Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Socially responsible investing wikipedia , lookup
Systemic risk wikipedia , lookup
Investment banking wikipedia , lookup
History of investment banking in the United States wikipedia , lookup
Leveraged buyout wikipedia , lookup
Financial Crisis Inquiry Commission wikipedia , lookup
Investment management wikipedia , lookup
Financial crisis wikipedia , lookup
Environmental, social and corporate governance wikipedia , lookup
1. Abertis today 2. 2016 Financial Year 3. Outlook 4. Conclusions Abertis today 2016 Financial Year Outlook Attractive, geographically diverse asset base Today, Abertis is the world leader in infrastructure management, with a growth mission Conclusions Abertis today 2016 Financial Year Outlook Conclusions VIDEO Abertis today 2016 Financial Year Outlook Conclusions Talent Professionalism Multiculturalism Executive development Management style Commitment, experience and know-how of the business and how to manage it Over 25 nationalities and high mobility among executives 80% of management positions are covered by internal promotions Innovative, transparent, with a global outlook Our team: over 16,000 people in 16 countries, the key to achieving our goals Abertis today 2016 Financial Year Outlook Conclusions Road Safety Continous efforts to improve safety on our toll roads with an €47Mn investments in 2016 Key actions in 2016: • New app Autopistas en Ruta • Projects Kango and Cooperante Vial • Observatoire des comportaments sur l'autoroute • Project Escola • Project City Lab • Autoroute Academie Road safety, our priority • Together for Safer Roads • Negotiating a global agreement to promote road safety • New award on road safety Abertis today 2016 Financial Year Outlook Conclusions Road safety - in figures Reduction in no. of accidents 1,146 2016-2013 1,058 12% 23.2 21.0 20.5 21.4 Reduction in no. of victims 916 875 2013 2014 Accident rate (FR1) 2015 2016 No. of victims Continous improvements to road safety on our toll roads 2016-2013 24% Abertis today 2016 Financial Year Outlook Conclusions Abertis today 2016 Financial Year Outlook Conclusions Road Tech Facing a global transformation process: digitalisation. Development of company businesses: • Payment system operators Positioning Abertis as a driver of innovation for infrastructures. Partner to governments: solutions to improve mobility and congestion. Constant innovation for mobility Free-flow and toll-charging technology • Managing 300 million transactions a year • Flagship projects: Dartford Bridge (UK), Port Mann Bridge (Canada) and Rhode Island (US). Abertis today 2016 Financial Year Outlook Conclusions Road Tech - the Abertis network meeting the challenges of mobility 2 billion transactions a year, over 60% by teletoll and over 75% automatic. Alliances with leading world partners: Current projects: • Free Flow AP-7 • Inframix • Transformation to 100% free flow • Autopista Central 100% free flow • Boost to teletoll (Stop&Go) Innovative solutions to improve mobility Abertis today 2016 Financial Year Outlook Conclusions VIDEO 1. Abertis today 2. 2016 Financial Year 3. Outlook 4. Conclusions Abertis today 2016 Financial Year Outlook Conclusions Main figures - compared to 2015 Revenues Gross operating profit/loss Like-for-like net profit Investment Dividends 13% 20% 13% x2.5 11% Year of growth with €2.6Mn investment and strong results Abertis today 2016 Financial Year Outlook Conclusions Business - compared to 2015 France +1.9% Italy Spain +2.6% +5.3% Traffic Tolls Puerto Rico +0.9% +1.3% +3.7% Brazil -2.8% Chile Argentina +6.4% +0.2% Business performance better than expected Abertis today 2016 Financial Year Outlook Conclusions Highlights • Improvement in operating margin • Plan Relance II and III • Acquisition and integration • Re-balancing via tariffs • Integration of the Autopista Central • Extension in return for investment • Re-balancing under negotiation • Investment in 3 new satellites • Debt refinancing Consolidating value creation Abertis today 2016 Financial Year Outlook Conclusions Profit and loss account (€Mn) 5% % 2016-2015 Revenues 4,936 Operating expenses -1,695 Gross margin (EBITDA) 3,240 Amortisations -1,295 ~66% Financial profit/loss -620 Corporate income tax -304 3% Like-for-like +13% +6% +20% +9% +140 pbs 26% 9% 15% REVENUES 5% 3% (4 months) -10 P. equivalence 34% -216 Minority interests Net profit 796 -58% (*) +13% * 2015 includes Cellnex IPO capital gain Improvement in gross margin and greater geographical diversification Abertis today 2016 Financial Year Outlook Conclusions Change in EBITDA (€Mn) 9% 20% 231 318 3,240 2,692 Gross operating profit/loss 2015 Perimeter and other non-core business Core business Gross operating profit/loss 2016 A good year, with improvements in core business and perimeter extension Abertis today 2016 Financial Year Outlook Conclusions Efficiencies - Toll roads Improvement in operating margin vs. 2015 +190 bps +170 bps +40 bps Deployment of our differential industrial model Organisational streamlining +130 bps +290 bps +170 bps Integration of systems Creating synergies We create value by efficiently managing our toll roads Abertis today 2016 Financial Year Outlook Conclusions 2016 investment Organic expansion Inorganic expansion Capacity increase 62 €1,020 Mn Compensation via tariff 529 Other 28 New satellites 166 Arteris IPO Autopista Central 948 €1,612 Mn 70 A4 holding 10-year extension Compensation via extensions 123 112 More than €2.6Bn invested in growth and concession extensions 594 Abertis today 2016 Financial Year Outlook Inorganic growth deal 2016 Reinforcing Chile Investment: €948Mn (purchase of additional 50% of the Autopista Central up to 100%) The best toll road in Chile: • Maturity: 2031 (in negotiation to 2035) • Kilometres: 61 (crossing Santiago de Chile) • Significant activity: 86,017 ADT Impact on consolidation: • +€217Mn revenues • +€171Mn gross operating profit/loss Substantially reinforcing business in Chile Conclusions Abertis today 2016 Financial Year Outlook Inorganic growth deal 2016 Entry into Italy Investment: €594Mn (purchase 51% A4) Key toll road for the northern Italy international corridor: • Maturity: 2026 • Kilometres: 236 (Veneto zone) • Significant activity: 62,612 ADT Impact on consolidation: • +€544Mn revenues • +€200Mn gross operating profit/loss Purchase +9% February 2017 (to 60%) Value creation through entry into a new market Conclusions Abertis today 2016 Financial Year Outlook Conclusions Portfolio duration in proportional EBITDA years -7 years +11 years 24 years 20 years 2010 Years elapsed Years for new investment Consolidating a diverse, lasting business 2017 Abertis today 2016 Financial Year Outlook Conclusions Net debt (€Mn) Net debt / Gross operating profit/loss Net debt / Gross operating profit/loss x4.7 1,232 -430 90% Fixed net debt (88% 2015) x4.4 1,018 4.4% 14,377 12,554 Net debt 2015 Cash generated Inorganic investment Debt from acquisitions and other impacts Net debt 2016 €2 billion in bonds in 2016, at over 10 years with a fixed average coupon of 1.1% Efficient liability management: extension of maturity and lower cost Cost of debt (5.1% 2015) 3.1% Cost of corporate debt (4.1% 2015) Abertis today 2016 Financial Year Outlook Conclusions Balance at December (€Mn) Assets Fixed assets Liabilities 22,506 Net debt 14,377 Financial assets 4,281 Current assets Cash 1,869 2,529 A strong, healthy balance of over €31 billion 6,901 Net equity 7,380 Creditors 16,905 Gross financial debt Abertis today 2016 Financial Year Outlook Conclusions Conclusions - compared to 2015 Revenues Gross operating profit/loss Operating margin* Net profit* Total investments +13% +20% +140bps +13% +2,5x €4,936Mn €3,240Mn 66% €796Mn €2,632Mn Above expectations (*) Like-for-like 1. Abertis today 2. 2016 Financial Year 3. Outlook 4. Conclusions Abertis today 2016 Financial Year Outlook Conclusions Our 2015-2017 Strategic Plan commitments Focus and internationalisation ~75% revenues from outside Spain Efficiencies Expected savings of €400Mn in 3 years Disciplined growth Over €7 billion in investment We continue to deliver: strong execution of the Strategic Plan Shareholder remuneration +11% dividends in 2016 Abertis today 2016 Financial Year Outlook Conclusions Growth with financial discipline 2015 Organic 2016 €811Mn €1.020 billion €168Mn €1.612 billion Minority purchase €1 billion ~ 3 billion ~€1 billion Autopista Central Túnels Inorganic Minimum 2017 A4 holding Minority purchase ~€2.4 billion Minority purchase €2.6 billion Minimum investment 2015-2017 Minority purchase ~ 4 billion TTPL / JEPL Min €3.4 billion A minimum commitment of €7 billion between 2015 and 2017 Min €7 billion Abertis today 2016 Financial Year Outlook Inorganic growth deal 2017 Reinforcing France Investment of €1,734Mn to reach 90% Leading toll road network in France: • Expiry in 2033 • Kilometres: 1,761 • Activity: 24,473 ADT Increase in average life Positive impact on results Strengthening our position in an important market such as France Conclusions Abertis today 2016 Financial Year Outlook Inorganic growth deal 2017 Entry into India Investment: €128Mn Entry into Asia: • Maturity: 2026 • Kilometres: 152 • Activity: 18,119 ADT Impact on consolidation: • +€31Mn revenues • +€23Mn gross operating profit/loss A project with potential, an experience to learn ahead future investment Conclusions Abertis today 2016 Financial Year Outlook Conclusions Abertis today 2016 Financial Year Outlook Conclusions Business vision 2017 Expected growth in traffic in all markets Orientation to growth with financial discipline • Minimum investment in 2017 of €3.4 billion Over 4% average average tariff increase New boost to operational efficiencies Potential project portfolio: • Exclusive bilateral negotiations (France, Brazil, Chile, etc.) • New bids and potential acquisitions Over 10% growth in gross operating profit/loss Working to create value and deliver our commitments 1. Abertis today 2. 2016 Financial Year 3. Outlook 4. Conclusions Abertis today 2016 Financial Year Outlook Conclusions World leader in toll roads management with an efficient industrial model Conclusions Abertis today 2016 Financial Year Outlook Conclusions Conclusions World leader in toll roads management with an efficient industrial model Boost to safer toll roads, with the best technology: Road Safety and Road Tech Abertis today 2016 Financial Year Outlook Conclusions Conclusions World leader in toll roads management with an efficient industrial model Boost to safer toll roads, with the best technology: Road Safety and Road Tech Solid results in 2016, with growth in all markets Abertis today 2016 Financial Year Outlook Conclusions Conclusions World leader in toll roads management with an efficient industrial model Boost to safer toll roads, with the best technology: Road Safety and Road Tech Solid results in 2016, with growth in all markets Over €7 billion in investments in the 2015-2017 period Abertis today 2016 Financial Year Outlook Conclusions Conclusions World leader in toll roads management with an efficient industrial model Boost to safer toll roads, with the best technology: Road Safety and Road Tech Solid results in 2016, with growth in all markets Extending the life of business portfolio Over €7 billion in investments in the 2015-2017 period Abertis today 2016 Financial Year Outlook Conclusions Conclusions World leader in toll roads management with an efficient industrial model Boost to safer toll roads, with the best technology: Road Safety and Road Tech Solid results in 2016, with growth in all markets Disciplined investment and optimisation of the financial structure Over €7 billion in investments in the 2015-2017 period Extending the life of business portfolio Abertis today 2016 Financial Year Outlook Conclusions Conclusions World leader in toll roads management with an efficient industrial model Boost to safer toll roads, with the best technology: Road Safety and Road Tech Solid results in 2016, with growth in all markets 77% Free Float and adaptation of corporate governance Over €7 billion in investments in the 2015-2017 period Extending the life of business portfolio Disciplined investment and optimisation of the financial structure Abertis today 2016 Financial Year Outlook Conclusions Conclusions World leader in toll roads management with an efficient industrial model Boost to safer toll roads, with the best technology: Road Safety and Road Tech Attractive shareholder remuneration Over €7 billion in investments in the 2015-2017 period 77% Free Float and adaptation of corporate governance Extending the life of business portfolio Solid results in 2016, with growth in all markets Disciplined investment and optimisation of the financial structure Abertis today 2016 Financial Year Outlook Conclusions Conclusions World leader in toll roads management with an efficient industrial model Boost to safer toll roads, with the best technology: Road Safety and Road Tech A committed, talented management team Over €7 billion in investments in the 2015-2017 period Extending the life of business portfolio 77% Free Float and adaptation of corporate governance Attractive shareholder remuneration Solid results in 2016, with growth in all markets Disciplined investment and optimisation of the financial structure Abertis today 2016 Financial Year Outlook Conclusions Conclusions World leader in toll roads management with an efficient industrial model Boost to safer toll roads, with the best technology: Road Safety and Road Tech Solid results in 2016, with growth in all markets Over €7 billion in investments in the 2015-2017 period Extending the life of business portfolio Disciplined investment and optimisation of the financial structure 77% Free Float and adaptation of corporate governance Attractive shareholder remuneration A committed, talented management team Progress in delivering the 2015-2017 Strategic Plan