Abertis increases recurrent net profit and revenues in H1 2013
Abertis has informed that it continues to achieve improvements in all of its main financials in the first half of 2013, with growth in revenues (+27%), EBITDA (+23%) and recurrent net profit (+6%).
The Group's total net profit amounted to €293 million (-62%). The decrease in net profit was the result of the capital gains from the sale of the various tranches of the Eutelsat stake completed during the first half of 2012 and during the course of 2013.
The summary of H1 2013 results follows:
- Revenues: €2,388Mn (+27%). 65% of revenues are now generated outside of Spain.
- EBITDA: €1,433Mn (+23%).
- Recurrent net profit: €283Mn (+6%).
- Net debt: €13,755Mn (-2.6%).
The integration of the new concessions in Brazil and Chile, acquired from OHL, contributed €488 million to Abertis revenues.
Abertis also reported that traffic performance in Brazil (+4.6%) and Chile (+8.1%) offset the weaker performances in France (-0.7%) and Spain (-9%).
Net debt stood at €13,755 million at the end of the first half, with a reduction of €374 million from year-end 2012. During 2013, Abertis has closed two bond issues: 10-year 3.75% bond for €600 million in Spain and 6-year 2.5% bond for €300 million in France.
In the first half, the company has continued with its portfolio rotation policy, which has included:
- The taking of control at Hispasat, acquiring 16.42% for €172.5Mn.
- The sale of airport assets in Europe and the US for €317Mn.
- The sale of 3% of Eutelsat for €182Mn, leaving the current stake at 5%.
- The sale of 51% of Overon to Grupo Imagina for €41Mn.
