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Open
22.0
Volume
1.6m
Range
21.9/22.2
Market Cap
18,258,089,498m
52 Week
19.3/24.8
Date Source Announcement
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Strong set of full-year results

  • 13 Mar 17

Atlantia released a very good set of full-year results, marked by a good performance of the toll road business in Italy, Poland and Chile, a solid cash generation and a good start to 2017. Results For the full year: Revenue was €5,484m, up 3% yoy, in line with consensus (€5,498m). EBITDA reached €3,378m, up 6% yoy, in line with consensus (€3,400m). EBIT was €2,315m, up 5% yoy and 1.8% above the €2,273m consensus. Net attributable income reached €1,122m, up 32% yoy (+10% lfl), c.10% above consensus. The board proposed a €0.97 total dividend for 2016, in line with market expectations. At 31 December 2016, net debt stood at €11,677m, up €1,290m yoy, mostly reflecting the acquisition of the Nice airport in France (ACA). Excluding this (ACA’s contribution to the group’s EBITDA started on 1 January 2017), net debt represented 3.1x EBITDA, down from 3.3x a year earlier. Guidance For 2017, management sees: An improvement in the group’s earnings. Traffic growth in all regions except Brazil, although ytd traffic there was broadly flat, according to management. A continuing 10% growth in dividend, over “a good number of years”. Recent developments Management confirmed that the sale of a 15% stake in ASPI was on track and expects the final binding offer to be announced at end-March/mid-April this year. It also reported a probable sale of a 15% stake in ACA, to be confirmed in the coming weeks or months.

H1 16 positive traffic trend except in Brazil, Q2 16 traffic slowdown, negative forex effect

  • 05 Aug 16

Atlantia’s Italian motorways network: traffic +3.8% (+3% after stripping out the leap year effect); LV +3.6%; HV +5.1%). Annual toll increase was 1.09% from 01/01/2016. Revenue +1% (+3% lfl) and EBITDA +1% (+3% lfl). The group’s overseas motorways network: traffic +1.9% overall (+1.4% after stripping out the leap year effect) with +5.6% in Chile, +12.1% in Poland and -2.4% in Brazil. Revenue (€255m; -9%) and EBITDA (€188m; -10%; +4% at cc) are down due to the poor performance in Brazil’s EBITDA (€76m; -€32m; -30%; -11% at cc) due to maintenance and resurfacing work, a 2.4% reduction in traffic and the depreciation in the Brazilian real. Chile and Poland’s EBITDA were up by a respective +14% and +25% (at cc +23% and + 13% respectively). Aeroporti di Roma: traffic +2.8% (+2.3% after stripping out the leap year effect). Revenue (€399m) and EBITDA (€230m) were up 8% translating growth in traffic and tariff increases. Consolidated revenue (€2,566m; +€71m) was up +3% despite the negative forex impact of €40m. Consolidated EBITDA (€1,578m; €+60m) was up +4% (+€81m but +5% lfl). H1 16 reported EBIT and net profit are barely comparable to H1 15 due to the provisions for the repair and replacement of motorway infrastructure and the provisions for the refurbishment of airport infrastructure which reflect charges of €112m following an adjustment to the present value of the provisions due to the significant decline in the related interest rates (vs H1 15 income of €67m due to increases in the matching interest rates). D&A and impairments were broadly in line with H1 15. Consolidated EBIT €965m is down by €110m (-10%) after provisions of €159m). Financial expenses are down by €195m to €251m because they don’t reflect the complex non-cash financial expenses and non-recurrent financial expenses in H1 15. Reported net attributable profit (€413m) is up €36m (10%; +5% lfl). Capex was €566m (-14%), of which €311m in Italian motorways (-€134m due to the opening of Variante di Calico). Group net debt at 30/06/2016: €10,191m (+€104m compared with 31/12/2015) Atlantia’s management expects an overall improvement in the consolidated operating result for the current year.