NET DEBT AND CORPORATE CREDIT RATING
NET DEBT
The net treasury position, excluding infrastructure projects, stood at EUR697mn at 31 December 2016 vs. EUR1,514mn in December 2015.
The main drivers of this decline in the net cash position ex-infrastructure projects included the following:
- Investment stream of -EUR985mn (vs. -EUR374mn in 2015), which breaks down as follows:
- Investment via company acquisitions (-EUR629mn in 2016 vs. -EUR12mn in 2015): highlighting the acquisition of Broadspectrum in Services for -EUR499mn and Transchile in the Airports division for -EUR69mn.
- Investments related to the organic growth of the company, which reached -EUR356mn in 2016 (-EUR362mn in 2015), and which include fixed asset investments, as well as the Toll Road share capital increases.
- Shareholder remuneration (-EUR544mn), comprising the cash payment of the scrip dividend of -EUR226mn and the share buy-back for -EUR317mn. Dividends to minorities in subsidiaries also reached -EUR23mn.
- Tax payments in the amount of -EUR125mn.
- Interest payments in the amount of -EUR48mn.
- Consolidation of Broadspectrum’s net debt (-EUR435mn).
The above-mentioned impacts were partially offset by the following positive factors:
- Dividends received from projects amounting to EUR477mn, of which EUR290mn to Toll Roads, EUR134mn to Airports, EUR49mn to Services and EUR4mn to Construction.
- Disposals amounting to EUR340mn (vs. EUR74mn in 2015) after the completion of the sales of the Chicago Skyway (EUR230mn) and the Irish toll roads (EUR59mn).
Project net debt stood at EUR4,963mn (EUR6,057mn in December 2015). This net debt includes EUR641mn that relates to toll roads under construction (NTE 35W and I-77).
The main drivers of the net treasury position of the infrastructure projects vs. December 2015, were due to changes to the perimeter during 2016:
- Deconsolidation of SH-130 (EUR1,421mn), following the loss of control of the asset.
- Deconsolidation of the debt of the Portuguese toll roads (+EUR323mn), which are expected to be sold in the coming months has been reclassified as liabilities held for sale.
The Group’s consolidated net Group debt at 31 December 2016 stood at EUR4,266mn (compared with EUR4,542mn in December 2015).
|
Dec-16 |
Dec-15 |
NCP ex-infrastructures projects |
697 |
1,514 |
Toll roads |
-4,426 |
-5,518 |
Others |
-537 |
-539 |
NCP infrastructures projects |
-4,963 |
-6,057 |
Total Net Cash Position |
-4,266 |
-4,542 |
|
Dec-16 |
Dec-15 |
Gross financial debt |
-8,093 |
-8,083 |
Gross debt ex-infrastructure |
-2,584 |
-1,465 |
Gross debt infrastructure |
-5,510 |
-6,618 |
Gross Cash |
3,827 |
3,540 |
Gross cash ex-infrastructure |
3,301 |
2,973 |
Gross cash infrastructure |
526 |
567 |
Total net financial position |
-4,266 |
-4,542 |
CORPORATE CREDIT RATING
Agency |
Rating |
Outlook |
S&P |
BBB |
Stable |
Fitch Ratings |
BBB |
Stable |
EX-PROJECT DEBT MATURITIES
Year |
Corporate debt maturities |
2017 |
15 |
2018 |
526 |
2019 |
352 |
2020 |
256 |
2021 – 2030 |
1,329 |
2031 – 2040 |
7 |
2041 – 2050 |
7 |