presentation ceo - shareholders general meeting abertis 2011

1

Francisco Reynés, CEO

2

Contents1 2010 management report

2 2011 First quarter results

3 Reorganisation of the businesses

4 Future challenges

3

Global macroeconomic environment

2010 management report

-5

0

5

10

15

Source: Datastream

Inflation (% end of period)

Current account balance (%GDP)

2007 2008 2009 2010 2007 2008 2009 2010

2007 2008 2009 2010

GDP (%variation)

2007 2008 2009 2010

USA CHINA BRAZIL INDIA

Unemployment (% of active pop.)

15

10

5

0

-10

-5

0

5

10

0

5

10

15

202011 2012 2011 2012

2011 2012 2011 2012

4

Main environment of abertis

2011 2012 2011 20122007 2008 2009 2010 2007 2008 2009 2010

UKSPAIN CHILEFRANCE

0

5

10

15

20

Inflation (% end of period)

Unemployment (% of active pop.)

GDP (% variation)

2007 2008 2009 2010

Source: Datastream

2007 2008 2009 20102011 2012 2011 2012

10

5

0

5

0

-5

-10

-5

0

5

10 Current account balance (%GDP)


5

Motorways

2006 2007 2008 2009 2010

Spain41%

France46%

3,772 KmLatAm13%

ABERTIS AVERAGE SPAIN LATAMFRANCE

35,000

30,000

25,000

20,000

ADT motorways


6

Telecommunications

3,315Terrestrial

sites

31.4%

Hispasat:6 satellites

Eutelsat:27 satellites

0

5.000

10.000

15.000

20.000

2006 2007 2008 2009 2010

42.1%

DTT ANALOGUE TV

Number of TV transmitters


7

Airports

58 Mnpassengers in 2010

USA2%

Europe29%

0

10.000

20.000

30.000

40.000

50.000

60.000

70.000

2007 2008 2009 2010

Airport passengers (thousands)

TOTAL ABERTISLATAM USAEUROPE

LatAm69%


8

Car parks

Spain57%

128,149places managed

in 80 cities

0

5.000

10.000

15.000

20.000

25.000

30.000

2007 2008 2009 2010

Vehicles in rotation (thousands)

OTHERSPAIN ITALYPORTUGAL

Portugal14%

Other9%

Italy20%


9

Logistics parks

0

25

50

75

100

2007 2008 2009 2010

Spain96%

534,407m2 built

on 31 December% Occupation

Chile 4%


10

Income from turnover (M€)

Figuresfor 2009 recalculated under IFRIC12

2009

3,904

Motorways Telecom Rest 2010Airports

171 4,10661411

Airports 7%

Motorways75%

Telecom13%

Rest 5%UK 4%

Spain50%

Chile 5%

France35%

Other 6%


11

Operating profit (EBITDA) (M€)

Figures for 2009 recalculated under IFRIC12

2009 Motorways Telecom Rest 2010Airports

131 46-2 2,4942,356

Airports 3%

Motorways86%

Telecom9%

Rest 2%

Spain53%

Chile 5%UK 2%

France37%

Other 3%

EBITDA margin 60.8%

EBITDA margin60.3%


12

2010

2009 0.86 €/share

0.91 €/share

Profit per share

Comparable (Number of shares on

31/12/10)

Figures for 2009 recalculated under IFRIC12

138 -64 -36

2009 Improvement in operating

profit

Greater write-offs for

investments

Greater financial and other expenses

2010

624 662

Consolidated net result (M€) 2010 management report

13

Investments (M€)

Terrestrial telecom

73

Telecom Satellites53

Rest67

Motorways Spain188

Motorways France183

Investment in Expansion564

Operative investment192


14

Funds generated (M€)

-226-652

-493

-192931

2,494

Expansion

Debt reduction

366

564


15

Dec. 2009

14,590 -366223

205 14,651

Reductionin Debt

VariationPerimeter

Exchange rate variationsand derivatives

Dec. 2010

Debt (M€)

Debt/EBITDA: 6.2xAverage cost: 4.56%

Debt/EBITDA: 5.9xAverage cost: 4.53%

With recourse

44%

Without recourse 56%

Variable rate16%

Fixed rate

84%

Long

94%

Short6%

Averageexpiry:

6.5 years


16

984

23,214

482

612

4,705

15,134

5,453

Other non-current assets

Long-term assets

Assets for sale

Cash and equivalents

Net capital

Financial debt

Othercreditors

Assets Liabilities

Balance at the end of the year (M€)

Net debt

14,651

(-482)


17

Average staff:12,400 people

Staff

Telecom12%

Airports

16%Holding

3%Rest

10%

Motorways

59%France25%

UK

7%

Chile

6%Other

20%

Spain

42%


18

Summary

50% of our income is generated outside Spain

We continue to invest to maintain the competitiveness of the business

We continue to grow, despite the economic situation (Net profit +6’1%) Positive development of traffic on motorways outside Spain Good behaviour of the satellite sector Improvement in income per passenger at airports Containment of operating expenses, and improvement in margins

We are reducing debt while maintaining our rating


19




4 Future challenges

20

Macroeconomic environment

1st quarter 2011

Recession Recovery Expansion Slow-Down

21

Main orders of magnitude 1st quarter (M €)

Results 1Q11 vs. 1Q10

Income 922 -0.3%

Operating expenses 373 -3.5%

EBITDA 549 +1.9%

Debt / EBITDA 5.4x 5.9xNet Result

Comparable 124 +4.1%With extraordinary 275 +131%

Balance 1Q11 vs. 1Q10Net debt 13,890 -761EBITDA margin 59.5% 58.2%

1st quarter 2011

22

Funds generated 1st quarter (M€)

256-16-79

-152- 46549

Expansion

Debt reduction

204

52

1st quarter 2011

23

Summary

The improved operating margin shows an increase in operating efficiency

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

Control of investments and priority attached to debt reduction

Start of the company reorganisation with the sale of Atlantia

Attentive to market opportunities:

Motorways: USA (Puerto Rico) and other countries Telecom: Digital dividend Airports: Barajas and El Prat concessions

1st quarter 2011

24




4 Future challenges

25

Unlisted

Current shareholders

of abertis(voluntary option)

Othershareholders

IBEX 35

Separation of the businesses

Reorganisation of the businesses

http://www.cvc.com/Content/EN/General/Home.aspx

26

Application of cash resulting from thereorganising of the company (M€)


Sale Atlantia

Splittingcar parks

and logistics businesses

Extraordinary net dividend in cash

Debt Reduction

Exchange100% 50/50 100%

in cash

454

626

688

392

653

626

688

591

853

626

688

791

27

Pro forma 2010after reorganisation (M€)


Income

EBITDA

Net Resultat

Total Assets

-189 (-5%)3.917

2.497

23.216

-87 (-4%)

-2.074 (-6%)

-9 (-1%)653

13.963 -688 (-5%)Net debt(after extraordinary dividend)

Debt / EBITDA 5,8x 5,9x

Staff 11.134 -1.267 (-10%)

28

June July August September

21 JuneAbertis

Shareholders' meeting

27 JulyPayment of extraordinary

dividend and returnof share premium

Second semesterEnd of acquisition

shares not taken up by minority shareholders

28 JunePayment of

complementary dividend

30 SeptemberListing of sharesfrom the bonus

share issue

22 June 22 July

Timetable


29

Summary

In an environment of scarce resources

Focusing the Group to continue growing

Preserving the balance and the P&L account

Giving the opportunity for current shareholders to continue participating in all the businesses,or only part of them


30




4 Future challenges

31

• Reorganising the businesses • Selective inorganic expansion• Lengthening of the concession

Growth

Strategic challenges of the company

• Greater internationalisation

Diversifying risk

Future challenges

Creating value

• Shareholder reward growing• Operative efficiency • Optimising the financing

structure

32

San Juan

Puerto Rico

The Consortium formed by abertis (45%), the only industrialpartner and Goldman Sachs, was selected preferred bidder forthe PR 22 and 5 concessions.

87 km. long

Activity began in 1971.

Average ADT: 84,000 vehicles

Length: 40 years (expires 2051).

Connecting San Juan with the west of the island.

Future challenges

33

Puerto Rico

Concession of 1.08 billiondollars.

27 June: signing the concession contract.

It is expected that this dealwill not change the currentratings (S&P: BBB+/Fitch: A-)

Future challenges

End of September: Taking control of operations

34

Francisco Reynés, CEO

presentation ceo - shareholders general meeting abertis 2011

Travel