Main Consolidated Financial Indicators

Brisa considers operational efficiency and economic performance the pillars of its management.

Financial Capital

In 2016 a Purchase and Sale Agreement for the sale of the NorthWest Parkway (NWP) concession was signed. This transaction was concluded during 2017. Comparisons with previous year must take this fact into consideration, since NWP was classified as an asset available for sale as from 1 December 2016 onwards.

Operating Income

Brisa Group’s operating income reached €M 679 (4.9% YoY growth), benefiting from the sustained traffic growth on its main concession. Traffic measured as vehicles per km in BCR’s network increased 6.8% in 2017.


Operating Results

Increasing operating activity combined with constant concern with efficiency and cost control resulted in higher operating results. Consolidated EBITDA reached €M 506.3, growing by 4.5% YoY.

Financial Results

Financial Results improved significantly in relation with 2016, driven by gains with the disposal of the NWP concession and by BCR’s financial costs reduction.

Net Profit

Brisa’s consolidated Net Income in 2017 totalled €M 231.5 as a result of the good operational performance and the already mentioned NWP impacts.


During 2017, Brisa carried out investments in the amount of €M 55.8 to improve the safety and comfort of clients travelling on its motorways, as well as technological development, seeking permanent innovation and adaptation to new mobility challenges.

Financial Indicators

Brisa’s leverage fell significantly in 2017, with Net Debt falling from €M 2 041 to €M 1 919 (€M -123), which placed the Net Financial Debt / EBITDA ratio at 3.8x.


Main Performance Indicators (€M)
2015 2016  2017
Operational Income  614.8  647.6  679.3
Toll Revenues  498.5  533.0  557.0
EBITDA 1  450.8  484.3  506.3
EBITDA Margin 1  73,3%  74,8%  74,5%
EBIT 2  185.4  389.6  321.0
EBIT Margin 2  30.2%  60.2%  47.3%
Net Financial Debt 3  2 119.4  2 041.5  1 918.9
Net Financial Debt 3 / EBITDA 1  4.7x  4.2x  3,8x
Net Profit      -2.1  256.4  231.5

(1) Earnings Before Interest, Taxes and Depreciations and Amortizations

(2) Earnings Before Interest and Taxes

(3) Nominal Debt net of cash and cash equivalents