ABE: Good 2Q17 results

Net profit was better than expected (+128.5% to €286.8Mn in 2Q17 vs. €136m expected), mainly due to the lower financial costs, zero impact from other financial results (vs. –€20Mn expected), and the €15Mn received from the Bolivian Government due to the expropriation of assets in 2013. Operating results were pretty much in line with our estimates (EBITDA +20.4%, to €949.4m in 2Q17). NFD increased in 2Q17 to €15,984Mn from €14,994Mn in 1Q17, because of the acquisition of a 33.7% of Hispasat for ...