Le premier semestre a été marqué par de bons indicateurs d'activité dans tous les secteurs : hausse du trafic dans tout le réseau autoroutier, hausses significatives dans les activités aéroports, parking et parcs logistiques et consolidation de la croissance des infrastructures de télécommunications grâce au déploiement de la TNT et de l'offre de services à valeur ajoutée.
- Chiffre d'affaires de 1,733 millions d'euros (+12 %).
- EBITDA de 1,106 millions d'euros (+13 %).
- Flux de trésorerie net en hausse de 12 %, à 648 millions d'euros.
- Bénéfice net de 314 millions d'euros (+34,2 %).
- Investissements (capex) à 1,221 millions d'euros.
- Le Groupe finalise le refinancement de dette lié aux dernières acquisitions (Sanef, Eutelsat) protégeant ainsi son exposition aux futures variations du marché. 83 % de la dette du Groupe est à taux fixe et l'échéance moyenne est de 7,3 ans.
. abertis achieved 4.2% growth in traffic in 1H07 on its 3,321km toll road network. Traffic grew 4.1% in France (sanef) –52% of abertis' network and 4.4% in Spain. This positive performance drove a 9.2% increase in toll revenues (to €1,263Mn).
. abertis telecom posted a 12% increase in revenues, fuelled by the rollout of DTT (digital terrestrial television), new contract wins with national radiobroadcasters and the value-added services offered to public administrations and corporate customers.
. abertis airports extended the positive trend of 1Q07, ending the first six months of the year with growth of 16% yoy in revenues, 17% in EBITDA and 6.1% in passenger numbers to 11 million.
. Positive impact of the saba's (car park business) international expansion and the growth of the company in Spain (increases of 13% in revenues and 7.3% in vehicle rotation, to 25.4 million).
. abertis logística recorded a 17% yoy jump in revenues, driven by increased activity at all its logistic parks.
. In all, 48% of group revenues and 44% of EBITDA were generated outside of Spain. France is abertis' second most important market, accounting for 37% of revenues and 39% of EBITDA.
Barcelona, 2 August 2007. abertis' 1H07 earnings, presented under IFRS, reflect strong performances by all the group's business lines, extending the trend of the year's first three months. Alongside traffic growth in abertis' toll roads –especially in France- there were sharp increases in the telecommunication infrastructures business, a considerable pickup in activity in the airports division –11 million passengers in the airports managed by abertis airports- and sustained growth in the car parks and logistics businesses.
Abertis reported a 12% yoy increase in 1H07 revenues to €1,733Mn, fuelled by good performances across all its businesses. sanef –the French highways concessionaire contributed €649Mn of the total.
76% of total revenues came from the toll roads business, 11% from telecommunication infrastructures and 8% from airports. The car parks business contributed 4% and logistic infrastructures the remaining 1%.
48% of abertis group revenues were generated outside Spain, the same as in 1H06. Of the total, 37% came from France and 6% from the UK (mainly TBI's airport business).
EBITDA rose 13% yoy to €1,106Mn, while EBIT rose 20% yoy to €715Mn.
Net financial result at 30 June 2007 totalled €-259Mn.
Earnings from companies accounted for under the equity method through June totalled €40Mn, deriving from abertis' indirect 6.7% holding in Atlantia and its 32% stake in Eutelsat, equity consolidated since 1 January 2007.
abertis generated net cash flow in 1H07 of €648Mn, an increase of 12% yoy, with increases across-the-board in its business lines.
abertis reported net profit in 1H07 of €314M, an increase of 34.2% vs. the same period last year.
The average number of employees in the period was 11,164, of which 54% worked outside of Spain.
Balance sheet and investment
The main changes in the company's balance sheet were due to the acquisition of the stake in Eutelsat. At 30 June 2007, abertis had total assets of €20,439Mn (up 6% on year-end 2006) and shareholders' equity of €4,798Mn.
Abertis invested a total of €1,315Mn in the first six months of the year, of which €1,221Mn (93% of the total) was expansion capex and went to pursue its geographical and sector diversification strategy.
The most important acquisition made was in the telecommunication infrastructures sector, with the purchase of 32% of the French satellite operator Eutelsat for €1,070Mn through abertis telecom. The remaining investment in this business went mostly to developing DTT.
The main expansion capex project undertaken in the toll roads division was carried out by sanef, with €62Mn spent on the construction of new lanes and service areas, and capital contributions to the A'lienor consortium (winner of the tender for the AP-65 Langon-Pau toll road). Also worth noting was the €17Mn investment by castellana to complete the work on the new Guadarrama tunnel and lane widening on the AP-65 toll road. The total also included the €11Mn invested by iberpistas to acquire the 20.8% it did not already own of aulesa.
In the airports business, the main investment was the capacity increase at Cardiff International airport, while in the car parks business they were saba's acquisition of a car park in Las Palmas de Gran Canaria of nearly €10Mn, the €5Mn spent on the construction of a car park in Gerona and the €4Mn to acquire a car park in Elche.
Expansion capex in the logistic parks business corresponded mainly to the completion of construction work on two new buildings located at the Parc Logístic de la Zona Franca in Barcelona and the second phase of construction of the Sevisur logistics platform in Seville.
The bulk of operational capex in 1H07 (€94Mn in total) was in toll roads and car parks. In the toll roads business, the main investments were made by sanef (€32Mn) to overhaul and upgrade its network, while in the car parks division, investment was mostly on environmental and safety issues and adaptations to cater for people with limited mobility. Lastly, €2Mn was spent at the Belfast International airport to strengthen the fire brigade.
At 30 June 2007, abertis had net debt of €12,556Mn. 61% of the total is secured with the company's own projects (i.e. non-recourse debt) and 39% with recourse to the parent company (abertis). 83% of the debt at 30 June 2007 was at fixed rates.
In June and July abertis completed the refinancing of all the debt related to the latest acquisitions (Eutelsat and sanef), anticipating pressure in the debt market and limiting its exposure to future market swings. In June, it refinanced the bridging loan taken out to acquire Eutelsat (initially due in two years) via proceeds from a €1,000Mn 10-year bond issue. In July, the company refinanced €1,500Mn of the payments pending on the sanef acquisition due between 2007 and 2016, extending the maturity of the new debt between 2020 and 2024. In both cases, debt is at fixed rates.
Business performance
1. Toll Roads
The toll roads business was still the group's main business activity in 1H07, with a similar weighting to the same period in 2006. The division contributed €1,310Mn to group revenues (76% of the total) and €958Mn to EBITDA (87%).
Traffic on abertis' toll roads in Spain rose a higher-than-expected 4.4% in 1H07, with average daily traffic (ADT) of 25,693 vehicles. Traffic growth on the toll roads managed by sanef was 4.1%, with ADT of 23,152 vehicles. Therefore, throughout 2007 growth trends seen at the end of 2006 have been sustained. ADT for the overall toll road network, including sanef and GCO (Argentina), has risen 4.2% (25,052 vehicles), outstripping expectations.
Highlights here include the use of the teletoll system in abertis' overall toll road network. This system keeps traffic on the roads fluid, helps boost mobility, reduces petrol consumption and means vehicles do not have to stop at the toll booths. Through June, 25.6% of the transactions on abertis' toll roads in Spain were made using the teletoll system. On sanef's network, this system was used in 22.4% of all transactions.
| Company | ADT | Increase |
| | | |
| acesa | 36,375 | 4.5% |
| | | |
| aumar | 24,071 | 3.4% |
| aucat | 33,043 | 7.4% |
| iberpistas | 28,998 | 4.0% |
| castellana | 6,139 | 11.0% |
| avasa | 13,445 | 4.8% |
| aulesa | 4.495 | 17.1% |
| Abertis Net Spain | 25,693 | 4.4% |
| sanef | 23,152 | 4.1% |
| GCO (Argentina) | 65,367 | 3.9% |
| | | |
| Abertis Network | 25,052 | 4.2% |
2. Telecommunication Infrastructures
This division was the second largest contributor to 1H07 revenues (€191Mn or 11% of the total) and EBITDA (€84Mn, 8%).
abertis telecom continued to perform well, achieving a 12% yoy increase in revenues, driven mainly by the rollout of DTT, the expansion of its coverage (to 85% as from August) and new contracts wins with national radiobroadcasters.
abertis telecom currently broadcasts 20 digital channels from 153 centres across its broadcasting network (80% of the population), which are fully adapted for the new audiovisual technology in accordance with the Spanish DTT Plan. In all, abertis telecom has more than 3,200 sites.
3. Airports
Revenues for the airports division in 1H07 amounted to €147Mn (8% of abertis' total revenues), while EBITDA totalled €43Mn (4%).
Revenues in the six-month period rose sharply (16%), driven by 6.1% growth in passenger numbers at all the airports to nearly 11 million. Particularly noteworthy was the strong performance by the Orlando Sanford and Sotckholm Skavsta airports, with growth in passenger numbers of nearly 10% and 8%, respectively, and the three Bolivian airports (Santa Cruz, Cochabamba and La Paz), where passenger figures grew by more than 17%.
4. Car Parks
saba reported 1H07 revenues of €65Mn (+13% yoy) and EBITDA of €28Mn, representing 4% and 2%, respectively of the total. saba's international expansion in 2006, new car parks added mostly in Italy, and so far in 2007, with additions in Spain (Pamplona, Las Palmas de Gran Canaria, Elche and Terrassa)- clearly drove revenues in 1H07. Vehicle rotation in the first six months of the year totalled 25.4 million vehicles, an increase of 7.3% on 1H06. At the end of June, saba managed a total of 88,010 parking spaces in 162 parking areas in Spain, Italy, Chile, Portugal, Morocco and Andorra.
5. Logistic Parks
abertis logística reported a 17% yoy increase in 1H07 operating revenues to €10Mn (1% of the total) and contributed €3Mn to EBITDA. abertis logística continues to gross business at all its logistics parks in Spain, while pursuing an international expansion strategy. Its expansion abroad began last year with the announcement of a project in Portugal and has continued this year with the agreement signed in July to develop a logistics park in the metropolitan area of Santiago de Chile. The investment for this park, which will occupy 63 hectares of land and contain a buildable area of 350,000 sq m, will be made gradually over the next 10 years and amount to a total of €168Mn.
| Contribution by sectors | FirstHalf-Year 2007 | Mn€ |
| | REVENUES | EBITDA |
| TOLL ROADS | 1,31 | 958 |
| | | |
| TELECOMMUNICATIONS | 191 | 84 |
| | | |
| AIRPORTS | 147 | 43 |
| CAR PARKS | 65 | 28 |
| LOGISTICS INFR. | 10 | 3 |
(See graphs in attachment)
| Results First Half-Year 2007 (IFRS) | | | |
| Mn€ | JUNE 2007 | JUNE 2006 | % |
| | | | |
| TOTAL REVENUES | 1,733 | 1,553 | 12% |
| | | | |
| OPERATING COSTS | -627 | -572 | 10% |
| EBITDA | 1,106 | 980 | 13% |
| DEPRECIATION | -391 | -385 | 1% |
| OPERATING PROFIT (EBIT) | 715 | 595 | |
| | | | 20% |
| | | | |
| FINANCIAL RESULT | -259 | -257 | |
| | | | |
| EQUTY METHOD RESULT | 40 | 23 | |
| | | | |
| PRE-TAX PROFIT | 497 | 361 | 38% |
| | | | |
| TAXES | -150 | -126 | |
| | | | |
| PROFIT FOR THE YEAR | 347 | 235 | 48% |
| MINORITY INTERESTS | -33 | -1 | |
| NET ATTRIBUTABLE PROFIT PARENT COMPANY | 314 | 234 | 34% |
| Balance FirstHalf-Year 2007 (IFRS) | | |
| Mn€ | JUNE 2007 | DEC. 2006 |
| | | |
| TANGIBLE FIXED ASSETS | 9,68 | 9,61 |
| | | |
| INTANGIBLE FIXED ASSETS | 6,795 | 6,805 |
| | | |
| FINANCIAL INVESTMENTS | 2,951 | 1,856 |
| | | |
| CURRENT ASSETS | 1,013 | 946 |
| | | |
| TOTAL ASSETS | 20,439 | 19,217 |
| | | |
| | | |
| SHAREHOLDER’S EQUITY | 4,798 | 4,447 |
| LOANS AND BONDS | 12,902 | 12,168 |
| | | |
| OTHER LIABILITIES | 2,738 | 2,603 |
| | | |
| TOTAL LIABILITIES | 20,439 | 19,217 |
Appendix
Significant events in 1H07
JANUARY 2007
saba sets up a new company. The company, set up with the Grupo Inerzia-Los Serranos consortium, is called Saba Aparcamientos de Levante and manages over 1,100 parking places with three car parks in Elche. abertis finalises the acquisition of 32% of Eutelsat. The transaction went ahead after all the competition authorities' requirements had been met. The operation, which requires a total investment of €1,070Mn, has been financed with a bridge loan taken out with six banks.
The EU anti-trust authorities reiterate the validity of the abertis/Autostrade merger. In a preliminary ruling, the European Commission has stated that the Italian government has violated European legislation by blocking the project and reiterates that, as a pan-European merger, it falls under EU jurisdiction.
FEBRUARY 2007
Change in HIT's shareholder structure. Following receipt of various offers for sanef, abertis sells its 5% stake in Holding d'Infraestructures de Transport SAS (HIT) –core shareholder group which controls 100% of sanef- to Caisse des Dépôts, while maintaining a 52.5% controlling stake.
Bionet agreement with Arasur. Araba Logística, the company which manages the Arasur logistics platform and in which abertis logística holds a stake, has reached an agreement with Bionet Europa (a company which produces biodiesel using vegetable oils as a raw material) to construct and operate the service station to be installed in the Arasur platform for the next 24 years under a leasing agreement. saba is awarded the three car parks in Vilafranca del Penedès (Barcelona). Two are car parks offering 786 spaces and the third is a regulated on-street parking area with capacity for 585 vehicles.
iberpistas acquires 20.8% of aulesa. Following this transaction, iberpistas, which already had a stake of 79.2%, now owns 100% of aulesa.
MARCH 2007
acesa presents in Tarragona its project to extend the AP-7 south toll road. The project involves the construction of a third lane on the Mediterráneo (AP-2/AP-7 junction)-Vila-seca/Salou (Tarragona) stretch of the road and the construction of a closed toll system between Martorell (Barcelona) and Vila-seca/Salou, with the subsequent elimination of the Mediterráneo, Vendrell and Tarragona toll barriers. abertis logística to develop a logistics park in the metropolitan area of Santiago de Chile. The investment for this park, which will occupy 63 hectares of land and 350,000 sq m of buildable area, will be made gradually over the next ten years and amount to a total of €186Mn. sanef is awarded new contracts in Canada and Ireland worth €163Mn. The French concession group will install and manage a teletoll system on the M50 road in Dublin, with estimated ADT of 120,000 vehicles. This comes on top of the contract won in Canada for the supply, management and operation of teletoll technology on the Golden Ears bridge in Vancouver. iberpistas inaugurates the third Guadarrama tunnel on the AP-6 toll road. This new, 3,148 metre-long tunnel has three lanes to Madrid and 13 escape galleries connected to the other tunnels. It forms part of the road network linking Madrid with the northeast of Spain. The project is part of a series of measures aimed at boosting traffic capacity on this route, for which €260Mn has been earmarked for investment.
Start-up of the first private DTT multiplex in Catalonia. abertis telecom has begun test broadcasts on the first private DTT multiplex in Catalonia. Broadcasts will be made from the Collserola broadcasting centre in Barcelona.
Stockholm Skavsta obtains authorisation to expand to 6 million pax/year. The new authorisation, which triples the permission that the airport has had until now, will enable the long-term planning for the future expansion of Stockholm Skavsta, which currently has 1.7 million passengers per year.
APRIL 2007
Agreement between abertis telecom and the regional government of Navarra to roll out DTT. This project aims to make DTT available to 95% of the population of Navarra by October this year. Navarra is the first autonomous community to fully roll out national, regional and local DTT programmes simultaneously. abertis telecom and Microsoft will work together on a project to develop DTT on the Internet. This collaboration forms part of the "TDT.COM" project, which involves evaluating and validating the architecture and service platforms necessary to support the broadcasting service for audiovisual content via the Internet, including access to live content.
MAY 2007
Board resolutions. abertis calls its General Shareholders' Meeting for 13 June. The abertis Board of Directors agrees to propose the payment of a gross final dividend of €0.25, to be paid in the last two weeks of June. Dividend payments amount to more than €304 Mn.
Schemaventotto's partners agree to define a new shareholders' agreement. abertis announces the need to revise the current agreement to ensure its continuity. The new pact is aimed at continuing the joint efforts to resolve the problems which had prevented Atlantia's integration into abertis. acesa wins tender for works on the third lane of the AP-7 south. Work on this lane in the Mediterranean stretch (junction of AP-7/AP-2)-Vila-seca/Salou) will begin after the summer once the preliminary work has begun. In this regard, in May acesa was awarded the preliminary work contract (extending structures). These road works will not affect the traffic and are due to last until December.
JUNE 2007
Communiqué to the CNMV regarding Hispasat. abertis confirms that its subsidiary abertis telecom has been in talks with Hispasat's private investors regarding acquiring their stakes. Nothing formal has been agreed. The communiqué states that any transaction affecting Hispasat's shareholder structure must be approved by the Spanish Cabinet.
abertis' General Shareholders' Meeting. The General Shareholders' Meeting approves a gross final dividend charged against 2006 earnings of €0.25 per share, paid on 18 June. Also approved is the €91.2 Mn 1x20 scrip issue. abertis' Board of Directors announces it is to increase the 2007 dividend by 10%.
New abertis Board members. The appointment of the following people to the Board is approved at the General Shareholders' Meeting: Florentino Pérez Rodríguez (ACS), Javier Echenique Landiríbar (ACS) and Caixaholding S.A.U. (represented by Marcelino Armenter) as non-independent directors, and Emilio García Gallego as an independent director.
The partners of Schemaventotto sign a new shareholders' agreement. The agreement gives the partners more time to verify whether the necessary conditions for the Atlantia and abertis merger really exist. This agreement is extended until 31 December 2008, although abertis may negotiate its withdrawal as early as February 2008 if need be.
Saburdi agreement with Arasur. Araba Logística signs an agreement with Saburdi de Arasur to operate the catering facilities at the Arasur logistics park in Rivabellosa in which abertis logística holds a stake.
Stockholm Skavsta is connected to a further 13 European destinations. With these new routes this airport, which is managed by abertis airports, will see air traffic rise by 40% to 2.7 million passengers a year, making it Sweden's third largest. abertis completes group organisational restructuring. The appointments of Carlos del Río, new Managing Director of abertis airports, José María Morera, new Managing Director of Autopistas España and that of José Antonio López Casas as Managing Director of iberpistas follow those of Josep Lluís Giménez, appointed to acesa's Directorate General in May and Enrique Villalonga, named aumar's Managing Director in February. These changes are part of the company and business groups' organisational restructuring.
DTT agreement between abertis telecom and the Corporación Aragonesa de Radio y Televisión. Under the terms of this agreement, the Corporación Aragonesa de RTV's multiple DTT channel shall be used to broadcast high definition television tests. These tests form part of abertis telecom's commitment to developing high definition television.
Agreement between Arasur and Logento. Araba Logística has signed an agreement with Logento to rent a 10,000 square meter warehouse at the Arasur multimodal logistics park. saba acquires a car park in Las Palmas de Gran Canaria and manages another in Terrassa. The total cost of the Las Palmas transaction is approx. €10 Mn. The car park, located in the city's administrative centre,
has 549 parking places. In Terrasssa, saba signs a ten-year management agreement for a car park with 272 parking places.
Sevisur Logística, owned by abertis logística, signs an agreement with Christian Salvesen. The agreement is to lease a 4,000 square meter building at the Zona de Actividades Logísticas (ZAL) industrial warehouse at the Seville Port.
Events after the balance sheet date
JULY 2007
abertis enters the FT Global 500 ranking. abertis joins this ranking, which is published annually by the Financial Times, for the first time. It includes the world's leading 500 companies by market capitalisation. abertis joins the Santiago de Chile logistics park project. Total investment in this project, which was announced in March, is €186 Mn. The new logistics park which has a buildable area of 350,000 square meters, contains warehouses and service buildings and is due to become operational in 2009.
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