presentation president - abetis shareholders general meeting 2011
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1
Salvador Alemany, President
2
Context 2010
Stock market and shareholder reward
Reorganisation of the businesses
Corporate responsibility
12
Contents
34
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BRIC countries (Weighted)
United StatesEuropean UnionSpain
2006 20102007 2008 2009
Economic context
GDP growth
Context 2010
Simultaneous entry and asymmetrical exit from the crisis
4
Economic context Context 2010
We must be ready for the opening up of markets to open up
[1,5 - 4,3] [4,3 - 7,0]GDP <1,5 >7,0Growth Estimates 2011
New processes of monetisation and privatisation of assets
Source: IMF World Economic Outlook, April 2011
5
Growth: a strategic challenge Context 2010
• New concessions• Extension of current ones • Mature concessions
Cash flows
Years of life
Balanced management of the assets portfolio
6
5.2%Income
5.9% EBITDA
6.1% Net Result
Abertis 2010
Strength of the fundamentals
Geographical diversification
Visibility telecommunications business
Positive impact AP-7 agreement
Positive development of traffic France and South America
Context 2010
Capacity to absorb the impact of the economic cycle
7
Context 2010
Stock market and shareholder reward
Reorganisation of the businesses
Corporate responsibility
12
Contents
34
8
Stock market development Stock market and shareholder reward
-40
-20
0
20
40
60
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
0
50
100
150
200
250
300
350
400
450
ABERTISIBEX 35BRISAATLANTIA
ABERTIS1
26
117
42 38
113
-40
31
-10
14
Annual change in share price %
Quotations
(100 = 1/1/00)
(*) Until the 20/6/2011
*
9
Share liquidity
May 2011
2007 1.5 M
3.0 M
Average daily volume traded(million shares) x2
Stock market and shareholder reward
18.8%1.2% Savings banks
2007 2008 2009 2010 2011
43.7% Free-float
31.5% “la Caixa” Group
28.5%
Treasury stock
1.96%CVC+ACS25.8%
Free-float
43.7%
The share price held strong and absorbed the progressive departure of the savings banks
10
Dividend 2010
On consolidated net result
Pay-out
67%
0.30 on account0.30 complementary
Ordinary dividend
0.60€ per share(to be paid 28/6/2011)
1x20 Share issue
Stock market and shareholder reward
We mainatin a sustainable shareholder reward policy
11
Context 2010
Stock market and shareholder reward
Reorganisation of the businesses
Corporate responsibility
12
Contents
34
12
Components of thereorganisation
Sale of the stake in Atlantia
Duplo project
Reorganisation of the businesses
13
A meaningful and clearly profitable investment
Monetisation of the Atlantia investment
Reorganisation of the businesses
626 M€
151 M€ Capital gains
17% average annual profitability
Sale of shares in Atlantia
Synergies and prestige in Italy
14
Components of thereorganisation
Sale of the stake in Atlantia
Duplo project
Reorganisation of the businesses
15
Growth Reorganisation of the businesses
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
GROWTH CONSOLIDATION
Opportunities
Market cap
Debt
16
Duplo project Reorganisation of the businesses
17
Facilitating the rotation and renewal of assets in line with concessions cycle
More Focus
Capital-intensive sectors
A new abertis Reorganisation of the businesses
18
A recast Saba with a perspective of growth
More oriented towards local administrations
More balanced structure
Organisation
Shareholder structure
Balance
A new Saba Reorganisation of the businesses
19
1999 Reorganisation of the businesses
20
2010 Reorganisation of the businesses
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2011 Reorganisation of the businesses
“la Caixa” Group as main shareholder
Head office in Barcelona
Management familiar with the business
22
Consolidate the leadership of Southern Europe and growth in strategic markets
Leadership in Catalonia and Spain, and optimisation of assets
Benchmark operator in developing solutions in mobility in cities
and logistics flows
Saba vision Reorganisation of the businesses
23
Proforma
Saba orders of magnitude
Reorganisation of the businesses
Income 189EBITDA 87
(M€)2010
(M€)2010
Equity 400Net debt 460Leverage ratio 53%
24
Extraordinary dividend 2011
0.67€/shareShares in(1 abertis share 1 Saba share + 0.13 €)
All in cash (Payment date : 27/07/2011)
Until22/07/2011
Payment of the dividend in cash if shares not chosen
A new project open to all shareholders
Reorganisation of the businesses
25
A new project open to all shareholders
Reorganisation of the businesses
Saba is large enough to be a global operator
Currentshareholders
of abertis(voluntary
option)
26
Estimated impact on abertis’ orders of magnitude
Reorganisation of the businesses
Pro forma 2010 (M€ )
abertis Saba Variation
Income 4,106 189 -5%
EBITDA 2,494 87 -4%
Total Assets 25,292 1,464 -6%
27
0.40 € per share
296 M€
Payment date 27/7/2011
Partial return of share premium Reorganisation of the businesses
Income from the sale of Atlantia makes this partial return possible
28
Debt reduction
(*) In cash or shares in saba infrastructures
Sale of Atlantia +626Separation of businesses +853
Extraordinary net dividend (*) -791
Net debt reduction 688
Reorganisation of the businesses
29
Timetable Reorganisation of the businesses
(*) Shareholders that opt for a cash payment. Alternatively, 1 Saba Infrastructures share + 0.13 €
0.40 €
28 june
27july
27 july
Paid out of profits Financial year 2010 0.30 €
complementary
0.67 € (*)extraordinary
ReturnShare Premium
Paid out of profitsFinancial year 2011
30
More opportunities and more competition
Adapting to the demands of each moment
Infrastructuresfor Olympicsand World
Motorways projects USA
EcoTaxe
Financing new motorways with PPPs
Infrastructures in theFive-year plan
Use of PPPs
Airport concessions
Reorganisation of the businesses
31
Context 2010
Stock market and shareholder reward
Reorganisation of the businesses
Corporate responsibility
12
Contents
34
32
Awards and certifications Corporate responsibility
91% of the business withISO 9001 certification
94% of the business under an environmental management system
2,198 Suppliers approved
33
Abertis Foundation Corporate responsibility
34
Fundación abertis in France Corporate responsibility
A milestone expressing our commitment to a country in which we generate nearly 40% of our income
35
Renewal, revision and regeneration
Track record and potential for growth
Recreating ourproject
We have the team and talent of our peopleNew opportunities
We are at thestarting pointof a new path
36
Salvador Alemany, President
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