Abertis Infraestructuras S A : The company sends information regarding Q1 2017 results

Results Q12017

26 April 2017

Contents

1. Executive Summary 3

2. Extraordinary Effects 5

3. Activity 6

4. Income Statement 8

5. Toll Roads Spain 11

6. Toll Roads France 13

7. Toll Roads Italy 15

8. Toll Roads Chile 17

9. Toll Roads Brazil 19

10. Toll Roads International 21

11. Hispasat 23

12. Cash Flow 24

13. Capex 25

14. Balance Sheet 26

Annexes

1. Annex I: P&L, Balance Sheet & Cash Flow 28

2. Annex II: Alternative Performance Measures 30

3. Annex III: Summary of Relevant Facts 32

4. Annex IV: Contact Details 34

5. Annex V: Disclaimer 35

Q1 17		Chg YTD (as of 17 April '17)
Total ADT	16,709	-0.2%	+6.0%
ADT Spain
ADT France	21,526	-0.1%	+1.4%
ADT Italy	58,078	+3.0%	+3.7%
ADT C hile	29,413	+5.6%	+6.4%
ADT Brazil	18,561	+0.5%	+1.1%
ADT Puerto Rico	66,549	+0.8%	-0.9%
ADT Argentina	81,407	-2.0%	-3.1%
€ Mn	Q1 17	Chg	L-f-L
Revenues	1,281	+18.3%	+4.6%
EBITDA	807	+13.0%	+6.6%
EBIT	438	+5.6%	+8.7%
Net profit	130	-66.3%	+13%
Net debt (*)	14,994	+4.3%
Discretionary cash flow	575	+21.5%	+14.8%
Free cash flow	385	+11.3%

Total Revenues & EBITDA

(€Mn)

2017 has started with solid results and a continued investment effort by the company.

During the period, Abertis has invested close to €1.3Bn in M&A projects and expansion capex, which represents almost half of all the company's investments in 2016.

1,082

Q1 16

714

1,281

Q1 17

807

Of this amount, around €200Mn were invested in the improvement of the toll road network's infrastructure, especially in Brazil, where such projects are generating tariff uplifts and will increase the capacity of the assets. In addition, more than €1.0Bn was used for

acquisitions.

EBITDA Revenues

L-f-L Revenue +4.6% L-f-L EBITDA +6.6%

In France the company has reinforced its position through the acquisition of minorities shareholders for €942Mn in Q1, thus strengthening the asset portfolio in a stable and strategic country that offers additional opportunities, increases the company's average duration and provides access to a greater dividend stream. Following the same rationale, during February the company reached an agreement to acquire an additional stake in A4 Holding in Italy.

L-f-L Net Profit +13%

In addition, 2017 marks the entry of Abertis in Asia, with the acquisition of two toll roads in India enabling the company to develop a local knowledge to further analyze opportunities in a dynamic market with high growth potential, solid macroeconomic fundamentals, and significant demographic expansion.

Toll roads - Chile

All in all, Abertis has already successfully replaced all of the proportional EBITDA of its expiring concessions, thus highlighting its capacity to build a perpetual and growing business.

At the operating level, Q1 2017 has been impacted by Easter (which fell in March in 2016, whereas in April in 2017). Excluding this calendar effect, Q1 2017 ADT exceeds the company's expectations in most markets.

Tariffs increases, the contribution of Italy to the consolidation perimeter and a strong appreciation of the Brazilian and Chilean currencies helped offset the aforementioned Easter calendar and leap year effects, and drove revenues up 18.3% (+4.6% L-f-L) to €1,281Mn. EBITDA increased by 13% (+6.6% L-f-L) to

€807Mn, supported by efficiency initiatives, with a consolidated L-f-L margin expansion of 120bps to 66.3%. Net profit for the period reached €130Mn, +13% in organic terms, while the discretionary cash flow in the period (post-tax, interest expenses, and operating capex) rose 21.5% to €575Mn. Net Debt amounted to €14,994Mn, reflecting the acquisition of minorities in France, the consolidation of the Indian assets and the tax back (+€321Mn) received from the Cellnex IPO capital gains. The average cost of the debt stood at 4.5%. Shareholder remuneration: On 24 April, Abertis distributed a €0.37/share gross dividend, offering for the first time to shareholders the possibility of choosing between receiving it in cash or through Abertis shares from treasury stock with a 3% discount. In addition Abertis announced that it will cancel its annual bonus share issue without impacting the committed total shareholder remuneration growth of 10% for 2017.