Aeropuertos Españoles y Navegación Aérea - Aena.es

Vol.I
Aena
Memoria / Annual report 2009

Annual Report 2009

This annual report presents information corresponding to 2009 on the
public company “Aeropuertos Españoles y Navegación Aérea”, except
for the section “Legal information”, which provides consolidated data
on Aena and its holding companies.
The chapter “International development” affords information on Aena
Desarrollo Internacional S.A.

Anyone who is interested may download the Aena Annual Report 2009 at the following website:
www.aena.es.
We welcome those who wish to send questions, contributions, suggestions or comments about the content of
the Aena Annual Report to do so in any of the following ways:
By post:
Aeropuertos Españoles y Navegación Aérea (Aena)
Dirección de Comunicación, 1ª planta
c/ Arturo Soria, 109
28043 Madrid
By e-mail:
secdircom@aena.es
By phone: By fax:
(+34) 91 321 26 19 (+34) 91 321 15 78
Annual Report 2009
Annual Report 2009

More than 11 million passengers used
Malaga Airport in 2009

Annual Report 2009
1
Institutional
Information

202
Institutional Information
Aena in fi gures
1 Aena in fi gures
Aeropuertos Españoles y Navegación Aérea (Aena) is
the world’s foremost airport operator in terms of passenger
throughput.
Aena is a public company attached to the Ministry
of Public Works and Transport of the government of
Spain.
In Spain, it has 47 airports and the heliports of Ceuta,
and that of Algeciras, which is currently under construction.
All told, it handled more than 187 million
passengers and over 2.1 million operations in 2009.
Spanish airports handled nearly 570,000 tons of cargo.
In 2009 Aena was among the four most important
providers of Air Navigation services in Europe, having
controlled 1.88 million fl ights.
Aena has 13,143 employees.
Annual Report 2009
The Aena Group includes the subsidiary companies
Aena Desarrollo Internacional S.A. and Clasa, with a
100% holding; Crida, with 76.84%, and Ineco, with
61.09%.
Aena Desarrollo Internacional S.A. has partnership
holdings in 16 Latin American airports, which were
used by 25 million passengers in 2009.
London-Luton and Orland-Sandford are two of the
TBI airports in which Aena Desarrollo Internacional
S.A. has a share.
The investments paid by the Aena group equal 1,715
million euros.
Aena recorded a consolidated operating income of
3,095 million euros.
The consolidated EBITDA is 574 million euros.

Información institucional
Institutional Information
Aena in fi gures
Aena participates in the most
prestigious national and international
trade fair in its industry
Annual Report 2009 203

204
2 Geographic presence
La Gomera
El Hierro
La Palma
Institutional Information
Geographic presence
Tenerife
Sur
The Aena Group in Spain
47 airports
2 heliports (Ceuta y Algeciras)
5 en-route and approach control centres: Madrid, Barcelona, Seville, Palma de Mallorca and Canary Islands
2 terminal area control centres: Santiago and Valencia
45 control towers, 328 radio-aids, 132 communications centres and 40 radars
More than 187 million passengers in 2009
Annual Report 2009
Santiago
Corunna
Vigo
Tenerife Norte
Lanzarote
Gran Canaria
Badajoz
Jerez
Fuerteventura
Asturias
Leon
Salamanca
Seville
Santander
Burgos
Valladolid
Malaga
Vitoria
Cordoba
Bilbao
Federico Garcia Lorca
Granada-Jaen
Algeciras
Ceuta
Logroño
San Sebastian
Pamplona
Madrid-Torrejon
Madrid-Barajas
Madrid-Cuatro Vientos
Melilla
Albacete
Almería
Huesca-Pyrenees
Saragossa
Valencia
Alicante
Reus
Murcia-San Javier
Sabadell
Barcelona
Palma de Mallorca
Ibiza
Airport
Control centre
Heliport
Girona-Costa Brava
Son Bonet
Menorca

Burbank
Tijuana
Mexicali
La Paz
Hermosillo
Los Cabos
Los Mochis
Aguas Calientes
Guadalajara
Puerto Vallarta
Guanajuato-Bajio
Morelia
Manzanillo
Información institucional
Barranquilla
Cartagena
Cali
La Paz
Cochabamba
Santa Cruz
Aena has a stake in twelve airports through Aena
Desarrollo Internacional S.A. in the company TBI (three in
the United Kingdom, one in Sweden, one in the United
States and three in Bolivia).
Additionally, TBI is present in another four airports
through management contracts (Burbank, Atlanta,
Macon and Raleigh-Durham).
Total: 22,588,700 passengers
Raleigh-Durham
Atlanta
Macon
Orlando-Sanford
Cayo Coco
Stockholm
Belfast-International
London
Cardiff-International
The Aena Groupa throughout the world
Institutional Information
Geographic presence
Aena has a stake in sixteen airports through Aena Desarrollo
Internacional S.A. via different holdings (twelve in Mexico, three
in Colombia and one in Cuba).
Total: 24,981,552 passengers
The traffi c in Cuba is not tallied. It is a support contract with the Cuban
airport operator ECASA.
The traffi c of the airports under management contracts in the U.S.A. (TBI) is
never tallied owing to the forms of contract we have.
Annual Report 2009 205

206
Institutional Information
Trends in signifi cant volumes
3 Trends in signifi cant volumes
300
250
200
150
100
50
700
600
500
400
300
200
100
Annual Report 2009
0
3,0
2,5
2,0
1,5
1,0
0,5
0
0
166
2,05
653
GRAPH OF PASSENGERS (IN MILLIONS):
181
GRAPH OF OPERATIONS (IN MILLIONS):
2,21
2004 2005 2006 2007 2008 2009
GRAPH OF CARGO (IN THOUSANDS OF TONS):
629
193
2004 2005 2006 2007 2008 2009
2,32
626
2,50
2004 2005 2006 2007 2008 2009
210
643
203
2,42
643
187
2,16
570

2,5
2,0
1,5
1,0
0,5
0
TOTAL NUMBER OF FLIGHTS MANAGED BY AIR NAVIGATION
(IN MILLIONS OF AIR MOVEMENTS):
1,71
1,80
1,92
2004 2005 2006 2007 2008 2009
CONSOLIDATED OPERATING INCOME* (IN MILLIONS OF EUROS):
3.500
3.000
2.500
2.000
1.500
1.000
500
0
1.050
900
750
600
450
300
150
0
2.780
3.141
* In the year 2008 the new accounting rules began to be implemented. This introduced variations in the classifi cation of costs and income in the profi t and loss account.
** The concept of investments paid by the group was incorporated into the new accounting rules as of the year 2008.
Annual Report 2009 207
2,09
3.241
2,06
2006 2007 2008 2009
CONSOLIDATED EBITDA* (IN MILLIONS OF EUROS)
(Earnings before interest, taxes, depreciation and amortization):
796
931
814
1,88
3.095
2006 2007 2008 2009
INVESTMENTS PAID BY THE GROUP** (IN MILLIONS OF EUROS):
2.500
2.000
1.500
1.000
500
0
2.123
1.715
2008 2009
Institutional Information
Trends in signifi cant volumes
574

208
Institutional Information
Governing bodies
4 Governing bodies
Management Committee
[As at December 31st, 2009]
Chairman and Managing Director
Mr. Juan Ignacio Lema Devesa
Director of Spanish Airports
Mr. Javier Martín San Andrés
Director of Air Navigation
Ms. Carmen Librero Pintado
Director of Administration and Finances
Mr. Miguel Ángel Ávila Suárez
Director of Audits and Internal Control
Mr. Alfonso de Alfonso Bozzo
Communications Director
Ms. María Jesús Luengo Martín
Contracting Director
Mr. Ginés Ramírez Lifante
Director of the Offi ce of the Chairman
Mr. José Alfonso Solbes Galiana
Infrastructures Director
Mr. Jesús Mendiluce Lacalle
Environment Director
Mr. José Manuel Hesse Martín
Director of Organization and Human Resources
Ms. Begoña Gosálvez Mayordomo
Secretary / Director of Planning
and Management Control
Mr. Ángel Luis Arias Serrano
Director of Infrastructure Planning
Ms. Amparo Brea Álvarez
Director of the General Technical Secretariat
Mr. Jesús Fernández Rodríguez
Annual Report 2009
Board of Directors
[As at December 31st, 2009]
Chairman
D. Juan Ignacio Lema Devesa
Directors
Mr. Manuel Ameíjeiras Vales
Mr. José Luis Cachafeiro Vila
Mr. Francisco Cadarso González
Mr. Mario Díaz Millán
Mr. Luis Espadas Moncalvillo
Mr. José Carlos Fernández Arahuetes
Mr. Jesús Manuel Gómez García
Mr. Carlos Ibarz del Olmo
Mr. Miguel Ángel Jiménez Martín
Ms. Cristina Latorre Sancho
Mr. Manuel López del Saz
Ms. Mónica Melle Hernández
Ms. Monserrat Merino Pastor
Ms. Soledad Sanz Salas
Mr. Teófi lo Serrano Beltrán
Secretary
Mr. Jesús Fernández Rodríguez
Other members of the Board were Mr. Enrique
Salvo Tierra, who resigned on April 21st, 2009; Ms.
Encarnación Vivanco Bustos, who resigned on April
24th, 2009; Mr. Luis Felipe Palacio Arroyos and Mr.
Manuel Bautista Pérez, who resigned on April 28th,
2009; Mr. José Salgueiro Carmona, who resigned on
May 18th, 2009; Mr. Manuel Azuaga Moreno, who
resigned on May 22nd, 2009; Mr. Jaime Jesús Denis
Zambrana, who resigned on June 9th, 2009; Mr. Celso
González González, who resigned on July 9th, 2009,
and Mr. Carlos María Juárez Colera, who resigned on
August 11th, 2009.

5 Organizational chart
Director of Administration
and Finances
Mr. Miguel Ángel Ávila Suárez
Director of the Offi ce
of the Chairman
Mr. José Alfonso Solbes Galiana
Director of Spanish
Airports
Mr. Javier Martín San Andrés
Director of Organization
and Human Resources
Ms. Begoña Gosálvez Mayordomo
Chairman
and Managing Director
Mr. Juan Ignacio Lema Devesa
Business Units
Director of Air Navigation
Ms. Carmen Librero Pintado
Corporate Units
Communications Director
Ms. María Jesús Luengo Martín
Infrastructures Director
Mr. Jesús Mendiluce Lacalle
Director of Infrastructure Planning
Ms. Amparo Brea Álvarez
Director of the General
Technical Secretariat
Mr. Jesús Fernández Rodríguez
Institutional Information
Organizational chart
Director of Audits
and Internal Control
Mr. Alfonso de Alfonso Bozzo
Contracting Director
Mr. Ginés Ramírez Lifante
Environment Director
Mr. José Manuel Hesse Martín
Secretary / Director of Planning
and Management Control
Mr. Ángel Luis Arias Serrano
Annual Report 2009 209

210
Institutional Information
Letter from the Chairman
6 Letter from the Chairman
Annual Report 2009
In 2009 at Aeropuertos Españoles y Navegación
Aérea (Aena) the strategic priority was to contend
with the fi nancial crisis by maintaining the highest
levels of safety and quality, reducing costs and being
more competitive, and to do all this in a sustainable
manner in order to make the development of air
transport compatible with environmental protection.
Therefore, since last year we have been
implementing a policy of cost reduction and
productivity improvement conceived to permit us to
ensure Aena’s economic-fi nancial viability without
constituting en economic burden on the State or
the tax-payer. Some of these measures, especially
those concerning the air control service, have begun
to be implemented in 2010 and we will provide a
full account of them in next year’s annual report.
Here, I would merely like to point out that Law
9/2010 entails a thorough structural reform of our
air navigation services, which will enable us to lower
en-route charges by 15% and eliminate the defi cit of
approach charges within two years.

As regards the policy of savings in costs, the fi rst
measures implemented in 2009 allowed us to reduce
expenses by 95 million euros. Savings will be multiplied
in the coming years as a result of the Austerity Plan for
2010-2013, whereby we project a cost reduction of 750
million euros.
Another one of the priorities we set in 2009 was defi ning
a new airport management model that will enable us
to carry out more effective management by providing
services that are more effi cient from an economic
standpoint, and more suited to the territorial structure of
our country. In 2010 important progress has also been
made along these lines, and it will be materialized in a
law regulating the modernization of the airport industry.
Increasing the capacity of airport facilities to adapt them
to demands, while maintaining the highest levels of
safety and quality, and making sure that the airports
contribute to the economic development of the country,
was another of our priorities in 2009 and it will continue
to be so in the future.
Institutional Information
Letter from the Chairman
All these activities are conducted with a will to achieve
environmental sustainability, making air transport
compatible with environmental protection through
measures designed to reduce noise for populations in
the vicinity of the airports, decrease green-house gas
emissions and foster energy effi ciency and the use of
renewable energy technologies.
Juan Ignacio Lema Devesa
Chairman and Managing Director
Aena
Annual Report 2009 211

The airports of Aena have given
service in 2009 more than 187 million
passengers

Annual report 2009
2
General Information

214
General information
Airports
TRAFFIC TRENDS IN SPAIN
Aena’s network airports recorded more than
187,6 million passengers in 2009 (8,0% fewer
than in 2008) and operated more than 2,1 million
fl ights (10,4% fewer), Nearly 570,000 tons of
freight were transported through them (11,4%
less), Although these fi gures refl ect a decline in
passengers, operations and cargo with respect to
2008, in line with the sharp downturn in air traffi
c worldwide, Aena is still the largest airport operator
in the world.
Passengers
A total of 187,631,102 passengers used Aena network
facilities during 2009, which represents an
8,0% decline with respect to 2008, Of all these passengers,
186,426,611 pertain to commercial fl ights
(-7,9%), Of these, 110,772,629 used international
fl ights (-8,0%) and 75,703,982 travelled on domestic
fl ights (-7,6%).
Among the busiest airports as regards passenger
traffi c, Madrid-Barajas continues to be the largest
in the network, with 48,437,147 passengers, which
entails a 4,7% decline with respect to 2008, It is
followed by Barcelona, with 27,421,628 passengers
(-9,4%); Palma de Mallorca, with 21,203,041
(-7,1%); Malaga, with 11,622,429 (-9,3%); Gran
Canaria, with 9,155,665 (-10,3%), and Alicante,
with 9,139,479 (-4,6%).
Noteworthy among the airports with the largest
growth percentages are those in Burgos, with an
increase of 112,6%; Reus, with 33,5%; Santander,
with 11,9%; and Santiago, with 1,4%,
During 2009 the international passenger traffi c
decreased by 8,0% in the network overall, On the
contrary, there was signifi cant growth at the airports
of Leon (1,280,7%), Salamanca (866,8%),
Annual report 2009
Burgos (242,7%), Asturias (25,8%), Reus (7,3%),
Tenerife Norte (5,8%) and Corunna (4,5%).
«Aena is the largest airport
operator in the world, with
more than 187 million
passengers a year,»
As of July 2009 and during succeeding months a
recovery of the monthly air traffi c of passengers
can be observed at different airports such as Alicante,
Madrid-Barajas, Barcelona, Malaga, Tenerife
Norte, Valencia and Lanzarote,
Aircraft
Airports
Throughout 2009, the airports performed a total of
2,168,580 operations, which entails a decline with respect
to the number of operations in 2008 (-10,4%),
Of the total of these movements, 1,823,282 pertain
to commercial fl ights (-11,4%), of which 943,991
were domestic (-12,2%) and 880,291 were international
(-10,5%), As regards types of fl ights, 1,616,755
were scheduled (-9,4%) and 181,277 (-22,7%) charter
fl ights were recorded.
Madrid-Barajas Airport continues to be the busiest
of the entire network, with 435,187 fl ights
(-7,4%), followed by Barcelona, with 278,981
operations (-13,3%); Palma de Mallorca, with
177,502 (-8,2%); Malaga, with 103,539 (-13,6%);
Gran Canaria, with 101,557 fl ights (-12,6%); Valencia,
with 81,126 (-16,2%); Alicante, with 74,281
(-8,4%); Tenerife Norte, with 62,776 (-7,4%), and
Seville, with 55,601 (-14,5%).
Reus Airport is outstanding among the airports with
the largest growth in percentages of operations as
it recorded a 16,0% increase (30,946 operations);

followed by Huesca-Pyrenees, 10,4% (21,441); Madrid-
Cuatro Vientos, 4,2% (54,115) and Salamanca, 3,1%
(12,832).
«The Aena network
operated more than 2,1
million fl ights,»
With regard to the number of international operations,
the most notable growth took place at the airports
of Asturias (34,5%), Tenerife Norte (25,9%) and
Reus (12,1%); the origin or destination of most of
these operations was a European airport,
Cargo
The volume of freight transported during 2009 was
564,783,382 kilograms, 10,3% less than the previous
General information
Airports
year, International cargo amounted to 405,488,067
kilograms (-5,6%) whereas domestic cargo totalled
159,355,315 kilograms (-20,4%).
Madrid-Barajas, Barcelona,
Saragossa, Vitoria and Gran
Canaria airports are major
hubs of freight transport
By airports, Madrid-Barajas remains in fi rst place, with
302,863,340 kilograms (-8,0%), It is followed by Barcelona,
with 89,815,384 kilograms (-13,6%); Saragossa,
with 36,890,090 (72,1%); Vitoria, with 27,388,041
(-21,7%), and Gran Canaria, with 25,994,738 (-22,9%).
Annual report 2009
215

216
General information
Airports
TOTAL TRAFFIC AT SPANISH AIRPORTS IN 2009
AIRPORTS PASSENGERS, OPERATIONS CARGO,, AVERAGE,,,
Albacete 15,127 1,419 11
Alicante 9,139,479 74,281 3,199,730 123
Almeria 791,837 15,391 16,238 51
Asturias 1,316,212 16,033 124,521 82
Badajoz 75,351 3,783 20
Barcelona 27,421,682 278,981 91,081,054 98
Bilbao 3,654,957 54,148 2,691,468 67
Burgos 27,716 3,571 8
Ceuta-Heliport 20,560 2,441 1,054 8
Cordoba 15,474 8,650 2
Corunna 1,068,823 16,236 239,692 66
El Hierro 183,891 4,341 154,020 42
F,G,L, Ganada-Jaen 1,187,813 16,300 41,330 73
Fuerteventura 3,738,492 36,429 1,916,975 103
Girona-Costa Brava 5,286,970 48,127 74,584 110
Gran Canaria 9,155,665 101,557 25,998,675 90
Huesca-Pyrenees 6,228 21,441
Ibiza 4,572,819 53,552 3,143,541 85
Jerez 1,079,616 43,326 121,216 25
La Gomera 34,605 1,917 10,577 18
La Palma 1,043,274 19,742 1,083,782 53
Lanzarote 4,701,669 42,915 4,147,272 110
Leon 95,189 4,773 3,711 20
Logroño-Agoncillo 35,663 5,023 7
Madrid-Barajas 48,437,147 435,187 302,899,494 111
Madrid-Cuatro Vientos 229 55,115
Madrid-Torrejon 28,423 11,891 154 2
Malaga 11,622,429 103,539 3,402,292 112
Melilla 293,695 9,245 350,607 32
Menorca 2,433,666 28,189 2,621,856 86
Murcia-San Javier 1,630,684 15,900 15,578 103
Palma de Mallorca 21,203,041 177,502 17,088,210 119
Pamplona 335,612 11,690 44,706 29
Reus 1,706,615 30,946 9,602 55
Sabadell 43,934
Salamanca 53,088 12,832 4
San Sebastian 315,294 9,746 31,543 32
Santander 958,157 18,756 11,076 51
Santiago 1,944,068 20,166 1,991,573 96
Saragossa 528,313 12,750 37,830,804 41
Seville 4,051,392 55,601 5,021,515 73
Son Bonet 13,112
Tenerife Norte 4,054,147 62,776 18,315,513 65
Tenerife Sur 7,108,055 49,779 5,474,050 143
Valencia 4,748,997 81,123 9,801,482 59
Valladolid 365,720 9,236 75,375 40
Vigo 1,103,285 15,698 796,720 70
Vitoria 39,933 9,490 29,818,814 4
TOTAL 187,631,102 2,168,580 569,653,404 87
Pasajeros,,- Los datos de pasajeros incluyen pasajeros totales más pasajeros en tránsitos
Mercancia,,,- Los datos de kilogramos de mercancía incluyen otras clases de tráfi co y mercancia en tránsito.
Media,,,,- Media de pasajeros por operación,
Annual report 2009

General information
Airports
TOTAL PASSENGERS IN 2009
AIRPORT PASSENGERS AIRPORT PASSENGERS
Madrid-Barajas 48,437,147 La Palma 1,043,274
Barcelona 27,421,682 Santander 958,157
Palma de Mallorca 21,203,041 Almeria 791,837
Malaga 11,622,429 Saragossa 528,313
Gran Canaria 9,155,665 Valladolid 365,720
Alicante 9,139,479 Pamplona 335,612
Tenerife Sur 7,108,055 San Sebastian 315,294
Girona-Costa Brava 5,286,970 Melilla 293,695
Valencia 4,748,997 El Hierro 183,891
Lanzarote 4,701,669 Leon 95,189
Ibiza 4,572,819 Badajoz 75,351
Tenerife Norte 4,054,147 Salamanca 53,088
Seville 4,051,392 Vitoria 39,933
Fuerteventura 3,738,492 Logroño-Agoncillo 35,663
Bilbao 3,654,957 La Gomera 34,605
Menorca 2,433,666 Madrid-Torrejon 28,423
Santiago 1,944,068 Burgos 27,716
Reus 1,706,615 Ceuta-Heliport 20,56
Murcia-San Javier 1,630,684 Cordoba 15,474
Asturias 1,316,212 Albacete 15,127
F,G,L, Granada-Jaen 1,187,813 Huesca-Pyrenees 6,228
Vigo 1,103,285 Madrid-Cuatro Vientos 229
Jerez 1,079,616 Sabadell 0
Corunna 1,068,823 Son Bonet 0
Asturias
Murcia-San Javier
Reus
Santiago
Menorca
Bilbao
Fuerteventura
Sevilla
Tenerife Norte
Ibiza
Lanzarote
Valencia
Girona- Costa Brava
Tenerife Sur
Alicante
Gran Canaria
Málaga
Palma de Mallorca
Barcelona
Madrid-Barajas
BUSIEST AIRPORTS BY TOTAL PASSENGER TRAFFIC IN 2009
0 10,000,000 20,000,000 30,000,000 40,000,000 50,000,000
Annual report 2009 217

218
General information
Airports
TRAFFIC, AT AENA AIRPORTS IN 2009
2009 VARIATION,,, TRAFFIC
AIRCRAFT
Domestic 942,991 -12,2% 43%
International 880,291 -10,5% 41%
Other kinds 345,298 -5,0% 16%
Total 2,168,580 -10,4% 100%
PASSENGERS
Domestic 75,703,982 -7,6% 40%
International 110,722,629 -8,0% 59%
Other kinds 337,392 -9,5% 0%
Transit 867,099 -25,5% 0%
Total 187,631,102 -8,0% 100%
CARGO IN KILOS
Domestic 159,335,315 -20,4% 28%
International 405,448,067 -5,6% 71%
Other kinds 159,185 8,5% 0%
Transit 4,710,837 -64,5% 1%
Total 569,653,404 -11,4% 100%
UNITS OF TRAFFIC,,
Domestic 77,297,335 -7,9% 40%
International 114,777,110 -7,9% 59%
Other kinds 338,984 -9,4% 0%
Transit 914,207 -29,5% 0%
Total 193,327,636 -8,1% 100%
, Totals include transit and other kinds of traffi c,
,, A unit of traffi c is equivalent to one passenger and his/her luggage or 100 kilograms of cargo,
,,, Variation in 2009 with respect to 2008,
Annual report 2009

General information
Airports
PASSENGER TRAFFIC TOTALS, IN 2009
2009 VARIATION,, TRAFFIC
SCHEDULED
Domestic 74,037,693 -7,6% 44%
International 93,955,995 -4,2% 56%
TOTAL 167,993,688 -5,7% 100%
CHARTER
Domestic 1,660,687 -9,8% 9%
International 16,757,328 -24,9% 91%
TOTAL 18,418,015 -23,7% 100%
OTHER SERVICES 14,908 -21,7% 1%
OTHER TRAFFIC 337,392 -9,5% 28%
TRANSIT 867,099 -25,5% 71%
TOTAL 1,219,399 -21,6% 100%
TOTAL 187,631,102 -8,0% 100%
, Passenger totals include transit and other traffi c.
,,Variation in 2009 with respect to 2008,
210
190
170
150
130
120
90
128.9
140.9 144.6 143.0
TREND IN PASSENGER TRAFFIC TOTALS
153.8
166.1
181.2
193.5
210.4
203.8
187.6
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Annual report 2009 219

220
General information
Airports
AIRCRAFT TRAFFIC, IN 2009
2,009 VARIATION,, TRAFFIC
SCHEDULED
Domestic 139,284,870 -16,5% 30%
International 328,621,342 -6,0% 70%
TOTAL 467,906,212 -9,4% 100%
CHÁRTER
Domestic 19,803,317 -40,1% 21%
International 76,506,641 -3,8% 79%
TOTAL 96,309,958 -14,5% 100%
OTHER SERVICES 567,212 -27,4% 10%
OTHER KINDS OF TRAFFIC 159,185 8,5% 3%
TRÁNSITOS 4,710,837 -64,5% 87%
TOTAL 5,437,234 -61,7% 100%
TOTAL 569,653,404 -11,4% 100%
, Total operations including other kinds of traffi c
,,Variation in 2009 with respect to 2008
620
520
420
608
���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ����
Annual report 2009
638
601
TOTAL CARGO TRAFFIC TREND 1999-2009
(IN THOUSAND TONS)
596
605
653
629
626
643
643
570

General information
Airports
PASSENGERS
COMMERCIAL
DOMESTIC INTERNATIONAL
SCHEDULED CHARTER SCHEDULED CHARTER
OTHER
KINDS
TRANSIT
1999 48,668,536 2,410,194 40,330,558 35,396,521 265,272 1,820,590
2000 55,979,285 1,875,832 45,781,831 35,401,016 298,517 1,660,824
2001 57,883,172 1,655,429 49,185,247 34,143,728 230,476 1,479,352
2002 55,857,853 2,261,547 49,773,812 33,386,752 288,783 1,500,565
2003 60,325,919 2,590,053 56,291,001 32,740,373 256,261 1,594,577
2004 65,566,398 2,930,938 65,384,904 30,197,281 286,452 1,756,843
2005 73,770,980 2,609,550 75,516,257 27,376,609 349,370 1,633,822
2006 79,186,689 2,322,090 83,079,805 26,809,437 406,284 1,710,022
2007 86,661,047 2,406,954 94,831,107 24,756,627 370,021 1,443,757
2008 80,115,031 1,840,632 98,037,782 22,313,674 372,680 1,163,180
2009 74,037,693 1,660,687 93,955,995 16,757,328 337,392 867,099
80,000,000
60,000,000
40,000,000
20,000,000
0
100,000,000
90,000,000
80,000,000
70,000,000
60,000,000
50,000,000
40,000,000
30,000.000
20,000,000
10,000,000
0
DOMESTIC COMMERCIAL PASSENGERS
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
INTERNATIONAL COMMERCIAL PASSENGERS
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Annual report 2009 221

222
General information
Airports
BREAKDOWN OF TOTAL PASSENGERS IN 2009
SCHEDULED DOMESTIC 74,037,693
DOMESTIC CHARTER 1,660,687
SCHEDULED INTERNATIONAL 93,955,995
INTERNATIONAL CHARTER 16,757,328
OTHER KINDS 337,392
TRANSIT 867,099
TOTAL 187,616,194
OTHER SERVICES NOT INCLUDED 14,908
TOTAL 187,631,102
Annual report 2009
Regular Internacional
50.08%
No Regular Internacional
8.93%
Otras Clases
0.18%
Tránsitos
0.46%
No Regular Nacional
0.89%
Regular Nacional
39.46%

General information
Airports
COMPARISON OF TRAFFIC AT EUROPEAN AIRPORTS
Average Europe 2009 (ACI Worldwide), -5,5%
AIRPORT CODE
THOUSANDS
PASSENGERS
VARIATION,,
London (United Kingdom) LHR 66,038 -1.5%
Paris (France) CDG 57,885 -4.9%
Frankfort (Germany) FRA 50,933 -4.7%
Madrid-Barajas (Spain) MAD 48,249 -5.1%
Amsterdam (Netherlands) AMS 43,570 -8.1%
Rome (Italy) FCO 33,723 -4.0%
Munich (Germany) MUC 32,681 -5.4%
London (United Kingdom) LGW 32,401 -5.3%
Istanbul (Turkey) IST 29,854 4.3%
Barcelona (Spain) BCN 27,301 -9.7%
Paris (France) ORY 25,102 -4.2%
Zurich (Switzerland) ZRH 21,879 -0.8%
Palma de Mallorca (Spain) PMI 21,197 -7.1%
Dublin (Ireland) DUB 20,504 -12.6%
London (United Kingdom) STN 19,957 -10.7%
Copenhagen (Denmark) CPH 19,669 -8.4%
Manchester (United Kingdom) MAN 18,840 -12.0%
Moscow (Russia) DME 18,675 -8.6%
Antalya (Turkey) AYT 18,404 -2.3%
Vienna (Austria) VIE 18,114 -8.3%
, Datos ACI Mundial a 16 de marzo de 2010, correspondientes a 2009.
,, Variación de 2009 sobre 2008,
Annual report 2009 223

224
General information
Información general
Airport
Infrastructures
CRITERIA FOR AENA
DEVELOPMENT PROJECTS
During 2009 Aena carried on with its investment
effort given its decided belief in the need to create
and develop airport infrastructures, adopting
the measures necessary for expanding, modernizing
and upgrading the airport facilities in order to
adapt the capacity and services available to the demands
on air transport.
To this end, the Directorate of Infrastructures, in
keeping with the applicable rules and guidelines,
draws up the projects and oversees the construction
of the necessary facilities, thus contributing to the
improvement of quality, increasing environmental
sustainability, maintaining high levels of safety
and prevention of workplace risks, all this within a
framework of technical and economic effi ciency.
The way the abovementioned criteria are applied
in Aena’s development projects is explained below:
Safety and prevention, In both the design and
construction phases of the development projects
the conditions related to workplace risk prevention
have been continually improved in order to
minimize workplace accidents, including in the
specifi cations the preventative criteria required
by Aena and by the legislation in force in this
regard on minimum provisions in security and
health-related matters at the construction sites.
Quality assurance, Overseeing, coordinating,
supervising and directing the activities
related to the development and monitoring
of the Quality Management System, in addition
to conducting activities related to the
technical audits of the construction work executed
by the Directorate of Infrastructures.
Annual report 2009
Infrastructures
through the directorates of the corresponding
project fi les.
Environment, Directing and managing the different
environmental activities derived from the
execution of development projects, coordinating
the actions necessary for carrying out different
studies, projects and reports that are established
in the corresponding environmental impact
statements required by contract, performing
environmental monitoring and control from
the design phase until the completion of construction
and collaborating, at all times, in the
preparation and processing of environmental
impact studies for the development projects assigned
to the Directorate of Infrastructures,
«In 2009 Aena continued
its investment effort to
adapt the capacities and
services of the airports
to the demands of air
transport»
Moreover, given the dimension, complexity, investment
in and saturation of the existing facilities,
through the special master plans for the airports
(Barcelona Plan, Levante Plan and Malaga Plan,
which are the units in charge of developing and
executing the facilities for the expansion of the airports
of Barcelona, Alicante-Valencia and Malaga,
respectively) Aena has continued their development,
progressing in the projects and executing
the programmed construction in order to modernize
and upgrade the facilities to enable meeting
demands, as well as contributing to the improvement
of the image of the airports as they are perceived
by users and society at large.

Barcelona Plan
Progress continued to be made on the projected
actions, with the conclusion of construction work in
the new terminal area, and that corresponding to the
expansions and upgrading of the car parks, cargo area
and service area of the new Terminal 1, The most signifi
cant construction under way includes building the
south Control Tower, the east aircraft apron, the road
connecting the terminals and expanding the general
car park.
«Terminal 1 of Barcelona
Airport went into service on
June 17th, 2009»
However, the most signifi cant event as regards the actions
encompassed in the Barcelona Plan was that which
took place on June 17, the opening of Barcelona Airport’s
Terminal 1, which was inaugurated the previous day.
Levante Plan
The Levante Plan pertains to the airports of Alicante
and Valencia, and during 2009 the following were the
most signifi cant actions carried out:
Alicante Airport, The airport services building was
completed, construction of the New Terminal Area
is under way, the airfi eld is being upgraded and the
electrical system is being revamped: new power plant,
connections, galleries, etcetera.
Projects were drawn up for expanding the aircraft
holding bay, repairing the runway thresholds and implementing
an integrated security system.
General information
Infrastructures
Valencia Airport, The programmed construction
work progressed as planned, That related to upgrading
the airfi eld and building the new treatment plant was
completed and that corresponding to the entrances
to and utilities for the new control centre are still
under way.
Malaga Plan
Considerable progress was made on the promised and
projected actions of the Malaga Plan, namely:
New Terminal Building, The new processing
building will be adjacent to the northern façade
of the existing terminal so as to integrate the
three terminals within a single terminal concept
so that users can get around easily and conveniently,
It will also boast a transport interchange
to further intermodality.
«Malaga Airport achieves
the integration of its three
terminals through a single
terminal concept»
Railway station and underground rail, The construction
of a new railway station will complete the
provision of the means of transport to the airport
site.
New north-south connection tunnel, The
expansion of the Terminal Area includes building a
false tunnel that will become the airport’s main artery,
as it will link the north and south access roads,
Aircraft aprons, The following improvements
have been projected to enable operating at the
Annual report 2009 225

226
General information
Infrastructures
New Terminal Area: northward expansion of the
apron; construction of the perimeter apron, which will
encircle the future pier of the new terminal on the east
Annual report 2009
side; a new apron associated with the new runway,
equipped with a network of hydrants for supplying fuel,
and expansion of the general aviation apron.
MOST SIGNIFICANT PROJECTS DRAFTED (COMPLETED) IN 2009
AIRPORT TITLE COST (millions of €)
Alicante Acquisition and installation of command and presentation system 635.0
Asturias
Roofi ng and expansion of baggage handling area (expansion of baggage
claim area, baggage handing area and handling facilities)
140.0
Asturias Repairing pavement of runway heads 250.0
Asturias Car park building 600.0
Bilbao Security road and perimeter fencing 80.0
Bilbao Construction of service roads on runway strips 80.0
Bilbao Upgrading pavement in cargo area of industrial area along runway strip 100.0
Bilbao Construction of car park 1,575.0
Bilbao
Acquisition and installation of a point to point monitoring and control
system for visual aids
2,353.0
Bilbao
Provision and installation of new wire collectors for the 400 Hz electrical
system of the air-bridges
243.0
Ceuta-Heliport Renovation of the security perimeter fencing and other actions 15.0
Fuerteventura Upgrading roads and pavement 60.0
Gran Canaria New water treatment plant 132.0
Gran Canaria Construction and expansion of access roads to 03 head 300.0
Gran Canaria South Access Airport Bial L1 / L2 - Las Puntillas 1,000.0
Girona New taxiway for high-speed turnoff 175,0
El Hierro Expansion of the Terminal Area 220.0
El Hierro Construction of a new car park and expansion of the south apron 430.0
Ibiza Expansion of the public car park 515.0
La Gomera
Canalization of ravines and rainwater runoff 2008. Repair and expansion
of service road
40.0
La Palma Pavement of western area 152.5
Lanzarote Upgrading apron 105.0
Lanzarote New fi re-fi ghting service building 140.0
Lanzarote New taxiway for high-speed turnoff at head 21 150.0
Lanzarote Expansion of apron 1,100.0
Leon
Adaptation of air force base open to civil traffi c to civil area of the project
for the new terminal, pavement and apron
200.0
Leon Acquisition and installation of a baggage screening system 713.7
Logroño Civil works projects 300.0
Logroño Actions for installation of Category I ILS and upgrading of runway heads 320.0
Madrid-Barajas Upgrading toilets in terminals 1, 2 and 3 120.0
Madrid-Barajas Expansion of rainwater runoff drainage system at Terminal 4 300.0

General information
Infrastructures
MOST SIGNIFICANT PROJECTS DRAFTED (COMPLETED) IN 2009
AIRPORT TITLE COST (millions of €)
Madrid-Barajas Base design of offi ce building in southern area 450.0
Madrid-Barajas Actions to improve baggage transport facilities 420.0
Madrid-Barajas Adaptation of CCTV video recording to digital format 377.4
Madrid-Barajas
Increase power of 400 Hz system in air-bridges 1,2,3 and 4 of terminals
1,2, and 3
930.0
Melilla Improvement of perimeter fencing and upgrading of perimeter road 45.0
Melilla Remodelling fi re-fi ghting building, new equipment and handling building 120.0
Menorca Repair pavement, runway and taxiway 340.0
Murcia-San Javier Upgrading terrain for gliding path at threshold 23 168.0
Murcia-San Javier Upgrading check-in and boarding areas 180.0
Palma de Mallorca Remodelling entrance road to airport from the Santanyí motorway 105.3
Palma de Mallorca Construction of shopping areas in Module C 400.0
Palma de Mallorca Air-bridges and aircraft service equipment 948.3
Pamplona Acquisition and installation of hold baggage screening system 1,607.3
Reus Apron for fi re-fi ghting drills 60.0
Reus New Terminal Area 3,799.5
Santiago Taxiway for high-speed turnoff 150.0
Santiago
Acquisition, installation and integration of the hold baggage screening
system
6,430.0
Santiago Air-bridges and aircraft service equipment 6,754.9
Son Bonet Expansion of taxiway to runway head 06 100.0
Central Services Remodelling Aena's laboratory building in Madrid 200.0
Tenerife Norte Waterproofi ng underground parking area of the New Terminal Building 50.0
Tenerife Norte
Expansion of the commercial apron on the west side (adaptation of west
apron and new general aviation apron)
180.0
Tenerife Sur Airside projects 180.6
Tenerife Sur Projects to improve Terminal Area 526.3
Tenerife Sur Electrical supply and system to boarding air-bridges 1,318.5
Valladolid Welding storeroom 40.0
Vitoria Increase parking space for passengers 75.0
Saragossa Expansion of garages and quarters for the fi re-fi ghting service 55.0
Saragossa Upgrading aircraft apron 189.5
Annual report 2009 227

228
General information
Infrastructures
AIRPORT
MOST SIGNIFICANT WORKS UNDER WAY IN 2009
TITLE COST (millions of €)
Fuerteventura Furnishing shopping areas in the expansion of the Terminal Building 5.0
Fuerteventura
Air-bridges and aircraft service equipment for the expansion of the
New Terminal
8.3
Fuerteventura
Acquisition, installation and integration of a hold baggage screening
system
32.7
Girona-Costa Brava Remodelling of Terminal Building 8.2
Girona-Costa Brava Car park P3 and new bus parking area 29.4
Girona-Costa Brava Expansion and modifi cation of baggage carousels in arrivals 0.7
Getafe Installation of modular buildings 3.7
La Gomera Upgrading of airfi eld 0.7
Granada-Jaen New power plant 0.5
Gran Canaria Expansion of Terminal Building 124.6
Ibiza
Renovation of the facilities of the Terminal Building and new heating
and cooling plant
31.7
Ibiza Construction of shopping areas 3.4
Ibiza Adapting Terminal Building to functional design 59.3
Jerez Second phase of Terminal Building expansion 7.2
Jerez Extension of taxiway to runway head 02 10.6
Jerez Screening of hold baggage 2.4
La Palma New terminal area and control tower 98.4
La Palma Adaptation of exits to building code 1.0
Lanzarote
Installation of number plate recognition system and updating of
management system
0.7
Lanzarote Runway extension 7.6
Lanzarote Expansion of the system for transporting baggage to Terminal 2 1.8
Lanzarote Revamping the electrical system 13.2
Leon New terminal building, site development and apron 17.3
Leon Revamping electrical system 6.3
Madrid-Barajas Construction of new apron between ramp 7 and ramp 6 9.5
Madrid-Barajas Renovation of apron pavement 2008 0.9
Madrid-Barajas Expansion of rainwater runoff drainage system of T4 6.5
Madrid-Barajas Maintenance of heating and cooling system T2 1.0
Madrid-Barajas
Provision and installation of improvements in the heating and cooling
systems of the boarding air-bridges of T4 and T4S
2.1
Madrid-Barajas Installation of high-speed baggage transport system at arrivals 5.8
Madrid-Torrejon Construction and development of roads 7.6
Malaga
Air-bridges and aircraft service equipment for the expansion of
Terminal
9.6
Malaga Baggage screening system for expansion of Terminal Area 38.0
Menorca Elimination of obstacles in airfi eld 1.3
Murcia Expansion of public car park and installation of shelters 2.6
Palma Mallorca Expansion of module C 39.7
Palma Mallorca Development of passenger area and trade fair centre 3.0
Palma Mallorca Provision and installation of furnishings for Pier C 0.9
Palma Mallorca Upgrading airfi eld 5.9
Palma Mallorca Improvement of reliability of electrical system 6.2
Palma Mallorca Air-bridges and aircraft service equipment 8.1
Pamplona New Terminal Area 21.0
Pamplona Acquisition and installation of the hold baggage screening system 1.5
Reus Expansion of check-in and departures 13.8
Annual report 2009

General information
Infrastructures
AIRPORT
MOST SIGNIFICANT WORKS UNDER WAY IN 2009
TITLE COST (millions of €)
Reus Project, supply and installation of provisional building for departures 4.2
Reus
Acquisition and installation of hold baggage screening system for
departures building
3.0
Salamanca Revamping electrical system 6.0
San Sebastian Runway extension 1.3
Santander Remodelling Terminal Building 9.4
Santiago New Terminal Area 125.8
Santiago Aircraft stands in southern area 23.5
Seville Expansion of car park 15.0
Seville Adaptation of landside development to new needs 2.3
Tenerife Norte Actions for transition to category II/III 8.5
Tenerife Norte Acquisition and installation of visual docking guidance system 0.6
Tenerife Sur Fencing around north-side property 1.3
Tenerife Sur Taxiway extension 5.4
Tenerife Sur Replace MCQUAY coolers 0.6
Tenerife Sur
Unifi cation of voltages, improvements in the electricity grid and
management
11.7
Tenerife Sur
Acquisition, installation and integration of the hold baggage screening
system for the new Departures Terminal Building
8.0
Tenerife Sur Supply and installation of boarding air-bridges 1.1
Vigo Car park, site development and technical block 41.4
Vigo Provision and installation of number plate recognition system 1.0
Saragossa New cargo terminal and upgrading site development 2.2
San Sebastian Runway extension 1,3
Santander Remodelling Terminal Building 9,4
Santiago New Terminal Area 125,8
Santiago Aircraft stands in southern area 23,5
Seville Expansion of car park 15,0
Seville Adaptation of landside development to new needs 2,3
Tenerife Norte Actions for transition to category II/III 8,5
Tenerife Norte Acquisition and installation of visual docking guidance system 0,6
Tenerife Sur Fencing around north-side property 1,26
Tenerife Sur Taxiway extension 5,4
Tenerife Sur Replace MCQUAY coolers 0,6
Tenerife Sur
Unifi cation of voltages, improvements in the electricity grid and
management
11,7
Tenerife Sur
Acquisition, installation and integration of the hold baggage screening
system for the new Departures Terminal Building
8,0
Tenerife Sur Supply and installation of boarding air-bridges 1,1
Vigo Car park, site development and technical block 41,4
Vigo Provision and installation of number plate recognition system 1,0
Saragossa New cargo terminal and upgrading site development 2,2
AIRPORT
MOST SIGNIFICANT PROJECTS COMPLETED IN 2009
TITLE COST (millions of €)
Corunna Expansion of south apron 4.2
Corunna Runway extension 5.2
Corunna Acquisition, installation and integration of hold baggage screening system 1.6
Almeria Development of services area 2.8
Asturias Provisional car park 2.3
Annual report 2009 229

230
General information
Infrastructures
MOST SIGNIFICANT PROJECTS COMPLETED IN 2009
AIRPORT TITLE COST (millions of €)
Asturias Expansion of commercial apron 1.7
Asturias Upgrading former CLH quarters for multiple uses 0.5
Barcelona Updating wire collection system and connection to 400 Hz 1.5
Barcelona Provision and installation of air-bridges and aircraft service equipment 30.7
Bilbao Multi-purpose building in the new airport services area 1.6
Fuerteventura New water gallery 1.4
Fuerteventura Extension and upgrading of Alfa and Bravo streets 0.7
Fuerteventura Repairing roof of Terminal Building and shelters 0.5
Girona-Costa Brava Expansion of aircraft stand apron 3.1
Girona-Costa Brava Provision and installation of number plate control system and CCTV 0.5
Girona-Costa Brava Upgrading apron 0.9
Girona-Costa Brava Contingency parking 1.0
Girona-Costa Brava Renovations in the treatment plant 0.6
Girona
Installation of number plate recognition system and updating
management system
0.9
Girona Actions for transition to category II/III 10.8
Girona Complementary facilities for baggage screening system 0.8
Getafe Civil works projects 12.0
Gran Canaria Expansion of apron and reconstruction of taxiways 19.5
Gran Canaria Car park in current terminal 11.5
Gran Canaria Provision and installation of aircraft crash barrier with retractable wire 0.8
Gran Canaria Provision and installation of mobile emergency stop system 0.3
Gran Canaria
Installation of number plate recognition system and updating
management system
1.3
Granada-Jaen Expansion of apron and spectator's gallery 7.0
Granada-Jaen Expansion of public car park 1.3
Huesca-Pyrenees Apron for fi re-fi ghting drills 0.6
Ibiza Improvement of taxiway pavement of runway 2.9
Jerez Upgrading runway 1.2
Jerez Upgrading airfi eld 1.9
Lanzarote Diverse improvements in parking area 1.8
Logroño Apron for fi re-fi ghting drills 0.5
Madrid-Barajas Development of south cargo area 15.1
Madrid-Barajas Replacement of heating and cooling units. Phase I 0.9
Madrid-Barajas Upgrading TSA, tower SDP-T4 and T.C.N. fi re-fi ghting facilities 2.7
Madrid-Barajas Renovation of pavement of taxiways "I" 5.0
Madrid-Barajas Replacement of ventilation units Phase II 0.9
Madrid-Barajas Replacement of terminal units for purifying air Phase II 0.7
Madrid-Barajas
Repairing and putting into service hydrocarbon separator plant for
remote stands
1.7
Madrid-Barajas Diverse actions in boarding air-bridges 2008 0.6
Madrid-Barajas Replacement of 400Hz wire collectors 1.5
Madrid-Barajas
Provision and installation of equipment to rectify insuffi cient capacity of
the SATE-T4/T4S in the New Terminal Area Phase II
14.0
Madrid-Cuatro
Vientos
Remodelling beaconing 0.4
Melilla Remodelling Terminal Building 6.5
Melilla Apron for fi re-fi ghting drills 0.6
Melilla Upgrading airfi eld 1.0
Menorca Expansion of Terminal Building 56.5
Menorca Car park and pavement 13.0
Annual report 2009

General information
Infrastructures
MOST SIGNIFICANT PROJECTS COMPLETED IN 2009
AIRPORT TITLE COST (millions of €)
Menorca New furnishings for terminal building 3.5
Menorca Improvement of the arrivals baggage system 1.0
Menorca
Acquisition, installation and integration of the hold baggage screening
system
6.9
Murcia-S. Javier Expansion of aircraft apron 3.5
Murcia-S. Javier
Instrumentation, upgrading and application of the ATEX regulations at
fuel facility
9.8
Murcia-S. Javier New power plant 3.7
Palma Mallorca Expansion of remote boarding areas in module "D" 3.5
Palma Mallorca Apron opposite New Terminal Building 11.7
Palma Mallorca Restoration of northern runway 0.8
Pamplona New Control Tower 4.6
Pamplona Expansion of runway at head 34 6.2
Reus Furnishing check-in and departures building 1.4
Reus Upgrading and expansion of apron 9.3
Reus Removal of rubble from fi ring range 1.0
Sabadell Remodelling tunnel at head 13 0.6
Salamanca Upgrading apron and access road 1.5
Salamanca New building for fi re-fi ghting service 1.2
San Sebastian Renovation of general aviation apron 0.9
Santander Expansion of apron and taxiways 17.7
Santander Apron for fi re-fi ghting drills 1.1
Santiago Complementary works: New Control Tower and Control Centre 0.5
Seville Smoothing, restoring and sealing cracks on taxiway 1.1
Seville New taxiway R-11 at head 27 and pavement of medians 6.2
Seville Adapting airport to the technical standards for civil aviation 1.9
Seville Upgrading movement area. Aircraft stands apron 0.1
Tenerife Norte Expansion of apron on east side 7.3
Tenerife Norte Actions for transition to category II/III and upgrading taxiway 10.1
Tenerife Norte Architectural and functional improvements of roof of Terminal Building 2.3
Tenerife Norte
Complementary works at new control tower for adaptation to electrical
regulations
0.7
Tenerife Norte New exit road 1.7
Tenerife Sur Installation of generator sets and replacement of centres 4.0
Tenerife Sur Upgrading apron 1.9
Vigo
Acquisition and installation of the system for individualized supervision
and control of visual aids
0.8
Vigo Acquisition, installation and integration of hold baggage screening system 1.8
Vitoria Upgrading parking area 2.3
Saragossa Fitting out Terminal Area and remodelling dignitaries lounge 2.2
TITLE
MOST SIGNIFICANT WORKS COMPLETED IN 2009. BARCELONA PLAN
COST (millions of €)
Provision, development, installation and integration of the management and control
system of Barcelona's T1
3.7
Provision and installation of the CCTV system for Barcelona's T1 8.2
Upgrading outdoor car park of T1 5.9
Expansion of the cargo area: South Sector (Area 4) 3.7
Expansion and upgrading of the support area of T1 4.3
Annual report 2009 231

232
General information
Infrastructures
MOST SIGNIFICANT WORKS COMPLETED IN 2009. LEVANTE PLAN
AIRPORT TITLE COST (millions of €)
Alicante Storerooms 4.8
Alicante Airport services building 4.9
Valencia Upgrading airfi eld 2.20
Valencia Construction of the VIP lounge in the Regional Aviation Terminal Building 1.00
Valencia Construction of the new treatment plant 2.3
MOST SIGNIFICANT WORKS UNDER WAY IN 2009. LEVANTE PLAN
AIRPORT TITLE COST (millions of €)
Alicante New Terminal Area 267.8
Alicante New power plant 18.3
Alicante Upgrading airfi eld 10.8
Alicante Fitting out Terminal Area 6.8
Alicante Number 1 complementary works of New Terminal Area 6.0
Alicante Repairing runway heads 5.9
Valencia Entrances and utilities for new Control Centre 4.3
Annual report 2009
MOST SIGNIFICANT WORKS UNDER WAY IN 2009. BARCELONA PLAN
TITLE COST (millions of €)
Construction of South Control Tower of Barcelona Airport 11.2
Road linking terminals. Phase 2. Expansion of general car park 20.3
Development of the reserve area - second phase 5.4
Development of the reserve area - fi rst phase and MET plots at Barcelona Airport 5.9
Construction and facilities of the east aircraft apron - phase 1 20.8
Provision and installation of elements for controlling access by people and vehicles for
Barcelona Airport's T1
5.3
MOST SIGNIFICANT PROJECTS COMPLETED IN 2009. BARCELONA PLAN
TITLE COST (millions of €)
Assistance for drafting the base design of the satellite building and expansion of the
processor of T1 and assistance to Management during the drafting phase of the building
project and during the construction phase ( Part 1: drafting base design).
4,400.0
Technical assistance for drafting the project for the development of the road linking the
terminals. North area
1,200.0
Technical assistance for drafting the project for two multi-purpose warehouses (phase 3) in
the aeronautical services park
300.0
Development of the reserve area - fi rst phase and MET plots at Barcelona Airport 5.9
Construction and facilities of the east aircraft apron - phase 1 20.8
Provision and installation of elements for controlling access by people and vehicles for
Barcelona Airport's T1
5.3

General information
Infrastructures
MOST SIGNIFICANT PROJECTS COMPLETED IN 2009. LEVANTE PLAN
AIRPORT TITLE COST (millions of €)
Alicante ATRP Expansion of aircraft holding bay 200.0
Alicante ATRP Taxiway for high-speed turn-off 100.0
Alicante ATRP Repair of runway heads 200.0
Alicante ATRP New electrical interconnection galleries 200.0
Valencia ATRP Horizontal planes and refurbishment of Terminal 200.0
Valencia ATRP Revamping electrical system - Phase 1 100.0
MOST SIGNIFICANT WORKS COMPLETED IN 2009. MALAGA PLAN
TITLE COST (millions of €)
Terminal Building, development and access roads 248.2
Car park building and provisional access roads 135.5
Complementary projects for the Terminal Building, development and access roads:
preparation of available spaces
22.1
Eastward expansion of the apron 20.4
Actions in false tunnel and bus station 16.7
Preparation, installation and equipping galleries 6.3
Provision of and facilities for shopping areas 6.2
MOST SIGNIFICANT WORKS UNDER WAY IN 2009. MALAGA PLAN
TITLE COST (millions of €)
Expansion of airfi eld. Civil Works 273.7
Expansion of airfi eld. Beaconing and electrical system 34.7
Construction of underground passageway for handling vehicles in new airfi eld 24.8
South power plant 24.0
Railway station at Malaga Airport 20.8
Minor projects and additional facilities for opening the New Terminal Area of Malaga Airport
(T3)
11.7
North access road and development at Malaga Airport. Phase 1: access from future west
ring road
11.6
Connection between the Picasso building and the New Terminal of Malaga Airport (T3) 11.2
Access roads next to the Terminal Building and taxi rank at Malaga Airport 7.2
Dividing of CT1 Picasso 7.1
Complementary works for the installation of new generator sets and auxiliary systems 6.0
South access road to Malaga Airport. Link to the airport from the south access road 4.9
TITLE
MOST SIGNIFICANT PROJECTS COMPLETED IN 2009. MALAGA PLAN
COST (millions of €)
ATRP and ATCV. Furnishings and equipment for the expansion of the Terminal Building of
Malaga Airport
690.0
ATRP. New building for the fi re-fi ghting service at Malaga Airport 170.0
ATRP. Expansion of the potable water supply system at Malaga Airport 72.0
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1, INTRODUCTION
The missions of air traffi c services consist in the safe,
effective and economical ordering of the traffi c circulating
in the airspace in which aircraft move simultaneously,
and providing the references pilots
need, based on the different radio-electric systems
enabling them to fi x their positions and follow scheduled
fl ight paths, The concept of air navigation is
founded on these two main guidelines.
The functions entrusted to the Directorate of Air
Navigation are defi ned by Aena’s articles of association
and they are as follows:
Ordering, directing, coordinating, operating,
managing and administering the services of
air traffi c, communications and aeronautical
information, in addition to the infrastructures,
facilities and communications networks of
the air navigation system.
Drafting and approving projects, and executing
and controlling investments.
Evaluating needs and proposals for new infrastructures.
Participating in aeronautical education.
The Directorate of Air Navigation plays a very active
role in the diverse international programmes
designed to standardize systems and unify airspaces,
Particularly noteworthy are its participation in
the European Single Sky Programme and its involvement
in the European Region and the Canary Islands-South
America corridor, As regards the Single
European Sky, the Directorate is certifi ed as a
provider of air navigation services in the airspace
of national sovereignty and the internationally delegated
airspaces.
Annual report 2009
Air navigation
These services are provided through fi ve regional
air navigation directorates: Central-northern, Eastern,
Canarian, Southern and Balearic, and their
headquarters are respectively located in Madrid-
Torrejon, Barcelona-Gava, Gran Canaria-Telde, Seville-San
Pablo and Palma de Mallorca-Son Sant
Joan.
«In the FIR Peninsula 1,75
million operations were
recorded and in the FIR/
ACC Canary Islands, there
were more than 280,000,»
The trends in air traffi c are demonstrated in the
statistical data on the level of demand, which refer
to the volume of air movements managed
by the regional directorates, and taking into account
the fact that a unitary fl ight may give rise
to various movements as it crosses the different
divisions of the Spanish airspace, In 2009 lower
demands led to an 8,74% reduction, with respect
to 2008, as regards movements in the peninsular
airspace (which includes the Balearic region), There
were a total of 1,756,942 movements, whereas
in the Canarian airspace there was a reduction of
13,43%, with a total of 282,495 movements.

2, PROGRAMMES AND
ACTIONS
2,1 QUALITY AND ENVIRONMENTAL
MANAGEMENT SYSTEM
The Directorate of Air Navigation banks on a decided
commitment to quality assurance, making this a main
feature of its operating plan, A priority objective of
Aena’s quality plan is to maintain the Quality Management
System (QMS) of the Directorate of Air Navigation
in accordance with the UNE-EN-ISO 9001:2000
standards and the environmental management system
(EMS) in accordance with the UNE-EN-ISO 14001:2004
standards, Therefore, the main actions carried out in
2009 consisted in:
Implementation of the Environmental Management
System (EMS) in accordance with the
UNE-EN-ISO 14001:2004 standards, The Balearic
DNRA obtained certifi cation as a result of the audit
completed by Aenor in December of 2008 (the
certifi cate was issued in 2009), Similarly, the certifi
cates of the Eastern Region, Canarian Region,
Central-Northern Region and Southern Region
and Central Air Navigation Services were renewed.
The Directorate of Quality, Safety and Certifi cation
of Air Navigation completed the development phase
and began implementing the plan for integrating
the Directorate of Air Navigation’s management,
quality, safety and security systems.
The objective of this plan is to ensure effective administration
of the management systems, making them
compatible with each other so that the DNA can establish
aligned objectives, with an overall view of them,
and facilitate decision-making in the realms of quality,
environment, safety and security.
General information
Air navigation
2,2 SAFETY MANAGEMENT
SYSTEM (SMS)
Need for the ANSMS
The safety of air traffi c constitutes a key commitment
for the national and international organizations in
charge of regulating and managing the air navigation
system as a whole, and it is the air navigation service’s
reason for being, Therefore, the Air Navigation Safety
Management System (ANSMS) developed by Aena
through the DNA complies with the set of common requirements
established by the European Commission
and the Spanish Aeronautical Authority (DGAC) and,
specifi cally, it is founded on the following principles:
To grant the highest priority to safety in the provision
of air navigation services, over and above any
other fi nancial, operational, social or environmental
criterion.
To succeed in minimizing the air navigation
system’s contribution to risk situations.
To ensure a formal, explicit and proactive approach
to systematic safety management.
SAFETY
The Safety Management System having been put in place
in 2006 in compliance with the requirements established
in the standards for the provision of air navigation services
(EC no, 550/2004) and the ministerial order of the
DGAC on March 16th, 2006 regarding the attainment of
certifi cation for providers of civil air navigation services in
accordance with the European Single Sky rules, over the
course of 2009 the following progress was made concerning
safety:
Important progress was made pertaining to training,
as the CBT safety course was given to 1,212
students, Diverse manuals on this subject are
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General information
Air navigation
being produced and updated: drafting of the
document on good practices regarding safety
information, revision of the manual on the
emergency plan and drafting of the AN protocol
to put in place in the event that a serious
accident or incident should occur.
To improve the means of raising awareness
about safety, a new magazine was published,
+Seguridad en Navegación Aérea (More Security
in Air Navigation), of which there were
two editions made in 2009, A safety website
was also developed, and its address is http://
safety,lean,na,aena,es/, It can be visited directly
or through Internav (Air Navigation’s intranet).
With regard to handling and assessment of
safety incidents, the total number of internal
notifications increased, The risk assessment and
mitigation process is virtually consolidated, as
the proper documentation for expediting it has
been produced and the new coordination mechanisms
have been established.
SECURITY
Among the Directorate of Air Navigation’s main
missions is to ensure the protection of people, facilities,
technical means and data pertaining to AN,
Therefore, the following steps were taken to improve
the processes of security management:
Human Resources for security were optimized
by installing security systems that reduce expenses
of security personnel without jeopardizing
the facilities, Specifically, in 2009 reductions
included: 1H9 in Menorca, 1H24 in Gran
Canaria, 1H24 in Radar MGA of Malaga and
2H24 in the Southern Region ACC and C,R, el
Judio.
Annual report 2009
At the same time, detection systems were put in
place, notably the implementation of Air Navigation
credentials in the facilities where they were
requisite.
2,3 DEVELOPMENT AND EVOLUTION
OF OPERATIONS
Organization and management of the airspace
The Directorate of Air Navigation is committed to
reaching maximum levels of quality in the services it
provides by continually improving the effi cacy of the
services rendered and the effi ciency of the system, As
regards operations, the services provided are: organization
and management of the airspace, management
of the capacity-demand and control of air transit and
aeronautical information.
In order to increase effi ciency, its objective is to reduce
delays caused by the Spanish air transit management
system, improve performance with respect to the
number of operations in highly demanded periods and
times, in addition to offering the possibility of selecting
preferred routes and optimizing the management of
traffi c capacity and fl ow by meeting the requirements
of users’ real-time operation.
«Services are rendered
through five regional
directorates whose
headquarters are located in
Madrid-Torrejon, Barcelona-
Gava, Gran Canaria-Telde,
Seville-San Pablo and Palma
de Mallorca-Son Sant Joan»

The strategic changes addressed in 2009, defi ned in the
ATM action plan, are the following:
In the organization and management of the airspace:
the latter will be structured and managed
regardless of internal and external organizational
borders, The ATC sectors will be designed according
to demands in air traffi c fl ows, without the
organizational borders entailing limitations in the
attainment of the best solutions.
The route design and network will be optimized:
the network of routes will be designed according
to users’ preferences, and procedures for
facilitating alternatives will also be developed.
ATC will be optimized through the development
and dynamic application of ATC sector-position
confi gurations in response to different operating
scenarios.
General information
Air navigation
Availability of use of the entire airspace: the airspace
will be treated as a continuous resource available
to all users.
It is important to highlight that 95,5% of the ATM
2009 action plan was accomplished.
TRAFFIC
In the year 2009 a total number of 1,879,810 fl ights
were managed by the Directorate of Air Navigation,
which represents an 8,99% decline from the
2,065,413 during 2008.
The following tables show the trend in operations in
Spain throughout the year 2009 and the downturn
with respect to the traffi c recorded in 2008:
2009 2008 %09 vs, %08
FIR SPAIN 1,879,810 2,065,413 -8,99%
FIR PENINSULA 1,756,942 1,925,178 -8,74%
FIR/ACC CANARIES 282,495 326,320 -13,43%
2,4 SINGLE EUROPEAN SKY:
SES (SINGLE EUROPEAN SKY) –
FUNCTIONAL BLOCK OF AIRSPACE
(FAB) SPAIN-PORTUGAL
The mission of the Single European Sky initiative is to
restructure the management of air traffi c in Europe by
establishing a standardized regulatory framework in
response to the system’s current shortcomings and to
meet future needs, This includes the overall improvement
in performance of the European air navigation
system to afford added value to the air transport chain.
FAB (Functional Airspace Block) Portugal-
Spain
The volumes of airspace in which Air Navigation provides
services are designed without regard to national
or organizational borders, to attend to operational requirements.
During 2008, in parallel to the requisites established by
the European Single Sky initiative, Aena and NAV Portugal
laid down the bases for increasing collaboration in
different technical areas, especially in the framework of
the processes of constituting functional airspace blocks
(FAB), This process led to the signature, on March 17th,
2009, of the agreement of understanding between the
service providers and aeronautical authorities of Spain
and Portugal, for the constitution of the future functional
airspace block of south-western Europe (SW-FAB).
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2 , 5 SESAR (SINGLE EUROPEAN SKY
ATM RESEARCH) - SESAR JOINT
UNDERTAKING (SJU)
The SESAR (Single European Sky ATM Research) programme
represents the technological aspect of the
Single European Sky initiative, which will endow Europe
with a high quality air traffi c control infrastructure
and permit the stewardship and ecological development
of air transport.
«An office of the Directorate
of Air Navigation has been
opened in Brussels»
By taking full advantage of existing technologies, and
those developed recently, such as Galileo, the specifi c
SESAR concept is based on the following fundamental
characteristics:
A dynamic up-to-date network operating plan
for continual operations that guarantees a common
view of its situation.
Complete integration of airport operations, as
part of air traffi c management and the planning
process.
Managing fl ight paths in such a way so as to reduce
to a minimum the limitations of the organization of
the airspace.
New methods of separating aircraft, which
enable increased safety, capacity and effi ciency.
Managing the information of the entire system
as a whole, safely connecting all stakeholders
involved in the management of air traffi c, so they
will share the same information.
Annual report 2009
People principally in charge of decision-making:
controllers and pilots will receive assistance through
new automated functions in order to facilitate their
work and enable them to carry out complex decision-making
processes.
The development and implementation of the SE-
SAR programme is being carried out progressively
and it is divided into three phases:
Defi nition phase (2006-2008)
The main objective during this phase is drafting a European
ATM (air traffi c management) master plan,
This is undertaken by a consortium hired by Eurocontrol
(which funds it in conjunction with the European
Commission) in which the most relevant companies and
organizations in the European air transport industry are
represented: airlines (Lufthansa, Iberia, Air France,,,),
manufacturers (Airbus, Thales, Indra,,,), airports (Aena,
BAA, Fraport, Schipol,,,) and air navigation service providers
(Aena, DFS, NATS, ENAV, DSNA,,,).
Development phase (2008-2014)
During this phase the research, development and validation
tasks stipulated in the ATM master plan will be
carried out, All the activities at this stage will be coordinated
and funded by the SESAR Joint Undertaking
(SJU), ultimately responsible for the identifi cation and
development of the future European ATM system.
Deployment phase (2014-2020)
During this phase the operating solutions, and the technical
means of facilitating them identifi ed in the European
master plan, will be progressively implemented.
ACTIVITIES AND PROJECTS UNDERTAKEN
Presentation of two tender proposals (BAFO 1 and
BAFO 2) to the SESAR Joint Undertaking (SJU), resulting
in Aena’s being awarded 95 of the 98 proposed
projects, for a total value of 72,6 million euros.

Establishment of a procedure for controlling
Aena’s participation in the development phase
of the SESAR programme, so that, in order to conduct
monitoring:
− Work groups have been created to develop all
the projects awarded and carry out the associated
management tasks.
− Coordination mechanisms have been established
through SESAR Committee meetings, in
addition to the use of the online tool developed
for this purpose.
It is fi tting to underscore the fact that the process to
guarantee Aena’s contribution to the SESAR programme
is an ongoing activity: a guarantee that Aena will
fulfi l, in due time and form, the duties specifi ed in the
contracts entered into with the SESAR Joint Undertaking
(SJU).
CNS/ATM SYSTEMS DIRECTORATE
Functional changes in the SACTA, ÍCARO systems
The Automation Division has adapted the SACTA and
Ícaro system to European regulations (SES) and its alignment
with the SESAR (defi nition of safety requirements,
introduction of European regulations, drafting CE verifi -
cation statement, etcetera).
EPISODIO 3: AFUA (Advanced Flexible Use of
Airspace) concept
The Simulation Division, within the simulation activities
of the European Union EP3 project for the validation of
elements of the SESAR concept, participates in several
validation exercises that have enabled clarifying and refi
ning this concept regarding the fl exible use of the airspace
among civil and military users.
GBAS (Ground Based Augmentation Systems)
projects
The Satellite Navigation Division (DNS), within the
General information
Air navigation
SESAR framework, currently participates in three
GBAS projects for the SESAR Joint Undertaking
(SJU), The fi rst of these, led by the DNS, was
launched on December 17th, 2009 and it is called
GBAS Operational Implementation, Once it is
accepted by the SJU in mid 2010 the tasks projected
in it will begin, These basically concern detecting the
need to succeed in putting in place the GBAS CAT I
procedure on the European scale in the short term,
In 2010 the other two GBAS projects included in the
SESAR will be launched.
DIRECTORATE OF SNA OPERATIONS
The Aeronautical Information Division has initiated its
participation in the SESAR programme by developing
the Project Initiation Reports (PIR).
2,6 SNA OPERATIONS
Providing the service of technical operations of the Air
Navigation System (SNA) guarantees, through the Central
and Regional-Sector Organization of Technical Operations
in Air Navigation, the technical and operational
availability of air navigation systems through:
The management, performance and supervision
of the specialized activities of preventative and corrective
maintenance of the AN systems.
Monitoring and controlling the system.
The development and deployment of support and
analysis tools, to achieve continual improvement.
The optimization of the useful life of the systems.
The main activities conducted during the year 2009 are
described by areas below.
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2,6,1 AERONAUTICAL INFORMATION (AIS)
Lleida Airport
On the occasion of the opening of Lleida Airport, all the
information on the airport and its charts slated for publication,
in addition to the information to be inserted in the
different parts of the AIP, was compiled.
AERONAUTICAL SERVITUDE PROCEEDINGS
Optimization of management and improvement of
response times of the aeronautical servitude proceedings
was achieved by implementing a coordination
procedure, which has allowed the intervening units to
resolve the studies in an average time not exceeding
four months, Therefore, the average time for resolving
the 179 fi les processed during 2009 was 105 days.
GEOGRAPHIC INFORMATION SYSTEM
The content of the geographic information system
Opengis was expanded with the maps and orthophotos
acquired from the IGN (National Geographic
Institute), Of this content, the cartography generated
at Air Navigation related to Aena property has
been represented along with the Ingena geographic
information database, Moreover, the confi guration
of aeronautical servitudes is being included in this
information system as they are approved in the corresponding
forum (currently 11 airports).
TOPOGRAPHICAL SURVEYING AND OBSTACLES
AT CATEGORY II/III AERODROMES
The cartography from Asturias, Girona, Santiago, Vigo
and Vitoria airports has been received and is being reviewed
for the main purpose of supporting the design
of Category II/III approach movements, This cartography,
in addition to fulfi lling the ICAO requirements for
the areas described in chapter 10 of Annex 15, related
to knowledge of the terrain and obstacles, will serve
as an aid in the comparative analysis of the terrain and
the bordering surfaces established by aeronautical servitudes.
Annual report 2009
Regarding local topographical and cartographic projects
that directly affect the recording of Geographic
Information, the initially programmed projects were attended
to, and assistance was provided upon request.
2,6,2 CNS/ATM SUPPORT
INFRASTRUCTURES
With regard to the compliance of the operating plan
intended to improve, renovate and standardize air navigation
infrastructures, the following are the most
noteworthy actions carried out during 2009 in the different
regional directorates:
EASTERN REGION
Construction of the new TACC Valencia and the new
associated facilities, As of December 2009, 42,65% of
the totality of the construction work was completed normally.
CANARIAN REGION
Project to improve AN facilities in the Canarian Region,
The building project comprises the renovation of
diverse air navigation aid facilities in the Canarian Region,
both electrical and mechanical systems, and other civil
works projects.
CENTRAL-NORTHERN REGION
Revamping the heating and cooling system of the
ACC centralized systems building Madrid, Project to
revamp the heating and cooling system of this building in
order to achieve safe and effective cooling in the critical
air navigation facilities located therein.
Piping for fi bre optics communications ring at Santiago
de Compostela Airport, This plan was drawn
up in order to meet the need for fi bre optics communications
in diverse facilities of the airport’s airfi eld with
TACC/TWR, Construction began in November of 2008,
and it was completed in March of 2009.

SOUTHERN REGION
Expansion of the equipment room in the TWR
in Malaga, The basic objectives of this plan are to fi t
out spaces, undertake necessary renovations and dismantlement,
in addition to revamping the electrical
and mechanical facilities, for the eventual installation
of the air navigation equipment associated with the
projected demands of the future layout of the airport.
2,6,3 IN-FLIGHT VERIFICATION
The most relevant actions during 2009 were:
IN-FLIGHT CALIBRATION:
Preferential use of Aena Internacional’s In-Flight Verifi -
cation Unit over other units that operated for Aena in
this capacity: the agreed-upon number of hours to carry
out with this unit for 2009 was exceeded.
Permits for authorization fl ights at new facilities
and associated procedures: The State Agency for Air
Safety (AESA) obtained the abovementioned permits
for the new unit of Aena Internacional, which will also
allow the reports generated to be presented at air
navigation forums.
Periodic Calibrations Plan
The completion of 96,68% of the fl ights planned represented
the successful accomplishment of the objectives.
2,7 CNS/ATM SYSTEMS
The main activities carried out during 2009 are described
below by areas:
2,7,1 AUTOMATION
General information
Air navigation
Functional changes in the SACTA, ÍCARO and
SCV systems
SACTA SYSTEM (Automated Air Traffi c Control
System):
Launching the 3,Z5 version of the SACTA System
(Automated Air Traffi c Control System) at the TMAroute
control centres of the AN network (ACC Canaries,
ACC Madrid, ACC Seville, ACC Barcelona,
ACC Palma, TACC Valencia, Madrid-Barajas Tower,
Barcelona Tower).
Transition to opening of the new Terminal 1 at the
Barcelona Tower, Adaptation of the SACTA System
to the operation of the tower in the environs of the
new airfi eld and launching the surface movement
radar (SMR) service.
ÍCARO System:
The strategy of evolving the Ícaro 2000 system into the
Ícaro XXI system was completed, ending the process
that has allowed migrating from network architecture
to a centralized architecture integrating all the information
and functions, This architecture allows more
control of the system from the logistical and management
standpoints, thus facilitating the integrity and
availability of the information.
The transition of Ícaro 2000 to Ícaro XXI enabled reaching
as many as 4,451 users, of whom 3,500 were users who
connected to the system through the Internet in its Icaronet
function, 430 were users who gained access to the
system through the user stations provided in ARO offi ces
of the airports and 450 were system operators.
VCS SYSTEM (Voice Communications System) IN
THE ACCs:
Updating and deployment of the 2,4,T version VCS
in the ACC of the Canary Islands and Palma de Ma-
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Air navigation
llorca, This enables taking on migration to the Redan
(air navigation data network) and making both systems
compatible.
Launching a VCS for ATS simulation at the Madrid
Control Centre.
Launching a VCS for the CED (Centre for Experimentation
and Development) of Air Navigation.
Launching the VCS equipment in the UCS to be
expanded in the CATS rooms of the control centres
of Seville, Palma de Mallorca and the Canary
Islands.
Programme for Upgrading Automation
Infrastructures
Control Centres
Updating and modernization of equipment (switches)
corresponding to communications of SACTA system
data affecting the equipment of the control centres of
the Balearic Islands, Seville, Barcelona, the Canary Islands
and the towers in Palma and Malaga.
Substitution of the disc arrays in the Palestra and
GSI environments.
Substitution of the 2K screens in the control centres
at Palma, Seville and Malaga APP.
Installation and launching of VCS equipment in the
UCS of the CATS simulation rooms of the control
centres at Seville, Palma de Mallorca and the Canary
Islands.
Operative expansion of the analogue telephonic
signalling system ATS R2 and ATS N5 on a national
and international level, to achieve standardization
and unifi cation.
Annual report 2009
Completion and launching of the relocation and
expansion of the SACTA and VCS equipment in
the dynamic simulator of the Madrid Control Centre.
Control Towers
Launching of SACTA equipment in the provisional
tower of Barcelona Airport and in the tower at
Murcia-San Javier Airport.
Technical validation of the new tower at Lleida Airport.
Launching new consoles at the South Tower of
Madrid-Barajas Airport.
Initiation of installation in the tower at Fuerteventura
Airport.
Installation of 3 new tower positions in the control
cab of the tower at Malaga Airport.
2,7,2 NAVIGATION AND SURVEILLANCE
1, AIR NAVIGATION
Navigation aids, also called radio-aids, is the set of
radioelectric signals generated in ground facilities
and received airborne, which permit the instrumental
fl ight of aeroplanes without the need for visual
references, The navigation systems support instrumental
fl ight, which consists of the following stages:
departure, en-route, arrival, approach and landing,
Each one of these stages has standard procedures
and its associated radio-aids, published in the aeronautical
navigation charts, The main activities conducted
in 2009 are indicated below by programmes:

Programme of substitution, installation and
removal of AN radio-aids
ILS/DME (Instrument Landing System / Distance
Measurement Equipment) The ILS provides aircraft
with guidance information so that pilots, without
external visual references, can reach a point
of the descent path situated at a height called decision
height, Once this height has been reached and
only if pilots have established visual references with
the runway, they will continue the descent and proceed
to land.
Activities:
Substitution of the ILS of Saragossa Airport,
runway 30R.
Relocation of the LOC subsystem of Pamplona Airport
due to the runway extension.
Relocation of the GP-DME subsystem of runway
20 at Gerona Airport, because the threshold was
set back to adapt the ILS system for category III
operations.
VOR-DME (VHF Omnidirectional Range-Distance
Measurement Equipment) The VOR equipment
supplies guidance information about the radius in
which the receiver is located with respect to a direction
of reference that is generally the magnetic north
of the VOR station, The DME equipment provides aircraft
with continuous and precise indications of the
oblique distance between it and the ground-based
station.
Activities:
Installation of a DVOR/DME in Cuesta de la Reina
(Malaga) to substitute for the existing VOR-DME.
Installation of the new DVOR-DME “LTE” in Lanzarote.
General information
Air navigation
NDB (Non Directional Beacon) This device permits
pilots to select a heading and follow it, both en-route
and during non-precision approaches or instrumental
departures.
Activities:
Substitution for the NDB of Pamplona “PP”.
Relocation of the NDB of Vigo “VI”.
Programme to conduct studies of radioelectric
servitudes and simulation
The main tasks carried out within this programme are
289 studies of simulation and radioelectric servitudes,
Of these, 281 resulted from requests by the DGAC and/
or the DPI and the rest (8) were internal requirements
of the DNV or requests made directly to the division basically
related to the critical or sensitive areas of the ILS
systems.
2, SURVEILLANCE
Surveillance is defi ned as the technique of the timely
detection of targets, the determination of their position
and the delivery of this information to users to support
the safe separation and control of targets within a defi -
ned area of interest, The main activities carried out during
2009 were:
Radar Surveillance
New MSSR station between the parallel runways
18-36 of Madrid-Barajas Airport.
Provisional MSSR in Valencia.
Updating the Valencia radar station (PSR+ MSSR).
Surface Surveillance
Completion of the installation of the mode S multilateration
system for Tenerife-Norte Airport.
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Air navigation
Completion of the installation of the SMR of Barcelona.
Updating Tenerife Norte Airport SMR.
Adjustment of the Barajas SMR and replacement
of the SMR antennae at the south TWR.
Tests in the Mode S Multilateration system of Madrid-Barajas
Airport, for its verifi cation.
Other surveillance activities
Disconnection and dismantling of old PSR and MS-
SR radars in Valencia.
Drawing up monthly reports on the state of Aena’s
radar surveillance network.
Development of tools for evaluating the surface
surveillance systems.
2,7,3 COMMUNICATIONS
The Air Navigation Communications Division is in
charge of designing, planning and implementing the
communications networks, which transfer to the control
towers and centres the information from radars,
communications centres, radio-aids and other complementary
systems which is necessary for the navigation
of aircraft.
The main activities carried out in 2009 are enumerated
below:
Ground-Air Stations
A new transmitter centre began to operate at Malaga
Airport, in addition to the new Control Tower at
Murcia-San Javier Airport and new communications
centre at Randa (Palma de Mallorca), New frequencies
were opened at the ground/air communications
Annual report 2009
centres of Barcelona Airport, Ground/air communications
equipment was also installed in the control
towers of Burgos, Vitoria and the provisional tower
in Cordoba, Moreover, the validation and launching
of ground/air communications took place at Ciudad
Real Airport and the ground/air communications system
of Lleida Airport was tested.
Control Tower Equipment
Voice communications systems (VCS) and recording
systems were installed in the control towers of
the airports in Murcia-San Javier, Cordoba (provisional),
Barcelona (provisional), Burgos and Vitoria,
and the last-resort radio system of the Malaga APP,
and the new VCS control positions of the South
Tower of Madrid-Barajas Airport began to operate.
By changing the version of the CD30 communications
system, the north, south and west towers
of Madrid-Barajas, the East Tower of Barcelona
and APP Malaga were updated, The version of the
SDC-2000 communications system of the Tower of
Palma de Mallorca was also changed.
Ground-Ground Links
Launching of a ground/ground fi bre-optics communications
system and radio links between
Madrid-Barajas Airport and the Madrid (Torrejon)
Control Centre
Launching of a ground/ground fi bre-optics communications
system at Murcia-San Javier Airport
REDAN (AIR NAVIGATION DATA NETWORK)
A network that integrates voice and data communications
providing coverage at all airports, air traffi c
control centres and, in general, sites that are sources
or destinations of information related to air navigation,
which enables connecting to other networks of
the international aeronautics fi eld.

Activities:
New stations of the air navigation data communications
system (REDAN) were incorporated, including
Leon, Jerez, South Tower of Madrid-Barajas, Tower of
Valencia and Tower of Murcia-San Javier, Similarly, the
Valencia radar, Malaga 2 and the bypass radar system
were integrated.
Aeronautical Services
Launching of Atis system at Jerez and Gerona airports
Tx-Rx equipment at Menorca Airport for the
transmission of Atis to substitute for the current
transmission through the audio channel of the Menorca
VOR .
Revision and execution of improvement in 12 Atis
systems (Amendment 74 – Annex 3 ICAO)
2,7,4 CNS/ATM SIMULATION
1, Simulation Area
Airport System
Madrid-Barajas Airport and Madrid-Campo Real
(NSAM) Airport
Defi nition of scenarios of future operation and assessment
of viability and benefi ts of the coexistence
of both airports.
Madrid-Barajas Airport
Simulation study to assess the viability of Madrid-Barajas
as an airport hub.
Analysis of the lateral deviation, caused by wind or
navigation, in the south confi guration in current
departures.
Analysis of safety for independent operations in
north confi guration.
General information
Air navigation
Analysis of the visibility from the control towers of
Madrid-Barajas.
Ibiza Airport
Simulation study for the analysis of possible radar
approaches to Ibiza.
Alicante Airport
Study of the options for the airport’s movement
area to support the projects for the new runway
to run parallel to the current one, the taxiway links
between the runways, new terminal areas and location
of the tower.
Santiago Airport
Analysis of the impact that the new location of the
Terminal Building has on visibility from the tower.
Malaga Airport
Simulation of taxiway with the airport’s projected
operations.
Air Navigation
SACTA –TWR CF 2
A project was initiated to evaluate the new versions
of SACTA in route positions, control tower and TMA
by estimating the impact that the changes and new
functions of each version will entail in the controller’s
workload.
FREQUENCY OF OCCUPANCY
Study of the statistical frequency of occupation of sectors
of the Spanish airspace and the control towers to
analyze operational safety.
2, R&D&I AREA
E-TLM
Within the TMS (Traffi c Management System) project
Eurocontrol aims to launch an ATC (Air Traffi c Control)
workload monitor to support the supervisory positions
Annual report 2009 245

246
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Air navigation
of the Eurocontrol MUAC (Maastricht) centre, To this
end, the Aena components ETLM, WAC and MWM
are being employed, Aena undertakes this R&D project
in consortium with Indra and ISA software.
ATMAN (ATC Human Workload Model)
The mission of the ATMAN project is to minimize the
risk of jeopardizing the health of air controllers, so it
is necessary to defi ne a simultaneous maximum workload
parameter at the different tower, approach and
en-route work-stations, Therefore, during 2009, in collaboration
with CRIDA, the high level requirements of
the application, algorithms, and means of calibration
were determined to enable defi ning the workload model.
Other Projects
In addition to those mentioned above, participation in
other EU and Eurocontrol research and development
projects continued, among which those of particular
note are: SESAR, Emma2, SpadeE2, Reset and Atmap,
whereas the Caats2 project was completed in 2009.
3, AREA OF DEVELOPMENT OF SIMULATION IN-
FRASTRUCTURE
INTERNAL DEVELOPMENT PROJECTS
This is an online application that provides services of
projected and real operational information (sector
load, delays, regulations, etcetera) for airports and sectors
of the Spanish airspace, In the year 2009 a new
version was developed that includes new functions
such as the generation of automatic reports, comparisons
of the organization of the airspace, with historical
reports and projections, the exportation of data
to other applications (Excel, Adobe Reader) and the
geographic visualization of sectors and confi gurations.
TRP (TAAM-RAMS Processor)
A simulation data processor that enables translating
ATC events from simulators to the workload calculator
Annual report 2009
MWM (Multi-Workload Model), also introducing logical
rules, In 2009 the internal development of TRP-java
continued.
MWM (Multi-Workload Model)
A software application that simulates ATC tasks and
workloads by using the Wickens model of interference
of cognitive channels, In 2009 the MWM tool was
developed for the purpose of unifying the existing versions
and criteria.
EXTERNAL DEVELOPMENT PROJECTS
PITOT
An integrated platform for processing, operating and
analyzing simulation data, During 2009 it was granted
greater stability and its capacity to manage multiple iterations
and instances of the simulation-analysis was increased.
SIMCO
This project develops modules for monitoring and optimizing
the calculation of simulation parameters and variables,
In 2009 the following phases were carried out:
Improvement of the Trafgen functions: generator
of traffi c that enables analyzing and generating
traffi c for SNA analysis and simulation studies.
Development of OP-DIS (prototype of dynamic sectorization)
and OP-MON phase II (prototypes for
monitoring workloads).
MAPPING
Set of graphics libraries with development of modules
of representation of geo-referenced information of the
Trafgen, TRP, MWM and Perseo applications, In 2009
the following phases were carried out:
Analysis, design and development of HMI modules
of Trafgen and TRP.

Analysis and design of Perseo.
Report of MWM evolution and achievement of objectives
of knowledge transference.
Maintenance and support of development.
MASDATA:
Optimization of the interpretation, handling and use
of output data for advanced models of en-route, TMA
and airport air traffi c simulation, In 2009 the lines of
research were continued and expanded through a second
phase of the project called Masdata 2, The activities
of algorithmic debugging were carried out.
MIDAS
Model of simulating human factors of air traffi c control
capable of acting on what other simulators do
in accelerated time, The objective of the project is to
connect Midas and RAMS through Pitot5, In 2009 the
following phases were executed:
Modules and tests to support hybrid simulation.
Interconnection of RAMS-Midas through Pitot.
VOICE
Voice recognition system applied to the calculation of
simulation parameters, The result of the project from
2005 was materialized in a fi rst technological prototype,
In 2009 the original prototype was used as a basis
for developing a functional prototype.
AGENT
State-of-the-art ATM accelerated time simulation tool
(based on agent software architecture), extremely
adaptable to any present or future ATM concept, During
2009 the Air Top multi-platform licences were
acquired.
General information
Air navigation
2,7,5 SATELLITE NAVIGATION
Aena’s activities in this fi eld focus on the implementation
of the GNSS system in the Spanish airspace, employing
it in the different phases of fl ight, Therefore, it
is projected that the basic constellations such as GPS
and the future Galileo, in addition to GBAS and Egnos
augmentations will all be used under the premise of
compliance with the requirements refl ected in Annex
10 of the ICAO and the implementation plans that are
being developed on the European scale.
1, EGNOS (European Geostationary Navigation
Overlay Service)
The most signifi cant events during 2009 were:
Signing the EGNOS Agreement
The signing of this agreement by Aena, the rest of the
EOIG partners and the European Commission (EC) meant
that, as of April 1st 2009, the latter became the owner
of and accountable for the management and operation
of the Egnos system in the European Community.
Contracts of the ESSP (European Satellite Services
Provider) SAS with the European Commission:
Egnos Signal Continuity Provision Contract, also known
as Plan B, which lasts for 6 months, went into effect on
April 1st 2009, The importance of this lies in the demonstration
that ESSP SAS was capable of honouring
this contract in due time and form to satisfy the client
(EC), thus establishing the confi dence needed to close
the negotiations of the Egnos Service Provision contract.
Egnos Service Provision Contract, known as Plan A,
lasts for 51 months, It went into effect on October 1st
2009 and it ends in 2013, It projects the certifi cation of
the company ESSP SAS as Egnos service provider in accordance
with the Single European Sky regulations and
the Egnos Safety of Life (SOL) service statement.
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Air navigation
Service Provision Unit (SPU) of the ESSP SAS
This has been offi cially established since April 1st
2009, Though the ESSP SAS has actually been a legal
body since September of 2008, the physical establishment
of its units and hiring of most of the personnel
took place in the year 2009.
2, GBAS (Ground Based Augmentation Systems)
PROGRAMME
Over the course of 2009 the following proceedings
were completed:
Service for the development of an SW tool for
analyzing GBAS coverage a tool that will facilitate
choosing the best site for a GBAS station in an
airport in compliance with the international regulations.
GBAS programme at Malaga Airport:
The following plans were fulfi lled:
Technical assistance for conducting operational implementation
of GBAS in SNA which provided the
support necessary for preparing the implementation
of GBAS operations in the Spanish Air Navigation
System (SNA), specifi cally at Malaga Airport.
Replacement of HW elements for GBAS CAT-I certifi
cation at Malaga Airport, which consisted in updating
Malaga Airport’s GBAS CAT I facility.
The following plan was projected and contracted out:
Supply of a portable GBAS monitoring station in
operational state, This new system will serve as
support for the operational implementation of
Malaga’s GBAS CAT I station by analyzing the performance
and conducting the required periodical
inspections of the ground-based system and,
Annual report 2009
in future, analyzing the forthcoming GBAS sites in
other airports in Spain.
During the year 2009 work was carried out on the following
projects of the Seventh Framework Programme
of the GJU (now GSA – General Services Administration),
of the European Commission, the SJU, ICAO
(International Civil Aviation Organization) and the ESA
(European Space Agency):
GIANT2 (EGNOS ADOPTION IN THE AVIATION
SECTOR)
Project included in the Galileo activities of the Seventh
Framework Programme of the European Commission,
whose mission is to support the introduction of Egnos
in the civil aviation sector, embracing other segments
such as corporate aviation, general aviation and rescue
helicopters.
IOP
The Egnos unit was hired to perform the initial Egnos
operations of the elements installed in Spain (MCC,
ASQF and NLES at Torrejon and 5 RIMS installed in the
airports of Gran Canaria, Malaga, Palma de Mallorca,
La Palma and Santiago).
EDAS
A contract was signed with GSA for the provision of
Egnos data to authorized clients through the Edas
application, Similarly, Aena provides a help desk service
to registered and non-registered Edas users, for
the purpose of facilitating the initial installation of the
application and resolving any doubts or anomalies that
may arise during the provision of data.
CELESTE CCN
A project carried out by a consortium led by Aena as
main contractor, and whose other members are: Alcatel
Alenia, GMV, Atech (Brazil), Indra SI (Argentina),
Ineco DB (Brazil), Hispamar (Brazil), Telespazio Argentina
and BCI (Panama), Its main objectives are:

Introduction to the Galileo services and their development
from a multi-modal perspective with
regard to selected markets
Carrying out multi-modal demonstrations with Galileo
and assessment of its operational advantages,
The setting of the demonstrations will be the area
between Mar del Plata and Rio de Janeiro.
2,7,6 SYSTEMS VERIFICATION
Safety
For the purpose of coordinating the safety activities
and ensuring that these are carried out in a homogenous
and coherent manner in all the operational
divisions, the Division of Systems Verifi cation conducted
the following activities in 2009:
Planning, coordination and uniformity of the
safety activities with the operational divisions
(Communications, Navigation and Surveillance,
Automation).
Production of guidance material for use by the
Divisions of the Directorate of CNS/ATM Systems,
notably that produced for assigning a level of
guarantee to the system software (SWAL) during
the process of risk analysis and mitigation of a
CNS/ATM system.
Conducting an overall analysis of safety, with regard
to the service provided by the Directorate of
CNS/ATM Systems.
Supervision and collaboration on safety studies,
Twenty of the safety studies conducted by the different
CNSA divisions were supervised, Similarly, support
was provided for all the phases of the safety
study conducted for opening Lleida Airport.
General information
Air navigation
VERIFICATION
During 2009, once the systems verifi cation procedure
at the DNA (DIET-07-PGR-022-1,0) was approved,
its implementation in the different divisions and systems
was continued, The implementation strategy
was carried out gradually, defi ning verifi cation plans
by system, beginning with those projected to enter
into service in 2009, and subsequently preparing
the EC verifi cation statement and the associated technical
fi le.
2,8 INTERNATIONAL ARENA
Among the objectives of Air Navigation is that of reinforcing
its standing in the international arena, To this
end, actions were undertaken throughout 2009 in the
following fi elds:
PENS:
For the purpose of offering a joint European network
of air navigation services and information
exchange between stakeholders, based on IP protocols,
the PENS (Pan-European Network Services)
project was launched on October 28th 2009, as
Aena and its Swedish and Norwegian equivalents
offi cially became Eurocontrol users, Likewise,
ENAV, LPS, NATS, and NAV Portugal signed a letter
of intent with the commitment to join soon, At
the same session, as ECTL had committed, Redan
was formally subcontracted by Sita as a PENS solution
to service provision in Spain, Aena therefore
became the fi rst service provider in Europe to reach
this status, It is anticipated that, following in Aena’s
footsteps, other national ANSP networks will join in
the coming months.
To foster international institutional relations, high
level bilateral meetings were held with Onda, Navair
and the General Manager of Eurocontrol.
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250
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Strategic Planning Management coordinates the
participation of AN in regional projects (AEFMP,
ICAO), Therefore, the secretariat of the technical
group was formed, the contribution and participation
of the WG was coordinated, and the meeting
with the committee director was prepared and held.
The high level EC3, CECM and other Canso group
meetings were prepared and attended in coordination
with the different AN units, which were
Annual report 2009
considerably infl uential given the signifi cant level
of acceptance of Aena’s proposals.
Aena’s Air Navigation offi ce was set up in Brussels.
From March 17th to 19th 2009, the annual ATC
Global Exhibition took place in the Dutch city of
Amsterdam, Aena participated with a 108m² exhibit
attended by personnel specialized in the
different systems that were presented,
ACC
LISTADO DE ACRÓNIMOS
Area Control Centre,
AEFMP Agreement between Algeria, Spain, France, Morocco and Portugal,
Aenor Spanish Association for Standardization and Certifi cation,
Aesa State Agency for Air Safety,
AFUA Advanced Flexible Use of Airspace
AGEN
State-of-the-art ATM tool for accelerated time simulation (based on agent software
architecture),
AIS Aeronautical Information Service,
ANSMS Air Navigation Safety Managment System,
ANSP Air Navigation Service Providers,
ATC Air Traffi c Centre,
ATM Air Traffi c Management,
ATMAN ATC Human Workload Model
Bypas Radar Radar fallback system,
CE European Commission,
CED Centre for Air Navigation Experimentation and Development,
Project carried out by a consortium led by Aena as main contractor, and whose other
Celeste CCN
members are: Alcatel Alenia, GMV, Atech (Brazil), Indra SI (Argentina), Ineco DB
(Brasil), Hispamar (Brazil), Telespazio Argentina and BCI (Panama),
DGAC General Directorate of Civil Aviation,
DNA Directorate of Air Navigation (Aena),
Edas Contract signed with GSA for the provision of Egnos data,
EGNOS European Geostationary Navigation Overlay Service,
EMS Environmental Management System,
ESA European Space Agency,
ESSP European Satellite Services Provider,
FAB Functional Airspace Block Portugal-Spain,
FABS Functional Airspace Blocks Portugal-Spain,

General information
Air navigation
G/A
LISTADO DE ACRÓNIMOS
Ground/air communications,
G/G Ground/ground communications,
GBAS Ground Based Augmentation Systems,
GIANT2 Egnos Adoption in the Aviation Sector,
GSA General Services Administration,
HUB
ICAO International
Transfer centre,
Civil Aviation
Organization,
Geographic database,
IGN National Geographic Institute,
ILS-DME Instrument Landing System - Distance Measurement Equipment,
INGENA Geographic database,
MAPPING Set of graphics libraries with development of modules of representations,
MASDATA Optimization of the interpretation, handling and use of the output data,
MIdas
Model of simulation of human factors of air traffi c control capable of acting on what
other simulators do in accelerated time,
MUAC Maastricht Upper Area Control Centre,
MWM
MWM Software
Multi-Workload Model,
application that
simulates ATC tasks
and workload,
Geographic information system,
NDB
OP-DIS Dynamic
Non-Directional Beacon,
sectorization
prototype,
Pan-European Network Services,
OP-MON
Phase 2 prototypes for monitoring workload for advanced models of simulation of enroute,
TMA and airport air traffi c ,
Opengis Geographic information system,
PENS Pan-European Network Services,
Online application that provides a service of information on projected and real
PERSEO
operations (sector load, delays, regulations, etcetera) for airports and sectors of the
Spanish airspace,
PIR Project Initiation Reports,
PITOT Integral platform for processing, use and analysis of simulation data,
QMS Quality Managment System,
R&D&I Resdarch & Development & Innovation,
Redan Air Navigation Data Network,
SACTA Automated Air Traffi c Control System,
SAFETY Operational
safety,
Sistema de gestión de calidad,
SES Single European Sky,
Sesar Single European Sky ATM Research,
SIMCO
Project to develop modules for monitoring and optimizing calculations of parameters
and variables of simulation,
SJU Sesar Joint Undertaking,
SMR Surface Movement Radar,
SMS Safety Management System,
SNA Air Navigation System,
SW-FAB Functional Airspace Block Southwest Europe,
TACC Terminal Area Control Centre,
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TMS
LISTADO DE ACRÓNIMOS
Traffi c Management System,
Trafgen
Generator of traffi c that enables analyzing and generating traffi c for SNA assessment
and simulation studies,
TRP
TAAM-RAMS PROCESSOR- Processor of simulation data that enables translating ATC
events from simulators to workload calculator MWM (Multi-Workload Model),
TWR Control Tower,
VCS Voice
communications
system,
Annual report 2009
TAAM-RAMS Processor- Procesador de datos de simulación que permite traducir
eventos ATC provenientes de simuladores al calculador de carga de trabajo MWM
(Multi-Workload Model),
Voice Voice recognition system applied to the calculation of simulation parameters,
VOR-DME (VHF Omnidirectional Range - Distance Measurement Equipment),
WG Work Group,
WG Grupo de trabajo,
AIR MOVEMENTS BY REGIONAL DIRECTORATES OF AIR NAVIATION
2004 2005 2006 2007 2008 2009
Central 922,982 975,768 1,038,625 1,135,146 1,134,465 1,042,793
Eastern 792,192 837,376 883,765 984,309 955,717 866,757
Canarian 293,275 305,282 322,023 328,092 326,302 282,495
Sevillian 363,363 400,951 424,703 455,281 441,849 396,868
Balearic 244,880 250,985 273,172 289,076 283,702 261,651
MOVEMENTS BY REGION
2004 2005 2006 2007 2008 2009
FIR Spain 1,711,285 1,806,619 1,924,251 2,090,753 2,065,413 1,879,810
FIR Peninsula 1,586,801 1,676,539 1,783,168 1,949,578 1,925,178 1,756,942
FIR/ACC Canary Island 293,275 305,282 322,023 328,092 326,302 282,495
ACC Madrid 922,982 975,768 1,038,625 1,135,146 1,134,465 1,042,793
ACC Barcelona 792,192 837,376 883,765 984,309 955,717 866,757
ACC Seville 363,363 400,951 424,703 455,281 441,849 396,868
ACC Palma 244,880 250,985 273,172 289,076 283,702 261,651
TOTAL FLIGHTS OF THE REGIONAL DIRECTORATES OF AIR NAVIGATION
2,150,000
2,100,000
2,050,000
2,000,000
1,950,000
1,900,000
1,850,000
1,800,000
1,750,000
2,090,753
2,065,413
1,879,810
2007 2008 2008

Commercial Space
and Services
COMMERCIAL ACTIVITY
The Directorate of Commercial Space and Services
has a double mission “to optimize the contribution
of sales revenues in Aena’s overall profi t and loss statement,
and simultaneously meet passengers’ needs
and demands in terms of quality”, Greater generation
of business resources is a means of fi nancing
the investments foreseen by Aena, always in terms
of effi ciency and effi cacy, by improving the profi tability
of the airport business in order to maintain the
competitiveness of aeronautical fees.
Aena’s sales revenues in 2009 amounted to 572,23
million euros (-5,7% in comparison to the previous
year, basically because of the overall effect of the
ongoing economic recession and the fall in passenger
traffi c), The ratio of sales revenue per passenger
was 3,08 euros, which represented a 2,52% increase
over the previous year.
The main business lines at our airports, which contribute
to accomplishing the double mission mentioned
above, are: car parks, shops and duty-free shops,
car hire, food outlets, managing land (rentals), advertising,
fuel and business operations.
Our array of retail concessionaires comprises more
than one hundred shops, including prestigious local
and international companies and brands, such as Aldeasa,
Canariensis, Áreas, Dufry, Relay (SGEL), Zara,
Mango, Mássimo Dutti, Becara, Adolfo Domínguez,
Desigual, Ferrari, Puma, Carolina Herrera, Rolex,
Chocolat Factory, Picuadro, Imaginarium and Tous,
among others, In accordance with the market studies
conducted, we are introducing local brands and
products, as a refl ection of the community the airport
serves, as is the case of the shop specialized in
gifts and crafts in the T1 of Barcelona Airport, Thinking
Barcelona, whose design evokes the architecture
of the illustrious world-class architect Gaudí,
General information
Commercial Space and Services
and won the “Best specialized concept of the year”
award granted by the Travel Retail industry.
«Aena brought in 572 million
euros in retail revenues,»
As for dining, there are international operators such
as Áreas, SSP, Grupo VIPS, Autogrill, McDonald’s,
Pansfood, etcetera, with standards on our premises
in the airport such as McDonald’s, Burger King, Starbucks,
Lizarrán, Subway, Häagen Dazs, Caffriccio,
Ritazza, among others, At the Madrid-Barajas and
Barcelona airports there is a noteworthy presence
of two spaces whose chefs have been awarded Michelin
stars at the restaurants “El Madroño” and “El
Gaig”, respectively, This type of service will become
increasingly consolidated in the years to come, as a
result of our banking on improving the quality of
our offerings.
The car hire service is provided by diverse operators
that are also international, most notably Avis, Hertz,
Europcar, and National Atesa, The advertising activity
is currently mainly allocated to the companies JC
Decaux and Publimedia.
In addition to meeting the demands of passengers,
the airport retail business is designed for the entire
airport population, including employees and companions,
For this reason the products and services on
offer cover a broader and more varied range (supermarkets,
beauty centres, petrol stations and so on).
With regard to the development of retail facilities a
number of signifi cant actions have been taken:
New Terminal 1 of Barcelona Airport began operating
in June 2009, Approximately 26,000 m 2 of
new retail fl oor space was opened: 8,427 m 2 for
Annual report 2009 253

254
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Commercial Space and Services
food outlets, 6,459 m 2 for shops, 1,992 m 2 for dutyfree
shops, 6,605 m2 for VIP lounges, 2,583 m 2 for the
Business Centre, 5 car hire outlets and a VIP car park.
“The retail revenue ratio was
3 euros per passenger”
Remodelling of the shopping area of Fuerteventura
Airport in April 2009: 11 new establishments in 2,000
m 2 of new retail space.
Remodelling of the shopping area (1st phase) of Ibiza
Airport in May 2009: 8 new establishments in nearly
1,000 m 2 of newly remodelled retail space.
The construction work at Malaga Airport, for opening
the New Passenger Terminal Building (T3), will provide
it with a retail space with a potential for housing 29
shops in an area amounting to 5,255 m 2 , and 21 food
outlets in an area of 5,234 m 2 .
The processes and procedures of controlling sales revenues
carried out by the airport managers have been redefi
ned, This will enable improving the control and monitoring
of commercial activity.
El conjunto de la actividad comercial agrupada por líneas
de negocio, ordenadas según el peso relativo so-
Annual report 2009
Several noteworthy promotional activities related to our
brand “Las Tiendas del Aeropuerto” were carried out to
support its management at the airports where it is established
and as a means to encourage buying in our retail
spaces, These projects, endeavoured in close collaboration
with our retail concessionaires, include “Book Week”,
“Green Bags” (Barcelona, Menorca, Saragossa and Tenerife
Sur airports) and “Christmas Campaign” (at eleven airports:
the seven wherein the brand is established and also
at the airports of Malaga, Alicante, Gran Canaria and
Ibiza), In addition, and for the fi rst time, an interesting direct
discount campaign was undertaken at eight airports
through an action called “Two free Euros”.
In the sphere of marketing land, the demand has been
identifi ed and the marketable terrains of the airports have
been inventoried, a key aspect for success in marketing
them in the best and most effi cient way.
As far as business know-how is concerned, training
actions were offered throughout 2009 for different
groups within the organization that belong to other key
functional areas, and whose collaboration is relevant for
the optimization of sales revenues,
DISTRIBUCIÓN DE INGRESOS COMERCIALES POR LÍNEAS DE NEGOCIO
bre el total de ingresos comerciales, se ha repartido de
la siguiente manera en 2009:
LÍNEAS DE NEGOCIO Variación 2009/2008 % sobre el total de ingresos comerciales
Aparcamiento de vehículos -15,72% 18,46%
Tiendas libres de impuestos -15,91% 17,18%
Alquiler de vehículos 13,36% 16,89%
Explotaciones comerciales 2,6% 16,5%
Restauración 0,11% 11,87%
Arrendamientos -3,97% 7,72%
Publicidad -27,28% 4,28%
Combustibles -2,69% 4,26%
Consumos 7,94% 2,77%
Salas 100% 0,05%
Otros -48,71% 0,01%

AENA INTERNACIONAL
DESARROLLO S,A
Aena Internacional conducts its activity as a leading
Spanish company in the management of aeronautical
facilities for a total of 28 airports, located
throughout Latin America (Mexico, Colombia, Cuba
and Bolivia), the European Union (the United Kingdom
and Sweden) and the United States.
With a diversity of forms of ownership in its subsidiaries,
from the concession of airport facilities
or contracts for the management of terminals or
services, to the ownership of assets, the common
denominator of Aena Internacional’s contribution
is the transfer of knowledge as a generator
of value through the direct involvement of its executive
offi cers in management and by providing
quality technical aeronautical assistance services.
The latter, whether as an operating partner in some
cases, or a mere service provider in others, are
materialized through projects in which the primary
values are safety, effi ciency and respect for
the environment, the pillars upholding our management,
which is recognized and highly esteemed
by our partners, customers and related
institutions.
In 2009, as a consequence of the global fi nancial
crisis and its repercussions in the transport industry,
the level of activity of Aena Internacional
subsidiaries was lower than that of 2008 because
of the decline in passengers recorded mainly in
Mexico and in the entirety of airports that make
up TBI, Nevertheless, Aena Internacional was able
to conclude the year with a good performance
yield, especially owing to the implementation of
effi cient cost control strategies and prudent investment
in its subsidiaries.
Worthy of note in the aeronautical services area
is the consolidation of the Galileo project offi -
ce and full operation of the in-fl ight verifi cation
unit that has satisfactorily rendered the services
of verifying the radio-aids of the Aena network
throughout the year.
«The airports of Grupo
Aeroportuario del Pacífico
have certificates for
accessibility, environmental
compliance and quality,»
Lastly, the renewal of the ISO 9001-2008 certifi
cation for the activities we conduct is an
endorsement of our efforts for continual improvement
and, for our customers, it is a guarantee
of our commitment to quality.
AIRPORT SERVICES
Mexico
General information
International Development
International Development
Grupo Aeroportuario del Pacífi co
Grupo Aeroportuario del Pacífi co (GAP) comprises
12 airports located in the Pacifi c region of Mexico,
notably those serving major cities such as Guadalajara
and Tijuana and those situated in four of
Mexico’s most popular tourist destinations: Puerto
Vallarta, Los Cabos, La Paz and Manzanillo, The
other six airports serve cities such as Hermosillo,
Bajio, Morelia, Aguascalientes, Mexicali and Los
Mochis.
The airports are located in 9 of Mexico’s 32 states,
Five of them largely cater to the capitals of these
states, covering a territory extending over 566,000

256
General information
International Development
square kilometres, with a population of approximately
26 million inhabitants, All the airports are designated
as international and six of them are among Mexico’s
top ten.
The GAP airports have ISO 9001:2000 accessibility, environmental
compliance and quality certifi cates.
Aena Internacional’s 17,3% share of capital, and technical
assistance contract, as an operating partner, is
carried out through the company Aeropuertos Mexicanos
del Pacífi co (AMP), which in turn is GAP’s strategic
partner.
GAP is listed on the Mexican and New York stock exchanges
and it is the largest private airport group in
America.
Airport Activity
The group’s activity in 2009 involved a total of 19,2
million passengers, which represents a 13,3% decline
with respect to 2008.
This slowdown in airport activity in 2009 was primarily
a consequence of the diffi cult worldwide economic
scenario, which had especially signifi cant ramifi cations
within the industry in Mexico and the United States
(its main market abroad), the reorganization of the
low-cost market and the defi nitive closure of several
airlines.
«The Mexican authorities’
approval of the Master
Plan 2010-2014 provides
a stable framework for
management,»
Operational activity decreased by 12,92%, in line with
Annual report 2009
the drop in traffi c, totalling 405,007 operations.
As regards air cargo, which reached a total fi gure of
126,278 tons, the recession of the economy of the United
States was also felt since it is Mexico’s principal market.
The main actions were related to the execution of the
corresponding master plans for development, and
additional investment plans, making for an investment
of more than 420 million Mexican pesos in projects including
the construction of private aviation terminals
in Guadalajara and San Jose del Cabo.
It is also important to highlight the accomplishment
of attaining the approval of the Mexican authorities
of the 2010-2024 Master Plan (drawn up by Aena for
the 12 airports of the group) and the associated investments
and fee regulation, which secures a stable
framework for management over the next fi ve years.
Colombia
Cartagena de Indias Airport
Aena Internacional is operating partner and shareholder
with a 38% stake in the company that manages
Cartagena de Indias Airport, Sociedad Aeroportuaria
de la Costa (Sacsa).
«The In-fl ight Verifi cation
Unit performed 151
calibrations in 2009,»
The management undertaken during 2009 has led to a
7,3% growth in international passenger traffi c, compared
to 2008, as a result of the implementation of a wise
marketing policy in seeking new routes and new operators;
and a 19,42% growth in domestic traffi c, basically
brought about by the appearance of low-cost airlines.

Barranquilla Airport
Aena Internacional is operating partner and shareholder
with a 40% stake in the management company
Aeropuerto de Barranquilla, Aeropuertos del Caribe
S,A, (Acsa).
Passenger traffi c in 2009 grew by 8,34% boosted by
the 14,8% increase in domestic traffi c following the
introduction of low-cost airlines.
The increase in domestic traffi c attenuated the decrease
in international traffi c resulting from the worldwide
fi nancial crisis, Nonetheless, as of the second quarter of
2009 signs of recovery could be observed in the establishment
of new international routes.
Cali Airport
The management of Cali Airport is carried out through
the company Aerocali, S,A,, in which Aena Internacional
has a 33% holding.
The year 2009 ended with signifi cant increases in traffi
c, both that of domestic passengers, with a 12,7%
increase, and that of international passengers, which
rose by 3,36%.
The efforts made to improve business income, in addition
to the sensible measures taken to curb costs, notably
improved the year’s results.
TBI
Through its 10% holding in Airport Concessions & Development
Limited (ACDL), Aena Internacional owns
TBI plc,, a British company that, through ownership or
concession, operates the airports of Luton, Belfast and
Cardiff in the United Kingdom; Orlando Sanford in the
U,S,A,; La Paz, Santa Cruz and Cochabamba in Bolivia,
and Skavsta in Sweden, TBI also has different operating
and management contracts at airports in the United
States (Atlanta, Burbank and Macon).
General information
International Development
The impact of the worldwide fi nancial crisis has resulted
in a 7,7% decrease in passenger traffi c, mainly
caused by the sharp decline in passengers at the airports
of the United Kingdom, However, the strategy of
curbing costs and investments has served to mitigate
the impact in the year-end result.
Cuba
In 2009 Aena Internacional signed a new contract with
Empresa Cubana de Aeropuertos y Servicios Aeronáuticos
for “consulting and training for the operation
of Ecasa airports”.
With this new contract the business relations with Ecasa
(the Cuban airports administrator and operator) are
continued and expanded.
AERONAUTICAL SERVICES
In-fl ight verifi cation unit
This year the activity conducted by Aena Internacional’s
In-fl ight Verifi cation Unit (UVV) was fi rmly established.
The UVV reached its maximum performance, carrying
out periodic, special and entry into service verifi cations
of all types of radio-aids and manoeuvres including
those affecting high density TMA, such as Madrid and
Barcelona.
All told, there were 622 hours of fl ight, during which
151 calibrations were performed.
Galileo
In 2008 Aena Internacional was designated by its parent
company Aena to create the Galileo Unit in charge
of developing the future Galileo Control Centre
and the future “Safety of Life Centre” in Spain.
Annual report 2009 257

258
During the year 2009 the Galileo Unit was established
and the Ministry of Public Works and Transport
continued to be supported in its aim to achieve the
foundation in Spain of the two fundamental Gali-
33,33%
17,3%
Guadalajara
Tijuana
Puerto Vallarta
San José del Cabo
Hermosillo
Bajío
Morelia
La Paz
Mexicali
Aguas Calientes
Manzanillo
Los Mochis
General information
International Development
Annual report 2009
leo facilities, the third Galileo Control Centre and
the “Safety of Life Centre”, which allow maximizing
Spain’s presence in the Galileo project in the long term,
COMPANY STAKES HELD BY AENA INTERNATIONAL
40% 37,89% 33,34%
Barranquilla Cartagena de Indias
Cali
10% 16,67%
ACDL Other
100%
London-Luton
Cardiff
Belfast
Stockholm-Skavsta
La Paz
Cochabamba
Santa Cruz
Orlando-Sanford
Raleigh-Durham
Macon
Atlanta
Burbank
ECASA
Cayo Coco

In 2009 Aena airports handled
over 187 million passengers

Annual report 2009
3
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Management Report
1. FINANCIAL
RESULTS
1.1. CONSOLIDATED PROFIT/LOSS
Operating income in 2009, at more than 3,098 million
euros, decreased by only 4% with respect to 2008 despite
a decline in passenger traffi c and operations of
more than 8% from 2008, mirroring the sharp downturn
in air traffi c worldwide.
The largest contributions to consolidated operating income
came from the parent company Aena, (96%),
and the company Ingeniería y Economía del Transporte
S.A. (Ineco), which contributed 3%, in keeping with
previous fi nancial years.
Although operating costs grew at a rate of less than
6%, due to the fall in traffi c and to high operating leverage,
operating income fell.
Annual report 2009
Management Report
Public company
“Aeropuertos Españoles y Navegación Aérea”
and subsidiaries
Financial loss was reduced by 20% in 2009, to
283.3 million euros, owing to decreased financial
costs derived from borrowing to make the investments
projected in the investment plan for the financial
year.
Once the positive effect of income tax is accounted
for, the consolidated profi t/loss for the fi nancial year
attributed to the parent company amounts to a loss of
345.9 million euros.
1.2. FINANCIAL AND
ECONOMIC RATIOS
The Aena Group’s main economic and fi nancial ratios
are shown below:
RATIOS 2009 2008
SOLVENCY RATIOS
Long-term indebtedness: long-term debt / equity 3.06 2.44
PROFITABILITY RATIOS
EBITDA margin 18.74% 25.46%
Operating margin: operating income / sales -7.46% 3.54%
Economic profi tability: operating profi t / total assets -1.28% 0.67%

2. BUSINESS TRENDS
2.1. AIRPORT BUSINESS
In 2009, Aena’s Spanish airports recorded more than
187.6 million passengers (8.0% less than in 2008) and
they operated more than 2.1 million fl ights (10.4%
less). Nearly 570,000 tonnes of freight were transported
(11.4% less).
While these fi gures refl ect a decrease in passengers,
operations and cargo as compared with 2008, in step
with the sharp slowdown in air traffi c worldwide, Aena
continues to be the largest airport operator in the
world in terms of passenger numbers.
2.1.1. PASSENGERS
A total of 187.6 million passengers used the Aena
network facilities in 2009, which represents an 8.0%
decrease since 2008. Of all these passengers, more
than 186 million fl ew on commercial fl ights (-7.9%).
Among them, around 110 million used international
fl ights (-8.2%) and 75.5 million travelled on domestic
fl ights (-7.8%).
Among the foremost airports in terms of passenger
traffi c, Madrid-Barajas is still the network’s largest,
with 48.4 million passengers, which entails a 4.7%
decrease from 2008. It is followed by Barcelona, with
27.4 million (-9.4%); Palma de Mallorca, with 21.2
million (-7.1%); Malaga, with 11.6 million (-9.3%);
Gran Canaria, with 9.1 million (-10.3%); and Alicante,
with 9.1 million (-4.6%).
The airports with the largest growth percentages are
those of Burgos, with a 112.6% increase, Reus with
33.5%, Santander with 11.9% and Santiago with 1.4%.
In 2009 the network’s overall international passenger
traffi c decreased, as total throughput fell by 8.2%.
Nonetheless, there was signifi cant growth at the airports
of Leon (1,280.7%), Salamanca (866.8%),
Burgos (242.7%), Asturias (25.85%), Reus (7.3%), Tenerife
Norte (5.8%) and Corunna (4.5%).
As of July 2009 a month by month recovery in passenger
traffi c could be observed at different airports, including
Alicante, which was followed by Madrid-Barajas, Barcelona,
Malaga, Tenerife Norte, Valencia and Lanzarote.
2.1.2. AIRCRAFT
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Management Report
Aena airports performed a total of 2.1 million operations
in 2009, which entails a 10.4% decrease in
the number of operations from 2008. Of all these
movements, 1.8 million pertain to commercial fl ights
(-11.4%), of which 943,991 were domestic (-12.2%)
and 880,291 were international (-10.5%). As regards
types of fl ights, more than 1.6 million were scheduled
fl ights (-9.4%) and around 182,000 were charter
fl ights (-22.7%).
Madrid-Barajas Airport continued to be the network’s
largest in terms of traffi c, with more than 435,000
fl ights (-7.4%), followed by Barcelona, with close to
279,000 operations (-13.3%); Palma de Mallorca, with
177,000 (-8.2%); Malaga, with more than 103,000
(-13.6%); Gran Canaria, with 101,000 fl ights (-12.6%);
Valencia, with 81,000 (-16.2%); Alicante, with 74,000
(-8.4%); Tenerife Norte, with nearly 63,000 (-7,4%);
and Seville, with almost 56,000 (-14,6%).
The airports with the most outstanding percentage
growth in operations were those of Reus, which recorded
a 16% increase (nearly 31,000 operations),
followed by Huesca-Pyrenees, 10.4% (more than
21,000), Madrid-Cuatro Vientos, 4.2% (more than
54,000) and Salamanca, 3.1% (nearly 13,000).
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As regards the number of international operations,
some airports experienced signifi cant growth, namely
those of Asturias (34.5%), Tenerife Norte (25.9%) and
Reus (12.1%). Most of these operations either originated
in or were destined to a European airport.
2.1.3. CARGO
Nearly 565,000 tonnes of cargo were transported during
2009, 10.3% less than in the previous year. The
international cargo transported amounted to 405,000
tonnes (-5.6%) whereas there were nearly 160,000
tonnes of domestic cargo (-20.4%).
By airports, Madrid-Barajas remained in fi rst place, with
nearly 303,000 tonnes (-8.0%). It is followed by Barcelona
with nearly 90,000 tonnes (-13.6%); Saragossa, with
nearly 37,000 (72.1%); Vitoria, with 27,000 (-21.7%)
and Gran Canaria, with almost 26,000 (-22.9%).
2.2. AIR NAVIGATION
The total number of fl ights handled by Air Navigation in
Spain during the year 2009 was 1.88 million, whereas
over the course of the year 2008 there were more than
2.06 million, which translates into a variation of -8.9%.
According to Eurocontrol data, air traffi c in number of
fl ights dropped by 9.5% in the mainland Flight Information
Region (FIR) and by 13.3% in the Canary Islands FIR.
3. LINES OF BUSINESS
3.1. AIR CARGO CENTRES
The group’s company Centros Logísticos Aeroportuarios,
S.A. (Clasa) is in charge of building, managing and pro-
Annual report 2009
moting cargo centres, in addition to conducting activities
related to them, particularly at Aena network airports.
Therefore, in 2006 Clasa’s Corporate Social Responsibility
Policy was put into practice. It comprises the
company’s objectives, commitments and obligations,
as well as the guarantees that buildings are required
to have with respect to occupational risk prevention,
environmental protection, sustainable development,
construction quality and customer satisfaction.
At the end of 2009 the administrative concessions that
Aena granted to Clasa consisted in the modular cargo
area at Madrid-Barajas Airport, the air cargo area at
Barcelona Airport, plot 1.2 of Saragossa Airport, two
plots for logistics operations at Bilbao Airport, two
plots of developed land at Vitoria Airport, a plot of developed
land at Palma de Mallorca Airport and the air
cargo area at Valencia Airport.
It is of note that at the end of the fi nancial year 2009,
in the cargo centres of Madrid, Barcelona and Valencia,
81.73%, 68.26% and 73.71% of the respective
surface area of the general services buildings was
leased to a total of 252 clients. The total surface area
of the commercial premises of the cargo centres of
Madrid and Barcelona amounts to 2,394.87 m2. As of
December 31st 2009, 81.43% of this space in Madrid
and 83.81% in Barcelona was leased.
The use of the offi ce buildings at the air cargo centres
can be broken down as follows:
The most noteworthy actions taken in 2009 at the air
cargo centres are summarized in the following manner:
Madrid-Barajas Air Cargo Centre
On May 27th 2009 the Board of Directors of the
public company Aena agreed to grant Clasa the
concession of a developed plot of public domain

land assigned to airport services and measuring approximately
91,787 m², for the purpose of promoting
and managing the eastward expansion of the
Air Cargo Centre (Phase 5).
The development of facilities for providing vehicle services
and other complementary services (heavy vehicle
parking, fuel station, workshops, spare parts shop, etcetera)
were projected for plot 3.1a, in order to improve
traffi c fl ow on busy roads at Cargo Centre.
A contract was signed with Nacex granting an option
to building rights in the south cargo area for the
construction of a second-line warehouse in plot 6.
Barcelona Air Cargo Centre
On April 15th 2009 a contract was signed with the
company Forbes Concept S.L. assigning it building
and operating rights at plot II.5.b for the construction
of a heavy vehicles parking area.
On December 1st 2009 the building and operating
assignment contract was formalized with the company
Transportes Azkar S.A. for the construction of
an offi ce building on plot III.5.
Palma de Mallorca Air Cargo Centre
Once Aena signed the land concession contract for
a developed plot at this airport, the contract was
signed to assign the company Transportes Azkar
S.A. building and operating rights for the construction
of a warehouse on plot 4.
Malaga Cargo Centre
Transportes Azkar S.A submitted an application to
operate through an assignment contract at a plot on
which it planned to build a 12,000 m2 offi ce building.
Tenerife Norte Air Cargo Centre
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Management Report
AIR CARGO CENTRE WAREHOUSES
NO. OF
CLIENTS
SURFACE AREA
OF PLOT M²
SURFACE AREA
OF BUILDING M²
Madrid-Barajass
Warehouses leased
Warehouses assigned
4
33
82,630
201,848
34,848
109,812
Barcelona
Warehouses leased
Warehouses assigned
3
3
60,819
27,036
27,234
21,353
Valencia
Warehouses leased
Warehouses assigned
5+PIF
2
20,099
17,094
9,389
7,597
409,526 210,231
On April 15th 2009 Aena signed with Iberia the
transfer certifi cate for a building located in the Cargo
Area, which is currently being used by that company
for cargo handling operations, storage of onapron
handling equipment, and for business offi ces.
Clasa will be in charge of drafting the demolition
project for this building.
3.2. CONSULTING AND ENGINEERING
The group’s company Ingeniería y Economía del Transporte,
S.A. (Ineco) carries out a wide range of studies,
and undertakes projects in the fi elds of consulting and
civil engineering, aeronautics, industry, telecommunications,
environment, systems, building, urban planning
and development and, in general, any activity
related to transport, infrastructures, telecommunications
and information-based services.
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Along these lines, during the fi nancial year 2009,
43.04% of production was linked to aeronautical operations,
followed by railway projects, construction
and maintenance (29.13%), specialities (10.61%),
railway facilities and systems (8.49%), development
and international projects (4.92%) and roads
(3.81%).
The most signifi cant projects undertaken by Ineco in
2009 were the following:
a) Development and International
- Technical support for the concession of Ferrocarriles
Suburbanos SA of Cuatitlan – Buanavista
- Consulting services for the general coordination of
the preparation activities required for the construction
of the fi rst line of the light rail transportation in Belgrade
b) Railway projects, construction and maintenance
- Consulting and technical support to monitor platform
construction for Leon-Asturias high-speed rail
line at Pajares tunnel section.
- Consulting and technical support in site and environmental
management, NAF platform construction
in north and northwest Spain. Madrid-Segovia-Valladolid/Medina
del Campo. Sections: Fuencarral-Canto
Blanco, Canto Blanco-Colmenar Viejo, Colmenar-Soto
del Real, Soto del Real-Mirafl ores
c) Railway facilities and systems
- Consulting and technical support to monitor and
oversee facilities projects (LAC, locking, ERTMS, telecommunications,
GSM-R and associated elements) for
the Segovia- Valdestillas section, LAV for the Madrid-
Segovia-Valladolid/Medina del Campo high-speed rail.
Annual report 2009
- Consulting and technical support for monitoring
and overseeing construction of electrical traction
substations and automated transformation centres
and remote control of energy for the section Torrejón
de Velasco-Motilla del Palancar, of the LAV Madrid-
Castile La Mancha-Community of Valencia-Murcia
Region.
d) Aeronautics
- Technical support for the Directorate of Airport Transition
to commence operations in expansions of Aena
airports
- Technical support for providing the consulting service
through the management of the Malaga Airport expansion
programme
e) Roads
- Management commission to provide technical and
administrative support for conducting monitoring
studies and coordinating activities of the Offi ce of the
Directorate-General of Roads.
-Management commission to draft and issue reports
prior to the supervision of the construction projects included
in the agreement with the Canary Islands.
f) Specialties
- Technical support for the sound insulation management
offi ce for the expansion of the airport systems of
the Aena network.
- Consulting and technical support for the environmental
management of the track construction platform and
facilities and environmental monitoring of completed
construction for diverse high-speed rail lines.

3.3. INTERNATIONAL
In the international sphere, it is important to highlight visits
and meetings with foreign delegations at our airports,
from countries such as the Netherlands, Brazil, South Korea,
Egypt, Norway, Portugal and the United Kingdom, as
well as Aena’s participation in ACI EUROPE’s 4th Airport Exchange
Conference, and the meeting of the Majors group,
both held in Barcelona, in addition to the meeting of the
Community Observatory on Airport Capacity, in Madrid.
In October 2009, Aena Chairman, Juan Ignacio Lema,
was named member of the Governing Board of Airports
Council International, ACI, while the director of
Spanish Airports continued as member of the European
Board of ACI Europe.
The Directorate of Spanish Airports continued its collaboration
with the Directorate of Air Navigation in the
Sesar programme. Aena was designated to lead the
management of the so-called Airport Operations WP6
and the Directorate of Spanish Airports contributes by
participating in 13 projects.
Similarly of note is the attendance at and participation
in the 38th and 39th meetings of ACI Europe’s Environmental
Strategy Committee meetings held during
the months of April and October 2009, respectively.
In the sphere of the Directorate of Air Navigation the
following activities are most noteworthy:
Adaptation to the new SES regulatory framework
Coordination with Aesa to streamline the external audit
process in keeping with better practices in Europe:
− The internal and external (Aesa/Senasa) coordination
of the entire Annual Supervision Plan
2009 was performed. This included 51 inspections
resulting in the detection of 150 infractions.
The ratio improved by nearly 25% over
Sesar
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Management Report
2008. Periodic reports of the state of the Supervision
Plan were drafted.
− Justifi cation and allegation reports for Aesa
were prepared (technical certifi cation, quality
parameters, operational-support units documentation,
AIS-NOF contingency, LVP)
− The expansion of certifi cation to ADS-C was
arranged and negotiated with Aesa, including
updating all the certifi cation support documents
in technical, legal and organizational
areas, with the expansion of the certifi cate to
ADS-C on July 2nd 2009.
The internal audit unit was established:
− Development and formalization of the A131 internal
audit process form: A131-19-PGR-001;
general internal audit procedure of the Directorate
of Air Navigation (DNA) and procedure
and other associated documents.
− The internal audit process prior to the future
Aenor certifi cation in April of 2010 was prepared:
establishment of requisites and coordination
with Ineco. The internal audits programmed
began in November and they were
completed in March 2010.
Over the course of 2009 two bids were submitted (BAFO
1 and BAFO 2), and Aena was eventually awarded 95 of
the 98 projects it proposed, for a total sum of 72.6 million
euros. A control procedure was established for Aena’s
participation in the development phase of the Sesar
programme and in order to conduct this monitoring:
Teams were created to develop all the projects awarded
and to perform the associated management tasks.
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Coordination mechanisms during Sesar Committee
meetings were established through an online
tool developed for this purpose.
It is essential to point out that the process of assuring
Aena’s contribution to the Sesar programme is
an ongoing activity: an assurance that Aena fulfi
ls its contractual agreements with the SJU in due
time and form.
Other international endeavours
One of the objectives of Air Navigation is to increase
its infl uence in the international arena. To this end actions
were taken over the course of 2009 in the following
fi elds:
PENS (Pan European Network Service): On October
28th 2009 the PENS project was signed in Brussels.
To boost international relations on the institutional
level, high-level bilateral meetings were held
with Onda, Naviair and the Director General of
Eurocontrol. The participation in regional projects
(AEFMP, Oaci) was coordinated and the high-level
meetings EC3, CECM and other Canso groups
meetings were prepared and attended.
Aena set up an Air Navigation offi ce in Brussels.
The annual Global ATC exhibition and conference
took place on March 17th-19th 2009 in the Dutch
city of Amsterdam where Aena participated with a
108 m2 stand staffed by personnel specialized in
the different systems presented.
Development of Egnos, the European satellitebased
augmentation system:
− Signing of Egnos Agreement by Aena, the rest of
the EOIG partners and the European Commission.
Annual report 2009
− The ESSP SAS Service Provision Unit was declared
established as of April 1st 2009.
− Signing of two ESSP SAS contracts with the European
Commission:
· The so-called Egnos Signal Continuity Provision
known as Plan B, in effect for 6
months, starting April 1st 2009.
· The EGNOS Service Provision contract
(known as Plan A), in effect for 51 months,
from October 1st 2009 to the end of 2013.
SACCSA Project:
− The third phase of SACCSA was launched during
the fi rst quarter of 2010 after it was awarded
to the consortium led by GMV and with the
support of Indra, Senasa, Raytheon, Universidad
de La Plata and Centro de Alta Tecnología
of Costa Rica.
Celeste Project:
− Celeste was undergoing the European Commission
(EC) review process and pending the
fi nal review meeting scheduled for the second
quarter of 2010.
Ground-Based Augmentation System (GBAS):
− On September 4th, the Honeywell GBAS CAT
I, commercially known as Smartpath, received
System Design Approval from the FAA.
3.3.1. AENA INTERNACIONAL
During 2009 Aena Internacional continued participating
actively in the management it undertakes in differ-

ent corporate forms at 28 airports in which it has an
interest in Latin America (Mexico, Colombia, Cuba and
Bolivia), the European Union (the United Kingdom and
Sweden) and the United States of America.
The diffi cult conditions of the air transport industry during
2009, ensuing from the worldwide fi nancial crisis,
had a negative impact on many of the assets managed
by Aena Internacional, which resulted in an 8.17%
downturn in passenger traffi c, with a total of 47.5 million
passengers as opposed to 52 million in 2008.
Especially signifi cant were the decline in traffi c at airports
operated in Mexico where passenger throughput
decreased by 13.3% from the previous year.
Elsewhere, passenger traffi c throughout TBI likewise
suffered a sharp downturn at 7.7%. Of note, however,
is the overall abundance of traffi c at airports in
Colombia which, on the whole, recorded an 11.97%
increase in 2009.
Despite the general decrease in traffi c, the management
strategy based on cost containment to a
certain extent compensated for that decline by preventing
its being directly transferred to operating income,
which can be considered positive, considering
the crisis we are in.
Overall, Aena Internacional has continued providing
technical support and assistance services at the airports
in which it has an interest, especially where it
acts as operating partner.
In the aeronautics services area, 2009 was a year of
consolidating the operations of the In-fl ight Verifi cation
Unit and the Galileo project offi ce.
Regarding the quality system, Aena Internacional continued
striving to improve the quality of its services,
adapting its management system and attaining certifi -
cation in line with the new ISO 9001:2008 standards.
As a consequence of the activity described above, the
company has continued to earn profi t from operations
despite the impact of the fi nancial situation.
MEXICO
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Aena’s holding in Aena Internacional in the Grupo
Aeroportuario del Pacífico (GAP), which operates
12 airports in Mexico, is administered through
the company Aeropuertos Mexicanos del Pacífico
(AMP), which in turn is GAP’s strategic partner
through 17.4% of the capital and a technical support
contract, and in which Aena Internacional is its
operating partner.
In 2009 GAP operations demonstrated a signifi cant
slump in growth due to the persistence of the diffi -
cult worldwide fi nancial situation (which considerably
affected the industry in Mexico and its principal international
market, the Unites States of America), the reorganization
of the low-cost market and the defi nitive
disappearance of several airlines.
Total passenger throughput (excluding transit) fell by
13.3%. Passenger traffi c was at 19.2 million, 66% of
which was domestic and 34% of which was international.
Operational activity declined by 12.92% in step with
the fall in traffi c, as there were a total of 405,007 operations.
Air cargo was also affected by the downturn in the
economy of the United States of America, as a total
of 126,278 tonnes were carried. However, in the last
months a signifi cant recovery was made.
All these factors had a negative infl uence on the company’s
EBITDA, though to a lesser extent than on traffi c
due to the successful practice of cost containment and
the strength of sales income. Thus, the EBITDA margin
was maintained owing to rigorous cost controls.
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The Mexican authorities’ approval of the Master Plan
2010-2024 was attained. This plan was drawn up by Aena
for the group’s 12 airports. The investments and associated
regulation of charges were also approved, thus providing
a stable management framework for the next fi ve years.
Main endeavours
The relevant developmental master plans and additional
investment plans continued to be implemented, as
more than 420 million Mexican pesos were invested.
The main endeavours in 2009 consisted in adapting
the infrastructures of the airports to ICAO standards,
upgrading pavement and building private aviation terminals
(FBOs) in Guadalajara and San José del Cabo.
Moreover, the new ground transport station of the new
parking area at Guadalajara Airport was completed.
With regard to sales, the investments in FBO and
ground terminals led to launching new services in
these facilities, and the expansions of the shopping
areas in Guadalajara and San José del Cabo led to a
newly arranged passenger fl ow.
Aena Internacional advice and consulting
The projected Technology Transfer Plan was developed
with a special contribution of training and technical
areas (diagnoses of pavement condition, airport signposting
and studies of cardio-safe airports).
In 2009 Aena Internacional prepared a diagnosis of
GAP’s information systems and drew up a proposal for
the implementation of the Scena operational system
at the 12 airports.
COLOMBIA
Aena Internacional has an interest, as operating partner,
in the airports of Cartagena de Indias, Barranqilla
Annual report 2009
and Cali, with respective holdings of 38%, 40% and
33% in the companies that manage them Sacsa (Sociedad
Aeroportuaria de la Costa S.A. in Cartagena de
Indias), Acsa (Aeropuertos del Caribe S.A. in Baranquilla)
and Sociedad Aerocali S.A. in Cali.
Activities at these airports evolved favourably in 2009:
Sacsa. In 2009, owing to the efforts intended to increase
traffi c, and as a result of the marketing plan,
international passenger traffi c again rose considerably,
by 7.3%. The growth in international passenger
traffi c was brought about by the addition of a
new airline, Lan Perú, as well as the increased frequencies
of the airline Spirit and the airline Aerorepública’s
new route to Caracas. As regards domestic
traffi c trends, the Colombian airports were
affected by the launching of the low-cost airlines.
Thus, domestic passenger traffi c in Cartagena increased
by 19.42% over the previous year with the
start-up of two new airlines: Aires and Easy Fly. As a
consequence of the former, in 2009 Sacsa’s operating
income grew by 24% over that of 2008.
Acsa. Passenger traffi c grew by 8.34% bolstered by
a 14.8% increase in domestic traffi c, following the
introduction of low-cost airlines. The increase in domestic
traffi c attenuated the downturn in international
traffi c caused by the worldwide fi nancial situation
and the withdrawal of American Airlines from
Barranquilla Airport. However, starting the second
semester of 2009 signs of recovery were observed
as new international routes were introduced and a
new route to Miami was announced for 2010.
AEROCALI. Traffi c increased over the previous fi nancial
year and reached the fi gure of 2.74 million passengers.
Domestic passengers increased by 12.7%
and international passengers by 3.36%. This, along
with the efforts made by Aerocali to improve business
income and contain costs, resulted in a 20.3%

CUBA
rise in operational profi t for the company. In 2009
the company again paid out dividends to its shareholders
for the second time since its founding.
In 2009 Aena Internacional signed a new contract with
Empresa Cubana de Aeropuertos y Servicios Aeronáuticos
for “Advice and training for operating Ecasa airports”.
With this new contract the business relations with Ecasa
(the enterprise that administrates and operates the
airports in Cuba) are continued and expanded.
TBI
Aena Internacional has an ownership interest in the
company TBI P.L.C. through its sole owner, Airports Concessions
and Development Limited (ACDL), in which it
has a 10% shareholding. Either directly or through concessions
TBI operates the airports of Luton, Belfast and
Cardiff in the United Kingdom; Orland Sanford in the
United States; La Paz, Santa Cruz and Cochabamba in
Bolivia and Skavsta in Sweden. It also has various operating
and management contracts in the United States.
The impact of the worldwide fi nancial crisis resulted
in a 7.7% fall in passenger traffi c mainly owing to signifi
cant declines at United Kingdom airports. Nonetheless,
the strategy of cost containment and investments
mitigated the net result although the year-end fi gures
show a loss of 1.9 million pounds.
The decrease in traffi c made for a total passenger
throughput of 22.58 million for the group, yet there was
a noteworthy 12.2% increase in passenger throughput
at the three Bolivian airports. The most signifi cant
drops in traffi c were recorded at the UK airports: Luton
(-10.4%), Belfast (-13.3%) and Cardiff (-17.9%). TBI
conducted a major readjustment of investment efforts,
which were basically limited to maintenance tasks.
The most notable investments were made to replace the
radars at Belfast and Cardiff and to redesign the landside
and airside layout at Belfast in order to increase and
better distribute the shopping on offer at the airport.
AERONAUTICAL SERVICES
In-Flight Verifi cation Unit
In the year 2009 the activity conducted by Aena Internacional’s
In-fl ight Verifi cation Unit (UVV) was fi rmly
established.
The UVV reached its maximum performance, carrying
out periodic, special and entry into service verifi
cations of all types of radio-aids and manoeuvres
including those affecting high density TMA, such as
Madrid and Barcelona.
There were a total of 622 hours of fl ight, during which
151 calibrations were performed (35 NDB, 45 VOR-
DME, 2 DME, 31 ILS Category I, 2 ILS Category II, 13 ILS
Category III, 9 PAPI, 6 procedures and 8 radar charts).
The list of airports for which services were provided
includes: Ibiza, Menorca, Fuerteventura, Gran Canaria,
Tenerife Norte, Lanzarote, Tenerife Sur, Bilbao,
Santander, Reus, Valencia, Malaga, Almería, Seville,
Vitoria, Asturias, Santiago, Madrid-Barajas, Barcelona,
Girona and Ciudad Real.
GALILEO
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In 2008 Aena Internacional was designated by its
parent company Aena to create the Galileo Unit in
charge of developing the future Galileo infrastructures
in Spain. During the year 2009 the Galileo Unit
was established, continuing to support the Ministry
of Public Works and Transport for the purpose of
maximizing Spain’s long-term presence in the Galileo
project.
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3.4. AIR NAVIGATION
The Directorate of Air Navigation is committed to
reaching maximum levels of quality in the services it
provides by continually improving their effi cacy and
the effi ciency of the system. The operational services
provided are: airspace organization and management,
management of the relation between capacity
and demand, air traffi c control and aeronautical information
for air navigation.
In order to increase effi cacy, it aims to reduce delays
caused by the Spanish air traffi c management system, improve
performance with respect to the number of operations
during highly demanded periods and times, in addition
to offering the possibility of selecting preferred routes
and optimizing the management of traffi c capacity and
fl ow by meeting user’s real-time operating requirements.
The strategic changes addressed in 2009, stipulated in
the Air Traffi c Management Action Plan, are as follows:
The organization and management of the airspace
will be structured and managed regardless of internal
and external organizational borders. The Air
Traffi c Control (ATC) sectors will be designed according
to demands in air traffi c fl ows, without
the organizational borders entailing limitations as
to the attainment of the best solutions.
The route design and network will be optimized:
the network of routes will be designed according
to users’ preferences, and procedures for facilitating
alternatives will also be developed.
ATC work will be optimized through the development
and dynamic application of ATC sector-position
confi gurations for different operating scenarios.
Availability of the entire airspace: the airspace will be
treated as a seamless resource available to all users.
Annual report 2009
It is important to point out that 95.5% of the ATM (air
traffi c management) Action Plan 2009 was accomplished.
TECHNOLOGICAL DEVELOPMENT
AND TECHNICAL OPERATIONS
Within the sphere of technical development and operations
of infrastructures we seek to appropriately provide
the facilities and technical means to guarantee
optimal support of aircraft operations with regard to
availability, operation and maintenance of the technical
means and facilities of the air navigation system.
The strategic changes addressed in technical development
and operations are as follows:
To optimize the processes of planning, sizing and
deploying air navigation infrastructures and systems
to meet operational requirements, productivity and
profi tability criteria, synergies and opportunities for
improvements and overall interoperability.
In general, for all the tasks related to technological development,
deployment and technical operations of the
infrastructures the following actions are executed in collaboration
with the Directorate of Operations:
Defi nition of operational requirements.
Validation of operations (only for the ATM automation
system).
Launching operations.
The most relevant actions carried out in the area of
technological development and technical operations
are enumerated below, grouped into main areas:
Development of the ATM automation system
Functional changes in the SACTA, ÍCARO systems

Updating infrastructures (replacement of Automated
Air Traffi c Control System or SACTA in Barajas’
South Tower, starting-up extension of Sacta
equipment in Barcelona’s provisional tower, updating
several training rooms in the towers at Madrid-
Barajas, Barcelona, Malaga, Tenerife Sur and the
Canary Island Air Control Centre)
Voice communications system (VCS), which consists
in the operational expansion of the ATS-R2 and
ATS-N5 analogue telephone signalling system both
nationally and internationally, launching VCS equipment
in the Sector Control Units of the CATS-simulations
rooms of the control centres in Seville, Palma
de Mallorca and Canary Islands
Development of navigational aids
ILS-DME Programme: completed replacement of
ILS at Saragossa Airport, runway 30R, moved GP-
DME subsystem of runway 20 at Girona Airport,
replacement in progress of Granada’s ILS-DME on
runway 09 and replacement of Barajas’ ILS-DME,
runway 33L and ILS-DME facilities of Logroño,
Malaga and Murcia-San Javier.
VOR-DME Programme: replacement of DVOR/DME
for VOR at Cuesta la Reina, installation of a DVOR-
DME in Lanzarote LTE (new location), replacement
of VOR of San Javier underway, DVOR-DME of
Cordoba, DVOR-DME of Gran Canaria (GDV) and
launching DVOR-DME at Tenerife Norte.
NDB Programme: completed replacement of NDB
at Pamplona PP, moved NDB at Vigo “VI” and installation
of NDB underway at Cordoba.
Development of surveillance
Conventional surveillance radar (completed installation
of MSSR in Valencia, provisional Valen-
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cia and Barajas. Underway at Gran Canaria and Tenerife
Sur. Completed installation of PSR in Valencia.
Underway at Gran Canaria and Tenerife Sur.
Radars at Tenerife Sur and Gran Canaria replaced
with new models with Mode S capacities)
Surface surveillance (completed installation and
launch of SMR surface radar for the Barcelona
Tower and the multilateration system for Tenerife
Norte Airport. This is in progress in Barcelona.
ADS data link based surveillance
Development, operation and evolution
of the satellite navigation system
Development of the GNSS satellite navigation system
(the PBN implementation group was established
with the participation of Aena for the eventual
implementation of NPA approaches and P-
RNAV GPS-based manoeuvres)
Development of the European satellite augmentation
system Egnos (European Global Navigation
Overlay Service):
− The ESSP SAS was designated by the European
Commission (EC) as the company in charge of becoming
the provider of Egnos services, in addition
to operating and maintaining the system. Activities
conducive to implementing Egnos operations
(LPV approaches) have begun. They are subject to
the certifi cation of ESSP SAS as Egnos service provider
and the SOL service statement by the EC.
− Operation of the elements of the Egnos system
located in Spain continues (RIMS, NLE and MCC)
as does the preparation of the operating contract
(ESP) with the GSA and the new ESSP. The MCC,
NLES, RIMS and TE contracts were signed and are
projected to be in effect until the end of 2013.
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Ground based augmentation systems (GBAS):
− The installation of the GBAS CAT I at Malaga
Airport, certifi ed by the FAA, was left pending
adjustments in the fi rst quarter of 2010. Meanwhile,
the activities for the operational implementation
of GBAS have already begun and
continue as planned.
Development of the aeronautical
communications system
Ground-air communications (initial installation of
new communications centres of Tenerife Norte
and Cordoba and start-up of new transmitter centre
at Malaga Airport).
Ground/ground communications (completed G/G
communications infrastructure at Murcia-San Javier,
and the network of TDM multiplexers is operating
in the AEFMP).
Regulation and broadcasting (GBANA project, adaptation
of ten ATIS to the amendment of annex
3 of ICAO and their installation, and installation of
ATIS at Jerez and Girona airports.
Development of simulation programmes
Simulation programme (carried out simulation
studies and initial evaluation of new Sacta versions’
impact on controller workloads).
Technical operation of infrastructures
In this area it is of note that air navigation system’s
technical availability was 96% successful and 97% of
the SNA in-fl ight calibrations plan were accomplished:
Creation of new air navigation infrastructures and
renovation and adaptation of existing ones.
Annual report 2009
Standardization of auxiliary air navigation systems.
Technical operations (required logistics support provided
to the air navigation technical operations centres
and the fi rst phase of implementation of Etna tool
modules implemented to support technical operations).
Building and upgrading air navigation centres
Some of the main projects carried out during 2009 in
this fi eld are listed below:
The planned actions for building the new Terminal
Control Centre in Valencia were accomplished.
A new receiver centre was completed at Palma de
Mallorca Airport.
The administrative tasks were performed with the
Canary Island government for the construction of
a new radar station at Fuerteventura Airport.
The remodelling of the South Tower at Madrid-
Barajas Airport was fi nished.
The expansion of the equipment room of the Malaga
Tower was completed.
In 2009 Aena’s strategy was aligned with the guidelines
of the Ministry of Public Works and Transport,
using the Strategic Infrastructure and Transport Plan
(Peit) as a basic reference.
In line with this planning framework the general strategic
objectives are grouped into fi ve strategic management
areas: safety; quality and the environment;
infrastructures and services; economic effi ciency and
fi nancial viability; and people.

4. SAFETY
Aena’s General Safety Plan sets out all the aspects of
safety in its facilities, operations and services.
This General Safety Plan addresses means of improving
the three facets of overall safety:
Operational safety and self-protection.
Security of persons and property.
Occupational risk prevention.
With regard to operational safety and self-protection,
measures were taken in the following fi elds:
Safety Management System
During 2009, the Safety Management System (SMS)
was implemented at 11 Aena network airports (Ibiza,
Tenerife Sur, Barcelona, Palma de Mallorca, Gran Canaria,
Malaga, Alicante, Lanzarote, Madrid-Barajas,
Valencia and Bilbao). The process of implementing the
SMS is in its fi nal phase at another 12 airports (Fuerteventura,
Menorca, Girona, Jerez, Santiago, Tenerife
Norte, Seville, Almeria, La Palma, Federico García Lorca
Granada-Jaen, Asturias and Corunna). The defi nition
phase has begun at another 10 airports (Reus, Vigo,
Logroño, Vitoria, Melilla, San Sebastian, Pamplona,
Saragossa, Son Bonet and La Gomera).
From the standpoint of air navigation services, since the
Safety Management System was put in place in 2006 to
comply with the requirements established in the regulatory
framework for providing air navigation services (EC
no. 550/2004) and the ministerial order of the General
Directorate of Civil Aviation on March 16th 2006 regarding
the attainment of certifi cation for providers of civil air
navigation services in accordance with the Single European
Sky regulations, throughout 2009 important prog-
ress was made with regard to training. The operational
safety course was given to 1,212 students in order to improve
the mechanisms of raising awareness about safety;
a new magazine called +Seguridad en Navegación Aérea
(More Safety in Air Navigation) was published, and a
website on safety was developed on the Internav (the Air
Navigation intranet). In relation to the assessment and
handling of safety incidents, the total number of notifi cations
increased, and the majority of these were in-house
notifi cations. The process of risk analysis and mitigation
was virtually consolidated as the documents and forms
needed to expedite this process were produced and new
coordination mechanisms were established.
Process Of Certifying Aena Network Airports
As regards the process of certifying airports, the following
documents were drafted and sent to the State
Agency for Air Safety (Aesa) on August 31st 2009 for
their approval:
Programme of action for adapting to the Royal Decree
on Airport Certifi cation.
Airport certifi cation plan.
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In relation to the Airport Certifi cation Plan, it is important
to highlight Ibiza Airport’s certifi cation application
in December 2009, which is considered a pilot airport.
Audits by the European Commission and the
State Agency for Air Safety (Aesa)
It is important to point out that in 2009 the inspections
and audits performed by the European Commission
at the airports of Malaga (in June) and Barcelona
(in December) and the monitoring of Madrid-Barajas
Airport (in September) all had favourable outcomes.
Furthermore, Aena performed scheduled safety checks
at 24 airports (Albacete, Almeria, Asturias, Badajoz,
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Barcelona, Fuerteventura, Gran Canaria, Federico García
Lorca Granada-Jaen, Huesca-Pyrenees, Jerez, La
Gomera, Lanzarote, El Hierro, Leon, Melilla, Palma de
Mallorca, Pamplona, Sabadell, Salamanca, Seville, Son
Bonet, Tenerife Sur, Vitoria and San Sebastian), in addition
to partial unscheduled checks at the different airports
where the presence of the Directorate of Airport
Safety was required as a consequence of the need for
operational improvement, implementing procedures,
running tests, implementing corrective measures and
optimizing the resources employed for performing
safety services at the airports.
Concerning the security of persons and property,
the following measures were taken:
Investments in security equipment
As regards security equipment, in June 2009 operations
began successfully at Barcelona’s new Terminal 1,
with state-of-the-art screening equipment for passengers
and employees, as well as for hand luggage and
luggage to be stowed in holds. In this direction, during
2009 equipment was installed in Malaga Airport’s new
Terminal 3 both at passenger and employee checkpoints
(14 walkthrough metal detectors and 22 x-ray
devices) and for the hold luggage screening system (13
new machines for detecting explosives—EDS—, 2 tomography
machines and 5 x-ray apparatuses).
Furthermore, apart from these major expansions,
the renovation of equipment in various network airports
continued and new needs were met. Following
up with the progressive incorporation of new equipment,
shoe metal detectors continued to be installed.
In 2009 they were installed in Madrid-Barajas and Barcelona
airports, in addition to those already installed in
Palma de Mallorca Airport. The tendering process was
underway for installing them in the rest of the network
airports, thus improving the passenger screening
process.
Annual report 2009
New model for the provision of private security
In 2009 the private security service was put out to tender
and awarded in accordance with the new quality
criteria defi ned in the new model for the provision of
private security at the 43 network airports.
Physical security of the air navigation system
One of the main objectives of security is to ensure the
protection of the persons, infrastructures, technical facilities
and data involved in air navigation. Therefore,
the following measures were taken to improve the
processes of managing physical security:
The human resources of physical security were optimized
by installing security systems that, without
increasing the level of risk to the facilities, reduce
the cost of security personnel. Specifi cally, in
2009 the following reductions were made: 1H9 in
Menorca, 1H24 in Gran Canaria, 1H24 in MGA radar
of Malaga and 2H24 in the Southern Region
ACC and C.R. el Judío.
At the same time, detection systems were installed
by implementing the use of Air Navigation credentials
wherever necessary.
Among the most noteworthy actions taken in the area
of occupational risk prevention is the attainment of an
overall incident rate at Aena (the number of accidents
per thousand workers) of 9.28, which entails an 8.4%
reduction from 2008.
Similarly, the objectives set out in 2009 regarding the
number of risk assessments and medical check-ups were
accomplished as, respectively, 22.7% and 0.2% more
were performed than in 2008, whereas 26,213 hours of
workplace risk prevention training were given at Aena.

5. QUALITY AND THE
ENVIRONMENT
5.1. QUALITY
In the sphere of quality the following results were obtained
in the year 2009:
Aena’s corporate units adapted the processes of
certifi cation of the quality system pursuant to the
UNE-EN ISO 9001:2008 standards. Currently, 43
airports also boast certifi cation updated to the
2008 standards and the Directorate of Air Navigation
projects its adaptation to these standards in
April 2010, encompassing all the regional directorates
of air navigation.
On the subject of training, a total of 46 people
were given courses in order to comply with the respective
regulations as well as to guarantee more
effi cient and professional management. To this
end, Aena counted on the collaboration of Aenor,
the Club for Excellence in Management and
the Spanish Quality Association. Classroom, online
and distance courses were given, as were some
personalized courses in exceptional cases.
With respect to using the management framework
of the European Foundation for Quality Management
(EFQM), during the fi nancial year 2009 self-assessments
were carried out at the airports of Madrid-Barajas,
Seville and Saragossa. Saragossa Airport submitted
an entry for the Award for Entrepreneurial Excellence
in Aragon, and was selected as a fi nalist in the group
of large companies, earning over 300 points that could
be equated the following year to a 300+ Seal and its
correlative Recognised for excellence 3 stars.
In the area of Corporate Social Responsibility, in
November 2009 the Board of Directors of Aena
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approved the Corporate Social Responsibility Policy
and Strategy, which proposes a four-phase deployment.
Worthy of mention in this regard is the
drafting of Aena’s Corporate Social Responsibility
Report for the fi nancial year 2008, following the
Global Reporting Initiative (GRI) guidelines for Sustainability
Reporting (version 3.0) of October 2006.
In this manner, in its CSR Report 2008, Aena decided
to follow application level B of the GRI recommendations,
as the Global Reporting Initiative had
declared this level of application.
In the area of R&D&I management, these activities
are monitored through periodic reports of their
level of execution. One improvement in Aena’s innovation
management that was identifi ed by the
assessment conducted was the perfection of the
technological and innovation management strategy
with the defi nitive inclusion of a set of indicators
that enable measuring the accomplishment
of Aena’s R&D&I objectives. At Aena, this broadreaching
approach to innovation materializes in
numerous projects, among which the following
are most noteworthy:
- In the sphere of air navigation: the Sesar programme
for the development and implementation
of the Single European Sky concept, the
Egnos and Galileo projects for the improvement
of satellite navigation and the Sacta programme
for the automation of air traffi c systems.
- Among the outstanding actions in the sphere
of airports are the implementation of integrated
systems at airport management centres and
the automated baggage handling systems.
- In more general areas, Aena conducts innovative
activities such as the satellite ortho-imaging
airport information system (Saos), or, in
the realm of energy effi ciency, projects geared
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toward rationalizing energy consumption and
using renewable energies. It also undertakes
projects designed to improve security of persons
and facilities through innovative information
technologies and it carries out plans to facilitate
information and special services to persons
with reduced mobility.
- As a result of Aena’s efforts to foster R&D&I
projects, it is important to underscore the progressive
start-up during 2009 of its benchmark
ATM R&D&I centre (Crida), created in 2008 for
the purpose of developing, identifying and analyzing
new air traffi c management procedures
and systems.
Pertaining to Aena’s close collaboration with associations
and organizations promoting excellence in business
management, it is worth mentioning the presence
of Aena experts as evaluators for the award for
excellence in public management, promoted by the
Agency for Evaluation and Quality (Aeval) attached to
the Spanish Ministry of the Presidency.
Aena has also provided different forms of support for
the Excellence in Management Club such as organizing
the annual forum for excellence in management or
evaluating organizations that submit entries for seals
of excellence in the 500+ points category.
5.2. ENVIRONMENT
During the year 2009 the following actions were undertaken
in relation to environmental protection, a
strategic objective of Aena which is integrated at all
operational levels.
Environmental certifi cation
With respect to environmental certifi cation in accor-
Annual report 2009
dance with the UNE-EN ISO 14001:2004 standards, all
Aena network airports are certifi ed, as are the Directorate
of Air Navigation and its fi ve regional directorates,
the Directorate of Spanish Airports and the Central
Services of the corporate units.
Sound insulation plans
During 2009, Aena sound-proofed 697 homes included
in the sound insulation plans of Madrid-Barajas, Alicante,
Malaga, Palma de Mallorca, Valencia, Tenerife
Norte and Gran Canaria airports.
Similarly, the sound insulation plans for Pamplona,
Santiago and Bilbao airports began to be executed.
Following the ruling on April 29th 2009 of the Ministry
of the Environment and Rural and Marine Affairs
whereby it formulated the environmental impact statement
in relation to the project for the expansion of Bilbao
Airport, and as a result of the regulatory framework
of Law 372003 on Noise, the scope of the sound insulation
plans corresponding to Aena network airports,
whose rulings were published past that date, have been
defi ned by the following noise levels: Ld 60 decibels
(A) (7:00-19:00 hours), Le 60 decibels (A) (19:00-23:00
hours) and Ln 50 decibels (A) (19:00-23:00 hours). This
criterion was applied at the airports of Sabadell, Menorca,
Ibiza, Vigo and Gran Canaria, in addition to Bilbao
Airport, and it is projected that in future environmental
impact statements that are formulated by the abovementioned
ministry this is the range to be established for
the execution of corresponding sound insulation plans.
Assessment of the environmental impact
of projects and strategic environmental
assessment of planning tools
During 2009 the environmental management statements
(EMS) were obtained for the airport expansion projects in
Cordoba (runway extension), Bilbao, Ibiza, Gran Canaria,

Menorca and Logroño, as well as the environmental rulings
on the infrastructure projects at Gran Canaria, Leon,
Malaga, Murcia, Sabadell, Valencia and Vigo. Similarly,
the corresponding reports refl ecting compliance with the
conditions established in the environmental impact statements
(EMS info) were drafted and processed.
On the topic of monitoring and overseeing actions derived
from the environmental impact statements a replacement
programme was put in place for on-apron
support vehicles at Palma de Mallorca Airport.
With regard to the strategic assessment of planning
tools, in collaboration with the Ministry of the Environment
and Rural and Marine Affairs, the environmental
reports were drafted for the proposed revision of
the master plans of the airports Federico García Lorca
Granada-Jaen, Ibiza, Menorca, Palma de Mallorca,
Pamplona, Santander, Valencia and Vigo, and the offi
cial environmental procedures were initiated for the
proposed revision of the master plans of Alicante, Cordoba
and Son Bonet airports.
Sound and air assessments
On the subject of managing the noise pollution in the
airport surroundings it is fi tting to highlight the sound
assessment undertaken with a view to removing the
aircraft that only marginally comply with requirements
at Barcelona Airport, and the installation of a noise
and fl ight path monitoring system at Valencia Airport.
In a different direction, a public notice was placed for
60 days starting December 9th 2008 regarding the updating
of the strategic noise maps of the airports of Barcelona,
Madrid-Barajas and Valencia. Furthermore, the
sound footprints continued to be determined by the
environmental impact studies and environmental documents,
as were those of the master plans undertaken
during 2009. The revision of the sound footprints of the
Saragossa Airport master plan was also carried out and
is currently undergoing the approval process.
As regards air assessments, air quality control and
monitoring programmes were drawn up for Gran Canaria
and Reus airports.
Characterization and management of soil
In 2009, following up on work of previous years, further
steps were taken to decontaminate soil at Palma
de Mallorca Airport, and several plots of land were certifi
ed at Burgos and Valencia airports.
Moreover, analytical controls were run at the piezometric
monitoring network at the airports of Almeria,
Asturias, Badajoz, Bilbao, Burgos, Madrid-Cuatro
Vientos, Gran Canaria, Malaga, Salamanca, Seville and
Vigo, and the piezometric monitoring network at Palma
de Mallorca Airport was expanded.
Renewable energy
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The feasibility plan was drawn up for the implementation
of renewable energy technologies at Madrid-Barajas
Airport. It was intended that this study be especially
practical and it was therefore focused on the systems
based on photovoltaic solar energy, thermal solar energy
and wind energy. In all the studies carried out to date it
has been taken into account that the main activity of the
airports are airport operations and air traffi c, which may
to some extent condition the implementation of systems
based on certain renewable energy technologies.
The preliminary feasibility report was drawn up on
wind turbine systems for Gran Canaria Airport. It enumerates
different small-sized wind turbine options in
addition to new options for the distribution of wind
energy systems.
A proposal of intentions was drafted in preparation of a
feasibility study of electrical vehicles on airport premises.
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The aim is to study the operability of a 100% electrical
vehicle in the airport environment. This evolved into an
implementation plan for 2010 divided into two phases
in which the initial studies and tests will be performed.
On the topic of energy effi ciency, energy studies were
carried out at the terminal buildings of Logroño, Valladolid
and Salamanca airports and the north pier building-Terminal
3 of Madrid-Barajas Airport. The Aena
headquarters building, located on Arturo Soria street
in Madrid, was also analyzed. In all of these places diverse
energy-saving measures were determined and will
be implemented as funding for them becomes available.
Each building study includes the building’s energy rating,
and it is checked whether it complies with the
Technical Building Code, especially with regard to the
HE-1 energy demand limitation. Moreover, projects
were reviewed to determine whether they are drafted
in compliance with the building code.
6. INFRASTRUCTURES
6.1. INFRASTRUCTURE PLANNING
In 2009 the process of reviewing and updating the master
plans of the Aena network airports continued and
proposals for new master plans were drafted for the airports
of Fuerteventura, La Palma, Seville and El Hierro.
As for the special plans, initial approval was achieved
of the special plans for the airports of Seville and Malaga.
Collaboration with the diverse public administrations
was continued in order to achieve defi nitive
approval of the remaining special airport plans that
are currently being processed. Furthermore, and for
the purpose of being able to initiate procedures once
approval of the master plans has been obtained, the
corresponding special plans were prepared for the air-
Annual report 2009
ports of Granada-Jaen, Menorca, Vigo, Alicante, Bilbao
and Cordoba. Similarly, and in order to achieve the
integration of the airports into the landscape, the corresponding
development reports were prepared.
Proposals were drafted for the aeronautical easements
of Alicante, Reus, Bilbao, Vitoria, Son Bonet and Palma
de Mallorca airports, as well as for the Randa transmitter
centre; NDB Porto Colom, VOR-DME Pollensa, NDB
Andratx, VOR-DME Mallorca, VOR-DME Capdepera and
Soller Control Centre. Upon request of the DGAC multiple
feasibility reports were drawn up for the urban developments
in areas affected by aeronautical easements.
A new module of the Sigra system was developed and
implemented for the generation of property information
at the 47 network airports and within the Sigra
system, a new module was implemented for processing
sewage and waterworks network at the airports of
Gran Canaria, Tenerife Norte and Tenerife Sur.
Cartography was produced for the airports of Reus,
Barcelona, Bilbao, Girona, Vitoria, Burgos, Gan Canaria,
Melilla, Almeria, Malaga, Cordoba and Lanzarote,
in addition to Vejer (VOR) so as to be able to calculate
the airport and radio-electrical easements.
The Airport Topographical Control Network (RCTA)
was implemented at the airports where construction
took place.
Lastly, the fi ve-year review was completed of the master
plans for the 12 Mexican airports, and these master
plans were approved by the Mexican airport authority
in December 2009.
6.2. INFRASTRUCTURES
The objectives associated with the core infrastructures
and services are:

To adapt supply to demand for services
To improve infrastructure maintenance and upkeep
To optimize processes and foster technological innovation
In short, they aim to create and develop airport and air
navigation infrastructures capacitated to successfully serve
the growth in traffi c anticipated for the coming years.
Properly adjusting supply to the requirements and demands
of all customers and users of the Aena network
entails the expansion, modernization and upgrading
of airport facilities. To this end, in 2009 projects continued
to be drafted and the planned construction
work and installations were executed, contributing to
the improvement of quality, increasing environmental
sustainability, maintaining high levels of occupational
risk prevention and safeguarding the security of persons
and property. All this was carried out while keeping
in mind technical and economical effi ciency, in
accordance with the legislation in force, and complying
with all the applicable standards and guidelines:
Safety and prevention; conditions favourable
to risk prevention continued to be reinforced
throughout the phases of construction, from
writing up projects to executing construction work,
and during the tendering process contractors were
informed of Aena’s preventative criteria and the
legislation in force regarding minimal health and
safety requirements for construction projects.
Quality assurance; the activities related to the
development and monitoring of the quality
management system were directed, supervised
and coordinated for infrastructure management,
and the activities related to performing technical
audits of the construction projects assigned to
Management were conducted.
Environment; the actions needed to carry out the
different studies, projects and reports stipulated
in the environmental impact reports were
undertaken and the environmental controls from
the planning phase to project completion were
effectuated; the different environmental activities
derived from the execution of construction were
directed and coordinated and Aena management
collaborated with the DPI to prepare and process
the Environmental Impact Statements (EIS) for the
construction projects it was assigned.
The specifi c units in charge of the special airport
plans, those involving the development and execution
of the infrastructures needed for the expansion
of the airports of Barcelona (Barcelona Plan), Malaga
(Malaga Plan), and Alicante and Valencia (Levante
Plan), continued to make substantial progress
on these projects and on the scheduled construction
that contributes to modernizing and upgrading the
facilities in anticipation of future demands, in addition
to improving society’s perceived image of the
airports.
7. SERVICES
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7.1. ASSISTANCE FOR PERSONS WITH
REDUCED MOBILITY (PRM)
Since July 2008, Aena has been providing at all its
Spanish airports an assistance service for persons with
reduced mobility (PRM), in compliance with Regulation
(EC) 1107/2006 of the European Parliament, which
safeguards everyone’s right to enjoy air transport at all
European airports, regardless of their disability.
As is laid down in the regulation, Aena has and still
does contract this service to companies with extensive
experience in the airport industry.
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From the standpoint of demand, during 2009 the service
was provided 1,120,000 times throughout Aena’s
network airports, generally receiving very positive ratings
from PRM.
7.2. 7.2. MODIFICATIONS OF
OPERATING HOURS
During 2009 the operating hours of Burgos and Valladolid
airports were modifi ed. Since January 2009 the
operating hours of Burgos Airport ceased to be from
06:00 hours to dusk in summer and from 07:00 hours
to dusk in winter, and were changed to 06:00 to 17:00
in summer and from 07:00 to 18:00 in winter. Valladolid
Airport, whose operating hours in summer are from
05:00 to 08:30 and from 06:00 to 21:300 in winter,
may now be authorized 2 hours PPR all year long.
7.3. AIRPORT MARKETING
With regard to airport marketing, progress was made
in one of the most important areas of this fi eld: drawing
up marketing plans. Marketing plans consist of an
external, internal and market study of the airports in
question and their regions in order to determine their
potential. In 2009, the marketing plans were drafted
for seven airports: Fuerteventura, Girona, Ibiza, Lanzarote,
La Palma, Menorca and Reus.
In relation to market research, a fundamental tool for
analyzing market trends and opportunities, the Emma
offi ce has carried out more than 75,000 surveys
at 4 Spanish airports (Barcelona, Ibiza, Madrid-Barajas
and Palma de Mallorca). In addition to studying our
airports, the airport marketing unit organized meetings
with a large number of airlines and local agents
for the purpose of proposing new routes. In the year
2009 three international forums were attended: Fitur,
Annual report 2009
Routes Europe and World Routes, and the IATA slots
conferences.
7.4. OPENING TERMINAL 1 OF
BARCELONA AIRPORT
On June 17th 2009 the Star Alliance airlines relocated
to the new Terminal 1 (Phase 1). On September
9th 2009 Oneworld Alliance, Vueling and Air Nostrum
airlines relocated to the T1 (Phase 2); and on October
25th 2009 the Sky Team airlines relocated to the
T1, thus completing the third and last phase. All these
phases took place without incident.
7.5. ACTIONS RELATED TO
THE NEW TERMINAL 3 BUILDING
OF MALAGA AIRPORT
In the month of December performance tests were run
in anticipation of the opening of Malaga Airport’s new
Terminal 3 building.
7.6. ACTIONS RELATED TO
THE NEW TERMINAL BUILDING
AT ALICANTE AIRPORT
All the major contracts related to this expansion have
been awarded and the projects are underway. The new
terminal building is slated to open in early 2011, and
a 3-month period for performance testing will follow.
7.7. OTHER SERVICES LAUNCHED
IN 2009
In 2009 services were launched in the terminal building
expansions at various airports:

Almeria Airport: On June 30th 2009 the expansion
of the departures terminal was opened (Phase 1).
Badajoz Airport: On July 31st 2009 the expansion
of the arrivals terminal was opened (Phase 1).
Fuerteventura Airport: On November 9th 2009 the expansion
of the new arrivals area was opened (Phase 1).
8. ECONOMIC EFFICIENCY
AND FINANCIAL VIABILITY
The objectives related to the economic area are to increase
revenue, reduce costs and control debt, which
sum up the main economic and fi nancial aspects of
Aena’s management.
The fundamental principle behind the fi nancial policy of
the Grupo Aena companies is based on centralizing this
policy at the Directorate of Administration and Finance
so that all fi nancial liabilities and assets may be contracted
and managed from that directorate, except for those
of Ineco, which determines its own fi nance policies. The
main fi nancial risks are enumerated below:
a) Interest rate risk
In order to manage interest rate risk Aena aims to optimize
fi nancial expenditures within the established risk limits.
The Public Company does not usually undertake business
transactions in currencies other than the Euro (unlike subsidiaries
such as Aena Desarrollo Internacional and Ineco),
so the fi nancial expenditure risk is concentrated in the interest
rate risk in the case of the parent company, the risk
variables being three-month Euribor (used for long-term
debt) and one-month Euribor (used in loan agreements).
Additionally, the risk value of fi nancial expenditure is
calculated with a view to the Multianual Action Plan
and scenarios of interest rate fl uctuations are established
for the period under consideration. In the fi -
nancial year 2009 the Group engaged in interest rate
hedging transactions.
b) Liquidity risk
The main risk variables are: limitations of fi nance markets,
increase in projected investments, and reduction
in cash-fl ow creation.
In order to maintain suffi cient liquidity to meet the
fi nancial needs of at least twelve months, a longterm
fi nancing policy was established by entering into
framework agreements or similar agreements with
organizations such as the Offi cial Credit Institute and
the European Investment Bank, in addition to securing
short and medium-term credit lines.
Also, to be able to honour all the payment commitments
derived from its operations, subsidiaries such as Aena Desarrollo
Internacional have cash equivalents, short-term deposits
recorded under the heading “Short-term fi nancial
investments – Other fi nancial assets”, and several credit
lines, for solving any liquidity problem that might arise.
Risk management focuses on the detailed monitoring
of the Group’s fi nancial debt maturity calendar, as well
as the proactive management and maintenance of credit
lines that enable meeting predicted needs for liquidity.
Lastly, the Group systematically performs cash fl ow
forecasts for the purpose of assessing the needs for
cash equivalents. This liquidity policy ensures fulfi lment
of acquired payment commitments without the
need to resort to obtaining funds in costly conditions,
which enables maintaining continual liquidity.
c) Credit risk
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The risk variable is the creditworthiness of the counter-
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party, so Aena aims to focus on minimizing the risk of
default by the counterparties without price penalization.
The parent company keeps its cash and liquid assets
at fi nancial institutions with high credit ratings. In
the fi nancial year 2009, the parent company engaged
in derivatives transactions.
d) Exchange rate risk
The subsidiary Aena Desarrollo Internacional is subject
to fl uctuations in exchange rates that may affect
its sales, income, equity and cash fl ow. Therefore, the
company has a fi nancial hedging instrument for cash
fl ows affected by variations in exchange rates.
8.1 CONTROL MEASURES
AND COST REDUCTIONS
Directorate of spanish airports
The plans put in place in 2008 to optimize and reduce
costs were carried on in 2009, leading to a savings of
more than 36 million euros with respect to the initial
2009 budget. The reduction applied to virtually all areas
of expenditure, with special impact on the items
of repair and conservation, cleaning, energy, private
security, technical support, communications, publicity
and parking management.
Noteworthy among the measures taken was the introduction
of the concept of variable spending depending
on traffi c, negotiating economic conditions with service
providers, policies for optimizing resources, postponing
non-essential actions and greater control of fi xed costs.
Directorate of Air Navigation
An objective of Air Navigation is to improve its economic
effi ciency and fi nancial viability. In 2009 ac-
Annual report 2009
tions were carried out to this end in the following
areas:
Promotion of better practices and cost containment
plan: guidelines were established in Coena
and a fi rst step was taken to prepare the PO 2010;
nonetheless, more progress is projected for 2010.
Establishment of measures for cost reduction:
guidelines were established in Coena, and a fi rst
step was taken to prepare the PO 2010; nonetheless,
more progress is projected for 2010.
Implementation of new rules and model for airport
charges: unitary prices and rates formula were
changed in the Law on Budgets for 2010.
Adaptation of costs model and billing system to the
new environment which includes private airports,
and separation of accounts of Aena units: this is a
continual process for which, in 2009, systems were
adapted and the Costneg tool was developed.
8.2. DISCOUNT IN RATES
In order to support the air transport industry and favour
tourism, the government established the following
discounts in airport charges:
1. A 100% discount in the payment of passenger
charges for airlines that in the second semester of
2009 carried more passengers than in the same
semester the previous year, throughout Aena
2. Increase from 15% to 30% on the islander discounts
for mainland fl ights in landing, passenger
and security charges, in the Canary Islands, Balearic
Islands and Melilla, from July 1st to December
31st 2009

3. Also, as of October 25th 2009 a new 50% discount
was applied to landing and passenger
charges on European Community and international
fl ights, during off-peak days of the week
at all Canary Island airports. This measure is designed
to capture air traffi c not originating in the
Canary Islands, particularly European Community
and international passengers.
These discounts on airport charges entailed 23.6 million
euros less revenue for Aena.
8.3. INCOME FROM SALES
In the month of June 2009, as part of the organizational
modifi cations enacted and for the purpose of
boosting retail activity and income, the Directorate of
Commercial Spaces and Services was integrated into
the Directorate of Spanish Airports.
The following are the most outstanding actions carried
out in 2009 with regard to retail infrastructure development:
Barcelona Airport’s new Terminal 1 was launched
in June 2009 opening a shopping area of approximately
26,000 m2: 8,427 m2 for dining,
6,459 m2 for shops, 1.992 m2 for duty-free
shops, 6,605 m2 for VIP lounges, 2,583 m2 for
the Business Centre, 5 car hire points and a VIP
car park.
The shopping area of Fuerteventura Airport was
remodelled in April 2009: 11 new retail outlets in
2,000 m2 of new shopping space.
The fi rst phase of the remodelling of Ibiza Airport’s
shopping are was completed in May 2009: 8 new
retail outlets in nearly 1,000 m2 of newly renovated
shopping space.
Construction at Malaga Airport, pertaining to the
opening of the New Terminal Area, projected for
March 2010
In May 2009 a property assignment contract was
signed with Cessna for a 61,805 m2 plot at Valencia
Airport (34,589 m2 of land zoned for development
and 27.216 m2 of paved surface).
The development of an industrial area at Jerez
Airport for the installation of aeronautical companies
began in July 2009 with the assignment
of 15,000 m2 to the company Atlántica Composite
S.A.
In 2009 Aena’s income from sales decreased by 5.7%
from the previous year (34.78 million euros less), totalling
572.23 million euros. Considering the fact that
traffi c fell by 8% in 2009, the sales revenue per passenger
ratio was 3.08 euros, which entailed a 2.52%
increase over the previous year.
In general terms, it is important to underscore the contribution
of the 2009 sales revenues of the network’s
seven major airports (Madrid-Barajas, 26.7%; Barcelona,
17.5%; Palma de Mallorca, 8%; Malaga, 7.8%;
Alicante, 5.7%; Tenerife Sur, 4.6% and Gran Canaria,
4.4%), which entailed almost 75% of the total.
Moreover, the processes and procedures conducted by
airport managers to control business income were redefi
ned. This action allows improving the control and
monitoring of retail activity.
9. PEOPLE
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Since people are the organization’s greatest asset, Aena’s
basic objectives in this area are as follows: to improve
personal development; to increase personal mo-
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tivation and satisfaction; to increase safety through occupational
risk prevention; to improve administrative
procedures and management control in the human resources
area and to automate the human resources
management systems.
Signifi cant events in 2009 included the negotiation
and eventual signing on July 17th 2009 of Aena’s 5th
collective bargaining agreement, which will be in force
until December 31st 2014. The principal novel features
of this agreement are:
Standardization of the internal and external selection
processes.
Inclusion of a clause for application to the organizations
that may be created in future, in anticipation
of Aena’s new management model.
Description of an equality plan and new measures
for work and family balance.
9.1 STAFF
Aena’s permanent staff on December 31st 2009
consisted of 11,493 workers, 6,749 of whom belong
to Airports, 4,145 to Air Navigation (2,357
controllers) and 599 to Corporate Units. The public
employment offer approved by Aena in 2009 comprised
185 jobs, covering 100% of fire-fighting service
and air traffic controller vacancies since it is
considered that these jobs directly affect aviation
safety, and 30% of vacancies in the remaining collectives,
as is required in the Law on General State
Budgets for 2009. Moreover, 13 jobs were reserved
for disabled persons, in keeping with the measures
aimed at integrating persons with disabilities according
to the terms of the provisions of article 59
of Law 7/2007 of the Public Employment Statute,
of April 12 th .
Annual report 2009
9.2. RECRUITMENT
The main actions carried out consisted in posting job
openings for university graduates and non-graduates
at different workplaces to be fi lled through external
recruitment or in-house staff members. Specifi cally,
256 job openings were posted for university graduates
and 705 for non-graduates.
9.3. HUMAN RESOURCES
MANAGEMENT SYSTEMS
The following noteworthy improvements were implemented:
Decentralization of the Social Security contributions
at the airports.
Integration between SAP and RED of the needed
functions for online reporting to Social Security
about temporary sick leaves.
The hours and shifts management system was enhanced
with tools that improve daily performance
and subsequent use of the information, such as planning
shifts for the preparation of work schedules.
In order to continue providing the employee website
with content that facilitates management tasks for
human resources directors as well as for employees,
the prototype phase of a scenario for requesting leave
and holidays was implemented at various centres
The rules and procedures for all these automation
measures were refl ected in the management
guidebooks begun in 2008. Subsequently, any
training and support sessions necessary for the correct
application of the new functions were provided at the
workplaces through the user services centre.
Proper improvements were made in the travel expenses

system for the application of the new travel policy
for Aena employees. In this regard, total expenses of
secondment were reduced by 25% as compared to
2008. Further reductions were made in the number of
hours (1.5% less than in 2008), and the absentee rate
(7.4% down from 2008).
9.4. ORGANIZATIONAL AREA
The following actions can be highlighted:
Using criteria of effi ciency and cost containment,
progress continued to be made to develop Aena’s
organizational structure in order to align it with the
new demands on the company. Thus, efforts were
made to begin to adapt the organizational structures
of the workplaces to the requirements arising
from the implementation of the Safety Management
System.
The Performance Management System was consolidated
as a fundamental tool for evaluating the
objectives and results of our professionals, with direct
consequences regarding compensation, promotion
and training. Not only does this system entail
a change in management, but also a cultural
change and a way of working based on accountability
that necessarily originates greater commitment
to the organization’s objectives.
New steps forward are being taken to improve the
procedures and mechanisms of the current performance
management control system, which allows
identifying and analyzing problems, monitoring them
and proposing solutions to improve management.
9.5. TRAINING
The training activity was coordinated by three training
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Management Report
units: Training Division, Professional Development Division
(Air Navigation) and Executive Development Division.
The total number of hours of training provided
amounted to 329,577 hours. 94% of personnel attached
to these units received at least one training
course (counting the online courses).
The expenses directly associated with the training activities
of the three units added up to 3.3 million euros.
As in previous years, Aena benefi ted from the FTFE (Tripartite
Foundation for On-the-Job Training) for needed
training plans in 2009. The Spanish unemployment
offi ce granted Aena a subsidy of 1,147,879 euros for
2009, which were deducted from the Social Security
contributions, and represented approximately 34% of
the cost incurred in training over the year.
The most signifi cant endeavours in the training area in
2009 are enumerated below:
The following online courses were taught: “Safety
Management System” and “Basic course for personnel
of local security offi ce”. The courses taught
in classrooms were “Assessment of Accidents and
Incidents” and “Supervision of Airport SMS”, for
those in charge of airport operational safety.
The fi rst courses for in-house monitors were
taught.
The Barcelona Technical Training Centre was
opened, and the fi rst specifi c training courses were
given to airport maintenance personnel.
The fi rst training courses with Sila (simulator of airport
electrical systems) were taught at classrooms
located in Madrid-Barajas Airport.
The training associated with the Barcelona Plan
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was completed and the training associated with
the Malaga Plan began.
In the area of Air Navigation the technical operations
training plan was set in motion; the manuals
and CBT were designed and developed for the
basic training pertaining to the plan. Furthermore,
the training activity “On-the-Job Learning” was
given as part of training for control professionals.
And the online course “On-the-Job Supervision”
was designed and developed.
In the realm of executive and managerial development,
it is of note that within the area of airport
security, the specifi c training course “Advanced
Course for Company Security Directors” was given
to provide Aena security directors with security
management skills.
9.6. CORPORATE BENEFITS AND
SOCIAL PROJECTS
The Corporate Benefi ts and Social Projects area continued
to implement new social projects during the year
2009, notably:
The project “Solidarity Space”, which consisted in
assigning stands free of charge in the public areas
of airports to social welfare groups (NGOs, foundations
and associations), so they could publicize their
campaigns and share their information and missions
in a populous environment. During 2009 the
solidarity spaces of Madrid-Barajas, Valencia, Malaga
and Palma de Mallorca were used for 211 days.
Implementation of the volunteer programme
through the Employee Service Programme (PAE).
Volunteer projects were undertaken in conjunction
with the Luis Vives shelter in Vicálvaro (Madrid).
Annual report 2009
Holding “Solidarity Days” for the second time, in
conjunction with all Aena’s centres in Madrid (5
participating centres and 15 organizations invited
to the event) in June and December respectively
(two days in June and three in December).
Also, Aena continued its addictive behaviour treatment
and prevention programme and its emotional
support and health education programmes. Of special
note here is Aena’s ongoing collaborative agreement
with Proyecto Hombre (an organization promoting the
prevention of substance abuse) to foster information,
prevention and education in this fi eld.
In the development of the work and family balance
policy the employee service programme provided support
on 2,800 occasions during 2009. Also in this
sphere a summer camp was organized in conjunction
with the Aena centres in Madrid. More than 100 children
participated in the camp, which was compatible
with the summer work schedule of Aena employees.
Agreements were established with different organizations
involved with the disabled. The organizations
that benefi t from these agreements made pursuant
to the Law on Integration of Persons with Disabilities
were: Afanias, Asociación Danza Down, Fundación
Dales la Palabra, Asociación A Toda Vela, Apmib and
Apsuria. In conjunction with these organizations the
fi rst social month was scheduled, and social, cultural
and sport activities with persons with disabilities were
held in October and November 2009.
An increased benefi t of the life insurance and accident
policy went into effect on September 1st 2009, as coverage
for severe disablement was included.
With regard to the pension plan, during 2009 Aena
made contributions worth 6.06 million euros and benefi
t payments totalling 1.7 million euros. At year-end
the fi nal balance of the pension plan amounted to

48.03 million euros and there were 10,684 benefi ciaries.
The pension plan has become a joint enterprise
with the holding companies Aena Desarrollo Internacional
and Centros Logísticas Aeroportuarios.
9.7. ENDEAVOURS REGARDING
HUMAN RESOURCES IN AIR
NAVIGATION
The endeavours of this programme are geared toward
achieving improved productivity by agreeing on
changes in the framework for negotiating new collective
bargaining agreements in general and specifi cally
that of controllers. They are simultaneously aimed
at improving the management and professional development
of Air Navigation employees. The programme
embraces the implementation of the European rules,
the current fi nancial situation of the industry and
worldwide, and the integration of a possible new Aena
model.
Improved productivity
Improvement of attendance: as of December 1st 2009
all Air Navigation employees must clock in when arriving
and leaving.
Negotiation of compensation associated to productivity
in Aena’s 5th collective bargaining agreement:
the negotiation of Aena’s 5th collective bargaining
agreement included discussion about the possibility
of reinforcing strategic goal deployment for nonmanagerial
personnel.
Several rounds of negotiation were held for the II CC
Control under the premises of increased productivity
and cost containment, and increased fl exibility in the
management of the processes of recruitment, professional
careers, collective bargaining, work organization,
work hours and breaks, and economic compensation.
Professional Development
In 2009 the internal processes for concluding the
transitory phase of organizing the controller staff
into groups were performed at the control centres
of Madrid and Barcelona.
In 2009 the training associated with the professional
career and language skills of controllers was
offered for certain controller positions.
Throughout 2009 the courses for maintenance personnel
by areas were designed (SES “qualifi cation
series”). They will begin to be offered at a later date.
Improved Management
Legal information
Management Report
In the fi rst semester of 2009 several sessions were
held at central services of Air Navigation and in its
5 regional directorates to instil concepts of fi nancial
and human resources management.
In 2009 the round of visits to the 5 regional directorates
to draw up a specifi c report on the strengths and weaknesses
of the shift-scheduling process was concluded.
10. FORESEEABLE PROSPECTS
Despite the downturn in passenger traffi c and operations
which took place during the fi nancial year, along with the
slump in air traffi c worldwide, the Group’s prospects of
long-term growth are satisfactory in all its lines of business
owing to the anticipated growth of the activities pertaining
to them. This will enable carrying out the investment
plan commissioned by the Ministry of Public Works and
Transport to achieve the objectives of quality, safety, performance
and competitiveness of the Spanish air transport
infrastructures with the high standards required for
the socioeconomic development the country needs.
Annual report 2009 289

290
Legal Information
Consolidated Financial Statements
Entidad pública empresarial
“Aeropuertos Españoles y Navegación Aérea”
y sociedades dependientes
Consolidated Financial Statements
for the year ended 31 December 2009 and Directors’ Report
Translation of a report originally issued in Spanish based on our work performed in accordance with
generally accepted auditing standards in Spain and of consolidated fi nancial statements originally issued
in Spanish and prepared in accordance with generally accepted accounting principles in Spain (see Notes 2
and 20). In the event of a discrepancy, the Spanish-language version prevails.
CONSOLIDATED BALANCE SHEETS AT 31 DECEMBER 2009 AND 2008 (THOUSANDS OF EUROS)
ASSETS NOTES 2009 2008
Non-current assets:
Intangible assets- Nota 5 282,560 259,341
Development expenditure 86,620 25,075
Computer software 123,196 103,601
Other intangible assets 72,744 130,665
Property, plant and equipment- Nota 6 15,876,444 15,080,629
Land and buildings 10,120,382 9,033,535
Plant and other items of property, plant and equipment 3,058,281 2,394,389
Property, plant and equipment in the course of construction and advances 2,697,781 3,652,705
Investment property- Nota 7 90,805 93,732
Buildings 87,938 90,780
Plant 2,867 2,952
Non-current investments in associates- Nota 9.1 79,758 74,605
Investments accounted for using the equity method 79,758 74,605
Non-current fi nancial assets Nota 9.2 61,570 61,181
Deferred tax assets Nota 15.1 521,384 380,865
Total non-current assets
Current assets:
16,912,521 15,950,353
Inventories Nota 11 5,906 5,848
Trade and other receivables- 505,447 497,633
Trade receivables for sales and services 374,344 387,306
Companies accounted for using the equity method Nota 9.2 11,532 10,715
Sundry accounts receivable 719 8,251
Employee receivables 2,103 1,964
Current tax assets Nota 15.1 23,677 16,038
Other accounts receivable from public authorities Nota 15.1 93,072 73,359
Current fi nancial assets- Nota 9.3 16,620 37,471
Memoria 2009
Consolidated Financial
Statements

Legal Information
Consolidated Financial Statements
CONSOLIDATED BALANCE SHEETS AT 31 DECEMBER 2009 AND 2008 (THOUSANDS OF EUROS)
ASSETS NOTES 2009 2008
Loans to companies 3,882 2,571
Other current fi nancial assets 12,738 34,900
Current prepayments and accrued income 8,564 8,135
Cash and cash equivalents 14,030 10,725
Total current assets 550,567 559,812
Total assets 17,463,088 16,510,165
BALANCES DE SITUACIÓN CONSOLIDADOS A 31 DE DICIEMBRE DE 2009 Y 2008 (MILES DE EUROS)
EQUITY AND LIABILITIES NOTES 2009 2008
Equity:
Shareholders' equity- Nota 12 3,321,993 3,698,903
Equity 3,099,018 3,099,018
Reserves of the parent- 555,929 741,834
Legal and bylaw reserves 479,917 496,044
Other reserves 277,882 282,457
Retained losses (201,870) (36,667)
Reserves at consolidated companies (443) 7,137
Reserves at companies accounted for using the equity method 13,349 10,395
Loss for the year attributable to the parent- (345,860) (159,481)
Consolidated loss (343,908) (153,213)
Loss attributable to minority interests (1,952) (6,268)
Valuation adjustments- (6,284) (8,201)
Hedges Nota 10 1,221 1,045
Translation differences of companies accounted for using the equity method Nota 12 (7,505) (9,246)
Grants, donations or gifts and legacies received Nota 12 422,038 383,316
Minority interests Nota 12 13,496 18,126
Total equity
Non-current liabilities:
3,751,243 4,092,144
Long-term provisions- Nota 13.1 527,901 465,668
Provisions for long-term employee benefi t obligations 410,957 390,487
Provisions for environmental costs 97,433 52,507
Other provisions 19,511 22,674
Non-current payables- Nota 14 10,160,928 9,014,892
Bank borrowings and other fi nancial liabilities 10,155,044 9,008,975
Obligations under fi nance leases 3,031 3,450
Derivatives Nota 10 143 109
Other fi nancial liabilities Nota 14 2,710 2,358
Deferred tax liabilities Nota 15.1 208,732 192,087
Non-current accruals and deferred income 1,289 1,351
Total non-current liabilities
Current liabilities:
10,898,850 9,673,998
Short-term provisions Nota 13.2 248,009 277,753
Current payables- 2,125,930 2,010,750
Bank borrowings and other fi nancial liabilities Nota 14 1,029,729 722,894
Obligations under fi nance leases Nota 14 419 -
Other fi nancial liabilities 1,095,782 1,287,856
Current payables to group companies and associates- - 2,000
Annual report 2009 291

292
Legal Information
Consolidated Financial Statements
BALANCES DE SITUACIÓN CONSOLIDADOS A 31 DE DICIEMBRE DE 2009 Y 2008 (MILES DE EUROS)
EQUITY AND LIABILITIES NOTES 2009 2008
Payable to companies accounted for using the equity method Nota 9.2 - 2,000
Trade and other payables- 439,033 453,498
Payable to suppliers 16,676 14,765
Payable to suppliers - companies accounted for using the equity method Nota 9.2 1,251 977
Sundry accounts payable 239,758 250,539
Remuneration payable 87,421 78,562
Current tax liabilities Nota 15.1 1,758 3,093
Other accounts payable to public authorities Nota 15.1 54,901 56,789
Customer advances 37,268 48,773
Current accruals and deferred income 23 22
Total current liabilities 2,812,995 2,744,023
Total liabilities 17,463,088 16,510,165
The accompanying Notes 1 to 20 are an integral part of the consolidated balance sheet at 31 December 2009.
CONSOLIDATED INCOME STATEMENTS FOR 2009 AND 2008 (THOUSANDS OF EUROS)
CONTINUING OPERATIONS NOTES 2009 2008
Continuing operations
Revenue Nota 16.A 2,991,389 3,112,683
In-house work on non-current assets 58,076 72,341
Procurements Nota 16.B (114,134) (131,405)
Cost of raw materials and other consumables used (202) (1,340)
Work performed by other companies (113,926) (130,065)
Losses on impairment of raw materials and other consumables (6) -
Other operating income 14,543 13,322
Non-core and other current operating income 12,763 11,905
Income-related grants transferred to profi t or loss 1,780 1,417
Staff costs (1,310,631) (1,296,357)
Wages, salaries and similar expenses (1,098,170) (1,089,715)
Employee benefi t costs Nota 16.C (202,364) (193,909)
Provisions (10,097) (12,733)
Annual report 2009
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR 2009 AND 2008
B) CONSOLIDATED STATEMENTS OF CHANGES IN TOTAL EQUITY (THOUSANDS OF EUROS)
ASSIGNED EQUITY
AND ASSETS
BYLAW RESERVES
REVALUATION
RESERVE
R,D,L, 7/1996
OTHER RESERVES
OF THE PARENT
CONSOLIDATED
RESERVES OF THE
PARENT
RETAINED LOSSES
Balance at 2007 year-end 3,099,018 845,488 273,417 - 26,848 (26,444)
Adjustments due to transition to new
spanish national chart of accounts
- (349,444) - - (17,743) -
Adjusted balance at beginning of 2008 - - - - - -
Total recognised income and expenses 3,099,018 496,044 273,417 - 9,105 (26,444)
Dividends paid - - - (11,407) - -
Other changes in equity - - - - 11,956 -
Profi t (loss) attributable to minority
interests
- - - - (53) -
Distribution of 2007 loss - - - - (561) (10,223)
Balance at 2008 year-end 3,099,018 496,044 273,417 (11,407) 20,447 (36,667)
The accompanying Notes 1 to 20 are an integral part of the consolidated statement of changes in equity at 31 December 2009.

RESERVES
OF FULLY
CONSOLIDATED
COMPANIES
Legal Information
Consolidated Financial Statements
CONSOLIDATED INCOME STATEMENTS FOR 2009 AND 2008 (THOUSANDS OF EUROS)
CONTINUING OPERATIONS NOTES 2009 2008
Other operating expenses (1,079,168) (982,196)
Outside services Nota 16.D (916,546) (855,405)
Taxes other than income tax (97,439) (92,902)
Losses on, impairment of and change in allowances for trade receivables (40,696) (11,977)
Other current operating expenses (24,487) (21,912)
Depreciation and amortisation charge Notas 5. 6 y 7 (797,319) (704,322)
Allocation to profi t or loss of grants related to non-fi nancial non-current
assets and other grants
26,737 29,859
Excessive provisions 4,862 8,418
Impairment and gains or losses on disposals of non-current assets (16,139) (11,237)
Other gains or losses (1,371) (1,073)
Profi t from operations (223,155) 110,033
Finance income 2,091 2,547
From investments in equity instruments 1,227 144
From marketable securities and other fi nancial instruments 864 2,403
Finance costs (284,667) (341,372)
On debts to third parties (289,149) (395,875)
Interest cost relating to provisions (69,171) (42,822)
Capitalisation of fi nance costs 73,653 97,325
Change in fair value of fi nancial instruments Nota 10 (34) 10
Exchange differences (688) 427
Impairment and gains or losses on disposals of fi nancial instruments - (14,522)
Financial loss Nota 16.E (283,298) (352,910)
Results of associates accounted for using the equity method Nota 9.1 14,431 14,558
Loss before tax and investees (492,022) (228,319)
Income tax Nota 15.3 148,114 75,106
Loss for the year from continuing operations (343,908) (153,213)
Consolidated loss for the year (343,908) (153,213)
Loss attributable to minority interests (1,952) (6,268)
Loss attributable to the parent (345,860) (159,481)
The accompanying Notes 1 to 20 are an integral part of the consolidated income statement at 31 December 2009.
RESERVES OF
COMPANIES
ACCOUNTED FOR
USING THE EQUITY
METHOD
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR 2009 AND 2008
B) CONSOLIDATED STATEMENTS OF CHANGES IN TOTAL EQUITY (THOUSANDS OF EUROS)
TRANSLATION
DIFFERENCES
PROFIT (LOSS)
FOR THE YEAR
ATTRIBUTABLE TO
THE PARENT
VALUATION
ADJUSTMENTS
GRANTS,
DONATIONS
OR GIFTS AND
LEGACIES
RECEIVED
MINORITY
INTERESTS
TOTAL EQUITY
35,967 6,284 (29,714) 3,040 - - - 4,233,904
(28,471) 2,413 29,714 - 1,541 338,992 17,632 (5,366)
- - - - - - - -
7,496 8,697 - 3,040 1,541 338,992 17,632 4,228,538
- - - (159,481) (496) 43,640 6,268 (121,476)
(3,429) (8,527) - - - - (5,869) (5,869)
(363) (166) - - (9,246) 684 95 (9,049)
3,433 10,391 - (3,040) - - - -
7,137 10,395 - (159,481) (8,201) 383,316 18,126 4,092,144
Annual report 2009 293

294
Legal Information
Consolidated Financial Statements
The accompanying Notes 1 to 20 are an integral part of the consolidated statement of changes in equity at 31 December 2009.
Annual report 2009
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR 2009 AND 2008
B) CONSOLIDATED STATEMENTS OF CHANGES IN TOTAL EQUITY (THOUSANDS OF EUROS)
ASSIGNED EQUITY
AND ASSETS
BYLAW RESERVES
REVALUATION
RESERVE
R,D,L, 7/1996
OTHER RESERVES
OF THE PARENT
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR 2009 AND 2008
A) CONSOLIDATED STATEMENTS OF RECOGNISED INCOME AND EXPENSE (THOUSANDS OF EUROS)
CONSOLIDATED
RESERVES OF THE
PARENT
NOTES 2009 2008
A) Loss per income statement (343,908) (153,213)
Income and expenses recognised directly in equity
Arising from cash fl ow hedges Nota 10 411 -
Grants, donations or gifts and legacies received Nota 12.g 32,530 92,141
Arising from actuarial gains and losses and other adjustments Nota 13.1.a (24,735) (16,295)
Translation differences Nota 9.1 1,741 -
Tax effect (2,463) (22,754)
B) Total income and expenses recognised directly in equity
Transfers to profi t or loss
7,484 53,092
Arising from cash fl ow hedges Nota 10 (160) (709)
Grants, donations or gifts and legacies received Nota 12.g (26,737) (29,859)
Tax effect 8,072 9,213
C) Total transfers to profi t or loss (18,825) (21,355)
Total recognised income and expense (A + B + C) (355,249) (121,476)
CONSOLIDATED STATEMENTS OF CASH FLOWS FOR 2009 AND 2008 (THOUSANDS OF EUROS)
EJERCICIO 2009 EJERCICIO 2008
Cash fl ows from operating activities (I) 170,176 454,188
Loss for the year before tax (492,022) (228,319)
Adjustments for: 1,129,660 1,078,248
- Depreciation and amortisation charge 797,319 704,322
- Impairment losses 40,181 14,481
- Changes in provisions 124,089 83,254
- Recognition of lease premium (23) (22)
- Recognition of grants in profi t or loss (26,737) (30,007)
- Gains/losses on derecognition and disposal of non-current assets 16,170 12,357
- Finance income (2,076) (26,007)
- Finance costs 261,509 319,453
- Exchange differences 688 427
RETAINED LOSSES
Changes in accounting policies - - - - - -
Adjusted balance at beginning of 2009 3,099,018 496,044 273,417 (11,407) 20,447 (36,667)
Total recognised income and expenses - - - (17,314) - -
Dividends paid - - - - 16,901 -
Other changes in equity - (16,127) - - 2,806 -
Distribution of 2008 loss - - - - (6,968) (165,203)
Balance at 2009 year-end 3,099,018 479,917 273,417 (28,721) 33,186 (201,870)
The accompanying Notes 1 to 20 are an integral part of the consolidated statement of changes in equity at 31 December 2009.

RESERVES
OF FULLY
CONSOLIDATED
COMPANIES
RESERVES OF
COMPANIES
ACCOUNTED FOR
USING THE EQUITY
METHOD
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR 2009 AND 2008
B) CONSOLIDATED STATEMENTS OF CHANGES IN TOTAL EQUITY (THOUSANDS OF EUROS)
TRANSLATION
DIFFERENCES
PROFIT (LOSS)
FOR THE YEAR
ATTRIBUTABLE TO
THE PARENT
VALUATION
ADJUSTMENTS
Legal Information
Consolidated Financial Statements
GRANTS,
DONATIONS
OR GIFTS AND
LEGACIES
RECEIVED
MINORITY
INTERESTS
TOTAL EQUITY
- - - - - 34,666 - 34,666
7,137 10,395 - (159,481) (8,201) 417,982 18,126 4,126,810
- - - (345,860) 1,917 4,056 1,952 (355,249)
(6,771) (10,130) - - - - (6,657) (6,657)
(1,053) 638 - - - - 75 (13,661)
244 12,446 - 159,481 - - - -
(443) 13,349 - (345,860) (6,284) 422,038 13,496 3,751,243
CONSOLIDATED STATEMENTS OF CASH FLOWS FOR 2009 AND 2008 (THOUSANDS OF EUROS)
EJERCICIO 2009 EJERCICIO 2008
- Changes in fair value of fi nancial instruments 34 (10)
- Other revenues and expenses (95,925) -
- Results of associates accounted for using the equity method 14,431 -
Changes in working capital (94,124) 2,945
- Inventories (64) 1,171
- Trade and other receivables 43,624 (29,555)
- Other current assets 1,461 11,400
- Trade and other payables (130,493) 14,030
- Other current liabilities (8,652) 5,899
Other cash fl ows from operating activities (373,338) (398,686)
- Interest paid (368,654) (414,580)
- Dividends received 1,227 144
- Interest received 928 7,025
- Income tax recovered (paid) (6,839) 8,725
Cash fl ows from investing activities (II) (1,686,812) (2,084,199)
Payments due to investment (1,715,729) (2,123,536)
- Intangible assets (89,440) (93,058)
- Property, plant and equipment (1,626,165) (2,030,053)
- Other fi nancial assets (124) (425)
Proceeds from disposal 28,917 39,337
- Intangible assets - 1,573
- Property, plant and equipment 1,313 15,588
- Other fi nancial assets 27,604 22,176
Cash fl ows from fi nancing activities (III) 1,520,629 1,628,877
Proceeds and payments relating to equity instruments 33,782 92,141
- Grants, donations or gifts and legacies received 33,782 92,141
Proceeds and payments relating to fi nancial liability instruments 1,486,847 1,536,736
- Proceeds from issue of bank borrowings 1,850,000 1,786,429
- Repayment of bank borrowings (354,351) (175,011)
- Repayment of borrowings from associates (2,000) 2,000
- Other (6,802) (76,682)
Effect of foreign exchange rate changes (IV) (688) 110
Net increase/decrease in cash and cash equivalents (I+II+III+IV) 3,305 (1,024)
Cash and cash equivalents at beginning of year 10,725 11,749
Cash and cash equivalents at end of year 14,030 10,725
Las notas 1 a 19 descritas en la Memoria adjunta forman parte integrante del estado de fl ujos de efectivo consolidado correspondiente al ejercicio 2009.
Annual report 2009 295

296
Legal Information
Consolidated Financial Statements
1. GROUP ACTIVITIES
AND STRUCTURE
Entidad Pública Empresarial “Aeropuertos Españoles
y Navegación Aérea (AENA)” (“AENA” or “the Entity”)
was set up under Article 82 of State Budget Law
4/1990, of 29 June. It was effectively formed on 19
June 1991 following the entry into force of its bylaws,
which were approved by Royal Decree 905/1991, of
14 June.
The Entity is structured as a public law entity attached
to the Ministry of Public Works with its own legal personality
independent from that of the State, and carries
on its business activity within the framework of
the Government’s general transport policy.
Its bylaws, approved by Royal Decree 905/1991, of 14
June, were subsequently amended by Royal Decree
1993/1996, of 6 September, Royal Decree 1711/1997,
of 14 November, and Royal Decree 2825/1998, of 23
December.
Its company object, per its bylaws, is as follows:
1. The organisation, management, coordination, operation,
upkeep and administration of civilian public
airports and of the related services, and the
coordination, operation, upkeep and administration
of civilian areas at air bases open to civil aviation
traffi c.
2. The design, execution, management and control
of investments in airport infrastructure and facilities.
3. The organisation, management, coordination,
operation, upkeep and administration of aeronautical
telecommunications system facilities and
networks, navigation aids and air traffi c control.
Annual report 2009
4. The design, execution, management and control
of investments in aeronautical telecommunications
system infrastructures, facilities and networks, navigation
aids and air traffi c control.
5. The submission of proposals for the planning of
new airport and air navigation infrastructure and
the modifi cation of air space.
6. The development of security services at airports
and control centres and participation in specifi c
training relating to air transport and subject to the
grant of offi cial licenses, all without detriment to
the functions assigned to the Spanish Directorate-
General of Civil Aviation.
7. Equity investments in other companies or entities
related to its activities that have a different object.
Services were fi rst provided at Spanish airports in November
1991, and the provision of services relating
to navigation aids and air traffi c control commenced
in November 1992, when the formation of the Entity
was completed.
Aena is currently in the process of developing a new
airport management model, the main components of
which are as summarised:
- Aena remains a public law entity with air navigation
competencies, and is guaranteed the mechanisms required
to carry out its obligations in relation to the security,
continuity, competitiveness and effi ciency of the
service, and the organisation of the work and an increase
in its productivity.
- Creation of the state company, Aena Aeropuertos,
S.A. to be responsible for the management of the current
airport network, in which Aena will hold at least
70% of the share capital. This company will basically
be competent to render all airport services (except

airport navigation services or those relating to other
state agencies such as customs or security, for example),
manage and maintain the airport infrastructure
corresponding to its scope of management, plan and
execute new infrastructure required by airports, manage
public domain or state-owned assets composing
the airport and, consequently, manage all commercial
services and grant the instruments authorising these
services to be rendered by third parties.
- Creation of management subsidiaries with the same
competencies as Aena Aeropuertos, S.A. in airports
that have a high volume of traffi c and are particularly
complex to manage, provided that it is economically
and fi nancially feasible, with participation in the Board
of Directors of autonomous community and local governments
and chambers of commerce and in which
COMPANY AND
REGISTERED
OFFICE
SUBSIDIARIES:
Aena Desarrollo
Internacional, S.A. (a)
Arturo Soria, 109
Madrid
Centros Logísticos
Aeroportuarios, S.A.
(CLASA) (b) Edifi cio de
Servicios Generales
Aeropuerto de Madrid -
Barajas Madrid
Centro de Referencia
Investigación, Desarrollo
e Innovación ATM. A.I.E.
(Crida) (b) Juan Ignacio
Luca de Tena, 14 Madrid
LINE OF BUSINESS
Operation, maintenance,
management and
administration of airport
infrastructure and
supplementary services.
Development, construction,
management, operation and
maintenance of air cargo
centres or equivalent centres
at airports, and also as many
commercial activities as are
directly or indirectly related
thereto.
Performance of R&D&i activities
within the scope of ATM aimed
at improving the services (in
particular security, capacity and
economic and environmental
effi ciency) of the Spanish Air
Traffi c Control system as an
integral part of a global system.
Legal Information
Consolidated Financial Statements
Aena Aeropuertos, S.A. will own the share capital and
will continue to be assigned the assets and the debt.
The Entity’s registered offi ce is in Madrid, at calle Arturo
Soria, 109.
Also, the Entity heads the Group composed of various
companies engaging mainly in the management of
airport infrastructure and consulting and engineering
projects, particularly those relating to transport and its
infrastructure.
Scope of consolidation
The list of subsidiaries and associates, together with
the carrying amount of the ownership interests, in
thousands of euros, relating thereto is as follows:
OWNERSHIP INTEREST
% CARRYING
AMOUNT OF
DIRECT INDIRECT INVESTMENT
OWNER OF
INVESTMENT
CONSOLIDATION
METHOD
100 - 83.184 Aena Fully consolidated
100 - 24.137 Aena Fully consolidated
66,66 10,18 480
Aena Indirecto
Ineco
Fully consolidated
Annual report 2009 297

298
Legal Information
Consolidated Financial Statements
COMPANY AND
REGISTERED
OFFICE
SUBSIDIARIES:
Ingeniería y Economía
del Transporte S.A.
(Ineco) (a) Paseo de la
Habana, 138 Madrid
COMPANY AND
REGISTERED
OFFICE
SOCIEDADES ASOCIADAS
Restauración de
Aeropuertos Españoles
S.A. (Raesa) (a)
Aeropuerto de Madrid-
Barajas Madrid
Aeropuertos Mexicanos
del Pacífi co S.A. de CV
(AMP) (a) México DF
ociedad Aeroportuaria
de la Costa S.A. (Sacsa)
(a) Aeropuerto Rafael
Núñez Cartagena de
Indias Colombia
Aeropuertos del
Caribe, S.A. (Acsa) (a)
Aeropuerto Ernesto
Cortissoz Barranquilla
Colombia
Aerocali, S.A. (b)
Aeropuerto Alfons
Bonilla Aragón Cali
Colombia
Tecnología e
Investigación Ferroviaria,
S.A. (Tifsa) (a) Paseo de
la Habana, 138 Madrid
Annual report 2009
LINE OF BUSINESS
Consulting and engineering
projects and work with the
possibility of operating in all
sectors of economic activity,
mainly in the fi elds of economic
and corporate studies,
industrial engineering, civil
engineering and environmental
engineering, particularly
relating to transport and its
infrastructure.
LINE OF BUSINESS
Operation of catering services
at Madrid-Barajas airport.
Operator of Grupo
Aeroportuario del Pacífi co
(GAP) airports.
OWNERSHIP INTEREST
% CARRYING
AMOUNT OF
DIRECT INDIRECT INVESTMENT
OWNER OF
INVESTMENT
CONSOLIDATION
METHOD
61,09 - 3.789 Aena Fully consolidated
PARTICIPACIÓN
% CARRYING
AMOUNT OF
DIRECT INDIRECT INVESTMENT
OWNER OF
INVESTMENT
48,99 - 294 Aena
- 33,33 84.121
Operation of Cartagena airport. - 37,89 690
Operation of Barranquilla
airport.
- 40 159
Operation of Cali airport. - 33,34 1.659
Technological research and
development, consulting
services and technical
assistance relating to the rail
transport industry.
(a) Information obtained from the 2008 fi nancial statements under preparation.
(b) Information obtained from the audited 2008 fi nancial statements.
At 31 December 2009, none of these companies was listed on the stock market.
Aena
Desarrollo
Internacional
Aena
Desarrollo
Internacional
Aena
Desarrollo
Internacional
Aena
Desarrollo
Internacional
- 29,93 2.048 Ineco
CONSOLIDATION
METHOD
Equity
method
Equity
method
Equity
method
Equity
method
Equity
method
Equity
method

2. BASIS OF PRESENTATION
A) FAIR PRESENTATION
The consolidated fi nancial statements for 2008 were
presented by the Chairman and General Manager of the
Parent from the accounting records of Entidad Pública
Empresarial “Aeropuertos Españoles y Navegación Aérea
(AENA)” and of its subsidiaries (see Note 1), whose respective
fi nancial statements are prepared by the directors
of each company and are presented in accordance
with Royal Decree 1514/2007 approving the Spanish National
Chart of Accounts and other applicable accounting
legislation and, accordingly, they present fairly the
Group’s consolidated equity and fi nancial position, the
results of its operations and its consolidated cash fl ows.
These consolidated fi nancial statements will be submitted
for approval by the Board of Directors of the
Parent and it is considered that they will be approved
without any changes. The fi nancial statements for
2008 were approved by the Board of Directors of the
Parent at the meeting held on 24 June 2009.
B) NON-OBLIGATORY ACCOUNTING
PRINCIPLES APPLIED
These consolidated fi nancial statements were prepared
by taking into account all the obligatory accounting
principles and standards with a signifi cant effect hereon.
All obligatory accounting principles were applied
C) ) KEY ISSUES IN RELATION TO THE
MEASUREMENT AND ESTIMATION
OF UNCERTAINTY
In preparing the accompanying consolidated fi nancial
Legal Information
Consolidated Financial Statements
statements estimates were made by the Group companies’
directors in order to measure certain of the assets,
liabilities, income, expenses and obligations reported
herein. These estimates relate basically to the following:
The assessment of possible impairment losses on
certain assets (see Note 4)
The useful life of property, plant and equipment
and intangible assets (see Note 4)
The calculation of provisions (see Note 13)
Revenue and the costs associated with contracts
for the provision of services (see Note 4).
The assumptions used in the actuarial calculation
of the liabilities for obligations to employees (see
Note 13).
The market value of certain fi nancial instruments
(see Note 10).
Although these estimates were made on the basis of
the best information available at 2009 year-end, events
that take place in the future might make it necessary
to change these estimates (upwards or downwards) in
coming years. Changes in accounting estimates would
be applied prospectively.
In this regard, Royal Decree-Law 1/2010, of 5 February,
regulating the provision of air traffi c services, stipulating
the obligations of civil providers of the aforementioned
services, and setting specifi c working conditions
for civil air traffi c controllers, provides, inter alia, that
until three years from its entry into force have elapsed,
the right to receive the Special Paid Leave (Licencia Especial
Retribuida) is suspended, and no further employees
may avail themselves of the aforementioned
situation, whether it has been already requested or
not. In addition, the bill which will regulate the pro-
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Consolidated Financial Statements
vision of air traffi c services is currently being drafted,
and its content could signifi cantly affect the regime
applicable to Special Paid Leave.
At 31 December 2009, the Group had a working capital
defi ciency of EUR 2,262 million and a loss for the year of
EUR 344 million. In order to meet its investment commitments
and settle its liabilities, the Group has credit lines
and undrawn loans of EUR 1,674 million (see Note 14), in
addition to the cash fl ows that will be generated in 2009.
Also, under the “Framework Agreement to fi nance the
Strategic Plan for Infrastructures and Transport” (PEIT)
between the Ministry of Public Works and the European
Investment Bank (EIB) of 4 July 2006, the Parent may opt
to arrange supplementary fi nancing of EUR 600 million
subject to the EIB’s positive assessment of the projects for
which the fi nancing is requested. In view of the foregoing,
the Parent’s directors consider that it will not have
any diffi culties in fulfi lling its obligations.
The Group carried out the relevant impairment tests
according to the procedure described in Note 4-a,
which did not disclose any material impairment losses.
D) COMPARATIVE INFORMATION
The information relating to 2008 included in these
notes to the consolidated fi nancial statements is presented
exclusively for comparison purposes with the
information for 2009.
E) GROUPING OF ITEMS
Certain items in the consolidated balance sheet, consolidated
income statement, consolidated statement
of changes in equity and consolidated statement of
cash fl ows are grouped together to facilitate their
understanding; however, whenever the amounts involved
are material, the obligatory information is bro-
Annual report 2009
ken down in the related notes to the consolidated
fi nancial statements.
F) CHANGES IN ACCOUNTING POLICIES
In 2009 the Parent recognised an increase of EUR
34,666 thousand in the EU grants recognised in equity,
since they met the requirements to be considered refundable
as a result of the approval of Ministry of Economy
and Finance Order EHA/733/2010, of 25 March,
approving accounting matters relating to public-sector
companies operating in specifi c circumstances. Pursuant
to this Order, the Company opted not to adapt the
comparative information to the new policies.
G) CORRECTION OF ERRORS
The Parent recognised adjustments of EUR 13,082
thousand in the accompanying fi nancial statements
for the following items:
- The impact of fi ling supplementary income tax returns
for prior years in 2009, which gave rise to a negative
adjustment in equity of EUR 9,412 thousand (see
Note 13.1).
- The difference between the provision for income tax
payable recognised in 2008 and the income tax return
that was fi nally settled in 2009. Consequently, equity
decreased by EUR 3,670 thousand (see Note 13.1).
H) CONSOLIDATION METHODS
The consolidation was carried out, in accordance with
current legislation, by applying the following methods:
1. Companies over which “Aeropuertos Españoles y
Navegación Aérea (AENA)” exercises control are

deemed to be subsidiaries. The fi nancial statements
of the subsidiaries are fully consolidated.
In 2009 Ingeniería y Economía del Transporte
S.A., Centros Logísticos Aeroportuarios S.A., Aena
Desarrollo Internacional S.A. and Centro de
Referencia Investigación, Desarrollo e Innovación
ATM, A.I.E. were in this position.
2. Companies over which the Entity has the capacity
to exercise signifi cant infl uence are deemed to
be associates. These companies are accounted for
using the equity method. In 2009 Restauración de
Aeropuertos Españoles S.A., Tecnología e Investigación
Ferroviaria S.A., Aeropuertos Mexicanos
del Pacífi co S.A. de CV, Aeropuertos del Caribe
S.A., Sociedad Aeroportuaria de la Costa S.A. and
Aerocali S.A. were in this position.
In all cases the fi nancial statements of the Group companies
used in the process of consolidation are those
for the year ended 31 December 2009.
The profi t or loss on the transactions of companies that
were acquired or disposed of was included from the date
of acquisition or up to the date of disposal, respectively.
For the purposes of the accompanying consolidated fi -
nancial statements, the date of fi rst-time consolidation
for each subsidiary was deemed to be that on which it
joined the Group. The date of fi rst-time consolidation
for the subsidiary CRIDA, which was consolidated for
the fi rst time after the date of transition, was deemed
to be the date on which control was obtained.
Balances and transactions between companies
included in the scope of consolidation
Material transactions and accounts receivable and payable
between Entidad Pública Empresarial “Aeropuertos Españoles
y Navegación Aérea (AENA)” and its subsidiaries at
31 December 2009 were eliminated on consolidation.
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Consolidated Financial Statements
Standardisation of accounting principles
In order to uniformly present the items included in the
accompanying consolidated fi nancial statements, the
same methods were applied to all the companies included
in the scope of consolidation.
Minority interests
The share of third parties in the equity and profi t/loss
of companies that were fully consolidated is shown
under “Equity - Minority Interests” in the consolidated
balance sheet and under “Loss Attributable to Minority
Interests” in the accompanying 2009 consolidated
income statement, respectively.
Translation methods (year-end rate method)
The fi nancial statements of the Colombian associates
Aeropuertos del Caribe S.A., Sociedad Aeroportuaria
de la Costa S.A. and Aerocali S.A. and the Mexican
associate Aeropuertos Mexicanos del Pacífi co S.A. de
CV were translated to euros at the exchange rates ruling
at year-end, by applying the following procedure:
1. The asset and liability items of the foreign company
were translated at the exchange rate ruling
at the reporting date of the company in question.
2. The equity items of the foreign company were
translated at the historical exchange rates prevailing
at the date on which the item was included in
the company’s equity.
3. Income-statement items were translated at the
average exchange rate for the year.
The differences accumulated at the date of transition
as a result of the application of this translation
method were deemed to be reserves of the investor.
The translation differences arising in the year were
Annual report 2009 301

302
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Consolidated Financial Statements
included under “Equity – Valuation Adjustments” in
the accompanying balance sheet at 31 December
2009.
I) CHANGES IN THE SCOPE OF
CONSOLIDATION
In 2009 there were no changes to the scope of consolidation.
3. ALLOCATION OF LOSS
The allocation of the loss for 2009 submitted by the
Chairman – General Manager of the Company, per the
bylaws, is as follows:
BASIS OF ALLOCATION:
Loss for the year
APPROPRIATION TO:
Retained losses
Annual report 2009
THOUSANDS OF EUROS
4.MEASUREMENT BASES
(352,899)
(352,899)
The principal measurement bases applied by the Company
and its Subsidiaries (AENA Group) in preparing their consolidated
fi nancial statements for 2009, in accordance with
the Spanish National Chart of Accounts, were as follows:
A) INMOVILIZACIONES INTANGIBLES
Intangible assets are recognised at acquisition, production
cost or their saleable assignment value. Amortisation
is calculated on a straight-line basis based
on the useful lives of the related assets at the following
rates:
Development expenditure 25
Computer software 17-25
Other intangible assets 12.5-25
Development expenditure, specifi cally itemised by
project, which is, or will foreseeably be economically
and fi nancially profi table and technically successful, is
capitalised and amortised over a period of four years
from the date of completion. If there are changes in
the favourable circumstances of the project that made
it possible to capitalise these expenses, the unamortised
portion is charged to income in the year in which
these conditions change.
“Computer Software” relates to the amounts paid to
acquire and develop certain computer programmes.
Computer software maintenance costs are recognised
with a charge to the income statement for the year in
which they are incurred.
The Parent capitalises mainly its airports’ Master Plans
and the related studies under “Other Intangible Assets”,
which are amortised over eight years.
The same policies as those indicated for property, plant
and equipment are also applicable in relation to the
capitalisation of fi nance costs, in-house work, replacements
or renewals and the recognition of gains or losses
on disposals.
The gain or loss arising from the disposal of an asset
is calculated as the difference between the sale price
and carrying amount of the asset and is recognised in
the income statement.
The charge to the 2009 consolidated income statement
relating to the amortisation of intangible assets
amounted to EUR 41,845 thousand (EUR 48,161
thousand in 2008)(see Note 5).
%

Impairment of intangible assets and property,
plant and equipment
Whenever there are indications of impairment or at
the end of each reporting period in the case of goodwill
and intangible assets with indefi nite useful lives,
the Group tests the non-current and intangible assets
for impairment to determine whether the recoverable
amount of the assets has been reduced to below their
carrying amount.
The Group makes a distinction between cash-generating
assets and non-cash-generating assets. Cashgenerating
assets are items of property, plant and
equipment, intangible assets or property owned to obtain
a profi t or generate a commercial return through
the delivery of goods or the provision of services while
non-cash-generating assets are items owned for a
purpose other than to obtain a commercial return. On
certain occasions, even if an asset is held mainly to
produce social economic fl ows that benefi t the group,
it can also generate a commercial return through part
of its installations or components or through a use
both incidental and different to its main use. When the
cash-generating component or use can be considered
accessory with respect to the main objective of the asset
as a whole, or it cannot be operated or exploited
independently from the rest of the components and
installations composing the asset, it is considered as a
whole to be non-cash-generating.
Recoverable amount is the higher of fair value less
costs to sell and value in use.
The Parent performs impairment tests as follows:
The recoverable amounts are calculated for each
cash generating unit; for the whole airport network
and all the air traffi c control centres and towers
through which the air traffi c control service is
provided.
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Consolidated Financial Statements
Management prepares a business plan each year
(Pluriannual Action Plan) which generally spans a
period of three years. The main components of this
plan, on which the impairment test is based, are
as follows:
− Earnings projections.
− Investment and working capital projections.
Otras variables que infl uyen en el cálculo del valor
recuperable son:
− Tipo de descuento a aplicar, entendiendo éste
como la media ponderada del coste de capital,
siendo las principales variables que infl uyen en
su cálculo, el coste de los pasivos y los riesgos
específi cos de los activos.
− Tasa de crecimiento de los fl ujos de caja empleada
para extrapolar las proyecciones de fl ujos
de efectivo más allá del período cubierto
por los presupuestos o previsiones.
The Pluriannual Action Plans are prepared in accordance
with the best estimates available and are approved
by the Board of Directors.
If an impairment loss has to be recognised, the Group
reduces the carrying amount of the assets in the cash
generating unit down to the limit of the highest of the
following values: fair value less costs to sell; value in
use (or, in the case of non-cash-generating assets, depreciated
replacement cost); and zero.
If an impairment loss were to subsequently reverse,
the carrying amount of the asset or cash-generating
unit would be increased to the revised estimate of its
recoverable amount, but so that the increased carrying
amount does not exceed the carrying amount that
would have been determined had no impairment loss
Annual report 2009 303

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Consolidated Financial Statements
been recognised in prior years. Such a reversal of an
impairment loss would be recognised as income.
In 2009 no material impairment losses were detected
as a result of the preceding analysis.
B) PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are presented in the consolidated
balance sheet and are measured at acquisition
cost, production cost or saleable assignment value less
any accumulated depreciation and any accumulated impairment
losses, as indicated in the previous note.
Assigned property, plant and equipment are measured
at their saleable value, which is considered to be the
actual value in use based on an independent appraisal
since, given that they are assigned to the Parent’s assets,
no consideration, which would have enabled the acquisition
cost to be determined, was paid.
Property, plant and equipment additions and purchases
made by the Group are measured at acquisition or
production cost and include the environmental costs required
to make them.
Property, plant and equipment additions prior to 31 December
1996 are measured at revalued cost or initial appraisal
value, pursuant to the related enabling legislation.
Interest and other fi nance costs incurred, directly attributable
to the acquisition or construction of assets at the
various airports, which necessarily require a period of
at least 12 months to come into operation, are treated
as an addition to the related assets. The assets not included
in the airport network do not include the fi nance
costs related to their fi nancing.
In-house work on non-current assets is measured at
accumulated cost (external costs plus in-house costs,
Annual report 2009
determined on the basis of in-house materials consumption,
direct labour and general manufacturing costs).
Replacements or renewals of complete items that lead
to a lengthening of the useful life of the assets or to an
increase in their economic capacity are accounted for
as additions to property, plant and equipment, and the
items replaced or renewed are derecognised.
Periodic maintenance, upkeep and repair expenses are
recognised in the income statement on an accrual basis
as incurred.
The Group depreciates its property, plant and equipment
once they are ready for use by the straight-line method
apportioning the carrying amount of the assets over their
estimated useful lives, except in the case of land, which is
considered to have an indefi nite useful life and is therefore
not depreciated. The useful life of the assigned property,
plant and equipment was estimated on the basis
of the degree of use of the assets included under each
heading. The years of estimated useful life are as follows:
Buildings
YEARS
20-50
Plant 10-20
Machinery 5-25
Other fi xtures 8-20
Furniture 10-13
Other items of property, plant and equipment 4-17
Additionally, when the realisable value of an asset is
less than its carrying amount, and the difference is not
considered to be fi nal, an allowance is recognised for
the difference. However, if the decrease in value is irreversible
the cost of the asset is reduced directly.
Upkeep and maintenance expenses are expensed
when incurred. The costs of renewals, expansion or
improvements leading to increased capacity, productivity
or to a lengthening of the useful lives of the assets
are capitalised.

The charge to the 2009 consolidated income statement
relating to the depreciation of property, plant
and equipment amounted to EUR 752,072 thousand
(EUR 653,153 thousand in 2008)(see Note 6).
C) INVESTMENT PROPERTY
“Investment Property” in the consolidated balance
sheet includes the value of buildings, other structures
and fi xtures held to earn rentals.
Investment property is measured as described in Note
4-b on property, plant and equipment.
The charge to the 2009 consolidated income statement
relating to the depreciation of investment property
amounted to EUR 3,402 thousand (EUR 3,008
thousand in 2008)(see Note 7).
D) LEASES
Leases are classifi ed as fi nance leases whenever the
terms of the lease transfer substantially all the risks
and rewards incidental to ownership of the leased asset
to the lessee. All other leases are classifi ed as operating
leases.
Finance leases
In fi nance leases in which the Group acts as the lessee,
the cost of the leased assets is presented in the consolidated
balance sheet, based on the nature of the
leased asset, and, simultaneously, a liability is recognised
for the same amount. This amount is the lower
of the fair value of the leased asset and the present
value, at the inception of the lease, of the agreed minimum
lease payments, including the price of the purchase
option when it is reasonably certain that it will
be exercised. The minimum lease payments do not
Legal Information
Consolidated Financial Statements
include contingent rent, costs for services and taxes
to be paid by and reimbursed to the lessor. The total
fi nance charges arising under the lease are allocated
to the consolidated income statement for the year
in which they are incurred using the effective interest
method. Contingent rent is recognised as an expense
for the period in which it is incurred.
In particular, the subsidiary Aena Desarrollo Internacional
arranged a fi nance lease which meets the
abovementioned characteristics, with BBVA acting as
the lessor (see the characteristics of the fi nancing in
Note 14), the purpose of which is the acquisition of
an automated fl ight inspection system (console), at a
cost of EUR 3,551 thousand, which is recognised under
“Property, Plant and Equipment – Other Items of
Property, Plant and Equipment” in the accompanying
consolidated balance sheet at 31 December 2009 (see
Note 6). The subsidiary Aena Desarrollo Internacional
is depreciating this asset over its estimated useful life,
i.e. over approximately ten years.
Operating leases
Lease income and expenses from operating leases corresponding
to the lessee are recognised in the consolidated
income statement on an accrual basis.
The acquisition cost of the leased assets is presented
in the consolidated balance sheet according to the nature
of the asset, increased by the costs directly attributable
to the lease, which are recognised as an
expense over the lease term, applying the same method
as that used to recognise lease income.
Any collection or payment that might be made when
arranging an operating lease will be treated as a prepaid
lease collection or payment which will be allocated
to profi t or loss over the lease term.
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Consolidated Financial Statements
E) FINANCIAL INSTRUMENTS
E-1) FINANCIAL ASSETS
Classifi cation
The fi nancial assets held by the Group are classifi ed in
the following categories:
a) Loans and receivables: fi nancial assets arising from
the rendering of services in the ordinary course of
the Group’s business, or fi nancial assets which, not
having commercial substance, are not equity instruments
or derivatives, have fi xed or determinable
payments and are not traded in an active market.
The directors of the Company and its subsidiaries do
not foresee any problems with regard to the recovery
of these assets.
b) Held-to-maturity investments: debt securities with
fi xed maturity and determinable payments that are
traded in an active market and which the Group has
the positive intention and ability to hold to the date
of maturity. The Group had not made any investments
of this nature at 31 December 2009.
c) Held-for-trading fi nancial assets: assets acquired
with the intention of selling them in the short term
and assets that form part of a portfolio for which
there is evidence of a recent actual pattern of shortterm
profi t-taking. This category also includes fi -
nancial derivatives that are not fi nancial guarantees
(e.g. suretyships) and that have not been designated
as hedging instruments.
d) Deposits and guarantees correspond mainly to
the guarantees given to the public authorities of
the various autonomous communities by virtue
of the Law on Urban Leases and to the deposits
given as a result of the compulsory purchases
made for the purpose of construction work at
various airports.
Annual report 2009
e) Available-for-sale fi nancial assets: these are equity
instruments of other companies that were not classifi
ed in any of the aforementioned categories.
Initial recognition
Financial assets are initially recognised at the fair value
of the consideration given, plus any directly attributable
transaction costs.
Subsequent measurement
Loans and receivables and held-to-maturity investments
are measured at amortised cost.
Available-for-sale fi nancial assets are measured at fair
value and the gains and losses arising from changes
in fair value are recognised in equity until the asset
is disposed of or it is determined that it has become
(permanently) impaired, at which time the cumulative
gains or losses previously recognised in equity are
recognised in the net profi t or loss for the year.
At least at each reporting date the Group tests fi nancial
assets not measured at fair value through profi t or
loss for impairment. Objective evidence of impairment
is considered to exist when the recoverable amount of
the fi nancial asset is lower than its carrying amount.
When this occurs, the impairment loss is recognised in
the consolidated income statement.
In particular, and with respect to the valuation adjustments
relating to trade and other receivables, impairment
losses are calculated in order to cover the risks of
doubtful debts and insolvency relating to balances of
a certain age and for which the related circumstances
recommend their classifi cation as doubtful debts.
The Group derecognises a fi nancial asset when it expires
or when the rights to the cash fl ows from the
fi nancial asset have been transferred and substan-

tially all the risks and rewards of ownership of the
fi nancial asset have been transferred, such as in the
case of fi rm asset sales, sales of fi nancial assets under
an agreement to repurchase them at fair value
and the securitisation of fi nancial assets in which
the transferor does not retain any subordinated
debt, provide any kind of guarantee or assume any
other kind of risk.
However, the Group does not derecognise fi nancial assets
and recognises a fi nancial liability for an amount
equal to the consideration received in transfers of fi -
nancial assets in which substantially all the risks and
rewards of ownership are retained.
E-2) FINANCIAL LIABILITIES
e-2) Financial liabilities
Financial liabilities include accounts payable by the
Group that have arisen from the purchase of goods
or services in the normal course of business and those
which, not having commercial substance, cannot be
classed as derivative fi nancial instruments.
Accounts payable are initially recognised at the fair
value of the consideration received, adjusted by the
directly attributable transaction costs. These liabilities
are subsequently measured at amortised cost.
F) HEDGE ACCOUNTING
The Group uses derivative fi nancial instruments to
hedge the risks to which its business activities, operations
and future cash fl ows are exposed. These
risks arise mainly as a result of changes in exchange
rates. Within the framework of these transactions,
the Group has a cash fl ow hedging instrument as described
in Note 10.
Legal Information
Consolidated Financial Statements
In order for this fi nancial instrument to qualify for hedge
accounting, it was initially designated as such and the
hedging relationship was documented. Also, the Group
verifi es, both at inception and periodically over the term
of the hedge (at least at the end of each reporting period),
that the hedging relationship is effective, i.e. that
it is prospectively foreseeable that the changes in the
fair value or cash fl ows of the hedged item (attributable
to the hedged risk) will be almost fully offset by those
of the hedging instrument and that, retrospectively, the
gain or loss on the hedge was within a range of 80-
125% of the gain or loss on the hedged item.
In a cash fl ow hedge, the portion of the gain or loss
on the hedging instrument that has been determined
to be an effective hedge is recognised temporarily
in equity and is recognised in the consolidated income
statement in the same period during which the
hedged item affects profi t or loss, unless the hedge
relates to a forecast transaction that results in the recognition
of a non-fi nancial asset or a non-fi nancial liability,
in which case the amounts recognised in equity
are included in the initial cost of the asset or liability
when it is acquired or assumed.
Hedge accounting is discontinued when the hedging instrument
expires or is sold, terminated or exercised, or
no longer qualifi es for hedge accounting. At that time,
any cumulative gain or loss on the hedging instrument
recognised in equity is retained in equity until the forecast
transaction occurs. If a hedged transaction is no longer
expected to occur, the net cumulative gain or loss recognised
in equity is transferred to net profi t or loss for the
year and the amount thereof is recognised as fi nancial
profi t or loss in the consolidated income statement.
G) INVENTORIES
Inventories include spare parts and sundry materials at
the Central Warehouses and the Parent’s Logistics Sup-
Annual report 2009 307

308
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Consolidated Financial Statements
port Centre, and are initially measured at cost (weighted
average cost). Acquisition cost is based on historic
cost for items identifi ed in the purchases books. Subsequently,
if the net realisable value of the inventories
is lower than the acquisition cost, the appropriate
write-downs will be made. If the circumstances causing
the inventories to be written down ceased to exist,
the amount of the write-down would be reversed.
H) FOREIGN CURRENCY
TRANSACTIONS
The Group’s functional currency is the euro. Therefore,
transactions in currencies other than the euro are
deemed to be “foreign currency transactions” and are
recognised by applying the exchange rates prevailing
at the date of the transaction.
At the end of each reporting period, monetary assets
and liabilities denominated in foreign currencies are
translated to euros at the rates then prevailing.
Any exchange differences arising on settlement or
translation at the closing rates of monetary items are
recognised in the consolidated income statement for
the year.
I) INCOME TAX
Tax expense (tax income) comprises current tax expense
(current tax income) and deferred tax expense
(deferred tax income).
The current income tax expense is the amount payable
as a result of income tax settlements for a given year.
Tax credits and other tax benefi ts, excluding tax withholdings
and pre-payments, and tax loss carryforwards
from prior years effectively offset in the current year
reduce the current income tax expense.
Annual report 2009
The deferred tax expense or income relates to the recognition
and derecognition of deferred tax assets and liabilities.
These include temporary differences measured
at the amount expected to be payable or recoverable on
differences between the carrying amounts of assets and
liabilities and their tax bases, and tax loss and tax credit
carryforwards. These amounts are measured at the tax
rates that are expected to apply in the period when the
asset is realised or the liability is settled.
Deferred tax liabilities are recognised for all taxable temporary
differences, except for those arising from the initial
recognition of goodwill or of other assets and liabilities in
a transaction that is not a business combination and affects
neither accounting profi t (loss) nor taxable profi t (tax
loss), and except for those associated with investments
in subsidiaries, associates and joint ventures in which the
Parent is able to control the timing of the reversal of the
temporary difference and it is probable that the temporary
difference will not reverse in the foreseeable future.
Deferred tax assets are recognised to the extent that
it is considered probable that the Parent will have taxable
profi ts in the future against which the deferred
tax assets can be utilised.
Deferred tax assets and liabilities arising from transactions
charged or credited directly to equity are also
recognised in equity.
The deferred tax assets recognised are reassessed at
the end of each reporting period and the appropriate
adjustments are made to the extent that there are
doubts as to their future recoverability. Also, unrecognised
deferred tax assets are reassessed at the end of
each reporting period and are recognised to the extent
that it has become probable that they will be recovered
through future taxable profi ts.
Since 2005, the Parent, as head of the AENA Group,
has fi led consolidated tax returns with certain subsid-

iaries as they meet the requirements established in this
connection.
The companies which form the tax group, together
with the Company in 2009 are as follows:
1. Aena Desarrollo Internacional, S.A.
2. Centros Logísticos Aeroportuarios, S.A.
J) REVENUE AND EXPENSES
Revenue and expenses are recognised on an accrual
basis, i.e. when the actual fl ow of the related goods
and services occurs, regardless of when the resulting
monetary or fi nancial fl ow arises.
Revenue from the rendering of services is recognised
by reference to the stage of completion of the transaction
at the end of the reporting period, provided that
the outcome of the transaction can be estimated reliably.
Interest income from fi nancial assets is recognised using
the effective interest method and dividend income
is recognised when the shareholder’s right to receive
payment has been established. Interest and dividends
from fi nancial assets accrued after the date of acquisition
are recognised as consolidated income.
The necessary administrative authorisation was not
obtained for certain staff costs incurred and recognised
in 2008 and in prior years.
Contracts for the provision of services
The revenue from the services contracts of the subsidiary
INECO includes the initial amount of the agreed
revenue, any amendments to the scope of the work
included in the agreement and the amounts related to
Legal Information
Consolidated Financial Statements
claims and incentives which are considered likely, provided
that the latter can be measured reliably.
Also, the costs of these contracts include the costs
directly related to the agreement, the costs related
to the general activity of the contract which may be
charged to the contract and any other cost which may
be passed on to the customer under the terms and
conditions of the agreement. Contract costs also include
those incurred during the negotiation thereof if
they can be identifi ed and measured reliably, provided
that the client is likely to accept the contract.
The revenue and costs of a services contract are recognised
by taking into consideration its stage of completion
at the reporting date, when the result thereof can
be estimated reliably. In this respect:
- In fi xed price contracts, this circumstance occurs
when the amount of revenue, the stage of completion,
the attributable costs and those still to be incurred
can be measured reliably; the attributable costs
can be clearly identifi ed so that the actual costs incurred
can be compared with the estimated costs and
it is probable that the economic benefi ts associated
with the contracts will fl ow to the entity.
- In cost plus contracts, revenue and expenses are
recognised when the costs attributable to the contracts,
whether or not specifi cally reimbursable, can be
clearly identifi ed and measured reliably and it is probable
that the economic benefi ts associated with the
contracts will fl ow to the entity.
The subsidiary INECO measures the stage of completion
of the contracts in accordance with the costs incurred.
The changes in forecast contract revenue and expenses
are recognised prospectively in the current year and
in future years as a change in estimates.
Annual report 2009 309

310
Legal Information
Consolidated Financial Statements
Expected losses on construction contracts are recognised
as an expense immediately.
K) ) PROVISIONS
AND CONTINGENCIES
In preparing its consolidated fi nancial statements, the
Group distinguishes between:
a. Provisions: credit balances covering present obligations
arising from past events with respect to
which it is probable that an outfl ow of resources
embodying economic benefi ts that is uncertain as
to its amount and/or timing will be required to settle
the obligations; and.
b. Contingent liabilities: possible obligations that
arise from past events and whose existence will
be confi rmed only by the occurrence or non-occurrence
of one or more future events not wholly
within the Group’s control.
The consolidated fi nancial statements include all
the provisions with respect to which it is considered
that it is more likely than not that the obligation
will have to be settled. Contingent liabilities are not
recognised in the consolidated fi nancial statements,
but rather are disclosed to the extent that they are
deemed possible.
Provisions are measured at the present value of the
best possible estimate of the amount required to settle
or transfer the obligation to a third party. Where discounting
is used, adjustments made to provisions are
recognised as interest cost on an accrual basis.
The compensation to be received from a third party on
settlement of the obligation is recognised as an asset,
provided that there are no doubts that the reimbursement
will take place, unless there is a legal relationship
Annual report 2009
whereby a portion of the risk has been externalised as
a result of which the Group is not liable.
The main estimates made by the Group were as follows:
Provision for taxes
“Provision for Taxes” relates to the amount of tax
debts whose exact amount or date of payment cannot
be determined yet, since they depend on the fulfi
lment of certain conditions. Provisions are recognised
in accordance with the best estimates available.
Provisions for third-party liability
“Provisions for Third-Party Liability” corresponds to
the estimated amount required for probable or certain
liability arising from litigation in progress and indemnity
payments or obligations of undetermined amount.
This provision is recognised when the liability arises
and in accordance with best estimates based on available
information.
Provisions for employment
benefi t obligations acquired
The cost of the obligations arising from employee benefi
t obligations is recognised on an accrual basis, in accordance
with the best estimate calculated using the
data available to the Group.
The Group undertakes to make long-term defi ned
contribution and long-term defi ned benefi t payments
to its employees. Defi ned contribution benefi ts will
give rise to liabilities due to benefi ts when there are
accrued contributions payable at year-end. Under defi
ned benefi t obligations, the amount of the provision
to be recognised is the difference between the present
value of the obligations assumed and the fair value
of the possible assets relating to the obligations with
which the latter will be settled.

L) TERMINATION BENEFITS
Under current employment legislation, the Group is required
to pay termination benefi ts to employees terminated
under certain conditions. Termination benefi ts
that can be reasonably quantifi ed are recognised as an
expense in the year in which the decision to terminate
the employment relationship is taken. The directors of
the Company and its subsidiaries do not foresee any
terminations in the future that might make it necessary
to recognise a provision in this connection.
M) ACTIVITIES WITH AN
ENVIRONMENTAL IMPACT
Se considera actividad medioambiental cualquier operación
cuyo propósito principal sea prevenir, reducir o
reparar el daño sobre el medio ambiente.
Environmental activities are those the purpose of
which is to prevent, reduce or redress damage to the
environment.
In this respect, investments made in connection with
environmental activities are measured at acquisition
cost and are capitalised as an addition to non-current
assets in the year in which they are made, using the
methods described in Note 4-b.
The expenses arising from environmental protection
and enhancement measures are charged to income in
the year in which they are incurred, regardless of when
the resulting monetary or fi nancial fl ow arises.
The provisions for probable or certain third-party liability,
litigation in progress and outstanding environmental
indemnity payments or obligations of undetermined
amount not covered by the insurance policies taken
out are recognised, where appropriate, when the liability
or obligation giving rise to the indemnity or payment
arises, as described in Note 4-k.
Legal Information
Consolidated Financial Statements
N) GRANTS, DONATIONS
OR GIFTS AND LEGACIES RECEIVED
Non-refundable grants, donations or gifts and legacies
related to assets are recognised as such when
there is a specifi c agreement relating to the award
of the grant, the conditions established for the
award of the grant have been met and there are no
reasonable doubts in relation to the award thereof.
Since 2009 -in the case of grants awarded for the
construction of assets the execution of which has
not yet been completed- grants have been classifi ed
as non-refundable in proportion the construction
work completed provided that there are no reasonable
doubts that the construction will be completed
in accordance with the terms and conditions established
in the concession agreement (see Note 2-f). In
general, they are measured at the fair value of the
amount or the asset granted and are initially recognised
as income net of tax recognised directly in equity
and are allocated to profi t or loss in proportion
to the period depreciation on the assets for which
they were granted, except in the case of non-depreciable
assets, the grants for which are allocated to
profi t or loss in the year in which the assets are disposed
of or impairment losses are recognised. Government
grants to compensate costs are recognised
in profi t or loss on a systematic basis over the periods
in which the Group recognises as expenses the
related costs for which the grants are intended to
compensate.
Refundable grants, donations or gifts and legacies received
are recognised as liabilities of the company until
they become non-refundable or are repaid.
Grants related to income are credited to income when
granted, unless their purpose is to fi nance losses from
operations in future years, in which case they are allocated
to income in those years. If grants are received
to fi nance specifi c expenses, they are allocated to income
as the related expenses are incurred.
Annual report 2009 311

312
Legal Information
Consolidated Financial Statements
O) RELATED PARTY TRANSACTIONS
The Company and its subsidiaries perform all their
transactions with related parties on an arm’s length
basis. Also, the transfer prices are adequately support-
5. INTANGIBLE ASSETS
The changes in intangible assets in 2009 and 2008 were as follows:
2009
Annual report 2009
ed and, therefore, the directors of the Company and
its subsidiaries consider that there are no material risks
in this connection that might give rise to signifi cant liabilities
in the future.
THOUSANDS OF EUROS
Development Expenditure Other Intangible Assets Computer Software Total
Cost:
Balance at 1 January 2009 34,522 262,217 298,262 595,001
Additions 17,576 21,993 54,304 93,873
Disposals / reductions -94 -1,042 -21,029 -22,165
Transfers (Note 6) 44,792 -74,858 2,730 -27,336
Balance at 31 December 2009
Accumulated amortisation:
96,796 208,310 334,267 639,373
Balance at 1 January 2009 -9,447 -131,552 -194,661 -335,660
Amortisation charge -790 -4,248 -36,807 -41,845
Disposals / reductions 34 19 20,430 20,483
Transfers (Note 6) 27 215 -33 209
Balance at 31 December 2009 -10,176 -135,566 -211,071 -356,813
Net: 86,620 72,744 123,196 282,560
2008
Development Expenditure
MILES DE EUROS
Other Intangible Assets Computer Software Total
Cost:
Balance at 1 January 2008 57,259 238,825 258,885 554,969
Additions 13,766 39,404 41,223 94,393
Disposals / reductions - -780 -5,316 -6,096
Transfers (Note 6) -36,503 -15,232 3,470 -48,265
Balance at 31 December 2008
Accumulated amortisation:
34,522 262,217 298,262 595,001
Balance at 1 January 2008 -9,750 -117,997 -166,752 -294,499
Amortisation charge -1,425 -13,982 -32,754 -48,161
Disposals / reductions - 13 4,850 4,863
Transfers (Note 6) 1,728 414 -5 2,137
Balance at 31 December 2008 -9,447 -131,552 -194,661 -335,660
Net: 25,075 130,665 103,601 259,341

Main additions
The main additions in 2009 and 2008 to “Computer
Software” related to acquisitions and to improvements
to and the development of new technology for
computer software, in particular in relation to navigation
and airport central services.
The main additions to “Other Intangible Assets” in
2009 and 2008 related to technical assistance associated
with the Master Plans for Barcelona-El Prat airport.
In 2009 the Parent capitalised EUR 5.02 million (EUR
3.04 million in 2008) relating to fi nance costs incurred
during the development period of intangible assets.
6. PROPERTY, PLANT AND EQUIPMENT
Legal Information
Consolidated Financial Statements
Fully amortised intangible assets
The changes in “Property, Plant and Equipment” in 2009 and 2008 were as follows:
2009
Cost:
LAND AND
BUILDINGS
PLANT AND
MACHINERY
A 31 de diciembre de 2009 existe inmovilizado intangible
en uso con un coste original de 276,98
millones de euros (258,55 millones de euros a 31
de diciembre de 2008), que está totalmente amortizado.
El detalle de los ejercicios 2009 y 2008 es el
siguiente:
THOUSANDS OF EUROS
2009 2008
Development expenditure 4,396 7,319
Computer software 135,657 128,390
Computer software 136,924 122,839
Total 276,977 258,548
THOUSANDS OF EUROS
OTHER
FIXTURES,
TOOLS AND
FURNITURE
PROPERTY,
PLANT AND
EQUIPMENT IN
THE COURSE OF
CONSTRUCTION
OTHER ITEMS
OF PROPERTY,
PLANT AND
EQUIPMENT
Balance at 1 January 2009 11,680,537 1,682,676 2,528,256 3,652,705 346,856 19,891,030
Additions 273,877 56,963 114,823 1,122,372 32,310 1,600,345
Disposals / reductions -66,910 -37,751 -20,127 -30,231 -12,628 -167,647
Transfers (Note 5) 1,231,559 143,531 662,884 -2,047,065 36,427 27,336
Balance at 31 December 2009 13,119,063 1,845,419 3,285,836 2,697,781 402,965 21,351,064
Accumulated depreciation:
Balance at 1 January 2009 -2,647,002 -904,064 -991,882 - -267,453 -4,810,401
Depreciation charge -377,316 -127,971 -197,963 - -48,822 -752,072
Disposals / reductions 25,873 32,235 17,463 - 12,491 88,062
TOTAL
Annual report 2009 313

314
2009
Legal Information
Consolidated Financial Statements
The detail of the value of the buildings and land relating
to the properties owned by the Group at the end
of 2009 and 2008 is as follows:
THOUSANDS OF EUROS
PROPERTY
2009 2008
Land 3,346,024 3,249,883
Buildings 9,773,039 8,430,654
Total 13,119,063 11,680,537
Annual report 2009
LAND AND
BUILDINGS
PLANT AND
MACHINERY
THOUSANDS OF EUROS
OTHER
FIXTURES,
TOOLS AND
FURNITURE
PROPERTY,
PLANT AND
EQUIPMENT IN
THE COURSE OF
CONSTRUCTION
OTHER ITEMS
OF PROPERTY,
PLANT AND
EQUIPMENT
Transfers (Note 5) -236 282 -773 - 518 -209
Balance at 31 December 2009 -2,998,681 -999,518 -1,173,155 - -303,266 -5,474,620
Net: 10,120,382 845,901 2,112,681 2,697,781 99,699 15,876,444
2008
Cost:
LAND AND
BUILDINGS
PLANT AND
MACHINERY
THOUSANDS OF EUROS
OTHER
FIXTURES,
TOOLS AND
FURNITURE
PROPERTY,
PLANT AND
EQUIPMENT IN
THE COURSE OF
CONSTRUCTION
OTHER ITEMS
OF PROPERTY,
PLANT AND
EQUIPMENT
Balance at 1 January 2008 11,074,613 1,617,484 2,374,907 2,379,598 330,474 17,777,076
Additions 342,325 39,339 67,629 1,700,933 20,517 2,170,743
Disposals / reductions -27,995 -33,111 -27,573 -308 -16,067 -105,054
Transfers (Note 5) 291,594 58,964 113,293 -427,518 11,932 48,265
Balance at 31 December 2008 11,680,537 1,682,676 2,528,256 3,652,705 346,856 19,891,030
Accumulated depreciation:
Balance at 1 January 2008 -2,311,677 -815,287 -853,765 - -242,603 -4,223,332
Depreciation charge -342,243 -106,828 -162,103 - -41,979 -653,153
Disposals / reductions 7,514 20,697 23,979 - 16,031 68,221
Transfers (Note 5) -596 -2,646 7 - 1,098 -2,137
Balance at 31 December 2008 -2,647,002 -904,064 -991,882 - -267,453 -4,810,401
Net: 9,033,535 778,612 1,536,374 3,652,705 79,403 15,080,629
TOTAL
TOTAL
At 2009 and 2008 year-end, the subsidiary Aena Desarrollo
Internacional had arranged a fi nance lease
with BBVA (see Notes 8 and 14) on an automated
fl ight inspection system (console) which is recognised
under “Other Items of Property, Plant and Equipment
– Computer Hardware”.
Also, on 5 July 2007, the subsidiary Aena Desarrollo Internacional
acquired an aircraft for EUR 2,590 thousand

which was fi nanced by a loan granted by “La Caixa”
amounting to EUR 3,000 thousand (see Note 14). This
aircraft is recognised under “Other Items of Property,
Plant and Equipment – Transport Equipment”.
As described in Note 4-b, in prior years, the Parent revalued
its property, plant and equipment pursuant to
various legal regulations, in particular, Royal-Decree-
Law 7/1996, of 7 June.
The cost of the cumulative revaluations at 31 December
2009 and 31 December 2008, performed pursuant
to Royal Decree-Law 7/1996, of 7 June, amounted
to EUR 262.47 million and EUR 267.09 million, respectively.
At 31 December 2009, the accumulated depreciation
amounted to EUR 159.74 million, and its effect
on period depreciation amounted to EUR 3,82 million
(At 31 December 2008 amounted to EUR 155.92 million
and EUR 7.82 million respectively).
Interest expenses incurred in 2009 totalling EUR 68.63
million (EUR 94.28 million in 2008)were capitalised in
relation to the fi nancing of property, plant and equipment
in the course of construction and EUR 11.29 million
(EUR 14.09 million in 2008) were capitalised in
relation to in-house work performed by the Parent on
its property, plant and equipment.
In relation to capitalised fi nance costs, the Parent considers
that the purpose of all its non-current loans is
to fi nance investment. The interest accrued is capitalised
as an addition to these assets in proportion to the
property, plant and equipment in the course of construction
taken as a percentage of the total cost of the
investment in the year.
Non-current asset additions
2009
The main additions recognised in 2009 were as follows:
Legal Information
Consolidated Financial Statements
Land and buildings
In accordance with the accounting principle of prudence,
the Parent capitalises the land compulsorily
purchased to carry out construction projects in progress
at the airports for the amount of just compensation
estimated to be established for the land. This
amount is charged against a provision for contingencies
and charges recognised for the amount payable
(see Note 13.2). Land additions amounting to EUR 25
million relate mainly to the land acquired to extend the
Córdoba airport.
The main additions to “Buildings” in 2009 relate to
assets of the Barcelona-El Prat airport, where the new
Terminal 1 entered into service in June 2009.
Property, plant and equipment
in the course of construction
The main additions in 2009 relate to the extensions of
the Barcelona-El Prat and Palma de Mallorca airports.
Plant and other items of property, plant and equipment
The additions in 2009 related mainly to the installations
required to start up the new terminal at the Barcelona-El
Prat airport and the increased capacity of the
automatic baggage-handling system at Madrid-Barajas
airport.
2008
The main additions recognised in 2008 were as follows:
Land and buildings
In accordance with the accounting principle of prudence,
the Parent capitalises the land compulsorily
purchased to carry out construction projects in progress
at the airports for the amount of just compensation
estimated to be established for the land. This
Annual report 2009 315

316
Legal Information
Consolidated Financial Statements
amount is charged against a provision for contingencies
and charges recognised for the amount payable
(see Note 13.2). Land additions amounting to EUR 174
million relate mainly to the land acquired to extend the
Madrid-Barajas and Málaga airports.
Property, plant and equipment
in the course of construction
The main additions in 2008 relate to the extensions of
the Barcelona-El Prat and Málaga airports.
Plant and other items of property,
plant and equipment
The additions in 2008 related mainly to air conditioning
systems resulting from the extension of Barcelona-El
Prat and Málaga airports and electricity
system overhauls at Alicante and Madrid-Barajas
airports.
Disposals
2009
At the Palma de Mallorca and Menorca airports and
to the renovation of the air conditioning systems and
multi-service network at Madrid-Barajas airport.
The rest of the disposals of property, plant and equipment
were not material amounts.
2008
The main disposals relate to the air conditioning system
at Tenerife Sur airport and also to the disposals
resulting from the refurbishment work carried out at
terminals 1 and 2 of Madrid-Barajas airport.
The individual amounts of the remaining disposals of
property, plant and equipment are not material.
Annual report 2009
Impairment
2009
The Parent considered that there were no indications
of impairment at 31 December 2009 that would require
the recognition of an impairment loss.
2008
The Parent considered that the impairment losses
recognised in the consolidated balance sheet at 2007
year-end amounting to EUR 29.4 million did not meet
the requirements to be maintained as such under the
new Spanish National Chart of Accounts as they were
similar to accelerated depreciation. Consequently, the
Parent recognised this amount as an increase to the
accumulated depreciation of the related assets.
Grants received
2009
At 31 December 2009, the Parent received grants in
connection with its property, plant and equipment and
intangible assets for an accumulated amount of EUR
422 million, of which EUR 22,8 million correspond to
additions in the year (see Note 11-d). The gross cost of
the assets associated with these grants is EUR 2.186
million, of which EUR 2.169,9 million relate to property,
plant and equipment, and EUR 16,5 million to intangible
assets.
2008
At 31 December 2008, the Parent received grants associated
with its property, plant and equipment and
intangible assets amounting to EUR 383.3 million (net
of tax), of which EUR 64.5 million relate to additions
in the year (see Note 12-g). The total cost of the assets
associated with these grants is EUR 1,960 million,

of which EUR 1,942.4 million relate to property, plant
and equipment and EUR 17.6 million relate to intangible
assets.
Limitations
The assets assigned to the consolidated Group relating
to the Company Aeropuertos Españoles y Navegación
Aérea, are public domain assets with respect to which
Aeropuertos Españoles y Navegación Aérea does not
have title or powers of disposal or encumbrance.
Fully amortised items of property,
plant and equipment
At 31 December 2009, the property, plant and equipment
in use with an original cost of EUR 1,370.66
million (EUR 1,066.97 million in 2008) were fully amortised
and are still in use, the detail being as follows:
THOUSANDS OF EUROS
2009 2008
Plant and machinery 411,927 376,100
Other fi xtures, tools and furniture 296,534 223,289
Other items of property, plant and
equipment
199,561 177,405
Total 1,370,658 1,069,974
Total 1.370.658 1.069.974
2009
Cost:
Legal Information
Consolidated Financial Statements
Obligations
At 31 December 2009, the investments yet to be performed
amounted to approximately EUR 1,155 million
(EUR 1,260 million in 2008) , comprising both contracts
that have not yet been formalised and fi rm contracts
not yet executed.
Insurance policies
The Group takes out insurance policies to suffi ciently
cover the possible risks to which its property, plant and
equipment are subject. At 31 December 2009 and 31
December 2008, property, plant and equipment were
fully insured against such risks.
7. INVESTMENT PROPERTY
Investment property relates mainly to properties earmarked
for lease, except for the surface area used by
the subsidiary CLASA to carry out its activities.
The changes in 2009 and 2008 in “Investment Property”
in the consolidated balance sheet and the most signifi cant
information affecting this heading were as follows:
THOUSANDS OF EUROS
LAND AND BUILDINGS PLANT OTHER FIXTURES TOTAL
Balance at 1 January 2009 111,040 4,803 26 115,869
Additions 303 197 - 500
Disposals or reductions - -60 - -60
Balance at 31 December 2009 111,343 4,940 26 116,309
Accumulated depreciation:
Balance at 1 January 2009 -20,260 -1,866 -11 -22,137
Depreciation charge -3,145 -254 -3 -3,402
Annual report 2009 317

318
2009
2008
Cost:
Legal Information
Consolidated Financial Statements
Investment property additions
The main additions in 2009 relate to the installation
of the new lift cabins at Barajas and the settlement of
construction work at the Barcelona facilities.
The main additions in 2008 relating to “Buildings”
correspond to the fi nal settlement of the construction
work at the industrial building, lot 1.1 of the Barcelona
cargo centre.
Investment property obligations
At 2009 and 2008 year-end, no investment property
items were subject to guarantees.
Annual report 2009
THOUSANDS OF EUROS
LAND AND BUILDINGS PLANT OTHER FIXTURES TOTAL
Disposals or reductions - 35 - 35
Balance at 31 December 2009 -23,405 -2,085 -14 -25,504
Net: 87,938 2,855 12 90,805
THOUSANDS OF EUROS
LAND AND BUILDINGS PLANT OTHER FIXTURES TOTAL
Balance at 1 January 2008 110,218 4,352 26 114,596
Additions 1,338 684 - 2,022
Disposals or reductions -516 -233 - -749
Balance at 31 December 2008 111,040 4,803 26 115,869
Insurance policies
Accumulated depreciation:
Balance at 1 January 2008 -17,493 -1,770 -9 -19,272
Depreciation charge -2,779 -227 -2 -3,008
Disposals or reductions 12 131 - 143
Balance at 31 December 2008 -20,260 -1,866 -11 -22,137
Net: 90,780 2,937 15 93,732
The Group takes out insurance policies to cover the
possible risks to which its investment property is subject.
At 2009 year-end, the Group was reasonably insured
against such risks.
Fully depreciated investment property
At 31 December 2009 there were fully depreciated
investment property items in use with an original cost
of EUR 60 thousand. At 31 December 2008, there
were no fully depreciated investment property items
that were still in use.

8. LEASES
Finance leases
At 2008 year-end, the subsidiary Aena Desarrollo Internacional
had arranged a fi nance lease with BBVA
(see the terms and conditions of the fi nance lease in
Note 14) on an automated fl ight inspection system
(console) which is recognised under “Property, Plant
and Equipment” in the accompanying consolidated
balance sheet at 31 December 2008 (see Note 6).
At 31 December 2009 and 31 December 2008, the
amount of the minimum lease payments payable in
the future, excluding infl ation increases or other contingent
payments arising from the aforementioned fi -
nance lease, are as follows::
THOUSANDS OF EUROS
MINIMUM FINANCE LEASE PAYMENTS
2009 2008
Within one year 454 146
Between one and fi ve years 2,419 2,924
After fi ve years 715 1,170
Total 3,588 4,240
At 31 December 2009 and 31 December 2008, the
interest maturing on this agreement in coming years,
was as follows:
THOUSANDS OF EUROS
INTEREST - MATURITY
2009 2008
Within one year 36 45
Between one and fi ve years 100 592
After fi ve years 2 52
Total 138 689
Operating leases
At the end of 2009 and 2008 the Group had contracted
with lessors for the following minimum lease payments,
based on the leases currently in force, without
Legal Information
Consolidated Financial Statements
taking into account the charging of common expenses,
future increases in line with the CPI or future contractual
lease payment revisions:
LEASE PAYMENTS MINIMUM
THOUSANDS OF EUROS
OPERATING
2009 2008
Within one year 14,615 11,543
Between one and fi ve years 25,525 13,648
Total 40,140 25,191
The operating lease agreements held by the Group at
year-end related mainly to the rental of offi ces, parking
spaces and IT equipment.
The lease payments recognised as an expense in 2009
and 2008 amounted to EUR 18,549 thousand and
EUR 23,620 thousand, respectively (see note 16.d)
At the end of 2009 and 2008 the subsidiary CLASA
had contracted with tenants for the following minimum
lease payments, based on the leases currently
in force, without taking into account the charging of
common expenses, future increases in line with the
CPI or future contractual lease payment revisions:
THOUSANDS OF EUROS
MINIMUM OPERATING
2009 2008
Within one year 1,954 1,203
Between one and fi ve years 4,022 9,268
After fi ve years 439,483 424,939
Total 445,459 435,410
These leases relate mainly to the assets included under
“Investment Property” with an original cost of EUR
116,309 thousand (EUR115,869 thousand in 2008),
receiving annual rental income of EUR 18,740 thousand
(EUR 19,192 thousand in 2008). The total built
area measures 137 thousand square metres.
Annual report 2009 319

320
Legal Information
Consolidated Financial Statements
9. FINANCIAL ASSETS
9.1 NON-CURRENT INVESTMENTS IN GROUP COMPANIES AND ASSOCIATES
Investments in companies accounted for using the equity method
The detail and changes in investments in companies accounted for using the equity method in 2009 and 2008 is as follows:
2009
COMPANY
The translation differences arising in 2009 amounting
to EUR 1,741 thousand relate to the difference between
the balance recorded in this connection in 2008
Annual report 2009
BALANCE AT
01/01/09
SHARE OF
RESULTS OF
INVESTEES
THOUSANDS OF EUROS
DIVIDENDS PAID
TRANSLATION
DIFFERENCES
OTHER
BALANCE AT
31/12/09
RAESA 3,459 1,059 -1,656 - - 2,862
AMP 52,625 5,947 -3,222 1,303 -65 56,588
SACSA 1,277 1,111 -1,021 160 -219 1,308
ACSA 613 1,044 -1,088 111 -52 628
AEROCALI 1,782 899 -921 167 -62 1,865
TIFSA 14,849 4,371 -2,713 - - 16,507
2008
COMPANY
BALANCE AT
01/01/08
74,605 14,431 -10,621 1,741 -398 79,758
SHARE OF
RESULTS OF
INVESTEES
(EUR (9,246) thousand) and that recognised in 2009
(EUR (7,505) thousand) (see Note 12-f).
THOUSANDS OF EUROS
DIVIDENDS PAID
TRANSLATION
DIFFERENCES
OTHER
BALANCE AT
31/12/08
RAESA 4,544 1,657 -2,742 - - 3,459
AMP 57,587 4,427 -2,324 -9,024 1,959 52,625
SACSA 913 892 -446 -75 -7 1,277
ACSA 494 1,091 -936 -36 - 613
AEROCALI 1,439 1,063 -627 -111 18 1,782 1.782
TIFSA 11,798 5,428 -2,377 - - 14,849
76,775 14,558 -9,452 -9,246 1,970 74,605

The balance at 31 December 2009 and 2008 includes
the goodwill on consolidation of the companies accounted
for using the equity method, net of accumulated
amortisation, arising on the acquisition in 2006
of the additional 7,83% stake in AMP for EUR 2,126
thousand.
NON-CURRENT FINANCIAL ASSETS
Legal Information
Consolidated Financial Statements
9.2. NON-CURRENT
FINANCIAL ASSETS
El saldo de las cuentas del epígrafe “Inversiones fi nancieras
a largo plazo” al cierre de los ejercicios 2009 y
2008 es el siguiente:
THOUSANDS OF EUROS
2009 2008
Equity instruments 59,153 59,053
Derivatives (Note 10) 411 -
Long-term deposits and guarantees 2,006 2,128
Total 61,570 61,181
a) Equity instruments
A detail of the most signifi cant equity instruments is as follows:
NAME AND LOCATION LINE OF BUSINESS
Agencia Barcelona Regional Edifi cio
Centreservei, Zona Franca Carrer 60,
25-27 Barcelona
GroupEAD Europe S.L - Juan Ignacio
Luca de Tena 14 Madrid
Grupo Navegación por Satélite Sistemas
y Servicios, S.L.- C/ Gobelas nº41
Madrid
Airport Concessions and Development
Limited (ACDL) - 10, Upper Bank St
London – U.K.
European Satellite Service Provider, SAS
(ESSP SAS) Toulose - Francia
European Satellite Service Provider
European Economic Interest Grouping.
(ESSP EEIG) Bruselas-Bélgica
Analyses and prospecting in relation
to urban development, regional and
environmental matters. Design, development,
management, implementation, execution
and operation of, and counselling on, all
manner of construction work, buildings and
urban infrastructures and systems in the
metropolitan area.
Operation of a database system for
aeronautical information systems.
Development and implementation of changes
in and improvements to the database and
related consulting services.
Development, implementation, operation,
exploitation and marketing of services related
to the global satellite navigation system
currently known as Galileo.
Financial asset management of TBI airport
group.
FRACTION OF
DIRECT CAPITAL
(%)
OWNER OF INVESTMENT
11.76 AENA
36 AENA
19.30 AENA
10 AENA Desarrollo Internacional
Development of satellite navigation system. 16.67 AENA Desarrollo Internacional
Development of satellite navigation system. 16.67 AENA Desarrollo Internacional
The detail and changes in the most signifi cant equity instruments in the accompanying consolidated balance sheet
at 31 December 2009 and 31 December 2008 is as follows:
Annual report 2009 321

322
Legal Information
Consolidated Financial Statements
b) Transactions and balances with companies accounted for using the equity method
The breakdown of receivables and payables and the detail of the transactions performed with companies accounted
for using the equity method at 31 December 2009 and 31 December 2008 are as follows:
Annual report 2009
2009
EQUITY INSTRUMENTS- AVAILABLE FOR SALE -
FINANCIAL ASSETS-MEASURED AT COST: COST
BALANCE AT 01/01/09
THOUSANDS OF EUROS
ADDITIONS AND
CHARGES
BALANCE AT 31/12/09
Airport Concessions and Development Limited (ACDL) 78,596 - 78,596
European Satellite Services Provider (ESSP EEIG) 18 - 18
European Satellite Services Provider, SAS (ESSP SAS) 167 - 167
Agencia Barcelona Regional 180 - 180
GroupEAD Europe S.L. 360 - 360
Grupo Navegación por Satélite Sistemas y Servicios, S.L.
Impairment
198 - 198
Airport Concessions and Development Limited (ACDL) -21,174 - -21,174
Total investment in “Equity Instruments" 58,345 - 58,345
2008
EQUITY INSTRUMENTS- AVAILABLE FOR SALE -
FINANCIAL ASSETS-MEASURED AT COST: COST
BALANCE AT 01/01/09
THOUSANDS OF EUROS
ADDITIONS AND
CHARGES
BALANCE AT 31/12/09
Airport Concessions and Development Limited (ACDL) 78,596 - 78,596
European Satellite Services Provider (ESSP EEIG) 18 - 18
European Satellite Services Provider, SAS (ESSP SAS) - 167 167
Agencia Barcelona Regional 180 - 180
GroupEAD Europe S.L. 360 - 360
Grupo Navegación por Satélite Sistemas y Servicios, S.L.
Impairment
198 - 198
Airport Concessions and Development Limited (ACDL) -6,652 -14,522 -21,174
Total investment in “Equity Instruments" 72,700 -14,355 58,345
2009
RECEIVABLES SUPPLIER
THOUSANDS OF EUROS
INCOME FROM SERVICES PROVIDED EXPENSES OF SERVICES RECEIVED
TIFSA 5,661 1,081 37,791 9,677
RAESA 4,837 170 16,989 750
ACSA 55 - 425 -
SACSA 19 - 314 -
AMP 777 - 2,410 -
Aerocali 13 - 215 -
GAP 170 - 107 -
11,532 1,251 58,251 10,427

2008
RECEIVABLES
SHORT-TERM
RECEIVABLES
THOUSANDS OF EUROS
SUPPLIER
Legal Information
Consolidated Financial Statements
INCOME FROM
SERVICES PROVIDED
EXPENSES OF
SERVICES RECEIVED
TIFSA 4,514 2,000 888 30,337 8,536
RAESA 4,487 - 89 17,155 596
ACSA 38 - - 247 -
SACSA 55 - - 287 -
AMP 1,102 - - 2,961 -
Aerocali 10 - - 334 -
GAP 509 - - 556 -
10,715 2,000 977 51,877 9,132
The EUR 2,000 thousand loan received by Ineco from
its investee Tifsa matured on 23 January 2009 and the
applicable interest rate was 3.824%.
9.3 CURRENT FINANCIAL ASSETS
The balance of “Current Financial Assets” at the end
of 2009 and 2008 was as follows:
THOUSANDS OF EUROS
CURRENT FINANCIAL ASSETS
2009 2008
Loans to companies 3,882 2,571
Short-term deposits and guarantees 5,083 33,781
Other fi nancial assets 7,655 1,119
Total 16,620 37,471
At 31 December 2009, the subsidiary Aena Desarrollo
Internacional included under “Other Financial Assets”
the following short-term deposits, and the related accrued
interest receivable, denominated in US dollars and
arranged with the following banks, all of which mature
within one year and earn interest at a market rate:
THOUSANDS OF
USD
THOUSANDS OF
EUROS
La Caixa 3,007 2,087
Caja de Madrid 2,012 1,396
Barclays Bank 3,503 2,432
Santander Central Hispano 2,506 1,740
Total 11,028 7,655
9.4 INFORMATION ON THE NATURE
AND LEVEL OF RISK OF FINANCIAL
INSTRUMENTS
The main principle of the fi nancial policies of the companies
composing the Aena Group is based on their
being centralised at the Administration and Finance
department, to the extent that all the fi nancial assets
and liabilities are arranged and managed by this department,
except for INECO, which has independent fi nancing
policies. The main fi nancial risks are as follows:
A) INTEREST RATE RISK
The Company’s objective in relation to interest rate risk
management is to optimise the fi nance costs within the
risk limits established. The Company does not usually perform
commercial transactions in currencies other than the
euro (unlike subsidiaries such as Aena Desarrollo Internacional
and INECO), and accordingly, the fi nance cost risk is focused
on interest rate risk in the case of the Parent, the risk
variables being three-month Euribor (used for non-current
payables) and one-month Euribor (used in credit facilities).
The fi nance cost risk is also calculated for the duration
of the Pluriannual Action Plan (PAP), establishing interest
rate performance scenarios for the period in question.
Note 14 provides a detail of the interest rates of
the bank borrowings.
Annual report 2009 323

324
Legal Information
Consolidated Financial Statements
The Company has arranged transactions to hedge the
risk of changes in interest rates, as detailed in Note 10.
B) LIQUIDITY RISK
The main risk variables are: limitations in the fi nancing
markets, increase in forecast investment and decrease
in cash-fl ow generation.
In order to maintain suffi cient liquidity to meet the
fi nancial requirements over a minimum of twelve
months, a long-term fi nancing policy was established
by signing agreements or framework agreements with
institutions such as Instituto de Crédito Ofi cial and the
European Investment Bank, and by arranging short-
and medium-term liquidity lines.
This risk is managed by closely monitoring the maturity
schedule of the Group’s fi nancial payables, and
through the proactive management and maintenance
of credit lines that enable the projected liquidity needs
to be covered.
Lastly, the Group makes cash projections on a systematic
basis in order to assess its cash needs. This liquidity
policy ensures the fulfi lment of the payment obligations
assumed without having to resort to high interest-bearing
fi nancing, thereby enabling the liquidity
position to be maintained on an ongoing basis.
C) CREDIT RISK
The risk variable is the credit rating of the counterparty,
and, accordingly, the objective is focused on
minimising the risk of counterparty non-compliance
Annual report 2009
2009 CLASSIFICATION MATURITY (*)
without adversely affecting the price. In general, the
Parent holds its cash and cash equivalents at banks
with high credit ratings.
D) FOREIGN CURRENCY RISK
The subsidiary Aena Desarrolllo Internacional is exposed
to exchange rate fl uctuations which might
affect its sales, profi t, equity and cash fl ows. In this respect,
this subsidiary has arranged a cash fl ow hedge
as a result of changes in exchange rates which is described
in Note 10.
10. DERIVATIVE FINANCIAL
INSTRUMENTS
The Group uses derivative fi nancial instruments to
hedge the risks to which its business activities, operations
and future cash fl ows are exposed.
Derivative fi nancial hedging instruments
The Group has arranged a hedging instrument for cash
fl ows arising from changes in exchange rates in order
to hedge the risk associated with cash fl ows in US dollars
between the collections received by the subsidiary
Aena Desarrollo Internacional in US dollars for the provision
of certain services under the various agreements
relating to the management of Mexican airports, and
the payments (repayments) of the loan arranged in US
dollars with Banco Santander (see Note 14) which is
recognised under “Equity- Hedges” in the accompanying
consolidated balance sheet at 31 December 2009
and 31 December 2008, the detail being as follows:
INEFFECTIVENESS RECOGNISED
IN 2009 PROFIT OR LOSS
(THOUSANDS OF EUROS)
FAIR VALUE RECOGNISED
IN “EQUITY” AT 31/12/09
(THOUSANDS OF EUROS)
Foreign currency derivative Foreign currency hedge 08/10/14 18 933

2009 CLASSIFICATION MATURITY (*)
The subsidiary Aena Desarrollo Internacional has complied
with the requirements detailed in Note 4-f to be
able to classify this fi nancial instrument as a hedge. Specifi
cally, these instruments were formally designated as
hedges and the hedges were assessed as being effective.
Derivative fi nancial instruments
On 1 October 2007, the subsidiary Aena Desarrollo Internacional
arranged a cash fl ow derivative with “La
Caixa” in order to control and reduce the potentially
adverse impact of variable exchange rate changes on its
Legal Information
Consolidated Financial Statements
INEFFECTIVENESS RECOGNISED
IN 2008 PROFIT OR LOSS
(THOUSANDS OF EUROS)
FAIR VALUE RECOGNISED
IN “EQUITY” AT 31/12/08
(THOUSANDS OF EUROS)
Foreign currency derivative Foreign currency hedge 08/10/14 90 1,045
(*) The hedging instrument matures with the year in which the cash fl ows affecting the consolidated income statement will foreseeably occur.
2009 CLASSIFICATION TYPE
Interest rate
swap
Interest rate
swap
Interest rate
swap
Interest rate
hedge
Interest rate
hedge
Interest rate
hedge
Fixed (4.83%)
to fl oating
interest rate
swap
Floating
(3-month
Euribor)
to fi xed
(2.8025%)
Floating
(3-month
Euribor)
to fi xed
(2.8025%)
2008 CLASSIFICATION TYPE
Interest rate
swap
Interest rate hedge
AMOUNT
ARRANGED
(THOUSANDS
OF EUROS
4.83% Fixed interest
rate swap for fl oating
interest rate
MATURITY
profi t or loss. In particular, this derivative hedges the effect
of interest rate fl uctuations in the rates of interest
on the loan granted to the Company by “La Caixa” (see
Note 14). As this derivative fi nancial instrument does
not meet the conditions for recognition as a fi nancial
hedging instrument, it was recognised under “Non-
Current Liabilities - Derivatives” in the accompanying
consolidated balance sheet at 31 December 2009.
Also, in 2009 the Group arranged two interest rate
hedges. The main characteristics of these derivative fi -
nancial instruments are as follows:
FAIR VALUE
RECOGNISED UNDER
"NON-CURRENT
LIABILITIES”
AT 31/12/09
(THOUSANDS
OF EUROS)
FAIR VALUE
RECOGNISED
UNDER "NON-
CURRENT ASSETS"
AT 31/12/09
(THOUSANDS
OF EUROS)
FAIR VALUE
RECOGNISED
UNDER "EQUITY"
AT 31/12/09
(THOUSANDS
OF EUROS)
2,000 01/10/2012 143 - -
1,194,391 15/03/2012 -
1,119,147 15/03/2013 -
AMOUNT ARRANGED
(THOUSANDS OF EUROS)
MATURITY
411 288
FAIR VALUE RECOGNISED
UNDER “NON-CURRENT
LIABILITIES” AT 31/12/08
(THOUSANDS OF EUROS)
2,000 01/10/12 109
Annual report 2009 325

326
Legal Information
Consolidated Financial Statements
At 2009 year-end, the amount recognised in the consolidated
income statement relating to the change in
the fair value of the derivative fi nancial instrument totalled
EUR 52 thousand (EUR 80 thousand in 2008),
which was recognised under “Change in Fair Value
of Financial Instruments” in the accompanying 2008
consolidated income statement.
11. INVENTORIES
The breakdown of “Inventories” is as follows:
Annual report 2009
THOUSAND OF EUROS
2009 2008
Spare parts 6,040 5,976
Inventory write-downss -134 -128
5,906 5,848
12. EQUITY AND
SHAREHOLDERS’ EQUITY
A) EQUITY AND ASSIGNED ASSETS
When the Parent was formed, and in order to provide
airport and air traffi c control services, it was assigned
facilities and properties, mainly by the Ministry
of Transport, Tourism and Communications (currently
the Ministry for Development), the Ministry of Defence
and the former Spanish Public Airports and Aviation
Agency (OAAN). Therefore, the assigned assets account
relates to assets that did not give rise to any cost
for the Company.
The assets assigned to the Parent at the time of its formation,
based on the appraisal of independent professional
experts, amounted to EUR 2,831.6 million.
The equity account includes, in addition to other subsequent
changes amounting to EUR 18.7 million, EUR
248.7 million representing the valuation difference between
the rights and obligations to which the Parent
was subrogated at the time of its formation.
B) BYLAW RESERVES
These reserves were recognised in accordance with the
Parent’s bylaws, and their objective is to fi nance future
investments in airport and air traffi c control infrastructures.
C) REVALUATION RESERVE ROYAL
DECREE-LAW 7/1996 OF 7 JUNE 1996
Pursuant to Royal Decree-Law 7/1996, of 7 June, on
urgent tax measures and measures to develop and deregulate
economic activities, in 1996 the Company revalued
its property, plant and equipment. The initial
net revaluation surplus amounted to EUR 300.9 million
(see Note 6).
The tax inspection authorities had a period of three
years from 31 December 1996 to review the balance
of this reserve. Since the three-year period has
elapsed, this balance can be used to offset losses or
to increase the Company’s equity. Once ten years
have elapsed, the balance may be allocated to unrestricted
reserves.
The balance of the revaluation reserve account may
not be distributed, either directly or indirectly, until the
revaluation surplus has been realised.

Legal Information
Consolidated Financial Statements
D) RESERVES AT CONSOLIDATED COMPANIES AND AT COMPANIES
ACCOUNTED FOR USING THE EQUITY METHOD
The contribution of each company included in the scope of consolidation to consolidated profi t or loss, indicating the
portion relating to minority interests, was as follows:
THOUSANDS OF EUROS
COMPANY 2009 2008
Consolidated companies:
RIDA -60 -
INECO 7,716 9,934
CLASA 15,466 14,942
Aena Desarrollo Internacional -23,565 -17,739
Companies accounted for using the equity method:
-443 7,137
SACSA 545 471
AMP 4,362 3,220
ACSA 6 6
AEROCALI 561 481
TIFSA 6,366 4,708
RAESA 1,509 1,509
13,349 10,395
12,906 17,532
E) PROFIT/LOSS ATTRIBUTABLE TO THE COMPANY
The contribution of each company included in the scope of consolidation to consolidated profi t or loss, indicating the
portion relating to minority interests, was as follows:
2009
CONSOLIDATED PROFIT/(LOSS)
THOUSANDS OF EUROS
LOSS ATTRIBUTABLE TO
MINORITY SHAREHOLDERS
LOSS ATTRIBUTABLE TO THE
PARENT
AENA -364,417 - -364,417
INECO 354 -138 216
Aena Desarrollo Internacional 714 - 714
CRIDA 489 -113 376
CLASA 4,521 - 4,521
-358,339 -251 -358,590
Share of results of companies accounted for using the equity method:
RAESA 1,059 - 1,059
AMP 5,947 - 5,947
SACSA 1,111 - 1,111
ACSA 1,044 - 1,044
AEROCALI 899 - 899
TIFSA 4,371 -1,701 2,670
14,431 -1,701 12,730
Total -343,908 -1,952 -345,860
Annual report 2009 327

328
Legal Information
Consolidated Financial Statements
F) TRANSLATION DIFFERENCES
Translation differences relate in full to equity-accounted
investees of Aena Desarrollo Internacional, The
breakdown, by company, is as follows:
THOUSANDS OF EUROS
2009 2008
AMP -7,721 -9,024
AEROCALI 56 -111
SACSA 85 -75
ACSA 75 -36
Total -7,505 -9,246
G) GRANTS, DONATIONS OR GIFTS
AND LEGACIES RECEIVED
The breakdown at 31 December 2009 and 31 December
2008 is as follows:
THOUSANDS OF EUROS
2009 2008
Asset-related grants from offi cial
European Agencies
419,494 380,573
Other 2,544 2,743
422,038 383,316
Annual report 2009
2008
CONSOLIDATED PROFIT/(LOSS)
Asset-related grants from
offi cial European Agencies
The changes, net of taxes, in this heading in 2008
were as follows:
THOUSANDS OF EUROS
2009 2008
Beginning balance 415,238 336,811
Additions to ERDF Grants 22,771 58,627
Additions to other grants - 5,873
Allocation to income -18,515 -20,738
Ending balance 419,494 380,573
These grants are allocated to income in proportion to
the period depreciation taken on the assets to which
they relate.
ERDF grants
THOUSANDS OF EUROS
LOSS ATTRIBUTABLE TO
MINORITY SHAREHOLDERS
LOSS ATTRIBUTABLE TO THE
PARENT
AENA -172,171 - -172,171
INECO 10,690 -4,159 6,531
Aena Desarrollo Internacional -11,602 - -11,602
CRIDA -16 3 -13
CLASA 5,328 - 5,328
-167,771 -6,268 -171,927
Share of results of companies accounted for using the equity method:
RAESA 1,657 - 1,657
AMP 4,427 - 4,427
SACSA 892 - 892
ACSA 1,091 - 1,091
AEROCALI 1,063 1,063
TIFSA 5,428 -2,112 3,316
14,558 -2,112 12,446
Total -153,213 -6,268 -159,481
The detail of the advances received in 2009 and 2008
for operating programmes is as follows (in thousands
of euros):

Received in 2009:
2009
AMOUNT OF THE GRANT
Prog Oper. C. Andalucía 3,260
Prog Oper. C. Extremadura 428
Prog Oper. C. Galicia 5,090
Prog Oper. C. Canarias 8,101
Prog. Oper. C. Castilla-León 289
Prog. Oper. C. Murcia 385
Prog. Oper. C. Valencia 264
Prog Oper. C. Canaria 15,964
Total ERDF fund additions in 2009 33,781
H) MINORITY INTERESTS
The changes in “Minority Interests” of each subsidiary were as follows:
2009
SOCIEDAD
BALANCE AT
01/01/09
OWNERSHIP
INTEREST
Legal Information
Consolidated Financial Statements
2008
AMOUNT OF THE GRANT
Received in 2008:
Prog. Navegación Aérea 934
Prog Oper. C. Canaria 61,981
Prog. Oper. C. Castilla-León 577
Prog. Oper. C. Murcia 770
Prog. Oper. C. Valencia 529
Prog. Oper. C. Andalucía 18,961
Total ERDF fund additions in 2008 83,752
At 2009 and 2008 year-end, the Parent had fulfi lled all
the conditions established for receiving and using the
grants detailed above.
THOUSANDS OF EUROS
SHARE OF PROFIT OTHERS DIVIDENDS
BALANCE AT
31/12/09
INECO 18,009 - 1,839 29 -6,657 13,220
CRIDA 117 46 113 - - 276
18,126 46 1,952 29 -6,657 13,496
2008
COMPANY
BALANCE AT
01/01/08
OWNERSHIP
INTEREST
THOUSANDS OF EUROS
SHARE OF PROFIT DIVIDENDS
BALANCE AT
31/12/08
INECO 17,631 - 6,271 -5,893 18,009
CRIDA - 120 -3 - 117
17,631 120 6,268 -5,893 18,126
Annual report 2009 329

330
Legal Information
Consolidated Financial Statements
13. PROVISIONS AND CONTINGENCIES
13.1 LONG-TERM PROVISIONS
The changes in the long-term provision accounts in 2009 and 2008 were as follows:
2009
The Group classifi es as current liabilities the items
recognised under “Provisions for Contingencies and
Charges” in the accompanying balance sheet at 31
December 2009 when it is foreseeable that they may
be claimable in the following period. Therefore, transfers
to short term of the provisions for long-term employee
benefi t obligations are included under “Trade
and Other Payables - Remuneration Payable” in the
accompanying consolidated balance sheet at 31 December
2009. Additionally, transfers from the pro-
Annual report 2009
PROVISIONS FOR
LONG-TERM EMPLOYEE
BENEFIT OBLIGATIONS
OTHER PROVISIONS
THOUSANDS OF EUROS
PROVISIONS FOR
ENVIRONMENTAL COSTS
2009 beginning balance 390,487 22,674 52,507 465,668
Additions 82,734 7,282 69,111 159,127
Reversals/Excessive provisions -1,244 -1,383 - -2,627
Amounts used -640 -6,161 - -6,801
Transfer to short term -60,380 -2,901 -24,185 -87,466
2009 ending balance 410,957 19,511 97,433 527,901
2008
PROVISIONS FOR
LONG-TERM EMPLOYEE
BENEFIT OBLIGATIONS
OTHER PROVISIONS
THOUSANDS OF EUROS
PROVISIONS FOR
ENVIRONMENTAL COSTS
2008 beginning balance 416,529 118,929 41,134 576,592
Additions 75,074 30,228 11,373 116,675
Reversals/Excessive provisions - -6,608 - -6,608
Amounts used -41,797 -34,945 - -76,742
Transfer to short term -59,319 -84,930 - -144,249
2008 ending balance 390,487 22,674 52,507 465,668
TOTAL
TOTAL
visions for third-party liability are recognised under
“Short-Term Provisions” in the accompanying consolidated
balance sheet at 31 December 2009 (see
Note 13.2).
A) PROVISIONS FOR LONG-TERM
EMPLOYEE BENEFIT OBLIGATIONS
The changes in 2009 and 2008 were as follows:

Bonuses
2009
Early retirement bonus
BONUSES
PARTICIPATION
BONUSES
Under Article 154 of the Company’s Fifth Collective
Labour Agreement, all employees aged between 60
and 64 years of age who, pursuant to current legislation
are entitled to do so, may retire early voluntarily
and receive a termination benefi t which, combined
with the consolidated entitlements under the Pension
Plan at the date of termination of their contracts, is
equivalent to four months’ salary, calculated on the
basis of their basic pay plus their long-service bonus,
for every year remaining until they reach 64 years of
age, or the related proportional part.
In 2004 the early retirement bonuses were externalised
through a single premium life insurance policy
taken out on 25 March 2004 with Mapfre Vida.
Once this fi rst 40-year period has elapsed, the policy
will participate in 90% of the earnings from the investment
of the mathematical provisions of all the policies
Legal Information
Consolidated Financial Statements
THOUSANDS OF EUROS
SPECIAL PAID LEAVE
entitled to participation which were arranged on or after
1 January 2002 and which are still in force at December
31 of each year.
At 31 December 2009 and 31 December 2008, the
Parent had recognised a provision amounting to EUR
1,203 thousand relating to the difference between the
present value of the remuneration commitments and
the present value of the externalised plan assets.
Long-service bonuses
SOCIAL WELFARE
FUND
2009 beginning balance 10,541 14,948 364,998 - 390,487
Additions 972 16,181 57,551 8,031 82,735
Reversals -1,244 - - - -1,244
Amounts Used -640 - - - -640
Transfer to short term - -16,198 -39,183 -5,000 -60,381
2009 ending balance 9,629 14,931 383,366 3,031 410,957
2009
BONUSES
PARTICIPATION
BONUSES
THOUSANDS OF EUROS
SPECIAL PAID LEAVE
SOCIAL WELFARE
FUND
2008 beginning balance 10,113 14,730 386,464 5,222 416,529
Additions 978 16,450 49,400 8,246 75,074
Amounts Used -550 - -35,866 -5,381 -41,797
Transfer to short term - -16,232 -35,000 -8,087 -59,319
2008 ending balance 10,541 14,948 364,998 - 390,487
TOTAL
TOTAL
Article 138 of the Company’s Fifth Collective Labour
Agreement and Article 141 of the First Air Traffi c Controllers’
Collective Labour Agreement provide for certain
long-service bonuses for services effectively rendered for
25 and 30 years in the fi rst case, and for 25 and 35 years
in the second. The provision recognised for this obligation
amounted to EUR 972 thousand (EUR 978 thousand
in 2008), of which EUR 375 thousand (EUR 356
thousand in 2008) relate to the fi nance cost, calculated
on the basis of an actuarial study. The main assumptions
used to obtain the actuarial calculation are as follows:
Annual report 2009 331

332
Legal Information
Consolidated Financial Statements
Assumed interest rate ........................................4.6%
Annual CPI increase:: .........................................2.0%
Mortality table: ................................Men PERM2000P
.................................................... Women PERF2000P
Financial system used: .......Individualised capitalisation
Accrual method: ........................ Projected Unit Credit
Participation bonuses
Under agreements entered into between the Company
and the Air Traffi c Controllers’ Labour Union, certain
bonuses were agreed upon for the period 2002-2003,
accruable for the extension of working hours during
these periods. These bonus agreements were extended
successively without interruption, for periods of
one year, until the fi nal extension from 1 August 2009
to 31 July 2010. The bonuses are paid over the two
years following the year in which they are earned, in
equal portions. The balance of this heading relates to
the bonuses which will be paid from 1 January 2011,
and the bonuses payable in 2010 were transferred to
short term. The provision for the 2009 bonuses was
charged to “Staff Costs” in the accompanying consolidated
income statement at 31 December 2009.
Special paid leave
Articles 166 to 174 of the First Air Traffi c Controllers’
Collective Labour Agreement provide for a pre-retirement
situation that may be availed of by employees
who meet certain conditions on reaching 52 years of
age. These employees will not render any services until
their retirement date, except in special cases, and will
be entitled to have their basic salaries reviewed on an
annual basis.
The Company recognised a provision in 2008 for the
actuarial value of the benefi ts to the employees who
are expected to avail themselves of this leave based on
historical experience. The main assumptions used to
obtain the actuarial calculation are as follows:
Annual report 2009
Discount factor: ........................................ Iboxx curve
...........................................at 31 December 2009 AA
Annual CPI increase: .............................................3%
Mortality table: ................................Men PERM2000P
.................................................... Women PERF2000P
Financial system used: .......Individualised capitalisation
Accrual method: ........................ Projected Unit Credit
In the estimate of the actuarial value at 31 December
2009 the suspension of the right to obtain this leave
provided for in Royal Decree-Law 1/2010, of 5 February
(see Note 2-c) was taken into account.
The amount recognised directly in equity in 2009 for
the actuarial losses relating to this provision totalled
EUR 17,315 thousand (2008: EUR 11,406 thousand).
Other employee benefi t obligations
Under Article 150 of the Company’s Third Collective
Labour Agreement, when employees retire or are
granted permanent sick leave, they will receive an
amount equal to three monthly salary payments calculated
on the basis of their basic pay plus their longservice
bonus.
Pursuant to the legislation relating to the externalisation
of pension commitments and to the agreement
between Aena management and the labour union
representatives to set up a pension plan, the defi nedcontribution
pension plan for Aena’s employees was
set up on 28 July 2003.
Under Article 149 of the Fifth Collective Labour Agreement,
any employee who has to his credit at least 360
calendar days of service recognised by Aena may become
a participant of the Aena Employees Pension
Plan. The pension plan covers the contingencies of retirement,
disability (referring to the degrees of full or
absolute permanent incapacity for work and comprehensive
disability) and death.

In 2009 the Parent made contributions amounting to
EUR 6.21 million (5.91 million in 2008) to this Pension
Fund and paid benefi ts totalling EUR 1.76 million (1.46
million in 2008) At 31 December 2009, the balance
of the pension plan position account was EUR 48.03
million (39.2 million in 2008). In addition, the number
of participants and benefi ciaries amounted to EUR
10,684 at the end of 2009 (end of 2008: EUR 10,135).
B) OTHER PROVISIONS
“Other Provisions”, which amount to EUR 16,603
thousand in 2009 and EUR 21,487 thousand in 2008,
relates to the estimated amount of tax debts whose
exact amount cannot yet be determined or whose
date of payment is uncertain.
This heading also includes EUR 2,908 thousand in
2009 and EUR 1,187 thousand in 2008, relating to
the estimated amount required for probable or certain
third-party liabilities or obligations arising from
litigation in progress or from outstanding indemnity
payments or obligations. The Company’s directors
13.2 SHORT-TERM PROVISIONS
The changes in 2009 and 2008 were as follows:
2009
01/01/2009 ADDITIONS
Legal Information
Consolidated Financial Statements
consider that the provision is suffi cient to cover the
risks of litigation in progress, third-party liability and
current commitments known at the date of preparation
of these fi nancial statements and do not consider
that the current claims, taken as a whole, will give rise
to additional liabilities that might have a material effect
on the 2009 fi nancial statements.
C) PROVISIONS FOR
ENVIRONMENTAL COSTS
“Provisions for Environmental Costs” in 2009 includes
EUR 97.4 million recognised( EUR 52.5 million in 2008)
to cover the costs foreseen to carry out the sound insulation
work required to meet the environmental legislation
in force. Short-term provisions for contingencies
and charges include a provision totalling EUR 43.8 million
(EUR 35.2 million in 2008) to cover these liabilities
maturing in under 12 months (see Note 13.2). The
amounts recognised in this connection are capitalised
as an addition to the cost of the investment, since they
are costs necessarily incurred to develop the projects.
THOUSANDS OF EUROS
AMOUNTS
USED
EXCESSIVE
PROVISIONS
TRANSFERS 31/12/2009
Provisión para el plan de jubilaciones
anticipadas y el fondo de acción social
9.138 - (5.946) (1.047) 5.000 7.145
Licencia especial retribuida (nota 13.1) 35.000 - (35.183) - 39.183 39.000
Provisión de tasa de seguridad 1.733 - (1.733) - - -
Otras provisiones 231.882 66.111 (88.958) (31.356) 24.185 201.864
277.753 66.111 (131.820) (32.403) 68.368 248.009
Annual report 2009 333

334
Legal Information
Consolidated Financial Statements
2008
A) PROVISION FOR EARLY
RETIREMENT PLAN
In 2007 the Company agreed upon an option for
early retirement with its employees whereby personnel
with employment contracts reaching 60, 61, 62
or 63 years of age in 2007 who met the requirements
established by the social security authorities
for qualifying for the state retirement pension at the
age of 60 could, on a voluntary basis and subject
to agreement by the Company, avail themselves of
this option and receive a lump sum to compensate
them for the decrease in their retirement pension
as a result of bringing forward their retirement. In
2008 the Parent approved a further initiative under
the same conditions. The Company has estimated
and recognised the liability arising from this agreement
in the provision for early retirement plan account.
No initiative was approved in this connection
in 2009.
At 31 December 2009, the balance relates in full to the
Social Action Fund.
B) PROVISION FOR SECURITY CHARGE
This charge has been applied since 1 May 1997 to
outgoing passengers who embark at Spanish airports
in accordance with Law 13/1996, of 30 December,
on Tax, Administrative and Social Security
Measures and, since 1999, 50% of the amounts col-
Annual report 2009
01/01/2008 ADDITIONS
THOUSANDS OF EUROS
AMOUNTS
USED
lected annually have been deposited at the tax authorities
by the Company. Since December 2006 the
rate payable to the tax authorities has been reduced
gradually as follows:
DURATION
EXCESSIVE
PROVISIONS
RATE
PAYABLE
Until November 2006 50%
December 2006 to August 2007 40%
September 2007 to November 2007 30%
December 2007 to November 2008 15%
December 2008 to November 2009 5%
From December 2009 onwards 0%
The aforementioned provision includes the estimated
amount payable to the tax authorities once the Parent
has collected the security charge amounts billed in
2009 and yet to be collected at year-end.
C) OTHER PROVISIONS
TRANSFERS 31/12/2008
Provision for early retirement plan 1,860 520 - -1,329 8,087 9,138
Special paid leave (Note 13.1) - - - - 35,000 35,000
Provision for security charge 1,767 9,323 -9,357 - - 1,733
Other provisions 322,565 162,962 -329,398 -9,177 84,930 231,882
326,192 172,805 -338,755 -10,506 128,017 277,753
“Other Provisions” relates to EUR 141 million (EUR
196.5 million in 2008) recognised to cover the difference
between the original expropriation value of the
land expropriated at Madrid, Barcelona and Malaga
airports and the best estimate of the just compensation
established for this land foreseeably to be paid in
the short term, and EUR 43.8 million (EUR 35.2 million
in 2008) which were recognised to cover the sound insulation
work required to meet the applicable environmental
legislation.

13.3 CONTINGENCIES
As a result of the actions that will have to be carried
out to comply with the EISs (Environmental Impact
Statement) approved for the various airport expansion
and improvement construction projects, the Parent
will be obliged to make certain investments required
to minimise the impact of noise on the dwellings affected
by such projects. At 31 December 2009 and
31 December 2008, the Parent was involved in various
claims proceedings which, should the outcome
thereof be unfavourable to Aena, could give rise to liabilities
which were not possible to quantify at 31 December
2009 and 31 December 2008. In any case, the
aforementioned liabilities would represent an increase
in the cost of non-current assets and, therefore, under
no circumstances would they have an immediate impact
on the equity of the Parent.
13.4 CONTINGENT ASSETS
ADJUSTMENT MECHANISM
This item includes the rights (or obligations) arising
from variances in the estimated results used to set
Legal Information
Consolidated Financial Statements
the unit charges for en-route navigation aids and
the actual results ultimately obtained in the provision
of en-route air navigation services. The aforementioned
rights and obligations are recovered
through future changes between two to six years
after they arise. The Parent considers that this type
of asset does not meet all the requirements for recognition
in the balance sheet since its recoverability
depends on future events such as changes in rates
and air traffic.
At 31 December 2009 the balance in respect of this
item amounted to EUR 282.399 thousand ( EUR
196.208 thousand at 31 December 2008)
Also, in accordance with Commission Regulation (CE)
no. 1794/2006, of 6 December 2006, laying down a
common charging scheme for air navigation services,
the non-recurring effects resulting from the introduction
of International Accounting Standards may
be included as an addition to the route charge over
a period not exceeding 15 years. Consequently, the
Parent expects to be able to recover EUR 309,311
thousand (EUR 333,104 thousand in 2008) through
future charges.
14. BANK BORROWINGS AND OTHER FINANCIAL LIABILITIES
The detail of “Bank Borrowings and Other Financial Liabilities” is as follows:
THOUSANDS OF EUROS
2009 2008
Non-current accounts payable- 10,158,075 9,012.425
Bank borrowings 10,155,044 9,008,975
Obligations under fi nance leases 3,031 3,450
Derivatives 143 109
Other non-current fi nancial liabilities 2,710 2,358
Total 10,160,928 9,014,892
Annual report 2009 335

336
Legal Information
Consolidated Financial Statements
LONG TERM DEBTS WITH CREDIT INSTITUTIONS
The main loans arranged by the Group outstanding are as follows::
THOUSANDS
OF EUROS
Annual report 2009
INTEREST RATE REPAYMENT PERIOD
INTEREST
PAYMENT
PERIOD
Loans of the Parent:
2,459 Fixed 3.56% until 15/09/10 11 equal payments 15/09/2000 -15/09/2010 Annual BEI
12,619 Fixed 4.26% until 15/09/16 15 equal payments 15/09/2002 -15/09/2016 Annual BEI
20,836 Fixed revisable 3.58% until 15/03/10 15 equal payments 15/03/2003 -15/03/2017 Annual BEI
25,243 Fixed revisable 2.82% until 15/12/09 20 equal payments 15/12/2004 -15/12/2023 Annual BEI
45,076
Fixed 4.61% (max Euribor 3M + 0.15%) until
15/03/24
20 equal payments 15/03/2005 -15/03/2024 Annual BEI
38,315 Fixed 4.61% until 15/03/24 20 equal payments 15/03/2005 -15/03/2024 Annual BEI
24,000 Fixed revisable 3.71 % until 15/06/10 20 equal payments 15/06/2006 -15/06/2025 Annual BEI
36,000 Fixed revisable 3.11% until 15/03/10 20 equal payments 15/03/2006 -15/03/2025 Annual BEI
96,000 Fixed 3.933% until 15/03/25 20 equal payments 15/03/2006 -15/03/2025 Annual BEI
51,000 Fixed revisable 3.71 % until 15/06/10 20 equal payments 15/06/2007 -15/06/2026 Annual BEI
72,000 Fixed revisable 4.01% until 15/12/11 20 equal payments 15/12/2006 -15/12/2025 Annual BEI
48,000 Fixed revisable 3.66 % until 15/12/09 20 equal payments 15/12/2006 -15/12/2025 Annual BEI
64,439 Fixed revisable 4.07% until 15/03/12 20 equal payments 15/03/2007 -15/03/2026 Annual BEI
17,880 Fixed revisable 3.69% until 15/03/10 20 equal payments 15/03/2007 -15/03/2026 Annual BEI
76,500 Fixed revisable 3.761% until 15/03/26 20 equal payments 15/03/2007 -15/03/2026 Annual BEI
94,286 Fixed revisable 3.968% until 15/03/13 21 equal payments 15/03/2007 -15/03/2027 Annual BEI
64,000 Fixed revisable 3.98% until 15/09/11 20 equal payments 15/09/2006 -15/09/2025 Annual BEI
63,000 Fixed revisable 3.71% until 15/03/10 20 equal payments 15/03/2008 -15/03/2027 Annual BEI
45,238 Fixed revisable 4.157% until 15/03/11 21 equal payments 15/03/2008 -15/03/2028 Annual BEI
63,000 Variable (Euribor 3M + 28.9 bps) 20 equal payments 15/06/2008 -15/06/2027 Quarterly BEI
103,500 Variable (Euribor 3M + 28.9 bps) 20 equal payments 15/06/2008 -15/06/2027 Quarterly BEI
54,000 Variable (Euribor 3M + 28.9 bps) 20 equal payments 15/09/2008 -15/09/2027 Quarterly BEI
123,300 Variable (Euribor 3M + 28.9 bps) 20 equal payments 15/09/2008 -15/09/2027 Quarterly BEI
17,100 Variable (Euribor 3M + 28.9 bps) 20 equal payments 15/03/2009 -15/03/2028 Quarterly BEI
190,000 Variable (Euribor 3M + 28.9 bps) 20 equal payments 15/03/2009 -15/09/2028 Quarterly BEI
156,750 Variable (Euribor 3M + 28.9 bps) 20 equal payments 15/03/2009 -15/09/2028 Quarterly BEI
33,250 Variable (Euribor 3M + 28.9 bps) 20 equal payments 15/03/2009 -15/09/2028 Quarterly BEI
700,000 Fixed revisable 3.83% until 15/03/09 18 equal payments 15/03/2012 -15/09/2029 Quarterly BEI
50,000 Fixed revisable 2.89% until 15/12/12 18 equal payments 15/12/2012- 15/12/2029 Annual BEI
100,000 Fixed 3.909% until 15/12/29 18 equal payments 15/12/2012 -15/12/2029 Annual BEI
150,000 Fixed revisable 3.45% until 19/12/11 18 equal payments 15/12/2012- 15/12/2029 Annual BEI
150,000 Fixed revisable 3.748% until 15/06/10 18 equal payments 15/12/2012- 15/12/2029 Annual BEI
50,000 Fixed revisable 4.129% until 15/12/12 18 equal payments 15/12/2012 -15/12/2029 Annual BEI
BANK

THOUSANDS
OF EUROS
INTEREST RATE REPAYMENT PERIOD
Legal Information
Consolidated Financial Statements
INTEREST
PAYMENT
PERIOD
100,000 Fixed revisable 4.337% until 18/05/12 20 equal payments 15/12/2012- 15/12/2031 Annual BEI
100,000 Fixed revisable 4.485% until 15/09/12 20 equal payments 15/12/2012- 15/12/2031 Annual BEI
50,000 Fixed revisable 4.543% until 15/09/12 20 equal payments 15/12/2012- 15/12/2031 Annual BEI
100,000 Fixed revisable 4.367% until 15/12/12 20 equal payments 15/12/2012- 15/12/2031 Annual BEI
55,000 Fixed revisable 4.323% until 15/12/12 20 equal payments 15/12/2012- 15/12/2031 Annual BEI
95,000 Fixed revisable 3.84% until 15/03/13 20 equal payments 15/03/2013- 15/03/2032 Annual BEI
10,000 Variable (Euribor 3M + 28.9 bps) 10 equal payments 15/03/2012- 15/03/2021 Quarterly BEI
170,000 Variable (Euribor 3M + 28.9 bps) 10 equal payments 15/03/2010- 15/03/2020 Quarterly BEI
120,000 Variable (Euribor 3M + 28.9 bps) 10 equal payments 15/03/2013- 15/03/2022 Quarterly BEI
100,000 Variable (Euribor 3M + 28.9 bps) 10 equal payments 19/03/2013- 19/03/2022 Quarterly BEI
100,000 Variable (Euribor 3M + 28.9 bps) 10 equal payments 19/03/2013- 19/03/2022 Quarterly BEI
100,000 Fixed Revisable 4.027% until 19/03/13 10 equal payments 19/03/2013- 19/03/2022 Annual BEI
100,000 Fixed Revisable 3.84% until 15/03/13 20 equal payments 15/03/2013- 15/03/2032 Annual BEI
150,000 Fixed Revisable 3.78% until 15/03/12 20 equal payments 15/03/2014- 15/03/2033 Annual BEI
100,000 Fixed Revisable 4.12% until 15/03/11 20 equal payments 15/03/2014- 15/03/2033 Annual BEI
150,000 Fixed Revisable 4.23% until 15/03/13 21 equal payments 15/03/2013- 15/03/2033 Annual BEI
100,000 Fixed 3.73% 20 equal payments 20/03/2014- 20/03/2033 Annual BEI
50,000
100,000
50,000
100,000
200,000
1.25% variable diferencial Fixed (Euribor 3M +
0.534%)
1.445% variable diferencial Fixed (Euribor 3M +
0.722%)
1.21% variable diferencial Fixed (Euribor 3M +
0.493%)
1.1% variable diferencial Fixed (Euribor 3M +
0.383%) until 15/12/12
1.04% variable diferencial Fixed (Euribor 3M +
0.383%) until 15/12/12
BANK
21 equal payments 20/03/2014- 20/03/2034 Quarterly BEI
21 equal payments 20/03/2014- 20/03/2034 Quarterly BEI
11 equal payments 15/06/2014- 15/06/2024 Quarterly BEI
10 equal payments 15/09/2015- 15/09/2024 Quarterly BEI
10 equal payments 15/09/2015- 15/09/2024 Quarterly BEI
150,000
1.07% variable diferencial Fixed (Euribor 3M +
0.383%) until 15/12/12
10 equal payments 15/09/2015- 15/09/2024 Quarterly BEI
86,667 4.87%(Tipo Fixed) 15 equal payments 15/09/2008 -15/09/2022 Annual DEPFA
43,333 4.87%(Tipo Fixed) 15 equal payments 15/09/2008 -15/09/2022 Annual DEPFA
34,667 4.87%(Tipo Fixed) 15 equal payments 15/09/2008 -15/09/2022 Annual DEPFA
73,667 4.87%(Tipo Fixed) 15 equal payments 15/09/2008 -15/09/2022 Annual DEPFA
43,333 4.87%(Tipo Fixed) 15 equal payments 15/09/2008 -15/09/2022 Annual DEPFA
60,667 4.87%(Tipo Fixed) 15 equal payments 15/09/2008 -15/09/2022 Annual DEPFA
112,667 4.87%(Tipo Fixed) 15 equal payments 15/09/2008 -15/09/2022 Annual DEPFA
52,000
208,000
65,000
86,667
Variable. 3.48% (Euribor 3m + 0.1475% a partir
de 15/09/07)
Variable. 3.48% (Euribor 3m + 0.1475% a partir
de 15/09/07)
Variable. 3.48% (Euribor 3m + 0.1475% a partir
de 15/09/07)
Variable. 3.48% (Euribor 3m + 0.1475% a partir
de 15/09/07)
15 equal payments 15/09/2008 -15/09/2022 Quarterly DEPFA
15 equal payments 15/09/2008 -15/09/2022 Quarterly DEPFA
15 equal payments 15/09/2008 -15/09/2022 Quarterly DEPFA
15 equal payments 15/09/2008 -15/09/2022 Quarterly DEPFA
Annual report 2009 337

338
Legal Information
Consolidated Financial Statements
THOUSANDS
OF EUROS
Annual report 2009
INTEREST RATE REPAYMENT PERIOD
INTEREST
PAYMENT
PERIOD
265,000 Variable (Euribor + 0.78% el resto) 20 equal payments 15/12/2010 -15/12/2029 Quarterly DEPFA
100,000 Variable (Euribor + 0.78% el resto) 20 equal payments 15/12/2010 -15/12/2029 Quarterly DEPFA
135,000 Variable (Euribor + 0.78% el resto) 20 equal payments 15/12/2010 -15/12/2029 Quarterly DEPFA
50,000 Variable (Euribor + 0.78% el resto) 20 equal payments 15/12/2010 -15/12/2029 Quarterly DEPFA
100,000 Variable (Euribor + 0.78% el resto) 20 equal payments 15/12/2010 -15/12/2029 Quarterly DEPFA
50,000 Variable (Euribor + 0.78% el resto) 20 equal payments 15/12/2010 -15/12/2029 Quarterly DEPFA
100,000 Variable (Euribor + 0.78% el resto) 20 equal payments 15/12/2010 -15/12/2029 Quarterly DEPFA
150,000 Variable (Euribor + 0.78% el resto) 20 equal payments 15/12/2010 -15/12/2029 Quarterly DEPFA
50,000 Variable (Euribor + 0.78% el resto) 20 equal payments 15/12/2010 -15/12/2029 Quarterly DEPFA
50,000 Variable (Euribor + 0.1175%) 15 equal payments 15/06/2014 - 15/06/2028 Quarterly DEPFA
150,000 Variable (Euribor + 0.1175%) 15 equal payments 15/06/2014 - 15/06/2028 Quarterly DEPFA
200,000 Variable (Euribor + 0.1175%) 15 equal payments 15/06/2014 - 15/06/2028 Quarterly DEPFA
200,000 Variable (Euribor + 0.1175%) 15 equal payments 15/06/2014 - 15/06/2028 Quarterly DEPFA
300,000 Variable (Euribor + 0.1175%) 15 equal payments 15/06/2014 - 15/06/2028 Quarterly DEPFA
100,000 Variable (Euribor + 0.1175%) 15 equal payments 15/06/2014 - 15/06/2028 Quarterly DEPFA
85,000 Fixed 4.88% until 15/19/2026 20 equal payments 15/09/2007 -15/09/2026 Annual ICO
51,000 Fixed 4.88% until 15/19/2026 20 equal payments 15/09/2007 -15/09/2026 Annual ICO
127,500 Fixed 4.88% until 15/19/2026 20 equal payments 15/09/2007 -15/09/2026 Annual ICO
42,500 Fixed 4.88% until 15/19/2026 20 equal payments 15/09/2007 -15/09/2026 Annual ICO
34,000 Fixed 4.88% until 15/19/2026 20 equal payments 15/09/2007 -15/09/2026 Annual ICO
95,000 Variable (Euribor 3M + 0.08%) 20 equal payments 15/03/2009 -15/03/2028 Quarterly ICO
123,500 Variable (Euribor 3M + 0.08%) 20 equal payments 15/03/2009 -15/03/2028 Quarterly ICO
76,000 Variable (Euribor 3M + 0.08%) 20 equal payments 15/03/2009 -15/03/2028 Quarterly ICO
52,250 Variable (Euribor 3M + 0.08%) 20 equal payments 15/03/2009 -15/03/2028 Quarterly ICO
128,250 Variable (Euribor 3M + 0.08%) 20 equal payments 15/03/2009 -15/03/2028 Quarterly ICO
190,000 Variable (Euribor 3M + 0.08%) 20 equal payments 15/03/2009 -15/03/2028 Quarterly ICO
95,000 Variable (Euribor 3M + 0.08%) 20 equal payments 15/03/2009 -15/03/2028 Quarterly ICO
95,000 Variable (Euribor 3M + 0.08%) 20 equal payments 15/03/2009 -15/03/2028 Quarterly ICO
95,000 Variable (Euribor 3M + 0.08%) 20 equal payments 15/03/2009 -15/03/2028 Quarterly ICO
100,000 Variable (Euribor 3M + 0.08%) 20 equal payments 15/03/2012 -15/03/2031 Quarterly ICO
50,000 Variable (Euribor 3M + 0.08%) 20 equal payments 15/03/2012 -15/03/2031 Quarterly ICO
100,000 Variable (Euribor 3M + 0.08%) 20 equal payments 15/03/2012 -15/03/2031 Quarterly ICO
150,000 Variable (Euribor 3M + 0.08%) 20 equal payments 15/03/2012 -15/03/2031 Quarterly ICO
100,000 Variable (Euribor 3M + 0.08%) 20 equal payments 15/03/2012 -15/03/2031 Quarterly ICO
50,000 Variable (Euribor 3M + 0.8%) 20 equal payments 15/12/2013 - 20/11/2032 Quarterly ICO
50,000 Variable (Euribor 3M + 0.8%) 20 equal payments 15/12/2013 - 20/11/2032 Quarterly ICO
100,000 Variable (Euribor 3M + 0.8%) 20 equal payments 15/12/2013 - 20/11/2032 Quarterly ICO
100,000 Variable (Euribor 3M + 0.8%) 20 equal payments 15/12/2013 - 20/11/2032 Quarterly ICO
75,000 Variable (Euribor 3M + 0.8%) 20 equal payments 15/12/2013 - 20/11/2032 Quarterly ICO
BANK

THOUSANDS
OF EUROS
INTEREST RATE REPAYMENT PERIOD
Legal Information
Consolidated Financial Statements
INTEREST
PAYMENT
PERIOD
50,000 Variable (Euribor 3M + 0.8%) 20 equal payments 15/12/2013 - 20/11/2032 Quarterly ICO
75,000 Variable (Euribor 3M + 0.8%) 20 equal payments 15/12/2013 - 20/11/2032 Quarterly ICO
50,000 Variable (Euribor 3M + 0.8%) 20 equal payments 15/12/2013 - 20/11/2032 Quarterly ICO
50,000 Variable (Euribor 3M + 0.8%) 20 equal payments 15/12/2013 - 20/11/2032 Quarterly ICO
200,000 Variable (Euribor 3M + 0.8%) Maturity 29/11/2010 Quarterly ICO
100,000 Variable (Euribor 3M + 0.8%) Maturity 29/11/2010 Quarterly ICO
100,000 Variable (Euribor 3M + 0.8%) Maturity 29/11/2010 Quarterly ICO
50,188 Euribor 1M + 0.75% Maturity 14/12/2010 Mensual Bankinter
96,778 Euribor 1M + 0.55% Maturity 18/04/2010 Mensual Unicaja
91,228 Euribor 1M + 0.60% Maturity 30/11/2011 Mensual La Caixa
Loans of Aena Desarrollo Internacional:
4,271 5.25% 8 October 2014 Annual BSCH
5,751 4.40% 8 October 2014 Annual BSCH
1,621 Libor plus a spread 5 September 2014 Annual ICO
2,667 4.83% 1 October 2017 Quarterly La Caixa
2,735 Euribor + 0.60% 18 December 2010 Annual La Caixa
2,000 Euribor + 0.20% 8 January 2010 Annual Caja Madrid
1,990 Euribor 3m + 0.50% 17 December 2010 Annual Banesto
3,450 Euribor plus a spread (fi nance lease) 20 December 2016 Quarterly BBVA
11,107,138 Total borrowings
(949,063) Maturing at short term
10,158,075 Maturing at long term
THOUSANDS
OF EUROS
2008
INTEREST RATE REPAYMENT PERIOD
INTEREST
PAYMENT
PERIOD
Loans of the Parent:
80,000 Variable (4%) (12M Euribor + 0.04%) Maturity 15/12/09 Annual Santander
8,194 Fixed revisable (4.67%) until 15/09/09 11 equal payments 15/09/99 -15/09/09 Annual EIB
4,916 Fixed convertible (3.56%) until 15/10/09 11 equal payments 15/09/00 -15/09/10 Annual EIB
14,424 Fixed revisable (4.26%) until 15/09/16 15 equal payments 15/09/02 -15/09/16 Annual EIB
23,441 Fixed revisable (3.58%) until 15/03/10 15 equal payments 15/03/03 -15/03/17 Annual EIB
27,046 Fixed revisable (3.62%) until 15/12/09 20 equal payments 15/12/04 -15/12/23 Annual EIB
48,081 Fixed convertible (4.61%) (max. 3M Euribor + 0.15%) 20 equal payments 15/03/05 -15/03/24 Annual EIB
40,870 Fixed revisable (4.61%) until 15/03/24 20 equal payments 15/03/05 -15/03/24 Annual EIB
25,500 Fixed revisable (3.71%) until 15/06/10 20 equal payments 15/06/06 -15/06/25 Annual EIB
38,250 Fixed revisable (3.11%) until 15/03/10 20 equal payments 15/03/06 -15/03/25 Annual EIB
102,000 Fixed (3.933%) until 15/03/11 20 equal payments 15/03/06 -15/03/25 Quarterly EIB
BANK
BANK
Annual report 2009 339

340
Legal Information
Consolidated Financial Statements
THOUSANDS
OF EUROS
Annual report 2009
2008
INTEREST RATE REPAYMENT PERIOD
INTEREST
PAYMENT
PERIOD
54,000 Fixed revisable (3.71%) until 15/06/10 20 equal payments 15/06/07 -15/06/26 Annual EIB
76,500 Fixed revisable (4.01%) until 15/12/11 20 equal payments 15/12/06 -15/12/25 Annual EIB
51,000 Fixed revisable (3.66%) until 15/12/09 20 equal payments 15/12/06 -15/12/25 Annual EIB
68,230 Fixed revisable (4.07%) until 15/03/12 20 equal payments 15/03/07 -15/03/26 Annual EIB
18,930 Fixed revisable (3.69%) until 15/03/10 20 equal payments 15/03/07 -15/03/26 Annual EIB
81,000 Fixed revisable (3.761%) until 15/03/26 20 equal payments 15/03/07 -15/03/26 Annual EIB
99,524 Fixed revisable (3.968%) until 15/03/13 21 equal payments 15/03/07 -15/03/27 Annual EIB
68,000 Fixed revisable (3.98%) until 15/09/11 20 equal payments 15/09/06 -15/09/25 Annual EIB
66,500 Fixed revisable (3.71%) until 15/03/10 20 equal payments 15/03/08 -15/03/27 Annual EIB
47,619 Fixed revisable (4.157%) until 15/03/11 21 equal payments 15/03/08 -15/03/28 Annual EIB
66,500 Fixed revisable (3.75%) until 15/06/10 20 equal payments 15/06/08 -15/06/27 Annual EIB
109,250 Fixed revisable (4.370%) until 15/06/12 20 equal payments 15/06/08 -15/06/27 Annual EIB
57,000 Fixed revisable (4.44%) until 15/09/14 20 equal payments 15/09/08 -15/09/27 Annual EIB
130,150 Fixed revisable (4.44%) until 15/09/14 20 equal payments 15/09/08 -15/09/27 Annual EIB
18,000 Fixed revisable (3.83%) until 15/03/09 20 equal payments 15/03/09 -15/03/28 Annual EIB
200,000 Fixed revisable (3.83%) until 15/03/09 20 equal payments 15/03/09 -15/09/28 Annual EIB
200,000 Fixed revisable (3.83%) until 15/03/09 20 equal payments 15/03/09 -15/09/28 Annual EIB
700,000 Fixed revisable (3.83%) until 15/03/09 18 equal payments 15/03/12 -15/09/29 Annual EIB
50,000 Fixed revisable (2.95%) until 15/12/09 18 equal payments 15/03/12 -15/09/29 Annual EIB
100,000 Fixed revisable (3.909%) until 15/12/29 18 equal payments 15/03/12 -15/12/29 Annual EIB
150,000 Fixed revisable (3.45%) until 19/12/11 18 equal payments 15/03/12 -15/12/29 Annual EIB
150,000 Fixed revisable (3.748%) until 15/06/10 18 equal payments 15/12/12 -15/12/29 Annual EIB
50,000 Fixed revisable (4.129%) until 15/12/12 18 equal payments 15/12/12 -15/12/29 Annual EIB
100,000 Fixed revisable (4.337%) until 15/05/12 20 equal payments 15/12/12 -15/12/31 Annual EIB
100,000 Fixed revisable (4.485%) until 15/09/12 20 equal payments 15/12/12 -15/12/31 Annual EIB
50,000 Fixed revisable (4.543%) until 15/09/12 20 equal payments 15/12/12 -15/12/31 Annual EIB
100,000 Fixed revisable (4.367%) until 15/12/12 20 equal payments 15/12/12 -15/12/31 Annual EIB
55,000 Fixed revisable (4.323%) until 15/12/12 20 equal payments 15/12/12 -15/12/31 Annual EIB
95,000 Fixed revisable (3.84%) until 15/03/13 20 equal payments 15/03/13 -15/03/32 Annual EIB
10,000 Fixed revisable (3.827%) until 13/12/21 10 equal payments 15/03/12 -15/03/21 Annual EIB
170,000 Fixed revisable (3.12%) until 15/03/20 10 equal payments 15/03/10 -15/03/20 Annual EIB
120,000 Fixed revisable (4.027%) until 19/03/13 10 equal payments 15/03/13 -15/03/22 Annual EIB
100,000 Fixed revisable (3.827%) until 13/12/21 10 equal payments 19/03/13 -19/03/22 Annual EIB
100,000 Fixed revisable (4.027%) until 19/03/13 10 equal payments 19/03/13 -19/03/22 Annual EIB
100,000 Fixed revisable (4.027%) until 19/03/13 10 equal payments 19/03/13 -19/03/22 Annual EIB
100,000 Fixed revisable (3.84%) until 15/03/13 20 equal payments 15/03/13 -15/03/32 Annual EIB
150,000 Fixed revisable (3.78%) until 15/03/12 20 equal payments 15/03/14 -15/03/33 Annual EIB
100,000 Fixed revisable (4.12%) until 15/03/11 20 equal payments 15/03/14 -15/03/33 Annual EIB
BANK

THOUSANDS
OF EUROS
2008
INTEREST RATE REPAYMENT PERIOD
Legal Information
Consolidated Financial Statements
INTEREST
PAYMENT
PERIOD
150,000 Fixed revisable (4.23%) until 15/03/13 21 equal payments 15/03/13 -15/03/33 Annual EIB
100,000 Fixed (3.73%) 20 equal payments 20/03/14 -20/03/33 Annual EIB
490,000 Fixed (4.87%) 15 equal payments 15/09/08 -15/09/22 Annual DEPFA
443,333
Variable. 3.48% (3M Euribor + 0.1475%
from15/09/07)
15 equal payments 15/09/08 -15/09/22 Quarterly DEPFA
1,000,000 Variable (3.4%) (Euribor + 0.067% the remainder) 20 equal payments 15/12/10 -15/12/29 Quarterly DEPFA
200,000 Variable (3.45%) (Euribor + 0.1175%) 15 equal payments 15/06/14 – 15/06/28 Quarterly DEPFA
360,000 Fixed (4.88%) until 15/19/26 20 equal payments 15/09/07 -15/09/26 Annual ICO
1,000,000 Variable (3.41%) (3M Euribor + 0.08%) 20 equal payments 15/03/09 -15/03/28 Quarterly ICO
500,000 Variable (3.41%) (3M Euribor + 0.08%) 20 equal payments 15/03/12 -15/03/31 Quarterly ICO
600,000 Variable (3.41%) (3M Euribor + 0.08%) 20 equal payments 15/12/13 – 20/11/32 Quarterly ICO
63,380 Fixed (2.46%) until 14/12/06 Maturity 14/12/09 Monthly BKT
48,601 Variable (Euribor 1m + 0.05 points) Maturity 19/04/14 Monthly Unicaja
85,875 Fixed (2.463%) Maturity 31/12/09 Monthly La Caixa
68,282 Variable (1M Euribor + 0.045 points) Maturity 31/04/14 Monthly BBVA
Ineco credit facility:
931 Euribor + 0.3% 26 March 2009 Annual BSCH
Loans of Aena Desarrollo Internacional:
5,306 5.25% 8 October 2014 Annual BSCH
6,902 4.40% 8 October 2014 Annual BSCH
2,014 Euribor plus a spread 5 September 2014 Annual ICO
3,000 4.83% 1 October 2017 Quarterly La Caixa
2,414 Euribor + 0.18% 28 December 2009 Annual La Caixa
3,000 Euribor + 0.20% 8 December 2009 Annual Caja Madrid
3,552 Euribor plus a spread (fi nance lease) 20 December 2016 Quarterly BBVA
9,611,515 Total borrowings
(599,090) Maturing at short term
9,012,425 Maturing at long term
BANK
Annual report 2009 341

342
Legal Information
Consolidated Financial Statements
The Parent has undertaken to comply with certain general
obligations to avoid early repayment of the aforementioned
loans and credits. At 31 December 2009
Annual report 2009
2009
and 31 December 2008, all the obligations relating to
these loans were being met. The repayment schedule
for the bank borrowings is as follows:
MATURING IN THOUSANDS OF EUROS
2010 949,063
2011 301,705
2012 414,646
2013 503,564
2014 592,303
Subsequent years 8,345,857
Total 11,107,138
EJERCICIO 2008
MATURING IN THOUSANDS OF EUROS
2009 599,090
2010 304,182
2011 301,747
2012 414,688
2013 503,606
Subsequent years 7,488,202
Total 9,611,515
The detail, by bank, of the drawn down and available amounts on bank borrowings is as follows:
2009
THOUSANDS OF EUROS
BANK DRAWN DOWN AVAILABLE TOTAL
La Caixa 96,630 10,036 106,666
Banesto 1,990 2,010 4,000
Caja Madrid 2,000 4,360 6,360
Banco Europeo de Inversiones 5,187,790 - 5,187,790
Instituto de Crédito Ofi cial 2,791,621 - 2,791,621
Depfa Bank 2,866,667 - 2,866,667
SCH 10,023 2,300 12,323
Bankinter 50,188 149,812 200,000
Unicaja 96,778 3,222 100,000
KFW IPEX-Bank - 200,000 200,000
Banco Sabadell - 150,000 150,000
Dexia Sabadell - 150,000 150,000
BBVA 3,451 1,002,000 1,005,451
Total 11,107,138 1,673,740 12,780,878

2008
Accrued unpaid interest at 31 December 2009 and 31
December 2008 amounted to EUR 81,085 thousand
and EUR 123,804 thousand, respectively.
The subsidiary Aena Desarrollo Internacional has arranged
an interest rate swap that hedges the risk of
changes in interest rates, of fi xed interest at 4.83%
against a fl oating interest rate, on two thirds of the
loan granted by La Caixa for a period shorter than that
of the loan (until October 2012).
15. TAX MATTERS
15.1. CURRENT TAX RECEIVABLES AND PAYABLES
Legal Information
Consolidated Financial Statements
THOUSANDS OF EUROS
BANK DRAWN DOWN AVAILABLE TOTAL
La Caixa 91,289 15,710 106,999
Caja Madrid 3,000 4,300 7,300
European Investment Bank 4,644,925 150,000 4,794,925
Instituto de Crédito Ofi cial 2,462,014 - 2,462,014
Depfa Bank 2,133,334 800,000 2,933,334
SCH 93,139 2,369 95,508
Bankinter 63,380 36,620 100,000
Unicaja 48,601 51,399 100,000
BBVA 71,833 32,079 103,912
Total 9,611,515 1,092,477 10,703,992
The following non-current, non-trade payables relating
to AENA Desarrollo Internacional are denominated
or instrumented in foreign currency:
EQUIVALENT VALUE IN
THOUSANDS OF EUROS
2009 2008
Bank borrowings 5,892 7,320
Current maturity -1,179 -1,220
Non-current maturity 4,713 6,100
The detail of the tax receivables and tax payables at 31 December 2009 and 31 December 2008 is as follows:
TAX RECEIVABLES
THOUSANDS OF EUROS
2009 2008
Deferred tax assets (Note 15.4) 521,384 380,865
Total deferred tax assets 521,384 380,865
Current tax assets 23,677 14,960
Withholdings and pre-payments - 1,078
Total current tax assets 23,677 16,038
Annual report 2009 343

344
Legal Information
Consolidated Financial Statements
TAX RECEIVABLES
THOUSANDS OF EUROS
2009 2008
VAT refundable 44,803 73,262
Grants receivables 48.269
Other 48,269 97
Total other accounts receivable from public authorities 93,072 73,359
The current tax asset relates to a 2003 supplementary
income tax return fi led by the Parent in 2008 and the
supplementary tax returns for 2004 and 2005 fi led by
the Company in 2009 (see Note 2-g).
15.2 RECONCILIATION OF THE ACCOUNTING LOSS TO THE TAX LOSS
The reconciliation of the accounting loss to the tax loss for income tax purposes is as follows:
Annual report 2009
The balance receivable in relation to grants received arises
from the non-refundable grants awarded by the European
Regional Development Fund (ERDF) to the Parent,
which had not been received at the end of 2009.
TAX PAYABLES
THOUSANDS OF EUROS
2009 2008
Other deferred tax liabilities (Note 15.6) 208,732 192,087
Total deferred tax liabilities 208,732 192,087
Current tax liabilities 1,758 3,093
Total current tax liabilities 1,758 3,093
Other tax payables 1,806 1,807
Security charge payable 655 1,862
Personal income tax withholdings 33,755 35,201
VAT payable 2,536 3,099
Accrued social security taxes payable 16,149 14,820
Total other accounts payable to public authorities 54,901 56,789
2009
INCREASE
THOUSANDS OF EUROS
DECREASE NET
Loss before tax
Permanent differences:
-492,022
Arising in the year 10,637 - 10,637
Arising in prior years - -25,556 -25,556
Arising from consolidation adjustments
Temporary differences:
12,901 - 12,901
Arising in the year 99,451 - 99,451
Arising in prior years - -84,546 -84,546
Arising from consolidation adjustments 55,891 -12,932 42,959
Tax loss -436,176

The main permanent differences are due to charges
and reversals of provisions for employee benefi t obligations.
The main temporary differences arose as a
result of the difference between the tax and accounting
methods of recognising depreciation and amortisation,
the provision to the allowance for bad debts
and payments for retirement plans and insurance.
In 2008, certain adjustments relating to the fi rst-time
application of the Spanish National Chart of Accounts
Legal Information
Consolidated Financial Statements
2008
INCREASE
THOUSANDS OF EUROS
DECREASE NET
Loss before tax
Permanent differences:
-228,319
Arising in the year 39,495 - 39,495
Arising in prior years - -40,173 -40,173
Arising from consolidation adjustments
Adjustments due to application of the new
Spanish National Chart of Accounts-
- -4,093 -4,093
- Investment valuation allowance - -16,370 -16,370
- Other
Timing differences:
878 - 878
Arising in the year 68,228 - 68,228
Arising in prior years - -54,451 -54,451
Arising from consolidation adjustments
Adjustments due to application of the new
Spanish National Chart of Accounts-
48,829 -9,889 38,940
- Start-up costs - -50,080 -50,080
- Deferred income 7,815 - 7,815
- Reversion fund 251 - 251
- Plant - -991 -991
Tax loss -238,870
approved by Royal Decree 1514/2007, which affected
equity, gave rise to deferred tax assets and liabilities
that were reversed at 31 December 2008 for the
amount corresponding to the deductible tax bases in
the year. The fi rst-time application adjustment relating
to investment valuation allowances reduced the tax
base to offset the increases made in prior years. Except
for the aforementioned, the main permanent differences
are due to charges and reversals of provisions
for employee benefi t obligations.
Annual report 2009 345

346
Legal Information
Consolidated Financial Statements
15.3 RECONCILIATION OF ACCOUNTING LOSS TO THE INCOME TAX EXPENSE
The reconciliation of the accounting loss to the income tax expense is as follows:
15.4 DEFERRED TAX ASSETS
RECOGNISED
As Parent of the consolidated tax group, the Parent settles
the income tax expense for the other companies
of the tax group, which together reported a non-current
tax asset to the tax authorities, amounting to EUR
269,750 thousand (EUR 122,549 thousand in 2008).
The tax loss carryforwards at 31 December 2009 and
31 December 2008, and the related amounts and the
last years for offset are as follows:
YEAR INCURRED
Annual report 2009
2009
THOUSANDS OF
EUROS
LAST YEAR FOR
OFFSET
2006 93,443 2021
2007 28,426 2022
2008 282,472 2023
2009 501,441 2024
905,782
YEAR INCURRED
2008
THOUSANDS OF
EUROS
THOUSANDS OF EUROS
2009 2008
Accounting loss before tax -492,022 -228,319
Permanent differences -2,019 -20,263
Tax loss -494,041 -248,582
Tax charge at 30% -148,212 -74,574
Tax credits and tax relief -20 -54
Income tax adjustments 118 -478
Total income tax expense recognised in profi t or loss -148,114 -75,106
LAST YEAR FOR
OFFSET
2006 93,443 2021
2007 28,426 2022
2008 284,370
406,239
2023
The detail of the temporary differences that gave rise
to the deferred tax assets recognised in the consolidated
balance sheet is as follows:
THOUSANDS OF
EUROS
2009 2008
Depreciation and amortisation of assets 52,829 64,640
Write-down of trade receivables 10,773 8,381
Non-current remuneration payable 471 2,154
Provisions for non-current assets -4,067 979
Provisions for employee benefi t obligations 115,552 109,602
Provision for contingencies and charges 1,276 361
Taxes 15,219 15,219
Corrective mechanism 41,971 41,971
Other 17,610 15,009
Total 251,634 258,316

The deferred tax assets indicated above were recognised
in the consolidated balance sheet because the
directors of the Parent and of the subsidiaries considered
that, based on their best estimate of the Parent
15.5 DEFERRED TAX ASSETS NOT RECOGNISED
The Parent’s tax credit carryforwards earned in prior years are as follows:
2009
YEAR
DOUBLE TAXATION
TAX CREDITS
TAX CREDITS FOR
RESEARCH AND
DEVELOPMENT
At 31 December 2009 and 31 December 2008, the Parent
had not recognised these tax credits in the consolidated
balance sheet since there was no certainty that
they could be used against future income tax returns
within the period envisaged in current legislation.
Legal Information
Consolidated Financial Statements
and the subsidiaries’ future earnings, including certain
tax planning measures, it is probable that these assets
will be recovered.
THOUSANDS OF EUROS
TAX CREDITS FOR
ENVIRONMENTAL
INVESTMENTS
TAX CREDITS FOR
INVESTMENTS
IN THE CANARY
ISLANDS
TAX CREDITS
FOR DONATIONS
OTHER TAX
CREDITS
2004 (*) - - - 11,669 - -
2005 (*) - 3,983 - 18,581 - -
2006 2,005 6,630 730 27,923 914 949
2007 2,459 3,249 771 33,146 834 917
2008 3,630 2,518 - 23,089 944 940
Total 8,094 16,380 1,501 114,408 2,692 2,806
(*) Amounts taken through supplementary tax returns for 2004 and 2005 fi led in February 2009.
2008
YEAR
DOUBLE TAXATION
TAX CREDITS
TAX CREDITS FOR
RESEARCH AND
DEVELOPMENT
THOUSANDS OF EUROS
TAX CREDITS FOR
ENVIRONMENTAL
INVESTMENTS
TAX CREDITS FOR
INVESTMENTS
IN THE CANARY
ISLANDS
TAX CREDITS
FOR DONATIONS
OTHER TAX
CREDITS
2005 - - - 5,637 - -
2006 2,339 6,630 730 27,923 914 948
2007 2,664 3,249 771 33,146 834 917
Total 5,003 9,879 1,501 66,706 1,748 1,865
The following tax loss carryforwards from years prior
to its joining the consolidated tax group and the
following tax credit carryforwards were not recognised
by the subsidiary AENA Desarrollo Internacional,
S.A.:
Annual report 2009 347

348
Legal Information
Consolidated Financial Statements
YEAR TAX LOSSES
15.6 DEFERRED TAX LIABILITIES
The detail of the timing differences that gave rise to
the deferred tax liabilities recognised in the consolidated
balance sheet is as follows:
Provisions for noncurrent
assets
Provisions for employee
benefi t obligations
Provisions for third-party
liabilities
Annual report 2009
THOUSANDS OF EUROS
2009 2008
DOUBLE TAXATION TAX
CREDITS
16,536 16,536
6,340 6,340
3,455 3,455
Deferred income 598 729
Financial hedging
instruments
523 448
Taxes 54 54
Grants 180,320 163,596
Other 906 929
Total 208,732 192,087
THOUSANDS OF EUROS
TAX CREDITS FOR EXPORT
ACTIVITIES
TAX CREDITS FOR TRAINING
ACTIVITIES
1997 253 - - -
1998 576 - - -
1999 1,590 - 8,411 -
2000 - - 185 -
2001 573 - 32 7
2002 766 29 187 -
2003 - 236 - 1
2004 - 232 - -
2005 - - - -
2006 - 320 4,508 2
2007 - 536 - 1
2008 - 308 - -
2009 - 267 - 1
3,758 1,928 13,323 12
15.7 YEARS OPEN FOR REVIEW
AND TAX AUDITS
Under current legislation, taxes cannot be deemed to
have been defi nitively settled until the tax returns fi led
have been reviewed by the tax authorities or until the
four-year statute-of-limitations period has expired. In
this regard, on 11 February 2009 the Department of
Tax and Customs Control notifi ed the Parent of the
commencement of an audit for all taxes for 2005 and
2006 and, in addition, for income tax for 2002, 2003
and 2004. This tax audit is currently in progress.
At the end of 2009, the Company had 2002 and subsequent
years open for review for income tax and
2005 and subsequent years for all other taxes applicable
to it.
The subsidiary INECO is currently being audited for the
main taxes applicable to it for 2004, 2005 and 2006.
The directors consider that the tax audits will not give
rise to any liabilities additional to those already recog-

nised. The Company has 2005 to 2009 open for review
by the tax authorities for income tax, VAT and
personal income tax withholdings.
At the end of 2009, the subsidiary Aena Desarrollo Internacional
S.A. had 2005 and subsequent years open for
review for by the tax authorities for income tax and 2006,
2007, 2008 and 2009 for the other taxes applicable to it.
At the end of 2009, the subsidiary CLASA had 2005
and subsequent years open for review for by the
tax authorities for income tax and 2006 and subsequent
years for the other taxes applicable to it. The
Parent’s directors consider that the tax returns for the
aforementioned taxes have been fi led correctly and,
therefore, even in the event of discrepancies in the interpretation
of current tax legislation in relation to the
tax treatment afforded to certain transactions, such liabilities
as might arise would not have a material effect
on the accompanying fi nancial statements.
The Economic Interest Grouping (“EIG”) and subsidiary
CRIDA has 2009 open for review by the tax authorities
for all the taxes applicable to it. The EIG’s
directors and their tax advisors consider that no material
contingencies would arise in the event of a tax audit,
in connection with the possible interpretations of
the tax legislation applicable to the transactions performed
by the EIG.
16. INCOME AND EXPENSES
A) BREAKDOWN OF REVENUE
The revenue relating to the Group’s ordinary activities is
obtained in Spain, except for that relating to the activities
of Desarrollo Internacional and Ingeniería y Economía
del Transporte, the breakdown being as follows:
Legal Information
Consolidated Financial Statements
THOUSANDS OF EUROS
Airport revenue:
Air traffi c revenue
2009 2008
Landing 366,905 390,417
Parking 8,224 8,336
Use of infrastructures 484,529 477,993
Passenger boarding bridges 117,653 119,787
Cargo handling 12,947 13,630
Security charge 127,006 134,204
Other 414 460
Subtotal of air traffi c revenue
Non-air traffi c revenue:
1,117,678 1,144,827
In-fl ight catering services 9,775 11,421
Premises, land and desk rent 25,100 23,903
Check-in desks 23,982 25,655
Services provided to concession holders 22,091 27,167
Restricted area access clearance 788 835
Use of lounges and unspecifi ed areas 12,734 13,466
Ramp handling 71,375 75,378
Other 3,659 3,228
Subtotal of non-air traffi c revenue
Commercial revenue:
169,504 181,053
Fuel 24,349 25,023
Premises and land rent 44,198 46,025
Commercial operations 193,063 209,011
Bars and restaurants 67,939 67,865
Car rental 96,647 85,254
Vehicle parking 105,607 125,299
Advertising 24,509 33,701
Services provided to concession holders 15,837 14,674
Other 387 160
Subtotal of commercial revenue
Air traffi c control:
572,536 607,012
En-route navigation aids 809,708 844,519
Approach navigation aids 191,029 203,248
Publications and other services 7,298 5,818
Subtotal of air traffi c control
Other lines of business:
1,008,035 1,053,585
Airport logistics 24,324 24,553
International development 8,485 7,002
Annual report 2009 349

350
Legal Information
Consolidated Financial Statements
THOUSANDS OF EUROS
2009 2008
Consulting 185,887 190,971
218,696 222,526
Consolidation adjustments -95,060 -96,320
Total revenue 2,991,389 3,112,683
The equivalent value of sales in foreign currency, made
in US dollars, was EUR 4,684 thousand.
B) PROCUREMENTS
The breakdown of “Procurements” in 2009 and 2008
is as follows:
THOUSANDS OF EUROS
2009 2008
Other procurements 266 177
Changes in inventories of other
procurements
-64 1,163
Work performed by other companies 113,926 130,065
Impairment losses on other procurements 6 -
Total 114,134 131,405
The work performed by other companies includes, inter
alia, the services provided by the Ministry of Defence,
the Directorate-General of Civil Aviation and
the National Meteorological Institute.
C) EMPLOYEE BENEFIT COSTS
The breakdown of “Employee Benefit Costs” is as
follows:
THOUSANDS OF EUROS
2009 2008
Employer social security costs 148,641 139,296
Contributions to employee benefi t
obligations
6,178 5,813
Other employee benefi t costs 47,545 48,800
Total 202,364 193,909
Annual report 2009
D) OUTSIDE SERVICES
The breakdown of “Outside Services” is as follows:
THOUSANDS OF EUROS
2009 2008
R&D expenditure 40 49
Rent and royalties 18,549 23,620
Repairs and upkeep 327,980 297,610
Independent professional services 38,036 35,472
Insurance Premiums 17,749 17,417
Transport 326 369
Banking services 2,194 2,583
Advertising and public relations 18,296 22,256
Utilities 114,690 107,361
Surveillance and security services 132,707 134,687
Other services 245,979 213,981
Total 916,546 855,405
E) FINANCIAL LOSS
The fi nancial loss was as follows:
THOUSANDS OF EUROS
Income: 2009 2008
Income from equity investments 1,227 144
Other interest and similar income 864 2,403
Change in fair value of fi nancial
instruments
- 10
Exchange gains - 427
Total fi nancial profi t
Costs:
2,091 2,984
Interest on loans -289,149 -395,403
Other fi nance costs - -472
Interest cost relating to provisions -69,171 -42,822
Capitalisation of fi nance costs (Notes 5
and 6)
73,653 97,325
Change in fair value of fi nancial
instruments
-34 -
Exchange losses -688 -

THOUSANDS OF EUROS
2009 2008
Impairment on fi nancial instruments - -14,522
Total fi nancial loss -285,389 -355,894
Net fi nancial loss -283,298 -352,910
“Interest Cost Relating to Provisions” includes mainly
the fi nancial adjustments made by the Parent as a result
of the interest cost on provisions. Specifi cally, EUR
45,975 thousand (EUR 21,184 thousand in 2008) were
recognised for late-payment interest on compulsory
purchases, the associated provision for which is discussed
in Note 13.1. This heading also includes EUR
21,399 thousand (EUR 21,612 thousand in 2008) corresponding
to the interest cost relating to provisions for
the remuneration of employees (see Note 13.1) and
EUR 1,759 thousand in connection with the unwinding
of the provision for soundproofi ng (see Note 12.1).
F) OTHER DISCLOSURES
The number of employees at 31 December 2009 and
31 December 2008, by category and gender, were as
follows:
NUMBER OF EMPLOYEES AT 31
DECEMBER 2009 (*)
PROFESSIONAL CATEGORY MEN WOMEN TOTAL
Senior executives 15 4 19
Executives and university
graduates
1,268 717 1,985
Coordinators 1,622 509 2,131
Line personnel 4,884 2,447 7,331
Support staff 709 677 1,386
Controllers 1,671 733 2,404
Total 10,169 5,087 15,256
(*) The number of temporary employees at 31 December 2008 was 1,650.
Legal Information
Consolidated Financial Statements
NUMBER OF EMPLOYEES AT 31
DECEMBER 2008 (*)
PROFESSIONAL CATEGORY MEN WOMEN TOTAL
Senior executives 21 4 25
Executives and university
graduates
1,165 631 1,796
Coordinators 1,076 426 1,502
Line personnel 5,191 2,558 7,749
Support staff 601
395
996
Controllers 1,630 705 2,335
Total 9,684 4,719 14,403
(*) The number of temporary employees at 31 December 2008 was 1,533.
The average headcount in 2009 and 2008, by professional
category, was as follows:
NUMBER (*)
PROFESSIONAL CATEGORY
2009 2008
Senior executives 18 25
Executives and university graduates 1,925 1,678
Coordinators 2,066 1,481
Line personnel 7,148 7,691
Support staff 1,374 979
Controllers 2,361 2,334
Total 14,892 14,188
(*) The average number of temporary employees in 2009 was 1,608 and 1,683
in 2008.
The Group’s Board of Directors has 30 members, 25
men and 5 women.
Annual report 2009 351

352
Legal Information
Consolidated Financial Statements
Remuneration of directors and senior executives
The breakdown of the remuneration received by the members of the Board of Directors and senior executives of the
Group is as follows (in thousands of euros):
Fees paid to auditors
The fees for the audit of the Parent’s fi nancial statements
are borne by the Ministry of Economy and Finance
(Spanish State Auditing Agency). Also in the
same year, services other than auditing services were
provided by the audit fi rm and other companies associated
therewith amounting to EUR 733 thousand
(EUR 1,335 thousand in 2008).
Additionally, the fees billed in connection with the audit
of the fi nancial statements of certain subsidiaries amounted
to EUR 123 thousand (EUR 117 thousand in 2008)
17. GUARANTEES AND
OTHER SURETIES GRANTED
The Parent has provided guarantees amounting to EUR
535 thousand( EUR 728 thousand in 2008). The Par-
Annual report 2009
SALARIES
ATTENDANCE
FEES
OTHER ITEMS
PENSION
PLANS
INSURANCE
PREMIUMS
Senior executives(*) 2,772 81 253 15 2 3,123
Board of Directors 154 330 1 - - 485
(*) Including the wages of the Chairman of the Board of Directors, who is also a senior executive, as well as the senior executives of the subsidiaries.
No advances or loans were granted to the current or former members of the Board of Directors and there are no
pension obligations to them.
SALARIES
ATTENDANCE
FEES
OTHER ITEMS
PENSION
PLANS
INSURANCE
PREMIUMS
Senior executives(*) 3,025 47 10 15 14 3,111
Board of Directors 234 357 1 - - 592
(*) Including the wages of the Chairman of the Board of Directors, who is also a senior executive, as well as the senior executives of the subsidiaries.
TOTAL
TOTAL
ent’s directors do not expect these guarantees to give
rise to any material liabilities.
Also, the Parent is the joint and several guarantor of
all the loans and credits that the subsidiary AENA Desarrollo
Internacional, S.A. had arranged with banks
(see Note 14).
At 31 December 2009 and 2008, the subsidiary Aena
Desarrollo Internacional, S.A. had provided bank guarantees
amounting to USD 151 thousand and USD 55
thousand, respectively, (equal to EUR 105 thousand
and EUR 40 thousand, respectively, at those dates), to
guarantee fulfi lment of the contracts entered into with
customers, mainly the airports of the GAP Group and
ACSA, respectively. The Company’s directors consider
that the guarantees provided will not give rise to material
liabilities. Also, at 31 December 2009 the subsidiary
Aena Desarrollo Internacional, S.A. had proved, together
with the other shareholders of ESSP SAS, a joint and
several fi nancial guarantee amounting to EUR 10 mil-

lion to the European Commission, which will secure the
payments advanced by the Commission for the “EG-
NOS Signal Service Provision Contract Plan A”. The
shareholders of ESSP SAS are also obliged, based on
the related shareholders’ agreement, to limit their liability
in proportion to their respective ownership interests;
16.66% of this amount corresponds to the Company.
To pursue its ordinary activity, the investee Ingeniería
y Economía del Transporte, S.A. has provided technical
guarantees of EUR 34,865 thousand (EUR 40,652
thousand in 2008) to secure the performance of service
contracts which were awarded to it.
Lastly, the company Clasa received guarantees from
and provided guarantees to customers totalling EUR
1,157 thousand (EUR 13,143 thousand in 2008) and
EUR 245 thousand ( EUR 246 thousand in 2008), respectively.
18. ENVIRONMENTAL
OBLIGATIONS
The Company’s management, in line with its commitment
to preserve the environment and the quality of
life in the areas in which it is present, has been making
investments in this connection to minimise the environmental
impact of its business activities and to protect
and improve the environment.
At 31 December 2009, property, plant and equipment
included investments of an environmental nature
amounting to EUR 439.5 million ( EUR 363.1 million in
2008, the accumulated depreciation of which amounted
to EUR 100.9 million (EUR 85 million in 2008).
The environmental investments made in 2009 and
2008 amounted to EUR 81.4 million and EUR 28.6
million respectively, the breakdown being as follows:
Legal Information
Consolidated Financial Statements
THOUSAND OF EUROS
2009 2008
Palma de Mallorca 575 10,316
Barcelona 751 6,164
Madrid/Barajas 2,578 2,988
Tenerife Norte 525 1,659
Alicante 29,560 1,019
Bilbao 20,814 -
Málaga 517 887
Valencia 696 847
Menorca - 568
Gran Canaria 6,843 374
Ibiza 6,395 -
Vigo 6,155 -
SSCC Navegación 284 364
Granada-Jaén 720 265
Cuatro Vientos - 201
La Palma 2,307 -
Resto divisiones 2,988 2,932
Total 81,424 28,584
The breakdown of the environmental expenses included
in the 2009 and 2008 consolidated income statement
is as follows:
THOUSAND OF EUROS
2009 2008
Repairs and upkeep 9,806 8,490
Independent professional services 1,597 2,081
Other outside services 3,771 3,610
Total 15,174 14,181
Provisions and contingencies of an environmental nature
are detailed in Notes 13.1 and 13.3. The Company’s
directors do not expect any additional material
liabilities or contingencies to arise in this connection.
Under the Barajas Plan and pursuant to the Resolutions
of the Directorate-General of Environmental Information
and Assessment dated 10 April 1996 and of
the Secretariat General of the Environment, dated 30
Annual report 2009 353

354
Legal Information
Consolidated Financial Statements
November 2001, AENA is carrying out the sound insulation
of certain housing units near Madrid-Barajas airport.
At 31 December 2009, more than 12,601 homes
had been insulated (12,535 at 31 December 2008).
As required under the Environmental Impact Statements
relating to the projects to extend Alicante and
Málaga airports, Aena is carrying out the sound insulation
plans associated with these statements. At 2009
year-end, 1,563 and 703 dwellings had been insulated
in Alicante and Málaga, respectively.
Also, in 2007 applications for the sound insulation of
housing units in the environs of Gran Canaria, La Palma,
Menorca, Palma de Mallorca, Tenerife North and
Valencia airports started to be processed and were still
being processed at 2009 year-end.
Also, pursuant to the resolutions of the Ministry of the
Environment, establishing the Environmental Impact
Statements for Aena’s airports, AENA has carried out
or is carrying out the preventive, corrective and compensatory
measures indicated in the mandatory environmental
impact study and in the aforementioned
Environmental Impact Statement, complying with certain
conditions relating mainly to: protection of the
hydrological and hydro-geological system, soil protection
and conservation, protection of air quality, acoustic
protection, protection of vegetation, wildlife and
natural habitats, protection of the cultural heritage,
restoration of services and livestock trails, location of
quarries, spoil, landfi ll and ancillary facility areas.
19. EVENTS AFTER THE
REPORTING PERIOD
As indicated in Note 2-c, Royal Decree-Law 1/2010,
regulating the provision of air traffi c services, stipulating
the obligations of civil providers of the aforemen-
Annual report 2009
tioned services, and setting specifi c working conditions
for civil air traffi c controllers, was approved on 5 February
2010. This legislation approves the opening of
air navigation services to new certifi ed providers, the
immediate implementation of aerodrome fl ight information
services (AFIS) in airports with a lower volume
of traffi c and a temporary change in certain working
conditions of controllers, including most notably, that
they may not avail themselves of Special Paid Leave for
a period of three years, and must work, without fail,
the hours required to guarantee continuity and sustainability
of services, without exceeding 1,750 hours.
In addition, it provides for the proposal of a gradual
reduction in the route and approach charges to bring
them into line with the average of the main service
providers in Europe.
On 2 February 2010, the subsidiary Aena Desarrollo
Internacional S.A. provided, together with the other
shareholders of ESSP SAS, a second joint and several fi -
nancial guarantee amounting to EUR 10 million to the
European Commission (see Note 17) to cover, where
necessary, the liability established in Article 38.1 of the
aforementioned “EGNOS Signal Service Provision Contract
Plan A”, in order to ensure coverage of the maximum
liability of the shareholders of ESSP SAS if they
could not satisfy the terms and conditions of the aforementioned
contract. The shareholders of ESSP SAS are
also obliged to enter into the related shareholders’
agreement in order to limit their liability in proportion
to their respective ownership interests; 16.66% of this
amount corresponds to the Company.
Lastly, the aforementioned subsidiary granted a loan
to Airport Concessions and Development Limited
(ACDL). On 22 December 2006, the parties agreed to
amend the terms and conditions of the “Original Facility
Agreement” entered into on 14 January 2005,
reducing the limit granted to GBP 1.5 million, with maturity
on 7 December 2009 and maintaining the interest
on the loan tied to LIBOR. On 16 March 2010,

effective 7 December 2009, an extension to this loan
was executed, based on the same aforementioned
terms and conditions and setting a new maturity date
of 30 June 2010.
20.EXPLANATION ADDED
FOR TRANSLATION TO
ENGLISH
As indicated in Note 2-c, Royal Decree-Law 1/2010, regulating
the provision of air traffi c services, stipulating
the obligations of civil providers of the aforementioned
Legal Information
Consolidated Financial Statements
services, and setting specifi c working conditions for civil
air traffi c controllers, was approved on 5 February 2010.
This legislation approves the opening of air navigation
services to new certifi ed providers, the immediate implementation
of aerodrome fl ight information services
(AFIS) in airports with a lower volume of traffi c and a
temporary change in certain working conditions of controllers,
including most notably, that they may not avail
themselves of Special Paid Leave for a period of three
years, and must work, without fail, the hours required
to guarantee continuity and sustainability of services,
without exceeding 1,750 hours. In addition, it provides
for the proposal of a gradual reduction in the route and
approach charges to bring them into line with the average
of the main service providers in Europe.
Annual report 2009 355

356
Legal Information
Consolidated Financial Statements
Annual report 2009
Individual balance sheets
Entidad pública empresarial
“Aeropuertos Españoles y Navegación Aérea”
Translation of fi nancial statements originally issued in Spanish and prepared in accordance with generally accepted
accounting principles in Spain (see Notes 2 and 17). In the event of a discrepancy, the Spanish-language version prevails.
BALANCE SHEETS AT 31 DECEMBER 2009 AND 2008 (THOUSANDS OF EUROS)
ASSETS NOTES EJERCICIO 2009 EJERCICIO 2008
Non-current assets:
Intangible assets Nota 5 289,017 265,431
Development expenditure 86,117 24,640
Computer software 122,760 102,728
Other intangible assets 80,140 138,063
Property, plant and equipment- Nota 6 15,894,265 15,092,083
Land and buildings 10,124,496 9,034,836
Plant and other items of property, plant and equipment 845,619 778,390
Other fi xtures, tools and furniture 2,114,950 1,537,830
Other items of property plant and equipment 93,058 72,106
Property, plant and equipment in the course of construction 2,716,142 3,668,921
Non-current investments in group companies and associates 192,939 200,313
Equity instruments Nota 8.1-A 111,884 111,884
Loans to companies Nota 8.1-B 81,055 88,429
Non-current fi nancial assets 1,438 1,020
Equity instruments Nota 8.1-A 745 739
Derivatives Nota 9 411 -
Other fi nancial assets 282 281
Deferred tax assets Nota 13.1 506,587 367,174
Total non-current assets
Current assets:
16,884,246 15,926,021
Inventories Nota 10 5,906 5,848
Trade and other receivables- 455,505 449,907
Trade receivables for sales and services Nota 8.1-D 337,685 349,254
Receivable from group companies and associates Nota 8.1-B 11,664 12,392
Sundry accounts receivable 542 7,949
Employee receivables 2,054 1,803
Current tax assets Nota 13.1 23,677 14,960
Other accounts receivable from public authorities Nota 13.1 79,883 63,549
Current investments in group companies and associates Nota 8.1-B 5,035 6,354
Loans to companies 3,897 5,216
Other fi nancial assets 1,138 1,138
Current fi nancial assets Nota 8.1-C 6,456 35,358
Other fi nancial assets 6,456 35,358
Current prepayments and accrued income 8,318 7,919
Cash and cash equivalents 1,266 864
Total current assets 482,486 506,250
Total assets 17,366,732 16,432,271

The accompanying Notes 1 to 17 are an integral part of the balance sheet at 31 December 2009.
Información legal
Individual balance sheets
BALANCE SHEETS AT 31 DECEMBER 2009 AND 2008 (THOUSANDS OF EUROS)
EQUITY AND LIABILITIES NOTES EJERCICIO 2009 EJERCICIO 2008
Equity:
Shareholders' equity Nota 11 3,268,862 3,655,202
Equity 3,099,018 3,099,018
Reserves 724,613 758,054
Legal and bylaw reserves 479,917 496,043
Other reserves 244,696 262,011
Retained losses (201,870) (36,667)
Loss for the year (352,899) (165,203)
Valuation adjustments 288 -
Valuation adjustments Nota 9 288 -
Grants, donations or gifts and legacies received Nota 11-d 423,529 384,912
Total equity
Non-current liabilities:
3,692,679 4,040,114
Long-term provisions- Nota 12.1 527,227 465,594
Provisions for long-term employee benefi t obligations 410,957 390,487
Provisions for environmental costs 97,433 52,507
Other provisions 18,837 22,600
Non-current payables- Nota 8.2-A 10,143,396 8,994,457
Bank borrowings and other fi nancial liabilities 10,143,396 8,994,457
Deferred tax liabilities Nota 13.1 208,753 192,081
Total non-current liabilities
Current liabilities:
10,879,376 9,652,132
Short-term provisions Nota 12.2 248,009 277,753
Current payables- Nota 8.2-B 2,115,997 2,001,327
Bank borrowings and other fi nancial liabilities 1,020,192 713,447
Other fi nancial liabilities 1,095,805 1,287,880
Current payables to group companies and associates- Nota 8.1-B 23,284 38,186
Trade and other payables- Nota 8.2-B 407,387 422,759
Payable to suppliers 32 782
Sundry accounts payable 250,279 260,521
Remuneration payable 81,938 75,537
Other accounts payable to public authorities Nota 13.1 48,477 50,043
Customer advances 26,661 35,876
Total current liabilities 2,794,677 2,740,025
Total liabilities 17,366,732 16,432,271
Annual report 2009 357

358
Información legal
Individual balance sheets
INCOME STATEMENTS FOR 2009 AND 2008 (THOUSANDS OF EUROS)
NOTES EJERCICIO 2009 EJERCICIO 2008
Continuing operations
Revenue Nota 14-b 2,867,753 2,986,477
In-house work on non-current assets Nota 6 11,285 14,088
Procurements Nota 14-a (63,295) (74,726)
Cost of raw materials and other consumables used (202) (1,349)
Work performed by other companies (63,087) (73,377)
Losses on impairment of raw materials and other consumables (6) -
Other operating income 13,384 12,999
Non-core and other current operating income 11,604 11,618
Income-related grants transferred to profi t or loss 1,780 1,381
Staff costs Nota 14-c (1,206,692) (1,201,387)
Wages, salaries and similar expenses (1,017,777) (1,017,531)
Employee benefi t costs (178,818) (171,123)
Provisions (10,097) (12,733)
Other operating expenses (1,087,528) (983,406)
Outside services Nota 14-d (927,686) (859,808)
Taxes other than income tax (95,180) (91,769)
Losses on, impairment of and change in allowances for trade receivables Nota 8.1-d (40,175) (9,917)
Other current operating expenses (24,487) (21,912)
Depreciation and amortisation charge Notas 5 y 6 (793,745) (701,064)
Allocation to profi t or loss of grants related to non-fi nancial noncurrent
assets and other grants
26,885 30,007
Excessive provisions 4,862 8,409
Impairment and gains or losses on disposals of non-current assets Notas 5 y 6 (16,105) (11,134)
Other gains or losses (1,399) (1,073)
Profi t from operations (244,595) 79,190
Finance income 20,378 18,643
From investments in equity instruments 18,128 12,100
- Group companies and associates 18,128 12,100
From marketable securities and other fi nancial instruments 2,250 6,543
- Group companies and associates Nota 8.1-b 1,576 4,745
- Third parties- 674 1,798
Finance costs- (283,737) (339,978)
On debts to third parties (288,257) (394,507)
Interest cost relating to provisions (69,133) (42,796)
Capitalisation of fi nance costs 73,653 97,325
Exchange differences (10) 8
Financial loss Nota 14-e (263,369) (321,327)
Loss before tax (507,964) (242,137)
Income tax Nota 13.4 155,065 76,934
Loss for the year from continuing operations (352,899) (165,203)
Loss for the year
The accompanying Notes 1 to 17 are an integral part of the income statement at 31 December 2009.
(352,899) (165,203)
Annual report 2009

STATEMENTS OF CHANGES IN EQUITY FOR 2009 AND 2008
A) STATEMENT OF RECOGNISED INCOME AND EXPENSE (THOUSANDS OF EUROS)
Información legal
Individual balance sheets
NOTES EJERCICIO 2009 EJERCICIO 2008
A) Loss per income statement
Income and expenses recognised directly in equity
(352,899) (165,203)
Arising from cash fl ow hedges Nota 9 411 -
Grants, donations or gifts and legacies received 32,530 92,141
Arising from actuarial gains and losses and other adjustments Nota 12.1-a (24,735) (16,295)
Tax effect Nota 13.3 (2,463) (22,754)
B) Total income and expenses recognised directly in equity
Transfers to profi t or loss
5,743 53,092
Grants, donations or gifts and legacies received (26,885) (30,006)
Tax effect Nota 13.3 8,066 9,000
C) Total transfers to profi t or loss (18,819) (21,006)
TOTAL RECOGNISED INCOME AND EXPENSE (A + B + C) (365,975) (133,117)
The accompanying Notes 1 to 17 are an integral part of the statement of changes in equity at 31 December 2009.
STATEMENTS OF CHANGES IN EQUITY FOR 2009 AND 2008
B) STATEMENT OF CHANGES IN TOTAL EQUITY (THOUSANDS OF EUROS)
ASSIGNED
EQUITY AND
ASSETS
BYLAW
RESERVES
OTHER
RESERVES
RETAINED
LOSSES
LOSS FOR
THE YEAR
VALUATION
ADJUSTMENTS
GRANTS,
DONATIONS
OR GIFTS AND
LEGACIES
RECEIVED
TOTAL
EQUITY
Balance at 2007 year-end 3,099,018 845,487 273,417 (26,444) (10,223) - - 4,181,255
Adjustments due to
transition to new spanish
national chart of accounts
- (349,444) - - - - 341,420 (8,024)
Adjustments due to errors
in 2007 and prior years
- - - - - - - -
Adjusted balance at
beginning of 2008
3,099,018 496,043 273,417 (26,444) (10,223) - 341,420 4,173,231
Total recognised income and
expenses
- - (11,406) - (165,203) - 43,492 (133,117)
Allocation of 2007 loss - - - (10,223) 10,223 - - -
Balance at 2008 year-end 3,099,018 496,043 262,011 (36,667) (165,203) - 384,912 4,040,114
Ajustes por cambios de
criterio 2008 (note 2-f)
- - - - - - 34,666 34,666
Adjusted balance at
beginning of 2009
3,099,018 496,043 262,011 (36,667) (165,203) - 419,578 4,074,780
Total recognised income and
expenses
- - (17,315) - (352,899) 288 3,951 (365,975)
Allocation of 2008 loss - - - (165,203) 165,203 - - -
Other changes in equity
(note 2-g)
- (16,126) - - - - - (16,126)
Balance at 2009 year-end 3,099,018 479,917 244,696 (201,870) (352,899) 288 423,529 3,692,679
Las notas 1 y siguientes hasta la 17 incluida descritas en la Memoria adjunta forman parte integrante del estado total de cambios en el patrimonio correspondiente al ejercicio 2009.
Annual report 2009 359

360
Información legal
Individual balance sheets
Annual report 2009
ESTADO DE CAMBIOS EN EL PATRIMONIO NETO DE LOS EJERCICIOS 2009 Y 2008
A) ESTADO DE INGRESOS Y GASTOS RECONOCIDOS (MILES DE EUROS)
EJERCICIO 2009 EJERCICIO 2008
Cash fl ows from operating activities (I) 209,072 445,586
Loss for the year before tax (507,964) (242,137)
Adjustments for: 1,185,713 1,064,858
- Depreciation and amortisation charge 793,745 701,064
- Impairment losses 40,181 -
- Changes in provisions 122,346 82,264
- Recognition of grants in profi t or loss (26,885) (30,007)
- Gains/losses on derecognition and disposal of non-current assets 16,136 12,256
- Finance income (20,378) (18,706)
- Finance costs 260,578 317,979
- Exchange differences (10) 8
Changes in working capital (125,136) 3,340
- Inventories (64) 1,171
- Trade and other receivables 11,212 (17,183)
- Other current assets 1,033 418
- Trade and other payables (128,665) 14,207
- Other current liabilities (8,652) 4,727
Other cash fl ows from operating activities (343,541) (380,475)
- Interest paid (367,613) (414,577)
- Dividends received 18,128 12,100
- Interest received 2,368 6,607
- Income tax recovered (paid) 3,576 15,395
Cash fl ows from investing activities (II) (1,733,913) (2,073,901)
Payments due to investment (1,771,725) (2,123,645)
- Group companies and associates (9,000) (2,181)
- Intangible assets (90,423) (91,869)
- Property, plant and equipment (1,672,296) (2,029,595)
- Other fi nancial assets (6) -
Proceeds from disposal 37,812 49,744
- Group companies and associates 9,028 11,114
- Intangible assets - 1,573
- Property, plant and equipment 1,313 15,581
- Other fi nancial assets 27,471 21,476
Flujos de efectivo de las actividades de fi nanciación (III) 1,525,233 1,628,055
Proceeds and payments relating to equity instruments 33,782 92,141
- Grants, donations or gifts and legacies received 33,782 92,141
Proceeds and payments relating to fi nancial liability instruments 1,491,451 1,535,914
- Proceeds from issue of bank borrowings 1,850,000 1,785,498
- Repayment of bank borrowings (351,747) (172,902)
- Repayment of other borrowings (6,802) (76,682)
Effect of foreign exchange rate changes (IV) 10 (8)
Net increase/decrease in cash and cash equivalents (I+II+III+IV) 402 (268)
Cash and cash equivalents at beginning of year 864 1,132
Cash and cash equivalents at end of year 1,266 864
Las notas 1 y siguientes hasta la 17 incluida descritas en la Memoria adjunta forman parte integrante del estado de fl ujos de efectivo correspondiente al ejercicio 2009

Con el objeto de minimizar el posible impacto ambiental de esta publicación Aena ha
utilizado papel 100% reciclado y libre de cloro tanto para las cubiertas como para los
interiores aunque ello conlleve una blancura menor de sus hojas.
In order to reduce the possible environmental impact of this publication, Aena has used
100% chlorine free recycled paper both for the cover and the interiors although papers
appear slightly less white.
Dirección y edición: Dirección de Comunicación de Aena.
Management and Edition: Aena’s Communication Directorate.
Diseño: Inventa.
Design: Inventa.
Producción e impresión: Grupo AGA.
Production and printing: Grupo AGA.
Fotografía: Archivo Gráfi co de Aena (Agaena).
Depósito legal: M-38483-2010.
Legal deposit: M-38483-2010.