MITIGATION OF THE ENVIRONMENTAL IMPACT

Ferrovial's environmental policy establishes, among others, the following requirements and commitments:
• progressive improvement in the environmental performance of its production activities by studying the best practices applicable to our business activities based on technical and economic criteria;
• optimisation of the use of natural resources and implementation of maximum energy efficiency criteria;
• compliance with the environmental legislation applicable to our activities;
• implementation of environmental management systems certified by accrediting agencies in business areas with significant environmental risks; and
• active communication with the government, NGOs and social partners to provide solutions for environmental protection and pollution control.

In 1997, Ferrovial was the world's first construction group to implement a standardised environmental management system.

Ferrovial conceives and implements environmental management systems as an efficient tool for measuring, controlling and managing the environmental risks associated with most of its businesses, especially Construction and Services, which represented 82% of total group revenues in 2005.

The ongoing assessment of environmental factors and the attainment of group objectives are reported continuously to top management so that environmental management is not an additional element to the company's day-to-day running but forms part of decision-making.

In 2005, the areas with certified standards-compliant environmental management systems accounted for 63% of company revenues. At present, 76.4% of the Construction and Services activities (where environmental risks are greatest) have been certified; this figure is slightly lower than in 2004 due to the addition of handling and airport services company Swissport to the Services division.

In the context of environmental management systems, Ferrovial constantly monitors its environmental performance at production sites. In 2005, 1,319 environmental audits, technical assessments and site visits were performed.

IMPLEMENTATION OF A CERTIFIED ENVIRNMENTAL MANAGEMENT SYSTEM

ENVIRONMENT

Greenhouse Gases (GHG) and improvements in energy efficiency

The Kyoto Protocol came into force in 2005, as did the European emissions trading system (which traded over 300 million tonnes of CO2) and Renade, Spain's national emission rights register.

Although none of Ferrovial's industrial sites or activities fall under the scope of emission rights trading, the Kyoto Protocol's objectives will lead, in the medium and long term, to greater regulatory pressure in diffuse emissions of GHG (not covered by the emissions trading system) in sectors of the company's activity such as transportation, housing and waste management.

During the year, Spain's first regulations on energy efficiency in buildings came into force, in a context in which, under the new Building Code, the need to reconcile construction and the environment will foreseeably be extended and regulated on a more general basis. In view of the impact that these trends may have on areas of Ferrovial's business, and since some of those sectors may become closely involved in the second phase of the Kyoto Protocol (currently under negotiation), in 2006 Ferrovial will maintain its policy of optimising energy use and reducing GHG emissions.

It will also continue working on opportunities offered by the new system, particularly identifying and negotiating projects that may qualify for Joint Implementation (JI) or Clean Development Mechanisms (CDM), seeking emission trading partnerships with large companies. (More information on the goals relating to climate change, emission abatement and energy efficiency can be found at www.ferrovial.com/medioambiente).

Future regulatory framework on environmental liability

The Environmental Liability Directive (2004/35/EC) with regard to the prevention and remedying of environmental damage was approved in 2004. In 2005, Spain's Environment Ministry published the first draft of the law to transpose that Directive into Spanish law.

For the last two years, Ferrovial has been working on the design and implementation of new systems for analysing and assessing environmental risk in the activities covered by this regulation (such as waste management). These procedures were implemented in the Services area in 2005 and will be extended to other areas in 2006. The first phase of the work to develop, implement and validate a specific pioneering Environmental Performance Index (EPI) for Services, in cooperation with the King Juan Carlos University and the UNESCO Environment Chair, was completed in 2005. This comprehensive indicator, which is coherent with the one in place in the Construction division, includes variables for measuring environmental risk at industrial sites and waste management facilities. Ferrovial was the only company invited to present this experience at the 2005 Meeting of the International Organization for Standardization (ISO) Committee in Madrid.

It is also the only company in the industry to participate actively in the Standards Committee on the "Analysis and Evaluation of Environmental Risk", whose results will serve as a benchmark for the environmental studies required under the new environmental liability legislation. In the framework of the company's risk management policy, Ferrovial is cooperating with the insurance industry to assess the coverage of environmental risks in the context of the financial guarantees to be required under the new legislation.

The environmental management system records and monitors all administrative notifications of an environmental nature received by any department or level of the organisation. An exhaustive analysis of the proceedings enables the company to maintain control permanently and adopt preventive measures. The Corporate Insurance Unit, within the Quality and Environment Department, has the goal of providing an overview and coherent handling of all aspects of the businesses' environmental risk.

ENVIRONMENTAL INDICATORS

The environmental performance indicators for the company's business areas were positive: key management factors, such as resource efficiency and waste abatement, show a trend towards more eco-efficient management.

Many of these objectives have eventually become part of standard practice at construction sites, such as reducing the volume of soil waste that is disposed of in landfills (5,291,400 cubic metres in 2005). In the last five years, Ferrovial's projects have reduced the disposal of waste soil in landfills by over 37.5 million cubic metres. Additionally, objectives regarding hazardous waste management have become steadily more ambitious.

Water reuse increased seven-fold, to 172,241 cubic metres. Over 280,000 cubic metres of construction and demolition waste were reused and recycled. Additionally, 1,482,000 cubic metres of topsoil were reused – a 150% increase on 2004.

The municipal services business, conducted through Cespa, maintained a 41% recovery rate of the municipal solid waste received at its transfer and triage plants. In some areas, such as industrial waste, the percentage was 90.55%. Another environmental aspect of relevance to the business is that greenhouse gas (GHG) emissions continued to decline steadily. Additionally, the tonnes of carbon dioxide equivalent (TCDE) per tonne of waste was cut by over 25% with respect to 2004; by expanding the biogas capture network at landfills and increasing the number of company-managed sorting plants.

The company is also maintaining efforts to make the vehicle fleet less polluting: in 2005, 1.57% of vehicles in the municipal services area used alternative fuels (biodiesel, natural gas, LNG, electricity and hybrid).

Environmental Performance Index (EPI)

The EPI has become a fundamental environmental management tool in the Construction business since it provides reliable quantitative information about the following variables:
• The environmental impact of activity at our production sites;
• Establishment of quantified environmental objectives (related mainly to projects' eco-efficiency) and their degree of completion;
• Compliance with the applicable legislation and the amount of penalties imposed in the context of the environment.

The EPI algorithm was validated by King Juan Carlos University and is supported institutionally by the UNESCO Chair in Environment. The month-by-month EPI figures can be viewed at www.ferrovial.com/medioambiente, and the EPI will be available in real time, with daily updates, in 2006.

ENVIRONMENTAL RDI


Municipal Services invested 1,069,890 euro in research and development in 2005 and received 189,052 euro in subsidies for environmental projects (in cooperation with major public research centres and universities), dealing principally with use of regenerated water for irrigating green areas and reducing the environmental cost of processing leachates. (Further details can be found in the chapter on Innovation).

The water treatment division developed a number of projects relating to sewage sludge gasification, re-use of urban wastewater, water purification using ultrafiltration membranes, and the reduction of sludge production. (Further details can be found in the chapter on Innovation).

Ecological restoration at infrastructure projects

The Spanish road network has 5,000 square kilometres of embankments, ten times the area of the Doñana National Park. The land surrounding roads is therefore an important biological reserve which has not been managed under ecological criteria up to now.

In 2005, Ferrovial designed replanting and bio-engineering measures on 1,607 kilometres of linear infrastructure (37% more than in 2004) and on 1,341 hectares of non-linear infrastructure and installations (equivalent to 1,790 football stadiums).

The 4-year TALMED joint project between Ferrovial's infrastructure subsidiary Cintra and Spain's Higher Council for Scientific Research (CSIC) to establish a sound scientific basis for improving the ecological integration of infrastructure projects, concluded in 2004. The outcome was a technical report containing 11 recommendations addressed to government, developers, designers and constructors (available at www.canalconstruccionsostenible.com).

The next challenge is to lay the experimental foundations for the medium- and long-term ecological sustainability of infrastructure, on the same time-scale as the processes of ecological succession in nature.

The Expertal project, to be conducted over the next four years on Cintra's toll roads in Spain, is currently being developed by Cintra, Fundación Biodiversidad (Environment Ministry), the Higher Council for Scientific Research (CSIC) and King Juan Carlos University (Madrid).

Study and conservation of biodiversity

In 2004 and 2005, the Madrid Sur concession company (the R-4 road, managed by Cintra) financed a cooperation agreement between the Madrid Regional Government and the GREFA Group for the Recovery of Threatened Fauna to reintroduce the lesser kestrel (falco naumanni) in Perales del Río (Getafe, Madrid) and restore populations of this small migratory bird of prey, which is in the National Catalogue of Endangered Species.

The company also financed the construction of a kestrel breeding facility for this purpose and leased a 500 hectare site to enable the scientists to manage the habitat and ensure the survival of this bird population in the south of Madrid province. The results were very positive: survival of chicks bred in captivity was higher than expected and more breeding pairs have been attracted to the breeding site, which might lead to the creation of a stable colony in the next year (unprecedented in the Madrid region).

In 2005, Ferrovial signed an agreement with Madrid Polytechnic University (UPM) to map and conduct a survey of flora and fauna in the El Regajal-Mar de Ontígola Nature Reserve, which is one of the best-preserved ecosystems in the Madrid region and is the home to one of Europe's principal butterfly colonies. To improve knowledge of the taxonomy, biology and ecology of these populations, in 2004 Cintra signed a 5-year agreement with Sociedad Hispano-Luso Americana de Lepidopterología (SHILAP) to conduct a census and draw up a catalogue of the population of butterflies and moths in the area, and to re-introduce and acclimatise populations currently in decline, such as Iolana iolas and Clepsis laetitiae.

The five-year project envisages an ambitious programme to restore the species upon which the lepidoptera endemic to the zone feed. Once the plants for ecological restoration of the flora are in place, the first butterflies will be released in 2006.

COMMITMENTS FOR 2006

In addition to developing an overall environmental performance indicator (EPI) for Services and actions to reduce GHG emissions at waste treatment plants (detailed in the chapter on the Environment), Ferrovial plans other major environmental initiatives.

Development and implementation of an ISO-14001-compliant environmental management system at Cintra

Cintra, Ferrovial's infrastructure subsidiary, has set an objective of implementing an ISO-14001-compliant environmental management system at 75% of its businesses in Spain within the next year.

In 2005, it performed an environmental due diligence survey of its activities so as to assess the area's environmental status and establish the optimal programme for implementing the new system. The procedures used in the diagnosis include analysing and assessing the environmental risk of the workplaces and the degree of legislative compliance.

On that basis, a continuous environmental assessment plan was designed for the concession companies and production centres. A total of 49 environmental audits are planned for 2006, covering nearly 30% of workplaces in Spain, including all those whose environmental risk is greatest (toll roads, maintenance centres, car parks with industrial installations, etc.).

Environmental performance goals

In 2005, Ferrovial adopted a number of commitments to improve its environmental performance in the area of energy efficiency and pollution abatement. These commitments, made in the context of the Green Charter drafted for Madrid's Olympic Candidacy, established the following initiatives for 2005-2012:

• Real Estate: increasing the area of solar panels installed, to reach 11,000 square metres by 2008;
In 2005, a total of 1,187 square metres of solar panels were installed on homes which will be delivered to buyers in the first quarter of 2006; that is one-tenth of the total objective.

• Municipal Services: adding industrial vehicles powered by alternative energies to attain 4% of the fleet by 2008;
In 2005, the EPI in the Services area was approved and became fully operational. Additionally, the goal of GHG reduction was attained and the number of vehicles powered by alternative energies increased to 1.57% of the total.

• Construction: reducing the volume of construction waste discharged in landfills throughout Spain by 56 million cubic metres by 2012.

Waste disposal in landfills was reduced by 5.7 million cubic metres in 2005, i.e. 10% of the overall target. In the last five years, waste disposal in landfills has been reduced by 40 million cubic metres.

Environmental management campaign in offices

The office energy saving campaign, designed in 2005, will commence in 2006 with the goal of improving resource management and reducing usage, so as to improve the results attained to date in terms of monetary savings and environmental impact.

The campaign slogans are "We all win by using less" and "Our office reflects our world".

ENVIRONMENTAL PERFORMANCE

Construction

ENVIRONMENTAL PERFORMANCE

Services

FACILITY MANAGEMENT AND INFRASTRUCTURE MAINTENANCE IN THE UNITED KINGDOM

At present, 100% of Amey's activities are covered by certified ISO 14001-compliant environmental management systems. Additionally, Amey has been included in the BITC (Business in the community) environmental index for the last five years.

In 2005, most of Amey's environmental indicators performed favourably, especially recycling and re-use of inert waste, which exceeded 269,000 tonnes (9% more than in 2004). This increase was due to the fact that waste is collected at a larger number of locations, and to expanded triage facilities.

OTHER SIGNIFICANT ACTIONS

The environmental organisation plan for the Ocaña-La Roda toll road (180 kilometres) was completed in 2005. The work was supervised under an environmental monitoring plan covering the following, among other factors:

• protection of the soil;
• quality of water (both groundwater and surface watercourses);
• protection of the archaeological and ethnographic heritage;
• monitoring of bird life in the steppe areas with the assistance of a group of experts, who will monitor the population of Great and Little Bustard and Montagu's Harrier, among others.

The operating phase environmental monitoring programme for the R4 toll road commenced; it includes systematic checks of the efficiency of replanting measures, the use of fauna tunnels, surface water quality, and acoustic screening.

At the Scut Algarve toll road in Portugal, a number of important initiatives were taken, including an ongoing survey of roadkill under an agreement with ICN, the Portuguese Institute for Nature Conservation.

The Scut Norte Litoral toll road (in Portugal) implemented new measures to reduce the environmental impact: the installation of over 10,000 square metres of acoustic barriers and planting over 7,000 trees and bushes to improve the road's landscape impact.

In Ireland, measures continued to protect fauna affected by the construction and operation of the N4/N6 Kinnegad-Enfield-Kilcock toll road. These included installing 72 kilometres of barriers to minimise the risk of badgers being hit by vehicles, and installing over 40 fauna underpasses.

Sydney Airport approved an environmental management strategy which runs until 2010, and its goals include reducing water consumption, protecting and improving unique wetland habitats on the airport's area of influence, reducing the acoustic impact, and reducing the use of natural resources and energy.

Belfast City Airport began to obtain the first results from its environmental management system: energy consumption was reduced in absolute terms despite an increase in the number of passengers and flights. The percentage of waste that is recycled or re-used was greatly increased (from 15% in 2004 to 43% in 2005) and waste management expenditure was cut by 10%.

Bristol Airport completed the work to model its acoustic footprint; the first outcome was a redesign of the approach paths so as to reduce noise levels in sensitive areas in the environs. The environmental plan for the airport's future expansion was completed, and its fleet of industrial vehicles was converted to biodiesel.

 

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