Executive summary 2013 | Resumen Ejecutivo 2013

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  • 1. ferrovial Results - Executive summary Januar y – D ecemb er 2 013 TOLL ROADS SERVICES CONSTRUCTION AIRPORTS corporate activity Bond issuances Acquisitions Projects awarded ENTERPRISE NTE 3A3B M8 2018 & 2021 €474mn $1.4bn £0.4bn €1,000mn (April’13) Acquired by Amey in the UK, it doubles its turnover. Texas (US) Total project Scotland (UK) Total project €500mn each, 3.375% coupon Extending maturities, diversifying funding and reducing costs. Awarded through consortia led by Cintra. consolidated performance Solid results and excellent cash generation, combining dividends for infrastructure projects and operating cash flow from Construction and Services. Net cash position (corporate level) at all times high, €1,7bn, while gross investment reaches €754 million, twice the average of last three years. Ferrovial tapped the financial markets with a 5 and 8 year bond issuances reducing cost while extending maturities. Revenues EBITDA +9% +5% €8,166mn €934mn Operating flow1 Gross investment1 1,048mn 754mn Corporate net cash1 Dividend paid 523mn Liquidity1 1,663mn 3,788mn business performance Operational growth with record backlog in Services. ETR407 toll road and Heathrow airport delivering significant growth in EBITDA terms. Two new awards in Toll Roads (NTE 3A3B in Dallas and M8 in Scotland). Signs of traffic stabilization in Spain. Services division comes to the front with the acquisition of Enterprise (UK), successful commercial activity (+19% organic growth) and cash flow generation at its highest in the UK. In Spain, backlog increased by 21% as result of a remarkable commercial activity. Also, average days of collection were shortened to levels only seen before the crisis. EBITDA ETR 407* Heathrow* +9% +19% +15% +4% CAD665mn £1,380mn e: ir@ferrovial.com - €322mn Construction €343mn Dividends received Traffic ETR 407 Heathrow ETR 407 217mn 219mn +0.7% +3.4% 2,356mn vkt’000 Heathrow* 72.3mn pax Backlog Services Construction +41% (7)% €17,749mn IR Department Services +34 915862730 €7,867mn * Consolidated by equity method 1 Excluding infrastructure projects / All variation excluding forex impact. 1
  • 2. toll roads ferrovial services 1 2M ’1 3 Revenues EBITDA Debt Revenues EBITDA +13.0% 2.9% 6.7bn +29.3% +15.0% +40.7% 429mn 276mn/64.4% 3,656mn 322mn/8.8% Revenues increased thanks to the entry of SH-130 into operation and Chicago Skyways tariff increase, together with a more resilient traffic growth. Traffic Revenues EBITDA 407ETR* +0.7% +9.2% +9.3% Stake 43% 2,356mn VKT 582mn 483mn/83.0% (2.3)% +14.3% +15.3% 41,251 61mn 53mn/87.3% Indiana* +1.7% +5.4% (0.8)% Stake 50% 27,924 156mn 119mn/76.2% Chicago Skyway Stake 55% 1.1mn 2.8mn Ausol ** (3.3)% (5.0)% (11.5)% Stake 80% 13,629 46mn +1.1% +4.1% +5.4% Stake 66% 25,591 22mn 15mn/68.9% Revenues EBITDA Backlog +0.4% (3.8)% +21.3% 1,421mn 177mn/12.4% 6,330mn +55.7% +40.8% +53.4% 2,163mn 137mn/6.3% 11,188mn Spain.- Stable revenues. Lower margins in EBITDA due to costs related to business integration and start up contracts. Otherwise, in line with revenues. Strong increase in backlog. UK.- Figures reflect the Enterprise acquisition (April ‘13). The drop in profitability is due to lower margins in Enterprise, expected to increase in the coming years. 32mn/70.3% M4 17,749mn Enterprise acquisition is progressing as expected, with necessary actions to achieve synergies in procurement and supply areas, plus cross-selling between activities. Net debt 3.8mn Backlog 0.4mn 0.1mn International.- This division +204.3% n.s. +138.7% 72mn includes Chile (39mn)m Portugal (25mn) and Poland (6mn). 231mn 8mn/10.6% * Consolidated by equity method ** Ausol II traffic construction airports Ferrovial controls 25% of HAH Consolidated by equity method Revenues EBITDA Backlog Revenues EBITDA Debt (4.5)% 4.0% (7.1)% +12.3% +17.9% £12.7bn 4,064mn 343mn/8.4% 7,867mn £2,652mn £1,441mn/54.3% RAB £14.6bn Same dynamics than in previous quarters: significant decline in Spain offsets by the growth in international markets, 75% of the revenues, mainly the US. Revenues EBITDA Backlog (0.1)% +8.1% (5.6)% 2,274mn 272mn/11.9% Positive performance thanks to tariff increase and passenger traffic. EBITDA jumped boosted by cost reductions. 5,729mn Traffic Revenues EBITDA +3.4% +12.4% +19.0% 72.3mn 2.477mn/55.7% 1.380mn +3.0% +4.8% +6.2% 12.6mn 179mn/36.0% 65mn RoW F. Agroman.- Combines Spanish underperformance (-27%), due to cuts in the public sector, with the positive growth posted by other markets, mainly the US. Others Poland Budimex.- The finalisation of large projects impacts performance, although backlog stands thanks to new bids from the central government. Heathrow (21.7)% (20.4)% (11.0)% 1,099mn 45mn/4.1% 1,044mn Stansted disposal US Webber.- Strong performance due to NTE and LBJ motorways execution. The backlog contracted but with new significant awards. +20.2% +19.8% (11.3)% 690mn 27mn/3.9% Price EBITDA’12 RAB’12 Purchased by: Manchester Airport Group Jan 2013 £1,5bn £94bn £1.3bn 1,095mn 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 2
  • 3. ferrovial balance sheet 1 2M ’1 3 22.8bn net debt (cash) structure total Total Equity 6.1bn (1.7)bn Corporate Projects 7.0bn Fixed Non current Assets Liabilities corporate 17.1bn 11.2bn Gross cash 2.9bn Current Current Gross debt 1.2bn 88% Assets Liabilities 5.7bn 5.5bn Bonds net cash Strong balance sheet and high liquidity position to face future opportunities. 1.7bn liquidity position Total cash debt maturity calendar corporate 53mn 43mn 20mn 11mn 2014 2015 2016 2017 Undrawn lines 2.9bn At end-December, Ferrovial's net cash position, excluding infrastructure projects, amounted to EUR1,663mn after net investments of EUR(191)mn and dividend payments totaling EUR523mn. 0.9bn 3.8bn Total liquidity corporate rating Standard & Poor’s 1.0bn BBB / stable 2018+ Fitch BBB- / stable cash flow generation ex-infra EBITDA Dividends from projects Working capital Operations flow Net investment Financials 569 489 39 1,048 (191) mn mn mn mn mn mn Construction Toll roads Construction Services Dividends 329 242 (25) Net cash position (678) 1.663 (474) (523) Enterprise acquisition mn to shareholders Services Airports Services Toll roads Interests paid 264 219 67 (135) (44) New projects Services Taxes 28 (48) Airports 453 HAH 8,65% divestiture IR Department e: ir@ferrovial.com - +34 915862730 3
  • 4. ferrovial human resources 1 2M ’1 3 environment Employees worldwide 2013 2009 - 2013 66,088 52mn -31.9% Investment Spain UK RoW Reduction of carbon footprint 55% 28% 4% In infrastructure & technologies to reduce America Poland 7% 6% environment impact 2010 - 2013 Lower energy consumption 6,900 Women in the company 28,2% 311 6,200 Women in management positions 14% The combination of talent and commitment made 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. 270 2010 2011 2012 2013 -11.6% -8.7% Power supply (,000 Mvh) Fuels (,000 Gj) Priorities Risk management and environment responsibility Management of new business oportunities 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 4