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FRANCISCO REYNÉS Vice-Chairman & CEO
Vision of Abertis Today
2015 results
Strategic Plan 2015-17: Follow-up
Conclusions
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
ACHIEVEMENTS • Improved profitability
• ...
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
ACHIEVEMENTS • Agreement with the
Govern...
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
2015
-2.3%
344
-4%
409
ADT
EBITDA ( Mn)
...
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
2015
+8.5%
169
+10%
145
ACHIEVEMENTS •Ac...
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
2015
ADT +0.8%
EBITDA ( Mn) 84
Comparabl...
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
2015
ADT +0.7%
EBITDA ( Mn) 58
Comparabl...
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
*Non-consolidated
2015
ADT +4.5%
EBITDA ...
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
CHALLENGES • New growth opportunities
20...
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
2015
Income ( Mn) 83
% Income +20%
Trans...
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
2015
Backlog 7 years
EBITDA ( Mn) 179
Ca...
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
2015
EBITDA ( Mn)* 235
Market cap 3,250
...
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
Abertis today is a world benchmark in in...
Vision of Abertis Today
2015 results
Strategic Plan 2015-17: Follow-up
Conclusions
2015 resultsVision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions
Key figures (comparable to 2014):
No. of...
2015 resultsVision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions
Accident rate (IF1) No. of victims
Reduc...
2015 resultsVision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions
Changes to the
perimeter
Cellnex IPO
Con...
2015 resultsVision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions
%
comparable
Income 4,378 +5%
Operating ...
2015 resultsVision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions
2,909
-107
-46
135
2,692
-198
Year 2014 ...
2015 resultsVision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions
655
2,666 -862
-613
33
1,880
Year 2014 C...
2015 resultsVision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions
87
19
145
253
409
161
Other
1,074
Over 1...
2015 resultsVision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions
19 -5 +5 19
20
December 2010 Years elaps...
2015 resultsVision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions
Year 2014 Net Cash
flow
Treasury stock
p...
2015 resultsVision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions
5,349
5,614
14,776
17,583
4,531
1,403
2,...
Vision of Abertis Today
2015 results
Monitoring the Strategic Plan 2015-17
Conclusions
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
• IPO for international 

development
• ...
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
Túnels (control taken in December 2015) ...
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
Investment: 948Mn
Best tollroad in Chile...
Vision of Abertis Today
2015 results
Strategic Plan 2015-17: Follow-up
Conclusions
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
Promoting safer motorways,
with better t...
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
World leader in motorway
management with...
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
Attractive and geographically
diverse as...
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
Good business in 2015
with a historic re...
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
Fulfillment of the Strategic
Plan 2015-1...
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
1 billion investment in
2015 and 2 billi...
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
Extension of the average
length of conce...
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
Attractive shareholder’s
remuneration
Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
Attractive shareholder’s
remuneration
A ...
abertis
Presentation Francisco Reynés - Shareholders' General Meeting 2016
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Presentation Francisco Reynés - Shareholders' General Meeting 2016

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Presentation of Francisco Reynés at the Abertis Shareholders' General Meeting 2016

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Presentation Francisco Reynés - Shareholders' General Meeting 2016

  1. 1. FRANCISCO REYNÉS Vice-Chairman & CEO
  2. 2. Vision of Abertis Today 2015 results Strategic Plan 2015-17: Follow-up Conclusions
  3. 3. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
  4. 4. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results ACHIEVEMENTS • Improved profitability • Control of Túnels CHALLENGES •Defence of our contracts •Return to 2007 traffic level 2015 ADT +6.1% EBITDA ( Mn) 913 Comparable +8% Capex ( Mn) 87
  5. 5. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
  6. 6. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
  7. 7. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results ACHIEVEMENTS • Agreement with the Government: Plan Relance • Refinanced 800Mn at 10 years CHALLENGES • Operational Efficiency Plan • Capex plan management 2015 ADT +1.8% EBITDA ( Mn) 1,033 Comparable +4% Capex ( Mn) 161
  8. 8. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
  9. 9. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
  10. 10. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results 2015 -2.3% 344 -4% 409 ADT EBITDA ( Mn) Comparable Capex ( Mn) ACHIEVEMENTS • Readjustments achieved via tariffs • Reduction of victims by 21% CHALLENGES • Efficiencies Plan • Capex Programme • Readjustment management
  11. 11. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
  12. 12. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
  13. 13. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results 2015 +8.5% 169 +10% 145 ACHIEVEMENTS •Acquisition 50% Autopista Central •Purchase minority stakes of Sol and Libertadores CHALLENGES • Framework agreement for extensions • Synergies due to integration ADT EBITDA ( Mn) Comparable Capex ( Mn)
  14. 14. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
  15. 15. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
  16. 16. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results 2015 ADT +0.8% EBITDA ( Mn) 84 Comparable +10% ACHIEVEMENTS • Refinanced 346Mn for 8 years • DTL consolidation CHALLENGES •Agreements for extensions •Efficiencies for toll automation
  17. 17. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
  18. 18. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
  19. 19. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results 2015 ADT +0.7% EBITDA ( Mn) 58 Comparable +21% ACHIEVEMENTS •Increase tariffs CHALLENGES •Additional tariffs readjustments •Extension of concessions
  20. 20. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
  21. 21. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
  22. 22. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results *Non-consolidated 2015 ADT +4.5% EBITDA ( Mn)* 61 ACHIEVEMENTS • Putting into service of works (including 7 tunnels) CHALLENGES • Capex Programme
  23. 23. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
  24. 24. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
  25. 25. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results CHALLENGES • New growth opportunities 2015 ADT +4.2% EBITDA ( Mn)* 44 *Non-consolidated
  26. 26. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
  27. 27. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
  28. 28. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results 2015 Income ( Mn) 83 % Income +20% Transactions 150 Mn ACHIEVEMENTS • Innovation, key of our industrial model CHALLENGES • Business growth • Competitive edge • Technological free flow and toll solutions
  29. 29. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
  30. 30. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
  31. 31. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results 2015 Backlog 7 years EBITDA ( Mn) 179 Capex ( Mn) 253 ACHIEVEMENTS • Backlog: 7 years CHALLENGES • Launch AG-1 • Three new satellites under construction • Growth in new orbital positions
  32. 32. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
  33. 33. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results
  34. 34. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results 2015 EBITDA ( Mn)* 235 Market cap 3,250 Sites >15,000 *Non-consolidated ACHIEVEMENTS • IPO CHALLENGES • Growth projects • Consolidation in Italy: Galata
  35. 35. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results Abertis today is a world benchmark in infrastructure management which is highly growth-oriented
  36. 36. Vision of Abertis Today 2015 results Strategic Plan 2015-17: Follow-up Conclusions
  37. 37. 2015 resultsVision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions Key figures (comparable to 2014): No. of victims 15% Net debt 9% Income 5% EBITDA 5% Net profit 7% Dividends 10% Another year of growth, with over 1 billion in investment,
 and improvements in key figures
  38. 38. 2015 resultsVision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions Accident rate (IF1) No. of victims Reduction in no. accidents 4% Reduction in no. victims 15% Continued improvement in road safety on all our motorways Road safety in 2015 2013 2014 2015 1,131 1,037 887 25.2 22.5 23.4
  39. 39. 2015 resultsVision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions Changes to the perimeter Cellnex IPO Consolidation Túnels Agreements AP-7 Accounting prudence Supreme Court appeal Provisions Arteris Autema Alazor Exchange rate 
 BRL depreciation Financial expenses Initial costs due to refinancing Impacts that need to be isolated for better comparison Non-recurring impacts
  40. 40. 2015 resultsVision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions % comparable Income 4,378 +5% Operating costs -1,686 Gross margin (EBITDA) 2,692 62% +5% Depreciation and provisions Financial costs and corporate income tax Equity accounting and discontinued operations Minority interests -2,757 -1,114 2,680 378 Net profit 1,880 +7% Improvement in gross margin and greater geographical diversification P&L account ( Mn) 6% 6% 13% 38% 34%
  41. 41. 2015 resultsVision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions 2,909 -107 -46 135 2,692 -198 Year 2014 
 (without Cellnex for comparison purposes) Impact AP-7 Modernisation plan non-recurring expenses Exchange rate (BRL depreciation) Improvement in recurring business Year 2015 5% A good year for activity, with improvements in recurring business Gross margin evolution – EBITDA ( Mn)
  42. 42. 2015 resultsVision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions 655 2,666 -862 -613 33 1,880 Year 2014 Cellnex 
 IPO capital gains Provision AP-7 Provisions Improvement in recurring business Year 2015 7% A historic result, maintaining accounting prudence Net result evolution ( Mn)
  43. 43. 2015 resultsVision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions 87 19 145 253 409 161 Other 1,074 Over 1Bn investment to generate future income Investment ( Mn)
  44. 44. 2015 resultsVision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions 19 -5 +5 19 20 December 2010 Years elapsed Years by new investments December 2015 April 2016 Constantly investing to ensure the future Average equivalent proportional length of concessions (years)
  45. 45. 2015 resultsVision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions Year 2014 Net Cash flow Treasury stock purchase WP and other Year 2015 Effect without treasury stock 9% 13,789 -1,483 1,062 -382 -433 12,554 11,492 Net debt ( Mn) 17% Exchange rate 
 (BRL depreciation) EUR 4 billion refinancing in 2014 and 2015 at lower than historic interest rates. 66% of current debt is non-recourse and 88% at fixed rate. Reduction to net debt despite purchase of treasury stock
  46. 46. 2015 resultsVision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions 5,349 5,614 14,776 17,583 4,531 1,403 2,222 Gross financial debt Net equity Other creditors Liabilities Net debt 12,554 Assets Non-financial assets Cash Financial assets Current assets Long-termassets December balance sheet ( Mn) A strong and restored balance of 25.7 billion
  47. 47. Vision of Abertis Today 2015 results Monitoring the Strategic Plan 2015-17 Conclusions
  48. 48. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results • IPO for international 
 development • 2nd savings plan of 
 400Mn in 3 years • Special focus on
 France & Brazil • Extensions and 
 new acquisitions • Maintaining our 
 financial discipline • Dividend: +10% annual 
 ( 2,100Mn to distribute 
 in 2015-17 period) • Treasury stock Commitments to value creation for shareholders Our commitments We are delivering FOCUS EFFICIENCIES GROWTH SHAREHOLDER REMUNERATION
  49. 49. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results Túnels (control taken in December 2015) Minority purchases and extension of concessions Plan Relance (extending concession to 2032) Concession readjustments in negotiation Infrastructure plan (PIL) in 2016 Investment programme in exchange for extensions A4 Holding (exclusivity agreement) Others under study Growth orientation with financial discipline Growth Through investments in the current asset base and corporate operations
  50. 50. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results Investment: 948Mn Best tollroad in Chile: Maturity: 2031 Kilometres: 61 (crossing Santiago de Chile) Attractive IRR (above 10%) Impact on consolidated results: + 220Mn income + 160Mn EBITDA This has doubled the size of business in Chile Growth 2016 operation: purchase 50% Autopista Central, up to 100%
  51. 51. Vision of Abertis Today 2015 results Strategic Plan 2015-17: Follow-up Conclusions
  52. 52. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results Promoting safer motorways, with better technology
  53. 53. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results World leader in motorway management with an industrial model
  54. 54. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results Attractive and geographically diverse asset base
  55. 55. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results Good business in 2015 with a historic result
  56. 56. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results Fulfillment of the Strategic Plan 2015-17 underway
  57. 57. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results 1 billion investment in 2015 and 2 billion in 2016
  58. 58. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results Extension of the average length of concessions
  59. 59. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results Attractive shareholder’s remuneration
  60. 60. Vision of Abertis Today Strategic Plan 2015-17: Follow-up Conclusions2015 results Attractive shareholder’s remuneration A management team commited to the strategic objectives Extension of the average length of concessions 1 billion investment in 2015 and 2 billion in 2016 Fulfillment of the Strategic Plan 2015-17 underway Good business in 2015 with a historic result Attractive and geographically diverse asset base World leader in motorway management with an industrial model Promoting safer motorways, with better technology
  61. 61. abertis

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