04. BUSINESS DIVISIONS

Services: Valoriza

In addition, in 2012, a service station will be opened in Mondragón (AP-1 km 18, both sides).

• Valoriza Conservación de Infraestructuras, the SyV Group company specialising in maintaining and operating infrastructure. Since 2004, the company has gained market share and currently ranks among the six leading companies nationwide in terms of revenue, having risen seven notches since it was founded. In 2011, the company increased its foothold within the Ministry of Public Works by winning four new full-service contracts (one in Zamora and Lérida and two in Jaén), bringing to eight the number of its full-service road contracts with the Ministry of Public Works. In addition, it has renewed maintenance contracts with the Itinere concessions group and established a presence in the port maintenance sector with the Bilbao Port Authority.

• Volume in 2011 was 64.4 million of euros (including VAT), allowing the company to double its portfolio and project a stable outlook for coming years.

• Revenue for the year was 39 million of euros, for a 5% increase, and profit after tax was 2 million of euros, for a 32% increase, owing in part to a less harsh year in terms of winter road management services, sharply lower financial costs, efficient rotation of machinery and the initiation of more profitable contracts.

• Ebitda also rose from 2 million of euros in 2010 to 5.5 million of euros, for a 56% improvement.

• Billing management allowed the company to pay 698,000 euros in dividends in 2011 (with a charge to 2010 profits) and to drastically reduce its bank borrowings and lend €11 million to the SyV Group on 31 December 2011.

• In 2011, Valoriza performed maintenance work on the equivalent of more than 4,500 km of roads, as well as on six dams, a mini hydroplant, an irrigation canal network of over 100 km and the Bilbao port.

• Special mention should be made of Valoriza's leadership in RTI projects, which has been a constant feature of the company for the last five years. The company's most recent project is the development of a snowplough simulator for 2.5 million of euros. This year, the Geovial II project was successfully completed, with a 2 million of euros investment, in addition to the Parque project, also with a 2 million of euros investment.

• For 2012, amid a complex economic situation in Spain, the company's objective is to increase revenue by 8%, maintain profitability, and increase its portfolio of contracts while maintaining its cash levels.