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  • 1. Francisco Reynés CEO
  • 2. Abertis today Milestones 2013 Results 2013 Assessment
 2013 Outlook 2014 Conclusions
  • 3. Reference shareholders: 57% ! ! Free Float: 43% 90% Institutional 10% Retail Capitalisation: ~€14 Bn Employees: ~16 Bn Shareholders: ~70 Bn TOLL ROADS Assets in 11 countries 8,300 kilometres 28 concessions 14,500 employees 90% income TELECOMMUNICATIONS Main Customers in 6 countries ~ 6,000 towers 7 satellites 1,500 employees 10% income OverviewAbertis today Milestones 2013 Results 
 2013 Assessment
 2013 Outlook 2014 Conclusions
  • 4. Autovias Centrovias Intervias Vianorte Litoral Sul Planalto Sul Fluminense Fernao Dias R.Bittencourt ! Sanef Sapn Eurotoll Alis Aliénor ITS ! ! ! ! ! Acesa Aucat Invicat Aumar Iberpistas Castellana Avasa Aulesa Túnels Autema ! Elqui Rutas A.del Sol Los Andes Libertadores Central ! ! ! ! ! RMG Dartford Mersey Newport Sakonnet PortMann Bridge GCO Ausol ! ! ! ! ! ! ! ! ! Coviandes Bet’eire TOLL ROADS Metropistas APR ! ! ! ! ! ! ! ! ! Abertis today Milestones 2013 Results 
 2013 Assessment
 2013 Outlook 2014 Conclusions Overview
  • 5. TELECOMMUNICATIONS Terrestrial Retevisión Tradia Abertis Tower Services: Broadcasting Towering Smart Cities Radiocommunications Satellite Hispasat Services: TV & radio broadcasting Digital TV IP Services Point-to-Point Networks Abertis today Milestones 2013 Results 
 2013 Assessment
 2013 Outlook 2014 Conclusions Overview
  • 6. Abertis today Milestones 2013 Results 2013 Assessment
 2013 Outlook 2014 Conclusions
  • 7. Investments: ≈ €600 M 
 • €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 AcquisitionsAbertis today Milestones 2013 Results 
 2013 Assessment
 2013 Outlook 2014 Conclusions
  • 8. 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 AcquisitionsAbertis today Milestones 2013 Results 
 2013 Assessment
 2013 Outlook 2014 Conclusions
  • 9. Hispasat: takeover Acquisition of Telefónica and Yoigo towers A growing neutral operator +4,000 towers Income 2014e: €200 M 7 satellites + 2 under construction Investments: ≈ €600 M 
 • €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 Abertis today Milestones 2013 Results 
 2013 Assessment
 2013 Outlook 2014 Conclusions Acquisitions
  • 10. 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 Abertis today Milestones 2013 Results 
 2013 Assessment
 2013 Outlook 2014 Conclusions Acquisitions
  • 11. Technology 
 and engineering Managing 
 concessional 
 contracts Organisation 
 and ICT Benchmarking and 
 cost management Industrial role DTL Newport Port Mann Bridge Mersey and Dartford Rélance Plan Unicat Integration Efficiency plan SAP Abertis today Milestones 2013 Results 
 2013 Assessment
 2013 Outlook 2014 Conclusions Allows to consolidate the role of the Group
  • 12. Abertis today Milestones 2013 Results 
 2013 Assessment
 2013 Outlook 2014 Conclusions Industrial role The management of talent, competitive advantage Since 2011 90%Covered by internal promotions Since 2012 75%Executives in development actions x5 Since 2010 Executive abroad Senior Management
  • 13. Abertis today Milestones 2013 Results 2013 Assessment
 2013 Outlook 2014 Conclusions
  • 14. -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% Abertis today Milestones 
 2013 Results 
 2013 Assessment
 2013 Outlook 2014 Conclusions
  • 15. 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 Abertis today Milestones 
 2013 Results 
 2013 Assessment
 2013 Outlook 2014 Conclusions
  • 16. 2012 Toll roads
 88% Telecom
 8% Airports
 4% Spain
 52% France 39% Chile
 6% Others
 3% 2013 Toll roads
 90% Telecom
 10% Spain
 44% France
 33% Chile
 8% Others
 1% Brazil
 14% Greater business focus & internationalisation EBITDA +24% Abertis today Milestones 
 2013 Results 
 2013 Assessment
 2013 Outlook 2014 Conclusions
  • 17. 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)Abertis today Milestones 
 2013 Results 
 2013 Assessment
 2013 Outlook 2014 Conclusions
  • 18. 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+ Abertis today Milestones 
 2013 Results 
 2013 Assessment
 2013 Outlook 2014 Conclusions
  • 19. 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 Abertis today Milestones 
 2013 Results 
 2013 Assessment
 2013 Outlook 2014 Conclusions
  • 20. 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 Abertis today Milestones 
 2013 Results 
 2013 Assessment
 2013 Outlook 2014 Conclusions
  • 21. Abertis today Milestones 2013 Results 2013 Assessment
 2013 Outlook 2014 Conclusions
  • 22. Integration Efficiency Optimising portfolio Strengthening balance sheet Objectives 2013 In 2013 our strategy is consolidated VALUE 
 CREATION Sustainable dividends Disciplined growth Abertis today Milestones 
 2013 Results 
 2013 Assessment
 2013 Outlook 2014 Conclusions
  • 23. x2 Concessions Kilometres Employees Revenue (€Mn) EBITDA (€Mn) x2 x1,3 x1,2 x1,3 Integration Industrial role in businesses integration Abertis today Milestones 
 2013 Results 
 2013 Assessment
 2013 Outlook 2014 Conclusions 3,756 8,300 12,073 15,934 3,724 4,654 2,285 2,923
  • 24. Initial objectives €Mn Current €Mn 2011 2012 2013 2014 65 193 37 355 570 101 163 230 456 733 Comparable progression, considering CPI and excluding programme costs. Efficiency (€Mn) Successful efficiency plan 2011-2014 Accumulated savings 2011-2014 Abertis today Milestones 
 2013 Results 
 2013 Assessment
 2013 Outlook 2014 Conclusions
  • 25. x1,2 x 0,9 Strengthening balance sheet (€Mn) Improved key balance ratios Assets Net debt Net Debt/EBITDA 6.0x 4.5x Abertis today Milestones 
 2013 Results 
 2013 Assessment
 2013 Outlook 2014 Conclusions 23,837 28,134 14,590 13,155
  • 26. Accumulated cash flow applications 2011 - 2013 8,100 4,000 Financial charges Sale of assets Operations and efficiencies Investments in growth Organic investment 2,400 2,400 1,400 1,200 Reduction in net debt 700 4,100 Dividends Taxes Cash flow generation Cash flow application Optimising the portfolio (€Mn) Focus and internationalisation Abertis today Milestones 
 2013 Results 
 2013 Assessment
 2013 Outlook 2014 Conclusions
  • 27. 2009 2010 2011* 2012 2013 422 443 512 538 565 Ordinary dividends (€Mn) Sustainable dividend In the last five years €3.28 Bn have been distributed * Additional Extraordinary Dividend ≈ €800 M 2009 2010 2011 2012 2013 422 865 2,177 2,715 3,280 Accumulated dividends accrued (€Mn) Abertis today Milestones 
 2013 Results 
 2013 Assessment
 2013 Outlook 2014 Conclusions
  • 28. 2009 2010 2011* 2012 2013 422 443 512 538 565 Ordinary dividends (€Mn) Sustainable dividend In the last five years €3.28 Bn have been distributed * Additional Extraordinary Dividend ≈ €800 Mn 2009 2010 2011 2012 2013 422 865 2,177 2,715 3,280 Accumulated dividends accrued (€Mn) Abertis today Milestones 
 2013 Results 
 2013 Assessment
 2013 Outlook 2014 Conclusions
  • 29. +77% +7% 31.12.12 60 80 100 120 140 160 180 Graph adjusted by extraordinary dividends and bonus share issue. 31.12.09 31.12.10 31.12.11 31.12.13 37% increase in share price in 2013 value creation Difference 
 Abertis Vs. IBEX 35 70% 2009-2013 abertisIBEX 35 Abertis today Milestones 
 2013 Results 
 2013 Assessment
 2013 Outlook 2014 Conclusions
  • 30. Abertis today Milestones 2013 Results 2013 Assessment
 2013 Outlook 2014 Conclusions
  • 31. 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 Abertis today Milestones 
 2013 Results 
 2013 Assessment
 2013 Outlook 2014 Conclusions
  • 32. 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 Abertis today Milestones 
 2013 Results 
 2013 Assessment
 2013 Outlook 2014 Conclusions
  • 33. 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%) Abertis today Milestones 
 2013 Results 
 2013 Assessment
 2013 Outlook 2014 Conclusions
  • 34. Abertis today Milestones 2013 Results 2013 Assessment
 2013 Outlook 2014 Conclusions
  • 35. 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 Abertis today Milestones 
 2013 Results 
 2013 Assessment
 2013 Outlook 2014 Conclusions
  • 36. 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 Abertis today Milestones 
 2013 Results 
 2013 Assessment
 2013 Outlook 2014 Conclusions
  • 37. A committed team Global Gathering ’13
  • 38. Commitment and delivery