ABERTIS INFRAESTRUCTURAS 
The revenues of the company amounted to €3,328Mn -in line with the previous year- while comparable EBITDA increased 5%.
The Group reduced significantly its net debt, which decreased by close to 25%, to
€10,767Mn, bringing the net debt/EBITDA ratio to 3.7x and strengthening its financial capacity to undertake new investments.
There were notable increases in traffic in the January to September period in Spain (+6%), Chile (+8.3%) and France (+2.1%). In Spain, growth in the third quarter was the best figure of the last 15 years.
The company successfully completed its plan to repurchase 6.5% of its own shares with demand equivalent to 48.10% of its capital, allowing the Group to boost its treasury stock to 8.25%.
Yesterday, the Abertis Board of Directors approved the distribution of an interim dividend against 2015 results of 0.33 euros per share.
The company maintains an active policy to carry out further acquisitions and extensions of concessions. Since January there have been the following transactions:
Acquisition of an additional 15.01% of Túnels de Barcelona i Cadí, obtaining a controlling stake of 50.01%.
Acquisition of an additional 50% (minus one share) of Autopistas Libertadores y del Sol, in Chile, thereby holding 100%.
Agreement with the French Government on the so called Plan Relance , through which the French subsidiary of Abertis will invest €600Mn in exchange for an average extension of concessions of 2.5 years.
The results of Abertis in the first nine months of 2015 have been shaped by the inclusion of capital gains derived from the floating on the stock exchange of 66% of Cellnex (formerly Abertis Telecom), bringing the Group's net profit up to €1.797Mn. Excluding extraordinary items, as well as other effects and provisions, Abertis' net income on a comparable basis grew by 6% over the January to September period in 2014.
The Group confirms the good performance of traffic on its toll roads, which continues to grow at a robust pace in the company's main markets. In the case of Spain, the turnaround has been confirmed with six consecutive quarters of growth. In the January to September period, traffic in Spain rose by 5.9%, the highest percentage increase in this period since 2001. This figure is the best of the past 15 years (since the third quarter of 2000). The strong performance in heavy traffic was especially notable, with growth of over 9%. Outside the Spanish market, significant increases were registered in Chile (+8.3%) and France (+2.1%), which continue to outperform the company's forecasts.
The economic figures for the Group have been affected in recent months by the negative performance of exchange rates in South America and the change in accounting treatment for revenues associated with the AP-7 agreement in the accounts. The increase in toll revenue helped offset these effects and the Group closed the period with an operating profit of €3,328Mn, maintaining a stable trend with respect to the previous year.
Almost 70% of the income of Abertis already comes from outside Spain. The French market has become the largest for the Group, contributing 37% of total revenues; followed by Spain with 31%. Brazil, with 18% of revenues, and Chile, with 5%, are the other most important contributions.
The gross operating profit (EBITDA) amounted to €2,129Mn (-6%), although discounting non-recurring effects, comparable EBITDA grew 5% from the same period last year.
The Group's investments in January-September 2015 amounted to €572Mn, of which
€529Mn were for expansion and €43Mn for operational investments. The main expansion projects of the period concentrated on the improvement and expansion of lanes on toll roads in Brazil (€278Mn). Additionally there have been operations to increase the Group's control in Autopista Los Libertadores and Autopista del Sol in Chile, and in Túnels de Barcelona i Cadí.
Revenues from the sale of Cellnex and cash generation have allowed the company to reduce significantly its net debt, which at the end of September stood at €10,767Mn, compared with
€13,789Mn at the end 2014, implying a reduction of about 25%. The net debt/EBITDA ratio
stood at 3.7x. The Group thereby strengthened its financial capacity to undertake new investments.
Of the total debt, 65% is secured with the company's own projects (without recourse). 94% of the debt is long-term and 89% is at fixed rates or fixed through hedging.
At the same time, the company has continued to work on liability management geared towards repurchasing old bonds and carrying out new issues at lower rates, lengthening their maturity. In September, the French subsidiary, HIT, repurchased bonds coming due in 2018 with a coupon of 5.75%. In a parallel operation, the company placed 10-year bonds (2025) with a coupon of 2.25%, below the average debt of the Group.
The Group remains focused on growth as one of its main strategic objectives for the coming years. It is currently studying investment opportunities involving both the extension of its existing concessions, and the incorporation of new projects into its portfolio. To this end, it can capitalize on its financial strength and streamlined balance sheet, which, together with its liquidity position, gives it an outstanding capacity to undertake new projects.
The company continues to analyse other growth projects in markets it considers as priorities, such as Italy and the United States.
Abertis continues to make progress in meeting the main objectives of its 2015-2017 Strategic Plan. In this regard, notable initiatives include the company's buyback program, which has been expanded and accelerated with the launch of a tender offer for 6.5% of its share capital at €15.70 per share. The offer, which ended on October 20, was subscribed to by over 48% of the shares in the company. As a result, the treasury stocks that the company holds represents 8.25% of its share capital.
Abertis intends to allocate these shares to potential corporate transactions or delivery to shareholders, replacing or complementing upcoming bonus share issues.
After the deal, the major shareholders in Abertis are Criteria (21.7%), followed by Grupo Villar Mir (16.1%) and CVC (7.2%). The remaining capital of 55% comprises the free float and the Group's treasury stock (8.25%).
The Abertis Board of Directors agreed yesterday to pay an interim dividend for 2015 in the gross amount of 0.33 euros per share to each of the existing and outstanding shares entitled to receive dividends, including those from the last capital increase. The maximum total amount of the interim dividend amounts to €311Mn.
The payment of this dividend, which is expected to take place starting November 3rd, is part of Abertis' well-known shareholder remuneration policy, based on the distribution of an annual dividend in two payments and a bonus share issue.
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