Abertis Shareholder's General Meeting 2014 - Press conference Presentation

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  • 1. Appointment of Ms. Susana Gallardo Torrededia More independent members More women on the Board Implementation of best practices in corporate governance Changes to the Board Fewer Board members
  • 2. Turning point of the cycle Spain and Europe Progress towards Banking Union 1 ECB prepared to provide unlimited intervention 2 Starting to clean up financial institutions 3 Companies recovering competitiveness 4
  • 3. GDP FORECAST 2014 Source: IMF WEO January 2014 World GDP From 3.0% (2013) to 3.7% (2014)* Asymmetric development of the crisis 2.8% 1.0% 1.7% 5.4% 7.5% 2.3% 4.5%
  • 4. Situation in Spain Structural reforms Incomes policies Broadening tax bases / reducing tax burden Performance of Public Administrations Narrow margin for reducing spending Cuts in public investment due to deficit and debt Taking advantage of PPPs
  • 5. 2013 milestones EfficiencyFocus World leader in toll roads Geographic diversification and Size
  • 6. Business development +23.6%EBITDA 2,923 M€ (comparable+1.8%) Net Profit 617 M€ (comparable +7.4%) Income 4,654 M€ (comparable +0.5%) +25.1%
  • 7. Prudent management of the balance Debt/EBITDA 4.5x Total Debt 13,155M€ -7% Investment Grade S&P: BBB Fitch: BBB+
  • 8. 80 95 110 125 140 Generating value Free float 43.41%Average annual return per shareholder 04-13* +16% * Includes dividend, bonus share issue and revaluation Revaluation abertis 2013 +37% ! Revaluation IBEX 2013 +21% Stock market progression 2012-13 (base 100 - 31/12/12) abertisIBEX 35
  • 9. Ordinary dividend 0.33 on account (paid in November 2013) Shareholder return 565 M€ (+5%) 1x20 Bonus share issue 0.33 supplementary (to be paid on April the 8th, 2014) 0.66 €/share
  • 10. Castellet Castle Mediterranean Biosphere Reserves
  • 11. Investments: ≈ €600 Mn 
 • €4.1 Bn from 2011 Attractive reinvestment has acquired a 16.4% 
 stake in gaining control of the company for €172,500,000 July 2013 12% Equity IRR has acquired 4,227 towers for €385,000,000 August 2013 13% Equity IRR Divestments Investments has sold a 3% stake in for €182,000,000 1T 2013 has sold its 90% stake in for €835,000,000 2013 EV/EBITDA 2013E of 12,4x Divestments 2013: ≈ €1 Bn
 • €4 Bn from 2011 Generating funds to reinvest Acquisitions
  • 12. Hispasat: takeover Acquisition of Telefónica and Yoigo towers A growing neutral operator +4,000 towers Income 2014e: €200 Mn 7 satellites + 2 under construction Investments: ≈ €600 Mn 
 • €4.1 Bn from 2011 Attractive reinvestment has acquired a 16.4% 
 stake in gaining control of the company for €172,500,000 July 2013 12% Equity IRR has acquired 4,227 towers for €385,000,000 August 2013 13% Equity IRR Investments Focus, internationalisation and industrial role Acquisitions
  • 13. -3.3% -3.8% -1.2% -3.3% -2.1% 0.3% 1.6% 2.1% 1T12 2T12 3T12 4T12 1T13 2T13 3T13 4T13 5.2% 3.0% 6.1% 5.5% 3.8% 4.5% 4.0% 1T12 2T12 3T12 4T12 1T13 2T13 3T13 4T13 3.8% 8.8% 7.3% 10.4% 6.4% 8.2% 8.1 7.5% 1T12 2T12 3T12 4T12 1T13 2T13 3T13 4T13 7.4% Activity -9.1% -9.1% -11.2% -12.2% -8.4% -9.6% -2.6% -0.8% 1T12 2T12 3T12 4T12 1T13 2T13 3T13 4T13 Toll fares: +2.9% Traffic: -5.2% Tolls fares: +1.9% Traffic: +0.6% Tolls fares: +3.6% Traffic: +3.9% Tolls fares: +3.5% Traffic: +7.8% Growth in telecommunications revenue: 3.6% Average toll fares growth: 3.1% Average traffic growth: 1.5%
  • 14. New investments 2012 gains Extraordinary deductions 2012 4,143 511 2,665 258 P&L account € Mn Income 4,654 +25% Operating expenses -1,731 +28% Gross Margin (EBITDA) 2.923 +24% Depreciation -1,203 +31% Operating margin (EBIT) 1,721 +19% Financial result -729 Equity-accounted income 37 Result before tax 1,029 -24% Corporate tax -330 Attributable to minority interests -130 Discontinued operations 49 Net profit 617 -40% Comparable net profit +7% vs 2012 Substantial improvement in margin and growth in earnings Global incorporation Brazil and Chile
  • 15. Increased cash flows, maintaining dividend policy and investment 2,923 Accounting
 EBITDA 729 Financial 
 cost 330 Tax 246 Non cash-flow
 effects 764 Current Investments Dividends 547 Minoritaries 146 Free
 Cashflow 161 Generated funds (€Mn)
  • 16. Average cost: 5.1% Average maturity: 5.5 años Non-recourse: 62% Fixed rate: 82% Airports Eutelsat Hispasat Towers Net debt (€Mn) 14,130 Dec 2012 Free Cash Flow Divestments -161 -1,017 Acquisitions 575 Exchange rate and other -371 13,155 Dec 2013 Netdebt/Ebitda 5.7x 4.5x Reduction of net debt €1 Bn ~ (-7%) in a context of growth Rating: S&P BBB, Fitch BBB+
  • 17. Financing needs are covered up to end of 2017 €1.5 Bn issued in bonds Corporate Business Financial strength (€Mn) 6,590 Available Lines Corporate 
 treasury 3,512 3,078 Debt maturity schedule 1,329 1,469 1,948 1,817 2,224 1,366 1,207 1,927 435 2,615 6.563 Available liquidity
  • 18. A solid balance of more than €28 Bn 3,078 1,671 23,385 6,590 5,311 16,233 Gross financial debt Assets Liabilities Long-term assets Current assets Treasury Net equity Other creditors Balance sheet (€Mn) 13,155 Net debt 14,000 Market value
  • 19. Integration Efficiency Optimising portfolio Strengthening balance sheet Objectives 2013 In 2013 our strategy is consolidated VALUE 
 CREATION Sustainable dividends Disciplined growth
  • 20. Golden rules In order to continue creating value Improved profitability in current perimetre Forecast investments above €1.3 Bn in 2014 (35% in Spain) Growth and progressive internationalisation with financial discipline Consolidation of industrial role in the projects Financial solidity: investment grade rating Sustainability of dividends policy
  • 21. has acquired a 6% stake in gaining control of 
 the company for €32,200,000 January 2014 Path to control Recent takeover operations has acquired a 9% stake in gaining control of 
 the companies for €18,000,000 February 2014
  • 22. Traffic -5.6% -9.1% 1T11 1T12 1T13 Jan-Feb 14 -8.4% 1.5% ADT 1T10 -4.2% +3.76% -3.31% 1T11 1T12 1T13 Jan-Feb 14 -2.06% 3.4% ADT +1.22% 1T10 Encouraging two first months in Spain and France Positive trend continues in Brazil (4%) and Chile (6%)
  • 23. Conclusions Achievements in 2013 • Company has become more international, bigger and more efficient • Balance has been strengthened • Positive developments in the share price • Consolidation as world leader in toll roads
  • 24. Conclusions Achievements in 2013 • Company has become more international, bigger and more efficient • Balance has been strengthened • Positive developments in the share price • Consolidation as world leader in toll roads Good outlook for 2014 • More favourable macroeconomic environment • Increasing impact of efficiencies • Solid liquidity for growth • Maintaining dividend policy