Communiqué de presse
Les chiffres clés du Groupe se sont stabilisés, reflétant l'impact de la conjoncture économique actuelle et la consolidation des principaux coûts d'exploitation par l'extension du périmètre de consolidation. Ces facteurs sont largement absorbés par l'effet positif de la diversification sectorielle et géographique suivie par Abertis ces dernières années.
- Chiffre d'affaires de 2,793 millions d'euros (+1,6 %).
- ebitda de 1,770 million d'euros (-0,7 %).
- Bénéfice net de 541 millions d'euros (-3,1 %).
- Flux de trésorerie net de 1,079 million d'euros (+0,2 %).
- Investissements de 929 millions d'euros.
- The marked deceleration in the economic cycle has been offset by Abertis' model of selective growth, diversification and internationalisation: almost 50% of revenue and 44% of EBITDA are generated outside Spain.
- Abertis has invested around E800Mn in expansion projects over the first nine months of the year. Airports (DCA) and telecommunications (Hispasat) have been two significant investment areas. In addition to the investment in these areas, other major investment includes the acquisition of the holdings of the Chilean concessionaires Autopista Central and Rutas del Pacífico, which did not have any impact on interim figures and are currently being executed.
- The company's positive financial position and its solid debt structure, with all expansionary activities being fully financed, provide Abertis with a clear competitive advantage in the current economic environment. 92% of total debt is long term, with 77% at fixed rates or fixed through hedging. The average cost of debt has been maintained at 5.3%.
- Revenues from the toll road business rose 1%, even though the trend for road traffic on abertis' network continued the downward path seen in the first half of 2008, with a 2.6% decrease. The reduction in traffic is explained by the economic slowdown and one-off factors, such as the lorry drivers' strike in the first half of the year and the initial impact of the opening of alternative toll-free roads.
- Revenues reached E2,097Mn.
- Average Daily Traffic (ADT) on the abertis network worldwide was 26,496 vehicles (-2.6%).
- ADT on the sanef network (which makes up 53% of abertis' total network) was 24,177 vehicles (-1.1%) to September. The ADT in Spain was 27,681 vehicles, a decline of 4.9%. Stripping out the impact of the alternative toll-free roads opened in the aumar network, the decline was 3.3%.
- The Group's telecommunications infrastructure, airport, logistics parks and car park businesses provide a solid platform for the Group to grow and were less affected by the economic downturn.
- abertis telecom had revenues of E317Mn (+9%). By 30 September, the roll out of Digital Terrestrial Television (DTT) by abertis telecom in Spain covered 89% of the population (around 40 million people).
- The satellite sector fared well, reflecting positive trends in the main indicators of both Eutelsat (revenues growth of 7%) and Hispasat (revenues growth of 8.3%). Eutelsat, consolidated using the equity method, contributed E36Mn in the first nine months of the year, while Hispasat, consolidated using proportionate consolidation since 1 July, contributed E12Mn. In all, the satellite business MADE a net positive contribution (including the financing costs of the acquisitions) on the profits of abertis.
- Passenger traffic in the TBI airport network increased 6% to 19.3Mn. Revenues at abertis airports, which were hit by the weakness of sterling against the euro (-13% average exchange rate vs. the euro), amounted to E236Mn (-5%).
- Positive performance by abertis logística. Revenues amounted to E36Mn (+126%), with high rates of warehouse and office occupancy: 91% compared to 79.6% in 2007.
- Revenues at saba, abertis' car parks division, reached E99Mn (+2%), with 38 million vehicles in rotation, the same number as in 2008, and an 11.1% increase in season-ticket holders.
Barcelona, 6 November 2008. abertis' results for the first nine months of 2008 are marked by stability in its main financial indicators. The impact of the current economic climate, combined with a 2.6% decrease in traffic on the Group's road network, and the consolidation of increased operating expenses resulting from the expansion of the scope of consolidation, have been offset by the continuing strong performance of its airport, logistics parks, car park and telecommunications infrastructure businesses, and by the effects of geographic and sector diversification: almost 50% of revenue and 44% of EBITDA are generated outside Spain.
Noteworthy were the strong performances from the telecommunications infrastructure (9% increase in revenue); airports (6% growth in passenger numbers in TBI airports); logistics parks (91% office and warehouse occupancy rates) and car parks (38 million vehicles in rotation) businesses. In the first nine months of 2008, abertis' reported total revenue of E2,793Mn, up 1.6% yoy, with sanef contributing E1,049Mn of this amount (38% of total revenue). 48% of the abertis group's revenue is generated outside Spain: 38% in France and 6% in the UK (mainly TBI's airport business). 75% of total revenue came from the toll roads business, 11% from telecommunication infrastructure and 8% from airports. The car parks business contributed 4% and logistics parks 1%. EBITDA totalled E1,770Mn (-0.7%) while EBIT was E1,174Mn (-2%). The abertis Group made a net profit of E541Mn (-3.1%) to September. The net financial expense to 30 September 2008 was E408Mn. Acquisitions carried out by the Group in the period only led to a E9Mn increase in this item. Earnings from companies accounted for by the equity method to September 2008 totalled E62Mn, largely from the holdings in Eutelsat and Atlantia (the latter to 26 June, since when it has been considered a financial stake). In the first nine months of 2008, abertis generated net cash-flow of E1,079Mn (+0.2%). The average workforce at abertis in the first nine months of 2008 stood at 11,911 employees, of whom 54% were employed outside Spain.
Balance sheet and investments
At 30 September 2008, abertis had total assets of E21,539Mn and shareholder's equity of E4,775Mn.
abertis invested a total of E929.3Mn in the first nine months of 2008, of which E758.8Mn (82% of the total) was invested in expanding the Group and pursuing its geographical and sector diversification strategy. Of particular note is the expansion in the airport sector and the acquisition of 100% of Desarrollo de Concesiones Aeroportuarias (DCA) for E276Mn. The telecommunications business also saw significant investment, with E226Mn being paid for a 28.4% stake in satellite operator Hispasat, and E29Mn spent on the roll out of DTT in Spain. The toll roads business saw investment in expansion by sanef (E50Mn) on the construction of new lanes; acesa (E41Mn) on widening of the AP-7 road; and castellana (E22Mn) on road widening and the third Guadarrama tunnel. Other major areas of expansion investment include the logistics parks business (E22Mn), where land has been acquired for the Lisbon logistics park, which is now under construction, and the car parks business, where saba acquired a car park in Madrid for E19Mn, and E12Mn was invested in expansion in Italy. This period does not include any impact from the acquisition of stakes in two Chilean toll road concessionaires (Autopista Central and Rutas del Pacifico), currently being executed, or the purchase of an additional 5% of
Operational capex in the first nine months of 2008 totalled E170.4Mn.
At 30 September 2008, abertis had net debt of E13,240Mn. Of this, 57% is secured with the company's own projects (i.e. non-recourse). 92% of the debt is long-term, with 77% at fixed rates or fixed through hedging. The average cost of debt has been maintained at 5.3%, the same levels as 2007. The average maturity is 7.6 years.
1. Toll Roads
Toll roads continued to be the Group's main business in the first nine months of the year, contributing E2,097Mn in revenue (75% of total revenue for the Group) and E1,509Mn in EBITDA (85%).
Revenues from the toll road business rose 1%, despite the drop in traffic on the abertis network seen in the first half of 2008 continuing, with a fall of 2.6% (ADT of 26,496 vehicles) resulting from the economic slowdown and one-off factors; such as repair work on toll roads, the Spanish lorry drivers' strike and the initial impact of alternative toll-free roads opening. The ADT on the toll road network in France managed by sanef (53% of abertis's total network) was 24,177 vehicles. The ADT on the Spanish toll road network fell 4.9% (to 27,681 vehicles). Stripping out the impact of the alternative toll-free roads opened ni the aumar network, the decline was 3.3%. 31.5% of transactions on abertis' toll roads in Spain were made using the teletoll system. In the first half of the year, this system was used in around 36% of all transactions on acesa's network and 32.2% of sanef's network in France.
|acesa||36,710 .||- 3.7%|
|aumar||24,292 .||- 8.6%|
|aucat||32,895 .||- 5.9%|
|castellana||6,362 .||- 0.8%|
|Abertis Network Spain||27.681||-4.9%|
|sanef||24,177 .||- 1.1%|
|GCO (Argentina)||69,844 .||5.8%|
|Abertis network||26,496 .||-2.6%|
2. Telecommunication Infrastructures
The telecommunications business is the Group's second largest by volume, with revenues of E317Mn (11% of abertis' total) and EBITDA of E126Mn (7%). The satellite sector fared well, reflecting positive trends in the main indicators of both Eutelsat (revenues growth of 7%) and Hispasat (revenues growth of 8.3%). Eutelsat, consolidated using the equity method, contributed E36Mn in the first nine months of the year, while Hispasat, consolidated using proportionate consolidation since 1 July, contributed E12Mn. In all, the satellite business made a net positive contribution (including the financing costs of the acquisitions) on the profits of abertis. abertis telecom is Hispasat's largest shareholder, with a 33.4% stake, after acquiring an additional 5% from EADS/CASA on 21 October. abertis telecom continued to perform well in the first nine months of the year, with revenue growth to September of 9%. Driving this increase were the rollout of Digital Terrestrial Television (DTT) in various Spanish regions and the consolidation of Hispasat using proportionate consolidation. abertis telecom currently broadcasts 20 digital channels from 165 centres across its broadcasting network which are fully adapted for the new audiovisual technology in accordance with the Spanish DTT Plan. The roll out of Digital Terrestrial Television (DTT) by abertis telecom in Spain stands at 89% of the population (around 40 million people). In all, abertis telecom has more than 3,200 sites.
Revenues in the airports division in 3Q08 reached E236Mn (8% of abertis' total revenue), while EBITDA totalled E85Mn (5% of the total). Revenues (-5%) and rest of the main indicators of abertis airports were hit by the weakness of sterling against the euro (-13% average exchange weight in the period). TBI managed airports had 19.3 million passengers in the first nine months of 2008, a rise of 6%. In particular, the strong performances of London Luton (+4.6% increase in passengers), Stockholm Skavsta (+33.2%) and Orlando Sanford (+8.6%) stood out.
Passenger numbers also increased at DCA run airports in this period, up by 1.1% to 27.4 million.
4. Car Parks
Revenues at saba in the first nine months of the year rose 2% to E99Mn, representing 4% of total revenue for abertis. EBITDA totalled E38Mn, 2% of the total. The figures are not comparable as the 2007 figures included non-recurring revenue from the sale of car park spaces in Barcelona. saba manages a total of 98,340 parking spaces in Spain, Italy, Chile, Portugal, Morocco and Andorra. The number of spaces rose 10.2%; thanks to new car parks in Spain, Chile and Italy. Vehicle rotation in the period held steady at 38 million, while the number of season-ticket holders increased 11.1% to over 34,000.
5. Logistics Parks
In 3Q08, abertis logística reported revenues of E36Mn (1% of the total of the abertis Group) and contributed E22Mn to EBITDA (1% of the total). During the period, revenue at abertis logística rose sharply (+126%) due to the incorporation of new assets in Madrid and Barcelona (acquired in December 2007) and the sale of its stake in Port Aventura in June for E12Mn. abertis logística continues to grow its business in Spain while consolidating its international expansion strategy in Chile (where works on a new logistics park commenced last April) and Portugal. The current occupancy rate at warehouses operated by abertis logística is 91%, compared to 79.6% in 2007.
|TOLL ROADS||2,097 .||1,509|
Revenue breakdown by sector
Toll roads : 75%
Airports : 8%
Telecommunications : 11%
Car parks : 4%
Logistics : 1%
Revenue breakdown by geography
Spain : 52%
France : 38%
Uk : 6%
|SEPT. 2008||SEPT. 2007||%|
|OPERATING COSTS||- 1,023||- 967||5.7%|
|DEPRECIATION||- 597||- 585||2.0%|
|OPERATING PROFIT (EBIT)||1,174||1,197||- 2.0%|
|FINANCIAL RESULTS||- 408||- 399|
|EQUITY METHOD RESULT||62||68|
|TAXES||- 228||- 245|
|PROFIT FOR THE YEAR||599||621||-3.6%|
|MINORITY INTERESTS||- 58||- 63|
|NET ATTRIBUTABLE PROFIT PARENT COMPANY||541||559||-3.1%|
|SEPTEMBER 2008||DEC. 2007|
|TANGIBLE FIXED ASSETS ,||9,888||9,795|
|, INTANGIBLE FIXED ASSETS||6,807 .||6,688|
|FINANCIAL INVESTMENTS ,||3,25 .250||3,279|
|, CURRENT ASSETS||1,594||1,065|
|TOTAL ASSETS ACTIVO||21,539 .||20,828 .|
|SHAREHOLDER'S EQUITY||4,775 .||5,020|
|LOANS AND BONDS||13,748 .||12,873|
|OTHER LIABILITIES||3,017 .||2,935|
|TOTAL LIABILITIES PASIVO||21,539 .||20,828|
Significant events in 3Q08
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 had owned a 13.33% stake in S28, will have a direct holding of 6.68% 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 12,000 square meter warehouse at the Arasur logistics park, where abertis logística is as an industrial, technological and commercial partner, with 43.98% stake.
Arasur increases occupancy. Araba Logística, of which abertis logística is a shareholder, has reached an agreement with Compass Transworld Logistics for the rental of 100,000 square metres of land, which will centralise worldwide distribution of wind turbines manufactured by Gamesa factories in the Basque Country and Aragon. Arasur reached 90% occupancy this month.
The 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 contract by the Regional Government of Valencia. 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 2,128 space car park in the new Aragonia complex for a period of six years; the complex includes retail, residential, office and leisure areas.
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.
abertis purchases 1.5% of treasury stock 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 the abertis logisticspark in Lisbon. 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 Montenses, next to the 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 safety legislation.
abertis' General Shareholders' Meeting. Shareholders approved payment of a gross final dividend of E0.28 per share, to be paid on 11 April. The total dividend charged against 2007 earnings is E0.56 per share, 12% higher than the 2006 dividend. Shareholders likewise approved a scrip issue consisting of one new share for every 20 old shares with a nominal value of E3 per share, a transaction worth a total of E95.7Mn. abertis' Corporate Social Responsibility report obtains the highest rating from GRI. The 2007 report received an A+ grading, which is the highest awarded by the Global Reporting Initiative (GRI), an international body which has developed the first global standard for the evaluation of sustainability reports.
Work begins on the abertis logisticspark in Santiago. This is the first integrated 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 for corporate and personal services. acesa C-32 toll road extension project. acesa, the current concessionaire of the C-32 toll road between Montgat and Palafolls (Barcelona), has awarded the E40.6Mn contract to extend this road between Palafolls and Tordera -the junction for the future A-2 road between Tordera and Vidreres- to the company Dragados. The project entails the construction of an additional 4.4 kilometres of toll road.
The consortium which includes abertis is chosen as the preferred bidder to manage the Pennsylvania Turnpike. The award is subject to legislative changes and approval by the Pennsylvania House of Representatives. The bid presented by the consortium made up of abertis (50%), Citigroup (41.67%) and Criteria CaixaCorp (8.33%) amounts to $12,801Mn and is one of the biggest public/private partnership initiatives undertaken in the US.
Arasur completes construction of a new warehouse and parking area for lorries. Building is completed on a 20,000 m2 warehouse and a secure parking area for 194 lorries at the Arasur logistics park, which is developing and expanding its logistics and services areas.
The Spanish stock exchange regulator (CNMV) approves the admission to trading of the new abertis shares. The CNMV approves the admission to trading of the abertis shares deriving from the E95.7Mn scrip issue approved by shareholders on 1 April. This entails issuing 31.9 million new shares in the ratio of 1 new share for every 20 old shares, taking abertis' share capital to E2,010Mn with 670,329,056 shares. abertis telecom and TDF reach a preliminary agreement on Axion. According to this agreement, abertis telecom will acquire 65% of TDF's stake in the operator Axión. The transaction entails an outlay of E104Mn and is contingent, amongst other things, on obtaining the go-ahead from the anti-trust authorities and requires the rest of Axión's shareholders to waive their pre-emptive acquisition rights.
spin-off of Schemaventotto is completed. Having met all the formalities necessary for its exit from Schemaventotto (S28), the core shareholder in Atlantia, abertis now holds a direct 6.68% stake in Atlantia through its 100-percent owned abertis Italia subsidiary.
Anti-trust authorities approve abertis telecom's bid for Hispasat. The deal, which makes abertis the largest shareholder in the Spanish satellite operator, was announced on 31 October, 2007 following the execution of a purchase agreement between abertis,
Ensafeca holding Empresarial (formerly Auna) and BBVA, shareholders in Hispasat. abertis telecom paid E226Mn for this stake. abertis sells its remaining 2.88% stake in Port Aventura to Criteria Caixa Corp. for E19.97Mn.
Agreement with ACS to buy its stakes in two Chilean toll roads. On 24 April 2008, abertis reached agreement with the ACS Group to purchase, through its Spanish subsidiary INVIN, S.L., 49% of ACS' holdings in toll road concessionaires Autopista Central (48%) and Rutas del Pacífico (50%), both in Chile. On 30 June, the companies
agreed to complete the purchase of the remaining 51%: Two per cent of the additional 51% stake will be acquired by abertis (taking its stake in INVIN, S.L. to 51%) with the remainder being acquired by Santander Infrastructure Fund II, a Santander Group fund, which will as a result have a 49% stake. saba awarded the management of four car parks in Portugal's Troya peninsula. The combined capacity of the four car parks is 852 spaces; the company will operate these under a renewable 3 year rental agreement.
Decathlon signs an agreement to rent a 30,000m warehouse in Seville's Zal-II. Sevisur Logística signs a deal with Decathlon to build and let a turnkey warehouse with a surface area of 30,000m (with the OPTION of a further 10,000m ) and 500m of offices, planned to come into operation in July 2009 at a total cost of E12Mn. saba invests E1.15Mn in the rollout of the Via-T payment system. The VIA-T payment system has been extended to 26 car parks, of which 17 are in the city of Barcelona, 4 in Terrassa (Barcelona), 3 in Mataró (Barcelona) and 2 in Sabadell (Barcelona). Use of the new system at these car parks currently accounts for just over 2.5% of total payments.
Agreement between the Government and iberpistas for the construction of the third lane on San Rafael-Villacastín stretch of the AP-6. iberpistas will build, maintain and operate a third lane on the 20 km San Rafael-Villacastín stretch; this project involves total investment of E72Mn to 2009.
The Spanish Ministry of Public Works awards the maritime emergency communication service to abertis telecom. Under this 4 year contract, which is renewable for a further 4 year period, abertis telecom will provide VHF, MF and HF band communication services for the Merchant Shipping Department from 27 April 2009, and will establish and maintain a Network of Coastal Stations and Maritime Radio Communication Centres. The contract is worth E42.5Mn.
abertis and Microsoft sign a strategic agreement for the coming years. The two companies will work together to promote efficient use of information technology in abertis group companies.
abertis telecom to manage the security and communications network in Navarra. abertis telecom has been awarded the contract for the implementation of a digital radio communications system for the Regional Government of Navarra, which it will manage for four years.
abertis included in the Dow Jones Sustainability World and Stoxx indices again. The results of the 2008 review confirm that abertis has maintained its presence for the third consecutive year in the Dow Jones Sustainability (DJSI) World index and the DJSI Stoxx European index.
Opening of the free-flow teletoll on the M50 in Dublin. On 30 August, Bet'Eire Flow, in which sanef owns an 80% stake, launched the free-flow teletoll on the M50 in Dublin, the first in Europe. The objective of the 8 year operating contract worth E113Mn with the NRA (National Road Authority) for the free flow teletoll system is to promote smoother traffic flow and to reduce the ecological impact of toll gates.
Significant events subsequent to the close of 3Q08
abertis pays out an interim dividend of E0.30 per share (gross). This is a 7.1% increase on the E0.28 per share (gross) paid in the previous year, and amounts to a total of E201.1Mn.
The abertis-led consortium does not extend its bid for the "Pennsylvania Turnpike". After extending its offer twice to help comply with the legislative process in Pennsylvania, the Pennsylvania Transportation Partners consortium, involving abertis, Citi Infrastructure Partners and Criteria CaixaCorp, which won the tender for the Pennsylvania Turnpike in May, believes that the situation is not propitious for a further extension of the offer, which expired on 30 September. Expiration of the offer will allow the consortium to recoup the guarantees provided and release it from the financing commitments agreed for the project.
abertis telecom increases its stake in Hispasat by 5%. abertis, through abertis telecom, reaches agreement with EADS/CASA to acquire a 5% stake in Hispasat for E35Mn. This raises abertis telecom's stake in Hispasat to 33.4% and strengthens its position as the largest shareholder. The agreement is subject to the authorisation of the Spanish cabinet.
abertis leads the first European teletoll interoperability initiative in Europe. The eurotoll interoperability tour, the first initiative of this kind, aims to facilitate the movement of heavy goods vehicles through convergence of European teletoll systems. A single device, the Tribox TM, will enable drivers to use toll roads in seven European countries: France, Germany, the Czech Republic, Switzerland, Austria, Italy and Spain. abertis' Europe-wide presence will facilitate the development of this project.
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