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Hispasat 104-127 6 PRESENTATIONS DAY I 1. Strategy 1-44 2. Efficiencies & Integration 45-71 3. Financial Strategy 72-90 4. Towers 91-103 5. Hispasat 104-127 6. Sanef 128-149 1 abertis Strategy: Delivering Value Francisco Reynes, CEO Jose Aljaro, CFO abertis Investor Day Rio de Janeiro, 9 September 2013 2 CONTENTS 1. Delivery on Strategy 2. Growth 2 Delivery on Strategy 3 Who are we? World Leader in Toll Roads 7,300+ km under management 32 concessions The World’s Most Diversified Operator 14 countries 60% of EBITDA generated outside of Spain Spain’s Leader in Telecom Infrastructure 8,500 Broadcast and Cell Phone Towers… and growing Controlling shareholder in Hispasat (6 satellites) 3 Delivery on Strategy 4 Who are we? Strong Results and Cash Flow ~ €5.1Bn of Revenues in 2013e ~ €3.1Bn of EBITDA in 2013e ~ €1.6Bn of Discretionary FCF in 2013e Solid Balance Sheet ~ €30Bn Assets Under Management ~ €3.1Bn Cash and equivalents (inc. assets for sale) ~ €14.0Bn Net Debt (sector-low 4.5x EBITDA) BBB/BBB+ Rating (S&P/Fitch) €11Bn Market Cap 4 Delivery on Strategy 5 How did we get there? INVESTMENTS Mid-teens blended equity IRR shows clear investing discipline towers towers Puerto Rico GROWTH FOCUS 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011-2013 DISPOSALS Airports €12Bn invested over the past 8 years 5 Delivery on Strategy 6 Adapting the company A strategy based on clear principles Focus Efficiencies Growth and internationalization Financial strength Sustainable shareholder remuneration 6 Delivery on Strategy 7 2013: continued delivery (*) has sold a 3% equity interest in has acquired a 16.4% equity interest in granting control of the company Disposals for a consideration of Acquisitions for a consideration of €180,000,000 €172,500,000 12% Equity IRR Q1 2013 July 2013 (*) has sold its 90% interest in has acquired a minimum of 4,227 towers from for a total consideration of for a consideration of €762,000,000 €385,000,000 and an implied EV/EBITDA 2013E multiple of 12.4x 13% Equity IRR March-August 2013 August 2013 Significant newsflow in 2013 7 (*) pending authorizations Delivery on Strategy 8 Portfolio optimization since 2010 has sold its equity interest in has sold its interest in has sold a 16% equity interest in for a consideration of for a consideration of for a consideration of €630,000,000 €788,000,000 €980,000,000 January 2011 September 2011 January 2012 has sold a 7% equity interest in has sold its equity interest in for a consideration of for a consideration of €312,000,000 €385,000,000 Including positive tax impact June 2012 August 2012 €4Bn disposals Generated 16% IRR on investments 8 Delivery on Strategy 9 Portfolio optimization since 2010 Acquisition of 100% have acquired a 60% equity has acquired interest in for a concession fee of for a consideration of for a consideration of 10% abertis shares US$1,080,000,000 €504M liabilities + €11M cash €400,000,000 15% Equity IRR 15% Equity IRR 13% Equity IRR June 2011 August 2012 December 2012 has acquired a 7.2% equity has acquired 1,000 towers from interest in TOWERS for a consideration of for a consideration of €68,000,000 €90,000,000 13% Equity IRR 12% Equity IRR December 2012 2012 €3.8Bn investments since 2010 13% blended IRR in Euro (vs. disposals valuation at 9%) 9 Delivery on Strategy 10 Making the company more efficient Staff costs Manageable costs ~560 (*) ~370 (*) 528 516 -9% 348 -24% 287 2010 2013E 2010 2013E Operating Capex By 2013 cumulative 184 ~200 (*) savings of more than -35% 130 €300Mn Opex and €100Mn Capex since 2010 Target: savings of €150Mn Opex and €70Mn Capex per year from 2014 2010 2013E (*) Evolution considering 2% CPI 10 Figures in € Mn; like-for-like without contribution from new Brazilian and Chilean assets Delivery on Strategy 11 Doubled company size Concessions Kilometers 32 7,327 16 3,756 2009 2013E 2009 2013E Employees 17,580 12,073 2009 2013E 11 Delivery on Strategy 12 Increased focus and diversification EBITDA 2009 2013E Car Parks + Logistics Telecom 5% 10% Airports 5% Telecom 11% Toll Roads Toll Roads 79% 90% Others Others 2% 3% Chile Chile 8% Spain 6% Spain 42% 52% Brazil 16% France 39% France 32% 12 Delivery on Strategy 13 A growing and healthier P&L Revenues (€ Mn) EBITDA (€ Mn) ~5,100 ~3,100 3,724 2,285 2009 2013E 2009 2013E Net profit (€ Mn) 1,024 701 617 657 2009 2010 2011 2012 Like-for-like net profit 2012: +2% 13 Delivery on Strategy 14 Reinforcing the Balance Sheet Assets Net Debt ~28,700 14,590 ~14,000 23,837 x0.9 2009 2013E 2009 2013E Net Debt/EBITDA Significant derisking of the Balance Sheet 6.0x since 2009 despite ~4.5x growing the asset base by €5Bn 2009 2013E 14 Figures in € Mn Delivery on Strategy 15 Efficient debt management 5.9% 5.4% Average maturity: 6 years 4.7% 4.7% 4.6% 4.5% Non-recourse: 60% 4.0% 4.3% Fixed rate: 80% 2009 2010 2011 2012 Rating Fitch/S&P: BBB+/BBB 10-year Spanish bond yield Average cost of debt abertis 15 Delivery on Strategy 16 Shareholder remuneration Evolution of Ordinary Dividends (€ Mn) Evolution of Ordinary Dividends (DPS) 538 0.66 0.66 512 0.60 0.60 0.60 443 422 402 0.56 358 0.50 304 2006 2007 2008 2009 2010 2011* 2012 20062006 20072007 20082008 20092009 2010 2011 2012 Consistent dividend growth with clear visibility * €1.07 per share additional extraordinary dividend paid in 2011 16 Dividends paid CAGR 06-11 = 34% taking into account extraordinary dividend Delivery on Strategy 17 Improved capital allocation Total cash flow applications 2010 – H1 2013 (€ Mn) 4.0 3.8 Asset disposals M&A investments 2.0 Organic investment 1.0 Net debt reduction Operations and 8.4 2.5 Dividends efficiencies 3.1 Financial expenses and taxes Cash inflows Cash outflows 17 abertis’ Corporate Responsability 18 ESG & abertis Foundation . Environmental Strategy: clear commitment to reduce CO2 emissions . Commitment to reduce energy, water consumption, electricity , natural gas, liquid fuel, water and Emissions CO2. Some measures: Electronic Toll Collection, smart building, energy efficiency measures. Social Responsibility . CSR Plan covers 92% of the Total Turnover (2012), and involve all the stakeholders . More than 200 CSR indicators managed. SCR report qualified with A+ according GRI 3.1. Externally reviewed. Ethical Code involving all stakeholders and workers’ ethical channel. Commitment to society and government worldwide: Paquet Vert in France, third line in Spain, next safety road Plan in Brasil. abertis Foundation . Stakeholders’ management and Community Involvement: social action, culture, road safety and environment activities. “abertis incorporates ESG into its strategy as an integral source of value creation” 18 19 What’s Next? 19 What’s Next? 20 Plan de Relance in France abertis Capex ~€700Mn Execution Period 2014-2020 Extension From 2 to 6 years Returns Double-digit Timeline H2 2013 Type of Work Widening, new sections, new interchanges Additional Upsides Capex efficiencies, traffic Tangible example of extending asset base 20 What’s Next? 21 More Efficiencies Cumulative efficiencies (€ Mn) Current plan In definition 1,556 1,262 978 709 446 65 228 2011 2012 2013E 2014E 2015E 2016E 2017E Brazil Chile France Hispasat New initiatives underway 21 What’s Next? 22 Mobile Towers Integration abertis American Peer Tenant Lease (years) 10+10+5 10+5+5 Pricing CPI CPI/Fixed Energy Pass-through 100% 100% Rental Pass-through 100% 100% Competing Co-hosting Towers No Yes Improving Telecoms business mix and crystallizing value 22 What’s Next? 23 Hispasat Integration EBITDA margin Backlog / Revenues Net Debt / EBITDA 5.7 80.5% 5.2 6.1 4.3 78.3% 4.0 75.8% 3.1 2.5 73.5% 1.8 Intelsat Eutelsat SES Hispasat Intelsat Eutelsat SES Hispasat Intelsat Eutelsat SES Hispasat Facts EV/EBITDA 2013-2017 EBITDA CAGR Avg. Acquisition Cost 7.0x Hispasat Above 10% Consensus Valuation 7.6x Sector Average Below 4% Sector Mkt Average 8.6x Long-term growth backed by solid business plan 23 24 CONTENTS 1. Delivery on Strategy 2. Growth a. Firepower @ Holdco b. Pipeline 3. Conclusion 24 Growth Strategy 25 Our objectives Create value Diversify the company Increase duration Ensure shareholder remuneration 25 Growth Strategy 26 Clear criteria Disciplined growth: minimum 12% equity IRR Toll roads: brownfield and yellowfield only Telecom: cell towers and in satellites Control: industrial role 26 27 CONTENTS 1. Delivery on Strategy 2. Growth a. Firepower @ Holdco b. Pipeline 3. Conclusion 27 Growth Strategy 28 Firepower at abertis Infraestructuras FIREPOWER Cash Cash Constraints available generated 28 Growth Strategy 29 Constraints Corporate credit rating Repayment of current debt maturities Current Capex programs Shareholder remuneration 29 Growth Strategy 30 Constraints: corporate credit rating What is our current rating? Fitch: BBB+ ; S&P: BBB Why do we want a rating? Access to credit markets Issue longer-term debt Finance in larger size Keep current S&P rating (BBB) Corporate debt repayment of €350m per year period 2013-15 FFO/Net debt ratio > 12% Liquidity ratio: 12 months > 1.5x 24 months > 1.0x 30 Growth Strategy 31 Constraints: debt maturities and service 3,081 2,165 1,868 1,913 1,709 1,464 1,206 1,038 943 1,354 1,100 1,139 190 831 740 6 152* 333 200 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022+ (*) Net of €450m recent bond issue Holding Others During 2013-15 €500m corporate debt maturities €420m1 financial expenses corporate debt 31 (1) Net of taxes Growth Strategy 32 Constraints: shareholder remuneration bonus Minimum Minimum share Dividends DPS €1,500m €0.66 issue 1x20 2013-15 32 Growth Strategy 33 Constraints: current Capex programs 2013-15 €120m €350m €1,400m €60m €1,000m ow Towers: €350m ow Satellites: €670m ~€2,900m total Capex abertis group 33 Only already announced growth projects included Growth Strategy 34 Constraints: summary Debt Interests* Dividends repayment €420m €1,500m €500m CONSTRAINTS ~€2,400m * Post-tax 34 Growth Strategy 35 Available cash resources at abertis Infraestructuras Liquidity Dividend Flow Cash and equivalents*: ~€900m Toll Roads Spain: €1,600m Asset disposals: ~€1,400m Telecom: €150m Total: ~€2,300m HIT/Sanef: €200m Others: €200m Total: ~€2,200m abertis Infraestructuras currently has €1,995m of undrawn credit lines.
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