

Future US dollar purchases 

against euros 

71,906 52,657 19,249 6 996 (692) 1.30907 - 1.35452 94,739 

Future US dollar sales against 

euros 

Future Mexican peso 

purchases against euros 

Future pound sterling sales 

against euros 

Future Mexican peso sales 

against euros 

Future Brazilian real 


16,509 2,109 14,400 216 - 151 1.310865 - 1.3175 21,184 

24,237 24,237 - - 259 (181) 16.3355 - 16.461 396,798 

26,641 8,213 18,428 784 45 517 0.8236 - 

0.884183 

22,315 

21,609 7,492 14,117 201 - 139 16.143 - 16.2833 356,275 

51,515 - 51,515 828 - 580 2.190 - 2.295 114,535 

Total 212,417 94,708 117,709 2,035 1,300 514 

Nominal 

amount 

Maturity Fair values included in: Foreign currency/ 

Within 3 

months 

After 3 

months 

Other 

financial 

assets 

Other 

financial 

liabilities 

Impact 

on 

equity 

euro 

Range of 

exchange rates 


Nominal 

amount 

in foreign 

currency 

Derivatives considered for accounting purposes to be fair value hedges 

Future Czech koruna purchases 

against euros 

3,110 3,110 - - 333 (263) 23.1850-24.0420 73,518 

Derivatives not considered hedges for accounting purposes at the decision of the Group 

Future US dollar purchases 

against euros 

24,014 19,395 4,619 - 617 (432) 1.2990-1.4275 33,700 

Future US dollar sales against 

euros 

Future Czech koruna 


Future Czech koruna sales 

against euros 

Future Mexican peso sales 

against euros 

1,020 1,020 - - 21 (15) 1.47075 1,500 

142 142 - 3 - 2 24.982-27.079 3,845 

142 142 - 8 - 6 24.984 3,548 

64,583 64,583 - 1,124 5 783 18.4845-19.1705 1,202,489 

Total 93,011 88,392 4,619 1,135 976 81 

141


142 

The following table summarises the changes in the foreign currency derivatives: 

The impact recognised in profit or loss as a result of the recognition of foreign currency derivatives, amounting 

to EUR 184 thousand in 2010 (31 December 2009: EUR (2,497) thousand), is included under “Gains (Losses) on 

Remeasurement of Financial Instruments at Fair Value” in the consolidated income statement. 

Interest rate derivatives 


Balance sheet Income 

statement 

Total - 2008 3,523 23,711 

Changes in value in 2009 (3,364) (3,364) 

Fair value at 31/12/09 159 

In other financial assets 1,135 

In other financial liabilities (976) 

2009 derecognitions - 867 

Total - 2009 159 (2,497) 

Changes in 2010 576 576 

Fair value at 31/12/10 735 

In other financial assets 2,035 

In other financial liabilities (1,300) 

2010 derecognitions - (392) 

Total - 2010 735 184 

The Group arranges interest rate swaps and interest rate options to mitigate the variability of borrowing costs. 

In project financing, the use of interest rate derivatives normally forms part of the requirements imposed by the 

financing banks. The purpose of these derivatives is to limit the possible impact that future changes in interest 

rates might have on the borrowing costs of the projects if the financing continues to bear floating rate interest. 

The following table shows in thousands of euros the notional amounts of the interest rate derivatives at 31 

December 2010, which are the amounts on the basis of which the interest will be settled, grouped together by 

settlement currency and classified based on their final maturity, together with the fair values of the derivatives, 

grouped together as other financial assets, investments accounted for using the equity method or other financial 

liabilities, and their impact, net of taxes, on equity. Also indicated is the range of interest rates.

Settlement 

currency 

Notional 

amount 

Within 1 

year 


Final maturity of the derivatives Fair value included in: 

1 to 5 

years 

5 to 10 

years 

Over ten 

years 

Derivatives considered for accounting purposes to be cash flow hedges 

Other 

financial 

assets 

Investments 

accounted 

for using the 

equity method 

Other 

financial 

liabilities 

The detail of the outstanding interest rate derivatives at 31 December 2009 is as follows: 


Impact on 

equity 

Range of 

annual 

interest 

rates 

Euros 1,251,745 - 134,777 655,880 461,088 7 (16,233) 98,591 (85,243) 1.81 - 

7.80 % 

Mexican peso 905,258 27,255 - 419,543 458,460 4,730 - 91,885 (64,319) 6.5 - 

11.75 % 

Chilean peso 142,113 - - - 142,113 - - 18,536 (15,385) 6.68 % 

US dollar 84,617 - 20,872 42,245 21,500 - - 9,908 (6,592) 4.95 - 

5.65 % 

Czech koruna 19,951 - 19,951 - - 60 - 58 2 1.75 - 

2.35 % 

Total 2,403,684 27,255 175,600 1,117,668 1,083,161 4,797 (16,233) 218,978 (171,537) 

Settlement 

currency 

Notional 

amount 

Within 1 

year 

Final maturity of the derivatives Fair value included in: 

1 to 5 

years 

5 to 10 

years 

Over ten 

years 

Derivatives considered for accounting purposes to be cash flow hedges 

Other 

financial 

assets 

Investments 

accounted 

for using the 

equity method 

Other 

financial 

liabilities 


Impact on 

equity 

Range of 

annual 

interest 

rates 

Euro 1,265,271 292,825 43,707 303,133 625,606 - (9,185) 80,812 (65,752) 3.32 – 

7.80% 

Mexican peso 513,550 - - 191,502 322,048 4,915 - 46,272 (33,315) 8.16 – 

11.75% 

Chilean peso 121,529 - - - 121,529 - - 22,511 (18,684) 6.68% 

US dollar 83,162 - - 41,634 19,996 - - 7,972 (5,463) 4.95 – 

5.65% 

Total 1,983,512 292,825 43,707 536,269 1,089,179 4,915 (9,185) 157,567 (123,214) 

In the case of interest rate derivatives arranged by the Group’s investees in which an ownership interest of 50% 

or less is held, the notional amounts, the fair values of the derivatives and the impact on equity shown in the 

foregoing table are proportional to the Group’s ownership interests in those investees. The negative impact on 

equity is limited, in the case of the investees less than 50% owned by the Group, to the value of the Group’s 

ownership interest. 

The total notional amount of the interest rate derivatives at 31 December 2010, net of the notional amounts of 

the derivatives arranged by companies accounted for using the equity method, represents 50.21% of the total 

loans outstanding at that date (31 December 2009: 49.0%). 

143


144 

The following table summarises the impact on equity arising from the changes in interest rate derivatives: 


Transaction 

Accumulated impact on equity at 01/01/09 (116,597) 

Income and expense recognised directly in equity in 2009 (29,929) 

Transfers to the income statement in 2009 23,312 


Income and expense recognised directly in equity in 2010 (100,771) 

Transfers to the income statement in 2010 52,448 


The impact on the profit attributable to the Parent in the consolidated income statement relates solely to the 

amounts transferred from equity since all the interest rate derivatives were accounted for as cash flow hedges 

and, consequently, the related changes in value are recognised in equity under “Valuation Adjustments”. 

Derivatives on treasury shares 

In 2007 the Group arranged an equity swap tied to the Parent’s share price in order to hedge the potential loss 

that might arise from the exercise of the options under the incentive plan approved by the Parent’s Board of 

Directors that year. Since the initially approved plan was amended in 2010, the Group terminated early the equity 

swap and arranged a new one tied to the Parent’s share price in order to hedge the potential loss that might 

arise from the exercise of the options under the amended incentive plan. With respect to the equity swaps 

tied to the Parent’s share price, the commitment is to pay or receive the result of the change in the share price 

with respect to the reference price until the maturity of the derivative and to pay a floating interest rate during 

the term of the swap. 

The notional amount of the derivative arranged in 2007 and outstanding at 31 December 2009 is EUR 38,203 

thousand, equal to 1,403,818 shares at the reference price of EUR 27.21 per share. 

The notional amount of the derivative arranged in 2010 and outstanding at 31 December 2010 is EUR 26,935 

thousand, equal to 1,496,414 shares at the reference price of EUR 18 per share. The result of the change in the 

share price will be positive for the Group if the market price exceeds EUR 18 and negative if it falls below this price. 

At 31 December 2010 the fair value of the derivative on treasury shares recognised under “Non-Current Financial 

Assets” in the consolidated balance sheet was EUR 6,859 thousand (31 December 2009: EUR (11,782) thousand). 

These amounts were recognised under “Other Current Financial Liabilities” and the accumulated impact, net of 

the related tax effect, was EUR (3,446) thousand at 31 December 2010 (31 December 2009: EUR (8,247) thousand). 

The following table summarises the changes in the treasury share derivatives:


The impact recognised in the income statement as a result of the recognition of the treasury share derivatives 

is included under “Gains (Losses) on Remeasurement of Financial Instruments at Fair Value”. 

Sensitivity analysis 


Transaction Balance sheet Income statement 

Fair value at 31/12/08 (25,431) (18,731) 

Changes in value in 2009 13,649 13,649 

Fair value at 31/12/09 (11,782) - 

Interest and other - 8 

Total - 2009 (11,782) 13,657 

Early termination 11,782 - 

Changes in value in 2010 6,859 6,859 

Fair value at 31/12/10 6,859 6,859 

Interest and other - (1,073) 

Total - 2010 6,859 5,786 

Sensitivity analysis involves the measurement of the effect that interest rates, exchange rates and/or share 

prices other than those existing on the market at the measurement date would have had. 

The sensitivity analysis of exchange rates focused on the foreign currency derivatives outstanding at the date 

of the analysis, simulating a 10% increase in the foreign currency per euro exchange rate with respect to those 

in force at 31 December 2010 and 2009. The result of this analysis is as follows: 


Market 

value 

Impact on 

equity 

Market 

value 


Impact on 

equity 

Mexican peso (210) (147) 6,884 4,819 

US dollar (5,016) (3,511) (2,669) (1,868) 

Czech koruna - - (575) (437) 

Pound sterling 2,336 1,635 - - 

Total (2,890) (2,023) 3,640 2,514 

If a sensitivity analysis were performed using the hypothesis of a 10% drop in the foreign currency per euro 

exchange rate with respect to those applicable at 31 December 2010 and 2009, the impact would be as follows: 

145


146 


Market 

value 

The table below shows the difference in the market value of the interest rate derivatives and equity with respect 

to the data presented had interest rates been 0.5% higher than those applicable at 31 December 2010 and 2009. 


Market 

value 

Impact on 

equity 

Market 

value 


Impact on 

equity 

Euro 50,049 35,034 38,571 24,505 

Mexican peso 21,869 15,308 17,703 12,746 

Chilean peso 5,767 4,787 5,231 4,341 

US dollar 1,843 1,198 1,965 1,395 

Brazilian real 98 69 - - 

Czech koruna 162 131 - - 

Total 79,788 56,527 63,470 42,987 

Had interest rates been 0.50% lower, the effect on market value and equity would have been as follows: 


Market 

value 

Impact on 

equity 

Impact on 

equity 

Market 

value 

Market 

value 


Impact on 

equity 

Mexican peso 259 181 (5,870) (4,109) 

US dollar 6,131 4,292 1,843 1,290 

Czech koruna - - (12) (9) 

Pound sterling (2,855) (1,998) - - 

Total 3,535 2,475 (4,039) (2,828) 


Impact on 

equity 

Euro (53,400) (37,380) (40,828) (25,876) 

Mexican peso (22,519) (15,763) (18,537) (13,346) 

Chilean peso (6,092) (5,057) (5,231) (4,341) 

US dollar (1,923) (1,248) (2,052) (1,457) 

Brazilian real (97) (68) - - 

Czech koruna (165) (133) - - 

Total (84,196) (59,649) (66,648) (45,020) 

A 10% increase/decrease in the share price with respect to the price at 31 December 2010 would have given 

rise to an increase/decrease of EUR 3,393 thousand (31 December 2009: EUR 2,652 thousand) in the market 

value of the equity swap tied to the share price and an increase/decrease in equity of EUR 2,375 thousand (31 

December 2009: EUR 1,856 thousand) with respect to the amount presented.

C.18.- Provisions 

1. Long-term provisions 


The detail of “Long-Term Provisions” at 31 December 2010 and 2009 is as follows: 

2. Short-term provisions 

The detail of “Short-Term Provisions” at 31 December 2010 and 2009 is as follows: 

C.19.- Deferred income 

The detail of “Deferred Income” at 31 December 2010 and 2009 is as follows: 

The detail of “Grants” at 31 December 2010 and 2009 is as follows: 


2010 2009 

Provisions for taxes 12,230 10,461 

Provisions for litigation in progress 6,199 4,867 

Provisions for third-party liability 3,127 3,170 

Provisions for major maintenance work, retirement 

or refurbishment of non-current assets 

132,880 101,931 

Other provisions 8,199 7,154 

Total 162,635 127,583 


2010 2009 

Project completion 47,301 42,558 

Management and other fees 12,840 21,051 

Other operating provisions 153,408 123,445 

Total 213,549 187,054 


2010 2009 

Grants 303,640 156,570 

Other 2,569 12,673 

Total 306,209 169,243 



Grupo Autopistas Nacionales, S.A. 65,572 59,057 

Sociedad Concesionaria Autopista Los Andes, S.A 183,097 92,917 

Other 54,971 4,596 

Total 303,640 156,570 

147


148 

The principal grants received by the Group relate to grants related to assets obtained from the relevant authorities 

in order to provide financial viability to the construction of the concession infrastructure and to guarantee the 

profitability of the project. 

C.20.- Other liabilities 

The detail of “Other Non-Current Liabilities” and “Other Current Liabilities” in the consolidated balance sheets 

at 31 December 2010 and 2009 is as follows: 

2010 


2009 


Payable to associates 251 138,909 67 101,881 

Remuneration payable - 34,659 - 24,895 

Tax payables (Note C.21.7) - 154,682 - 173,831 

Other non-trade payables 354,763 114,846 232,364 114,586 

Guarantees and deposits received 14 3,121 17 1,712 

Other - 5,963 - 6,301 

Total 355,028 452,180 232,448 423,206 

The detail of the Group’s other non-trade payables at 31 December 2010 and 2009 is as follows: 

2010 


2009 


Royalties of concession operators (Note C.1) 193,766 23,408 192,961 19,145 

Payable for property, plant and equipment 

purchases 

4,433 3,911 5,637 7,872 

Payable for financial instrument purchases 126,854 27,618 16,664 9,071 

Other 29,710 59,909 17,102 78,498 

Total 354,763 114,846 232,364 114,586 

“Payable for Financial Instrument Purchases” includes the amounts of the purchase options arising from the business 

combinations performed. 

The detail of the Group’s concession operator royalties at 31 December 2010 and 2009 is as follows:

C.21.- Tax matters 

1. Consolidated tax group 


The Group files consolidated tax returns in Spain, Mexico, and the US for all the companies which meet the 

requirements to do so. All the other companies file individual tax returns. 

2. Recognition 

2010 2009 



Autovías, S.A. 19,054 3,067 17,386 2,503 

Centrovías Sistemas Rodoviarios, S.A. 27,439 294 25,166 227 

Concesionaria de Rodovias do Interior 

Paulista, S.A. 

Sociedad Concesionaria Autopista del Sol, 

S.A. 

21,512 2,940 19,179 2,404 

17,666 - 31,686 - 

Vianorte, S.A. 108,095 17,107 99,544 14,011 

Total 193,766 23,408 192,961 19,145 

The income tax expense of the consolidated Group companies is obtained by aggregating the income tax expense 

of the consolidated tax groups and of the companies that file individual income tax returns. 

The tax bases are calculated on the basis of the profit for the year adjusted by temporary differences, permanent 

differences and tax loss carryforwards. 

The tax effect of temporary differences between transactions recognised in the accounting records and reported 

in the income tax return using different criteria gives rise to deferred tax assets and liabilities that will be 

recoverable or payable in the future. 

Tax losses, if recognised, also give rise to deferred tax assets that will not be deducted from the expense for 

future years. 

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period when 

the assets are realised or the liabilities are settled. 

Deferred tax assets are only recognised when there are no doubts that there will be sufficient taxable profits in 

the future against which to charge these temporary differences. 

When the closing is performed for tax purposes each year, the deferred tax balances are reviewed in order 

to ascertain whether they still exist and the appropriate valuation adjustments are made so as to adapt the 

balances to the new situation. 

149


150 

3. Reconciliation of the accounting profit to the taxable profit 

The reconciliation of the consolidated accounting profit for the year to the taxable profit is as follows: 

The permanent differences relate mainly to: 

• Expenses not considered to be deductible for tax purposes. 

• Profits obtained abroad by branches and unincorporated temporary joint ventures (UTEs). 

• Recognition and use of provisions. 

• Tax withholdings paid abroad. 

• Consolidation adjustments (mainly the elimination of dividends and the elimination of investment valuation 

provisions). 

The temporary differences arose mainly from: 

• The profit of UTEs, the recognition of which for tax purposes is deferred one year. 



Consolidated accounting profit for the year before tax 382,278 300,224 

Permanent differences (15,321) (8,277) 

Of Spanish companies (12,639) (39,271) 

Of foreign companies (2,682) 30,994 

Temporary differences (145,529) (345) 

Of Spanish companies 111,904 151,670 

Of foreign companies (257,433) (152,015) 

Offset of prior years’ tax losses (59,417) (97,101) 

Taxable profit 162,011 194,501 

• The recognition of provisions not considered to be tax deductible and the use of provisions adjusted in 

prior years. 

• The finance leases and the different methods used for tax and accounting purposes to recognise the noncurrent 

asset depreciation and amortisation charge.

4. Income tax and tax rate 


Income tax is calculated using the tax rates in force in each country in which the Group operates: The main rates are: 

Country 2010 2009 

Spain 30.0% 30.0% 

Algeria 19.0% 19.0% 

Argentina 35.0% 35.0% 

Brazil 34.0% 34.0% 

Bulgaria 10.0% 10.0% 

Canada 29.9% 30.9% 

Chile 17.0% 17.0% 

Colombia 33.0% 33.0% 

US 38.6% 38.6% 

Mexico 30.0% 28.0% 

Peru 30.0% 30.0% 

Qatar 10.0% 35.0% 

Czech Republic 19.0% 20.0% 

Slovakia 19.0% 19.0% 

Turkey 20.0% 20.0% 

The income tax expense of EUR 130,119 thousand relates to: 

• EUR 30,967 thousand relating to the tax income recognised by the companies forming part of the Spanish tax 

group, including the income relating to their branches abroad (2009: an expense of EUR 10,167 thousand). 

• EUR 164,304 thousand relating to the expense recognised by the Spanish and foreign companies that do 

not form part of the Spanish tax group (2009: an expense of EUR 83,238 thousand). 

• Tax income of EUR 3,218 thousand arising from consolidation adjustments (2009: an expense of EUR 

15,721 thousand). 

In addition to the income tax expense for 2010, the amount recognised directly in equity was EUR 20,071 

thousand and related to the change in value of derivative financial instruments. 

5. Deferred taxes and tax losses 

The changes in deferred tax assets in 2010 and 2009 were as follows: 



Increases 161,788 

Decreases (42,031) 





151


152 

The detail of the changes in deferred tax assets is as follows: 

Balance at 

31/12/09 

Changes in 

the scope of 

consolidation 

Charge/ 

credit to 

income 

2010 

Charge/ 

credit to 

equity 

Hedging 

instruments 

The changes in deferred tax liabilities in 2010 and 2009 were as follows: 

Exchange 

rate effect 


Reclassifications 

and other 

Balance at 

31/12/10 

Tax assets 348,874 (22,959) 32,943 - 16,243 11,113 386,214 

Tax loss carryforwards 313,370 (22,959) 33,698 - 16,243 11,113 351,465 

Tax credit carryforwards 35,504 - (755) - - - 34,749 

Temporary differences 293,360 (3,400) 115,891 20,073 21,550 (590) 446,884 

Total deferred tax assets 642,234 (26,359) 148,834 20,073 37,793 10,523 833,098 

Saldo a 

1/01/09 

Changes in 

the scope of 

consolidation 

Charge/ 

credit to 

income 

2009 

Charge/credit to equity 

Hedging 

instruments 

Available-forsale 

financial 

assets 

Exchange 

rate effect 



and other 

Balance at 

31/12/09 

Tax assets 337,927 - (1,811) - - 10,554 2,204 348,874 

Tax loss carryforwards 302,414 - (1,802) - - 10,554 2,204 313,370 

Tax credit carryforwards 35,513 - (9) - - - - 35,504 

Temporary differences 184,550 31 88,798 4,633 (11,690) 6,470 20,568 293,360 

Total deferred tax assets 522,477 31 86,987 4,633 (11,690) 17,024 22,772 642,234 








Balance at 31 December 2010 729,058

The detail of the changes in deferred tax liabilities is as follows: 

Balance at 

31/12/09 

Changes in 

the scope of 

consolidation 

The deferred taxes recognised arose from: 

Charge/ 

credit to 

income 


• The differences between accounting and tax legislation concerning the timing of recognition of certain 

income and expense items, fundamentally the profit of unincorporated temporary joint ventures whose 

recognition for tax purposes is delayed by one year and the recognition and use of provisions adjusted in 

prior years. 

• The adjustments on the consolidation of the financial statements. 


The Group companies’ tax loss carryforwards available for offset in future tax returns amount to EUR 1,572,653 

thousand, for which the last years for offset are as follows: 

2010 

Charge/ 

credit to 

equity 

Hedging 

instruments 

Exchange 

rate effect 


and other 

Balance at 

31/12/10 

Temporary differences 453,647 (36,932) 148,028 2 49,400 119,913 729,058 

Total deferred tax liabilities 453,647 (36,932) 148,028 2 49,400 119,913 729,058 

Balance at 

01/01/09 

Charge/credit to 

income 

2009 

Exchange 

rate effect 


and other 


Balance at 

31/12/09 

Temporary differences 264,372 116,725 19,642 52,908 453,647 

Total deferred tax liabilities 264,372 116,725 19,642 52,908 453,647 

153


154 

Year Thousands of euros 

2011 131,638 

2012 62,422 

2013 31,745 

2014 15,715 

2015 38,023 

2016 28,525 

2017 43,789 

2018 90,743 

2019 254,739 

2020 146,293 

2021 66 

2022 34 

2023 169,002 

2024 39,284 

2025 67,437 

Unlimited 453,198 

Total 1,572,653 

Most of the tax loss carryforwards are recognised as deferred tax assets, amounting to EUR 351,465 thousand, 

since the Parent’s directors considered that there are no doubts as to their future recoverability. The situation 

of the tax loss carryforwards is reviewed at the end of each reporting period. 

The Group companies have unused double taxation tax credits amounting to EUR 22,773 thousand, and tax 

credits for investment (reinvestment, R&D+i and other) amounting to EUR 47,057 thousand. 

6. Years open for review by the tax authorities 

In general, the Group companies and their unincorporated temporary joint ventures have all the tax returns for 

the taxes applicable to them filed in the last four years open for review by the tax authorities. 

To date, a decision has not yet been handed down on the appeal filed by the Parent at the Supreme Court 

against the tax assessments issued by the tax authorities in connection with income tax for 1994 to 1997, in 

which tax loss carryforwards totalling EUR 102,030 thousand were challenged. Based on the opinion of their 

legal advisers, the Parent’s directors consider that there are well-founded reasons for the appeal to be successful 

and, consequently, a favourable ruling is expected to be handed down in this connection (see Note D.6.). 

The Company has also filed various appeals in connection with 1996 to 1998 relating to the timing of recognition 

of income and expenses of the unincorporated temporary joint ventures. A favourable ruling is expected to be 

handed down in this connection. 

On 18 June 2009, the tax authorities commenced a general tax audit for all periods from 2004 to 2007 at the 

Parent and at certain of the subsidiaries in the Spanish tax group, most of which had not been completed at 

the reporting date.


The possible tax audits of the years open for review by the tax authorities could give rise to certain contingent 

tax liabilities that cannot be objectively quantified. However, the Parent’s directors consider that these liabilities 

would not be material. 

7. Tax receivables and payables 

The detail of “Tax Receivables” and “Tax Payables” at 31 December 2010 and 2009 is as follows: 

C.22.- Income and expenses 

1. Revenue 


Transaction Current assets Current liabilities 

2010 2009 2010 2009 

VAT 196,272 143,987 107,152 115,515 

Other taxes 19,561 27,207 33,492 42,164 

Accrued social security taxes 1,013 883 14,038 16,152 

Total 216,846 172,077 154,682 173,831 

The Group’s revenue in 2010 amounted to EUR 4,909,776 thousand (2009: EUR 4,780,243 thousand). The detail, 

by activity, type of customer and geographical market, is as follows: 


By activity 2010 2009 % change 

Infrastructure concessions 1,508,662 1,141,880 32.1 

Construction abroad 1,829,279 1,821,370 0.4 

Construction in Spain 1,241,553 1,604,356 (22.6) 

Other business activities 330,282 212,637 55.3 

Industrial 83,378 28,072 197.0 

Development 108,560 55,137 96.9 

Environment 138,344 129,428 6.9 

Total revenue 4,909,776 4,780,243 2.7 

155


156 

By activity, type of customer and 

geographical market 

2010 

Spain Abroad Total 


Public sector Private sector Public sector Private sector Public sector Private sector 

Infrastructure concessions 93,131 44,389 91,166 1,279,976 184,297 1,324,365 

Construction abroad - - 725,354 1,103,925 725,354 1,103,925 

Construction in Spain 962,838 258,072 20,643 - 983,481 258,072 

Other business activities 66,337 61,050 31,021 171,874 97,358 232,924 

Industrial - 34,257 - 49,121 - 83,378 

Development 18,295 9,567 - 80,698 18,295 90,265 

Environment 48,042 17,226 31,021 42,055 79,063 59,281 

Total revenue 1,122,306 363,511 868,184 2,555,775 1,990,490 2,919,286 

By activity, type of customer and 

geographical market 

2009 

Spain Abroad Total 


Public sector Private sector Public sector Private sector Public sector Private sector 

Infrastructure concessions 57,964 66,961 67,967 948,988 125,931 1,015,949 

Construction abroad - - 783,259 1,038,111 783,259 1,038,111 

Construction in Spain 1,158,027 446,329 - - 1,158,027 446,329 

Other business activities 65,913 47,445 24,227 75,052 90,140 122,497 

Industrial - 27,078 - 994 - 28,072 

Development 16,596 10,044 - 28,497 16,596 38,541 

Environment 49,317 10,323 24,227 45,561 73,544 55,884 

Total revenue 1,281,904 560,735 875,453 2,062,151 2,157,357 2,622,886



By geographical market 2010 2009 

Spain: 

Andalusia 154,044 249,994 

Aragón 42,040 56,353 

Asturias 43,159 67,185 

Balearic Islands 4,832 1,413 

Canary Islands 63,054 86,403 

Cantabria 16,785 18,771 

Castilla-La Mancha 79,075 61,948 

Castilla y Leon 72,226 94,968 

Catalonia 364,818 398,960 

Ceuta and Melilla 3,078 3,703 

Extremadura 9,918 7,129 

Galicia 70,253 68,773 

La Rioja 5,273 4,067 

Madrid 348,090 442,106 

Murcia 15,312 40,599 

Navarre 11,176 25,623 

Basque Country 61,964 65,670 

Valencia 130,764 147,854 

Total Spain 

Abroad: 

1,495,861 1,841,519 

Algeria 270,667 558,307 

Argentina 28,485 25,012 

Azerbaijan - 36,578 

Bosnia Herzegovina 1,925 - 

Brazil 938,650 717,582 

Bulgaria 19,425 4,516 

Canada 1,035 4,744 

Chile 106,997 129,536 

US 381,110 308,339 

Hungary 2,389 44,881 

Italy 28,120 - 

Mexico 953,562 532,389 

Montenegro 1,943 1,394 

Peru 35,465 11,384 

Poland 7,707 - 

Portugal 528 - 

Qatar 172,407 104,641 

UK 20,718 1,119 

Czech Republic 346,274 413,764 

Slovakia 96,268 39,180 

Turkey 240 5,358 

Total abroad 3,413,915 2,938,724 

Total revenue 4,909,776 4,780,243 

157


158 

2. Other operating income 

In 2010 the Group recognised under “Other Operating Income” EUR 214,682 thousand (2009: EUR 80,306 

thousand) relating to the collection rights of the subsidiaries Concesionaria Mexiquense, S.A. de C.V. and 

Viaducto Bicentenario S.A. de C.V. acknowledged by the Mexican Government as guaranteed remuneration 

under the concession arrangement (see Note B.6.13.). 

3. Staff costs 

Share-based payment plans 

On 13 November 2007, the Parent’s Board of Directors resolved to implement an incentive plan (“the Plan”) 

aimed at building the loyalty of 49 executives of the Obrascón Huarte Lain Group. For the purposes of the Plan, 

the Group is taken to include the group of companies comprising the Parent and the companies controlled by 

the Parent in the terms provided for in Article 4 of the Spanish Securities Market Law. 

In 2010 the executives included in the Plan will be entitled to receive an incentive, conditional upon their staying 

at the Obrascón Huarte Lain Group from 13 November 2007 to 13 November 2010, based on the appreciation 

of Obrascón Huarte Lain shares. 

The main features of the Plan were as follows: 

• Beneficiaries: general managers and executives of Obrascón Huarte Lain, S.A. and Group companies selected 

by the Board of Directors. At 31 December 2009, a total of 1,138,939 units had been granted to 49 Group 

executives. 

• Number of units granted: 1,312,381 

• Exercise price: EUR 34.26 

The main assumptions used to measure the Plan implemented in 2007 were as follows: 

• Period required to stay in the Group’s employ to exercise the Plan: 3 years 

• Risk-free interest rate: 3.87% 

• Dividend yield: 1.57% 

In November 2007 the Parent arranged an equity swap tied to its share price in order to hedge the potential loss 

that might arise from the exercise of the options under the plan. The main features of this swap are as follows: 

• The notional amount of the swap is EUR 38,203 thousand, equal to 1,312,381 shares at a price of EUR 29.11 

per share.


• The Parent will pay the bank interest on the notional amount based on Euribor plus a spread. 

• The bank may terminate the swap early -except if any additional guarantees have been granted- if the share 

price falls below 50% of the initial price, in which case, the Parent would pay the bank in cash the difference 

between the market price and the reference price. 

• The Parent may wholly or partially terminate the swap early, in which case if the market price of the shares 

is less than the reference price the Parent will pay the bank the difference. If the market price is above the 

initial price the Parent will receive the difference between the aforementioned amounts. 

The capital increase performed on 18 December 2009 gave rise to an adjustment in the number of shares and 

the reference price, which increased from 1,312,381 to 1,403,818 shares and decreased from EUR 29.11 per 

share to EUR 27.21 per share, respectively. The result of the change in the share price would be positive for the 

Parent if the market price exceeded EUR 27.21 and negative if it fell below this price. 

On 9 March 2010, in view of the extraordinary fluctuations in the securities market, the Board of Directors of 

the Parent resolved to approve and submit to the shareholders at a General Meeting the following amendment 

to the Plan, subject to a report from the Nomination and Remuneration Committee: 

1. Extend the term of the Plan to 1 April 2013. 

2. Take an initial value of the share of EUR 18 as a reference. 

3. Amend the regime applicable to leaving the Company’s employ during the term of the Plan and, accordingly, 

the beneficiary must wait until the Plan has come to an end even if the related incentive is calculated on 

the basis of the length of service at the Company. 

4. Increase the number of units of the Plan by 184,033 to 1,496,414 units (equal to 1.5% of the share capital) 

to offset the dilutive effect of the capital increase performed in 2009. Pursuant to additional provision 

four of the Spanish Limited Liability Companies Law, the participation of eight senior executives of the OHL 

Group in the plan was expressly approved, and a total of 438,421 units equal to 0.44% of the share capital 

were allocated to them. 

The shareholders at the General Meeting approved this amendment on 18 May 2010. 

In May 2010 the Parent terminated the existing equity swap early and arranged a new equity swap with the 

following characteristics: 

• The notional amount of the swap is EUR 26,935 thousand, equal to 1,496,414 shares at the reference price 

of EUR 18 per share. 

• The Parent will pay the bank interest on the notional amount tied to Euribor plus a spread. 

159


160 

• The Parent may wholly or partially terminate the swap early, in which case if the market price of the shares 

is less than the reference price the Parent will pay the bank the difference. If the market price is above the 

initial price the Company will receive the difference between the aforementioned amounts. 

The Plan was measured and recognised in the consolidated income statement as indicated in Note B.6.15. At 

31 December 2010, the staff costs in connection with the Plan amounted to EUR 8,780 thousand (31 December 

2009: EUR 4,850 thousand). 

This swap qualifies as a derivative for accounting purposes but does not qualify for hedge accounting and is 

accounted for as described in Note B.6.11. At 31 December 2010 the finance income associated with this contract 

amounted to EUR 5,786 thousand (31 December 2009: finance costs of EUR 13,657 thousand). 

4. Other operating expenses 

The detail of “Other Operating Expenses” in the consolidated income statements is as follows: 

5. Finance income 

The detail of “Finance Income” in the consolidated income statements is as follows: 

6. Finance costs 


2010 2009 

Outside services 499,449 475,690 

Taxes other than income tax 53,565 49,837 

Other current operating expenses 281,533 126,733 

Total other operating expenses 834,547 652,260 


2010 2009 

Interest income from other companies 94,622 48,393 

Income from equity investments 8 11 

Total finance income 94,630 48,404 

The detail of “Finance Costs” in the consolidated income statements is as follows: 


2010 2009 

On the financing of current transactions 431,000 245,429 

On finance leases and non-current asset 

purchases with deferred payment 

557 1,203 

Total finance costs 431,557 246,632

The detail of the finance costs by origin is as follows: 


2010 2009 

Finance costs, concession operators 311,701 160,490 

Finance costs, other companies 119,856 86,142 

Total finance costs 431,557 246,632 


7. Gains (Losses) on remeasurement of financial instruments at fair value 

The detail of “Gains (Losses) on Remeasurement of Financial Instruments at Fair Value” in the consolidated 

income statements is as follows: 


2010 2009 

Derivatives on treasury shares (Note C.17) 5,786 13,657 

Foreign currency derivatives (Note C.17) 184 (2,497) 

Available-for-sale financial assets - (27,306) 

Total gains (losses) on remeasurement of 

financial instruments at fair value 

5,970 (16,146) 

8. Impairment and gains and losses on disposals of financial instruments 

The balance of “Impairment and Gains and Losses on Disposals of Financial Instruments” in the consolidated 

income statement amounted to EUR (2,965) thousand at 31 December 2010 (31 December 2009: EUR 8,573 

thousand) and relates to the gain of EUR 6,728 thousand obtained on the sale of 14.28% of the shares of 

Infraestructura Dos Mil, S.A., a Chilean company with ownership interests in Sociedad Concesionaria Autopista 

del Sol, S.A. and Sociedad Concesionaria Autopista los Libertadores, S.A., and to the loss of EUR 9,693 thousand 

incurred on the disposal of smaller companies (PACSA, Servicios Urbanos y del Medio Natural, S.L., Ingeniería 

de los Recursos Naturales, S.A., Obras y Servicios Hispania-Gas, S.A. and Urbanizadora Hispano Belga, S.A.), 

which were sold because they were not strategic for the Group. 

Following the sale of 14.28% of the shares of Infraestructura Dos Mil, S.A., the Group only had joint control over 

this investee and its subsidiaries and, therefore, they were proportionately consolidated. 

At 31 December 2009, this heading also included the gain of EUR 9,041 thousand obtained on the sale of 9.72% 

of the shares of Infraestructura Dos Mil, S.A. 

161


162 

9. Transactions and balances in currencies other than the euro 

The detail of the transactions carried out by Group companies in 2010 in currencies other than the euro, by 

currency, for the main operating income and expense items, translated to euros at the average exchange rates, 


Currency 

Revenue Other operating 

income 


Procurements Other operating 

expenses 

Costa Rican colon - - - 2 

Czech koruna 245,316 93,257 331,786 61,321 

Croatian kuna 1 1 2 24 

Algerian dinar 128,018 3,394 142,663 47,896 

Moroccan dirham - - - 156 

United Arab Emirates 

dirham 

- - - 8 

Canadian dollar 1,035 - 2,965 583 

US dollar 442,337 24,828 294,592 9,293 

Swiss franc - - - 56 

Hungarian forint 5,319 1 2 7,722 

Honduran lempira - - 78 2,169 

Bulgarian lev 17,581 211 2,563 737 

Romanian leu - - - 127 

Pound sterling 20,643 280 7,627 13,895 

New Turkish lira - 130 1,093 836 

Azerbaijani new manat - - 16 253 

Argentine peso 28,485 1,382 9,631 10,341 

Chilean peso 107,270 31,066 43,590 12,733 

Mexican peso 945,474 213,343 610,469 116,538 

Colombian peso - - - 807 

Brazilian real 938,617 931 316,208 150,200 

Russian ruble 105 - 1 - 

Saudi riyal - - - 31 

Qatari riyal 172,407 19,602 107,991 22,459 

Peruvian sol 22,081 283 2,101 9,143 

Trinidad-Tobago dollar - - - 2 

Polish zloty 20,618 - 4 7,773 

Total 3,095,307 388,709 1,873,382 475,105


The detail of the balances payable in currencies other than the euro at 31 December 2010 and 2009, by currency 

and for the main asset items in the consolidated balance sheets, translated to euros at the year-end exchange 

rates, is as follows: 

Currency 

Non-current 

financial assets 

2010 

Current financial 

assets 


Trade and other 

receivables 

Costa Rican colon - - 1,155 

Czech koruna 21,541 28 135,756 

Croatian kuna - - 1 

Algerian dinar - - 281,248 

Moroccan dirham - - 1,310 

US dollar - 11,111 143,790 

Canadian dollar 136,792 24 1,897 

Hungarian forint - 1 2,568 

Honduran lempira - - 139 

Bulgarian lev - - 1,163 

Romanian leu - - 4 

Pound sterling - - 7,980 

New Turkish lira - - 4,062 

Argentine peso 1,508 957 12,174 

Colombian peso 1,811 - 62 

Chilean peso - 144,394 89,238 

Mexican peso - 66,032 159,817 

Brazilian real 65,164 27,895 48,546 

Russian ruble - - 248 

Qatari riyal - - 121,270 

Peruvian sol 4,520 14,788 22,100 

Polish zloty - - 2,502 

Total 231,336 265,230 1,037,030 

163


164 

Currency 

Non-current 


2009 

Current financial 

assets 


Trade and other 

receivables 

Costa Rican colon - - 48 

Czech koruna 1,784 11 104,659 

Croatian kuna - - 1 

Algerian dinar - - 412,995 

Moroccan dirham - - 1,294 

US dollar 12,319 668 99,928 

Canadian dollar - 12 5,524 

Hungarian forint - - 7 

Honduran lempira - - 147 

Bulgarian lev 1 - 1,514 

Pound sterling - - 65 

New Turkish lira - - 12,032 

Argentine peso 1,591 290 7,050 

Chilean peso 245,025 158,621 101,143 

Mexican peso 11,748 59,454 105,044 

Brazilian real 55,500 31,968 34,673 

Russian ruble - - 133 

Qatari riyal - - 70,918 

Peruvian sol - 6,109 567 

Total 327,968 257,133 957,742


The detail of the balances payable in currencies other than the euro at 31 December 2010 and 2009, by currency 

and for the main liability items in the consolidated balance sheets, translated to euros at the year-end exchange 

rates, is as follows: 

Currency 

Bank 

borrowings 

Debt 

instruments and 

other marketable 

securities 

2010 

Other financial 

liabilities 

Trade 

and other 

payables 


Other current 

and non-current 

liabilities 

Costa Rican colon - - - 78 - 

Czech koruna 25,152 - 6,513 109,072 18,320 

Croatian kuna - - - 2 - 

Algerian dinar - - - 114,670 24,584 

Moroccan dirham - - - 129 9 

Canadian dollar - - - 264 1 

US dollar 252,219 - 8,864 185,646 26,234 

Hungarian forint - - - 2,463 - 

Bulgarian lev - - - 1,561 83 

Romanian leu - - - 20 - 

Pound sterling - - - 10,384 - 

New Turkish lira - - - 358 2,041 

Honduran lempira - - - 127 - 

Argentine peso 9,194 - - 8,337 3,650 

Chilean peso 256,807 157,121 18,598 22,720 25,027 

Colombian peso 3 - - - 14 

Mexican peso 1,147,669 - 91,972 160,719 110,113 

Brazilian real 765,998 815,237 3,572 48,924 243,502 

Russian ruble - - - 6 6 

Qatari riyal - - - 149,803 10,087 

Peruvian sol 21,720 - - 15,856 648 

Polish zloty - - - 2,518 25 

Total 2,478,762 972,358 129,519 833,657 464,344 

165


166 

Currency 

Bank 

borrowings 

Debt 

instruments and 

other marketable 

securities 

2009 

Other financial 

liabilities 

Trade 

and other 

payables 


Other current 

and non-current 

liabilities 

Costa Rican colon - - - 109 - 

Czech koruna 4,159 16,282 6,288 109,007 25,820 

Croatian kuna - - - 1 - 

Algerian dinar - - - 417,656 24,915 

Moroccan dirham - - - 126 19 

Canadian dollar - - - 253 1 

US dollar 174,813 - 6,516 109,388 14,683 

Hungarian forint - - - 196 - 

Bulgarian lev - - - 999 140 

Romanian leu - - - 77 - 

Pound sterling - - - 783 - 

New Turkish lira - - - 4,879 5,848 

Honduran lempira - - - - 121 

New Venezuelan bolivar - - - - 6 

Argentine peso 10,992 - - 7,263 4,524 

Chilean peso 263,290 263,548 22,511 29,394 34,302 

Colombian peso - - - - 23 

Mexican peso 564,504 - 46,377 97,599 54,163 

Brazilian real 732,206 - 1,151 31,176 218,408 

Qatari riyal - - - 156,417 6,597 

Peruvian sol - - - 384 179 

Total 1,749,964 279,830 82,843 965,707 389,749

10. Consolidated profit attributable to the Parent 


The detail of the contribution to the profit attributable to the Parent in 2010 and 2009 by each of the consolidated 

companies is as follows: 



Obrascón Huarte Lain, S.A. (22,211) 46,231 


Aeropistas, S.L. (11,153) (11,431) 

Agrupación Guinovart Obras y Servicios Hispania, S.A. (5,044) 2,488 


Aquaria Water LLC (1,300) (1,627) 

Arellano Construction Co. (2,831) (1,550) 

Asfaltos y Construcciones Elsan, S.A. (11,811) (639) 

Astral Facilities Management, S.A. (141) (426) 

Autopark, S.A. 742 2,056 

Autopista del Norte, S.A.C. 5,399 3,721 

Autopista Eje Aeropuerto Concesionaria Española, S.A. (1,673) (1,205) 


Autopista Fernao Días, S.A. 419 2,190 



Autopista Planalto Sul, S.A. 919 584 


Autovía Aragón - Tramo 1, S.A. 1,234 530 

Autovías, S.A. 10,755 7,142 

Avalora Tecnologías de la Información, S.A. 1,184 804 

Baja Puerto Escondido, S.A. de C.V. (5,829) (109) 

Biorreciclaje de Cádiz, S.A. 288 181 

Centro Comercial Paseo de San Francisco, S.A. de C.V. (7,477) (1,190) 


Chemtrol Proyectos y Sistemas, S.L. 2,241 1,944 



Concessió Estacions Aeroport L9, S.A. 8,627 5,762 


Construcciones Adolfo Sobrino, S.A. (1,374) (87) 

Construcciones Amozoc Perote, S.A. de C.V. 200 (776) 

Construcciones Enrique de Luis, S.A. 49 (6,333) 

Constructora de Proyectos Viales de México, S.A. de C.V. 72,156 40,832 

Constructora TP, S.A.C. 122 (1,321) 

Coordinadora Vía Rápida Poniente, S.A.P.I. de C.V. 254 - 

Ecolaire España, S.A. (92) (766) 

EyM Instalaciones, S.A. (409) 2,923 

Euroconcesiones, S.L. (845) (688) 

Euroglosa 45 Concesionaria de la Comunidad de Madrid, S.A. 3,233 2,989 

Gastronómica Santa Fé, S.A. de C.V. 4,039 156 

Golf de Mayakoba, S.A. de C.V. (1,783) (4,165) 

Grupo Autopistas Nacionales, S.A. (1,910) (986) 

>>> 

167


168 

>>> 

Huaribe S.A. de C.V. (5,371) (2,415) 


Inima USA Construction Corporation (2,416) (986) 

Inmobiliaria Mayaluum, S.A. de C.V. (2,787) (1,505) 

Instituto de Gestión Sanitaria, S.A. 802 125 

Islas de Mayakoba, S.A. de C.V. 692 (11,685) 

Judlau Contracting, Inc. 2,111 - 

Josefa Valcárcel 42, S.A. 3,728 (734) 

Latina Manutençao de Rodovias, Ltda. - 4,789 

Latina Sinalizaçao de Rodovias, Ltda. 1,390 1,672 

Marina Urola, S.A. 55 198 

Mayakoba Thai, S.A. de C.V. (6,550) (5,237) 


MKB Real Estate, S.A. de C.V. (259) - 

MKH Promatec, S.A. 266 933 

Morkaitz, S.A. - (537) 

Nova Dársena Esportiva de Bara, S.A. (417) 913 

Nuevo Hospital de Burgos, S.A. (195) (111) 

Obrascón Huarte Lain, Construcción Internacional, S.L. (4,086) (186) 

Obrascón Huarte Lain, Desarrollos, S.L. (2,791) 1,044 


OHL Andina, S.A. 834 (1,466) 

OHL Austral, S.A. (5,437) (2,471) 

OHL Central Europe, a.s. 618 (608) 

OHL Colombia, Ltda. (1,260) (487) 

OHL Concesiones Argentina, S.A. 2,379 1,464 

OHL Concesiones Chile, S.A. 1,540 (1,741) 

OHL Concesiones, S.L. 1,462 977 

OHL Construction Canada, Inc (1,765) (231) 

OHL Desarrollos México, S.A. de C.V. 12 (784) 

OHL Industrial Chile, S.A. (13) (4,504) 

OHL Industrial México, S.A. de C.V. (112) (211) 

OHL Industrial, S.L. 228 (2,283) 

OHL Infrastructures, Inc. (3) (2,606) 

OHL Medio Ambiente, Inima, S.A.U. (2,629) 5,467 

OHL Medio Ambiente, Inima Chile Ltda. (114) 931 

OHL Medio Ambiente Inima México, S.A. de C.V. (165) (452) 

OHL Meio Ambiente Inima Brasil Ltda. (936) 152 

OHL México, S.A.B. de C.V. 20,731 6,077 

OHL Pozemné stavby a.s., (1,762) 114 

OHL Toluca, S.A. de C.V. 289 (226) 

OHL USA, Inc. (238) (1,073) 


Operadora Concesionaria Mexiquense, S.A. de C.V. 4,042 2,045 

Operadora Hotelera del Corredor Mayakoba, S.A. de C.V. 184 (4,486) 

Pachira, S.L. (261) (76) 

PACSA, Servicios Urbanos y del Medio Natural, S.L. (76) 1,268 

Participes en Brasil, S.L. (10,076) (431) 


Phunciona Gestión Hospitalaria, S.A. 522 201 

>>>


Port Torredembarra, S.A. (7) (256) 

Premol, S.A. de C.V. 239 156 


Proyectos y Sistemas, S.A. (924) (179) 

S.A. Trabajos y Obras (10,844) 2,662 

Sacova Centros Residenciales, S.L. 53 (1,176) 

Satafi, S.A. (1,455) - 

Sawgrass Rock Quarry Inc. (158) (133) 

Seconmex Administración, S.A. de C.V. 228 263 

Shariket Miyeh Ras Djinet, Spa (627) (297) 

Shariket Tahlya Miyah Mostaganem, Spa (840) (987) 


Sociedad Concesionaria Autopista Los Andes, S.A. (5,900) (4,318) 


Sociedad Concesionaria Centro de Justicia de Santiago, S.A. 618 3,973 

Sociedad Vehículo CA, S.L. (3,537) (1,418) 

SPI – Sociedade para Participaçoes en Infraestructura, S.A. (7,775) - 

SPR - Sociedade para Participaçao em Rodavías, S.A. - 348 

Sthim Maquinaria, S.A. 825 - 

Stride Contractors, Inc 470 415 

Tenedora de Participaciones Tecnológicas, S.A. (338) (17,643) 

Terminales Marítimas del Sureste, S.A. (2,596) (3,330) 

The Tower Group (3,889) (12,544) 


Tractament Metropolità de Fangs, S.L. (783) 25 

TSS, a.s. (158) 1,623 

Urbs Iudex et Causidicus, S.A. 799 807 


Vianorte, S.A. (181) 5,051 

Viceroy Resorts Mayakoba, S.R.L. de C.V. (12,182) - 

Viveros de Mayakoba, S.A. de C.V. (166) (91) 

ZPSV Caña, a.s. 259 235 

ZPSV Eood, a.s. (273) (307) 

ZPSV, a.s. - 746 

ZPSV Servis, s.r.o. 488 - 

ZS Bratislava, a.s. (624) 133 

Others (234) (172) 

Total 195,630 156,075 

169


170 

D.- Other Disclosures 

D.1.- Segment reporting 

Segment reporting is structured by separating the primary segments from the secondary segments. 

The Group considers that the segmentation that best represents it is that based on the various business areas 

in which it operates. These areas constitute the primary segments, which are: 

• Infrastructure concessions 

• Construction abroad 

• Construction in Spain 

• Other business activities 

Since the business activities performed by the Group in the Industrial, Development and Environment areas 

are less important, they have been grouped together under “Other Business Activities”. 

Basic information about these businesses in 2010 and 2009 is presented below: 


Infrastructure Construction 

2010 

Construction Other business Total Group 

concessions abroad 

in Spain 

activities 

Revenue 1,508,662 1,829,279 1,241,553 330,282 4,909,776 

EBITDA 746,897 150,040 90,392 17,703 1,005,032 

As a percentage of revenue 49.5% 8.2% 7.3% 5.4% 20.5% 

EBIT 561,672 104,280 43,337 (9,220) 700,068 

As a percentage of revenue 37.2% 5.7% 3.5% -2.8% 14.3% 

Intangible assets, net 5,986,905 357,299 4,572 85,066 6,441,141 

Current assets 1,671,195 1,648,422 1,282,737 239,560 4,020,089 

Current liabilities 1,720,813 1,340,767 900,506 670,869 3,860,011 

Total assets 8,338,776 2,318,231 1,447,560 1,080,686 12,602,344 

Total liabilities 6,434,538 1,758,811 912,667 864,918 10,577,588 

Operating cash flow 249,346 (127,456) 101,041 29,482 93,992 

Changes in recourse borrowings 64,230 206,508 (63,059) 59,321 443,394 

Changes in non-recourse borrowings 483,820 (4,894) - 50,220 529,146 

Investments and other (797,396) 43,930 (37,983) (139,114) (1,066,532)

Infrastructure 

concessions 

Construction 

abroad 



The secondary segments are the geographical areas in which the Group operated during the year. The most 

significant segment information is as follows: 

2009 

Construction 

in Spain 

Other business 

activities 

Total Group 

Revenue 1,141,880 1,821,370 1,604,356 212,637 4,780,243 

EBITDA 435,999 180,238 129,259 17,612 763,108 

As a percentage of revenue 38.2% 9.9% 8.1% 8.3% 16.0% 

EBIT 315,567 118,645 82,767 (4,939) 512,040 

As a percentage of revenue 27.6% 6.5% 5.2% -2.3% 10.7% 

Intangible assets, net 4,304,564 131,287 3,668 92,626 4,540,045 

Current assets 755,628 1,556,917 1,522,407 200,642 3,170,418 

Current liabilities 1,521,256 1,311,141 1,182,176 407,187 3,922,269 

Total assets 5,721,709 1,977,192 1,674,279 869,596 9,600,103 

Total liabilities 3,892,033 1,427,381 1,127,818 648,473 8,471,944 

Operating cash flow 329,507 132,958 34,772 11,432 536,816 

Changes in recourse borrowings 268,320 (79,007) 5,425 42,763 13,555 

Changes in non-recourse borrowings 639,677 (14,810) - 53,513 678,380 

Investments and other (1,237,504) (39,141) (40,197) (107,708) (1,228,751) 

Spain Algeria Argentina Brazil Eastern 

Europe 

2010 

Chile Mexico Peru Qatar US Other 

countries 


Revenue 1,495,861 270,667 28,485 938,650 475,931 106,997 953,562 35,465 172,407 381,110 50,641 4,909,776 

EBITDA 70,022 4,118 (2,546) 373,468 22,277 65,330 403,958 11,317 28,949 34,765 (6,626) 1,005,032 

As a percentage 

of revenue 

Total 

Group 

4.7% 1.5% -8.9% 39.8% 4.7% 61.1% 42.4% 31.9% 16.8% 9.1% -13.1% 20.5% 

EBIT (55,237) (778) (6,093) 272,712 13,612 53,045 374,937 10,811 26,080 17,681 (6,702) 700,068 


of revenue 

Profit (Loss) 

after tax 

(attributable) 


of revenue 

Intangible 

assets, net 

Year-end 

headcount 

Short-term 

backlog 

Long-term 

backlog 

-3.7% -0.3% -21.4% 29.1% 2.9% 49.6% 39.3% 30.5% 15.1% 4.6% -13.2% 14.3% 

(113,569) (7,808) (8,701) 71,330 7,506 8,145 201,747 8,448 33,545 2,768 (7,781) 195,630 

-7.6% -2.9% -30.5% 7.6% 1.6% 7.6% 21.2% 23.8% 19.5% 0.7% -15.4% 4.0% 

1,321,861 228,038 69,391 1,692,894 4,095 415,963 2,565,579 18,291 - 125,029 - 6,441,141 

6,655 883 573 5,376 2,668 574 3,212 350 1,021 1,240 28 22,580 

2,381,705 96,084 20,998 46,391 579,396 9,953 712,726 279,366 552,689 973,091 108,025 5,760,424 

6,384,165 746,108 693,642 25,157,188 - 3,087,807 40,856,030 1,299,987 - 321,451 - 78,546,378 

Total backlog 8,765,870 842,192 714,640 25,203,579 579,396 3,097,760 41,568,756 1,579,353 552,689 1,294,542 108,025 84,306,802 

171


172 

D.2.- Risk control 

Spain Algeria Argentina Brazil Eastern 

Europe 

One of the priorities of the Group’s corporate governance policy is risk management and internal control. 

The objectives of risk management are as follows: 

• Prevention and control of the risks that may affect the achievement of the targets set by the Group and its equity. 

• Ensure compliance with current legislation and with the Group’s internal regulations and procedures. 

• Guarantee the reliability and completeness of the accounting and financial information. 


In order to strengthen the integration of risk management with the decisions relating to the business, the 

Group continues to reinforce the global risk management system and enhance the management system of the 

whole organisation so that the managers of all the business lines follow the same corporate principles in risk 

management and are able to use uniform policies, processes and models. 

The entire control system and the policies are backed by internal regulations (rules and procedures) and 

by information systems to form a complete and homogeneous whole. In addition, there are internal control 

procedures which enable risk control to be improved by facilitating a monitoring system and ensuring that the 

policies set by the Group are applied correctly. 

2009 

Chile Mexico Peru Qatar US Other 

countries 

Revenue 1,841,520 558,307 25,012 717,582 540,313 129,536 532,389 11,383 104,641 308,339 11,221 4,780,243 

EBITDA 120,496 99,695 (2,373) 272,812 28,227 29,124 188,161 4,781 17,839 10,680 (6,334) 763,108 


of revenue 

Total 

Group 

6.5% 17.9% -9.5% 38.0% 5.2% 22.5% 35.3% 42.0% 17.0% 3.5% -56.4% 16.0% 

EBIT 25,572 68,926 (5,141) 206,259 17,498 19,102 169,588 4,340 16,006 (5,291) (4,819) 512,040 


of revenue 

Profit (Loss) 

after tax 

(attributable) 


of revenue 

Intangible 

assets, net 

Year-end 

headcount 

Short-term 

backlog 

Long-term 

backlog 

1.4% 12.3% -20.6% 28.7% 3.2% 14.7% 31.9% 38.1% 15.3% -1.7% -42.9% 10.7% 

(34,450) 40,820 (7,474) 66,948 11,058 (8,114) 83,375 2,422 15,534 (12,527) (1,517) 156,075 

-1.9% 7.3% -29.9% 9.3% 2.0% -6.3% 15.7% 21.3% 14.8% -4.1% -13.5% 3.3% 

1,297,886 - 71,414 1,339,676 2,879 318,759 1,377,445 3,656 - 128,330 - 4,540,045 

6,241 2,133 517 4,447 2,861 1,542 2,044 16 1,144 899 27 21,871 

2,715,861 156,330 27,554 40,018 610,644 2,556 352,078 174,571 646,389 626,430 42,675 5,395,106 

6,386,096 1,321,137 672,342 22,062,964 - 3,170,845 26,278,591 1,171,122 - 268,345 - 61,331,442 

Total backlog 9,101,957 1,477,467 699,896 22,102,982 610,644 3,173,401 26,630,669 1,345,693 646,389 894,775 42,675 66,726,548

This integrated risk control system permits the following: 


1) Identification of the events that may affect the achievement of the Group’s targets. 

2) Evaluation of the risks arising from these events. 

3) Taking of decisions on the measures to be implemented to maintain the risks within the established limits. 

4) Appropriate monitoring of risks. 

The Group currently has a corporate risk model, which is updated on an ongoing basis and which has the 

respective indicators for the risks identified for the main lines of business, i.e. concessions, construction abroad 

and construction in Spain. Once the control targets have been identified, they are systematically monitored and 

the aforementioned system is updated through continuous improvement. In addition, the model is gradually 

being extended to the other activities. 

The Group has thus identified the risks that may prevent it from achieving its targets; it has fostered the 

continuous improvement of the existing controls (actions, policies, regulations and procedures), perfecting the 

measurement indicators established for each risk and, therefore, has minimised the probability of these risks 

having a significant impact on its business. 

Group risks 

The Group’s normal activity in different business and geographical areas requires an ongoing analysis of the 

main risks, which can be classified into four categories: 

a) Market-related risks. 

b) Operational risks. 

c) Risks related to the reliability of economic and financial information. 

d) Financial risks. 

Following is a brief description of these risks and of the main policies and systems of the Group in this connection. 

a) Market-related risk 

In this category the Group manages the risks relating to changing and specific circumstances in the markets in 

which it operates, particularly potential regulatory changes in the various markets, country risk and risk arising 

from alliances and joint ventures. 

The Group’s presence in the Spanish and foreign markets is the result of a strategy defined after detailed analysis 

of the risks and opportunities therein by the Group’s Board of Directors. Once established in those markets, the 

heads of each line of business monitor the risk factors and adopt the necessary measures to minimise them. 

173


174 

The Group’s ongoing presence in the international market has afforded better knowledge of the specific risk 

factors in each country. 

In relation to the investment decisions taken in each market, the Investment Committee analyses all the 

economic, financial, legal and tax aspects and the return required in order to guarantee that all investments 

are in line with the Group’s policy. 

b) Operational risks 

The main operational risks managed by the Group relate to: 

• Contracts: the Group seeks to adjust contracts to the policies defined by the Group. 

Accordingly, there are detailed procedures with controls at different levels for project tender processes which 

disclose any failure to comply with the objectives set. 

• Performance: most of the risks inherent to the performance of projects are associated with the meeting of 

deadlines, correct performance and the control of project operations and costs. 

The Group has technical and economic planning tools that enable it to study and develop the complete 

execution of the project by cost and sales activity and to monitor the project exhaustively. Monitoring and 

updating are fundamental and the production managers regularly (at least once every four months) review 

the progress of the projects and adopt all the corrective measures necessary to guarantee deadlines, quality 

and profitability. 

The business areas that do not use this planning tool have other specific tools with which to analyse the 

progress of their business (e.g. traffic and incident control in concessions, etc.) and also take the required 

corrective measures where necessary. 

In order to cover any potential contingency that might arise in the course of the project, the Group takes out 

third-party liability and all-risk construction insurance policies. 

• Subcontracting: risks can arise from the secondary liability of the Group for the performance of subcontractors 

and from possible disputes regarding the fulfilment of contracts. 

The Group’s purchasing system is essential to guarantee the meeting of construction deadlines and the 

quality and profitability of projects and to ensure that the subcontractors meet the requirements of the Group. 

The purchase process begins with the accreditation of suppliers and subcontractors, which is an essential 

requirement in order for bids to be accepted and projects to be awarded. Once this procedure has been 

carried out, the decision-making processes related to orders or subcontracted work must comply with 

internal regulations and be monitored in the performance phase by the manager of each project, who in turn 

is supervised by the Purchasing Manager who follows the entire process by computer.


Control of the legal (tax, labour and environmental) obligations of our subcontractors is monitored closely 

and the Group has taken out insurance policies to guarantee its indemnity in the event of any performance 

problems relating to the subcontractors. 

• Quality: it is important to ensure that the Group’s products and services meet the specifications and 

requirements of customers and third parties. 

In this respect, the OHL Group fosters the implementation of quality management systems for all its lines of 

business in all the countries in which it operates, which are always adjusted to prevailing international and 

local technical regulations. Testament to this is the large number of Group companies with quality system 

certifications that comply with the ISO 9001 standards and the implementation of the ISO 9004 standard 

at other companies. Both standards are aimed at continuous improvement and ensuring the satisfaction of 

our customers. 

A key element of the quality system is the requirement for our suppliers and subcontractors to comply with 

the aforementioned quality standards, which is why the prior accreditation system exists. 

• Occupational risk prevention: occupational illness and accidents suffered by Group employees and by 

external personnel of collaborators must be managed and prevented. 

The Group has an occupational risk prevention system which enabled the Group to obtain OHSAS 18001:2007 

certification in 2005. This certificate is issued by SGS and has helped to implement a “zero accident” 

philosophy, reducing the accident rate year after year. 

Pursuant to the Occupational Risk Prevention Law, the Group acts through the Joint Prevention Service (SPM) 

which monitors the application of obligatory safety measures and sets up an occupational risk prevention 

system in line with OHSAS 18000 standards. 

• Environmental: eit is essential to ensure efficient use of resources to prevent business activities having an 

adverse impact, mainly on the environment but also on persons and property. 

The Group is aware of the environmental impact of its activities and is liable to both its customers and 

society. Therefore, it has environmental management systems in place based on the ISO 14001 standard or 

on other standards such as LEED which guarantee compliance with environmental legislation, continuous 

improvement in the performance and the training and awareness of employees, subcontractors and other 

stakeholders. In addition, the Group has an environmental indicator management system at corporate level 

which makes it possible to gain more extensive and detailed knowledge of the environmental impacts that 

it can cause and adopts measures in this connection. 

In addition, the Group works with customers, suppliers, governments and other authorities on an ongoing 

basis. 

175


176 

Also, in fulfilment of Environmental Liability Law 26/2007, transposing Directive 2004/35/CE into Spanish 

law, the Group has taken out the insurance policy required to provide cover for this environmental risk 

throughout the European Unión. 

The Group has a corporate environmental and quality service which is independent from the production 

lines and for which the structure is adapted to the current requirements of the Parent. The service has two 

areas focused on quality and the environment (energy and emissions, biodiversity and environmental 

performance) that are interlinked with two overlapping areas that handle the management and environmental 

communication systems. 

c) Risks related to the reliability of economic and financial information 

The Group’s objective is to ensure that the information used is correct and accurate and enables decisions to 

be taken by Group executives and third parties. 

The information system is based on in-house and specific systems (based on the requirements and characteristics 

of each activity) implemented at all the Group companies. 

The entire system is completed by a single periodic reporting system for all Group companies which makes it 

possible to prepare consolidated financial information. 

The reliability of the Group’s information is guaranteed by internal controls which may take the shape of automatic 

processes or periodic reviews. 

The general supervisory functions of the Audit Committee of the Board of Directors include the review of the 

Group’s financial statements, monitoring compliance with legal requirements and the correct application of 

accounting policies and the review of the periodic financial information that the Board must furnish to the 

markets, which is an obligatory and ongoing process. 

In view of the foregoing, in 2009 the Spanish National Securities Market Commission (CNMV) formed a Working 

Group for the Internal Control of Financial Reporting since it deemed necessary the obligation to report on the 

Internal Control System over Financial Reporting (ICSFR) at listed entities in the Annual Corporate Governance 

Report (ACGR). 

The CNMV work group concluded in its proposal approved on 17 June 2010 that from 2011 onwards the listed 

entities should disclose a description of its internal control system over financial reporting in the Annual Corporate 

Governance Report. This proposal reaffirms the role of the Board of Directors as the body responsible for ensuring 

that an adequate and efficient ICSFR is in place and the fact that the design, implementation and operation of 

this system is the responsibility of senior management, through the Economic and Financial Department. The 

Audit Committee is in charge of overseeing the ICSFR, with the support of the Internal Audit function.


The Work Group’s proposal also includes a guide which lays down a number of reference rules and indicators 

which the entities must report on annually in the Annual Corporate Governance Report of companies officially 

admitted to trading. 

In terms of legislation, the draft bill for the Spanish Sustainable Economy Law amends Article 116 of the Spanish 

Securities Market Law, which stipulates the content of the Annual Corporate Governance Report including the 

description of the main characteristics of the ICSFR. On 4 March 2011, the Spanish cabinet approved the bill 

effectively transposing Directive 2006/46/EC. As established by the bill, the Audit Law provides the Audit 

Committee with new powers. Most noteworthy is the oversight of the effectiveness of internal control and the 

risk management systems. 

Accordingly, in 2010 the Group conducted a diagnostic analysis of the current situation of the Internal Control 

System over Financial Reporting (ICSFR) with respect to the guidelines indicated in the reference framework 

and the 16 basic indicators defined in the “the CNMV Guide for the Preparation of the Description of the ICSFR”. 

The scope of the diagnostic analysis was defined considering the qualitative importance of each of the Group’s 

businesses and companies. In addition, companies or lines of business that will experience strong growth at 

short term were considered and areas where there was room for improvement were identified. 

In order to increase the level of compliance and to bring its internal control system over financial reporting into 

line with the reference framework, the Group decided to implement a project that puts into practice the action 

plans recommended in the diagnostic analysis, adopting any practices that might add value to management 

and within the integrated risk system. Based on the diagnostic analysis of the Group’s situation, the priorities 

in this project are as follows: 

• Ensure reliability of the financial information. 

• Risk assessment and management. 

• Control activities. 

• Reporting and Communication. 

• Oversight. 

• Process efficiency. 

In 2011 all the measures will foreseeably be implemented in order to make all the systems fully operational and 

to comply with the reference rules and indicators, for which the proper disclosures will be reported in the 2011 

Annual Corporate Governance Report. 

d) Financial risks 

These risks affect mainly the obtainment of the necessary financing when required and at a reasonable cost 

and the maximisation of the available financial resources. The most significant are as follows: 

177


178 

• Interest rate risk. 

• Risk relating to financial instruments associated with the Parent’s shares. 

• Foreign currency risk. 

• Credit risk. 

• Liquidity risk 

Interest rate risk 

Interest rate fluctuations change the future flows from assets and liabilities tied to floating interest rates. 

This interest rate risk is particularly important in relation to the financing of infrastructure projects and other 

projects in which in which project profitability depends on possible changes in interest rates because it is 

directly linked to project cash flows. 

Based on the Group’s projections of the trend in interest rates and of debt structure targets, hedging transactions 

are carried out by arranging derivatives that mitigate these risks and a sensitivity analysis is conducted in this 

connection. 

Of the Group’s total gross debt at 31 December 2010, 31.5% had been hedged while 23.8% was bearing interest 

at a fixed rate. 

The sensitivity of the Group’s profit to an increase of 0.5% in interest rates, excluding the debt hedged with 

hedging instruments and the debt bearing a fixed rate of interest, gave rise to an impact of EUR 7,081 thousand 

on the profit attributable to the Parent. 

Risk relating to financial instruments associated with the Parent’s shares 

In 2007 the Group arranged an equity swap tied to the Parent’s share price in order to hedge the potential loss 

that might arise from the exercise of the options under the incentive plan approved by the Parent’s Board of 

Directors that year. Since the plan initially approved was amended in 2010, the Group terminated the swap early 

and arranged a new swap tied to the Parent’s share price in order to hedge the potential loss that might arise 

from the exercise of the options under the amended incentive plan. With respect to the equity swaps tied to 

the price of the treasury shares, the commitment is to pay or receive the result of the change in the share price 

with respect to the reference price until the expiry of the derivative and to pay a floating interest rate during 

the term of the swap. 

At 31 December 2010, the fair value of the derivative on treasury shares recognised under “Non-Current Financial 

Assets” in the consolidated balance sheet was EUR 6,859 thousand (31 December 2009: EUR (11,782) thousand). 

These amounts were recognised under “Other Current Financial Liabilities” and the accumulated impact, net of 

the related tax effect, was EUR (3,446) thousand at 31 December 2010 (31 December 2009: EUR (8,247) thousand).

Foreign currency risk 


The Group operates in the international market and, therefore, is exposed to currency risk on the transactions 

performed by it in foreign currencies. 

The foreign currency risks basically arise on: 

• Debt denominated in foreign currencies arranged by the Group companies. 

• Payments to be made in international markets in order to make procurements. 

• Collections arising on construction work tied to currencies other than the functional currency of the Parent 

or the subsidiaries that performed it. 

• Net investments in foreign operations. 

In order to mitigate foreign currency risk, the Group arranges currency derivatives and foreign currency hedges 

to hedge significant future transactions and cash flows, in keeping with the acceptable risk limits. 

Also, the net assets relating to net investments in foreign operations with a functional currency other than the 

euro are exposed to the risk of exchange rate fluctuations on the translation of the financial statements of these 

foreign operations on consolidation. 

The amount recognised under “Valuation Adjustments - Translation Differences” in the consolidated balance 

sheet at 31 December 2010 amounts to EUR 43,339 thousand (31 December 2009: EUR (161,109) thousand). 

On other occasions, non-current assets denominated in currencies other than the euro are financed in that 

same currency with a view to creating a natural hedge. 

The sensitivity analysis of the foreign currency risks of financial instruments for the main currencies in which 

the Group operates simulated a 10% increase in the foreign currency per euro exchange rate with respect to 

those applicable at 31 December 2010 and 2009, the impact of which was as follows: 

Currency 

Profit (Loss) Translation 

differences 

2010 

Attributable equity Non-controlling 

interests 


Total equity 

Czech koruna 73 (1,981) (1,908) (270) (2,178) 

Algerian dinar 9,940 - 9,940 - 9,940 

US dollar (2,931) (23,499) (26,430) (3,667) (30,097) 

Argentine peso 73 (664) (591) (96) (687) 

Chilean peso 150 (11,198) (11,048) - (11,048) 

Mexican peso (383) (92,874) (93,257) (32,886) (126,143) 

Brazilian real - (104,138) (104,138) (69,425) (173,563) 

Qatari riyal (2,703) - (2,703) - (2,703) 

Total 4,219 (234,354) (230,135) (106,344) (336,479) 

179


180 

Currency 


differences 

2009 


interests 


Total equity 

Czech koruna (57) (4,776) (4,833) (652) (5,485) 

Algerian dinar (2,070) - (2,070) - (2,070) 

US dollar (2,913) (13,051) (15,964) (2,037) (18,001) 

Argentine peso (107) (876) (983) (357) (1,340) 

Chilean peso 1,839 (8,785) (6,946) (4,668) (11,614) 

Mexican peso 1,535 (53,532) (51,997) (7,300) (59,297) 


Qatari riyal (6,447) - (6,447) - (6,447) 

Total (8,220) (132,668) (140,888) (49,446) (190,334) 

If a sensitivity analysis were performed using the hypothesis of a 10% decrease in the foreign currency per euro 

exchange rate with respect to those applicable at 31 December 2010 and 2009, the impact would be as follows: 

Currency 


differences 

2010 


interests 


Total equity 

Czech koruna (67) 1,800 1,733 246 1,979 


US dollar 2,666 21,363 24,029 3,334 27,363 

Argentine peso (67) 604 537 87 624 

Chilean peso (136) 10,180 10,044 - 10,044 

Mexican peso 348 84,431 84,779 29,897 114,676 

Brazilian real - 94,670 94,670 63,114 157,784 

Qatari riyal 2,457 - 2,457 - 2,457 

Total (3,836) 213,048 209,212 96,678 305,890

Currency 


It can be seen from the above that the Group’s exposure to foreign currency risk relates to the Brazilian real, 

the Mexican peso, the US dollar and the Chilean peso. 

Credit risk 


differences 

Credit risk is the risk that a counterparty to a contract does not meet its contractual obligations, giving rise to 

a loss. 

The Group has adopted a policy of only trading with solvent third parties and obtaining sufficient guarantees 

to mitigate the risk of incurring losses in the event of non-compliance. The Group obtains information on its 

counterparty through independent company valuation agencies, other public sources of financial information 

or the information it obtains from its own relationships with customers. 

The Group’s financial assets exposed to credit risk are: 

• Non-current financial assets. 

• Hedging instruments. 

• Trade and other receivables. 

• Current financial assets. 

• Financial assets included in “Cash and Cash Equivalents”. 

The balances of these items constitute the Group’s total exposure to credit risk. 


The credit risk of hedging instruments with a positive fair value is limited by the Group, since derivatives are 

arranged with highly solvent counterparties with high credit ratings and no counterparty accounts for a significant 

percentage of the total credit risk. 

2009 


interests 

Total equity 

Czech koruna 53 4,343 4,396 592 4,988 


US dollar 2,648 11,864 14,512 1,852 16,364 

Argentine peso 97 796 893 325 1,218 

Chilean peso (1,672) 7,986 6,314 4,244 10,558 

Mexican peso (1,395) 48,666 47,271 6,636 53,907 


Qatari riyal 5,860 - 5,860 - 5,860 

Total 7,474 120,608 128,082 44,950 173,032 

181


182 

The balances of trade receivables for sales and services are made up of a high number of customers from various 

industries and geographical areas. Private-sector customers in Spain represent just 12.6% of the total. 

An assessment is performed in all cases before a contract is signed, including a solvency study. Over the course 

of the contract term, changes in debt and the recoverable amounts are assessed on an ongoing basis, and 

valuation adjustments are made where necessary. 

Liquidity risk 

The liquidity risk arising from the financing requirements of the business activities due to timing mismatches 

between liquidity needs and inflow of funds is managed by the Group by maintaining the appropriate level of 

cash and marketable securities as well as by arranging and maintaining sufficient lines of financing. 

In order to improve this liquidity position, the Group takes measures in relation to: 

• Trade and other receivables, actively managing collection from customers. 

• Optimisation of the companies’ financial position through ongoing monitoring of cash projections. 

• Management of the arrangement of lines of financing through capital markets. 

The Group presents the repayment schedule at 31 December 2010 in Note C.16, which amounts to EUR 1,208,389 

thousand for 2011. 

The Group’s liquidity position at 31 December 2010 was made up of the following: 

• Current financial assets amounting to EUR 351,251 thousand.“Current Financial Assets” include the restricted 

reserve accounts of certain concession operators, amounting to EUR 256,074 thousand, for debt servicing. 

• Cash and cash equivalents amounting to EUR 1,366,605 thousand. 

• Drawable credit lines and discount facilities amounting to EUR 1,544,523 thousand. 

This position, together with the cash generated from operating activities, minimises the Group’s liquidity risk.

D.3.- Employees 


The average number of employees in 2010 and 2009, by professional category, was as follows: 

Professional category 

The average number of employees in 2010, by category and gender, was as follows: 

D.4.- Related party transactions 

Average number of employees 

2010 2009 

Management and university graduates 3,214 2,828 

Further education college graduates 3,913 3,228 

Non-graduate line personnel 2,811 2,867 

Clerical staff 2,063 2,083 

Other 10,342 10,395 

Total 22,343 21,401 

Permanent employees 15,514 14,895 

Temporary employees 6,829 6,506 

Total 22,343 21,401 

Professional category 

Average number of employees 

Men Women 

Management and university graduates 2,398 816 

Further education college graduates 2,672 1,241 

Non-graduate line personnel 2,018 793 

Clerical staff 1,139 924 

Other 8,594 1,748 

Total 16,821 5,522 

Related party transactions are deemed to be transactions with parties outside the Group but with which there 

are strong ties as defined in Ministry of Economy and Finance Order EHA/3050/2004, of 15 September, and in 

Spanish National Securities Market Commission (CNMV) Circular 1/2005, of 1 April. 

183


184 

The following transactions were performed with related companies in 2010 and 2009: 

The detail of the related party transactions in 2010 is as follows: 


Transaction 2010 % of total 2009 % of total 

Revenue 816 0,02 13,410 0,28 

Other operating income 248 0,06 304 0,12 

Procurements 508 0,02 3,278 0,11 

Other operating expenses 16,028 1,92 16,223 2,49 

Acquisitions of intangible assets 309 - 887 - 

Acquisitions of financial assets 14,504 - - - 

Disposals of property, plant and equipment - - 484 - 

Employer 

identification 

number of the 

related party 

Name of the related company Type of 

relationship 

Transaction Name of the group 

company or entity 

Thousands 

of euros 

26-0293567 Clearwater Espacio Deveploment LLD Contractual Revenue The Tower Group (356) 

B82963091 Espacio Zona Prime, S.L. Contractual Revenue Obrascon Huarte 

Lain, S.A. 

B80420516 Ferroatlántica, S.L.U. Contractual Revenue Ecolaire España, 

S.A. 

A28165298 Fertiberia, S.A. Contractual Revenue Chemtrol Proyectos 

y Sistemas, S.L. 

A28165298 Fertiberia, S.A. Contractual Revenue Sthim Maquinaria, 

S.A. 

A28294718 Inmobiliaria Espacio, S.A. Contractual Revenue Instituto de Gestión 

Sanitaria, S.A. 

B80756471 Pacadar de la Mancha, S.L.U. Contractual Revenue Instituto de Gestión 


A28032829 Pacadar, S.A.U. Contractual Revenue Instituto de Gestión 


B82607839 Promociones y Propiedades Inmobiliarias 

Espacio, S.L.U. 

Contractual Revenue Obrascon Huarte 

Lain, S.A. 

B85504884 Silicio Ferrosolar, S.L.U. Contractual Revenue Ecolaire España, 

S.A. 

A78917440 Torre Espacio Castellana, S.A. Contractual Revenue Obrascon Huarte 

Lain, S.A. 

B84996362 Torre Espacio Gestión, S.L.U. Contractual Revenue Instituto de Gestión 


513300400000070 Villar Mir (GANZI) Energy Devel. Com. Limt. Contractual Revenue Obrascon Huarte 

Lain, S.A. 

B84352038 Espacio Aviation Management, S.L.U. Contractual Other operating 

income 

A80400351 Espacio Information Technology, S.A.U. Contractual Other operating 

income 

Obrascon Huarte 

Lain, S.A. 


Lain, S.A. 

253 

104 

1 

12 

2 

8 

51 

(41) 

93 

76 

375 

238 

1 

111 

>>>

B82500257 Grupo Villar Mir, S.L.U. Contractual Other operating 

income 

A28022796 Hidro Nitro Española, S.A. Contractual Other operating 

income 

A28294718 Inmobiliaria Espacio, S.A. Contractual Other operating 

income 

A28032829 Pacadar, S.A.U. Contractual Other operating 

income 

B82607839 Promociones y Propiedades Inmobiliarias 



Contractual Other operating 

income 

A78917440 Torre Espacio Castellana, S.A. Contractual Other operating 

income 

B84996362 Torre Espacio Gestión, S.L.U. Contractual Other operating 

income 


Lain, S.A. 

Asfaltos y 

Construcciones 

Elsan, S.A. 


Lain, S.A. 


Lain, S.A. 


Lain, S.A. 


Lain, S.A. 


Lain, S.A. 

A96736335 Pacadar Edificación, S.A.U. Contractual Procurements Obrascon Huarte 

Lain, S.A. 

A28032829 Pacadar, S.A.U. Contractual Procurements Asfaltos y 


Elsan, S.A. 

A28032829 Pacadar, S.A.U. Contractual Procurements Obrascon Huarte 

Lain, S.A. 

B84033935 Durinx servicios, S.L. Contractual Other operating 

expenses 


expenses 


expenses 


expenses 


expenses 


expenses 


expenses 


expenses 


expenses 


expenses 


expenses 


Lain, S.A. 

Autopista Eje 

Aeropuerto 

Concesionaria 

Española, S.A. 

Autovía de Aragón- 

Tramo 1, S.A. 


Enrique de Luis, 

S.A. 

Sociedad 

Concesionaria 

Centro de Justicia 

de Santiago, S.A. 

Chemtrol Proyectos 

y Sistemas, S.L. 

Constructora de 

Proyectos Viales de 

México, S.A. de C.V. 

Ecolaire España, 

S.A. 

Asfaltos y 


Elsan, S.A. 

Euroglosa 45 

Concesionaria de 

la Comunidad de 

Madrid, S.A. 

EyM Instalaciones, 

S.A. 

2 

5 

1 

63 

60 

4 

1 

394 

115 

(1) 

310 

2 

3 

25 

9 

32 

196 

79 

102 

10 

34 

>>> 

185


186 

>>> 


expenses 


expenses 


expenses 


expenses 


expenses 


expenses 


expenses 


expenses 


expenses 


expenses 


expenses 


expenses 


expenses 


expenses 


expenses 

B84481506 Fórmula Jet, S.L.U. Contractual Other operating 

expenses 

B84481506 Fórmula Jet, S.L.U. Contractual Other operating 

expenses 

A28027183 Ideam, S.A.U. Contractual Other operating 

expenses 

B45325834 Infoglobal, S.L. Contractual Other operating 

expenses 

A28294718 Inmobiliaria Espacio, S.A. Contractual Other operating 

expenses 

A96736335 Pacadar Edificación, S.A.U. Contractual Other operating 

expenses 

A78917440 Torre Espacio Castellana, S.A. Contractual Other operating 

expenses 

Agrupación 

Guinovart Obras y 

Servicios Hispania, 

S.A. 

Instituto de Gestión 

Sanitaria, S.A.U. 

Inmobiliaria 

Mayaluum, S.A. 

de C.V. 


Lain, S.A. 

150 

29 

10 

3,153 

OHL Austral, S.A. 10 

Obrascón Huarte 

Lain, Construcción 

Internacional, S.L. 

OHL Concesiones, 

S.L. 


Lain, Desarrollos, 

S.L. 

282 

117 

26 

OHL Industrial, S.L. 16 

OHL Medio 

Ambiente, Inima, 

S.A.U. 

65 

OHL USA, Inc. 179 

Proyectos y 

Sistemas, S.A. 

Sacova Centros 

Residenciales, S.L. 

S.A. Trabajos y 

Obras 


Adolfo Sobrino S.A. 


Lain, S.A. 

OHL Medio 

Ambiente, Inima, 

S.A.U. 


Lain, S.A. 

Metro Ligero Oeste, 

S.A. 


Lain, S.A. 


Lain, S.A. 


Lain, S.A. 

5 

5 

143 

46 

1,885 

8 

15 

158 

6 

59 

8,831 

>>>


expenses 


expenses 


expenses 

A80400351 Espacio Information Technology, S.A.U. Contractual Acquisitions of 

intangible assets 

A80400351 Espacio Information Technology, S.A.U. Contractual Acquisitions of 

intangible assets 

A28294718 Inmobiliaria Espacio, S.A. Contractual Acquisitions of 


The transactions were performed on an arm’s length basis. 


At 31 December 2010 and 2009, the balances with related companies were as follows: 


Lain, S.A. 

OHL Concesiones, 

S.L. 


Lain, S.A. 


Lain, S.A. 

15 

7 

6 

280 

OHL Industrial, S.L. 29 

OHL Desarrollos 

México, S.A. de C.V. 

Transaction 

Assets 

Non-current 

2010 % of total 2009 


% of total 

Deposits and guarantees given 

Current 

1,210 10.34 1,208 10.86 

Trade receivables for sales and services 1,289 0.08 14,487 0.87 

Sundry accounts receivable 

Liabilities 

Non-current 

137 0.05 419 0.25 

Other non-current liabilities 

Current 

7,119 2.01 - - 

Customer advances 555 0.13 115 0.02 

Accounts payable for purchases and services 567 0.05 513 0.04 

Notes payable 414 0.10 4,370 0.85 

Other non-trade payables 15,148 13.19 15,263 13.32 

14,504 

187


188 

D.5.- Backlog 

At 31 December 2010, the Group’s backlog amounted to EUR 84,306,802 thousand (31 December 2009: EUR 

66,726,548 thousand). 

The breakdown of the Group’s backlog, by activity and geographical market, is as follows: 

By activity 

Short-term 

backlog 

2010 2009 

Long-term 

backlog 

Total Short-term 

backlog 

Long-term 

backlog 


Infrastructure concessions 31,850 76,210,528 76,242,378 113,686 58,685,606 58,799,292 

Construction abroad 3,154,558 143,388 3,297,946 2,533,233 126,851 2,660,084 

Construction in Spain 2,194,819 16,934 2,211,753 2,586,436 16,934 2,603,370 

Other business activities 379,197 2,175,528 2,554,725 161,751 2,502,051 2,663,802 

Industrial 258,188 - 258,188 10,454 - 10,454 

Development - - - 28,309 - 28,309 

Environment 121,009 2,175,528 2,296,537 122,988 2,502,051 2,625,039 

Total backlog 5,760,424 78,546,378 84,306,802 5,395,106 61,331,442 66,726,548 

Of the total short-term backlog at 31 December 2010, EUR 3,908,675 thousand related to public- sector customers 

and EUR 1,851,749 thousand to private-sector customers (2009: EUR 4,347,578 thousand and EUR 1,047,528 

thousand, respectively). 

By geographical 

market 

2010 2009 

Total 


Short-term backlog Long-term backlog Total Short-term backlog Long-term backlog Total 

Spain: 

Andalusia 567,963 31,092 599,055 468,432 42,684 511,116 

Aragón 80,516 - 80,516 69,933 - 69,933 

Asturias 66,937 - 66,937 83,775 - 83,775 

Balearic Islands 21,309 - 21,309 10,628 - 10,628 

Canary Islands 183,292 - 183,292 207,324 - 207,324 

Cantabria 43,450 - 43,450 38,984 - 38,984 

Castilla-La Mancha 128,915 - 128,915 137,013 - 137,013 

Castilla y Leon 136,767 - 136,767 149,506 - 149,506 

Catalonia 382,501 230,056 612,557 470,913 220,395 691,308 

Extremadura 22,399 - 22,399 25,785 - 25,785 

Galicia 128,478 - 128,478 176,778 - 176,778 

La Rioja 1,089 - 1,089 4,181 - 4,181 

Madrid 396,811 5,210,874 5,607,685 596,978 5,210,874 5,807,852 

Melilla 165 - 165 2,797 - 2,797 

Murcia 38,435 - 38,435 24,205 - 24,205 

Navarre 12,351 - 12,351 15,243 - 15,243 

Basque Country 34,958 28,512 63,470 72,133 28,512 100,645 

Valencia 135,369 883,631 1,019,000 161,253 883,631 1,044,884 

Total - Spain 2,381,705 6,384,165 8,765,870 2,715,861 6,386,096 9,101,957 

>>>


Abroad: 

Algeria 96,149 746,108 842,257 156,330 1,321,137 1,477,467 

Argentina 20,998 693,642 714,640 27,554 672,342 699,896 

Azerbaijan 2,382 - 2,382 7,022 - 7,022 

Brazil 46,391 25,157,188 25,203,579 40,018 22,062,964 22,102,982 

Bulgaria 22,763 - 22,763 38,122 - 38,122 

Chile 9,953 3,087,807 3,097,760 2,556 3,170,845 3,173,401 

Colombia 73,006 - 73,006 - - - 

US 973,092 321,451 1,294,543 626,430 268,345 894,775 

France 100 - 100 - - - 

Honduras 846 - 846 - - - 

Hungary - - - 3,220 - 3,220 

Italy 5,011 - 5,011 - - - 

Libya 78 - 78 - - - 

Qatar 552,689 - 552,689 646,389 - 646,389 

Morocco 48 - 48 357 - 357 

Mexico 712,730 40,856,030 41,568,760 352,078 26,278,591 26,630,669 

Montenegro 412 - 412 2,327 - 2,327 

Peru 279,366 1,299,987 1,579,353 174,571 1,171,122 1,345,693 

Poland 147,973 - 147,973 - - - 

Portugal 3,893 - 3,893 4,440 - 4,440 

UK 24,650 - 24,650 33,423 - 33,423 

Czech Republic 343,971 - 343,971 442,064 - 442,064 

Slovakia 61,939 - 61,939 117,890 - 117,890 

Turkey 264 - 264 4,439 - 4,439 

Other 15 - 15 15 - 15 

Total abroad 3,378,719 72,162,213 75,540,932 2,679,245 54,945,346 57,624,591 

Total backlog 5,760,424 78,546,378 84,306,802 5,395,106 61,331,442 66,726,548 

At 31 December 2010, the total backlog abroad represented 89.60% of the total backlog (2009: 86.4%). 

D.6.- Contingent assets and liabilities 

1. Contingent assets 

There were no contingent assets at 31 December 2010. 

2. Contingent liabilities 

The contingent liabilities include the normal liability of construction companies for the performance and 

completion of the project contracts held by the Group companies and those arranged by the UTEs in which they 

have interests. The subsidiaries in Spain also have a secondary liability for the obligations of their subcontractors 

to the social security system with respect to their site employees. No losses are expected to arise for the Group 

in this connection. 

189


190 

At 31 December 2010, the Group companies had provided EUR 3,359,968 thousand of guarantees to third parties 

(31 December 2009: EUR 2,808,939 thousand), of which, in accordance with standard practice in the industry, 

EUR 3,201,228 thousand (31 December 2009: EUR 2,563,042 thousand) related to completion bonds deposited 

with public authorities and private-sector customers to guarantee proper performance of the project contracts, 

and the remainder to provisional guarantees for project bids. 

Also, some Group companies had provided personal and joint and several guarantees to various entities (mainly 

banks) as security for the credit facilities granted to other Group companies, which amounted to EUR 3,266 

thousand at 31 December 2010 (31 December 2009: EUR 5,740 thousand). 

The Parent’s directors do not expect any additional liabilities to arise in connection with these guarantees that 

might affect the 2010 financial statements. 

Litigation 

At the end of 2010 certain litigation and claims were in process against the Parent as a result of the ordinary 

performance of its business activities. 

The most significant litigation is as follows: 

• On 23 December 2008, the Parent was notified of the decision handed down by Panel Two of the Judicial 

Review Chamber of the National Appellate Court, which partially dismissed the appeal for judicial review filed 

in the past against the decision of the Central Economic-Administrative Tribunal on 19 May 2005, relating to 

the tax assessment for 1994 to 1997. 

In view of this situation, it was decided to file a cassation appeal at the Supreme Court on 12 January 2009, 

which was granted leave to proceed. 

The Parent’s legal advisers consider that there are sufficient grounds for challenging the aforementioned 

decision and, on the basis of these opinions, the Company’s directors considered that it would be appropriate 

not to reverse the tax assets recognised in the Parent’s consolidated balance sheet (see Note C.21.6.). 

On 14 September 2009, Dominion Tecnologías, S.L.U. (“Dominion”) filed a request for arbitration jointly 

against Obrascón Huarte Lain, S.A., Contrack International Incorporated (“Contrack”) and the joint venture 

formed by the former two companies in which a 55% ownership interest is held by Obrascón Huarte Lain, S.A. 

and a 45% ownership interest is held by Contrack. The arbitration proceedings are being administered by 

the International Chamber of Commerce and, based on the related regulations, only one arbitrator has been 

designated. Dominium filed a final claim and Obrascón Huarte Lain, S.A. and Contrack filed an answer and 

counterclaim as the respondents. Following the witness statements the parties will make closing speeches 

regarding liability.


Dominion bases its claim on what it considers to be a breach of the agreement entered into on 15 September 

2007 relating to Dominion’s potential involvement as a subcontractor of the joint venture, in the Sidra Medical 

& Research Centre project in Doha (Qatar). The joint venture was commissioned to execute the project by the 

Qatar Foundation. 

The Qatar Foundation did not authorise the joint venture to subcontract Dominion, as it considered that 

Dominion did not meet the established requirements, one of which was stipulated in the main agreement 

-known and accepted by the parties- namely, the need for express authorisation from the Qatar Foundation 

for the performance of any subcontracted work. 

Notwithstanding the fact that the proceedings are at a very early stage of being processed and taking into 

consideration the report from the external legal advisers issued in relation to the claim filed, the Company’s 

managing body considers that this litigation proceeding will not give rise to any material adverse consequences 

for the Company. 

• In February 2010 the Spanish National Competition Commission instituted an administrative disciplinary 

proceeding against the construction companies for possible anti-competitive practices which included 

Obrascón Huarte Lain, S.A. A decision has not yet been handed down by the Spanish National Competition 

Commission with respect to this proceeding. 

Based on the opinion of the Company’s legal advisers, the Company’s Board of Directors consider that the 

aforementioned proceeding will not give rise to any material adverse consequences for the Company. 

• In June 2008 and 2009 the concession operator of Autopista Eje Aeropuerto filed two administrative claims 

at the Ministry of Public Works requesting that the contract be amended from the standpoint of balancing 

it or otherwise that it be rendered void and the services be refunded, on the ground that the concession 

was not financially feasible since the current traffic levels differ significantly from those stated in the tender 

specifications which served as the basis for preparing bids in the tender process. At 31 December 2010, the 

authorities had not handed down any decision on these requests. 

In addition, at 31 December 2010, the subsidiary Autopista Eje Aeropuerto Concesionaria Española, S.A. 

had not finalised the compulsory purchase procedures for the land over which the motorway runs. At the 

aforementioned date, appeals for judicial review had been filed in relation to the decisions handed down by 

the Madrid Provincial Compulsory Purchase Board regarding the just compensation for the land. 

In addition to the aforementioned litigation, the Group is involved in other minor lawsuits arising from the 

ordinary course of its operations, none of which are for a significant individual amount. Therefore, the Group’s 

legal advisers and directors consider that the outcome will not have a material effect on the financial statements 

for the years in which they are settled. 

191


192 

D.7.- Disclosures on the payment periods to suppliers. Additional Provision Three. “Disclosure 

obligation” provided for in Law 15/2010, of 5 July” 

As a result of the entry into force of Law 15/2010, of 5 July, amending the Late Payment Law, the Group adapted 

its operation to the provisions of the Law. 

The payables to suppliers at 31 December 2010 included under “Payables for Purchases and Services” and “Notes 

Payable” in the consolidated balance sheet amounts to EUR 809,344 thousand for the Spanish subsidiaries 

and is not past due by more than the maximum payment period established by the law. 

D.8.- Remuneration of directors and senior executives 

1. Remuneration of directors 

At the Annual General Meeting of OBRASCÓN HUARTE LAIN, S.A. held on 10 May 2007, the shareholders 

approved the Board of Directors’ remuneration policy consisting of fixed annual remuneration set at SEVEN 

HUNDRED AND FIFTY THOUSAND (750,000) EUROS for 2007 and subsequent years, maintaining the criteria for 

its distribution among the directors unchanged, with the sole exception being that it would also be distributed 

among the executive directors. 

In 2010, as in prior years, the non-executive directors did not receive any kind of variable remuneration or 

benefits. Executive directors received a fixed salary and variable remuneration based on objectives, the amount 

of which is set annually by the Nomination and Remuneration Committee. The Company also pays life insurance 

premiums for executive directors. 

In accordance with the foregoing, the remuneration earned in 2010 by the directors in all connections was as 

follows:

Directors Board 

meetings 

Audit 

Committee 

meetings 


Nomination 

Committee 

meetings 

In 2010 the executive director received EUR 680 thousand for the performance of his executive duties (2009: 

EUR 729 thousand). 

No advances or loans have been granted to the Board members. 

Attendance 

fees 

(euros) 

Variable 

remuneration 

(euros) 

Total 

remuneration 

(euros) 

Mr. Juan-Miguel Villar Mir 8 - 3 24,750 60,990 85,740 

Mr. Juan Villar-Mir de Fuentes 8 7 - 33,750 53,366 87,116 

Mr. Rafael Martín de Nicolás 

Cañas 

7 - - 15,750 30,495 46,245 

Mr. Baltasar Aymerich Corominas 8 - - 18,000 30,495 48,495 

Mr. Tomás García Madrid 8 7 - 33,750 36,594 70,344 

Mr. Javier López Madrid 8 - 3 24,750 36,594 61,344 

Mr. Juan Mato Rodríguez 8 7 - 33,750 45,742 79,492 

Mr. Joaquín García-Quirós 

Rodríguez for SAAREMA INVER- 

SIONES, S.A. 

8 - 3 24,750 36,594 61,344 

Mr. Luís Solera Gutiérrez 8 - 3 24,750 45,742 70,492 

Mr. Alberto Terol Esteban 6 4 - 22,500 24,398 46,898 

Mr. Álvaro Villar-Mir de Fuentes 6 - - 13,500 30,495 43,995 

Mrs. Silvia Villar-Mir de Fuentes 8 - - 18,000 30,495 48,495 

TOTAL - - - 288,000 462,000 750,000 

Pursuant to Article 229.2 of the Spanish Limited Liability Companies Law following is a detail of the members 

of the Board of Directors and related parties with direct and indirect ownership interests in the share capital 

of companies engaging in an activity that is identical, similar or complementary to that which constitutes the 

company object of Obrascón Huarte Lain, S.A. and of the duties and functions discharged thereat in 2010. 

193


194 

Director Company Position 

Mr. Juan- 

Miguel Villar 

Mir 

Mr. Juan 

Villar-Mir de 

Fuentes 

Mr.Tomás 

García Madrid 

Inmobiliaria 

Espacio, S.A. 

Promociones 

y Propiedades 

Inmobiliarias 


Torre Espacio 

Castellana, S.A.U. 

Chairman and 

CEO 

%of direct 

or indirect 

ownership 

% of ownership 

through related 

parties Related parties Position of related parties 

5.55 94.45 Mrs. Silvia de 

Fuentes Bescós 

- 5.55 94.45 Mr. Juan Villar-Mir 

de Fuentes 

- 5.55 94.45 Mr. Álvaro Villar- 

Mir de Fuentes 

Pacadar, S.A.U. - 5.55 94.45 Mrs. Silvia Villar- 


Inmobiliaria 

Espacio, S.A. 

Promociones 

y Propiedades 

Inmobiliarias 


Torre Espacio 


Deputy 

Chairman and 

CEO 

Chairman and 

CEO 

Representative 

of the sole 

director 

Mr. Javier López 

Madrid 

28.7 71.3 Mr. Juan-Miguel 

Villar Mir 

28.7 71.3 Mrs. Silvia de 


28.7 71.3 Mr. Álvaro Villar- 




Pacadar, S.A.U. Individual 

representing 

the sole 

director 


Madrid 

- - - - 

- 

Deputy Chairman and CEO 

of Inmobiliaria Espacio, 

S.A. Chairman and CEO of 

Promociones y Propiedades 

Inmobiliarias Espacio, S.L.U. 

Representative of the sole 

director of Torre Espacio Castellana, 

S.A.U. 

Director of Inmobiliaria Espacio, 

S.A. and Promociones 

y Propiedades Inmobiliarias 






- 

Chairman and CEO of Inmobiliaria 

Espacio, S.A. 

- 









- 

>>>

Mr. Álvaro 


Fuentes 

Mrs. Silvia 


Fuentes 

Inmobiliaria 

Espacio, S.A. 

Promociones 

y Propiedades 

Inmobiliarias, 


Torre Espacio 


Director 28.7 71.3 Mr. Juan-Miguel 


Director 28.7 71.3 Mrs. Silvia de 



de Fuentes 



Inmobiliaria 

Espacio, S.A. 

Promociones 

y Propiedades 

Inmobiliarias 


Torre Espacio 

Castellana, S.A. 



Madrid 

Director 28.7 71.3 Mr. Juan-Miguel 


Director 28.7 71.3 Mrs. Silvia de 



de Fuentes 

Pacadar, S.A. - 28.7 71.3 Mr. Álvaro Villar- 



Madrid 


Espacio, S.A. 

- 








S.A.U. 





- 


Espacio, S.A. 

- 








S.A.U. 





- 

195


196 

2. Remuneration of senior executives 

The total remuneration earned by the Parent’s General Managers and by executives who perform similar 

functions - excluding those who are also members of the Board of Directors (whose remuneration is detailed 

above) - amounted to EUR 4,461 thousand in 2010 (2009: EUR 3,632 thousand). 

No advances or loans have been granted to senior executives. 

D.9.- Fees paid to auditors 

The fees for financial audit services paid to the main auditors of the Group companies totalled EUR 2,871 

thousand in 2010 (2009: EUR 2,328 thousand) and the audit fees paid to other auditors amounted to EUR 168 

thousand (2009: EUR 239 thousand). 

Also, the fees for other professional services paid to the principal auditors of the Group companies totalled 

EUR 1,307 thousand in 2010 (2009: EUR 707 thousand), and those paid to other auditors amounted to EUR 41 

thousand (2009: EUR 33 thousand). 

These professional services correspond mainly to the work directly related to the audit function such as the 

issue of certificates, comfort letters, etc. 

E.-Events After The Reporting Period 

By virtue of the powers granted by the shareholders at the Annual General Meeting of 26 November 2009, the 

Parent’s Board of Directors resolved on 8 March 2011 to issue straight bonds. 

This issue was completed successfully on 18 March 2011, amounting to EUR 425 million and maturing in March 

2018. The bonds were issued at par and bear an annual rate of interest of 8.75% payable every six months. 

The foreseeable closing and payment date will be 30 March 2011 subject to compliance with the usual conditions 

precedent for issues of this type. 

Also, in relation to the offer announced for the cash repurchase of the outstanding bonds included in the 2007 

bond issue, “EUR 700.000.000 5.00 per cent. Notes due 2012”, listed on the London Stock Exchange, the 

aggregate nominal amount of bonds accepted by the Parent within the framework of the repurchase offer was 

EUR 234,050,000. 

The Parent will accept the bond repurchase subject to completion of the issue on or prior to the foreseeable 

settlement date of the repurchase offer, which is 31 March 2011.

F.- Explanation Added For Translation To English 


These consolidated financial statements are presented on the basis of the regulatory financial reporting 

framework applicable to the Group (see Note B). Certain accounting practices applied by the Group that conform 

with that regulatory framework may not conform with other generally accepted accounting principles and rules. 

197


198 

DECLARATION OF RESPONSIBILITY AND AUTHORISATION FOR ISSUE OF THE FINANCIAL STATEMENTS 

The directors hereby declare that, as far as they are aware, the consolidated financial statements were prepared 

in accordance with the applicable accounting policies and present fairly the equity, financial position and results 

of Obrascón Huarte Lain, S.A. and subsidiaries. 

These consolidated financial statements were authorised for issue by the Board of Directors at its meeting 

on 22 March 2011, for review by the auditors and subsequent submission for approval by the shareholders 

at the Annual General Meeting. These consolidated financial statements are set out on 123 sheets (including 

consolidated balance sheet, consolidated income statement, consolidated statement of comprehensive 

income, consolidated statement of changes in equity, consolidated statement of cash flows and appendices 

to the notes to the consolidated financial statements), all of which have been signed by the Deputy Secretary 

of the Board of Directors. This last sheet number 124 has been signed by all the directors and the Secretary of 

the Board of Directors. 

Mr. Juan-Miguel Villar Mir Mr. Juan Villar-Mir de Fuentes Mr. Rafael Martín de Nicolás 

Cañas 

Mr. Baltasar Aymerich Corominas Mr. Tomás García Madrid Mr. Javier López Madrid 

Mr. Juan Mato Rodríguez Mr. Joaquín García-Quirós Rodríguez for 

Saarema Inversiones, S.A. 


Mr. Alberto Terol Esteban Mrs. Silvia Villar-Mir de Fuentes Mr. Álvaro Villar-Mir de Fuentes 

Mr. Daniel García-Pita Pemán 

(Non-Director Secretary of the Board 

of Directors)


Exhibits 

199


200 

SUBSIDIARIES (fully consolidated) 

COMPANIES WITH REGISTERED OFFICE IN SPAIN COMPANIES WITH REGISTERED OFFICE ABROAD 

Infrastructure concessions Infrastructure concessions 

(1) Aeropistas, S.L. (1) Autopark, S.A. 

(1) Autopista Eje Aeropuerto Concesionaria Española, S.A. (1) Autopista del Norte, S.A.C. 

(1) Autovía de Aragón-Tramo 1, S.A. (1) Autopista Ezeiza Cañuelas, S.A. 

(1) Cercanías Móstoles Navalcarnero, S.A. (1) Autopista Fernao Dias, S.A. 

(1) Euroconcesiones, S.L. (1) Autopista Fluminense, S.A. 

(1) Euroglosa 45 Concesionaria de la Comunidad de Madrid, S.A. (1) Autopista Litoral Sul, S.A. 

(1) Marina Urola, S.A. (1) Autopista Planalto Sul, S.A. 

(1) Metro Ligero Oeste, S.A. (1) Autopista Regis Bittencourt, S.A. 

(1) OHL Concesiones, S.L. (1) Autopista Urbana Norte, S.A. de C.V. 

Pachira, S.L. (1) Autovias Concesionadas OHL, S.A. de C.V. 

(1) Participes en Brasil, S.L. (1) Autovias, S.A. 

Puente Logístico Mediterráneo, S.A. (1) Centrovías Sistemas Rodoviários, S.A. 

(1) Terminal Polivalente Sureste, S.L. (1) Concesionaria Mexiquense, S.A. de C.V. 

(1) Terminales Marítimas del Sureste, S.A. (1) Concessionaria de Rodovías do Interior Paulista, S.A. 

Vincida Grupo de Inversiones 2006, S.L. (1) Construcciones Amozoc Perote, S.A. de C.V. 

(1) Financiadora de Proyectos de Infraestructura, S. de R.L. de C.V. 

Construction abroad (1) Grupo Autopistas Nacionales, S.A. 

Ferrocivil, S.A. (1) Latina Manutençao de Rodovias, Ltda. 

(1) Obrascón Huarte Lain, Construcción Internacional, S.L. (1) Latina Mexico. S.A. de C.V. 

Posmar Inversiones 2008, S.L. (1) Latina Sinalizaçao de Rodovias, Ltda. 

(1) Sociedad Vehículo CA, S.L. (1) Obrascón Huate Lain Brasil, S.A. 

(2) OHL Concesiones Argentina, S.A. 

Construction in Spain (1) OHL Concesiones Chile, S.A. 

(1) Agrupación Guinovart Obras y Servicios Hispania, S.A. (2) OHL Infrastructures. Inc 

(1) Asfaltos y Construcciones Elsan, S.A. (1) OHL México, S.A.B. de C.V. 

Astral Facilities Management, S.A. (1) OHL Toluca, S.A. de C.V. 

(1) Construcciones Adolfo Sobrino S.A. (1) Operadora Concesionaria Mexiquense, S.A. de C.V. 

(1) Construcciones Enrique de Luis, S.A. (1) Operadora de Carreteras, S.A.C. 

(1) EYM Instalaciones, S.A. (1) Organización de Proyectos de Infraestructura, S. de R.L. de C.V. 

Guinovart Rail, S.A. (1) Paulista Infraestructura, Ltda. 

(1) Instituto de Gestión Sanitaria, S.A.U. (1) Seconmex Administración, S.A. de C.V. 

(1) Oshsa-Levante, A.I.E. (1) Sociedad Concesionaria Autopista Los Andes, S.A. 

(1) S.A. Trabajos y Obras (1) SPI - Sociedade para Participaçoes em Infraestrutura, S.A. 

(1) Superficiaria Los Bermejales, S.A. (1) Viaducto Bicentenario, S.A. de C.V. 

(1) Vianorte, S.A. 

(1) Company audited by the principal auditor. 

(2) Company audited by other auditors. 

APPENDIX I 

Detail of the consolidated Group companies at 31 December 2010 

Construction abroad 

(2) Arellano Construction Co. 

(2) Betancourt Castellon Associates, Inc. 

BNS International Inc. 

CAC Vero I, LLC 

(1) Community Asphalt Corp. 

(1) Constructora de Proyectos Viales de México, S.A. de C.V. 

(1) Constructora e Inmobiliaria Huarte Ltda. 

Constructora TP, S.A.C. 

(1) Empresa Constructora Huarte San José, Ltda. 

Huarte Ecuador, S.A. 

(2) Judlau Contracting, Inc. 

(1) OHL Andina, S.A. 

(1) OHL Austral, S.A. 

(2) OHL Central Europe, a.s. 

OHL Colombia, Ltda. 

OHL Construction Canada, Inc. 

OHL Finance, S.á.r.l. 

(2) OHL Pozemné stavby, a.s. 

OHL Uruguay, S.A. 

OHL USA, Inc. 

OHL ZS d.o.o. Laktasi 

(1) OHL ZS, a.s. 

(1) Premol, S.A. de C.V. 

(2) Rentia Invest, a.s. 

Sawgrass Rock Quarry Inc. 

(1) Sociedad Concesionaria Centro de Justicia de Santiago, S.A. 

Sovec USA, Inc. 

(2) Stride Contractors, Inc. 

(2) The Tower Group 

(2) ZPSV Caña, a.s. 

(2) ZPSV Eood, a.s. 

ZPSV Servis, s.r.o. 

(1) ZPSV, a.s. 

(2) ZS Bratislava, a.s. 

ZS Brno, s.r.o.




Other business activities Other business activities 

Industrial Industrial 

Atmos Española, S.A. (2) OHL Industrial Chile, S.A. 

(1) Chemtrol Proyectos y Sistemas, S.L. (1) OHL Industrial México, S.A. de C.V. 

(1) Ecolaire España, S.A. OHL Industrial Perú, S.A.C. 

MKH Promatec, S.A. Sthim América, LLC 

(1) OHL Industrial, S.L. (1) Sthim Maquinaria de México, S.A. de C.V. 

Proyectos y Sistemas, S.A. 

(1) Sthim Maquinaria, S.A. Development 

(1) Aqua Mayakoba, S.A. de C.V. 

Development (1) Baja Puerto Escondido, S.A. de C.V. 

Obrascon Huarte Lain, Desarrollos, S.L. (1) Centro Comercial Paseo de San Francisco, S.A. de C.V. 

(1) Sacova Centros Residenciales, S.L. (1) Desarrollos RBK en la Riviera, S.A. De C.V. 

(1) Gastronómica Santa Fe, S.A. de C.V. 

Environment (1) Golf de Mayakoba, S.A. de C.V. 

(1) OHL Medio Ambiente, Inima, S.A.U. (1) Golf Mayakoba Servicios, S.A. de C.V. 

(2) Técnicas y Gestión Medioambiental, S.A. (1) Huaribe S.A. de C.V. 

(1) Tractament Metropolità de Fangs, S.L. (1) Huaribe Servicios, S.A. de C.V. 

(1) Inmobiliaria Mayaluum Servicios, S.A. de C.V. 

Other (1) Inmobiliaria Mayaluum, S.A. de C.V. 

Centro de Empresas Sevilla, 1 S.A. (1) Islas de Mayakoba Servicios, S.A. de C.V. 

Entorno 2000, S.A. (1) Islas de Mayakoba, S.A. de C.V. 

Josefa Valcarcel 42, S.A. JV Lot 5 Resort B.V. 

Satafi, S.A. (1) Lagunas de Mayakoba, S.A., de C.V. 

Archea, S.L. Lot 5 Developments Holding B.V. 

Brote Servicios Avanzados de Outsourcing, S.L. (1) Lotes 3 Servicios, S.A. de C.V. 

Leonardo Site, S.L. (1) Marina Mayakoba, S.A. de C.V. 

Promotora para la Aplicación Sectorial de Nuevas Tecnologías, S.L. (1) Mayakoba Thai, S.A. de C.V. 

(1) Recol Networks, S.A. (1) MKB Real Estate, S.A. de C.V. 

Tenedora de Participaciones Tecnológicas, S.A. (1) OHL Desarrollos México, S.A. de C.V. 

Portal de Servicios en la Red, Serviasesor, S.L. (1) Operadora Hotelera del Corredor Mayakoba, S.A. de C.V. 

(1) Operadora Mayakoba, S.A. de C.V. 

(1) Servicios Hoteleros del Corredor Mayakoba, S.A. de C.V. 

(1) Sociedad de Servicios Paseo de San Francisco, S.A. de C.V. 

(1) Viceroy Resorts Mayakoba, S de R.L. de C.V. 

(1) Villas de Mayakoba, S.A. de C.V. 

(1) Viveros de Mayakoba, S.A. de C.V. 



APPENDIX I (cont.) 

Environment 

(1) Ambient Serviços Ambientais de Ribeirao Preto, S.A. 

(2) Aquaria Water LLC 

(1) Araucária Saneamento, S.A. 

(2) Desalinizadora Arica Ltda. 

(2) Inima USA Construction Corporation 

(2) Inima USA Corporation 

(2) Inversiones Inima, S.A. 

(1) OHL Medio Ambiente Inima México, S.A. de C.V. 

(2) OHL Medio Ambiente, Inima Chile Ltda. 

(1) OHL Meio Ambiente Inima Brasil Ltda. 

(1) Promoaqua Desalación de los Cabos, S.A. de C.V. 

(1) SESAMM - Serviços de Saneamento de Mogi Mirim, S.A. 

Other 

Elsengrund Bau GmbH 

201


202 

JOINT VENTURES (proportionately consolidated) 



Limed Grupo Hispano-Argelino, S.A. (1) Controladora Vía Rápida Poetas, S.A.P.I. de C.V. 

(1) Nova Dársena Esportiva de Bara, S.A. (1) Coordinadora Vía Rápida Poniente, S.A.P.I. de C.V. 

(1) Infraestructura Dos Mil, S.A. 

Construction in Spain (1) Prestadora de Servicios Vía Rápida Poniente, S.A.P.I. de C.V. 

Asfaltos Elsan-Pacsa Torrescámara, A.I.E. (1) Sociedad Concesionaria Autopista del Sol, S.A. 

(1) Sociedad Concesionaria Autopista Los Libertadores, S.A. 


Environment Development 

Inalia Water Solutions, S.L. (1) FHP Villas Lote 2, S.A. de C.V. 

Environment 

CASINIMA - Empreitada Ponte da Baia, A.C.E. 

Hialeah Water, LLP 

ASSOCIATES (accounted for using the equity method) 



Mepsa, Servicio y Operaciones, S.A. (1) Administradora Mexiquense del Aeropuerto Internacional de Toluca, S.A. de C.V. 

(2) Nautic Tarragona S.A. Bay of Bengal Gateway Terminal Private Limited 

(2) Port Torredembarra S.A. H.Sacifyc, S.A. 

Sociedad Estatal de Estiba y Desestiba del Puerto de Alicante, A.P.I.E. (1) Servicios Administrativos Mexiquenses del Aeropuerto Internacional de Toluca, 

S. de R.L. de C.V. 

Construction in Spain Construction abroad 

Agrupación de Investigación Estratégica Proyecto Fenix, A.I.E. Obalovna Boskovice, s.r.o. 

Comaco-Asmaco, A.I.E. Pevnustka, a.s. 

(1) Concessió Estacions Aeroport L 9, S.A. (2) Remont Pruga D.D. Sarajevo 

(1) Nova Bocana Barcelona, S.A. (2) Slovenské Tunely, a.s. 

Nova Bocana Bussiness, S.A. (2) Stavba a údrzba zelezníc, a.s. Bratislava 

(1) Nuevo Hospital de Burgos, S.A. (2) Tomi Remont, a.s. 

(1) Phunciona Gestión Hospitalaria, S.A. (2) TSS, a.s. 

(1) Urbs Iudex et Causidicus, S.A. 

Urbs Iustitia Commodo Opera, S.A. 


Environment Environment 

Biorreciclaje de Cádiz S.A. Shariket Miyeh Ras Djinet, Spa 

Cádiz San Fernando, A.I.E. Shariket Tahlya Miyah Mostaganem, Spa 

Partícipes de Biorreciclaje S.A. 

Other 

Avalora Tecnologías de la Información, S.A. 

Clean-Cenit, A.I.E. 

E.M.V. Alcalá de Henares, S.A. 

Invercoll S.A. 

Proyecto Cenit-Oasis, A.I.E. 



APPENDIX I (cont.)

APPENDIX II 

Identification of the most significant companies composing the consoldiated Group at 31 December 2010 


Company Registered office Main line of business 


Administradora Mexiquense del Aeropuerto Internacional de Toluca, S.A. de C.V. Aeropuerto Internacional Ciudad de Toluca, C.P. 50226 San Pedro Totoltepec, Estado de México. Construction and operation of Toluca Airport (Mexico) 

Aeropistas, S.L. Torre Espacio, Pº de la Castellana nº 259 D (28046 Madrid) Toll road concession, Barajas airport, Madrid 

Autopark, S.A. Av. Presidente Antonio Carlos s/nº CEP: 20020-010 Rio de Janeiro - RJ (Brasil) Car park concession 

Autopista del Norte, S.A.C. Av. Larco Nº 1301 Miraflores.Edificio torre Parquemar, piso 21 oficina 2103 Lima (Perú) Road construction and operation 

Autopista Eje Aeropuerto Concesionaria Española, S.A. Torre Espacio, Pº de la Castellana nº 259 D (28046 Madrid) Toll road concession, Barajas airport, Madrid 

Autopista Ezeiza Cañuelas, S.A. C/ Esmeralda 315 3º piso (Buenos Aires-Argentina) Construction and operation of the approach road to Buenos Aires (Argentina) 

Autopista Fluminense, S.A. Avenida Sao Gonçalo, nº 100, un 101 Bairro Boa Vista - Sao Gonçalo - RJ - Cep 24,466-315 (Brasil) Road construction and operation 

Autopista Litoral Sul, S.A. Rua Ministro Calógeras nº 343 - 4º Andar - Bucarein - Joinville - SC (Brasil) Road construction and operation 

Autopista Planalto Sul, S.A. Av. Afonso Petschow nº 4040 - Rio Negro - PR (Brasil) Road construction and operation 

Autopista Regis Bittencourt, S.A. Rodovia SP 139, nº 226, Bairro - Sao Nicolau - Registro - SP (Brasil) Road construction and operation 

Autopista Urbana Norte, S.A. de C.V. Av. Paseo de la Reforma nº 222, piso 25, Colonia Juárez, Delegacion Cuauhtemoc, Mexico D.F.C.P. 06600 Road construction and operation 

Autopistas Fernao Dias, S.A. Rodovia BR 381, km 850 - sentido norte - Pouso Alegre - MG (Brasil) Road construction and operation 

Autovía de Aragón-Tramo 1, S.A. Torre Espacio, Pº de la Castellana nº 259 D (28046 Madrid) Concession and operation of Autovía de Aragón, Madrid 

Autovias Concesionadas OHL, S.A. de C.V. Privada 47 B Sur 5121 Estrellas del Sur C.P. 72190 Puebla-(Brasil) Road construction and operation 

Autovias, S.A. Rodovia (carretera) Anhanguera, km 312,2 - Pista Norte – (ciudad) Ribeirão Preto – (estado) SP. Construction and operation of road in Sao Paulo (Brazil) 

Centrovías Sistemas Rodoviários, S.A., S.A. Rodovia Washington Luis, KM 216,8 - Pista Sul - Itirapina - SP (Brasil) Construction and operation of road in Sao Paulo (Brazil) 

Cercanías Móstoles Navalcarnero, S.A. Torre Espacio, Pº de la Castellana nº 259 D (28046 Madrid) Railway construction and operation 

Concesionaria Mexiquense, S.A. de C.V. Autopista Circuito Exterior Mexiquense Km 39 Caseta 72, Col. San Cristobal, CP 55024 Ecatepec de Morelos, Mexico. Concession and operation of the Mexico City outer ring road 

Concessionaria de Rodovías do Interior Paulista, S.A. Carretera Anhanguera Km 168 - Pista Sul - Jardim Sobradinho – Araras. SP (Brasil) Construction and operation of road in Sao Paulo (Brazil) 

Construcciones Amozoc Perote, S.A. de C.V. Avda. Paseo de la Reforma , nº 222 piso 25, Colonia Juárez, Delegación Cuauhtemoc, México D.F. C.P. 06600 Road construction, operation and maintenance in Mexico 

Euroconcesiones, S.L. Torre Espacio, Pº de la Castellana nº 259 D (28046 Madrid) Operation of concessions 

Euroglosa 45 Concesionaria de la Comunidad de Madrid, S.A. Torre Espacio, Pº de la Castellana nº 259 D (28046 Madrid) Concession and operation of M-45 road (Madrid) 

Financiadora de Proyectos de Infraestructura, S. de R.L. de C.V. Avda. Paseo de la Reforma , nº 222 piso 25, Colonia Juárez, Delegación Cuauhtemoc, México D.F. C.P. 06600 Incorporation and administration of commercial- and civil-law companies 

Grupo Autopistas Nacionales, S.A. Avda. Paseo de la Reforma , nº 222 piso 25, Colonia Juárez, Delegación Cuauhtemoc, México D.F. C.P. 06600 Road construction, operation and maintenance in Mexico 

Infraestructura Dos Mil, S.A. C/ Monjitas, 392 Piso 6, oficina 601-602 (Santiago de Chile - Chile) Operation of concessions 

Latina Manutençao de Rodovias, Ltda. Avenida Dona Renata, 2570 - Centro - Araras - SP (Brasil) Road maintenance and repair in Sao Paulo (Brazil) 

Latina Mexico S.A. de C.V. Av. Paseo de la Reforma nº 222, piso 25, Colonia Juárez, Delegacion Cuauhtemoc, Mexico D.F.C.P. 06600 Road maintenance and repair 

Latina Sinalizaçao de Rodovias, Ltda. Rodovia Anhanguera, km 213,2-pista norte-Jd. Joquei Clube Ribeirao Preto S.P. (Brasil) Road maintenance and repair 

Marina Urola, S.A. Barrio Santiago - Puerto deportivo - (Zumaia - Guipuzcoa) Concession and operation of marina in Zumaya (Guipúzcoa) 

Metro Ligero Oeste, S.A. C/ Edgar Neville s/n 28223 Pozuelo de Alarcón (Madrid) Construction and operation of the underground lines T2 and T3 (Madrid) 

Nautic Tarragona, S.A. Moll de Costa, s/n Puerto Deportivo LD-8 (Tarragona) Concession and operation of marina 

Nova Dársena Esportiva de Bara, S.A. Port Esportiu De Roda De Bara. Ed. De Capitania. Paseo Maritimo S/N. 43883 Roda De Bara - Tarragona Construction and repair of the Roda de Bará port in Tarragona 

Obrascón Huarte Lain Brasil, S.A. Rua Joaquim Floriano, 913 6º - Andar - Sao Paulo (Brasil) Construction and operation of toll road in Sao Paulo (Brazil) 

OHL Concesiones Argentina, S.A. C/ Esmeralda 315 3º piso (Buenos Aires-Argentina) Operation of concessions 

OHL Concesiones Chile, S.A. C/ Monjitas, 392 Piso 17, oficina 1701 (Santiago de Chile - Chile) Operation of concessions 

OHL Mexico, S.A.B. de C.V. Avda. Paseo de la Reforma , nº 222 piso 25, Colonia Juárez, Delegación Cuauhtemoc, México D.F. C.P. 06600 Operation of concessions 

OHL Concesiones, S.L. Torre Espacio, Pº de la Castellana nº 259 D, planta 16, (28046 Madrid) Operation of concessions 

OHL Infrastructure, Inc Austing Centre 807 Brazos street, suite 901. Austing. TX 78701. USA Operation of concessions 

OHL Toluca, S.A. de C.V. Autopista Circuito Exterior Mexiquense Km 39 Caseta T-2, Col. San Cristobal, CP 55024 Ecatepec de Morelos, México. Operation of concessions 

Operadora Concesionaria Mexiquense, S.A. de C.V. Avda. Paseo de la Reforma , nº 222 piso 25, Colonia Juárez, Delegación Cuauhtemoc, México D.F. C.P. 06600 Operation of concessions 

Operadora de Carreteras, S.A.C, Cart. Panam. Norte Nro. s/n Vesique Ancash - Santa - Nuevo Chimbote (Perú) Concession and operation of Perú's fourth road network 

Organización de Poyectos de Infraestructura, S. de R.L. de C.V. Avda. Paseo de la Reforma , nº 222 piso 25, Colonia Juárez, Delegación Cuauhtemoc, México D.F. C.P. 06600 Operation of concessions 

Pachira, S.L. Torre Espacio, Pº de la Castellana nº 259 D (28046 Madrid) Operation of concessions 

Participes en Brasil, S.L. Torre Espacio, Pº de la Castellana nº 259 D (28046 Madrid) Operation of concessions 

Paulista Infraestructura, Ltda. Via (carretera) Anhanguera, KM 312,20-JD.JOQUEI CLUBE- (ciudad) Ribeirao Preto (estado) SP (Brasil) Road construction 

Port Torredembarra, S.A. Edificio Capitania Puerto Deportivo (Torredembarra - Tarragona) Concession and operation of marina 

Puente Logístico Mediterraneo, S.L. Ampliacion Sur Puerto de Alicante, muelle 23 (Buzón 41) 03008 Alicante Development activities for the construction of Puente Logístico Oran-Alicante 

Seconmex Administración, S.A. de C.V. Avda. Paseo de la Reforma , nº 222 piso 25, Colonia Juárez, Delegación Cuauhtemoc, México D.F. C.P. 06600 Operation of concessions 

Sociedad Concesionaria Autopista del Sol, S.A. C/ Monjitas, 392 Piso 6, oficina 601-602 (Santiago de Chile - Chile) Concession and operation of Santiago - San Antonio road (Chile) 

Sociedad Concesionaria Autopista Los Andes, S.A. C/ Monjitas, 392 Piso 17, oficina 1701 (Santiago de Chile - Chile) Construction and operation of Route 60 in Chile 

Sociedad Concesionaria Autopista Los Libertadores, S.A. C/ Monjitas, 392 Piso 6, oficina 601-602 (Santiago de Chile - Chile) Concession and operation of Santiago -Los Andes road (Chile) 

SPI - Sociedad para Participaçoes em Infraestrutura, S.A. Rua Joaquim Floriano, 913 Operation of concessions 

Terminal Polivalente Sureste, S.L. Avda. Loring, 6 Alicante Operation of maritime terminal 

Terminales Marítimas del Sureste, S.A. Ampliacion Sur Puerto de Alicante, muelle 23 (Buzón 41) 03008 Alicante Operation of maritime terminal 

Viaducto Bicentenario, S.A. de C.V. Autopista Circuito Exterior Mexiquense Km 39 Caseta T-2, Col. San Cristobal, CP 55024 Ecatepec de Morelos, Mexico. Road construction and operation 

Vianorte, S.A. Rodovia Atílio Balbo, km 327,5 - Praça Pedágio - Sertaozinho - SP - CP 88 - CEP - 14173 - 000. (Brasil) Concession and operation of toll road in Sao Paulo (Brazil) 

Vincida Grupo de Inversiones 2006, S.L. Torre Espacio, Pº de la Castellana nº 259 D (28046 Madrid) Operation of concessions 

>>> 

203


204 

APPENDIX II (cont.) 

>>> 



Construction abroad 

Arellano Construction Co. 7051 S.W. 12 th Street, MIAMI, FL 33144, USA Construction 

Betancourt Castellon Associates, Inc 7051 S.W. 12 th Street, MIAMI, FL 33144, USA Construction 

BNS International Inc. 9725 N.W. 117 th Avenue, Suite 105, Miami, FL, 33178 USA Construction 

CAC Vero I, LLC 9725 N.W. 117 th Avenue, Suite 110, Miami, FL, 33178 USA Construction 

Community Asphalt Corp. 9725 N.W. 117 th Avenue, Suite 110, Miami, FL, 33178 USA Construction 

Constructora de Proyectos Viales de México, S.A. de C.V. Avda. Paseo de la Reforma , nº 222 piso 22, Colonia Juárez, Delegación Cuauhtemoc, México D.F. C.P. 06600 Construction 

Constructora e Inmobiliaria Huarte Ltda. C/ Monjitas, 392 - Ofic. 2001, piso 20 (Santiago de Chile - Chile) Construction 

Constructora TP, S.A.C. Calle Esquilache 371 of. 1301 San Isidro. Lima (Perú) Construction 

Empresa Constructora Huarte San José, Ltda. C/ Monjitas, 392 - Ofic. 2001, piso 20 (Santiago de Chile - Chile) Construction 

Ferrocivil, S.A. C/ Mas Casanovas, 46-64 (08025 Barcelona) Construction 

Judlau Contracting, Inc. 26-15 Umer Street, Collage point, NY 11354 Construction 

Obrascón Huarte Lain, Construcción Internacional, S.L. Torre Espacio, Pº de la Castellana nº 259 D (28046 Madrid) Construction and operation 

OHL Andina, S.A. C/ Monjitas, 392 - Ofic. 2001, piso 20 (Santiago de Chile - Chile) Construction 

OHL Austral, S.A. C/ Monjitas, 392 - Ofic. 2001, piso 20 (Santiago de Chile - Chile) Construction 

OHL Central Europe, a.s. C/ Olsanska, 2643/1A, 130 80 (Praga - República Checa) Construction 

OHL Colombia, Ltda. AV CR 9 No. 113-52 of 402. Bogota (Colombia) Construction 

OHL Construction Canada, Inc. 1440 Ste Catherine Ouest, Suite 325 Montreal, Quebec, H3G1R8 (Canada) Construction 

OHL Finance, S.á.r.l. L - 2540 Luxembourg, 15 rue Edward Steichen Management 

Premol, S.A. de C.V. Avda. Paseo de la Reforma , nº 222 piso 22, Colonia Juárez, Delegación Cuauhtemoc, México D.F. C.P. 06600 Construction 

OHL Pozemné stavby, a.s. Einsteinova 21, 851 01 (Bratislava - República Eslovaca) Construction 

OHL USA, Inc. 9725 NW 117 th Avenue, Miami, FL 33178 Construction 

OHL ZS, a.s. C/ Buresova 938/17, 660 02 (Brno - República Checa) Construction 

Posmar Inversiones 2008, S.L. Torre Espacio, Pº de la Castellana nº 259 D (28046 Madrid) Construction 

Rentia Invest, a.s. C/ Buresova 938/17, 602 00 (Brno - República Checa) Construction 

Sawgrass Rock Quarry Inc. 9725 N.W. 117 th Avenue, Suite 110, Miami, FL, 33178 USA Construction 

Slovenské Tunely, a.s. Lamacská cesta 99, PSC: 841 03 (Bratislava - República Eslovaca) Construction 

Sociedad Concesionaria Centro de Justicia de Santiago, S.A. C/ Monjitas, 392 - Ofic. 2001, piso 20 (Santiago de Chile - Chile) Construction 

Sociedad Vehículo CA, S.L. Torre Espacio, Pº de la Castellana nº 259 D (28046 Madrid) Construction 

Stride Contractors, Inc. 7051 S.W. 12 th Street, MIAMI, FL 33144, USA Construction 

The Tower Group, Inc. 9725 N.W. 117 th Avenue, nº 105, Miami, FL, 33178 USA Construction 

Tomi Remont, a.s. C/Premyslovka c.p. 2514/4, PSC 796 01 (Prostejov - República Checa) Construction 

TSS, a.s. Pardubice, Hlavácova 206, PSC: 530 02 (República Checa) Construction 

ZPSV Caña, a.s. C/ Osloboditel'ov 127, 044 14 (Caña - República Eslovaca) Construction 

ZPSV Eood, a.s. 1000 Sofia, Sredets Region, 100 G.S. Rakonski Str. (Bulgaria) Construction 

ZPSV, a.s. C/ Trebizskeho 207, 687 24 (Uhersky Ostroh - República Checa) Construction 

ZS Bratislava, a.s. C/ Furmanská 8, PSC 841 03 (Bratislava - República Eslovaca) Construction 

Construction in Spain 

Agrupación Guinovart Obras y Servicios Hispania, S.A. C/ Mas Casanovas, 46-64 (08025 Barcelona) Construction 

Asfaltos Elsan-PacsaTorrescámara, A.I.E. Avenida del Puerto, 332 - 46024 - Valencia Infrastructure and urban services 

Asfaltos y Construcciones Elsan, S.A. Torre Espacio, Pº de la Castellana nº 259 D (28046 Madrid) Infrastructure and urban services 

Astral Facilities Management, S.A. Torre Espacio, Pº de la Castellana nº 259 D (28046 Madrid) Integral management of buildings 

Construcciones Adolfo Sobrino, S.A. Pº Portuetxe, 83 - 1º Dpto. 8-9 (20018 San Sebastián-Guipúzcoa) Construction 

Construcciones Enrique de Luis, S.A. C/ Madre Rafols nº 2, 1º - oficina 5º - edificio Aida (50004 Zaragoza) Construction 

EYM Instalaciones, S.A. Torre Espacio, Pº de la Castellana nº 259 D (28046 Madrid) Construction 

Guinovart Rail, S.A. Torre Espacio, Pº de la Castellana nº 259 D (28046 Madrid) Construction 

Phunciona, Gestión Hospitalaria, S.A. Ronda Sur, 10 3ª planta area concesionaria 28500 - Arganda del Rey Hospital construction and operation 

Instituto de Gestión Sanitaria, S.A.U. Torre Espacio, Pº de la Castellana nº 259 D (28046 Madrid) Building maintenance and upkeep 

Nova Bocana Barcelona, S.A. Avda. Josep Tarradellas, 123-7º (08029 Barcelona) Hotel construction and operation 

Nuevo Hospital de Burgos, S.A. C/ Islas Baleares, s/n (Burgos) Construction and operation of the new Burgos Hospital 

Oshsa-Levante, A.I.E. C/ Sargento Provisional, 20 (Quart Poblet 46930) Valencia Infrastructure and urban services 

Superficiaria Los Bermejales, S.A. Avda. Republica Argentina, 24 (41011 Sevilla) Construction and operation 

S.A. Trabajos y Obras Torre Espacio, Pº de la Castellana nº 259 D (28046 Madrid) Construction 

Urbs Iudex et Causidicus, S.A. C/ Tarragona, 161-3ª plta. Cos Baix Derecha. (Barcelona) Construction 


Industrial 

Atmos Española, S.A. Pº de la Castellana nº 178 Bis - 2º (28046 - Madrid) Industrial engineering and maintenance of industrial plants 

Chentrol Proyectos y Sistemas, S.L. C/ Arturo Soria nº 343 (28033 - Madrid) Industrial engineering and maintenance of industrial plants 

Ecolaire España, S.A. Pº de la Castellana nº 178 Bis - 2º (28046 - Madrid) Industrial engineering and maintenance of industrial plants 

MKH Promatec, S.A. Ctra. Grau-Almazora. N225 Km 50,2. Pol. Ind. Del Serrallo Grau (12100 Castellon de la Plana) Industrial engineering and maintenance of industrial plants 

OHL Industrial Chile S.A. Oficina Petronila 191 Antofagasta (Chile) Industrial engineering and maintenance of industrial plants 

OHL Industrial Mexico, S.A. de C.V. Av. Paseo de la Reforma, nº 222 piso 22, Colonia Juárez, Delegación Cuauhtemoc, México D.F C.P. 06600 Industrial engineering and maintenance of industrial plants 

OHL Industrial Perú, S.A.C. Avenida Sanz Peña 214 Barranco Lima Industrial engineering and maintenance of industrial plants 

OHL Industrial, S.L. Torre Espacio, Pº de la Castellana nº 259 D (28046 Madrid) Industrial engineering and maintenance of industrial plants 

>>>

APPENDIX II (cont.) 

>>> 




Industrial 

Proyectos y Sistemas, S.A. C/ Arturo Soria nº 343 (28033 - Madrid) Industrial engineering and maintenance of industrial plants 

Sthim América, LLC 5201 Blue Lagoon Drive SFE 851 MIAMI FL 33126 Industrial engineering and maintenance of industrial plants 

Sthim Maquinaria de Mexico, S.A. de C.V. Av. Paseo de la Reforma, nº 222 piso 23, Colonia Juárez, Delegación Cuauhtemoc, México D.F C.P. 06600 Industrial engineering and maintenance of industrial plants 

Sthim Maquinaria, S.A. C/ Arturo Soria nº 343 (28033 - Madrid) Industrial engineering and maintenance of industrial plants 

Development 

Aqua Mayakoba, S.A. de C.V. Carretera Federal Chetumal-Puerto Juarez Km. 298, Playa del Carmen, Solidaridad, Quintana Roo, Mexico C.P. 77710 Operation of hotels and leisure centres 

Baja Puerto Escondido, S.A. de C.V. Calle Arroyo Xonaca No. 1006, Col. El Alto, C.P. 72000, Puebla. (México) Property project development services 

Centro Comercial Paseo de San Francisco, S.A. de C.V. Calle Arroyo Xonaca No. 1006, Col. El Alto, C.P. 72000, Puebla. (México) Property project development services 

Desarrollos RBK en la Riviera, S.A. De C.V. Avda. Paseo de la Reforma , nº 222 piso 22, Colonia Juárez, Delegación Cuauhtemoc, México D.F. C.P. 06600 Property project development services 

FHP Villas Lote 2, S.A. de C.V. Carretera Federal Chetumal-Puerto Juarez Km. 298, Playa del Carmen, Solidaridad, Quintana Roo, Mexico C.P. 77710 Operation of hotels and leisure centres 

Gastronómica Santa Fe, S.A. de C.V. Avda. Paseo de la Reforma , nº 222 piso 23, Colonia Juárez, Delegación Cuauhtemoc, México D.F. C.P. 06600 Operation of shopping and leisure centres 

Golf de Mayakoba, S.A. de C.V. Carretera Federal Chetumal-Puerto Juarez Km. 298, Playa del Carmen, Solidaridad, Quintana Roo, Mexico C.P. 77710 Operation of golf course 

Golf Mayakoba Servicios, S.A. de C.V. Carretera Federal Chetumal-Puerto Juarez Km. 298, Playa del Carmen, Solidaridad, Quintana Roo, Mexico C.P. 77710 Property project development services 

Huaribe Servicios, S.A. de C.V. Carretera Federal Chetumal-Puerto Juarez Km. 298, Playa del Carmen, Solidaridad, Quintana Roo, Mexico C.P. 77710 Property project development services 

Huaribe, S.A. de C.V. Carretera Federal Chetumal-Puerto Juarez Km. 298, Playa del Carmen, Solidaridad, Quintana Roo, Mexico C.P. 77710 Property project development services 

Inmobiliaria Mayaluum Servicios, S.A. de C.V. Carretera Federal Chetumal-Puerto Juarez Km. 298, Playa del Carmen, Solidaridad, Quintana Roo, Mexico C.P. 77710 Property project development services 

Inmobiliaria Mayaluum, S.A. de C.V. Carretera Federal Chetumal-Puerto Juarez Km. 298, Playa del Carmen, Solidaridad, Quintana Roo, Mexico C.P. 77710 Property project development services 

Islas de Mayakoba Servicios, S.A. de C.V. Carretera Federal Chetumal-Puerto Juarez Km. 298, Playa del Carmen, Solidaridad, Quintana Roo, Mexico C.P. 77710 Property project development services 

Islas de Mayakoba, S.A. de C.V. Carretera Federal Chetumal-Puerto Juarez Km. 298, Playa del Carmen, Solidaridad, Quintana Roo, Mexico C.P. 77710 Operation of hotels and leisure centres 

JV Lot 5 Resort B.V. Teleportboulevard 140 ( C.P. 1043 E ) Amsterdam - The Netherlands Operation of hotels and leisure centres 

Lagunas de Mayakoba, S.A., de C.V. Carretera Federal Chetumal-Puerto Juarez Km. 298, Playa del Carmen, Solidaridad, Quintana Roo, Mexico C.P. 77710 Operation of hotels and leisure centres 

Lot 5 Developments Holding B.V. Teleportboulevard 140 ( C.P. 1043 E ) Amsterdam - The Netherlands Operation of hotels and leisure centres 

Lote 3 Servicios, S.A. de C.V. Carretera Federal Chetumal-Puerto Juarez Km. 298, Playa del Carmen, Solidaridad, Quintana Roo, Mexico C.P. 77710 Operation of hotels and leisure centres 

MKB Real Estate, S.A. de C.V. Carretera Federal Chetumal-Puerto Juarez Km. 298, Playa del Carmen, Solidaridad, Quintana Roo, Mexico C.P. 77710 Operation of hotels and leisure centres 

Marina Mayakoba, S.A. de C.V. Carretera Federal Chetumal-Puerto Juarez Km. 298, Playa del Carmen, Solidaridad, Quintana Roo, Mexico C.P. 77710 Operation of hotels and leisure centres 

Mayakoba Thai, S.A. de C.V. Carretera Federal Chetumal-Puerto Juarez Km. 298, Playa del Carmen, Solidaridad, Quintana Roo, Mexico C.P. 77710 Operation of hotels and leisure centres 

Obrascon Huarte Lain, Desarrollos, S.L. Torre Espacio, Pº de la Castellana nº 259 D (28046 Madrid) Property project development services 

OHL Desarrollos Mexico, S.A. de C.V. Carretera Federal Chetumal-Puerto Juarez Km. 298, Playa del Carmen, Solidaridad, Quintana Roo, Mexico C.P. 77710 Operation of hotels and leisure centres 

Operadora Hotelera del Corredor Mayakoba, S.A. de C.V. Carretera Federal Chetumal-Puerto Juarez Km. 298, Playa del Carmen, Solidaridad, Quintana Roo, Mexico C.P. 77710 Operation of hotels and leisure centres 

Operadora Mayakoba, S.A. de C.V. Carretera Federal Chetumal-Puerto Juarez Km. 298, Playa del Carmen, Solidaridad, Quintana Roo, Mexico C.P. 77710 Operation of hotels and leisure centres 

Sacova Centros Residenciales, S.L. Torre Espacio, Pº de la Castellana nº 259 D (28046 Madrid) Operation of senior citizens homes 

Sociedad de Servicios Paseo de San Francisco, S.A. de C.V. Avda. Paseo de la Reforma , nº 222 piso 23, Colonia Juárez, Delegación Cuauhtemoc, México D.F. C.P. 06600 Operation of hotels and leisure centres 

Viceroy Resorts Mayakoba, de S de R.L. de C.V. Carretera Federal Chetumal-Puerto Juarez Km. 298, Playa del Carmen, Solidaridad, Quintana Roo, Mexico C.P. 77710 Operation of hotels and leisure centres 

Villas de Mayakoba, S.A. de C.V. Carretera Federal Chetumal-Puerto Juarez Km. 298, Playa del Carmen, Solidaridad, Quintana Roo, Mexico C.P. 77710 Operation of hotels and leisure centres 

Viveros de Mayakoba, S.A. de C.V. Carretera Federal Chetumal-Puerto Juarez Km. 298, Playa del Carmen, Solidaridad, Quintana Roo, Mexico C.P. 77710 Growing of indigenous plant species and reforestation services 

Environment 

Ambient Serviços Ambientais de Ribeirao Preto, S.A. Rodovia Alexandre Balbo, SP 328 Km 334,6 Anel Viário Contorno Norte. (Riberao Preto-SP Brasil) Operation of a waste water treatment system 

Aquaria Water LLC 1115 West Chestnut Street. Suite 204. Brockton Massachusetts (U.S.A.) C.P.:02301 Construction, operation and maintenance of a desalination plant 

Araucária Saneamento, S.A. Av. Frei Orestes Girardi nº 1229 - Sobreloja - Campos Do Jordao/SP Environmental services 

Cádiz San Fernando, A.I.E. Carretera Nacional IV, Km. 683 (San Fernando - Cádiz) Construction and operation of a water-treatment plant 

Desalinizadora Arica Ltda. C/ Ribera sur s/n Valle de Lluta (Arica-Chile) Construction, operation and maintenance of a desalination plant 

Hialeah Water, LLP 13450 West Sunrise, suite 200 Sunrise, FL 33323 Environmental services 

Inalia Water Solutions, S.L. C/ Ulises , 18 (Madrid) Environmental services 

Inima USA Construction Corporation 1115 West Chestnut Street. Suite 204. Brockton Massachusetts (U.S.A.) C.P.02301 Construction, operation and maintenance of a desalination plant 

Inima USA Corporation 1209 Orange Street-Wilmington (New Castle) Delaware (USA) Environmental services 

Inversiones Inima, S.A. Oficina Petronila 191 Antofagasta (Chile) Environmental services 

OHL Medio Ambiente Inima México, S.A. de C.V. Avda. Paseo de la Reforma , nº 222 piso 23, Colonia Juárez, Delegación Cuauhtemoc, México D.F. C.P. 06600 Environmental services 

OHL Medio Ambiente, Inima Chile Ltda. Oficina Petronila 191 Antofagasta (Chile) Environmental services 

OHL Medio Ambiente, Inima, S.A.U. Torre Espacio, Pº de la Castellana nº 259 D (28046 Madrid) Environmental services 

OHL Meio Ambiente Inima Brasil Ltda. Rua Gomes de Carvalho 1655 - 10º Andar, cj 101 - 102 - Villa Olimpia - CEP 04547 - 006 Environmental services 

Promoaqua Desalación de los Cabos, S.A. de C.V. Calle sin nombre Fracción V del predio conocido como Los Cangrejos s/n, Col. Los Cangrejos, Baja California Sur, Mexico C.P. 23473 Construction, operation and maintenance of a desalination plant 

SESAMM - Serviços de Saneamiento de Mogi Mirim, S.A. Rua Orlando Pacini nº 194 - Jardim Belo - CEP 13,800-382 Mogi Mirim - SP (Brasil) Environmental services 

Shariket Miyeh Ras Djinet, Spa Cité Boos Des Cars I, Villa nº 10, Dely Brahim , Alger (Algerie) Construction, operation and maintenance of a desalination plant 

Shariket Tahlya Miyah Mostaganem, Spa Cité Boos Des Cars I, Villa nº 10, Dely Brahim , Alger (Algerie) Construction, operation and maintenance of a desalination plant 

Técnicas y Gestión Medioambiental, S.A. Torre Espacio, Pº de la Castellana nº 259 D (28046 Madrid) Environmental services 

Tractament Metropolità de Fangs, S.L. Rambla Prim, s/n (Interior Edar Besos) (08019 Barcelona) Environmental services 

Others 

Avalora Tecnologías de la Información, S.A. Torre Espacio, Pº de la Castellana nº 259 D (28046 Madrid) New technologies 

E.M.V. Alcalá de Henares, S.A. C/ Mayor, 2.- 1º (Alcala de Henares - Madrid) Property 

Josefa Valcarcel 42, S.A. Torre Espacio, Pº de la Castellana nº 259 D (28046 Madrid) Property 

Satafi, S.A. Torre Espacio, Pº de la Castellana nº 259 D (28046 Madrid) Property 

Tenedora de Participaciones Tecnológicas, S.A. Torre Espacio, Pº de la Castellana nº 259 D (28046 Madrid) New technologies 

205


206 

APPENDIX III 

Detail of the equity and net cost of the investment in the main consolidated Group companies at 31 December 2010 

Ownership interest Thousand of euros 

Net cost 

of the 

investment 

Underlying 

carrying 

amount 

Total equity + 

participating 

loan 

Participating 

loans 

Total 

equity 

Valuation 

adjustments 

Total 

shareholder’s 

equity 

Interim 

dividend 

Profit/ 

(Loss) for 

2010 

Reserves 

Uncalled capital 

payments 

payable 

Share 

capital 

COMPANY Direct Indirect Total 

Fully consolidated companies 

Aeropistas, S.L. - 100.00 100.00 30,597 - (19,906) (10,800) - 

(109) (24,137) (24,246) 88,283 64,037 64,037 90,062 

Agrupación Guinovart Obras y Servicios Hispania, S.A. 100.00 - 100.00 30,050 - 12,932 16,136 (12,000) 47,118 - 47,118 - 

47,118 47,118 50,885 

Ambient Serviços Ambientais de Ribeirao Preto, S.A. - 100.00 100.00 21,871 - 6,951 9,648 - 38,470 - 38,470 - 

38,470 38,470 22,085 

Aqua Mayakoba, S.A. de C.V. - 70.60 70.60 38,493 - 

1 (5) - 38,489 - 38,489 - 

38,489 27,173 27,154 

Aquaria Water LLC - 87.50 87.50 8,981 - (2,108) (1,466) - 

5,407 (1,808) 3,599 - 

3,599 3,149 7,858 

Araucária Saneamento, S.A. - 70.00 70.00 3,350 (3,015) - 

6 - 

341 - 

341 - 

341 239 (670) 

Arellano Construction Co. - 100.00 100.00 1 - 7,865 (943) - 

6,923 - 6,923 - 

6,923 6,923 35,188 

Asfaltos y Construcciones Elsan, S.A. 100.00 - 100.00 7,212 - 10,454 (11,811) - 

5,855 - 5,855 - 

5,855 5,855 19,035 

Astral Facilities Management, S.A. 100.00 - 100.00 96 - 

411 (141) - 

366 - 

366 - 

366 366 507 

Atmos Española, S.A. - 100.00 100.00 120 - 

24 13 - 

157 - 

157 - 

157 157 280 

Autopark, S.A. - 90.00 90.00 2,255 (1,597) (1,169) 862 - 

352 - 

352 - 

352 317 282 

Autopista del Norte, S.A.C. - 100.00 100.00 55,820 (25,848) 4,152 5,363 - 39,487 - 39,487 - 

39,487 39,487 26,908 

Autopista Eje Aeropuerto Concesionaria Española, S.A. - 100.00 100.00 42,360 - 249,195 (1,675) - 289,880 - 289,880 - 

289,880 289,880 289,858 

Autopista Ezeiza Cañuelas, S.A. 87.41 - 87.41 26,442 - 

- (12,700) - 13,742 - 13,742 - 

13,742 12,012 96,795 

Autopista Fernao Dias, S.A. - 60.00 60.00 96,069 - 4,279 730 - 101,078 - 101,078 - 

101,078 60,647 57,642 

Autopista Fluminense, S.A. - 60.00 60.00 28,415 - 3,540 7,111 - 39,066 - 39,066 - 

39,066 23,440 17,049 

Autopista Litoral Sul, S.A. - 60.00 60.00 23,003 - 1,104 4,589 - 28,696 - 28,696 - 

28,696 17,217 13,802 

Autopista Planalto Sul, S.A. - 60.00 60.00 15,786 - 1,095 1,600 - 18,481 - 18,481 - 

18,481 11,088 9,472 

Autopista Regis Bittencourt, S.A. - 60.00 60.00 38,695 - 12,184 17,915 - 68,794 - 68,794 - 

68,794 41,276 23,217 

Autopista Urbana Norte, S.A. de C.V. - 73.85 73.85 17,456 - 

- 

- 

- 17,456 - 17,456 - 

17,456 12,891 12,892 

Autovía de Aragón-Tramo 1, S.A. 25.00 70.00 95.00 42,633 - 

249 1,299 - 44,181 (8,139) 36,042 - 

36,042 34,240 40,501 

Autovias Concesionadas OHL, S.A. de C.V. - 73.85 73.85 30,287 (17,523) - 

- 

- 12,764 - 12,764 - 

12,764 9,426 9,426 

Autovias, S.A. - 60.00 60.00 57,877 (4,898) 26,072 20,359 (20,899) 78,511 - 78,511 - 

78,511 47,107 45,657 

Baja Puerto Escondido, S.A. de C.V. - 100.00 100.00 30,076 - (6,153) (5,770) - 18,153 - 18,153 - 

18,153 18,153 24,010 

Betancourt Castellon Associates, Inc. - 100.00 100.00 - 

- 

122 (164) - 

(42) - (42) - 

(42) (42) 21 

BNS International Inc. - 100.00 100.00 2 - (634) (101) - 

(733) - (733) - 

(733) (733) 965 

CAC Vero I, LLC - 86.50 86.50 2,619 - 

156 45 - 

2,820 - 2,820 - 

2,820 2,439 2,266 

Centro Comercial Paseo de San Francisco, S.A. de C.V. - 100.00 100.00 25,178 - (7,009) (6,633) - 11,536 (102) 11,434 - 

11,434 11,434 25,828 

Centrovías Sistemas Rodoviários, S.A. - 60.00 60.00 42,994 (19,358) 16,705 22,871 (13,852) 49,360 - 49,360 - 

49,360 29,616 16,053 

Cercanías Móstoles Navalcarnero, S.A. 20.00 80.00 100.00 95,549 (71,662) (684) - 

- 23,203 - 23,203 - 

23,203 23,203 23,887 

Chemtrol Proyectos y Sistemas, S.L. - 100.00 100.00 182 - 1,325 3,175 - 

4,682 - 4,682 - 

4,682 4,682 10,800 

Community Asphalt Corp. 6.50 80.00 86.50 1 - 55,143 17,898 (7,262) 65,780 - 65,780 - 

65,780 56,900 116,721 

Concesionaria Mexiquense, S.A. de C.V. - 73.85 73.85 337,922 - 35,310 6,203 - 379,435 (64,217) 315,218 - 

315,218 232,789 346,838 

Concessionaria de Rodovías do Interior Paulista, S.A. - 60.00 60.00 26,476 (252) 54,861 36,137 (6,765) 110,458 - 110,458 - 

110,458 66,275 41,274 

Construcciones Adolfo Sobrino S.A. 100.00 - 100.00 1,520 - 3,404 (1,304) - 

3,620 - 3,620 - 

3,620 3,620 8,987 

Construcciones Amozoc Perote, S.A. de C.V. - 51.09 51.09 3 - 2,687 247 - 

2,937 - 2,937 - 

2,937 1,500 107 

Construcciones Enrique de Luis, S.A. 100.00 - 100.00 2,140 - 1,143 49 - 

3,332 - 3,332 - 

3,332 3,332 8,607 

Constructora de Proyectos Viales de México, S.A. de C.V. 20.09 79.91 100.00 3,032 - 90,353 78,710 - 172,095 - 172,095 - 

172,095 172,095 18,657 

Constructora e Inmobiliaria Huarte Ltda. 89.90 10.10 100.00 832 - 

105 (35) - 

902 - 902 - 

902 902 826 

Constructora TP, S.A.C. - 100.00 100.00 2,668 - (535) 119 - 

2,252 - 2,252 - 

2,252 2,252 5,359 

Desalinizadora Arica Ltda. - 100.00 100.00 760 - 2,211 144 - 

3,115 - 3,115 - 

3,115 3,115 758 

Desarrollos RBK en la Riviera, S.A. De C.V. - 100.00 100.00 2,255 - (1,169) 862 - 

1,948 - 1,948 - 

1,948 1,948 14,669 

Ecolaire España, S.A. - 100.00 100.00 893 - 

414 (92) - 

1,215 - 1,215 - 

1,215 1,215 10,358 

EYM Instalaciones, S.A. - 100.00 100.00 601 - 4,997 2,721 (2,300) 6,019 - 6,019 - 

6,019 6,019 4,490 

Empresa Constructora Huarte San José, Ltda. 95.00 5.00 100.00 1 (17) 307 (7) - 

284 - 

284 - 

284 284 17 

Euroconcesiones, S.L. - 100.00 100.00 3 - 

2 1,806 - 

1,811 (8,429) (6,618) - 

(6,618) (6,618) 3 

Euroglosa 45 Concesionaria de la Comunidad de Madrid, S.A. - 100.00 100.00 19,063 - 6,144 4,462 - 29,669 - 29,669 - 

29,669 29,669 19,441 

Ferrocivil, S.A. - 100.00 100.00 60 - 

87 4 - 

151 - 

151 - 

151 151 108 

Financiadora de Proyectos de Infraestructura, S. de R.L. de C.V. - 100.00 100.00 - 

- 

(2) (4) - 

(6) - 

(6) - 

(6) (6) - 

>>>

APPENDIX III (cont.) 




Uncalled capi- 

Profit/ 

Total 

Total equity + Underlying Net cost 

Share 

Interim 

Valuation Total Participating 


tal payments Reserves (Loss) for 


participating carrying of the 

capital 

dividend 

adjustments equity loans 

payable 

2010 

equity 

loan 

amount investment 

Gastronómica Santa Fe, S.A. de C.V. - 100.00 100.00 7,595 - (5,097) 4,084 - 

6,582 - 6,582 - 

6,582 6,582 9,377 

Golf de Mayakoba, S.A. de C.V. - 100.00 100.00 25,885 - (10,431) (1,759) - 13,695 - 13,695 - 

13,695 13,695 21,182 

Golf Mayakoba Servicios, S.A. de C.V. - 100.00 100.00 3 - 

61 16 - 

80 - 

80 - 

80 80 3 

Grupo Autopistas Nacionales, S.A. - 51.09 51.09 20,896 - 3,324 (2,940) - 21,280 - 21,280 - 

21,280 10,872 16,810 

Huaribe S.A. de C.V. - 100.00 100.00 91,703 - (27,225) 4,830 - 69,308 - 69,308 - 

69,308 69,308 80,403 

Huaribe Servicios, S.A. de C.V. - 100.00 100.00 3 - 

63 44 - 

110 - 

110 - 

110 110 4 

Inima USA Construction Corporation - 100.00 100.00 3,517 (12) (1,028) (2,384) - 

93 - 

93 - 

93 93 3,473 

Inima USA Corporation - 100.00 100.00 47,492 - 

43 (92) - 47,443 - 47,443 - 

47,443 47,443 45,928 

Inmobiliaria Mayaluum Servicios, S.A. de C.V. - 100.00 100.00 3 - 

85 (43) - 

45 - 

45 - 

45 45 55 

Inmobiliaria Mayaluum, S.A. de C.V. - 100.00 100.00 5,806 - 5,465 (2,819) - 

8,452 - 8,452 - 

8,452 8,452 7,066 

Instituto de Gestión Sanitaria, S.A.U. - 100.00 100.00 790 - 

(71) 802 - 

1,521 - 1,521 263 1,784 1,784 1,331 

Inversiones Inima, S.A. Integración proporcional 0.89 99.11 100.00 18,351 - (17,566) (143) - 

642 - 

642 - 

642 642 643 

Islas de Mayakoba Servicios, S.A. de C.V. Integración proporcional - 100.00 100.00 43 - 

85 70 - 

198 - 

198 - 

198 198 45 

Islas de Mayakoba, S.A. de C.V. Integración proporcional - 100.00 100.00 30,335 - (5,108) 3,288 - 28,515 (1,169) 27,346 - 

27,346 27,346 31,851 

Josefa Valcarcel 42, S.A. Integración proporcional 100.00 - 100.00 69 - (933) (1) - 

(865) - (865) 962 97 97 962 

Judlau Contracting, Inc. - 100.00 100.00 19 - 34,871 12,310 (5,912) 41,288 - 41,288 - 

41,288 41,288 67,749 

Lagunas de Mayakoba, S.A., de C.V. - 60.55 60.55 41,719 - 

(89) (4) - 41,626 - 41,626 - 

41,626 25,204 26,038 

Latina Manutençao de Rodovias, Ltda. - 60.00 60.00 113 - 6,261 6,493 (7,577) 5,290 - 5,290 - 

5,290 3,174 68 

Latina Mexico. S.A. de C.V. - 73.85 73.85 3 (3) - 

- 

- 

- 

- 

- 

- 

- 

- (205) 

Latina Sinalizaçao de Rodovias, Ltda. - 60.00 60.00 113 (113) 2,559 2,420 (2,796) 2,183 - 2,183 - 

2,183 1,310 - 

Marina Mayakoba, S.A. de C.V. - 100.00 100.00 603 - 

(175) (20) - 

408 - 408 - 

408 408 670 

Marina Urola, S.A. 39.17 39.17 78.34 503 - 

304 70 - 

877 - 

877 - 

877 687 470 

Mayakoba Thai, S.A. de C.V. - 63.29 63.29 42,925 - (10,636) (13,644) - 18,645 (2,880) 15,765 - 

15,765 9,978 23,086 

Metro Ligero Oeste, S.A. - 51.30 51.30 39,259 - 39,013 (23,348) - 54,924 (22,454) 32,470 - 

32,470 16,657 67,230 

MKB Real Estate, S.A. de C.V. - 100.00 100.00 2,255 - (1,169) 862 - 

1,948 - 1,948 - 

1,948 1,948 960 

MKH Promatec, S.A. - 100.00 100.00 60 - 

40 266 - 

366 - 

366 - 

366 366 111 

Obrascón Huarte Lain, Construcción Internacional, S.L. 100.00 - 100.00 41,330 - 78,828 4,553 (3,000) 121,711 - 121,711 - 

121,711 121,711 119,114 

Obrascon Huarte Lain, Desarrollos, S.L. 100.00 - 100.00 53,920 - 62,303 (2,791) - 113,432 - 113,432 - 

113,432 113,432 115,435 

Obrascón Huate Lain Brasil, S.A. - 60.00 60.00 247,652 - 202,146 61,221 - 511,019 - 511,019 - 

511,019 306,612 101,164 

OHL Andina, S.A. 99.00 1.00 100.00 3,723 - 22,422 895 - 27,040 - 27,040 - 

27,040 27,040 3,293 

OHL Austral, S.A. - 100.00 100.00 16,552 - 6,438 (5,842) - 

17,148 - 17,148 - 

17,148 17,148 6,435 

OHL Central Europe, a.s. - 100.00 100.00 19,990 - 2,961 622 - 23,573 - 23,573 - 

23,573 23,573 17,391 

OHL Colombia, Ltda. 0.10 99.90 100.00 2,028 - (576) (1,236) - 

216 - 

216 - 

216 216 2,061 

OHL Concesiones Argentina, S.A. 10.00 90.00 100.00 32,055 (5,265) 1,532 2,317 - 30,639 - 30,639 - 

30,639 30,639 28,158 

OHL Concesiones Chile, S.A. 0.00 100.00 100.00 50,827 - (11,794) 4,777 - 43,810 - 43,810 - 

43,810 43,810 35,919 

OHL México, S.A.B. de C.V. 0.00 73.85 73.85 800,404 - 373,823 27,701 - 1,201,928 - 1,201,928 - 1,201,928 887,624 620,382 

OHL Concesiones, S.L. 100.00 - 100.00 162,860 - 452,823 (29,733) - 585,950 - 585,950 - 

585,950 585,950 586,294 

OHL Construction Canada, Inc. - 100.00 100.00 3,003 - (346) (1,807) - 

850 - 

850 - 

850 850 2,644 

OHL Desarrollos México, S.A. de C.V. 0.00 100.00 100.00 283,621 - (29,819) 12 - 253,814 - 253,814 - 

253,814 253,814 269,999 

OHL Finance, S.á.r.l. - 100.00 100.00 2,657 - 

404 (25) - 

3,036 - 3,036 - 

3,036 3,036 3,068 

OHL Industrial México, S.A. de C.V. - 100.00 100.00 987 - (280) (114) - 

593 - 

593 - 

593 593 943 

OHL Industrial, S.L. 100.00 - 100.00 8,518 - 15,079 2,395 - 25,992 - 25,992 - 

25,992 25,992 25,553 

OHL Industrial Chile, S.A. 0.01 99.99 100.00 12,824 - (12,005) (153) - 

666 - 666 - 

666 666 667 

OHL Industrial Perú, S.A.C. - 100.00 100.00 - 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

1 

OHL Infrastructures. Inc - 100.00 100.00 7,463 - (7,741) (3) - 

(281) - (281) - 

(281) (281) - 

OHL Medio Ambiente Inima México, S.A. de C.V. - 100.00 100.00 3,758 - (1,738) (167) - 

1,853 - 1,853 - 

1,853 1,853 1,856 

OHL Medio Ambiente, Inima Chile Ltda. - 100.00 100.00 19,160 (9) (18,721) (263) - 

166 - 

166 - 

166 166 185 

OHL Medio Ambiente, Inima, S.A.U. 100.00 - 100.00 141,682 - (14,621) (2,813) - 124,248 - 124,248 - 

124,248 124,248 147,923 

OHL Meio Ambiente Inima Brasil Ltda. - 100.00 100.00 22,086 - 3,546 7,686 - 33,318 - 33,318 - 

33,318 33,318 22,239 

Premol, S.A. de C.V. - 100.00 100.00 64 - 

192 243 - 

499 - 

499 - 

499 499 65 

OHL Toluca, S.A. de C.V. - 73.85 73.85 95,723 - (487) (277) - 94,959 - 94,959 - 

94,959 70,127 77,231 

OHL USA, Inc. - 100.00 100.00 5,613 - 104,355 (236) - 109,732 - 109,732 - 

109,732 109,732 116,732 

>>> >>> 

207


208 


>>> 



Uncalled capi- 

Profit/ 

Total 

Participa- Total equity + Underlying Net cost 

Share 

Interim 

Valuation 


tal payments Reserves (Loss) for 


Total equity ting participating carrying of the 

capital 

dividend 

adjustments 

payable 

2010 

equity 

loans 

loan 

amount investment 

OHL ZS, a.s. - 88.01 88.01 19,411 - 54,679 7,623 - 

81,713 2 81,715 - 

81,715 71,918 17,532 

Operadora Concesionaria Mexiquense, S.A. de C.V. - 73.85 73.85 3 - 

413 4,256 - 

4,672 - 4,672 - 

4,672 3,450 3 

Operadora de Carreteras, S.A.C. - 100.00 100.00 40 - 

2 18 - 

60 - 

60 - 

60 60 43 

Operadora Hotelera del Corredor Mayakoba, S.A. de C.V. - 50.04 50.04 50,366 - (18,783) 344 - 

31,927 - 31,927 - 

31,927 15,976 50,366 

Operadora Mayakoba, S.A. de C.V. - 50.04 50.04 50,373 - 

(43) (1) - 50,329 - 50,329 - 

50,329 25,185 41,598 

Organización de Proyectos de Infraestructura, S. de R.L. de C.V. 0.00 73.85 73.85 316,099 - 

(23) (33) - 316,043 - 316,043 - 

316,043 233,398 233,439 

Oshsa-Levante, A.I.E. - 55.00 55.00 6 - 

- (281) - 

(275) - (275) - 

(275) (151) 4 

Pachira, S.L. - 100.00 100.00 4 - 

114 (261) - 

(143) - (143) - 

(143) (143) - 

Participes en Brasil, S.L. - 100.00 100.00 41,084 - 86,401 (12,366) - 115,119 - 115,119 - 

115,119 115,119 98,950 

Paulista Infraestructura, Ltda. - 60.00 60.00 226 - 2,187 3,003 (3,744) 1,672 - 1,672 - 

1,672 1,003 135 

Posmar Inversiones 2008, S.L. 100.00 - 100.00 3 - 

- 

- 

- 

3 - 

3 - 

3 3 5 

Promoaqua Desalación de los Cabos, S.A. de C.V. - 92.00 92.00 6,057 (55) 1,099 525 - 

7,626 - 7,626 - 

7,626 7,067 6,961 

Proyectos y Sistemas, S.A. - 100.00 100.00 276 - 

785 (749) - 

312 - 

312 - 

312 312 5,850 

Puente Logístico Mediterráneo, S.A. 13.26 86.74 100.00 105 - 

(77) - 

- 

28 - 

28 - 

28 28 58 

Rentia Invest, a.s. - 100.00 100.00 3,216 - 4,110 42,743 - 50,069 - 50,069 - 

50,069 50,069 17,590 

S.A. Trabajos y Obras 100.00 - 100.00 1,854 - 18,172 11,933 (11,500) 20,459 - 20,459 - 

20,459 20,459 43,347 

Sacova Centros Residenciales, S.L. - 100.00 100.00 19,161 - (14,224) 53 - 

4,990 (1,206) 3,784 8,300 12,084 12,084 17,491 

Satafi S.A. 100.00 - 100.00 750 - 

1,115 (1,455) - 

410 - 

410 - 

410 410 410 

Sawgrass Rock Quarry Inc. - 86.50 86.50 1 - 1,850 217 - 

2,068 - 2,068 - 

2,068 1,789 7,445 

Seconmex Administración, S.A. de C.V. - 73.85 73.85 3 - 

743 288 - 

1,034 - 1,034 - 

1,034 764 12 

SESAMM - Serviços de Saneamento de Mogi Mirim, S.A. - 57.00 57.00 4,812 - 

339 (27) - 

5,124 - 5,124 - 

5,124 2,921 2,530 

Sociedad Concesionaria Autopista Los Andes, S.A. 0.00 100.00 100.00 56,747 - (14,135) (6,339) - 36,273 (15,385) 20,888 - 

20,888 20,889 37,457 

Sociedad Concesionaria Centro de Justicia de Santiago, S.A. 100.00 - 100.00 13,280 - 3,085 663 - 

17,028 - 17,028 - 

17,028 17,028 13,280 

Sociedad de Servicios Paseo de San Francisco, S.A. de C.V. - 100.00 100.00 3 - 

(6) 12 - 

9 - 

9 - 

9 9 3 

Sociedad Vehículo CA, S.L. - 100.00 100.00 66,573 - 18,218 5,372 - 90,163 (735) 89,428 - 

89,428 89,428 66,264 

SPI - Sociedade para Participaçoes em Infraestrutura, S.A. - 100.00 100.00 90 (90) - (8,122) - (8,122) - (8,122) - 

(8,122) (8,122) - 

Sthim América, LLC - 75.31 75.31 - 

- 

(93) (17) - 

(110) - (110) - 

(110) (83) - 

Sthim Maquinaria de México, S.A. de C.V. - 75.31 75.31 3 - 

(5) (106) - 

(108) - (108) - 

(108) (81) 3 

Sthim Maquinaria, S.A. - 75.31 75.31 902 - 1,358 1,096 - 

3,356 - 3,356 - 

3,356 2,527 6,778 

Stride Contractors, Inc. - 100.00 100.00 1 - 3,181 465 - 

3,647 - 3,647 - 

3,647 3,647 1,665 

Superficiaria Los Bermejales, S.A. 75.00 - 75.00 4,900 (3,675) (668) 12 - 

569 (632) (63) - 

(63) (47) 919 

Técnicas y Gestión Medioambiental, S.A. - 100.00 100.00 932 - 3,565 (1) - 

4,496 - 4,496 - 

4,496 4,496 3,562 

Tenedora de Participaciones Tecnológicas, S.A. 100.00 - 100.00 601 - (22,226) - 

- (21,625) - (21,625) 22,238 613 613 22,238 

Terminal Polivalente Sureste, S.L. - 100.00 100.00 48 - 

(15) (3) - 

30 - 

30 - 

30 30 48 

Terminales Marítimas del Sureste, S.A. - 100.00 100.00 17,820 - (8,243) (1,985) - 

7,592 (3,625) 3,967 - 

3,967 3,967 22,320 

The Tower Group - 100.00 100.00 1 - 13,012 (3,609) - 

9,404 - 9,404 - 

9,404 9,404 37,421 

Tractament Metropolità de Fangs, S.L. - 50.40 50.40 12,554 - 5,336 (1,553) - 

16,337 (393) 15,944 - 

15,944 8,036 6,328 

Viaducto Bicentenario, S.A. de C.V. - 73.85 73.85 302,835 (9,912) (627) (12,029) - 280,267 - 280,267 - 

280,267 206,977 216,324 

Vianorte, S.A. - 60.00 60.00 24,051 (2,755) 2,718 3,955 - 27,968 - 27,968 - 

27,968 16,781 31,751 

Viceroy Resorts Mayakoba, S de R.L. de C.V. 29.53 70.47 100.00 37,836 - 

- (3,683) - 

34,153 - 34,153 - 

34,153 34,153 15,185 

Villas de Mayakoba, S.A. de C.V. - 100.00 100.00 3,038 - 

(95) - 

- 

2,943 - 2,943 - 

2,943 2,943 3,414 

Vincida Grupo de Inversiones 2006, S.L. 25.00 75.00 100.00 3 - 

4 (1) - 

6 - 

6 - 

6 6 3 

Viveros de Mayakoba, S.A. de C.V. - 100.00 100.00 512 - 

96 (168) - 

440 - 

440 - 

440 440 584 

ZPSV Caña, a.s. - 53.02 53.02 3,564 - 2,822 489 - 

6,875 - 6,875 - 

6,875 3,645 1,915 

ZPSV Eood, a.s. - 89.95 89.95 1,802 - (1,307) (302) - 

193 - 

193 - 

193 173 175 

ZPSV, a.s. 1.32 88.63 89.95 23,795 - 31,465 15 - 

55,275 - 55,275 - 

55,275 49,720 78,035 

ZS Bratislava, a.s. - 68.35 68.35 5,232 - 4,977 (913) - 

9,296 - 9,296 - 

9,296 6,354 4,195 

>>>




Net cost 

of the 

investment 

Underlying 

carrying 

amount 

Total equity + 

participating 

loan 

Participating 

loans 

Total equity 

Valuation 

adjustments 

Total 


equity 

Profit/ 

(Loss) for 

2010 

Uncalled capital 

payments 

payable 

12 6 6 

6 3 - 

38,160 14,092 14,091 

517 191 1 

3,327 1,957 1,957 

14 7 7 

9 5 2 

34,090 17,386 33,149 

4,355 2,178 1,866 

8 3 2 

67,021 34,208 10,361 

35,359 18,040 9,538 

12 - 

12 - 

6 - 

6 - 

38,160 - 38,160 - 

517 - 

517 - 

3,327 - 3,327 - 

14 - 

14 - 

9 - 

9 - 

34,090 - 34,090 - 

4,345 10 4,355 - 

8 - 

8 - 

67,021 - 67,021 - 

35,359 - 35,359 - 

Share 

Interim 


Reserves 

capital 

dividend 

Proportionately consolidated companies 

Asfaltos Elsan-Pacsa Torrescámara, A.I.E. - 50.00 50.00 12 - 

- 

- 

- 

CASINIMA - Empreitada Ponte da Baia, A.C.E. - 50.00 50.00 - 

- 

- 

6 - 

Controladora Vía Rápida Poetas, S.A.P.I. de C.V. - 36.93 36.93 38,160 - 

- 

- 

- 

Coordinadora Vía Rápida Poniente, S.A.P.I. de C.V. - 36.93 36.93 3 - 

- 

514 - 

FHP Villas Lote 2, S.A. de C.V. - 50.00 50.00 3,914 (587) - 

- 

- 

Hialeah Water, LLP - 50.00 50.00 15 - 

- 

(1) - 

Inalia Water Solutions, S.L. - 50.00 50.00 3 - 

8 (2) - 

Infraestructura Dos Mil, S.A. - 51.00 51.00 51,080 - (15,361) (1,629) - 

Nova Dársena Esportiva de Bara, S.A. - 50.00 50.00 3,731 - 1,448 (834) - 

Prestadora de Servicios Vía Rápida Poniente, S.A.P.I. de C.V. - 36.93 36.93 3 - 

- 

5 - 

Sociedad Concesionaria Autopista del Sol, S.A. - 51.04 51.04 31,937 - 26,678 8,406 - 

Sociedad Concesionaria Autopista Los Libertadores, S.A. - 51.02 51.02 26,124 - 5,739 3,496 - 

5,285 1,160 1,015 

5,285 - 

5,285 - 


217,665 - 217,665 - 

217,665 78,773 95,720 

5,792 - 5,792 - 

5,792 2,606 434 

558 - 

558 - 

558 145 198 

6,089 - 6,089 - 

6,089 1,989 - 

722 - 

722 - 

722 144 2 

41,435 (1,844) 39,591 87,939 127,530 45,911 32,033 

6,432 - 6,432 - 

6,432 2,187 409 

30,713 (13,440) 17,273 - 

17,273 3,455 3,928 

1,517 - 1,517 - 

1,517 379 301 

43,088 (5,471) 37,617 - 

37,617 9,404 11,045 

3,971 - 3,971 - 

3,971 993 (11,234) 

1,485 - 1,485 - 

1,485 588 599 

(59) - 

(59) - 

(59) (20) 2 

8,865 (1,407) 7,458 4,761 12,219 4,073 3,776 

1,206 - 1,206 - 

1,206 180 69 

13,473 - 13,473 - 

13,473 3,434 4,364 

22,918 - 22,918 - 

22,918 5,844 8,356 

16,339 - 16,339 - 

16,339 7,189 997 

2,282 - 2,282 - 

2,282 550 - 

44,003 - 44,003 - 

44,003 18,974 - 

6,904 - 6,904 - 

6,904 2,416 - 

55,217 (55,217) - 

- 

- 

- 

- 

Companies accounted for using the equity method 

Cádiz San Fernando, A.I.E. - 21.95 21.95 4,658 - (160) 787 - 

Administradora Mexiquense del Aeropuerto Internacional de 

- 36.19 36.19 132,060 - 80,569 5,037 - 

Toluca, S.A. de C.V. 

Avalora Tecnologías de la Información, S.A. - 45.00 45.00 455 - 2,120 3,217 - 

Bay of Bengal Gateway Terminal Private Limited 26.00 - 26.00 566 - 

- 

(8) - 

Biorreciclaje de Cádiz S.A. - 32.66 32.66 - 

- 5,208 881 - 

Comaco-Asmaco, A.I.E. - 20.00 20.00 12 - 

- 

710 - 

Concessió Estacions Aeroport L 9, S.A. 36.00 - 36.00 1,043 - 16,427 23,965 - 

E.M.V. Alcalá de Henares, S.A. 34.00 - 34.00 1,202 - 5,230 - 

- 

Nuevo Hospital de Burgos, S.A. 20.00 - 20.00 36,428 (2,798) (1,944) (973) - 

Nautic Tarragona S.A. 25.00 - 25.00 1,202 - 

422 (107) - 

Nova Bocana Barcelona, S.A. 25.00 - 25.00 44,178 - (1,363) 273 - 

Nova Bocana Bussiness, S.A. 25.00 - 25.00 16,340 (12,255) (114) - 

- 

Obalovna Boskovice, s.r.o. - 39.60 39.60 1,520 - 

- 

(35) - 

Partícipes de Biorreciclaje S.A. - 33.33 33.33 60 - 

(119) - 

- 

Phunciona Gestión Hospitalaria, S.A. 33.33 - 33.33 6,567 - 

733 1,565 - 

Slovenské Tunely, a.s. - 14.96 14.96 68 - 1,056 82 - 

Shariket Miyeh Ras Djinet, Spa - 25.49 25.49 17,487 - (1,617) (2,397) - 

Shariket Tahlya Miyah Mostaganem, Spa - 25.50 25.50 32,177 - (6,050) (3,209) - 

Tomi Remont, a.s. - 44.00 44.00 1,975 - 8,147 6,217 - 

Port Torredembarra S.A. 24.08 - 24.08 2,265 - 

45 (28) - 

TSS, a.s. - 43.12 43.12 29,728 - 14,643 (368) - 

Urbs Iustitia Commodo Opera, S.A. 35.00 - 35.00 27,616 (20,712) - 

- 

- 

Urbs Iudex et Causidicus, S.A. 20.00 - 20.00 38,902 - 12,321 3,994 - 

209


210 

APPENDIX IV 

Detail of changes in the scope of consolidation at 31 December 2010 

INCLUSIONS 


EXCLUSIONS 

COMPANY REASON COMPANY REASON 

Archea, S.L. Purchase Ingeniería de los Recursos Naturales, S.A. (IRENA) Sale 

Brote Servicios Avanzados de Outsourcing, S.L. Purchase Morkaitz, S.A. Sale 

Guinovart Rail, S.A. Incorporation Obras y Servicios Hispania Gas, S.A. Sale 

Portal de Servicios en la Red, Serviasesor S.L. Incorporation Pacsa, Servicios Urbanos y del Medio Natural, S.L. Sale 

Promotora para la Aplicación Sectorial de Nuevas 

Tecnologías, S.L. 

Incorporation Trabajos de Carpintería Especializados, S.L. Merger 

Sthim Maquinaria, S.A. Purchase Urbanizadora Hispano Belga, S.A. (U.H.B.) Sale 

Superficiaria los Bermejales, S.A. Incorporation BMSK, a.s. Sofie Sale 

Araucária Saneamento, S.A. Incorporation OHL Infrastructure Central Europe, s.r.o. Liquidation 

Autopista Urbana Norte S.A. de C.V. Incorporation Sociedade para Participaçao em Rodavías, S.A. Merger 

Betancourt Castellon Associates, Inc. Purchase ZS Brno, a.s. Sale 

Desarrollos RBK en la Riviera, S.A. De C.V. Purchase 

Judlau Contracting, Inc. Purchase 

Latina Mexico. S.A. de C.V. Incorporation 

OHL Industrial Perú, S.A.C. Purchase 

OHL ZS d.o.o. Laktasi Incorporation 

Sovec Usa, Inc. Incorporation 

SPI Sociedade para Participaçao em Infraestructura S.A. Purchase 

Sthim América, LLC Purchase 

Sthim Maquinaria de Mexico, S.A. de C.V. Purchase 

ZS Brno, s.r.o. Incorporation 

JOINT VENTURES (proportionately consolidated) 

INCLUSIONS EXCLUSIONS 


CASINIMA - Empreitada Ponte da Baia, A.C.E. Incorporation Inalia Mostaganem, S.L. Liquidation 

Coordinadora Vía Rápida Poniente, S.A.P.I. de C.V. Incorporation 

Prestadora de Servicios Vía Rápida Poniente, S.A.P.I. de C.V. Incorporation 

Hialeah Water, LLP Incorporation 

ASSOCIATES (accounted for using the equity method) 

INCLUSIONS EXCLUSIONS 


Urbs Iustitia Commodo Opera, S.A. Incorporation Concesionaria Colegio de Usera, S.L. Sale 

Bay of Bengal Gateway Terminal Private Limited Incorporation Desaladora Costa del Sol, S.A. Liquidation 

Obalovna Boskovice, s.r.o. Incorporation 

Companies included in the scope of consolidation in 2009, the situation of which changed in 2010 

COMPANY SCOPE IN 2010 SCOPE IN 2009 

Recol Networks, S.A. Fully consolidated Equity method 

Lote 3 Servicios, S.A. de C.V. Fully consolidated Equity method 

Operadora Hotelera del Corredor Mayakoba, S.A. de C.V. Fully consolidated Equity method 

Operadora Mayakoba, S.A. de C.V. Fully consolidated Equity method 

Servicios Hoteleros del Corredor Mayakoba, S.A. de C.V. Fully consolidated Equity method 

Viceroy Resorts Mayakoba, S de R.L. de C.V. Fully consolidated Equity method 

Limed Grupo Hispano-Argelino, S.A. Proportionately consolidated Equity method 

Infraestructura Dos Mil, S.A. Proportionately consolidated Fully consolidated 

Sociedad Concesionaria Autopista del Sol, S.A. Proportionately consolidated Fully consolidated 

Sociedad Concesionaria Autopista Los Libertadores, S.A. Proportionately consolidated Fully consolidated

2010 Management Report of the OHL Group 

Management Report 

211


212 

1. Economic Overview 

The world economy continued to grow strongly in 2010, due mainly to the robustness of the emerging economies 

which were not as badly affected by the financial crisis. Conversely, the performance of the developed countries 

was more subdued, weighed down by lingering problems in the financial markets and high budget deficits, 

which are causing sovereign debt problems in certain countries on the outer edge of Europe. 

The political transition in Brazil did not have any repercussions on its economy and its future outlook remains 

bright. Its dynamic domestic demand is expected to continue supporting GDP growth, while reducing poverty 

and inequality. 

The Mexican economy’s isolation from regional financial tensions confirmed the continuity of its recovery, and 

GDP will foreseeably grow by 4.5% to 5% in 2010. It should be pointed out that the slowdown of the US economy, 

contrary to expectations, did not have an adverse impact on the Mexican economy. This year will foreseeably 

witness the maturity of the economic cycle in Mexico, with a growing contribution from domestic demand. 

The signs of recovery which appeared in the Spanish economy in the early months of 2010 came to a standstill 

in the second part of the year due to budget adjustments and the higher cost of sovereign debt. Nevertheless, 

the 0.1% drop in GDP at year-end was two tenths better than the government’s initial estimate, due to the 

sound performance of exports in the fourth quarter, thanks to the surge in demand from the eurozone and the 

containment of foreign sale prices. 

According to the EU’s most recent forecasts, the construction industry in Spain will be the hardest hit by the crisis, 

and is expected to fall back by -11.4% in 2010. Despite this drop and the adjustments to public expenditure, 

Spain ended the year as the third highest ranked country in the EU in terms of investment in construction in 

proportion to its GDP (12.7%, two percentage points above the EU average. The EU does not envisage any growth 

in the Spanish construction industry until 2012, when it will increase by 0.7%, after dropping by -7.0% in 2011.

2. Business Performance 

Main aggregates of the Obrascón Huarte Lain Group 

The Group’s progress 



2010 % 2009 % % Change 

Revenue 4,909.8 100.0 4,780.2 100.0 2.7 

EBITDA 1,005.0 20.5 763.1 16.0 31.7 

EBIT 700.1 14.3 512.0 10.7 36.7 

Profit before tax 382.3 7.8 300.2 6.3 27.3 

Profit attributable to the Parent 195.6 4.0 156.1 3.3 25.3 

Short-term backlog 5,760.4 6.8 5,395.1 8.1 6.8 

Long-term backlog 78,546.4 93.2 61,331.4 91.9 28.1 

Total backlog 84,306.8 100.0 66,726.5 100.0 26.3 

Intangible assets and goodwill (1) 6,484.9 51.5 4,578.9 47.7 41.6 

Equity attributable to the Parent (1) 1,300.0 10.3 779.9 8.1 66.7 

Gross recourse borrowings (1) 1,693.1 13.4 1,269.8 13.2 33.3 

Net recourse borrowings (1) 1,173.5 9.3 730.1 7.6 60.7 

Gross non-recourse borrowings (1) 4,444.7 35.3 3,183.8 33.2 39.6 

Net non-recourse borrowings (1) 

(1) % of total assets 

3,246.4 25.7 2,717.2 28.3 19.5 

The Group ended 2010 with highly satisfactory results, despite a troubled Spanish macroeconomic backdrop. 

The growth obtained in the main aggregates compared with 2009 was as follows: 

• Sales: +2.7% 

• EBITDA: +31.7% 

• EBIT: +36.7% 

• Net attributable profit: +25.3% 

The main driver behind this growth was the Concessions business line, which recorded increases of 32.1%, 71.3% 

and 78.0% in sales, EBITDA and EBIT, respectively. Consequently, this business line consolidated its position as 

the Group’s main activity, representing 74.3% and 80.2% of the Group’s EBITDA and EBIT, respectively, in 2010. 

In the Construction business line (abroad and in Spain), sales dropped by 10.4% and EBITDA by 22.3%. This 

was due mainly to the sharp fall in Construction in Spain of 22.6% and 30.0% in terms of sales and EBITDA, 

respectively. This situation, which had been anticipated, obliged the Group to make the necessary adjustments 

in 2010 in the cost structure of Construction in Spain so that this business line could remain profitable despite its 

lower volume of business (2010 revenue was approximately 40% lower than that obtained three years previously). 

213


214 

The revenue of Construction Abroad remained stable compared with 2009; however, it could not achieve growth 

levels similar to those of prior years to offset the lower volume of business of Construction in Spain. This was due 

to a lower level of activity in the fourth quarter compared with that of 2009, when very significant construction 

work was completed. In any case, growth in Construction Abroad is set to continue, with the large construction 

backlog existing at year-end (EUR 3,298.0 million, up 24.0% on 2009 year-end), the inclusion in the Group of 

the construction company Judlau in New York (US) in December 2010, the possible incorporation in the Group 

of the Polish companies Hydrobudowa and Aprivia in 2011 and the large contracts awarded for more than EUR 

400 million in January and February 2011. 

Note should be made of the Group’s growing internationalisation, considering that activities in Spain represented 

only 30.5% of sales and 7.0% of EBITDA in 2010. 

The contribution by country to the Group’s EBITDA in 2010 was as follows: 

Country %EBITDA 

Mexico 40.2 

Brazil 37.2 

Spain 7.0 

Chile 6.5 

USA 3.5 

Qatar 2.9 

Eastern Europe 2.2 

Algeria 0.4 

Others 0.1 

Lastly, of special importance in 2010 was the admission to official listing of our concession operator subsidiary 

in Mexico, the largest transaction of this kind in the Mexican stock market in the last ten years and the third 

largest in the world transport infrastructure industry in the last five years. This transaction was proof of the 

success of the strategy followed by the Group since 2002 and the considerable value generated by the Group in 

its concession investments, and represents a decisive step in the policy aimed at achieving financial autonomy 

imposed for the future growth of the Concessions business line. 

With this transaction, the Group achieved the following strategic objectives: 

• To incorporate into the shareholder structure of OHL México, S.A.B. de C.V. a large local and international 

investor base, which consolidates the company’s position as one of the leaders in the Mexican infrastructure 

market, placing it in an excellent position to benefit from the growth envisaged in infrastructure investment 

in Mexico. 

• To maintain a 73.85% investment in the company, and therefore control, which guarantees the continuity of 

the company’s strategy and policies.


• To materialise the value generated in the Group’s investments in concessions in Mexico. Based on the 

placement price of MXN 25 per share, OHL México, S.A.B. de C.V. had an equivalent value of EUR 1,661 million 

(which shows that the funds invested by the Group in this company had multiplied by 2.6 times) before the 

capital increase, higher than the estimate given by analysts of EUR 1,455 million in April 2010. 

• To provide OHL México, S.A.B. de C.V. with the necessary funds so that it can carry out its investment programme 

and future development independently, without requiring any support from the Parent. 

• To obtain funds to reduce the OHL Group’s recourse debt by more than EUR 250 million. 

Performance by business line 


2010 % 2009 % % change 

Revenue 

Concessions 1,508.7 31% 1,141.8 24% 32% 

Construction Abroad 1,829.3 37% 1,821.4 38% - 

Construction in Spain 1,241.6 25% 1,604.4 34% -23% 

Other business activities 330.2 7% 212.6 4% 55% 

Total 

EBITDA 

4,909.8 100% 4,780.2 100% 3% 

Concessions 746.9 74% 436.0 57% 71% 

Construction Abroad 150.0 15% 180.3 24% -17% 

Construction in Spain 90.4 9% 129.2 17% -30% 

Other business activities 17.7 2% 17.6 2% - 

Total 

EBIT 

1,005.0 100% 763.1 100% 32% 

Concessions 561.7 80% 315.6 62% 78% 

Construction Abroad 104.3 15% 118.6 23% -12% 

Construction in Spain 43.3 6% 82.8 16% -48% 

Other business activities (9.2) -1% (5.0) -1% n/s 

Total 700.1 100% 512.0 100% 37% 

Concessions 

Concessions continued to perform well and achieved significant growth levels compared with 2009 year-end: 

• Sales: +32.1% 

• EBITDA: +71.3% 

• EBIT: +78.0% 

215


216 

The main factors that influenced sales and EBITDA are as follows: 

• The positive trends in traffic and toll prices in our concessions, shown in the following table: 

From 

01/01/10 to 

31/12/10 

Change in traffic 

From 

01/01/09 to 

31/12/09 

Toll price revisions in the period 

Jan/Dec 2010 compared with Jan/ 

Dec 2009 

% change % Revision 

(5) 

Last revision 

ARGENTINA Aecsa (1) 211,863 208,465 1.6% 40.0% October 2010 

BRAZIL Autovias (1) 114,656 103,160 11.1% 4.2% July 2010 

Centrovias (1) 80,179 61,709 29.9% 4.2% July 2010 

Intervias (1) 155,778 141,447 10.1% 4.2% July 2010 

Vianorte (1) 86,209 78,207 10.2% 4.2% July 2010 

Autopista Planalto Sul (1) 72,006 63,221 13.9% 6.9% December 2010 

Autopista Fluminense (1) 115,025 84,770 35.7% 4.0% February 2010 

Autopista Fernao Dias (1) 333,749 233,323 43.0% 18.2% December 2010 

Autopista Regis Bittencourt (1) 368,695 278,801 32.2% - - 

Autopista Litoral Sul (1) 295,032 209,993 40.5% 9.1% February 2010 

CHILE Autopista del Sol (1) 80,827 74,472 8.5% 1.7% July 2010 

Autopista Los Libertadores (1) 39,745 36,671 8.4% 3.0% January 2010 

Autopista Los Andes (1) 14,866 13,823 7.5% 2.1% January 2010 

SPAIN Euroglosa M-45 (2) 78,061 76,565 2.0% 0.7% March 2010 

Autopista Eje Aeropuerto (1) 8,647 9,120 -5.2% -1.0% July 2010 

Autovía de Aragón (Tramo 1) (2) 97,430 94,591 3.0% 168.0% January 2010 

Metro Ligero Oeste (3) 20,475 20,399 0.4% 0.8% January 2010 

Puerto de Alicante (T.M.S.) (4) 68,824 36,293 89.6% - - 

MEXICO Amozoc-Perote (1) 26,731 25,731 3.9% 10.8% January 2010 

Concesionaria Mexiquense I (1) 153,403 127,360 20.4% 4.1% January 2010 

Viaducto Bicentenario (2) 17,468 13,861 26.0% - - 

PERU Autopista del Norte (1) 17,193 14,164 21.4% 10.7% May 2010 

(1) No. of vehicles (equivalent average paying traffic). 

(2) No. of vehicles (average daily density). 

(3) Average daily no. of passengers. 

(4) Cumulative no. of TEUs shipped. 

(5) Average increase in toll applied at each toll plaza, obtained from the tariff revision provided for in each concession arrangement. 

• Since 28 December 2008, toll plaza collections have gradually been made on the federal motorways in Brazil 

(Planalto Sul, Fluminense, Fernao Dias, Regis Bittencourt and Litoral Sul). With the inauguration of Mairipora 

in September 2010, the 29 plazas envisaged in these five concessions are now open.


• The effect of the performance of the Latin American currencies against the euro compared with 2009: 

Average exchange rate for 

the period (EUR 1) 

2010 2009 Appreciation 

Argentine peso 5.17 5.20 0.6% 

Chilean peso 671.41 770.65 12.9% 

Mexican peso 16.70 18.93 11.8% 

Brazilian real 2.32 2.75 15.6% 

• The start-up in November 2009 of various sections of the Viaducto Bicentenario concession in Mexico. 

• On 30 September 2010, a 10 km section of Phase III of Conmex, which runs between the Lago de Guadalupe 

junction and Vialidad Mexiquense was commissioned. 

As a result of these factors, the changes in sales and EBITDA of the main concession operators, grouped together 

by country, is as follows: 

Country Company 

2010 

REVENUE 

2009 (1) % change 2010 

EBITDA 

2009 (1) 


% change 

ARGENTINA 14.0 9.9 41.4% -2.5 -2.5 0.0% 

Aecsa 14.0 9.9 41.4% -2.5 -2.5 0.0% 

BRAZIL 646.4 431.5 49.8% 355.7 247.8 43.5% 

Autovias 96.9 70.5 37.4% 61.5 44.9 37.0% 

Centrovias 94.9 67.8 40.0% 64.5 46.7 38.1% 

Intervias 109.2 80.3 36.0% 69.3 55.0 26.0% 

Vianorte 86.0 62.9 36.7% 48.9 39.9 22.6% 

Autopista Planalto Sul 30.2 20.2 49.5% 10.8 6.6 63.6% 

Autopista Fluminense 43.9 22.3 96.9% 20.3 9.8 107.1% 

Autopista Fernão Dias 53.3 31.7 68.1% 17.7 11.5 53.9% 

Autopista Régis 

Bittencourt 

80.6 50.6 59.3% 43.0 26.3 63.5% 

Autopista Litoral Sul 51.4 25.2 104.0% 19.7 7.1 177.5% 

CHILE 67.5 52.5 28.6% 50.2 39.4 27.4% 

Autopista del Sol 37.0 28.0 32.1% 29.4 20.2 45.5% 

Autopista Los 

Libertadores 

21.7 17.4 24.7% 15.6 14.3 9.1% 

Autopista Los Andes 8.8 7.1 23.9% 5.2 4.9 6.1% 

SPAIN 74.8 57.4 30.3% 25.8 20.9 23.4% 

Euroglosa M-45 11.7 11.5 1.7% 10.7 10.4 2.9% 

Autopista Eje Aeropuerto 4.7 5.0 -6.0% 0.2 0.7 -71.4% 

Autovía de Aragón 

(Section 1) 

6.6 2.1 214.3% 5.3 1.8 194.4% 

Metro Ligero Oeste 33.1 32.7 1.2% 4.6 7.7 -40.3% 

Puerto de Alicante 

(T.M.S.) 

18.7 6.1 206.6% 5.0 0.3 n,a, 

>>> 

217


218 

>>> 

MEXICO 88.7 64.6 37.3% 283.5 133.1 113.0% 

Amozoc-Perote 18.3 13.9 31.7% 13.7 9.9 38.4% 

Concesionaria 

Mexiquense I (2) 

66.6 50.4 32.1% 209.0 106.3 96.6% 

Viaducto Bicentenario (2) 3.8 0.3 n,a, 60.8 16.9 259.8% 

PERU 14.1 7.5 88.0% 7.7 5.4 42.6% 

Autopista del Norte 14.1 7.5 88.0% 7.7 5.4 42.6% 

TOTAL CONCESSIONS 905.5 623.4 45.3% 720.4 444.1 62.2% 

Head office and others 603.2 518.4 16.3% 26.5 -8.1 n,s, 

TOTAL 1,508.7 1,141.8 32.1% 746.9 436.0 71.3% 

(1) Information restated in accordance with IFRIC 12. 

(2) Including the adjustment for returns guaranteed by the grantor, classified under “Other Operating Income” and not 

included in “Revenue. 

“Head Office and Other” includes the sales and costs corresponding to the construction business carried on 

by the concession operators themselves, net of intra-Group transactions, due to the application of IFRIC 12. 

In accordance with the accounting principle of prudence, the OHL Group matched the sales figure of the 

construction activity performed by non-Group third parties for the concession operators to the costs of this 

construction work (EUR 405.4 million and EUR 405.3 million in 2009 and 2010, respectively), therefore not 

affecting EBITDA for these years. 

It should be mentioned in relation to the concession backlog that on 6 April 2010 a contract was entered into 

with the Mexico City Government in Mexico for the design, construction and operation over a period of 30 years 

from commencement of operations of the Los Poetas Luis Cabrera toll road. The project will be performed 

through a company 50% owned by OHL México. The road is 5.5 km long, 3 km of which consist of tunnels and 

viaducts, and the total investment is estimated at MXN 5,977 million (EUR 362 million). 

On 26 June 2010, a contract was awarded for the construction and operation of the future container terminal of 

the Port of Ennore, located 24 km north of the city of Chennai on the East coast of India. The OHL Group has a 

26% ownership interest. The concession will initially run for 30 years from commencement of operations and 

the investment will amount to over EUR 230 million. 

On 16 July 2010, a concession contract was signed for the use, operation and administration, and the design, 

construction, upkeep and maintenance of a road built in Mexico City over the Boulevard Manuel Ávila Camacho 

at Calzada Parque de Chapultepec. The project will be carried out through OHL México’s wholly-owned investee, 

Autopista Urbana Norte. The concession has been granted for a term of 30 years. The infrastructure consists 

of a raised viaduct 9 km in length. The total investment is estimated at MXN 11,732 million (EUR 711 million). 

With these three additional concessions, OHL Concessions now manages a backlog of 28 major concessions, 

which include 23 toll road concessions, covering a total of 4,414 km, an airport, two ports and two railway 

concessions, consolidating the Group as one of the most important infrastructure operators in the world.


At 31 December 2010, the backlog amounted to EUR 76,242.4 million, up 29.7% from the December 2009 figure. 

This increase was due mainly to the exchange rate effect and the inclusion in the Group of the Los Poetas-Luis 

Cabrera and Urbana Norte toll roads in Mexico. 

In accordance with the significant event communications reported to the Spanish National Securities Market 

Commission (CNMV) on 20 and 22 October 2010, the OHL Group launched a public offering of the sale of shares 

of its subsidiary OHL México, S.A.B. de C.V., which was presented on 22 October 2010 to the Mexican National 

Banking and Securities Commission (CNBV). 

The transaction was executed on 11 November 2010 and at 31 December 2010 the OHL Group held a 73.85% 

ownership interest in this subsidiary. 

Construction Abroad 

The Construction Abroad business line has established its position as the second most significant activity of 

the Group in terms of EBITDA (14.9% of the total) and the first in terms of sales (37.3% of the total). This position 

has been reached thanks to the sound performance of the business line in the US, Central and Eastern Europe 

and Qatar, and to the steady rhythm of work on the projects linked to concessions in Mexico (Circuito Exterior 

Mexiquense and Viaducto Bicentenario). 

Revenue in 2010 was similar to that obtained in 2009; however, the EBITDA and EBIT margins dropped due to the 

significantly lower volume of business in the fourth quarter with respect to that of 2009, when large contracts 

such as the Orán Convention Centre (Algeria) were completed. However, the EBITDA and EBIT margins on sales, 

at 8.2% and 5.7%, respectively, continue to be higher than those obtained in Spain. 

In the last quarter of 2010 there was good news on two fronts: companies were acquired in strategic geographical 

areas in which the Group intends to establish itself (USA and Central Europe) and one-of-a-kind projects were 

awarded in other countries in which the Group does not have permanent headquarters. 

On 30 November the Group formalised the acquisition of 50.10% of Judlau Contracting, Inc., a construction 

company specialised in civil engineering work, with headquarters in New York (US). Since this acquisition took 

place towards the end of the year, it had virtually no impact on the 2010 consolidated income statement. It will, 

however, have a significant impact on future years, since Judlau’s sales in 2010 amounted to approximately EUR 

230 million and it contributes a construction backlog amounting to EUR 300 million at year-end. The purchase 

price was established at EUR 65.3 million. There is also a call and put option under which the OHL Group could 

acquire the remaining 49.90%, at a rate of 10% per year. This is yet another of the Group’s acquisitions in the 

State of Florida and reinforces its presence in the US market. 

219


220 

Also, the Group announced that it is in the process of negotiating the acquisition of 51.00% of the listed company 

Hydrobudowa and 50.01% of Aprivia, both Polish companies in the PBG Group. The potential transaction, which 

would be concluded in the first half of 2011 for approximately EUR 126.5 million, would reinforce the Group’s 

presence in Central Europe, where it already has a construction group in the Czech Republic. 

At year-end the backlog amounted to EUR 3,298.0 million, up 24.0% from 2009 year-end. As already mentioned, 

also of importance were the contracts awarded in the last quarter of 2010 for the modernisation of various 

sections of the E30 railway line (Poland) and the construction of the main civil engineering works for the El 

Quimbo (Colombia) hydrological project. 

Also, in the first two months of 2011 the Group was awarded contracts for the construction of a viaduct in Kuwait 

for approximately EUR 310 million, the expansion of the Toronto underground (Canada) for EUR 135 million and 

the extension of a New York underground station for EUR 133 million. 

With the existing backlog at 31 December 2010, the award of new contracts and the foreseeable inclusion of 

the Polish companies in the Group, continuity of growth is assured for the Construction Abroad business line. 

Construction in Spain 

Sales in the Construction in Spain business line fell by 22.6% in a trend similar to that of the previous three 

quarters. 

EBITDA also fell by -30.0% due to the lower level of activity, which was affected by cutbacks in infrastructure 

expenditure announced by the Spanish Government as a measure to reduce the budget deficit. 

Noteworthy in 2010 was the ongoing effort made to restructure Construction in Spain to tailor it to the new level 

of activity, approximately 40% lower than that of three years earlier. This division has thus become smaller, 

while maintaining its profitability (EBITDA equal to 7.3% of sales in 2010), and we anticipate it will continue to 

do so in the future. 


Other business activities accounted for sales of EUR 330.2 million in 2010, as compared with EUR 212.6 million 

in 2009, representing 55.3% growth, in line with that of the first six months. The detail of this growth by activity 


• Industrial: +196,8% 

• Developments: +96,9% 

• Environment: +6,9%


The combined EBITDA of these activities was EUR 17.7 million, which represents only 1.8% of the Group’s EBITDA. 

Special mention must be made of the progress made by the OHL Industrial business with the award of the 

construction contract for a solar PV farm in Italy, in addition to the recently awarded contract for one of the 

largest oil and gas terminals in Spain. 

The Group recently disclosed that it was negotiating the sale of OHL Medio Ambiente, Inima, S.A.U., the head 

of the Environment business line, which it hopes to conclude in 2011. 

3. Financial Statements 

3.1 Application of IFRIC 12 

On 30 November 2006, the International Financial Reporting Standards Interpretations Committee (IFRIC) 

published interpretation no. 12, Service Concession Arrangements (“IFRIC 12”), which was adopted by the 

European Union on 25 January 2009. This interpretation became mandatorily applicable on 1 January 2010, and 

since that date, the OHL Group has prepared its consolidated financial statements in accordance therewith. 

As required, the information in the consolidated balance sheet at 31 December 2010 is presented for comparison 

purposes with the consolidated balance sheet at 31 December 2009, which was also restated in accordance 

with IFRIC 12 and, accordingly, differs from that presented in 2009. 

Also, the information in the consolidated income statement for 2010 is presented for comparison purposes 

with that for 2009, which was also restated and, therefore, differs from the consolidated income statement 

presented in 2009. 

The last few pages of this section show the reconciliation of the consolidated balance sheet at 31 December 

2009 before and after applying IFRIC 12. A reconciliation is also provided of the 2009 consolidated income 

statement before and after applying IFRIC 12. 

221


222 

3.2. Consolidated income statement 

2010 % 2009 % change 


% change 

Revenue 4,909.8 100.0% 4,780.2 100.0% 129.6 2.7% 

Changes in inventories of finished goods and 

work in progress 

(10.2) -0.2% (6.0) -0.1% (4.2) 70.0% 

In-house work on non-current assets 13.1 0.3% 14.9 0.3% (1.8) -12.1% 

Procurements (2,810.4) -57.2% (2,991.2) -62.6% 180.8 -6.0% 

Other operating income 415.9 8.5% 225.6 4.7% 190.3 84.4% 

Staff costs (683.5) -13.9% (613.4) -12.8% (70.1) 11.4% 

Other operating expenses (872.7) -17.8% (696.2) -14.6% (176.5) 25.4% 

Depreciation and amortisation charge 

Allocation to profit or loss of grants related to 

(246.4) -5.0% (206.6) -4.3% (39.8) 19.3% 

non-financial non-current assets and other 

grants 

5.1 0.1% 4.6 0.1% 0.5 10.9% 

Impairment and gains and losses on disposals 

of non-current assets 

(20.6) -0.4% 0.1 0.0% (20.7) n,a 

PROFIT FROM OPERATIONS 700.1 14.3% 512.0 10.7% 188.1 36.7% 

Finance income 94.6 1.9% 48.4 1.0% 46.2 95.5% 

Finance costs (431.5) -8.8% (246.6) -5.2% (184.9) 75.0% 

Change in fair value of financial instruments 6.0 0.1% (16.2) -0.3% 22.2 -137.0% 

Exchange differences 2.1 0.0% (10.9) -0.2% 13.0 -119.3% 

Impairment and gains and losses on disposals 

of financial instruments 

(3.0) -0.1% 8.6 0.2% (11.6) -134.9% 

FINANCIAL LOSS (331.8) -6.8% (216.7) -4.5% (115.1) 53.1% 

Result of companies accounted for using the 

equity method 

14.0 0.3% 4.9 0.1% 9.1 185.7% 

PROFIT BEFORE TAX 382.3 7.8% 300.2 6.3% 82.1 27.3% 

Income tax (130.1) -2.6% (109.1) -2.3% (21.0) 19.2% 

PROFIT FOR THE YEAR FROM CONTINUING 

OPERATIONS 

252.2 5.1% 191.1 4.0% 61.1 32.0% 

Profit/Loss for the year from discontinued 

operations net of tax 

- - - - - - 

CONSOLIDATED PROFIT FOR THE YEAR 252.2 5.1% 191.1 4.0% 61.1 32.0% 

Profit attributable to non-controlling interests 56.6 1.2% 35.0 0.7% 21.6 61.7% 

Profit attributable to equity holders of the 

Parent 

195.6 4.0% 156.1 3.3% 39.5 25.3% 

The OHL Group’s revenue for 2010 amounted to EUR 4,909.8 million, up 2.7% on 2009, due mainly to the good 

performance of the Concessions business line, whose 32.1% increase offset the 10.4% fall in the volume of 

construction work both in Spain and abroad. 

Noteworthy is the growing internationalisation of the Group, which in 2010 earned 69.5% of its revenue abroad, 

as compared with 61.5% in 2009. International sales increased by 16.2% with respect to 2009. 

Construction accounted for the largest percentage of total sales (62.5%), of which Construction abroad accounted 

for 37.3% and Concessions accounted for 30.7%.


EBITDA amounted to EUR 1,005.0 million in 2010 representing 20.5% of revenue and a 31.7% increase from 

2009. This increase was due to the Concessions business line, which accounted for 74.3% of the Group’s total 

EBITDA and 71.3% growth compared with 2009. 

93.0% of the Group’s EBITDA came from abroad, as compared with 87.8% in 2009. 

40.2% of the Group’s total EBIDTA was generated in Mexico and 37.2% in Brazil. 

EBIT amounted to EUR 700.1 million in 2010, representing 14.3% of revenue and a 36.7% increase from 2009. 

Noteworthy was the 78.0% growth in Concessions compared with 2009, which enabled this business line to 

generate 80.2% of the Group’s total EBIT. 

Net finance costs totalled 336.9 million, EUR 138.7 million higher than in 2009, due mainly to the increase in 

non-recourse borrowings at new concession operators started up during the year. 

This increase was slightly mitigated by the changes in fair value of financial instruments and translation 

differences, which in 2010 improved by EUR 35.2 million with respect to 2009. 

“Impairment and Gains and Losses on Disposals of Financial Instruments” amounted to a net charge of EUR 3.0 

million and related to the sum of the gain of EUR 5.9 million on the sale of a 14.28% interest in Infraestructura 

Dos Mil, S.A. -a Chilean company with investments in Concesionaria Autopista del Sol, S.A. and Concesionaria 

Autopista Los Libertadores, S.A.- and the loss of EUR 8.9 million from the divestment of minor companies (PACSA, 

IRENA, OSHGA and UHB) which were sold since they were not strategic for the Group. 

At 31 December 2009, this heading included the gain of EUR 9.0 million obtained on the sale of 9.72% of the 

shares of Infraestructura Dos Mil, S.A. 

Profit before tax amounted to EUR 382.3 million, representing 7.8% of revenue and an increase of 27.3% with 

respect to 2009. 

Profit attributable to the Parent amounted to EUR 195.6 million, representing 4.0% of revenue and an increase 

of 25.3% from 2009. If the profit or loss from disposals of financial instruments in 2010 and 2009 were not 

taken into account, the increase would be 34.6%. 

223


224 

3.3 Consolidated balance sheet 


EQUITY AND LIABILITIES 31/12/2010 31/12/2009(*) % change 

EQUITY 2,024.8 1,128.2 79.5% 

1,398.4 1,048.6 33.4% 

Share capital 59.9 59.9 0.0% 

Share premium 424.4 424.4 0.0% 

Reserves 718.5 408.2 76.0% 

Profit for the year attributable to the Parent 195.6 156.1 25.3% 

Valuation adjustments (98.4) (268.7) -63.4% 

Equity attributable to the Parent 1,300.0 779.9 66.7% 

Non-controlling interests 724.8 348.3 108.1% 

NON-CURRENT LIABILITIES 6,717.5 4,549.7 47.6% 

Grants 303.6 156.6 93.9% 

Long-term provisions 162.6 127.6 27.4% 

Non-current bank borrowings 4,929.4 3,393.0 45.3% 

Other non-current financial liabilities 235.3 173.8 35.4% 

Deferred tax liabilities 729.0 453.6 60.7% 

Other non-current liabilities 357.6 245.1 45.9% 

CURRENT LIABILITIES 3,860.0 3,922.2 -1.6% 

Short-term provisions 213.5 187.0 14.2% 

Current bank borrowings 1,208.4 1,060.6 13.9% 

Other current financial liabilities 10.8 27.0 -60.0% 

Trade and other payables 1,975.1 2,224.4 -11.2% 

Other current liabilities 452.2 423.2 6.9% 

TOTAL EQUITY AND LIABILITIES 12,602.3 9,600.1 31.3% 

(*) Data at 31/12/09 restated in accordance with IFRIC 12. 


ASSETS 31/12/2010 31/12/2009(*) % change 

NON-CURRENT ASSETS 8,582.3 6,429.7 33.5% 

Intangible assets and goodwill 6,484.9 4,578.9 41.6% 

Property, plant and equipment 711.2 571.5 24.4% 

Investment property 98.4 85.0 15.8% 

Investments accounted for using the equity method 157.7 181.9 -13.3% 

Non-current financial assets 297.0 370.2 -19.8% 

Deferred tax assets 833.1 642.2 29.7% 

CURRENT ASSETS 4,020.0 3,170.4 26.8% 

Inventories 123.6 160.9 -23.2% 

Trade and other receivables 2,129.9 1,959.8 8.7% 

Other current financial assets 351.2 317.6 10.6% 

Other current assets 48.7 43.5 12.0% 

Cash and cash equivalents 1,366.6 688.6 98.5% 

TOTAL ASSETS 12,602.3 9,600.1 31.3% 

(*) Data at 31/12/09 restated in accordance with IFRIC 12.


The main headings in the consolidated balance sheet at 31 December 2010 and the changes therein with respect 

to 31 December 2009 are as follows: 

Intangible assets and goodwill: amounted to EUR 6,484.9 million, most of which (93.4%) related to concession 

operators. The increase in “Intangible Assets and Goodwill” was EUR 1,906.0 million (41.6%) due mainly to the 

net investments made in the year by the infrastructure concession operators, including most notably the five 

concession operators of the Brazilian federal toll roads, Concesionaria Mexiquense, S.A. de C.V. and Viaducto 

Bicentenario, S.A. de C.V. 

Noteworthy due to their volume of investment at source were Concesionaria Mexiquense, S.A. de C.V., Viaducto 

Bicentenario, S.A. de C.V., the five federal toll roads in Brazil and Metro Ligero Pozuelo Boadilla, S.A., which 

accounted for 58.8% of the total intangible assets. 

Non-current financial assets: amounted to EUR 297.0 million at 31 December 2010, of which EUR 206.7 million 

related to concession operators which, due to the application of IFRIC 12, were recognised under this heading 

since they met the requirements of the financial asset model. 

Trade and other receivables: amounted to EUR 2,129.9 million at 31 December 2010, representing 16.9% of the 

total assets. 

Progress billings receivable and amounts to be billed for work performed represent 75.2% of the total “Trade 

and Other Receivables” balance and the combined ratio of the two accounts is 3.8 months of sale, lower by 0.4 

months of sale with respect to 31 December 2009. 

Other current financial assets and cash and cash equivalents: the balances of these headings at 31 December 

2010 totalled EUR 1,717.8 million, of which EUR 1,198.3 million related to companies without recourse and the 

remaining EUR 519.5 million to companies with recourse. 

Equity attributable to the Parent: amounted to EUR 1,300.0 million at 31 December 2010, representing 10.3% of 

the total assets and an increase of EUR 520.1 million with respect to 31 December 2009, due to the net effect 

of the following: 

• The attributable profit for 2010, which amounted to EUR 195.6 million. 

• An increase in reserves of EUR 203.0 million, arising from the translation of the financial statements expressed 

in foreign currencies, due mainly to the remeasurement at the year-end exchange rates of the balances in 

Mexican pesos, Brazilian reais and Chilean pesos with respect to 31 December 2009. 

• An increase in reserves of EUR 172.6 million due to the admission to listing of OHL México, S.A.B. de C.V. 

• An increase in reserves of EUR 31.8 million due to the acquisition of a 6.47% interest in Concesionaria 

Mexiquense, S.A. de C.V. 

• A decrease in reserves of EUR 32.7 million due to the effect of the remeasurement of financial instruments. 

• A decrease in reserves of EUR 42.9 million due to the dividend paid in June 2010 out of 2009 profit. 

• A decrease of EUR 7.3 million relating to other changes in reserves, due mainly to changes in the scope of 

consolidation. 

225


226 

Non-controlling interests stood at EUR 724.8 million at 31 December 2010 and increased by EUR 376.5 million 

in 2010 due to the net effect of: 

• 2010 profit attributable to non-controlling interests amounting to EUR 56.6 million. 

• An increase of EUR 321.7 million due to the admission to listing of OHL México, S.A.B. de C.V. 

• An increase of EUR 35.3 million arising from the translation of financial statements in foreign currency 

attributable to non-controlling interests. 

• A decrease of EUR 15.7 million due to the effect of the remeasurement of financial instruments. 

• Other decreases totalling EUR 21.4 million, due mainly to changes in the scope of consolidation. 

Bank borrowings: The bank borrowings at 31 December 2010 compared with those at 31 December 2009 are 

as follows: 

GROSS BORROWINGS (1) 2010 % 2009 


% 

Recourse borrowings 1,693.1 28% 1,269.8 29% 

Non-recourse borrowings 4,444.7 72% 3,183.8 71% 

TOTAL 6,137.8 100% 4,453.6 100% 

(1) Gross borrowings groups together non-current and current borrowings, which include bank 

borrowings and bonds. 


NET BORROWINGS (2) 2010 % 2009 % 

Recourse borrowings 1,173.5 27% 730.1 21% 

Non-recourse borrowings 3,246.4 73% 2,717.2 79% 

TOTAL 4,419.9 100% 3,447.3 100% 

(2) Net borrowings comprise gross borrowings less other financial assets and cash and cash 

equivalents.


Net recourse borrowings were up by EUR 443.4 million on 31 December 2009, due to: 

• Investments made during the year, mainly in concession operators. 

• The decrease in construction work, which reduced commercial financing. 

• Occasional delays in collection of certain international trade receivables which will foreseeably be collected 

in early 2011. 

Also, to reduce the recourse borrowings, the Group has implemented a plan to sell non-strategic assets, 

which should generate an inflow of funds of over EUR 200 million in 2011. This, together with the foreseeable 

improvement in the collection of trade receivables, should reduce recourse borrowings significantly. 

Net non-recourse bank borrowings accounted for 73.4% of the total and increased by 19.5% with respect to 31 

December 2009, due to the need to finance the investments made by the concession operators, which included 

notably the five federal toll roads in Brazil, the Viaducto Bicentenario in Mexico and Phases II and III of Circuit 

Mexiquense Exterior. 

80.3% of the total gross bank borrowings is at long term and the remaining 19.7% at short term. 

In April 2010 the Group successfully launched a straight bond issue amounting to EUR 700 million, in order to 

reinforce its financial structure. The bonds mature in 2015 and bear 7.375% annual interest payable on a halfyearly 

basis. At the time of this issue, it was considered advisable to take up the offer for a partial exchange 

of the bonds issued in 2007 and listed on the London Stock Exchange. The amount of the exchange was EUR 

178.4 million. 

Pursuant to the reporting obligation provided for in the aforementioned agreement, in 2010 with-recourse EBTIDA 

and with-recourse consolidated interest costs, which were calculated based on the definitions contained in the 

agreement, amounted to EUR 316.8 million and EUR 97.6 million, respectively. 

227


228 

Reconciliation of the consolidated balance sheet at December 2009 before and after application of IFRIC 12 

ASSETS 31/12/09 with 

IFRIC 12 



without IFRIC 12 

NON-CURRENT ASSETS 6,429.7 17.3 6,412.4 

Intangible assets 4,578.9 4,225.9 353.0 

Property, plant and equipment 571.5 (4,340.8) 4,912.3 

Investment property 85.0 - 85.0 

Investments accounted for using the equity method 181.9 9.6 172.3 

Non-current financial assets 370.2 65.5 304.7 

Deferred tax assets 642.2 57.1 585.1 

CURRENT ASSETS 3,170.4 49.6 3,120.8 

Inventories 160.9 - 160.9 

Trade and other receivables 1,959.8 49.6 1,910.2 

Other current financial assets 317.6 - 317.6 

Other current assets 43.5 - 43.5 

Cash and cash equivalents 688.6 - 688.6 

TOTAL ASSETS 9,600.1 66.9 9,533.2 

EQUITY AND LIABILITIES 31/12/09 with 

IFRIC 12 


without IFRIC 12 

EQUITY 1,128.2 (67.2) 1,195.4 

EQUITY 1,048.6 (55.6) 1,104.2 

Share capital 59.9 - 59.9 

Share premium 424.4 - 424.4 

Reserves 408.2 (46.1) 454.3 

Profit for the year attributable to the Parent 156.1 (9.5) 165.6 

Valuation adjustments (268.7) 1.5 (270.2) 

Equity attributable to the Parent 779.9 (54.1) 834.0 

Non-controlling interests 348.3 (13.1) 361.4 

NON-CURRENT LIABILITIES 4,549.7 142.4 4,407.3 

Grants 156.6 (5.8) 162.4 

Long-term provisions 127.6 97.3 30.3 

Non-current bank borrowings 3,393.0 - 3,393.0 

Other non-current financial liabilities 173.8 - 173.8 

Deferred tax liabilities 453.6 11.8 441.8 

Other non-current liabilities 245.1 39.1 206.0 

CURRENT LIABILITIES 3,922.2 (8.3) 3,930.5 

Short-term provisions 187.0 (6.8) 193.8 

Current bank borrowings 1,060.6 - 1,060.6 

Other current financial liabilities 27.0 - 27.0 

Trade and other payables 2,224.4 (1.5) 2,225.9 

Other current liabilities 423.2 - 423.2 

TOTAL EQUITY AND LIABILITIES 9,600.1 66.9 9,533.2


Reconciliation of the consolidated income statement at December 2009 before and after application of IFRIC 12 

2009 with 

IFRIC 12 


Adjustments 2009 without 

IFRIC 12 

Revenue 4,780.2 390.7 4,389.5 

Changes in inventories of finished goods and work in progress (6.0) - (6.0) 

In-house work on non-current assets 14.9 - 14.9 

Procurements (2,991.2) (405.5) (2,585.7) 

Other operating income 225.6 - 225.6 

Staff costs (613.4) - (613.4) 

Other operating expenses (696.2) (13.5) (682.7) 

Depreciation and amortisation charge (206.6) 5.7 (212.3) 

Allocation to profit or loss of grants related to non-financial noncurrent 

assets and other grants 

4.6 - 4.6 

Impairment and gains and losses on disposals of non-current 

assets 

0.1 - 0.1 

512.0 (22.6) 534.6 

Finance income 48.4 0.4 48.0 

Finance costs (246.6) (15.4) (231.2) 

Change in fair value of financial instruments (16.2) 0.1 (16.1) 

Exchange differences (10.9) (2.9) (8.0) 

Impairment and gains and losses on disposals of financial 

instruments 

8.6 - 8.6 

FINANCIAL LOSS (216.7) (18.0) (198.7) 

Result of companies accounted for using the equity method 4.9 7.3 (2.4) 

PROFIT BEFORE TAX 300.2 (33.3) 333.5 

Income tax (109.1) 12.2 (121.3) 

PROFIT FOR THE YEAR FROM CONTINUING OPERATIONS 191.1 (21.1) 212.2 

Profit/Loss for the year from discontinued operations net of tax - - - 

PROFIT FOR THE YEAR 191.1 (21.1) 212.2 

Profit attributable to non-controlling interests 35.0 (11.6) 46.6 

PROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT 156.1 (9.5) 165.6 

229


230 

4. Backlog 

The total backlog amounted to EUR 84,306.8 million at 2010 year-end, up 26.3% on 2009. 

6.8% of the total backlog related to short-term projects, with long-term projects accounting for the other 93.2%. 

2010 % 


% change 10/09 

Short term 5,760.4 6.8 6.8 

Long term 78,546.4 93.2 28.1 

Total backlog 84,306.8 100.0 26.3 

Concessions 76,242.4 90.4 29.7 

Construction abroad 3,298.0 3.9 24.0 

Construction in Spain 2,211.7 2.6 (15.0) 

Other business activities 2,554.7 3.1 (4.1) 

Total backlog 84,306.8 100.0 26.3 

The short-term backlog stands at EUR 5,760.4 million, up 6.8% from 2009 and ensures work for a period of 13.6 

months. 38.1% of this backlog related to Construction in Spain and 54.8% to Construction Abroad. 

The long-term backlog amounts to EUR 78,546.4 million, up 28.1% from 2009. 

91.9% of the long-term backlog relates to markets abroad and the remaining 8.1% to the Spanish market. 

Infrastructure concessions account for 90.4% of the total amount and reflect a 32.5% increase in motorway 

concessions, due mainly to the award of the Autopista Urbana Norte and the Autopista Los Poetas – Luis 

Cabrera, both in Mexico. 

5. Stock Market Information 

Share capital and shares 

At 31 December 2010, the share capital of Obrascón Huarte Lain, S.A. amounted to EUR 59,844,565, represented 

by 99,740,942 ordinary shares of EUR 0.60 par value each, with a market price of EUR 22.675 at 31 December 

2010 and a PER for 2010 of 11.6.

Share performance 


The financial problems of certain peripheral EU Member States have led to considerable uncertainty in the debt 

and equity securities markets. Investors have abandoned the countries with more serious deficit problems and 

focussed on investing in regions in which economic recovery has been more robust. 

In Spain, the major indicator of share performance, the Ibex 35, in a reversal of the upward trend of recent years 

(between 2005 and 2009 it gained 31% versus the 14% average among other EU countries), fell by 17.43% and 

was the poorest performing index in Europe and one of the worst indices worldwide. This decline of the Spanish 

stock exchange was exacerbated by doubts as to the viability of public finances and by the weakness of the 

European financial services industry. 

OHL’s share ended the year with a market price of EUR 22.675, representing a 20.04% share price increase, 

and for the second consecutive year it ranked among the four best performing securities on the Ibex 35, amply 

surpassing the performance of the Ibex 35 and construction industry index averages, which reflected decreases 

of 17.4% and 14.9%, respectively. 

In 2010 a total of 202,681,322 shares were traded on the stock markets (203.2% of the total shares admitted 

for trading) with a daily average of 791,723 securities. 

The OHL Group brought to a successful conclusion the admission to listing of its concession subsidiary in Mexico, 

OHL México, S.A.B. de C.V., the largest transaction of its kind in the Mexican stock market in the last ten years 

and the third largest in the world transport infrastructure industry in the last five years. 

The transaction consisted of a capital increase of 368,225,185 shares, equivalent to 32.74% of the pre-existing 

share capital, and the sale of 22,197,798 old shares. The placement was completed on 10 November 2010 at a 

price of MXN 25 per share, and the company’s shares have been traded on the Mexican stock exchange since 

11 November 2010. 

This significant transaction enabled the OHL Group to achieve the following objectives: 

• To incorporate into the shareholder structure of OHL México, S.A.B. de C.V. a large local and international 

investor base, which consolidates the company as one of the leaders in the Mexican infrastructure market, 

placing it in an excellent position to benefit from the growth envisaged in infrastructure investment in the 

country. 

• To maintain a 70% investment in the company, and therefore control, which guarantees the continuity of the 

company’s strategy and policies. 

231


232 

• To materialise the value generated in the Group’s investments in concessions in Mexico. Based on the 

placement price of MXN 25 per share, OHL México, S.A.B. de C.V. had an equivalent value of EUR 1,661 million 

(which shows that the funds invested by the Group in this company had multiplied by 2.6 times) before the 

capital increase. 

• To provide OHL México, S.A.B. de C.V. with the necessary funds so that it can carry out its investment programme 

and future development independently, without requiring any support from the Parent. 

• To obtain funds to reduce the OHL Group’s recourse debt by more than EUR 200 million. 

As in prior years, the dividend per share was set at approximately 25% of earnings per share, calculated on the 

basis of the profit for the year attributable to the Parent. 

The data on the Company’s share performance at 31 December 2010 were as follows: 

- Number of shares of EUR 0.60 par value each: 99,740,942 

- Market price at 31/12/10: EUR 22.675 

- Market capitalisation: EUR 2,261,625,860 

- Earnings per share: EUR 1.96 

- PER (market price at 31/12/10 / earnings per share at 31/12/10): 11.6 

Trading and market price in 2010 

Month 

Shares 

traded 

Maximum price 

Minimum 

price 

Average 

price 

Closing 

market price 

January 12,494,600 19.590 16.865 18.480 17.235 

February 17,858,481 18.200 15.020 16.610 16.260 

March 20,659,601 21.860 16.220 19.440 21.400 

April 17,078,414 24.390 20.410 22.580 21.535 

May 24,549,055 22.250 18.200 20.240 20.600 

June 25,728,746 20.700 17.155 19.340 18.390 

July 14,906,924 22.550 17.540 20.030 20.070 

August 13,261,675 21.095 18.450 19.560 19.700 

September 13,038,430 21.500 19.580 20.620 20.600 

October 16,115,531 25.950 20.250 23.490 23.510 

November 15,184,437 24.675 20.020 22.640 20.055 

December 11,805,428 23.500 19.925 22.240 22.675

Historical market data 

Maximum, minimum and monthly closing prices in 2010 


2010 2009 2008 2007 2006 

Closing price 22.675 18.890 9.96 23.03 23.40 

Maximum price 25.950 21.800 28.98 37.80 25.20 

Minimum price 15.020 6.200 7.51 22.02 12.45 

Average price 20.330 14.250 16.86 29.80 17.24 

Shares traded 202,681,322 171,530,916 124,261,103 120,363,209 64,257,637 

Average effective volume per 

day (euros) 

16,071,869 9,626,045 8,258,882 14,054,122 4,358,222 

Market capitalisation 

(euros) 

2,261,625,86060 1,884,106,394 871,420,868 2,014,942,027 2,047,314,087 

Gross dividend per share 0.4903 0.4306 0.4526 0.4013 0.3003 

30 

25 

20 

15 

10 

19.590 

16.860 

18.200 

15.020 

21.860 

16.220 

24.390 

22.250 22.550 

21.090 

20.700 

21.500 

20.410 

18.200 

17.150 

17.540 

18.450 

19.580 

January 

February 

March 

April 

May 

June 

July 

August 

September 

October 

25.950 

20.250 20.020 19.920 

November 

24.670 

December 

23.500 

233


234 

OHL, Ibex 35 and the construction industry in 2010 

130 

120 

110 

100 

90 

80 

70 

60 

31-12-09 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 

Effective volume of OHL shares traded in 2010 (millions of euros) 

494 497 

500 

450 

400 

350 

300 

250 

200 

150 

100 

50 

0 

231 

Treasury shares 

297 

398 

January 

February 

March 

OHL IBEX-35 Construction Industry 

386 

April 

May 

June 

299 

July 

August 

September 

November 

December 

At 2010 year-end Obrascón Huarte Lain, S.A. did not own any treasury shares, nor had it carried out any 

transactions involving treasury shares during 2010. 

259 

269 

379 

October 

344 

262

6. Development 


In 2010 the Group invested EUR 4,794 thousand in development projects and incurred expenditure of EUR 

2,665 thousand. Also, EUR 20,608 thousand relating to research and development projects were capitalised 

to “Other Intangible Assets” in the consolidated balance sheet at 31 December 2010. 

7. Main Risks And Uncertainties 

The Group is exposed to the following financial risks: 


Interest rate fluctuations change the future flows from assets and liabilities tied to floating interest rates. 

Based on the Group’s projections of the trend in interest rates and of debt structure targets, hedging transactions 

are carried out by arranging derivatives that mitigate these risks and a sensitivity analysis is conducted in this 

connection. Of the Group’s total debt at 31 December 2010, 31.5% had been hedged while 23.8% was bearing 

interest at a fixed rate. 

Risk relating to financial instruments associated with the Parent’s shares 

In 2007 the Group arranged an equity swap tied to the Company’s share price in order to hedge the potential 

loss that might arise from the incentive plan described in Note C.22 to the consolidated financial statements. 

When the plan initially approved was changed in 2010, the existing swap was terminated early and a new swap 

tied to the share price was arranged. The commitment is to pay or receive the result of the change in the share 

price with respect to the reference price until the expiry of the derivative and to pay the bank a floating interest 

rate during the term of the swap. 

Foreign currency risk 

Foreign currency risks arise on: 

• Debt denominated in foreign currencies arranged by the Group companies. 

• Payments to be made in international markets in order to make procurements. 

• Collections arising on construction work tied to currencies other than the functional currency of the Parent 

or the subsidiaries that performed it. 

• Net investments in foreign operations. 

In order to mitigate foreign currency risk, the Group arranges currency derivatives and foreign currency hedges 

to hedge significant future transactions and cash flows, in keeping with the acceptable risk limits. 

235


236 

Also, the net assets relating to net investments in foreign companies with a functional currency other than the 

euro are exposed to the risk of exchange rate fluctuations on the translation of the financial statements of these 

foreign operations on consolidation. 

Credit risk 

Credit risk is the risk that a counterparty to a contract does not meet its contractual obligations, giving rise to 

a loss. 

The Group’s financial assets exposed to credit risk are: 

• Non-current financial assets 

• Hedging instruments 

• Trade and other receivables 

• Current financial assets 

• Financial assets included in “Cash and Cash Equivalents” 

The balances of these items constitute the Group’s total exposure to credit risk. 


The liquidity risk arising from the financing requirements of the business activities due to timing mismatches 

between liquidity needs and the inflow of funds is managed by the Group by maintaining the appropriate level 

of cash and marketable securities as well as by arranging and maintaining sufficient lines of financing. 

The Group presents the repayment schedule at 31 December 2010 in Note C.16 to the consolidated financial 

statements, which amounts to EUR 1,208.4 million for 2011, together with the amounts drawn down and available 

against its financing lines. 

8. Events After The Reporting Period 

By virtue of the powers granted by the shareholders at the Annual General Meeting of 26 November 2009, the 

Parent’s Board of Directors resolved on 8 March 2011 to issue straight bonds. 

This issue was completed successfully on 18 March 2011, amounting to EUR 425 million and maturing in March 

2018. The bonds were issued at par and bear an annual rate of interest of 8.75% payable every six months. 

The foreseeable closing and payment date will be 30 March 2011 subject to compliance with the usual conditions 

precedent for issues of this type.


Also, in relation to the offer announced for the cash repurchase of the outstanding bonds included in the 

2007 bond issue, “EUR 700,000,000 5.00 per cent. Notes due 2012” listed on the London Stock Exchange, the 

aggregate nominal amount of bonds accepted by the Parent within the framework of the repurchase offer was 

EUR 234,050,000. 

The Parent will accept the bond repurchase subject to completion of the issue on or prior to the foreseeable 

settlement date of the repurchase offer, which is 31 March 3011. 

9. Outlook 

The recovery of the Spanish economy will continue to be weak in the short and medium term and GDP is 

expected to end 2011 with growth of around 0.9%. The high unemployment rate will hinder the recovery of private 

consumption, and this, together with the adjustments in the property market and cutbacks in expenditure on 

public works, will keep domestic demand down. Other factors that will limit growth must also be considered, 

such as dependence on external financing and higher borrowing costs. The second half of 2011 should see the 

beginning of sustained growth and, consequently, the first promising signs of job creation. 

According to the EU’s latest forecasts, construction in Spain is not expected to grow until 2012, when it will 

increase by 0.7%, following a 7.0% decline in 2011. Spain will thus be one of five countries in the eurozone in 

which the construction business will keep shrinking in 2011. 

10. Outlook For The Near Future 

OHL today is primarily a concession operator Group and essentially an international business, with 74% of its 

EBITDA obtained from the Concession business and 93% generated outside Spain. This position was obtained 

thanks to the implementation of a prudent internationalisation strategy implemented in 2002 involving 

diversification into construction-related businesses, which has enabled OHL to achieve compound annual growth 

of over 20% in EBITDA and net profit (23.3% and 21.2%, respectively) and over 30% in the backlog (32.9%). 

This growth was achieved while adhering at all times to the policies of financial discipline and security, which 

enabled the Group to obtain support throughout the process not only from its shareholders but also from the 

various players in the financial services industry and capital markets. 

The Concessions business is the Group’s main activity. OHL today ranks seventh among the leading toll road 

concession groups worldwide (according to the Public Works Financing 2010 ranking) and first in Latin America. 

The Group currently operates 28 concessions, of which 23 are toll roads (4,414 km), 2 are railways, 2 are ports 

and 1 is an airport. In November 2010 the Mexican concession subsidiary OHL México was admitted to listing. 

This transaction, which was the largest in the Mexican Stock Exchange in the last ten years and the thirdlargest 

in the infrastructure industry in the world, provided OHL México with the funds required to cover future 

contributions of funds to its existing concession operators, thus taking this activity a step forward towards 

financial independence. Today, OHL has two listed companies on the Brazilian and Mexican Stock Exchanges, 

which are owned 60% and 73.9%, respectively. The market value of these two investments at 2010 year-end 

237


238 

was approximately EUR 2,500 million. OHL Concesiones is today financially independent from the Parent and 

capable of financing its own growth. In the medium term, most of this growth will be experienced in the countries 

in which it now has a presence, namely Mexico, Brazil, Chile, Peru and Spain. In the future, provided the Group’s 

financing and contract security standards are met, this list could include countries such as the US, Colombia, 

India and China. With respect to returns and currency hedges, the same selective policies will continue to 

apply, targeting a return of more than 15% for the shareholder in euros and the financing of concessions without 

recourse to the Group in local currency. 

Sales in the Construction business line declined in 2010, due to a lower level of activity in Spain. However, 

the growth in the construction backlog at year-end was driven mainly by the 24% increase in the international 

backlog, which stood at EUR 3,298 million. Also, the first two months of 2011 were especially good, with the 

addition of over EUR 1,300 million to the backlog due to the award of four international projects: a hospital 

in Montreal (Canada), an urban viaduct in Kuwait and the expansion and remodelling of the underground in 

Toronto (Canada) and New York (US), respectively. This backlog, combined with the inclusion in the income 

statement of the 50.1% stake in Judlau, a New York-based company acquired towards the end of 2010, and 

the foreseeable inclusion of the Polish companies Hydrobudowa (51%) and Aprivia (50.1%), the acquisition 

of which is currently being negotiated by OHL, guarantee strong growth of the activity in 2011 and subsequent 

years. These two inclusions reinforce OHL’s presence in Central Europe and the US, geographical areas in which 

it intends to establish itself permanently. 

At 2010 year-end, the Construction business line in Spain represented only 9% of EBITDA. This division is 

smaller than before but is still profitable. It has already been restructured to tailor it to the 40% reduction in 

business activity. 

With regard to the other activities, OHL has stated its intention to sell off its non-strategic assets, such as the 

Environment division, in 2011. 

In the financial area, the Group has continued to apply the policies of financial discipline and security 

implemented previously: 

• Ongoing needs covered by long-term financing and seasonal needs by short-term loans. 

• Permanent position of significant liquidity. 

• Target ratio of net recourse debt with recourse /recourse EBITA of less than 3:1. 

• Non-recourse debt and in local currency to finance concessions. 

However, in contrast to prior years when the Concessions activity relied on funds from the Parent to fuel its 

growth, today it is financially independent and, therefore, the recourse funds generated by the activity can be 

reinvested in it or used to reduce the Group’s recourse debt.


Lastly, in relation to its corporate strategy, the Group continued to place special emphasis on boosting sustainable 

development and fostering R&D&i activities from its privileged position in terms of the design and organisation 

of its corporate governance, while bolstering its human resources and applied research policies and complying 

at all times with the related rules and recommendations. 

11. Proposed Distribution Of Profit And Dividend 

The distribution of the profit for 2010 that the directors of Obrascón Huarte Lain, S.A. will propose for approval 

by the shareholders at the Annual General Meeting is as follows: 

The directors of Obrascón Huarte Lain, S.A. will propose to the shareholders at the Annual General Meeting 

the payment of a maximum total gross dividend of EUR 48,903 thousand, equal to EUR 0.4903 per share, with 

a charge to: 

The distribution of profit proposed by the directors does not include any appropriation to the legal reserve, 

since the stipulated level had been reached in prior years (see Note C.12). 

12. Annual Corporate Governance Report Of The Listed Companies 

A. Ownership Structure 

A.1. Fill out the following table on the company’s share capital: 

Indicate if there are different classes of shares that carry different rights: 

NO 


2010 profit 5,426 

Distribution: 

Dividends 5,426 


2010 profit 5,426 

Voluntary reserves 9,975 

Share premium 33,502 

Total dividend 48,903 

Date of last change Share capital (EUR) Number of shares Number of voting rights 

18/12/2009 59,844,565.20 99,740,942 99,740,942 

239


240 

A.2. List the direct and indirect holders of significant ownership interests in the Company at year-end, excluding 

directors: 

Name or company name of 

shareholder 

Number of direct voting rights Number of indirect voting 

rights (*) 

Specify the most significant variations in shareholder structure during the year: 

% over total voting rights 

Inmobiliaria Espacio, S.A. 0 57,012,288 57.160 

Deutsche Bank, A.G. 3,027,383 0 3.035 

Fidelity International 

Limited 


indirect holder of 

ownership interest 

2,043,620 0 2.049 

Via: Name or company name 

of direct holder of ownership 

interest 

Inmobiliaria Espacio, S.A. Espacio Activos 

Financieros, S.L. 

Number of direct voting rights % Over total voting rights 

7,637,799 7.658 

Grupo Villar Mir, S.L. 49,374,489 49.503 

A.3. Fill out the following tables on the members of the company’s Board of Directors who hold voting rights 

over shares in the company: 


director 

D. Alberto Miguel Terol 

Esteban 

Number of direct voting rights Number of indirect voting 

rights (*) 

% over total voting rights 

7,500 0 0.008 

D. Javier López Madrid 0 5,000 0.005 

D. Juan Luis Mato Rodríguez 120 0 0.000 

D. Luis Solera Gutiérrez 0 114,966 0.115 

D. Rafael Martín de Nicolás 

Cañas 

Dª Silvia Villar-Mir de 

Fuentes 


indirect holder of ownership 

interest 

100 0 0.000 

250 0 0.000 

Via: Name or company name of 

direct holder of ownership interest 


rights 

% Over total voting rights 

D. Luis Solera Gutiérrez Reverter 17, S.L. 95,966 0.096 

Inversiones Solbus Sicav, S.A. 19,000 0.019 

D. Javier López Madrid Financiera Siacapital, S.L. 5,000 0.005 

Total % of voting rights held by the Board of Directors 0.128


Fill out the following tables on the members of the Company’s Board of Directors who hold rights over shares 

in the Company: 

A.4. Indicate, as appropriate, any relationships of a family, commercial, contractual or corporate nature existing 

between the holders of significant ownership interests, insofar as they are known to the company, unless they 

have scant relevance or arise from the ordinary course of business. 

A.5 Indicate, as appropriate, any relationships of a commercial, contractual or corporate nature existing between 

the holders of significant ownership interests and the company and/or its Group, unless they have scant relevance 

or arise from the ordinary course of business: 

A.6 Indicate whether the company has been notified of any shareholders agreements that may affect it pursuant 

to Article. 112 of the Spanish Securities Markets Law. If so, briefly describe them and specify the shareholders 

party to those agreements: 

NO 

Indicate whether the company is cognizant of the existence of concerted actions between the shareholders. If 

so, briefly describe them: 

NO 

Expressly indicate any amendment to or termination of such agreements or concerted action during the fiscal term: 

Non-existent. 

A.7. Indicate whether there is any individual or legal entity that exercises, or can exercise, control over the 

Company, in accordance with Article 4 of the Securities Market Law. If so, describe them briefly: 

YES 

Name or company name 

Inmobiliaria Espacio, S.A. 

Comments 

241


242 

A.8. Fill out the following tables on the company’s treasury shares: 

At year-end: 

(*) Via: 

Give details of any significant variations during the year, in accordance with Royal Decree 1362/2007: 

A.9. State the conditions and the term of the authorisation currently in force granted by the General Meeting to 

the Board of Directors to carry out acquisitions or transfers of treasury shares. 

Pursuant to Article 75.1 of the Companies Law (currently Art.146.1), the Annual General Meeting held, on first 

call, on 18 May 2010, resolved to authorise the Company’s Board of Director to acquire treasury shares under 

any transfer mode approved by law, directly or through a subsidiary or affiliated company, up to the maximum 

amount legally accepted. The authorisation has 18 months duration and the shares shall be acquired at a 

maximum price of 30 Euros per share, with no minimum price limit and voids for the unused part, the authorisation 

granted to this end in the General Meeting held on 5 may 2009. 

Pursuant to Article 75.1 (currently Art.146.1a) of the Companies Law, acquired shares may be granted to company 

employees or managers according to remuneration or as a result of timely agreed options plans. 

A.10.Indicate any legal or bylaw restrictions on the exercise of voting rights and any legal restrictions on the 

acquisition or transfer of ownership interests in the share capital. State if there are any legal restrictions on 

the exercise of voting rights: 

NO 

Number of direct shares Number of indirect shares (*) Total % over share capital 

0 0 0.000 

Total 0 

Gains/(Losses) from disposal of treasury shares during the 

financial year (thousand of Euros) 

Maximum percentage of voting rights that can be exercised by a 

shareholder due to legal restriction 

0 

0

State if there are any bylaws restrictions on the exercise of voting rights: 

NO 

Maximum percentage of voting rights that can be exercised by a 

shareholder due restriction in the bylaws 


State if there are any legal restrictions on the acquisition or transfer of equity interests: 

NO 

A.11. State if the General Meeting has resolved to adopt measures to neutralise a take-over bid pursuant to the 

provisions of Law 6/2007. 

NO 

If applicable, describe the measures approved and the terms under which the restrictions shall become void: 

B. Management Structure of the Company 

B.1. Board of Directors. 

B.1.1. Detail the maximum and minimum number of directors as per the bylaws: 

Maximum number of directors 13 

Minimum number of directors 7 

B.1.2.Fill out the following table with the Board members: 

Name or company 

name of director 

D. Juan-Miguel 


D. Juan Villar-Mir 

de Fuentes 

D. Alberto Miguel 

Terol Esteban 

D. Álvaro Villar-Mir 

De Fuentes 

D. Baltasar 

Aymerich 

Corominas 

Representative Board office F. First 

appointment 

0 

Date of last 

appointment 

Procedure for 

election 

Chairman 01/08/1987 05/05/2009 Voting at general 

meeting 

First deputy 

chairman 

25/06/1996 05/05/2009 Voting at general 

meeting 

Director 23/03/2010 18/05/2010 Voting at general 

meeting 


meeting 


meeting 

>>> 

243


244 

>>> 

D. Javier López 

Madrid 

D. Juan Luis Mato 

Rodríguez 

D. Luis Solera 

Gutiérrez 

D. Rafael Martín de 

Nicolás Cañas 

Saarema 

Inversiones, S.A. 

Dª. Silvia Villar-Mir 

de Fuentes 

D. Tomás García 

Madrid 

Joaquín GarcÍa- 

Quirós Rodríguez 

Total number of directors 12 

Indicate any removals of directors during the year: 


meeting 


meeting 


meeting 


meeting 


meeting 


meeting 


meeting 

Name or company name of director Director’s condition upon termination Date of termination 

D. Jose Luis García-Villalba González Proprietary 04/01/2010 

D. Jaime Vega de Seoane Azpilicueta Other non-executive 12/01/2010 

B.1.3. Fill out the following tables on the members of the Board and their status: 

EXECUTIVE DIRECTORS 

Name or company name of director Committee proposing appointment Office per Company organisation chart 

Don Rafael Martín De Nicolas Cañas Appointments and remuneration Director/ general manager with 

committee 

delegated powers 

Total number of executive directors 1 

Total % of the Board 8.333


NON-EXECUTIVE PROPRIETARY DIRECTORS 

Name or company name of director Committee proposing appointment Name or company name of significant 

shareholder represented or proposing 

appointment 

D. Juan-Miguel Villar Mir Appointments and remuneration committee grupo Villar Mir, S.L. 

D. Juan Villar-Mir de Fuentes Appointments and remuneration committee grupo Villar Mir, S.L. 

D. Álvaro Villar-Mir de Fuentes Appointments and remuneration committee grupo Villar Mir, S.L. 

D. Baltasar Aymerich Corominas Appointments and remuneration committee grupo Villar Mir, S.L. 

D. Javier López Madrid Appointments and remuneration committee grupo Villar Mir, S.L. 

Dª. Silvia Villar-Mir de Fuentes Appointments and remuneration committee grupo Villar Mir, S.L. 

D. Tomás García Madrid Appointments and remuneration committee grupo Villar Mir, S.L. 

Total number of proprietary directors 7 

Total % of the Board 58.333 

INDEPENDENT NON-EXECUTIVE DIRECTORS 

Name or company name of director Profile 

D. Alberto Miguel Terol Esteban Degree in Economics and Business Administration, Master’s degree in Tax 

Law (ICADE) from the University of Comillas de Madrid and member of the 

Executive Board of Círculo de Empresarios (Businessmen Circle). He is a 

former Partner of Arthur Andersen, Manager of the firm Arthur Andersen, 

Asesores Legales y Tributarios, member of the World Partnership Council 

of Andersen Worldwide, member of the Executive Committee of Arthur 

Andersen in Europe, Managing Partner of Andersen’s global legal and tax 

practice, Manager-Partner of the firm Garrigues-Andersen, Chairman of 

Andersen for Europe, member of the Andersen World Executive Committee, 

member of the Deloitte World Executive Committee, Chairman for Latin 

America and Global Manager of the Deloitte and Andersen integration 

worldwide, member of the Deloitte World Executive Committee and 

Chairman for Europe, the Middle East and Africa and Managing Partner of 

the legal and tax practice worldwide. 

D. Juan Luis Mato Rodríguez Attorney at Law, renowned businessman and former Chairman of Madrid’s 

Official Chamber of Commerce and Industry and Chairman of Ifema’s 

Executive Committee. He is currently Beverajes Tripe J, S.L. CEO and member 

of Caja Madrid Assembly, Sala Retiro y Alternativa, S.L.’s Board of Directors, 

Madrid’s Economic and Social Council and G.S.S. Comunicaciones Advisory 

Committee. Communications 

D. Luis Solera Gutiérrez Industrial Engineer, holding responsibility positions in the service, mining, 

banking and real estate sectors, plus 20 years in the IT and communications 

sectors. He is currently Honorary Chairman of Tecnocom Telecomunicaciones 

y Energía, S.A, First Vice-president of Hotel Meliá Castilla and director of 

Informes y Proyectos, S.A. (INYPSA) 

Saarema Inversiones, S.A. Holding company. Mr. García-Quirós is an industrial engineer, who developed 

part of his professional career at Alcatel and later held responsibility 

positions at Banco de Crédito Oficial. He was member of Cortefiel’s international 

management and Board of Directors, and in the industrial sector he 

was director of Nicolás Correa, S.A. He is currently de Saarema Inversiones, 

S.A.’s Executive Director. 

Total number of proprietary directors 4 

Total % of the Board 33.333 

245


246 

OTHER NON-EXECUTIVE DIRECTORS 

Give reasons why these other non-executive directors cannot be considered either proprietary or independent 

members and their relations, whether with the company or its officers, or with its shareholders: 

Indicate any variations in the status of each director that may have occurred during the year: 

B.1.4. Describe, if applicable, the reasons why proprietary directors have been appointed at the initiative of 

shareholders whose shareholding is less than 5%: 

State if formal requests for a presence of the Board have been rejected from shareholders with a shareholding 

equal to or greater than that of others who have been successfully appointed proprietary directors. If applicable, 

state the reasons for such rejection: 

NO 

B.1.5.State if a director has resigned from his or her directorship before completing the term of office, if such 

director has given his or her reasons to the Board and by what means; and, if the reasons have been notified in 

writing to the entire Board, describe below at least the reason argued by the director: 

YES 

Name of the Director Reason for exit 

D. Jaime Vega De Seoane Azpilicueta Complying with good governance recommendations of listed companies which 

advise against independent directors holding their position for over 12 years. 

D. José Luis García-Villalba González Deceased 4 January 2010. 

B.1.6. Indicate what powers, if any, have been delegated to the Chief Executive Officer/s: 

Name or company name of director Brief description 

D. Rafael Martín de Nicolás Cañas All of the powers of the Board of Directors, save for those that cannot be delegated 

pursuant to law and the provisions of Article 5 of the Board Regulations, including: 

approval of the company’s general strategies; appointment, remuneration and, if 

applicable, dismissal of Company’s senior executives; approval of matters related 

to treasury stock policy; control of executives’ management and evaluation; 

identification of the company’s main risks; determination of policy of information 

and communication with the shareholders, the markets and public opinion; and, in 

general, transactions involving Company’s substantial assets.


B.1.7. Identify, as appropriate, the Board members who hold office as directors or executives at other companies 

forming part of the listed company’s group: 

Name or company name of director Company name of Group company Position 

D. Juan Villar-Mir De Fuentes OHL Concesiones. S.L. Chairman and CEO 

D. Javier López Madrid OHL Concesiones. S.L. Director 

D. Rafael Martín de Nicolás Cañas Nuevo Hospital De Burgos. S.A. Director 

B.1.8. Give details, as appropriate, of any directors of the company who are members of the Boards of Directors of 

other non-Group companies that are listed on official securities markets in Spain, as disclosed to the Company: 

B.1.9. State and, if applicable, explain if the company has set forth rules on the number of boards on which its 

directors may hold seats: 

YES 

Sociedad Anonima Trabajos Y Obras 

(Sato) 

Director 

D. Tomás García Madrid Aeropistas. S.L. Director 

Autopista Eje Aeropuerto 

Concesionaria Española. S.A. 

Avalora Tecnologías De La 

Información. S.A. 

Director 

Chairman 

Obrascón Huarte Lain Brasil. S.A. Director 

Obrascón Huarte Lain Desarrollos. S.L. Director 

OHL Concesiones. S.L. Director 

OHL Mexico. S.A.B De C.V. Director 

Name or company name of director Company name of listed company Position 

D. Alberto Miguel Terol Esteban Indra Sistemas. S.A. Director 

D. Luis Solera Gutiérrez Tecnocom. Telecomunicaciones Y 

Energía. S.A. 

Director 

Inypsa Informes Y Proyectos. S.A. Director 

Explanation of rules 

Pursuant to the Company’s Board of Directors Regulations, in general and save exception duly justified by the 

Appointments and Remuneration Committee, members of more than five managing committees cannot be proposed 

as directors. 

247


248 

B.1.10. In relation to recommendation 8 of the Unified Code, state the company general policies and strategies 

whose approval is reserved for the full Board: 

Investment and financing policy YES 

Definition of the structure of the corporate group YES 

Corporate governance policy YES 

Corporate social responsibility policy YES 

Strategic or business plan and the annual management 

objectives and budgets 

YES 

Remuneration and performance evaluation policy for senior 

executives 

Risk control and management policy and periodic monitoring of 

internal reporting and control systems 

Dividend policy and treasury shares policy and, in particular, 

limits thereon 

B.1.11. Fill out the following tables on the aggregate remuneration of directors accrued during the year: 

a) At the reporting company: 

Remuneration item Data in thousands of Euros 

Fixed remuneration 680 

Variable remuneration 462 

Attendance fees 288 

Bylaw-stipulated directors’ emoluments 0 

Share options and/or other financial instruments 0 

Other 0 

Total 1,430 

Other benefits Data in thousands of Euros 

Advances 0 

Loans granted 0 

Pension funds and plans: Contributions 0 

Pension funds and plans: obligations 0 

Life insurance premiums 0 

Guarantees provided by the Company for directors 0 

YES 

YES 

YES


b) Due to membership of the Company’s directors of other boards of directors and/or of the senior management 

of Group companies: 

Remuneration item Data in thousands of Euros 

Fixed remuneration 0 

Variable remuneration 0 

Attendance fees 0 

Bylaw-stipulated directors’ emoluments 0 

Share options and/or other financial instruments 0 

Other 0 

Total 0 

Other benefits Data in thousands of Euros 

Advances 0 

Loans granted 0 

Pension funds and plans: Contributions 0 

Pension funds and plans: obligations 0 

Life insurance premiums 0 

Guarantees provided by the Company for directors 0 

c) Total remuneration by type of director: 

Type of director By Company By Group 

Executive directors 726 0 

Non-executive proprietary directors 446 0 

Independent non-executive directors 258 0 

Other non-executive directors 0 0 

Total 1,430 0 

d) With respect to profit attributable to the Parent: 

Total directors’ remuneration (thousands of Euros) 1,430 

Total directors’ remuneration/profit attributable to the parent 

company (stated as %) 

0.7 

249


250 

B.1.12. Identify the senior executives who are not executive directors, and indicate the total remuneration 

accrued for them during the year: 

Name or company name Position 

D. Andrés Pan de Soraluce Muguiro General manager for developments 

D. Luis Antonio García-Linares García Corporate general manager 

D. Enrique Weickert Molina Deputy chief financial officer 

D. Gonzalo San Cristóbal Tierra Industrial general manager 

D. Juan Luis Osuna Gómez Awards general manager 

D. José María Del Cuvillo Pemán General manager of legal services 

D. Francisco Marín Andrés General manager of international development 

D. José Antonio Membiela Martínez General manager of water and environmental services 

D. José Félix Pareja de Lerma Audit manager 

D. José Antonio Fernández Eléjaga Deputy chief financial officer 

Total remuneration of senior executives (thousand Euros) 4,461 

B.1.13. Identify in aggregate terms whether there are any guarantee or golden parachute clauses for senior 

executives, including executive directors of the Company or of its group, in the event of termination or changes in 

control. State if such agreements should be reported and/or approved by the bodies of the Company or its group: 

Number of beneficiaries 0 

Board of Directors Annual General Meeting 

Body approving clauses NO NO 

Is the Annual General Meeting informed of the clauses? NO 

B.1.14. Describe the process for setting Board members’ remuneration and the relevant provisions in the 

company bylaws: 

Process for setting Board members’ remuneration and the relevant provisions in the company bylaws 

The General Shareholders Meeting is the body responsible for determining the Board of Directors remuneration 

proposed by it and upon prior favourable report by the Appointments and Remuneration Committee. There is currently 

a fixed EUR 750,000 remuneration, which can only me modified through a General Meeting resolution, pursuant to the 

aforementioned procedure. 

Article 24 e) of the Bylaws regulates this matter. The remuneration for the Board consists of a fixed amount that has 

remained unchanged since 2007.


State whether any of the following decisions are reserved for approval by the full Board: 

At the proposal of the Company’s chief executive, the appointment and possible removal 

of senior executives, as well as their indemnity clauses. 

The remuneration of directors and, in the case of executive directors, the additional 

compensation for their executive functions and other conditions to be fulfilled by their 

contracts. 

B.1.15. State whether the Board of Directors approves a detailed remuneration policy and specify the issues on 

which it makes a pronouncement: 

YES 

Amount of fixed components, with an itemisation, where applicable, of fees for 

participation at the meetings of the Board and its Committees and an estimate of the 

annual fixed remuneration derived therefrom. 

Variable remuneration components. YES 

Main characteristics of social security systems, with an estimate of their amount or 

equivalent annual cost 

Terms to be observed by agreements from those who perform senior management 

functions as executive directors. 

B.1.16. State whether the Board brings before the General Meeting for a vote, as a separate point on the agenda, 

and on a consultative basis, a report on the directors remuneration policy. If so, explain the aspects of the report 

in relation to the remuneration policy approved by the Board for the coming years, the most significant changes 

therein with respect to the one applied during the year and an overall summary of how the remuneration policy 

was applied during the fiscal year. Describe the role played by the Remuneration Committee and state whether 

outside advisory service has been used. If so, identify the external consultants providing such advice: 

YES 

¿Has external advisory service been used? 

Issues on which the remuneration policy report makes a pronouncement 

- Overall amount of annual remuneration. 

- Per diem amount for board and committee attendance. 

- Remuneration distribution ratios. 

Remuneration Committee’s role 

The Appointments and Remuneration Committee is the body in charge of reporting on the Board’s remuneration policy, 

which should be submitted to the latter. 

Identify the external consultants 

YES 

YES 

YES 

YES 

YES 

251


252 

B.1.17. Indicate, as appropriate, which Board members are, in turn, members of the Boards of Directors or 

executives or employees of companies that hold significant ownership interests in the listed Company and/or 

group companies: 

Name or company name of director Name or company name of significant 

shareholder 

Give details, as appropriate, of any material relationships, other than those envisaged under the preceding 

heading, of the members of the Board of Directors with significant shareholders and/or at Group companies: 

B.1.18. Indicate the amendments, if any, to the Board Regulations during the year: 

YES 

Position 

D. Juan-Miguel Villar Mir Inmobiliaria Espacio, S.A. Chairman and ceo 

Grupo Villar Mir, S.L. Chairman and ceo 

D. Juan Villar-Mir De Fuentes Inmobiliaria Espacio, S.A. Deputy chairman and ceo 

Espacio Activos Financieros, S.L. Deputy chairman and ceo 

Grupo Villar Mir, S.L. Deputy chairman and ceo 

D. Baltasar Aymerich Corominas Grupo Villar Mir, S.L. Chairman advisor 

D. Javier López Madrid Espacio Activos Financieros, S.L. Director 

Grupo Villar Mir, S.L. Chief executive officer 

Dª. Silvia Villar-Mir De Fuentes Inmobiliaria Espacio, S.A. Director 

Grupo Villar Mir, S.L. Director 

D. Tomás García Madrid Grupo Villar Mir, S.L. Chief executive officer 

Description of changes 

The Board of Directors, at the meeting of 23 March 2010, approved the amendment to article 15 of the Board of 

Directors’ Regulations, in section 2.h), to include among the duties of the Audit and Compliance Committee the duty 

of monitoring compliance with the Code of Ethics of OHL Group that the Committee announced on that same date in 

replacement of the former Code of Conduct of Executive Personnel. 

B.1.19. Indicate the procedures for the appointment, re-election, evaluation and removal of directors. Give details 

of the competent bodies, the formalities to be fulfilled and the criteria to be used in each of the procedures. 

Any appointment or re-election proposal submitted by the Board of Directors to the General Meeting for approval 

and any appointments made by the Board by its legally stipulated powers of cooption are preceded by a proposal 

or report by the Appointments and Remuneration Committee. The Committee will attempt to ensure that the 

members elected are competent, solvent and experienced (art. 20), and in the cases of re-election it shall assess 

the work and dedication of the directors (art. 21).


Every year the Board assesses its performance at a meeting in which all directors actively participate. Prior to the 

meeting, the directors fill out an anonymous questionnaire and the Board Secretary drafts a report discussing 

the replies that serve as a basis for the Board’s self-assessment discussion. The assessment carried out in 

financial year 2010 was rated as satisfactory. 

At that same Board meeting, in the absence of the Chairman, an assessment of his performance is made, stating 

the outcome thereof for the record in the meeting minutes. The assessment carried out in financial year 2010 

was rated as satisfactory. 

Directors removal shall be effective at the end of the period for which they were appointed, or when so resolved 

by the General Meeting. In addition, they must tender their resignation to the Board of Directors if they are 

disqualified on the grounds pursuant to the Board Regulations, upon prior report by the Appointments and 

Remuneration Committee. 

B.1.20. Indicate the cases in which the directors must resign. 

Article 23 of the Board Regulations states that directors shall tender their resignation to the Board of Directors 

in the following cases: 

a) Proprietary directors, when transferring their equity interest. 

b) Upon removal from executive positions to which their appointment as director is linked. 

c) When they are disqualified on the grounds of conflict of interest or any other legal grounds. 

d) When indicted for any presumed crime or when subjected to disciplinary measures for serious or very serious 

breach determined by supervising authorities. 

e) When seriously reprimanded by the Audit and Compliance Committee upon breaching of director’s obligations. 

f) When their continuity in the Board can jeopardise the interests of the Company or when the reasons for their 

appointment no longer apply. 

B.1.21. State whether the chairman of the Board of Directors also performs the functions of the company’s 

Chief Executive. If so, describe the measures taken to limit the risks of power being concentrated in the hands 

of one person: 

NO 

Indicate, and if applicable describe, any rules that have been established that authorise an independent director 

to request that a Board meeting be called or that new topics be included on the agenda, to coordinate and voice 

the concerns of non-executive directors and to manage the evaluation by the Board of Directors: 

NO 

253


254 

B.1.22. Are qualified majorities, other than statutory majorities, required for any type of decision? 

NO 

Describe how resolutions are adopted by the Board of Directors and specify, at least, the minimum attendance 

quorum and the type of majority for adopting resolutions: 

Adopción de acuerdos 

Resolution description Quorum % Type of majority 

Regulation ammendment One half plus ona 58.33 Two thirds of attendees 

Ordinary resolutions Half of the members plus one, present and 

represented 

58.33 Majority of votes 

Power delegation Two thirds of board members 66.66 Two thirds of board members 

B.1.23. Explain whether there are any specific requirements, apart from those relating to the directors, to be 

appointed Chairman . 

NO 

B.1.24.State whether the Chairman has a casting vote: 

NO 

B.1.25. Indicate whether the bylaws or the board regulations set any age limit for directors 

NO 

B.1.26. Indicate whether the Bylaws or the Board Regulations set a limited term of office for independent directors: 

NO 

Age limit for Chairman Age limit for Chief Executive Age limit for Directors 

0 0 0 

Maximum term of office (years) 0


B.1.27. If the number of female Board members is nil or small, explain the reasons why and describe the initiatives 

adopted to correct this situation: 

Description of the reasons and initiatives 

The Board of Directors has one female director. 

In particular, state whether the Appointments and Remuneration Committee has laid down any procedures so 

that the selection processes are not affected by implicit biases that may hinder the selection of female directors, 

and instead deliberately seek out female candidates with the required profile: 

YES 

Describe the main procedures 

The Board Regulations states that the Appointments and Remuneration Committee shall be especially responsible for 

avoiding all kinds of biases that may hinder the appointment of female directors when a position opens up and for 

deliberately seeking women that may potentially cover those positions. 

In compliance with this principle, the Committee collects from its members the nomination of candidates that a priori 

are able to meet the professional and speciality requirements that are deemed relevant in each case to cover the open 

positions in question. 

B.1.28. Indicate whether there are any formal procedures for granting proxies to vote at Board meetings. If so, 

give brief details: 

Directors who cannot attend the meeting shall delegate their vote in favour of a member holding the same 

position, including the corresponding instructions. (Article 18 of the Board Regulations). 

B.1.29. Indicate the number of Board meetings held during the year and how often the Board has met without 

the Chairman’s attendance: 

Number of Board meetings 8 

Number of Board meetings without Chairman’s attendance 0 

Indicate how many meetings of the various Board Committees were held during the year: 

Number of Executive or Delegated Committee meetings 0 

Number of Audit Committee meetings 7 

Number of Appointments and Remuneration Committee meetings 3 

Number of Appointments Committee meetings 0 

Number of Remuneration Committee meetings 0 

255


256 

B.1.30. State the number of meetings held by the Board of Directors during the financial year, which were not 

attended by all members. For this purpose, appointments of representatives without specific instructions will 

be considered non-attendance: 

Number of non-attendance by directors during the period 8 

% non-attendance of total votes during the period 0.080 

B.1.31. Indicate whether the individual and consolidated financial statements submitted for approval by the 

Board are duly certified: 

YES 

Indicate, as appropriate, the person(s) who certified the Company’s individual and consolidated financial 

statements for formal preparation by the Board: 

Name Position 

Don Enrique Weickert Molina Chief Financial Officer 

B.1.32. Explain the mechanisms, if any, established by the Board of Directors to prevent the individual and 

consolidated financial statements prepared by it from being submitted at the Annual General Meeting with a 

qualified auditors’ report: 

Financial statements, like all other periodic financial information or any other that might have to be disclosed to 

the markets, are examined by the Audit and Compliance Committee at a periodic meeting attended by external 

auditors, where they report on their auditing, all pursuant to Article 15 of the Board Regulations. 

Likewise, Article 43 of the abovementioned Regulations states that the Board shall produce the financial 

statements leaving no room for qualifications by the auditor, a recommendation that the Company has been 

compliant with since being listed on the securities market. 

B.1.33. Is the Board Secretary a director? 

NO 

B.1.34. Describe the procedures for appointment and removal of the Board Secretary, stating whether the 

appointment and removal are reported on by the Appointments Committee and approved by the full Board: 

Procedure for appointment and removal 

The proposal for the board's secretary appointment or removal shall be reported by the appointments and 

remuneration committee to the entire board of directors pursuant to article 12 of the board regulations. The secretary's 

appointment or removal shall be approved by the board.


Does the Appointment Committee report on the appointment? YES 

Does the Appointment Committee report on the removal? YES 

Is the appointment approved by the full Board? YES 

Is the removal approved by the full Board? YES 

Is the Board Secretary charged with the function of procuring, most especially, compliance with the good 

governance recommendations? 

YES 

B.1.35. Indicate the mechanisms, if any, established by the Company to preserve the independence of the 

auditors, of financial analysts, of investment banks, and of rating agencies: 

The Audit and Compliance Committee is responsible for gathering information on matters that may call the 

auditor’s independence into question, as well as any other matters relating to the auditing process, including 

receiving information and the other disclosures stipulated in accounting and auditing legislation and auditing 

standards. Following this and pursuant to Article 43 of the Board of Directors Regulations, the latter shall not 

hire those audit firms whose fees for all concepts may exceed 10% of its overall revenues during the last period. 

B.1.36. State whether the Company has changed its external auditor during the period. If so, identify the 

incoming and outgoing auditors: 

NO 

If there were disagreements with the outgoing auditor, describe the content of such differences: 

NO 

B.1.37. Indicate whether the audit firm performs other non-audit work for the Company and/or its group and, 

if so, state the amount of fees received for such work and the percentage over the fees billed to the Company 

and/or its Group: 

YES 

Outgoing auditor Incoming auditor 

Company Group Total 

Amount of other non-audit work (thousands of Euros) 206 1,307 1,513 

Amount of other non-audit work/total amount billed by audit firm 

(as a %) 

40.160 31.280 32.250 

257


258 

B.1.38. State whether the audit report on the financial statements for the previous year contained reservations 

or qualifications. If so, state the reasons given by the Chairman of the Audit Committee to explain the content 

and scope of those reservations or qualifications. 

NO 

B.1.39. Indicate the number of years that the current audit firm has been uninterruptedly auditing the financial 

statements of the Company and/or the Group. Also indicate the number of years audited by the current audit 

firm as a percentage of the total number of years during which the financial statements have been audited: 

Company Group 

Number of uninterrupted years 23 20 

Number of years audited by current firm/number of years the 

Company has been audited (as a %) 

Company Group 

100.0 100.0 

B.1.40. Indicate any ownership interests, disclosed to the Company, held by the members of the Company’s 

Board of Directors in the capital of entities engaging in an activity that is identical, similar or complementary 

to the activity that constitutes the object of the Company or of its Group. Also indicate the positions they hold 

or the functions they discharge at these companies: 


director 

Name of investee % Ownership Position / functions 

D. Juan-Miguel Villar Mir Inmobiliaria Espacio, S.A. 5.500 Chairman and ceo 

Torre Espacio Castellana, S.A. 5.500 - 

Pacadar, S.A. 5.500 - 

Promociones Y Propiedades 

Inmobiliarias Espacio, S.L. 

5.500 - 

D. Juan Villar-Mir De Fuentes Torre Espacio Castellana, S.A. 28.700 Natural person proxy of sole 

director 

Promociones Y Propiedades 


D. Álvaro Villar-Mir De Fuentes Promociones y Propiedades 


28.700 Chairman and ceo 

Inmobiliaria Espacio, S.A. 28.700 Deputy chairman and 

director 

Pacadar, S.A. 28.700 - 

28.700 Director 

Inmobiliaria Espacio, S.A. 28.700 Director 

>>>


D. Álvaro Villar-Mir De Fuentes Pacadar, S.A. 28.700 - 

Dª. Silvia Villar-Mir De Fuentes Promociones y Propiedades 


B.1.41. Indicate whether there is a procedure for directors to be able to receive outside advisory services: 

YES 

B.1.42. Indique y en su caso detalle si existe un procedimiento para que los consejeros puedan contar con la 

información necesaria para preparar las reuniones de los órganos de administración con tiempo suficiente: 

YES 


28.700 Director 

Pacadar, S.A. 28.700 - 

Inmobiliaria Espacio, S.A. 28.700 Director 


D. Tomás García Madrid Pacadar, S.A. 0.000 Natural person proxy of sole 

director. 

Details of procedure 

Article 26 of the Board of Directors Regulations states that non-executive directors shall propose expert advice on 

legal, accounting, technical, financial, commercial or other matters at the Company’s expense to be aided during 

furtherance of their duties. 

In order for the directors to be sufficiently knowledgeable and insightful at all times of the different business areas 

they are responsible for, at every Board meeting, once the order of the day has been addressed, the executive 

managers of each or several different business areas of the Group are invited to attend the Board meeting to present a 

detailed report of the situation and strategy of the area in question, followed by a broad discussion. 

Details of procedure 

Board members shall receive the information to be examined during Board meetings sufficiently in advance 

(72 hours). 

Pursuant to Article 25 of the Board of Directors Regulations, the director has all the powers to request information 

on any aspect related to the Company, examine its books, records, documents and other background overview of 

company transactions and for inspection of all its facilities. 

259


260 

B.1.43. Indicate whether the Company has put forward rules that compel directors to disclose and, if applicable, 

resign in situations that may harm the Company’s credit and reputation. If so, give details: 

YES 

Describe the rules 

Company directors shall tender their resignation to the Board of Directors and, should the latter deem it convenient, 

formalise the corresponding resignation pursuant to Article 23 of the Board of Directors Regulation, which includes, 

among others, their indictment for any presumed crime or upon subject of disciplinary measures for serious or very 

serious breach determined by supervising authorities and when their continuity in the Board can jeopardise the 

interests of the Company. 

The procedure to determine whether there are potential conflicts of interest is mentioned in section C.6. 

B.1.44. State whether any Board member has advised the Company that he or she has been prosecuted or ordered 

to stand trial for any of the criminal offences referred to in Article 124 of the Companies Law: 

NO 

State whether the Board of Directors has analysed the case. If so, provide the rationale of such a decision as to 

whether or not the director should remain on the Board: 

NO 

B.2. Committees of the Board of Directors. 

Adopted decision Reasoned explanation 

B.2.1. Give details of all the committees of the Board of Directors and their members: 

AUDIT COMMITTEE 

Name Position Type 

D. Juan Luis Mato Rodríguez Chairman Independent 

D. Alberto Miguel Terol Esteban Member Independent 

D. Juan Villar-Mir De Fuentes Member Proprietary 

D. Tomás García Madrid Member Proprietary


APPOINTMENTS AND REMUNERATION COMMITTEE 

Name Position Type 

D. Luis Solera Gutiérrez Chairman Independent 

D. Javier López Madrid Member Proprietary 

Saarema Inversiones, S.A. Member Independent 

B.2.2. State whether the Audit Committee is responsible for the following functions: 

Supervise the preparation and the integrity of the financial information on the Company 

and, if applicable, the Group, reviewing compliance with the regulatory requirements, 

proper delimitation of the scope of consolidation and correct application of accounting 

policies. 

Conduct periodic reviews of risk management and internal control systems, so that the 

principal risks are adequately identified, managed and disclosed properly. 

Safeguard the independence and effectiveness of the internal audit function; propose 

the selection, appointment, reappointment and removal of the head of internal audit; 

propose that service's budget; receive periodic information on its activities; and verify 

that the conclusions and recommendations of its reports are taken into account by the 

top management. 

Establish and supervise a mechanism that allows employees to report the irregularities 

of potential importance, especially financial and accounting ones, that they detect 

inside the Company, confidentially and, if considered appropriate, anonymously. 

Bring before the Board proposals for selection, appointment, re-election and 

replacement of the external auditor, as well as the terms of the auditor's engagement. 

Regularly receive information on the audit plan and the results of its execution from 

the external auditor, and verify that the senior management takes into account its 

recommendations. 

Ensure the independence of the external auditor. YES 

In the case of groups, promote the Group auditor's assumption of responsibility for 

audits in the group companies 

B.2.3. Describe the rules of organisation and functioning, and the responsibilities attributed to each of the 

Board committees. 


Pursuant to Article 16 of the Board of Directors Regulations, the Appointments and Remuneration Committee 

shall be composed of non-executive directors, mainly independent directors, and shall appoint a Chairman 

among its independent directors. In the absence of the Chairman, the meeting shall be chaired by the most 

senior director. The Board of Director’s Secretary shall be the Committee’s Secretary and, in his/her absence, 

the Board’s Vice-secretary shall replace him/her. The Committee’s Secretary shall draw up the minutes of the 

adopted resolutions, which shall, in turn, be notified to the Board. 

YES 

YES 

YES 

YES 

YES 

YES 

YES 

261


262 

The Appointments and Remuneration Committee shall meet whenever the Board or its Chairman requests a 

report or the adoption of proposals and, in any case, whenever convenient for the appropriate furtherance of 

its duties. One of the meetings shall be devoted to prepare the report on the directors’ remunerations, which 

the Board of Directors shall approve and include as part of its annual public report. 


Pursuant to Article 15 of the Board of Directors Regulations, all the members of the Audit and Compliance 

Committee shall be directors not holding executive positions in the Company. The Audit and Compliance 

Committee shall appoint among its members an independent director as Chairman. The Chairman shall be 

replaced every four years and may be re-elected after stepping down for one year. The Board of Director’s 

Secretary shall be the Committee’s Secretary and, in his/her absence, the Board’s Vice-secretary shall replace 

him/her. The Committee’s Secretary shall draw up the minutes of the adopted resolutions, which shall, in turn, 

be notified to the full Board. 

This Committee shall meet periodically as required and, at least, four times a year. One of the meetings shall 

be necessarily devoted to evaluate the Company’s governance rules and procedures efficacy and compliance 

and to prepare the information the Board of Directors shall approve and include in its annual public report. 

The Committee shall be duly convened when half of the members plus one, present or represented, attend the 

meeting. Resolutions shall be adopted by majority vote of the Directors attending the Committee’s meeting. 

Votes in writing and with no proxy shall only be admitted when none of the members oppose to such procedure. 

B.2.4. Indicate, where appropriate, the advisory and consultative powers and any delegated authority held by 

each of the committees: 


a) Design and review the criteria that must be followed with respect to the composition of the Board of Directors 

and the selection of candidates. 

b) Reporting to the Board on the proposed appointments of directors so it may directly appoint them (cooption) 

or submit them to the General Meeting’s decision. 

c) Propose to the Board appointment of Committee members. 

d) Propose to the Board director’s and Steering Committee members’ annual remuneration system and amount 

as well as the criteria for the remuneration of the rest of the Group’s executive staff. 

e) Verify periodically remuneration programs, assessing their adequacy and return. 

f) Monitor remuneration transparency. 

g) Reporting on the list of transactions that imply or may imply a conflict of interests and, in general, on the 

matters included in chapter on IX of this Regulation. 

h) Consider suggestions made by the Company’s Chairman, members of the Committee, senior executives or 

shareholders.


i) Report the full Board on the proposal of appointment and removal of the Board of Directors’ Secretary. 

j) Annually report the full Board on the evaluation of the Board of Directors’ Chairman performance. 

k) Advise the Board on the conditions to be fulfilled by the contracts of senior management performing as 

executive directors, including terms of contract, notice period and any other clauses concerned with hiring 

bonuses, as well golden parachutes clauses. 

I) Report the Board on the initiatives adopted to increase the number of female directors. 

m) Examine and organise, in appropriate form, the succession of the Chairman and Chief Executive so the 

handover proceeds in a planned and orderly manner. 


a) Report to the General Shareholders’ Meeting matters therein raised by shareholders regarding their competence, 

and consider suggestions on such matters shareholders, the Board of Directors and Company managers 

may pose. 

b) Propose the appointment of the auditor, the terms of engagement of the auditor, monitoring and observance 

of the audit contract and, if applicable, his/her revocation or non-renewal. 

c) Maintain relations with the external auditors, assess the results of each audit and the management team’s 

response to their recommendations, and intervene in case of discrepancies between the latter and them with 

regard to policies and methods applicable in preparing financial statements, as well as gathering information 

on matters that may call the auditor’s independence into question, and any other matters relating to the auditing 

process, including receiving information and the other disclosures stipulated in accounting and auditing 

legislation and auditing standards. 

d) Monitor compliance of auditing contract, always attempting a clear and precise drafting of the views of statements 

and audit report’s main contents. 

e) Monitor Company’s internal audit services, being aware and verifying financial information and internal 

control system’s adequacy and integrity and checking appointment and replacement of the people responsible. 

f) Review Company’s statements, oversee compliance with legal requirements and correct application of generally 

accepted accounting principles and also inform on the proposals for changes in the accounting policies 

and methods suggested by management. 

g) Review bulletins and periodic financial information to be submitted to the Board, the markets and their 

monitoring bodies. 

h) Examine compliance with the Internal Rules of Conduct in Securities Markets, the Regulations of the Board of 

Directors, the Regulations of the General Shareholders’ Meeting, Code of Conduct of Ethics of OHL Group and, 

in general, the Company’s rules of governance, and make proposals for improving them. The Audit Committee 

is particularly responsible for receiving information and, if applicable, issuing a report on the disciplinary measures 

applied to the Company’s senior executive team 

i) Report to the Board prior to the adoption of resolutions related to the creation or acquisition of shares in 

special purpose vehicles or entities resident in countries or territories considered tax havens. 

263


264 

B.2.5. Indicate, as appropriate, whether there are any regulations for the Board Committees; if so, indicate where 

they can be inquired and whether any amendments have been made during the year. Also indicate whether any 

annual report on the activities of each committee has been prepared voluntarily. 


Article 16 of the Board Regulations sets forth the Appointment and Remuneration Committee’s composition, 

operation and responsibilities. 

Each committee is responsible for drafting an annual report on the activities developed throughout the previous 

fiscal year, included as part of the Company’s annual public report. 

Neither the Bylaws nor the Board of Directors Regulations suffered any amendments during 2009, except for 

those related to with the last amendment being approved during 2007 so they would faithfully reflect the 

recommendations contained in the Listed Companies Unified Code of Good Governance, approved by the 

National Securities Market Commission’s Board on 22 May 2006, and whose contents are valid to date. An 

amendment to the Regulations is proposed for the next General Shareholders’ Meeting. 


Article 23 of the Company Bylaws regulates Audit and Compliance Committee’s existence and operating rules, 

also included in Article 15 of the Board Regulations. 

Each committee is responsible for drafting an annual report on the activities developed throughout the previous 

fiscal year, included as part of the Company’s annual public report. 

During 2010, the Board of Directors approved the amendment to article 15 of the Board of Directors’ Regulations, 

in section 2.h), to include among the duties of the Audit and Compliance Committee the duty of monitoring 

compliance with the Code of Ethics of OHL Group that the Committee announced on that same date in replacement 

of the former Code of Conduct of Executive Personnel. An amendment to the Regulations is proposed for the 

next General Shareholders’ Meeting. 

B.2.6. Indicate whether the composition of the executive committee reflects the participation of the various 

directors on the Board according to their status: 

NO 

If negative, explain the Executive Committee’s composition 

Ther is no executive committee

C. Related-Party Transactions 


C.1. State whether only the full Board can approve, upon a prior favourable report from the Audit Committee or 

some other committee charged with this function, the transactions carried out by the Company with directors, 

or with shareholders with significant holdings or represented on the Board, or with persons related there to: 

YES 

C.2. Give details of material transactions entailing a transfer of funds or obligations between the Company or 

group companies and the significant shareholders of the Company: 


significant shareholder 

Company or group company name Nature of 

relationship 

Inmobiliaria Espacio, S.A. Agrupación Guinovart Obras y 

Servicios Hispania, S.A. 

Contractual Receipt of 

services 

Inmobiliaria Espacio, S.A. Asfaltos y Construcciones Elsan, S.A. Contractual Provision of 

services 

Inmobiliaria Espacio, S.A. Asfaltos y Construcciones Elsan, S.A. Contractual Receipt of 

services 

Type of transaction Amount 

(thousands of 

Euros) 

Inmobiliaria Espacio, S.A. Asfaltos y Construcciones Elsan, S.A. Contractual Purchase of goods 

(finished or in 

progress) 

Inmobiliaria Espacio, S.A. Autopista Eje Aeropuerto 

Concesionaria Española, S.A. 


services 

Inmobiliaria Espacio, S.A. Autovía de Aragón Tramo 1, S.A. Contractual Receipt of 

services 

Inmobiliaria Espacio, S.A. Chemtrol Proyectos y Sistemas, S.L. Contractual Receipt of 

services 

Inmobiliaria Espacio, S.A. Chemtrol Proyectos y Sistemas, S.L. Contractual Sale of goods 


progress) 

Inmobiliaria Espacio, S.A. Construcciones Adolfo Sobrino, S.A. Contractual Receipt of 

services 

Inmobiliaria Espacio, S.A. Construcciones Enrique De Luis, S.A. Contractual Receipt of 

services 

Inmobiliaria Espacio, S.A. Constructora De Proyectos Viales De 

México, S.A. De C.V. 


services 

Inmobiliaria Espacio, S.A. Ecolaire España, S.A. Contractual Receipt of 

services 

Inmobiliaria Espacio, S.A. Ecolaire España, S.A. Contractual Sale of goods 


progress) 

Inmobiliaria Espacio, S.A. Euroglosa 45 Concesionaria de la 

Comunidad de Madrid, S.A. 


services 

150 

5 

102 

115 

2 

3 

32 

1 

46 

25 

196 

79 

197 

10 

>>> 

265


266 

>>> 

Inmobiliaria Espacio, S.A. EyM Instalaciones, S.A. Contractual Receipt of 

services 

Inmobiliaria Espacio, S.A. Inmobiliaria Mayaluum, S.A. de C.V. Contractual Receipt of 

services 

Inmobiliaria Espacio, S.A. Instituto De Gestión Sanitaria, S.A. Contractual Sale of goods 


progress) 

Inmobiliaria Espacio, S.A. Instituto De Gestión Sanitaria, S.A. Contractual Receipt of 

services 

Inmobiliaria Espacio, S.A. Metro Ligero Oeste, S.A. Contractual Receipt of 

services 

Inmobiliaria Espacio, S.A. Obrascón Huarte Lain Construcción 

Internacional, S.L. 


services 

Inmobiliaria Espacio, S.A. Obrascón Huarte Lain, S.A. Contractual Provision of 

services 

Inmobiliaria Espacio, S.A. Obrascón Huarte Lain, S.A. Contractual Receipt of 

services 

Inmobiliaria Espacio, S.A. Obrascón Huarte Lain, S.A. Contractual Sale of goods 


progress) 

Inmobiliaria Espacio, S.A. Obrascón Huarte Lain, S.A. Contractual Purchase 

of tangible, 

intangible or other 

assets 

Inmobiliaria Espacio, S.A. Obrascón Huarte Lain, S.A. Contractual Leases 8,831 

Inmobiliaria Espacio, S.A. Obrascón Huarte Lain, S.A. Contractual Purchase of goods 


progress) 

Inmobiliaria Espacio, S.A. Obrascón Huarte Lain Desarrollos, 

S.L. 


services 

Inmobiliaria Espacio, S.A. OHL Austral, S.A. Contractual Receipt of 

services 

Inmobiliaria Espacio, S.A. OHL Concesiones, S.L. Contractual Receipt of 

services 

Inmobiliaria Espacio, S.A. OHL Desarrollos México, S.A. De C.V. Contractual Purchase 

of tangible, 


assets 

Inmobiliaria Espacio, S.A. OHL Industrial, S.L. Contractual Purchase 

of tangible, 


assets 

Inmobiliaria Espacio, S.A. OHL Industrial, S.L. Contractual Receipt of 

services 

Inmobiliaria Espacio, S.A. OHL Medio Ambiente, Inima, S.A. Contractual Receipt of 

services 

34 

10 

436 

29 

158 

282 

243 

5,449 

526 

280 

393 

26 

10 

124 

14,504 

29 

16 

73 

>>>


Inmobiliaria Espacio, S.A. OHL USA, Inc. Contractual Receipt of 

services 

Inmobiliaria Espacio, S.A. Proyectos y Sistemas, S.A. Contractual Receipt of 

services 

Inmobiliaria Espacio, S.A. Sacova Centros Residenciales, S.L. Contractual Receipt of 

services 

Inmobiliaria Espacio, S.A. Sociedad Anónima Trabajos y Obras 

(SATO) 

Inmobiliaria Espacio, S.A. Sociedad Concesionaria Centro de 

Justicia de Santiago, S.A. 

C.3. Give details of material transactions entailing a transfer of funds or obligations between the Company or 

entities of its group and the Company’s directors or executives: 

C.4. Give details of material transactions by the Company with other companies of the same group, where such 

transactions are not eliminated in the process of preparing the consolidated financial statements and are not 

conducted within the course of the Company’s ordinary business, as regards their subject-matter or terms and 

conditions: 

C.5. State whether the members of the Board of Directors have at any time during the year found themselves in 

a conflict of interest pursuant to Article 127 under the Companies Law: 

NO 


services 


services 

Inmobiliaria Espacio, S.A. Sthim Maquinaria, S.A. Contractual Sale of goods 


progress) 


directors or executives 

D. Gonzalo De San 

Cristóbal Tierra 

Company or group company 

name 

179 

5 

5 

143 

Nature of transaction Type of transaction Amount 

(thousands of 

Euros) 

Obrascón Huarte Lain, S.A. Contractual Provision of 

services 

D. Javier López Madrid Metro Ligero Oeste, S.A. Contractual Provision of 

services 

9 

12 

310 

158 

267


268 

C.6. Give details of the mechanisms in place for detecting, identifying and resolving any potential conflicts of 

interest between the Company and/or its Group and its directors, executives or significant shareholders. 

Article 32 of the Board of Directors Regulations states the mechanisms to detect and regulate possible conflicts 

of interest between the Company and/or its group and its directors, executives or significant shareholders, so 

that the director shall abstain from attending and intervening in any debates that may affect his/her matters of 

personal interest. There shall also be a director’s conflict of interest when the matter affects a person related 

to him/her pursuant to Article 229 of the Companies Law. 

In order to perform direct or indirect professional or commercial transactions with the Company, the director 

should report the conflict of interest to the Board of Directors so it can be authorised, upon prior report from 

the Appointments and Remuneration Committee. 

The director or a related person, pursuant to Article 229 of the Companies Law, shall not benefit from a Company’s 

business opportunity, unless previously offered to and rejected by the Company, and the contribution thereof 

be authorised by the Board upon prior report from the Appointments and Remuneration Committee. 

For the purposes of the previous paragraph, a business opportunity shall be understood as any possibility to 

make an investment or trade operation triggered or discovered by the director in connection to his/her office, 

or by means of Company information resources, or under such circumstances that make it reasonable to believe 

that the third party offer was directed to the Company. 

The Board of Directors formally reserves the right to maintain confidential any company transaction with a 

significant shareholder. 

Under no circumstances shall the Company authorise the transaction unless a report from the Appointments 

and Remuneration Committee has assessed the operation under shareholders’ equal opportunities policy and 

market conditions. 

General authorisation of the operations line and its implementation conditions shall be sufficient when dealing 

with ordinary transactions. 

When significant shareholders’ transactions shall be decided by the General Shareholders’ Meeting, the Board 

of Directors will recommend affected significant shareholders to abstain from voting. 

C.7. Is more than one company in the group publicly traded in Spain? 

NO 

Identify the subsidiary companies that are listed in Spain:

D. Risk Control Systems 


D.1. General description of the risk policy of the Company and/or its Group, giving details of and evaluating 

the risks covered by the system, together with evidence that the system is appropriate for the profile of each 

type of risk. 

One of the priorities of the Group’s corporate governance policy is risk management and internal control. The 

objectives of risk management are as follows: 

• Prevention and control of the risks that may affect the achievement of the targets set by the Group and its equity. 

• Ensure compliance with current legislation and with the Group’s internal regulations and procedures. 

• Guarantee the reliability and completeness of the accounting and financial information. 

To strengthen the integration of risk management in the business decisions, the Group continues to encourage 

reinforcing the overall risk control system, and to improve the management structure organisation-wide so that 

the managers in charge of all business activities follow the same corporate principles in managing risks and 

have consistent policies, processes and models. 

Both the control systems and the policies are backed up by internal regulations (rules and procedures) and by 

information systems to form a complete, homogeneous and uniform whole. 

There are also internal control procedures that enable risk control to be improved, making it easier to monitor 

and verifying that the policies set by the Group are being complied with. 

This integrated risk control system permits the following: 

1) Identification of the events that may affect the achievement of the Group’s targets. 

2) Evaluation of the risks arising from these events. 

3) Taking of decisions on the measures to be implemented to maintain the risks within the established limits. 

4) Appropriate monitoring of risks. 

Currently the Group has a corporate risk model under ongoing development with its respective tables of 

indicators for the risks identified for the main activities involving concession, international construction and 

national construction. Once the control objectives have been identified, they are systematically monitored and 

the system is updated through a continuous improvement process. The Group is also gradually implementing 

the model in the rest of the activities. 

Thus, the Group identifies the risks that can compromise the fulfilment of the set objectives and continues 

driving the process to improve current controls (actions, policies, standards and procedures) while enhancing 

the measurement indicators established for each risk, thus minimising the likelihood of such risks having a 

significant impact on its activities. 

269


270 

Group’s risks 

The Group’s normal activity in different business and geographical areas requires an ongoing analysis of the 

main risks that may be classified as follows: 

a) Market risks. 

b) Operational risks. 

c) Risks related to the reliability of economic and financial information. 

d) Financial risks. 

Below is a brief description of those risks, as well as of the Group’s main policies and systems related to 

those risks. 

a) Market risks 

In this category the Group manages the risks relating to changing and specific circumstances in the markets in 

which it operates, particularly potential regulatory changes in the various markets, country risk and risk arising 

from entries into the market, alliances and joint ventures. 

The Group’s presence in the national and international markets is a result of the strategy defined by the Group 

through its Board of Directors, after analysing the risks and opportunities of those markets. Once well-established 

in those markets, the managers of each activity monitor the risk factors and adopt the timely measures to 

minimise them. 

The Group’s continued presence on the international market has contributed to better knowledge of those 

specific risk factors in each country. 

As regards the investment decisions that are made in each market, the Investments Committee analyses the 

economic, financial, legal and tax aspects, as well as required profitability to ensure they comply with the policy 

set forth by the Group. 

b) Operational risks 

The main operational risks managed by the Group relate to: 

• Contracting: bringing contracts into line with the policies defined by the Group. 

There are detailed procedures with controls at different levels for project tender processes which disclose 

any failure to comply with the Group’s objectives in this respect. 

• Execution: most of the risks inherent to the execution of projects are associated with the meeting of deadlines, 

correct execution and the control of project operations and costs.


The Group has technical and economic planning tools that enable the entire project’s execution to be studied 

and developed by costing and selling activities, also enabling it to be thoroughly monitored. Monitoring and 

updating are essential and on a regular basis, at least quarterly, the heads of production review the progress 

being made by the projects and adopt all corrective measures necessary to guarantee their timeliness, quality 

and profitability. 

The activity areas that do not use this planning tool have specific tools to analyse the progress of their 

business (for example, in concessions through the control of traffic, incidents, etc.) and similarly take the 

required measures, if applicable. 

The Group takes out third-party liability insurance and comprehensive construction insurance to cover possible 

incidents that could arise during the execution of a project. 

• Subcontracting: Risks can arise from the joint-and-several liability of the Group in the actions of subcontractors, 

as well as from the possibility of discrepancies in the performance of the contracts. 

At this point, the Group’s procurement process is essential to ensuring the term of execution, the quality 

and profitability of the projects, as well as to verifying that the subcontractors are meeting the requirements 

set by the Group. 

The process begins with the accreditation of suppliers and subcontractors, which is an essential requirement 

in order for bids to be accepted and projects to be awarded. Upon accomplishment of this requirement, 

decision making processes for the projects or contracts to be awarded shall observe the internal regulations 

and be monitored at their execution stage by each project manager, under the surveillance of the Purchasing 

Management following up the whole process through computer systems. 

The control over the legal obligations (tax, labour and environmental) of our subcontractors is subjected 

to a very thorough monitoring procedure, and there are insurance policies in place to ensure the Group’s 

indemnity in the light of execution issues related to subcontractors. 

• Quality: ensuring that the Group’s products and services meet the specifications and requirements of 

customers and third parties. 

In this regard, OHL Group fosters the implementation of quality assurance systems for all of its business 

lines and in all countries in which it operates, always abiding by international and local technical regulations 

in force. Proof of this is the large number of Group companies compliant with ISO 9001 quality standards 

and others that are implementing the ISO 9004 standard, both aimed at the continuous improvement and 

satisfaction of our customers. 

A key element of the quality system is the requirement for our suppliers and subcontractors to comply with 

the aforementioned quality standards, which is why the prior accreditation system exists. 

271


272 

• Labour Risk Prevention: managing and preventing occupational illness and accidents suffered by Group 

employees and by external personnel of collaborators. 

The Group has a labour risk prevention management system that enabled it to obtain in 2005 the OHSAS 

18001:2007 certification, issued by the certifying agency SGS and a “zero accident” culture has been instilled, 

bringing down the rate of accidents year after year. 

The Group, according to the Labour Risk Prevention Law, has a Joint Prevention System that controls the 

application of the safety measures that must necessarily be abided by and which are prepared by the Labour 

Risk Prevention Management System, according to the standards of the OHSAS 18000 series. 

• Environmental: efficient use of resources to prevent business activities having an adverse impact, mainly 

on the environment but also on persons and property. 

The Group is aware of the environmental impact of its activities and is liable to both its customers and society. 

Therefore, it has environmental management systems in place that are based on the ISO 14001 standard or on 

other standards such as the LEED rating system which guarantee compliance with environmental legislation, 

the continuous improvement in the performance, training and raising of awareness amongst employees, 

subcontractors and other stakeholders. It also has a system, at the corporate level, to manage environmental 

indicators that allow the Group to have more in-depth and detailed knowledge of the environmental impacts 

that this can cause, adopting measures in this regard. 

Additionally, the collaboration with customers, suppliers, governments and other public authorities is 

constant. 

In this respect and pursuant to Act 26/2007 on Environmental Responsibility, part of Directive 2004/35/ 

EC in the Spanish legal system, the Company counts with an insurance policy covering such risk within the 

scope of the European Union. 

The Group has a corporate Environment and Quality Service that is independent of the production lines, 

and with a structure that is fitted to the Company’s current needs. It has two central pillars: quality and the 

environment (energy and emission, environmental performance and biodiversity). They both interrelate with 

two other transversal pillars that deal with the management systems and environmental communication. 

c) Risks related to the reliability of economic and financial information 

The Group’s objective is to ensure that the information used is correct and accurate and enables decisions to 

be taken by Group executives and third parties. 

The information system is based on proprietary development systems and on specific systems (based on the 

needs and features of each activity), implemented in all of the Group’s companies.


Every system is completed with a periodic Cinico information system for all Group companies which enables 

the consolidated financial information to be prepared. 

The internal controls, some automatic and others through regular reviews, are used to ensure the reliability of 

such information. 

The general supervisory functions of the Audit Committee of the Board of Directors include the review of the 

Group’s financial statements, monitoring compliance with legal requirements and the correct application of 

accounting policies and the review of the periodic financial information that the Board must furnish to the 

markets. This task is carried out in a precise manner and on a constant basis. 

In relation to this section, the CNMV (National Securities Market Commission) created a financial information 

Internal Control Work Group in 2009 considering it necessary to develop the requirement of listed companies 

to report on the Financial Information Internal Control System in the Annual Corporate Governance Report. 

The CNMV Work Group concluded in its proposal approved on 17 June 2010 that listed entities should present a 

description of their Financial Information Internal Control system in their Annual Corporate Governance Report 

starting 2011. The proposal reinforces the role of the Board of Directors as the body responsible for ensuring 

that there is an adequate and effective Financial Information Internal Control System in place and the role of 

Senior Management, through the Economic Financial Department, as the body responsible for that system’s 

design, implementation and operation. The Audit Committee is in charge of supervising the Financial Information 

Internal Control System with the support of the Internal Audit. 

The Work Group’s proposal also includes a Preparation Guide, which sets forth a series of guidelines and 

reference indicators on which the entities must report, on an annual basis, and which will be reflected in the 

Annual Corporate Governance Report of the companies with publicly-listed securities. 

On a legislative level, the Sustainable Economy bill was used to amend article 116 of the Securities Market Law 

which establishes the contents of the Annual Corporate Governance Report, including the description of the main 

characteristics of the Financial Information Internal Control System. Last 4 March the bill was approved by the 

Council of Ministers, which entailed the effective transposition of Directive 2006/46/EC. The Account Auditing 

Law, as stated in the bill, also sets forth new Audit Committee duties. Worth mentioning is the supervision of 

how effective internal controls and risk management systems are. 

Therefore, during 2010 the Group made a diagnostic analysis of the current situation of its Financial Information 

Internal Control System with regard to the guidelines indicated in the abovementioned framework and the 

sixteen basic indicators defined in the Guide to prepare the description of the Financial Information Internal 

Control System to the CNMV. 

The scope of the diagnostic analysis was defined considering the qualitative importance of each one of the 

Group’s businesses and companies. Furthermore, companies or activities that will experience a sharp growth 

in the short term have been taken into consideration, and the areas for improvement have been marked out. 

273


274 

With the purpose of improving compliance levels and adapting its Financial Information Internal Control System 

to the abovementioned framework, the Group has decided to implement a project that will develop the Action 

Plans recommended in the Diagnostic Analysis, also assuming those practices that can contribute value to the 

management and within its comprehensive risk system. According to the diagnostic analysis of the Group’s 

situation, the priorities of this project are the following: 

- To ensure the reliability of the financial information. 

- To assess and manage risks. 

- Control activities. 

- Information and communication. 

- Supervision. 

- Process efficiency. 

During financial year 2011 it is expected that all measures will be implemented, with a view to having all systems 

fully operational and to comply with the guidelines and indicators mentioned above, properly reporting this in 

the Annual Corporate Governance Report in 2011. 

d) Financial risks 

They are those that can affect mainly the possibility of obtaining the necessary financing at the right moment 

and at a reasonable cost, as well as the maximisation of available financial resources. The most relevant are: 

• Interest rate risk. 

• Risk of financial instruments associated with the Parent Company shares. 

• Exchange rate risk. 

• Credit risk. 

• Liquidity risk 


The variations in interest rates change the future flows of assets and liabilities tied to variable interest rates. 

This risk of variation in the interest rates is especially significant in financing the infrastructure projects and in 

other projects in which its profitability depends on possible interest rate variations, by being directly related 

to their flows. 

According to the Group’s estimates regarding the changes in interest rates and in objectives of the debt structure, 

hedge transactions were carried out by contracting derivatives that mitigate these risks, and a sensitivity analysis 

thereof was also conducted. 

Of the Group’s total gross debt at 31 December 2010, the hedges created account for 31.5% of that debt and 

the fixed-interest rate debt totals 23.8%.


The sensitivity of the Group’s profit to a 0.5% increase in the interest rate, without considering the debt hedged 

using hedge instruments nor the fixed interest rate debt would involve an impact of EUR 7,081 thousand in the 

profit attributed to the Parent Company. 

Risk of financial instruments associated with the Parent Company shares 

In 2007 the Group contracted a financial swap tied to the price of the own share with a view to covering the 

possible loss that could entail the exercise of the incentives plan approved by the Parent Company’s Board 

of Directors that same year. When the initially-approved plan was amended in 2010, the Group settled the 

existing financial swap early and contracted a new financial swap tied to the price of the own share so as to 

cover the possible losses from exercising the amended incentives plan. In the financial swaps tied to the price 

of the own share, the commitment is to give or receive the profit/loss of the variation in the price of the share 

that will take place until the derivative matures with regard to the reference price and pay a variable interest 

during the effective term. 

As of 31 December 2010 the market value of the derivative on treasury shares, booked under “Non-current 

financial assets” of the balance sheet, is EUR 6,859 thousand EUR (11,782) thousand at 31 December 2009 

booked under “Other current financial liabilities”) and its accumulated impact, net of the tax effect, at 31 

December 2010 is EUR (3,446) thousand EUR (8,247) thousand at 31 December 2009. 

Exchange rate risk 

The Group does business internationally and, therefore, is exposed to exchange rate risk in transactions involving 

foreign currency. 

The exchange rate risks occur mainly in: 

• Debt denominated in foreign currency contracted by Group companies. 

• Payments to be made in international markets for the acquisition of supplies. 

• Collections from works that are referenced in currencies other than the Parent Company’s functional currency 

or that of the subsidiaries that have executed the work. 

• Net investments in foreign subsidiaries. 

With the purpose of mitigating such risk, the Group contracts derivatives on foreign currency and exchange 

rate insurance to cover transactions and significant future cash flows, in accordance with limits on the risk that 

can be assumed. 

Furthermore, the net assets from the net investment made in foreign companies the functional currency of 

which is not the euro are subject to the risk of the exchange rate fluctuating in the translation of the financial 

statements of such companies in the consolidation process. 

275


276 

The amount booked in the balance sheet at 31 December 2010 under the heading “Translation differences”, 

within “Valuation adjustments” totals EUR 43,339 thousands (EUR (161,109) thousands at 31 December 2009). 

On other occasions the financing of long-term activities denominated in currencies other than the euro is carried 

out in the same currency as the one in which the asset is denominated, with a view to obtaining a natural hedge. 

The sensitivity analysis of exchange rate risks of the financial instruments for the main currencies with which 

the Group operates has been made simulating an appreciation of foreign currency per euro by 10%, with regard 

to the current values at 31 December 2010 and 2009, with the following impact: 

Currency 

Income/loss Translation 

differences 

2010 

Equity attributed 

to 


minority interests Total equity 

Czech koruna 73 (1,981) (1,908) (270) (2,178) 


US dollar (2,931) (23,499) (26,430) (3,667) (30,097) 

Argentine peso 73 (664) (591) (96) (687) 

Chilean peso 150 (11,198) (11,048) - (11,048) 

Mexican peso (383) (92,874) (93,257) (32,886) (126,143) 


Qatari riyal (2,703) - (2,703) - (2,703) 

Total 4,219 (234,354) (230,135) (106,344) (336,479) 

Currency 


differences 

2009 


to 


minority interests Total equity 

Czech koruna (57) (4,776) (4,833) (652) (5,485) 


US dollar (2,913) (13,051) (15,964) (2,037) (18,001) 

Argentine peso (107) (876) (983) (357) (1,340) 

Chilean peso 1,839 (8,785) (6,946) (4,668) (11,614) 

Mexican peso 1,535 (53,532) (51,997) (7,300) (59,297) 


Qatari riyal (6,447) - (6,447) - (6,447) 

Total (8,220) (132,668) (140,888) (49,446) (190,334)


If the sensitivity analysis is made simulating a foreign currency depreciation per euro of 10% with regard to 

those effective at 31 December 2010 and 2009, the impact would be as follows: 

Currency 


differences 

2010 


to 


Minority interests Total equity 

Czech koruna (67) 1,800 1,733 246 1,979 


US dollar 2,666 21,363 24,029 3,334 27,363 

Argentine peso (67) 604 537 87 624 

Chilean peso (136) 10,180 10,044 - 10,044 

Mexican peso 348 84,431 84,779 29,897 114,676 


Qatari riyal 2,457 - 2,457 - 2,457 

Total (3,836) 213,048 209,212 96,678 305,890 

Currency 


differences 

2009 


to 


Minority interests Total equity 

Czech koruna 53 4,343 4,396 592 4,988 


US dollar 2,648 11,864 14,512 1,852 16,364 

Argentine peso 97 796 893 325 1,218 

Chilean peso (1,672) 7,986 6,314 4,244 10,558 

Mexican peso (1,395) 48,666 47,271 6,636 53,907 


Qatari riyal 5,860 - 5,860 - 5,860 

Total 7,474 120,608 128,082 44,950 173,032 

From the above it is inferred that greater exposure to the Group’s exchange rate risk arises with the Brazilian 

real, the Mexican peso, the US dollar and the Chilean peso. 

Credit risk 

The credit risk consists in the likelihood that the counterparty of an agreement fails to meet its contractual 

obligations, leading to economic loss. 

277


278 

The Group has adopted a policy of only trading with solvent third parties and obtaining sufficient guarantees 

to mitigate the risk of financial loss in the event of non-compliance. The information on its counterparty is 

obtained through independent company valuation agencies, other public sources of financial information or 

the information it obtains from its own relationships with customers. 

The Group financial assets exposed to credit risk are: 

• Non-current financial assets. 

• Hedging instruments. 

• Trade and other receivables. 

• Current financial assets. 

• Financial assets included in cash and other equivalent liquid assets. 

The overall amount of the Group’s exposure to credit risk is made up of the balances of those items. 

Credit risk of the hedging instruments which have a positive fair value is limited in the Group, as the derivatives 

are contracted from highly solvent entities with high credit valuation and none of the counterparties accumulates 

significant percentages of total credit risk. 

The balances of trade receivables for sales and services rendered are made up of a large number of customers 

from different sectors and geographical areas. National private customers only represent 12.6% of the total. 

In all cases, prior to contracting, an assessment is carried out, which includes a solvency study, and during 

execution of the agreements, a permanent follow-up of the evolution of the debt and review of the recoverable 

amounts, making the necessary valuation changes. 


Liquidity risk resulting from the financing needs of the activities, from temporary imbalances between financing 

requirements and sources of funds, is managed by the Group maintaining a proper level of cash and marketable 

securities as well as contracting and maintaining sufficient financing lines. 

To improve this liquidity position, the Group acts in: 

• Trade and other receivables, actively arranging for collection from customers. 

• Optimisation of the financial position of the companies, by constantly following up on the treasury provisions. 

• Arranging for the contracting of financing lines through capital markets. 

At 31 December 2010 the Group presented the debt maturity schedule in section C.16, which for 2011 totals 

EUR 1,208,389 thousand.

The liquidity position of the Group at 31 December 2010 was made up of: 


• Current financial assets in the amount of EUR 351,251 thousand. Current financial assets include the reserve 

accounts of certain concession companies in the amount of EUR 256,074 thousand, of restricted availability, 

intended for servicing the debt. 

• Cash and other equivalent liquid assets in the amount of EUR 1,366,605 thousand. 

• Credit and negotiation facilities available in the amount of EUR 1,160,860 thousand. 

This position, together with the generation of cash from operating activities, minimises the Group’s liquidity risk. 

D.2 State if any of the different types of risk that affect the Company and/or its Group (operational, technology, 

financial, legal, reputational, tax, etc.) have materialised during the year: 

NO 

If so, describe the circumstances that gave rise to them and state whether the control systems in place functioned 

properly: 

D.3. Indicate whether any committee or other governing body is responsible for establishing and overseeing 

these control mechanisms: 

YES 

If so, give details of its functions: 

Name of committee or body Description of functions 

Audit and compliance committee Monitor Company’s internal audit services, being aware and verifying financial 

information and internal control system’s adequacy and integrity and checking 

appointment and replacement of the people responsible. 

D.4.Identification and description of the procedures for compliance with the various regulations affecting the 

Company and/or its Group: 

The Company does not operate in regulated markets. 

279


280 

E. General Meeting 

E.1. State if there are differences with the quorum provisions of the Companies Law in respect of General 

Meetings. If so, give details: 

NO 

E.2. State if there are differences with the rules laid down in the Companies Law regarding the adoption of 

resolutions. If so, give details: 

NO 

% quorum different from the one stated 

in Article 102 of the Companies Law on 

general matters 

Describe how they differ from the rules established in the Companies Law. 

E.3. List any rights of the shareholders in connection with General Meetings that differ from those contained 

in the Companies Law: 

There are no rights different from those covered by the Companies Law. 

E.4.Indicate the measures, if any, adopted to encourage participation by shareholders at General Meetings: 

Article 40 of the Board of Directors Regulations and the General Meeting Regulations state that the Board of 

Directors shall foster shareholders’ informed participation in general meetings and shall implement any timely 

measure to facilitate the effective exercise of the General Shareholders’ Meeting responsibilities pursuant to 

the provisions of the Law and the Company Bylaws. 

Particularly, the Board of Directors shall implement the following measures: 

% quorum different from the one stated 

in Article 103 of the Companies Law on 

general matters. 103 

Quorum required at 1st call 0 0 

Quorum required at 2nd call 0 0 

- Make every effort to report to shareholders prior to the General Meeting all the information that may 

be required by law and everything that, though not legally required, might be of interest to them and 

reasonably submitted by it.


- Address, with due diligence, information requests submitted by shareholders prior to the Meeting. 

- Answer, with due diligence, questions submitted by shareholders during the Meeting. 

- Ensure matters proposed to the General Meeting are voted in order and separately, giving shareholders 

the opportunity to intervene to voice their views on each of the matters subject to vote. 

E.5. Indicate whether the Chairman of the Board of Directors chairs General Meetings. Give details of what 

measures, if any, are adopted to ensure the independence and correct functioning of the General Meeting: 

YES 

Details of measures 

Pursuant to Article 23 section e) of the Company Bylaws and to the General Shareholders’ Meeting Regulations, the 

Chairman of the Board of Directors shall chair the General Meeting. 

1.- The Chairman shall organise shareholders’ debates and interventions so the meeting is developed in an orderly 

manner within a reasonable period. He/she shall call to order shareholders who use offensive language against 

people or institutions, use inappropriate language or digress from the matter of their intervention. The Chairman may 

also restrict the time for interventions. 

2.- The Chairman shall decide whether shareholders may intervene at the end of the debate on each point or once all 

of them, or a group thereof, have been discussed. 

3.- The Chairman shall ensure matters proposed to the General Meeting are voted in order and separately, giving 

shareholders the opportunity to intervene to voice their views on each of the matters subject to vote. 

4.- The Chairman shall decide whether the vote is to take place after each matter is debated or once the entire debate 

is concluded, though in the latter case, separate votes should be casted for each of the proposals submitted to the 

General Meeting. 

5.- The Chairman shall decide the order in which the different proposals for a specific point on the agenda shall be 

voted. Once a proposal is approved, all the others that may be incompatible with it shall be excluded. 

E.6.Indicate, as appropriate, any amendments introduced to the General Meeting Regulations during the year: 

No amendments were made to these Regulations in 2010. 

Notwithstanding the above, in financial year 2011 the Shareholders’ General Meeting Regulations and Bylaws 

amendments shall be submitted to the General Shareholders’ Meeting for its adaptation to the Capital Companies 

Law and to the amendments introduced by Law 12/2010. 

281


282 

E.7. Indicate the data on attendance at the General Meetings held in the year to which this report refers: 

Date of General 

Meeting 

% attendance in 

person 

% attendance by 

proxy 

Attendance data 

E.8. Briefly indicate the resolutions adopted at the General Meetings held in the year to which this report refers 

and the percentage of votes with which each resolution was adopted: 

1.- Annual General Shareholders’ Meeting held 18 May 2010 

% voto a distancia Total 

Electronic vote Other 

18/05/2010 49.448 18.888 0.000 0.000 68.336 

One.- To approve the Financial Statements consisting of the balance sheet, the income statement, the statement 

of changes in equity, the statement of cash flows and the notes to the Financial Statements, as well as the 

Directors Report for the financial year ended 31 December 2009, of both the Company and its Consolidated Group. 

This proposal counts with a favourable report from the Audit and Compliance Committee. It was approved with 

the favourable vote of 68,153,745 shares, with 5,100 shares turning in a negative vote. 

Two.- To approve the following proposal for the distribution of the Company’s profits for 2009, in the amount 

of EUR 59,288,040.13, which is distributed as follows: 

- A total of EUR 1,469,866.44 applied to the legal reserve. 

- A total of EUR 14,869,724.06 applied to the voluntary reserve. 

- Distribution and payment of a total gross dividend of EUR 42,948,449.63 charged to income/loss for the 

year, which is represented in the payment of a gross dividend of EUR 0.4306 per currently outstanding share. 

In the event that at the time of payment of dividends there are any treasury shares, the total amount of the 

agreed upon dividend would be reduced at a rate of EUR 0.4306 for each treasury share. 

Dividends will be paid on 1 June 2010 through the adhered entities to the Securities Registration, Compensation 

and Settlement Systems Management Company. 

This proposal counts with a favourable report from the Audit and Compliance Committee. It was unanimously 

approved. 

Three.- Approve Company’s Board of Directors management for 2009. This proposal counts with a favourable 

report from the Audit and Compliance Committee. It was approved with the abstention of 150 shares, the rejection 

of 380,265 shares and the favourable vote of the remaining 67,778,430 shares. 

Four.- Reappoint Deloitte, S.L. as OBRASCÓN HUARTE LAIN, S.A. and its Consolidated Group’s external auditors 

for the period between 1 January and 31 December 2010, pursuant to Article 204 of the Companies Law.


This proposal counts with a favourable report from the Audit and Compliance Committee. It was approved 

with the abstention of 45,000 shares, the rejection of 9,900 shares and the favourable vote of the remaining 

68,103,945 shares. 

Five.- Authorise the Company’s Board of Director to acquire, pursuant to Article 75.1 of the Companies Law, 

treasury shares under any transfer mode approved by Law, directly or through a subsidiary or affiliated company, 

up to the maximum amount legally accepted. The authorisation has 18 months duration and the shares shall 

be acquired at a maximum price of 30 Euros per share, with no minimum price limit and voids for the unused 

part, the authorisation granted to this end in the General Meeting held on 5 may 2009. 

Pursuant to Article 75.1 of the Companies Law, acquired shares may be granted to company employees or 

directors according to remuneration or as a result of timely agreed options plans. 

This proposal counts with a favourable report from the Audit and Compliance Committee. It was approved with 

the favourable vote of 67,949,174 shares, with 209,671 shares turning in a negative vote. 

Six.- The Appointments and Remuneration Committee issued a positive report on the proposals to re-elect and 

ratify the designations of directors indicated below. 

6.1 Re-elect Mr. Juan Luis Mato Rodríguez as a Company director for a term of 6 years. Mr. Mato 

Rodriguez does not hold any executive position whatsoever in the Company. His appointment is not made upon 

the proposal of any group of shareholders whatsoever, and he has been proposed through the report of the 

Appointments and Remuneration Committee as an independent director, for legal, bylaw and good governance 

regulations and principles purposes. 

It was approved with a negative vote of 8,528,870 shares and the affirmative vote of the remaining 59,629,975 

shares. It is stated for the record that the re-election of the independent director mentioned above is made 

without requiring the vote of the shares belonging to the Villar Mir Group, which are issued only if it is necessary 

for the agreement to have an absolute majority of the shares attending the meeting. It is also stated for the 

record that the number of independent directors has not changed. 

6.2 To ratify Mr. Alberto Miguel Terol Esteban’s appointment as Company Director for a term of 

6 years through co-option by the Board of Directors, replacing Mr. Vega de Seoane Azpilicueta, effective on 23 

March 2010. 

Mr. Terol Esteban does not hold any executive position whatsoever in the Company. His appointment is not 

made upon the proposal of any group of shareholders whatsoever, and he has been proposed through the 

report of the Appointments and Remuneration Committee as an independent director, for legal, bylaw and good 

governance regulations and principles purposes. It was approved with a negative vote of 8,528,870 shares and 

the affirmative vote of the remaining 59,629,975 shares. It is stated for the record that the ratification of the 

283


284 

independent director mentioned above is made without requiring the vote of the shares belonging to the Villar 

Mir Group, which are issued only if it is necessary for the agreement to have an absolute majority of the shares 

attending the meeting. It is also stated for the record that the number of independent directors has not changed. 

6.3 To ratify Mr. Álvaro Villar-Mir de Fuentes’ appointment as Company Director for a term of 6 

years through co-option by the Board of Directors, replacing Mr. Jose Luis García-Villalba Gonzalez, effective 

on 23 March 2010. 

The aforementioned appointment is reported to be proposed by Inmobiliaria Espacio, S.A., a company owned 

by the Villar Mir Group, representing its shareholding interests and, therefore, considered Villar Mir Group’s 

non-executive proprietary director for legal, bylaw, and good governance regulations and principles purposes. 

This proposal counts with a favourable report from the Appointments and Remuneration Committee. 

It was approved with the favourable vote of 59,629,975 shares, with 8,528,870 shares turning in a negative vote. 

Seven.- Approve the report about directors’ remuneration policy drafted by the Board of Directors during the 

meeting held on 9 March 2010. This proposal counts with a favourable report from the Appointments and 

Remuneration Committee. It was approved with the abstention of 149,065 shares, the rejection of 2,514,121 

shares and the favourable vote of the remaining 65,495,659 shares. 

Eight.- Approve the report issued by the Board of Directors at the meeting held on 23 March 2010 on matters 

related to Article 116 bis of the Securities Market Law. This proposal counts with a favourable report from the 

Audit and Compliance Committee. 

It was approved with the abstention of 1,991,999 shares and the favourable vote of the remaining 66,166,846 

shares. 

Nine.- In view of (i) the extraordinary changes experienced in the securities markets since November 2007 when 

the Board of Directors approved the “Incentives Plan for OHL Group Executives” based on the revaluation of 

the OHL share; (ii) the dilution of the share as a result of the capital increase carried out in 2009; and (iii) the 

addition of new executives to the OHL Group, approve the Incentives Plan in terms of the following: 

(i) To extend the duration of the Plan until 1 April 2013. 

(ii) To take EUR 18 to be the initial reference value of the share. 

(iii) To change the system applicable for cases in which beneficiaries leave the Company during the effective 

period of the Plan, so that the beneficiary shall have to wait until finalisation of the Plan to receive the incentive, 

regardless of the fact that for its calculation the time with the Company will be taken into consideration. 

(iv) To increase the number of units making up the Plan by 184,033, to offset the dilutive effect of the capital 

increase carried out in 2009, bringing it to a total of 1,496,414 units, equivalent to 1.5% of the share capital. 

For the purposes of the fourth additional provision of the Companies Law, the participation of 8 members of 

OHL Group’s senior management was expressly approved, with a total allocation of 438,421 “units” equivalent 

to 0.44% of the share capital.


(v) As a result of the prior amendments, to approve the new wording of the Plan Regulations in the terms 

stated in the documentation made available to the shareholders and informed to the CNMV (National 

Securities Market Commission). 

(vi) To adjust the equity swap the Company has arranged to hedge the Plan to the new duration and number 

of units involved. It is estimated that the cost of the necessary adjustment to the currently existing equity 

swap will be EUR 1.4 million. 

This proposal counts with a favourable report from the Appointments and Remuneration Committee. It was 

approved with the favourable vote of 54,500,122 shares, with 13,658,723 shares turning in a negative vote. 

Ten.- To approve the amendment to article 90 of the Bylaws, leaving the wording as follows, in order to adapt 

it to current legislation: 

Article 9.- Issue of debt instruments and other marketable securities. 

The Company may issue debt instruments or other marketable securities under the terms set forth by law. 

The General Shareholders’ Meeting may delegate to the Board of Directors the power to issue debt instruments 

of any kind, warrants or other marketable securities, including, as the case may be, the power to exclude the 

pre-emptive subscription right, under the terms legally provided in this regard. The Board of Directors may use 

such delegation once or several times and during a maximum period of five (5) years. 

The General Shareholders’ Meeting may, likewise, delegate to the Board of Directors the power to execute the 

issue agreed upon by the Shareholders’ Meeting and determine the point in time in which it is to be carried out, 

setting the rest of the terms and conditions not provided for in the General Shareholders’ Meeting. 

The Company may also secure the issues of securities made by its subsidiaries. 

This proposal counts with a favourable report from the Audit and Compliance Committee. 

It was approved with the favourable vote of 68,140,453 shares, with 18,392 shares turning in a negative vote. 

Eleven.- To acknowledge notice of the amendment to the Board of Directors Regulations, pursuant to the report 

submitted by the Board of Directors and made available to the shareholders. 

This proposal counts with a favourable report from the Audit and Compliance Committee. 

The General Shareholders’ Meeting acknowledges notice thereof, without any shareholder having requested 

further information or clarifications. 

285


286 

Twelve.- To acknowledge notice of the use that the Board of Directors has made of the power delegated by the 

General Shareholders’ Meeting on 26 November 2009, which consists in issuing debt instruments or ordinary 

non-convertible bonds, in accordance with the report submitted by the Board of Directors and made available 

to shareholders. 

Below is the verbatim transcription of the terms stated in the Board of Directors’ Chairman speech at this General 

Shareholders’ Meeting: 

At the date on which the Board gathered to summon this General Shareholders’ Meting, last 23 March, the Board 

issued a report that was made available to the Shareholders, expressing that at that date no use whatsoever 

had been made of the power that had been delegated to it. 

Today, the Board I preside over must amend and amends the content of that report, and it is with great satisfaction 

that we inform the Shareholders that: 

- on 7 April 2010 the Board of Directors, exercising the delegation of powers granted by the General Shareholders’ 

Meeting, resolved to carry out an issue of non-convertible bonds, that was successfully completed on 16 April 

in the amount of EUR 700 million, with an amortisation term of 5 years; 

- of the EUR 700 million, 178.4 million were used to swap and amortise an amount equal to the issue of bonds 

that the Company had made in May 2007; 

- for the new issue of bonds, as was carried out in the 2007 issue, a request was made and granted to be 

admitted to trade on the London Stock Exchange; 

- after the use made by the Board of the delegation of power conferred by the Extraordinary General Shareholders’ 

Meeting on 26 November 2009, the Board retains a delegation of power to issue fixed-income securities, under 

the terms agreed by the abovementioned meeting, for a maximum amount of EUR 2,300 million. 

The new issue of bonds was successful, and the Company received requests that exceeded the volume offered. 

The shareholders will be satisfied to know that OHL, in these difficult times, enjoys credit in capital markets, 

which enables it to look to the future with prudent optimism. 

The General Shareholders’ Meeting acknowledges notice thereof, without any shareholder having requested 

further information or clarifications. 

Thirteen.- Expressly grant powers to the Chairman, Secretary and Vice-secretary so that any of them, with as many 

powers as may be required by Law, may appear before a Notary to execute the adopted resolutions and follow 

all necessary proceedings to register such resolutions, as applicable, in the corresponding public records, as 

well as the mandatory registration of financial statements in the Commercial Register and submit, if necessary, 

documents clarifying or rectifying original ones, requesting, if applicable, partial recording, pursuant to the 

Commercial Register’s verbal or written assessment. 

In addition, the Board of Directors has the power to introduce in the resolutions to be lodged with the Commercial 

Register any clarifications or rectifications thereby necessary.

It was unanimously approved. 


Fourteen.- Approve the Annual General Meeting’s Minute. It was approved with the abstention of 99,939 shares 

and the favourable vote of the remaining 68,058,906 shares. 

E.9. Indicate whether the bylaws contain any restriction establishing a minimum number of shares required to 

attend the General Meeting: 

NO 

Number of shares required to attend a General Meeting 

E.10. Indicate and provide support for the policies followed by the Company with respect to proxy voting at 

General Meetings: 

Pursuant to Article 9 of the General Meeting Regulations, shareholders are provided with attendance cards via 

the companies depositaries of securities in the usual manner, expressly indicating the information submitted 

to shareholders and the proposals from the Board of Directors, or other shareholders, if applicable, related to 

each of the points on the agenda, to facilitate instructions to proxies when shareholders appoint one to attend 

the Meeting. 

Shareholders may appoint any person, whether a shareholder or not, as a proxy to attend the General Meeting. 

Public proxy requests by the Board of Directors or by any member thereof should justify in detail the proxy vote 

upon shareholder’s failure to give instructions and, if applicable, reveal conflicts of interest. 

The regulating standards of the procedure of the General Shareholders’ Meeting do not prohibit the attendants 

at the Meeting representing more than one shareholder from splitting their vote, thus including financial 

intermediaries. 

The Board of Directors has not exercised this power since the Company is listed on the securities markets. 

E.11. Indicate whether the company is aware of the policy of institutional investors on participating or not 

participating in the company’s decisions: 

NO 

E.12. Indicate the URL and means of accessing corporate governance content on your website: 

The address is www.ohl.es. “Corporate Governance” can be accessed from the home page. Click on it to find, 

among others, the “Annual Corporate Governance Report”. 

287


288 

F. Degree Of Compliance With Corporate Governance Regulations 

State the extent to which the Company complies or fails to comply with Unified Code recommendations. In the 

event of non-compliance with any of the recommendations, explain the recommendations, rules, practices or 

criteria applied by the Company. 

1. The bylaws of listed companies should not place an upper limit on the votes that can be cast by a single 

shareholder, or impose other obstacles to the takeover of the Company by means of share purchases on the 

market. 

See subsections: A.9, B.1.22, B.1.23 and E.1, E.2. 

Complies 

2. When a dominant and a subsidiary company are stock market listed, the two should provide detailed 

disclosure on: 

a) The type of activity they engage in, and any business dealings between them, as well as between the 

subsidiary and other group companies; 

b) The mechanisms in place to resolve possible conflicts of interest. 

See subsections: C.4 and C.7 

Not applicable 

3. Even when not expressly required under company law, any decisions involving a fundamental corporate 

change should be submitted to the General Shareholders’ Meeting for approval or ratification. In particular: 

a) The transformation of listed companies into holding companies through the process of subsidiarisation, 

i.e. reallocating core activities to subsidiaries that were previously carried out by the originating firm, even 

though the latter retains full control of the former; 

b) Any acquisition or disposal of key operating assets that would effectively alter the Company’s corporate 

purpose; 

c) Operations that effectively add up to the Company’s liquidation. 

Complies


4. Detailed proposals of the resolutions to be adopted at the General Shareholders’ Meeting, including the 

information stated in Recommendation 28, should be made available at the same time as the publication of 

the Meeting notice: 

Complies 

5. Separate votes should be taken at the General Shareholders’ Meeting on materially separate items, so 

shareholders can express their preferences in each case. This rule shall apply in particular to: 

a) The appointment or ratification of directors, with separate voting on each candidate; 

b) Amendments to the bylaws, with votes taken on all articles or groups of articles that are materially different. 

See subsection: E.8 

Complies 

6. Companies should allow split votes, so financial intermediaries acting as nominees on behalf of different 

clients can issue their votes according to instructions: 

See subsection: E.4 

Complies 

7. The Board of Directors should perform its duties with unity of purpose and independent judgement, according 

all shareholders the same treatment. It should be guided at all times by the Company’s best interest and, as 

such, strive to maximise its economic value over time. 

It should likewise ensure that the Company abides by the laws and regulations in its dealings with stakeholders; 

It should as well fulfil its obligations and contracts in good faith; respect the customs and good practices of 

the sectors and territories where it does business and uphold any additional social responsibility principles it 

has subscribed to voluntarily. 

Complies 

8. The Board should see the core components of its mission as to approve the Company’s strategy and authorise 

the organisational resources to carry it forward, and to ensure that management meets the objectives set while 

pursuing the Company’s interests and corporate purpose. As such, the Board in full should reserve the right 

to approve: 

289


290 

a) The Company’s general policies and strategies, and in particular: 

i) The strategic or business plan, as well as the annual management objectives and budgets; 

ii) Investment and financing policy; 

iii) Definition of the structure of the corporate group; 

iv) Corporate governance policy; 

v) Corporate social responsibility policy; 

vi) Remuneration and performance evaluation policy for senior executives; 

vii) Risk control and management policy and periodic monitoring of internal reporting and control systems. 

viii) Dividend policy and treasury shares policy and, in particular, limits thereon. 

See subsections: B.1.10, B.1.13, B.1.14 and D.3 

b) The following decisions: 

i) At the proposal of the company’s chief executive, the appointment and potential removal of senior 

executives, as well as their indemnity clauses. 

See subsection: B.1.14. 

ii) The remuneration of directors, as well as in the case of executive directors, the additional compensation 

for their executive functions and other conditions to be fulfilled by their contracts. 

See subsection: B.1.14. 

iii) The financial information listed companies must periodically disclose. 

iv) Investments or operations considered strategic by virtue of their amount or special characteristics, 

unless their approval corresponds to the General Shareholders’ Meeting; 

v) The creation or acquisition of shares in special purpose vehicles or entities resident in jurisdictions 

considered tax havens, and any other transactions or operations of a comparable nature whose 

complexity might impair the transparency of the group. 

c) Transactions which the Company conducts with directors, significant shareholders, shareholders with Board 

representation or other persons related thereto (“related-party transactions”). 

However, Board authorisation need not be required for related-party transactions that simultaneously meet 

the following three conditions: 

1. They are governed by standard form agreements applied on an across-the board basis to a large number 

of clients.


2. They go through at market rates, generally set by the person supplying the goods or services; 

3. Their amount is no more than 1% of the Company’s annual revenues. 

It is advisable that related-party transactions should only be approved by the Board on the basis of a favourable 

report from the Audit Committee or some other committee handling the same function; and that the directors 

involved should neither exercise nor delegate their votes, and should withdraw from the meeting room while 

the Board deliberates and votes. 

Ideally the above powers assigned to Board should not be delegated with the exception of those mentioned 

in b) and c), which may be delegated to the Executive Committee in urgent cases and later ratified by the full 

Board. 

See subsections: C.1 and C.6 

Complies 

9. In the interests of maximum effectiveness and participation, the Board of Directors should ideally comprise 

no fewer then five and no more than fifteen members: 

See subsection: B.1.1 

Complies 

10. External, proprietary and independent directors should occupy a broad majority of Board places, while the 

number of executive directors should be the minimum practical, bearing in mind the complexity of the corporate 

group and the ownership interests they control. 

See subsections: A.2 , A.3, B.1.3 and B.1.14. 

Complies 

11. In the event that some non-executive director can be deemed neither proprietary nor independent, the 

Company should disclose this circumstance and the links that person maintains with the Company or its senior 

officers, or its shareholders: 



291


292 

12. That among non-executive directors, the relation between proprietary members and independents should 

match the proportion between the capital represented on the Board by proprietary directors and the remainder 

of the Company’s capital. 

This proportional criterion can be relaxed so the weight of proprietary directors is greater than would strictly 

correspond to the total percentage of capital they represent: 

1. In large cap companies where few or no equity stakes attain the legal threshold for significant shareholdings, 

despite the considerable sums actually invested. 

2. In companies with a plurality of shareholders represented on the Board but not otherwise related. 

See subsections: B.1.3 , A.2 and A.3 

Complies 

13. The number of independent directors should represent at least one third of all Board members. 


Complies 

14. The nature of each director should be explained to the Shareholders’ General Meeting , which will make or 

ratify his or her appointment. Such determination should subsequently be confirmed or reviewed in each year’s 

Annual Corporate Governance Report, after verification by the Appointments Committee. The said Report should 

also disclose the reasons for the appointment of proprietary directors at the urging of shareholders controlling 

less than 5% of capital; and explain any rejection of a formal request for a Board place from shareholders whose 

equity stake is equal to or greater than that of others applying successfully for a proprietary directorship. 

See subsections: B.1.3 and B.1.4 

Complies 

15. When female directors are few or non-existent, the board should state the reasons for this situation and 

the measures taken to correct it; in particular, the Appointments Committee should take steps to ensure that: 

a) The process of filling Board vacancies has no implicit bias against female candidates;


b) The Company makes a conscious effort to include women with the target profile among the candidates 

for Board places. 

See subsections: B.1.2, B.1.27 and B.2.3 

Complies 

16. The Chairman, as the person responsible for the proper operation of the Board of Directors, should ensure 

that directors are supplied with sufficient information in advance of Board meetings; and work to procure a good 

level of debate and the active involvement of all members, safeguarding their rights to freely express and adopt 

positions; he or she should organise and coordinate regular evaluations of the board and, where appropriate, 

the Company’s Chief Executive, along with the chairmen of the relevant board committees. 

See subsection: B.1 42 

Complies 

17. When a Company’s Chairman is also its chief executive, an independent director should be empowered 

to request the calling of Board meetings or the inclusion of new issues on the agenda; to coordinate and give 

voice to the concerns of non-executive directors; and to lead the Board’s evaluation of the Chairman. 



18. The Secretary should take care to ensure that the Board’s actions: 

a) Adhere to the spirit and letter of laws and their implementing regulations, including those issued by 

regulatory agencies; 

b) Comply with the Company Bylaws and the Regulations of the General Shareholders’ Meeting, the Board 

of Directors and others; 

c) Are informed by those good governance recommendations of the Unified Code that the Company has 

subscribed to. 

In order to safeguard the independence, impartiality and professionalism of the Secretary, his or her appointment 

and removal should be proposed by the Appointments Committee and approved by a full Board meeting; and 

the relevant appointment and removal procedures being spelled out in the Board’s regulations. 


Complies 

293


294 

19. The Board should meet with the necessary frequency to properly perform its functions, in accordance with 

a calendar and agendas set at the beginning of the year, to which each Director may propose the addition of 

other items. 


Complies 

20. Director absences should be kept to the bare minimum and quantified in the Annual Corporate Governance 

Report. When directors have no choice but to delegate their vote, they should do so with instructions. 


Complies 

21. When directors or the Secretary express concerns about some proposal or, in the case of directors, about 

the Company’s performance, and such concerns are not resolved at the Board, the person expressing them can 

request that they be recorded in the minutes book. 


22. The board in full should evaluate the following points on a yearly basis: 

a) The quality and efficiency of the Board’s operation; 

b) Starting from a report submitted by the Appointments Committee, how well the Chairman and Chief 

Executive have carried out their duties; 

c) The performance of its Committees on the basis of the reports furnished by the same. 


Complies 

23. All directors should be able to exercise their right to receive any additional information they require on 

matters within the Board’s competence. Unless the Bylaws or Board Regulations indicate otherwise, such 

requests should be addressed to the Board’s Chairman or Secretary. 


Complies


24. All directors should be entitled to call on the Company for the advice and guidance they need to carry out 

their duties. The Company should provide suitable channels for the exercise of this right, extending in special 

circumstances to external assistance at the Company’s expense. 


Complies 

25. Companies should organise induction programmes for new directors to acquaint them rapidly with the 

workings of the Company and its corporate governance rules. Directors should also be offered refresher 

programmes when circumstances so advise. 

Complies 

26. Companies should require their directors to devote sufficient time and effort to perform their duties 

effectively, and, as such: 

a) Directors should apprise the Appointments Committee of any other professional obligations, in case they 

might detract from the necessary dedication. 

b) Companies should lay down rules about the number of Boards on which their Board members can take part. 


Complies 

27. The proposal for the appointment or renewal of directors which the Board submits to the General Shareholders’ 

Meeting, as well as provisional appointments by the method of co-option, should be approved by the Board: 

a) On the proposal of the Appointments Committee, in the case of independent directors. 

b) Subject to a report from the Appointments Committee in all other cases. 


Complies 

295


296 

28. . Companies should post the following director particulars on their websites, and keep them permanently 

updated: 

a) Professional experience and background; 

b) Directorships held in other companies, listed or otherwise; 

c) An indication of the director’s classification as executive, proprietary or independent; in the case of 

proprietary directors, stating the shareholder they represent or have links with. 

d) The date of their first and subsequent appointments as a Company director, and; 

e) Shares held in the Company and any options on the same. 

Complies 

29. Independent directors should not stay on as such for a continuous period of more than 12 years. 


Complies 

30. Proprietary directors should resign when the shareholders they represent dispose of their ownership interest 

in its entirety. If such shareholders reduce their stakes, thereby losing some of their entitlement to proprietary 

directors, the latter’s number should be reduced accordingly. 

See subsections: A.2, A.3 and B.1.2 

Complies 

31. The Board of Directors should not propose the removal of independent directors before the expiry of their 

tenure as mandated by the bylaws, except where just cause is found by the board, based on a proposal from 

the Appointments Committee. In particular, just cause will be presumed when a director is in breach of his or 

her fiduciary duties or comes under one of the disqualifying grounds enumerated in section III.5 (Definitions) 

of this Code. 

The removal of independents may also be proposed when a takeover bid, merger or similar corporate operation 

produces changes in the Company’s capital structure, in order to meet the proportionality criterion set out in 

Recommendation 12. 


Complies


32. Companies should establish rules obliging directors to inform the board of any circumstance that might 

harm the organisation’s name or reputation, tendering their resignation as the case may be, with particular 

mention of any criminal charges brought against them and the progress of any subsequent trial. 

The moment a director is indicted or tried for any of the crimes stated in Article 124 of the Companies Law, the 

Board should examine the matter as soon as possible and, in view of the particular circumstances and potential 

harm to the Company’s name and reputation, decide whether or not he or she should be called on to resign. 

The Board should also logically disclose all such determinations in the Annual Corporate Governance Report. 

See subsections: B.1.43, B.1.44 

Complies 

33. All directors should express clear opposition when they feel a proposal submitted for the Board’s approval 

might damage the corporate interest. In particular, independents and other directors unaffected by the conflict 

of interest should challenge any decision that could go against the interests of shareholders lacking Board 

representation. 

When the Board makes material or reiterated decisions about which a director has expressed serious reservations, 

then he or she must draw the pertinent conclusions. Directors resigning for such causes should set out their 

reasons in the letter referred to in the next Recommendation. 

The terms of this Recommendation should also apply to the Secretary of the Board; director or otherwise. 

Complies 

34. Directors who give up their place before their tenure expires, through resignation or otherwise, should state 

their reasons in a letter to be sent to all members of the Board. Irrespective of whether such resignation is filed 

as a significant event, the motive for the same must be explained in the Annual Corporate Governance Report. 


Complies 

35. The Company’s remuneration policy, as approved by its Board of Directors, should specify at least the 

following points: 

a) Amount of fixed components, with an itemisation, where applicable, of the per diems for participating in 

the meetings of the Board and of its Committees and an estimate of the annual fixed remuneration to which 

they give rise. 

297


298 

b) Variable remuneration components, including: 

i) The types of directors they apply to, with an explanation of the relative weight of variable to fixed 

remuneration items. 

ii) Performance evaluation criteria used to calculate entitlement to the award of shares or share options 

or any variable remuneration item; 

iii) The main parameters and grounds for any system of annual bonuses or other, non cash benefits; and 

iv) An estimate of the sum total of variable payments arising from the remuneration policy proposed, as 

a function of degree of compliance with pre-set targets or assumptions. 

c) The main characteristics of pension systems (for example, supplementary pensions, life insurance and 

similar arrangements), with an estimate of their amount or annual equivalent cost. 

d) The conditions to apply to the contracts of executive directors exercising senior management functions. 

Among them: 

i) Duration; 

ii) Notice period; and 

iii) Any other clauses covering hiring bonuses, as well as indemnities or golden parachutes in the event of 

early termination of the contractual relation between company and executive director. 


Complies 

36. Remuneration comprising the delivery of shares in the Company or other companies in the group, share 

options or other share-based instruments, payments linked to the Company’s performance or membership of 

pension schemes should be confined to executive directors. 

The delivery of shares is excluded from this limitation when directors are obliged to retain them until the end 

of their tenure. 

See subsections: A.3 and B.1.3 

Complies 

37. External directors’ remuneration should sufficiently compensate them for the dedication, skills and 

responsibilities that the post entails, but should not be so high as to compromise their independence. 

Complies


38. In the case of remuneration linked to Company earnings, deductions should be computed for any 

qualifications stated in the external auditor’s report. 


39. In the case of variable remunerations, remuneration policies should include technical safeguards to ensure 

they reflect the professional performance of the beneficiaries and not simply the general progress of the markets 

or the Company’s sector or circumstances of this kind. 

Complies 

40. The board should submit a report on the directors’ remuneration policy to the advisory vote of the General 

Shareholders’ Meeting, as a separate point on the agenda. This report can be supplied to shareholders separately 

or in the manner the company sees fit. 

The report will focus on the remuneration policy the Board has approved for the current year with reference, as the 

case may be, to the policy planned for future years. It will address all the points referred to in Recommendation 

35, except those potentially entailing the disclosure of commercially sensitive information. It will highlight the 

most significant changes in such policy with respect to the previous year referred by the General Meeting,with 

a global summary of how the policy was applied over such year. 

The role of the Remuneration Committee in designing the remuneration policy should be reported by the Board 

to the Meeting, along with the identity of any external advisors engaged. 


Complies 

41. The notes to the financial statements should list individual directors’ remuneration in the year, including: 

a) A breakdown of the compensation obtained by each company director, to include where appropriate: 

i) Participation and attendance fees and other fixed director payments; 

ii) Additional compensation for acting as chairman or member of a Board committee; 

iii) Any payments made under profit-sharing or bonus schemes, and the reason for their accrual; 

iv) Contributions on the director’s behalf to defined-contribution pension plans, or any increase in the 

director’s vested rights in the case of contributions to defined-benefit schemes; 

v) Any severance packages agreed or paid; 

vi) Any compensation they receive as directors of other companies in the Group; 

299


300 

vii) The remuneration executive directors receive in respect of their senior management posts; 

viii) Any kind of compensation other than those listed above, of whatever nature and provenance within 

the Group, especially when it may be accounted a related-party transaction or when its omission would 

detract from a true and fair view of the total remuneration received by the director. 

b) An individual breakdown of deliveries to directors of shares, share options or other share-based instruments, 

itemised by: 

i) Number of shares or options awarded in the year, and the terms set for their execution; 

ii) Number of options exercised in the year, specifying the number of shares involved and the 

exercise price; 

iii) Number of options outstanding at the year end, specifying their price, date and other exercise conditions; 

iv) Any change in the year in the exercise terms of previously awarded options. 

c) Information on the relation in the year between the remuneration obtained by executive directors and the 

Company’s profits, or some other measure of corporate performance. 

Complies 

42. When the Company has an Executive Committee, the breakdown of its members by director category should 

be similar to that of the Board itself. The Secretary of the Board should also act as secretary to the Executive 

Committee. 



43. The Board should be kept fully informed of the business transacted and decisions made by the Executive 

Committee. To this end, all board members should receive a copy of the Committee’s minutes. 


44. In addition to the Audit Committee mandatory under the Securities Market Law, the Board of Directors 

should form a committee, or two separate committees, of Appointment and Remuneration. 

The rules governing the make-up and operation of the Audit Committee and the Appointment and Remuneration 

committee or committees should be set forth in the Board Regulations, and include the following:


a) The Board of Directors should appoint the members of such committees with regard to the knowledge, 

aptitudes and experience of its directors and the terms of reference of each Committee; discuss their proposals 

and reports; and be responsible for overseeing and evaluating their work, which should be reported to the 

first full Board following each meeting; 

b) These committees should be formed exclusively of non-executive directors and have a minimum of three 

members. Executive directors or senior officers may also attend meetings, for information purposes, at the 

Committees’ invitation. 

c) Committees should be chaired by an independent director. 

d) They may engage external advisors, when they feel this is necessary for the discharge of their duties. 

e) Minutes of meeting proceedings should be drawn up and a copy sent to all Board members. 


Complies 

45. The job of supervising compliance with internal codes of conduct and corporate governance rules should be 

entrusted to the Audit Committee, the Appointments Committee or, as the case may be, separate Compliance 

or Corporate Governance Committees. 

Complies 

46. All members of the Audit Committee, particularly its chairman, should be appointed with regard to their 

knowledge and background in accounting, auditing and risk management matters. 

Complies 

47. Listed companies should have an internal audit function, under the supervision of the Audit Committee, to 

ensure the proper operation of internal reporting and control systems. 

Complies 

48. The head of internal audit should present an annual work programme to the Audit Committee; report to it 

directly on any incidents arising during its implementation; and submit an activities report at the end of each year. 

Complies 

301


302 

49. Control and risk management policy should specify at least: 

a) The different types of risk (operational, technological, financial, legal, reputational, etc.) the Company 

is exposed to, with the inclusion under financial or economic risks of contingent liabilities and other offbalance-sheet 

risks; 

b) The determination of the risk level the Company sees as acceptable; 

c) Measures in place to mitigate the impact of risk events should they occur; 

d) The internal reporting and control systems to be used to control and manage the above risks, including 

contingent liabilities and off-balance-sheet risks. 

See subsection: D 

Complies 

50. The Audit Committee’s role should be: 

1. With respect to internal control and reporting systems: 

a) Monitor the preparation and the integrity of the financial information prepared on the Company and, 

where appropriate, the Group, checking for compliance with legal provisions, the accurate demarcation of 

the consolidation scope, and the correct application of accounting principles. 

b) Review internal control and risk management systems on a regular basis, so main risks are properly 

identified, managed and disclosed. 

c) Monitor the independence and efficacy of the internal audit function; propose the selection, appointment, 

reappointment and removal of the head of internal audit; propose that service’s budget; receive periodic 

information on its activities; and verify that senior management are acting on the findings and recommendations 

of its reports. 

d) Establish and supervise a mechanism whereby staff can report, confidentially and, if necessary, 

anonymously, any irregularities they detect in the course of their duties, in particular financial or accounting 

irregularities, with potentially serious implications for the firm. 

2. With respect to the external auditor: 

a) Make recommendations to the Board for the selection, appointment, reappointment and removal of the 

external auditor, and the terms and conditions of his engagement.


b) Receive regular information from the external auditor on the progress and findings of the audit programme, 

and check that senior management are acting on its recommendations. 

c) Monitor the independence of the external auditor, to which end: 

i) The Company should notify any change of auditor to the CNMV as a significant event, accompanied by 

a statement of any disagreements arising with the outgoing auditor and the reasons for the same. 

ii) The Committee should ensure that the Company and the auditor adhere to current regulations on the 

provision of non-audit services, the limits on the concentration of the auditor’s business and, in general, 

other requirements designed to safeguard auditors’ independence; 

iii) The Committee should investigate the issues giving rise to the resignation of any external auditor. 

d) In the case of groups, the Committee should urge the Group auditor to take on the auditing of all component 

companies. 

See subsections: B.1.35, B.2.2, B.2.3 and D.3 

Complies 

51. The Audit Committee should be empowered to meet with any Company employee or manager, even ordering 

their appearance without the presence of another senior officer. 

Complies 

52. The Audit Committee should prepare information on the following points from Recommendation 8 for input 

to board decision-making: 

a) The financial information listed companies must periodically disclose. The Committee should ensure that 

interim statements are drawn up under the same accounting principles as the annual statements and, to this 

end, may ask the external auditor to conduct a limited review. 

b) The creation or acquisition of shares in special purpose vehicles or entities resident in jurisdictions 

considered tax havens, and any other transactions or operations of a comparable nature whose complexity 

might impair the transparency of the group. 

c) Related-party transactions, except where their scrutiny has been entrusted to some other supervision and 

control committee. 


Complies 

303


304 

53. The Board of Directors should seek to present the annual accounts to the General Shareholders’ Meeting 

without reservations or qualifications in the audit report. Should such reservations or qualifications exist, both 

the Chairman of the Audit Committee and the auditors should give a clear account to shareholders of their 

scope and content. 


Complies 

54. The majority of Appointment Committee members –or Appointment and Remuneration Committee members, 

as the case may be– should be independent directors. 


Complies 

55. The Appointment Committee should have the following functions in addition to those stated in earlier 

recommendations: 

a) Evaluate the balance of skills, knowledge and experience on the Board, define the roles and skills required 

of the candidates to fill each vacancy, and decide the time and dedication necessary for them to properly 

perform their duties. 

b) Examine or organise, in appropriate form, the succession of the Chairman and Chief Executive, making 

recommendations to the Board so the handover proceeds in a planned and orderly manner. 

c) Report on the senior officer appointments and removals which the Chief Executive proposes to the Board. 

d) Report to the Board on the gender diversity issues discussed in Recommendation 14 of this Code. 


Complies 

56. The Appointment Committee should consult with the Company’s Chairman and Chief Executive, especially 

on matters relating to executive directors. 

Any Board member may suggest directorship candidates to the Appointment Committee for its consideration. 

Complies


57. The Remuneration Committee should have the following functions in addition to those stated in earlier 

recommendations: 

a) Propose to the Board of Directors: 

i) The remuneration policy for directors and senior officers; 

ii) The individual remuneration and other contractual conditions of executive directors. 

iii) The standard conditions for senior officer employment contracts. 

b) Oversee compliance with the remuneration policy set by the Company. 

See subsections: B.1.14, B.2.3 

Complies 

58. The Remuneration Committee should consult with the Chairman and Chief Executive, especially on matters 

relating to executive directors and senior officers. 

Complies 

G. Other Information Of Interest 

If you consider that there is any material aspect or principle relating to the Corporate Governance practices 

followed by your company that has not been addressed in this report, indicate and explain below. 

Relevant aspects related to a section of this Report: 

A.2. Fidelity International Limited holds its share through Pe Mm Stone, Fidelity Sicav-Fid Europe, Fidelity 

Trilogie Sub Larger, Fast Opt European Mkt Neut FD, Fid Fds-Emerging Mkts Pool, Fid Fds-lberia Pool, Fid Fds- 

Latin America Pool, Fid Instl Emerging Markets Fd, Fidelity European Opp Fnd 1992, Fid Fds-Euro Smaller Co 

Pool as filed with the CNMV register. 

B.1.4. NThere are no non-executive proprietary directors appointed by shareholders whose shareholding is 

less than 5%. 

B.1.8. Give details, as appropriate, of any directors of the company who are members of the boards of directors 

of other non-group companies that are listed on official securities markets in spain, as disclosed to the company: 

Luis Solera Gutierrez is the individual representative of director Reverter 17, S.L. of listed companies Tecnocom, 

Telecomunicaciones y Energía, S.A. and Informes y Proyectos, S.A. 

305


306 

B.1.11. The itemised information and the items of remuneration received by each director, including the executive 

director, is included in the notes to the financial statements and in the Remuneration Policy Report. 

B.1.12. Mr.José Antonio Fernandez Elejaga stepped down as Chief Financial Officer during 2010. 

B.1.13. There are no guarantee or golden parachute clauses for senior executives of the Company or its group 

in the event of termination or changes in control. 

B.1.18. Notwithstanding the above, in financial year 2011 the amendment to the Shareholders’ General Meeting 

Regulations and Bylaws to adapt it to the Capital Companies Law and to the amendments introduced by Law 

12/2010 are expected to be submitted to the General Shareholders’ Meeting. 

B.1.25. The Board of Directors has considered it convenient to set a maximum number of directorships for 

its directors, and has established this in the Board of Directors Regulations. However, it does not consider 

it advisable to establish a maximum age for holding a directorship, in line with the new criteria on which the 

Unified Code of Corporate Governance is based. 

B.1.29. Indicate the number of board meetings held during the yearand how often the board has met without 

the chairman´s attendance. 

The Chairman shall leave the meeting when the Board evaluates the Chairman’s office. 

B.1.40. Indicate any ownership of interest, disclosed to the company, held by the members of the company´s 

board of directors in the capital of entities engaging in an activity that is identical, similar or complementary to 

the activity that constitutes the object of the company or its group.Also indicate the positions they hold or the 

functions they discharge at these companies: 

The ownership interest communicated in this section of the directors in companies with the same, similar or 

complementary type of activity as that set forth in the corporate purpose of the Company and of the Group, is 

an indirect ownership interest. 

B.2. Executive Committee and Strategy Committee. The Board of Directors has expressly considered and 

discussed the convenience of whether or not to create a strategy committee and has concluded that, due to 

the small size of the Board and the fundamental nature attributed to the Group’s strategy, the most adequate 

procedure would be to present an ad hoc report on a yearly basis subject to discussion by the Board in full, 

which would take place in the meeting addressing the Group’s long-term plan. For similar reasons it was not 

considered appropriate to create an Executive Committee. 

B.2.1. Audit Committee. Mr. Daniel García-Pita Pemán and Mr. José Maria del Cuvillo Pemán hold the positions 

of Secretary and Vice-Secretary, respectively, of the Audit Committee.


In compliance with the legal term, on 22 March, Mr. Juan Luis Mato Rodríguez will step down as Chairman and 

shall be replaced by the also independent director Mr. Alberto Miguel Terol Esteban. 

C.2. Give details of material transactions entailing a transfer of funds or obligations between the company or 

group companies and the significant shareholders of the company: 

Significant shareholder Inmobiliaria Espacio, S.A. states that during 2010 it has engaged in transactions of a 

contractual nature with the Group company The Tower Group as Sale of goods (finished or in progress) in an 

amount of (356) (amount stated in thousands of Euros). 

Recommendation 22: See subsection: B.1.19 and B.2.5. Each committee is responsible for drafting an annual 

report on the activities developed throughout the previous fiscal year, included as part of the Company’s annual 

public report. Additionally, the Board of Directors assesses its own operation on a yearly basis, as well as that 

of the Board of Directors Chairman. 

This section can include any other information, clarification or qualification relating to the previous sections of 

the report, provided that it is material and not repetitive. 

In particular, indicate whether the Company is subject to any legislation other than the Spanish law on corporate 

governance and, if so, include any mandatory information different from the one required for the purposes of 

this Report. 

Binding definition of Independent Director: 

State whether any Independent Director has or has had a relation with the Company, its significant shareholders 

or its executives that, had it been sufficiently significant or important, would have prevented the Director from 

being considered independent according to section 5 of the Unified Code on good governance: 

NO 

Date and signature: 

This Annual Corporate Governance Report was approved by the Company’s Board of Directors at its meeting 

held on 22/03/2011. 

State if there have been any Directors who have voted against or have abstained from the approval of this Report. 

NO 

307


308 

Declaration Of Responsibility And Authorisation For Issue Of The Director’s Report 

The directors hereby declare that, as far as they are aware, the consolidated directors’ report presents fairly 

the evolution, business results and position of Obrascón Huarte Lain, S.A. and Subsidiaries, together with a 

description of the main risks and uncertainties facing them. 

This consolidated directors’ report was authorised for issue by the Board of Directors at its meeting on 22 March 

2011, for review by the auditors and subsequent submission for approval by the shareholders at the Annual 

General Meeting. This directors’ report is set out on 76 sheets, all of which have been signed by the Deputy 

Secretary of the Board. This last sheet number 77 has been signed by all the directors and the Secretary of the 

Board of Directors. 

Mr. Juan-Miguel Villar Mir Mr. Juan Villar-Mir de Fuentes Mr. Rafael Martín de Nicolás 

Cañas 

Mr. Baltasar Aymerich Corominas Mr. Tomás García Madrid Mr. Javier López Madrid 

Mr. Juan Mato Rodríguez Joaquín García-Quirós Rodríguez 

for Saarema Inversiones, S.A. 


Mr. Alberto Terol Esteban Mrs. Silvia Villar-Mir de Fuentes Mr. Álvaro Villar-Mir de Fuentes 

Mr. Daniel García-Pita Pemán 

(Non-Director Secretary of the Board 

of Directors)

Managed and published by: 


Paseo de la Castellana, 259 D, Torre Espacio - 28046 Madrid 

Tel.: +34 91 348 41 00 

www.ohl.es 

Coordination and production: 

IPPI Comunicación 

Design: Carlos Álvarez 

Paseo de la Castellana, 154 - 28046 Madrid 

Tel.: +34 91 314 81 78 

www.ippi.es 


309

Major Companies of the OHL Group 

Parent Company of the OHL Group 

OBRASCÓN HUARTE LAIN, S.A. 

Paseo de la Castellana, 259 D, Torre Espacio 

28046 Madrid - SPAIN 

Phone: +34 91 348 41 00 

Fax: + 34 91 348 44 63 

www.ohl.es 

OHL CONCESSIONS 

HEAD OFFICES 

Paseo de la Castellana, 259 D Torre Espacio 

28046 Madrid – SPAIN 

Phone: +34 91 348 41 00 

Fax: +34 91 348 45 79 

SPAIN 

Concession Companies 

AUTOPISTA EJE AEROPUERTO, C.E.S.A. 

Área de Servicio “Valdebebas” 

Autopista M-12, P.K. 4 (sentido sur) 


Phone: +34 91 301 70 00 

Fax: +34 91 301 70 07 

EUROGLOSA 45, C.C.A. DE MADRID, S.A. 

Autopista M-45, P.K. 5,7 

Ramal Parque Sur, s/n 

28914 Leganés, Madrid – SPAIN 

Phone: +34 91 682 92 90 

Fax: +34 91 688 33 99 

AUTOVÍA DE ARAGÓN TRAMO 1, S.A. 

Rotonda Aristóteles nº1 

28806 Alcalá de Henares, Madrid – SPAIN 

Phone: +34 91 877 34 18 

Fax: +34 91 888 77 97 

METRO LIGERO OESTE, S.A. 

Edgar Neville, s/n, Ciudad de la Imagen 

28223 Pozuelo Alarcón, Madrid – SPAIN 

Phone: +34 91 503 16 00 

Fax: +34 91 503 16 90 

CERCANÍAS MÓSTOLES NAVALCARNERO, S.A. 

Av. Europa 2 Edificio Alcor Plaza Planta 0-ala oeste 

28922 Alcorcón, Madrid – SPAIN 

Phone: +34 91 689 06 64 

Fax: +34 91 689 10 85 

TERMINALES MARÍTIMAS DEL SURESTE, S.A. 

Muelle de Poniente 23, Prolongación Sur, 

03008 Alicante, Valencia – SPAIN 

Phone: +34 96 598 49 23 

Fax: +34 96 592 34 89 

MARINA UROLA, S.A. 

Barrio Santiago, s/n 

Edificio Capitanía. Puerto Deportivo 

20750 Zumaia, Guipúzcoa – SPAIN 

Phone: +34 943 86 09 38 

Fax: +34 943 14 32 99 

NAUTIC TARRAGONA, S.A. 

Port Esportiu, Local Capitanía, s/n 

43004 Tarragona, – SPAIN 

Phone: +34 977 21 31 00 

Fax: +34 977 21 27 02 

NOVA DÁRSENA ESPORTIVA DE BARÁ, S.A. 

Paseo Marítimo s/n. Edificio de Capitanía 

Apdo. de Correos nº 50 

43883 Roda de Bará, Tarragona – SPAIN 

Phone: +34 977 13 81 69 

Fax: +34 977 803 566 

PORT TORREDEMBARRA, S.A. 

Edificio Capitanía 

43830 Torredembarra, Tarragona – SPAIN 

Phone: +34 977 64 32 34 

Fax: +34 977 64 32 36 

INTERNATIONAL 

ARGENTINA 

OHL CONCESIONES ARGENTINA, S.A. 

Esmeralda 315, 3º piso 

C1035ABG Ciudad de Buenos Aires – ARGENTINA 

Phone: +54 11 43 27 21 39 

Fax: +54 11 43 27 18 71 


AEC, S.A. 

Riccheri y Av. San Martín 

B1768DJA Ciudad Madero 

Prov. de Buenos Aires – ARGENTINA 

Phone: +54 11 44 62 06 61 

Fax: +54 11 44 62 12 42 

CUSTOMER SERVICE PERMANENT CENTER (CEPAU) 

Customer Service 

Free line 24 hours. 0800-999-9999 

cepau@ausur.com.ar 

BRAZIL 

OHL BRASIL, S.A. 

Rua Joaquim Floriano, 913, 6º Andar. Itaim Bibi 

CEP 04534-013 São Paulo, SP –- BRAZIL 

Phone: +55 11 30 74 24 04 

Fax: +55 11 30 74 24 05 


AUTOVIAS, S.A. 

Rodovia Anhanguera, km 312,2 - Pista Norte 

Bairro Jardim Jóquei Clube 

CEP 14079-000 Ribeirão Preto – SP – BRAZIL 

Phone: +55 16 21 02 42 00 

Fax: +55 16 21 02 42 53 

CENTROVIAS SISTEMAS RODOVIARIOS, S.A. 

Rodovia Washington Luís, km 216,8 - Pista Sul 

CEP 13530-000 Itirapina – SP – BRAZIL 

Caixa Postal 2041 – CEP 13574-970 - São Carlos - SP 

- BRASIL 

Phone: +55 16 33 63 83 00 

Fax: +55 16 33 63 83 93 

INTERVIAS, S.A. 

Rodovia Anhanguera, km 168 - Pista Sul 

CEP 13.600-970 – Caixa Postal 417 - Araras – SP – 

BRAZIL 

Phone: +55 19 35 43 60 00 

Fax: +55 19 35 43 60 14 

VIANORTE, S.A. 

Rodovia Attilo Balbo km 327,5. Pista Leste 

CEP 14173-000 Sertãozinho – SP – BRAZIL 

Phone: +55 16 36 01 11 22 

Fax: +55 16 36 01 11 00 

AUTOPISTA FLUMINENSE, S.A. 

Avenida São Gonçalo, nº 100. Unidade 101 

CEP 26466-315 Boa Vista (Shopping São Gonçalo) 

São Gonçalo – RJ – BRAZIL 

Phone: + 55 21 26 07 98 00 

Fax: +55 21 26 07 98 45 

AUTOPISTA FERNÃO DIAS, S.A. 

Rodovia Fernão Dias. BR 381, Km 850,50. Pista Norte 

- Ipiranga 

CEP 37550-000 Pouso Alegre – MG – BRAZIL 

Phone/Fax: +55 35 34 49 66 00 

AUTOPISTA RÉGIS BITTENCOURT, S.A. 

Rodovia SP 139, nº 226. Bairro São Nicolau 

CEP 11900-000 Registro – SP – BRAZIL 

Phone/Fax: + 55 13 38 28 16 00

AUTOPISTA LITORAL SUL, S.A. 

Avenida Santos Dumont, 935 – Edifício Neogrid – 

Bairro Santo Antonio 

CEP 89218-105 Joinville – SC – BRAZIL 

Phone: +55 47 31 77 07 00 

Fax: +55 47 31 77 07 01 

AUTOPISTA PLANALTO SUL, S.A. 

Av. Afonso Petschow, nº 4040. Bairro Industrial 

CEP 83880-000 Rio Negro – PR – BRAZIL 

Telefono: + 55 47 36 41 53 00 – 

Fax: +55 47 36 41 53 25 

AUTOPARK S.A. 

Av. Presidente Antonio Carlos, s/n 

CEP 20010- 902 Centro Rio de Janeiro RJ – BRAZIL 

Phone: +55 21 2220-0168 / +55 21 2220-5167 

CHILE 

OHL CONCESIONES CHILE, S.A. 

Monjitas, 392. Piso 17, Edificio del Comercio 

8320113 Santiago de Chile – CHILE 

Phone: +56 27 14 23 00 

Fax: +56 27 14 23 25 


AUTOPISTA DEL SOL, S.A. 



Phone: +56 27 14 23 50 

Fax: +56 27 14 23 51 

AUTOPISTA LOS LIBERTADORES, S.A. 



Phone: +56 27 14 23 50 

Fax: +56 27 14 23 51 

AUTOPISTA LOS ANDES, S.A. 



Phone: +56 27 14 23 00 

Fax: +56 27 14 23 25 

INDIA 

BAY OF BENGAL GATEWAY TERMINAL, PVTE. LTD. 



Phone: +34 91 348 41 00 

Fax: +34 91 348 45 79 

MEXICO 

OHL MÉXICO, S.A.B. de C.V. 

Avenida Paseo de la Reforma No. 222 piso 25 

06600 México, D.F. – MEXICO 

Phone: +52 55 52 55 52 50 

Fax: +52 55 52 03 36 92 


CONCESIONARIA MEXIQUENSE, S.A. DE C.V. 



Phone: +52 55 52 55 52 50 

Fax: +52 55 52 03 36 92 

GANA, S.A. 



Phone: +52 55 52 55 57 27 

Fax: +52 55 52 03 36 92 

AUTOVÍAS CONCESIONADAS OHL, S.A. DE C.V. 



Phone: +52 55 52 55 52 50 

Fax: +52 55 52 03 36 92 

VIADUCTO BICENTENARIO, S.A. DE C.V. 



Phone: +52 55 52 55 52 50 

Fax: +52 55 52 03 36 92 

CONTROLADORA VÍA RÁPIDA POETAS, S.A. de C.V. 



Phone: +52 55 52 55 52 50 

Fax: +52 55 52 03 36 92 

AUTOPISTA URBANA NORTE, S.A. de C.V. 



Phone: +52 55 52 55 52 50 

Fax: +52 55 52 03 36 92 

AMAIT, S.A. 

San Pedro Totoltepec 

Aeropuerto Internacional de la Ciudad de Toluca 

Toluca, Edo. de México, 50226 – MEXICO 

Phone: +52 72 22 73 15 44 

Fax: +52 72 22 73 03 81 

PERU 


AUTOPISTA DEL NORTE, S.A.C 

Av. Víctor A. Belaúnde 147, Vía Principal 140 

Edificio Real Seis, Piso 7 

Centro Empresarial Real San Isidro 

Lima 27 - PERU 

Phone: +51 12 11 26 39 

Fax: +51 12 11 25 26 

OHL INTERNATIONAL 

CONSTRUCTION 

OHL CONSTRUCCIÓN INTERNACIONAL, S.L. 



Phone: +34 91 348 41 00 

Fax: +34 91 348 41 41 

DELEGATION OHL INTERNATIONAL CONSTRUCTION 

ARGENTINA 

Suipacha, 1380, Piso 5º 

C10 11ACD Buenos Aires - ARGENTINA 

Phone: +54 11 43 94 07 70 


CHILE 

OHL ANDINA, S.A. 

SOCIEDAD CONCESIONARIA CENTRO DE JUSTICIA DE 

SANTIAGO, S.A. 

Monjitas, 392 – Piso 20 

Santiago de Chile – CHILE 

Phone: +56 2731 94 00 

Fax: +56 2731 94 02 


COLOMBIA 

Avda. Cra. 9 Nº 113-52, Ofic. 402 - Torres Unidas II 

Bogotá D.C. - COLOMBIA 

Phone: +571 629 63 69 

Fax: +571 629 63 59 


ECUADOR 

Avda. Amazonas, E3-131 y Pasaje Guayas 

Edif. Rumiñahui, oficina 701 

Quito - ECUADOR 

Phone: +593 22 25 03 27 

Fax: +593 22 24 71 55 

>> Major Companies of the OHL Group 


MEXICO 

OHL MÉXICO SC, S.A. DE C.V. 

CONSTRUCTORA PROYECTOS VIALES DE MÉXICO, S.A. 

DE C.V 

Paseo de la Reforma, nº 222, Piso 22-25 

Col. Juárez Delegación Cuauhtémoc 

06600 México DF - MEXICO 

Phone: +52 55 52 03 09 49 

Fax: +52 55 52 03 36 92 

CONSTRUCTORA TP, S.A.C. 

OHL, S.A. - PERU SUBSIDIARY 

Calle Esquilache, 371 piso13 - oficina 1301-A 

San Isidro – Lima - Peru 

Phone: +51 1 625 72 00 

Fax: +51 1 625 72 10 

OHL USA, INC. SOUTHEAST USA 

9725 NW 117 Avenue, Suite 105 

Miami, 33178, Florida, USA 

Phone: +1 305 884 9494 

Fax: +1 305 884 9497 

OHL USA, INC NORTHEAST USA 

780 Third Avenue, 14th Floor 

New York 10017, NY, USA 

Phone: +1 212.201.5885 

Fax: +1 646.588.1938 

OHL USA INC (CALIFORNIA) 

1800 Century Park East, Suite 600, 

Los Ángeles, CA 90067, USA 

Phone: +1 310 229 5998 

Fax: +1 310 229 5799 

COMMUNITY ASPHALT 



Phone: +1 305 884 9444 

Fax: +1 305 884 9448 

ARELLANO CONSTRUCTION 

7051 S.W. 12th Street 


Phone: +1 305 994 9901 

Fax: +1 305 994 9903 

STRIDE CONTRACTORS 



Phone: +1 305.994.9901 

Fax: +1 305 994 9903 

BCA 



Phone: +1 305 994 9901 

Fax: +1 305 994 9903 

TOWER-OHL GROUP 



Phone: +1 305 884 9494 

Fax: +1 305 884 9497 

JUDLAU CONTRACTING 

26-15 Ulmer Street 

College Point, NY 11354 

Phone: +1 718 554-2320 

Fax: +1 718 661-3761

OHL CONSTRUCTION CANADA, INC 

Office in Montreal 

1440 St. Catherine Street West - Suite 500 

Montreal H3G 1R8 – Quebec - CANADA 

Phone: +1 514 394 0865 

Fax: +1 514 394 9454 

Office in Toronto 

5945 Airport Road, Suite 144 Mississauga 

Ontario L4V 1R9 

Phone: +1 647 260 4880 

Fax: +1 647 723 7457 

OHL CENTRAL EUROPE, a.s. 

Olšanská 2643/1a (Budova Sudopu, 7.patro) 

130 80 Praha 3 – CZECH REPUBLIC 

Phone: +420 296 761 131 

Fax: +420 296 761 144 

OHL ŽS, a.s. 

Burešova 938/17 

660 02 Brno-střed – CZECH REPUBLIC 

Phone: +420 541 572 402 

Fax: +420 541 212 166 

ŽS BRNO, a.s. 

Burešova 938/17 

660 02 - Brno-střed –CZECH REPUBLIC 

Phone: +420 541 572 466 

PEVNŮSTKA, a.s. 

Holická 8, Olomouc 

77900 - CZECH REPUBLIC 

Phone: + 420 585 232 084 

ŽPSV, a.s. 

Trebízského 207 

687 24 Uherský Ostroh – CZECH REPUBLIC 

Phone: +420 572 419 301 

Fax: +420 572 419 366 

TSS, a.s. (Traťová strojní společnost, a.s.) 

Jičínská 1605 

501 01 Hradec Králové – CZECH REPUBLIC 

Phone: +420 541 572 267 

TOMI-REMONT a.s. 

Přemyslovka 2514/4 

796 01 - CZECH REPUBLIC 

Phone: +420 541 572 115 


ALGERIA 

Lotissement Mimosas, Villa nº7 - Ben Aknoun 

Alger (ALGERIA) 

Phone: +213 21 91 28 19 

Fax: +213 21 91 40 93 

OHL, S.A. -TURKEY SUBSIDIARY 

Horasan Sokak, 16/4 Kat 2 

06700 G.O.P. Ankara - TURKEY 

Phone: +90 312 436 53 50 

Fax: +90 312 436 53 52 

OHL, S.A. - QATAR SUBSIDIARY 

Al Mana Twin Tower, 2nd floor 

P.O.BoX 30249 - Doha 

QATAR 

Phone: +974 4431 1831 

Fax: +974 4498 8264 

OHL, S.A. - OFFICE IN AUSTRALIA 

Santos Building, Podium 2 - 32 Turbot Street 

4000 Brisbane - AUSTRALIA 

Phone: +61 (0) 7 3003 0335 

Fax: +61 (0) 7 3003 1291 

DOMESTIC 

CONSTRUCTION 

AGRUPACIÓN GUINOVART OBRAS Y SERVICIOS 

HISPANIA,S.A. (G&O) 

Mas Casanovas, 46-64 

08025 Barcelona - SPAIN 

Phone: +34 93 446 60 00 

Fax: +34 93 455 22 70 

ASFALTOS Y CONSTRUCCIONES ELSAN, S.A. 

Sor Ángela de la Cruz nº 6, Planta 9 


Phone: +34 91 384 74 00 

Fax: +34 91 767 14 77 

ASTRAL FACILITIES MANAGEMENT, S.A. 

Arturo Soria 343, planta 1 


Phone: +34 91 774 70 00 

Fax: +34 91 774 70 86 

CONSTRUCCIONES ADOLFO SOBRINO, S.A. 

Pº Portuetxe, 83 - 1º 

20018 San Sebastián - SPAIN 

Phone: +34 943 310 244 

Fax: +34 943 310 184 

CONSTRUCCIONES ENRIQUE DE LUIS, S.A. (CELSA) 

Edif. Aída c/Madre Rafols, 2-Pta. 1, Ofic. 5 

50004 Zaragoza - SPAIN 

Phone: +34 976 447 244 

Fax: +34 976 283 872 

ELECTRIFICACIONES Y MONTAJES INTEGRALES OHL, S.A. 

Orense nº 6 1ª Planta 


Phone: +34 91 417 82 60 

Fax: +34 91 598 04 45 

INSTITUTO DE GESTIÓN SANITARIA, S.A.U. 



Phone: +34 91 774 70 00 

Fax: +34 91 774 70 86 

S.A. DE TRABAJOS Y OBRAS (SATO) 



Phone: +34 91 348 47 40 

Fax: +34 91 348 49 20 


OHL INDUSTRIAL 

OHL INDUSTRIAL, S.L. 

Paseo de la Castellana 259 D, Torre Espacio 


Phone: +34 91 348 49 92 

Fax: +34 91 348 49 39 

ATMOS ESPAÑOLA, S.A. 

Calle Arturo Soria 343 


Phone: +34 91 268 30 00 

Fax: +34 91 268 32 27 

CHEMTROL PROYECTOS Y SISTEMAS, S.L. 


28033 Madrid- SPAIN 

Phone: +34 91 268 30 00 

Fax: +34 91 268 32 24 

ECOLAIRE SPAIN, S.A. 

Calle Arturo Soria 343 


Phone: +34 91 268 30 00 

Fax: +34 91 268 32 20/21 

STHIM MAQUINARIA, S.A. 



Phone: +34 91 268 30 00 

Fax: +34 91 268 32 23 

OHL INDUSTRIAL MÉXICO, S.A. DE C.V. 

Paseo de la reforma nº 222, piso 23 Col. Juárez, 

Delegación Cuauhtémoc 

06600 México D.F - MEXICO 

Phone: +52 55 59 55 73 34

OHL DEVELOPMENTS 

OHL DESARROLLOS, S.L. 



Phone: +34 91 348 42 95 

Fax: + 34 91 348 46 84 

DELEGATON OHL DESARROLLOS MÉXICO 

Paseo de la Reforma nº 222, piso 23. 

Col. Juárez, Delegación Cuauhtémoc 

06600 - MEXICO 

Phone: +52 55 59 55 73 82 

Fax: +52 55 52 03 33 40 

GASTRONÓMICA SANTA FE 

Paseo de la Reforma nº 222, Piso 23 

Col. Juárez, Delegación Cuauhtémoc 

06600 México DF – MEXICO 

Phone: +52 55 5955 7384 

Fax: +52 55 5250 0168 

OHL DESARROLLOS MÉXICO, S.A. DE C.V. 

HUARIBE, S.A. DE C.V. 

HUARIBE SERVICIOS, S.A. DE C.V. 

INMOBILIARIA MAYALUUM, S.A. DE C.V. 

INMOBILIARIA MAYALUUM SERVICIOS, S.A. DE C.V. 

GOLF DE MAYAKOBA SERVICIOS, S.A. DE C.V. 

GOLF DE MAYAKOBA, S.A. DE C.V. 

ISLAS DE MAYAKOBA, S.A. DE C.V. 

ISLAS DE MAYAKOBA SERVICIOS, S.A. DE C.V. 

LAGUNAS DE MAYAKOBA, S.A. DE C.V. 

LOTES 3 SERVICIOS S.A. DE C.V. 

OPERADORA HOTELERA DEL CORREDOR MAYAKOBA, 

S.A. DE C.V. 

OPERADORA MAYAKOBA, S.A. DE C.V. 

AQUA DE MAYAKOBA, S.A. DE C.V. 

VICEROY RESORTS MAYAKOBA, S.R.L. DE C.V. 

VILLAS DE MAYAKOBA, S.A. DE C.V. 

VIVEROS DE MAYAKOBA, S.A. DE C.V. 

MARINA MAYAKOBA, S.A. DE C.V. 

MAYAKOBA THAI S.A. DE C.V. 

MAYAKOBA REAL ESTATE, S.A. DE C.V. (Antes LOTE 5 

HOTEL MAYAKOBA, S.A. de C.V.) 

SERVICIOS HOTELEROS DEL CORREDOR MAYAKOBA, 

S.A. DE C.V. 

FHP VILLAS LOTE 2, S.A. DE C.V. 

DESARROLLOS RBK EN LA RIVIERA, S.A. DE C.V. 

Ctra. Federal Chetumal-Puerto Juárez, Km 298. Riviera 

Maya 

77710 Playa del Carmen Solidaridad, Quintana Roo - 

MEXICO 

Phone: +52 984 873 4900 

Fax: +52 984 873 4901 

CENTRO COMERCIAL PASEO DE SAN FRANCISCO, S.A. 

DE C.V. 

SOCIEDAD DE SERVICIOS PASEO DE SAN FRANCISCO, 

S.A. de C.V. 

BAJA PUERTO ESCONDIDO, S.A DE C.V. 

Arroyo Xonaca 1006 (Management offices of 

the Mall) Col. El Alto Puebla 

72000 - MEXICO 

Phone: +52 22 22 46 53 81 

Fax: +52 22 22 46 59 51 

OHL ENVIRONMENT 

OHL MEDIO AMBIENTE INIMA 



Phone: +34 91 348 39 00 

Fax: +34 91 348 47 79 

ALGERIA 

OHL MEDIO AMBIENTE INIMA, ALGERIA 

SHARIKET TAHLYAT MIYAH MOSTAGANEM, SPA (STMM, 

SPA) 

SHARIKET MIYEH RAS DJINET, SPA (SMD, SPA) 

Bois des Cars 1 - nº 10 

Dely Brahim – Alger (Algeria) 

Phone: +213 (21) 37 14 35 / +213 (21) 37 14 30 / +213 

(21) 37 14 33 

Fax: +213 (21) 37 14 52 

BRAZIL 

OHL MEDIO AMBIENTE INIMA, BRAZIL 

AMBIENT SERVIÇOS AMBIENTAIS DE RIBEIRÃO PRETO, 

S.A. 

Rodovia Alexandre Balbo SP 328, km. 334,6 

Ribeirão Preto SP-CEP 14062-800 – Brazil 

Phone: +55 (16) 39 62 81 00 

Fax: +55 (16) 39 62 81 06 

E-mail: paulo@ambient.com.br 

OHL MEIO AMBIENTE INIMA BRASIL, LTDA. 

Rua Gomes de Carvalho, 1655 - 10º Andar 

04547-006 - São Paulo – SP - Brazil 

Phone: +55 (11) 30 44 41 33 

Fax: +55 (11) 30 44 41 33 

SESAMM - SERVIÇOS DE SANEAMENTO DE MOGI 

MIRIM, S.A. 

Rua Orlando Pacini, 194 Jardim Mello Bairro Santa Cruz 

CEP 13800 - 382 Mogi Mirim - São Paulo – Brazil 

Phone: +55 (19) 38 05 46 41 

Fax: +55 (19) 38 05 46 41 

CHILE 

OHL MEDIO AMBIENTE INIMA, CHILE 

OHL INIMA DE CHILE, S.A. 

Oficina Petronila 191 Antofagasta – Chile 

Phone: +56 (55) 21 42 97 

Fax: +56 (55) 21 42 97 

DESALARI, LTDA. 

Ribera Sur s/n - Valle del Lluta - Aríca – Chile 

Phone: +56 (58) 21 72 80 

Fax: +56 (58) 21 04 41 


UNITED STATES 

OHL MEDIO AMBIENTE INIMA, USA 

AQUARIA WATER LLC 

170 Aquaria Drive – PO Box 1000 

North Dighton, MA 02764 - USA 

Phone: +1 (508) 880 00 99 

Fax: +1 (508) 880 88 70 

E-mail: pariente@inima.com 

INIMA USA CONSTRUCTION CORP 

INIMA USA CORPORATION 

201 S. Biscayne Blvd. 28th Floor 

Miami, FL 33131 - USA 

Phone: +1 (305) 913 46 36 

Fax: +1 (305) 913 62 56 

MEXICO 

OHL MEDIO AMBIENTE INIMA, MÉXICO 

OHL INIMA DE MÉXICO, S.A. DE C.V. 

Paseo de la Reforma, nº 222 Piso 23 

Col. Juárez Delegación Cuauhtémoc 

06600 Mexico DF – C.P. 06600 – Mexico 

Phone: +52 (55) 52 54 46 54 

Fax: +52 (55) 52 03 33 40 

PROMOAQUA DESALACIÓN DE LOS CABOS, S.A. DE C.V. 

Calle s/n Frac V, predio CSL, Los Cangrejos s/n 

Col. Los Cangrejos 

Cabos San Lucas - 23473 

Baja California Sur - Mexico 

Phone: +52 (624) 173 05 18 

Fax: +52 (624) 173 05 18 

PERU 

OHL MEDIO AMBIENTE INIMA, PERU 

Av. Larco 1301 - Torre Parque Mar Piso 21 

Ofic. 2103 Miraflores 

Lima 18 – Peru 

Phone: +51 (1) 625 45 00 

Fax: +51 (1) 620 62 26

Managed and published by: 


Paseo de la Castellana, 259 D, Torre Espacio - 28046 Madrid 

Phone: +34 91 348 41 00 

www.ohl.es 

Coordination and production: 

IPPI Comunicación 

Design: Carlos Álvarez 

Paseo de la Castellana, 154 - 28046 Madrid 

Phone: +34 91 314 81 78 

www.ippi.es 

www.ohl.es

OHL Group Annual Report - Grupo Villar Mir

Create successful ePaper yourself

Delete template?

Save as template?