0
Appointment of Ms. Susana Gallardo Torrededia
More independent members
More women on the Board
Implementation of best prac...
Turning point of the cycle
Spain and Europe
Progress
towards
Banking Union
1
ECB prepared
to provide
unlimited
interventio...
GDP FORECAST 2014
Source: IMF WEO January 2014
World GDP
From 3.0% (2013)
to 3.7% (2014)*
Asymmetric development of the
cr...
Situation in Spain
Structural
reforms
Incomes policies
Broadening tax bases /
reducing tax burden
Performance of Public
Ad...
2013 milestones
EfficiencyFocus
World leader in toll roads
Geographic
diversification
and Size
Business development
+23.6%EBITDA 2,923 M€
(comparable+1.8%)
Net Profit 617 M€
(comparable +7.4%)
Income 4,654 M€
(compara...
Prudent management of the
balance
Debt/EBITDA 4.5x
Total Debt 13,155M€ -7%
Investment Grade
S&P: BBB
Fitch: BBB+
80
95
110
125
140
Generating value
Free float
43.41%Average annual return per
shareholder 04-13* +16%
* Includes dividend,...
Ordinary dividend
0.33
on account
(paid in November 2013)
Shareholder return
565 M€
(+5%)
1x20
Bonus share
issue
0.33
supp...
Castellet Castle Mediterranean
Biosphere Reserves
Investments: ≈ €600 Mn 

• €4.1 Bn from 2011
Attractive reinvestment
has acquired a 16.4% 

stake in
gaining control of th...
Hispasat: takeover
Acquisition of Telefónica and Yoigo towers
A growing neutral operator
+4,000 towers
Income 2014e: €200 ...
-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%
1T...
New investments
2012 gains
Extraordinary
deductions 2012
4,143
511
2,665
258
P&L account
€ Mn
Income 4,654 +25%
Operating ...
Increased cash flows, maintaining dividend policy and investment
2,923
Accounting

EBITDA
729
Financial 

cost
330
Tax
246...
Average cost: 5.1%
Average maturity: 5.5 años
Non-recourse: 62%
Fixed rate: 82%
Airports
Eutelsat
Hispasat
Towers
Net debt...
Financing needs are covered up to end of 2017
€1.5 Bn issued in bonds
Corporate Business
Financial strength (€Mn)
6,590
Av...
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-ter...
Integration
Efficiency
Optimising portfolio
Strengthening balance sheet
Objectives 2013
In 2013 our strategy is consolidat...
Golden rules
In order to continue creating value
Improved profitability in current perimetre
Forecast investments above €1...
has acquired a 6% stake in
gaining control of 

the company for
€32,200,000
January 2014
Path to control
Recent takeover o...
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...
Conclusions
Achievements in 2013
• Company has become more international,
bigger and more efficient
• Balance has been str...
Conclusions
Achievements in 2013
• Company has become more international, bigger and more efficient
• Balance has been str...
Abertis Shareholder's General Meeting 2014 - Press conference Presentation
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Abertis Shareholder's General Meeting 2014 - Press conference Presentation

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Transcript of "Abertis Shareholder's General Meeting 2014 - Press conference Presentation"

  1. 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. 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. 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. 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. 5. 2013 milestones EfficiencyFocus World leader in toll roads Geographic diversification and Size
  6. 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. 7. Prudent management of the balance Debt/EBITDA 4.5x Total Debt 13,155M€ -7% Investment Grade S&P: BBB Fitch: BBB+
  8. 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. 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. 10. Castellet Castle Mediterranean Biosphere Reserves
  11. 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. 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. 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. 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. 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. 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. 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. 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. 19. Integration Efficiency Optimising portfolio Strengthening balance sheet Objectives 2013 In 2013 our strategy is consolidated VALUE 
 CREATION Sustainable dividends Disciplined growth
  20. 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. 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. 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. 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. 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
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