Q1 10_results. Labrador - 48f635b0-f61c-4fe2-98f8-25de63b6b85b. 13 de mayo de

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1 on 5/13/2010 at 10:07 PM 13 de mayo de Q1 10_results

2 2 Contents 1. Introduction Key figures Analysis of the consolidated income statement Analysis by sectors Toll Roads Telecommunications Airports Car parks Logistics parks Analysis by geographical markets Consolidated balance sheet Debt structure and trends Consolidated cash flow statement Investments Appendices Appendix I: Summary of significant events Appendix II: Events subsequent to 4Q Appendix III: Contact details Appendix IV: Disclaimer... 28

3 1. Introduction In a context of a widespread crisis of confidence, abertis results for the first quarter of 2010 again underline the strength of our business model. The results published herein, for 2010 and 2009, are presented under IFRIC 12 accounting criteria. Revenues advanced 8.3%, EBITDA by 7.5%, and net profit by 5.6% during the quarter. The company s internationalisation policy and the quality of its assets enabled abertis to deliver its fourth consecutive quarter of like-for-like revenue and EBITDA growth (excluding changes in the consolidation scope), despite the severe macroeconomic crisis. In the first quarter of 2010, this revenue and EBITDA growth stood at 5.9% and 2.8% respectively. At the operating level, 1Q10 saw an ongoing improvement in traffic levels on abertis toll roads, though they continued to fall in Spain (-4.2% vs. -4.6% in 4Q09). Overall, traffic on the group s toll roads fell 0.7% to 31 March. Advance business indicators for the second quarter point toward a continued improvement both in absolute terms and in vehicle mix. In this sense, cumulative traffic until the end of April stood flat vs. the same period of 2009 (-0.1%). abertis maintains its forecast of modest traffic growth in The aforementioned factors enabled abertis to increase its Net Cash Flow by 12.1% to 328 Mn. In addition, the company continues to pursue a strict operating capex control policy ( Mn), helping it to increase free cash flow before expansion capex (organic and inorganic) by 18.5%. At 31 March 2010 abertis had net debt of 14,585 Mn, virtually unchanged from net debt at the end of 2009 ( 14,590 Mn). With an average maturity of 7.1 years, 84% of the debt at fixed rates or fixed through hedging, and a comfortable maturity profile, abertis is prepared to cope with any dislocation of the credit markets. The key figures for 1Q10 compared to the same period last year are as follows: Activity: total ADT, adjusted to reflect changes to the consolidation scope, fell 0.7%. Passenger numbers at TBI fell 1.0%, while at DCA they advanced 4.9%. Q Ene - Febr 2010 Mar-Abril 2010 Q M 2010 Spain (4.6%) (5.2%) (3.3%) (4.2%) (4.2%) France 0.6% 0.4% 4.2% 1.2% 2.5% LATAM 1.4% 2.4% 3.8% 2.5% 3.0% Total abertis* (1.4%) (1.5%) 1.1% (0.7%) (0.1%) * 2010: % change adjusting 2009 ADT to reflect the ADT of Chilean highways, apr and the additional 50% of avasa. Q4 2009: % change without apr. 3 o At the toll road business the negative performance of traffic numbers (-0.7%) compared with 1Q09 was mainly due to the unfavourable evolution by Spanish toll roads for the following reasons: The economic environment, resulting in a sharper fall in heavy vehicle traffic (-8.1%). The impact of parallel routes at aumar (-0.8% total ADT in Spain). Poor weather conditions in the period (-0.8%). The strike at acesa on 26 and 27 March (-0.5%). The abovementioned impacts were offset by improved traffic levels in France and South America and calendar effects (Easter holidays in the last weekend of March vs. April in 2009).

4 o o o It is worth noting that the traffic data for Spain does not take into account the impact from the compensation agreements for AP-7 and C-32. In this sense, the contribution of said agreements at the revenue level would equate to a 1Q10 evolution of Spanish ADT of -0.8% (vs. -4.2% reported), and of +0.6% (vs. -0.7% reported) at the group level. At the telecom business, DTT coverage stood at 97.9% at 31 March. The total number of service centres (number of broadcasting services supplied to digital and analogue customers) increased by 104.4% to 56,857, mainly due to DTT. At the airports business, the fall in passenger numbers at TBI was mainly due to the economic climate and capacity cutbacks. These declines were accompanied by a 4.8% increase in revenue per passenger thanks to the improved mix and impact of tariffs. At DCA, passenger numbers advanced 4.9%. At the car parks business, vehicle rotation increased by 4.5% due to the opening of new car parks. The increase stood at 0.6% excluding this impact. Revenues grew 8.3% (like-for-like taking into account the application of IFRIC 12) to 925 Mn, positively impacted by the net changes in the consolidation scope ( 21Mn), the strong performance of abertis telecom, and slight tariff increases at its toll road concessionaires. These effects slightly offset the negative performance of the toll road business (mainly as a result of declines in Spain despite a positive performance in France and South America) as well as the vehicle mix in Spain. o Toll road revenues (71% of total revenues and 81% of EBITDA), advanced 4.1% to 655 Mn, affected by the aforementioned factors. 4 o o o o The telecom business (18% of total revenue and 13% of EBITDA) saw its revenues advance 31.9% to 166 Mn, mainly as a result of higher one-off trading revenues linked to the rollout of DTT (+ 33 Mn) and increased coverage (97.9% vs. 92.4% in 1Q09), offsetting the impact of the start of the analogue switch-off (- 7 Mn). At the airports business (6% of total revenues and 2% of EBITDA), revenues advanced 5.8% to 58 Mn thanks to higher revenue per passenger and a positive traffic performance from MBJ. The car park business (4% of total revenues and 3% of EBITDA) saw revenues increase 6.5% to 37 Mn following changes to the consolidation scope and the improved performance of the business on a like-for-like basis (+0.6% rotation). And logistics parks revenues (1% of total revenues and 0.5% of EBITDA), fell 28.4% to 5 Mn, chiefly because revenues in the same period of 2009 included the contribution of areamed ( 1 Mn), which contributes to Toll Roads sector. Stripping out this impact, revenues declined 11% due to the economic situation. EBITDA advanced 7.5% to 538 Mn. This increase compared to the first quarter of 2009 is largely due to the aforementioned factors. Profit attributable to the parent company amounted to 119 Mn, up 5.6%. Net debt at 31 March 2009 amounted to 14,585 Mn (57% non-recourse), almost unchanged from 31 December 2009 ( 14,590 Mn). 84% of the debt is fixed-rate and 94% is long-term with an average maturity of 7.1 years and an average cost in 1Q10 of 4.50% (vs. 4.74% in 1Q09). The expected free cash flow generation (after

5 dividends and operating capex) for 2010 covers abertis debt maturities for the next 16 months. Net cash flow (prior to investments and dividend payments) generated in 1Q10 amounted to 328 Mn, up 12.1% year-on-year despite the difficult economic conditions. Group investment in 1Q10 stood at 81 Mn, of which 20 Mn is operational investment (vs. 32 Mn in 2009) and 61 Mn is investment in organic growth, with a 29 Mn investment in the southern Reims ring road, the expansion of the A13 and the A65 (sanef) and a 15 Mn investment in lane widening on the AP-7. At the telecom business 5 Mn was invested in the rollout of DTT. Dividends and bonus share issue The payment of a final dividend payable against 2009 earnings of 0.30 per share was approved at abertis General Shareholders Meeting on 27 April. This was paid on 5 May. The total dividend paid against 2009 earnings was 0.60 per share. Total dividend payments for exercice Mn (a payout of 65% on 2009 consolidated net profit), an increase of 5% on the total amount paid in 2008 including the impact of the 1/20 bonus share issue. Shareholders also approved a bonus share issue consisting of one new share for every 20 old shares, a transaction worth Mn. 5

6 2. Key indicators Trends in the key business and financial indicators: Activity Toll roads: Average Daily Traffic (ADT) (*) Q Q % Chg. acum. March'10 % Chg. acum. April'10 Total Spain (4,2%) (4,2%) Total France ,2% 2,5% Total LATAM ,5% 3,0% Total abertis (0,7%) (0,1%) Telecom No service centres DTT ,3% % DTT coverage 98% 92% 5,5% Airports tbi Total passengers (in thousand) (1,0%) dca Total passengers (in thousand) ,9% codad No flights ,9% Car Parks: Distribution of spaces No. of spaces ,2% No. of metered parking spaces ,6% Total ,1% Note: (*)ADT comparable adjusting 2009 ADT to take into account the ADT of the Chilean toll roads, apr and the 50% additional stake in avasa. 6

7 Financial indicators % of total Q Q Chg. Total revenues 2010 Toll Roads ,1% 70,8% Telecom ,9% 18,0% Airports ,8% 6,2% Car Parks ,5% 4,0% Logistics 5 7 (28,4%) 0,6% Corporate and other services ,7% 0,4% Total revenues ,3% 100% EBITDA Toll Roads ,8% 82,0% Telecom ,0% 12,9% Airports ,3% 2,2% Car Parks ,3% 2,6% Logistics 3 3 (14,1%) 0,5% Corporate and other services (1) (1) 24,1% (0,2%) Total EBITDA ,5% 100% EBITDA Margin Chg p.p. Toll Roads 67,4% 66,4% 1,0 Telecom 41,8% 46,3% (4,5) Airports 20,6% 19,4% 1,2 Car Parks 37,1% 36,2% 1,0 Logistics 49,6% 41,4% 8,2 Corporate and other services n.a. n.a. n.a. Total EBITDA Margin 58,2% 58,7% (0,4) Q Q Chg. EBIT ,9% Net profit ,6% Net cash flow ,1% Net debt (1) -5 Note: contribution to the group with consolidation adjustments made at source (1) Net debt at 31 December

8 3. Analysis of the consolidated income statement ( Mn) Q Q Chg. Total revenues ,3% Operating expenses (386) (353) 9,5% EBITDA ,5% Depreciation (185) (176) 5,1% EBIT ,8% Depreciation of revalued assets (54) (39) EBIT (2) ,9% Financial results (158) (148) Share of profits (losses) of associates PROFIT BEFORE TAX ,0% Income tax expense (41) (41) PROFIT FOR THE PERIOD ,1% Attributable to minority interest (7) (7) NET ATTRIBUTABLE PROFIT TO EQUITY HOLDERS OF THE PARENT COMPANY ,6% Revenues Revenues advanced 8.3% to 925 Mn. The net changes in the consolidation scope ( 21 Mn), the acesa - AP-7 and Maresme C-32 agreements, the strong performance of the telecom business, and slight tariff increases offset the negative performance of the Spanish toll roads business and its mix. The toll roads business saw its revenues advance 4.1% to 655 Mn, affected by the factors described earlier. Stripping out consolidation scope changes, revenues increased by 1% compared with 1Q09. Revenues advanced 31.9% to 166 Mn in the telecom sector, chiefly due to higher one-off revenues linked to the rollout of DTT (+ 33 Mn) and the impact of broader coverage (97.9% vs. 92.4% in 1Q09), offsetting the adverse impact of the start of the analogue switch-off (- 7 Mn). Revenues at the airports business advanced 5.8% to 58 Mn, chiefly thanks to higher revenue per passenger (+4.8%), the appreciation of sterling versus the euro (+2%) and the strong traffic performance at MBJ (+3.6%). ( Mn) Q Q Chg. Revenues sanef (1%) acesa % aumar (6%) aucat (8%) iberpistas (1%) avasa n.a. castellana 2 2 6% gco % elqui 4 0 n.a. rutas del pacífico 17 7 n.a. Autopista Central n.a. Others 5 6 (22%) Total toll roads % Telecom % Airports % Car Parks % Logistics 5 7 (28%) Corporate and other services % Total revenues % Note: contribution to the group with consolidation adjustments made at source 18% By sector 4% 6% 1% 71%

9 The car park unit s revenues climbed 6.5% to 37 Mn as a result of changes in the consolidation scope (mainly the new terminal at Barcelona airport) and a positive comparable performance from vehicle rotation (+0.6%). Logistics revenue fell 28.4% to 5 Mn, mainly because revenues in the same period of 2009 included the contribution of areamed ( 1 Mn), which has since January 2010 been transferred to the Toll Roads sector. Stripping out this impact, revenues declined 11% due to lower occupancy and lower prices. Corporate and other services includes serviabertis and the contribution of the holding company Operating expenses Operating expenses rose 9.5%, mainly due to changes in the consolidation scope and higher one-off trading revenues from the rollout of DTT at the telecom business. Stripping out these effects, operating expenses advanced 3.8%. Personnel expenses amounted to 152 Mn (39% of operating expenses). The average workforce in 1Q10 stood at 12,428 (+1.4%), 59% of whom were employed outside Spain EBITDA Gross operating profit amounted to 538 Mn, up 7.5% year-on-year, mainly due to the factors described above. At the toll roads business EBITDA advanced 5.8% thanks mainly to the impact on the consolidation scope of the Chilean toll roads and avasa (+ 24 Mn net), and the acesa AP-7 and Maresme C-32 agreements. Stripping out changes in perimeter, EBITDA remained stable. At the telecom business EBITDA advanced 19%, mainly thanks to increased DTT coverage. At the airports unit EBITDA advanced 12.3% mainly due to higher revenue per passenger at TBI. 9 ( Mn) Q Q Chg. EBITDA sanef % acesa % aumar (8%) aucat (8%) iberpistas (0%) avasa n.a. castellana % gco % elqui 2 0 n.a. rutas del pacífico 15 6 n.a. Autopista Central 9 8 n.a. Others % Total toll roads % Telecom % Airports % Car Parks % Logistics 3 3 (14%) Corporate and other services (1) (1) 24% Nota: aportaciones al consolidado con ajustes de consolidación en origen Total EBITDA % 13% By sector 2% 3% 0% 82%

10 3.4.- Depreciation Depreciation rose 10.9% from 1Q09 to 239 Mn. This includes the impact of consolidation scope changes ( 21 Mn). Telecom also includes higher depreciation due to investments in DTT EBIT EBIT totalled 299 Mn, an increase of 4.9%, for the reasons explained earlier. ( Mn) Q Q Chg. Toll Roads (183) (163) 12% Telecom (30) (27) 14% Airports (14) (14) (1%) Car Parks (6) (6) 1% Logistics (2) (2) (2%) Corporate and other services (3) (3) n.a. Total (239) (216) 11% Financing result The financing result rose 7% from 1Q09 mainly as a result of higher financial expenses from the acquisitions of Itínere assets, partly offset by lower interest rates. 1Q09 earnings also included a one-off positive impact from exchange rate differences in Chile ( 6 Mn) Share of profits (losses) of associates The share of profits of associates increased by 10% to 26 Mn mainly as a result of the increased contribution of Eutelsat to 20 Mn Income Tax Expense Income tax expense was unchanged as the taxable base was the same as in March Minority interests These mainly correspond to the larger contribution of minority interests to HIT partners Net attributable profit to equity holders of the parent company Profit attributable to the parent company amounted to 119 Mn, up 5.6%. 10

11 4. Analysis by sectors Toll Roads Activity and earnings analysis Profit and Loss account ( Mn) Q Q Chg. Revenues ,1% EBITDA ,8% Margin 67,4% 66,4% 1,0 p.p. EBIT ,7% Margin 46,9% 45,8% 0,1 p.p. EBIT (2) ,7% Margin 39,5% 40,4% (1,0) p.p. Notes: contribution to the group with consolidation adjustments made at source EBIT (1): Excludes depreciation of revalued assets (PPA) EBIT (2): Includes all depreciation Activity and earnings analysis Accumulated like-for-like ADT in 1Q10 totalled 19,930 vehicles, down 0.7% (- 0.8% light vehicles and -0.3% heavy vehicles). The negative performance of abertis traffic numbers compared with 1Q09 was primarily due to an unfavourable showing by the ADT of abertis Spain (-4.2%) partly offset by the ADT performances of abertis France (+1.2%), and abertis LATAM (+2.5%). The negative performance of traffic is largely due to a number of factors: the economic crisis, which prompted a sharp decline in heavy vehicles (-8.1% ADT at abertis Spain, offset by the +3.8% increase in ADT at abertis France); the 11 ACESA AUCAT AUMAR IBERPISTAS AVASA CASTELLANA AULESA ABERTIS ESPAÑA ABERTIS FRANCIA ABERTIS CHILE ABERTIS INTERNATIONAL TOTAL ABERTIS ,2% ,3% ,6% impact of parallel routes in aumar (-0.8%); poor weather conditions (-0.8%) and the strike at acesa on 26 and 27 march (- 0.5%). The abovementioned impacts were offset by improved traffic levels in France and South America and calendar effects (Easter holidays in the last weekend of March vs. April in 2009). In the first half of 2010 transactions with cards + teletolls on toll roads in the Spanish network represented 77.7% of the total vs. 77.5% in 1Q09, and in teletoll systems 37.9% vs. 36.7%, with growth expected to continue. acesa and aucat represented 42.0% and 39.3%, respectively. In France teletoll transactions stood at 39.3% (37.50% in 1Q09). Revenues advanced 4.1% though for comparative purposes, without including the 26 Mn from Itínere assets in 2010 and the - 8 Mn from the sale of Masternaut in 2009, revenues grew 1%, despite the negative business performance, mainly due to the impact of the partial compensation for the acesa AP-7 agreement (+ 19 Mn, an additional + 2 Mn compared with 1Q09), of the compensation for the Maresme agreement (+ 5 Mn gross to March 2010) and the slight tariff revision (+1.3%). EBITDA growth was slightly higher than revenue growth (+4.1%) due to a smaller increase in operating expenses. EBIT advanced by just 1.7%, due to the increase in depreciation following the incorporation of Itínere assets (- 21 Mn). -6,3% -4,2% 1,3% 1,2% -0,7% -6,0% -0,8% -4,9% 2,5%

12 4.1.1 sanef sanef s first-quarter toll revenues stood at 292 Mn, up 3.9%. ADT rose by 1.2% year-on-year, with a 2.2% increase in average tariffs due to annual revisions and the +0.5% impact from the mix of light and heavy vehicles (a sharp rise in heavy vehicle traffic). The difference between revenues and toll revenues are telematics and other services revenues (+ 27 Mn), adversely affected chiefly by the Masternaut sale in April EBITDA was stable, despite lower revenue, thanks to containment of operating expenses. Positive EBIT thanks to the impact of the Paquet Vert agreement on depreciation (- 4 Mn). Q1 10 Q1 09 Chg. ADT ,2% ( Mn) Total revenues (0,6%) Operating expenses (128) (130) EBITDA ,1% Margin 59,8% 59,3% Depreciation (62) (66) EBIT (1) ,2% Margin 40,2% 38,7% Depreciation of revalued assets (25) (25) EBIT (2) ,0% Margin 32,5% 31,0% Notes: contribution to the group includes HIT with consolidation adjustments made at source EBIT (1): Excludes depreciation of revalued assets (sanef PPA) EBIT (2): Includes all depreciation acesa The poor performance of the toll road business, ADT (-4.9%) was partially offset at revenue level by the positive impact of the partial compensation for the AP-7 agreement (+ 19 Mn, an additional 2 Mn from 1Q09) and the Maresme agreement ( 5 Mn gross through March 2010), permitting a 1% increase in revenue despite the 0.2% fall in average tariffs. EBITDA and EBIT advanced 2% and 3% respectively due to lower operating expenses (savings and a smaller workforce) aumar aumar s revenues fell 6.3%, mainly as a result of a negative business performance and the negative annual tariff review (-0,05%). The decline in EBITDA was offset by cost containment and the larger decline in EBIT by the slight increase in depreciation. 12 acesa Q1 10 Q1 09 Chg. ADT (4,9%) ( Mn) Total revenues ,8% Operating expenses (30) (32) EBITDA ,5% Margin 79,0% 77,7% Depreciation (25) (25) EBIT ,7% Margin 61,6% 60,5% Notes: contribution to the group with consolidation adjustments made at source aumar Q1 10 Q1 09 Chg. ADT (6,3%) ( Mn) Total revenues (6,5%) Operating expenses (17) (18) EBITDA (8,3%) Margin 72,0% 73,4% Depreciation (16) (16) EBIT (12,5%) Margin 46,9% 50,1% Notes: contribution to the group with consolidation adjustments made at source

13 4.1.4 aucat Lower revenues due to a negative business performance (-6.0% ADT) and the annual tariff review (-0.6%). A decline in EBITDA in line with the decline in revenues and a larger fall in EBIT with depreciation virtually unchanged. aucat Q1 10 Q1 09 Chg. ADT (6,0%) ( Mn) Total revenues (8,4%) Operating expenses (4) (4) EBITDA (8,2%) Margin 79,3% 79,2% Depreciation (4) (3) EBIT (10,6%) Margin 61,1% 62,6% Notes: contribution to the group with consolidation adjustments made at source iberpistas Revenues declined by 0.6% and EBITDA by 0.4% largely as a result of lower toll revenues, in line with the evolution of ADT (-0.8%). iberpistas Q1 10 Q1 09 Chg. ADT (0,8%) ( Mn) Total revenues (0,6%) Operating expenses (5) (5) EBITDA (0,4%) Margin 77,6% 77,4% Depreciation (3) (3) EBIT (0,0%) Margin 66,4% 66,0% Notes: contribution to the group with consolidation adjustments made at source avasa (100% owned by abertis since 30 June. Accordingly, at 31 March 2010 the acquisition of the additional 50% made at that date only shows an impact of three months on the income statement) Stripping out the consolidation scope impact, revenues advanced 1%, despite the negative annual tariff revision (- 0.1%), thanks to the 2.2% increase in activity. 13 avasa Q1 10 Q1 09 Chg. ADT ,2% ( Mn) Total revenues n.a. Operating expenses (8) (4) EBITDA n.a. Margin 74,0% 75,8% Depreciation (8) (4) EBIT (1) 15 8 n.a. Margin 48,3% 50,2% Depreciation of revalued assets (13) 0 EBIT (2) 2 8 n.a. Margin 7,4% 50,2% Notes: contribution to the group with consolidation adjustments made at source EBIT (1): Excludes depreciation of revalued assets (avasa PPA) EBIT (2): Includes all depreciation

14 4.1.7 GCO The positive ADT performance (+5.2%) and the tariff increase in force since 14 December 2009 prompted a 15% increase in revenue. EBITDA grew 19%, despite higher operating expenses and inflation in Argentina. gco Q1 10 Q1 09 Chg. ADT ,2% ( Mn) Total revenues ,7% Operating expenses (8) (7) EBITDA ,1% Margin 33,0% 31,7% Depreciation (1) (1) EBIT ,7% Margin 22,3% 18,1% Note: contribution to the group with consolidation adjustments made at source Chilean motorways Figures not comparable due to the impact of the acquisition of Itínere assets from 30 June 2009 (additional 50% Rutas del Pacífico and additional 75% Elqui) Elqui 100% abertis with impact of additional three months to March 2010 of the acquisition of an additional 75% as part of agreement to acquire Itínere assets. Consolidation under the equity method until 30 June Positive traffic performance (+4.0% ADT) and positive UF/Peso exchange rate impact (with inflation to March 2010) on other operating revenue expressed in UFs, partially offset by a negative annual tariff review (-4.0%) Rutas del Pacífico 78.9% abertis with impact of additional three months to March 2010 of the acquisition of an additional 50% as part of agreement to acquire Itínere assets. A slightly worse traffic performance (-0.1% ADT) with tariffs slightly lower (-0.47%). 14 elqui Q1 10 Q1 09 Chg. ADT ,0% ( Mn) Total revenues 4 0 n.a. Operating expenses (2) 0 EBITDA 2 0 n.a. Margin 55,0% n.a. Depreciation (1) 0 EBIT (1) 2 0 n.a. Margin 36,2% n.a. Notes: contribution to the group with consolidation adjustments made at source EBIT (1): Excludes depreciation of revalued assets (elqui PPA) EBIT (2): Includes all depreciation rutas del p. Q1 10 Q1 09 Chg. ADT ,1% ( Mn) Total revenues 17 7 n.a. Operating expenses (2) (1) EBITDA 15 6 n.a. Margin 88,3% 88,4% Depreciation (4) (2) EBIT (1) 11 5 n.a. Margin 65,7% 61,5% Depreciation of revalued assets (3) (1) EBIT (2) 9 3 n.a. Margin 50,6% 45,4% Notes: contribution to the group with consolidation adjustments made at source EBIT (1): Excludes depreciation of revalued assets (rutas del p. PPA) EBIT (2): Includes all depreciation

15 4.2.1 Autopista Central Revenues advanced 23% thanks to a strong performance (+2.1% ADT) and the general tariff revision (+1.2%). Operating expenses rose despite overall containment due to higher insolvency provisions. As a result EBITDA growth (+10.9%) was lower than revenue growth. A. Central Q1 10 Q1 09 Chg. ADT ,1% ( Mn) Total revenues n.a. Operating expenses (7) (5) EBITDA 9 8 n.a. Margin 58,0% 64,3% Depreciation (4) (3) EBIT (1) 5 5 n.a. Margin 35,0% 37,9% Depreciation of revalued assets (9) (8) EBIT (2) (3) (3) n.a. Margin n.a. n.a. Notes: contribution to the group with consolidation adjustments made at source EBIT (1): Excludes depreciation of revalued assets (A.Central PPA) EBIT (2): Includes all depreciation Other holdings Overall, declines in activity or very modest increases in absolute terms due to the current economic situation. The following improvements were reported despite the prevailing economic crisis: Castellana due to the positive impact on both stretches of the partial opening in 2009 of the highways from Ávila to Salamanca and from Segovia to Valladolid, which divert traffic to the AP-51 and AP-61 respectively. Coviandes, higher ADT (+3.2%) despite the strong performance in 1Q09, due to the increase in light vehicles (+9.2%), offsetting the decline in heavy vehicles (-8.6%) due to the opening of the oil pipeline from Villavicencio to Bogotá. Túnel del Cadí due to the favourable weather conditions in the first quarter (heavy snowstorms, which favour this motorway) and the positive impact of the free tunnel access offered to residents (compensated for by the Catalonian regional government). 15 ADT 10/09 % abertis Kms ADT ADT Chg. castellana 100,0% ,3% aulesa 100,0% (1,6%) apr 100,0% (27,4%) Trados 45 50,0% (0,8%) Coviandes 40,0% ,2% Túnel del Cadí 37,2% ,7% A. Madrid R3-R5 35,1% ,4% Ausol 31,6% ,1% RMG 33,3% (0,2%) Autema 23,7% (3,5%) Ciralsa 25,0% (7,8%) Henarsa R2 30,0% ,7%

16 4.2.- Telecommunication Infrastructures Activity and earnings analysis Profit and Loss Account ( Mn) ( Mn) Q Q Chg. Revenues ,9% EBITDA ,0% Margin 41,8% 46,3% (4,5) p.p. EBIT ,6% Margin 24,1% 25,9% (1,8) p.p. EBIT (2) ,2% Margin 23,5% 25,2% (1,7) p.p. accounts for the margin deterioration vs. 1Q09. EBIT increased by +23%, mainly as a result of the abovementioned factors, albeit impacted by higher depreciation at Hispasat due to the launch of the Amazonas 2 satellite, which is at ramp-up stage. Notes: contribution to the group with consolidation adjustments made at source EBIT (1): Excludes depreciation of revalued assets (PPA) EBIT (2): Includes all depreciation Activity and earnings analysis The abertis telecom group contributes 18% of abertis total revenues and 13% of EBITDA. Revenues performed well, rising 31.9% chiefly as a result of: Higher other revenues (trading) linked to the rollout of DTT (+ 33 Mn). Increased DTT coverage, which stood at 97.9% vs. 92.4% in 1Q09. 8% 25% 6% 8% Revenue breakdown 12% 41% Audiovisual broadcasting Transport, housing and maintenance Mobile communication Occasional Satellite capacity Other revenues EBITDA advanced 19%, smaller than the revenue increase due to increased trading activities with lower margins. This largely Eutelsat Eutelsat contributed 20 Mn to abertis under the equity accounting method in 1Q10 due to the positive impact of 22 Mn from Eutelsat itself and a negative impact of - 2 Mn from the depreciation of assets revalued in the PPA process.

17 4.3.- Airports Activity and earnings analysis Profit and Loss Account ( Mn) TBI: nº of passengers (in 000) ( Mn) Q Q Chg. Revenues ,8% EBITDA ,3% Margin 20,6% 19,4% 1,2 p.p. EBIT 2 1 (101,3%) Margin 3,6% 1,9% 1,7 p.p. EBIT (2) (2) (4) 37,1% Margin n.a. n.a. p.p. Notes: contribution to the group with consolidation adjustments made at source EBIT (1): Excludes depreciation of revalued assets (PPA) EBIT (2): Includes all depreciation % Q Q Activity and earnings analysis The airports business (which includes abertis Airports, the DCA group, ACDL/TBI and Codad) accounted for 6% of abertis group revenues and 2% of EBITDA in 1Q10. Revenue and EBITDA both advanced despite the fall in passenger numbers at TBI (-1%), thanks to higher revenue per passenger (+4.8%), the average sterling/euro exchange rate (+2%), and the improved activity at MBJ (+3.6% passengers). TBI Revenue rose 3% in local currency and EBITDA increased by 15% despite a 4% hike in personnel expenses linked to pension costs at Luton and extra hours due to bad weather. CODAD Operates under a Guaranteed Minimum Revenue scheme so changes in activity do not have a direct impact on variations in revenues. DCA Negative performance in 1Q10, with a 4.9% increase in passenger numbers. In terms of operating results (mainly linked to MBJ s airport in Jamaica), a strong performance thanks, among other factors, to the increase in passenger numbers and fees. 17 6% 12% TBI: passengers by airport 19% 5% % +4.9% 39% Q Q London Luton Belfast International Cardiff International Stockholm Skavsta Orlando Sandford Bolivian airports DCA: nº of passengers (in 000)

18 Nº of spaces Car parks Activity and earnings analysis Profit and Loss Account ( Mn) ( Mn) Q Q Chg. Revenues % Total revenues % Revenues by veh. rotation 8 7 1% Revenues by holders % EBITDA % Margin 37,1% 36,2% 1,0 p.p. EBIT % Margin 19,9% 18,1% 1,8 p.p. Notes: contribution to the group with consolidation adjustments made at source Activity and earnings analysis At saba (4% of abertis revenues and 3% of EBITDA) operating revenues advanced 6.5% from 1Q09, mainly due to consolidation scope changes and higher average tariffs, which offset a modest year-on-year rise in activity (rotation +0,6% vs. +4.5% real and pass holders -1,1% vs. +0.5% real) and in average stay. EBITDA grew +9.3% despite higher operating expenses (5%), mainly due to the consolidation scope, and personnel expenses (due to a larger workforce and agreed salary increases). The stability of depreciation contributed to 17.2% EBIT growth. The number of parking spaces increased by 20.1% year-on-year in 1Q09, with a portfolio of 5,551 new spaces awarded which are currently being built or prepared % +20.1% Q Q % 43% Spaces by type 3% 2% Concession 40% Spaces by country Awared spaces Actual spaces Management Metered under concession Metered under management Property Leased 2% 1% 7% Spain Italy 13% Portugal Chile 56% Morocco 20% France

19 4.5.- Logistics parks Activity and earnings analysis Profit and Loss Account ( Mn) ( Mn) Q Q Chg. nonoccupancy 37% % office occupancy occupancy 63% Revenues 5 7 (28%) EBITDA 3 3 (14%) Margin 49,6% 41,4% 8,2 p.p. EBIT 0 1 (47%) Margin 8,5% 11,4% (2,9) p.p. % office occupancy Comment: contributions to the group with consolidation adjustments made at source Activity and earnings analysis At the logistics parks business (1% of revenues and 0.5% of EBITDA) the decline in revenues (-28.4%) was mainly due to the absence of areamed in 2010 following its sale to the Spain Toll Roads business at the end of Excluding this impact, revenues declined 11% due to lower activity (a 21.6 percentage points decline in average occupancy to 64.7%) and a fall in average prices (-8.2%). The year-on-year decline in average occupancy is chiefly due to the opening of Coslada II (with no warehouse rented in 1Q10). nonoccupancy 21% occupancy 79% arasur. Álava 19 Parc Logístic Zona Franca. Barcelona

20 5. Analysis by geographical markets Spain still accounts for the bulk of revenues, representing 52% of the total, followed by France (mainly sanef) with 34%, the UK with 4% (TBI), Chile with 4% (Rutas del Pacífico, Autopista Central, and Elqui) and other countries (mainly Argentina, Colombia, Italy, Jamaica, Sweden, Bolivia, the US and Portugal) with 6%. Particularly noteworthy was the increase in Chile s contribution to EBITDA, which now stands at 5%. Spain and France remain the largest contributors Revenues Highlights of revenue performance by country include: Spain, where revenues rose 11.7%, despite the decline in activity at the toll road business, which was largely offset by the acesa (AP-7) agreement, a strong performance by the terrestrial telecom business and the inclusion of 50% additional avasa in the consolidation scope. France, which remained stable despite the traffic and rate increase, mainly due to the sale of Masternaut in the second quarter of The UK, whose revenues rose 8.7%, due to the exchange rate and higher revenues per passenger at TBI, which offset the decline in activity. And Chile, with revenue growth boosted by the incorporation of the Chilean toll roads into the consolidation scope in EBITDA With regard to EBITDA performance, Spain (+6.7%) held firm despite the challenging macroeconomic backdrop. Chile ( 28 Mn) is now abertis third largest market thanks to the contribution of its Chilean toll roads. In France, EBITDA climbed 0.9% despite changes to the consolidation scope and oneoff expenses linked to the poor weather conditions, mainly as a result of opex control. 20 ( Mn) Q Q Chg. Revenues Spain % France (0%) UK % Chile n.a. Others % Total revenues % others 6% 4% 4% 52% 34% ( Mn) Q Q Chg. EBITDA Spain % France % UK % Chile n.a. Others % Total EBITDA % others 3% 1% 5% 36% 55%

21 6. Consolidated balance sheet The balance sheet increased by 237 Mn through 31 March Assets Most significant variations from investments in the period and an adjustment in the market valuation of Brisa and Atlantia Liabilities Net equity fell as a result of the impact of the valuation of Brisa and Atlantia at market value (- 116 Mn), which was partially offset by the result for the period and the positive impact of conversion differences (+ 55 Mn) from the /Chilean peso and /sterling exchange rates. Gross debt stood at 15,181 Mn. Net debt amounted to 14,585 Mn, virtually unchanged from the end of 2009 ( 14,590 Mn). 84% of total debt is long term or fixed through hedging (78% in March 2009) and 57% is non-recourse. The average cost of debt in 1Q10 was 4.50%, (4.74% in 1Q09). Assets(Mn NIIF) Q Chg ( Mn) Property, plant and equipment (22) Intangible assets (14) Investments & other fin. assets Non-current assets (18) Trade and other receivables (0) Others Current assets Total assets Equity & Liabilities(Mn NIIF) Q Chg ( Mn) Share capital Reserves and Minority interest (2) Shareholder's equity (2) Loans and borrowings Other liabilities Non-current liabilities Loans and borrowings (166) Trade and other payables (78) Current liabilities (244) Total equity and liabilities Proportion fixed/variable rate Variable 16% 7. Debt structure and trends 21 Q % o/total 2009 % o/total Long-term % % Short-term 928 6% % Total Debt % % Average life (years) 7,1 7,2 Q % o/total 2009 % o/total Secured debt % % Unsecured debt % % Total Debt % % Short-term revolving facilities 2% Loan BEI 9% Notes 43% BBB+ rating from S&P A- rating f Fit h Commercial papers 1% Fixed 84% Financing instruments Others 0% Long-term loans 5% Sanef long-term loans 14% Syndicated loans 26%

22 8. Consolidated cash flow statement In 1Q10 abertis generated net cash flow (before capex and dividends) of 328 Mn, up 12.1% from the same period in During the first quarter, abertis has continued its operating capex control policy which has contributed to an 18.5% increase in Free Cash Flow before dividends. Free Cash Flow after dividends and capex stood at 247 Mn ( 168 Mn in ( Mn) Q1 10 Q1 09 Chg ( Mn) Chg. EBITDA ,5% Financial results (158) (148) (10) n.a. Income tax expense (41) (41) (0) n.a. Cash flow ,7% Adjust. non cash effect PPA & others (11) (19) 8 n.a. Net cash flow ,1% Operational capex (20) (32) 13 n.a. Free cash flow I ,5% Dividends n.a. Payments to minority n.a. Impact IS transition NPGC n.a. Free cash flow II ,5% Expansion capex - organic (61) (92) 30 n.a. Expansion capex - inorganic (M&A) n.a. Acquisition / Sale own shares n.a. Free cash flow III n.a. 9. Investments Operational capex to March 2010 stood at 20 Mn, down 12.8 Mn from 1Q09. The most significant investments in toll roads were at sanef ( 6 Mn, overhaul and upgrade of the existing network), and aumar ( 3 Mn, channelling work for the installation of fibre optic cables). There was no significant operational investment in the rest of the businesses. Investment in organic growth totalled 61 Mn, most notably in: Toll roads ( 46 Mn), mainly investment at sanef ( 29 Mn, new construction and lanes), and acesa ( 15 Mn in lane widening on the AP-7 and other roads). At the telecom business investment amounted to 9 Mn, with 5 Mn invested in the rollout of DTT and 2 Mn in Hispasat (abertis proportional share of the construction of the Hispasat 1E satellites). The company will continue to pursue a prudent operational and growth investment strategy given the current economic circumstances. 22 Operational investment by sector Holding 3% 1% 2% 16% 9% 69% Investment in growth by sector 5% 5% 1% 15% 74%

23 Appendices Appendix I: Summary of significant events January 2010 saba is awarded the management of the car parks at Almería and Pamplona airports. Both these contracts, awarded by Aena, last three years and can be extended by a further two. The car park at Almería airport has 830 spaces while the Pamplona airport facility has 502. The contracts strengthen saba s portfolio of car parks at Spanish airports; the company also has contracts at Barcelona-El Prat, Tenerife South, Girona and Reus airports. sanef to invest 250 Mn over three years as part of the French government s Paquet Vert project. The aim of this one-off investment, part of the French government s economic stimulation plan, is to implement further improvements (chiefly environmental) to its highway network. The deal includes a one-year extension to 2029 of the sanef group s two concessions (sanef and sapn). acesa to invest 100 Mn to upgrade communications in Maresme and la Selva. The agreement between the Catalonian regional government and acesa provides for the construction of a new connection from the C-32 between Blanes and Lloret de Mar and the future link with the A-2 dual carriageway. The company expects to recoup its investment through revenues from additional traffic. The regional government and the concessionaire will establish whether the investment has been recouped at the end of the concession and, if necessary, the balance will be restored. February 2010 MRW rents a 7,750 square metre warehouse at abertislogisticspark coslada. The area rented is in the second stage of the logistics park, which has been in operation since the start of The warehouse has three units, with a logistics area of 7,312 square metres and a further 438 square metres of offices. saba opens a new car park in Genoa (Italy). With a capacity of more than 200 spaces, the new car park has a retail area of over 425 m2. Following this operation saba Italia, a subsidiary of saba, manages 55 car parks in Italy with a capacity of around 28,543 spaces. Abertis is rated one of the most sustainable companies. abertis has been awarded Gold Class status in the Sustainability Yearbook 2010 compiled by the consultancy firm PricewaterhouseCoopers and Sustainable Asset Management (SAM) for its performance in the spheres of sustainability and corporate responsibility. 23

24 March 2010 Caja de Ahorros del Mediterráneo sells 1.68% of abertis. CAM is selling 11,800,000 shares in a block placement (ABB) among institutional investors via Credit Suisse Securities (Europe) Limited. The total amount of the transaction is approximately Mn and the sale price is 14.25/share. 24

25 Appendix II: Events subsequent to 1Q10 April 2010 Revision of abertis credit rating by Standard&Poor s. The credit rating agency S&P has revised its rating on abertis from A- with negative outlook (assigned in April 2009) to BBB+ with stable outlook following its annual analysis. The change in rating will not imply significant changes in abertis, cost of debt as most of its debt is not subject to rating-related clauses. abertis still has an A- rating from Fitch Ratings General Shareholders Meeting. Approved a final dividend payable against 2009 earnings of 0.30 gross per share and a traditional scrip issue consisting of one new share for every 20 old shares. It also ratified the appointments made by the Board of Directors, approved a fresh authorisation for the purchase of treasury stock and sanctioned the delegation of powers to the Board to issue notes, debentures, bonds and other securities for a maximum of 6,000 Mn. Finally, the Board was authorised to continue the loyalty plan and employee access to Group stock programme with a share transfer plan for the employees of abertis and its subsidiaries and a stock option plan for the company s management team. Grupo Microma rents a warehouse at abertis logisticspark coslada. The contract, for an initial ten-year period, includes the rental of a warehouse and of the office area of another warehouse. This new contract consolidates the commercialisation phase of abertis logisticspark coslada, following the recent signing of an agreement with MRW for the rental of three units of a warehouse. Second Investor Day focused on abertis telecom. The company s second Investor Day focused on the telecoms business and the impact of IFRIC 12. The event started with a speech by the chairman and there were presentations from the group s most important executives, focusing specifically on abertis financial situation and investment strategy. Forecasts for the first quarter, financial outlook and investment strategy. At its 2010 Investor Day the company commented on the performances of its different businesses in the first quarter, which showed a slight improvement from abertis has reduced its average cost of debt and improved liquidity despite the squeeze on lending and the downgrade of credit ratings. Abertis will use its competitive position and strong track record to continue investing in more stable economies with better growth prospects such as Brazil, China, India, the US and Mexico. 25

26 May 2010 abertis telecom is appointed executive member of Galieo Services association. The Galileo Services association, created in 2002 with the aim of developing satellite positioning technology and services, brings together more than 28 companies from the European private sector. The association includes telecoms operators, companies from the aerospace, maritime and land transport sectors and security and defence firms. 26

27 Appendix III: Contact details Investor Relations Steven Fernández Tel: Anna Morera Paradell Tel: Mar Rodriguez Yañez Tel: Shareholders Office - Carolina Bergantiños Benavides Tel: / relaciones.inversores@abertis.com abertis website: 27

28 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 document is delivered are invited to refer to the documentation published or registered with the Spanish stock markets regulator. All forecasts and other statements included in this statement 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 observe such restrictions. By receiving this presentation you agree to observe these restrictions. Nothing herein constitutes an offer to purchase and nothing herein may be used as the basis to enter into any contract or agreement. 28