July 29, 2021

Abertis closes the year with a profit of 1,681 million, 87% more, driven by the sale of Cellnex

Abertis closes the year with a profit of 1,681 million, 87% more, driven by the sale of Cellnex


Abertis has achieved a profit of 1,681 million euros in 2018, 87% more than the previous year for capital gains obtained from the sale of 34% of Cellnex and 15% more in comparable terms, in an exercise in which the bid launched by Hochtief (ACS) and Italy's Atlantia was completed, as reported in a statement to the National Securities Market Commission (CNMV).

The company has added that discounting the 605 million euros of capital gains obtained from the sale of Abertis, as well as other fiscal and exchange rate impacts, Comparable net profit has increased 15% over the previous year.

During 2018, it has stood out the positive evolution of traffic in the main markets, with outstanding growth in Spain (3.3%); France (1.7%); Chile (3%); Brazil (0.8%); Puerto Rico (7%); Italy (1.2%) and India (4.8%).

EBITDA or gross operating profit has reached 3,549 million euros, 3% more, driven by several factors, such as the implementation of efficiency improvement measures and the optimization of operating expenses, although, in comparable terms, it increased by 7%.

France, first market

Income for the year han reached 5,255 million euros, with a decrease of 0.3% with respect to fiscal year 2017, basically due to the negative evolution of the exchange rate. In comparable terms, revenues have increased by 5.3%.

73% of the income of Abertis they have come from outside of Spain and the French market has consolidated as the largest for the group, generating 33% of revenues, followed by Spain, with 27%. Consolidated net financial debt of Abertis reached 12,538 million euros in December 2018, compared to 15,578 million in 2017. This 19.5% reduction is basically due to the strong cash generation and the sale of 34% of Cellnex.

Net debt does not include those close to 9.800 million debt assumed by Abertis HoldCo in the context of the purchase of 98.7% of the company's capital. After the divestments carried out in Cellnex and Hispasat and the new debt financed in the medium term, Abertis has reduced short-term funds needs to 4,270 million euros.

During 2018, the total investment of Abertis has amounted to 944 million euros, mainly destined to investment in expansion (88% of the total) for the expansion of capacity of the toll roads, especially those of Brazil and France. In addition, in 2018, Abertis has invested 293 million in the purchase of a 32.63% stake in Hispasat.

Last week, the company, through its subsidiary Abertis Telecom Satellites, has achieved an agreement with Red Eléctrica Corporación to sell its 89.7% stake in Hispasat, for a total of 949 million euros.


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