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EXECUTIVE SUMMARY
Spain - Road & Rail 0180 - 2136 - 2010
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EXECUTIVE SUMMARY
Market value
The Spanish road & rail industry grew by 10.5% in 2010 to reach a value of $39.6 billion.
Market value forecast
In 2015, the Spanish road & rail industry is forecast to have a value of $55.2 billion, an increase of 39.4%
since 2010.
Market volume
The Spanish road & rail industry grew by 9.3% in 2010 to reach a volume of 183.1 billion FTKs.
Market volume forecast
In 2015, the Spanish road & rail industry is forecast to have a volume of 238.1 billion FTKs, an increase of
30% since 2010.
Market segmentation I
Road Freight is the largest segment of the road & rail industry in Spain, accounting for 99.2% of the
industry's total value.
Market segmentation II
Spain accounts for 8.9% of the European road & rail industry value.
Market rivalry
Despite challenging market conditions, the Spanish rail and road industry is forecast to grow over the
coming years.
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CONTENTS
Spain - Road & Rail 0180 - 2136 - 2010
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TABLE OF CONTENTS
EXECUTIVE SUMMARY 2
MARKET OVERVIEW 6
Market definition 6
Research highlights 7
Market analysis 8
MARKET VALUE 9
MARKET VOLUME 10
MARKET SEGMENTATION I 11
MARKET SEGMENTATION II 12
COMPETITIVE LANDSCAPE 13
LEADING COMPANIES 16
Deutsche Bahn AG 16
Renfe (Red Nacional de los Ferrocarriles Espaoles) 21
Acciona SA 24
FCC Logistica S.A. 28
MARKET FORECASTS 29
Market value forecast 29
Market volume forecast 30
MACROECONOMIC INDICATORS 31
APPENDIX 33
Methodology 33
Industry associations 34
Related Datamonitor research 34
Disclaimer 35
ABOUT DATAMONITOR 36
Premium Reports 36
Summary Reports 36
Datamonitor consulting 36
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CONTENTS
Spain - Road & Rail 0180 - 2136 - 2010
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LIST OF TABLES
Table 1: Spain road & rail industry value: $ billion, 200610(e) 9
Table 2: Spain road & rail industry volume: billion FTKs, 200610(e) 10
Table 3: Spain road & rail industry segmentation I:% share, by value, 2010(e) 11
Table 4: Spain road & rail industry segmentation II: % share, by value, 2010(e) 12
Table 5: Deutsche Bahn AG: key facts 16
Table 6: Deutsche Bahn AG: key financials ($) 19
Table 7: Deutsche Bahn AG: key financials () 19
Table 8: Deutsche Bahn AG: key financial ratios 19
Table 9: Renfe (Red Nacional de los Ferrocarriles Espaoles): key facts 21
Table 10:
Renfe (Red Nacional de los Ferrocarriles Espaoles): key financials ($) 22
Table 11: Renfe (Red Nacional de los Ferrocarriles Espaoles): key financials () 22
Table 12: Renfe (Red Nacional de los Ferrocarriles Espaoles): key financial ratios 22
Table 13: Acciona SA: key facts 24
Table 14: Acciona SA: key financials ($) 26
Table 15: Acciona SA: key financials () 26
Table 16: Acciona SA: key financial ratios 26
Table 17: FCC Logistica S.A.: key facts 28
Table 18: Spain road & rail industry value forecast: $ billion, 201015 29
Table 19: Spain road & rail industry volume forecast: billion FTKs, 201015 30
Table 20: Spain size of population (million), 200610 31
Table 21: Spain gdp (constant 2000 prices, $ billion), 200610 31
Table 22: Spain gdp (current prices, $ billion), 200610 31
Table 23: Spain inflation, 200610 32
Table 24: Spain consumer price index (absolute), 200610 32
Table 25: Spain exchange rate, 200609 32
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CONTENTS
Spain - Road & Rail 0180 - 2136 - 2010
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LIST OF FIGURES
Figure 1: Spain road & rail industry value: $ billion, 200610(e) 9
Figure 2: Spain road & rail industry volume: billion FTKs, 200610(e) 10
Figure 3: Spain road & rail industry segmentation I:% share, by value, 2010(e) 11
Figure 4: Spain road & rail industry segmentation II: % share, by value, 2010(e) 12
Figure 5: Deutsche Bahn AG: revenues & profitability 20
Figure 6: Deutsche Bahn AG: assets & liabilities 20
Figure 7: Renfe (Red Nacional de los Ferrocarriles Espaoles): revenues & profitability 23
Figure 8: Renfe (Red Nacional de los Ferrocarriles Espaoles): assets & liabilities 23
Figure 9: Acciona SA: revenues & profitability 27
Figure 10:
Acciona SA: assets & liabilities 27
Figure 11: Spain road & rail industry value forecast: $ billion, 201015 29
Figure 12: Spain road & rail industry volume forecast: billion FTKs, 201015 30
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MARKET OVERVIEW
Spain - Road & Rail 0180 - 2136 - 2010
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MARKET OVERVIEW
Market definition
The road & rail freight industry consists of revenues generated from freight transportation by road and rail.Units of volumes are measured in freight ton kilometers (FTK). Both road and rail freight volumes include
both domestic and international freight, which for the purposes of this report are counted in the country of
origin.
The road freight sector is defined as consisting of revenues generated from freight transportation by road.
Units of volumes are measured in freight ton kilometers (FTK). Volumes include both domestic and
international freight, which for the purposes of this report are counted in the country of origin.
The rail freight sector is defined as consisting of revenues generated from freight transportation by rail.
Units of volume are measured in freight ton kilometers (FTK). Rail freight volumes include both domestic
and international freight, which for the purposes of this report are counted in the country of origin.
Any currency conversions used in the creation of this report have been calculated using constant 2009
annual average exchange rates.
For the purposes of this report, Europe consists of Western Europe and Eastern Europe.
Western Europe comprises Belgium, Denmark, France, Germany, Italy, the Netherlands, Norway, Spain,
Sweden, and the United Kingdom.
Eastern Europe comprises the Czech Republic, Hungary, Poland, Romania, Russia, and Ukraine.
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MARKET OVERVIEW
Spain - Road & Rail 0180 - 2136 - 2010
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Research highlights
The Spanish road & rail industry is forecast to have total revenue of $39.6 billion in 2010, representing a
compound annual rate of change (CARC) of -4.6% for the period spanning 2006-2010.
Industry consumption volumes are expected to decrease with a CARC of -3.3% between 2006 and 2010,
to reach a total of 183.1 billion freight tone kilometres (FTKs) in 2010.
The performance of the industry is forecast to accelerate, with an anticipated CAGR of 6.9% for the five-
year period 2010-2015, which is expected to drive the industry to a value of $55.2 billion by the end of
2015.
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MARKET OVERVIEW
Spain - Road & Rail 0180 - 2136 - 2010
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Market analysis
The Spanish road & rail industry lost more than a quarter of its value during the economic downturn of
2009; however, a strong rebound, at a double digit rate, is expected in 2010. In the forecast period, the
industry is set to grow steadily towards 2015, with annual rate largely remaining below 8%.
The Spanish road & rail industry is forecast to have total revenue of $39.6 billion in 2010, representing a
compound annual rate of change (CARC) of -4.6% for the period spanning 2006-2010. In comparison, the
French and German industries are expected to decline with CARCs of -4.6% and -3.9% respectively, over
the same period, to reach respective values of $78.1 billion and $79.9 billion in 2010.
Industry consumption volumes are expected to decrease with a CARC of -3.3% between 2006 and 2010,
to reach a total of 183.1 billion freight tone kilometres (FTKs) in 2010. The industry's volume is expected
to rise to 238.1 billion FTKs by the end of 2014, representing a compound annual growth rate (CAGR) of
5.4% for the 2010-2015 period.
The road freight segment is forecast to be the industry's most lucrative in 2010, with total revenue of$39.3 billion, equivalent to 99.2% of the industry's overall value. The rail freight segment is expected to
contribute revenue of $315.2 million in 2010, equating to 0.8% of the industry's aggregate value.
The performance of the industry is forecast to accelerate, with an anticipated CAGR of 6.9% for the five-
year period 2010-2015, which is expected to drive the industry to a value of $55.2 billion by the end of
2015. Comparatively, the French and German industries will grow with CAGRs of 4.9% and 4.5%
respectively, over the same period, to reach respective values of $99.4 billion and $99.7 billion in 2015.
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MARKET VALUE
Spain - Road & Rail 0180 - 2136 - 2010
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MARKET VALUE
The Spanish road & rail industry grew by 10.5% in 2010 to reach a value of $39.6 billion.
The compound annual rate of change of the industry in the period 200610 was -4.6%.
Table 1: Spain road & rail industry value: $ billion, 200610(e)
Year $ billion billion % Growth
2006 47.8 34.4
2007 52.9 38.1 10.6
2008 50.9 36.6 -3.7
2009 35.8 25.8 -29.7
2010(e) 39.6 28.5 10.5
CAGR: 200610 (4.6%)
Source: Datamonitor D A T A M O N I T O R
Figure 1: Spain road & rail industry value: $ billion, 200610(e)
Source: Datamonitor D A T A M O N I T O R
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MARKET VOLUME
Spain - Road & Rail 0180 - 2136 - 2010
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MARKET VOLUME
The Spanish road & rail industry grew by 9.3% in 2010 to reach a volume of 183.1 billion FTKs.
The compound annual rate of change of the industry in the period 200610 was -3.3%.
Table 2: Spain road & rail industry volume: billion FTKs, 200610(e)
Year billion FTKs % Growth
2006 209.0
2007 226.7 8.4
2008 209.2 -7.7
2009 167.6 -19.9
2010(e) 183.1 9.3
CAGR: 200610 (3.3%)
Source: Datamonitor D A T A M O N I T O R
Figure 2: Spain road & rail industry volume: billion FTKs, 200610(e)
Source: Datamonitor D A T A M O N I T O R
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MARKET SEGMENTATION I
Spain - Road & Rail 0180 - 2136 - 2010
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MARKET SEGMENTATION I
Road Freight is the largest segment of the road & rail industry in Spain, accounting for 99.2% of the
industry's total value.
The rail freight segment accounts for the remaining 0.8% of the industry.
Table 3: Spain road & rail industry segmentation I:% share, by value, 2010(e)
Category % Share
Road Freight 99.2%
Rail Freight 0.8%
Total 100%
Source: Datamonitor D A T A M O N I T O R
Figure 3: Spain road & rail industry segmentation I:% share, by value, 2010(e)
Source: Datamonitor D A T A M O N I T O R
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MARKET SEGMENTATION II
Spain - Road & Rail 0180 - 2136 - 2010
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MARKET SEGMENTATION II
Spain accounts for 8.9% of the European road & rail industry value.
Germany accounts for a further 17.9% of the European industry.
Table 4: Spain road & rail industry segmentation II: % share, by value, 2010(e)
Category % Share
Germany 17.9%
France 17.5%
United Kingdom 11.9%
Spain 8.9%
Rest of Europe 43.9%
Total 100%
Source: Datamonitor D A T A M O N I T O R
Figure 4: Spain road & rail industry segmentation II: % share, by value, 2010(e)
Source: Datamonitor D A T A M O N I T O R
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COMPETITIVE LANDSCAPE
Spain - Road & Rail 0180 - 2136 - 2010
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COMPETITIVE LANDSCAPE
The road & rail market will be analyzed taking companies whose business activities focus on
transportation of goods via road and rail as players. The key buyers will be taken as customers (mostly
companies), and fuel, electrical power, and rolling stock providers as the key suppliers.
Despite challenging market conditions, the Spanish rail and road industry is forecast to grow over the
coming years.
The road and rail industry consists of the railroads and the trucking sector. The large variety of potential
customers, coupled with the importance of services offered within the industry, reduces buyer power
significantly. Due to the inherent lack of capacity in rail networks, there are typically a limited number of
operators on specific routes, which raises switching costs. In some countries, their rail networks lack
liberalization, and hold a near-monopoly, reducing the level of rivalry. Entry barriers to the railroad sector
of the industry are typically high, and the threat of new entrants is therefore correspondingly low. Larger
customers have the option of integrating backwards by establishing their own fleets thus reducing supplierpower. It is possible to enter the road sector on a smaller scale, reducing fixed costs and entry barriers.
Here however, the risk of new entrants, as well as the level of rivalry, may be higher. Within the industry,
road and rail transportation can act as substitutes to one another, with both having distinct advantages
and drawbacks.
Due to the inherent lack of capacity in rail networks, there are typically a limited number of operators on
specific routes. In addition, some countries rail networks lack liberalization, and hold a near-monopoly,
reducing buyers scope of choice furthermore. Amongst market players, there are a wide range of
logistics and transportation companies. As it is vital for manufacturers to distribute their products to end-
users, transportation services are very important to them, reducing buyer power to some extent. However,
the relative lack of service differentiation means customers have a high degree of choice, boosting buyerpower somewhat. Moreover, switching costs are rather low and brand loyalty does not seem to be an
important factor within this industry, thus boosting buyer power even further. In addition, larger customers
have the option of integrating backwards by establishing their own fleets, whereas it is unlikely that road
companies would integrate forwards into end-users' areas. Overall, buyer power is assessed as moderate
in the industry as a whole.
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COMPETITIVE LANDSCAPE
Spain - Road & Rail 0180 - 2136 - 2010
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Key inputs for rail and road operators include fuel, electrical power, and the rolling stock of car and
vehicles themselves, as well as labor, IT and office space providers. Some of these supplies are offered
by a small number of (usually) large companies. Such suppliers may exert strong bargaining power, due
to their large size and importance of input they offer. Switching costs may be high, especially when large
and/or long-term contracts are involved. Players within this industry are rarely in a position to exert a
strong influence on fuel prices. Larger fuel retailers often promote loyalty by offering discount incentives
for road companies through their fuel card systems. Although this is beneficial to road firms, it actually
increases switching costs, and so additionally boosts supplier power. Railroad companies can buy or
lease locomotives and rolling stock from a small handful of companies. Furthermore, the high barriers to
entry for the capital-intensive rolling stock manufacturing industry means that if leaving the industry,
finding a suitable new source for these vital inputs may be difficult. Overall, supplier power is assessed as
moderate in the industry as a whole.
The ease of entering this industry largely depends on the sector. Entry barriers to the railroad sector are
typically higher, and the threat of new entrants is therefore correspondingly lower than in road sector. Themain barrier is the limited capacity of railroads, restricting companies' rights to use existing railroad
infrastructure. The number of operators of railway trains on a particular line is usually limited and must be
carefully managed. Moreover, the freedom of a train operator to use other rail lines is limited by track
usage contracts or government regulatory authority, as well as by physical characteristics of the rail
network, such as track gauge. Regulation is usually strict. Entering the railroad sector requires substantial
capital outlay for the purchase or leasing of rolling stock.
Entry to the road sector is possible on a small scale and the entry barriers are lower compared to other
transport businesses. Essentially, anyone who can afford a second-hand truck can enter the sector as a
sole-proprietor business. Relatively low fixed costs, a lack of brand strength among existing players, and
easy access to end-users combine to make entry to the sector relatively easy. The European Union hasits own set of emission standards that all new vehicles must meet and more stringent government
regulations and driver shortages may present significant difficulties for companies entering the sector.
Overall, the likelihood of new entrants is assessed as moderate.
Within this industry, road and rail transportation can act as substitutes to one another, with both having
distinct advantages and drawbacks. Road transport may be favored over rail transport due to flexibility
offered by road networks. Rail freight companies face indirect competition from road haulage and river
barge transportation companies. Road haulage has clear advantages for end-users that need to deliver
products door to door. However, increasing road congestion, regulations on exhaust emissions, and
driver shortages are creating significant problems for the road transport sector. Substitutions to both road
and rail include air transportation. Budget airlines offer low cost domestic and international flights, whichin some cases are competitive against rail fares. Overall there is a moderate threat from substitutes in this
industry.
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COMPETITIVE LANDSCAPE
Spain - Road & Rail 0180 - 2136 - 2010
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The strength of rivalry, similar to the threat of new entrants, depends on the industry sector. The
economic importance of railroad transport means that it is often a focus of government policy, reducing
the number of players and limiting competition. Historically, rail companies operated both train and track,
a model which led to the view that railroads are natural monopolies: since it is uneconomical to have
several parallel tracks on the same route, one company would tend to dominate a given route.
Nationalization has also been common in the rail industry. Unbundling trains and infrastructure is a
common basis for introducing competition, but this has proceeded to varying extents. Rivalry is intensified
by high fixed, entry and exit costs.
The road sector is fragmented and composed predominantly of a large number of small to medium sized
enterprises. The sheer number of competitors and the existence of high exit barriers increase the
competition level. Additionally, the services offered by companies within the sector, although diversified,
are similar for all the market players. There are some limited possibilities of differentiation within the
sector, such as additional services or discounts for regular customers. Larger market players have
diversified their operations geographically and offer more complex transportation services; however, theypresent similar business models, which boosts rivalry further. Rivalry within this industry is assessed as
strong.
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LEADING COMPANIES
Spain - Road & Rail 0180 - 2136 - 2010
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LEADING COMPANIES
Deutsche Bahn AG
Table 5: Deutsche Bahn AG: key facts
Head office: Potsdamer Platz 2, 10785 Berlin, DEU
Telephone: 49 30 297 61676
Fax: 49 30 297 20110
Website: www.deutschebahn.com
Financial year-end: December
Source: company website D A T A M O N I T O R
Deutsche Bahn (DB) provides mobility, transport and logistics services. DB is a government-owned
railway group in Germany. The group has operations in Germany, rest of Europe, Asia Pacific, North
America and other countries.
DB operates through nine business segments: DB Schenker Logistics, DB Bahn Regional, DB Schenker
Rail, DB Netze Track, DB Bahn Long-Distance, DB Bahn Urban, DB Services, DB Netze Stations, and
subsidiaries and other activities. The group organizes its segments into four business divisions:
passenger transport; transportation and logistics; services; and infrastructure.
The group's passenger transport division comprises three segments: DB Bahn Regional, DB Bahn Long-
Distance and DB Bahn Urban. The passenger transport division includes rail and bus transport operations
of the group. All the segments of the passenger transport division primarily offer transport services in
Germany.
The division's DB Bahn Regional segment comprises activities related to regional passenger transport
and other services. This segment offers a range of regional transport network connection in metropolitan
areas and surroundings. The integrated public transport operations of DB Bahn Region and its
subsidiaries offer rail and bus transportation services. DB Bahn Long-Distance segment of the passenger
transport division comprises all the group's operations related to long-distance passenger transport and
other services. This segment provides national and cross-border long-distance rail transport services.
This segment operates through DBAutoZug and CityNightLine CNL, which provide car carrier and nighttrain transport services.
The DB Bahn Urban segment includes the metropolitan transport systems in Berlin and Hamburg as well
as for 22 bus companies in Germany. This segment offers public road passenger transport services on
behalf of cities and counties.
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LEADING COMPANIES
Spain - Road & Rail 0180 - 2136 - 2010
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The transportation and logistics division includes two segments: DB Schenker Logistics and DB Schenker
Rail. DB Schenker Logistics, a logistics service provider, engaged in freight transport, forwarding and
other services. This segment's operations include global freight exchange including in-land transport;
global air and sea freight; and related logistics services. It has its operations in 1,500 locations in over 130
countries.
The DB Schenker Rail segment includes the group's activities for freight transport services. It operates an
open network system for the transport of single cars and groups of cars, and provides block train routes
for point-to-point transport services, together with selected extra logistical services. This segment
operates primarily in Germany, Denmark, the Netherlands, Sweden and Italy. The distribution activity in
urban transport is carried out mostly through trucks. The freight logistics includes the distribution and
organization of the Europe-wide transport of bulk goods. This segment also offers logistics solutions.
The services division operates through DB Services, which offers mobility and logistical services. This
segment provides services in six separate areas: DB Fahrzeuginstandhaltung (vehicle maintenance), DBSystel, DB Services, DB Fuhrpark (fleet management), as well as DB Kommunikationstechnik
(communications technology) and DB Sicherheit (security).
DB Fahrzeuginstandhaltung focuses on heavy maintenance of rail vehicles and provides comprehensive
inspection and maintenance work as well as conversion, modernization, upgrading trains, as well as
overhaul work on components like wheel sets, bogies and brakes at 15 locations. DB Systel is a provider
of information technology (IT) and telecommunications services. It is also a full-service provider develops
and operates IT and telecommunications solutions for the passenger travel and the logistics markets. Its
portfolio covers the entire IT value chain from consultancy and concept development through
development to operation and support services. DB Services is a systems provider of services related to
real estate and transport.
DB Fuhrpark (fleet management) provides mobility and fleet management services to the group with
about 26,000 vehicles throughout Germany. DB Kommunikationstechnik (communications technology) is
a specialist provider of nationwide technical support services. Its services include the maintenance and
repair of IT and network technology, security technology and passenger information facilities, automatic
ticketing machines as well as printing and information logistics. DB Sicherheit (security) bundles together
the security functions within the group and provides professional security services for travelers,
employees, freight, group facilities and real estate.
The infrastructure division operates through DB Netze Track, DB Netze Stations, and subsidiaries andother activities. This division operates passenger stations, network, energy supply, service and facility
management, fleet management, IT management, telematics and vehicle maintenance areas.
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LEADING COMPANIES
Spain - Road & Rail 0180 - 2136 - 2010
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The DB Netze Track segment is engaged in installing, maintaining and operating the complete track
related rail infrastructure in Germany. It operates the rail infrastructure including long-distance
metropolitan network, regional network, marshalling yards, and transshipment terminals. It provides
approximately 340 railroad companies, with about 34,000 kilometers of transport network. The DB Netze
stations segment is engaged in the operation, development and marketing of passenger stations and
retail facilities in stations in Germany. The group's subsidiary DB Netze Energy is responsible for
supplying the train operating companies with all energy-related services. The subsidiaries and other
activities segment of DB is engaged in the management of holding company for the DB Group, DB
Energie, Stinnes, DB Projektbau as well as other investments and activities.
Key Metrics
The company recorded revenues of $40,791 million in the fiscal year ending December 2009, a decrease
of 12.3% compared to fiscal 2008. Its net income was $1,154 million in fiscal 2009, compared to a net
income of $1,837 million in the preceding year.
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LEADING COMPANIES
Spain - Road & Rail 0180 - 2136 - 2010
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Table 6: Deutsche Bahn AG: key financials ($)
$ million 2005 2006 2007 2008 2009Revenues 34,839.3 41,789.0 43,535.5 46,515.4 40,790.6
Net income (loss) 849.6 2,336.1 2,386.1 1,836.9 1,154.1
Total assets 65,494.5 67,356.4 67,480.1 67,012.9 65,775.3
Total liabilities 54,822.3 54,544.2 52,241.5 50,111.2 47,809.9
Employees 216,389 229,200 237,078 240,242 251,000
Source: company filings D A T A M O N I T O R
Table 7: Deutsche Bahn AG: key financials ()
million 2005 2006 2007 2008 2009
Revenues 25,055.0 30,053.0 31,309.0 33,452.0 29,335.0
Net income (loss) 611.0 1,680.0 1,716.0 1,321.0 830.0
Total assets 47,101.0 48,440.0 48,529.0 48,193.0 47,303.0
Total liabilities 39,426.0 39,226.0 37,570.0 36,038.0 34,383.0
Source: company filings D A T A M O N I T O R
Table 8: Deutsche Bahn AG: key financial ratios
Ratio 2005 2006 2007 2008 2009
Profit margin 2.4% 5.6% 5.5% 3.9% 2.8%
Revenue growth 4.6% 19.9% 4.2% 6.8% (12.3%)
Asset growth (1.1%) 2.8% 0.2% (0.7%) (1.8%)
Liabilities growth (2.8%) (0.5%) (4.2%) (4.1%) (4.6%)
Debt/asset ratio 83.7% 81.0% 77.4% 74.8% 72.7%
Return on assets 1.3% 3.5% 3.5% 2.7% 1.7%
Revenue per employee $161,003 $182,326 $183,634 $193,619 $162,513
Profit per employee $3,926 $10,192 $10,065 $7,646 $4,598
Source: company filings D A T A M O N I T O R
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LEADING COMPANIES
Spain - Road & Rail 0180 - 2136 - 2010
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Figure 5: Deutsche Bahn AG: revenues & profitability
Source: company filings D A T A M O N I T O R
Figure 6: Deutsche Bahn AG: assets & liabilities
Source: company filings D A T A M O N I T O R
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LEADING COMPANIES
Spain - Road & Rail 0180 - 2136 - 2010
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Renfe (Red Nacional de los Ferrocarriles Espaoles)
Table 9: Renfe (Red Nacional de los Ferrocarriles Espaoles): key facts
Head office: Caracola 16 Avenida De Pio XII 110 Madrid, Madrid 28036, Spain
Telephone: 34 91 300 62 58
Fax: 34 91 300 73 36
Website: www.renfe.es
Financial year-end: December
Source: company website D A T A M O N I T O R
Renfe (Red Nacional de los Ferrocarriles Espaoles) constructs and operates railroads of the Spanish
Integrated National Network. Renfe is the state-owned company, under the auspices of the Ministry of
Public Works and Transportation, which operates freight and passenger trains. The company is based in
Madrid, Spain and employs around 16,000 staff.
Renfe owns the rolling-stock and remains responsible for the planning, marketing and operation of
passenger and freight services (though no longer with a legal monopoly).
The company is responsible for the operation of the following divisions: Cercanas, provides commuter
services; Regionales and Media Distancia, provide medium distance high-speed rail AVE services and
medium-range regional services with some of Cercanas services are transferred to Spain's Autonomous
communities; Servicios de Larga Distancia, provides long-distance intercity and high-speed rail services;Servicios de Mercancas y Logstica, provides freight services; and Fabricacin y Mantenimiento,
responsible for rolling stock maintenance and manufacture (also known as Integria). Each year Renfe
transports approximately 7 million tones of freight, of which around two thirds is domestic traffic and a
third is international.
Key Metrics
The company recorded revenues of $2,691 million in the fiscal year ending December 2008, a decrease
of 10.2% compared to fiscal 2007. Its net loss was $242 million in fiscal 2008, compared to a net loss of
$287 million in the preceding year.
More recent financial information was not available for this company at the time of publication.
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LEADING COMPANIES
Spain - Road & Rail 0180 - 2136 - 2010
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Table 10: Renfe (Red Nacional de los Ferrocarriles Espaoles): key financials ($)
$ million 2004 2005 2006 2007 2008
Revenues 2,876.7 2,775.3 2,857.9 2,996.7 2,691.0Net income (loss) 73.1 61.7 701.5 (287.4) (241.7)
Total assets 2,961.8 2,882.1 7,054.1 8,777.5 9,911.7
Total liabilities 2,578.1 2,436.7 4,746.6 5,887.4 6,384.1
Source: company filings D A T A M O N I T O R
Table 11: Renfe (Red Nacional de los Ferrocarriles Espaoles): key financials ()
million 2004 2005 2006 2007 2008
Revenues 2,068.8 1,995.9 2,055.3 2,155.1 1,935.2Net income (loss) 52.6 44.4 504.5 (206.7) (173.8)
Total assets 2,130.0 2,072.7 5,073.0 6,312.4 7,128.1
Total liabilities 1,854.1 1,752.4 3,413.6 4,234.0 4,591.2
Source: company filings D A T A M O N I T O R
Table 12: Renfe (Red Nacional de los Ferrocarriles Espaoles): key financial ratios
Ratio 2004 2005 2006 20072008Profit margin 2.5% 2.2% 24.5% (9.6%) (9.0%)
Revenue growth 6.7% (3.5%) 3.0% 4.9% (10.2%)
Asset growth (11.2%) (2.7%) 144.8% 24.4% 12.9%
Liabilities growth (14.7%) (5.5%) 94.8% 24.0% 8.4%
Debt/asset ratio 87.0% 84.5% 67.3% 67.1% 64.4%
Return on assets 2.3% 2.1% 14.1% (3.6%) (2.6%)
Source: company filings D A T A M O N I T O R
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LEADING COMPANIES
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Figure 7: Renfe (Red Nacional de los Ferrocarriles Espaoles): revenues & profitability
Source: company filings D A T A M O N I T O R
Figure 8: Renfe (Red Nacional de los Ferrocarriles Espaoles): assets & liabilities
Source: company filings D A T A M O N I T O R
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LEADING COMPANIES
Spain - Road & Rail 0180 - 2136 - 2010
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Acciona SA
Table 13: Acciona SA: key facts
Head office: Avda de Europa, 18 Parque Empresarial la Moraleja, 28108Alcobendas, Madrid, ESP
Telephone: 34 91 663 28 50
Fax: 34 91 663 28 51
Website: www.acciona.com
Financial year-end: December
Ticker: ANA
Stock exchange: Madrid
Source: company website D A T A M O N I T O R
Acciona through its subsidiaries is involved in the areas of development and management of
infrastructure and real estate projects, provision of transport, urban and environmental services, and
development and operation of renewable energies. It operates in more than 30 countries worldwide.
The company primarily operates through business seven segments: infrastructure, real estate, logistics
and transport services, urban and environmental services, energy, water, and other business.
Acciona's infrastructure segment is involved in designing, building, financing and maintaining
infrastructure projects in many sectors through its affiliates. Acciona Infraestructuras has a network of
leading construction and engineering companies. Mostostal Warszawa is a construction and erection
companies in Poland. It is associated with the reconstruction of bridges as well as all kinds of public,
industrial, power industry, environmental protection and road infrastructure facilities.
Acciona's real estate segment has established itself as a home builder. The main activities include
property rental business in student residences, apartments, offices and hotels (in association with Vincci
Hoteles). It is involved in the development of residential housing projects in Spain, Portugal, Poland and
Mexico. The company operates its real estate segment through its subsidiaries including ACCIONA Real
Estate, ACCIONA Parking, INOSA El Coto Urbanisations, ACCIONA Nieruchomosci and University
Campus Accommodation.
Acciona's logistic and transport segment provides passenger and freight transport services by land, sea
and air. Through Trasmediterrnea, the company is involved in passenger and freight transport by sea,
and through Airport Services the company provides airport management and handling services in Spain
and Germany. It is also involved in long-distance trucking, rail, logistics and distribution.
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LEADING COMPANIES
Spain - Road & Rail 0180 - 2136 - 2010
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Acciona's urban and environmental segment manages services related to cities and environmental
protection through various activities including water supply and treatment, solid waste management,
street cleaning, construction, financing and maintenance of car parks and hospitals, burial services, and
facility management and multiple services.
Acciona energy segment is engaged in the development, construction, operation and maintenance of
renewable energy facilities, focused primarily on wind power and it also develops projects and engages in
research in other areas such as biodiesel, solar, biomass and small hydroelectric.
Acciona's water segment focuses on water treatment in general and reverses osmosis desalination. The
company operates its water segment through its subsidiary, ACCIONA Agua. ACCIONA Agua constructs,
manages and runs plants and services which meet the supply needs of a population of more than 50
million people in 20 countries around the world.
The company's other business segment provides financial services, fund management and stock brokingservices through Bestinver; production of top quality wines by Hijos de Antonio Barcel; and the design
and development of exhibitions, museums and shows by GPD.
Key Metrics
The company recorded revenues of $9,055 million in the fiscal year ending December 2009, a decrease
of 9.7% compared to fiscal 2008. Its net income was $1,756 million in fiscal 2009, compared to a net
income of $645 million in the preceding year.
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LEADING COMPANIES
Spain - Road & Rail 0180 - 2136 - 2010
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Table 14: Acciona SA: key financials ($)
$ million 2005 2006 2007 2008 2009Revenues 6,748.2 8,721.3 11,058.2 10,022.8 9,055.0
Net income (loss) 711.9 990.0 1,076.3 645.2 1,756.2
Total assets 15,172.0 29,600.4 50,442.2 53,476.3 28,550.0
Total liabilities 10,401.3 23,157.9 41,465.0 44,689.6 20,117.9
Employees 29,527 32,985 35,583 34,562 33,112
Source: company filings D A T A M O N I T O R
Table 15: Acciona SA: key financials ()
million 2005 2006 2007 2008 2009
Revenues 4,853.0 6,272.0 7,952.6 7,208.0 6,512.0
Net income (loss) 512.0 712.0 774.0 464.0 1,263.0
Total assets 10,911.1 21,287.4 36,276.0 38,458.0 20,532.0
Total liabilities 7,480.2 16,654.2 29,820.0 32,139.0 14,468.0
Source: company filings D A T A M O N I T O R
Table 16: Acciona SA: key financial ratios
Ratio 2005 2006 2007 2008 2009
Profit margin 10.6% 11.4% 9.7% 6.4% 19.4%
Revenue growth 20.0% 29.2% 26.8% (9.4%) (9.7%)
Asset growth 15.2% 95.1% 70.4% 6.0% (46.6%)
Liabilities growth 11.7% 122.6% 79.1% 7.8% (55.0%)
Debt/asset ratio 68.6% 78.2% 82.2% 83.6% 70.5%
Return on assets 5.0% 4.4% 2.7% 1.2% 4.3%
Revenue per employee $228,542 $264,402 $310,771 $289,995 $273,466
Profit per employee $24,112 $30,015 $30,246 $18,668 $53,039
Source: company filings D A T A M O N I T O R
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LEADING COMPANIES
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Figure 9: Acciona SA: revenues & profitability
Source: company filings D A T A M O N I T O R
Figure 10: Acciona SA: assets & liabilities
Source: company filings D A T A M O N I T O R
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LEADING COMPANIES
Spain - Road & Rail 0180 - 2136 - 2010
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FCC Logistica S.A.
Table 17: FCC Logistica S.A.: key facts
Head office: Avda. Buenos Aires No 10, Poligono Industrial Camporroso, 28806Alca de Heneares, Madrid, Spain
Telephone: 34 918 783 800
Fax: 34 918 783 824
Website: www.fcclogistica.com
Source: company website D A T A M O N I T O R
FCC Logistica S.A., part of Group Fomento de Construcciones y Contratas, is the outcome of an alliance
between Aitena Espaa and Portugal, Logstica Navarra, and Grupo Logstico Santos.
The company offers supply chain solutions for Spain and Portugal, covering ambient and controlled-
temperature transportation.
It operates 64 warehouses and logistics platforms, over one million square metres of storage space,
190,000 cubic metres of refrigerating capacity, and employs about 4,600 people. FCCs main business
areas are consumer goods, retail, pharmaceuticals and tech, transport, and automotive.
Key Metrics
FCC Logistica recorded revenues of E340.4 million (approximately $473.3 million) in 2008. Approximately
12% of company revenues are generated through transport activities. Further financial information is not
available.
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MARKET FORECASTS
Spain - Road & Rail 0180 - 2136 - 2010
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MARKET FORECASTS
Market value forecast
In 2015, the Spanish road & rail industry is forecast to have a value of $55.2 billion, an increase of 39.4%since 2010.
The compound annual growth rate of the industry in the period 201015 is predicted to be 6.9%.
Table 18: Spain road & rail industry value forecast: $ billion, 201015
Year $ billion billion % Growth
2010 39.6 28.5 10.5%
2011 42.8 30.8 8.1%
2012 45.5 32.7 6.4%
2013 48.7 35.1 7.1%
2014 52.3 37.6 7.4%
2015 55.2 39.7 5.5%
CAGR: 201015 6.9%
Source: Datamonitor D A T A M O N I T O R
Figure 11: Spain road & rail industry value forecast: $ billion, 201015
Source: Datamonitor D A T A M O N I T O R
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MARKET FORECASTS
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Market volume forecast
In 2015, the Spanish road & rail industry is forecast to have a volume of 238.1 billion FTKs, an increase of
30% since 2010.
The compound annual growth rate of the industry in the period 201015 is predicted to be 5.4%.
Table 19: Spain road & rail industry volume forecast: billion FTKs, 201015
Year billion FTKs % Growth
2010 183.1 9.3%
2011 195.5 6.8%
2012 205.3 5.0%
2013 216.0 5.2%
2014 227.3 5.3%
2015 238.14.7%
CAGR: 201015 5.4%
Source: Datamonitor D A T A M O N I T O R
Figure 12: Spain road & rail industry volume forecast: billion FTKs, 201015
Source: Datamonitor D A T A M O N I T O R
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MACROECONOMIC INDICATORS
Spain - Road & Rail 0180 - 2136 - 2010
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MACROECONOMIC INDICATORS
Table 20: Spain size of population (million), 200610
Year Population (million) % Growth
2006 41.5 0.5%
2007 41.7 0.5%
2008 41.9 0.5%
2009 42.1 0.5%
2010(e) 42.3 0.4%
Source: Datamonitor D A T A M O N I T O R
Table 21: Spain gdp (constant 2000 prices, $ billion), 200610
Year Constant 2000 Prices, $ billion % Growth
2006 710.1 3.9%
2007 736.3 3.7%
2008 742.7 0.9%
2009 715.6 (3.6%)
2010(e) 712.4 (0.4%)
Source: Datamonitor D A T A M O N I T O R
Table 22: Spain gdp (current prices, $ billion), 200610
Year Current Prices, $ billion % Growth
2006 1,135.1 8.4%
2007 1,320.4 16.3%
2008 1,492.1 13.0%
2009 1,337.5 (10.4%)
2010(e) 1,348.5 0.8%
Source: Datamonitor D A T A M O N I T O R
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MACROECONOMIC INDICATORS
Spain - Road & Rail 0180 - 2136 - 2010
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Table 23: Spain inflation, 200610
Year Inflation Rate (%)
2006 3.5%2007 2.8%
2008 4.1%
2009 (0.3%)
2010(e) 1.3%
Source: Datamonitor D A T A M O N I T O R
Table 24: Spain consumer price index (absolute), 200610
Year Consumer Price Index (2000 =100)
% Growth
2006 117.6 3.5%
2007 120.9 2.8%
2008 125.9 4.1%
2009 125.5 (0.3%)
2010(e) 127.1 1.3%
Source: Datamonitor D A T A M O N I T O R
Table 25: Spain exchange rate, 200609
Year Exchange rate ($/)
2006 0.7970
2007 0.7308
2008 0.6834
2009 0.7192
Source: Datamonitor D A T A M O N I T O R
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APPENDIX
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APPENDIX
Methodology
Datamonitor Industry Profiles draw on extensive primary and secondary research, all aggregated,analyzed, cross-checked and presented in a consistent and accessible style.
Review of in-house databases Created using 250,000+ industry interviews and consumer surveys
and supported by analysis from industry experts using highly complex modeling & forecasting tools,
Datamonitors in-house databases provide the foundation for all related industry profiles
Preparatory research We also maintain extensive in-house databases of news, analyst
commentary, company profiles and macroeconomic & demographic information, which enable our
researchers to build an accurate market overview
Definitions Market definitions are standardized to allow comparison from country to country. The
parameters of each definition are carefully reviewed at the start of the research process to ensure they
match the requirements of both the market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest
industry events and trends
Datamonitor aggregates and analyzes a number of secondary information sources, including:
- National/Governmental statistics
- International data (official international sources)
- National and International trade associations
- Broker and analyst reports
- Company Annual Reports
- Business information libraries and databases
Modeling & forecasting tools Datamonitor has developed powerful tools that allow quantitative
and qualitative data to be combined with related macroeconomic and demographic drivers to create
market models and forecasts, which can then be refined according to specific competitive, regulatory
and demand-related factors
Continuous quality control ensures that our processes and profiles remain focused, accurate and
up-to-date
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APPENDIX
Spain - Road & Rail 0180 - 2136 - 2010
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Industry associations
International Union of Railways (UIC)
16 rue Jean Rey, 75015 Paris, France
Tel.: 33 0 1 44 49 20 20Fax: 33 0 1 44 49 20 29
www.uic.org
Rail Freight Group
Monticello House, 45 Russell Square, London WC1B 4JP
Tel.: 44 0 20 7907 4646
Fax: 44 0 20 7907 4684
www.rfg.org.uk
Related Datamonitor research
Industry Profile
Road & Rail in the Czech Republic
Road & Rail in Denmark
Road & Rail in Hungary
Road & Rail in Norway
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APPENDIX
Spain - Road & Rail 0180 - 2136 - 2010
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Disclaimer
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The facts of this report are believed to be correct at the time of publication but cannot be guaranteed.
Please note that the findings, conclusions and recommendations that Datamonitor delivers will be
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ABOUT DATAMONITOR
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