Main Consolidated Financial Indicators

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

Operating Income

Brisa's operating income increased by €M 34.8 (+4.7%), supported by the increase in toll revenues, which benefited from the increase in traffic on the BCR network. Also noteworthy is the increase in revenues associated with the service areas, resulting from the renegotiation of contracts and the boosting of activity related to the Colibri Via Verde concept.


Operating Results


Despite the concern that the Brisa Group maintains with the optimisation and rationalisation of its cost structure, operating costs increased by €M 11.4 (+5.9%) in 2019. This increase was due to investments made in new business areas related to the service areas, technology and mobility services and due to the costs associated with advisory services.

The growth in operating activity allowed for an increase in consolidated EBITDA of €M 23.4 (+4.2%), having reached €M 577.1.
As a result of an increase in amortisation and provisions, consolidated EBIT fell 13.1% to €M 315.1.


Financial Results

The financial result in 2019 was positive by €M 1.8, which represents an increase of €M 64.3 compared to 2018. This improvement reflects the fall in the weighted average cost of debt combined with the reduction in net debt, as well as the effect of the realisation of foreign currency reserves. The profit before tax (consolidated EBT) improved 5.5% to €M 316.9.

Net Profit

In 2019 Brisa's net profit registered a slight decrease in comparison with 2018, standing at €M 152.0.


During 2019, Brisa invested €M 76.8 to improve service levels, of which €M 60.3 were to ensure the maintenance of the high level of safety and comfort for those travelling on its motorways. Other investments of €M 16.5 were also made, seeking permanent innovation and adaptation to new challenges in the areas of mobility and technology.

Financial Indicators

Consolidated Financial Indicators (€M)
2018 2019
Net Financial Debt  1 739.8  1 685.4
Net Financial Debt/EBITDA         3.1         2.9
EBITDA/Interest Expenses         11.0       9.5


Main Performance Indicators (€M)
 2017 2018  2019
Operational Income  679.3  746.5  781.3
Toll Revenues  557.0  592.4  622.7
EBITDA 1  506.3  553.7  577.1
EBITDA Margin 1  74.5%  74.2%  73.9%
EBIT 2  321.0  362.8  315.1
EBIT Margin 2  47.3%  48.6%  40.3%
Net Financial Debt 3  1 918.9  1 739.8  1 685.4
Net Financial Debt 3 / EBITDA 1  3.8x  3.1x  2.9x
Net Profit      231.5  158.0  152.0


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

(2) Earnings Before Interest and Taxes

(3) Nominal Debt net of cash and cash equivalents