SOURCE: ABERTIS INFRAESTRUCTURAS, S.A.

March 28, 2008 11:56 ET

ABERTIS Completes the Purchase of Desarrollo de Concesiones Aeroportuarias (DCA)

BARCELONA, SPAIN--(Marketwire - March 28, 2008) - abertis today completed its purchase from ACS of 100% of Desarrollo de Concesiones Aeroportuarias (DCA), a holding company with stakes in 15 airports in Mexico, Jamaica, Chile and Colombia. The transaction went ahead after the company received all of the required approvals from the relevant regulators and financial institutions, and amounts to a total of EUR 273Mn, of which EUR 229.2Mn was used to buy shares and EUR 44Mn was used to cancel DCA's debt to ACS.

The transaction, for which Morgan Stanley published an independent technical report, or fairness opinion, was carried out through abertis airports.

This transaction bolsters abertis' position in the airport business, which it runs via the TBI group as an operating unit within abertis airports. The transaction means that abertis now holds stakes in 31 airports in nine countries, where it handles more than 80 million passengers per year. With the acquisition of DCA, abertis becomes one of the largest airport operators in the world, with a strong position in Europe and America.

Solid and diversified airport portfolio

Airports in which DCA holds stakes handled more than 37 million passengers in 2007. In recent years the airport portfolio has enjoyed significant growth with stable margins, predictable cash flows and high EBITDA margins, giving it attractive long-term yields.

In 2007, the 15 airports in DCA's portfolio posted aggregate revenues of EUR 297Mn with an EBITDA of EUR 180Mn. DCA's contribution to these figures was EUR 41Mn of revenues and EBITDA of EUR 17Mn.

Traffic at DCA's airports, highlights of which were Guadalajara and Tijuana airports in Mexico, is expected to rise significantly in coming years. This is also the case of Montego Bay (Jamaica), Los Cabos and Puerto Vallarta (Mexico) airports thanks to their privileged geographical location in tourist areas enjoying growth.

Meanwhile, concessions in DCA's airport portfolio have a high average life facilitating development at these locations.

Decisive role in Grupo Aeroportuario del Pacífico (GAP)

In Mexico, DCA is one of three shareholders -- with a 33.33% stake -- in Aeropuertos Mexicanos del Pacífico (AMP), along with Aena Internacional - abertis' partner in TBI - and Mexican company CMA. AMP is in turn the main shareholder and strategic partner of Grupo Aeroportuario del Pacífico (GAP) with a 17% stake (the remaining 83% is listed on the Mexico and New York stock exchanges) and has in place a management contract with GAP giving it special rights, such as appointing certain members of the management team −amongst these are the Managing Director − and four seats on the Board of Directors (out of a total of 11).

GAP operates the concessions at 12 airports in the Pacific and central Mexico, including six of the country's busiest airports, namely Guadalajara (7.3 million passengers a year), Tijuana (4.7 million), Puerto Vallarta (3.1 million), Los Cabos (2.9 million), Hermosillo (1.3 million), Bajío (1.3 million) and a further six airports (Mexicali, Los Mochis, La Paz, Manzanillo, Aguascalientes and Morelia) which together handle another nearly 3 million passengers a year.

Jamaica and Santiago de Chile

In Jamaica, DCA is the main shareholder of MBJ Airports Ltd., a consortium comprising DCA with a 74.5% stake and YVRAS with 25.5%. MBJ holds the concession to operate and expand the Sangster International Airport for 30 years. The airport is situated in one of Jamaica's main tourist areas and handled 3.5 million passengers in 2007. Sangster International, which is noted for its high growth potential given its privileged location, is in an area of the Caribbean which is currently enjoying rapid expansion.

DCA also holds a 14.77% stake in SCL, which has managed the concession at the Santiago de Chile airport since 1999 in conjunction with Agunsa (47.02%), FCC (14.77%), Sabco (13.43%) and YVRAS (10%). Santiago's airport is the country's main access point and one of the most modern in the region. In 2007 it handled a total of 7.8 million passengers, although its facilities are able to manage traffic of more than 12 million passengers a year.

Desarrollo de Concesiones Aeroportuarias is also one of the three shareholders of Aerocali which has the concession to manage the Cali airport until 2020. Coficolombia (33.33%) and Aena Internacional (33.33%) are the other shareholders. The airport handled 2.5 million passengers in 2007, largely domestic traffic, although it is developing international traffic.

Worldwide airports network

DCA's airport portfolio complements the network managed by TBI -a company acquired by abertis (90%) and Aena Internacional (10%) in 2005. With this transaction, abertis will be present in 31 airports in nine countries, with more than 80 million passengers a year.

TBI's network currently comprises eight international airports. Three are in the UK (London Luton, Cardiff International and Belfast International), one in Sweden (Stockholm Skavsta), three in Bolivia (La Paz, Santa Cruz and Cochabamba) and one in the US (Orlando Sanford).

It also has management contracts with governments or local authorities at five other US airports (Atlanta, Burbank, Middle Regional Georgia, Herbert Smart Downtown and Raleigh-Durham International Airport) and provides consultancy services via a consortium based in Miami, Florida.

Directly, abertis airports manages, via the operator, Codad, the two airport runways at the El Dorado airport in Bogotá (Colombia), and provides consultancy services at the Castellón airport in Spain.



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