Main Consolidated Financial Indicators

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

Operating Income

In 2018, Brisa´s operating income reached €M 747 (9.9% YoY growth), benefiting mainly from the positive traffic growth on its main concession Brisa Concessão Rodoviária, SA (BCR). Traffic on BCR network grew 4.3%.



Toll revenues accounted for 79% of total operating income and increased by 6.4% (+ €M35) YoY. Highlight for the positive evolution of revenues from Service Areas, which benefited from the renegotiation of contracts related to concept re-branding, improving customer experience. In the Product Technology segment, sales from US continued to grow significantly.

Consolidated Operating Income  (M€)  2017  2018  Change %
Toll Revenues   557.0  592.4                6.4
Services  96.9  102.1               5.3
Service Areas   8.1  17.1           112.7
Other Operating Income  17.3  34.8           101.6
Total Operating Income   679.3  746.5               9.9


Operating Results


The increase in expenses reflected the already mentioned investment in mobility services. Despite that Brisa remains focused on the optimization and reduction of its operating costs. The EBITDA reached 553.7€M, increasing by 9.4% YoY.


Financial Results

Financial results in 2017 were positively impacted by the capital gain from the sale of the NorthWest Parkway concession (NWP) in the US (+€M208). Withdrawing this effect, financial results in 2018 would have improved significantly, supported by the reduction of the interest paid, because of the decrease in both the weighted average cost of debt and the amount of the net debt.

Net Profit

In 2018 Net Profit decreased, standing at €M 158, as operating activity only partially offset the extraordinary gains recorded in 2017, with the already mentioned sale of NWP concession.


During 2018 Brisa invested a total amount of €M56.8 to improve service levels, particularly the safety and comfort of those travelling on its motorways, and in technology and innovation to meet new mobility challenges.

Financial Indicators

Consolidated Financial Indicators (€M)
2017 2018
Net Financial Debt  1 903.6  1 739.8
Net Financial Debt/EBITDA         3.8         3.1
EBITDA/Interest Expenses         7.5       11.0


Main Performance Indicators (€M)
 2016 2017  2018
Operational Income  647.6  679.3  746.5
Toll Revenues  533.0  557.0  592.4
EBITDA 1  484.3  506.3  553.7
EBITDA Margin 1  74.8%  74.5%  74.2
EBIT 2  389.6  321.0  362.8
EBIT Margin 2  60.2%  47.3%  48.6%
Net Financial Debt 3  2 041.5  1 918.9  1 739.8
Net Financial Debt 3 / EBITDA 1  4.2x  3.8x  3.1x
Net Profit      256.4  231.5  158.0

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

(2) Earnings Before Interest and Taxes

(3) Nominal Debt net of cash and cash equivalents