ABERTIS ANNONCE UN BENEFICE NET DE 122 MILLIONS D'EUROS POUR LE PREMIER TRIMESTRE 2009

ABERTIS ANNONCE UN BENEFICE NET DE 122 MILLIONS D'EUROS POUR LE PREMIER TRIMESTRE 2009


Le chiffre d'affaires (qui n'est pas entièrement comparable) est en hausse de 2,1 % et l'EBITDA reste stable dans un contexte de crise économique sévère. Le développement à l'international et la diversification sont les facteurs clés qui permettent au Groupe d'absorber l'impact du cycle sur ses activités.

-> Chiffres d'affaires : 862 millions d'euros (+2,1 %).

-> EBITDA : 522 millions d'euros (-1,5 %).

-> Bénéfice net : 122 millions d'euros (-9,3 %).

-> Investissements : 124 millions d'euros.

- 50 % du chiffre d'affaires provient de l'étranger et 27 % de la diversification, dont les télécommunications sont un acteur majeur et dont la contribution au sein du Groupe ne cesse d'augmenter. 46% de l'EBITDA a été généré hors de l'Espagne.

- La solidité financière du Groupe continue d'être l'un des principaux avantages concurrentiels dans le contexte actuel.

-> Standard & Poor's has affirmed its "A-" long-term corporate credit rating on abertis, one of the highest in the sector, citing the Group's move towards a period of consolidation.

-> 90% of total debt is long term; 78% of this is at fixed rates or fixed through hedging and 57% is non-recourse. The average cost of debt is 4.6%.

- Traffic figures for abertis' toll road network to 30 April (for comparability with the same period of 2008) show a decline pf 5.7% yoy to 22,759 vehicles. The pace of decline has eased compared to previous months, especially in March and April and above all on in abertis' network outside Spain. Traffic through March was down 8.8%.

- Toll road revenues in 1Q09 amounted to E631Mn, a slight drop of 1%. The first quarter of 2009 is not comparable with the same period of 2008 because Easter fell in March in 2008 and in April this year, and because 2008 was a leap year (i.e. an extra day of revenue generation).

-> On sanef's network (53% of abertis' total network), Average Daily Traffic (ADT) to 30 April was 21,615 vehicles (-3.4%, vs. -6.1% through 31 March). In South America (Chile and Argentina), ADT was 46,858 vehicles (-0.4%, vs. -0.9 in 1Q09).

-> Traffic figures in Spain continue to reflect the severe downturn in the economy, with ADT falling 12.9% yoy through 30 April to 21,447 vehicles. ADT to 31 March fell -17.1% yoy.

- In the diversified businesses, the positive performance of the telecommunications business, confirming its non-cyclical nature and boosting the Group's growth, was complemented by the stability of the car parks and logistics parks businesses.

-> abertis telecom had revenues of E126Mn (+26%). In addition to the rollout of Digital Terrestrial Television (DTT) by abertis telecom in Spain, which now covers 92.4% of the population (over 42 million people), the company has also won new contracts, including one for Spain's Maritime Rescue Service, the provision of new services and the addition of Hispasat from 1 July 2008.

-> The satellite sector continues to fare well. Eutelsat, consolidated using the equity method, contributed E15Mn in the quarter, while Hispasat, consolidated using proportionate consolidation, contributed E6Mn. In all, the satellite business had a net positive effect (including the financing costs of the acquisitions) to the profits of abertis.

-> Revenues at abertis airports totalled E61Mn (+1%). The contribution of DCA this quarter (consolidated from 31 March 2008) offset lower activity levels at tbi, as shown by the 10.8% decline in passenger traffic through 30 April (-14.4% in 1Q09), and the euro's average exchange rate against the pound, whose -17% depreciation led to a one-off negative impact on revenues of E9Mn. Revenue per passenger at tbi rose 4.2% in the period.

-> saba, abertis' car parks division, made a positive contribution in 1Q09 as a result of changes in the consolidation scope following acquisitions in 2008. Revenues were E35Mn (+8%), with 13.2 million vehicles in rotation (+6.6%) and a 6% increase in the number of pass holders. The number of spaces grew by 12.7%.

-> In the logistics parks business, constructed area grew (to 440,300 square metres), while abertis logística's business tapered off slightly, due to lower occupancy. Revenues amounted to E7Mn (-3%), with a warehouse and office occupancy rate of close to 85%.

Barcelona, 12 May, 2009. abertis' 1Q09 results reflect the stability of its key figures, absorbing most of the impact of the ongoing economic crisis in what may be its worst moment. The company's internationalisation and diversification strategy, alongside the current phase of consolidation positions that strengthen its current shareholdings, are further proof of the company's resilience to the economic downturn.

As a result, 50% of revenues come from abroad and 27% (E229Mn) from diversification. 46% of EBITDA is generated outside Spain. Noteworthy in 1Q09 was the positive performance of the telecommunications sector, with business less affected by the current climate than the toll roads and airports businesses.

abertis' total revenues in 1Q09 amounted to E862Mn, up 2.1% yoy. sanef contributed E320Mn (37% of total revenues). 49% of the abertis group's revenue is generated outside Spain, mainly in France, the UK and Chile.

73% of total revenue came from the toll roads business, 15% from telecommunications infrastructures and 7% from airports. The car parks business contributed 4% and logistics parks 1%.

EBITDA totalled E522Mn (-1.5%) in 1Q09, while EBIT was E298Mn (-9.7%). These figures include the impact of the increase in the consolidation scope, with higher operating and depreciation expenses.

The abertis Group made a net profit of E122Mn (-9.3%) in the first three months of 2009.

Net financial expense to 31 March 2009 totalled E144Mn.

Earnings from companies accounted for using the equity method in 1Q09 totalled E24Mn, largely from the holdings in Eutelsat.

In January-March 2009, abertis generated net cash-flow of E292Mn (-3.3%).

abertis average workforce in 1Q09 stood at 12,260, 60% of which worked outside Spain.

Balance sheet and investments

At 31 March 2009, abertis had total assets of E22,523Mn and shareholders' equity of E4,639Mn. abertis invested a total of E124Mn in 1Q09, of which E91.6Mn (74% of the total) was expansion capex and E32.4 was operational capex. There were no major non-organic expansion investments in the first quarter of the year. Included were investments in telecommunications projects (E42Mn), basically for the rollout of DTT and the construction of satellites by Hispasat. Investments in toll roads (E37Mn) were mainly related to new constructions by sanef and the widening of the AP-7 by acesa. The agreement signed in December 2008 with Citi for the acquisition of a number of Itinere's holdings in companies in which abertis is already a shareholder had no impact on 1Q09, as this transaction will be carried out when Citi Infrastructure Investors has successfully completed its takeover bid for Itínere shares.

Debt structure

At 31 March 2009, abertis had net debt of E14,064Mn. Of this, 57% is secured with the company's own projects (i.e. non-recourse). 90% of the debt is long-term, with 78% at fixed rates or fixed through hedging. The cost of the debt is 4.7% and the average maturity is 7.2 years. The company has extended the maturity of a E925Mn Club Deal loan by one year under highly competitive conditions, enabling it to streamline its debt maturities and to continue to seek long-term refinancing going forward under more favourable market conditions. In addition, in its latest review, Standard & Poor's has affirmed its "A-" long-term corporate credit rating on abertis, one of the highest in the sector, citing the Group's move towards a period of consolidation and strengthening its current shareholdings.

Performance of Business Divisions

1. Toll Roads

The toll road division contributed E631Mn to group revenues (73% of the total) and E433Mn to EBITDA (83%).

Traffic figures for abertis' toll road network to 30 April (for comparability with the same period of 2008) show a decline of 5.7% to 22,759 vehicles. The pace of decline has eased compared to preceding months, especially in March and April and above all in abertis' network outside Spain. Traffic to the end of March was down 8.8%.

Revenues from the toll road business amounted to E631Mn, a slight drop of 1%. The first quarter of 2009 is not comparable with the same period of 2008 because Easter fell in March in 2008 and in April this year, and because 2008 was a leap year (i.e. an extra day of revenue generation). ADT on the toll roads managed by sanef (53% of the abertis' total network) to 30 April was 21,615 vehicles (-3.4%, vs. -6.1% through March), while in South America (Chile and Argentina), ADT was 46,858 vehicles (-0.4% vs. -0.9% in 1Q09).

Traffic figures in Spain continue to reflect the severe downturn in the economy, with ADT through 30 April falling 12.9% to 21,447 vehicles. ADT through March was down -17.1%.

36.7% of transactions on abertis' toll roads in Spain were made using the teletoll system. This system was used in around 41.2% of all transactions on acesa's network and 37.5% of sanef's network in France.

ADT on abertis' toll road network through 30 April 2009

+---------------------------------+---------+------------+
|             Company             |   ADT   |  Variation |
+---------------------------------+---------+------------+
|                                 |         |            |
+---------------------------------+---------+------------+
|  acesa                          |  29.105 |     -12,1% |
+---------------------------------+---------+------------+
|  aumar                          |  17.584 |     -15,7% |
+---------------------------------+---------+------------+
|  aucat                          |  25.224 |     -16,7% |
+---------------------------------+---------+------------+
|  iberpistas                     |  24.897 |      -9,5% |
+---------------------------------+---------+------------+
|  castellana                     |   6.496 |       5,3% |
+---------------------------------+---------+------------+
|  avasa                          |  12.162 |      -9,5% |
+---------------------------------+---------+------------+
|  aulesa                         |   4.641 |      -5,5% |
+---------------------------------+---------+------------+
|  Abertis Network Spain          |  21.447 |     -12,9% |
+---------------------------------+---------+------------+
|  Sanef (Abertis Network France) |  21.615 |      -3,4% |
+---------------------------------+---------+------------+
|                                 |         |            |
+---------------------------------+---------+------------+
|  GCO (Argentina)                |  66.329 |      -2,5% |
+---------------------------------+---------+------------+
|  Autopista Central (Chile)      |  63.462 |       0,1% |
+---------------------------------+---------+------------+
|  Rutas del Pacífico(Chile)      |  24.331 |       3,6% |
+---------------------------------+---------+------------+
|                                 |         |            |
+---------------------------------+---------+------------+
|  Abertis Network Latin America  |  46.858 |      -0,4% |
+---------------------------------+---------+------------+
|  Abertis Network                |  22.759 |      -5,7% |
+---------------------------------+---------+------------+

2. Telecommunication Infrastructures

The telecommunications business is making a stronger relative contribution to the Group, with revenues of E126Mn (+26%) and EBITDA of E58Mn (+44%). This business represents 15% of abertis' total revenues and 11% of EBITDA.

Factors contributing to the good performance of the business included the rollout of DTT in Spain, the new contracts won, including one for Spain's Maritime Rescue Service, the provision of new services and the addition of Hispasat using proportionate consolidation since 1 July 2008. The rollout of DTT by abertis telecom in Spain stands at 92.4% of the population (over 42 million people). In all, abertis telecom has more than 3,200 sites.

The satellite sector continues to fare well. Eutelsat, consolidated using the equity method, contributed E15Mn in the quarter, while Hispasat contributed E6Mn. In all, the satellite business had a net positive effect (including the financing costs of the acquisitions) to the profits of abertis.

3. Airports

Revenues in the airports division in the first three months of 2009 reached E61Mn (7% of abertis' total revenue), while EBITDA totalled E17Mn (3% of the total). Revenues, in line with those of 1Q08, as well as abertis airports' other figures were hit by euro's average exchange rate against the pound, whose 17% depreciation caused a one-off negative impact on revenues of E9Mn. DCA's contribution in the quarter (consolidated from 31 March 2008) offset lower activity levels in tbi's airports, where passenger levels to 30 April fell 10.8% to 6.4 million (vs. -14.4% to 31 March). Revenue per passenger at tbi rose 4.2% in the period.

4. Car Parks

saba reported an 8% yoy increase in 1Q09 revenue to E35Mn, mainly due to changes to the consolidation scope following acquisitions carried out in 2008 in Spain, Chile and Italy. The car parks division contributed 4% of abertis' total revenues, and 2%, or E12Mn, of its EBITDA. saba manages a total of 106,462 parking spaces in Spain, Italy, Chile, Portugal, Morocco and Andorra. The number of spaces increased 12.7% compared to the same period last year. Vehicle rotation increased by 6.6% to 13.2 million, while the number of pass holders increased by 6% to over 34,000.

5. Logistics Parks

abertis logística reported revenues of E7Mn in 1Q09 (1% of abertis' total) and contributed E3Mn to EBITDA (1% of the total). In the logistics parks business, the constructed area grew (to 440,300 square metres), while abertis logística's business tapered off slightly, due to lower occupancy. The warehouse and office occupancy rate stands at 85%.

+----------------------------------+-----------+---------+
|  Contribution by sectors in 1Q09 |           |   MnE   |
+----------------------------------+-----------+---------+
|                                  |           |         |
+----------------------------------+-----------+---------+
|                                  |  REVENUES |  EBITDA |
+----------------------------------+-----------+---------+
|  TOLL ROADS                      |       631 |     433 |
+----------------------------------+-----------+---------+
|                                  |           |         |
+----------------------------------+-----------+---------+
|  TELECOMMUNICATIONS              |       126 |      58 |
+----------------------------------+-----------+---------+
|                                  |           |         |
+----------------------------------+-----------+---------+
|  AIRPORTS                        |        61 |      17 |
+----------------------------------+-----------+---------+
|  CAR PARKS                       |        35 |      12 |
+----------------------------------+-----------+---------+
|  LOGISTICS INFR.                 |         7 |       3 |
+----------------------------------+-----------+---------+

Revenue breakdown by sectors

Toll Roads : 73%
Airports : 7%
Telecommunications : 15%
Car parks : 4%
Logistics : 1%

Revenue breakdown by geography

Spain : 51%
France : 36%
UK : 4%
Chile : 3%
Others : 6%

+-----------------------------------------+-------------+-------------+---------+--+--+
|     Results FirstQuarter 2009 (IFRS)    |             |     MnE     |         |  |  |
+-----------------------------------------+-------------+-------------+---------+--+--+
|                                         |             |             |         |  |  |
+-----------------------------------------+-------------+-------------+---------+--+--+
|                                         |  March 2009 |  March 2008 |       % |  |  |
+-----------------------------------------+-------------+-------------+---------+--+--+
|                                         |             |             |         |  |  |
+-----------------------------------------+-------------+-------------+---------+--+--+
|  TOTAL REVENUES                         |         862 |         844 |    2.1% |  |  |
+-----------------------------------------+-------------+-------------+---------+--+--+
|  OPERATING COSTS                        |        -340 |        -314 |    8.2% |  |  |
+-----------------------------------------+-------------+-------------+---------+--+--+
|  EBITDA                                 |         522 |         530 |   -1.5% |  |  |
+-----------------------------------------+-------------+-------------+---------+--+--+
|  DEPRECIATION                           |        -224 |        -199 |   12.2% |  |  |
+-----------------------------------------+-------------+-------------+---------+--+--+
|                                         |             |             |         |  |  |
+-----------------------------------------+-------------+-------------+---------+--+--+
|  OPERATING PROFIT (EBIT)                |         298 |         330 |   -9.7% |  |  |
+-----------------------------------------+-------------+-------------+---------+--+--+
|                                         |             |             |         |  |  |
+-----------------------------------------+-------------+-------------+---------+--+--+
|  FINANCIAL RESULT                       |        -144 |        -147 |         |  |  |
+-----------------------------------------+-------------+-------------+---------+--+--+
|  EQUTY METHOD RESULT                    |          24 |          24 |         |  |  |
+-----------------------------------------+-------------+-------------+---------+--+--+
|  PRE-TAX PROFIT                         |         178 |         208 |  -14.3% |  |  |
+-----------------------------------------+-------------+-------------+---------+--+--+
|                                         |             |             |         |  |  |
+-----------------------------------------+-------------+-------------+---------+--+--+
|  TAXES                                  |         -46 |         -60 |         |  |  |
+-----------------------------------------+-------------+-------------+---------+--+--+
|                                         |             |             |         |  |  |
+-----------------------------------------+-------------+-------------+---------+--+--+
|  PROFIT FOR THE YEAR                    |         132 |         148 |  -10.8% |  |  |
+-----------------------------------------+-------------+-------------+---------+--+--+
|  MINORITY INTERESTS                     |         -10 |         -13 |         |  |  |
+-----------------------------------------+-------------+-------------+---------+--+--+
|  NET ATTRIBUTABLE PROFIT PARENT COMPANY |         122 |         134 |   -9.3% |  |  |
+-----------------------------------------+-------------+-------------+---------+--+--+

+----------------------------------------+-------------+------------+
|  Balance Sheet at 31 March 2009 (IFRS) |             |     MnE    |
+----------------------------------------+-------------+------------+
|                                        |             |            |
+----------------------------------------+-------------+------------+
|                                        |  MARCH 2009 |  DEC. 2008 |
+----------------------------------------+-------------+------------+
|  PROPERTY, PLANT AND EQUIPMENT         |      10,206 |     10,239 |
+----------------------------------------+-------------+------------+
|                                        |             |            |
+----------------------------------------+-------------+------------+
|  INTANGIBLE ASSETS                     |       7,685 |      7,561 |
+----------------------------------------+-------------+------------+
|                                        |             |            |
+----------------------------------------+-------------+------------+
|  FINANCIAL INVESTMENTS                 |       3,222 |      3,193 |
+----------------------------------------+-------------+------------+
|                                        |             |            |
+----------------------------------------+-------------+------------+
|  CURRENT ASSETS                        |       1,410 |      1,227 |
+----------------------------------------+-------------+------------+
|  TOTAL ASSET                           |    22,523 . |   22,221 . |
+----------------------------------------+-------------+------------+
|                                        |             |            |
+----------------------------------------+-------------+------------+
|                                        |             |            |
+----------------------------------------+-------------+------------+
|  SHAREHOLDERS' EQUITY                  |       4,639 |      4,779 |
+----------------------------------------+-------------+------------+
|                                        |             |            |
+----------------------------------------+-------------+------------+
|  LOANS AND BONDS                       |      14,454 |     14,358 |
+----------------------------------------+-------------+------------+
|                                        |             |            |
+----------------------------------------+-------------+------------+
|  OTHER LIABILITIES                     |       3,430 |      3,084 |
+----------------------------------------+-------------+------------+
|  TOTAL EQUITY AND LIABILITIES          |    22,523 . |   22,221 . |
+----------------------------------------+-------------+------------+

Appendix

Significant events 2009

JANUARY

saba is to manage the concession for the Mataró Hospital car park. The car park, with 342 underground and 288 open-air spaces, is the fourth that saba manages in Mataró.

The Barcelona Port Authority and abertis logística start up the Logistics Platforms Consortium Project. abertis logística and the Barcelona Port Authority (APB) will bring together various logistics assets managed by them Catalonia in the company Logistics Platforms Consortium (CPL), in which abertis will have a majority stake. CPL will study and develop investment projects in Catalonia and the area of influence of Barcelona Port, situated in the southwest arc of the Mediterranean.

sanef consortium awarded new teletoll contract in Slovakia. This contract, worth E852Mn, involves the installation and subsequent operation of the system for 13 years from 1 January 2010.

saba wins contract to manage lorry park in Arasur. saba has been awarded the leasehold operation of a secure lorry park in Arasur, with 194 spaces. It is the company's first venture in the province of Álava.

FEBRUARY

abertis logisticspark coslada II begins commercialisation phase.

The project involved the total remodelling and modernisation of the second phase of the logistics park, adding a further 38,000 square metres and four new warehouses, divided into 12 units.

Inauguration in Jamaica of extension to Sangster International airport. The extension project, developed over the last five years, has meant a considerable increase the capacity of the airport (to 9 million passengers) and an investment of E147Mn.

MARCH

Shareholders at the General Shareholders Meeting approved a final dividend of E0.30 per share and a 1-for-20 scrip issue. Approval was given to the company's 2008 results, the distribution on 15 April of a final gross dividend of E0.30/share (the total dividend charged against 2008 earnings is E0.60 per share, a payout of E402 million euros, 12.5% higher than in 2007) and the 1-for-20 scrip issue (with a nominal value of E3 per share, for a total of E100.5Mn).

acesa finalises the project for widening the AP-7 in Tarragona to three lanes. The project, which brings a third lane into operation on the road's Vila-seca to Salou (Tarragona) section of the Mediterráneo (linking the AP-2 and the AP-7), will make it possible to absorb a larger number of vehicles and to do so under better conditions of service for customers and users. This operation is within the framework of the general project for widening the AP-7 motorway to three and four lanes over the 123 kilometres from La Jonquera to Vila-seca/Salou.

Significant events subsequent to the FQ09

APRIL

Payment of a final dividend against 2008 earnings. A gross final dividend of E0.30 per share was paid on 15 April. The total dividend charged against 2008 earnings is E0.60 per share, 7.1% higher than the 2007 dividend. Dividend payments for 2008 total E402 Mn, an increase of 12.5% on the total amount paid in 2007.

Standard & Poor's affirms its "A-" long-term corporate credit rating on abertis. The credit rating agency Standard & Poor's has affirmed its "A-" long-term corporate credit rating on abertis, which it assigned in April 2008. The agency has highlighted the company's financial structure as one of the key factors underpinning its decision to uphold its existing rating. With this reaffirmation, abertis is one of the highest rated companies in its sector.

MAY

Bonus share issue. The bonus allocation period is set as 11-25 May 2009. This entails issuing 33.5 million new shares in the ratio of 1 new share for every 20 old shares, taking abertis' share capital to E2,111 Mn with 703.845.508 shares.

sanef saba parkings is awarded the concession for the Maubert-Notre Dame car park in Paris. sanef saba parkings, a company owned by saba and sanef - both abertis group companies-, has been awarded the 12-year concession for the 426-space Maubert-Notre Dame car park in Paris. The project is the company's first in France The company will invest in the concession over the next two years to carry out general refurbishment.

Studies and Communications
Corporate Direction
Tel. +34 93 230 50 84 / 93 230 50 94
Tel. +34 91 595 10 54
[email protected]
www.abertis.com/prensa

Investors Relations
Institutional investors and Analysts
Tel. +34 93 230 51 26 / 93 230 50 57
Shareholders' Office
Tel. 902 30 10 15
[email protected]

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