Corporate Ratings S&P BBB Fitch BBB-
The world's leading private investor in
transportation infrastructures…
Founded in 19...
ferrovial
2013
Ferrovial geographical and business diversification translates in a well balanced
portfolio, with airports ...
Our portfolio characterizes for its long duration (average concession maturity over 50 years) with attractive tariffs sche...
January Ferrovial issued its inaugural corporate bond for €500mn with a 5 year tenor and a fixed coupon of 3.375%.
Februar...
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Ferrovial 2013 Factsheet

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Ferrovial 2013 Factsheet

  1. 1. Corporate Ratings S&P BBB Fitch BBB- The world's leading private investor in transportation infrastructures… Founded in 1952, Ferrovial is one of the world's leading groups specialized in infrastructure and cities, operating through its Toll Roads, Services, Construction and Airports divisions. With around 66,000 employees in more than 25 countries, the company continues to endeavor to make a difference in the world of infrastructure and services and, therefore, in society. The Company manages key assets such as Canada's 407 ETR highway (43.2%) and London's Heathrow Airport (25.0%), both assets consolidated as equity accounted. Through its Services division, Ferrovial maintains a leading position in sophisticated markets such as the UK and Spain, while Construction continues to be a core Ferrovial activity being involved in all areas of construction, namely complex civil and industrial works. Ferrovial is listed in the Madrid Stock Exchange with an over €10Bn market capitalization and an average daily traded volume over €40Mn. Ferrovial is included in the Dow Jones Sustainability, FTSE4Good and Carbon Disclosure Project indexes and has a “Prime” rating by Oekom research. … with presence in all the infrastructure value chain Resilient cash flow generation from Construction & Services activities through the crisis combined with an increasing upstream of dividends from infrastructure projects. Historical Operating Cash flow and Dividends from infrastructure projects: Operating Cash flow generated at Construction & Services together with dividends from infrastructure projects to serve Parent Company debt, equity investments in new infrastructure projects and dividend to shareholders. Low level of corporate debt (Net cash for the last 4 years), at the core of our strategy in order to keep our investment grade credit rating: BBB (S&P), BBB- (Fitch). Structure based on non-recourse debt at infrastructure projects, extracting dividends to remunerate the equity injected. Debt Structure … …with no meaningful maturities until 2018 After its two first corporate bond issuances in 2013 (maturing in 2018 and 2021), Ferrovial has almost no banking exposure at parent company level, with no meaningful maturities till 2018. Debt allocated at project level to optimise capital structure Outlook: Stable A I R P O R T SCONSTRUCTION ferrovial S E R V I C E S 2014 2015 2016 2017 2018 2019 2020 2021 + 53 43 20 11 501 3 0 509 MATURITY CALENDAR EX-INFRA PROJECTS 3,064 1,987 1,547 1,172 31 907 1.484 1.663 2006 2007 2008 2009 2010 2011 2012 2013 IR Department e: ir@ferrovial.com - +34 915862730 Figures in million Euros 1 Toll Roads' & Airports dividends Operating Cash Flow New projects’ equity PARENT COMPANY INFRASTRUCTURE PROJECTS Ring fenced debt EXCL. INFRA PROJECTS Shareholders’ dividends 2006 2007 2008 2009 2010 2011 2012 2013 503 527 731 749 655 462 595 Construction Services 2006 2007 2008 2009 2010 2011 2012 2013 182 201 397 119 173 159 365 Operating Cash Flow Dividends Construction & Services Toll Roads & Airports s h a p i n g t h e f u t u re NET CASH €1,663mn INFRASTRUCTURES PROJECTS EX-INFRA PROJECTS NET DEBT €7,015mn CONSTRUCTION • Civil engineering • Industrial construction • Water treatment • 80 years of experience AIRPORTS • Largest airport private investor • Ownership and operational management of key UK airports, including Heathrow, combining almost 85 million passengers a year TOLL ROADS • Leading sponsor of toll roads infrastructure development worldwide • Key developer of 407 ETR and 23 other concessions in 6 different countries SERVICES • Leading provider of infrastructure services • Infrastructure management and maintenance • Urban services and waste management • Focus on intelligent cities, waste treatment and energy efficiency + 12M ‘13 TOLL ROADS €10,9Bn Market cap. €40Mn Daily traded volume Listed since 1999… …with an attractive shareholder remuneration Balanced capital allocation, reinvesting in new projects for long term value creation, while attractively remunerating our shareholders. Shareholder base CNMV Source 27 Analyst coverage Consensus recommendations FER SM (Bloomberg) FER.MC (Reuters) Company Ticker 48.7% 43.5% 4.8% 3.0% Buy Hold Sell Historical dividends 11% 30% 59% Data as of 24 February 2014 Controlling shareholder Blackrock Southeastern AM Free-float 2009 2010 2011 2012 2013 0.40 0.42 0.45 1.25€/Share Focus on cash flow to parent company… … with a solid track record 0.65 - 0.70 Proposed 663 461 Toll roads Airports
  2. 2. ferrovial 2013 Ferrovial geographical and business diversification translates in a well balanced portfolio, with airports being the largest contributor to the adjusted Ebitda* with a 32% weight in 2013. * 2013 FY - Proportionally considering Ferrovial stake in each project. Services Cash flow generation due to International growth despite declining Spanish market. International backlog was 70% at FY2013, with US 38% and Poland 14% being the main markets where we do have “local” presence through Budimex and Webber (Texas). Significant international contracts awarded in 2013, most of them with our own Toll Roads division (M8 in Scotland and NTE 3A3B in Texas), with the internal backlog being over 32% at FY2013. A recurrent cash flow generator with a long duration backlog providing visibility for the long term “Integrated service management” to maximize infrastructure asset value throughout their lifecycle. Strong cash flow generation and resilient performance in a difficult economic context. Enterprise acquisition at £385Mn (€474Mn), in April 2013, to generate value mainly through synergies, with an IRR estimated at c.15%. After the integration of Enterprise the UK will gain weight reaching more than 60% of the Division backlog. Ferrovial, vision and values Ferrovial has distinguished itself, above all, for its excellent professionals. Hard work and creativity centered on performance, have allowed us to overcome complex challenges and to take advantage of opportunities, transforming individual skills into collective success. Ferrovial, as a leading developer and operator in the infrastructure and services sector, will continue to shape the future of society with a continuous focus on talent, integrity, safety, excellence and innovation.” (Rafael del Pino, Ferrovial ‘s Chairman) Ebitda generated in the UK and North America accounted over 67% of adjusted Ebitda*. BacklogRevenues UK Spain 36% 63%39% 59% Construction A proven competitive tool to success in the bidding processes of greenfield infrastructure projects Civil works Industrial & otherResidential Domestic International* 30% 70% WorkGeographial Backlog breakdown 20% 78% 2% IR Department e: ir@ferrovial.com - +34 915862730 Figures in million Euros 2 Cash flow ex-infra projects performance €9,162mn €1,681mn Services Toll Roads Construction Airports 22%43% 24% 11% SpainUK N. America RoW EBITDA *Revenues* A well-balanced international portfolio*… ...translates into diversified cash flows 2010 2011 2012 2013 Construction 373 298 100 304 Services 282 164 495 359 Dividends from Highways 170 159 220 242 Dividends from Airports 2 0 145 219 Others 43 -43 -16 -27 Taxes -60 -67 -30 -48 Operating Cash Flow (a) 811 511 914 1,048 2% International 1% 2,328 5,539 8% 39% 11% 42% 29% 19% 32% 20% 2010 2011 2012 2013 Total Investment (b) -420 -328 -320 -754 Total Divestment (c) 1,124 1,264 893 564 Activity Cash Flow (a+b+c) 1,515 1,447 1,486 858 Interest Payment -138 -114 -32 -46 Others 147 -81 -48 -49 Dividend to Shareholders -320 -376 -826 -523 Net Cash Generation 1.204 875 583 180
  3. 3. Our portfolio characterizes for its long duration (average concession maturity over 50 years) with attractive tariffs schemes, making it possible in many cases to increase them above inflation rates. Principally explicit toll projects, where the concession holder profitability is not capped, resulting in a potential value creation for the long term. Main assets are at the initial phases of their activity cycle, with three meaningful assets under development in the US (managed lanes). Managed lane concept based in congestion management through dynamic pricing power, to offer a tolled alternative to congested urban corridors. 407 ETR 43.2% stake in 407 ETR (equity accounted) 407 ETR is located in Toronto, Ontario (Canada) and runs parallel to the first city ring road, the 401, one of North America's most congested toll roads. 407 ETR is one of the most valuable assets in the infrastructure world, due to the robustness of the traffic combined with the possibility to almost freely establish the tariffs*. Concession agreement ending in 2098 (84 years remaining). Resilient performance through the crisis, involving a strong deleverage process since acquisition in 1999, allowing to an increasing dividend distribution policy. *Toll-setting freedom: Toll charges can be varied freely provided that traffic stays above a certain minimum level. In this way the user pays according to the timesaving provided by the highway. Following the acquisition of BAA Airports Limited in June 2006 (which, in October 2012 was renamed HAH Airports), Ferrovial became the leading private infrastructure operator in the world, with four airports in the United Kingdom including Heathrow (Glasgow, Southampton and Aberdeen being the other three), with 84.9 million passengers in 2013. After recent stake divestments, Ferrovial holds a 25.0% in the company with Qatar (20%), Brittania (13.29%), GIC (11.88%), Alinda (11.18%), CIC (10%) and USS (8.65%) holding the rest, providing a quality shareholding structure that involves the sovereign funds of Qatar, China and Singapore and the latest inclusion of one of the largest pension schemes in the UK (USS). Heathrow Airport, 15 miles from central London, is regarded as the hub of the aviation world. Flying more than 72 million passengers to over 180 destinations in over 90 countries each year, it's no wonder that some 90 airlines operate from Heathrow. In 2013 Heathrow distributed dividends to its shareholders amounting £555Mn. It includes; its regular dividend (£255Mn) and a extraordinary payment (£300Mn) as return to the Group´s ultimate shareholders on their historic investment in Stansted following its disposal. Heathrow intention is to keep a recurrent dividend with sustainable growth having indicated an expected regular dividend payment to the shareholders of £270 million for 2014. MAIN ASSETS We manage a portfolio of 24 concessions with a total of 2,100 kilometers, distributed throughout Canada, the United States, Spain, Portugal, Ireland and Greece. Innovation: Visit www.ferrovial.com/en/Innovation Ferrovial sees innovation not only as a tool for improving productivity and competitiveness, but as a key source of value creation for all its stakeholders and society in general. Ferrovial has more than 80 innovation projects underway, with total investment in 2013 of 32.9 million euro. IR Department e: ir@ferrovial.com - +34 915862730 Figures in million Euros 3 Toll Roads A world leading private developers of infrastructures, focus on value creation through risk management Managed investment 44% 36% 20% Europe US Canada MAIN ASSETS Airports 25.0% stake in Heathrow Airports Holding (Equity accounted) (CADmillion) (CADmillion) Concession Km Managed Investment % Cintra % Ferrovial Status Net debt Dic-2013 Maturity Country North Tarrant Express 21,4 1.541 56,7 56,7 Under Development -578 2061 USA NTE (3A/3B) 16,4 970 50,1 50,1 Under Development -38 2061 USA LBJ Express 27,4 1.901 51,0 51,0 Under Development -910 2061 USA Indiana Toll Road 252,7 3.044 25,5 50,0 Operation -2.778 2081 USA Chicago Skyway 12,5 1.391 55,0 55,0 Operation -1.068 2104 USA SH-130 64,0 1.048 65,0 65,0 Operation -862 2062 USA Almanzora 41,5 146 23,8 23,8 Under Development 0 2041 Spain Autovía de la Plata 49,0 191 25,0 25,0 Under Development -29 2042 Spain Autema 48,3 233 76,3 76,3 Operation -666 2036 Spain 2046 (Ausol I) Spain 2054 (Ausol II) Spain Madrid - Sur 97,2 1.351 55,0 55,0 Operation -601 2065 Spain Madrid - Levante 182,8 540 51,8 53,7 Operation -542 2040 Spain Alcalá - O´Donnell 15,3 99 100,0 100,0 Under Development 0 2065 Spain SerranoPark 3,297 spaces 76 50,0 50,0 Operation -47 2048 Spain ViaLivre 174,5 84,0 84,0 Operation 8 2031 Portugal Euroscut Algarve 129,8 264 77,0 85,0 Operation -149 2030 Portugal Norte Litoral 119,0 386 75,5 84,0 Operation -209 2031 Portugal Euroscut Azores 93,7 386 89,0 89,2 Operation -334 2036 Portugal M4-M6 Highway 36,0 340 66,0 66,0 Operation -112 2033 Ireland M3 Highway 50,0 549 95,0 95,0 Operation -199 2052 Ireland Ionian Roads 378,7 33,3 33,3 Under Development 51 2037 Greece Central Greece 231,0 33,3 33,3 Under Development -348 2038 Greece 407 EDG 35,0 637 50,0 50,0 Under Development -133 2045 Canada 407 ETR 108,0 3.161 43,2 43,2 Operation -3.806 2098 Canada -453Autopista del Sol 105,2 729 80,0 80,0 Operation
  4. 4. January Ferrovial issued its inaugural corporate bond for €500mn with a 5 year tenor and a fixed coupon of 3.375%. February Ferrovial reached an agreement with 3i Group plc for the acquisition of 100% of Enterprise Plc for an EV of GBP385mn. Stansted airport sold for £1,500Mn, 1.13xRAB 2012e , 16xEBITDA 2012e. May The rating agency Standard & Poor’s upgraded Ferrovial, S.A.’s long-term rating from “BBB -” to “BBB” with stable outlook. June Ferrovial issued its second corporate bond for €500mn with an 8 year maturity and a fixed coupon of 3.375%, with this issuance Ferrovial managed to have almost no banking exposure at holding company level and has no meaningful maturities until 2018. August Both Construction and Services managed to be awarded significant international contracts (M8 motorway in Scotland, maintenance contract with Welsh water or the construction of an expressway linking Oman with the United Arab Emirates) all of them will be added to an already existing backlog of €24bn (Services & Construction). September A Ferrovial-led consortium achieved financial close for the new concession North Tarrant Express 3A3B in Texas for 1 billon euro. October Ferrovial Services secured through Amey two meaningful contracts with the Toll Roads Agency and Northern Gas Networks for £200Mn and £144Mn respectively both of them for the next 8 years. Ferrovial sells 8.65% of Heathrow Airport Holdings to the UK pension scheme USS for GBP 392 million. P&L and selected figures Balance sheet 2013 Highlights NTE 3A3B Award and financial close (October ’13) Enterprise acquisition (April ’13) SRI: Visit www.ferrovial.com/en/Corporate-Responsibility Corporate Responsibility, as Ferrovial interprets it, is a strategic function related to sustainability, competitiveness, and the company’s reputation, and whose function is to create long-term value for stakeholders and for the company. In the period from 2010 to 2012 Ferrovial invested 66.4 million euro in the community through 1.390 social projects that were directly beneficial to more than 2.6Mn people. The corridor south to the 3A segment is currently ranked as the most congested roadway in Texas. No toll-booths, fully electronic free flow system Tollway within a freeway: Motorists will be provided with a choice of driving in non-tolled GP lanes or paying a toll to bypass such GP lanes Tolls setting to ensure minimum speed on new lanes As demand grows and capacity becomes scarce, pricing power increases Physically separated from the GP lanes with controlled access 2 “managed lanes” in each direction of the IH-35W, segments 3A and 3B (3B segment to be built by TxDOT) 10.2 mile section (segments 3A 6.2 miles and 3B 4 miles) 52 years Open Road Tolling System (no toll booths) with a dynamic tolling regime (every 5 minutes) to maintain at all times a minimum speed of 50 mph Consolidated figures DESCRIPTION: LENGTH: CONCESSION PERIOD: TARIFF POLICY: SHAREHOLDERS’ STRUCTURE FINANCIAL STRUCTURE 50% 39% 10% 32% 59% 9% CINTRA MERIDIAM DALLAS FIRE&POLICE PENSION SCHEME EQUITY DEBT PUBLIC FUNDS APG 1% 18% 22% 10% 39% 11% FM Roads & Rail Utilities Consulting Environment 2013 2014 2015 7 35 2012 data Major Player in the UK Recurring synergies in 2015 Revenue £2.3bn £40mn Revenue Growth Operational Efficiency Revenues CAGR 2010-12 Order Book Pipeline £5.9bn £8bn £1.2bn 13.7% £2.3bn £12bn £1.1bn 4.6% EBITDA EBITDA Margin Capex £8.5m £95.9m 7.9% £18.6m £59.9m 5.4% Figures in million Euros 4 2013 2012 2011 2010 2013 2012 2011 2010 Equity 6,074 5,780 6,246 6,628 Deferred Income 503 356 292 196 Long Term Assets 17,142 16,660 17,500 35,465 Long Term Liabilities 11,230 11,117 10,806 28,596 Investments in infra. projects 7,639 6,755 5,960 21,512 Financial Debt 7,496 6,996 6,695 21,511 Equity-consolidated companies 3,562 4,322 5,199 3,110 Debt at Infra. Projects 6,403 5,825 5,503 19,566 Long Term financial assets 1,810 1,674 1,912 2,184 Debt Ex_Infra. Projects 1,093 1,171 1,192 1,944 Short Term Assets 5,678 5,570 5,452 6,306 Short Term Liabilities 5,013 4,976 5,606 6,975 Trade & other receivables 2,202 2,198 2,673 3,161 Trade and other payables 3,254 3,267 3,882 4,889 Cash & other financial investments 3,130 2,967 2,349 2,701 Financial Debt 1,303 1,229 1,214 1,530 Cash at Infra. Projects 279 237 188 694 Debt at Infra. Projects 1,228 1,168 1,145 1,415 Cas Ex_Infra. Projects 2,851 2,730 2,161 2,007 Debt Ex_Infra. Projects 75 61 69 116 Total Assets 22,820 22,230 22,951 43,287 Total Liabilities & Equity 22,820 22,230 22,951 43,287 2013 2012 2011 2010 Revenues 8,166 7,630 7,446 9,384 EBITDA 934 927 818 1,246 EBIT 701 708 625 961 Financial result -333 -301 -303 -704 Net Income 727 692 1,243 2,163 Market Capitalization 10,317 8,215 6,840 5,457 Employees 66,088 57,276 69,990 100,995 Construction backlog 7,867 8,699 9,997 10,186 Services backlog 17,749 12,784 12,425 12,378

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