Road & Rail in Spain

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EXECUTIVE SUMMARY

Spain - Road & Rail 0180 - 2136 - 2010

Datamonitor. This profile is a licensed product and is not to be photocopied Page 2

EXECUTIVE SUMMARY

Market value

The Spanish road & rail industry grew by 10.5% in 2010 to reach a value of $39.6 billion.

Market value forecast

In 2015, the Spanish road & rail industry is forecast to have a value of $55.2 billion, an increase of 39.4%

since 2010.

Market volume

The Spanish road & rail industry grew by 9.3% in 2010 to reach a volume of 183.1 billion FTKs.

Market volume forecast

In 2015, the Spanish road & rail industry is forecast to have a volume of 238.1 billion FTKs, an increase of

30% since 2010.

Market segmentation I

Road Freight is the largest segment of the road & rail industry in Spain, accounting for 99.2% of the

industry's total value.

Market segmentation II

Spain accounts for 8.9% of the European road & rail industry value.

Market rivalry

Despite challenging market conditions, the Spanish rail and road industry is forecast to grow over the

coming years.


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CONTENTS

Spain - Road & Rail 0180 - 2136 - 2010


TABLE OF CONTENTS

EXECUTIVE SUMMARY 2

MARKET OVERVIEW 6

Market definition 6

Research highlights 7

Market analysis 8

MARKET VALUE 9

MARKET VOLUME 10

MARKET SEGMENTATION I 11

MARKET SEGMENTATION II 12

COMPETITIVE LANDSCAPE 13

LEADING COMPANIES 16

Deutsche Bahn AG 16

Renfe (Red Nacional de los Ferrocarriles Espaoles) 21

Acciona SA 24

FCC Logistica S.A. 28

MARKET FORECASTS 29

Market value forecast 29

Market volume forecast 30

MACROECONOMIC INDICATORS 31

APPENDIX 33

Methodology 33

Industry associations 34

Related Datamonitor research 34

Disclaimer 35

ABOUT DATAMONITOR 36

Premium Reports 36

Summary Reports 36

Datamonitor consulting 36


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CONTENTS

Spain - Road & Rail 0180 - 2136 - 2010


LIST OF TABLES

Table 1: Spain road & rail industry value: $ billion, 200610(e) 9

Table 2: Spain road & rail industry volume: billion FTKs, 200610(e) 10

Table 3: Spain road & rail industry segmentation I:% share, by value, 2010(e) 11

Table 4: Spain road & rail industry segmentation II: % share, by value, 2010(e) 12

Table 5: Deutsche Bahn AG: key facts 16

Table 6: Deutsche Bahn AG: key financials ($) 19

Table 7: Deutsche Bahn AG: key financials () 19

Table 8: Deutsche Bahn AG: key financial ratios 19

Table 9: Renfe (Red Nacional de los Ferrocarriles Espaoles): key facts 21

Table 10:

Renfe (Red Nacional de los Ferrocarriles Espaoles): key financials ($) 22

Table 11: Renfe (Red Nacional de los Ferrocarriles Espaoles): key financials () 22

Table 12: Renfe (Red Nacional de los Ferrocarriles Espaoles): key financial ratios 22

Table 13: Acciona SA: key facts 24

Table 14: Acciona SA: key financials ($) 26

Table 15: Acciona SA: key financials () 26

Table 16: Acciona SA: key financial ratios 26

Table 17: FCC Logistica S.A.: key facts 28

Table 18: Spain road & rail industry value forecast: $ billion, 201015 29

Table 19: Spain road & rail industry volume forecast: billion FTKs, 201015 30

Table 20: Spain size of population (million), 200610 31

Table 21: Spain gdp (constant 2000 prices, $ billion), 200610 31

Table 22: Spain gdp (current prices, $ billion), 200610 31

Table 23: Spain inflation, 200610 32

Table 24: Spain consumer price index (absolute), 200610 32

Table 25: Spain exchange rate, 200609 32


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Spain - Road & Rail 0180 - 2136 - 2010


LIST OF FIGURES

Figure 1: Spain road & rail industry value: $ billion, 200610(e) 9

Figure 2: Spain road & rail industry volume: billion FTKs, 200610(e) 10

Figure 3: Spain road & rail industry segmentation I:% share, by value, 2010(e) 11

Figure 4: Spain road & rail industry segmentation II: % share, by value, 2010(e) 12

Figure 5: Deutsche Bahn AG: revenues & profitability 20

Figure 6: Deutsche Bahn AG: assets & liabilities 20

Figure 7: Renfe (Red Nacional de los Ferrocarriles Espaoles): revenues & profitability 23

Figure 8: Renfe (Red Nacional de los Ferrocarriles Espaoles): assets & liabilities 23

Figure 9: Acciona SA: revenues & profitability 27

Figure 10:

Acciona SA: assets & liabilities 27

Figure 11: Spain road & rail industry value forecast: $ billion, 201015 29

Figure 12: Spain road & rail industry volume forecast: billion FTKs, 201015 30


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MARKET OVERVIEW

Spain - Road & Rail 0180 - 2136 - 2010


MARKET OVERVIEW

Market definition

The road & rail freight industry consists of revenues generated from freight transportation by road and rail.Units of volumes are measured in freight ton kilometers (FTK). Both road and rail freight volumes include

both domestic and international freight, which for the purposes of this report are counted in the country of

origin.

The road freight sector is defined as consisting of revenues generated from freight transportation by road.

Units of volumes are measured in freight ton kilometers (FTK). Volumes include both domestic and

international freight, which for the purposes of this report are counted in the country of origin.

The rail freight sector is defined as consisting of revenues generated from freight transportation by rail.

Units of volume are measured in freight ton kilometers (FTK). Rail freight volumes include both domestic

and international freight, which for the purposes of this report are counted in the country of origin.

Any currency conversions used in the creation of this report have been calculated using constant 2009

annual average exchange rates.

For the purposes of this report, Europe consists of Western Europe and Eastern Europe.

Western Europe comprises Belgium, Denmark, France, Germany, Italy, the Netherlands, Norway, Spain,

Sweden, and the United Kingdom.

Eastern Europe comprises the Czech Republic, Hungary, Poland, Romania, Russia, and Ukraine.


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MARKET OVERVIEW

Spain - Road & Rail 0180 - 2136 - 2010


Research highlights

The Spanish road & rail industry is forecast to have total revenue of $39.6 billion in 2010, representing a

compound annual rate of change (CARC) of -4.6% for the period spanning 2006-2010.

Industry consumption volumes are expected to decrease with a CARC of -3.3% between 2006 and 2010,

to reach a total of 183.1 billion freight tone kilometres (FTKs) in 2010.

The performance of the industry is forecast to accelerate, with an anticipated CAGR of 6.9% for the five-

year period 2010-2015, which is expected to drive the industry to a value of $55.2 billion by the end of

2015.


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MARKET OVERVIEW

Spain - Road & Rail 0180 - 2136 - 2010


Market analysis

The Spanish road & rail industry lost more than a quarter of its value during the economic downturn of

2009; however, a strong rebound, at a double digit rate, is expected in 2010. In the forecast period, the

industry is set to grow steadily towards 2015, with annual rate largely remaining below 8%.

The Spanish road & rail industry is forecast to have total revenue of $39.6 billion in 2010, representing a

compound annual rate of change (CARC) of -4.6% for the period spanning 2006-2010. In comparison, the

French and German industries are expected to decline with CARCs of -4.6% and -3.9% respectively, over

the same period, to reach respective values of $78.1 billion and $79.9 billion in 2010.

Industry consumption volumes are expected to decrease with a CARC of -3.3% between 2006 and 2010,

to reach a total of 183.1 billion freight tone kilometres (FTKs) in 2010. The industry's volume is expected

to rise to 238.1 billion FTKs by the end of 2014, representing a compound annual growth rate (CAGR) of

5.4% for the 2010-2015 period.

The road freight segment is forecast to be the industry's most lucrative in 2010, with total revenue of$39.3 billion, equivalent to 99.2% of the industry's overall value. The rail freight segment is expected to

contribute revenue of $315.2 million in 2010, equating to 0.8% of the industry's aggregate value.

The performance of the industry is forecast to accelerate, with an anticipated CAGR of 6.9% for the five-

year period 2010-2015, which is expected to drive the industry to a value of $55.2 billion by the end of

2015. Comparatively, the French and German industries will grow with CAGRs of 4.9% and 4.5%

respectively, over the same period, to reach respective values of $99.4 billion and $99.7 billion in 2015.


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MARKET VALUE

Spain - Road & Rail 0180 - 2136 - 2010


MARKET VALUE

The Spanish road & rail industry grew by 10.5% in 2010 to reach a value of $39.6 billion.

The compound annual rate of change of the industry in the period 200610 was -4.6%.

Table 1: Spain road & rail industry value: $ billion, 200610(e)

Year $ billion billion % Growth

2006 47.8 34.4

2007 52.9 38.1 10.6

2008 50.9 36.6 -3.7

2009 35.8 25.8 -29.7

2010(e) 39.6 28.5 10.5

CAGR: 200610 (4.6%)

Source: Datamonitor D A T A M O N I T O R

Figure 1: Spain road & rail industry value: $ billion, 200610(e)



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MARKET VOLUME

Spain - Road & Rail 0180 - 2136 - 2010


MARKET VOLUME

The Spanish road & rail industry grew by 9.3% in 2010 to reach a volume of 183.1 billion FTKs.

The compound annual rate of change of the industry in the period 200610 was -3.3%.

Table 2: Spain road & rail industry volume: billion FTKs, 200610(e)

Year billion FTKs % Growth

2006 209.0

2007 226.7 8.4

2008 209.2 -7.7

2009 167.6 -19.9

2010(e) 183.1 9.3

CAGR: 200610 (3.3%)


Figure 2: Spain road & rail industry volume: billion FTKs, 200610(e)



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MARKET SEGMENTATION I

Spain - Road & Rail 0180 - 2136 - 2010


MARKET SEGMENTATION I

Road Freight is the largest segment of the road & rail industry in Spain, accounting for 99.2% of the

industry's total value.

The rail freight segment accounts for the remaining 0.8% of the industry.

Table 3: Spain road & rail industry segmentation I:% share, by value, 2010(e)

Category % Share

Road Freight 99.2%

Rail Freight 0.8%

Total 100%


Figure 3: Spain road & rail industry segmentation I:% share, by value, 2010(e)



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MARKET SEGMENTATION II

Spain - Road & Rail 0180 - 2136 - 2010


MARKET SEGMENTATION II

Spain accounts for 8.9% of the European road & rail industry value.

Germany accounts for a further 17.9% of the European industry.

Table 4: Spain road & rail industry segmentation II: % share, by value, 2010(e)

Category % Share

Germany 17.9%

France 17.5%

United Kingdom 11.9%

Spain 8.9%

Rest of Europe 43.9%

Total 100%


Figure 4: Spain road & rail industry segmentation II: % share, by value, 2010(e)



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COMPETITIVE LANDSCAPE

Spain - Road & Rail 0180 - 2136 - 2010



The road & rail market will be analyzed taking companies whose business activities focus on

transportation of goods via road and rail as players. The key buyers will be taken as customers (mostly

companies), and fuel, electrical power, and rolling stock providers as the key suppliers.

Despite challenging market conditions, the Spanish rail and road industry is forecast to grow over the

coming years.

The road and rail industry consists of the railroads and the trucking sector. The large variety of potential

customers, coupled with the importance of services offered within the industry, reduces buyer power

significantly. Due to the inherent lack of capacity in rail networks, there are typically a limited number of

operators on specific routes, which raises switching costs. In some countries, their rail networks lack

liberalization, and hold a near-monopoly, reducing the level of rivalry. Entry barriers to the railroad sector

of the industry are typically high, and the threat of new entrants is therefore correspondingly low. Larger

customers have the option of integrating backwards by establishing their own fleets thus reducing supplierpower. It is possible to enter the road sector on a smaller scale, reducing fixed costs and entry barriers.

Here however, the risk of new entrants, as well as the level of rivalry, may be higher. Within the industry,

road and rail transportation can act as substitutes to one another, with both having distinct advantages

and drawbacks.

Due to the inherent lack of capacity in rail networks, there are typically a limited number of operators on

specific routes. In addition, some countries rail networks lack liberalization, and hold a near-monopoly,

reducing buyers scope of choice furthermore. Amongst market players, there are a wide range of

logistics and transportation companies. As it is vital for manufacturers to distribute their products to end-

users, transportation services are very important to them, reducing buyer power to some extent. However,

the relative lack of service differentiation means customers have a high degree of choice, boosting buyerpower somewhat. Moreover, switching costs are rather low and brand loyalty does not seem to be an

important factor within this industry, thus boosting buyer power even further. In addition, larger customers

have the option of integrating backwards by establishing their own fleets, whereas it is unlikely that road

companies would integrate forwards into end-users' areas. Overall, buyer power is assessed as moderate

in the industry as a whole.


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Spain - Road & Rail 0180 - 2136 - 2010


Key inputs for rail and road operators include fuel, electrical power, and the rolling stock of car and

vehicles themselves, as well as labor, IT and office space providers. Some of these supplies are offered

by a small number of (usually) large companies. Such suppliers may exert strong bargaining power, due

to their large size and importance of input they offer. Switching costs may be high, especially when large

and/or long-term contracts are involved. Players within this industry are rarely in a position to exert a

strong influence on fuel prices. Larger fuel retailers often promote loyalty by offering discount incentives

for road companies through their fuel card systems. Although this is beneficial to road firms, it actually

increases switching costs, and so additionally boosts supplier power. Railroad companies can buy or

lease locomotives and rolling stock from a small handful of companies. Furthermore, the high barriers to

entry for the capital-intensive rolling stock manufacturing industry means that if leaving the industry,

finding a suitable new source for these vital inputs may be difficult. Overall, supplier power is assessed as

moderate in the industry as a whole.

The ease of entering this industry largely depends on the sector. Entry barriers to the railroad sector are

typically higher, and the threat of new entrants is therefore correspondingly lower than in road sector. Themain barrier is the limited capacity of railroads, restricting companies' rights to use existing railroad

infrastructure. The number of operators of railway trains on a particular line is usually limited and must be

carefully managed. Moreover, the freedom of a train operator to use other rail lines is limited by track

usage contracts or government regulatory authority, as well as by physical characteristics of the rail

network, such as track gauge. Regulation is usually strict. Entering the railroad sector requires substantial

capital outlay for the purchase or leasing of rolling stock.

Entry to the road sector is possible on a small scale and the entry barriers are lower compared to other

transport businesses. Essentially, anyone who can afford a second-hand truck can enter the sector as a

sole-proprietor business. Relatively low fixed costs, a lack of brand strength among existing players, and

easy access to end-users combine to make entry to the sector relatively easy. The European Union hasits own set of emission standards that all new vehicles must meet and more stringent government

regulations and driver shortages may present significant difficulties for companies entering the sector.

Overall, the likelihood of new entrants is assessed as moderate.

Within this industry, road and rail transportation can act as substitutes to one another, with both having

distinct advantages and drawbacks. Road transport may be favored over rail transport due to flexibility

offered by road networks. Rail freight companies face indirect competition from road haulage and river

barge transportation companies. Road haulage has clear advantages for end-users that need to deliver

products door to door. However, increasing road congestion, regulations on exhaust emissions, and

driver shortages are creating significant problems for the road transport sector. Substitutions to both road

and rail include air transportation. Budget airlines offer low cost domestic and international flights, whichin some cases are competitive against rail fares. Overall there is a moderate threat from substitutes in this

industry.


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Spain - Road & Rail 0180 - 2136 - 2010


The strength of rivalry, similar to the threat of new entrants, depends on the industry sector. The

economic importance of railroad transport means that it is often a focus of government policy, reducing

the number of players and limiting competition. Historically, rail companies operated both train and track,

a model which led to the view that railroads are natural monopolies: since it is uneconomical to have

several parallel tracks on the same route, one company would tend to dominate a given route.

Nationalization has also been common in the rail industry. Unbundling trains and infrastructure is a

common basis for introducing competition, but this has proceeded to varying extents. Rivalry is intensified

by high fixed, entry and exit costs.

The road sector is fragmented and composed predominantly of a large number of small to medium sized

enterprises. The sheer number of competitors and the existence of high exit barriers increase the

competition level. Additionally, the services offered by companies within the sector, although diversified,

are similar for all the market players. There are some limited possibilities of differentiation within the

sector, such as additional services or discounts for regular customers. Larger market players have

diversified their operations geographically and offer more complex transportation services; however, theypresent similar business models, which boosts rivalry further. Rivalry within this industry is assessed as

strong.


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LEADING COMPANIES

Spain - Road & Rail 0180 - 2136 - 2010


LEADING COMPANIES

Deutsche Bahn AG

Table 5: Deutsche Bahn AG: key facts

Head office: Potsdamer Platz 2, 10785 Berlin, DEU

Telephone: 49 30 297 61676

Fax: 49 30 297 20110

Website: www.deutschebahn.com

Financial year-end: December

Source: company website D A T A M O N I T O R

Deutsche Bahn (DB) provides mobility, transport and logistics services. DB is a government-owned

railway group in Germany. The group has operations in Germany, rest of Europe, Asia Pacific, North

America and other countries.

DB operates through nine business segments: DB Schenker Logistics, DB Bahn Regional, DB Schenker

Rail, DB Netze Track, DB Bahn Long-Distance, DB Bahn Urban, DB Services, DB Netze Stations, and

subsidiaries and other activities. The group organizes its segments into four business divisions:

passenger transport; transportation and logistics; services; and infrastructure.

The group's passenger transport division comprises three segments: DB Bahn Regional, DB Bahn Long-

Distance and DB Bahn Urban. The passenger transport division includes rail and bus transport operations

of the group. All the segments of the passenger transport division primarily offer transport services in

Germany.

The division's DB Bahn Regional segment comprises activities related to regional passenger transport

and other services. This segment offers a range of regional transport network connection in metropolitan

areas and surroundings. The integrated public transport operations of DB Bahn Region and its

subsidiaries offer rail and bus transportation services. DB Bahn Long-Distance segment of the passenger

transport division comprises all the group's operations related to long-distance passenger transport and

other services. This segment provides national and cross-border long-distance rail transport services.

This segment operates through DBAutoZug and CityNightLine CNL, which provide car carrier and nighttrain transport services.

The DB Bahn Urban segment includes the metropolitan transport systems in Berlin and Hamburg as well

as for 22 bus companies in Germany. This segment offers public road passenger transport services on

behalf of cities and counties.


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LEADING COMPANIES

Spain - Road & Rail 0180 - 2136 - 2010


The transportation and logistics division includes two segments: DB Schenker Logistics and DB Schenker

Rail. DB Schenker Logistics, a logistics service provider, engaged in freight transport, forwarding and

other services. This segment's operations include global freight exchange including in-land transport;

global air and sea freight; and related logistics services. It has its operations in 1,500 locations in over 130

countries.

The DB Schenker Rail segment includes the group's activities for freight transport services. It operates an

open network system for the transport of single cars and groups of cars, and provides block train routes

for point-to-point transport services, together with selected extra logistical services. This segment

operates primarily in Germany, Denmark, the Netherlands, Sweden and Italy. The distribution activity in

urban transport is carried out mostly through trucks. The freight logistics includes the distribution and

organization of the Europe-wide transport of bulk goods. This segment also offers logistics solutions.

The services division operates through DB Services, which offers mobility and logistical services. This

segment provides services in six separate areas: DB Fahrzeuginstandhaltung (vehicle maintenance), DBSystel, DB Services, DB Fuhrpark (fleet management), as well as DB Kommunikationstechnik

(communications technology) and DB Sicherheit (security).

DB Fahrzeuginstandhaltung focuses on heavy maintenance of rail vehicles and provides comprehensive

inspection and maintenance work as well as conversion, modernization, upgrading trains, as well as

overhaul work on components like wheel sets, bogies and brakes at 15 locations. DB Systel is a provider

of information technology (IT) and telecommunications services. It is also a full-service provider develops

and operates IT and telecommunications solutions for the passenger travel and the logistics markets. Its

portfolio covers the entire IT value chain from consultancy and concept development through

development to operation and support services. DB Services is a systems provider of services related to

real estate and transport.

DB Fuhrpark (fleet management) provides mobility and fleet management services to the group with

about 26,000 vehicles throughout Germany. DB Kommunikationstechnik (communications technology) is

a specialist provider of nationwide technical support services. Its services include the maintenance and

repair of IT and network technology, security technology and passenger information facilities, automatic

ticketing machines as well as printing and information logistics. DB Sicherheit (security) bundles together

the security functions within the group and provides professional security services for travelers,

employees, freight, group facilities and real estate.

The infrastructure division operates through DB Netze Track, DB Netze Stations, and subsidiaries andother activities. This division operates passenger stations, network, energy supply, service and facility

management, fleet management, IT management, telematics and vehicle maintenance areas.


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LEADING COMPANIES

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The DB Netze Track segment is engaged in installing, maintaining and operating the complete track

related rail infrastructure in Germany. It operates the rail infrastructure including long-distance

metropolitan network, regional network, marshalling yards, and transshipment terminals. It provides

approximately 340 railroad companies, with about 34,000 kilometers of transport network. The DB Netze

stations segment is engaged in the operation, development and marketing of passenger stations and

retail facilities in stations in Germany. The group's subsidiary DB Netze Energy is responsible for

supplying the train operating companies with all energy-related services. The subsidiaries and other

activities segment of DB is engaged in the management of holding company for the DB Group, DB

Energie, Stinnes, DB Projektbau as well as other investments and activities.

Key Metrics

The company recorded revenues of $40,791 million in the fiscal year ending December 2009, a decrease

of 12.3% compared to fiscal 2008. Its net income was $1,154 million in fiscal 2009, compared to a net

income of $1,837 million in the preceding year.


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LEADING COMPANIES

Spain - Road & Rail 0180 - 2136 - 2010


Table 6: Deutsche Bahn AG: key financials ($)

$ million 2005 2006 2007 2008 2009Revenues 34,839.3 41,789.0 43,535.5 46,515.4 40,790.6

Net income (loss) 849.6 2,336.1 2,386.1 1,836.9 1,154.1

Total assets 65,494.5 67,356.4 67,480.1 67,012.9 65,775.3

Total liabilities 54,822.3 54,544.2 52,241.5 50,111.2 47,809.9

Employees 216,389 229,200 237,078 240,242 251,000

Source: company filings D A T A M O N I T O R

Table 7: Deutsche Bahn AG: key financials ()

million 2005 2006 2007 2008 2009

Revenues 25,055.0 30,053.0 31,309.0 33,452.0 29,335.0

Net income (loss) 611.0 1,680.0 1,716.0 1,321.0 830.0

Total assets 47,101.0 48,440.0 48,529.0 48,193.0 47,303.0



Table 8: Deutsche Bahn AG: key financial ratios

Ratio 2005 2006 2007 2008 2009

Profit margin 2.4% 5.6% 5.5% 3.9% 2.8%

Revenue growth 4.6% 19.9% 4.2% 6.8% (12.3%)

Asset growth (1.1%) 2.8% 0.2% (0.7%) (1.8%)

Liabilities growth (2.8%) (0.5%) (4.2%) (4.1%) (4.6%)

Debt/asset ratio 83.7% 81.0% 77.4% 74.8% 72.7%

Return on assets 1.3% 3.5% 3.5% 2.7% 1.7%

Revenue per employee $161,003 $182,326 $183,634 $193,619 $162,513

Profit per employee $3,926 $10,192 $10,065 $7,646 $4,598



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LEADING COMPANIES

Spain - Road & Rail 0180 - 2136 - 2010


Figure 5: Deutsche Bahn AG: revenues & profitability


Figure 6: Deutsche Bahn AG: assets & liabilities



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LEADING COMPANIES

Spain - Road & Rail 0180 - 2136 - 2010


Renfe (Red Nacional de los Ferrocarriles Espaoles)

Table 9: Renfe (Red Nacional de los Ferrocarriles Espaoles): key facts

Head office: Caracola 16 Avenida De Pio XII 110 Madrid, Madrid 28036, Spain

Telephone: 34 91 300 62 58

Fax: 34 91 300 73 36

Website: www.renfe.es



Renfe (Red Nacional de los Ferrocarriles Espaoles) constructs and operates railroads of the Spanish

Integrated National Network. Renfe is the state-owned company, under the auspices of the Ministry of

Public Works and Transportation, which operates freight and passenger trains. The company is based in

Madrid, Spain and employs around 16,000 staff.

Renfe owns the rolling-stock and remains responsible for the planning, marketing and operation of

passenger and freight services (though no longer with a legal monopoly).

The company is responsible for the operation of the following divisions: Cercanas, provides commuter

services; Regionales and Media Distancia, provide medium distance high-speed rail AVE services and

medium-range regional services with some of Cercanas services are transferred to Spain's Autonomous

communities; Servicios de Larga Distancia, provides long-distance intercity and high-speed rail services;Servicios de Mercancas y Logstica, provides freight services; and Fabricacin y Mantenimiento,

responsible for rolling stock maintenance and manufacture (also known as Integria). Each year Renfe

transports approximately 7 million tones of freight, of which around two thirds is domestic traffic and a

third is international.

Key Metrics


of 10.2% compared to fiscal 2007. Its net loss was $242 million in fiscal 2008, compared to a net loss of

$287 million in the preceding year.

More recent financial information was not available for this company at the time of publication.


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LEADING COMPANIES

Spain - Road & Rail 0180 - 2136 - 2010


Table 10: Renfe (Red Nacional de los Ferrocarriles Espaoles): key financials ($)

$ million 2004 2005 2006 2007 2008

Revenues 2,876.7 2,775.3 2,857.9 2,996.7 2,691.0Net income (loss) 73.1 61.7 701.5 (287.4) (241.7)

Total assets 2,961.8 2,882.1 7,054.1 8,777.5 9,911.7



Table 11: Renfe (Red Nacional de los Ferrocarriles Espaoles): key financials ()

million 2004 2005 2006 2007 2008

Revenues 2,068.8 1,995.9 2,055.3 2,155.1 1,935.2Net income (loss) 52.6 44.4 504.5 (206.7) (173.8)

Total assets 2,130.0 2,072.7 5,073.0 6,312.4 7,128.1



Table 12: Renfe (Red Nacional de los Ferrocarriles Espaoles): key financial ratios

Ratio 2004 2005 2006 20072008Profit margin 2.5% 2.2% 24.5% (9.6%) (9.0%)

Revenue growth 6.7% (3.5%) 3.0% 4.9% (10.2%)

Asset growth (11.2%) (2.7%) 144.8% 24.4% 12.9%

Liabilities growth (14.7%) (5.5%) 94.8% 24.0% 8.4%

Debt/asset ratio 87.0% 84.5% 67.3% 67.1% 64.4%

Return on assets 2.3% 2.1% 14.1% (3.6%) (2.6%)



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LEADING COMPANIES

Spain - Road & Rail 0180 - 2136 - 2010


Figure 7: Renfe (Red Nacional de los Ferrocarriles Espaoles): revenues & profitability


Figure 8: Renfe (Red Nacional de los Ferrocarriles Espaoles): assets & liabilities



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LEADING COMPANIES

Spain - Road & Rail 0180 - 2136 - 2010


Acciona SA

Table 13: Acciona SA: key facts

Head office: Avda de Europa, 18 Parque Empresarial la Moraleja, 28108Alcobendas, Madrid, ESP

Telephone: 34 91 663 28 50

Fax: 34 91 663 28 51

Website: www.acciona.com


Ticker: ANA

Stock exchange: Madrid


Acciona through its subsidiaries is involved in the areas of development and management of

infrastructure and real estate projects, provision of transport, urban and environmental services, and

development and operation of renewable energies. It operates in more than 30 countries worldwide.

The company primarily operates through business seven segments: infrastructure, real estate, logistics

and transport services, urban and environmental services, energy, water, and other business.

Acciona's infrastructure segment is involved in designing, building, financing and maintaining

infrastructure projects in many sectors through its affiliates. Acciona Infraestructuras has a network of

leading construction and engineering companies. Mostostal Warszawa is a construction and erection

companies in Poland. It is associated with the reconstruction of bridges as well as all kinds of public,

industrial, power industry, environmental protection and road infrastructure facilities.

Acciona's real estate segment has established itself as a home builder. The main activities include

property rental business in student residences, apartments, offices and hotels (in association with Vincci

Hoteles). It is involved in the development of residential housing projects in Spain, Portugal, Poland and

Mexico. The company operates its real estate segment through its subsidiaries including ACCIONA Real

Estate, ACCIONA Parking, INOSA El Coto Urbanisations, ACCIONA Nieruchomosci and University

Campus Accommodation.

Acciona's logistic and transport segment provides passenger and freight transport services by land, sea

and air. Through Trasmediterrnea, the company is involved in passenger and freight transport by sea,

and through Airport Services the company provides airport management and handling services in Spain

and Germany. It is also involved in long-distance trucking, rail, logistics and distribution.


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LEADING COMPANIES

Spain - Road & Rail 0180 - 2136 - 2010


Acciona's urban and environmental segment manages services related to cities and environmental

protection through various activities including water supply and treatment, solid waste management,

street cleaning, construction, financing and maintenance of car parks and hospitals, burial services, and

facility management and multiple services.

Acciona energy segment is engaged in the development, construction, operation and maintenance of

renewable energy facilities, focused primarily on wind power and it also develops projects and engages in

research in other areas such as biodiesel, solar, biomass and small hydroelectric.

Acciona's water segment focuses on water treatment in general and reverses osmosis desalination. The

company operates its water segment through its subsidiary, ACCIONA Agua. ACCIONA Agua constructs,

manages and runs plants and services which meet the supply needs of a population of more than 50

million people in 20 countries around the world.

The company's other business segment provides financial services, fund management and stock brokingservices through Bestinver; production of top quality wines by Hijos de Antonio Barcel; and the design

and development of exhibitions, museums and shows by GPD.

Key Metrics


of 9.7% compared to fiscal 2008. Its net income was $1,756 million in fiscal 2009, compared to a net

income of $645 million in the preceding year.


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LEADING COMPANIES

Spain - Road & Rail 0180 - 2136 - 2010


Table 14: Acciona SA: key financials ($)

$ million 2005 2006 2007 2008 2009Revenues 6,748.2 8,721.3 11,058.2 10,022.8 9,055.0

Net income (loss) 711.9 990.0 1,076.3 645.2 1,756.2

Total assets 15,172.0 29,600.4 50,442.2 53,476.3 28,550.0


Employees 29,527 32,985 35,583 34,562 33,112


Table 15: Acciona SA: key financials ()

million 2005 2006 2007 2008 2009

Revenues 4,853.0 6,272.0 7,952.6 7,208.0 6,512.0

Net income (loss) 512.0 712.0 774.0 464.0 1,263.0

Total assets 10,911.1 21,287.4 36,276.0 38,458.0 20,532.0



Table 16: Acciona SA: key financial ratios

Ratio 2005 2006 2007 2008 2009

Profit margin 10.6% 11.4% 9.7% 6.4% 19.4%

Revenue growth 20.0% 29.2% 26.8% (9.4%) (9.7%)

Asset growth 15.2% 95.1% 70.4% 6.0% (46.6%)

Liabilities growth 11.7% 122.6% 79.1% 7.8% (55.0%)

Debt/asset ratio 68.6% 78.2% 82.2% 83.6% 70.5%

Return on assets 5.0% 4.4% 2.7% 1.2% 4.3%

Revenue per employee $228,542 $264,402 $310,771 $289,995 $273,466

Profit per employee $24,112 $30,015 $30,246 $18,668 $53,039



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LEADING COMPANIES

Spain - Road & Rail 0180 - 2136 - 2010


Figure 9: Acciona SA: revenues & profitability


Figure 10: Acciona SA: assets & liabilities



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LEADING COMPANIES

Spain - Road & Rail 0180 - 2136 - 2010


FCC Logistica S.A.

Table 17: FCC Logistica S.A.: key facts

Head office: Avda. Buenos Aires No 10, Poligono Industrial Camporroso, 28806Alca de Heneares, Madrid, Spain

Telephone: 34 918 783 800

Fax: 34 918 783 824

Website: www.fcclogistica.com


FCC Logistica S.A., part of Group Fomento de Construcciones y Contratas, is the outcome of an alliance

between Aitena Espaa and Portugal, Logstica Navarra, and Grupo Logstico Santos.

The company offers supply chain solutions for Spain and Portugal, covering ambient and controlled-

temperature transportation.

It operates 64 warehouses and logistics platforms, over one million square metres of storage space,

190,000 cubic metres of refrigerating capacity, and employs about 4,600 people. FCCs main business

areas are consumer goods, retail, pharmaceuticals and tech, transport, and automotive.

Key Metrics

FCC Logistica recorded revenues of E340.4 million (approximately $473.3 million) in 2008. Approximately

12% of company revenues are generated through transport activities. Further financial information is not

available.


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MARKET FORECASTS

Spain - Road & Rail 0180 - 2136 - 2010


MARKET FORECASTS

Market value forecast

In 2015, the Spanish road & rail industry is forecast to have a value of $55.2 billion, an increase of 39.4%since 2010.

The compound annual growth rate of the industry in the period 201015 is predicted to be 6.9%.

Table 18: Spain road & rail industry value forecast: $ billion, 201015

Year $ billion billion % Growth

2010 39.6 28.5 10.5%

2011 42.8 30.8 8.1%

2012 45.5 32.7 6.4%

2013 48.7 35.1 7.1%

2014 52.3 37.6 7.4%

2015 55.2 39.7 5.5%

CAGR: 201015 6.9%


Figure 11: Spain road & rail industry value forecast: $ billion, 201015



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MARKET FORECASTS

Spain - Road & Rail 0180 - 2136 - 2010


Market volume forecast

In 2015, the Spanish road & rail industry is forecast to have a volume of 238.1 billion FTKs, an increase of

30% since 2010.

The compound annual growth rate of the industry in the period 201015 is predicted to be 5.4%.

Table 19: Spain road & rail industry volume forecast: billion FTKs, 201015

Year billion FTKs % Growth

2010 183.1 9.3%

2011 195.5 6.8%

2012 205.3 5.0%

2013 216.0 5.2%

2014 227.3 5.3%

2015 238.14.7%

CAGR: 201015 5.4%


Figure 12: Spain road & rail industry volume forecast: billion FTKs, 201015



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MACROECONOMIC INDICATORS

Spain - Road & Rail 0180 - 2136 - 2010



Table 20: Spain size of population (million), 200610

Year Population (million) % Growth

2006 41.5 0.5%

2007 41.7 0.5%

2008 41.9 0.5%

2009 42.1 0.5%

2010(e) 42.3 0.4%


Table 21: Spain gdp (constant 2000 prices, $ billion), 200610

Year Constant 2000 Prices, $ billion % Growth

2006 710.1 3.9%

2007 736.3 3.7%

2008 742.7 0.9%

2009 715.6 (3.6%)

2010(e) 712.4 (0.4%)


Table 22: Spain gdp (current prices, $ billion), 200610

Year Current Prices, $ billion % Growth

2006 1,135.1 8.4%

2007 1,320.4 16.3%

2008 1,492.1 13.0%

2009 1,337.5 (10.4%)

2010(e) 1,348.5 0.8%



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Spain - Road & Rail 0180 - 2136 - 2010


Table 23: Spain inflation, 200610

Year Inflation Rate (%)

2006 3.5%2007 2.8%

2008 4.1%

2009 (0.3%)

2010(e) 1.3%


Table 24: Spain consumer price index (absolute), 200610

Year Consumer Price Index (2000 =100)

% Growth

2006 117.6 3.5%

2007 120.9 2.8%

2008 125.9 4.1%

2009 125.5 (0.3%)

2010(e) 127.1 1.3%


Table 25: Spain exchange rate, 200609

Year Exchange rate ($/)

2006 0.7970

2007 0.7308

2008 0.6834

2009 0.7192



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APPENDIX

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APPENDIX

Methodology

Datamonitor Industry Profiles draw on extensive primary and secondary research, all aggregated,analyzed, cross-checked and presented in a consistent and accessible style.

Review of in-house databases Created using 250,000+ industry interviews and consumer surveys

and supported by analysis from industry experts using highly complex modeling & forecasting tools,

Datamonitors in-house databases provide the foundation for all related industry profiles

Preparatory research We also maintain extensive in-house databases of news, analyst

commentary, company profiles and macroeconomic & demographic information, which enable our

researchers to build an accurate market overview

Definitions Market definitions are standardized to allow comparison from country to country. The

parameters of each definition are carefully reviewed at the start of the research process to ensure they

match the requirements of both the market and our clients

Extensive secondary research activities ensure we are always fully up-to-date with the latest

industry events and trends

Datamonitor aggregates and analyzes a number of secondary information sources, including:

- National/Governmental statistics

- International data (official international sources)

- National and International trade associations

- Broker and analyst reports

- Company Annual Reports

- Business information libraries and databases

Modeling & forecasting tools Datamonitor has developed powerful tools that allow quantitative

and qualitative data to be combined with related macroeconomic and demographic drivers to create

market models and forecasts, which can then be refined according to specific competitive, regulatory

and demand-related factors

Continuous quality control ensures that our processes and profiles remain focused, accurate and

up-to-date


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APPENDIX

Spain - Road & Rail 0180 - 2136 - 2010


Industry associations

International Union of Railways (UIC)

16 rue Jean Rey, 75015 Paris, France

Tel.: 33 0 1 44 49 20 20Fax: 33 0 1 44 49 20 29

www.uic.org

Rail Freight Group

Monticello House, 45 Russell Square, London WC1B 4JP

Tel.: 44 0 20 7907 4646

Fax: 44 0 20 7907 4684

www.rfg.org.uk

Related Datamonitor research

Industry Profile

Road & Rail in the Czech Republic

Road & Rail in Denmark

Road & Rail in Hungary

Road & Rail in Norway


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APPENDIX

Spain - Road & Rail 0180 - 2136 - 2010


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Spain - Road & Rail 0180 - 2136 - 2010


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