Letter from the Chairman

Dear shareholders, clients and employees,

In 2017, Ineco once again successfully demonstrated that it was in a position to meet the current challenges facing the company and to look forward to the future, while continuing to increase its value-added services in an increasingly competitive market and constantly changing environment. The significant efforts made by the company throughout the year placed it in a leading position in terms of productivity. We achieved the objectives established within the required deadlines, offering the best quality services through our commitment, experience and specialized knowledge that defines us as a company.   

2017 was characterized by strategic reflection on the opportunities for internal improvement and training, and on our position in the foreign market. It is based on three main pillars: People, the Ecosystem and Transformation, which will allow us to grasp the opportunities offered to us. From now on, we will continue to follow the strategies laid down and adapt to the requirements of the different markets in which we operate.

Our work was based on three lines of development that marked the pace of our activity in 2017: sustainability, innovation and internationalization, reflecting our firm commitment to protecting the environment, human and labour rights, good corporate practices and the fight against corruption. This is evident in our Compliance Programme and in the annual renewal of our subscription to the Ten Principles of the Global Compact that we signed 9 years ago. 

A series of milestones marked our activities developed in 2017. It was a great honour for us to celebrate the 25th anniversary of the Spanish High-Speed line in April 2017. This was a particularly important date for our company thanks to its full participation in the development of a network that has placed us at the forefront of technology. It also provided us with access to other major projects such as high speed in the United Kingdom, Saudi Arabia, Turkey, or studies for India and Egypt, on which we continued to work in the past year. In the railway sector, it is important to mention the Accessibility Plan for Commuter and those developed for the Mediterranean Corridor as they show our continuous focus on improving Spanish infrastructures and the European connection. This year was also special for the aeronautical sector. We were awarded the design of the new terminal at Schiphol airport in Amsterdam, which led us to participate in the expansion of one of the major airports in the world.

Our international consolidation has allowed us to enter the American market with an aeronautical project, exporting our experience in airport transition to Newark airport; not forgetting our award of the Master Plan for Damman Airport, among others. Equally important is the consolidation of Ineco as a benchmark in GNSS services for its participation in the Operation and Maintenance contract (GSOp) of the European Satellite Navigation System for the European Commission.

In the road sector, the company maintained its line of work with the Ministry of Public Works in interventions in Spain’s road network. It also continued to work on international roads in Mexico, Costa Rica and Ecuador.

Our commitment to intermodality as one of the pillars for the development of sustainable mobility made us considerably increase our focus on planning, architecture, sustainability and the environment, urban transport, ports and information technologies. This warranted the development of new lines of activity, such as smart cities or digitization that allow us to tackle projects for the modernization of Spanish administration. Projects like the one developed for the Observatory of Transport and Logistics in Spain allowed us to export the model to other countries like Brazil.  Another example of Ineco’s competitiveness in transport planning is the implementation of the Qatari Transport Master Plan or the Costa Rica Transport Infrastructure Plan. 

In 2017, the company worked hand in hand with other companies from the Ministry of Public Works Group in the preparation and coordination of strategic plans: Innovation Plan for Transport and Infrastructure 2018-2020 and the Plan for the Internationalization of Transport and Infrastructure 2018-2020.  This will lead us to sustainable, innovative and technological environments in which Ineco is increasing its activity in these areas.

We ended the financial year with a turnover of 227.48 million euros, around 10% more than in the previous year, showing an operating profit of 10.75 million euros, once again surpassing the ceiling of the previous year.  This supports the strength of the company and the good work of a team of 2,530 employees at the end of the year, who work every day to offer the best solutions for mobility and sustainable and safe transportation.

We face 2018 with the prospect of celebrating our 50th anniversary. Half a century that would not have been possible without the confidence and support of our shareholders and clients, as well as the commitment of the magnificent team of professionals that make up the organization. All of us make Ineco a highly competitive company, capable of facing the continuous challenge of improving mobility with sustainable, safe and innovative solutions.

Isaac Martín-Barbero