Abertis' comparable net profit grows 2% in the first half of 2012

The results for the first half of the year incorporate capital gains from the sale of Eutelsat. The total net result of the Group in this period stands at 767 million euros (+121%). Income from the telecommunications business decreased by 3.4% due to the effect of non-recurring income in 2011, as well as a lower contribution from Hispasat, as a result of the sale of Eutelsat.

Abertis has closed the first half of 2012 with increasing results in all its main magnitudes. The improvements in revenue (+1%), comparable Ebitda (+2.7%) and comparable net result (+2%) stand out in a period in which the evolution of traffic in Spain and France remains negative.

The results of this period demonstrate the quality of the Group's asset portfolio, which, together with the efficiencies plan and the management effort being carried out, allows it to partially offset the negative impact generated by the economic slowdown in the main markets where it operates.

The results for the first half also include an improvement in income from the airport business and a decrease in income from telecommunications, as a result of lower non-recurring activity compared to 2011 and a lower contribution from Hispasat after the sale of Eutelsat, which has led to a reduction in Abertis' indirect participation in the Spanish satellite operator. It should be remembered that Eutelsat controls 27% of Hispasat.

Likewise, the consolidated results for the first six months of 2012 incorporate the capital gains from the sale of Eutelsat, which was carried out through the accelerated placement in January among qualified investors of 16% and the agreement with China Investment Corporation (CIC) for the sale of an additional 7% last June. The capital gains from the sale of Eutelsat bring the Group's total net profit in this period to 767 million euros (+121%). Without taking into account these extraordinary contributions, the comparable result reaches 286 million (+2%).

income statement

Abertis' operating income in the first half reached 1,884 million euros, 1% more than in the same period of the previous year, and the percentage of income generated outside Spain - coming mainly from France, Chile and the United Kingdom - increased to almost 55% in relation to the previous year.

Of the total, 79% is generated in highway activity, while 14% corresponds to the telecommunications sector and 7% to the airports. For its part, operating expenses increased by 2.2%, to 721 million euros, due to non-recurring costs linked to the Highway Modernization Plan in Spain.

The gross operating result (Ebitda) reached 1,163 million euros (+0.2%). Without taking into account the effect of non-recurring costs, the comparable Ebitda amounts to 1,198 million euros, 2.7% more than the first half of 2011. The net operating result (Ebit) stood at 686 million euros. For its part, the financial result for the period was 211 million euros. The equity-accounted companies represent a contribution of 47 million euros, lower than the previous year due to the lower participation in Eutelsat.

Debt and investments

La deuda neta de Abertis descendió en el primer semestre en 707 millones, situándose en los 13.174 millones de euros, un 5,1% menos respecto al cierre de 2011. Del total de deuda, un 56% se ha constituido con garantía de los propios proyectos (sin recurso). El 95% de la deuda es a largo plazo y un 85% a tipo fijo. El coste medio de la deuda es del 4,67% y el vencimiento medio supera los seis años.

The Group's investments in the first half amounted to 205 million euros, of which 173 million were allocated to expansion and 32 million to operational investments. The main investment projects in this period are those aimed at completing the expansion of the AP-7 highway (44 million) and the third lane of the AP-6 (12 million) in Spain, investments related to the green package on highways in France (23 million), the acquisition of 500 mobile telephone towers from Telefónica (45 million) as well as investments related to the Amazonas 3 satellite from Hispasat (24 million).

Business areas

El negocio de autopistas de Abertis aportó 1.481 millones de euros en ingresos (79%) y 1.011 millones de euros en Ebitda (87%). El tráfico en el conjunto de la red de autopistas de Abertis en el primer semestre refleja una Intensidad Media Diaria (IMD) de 20.601 vehículos (-4,4%).

El periodo está marcado por una negativa evolución del tráfico en Francia (-3,6%) y España (-9,1%). Por otro lado, se registran niveles positivos en las autopistas de Chile, Argentina y Puerto Rico (+5%).

The telecommunications business closed the semester with revenues of 248 million euros (-3.4%) and an Ebitda of 117 million euros. This sector represents 14% of Abertis' total income and 10% of Ebitda. The income of the telecommunications business has been affected by a decrease in non-recurring income from DTT extensions compared to the same period in 2011, as well as by a lower contribution from Hispasat.

La actividad de aeropuertos alcanzó en este periodo unos ingresos de explotación de 152 millones de euros, con un aumento del 3% respecto a 2011, representando un 8% del total de Abertis, y un Ebitda de 42 millones de euros, un 4% del total. Las principales magnitudes del negocio se han reforzado gracias al incremento del número de pasajeros de los aeropuertos de tbi, hasta los 10,9 millones (+2,4%).

Appointments

El Consejo de Administración de Abertis aprobó en la reunión que mantuvo este lunes, a propuesta de la Comisión de Nombramientos y Retribuciones, el nombramiento por cooptación de Carlos Colomer Casellas como consejero independiente. Carlos Colomer sustituye en el cargo a Emilio García Gallego, que ayer presentó su renuncia al Consejo por haber transcurrido el plazo de cinco años de mandato para el que fue nombrado.

Carlos Colomer (Barcelona, 1944) es Licenciado en Ciencias Económicas por la Universidad de Barcelona y titulado en Administración de Empresas por el IESE. Es consejero, miembro de la comisión delegada y Presidente de la Comisión de Innovación de Telefónica S.A., así como Vicepresidente del Consejo de Catalunya de Telefónica S.A.