English edition
ABERTIS INFRAESTRUCTURAS, S.A.
| Date de publication | 06/11/2008 à 11:10 |
| Temps de lecture estimé | 201 secondes (1005 mots) |
| Service de traduction |
ABERTIS ENREGISTRE UN BENEFICE NET DE 541 MILLIONS POUR LES NEUF PREMIERS MOIS DE 2008
RESULTATS Q308
Communiqué de presse
06/11/08
Les chiffres clés du Groupe se sont stabilisés, reflétant l'impact de la conjoncture économique actuelle et la consolidation des principaux coûts d'exploitation par l'extension du périmètre de consolidation. Ces facteurs sont largement absorbés par l'effet positif de la diversification sectorielle et géographique suivie par Abertis ces dernières années.
- Chiffre d'affaires de 2,793 millions d'euros (+1,6 %).
- EBITDA de 1,770 million d'euros (-0,7 %).
- Bénéfice net de 541 millions d'euros (-3,1 %).
- Flux de trésorerie net de 1,079 million d'euros (+0,2 %).
- Investissements de 929 millions d'euros.
- The marked deceleration in the economic cycle has been offset by Abertis' model of selective growth, diversification and internationalisation: almost 50% of revenue and 44% of EBITDA are generated outside Spain.
- Abertis has invested around E800Mn in expansion projects over the first nine months of the year. Airports (DCA) and telecommunications (Hispasat) have been two significant investment areas. In addition to the investment in these areas, other major investment includes the acquisition of the holdings of the Chilean concessionaires Autopista Central and Rutas del Pacífico, which did not have any impact on interim figures and are currently being executed.
- The company's positive financial position and its solid debt structure, with all expansionary activities being fully financed, provide Abertis with a clear competitive advantage in the current economic environment. 92% of total debt is long term, with 77% at fixed rates or fixed through hedging. The average cost of debt has been maintained at 5.3%.
- Revenues from the toll road business rose 1%, even though the trend for road traffic on abertis' network continued the downward path seen in the first half of 2008, with a 2.6% decrease. The reduction in traffic is explained by the economic slowdown and one-off factors, such as the lorry drivers' strike in the first half of the year and the initial impact of the opening of alternative toll-free roads.
- Revenues reached E2,097Mn.
- Average Daily Traffic (ADT) on the abertis network worldwide was 26,496 vehicles (-2.6%).
- ADT on the sanef network (which makes up 53% of abertis' total network) was 24,177 vehicles (-1.1%) to September. The ADT in Spain was 27,681 vehicles, a decline of 4.9%. Stripping out the impact of the alternative toll-free roads opened in the aumar network, the decline was 3.3%.
- The Group's telecommunications infrastructure, airport, logistics parks and car park businesses provide a solid platform for the Group to grow and were less affected by the economic downturn.
- abertis telecom had revenues of E317Mn (+9%). By 30 September, the roll out of Digital Terrestrial Television (DTT) by abertis telecom in Spain covered 89% of the population (around 40 million people).
- The satellite sector fared well, reflecting positive trends in the main indicators of both Eutelsat (revenues growth of 7%) and Hispasat (revenues growth of 8.3%). Eutelsat, consolidated using the equity method, contributed E36Mn in the first nine months of the year, while Hispasat, consolidated using proportionate consolidation since 1 July, contributed E12Mn. In all, the satellite business made a net positive contribution (including the financing costs of the acquisitions) on the profits of abertis.
- Passenger traffic in the TBI airport network increased 6% to 19.3Mn. Revenues at abertis airports, which were hit by the weakness of sterling against the euro (-13% average exchange rate vs. the euro), amounted to E236Mn (-5%).
- Positive performance by abertis logística. Revenues amounted to E36Mn (+126%), with high rates of warehouse and office occupancy: 91% compared to 79.6% in 2007.
- Revenues at saba, abertis' car parks division, reached E99Mn (+2%), with 38 million vehicles in rotation, the same number as in 2008, and an 11.1% increase in season-ticket holders.
Barcelona, 6 November 2008. abertis' results for the first nine months of 2008 are marked by stability in its main financial indicators. The impact of the current economic climate, combined with a 2.6% decrease in traffic on the Group's road network, and the consolidation of increased operating expenses resulting from the expansion of the scope of consolidation, have been offset by the continuing strong performance of its airport, logistics parks, car park and telecommunications infrastructure businesses, and by the effects of geographic and sector diversification: almost 50% of revenue and 44% of EBITDA are generated outside Spain.
Noteworthy were the strong performances from the telecommunications infrastructure (9% increase in revenue); airports (6% growth in passenger numbers in TBI airports); logistics parks (91% office and warehouse occupancy rates) and car parks (38 million vehicles in rotation) businesses. In the first nine months of 2008, abertis' reported total revenue of E2,793Mn, up 1.6% yoy, with sanef contributing E1,049Mn of this amount (38% of total revenue). 48% of the abertis group's revenue is generated outside Spain: 38% in France and 6% in the UK (mainly TBI's airport business). 75% of total revenue came from the toll roads business, 11% from telecommunication infrastructure and 8% from airports. The car parks business contributed 4% and logistics parks 1%. EBITDA totalled E1,770Mn (-0.7%) while EBIT was E1,174Mn (-2%). The abertis Group made a net profit of E541Mn (-3.1%) to September. The net financial expense to 30 September 2008 was E408Mn. Acquisitions carried out by the Group in the period only led to a E9Mn increase in this item. Earnings from companies accounted for by the equity method to September 2008 totalled E62Mn, largely from the holdings in Eutelsat and Atlantia (the latter to 26 June, since when it has been considered a financial stake). In the first nine months of 2008, abertis generated net cash-flow of E1,079Mn (+0.2%). The average workforce at abertis in the first nine months of 2008 stood at 11,911 employees, of whom 54% were employed outside Spain.
Balance sheet and investments
At 30 September 2008, abertis had total assets of E21,539Mn and shareholder's equity of E4,775Mn.
abertis invested a total of E929.3Mn in the first nine months of 2008, of which E758.8Mn (82% of the total) was invested in expanding the Group and pursuing its geographical and sector diversification strategy. Of particular note is the exp
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