presentation of results 4Q07 january-december 28 February

Transcription

1 presentation of results 4Q07 january-december 28 February

2 Table of contents 1. Introduction Key figures Analysis of the consolidated income statement Analysis by sector Toll roads Telecommunication infrastructure Airports Car parks Logistic services Analysis by geographic area Consolidated balance sheet Debt structure Consolidated cash flow statement Investments Appenices Appendix I: Summary of significant events Appendix II: Events subsequent to the end of the quarter Appendix III: Contact details Appendix IV: Disclaimer

3 1. Introduction The performance of abertis in 2007 was characterised by solid growth and higher-thanexpected cash flow generation, in a year marked by the increasing reach and visibility of the airports, telecommunications and logistic infrastructures businesses. This solid growth was motivated by strong business performance, which gave abertis a record year at the operating level at the company s different businesses (particularly in the case of toll roads, abertis telecom and airports, which together make up 95% of total revenues and 99% of ebitda). Based on figures to the end of 2007, we are pleased to announce that the company has reached and in some cases exceeded, on a like-for-like basis, its initially forecast estimates Results Real Like-for-like Objective Revenues 9% 9% 7% EBITDA 8% 10% 10% Net profit 29% 20% 15% Results for 2007 are not comparable because abertis telecom in 2007 includes one-off impacts in operating expenses of 29 Mn, from the execution of the Xfera 2001 tax guarantee, the retirement of assets related to the Nexus contract and other write-offs; and additionally because in 2006 and 2007 we had a negative and positive impact, respectively, on the tax line (2006: a negative charge of 42 Mn as a consequence of the adaptation of deferred tax in Spain, which was explained in detail in the 4Q 2006 earnings report; 2007: a positive impact of 13 Mn thanks to a cut in the United Kingdom's corporate income tax. During 2007 and the beginning of 2008, it is important to note that abertis has continued its policy of growth and diversification, in terms of both businesses and geographic areas, with the purchase of stakes in four companies for a total of 1.1 Bn, acquisitions which are highly strategic in the spheres of activity of the airports sector (purchase of 99% of Desarrollo de Concesiones Aeroportuarias - DCA for a total of 271 Mn), telecommunications infrastructure (purchase of 28.4% of Hispasat, for a total of 199 Mn), toll roads (preliminary agreement to purchase 48% of Autopista Central and 50% of Rutas del Pacifico, both in Chile, for a total of about 700 Mn; initial plans call for a joint purchase via a consortium 51% abertis/49% others), and logistic services (acquisition of 100% of Inmobiliaria Colonial s logistic park assets in Madrid and Barcelona for a total of 202 Mn). None of these has had an impact on key figures in the company's income statement; this is expected starting 1 January Since January 2007, the 32% stake in Eutelsat has been consolidated under the equity method. Therefore, it only affects the income statement in this heading and in financial expenses. In 2007, the net positive effect of the Eutelsat acquisition was 16 Mn, as the positive impact of the 32% holding on results ( 55 Mn), was offset by the depreciation and amortisation expenses from the estimated Purchase Price Allocation (PPA), as well as financial expenses. 3

4 The key 2007 figures compared to 2006 are as follows: Activity: A record year, very favourable performance which exceeded expectations. abertis' total ADT increased 3% and TBI's passenger numbers climbed 6.4%. o At the toll road business, abertis accumulated total ADT amounted to 26,450 vehicles, which represents growth of 3% from 2006: an increase of 3.2% for abertis' Spanish toll roads and 3% for Sanef. Excluding the impact in Aumar, which was explained in detail in previous quarterly reports, total abertis Spain ADT rose 4.1%. o o At the airport business, the positive trend seen in 1H07 continued, with an increase of 6.4% in the number of TBI passengers. At the car park business, a highlight was that as of the end of 2007, we increased the number of managed parking spaces by 8,193 new spaces (3,070 in December). In addition to these, since December 2006 the number of new parking spaces has increased by 10,022 (21% growth vs. 2006, and 10% of total 2007). These relate to spaces in new car parks (via contract awards or acquisition) which are currently under construction or being prepared for subsequent management. Revenues have increased 9% to 3,620 Mn, with highlights being performance in: o o o The toll road sector (76% of total revenue and 88% of ebitda), underpinned by good weather conditions in the first months of 2007, and the resulting positive performance of traffic (up 3%), revision of tariffs (up 3.1%) and rebates, improvements in the traffic mix and others (up 1.4%), made very favourable progress and grew 8.4%. The telecom sector (11% of total revenue and 6% of ebitda), continued its favourable operating performance thanks to audiovisual broadcasting from the debut of a new "la Sexta" channel, increases in DTT coverage (85%), transport, and mobile communications, and grew 7.3%. And the airport sector (8% of total revenue and 5% of ebitda), generated solid operating growth, mainly due to sharp growth in TBI passenger numbers (up 6.4%) and fee increases in new contracts at our main airports (Luton per-passenger revenues up 8.3%; Stockholm Skavsta per-passenger revenues up 5.4%), and higher commercial revenues. The airports sector grew 6.4% (is important to remark that as of 4Q07, SFB Fueling was accounted for using the equity method, so no longer have impact on revenues or operating expenses). Gross operating profit (ebitda) amounted to 2,269 Mn, which is not comparable because of negative extraordinary items totalling 29 Mn in 2007; on a like-for-like basis, ebitda grew 10% to 2,298 Mn, giving a gross margin (ebitda/revenues) of 63.5% and a 56-basis-point improvement in group profitability compared with Net attributable profit to equity holders of the parent company amounted to 682 Mn, which represents growth of 28.7%; excluding the abovementioned negative and positive effects of 2006 and 2007, like-for-like net profit climbed 20.3%. 4

5 Net debt at the end of 2007 amounted to 12,510 Mn (41% with recourse, and 59% nonrecourse). It is important to highlight the high percentage of fixed-rate debt (83%) and long-term debt (91%), with the average maturity of debt, following the most recent refinancing at Sanef and Eutelsat, which was fully detailed in the previous earnings report, of 8.4 years. The group s gross debt stood at 12,873 Mn ( 12,168 Mn in 2006) an increase due primarily to the financing of 32% of Eutelsat ( 1,077 Mn) and the acquisition of an additional 4.61% of Brisa ( 273 Mn), this rise was partially offset by cash flow generated in the period. The average borrowing cost, following refinancing and new issues, stood at 5.2%. Net cash flow (prior to investments and dividend payments) generated in 2007 amounted to 1,345 Mn, 10% higher than in As for group capex in 2007, it totalled 2,140 Mn: Eutelsat ( 1,077 Mn), 202 Mn to purchase logistics assets in Madrid and Catalunya, 275 Mn in operational capex and 587 Mn in expansion capex investments. These figures do not include the DCA, Hispasat and Chilean toll road acquisitions, all of which are expected to become effective during the first quarter of Dividends: abertis in June paid a final dividend against 2006 results of 0.25 per share, while in October 2007 it paid an interim dividend against 2007 results of 0.28 per share. Abertis Board of Directors has agreed to submit for approval at the 2008 General Shareholders Meeting, in addition to a bonus share issue consisting of one new share for every 20 old shares, a gross final dividend for 2007 of 0.28 per share. The maximum total amount reserved for dividend payments in 2007 is Mn (above 50% pay-out over consolidated net profit), an increase of 17.6% from the total paid in 2006, taking into account the 5% increase in the number of abertis shares as a result of the bonus issue Objectives: Although the general economic environment, both internationally and in Spain, continues to generate uncertainty and could cause impacts which are not foreseen today, we have a favourable outlook for abertis in 2008, and set the following objectives: o Total revenues will grow by about 8%. o Gross operating profit (ebitda) will post growth of about 8%. 5

6 2. Key data Trends in the key business and financial indicators: Business indicators Chg. Toll roads: Average Daily Traffic (ADT) Acesa 38,638 37, % Aumar 26,310 26, % Aucat 34,489 32, % Iberpistas 31,596 30, % Avasa 14,712 14, % Castellana 6,486 5, % Aulesa 5,124 4, % Total Spain 27,630 26, % (*) Sanef (France) 24,048 23, % Gco (Argentina) 67,693 66, % Total abertis 26,450 25, % Telecom No service centres DTT 4,053 3, % % DTT coverage 85% 80% 6.3% Airports TBI Total passengers 23,618 22, % CODAD No flights 116, , % Car Parks: Distribution of spaces No. of spaces 82,682 74, % No. of metered parking spaces 12,638 12, % Total 95,320 87, % (*) Excluding the lower growth from aumar, growth is 4,1% 6

7 Financial indicators ( Mn) % of total Chg. Total revenues 2007 Toll Roads 2,751 2, % 76.0% Telecom % 10.9% Airports % 8.3% Car Parks % 3.6% Logistics % 0.6% Corporate and other services % 0.6% Total revenues 3,620 3, % 100% EBITDA Toll Roads 1,994 1, % 87.9% Telecom (7.2%) (1) 6.3% Airports % 4.6% Car Parks % 2.5% Logistics % 0.3% Corporate and other services (36) (28) 29.2% -1.6% Total EBITDA 2,269 2, % (2) 100% EBITDA Margin Chg p.p. Toll Roads 72.5% 72.0% 0.5 Telecom 36.1% 41.8% (5.7) Airports 35.0% 32.8% 2.2 Car Parks 42.5% 39.4% 3.1 Logistics 35.9% 33.0% 2.9 Corporate and other services n.a. n.a. n.a. Total EBITDA Margin 62.7% 62.9% (0.2) 2,007 2,006 Chg. EBIT 1,485 1, % Net profit % Net cash flow 1,345 1, % Net debt 12,510 11, Note: Contribution to the group, with consolidation adjustments made at source (1) Growth of 12% on a like for like basis (2) Growth of 10% on a like for like basis 7

8 3. Analysis of the consolidated income statement ( Mn) Chg. Total revenues 3,620 3, % Operating expenses (1,351) (1,236) 9.3% EBITDA 2,269 2, % Depreciation (785) (755) 3.9% EBIT 1,485 1, % Finance results (539) (461) Share of profits (losses) of associates PROFIT BEFORE TAX 1, % Income tax expense (290) (355) PROFIT FOR THE PERIOD % Attributable to minority interest (74) (45) NET ATTRIBUTABLE PROFIT TO EQUITY HOLDERS OF THE PARENT COMPANY % Revenues Revenues increased 9% with respect to 2006, to 3,620 Mn. Positive operating performance at all of the company s businesses (especially in the case of toll roads, telecommunication infrastructures and airports) was largely responsible for the revenue increase. At the toll road business, revenues climbed 8.4%, in large measure thanks to the positive performance of traffic (up 3.0%), tariff revisions (up 3.1%), and rebates, improvements in the traffic mix and others (up 1.4%). In the telecommunications infrastructure sector, revenues increased by 7.3%. This growth was driven by the impact of updates of some contracts, expansion of coverage in provincial areas and other activities. Revenues at the airports division grew 6.4%, as the improvement seen since the beginning of the year continued, thanks to strong growth in TBI s passenger traffic numbers (6.4%) and fee increases in new contracts at some of TBI s largest airports, such as Luton and Skavsta. It is important to note that in 4Q07, SFB Fueling was accounted for using the equity method, which had generated revenues of around 10 Mn, but was contributing virtually nothing at the ebitda level. ( Mn) Chg. Revenues Sanef 1,351 1,241 9% Acesa % Aumar % Aucat % Iberpistas % Avasa % Gco % Others % Total toll roads 2,751 2,537 8% Telecom % Airports % Car Parks % Logistics % Corporate and other services % Total revenues 3,620 3,335 9% Note: Contribution to the group, with consolidation adjustments made at source 10.9% 8.3% By sectors 3.6% 0.6% 76.0% 8

9 Car parks boosted its revenues by 11%, due mainly to good performance in revenues in vehicle rotation (7%), pass holders (12%) fee increases, ongoing expansion and the sale of parking spaces. Corporate and other services included the impact on revenues generated when Serviabertis began to be fully consolidated in 2007, and the contribution from the holding Operating expenses External services and personnel costs rose 9%, mainly as a result of greater activity among the businesses. Personnel costs totalled 547 Mn (40% of operating expenses), an increase of 16% from 2006 because the company fully consolidated Serviabertis and because Sanef and TBI hired as company employees individuals who had been external contractors in The average number of employees in in 2007 rose to 11,364 people (10,763 in 2006), of which 54% work outside of Spain EBITDA Ebitda is not comparable due to a series of negative extraordinary items in 2007 which have been explained in the report; on a like-for-like basis, it grew 10% to 2,298 Mn, implying an ebitda margin of 63.5% and an improvement of 56bp vs The following are performance highlights: The toll roads business grew 9.1% and the ebitda margin stood at 72.5%, which represents an improvement of 50bp vs. 2006, thanks mainly to more moderate evolution in expenses at Sanef (ebitda rose 13%). At the telecommunications division, excluding the one-off impact of 29 Mn in 2007, which was explained earlier, it rose 11.6%. ( Mn) Chg. EBITDA Sanef % Acesa % Aumar % Aucat % Iberpistas % Avasa % Gco (13%) Others % Total toll roads 1,994 1,827 9% Telecom (7%) Airports % Car Parks % Logistics % Corporate Nota: aportaciones and other al consolidado services con ajustes (36) de consolidación (28) en origen 29% Total EBITDA 2,269 2,099 8% Note: Contribution to the group, with consolidation adjustments made at source Airports, more moderate evolution and control of expenses, and fee improvements at our main airports permitted growth clearly exceeding revenues, this sector grew 14% in And the car parks division (up 19%) benefited from good performance in vehicle rotation, rates, expansion and the sale of parking spaces. 5% 6% By sectors 2% 0% 87% Depreciation 9

10 Depreciations rose 4%, totalling 785 Mn. It is worth noting that in 2007 the main variations were seen at Iberpistas, due to the opening of the Guadarrama tunnel, Saba for expansion and Others for changes in the consolidation method. In terms of the group, the impact was marginal and very much in line with previous years EBIT ( Mn) Chg. Toll Roads (619) (599) 3% Telecom (69) (69) 0% Airports (68) (70) (2%) Car Parks (17) (14) 25% Logistics (4) (3) 49% Corporate and other services (7) (1) n.a. Total (785) (755) 4% Net operating profit (ebit), like ebitda, is not comparable. Ebit totalled 1,485 Mn, giving a gross margin (ebit/revenues) of 41% (40.3% in 2006) and an increase of 11%. On a like-for-like basis, it climbed 13%, to 1,514 Mn, and the gross margin was 41.8% (an improvement of 154bp vs. 2006) Finance results Net financial losses rose 17%, mainly due to the impact of the Eutelsat acquisition in 2007, and an increase in borrowing costs (interest rate rise and higher fixed rate debt cover compared with December 2006). Interest rate sensitivity analysis: +0.25bp in interest rates = 4.55 Mn net annual impact (after tax). Rating change sensitivity analysis: - 1 Notch (from A to A-) = 0.5 Mn net annual impact (after tax) Share of profits (losses) of associates Increase in share or profits (losses) of associates from the impact of the Eutelsat acquisition of 48 Mn euros (including earnings contribution and estimated impact on depreciation of assets re-valued in the PPA). The balance is mainly derived from Atlantia ( 53 Mn) Income Tax Expense In 2007 the company benefited from a cut in corporate income tax rates, which in Spain dropped from 35% to 32.5%, and in the UK from 30% to 28% as of April 2008 (with a 13 Mn positive impact on 2007 results stemming from a reduction in deferred taxes with liabilities of ACDL/TBI). At the end of 2007, the effective tax rate stood at 28% (38% in 2006, since it included a negative impact of - 42Mn from a reduction in deferred tax derived from a cut in the tax rate, which was explained in detail in 2006) Attributable to minority interests The minority interests presented a greater attribution to HIT partners due to the improvement in positive earnings at HIT/Sanef Net attributable profit to equity holders of the parent company Net attributable profit to equity holders of the parent company amounted to 682 Mn, which represents growth of 28.7%. 10

11 4. Analysis by sectors Toll Roads Activity and earnings analysis Profit and Loss account ( Mn) Chg. Revenues 2,751 2, % EBITDA 1,994 1, % Margin 72.5% 72.0% 0.5 p.p. EBIT 1,474 1, % Margin 53.6% 52.3% 1.3 p.p. EBIT (2) 1,376 1, % Margin 50.0% 48.4% 1.6 p.p. Note: Contribution to the group, with consolidation adjustments at source EBIT: excludes depreciation of revalued assets (PPA Sanef) EBIT (2): includes all depreciation expenses Activity and earnings analysis The toll road unit maintained its position compared with December 2006 as the business with the largest weighting in the company. This sector accounts for 76% of total group revenues and 88% of ebitda. Very favourable performance of abertis traffic with respect to 2006, with an increase of 3% in total accumulated ADT, to 26,450 vehicles. The growth trend of late 2006 continued; ADT benefited from good weather conditions in the first months of 2007, as well as from a good economic scenario. ADT in Spain increased 3.2% from a year earlier, and by 3% at Sanef. It is important to point out that the lower growth of Aumar s ADT (up 0.9%), as a consequence of the completion on 15 March of the connection between the Plana highway (Sagunto-Castellón) with the AP7, with this toll road becoming a parallel route, has had an impact on total ADT at Autopistas España. Without Aumar, the increase would be 4.1%. At the end of 2007, transactions with cards + teletolls on toll roads in the Spanish network represented 71.9% of the total vs. 70.1% in 2006, and in teletoll systems 25.1% vs. 20.4%. Acesa and Aucat represented 33% and 32%, respectively. In the case of France, teletoll transactions continue their growth trend, rising to 23.5% (20.4% in 2006). It is important to highlight that heavy vehicles in France totalled 13.4% of transactions at the end of 2007, mainly as a consequence of the substitution of lorry cards (Caplis) for Tac s. Revenues, supported by good weather conditions, performed very favourably, increasing 8%. Ebitda rose 9%, with an ebitda margin of 72.5%, an improvement of 50bp in the ebitda margin with respect to The improvement of 218bp at Sanef, thanks to the moderate evolution in expenses and logical operational leverage, is the main reason. ACESA AUCAT AUMAR IBERPISTAS AVASA CASTELLANA AULESA Total España 6,486 5,124 26,310 38,638 34,489 31,596 14, % 12.2% 20.0% 27, % 3.2% 3.7% 6.3% 3.8% Total Sanef (Francia) 24, % Total abertis 26, % 0 10,000 20,000 30,000 40,000 50,000 11

12 4.1.1 Sanef Revenues rose to 1,351 Mn, with growth of 9%, mainly due to improvement in toll revenues (up 8.3%). This gain was generated by ADT, which in 2007 was up 3%, thanks to tariffs that were an average of 2.6% higher due to the annual tariff review, up 1.4% for lower discounts for heavy lorries and 1.3% higher due to optimisation between stretches and other impacts. Ebitda and ebit growth outpaced that of revenues basically because of moderate evolution in expenses (lower winter road maintenance expenses in 2007), proper management of operating expenses, and the logical operational leverage Chg. ADT 24,048 23, % ( Mn) Total revenues 1,351 1, % Operating expenses (473) (462) EBITDA % Margin 65.0% 62.8% Depreciation (278) (282) EBIT (1) % Margin 44.4% 40.1% Depreciation of revalued assets (98) (98) EBIT (2) % Margin 37.1% 32.1% Note: Contribution to group, including HIT, with consolidation adjustments at source EBIT: excludes depreciation of revalued assets (PPA Sanef) EBIT (2): includes all depreciation expenses acesa Revenues rose 7%, in large measure thanks to the favourable performance of ADT (3.8%) and the annual tariff review (up 3.5%). Highlights of this performance were above all long-distance routes and those near the coast, which are very sensitive to good weather conditions (Jonquera-Barcelona and Barcelona-Salou routes, up 4.6% and 3.6%, respectively, vs. December 2006). The strong growth in 1Q07 (6.9%), stabilised in August and December with growth of 4% aumar An increase in ADT (0.9%) and revised tariffs (3.69%) allowed for good performance of revenues, which rose 4.2%. Ebitda and ebit were also affected by the elimination, as of 2007, of the 95% IBI rebate. On 15 March, construction was completed on the connection between the Plana road (Sagunto-Castellón) and the AP7. This toll road is now a parallel route on the Castellón Norte-Puçol subroute, with negative impacts on ADT (down 38% since its opening). acesa Chg. ADT 38,638 37, % ( Mn) Total revenues % Operating expenses (135) (128) EBITDA % Margin 78.9% 78.6% Depreciation (101) (95) EBIT % Margin 63.1% 62.7% Note: Contribution to the group, with consolidation adjustments made at source aumar Chg. ADT 26,310 26, % ( Mn) Total revenues % Operating expenses (65) (52) EBITDA % Margin 83.1% 86.1% Depreciation (66) (64) EBIT % Margin 66.1% 68.7% Note: Contribution to the group, with consolidation adjustments made at source 12

13 4.1.4 aucat Traffic strength (up 6.3%) along with a fee increase (2.6%), allowed for a very positive increase in revenues (9.0%), this increase is in line with that registered in ebitda. Evolution of activity: The positive trend in 2006 and the first quarter of 2007 (+10.1% ADT to March 2007), thanks to good weather conditions, was somewhat blunted in the second quarter (worse weather conditions) and especially in the summer months. aucat Chg. ADT 34,489 32, % ( Mn) Total revenues % Operating expenses (17) (16) EBITDA % Margin 84.4% 84.4% Depreciation (14) (14) EBIT % Margin 71.4% 70.5% Note: Contribution to the group, with consolidation adjustments made at source iberpistas Very good performance of revenues, which increased 11.3% (7.8% on a like-for-like basis), growth which was mainly due to positive performance of ADT (up 3.7%) and tariff increases (3.7%) and to the capital gains received from the sale of the stake in Realia ( 6 Mn). Because this toll road is in the country's interior, it is less sensitive to weather conditions than coastal highways are, thus the impact of weather conditions is insignificant. iberpistas Chg. ADT 31,596 30, % ( Mn) Total revenues % Operating expenses (22) (21) EBITDA % Margin 82.5% 80.9% Depreciation (18) (16) EBIT % Margin 68.1% 66.8% Note: Contribution to the group, with consolidation adjustments made at source avasa (50% abertis) Very good performance in revenues which includes two effects, an increase in toll revenues (8%) thanks to good ADT performance (up 3.8%) and a tariff increase (3.7%), and a drop in other revenues after capital gains from property sales ( 5.6 Mn) were booked in 2006, on a like-for-like basis, revenues grew 11% and ebitda rose 14%. Good performance as the upward trend begun in the last quarter of 2006 continued, aided by good weather in the first few months of avasa Chg. ADT 14,712 14, % ( Mn) Total revenues % Operating expenses (13) (13) EBITDA % Margin 82.7% 82.4% Depreciation (18) (17) EBIT % Margin 59.8% 59.0% Note: Contribution to the group, with consolidation adjustments made at source 13

14 4.1.7 GCO As discussed in previous quarterly performance reports, the 2007 gain in traffic was seriously affected by a toll collectors strike on March, which followed earlier strikes on 2 and 7 February. The increase in traffic compared with 2006 stood at 2%. GCO Chg. ADT 67,693 66, % ( Mn) Total revenues % Operating expenses (16) (13) EBITDA (13.2%) Margin 53.0% 61.6% Depreciation (6) (5) EBIT (23.1%) Margin 35.7% 46.9% Note: Contribution to the group, with consolidation adjustments made at source Otros Includes Castellana, and, due to a change in the consolidation method, abertis Chile, Aulesa and Trados 45. Very significant increases posted at Castellana and Aulesa, since they are toll roads which entered service in 2002, and are thus in their first years of operation. Others Chg. ADT Castellana 6,486 5, % Aulesa 5,124 4, % Trados 45 71,992 79,763 (9.7%) ( Mn) Total revenues % Operating expenses (15) (6) EBITDA % Margin 51.5% 37.5% Depreciation (20) (8) EBIT (4) (4) 1.3% Margin n.a n.a Note: Contribution to the group, with consolidation adjustments made at source Other holdings The following are details of the performance of other toll road operators in which abertis holds stakes. Among other toll roads participated by abertis, it is important to highlight the very positive performance of some of the toll roads such as Henarsa R2, Madrid access routes R3-R5, Autema and Coviandes.. ADT 07/06 % abertis Kms Q2006 Chg. APR 75.0% 2 22,969 21, % Coviandes 39.0% 86 6,797 6, % Túnel del Cadí 37.2% 30 6,425 6, % A. Madrid R3-R5 35.1% 61 14,796 13, % Ausol 31.6% ,648 73, % RMG 25.0% 74 42,908 41, % Autema 23.7% 48 23,875 21, % Henarsa R2 22.5% 62 11,034 9, % Note: Contribution to the group, with consolidation adjustments made at source 14

15 4.2.- Telecommunication Infrastructures Activity and earnings analysis Profit and Loss Account ( Mn) ( Mn) Chg. Revenues % EBITDA (7.2%) Margin 36.1% 41.8% (5.7) EBIT (13.2%) Margin 18.7% 23.1% (4.4) p.p. Note: Contribution to the group, with consolidation adjustments made at source Activity and earnings analysis Telecommunications infrastructures were the second-largest contributor of revenues (11% of the total) and EBITDA (6%) of the entire abertis group. The contribution of abertis Telecom continued to be very positive, mainly as a result of regional television channels increased coverage, extension of coverage of la Sexta, and new activities (primarily in digital television). Through the end of 2007, revenues grew 7.3%. As for operating expenses, it is important to note that they were affected and grew more than revenues because of the impact of a provision made for the Xfera guarantee (- 13 Mn), which has been explained, and the retirement of assets from the Nexus contract and other write-offs for - 16 Mn. Ebitda, on a like-for-like basis, continued to grow in a very favourable way (11.6%), clearly exceeding growth in revenues, which left the ebitda margin at 43.5%, which implies additional improvement of 167bp in the EBITDA margin. It is important to note than in 2007, the coverage level reached 85% in Digital Terrestrial Television (TDT), and that the number of service centres with broadcast technology for Digital Terrestrial Television increased 31.5%. 24% 6% 6% Revenues Distribution 64% Audiovisual broadcasting Transport, housing and maintenance Mobile communication Other revenues Eutelsat Since January 2007, the 32% share in Eutelsat has been consolidated under the equity method. Therefore, it only affects the income statement in this heading and in financial expenses. As of the end of 2007, the total Eutelsat impact was a positive 16 Mn: positive contribution in share of profits (losses) of associates of 48 Mn (from the gain from Eutelsat itself of 55 Mn and a negative impact of 7Mn from PPA assets) and a net negative impact of 32Mn in financial expenses results (January-December accumulated figures): Sharp increase in net profit (32.4%), revenues continued to perform very favourably and grew 5.4%, operating expenses remained constant, which allowed ebitda to grow more than revenues (7%), and the margin/revenues stood at 79.4%; the company remains one of the fixed satellite service operators with the highest margins in the sector. The order book at the end of December 2007 was worth 3.6 bn, in other words, 4.3 times revenues for the past 12 months For Eutelsat s fiscal year June 2007 June 2008, and at the end of December, Eutelsat raised its objectives as of : Revenues (previously ) and ebitda margin above 78% (previously above 77.5%). 15

16 4.3.- Airports Activity and earnings analysis Profit and Loss Account ( Mn) TBI: no. of passengers (000) 23,618 22, % ( Mn) Chg. Revenues % EBITDA % Margin 35% 33% 2.2 p.p. EBIT % Margin 12% 8% 4.3 p.p. Note: Contribution to the group, with consolidation adjustments made at source Activity and earnings analysis Third in the ranking of businesses by size is the airports division, accounting for 8% of revenues and 5% of ebitda. Good business performance, tariff increases and strict cost controls allowed us to continue to post solid growth in revenues and ebitda, which rose 6% and 14%, respectively. Revenues and ebitda are comparable, due to a change in the consolidation method for SFB Fueling in 4Q07 which was eliminated from the revenues and expenses heading, to avoid distortion at the revenue/expense level, and abertis now uses the equity accounting method for it. TBI Good performance of activity and passenger numbers at all TBI airports in general: Stockholm (12.5%), Bolivia (10.2%), Orlando (7.9%), Luton (5.3%), Cardiff (4.9%) and Belfast (4.4%). Total revenues per passenger have also performed very favourably, with an increase of 3.4%, thanks to an increase (5.4%) in commercial revenues per passenger and aeronautical revenues per passenger (3%). A highlight was the increase in total revenues per passenger at Luton and Stockholm, which rose +8.3% and +5.4%, respectively. CODAD Positive performance through December 2007, with an increase of 7.2% in the number of flights. 7% 8% 17% 7% 15% 14% TBI: passengers per airport 22% 69% 41% London Luton Belfast International Cardiff International Stockholm Skavsta Orlando Sandford Bolivian airports TBI: passengers per type of flight LCC flights Non LC C flights Charter CODAD: no of flights (units) +7.2% 108, ,

17 4.4.- Car parks Activity and earnings analysis Profit and Loss Account ( Mn) No. of spaces ( Mn) Chg. +20,9% awared spaces Revenues % Revenues by veh. rotation % Revenues by holders % Others % EBITDA % Margin 42.5% 39.4% 3.1 p.p. EBIT % Margin 29.5% 27.9% 1.6 p.p. Note: Contribution to the group, with consolidation adjustments made at source Activity and earnings analysis Very positive performance in activity and results in the car parks business, largely because of an increase in business (rise in number of vehicles in rotation and pass holders, 6.0% and 6 percent, respectively), and ongoing expansion (9.4% more new spaces) and the sale of spaces ( 2.6 Mn before tax). Revenues grew 11% Growth in revenues outpaced that of expenses, prompting a 19% increase in ebitda, and as a consequence, significant improvement in margins: The ebitda and ebit margins increased by 310pp and 160pp, respectively, climbing to 42.5% and 29.5%, respectively. Spain continues to be the country with the greatest weighting, with 54% of spaces. By number of spaces, Spain is the leader in growth in spaces, with 6,679 new spaces, followed by Chile (555 spaces), Italy (513) and Morocco (414). For abertis car parks as a whole between 2007 and 2012, 10,022 new spaces which have already been awarded will be put into operation, of which 6,674 spaces are in Italy and in the construction or preparation phase, an increase of 21% over the current number of spaces at the end of 2006, and 10% of the total. 4% 1% 2% 12% 17% 34% 20% 87,127 5% 4% +9,4% 47% 54% 95, Spaces by type Spaces by geographic market actual spaces Concession Management Metered under concession Metered under management Property Leased Spain Italy Portugal Chile Morocco 17

18 % occupancy of warehouses Logistic services Activity and earnings analysis Profit and Loss Account ( Mn) nonoccupancy 23% ( Mn) Chg. occupancy 77% Revenues % EBITDA % Margin 35.9% 33.0% 2.9 p.p. EBIT 3 3 (5%) Margin 15.3% 17.8% (2.5) p.p. Note: Contribution to the group, with consolidation adjustments made at source Activity and earnings analysis The logistics business has grown 10% in revenues and 20% in EBITDA; this was possible thanks to the greater business volume at Sevisur, Parc Logístic Zona Franca (PLZF), Arasur and the CIM Vallés office building. Worth noting is that the purchase of Colonia's logistic assets in December had no impact on the 2007 income statement. In terms of the number of m 2 of warehouses and offices, it climbed significantly (13.8%, an increase of 34,914 m 2 ) from December Average occupancy rose 10.6%, as Arasur and PLZF2 began to be occupied. At the end of 2007, the percentage of total average occupation of warehouses stood at 77%, while that of offices was 96%, both up from 69% and 97%, respectively, in % occupancy of offices nonoccupancy 4% occupancy 96% Zona Franca. Barcelona CIM Vallès. Barcelona 18

19 5. Analysis by geographical markets Spain still accounts for the bulk of the company's revenues, representing 52% of the total, followed by France (mainly Sanef) with 37% of revenues, the UK (mainly TBI) with 6% and other countries (mainly Latin America, Italy and Portugal) with 5%. The order is the same vis-à-vis the contribution to ebitda, although the relative weights of Spain and France are higher as the company commands wider margins in these markets Revenues The performance of revenues by country shows growth of about 9%. Highlights include: Spain, with a 9% increase, driven mainly by the buoyant activity of Spanish toll roads in general. France (9%), which has posted very positive growth thanks to good business performance and toll rate increases (up 5.3% in all, as amply explained in the report). And the UK, with a 9% increase, basically due to rising passenger traffic and growth in revenues from passenger traffic (higher fees and an increase in retail activity) especially at Luton and Belfast. ( Mn) Chg. Revenues Spain 1,889 1,739 9% France 1,351 1,241 9% UK % Others % Total revenues 3,620 3,335 9% 5% others 6% 52% 37% EBITDA As for contributions to EBITDA, noteworthy were the strong performances in France and the UK, with increases of 13% and 17%, respectively. The very positive performance in France was the result of a drop in winter road maintenance expenses and a 5.3% increase in tolls, in addition to the operational leverage inherent in the business. And the UK, which was the geographical area with the fastest growth (16.6%); the business there benefited from ongoing cost management at TBI, higher fees at two of our main airports in the UK (Luton and Belfast) and a positive exchange rate effect. ( Mn) Chg. EBITDA Spain 1,256 1,195 5% France % UK % Others % Total EBITDA 2,269 2,099 8% 3% 3% others 39% 55% 19

20 6. Consolidated balance sheet The only noteworthy changes in the balance sheet since 31 December 2006 are the consolidation of the 32% stake in Eutelsat acquired in 2007 and the change in the consolidation method (from the equity accounting to the full method) of abertis Chile, Serviabertis, Aulesa and Trados Assets The increase in investments and other financial assets of 1,423 Mn was due to equity accounted results related to the inclusion of Eutelsat. 6.2 Liabilities Equity was higher because of retained earnings and an increase in minority interests deriving from abertis' sale to Caisse des Dépôts of 5% of HIT (reducing its stake from 57.5% to 52.5%) and the result from the year. Loans and borrowings: the increase was primarily due to the debt related to the Eutelsat acquisition and the purchase of an additional 4.61% of Brisa, and was partially offset by the year's cash flow.. Assets ( Mn IFRS) 2, Chg ( Mn) Property, plant and equipment 9,795 9, Intangible assets 6,688 6,805 (117) Investments & other fin. assets 3,279 1,856 1,423 Non-current assets 19,762 18,271 1,491 Trade and other receivables Others Current assets 1, Total assets 20,828 19,217 1,610 Equity & Liabilities ( Mn IFRS) Chg ( Mn) Share capital 1,915 1, Reserves 3,104 2, Shareholder's equity 5,020 4, Loans and borrowings 11,643 11, Other liabilities 1,655 1,687 (31) Non-current liabilities 13,298 12, Loans and borrowings 1,230 1, Trade and other payables 1, Current liabilities 2,510 1, Total equity and liabilities 20,828 19,217 1, Debt structure and trends Debt structure 2007 % o/total 2006 % o/total Long-term 11,643 91% 11,066 91% Short-term 1,230 9% 1,102 9% Total Debt 12, % 12, % Variable 17% Average life (years) % o/total 2006 % o/total Secured debt 5,230 41% 4,403 36% Unsecured debt 7,643 59% 7,765 64% Total Debt 12, % 12, % A rated by S&P and Fitch. Commercial papers 1% Short-term revolving facilities 5% Others 1% Fix 83% Financing instruments Long-term loans 6% Sanef long-term loans 32% Notes 37% 20 Syndicated loans 18%

21 8. Consolidated cash flow statement abertis in 2007 generated net cash flow (before investments and dividend payments) of 1,345 Mn, 10% more than in Free cash flow was a negative 1,124 Mn, mostly because of the acquisition of the 32% stake in Eutelsat ( 1,077 Mn), the increased stake in Brisa ( 273 Mn) and the purchase of Colonial s logistic properties ( 202 Mn). Total cash outflow for dividend payments in 2007 was 329 Mn (up 12%). 9. Investments Operational capex at the end of 2007 amounted to 275 Mn. The most significant investments in toll roads were at Sanef ( 115 Mn, for upgrading toll stations, maintenance and repaving), Acesa ( 39 Mn, toll areas and security barriers) and Aumar ( 21 Mn, upgrading road surface); in Telecoms ( 25 Mn, on efficiency improvements and replacements), airports ( 17 Mn to replace radar and safety equipment), and car parks ( 16 Mn, for safety and adaptation of facilities to make them accessible to people with reduced mobility). Meanwhile, expansion capex amounted to 1,866 Mn, with highlights as follows: In the telecoms sector, the acquisition of 32% of Eutelsat. The remaining expansion capex went to developing DTT and rolling out "la Sexta." In toll roads, highlights include investments made by Sanef ( 90 Mn, new lanes), Castellana ( 50 Mn, end of construction of new tunnel and lane widening), and Others, which mainly consists of the purchase of an additional 4.61% of Brisa. Airports, capacity increases at Luton and Cardiff airports, totalling 8 million and 3 million, respectively. Car parks, which consisted of Gerona ( 10 Mn), Santander ( 7 Mn), Palmas de Gran Canaria ( 10 Mn), Italy ( 11 Mn), Chile ( 6 Mn), and Elche ( 4 Mn). And logistic services, purchase of logistic assets in Madrid and Catalonia for 202 Mn. ( Mn) Chg. 07/06 Change EBITDA 2,269 2, % Finance results (539) (461) (78) 17% Income tax expense (290) (355) 65 (18%) Cash flow 1,441 1, % Adjust. non cash effect PPA & others (95.5) (62.4) (33.1) 53% Net cash flow 1,345 1, % Operational capex (275) (259) (15) 6% Dividends (329) (294) (35) 12% Expansion capex (1,866) (3,331) 1,465 (44%) Free cash flow (1,124) (2,663) 1,539 (58%) Operational capex by sector 9% 6% 6% 3% 1% 0% 13% Holding 6% 72% Expansion capex by sector 23% 60% 21

22 Appendices Appendix I: Summary of significant events October 2007 abertis becomes the biggest shareholder in Hispasat. Through its telecommunications subsidiary abertis telecom, abertis reached an agreement with Ensafeca Holding Empresarial (formerly Auna) and BBVA -private shareholders of Hispasat- to acquire a 28.4% stake in the Spanish satellite operator. The agreement is subject to the authorisation of the Council of Ministers, without which it will not be effective, and the authorisation of the competition authorities. This operation will require an outlay of 199 Mn. Torrespaña celebrates its 25 th birthday. The tower is one of abertis telecom s main centres, broadcasting 34 television programmes, 14 FM radio stations and 18 digital radio stations, in addition to providing support for a wide variety of telecommunications services. abertis network of toll roads maintains positive traffic levels in the first nine months of In Spain, which achieved an increase of 3.5%, the largest increases were registered on the toll roads of acesa, aucat, iberpistas and castellana. Payment of an interim dividend against 2007 earnings. An abertis gross interim dividend of 0.28 per share was paid on 22 October. The Board of Directors resolved to commence the process of converting the class B shares into ordinary shares, thereby making all the shares of the same class and series. November 2007 abertis acquires an additional 4.61% of Portuguese toll road concession company Brisa. Following this transaction, worth Mn, abertis owns 14.61% of the company, Portugal s leading toll road concession operator, which manages more than 1,100 kilometres of motorway. The increase in the stake was meant to maintain cooperation and stability at the company. Agreement between abertis telecom and the Chinese government. abertis telecom and the Chinese government, through ABS, the national scientific investigation institute, an agency of the government's Radio, Cinema and Television Administration, reach an agreement to cooperate in the broadcast communications field. New saba investments in Italy and Spain. The company spent 10 million on a new car park in Gerona, which has 442 spaces distributed over two floors, and three pedestrian accesses, all of them equipped with elevators. It likewise invested 6.5 million in a new car park in Trieste. saba, which has had a presence in Trieste for 10 years, manages three car parks and one aboveground regulated parking area there, with combined capacity of 2,600 spaces. December 2007 acesa begins the bidding process for a project to widen the C-32 toll road from Palafolls to Tordera (Barcelona). The project has a budget of 61.4 million, and is expected to be awarded in the first quarter of

23 abertis logística, through its subsidiary Sevisur, wins a bid to widen the ZAL II (Logistics Activities Zone) at the Seville Port. The project involves the construction of ZAL II, which will expand ZAL I with 18.5 new hectares, and awards abertis logística a 30-year management contract. The expansion will allow the site to meet growing demand, which ZAL I is currently unable to handle because it has been totally developed. saba investment in Chile. The company bought 100% of the corporation which holds a 30- year concession to manage the Plaza de la Ciudadanía car park, with capacity of 556 spaces. With this acquisition, Saba Estacionamientos de Chile now manages a total of 13 car parks in three cities, with combined capacity of 8,144 spaces. abertis logística acquires sites for logistics activities in Madrid and Barcelona. The company signed an agreement with Inmobiliaria Colonial for the purchase of various properties with total surface area of 400,000 square meters and 250,000 square meters of allowable lot coverage. abertis logística will invest 202 million to buy this portfolio of properties, nearly 50% of which are in commercial operation. 23

24 Appendix II: Events subsequent to year end 2007 January 2008 abertis reaches an agreement to acquire ACS stakes in two toll road concessions in Chile, via a consortium. 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 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 6.68% in Atlantia S.p.A. Guascor Solar leases a 12,000 m 2 warehouse from Araba Logística. Araba Logística has signed an agreement with Guascor Solar for the rental of a 12,000 square metre 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 100,000 square metres 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 2008 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 acesa wins tender for work on the Maçanet-Fornells stretch of the AP-7 in Gerona. The process is underway after the Development Ministry s roadway authority approved the construction project for this 18.7-km stretch between Maçanet and Fornells, which has an approximate cost of 60 million. 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, and which 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. 24

25 The abertis Board of Directors of abertis agrees to call the General Shareholders Meeting for 1 April. The Board also agrees to propose the payment of a gross final dividend of 0.28 per share, to be paid in the first two weeks of April. The total dividend charged against 2007 earnings is 0.56 euros, i.e. 12% higher than the 2006 dividend. Total dividend payments amount to over 357Mn. The Shareholders Meeting agenda will also include the proposal to approve a bonus share issue of 1 new share for every 20 old shares. 25

26 Appendix III: Contact details Investor Relations David de la Roz Fernández Tel: Anna Morera Paradell Tel: Mar Rodriguez Yañez Tel: Shareholders Office Carolina Bergantiños Benavides Tel: / Web abertis: 26

27 Appendix IV: Disclaimer The information and forward-looking statements contained in this presentation have not been verified by an independent entity and the accuracy, completeness or correctness thereof should not be relied on. In this regard, the persons to whom this presentation is delivered are invited to refer to the documentation published or registered with the Spanish securities markets regulator (Comisión Nacional del Mercado de Valores). All forecasts and other statements included in this presentation that are not statements of historical fact, including, without limitation, those regarding the financial position, business strategy, management plans and objectives for future operations of abertis (which term includes its subsidiaries and investees), are forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements of abertis, or industry results, to be materially different from those expressed or implied by these forward-looking statements. These forward-looking statements are based on numerous assumptions regarding abertis present and future business strategies and the environment in which abertis expects to operate in the future which may not be fulfilled. All forward looking statements and other statements herein speak only as of the date of this presentation and abertis does not undertake to update any such statements. None of abertis or any of its affiliates, advisors or representatives, nor any of their respective directors, officers, employees or agents, shall bear any liability (in negligence or otherwise) for any loss arising from any use of this presentation or its contents, or otherwise in connection herewith. The information contained in this presentation shall neither be published nor distributed without the previous express consent of Abertis Infraestructuras, S.A. The distribution of this presentation in certain other jurisdictions may be restricted by law. Consequently, persons to which this presentation or a copy of it is distributed must inform themselves about and 006Fbserve such restrictions. By receiving this presentation you agree to observe those restrictions. Nothing herein constitutes an offer to purchase and nothing herein may be used as the basis to enter into any contract or agreement. 27