In the first quarter of 2012,

abertis

achieved improvements in all of its main indicators, in an economic environment that is still very complex, particularly in its Spanish units.

abertis

' results reflect the impact of the sale of 16% of Eutelsat last January, which generated consolidated net capital gains of €396Mn.

abertis' net profit increased by 88% in the first quarter of 2012, to €517Mn. Like-for-like net profit – discounting the capital gains from the partial disposal of Eutelsat in 2012 and the capital gains from the sale of Atlantia in 2011 – amounted to €117Mn, up 3% compared with the same period in 2011.

Revenues increased to €888Mn (+1%) in the period, despite a decrease in traffic in Spain and France, and boosted by a strong performance from toll roads in the Americas and airports.

The percentage of revenues generated outside Spain, mainly in France, Chile and the UK, increased to 54%.
EBITDA in the first quarter totalled €547Mn (+3%), while EBIT was €311Mn (+5%).

Describing the results for the period, CEO Francisco Reynés remarked: “abertis is implementing an efficiency plan launched in the second half of 2011 which will consolidate the competitiveness of the company, despite the difficult conditions we are experiencing in our nearest markets”.


Integration of OHL’s toll roads in Brazil and Chile

abertis and OHL have signed a letter of intent for the integration in the abertis’ portfolio of toll road assets managed by OHL in Brazil and Chile. The deal – which is subject to various formalities and procedures standard in this kind of processes – is subject to the approval of the Boards of both companies. The transaction will be implemented by a combination of a 10% stake of existing abertis’ shares and the assumption of debt.
By closing this deal, abertis would become the world leader in the toll road concession sector, operating over 7,500 kilometres, whilst also giving it a foothold in Brazil's growing market with its stable concession system and consolidating its leadership in Chile.

Description of assets

The assets abertis will incorporate consist of 9 toll road concessions in Brazil, totalling 3,227 kilometres, and 3 concessions in Chile, totalling 342 kilometres.

The assets in Brazil are located in São Paulo, Minas Gerais, Rio de Janeiro, Santa Catarina and Paraná states, with four toll road concessionaires under the jurisdiction of the State of São Paulo – Autovias, Centrovias, Intervias and Vianorte – and five concessionaires under the jurisdiction of the federal network – Autopista Fernão Dias, Autopista Regis Bittencourt, Autopista Litoral Sul, Autopista Planalto Sul and Autopista Fluminense.

This solid group of toll roads would give abertis a balanced concessions portfolio, substantially improving the average life of its toll road business.

The assets abertis would incorporate in Chile are Autopista Los Andes, connecting the city of Los Andes with Route 5 North in Chile; Autopista del Sol, which links the city of Santiago de Chile with the port of San Antonio; and Autopistas Los Libertadores, which connects the capital to major cities in the north of the Metropolitan Region of Santiago and the provinces of San Felipe and Los Andes.

On completion of this deal, abertis would also be the leader in Chile, where it is currently one of the largest toll road operators, through its Elqui, Rutas del Pacífico and Autopista Central toll road concessions.