press conference - shareholders' general meeting 2016
TRANSCRIPT
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PRESS CONFERENCE Shareholders’ General Meeting 2016
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• Reduce the number of directors to 15 (6 independents)
• Nomination and Remuneration, Audit and Control and Social Responsibility committees comprise 5 members (3 independent directors, including its President)
• Reduce the Executive Committee from 9 to 6 members (2 independents)
• Creation of the Chief Compliance Officer position
Corporate governance
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Public-private partnership
Imbalances Public finances
Public-private partnership
Plan de Relance
Ongoing negotiations
Next legislative period
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Results
Group's Net Debt
12.55€Bn2.69€Bn
EBITDA
+5%comparable
Group's Net Profit
1.88€Bn
+7%comparable
-9%
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Stock market performance
60
70
80
90
100
110
120
ABERTIS IBEX 35 * reinvesting dividends, bonus issues and revaluation of the portfolio
282%2003-2016
Abertis -7.9%
IBEX-35 -7.2%
20162015
Cumulative yield*
11.2% annual
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Shareholder structure
Shareholders: ~75,000 Market cap.: ~13.6 €Bn
Ave
rage
dai
ly t
radi
ng
(tho
usan
d sh
ares
)
Growing free float and more liquidity
Liquidity
Treasury shares
Free Float
3% Lazard
3% BlackRock
5% Capital
23%
8%
16%
53%
2014 2015
64%4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
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Shareholder return
Ordinary dividend
0.69 €/share
0.33 on account (paid November 2015)
0.36 Supplementary (payment 19 April 2016)
+10% dividend per share
5% nominal increase +
5% bonus issue 2015[ ]
1x20 Bonus share issue 2016
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CSR
Foundation & CSR
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Key figures (compared to 2014):
No. of victims 15%
Net debt 9%
Revenue 5%
EBITDA 5%
Net profit 7%
Dividends 10%
Another year of growth, with over �1 billion in investment,and improvements in key figures
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Accident rate (IF1) No. of victims
Reduction in no. accidents
4%
Reduction in no. victims
15%
Continued improvement in road safety on all our toll roads
Road safety in 2015
2013 2014 2015
1,1311,037
887
25.2
22.5
23.4
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% comparable
Revenue 4,378 +5%
Operating costs -1,686
Gross margin (EBITDA)2,692
62%+5%
Depreciation and provisions Financial costs and corporate income tax Associates and discontinued operations Minority interests
-2,757 -1,114 2,680
378
Net profit 1,880 +7%
Improvement in gross margin and greater geographical diversification
P&L account (�Bn)
6%6%
13%
38%
3%
34%
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87
19
145253
409161
Other
Over 1�Mn invested to generate future income
Investment (�Bn)
1,074
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19 -5 +5 1920
december 2010
Years elapsed Years for new investments
december 2015 april 2016
Constantly investing to ensure the future
Average equivalent proportional length of concessions (years)
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• Cellnex IPO for its international development
• 2nd savings plan of �400Bn in 3 years
• Special focus onFrance & Brazil
• Extensions and new acquisitions
• Maintaining our financial discipline
• Dividend: +10% annual (�2,100Mn to distribute in 2015-17 period)
• Treasury stock
Commitments to value creation for shareholders
Our commitments
We are delivering
FOCUS EFFICIENCIES GROWTH SHAREHOLDER REMUNERATION
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Túnels (control taken in December 2015) Minority purchases and extension of concessions
Plan Relance (extending concession to 2032) Concession readjustments in negotiation
Infrastructure plan (PIL) in 2016 Investment programme in exchange for extensions
A4 Holding (exclusivity agreement) Others under study
Growth orientation with financial discipline
Growth Through investments in the current asset base and corporate deals
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Promoting safer toll roads, with better technology
Good business in 2015 with a historic result and good perspectives for 2016
Fulfillment of the Strategic Plan 2015-17 underway
�1 billion invested in 2015 and �2 billion in 2016 (without considering possible new M&A operations)
Extension of the average length of concessions
Extensive pipeline of new projects in counties in portfolio and in new markets
Conclusions
Attractive shareholder’s remuneration