Monday, May 20th, 2013
Abertis has moved into the final quarter of 2010 with solid traffic growth on its international toll road network (+1.8% in France and +5% in other countries), a strong performance from Abertis Telecom (+7%), and increased revenues for Saba (+5%) and the airports business (+3%)
Revenues: €3,097Mn (+5.5%).
EBITDA: €1,916Mn (+4.6%).
Cash flow: €1,205Mn (+7.4%).
Net Profit: €561Mn (+4.2%).
The third quarter was the first in which the Group achieved overall traffic growth in its toll road network after nine straight quarters of decline. In 9M09, the year-on-year decline in traffic narrowed to 0.4% (from 0.7% in 1H10).
50% of revenues and 47% of EBITDA came from outside Spain. 75% of revenues came from the toll roads business, while the remaining 25% was split between telecommunications infrastructures (14%), airports (7%), car parks (4%) and logistics parks (1%), whose combined weight in the Group remained unchanged.
Cash flow generation remained strong: cash flow before investments and dividends increased by 7.4% to €1,205Mn.
94% of the Group's total debt is long term (compared to 92% at 30 September 2009), of which 86% is at fixed rates. The average cost of debt is 4.5% (4.6% at 30 September 2009).
Toll road revenues in 9M10 amounted to €2,332Mn (+6%).
Traffic on Sanef’s toll road network in France grew by 1.8%, with the largest increase in heavy vehicle traffic (+4.8%). Stripping out the negative impact of the strike in two days of June (now over), traffic would have increased by 2.3%.
Traffic at the rest of Abertis’ international concessionaires (Chile, Argentina and Puerto Rico) also rose (+5%).
In Spain, the decline in traffic on abertis’ toll road network eased further, falling 4.3% in 9M10 compared 4.8% in the first half, and marking a considerable improvement on the 8.1% decline in 9M09.
abertis telecom had revenues of €418Mn (+7%). The increase was driven by the rollout of Digital Terrestrial Television (DTT), alongside the offering of radio communications services, and offset the negative impact of the analogue switch-off in April.
The satellite sector continued to perform well. Eutelsat, consolidated using the equity method, contributed €60Mn in the nine-month period, while Hispasat, consolidated using proportionate consolidation, contributed €20Mn. In all, the satellite business added a net €46Mn (including the financing costs of the acquisitions) to the profits of abertis.
Revenues at abertis airports totalled €211Mn (+3%). Lower activity levels at tbi’s airports, mainly in the UK –passenger traffic there was down 5.6%- were offset by a 6.6% increase in revenue per passenger, a larger overall contribution by dca’s airports and favourable exchange rate trends.
saba, abertis’ car parks division, posted revenues of €114Mn (+5%), with 41.7 million vehicles in rotation (+2.3%).
In the logistics parks business, constructed area grew 10.9% in the first nine months of the year (to 533,350 square metres). The average warehouse and office occupation rate was 63.1%, a 3% increase in square metres from year-end 2009, while revenues amounted to €16Mn.