Presentation CEO - Shareholders General Meeting Abertis 2011

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  • 1. Francisco Reynés, CEO 1
  • 2. Contents 1 2010 management report 2 2011 First quarter results 3 Reorganisation of the businesses 4 Future challenges 2
  • 3. Global macroeconomic 2010 management reportenvironment GDP (%variation) Inflation (% end of period) 2007 2008 2009 2010 2011 2012 2007 2008 2009 2010 2011 2012 15 15 10 10 5 5 0 0 -5 Current account balance (%GDP) Unemployment (% of active pop.) 2007 2008 2009 2010 2011 2012 2007 2008 2009 2010 2011 2012 20 10 5 15 0 10 -5 5 -10 0 USA CHINA BRAZIL INDIA Source: Datastream  3
  • 4. Main environment of abertis 2010 management report GDP (% variation) Inflation (% end of period) 2007 2008 2009 2010 2011 2012 2007 2008 2009 2010 2011 2012 10 5 5 0 0 -5 10 Current account balance (%GDP) Unemployment (% of active pop.) 2007 2008 2009 2010 2011 2012 2007 2008 2009 2010 2011 2012 5 20 0 15 10 -5 5 -10 0 SPAIN FRANCE CHILE UK Source: Datastream 4
  • 5. Motorways 2010 management report ADT motorways 3,772 Km 35,000 LatAm 13% 30,000 France Spain 46% 41% 25,000 20,000 2006 2007 2008 2009 2010 SPAIN FRANCE LATAM ABERTIS AVERAGE 5
  • 6. Telecommunications 2010 management report Number of TV transmitters 3,315 Terrestrial 20.000 sites Eutelsat: 15.000 27 satellites 31.4% 10.000 Hispasat: 5.000 6 satellites 42.1% 0 2006 2007 2008 2009 2010 DTT ANALOGUE TV 6
  • 7. Airports 2010 management report Airport passengers (thousands) 58 Mn 70.000 passengers in 2010 Europe 60.000 29% 50.000 40.000 LatAm USA 69% 2% 30.000 20.000 10.000 0 2007 2008 2009 2010 LATAM EUROPE USA TOTAL ABERTIS  7
  • 8. Car parks 2010 management report Vehicles in rotation (thousands) 128,149 places managed 30.000 in 80 cities 25.000 Italy Other 20% 9% 20.000 Spain 15.000 Portugal 57% 10.000 14% 5.000 0 2007 2008 2009 2010 SPAIN PORTUGAL ITALY OTHER  8
  • 9. Logistics parks 2010 management report 534,407 m2 built % Occupation on 31 December 100 Chile 4% Spain 96% 75 50 25 0 2007 2008 2009 2010  9
  • 10. Income from turnover (M€) 2010 management report 171 11 14 6 4,106 3,904 2009 Motorways Telecom Airports Rest 2010 Rest 5% Chile 5% Other 6% Airports 7% UK 4% Telecom 13% Motorways France Spain 75% 35% 50%  Figuresfor 2009 recalculated under IFRIC12 10
  • 11. Operating profit (EBITDA) (M€) 2010 management report 131 -2 6 4 2,494 2,356 2009 Motorways Telecom Airports Rest 2010 EBITDA margin EBITDA margin 60.3% 60.8% Chile 5% Airports 3% Rest 2% Other 3% UK 2% Telecom 9% Motorways Spain 86% France 53% 37%  Figures for 2009 recalculated under IFRIC12 11
  • 12. Consolidated net result (M€) 2010 management report 138 -64 -36 662 624 2009 Improvement Greater write- Greater financial 2010 in operating offs for and other profit investments expenses Profit 2009 0.86 €/share per share Comparable 2010 0.91 €/share (Number of shares on 31/12/10) Figures for 2009 recalculated under IFRIC12 12
  • 13. Investments (M€) 2010 management report Operative investment Investment in Expansion 192 564 Motorways Spain 188 Rest 67 Telecom Satellites Motorways France 53 Terrestrial telecom 183 73  13
  • 14. Funds generated (M€) 2010 management report 2,494 -226 -652 -493 -192 Debt 931 reduction 366 Expansion 564  14
  • 15. Debt (M€) 2010 management report 205 14,651 14,590 -366 223 Dec. 2009 Reduction Variation Exchange rate Dec. 2010 in Debt Perimeter variations and derivatives Debt/EBITDA: 6.2x Debt/EBITDA: 5.9x Average cost: 4.56% Average cost: 4.53% With Fixed rate Variable rate Short recourse 84% 16% 6% 44% Average expiry: Without Long recourse 94% 6.5 years 56%  15
  • 16. Balance at the end of the 2010 management reportyear (M€) Assets Liabilities Net capital 5,453 Other creditors 4,705 Long-term assets 23,214 Financial Net debt 15,134 debt 14,651 Assets for sale 612 Other non-current assets 984 Cash and equivalents 482 (-482)  16
  • 17. Staff 2010 management reportMotorways Spain France59% 42% 25% Telecom 12% UK 7% Airports Chile 16% 6% Rest Holding Other 10% 3% 20% Average staff:12,400 people  17
  • 18. Summary 2010 management report We continue to grow, despite the economic situation (Net profit +6’1%)  Positive development of traffic on motorways outside Spain  Good behaviour of the satellite sector  Improvement in income per passenger at airports  Containment of operating expenses, and improvement in margins 50% of our income is generated outside Spain We continue to invest to maintain the competitiveness of the business We are reducing debt while maintaining our rating  18
  • 19. Contents 1 2010 management report 2 2011 First quarter results 3 Reorganisation of the businesses 4 Future challenges 19
  • 20. Macroeconomic environment 1st quarter 2011 Recession Recovery Expansion Slow-Down 20
  • 21. Main orders of magnitude 1st quarter 20111st quarter (M €) Results 1Q11 vs. 1Q10 Income 922 -0.3% Operating expenses 373 -3.5% EBITDA 549 +1.9% Debt / EBITDA 5.4x 5.9x Net Result Comparable 124 +4.1% With extraordinary 275 +131% Balance 1Q11 vs. 1Q10 Net debt 13,890 -761 EBITDA margin 59.5% 58.2% 21
  • 22. Funds generated 1st quarter 20111st quarter (M€) 549 - 46 -152 -79 Debt -16 256 reduction 204 Expansion 52  22
  • 23. Summary 1st quarter 2011 Traffic increases in France and Latin America make up for the delay in recovery in Spain The improved operating margin shows an increase in operating efficiency Control of investments and priority attached to debt reduction Start of the company reorganisation with the sale of Atlantia Attentive to market opportunities:  Motorways: USA (Puerto Rico) and other countries  Telecom: Digital dividend  Airports: Barajas and El Prat concessions 23
  • 24. Contents 1 2010 management report 2 2011 First quarter results 3 Reorganisation of the businesses 4 Future challenges 24
  • 25. Separation of the businesses Reorganisation of the businesses IBEX 35 Unlisted Current Other shareholders shareholders of abertis (voluntary option)  25
  • 26. Application of cash Reorganisation of the businessesresulting from thereorganising of the company (M€) Splitting Exchange 50/50 100% Debt car parks 100% in cash Reductionand logistics businesses 853 688 454 653 688 Extraordinary net 688 Sale dividend in cash Atlantia 626 626 591 626 791 392  26
  • 27. Pro forma 2010 Reorganisation of the businessesafter reorganisation (M€) Income 3.917 -189 (-5%) EBITDA 2.497 -87 (-4%) Net Resultat 653 -9 (-1%) Total Assets 23.216 -2.074 (-6% Net debt 13.963 -688 (-5%) (after extraordinary dividend) Debt / EBITDA 5,8x 5,9x Staff 11.134 -1.267 (-10%)  27
  • 28. Timetable Reorganisation of the businesses 27 July 28 June Payment of 21 June Second semester Abertis Payment of extraordinary complementary End of acquisition Shareholders dividend and return shares not taken up by dividend of share premium meeting minority shareholders 22 June 22 July 30 September Listing of shares from the bonus share issue June July August September  28
  • 29. Summary Reorganisation of the businesses Focusing the Group to continue growing In an environment of scarce resources Preserving the balance and the P&L account Giving the opportunity for current shareholders to continue participating in all the businesses, or only part of them 29
  • 30. Contents 1 2010 management report 2 2011 First quarter results 3 Reorganisation of the businesses 4 Future challenges 30
  • 31. Strategic challenges of the company Future challenges Growth • Reorganising the businesses • Selective inorganic expansion • Lengthening of the concession Creating value Diversifying risk • Shareholder reward growing • Operative efficiency • Greater internationalisation • Optimising the financing structure  31
  • 32. Puerto Rico Future challenges The Consortium formed by abertis (45%), the only industrial partner and Goldman Sachs, was selected preferred bidder for the PR 22 and 5 concessions. Length: 40 years (expires 2051). Connecting San Juan with the west of the island. 87 km. long Activity began in 1971. Average ADT: 84,000 vehicles San Juan 32
  • 33. Puerto Rico Future challenges Concession of 1.08 billion dollars. 27 June: signing the concession contract. End of September: Taking control of operations It is expected that this deal will not change the current ratings (S&P: BBB+/Fitch: A-)  33
  • 34. Francisco Reynés, CEO 34