Catalan multinational Abertis’ recurrent net profit increased by 2% and reached €613 million
The highway, airport and telecommunication services management company earned a net profit of €1,024 million in 2012, 42% more than in the previous year, mainly thanks to the sales of Eutelsat and Brisa. The net profit without the surplus value reached €613 million, 2% more than in 2011. The Barcelona-based group presented better results in all of its main financials: revenues increased by 3%, recurrent earning before interest, taxes, depreciation and amortization (EBITDA) by 2%. Abertis emphasised that these results have been reached in a context of economic recession in some of its main markets. However, the traffic increase in the Americas (+4.5%) and Abertis’ efficiency plans compensated for the traffic decrease in southern Europe.
Barcelona (ACN).- The highway, airport and telecommunication services management company Abertis earned a net profit of €1,024 million in 2012, 42% more than in the previous year, mainly thanks to the sales of Eutelsat and Brisa. However, the net profit without the surplus value reached €613 million, 2% more than in 2011, according to information released by the company on Thursday. The Barcelona-based group presented better results in all of its main financials: revenues increased by 3%, recurrent earning before interest, taxes, depreciation and amortization (EBITDA) by 2% and recurrent net profit by 2%. Abertis emphasised that these results have been reached in a context of economic recession in some of its main markets, with a decrease in road traffic in France (-2.9%) and Spain (-10.4%). However, the traffic increase in the Americas (+4.5%) and Abertis’ efficiency plans compensated for the traffic decrease in southern Europe. With these results, the Barcelona-based firm’s main objectives for next year include “integrating the new toll road assets acquired in Brazil and Chile [see related news], increasing its international presence and further improving the efficient management of its businesses”.
The Catalan multinational’s results include, with effect from the 1st of December, the impact of the integration of Arteris’ toll road concession, acquired from OHL in Brazil. This means that only one month of earnings has been consolidated on Abertis’ 2012 income statement. In Brazil, road traffic increased by 5.3% last year.
The results from 2012 also include the capital gains from the sale of Eutelsat via the placement of a 16% stake through accelerated book-building among qualified investors in January, and the agreement struck with China Investment Corporation (CIC) in June regarding the sale of an additional 7%. Last August’s sale of the stake in Brisa has also been included. In fact, these sales meant that the company’s total net profit reached €1.02 billion, a 42% increase compared to 2011. However, without taking these extraordinary contributions into account, Abertis achieved a recurrent net profit of €613 million, a 2% increase on the previous year’s figures.
The Barcelona-based firm reports that revenues topped €4 billion for the first time in the company’s history, a 3% growth compared to 2011. The percentage of this generated outside Spain represented 55% of the total, mainly in France, Brazil, Chile and the United Kingdom.
The toll highway business corresponded to 80% of Abertis’ total revenue. 12% was generated from the telecommunications business and the remaining 8% came from their airport management activities. Operating expenses grew by 8% and reached €1.58 billion “due to the non-recurring expenses associated with streamlining the company’s structures to domestic demand”, stated Abertis.
The Catalan company’s EBITDA reached €2,459 million, 0.2% more than the previous year. 52% of the group’s EBITDA was generated outside Spain. Stripping out the effect of the non-recurring expenses, Abertis’ recurrent EBITDA increased by 2% and totalled €2,504 million.
Abertis’ Board of Directors will propose to the Shareholders Annual General Meeting – scheduled on the 20th of March – that they issue a complementary gross dividend of 0.33 euros per share that, once added to the dividend already issued, represents an ordinary dividend of 0.66 euros, from the 2012 results.