presentation ceo abertis shareholders' general meeting 20120

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Junta General d’Accionistes 2012 Junta General de Accionistas 2012 General Shareholder’s Meeting 2012

Francisco Reynés CEO

Contents 1 Management Report 2011

2 Main operations

3 Future perspectives

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Contents 1 Management Report 2011

2 Main operations


Global macroeconomic environment

Management report 2011

Slowdown of growth in the main emerging countries, although they continue to drive world economic growth

Global USA EU Emerging

10 8 6 4 2 0

-2 -4 -6

10

8

6

4

2

0

4

2

0

-2

-4

-6

120

100

80

60

40

20

0

Source: IMF (WEO Oct. 2011)

GDP (% variation)

Current account balance (% GDP) Public debt (% GDP)

Inflation (% end of period)

2008 2009 2010 2011

2008 2009 2010 2011

2008 2009 2010 2011

2008 2009 2010 2011

2012 2013

2012 2013 2012 2013

2012 2013

3


Main environment abertis Management report 2011

2012 shows asymmetrical perspectives in different countries

United Kingdom Spain Chile France

GDP (% variation)

Current account balance (% GDP) Public debt (% GDP)

100

80

60

40

20

0

Source: IMF (WEO Oct. 2011)

8

6

4

2

0

-2

8

6

4

2

0

-2

-4

4

0

-4

-8

-12

Inflation (% end of period)

2008 2009 2010 2011

2008 2009 2010 2011

2008 2009 2010 2011

2008 2009 2010 2011

2012 2013

2012 2013 2012 2013

2012 2013

Motorways Management report 2011

Development of DTT

The positive development of traffic outside Spain makes up for the fall in our domestic market

Spain 1,512 20,938 (2001)

France 1,757 23,575 (max. 2011)

Americas 488 24,033 (max. 2011)

Total 3,757 22,561 (2005)

Km ADT

Americas Spain France Total abertis

2011

15000

17000

19000

21000

23000

25000

27000

29000

+5.3%

-6.5% -1.3% +1.2%

2007 2008 2009 2010

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Telecommunications

3,340 Land sites


1,013 Transponders

Progressive diversification of income other than TV

Other services Audiovisual

Distribution of income

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2003 2008 2011

Development in passenger numbers

Europe 30%

Airports Management report 2011

Growth in passenger numbers, especially in the United Kingdom, allows a considerable increase in global activity

Total abertis Americas Europe

61.7 Mn Passengers 2011

Americas 70%

-20%

-15%

-10%

-5%

0%

5%

10% 2007 2008 2009 2010 2011

+6% +6% +4%

80 Mn taking into account all the airports where abertis has interests

29 airports in 9 countries

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Consolidated income

Data 2010 Post Duplo


Income holds up despite the economic situation

Telecom 13%

UK 5%

France 38%

Airports 7%

Motorways Telecom 2011 Airports 2010

3,917 3,915 +17 -39 +21

Motorways 80%

Spain 48%

(M€)

Americas9%

Operating profit (EBITDA)


Motorways 87% France

39%

Spain 50%

Telecom 9%

Airports 4%

2010 Motorways Telecom 2011 Airports

EBITDA margin

62.7%

EBITDA margin 61.5%

(M€)

+33

2,454

2,407

+9 +5

UK 2%

Americas9%

Improved operating profit thanks to beginning the Efficiency Plan

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Consolidated net result Management report 2011

9% improvement in Group profits despite income stabilisation

17 -6 47

720

662

2010 Efficiency Plan

Restructuring of the company

Rest 2011

(M€)

618 624 662

720

550

600

650

700

750

2008 2009 2010 2011

Operative orders of magnitude

First steps in the efficiency programme 2011-2014, making it possible to improve the operating result and cashflow generated

848

937

-10%

Operating expenses

2010

2011

567

569

0%

Personnel costs *

2010

2011

165

184

-10% Investments

2010

2011

(M€)


* Without recurring expenses

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Funds generated


Strong generation of cashflow allowing continued growth

-250 -671

-165

2,454

1,368

174

511

239

444

Debt reduction

Investment in expansion

Treasury stock and other

Ordinary dividends

(M€)

Debt


13,882 -174 -626

-788 688 130

14,651

Reduction in consolidated debt allows us to think to new opportunities

(M€)

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Debt structure

With recourse 44%

Without recourse 56%

Variable rate 16%

Fixed rate 84%

Long 94%

Short 6%


Average expiry term: 6.3 years

Average cost: 4.7%

Corporate rating level maintains robust (S&P BBB+ / Fitch A-)

Balance at year's end


A solid balance close to 23 B€

(M€)

3,237

17,222

391

1,899

4,060

14,273

4,416

Other assets

Long-term assets

Cash, banks and equivalents

Net capital

Financial debt

Other creditors

Assets Liabilities

Debt Net 13,882

(-391)

Holdings consolidated using equity method

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Staff


Average staff: 11,000 people distributed over 15 countries

Telecom 14%

Airports 16%

Holding 3%

Motorways 67%

Rest of Europe 9%

Spain 40%

France 28%

Americas 23%

Summary


We continue to carefully analyse opportunities to grow and create value

Improvement in the operating margin

Within a framework of efficiency

We are controlling risk We are reducing debt We are maintaining our rating

More than 50% of income is generated outside Spain We are becoming more globalised

Traffic increases in France and Latin America make up for the delayed recovery in Spain

We are improving shareholder reward Ordinary dividend Extraordinary dividend

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1 Management report 2011

2 Main operations


Contents

January 2011: Atlantia Main operations

Operation in line with the strategy and clearly profitable

Minority stake without an industrial role

626 M€ of cashflow generated Capital gains of 151 M€ at 17% RIR

Placing all the shares (6.68%)

15.60 €/acc. , premium +22% over current levels

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June 2011: Motorways Puerto Rico Main operations

Strengthens our global leadership in infrastructure management and opens a door to future growth in the USA

abertis / GSIP consortium

15% IRR

40 years, 87 km concession

1.136 B$ concession fee

No impact on debt rating

October 2011: Duplo

Allows both companies to fund a new stage of growth independently

Extraordinary dividend of 0.67 € / share (cash or saba shares)

Focusing the group in three sectors

Enterprise Value 788 M€ (associated debt 476 M€)

78% of the capital opted to be paid in cash

Main operations

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1 Management report 2011

2 Main operations


Contents

Medium-term objectives (2012-2014)

Environment: • Demands for greater return on the capital costs of the debt • Volatility of traffics in Europe (mainly Spain) • CSR, relations with interest groups, and the activities of the

Foundation create short and long-term value for our company.

Future perspectives

Aim: to improve the perspectives for creating value for our shareholders, maintaining a growing and stable dividend policy

Optimisation

• Second year of the efficiency plan 2011-2014: • Operating expenses • Operational investment

• Optimising the debt structure • Solution to minority stakeholdings

Growth

• Not at any price • Open to going with partners, but abertis

moving to control

Aims: • Greater internationalisation

(USA, Canada, Brazil, Mexico, …) • Extending current concessions • Moving forward in the consolidation

of existing projects

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Reorganising the portfolio of assets

Future perspectives

Moving towards taking control

Investment meets return criteria:

• Agreement to buy the stake in Telefónica: 13.2% for 124 M€

• 13% IRR%

Global consolidation aim in 2012

Holding without moving towards control

Ordered disinvestment strategy:

• Placing 16% at 27.85€ / share

• 980 M€ of cashflow • 396 M€ of capital gains • 16% IRR

Current holding: 15.35%

Reassigning capital in projects in which we can consolidate an industrial role

Recent corporate operations

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