Annual Report 2006

Transcription

Annual Report 2006

Annual Report 2006
Annual Report 2006
Aldesa Group
Report 2006
Aldesa Group
Report 2006
Contents
6
Letter from the Chairman
8
Board of Directors
10
Strategy
12
Group Results
16
Activity Report
17
20
21
28
32
34
35
36
36
38
39
40
41
42
44
47
Corporate Responsibility Report
The Group and Corporate Responsibility
Human Resources
Health and safety in the workplace
Quality Management
Environmental Management
R+D+I Projects
50
Directory
52
Economic and Financial Report
53
54
58
Aldesa Group
Report 2006
Sectoral Analysis
Construction and Concessions
- Civil engineering
- Building
Installation and Assembly
Energy
Real Estate
Services
International
Auditor’s Report
Consolidated Financial Statements
Management Report
for the Consolidated Group
Aldesa Group
Report 2006
The Aldesa Group closed the 2006 financial year in an entirely positive economic position, the year representing milestone in terms of the growth experienced, showing that our group inspires confidence and is
perfectly capable of handling projects of any scale and complexity.
The Group’s results for the past year show that our construction business continued the positive, upward
trend of previous years, and that in addition our affiliates continued to make a significant contribution to
earnings and increasing value.
Letter from the
Chairman
The keys to the continued success in our construction business can be found in two factors, added to the
buoyant economic situation in the country. One of these is our ability to adapt to, understand and meet the
extraordinary demand in the sector, which comes both from an increase in demand for residential construction and the general policy of the authorities to develop the country’s transport infrastructure. The second
is our focus on business management, based on appropriate contracting for projects, the efficient management of schedules and the ongoing search for improvements to processes.
Over the past year, Aldesa has consolidated its position as the tenth construction group in Spain, although
we are now in eighth place in Civil Engineering and in ninth in Building.
Our forecasts for 2007 point to increasing turnover due mainly to contracts won over the last year, amounting to 988 million euros. Furthermore, our country is currently experiencing extraordinary levels of transport
infrastructure development, including the construction of new High Speed Train Lines, the plan to renovate
the first generation of motorways and investment in metropolitan light railways by local authorities. These
initiatives mean that Aldesa will be working in close collaboration with a range of public bodies throughout
Spain.
Three years ago, as part of our ongoing commitment to growth and adding value to the Group, the Company
committed itself to diversifying its construction business, which currently accounts for 16% of the Group’s
revenue. Our plans for the next four years include an increase in revenue from our affiliates and getting a
foothold in new related strategic business, to increase diversification to 25% of the Group total. As a result,
in addition to Construction and Concessions, the Group now has four further divisions which focus on Installation and Assembly, Energy, Real estate and Services.
In 2006, the construction company PAI and the Ingesa Group were added to the Group’s Construction and
Concessions Division; to strengthen our position in Installations we bought ACISA and the companies Meyvat,
Suelin and Electro Valencia, through the AMS Group. Furthermore, the commitment to renewable energies led
us to acquire the Tharsis wind farm and the company Prealsa. In addition, we have incorporated new companies, such as Concentra, which is dedicated to Facility Management services as part of our Services sector
operations, and Aldesa Turismo, mainly devoted to the construction and operation of a tourist development
in Mexico. At this point, I should mention our strong commitment to international development, as we are
involved in construction projects in various European Union countries.
Finally, I would once again like to recognise the great efforts made by each and every person working for the
Aldesa Group, whose invaluable professionalism is vital to us meeting the challenges that we face on a daily
basis and consolidating our organisation. Likewise, I would like to give my sincere thanks to the financial
institutions, insurance companies, suppliers, subcontractors and, of course, our private clients and the Public
Authorities which have continued to show their confidence in us.
Antonio Fernández Rubio
Chairman
Aldesa Group
Report 2006
Aldesa Group
Report 2006
Board of
Directors
Aldesa Group
Report 2006
ANTONIO FERNÁNDEZ RUBIO
CHAIRMAN
JOSÉ LUIS NAVEIRA NAVEIRA
VICE-CHAIRMAN
JUAN MANUEL FERNÁNDEZ RUBIO
DIRECTOR
CARLOS GASCA ALLUÉ
DIRECTOR
FERNANDO GUALLAR UREÑA
DIRECTOR
ALEJANDRO FERNÁNDEZ RUIZ
DIRECTOR
MIGUEL RUIZ ANGUIANO
DIRECTOR
MIGUEL TORRES PAREDES
DIRECTOR
MATILDE FERNÁNDEZ RUIZ
DIRECTOR
FERNANDO MANZANEDO GONZÁLEZ
SECRETARY
Aldesa Group
Report 2006
In 2005, Aldesa developed a strategic plan
having the main goals of doubling the
Group’s billing to reach 1,100 million euros
in 2008 as well as increasing EBITDA to 63
million euros.
Said plan has three strategic planks:
Strategy
- Continued growth in the Construction sector until turnover is doubled, placing particular emphasis on civil engineering, and
business development through both organic
growth and the acquisition of value-creating
company. Particularly important in this area
is the importance we place in bidding for
tenders as the future pillar of the construction business.
- The creation of three new business divisions:
Real Estate, Energy and Services, which in turn
are contributing significantly to the Group’s
growth.
- The pursuit of organic growth and an acquisition plan for the Installation and Assembly Division, and getting a foothold in sectors
which offer synergies with the construction
sector in order to offer the client a more
comprehensive solution, to obtain greater
growth and ensure our ability to win con-
With the acquisitions made by the Group, and
based on forecast results, it is highly possible
that the objectives set for 2008 will be met
a year early.
It should be pointed out that, despite the
significant investment made, net corporate
cash flow has barely decreased, having fallen
from 148 million euros in 2005 to 140 million euros at the end of 2006. As a result the
Aldesa Group’s balance sheet remains very
healthy, with considerable financial capacity
for exploiting new business opportunities as
they arise.
In addition to the strategic growth plan, the
company is committed to the implementation of a group management model which
guarantees the effective integration of the
acquisition plan which is being carried out.
Meanwhile, we should not forget the integration into said model of our environmental and social responsibilities through the
commitments undertaken by every company
within the Aldesa Group.
Group Sales
Rest of Sales
1,200
120
1,100
100
81.7%
900
90
83.9%
700
80
94.5%
600
99.6%
500
400
300
18.3%
200
16.1%
100
0.4%
0
2004
5.5%
2005
2006
2007
(approximate)
Figures in millions of euros
800
Aldesa Group
Report 2006
Installations and Assemblies
Real Estate
Energy
Services
110
construction
Rest
1,000
11
tracts with greater added value. The long
term maintenance contracts that the division
is winning will generate repeat business in
the long term.
70
60
50
40
30
20
10
0
2004
2005
2006
2007
(approximate)
Aldesa Group
Report 2006
The Aldesa Group reported consolidated revenue of EUR 772.9 million in 2006, disregarding other companies not included in the
scope of consolidation, implying a 26% rise
on the EUR 613.3 million production figure
reached the year before.
Group
Results
Consolidated revenue, considering the entire
accounting period of the companies acquired
in 2006 totalled EUR 895 million, up 46% on
2005, with EBITDA of EUR 60 million, which
is 58% higher than in 2005.
The figure achieved in 2006 consolidates the
Group in the tenth position of the Spanish
construction industry and enables it to be
ranked number eight in Civil Engineering
Works (gained in 2004) and number nine in
Building Construction. It is number one in the
National Association of Independent Builders
(ANCI), of which it was a founder member.
At year end, the backlog exceeded EUR 1,341
million, which guarantees very competitive
growth with respect to the industry average.
The significant growth of the Aldesa Group
–which was much higher than that of the
overall construction industry in Spain- was
due to organic growth and, especially, to the
acquisition and integration of new companies in the Group.
ted 50.3% of the Group’s total production.
Secondly, they concentrated on major civil
engineering contracts, mainly with various
Public Authorities, which account for 33.6%
of the overall total. Last but not least was the
ever greater presence of the Group in activities other than construction, such as real
estate development, applied engineering,
water treatment and infrastructure maintenance and operations, which accounted for
the remaining 16.1%.
13
EBITDA increased to 50.4 million euros, representing a margin of 6.5% of turnover, evidence of the excellent management of the
Group in recent years and 32.5% higher than
in the previous year. Despite greater profitability in areas other than construction (with
levels approaching 10%), the costs of acquisitions and integration of new subsidiaries
resulted in a relative decline in the percentage of income, from 6.7% individual to 6.5%
on a consolidated basis. It is forecast that in
Diversification towards new activities gained
speed in 2006. This was evidenced by the
performance of the contracted backlog (nonconstruction) which rose from EUR 12 million
in 2005 to EUR 119 million in 2006. Construction activities have also been bolstered
by the acquisition of construction companies
located in geographical areas in which Aldesa traditionally had a small presence and/or
which perform key stages of the production
process which it previously subcontracted.
In 2006 the Group’s activities were focused,
first of all, on projects carried out for private
clients (basically residential, commercial and
industrial building projects), which represen-
Aldesa Group
Report 2006
Construction of the bridge over Júcar river. High Speed Rail Line
Madrid-Levante
Aldesa Group
Report 2006
15
2007, when the integration process of the
subsidiaries has been completed, EBITDA will
see significant growth. Net income was 29.1
million euros, 10% higher than the figure for
the previous year.
Depreciation and amortisation increased by
232.7%, from 1.9 million euros in 2005 to 6.5
million euros in 2006. This was due mainly to
the accelerated depreciation of a tunnelling
machine purchased for the San Pedro high
speed railway project in Madrid province, and
the integration of machinery intensive subsidiaries, such as Ingesa.
Financial income for the year was 2.16 million
euros, a fall of 24.77% compared to 2005.
However, investments in the year exceeded
100 million euros, with the acquisition of
companies accounting for around 70%
of this total figure, with the remaining
30% accounted by the acquisition of land,
various items of machinery and productive
equipment.
In this respect, it is worth mentioning hat
three years ago, Aldesa implemented a
growth strategy through the incorporation
Remodelling of Alameda and Barriguillas juctions on
the western ring road of Málaga.
Aldesa Group
Report 2006
Habaneras Shopping Mall in Torrevieja (Alicante)
of new companies into the Group and the
diversification of its businesses and investments into businesses both distinct from
and, on one occasion, complementing, the
construction business. As a result, the Group
is sufficiently solvent to face any changes in
market trends, in particular in the area of
public works due to the ending of European
funds in 2007, which will affect the structure
of construction demand in Spain in the coming years.
and the companies Meyvat, Suelin and
Electro Valencia, through the AMS Group.
In addition, it incorporated new companies,
such as Concentra, which is dedicated to the
services and maintenance sector (cleaning,
real estate and installation maintenance,
gardening, security and auxiliary services),
which is now part of the Group’s Services
division; Aldesa Turismo, mainly dedicated to
the construction and operation of a tourist
development in Mexico; and Aldesa Polska,
which is dedicated to the development of
real estate projects in Central and Eastern
Europe.
As a result of its business performance, the
Group’s equity increased to 83.5 million
euros, an increase of 42.65% on the 58.5
million euros recorded in 2005.
Guadarrama Residential Complex in Arroyomolinos
(Madrid)
Following the incorporation of new
companies into the Group, the business has
been divided into five divisions: Construction
and Concessions, Installation and Assembly,
Real Estate, Energy and Services. In 2006,
Aldesa acquired the Catalan construction
company PAI and the Ingesa Group, which
is involved in special foundations and
geotechnical reconnaissance. In addition,
the Group has committed itself to the
strategic business of alternative energy
by purchasing the Tharsis wind farm from
Gamesa Energía and acquiring 100% of
the company Sociedad Promociones Eólicas
del Altiplano (Prealsa). The Installation and
Assembly division was strengthened through
the purchase of 100% of Aeronaval de
Construcciones e Instalaciones S.A. (ACISA),
Aldesa Group
Report 2006
sectoral Analysis
Construction industry
Construction production evolution in Spain
200,000
190,000
185,200
180,000
Construction was particularly booming in
2006 since it accounted for 17.8% of total
GDP in Spain, created 186,000 new jobs and
employed over 2.5 million people, almost 8%
more than in 2005. This figure confirms the
growth trend in employment over the last
four years. In fact, one of the factors which
ascertain the importance of the industry in
the Spanish economy as a whole is the multiplication in job creation. i.e. for each direct
job, 0.44 jobs are created in related industries.
In 2006 the volume of public tenders amounted to EUR 46,690 million, almost 19%
higher than in the previous year. 68.8% of
this volume relates to civil engineering works,
in which particular mention should be made
to the transport industry compared to 2005,
and 31.2% relates to building construction,
where the most significant increase was recorded in the social infrastructure segment.
As regards the General Government, which
launched tenders for construction projects
totalling EUR 15,769 million, the Ministry of
Public Works ended the year with the award
of contracts amounting to EUR 11,120 million, up 18.7% on 2005. It should be noted
that the Ministry of the Environment increased its public tenders by 124%, contributing
5.75% to the General Government total. The
Aldesa Group
Report 2006
By Autonomous Community, production increases were above average in Cantabria,
Catalonia, Castilla-La Mancha, Extremadura,
170,000
165,157
160,000
Activity
Report
The trend of recent years in 2006 in the
construction industry persisted, as this industry continued to be the principal driver of
growth in the Spanish economy, up 6% on
2005, (compared to 3.9% GDP), with production exceeding EUR 185,200 million. Of the
25 countries in the EU, Spain is ranked third
in the construction industry, behind Germany
and France and followed closely by the United Kingdom.
17
Autonomous Communities launched tenders
for public works totalling EUR 15,944 million,
30.4% more than in 2005, and the municipal
councils EUR 14,976 million, down 1.7% on
2005.
150,000
144,665
140,000
129,313
130,000
117,463
120,000
110,000
100,000
0
2002
2003
2004
2005
2006
34.2%
32.1%
Public Tender Composition
100%
90%
80%
70%
60%
50%
40%
30%
23.8%
20%
10%
5.7%
4.2%
0
Ministry of
Ministry of Rest of General Autonomous
Public Works Environment Government Communities
Municipal
Councils
Aldesa Group
Report 2006
La Rioja and Murcia, whilst they were below
average in Andalucía, Aragón, the Balearic
Islands, the Canary Islands, Castilla y Leon,
Madrid, Navarra and the Basque Country. The
construction sector in Europe has not contracted in any of the last 13 years; nevertheless, there were two periods of stagnation,
the most recent of which was between 2001
and 2003. Since this trough, the sector has
enjoyed a period of recovery, with 2006 seeing the highest level of growth at 3.2%.
The division of activity by sub sectors shows
that building represents 75% of total production, compared to 24% for civil engineering,
an increase of 5.4% and 7.5% respectively
compared to production in 2005.
In 2006, civil engineering showed at the same
rate of expansion as in recent years, as the
constant growth in the transport infrastructure market was supplemented by increased
in water infrastructure. Public tenders for
water projects increased by 50% compared
to the previous year, while there was an increase of 19.4% in the transport segment.
Subsector Production Composition
100%
90%
80%
70%
19
The number of new homes started was in line
with expectations at 660,000, an increase
of around 9% on the previous year; while
the number of new homes completed was
585,000, 11.5% higher than in 2005. Housing
investment accounted for 52% of total investment in construction, which is very close
to the European average. Residential construction was expected to suffer from increased interest rates; however, figures for 2006
show that this was not the case, or at least
the impact was not sufficient to put a brake
on new housing development. The increase in
house prices last year continued to be moderate, recording the lowest level of increase
since 2000.
60%
Secondary Education Institute in Requena
(Valencia)
Housing Partial Pardinyes Plan Lerida
Experts consider that the real estate market will enjoy robust health and predict it to
continue in the coming years; accordingly,
there should be no need to consider the risks
that would result from a sudden deceleration
in investment in real estate in our country.
Furthermore, experts consider that the socalled “real estate bubble” is not in reality a
bubble, and that the most probable scenario is a correction of the market as long as
current favourable economic conditions in
the country continue. In fact, in 2006, the
price of empty real estate per square metre
increased by 9.1% compared to 2005, compared to increases in previous years of 11.1%
and 17.3%. As a result, it will be necessary
for the economy to maintain a growth rate
of around 3.5% in the coming years as a result of employment and demand for housing
from the immigrant population. Based on
these factors, companies in the sector are
committing themselves to foreign markets,
and in particular to countries in Eastern
Europe, taking advantage of the benefits
of the relative immaturity of these markets,
significant tax benefits and the positive im-
pact on their economies of entry into the
European Union.
50%
36%
40%
30%
24%
24%
16%
20%
10%
0
Civil Works
Residential
Buildings
Non-Residential
Buildings
Renovation and
Maintenance
In the building sector, residential real estate
accounted for 36% of business, followed by
building renovation and maintenance, which
accounted for 24%; non-residential building
was the least important sector, representing
16% of total production. The key points in
the building sector are continued growth in
the area of residential real estate, despite the
effect of the Technical Building Code (Código
Técnico de Edificación) and the recovery of
the non-residential building sub sector due
to private demand. The key to the civil engineering sector continues to be activity driven
by regional authorities through public tendering and the concession model.
Aldesa Group
Report 2006
Conditions in other sectors where the
Aldesa Group operates
As a natural development of its construction
activity, the Aldesa Group has been becoming progressively more involved in one of
the most active sectors in Spain, the real estate sector. Despite a slowdown in this business, due to factors such as slower increases
in house prices and declining sales (in particular with regard to existing housing stock),
figures from the Housing Ministry show that
in the country as a whole over 900,000 properties were sold, almost 6% more than in
2005. As a result, the total number of homes
in Spain amounted to 24.6 million in 2006,
an increase of 3.5% on the previous year. This
trend could have been influenced by factors
such as the acquisition of real estate by the
immigrant population, a reduction in average
family size and the demand for second homes
by foreign nationals, in particular from Great
Britain and Germany.
In addition, in 2006 the Aldesa Group made
a strong commitment to the wind energy
sector. Spain is currently a global leader
in the development of this energy source, based on production figures for recent
years, which now exceed those for hydraulic
power, with 11,615 Mw of power generated
in 2006. In terms of Autonomous Communities, Galicia, Castilla-La Mancha, Castilla y
Leon and Aragon easily exceeded 1,000 Mw
of installed wind farm potential in 2006,
whilst Murcia and the Balearic Islands did
not reach 100 Mw.
According to the Wind Energy Association
(Asociación de Energía Eólica), this sector generates 36,000 jobs directly, invests around
2,000 million euros on an annual basis and
saved the emission of 16 million tonnes of
CO2 in 2006.
The 2005-2010 Renewable Energy Plan
approved in Spain has set a challenge for the
Aldesa Group
Report 2006
The keys to this growth are strong residential
demand, both domestically and internationally for first and second homes, together with
the acquisition strategy for companies related to the construction sector.
The Aldesa Group operates in this sector
through its parent company, Aldesa Construcciones, S.A., and other affiliates, whether individually or through joint ventures,
contributing major added value to the projects developed by the Group.
Wind Farm at Alosno (Huelva)
sector, as it establishes the need to develop
over the next few years the same capacity
as that which has accumulated historically. Hydroelectric power from large dams
and wind power is hoped to provide 30% of
electrical power in Spain by 2010. This plan
assigns a key role to wind power, intended
to provide double the capacity of hydroelectric power, targets being set at 45.5 Tw/h
and 25 Tw/h respectively, making them large scale energy producers. Within the European Union, problems relating to increasing
fuel prices and security of supply will have
an increasing influence on the promotion of
renewable energy and, in particular, the development of wind power.
CONSTRUCTION AND CONCESSIONS
The basic construction and concession business carried out by the Aldesa Group include both Civil Engineering and Building. In
2006, the first of these represented 33.6% of
the Group’s business and the second 50.3%.
Whilst Civil Engineering continues to be a
basic pillar of the Group, Building has continuously grown over the years to its current
levels, showing considerable growth in 2006.
Aldesa complements its general construction
activities with specialisation in the railway
industry through the company Coalvi, which
has its headquarters in Zaragoza. In 2003,
this company was fully integrated into the
Aldesa Group, contributing its specialisation
in railway projects (track, electrification,
tunnels, and infrastructure) and increasing
turnover through substantial investment
in heavy track machinery. In addition to its
railway construction, repair and maintenance activities, Coalvi is also involved in the
road sector, hydraulic projects and one-off
projects of all kinds. The company owns a
wide range of specialised heavy machinery
for various types of work involving track and
overhead power cables, which require continual renovation and expansion, and plans
to acquire new equipment with a value of
around 20 million euros in the coming years.
In 2006 it generated revenue of 30.8 million
euros, 39% more than in the previous year.
Proacon, which has its head offices in Seville, was created by Aldesa in 2006 to carry
out underground work for Aldesa, replacing
the specialist companies that the Group
had previously contracted for this type of
work. Proacon’s business includes building
and civil engineering, and it is involved in
real estate development projects, such as
the Águilas Residencial project. Its 2007
business plan includes offering individual
projects throughout the whole country as
a company which specialises in tunnels and
large channels. In the last year, Proacon invested over one million euros in machinery.
21
The headquarters of the Ingesa Group are in
Madrid and it was incorporated into the Aldesa Group in 2006. It complements the construction business with specialist foundations
and geotechnical reconnaissance, mainly for
the parent company. The implementation in
2006 of new pile driving equipment, for both
Building and Civil Engineering, has, together
with the growth of traditional businesses, resulted in 26% growth in turnover compared
to the previous year.
In 2006, the Aldesa Group also acquired Construccions PAI, a company with a long experience in residential building, and which is
based in Barcelona. During this period it was
incorporated into the Civil Engineering segment, which will result in growth of around
30% in 2007. Another objective for this year is
to expand the portfolio of private clients with
major real estate developers. Construccions
PAI’s turnover in 2006 was 86.3 million euros,
46% higher than in 2005, which makes it one
of the major medium sized construction companies in Catalonia.
Madrid, to carry out infrastructure maintenance and operation contracts. Amongst
other projects carried out in 2006, this company was involved in maintenance work on a
34 km stretch of the A-32 road between the
Eisenhower hub (exit from Madrid) and the
border of Guadalajara province. Aceinsa’s revenue in 2006 was over 2 million euros, four
times than the figure for the previous year.
Civil Engineering
Railway Work
In 2006 Aldesa continued to implement
railway infrastructure projects for the High
Speed Rail Lines which are being built
throughout Spain.
Aldesa Central Office
In 2005, Aldesa created the company ACEINSA (Aldesa Conservación y Explotación de
Infraestructuras, S.A.), with headquarters in
Aldesa Group
Report 2006
Aldesa Central Office Building Profile
Among the most important projects completed by Aldesa in 2006 are those carried out for
ADIF: the 5.3 km long Xátiva-Novelé-Xátiva
stretch on the Madrid-East Coast High Speed
line, and the Los Prados-Los Remedios (Malaga) stretch in a joint venture with Tapusa.
The joint venture involving Aldesa and OSSA,
Aldesa Group
Report 2006
23
Tapusa and Dicaminos completed work on
the Queixas part of the Atlantic route High
Speed rail line for the Railways Division of
the Public Works Ministry. The project also
involved the participation of Maquivías
which, prior to the work being carried out,
manufactured four levelling gantries which
move hydraulically using remote controlled
solenoid valves.
In addition, work began on the Riera de Riudecanyes-Barranco Les Paisanes stretch of
the rail connection for the Mediterranean
corridor of the Madrid-Barcelona high speed
rail line connection for the Railways Division
of the Public Works Ministry. The project includes the construction of 6 km of banking
for the high speed rail line, eight viaducts
and a station at Cambrils (Tarragona).
Aldesa won various contracts in 2006 for
projects related to High Speed Rail Lines including, among others, the construction of
banking for several stretches, including the
new high speed rail access Madrid-Castilla La Mancha- Valencia region–Murcia region. ADIF awarded a 10.86 km stretch from
Cuenca-Olalla to the joint venture formed
by Aldesa, Proacon and Areinsa Arquitectos
e Ingenieros. The project includes the cons-
Queixas variant (La Coruña) corresponding to the
High Speed Line Atlantic Axis
truction of a tunnel of over 2 km in length
and four viaducts. In addition, it will build
the 5.7 km long Novelda-Monforte del Cid
sub-stretch in Alicante for ADIF.
The joint venture with Corsan-Corviam was
awarded a 3.45 km urban stretch from the
Pocomaco industrial estate in La Coruña to
San Cristóbal station; this will enable high
speed trains to enter the city from the Atlantic route. This stretch forms part of the
Zamora-La Coruña rail line, and the project
includes the doubling of the current line.
was the joint venture involving Aldesa and
Coalvi, which in 2006 resulted in the construction in the Hortaleza area in Madrid of
new depots for rolling stock from the Line 1
underground line for Madrid Council. These
depots can house up to 33 trains consisting
of 6 carriages each, and consist of a set of 19
lines, 12 of which are for parking the trains
and the remaining seven are for maintenance, together with a 4,300 m2 building for the
workshops, offices and other uses.
In 2006, in a joint venture with the company
MAN, from the Balearic Islands, Aldesa worked on Phase III of the Palma-Universidad
stretch of the Balearic Islands underground
rail line, which was put out to tender by
Serveis Ferroviaris de Mallorca. The stretch
awarded to Aldesa’s joint venture is 3.5 km
long (practically half the length of the new
underground line) and the project also includes construction of the Son Sardina and
Universidad stations. Another project in 2006
involved a joint venture with the company
Romymar for the Regional Government of
Valencia on the Orriols (Valencia) line, co-
Aldesa, with Coalvi, was chosen by the public
company Zaragoza Alta Velocidad 2002 to
construct the 5.3 km long Eastern Connection
of the Extension of Zaragoza South Circular
Rail line, and the structures required for this
to cross the high speed rail line at different
levels. The structures which will be built under the two lines consist of two underpasses
in the form of frameworks prefabricated on
site. The Ingesa group is also involved in work
on the piles for this project.
AVE Madrid-Levante Line going through Xátiva
rresponding to line T2 of the Valencia underground system, work on which should be
completed in 2007.
In the last year, the joint venture involving
Aldesa and Coalvi and the local companies El
Partal and Vialobra won a contract from GIASA (Gestión de Infraestructuras de Andalucía
S.A.), a public sector body which reports to
the Andalusian regional government, for civil engineering work on five stretches of the
future light rail line in Granada, between Albolote and Maracena. The stretch to be completed is entirely above ground and is 3.44
km long. A new car park with space for 296
vehicles will be built next to the Juncaril station in order to facilitate the use of this new
public transport system in the city.
Roads and Motorways
Aldesa carried out several conventional rail
projects for various public administration bodies. Among these, one of the major projects
Aerial view of the train depot of Madrid Underground Line 1
Aldesa Group
Report 2006
University Station Palma de Mallorca Underground
In 2006, Aldesa carried out work for a number of official bodies responsible for the
construction and modification of roads and
motorways. For example, for Infrastructure Management of Andalucia it completed
work, nine months ahead of schedule, on the
Aldesa Group
Report 2006
25
doubling of the carriageway on the Jerez de
la Frontera-Sanlúcar de Barrameda (Cadiz)
road, a 13 km stretch which will convert this
road into the A-480 motorway.
One unique project was the remodelling of
the link between the M-30 ring road and
Avenida de América (A-2) in Madrid, for the
public body Madrid Calle 30, S.A. which reports to the city council. This was the first
work on the M-30 to come into service following twelve months of execution under
extremely difficult conditions resulting from
the heavy traffic on this road. Even so, the
project was completed almost three months
ahead of schedule. The project basically comprised two new bridges, with spans of 65 and
55 metres over the M-30, two tunnels of 35
and 45 metres under the A-2 and a third, 25
metre long, tunnel to provide access to Arturo Soria Street. The total area affected was
340,000 m2, of which 285,000 was road and
55,000 land which required environmental
treatment of some description.
In addition, Aldesa took part in the construction of two stretches of the A-8 Cantabria
motorway in Asturias: Novellana-Ballota and
Ballota-Cadavedo, with a combined length
Bridge over Umia River on the Pontearnelas Variant
(Pontevedra)
Road lane duplication on the A-480 Jerez- Sanlúcar
de Barrameda (Cádiz)
of around 10 km. The project consisted of
the construction of a new road parallel to
the existing one, with the execution of new
earthworks, improvements to links, crossings
at different levels, duplication of a false 200
metre long tunnel and seven viaducts to
overcome the difficult terrain in Asturias.
Of particular interest, and also particularly
spectacular, is the extension of the surface of
the Pintor Fierros viaduct, which comprises
an arch with a 194 metre span, where traffic
was not affected by the work due to a six
metre wide carriageway being kept open.
towns
of Sorihuela,
Fresnedoso, Vallejera de
>
Obras
ferroviarias
Riofrío and Béjar. Because of its unique features,
shouldconvencional,
be made of the
En el special
ámbitomention
ferroviario
la
Variante
(Pontevedra)
procompañíade
haPontearnelas
trabajado para
distintas Admiject,
which includes
bridge
over the
river
nistraciones.
Las obrasa que
destacan
durante
Umia.
el pasado año 2005 son las realizadas para la
Generalitat Valenciana en la línea T2 de MeAmongst
othertramo
projects,
in 2007,T-4;
Aldesa
tro de Valencia,
Orriols-Línea
para
will
begin Ferroviaris
work on the
construction
of a
los Serveis
de Mallorca
en la Línea
new
stretch of Pama-Universidad,
the Navarra A-15 motorway
Metropolitana
Fase III y
between
Almazán
and empresa
Cubo de de
la Solana
in
también para
MINTRA,
la ComuSoria,
which
was en
awarded
by laSociedad
Esnidad de
Madrid,
UTE con
participada
tatal
Coalvi,delaInfraestructuras
construcción de del
las Transporte
Cocheras deTela
rrestre
(SEITT:
the
State
Company
for
Land
Línea 1 del Metro de Madrid, por un importe
Transport
Thiseuros,
new que
stretch
superior a Infrastructure).
los 52 millones de
alforms
part
of
the
high
capacity
Medinabergará una playa de 19 vías (12 estacionaceli-Soria-Tudela
link. The work
comprises
miento y 7 mantenimiento)
y un edificio
de
the
of 13.3 km of motorway
4.300construction
metros cuadrados).
designed
in parallel to the current N-111
>
Autovías
road, which will subsequently serve as a
service road between the two points.
The Company is carrying out work on the
construction of the 9.4 km long Narrillos
de San Leonardo-Peñalba de Ávila link on
the A-50 motorway between Ávila and
Another important project was the remodelling of the Alameda and Barriguilla junctions
on the Western ring road of Malaga on the
A-7 Mediterranean motorway, which were
intended to improve the fluidity of traffic
flow. This work, which began in 2006, was
awarded by the Highways Department of the
Public Works Ministry. Working for the same
body, in 2006, Aldesa also began work on the
construction of an 11.5 km long stretch of
the Autovia de la Plata motorway between
Sorihuela and Béjar (Salamanca). Amongst
other work, this project includes the doubling
of the main carriageway of the N-630 and
the construction of four connections to the
A destacar también la duplicación de la calzada de la N-601, tramo Boecillo-Laguna de
Duero, en Valladolid; la variante de Burgos de
la N-623, tramo Burgos-Villatoro y los tramos
Novellana-Ballota y Ballota-Cadavedo, en la
Autovía del Cantábrico A-8, donde destaca
por su singularidad
la link
duplicación
del
Remodelling
of the M-30
with the A2
in tablero
Madrid
del Arco de la Regenta.
Salamanca for the Highways Department
of the Public Works Ministry. This Ministry has also awarded Aldesa the project
for an underpass and the remodelling of
access in the Sant Cugat SesgarriguesSant Miquel d’Olèrdola stretch of the
N-340 road in Barcelona. Another project to highlight among those awarded
in 2006 was the conversion into a dual
carriageway of the Úbeda-Baeza (Jaén)
road for Gestión de Infraestructuras de
Andalucía S.A. (GIASA), which is part of
the Regional Government of Andalucia’s
Public Works and Transport Department.
Airports
Painter Fierros Viaduct Cantabrian Dual Carriageway in Asturias
Aldesa Group
Report 2006
Para el Ministerio de Fomento, la compañía
ha trabajado en dicersos tramos de las nuevas
Autovías del Estado, como la A-63 de Oviedo
a La Espina, tramos Latores-Trubia, TrubiaLlera y la Variante de Grado, en las que se han
construído hasta ocho viaductos que suman
una longitud de 2.100 metros, dos túneles
sobre caliza de 600 metros cada uno y dos
falsos túneles que suman 160 metros.
Aldesa has been carrying out specialised
work in this area for AENA on major projects for many years. These include the
construction of runway 18L-36R and related taxi ways at Madrid’s Barajas airport
which, following the opening of Terminal
4 in 2006, means that planes can land and
take off at the same time, even in low
visibility as they are equipped with independent beacon systems.
Aldesa Group
Report 2006
27
> Obras ferroviarias
Anti-fog System Installation at Alvedro Airport (La
Coruña)
La Barceloneta Beach repairs (Barcelona)
In 2006 Aldesa was involved in work to provide the Alvedro airport in La Coruña with
an anti-fog II/III instrument landing system.
This improvement, together with others
which affect the landing strip, has ended
the closures and diversions of flights associated with the static fogs which suddenly
appear and invade the runway and the area
around the airport, thus enabling the airport
to work as smoothly as possible. The project
encountered may additional difficulties, as
the runway is on a hill at the side of the La
Coruña tidal inlet and a large part of it is
built on a bank. Station 22 which houses
the high precision landing system is in this
area of the runway, which is also bounded
by traffic using several roads.
vernment of Valencia. The Group company
Aldesa Marina Salinas is responsible for
this project and also for future operations
in the recreational marina for a period of
30 years. Work is scheduled for completion
in July 2007.
Aldesa Group
Report 2006
> Autovías Ministry’s Coastal Department,
Environment
which included: the planning and remodelling of the seafront at Santiago de la Ribera,
in the municipal area of San Javier (Murcia),
the seafront at Santoña in Cantabria, repair
work on damage to the Playa de La Barceloneta beach in Barcelona and on the Ginebra
breakwaters in the same area.
Hydraulic projects
Maritime projects
In 2006, Aldesa continued to work on its
most important maritime projects, which
included: the construction of the Torrevieja
Sports Port (Alicante) for the regional go-
En the
el ámbito
ferroviario
la
At
same time,
Aldesaconvencional,
Marina Salinas
compañía
ha
trabajado
para
distintas
Admihas begun marketing 713 mooring berths,
nistraciones.
obras
destacan
durante
of
between 8Lasand
35 que
metres
in length,
at
el pasado
año In
2005
son las realizadas
para la
the
marina.
addition,
these facilities
Generalitat
Valenciana
la línea
T2 de
Mewill
be completed
by en
cutting
edge
maintro de Valencia,
Orriols-Línea
tenance,
repairtramo
and storage
areasT-4;
for para
the
los
Serveis
Ferroviaris
de
Mallorca
en
la
Línea
hoisting of boats, a leisure area with a cafe
Metropolitana
III y
and
restaurantPama-Universidad,
and a wide rangeFase
of shop
también
para
MINTRA,
empresa
de
la
Comupremises, a petrol station, a marina office
nidad de aMadrid,
UTE and
con alacar
participada
building,
sailingen
school
park for
Coalvi,
la
construcción
de
las
Cocheras
de la
300 vehicles.
superior
a los 52 projects
millones in
de 2006
euros,included
que alOther
important
bergará
una
playa
de
19
vías
(12
estacionaimprovements to the harbour of Puerto de
miento (La
y 7 Coruña)
mantenimiento)
y un edificio
de
Rianxo
for the regional
govern4.300
metros
cuadrados).
ment of Galicia, and various projects for the
Torrevieja Sports Port (Alicante)
In 2006, Aldesa was also involved in various hydraulic projects of varied scale and
characteristics. Among the most important of these were the commencement of
work on channelling the Arroyo Alcántara
watercourse (Cádiz) for the Guadalquivir
Hydrographic Confederation, and work on
the primary treatment of rain water stored
in the reservoir near the Butarque Waste
Regeneration Station in Madrid. This reservoir, which was built for the Environment
Department of Madrid city council, has a
capacity of 600,000 m3, enabling the purification of a flow of 5 m3/sec. This is part
por su singularidad la duplicación del tablero
Butarque ERAR Installations in Madrid
of the Butarque station project which was
carried out by Aldesa one year earlier.
In 2006, Aldesa began work on the construction of stretch II of the water distribution
network for the Valdelentisco desalination
plant at Campo de Cartagena for the public
body Aguas de la Cuenca del Segura. This system will feature remote control systems and
will cover a distance of 26.5 km. In addition,
the Company began work on the modernisation of the Villafranca irrigation system,
near Tudela, for Riegos de Navarra, S.A. This
work is expected to last 20 months.
Among the projects completed in 2006, of
particular note given their size were the La
Loteta dam (Zaragoza) and the channelling
of the Canal Imperial de Aragón, with a capacity of 96.73 hm3 for the Ebro Hydrographic Confederation; the Villaveta dam for the
Aldesa Group
Report 2006
29
security features, and in the Sabadell residential development in Barcelona for Inmobiliaria
Colonial.
Aerial View of Pareja dam (Guadalajara)
Canal de Navarra, with a capacity to hold 5.3
hm3 and a span of 264 meters; and the construction of the Dique de Pareja (Guadalajara), as part of the Entrepeñas reservoir for the
Tajo Hydrographic Confederation.
During the last year several projects were
completed, including the first phase of the
438 homes in La Alcaidesa (Málaga) for the
real estate development company Promaga,
which is the largest building project in the
whole of Andalucia and one of the largest
in the whole of Spain; the joint venture with
Proacon of Viviendas Calamijas properties in
Mijas (Málaga) for Apex 2000; 218 new properties in nine buildings, two swimming pools
and communal areas in Cala Azul (Málaga) for
Iberdrola Inmobiliaria; and the first phase of
Águilas Residencial in Águilas (Murcia) which
the Company is developing for itself. In addition, Aldesa completed the construction of an
old people’s home at El Limonar in Málaga,
with capacity for 136 residents for G.L.B. Senior (Lar Group).
Aldesa’s portfolio for 2007 also includes many
major projects, both public and private, such
as the construction of 324 homes in El Alhendín (Granada) for Frai Desarrollos Inmo-
Building
Residential building
Many outstanding projects were begun by Aldesa in 2006 in this area, including 25 ecological semi detached houses in Jun (Granada)
for Iberdrola Inmobiliaria, which were built
taking ecological and environmental criteria
into account in the choice of materials and
construction techniques and incorporating
domotic elements; and the 202 homes in the
Vallejas overspill area (Madrid) for Inmobiliaria
Colonial, which the Ingesa Group is also involved in due to its new range of pile driving
equipment. In addition, the Company was
involved in the second phase of 166 homes,
parking facilities and development of “Punta
del Faro”, in Torrox-Costa (Málaga), which also
includes a range of intelligent domotic and
Aldesa Group
Report 2006
> Obras ferroviarias
En el ámbito ferroviario convencional, la
compañía ha trabajado para distintas Administraciones. Las obras que destacan durante
el pasado año 2005 son las realizadas para la
Generalitat Valenciana en la línea T2 de Metro de Valencia, tramo Orriols-Línea T-4; para
los Serveis Ferroviaris de Mallorca en la Línea
Metropolitana Pama-Universidad, Fase III y
también para MINTRA, empresa de la Comunidad de Madrid, en UTE con la participada
Coalvi, la construcción de las Cocheras de la
superior a los 52 millones de euros, que albergará una playa de 19 vías (12 estacionamiento y 7 mantenimiento) y un edificio de
4.300
metros
cuadrados).
El Limonar
Residence
in Malaga
> Autovías
biliarios; 272 homes in 19 blocks of the “Al
Andalus Thalassa” development, with surface
and underground car parking in Vera (Almería)
for Key Mare; 198 homes, car parking space
and development of “Residencial Calaceite”
in Torrox-Costa (Málaga), for the Fuerte Hoteles Group, which is a unique development
due to the steep slope of the land on which
it is being built; 238 “Soto Henares” homes in
Torrejón (Madrid) for Martinsa; and 118 state
subsidised homes in the “Carabanchel Ensanche 27” development in the Carabanchel area
of Madrid for the municipal company Vivienda y Suelo, which belongs to the Council of
Madrid.
Urban developments
Inner Space Sabadell Houses (Barcelona)
Aldesa has continued work on important
urban development projects, such as those
for SEPES (Public sector body for land development) in the Lentiscares development
in Navarrete, near to Logroño (La Rioja),
and the Parcial Plan 2 development in Tarragona, contracted with the Council in
that city. This project will develop an area
por su singularidad
la duplicación
del tablero
Manzanera
Houses in Liérganes
(Cantabria)
of 150,000 m2 in two stages: urban infrastructure development, which includes
residential accommodation and the future
Judicial City of Tarragona and an area of
green space. Aldesa also finished work on
the Vilamalla development in Gerona for
Iberdrola Inmobiliaria, and the “Las Casas
de la Manzanera” development in Liérganes
(Cantabria), which consists of 14 high quality houses in a rural setting.
Another major project began with the
“Aguas Vivas Expansion” development in
Guadalajara for SEPES, which consists of
urban development, general utilities, open
spaces and pneumatic system for the collection of urban rubbish. This development
is in an area which is ideal for residential
development, as it has excellent communications with major roads and it completes
another major residential development, the
“Aguas Vivas” project. The proposed structure aims to combine nature and urban
development harmoniously, finding a balance between green space, facilities and
residential areas.
Aldesa Group
Report 2006
31
Aerial view of Tarragona Partial Plan 2
Another unique project in which the company is involved is the “Campus de la Justicia”
court development in Valdebebas Park in Madrid. Phase I consists of urban infrastructure
development. When completed, this will be
largest area dedicated to Law in Europe. The
project is being promoted by the Community
of Madrid. The prestigious architect Norman
Foster designed the first two buildings for
the Campus, which will house the High Court
of Justice of Madrid and the Provincial Court.
The project is planned to take 32 months to
complete, and is being executed on two plots
in a single area. The two plots are joined by a
passageway over the main road through the
Campus and by a tunnel which will connect all
the buildings in the project. There will also be
a gallery for all the technical facilities which
will be built under the tunnel, thus achieving
a greater concentration of land use.
Aerial View of Las Rozas Village Shopping Mall
(Madrid)
City of Arts and Sciences in Valencia. This will
require a huge concentration of resources in
order to execute a project involving 220,000
m2 in 14 months. Another important project
is the expansion of the Las Rozas Village shopping centre in Madrid, which required, among
other things, the construction and installation
of prefabricated artisan craft decorations, all
Aldesa Group
Report 2006
Finally, work was completed on the second building for the headquarters of
Aldesa in Madrid and on a new building
for Maquivías in the La Garena industrial
estate in Alcalá de Henares (Madrid), with
a usable service area of 3,000 m2 which
houses more equipment and facilities to
meet the international expansion planned
by the company.
por
su singularidad
la duplicación
Los Rosales
Municipal Centre
(La Coruña)del tablero
sas Consistoriales” buildings and Plaza de la
Constitución square in the city of Almeria for
Almeria council. In addition, it will carry out
the renovation of the Los Rosales municipal
centre in La Coruña, which was tendered by
the local council.
Public Sector Construction
.: Boca nortel del Túnel de San Pedro
Industrial, Commercial and Leisure
Developments
Aldesa has carried out some important developments in this area and is involved in some
unique and complex projects, such as the
Oceanic Center office and leisure centre, also
known as the “Aqua Complex”, near to the
of Obras
which are
unique, on the facade of the 41
>
ferroviarias
retail premises in the development.
En el ámbito ferroviario convencional, la
In
the lastha
year,
Aldesa para
carried
out, among
compañía
trabajado
distintas
Admiothers,
the following
industrial,
nistraciones.
Las obras que
destacancommerdurante
cial
and leisure
projects:
construction
el pasado
año 2005
son las realizadas
para of
la
the
Hilton
Hotel
in
Barcelona
for
Iberdrola
Generalitat Valenciana en la línea T2 de MeInmobiliaria,
Cristóbal
ColónT-4;
Combitro de Valencia,the
tramo
Orriols-Línea
para
ned
Cycle Ferroviaris
power station
in Huelva
forLínea
Enlos Serveis
de Mallorca
en la
desa
and the expansion
of the José
García
Metropolitana
Pama-Universidad,
Fase
III y
Carrión
in the
Daimiel
también wineries
para MINTRA,
empresa
deindustrial
la Comuestate
(Ciudad
Real).
Thiscon
latter
innidad de
Madrid,
en UTE
la project
participada
cluded
incorporating
Coalvi, la
construcción an
de automated
las Cocheraswarede la
house,
delivery
building
Línea 1 adel
Metro de
Madrid,and
porthe
un internal
importe
infrastructure
development
of
theque
area.
superior a los 52 millones de euros,
alThe
winery
is
located
on
an
86,000
m2
bergará una playa de 19 vías (12 estacionaplot,
18,000 yfor
annex.
mientowith
y 7 another
mantenimiento)
unthe
edificio
de
Also
García
Carrión Aldesa constructed
4.300for
metros
cuadrados).
a new
facility of citric transformation at
>
Autovías
Villanueva de los Castillejos (Huelva).
Oceanic Centre Leisure and Office Complex in
Valencia
In 2006 Aldesa worked with various public
sector bodies on the construction and renovation of public sector buildings. For example, it began work on the construction of a
Social Services Centre for Madrid council in
the Arganzuela district; it began work on a
school in Sitges (Barcelona) and Figueras
(Gerona) for Gestió d’Infraestructures, S.A.
(GISA), a public sector company belonging
to the Regional Government of Catalonia; it
worked on the construction of 130 council
houses in Bulevar del Plá, Alicante for the
Valencia Housing Institute; and it began
work on repairing and renovating the “Ca-
Renovation Works in Constitution Square (Almeria)
Aldesa Group
Report 2006
In 2007 Aldesa will continue to undertake
various important public sector projects,
some of the most important of which are
construction of the Polytechnic University
of Valencia’s library and the new Courts in
El Vendrell (Tarragona) and Manresa (Barcelona). Aldesa and PAI won the tender for
the Concession of Surface Rights awarded by
GISA for the construction and maintenance services for both these developments for
a period of 27 years. The total area of the
Manresa and El Vendrell court buildings will
be 15,545 m2 and 10,131 m2, respectively.
INSTALLATION AND ASSEMBLY
The Aldesa Group’s Installation and Assembly
division includes a range of highly qualified
and specialised affiliates.
The AMS Group, which has its registered
headquarters in Mairena de Aljarafe (Seville),
specialises in applied engineering, electrical
installations, telecommunications, climate
control and security and communications
infrastructure. The company has broad
experience in undertaking large scale
projects, such as electronic signs for the Sierra
Electro Valencia Headquarters
33
Nevada motorway access, instrumentation
for the Aceca Toledo combined cycle plant
for Iberdrola, control equipment for the
production line of the Citroën factory in Vigo,
and the installation of a fibre optic network
for the Metro Sur rail development in Madrid,
among others.
In 2006 it acquired a number of companies:
Electro Valencia, which is located in the Valencia region, and Meyvat and Suelin, both of
which have their headquarters in La Llagosta
(Barcelona), are dedicated to the installation
and maintenance of electricity distribution
networks, transformer and interconnection
stations, the electrification of industrial buildings, electrical cogeneration, photovoltaic
solar energy and fire detection and fighting
installations. Another important development
for the AMS Group in 2006 was the development of a new business division, Instalaciones
Fotovoltaicas, which has already signed important project contracts. The turnover of the
AMS Group in 2006 was 42.5 million euros.
Maquivías, with headquarters in Alcalá de
Henares (Madrid), and 100% owned by Aldesa, has established itself as a benchmark in
its sector in Spain. It carries out design and
construction activities for standard and custom auxiliary machinery and the laying and
maintenance of railway lines, and this supports the railway projects in which Aldesa
Construcciones and Coalvi are involved. Important events in the year for this company
include the signing of a contract with Fenoco
(the Northern Colombia Railway Body) for the
supply of five tamping machines and auxiliary
equipment.
In 2006, Maquivías’ turnover was 3.3 million
euros, an increase of 36.7% compared to
the figure for 2005. The company’s strategic
objectives include extending its activities to
countries in Eastern Europe, Latin America
(machinery has been sold to Chile and Colombia in recent years) and to the Far East,
China in particular. As a result of this major
expansion programme, in 2006 the company
opened a new building in the La Garena industrial estate in Alcalá de Henares (Madrid),
with a surface area of 3,000 m2, double the
size of the previous premises in Fuenlabrada.
ACISA (Aeronaval de Construcciones e
Instalaciones, S.A.), with offices in Madrid,
Barcelona and Seville is dedicated to electrical
engineering and applied telecommunications
for traffic, airports, public utilities, ports,
railways and control and security systems.
In 2006 Acisa consolidated its position as an
innovative advanced technological project
company capable of handling major projects.
It was involved in projects with various
Spanish airports including, for example,
the installation of an SMP system for the
control of beacons at Barcelona’s El Prat
The joint ventures working on various stretches of the Guadarrama tunnel have ordered
various track raisers/rippers, and rail layers
and positioners adapted to the dimensions of
the tunnel. Another important development
was the design and manufacture of MQ-PN4000 levelling gantries for track using the
Rheda 2000 system, at the request of Aldesa’s
branch in Galicia, for its tunnelling work on
the Atlantic high speed line.
Port Pla Tunnel (Andorra)
Aldesa Group
Report 2006
Cranes on track plates
airport, the maintenance of new terminals,
tele-signalling, telecontrol and fire fighting
buildings at Madrid’s Barajas airport and the
installation of electronics and beacons at
Jerez airport. In respect of traffic systems,
important projects included the installation
of ITS equipment and integral security
management systems for the Pont Pla tunnel
in Andorra and routes connecting to it, and
the installation of an ITS traffic management
system, with communication via radio links,
on the access roads to the Costa Brava
(Gerona) and Tarragona, for Servei Català de
Trànsit (Catalan Transit Service).
Likewise, it is worth mentioning its participation in the Digital City project in
Úbeda and Baeza (Jaén), promoted by the
Andalusia regional and the councils in the
two cities. This programme is being carried
out within a framework of actions to encourage the use of new technology and
develop the information society in Spain,
known as España.es and managed by the
Industry, Tourism and Commerce Ministry.
These and other projects resulted in Acisa
increasing its turnover to 53 million euros
Aldesa Group
Report 2006
35
in 2006, an increase of 9% compared to
the previous year.
ENERGY
The Aldesa Group operates in the energy
sector though its subsidiary Aldesa Energías
Renovables, which is responsible for managing all business related to alternative energies: the promotion, design, construction and
operation of renewable energy projects. At
the close of 2006, Aldesa Energías Renovables was involved in the promotion of wind
farm projects and thermo-solar and photovoltaic installations throughout the country.
Nevertheless it is currently considering new
opportunities outside Spain (Eastern Europe and Latin America) and other interesting
projects in the biocombustible and biomass
fields.
This new subsidiary, incorporated in 2006
and having its headquarters in Madrid, is
playing its part in the diversification strategy the company has undertaken in recent
years. This has strengthened the position of
Aldesa in the renewable energy sector, where it is planning new promotion, purchase
the electricity grid, sufficient energy for a
city of 20,000 people.
Tharsis Wind Farm at Alosno (Huelva)
and installation projects for wind farms and
solar installations to strengthen its position
even further. At the time of this report, Aldesa was building or operating plants with
gross potential output of 200 Mw from wind
farms, 35 Mw from photo-voltaic plant and
53 mw from cogeneration and biomass. The
company plans to have electrical production
capacity of 710 million Kw/h and over 600
Mw in different states of development by the
end of 2008.
Aldesa’s Renewable Energy portfolio began
in 2006 with the purchase of the 4.25 Mw
Tharsis wind farm from Gamesa Energía in
Alosno (Huelva).
Santa Lucía Solar Panel Installation (Seville)
That same year, Aldesa also bought 100%
of Promociones Eólicas del Altiplano (Prealsa). This company has been active for over 5
years and is the owner of three administrative concessions including all the required authorisations and licences for the construction of two wind farms in Jumilla (Murcia):
these are the La Tella and Cerrillares wind
farms, with joint capacity of 86 Mw. Work
on the first wind farm project at La Tella is
planned to begin in the summer of 2008 and
will last for more than year. This first phase
of the project will inject over 80 million into
In the first half of 2007, the Aldesa Group
agreed the purchase of assets related to
renewable energy worth over 600 million
euros from the Detea Group. The portfolio
of projects under development acquired, having a combined output of 200 Mw, belonged to Becosa, the Detea Group’s renewable
energy subsidiary, and comprises four wind
farms, one biomass factory, four cogeneration plants, two biomass drying facilities
and nine photovoltaic projects. In addition,
installation of more wind farms and photovoltaic installations throughout Andalucia is
planned.
EMUSVI Houses (Ciudad Real)
REAL ESTATE
The Aldesa Group’s real estate business is
carried out by the company Aldesa Home,
which was created in 2006 to combine
all the development companies associated with the Group, such as, for example,
Sector Betera, G.I.F. Boj Castellana, Perdigana San Pau and Águilas Residencial into
a single brand working in the real estate
market (the latter being jointly owned by
RENFE and Aldesa). Aldesa Home is involved in all activities related to real estate
development: the purchase of land suita-
Show apartment of Guadarrama Residential Complex
in Arroyomolinos (Madrid)
Aldesa Group
Report 2006
ble for development, architectural design
to make the best use of the space available, construction of residential accommodation, sales direct to the consumer and
after sales service.
Other Group companies involved in this
sector are the affiliates Inarenas Proyectos
Inmobiliarios, in which Aldesa has a 30%
stake, and Concisa, which owns the companies Proacon and Areinsa-Arquitectos
e Ingenieros, in which Aldesa has an 82%
stake.
The real estate companies in the Aldesa
Group had joint turnover of 35 million euros
in 2006. Among the most important events
in 2006 was the winning bid for the construction and sale of 106 council protected
homes in the Ciudad Real Development Corridor by the Municipal Land, Urban Infrastructure and Housing Company (EMUSVI).
This project includes a roof with solar panels, the preinstallation of domotic systems,
with gas, smoke, CO2, flooding, temperature,
light, wind, humidity and PH sensor systems
to monitor water quality, both for run off
Aldesa Group
Report 2006
37
water and that used in the swimming pools.
In terms of land purchases, in 2006, the various companies operating in the real estate
sector acquired 120,000 m2 of land in several plots in El Álamo (Madrid) and 18,000 m2
of roof area for the construction and promotion of 180 homes in Cártama, a commuter town close to the city of Málaga.
deral Government’s state tourism company,
awarded Aldesa the land where it will build
the hotel and a prestigious residential area
consisting of detached houses, some related
to the hotel and some independent, on a 14
ha plot. Work is planned to start in 2007. Aldesa will invest 80 million euros in the development and will then operate the hotel
through a new brand that it has created for
this purpose: Aldesa Turismo.
The Group’s real estate activities are experiencing strong growth, and it will be involved in 19 projects in various cities throughout Spain, amounting to over 300,000 m2
of roof area and 2,700 homes in the next
three years.
SERVICES
In 2006, the Aldesa Group entered the Services and Maintenance segment through a
subsidiary operating under the Concentra
trademark. This business is based in Madrid
and carries out Facility Services: cleaning
activities, such as general cleaning, window
cleaning, cleaning of surfaces at altitude,
building and installation maintenance, gardening, security and auxiliary services.
The key to the future success of this new
company is the current trend in the business
world towards the outsourcing of activities
which are outside the scope of the core
business, resulting reduction of costs, the
growing power of multi-service companies
in the market, and the centralisation of all
such services in a single supplier.
Concentra signed its first continuity contract with Madrid’s Funeral Services Company (Empresa Mixta de Servicios Funerarios de Madrid), to provide daily cleaning
services for offices and buildings in the Sur,
Carabanchel and La Almudena cemeteries,
together with the cleaning of surfaces in
the morgues of these cemeteries. The contract was awarded by tender and will last
for three years.
Aldesa Group
Report 2006
Automatic cleaning machine Southern Mortuary
in Madrid
In the first quarter of 2007, Concentra purchased two companies which will enable it
to handle strategic projects: TMI (Técnicas
de Administración y Mantenimiento Inmobiliario), which belonged to the Realia Real
estate Group and is involved in the overall
management and maintenance of real estate resources; and San Martín y Martínez,
which specialises in technical cleaning of
buildings and installations, and which has
1300 employees. The clients of these companies include AENA, with the Madrid Barajas, El Prat in Barcelona and Malaga airports,
Ibermutuamur, Cervezas San Miguel and several hospitals.
Aldesa Polska is a Group subsidiary dedicated to real estate projects in central
and Eastern Europe; this area is expected
to experience significant economic de-
velopment as a result, in part, of several
of these countries joining the European
Union. The is subsidiary will focus on the
development of housing, offices, shopping
centres, hotels and logistic and industrial
estates, and will focus in particular on Poland, Rumania and Bulgaria. The company
has a local headquarters in Krakow, from
where it analyses investment opportunities and manages projects in the main
cities of these three countries. Its first
project is the development and marketing
of a 10,000 m2 class A office building for
rental in Krakow; the building is planned
to be ready for occupation by mid-2009.
INTERNATIONAL
As part of the Group’s diversification strategy, in 2006 it created a specific division to
handle international projects.
The most important project is the construction and subsequent operation of a tourist
development in Huatulco (Oaxaca state), on
the Pacific coast of Mexico, an area huge
tourist potential. In 2006, Fonatur, the Fe-
“ Diamante Plaza” Office Building in Krakow (Poland)
Aldesa Group
Report 2006
THE GROUP AND CORPORATE
RESPONSIBILITY
Corporate
Responsibility
Report
The Aldesa Group has been working for many
years to make its economic development
compatible with the integration of environmental and social concerns into its business
model. The growth and diversification experienced by the company in recent years
means that it is necessary to pay ever closer
attention to the consequences of its activities having an impact on society.
The Aldesa Group has set a series of strategic
Corporate Responsibility targets, which range from the application of R+D+I projects
on building sustainability and the improvement in quality of life for dependant people,
to investment in renewable energy and waste management to encourage recycling, and
the extension of the safety in the workplace
plan to employees of subcontractors.
The Group’s Corporate Responsibility strategy, which is contained in its slogan “Building
confidence” is based on a range of corporate
values which cover all levels of the organisation, and which go beyond mere image,
and represent a real commitment to all interest groups: clients, employees, partners,
suppliers, subcontractors, users and society
in general.
fied technical personnel in all business areas.
The basic pillars of the Company’s Human
Resources policy include internal promotion
and specialist training.
39
High levels of safety in the workplace.
Safety is one Aldesa’s key commitments
and underlies every activity in which it is
involved, being understood to be an integral aspect of production. The company is
committed to safety and prevention of risk
in the workplace, and has drawn up a series of commitments and guidelines which
must be complied with by all employees,
and which make them active participants in
safety management.
Application of sustainability and new
construction technology. Aldesa has the capacity to use the most advanced techniques
when carrying out its projects, and carefully
selects the most appropriate technology. In
addition, it studies a range of technological
options to improve construction methods,
paying particular attention to efficient processes and sustainable building.
These values are applied through a range of
management systems and divisions which
are responsible for the implementation of
the corresponding policies and action plans
for effective compliance with all such commitments.
A commitment to highly qualified technical
Human Resources. Aldesa is well aware that
its success has been enabled by the people
who work for it. As a result, the inclusion of
new companies into the group has brought
with it the ongoing need to hire highly quali-
Aldesa Group
Report 2006
Transformation of church into library. UNED Study
rooms (Madrid)
Aldesa Group
Report 2006
Compliance with the strictest quality requirements. For over a decade now, Aldesa has
been certifying its quality management, thus
ensuring customer satisfaction and compliance with their requirements, as well as legislation and regulations on the reduction of
accidents, and establishing a framework for
continuous improvement in the company’s
processes. Aldesa’s quality policy includes
objectives such as making quality a basic element of the organisation’s culture.
(40.3%) have mid or high level qualifications,
202 have management or oversight responsibilities, 178 occupy administrative roles and
the remaining 527 are general staff.
Strict compliance with agreed delivery
deadlines. No detail is omitted in the planning required for each project, and if the
periodic checks on progress detect even the
slightest issue which could cause delay, the
company will increase the workforce assigned on the job and shift patterns. As a result,
Aldesa meets agreed handover deadlines in
98% of cases.
These recent additions to the Group have
contributed to the expansion of its business
scope, together with the possibilities for
professional development and internal promotion and it is precisely this development
which brings with it the need for ongoing recruitment of professional staff in all areas of
the Company’s business.
Respecting the Environment. Aldesa’s environmental policy places particular emphasis
on prevention and continuous improvement
in the company’s environmental behaviour.
Since 2000, Aldesa has held ISO 14001:2004
certification for Environmental Management
from AENOR; this certifies compliance with
the applicable environmental legislation and
together with the use of processes which reduce and control pollution.
HUMAN RESOURCES
What differentiates the Aldesa Group from
the competition is its workforce. In 2006,
the Group increased its workforce to 2,820
employees, of whom around 1,000 are
technicians with mid or high level qualifications, whilst the remainder are operators
and people with no specialist qualifications;
this is an increase of 68% compared to the
previous year.
Of the total number of employees, 1,301 are
employed by the Group’s affiliates, and 1,519
are employed by the Company, of whom 612
Aldesa Group
Report 2006
41
This substantial growth in the total number of
Group employees compared with 2005 is due
to the incorporation of the companies acquired during the last year: PAI, Electro Valencia,
Meyvat and Suelin, which together brought
around 800 employees to the Group.
With regard to its future employees, both in
respect of its policy on scholarships and attracting professional personnel with experience, Aldesa seeks professionalism, dedication and leadership. Its Human Resources
policy involves the creation of value for the
company and its personnel, through welcome plans, continuous training, internal
development and promotion and incentive
systems.
of its teams. In 2006, the number of grants
awarded by the Company increased to 53, and
15% of those who received grants went on to
receive a contract.
HEALTH AND SAFETY IN THE
WORKPLACE
The Company’s greatest asset is its people,
and as a result Health and Safety is key to
all it does, and is as important as profitability, quality and production. Aldesa’s commitments and guidelines related to the prevention of risks in the workplace are contained
in the Health and Safety Policy, which makes
the whole organisation responsible for safety
management.
Training and university grants
The knowledge and experience of the
Company’s team is continuously strengthened by the Training Programmes being offered on an ongoing basis by the company, and
aimed at technical training in subjects such
as Health and Safety, IT, Quality and the Environment, Management Skills, and so on.
In 2006, the foundation was laid for continued reduction in accident rates to reach
a final target of “Zero Accidents”. Accident
rates in 2006 were down considerable, with
a Frequency Index of 42 and a Seriousness Index of 0.45, which are well below the average
for the construction sector in Spain.
In 2006, over 250 training courses were given
to over 600 people, covering a wide range of
subjects related to construction quality, environmental management, prevention of risks
at work, site management, information technology, management skills and other specialist courses. The total amount invested in this
training was over 200,000 euros, and involved a total of 5,862 hours of training.
The Aldesa Group’s Human Resources policy
is fundamentally based on internal development. One of its main goals is to involve students in the final years of their academic study as part of the Annual Grants Plan. In recent
years, over 200 students have benefited from
this Programme, of which over 40 have gone
on to be hired by the company to join one
Escombreras Thermal Power Station (Madrid)
Aldesa Group
Report 2006
One of the main activities in this regard is
the development and implementation of the
Health and Safety Management System, in
accordance with OHSAS 18.001 specifications. AENOR certification was attained in
May 2007, and was awarded to both Aldesa Construcciones and Coalvi. In addition,
another relevant event was the Legal Audit
carried out on all companies in the Aldesa
Group and which form part of the Joint Prevention Service.
As part of the Health and Safety Plan for
each project, Aldesa establishes a Safety
Plan which must be approved by the safety coordinator before the workplace can be
opened. In addition, each project must have
its own health and safety file containing all
documentation relating to the prevention of
risks, together with a folder for controlling
subcontractors. It should be mentioned in
this regard that Health and Safety Committees also act as a communication channel
between Aldesa and subcontractors, in which
actions, time frames and those responsible
for each issue are jointly defined.
Another preventative action introduced by
Aldesa has been Site Safety Visits. These visits
aim to find any anomalies relating to accident prevention so that they can advise the
In addition, Aldesa understands that training
workers in the risks they are exposed to in
their job is not only a legal requirement, but
also a priority. As a result, in addition to an
initiation course for all workers on the dangers of the project, Aldesa gives specific courses on risks or activities (working at heights,
loads, excavations, etc) together with basic
courses on the Prevention of Risks in the
Workplace.
To promote the prevention of risks in areas
with the highest risk, such as for example on
the sites where the company carries out its
productive activity, Aldesa has established an
annual Safety in Civil Engineering Prize and
a Building Safety Prize; these prizes assess up
to 10 parameters, such as documentation,
individual and collective protection, organisation, cleanliness, fines, etc. The sum of the
points scored on these parameters demonstrates the interest taken in meeting safety
regulations on the job. Any job which has
been fined by the Health and Safety Authorities will be disqualified.
The IV Safety Prizes were awarded in 2006
and recognised the work of the teams involved in the following projects: The Civil Engineering First Prize went to the AVE Requena
(Valencia) high speed rail line joint venture,
and the Building First Prize went to the Viviendas Vega project (Almería); the second
prize for Building went to the Viviendas de
Sabadell project (Barcelona).
QUALITY MANAGEMENT
Aldesa’s quality policy guarantees that the
final product is safe and reliable, and meets
all applicable specifications, regulations and
special codes. Since 1996, Aldesa has held
AENOR’s Safety Management Certificate,
which is based on the ISO 9001:2000 stan-
Aldesa Group
Report 2006
43
production line, which in turn can efficiently
manage the issue in such a way that it will
not recur and can be corrected rapidly.
dard. This ensures compliance with the requirements and satisfaction of our clients,
together with compliance with legal requirements and regulations for reducing
accidents and establishing a framework for
continuous improvement in the company’s
processes.
The general objectives of this Policy are based on:
- Establishing Quality as a basic element in
the company’s culture.
- Ensuring that all Aldesa employees identify with and sign up to the Company’s Quality Policy by.
- Developing participative Quality Manage-
Lerida historical archive
Quality Policy
ment which makes the most of the skills of
the entire workforce.
To ensure that the products and
services supplied to our clients are
safe and reliable and comply with all
applicable specifications, regulations
and codes.
- Permanently optimising the overall business process in order to apply this Policy and
general Objectives.
To reduce faults.
To establish actions aimed at
prevention, not just at detection.
To supply products and services
where the price-quality relationship
satisfies the expectations of our
clients.
To be in permanent contact with our
clients and work together to improve
our products and services.
To instruct, motivate and involve
all staff in the management and
development of the Quality System
employed.
In 2006, the Company met all its quality
objectives for all operating processes in the
company (Studies and Offers, performance of
projects, purchases and subcontracting), and
this will ensure the continuous improvement
of processes. In addition, Aldesa’s certification was renewed for a further three years.
Our clients are highly satisfied with the
Group’s performance, as can be seen from
the satisfaction surveys distributed at the end
of all jobs. This fact is further demonstrated
by the confidence that our clients have in us
when awarding their main project to Aldesa.
Guaranteed quality in every process
Aldesa establishes a Quality Assurance
Plan (PAC) for each project. Among other
Aldesa Group
Report 2006
ENVIRONMENTAL MANAGEMENT
Since 2000, Aldesa has held ISO 14001:2004
certification for Environmental Management from AENOR; this ensures compliance
with applicable environmental legislation
and regulations relating to the environment
and the use of processes which avoid, reduce or control pollution, placing particular
emphasis on prevention and ensuring continuous improvement in the company’s environmental performance.
AVE Line – Madrid-Zaragoza, Torija section
(Guadalajara)
aspects, these plans include the review of
the project for any areas that are lacking
or badly defined, proposals for improvements, etc, together with the control of
documents (plans and other project documentation) and inspections of materials
on delivery and subsequent traceability. In
addition, inspections are carried out at the
beginning, during and at the end of each
stage of the job.
The Plan also includes the preparation and
carrying out of a testing plan using major accredited laboratories to establish
calibration and verification control of the
measurement machinery used on the job;
all auxiliary machinery and resources used
on the job, whether belonging to the Company or to third parties, are checked. All
personnel involved are checked at each
Phase of the project to ensure that they
have the right levels of authority, qualifications, experience and training, and a
similar methodology is established for all
suppliers and subcontractors.
This ensures that each and every project
requirement and the client’s expectations
are met in full.
Aldesa Group
Report 2006
In order to meet the requirements of this
standard, Aldesa draws up an Environmental Management Plan for each job which,
in addition to identifying and evaluating
the environmental issues generated by activities on the job (waste, atmospheric emissions, noise, etc), identifies the applicable
environmental legislation and ensures full
compliance with all such legislation and regulations by the Company itself and its subcontractors, and establishes an objective for
environmental improvement.
In addition, the Group establishes direct environmental improvement actions for each
of its projects, by setting environmental
objectives. The main impact of construction
work is the quantity of inert waste generated (those materials which are not physically,
45
chemically or biologically transformed in any
way), such as the material from excavations
or demolition, rubble, wood and scrap metal.
As part of its environmental commitment,
the Company is working to reduce continuously the amount of such waste that is sent to
landfill sites.
The Company seeks alternatives, such as recycling on the job itself by looking at other
options to the original plans; or, in the case of
excavations, sending the material excavated
to other projects which require earth, thus
avoiding the need for new quarries. Another
alternative to depositing waste in a landfill
site is to use excess material for agricultural
Bridge over Jucar River. AVE Line Madrid-Levante
Environmental Policy
To comply with applicable
environmental legislation and
regulations, and all requirements
established by the company to this
end.
To use processes, practices and
materials which avoid, reduce and
control contamination as part of a
commitment to prevention.
To continuously intensify
environmental management
to obtain improvements in
the Company’s environmental
performance.
To establish and regularly review
environmental objectives and targets
in accordance with the commitments
made in this declaration.
Shelter improvement of Rianxo Port (A Coruña)
To inform and involve the
relevant personnel in the way the
environmental management system is
to be developed and applied.
improvements. This is useful for properties
which, whether because of the topography
of the terrain or because of their use, are not
appropriate for farming. In such cases, following flattening, depositing and conditioning
of the layers of material left over from the
job, the land can subsequently be used by its
owner for farming purposes. Waste wood and
metal is handed over to authorised bodies for
recycling.
To practically implement these policies, Aldesa has drawn up various good practice manuals which are given to the relevant workers.
The Company also shares its environmental
concerns with its suppliers and other companies it works with, particularly when their
activities could have a significant impact on
the job, ensuring that their employees have
the appropriate training and environmental
awareness to carry out their tasks.
As a result of all these actions, the Company
set itself a target of recycling over 20% of
waste material from excavations and demolitions between 2004 and 2006; by July 2006 it
had achieved 45.48%, involving the recycling
of around 4,198,000 m3 of waste material.
Aldesa Group
Report 2006
47
Dangerous waste materials – those which
due to their composition and properties are
potentially dangerous for health and the Environment, such as empty spray, paint, resin,
foam and silicate containers, and waste from
machines, such as brake oil, filters, used oil,
etc – are separated and managed for each job
by companies authorised by the competent
authorities. To this end, exclusive areas are
set aside on site for the storage of such waste
materials, which are signposted and labelled
for each type of “RP” (Dangerous Waste).
In addition, in order to ensure that there is
no spillage on site, anti-spill measures are
taken when storing fuels. Inert waste from
the cleaning of cement mixers is stored in
specially prepared clean points.
.: Fuente tuneladora, horada el túnel de San Pedro
R+D+I PROJECTS
Noise pollution and atmospheric emissions
are controlled through control of the machinery used on the site, by preventative maintenance and by use of recently manufactured machinery and ensuring that all official
technical inspections are up-to-date.
In 2006, the Company’s R+D+I Department
worked on a range of projects related with
information and communication technologies in the home (the application of domotics
to residential real estate) and in the construction industry.
As part of its Recycling Policy, the Group’s
offices ensure systematic collection of waste
material such as paper and toner from prin-
Aldesa is involved in a range of technological initiatives with prestigious bodies, such as
the Eduardo Torroja Institute, which is part
of the High Council for Scientific Research.
Layout Variation CN – 634, sections: Latores – Trubia – Llera
ters and photocopiers on a daily basis using
authorised companies, which then recycle
and reuse, respectively, the waste.
The consequence of all these activities,
which are complemented by an external environmental legislation service with access to
all relevant environmental legislation (European, national, regional and local) is available, is the continuous improvement of the
environmental performance of the Aldesa
Group.
Waterproofing and Reinforcement of Cazalegas
Reservoir (Toledo)
Aldesa Group
Report 2006
gramme, the companies shared the objective of this international exhibition: to raise
awareness among the population that water
is a universal right, and that it is necessary to
ensure that future generations can enjoy this
precious asset which guarantees the life and
development of the planet.
Aldesa and Coalvi, a Group company based
in Zaragoza, also made their commitment
to the Environment clear through sponsorship of the Expo Zaragoza 2008. Through
collaboration with the bodies involved in
the “Friends of the Expo” sponsorship pro-
As a result, in 2006, it was one of the select group of companies which took part in
the Institute’s INVISO project “Optimisation
of the Production of Housing, Industrialisation, Efficiency and Sustainability”. This
initiative aimed to investigate the possibilities of available technologies for improving
construction methods and to enable a more
systematic approach to building tasks, to
make the process more industrialised, placing
particular emphasis on the efficiency of the
processes and the sustainability of buildings,
both from a socio-economic viewpoint and
from the perspective of energy conservation.
Aldesa’s participation centred on improvements in functionality and the sustainable
use of housing and on implementing and automating such construction.
In addition, Aldesa is part of the AIVI (Intelligent Environments for Independent Living) project consortium which is led by Acciona, and which is developing procedures
and technology to obtain improvements,
through ICTs (Information and Communication Technologies), in the quality of life
of dependant people, by considering innovative architectural and construction issues,
Aldesa Group
Report 2006
49
with particular emphasis on their application to housing. The project, which is supported by the Industry Ministry, involves
several Universities, including the Univesity
of Valladolid, the Polytechnic University of
Zaragoza and the Polytechnic University of
Madrid.
Technology having domotic applications
developed by Aldesa and the Polytechnic
University of Madrid bore fruit in another
major project in 2006: the redesign of the
integrated radio modem circuit in different devices to ensure communication and
remote reading of sensors and actuators in
domestic and industrial environments. This
updated circuit will be applicable to the
control of ventilation in tunnels, traffic
flow issues where accessibility is difficult,
sensor systems for civil engineering structures, and the optimisation of detection
and prevention systems for risks in the
workplace.
Another important project carried out was
the Industrial Research project which was
part of the CDTI finance programme, in
collaboration with the Polytechnic Uni-
Bioclimatic houses in Jun (Granada)
Aldesa Group
Report 2006
ciation for Spanish Electronic and Communication Systems).
In addition, Aldesa is a member of PTEC (the
Spanish Construction Technology Platform)
and its Management Committee, where it is
responsible for the Strategic Research division in Information Technology Research and
its application to the Construction industry.
PTEC brings together the largest companies
in the sector and has close links with the European Construction Platform.
Punto del Faro Residential Complex intelligent
houses in Torrox-Costa (Málaga)
versity of Madrid’s Electronic Engineering Department, which is developing a
management and control system for resources in the home (lighting, energy consumption, technical alarms and security
alarms), which is completely wireless and
modular so that each user can set up the
system in accordance with their needs. The
project includes the development of a design within the framework of “Embedded
systems” and operating software, the definition of the sensors and the system for
interacting with the user. This project is
certified by the AIDIT Accreditation Agency as an R+D project.
Aldesa is on the Executive Committee of
the Commission for the Digital Home, where it is involved in a work group dedicated
to the definition of the technical and functional characteristics of control systems for
the home environment. This Committee is
part of ASIMELEC (the Multisectoral Asso-
Aldesa Group
Report 2006
Central Office
AREAS
Territorial offices
Directory
C/ Bahía de Pollensa, 13
28042 Madrid
Phone Number: (+34) 91 381 92 20
Fax: (+34) 91 381 78 03
www.aldesaconstrucciones.es
[email protected]
Centre
C/ Arequipa, 1 – Escalera 1, 2ª planta
28043 Madrid
Phone Nº: (+34) 91 764 55 45
Fax: (+34) 91 764 00 49
[email protected]
Galicia
C/ Madrid, 1- Bajo (Fontiñas)
15707 Santiago de Compostela (La Coruña)
Phone Nº: (+34) 981 55 27 79
Fax: (+34) 981 55 27 80
[email protected]
Aragón, Navarra, the Basque Country and
La Rioja
C/ Monasterio de Tulebras, 2 - Ofic. 6
31011 Pamplona (Navarra)
Phone Nº: (+34) 948 19 99 86
Fax: (+34) 948 19 99 87
[email protected]
Asturias
Plaza de América, 14 – 1ª planta. Ofic. 3
33005 Oviedo (Asturias)
Phone Nº: (+34) 985 24 64 44
Fax: (+34) 985 24 64 64
[email protected]
Alicante and Murcia
C/ Ausó y Mouzo, 16. Edificio Hispania,
1ª planta
03006 Alicante
Phone Nº: (+34) 96 511 55 51
Fax: (+34) 96 511 40 82
[email protected]
Balearic Islands
C/ Gremi Barbers i Cirugians, 48
3ª planta. Oficina H. Polígono Son Rossinyol
07009 Palma de Mayorca
Phone Nº: (+34) 971 45 93 53
Fax: (+34) 971 43 47 44
[email protected]
Aldesa Group
Report 2006
Centre.............................................................. Madrid
Andalucía West
and Extremadura............................. Sevilla
Andalucía East..................................... Málaga
North................................................................ Valladolid
Catalonia..................................................... Barcelona
Valencia, Murcia
and the Balearic Islands......... Valencia
51
Castilla-La Mancha
Avenida del Ferrocarril, 8
13004 Ciudad Real
Phone Nº: (+34) 926 25 43 12
Fax: (+34) 926 25 69 81
[email protected]
Andalucía West and Extremadura
Avenida Arboleda, s/n.
Edificio empresarial Aljarafe
41940 Tomares (Sevilla)
Phone Nº: (+34) 954 15 73 40
Fax: (+34) 954 15 73 29
[email protected]
Castilla and León and Cantabria
C/ Galena, 13 – 2ª planta
47012 Valladolid
Phone Nº: (+34) 983 21 81 00
Fax: (+34) 983 30 07 12
[email protected]
Andalucía East
Avenida Severo Ochoa, 16-20.
Parque Tecnológico Andalucía
Edificio Alora. Oficina 6
29590 Campanillas (Málaga)
Phone Nº: (+34) 952 39 82 95
Fax: (+34) 952 30 66 21
[email protected]
Valencia and Castellón
Plaza Alquería de Culla, 4 – 7ª planta
46910 Alfafar (Valencia)
Phone Nº: (+34) 96 374 29 29
Fax: (+34) 96 374 28 70
[email protected]
Catalonia
Paseo de Gracia, 59 - Principal 1ª
08007 Barcelona
Phone Nº: (+34) 93 487 61 60
Fax: (+34) 93 487 68 14
[email protected]
Aldesa Group
Report 2006
AUDITORS’ REPORT
53
AUDITORS’ REPORT ON CONSOLIDATED FINANCIAL STATEMENTS
Economic and
Financial Report
To the Shareholders of
ALDESA CONSTRUCCIONES, S.A.:
1. We have audited the consolidated financial statements of ALDESA CONSTRUCCIONES, S.A. AND
SUBSIDIARIES (ALDESA CONSTRUCCIONES GROUP) comprising the consolidated balance sheet
at 31 December 2006 and the related consolidated income statement and notes to the consolidated financial statements for the year then ended. The preparation of these consolidated financial statements is the
responsibility of the Parent’s directors. Our responsibility is to express an opinion on the consolidated
financial statements taken as a whole based on our audit work performed in accordance with generally
accepted auditing standards, which require examination, by means of selective tests, of the evidence
supporting the consolidated financial statements and evaluation of their presentation, of the accounting
policies applied and of the estimates made. Our work did not include an examination of the financial
statements of certain subsidiaries and associates, whose assets and aggregate net profit, in absolute terms,
represent 2.42% and 7.12%, respectively, of the related consolidated totals. The financial statements of
these companies were audited by other auditors (see Notes 2 and 3) and our opinion as expressed in this
report on the consolidated financial statements of the ALDESA CONSTRUCCIONES GROUP is based,
with respect to the ownership interests in these companies, solely on the report of the other auditors.
2. As required by Spanish corporate and commercial law, for comparison purposes the directors present,
in addition to the 2006 figures for each item in the consolidated balance sheet and consolidated income
statement, the figures for 2005. Our opinion refers only to the 2006 consolidated financial statements. On
19 May 2006, we issued our auditors’ report on the 2005 consolidated financial statements, in which we
expressed an unqualified opinion.
3. In our opinion, based on our audit and on the report of the other auditors indicated in Notes 2 and 3, the
accompanying consolidated financial statements for 2006 present fairly, in all material respects, the equity and financial position of the ALDESA CONSTRUCCIONES GROUP at 31 December 2006 and the
results of its operations in the year then ended, and contain the required information, sufficient for their
proper interpretation and comprehension, in conformity with generally accepted accounting principles
and standards applied on a basis consistent with that of the preceding year.
4. The accompanying consolidated directors’ report for 2006 contains the explanations which the directors
of the Parent consider appropriate about the Group’s situation, the evolution of its business and other matters, but is not an integral part of the consolidated financial statements. We have checked that the accounting information in the consolidated directors’ report is consistent with that contained in the consolidated
financial statements for 2006. Our work as auditors was confined to checking the directors’ report with
the aforementioned scope, and did not include a review of any information other than that drawn from the
Group’s accounting records.
DELOITTE, S.L.
Registered in ROAC under no. S0692
Miguel Laserna Niño
9 April 2007
Translation of a report originally issued in Spanish based on our work performed in accordance with generally accepted auditing standards in Spain and of
consolidated financial statements originally issued in Spanish and prepared in accordance with generally accepted accounting principles in Spain (see Note
31). In the event of a discrepancy, the Spanish-language version prevails.
Aldesa Group
Report 2006
Aldesa Group
Report 2006
55
CONSOLIDATED BALANCE SHEET
AT 31 DECEMBER 2006 AND 2005 (Thousands of Euros)
ASSETS
DUE FROM SHAREHOLDERS FOR UNCALLED CAPITAL
FIXED AND OTHER NON-CURRENT ASSETS:
Start-up costs (Note 8)
Intangible assets (Note 9)
Intangible assets and rights
Accumlulated amortisation
Property, plant and equipment (Note 10)
Land and buildings
Plant and machinery
Other fixtures, tools and furniture
Other items of property, plant and equipment
Advances and property, plant and equipment in the course of construction
Accumulated depreciation
Long-term investments (Note 11)
SHAREHOLDERS’ EQUITY AND LIABILITIES
2005
7
-
158
17.128
20.396
(3.268)
31.211
18.880
16.279
4.740
5.402
1.664
(15.754)
11.152
158
16.156
17.016
(860)
15.266
7.796
7.445
2.450
2.274
760
(5.459)
6.521
3.542
2.126
5.150
356
(22)
5.000
924
1.993
1.506
1.936
162
Total non-current assets
64.649
38.101
GOODWILL ON CONSOLIDATION (Note 7):
Fully consolidated companies
Equity accounted companies
47.404
5.330
Total goodwill on consolidation
47.404
5.330
1.702
1.518
Receivable from related companies
Sundry accounts receivable
Employee receivables
Tax receivables
Allowances
Short-term investments (Note 15)
Loans to Group companies and associates
Short-term investment securities
Other loans
Short-term guarantees and deposits given
Allowances
Cash (Note 16)
Accrual accounts
Total current assets
113.462
356.276
329.457
1.432
10.980
51
16.763
(2.407)
119.285
2.394
109.381
6.789
721
- 83.799
2.495
675.317
41.660
292.420
262.847
2.937
18.958
6
9.279
(1.607)
148.355
116.576
31.152
627
51.607
1.476
535.518
TOTAL ASSETS
789.079
580.467
Investments accounted for using the equity method
Loans to associates
Long-term investment securities
Other loans
Deposits and guarantees
Allowances
Treasury shares
DEFERRED CHARGES
CURRENT ASSETS:
Inventories (Note 13)
Accounts receivable (Note 14)
Trade receivables for sales and services
Aldesa Group
Report 2006
2006
SHAREHOLDERS’ EQUITY (Note 17):
Share capital
Other reserves of the ParentRestricted reserves
Unrestricted reserves
2006
2005
Profit attributable to the ParentConsolidated profit
Profit attributed to minority interests
10.100
44.708
2.020
42.688
(835)
403
29.130
29.496
(366)
10.100
27.039
2.020
25.019
(5.627)
574
26.461
26.515
54
Total shareholders’ equity
83.506
58.547
MINORITY INTERESTS (Note 18)
7.156
5.109
NEGATIVE GOODWILL ON FIRST-TIME CONSOLIDATION (Note 19)
1.309
-
Other deferred revenues
74
-
Total deferred income
74
-
2.915
2.320
NON-CURRENT LIABILITIES (Note 21):
Payable to credit entities
Payable to credit entities for project financing
Other payables
31.517
25.573
5.944
13.006
24.983
664
Total non-current liabilities
44.523
25.647
CURRENT LIABILITIES (Note 22):
Payable to credit entities for project financing
27.880
27.652
228
27.170
-
Payable to related companies
Trade payablesAdvances received on orders
Accounts payable for purchases and services
Notes payable
Other non-trade payablesTaxes payable
Other payables
Compensation payable
Short-term guarantees and deposits received
Operating allowances
Accrual accounts
Total current liabilities
212
540.642
48.957
213.568
278.117
68.259
46.234
18.412
3.608
5
12.524
79
649.596
415.879
51.249
138.571
226.059
35.774
31.849
2.212
1.713
9.946
75
488.844
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES
789.079
580.467
Reserves at fully consolidated companies
Reserves at companies accounted for using the equity method
DEFERRED REVENUES:
PROVISIONS FOR CONTINGENCIES AND CHARGES (Note 20)
The accompanying Notes 1 to 31 are an integral part of the consolidated balance sheet as of December 31, 2006.
Aldesa Group
Report 2006
57
CONSOLIDATED INCOME STATEMENTS
FOR 2006 AND 2005 (Thousands of Euros)
DEBIT
2006
2005
EXPENSES:
Decrease in finished projects and work in progress
-
Costs of materials used and other external expenses (Nota 26-a)
Staff costs (Note 26-b)
CREDIT
REVENUES:
213
554.646
461.353
Net salesSales (Note 26-c)
Services
Wages, salaries and similar expenses
74.114
44.291
Increase in finished goods and work in progress inventories
Social security and employee benefit costs
20.007
11.609
Capitalised expenses of in-house work on non-current assets
6.525
1.961
Period depreciation and amortization (Notes 8, 9 and 10)
Variation in operating allowances (Notes 26-e and 26-f)
Other operating expensesOutside services
Other current operating expenses
Taxes other than income tax
1.665
3.624
Other operating incomeNon-core and other current operating income
Grants
Excess provision for contingencies and charges
Finance costs (Notes 21 and 22)
Exchange losses
Financial profit
Share in losses of companies accounted for using the equity
method
Amortisation of goodwill on consolidation (Note 7)
Profit from ordinary activities
Change in allowances for intangible assets, property, plant and
equipment and investments
Losses on intangible assets, property, plant and equipment
and investments
Extraordinary expenses (Note 26-j)
Prior years’ expenses and losses (Note 26-j)
Extraordinary profit
Consolidated profit before taxes
Aldesa Group
Report 2006
697.192
595.212
6.660
2.278
61.179
17.211
6.670
1.170
1.199
5
11
-
51.210
-
772.911
613.386
7.710
6.657
730.675
580.918
5.883
4.654
5.883
4.654
42.236
Other finance income (Note 25)
32.468
3.478
1.784
246
3.724
1.784
2.159
2.870
2.014
10
2.014
10
43.089
35.667
21
-
-
-
236
95
246
344
1.876
1.356
2.379
1.795
960
2.540
44.049
38.207
Income tax
14.553
11.692
29.496
26.515
Profit attributed to minority interests (Notes 18 and 26-d)
-
Consolidated profit (Note 26-d)
Profit for the year attributable to the Parent
2005
66.008
Exchange gains
Profit from operations
2006
366
54
29.130
26.461
Share in the profits of companies accounted for
using the equity method (Note 11-a)
Gain on disposal of intangible assets, property, plant and
equipment and investments
Asset-related grants transferred to profit
Extraordinary income (Note 26-j)
Prior years’ income and profits (Nota 26-j)
708
339
708
339
1.744
27
30
-
-
1.018
148
550
4.157
3.339
4.335
The accompanying Notes 1 to 31 are an integral part of the consolidated income statement for 2006.
Aldesa Group
Report 2006
59
ALDESA CONSTRUCCIONES, S.A. AND SUBSIDIARIES
Notes to the Consolidated Financial Statements for 2006
1 > Description
of the parent
The Parent was incorporated on 12 November
1969, under the name of Alquileres, Destajos y
Saneamientos, S.A. by a public deed executed
before the Notary Public Rafael Núñez Lagos.
The company name was changed to Aldesa
Construcciones, S.A. on 29 December 1982.
Its registered office is at Calle Bahía de Pollensa, 13, in Madrid.
The Aldesa Construcciones Group companies
engage in the following activities:
a > The acquisition and transfer of rural, urban and industrial building plots, land and
buildings.
b > All manner of construction work for
the public and private sectors in Spain and
abroad, including building and industrial
construction, property development and civil
engineering works, commissioned directly or
through a tender, a tender-auction or an administrative or other type of process.
c > The exploitation of all manner of quarries
and workshops related to the construction
business.
d > The production and manufacture of all
supplementary elements required to completely fit out the buildings.
e > The operation and lease of buildings, including those assigned for public entertainment.
f > The operation of any kind of public service.
g > The purchase, sale and exploitation of
scrublands, woodlands and timberlands.
Aldesa Group
Report 2006
h > The purchase and sale of wood and construction materials, furniture manufacture
and, in general, any other activity directly
related to the construction business.
i > The purchase, sale, lease and operation of
any type of machinery and equipment related to the construction activity.
j > The investment in other companies or in
any type of corporate groupings, associations or joint ventures whose company object is
identical or similar to that of the Company,
through the acquisition of shares or equity
interests upon formation of these companies
by whatever means and the provision of guarantees securing performance of their obligations to third parties.
k > The ownership, development, purchase,
sale and operation of rural and urban property, which may be operated in any form and
by any means, including its subsequent sale o
rental to third parties, as well as the provision
of any type of real estate consulting services.
Finance leases are, in all cases, excluded.
l > The provision of air and land transportation services, of both goods and passengers,
and the provision of airport ground handling
services; acting as an agent.
m > The design, projection, administration,
management and operation of all types of
industrial installations, as well as the installation and maintenance thereof, and in particular of lighting, illumination and runway
lighting installations, high medium and low
voltage distribution, telecommunications
and radio-electrical installations, ventilation,
heating and air-conditioning installations,
plumbing and sanitation installations and
fire-prevention installations.
n > Use of explosives for the performance
of civil engineering works, tunnels, quarries,
trench-blasting, etc
- Maintenance and repair services for machinery and motor vehicles, including vessels
and aircraft, weapon disassembly, destruction of ammunition and scrap yards.
o > The provision of the following services:
- Ancillary services for administrative, archive and similar work; collection management
and meter-reading services; the organisation
and marketing of conferences, trade fairs
and exhibitions; the performance of surveys,
data compilation and similar services; and
concierge, access control and public information services.
- All kinds of specialised services including
sanitation, disinfection and insect and rodent
control; security, safekeeping and protection
services and the maintenance and handling
of security installations, hospitality and food
services; forest fire prevention and services
for the protection of species.
- All kinds of qualified services, including
medical and healthcare activities, the health
inspection of facilities; veterinary services;
services for the sterilisation of medical equipment, the restoration of artwork and the
maintenance, preservation and restoration of
cinema and audiovisual material.
- Services relating to the preservation and
maintenance of real estate, buildings, motorways, freeways and other types of road,
water and sewage network; street furniture,
mountains and gardens, monuments and original buildings.
- Maintenance and repair services for all types of equipment and installations, particularly electrical and electronic equipment and
installations, plumbing, water and gas pipe,
heating and air conditioning, electromedicine and fire safety and prevention equipment
and installations, office equipment and lifting
and traverse equipment and installations.
- General transport services, including the
transfer of patients using any means of transport, cash courier and custody, transport of
artwork; collection and transport of all kinds
of waste; air fumigation services and control,
air surveillance and extinction of fires, crane
and ship towing services; and courier, correspondence and distribution services.
- All kinds of waste treatment services, including the provision of urban waste treatment
and incineration services, sludge treatment,
treatment of radioactive and acid waste,
treatment of hospital and veterinary clinic
waste and treatment of odorous waste.
- Cleaning, laundry and dry-cleaning services; storage services; travel agency services;
nursery schools, and the collection of luggage trolleys at stations and airports.
- All kinds of information technology and
communications services, including the
compilation of information using electronic
computerised or telematic means; software
development and maintenance, repair and
maintenance; of IT and telecommunications
equipment and installations; telecommunications services; operation and control of IT
systems and telematic infrastructure; electronic certification services; technological
evaluation and certification services, and any
other IT or telecommunications services.
In view of the Group companies’ business activities, they do not have any environmental
liability, expenses, assets, provisions or contingencies that might be material with respect to their equity worth, financial position
and results of operations. The Group’s environmental policy is described in Note 29.
Aldesa Group
Report 2006
2 > Subsidiaries
61
(d) Data obtained from the unaudited financial statements at 31 December 2006.
Following is a list of the subsidiaries included
in the scope of consolidation and a brief description of their business activities:
(*) Included in the income statement.
(b) Data obtained from the financial statements at 31
December 2006, audited by MAG Auditores
(c) Data obtained from the financial statements at 31
December 2006, audited by Jesús Subirán Barón.
Carrying
Amount
(Thousand
of Euros)
Dividend
Received
(Thousand
of Euros)
(% )
Percentage of
Ownership
Company Name
Location
Line of Business
Coalvi, S.A. (c)
Zaragoza
Construction
5,070
-
99.98
-
GTT Ingeniería y Tratamientos
de Agua, S.A. (a)
Valencia
Engineering
1,787
-
55.00
-
Maquivías S.A. (d)
Madrid
Railway construction
1,559
-
97.94
-
Agrupación de Empresas, Automatismos,
Montajes y Servicios, S.L. (AMS) (a)
Sevilla
Electricity installations
8,400
-
60.00
AMS
Meyvat, S.L. (a)
Barcelona
6,875
-
60.00
AMS
Suelin, S.L. (d)
Barcelona
1,682
-
60.00
AMS
Electrovalencia, S.L. (a)
Valencia
1,519
-
60.00
AMS
AMS Alta Tensión Cataluña, S.L. (d)
Sevilla
30
-
60.00
AMS
Aldegral, S.L. (d)
Madrid
Environmental services
3
-
99.97
-
Aldesa Suministros
de Instalaciones, S.L. (d)
Madrid
Environmental services
3
-
90.00
-
Aldesa Conservación y explotación
de infraestructuras, S.A. (d)
Madrid
Maintenance
60
-
86.50
-
Urbanizadora Carretera de Albalat, S.L. (d)
Valencia
Land development
301
-
100.00
-
Aldesa Marina Salinas Torrevieja, S.L. (d)
Madrid
Installation construction
30
-
93.00
-
Sistemas Energéticos Sierra
del Andévalo, S.A. (a)
Barcelona
Wind power
201
-
100.00
-
Aldesa Servicios y Mantenimiento, S.L. (d)
Madrid
Services
3
-
90.00
-
Aldesa Cimentaciones Especiales, S.L. (d)
Madrid
Civil engineering
3
-
90.00
-
Aldesa Energías Alternativas, S.L. (d)
Madrid
Wind power
54
-
90.00
Energías
Promociones Eólicas del Altiplano, S.A. (d)
Murcia
Wind power
3,997
-
90.00
Energías
Ingeniería Geotécnica, S.A. (INGESA) (a)
Madrid
Civil engineering
2,681
-
75.00
-
Investigaciones Geotécnicas, S.L. (d)
Madrid
Civil engineering
149
-
74.95
-
Aldesa Group
Report 2006
Subgroup
Dividend
Received
(Thousand
of Euros)
(% )
Percentage of
Ownership
Company Name
Location
Line of Business
Aldesa Turismo, S.A. (d)
Madrid
Tourism
57
-
95.00
-
Aldesa Hidrocarburos, S.L. (d)
Madrid
Fuel supply
30
-
99.00
Hidrocarburos
Peces e Hijos, S.L. (d)
Madrid
Installations
3,634
-
99.00
Hidrocarburos
Aldesa Luz, S.L. (d)
Madrid
30
-
99.00
Luz
Aeronaval de Construcciones
e Instalaciones, S.A.
Madrid
21,670
-
99.00
Luz
Sarl Acisa France (d)
Francia
7
-
97.72
Luz
Acisa Seguridad, S.L. (d)
Barcelona
120
-
99.00
Luz
Supertec Zona, S.L. (d)
Barcelona
99
-
79.20
Luz
Pebian Inversiones, S.L. (d)
Barcelona
Shareholding company
13,305
-
100.00
Pebian
Construcciones Pai, S.A. (a)
Barcelona
Construction
19,349
-
90.00
Pebian
Aldepai, S.L. (d)
Barcelona
Construction
6,100
-
95.00
Pebian
Nou Martorell, S.L. (d)
Barcelona
Construction
51
-
76.50
Pebian
Aldesa Polska SP. Z O.O. (d)
Polonia
Real estate
13
-
100.00
-
Aldesa Turismo Méjico, S.L. (d)
Madrid
Tourism
3
-
85.00
-
Aldeturismo de México, S.A. de C. V. (d)
México
Tourism
4
-
94.98
-
Aldesa Home, S.L. (d)
Madrid
Real estate
2
-
90.00
Home
Proacon S.A. (b)
Madrid
Construction
178
19
73.70
Home
Areinsa Arquitectos e Ingenieros, S.A. (d)
Castellón
Construction
42
-
62.41
Home
Concisa, S.L. (b)
Madrid
Shareholding company
595
-
89.16
Home
(a) Data obtained from the financial statements at 31
December 2006, audited by Deloitte, S.L.
Carrying
Amount
(Thousand
of Euros)
Subgroup
Aldesa Group
Report 2006
63
3 > Associates and Jointly
Controlled Entities
Following is a list of the associates included
in the scope of consolidation and a brief description of their business activities:
Carrying
Amount
(Thousand
of Euros)
Dividends
received
(Thousand
of Euros)
Percentage
of Ownership
(%)
Company Name
Location
Line of Business
Alviesa, S.L. (b)
Madrid
Construction
1,5
-
50.00
Inarenas Proyectos Inmobiliarios, S.A. (a)
Madrid
Real estate
540
90
48.72
Home
Águilas Residencial, S.A. (a)
Madrid
Real estate
720
180
33.08
Home
San Pedro Exterior, S.L. (b)
Tres Cantos
(Madrid)
Transformation of
materials
10
-
28.00
G.I. Boj Castellana, S.L. (b)
Madrid
Real estate
1,5
-
50.00
Perdigana San Pau, S.L. (b)
Castellón
de la Plana
Real estate
50
-
50.00
Sector Betera, S.L. (b)
Valencia
Real estate
2
-
50.00
Ancisa de Constructores
Independientes, S.L. (b)
Madrid
Construction projects
1
-
5.53
Ipar Acisa, S.L. (b)
Barcelona
147
-
44.10
Can Brians 2, S.A. (b)
Barcelona
Construction
690
-
4.50
Pebian
Torrepai, S.L. (b)
Barcelona
Construction
50
-
22.50
Pebian
Centre d’oci Les Gavarres, S.L. (b)
Barcelona
Construction
715
-
25.49
Pebian
Cerconscat, S.A. (b)
Barcelona
Construction
7
-
5.29
Pebian
Gestora de Runes
de la Construcción, S.A. (b)
Barcelona
Construction
2
-
0.32
Pebian
(a) Data obtained from the financial statements at 31
December 2006, audited by MAG Auditores.
(b) Data obtained from the unaudited financial statements at 31 December 2006.
Subgroup
- Acquisition of 610 shares of Sistemas
Energéticos Sierra del Andévalo, S.A. of EUR
100 par value each, for EUR 61 thousand,
thereby increasing the ownership interest
in this company to 100%. On 28 September 2006, this company increased its share
capital by 1,400 new registered shares, all
fully subscribed and paid by Aldesa Construcciones, S.A. Sistemas Energéticos Sierra
del Andévalo, S.A. owns the “Tharsis” wind
farm, located in the municipality of Alonso
(Huelva) which has a capacity of 4.25 megawatts.
Luz
4 > Changes in the scope
of consolidation
The main changes during the year relate to
the following transactions:
- Acquisition of 500 Maquivías, S.A. shares
for EUR 192 thousand, raising the ownership interest in this company from 92.40%
to 97.94%. This transaction did not generate any profits.
Aldesa Group
Report 2006
- Formation of Aldesa Marina Salinas, S.L.
The Parent has a 60% ownership interest in
this company and GTT Ingeniería y Tratamientos de Agua, S.A. holds the remaining
40%. The total cost of the investment
amounts to EUR 30 thousand.
- Formation of Aldesa Servicios, S.L. Aldesa
Construcciones, S.A. holds a 90% ownership interest in this company, at a cost of
EUR 3 thousand.
- Formation of Aldesa Cimentaciones
Especiales, S.L. The Parent holds a 90% ownership interest in this company, at a cost
of EUR 3 thousand.
- Acquisition of 54,092 shares of Aldesa
Energías Alternativas, S.A. at a par value of
EUR 1 each, thereby obtaining a 90% ownership interest in this company. In turn,
on 5 October 2006 this company acquired
100,000 Promociones Eólicas del Altiplano,
S.A. shares which represent its entire share
capital.
- Acquisition of 9,469 shares of Ingeniería
Geotécnica, S.A. (INGESA) for EUR 2,681
thousand, leading to a 75% ownership interest in this company. The company object
of Ingeniería Geotécnica, S.A. is to perform
civil engineering projects and public works, to build containment structures and to
provide counselling on the construction
thereof.
- Acquisition of 568 shares of Investigaciones Geotécnicas, S.L. for EUR 149 thousand,
gaining a 74.95% ownership interest in this
company.
- Incorporation of Aldesa Turismo, S.A.
Aldesa Construcciones, S.A. holds a 95%
stake in this company, at a cost of EUR 57
thousand.
- Formation of Aldesa Home, S.L. The Parent holds a 90% ownership interest in
this company. The cost of the investment
was EUR 2 thousand. In turn, this company
holds an 82.40% ownership interest in
Construcciones Civiles, S.L.
- Acquisition of 75 shares of Concisa Construcciones Civiles, S.L. of EUR 6.02 par
value each for EUR 520 thousand thereby
obtaining a direct ownership interest of
15%. Furthermore, Aldesa Construcciones,
S.A. holds a 74.16% ownership interest in
this company through Aldesa Home, S.L.
- Formation of Aldesa Luz, S.L. Aldesa Construcciones S.A. obtained a 99% ownership
interest in this company at a cost of EUR 30
thousand. In turn, on 28 December 2006,
this company acquired all of the share capital of the Aeronaval de Construcciones e
Instalaciones, S.A. Group for EUR 21,670
thousand. ACISA is located in Madrid and
engages mainly in the design and fitting of
electricity and electronic installations.
- Acquisition of 19,481 shares of Pebian Inversiones, S.L. of EUR 60.10 par value each
for EUR 13,305 thousand, thereby increasing the ownership interest in this company
to 100%. Pebian Inversiones, S.L. holds a
90% ownership interest in Construcciones
PAI, S.A., a company registered in Barcelona
which carries on its construction activities
Aldesa Group
Report 2006
in the residential construction, services and
public works segments.
- Acquisition by Agrupación de Empresas,
Automatismos Montajes y Servicios, S.L.
(AMS) of the entire share capital of Meyvat, S.L., Suelin, S.L. and Electrovalencia,
S.L. The value of the investments was EUR
6,875 thousand, EUR 1,682 thousand and
EUR 1,519 thousand respectively.
- Incorporation of Aldesa Polska SP Z.O.O.
whose headquarters are located in Krakow
(Poland). The Parent owns all of this
company’s share capital. The cost of the
investment amounted to EUR 13 thousand.
- Formation of Aldesa Turismo Méjico, S.L.
Aldesa Construcciones, S.A. owns an 85%
ownership interest in this company at a
cost of EUR 3 thousand.
Aldesa Group
Report 2006
- Acquisition of 469 shares of Proacon, S.A.
for EUR 120 thousand, achieving a direct
ownership interest of 8.3% in this company. Aldesa Construcciones, S.A. owns
65.40% of this company through its interest in Aldesa Home, S.L. amounting to EUR
57 thousand.
- Acquisition of 100 shares of Cincoserra,
S.L. of EUR 6.01 par value each, for EUR
5,001 thousand. Cincoserra, S.L. holds a
40% ownership interest in Aldesa Construcciones, S.A. The amount of the acquisition
was recognised under “Treasury Shares” in
the accompanying consolidated balance
sheet at 31 December 2006.
adaptation of the Spanish National Chart
of Accounts for real estate companies, in
order to present fairly of the group’s consolidated equity, consolidated financial
position and consolidated results of operations.
The financial statements of Aldesa Construcciones, S.A. and of its subsidiaries,
which were prepared by their respective directors, have not yet been approved by the
shareholders at the respective Annual General Meetings. However, they are expected
to be approved without any changes.
b) Accounting policies
- Incorporation of Aldeturismo de México,
S.A. de Capital Variable, a company whose headquarters are in Mexico. The Group
holds 94.98% of this company’s share capital.
5 > Basis of presentation of the
consolidated financial
statements
- Formation of Aldesa Hidrocarburos, S.L.
The Parent holds a 99% ownership interest in this company at a cost of EUR 30
thousand. On 17 November 2006 this company acquired all the share capital of Peces
e Hijos, S.L. at a total cost of EUR 3,634
thousand.
The consolidated financial statements,
which were prepared from the individual
accounting records of Aldesa Construcciones, S.A. and of each of the consolidated
companies, are presented, in general, in
accordance with current Spanish corporate
and commercial law, the Spanish National Chart of Accounts and Royal Decree
1815/1991, of 20 December, approving
the rules for the preparation of consolidated financial statements. Additionally,
since construction is the companies’ core
business activity, the group applied the
accounting standards contained in the Ministry of Economy and Finance Order dated
27 January 1993, approving the rules for
the adaptation of the Spanish National
Chart of Accounts for construction companies, and, in relation to real estate activity,
the standards included in the Ministry of
Economy and Finance Order dated 28 December 1994, approving the rules for the
- Formation of Aldepai Gestión, S.L. Aldesa Construcciones, S.A. holds a 50% direct
ownership interest in this company. The
remaining 50% is held by Construcciones
Pai, S.A. in which Aldesa Construcciones,
S.A. hold a 90% interest. The cost of the
investment was EUR 5,710 thousand. The
company object of Aldepai Gestión, S.L.
is the exercise of the rights and performance of the obligations deriving from
the agreement for the acquisition of two
surface rights for the construction and
preservation of two legal buildings and the
operation thereof through their lease to
65
the Autonomous Community Government
of Catalunya which will use them as courts
in El Vendrell and Manresa.
a) Fair presentation
The consolidated financial statements are
presented in accordance with Royal Decree 1815/1991, of 20 December 1991,
approving the rules for the preparation of
consolidated financial statements, and with
Royal Decree 1643/1990, of 20 December 1990, approving the Spanish National
Chart of Accounts.
The figures included in these notes to the
financial statements are expressed in thousands of euros.
c) Comparative information
The information relating to 2006 is comparable with that of 2005, there being no
reason preventing comparability between
the two years.
The basis of consolidation was as follows:
• Companies which are directly and/or
indirectly more than 50% owned by Aldesa Construcciones, S.A. or companies
which are 50% owned and over which
Aldesa Construcciones, S.A. exercises effective control, holds a majority of the voting
rights in their representation bodies or
which constitute a single decision-making
unit as defined by Article 42 of the Spanish
Commercial Code, were fully consolidated.
• Companies which are directly and/or
indirectly 50% owned by Aldesa Construcciones, S.A. but over which effective
control is not exercised although they are
jointly managed, and companies which are less than 50% owned directly and
indirectly and are jointly managed in conformity with the articles of association or
because agreements exist that entitle the
shareholders to exercise their right to veto
corporate decisions (jointly controlled entities), were proportionately consolidated.
• Companies in which there is significant
influence but not ownership of a majority
of the voting rights, and over which effective control is not exercised, are accounted
for using the equity method, provided that
they are not jointly managed and taking
into account that the Group does not own
ownership interests in listed companies.
d) Basis of consolidation
The business and tax year of all the consolidated companies coincides with the
calendar year.
The consolidated financial statements at
31 December 2006 include the individual
financial statements of Aldesa Construcciones, S.A. and of the directly and indirectly
owned subsidiaries over which the Group
exercises effective control or which constitute a single decision-making unit as
defined by Article 42 of the Spanish Commercial Code.
The differences between the acquisition
cost of the investments in consolidated
companies and their underlying carrying
amount at the date of first-time consolidation or at the closest date on which
reasonably prepared financial statements
were obtained, are reflected in the accompanying consolidated balance sheet at 31
December 2006 under “Reserves at Fully/
Aldesa Group
Report 2006
Proportionately Consolidated Companies”,
“Reserves at Companies Accounted for
Using the Equity Method” and “Goodwill
on Consolidation”.
Goodwill arising on consolidation is amortised on a straight-line basis from the date
of first-time consolidation, over the period
in which it is estimated that it will contribute to the generation of profit, not
exceeding ten years.
The share of minority interests of the
equity and profit for the year of fully consolidated subsidiaries’ is presented under
“Minority Interests” on the liability side of
the consolidated balance sheet and under
“Profit Attributed to Minority Interests” in
the consolidated income statement, respectively.
Intra-group balances and transactions were
eliminated on consolidation. Transactions between fully consolidated companies
were eliminated in full and those between
proportionately consolidated companies
were eliminated in proportion to Aldesa
Construcciones, S.A.’s ownership interest in
their share capital.
In order to uniformly present the items included in the consolidated financial
statements, the accounting policies and
standards adopted by the Parent were
applied to all the consolidated companies.
The financial statements of the subsidiaries
and associates relate to the same closing
date and period as the consolidated financial statements. For the Mexican and Polish
companies, historical financial statements
were used on consolidation without taking
into account, for consolidation purposes,
the adjustment for inflation required to be
made at 31 December 2006, by companies
located in these countries in accordance
with current local legislation.
Internal dividends are deemed to be those
recognised as period revenues by a Group
Aldesa Group
Report 2006
67
company which have been distributed by
another Group company.
The dividends received by Group companies
out of prior years’ distributed profit are eliminated and deemed to be reserves of the
company receiving them, and are included
in “Other Reserves” or “Reserves at Consolidated Companies” under “Shareholders’
Equity” in the accompanying consolidated
balance sheet, depending on whether the
beneficiary of the dividend is the Parent
or a subsidiary. Interim dividends are offset against the debit account representing
them at the distributing company.
6 > Accounting policies and
measurement bases
These consolidated financial statements
were prepared in accordance with the accounting policies and measurement bases
contained in the Spanish National Chart of
Accounts, in its adaptations for the construction and real estate industries and in
Royal Decree 1815/91, of 20 December,
approving the rules for the preparation of
consolidated financial statements.
The principal accounting policies and measurement bases used by the Group in the
preparation of its consolidated financial
statements for 2006 were as follows:
a) Start-up costs
Start-up costs, which comprise pre-opening
and capital increase expenses, are stated at
cost and are amortised on a straight-line
basis over five years.
valued at acquisition or production cost and
is allocated to specific projects until they
are completed, provided that the financing
required to complete them is reasonably
assured and that there are sound reasons
to foresee the technical success of these
projects. These expenses are amortised over
three years.
Computer software. Computer software is
stated at acquisition or production cost
and is amortised over three years.
Finance leases. The rights under finance
lease agreements are recognised at the cash
cost of the related assets at the acquisition
date, and the total debt for lease payments
plus the amount of the purchase option are
recognised as a liability. The initial difference between the total debt and the cash
cost of the asset, which represents the interest cost on the transaction, is recognised
as a deferred expense and is allocated to
income over the lease term using the interest method. These assets are amortised on a
straight-line basis over their useful lives by
the same methods as those used to depreciate property, plant and equipment. When
the purchase option is exercised, the cost
and accumulated amortisation of these assets are transferred to the related property,
plant and equipment accounts.
Assets held under finance leases are amortised on the same basis as property, plant
and equipment items of a similar nature.
b) Intangible assets
The Company recognises its intangible assets as follows:
Research and development expenditure.
Research and development expenditure is
Description
c) Property, plant and equipment
Property, plant and equipment are carried
at acquisition or production cost, including
any additional expenses that might have
been incurred until their entry into operation.
The production cost of the assets constructed by the Company is obtained by adding
to the acquisition cost of the raw materials
and other consumables the costs directly
allocable and the portion that reasonably
relates to the indirectly allocable costs.
The costs of renovation, expansion or improvement are capitalised on the basis of
their acquisition or production cost, insofar
as they lead to increased capacity or productivity or to a lengthening of the useful
lives of the assets and provided that the
carrying amount of the assets replaced is
known or can be reasonably estimated.
Upkeep and maintenance expenses which
do not extend the useful lives of the assets
are expensed as incurred.
Finance costs incurred on external financing are not capitalised until the assets
financed are ready to come into service.
The items of property, plant and equipment are depreciated by the straight-line
method from the date they are ready to
come into service or from the date of their
acquisition, on the basis of the years of estimated useful life of each asset or class of
asset, as follows:
Depreciation Rate
Plant and machinery
5% - 30%
Transport equipment
8% - 40%
10% - 30%
Computer hardware
25%
Aldesa Group
Report 2006
d) Long- and short-term investments
Investments in associates are accounted
for using the equity method and the other
investments are recognised as follows:
Loans and credit facilities. Short- and
long-term loans granted by the Company
are recognised in the balance sheet at the
principal amount. The interest included in
the principal of the loans and credit facilities maturing at over one year is recognised
in the balance sheet as “Deferred Income”
and is taken to the income statement each
year using the interest method.
Security deposits and guarantees. These are
recorded at the amount delivered.
Term deposits. These are recognised at acquisition cost and the related interest is
recognised in the income statement in the
year in which it is earned.
Fixed income and similar securities. These
include mainly the investments in fixed-income financial assets stated at the lower of
cost or market.
e) Inventories
Raw materials, consumables and merchandise are recognised at cost, which includes
all the expenses incurred until the assets
reach the warehouse, calculated using the
weighted average cost method. Work in
progress and finished goods are recognised
at production cost, which includes the cost
of the materials used, the costs directly
attributable to the product and the reasonable portion of any indirectly attributable
costs incurred during the production period.
Land and building plots included in “Inventories” are recognised at acquisition cost,
increased by the costs directly related to
the purchase (transfer tax, registration expenses, etc.) and by the land preparation
costs.
The cost of developments in progress and
completed developments includes the land
development costs incurred to year-end,
the costs of construction or acquisition
of real estate developments, increased by
the expenses directly attributable thereto
(costs of construction subcontracted to
third parties, construction fees and professionals’ fees in site management projects)
and by the reasonable portion of any costs
indirectly attributable to the assets concerned incurred during the development
period, and the finance costs incurred during the construction period.
Construction work in progress is recognised
as “Short-Cycle Construction Work in Progress” or “Long-Cycle Construction Work in
Progress” depending on whether the construction period for the work in progress is
under or over 12 months, respectively.
When the market value of an asset is lower
than its acquisition or production cost, the
related allowance is recognised.
f) Trade and other receivables
These are recorded at their nominal value.
The related allowances are recognised on
the basis of the collectibility risk, taking into
account the age of the past-due amounts
and the debtor’s creditworthiness.
g) Provisions for contingencies and
charges
These provisions are recognised to cover
expenses, losses or possible debts incurred
during the year or in prior years, whose nature is clearly specified and which are probable
or certain, but whose exact amount cannot
be determined or whose date of payment is
uncertain at the balance sheet date.
The additions to this account are recognised based on the best estimates of annual
accrual or when the liability or obligation
giving rise to the indemnity or payment arises.
69
h) Operating allowances
These allowances are recognised to cover
indemnity expenses on completion of the
work, the estimated amount of the expenses to be incurred in the period from
completion of the work through its final
settlement, other expenses for site maintenance during the warranty period, and
expenses incurred in site clearance, removal of installations and settlement. If
necessary, these allowances also include
provisions to cover the estimated losses on
uncompleted projects.
i)
Termination benefits
Under current labour legislation, the Company is required to pay termination benefits
to employees terminated without just cause. The Company’s directors consider that
no unusual terminations of permanent
employees are likely to arise in the future
and, accordingly, the financial statements
do not include any provision in this connection.
“Operating Allowances” on the liability
side of the accompanying balance sheet at
31 December 2006 includes provisions of
an amount sufficient to cover the legally
stipulated costs of terminating temporary
employment contracts.
j)
Current/Non-current classification
of debt
Debts are recognised at the repayment
amount and the difference between this
amount and the amount received is recognised on the asset side of the balance sheet
as deferred interest, which is recognised in
the income statement using the interest
method.
Debts maturing within 12 months from
year-end are classified as current liabilities
Aldesa Group
Report 2006
and those maturing within more than 12
months as non-current liabilities.
k) Foreign currency transactions
Foreign currency transactions are recognised at the exchange rate prevailing at the
transaction date. At year-end, the existing
foreign currency balances are calculated
at the exchange rates then prevailing. Any
resulting positive exchange differences are
recognised as deferred income and any negative exchange differences are changed
to the income statement.
l) Recognition of revenue and expenses
The Group recognises each year as the
outcome of its construction contracts the
difference between production (valued at
the sale price of the work completed in
the period, per the main contract entered into with the owners or per approved
amendments or addenda thereto, or at the
sale price of completed projects which, although they have not yet been approved,
are reasonably certain to be billed) and the
costs incurred in the year.
The difference between the amount of
production from inception of each project and the amount billed in each case to
the reporting date is recognised in “Trade
Receivables in respect of Amounts to Be Billed for Work Performed” under “Accounts
Receivable – Trade Receivables for Sales
and Services”, or in “Advances Received
on Orders” under “Current Liabilities”, as
appropriate.
The revenue from the sale of property developed by the Group is recognised when the
property is delivered. The amount collected
or instrumented in notes of the contracts
entered into until year-end relating to property not yet delivered is recognised under
Aldesa Group
Report 2006
“Advances Received on Orders” or “ NonCurrent Liabilities” on the liability side of
the accompanying balance sheet, depending on whether they mature within less or
more than 12 months, respectively.
The costs incurred for work performed are
recognised when incurred.
In general, revenue and expenses are recognised on an accrual basis, i.e. when the
actual flow of the related goods and services occurs, regardless of when the resulting
monetary or financial flow arises.
m) Income tax
Income tax is calculated individually on the
profit of each company, based on its own
parameters, adjusted as appropriate by the
differences between taxable profit and accounting profit. The applicable tax relief
and tax credits are treated as a reduction
of the accrued tax.
The difference between the income tax
payable and the income tax expense is
recognised as a deferred tax asset or liability.
Unused tax loss carryforwards and deferred tax assets are recognised if they are
expected to have some impact on the future tax charge. If doubts exist as to their
future recovery, they are not recognised, in
accordance with the accounting principle
of prudence.
It is assumed that the future realisation of
deferred tax assets is not sufficiently assured when they are expected to be recovered
over a period of more than ten years from
the balance sheet date, unless there are deferred tax liabilities of the same or a higher
amount and their reversal period is the
same as that of the deferred tax assets.
Aldesa Group
Report 2006
71
n) Consolidation of joint ventures
The transactions carried out by joint ventures (UTEs are consolidated and recognised
in the companies’ balance sheet and income statement by including the portion
of the balances recognised in the joint
venture’s balance sheet that corresponds
to the ownership interest, after making
the necessary temporary and valuation adjustments in accordance with the criteria
adopted by the Group and after eliminating any unrealised gains or losses arising
from transactions between the companies
and the joint ventures and reciprocal asset
and liability balances.
Thousands of Euros
Beginning
Balance
Additions to
the Scope of
Consolidation
(Note 4)
Amortisation
Ending Balance
Fully consolidated companies:
Coalvi, S.A.
2,915
-
(371)
2,544
GTT Ingeniería y Tratamientos de Agua, S.A.
1,225
-
(143)
1,082
Agrupación de Empresas, Automatismos, Montajes y Servicios, S.L.
1,190
-
(120)
1,070
Proacon S.A.
-
30
(2)
28
Pebian Inversiones, S.L. (Construcciones PAI, S.A.)
-
21,298
(921)
20,377
The income statement was consolidated
using the same procedure as that described
above.
Promociones Eólicas del Altiplano, S.A.
-
3,452
(58)
3,394
Sistemas Energéticos Sierra del Andévalo, S.A.
-
1
-
1
Peces e Hijos, S.L.
-
2,999
(37)
2,962
o) Grants
Electrovalencia, S.L.
-
1,030
(48)
982
Meyvat, S.L.
-
2,051
(93)
1,958
Suelin, S.L.
-
681
(31)
650
Aeronaval de Construcciones e Instalaciones, S.A. (ACISA)
-
10,350
-
10,350
Ingeniería Geotécnica, S.A. (INGESA)
-
2,196
(190)
2,006
5,330
44,088
(2,014)
47,404
Refundable grants related to assets are
recognised at the amount received as noncurrent liabilities if refundable at over 12
months, or as current liabilities if refundable within 12 months. When a subsidy
granted subject to certain conditions being
met is no longer classified as refundable,
the balance is transferred to “Grants”. A
grant ceases to be refundable when the
conditions established for its obtainment
have been fulfilled or, where applicable, no
reasonable doubts exist as to their fulfilment in the future. A grant received which
is not subject to any condition and is therefore non-refundable is credited directly
to “Grants Related to Assets”.
Total
7 > Goodwill on consolidation
The detail of the balance of goodwill on
consolidation and of the changes therein
in 2006 is as follows:
Aldesa Group
Report 2006
73
8 > Start-up costs
The changes in start-up costs were as
follows:
on 2 December 2005 through the merger
by absorption of the six subsidiaries of
which it was the Sole-Shareholder, with
the extinction through dissolution without
liquidation of the absorbed companies.
The merger plan was submitted to the
Thousands of Euros
Additions to
the Scope of
Consolidation
Beginning
Balance
Ending
Balance
Amortisation
Start-up costs
158
51
(51)
158
Total
158
51
(51)
158
Mercantile Registry on 7 March 2006. This
goodwill is being amortised over 5 years.
The detail of the contracts for the leased
assets is as follows:
Thousands of Euros
The additions to the scope of consolidation
relate mainly to the consolidation of Pebian
Inversiones, S.L.
Maturity
9 > Intangible assets
Eur 1 thousand of the net amount of intangible assets relate to joint ventures.
The changes in 2006 in intangible assets and
in the related accumulated amortisation
were as follows:
“Goodwill” includes the goodwill generated
on the formation of Agrupación Empresas
Automatismos, Montajes y Servicios, S.L.
At 31 December 2006, fully amortised assets amounted to EUR 11 thousand.
Thousands of Euros
Additions to
Beginning
the Scope of
balance
Consolidation
Increases
Transfers to
Property, Plant
Disposals
and Equipment
(Note 10)
Other
Ending
Balance
Cost
Research and development expenditure
Rights on leased assets
Computer software
Concessions, patents and trademarks
Goodwill
Transfer rights
Total cost
Accumulated amortisation
Net total
Aldesa Group
Report 2006
Number
of Lease
Payments
Original
Cost
Lease Payments Paid
Prior Years
2006
Short-Term
Lease Payments
Outstanding
(Note 21.a)
LongTerm Lease
Payments
Outstanding
(Note 21.a)
Company building
2019
180
8,264
2,929
500
534
6,056
Machinery
2009
60
138
48
29
29
42
Machinery
2009
48
60
6
16
16
26
Machinery
2012
84
17
1
3
3
13
Machinery
2012
84
17
1
3
3
13
Machinery
2012
84
57
2
9
9
43
Machinery
2012
84
71
3
11
11
54
Machinery
2012
84
99
4
16
16
76
Machinery
2012
84
99
4
16
16
76
Machinery
2012
84
99
4
16
16
76
Machinery
2012
84
114
4
18
19
87
Machinery
2012
84
75
3
12
12
57
Machinery
2012
84
10
-
2
2
7
Machinery
2009
48
7
-
2
2
3
Machinery
2012
84
62
2
10
10
48
Machinery
2008
36
12
-
4
4
4
Machinery
2008
36
36
1
12
13
12
Machinery
2008
36
60
2
21
21
20
Machinery
2008
36
26
1
9
9
8
Machinery
2010
60
15
-
3
3
10
Plant
2007
36
10
11
3
3
-
1425
88
269
195
794
410
-
334
-
-
-
744
13,878
2,989
705
(402)
(193)
-
16,977
437
333
93
-
(93)
-
770
Transport equipment
2010
60
14
-
-
-
-
-
14
Transport equipment
2010
60
256
12
48
53
146
2,277
-
75
-
-
(470)
1,882
Transport equipment
2010
60
2413
374
454
474
1096
-
9
-
-
-
-
9
Machinery
2011
60
57
-
8
12
38
Machinery
2009
36
25
-
5
8
11
17,016
3,331
1,207
(402)
(286)
(470)
20,396
Transport equipment
2009
36
19
-
3
6
7
Machinery
2009
36
181
-
32
62
87
Transport equipment
2009
36
129
-
20
44
69
Transport equipment
2011
60
15
-
3
3
10
Transport equipment
2011
60
15
-
3
3
10
Transport equipment
2011
60
21
-
5
5
14
Transport equipment
2006
60
15
13
4
-
-
(860)
(1,312)
(1,442)
188
158
-
(3,268)
16,156
2,019
(235)
(214)
(128)
(470)
17,128
Aldesa Group
Report 2006
75
Thousands of Euros
Maturity
Number
of Lease
Payments
Original
Cost
Short-Term
Lease Payments
Outstanding
(Note 21.a)
Lease Payments Paid
Prior Years
2006
LongTerm Lease
Payments
Outstanding
(Note 21.a)
Machinery
2009
37
17
-
7
4
7
Machinery
2009
85
361
187
51
55
74
Machinery
2007
61
142
83
29
31
-
Transport equipment
2007
37
18
11
6
1
-
Machinery
2009
61
120
41
23
26
32
Machinery
2009
61
333
110
64
72
96
Machinery
2010
61
382
52
72
85
193
Machinery
2010
61
194
27
36
42
98
Machinery
2008
37
48
10
15
16
7
Transport equipment
2008
37
18
4
6
6
3
Machinery
2009
37
127
-
36
44
51
Computer hardware
2007
48
7
4
2
1
-
Computer hardware
2008
48
14
6
4
4
1
Computer hardware
2011
60
38
-
8
8
23
Computer hardware
2011
60
13
-
2
3
8
Computer hardware
2009
48
23
5
6
6
6
Computer hardware
2009
48
22
4
5
6
6
Plant
2010
121
367
243
41
44
127
Transport equipment
2007
49
61
43
17
8
-
Transport equipment
2007
49
117
81
31
16
-
Machinery
2007
49
56
37
15
9
-
Transport equipment
2007
49
95
64
24
17
Transport equipment
2007
49
62
38
17
Transport equipment
2009
49
28
3
8
Transport equipment
2009
49
26
3
Transport equipment
2010
49
67
-
Transport equipment
2010
49
39
-
Transport equipment
2010
49
31
Transport equipment
2008
48
Transport equipment
2009
Transport equipment
2010
Machinery
2007
Total
10 > Property, plant and equipment
The changes in 2006 in property, plant and
equipment and in the related accumulated
depreciation were as follows:
Thousands of Euros
Beginning
Balance
Additions to
the Scope of
Consolidation
Disposals
Transfer to
Property,
Transfer to
Plant and Inventories
Equipment
Ending
Balance
Cost
Land and structures
7,796
4,712
2,545
(800)
-
4,627
-
18,880
Plant and machinery
7,445
2,763
2,943
(636)
335
3,429
-
16,279
2,450
2,071
312
(96)
-
3
-
4,740
Other items of property, plant and equipment
2,274
3,030
783
(752)
67
-
-
5,402
760
3,687
8,790
(3,356)
-
(8,059)
(158)
1,664
Total
20,725
16,263
15,373
(5,640)
402
-
(158)
46,965
-
Accumulated depreciation
(5,459)
(6,087)
(4,562)
542
(188)
-
-
(15,754)
14
-
Property, plant and equipment, net
15,266
10,176
10,811
(5,098)
214
-
(158)
31,211
8
12
7
7
12
15
18
41
9
11
24
-
7
8
19
100
54
21
21
10
49
24
6
6
6
7
61
30
4
6
7
15
60
78
75
5
-
-
16,977
4,708
2,170
2,220
9,885
The most significant contract relates to the
building housing the Company’s headquarters, located at calle Bahía de Pollensa, 13
in Madrid.
Advances and construction in progress
At 31 December 2006, fully depreciated
items of property, plant and equipment
amounted to EUR 2,442 thousand.
EUR 1,116 thousand of the net amount of
property, plant and equipment relate to joint ventures.
The additions to “Land and Structures” are
due mainly to the inclusion in the scope
of consolidation of Aeronaval de Construcciones e Instalaciones, S.A. (ACISA) and
Construcciones Pai, S.A.
The most significant additions and disposals
recognised under “Advances and Property,
Plant and Equipment Under Construction”
relate to the inclusion in the scope of consolidation of Sistemas Energéticos Sierra
del Andévalo, S.A., a company involved
Aldesa Group
Report 2006
Additions
Transfer from
Intangible
Assets
(Note 9)
in the construction of a wind farm which
was completed at 31 December 2006 and
work under construction was transferred
to plant.
This heading also includes the following
changes in Aldesa Construcciones, S.A.:
- The completion of a new office building
which will house another Company headquarters, located in Madrid. Construction
of this building commenced in 2005 and
was completed and transferred to “Structures” at 31 December 2006.
- The completion of the construction of
an industrial building in Alcalá de Henares
(Madrid), which will be used as a factory by
Maquivías, S.A., a 97.94% owned subsidiary
of Aldesa Construcciones, S.A..
Aldesa Group
Report 2006
On 28 December 2006 this industrial building was sold to Aldesa Home, S.L., a 90%
owned subsidiary.
of its items of property, plant and equipment are subject.
The Group has taken out insurance policies
to cover the possible risks to which certain
11 > Long-term investments
The changes in 2006 in “Long-Term Investments” were as follows:
Thousands of Euros
Change in
Beginning
the Scope of
Balance
Consolidation
Additions
Disposals
Dividends and Ending
Transfers
Balance
Investments accounted for using the equity method (Note 11-a)
924
2,888
-
-
(270)
3,542
Loans to jointly controlled entities and associates (Note 11-b)
1,993
-
133
-
-
2,126
Long-term fixed income and similar securities
1,506
-
51
(97)
(1,460)
-
Other receivables (Note 11-c)
1,936
-
13,214
(10,000)
-
5,150
162
-
194
-
-
356
-
-
(22)
-
-
(22)
6,521
2,888
13,570
(10,097)
(1,730)
11,152
Long-term investment securities valuation allowance
Total
a) Investments in companies accounted
for using the equity method
The changes in “Investments Accounted for
Using the Equity Method” in 2006, by company, were as follows:
Thousands of Euros
Beginning Balance
Change in the Scope
of Consolidation
Dividends
Profit for 2006
10
-
-
10
20
Águilas Residencial, S.A.
477
296
(180)
694
1,287
Inarenas Proyectos Inmobiliarios, S.A.
437
348
(90)
4
699
Can Brian 2, S.A.
-
686
-
-
686
Torrepai, S.L.
-
7
-
-
7
Centre d’Oci Les Gavarres, S.L.
-
679
-
-
679
Cerconscat, S.A.
-
5
-
-
5
Gestora Runes de la Construcción, S.A.
-
3
-
-
3
Ipar Acisa, S.L.
-
156
-
-
156
924
2,180
(270)
708
3,542
Aldesa Group
Report 2006
b) Loans to associates
c) Other receivables
The balance of “Loans to Associates” includes
the following loans granted to jointly controlled entities and associates:
The balance of “Other Loans” in the balance
sheet at 31 December 2006 comprises mainly
the following loans of the Parent:
- EUR 3,589 thousand loan granted by the
Parent to G.I. Boj Castellana, S.L. (proportionately consolidated) which has not yet been
repaid. This loan was granted for the “Extension of the Castellana Avenue” real estate
project in Madrid. This loan earns interest at
the legal rate, plus two percentage points,
and is repayable in full in a single instalment
on maturity on 30 January 2009.
- Loans of EUR119 thousand and EUR 36
thousand granted to Famti, S.L., maturing on
1 December 2010 and 26 September 2010,
respectively. Both these loans earn interest at
a fixed annual rate of 3% and will be repaid
on maturity.
All the shares of G.I. Boj-Castellana, S.L. are
pledged to secure repayment of the amounts
drawn down.
- EUR 395 thousand loan granted to Sector
Betera, S.L. by the Parent for the acquisition
of land. This loan matures on 1 December
2008 and earns interest at the legal rate. No
partial repayments are to be made up to the
maturity date. This company is proportionately consolidated, based on the percentage of
ownership which is 50%.
- EUR 998 thousand loan granted to Dicasa
Diseños Canarios, S.L., maturing on 30 January 2009, for the acquisition of single-family
dwellings. This loan, which earns interest at
the three-month Euribor plus a spread of
0.50%, can be repaid early at any time over
the term of the loan.
- Accounts receivable from the Spanish Centre for the Development of Industrial Technology (CDTI) amounting to EUR 639 thousand,
collectible from 31 December 2007. This
amount was granted for the development of
an industrial research project currently being
developed by the Company.
Total
San Pedro Exterior, S.L.
Total
77
- Loans totalling EUR 265 thousand granted to Perdigana San Pau, S.L. These loans
have indefinite maturity and earn calendar
quarterly interest at a rate tied to the threemonth Euribor plus 200 basis points as published by the European Central Bank. Aldesa
Construcciones, S.A. may cancel these loans
and demand the immediate repayment of
the amount outstanding without any requirement other than mere notice. These loans
are for the purchase of land by Perdigana
San Pau, S.L. This company is proportionately consolidated, based on the percentage of
- EUR 906 thousand loan granted to Tilisos,
S.L. This loan was granted on 26 January
2004 and was renewed on 26 January 2006.
Its new maturity date is 26 January 2008. This
loan was granted to settle the deferred payment of the urban property located in Castellón and earns interest at the three-month
Euribor plus 50 basis points.
In 2006 the Company granted a EUR 10,000
thousand loan to Montearco, S.L. (shareholder of Aldesa Construcciones, S.A., see Note
14). This loan was repaid on 15 November
2006.
Aldesa Group
Report 2006
On 28 December 2006 Pebian Inversiones,
S.L. granted a EUR 2,296 thousand loan to
SNJ Invermonfinanzas, S.L. in order to meet
its financing requirements.
79
12 > Deferred charges
The balance of “Deferred Charges” in 2006
fully relates to deferred interest costs arising
from finance leases which are recognised in
the income statement over the term of the
related lease payments using the interest method (see Note 9).
b) Land and construction materials
The detail of the balance of “Land and
Construction Materials” is as follows:
13 > Inventories
The detail of “Inventories” in the balance
sheet is as follows:
Merchandise (Note 13-a)
Land and construction material (Note 13-b)
Thousands of Euros
Construction materials
11,183
Land for construction
51,580
Total
62,763
62,763
3,824
Short-cycle developments in progress (Note 13-c)
38,731
Completed construction work (Note 13-d)
1,711
Advances
3,455
The land for construction includes mainly
the following building plots:
113,462
a) Merchandise
At 31 December 2006 there was a significant increase in the volume of merchandise
and the balance related almost in full to
the inclusion in the scope of consolidation
of Aeronaval de Construcciones e Instalaciones, S.A. (ACISA).
- Land acquired by the Parent for construction in the municipalities of Cullera
(Valencia), Castellón, Soto del Henares (Madrid) and El Alamo (Madrid). The cost of this
land was increased by the costs incurred to
date. The carrying amount of this land totals EUR 26,344 thousand.
- Developable land acquired by G.I.Boj
Castellana, S.L. for construction in the extension of the Castellana Avenue in Madrid.
Its capitalisation cost amounts to EUR 4,933
thousand. This company is proportionately
consolidated, based on the percentage in
- Developable land acquired by Betera, S.L.
in the municipality of Betera (Valencia).
Its capitalisation cost amounts to EUR 456
thousand. This company is proportionately
consolidated, based on the percentage of
- Rural land acquired by Perdigana San Pau,
S.L. in Albocasser (Castellón), the capitalisation cost of which is EUR 424 thousand.
Aldesa Group
Report 2006
Thousands of Euros
2,978
Long-cycle developments in progress (Note 13-c)
Total
This company is proportionately consolidated, based on the percentage of ownership
which is 50%.
- Developable land acquired by Aldeturismo
de México. S.A. de C.V. for the construction
of a hotel resort complex in Bahía de Huatulco, Oaxaca (Mexico), totalling EUR 6,680
thousand. This company is fully consolidated.
- Developable land acquired by Aldesa polska, SP. Z.O.O. for the construction of an
office building in Krakow (Poland). The capitalised cost is EUR 1,170 thousand. This
company is fully consolidated.
- Land acquired by Aldesa Home, S.L. in El
Álamo (Madrid), pending approval of the
General Urban Zoning Plan for the aforementioned municipality, amounting to EUR
2,993 thousand. This company also acquired urban land in Figueras (Gerona) and
Cártama (Málaga) amounting to EUR 1,087
thousand and EUR 6,211 thousand, respectively. This company is fully consolidated.
The building plots of land are earmarked
mainly for residential development.
Aldesa Group
Report 2006
81
c) Developments in progress
The changes in 2006 in the balance of
“Developments in Progress” in the balance
sheet were as follows:
14 > Accounts receivable
Thousands of Euros
The detail is as follows:
Beginning
Balance
Increases
Transfers
Long-cycle developments in progress
10,432
1,804
(8,412)
3,824
Short-cycle developments in progress
20,328
18,245
158
38,731
Trade receivables for sales and services (Note 14-a)
Total
30,760
20,049
(8,254)
42,555
Receivable from Group companies and associates (Note 14-b)
Ending Balance
Sundry accounts receivable (Note 14-c)
The balance of this heading in the consolidated balance sheet consists mainly of the
costs incurred to date by the Group’s Parent in the following developments:
- Construction of 100 high-rise dwellings
in the municipality of Arroyomolinos (Madrid), scheduled for delivery in 2007. At
the reporting date, advances totalling EUR
2,370 thousand had been received (see
Note 21). A development loan has been
arranged with Caja Madrid for this construction project. At 31 December 2006
sales commitments relating to this project
amounted to EUR 30,102 thousand, and included substantially all the dwellings.
- Construction of 713 moorings in zone
3 of the marina area 3 at the port of Torrevieja (Alicante), (456 under assignment,
163 for rental and 94 for transient boaters), commercial premises and an office
building which includes a cafeteria and a
restaurant. This contract was awarded to
Aldesa Construcciones, S.A. by the Valencia
Autonomous Community Government on
23 December 2004, and granted a 30-year
concession to manage the aforementioned public port services. At 31 December
2006 sales commitments in relation to this
project amounted to EUR 13,734 thousand
for which EUR 5,362 thousand was received in advance (see Note 17-c).
Other construction projects are being
performed by other Group companies, including most notably the following:
- Medium and low-voltage engineering
projects, air-conditioning installations,
special installations, industrial plant maintenance, and integrated branch network
maintenance, etc. In Information Systems and Technology, IT migration and
implementation, residential technical
assistance, telecommunications installations, etc. These projects are performed
by Agrupación Empresas Automatismos,
Montajes y Servicios S.L. and amount to
EUR 3,838 thousand.
d) Completed construction work
Employee receivables
- Construction of an underground 250 car
park lot and of commercial premises in
Pamplona. These projects were performed
by Aldesa Construcciones, S.A. and were
completed in 1995. The cost of inventories
yet to be sold is EUR 1,178 thousand.
- Railway machinery manufactured by the
Group company Maquivias amounting to
EUR 533 thousand.
1,432
10,980
51
16,763
Allowances (Note 14-e)
(2,407)
Total
356,276
a) Trade receivables for sales and
services
The breakdown of the balance of “Trade
Receivables for Sales and Services” at 31
December 2006 is as follows:
Progress billings
Trade notes and bills receivable
Amount to be billed for work performed
Doubtful trade receivables
Thousands of Euros
245,643
33,068
9,452
39,079
2,215
Subtotal
329,457
Customer advances (Note 22-b)
(26,917)
Total trade receivables, net
302,540
“Amount to Be Billed for Work Performed”
includes the work performed during the
year but not yet billed to the customer,
which is recognised as a period revenue in
accordance with the revenue recognition
method described in Note 6-l.
At 31 December 2006 the balance of
“Progress Billings” is net of EUR 104,476
thousand corresponding to billings as-
Aldesa Group
Report 2006
329,457
Tax receivables (Note 14-d)
Discounted trade notes and bills
“Completed Construction Work” includes
mainly the following completed construction projects and products:
Thousands of Euros
signed under non-recourse factoring
arrangements. Aldesa Construcciones, S.A.
sell trade receivables to financial institutions, with declaration of acknowledgment
by them, without the possibility of recourse
against the Company in the event of nonpayment. These transactions bear interest
under normal market conditions. The Company continues managing collection during
this period.
Aldesa Group
Report 2006
83
The Company has entered into the following non-recourse factoring agreements
whereby certain receivables are sold
outright and the bad debt or default risk
is borne by the factoring entity (figures in
thousands of euros):
d) Tax receivables
Limit
Drawn Amount
The breakdown of “Tax Receivables” in the
balance sheet at 31 December 2006 is as
follows:
Factor
Type of Receivable
Banesto
Promissory notes
25,000
24,726
Banesto
Invoices
13,500
13,047
BSCH
Progress billings
16,640
1,465
BSCH
Promissory notes
682
682
BBVA
Promissory notes
4,596
4,596
VAT receivable.
BBVA
Invoices
8,640
8,640
Income tax receivable (Note 23-a)
543
BBVA
Progress billings
10,138
5,684
Banco Sabadell
Promissory notes
15,850
8,810
Deferred tax assets
943
Banco Popular
Invoices and promissory notes
3,080
2,981
Caja Madrid
Invoices, progress billings and promissory notes
46,695
33,845
144,821
104,476
Total
Thousands of Euros
15,277
16,763
e) Allowances
The balance of “Allowances” relates in
full to the allowances recognised to cover
doubtful trade receivables included under
“Trade Receivables for Sales and Services”.
b) Receivable from Group companies
and associates
The balance of this heading in the balance
sheet relates in full to the account receivable by Aldesa Construcciones S.A. from
Águilas Residencial, S.A. as a result of consolidating this company using the equity
method. This balance receivable arises
mainly from services rendered, staff loans,
out-of-pocket expenses, etc.
15 > Short-term investments
c) Sundry accounts receivable
The breakdown of this balance is as follows:
The detail of the balance of “Sundry Accounts Receivable” at 31 December 2006 is
as follows:
Thousands of Euros
Receivable for cash advance
Thousands of Euros
835
Receivable from joint ventures
10,145
Total
10,980
Loans to Group companies and associates (Note 15-a)
2,394
Short-term fixed income and similar securities (Note 15-b)
109,381
Other receivables (Note 15-c)
6,789
721
Total
119,285
“Receivable from Joint Ventures” relates to
balances receivable from joint venturers.
Aldesa Group
Report 2006
Aldesa Group
Report 2006
85
a) Loans to Group Companies and
associates
The breakdown of “Loans to Group Companies and Associates” in the balance sheet is
as follows:
This item also includes the transfer of the
portion maturing at short-term.
Thousands of Euros
Proportionately consolidated:
G.I. Boj Castellana, S.L.
1,457
Sector Betera, S.L.
70
Perdigana San Pau, S.L.
79
EUR 13,960 thousand of the balance of
“Short-Term Investment Securities” relate
to joint ventures.
The breakdown, by company, is as follows:
Equity-accounted:
Resto
672
Torrepai, S.L.
49
Can Brians 2 S.A.
67
Total
Thousands of Euros
Aldesa Construcciones, S.A.
100,694
2,394
45
Maquivías, S.A.
120
The balance of this heading includes mainly the following loans granted by Aldesa
Construcciones, S.A. to associates:
amount outstanding without any requirement other than mere notice. This loan was
granted for the purchase of land.
- Loans totalling EUR 2,487 thousand granted to G.I. Boj Castellana, S.L. in 2006. All
the loans have indefinite maturity and earn
calendar quarterly interest at the threemonth Euribor as published by the European
Central Bank. Aldesa Construcciones, S.A.
may cancel these loans and demand immediate repayment of the amount outstanding
without any requirement other than mere
notice. All of the loans granted to G.I. Boj
Castellana, S.L. were for the “Extension of
the Castellana Avenue” real estate project
in Madrid.
- Loans totalling EUR 150 thousand granted to Perdigana San Pau, S.L. in 2006.
These loans have indefinite maturity and
earn quarterly interest at the three-month
Euribor plus 200 basis points as published by the European Central Bank. Aldesa
Construcciones, S.A. may cancel the loans
and demand immediate repayment of the
granted for the purchase of land by Perdigana San Pau, S.L.
- EUR 126 thousand loan granted to Sector Betera, S.L. on19 December 2006. This
loan has indefinite maturity and earns
calendar quarterly interest at the threemonth Euribor plus 0.50% as published
by the European Central Bank. Aldesa
Construcciones, S.A. may cancel this loan
Aldesa Group
Report 2006
The balance of this heading also includes
interest earned on the loans amounting to
EUR 252 thousand.
b) Short-term fixed-income and similar
securities
This heading comprises mainly fixed-term
deposits maturing within one year.
5,422
Agrupación Empresas Automatismos, Montajes y Servicios, S.L.
Areinsa Arquitectos e Ingenieros, S.A.
837
3
2,114
Proacon, S.A.
70
Aeronaval de Construcciones e Instalaciones, S.A.
76
109,381
All the balances are unrestricted except
for that relating to G.I. Boj Castellana, S.L.
which has been pledged.
c) Other loans
The balance of this balance sheet item includes mainly the following loans:
- EUR 1,310 thousand granted to Dicasa Diseños Canarios, S.L. on 30 October
2006. This loan has indefinite maturity and
earns calendar quarterly interest at the
three-month Euribor plus 0.50% as published by the European Central Bank. Aldesa
Construcciones, S.A. may cancel this loan
amount outstanding, without any requirement other than mere notice.
- EUR 2,282 thousand loan granted to Suministros Técnicos del Norte, S.A. in 2006.
This loan has indefinite maturity and earns
calendar quarterly interest at the threemonth Euribor plus 0.50% as published by
the European Central Bank. Aldesa Construcciones, S.A. may cancel this loan and
demand the immediate repayment of the
granted for the acquisition of shares.
- Loans totalling EUR 1,664 thousand
granted to Tilisos, S.L. for the purchase of
various rural properties located in the municipalities of Liérganes, Vilafant and Onda.
These loans mature in 2007 and earn interest at the three-month Euribor plus 50
basis points.
Aldesa Group
Report 2006
- EUR 42 thousand loan granted to Sogefergu, S.L. This loan will earn interest at the
annual Euribor plus 1 percentage point.
87
“Other Loans” also includes EUR 1,243
thousand relating to joint ventures.
16 > Cash
The Parent’s share capital at 31 December
2006 consisted of 500,000 fully subscribed
and paid registered shares of EUR 20.20 par
value each, numbered from 1 to 500,000.
Thousands of Euros
Cash
At 31 December 2006 the shareholder structure was as follows:
143
Banks
83,656
Total
83,799
All the balances are unrestricted.
17 > Shareholders’ equity
Shareholder
Number of Shares
Percentage of Ownership
- Cincoserra, S.L.
200,000
40%
- Montearco, S.L.
200,000
40%
- Catalana Construcciones Civiles, S.L.
100,000
20%
500,000
100%
The changes in “Shareholder’s Equity” in
2006 were as follows:
The breakdown, by consolidated company,
of the reserves at consolidated companies
is as follows:
Thousands of Euros
Reserves of the Parent
Share
Capital
Unrestricted
Reserves
Restricted
Reserves
Reserves
at Fully
Consolidated
Companies
Companies
Accounted
for Using the
Equity Method
Profit for
the year
Total
10,100
25,019
2,020
(5,627)
574
26,461
58,547
Distribution of 2005 profit
-
17,669
-
4,792
-
(22,461)
-
Dividends paid
-
-
-
-
-
(4,000)
(4,000)
Change in the scope of consolidation
-
-
-
-
(171)
-
(171)
Profit for 2006
-
-
-
-
-
29,130
29,130
Balance at 31/12/05
10,100
42,688
2,020
(835)
403
Thousands of Euros
Company
29,130
83,506
Reserves
Fully consolidated:
(231)
Maquivías, S.A.
(499)
Coalvi, S.A.
Urbanizadora Carretera Albalat, S.L.
Proacon, S.A.
Aldesa Conservación e Infraestructuras, S.A.
Subgrupo Agrupación de Empresas, Automatismos, Montajes y Servicios, S.L. (AMS)
Alviesa, S.L.
324
(219)
(68)
(137)
(7)
(17)
24
(5)
(835)
Accounted for using the equity method:
237
166
403
Total
Aldesa Group
Report 2006
(432)
Aldesa Group
Report 2006
89
Under the Consolidated Spanish Companies
Law, 10% of the profit for each year must
be transferred to the legal reserve until the
balance of this reserve reaches 20% of share capital. Until the legal reserve reaches
20% of share capital, it can only be used to
offset losses or to increase capital provided
that the remaining reserve balance does
not fall below 10% of the increased share
capital amount. At 31 December 2006, the
legal reserve had reached its legally stipulated limit.
18 > Minority interests
The changes in “Minority Interests”, by subsidiary, in 2006 were as follows:
Thousands of Euros
The detail of other companies with ownership interests of 10% or more in the
companies accounted for using the equity
method is as follows:
Beginning
Balance
Maquivías, S.A.
Profit or Loss Attributed
to Minority Interests
Adjustments
(Note 26-d)
Changes in
the Scope of
Consolidation
Ending
Balance
84
4
-
(58)
30
273
131
-
-
404
4,772
585
-
30
5,387
(20)
(53)
7
-
(66)
Owner
Investee
Construcciones Sánchez Domínguez-Sando, S.A.
28.00
Construcciones Paraño, S.A.
28.00
Tableros y Puentes, S.A.
16.00
Ingeniería Geotécnica, S.A.
-
37
-
162
199
Administrador de Infraestructuras Ferroviarias
40.00
Investigaciones Geotécnicas, S.L.
-
31
-
61
92
Proacon, S.A.
20.00
Aldesa Marina Salinas, S.L.
-
(2)
-
1
(1)
Dintrevila, S.A.
20.00
Aldesa Servicios y Mantenimiento, S.L.
-
(4)
-
1
(3)
Red Nacional de Ferrocarriles Españoles
40.00
Aldesa Energías Alternativas, S.L.
-
(7)
-
6
(1)
Areinsa Arquitectos e Ingenieros, S.A.
30.00
Proacon, S.A.
-
-
-
(4)
(4)
-
-
-
(142)
(142)
Subgrupo Agrupación Empresas Automatismos,
Montajes y Servicios, S.L.
Proinosa (Promoción Ingeniería de Obras, S.A.)
Can Brian 2, S.A.
20.00
Dragados, S.A.
Can Brian 2, S.A.
75.00
Supertec Zona, S.L.
-
-
-
(46)
(46)
Comsa, S.A.
28.315
Aldesa Hidrocarburos, S.L.
-
(2)
-
1
(1)
Comapa
21.87
Aldesa Turismo, S.A.
-
(5)
-
3
(2)
Prima inmobiliaria
21.50
Subgrupo Aldesa Home, S.L.
-
155
-
1,058
1,213
Confederación Catalana de la Construcción
10.00
Subgrupo Pebian Inversiones, S.L.
-
(504)
-
601
97
Junta de Residuos
45.00
5,109
366
7
1,674
7,156
Amintel, S.L.
Ipar Acisa, S.L.
51.00
19 > Negative goodwill on
consolidation
The negative goodwill arose on the consolidation of the following investments:
Thousands of Euros
Beginning Balance
Additions to the Scope of Consolidation
Ending Balance
Fully consolidated companies:
Aldesa Group
Report 2006
-
(33)
(33)
-
(1,276)
(1,276)
Total
-
(1,309)
(1,309)
Aldesa Group
Report 2006
91
20 > Provisions for contingencies
and charges
The changes in this heading, which includes
the provisions recognised by the Company to
cover possible liabilities arising from contractual claims, were as follows:
Thousands of Euros
Balance at 31/12/05
2,320
Period provision
775
Amount used
(180)
Total
2,915
The period provision is included under “Other
Operating Expenses” in the accompanying
consolidated income statement for 2006.
21 > Non-current liabilities
Thousands of Euros
Payable to credit institutions (Note 21-a)
Payable to credit institutions for project financing (Note 21-a)
25,573
5,944
Principal or
Limit
Due in 2007
(Note 22-a)
Due in 2008
Due in 2009
Due in 2010
Due in
Subsequent
Years
Bank
Account type
Bancaja
Loan
7,021
7
-
-
-
-
Caixa Girona
Loan
2,886
3
-
-
-
-
Deutsche Bank
Loan
2,733
3
-
-
-
-
Ibercaja
Loan
384
1
-
-
-
-
BSCH
Commercial loan
10,000
-
-
-
-
-
Caixa Galicia
Commercial loan
10,000
-
-
-
-
-
Banco Sabadell
Syndicated loan
90,000
-
-
-
-
-
Bancaja
Discount
-
306
-
-
-
-
Banco de Andalucía
Discount
-
273
-
-
-
-
Banco de Valencia
Discount
-
287
-
-
-
-
Banco Guipuzcoano
Discount
-
125
-
-
-
-
Banco Pastor
Discount
-
220
-
-
-
-
Banco Sabadell
Discount
-
1,426
-
-
-
-
Banesto
Discount
-
2,354
-
-
-
-
BBVA
Discount
-
526
-
-
-
-
BBVA (*)
Discount
-
494
-
-
-
-
Other payables (Nota 21-b)
13,006
BSCH
Discount
-
245
-
-
-
-
Total
44,523
Caja Madrid
Discount
-
3,126
-
-
-
-
Ibercaja
Discount
-
133
-
-
-
-
La Caixa
Discount
-
1,665
-
-
-
-
BBVA
Factoring
230,797
231
-
-
-
-
BSCH
Factoring
421
-
-
-
-
Caixa Terrassa
Mortgage
128,134
23
23
23
22
38
Banco de Valencia
Finance Lease
13
3
3
2
2
1
Banco Guipuzcoano
Finance Lease
154
34
22
12
2
Banco Sabadell
Finance Lease
2,301
364
465
420
317
199
Bankinter
Finance Lease
52
11
9
11
11
3
BBVA
Finance Lease
400
86
84
82
27
-
BSCH
Finance Lease
12,206
1,399
1,418
1,248
672
4,480
Caixa Catalunya
Finance Lease
433
61
53
47
40
-
Caja Madrid
Finance Lease
279
61
30
9
-
-
Ibercaja
Finance Lease
38
8
7
7
7
1
La Caixa
Finance Lease
1,087
193
125
63
6
-
Bancaja
Credit facility
600
397
-
-
-
-
Banco de Valencia
Credit facility
1,050
787
-
-
-
-
Banco Guipuzcoano
Credit facility
1,000
394
-
-
-
-
a) Payable to credit institutions
This heading corresponds to long-term
bank borrowings.
The detail, by maturity, of bank borrowings
is as follows:
Aldesa Group
Report 2006
Aldesa Group
Report 2006
Principal or
Limit
Due in 2007
(Note 22-a)
Due in 2009
Due in 2010
93
Account type
Banco Pastor
Credit facility
400
254
-
-
-
-
Banco Sabadell
Credit facility
1,200
769
-
-
-
-
Banesto
Credit facility
1,300
661
-
-
-
-
Bankinter
Credit facility
250
246
-
-
-
-
Barclays
Credit facility
700
-
-
-
-
-
BBVA
Credit facility
2,500
1,855
-
-
-
-
BSCH
Credit facility
3,000
1,654
-
-
-
-
CAI
Credit facility
300
200
-
-
-
-
Caixa Catalunya
Credit facility
380
217
-
-
-
-
Caja España
Credit facility
210
208
-
-
-
-
Caja Madrid
Credit facility
1,200
967
-
-
-
-
Caja Mar
Credit facility
700
690
-
-
-
-
Cajasur
Credit facility
1,000
269
-
-
-
-
Deutsche Bank
Credit facility
500
452
-
-
-
-
Ibercaja
Credit facility
200
193
-
-
-
-
La Caixa
Credit facility
500
391
-
-
-
-
Bancaja
Loan
300
43
43
43
43
18
Banco Sabadell
Loan
900
180
180
180
-
-
Banesto
Loan
3,000
372
443
413
435
1,237
BBVA
Loan
413
30
368
-
-
-
BSCH
Loan
4,757
1,528
861
-
-
-
Cajasur
Loan
4,000
426
445
466
488
2,140
Cincoserra, S.L.
1,599
Banco de Andalucía
Unsecured loan
880
180
190
115
-
-
Montearco, S.L.
10,000
Banco de Andalucía
Mortgage loan
302
38
20
12
13
47
Banesto
Mortgage loan
288
53
53
17
-
-
BBVA
Mortgage loan
1,330
67
84
88
91
971
Caja Madrid
Mortgage loan
25,233
27
6,027
27
12
Caja Mar
Mortgage loan
42
9
12
-
-
-
El Monte
Mortgage loan
204
6
-
-
-
-
27,652
10,965
3,285
2,188
9,135
Bank borrowings
Due in 2008
Due in
Subsequent
Years
Bank
Banco de Valencia
Loan
1,835
-
-
1,835
-
-
BSCH
Loan
4,336
228
215
226
236
3,432
228
215
2,061
236
3,432
27,880
11,180
5,346
2,424
12,567
Bank borrowings for project financing
Total
(*) Relate to the share of the bank borrowings of joint
ventures.
Aldesa Group
Report 2006
Bank borrowings for project financing
include project financing through SPVs
without recourse to the shareholder of these SPVs. In particular, a wind farm project
is being financed through the SPV Sistemas
Energéticos Sierra del Andévalo, S.A. and a
real estate development project through
the SPV G.I. Boj Castellana, S.L.
The interest rate on the bank borrowings
results basically from the conditions prevailing in the various inter-bank markets
tied to Euribor.
b) Other payables
The breakdown of this heading is as follows:
Thousands of Euros
Centro Desarrollo Tecnológico Industrial (CDTI)
Centre d’oci Les Gavarres, S.L.
Otros acreedores
Total
The debt recognised under “Other Payables”, which includes the amount granted
by CDTI, the Spanish Centre for the Development of Industrial Technology, is intended
for the implementation of an industrial
research project on domotics. The loan
amount will be paid by CDTI in the period
from April 2009 to January 2014.
639
34
687
47
13,006
The loan received from Montearco, S.L. was
arranged with the Parent through an agreement entered into on 28 December 2006.
This loan was repaid in February 2007.
The debt to Cincoserra, S.L. relates to the
long-term amount payable for the purchase of an ownership interest in this company
(see Note 8) and is due on 30 November
2008.
Aldesa Group
Report 2006
95
22 > Current liabilities
Payable to credit institutions (Notes 21-a and 22-a)
Thousands of Euros
27,652
Payable to credit institutions for project financing (Notes 21-a and 22-a)
228
Payable to related companies
212
Advances received on orders (Note 22-b)
48,957
Accounts payable for purchases and services
213,568
Notes payable
278,117
Taxes payable (Note 22-c)
46,234
Other payables (Note 22-d)
18,412
Remuneration payable (Note 22-e)
3,608
Guarantees and deposits received
5
Operating allowances (Note 22-f)
12,524
Accrual accounts
78
Total
b) Advances received on orders
649,595
These advances relate mainly to the amounts
received in respect of progress billings on
uncompleted contracts, in accordance with
the revenue recognition method described
in Note 6-l. The detail is as follows:
Thousands of Euros
Advances received on orders - Parent
Advances received on orders - Subsidiaries
20,454
6,463
Subtotal advances received on orders (Note 14-a)
26,917
Advanced progress billings on uncompleted contracts - Parent
16,272
Advanced progress billings on uncompleted contracts-Subsidiaries
5,768
Subtotal advanced progress billings on uncompleted contracts
22,040
Total advances
48,957
a) Payable to credit institutions
The breakdown, by company, of the balance
of “Current Liabilities - Bank Borrowings” is
as follows:
c) Taxes payable
The breakdown of “Taxes Payable” is as
follows:
Thousands of Euros
Payable to credit institutions
Coalvi, S.A.
Areinsa, Arquitectos e Ingenieros, S.A.
Agrupación Empresas, Automatismos, Montajes y Servicios, S.L.
Meyvat, S.L.
Electrovalencia, S.L.
VAT payable
1,913
958
1,355
15
910
4,047
4
378
AMS Alta Tensión Cataluña, S.L.
372
Aeronaval de Construcciones e Instalaciones, S.A. (ACISA)
Unaccrued output VAT
5,307
25,806
Accrued social security taxes payable
2,689
Personal income tax withholdings payable
2,972
Deferred tax liabilities
3,550
Income tax payable (Note 23-a)
5,910
Total
46,234
2,542
Thousands of Euros
267
14,891
Payable to credit institutions for project financing
Total
Aldesa Group
Report 2006
228
27,880
Aldesa Group
Report 2006
97
d) Other payables
The breakdown is as follows:
Thousands of Euros
Non-current asset suppliers
1,226
Unallocated Items
4,785
Other payables for company acquisitions
12,401
Total
18,412
“Other Payables for Company Acquisitions”
includes the amount payable to the former
owners of Cincoserra, S.L., Ingeniería Geotécnica, S.A., Investigaciones Geotécnicas,
S.L. and Aeronaval de Construcciones e Instalaciones, S.A.
e) Compensation payable
This heading in the balance sheet includes
the provision for incentives and other staff
remuneration accrued during the year, the
payment of which was made in the following year.
Thousands of Euros
Temporary differences due to consolidation adjustments:
the date of their refund. Provisions to this
allowance are recognised with a charge to
“Change in Operating Allowances” in the
accompanying consolidated income statement for 2006.
Increases
-
Decreases
(16,497)
Adjusted consolidated accounting profit
20,887
Adjusted gross tax payable (35%)
13,427
Tax credits and tax relief
(540)
Net tax payable
12,887
Income tax withholdings
(375)
Tax charge for the year
12,512
(7,145)
State income tax prepayments
“Operating Allowances” also includes the
provision for severance costs payable to
employees on completion of the work.
Provisions to this allowance are recognised with a charge to “Change in Operating
Allowances” in the accompanying consolidated income statement for 2006.
f) Operating allowances
23 > Tax matters
This heading includes the estimated amount
required to cater for the site maintenance
expenses during the warranty period, site
clearance and removal of installations, and
settlement and guarantee expenses until
a) Accounting profit and taxable profit
Net tax charge
5,367
Income tax payable (Note 22-c)
5,910
Income tax receivable (Note 14-d)
The temporary differences due to consolidation adjustments relate mainly to the
unification of the results of the Pebian
Inversiones, S.L. subgroup, Aldesa Luz, S.L.
subgroup, Investigaciones Geotécnicas S.L.
subgroup and Ingeniería Geotécnica, S.A.
The reconciliation of the accounting profit
for the year to the estimated taxable profit
for income tax purposes is as follows:
543
There are tax losses available for carryforward and unused tax credits totalling
EUR 18,851 thousand.
Law 35/2006 of 28 November on Personal
Income Tax and partially amending the
Spanish Corporation tax, Non-Resident
Income Tax and Wealth Tax Laws, provides
inter alia, for the reduction over two years
in the standard corporation tax rate, which
until 31 December was 35%. The tax rate is
reduced as follows:
Thousands of Euros
Accounting profit for the year before income tax expense
Tax loss carryforwards
44,049
(326)
Permanent differences at individual companies:
Increases
1,035
Decreases
(36)
Tax periods beginning on or after
Tax Rate
1 January 2007
32.5%
1 January 2008
30 %
Temporary differences at individual companies
Increases
803
Decreases
(8,141)
Aldesa Group
Report 2006
The effect of this change on the amount
of deferred tax assets and liabilities in the
balance sheet is not material.
Aldesa Group
Report 2006
b) Years open to review by the tax authorities
99
bonds to public and private agencies. The
purpose of bonds is to guarantee completion of the construction projects and most
of them were provided by banks and insurance companies.
The Company has the last four years open
for review by the tax authorities for all the
taxes applicable to it. The Parent’s directors
consider that the tax liability which might
arise as a result of a tax review would not
materially affect the consolidated financial
statements.
The directors of the Parent and of the
subsidiaries do not expect any liability to
arise in relation to these guarantee commitments.
25 > Transactions with companies
accounted for using the equity
method
24 > Guarantee commitments to
third parties
Of the total balances, EUR 39,145 thousand
of “Raw Materials and Other Supplies”, EUR
78, 847 thousand of “Other External Expenses” and EUR 2,570 thousand of “Change in
Inventories”, respectively related to proportionately consolidated joint ventures.
b) Staff costs
The breakdown of staff costs is as follows:
At 31 December 2006, the Group companies had provided EUR 333,062 thousand of
provisional and final bid and performance
The detail, by company, is as follows:
Thousands of Euros
Thousands of Euros
Wages and salaries
Purchases and Services Received
Sales and Services Provided
Dividends Received
Termination benefits
-
-
90
Employer social security costs
-
5,918
180
Other employee welfare expenses
Total 24
5,918
270
Total staff costs
All the commercial transactions are carried
out under the terms and conditions established by both parties on an arm’s length
basis.
26 > Income and expenses
a) Materials used and other consumables
72,338
1,776
19,415
592
94,121
Wages and salaries and termination benefits relating to proportionately consolidated
joint ventures amounted to EUR 2,051 and
EUR 9 thousand, respectively.
There were no pension plan obligations to
the employees.
The employer social security costs and
other employee welfare expenses relating
to proportionately consolidated joint ventures amounted to EUR 636 thousand and
EUR 13 thousand, respectively.
The balance of “Sales” relates in full to sales made in Spain.
c) Sales
The breakdown of sales, by line of business,
is as follows:
The detail of the materials used in 2006 is
as follows:
Purchases
Inventory Variation
Raw materials and other supplies
186,775
(6,333)
180,442
Other external expenses
374,204
-
374,204
Total materials used in operations
Thousands of Euros
Total (Thousands of Euros)
554,646
Construction
Other
653,651
43,541
697,192
Of these sales, EUR 141,966 thousand related to joint ventures (see Note 30).
Aldesa Group
Report 2006
Aldesa Group
Report 2006
101
The breakdown of the sales included in
“Construction”, by type of work, is as follows:
Thousands of Euros
Non-residential building construction
Residential building construction
248,634
Civil engineering work
313,632
Other
d) Contribution to profit by
consolidated companies
91,385
The contribution by each consolidated
company to consolidated profit is as
follows:
43,541
Thousands of Euros
697,192
Company
The Group acted as the general contractor
in most of the construction projects.
Coalvi, S.A.
Thousands of Euros
Maquivías S.A.
1,222,363
Subgrupo Agrupación de Empresas, Automatismos, Montajes y Servicios, S.L.
Other
119,315
Total
1,341,678
EUR 360,842 thousand of this backlog related
to joint ventures.
Total
25,986
-
25,986
671
-
671
33
131
164
153
4
157
Fully consolidated:
Construction
Attributable
to Minority
Interests
Parent:
The detail of the backlog at 31 December
2006 is as follows:
Attributable
to the Parent
758
585
1,343
(346)
(53)
(399)
Urbanizadora Carretera de Albalat, S.L.
(13)
-
(13)
Alviesa, S.L.
Aldesa Conservación y Explotación de Infraestructuras, S.A.
The breakdown of sales by autonomous community is as follows:
Thousands of Euros
Percentage
(36)
-
(36)
(1)
-
(1)
(74)
-
(74)
19
37
56
92
31
123
Aldesa Marina Salinas, S.L.
(5)
(2)
(7)
(38)
(4)
(42)
(61)
(7)
(68)
Madrid
192,912
27.67%
Aldesa Energías Alternativas, S.L.
Andalucía
164,746
23.63%
Aldesa Hidrocarburos, S.L.
(222)
(2)
(224)
(93)
(5)
(98)
Subgrupo Aldesa Home, S.L.
799
155
954
2,185
(504)
1,681
(7)
-
(7)
(679)
-
(679)
Aldesa Polska, SP. Z.O.O.
(57)
-
(57)
Proacon, S.A.
(19)
-
(19)
(4)
-
(4)
3,055
366
3,421
Comunidad Valenciana
82,478
11.83%
Cataluña
74,878
10.74%
Castilla La Mancha
41,832
6.00%
Galicia
30,607
4.39%
Aragón
27,609
3.96%
Castilla y León
18,685
2.68%
Asturias
14,920
2.14%
Murcia
14,920
2.14%
Baleares
12,061
1.73%
Accounted for using the equity method:
Navarra
7,460
1.07%
(87)
-
(87)
La Rioja
7,321
1.05%
167
-
167
9
-
9
89
-
89
29,130
366
29,496
Cantabria
3,556
0.51%
Extremadura
3,207
0.46%
697,192
100.00%
Total
Aldesa Group
Report 2006
Subgrupo Pebian Inversiones, S.L.
Aldesa Luz, S.L.
Aldeturismo de México, S.A. de C.V.
Total
Aldesa Group
Report 2006
103
e) Bad debt allowances (Note 14)
The changes in 2006 in bad debt allowances were as follows:
i)
Thousands of Euros
Balance at 31/12/05
1,607
1,229
Period provision
215
Amounts used
(644)
Balance at 31/12/06
2,407
The average number of employees at the
Group companies in 2006 was as follows:
Professional Category
f) Other operating allowances (Note 22)
The changes in “Other Operating Allowances” were as follows:
Thousands of Euros
Balance at 31/12/05
9,946
484
Period provision
2,966
Amounts used
(872)
Balance at 31/12/06
Average headcount
Number of Employees
University graduates
373
Junior college graduates
556
Site foremen and non graduate line personnel
453
Clerical staff
265
Manual workers
1,365
Total
3,012
The Group does not have sufficient means
enabling it to provide a breakdown of staff
by gender.
Prior years’ expenses relate mainly to payments made in 2006 as a result of the
Social Security inspection carried out at
j) Extraordinary income and expenses
Prior years’ income includes mainly the
accounting adjustments made in 2006 in
relation to prior years’ accounts receivable.
12,524
g) Outside services
h) Other external expenses
“Independent Professional Services” includes the fees for the audit of the financial
statements of the Parent and of its subsidiaries. The expenses incurred in this
connection in 2006 amounted to EUR 256
thousand, of which EUR 228 thousand related to the main auditor.
“Other External Expenses” includes the
subcontracted work that forms part of the
Group’s own production process.
27 > Other information
The detail of the remuneration earned by the
Parent’s directors in 2006 is as follows:
Thousands of Euros
Attendance and directors’ fees
125
Wages and salaries
1,425
Total
1,550
No advances or loans were granted to the
directors and there were no pension or life
insurance obligations to them.
Pursuant to Article 127 ter. 4 of the Spanish Companies Law, introduced by Law
26/2003 of 17 July, which amended Secu-
Aldesa Group
Report 2006
Aldesa Group
Report 2006
rities Market Law 24/1988 of 28 July, and
the Consolidated Companies Law, in order
to reinforce the transparency of corporations, following is a detail of the companies
engaging in an activity that is identical, similar or complementary to the activity that
105
constitutes the company object of Aldesa
Construcciones, S.A. in which the members
of the Board of Directors own equity interests, and of the functions, if any, that they
discharge thereat:
The members of the Board of Directors may
own equity interests in other Aldesa Construcciones, S.A. Group companies and there
is no evidence of any equity interests held
by them in non-Group companies engaging
in an activity that is identical, similar or
complementary to the activity that constitutes the object of the Company.
Name
Activity
Company through which the Activity is Performed
Position Held
D. Antonio Fernández Rubio
Real estate
Director
Construction
Catalana de Construcciones Civiles, S.A.
Sole Director
D. José Luis Naveira Naveira
Real estate
Director
Construction
Areinsa, Arquitectos e Ingenieros, S.A.
Chairman
Construction
Coalvi, S.A.
Chairman
Real estate
Tilisos, S.L.
Chairman
D. Alejandro Fernández Ruiz
Real estate
Habana Gestión, S.L.
Director
Construction
Coalvi, S.A.
Secretary
Construction
Concisa de Construcciones Civiles, S.L.
Sole Director
Installations
Director
Construction
Pebian Inversiones, S.L.
Sole Director
Name
Investee
Servicios
Sole Director
Suministros Técnicos del Norte, S.A.
0.01%
Installations
Aeronaval de Construcciones e Instalaciones, S.A.
Managing Director
D. Carlos Gasca Allué
Real estate
Director
D. Carlos Gasca Allué
Construction
Coalvi, S.A.
Director
D. Miguel Torres Paredes
Construction
Director
Dª Matilde Fernández Ruiz
Construction
Proacon, S.A.
Secretary
Construction
Habana Gestión, S.L.
Secretary
Real estate
Aldesa Home, S.L.
Director
Real estate
Director
Real estate
Director
D. Juan Manuel Fernández Rubio
Real estate
Director
Construction
Coalvi, S.A.
Deputy Chairman
Real estate
Director
D. Miguel Ruiz Anguiano
Real estate
Director
Construction
Coalvi, S.A.
Director
Real estate
Director
Construction
Comsa, S.A.
Director
D. Fernando Guallar Ureña
Real estate
Chairman
Real estate
Chairman
Construction
Coalvi, S.A.
Director
Construction
Areinsa, Arquitectos e Ingenieros, SA.
Director
Construction
Proacon, S.A.
Chairman
Installations
Director
Tourism
Director
Aldesa Group
Report 2006
Also, in accordance with the foregoing
legislation, following is a detail of the activities performed by Board Members that
are identical, similar or complementary to
the activity that constitutes the company
object of Aldesa Construcciones, S.A.:
28 > Subsequent events
Subsequent to 31 December 2006, the
Group increased its size through the acquisition by the Parent of the following
companies:
- On 27 March 2007, Aldesa Construcciones S.A. incorporated Civesa Ingeniería,
S.A. to engage in all kinds of civil construction work. This company is 95% owned by
Aldesa Construcciones, S.A. and 5% owned
by Aldesa Home, S.L.
- On 30 March 2007, the Aldesa Group,
through its subsidiary Servicios Concentra,
purchased all the shares of Técnicas de Administración y Mantenimiento Inmobiliario
(TMI), a Realia real estate group company,
which engages mainly in the integrated
management and global maintenance of
buildings and real estate resources. This
company’s revenue amounted to EUR 16.9
million in 2006 and has a headcount of 290
employees.
There are no other subsequent events that
are worthy of note.
29 > Information on the
environment
In view of the business activities carried on
by the Group companies, they do not have
any environmental liabilities that might be
material with respect to their equity, financial position and results of operations.
The principal ordinary environmental expenses incurred in 2006 were mainly as
follows:
Aldesa Group
Report 2006
Item
107
Thousands of Euros
Waste management expenses
1,725
Costs of company staff assigned to environmental matters
330
Environmental audit and certification expenses
40
Environmental cleaning and maintenance
21
Total
Ownership
Interest
Revenue
Ownership
Interest
Revenue
36.50%
10,774
FAYON
100%
392
ALMUZUERA
40%
-
CASPE
100%
1,665
COMARCA-1
80%
-
BIURRUN
60%
1,380
LLERA
45%
1,043
VILLAFRANCA
60%
1,863
VANDELLOS
33%
-
CANAL ARAGON
100%
519
PISTA 18
25%
-
VIA VERDE
100%
548
Joint Venture
2,116
PORTAS
In 2006 the Group acquired the following
items of property, plant and equipment:
Thousands of Euros
Joint Venture
Item
Carrying Amount
Accumulated Depreciation
ALDEPRON
80%
-
DA VINCI
50%
1,775
Photovoltaic solar panels
39
(39)
BOADILLA
100%
-
PAISANES
50%
565
LOTETA
20%
1,126
COCHERAS
100%
12,064
VENTA OLIVO
25%
-
CUENCA OLALLA
100%
513
BARBASTRO
100%
131
FIRME ZARAGOZA
100%
26
MAZALEON
100%
21
FRAGA
100%
98
SAN LUIS
100%
-
DAROCA
100%
-
JATIVA II
100%
489
RONDA SUR FERROVIARIA
76%
167
PRUNA
100%
-
AIBAR CASEDA
60%
-
TRUBIA
45%
2,782
VILLAREAL
100%
-
A CAÑIZA
50%
-
ELCHE
100%
-
100%
-
BERRIOZAR
60%
-
CAMINOS
50%
-
FIRA 2000
40%
-
JEREZ
50%
-
STA. PERPETUA
50%
314
ACCESO CORUÑA
50%
(42)
BOMBAMENT GRANOLLERS
40%
33
ALCUBA
50%
-
7.50%
587
PONTEARNELAS
50%
346
BENJUMEA-PAI
50%
-
LATORES
33%
12
APM - PAI - TORELLÓ
25%
2
100%
40
APM - PAI - LLULL
25%
1
TESORERÍA CADIZ
80%
-
ENOR-PAI
50%
1,337
VILASECA
50%
-
ALFORJA
40%
50
100%
-
CONCHA ESPINA
50%
-
AVE PENEDES
80%
2,092
LA CATALANA
49%
71
AVE PRADOS
60%
1,834
PAI MARCO-AMPOSTA
50%
724
NOVELLANA
80%
1,964
CAN BRIANS 2
5%
2,788
COLEGIOS (VALENCIA)
100%
1,292
ACISA INDRA
56%
-
JATIVA I
100%
4
ACISA BONAL 00
50%
-
EIX 3
50%
-
FFCC ACISA AUDING
40%
-
CENTRAL ELECTRICA
50%
-
DESPEÑAPERROS
35%
-
CONTRAFIC
50%
-
ETRA SAINCO ACISA
20%
-
ACISA DOYMO
63%
-
PIRINEO CENTRAL
20%
-
30 > Joint ventures (UTEs)
The detail of the joint ventures in which
the Company had ownership interests at 31
December 2006 is as follows:
Ownership
Interest
Ownership
Interest
Revenue
Revenue
ALVIDEA
50%
427
ZUASTI
60%
501
TERUEL
50%
-
PLAZA DALI
80%
-
CEUTA
50%
-
SAN PEDRO
28%
26,168
FUENDETODOS
50%
-
QUEIXAS
36.50%
5,120
ALMASSORA
70%
-
VILLATORO
60%
5,388
MEDINA
50%
-
UBEDA BAEZA
100%
1,278
EL PUIG
80%
-
BALLOTA
45%
4,321
3-CARRIL
60%
-
MEIRAMA
60%
1,800
SAN CARLOS
20%
-
MIJAS
100%
2,728
ACACIAS
40%
-
NOU MOLES
100%
6,119
RIO TINTO
100%
-
PAYUELOS
50%
1,243
ANGUERA
33%
-
TRANVIA ORRIOLS
50%
5,403
BARRANCO ALBUFERETA
50%
-
AVE XATIVA
43%
4,917
AVE D’ANOIA
60%
1,307
CASA SEVILLA
50%
-
100%
-
JATIVA III
100%
1,483
VILLAVETA
90%
739
ALDEMAN
50%
9,483
SAN ROQUE
50%
-
REQUENA
100%
4,338
ALBORAIA
50%
-
BUTARQUE
50%
6,554
Joint Venture
LOMA
Aldesa Group
Report 2006
Joint Venture
CORREDERA
COLEGIOS (CASTELLON)
ARELSA
ERSCE RIERA-PAI
Aldesa Group
Report 2006
Joint Venture
Ownership
Interest
Revenue
Ownership
Interest
Revenue
ACISA-BONAL
70%
-
UTE PYCSA BUREAU VERITAS GTT
INGENIERIA
ACISA-SICE
40%
-
34%
24
33.33%
-
UTE CHAMARTIN
34%
-
ACISA FCO.LOPEZ
ROMERO-ELECTR.IND.
80%
-
UTE GTT INGENIERIA BERENGUER
INGENIEROS S.A.
50%
-
ISOTRO SA Y ACISA
50%
-
UTE CAUDETE VILLENA
25%
-
UTE GTT INGENIERIA E
INTERCONTROL LEVANTE S.A
ACISA Y FACTO ALMERIENSE
DE CONST. Y OBRAS PUBLICAS
80%
-
50%
-
ACISA ELECNOR SA
50%
-
UTE TRN GTT I ( PLAZA ELIPTICA )
50%
-
INDRA SISTEMAS S.A.-TELVENT,S.
A. Y ACISA
33%
-
UTE TRN GTT II ( VILABOA
PONTEVEDRA )
50%
41
ACISA ACISA COBRA INST.Y
SERVICIOS-ESPELSA Y SAMPOL
22%
-
UTE TRN GTT III ( TARANCON )
50%
-
TELVENT TRAFICO Y TRANSPORTE
Y ACISA “UTE EIX IV”
UTE TRN GTT IV ( PAJARES )
50%
75
50%
-
UTE GTT TRN V ( OSORNO )
50%
168
50%
-
UTE GTT TRN VI
( CONSERVACION TOLEDO )
C-32 ACISA-SICE
50%
202
LLEIDA ACISA-SICE
50%
-
50%
180
BALIZAMIENTO PLATAFORMA
SUR-SOCLESA SAMPOL ACISA
UTE GTT TRN VII ( RONDA
ZARAGOZA )
33%
-
50%
409
CENTRE VIC
50%
-
UTE GTT TRN VIII
( SAUQUILLO ALMAZAN )
SEVIC
50%
-
UTE
INYPSA-INCOSA-GTT
33.34%
-
ACCESOS SUR
50%
-
ACISA-COPCISA UTE
30%
-
REMOLAR
20%
-
ARCIPRESTE
100%
-
IPAR-ACISA
50%
-
MIDASCON
20%
160
ACISA Y E.M.G. “mant.ave”
50%
-
UTE GTT TORRESCAMARA S.A.
50%
-
ACISA-EXPOCOM 2”-ACISA
Y EXPOXOM,S.A.
70%
-
ACISA-EXPOCOM 2005”-ACISA
Y EXPOCOM,S.A.
70%
-
ACISA SUPERTEC LLEIDA”-ACISA
Y SUPERTEC ZONA,S.L.
50%
-
80%
-
ACISA-CYMI-ISOLUX
Joint Venture
ACISA SAIMA SEGURIDAD S.A.
70%
-
TUNELS BCN”-RUBATEC ACISA
50%
-
ACISA ADASA SISTEMAS S.A. UTE
70%
-
ACISA/ROIG UTE
80%
-
BARAJAS IAE”-IMES,S.A.-ACISAEMG,SA-UTE
27%
-
21.85%
-
ACISA/ROIG FUENTESGRANADA”-ACISA Y ROIG
OBRAS SERVEIS
IPAR-ACISA 06
50%
-
ACISA-BONAL AEROPUERTO
BCN”-ACISA Y BONAL
70%
-
UTE GESTIO DEL TRANSIT
25%
-
ACISA-BONAL” PLATAFORMA
CORPORATIVA
70%
-
LLEIDA -2006-ACISA-SICE
50%
-
STUC/ACISA LEY 18/1982
50%
-
ACISA-STUC”-ACISA Y STUC
GESTION DE OBRAS,S.L.
60%
-
UTE TUNELS OLIANA”-ACISA
TELVENT ELECTRO 90
TOTAL
26,381
TOTAL
Aldesa Group
109
31 > EXPLANATION ADDED FOR
TRANSLATION TO ENGLISH
These consolidated financial statements
are presented on the basis of accounting
principles generally accepted in Spain. Certain accounting practices applied by the
Group that conform with generally accepted accounting principles in Spain may not
conform with generally accepted accounting principles in other countries.
115,585
Aldesa Group
111
Aldesa
CuentasConstrucciones,
Anuales Consolidadas
S.A. anddel
Subsidiaries
Consolidated
ejercicio 2006
Directors’
e Informe
Report
de Gestión
For theConsolidado
Year Ended 31 December 2006
Construction industry in Spain
The trend of recent years in 2006 in the
construction industry persisted, as this industry continued to be the principal driver
of growth in the Spanish economy, up 6%
on 2005, (compared to 3.9% GDP), with
production exceeding EUR 185,200 million. Of the 25 countries in the EU, Spain
is ranked third in the construction industry,
behind Germany and France and followed
closely by the United Kingdom.
Construction was particularly booming
in 2006 since it accounted for 17.8% of
total GDP in Spain, created 186,000 new
jobs and employed over 2.5 million people,
almost 8% more than in 2005. This figure
confirms the growth trend in employment
over the last four years. In fact, one of the
factors which ascertain the importance of
the industry in the Spanish economy as a
whole is the multiplication in job creation.
i.e. for each direct job, 0.44 jobs are created in related industries.
In 2006 the volume of public tenders
amounted to EUR 46,690 million, almost
19% higher than in the previous year.
68.8% of this volume relates to civil engineering works, in which particular mention
should be made to the transport industry compared to 2005, and 31.2% relates
to building construction, where the most
significant increase was recorded in the
social infrastructure segment. As regards
the General Government, which launched
tenders for construction projects totalling
EUR 15,769 million, the Ministry of Public
Works ended the year with the award of
contracts amounting to EUR 11,120 million,
up 18.7% on 2005. It should be noted that
the Ministry of the Environment increased
its public tenders by 124%, contributing
5.75% to the General Government total.
The Autonomous Communities launched
tenders for public works totalling EUR
15,944 million, 30.4% more than in 2005,
and the municipal councils EUR 14,976 million, down 1.7% on 2005.
By Autonomous Community, growth in
production was above average in Cantabria,
Cataluña, Castilla-La Mancha, Extremadura, La Rioja and Murcia while Andalucía,
Aragón, the Baleares Islands, the Canarias
Islands, Castilla y León, Madrid, Navarra
and the País Vasco were below average. The
European construction industry has not reported a slowdown for 13 years; however,
there were two periods of stagnation, the
last one from 2001 to 2003. Following this
rough patch, the industry recovered and
in 2006 growth reached a record high of
3.2%.
The distribution of activity by subsector
indicates that building construction accounts for 75% of total production and
civil engineering works for 24%, showing
an increase of 5.4% and 7.5%, respectively,
with respect to production in 2005.
In building construction, residential construction accounts for 36%, followed by
building refurbishment and maintenance
at 24% and non-residential building construction is the subsector with the least
weight representing 16% of total production. In building construction, the keys lie
in maintaining growth in residential construction, despite the impact of the Spanish
Technical Construction Code; and the recovery of the non-residential construction
subsector due to private demand, while
civil engineering work is still boosted by
regional governments through public tenders and concessions.
With regard to housing start-ups, growth
was as expected, approximately 9% up on
2005 and stood at 660,000. Completed
housing units rose to 585,000, an 11.5%
increase with respect to 2005. Investment
in housing as a percentage of total investment in construction was 52%, similar to
the European average. Residential construction expected interest rate rises to
act as a deterrent to purchasers-investors.
However, according to 2006 data, this did
not take place or was severe enough to halt
new production. The increase in housing
prices remained moderate in 2006, reporting the lowest growth since 2000.
In 2006 civil engineering works experienced the same growth trend as witnessed in
recent years, since the ongoing growth in
transport infrastructure markets was on a
par with the strength of the water infrastructure segment. In this regard, worthy
of mention is that the public tenders for
waterworks rose by 50% in comparison
with 2005, compared to 19.4% recorded by
the transport segment.
Group results
The Aldesa Group reported consolidated
revenue of EUR 772.9 million in 2006, disregarding other companies not included in
the scope of consolidation, implying a 26%
rise on the EUR 613.3 million production
figure reached the year before.
Consolidated revenue, considering the entire accounting period of the companies
acquired in 2006 totalled EUR 895 million,
up 46% on 2005, with EBITDA of EUR 60
million, which is 58% higher than in 2005.
The figure achieved in 2006 consolidates
the Group in the tenth position of the Spa-
Aldesa Group
Report 2006
nish construction industry and enables it to
be ranked number eight in Civil Engineering Works (gained in 2004) and number
nine in Building Construction. It is number
one in the National Association of Independent Builders (ANCI), of which it was a
founder member. At year end, the backlog
exceeded EUR 1,341 million, which guarantees very competitive growth with respect
to the industry average.
The significant growth of the Aldesa Group
–which was much higher than that of the
overall construction industry in Spain- was
due to organic growth and, especially, to
the acquisition and integration of new
companies in the Group.
Diversification towards new activities gained speed in 2006. This was evidenced by
the performance of the contracted backlog (non-construction) which rose from
EUR 12 million in 2005 to EUR 119 million
in 2006. Construction activities have also
been bolstered by the acquisition of construction companies located in geographical
areas in which Aldesa traditionally had a
small presence and/or which perform key
stages of the production process which it
previously subcontracted.
In 2006 the Group’s activities were focused, first of all, on major civil engineering
contracts, mainly with public agencies, including most notably the high-speed railway
works, which accounted for slightly more
than 51% of the Group’s total production;
secondly, on building construction work
performed principally for private-sector
customers (mainly residential, commercial
and industrial construction), which accounted for 34% of the total; and last, but
not least, on the increasingly important
presence of the Group’s fledgling nonconstruction businesses, such as real estate
development, applied engineering, water
treatment and infrastructure maintenance
and operation, which accounted for the remaining 15%.
Aldesa Group
Report 2006
EBITDA at EUR 50.43 million represented
a 6.5% return on revenue which testifies
to the Group’s excellent management in
recent years and a 32.5% increase with
respect to 2005. Although average profitability levels are higher in non-construction
activities (almost 10%), the costs of acquisition and integration of new subsidiaries
have lowered, in relative terms, the return
on revenue from 6.7% at individual level to
6.5% at consolidated level. Once the integration of the subsidiaries is completed, in
2007 EBITDA is expected to increase considerably in relative terms.
Net profit stood at approximately EUR
29.13 million, up 10.08% on 2005. This
growth was slower than that of EBITDA due
to lower finance income and to extraordinary income reported in 2005 which did
not recur in 2006 (in 2005 goodwill writedowns at Coalvi and GTT were reversed).
Depreciation and amortisation increased
by 232.7% from EUR 1.96 million in 2005
to EUR 6.52 million in 2006. This rise was
due mainly to the accelerated depreciation
of the tunnelling machine acquired for the
San Pedro high-speed railway works in the
province of Madrid and to the integration
of machinery-intensive subsidiaries, such
as Ingesa.
Financial profit amounted to EUR 2.16
million which was 24.77% lower than in
2005.
Investments in 2006 exceeded EUR 100
million with company acquisitions representing almost 70% of this total figure,
while the remaining 30% related to land
acquisition (for real estate activities), and
to machinery and production equipment.
Worthy of mention is that three years ago,
Aldesa implemented a growth strategy
through the incorporation of new com-
Aldesa Group
Report 2006
panies in the Group and diversification
of its businesses and investments towards
non-construction and supplementary construction activities. Consequently, the Group
is in a position to successfully address the
foreseeably changing trends, especially in
public works, since EU funds will cease to
be received in 2007, which will affect demand for construction in Spain in coming
years.
As a result of the entry of new companies
in the Group, five business divisions were
defined: Construction and Concessions,
Installations and Assembly, Real Estate,
Energy and Services. In 2006 Aldesa purchased the Catalan construction company
PAI and the Ingesa Group, engaged in the
manufacture of special foundations and
the performance of geo-technical inspections. The Group also showed keen interest
in strategic businesses such as alternative
energies and purchased the Tharsis wind
farm from Gamesa Energía and acquired a
100% ownership interest in Promociones
Eólicas del Altiplano (Prealsa). The Installations and Assembly area was bolstered
by the purchase of all the share capital of
Aeronaval de Construcciones e Instalaciones S.A. (ACISA) and of Meyvat, Suelin and
Electro Valencia, through the AMS Group.
It also set up new companies such as Aldesa
Turismo, the star project of which will be
the construction and operation of a tourist
resort in Mexico; and Concentra, which
operates in the services and maintenance
industry (cleaning, maintenance of real
estate and installations, gardening, security and ancillary services). Both companies
were included in the Services division, set
up in 2006.
Thanks to these business results, the
Group’s shareholders’ equity increased by
42.65% to EUR 83.51 million compared to
EUR 58.54 million in 2005.
113
Research and development activities
The Company has an R+D+I department
which in 2006 worked on different projects
related to information and communications technologies in the home (application of
domotics to the home) and the Construction industry.
Aldesa participates in several technological
initiatives with entities of renowned prestige such as the Eduardo Torroja Institute,
which belongs to the Spanish High Council
for Scientific Research. In this connection,
in 2006 Aldesa joined a select group of
companies involved in the INVISO Project
on “Optimisation of Housing Construction,
Industrialisation, Efficiency and Sustainability” , backed by the Institute. The objective
of this project is to investigate in the technological possibilities available to improve
construction methods and allow greater
systematisation and industrialisation of
tasks involved in the building process, placing special emphasis on process efficiency
and on construction sustainability, from
the socio-economic and energy standpoint.
Aldesa’s participation is focused specifically on improving the functionality and
sustainable use of residential dwellings
and on the execution and automation of
the construction thereof.
Aldesa also forms part of the AIVI project
consortium (Intelligent Spaces for Independent Lives), led by Acciona, which is
developing procedures and technology
in order to improve, through Information
Technologies, the qualify of life of people
which reduced mobility, considering architectonic aspects and breakthroughs in
construction, placing special emphasis on
their application to residential dwellings.
Different universities such as Universidad
de Valladolid, la Universidad Politécnica de
Zaragoza and Universidad Politécnica de
Madrid, participate in this project, supported by the Ministry of Industry.
The technology developed by Aldesa and
Universidad Politécnica de Madrid applied
to domotics led to the development of another important project in 2006: Redesign of
the radio modem circuit which can be integrated into different devices in order to
guarantee communication and the remote
reading of sensors and actuators in household and industrial environments. This new
circuit will be used to control ventilation
in tunnels, measure traffic flow at difficult
access points, in sensorisation systems, for
civil engineering structures, optimisation
of detection systems and occupational risk
prevention.
Acquisition of treasury shares
In 2006 the Parent did not acquire any
treasury shares and no treasury shares were
held at year end.
Business risks
The Group assigns importance to risks that
are likely to compromise return on its business activity, its financial solvency and its
employees’ integrity. The most significant
risks are:
- Risks relating to deficiencies or delays
when executing construction projects
or providing services to customers and
users
- Environmental risks
- Financial risks
- Occupational health and safety risks.
The Group is equipped with control systems to evaluate, prevent and mitigate each
of the risks described. In this connection
it has been awarded the AENOR Quality
Management Certificate based on the ISO
9001:2000 quality standard which ensures compliance of customer requirements
in terms of their level of satisfaction, in
Aldesa Group
Report 2006
addition to the legal and regulatory requirements in order to reduce errors and
establish a framework of continuous improvement of company processes. In 2000
Aldesa was awarded the AENOR Certificate
for Environmental Management, in accordance with the ISO 14001:2004 quality
standard, which ensures the compliance of
applicable environmental legislation and
regulations and the use of processes which
avoid, reduce and control pollution, placing special emphasis on prevention and
establishing ongoing improvement in the
company’s environmental performance.
The Group also has supervisory systems
and mechanisms to control financial risks, with Deloitte as auditor of its financial
statements. Aldesa has also developed and
implemented an Occupational Health and
Safety Management System based on the
OHSAS 18.001 standard and establishes the
preparation of a Safety Plan for each construction project as an essential requirement
prior to the opening of a work centre.
- On 30 March 2007, the Aldesa Group,
through its subsidiary Servicios Concentra,
purchased all the shares of Técnicas de Administración y Mantenimiento Inmobiliario
(TMI), a Realia real estate group company,
which engages mainly in the integrated
management and global maintenance of
buildings and real estate resources, This
company’s revenue amounted to EUR 16.9
million in 2006 and has a headcount of 290
employees.
115
There are no other subsequent events worthy of mention.
The Consolidated Directors’ Report and Consolidated
Financial Statements (Consolidated Balance Sheet,
Consolidated Income Statement and Notes to the Consolidated Financial Statements) of Aldesa Construcciones, S.A. and Subsidiaries were prepared by the Parent’s
Board of Directors at its meeting on 30 March 2007,
and are set out on 53 sheets of ordinary paper, including the present sheet, all signed by the Secretary of the
Board, this last page being signed by all the members of
the Board of Directors.
Derivative financial instruments
The Group has arranged interest rate swaps
to hedge the interest rate risk of the financed wind farm project.
Significant events for the Group subsequent to year-end
Subsequent to 31 December 2006, the
Group increased its size, through the acquisition by the Parent of the following
companies:
- On 27 March 2007 Aldesa Construcciones S.A. incorporated Civesa Ingeniería,
S.A. to engage in all kinds of construction
projects. This Company is 95% owned by
Aldesa Construcciones, S.A. and 5% is owned by Aldesa Home, S.L.
Aldesa Group
Report 2006
Aldesa Group
Report 2006
Cuentas Anuales Consolidadas del
ejercicio 2006 e Informe de Gestión Consolidado
Aldesa Group
Report 2006
117
Aldesa Group
Report 2006

Annual Report 2006

Transcription

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