press conference shareholders' general meeting abertis 2012

1

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

Press Conference

Contents 2 Opportunities for PPPs

3 Management Report 2011

4 Future perspectives

1 Key milestones

2


Progression of the crisis Economic context

LATAM SPAIN FRANCE GDP (accumulated) :

-5,0%

5,0%

15,0% 2007 2008 2009 2010 2011

13.3%

-2.3%

0.1%

15.6%

-22.4%

-8.2%

0.9%

TOTAL ABERTIS

SPAIN

LATAM

FRANCE Traffic (accumulated):

-30,0%

-20,0%

-10,0%

0,0%

10,0%

20,0% 2007 2008 2009 2010 2011

Splitting car parks and logistics parks activity

A year of transformation Financial year 2011

Sale of our stakeholding

3


Important milestones Financial year 2011

Recovery after extraordinary factors 2010

Absorbing the impact of the analogical switch-off

PR-22 and PR-5 concession (Puerto Rico)




1 Key milestones

4


A conditioning economic situation Opportunities for PPPs

Greater demands for profitability and security of projects

Budget difficulties of the administrations

Financial restrictions in public and private sector

Applying cost-benefit analysis

Combining austerity measures with incentive policies

Privatisation and concession of infrastructures

Harmonised charging

The moment Opportunities for PPPs

5





1 Key milestones

Consolidated income

Data 2010 Post Duplo

Management report 2011

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%

6


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

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

7


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€)

8


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

9





1 Key milestones

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

10


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

Press Conference

press conference shareholders' general meeting abertis 2012

Education