ABERTIS INFRAESTRUCTURAS 
2015
10 February 2016
2015 Results. 10 February 2016
Contents
Non Recurrent Effects 5
Activity 6
Income Statement 7
Toll Roads 10
Toll Roads Spain 11
Toll Roads France 13
Toll Roads Brazil 14
Toll Roads Chile 16
Hispasat 18
Cash Flow 19
Capex 19
Balance Sheet 20
Annexes
Annex I: P&L, Balance Sheet & Cash Flow 22
Annex II: Summary of Relevant Facts 24
Annex III: Contact Details 25
Annex IV: Disclaimer 26
2015 | Chg | |
ADT Spain | 19,231 | +6.1% |
ADT France | 24,021 | +1.8% |
ADT Brazil | 18,187 | -2.3% |
ADT C hile | 19,257 | +8.5% |
€ Mn | 2015 | L-f-L |
Revenues | 4,378 | +5% |
EBITDA | 2,692 | +5% |
EBIT | -65 | +12% |
Net profit | 1,880 | +7% |
Net debt (*) | 12,554 | |
Discretionary free cash flow | 3,162 | +8% |
Free cash flow | 1,652 | +64% |
(*) % change vs closing prior year
-
2015 marks the first year of Abertis' 2015-2017 strategic plan supported by the focus on toll roads,
growth, efficient operations and shareholder remuneration.
The execution of the focalization strategy continued throughout 2015 as evidenced by the disposal of the last airport assets and the successful stock market listing of Cellnex, above expectations. This last transaction generated net book gains of €2,666Mn, thus strengthening Abertis' balance sheet and flexibility to invest.
Throughout the year Abertis actively pursued growth opportunities in toll roads with notable successes in Chile (Autopista del Sol, Libertadores, and Autopista Central in January 2016), and in France where the Group agreed to invest in its existing portfolio in exchange for concession extensions.
In addition to the above, Abertis invested around €550Mn to enhance its existing toll roads portfolio, setting the path for future revenue generation (via tariffs, traffic, or extensions). As a result the company's asset base is growing and improving.
The good traffic performance of the year also underpins the quality of Abertis' asset base. This positive evolution, coupled with tariff increases, has contributed to a 5% L-f-L increase in revenues to €4,378Mn.
On the efficiencies front, a number of concessions are already capturing operating margin improvements as a testament to the success of the Efficiency Program. EBITDA for the Group reached €2,692Mn, a 5% L-f-L increase after excluding extraordinaries.
-
Net profit for the year amounted to €1,880Mn as a result of numerous non-recurrent effects explained later on. Excluding these, Net Profit increases by 7%.
At €3,162Mn, Discretionary Free Cash Flow (before dividends and expansion capex) for the Group far exceeds the previous year's level, boosted by the proceeds from the IPO of Cellnex and other asset disposals. As a result of the above, and after factoring in expansion capex and other effects, net debt declines by 9% to €12,554Mn.
The decrease in net debt was also accompanied by a reduction in the average cost of debt supported by Abertis' successful liability management programs throughout the year. The company continues to explore ways to optimize its capital structure.
Note: As of the publication of these results, the Abertis Board of Directors has not yet formulated the accounts for 2015.
Download full tables and data
Abertis Infraestructuras SA issued this content on 10 February 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 10 February 2016 08:19:51 UTC
Original Document: http://www.abertis.com/media/relevants_facts/2016/02/10/Business Evolution FY2015.pdf
