Activity Report


OHL Concesiones has achieved continuous growth as the result of the development and performance of new concessions, their operation and the rotation of mature assets. The company manages 14 toll roads, 3 commercial ports, 1 railway and 1 airport in five countries, with sales worth 444.9 million euros (+20% on 2014). With 10% of sales, it contributes 85% of the OHL Group’s EBITDA.


The specific targets for the division were presented during the 2015 financial year in the context of the Strategy Update 2020, confirming the business model that the company has been implementing successfully over the last few years, with the development of greenfield projects complemented by the recurring cash flow contributed by the dividends from the stakes in Abertis (13.9%) and in OHL México (56.9%).

In the short term, the growth of OHL Concesiones will be concentrated in the Pacific Alliance countries, without ruling out re-investment in Brazil and entry into the US and Canada in the medium term. Priority attention will be given to the various sectors in relation to GDP, the financing of the concessions will be maintained in the project currency and without recourse to the shareholder, with a minimum rate of returns for new investments of 15% on equity in euros, and the partial or total sale of mature assets will continue.



The turnover figure obtained by OHL Concesiones, 444.9 million euros in 2015, grew 20.5% over the previous year, with a net operating profit (EBIT) of 775 million euros (-1.4%). Toll roads are the company’s main asset and account for 76.4% of sales.

During 2015 and the first few months of 2016, OHL México has been subjected to a campaign designed to discredit the company, which it confronted through legal action to clarify the facts. In addition, an audit process that involved the participation of 25 full-time auditors from several leading international firms –EY, PwC, Deloitte, KPMG, Jones Day, FTI Consulting and Ritch Mueller– concluded that all of the claims were false.

On March 28, 2016, Mexico’s National Banking and Securities Commission (CNBV) determined the inexistence of dolus, fraud or any impact whatsoever against the Mexican financial system or against third parties in the actions of OHL México and its subsidiaries, Organización de Proyectos de Infraestructura (OPI) and Concesionaria Mexiquense (Conmex). The company’s shares rose 10% during the trading session underway when the decision was made known, reflecting investor confidence.

To meet the targets set, OHL Concesiones will maintain the following guidelines: the taking of majority stakes that facilitate the control of assets during the investment stage, periodic rotation of mature concessions and the development of innovative tools and technologies for strengthening the provision of its services.


Position of OHL Concesiones

Young backlog: concessions with 27 years of average residual life.

Very low performance risk: 11 concessions in operation, 2 in operation-construction and 6 under construction.

Activity in:

  • Mexico: 7 toll roads and 1 airport.
  • Spain: 2 toll roads, 2 commercial ports and 1 railway concession.
  • Peru: 2 toll roads.
  • Colombia: 1 toll road.
  • Chile: 2 toll roads and 1 commercial port.

New awards

In January 2016, the Metropolitan Council of Lima reached a unanimous decision to award a project to the OHL Concesiones private initiative for building the 12-km-long urban toll road, La Molina-Angamos, involving an estimated investment of 460 million euros, for the purpose of integrating the main services and business areas of Peru’s capital.

Financial transactions

In March, Organización de Proyectos de Infraestructura (OPI), the parent company of Concesionaria Mexiquense (Conmex) that operates the Mexiquense Beltway, made early repayment of a 300-million-dollar loan on completing a bond issue in the amount 4,100 million pesos, maturing in 2035. Subsequent to this transaction, a 24.99% stake in OPI was purchased in April by the IFM Investor fund at the price of 546 million euros.

Also in April, long-term refinancing was arranged for a portion of the margin loan backed by Abertis shares through a 273-million-euro non-recourse loan, maturing in three years and with a surety consisting of 2.5% of the capital of Abertis, covered in turn by a financial derivative. In June, OHL Concesiones Chile obtained a line of credit in the amount of 56 million euros for financing the Chilean concession commitments: the Eastern Vespucio Toll Road, the Industrial Bridge and the Terminal Cerros de Valparaíso. In September, the company Terminales Marítimas del Sureste (TMS) extended a credit for 12 years to be used for upgrading and expanding the installations of the Port of Alicante (Spain), while Río Magdalena Toll Road (Colombia) signed another loan agreement in the amount of 36 million euros for financing the investment commitments tied to the performance of the project.

Projects and operating improvements


Disaster Recovery Center, TeleVía.

With 77% of the construction finalized in December 2015, the Puebla Elevated Bypass is expected to be operational in the second half of 2016. This infrastructure is a 13.3 km viaduct that bypasses the capital of Puebla on the México-Veracruz toll road. In relation to the Atizapán-Atlacomulco Toll Road, if the Authorities approve the necessary right-of-way, the company is confident that it will be possible to complete the geotechnical studies, the anthropological exploration and the Environmental Impact Statement for the project in the first few months of 2016. A 1,800-m-long reversible lane was put into operation on the Western Urban Toll Road, cutting travel times by 80% during the peak traffic hours in the western area of Mexico’s capital and achieving at the same a reduction in pollutant emissions. TeleVía, the electronic toll collection brand used by OHL México for its operations, was managing 1.33 million electronic devices (TAGs) at the end of the financial year, having collected an average of 360,000 trips and managed 18,700 recharges daily. The company drove two projects in 2015 for confronting critical situations: the Disaster Recovery Center (DRC) and the Commercial BackOffice (CBO).


Autopista Río Magdalena started the operation and upgrading of the 70 km of the existing road between Alto de Dolores and the connection to Ruta del Sol. The construction work will begin in the first half of 2016, once the design activities for the project have been completed and the environmental permits and licenses have been obtained.


Red Vial 4 Toll Road, section of the Pan American Highway North under concession in Peru.

The construction work for converting the roadway of the Red Vial 4 Toll Road into a divided highway -the section of the Pan American Highway North under concession connecting the cities of Pativilca and Trujillo- was 82% completed at December 31, 2015. The construction of the second roadway in section 1 (Santa-Trujillo), as well as the last 10 km of section 4 (Pativilca-Huarmey), fialized in December. With respect to section 2 (Casma-Santa), the degree of progress of the work reached 49% by the end of the year. It is expected that in 2016 the Ministry of Transportation and Communications will conclude the land condemnation process with respect to three private properties (petrol stations) to enable the completion of the dual roadway. Subsequent to the close of accounts for the year, the Metropolitan Council of Lima approved the award of the private initiative, La Molina-Angamos urban toll road, in the month of January.


The construction work for the Eastern Vespucio Toll Road is scheduled to commence during the second half of 2016. The administrative steps for the construction stage of this urban toll road continued in 2015, as well as the maintenance work on the pre-existing infrastructure. The Ministry of Public Works approved the change proposed as an alternative to sector 1 and the road design of sector 2. The concession company Puente Industrial completed its road designs, obtained the approval of the first land condemnation projects and submitted the environmental impact statement. The construction stage is expected to commence in 2016. Terminal Cerros de Valparaíso, the company responsible for the construction and operation of Terminal 2 in the Port of Valparaíso, increased the operation of the current facilities by 20% in 2015, having completed close to 15% of the investment committed.


Terminales Marítimas del Sureste (TMS) reached an agreement with the Port Authority of Alicante on an extension of the concession period for 12 years, having programmed in that period an expansion of pier 19 and of the railway terminal, in addition to the implementation of the Terminal Operating System (TOS) for upgrading the production systems. In Santa Cruz, the company Terminal de Contenedores de Tenerife installed three new super post-panamax cranes with a reach of 22 rows and an 80 ton load capacity.