Post on 09-May-2015
Press conference
SHAREHOLDER STRUCTURE
OHL Group 15.25 %
Free Float 42.78%
“la Caixa” 26.42 %
CVC 15.55 %
ASYMMETRIC DEVELOPMENT OF THE CRISIS
Accumulated ADT Spain France Americas Total abertis
20.8 %
−2.0 %
−12.5 %
− 30.4 %
-0,4
-0,3
-0,2
-0,1
0
0,1
0,2
0,3
2007 2008 2009 2010 2011 2012
Annual change GDP Emerging EU US World economy
-6
-4
-2
0
2
4
6
8
10
2007 2008 2009 2010 2011 2012 2013
+3.7
+2.4
+0.5
+5.4
ASYMMETRIC DEVELOPMENT OF THE CRISIS
Leap forward
2012 TRANSFORMATION
abertis: nº 1 toll road manager worldwide
Geographical diversification
Sufficient size
A benchmark
and a fundamental
partner
2012 TRANSFORMATION
2003 2013
10 YEARS OF abertis
10 YEARS OF abertis
+ Growth
+ Return
Shareholder’s returns
Renewal of assets
CREATING VALUE
CREATING VALUE
Ibex 35 abertis Quote
(*) Includes Ordinary dividend, bonus share issue and revaluation
5.7 % −4.7 %
10 %
Variation 2011/2012
FOCUS INTERNATIONAL EXPANSION CONTROL
DISPOSALS
€1,700 Mn cash (€3,000 since January 2011)
Gains: €630 Mn
Financial structure strengthened
IRR: 16%
ATTRACTIVE REINVESTMENTS
Investment: €1,950Mn (€3,200Mn since January 2011)
IRR over 13%
Revenue
Operating costs
Gross margin (EBITDA)
Like-for-like EBITDA
Amortisation/depreciation
Asset value adjustments
Operating margin (EBIT)
Non-recurring financial result
Recurring financial result
Profit – equity accounting
Profit before tax
Corporate income tax
Minority interests
Net profit
Like-for-like net profit
4,039
-1,580
2,459
2,515
-971
-199
1,290
393
-570
63
1,176
-93
-59
1,024
613
!Mn
+3%
+0%
+2%
-15%
+15%
+42%
+2%
3,227
493
319
2,191
230
94
Like-for-like results up 2% despite difficult climate
2010 2012 2010 2012
2010 2012
Staff costs
~550 *
Manageable costs
~360 *
Operating capex
~190 *
* Like-for-like, including CPI
522
528348
295
184
133
-5% -20%
-30%Accumlated savings of over €230Mn since 2010.
13,882 206 1,677
11,199
2,131 14,130
2011 Free cash flow generated
Divestments Like-for-like debt 2012
Growth investments
2012
Stable debt against a backdrop of growth
BrazilChileTelecoms towersHispasatTunnelsOwn portfolio
23% Eutelsat
16% Brisa
Rating
Sustainable dividend
Minimum IRR
OBLIGATIONS
Growth and renewing
concessions
Internationalisation
Profitability
GOALS
Portfolio
Efficiency
ACTIONS
Cash inflows Cash outflows
Sale of assets
Operations and efficiency
Investments in growth
Organic investment
Reduction in net debt
Dividends
Finance charges and taxes
Total cash flow applications 2010 - 2012 €Mn
Rotating the portfolio to focus and expand internationally
3.0
7.2
3.2
1.7
0.5
2.2
2.6
16
32
2009 2013e 2009 2013e
2009 2013e
Concessions
x2
Kilometres
x2
Employees
x1,5
~
3,756
7,327
12,073
~ 17,580
INCOME STATEMENT EFFICIENCY (€MN)
2009 2013e 2009 2010 2011 20122009 2013e
Like-for-like profit 2012: +2%
Revenue
+37%
EBITDA
+36%
~5,1003,724 2,285 ~3,100
Net profit
Improving financial figures
624 662
1,024
720
Motorways79%
Telecom11%
Airports5%
Car parks + Logístics5%
Motorways 90%
Telecom8%
Airports2%
2009 2013e
Spain52%
France39%
Chile6%
Other3%
Spain38%
Brazil16%
Chile8%
France32%
Other6%
EBITDA
Average concession life extended to 2028
Focus on streamlining and harnessing synergies
Disciplined growth to create value
Motorways: brownfield and yellowfield tolls
Telecom: expansion in mobile phone towers and Hispasat