Annual Report 2015 > Stakeholders > Shareholders > Financial management
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Financial management

In 2015 Abertis generated an Ebitda of 2,692 million euros (2,909 million euros in 2014, reexpressed stripping out Cellnex), principally due to the fact that the compensation for guaranteed traffic under the AP-7 agreement ceased to have an impact on the results for 2015, as well as movements in the Brazilian real, with the average exchange rate showing a fall of 18% in the year.

Abertis has reduced its net financial debt, mainly due to the impact of disposals in 2015. On the one hand, the sale of 66% of Cellnex meant a net treasury receipt of 2,071 million euros (while, with respect to the year-end 2014, ceasing to consolidate a net debt of 329 million euro). On another side, the sale of 100% of Desarrollo de Concesiones Aeroportuarias, SL meant a net treasury receipt of 177 million euros.

Additionally, the effect of exchange rates at the year-end 2015 meant a reduction of the Group’s net debt by 381 million euros, mostly due to the depreciation of the Brazilian real.

The Group’s financial strength has enabled the Finance Department to go to the markets in order to optimise the profile of maturity of the company’s debt and to lower the financial cost. Major operations include the following:

  • Disposal by Avasa of 200 million euros of financial debt, on a credit line signed in November 2014 with due date in November 2023, with the aim of meeting the due date, in June 2015, of 200 million euro of financial debt.
  • The issue of a bond of 107 million Brazilian reais (approximately 25 million euro at the year-end 31 December 2015) with due date in December 2025 and with an IPCA 12m+8.17% coupon, effected by Planalto Sul.
  • The issue of a bond of 750 million Brazilian reais (approximately 174 million euro) with due date in December 2016 and with a CDI 12m+2.00% coupon, effected by Arteris.
  • Sanef has made a public issue of bonds for 600 million euros with due date at more than 10 years (March 2026) and a coupon of 1.875%. This amount has been used to cancel loans held with lending entities for an amount of 581 million euros, where the average cost was 4.7%.
  • HIT has made a public issue of bonds for a value of 200 million euros, with due date at 10 years (March 2025) and a coupon of 2.25%. The whole of this issue has been used, jointly with other means of payment, for the repurchase of bonds issued in previous years by HIT for an amount of 250 million euros with due date in March 2018 and an annual coupon of 5.75%.
  • Abertis Autopistas Chile has taken up debt with lending entities for an amount of 125,282 million Chilean pesos (approximately 166 million euros) with due date in August 2020, used to make repayment of debts with due date in December 2017 for 27,914 million Chilean pesos (approximately 36 million euros) and to deal with the acquisition during the year of 50% (less one share) of I2000.
  • Metropistas has refinanced its debt with lending entities for an amount of 346 million US dollars (approximately 323 million euros) with due date in September 2018, with an amount of 335 million US dollars (approximately 308 million euros) with due date in December 2022.
  • During the year Hispasat signed a syndicated credit line with due date in July 2020 for a total amount of 200 million euros, of which 35 millioneuros had been drawn down at 31 December 2015.

Financial structure

Following the policies defined by the Board of Directors, the financial structure of the Abertis Group is intended to limit the risks to which it is exposed by the nature of the markets in which it operates.

With regard to the distribution of debt with third parties, at the year-end 2015 long-term debt amounted to 90% of the total, 1% less than in 2014. On the other hand, the average due date of the debt was 6.1 years, as against 6.0 years in 2014.

To minimise its exposure to interest rate risk, Abertis maintains a high percentage of fixed-rate debt. At the year-end 2015, this proportion was 88%, as against 84% in 2014.

At 31 December 2015, Abertis Infraestructuras, SA had credit lines with a joint limit of 2,475 million euros (2,472 million euros in 2014).

Risk management

Due to the nature of the various credit markets in which the Group companies operate and are financed, the Group is exposed to exchange rate and interest rate risks, credit risks and liquidity risks.

The management of the various financial risks is supervised by Finance Department with prior authorisation from Abertis’ first executive and as part of the policy approved by the Board of Directors.

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