1
Francisco Reynés, CEO
2
Contents1 2010 management report
2 2011 First quarter results
3 Reorganisation of the businesses
4 Future challenges
3
Global macroeconomic environment
2010 management report
-5
0
5
10
15
Source: Datastream
Inflation (% end of period)
Current account balance (%GDP)
2007 2008 2009 2010 2007 2008 2009 2010
2007 2008 2009 2010
GDP (%variation)
2007 2008 2009 2010
USA CHINA BRAZIL INDIA
Unemployment (% of active pop.)
15
10
5
0
-10
-5
0
5
10
0
5
10
15
202011 2012 2011 2012
2011 2012 2011 2012
4
Main environment of abertis
2011 2012 2011 20122007 2008 2009 2010 2007 2008 2009 2010
UKSPAIN CHILEFRANCE
0
5
10
15
20
Inflation (% end of period)
Unemployment (% of active pop.)
GDP (% variation)
2007 2008 2009 2010
Source: Datastream
2007 2008 2009 20102011 2012 2011 2012
10
5
0
5
0
-5
-10
-5
0
5
10 Current account balance (%GDP)
2010 management report
5
Motorways
2006 2007 2008 2009 2010
Spain41%
France46%
3,772 KmLatAm13%
ABERTIS AVERAGE SPAIN LATAMFRANCE
35,000
30,000
25,000
20,000
ADT motorways
2010 management report
6
Telecommunications
3,315Terrestrial
sites
31.4%
Hispasat:6 satellites
Eutelsat:27 satellites
0
5.000
10.000
15.000
20.000
2006 2007 2008 2009 2010
42.1%
DTT ANALOGUE TV
Number of TV transmitters
2010 management report
7
Airports
58 Mnpassengers in 2010
USA2%
Europe29%
0
10.000
20.000
30.000
40.000
50.000
60.000
70.000
2007 2008 2009 2010
Airport passengers (thousands)
TOTAL ABERTISLATAM USAEUROPE
LatAm69%
2010 management report
8
Car parks
Spain57%
128,149places managed
in 80 cities
0
5.000
10.000
15.000
20.000
25.000
30.000
2007 2008 2009 2010
Vehicles in rotation (thousands)
OTHERSPAIN ITALYPORTUGAL
Portugal14%
Other9%
Italy20%
2010 management report
9
Logistics parks
0
25
50
75
100
2007 2008 2009 2010
Spain96%
534,407m2 built
on 31 December% Occupation
Chile 4%
2010 management report
10
Income from turnover (M€)
Figuresfor 2009 recalculated under IFRIC12
2009
3,904
Motorways Telecom Rest 2010Airports
171 4,10661411
Airports 7%
Motorways75%
Telecom13%
Rest 5%UK 4%
Spain50%
Chile 5%
France35%
Other 6%
2010 management report
11
Operating profit (EBITDA) (M€)
Figures for 2009 recalculated under IFRIC12
2009 Motorways Telecom Rest 2010Airports
131 46-2 2,4942,356
Airports 3%
Motorways86%
Telecom9%
Rest 2%
Spain53%
Chile 5%UK 2%
France37%
Other 3%
EBITDA margin 60.8%
EBITDA margin60.3%
2010 management report
12
2010
2009 0.86 €/share
0.91 €/share
Profit per share
Comparable (Number of shares on
31/12/10)
Figures for 2009 recalculated under IFRIC12
138 -64 -36
2009 Improvement in operating
profit
Greater write-offs for
investments
Greater financial and other expenses
2010
624 662
Consolidated net result (M€) 2010 management report
13
Investments (M€)
Terrestrial telecom
73
Telecom Satellites53
Rest67
Motorways Spain188
Motorways France183
Investment in Expansion564
Operative investment192
2010 management report
14
Funds generated (M€)
-226-652
-493
-192931
2,494
Expansion
Debt reduction
366
564
2010 management report
15
Dec. 2009
14,590 -366223
205 14,651
Reductionin Debt
VariationPerimeter
Exchange rate variationsand derivatives
Dec. 2010
Debt (M€)
Debt/EBITDA: 6.2xAverage cost: 4.56%
Debt/EBITDA: 5.9xAverage cost: 4.53%
With recourse
44%
Without recourse 56%
Variable rate16%
Fixed rate
84%
Long
94%
Short6%
Averageexpiry:
6.5 years
2010 management report
16
984
23,214
482
612
4,705
15,134
5,453
Other non-current assets
Long-term assets
Assets for sale
Cash and equivalents
Net capital
Financial debt
Othercreditors
Assets Liabilities
Balance at the end of the year (M€)
Net debt
14,651
(-482)
2010 management report
17
Average staff:12,400 people
Staff
Telecom12%
Airports
16%Holding
3%Rest
10%
Motorways
59%France25%
UK
7%
Chile
6%Other
20%
Spain
42%
2010 management report
18
Summary
50% of our income is generated outside Spain
We continue to invest to maintain the competitiveness of the business
We continue to grow, despite the economic situation (Net profit +6’1%) Positive development of traffic on motorways outside Spain Good behaviour of the satellite sector Improvement in income per passenger at airports Containment of operating expenses, and improvement in margins
We are reducing debt while maintaining our rating
2010 management report
19
Contents1 2010 management report
2 2011 First quarter results
3 Reorganisation of the businesses
4 Future challenges
20
Macroeconomic environment
1st quarter 2011
Recession Recovery Expansion Slow-Down
21
Main orders of magnitude 1st quarter (M €)
Results 1Q11 vs. 1Q10
Income 922 -0.3%
Operating expenses 373 -3.5%
EBITDA 549 +1.9%
Debt / EBITDA 5.4x 5.9xNet Result
Comparable 124 +4.1%With extraordinary 275 +131%
Balance 1Q11 vs. 1Q10Net debt 13,890 -761EBITDA margin 59.5% 58.2%
1st quarter 2011
22
Funds generated 1st quarter (M€)
256-16-79
-152- 46549
Expansion
Debt reduction
204
52
1st quarter 2011
23
Summary
The improved operating margin shows an increase in operating efficiency
Traffic increases in France and Latin America make up for the delay in recovery in Spain
Control of investments and priority attached to debt reduction
Start of the company reorganisation with the sale of Atlantia
Attentive to market opportunities:
Motorways: USA (Puerto Rico) and other countries Telecom: Digital dividend Airports: Barajas and El Prat concessions
1st quarter 2011
24
Contents1 2010 management report
2 2011 First quarter results
3 Reorganisation of the businesses
4 Future challenges
25
Unlisted
Current shareholders
of abertis(voluntary option)
Othershareholders
IBEX 35
Separation of the businesses
Reorganisation of the businesses
26
Application of cash resulting from thereorganising of the company (M€)
Reorganisation of the businesses
Sale Atlantia
Splittingcar parks
and logistics businesses
Extraordinary net dividend in cash
Debt Reduction
Exchange100% 50/50 100%
in cash
454
626
688
392
653
626
688
591
853
626
688
791
27
Pro forma 2010after reorganisation (M€)
Reorganisation of the businesses
Income
EBITDA
Net Resultat
Total Assets
-189 (-5%)3.917
2.497
23.216
-87 (-4%)
-2.074 (-6%)
-9 (-1%)653
13.963 -688 (-5%)Net debt(after extraordinary dividend)
Debt / EBITDA 5,8x 5,9x
Staff 11.134 -1.267 (-10%)
28
June July August September
21 JuneAbertis
Shareholders' meeting
27 JulyPayment of extraordinary
dividend and returnof share premium
Second semesterEnd of acquisition
shares not taken up by minority shareholders
28 JunePayment of
complementary dividend
30 SeptemberListing of sharesfrom the bonus
share issue
22 June 22 July
Timetable
Reorganisation of the businesses
29
Summary
In an environment of scarce resources
Focusing the Group to continue growing
Preserving the balance and the P&L account
Giving the opportunity for current shareholders to continue participating in all the businesses,or only part of them
Reorganisation of the businesses
30
Contents1 2010 management report
2 2011 First quarter results
3 Reorganisation of the businesses
4 Future challenges
31
• Reorganising the businesses • Selective inorganic expansion• Lengthening of the concession
Growth
Strategic challenges of the company
• Greater internationalisation
Diversifying risk
Future challenges
Creating value
• Shareholder reward growing• Operative efficiency • Optimising the financing
structure
32
San Juan
Puerto Rico
The Consortium formed by abertis (45%), the only industrialpartner and Goldman Sachs, was selected preferred bidder forthe PR 22 and 5 concessions.
87 km. long
Activity began in 1971.
Average ADT: 84,000 vehicles
Length: 40 years (expires 2051).
Connecting San Juan with the west of the island.
Future challenges
33
Puerto Rico
Concession of 1.08 billiondollars.
27 June: signing the concession contract.
It is expected that this dealwill not change the currentratings (S&P: BBB+/Fitch: A-)
Future challenges
End of September: Taking control of operations
34
Francisco Reynés, CEO
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