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1
Junta General d’Accionistes 2012 Junta General de Accionistas 2012 General Shareholder’s Meeting 2012
Press Conference
Contents 2 Opportunities for PPPs
3 Management Report 2011
4 Future perspectives
1 Key milestones
2
Junta General d’Accionistes 2012 Junta General de Accionistas 2012 General Shareholder’s Meeting 2012
Progression of the crisis Economic context
LATAM SPAIN FRANCE GDP (accumulated) :
-5,0%
5,0%
15,0% 2007 2008 2009 2010 2011
13.3%
-2.3%
0.1%
15.6%
-22.4%
-8.2%
0.9%
TOTAL ABERTIS
SPAIN
LATAM
FRANCE Traffic (accumulated):
-30,0%
-20,0%
-10,0%
0,0%
10,0%
20,0% 2007 2008 2009 2010 2011
Splitting car parks and logistics parks activity
A year of transformation Financial year 2011
Sale of our stakeholding
3
Junta General d’Accionistes 2012 Junta General de Accionistas 2012 General Shareholder’s Meeting 2012
Important milestones Financial year 2011
Recovery after extraordinary factors 2010
Absorbing the impact of the analogical switch-off
PR-22 and PR-5 concession (Puerto Rico)
Contents 2 Opportunities for PPPs
3 Management Report 2011
4 Future perspectives
1 Key milestones
4
Junta General d’Accionistes 2012 Junta General de Accionistas 2012 General Shareholder’s Meeting 2012
A conditioning economic situation Opportunities for PPPs
Greater demands for profitability and security of projects
Budget difficulties of the administrations
Financial restrictions in public and private sector
Applying cost-benefit analysis
Combining austerity measures with incentive policies
Privatisation and concession of infrastructures
Harmonised charging
The moment Opportunities for PPPs
5
Junta General d’Accionistes 2012 Junta General de Accionistas 2012 General Shareholder’s Meeting 2012
Contents 2 Opportunities for PPPs
3 Management Report 2011
4 Future perspectives
1 Key milestones
Consolidated income
Data 2010 Post Duplo
Management report 2011
Income holds up despite the economic situation
Telecom 13%
UK 5%
France 38%
Airports 7%
Motorways Telecom 2011 Airports 2010
3,917 3,915 +17 -39 +21
Motorways 80%
Spain 48%
(M€)
Americas9%
6
Junta General d’Accionistes 2012 Junta General de Accionistas 2012 General Shareholder’s Meeting 2012
Operating profit (EBITDA)
Management report 2011
Motorways 87% France
39%
Spain 50%
Telecom 9%
Airports 4%
2010 Motorways Telecom 2011 Airports
EBITDA margin
62.7%
EBITDA margin 61.5%
(M€)
+33
2,454
2,407
+9 +5
UK 2%
Americas9%
Improved operating profit thanks to beginning the Efficiency Plan
Consolidated net result Management report 2011
9% improvement in Group profits despite income stabilisation
17 -6 47
720
662
2010 Efficiency Plan
Restructuring of the company
Rest 2011
(M€)
618 624 662
720
550
600
650
700
750
2008 2009 2010 2011
7
Junta General d’Accionistes 2012 Junta General de Accionistas 2012 General Shareholder’s Meeting 2012
Funds generated
Management report 2011
Strong generation of cashflow allowing continued growth
-250 -671
-165
2,454
1,368
174
511
239
444
Debt reduction
Investment in expansion
Treasury stock and other
Ordinary dividends
(M€)
Debt
Management report 2011
13,882 -174 -626
-788 688 130
14,651
Reduction in consolidated debt allows us to think to new opportunities
(M€)
8
Junta General d’Accionistes 2012 Junta General de Accionistas 2012 General Shareholder’s Meeting 2012
Staff
Management report 2011
Average staff: 11,000 people distributed over 15 countries
Telecom 14%
Airports 16%
Holding 3%
Motorways 67%
Rest of Europe 9%
Spain 40%
France 28%
Americas 23%
Summary
Management report 2011
We continue to carefully analyse opportunities to grow and create value
Improvement in the operating margin
Within a framework of efficiency
We are controlling risk We are reducing debt We are maintaining our rating
More than 50% of income is generated outside Spain We are becoming more globalised
Traffic increases in France and Latin America make up for the delayed recovery in Spain
We are improving shareholder reward Ordinary dividend Extraordinary dividend
9
Junta General d’Accionistes 2012 Junta General de Accionistas 2012 General Shareholder’s Meeting 2012
Contents 2 Opportunities for PPPs
3 Management Report 2011
4 Future perspectives
1 Key milestones
Medium-term objectives (2012-2014)
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.
Future perspectives
Aim: to improve the perspectives for creating value for our shareholders, maintaining a growing and stable dividend policy
Optimisation
• Second year of the efficiency plan 2011-2014: • Operating expenses • Operational investment
• Optimising the debt structure • Solution to minority stakeholdings
Growth
• Not at any price • Open to going with partners, but abertis
moving to control
Aims: • Greater internationalisation
(USA, Canada, Brazil, Mexico, …) • Extending current concessions • Moving forward in the consolidation
of existing projects
10
Junta General d’Accionistes 2012 Junta General de Accionistas 2012 General Shareholder’s Meeting 2012
Reorganising the portfolio of assets
Future perspectives
Moving towards taking control
Investment meets return criteria:
• Agreement to buy the stake in Telefónica: 13.2% for 124 M€
• 13% IRR%
Global consolidation aim in 2012
Holding without moving towards control
Ordered disinvestment strategy:
• Placing 16% at 27.85€ / share
• 980 M€ of cashflow • 396 M€ of capital gains • 16% IRR
Current holding: 15.35%
Reassigning capital in projects in which we can consolidate an industrial role
Recent corporate operations
Press Conference