Abertis Infraestructuras : The company sends press release regarding first half results 2017.

1H17 RESULTS

Abertis' net profit totalled €415 million in the first half, up 19% like-for-like

The company invested near €3,000Mn for growth

• Traffic growth in the Group's main markets and the inclusion of new businesses in the consolidation scope drove Abertis' key indicators in 1H17:

  o Revenue: €2,698Mn (+20%)

  o EBITDA: €1,757Mn (+17%)

  • Traffic: Spain (+5.9%), Chile (+4.8%), Italy (+3.9%), Brazil (+2.0%) and France

    (+1.9%).

• The company invested near €3,000Mn in international growth:

  • Acquisition of 100% of Sanef (France): €2,200Mn

  • Growth in A4 Holding (Italy): €215Mn

  • Tender offer in Brazil: €420Mn

  • Acquisition of two toll roads in India: €133Mn

• Future commitments: Abertis has entered into public-private partnership agreements entailing a future total additional investment commitment of €1,897Mn to upgrade road networks in France, Brazil and Argentina.

Barcelona, 26 July 2017

Abertis reported considerable improvement in its key indicators in the first half of 2017: revenue rose by 20% to €2,698Mn and EBITDA by 17% to €1,757Mn, underpinned by overall improvement in traffic, the addition of new assets in the consolidation scope this year (in Italy and India). Net profit for the first six months of the year totalled €415Mn, up 19% like-for-like from 1H16, boosted also by the stake increase in its subsidiaries Sanef (France) and A4 Holding (Italy).

Consolidated figures in this period were boosted by the positive exchange rate trends in America, especially in key markets for the Group such as Brazil, Chile and the United States.

Near €3,000Mn earmarked for growth

The first six months of this year were marked by the Group's intensive investment activity, bolstering its footprint in France, Brazil, Italy and India. Regarding growth opportunities, Abertis entered into a number of agreement for a total amount of €2,820Mn, figure that far exceeds the investment for the whole of 2016.

In April, the Group secured a 100% stake in subsidiary Holding d'Infraestructures de Transport (HIT), which controls 100% of Sanef, after acquiring shares from minority shareholders. Abertis has spent over €2,200Mn on HIT, reinforcing operations in the Group's main market.

Also during the period, Abertis raised its interest in its Italian subsidiary, A4 Holding. The Group has signed agreements to acquire a number of minority interests, achieving a 90% stake in the concessionaire for the A4 and A31 toll roads, both of which had showed increasing traffic (+3.9% in H1) since their inclusion in the Group.

In Brazil, through Arteris, Abertis won the 30-year Rodovias dos Calçados concession (until 2047) worth nearly €420Mn. The contract covers the 317 kilometres currently managed by Autovías (Arteris), as well as 403 kilometres that, until then, were under direct management of the São Paolo state government.

The new concession also entails an investment commitment for the Group of BRL 5Bn (approximately €1.5Bn), earmarked for an increase of the road capacity.

Regarding other public-private partnerships, in June, Abertis reached a deal with the Argentine government for new investments in the road network of Grupo Concesionario del Oeste (GCO) in exchange for an extension of the concession term. This extension includes additional investment of $250Mn to upgrade the current road network, which will be fully financed by future concession revenues thanks to the extension of the current contract, which ends in 2018, until the end of 2030.

These transactions give Abertis a more balanced global portfolio, with growth in economies with stable frameworks for concessions and a clear commitment to public-private partnerships in the toll road sector. Without prejudice of the passivity duty due to the Atlantia's takeover offer, the company keeps on working on a business-as-usual basis, and it is in conditions to take advantage of all the opportunities that may arise.

Income statement

Revenue between January and June 2017 totalled €2,6981Mn, up 20% year-on-year, thanks to the increase in traffic, the inclusion in the consolidation scope of the A4 and A31 toll roads in Italy and of the two concessions in India, along with the euro's positive exchange rate trend vis-à-vis the US dollar, Brazilian real and Chilean peso.

EBITDA totalled €1,757Mn in the period (+17% like-for-like) thanks, among other factors, to the strong performance of operating margins. Abertis' net profit totalled €415Mn, up 19% in like-for- like terms.

Traffic and safety

Traffic on Abertis' network grew in all European markets, with notable increases in Spain (+5.9%), Italy (+3.9%) and France (+1.9%). In Latin America, marked increases were posted in Chile (+4.8%) and Brazil (+2%). Traffic also grew in India (+2.8%).

Indicators for road safety, a top priority for the Group, improved further. Especially in Spain, where the number of deaths by accident fell by 62% year-on-year. Significant advances were also seen in Chile, Puerto Rico and Argentina. The Group also managed to reduce almost 30% the accident rate of workers in the period.

Balance sheet management

Abertis' consolidated net debt at 30 June 2017 stood at €15,984Mn, compared with €14,377Mn at 31 December 2016. This increase was the result of the inclusion of new assets in the consolidation scope.

Debt at fixed rate is near 80%, and the average maturity stands in 6 years.

Two-thirds of total debt is secured by the company's own projects (i.e. non-recourse). Meanwhile, the cost of corporate debt decreased to 2.1% this year.

Investments

Total investment in the first half was €2,820Mn, of which €2,214 went to the acquisition of Sanef minority interests.

Regarding investment in growth, the largest amounts were spent on toll roads in Brazil (€260Mn), Chile (€42Mn) and France (€35Mn). In all, Abertis invested €387Mn in expansion capex in the period.

INCOME STATEMENT January-June 2017 (€Mn)

Appendix 1 - Income statement and balance sheet

June 2017	June 2016	Change
Total revenues	2,698	2,243	20%
Operating expenses	-942	-741
EBITDA	1,757	1,502	17%
EBITDA L-F-L	8%
Depreciation	-737	-606
Operating profit (EBIT)	1,020	896
Carry-over effect A. Central	0	293
Financial result	-369	-447
Equity method result	10	21
Income tax expense	-185	-165
Discontinued operations (Bolivia)	17	0
Non-controlling interests	-77	-88
Net profit	415	510
Net profit L-F-L	19%

BALANCE SHEET January-June 2017 (€Mn)

Property, plant and equipment and intangible

June 2017 Dec. 2016

assets Financial assets	4,324	4,281
Current assets	1,377	1,819
Liquid assets	1,873	2,529
Assets held for sale	10	50
Total assets	29,421	31,186
Shareholders' equity	4,618	6,901
Non-current financial debt	16,658	15.,210
Non-current liabilities	5,185	5,348
Current financial debt	1,199	1,695
Current liabilities	1,756	1,988
Liabilities held for sale	5	44
Total equity and liabilities	29,421	31,186

21,838 22,506