· Revenues: €3,935Mn (+6.9%).
· EBITDA: €2,435Mn (+7.9%).
· Net cash flow: €1,550Mn (+9.4%).
· Net Profit: €653Mn (+5.6%).
· Investments: €1,394Mn.

50% of revenues and 46% of EBITDA come from outside Spain and 26% of business volume from diversification.

The addition of new assets in 2009 (e.g. toll roads in Chile and Spain) expands the scope of consolidation, with over €1,000Mn invested in growth.

The company’s financial soundness boosts its competitive advantage in the current climate.
93 % of total debt is long term; 84% of this is at fixed rates or fixed through hedging and 56% is non-recourse. The average cost of debt has fallen by 0.7%.

abertis has the sector’s highest corporate credit rating (A-) and completed a €1,000Mn bond issue in 2009, allowing the replacement of short-term with long-term debt and the rationalisation of the Group’s debt repayment schedule.

The Board of Directors of Abertis will call a General Shareholders’ Meeting for 27 April.

The Board of Directors has resolved to propose to its shareholders a bonus share issue as well as payment of a final dividend charged against 2009 earnings of €0.30/sh which, added to the interim dividend paid in October, brings the total gross dividend for 2009 to €0.60/sh. Dividend payments for 2009 total €422.3 million (a 5% increase over the total amount paid in 2008). 

The decline in traffic figures for the toll road network continued to stabilise, falling by 3.2% in the year (compared with 5.1% in 1H09 and 3.8% in 9M09).  In France, Sanef closed the year with traffic figures equal to those of 2008, with positive ADT figures in 2H09.

Toll road revenues amounted to €2,923Mn (+6%).
Traffic levels continued to improve in France, which represents 47% of abertis’ toll road network: Average Daily Traffic (ADT) on sanef’s network was stable compared with 2008 at 22,996 vehicles.
In South America (Chile and Argentina), ADT in 2009 was down 0.7% at 33,974 vehicles.
In Spain, the decline in traffic also slowed, with ADT in 2009 down 7.4% to 23,851, compared with 8.1% in 9M09, 9.8% in 1H09 and 17.1% in 1Q09.

In the diversified businesses, the telecommunications business fared well; coupled with the Group’s international expansion, it is the Group’s second largest growth driver.

abertis telecom had revenues of €541Mn (+25.5%). This growth largely reflects the addition of Hispasat to the consolidation scope from the second half of 2008, and the rollout of Digital Terrestrial Television (DTT), which now reaches 97% of the population. The company has also won new contracts to provide value-added services, such as the Maritime Rescue Service for the Directorate General of the Merchant Navy.

The satellite sector continued to perform well. Eutelsat, consolidated using the equity method, contributed €63Mn in the year, while Hispasat, consolidated using proportionate consolidation, contributed €20Mn. In all, the satellite business added a net €43Mn (including the financing costs of the acquisitions) to the profits of abertis.

The pace of decline in revenues at abertis airports slowed compared with 9M09, with a total for the year of €278Mn (-7.4%). The inclusion of Desarrollo de Concesiones Aeroportuarias (dca), consolidated from 31 March 2008, was not enough to offset lower activity levels at British operator tbi, where passenger traffic fell 7.7% to 22.6 million. We would also point out the impact of the pound’s average exchange rate against the euro (depreciating by 11%).

saba, abertis' car parks division, made a positive contribution in the year as a result of changes in the consolidation scope. Revenues were €150Mn (+11.3%), with 56.3 million vehicles in rotation (+9.1%) and 128,240 spaces (+21%).

In the logistics parks business, constructed area grew 22.1% compared with 2008 (to 511,503 square metres), while abertis logística's business tapered off due to lower occupancy rates. Revenues were down by 32.1% at €30Mn, although comparisons with 2008 are skewed as last year’s figures included gains from the sale of the stake in Port Aventura. The average warehouse and office occupancy rate was 75%.