01. Letter from the Chairman

Striving for excellence

2011 has been a very eventful year. A year in which we have celebrated our 25th anniversary as a company, and have witnessed significant changes in our strategy, our assets and our management structure.

Over the course of these twenty-five years, we have seen how on a day-to-day basis our business venture has tackled the challenge of its development, growth and diversification, of how to increase its capacities and to continuously increase the value added of its assets.

Having overcome the difficulties faced by a new project on the market, we now stand at a point where we can consider ourselves the leading players in our sector and in the national and international markets in which we operate.

Now that this first stage is over, I am fortunate enough to be surrounded by highly skilled professionals who are technological leaders - professionals who are the embodiment of excellence.

Every day I see a group of assets of unquestionable value and potential. I also see a portfolio and order book, within Spain and beyond, which safeguards our stability and which is the foundation on which we can build new periods of growth.

In short, a business group capable of addressing future challenges with maturity and reflection, on the same standing as its peers, with clear synergies and competitive advantages, and which is enthusiastic and takes pleasure in doing a good job.