1. Abertis today 2. 2016 Financial Year 3. Outlook 4. Conclusions
Abertis today 2016 Financial Year Outlook Conclusions Attractive, geographically diverse asset base Today, Abertis is the world leader in infrastructure management, with a growth mission
Abertis today 2016 Financial Year Outlook Conclusions
Abertis today 2016 Financial Year Outlook Conclusions Talent Professionalism Executive development Multiculturalism Management style Commitment, experience 80% of management positions Over 25 nationalities and high Innovative, transparent, with a and know-how of the are covered by internal mobility among executives global outlook business and how to promotions manage it Our team: over 16,000 people in 16 countries, the key to achieving our goals
Abertis today 2016 Financial Year Outlook Conclusions Road Safety Continous efforts to improve safety on our toll roads with an € 47Mn investments in 2016 Key actions in 2016: • New app • Observatoire des • • • • Project Escola Project City Lab Together for Safer New award on • Negotiating a global Autopistas en Ruta comportaments sur Roads road safety agreement to l'autoroute • Projects Kango and promote road safety • Autoroute Academie Cooperante Vial Road safety, our priority
Abertis today 2016 Financial Year Outlook Conclusions Road safety - in figures Reduction in no. of accidents 1,146 2016-2013 1,058 12% 23.2 21.0 20.5 21.4 Reduction in no. of victims 916 2016-2013 875 2013 2014 2015 2016 24% Accident rate (FR1) No. of victims Continous improvements to road safety on our toll roads
Abertis today 2016 Financial Year Outlook Conclusions
Abertis today 2016 Financial Year Outlook Conclusions Road Tech Facing a global transformation process: Development of company businesses: digitalisation . • Payment system operators Free-flow and toll-charging technology • Managing 300 million transactions a year Positioning Abertis as a driver of innovation • Flagship projects: Dartford Bridge (UK), for infrastructures. Port Mann Bridge (Canada) and Rhode Island (US). Partner to governments : solutions to improve mobility and congestion. Constant innovation for mobility
Abertis today 2016 Financial Year Outlook Conclusions Road Tech - the Abertis network meeting the challenges of mobility Alliances with leading 2 billion transactions a year, Current projects: world partners: over 60% by teletoll and over 75% automatic. • Free Flow AP-7 • Autopista Central • Transformation to 100% free flow 100% free flow • Inframix • Boost to teletoll (Stop&Go) Innovative solutions to improve mobility
Abertis today 2016 Financial Year Outlook Conclusions
1. Abertis today 2. 2016 Financial Year 3. Outlook 4. Conclusions
Abertis today 2016 Financial Year Outlook Conclusions Main figures - compared to 2015 Like-for-like Gross operating Revenues Investment Dividends net profit profit/loss 13% 20% 13% x2.5 11% Year of growth with € 2.6Mn investment and strong results
Abertis today 2016 Financial Year Outlook Conclusions Business - compared to 2015 France +1.9% Italy Spain +2.6% +5.3% Traffic Tolls Puerto Rico Brazil +0.9% -2.8% +1.3% +3.7% Chile Argentina +6.4% +0.2% Business performance better than expected
Abertis today 2016 Financial Year Outlook Conclusions Highlights • Improvement in • Debt refinancing • Plan Relance II and III operating margin • Integration of the Autopista • Acquisition and integration • Re-balancing via tariffs Central • Re-balancing under negotiation • Investment in 3 new satellites • Extension in return for investment Consolidating value creation
Abertis today 2016 Financial Year Outlook Conclusions Profit and loss account ( € Mn) 5% % 2016-2015 Like-for-like 3% 26% Revenues 4,936 +13% +6% 9% Operating expenses -1,695 3,240 +9% Gross margin (EBITDA) +20% REVENUES ~66% +140 pbs 15% Amortisations -1,295 5% Financial profit/loss -620 3% (4 months) Corporate income tax -304 -10 P. equivalence 34% -216 Minority interests Net profit 796 -58% (*) +13% * 2015 includes Cellnex IPO capital gain Improvement in gross margin and greater geographical diversification
Abertis today 2016 Financial Year Outlook Conclusions Change in EBITDA ( € Mn) 20% 9% 231 318 3,240 2,692 Core business Gross operating Perimeter and other Gross operating profit/loss 2015 non-core business profit/loss 2016 A good year, with improvements in core business and perimeter extension
Abertis today 2016 Financial Year Outlook Conclusions Efficiencies - Toll roads Improvement in operating margin vs. 2015 +190 bps +170 bps +40 bps Deployment of our differential industrial model Organisational streamlining Integration of systems +130 bps +290 bps +170 bps Creating synergies We create value by efficiently managing our toll roads
Abertis today 2016 Financial Year Outlook Conclusions 2016 investment Organic expansion Inorganic expansion Capacity increase 62 Other Arteris IPO Autopista € 1,020 € 1,612 Compensation via Central 28 tariff 70 948 529 Mn Mn New satellites 166 A4 holding 594 10-year Compensation extension via extensions 123 112 More than € 2.6Bn invested in growth and concession extensions
Abertis today 2016 Financial Year Outlook Conclusions Inorganic growth deal 2016 Reinforcing Chile Investment: € 948Mn (purchase of additional 50% of the Autopista Central up to 100%) The best toll road in Chile: • Maturity: 2031 (in negotiation to 2035) • Kilometres: 61 (crossing Santiago de Chile) • Significant activity: 86,017 ADT Impact on consolidation: • + € 217Mn revenues • + € 171Mn gross operating profit/loss Substantially reinforcing business in Chile
Abertis today 2016 Financial Year Outlook Conclusions Inorganic growth deal 2016 Entry into Italy Investment: € 594Mn (purchase 51% A4) Key toll road for the northern Italy international corridor: • Maturity: 2026 • Kilometres: 236 (Veneto zone) • Significant activity: 62,612 ADT Impact on consolidation: • + € 544Mn revenues • + € 200Mn gross operating profit/loss Purchase +9% February 2017 (to 60%) Value creation through entry into a new market
Abertis today 2016 Financial Year Outlook Conclusions Portfolio duration in proportional EBITDA years +11 years -7 years 24 years 20 years 2010 Years elapsed Years for new investment 2017 Consolidating a diverse, lasting business
Abertis today 2016 Financial Year Outlook Conclusions Net debt ( € Mn) 90% Net debt / Net debt / Gross operating Gross operating Fixed net debt profit/loss (88% 2015) profit/loss x4.4 x4.7 1,232 1,018 -430 4.4% Cost of debt 14,377 (5.1% 2015) 12,554 3.1% Net debt 2015 Cash generated Inorganic Debt from acquisitions and Net debt 2016 investment other impacts Cost of corporate debt (4.1% 2015) € 2 billion in bonds in 2016, at over 10 years with a fixed average coupon of 1.1% Efficient liability management: extension of maturity and lower cost
Abertis today 2016 Financial Year Outlook Conclusions Balance at December ( € Mn) Assets Liabilities Net equity 6,901 Creditors 7,380 Fixed assets 22,506 Net debt 14,377 Gross financial debt 16,905 Financial assets 4,281 Current assets 1,869 Cash 2,529 A strong, healthy balance of over € 31 billion
Abertis today 2016 Financial Year Outlook Conclusions Conclusions - compared to 2015 Gross operating Revenues Operating margin* Net profit* Total investments profit/loss +140 bps +13% +20% +13% +2,5x € 4,936Mn € 3,240Mn 66% € 796Mn € 2,632Mn Above expectations (*) Like-for-like
1. Abertis today 2. 2016 Financial Year 3. Outlook 4. Conclusions
Abertis today 2016 Financial Year Outlook Conclusions Our 2015-2017 Strategic Plan commitments Focus and Disciplined Shareholder Efficiencies internationalisation growth remuneration Over € 7 billion in ~75% revenues from Expected savings of +11% dividends in 2016 investment outside Spain € 400Mn in 3 years We continue to deliver: strong execution of the Strategic Plan
Abertis today 2016 Financial Year Outlook Conclusions Growth with financial discipline Minimum investment 2015-2017 2015 2016 Minimum 2017 ~ 3 billion Organic € 811Mn € 1.020 billion ~ € 1 billion Autopista Minority Central purchase Túnels Minority ~ 4 billion Inorganic € 168Mn € 1.612 billion ~ € 2.4 billion A4 holding purchase Minority purchase Minority TTPL / JEPL purchase € 1 billion € 2.6 billion Min € 3.4 billion Min € 7 billion A minimum commitment of € 7 billion between 2015 and 2017
Abertis today 2016 Financial Year Outlook Conclusions Inorganic growth deal 2017 Reinforcing France Investment of € 1,734Mn to reach 90% Leading toll road network in France: • Expiry in 2033 • Kilometres: 1,761 • Activity: 24,473 ADT Increase in average life Positive impact on results Strengthening our position in an important market such as France
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