Executive summary 1Q14

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Executive summary 1Q14

  1. 1. IR Department e: ir@ferrovial.com -  +34 915862730 1 Projects awarded I-77 (Preferred bidder) $655mn North Carolina (US) Awarded through consortia led by Cintra. A I R P O R T SCONSTRUCTIONS E R V I C E STOLL ROADS Dividends received ETR 407 56mn Heathrow 20mn Backlog ETR 407* +11% CAD150mn Services +6% €69mn Heathrow* +30% £317mn Construction +5% €57mn EBITDA Revenues +21% €1,945mn EBITDA +4% €184mn Corporate net cash1 1,565mn Operational growth with record backlog in Services. ETR407 toll road and Heathrow airport delivering significant growth in EBITDA terms. I-77 toll road project newly awarded in Texas. Signs of traffic stabilization in Spain. Services division comes to the front with the integration of Enterprise (UK). Revenues grew both in the UK and Spain. Construction EBITDA boosted by Webber and Budimex performance. The backlog does not include yet recent projects awarded, for approximately €0.7bn. Solid results including Enterprise, acquired in April 2013. L-f-l revenues growth reaches 4%. Net cash position (corporate level), €1,6bn. Ferrovial signed a new liquidity facility of €750mn. The undrawn facility improves the flexibility of the company to take on new projects. Liquidity1 3,620mn Traffic ETR 407 +3.2% 518mn vkt’000 Heathrow* +0.5% 16.0mn pax All variation excluding forex impact. 1 Excluding infrastructure projects. * Consolidated by equity method. Services +2% €18,105mn Construction (5)% €7,489mn Projects out to tender 407 east ext. II SH-183 Portsmouth Bypass Ontario (CAD) Texas (US) Ohio (US) SH-288 Illiana Corridor Illiana Corridor Texas (US) Illinois (US) Indiana (US) Liquidity facility 2014-2019 €750mn Cost 90 bps. Undrawn facility providing flexibility
  2. 2. 2 Enterprise acquisition is progressing as expected, with the necessary actions to achieve synergies in procurement and supply areas, plus cross-selling between activities. Revenues +45.7% 1,033mn Spain.- Growth in revenues supported by new contracts. Lower margins in EBITDA due to costs related with start up contracts & integration. Profitability expected to increase through the year. EBITDA +6.1% 69mn/6.7% UK.- Figures reflect the Enterprise acquisition (April ‘13). The drop in profitability is due to lower margins in Enterprise, expected to increase trough the year. Backlog +1.5% 18,105mn International.- This division includes Chile (10mn), Portugal (5mn) and Poland (2mn). P&L affected by a provision reversal in 2013 (€7mn). Excluding this impact, performance would be positive. Slight improvement in European traffic, although affected by the Easter timing (April ´14 vs March´13). Revenues (5.3)% 91mn EBITDA (2.1)% 55mn/60.3% Positive performance due to the tariff increase and higher passengers traffic volume. EBITDA 2014 will be affected by the increase in operating costs related to the opening of Terminal 2 (June´14). Revenues +10.4% £614mn EBITDA +28.0% £319mn/51.9% Chicago Skyway Stake 55% (5.2)% 32,514 1.1mn Indiana* Stake 50% (3.1)% 21,917 +2.4% 34mn 2.8mn Ausol ** Stake 80% (0.4)% 11,867 (5.8)% 7mn 0.4mn M4 Stake 66% +4.2% 24,177 +4.4% 5mn 0.1mn 407ETR* Stake 43% +3.2% 518mn VKT +11.2% 122mn 3.8mn Traffic Revenues EBITDA Net debt Ferrovial controls 25% of HAH Consolidated by equity method Debt 6.8bn Others Heathrow +0.5% 16mn +10.5% 576mn Traffic Revenues EBITDA +30.3% 317mn/55.0% +6.2% 2.5mn +6.2% 39mn +16.4% 9mn/24.2% (2.7)% 12mn 0.9% 24mn/70.1% (3.7)% 5mn/73.5% +6.0% 4mn/69.7% +11.0% 99mn/81.1% (4.2)% 10mn/83.5% 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 Debt £12.8bn RAB £14.9bn * Consolidated by equity method ** Ausol II traffic EBITDA growth thanks to better margins at Budimex and Webber. Backlog does not include recently awarded projects (I-77 North Carolina, power plant in Poland and a highway in Australia). Poland Budimex.- High level of contracting activity, based on new polish government road plan 2014- 2020. Revenues 0.7% 795mn US Webber.-Performance affected by weather conditions, besides the lower activity in NTE and LBJ, which are almost completed. EBITDA +4.7% 57mn/7.1% Backlog (4.7)% 7,489mn RoW F. Agroman.- Important number of new works contracted after the end of the quarter, around €0.9bn. Those new contracts provide visibility on future growth. +81.8% 640mn +49.7% 17mn (13.8)% 0.4mn/2.1% +8.8% 375mn (17.9)% 39mn/10.3% Revenues EBITDA Backlog +58.8% 30mn/4.7% (1.4)% 228mn (1.1)% 6,264mn +3.0% 11,613mn Revenues EBITDA Backlog (8.9)% 138mn +25.1% 8mn/6.1% (10.0)% 986mn +3.2% 485mn (0.6)% 41mn/8.5% (5.4)% 5,413mn +2.4% 172mn +18.3% 7mn/4.0% +4.6% 1,090mn New regulatory period (Q6) started on 1st April 2014 until 31th December 2018. Maximum allowable yield per passenger will be RPI minus 1.5%. 2014 tariff increase has been deferred from April to July.
  3. 3. Fixed Assets 17.3bn Current Assets 5.6bn 22.9bn Total Equity 6.0bn Non current Liabilities & others 12.0bn Current Liabilities 4.9bn Gross cash 2.7bn total 1.6bn Gross debt 1.1bn Corporate (1.6)bn Projects 7.1bn corporate 53mn 2014 38mn 2015 20mn 2016 11mn 2017 Total cash 2.7bn Total liquidity 3.6bn Undrawn lines 0.9bn 1.0bn 2018+ Strong balance sheet and high liquidity position to face future opportunities. At the end of March´14, Ferrovial’s net cash position, excluding infrastructure projects, amounted to EUR1,565mn. Standard & Poor’s BBB / stable Fitch BBB- / stable IR Department e: ir@ferrovial.com -  +34 915862730 3 86% Bonds
  4. 4. 4 Women in the company 28,2% Women in management positions 14% Spain 55% America 7% UK 28% Poland 6% RoW 4% Employees worldwide 66,088 2013 52mn Investment In infrastructure & technologies to reduce environment impact 2010 - 2013 Lower energy consumption 2010 2011 2012 2013 311 270 6,900 6,200 2009 - 2013 -31.9% Reduction of carbon footprint Power supply (,000 Mvh) -11.6% Fuels (,000 Gj) -8.7% Risk management and environment responsibility Management of new business oportunities PrioritiesThe combination of talent and commitment made by Ferrovial’s professionals is one of the pillars of its success and future sustainability. Professional development, transversal management of talent and the increasing internationalisation are among the company’s strategic priorities, in an environment that guarantees equal opportunities on the basis of merit. 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 2013: balanced contribution between fix, variable and long term incentives: Metrics of The Long Term Incentive Grant 2013 are a mix of: EBITDA / Net Productive Asset , Cash Flow , TSR * in comparison with 16 international listed companies: *ACS, OHL, FCC, Abertis, Paris CdG, Fraport, Serco, Carilion, Bilfinger Berger, Vinci, Strabag, Eiffage, Balfour Beatty, Transurban, SNC Lavalin. 22% Fix 39% Variable 39% Long Term incentives 2010 Grant Ferrovial compares with IBEX35 and is in the average compensation of that group. Euros 0 200,000 400,000 Percentile 75 0-25%il 25-50%il 50-75%il 75-90%il Percentile 25 Percentile 90 Mean Media Board remuneration non executive President & CEO remuneration Source: Towers Watson

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