The liberalization of the railway sector in the European Union has already seen significant progress, especially in the countries of Northern and Southern Europe. In Spain the year 2006 has seen the completion of the legal framework necessary for the effective opening of the sector, with the publication of the Ministerial Orders relating both to rolling stock and railway personnel.

Transfesa participates in the liberalization process through its subsidiary Activa Rail, S.A., intended to become the rail traction company of the Group. The company obtained the railway operating licence in July 2006.

The advancement of the liberalization process and competition in Spain will drive the progress towards achieving a profitable and reliable railway for freight transport. Transfesa, with 65 years of experience in the field, has a competitive advantage to capitalise on this development for the benefit of its clients, thus fostering the development of co-modality, which in turn would imply a more balanced modal distribution contributing towards a more efficient continental logistics system.