29 July 2016
ContentsActivity 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: Alternative Performance Measures 28
Annex III: Summary of Relevant Facts 30
Annex IV: Contact Details 31
Annex V: Disclaimer 32
H1 2016 | Chg | ||
Total ADT | 18,064 | +5.1% | |
ADT Spain | |||
ADT France | 23,284 | +1.2% | |
ADT Brazil | 17,576 | -3.3% | |
ADT Chile | 25,638 | +4.6% | |
ADT Puerto Rico | 66,863 | +0.7% | |
ADT Argentina | 82,303 | -0.5% | |
€ Mn | H1 2016 | Chg | L-f-L |
Revenues | 2,243 | +5.3% | |
EBITDA | 1,502 | +10.4% | +7.4% |
EBIT | 896 | nm | +13.3% |
Net profit | 510 | -69.6% | +9.2% |
Net debt (*) | 14,157 | +12.8% | |
Discretionary cash flow | 884 | -70.2% | +13.4% |
Free cash flow | 81 | -96.3% | nm |
(*) % change vs closing prior year
Total Revenues & EBITDA
(€Mn)
2,243
2,131
1,360
1,502
Growth, profitability and an attractive shareholder remuneration mark the first six months of the year for Abertis. Growth: as a key pillar of the 2015-2017 Strategic Plan, Abertis has deployed ~€1.4Bn in growing its asset base during H1 2016. Investments include the acquisition of a 50% stake in Autopista Central for €948Mn (where Abertis now controls 100% with an EBITDA contribution of €82Mn in H1 2016), and the buyout of minorities in Arteris for €68Mn.H1 2015
H1 2016
L-f-L Revenue +6.0%EBITDA Revenues
In addition to the above corporate transactions, Abertis has also invested €382Mn in organic growth capex, which will generate future revenues. These include the 10-year extension of the Metropistas concession in exchange for an investment of US$115Mn and revenue sharing on new toll gantries, as well as the ongoing capex program in Brazil, which has resulted in almost
€200Mn in investments in the existing network.
All in all, Abertis has deployed €2Bn in growing its asset base over the last 12 months: the highest investment effort in the sector.
L-f-L EBITDA +7.4% L-f-L Net Profit +9.2% Profitability: during the first 6 months of the year, Abertis has also increased its profitability as the company's past efficiencies programs bear fruit. On an organic basis, operating expenses declined 2.4% vs. a 6.0% increase in revenues. The company continues to analyze levers for increased profitability in the future. Attractive shareholder remuneration: On 19 April Abertis distributed a €0.36/share gross dividend, in line with the company's shareholder remuneration commitment to 2017. In addition, during the month of June the company executed its annual 1x20 bonus share issue. All in all, the company's cash dividend yield stands at over 5%.Toll roads - Puerto Rico
At the operating level, H1 2016 has been impacted by several extraordinary effects such as strikes (in France and Chile), adverse weather conditions (mostly in Europe), and some calendar effects. Excluding the above, ADT exceeds the company's expectations in most markets and the trend at the beginning of the summer suggests an acceleration of traffic across the board.
The traffic performance, together with other effects (namely changes in the perimeter and tariffs) has led to a 5.3% increase in revenues to €2,243Mn and a 10.4% rise in EBITDA to €1,502Mn. In like-for- like terms, growth amounted to 6.0% and 7.4% respectively. Net profit for the period reached
€510Mn, boosted by the revaluation of the previous stake in Autopista Central. In organic terms Net Profit grew 9.2%.L-f-L discretionary cash flow in the period (post-tax, interest expenses, and operating capex) rose 13.4% to €884Mn of which €382Mn were deployed in organic growth projects.
As of 30 June, group Net Debt amounted to €14,157Mn, thus reflecting the acquisition of Autopista Central (€948Mn equity and ~€400Mn of consolidated debt) and had an average cost of 5%.
Abertis Infraestructuras SA published this content on 29 July 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 29 July 2016 06:27:07 UTC.
Original documenthttp://www.abertis.com/media/relevants_facts/2016/07/29/Business Evolution H1 2016.pdf
Public permalinkhttp://www.publicnow.com/view/9FFE46665D5E64EA32A0BC77A75557F5E2F1B028