Bons résultats trimestriels dans tous les secteurs d'activité
- Le chiffre d'affaires atteint 844 millions d'euros (+5 %)
- L'ebitda s'élève à 530 millions d'euros en hausse en ligne avec le chiffre d'affaires
- Le flux de trésorerie net atteint 303 millions d'euros (+4 %)
- Le bénéfice net est de 134 millions d'euros (+9,4 %).
- Jusqu'au 31 mars 2008, Abertis a investi 394 millions d'euros, dont 273 millions ont été utilisés pour l'acquisition de Desarrollo de Concesiones Aeroportuarias (DCA), qui détient des participations dans 15 aéroports au Mexique, en Jamaïque, en Colombie et au Chili.
- Depuis le début de cette année jusqu'en mai, les investissements (capex) du Groupe s'élèvent à plus de 900 millions d'euros, en prenant en compte l'acquisition de 28,4 % dans Hispasat et de participations dans deux concessionnaires autoroutiers au Chili.
- Traffic figures on abertis' toll road network rose 2.4%. This is particularly relevant following the exceptional increases in the 1Q07. Revenues for abertis' toll road business during the quarter rose 6% to E640Mn.
- Growth on sanef's toll roads in 1Q08 advanced 2.2% with revenues totalling E323Mn. Traffic on abertis' Spanish toll roads was up 2.0% with revenues of E308Mn.
- Sound performance at abertis telecom with revenues of E100Mn, a yoy increase of 5%. The roll out of Digital Terrestrial Television (DTT) by abertis telecom in Spain stands at 85.38% of the population (over 38 million people).
- Eutelsat - the equity consolidated satellite operator in which abertis telecom is the main shareholder with a 32% stake-, contributed E2Mn to the Group's consolidated net profit.
- In the airports business, passenger numbers rose 8.3% to 5.3 million at the airports managed by TBI. Revenues totalled E60Mn, affected by sterling's depreciation against the euro.
- At 31 March revenues at saba, the car park division of abertis, totalled E33Mn. The number of vehicles in rotation held steady at 12.4 million while the number of pass holders increased 5.3% to over 32,000.
- Revenues at abertis logística amounted to E7Mn following the inclusion, at the end of 2007, of new assets in Madrid and Barcelona and the 88% occupancy rate at warehouses and offices.
Barcelona, 14 May 2008. abertis' results for 1Q08, presented under IFRS, reflect a strong performance by all the group's business lines.
Particularly noteworthy is the performance of the toll roads business -which includes the Easter effect -with traffic on abertis' network up 2.4%. This increase is particularly significant given the exceptional increases in 1Q07. Likewise, the number of passengers at the airports managed by TBI rose 8.3% while the occupancy rate at the logistics parks reached 88% for warehouses and offices. abertis telecom also saw business improve while saba increased slightly higher figures. abertis' operating revenues in 1Q08 amounted to E844Mn, up 5% yoy. sanef contributed with E323Mn.
Some 76% of total revenues came from the toll roads business, 12% from telecommunication infrastructures and 7% from airports. The car parks business contributed 4% and logistics parks 1%. Revenues generated outside of Spain was stable this quarter with 47% of abertis group revenues generated abroad: 38% in France and 5% in the UK due to TBI's airport business. EBITDA for the period rose around 5% to E530Mn, in line with revenues while EBIT rose 6% yoy to E330Mn.
Net financial losses to 31 March 2008 totalled E147Mn, some E13Mn more than the year before figure due to the impact of the acquisition of assets in the logistics business in Madrid and Barcelona; the acquisition of an additional 4.6% stake in Brisa and financing for the acquisition of Eutelsat. This does not include the impact of the DCA acquisition. Earnings from companies accounted for under the equity method through March totalled E24Mn, largely from the holdings in Eutelsat and Atlantia. In 1Q08 abertis generated a net cash flow of some E303Mn, 4% higher yoy and net profit of E134M, up 9.4% yoy.
The average workforce at 31 March 2008 stood at 11,510, of which 54% worked abroad.
Balance sheet and investment
At 31 March abertis had total assets of E21,061Mn and shareholders' equity of E4,843Mn. abertis invested a total of E394Mn in the first three months of the year, of which E358Mn (91% of the total) was expansion capex which went to pursue its geographical and sector diversification strategy. Of particular note is the expansion capex in the airport sector with the acquisition of 100% of Desarrollo de Concesiones Aeroportuarias (DCA) for E273Mn as well as the E22Mn earmarked for the logistics parks business line to acquire land for the Lisbon park which is currently under construction. Investment in the car parks sector totalled E21Mn which saw saba acquire a car park in Madrid. The remaining expansion capex was for the toll roads business with widening work carried out by acesa on the AP-7 toll road as well as projects by sanef (new lanes) and castellana (widening). Investment in the telecommunications business was largely for the roll out of DTT in Spain. The acquisition of 28.4% of Hispasat is not included under this heading, neither is the acquisition of two toll road concessions in Chile (Autopista Central and Rutas del Pacífico), as these have not yet been finalised. Operational capex in 1Q08 totalled E36Mn.
Debt structure
At 31 March 2008, abertis had net debt of E13,153Mn. Of this, 58% is secured with the company's own projects (i.e. non-recourse debt) and 83% is at fixed rates or hedged, with an average maturity of 7.8 years.
Business performance
1. Toll Roads
At the close of 1Q08 the toll road business was once again the group's leading business activity with a similar weighting compared to the same period in 2007. The division contributed E640Mn to group revenues (76% of the total) and E460Mn to EBITDA (87%).
Traffic on abertis' network, including sanef and GCO (Argentina), increased 2.4%, with Average Daily Traffic (ADT) of 23,745 vehicles. The increase on roads managed by sanef was 2.2%, with ADT of 21,801 vehicles while in Spain, ADT was 24,418 vehicles, up 2.0%. In the quarter, 31.1% of transactions on abertis' toll roads in Spain were MADE using the teletoll system, such as acesa where this system contributed over 38% to the total number of transactions. Meanwhile, on sanef's network in France, this figure was 32.9%.
| acesa | 32,595 | 2.8% |
| aumar | 20,910 | -2.1% |
| aucat | 29,911 | 0.0% |
| iberpistas | 27,887 | 6.1% |
| castellana | 6,219 | 8.8% |
| avasa | 13,350 | 12.8% |
| aulesa | 4,921 | 24.7% |
| Abertis Network Spain | 24,418 | 2.0% |
| sanef | 21,801 | 2.2% |
| GCO (Argentina) | 67,895 | 6.5% |
| Abertis Network | 23,745 | 2.4% |
2. Telecommunication Infrastructures
By volume, the telecommunications business is the Group's second largest with revenues of E100Mn (12% of the total abertis) and EBITDA of E40Mn (8%). abertis telecom continued to mark a positive performance this quarter with revenues growth of 5%, driven mainly by the rollout of Digital Terrestrial Television (DTT) in various autonomous regions. abertis telecom currently broadcasts 20 digital channels from 165 centres across its broadcasting network which are fully adapted for the new audio visual technology in accordance with the Spanish DTT Plan. In all, abertis telecom has more than 3,200 sites.
Also, in February, the Council of Ministers authorised abertis telecom's acquisition of a 28.4% stake in Hispasat. This acquisition, which is pending approval from the anti-trust authorities, will see abertis telecom become the main shareholder in the Spanish satellite operator and boost the visibility of the telecommunications business.
3. Airports
Revenues in the airports division stood at E60Mn in 1Q08 (7% of abertis' total revenues), while EBITDA totalled E15Mn (3%). Stripping out the effect of sterling's depreciation against the euro (-13% average exchange rate vs. the euro) revenues would have risen 9.5%. To 31 March 2008 passenger number rose 8.3% at the airports managed by TBI to 5.3 million. Highlights include the strong performance of airports such as Stockholm Skavsta (where passenger numbers rose 34.5%), Orlando Sanford (+26.8%) and London Luton (+9.2%).
In March abertis airports finalised the acquisition of Desarrollo de Concesiones Aeroportuarias (DCA). The transaction, which involves a total outlay of E273Mn, went ahead after the company received all of the required approvals from the relevant regulators and financial institutions. DCA holds, both directly and indirectly, interests in 15 airports in Mexico, Chile, Jamaica and Colombia.
4. Car Parks
saba reported revenues of E33Mn and EBITDA of E13Mn in 1Q08, representing 4% and 2% of abertis' total revenues, respectively. Earnings are not comparable as in 2007 non-recurring revenues were included from the sale of car park spaces in Barcelona. The number of vehicles in rotation in the period held steady at 12.4 million while the number of pass holders increased 5.3% to over 32,000. Likewise, the number of spaces rose 7.4% thanks to new car parks in Spain and Chile. saba manages a total of 94,472 spaces in Spain, Italy, Chile, Portugal, Morocco and Andorra.
In March saba acquired the concession for a car park in Madrid in Plaza de los Mostenses near Gran Vía for a E21Mn. This new car park has 357 spaces over three levels and following its acquisition saba now manages three car parks with some 693 spaces in Madrid.
5. Logistics Parks
abertis logística reported 1Q08 revenues of E7Mn (1% of the total) and contributed E3Mn to EBITDA.
During the period revenues at abertis logística rose sharply by 58.5% due to the incorporation of new assets in Madrid and Barcelona which were acquired in December 2007. abertis logística continues to grow business in Spain while consolidating its international expansion strategy in Portugal and Chile where work on a new logistics park commenced last April. In this regard, abertis logística plans to complete the abertis logisticspark lisboa within 10 years with the first warehouses becoming available within three years. The total estimated layout for this park which covers 100 hectares is E265Mn. At present, the occupancy rate at warehouses operated by abertis logística is 88%.
| REVENUES | EBITDA | |
| TOLL ROADS | 640 | 460 |
| TELECOMMUNICATIONS | 100 | 40 |
| AIRPORTS | 60 | 15 |
| CAR PARKS | 33 | 13 |
| LOGISTICS INFR. | 7 | 3 |
Revenue breakdown by sectors
Toll Roads : 76%
Airports : 7%
Telecommunications : 12%
Car Parks : 4%
Logistics : 1%
Revenue breakdown by geography
Spain : 53%
France : 38%
UK : 5%
Other : 4%
| MARCH 2008 | MARCH 2007 | % | |
| TOTAL REVENUES | 844 | 802 | 5% |
| OPERATING COSTS | -314 | -295 | 6% |
| EBITDA | 530 | 507 | 5% |
| DEPRECIATION | -199 | -197 | 1% |
| OPERATING PROFIT (EBIT) | 330 | 310 | 6% |
| FINANCIAL RESULT | -147 | -134 | |
| EQUTY METHOD RESULT | 24 | 18 | |
| PRE-TAX PROFIT | 208 | 194 | 7% |
| TAXES | -60 | -60 | |
| PROFIT FOR THE YEAR | 148 | 133 | 11% |
| MINORITY INTERESTS | -13 | -11 | |
| NET ATTRIBUTABLE PROFIT PARENT COMPANY | 134 | 123 | 9.4% |
| MARCH 2008 | DEC. 2007 | |
| TANGIBLE FIXED ASSETS | 9,782 | 9,795 |
| INTANGIBLE FIXED ASSETS | 6,706 | 6,688 |
| FINANCIAL INVESTMENTS | 3,384 | 3,279 |
| CURRENT ASSETS | 1,189 | 1,065 |
| TOTAL ASSETS | 21,061 | 20,828 |
| SHAREHOLDER'S EQUITY | 4,843 | 5,020 |
| LOANS AND BONDS | 13,538 | 12,873 |
| OTHER LIABILITIES | 2,680 | 2,935 |
| TOTAL LIABILITIES | 21,061 | 20,828 |
Appendix
Significant events of 1Q08
JANUARY
abertis reaches preliminary agreement to acquire ACS' stakes in two toll road concessions in Chile. The transaction will involve the acquisition of the following stakes owned by ACS: 48% of Autopista Central (urban toll road in Santiago de Chile) and 50% of Rutas del Pacífico (Santiago de Chile-Valparaíso-Viña del Mar toll road).
abertis starts its exit from Schemaventotto. The decision was taken by abertis' Executive Committee under the provisions of the Schemaventotto (S28) shareholder agreement signed in June 2007. By the time the process is complete, abertis, which until that time owned a 13.33% stake in the S28, will have a direct holding of 6.67% in Atlantia S.p.A.
Guascor Solar leases a 12,000m2 warehouse from Araba Logística. Araba Logística has signed an agreement with Guascor Solar for the rental of a 12,000m2 warehouse at the Arasur logistics park, which has abertis logística as an industrial, technological and commercial partner with 43.98%.
Arasur increases occupancy. Araba Logística, of which abertis logística is a shareholder, has reached an agreement with Compass Transworld Logistics for the rental of 100,000m2 of land, which will centralise worldwide distribution of wind turbines manufactured by Gamesa factories in the Basque Country and Aragon. Arasur this month reached 90% occupancy.
FEBRUARY
Spanish Cabinet gives go-ahead for acquisition of 28.4% of Hispasat. The Spanish Cabinet gave abertis the green light to acquire 28.4% of Hispasat through its telecommunications subsidiary, abertis telecom. Now that the Spanish government has authorised the deal, it must be cleared by anti-trust authorities.
Presentation of the Comdes network. The Adesal Consortium, comprised of abertis telecom, Aguas de Valencia and Banco de Valencia, is awarded the Emergency and Safety Digital Communications network by the Valencian Community. Adesal has a 10-year contract to manage this network, which will provide communications services to Safety and Emergency authorities and is designed to function under all circumstances. It will be implemented in early 2008.
New contract for saba in Zaragoza. The company will manage the car park in the new Aragonia complex for a period of six years, with 2,128 spaces; the complex includes a retail, residential, office and leisure area.
London Luton's traffic rises to 10 million passengers per year. This airport's passenger traffic has increased fivefold in the past decade, and it is one of the UK's main airports by number of passengers and routes served.
MARCH
acesa presents its project to widen the AP-7 toll road in Tarragona. Work on the third lane is proceeding according to schedule and the entire stretch should be operational at the end of 2008 as planned. acesa anticipates that the toll barriers will be dismantled, with the elimination of the southbound El Vendrell and northbound Tarragona barriers. abertis purchases 1.5% of own shares from Caixa Catalunya. abertis plans to keep these shares as treasury stock for the time being. The transaction involved a total outlay of E201Mn. abertis' treasury stock represents approximately 2% of its capital following the acquisition of these shares from Caixa Catalunya.
abertis airports completes the acquisition of Desarrollo de Concesiones Aeroporturios (DCA). The transaction, which involves a total outlay of E273Mn, went ahead after the company received all of the required approvals from the relevant regulators and financial institutions. DCA holds, both directly and indirectly, interests in 15 airports in Mexico, Chile, Jamaica and Colombia.
Work gets underway on abertis logisticspark lisboa. The Portuguese prime minister, José Sócrates, presided over the ceremonial laying of the foundation stone of this logistics park, which will be managed and operated by abertis logística. abertis logisticspark lisboa is situated in Vila Franca de Xira, a strategic enclave 30 kilometres from Lisbon.
saba acquires the concession for a car park in central Madrid. The car park, situated in Plaza de los Mostenses, near Gran Vía, has three levels and a total of 357 parking spaces. The acquisition of this car park brings to three the number of parking facilities managed by saba in Madrid, with a total of 693 spaces.
Reopening of Tunnel 1 on the AP-6 toll road. The tunnel has been reopened following the refurbishment work carried out by castellana - a subsidiary of iberpistas- and fully complies with prevailing tunnel security legislation.
Significant events after the close of the first quarter
APRIL
abertis' General Shareholders' Meeting. Shareholders approved the payment of a gross final dividend of E0.28 per share, to be paid on 11 April. The total gross dividend per share charged against 2007 earnings is E0.56, 12% higher than the 2006 dividend. Shareholders likewise approved a bonus share issue consisting of one new share for every 20 old shares with a nominal value of E3 per share, a transaction worth over E95.7Mn. acesa awards contract for work on the Maçanet-Fornells stretch of the AP-7 in Gerona. The E45.4Mn contract, which has been awarded to FCC Construcciones, forms part of the project to widen the AP-7 toll road between La Jonquera (Geona) and Vila-seca/Salou (Tarragona). abertis' Corporate Social Responsibility report obtains the highest rating from GRI. The A+ grading is the highest awarded by the Global Reporting Initiative for the evaluation of sustainability reports.
Agreement to acquire toll roads in Chile. abertis has reached a preliminary agreement with ACS to purchase, using shares of its Spanish subsidiary INVIN, 49% of ACS' stakes in toll road concessionaires Autopista Central (48%) and Rutas del Pacífico (50%), both in Chile, for E348.17Mn. The agreement includes a condition that by 30 June the remaining 51% must be sold to abertis and Capital Riesgo Global (Banco Santander Group) for E362.38Mn.
Work begins on the abertis logisticspark santiago. This is the first integral logistics park to be built in Chile's capital. Delivery of the first 20,000m2 of warehouses is scheduled for 1Q09. A total of 350,000m2 of warehouses will be built plus over 15,000m2 of space shall be set aside for corporate and personnel services.
acesa awards C-32 toll road extension project. acesa, the current concessionaire of the C-32 toll road between Montgat and Palafolls (Barcelona), has awarded the E40.6 Mn contract to extend this road between Palafolls and Tordera - the junction for the future A-2 road between Tordera and Vidreres- to the Dragados company. The project entails the construction of an additional 4.4 kilometres of toll road.
MAY
abertis begins its bonus share issue. The traditional bonus share issue, consisting of one new share for every 20 shares and worth over E95.7Mn, was approved at abertis' General Shareholders' Meeting and will increase the group's share capital to over E2,010Mn, with over 670 million shares in circulation.
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