The Board of Directors approves the consolidated financial statements at 31st December 2009

Margins up and strong cash flow generation

The Group successfully weathered the crisis, achieving stability in its revenues, improving its operating margin and strengthening its equity structure through strong cash generation.

• Revenues: €5,728.4m, down 1.1% on €5,794.5m in 2008 (down 5.1% on the pro forma figure  )
• Ebitda: €606.3m, up 3.4% on €586.3m in 2008 (down 3.4% on the pro forma figure )
• Ebitda margin: up to 10.6% against 10.1% in 2008
• Cash flow : €263.6m, up 149.9% on €105.5m in 2008
• Net profits, Group: €37m after application of the new IFRS3R accounting standard
• Investments: €157.6m in 2009
• Net financial indebtedness: €1,934.5m at 31st December 2009, down €233.2m on €2,167.7m at 31st December 2008

Outlook for 2010

• On the basis of worst- and best-case traffic trend forecasts, consolidated revenues  in 2010 are expected to be between €5,925m and €6,025m and Ebitda between €615m and €635m.
• Investments: €250m
• Revenues in the first eight weeks of 2010: up 2.7% at constant exchange rates  (up 3.5% on a comparable basis) on the same period in 2009.

IFRS3R

• In preparing the financial statements for 2009, the Group applied IFRS3 Revised (Business Combinations) in advance to improve representation of the recent business combinations. The adoption of this standard entailed the statement of higher values for Aldeasa and WDF contract rights ("concessions") and therefore higher amortization charges. The results for 2008 were therefore adjusted.