28 April 2016
ContentsExtraordinary Effects 5
Activity 6
Income Statement 8
Toll Roads Spain 11
Toll Roads France 13
Toll Roads Chile 15
Toll Roads Brazil 17
Toll Roads RoW 19
Hispasat 21
Cash Flow 22
Capex 23
Balance Sheet 24
AnnexesAnnex I: P&L, Balance Sheet & Cash Flow 26
Annex II: Summary of Relevant Facts 28
Annex III: Contact Details 29
Annex IV: Disclaimer 30
Q1 2016 | Chg | YTD (as of 15 April '16) | |
Total ADT | 16,745 | +11.4% | +6.8% |
ADT Spain | |||
ADT France | 21,550 | +3.7% | +3.1% |
ADT Brazil | 18,467 | -2.3% | -3.0% |
ADT Chile | 27,865 | +6.1% | +5.5% |
ADT Argentina | 83,045 | +2.9% | +1.8% |
ADT Puerto Rico | 65,997 | +0.2% | +0.3% |
€ Mn | Q1 2016 | Chg | L-f-L |
Revenues | 1,082 | +3.5% | |
EBITDA | 714 | +5.8% | +8.0% |
EBIT | 415 | +8.1% | +17.0% |
Net profit | 385 | +205.3% | +9.0% |
Net debt (*) | 13,680 | +9.0% | |
Discretionary cash flow | 473 | +28.3% | +22.6% |
Free cash flow | 346 | +46.6% | +39.0% |
(*) % change vs closing prior year
Total Revenues & EBITDA
(€Mn)
The first quarter of 2016 showcases the results of Abertis' value creation strategy cemented on 4 key pillars: focus on toll roads, profitable growth, efficiencies, and an attractive shareholder remuneration policy.
1,045
675
1,082
714
Growth and Focus: As part of its focalization and growth strategy, Abertis concluded the acquisition of 50% of Autopista Central during the period for €948Mn, and now controls 100% of the asset. Autopista Central is Chile's premium toll road asset, crossing the center of Santiago de Chile, and capturing the highest ADT in the country. The asset, which is fully consolidated from 1 January,Q1 15
L-f-L Revenue +8.3%EBITDA Revenues
Q1 16
contributed €42Mn to the quarter's EBITDA.
Q1 2016 results also include the contribution from Tunnels of Barcelona where Abertis controls a 50.01% stake following the 15.01% acquisition for €35Mn in November 2015. These assets added €12Mn to the group's EBITDA in the period.
L-f-L EBITDA +8.0% L-f-L Net Profit +9%Overall the company continues to actively pursue growth opportunities in toll roads, either through external growth or through contract amendments. In this sense, on 21 April Abertis reached an agreement with the government of Puerto Rico for a 10-year extension of its Metropistas concession in exchange for additional investment, a US$115Mn upfront payment, and revenue sharing on new toll gantries. Abertis believes that the French win- win model of "capex for years" is exportable, as evidenced by the agreement in Puerto Rico, and is currently engaged with the granting authorities of most of the countries where it operates to try to reach new agreements and extend its portfolio duration.
In addition to the above, during Q1 2016 Abertis invested
€125Mn in the organic expansion of its existing asset base.Toll roads - France
Efficiencies: The first three months of the year featured a marked improvement in the EBITDA margin (66%), up 140 bps from Q1 2015 and a 200bps increase vs. consensus expectations. During the period personnel and manageable expenses declined by 2.6% and 2.5% respectively on a like-for-like basis. The company reiterates its €400Mn target of cumulative efficiencies by the end of 2017. Shareholder remuneration: On 19 April Abertis distributed a €0.36/share gross dividend, in line with the company's shareholder remuneration commitment to 2017.At the operating level, Q1 2016 has been impacted by Easter (which fell in March in 2016, whereas in 2015 it was shared between March and April). Excluding this calendar effect, Q1 2016 ADT exceeds the company's expectations in most markets.
The solid traffic performance, coupled with tariff increases, the impact from the leap year, and changes in the perimeter, supported a 3.5% growth in revenues to €1,082Mn and a 5.8% increase in EBITDA to
€714Mn (+8% L-f-L). The above, together with an extraordinary positive non-cash impact in financial results as a result of the revaluation of the previous stake in Autopista Central, resulted in a significant rise in Net Profit to €385Mn (+9% L-f-L). Discretionary cash flow in the period (post-tax, interest expenses, and operating capex) rose 28.3% to €473Mn of which €125Mn were deployed in organic growth projects.As of 31 March, group Net Debt amounted to €13,680Mn, thus reflecting the acquisition of Autopista Central (€948Mn equity and ~€400Mn of consolidated debt) and had an average cost of 5%.
Q1 2015 results have been restated to reflect the Cellnex IPO and the start-up of the IFRIC21 accounting rule. Q1 2016 results are presented net of provisions for the AP-7 traffic guarantee.
Abertis Infraestructuras SA issued this content on 28 April 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 28 April 2016 14:48:08 UTC
Original Document: http://www.abertis.com/media/relevants_facts/2016/04/28/Business Evolution Q1 2016.pdf