Stepping firmly

Whilst recognising the uncertainties still hanging over the world economy, everything seems to indicate that Isolux Corsán is beginning to recover a pace of growth that we hope to maintain over the next few years. We ended 2010 reporting an across-the-board increase in all our economic indicators with a performance that we can qualify as positive.

Nonetheless it is important to be aware of the full dimension of what is going on in the international scenario. The global economy is made upof many interconnecting vessels. These can combine in new ways to create great opportunities, but also throw up challenges that must be tackled.

Globalisation is not optional. Rather, it has become a market imposition. Recognising this, Isolux Corsán has consolidated its position as a global enterprise with prompt efficiency. Moreover, we have done so in countries that will become the driving forces of tomorrow's world economy.

Over recent years, our group has deepened its footprint in the USA, India, Brazil and Mexico. The complexity and the opportunities in each of these markets make it vital to have a first-class professional team to stay on top of things. Ours has proven itself to be just that.

The work done by the team has been key to sucessfully increasing our revenues by 7% with a backlog of €3.24bn, in a year in which the market has been complicated (to put it mildly). Together, we have all achieved a record Ebitda figure, growing 22% against the previous year.

Without consolidated internationalisation, we could not have done this. Isolux Corsán operates in more than 30 countries on 4 continents. This distribution guarantees the regional diversification of our business and opens up great expectations for growth in strategic markets, such as Asia, Africa and South America, that will bring in the group high returns.

International expansion, however, should not overshadow the objective success of our involvement in building the high-speed railways in Spain. We have participated in nearly all the lines of the Spanish AVE train system.

In the next few years, we will take our global vocation even further. It is an unstoppable process, and we are stepping firmly towards the future. The secret to our development will continue to be inextricably linked to our capacity to relate to other cultures with sensitivity and respect, contributing our expertise, our experience and our know-how.

Luis Delso Heras | Chairman