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Presentation Abertis results 2010
 

Presentation Abertis results 2010

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    Presentation Abertis results 2010 Presentation Abertis results 2010 Presentation Transcript

    • 2010 Results – February 2011
    • 2010 REVIEW
    • Global macroeconomic environment GDP CPI 10,3% 12,1% 8,5% 7,5% 5,0%2,9% 3,3% 1,7% 1,6% 1,6% US CHINA BRAZIL INDIA EU US CHINA BRAZIL INDIA EU 2010 2010 CDS Stock Markets +17.9% +12.8% 111 US. China +7.5% Brazil 69 +1.0% India -5.8% EU 42 2010 2010 Asymmetrical profile between emerging and developed markets 3
    • abertis main environment GDP CPI 3,31% 5,30% 3% 1,73% 1,43% 1,50% 1,70%-0,20%SPAIN FRANCE CHILE UK SPAIN FRANCE CHILE UK 2010 2010 CDS Stock Markets +37.6% Spain 350 France Chile +9.0% UK 101 -3.3% 84 72 -17.4% 2010 2010 Foreign markets compensate for the evolution of the domestic market 4
    • abertis: resilient risk profileEBITDA Exposure to Spanish GDP Traffic Evolution (ADT) Shareholder Structure 2005 2,4% Spain GDP 6,2% 2,2% -0,2% 25% 2,1% -0,5% Free Float -3,1% 31% España Francia Otros Total 2008 2009 2010 Cost of Debt Evolution Revenues Evolution7,5 Vencimiento 2010 medio (años) 30,1% España 7,2 Coste medio Francia5,3% de la deuda Otros Total 24,5% Free Float 6,6 41% 6,9% 3,6% 5,2% 2,1% 6,7% 4,0% 4,6% 4,5% 0,6% 1,6% 0,9% 1,3%20082008 2009 2009 2010 2010 2008 2009 2010 abertis has been penalized by an inadequate assessment of its risk profile 5
    • 2010 Volumes and Revenues Spain ADT France ADT International ADT (vehicles/day) (vehicles/day) (vehicles/day) 23.303 22.82023.328 -1,8% 22.996 AP-7 +1,3% 22.383 21.637 -4,0% +5,5%2009 2009 2010 2010 2009 2009 2010 2010 2009 2009 2010 2010Toll Roads Revenues Rest of Business Revenues Total Revenues (Mn €) (Mn €) (Mn €) 4,106 3.0782.907 1,027 3,904 +5,9% 996 +5,2% +3,1%2009 2009 2010 2010 2009 2009 2010 2010 2009 2009 2010 2010 6
    • 2010 Main Financial Figures EBITDA (Mn €) Financial Result (Mn €) 2.494 +13,6% 667 587 2.356 +1,4% +5,9% 566 574 60.3% 60.8% 4.6% 4.5% margin margin avg. cost avg. cost 2009 2010 2009 2010 2009 2010 Net Profit (Mn €) Net Debt (Mn €) 662 14.590 14.651 624 +6,1% 0.89 0.94 5.0x 4.7x Net Debt/EBITDA Net Debt/EBITDA EPS EPS1 2009 2010 2009 2010 2009 2010(1) Comparable 7
    • 2010 Results
    • 2010 Review GROWTH in main magnitudes of the P&L CASH FLOW GENERATION FINANCIAL SOLIDITYA project with future: growth and returns 9
    • Main Indicators €Mn vs 2009 Revenues 4,106 5.2% EBITDA 2,494 5.9% Net Profit 662 6.1% Free Cash Flow 1,424 8.0% Net Debt 14,651 0.4% Comparable Net Debt1 14,224 -366 Mn € A year of growth and the confirmation of the quality and cash flow generation capacity of our portfolio(1) Excluding accounting non-cash effects 10
    • Toll Roads Spain France International TOTALTariff 0.0% 0.9% 3.0% 0.4% (1)Traffic -4.0% 1.3% 5.5% -0.4%LV -3.7% 0.7% 4.3% -0.8%HV -6.2% 4.9% 11.0% 1.8%Revenues 1,365 1,465 248 3,078% change +1.1% +3.7% +72.0% +5.9%Opex -299 -548 -94 -941EBITDA 1,066 917 155 2,138% change +1.3% +4.7% +96.1% +6.5% Growth despite a difficult environment (no tariffas, negative traffic in Spain, strikes, weather) (1) 2.5% taking into account mix effect 11
    • Traffic: vehicle mix Spain France Total LV HV Total VL VP 5,9% 5,3% 5,9% 4,8% 5,0%3,8% 2,5%2,1% 1,2% 1,5% 1,6% 0,6% 1,2% 1,8% 2,7% 1,8% 0,6% 1,2% 1,9% 2,2% -0,3% -4,2% -4,6% -3,7% -3,1% 2,2% -0,2% -6,0% -5,9% -4,6% -2,4% -2,5% -3,1% -9,2% -3,6% -1,3% -1,3% -3,4% -3,4% -4,4% -3,5% -2,9% -1,4% -6,1% -12,3% -4,3% -5,3% -5,6%-5,6% -3,9% -3,3% -2,7% -17,1% -6,2% -5,6% -3,8% -4,1% -3,8% -8,1% -9,9% -9,4% -11,0% -11,2% -10,3% -11,3% -15,9% -19,2% -18,5% -15,3% -20,7% -16,3% -22,9%Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q4 consolidates the improving trend in Spain and shows the non- recurrent negative impact in France Premilimary 2011 data confirm the improving trend of traffic in all markets Worth noting the improvement of Heavy Vehicle traffic since the beginning of the year 12
    • Telecom Infrastructure Terrestrial Satellites1 TOTAL Revenues 450 101 552 % change -0.8% +15.9% +1.9% Opex -305 -30 -334 EBITDA 146 72 218 % change -9.6% +23.1% -0.9% Results in line with the guidance of the Investor Day as a result of new contracts and the deployment of new MUX 2010 impacted by the non-recurrent impact of the analogue switchoff(1) Only includes Hispasat under the proportional consolidation method 13
    • Other Businesses Airports Car Parks Logistics1 TOTAL -7.4% +7.9% 2.0% (avg. price m2Price (TBI – rev/pax) (average) comparable) -4.7% 0.0% -3.7%Volume (TBI) (rotation) (m2 avg. rented)Revenues 277 154 35 466% change +5.5% +2.8% +17.7% +5.2%Opex -196 -90 -12 298EBITDA 81 64 23 168% change +8.1% +9.3% +94.6% +15.1% Positive evolution in Diversification business units (1) Logístics includes non-recurrent effects 14
    • Strong Cash Flow Generation... FY 2010+7.6% Flexibility to 564 +8.0% +5% grow or delever 192 +10.2% 493 1,616 1,424 931 366 1Gross CF Operating FCF 1 Dividends FCF 2 Capex (abertis + HIT) Strong Cash Flow generation as a result of opex and capex containment (1) Cash Flow after taxes and financial expenses 15
    • ... Which gives us flexibility Operator ofSustainable and reference role in growing consortia remuneration Shareholders M&A Double-digit IRRs65% Payout last year Capital allocation Cash Flow GenerationCapex decreases as Solid Rating assets mature Capex and Opex Debt Increasing access to Active control of capital markets opex and capex 16
    • Financial solidity... 2009 2010 Net Debt €14,590Mn €14,651Mn Net Debt/EBITDA1 5.0x 4.7x Spain and others 3.2x 3.0x France 7.4x 7.0x Chile 10.7x 6.9x Non-recourse debt 57% 57% Debt outside of Spain 53% 53% Long-term debt 94% 96% Average cost of debt 4.56% 4.50% Solid Balance Sheet (Fitch A-/S&P BBB+)(1) Excluding from 2010 net debt the market value of quoted stakes as of 31/12/10 17
    • … with limited risks Debt Profile 3 000 % of debt/total 2 500 2 000 1 500 7% 1 000 4% 500 0 2025+ 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 -500Average maturity 6.6 years Fixed rates 84%Undrawn Credit Lines 1,515 Mn € Gross Cash Flow 1,616 Mn € 18
    • 2011 YEAR OF CHALLENGESSTRATEGY 19
    • GROWTH Selective Extension of avg. maturity Reorganization Focus STRATEGIC CHALLENGES 2011 VALUE CREATION DIVERSIFICATION IRR vs. Cost of Equity Geographic Growing shareholderremuneration (minimum 5%) 20
    • OPERATING EFFICIENCIES Opex Capex OPERATING CHALLENGES 2011 RESULTS FINANCIAL MANAGEMENTTo maintain the same rate of Leverage growth as in 2010 Rating 21
    • MACROECONOMIC VARIABLES Interest Rates Exchange Rates Inflation OPPORTUNITIES FROM CURRENT ENVIRONMENT 2011 VOLUMES/EBITDA TARIFFS Toll Roads: (1%-2%) Toll Roads > 2%Telecom: (5%-6% EBITDA) Airports: (+1%-2% pax) 22
    • AbertisReorganization Project
    • Abertis Reorganization Project1 Objetive To facilitate a new phase of growth for the 5 business units of the group2 Company Reoganization of teh Group into 2 independent companies Structure abertis Infraestructuras (Toll Roads, Telecoms, Airports) Listed Saba Infraestructuras (Car Parks, Logistics) non-Listed3 Transaction Extraordinary dividend from abertis payable in: Structure Shares of Saba Infraestructuras And/or in cash4 Saba Infra Capital Growth Releveraging Reinvestment of own FCF5 Status We are in the process of valuation and concretion We estimate closing of the transaction in H1 2011 24
    • Extraordinary Dividend or Shares of SABA Infraestructuras SABA InfraestructurasIBEX 35 Non-Listed Resto Other Existing Shareholders Accionistas Shareholders New Shareholders (voluntary option) 25
    • The information and forward-looking statements contained in this presentation have not been verified by an independententity and the accuracy, completeness or correctness thereof should not be relied on. In this regard, the persons towhom this presentation is delivered are invited to refer to the documentation published or registered by abertis with theSpanish stocks markets regulation (Comisión Nacional del Mercado de Valores). All forecasts and other statementsincluded in this presentation that are not statements of historical fact, including, without limitation, those regarding thefinancial position, business strategy, management plans and objectives for future operations of abertis (which termincludes its subsidiaries and investees), are forward-looking statements. These forward-looking statements involve knownand unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements ofabertis, or industry results, to be materially different from those expressed or implied by these forward-lookingstatements. These forward-looking statements are based on numerous assumptions regarding abertis present andfuture business strategies and the environment in which abertis expect to operate in the future which may not befulfilled. All forward looking statements and other statements herein speak only as of the date of this presentation. Noneof abertis or any of its affiliates, advisors or representatives, nor any of their respective directors, officers, employees oragents, shall bear any liability (in negligence or otherwise) for any loss arising from any use of this presentation or itscontents, or otherwise in connection herewith.This distribution is addressed to annalists and to institutional or specialised investors only. The distribution of thispresentation in certain other jurisdictions may be restricted by law. Consequently, persons to which this presentation or acopy of it is distributed must inform themselves about and observe such restrictions. By receiving this presentation youagree to observe those restrictions.Nothing herein constitutes an offer to purchase and nothing herein may be used as the basis to enter into any contract oragreement.