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Strong full-year results

  • 01 Mar 17

Abertis released a strong set of full-year 2016 results. Results Group revenue reached €4,936m, up 13% yoy (+6.1% lfl) and 0.5% above consensus, while EBITDA increased by 20% (+8.5% lfl) and beat market expectations by 2% as it benefited from better cost control and efficiency plans (margin up 140bp). Finally, net profit reached €796m, up 13% (lfl) yoy, broadly in line with the €808m consensus. Traffic continued to grow in 2016. The uptrend continued in Europe, with increases of 5.3% in Spain, 1.9% in France, and 2.6% in Italy. Also, the performance in Chile was noteworthy, where Average Daily Traffic (ADT) advanced 6.4%. These increases offset the decline in traffic in Brazil, where the economic situation prompted a 2.8% decline. Net debt at 31 December 2016 stood at €14,377m, up from €12,554m in 2015 reflecting both organic extension capex (c.€1bn) and acquisitions. However, the net debt/EBITDA ratio decreased from 4.7x in 2015 to 4.4x in 2016. The board proposed a second dividend of €0.37 gross per share (scrip or cash) bringing direct shareholder remuneration via dividends of €0.73 gross per share (€0.01 higher than AV’s forecast). Guidance The company gave a geographical breakdown of traffic growth expectations: +3% in Spain, +1.5% in France, +2.8% in Chile, +1% in Argentina, +1.1% in Brazil, +1.2% in both Italy and Puerto Rico and +7% in India. As regards tariff increases, management gave the following breakdown: Spain -0.5% National / +1.1% Regional, Italy +1.6%, France +0.6%, Puerto Rico +1.3%, Brazil +15.9% Federal / +9.3% State, Argentina +37.1%, Chile +6.5% / +2.8%. The company also detailed its 2017 investment plan, including €1bn of expansion investments and c.€1.3bn expected acquisitions, of which €128m for the Indian concession, €937m for the acquisition of CDC and AXA stakes in Sanef, €47.5m for an additional 8.53% stake in A4 in Italy and around €150m in minorities. The group also sees an EBITDA of c.€3,600m and a net debt of c.€14,700m. Recent developments Abertis announced in February the acquisition of an additional 8.53% stake in A4 Holding, thus increasing its control of the group to 59.93% from 51.4%. The group also announced today that it has reached an agreement with AXA to acquire an additional 9.56% stake in Holding d’Infrastructures de Transports (HIT), increasing its participation in Sanef’s parent company to 72.63% from the current 63.07%.