abertis: infrastructure management leader 26th june 2007

abertis: infrastructure management leader

26th June 2007

The information and forward-looking statements contained in this presentation have not been verified by an independent entity and the accuracy, completeness or correctness thereof should not be relied on. In this regard, the persons to whom this presentation is delivered are invited to refer to the documentation published or registered with the Spanish stocks markets regulator (Comisión Nacional del Mercado de Valores). All forecasts and other statements included in this presentation that are not statements of historical fact, including, without limitation, those regarding the financial position, business strategy, management plans and objectives for future operations of abertis (which term includes its subsidiaries and investees), are forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements of abertis, or industry results, to be materially different from those expressed or implied by these forward-looking statements. These forward-looking statements are based on numerous assumptions regarding abertis’ present and future business strategies and the environment in which abertis expects to operate in the future which may not be fulfilled. All forward looking statements and other statements herein speak only as of the date of this presentation and abertis does not undertake to update any such statements. None of abertis or any of its affiliates, advisors or representatives, nor any of their respective directors, officers, employees or agents, shall bear any liability (in negligence or otherwise) for any loss arising from any use of this presentation or its contents, or otherwise in connection herewith.

The information contained in this presentation shall neither be published nor distributed without the previous express consent of Abertis Infraestructuras, S.A.

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Disclaimer

1. abertis overview

2. Business units

3. Summary of 2006. Key indicators

4. Strategic challenges: abertis in an attractive market

a. An attractive market

b. abertis competitive advantages

c. abertis strategy

d. Financial objectives

e. Economic objectives

Table of Contents

1. abertis overview

2

abertis is an international group, leader in managing infrastructures for mobility and telecommunications through five business areas:

abertis overview

2006A Rev: €3,335m+75% YoY+ 11% like for like

2006A EBITDA: €2,099m+74% YoY+ 12% like for like

Highways06 Rev.:

€2,537m06 EBITDA:

€1,827m

Telecom.

06 Rev.:

€369m06 EBITDA: €154m

Airports

06 Rev.: €282m06 EBITDA: €92m

Car Parks06 Rev.:

€118m06 EBITDA:

€47m

Logistics

06 Rev.: €19m06 EBITDA: €6m

Geographical diversification focused on infrastructures with high Ebitda generation capacity

3

abertis overview

Sustainable and selective growth strategy with a business model focused on long term investments

Solid Shareholder structure committed to the company strategy

Market capitalisation over €13,000m and presence in the major stock market indexes (Ibex 35, S&P Europe 350, FTSE Eurofirst 300)

Low risk profile and solid financial structure (Rating A/A , S&P/Fitch) with limited sensitivity to interest rates changes

High cash flow generation capacity

Focused in infrastructures and diversified by geographies

4

abertis overview

Toll roads Telecom Airports Car parks Logistics

5 sectors

16 countries

11,000 employees

€3,335m in revenues

€2,099m EBITDA

2. Business units

6

Business units

By Business Line

Revenues

EBITDA

By Geography

Revenues

EBITDA

Motorways account for more than 76% of revenues and 87% of 2006 EBITDA

37%

6%

52%

5% Others

3%

57%

3%

37%

Others

4% 1%

8%

11%

76%

4% 2%

7%

87%

7

Toll Roads - Spain

Leader in the sector in Spain

59% of all toll roads in Spain

Directly managed > 1.500 km

Indirectly managed > 225 km

Business units

8

Toll Roads - France

52,50% of the sanef group

1.743 km directly managed

21% of network in France 53% of total abertis network

Managing 4 of the 7 Paris access roads, and the traffic connecting Germany, Belgium and Luxembourg to Northern France and the United Kingdom

Business units

9

Toll Roads – Rest of the World

Business units

10

Telecommunications infrastructure

Leader in Spain

More than 3.000 sites

National coverage of radio and TV (coverage: > 99% analogical; > 80% TDT)

Business units

11

Telecomunnications infrastructure

Opening to International Markets

Acquisition of 32% of the European satellite operator Eutelsat

3rd world operator of fixed satellites, with a global market share of 13% on revenues (30% in Europe)

Fleet of 23 satellites

Business units

12

Airports

5 airports with management contracts in the US, Costa Rica and Colombia

8 airports in property or concession, in Europe (UK and Sweden), the US and Bolivia

Business units

13

Car parks

Main operator in Spain and a referent for all the sector in Europe

6 countries, 161 car parks, 87.127 car park units

Business units

14

Logistic services

Development and management of logistic parks

Located strategically for freight transportation, near sea, air and land transportation networks (highway and railway).

International strategy: Portugal and Chile

Business units

2. Summary of 2006. Key indicators

16

Revenues (€m) EBITDA (€m)

3,335

1,906

2005 2006

+75%2,099

1,204

2005 2006

+74%

Results (M€)

Summary of 2006. Key indicators

Net Income (€m) Like-for-like Net Income (€m)

511530

2005 2006

+4%572

469

2005 2006

+22%

Investments: 3.59 B€

Expansion: 3.331 B€

96%

Operative: 259 M€

11%

5%1%

15%

68%

1%

1%

1%

1%


17

Net generation of funds

Net cash flow + debt application

Operational investment 259 M€

Investments in Expansion 3.331 B€

Dividends 294 M€

2006

822 M€

1.221 B€

2005+48%


18

Consolidated result

Assets

Tangible assets

Intangible assets

Financial assets

Current assets 9461,856

6,805

9,610

Liabilities

Equity

Financial debt

Other liabilities2,602

12,168

4,447

19.217 B€ + 128%


19

Debt

Average cost of the debt: 4.8%Average expiry term: 7.3 years

Variable rate16%

Fixed rate84%

With recourse 36%

Without recourse 64%


20

Net debt / EBITDA

10.3x

5.7x

14.8x

14.5x

7.5x

5.6x

4.5x

4.0xVinci

Autostrade

abertis

Brisa

Eiffage

ASF

Cintra

Ferrovial


21

Standard & Poor’sFitch Ratings


22

Profitability indicators

2006

16.1%2005

ROE +10.7%

17.8%

2006

0.77€2005

EPS +21.9%

0.94€

ROE: Net consolidated profit (without non-recurring) / Average net equity

EPS: Net consolidated profit (without non-recurring) / adjusted number of shares


23

4. Strategic challenges: abertis in an attractive market

Predictable cash flows

Flexible financing formulas

Strong need for capital

Balance between risk and profitability

Appearance of financial-type players


25

Attractive market + Complexity

High expectations+ Difficulty

+ Risk


26

27


Futures solid and predictable cash

flows

Futures solid and predictable cash

flows

Regulated assets with strong

upfront capex requirements

Regulated assets with strong

upfront capex requirements

Attractive balance

risk/return ratio

Attractive balance

risk/return ratio

Additional leverage capacity

Additional leverage capacity

New players looking for industrial expertise

New players looking for industrial expertise

Attractive to long-term investors

Attractive to long-term investors

Uniquely positioned in an attractive market

Investment criteria

abertis main shareholder

Single industrial partner

Commitment with local partners

Participation of financial partners

Financial design adapted to the project

IRR around 10%


28

29

c. abertis strategy

A clear strategy focused on growth and profitabilityThe infrastructure group that has invested de most

€8,000m invested (EV) between 2005 and 2007

Total EV: €1,100mCons. Revenues: €257mCons. EBITDA: €73m

Total EV: €8,900mCons. Revenues: €1,241mCons. EBITDA: €779m

Total EV: €5,800mCons. Revenues: €791mCons. EBITDA: €617m

Investment€1.000m

Investment€1.000m

Investment €5.100m




90%57.5%

32%

(% EV)

Internationalization

European inspiration, world ambition

c. abertis strategy

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c. abertis strategy

Attractive investment opportunities in Europe

Portugal Brisa (10%) (*) Logistics Car parks

Ireland Motorways

U. Kingdom Motorways Telecom Airports

Spain Motorways Airports Logistics Car parks Telecoms

Italy Autostrade (6.7%) (*) Car parks Telecoms Logistics

France Motorways Car Parks Telecom Airports

Central/Eastern Europe Motorways Airports Car Parks

(*) Strategic Stakes

32

c. abertis strategy

Attractive investment opportunities in America

EE. UU. Motorways Telecom Airports Mexico

Motorways

Chile Motorways Car parks Logistics

Canada Motorways

33

c. abertis strategy

Investment criteria supported by a solid track record

Acquisition Multiple

14.6x EV/04 EBITDA 11.9x EV/05 EBITDA 9.1x EV/06 EBITDA

Implied IRR 12% - 15% 10% - 11% 10% - 12%

abertis makes investments where it estimates yields superior to 300bps to its project WACC,

with implied shareholders' IRR of around double digit

34

d. abertis financial targets

Solid expectations of net cash flow generation over the next 5 years

2007-2011 Net Cash flow Generation

Cumulative 2007-2011E net cash flow generated in excess of €7,000bnCumulative 2007-2011E net cash flow generated in excess of €7,000bn

€7,000m

(€2,000m)

(€3,000m)

€14,000m

(€2,000m)

07-11 EBITDA Financial Expenses Taxes Operating Capex 07-11 Net Cash FlowGeneration (* )

(*) Assuming expansion Capex already committed (i.e AP-7: €500m)

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Significant re-leveraging capacity

07-11 abertis re-leveraging capacity

€3,7500m of additional re-leveraging capacity assuming and re-investment at 9.0 EV / EBITDA

€3,7500m of additional re-leveraging capacity assuming and re-investment at 9.0 EV / EBITDA

Scenario

Current Net Debt/EBITDA 5.6x

Potential Net Debt/EBITDA 7.0x

Additional Debt Capacity (1) €3,750m

(1) Assuming investment capacity at 9.0x EV/EBITDA

36


Total available funds

€7,000m 2007-11E Net cash flow generated

€3,750m2007-11E Re-leveraging capacity

+

€10,750m 2007-11E Total available funds

€10,750m of total available funds in the 2007-2011 period, to be invested and deliver returns to the shareholders

Cash flows generated

Releveraging

Investment capacity 11 B€

Horizon 2011


37

Maximizing business value

Focusing on identified and recognised markets

Yield-oriented

Optimising the result

Risk limitation

Dividends policy both predictable and growing

e. Economic objectives

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Conclusion

Subject to…

The existence of attractive investment opportunities in the already mentioned geographical areas

Keep maintaining a strict investment criteria focused on the profitability (shareholders’ IRR around 10%)

Obtaining major or controlling stakes or being the sole industrial partner

And consolidate the current platform in order to continue delivering sustained growth and profitability

abertis: infrastructure management leader 26th june 2007

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