Presentation Press Conference Abertis Shareholders' General Meeting 2012
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Presentation Press Conference Abertis Shareholders' General Meeting 2012

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Presentation Press Conference Abertis Shareholders' General Meeting 2012 Presentation Press Conference Abertis Shareholders' General Meeting 2012 Document Transcript

  • Junta General d’Accionistes 2012Junta General de Accionistas 2012General Shareholder’s Meeting 2012 Press Conference Contents 1 Key milestones 2 Opportunities for PPPs 3 Management Report 2011 4 Future perspectives 1
  • Junta General d’Accionistes 2012Junta General de Accionistas 2012General Shareholder’s Meeting 2012 Progression of the crisis Economic context GDP (accumulated) : SPAIN FRANCE LATAM 2007 2008 2009 2010 2011 15,0% 13.3% 5,0% 0.1% -2.3% -5,0% SPAIN FRANCE Traffic (accumulated): LATAM TOTAL ABERTIS 2007 2008 2009 2010 2011 20,0% 10,0% 15.6% 0,0% 0.9% -10,0% -8.2% -20,0% -22.4% -30,0% A year of transformation Financial year 2011 Splitting Sale of our car parks stakeholding and logistics parks activity 2
  • Junta General d’Accionistes 2012Junta General de Accionistas 2012General Shareholder’s Meeting 2012 Important milestones Financial year 2011 PR-22 and PR-5 concession (Puerto Rico) Absorbing the impact of the analogical switch-off Recovery after extraordinary factors 2010 Contents 1 Key milestones 2 Opportunities for PPPs 3 Management Report 2011 4 Future perspectives 3
  • Junta General d’Accionistes 2012Junta General de Accionistas 2012General Shareholder’s Meeting 2012 A conditioning economic situation Opportunities for PPPs Budget difficulties of the administrations Greater demands for profitability and security Financial restrictions of projects in public and private sector The moment Opportunities for PPPs Combining austerity measures with incentive policies Applying cost-benefit analysis Harmonised charging Privatisation and concession of infrastructures 4
  • Junta General d’Accionistes 2012Junta General de Accionistas 2012General Shareholder’s Meeting 2012 Contents 1 Key milestones 2 Opportunities for PPPs 3 Management Report 2011 4 Future perspectives 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 5
  • Junta General d’Accionistes 2012Junta General de Accionistas 2012General Shareholder’s Meeting 2012 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 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 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 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 8
  • Junta General d’Accionistes 2012Junta General de Accionistas 2012General Shareholder’s Meeting 2012 Contents 1 Key milestones 2 Opportunities for PPPs 3 Management Report 2011 4 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 9
  • 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 Press Conference 10