Ferrovial 2010 Results Presentation
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Ferrovial 2010 Results Presentation

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2010 Results Presentation

2010 Results Presentation

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Ferrovial 2010 Results Presentation Ferrovial 2010 Results Presentation Presentation Transcript

  • 2010 - full year results
  • • 2010 Highlights • Business Units • Financial Results • Looking ahead • Final remarks 2E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 2010 - Highlights Strong Cash flow generation Net cash position at “parent” (ex-infra project debt) Swissport & M45 divestments not included yet Value crystallization Operational growth across portfolio EBITDA up by 7% (L-f-L) 3 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • Financial performance * Revenue 12,169 +3% EBITDA 2,514 +7% Stability Net Income 2,163 n.s. Net cash at “parent” 31 n.s. Strength (Swissport & M45 divestments not included yet) Construction backlog 10,186 +16% Visibility Services backlog 12,003 +20%* Excluding forex impact & perimeter changes 4 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • Strategic review Operational Asset GROWTH ROTATION Efficient capital allocation Debt OPTIMIZATION 5 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • • 2010 Highlights • Business Units • Financial Results • Looking ahead • Final remarks 6E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • Toll roads Financial ∆% 2010 L-f-L Revenues 869 +7% • Growth driven by ETR407 EBITDA 630 +8% EBITDA % 72.5% +32 bps ETR407 (L-f-L): Traffic: +6%, Revenue: +11%, EBITDA +14% Revenues ∆% 2010 L-f-L ETR 4071 456 +11% Indiana Toll Road2 132 +16% • €2.9bn new financing facilities in 2010 Autema 79 +7% Ausol 54 -7% ETR (€1,263mn), LBJ (€1,190mn), Ausol (€489mn), Chicago Skyway 46 -7% M4 23 +1% R4 20 -8% Ocaña – La roda 16 -11% • Divestments of 10%ETR, Chile and M45 1 Full year figures. (Fully consolidated until September, last quarter equity consolidated) 2 Full year 2010 equity consolidated 7 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • Services 2010 ∆% L-f-L • Growth at all levels Revenues 3,896 +3% EBITDA 410 +9% EBITDA % 10.5% +54 bps EBIT 281 +12% • Profitability improvement EBIT % 7.2% +56 bps Backlog 12,003 +20% • Highest ever backlog Revenues geographical breakdown • Strong cash flow generation (282mn) Domestic 38% • Divestments of Tube Lines and Swissport 62% International 8 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • Construction 2010 ∆% L-f-L Revenues 4,525 -1% EBITDA 231 -2% EBITDA % 5.1% -3 bps • Strong international growth offsets EBIT 191 +1% Spanish decline EBIT % 4.2% +10 bps Backlog 10,186 +16% Backlog • High cash flow generation Geographical breakdown Work breakdown (€373mn) Non residential Residential Spain Industrial 65% 76%International Civil works 9 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • Airports Financial 2010 ∆% L-f-L • Material increase in profitability Revenues 2,794 +5% EBITDA 1,272 +8% EBITDA % 45.5% +131 bps • Strong recovery in LHR traffic Underlying traffic +3.4% Traffic 2010 ∆% Heathrow 65.7 -0.2% • Capital structure strengthened Stansted 18.6 -7.0% GBP1.9bn new bonds & facilities Scotland 17.9 -7,1% Southampton 1.7 -3.2% Sub-debt refinanced UK airports 103.9 -2.8% No significant 2011 maturities Naples 5.5 +2.5% TOTAL 109.4 -2.5% Underlying: Excluding closure of airspace due to ash from an Icelandic volcano, industrial action affecting British Airways Heathrow operations and severe winter weather 10 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • • Highlights • Business Units • Financial Results • Looking ahead • Final remarks 11E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • Profit & Loss TOTAL VAR. L-f-L(1) Net Revenue 12,169 +3% EBITDA 2,514 +7% Depreciations (1,000) -2% EBIT 1,514 +14% Disposals & impairments (2) 1,879 Net Financial Result (1,725) +12% Equity accounted 62 EBT 1,730 Taxes 85 Minorities 348 NET PROFIT 2,163(1): Like-for-Like: Excluding forex impact, perimeter variations and fair value adjustments (2) Included in EBIT at the statutory accounts 12 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • Disposals & impairments DISPOSALS & IMPAIRMENTS Capital gains 53 Naples airport, APP, US retail, other LHR runway 3, Stansted runway 2, other Impairment / Fair value -734 BAA -681 Capital gain 680 10% ETR, 60% Chile (completed transactions) 43% ETR, 40% Chile, other negative impairment Impairment / Fair value 1,886 (+2,015) (+148) (-277) Toll roads 2,566 Capital gain 7 Tube Lines, other -13 Other Impairment / Fair value Others -6 Capital gain 740 Impairment / Fair value 1,139 TOTAL 1,879 13 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • Net result by business units “proforma”(Excluding divestments, fair value adjustments and forex) Two different profiles within the same company VALUE EPS (Infrastructure projects) (Construction & Services) -202 NET PROFIT +329 Airports Toll roads Services Construction -187 -14 +187 +142 Not including -73mn, mainly referred to corporate debt cost 14 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • Net debt evolution EX-PROJECTS EX- 1,124 573 178 120 146 31 -60 -138 -320 -420 1,172 Net debt EBITDA Dividends WK Taxes Investment Divestment Dividends Interest Other Net cash Dec´09 recived paid dec´10 INFRA PROJECTS 3,125 1,941 148 355 22 -92 -211 -168 -670 -1,161 -1,972 19,836 21,110 N e t de bt E B IT D A WK T a xe s Inv e s t m e nt D iv e s t m e nt D iv ide nds Inte re s t C a pit a l F o re x E quit y O t he rs N e t de bt D ec´09 m e t ho d de c ´10 15 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • Cash Flow ex-infra projects OPERATING NET CASH FLOW INVESTMENT Construction 373 (38) Services 282 94 Toll Roads 178 728 Airports (12) (83) Other 50 3 Taxes (60) TOTAL 811 704 1,515 Remarkable cash flow generation 16 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • Debt reduction and simplification PARENT Net debt evolution ex-infra projects 3,064 Net debt to EBITDA x3.2 NET CASH 1,987 Net debt €31MN x2.1 1,547 x1.5 1,172 x1.7 -31 2006 2007 2008 2009 2010 PROJECTS Debt allocated at project level TOLL ROADS Debt €5,026 • No relevant 2011 maturities in BAA & ETR NET DEBT €19,836MN AIRPORTS Debt €14,528 17 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • • 2010 Highlights • Business Units • Financial Results • Looking ahead • Final remarks 18E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • Looking aheadInfrastructures TODAY TOMORROW 407ETR HEATHROW “MANAGED LANES” • Tariff regime • Sustainable and innovative solution to urban congestion Flexibility RPI + 7.5% • Sophisticated model, requires • Traffic resilience (FY 2010) wide variety of skills, limiting +5.5% +3.4%** competition • Strong financial profile* • Active management of newly A A- added capacity through toll setting flexibility • Growth outlook (2011) • Current assets: NTE, LBJ Double digit growth (EBITDA) * Senior debt ratings / ** Underlying traffic excluding volcano ash, BA strikes, Snow 19 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • Looking aheadServices CHALLENGES & TRENDS FERROVIAL STRATEGY • Budget cuts • Efficiency gains in current − Lower investments portfolio − Scope reduction − Liquidity constraints • Aggressive competition • Broadened services offer − Smart cities − Energy efficiency • Outsourcing of public • Focus on international services markets 20 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • Looking aheadConstruction 70% International backlog is... ... Group related No payment risk ... “Value engineering” Potential for efficiencies International BACKLOG almost doubles domestic one 65% 52% (€6.6mn) 42% (€4.6mn) (€3.6mn) 2008 2009 2010 21 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • Looking aheadParent company financial position Net cash position at “parent“ ... No meaningful 2011 maturities ... additional >€750mn from Swissport & M45 sales ... ... leverage capacity 22 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • A competitive edgeINFRASTRUCTURE SERVICES CONSTRUCTION FINANCIALINFRASTRUCTURE SERVICES CONSTRUCTION FINANCIAL Differential Integrated value Record backlog No net debt traffic know-how added services “Value engineering” at parent Landmark Long term Profitable Flexibility assets: stable growth ETR407 cash flow Heathrow Managed Lanes 23 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • • 2010 Highlights • Business Units • Financial Results • Looking ahead • Final remarks 24E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • Final remarks DELIVERY Active portfolio managment FINANCIAL Net cash position at parent company FLEXIBILITY SUPERIOR Traffic recovery GROWTH Tariffs above inflation POTENTIAL Backlog 25 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • INVESTOR RELATIONS DEPARTMENT C/ Príncipe de Vergara, 135 28002 MADRID (Spain) Tlf: +34 91 586 27 30 Fax: +34 91 586 28 69 e-mail: ir@ferrovial.es website: www.ferrovial.com