forum economique maroc/portugal, 20 avril 2015...
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Corporate Profile
Forum Economique Maroc/Portugal, 20 avril 2015 – Lisbonne
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Brisa Overview
Strategic Vision
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Brisa Overview
Strategic Vision
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+ 40 years of experience with proven results delivered
Credentials
4
Leading European Motorway Company
Pioneer in electronic toll collection (ETC)
• 6 concessions in Portugal– Average life of 25 years
– 1,557 km
– 24 motorways
– Market share of 43% (in km)
• International footprint– NWP Concession in Colorado, USA
– Tolling and Mobility Services, Holland
– OMT Services, India
• End to end (full-fledged) offer– World class best practices
– State of the Art Technology
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100% private company
Shareholders
5
• Brisa
• CUF
• José de Mello Saúde
José de Mello is one of Portugal's biggest corporate groups, playing a diversified role in the economy. Its competitive position rests on business platforms held by José de Mello, SGPS in:
Arcus Infrastructure Partners is an independent fund specialized in European infrastructures, currently managing investments with an aggregate enterprise value of €12 billion. Arcusaims to deliver attractive returns and yield over the long term through active management of infrastructure assets throughout Europe.
• Efacec
• José de Mello Imobiliária
45%
53%37%
8%
2%TreasuryShares
Free Float (OTC)
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Mix of developed and emerging markets
Footprint
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Complementary business units
Portfolio
7
16%
Brisa
Parent Co
Motorway Concessions
O&M Services
OtherInfrastructures / services
100% 100%
50%
70%
30%
15%
45%
60%
100%
100%
81%
60%
36%
40%40%
100%
1
1. Includes investments in road concessions and car parks in Portugal, Spain, France and Poland
40%
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Strong brand equity
Efficiency as a key driver for value creation
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• Provides Electronic Toll Collection (ETC) services to all Portuguese tolled concessions (Brisa & non Brisa)
• Focus on lowering cost per transaction to concessionaires
3.5 million customers
+600 k transactions per day
• Increase number of transactions benefiting from economies of scale
• Augmented product and service to customers (example: car parks, gas stations, drive-thru)
Via Verde
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Streamlined Operations
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Focus on value creation enhancement
Innovation & Technology
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• R&D Network: Brisa has developed partnerships with more than 40 institutions and 60 researchers
• Assure the state-of-the art on technological knowledge of ITS and maximize efficiency for Brisa Concessions, growing in selected external markets
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Solid financials with resilient cash-flow generation
Financials (Main Concession)
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EBITDA - Capex
Million euros 2013 2014 ∆
Operating income 439,6 465,5 5.9%
Toll revenues 427.5 451.1 5.5%
Service areas 8.6 8.9 3.7%
Other operating revenues 3.5 5.5 59.1%
Operating expenses -122.7 -123.5 0.7%
Supplies and services -120.2 -120.9 0.6%
Personnel costs -1.4 -1.5 5.3%
Other operating expenses -1.1 -1.1 -0.9%
EBITDA 316.9 342.1 7.9%
EBITDA Margin 72.1% 73.5% 1.4pp
Capex 28.9 26.9 -7%
EBITDA - Capex 288.0 315.2 9.4%
Million euros YE 12 YE 13 ∆ YE 14 ∆
Bonds 1 788 1 408 -380 1 483 +75
EIB 702 663 -39 624 -39
Bank facilities 36 82 +46 52 -30
Total 2 526 2 153 -373 2 159 +6
Cash 310 139 -171 339 +200
Net debt 2 216 2 014 -202 1 820 -194
Debt structure (nominal)
Default level: ˃ 8,0
Trigger/Lock-up level:˃ 6,5 up to 2H2013
˃ 6,25 in 1H2014
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Brisa Overview
Strategic Vision
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Agenda for growth with a balanced risk approach
1st level objective
Value creation as the key measure to evaluate portfolio evolution
– Optimize current business value creation
– New businesses to increase portfolio’s current profitability
2nd level objective
Growth as the key driver of return to shareholders
– Continuous business model innovation
– Invest in value growth options
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Portfolio objectives
Strategic vision
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Looking further into the future
14
This vision is aligned with the new Mobility Era through being an:
“Delivering efficient mobility for the people”Brisa Vision 2025
Provide customer oriented, innovative and efficient mobility and accessibility solutions through safe, comfortable and eco-efficient transport infrastructures
Be an active partner towards a sustainable transport system, pursuing a highly efficient business and in harmony with stakeholders expectations
CUSTOMER CENTRIC ORGANIZATION
EFFICIENCY-FOCUSED SERVICE PROVIDER
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Ambition with a track record of value delivered.
To be continued.