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1
Junta General d’Accionistes 2012 Junta General de Accionistas 2012 General Shareholder’s Meeting 2012
Francisco Reynés CEO
Contents 1 Management Report 2011
2 Main operations
3 Future perspectives
2
Junta General d’Accionistes 2012 Junta General de Accionistas 2012 General Shareholder’s Meeting 2012
Contents 1 Management Report 2011
2 Main operations
3 Future perspectives
Global macroeconomic environment
Management report 2011
Slowdown of growth in the main emerging countries, although they continue to drive world economic growth
Global USA EU Emerging
10 8 6 4 2 0
-2 -4 -6
10
8
6
4
2
0
4
2
0
-2
-4
-6
120
100
80
60
40
20
0
Source: IMF (WEO Oct. 2011)
GDP (% variation)
Current account balance (% GDP) Public debt (% GDP)
Inflation (% end of period)
2008 2009 2010 2011
2008 2009 2010 2011
2008 2009 2010 2011
2008 2009 2010 2011
2012 2013
2012 2013 2012 2013
2012 2013
3
Junta General d’Accionistes 2012 Junta General de Accionistas 2012 General Shareholder’s Meeting 2012
Main environment abertis Management report 2011
2012 shows asymmetrical perspectives in different countries
United Kingdom Spain Chile France
GDP (% variation)
Current account balance (% GDP) Public debt (% GDP)
100
80
60
40
20
0
Source: IMF (WEO Oct. 2011)
8
6
4
2
0
-2
8
6
4
2
0
-2
-4
4
0
-4
-8
-12
Inflation (% end of period)
2008 2009 2010 2011
2008 2009 2010 2011
2008 2009 2010 2011
2008 2009 2010 2011
2012 2013
2012 2013 2012 2013
2012 2013
Motorways Management report 2011
Development of DTT
The positive development of traffic outside Spain makes up for the fall in our domestic market
Spain 1,512 20,938 (2001)
France 1,757 23,575 (max. 2011)
Americas 488 24,033 (max. 2011)
Total 3,757 22,561 (2005)
Km ADT
Americas Spain France Total abertis
2011
15000
17000
19000
21000
23000
25000
27000
29000
+5.3%
-6.5% -1.3% +1.2%
2007 2008 2009 2010
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Junta General d’Accionistes 2012 Junta General de Accionistas 2012 General Shareholder’s Meeting 2012
Telecommunications
3,340 Land sites
Management report 2011
1,013 Transponders
Progressive diversification of income other than TV
Other services Audiovisual
Distribution of income
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2003 2008 2011
Development in passenger numbers
Europe 30%
Airports Management report 2011
Growth in passenger numbers, especially in the United Kingdom, allows a considerable increase in global activity
Total abertis Americas Europe
61.7 Mn Passengers 2011
Americas 70%
-20%
-15%
-10%
-5%
0%
5%
10% 2007 2008 2009 2010 2011
+6% +6% +4%
80 Mn taking into account all the airports where abertis has interests
29 airports in 9 countries
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Junta General d’Accionistes 2012 Junta General de Accionistas 2012 General Shareholder’s Meeting 2012
Consolidated income
Data 2010 Post Duplo
Management report 2011
Income holds up despite the economic situation
Telecom 13%
UK 5%
France 38%
Airports 7%
Motorways Telecom 2011 Airports 2010
3,917 3,915 +17 -39 +21
Motorways 80%
Spain 48%
(M€)
Americas9%
Operating profit (EBITDA)
Management report 2011
Motorways 87% France
39%
Spain 50%
Telecom 9%
Airports 4%
2010 Motorways Telecom 2011 Airports
EBITDA margin
62.7%
EBITDA margin 61.5%
(M€)
+33
2,454
2,407
+9 +5
UK 2%
Americas9%
Improved operating profit thanks to beginning the Efficiency Plan
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Junta General d’Accionistes 2012 Junta General de Accionistas 2012 General Shareholder’s Meeting 2012
Consolidated net result Management report 2011
9% improvement in Group profits despite income stabilisation
17 -6 47
720
662
2010 Efficiency Plan
Restructuring of the company
Rest 2011
(M€)
618 624 662
720
550
600
650
700
750
2008 2009 2010 2011
Operative orders of magnitude
First steps in the efficiency programme 2011-2014, making it possible to improve the operating result and cashflow generated
848
937
-10%
Operating expenses
2010
2011
567
569
0%
Personnel costs *
2010
2011
165
184
-10% Investments
2010
2011
(M€)
Management report 2011
* Without recurring expenses
7
Junta General d’Accionistes 2012 Junta General de Accionistas 2012 General Shareholder’s Meeting 2012
Funds generated
Management report 2011
Strong generation of cashflow allowing continued growth
-250 -671
-165
2,454
1,368
174
511
239
444
Debt reduction
Investment in expansion
Treasury stock and other
Ordinary dividends
(M€)
Debt
Management report 2011
13,882 -174 -626
-788 688 130
14,651
Reduction in consolidated debt allows us to think to new opportunities
(M€)
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Junta General d’Accionistes 2012 Junta General de Accionistas 2012 General Shareholder’s Meeting 2012
Debt structure
With recourse 44%
Without recourse 56%
Variable rate 16%
Fixed rate 84%
Long 94%
Short 6%
Management report 2011
Average expiry term: 6.3 years
Average cost: 4.7%
Corporate rating level maintains robust (S&P BBB+ / Fitch A-)
Balance at year's end
Management report 2011
A solid balance close to 23 B€
(M€)
3,237
17,222
391
1,899
4,060
14,273
4,416
Other assets
Long-term assets
Cash, banks and equivalents
Net capital
Financial debt
Other creditors
Assets Liabilities
Debt Net 13,882
(-391)
Holdings consolidated using equity method
9
Junta General d’Accionistes 2012 Junta General de Accionistas 2012 General Shareholder’s Meeting 2012
Staff
Management report 2011
Average staff: 11,000 people distributed over 15 countries
Telecom 14%
Airports 16%
Holding 3%
Motorways 67%
Rest of Europe 9%
Spain 40%
France 28%
Americas 23%
Summary
Management report 2011
We continue to carefully analyse opportunities to grow and create value
Improvement in the operating margin
Within a framework of efficiency
We are controlling risk We are reducing debt We are maintaining our rating
More than 50% of income is generated outside Spain We are becoming more globalised
Traffic increases in France and Latin America make up for the delayed recovery in Spain
We are improving shareholder reward Ordinary dividend Extraordinary dividend
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Junta General d’Accionistes 2012 Junta General de Accionistas 2012 General Shareholder’s Meeting 2012
1 Management report 2011
2 Main operations
3 Future perspectives
Contents
January 2011: Atlantia Main operations
Operation in line with the strategy and clearly profitable
Minority stake without an industrial role
626 M€ of cashflow generated Capital gains of 151 M€ at 17% RIR
Placing all the shares (6.68%)
15.60 €/acc. , premium +22% over current levels
11
Junta General d’Accionistes 2012 Junta General de Accionistas 2012 General Shareholder’s Meeting 2012
June 2011: Motorways Puerto Rico Main operations
Strengthens our global leadership in infrastructure management and opens a door to future growth in the USA
abertis / GSIP consortium
15% IRR
40 years, 87 km concession
1.136 B$ concession fee
No impact on debt rating
October 2011: Duplo
Allows both companies to fund a new stage of growth independently
Extraordinary dividend of 0.67 € / share (cash or saba shares)
Focusing the group in three sectors
Enterprise Value 788 M€ (associated debt 476 M€)
78% of the capital opted to be paid in cash
Main operations
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Junta General d’Accionistes 2012 Junta General de Accionistas 2012 General Shareholder’s Meeting 2012
1 Management report 2011
2 Main operations
3 Future perspectives
Contents
Medium-term objectives (2012-2014)
Environment: • Demands for greater return on the capital costs of the debt • Volatility of traffics in Europe (mainly Spain) • CSR, relations with interest groups, and the activities of the
Foundation create short and long-term value for our company.
Future perspectives
Aim: to improve the perspectives for creating value for our shareholders, maintaining a growing and stable dividend policy
Optimisation
• Second year of the efficiency plan 2011-2014: • Operating expenses • Operational investment
• Optimising the debt structure • Solution to minority stakeholdings
Growth
• Not at any price • Open to going with partners, but abertis
moving to control
Aims: • Greater internationalisation
(USA, Canada, Brazil, Mexico, …) • Extending current concessions • Moving forward in the consolidation
of existing projects
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Junta General d’Accionistes 2012 Junta General de Accionistas 2012 General Shareholder’s Meeting 2012
Reorganising the portfolio of assets
Future perspectives
Moving towards taking control
Investment meets return criteria:
• Agreement to buy the stake in Telefónica: 13.2% for 124 M€
• 13% IRR%
Global consolidation aim in 2012
Holding without moving towards control
Ordered disinvestment strategy:
• Placing 16% at 27.85€ / share
• 980 M€ of cashflow • 396 M€ of capital gains • 16% IRR
Current holding: 15.35%
Reassigning capital in projects in which we can consolidate an industrial role
Recent corporate operations