|
Article Excerpt
Original Source: FD (FAIR DISCLOSURE) WIRE
OPERATOR: Good afternoon, ladies and gentlemen, and welcome to the Brisa-Auto Estradas de Portugal 2008 first quarter results conference call. (OPERATOR INSTRUCTIONS)
I would now like to hand over to the chairperson, Mr. Vasco de Mello. Please begin your meeting, and I will be standing by.
VASCO DE MELLO, CHAIRMAN AND CEO, BRISA-AUTO ESTRADAS DE PORTUGAL: Good afternoon to all. We will be presenting the first quarter results of '08, and the first point I would like to make is that total revenues have performed well. We have had growth in traffic that has transformed into total revenues at around 9% year on year, and like-for-like, on the main concession, above 2%.
On the cost side, we were impacted by new consolidation, new consolidation of Brisal, EUR900,000; Douro Litoral, an impact of EUR1.7 million; and the Northwest Parkway, EUR1.5 million. On top of this, we have an extraordinary tax adjustment on previous year of EUR2.1 million. Globally and adding into consideration this impact, results were in line with our forecasts.
In terms of operating revenues, we reached EUR152.7 million at 7%. EBITDA, EUR102.4 million, minus 1%, with EBITDA margin on a consolidated basis on 67.1%. EBIT, EUR53.8 million, minus 17%. And net profit, EUR24.8 million, less 41%, results impacted by new consolidation, as I mentioned.
In terms of EBITDA margins per business, on a consolidated basis, we have 67%, coming from new consolidation and affected by new consolidation and the exceptional items. On the Brisa concession, main concession, we have -- we maintain the EBITDA margin, 76%, even with a larger network, plus 14.5% kilometers.
Atlantico, quite clearly an improvement on the margin, reaching almost 69%, and Brisal, Northwest Parkway, on a ramp-up basis. In terms of other operating revenues, motoring revenues increased 22%. This is the car inspection business, performing well. On service areas, income is not evenly distributed along the year, and we have this EUR0.6 million negative impact this quarter. And on other revenues, we have some impact from less operating revenue from Brazil, from [Copere], and less revenue from the [Austrico Fiber ramping], and this we expect to be corrected during the rest of the year.
On total revenues, an increase of 7%, as I mentioned before. In terms of total revenues, an increase of almost 9%, 8.8%, to be more exact, coming from 2.2% on a like-for-like basis for Brisa; one percentage point impact from the leap year; new stretches, 0.5%; and tariff increase, 2.6%. Atlantico, 0.6%. Atlantico was already consolidated on the first quarter of last year. Brisal, 0.9%. And the Northwest Parkway, 1%.
In terms of traffic figures, I would say a strong show on most of our highways, with some exceptions, with the A4 impacted still by the competition of a shadow toll in the north. This effect will dilute along the year. The A5 with slow growth, the A9 impacted by the Easter period plus cannibalization from the A10, and the A10, a very strong showing, as can be seen by an increase of almost 41% on this ramp-up phase. The A12, 1.7% positive, but impacted by cannibalization on the A10 and A13. Overall, AVT increasing by 2%.
In terms of Atlantico, a strong growth, a total of 6%, most of it on the A8, which grew by 6.4%. Total circulation increased by 6.7%. The major impact of traffic on Atlantico will occur with the opening of Brisal in May. Brisal, still on an early stage, probably opening on the 17th of May, so mid-May, Brisal will be fully open. We're finalizing, and with the network completion we will have a ramp-up in this concession.
The Northwest Parkway has grown...
|
