The Board of Directors appoints Rafael del Pino y Calvo-Sotelo as the new Chairman of the Ferrovial Group At today's meeting the Board of Directors of the Ferrovial Group accepted the resignation of Rafael del Pino from his post as Chairman of the Board and the appointment of Rafael del Pino y Calvo-Sotelo as new Chairman. This agreement serves to confirm the decision expressed by the founder of the company at the Ordinary General Shareholders' Meeting held on 31 March to shortly give up his post. "I have been working here since 1952", he explained, "and after a great deal of thought, I feel it is time to move. I have other job offers and I would like to take advantage of them". The Board of Directors of the Ferrovial Group also accepted the resignations of José María López de Letona and Claudio Boada de Vilallonga, directors since 1984 and 1985 respectively, and the appointment of three new directors: Juan Arena de la Mora, Chief Executive Officer of Bankinter, Profesa Investments, B.V. and Portman Baela, S.L., the company's major shareholders that will be represented by María del Pino y Calvo-Sotelo and Eduardo Trueba Cortés, respectively. Thus, the Board of Directors of the Ferrovial Group will consist of Rafael del Pino y Calvo Sotelo; Santiago Bergareche Busquet; José Mª Pérez Tremps; Manuel Azpilicueta Ferrer; Alfonso Cortina de Alcocer; Jaime Carvajal y Urquijo; Javier Vega de Seoane y Azpilicueta; Fernando del Pino y Calvo Sotelo; Juan Arena de la Mora, Profesa Investments, B.V. and Portman Baela, S.L. Rafael del Pino, who is 79 years of age and a Doctor in Civil Engineering, founded Ferrovial in 1952. At the outset, Ferrovial specialized in railway construction but subsequently branched out into the other sub-sectors of construction, such as roads, hydraulic works, ports and residential and industrial building, to cover the whole of the construction sector. In the sixties, Ferrovial moved into the real estate business and concessions, as in 1968 it won the concession of the Bilbao-Behobia motorway. Later, in a process of diversification, Ferrovial also moved into the service sector and telecommunications. Today, Grupo Ferrovial, S.A. obtains nearly half a trillion pesetas in sales revenues and its stock market value is in excess of Ptas 300 billion. Rafael del Pino has always known how to find collaborators who are capable, loyal and excited about the Group's successive growth and development projects. This management team has successfully transmitted the values that comprise the corporate culture, such as the principle of serving society, the love of jobs well done, the spirit of effort, austerity in spending, the reinvestment of profits or permanently adaptating to a changing society with an eye to the future. Del Pino was the chairman of several of the Group's companies, amongst them Europistas (1968-1991), Autema (1987-1999) and Autopista de la Costa del Sol and has held other important posts in different entities. Amongst others, he was the first Chairman of Empresa Nacional del Gas, S.A. (Enagás), between 1972 and 1974; Board Member of the Instituto Nacional de Hidrocarburos, between 1981 and 1985; Chairman of Philips Ibérica, S.A.E., between 1979 and 1987; Chairman of SEOPAN (a nationwide association of construction firms) between 1988 and 1989, and a Member of the Governing Council of the Asociación para el Progreso de la Dirección (APD). He is currently also the Chairman of the Instituto de la Empresa Familiar (IEF) and a Member of the Board of the Círculo de Empresarios. Ferrovial today At the Ordinary General Shareholders' Meeting three months ago Rafael del Pino said that Rafael del Pino y Calvo-Sotelo, the new Chairman of Ferrovial and previously Executive Vice-Chairman of the company "has shown through the years he has been a senior executive his capacity and worth for leading the company to the levels it has reached today. And, as he is advanced in years, but not as advanced as myself, he still has a long time ahead of him to continue to exercise this capacity, which he has fully demonstrated, for leading the company". Rafael del Pino y Calvo-Sotelo, 41, is a Civil Engineer and has a Master in Business Administration (MBA) from Massachusetts Institute of Technology. He joined Ferrovial in 1981 and since then has held the posts -amongst others- of Economic and Financial Manager (1988-1992), Chief Executive Officer (1992-1999) and Executive Vice-Chairman, from February 1999 to the present day. In recent years Rafael del Pino y Calvo-Sotelo has further developed the strategy of soundness and modernity of the Group and continued to integrate great professionals in his management team. In addition, he played a major role in the listing of the Group; in the integration of the construction businesses in the new Ferrovial Agromán; in the constitution of Cintra as the sole vehicle for bidding for and managing the Group's transport infrastructure concessions in Spain and abroad and in the consolidation of Ferrovial in the international markets. Rafael del Pino y Calvo Sotelo is also the Chairman of some of the companies in the Group, amongst them, Ferrovial Inmobiliaria and Cintra, and is a Company Director of Uralita and a Member of the Governing Council of the Asociación para el Progreso de la Dirección (APD). As from today Rafael del Pino y Calvo-Sotelo takes charge of a company that, in its first year on the Stock Market, obtained its best results ever. Its net profit amounted to Euros 111 million (Ptas 18.51 billion) in 1999, 30% more than in the previous year, while sales revenues rose by 11% to Euros 2,645 million (Ptas 440.12 billion). In the first quarter of this year, Ferrovial obtained ? 28 million (Ptas 4.64 billion) in net profit, up 41.6% on the same period the previous year. The consolidated sales figure for the same period amounted to Euros 615.2 million (Ptas 102.36 billion), an 11% increase. In the first quarter, Ferrovial continued to make large investments, Euros 164.7 million (Ptas 27.4 billion), a figure that includes part of the money paid for the acquisition of the Polish construction firm Budimex and the contributions to the ETR 407 motorway in Canada. The construction backlog was at a record high as of 31 March 2000: Euros 4,308 million (Ptas 716.79 billion); 14% more than in the same period last year, making Ferrovial the sector leader. Moreover, it ranks first worldwide in transport infrastructure concessions in terms of investment volume; notable amongst these concessions is the ETR 407 motorway in Toronto, Canada, a project that represents an investment of over Euros 2.4 billion (Ptas 400 billion). In the real estate business, Ferrovial has consolidated its leading position in the residential development sector, with net sales growing by 45% and pre-sold inventories of Euros 430 million (Ptas 71.55 billion) in 1999. Additionally, Ferrovial continues to grow in the service market and has brilliant prospects in its diversification into telecommunications. Ferrovial is already competing actively in the latter, through its holdings in Cableuropa (Ono) and Lince (Uni2).