Annual Report 2015 > Stakeholders > Shareholders > Shareholders and stock exchange
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Shareholders and stock exchange


Stock markets in 2015 have seen rises in the major European indexes: Germany (DAX: +9.6%), France (CAC 40: +8.5%), Italy (FTSE MIB: +12.7%), in contrast to the major American ones (S&P: -0.7% and Dow Jones: -2.2%).

In the case of Spain, due to the economic slowdown in China and some Latin American economies as well as the institutional uncertainty, the IBEX 35 ended down (-7.2%) after the rise in the previous year (+3.7%). The index has moved in a wide band in the course of 2015, ranging from an annual high on 13 April (11,866.40 points) to an annual low on 24 September (9,291.40 points).



Share performance

Abertis’ share ended 2015 in line with the Ibex 35 with a fall of 7.9% at a price of 14.41 euros per share following the rise in the previous year of 6.8%. Over the course of the year the highest closing price was set on 26 January (17.11 euros) and the lowest closing price on 14 December (13.43 euros). 

Abertis has closed 2015 with a capitalisation of 13,600 million euros, putting it in fourteenth position in the Ibex 35 ranking by market capitalisation.


Shareholder return

Abertis’ goal is to offer its shareholders the best combination of growth and return. The company’s business actions and strategic decisions are geared towards generating value for its shareholders. Charged to fiscal 2015, Abertis will increase its remuneration for shareholders through the dividend (+5.0% DPS) and maintains its traditional bonus share issue of one new share for each twenty old ones held.


Dividend

In the month of April, Abertis paid out an additional dividend of 0.33 euros per share from the year 2014, and in November 2015, the company paid an interim dividend of 0.33 euros gross per share for 2015.

The Board of Directors of Abertis agreed to propose to the Ordinary Shareholders’ General Meeting 2016, to be held on 12 April, in addition to a 1x20 bonus share issue, an additional dividend for 2015 of 0.36 euros gross per share.



This amount, added to the interim dividend paid in November 2015, means direct shareholder return in the form of ordinary dividends of 0.69 euros gross paid from 2015 profits, which entails a maximum amount to be paid as dividends of 650.8 million euros, 10% more than the sum paid for 2014. The dividend yield at close on 31 December 2015 amounted to 4.8%.

The cumulative return on Abertis stock in the last ten years has come to 54%, including the rise in price on the stock exchange, bonus issues and dividend payments, for a shareholder who bought on 31 December 2005 and did not sell their shares until 31 December 2015.


Bonus share issue

At the Shareholders’ General Meeting held on 24 March 2015 it was decided to carry out a new bonus issue at a ratio of 1 new share for every 20 old ones held. Between 15 and 29 June 2015 the rights were traded at a high of 0.775 euros and a low of 0.709 euros. The fair value of the right was 0.734 euros.

The new shares were initially listed on the market on 13 July and have the same voting and economic rights as existing shares.




Share capital and treasury share portfolio

Abertis’ share capital stood at 2,830 million euros at 31 December, made up of 943,220,294 ordinary book entry shares with a nominal value of 3 euros each, fully subscribed and paid up and all of the same class. All the shares are listed on the four Spanish stock markets.

In 2015, share capital increased by 44,915,252 shares, amounting to an increase of 134.7 million euros, corresponding to the bonus share issue.

With respect to treasury share portfolio, at the end of 2015 Abertis was the direct holder of 77,840,233 shares which accounts for 8.253% of share capital, compared to the 9,425,121 shares it held in 2014 (1.0492% of share capital at the end of that year).

Of the total increase in treasury stock in 2015, 61,309,319 shares representing 6.5% of the share capital of Abertis have been acquired through a partial voluntary public tender offer made by the company for its own shares. The total number of acceptors came to 23,226 and each of them has been awarded a number equal to 660 shares, fully meeting acceptances containing a number of shares less than or equal to the one indicated. Consequently a total of 8,533,471 shares have been allocated under this heading. The number of remaining shares has been distributed in proportion to the number of shares included in each acceptance for a proration factor of 11.856133%. Hence a total of 52,775,801 shares have been allocated under this heading.

In rounding the resulting figures a number of shares lower than the maximum in the tender has been obtained, the remainders being applied one by one beginning with the acceptor with the highest number of shares offered and not allocated up to the total of 47 shares.


Shareholder structure

As detailed in the annual accounts published for fiscal 2015, significant shareholders at the end of the financial year are: Criteria Caixa, SAU (22.67%) and Inmobiliaria Espacio, SA (16.06%).


(1) Stake through Criteria Caixa, SAU at 15.02% and Inversiones Autopistas, SL at 7.65%

(2) Inmobiliaria Espacio, SA holds this stake through the following structure: 1.74% directly, 13.93% through OHL Emisiones, SAU, 0.38% through Espacio Activos Financieros, SLU and 0.01% through Grupo Villar Mir, SAU

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