General
In which business area is Abertis active?
Abertis is formed by companies directly managed or participated, operating in the sector of toll roads infrastructures. It is the leading worldwide group of toll-road operators and one of the largest in terms of stock market capitalisation. Abertis manages more than 8,500 kilometers of high quality, high capacity roads around the world in 14 countries.
Strategy and projects of Abertis
Abertis' vocation to be Spain's leading private toll road management group. Its goal is to meet the requirements for the movement of people and tangible goods, to which end it analyses and explores the business opportunities of a market which is, in the main, regulated and planned by governmental authorities.
Abertis' key characteristics include a long term outlook for investments, sustainable growth and national and international competitiveness, the global nature of its approach, a mission to actively participate in management and to ensure service quality and a close relationship with its customers. It aims, by means of efficient management and rigorous analysis of opportunities, to grow profitably, thereby guaranteeing growing, sustainable shareholder returns.
How can I keep up with the latest financial and economic news on the company?
Merger
When did the merger between Acesa and Aurea take place?
Acesa Infraestructuras, S.A. (Acesa) and Aurea Concesiones de Infraestructuras, S.A. (Aurea) were last quoted as separate entities, before the merger took place, on 30 May 2003.
The exchange ratio was established at 93 newly-issued Acesa (now Abertis) shares for every 43 shares in Aurea, with the exchange taking place on the last weekend of May 2003.
Monday, 2 June 2003 saw the start of trading of Abertis shares on the stock exchange, adding to those which, until then, had been listed under the name of Acesa, those issued for the conversion of Aurea shares. However, for accounting purposes, the merger took place on 1/1/03.
Dividends
What is the company's dividend history?
Detail of dividends paid over recent years: Dividends
Capital Evolution
What is the historical evolution of Abertis' capital?
Detail of the capital evolution: Capital Evolution
What does an adjusted listed share price mean?
The Abertis Infraestructuras S.A. bonus share issue mean that, to be able to make valid comparisons between the listed prices prior and subsequent to the scrip issue, the former prices must be adjusted.
The adjustment must be made because the bonus share issue doe not involve any change to the net asset situation of the company and hence the shareholder , which remains the same as before the bonus share issue, albeit spread over a greater number of shares.
For example, suppose a shareholder owns 20 Abertis shares
|
Before bonus share issue |
After bonus share issue |
|
|
No. of shares |
20 |
21 |
|
Market prices |
10.00 euros |
? |
|
Value of portfolio |
200 euros |
200 euros |
- The market value of the portfolio does not change due to the scrip issue = 200 euros
- but he/she now has 21 share
- as a result, the price of each share , due solely to the bonus share issue, changes to 200 ÷ 21 = 9.52 euros
Thus, if we were to compare a range of historical data with a price before the bonus share issueof, say, 10 euros , and a subsequent one of 9.52 euros, it is wrong to say the value has fallen, since they relate to the same market value.
To “standardise” the data there is thus a need to adjust the pre-issue listed price as follows:
10 x 20 / 21 = 9.52 euros
So, now the prior listed price of 9.52 is the same as the post-issue one, and reflects the true comparative value of the shares.
To sum up, all the shares prices prior to the date of the increase in capital (script issue) must be adjusted, cumulatively if they have undergone more than one script issue, multiplying each by 20 and dividing the result 21.
Shareholder/Investor Information
What regular information do shareholders receive?
Abertis publishes a magazine available on this website.
To read Link Abertis magazine: Link Abertis magazine
How can I obtain a copy of the annual report?
Our corporate website has the annual reports for the last fifteen years online.
To view annual reports online: Annual report
Good Governance
What rights do shareholders enjoy?
Shares confer upon their legitimate owners the condition of shareholder and grant them the rights recognised in law and in the company's Memorandum and Articles of Association.
Under the terms established by law and the company's Memorandum and Articles of Association, and except in those cases contemplated by the former, shareholders shall enjoy, as a minimum, the following rights.
- To participate in the distribution of company profits and in the assets arising from its liquidation.
- That of preferential subscription in the issues of new shares or convertible debentures.
- To attend and vote at Shareholders' General Meetings and to challenge company resolutions.
- The right to information.
