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ABERTIS REPORTS 1Q08 NET PROFIT OF EUR 134MN, UP 9.4%
(Marketwire Via Acquire Media NewsEdge) BARCELONA, SPAIN, May 14 / MARKET WIRE/ --
Strong quarterly performance by all
business lines
- Revenues totalled EUR 844Mn (+5%).
- EBITDA was EUR 530Mn with growth in line with revenues.
- Net cash flow reached EUR 303Mn (+4%).
- Net profit stood at EUR 134Mn (+9.4%).
- To 31 March 2008 Abertis invested some EUR 394 Mn of which EUR 273Mn were
used to acquire Desarrollo de Concesiones Aeroportuarias (DCA), with stakes
in 15 airports in Mexico, Jamaica, Colombia and Chile.
- Group expansion capex since the beginning of the year and up to May
totalled over EUR 900Mn, including the acquisition of 28.4% of Hispasat and
stakes in two toll roads in Chile.
- Traffic figures on abertis' toll road network rose 2.4%. This is
particularly relevant following the exceptional increases in the 1Q07.
Revenues for abertis' toll road business during the quarter rose 6% to EUR
640Mn.
- Growth on sanef's toll roads in 1Q08 advanced 2.2% with revenues
totalling EUR 323Mn. Traffic on abertis' Spanish toll roads was up 2.0%
with revenues of EUR 308Mn.
- Sound performance at abertis telecom with revenues of EUR 100Mn, a yoy
increase of 5%. The roll out of Digital Terrestrial Television (DTT) by
abertis telecom in Spain stands at 85.38% of the population (over 38
million people).
- Eutelsat - the equity consolidated satellite operator in which abertis
telecom is the main shareholder with a 32% stake-, contributed EUR 2Mn to
the Group's consolidated net profit.
- In the airports business, passenger numbers rose 8.3% to 5.3 million at
the airports managed by TBI. Revenues totalled EUR 60Mn, affected by
sterling's depreciation against the euro.
- At 31 March revenues at saba, the car park division of abertis, totalled
EUR 33Mn. The number of vehicles in rotation held steady at 12.4 million
while the number of pass holders increased 5.3% to over 32,000.
- Revenues at abertis log?stica amounted to EUR 7Mn following the
inclusion, at the end of 2007, of new assets in Madrid and Barcelona and
the 88% occupancy rate at warehouses and offices.
Barcelona, 14 May 2008. abertis' results for 1Q08, presented under IFRS,
reflect a strong performance by all the group's business lines.
Particularly noteworthy is the performance of the toll roads business -
which includes the Easter effect -with traffic on abertis' network up 2.4%.
This increase is particularly significant given the exceptional increases
in 1Q07. Likewise, the number of passengers at the airports managed by TBI
rose 8.3% while the occupancy rate at the logistics parks reached 88% for
warehouses and offices. abertis telecom also saw business improve while
saba increased slightly higher figures. abertis' operating revenues in 1Q08
amounted to EUR 844Mn, up 5% yoy. sanef contributed with EUR 323Mn.
Some 76% of total revenues came from the toll roads business, 12% from
telecommunication infrastructures and 7% from airports. The car parks
business contributed 4% and logistics parks 1%. Revenues generated outside
of Spain was stable this quarter with 47% of abertis group revenues
generated abroad: 38% in France and 5% in the UK due to TBI's airport
business. EBITDA for the period rose around 5% to EUR 530Mn, in line with
revenues while EBIT rose 6% yoy to EUR 330Mn.
Net financial losses to 31 March 2008 totalled EUR 147Mn, some EUR 13Mn
more than the year before figure due to the impact of the acquisition of
assets in the logistics business in Madrid and Barcelona; the acquisition
of an additional 4.6% stake in Brisa and financing for the acquisition of
Eutelsat. This does not include the impact of the DCA acquisition. Earnings
from companies accounted for under the equity method through March totalled
EUR 24Mn, largely from the holdings in Eutelsat and Atlantia. In 1Q08
abertis generated a net cash flow of some EUR 303Mn, 4% higher yoy and net
profit of EUR 134M, up 9.4% yoy.
The average workforce at 31 March 2008 stood at 11,510, of which 54% worked
abroad.
Balance sheet and investment
At 31 March abertis had total assets of EUR 21,061Mn and shareholders'
equity of EUR 4,843Mn. abertis invested a total of EUR 394Mn in the first
three months of the year, of which EUR 358Mn (91% of the total) was
expansion capex which went to pursue its geographical and sector
diversification strategy. Of particular note is the expansion capex in the
airport sector with the acquisition of 100% of Desarrollo de Concesiones
Aeroportuarias (DCA) for EUR 273Mn as well as the EUR 22Mn earmarked for
the logistics parks business line to acquire land for the Lisbon park which
is currently under construction. Investment in the car parks sector
totalled EUR 21Mn which saw saba acquire a car park in Madrid. The
remaining expansion capex was for the toll roads business with widening
work carried out by acesa on the AP-7 toll road as well as projects by
sanef (new lanes) and castellana (widening). Investment in the
telecommunications business was largely for the roll out of DTT in Spain.
The acquisition of 28.4% of Hispasat is not included under this heading,
neither is the acquisition of two toll road concessions in Chile (Autopista
Central and Rutas del Pac?fico), as these have not yet been finalised.
Operational capex in 1Q08 totalled EUR 36Mn.
Debt structure
At 31 March 2008, abertis had net debt of EUR 13,153Mn. Of this, 58% is
secured with the company's own projects (i.e. non-recourse debt) and 83% is
at fixed rates or hedged, with an average maturity of 7.8 years.
Business performance
1. Toll Roads
At the close of 1Q08 the toll road business was once again the group's
leading business activity with a similar weighting compared to the same
period in 2007. The division contributed EUR 640Mn to group revenues (76%
of the total) and EUR 460Mn to EBITDA (87%).
Traffic on abertis' network, including sanef and GCO (Argentina), increased
2.4%, with Average Daily Traffic (ADT) of 23,745 vehicles. The increase on
roads managed by sanef was 2.2%, with ADT of 21,801 vehicles while in
Spain, ADT was 24,418 vehicles, up 2.0%. In the quarter, 31.1% of
transactions on abertis' toll roads in Spain were made using the teletoll
system, such as acesa where this system contributed over 38% to the total
number of transactions. Meanwhile, on sanef's network in France, this
figure was 32.9%.
+---------------------+------+--------+
| Company | ADT |Increase|
+---------------------+------+--------+
|acesa |32,595| 2.8%|
+---------------------+------+--------+
|aumar |20,910| -2.1%|
+---------------------+------+--------+
|aucat |29,911| 0.0%|
+---------------------+------+--------+
|iberpistas |27,887| 6.1%|
+---------------------+------+--------+
|castellana | 6,219| 8.8%|
+---------------------+------+--------+
|avasa |13,350| 12.8%|
+---------------------+------+--------+
|aulesa | 4,921| 24.7%|
+---------------------+------+--------+
|Abertis Network Spain|24,418| 2.0%|
+---------------------+------+--------+
|sanef |21,801| 2.2%|
+---------------------+------+--------+
|GCO (Argentina) |67,895| 6.5%|
+---------------------+------+--------+
|Abertis Network |23,745| 2.4%|
+---------------------+------+--------+
+---------------------+------+--------+
2. Telecommunication Infrastructures
By volume, the telecommunications business is the Group's second largest
with revenues of EUR 100Mn (12% of the total abertis) and EBITDA of EUR
40Mn (8%). abertis telecom continued to mark a positive performance this
quarter with revenues growth of 5%, driven mainly by the rollout of Digital
Terrestrial Television (DTT) in various autonomous regions. abertis telecom
currently broadcasts 20 digital channels from 165 centres across its
broadcasting network which are fully adapted for the new audio visual
technology in accordance with the Spanish DTT Plan. In all, abertis telecom
has more than 3,200 sites.
Also, in February, the Council of Ministers authorised abertis telecom's
acquisition of a 28.4% stake in Hispasat. This acquisition, which is
pending approval from the anti-trust authorities, will see abertis telecom
become the main shareholder in the Spanish satellite operator and boost the
visibility of the telecommunications business.
3. Airports
Revenues in the airports division stood at EUR 60Mn in 1Q08 (7% of abertis'
total revenues), while EBITDA totalled EUR 15Mn (3%). Stripping out the
effect of sterling's depreciation against the euro (-13% average exchange
rate vs. the euro) revenues would have risen 9.5%. To 31 March 2008
passenger number rose 8.3% at the airports managed by TBI to 5.3 million.
Highlights include the strong performance of airports such as Stockholm
Skavsta (where passenger numbers rose 34.5%), Orlando Sanford (+26.8%) and
London Luton (+9.2%).
In March abertis airports finalised the acquisition of Desarrollo de
Concesiones Aeroportuarias (DCA). The transaction, which involves a total
outlay of EUR 273Mn, went ahead after the company received all of the
required approvals from the relevant regulators and financial institutions.
DCA holds, both directly and indirectly, interests in 15 airports in
Mexico, Chile, Jamaica and Colombia.
4. Car Parks
saba reported revenues of EUR 33Mn and EBITDA of EUR 13Mn in 1Q08,
representing 4% and 2% of abertis' total revenues, respectively. Earnings
are not comparable as in 2007 non-recurring revenues were included from the
sale of car park spaces in Barcelona. The number of vehicles in rotation in
the period held steady at 12.4 million while the number of pass holders
increased 5.3% to over 32,000. Likewise, the number of spaces rose 7.4%
thanks to new car parks in Spain and Chile. saba manages a total of 94,472
spaces in Spain, Italy, Chile, Portugal, Morocco and Andorra.
In March saba acquired the concession for a car park in Madrid in Plaza de
los Mostenses near Gran V?a for a EUR 21Mn. This new car park has 357
spaces over three levels and following its acquisition saba now manages
three car parks with some 693 spaces in Madrid.
5. Logistics Parks
abertis log?stica reported 1Q08 revenues of EUR 7Mn (1% of the total) and
contributed EUR 3Mn to EBITDA.
During the period revenues at abertis log?stica rose sharply by 58.5% due
to the incorporation of new assets in Madrid and Barcelona which were
acquired in December 2007. abertis log?stica continues to grow business in
Spain while consolidating its international expansion strategy in Portugal
and Chile where work on a new logistics park commenced last April. In this
regard, abertis log?stica plans to complete the abertis logisticspark
lisboa within 10 years with the first warehouses becoming available within
three years. The total estimated layout for this park which covers 100
hectares is EUR 265Mn. At present, the occupancy rate at warehouses
operated by abertis log?stica is 88%.
+-----------------------+------------------+------+
|Contribution by sectors|First Quarter 2008|Mn EUR|
+-----------------------+------------------+------+
| | REVENUES|EBITDA|
+-----------------------+------------------+------+
|TOLL ROADS | 640| 460|
+-----------------------+------------------+------+
|TELECOMMUNICATIONS | 100| 40|
+-----------------------+------------------+------+
|AIRPORTS | 60| 15|
+-----------------------+------------------+------+
|CAR PARKS | 33| 13|
+-----------------------+------------------+------+
|LOGISTICS INFR. | 7| 3|
+-----------------------+------------------+------+
+-----------------------+------------------+------+
Revenue breakdown by sectors
Toll Roads : 76%
Airports : 7%
Telecommunications : 12%
Car Parks : 4%
Logistics : 1%
Revenue breakdown by geography
Spain : 53%
France : 38%
UK : 5%
Other : 4%
+-------------------------+-----------+-----------+-----+
|Results FirstQuarter 2008| | Mn EUR | |
|(IFRS) | | | |
+-------------------------+-----------+-----------+-----+
| |MARCH 2008 |MARCH 2007 | % |
+-------------------------+-----------+-----------+-----+
|TOTAL REVENUES | 844 | 802 | 5% |
+-------------------------+-----------+-----------+-----+
|OPERATING COSTS | -314 | -295 | 6% |
+-------------------------+-----------+-----------+-----+
|EBITDA | 530 | 507 | 5% |
+-------------------------+-----------+-----------+-----+
|DEPRECIATION | -199 | -197 | 1% |
+-------------------------+-----------+-----------+-----+
|OPERATING PROFIT (EBIT) | 330 | 310 | 6% |
+-------------------------+-----------+-----------+-----+
|FINANCIAL RESULT | -147 | -134 | |
+-------------------------+-----------+-----------+-----+
|EQUTY METHOD RESULT | 24 | 18 | |
+-------------------------+-----------+-----------+-----+
|PRE-TAX PROFIT | 208 | 194 | 7% |
+-------------------------+-----------+-----------+-----+
|TAXES | -60 | -60 | |
+-------------------------+-----------+-----------+-----+
|PROFIT FOR THE YEAR | 148 | 133 | 11% |
+-------------------------+-----------+-----------+-----+
|MINORITY INTERESTS | -13 | -11 | |
+-------------------------+-----------+-----------+-----+
|NET ATTRIBUTABLE PROFIT | 134 | 123 |9.4% |
|PARENT COMPANY | | | |
+-------------------------+-----------+-----------+-----+
+-----------------------+----------+---------+
| Balance 31 March 2008 | (IFRS) | Mn EUR |
+-----------------------+----------+---------+
| |MARCH 2008|DEC. 2007|
+-----------------------+----------+---------+
|TANGIBLE FIXED ASSETS | 9,782| 9,795|
+-----------------------+----------+---------+
|INTANGIBLE FIXED ASSETS| 6,706| 6,688|
+-----------------------+----------+---------+
|FINANCIAL INVESTMENTS | 3,384| 3,279|
+-----------------------+----------+---------+
|CURRENT ASSETS | 1,189| 1,065|
+-----------------------+----------+---------+
|TOTAL ASSETS | 21,061| 20,828|
+-----------------------+----------+---------+
|SHAREHOLDER'S EQUITY | 4,843| 5,020|
+-----------------------+----------+---------+
|LOANS AND BONDS | 13,538| 12,873|
+-----------------------+----------+---------+
|OTHER LIABILITIES | 2,680| 2,935|
+-----------------------+----------+---------+
|TOTAL LIABILITIES | 21,061| 20,828|
+-----------------------+----------+---------+
+-----------------------+----------+---------+
Appendix
Significant events of 1Q08
JANUARY
abertis reaches preliminary agreement to acquire ACS' stakes in two toll
road concessions in Chile. The transaction will involve the acquisition of
the following stakes owned by ACS: 48% of Autopista Central (urban toll
road in Santiago de Chile) and 50% of Rutas del Pac?fico (Santiago de Chile-
Valpara?so-Vi?a del Mar toll road).
abertis starts its exit from Schemaventotto. The decision was taken by
abertis' Executive Committee under the provisions of the Schemaventotto
(S28) shareholder agreement signed in June 2007. By the time the process is
complete, abertis, which until that time owned a 13.33% stake in the S28,
will have a direct holding of 6.67% in Atlantia S.p.A.
Guascor Solar leases a 12,000m2 warehouse from Araba Log?stica. Araba
Log?stica has signed an agreement with Guascor Solar for the rental of a
12,000m2 warehouse at the Arasur logistics park, which has abertis
log?stica as an industrial, technological and commercial partner with
43.98%.
Arasur increases occupancy. Araba Log?stica, of which abertis log?stica is
a shareholder, has reached an agreement with Compass Transworld Logistics
for the rental of 100,000m2 of land, which will centralise worldwide
distribution of wind turbines manufactured by Gamesa factories in the
Basque Country and Aragon. Arasur this month reached 90% occupancy.
FEBRUARY
Spanish Cabinet gives go-ahead for acquisition of 28.4% of Hispasat. The
Spanish Cabinet gave abertis the green light to acquire 28.4% of Hispasat
through its telecommunications subsidiary, abertis telecom. Now that the
Spanish government has authorised the deal, it must be cleared by anti-
trust authorities.
Presentation of the Comdes network. The Adesal Consortium, comprised of
abertis telecom, Aguas de Valencia and Banco de Valencia, is awarded the
Emergency and Safety Digital Communications network by the Valencian
Community. Adesal has a 10-year contract to manage this network, which will
provide communications services to Safety and Emergency authorities and is
designed to function under all circumstances. It will be implemented in
early 2008.
New contract for saba in Zaragoza. The company will manage the car park in
the new Aragonia complex for a period of six years, with 2,128 spaces; the
complex includes a retail, residential, office and leisure area.
London Luton's traffic rises to 10 million passengers per year. This
airport's passenger traffic has increased fivefold in the past decade, and
it is one of the UK's main airports by number of passengers and routes
served.
MARCH
acesa presents its project to widen the AP-7 toll road in Tarragona. Work
on the third lane is proceeding according to schedule and the entire
stretch should be operational at the end of 2008 as planned. acesa
anticipates that the toll barriers will be dismantled, with the elimination
of the southbound El Vendrell and northbound Tarragona barriers. abertis
purchases 1.5% of own shares from Caixa Catalunya. abertis plans to keep
these shares as treasury stock for the time being. The transaction involved
a total outlay of EUR 201Mn. abertis' treasury stock represents
approximately 2% of its capital following the acquisition of these shares
from Caixa Catalunya.
abertis airports completes the acquisition of Desarrollo de Concesiones
Aeroporturios (DCA). The transaction, which involves a total outlay of EUR
273Mn, went ahead after the company received all of the required approvals
from the relevant regulators and financial institutions. DCA holds, both
directly and indirectly, interests in 15 airports in Mexico, Chile, Jamaica
and Colombia.
Work gets underway on abertis logisticspark lisboa. The Portuguese prime
minister, Jos? S?crates, presided over the ceremonial laying of the
foundation stone of this logistics park, which will be managed and operated
by abertis log?stica. abertis logisticspark lisboa is situated in Vila
Franca de Xira, a strategic enclave 30 kilometres from Lisbon.
saba acquires the concession for a car park in central Madrid. The car
park, situated in Plaza de los Mostenses, near Gran V?a, has three levels
and a total of 357 parking spaces. The acquisition of this car park brings
to three the number of parking facilities managed by saba in Madrid, with a
total of 693 spaces.
Reopening of Tunnel 1 on the AP-6 toll road. The tunnel has been reopened
following the refurbishment work carried out by castellana - a subsidiary
of iberpistas- and fully complies with prevailing tunnel security
legislation.
Significant events after the close of the first quarter
APRIL
abertis' General Shareholders' Meeting. Shareholders approved the payment
of a gross final dividend of EUR 0.28 per share, to be paid on 11 April.
The total gross dividend per share charged against 2007 earnings is EUR
0.56, 12% higher than the 2006 dividend. Shareholders likewise approved a
bonus share issue consisting of one new share for every 20 old shares with
a nominal value of EUR 3 per share, a transaction worth over EUR 95.7Mn.
acesa awards contract for work on the Ma?anet-Fornells stretch of the AP-7
in Gerona. The EUR 45.4Mn contract, which has been awarded to FCC
Construcciones, forms part of the project to widen the AP-7 toll road
between La Jonquera (Geona) and Vila-seca/Salou (Tarragona). abertis'
Corporate Social Responsibility Report obtains the highest rating from GRI.
The A+ grading is the highest awarded by the Global Reporting Initiative
for the evaluation of sustainability reports.
Agreement to acquire toll roads in Chile. abertis has reached a preliminary
agreement with ACS to purchase, using shares of its Spanish subsidiary
INVIN, 49% of ACS' stakes in toll road concessionaires Autopista Central
(48%) and Rutas del Pac?fico (50%), both in Chile, for EUR 348.17Mn. The
agreement includes a condition that by 30 June the remaining 51% must be
sold to abertis and Capital Riesgo Global (Banco Santander Group) for EUR
362.38Mn.
Work begins on the abertis logisticspark santiago. This is the first
integral logistics park to be built in Chile's capital. Delivery of the
first 20,000m2 of warehouses is scheduled for 1Q09. A total of 350,000m2 of
warehouses will be built plus over 15,000m2 of space shall be set aside for
corporate and personnel services.
acesa awards C-32 toll road extension project. acesa, the current
concessionaire of the C-32 toll road between Montgat and Palafolls
(Barcelona), has awarded the EUR 40.6 Mn contract to extend this road
between Palafolls and Tordera - the junction for the future A-2 road
between Tordera and Vidreres- to the Dragados company. The project entails
the construction of an additional 4.4 kilometres of toll road.
MAY
abertis begins its bonus share issue. The traditional bonus share issue,
consisting of one new share for every 20 shares and worth over EUR 95.7Mn,
was approved at abertis' General Shareholders' Meeting and will increase
the group's share capital to over EUR 2,010Mn, with over 670 million shares
in circulation.
Communication
Tel. +34 93 230 50 84
Tel. +34 93 230 50 94
abertis.comunicacion@abertis.com
Investor Relations
Inst. Investors & Research
Tel. +34 93 230 51 26/ 50 57
Shareholder Office
Tel. 902 30 10 15
investor.relations@abertis.com
This information is provided by HUGIN
Copyright ? 2008 Marketwire
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