Resumen Ejecutivo 2017 Summary Sacyr... · Leading infrastructures company that handles all kinds of projects across the world: civil works, motorways, underground and railway, buildings,

Resumen Ejecutivo

2017

Comprometidos con los retos para transformar la sociedad

Executive Summary

2017

Committed to the challenges to transform our society

2 Executive Summary Integrated Report 2017 3

Executive SummaryIntegrated Report 2017


0General overview 6Sacyr in the world 10We create shared value 12

1Business model and operating environment 14

1.1. Mission, vision and values 16

1.2. Strategic vision 18

1.3. Engineering and Infrastructures 22

1.4. Concessions 28

1.5. Industrial 32

1.6. Services 36

4Governance 66

4.1. Governing bodies 68

4.2. Good governance practices 70

4.3. Anti-corruption 724.4. Risks 74

2Environmental value 40

2.1 Climate change 462.2. Water 502.3. Biodiversity 522.4. Natural resources and environment 54

3Social value 56

3.1. Corporate Social Responsibility 583.2. Sacyr Foundation 603.3. Safety, health and wellbeing 623.4. Human capital 64

Contents


0Great progress,Great results,Challenges met

Construction project of the Hisgaura Bridge, Colombia

Gen

eral

ove

rvie

w


58% of this revenue and 73% of the backlog were generated outside Spain

International backlog by busines

Engineering and Infrastructures

Concessions

Services

Industrial

90%

82%

29%

19%

3,092.6 Group revenue

Millions of Euros[+8.11%]

41,101 Revenue backlog

Millions of Euros[+57.96%]

Millions of Euros[+17.50%]423EBITDA

[+1.1 p.p.]13.70%EBITDA margin

Jobs

[+14.87%]+3,926Job creation

Millions of Euros[+8.33%]130Net profi t

Millions of Euros

[+23.56%]257EBIT

Key fi gures

Data in €mm 2017 2016 %

Revenue Backlog 41,001 25,956 57.96%

Turnover 3,092 2,860 8.11%

% International Turnover 58% 52% 11.54%

EBIT 257 208 23.56%

EBITDA 423 360 17.50%

EBITDA margin 13.70% 12.60% +1,1 p.p.

Average workforce 30,309 26,383 14.88%

General overview

Every project is an opportunity for transforming society and improving the life of individuals

9th largest multinational infrastructure in Latin

America

1st largest Spanish company for desalinated water capacity and 6th in

the world

6th largest transport infrastructure

concessionaire in the world

4th largest project developer greenfi eld

58

ICONS#8 DECENT WORK AND ECONOMIC GROWTH

BURGUNDY RED

PMS: 1955 C

C 29 M 100 Y 70 K 27

R 162 G 25 B 66

HEX: A21942

COLOUR & BLACK/WHITE

ICONS

DECENT WORK ANDECONOMIC GROWTH


Sacyr in the world

Ireland

Canada

USA

MexicoPanama

EcuadorPeru

Bolivia

Brazil

Chile Uruguay

Paraguay

Colombia

Cape Verde

Portugal

Spain

Algeria

Togo

Angola

United Kindgdom

Netherland

Sweden

Norway

Italy

ArabiaSaudi

Mozambique

OmanQatar

Kuwait

UAE

Australia

Sacyr en el mundo

0000 Informe integrado 2018

Engineeringand

Infraestructures

Concessions Industrial Services Holding

Angola

Saudi Arabia

Algeria

Australia

Bolivia

Brazil

Cape Verde

Canada

Chile

Colombia

UAE

Ecuador

USA

Spain

Ireland

Italy

Kuwait

Mexico

Mozambique

Norway

Oman

Netherlands

Panama

Paraguay

Peru

Portugal

Qatar

United Kingdom

Sweden

Togo

Uruguay


A sustainable business model that brings value to the employees, customers, shareholders and society

17

+40

30,309

1,763 41,001

1,257.6+207

+9

258

+234

Value creation indicators

CreatingSharedValue

CodeofConduct GoodGovernance

Sustainability

Compliance

Taxcontribution(TTC)

Investments

Sustainability

Directandindirectemployment

Valuechain Companyproductsandservices

Shareprice

Million Euros

months of activity

employees

suppliers Million Euros (30 countries)

Million EurosMillion Euros

Collected

Environment

Construction backlog for

Innovation

Million Euros

R&D+i investment of

Environmental impact assessment of a total of

Total backlog

Market capitalisation

thousand euros

Training

Million Euros

Paid


Bus

ines

sm

odel

an

dop

erat

ing

envi

ronm

ent

1We feel passion for what we do, and we do it better than anyone else

Mularroya Dam, Zaragoza, Spain


1. Business model and operating environment 1.1.Mission,visionandvalues

MISSION

To develop complex infrastructure projects and services that contribute to improving citizens’ quality of life, providing opportunities for personal and professional development for our employees and creating value for our customers, partners and shareholders.

VISION

To be a leading Group with an international focus that is seen as a benchmark in developing innovative, high-value projects, that grows steadily and profi tably, providing quality employment opportunities for our employees while being environmentally friendly.

POSITIONING

We are a global Group committed to meeting any challenge in order to transform our society; working with effort and passion to improve people’s infrastructure and services.

VALUES

Our values guide us internally, and in relation to our external public, they help us build our competitive position and defi ne ourselves in the market.

Whatwefeel,whatdrivesus>Apassionforexcellence• Committed to quality, things done right, detail and rigour.

• We like perfection, the recognition of those whose work is professional and reliable.

• We are passionate about what we do, and we do it better than anyone.

>Integrityisourwatchword• No double meanings, transparent, honest and honourable. We work for those who put their trust in us and we

repay them with work of the highest quality.

>Believeyoucandoit• We never give up, we are always moving forward, we overcome all our challenges through our conviction. We

are commitment, energy and determination. We are optimism.

>Dreamtomorrow• We believe in a better world that changes with us. We imagine, we dream and we create the future we want to

live in. Creative and ingenious innovators, helping those around us to live a better future.

Wearetalentattheserviceofprogress214

R&D+i projects41,001

Backlog (millions of euros)

+30,000Employees

0breachesof Code ofConduct

82.5%debt

reductionsince 2008

Innovation Excellence Teamspirit Adaptability Integrity

Imagination Rigour Trust Resilience Honesty

Creativity Talent Collaboration Pragmatism Transparency

Courage Passion Loyalty Austerity

MISSION

To develop complex infrastructure projects and services that contribute to improving citizens’ quality of life, providing opportunities for personal and professional development for our employees and creating value for our customers, partners and shareholders.


1. Business model and operating environment 1.2.Strategicvision

Thousands of people who have talent, rigour and the passion for doing a good job. We are driven by collaboration, trust in the group, loyalty.

StrategicvisionBased on: diversification, risk control and organic growth.

>FO

CUS

Solid strategic guidelines for business development

Infrastructures Concessions Industrial Services

Internationalbenchmarkinlarge-scaleprojects

Driverofgrowthandstability Newstrategicfocus

Internationalbenchmarkinlarge-scaleprojects

International growth focusing on Latin America, North America and the Middle East

Greenfield investments focusing on Latin America and North America

Strong development in the sector focusing in oil & gas, energy and grids and water, and in Latin America, North America and the Middle East

Infrastructures maintenance: increase capacities/specialisation and attain scale

Combination of organic growth, alliances and inorganic growth in North America (agreement with Manhattan Construction Group)

Rotation of mature assets

Strengthening of capacities by a combination of organic growth, alliances and inorganic growth

Environment and facilities: organic development in Spain and explore internationalisation based on the “oil stain” model

Joint venture with Fluor

Water: development with international focus in Latin America, North America and the Middle East

2017Results(MillionsofEuros)Revenue

1,225 613 523 952EBITDA

93 232 34 83EBITDA/Revenue

7.6% 65.2% 6.6% 8.8%

Specialisation in priority businessesInternational growth with local presence in a select group of regions/countries

Sustainable positioning versus large-scale competitorsGrowing internationalisation>

SCAL

E

Eliminate corporate debt.Diversify sources of finance>

SUST

AIN

ABIL

ITY


Sacyr, within its transformation strategy, has defi ned some objectives and a set of actions to carry out in different areas of innovation.

OBJECTIVESOFTHEINNOVATIONMODEL

1- Achieve innovation to have a greater impact in the business, encouraging the day-to-day application of

creative ideas with high satisfaction potential of the needs of customers, employees, collaborators and shareholders.

2- To develop more the innovative culture in the organization, promoting that employees and Sacyr collaborators contemplate different ways to do things in their day to day, and giving opportunity that innovative ideas fl ow and be shared in the organization.

SacyrInnovationAwards

In 2017 the 7th edition of the Awards was held, proclaiming Zapiens as the winning startup. In this edition, projects were also recognized highlights made by internal entrepreneurs of the Sacyr Group.

At Sacyr, creativity and innovation grow with every project we undertake

1. Business model and operating environment 1.2.Strategicvision

Sacyr held its fi rst Innovation Awards in Chile, with the winners being HEAT+L and Plasticpav projects, in the National and Regional categories, respectively.

Number of projects under development

38

Number of patents registered during the

year

1

Number of employees who have participated

in projects

216

Number of projects in progress

214

Investment in R&D+i

+9 million euros

Percentage of net income invested in

innovation

0.3%

Number of projects launched

10

Number of employees in R&D+i

28

Group companies certifi ed under UNE

166002:2014

14

Infrastructures Concessions

ServicesIndustrial

1Digitaltransformation

2Mobility

3Industry4.0

4SmartCities

&SmartServices

5New

materials

6Energyeffi ciency

Weinnovatetoimprovepeople’squalityoflife59

ICONS#9 INDUSTRY, INNOVATION AND INFRASTRUCTURE

ORANGE

PMS: 1585 C

C 0 M 71 Y 98 K 0

R 253 G 105 B 37

HEX: FD6925


ICONS

INDUSTRY, INNOVATIONAND INFRASTRUCTURE


1. Business model and operating environment 1.3.SacyrEngineeringandInfrastructures

We top the industry ranking for length of backlog with over 50 months guaranteed work

Key figures (2017 millions of euros)

Revenue 1,225EBITDA 93(+59.6%)EBITDA margin 7.6%Backlog 5,868(+42%)Months of activity 57

ENGINEERINGANDINFRASTRUCTURES

WHATISIT?

Focusesonconstructionactivities,including:- Civil works

- Buildings

- Water projects

- Turnkey/EPC

Hightechnologicalcapacity

90% of international exposure

KEYRESOURCESFinancial capital Human capital

Industrial capital Social capital

Intellectual capital Natural capital

KEYFIGURESCONSTRUCTION BACKLOG (millions of euros) % INTERNATIONAL

5,868 90%SIGNIFICANTINFORMATION

Sacyr Engineering and Infrastructures principles are: meeting deadlines; promoting innovation; internationalising its activity; and building in compliance with high safety and quality standards and with respect for the environment.

Leading infrastructures company that handles all kinds of projects across the world: civil works, motorways, underground and railway, buildings, airports, ports and hydraulic infrastructure.

Ireland

Canada

USA

MexicoPanama

Ecuador

Peru Brazil

Bolivia

Chile Uruguay

Paraguay

Colombia

Cape Verde

Spain

Portugal

Algeria

Togo

Angola

United Kingdom

Netherland

Sweden

Norway

Italy

Saudi Arabia

Mozambique

OmanQatar

Kuwait

Australia

UAE

AngolaBrazil

CapeVerdeChile

ColombiaIreland

ItalyKuwait

MexicoMozambique

PanamaParaguay

PeruPortugal

QatarSpain

UAEUnitedKingdom

TogoUruguay



MAIN CONTRACT WINS 2017

ColombiaFourth Generation (4G) “Cúcuta – Pamplona” motorway478.7 million euros

ParaguayRoute 2 “Asunción y Coronel Oviedo” motorwayRoute 7 “Coronel Oviedo y Caaguazú” motorway172 million euros170 km long70% of the country’s economic activity is con-centrated along this motorway.

ChileNew “Quillota Petorca” hospital(Valparaiso region) 127.6 million euros Service to +320,000 people

PeruRefurbishment of the of the “Andrés Avelino Cáceres” sports complex in LimaPan American Games in 2019, for various sports31 million euros

México3 Hospitals, in the South Regional Delegation of Mexico City, in the city of Acuña and in the city of Pachuca

New highway “Pirámides - Tulacingo - Pachuca”(States of Mexico and Hidalgo)91.5 km long41.3 million euros

SpainIndustrial plant in Jabugo (Huelva)38.83 million euros

QatarWorks for the collection and treatment of waste waters, and sewage systems (Ras Bufontas)19.5 million euros

AngolaRefurbishment of Banco Sol HQLuanda7 million euros

PortugalRemodelling of Hotel “Alto Lido” Funchal (Madeira)6 million euros

CapeVerdeRefurbishment of a runway at “Aristides Pereira” International Airport Sal Rei, Isla de Boavista3.2 million euros Construction project Routes 2 and 7, Paraguay


UTE Access to El Prat Airport, Barcelona, Spain

MAJOR MILESTONES 2017

BrazilOPENING | 13/03/2017Transposition of the São Francisco riverBiggest hydraulic infrastructure project underway in Brazil, 477 km longWater supply for 12 million people and 390 towns

ChileKennedy TunelOPENING | 31/10/20171,200 metres Longest section of road tunnel in Latin America

Antofagasta HospitalOPENING | 11/12/2017671 rooms Service to + 890,000 people264 million US dollars

QatarUrban development semi-urban zoneOPENING | 10/05/2017152 hectares125 million euros

SpainExtension of Hospital del Mar (Barcelona)OPENING | 07/06/201714,228 m2 extension

New line 3 of Bilbao MetroOPENING | 10/04/2017



1. Business model and operating environment 1.4.SacyrConcessions

Sacyr Concessions, Sacyr Group’s growth engine, has a portfolio of 36 concessions distributed throughout 10 countries, together with 2 road-maintenance companies


Revenue 613(+11%)

Concession revenue 356(+15%)

Revenue backlog 27,163(+50%)

EBITDA 232(+12%)CONCESSIONS

WHATISIT?

Diversifiedinfrastructuresportfolio:- Asset diversity

- Several geographic markets

- Combination of mature assets and concessions with growth potential

36assetsin10countries

23 years remaining on assets

High potential for growth and increasing value


Intellectual capital Social capital

KEYFIGURESCONSTRUCTION BACKLOG (millions of euros) % INTERNATIONAL

27,163 82%SIGNIFICANTINFORMATION

During its 20-year history, Sacyr Concessions has demonstrated its experience and technical expertise, as well as its financial capacity with 28,000 million euros in overall investments.

It specialises in greenfield projects and handles design, funding, construction and asset management.

22 assets in operationYoung assets with 23 years left.

14 assets under constructionOngoing investments, 14,000 million euros

Ireland

Canada

Mexico

USA

Panama

Ecuador

Peru Brazil

Bolivia

Chile Uruguay

Paraguay

Colombia

Cape Verde

Spain

Portugal

Algeria

Togo

Angola

United Kingdom

Netherland

Sweden

Norway

Italy

Saudi Arabia

Mozambique

OmanQatar

Kuwait

UAE

Australia

ChileColombia

Ireland

ItalyMexico

Peru

PortugalParaguay

Spain

Uruguay


1. Business model and operating environment 1.4.SacyrConcessions


ParaguayRoute 2 “Asunción y Coronel Oviedo” motorwayRoute 7 “Coronel Oviedo y Caaguazú” motorway30-year termRevenue backlog 1,282 million euros

ColombiaFourth Generation (4G) “Cúcuta – Pamplona” motorwayRevenue backlog 2,441 million euros

MexicoNew general hospital in the southern regional district of Mexico City23-year termRevenue backlog 1,045 million euros

New “Pirámides – Tulacingo – Pachuca” mo-torway(México and Hidalgo states)10-year termRevenue backlog 235 million euros

Antofagasta Hospital, Chile


ChileAntofagasta Hospital OPENING | 11/12/2017Service to + 540,000 people15-year termRevenue backlog 530 million euros

ItalySecuring of funding for the “Pedemontana – Veneto” motorway, via a bond issue to the value of 1,571 million euros.The fi nancing for Pedemontana has won four international awards: the 2017 Project Finance International Award in the category of best European operation in transport infrastructure; to the best European public-private project (PPP) in the Infrastructure Investor Awards 2017; to the best European fi nancing of a road project in the IJ Global Awards 2017; Transport Project Finance of the Year of TFX.

SpainDisposal of 4% of Tranvía de Tenerife (Tenemetro)For 7 million euros.

Named insixth place in the world ranking of transport infrastructure concessions managers, by “Public Works Financing” (PWF); it also occupies fourth place for developers of greenfi eld infrastructure projects.

ChileDisposal of 49% of Sociedad Concesionaria “Rutas del Algarrobo”“La Serena-Vallenar” motorway (Chile)For an amount of 161 million euros, including the debt associated with the project.

UruguaySacyr arranged the fi nancing for Corredor Vial 21 and 24 in Uruguay, with the Uruguay infrastructure debt fund (CAF I) for approximately 76 million euros


1. Business model and operating environment 1.5.SacyrIndustrial


Revenue 523(+31%)EBITDA 34.4(+14.5%)EBITDA margin 6.6%Backlog 2,310International backlog 19%

We are developing all types of EPC projects in energy generation, oil and gas, electrical facilities and every kind of industrial plants

INDUSTRIAL

WHATISIT?EPCenergyprojects,wasteandwatertreatment:

- Electrical infrastructure - Industry & Energy - Oil & Gas

- Environment & Mining - Water

- Core business with high growth potential

Maximumtechnologicalcapacity

+100 power plants +300 water treatment plants

The most dynamic and highest-growing business area




KEYFIGURESREVENUE BACKLOG (millions of euros) EBIDTA MARGIN

2,310 7,6%SIGNIFICANTINFORMATION

Engineering and industrial construction activities:Energy generation, biomass, co-generation plants and waste-to-energy plants, conventional generation plants, co-generation and renewable energy plants, transmission lines and electrical substations, industrial factories and plants, oil and gas infrastructures and facilities, biofuel manufacturing, desalination of salt and brackish water, potable and waste water treatment, purification and reuse

Strategic alliances:• Sacyr Fluor: Strategic acquisition of 50%

Fluor S.A. for EPC projects.• Sacyr Nervión corporation: Maintenance of

industrial facilities.• Isotrón: EPC for electricity generation and

transmission.• Sadyt: integration of EPC activity into Sacyr

Industrial for water projects.

Ireland

Canada

Mexico

USA

Panama

Ecuador

Peru Brazil

Bolivia

Chile Uruguay

Paraguay

Colombia

Cape Verde

Spain

Portugal

Algeria

Togo

Angola

United Kingdom

Sweden

Netherland

Norway

Italy

Saudi Arabia

Mozambique

OmanQatar

Kuwait

UAE

Australia

AlgeriaAustralia

Bolivia

ChileColombiaEcuador

MexicoOman

Panama

PeruSpain


1. Business model and operating environment 1.5.SacyrIndustrial


ENVIRONMENTANDMININGNewclinkerandcementlineatacementplantinthetownofPotosíintheChiutaraRegion of Bolivia77.72 million eurosUrbansolidwaste(USW)treatmentplantinMelbourneAustralia30.16 million eurosSupplementaryworkattheChimborazoCementPlantEcuador12 million euros

OIL&GASManagementconsultancycontractfortheliquefactionplantsinGL1ZandGL2ZforSonatrachAlgeria22.33 million euros

ENGINEERINGANDELECTRICITYExtensionandchangeoftheconfigurationofthe“Cóndores–Parinacota”electricitylinesforTransemelandTranselecChile23.54 million euros

ColombiaRegasificadora in Cartagena de IndiasOPENINGOil & Gas

Growthofelectricitygenerationactivity, + 25% compared to 2016, due to the price increaseof the electric pool, caused by the conditionsweather conditions, and that the average price has gone upof electricity in said pool, of € 39.61 / MWh of 2016up to € 52.22 / MWh in 2017.

Extension,standardisationandchangeoftheconfigurationofthe“Melipulli–PuertoMontt”electricitylineforSTSandTranselec.Chile15.27 million eurosStandardisationandnewcompensationworksforthe“Candelaria”electricitylinesforColbún19.92 million eurosFull-servicemaintenanceandpowerdistributiononthemediumandlowtensionlinesPanama4.5 million euros

WATERContracttoexpandthedesalinationplantintheportofSantaCruzdeTenerife(CanaryIslands)for8millioneuros.The works will enable the flow of desalinated water to be increased from 21,000 to 28,800 cubic metres.

PeruThe Pampilla diesel moduleOPENINGOil & Gas

Development of the strategic agreements ofcollaboration signed in previous years withcompanies such as Flúor, Nervión and Isotrón.


ELECTRICITYINFRASTRUCTURES:

Revenue: 44 million euros

+8,000 km of lines maintained

1,400 MVA installed capacity

Substations and elec-tricity lines up to 400 kV

Service to more than 900,000 people in LATAM

ENVIRONMENTANDMINING:


150 MW in SUW energy recovery

9,000 Tm/day of clinker production

43 SUW plants de-signed and built

International benchmark in MBT and SUW recovery

OIL&GAS:


Engineering capacity of 800,000 hours/year

+6.7 million man-hours without an accident

1.8 million hours refin-ery maintenance

Safety management. OHSAS 18001 certifi-cate

ENGINEERINGANDELECTRICITY:


+100 cogeneration projects

+1 million hours of operation

Own engineering with over 450 professional staff

Electricity for +2 mil-lion homes

WATER:


TOP 6 in the world in desalination of seawater

Over 3Hm3/day of wa-ter treated

+300 plants designed and built

+250 specialist professionals


1. Business model and operating environment 1.6.SacyrServices


Revenue 952(+5%)Multiservices 444(+14%)

Environment 390(+12%)

Water 114(-32%)

EBITDA 83.3(+10%)Backlog 5,661

We develop a widerange of businessesalways focusedon integral customerservice

SERVICES

WHATISIT?

Focusesonpublicserviceconcessions:- Water, environment and multiservices

- Stable activity and long-term cash flow generator

Solidportfolioofpublicandprivatecontracts

Good track record

Improvement in turnover and margins




KEYFIGURESREVENUE BACKLOG (millions of euros) EBIDTA MARGIN

5,661 8,8%SIGNIFICANTINFORMATION

Environment:- Municipality services- Waste treatment- Regeneration

Water:- End-to-end water cycle- Waste water treatment plants

Multiservices:- Facility services- Homecare assistance- Infrastructure maintenance- Catering- Mining

Ireland

Canada

Mexico

USA

Panama

Ecuador

Peru Brazil

Bolivia

Chile Uruguay

Paraguay

Colombia

Cape Verde

Spain

Portugal

Algeria

Togo

Angola

United Kingdom

Netherland

Sweden

Norway

Italy

Saudi Arabia

Mozambique

OmanQatar

Kuwait

UAE

Australia

AlgeriaAustralia

Chile

ColombiaMexicoOman

PeruPortugalUruguay

USASpain


ENVIROMENT

The areas in which it conducts its business are outlined below:

›Municipalservices:includes Concession management of street cleaning, collection of municipal solid waste (including underground recycling containers), gardening and maintenance of green areas, management of parking meters, bicycle renting and towing services.

06/11/2017 Registration in EMAS for cleaning and waste collection services in Majadahonda

16/06/2017Technical Conference on the Circular Economy in Towns

13/06/2017 Valoriza Environment renews its “Excellence in Innovation” seal

›Wastetreatment:Builds and operates plants to treat urban solid waste, packaging, and batteries; treatment facilities for construction and demolition debris and landfill gas removal; and plants for biomethanation, incineration, and waste-to-energy production; as well as facilities to treat, compost, and thermally dry the sludge from waste-water treatment plants.

›Regeneration:this area encompasses water quality control, atmospheric control and recovery of landscapes and woodlands.

WATER

Integrated water cycle management activities are carried out by Sacyr Water in Spain and Somague Environment in Portugal, serving a total over of 1.3 million people in the two countries.

MULTISERVICES

Sacyr Multiservices manages the Sacyr Services Group’s businesses through five companies: Sacyr Facilities, Sacyr Social, Sacyr Maintenance, Valoriza Mining and Cafestore.

• Sacyr Facilities, is a benchmark company in full-service cleaning of buildings, facility management services and ancillary services.

• Sacyr Social, is leader in the management of care homes and day centres. In 2017, the following contracts were awarded.

• SacyrMaintenance specialises in road maintenance and upkeep, both in Spain and abroad.

• Cafestore: 3rd restoration operator in motorways and highways in Spain. It also manages the restoration

1. Business model and operating environment 1.6.SacyrServices

and catering in hospitals, residences and official organizations. It covers more than 4 million of clients per year.

•Valorizamining:mining projects in Spain in copper, gold, tin, lithium and tungsten deposits, mainly.


Envi

ronm

enta

lval

ue

2Sacyr promotes a strategy that respects the environment

San Francisco River Integration, Brazil


Sacyr’s integrated management system model is aligned with the Company’s strategy:

Corporate environmental policies

Environmental performance indicators, based on GRI methodology

Quantification of environmental investments and expenses

Setting of objectives at Sacyr corporate level, which are then incorporated into each contract

Environmental risk management

Certifications

In Sacyr’s integrated management system we have over 100 certifications, in accordance with 10 recognised international standards, 3 national standards and other sector standards, such as, Madrid Excelente. The ISO 9001 and ISO 14001 certifications are accredited by ENAC, UKAS and ANAB.

Currently, the activities the Group undertakes are certified or accredited in accordance with the following sector standards (the number of companies is indicated in each case):

Sacyr encouraging environmentally-friendly strategies and more efficient energy use in the organisation

2. Environmental value

CHALLENGES MET IN 2017 CHALLENGES IN 2018

• ISO 9001 and ISO 14001 certification has been extended to other activities carried out by Sacyr, chiefly in the international business.

• Implementation and certification of an energy management system

in the water business. • Certification of the environmental services activity with ISO 27001. • Approval of Sacyr’s climate change policy. • Registration of Sacyr’s carbon footprint with MAPAMA and

establishment of an emissions reduction plan. • Adherence to the Circular Economy Pact. • Joining the #PorElClima” Community and the Spanish Group for

Green Growth. • Participation in the FORETICA climate change cluster. • Verification of the Environmental Declaration (EMAS), according to

the new requirements of REGULATION (EC) 2017/1505. • Identification of environmental risks at corporate level

• Extension of the ISO 9001 and ISO 14001 certifications to new activities.

• Efficient driving certification EA0050.

• Carbon footprint certification ISO 14064 in various business areas.

• Extension of the scope of the energy management system to new activities.

• Analysis of the life cycle of new materials.

• Implementation of UNE 150008 “analysis and assessment of environmental risks”, in various facilities.

• Environmental Product Declaration (EPD) of new materials.

• EC mark for bitumen mix.

• Strengthen communications with our various stakeholders.

• Social awareness of the circular economy and climate change.

ISO 9001 ISO 14001 ISO 50001 UNE 158301 UNE 158101

47 42 4 1 1

ISO 27001 UNE EN 1176/7 EMAS Madrid Excelente ISO 17025

2 1 3 1 1


1,195Hours

17,959Participants

22Manuals of Good

Environmental Practices

SACYRENVIRONMENTALEXPENSESANDINVESTMENTS(€)

2015 2016 2017

Costs of waste treatment, treatment of emissions and restoration 10,253,022.10 9,486,098.58 9,331,634.03

Prevention and environmental-management costs 7,273,863.43 12,046,671.42 7,957,083.89

TOTAL 17,526,885.53 21,532,770.01 17,288,717.92

In2017,issuesrelatedtotheenvironmentledtototalexpensesof1,067.81euros,down98.8%on2016.

Environmentalawareness

SacyrSocialmakeselderlypeopleprotagonistsinEnvironmentalEducation

Sacyr Social, aligned with Sacyr’s strategy on environmental awareness, celebrated the WORLD ENVIRONMENT DAY in some of its centers with the aim of promoting environmental education for elderly people.

Sacyr makes a significant effort in environmental protection

The human capital competence of Sacyr is fundamental for the sustainability and progress of the Organization

SacyrEngineeringandInfrastructuresColombiaorganizesacontestforthebestphotographySocioAmbientalFrom the exercise, the three best photographs were chosen and the winner was selected (Concesionaria Vial Unión del Sur) who stood out for its exposure, socialization media and photography.

“Cosmovisión de los pueblos Quillasingas, Concesionaria Vial Unión del Sur

RevistaPaletón,ColombiaSacyr Concessions, through Unión del Sur highway concession, periodically publishes the “Paletón” newsletter, which includes, among other things, environmental news related to our activity in the region of Nariño, Colombia.

2. Environmental value

EducationalprogramsofefficiencyintheuseofwaterinSpainEmmasa - Municipal Water Company of Santa Cruz de Tenerife participated by Sacyr Water organizes numerous initiatives to raise awareness of the use of natural resources, such as workshops aimed at 450 children, primary and secondary school students, where the importance is placed on value of water and responsible consumption for sustainable development.

ArchaeologicalFindingsSacyr Concessions, through the Unión del Sur road concessionaire, has launched the Preventive Archeology program of the Rumichaca-Pasto corridor. High potential sites have been identified in the areas of Pasto, Yacuanquer and Tangua, which represents a mine of cultural and material information for the historical memory of the Colombian south-west, especially for Nariño.

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ICONS#4 QUALITY EDUCATIONCOLOUR & BLACK/WHITE

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C 16 M 100 Y 86 K 7

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HEX: C5192D


SACYRFOOTPRINT

• Registration of Sacyr’s carbon footprint with MAPAMA and establishment of an emissions reduction plan

These actions make clear Sacyr’s drive to make rational use of energy resources in its activities and facilities; with the purpose of optimising the consumption of these resources, reducing greenhouse gas emissions and contributing to the transition to a low-carbon model.

• Joining the #PorElClima” Community and the Spanish Group for Green Growth

Sacyr has joined the #PorElClima” Community, which involves adhering to 39 actions in relation to six key areas: water, consumption, energy, carbon footprint, mobility, and prevention and management of waste.

MILESTONES2017

• Approval of Sacyr’s climate change policy.

• Participation in the FORETICA climate change cluster.

Sacyr’s active participation in the Foretica climate change cluster, which enables, it among other things, to look in depth at the concept, application and implications of carbon pricing, analyse the link between biodiversity and climate change, converse with major opinion leaders in these matters at institutional and corporate level, promote climate change training and discover trends and knowledge.

• Adherence to the Circular Economy Pact.

• Sacyr also consumes biomass and renewable energies, which represent 23.56 % of its total internal energy consumption.

• The intensity of the greenhouse gas emissions from new buildings and urban development amounted to 8.21 TnCO2/million, which shows a fall of 37.47% versus 2016.

• In Sacyr’s energy services contracts.25,475.57 GJ of energy was saved in 2017, in comparison with the baseline, thus avoiding the emission into the atmosphere of 3,601.64 TnCO2.

• Regarding the fleet of vehicles, the increase in vehicles Hybrids or electric cars and cars and vehicle reduction industry in relation to passenger cars, has generated a reduction the emissions of 2.25%.

• The only emissions of gases that damage the ozone layer that could be generated in Sacyr would be those derived from the possible losses of its air conditioning equipment, and in 2017 have registered emissions of this type.

2. Environmental value2.1.Climatechange

Climate change offers major opportunities for the growth, development and competitiveness of its companies, and thereby to contribute to the improvement of our environment, society and future

At Sacyr we work formore efficient and sustainable cities

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ICONS#7 AFFORDABLE AND CLEAN ENERGY

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AFFORDABLE ANDCLEAN ENERGY

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ClimateprojectsandprojectspromotedbytheInstituteforDiversificationandSavingsoftheEnergy(IDAE)

Sacyr, according to his commitment in the fight against climate change and service improvement to citizens, has two climate projects presented by Valoriza Environment and two IDAE projects, through which it is committed to carry out actions for the reduction of emissions of Greenhouse Gases (GHG) and the reduction of acoustic emissions derived from its activity.

•Climate Projects: replacement of vehicle fleets in cities that have led to a reduction of 37 tCO2.

• IDAE Projects: fleet management of the service of Street cleaning and collection of Alcalá de Henares, and outdoor cleaning service at Adolfo Airport Suarez Madrid - Barajas in Madrid, saving 72.44 toe and 250 tCO2.

Sacyralignedwithalowcarboneconomy

Consumers of the electricity generated by Sacyr consume from a source of renewable energy and with a biofuel that has sustainability certified at its origin, thereby building a double commitment to sustainable development.

GEOTERMIAnetwork

SantaCreuiSantPauHospital,Barcelona DelValMarket,Valladolid

The largest enclosure in southern Europe with geothermal heating

Solution that will save 75% of your consumption energetic

• Geothermal energy is a renewable and efficient energy source, which does not depend on weather conditions (constant ground temperature). • It does not produce fumes, nor local pollution (particles, NOX, CO2, etc.), it is safe and requires very low maintenance. • Provides economic and energy savings, greater than 40%. • Total integration in the building, which is exempt from any visual disturbance, without chimneys, or external units in facades, no condensation towers (no danger of Legionella); neither produces sound impact nor expels hot air outside. • Integral solution: with a single heating unit, cooling and hot water can be provided to the building.

2. Environmental value2.1.Climatechange

SustainableMobilityinSomague

Somague continues to maintain the good practice of sustainable mobility at work, the shared bus. This initiative allows the trip of its workers from several points of the city of Lisbon to Linhó (Sintra), where its headquarters is located. In 2017 an average of 37 employees were transported per day and the use of this daily transport service prevented the emission of 111.52 tons of CO2.

Environmental value


Sacyr is aware that the sustainable management of water resources, can also improve energy production, contribute to economic growth, protect water ecosystems and their biological diversity, and adopt measures to combat climate change. In order to do this, and in line with its policy and the sustainable development goals, one of its priorities is to make rational and sustainable use of this resource, which is necessary for the development of its activities.

+Sacyr’s80%reductioninwaterconsumptionin4years

SacyrWater

Water is an economic asset on which the social development. Technology allows us to put available to the human being the amount of water necessary, with the right quality for each use, without generate waste or pollutants.

EBITDA: 19

million euros [+9%]

EBITDA margin: 16.6%

›Engineeringforwater

Sacyr Water R&D+i, applied to processes, has resulted in synergies between energy generation and environmental care.

›Waterdesalinationandpurification

1.9 million m³ per day (equivalent to the consumption of a city of 10 million inhabitants) with low energy consumption, making the most of existing natural resources.

›Integratedwatercyclemanagement

+100 plants built and designed

Great international expansion being present in the 5 continents

Serves more than 3 million people

›Sewersandcollectors

Sacyr makes it possible for used water to be regenerated for new uses or to be returned to nature in optimal conditions.

2. Environmental value2.2.Water

The rational and sustainable use of Water is fundamental for the future of our planet

Emmasa water treatment plant, Tenerife, Spain

Water cycle management

Sewage interior detail

›Wastewatertreatment

In 2017, 1,211,465 m3 of water was regenerated through the management of the integrated water cycle (IWC)

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ICONS#6 CLEAN WATER AND SANITATIONCOLOUR & BLACK/WHITE

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HEX: 26BDE2

Waterconsumptionevolution(m3)40,000,000

35,000,000

30,000,000

25,000,000

20,000,000

15,000,000

10,000,000

5,000,000

2014 2015 2016 2017


As a result, a part of our strategy is directed at conservation, the restoration and sustainable use of terrestrial ecosystems, the halting of biodiversity loss, the rehabilitation of degraded land and soil, and

the mobilisation and increase in financial resources for the conservation and sustainable use of biological diversity and ecosystems in line with the Sustainable Development Goals.

2. Environmental value2.3.Biodiversity

Biodiversity conservation is fundamental for the sustainability of the planet and of the human being

Wildlifeconservation Birdmonitoring

MontesdeMaríaProject(Colombia) ProjectoftheMularroyaDam(Spain)

Mitigation measures, conservation and compensation of the impacts to the regional native fauna, such as, for example, the immediate relocation of the specimens found on the road.

Monitoring of avifauna, chiroptera and compatibility of the works with the environment.Measurement of noise and vibrations in areas close to nesting areas of birds.Monitoring of the breeding period of Griffon Vulture (Gyps fulvus)Census of the populations of the chiropter colonies, in addition to a study on their habitat use.Results • The behavior of the birds has not been affected. • The reproductive success of the colony around the work has been 80%, a value higher than the vulture breeding rate in Spain in 2008 (67%) and that of the province of Zaragoza (57%). • The surveys of chiropter colonies are normal and their habitat has not been altered by construction.

Nurseryplantplan Rescueandrelocationofplantsindangerofextinction

RasBufontas(Qatar) AutopistaalMar1Project,Rumichaca-Pasto,Cúcuta-PamplonaandMontesdeMaría(Colombia)

179 specimens belonging to five species were transplanted to an area with the right conditions for survival, waiting to be returned to their place of origin.

Rescue and relocation of vascular epiphytes, which grow on other plants (phorophyte trees), such as orchids or bromelias from which 3,909 have been rescued and 3,406 individuals relocated.

In this way Sacyr shows its commitment to the conservation of autochthonous biodiversity, avoiding the introduction of species and protecting the landscape and the soil.

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ICONS#11 SUSTAINABLE CITIES AND COMMUNITIESCOLOUR & BLACK/WHITE

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PMS: 1375 C

C 0 M 45 Y 96 K 0

R 253 G 157 B 36

HEX: FD9D24

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C 75 M 4 Y 100 K 0

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HEX: 56C02B


Circulareconomy

The optimisation of the use of natural resources, the reutilisation of waste as raw materials, the prioritisation of recycling and reutilisation of waste and the inclusion of eco-design criteria, are all key elements of the new economic model: the Circular Economy.

Therefore, Sacyr has supported the Pact for the Circular Economy being currently the main 2020 strategy of the European Union for the generation of growth and employment. The objective of Sacyr is to reduce the generation of waste and improve its reuse for any process or activity that takes place.

CirculareconomyfortheimprovementofroadsneighborhoodsinPeru

LongitudinalHighwayoftheSierra(Peru)Sacyr has delivered 10,000 m³ of recyclable materials for the improvement of 10 kilometers of neighborhood roadsbordering the project, which promotes sustainability through the reuse of materials.

These residues of bituminous mixtures, coming from material for asphalting, are considered materials inert and can be reusable as gravel, between other apps. The reuse of the milling material it entails a great economic and energetic saving when requiring lower additional bitumen than a new asphalt concrete, since the energy needed for the production of a firm recycled and by reducing the cost of transport.

With this type of initiatives, and through the signing of Inter-institutional agreements with local governments, Sacyrstrengthens its commitment to optimizing the consumption of resources and reduction of waste generation.

2. Environmental value2.4.Naturalresourcesandenvironment

At Sacyr we work to redefine growth, taking care of our environment and focusing on generating positive benefits to society

Opportunitytocreatenewactivitiesandbusinesses

CIRTEC,TechnologicalCircle

First company in Spain, created to generate technical solutions to the asphalt sector under a clear criterion ofcircular economy, with multiple advantages compared to traditional asphalt:

• Noise reduction -5 db • Increased fatigue resistance • Delay of aging

• Economic savings in the work • Reduction of CO2 emissions • Increased recycling

2 business branches:

Revolutionary additive for the manufacture of asphalts with Tire dust

Manufacture of bitumens with tire powder by road wet in situ

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ICONS#12 RESPONSIBLE CONSUMPTION & PRODUCTIONCOLOUR & BLACK/WHITE

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C 18 M 48 Y 100 K 2

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HEX: BF8B2E

RESPONSIBLECONSUMPTIONA N D P R O D U C T I O N


Soc

ialv

alue

3

Committed to deal with any challenge that transform our society

2017 Innovative Natural Awards


Sacyr helps to generate sustainable value in the communities where it operates by carrying out its activities and promoting sustainable initiatives.

The economic value distributed in 2017 among our main interest groups in these communities was 2,294 million Euros.

2020GLOBALCOMPANYPLAN

To defi ne the CSR plans of Sacyr Group, we have launched a dialogue process with our stakeholders regarding the most relevant topics that must inspire our strategies and decisions. This has helped us to attain a clearer idea of the role we wish to play as social and economic actors.

+70% Developing

A global commitment to the societies where we carry out our activities

For every 100 euros of company’s turnover, 14.24 euros are destined to the payment of taxes

3. Social value3.1.CorporateSocialResponsibility

With our corporate social responsibility policy (hereinafter, CSR policy) and our corporate social responsibility strategic plan (hereinafter, CSR plan) we assume a global commitment with the societies where we operate. This commitment is the basis of our business culture and the source of excellence-based management.

CSRPOLICY

The CSR policy, approved by the Sacyr Group Board at the end of 2017, is aligned with Sacyr’s Code of Conduct, which establishes the principles and guidelines of behaviour in accordance with the Group’s values and is the central pillar of successive corporate social responsibility strategic plans.

These principles include the following:

Compliance with legislation

Integrity Transparency Safety Respect for human rights

GLOBAL COMPANY PLAN

4 OBJECTIVES

10MATERIAL ISSUES

28 LINES OF ACTION

112 PROJECTS

Society

PeopleEnvironment

Dialogueandaccountability SafetyImpact

RightsEffi ciency

Professionaldevelopment

Listen

Ethics

SocialValue

SolvencyandLongTerm

Diversity


Sacyr Foundation, set up in 2008, enables the Group to maximise the impact of the company’s social initiatives for its benefi ciaries and contribute more effectively to the well-being and development of the communities in which the Group conducts its activities.

In 2017 the Sacyr Group assisted various community projects, which can be broken down into two different categories: Promoting innovation and social action.

AladinaFoundation ActionAid

SOSAldeasInfantilesEspaña(SOSChildren’sVillagesofSpain):AldeadePachacamac CollaborationwithEyesoftheWorld(Bolivia)

CaminosFoundation JuanXXIIIRoncalliFoundationTrustees

3. Social value3.2.SacyrFoundation

SacyrInnovationAwards(Launch7thyearofBestStart-up)

SportsandChallenge(DeporteyDesafío)Foundation

PrincessofAsturiasFoundationTrusteesCollaborationwithCSICandUIMPontheMastersatSEDUREC

Chile-SpainFoundationTrusteesCollaborationwithFUERO250


3. Social value3.3.Safety,HealthandWellbeing

More than 92.93% of the Group, based on the total volume of workers at the international level, and 94.78%, in based on the volume of workers at the national level, Certificate in accordance with the OHSAS 18001 Standard 71.7% of the total group of workers of the Sacyr Group in Spain is represented in Committees of Security and health.

At Sacyr we bet on the concept of Security Integrated and we have a Occupational Hazards Prevention Policy whose purpose is to promote improvement of working conditions and level of protection, safety and health of our workers.

No.oftraininghoursinORP:47,388hours

Participants:10,604employees

Investment:+258thousandeuros

In 2017 the companies of the Sacyr Group have returned to submit their ORP management to legal audits and compliance with OHSAS, surpassing them with success.

Contractorsandoccupationalrisks

In the same way that it watches over the safety of its own workers, the Sacyr Group also considers essential that the right measures are taken to guarantee the safety of subcontracted workers. Therefore, Sacyr has a specific procedure on “Business Coordination”

Our projects are carried out keeping the maximum level of security for our workers

Awards

SACYR Chile - Innovation in Prevention – Monitors of security

SACYR Chile - PEC Excellence Certificate 2016 - Mutual of Prevention

SACYR Qatar - Al Kheesa Ashghal - Prize in recognition of having reached a low mile security laws

SacyrSportsClub

The purpose of the Club is to promote participation in both team and individual sports activities, depending on the sport, and the personal development and sports training of the partners and participants in the activities organised by the Club.

The main objective of the Sacyr Sports Club is to be a meeting point for many Sacyr employees whose quality of life and relationships with other colleagues are benefited by participating in the Club.

For more information, please visit the Club’s website (http://clubdeportivo.sacyr.com/)

+500 participants

+40 activities

Sacyr Sports Club


3. Social value3.4.Humancapital

The diversity and excellence of our work teams are the source of the development of the best services and constructions, and this comes from their application of their knowledge and transmission of the values of the organisation when carrying out their work.

These differences help us remain more in touch with the needs of our projects in all the countries where we have a presence.

Recruitment

We invest in continually attracting and training talent. Sacyr recruits employees using transparent, confidential, rigorous procedures to ensure equality and non-discrimination.

30,309 Workers

14,797 Men

15,512 Women

At Sacyr, we are committed every day to our employees, offering them the opportunity to develop as people and professionals

TRAININGThrough our training model we want to guarantee the permanent development of our employees, globally; aligning training with the needs generated by business strategies, within the framework of a business culture of innovation, integrity and excellence.

Our training model is structured into 5 main “Schools” or Content areas. – • Skills development centre • Language school. • Functional skills. • Technical schools. • ORP school.

132,041 Training hours

ENCOURAGINGAWORK-LIFEBALANCE

We support our employees in their search for a healthy work-life balance.

To help achieve this commitment, the following improvements have been implemented:

Flexible working hours

Compressed hours

Reduced working day for legal guardians

Cumulative breastfeeding breaks

Leave of absence

Non-school days

Availability of childcare options

Design/modification of the work calendar in line with the school calendar.

9,728COM

7%

39,829TEC

30%

38,883FUN

29%

11,635IDI

9%

32,016*ORP

24%

* Only ORP hours managed by the Training Department are considered

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PMS: 219 C

C 6 M 98 Y 9 K 0

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HEX: DD1367

Effective 1 January 2018, the United Nations is launching a revised design of Icon 10, as seen on this page


Gov

erna

nce

4

We live on the trust of those who offer it to us, and we are committed to that confi dence with the maximum guarantee

General Shareholders Meeting 2017


4. Governance 4.1.Governingbodies

The General Shareholders’ Meeting is the Company’s ultimate decision-making body. All the shareholders of the Sacyr Group are represented in it, and therefore, all of its share capital.

The Board of Directors is the highest decision-making body of the company and its main responsibilities are the approval of the company’s general strategies and policies.

The Council relies on three committees, which assist it in the exercise of its functions:

Executivecommission

AuditandCorporateGovernanceCommittee

AppointmentsandRemunerationCommittee

In general, the general function of the Board is to supervise and delegate the ordinary management of the Company commanded by the Steering Committee:

Nameorcorporatename Post/s Seniormanagement

Manuel Manrique Cecilia Chairman and CEO of Sacyr, S.A. and Chairman of Sacyr Concesiones, S.L.

x

Rafael Gómez del Río CEO of Sacyr Concesiones, S.L. x

José María Orihuela Uzal CEO of Sacyr Ingeniería e Infraestructuras, S.A. x

Fernando Lozano Sainz CEO of Sacyr Servicios, S.A. x

Pedro Sigüenza Hernández CEO of Sacyr Industrial, S.L. x

Carlos Mijangos Gorozarri Chief Financial Officer x

Miguel Heras Dolader Corporate General Manager and Talent Management and HR General Manager

x

*At 31 December 2017

This composition ensures that the Board remainsvigilant concerning profitability for all shareholdersand monitors strict compliance with the company’sstrategy

Sacyr headquarters, Spain


4. Governance 4.2.Goodgovernancepractices

The actions in matters of Corporate Governance are aimed to ensure the proper management of the company, safeguarding the rights of all shareholders and informing the company with transparency about the operation and the economic and financial situation of the Company

Some of the main practices are:

› Activity of governing bodies throughout of the financial year 2017: 12 meetings of the Board of Administration, 9 of the Executive Committee, 10 of the Audit and Corporate Governance Committee, and 5 of the Appointments and Remuneration Committee.

› Procedures have been expanded and improved of delegation of the right to attend meetings general.

› The Regulations of the Board specifically regulate the procedures implemented to avoid conflicts of interests in the highest governance body.

› The Sacyr Board of Directors adopts guidelines of self-control and evaluates its own functioning.

› The Council promotes the informed participation of shareholders in general meetings.

› The Board will make available to shareholders, prior to the Meeting, in addition to how much information is legally required, all that that, even if it is not, it may be of interest and be reasonably supplied.

› The Council will attend, with the greatest diligence, the requests for information from shareholders, with character prior to the Board, and the questions that formulate the shareholders on the occasion of the celebration of the same.

Handball male national team in Sacyr headquarters, Madrid, Spain


4. Governance 4.3.Anti-corruption

As part of the Regulatory Compliance Model of the Sacyr Group, there is a Code of Conduct and an organ responsible for its surveillance and application to the entire Group, called the Regulatory Compliance Unit.

The Model includes a Line of Inquiry and Complaint which has two functions: a consultative and another recipient of complaints of breaches of regulated in the Code of Conduct and, in general, in the Regulatory Compliance Model. In the complaints the confidentiality of the complainant and the respect for the rights of the accused.

All of the employees and members of the governing bodies of Sacyr Group and Sacyr Foundation, as well as the joint ventures and companies over which it has management control, have been informed of the Company’s policies and procedures to fight against corruption through our Code of Conduct and the circulars issued.

Signs of corruption are analyzed in detail and Work is done accordingly. In all cases it is reviewed the current business procedure that has not prevented the existence of such corrupt practice and are looking for improvements to it.

Any questions can be channelled through the following addresses:

Money laundering: [email protected]

Personal Data Protection: [email protected]

Whistleblower Hotline: [email protected]

Various information campaigns were carried out internally during the year in relation to money laundering, the Code of Conduct and data protection

The Code of Conduct expressly prohibits any behaviour by its employees which could be considered to entail corruption or bribery

SACYRGROUPCODEOFCONDUCT


4. Governance 4.4.Risks

Sacyr has adopted a Comprehensive Management System for Risks for business units and support areas at a corporate level, whose ultimate goal is to guarantee Obtaining a reasonable degree of security about the achievement of effectiveness objectives and efficiency in operations, reliability of the information and compliance with legislation.

The Integrated Risk Management System is structured around a Risk Committee that guarantees the involvement and commitment of the Board of Directors and senior management in management of group risks.

Our efforts during 2017 have been focused on the effective implementation of the Regulations of Risk Analysis specific to each area of business covering the entire life cycle of the projects and in the preparation of the risk map Consolidated Group, which is integrated, between others, for the following:

› Regulatory risks: credit, liquidity and market.

› Other Risks: Risk of inadequate adaptation to the environment or market in which it operates; Risk of inadequate management of the aspects related to social responsibility and sustainability, as well as the corporate image; Risks related to human capital; Risk of inadequate information for decision-making, Risks related to the area of technology and information systems.

Additionally, the Quality and Environment Department Environment or the Risk Prevention Service Labor help to ensure compliance with the legislation in their respective fields of activity.

Sacyr has established an Integral Risks management system and has created a solid policy to identify, evaluate and manage the risks in an effective way

Sacyr Board of Directors June 2017

76 Executive Summary Integrated Report 2017

SacyrPaseo de la Castellana, 83-8528046 MadridPhone: +34 91 545 50 [email protected]

CommunicationDepartmentSacyrphotoarchive

Depósitolegal:M-18387-2018

Pº de la Castellana 83-8528046 Madrid

+34 915 455 [email protected]

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Resumen Ejecutivo 2017 Summary Sacyr... · Leading infrastructures company that handles all kinds of projects across the world: civil works, motorways, underground and railway, buildings,