Presentation CEO Abertis Shareholders' General Meeting 20120
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Presentation CEO Abertis Shareholders' General Meeting 20120

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Presentation CEO Abertis Shareholders' General Meeting 20120 Presentation CEO Abertis Shareholders' General Meeting 20120 Document Transcript

  • Junta General d’Accionistes 2012Junta General de Accionistas 2012General Shareholder’s Meeting 2012 Francisco Reynés CEO Contents 1 Management Report 2011 2 Main operations 3 Future perspectives 1
  • Junta General d’Accionistes 2012Junta General de Accionistas 2012General Shareholder’s Meeting 2012 Contents 1 Management Report 2011 2 Main operations 3 Future perspectives Global macroeconomic Management report 2011 environment GDP (% variation) Inflation (% end of period) 2008 2009 2010 2011 2012 2013 2012 2013 10 10 2008 2009 2010 2011 8 6 8 4 6 2 0 4 -2 2 -4 -6 0 Current account balance (% GDP) Public debt (% GDP) 2008 2009 2010 2011 2012 2013 2008 2009 2010 2011 2012 2013 4 120 100 2 80 0 60 -2 40 -4 20 -6 0 Global USA EU Emerging Source: IMF (WEO Oct. 2011) Slowdown of growth in the main emerging countries, although they continue to drive world economic growth 2
  • Junta General d’Accionistes 2012Junta General de Accionistas 2012General Shareholder’s Meeting 2012 Main environment abertis Management report 2011 GDP (% variation) Inflation (% end of period) 2008 2009 2010 2011 2012 2013 2008 2009 2010 2011 2012 2013 8 8 6 6 4 2 4 0 2 -2 0 -4 -2 Current account balance (% GDP) Public debt (% GDP) 2008 2009 2010 2011 2012 2013 2008 2009 2010 2011 2012 2013 100 4 80 0 60 -4 40 -8 20 -12 0 Spain France Chile United Kingdom Source: IMF (WEO Oct. 2011) 2012 shows asymmetrical perspectives in different countries Motorways Management report 2011 Development of DTT 29000 2007 2008 2009 2010 2011 27000 Km ADT 25000 +5.3% Spain 1,512 20,938 (2001) 23000 +1.2% -1.3% France 1,757 23,575 (max. 2011) 21000 -6.5% Americas 488 24,033 (max. 2011) 19000 Total 3,757 22,561 (2005) 17000 15000 Spain France Americas Total abertis The positive development of traffic outside Spain makes up for the fall in our domestic market 3
  • Junta General d’Accionistes 2012Junta General de Accionistas 2012General Shareholder’s Meeting 2012 Telecommunications Management report 2011 Distribution of income 3,340 Land sites 100% 90% 80% 70% 1,013 60% Transponders 50% 40% 30% 20% 10% 0% 2003 2008 2011 Audiovisual Other services Progressive diversification of income other than TV Airports Management report 2011 Development in passenger numbers 2007 2008 2009 2010 2011 61.7 Mn 10% Passengers 2011 +6% 5% +6% 29 airports +4% in 9 countries 0% -5% Europe 30% -10% Americas 70% -15% -20% Americas Europe Total abertis Growth in passenger numbers, especially in the United Kingdom, allows a considerable increase in global activity 80 Mn taking into account all the airports where abertis has interests 4
  • Junta General d’Accionistes 2012Junta General de Accionistas 2012General Shareholder’s Meeting 2012 Consolidated income Management report 2011 (M€) +21 -39 3,917 +17 3,915 2010 Motorways Telecom Airports 2011 Airports 7% Americas9% UK Telecom 5% 13% Motorways Spain 80% France 48% 38% Income holds up despite the economic situation Data 2010 Post Duplo Operating profit (EBITDA) Management report 2011 (M€) +5 2,454 +9 +33 2,407 2010 Motorways Telecom Airports 2011 EBITDA margin EBITDA margin 61.5% 62.7% Airports 4% UK Americas9% 2% Telecom 9% Motorways Spain 87% France 50% 39% Improved operating profit thanks to beginning the Efficiency Plan 5
  • Junta General d’Accionistes 2012Junta General de Accionistas 2012General Shareholder’s Meeting 2012 Consolidated net result Management report 2011 (M€) 17 -6 720 47 662 2010 Efficiency Restructuring of Rest 2011 Plan the company 750 720 700 662 650 618 624 600 550 2008 2009 2010 2011 9% improvement in Group profits despite income stabilisation Operative orders of magnitude Management report 2011 (M€) 2010 937 Operating expenses 848 2011 -10% Personnel 2010 569 costs * 2011 567 0% 2010 184 Investments 2011 165 -10% First steps in the efficiency programme 2011-2014, making it possible to improve the operating result and cashflow generated * Without recurring expenses 6
  • Junta General d’Accionistes 2012Junta General de Accionistas 2012General Shareholder’s Meeting 2012 Funds generated Management report 2011 (M€) 2,454 -250 -671 -165 1,368 174 Debt reduction 511 Investment in expansion 239 Treasury stock and other 444 Ordinary dividends Strong generation of cashflow allowing continued growth Debt Management report 2011 (M€) 14,651 -174 -626 -788 688 130 13,882 Reduction in consolidated debt allows us to think to new opportunities 7
  • Junta General d’Accionistes 2012Junta General de Accionistas 2012General Shareholder’s Meeting 2012 Debt structure Management report 2011 With recourse Fixed rate Variable rate Short 44% 84% 16% 6% Without Long recourse 94% 56% Average expiry term: 6.3 years Average cost: 4.7% Corporate rating level maintains robust (S&P BBB+ / Fitch A-) Balance at years end Management report 2011 (M€) Assets Liabilities Net capital 4,416 Other creditors 4,060 Long-term assets 17,222 Debt Net Financial debt 14,273 13,882 Holdings consolidated using equity method 1,899 Other assets 3,237 Cash, banks and 391 (-391) equivalents A solid balance close to 23 B€ 8
  • Junta General d’Accionistes 2012Junta General de Accionistas 2012General Shareholder’s Meeting 2012 Staff Management report 2011 Motorways Airports Spain France 67% 16% 40% 28% Telecom 14% Americas Holding Rest of Europe 23% 3% 9% Average staff: 11,000 people distributed over 15 countries Summary Management report 2011 We are becoming more globalised More than 50% of income is generated outside Spain Traffic increases in France and Latin America make up for the delayed recovery in Spain Within a framework of efficiency Improvement in the operating margin We are controlling risk We are reducing debt We are maintaining our rating We are improving shareholder reward Ordinary dividend Extraordinary dividend We continue to carefully analyse opportunities to grow and create value 9
  • Junta General d’Accionistes 2012Junta General de Accionistas 2012General Shareholder’s Meeting 2012 Contents 1 Management report 2011 2 Main operations 3 Future perspectives January 2011: Atlantia Main operations Minority stake without an industrial role Placing all the shares (6.68%) 15.60 €/acc. , premium +22% over current levels 626 M€ of cashflow generated Capital gains of 151 M€ at 17% RIR Operation in line with the strategy and clearly profitable 10
  • Junta General d’Accionistes 2012Junta General de Accionistas 2012General Shareholder’s Meeting 2012 June 2011: Motorways Puerto Rico Main operations abertis / GSIP consortium 40 years, 87 km concession 1.136 B$ concession fee 15% IRR No impact on debt rating Strengthens our global leadership in infrastructure management and opens a door to future growth in the USA October 2011: Duplo Main operations Focusing the group in three sectors Extraordinary dividend of 0.67 € / share (cash or saba shares) 78% of the capital opted to be paid in cash Enterprise Value 788 M€ (associated debt 476 M€) Allows both companies to fund a new stage of growth independently 11
  • Junta General d’Accionistes 2012Junta General de Accionistas 2012General Shareholder’s Meeting 2012 Contents 1 Management report 2011 2 Main operations 3 Future perspectives Medium-term objectives (2012-2014) Future perspectives Growth Optimisation • Not at any price • Second year of the efficiency plan • Open to going with partners, but abertis 2011-2014: moving to control • Operating expenses • Operational investment Aims: • Greater internationalisation • Optimising the debt structure (USA, Canada, Brazil, Mexico, …) • Solution to minority stakeholdings • Extending current concessions • Moving forward in the consolidation of existing projects Environment: • Demands for greater return on the capital costs of the debt • Volatility of traffics in Europe (mainly Spain) • CSR, relations with interest groups, and the activities of the Foundation create short and long-term value for our company. Aim: to improve the perspectives for creating value for our shareholders, maintaining a growing and stable dividend policy 12
  • Junta General d’Accionistes 2012Junta General de Accionistas 2012General Shareholder’s Meeting 2012 Recent corporate operations Future perspectives Reorganising the portfolio of assets Holding without Moving towards taking moving towards control control Investment meets return Ordered disinvestment criteria: strategy: • Placing 16% • Agreement to buy the stake in Telefónica: at 27.85€ / share 13.2% for 124 M€ • 980 M€ of cashflow • 13% IRR% • 396 M€ of capital gains • 16% IRR Global consolidation aim Current holding: 15.35% in 2012 Reassigning capital in projects in which we can consolidate an industrial role 13