Abertis makes 662 million euros of net profit in 2010
The Catalan company, which manages transport infrastructures, increased its net profit by 6.1% in comparison to 2009. Abertis announced yesterday it would split its business in two different companies.
Madrid (ACN).- Abertis made 662 million euros of net profit in 2010, which represents 6.1% more than in 2009. The revenues reached 4,106 million euros, which is 5.2% more than last year\u2019s. About half of the revenues come from outside Spain. Abertis provides services in different sectors: highways, airports, telecommunications, parking facilities and logistic parks. The highway business is Abertis\u2019 largest one and brought in 75% of the group revenues in 2010. Its telecommunications branch increased its share with the group\u2019s revenues while the airport and logistic business decreased due to the economic crisis. Abertis generated 1,616 million euros of cash flow, which is 7.6% more than in 2009.
Regarding the different business Abertis runs, 75% of the revenues come from the highway business. The other 25% is split among telecommunications (13%), airports (7%), parking facilities (4%) and logistic parks (1%).
The company\u2019s finance structure remains the same. 94% of Abertis\u2019 debt is on the long term (93% in 2009), while 84% is at a fix rate. The debt\u2019s average cost is 4.5% and the expiring average is 6.6 years. The rating agency Fitch confirmed Abertis long-term rate\u2019s rating: A- with stable perspective.
The results from 2010 do not include the impact from selling the entire share Abertis had in Atlantia \u2013the Italian highway company\u2013. Abertis sold on the 14th January 2011 its 6.68% of the Italian company for 626 million euros, which generated a profit of 151 million euros for the Catalan company.
Abertis increased its staff with 590 new employees. The group\u2019s global staff is 12,484 professional. 59% work outside Spain. 58% works in the highway sector, 17% in the airport managing business, and 12% in telecommunication infrastructures.