2010_results

Transcription

1 _results

2 Contents 1. Introduction Key indicators 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 12M Appendix III: Contact details Appendix IV: Disclaimer

3 1. Introduction abertis asset portfolio and its proactive management enabled the group to conclude a difficult 2010 with significant growth in its key indicators. Thus, revenues rose 5.2% (+3.0% organic, with like-for-like consolidation scope), EBITDA climbed 5.9% (+3.0% organic, with like-for-like consolidation scope), and net profit advanced 6.1% (+6.0% organic, with like-for-like consolidation scope) At operating level, traffic on abertis toll roads fell 0.4% in 2010, affected by non-recurring impacts (strikes, poor weather). Nonetheless, this represents a marked improvement compared with Net cash flow amounted to 1,616 Mn, up 7.6% on the same period in 2009, which, together with a strict operating capex control policy, helped push up free cash flow before dividends and expansion capex (organic and inorganic) by 8% to 1,424 Mn. The strong cash flow generation over the year helped reduce net debt by 366 Mn, which, along with accounting treatment, non-cash, enabled abertis to end 2010 with net debt of 14,651 Mn, virtually unchanged from December With an average length of 6.6 years, 84% of the debt at a fixed rate or fixed through hedging, and a comfortable maturity profile ( 641 Mn in 2011), abertis maintains a solid financial structure. The group expects cash flow generation over the coming 12 months to comfortably cover its debt maturities for the next 17 months. In 2010 the performance of all key figures compared to 2009 was as follows: Activity: o At the toll roads business, traffic fell 0.4% compared with 2009 (vs. -3.2% en 2009 vs. 2008), in line with the first nine months, despite the poor weather in the fourth quarter, especially in France and Spain. o Despite non-recurring impacts, traffic advanced steadily in France (+1.3%) and on the rest of abertis international network (+5.5%). Heavy vehicle traffic outperformed light vehicle traffic. Chg ADT Q1 10 Chg ADT Q2 10 Chg ADT Q3 10 Chg ADT Q4 10 Chg ADT 2010 Chg LV 2010 Chg HV 2010 España (4.2%) (4.6%) (3.7%) (3.1%) (4.0%) (3.7%) (6.2%) Francia 1.2% 1.9% 2.2% (0.2%) 1.3% 0.7% 4.9% América 2.5% 4.5% 7.5% 6.2% 5.5% 4.3% 11.0% Total abertis (0.7%) (0.5%) 0.1% (0.5%) (0.4%) (0.8%) 1.8% change adjusting 2009 ADT to reflect the ADT of Chilean highways, apr and the additional 50% of avasa The positive performance of international toll road traffic did not fully offset the declines reported once again on the Spanish network. The performance in Spain was affected by a range of factors: The economic backdrop, resulting in a sharper fall in heavy vehicle traffic (- 6.2%). The impact of parallel routes at aumar. Poor weather conditions in the first quarter of the year (-0.2% accumulated impact). The strike at acesa on 26 and 27 March and the general strike on 29 September (-0.2% accumulated impact through December 2010). 3

4 o o Stripping out these factors, the accumulated ADT of Spanish toll roads fell 3.6% to December The ADT of abertis France (+1.3%) was affected by the non-recurring impact of the strikes in June (stripping out this impact ADT in France would have advanced 1.7% in 2010), the poor weather in the fourth quarter, and the strikes at service stations in the second half of October. The abovementioned impacts were offset by the improved traffic levels on the group s American roads (+5.5%). Note that the traffic figures for Spain do not reflect the impact of the compensation agreements for the AP-7 and the C-32. The contributions of these agreements at revenue level would equate to a -1.8% decline in Spanish ADT in 2010 (vs. -4.0% reported) and a +0.5% rise at group level (vs. -0.4% reported). In overall terms, taking into account the abovementioned impacts, estimated traffic on abertis toll roads grew 0.7% in At the telecom business, DTT coverage grew up to 98% at 31 December. The total number of service centres (number of broadcasting services supplied to digital and analogue customers) increased by 13.8% to 63,076, mainly due to DTT. At the airports business, the decline in passenger numbers at TBI (-4.7%) was largely due to the poor weather conditions (snowstorms from January to March, and in December) and the ash cloud caused by the Icelandic volcano (April and May). These declines were accompanied by a 7.9% increase in revenue per passenger thanks to the improved mix and impact of tariffs. At DCA, passenger numbers advanced 8.2%. o At the car parks business vehicle rotation remained stable compared with In like-for-like terms rotation fell 1.4%, largely as a result of the poor performance of the international business (-3.6%), which was not offset by increased domestic activity (+1.1%). Revenues grew 5.2% (like-for-like taking into account the application of IFRIC 12) to 4,106 Mn, positively impacted by the net changes in the consolidation scope ( 86 Mn), the impact of the AP-7 and C-32 compensation agreements, the strong performance of abertis telecom, and the slight tariffs increase at its toll road concessionaires. These effects offset the slight fall in traffic levels on toll roads (largely due to declines in Spain despite strong performances in France and South America), and the vehicle mix in Spain. o Toll road revenues (75% of total revenues), advanced 5.9% to 3,078 Mn, affected by the aforementioned factors. o The telecom business (13% of total revenue) saw its revenues advance 1.9% to 552 Mn, mainly as a result of higher one-off trading revenues linked to the rollout of DTT (+ 30 Mn vs. 2009) and increased DTT coverage (98& vs. 97% in 2009) and satellite coverage (Amazonas II), offsetting the impact of the analogue switch-off ( -110 Mn gross excluding DTT compensation). o At the airports business (7% of total revenue) revenue advanced 5.5% to 277 Mn, despite the fall in passenger numbers at TBI, thanks to the increase in revenue per passenger, a strong traffic performance from MBJ and favourable exchange rate effects. o o The car park business (4% of total revenues), saw revenues increase 2.8% to 154 Mn following changes to the consolidation scope. And logistics parks revenues (1% of total revenues), advanced 17.7% to 35 Mn mainly thanks to the capital gains linked to the revaluation of Cilsa ( 14 Mn) which offset the decline in the contribution of areamed ( 7 Mn), which has been 4

5 contributing to the toll roads business since the start of Stripping out these impacts, revenues declined 5% due to the economic situation. EBITDA advanced +5.9% to 2,494 Mn. This increase compared with 2009 is largely due to the aforementioned factors. Profit attributable to the parent company amounted to 662 Mn, up 6.1%. Net debt at the end of 2010 stood at 14,651 Mn (56% non-recourse). Free cash flow generation reduced net debt by 366 Mn. This decline was partially offset by scope changes and other accounting impacts such as fluctuations in exchange rates and derivatives. As a result net debt was 61 Mn higher than at year-end 2009 ( 14,590 Mn). 84% of the debt is fixed-rate and 94% is long-term with an average maturity of 6.6 years and an average cost in 2010 of 4.53% (vs. 4.56% in 2009). Forecast cash flow generation (after dividends and operating capex) in the next 12 months covers abertis debt maturities over the next 17 months. Net cash flow (prior to investments and dividend payments) generated in 2010 amounted to 1,616 Mn, up 7.6% year-on-year despite the difficult economic conditions. Group investment in 2010 stood at 757 Mn, of which 192 Mn is operational investment (vs. 185 Mn in 2009) and 564 Mn is investment in organic growth, with a 166 Mn investment in the southern Reims ring road, the expansion of the A13, the A65 and the Paquet Vert (sanef) and a 152 Mn investment in lane widening on the AP-7 and other projects. At the telecom business 55 Mn was invested in the rollout of DTT in Dividends and the bonus share issue On 14 October the board of abertis decided to pay an interim dividend against 2010 earnings of 0.30 gross per share for each existing share in circulation with dividend rights, including shares from the last capital increase, which began trading on 24 June. The maximum total amount of the interim dividend is Mn, an increase of 5% from the prior year. Payment will be made on 21 October. The payment of this dividend further bolsters abertis shareholder remuneration policy, based on an annual dividend plus a 1-for-20 bonus share issue. This means the total amount paid to abertis shareholders in 2010 final dividend, bonus share issue and interim dividend will be 5% higher than in At the end of 2009 abertis payout was 68% (based on proforma data under IFRIC12), and the dividend yield exceeded 4% at 31 December

6 2. Key indicators Trends in the key business and financial indicators: Activity Chg. Toll roads: Average Daily Traffic (ADT) (*) Total Spain 22,383 23,328 (4.0%) Total France 23,303 22, % Total Americas 22,820 21, % Total abertis 22,869 22,963 (0.4%) Telecom No service centres DTT 61,208 41, % % DTT coverage 98% 97% 0.6 p.p. Airports tbi Total passengers (in thousand) 21,517 22,589 (4.7%) dca Total passengers (in thousand) 36,782 34, % codad No flights 149, , % Car Parks: Distribution of spaces No. of spaces 114, , % No. of metered parking spaces 14,134 14,817 (4.6%) Total 128, ,240 (0.1%) Notes: Like-for-like ADT adjusting 2009 ADT to reflect the ADT of Chilean highways, apr and the additional 50% of avasa 6

7 Financial indicators % of total Chg. Total revenues 2010 Toll Roads 3,078 2, % 75.0% Telecom % 13.4% Airports % 6.8% Car Parks % 3.8% Logistics % 0.9% Corporate and other services 9 12 (26.8%) 0.2% Total revenues 4,106 3, % 100% EBITDA Toll Roads 2,138 2, % 85.7% Telecom (0.9%) 8.7% Airports % 3.3% Car Parks % 2.6% Logistics % 0.9% Corporate and other services (30) (17) n.a. (1.2%) Total EBITDA 2,494 2, % 100% EBITDA Margin Chg p.p. Toll Roads 69.4% 69.0% 0.4 Telecom 39.4% 40.6% (1.1) Airports 29.3% 28.6% 0.7 Car Parks 41.7% 39.2% 2.5 Logistics 65.9% 39.8% 26.0 Corporate and other services n.a. n.a. n.a. Total EBITDA Margin 60.8% 60.3% Chg. EBIT 1,519 1, % Net profit % Net cash flow 1,616 1, % Net debt 14,651 14, Notes: contribution to the group, with consolidation adjustments made at source 7

8 3. Analysis of the consolidated income statement ( Mn) Chg. Total revenues 4,106 3, % Operating expenses (1,611) (1,548) 4.1% EBITDA 2,494 2, % Depreciation (762) (719) 6.0% EBIT 1,733 1, % Depreciation of revalued assets (213) (192) EBIT (2) 1,519 1, % Financial results (667) (587) Share of profits (losses) of associates PROFIT BEFORE TAX % Income tax expense (226) (252) PROFIT FOR THE PERIOD % Attributable to minority interest (82) (60) NET ATTRIBUTABLE PROFIT TO EQUITY HOLDERS OF THE PARENT COMPANY Revenues Revenues advanced 5.2% to 4,106 Mn. The net changes in the consolidation scope ( 86 Mn), the acesa - AP-7 and Maresme C-32 agreements, the strong performance of the telecom business and of traffic in France, 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 5.9% to 3,078 Mn, affected by the factors described earlier. Stripping out consolidation scope changes, revenues rose 3% compared with Telecom revenues advanced 1.9% to 552 Mn, chiefly due to higher one-off revenue linked to the rollout of DTT (+ 30 Mn vs. 2009) and the impact of broader coverage (98% vs. 97% in 2009), offsetting the adverse impact of the analogue switchoff ( -110 Mn gross). Revenues at the airports business advanced 5.5% to 277 Mn, chiefly thanks to higher revenue per passenger (+7.9% at TBI), the appreciation of sterling versus the euro (+3.9%) and the strong traffic performance at MBJ (+1.2%) % ( Mn) Chg. Revenues sanef 1,465 1,413 4% acesa % aumar (7%) aucat (5%) iberpistas (3%) avasa n.a. castellana % gco % elqui 24 8 n.a. rutas del pacífico n.a. Autopista Central % Others % Total toll roads 3,078 2,907 6% Telecom % Airports % Car Parks % Logistics % Corporate and other services 9 12 (27%) Total revenues 4,106 3,904 5% Notes: contribution to the group, with consolidation adjustments made at source By sector 4% 1% 7% 13% 75% 8

9 The car park unit s revenues climbed 2.8% to 154 Mn as a result of changes in the consolidation scope (France and Italy) and management (mainly the new terminal at Barcelona airport). Logistics revenues advanced 17.7% to 35 Mn mainly thanks to the capital gains from the revaluation of Cilsa ( 14 Mn) which offset the loss of the contribution of areamed ( 7 Mn), which has been contributing to the toll roads business since the start of Stripping out these impacts, revenues declined 5% due to lower occupation and lower prices. Corporate and other services includes serviabertis and the contribution of the holding company Operating expenses Operating expenses rose 4.1%, mainly due to changes in the consolidation scope and higher one-off trading revenues from the rollout of DTT at the telecom business and Chilean toll roads, as well as higher winter road maintenance expenses. Stripping out these and other impacts, operating expenses fell 0.2%. Personnel expenses amounted to 620 Mn (38% of operating expenses). The average workforce in 2010 stood at 12,401 (-0.7%), 58% of whom were employed outside Spain EBITDA EBITDA amounted to 2,494 Mn, up 5.9% year-on-year, mainly due to the factors described above. At the toll roads business EBITDA advanced 6.5% thanks mainly to the impact on the consolidation scope of the Chilean toll roads, avasa and APR (+ 70 Mn net), the strong performance of sanef and the acesa AP-7 and Maresme C- 32 agreements. Stripping out these impacts, EBITDA increased by 2.9%. At the telecom business, EBITDA fell by 0.9% largely due to the impact of the analogue switch-off, which was not fully offset by one-off trading revenues and increased DTT coverage. At the airports unit, EBITDA advanced 8.1%, mainly due to higher revenue per passenger at TBI, which offset the release of the provision in Costa Rica in 2009 ( 3.8 Mn). ( Mn) Chg. EBITDA sanef % acesa % aumar (7%) aucat (5%) iberpistas (2%) avasa n.a. castellana % gco % elqui 15 1 n.a. rutas del pacífico n.a. Autopista Central % Others % Total toll roads 2,138 2,007 7% Telecom (1%) Airports % Car Parks % Logistics % Corporate and other services (30) (17) n.a. Total EBITDA 2,494 2,356 6% Notes: contribution to the group, with consolidation adjustments made at source 3% 9% By sector 3% 1% 86% 9

10 3.4.- Depreciation Depreciation rose 7% from 2009 to 975 Mn. This included the impact of scope changes ( 44 Mn). In addition, telecom includes an increase in depreciation due to investments in DTT. At sanef the positive impact of the Paquet Vert agreement reduced depreciation expenses by 17 Mn. ( Mn) Chg. Toll Roads (745) (695) 7% Telecom (112) (111) 0% Airports (55) (59) (7%) Car Parks (30) (24) 24% Logistics (22) (9) 140% Corporate and other services (11) (12) n.a. Total (975) (911) 7% EBIT EBIT totalled 1,519 Mn, an increase of 5%, for the reasons explained earlier Financing result The financing result rose 14% from 2009 mainly as a result of higher financial expenses from the acquisitions of Itínere assets, partly offset by lower interest rates. Earnings also included a one-off positive impact from exchange rate differences ( 10 Mn) Share of profits (losses) of associates The share of profits of associates increased by 52% to 117 Mn, mainly as a result of the increased contribution of Eutelsat ( 83 Mn) and Coviandes ( 21 Mn) Income Tax Expense 2010 includes a positive non-recurring impact of 6 Mn from a reduction in deferred taxes stemming from the reduction in the UK's corporate tax rate (from 28% to 27%) from Stripping out this impact, the effective tax rate was unchanged Minority interests These mainly correspond to the larger contribution of minority interests to HIT partners Result due to the parent company The result due to the parent company amounted to 662 Mn, up 6.1%. 10

11 4. Analysis by sectors Toll Roads Activity and earnings analysis Profit and Loss account ( Mn) Chg. Revenues 3,078 2, % EBITDA 2,138 2, % Margin 69.4% 69.0% 0.4 p.p. EBIT 1,584 1, % Margin 51.5% 50.9% 0.5 p.p. EBIT (2) 1,393 1, % Margin 45.2% 45.1% 0.1 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 expenses Accumulated ADT in 2010 totalled 22,869 vehicles per day, down 0.4% (- 0.8% light vehicles and +1.8% heavy vehicles). The main reason for the negative performance of abertis traffic numbers compared with 2009 was the unfavourable showing of the ADT of abertis Spain (- 4.0%) partly offset by the performances of abertis France (+1.3%) and abertis Américas (+5.5%) The negative performance of traffic is due to a range of factors: the economic crisis, which prompted a sharp decline in heavy vehicles in Spain (-6.2% ADT at abertis Spain, partially offset by the +4.9% increase in ADT at abertis France); the impact of parallel routes at aumar, the poor weather conditions in the period (-0.2% in accumulated ADT Spain); the strikes at acesa on 26 and 27 March, the general strike in Spain on 29 September and the strike at sanef on 11 and 18 June (-0.2% in accumulated ADT Spain and -0.4% accumulated ADT France). At the end of December 2010, transactions with cards + teletolls on toll roads in the Spanish network represented 74.1% of the total vs. 73.5% in 2009, and in teletoll systems 35.1% versus 33.5%. In France teletoll transactions stood at 36.2% (34.4% in 2009). Revenues advanced 5.9% though for comparative purposes, excluding the net + 86 Mn from consolidation scope changes ( Itínere assets, APR, Masternaut), revenues grew 3% despite the negative business performance, mainly due to the impact of the compensation for the acesa AP-7 agreement (+ 91 Mn, 19 Mn vs. 2009), of the compensation for the Maresme C32 agreement (+ 7 Mn, +7 Mn vs. 2009) and the tariff revision (+1.2% average at group level factoring in the mix effect). EBITDA grew 6.5% thanks to containment of operating expenses. EBIT advanced 6%, due to higher depreciation linked to changes in the consolidation scope. This was partially offset by the positive impact of the extension of the concession term for sanef. ACESA AUCAT AUMAR IBERPISTAS AVASA CASTELLANA AULESA ABERTIS SPAIN 31,753 26,712 19,034 27,123 13, % 7, % 4, % 22, % -6.9% -3.3% -4.0% -3.5% ABERTIS FRANCE 23, % ABERTIS CHILE 15, % ABERTIS INTERNATIONAL TOTAL ABERTIS 22,820 22, % -0.4% -5, ,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 11

12 sanef sanef s toll revenue in 2010 advanced 3.3% to 1,332 Mn due to a 1.3% increase in ADT and a 2% rise in the average tariff (due to the annual review and the impact of the heavy-light vehicle mix). The difference between revenues and toll revenues is accounted for by telematics and other services revenues (+ 133 Mn), adversely affected by the Masternaut sale in April EBITDA grew 4.7% despite higher operating expenses linked to infrastructure repairs carried out in the winter season. EBIT was positive thanks to the impact of the Paquet Vert agreement on depreciation ( 17 Mn) acesa Despite the negative ADT performance (-3.5%), revenues grew 0.5% thanks to the positive impact of the compensation for the AP-7 agreement (+ 19 Mn gross vs. 2009) and the Maresme agreement (+ 7 Mn gross versus 2009). EBITDA grew +2.4% thanks to operating expense control (-7.0%). At EBIT level, results were in line with the EBITDA performance Chg. ADT 23,303 22, % ( Mn) Total revenues 1,465 1, % Operating expenses (548) (536) EBITDA % Margin 62.6% 62.0% Depreciation (264) (267) EBIT (1) % Margin 44.6% 43.1% Depreciation of revalued assets (93) (98) EBIT (2) % Margin 38.2% 36.2% Notes: Contribution to the group includes HIT with consolidation adjustments made at source EBIT (1): Excludes depreciation of revalued assets (PPA sanef) EBIT (2): Includes all depreciation expenses acesa Chg. ADT 31,753 32,908 (3.5%) ( Mn) Total revenues % Operating expenses (131) (140) EBITDA % Margin 80.5% 78.9% Depreciation (102) (100) EBIT % Margin 65.1% 63.9% Notes: Contribution to the group, with consolidation adjustments made at source aumar aumar s revenues fell, mainly as a result of a negative business performance (-6.9%) and the annual tariff review (-0.1%). The decline in EBITDA was partially offset by cost containment (-5.0%) and the fall in EBIT by depreciation remaining virtually unchanged. aumar Chg. ADT 19,034 20,444 (6.9%) ( Mn) Total revenues (6.8%) Operating expenses (72) (76) EBITDA (7.3%) Margin 76.5% 76.9% Depreciation (63) (62) EBIT (9.9%) Margin 56.2% 58.1% Notes: Contribution to the group, with consolidation adjustments made at source 12

13 4.1.4 aucat Revenues fell due to a negative business performance (-4.1% ADT) and the annual tariff review (-0.6%). EBITDA fell despite the fall in operating expenses (-5.9%), while EBIT declined significantly with depreciation virtually unchanged. aucat Chg. ADT 26,712 27,853 (4.1%) ( Mn) Total revenues (4.8%) Operating expenses (17) (18) EBITDA (4.6%) Margin 81.0% 80.7% Depreciation (14) (14) EBIT (5.3%) Margin 65.5% 65.9% Notes: Contribution to the group, with consolidation adjustments made at source iberpistas iberpistas Chg. Revenues fell by 3.3% and EBITDA by 1.8% largely due to lower toll revenues, impacted by ADT performance (-3.3%) and the compensation provision for the third lane (-2.1%) since investment has not yet been completed. These impacts are partially offset by the tariff increase (+2.4%) avasa (100% owned by abertis since 30 June Accordingly, the acquisition of the additional 50% made at that date shows an impact of an additional six months on the income statement) Stripping out the consolidation scope impact, revenue fell 1%, mainly due to a negative business performance (- 0.9%) and the negative annual tariff review (-0.1%). 13 ADT 27,123 28,039 (3.3%) ( Mn) Total revenues (3.3%) Operating expenses (20) (22) EBITDA (1.8%) Margin 81.3% 80.1% Depreciation (10) (10) EBIT (1.8%) Margin 72.1% 71.0% Notes: Contribution to the group, with consolidation adjustments made at source avasa Chg. ADT 13,447 13,571 (0.9%) ( Mn) Total revenues n.a. Operating expenses (34) (23) EBITDA n.a. Margin 76.3% 79.0% Depreciation (32) (24) EBIT (1) n.a. Margin 54.1% 57.5% Depreciation of revalued assets (50) (25) EBIT (2) n.a. Margin 19.0% 34.7% Notes: Contribution to the group, with consolidation adjustments made at source EBIT (1): Excludes depreciation of revalued assets (PPA avasa) EBIT (2): Includes all depreciation expenses

14 GCO The positive ADT performance (+6.5%) and the tariff increase in force since 14 December 2009 underpinned a 33% increase in revenue. EBITDA grew 84%, despite higher operating expenses and inflation in Argentina, due to lower provisions for IFRIC 12. Chilean motorways Figures not comparable due to the impact of the acquisition of Itínere assets from 30 June 2009 (additional 50% of Rutas del Pacífico and additional 75% of Elqui) Elqui 100% abertis with impact of additional six months to December 2010 due to 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 (+4.7% ADT) and positive UF/Peso/Euro exchange rate impact on other revenue expressed in UFs, partially offset by a negative annual tariff review (-4.0%). gco Chg. ADT 73,419 68, % ( Mn) Total revenues % Operating expenses (33) (29) EBITDA % Margin 38.1% 27.4% Depreciation (5) (5) EBIT % Margin 28.4% 14.4% Notes: Contribution to the group, with consolidation adjustments made at source elqui Chg. ADT 4,795 4, % ( Mn) Total revenues 24 8 n.a. Operating expenses (9) (7) EBITDA 15 1 n.a. Margin 62.3% n.a. Depreciation (4) (2) EBIT (1) 11 (0) n.a. Margin 45.2% n.a. Depreciation of revalued assets (0) 0 EBIT (2) 11 (0) Margin 45.2% n.a. Notes: Contribution to the group, with consolidation adjustments made at source EBIT (1): Excludes depreciation of revalued assets (PPA elqui) EBIT (2): Includes all depreciation expenses Rutas del Pacífico Figures not comparable due to consolidation scope changes (2009 included only 50% for six months and in % was consolidated following the Itínere assets acquisition). A +5.6% increase in traffic and a -0.5% reduction in tariff. Revenues advanced 44% in local currency (ex perimeter). A positive non-recurring impact from the safety work commissioned by the Ministry of Public Works (+ 22 Mn at 31 December 2010). This also had an impact on costs. EBITDA advanced by 9% due to the increase in traffic and improved mix. 14 rutas del p Chg. ADT 22,879 21, % ( Mn) Total revenues n.a. Operating expenses (32) (7) EBITDA n.a. Margin 62.7% 81.9% Depreciation (17) (10) EBIT (1) n.a. Margin 42.9% 55.2% Depreciation of revalued assets (11) (8) EBIT (2) n.a. Margin 30.1% 33.7% Notes: Contribution to the group, with consolidation adjustments made at source EBIT (1): Excludes depreciation of revalued assets (PPA rutas del p.) EBIT (2): Includes all depreciation expenses

15 4.2.1 Autopista Central A strong performance (+4.5%). The general tariff revision (+1.2%) and a larger proportion of infractors (users not registered as customers) were behind a 9% rise in revenues in local currency. A strong EBITDA performance (+9% in local currency) notwithstanding the increase in expenses stemming from higher insolvency provisions. A. Central Chg. ADT 65,843 62, % ( Mn) Total revenues % Operating expenses (24) (20) EBITDA % Margin 64.1% 63.6% Depreciation (13) (7) EBIT (1) % Margin 45.1% 51.1% Depreciation of revalued assets (37) (37) EBIT (2) (6) (9) 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 (PPA A.Central) EBIT (2): Includes all depreciation expenses Other holdings Overall, declines in activity or very modest increases in absolute terms due to the prevailing economic situation. The following improvements were reported despite the 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. ADT 10/09 % abertis Kms ADT ADT Chg. castellana 100.0% 51 7,241 7, % aulesa 100.0% 38 4,911 5,115 (4.0%) apr 100.0% 2 16,549 23,135 (28.5%) Trados % 14 57,534 57, % Coviandes 40.0% 86 7,805 7, % Túnel del Cadí 37.2% 30 6,679 6,886 (3.0%) A. Madrid R3-R5 35.1% 61 12,044 12,640 (4.7%) Ausol 31.6% ,529 79, % RMG 33.3% 74 41,670 41, % Autema 23.7% 48 20,583 21,339 (3.5%) Ciralsa 25.0% 33 6,611 7,364 (10.2%) Henarsa R2 30.0% 62 9,197 9,321 (1.3%) 15

16 4.2. Telecommunication Infrastructures Activity and earnings analysis Profit and Loss Account ( Mn) ( Mn) Chg. EBIT declined 2% due to higher depreciation linked to the rollout of DTT and the commissioning of the Amazonas II satellite, which is at ramp-up stage. Revenues % EBITDA (0.9%) Margin 39.4% 40.6% (1.1) p.p. EBIT (2.2%) Margin 19.8% 20.6% (0.8) p.p. EBIT (2) (2.2%) Margin 19.2% 20.0% (0.8) 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 expenses Activity and earnings analysis The abertis telecom group contributes 13% of abertis total revenues and 9% of EBITDA. Revenues performed well, rising 1.9% chiefly as a result of: Higher one-off trading revenues linked to the rollout of DTT (+ 30 Mn compared with 2009). Increased DTT coverage, which stood at 98% vs. 97% in Satellite coverage (Amazonas II). 17% 11% 7% 9% Revenue breakdown 16% 40% Audiovisual broadcasting Transport, housing and maintenance Mobile communication Occasional Satellite capacity Other revenues EBITDA fell 0.9% due to the impact of the analogue switch-off, which was not offset by one-off trading services and increased DTT coverage Eutelsat Eutelsat contributed 83 Mn to abertis under the equity accounting method in 2010 due to the positive impact of 90 Mn from Eutelsat itself and a negative impact of - 7 Mn from the depreciation of assets revalued in the PPA process. 16

17 4.3.- Airports Activity and earnings analysis Profit and Loss Account ( Mn) ( Mn) Chg. Revenues % EBITDA % Margin 29.3% 28.6% 0.7 p.p. EBIT % Margin 16.2% 13.7% 2.5 p.p. EBIT (2) % Margin 9.5% 6.1% 3.5 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 expenses TBI: number of passengers (in thousands) 22,589 21, % Activity and earnings analysis The airports business (which includes abertis Airports, the DCA group, ACDL/TBI and Codad) accounted for 7% of abertis group revenues and 3% of EBITDA in Revenue and EBITDA both advanced despite the fall in passenger numbers at TBI (-4.7%), thanks to higher revenue per passenger (+7.9%), the sterling/euro exchange rate (+3.9%), and the improved activity at MBJ (+1.2% passengers). TBI EBITDA rose 1% in local currency, mainly due to the release of the provision in Costa Rica in Stripping out this impact EBITDA grew 8%. CODAD Operates under a Guaranteed Minimum Revenue scheme so changes in activity do not have a direct impact on variations in revenues. DCA A positive performance in 2010, with an 8.2% increase in passenger numbers. In terms of indicators (mainly linked to MBJ s airport in Jamaica), a strong performance (revenue +17%) thanks, among other factors, to the increase in passenger numbers and fees. 5% 12% TBI: passengers by airport 7% 17% 19% 34, % 41% 36, London Luton Belfast International Cardiff International Stockholm Skavsta Orlando Sandford Bolivian airports DCA: number of passengers (in thousands) 17

18 No. of spaces Car parks Activity and earnings analysis Profit and Loss Account ( Mn) ( Mn) Chg. Revenues % Total revenues % Revenues by veh. rotation (1%) Revenues by holders % EBITDA % Margin 41.7% 39.2% 2.5 p.p. EBIT (1.0%) Margin 22.3% 23.2% (0.8) 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) revenues advanced 2.8% from 2009, mainly due to consolidation scope changes (France and Italy), new management contracts (mainly the new terminal at Barcelona airport), and average tariff increases, offsetting a slightly negative like-for-like performance (rotation -1.4% vs. 0% real and pass holders -0.9% vs -0.6% real). EBITDA rose 9.3% despite the increase in the scope thanks to cost containment (- 1.5%). EBIT declined slightly due to higher depreciation as a result of the expansion of the business. The number of parking spaces at saba stood at 128,149 at 31 December, in line with 2009, with a portfolio of 8,505 new spaces awarded which are currently being built or prepared. 11% 43% 14% 20% 128,240 4% 3% 7% +6.6% 1% -0.1% 39% Spaces awarded , Spaces by type Spaces by country 57% Current spaces Concession Management Metered under concession Metered under management Property Leased Spain Italy Portugal Chile France 18

19 4.5.- Logistics parks % warehouse occupation Activity and earnings analysis Profit and Loss Account ( Mn) nonoccupancy 34% occupancy 66% ( Mn) Chg. Revenues % EBITDA % Margin 65.9% 39.8% 26.0 p.p. EBIT 1 3 (65.3%) Margin 2.6% 8.8% (6.2) p.p. Notes: Contribution to the group, with consolidation adjustments made at source % office occupation nonoccupancy 15% Activity and earnings analysis At the logistics parks business (1% of revenues and 0.9% of EBITDA) the increase in revenues (17.7%) was mainly due to the restructuring as a result of which certain Catalonian logistics platforms were grouped at the Consorci del Parc Logistic (CPL). As a result of this restructuring abertis has increased its controlling interest in CPL to 64.5% and its stake in Cilsa from 32% to 44%. The latter stake is now proportionally integrated. This operation entails a revaluation at fair value of its longstanding 32% stake in Cilsa, boosting revenue by 14 mn. This impact more than offsets the absence of areamed in 2010 following its sale to the Spanish Toll Roads unit at the end of Stripping out this impact, revenues declined 5%. occupancy 85% arasur. Álava Parc Logístic Zona Franca Barcelona 19

20 5. Analysis by geographical markets Spain still accounts for the bulk of revenues, representing 50% of the total, followed by France (mainly sanef) with 35%, Chile with 5% (Rutas del Pacífico, Autopista Central, and Elqui) the UK with 4% (TBI), and other countries (mainly Puerto Rico, Argentina, Colombia, Ireland, 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 1.3%, despite the decline in activity at the toll road business, which was offset by the acesa (AP-7) agreement, a strong showing by the telecom business and the inclusion of an additional 50% of avasa in the consolidation scope (with an impact in the first six months of the year). France, where revenues advanced 4% thanks to the increase in traffic and the improved mix. The UK, where revenues rose 6.5%, 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 (+0.9%) held firm despite the challenging macroeconomic backdrop. Chile ( 130 Mn) is now abertis third largest market thanks to the contribution of the Chilean toll roads. In France, EBITDA climbed 4.5% largely thanks to the toll roads business. ( Mn) Chg. Revenues Spain 2,051 2,026 1% France 1,444 1,388 4% UK % Chile n.a. Others % Total revenues 4,106 3,904 5% others 6% 5% 4% 50% 35% ( Mn) Chg. EBITDA Spain 1,317 1,306 1% France % UK % Chile n.a. Others % Total EBITDA 2,494 2,356 6% 2% 5% others 3% 37% 53% 20

21 6. Consolidated balance sheet The balance sheet increased by 420 Mn through December 2010 from yearend Assets More significant variations due to the investment in the year, the impact of the valuation of Brisa and Atlantia at market prices, and the inclusion of APR and Cilsa in the consolidation scope Liabilities Net equity grew slightly due to the result for the year and the positive impact of the /Chilean peso and /sterling exchange rates (+ 162 Mn) which offset the impact of valuing Brisa and Atlantia at market prices (- 257 Mn from year-end 2009), the payment of the final dividend from 2009 earnings (- 211 Mn), the interim dividend against 2010 earnings (- 222 Mn) and the measurement of derivatives (- 70 Mn). Gross debt stood at 15,134 Mn. Net debt stood at 14,651 Mn. The change from year-end 2009 ( 14,590 Mn) is due to the cash flow generation in the year, the consolidation scope effect, the exchange rate for financing in Chile and the UK and the measurement of derivatives. 84% of total debt is long term or fixed through hedging (84% in December 2009) and 56% is non-recourse. The average cost of debt in 2010 was 4.53%, (4.56% in 2009). Assets(Mn with IFRIC 12) 2, Chg ( Mn) Property, plant and equipment 2,325 2, Intangible assets 16,948 17,022 (75) Investments & other fin. assets 3,942 4,413 (472) Non-current assets 23,214 23,620 (406) Trade and other receivables Others Current assets 1,466 1, Assets held for sale Total assets 25,292 24, Equity & Liabilities(Mn with I Chg ( Mn) Share capital 2,217 2, Reserves and Minority interest 3,236 3, Shareholder's equity 5,453 5, Loans and borrowings 14,238 13, Other liabilities 3,307 3, Non-current liabilities 17,545 17, Loans and borrowings 895 1,094 (199) Trade and other payables 1,398 1, Current liabilities 2,293 2,429 (136) Total equity and liabilities 25,292 24, Proportion of fixed/variable rate debt Variable 16% 7. Debt structure and trends ( Mn) 2010 % o/total 2009 % o/total Fixed 12,734 84% 12,529 84% Variable 2,400 16% 2,402 16% Total Debt 15, % 14, % 2010 % o/total 2009 % o/total Lo ng-term 14,238 94% 13,837 93% Short-term 895 6% 1,094 7% Short-term revolving facilities 2% Loan BEI 9% Fixed 84% Financing instruments Comm ercial papers Others 0% 0% Long-term l oans Sanef long-term 6% loans 12% Total Debt 15, % 14, % Average life (years) % o/total 2009 % o/total Recourse debt 6,659 44% 6,570 44% Non Recourse debt 8,475 56% 8,362 56% Total Debt 15, % 14, % Notes 44% Syndicated loans 25% Rating BBB+ por S&P y A- Fitch. 21

22 8. Consolidated cash flow statement In 2010 abertis generated net cash flow (before investments and dividend payments) of 1,616 Mn, 7.6% more than in abertis continued to pursue a strict operating capex control policy in 2010, helping it to increase free cash flow before dividends and expansion capex by 8%. Free cash flow after investments and dividends amounted to 366 Mn (- 219 Mn in 2009). ( Mn) Chg ( Mn) Chg. EBITDA 2,494 2, % Financial results (667) (587) (81) n.a. Income tax expense (226) (252) 26 n.a. Cash flow 1,601 1, % Adjust. non cash effect PPA & others 15 (15) 30 n.a. Net cash flow 1,616 1, % Operational capex (192) (185) (8) n.a. Free cash flow I 1,424 1, % Dividends (424) (404) (20) n.a. Payments to minority (69) (69) 0 n.a. Impact IS transition NPGC 0 98 (98) n.a. Free cash flow II (12) (1.3%) Expansion capex - organic (564) (545) (19) n.a. Expansion capex - inorganic (M&A) 0 (616) 616 n.a. Free cash flow III 366 (219) 585 n.a. 9. Investments Operational investment through December 2010 stood at 192 Mn, up 8 Mn from The most significant investment in toll roads was at sanef ( 74 Mn, overhaul and upgrade of the existing network), and aumar ( 15 Mn, channelling work for the installation of fibre optic cables). There was no significant operational investment in the rest of the businesses. Operational investment by sector 11% 15% 4% 1% Holding 2% Investment in organic growth totalled 564 Mn, most notably investment in: Toll roads ( 381 Mn), mainly investment at sanef ( 183 Mn, new construction and lanes), and acesa ( 171 Mn in lane widening on the AP-7 and other roads). At the telecom business investment amounted to 126 Mn, with 55 Mn invested in the rollout of DTT and 53 Mn in Hispasat (abertis proportional share of the construction of the Hispasat 1E (launched in December 2010), Amazonas III, and Small Geo satellites). The company will continue to pursue a prudent operational and growth investment strategy given the difficult economic backdrop at present. 68% Investment in growth by sector 5% 5% 0% 22% 68% 22

23 Appendices Appendix I: Summary of significant events October 2010 saba agrees the sale of its stake in Rabat Parking. Agreement has been reached with CG Parks (Groupe CDG) on the sale of its stake for 1.4 Mn. The company was owned by saba (51%), Rabat municipal council (39%) and the local company Alcántara (10%). Since the end of 1998 Rabat Parking S.A. has managed three parking facilities in Rabat (Morocco): two car parks (one underground and one at street level) with a total of 690 spaces, and a metered parking area with 3,292 spaces. abertis announces payment of interim dividend from 2010 earnings. The company will pay a gross dividend of 0.30 per share for each existing share in circulation with dividend rights. The maximum total amount is Mn, an increase of 5% from the prior year. Payment will be made on 21 October. Changes on the Board of Directors. The Board of Directors of abertis has sanctioned the appointment of Javier de Jaime, José Antonio Torre de Silva and Santiago Ramírez, representing Trebol Holdings, a company controlled by funds advised by CVC Capital Partners. The Board has also approved the appointment of Javier de Jaime and José Antonio Torre de Silva to the Executive Committee. These changes arise from the agreement between ACS and CVC (via its company Trebol Holdings S.A.R.L.), announced in August, whereby ACS transferred its 25.83% stake in abertis to Admirabilia S.L. (10.28%) and Trebol International B.V. (15.552%). Trebol Holdings holds 60% of the voting rights in both companies with ACS holding 40%. November 2010 GEFCO rents an area of 4,000 square metres in Arasur. Araba Logística S.A. has signed an agreement with the French logistics group GEFCO for the rental of a total area of 3,951 square metres, corresponding to two units, each of which measures 1,882 square metres, and 187 square metres of office space. Parc Logístic de la Zona Franca and Vapores Suardíaz sign a rental agreement for a warehouse with an area of 2,030 square metres. The contract is for three years. sanef inaugurates the southern Reims ring road. sanef has opened the southern Reims ring road of the A4 highway (Paris-Reims), a new 14-km section (called the A4Bis). The project entailed a total investment of 245 Mn. 23

24 December 2010 Sanef and Eiffage open the A-65 toll road. The A liénor consortium, controlled by Eiffage (65%) and sanef (35%) was commissioned to design and build the 150-km A-65 toll road which link the cities of Langon and Pau in south-western France. sanef, via sanef aquitaine, will manage the highway for 60 years. New concessionaire Invicat assumes responsibility for the C-31/C-32 and C-33 highways. The Catalan government has approved the transfer of the concessions for the C- 31/C-32 (Montgat-Mataró-Palafolls) and C-33 (Barcelona- Montmeló) toll roads - managed until now by acesa - to the new company Infraestructures Viàries de Catalunya, S.A. (Invicat), which is also controlled by abertis. Ivicat will manage all the concessions for toll roads owned by the Catalan government. The measure enables acesa to separate management of the Catalan government s toll roads from its other activities. This also means that the accounts, business plan and investment plan will differ from those for acesa's other state-owned concessions (AP-2 and AP-7). This operation is pending ratification by the Ministry of Works. Fitch affirms its A- rating with a stable outlook rating for abertis The credit ratings agency Fitch has affirmed its 'A-' rating with a stable outlook for abertis long-term debt and maintains its 'F2' rating for short-term debt. Fitch emphasises abertis proven and enduring capacity to generate strong cash flow notwithstanding the challenging economic environment in which some of its core assets (i.e. highways) are operating. It also highlights the group s success in increasing these assets EBITDA in 2009 through effective cost management and rate increases. 24

25 Appendix II: Events subsequent to 12M10 January 2011 abertis logisticspark santiago and Kuehne+Nagel sign a rental agreement. Kuehne+Nagel has rented a 5,078-square metre storage unit in the first phase of the project that abertis is developing in Chile. Following the signing of this agreement, the first phase of the park (an area of 20,000 square metres was opened in November) has reached 100% occupancy. Sale of 6.68% stake in Atlantia. abertis has sold its 6.68% stake in Atlantia for 15.60/share via a private placement. The deal was worth a total of 626 Mn, with consolidated capital gains of 151 Mn. The investment in Atlantia generated an Internal Rate of Return of over 17% for abertis. Unicaja sells 0.69% stake in abertis. Unicaja (Monte de Piedad and Caja de Ahorros de Ronda, Cádiz, Almería, Málaga, Antequera y Jaén) has sold 5,116,130 abertis shares at a price of 14.20/share via a private placement. adesal telecom to supply COMDES terminals to the Valencian regional health ministry. The regional health ministry of the Valencian government has awarded adesal telecom the contract to supply TETRA terminals for its COMDES (Digital Mobile Communications for Emergency and Security) network. The agreement is for six years. adesal telecom s shareholders are abertis telecom, Aguas de Valencia and Banco de Valencia. abertis telecom wins contract to deploy Montornés del Vallés town council s WIFI network. abertis telecom will undertake the design, creation and development of the WIFI inter-centre corporative communication and service network as per the contract with Montornès del Vallès Town Council. The project will entail an investment of more than 84,000. February 2011 saba is awarded the contract to manage girona airport's car park. The three-year contract comes into effect on 1 March and can be extended for a further two one-year periods. The car park has a total capacity of 7,690 spaces, of which 6,963 are available to the public and 364 are for pass holders. abertis is studying a reorganization of its business structure. To foster growth of its five sectors of activity, the group would reorganise its five Business Units into two companies, the current abertis infraestructuras (Motorways, Telecoms and Airports) and the non-listed 25

26 company saba infraestructuras (Car Parks and Logistics Parks). abertis would set the process in motion by distributing an extraordinary dividend to be received in the form of new saba infraestructuras shares or in cash. abertis shareholders would thus be offered the possibility to hold a stake in the new company, an option which the main shareholders are analysing. 26

27 Appendix III: Contact details Investor Relations Steven Fernández 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