Presentation Press Conference Abertis General Meeting 2013
Transcript of Presentation Press Conference Abertis General Meeting 2013
![Page 1: Presentation Press Conference Abertis General Meeting 2013](https://reader034.fdocuments.us/reader034/viewer/2022052522/554d0bffb4c9052c5a8b4d56/html5/thumbnails/1.jpg)
Press conference
![Page 2: Presentation Press Conference Abertis General Meeting 2013](https://reader034.fdocuments.us/reader034/viewer/2022052522/554d0bffb4c9052c5a8b4d56/html5/thumbnails/2.jpg)
SHAREHOLDER STRUCTURE
OHL Group 15.25 %
Free Float 42.78%
“la Caixa” 26.42 %
CVC 15.55 %
![Page 3: Presentation Press Conference Abertis General Meeting 2013](https://reader034.fdocuments.us/reader034/viewer/2022052522/554d0bffb4c9052c5a8b4d56/html5/thumbnails/3.jpg)
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
![Page 4: Presentation Press Conference Abertis General Meeting 2013](https://reader034.fdocuments.us/reader034/viewer/2022052522/554d0bffb4c9052c5a8b4d56/html5/thumbnails/4.jpg)
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
![Page 5: Presentation Press Conference Abertis General Meeting 2013](https://reader034.fdocuments.us/reader034/viewer/2022052522/554d0bffb4c9052c5a8b4d56/html5/thumbnails/5.jpg)
Leap forward
2012 TRANSFORMATION
abertis: nº 1 toll road manager worldwide
![Page 6: Presentation Press Conference Abertis General Meeting 2013](https://reader034.fdocuments.us/reader034/viewer/2022052522/554d0bffb4c9052c5a8b4d56/html5/thumbnails/6.jpg)
Geographical diversification
Sufficient size
A benchmark
and a fundamental
partner
2012 TRANSFORMATION
![Page 7: Presentation Press Conference Abertis General Meeting 2013](https://reader034.fdocuments.us/reader034/viewer/2022052522/554d0bffb4c9052c5a8b4d56/html5/thumbnails/7.jpg)
2003 2013
10 YEARS OF abertis
![Page 8: Presentation Press Conference Abertis General Meeting 2013](https://reader034.fdocuments.us/reader034/viewer/2022052522/554d0bffb4c9052c5a8b4d56/html5/thumbnails/8.jpg)
10 YEARS OF abertis
![Page 9: Presentation Press Conference Abertis General Meeting 2013](https://reader034.fdocuments.us/reader034/viewer/2022052522/554d0bffb4c9052c5a8b4d56/html5/thumbnails/9.jpg)
+ Growth
+ Return
Shareholder’s returns
Renewal of assets
CREATING VALUE
![Page 10: Presentation Press Conference Abertis General Meeting 2013](https://reader034.fdocuments.us/reader034/viewer/2022052522/554d0bffb4c9052c5a8b4d56/html5/thumbnails/10.jpg)
CREATING VALUE
Ibex 35 abertis Quote
(*) Includes Ordinary dividend, bonus share issue and revaluation
5.7 % −4.7 %
10 %
Variation 2011/2012
![Page 11: Presentation Press Conference Abertis General Meeting 2013](https://reader034.fdocuments.us/reader034/viewer/2022052522/554d0bffb4c9052c5a8b4d56/html5/thumbnails/11.jpg)
FOCUS INTERNATIONAL EXPANSION CONTROL
DISPOSALS
€1,700 Mn cash (€3,000 since January 2011)
Gains: €630 Mn
Financial structure strengthened
IRR: 16%
![Page 12: Presentation Press Conference Abertis General Meeting 2013](https://reader034.fdocuments.us/reader034/viewer/2022052522/554d0bffb4c9052c5a8b4d56/html5/thumbnails/12.jpg)
ATTRACTIVE REINVESTMENTS
Investment: €1,950Mn (€3,200Mn since January 2011)
IRR over 13%
![Page 13: Presentation Press Conference Abertis General Meeting 2013](https://reader034.fdocuments.us/reader034/viewer/2022052522/554d0bffb4c9052c5a8b4d56/html5/thumbnails/13.jpg)
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
![Page 14: Presentation Press Conference Abertis General Meeting 2013](https://reader034.fdocuments.us/reader034/viewer/2022052522/554d0bffb4c9052c5a8b4d56/html5/thumbnails/14.jpg)
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.
![Page 15: Presentation Press Conference Abertis General Meeting 2013](https://reader034.fdocuments.us/reader034/viewer/2022052522/554d0bffb4c9052c5a8b4d56/html5/thumbnails/15.jpg)
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
![Page 16: Presentation Press Conference Abertis General Meeting 2013](https://reader034.fdocuments.us/reader034/viewer/2022052522/554d0bffb4c9052c5a8b4d56/html5/thumbnails/16.jpg)
Rating
Sustainable dividend
Minimum IRR
OBLIGATIONS
Growth and renewing
concessions
Internationalisation
Profitability
GOALS
Portfolio
Efficiency
ACTIONS
![Page 17: Presentation Press Conference Abertis General Meeting 2013](https://reader034.fdocuments.us/reader034/viewer/2022052522/554d0bffb4c9052c5a8b4d56/html5/thumbnails/17.jpg)
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
![Page 18: Presentation Press Conference Abertis General Meeting 2013](https://reader034.fdocuments.us/reader034/viewer/2022052522/554d0bffb4c9052c5a8b4d56/html5/thumbnails/18.jpg)
16
32
2009 2013e 2009 2013e
2009 2013e
Concessions
x2
Kilometres
x2
Employees
x1,5
~
3,756
7,327
12,073
~ 17,580
![Page 19: Presentation Press Conference Abertis General Meeting 2013](https://reader034.fdocuments.us/reader034/viewer/2022052522/554d0bffb4c9052c5a8b4d56/html5/thumbnails/19.jpg)
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
![Page 20: Presentation Press Conference Abertis General Meeting 2013](https://reader034.fdocuments.us/reader034/viewer/2022052522/554d0bffb4c9052c5a8b4d56/html5/thumbnails/20.jpg)
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
![Page 21: Presentation Press Conference Abertis General Meeting 2013](https://reader034.fdocuments.us/reader034/viewer/2022052522/554d0bffb4c9052c5a8b4d56/html5/thumbnails/21.jpg)
Focus on streamlining and harnessing synergies
Disciplined growth to create value
Motorways: brownfield and yellowfield tolls
Telecom: expansion in mobile phone towers and Hispasat