abertis' recurrent net profit rises 12% to €125Mn in the first quarter of 2013

Actualités

· 30 Avril 2013 , Barcelona

abertis' recurrent net profit rises 12% to €125Mn in the first quarter of 2013

The Group's new concessions in Brazil and Chile are fully consolidated for the first time in the income statement for the period

abertis continued to achieve improvements in all of its main financials in the first quarter of 2013, with growth in revenues (+29%), EBITDA (+23%) and recurrent net profit (+12%). These performances stand out in a period marked by the full consolidation by integration of the new concessions in Brazil and Chile, which contributed €244Mn to Group revenues.

The results for the first quarter are affected by the changes in the consolidation scope compared with the same period a year earlier, which makes comparisons difficult. In addition to the impact of the incorporation of the new businesses in Brazil and Chile, results were also affected by the capital gains from the sale of the stake in Eutelsat reported in the first quarter of 2012 and in 2013. The Group's total net profit amounted to €141Mn. Stripping out these extraordinaries, recurrent net profit stood at €125Mn (+12%).

The full consolidation by integration of the new concessions in Brazil and Chile is another highlight of these first-quarter results since these businesses expand the Group's international footprint and very significantly reduce its exposure to markets more exposed to the crisis such as Spain and France. Following these additions, 65% of revenues and 60% of EBITDA were generated outside Spain in the period.

Income statement

abertis' revenues in the first quarter of 2013 amounted to €1,145Mn, up 29% year-on-year, boosted by the contribution of the new businesses in Brazil and Chile.

The toll roads business generated 83% of total revenues, while 11% came from the telecommunications business and 6% from the airports unit. Operating expenses also rose to €470Mn in the period due to the impact of the new assets.

EBITDA totalled €675mn (+23%), 60% of which was generated outside Spain. Stripping out the impact of the new businesses and of other expenses which are not comparable, recurrent EBITDA was flat year-on-year.