•   Overview•   Business units•   Outlook
Disclaimer      This document may      contain statements that constitute forward looking statements about the      Compan...
INDEX        1.   Overview        2.   Business units        3.   Outlook        4.   Appendix
Company overview                                                                                   •   Capital intensive  ...
Business overview                                                                                       Leading European a...
Cash flow overview                      Cintras dividends                                                                 ...
Debt structure overview                                                                                                   ...
Sound financial position at ferrovial excl-infrastructure                No material maturities                           ...
Top world class infrastructure assets                   Probably, the two best infra assets in the world    9M 11/10      ...
Top world class infrastructure assets                                                                                     ...
Diversified portfolioFY 2010                  REVENUES                                                                    ...
How we create value?                            Cash flow                             Cash flow                           ...
Solid cash flow generation€m              Cash flow upstream from                                                         ...
Liquid and valuable portfolio                        407 ETR                                                              ...
BAA                                                Oct´10                                                Oct´             ...
Strategy based on core competences & financial discipline                                Solving complex situations in des...
Track record                                                                              • Debt reduction     3 years of ...
INDEX                                1.   Overview                                2.   Business units                     ...
Business units                                                                  INFRASTRUCTURE PROJECTS                   ...
Infrastructure          Toll roads              EBITDA growth despite negative traffic                  due to tariffs and...
Managed Lanes                    A    simple                                       innovative                             ...
Managed LanesNew assets landmark  “Express Tollway within an Existing Highway”                                Free        ...
Infrastructure          Airports                  Higher Traffic, Tariffs and Retail drive EBITDA                         ...
Excl Infra projects          Services         Robust operating performance                                                ...
Excl Infra projects          Construction                                                                                 ...
INDEX                                1.   Overview                                2.   Business units                     ...
Operational outlook                       ORGANIC                                                     INFLATION           ...
Financial outlook                 DISCIPLINE                            &                          OPTIMIZATION• Refinanci...
Looking forward                                            Tariffs above inflation               GROWTH                   ...
INDEX                                1.   Overview                                2.   Business units                     ...
Appendix                                •   9M ’ 1 1          Results                                •   Business descript...
9M 2011 results                                                                                                           ...
Debt maturity(€m)                    No more than 10% maturities in any single year                               11.9 yea...
Appendix                                •   9M ’ 1 1      Results                                •   Business description ...
Business descriptionWhat is Ferrovial?Ferrovials businesses comprise all the Infrastructures value chain                  ...
Business descriptionWhat is Ferrovial?Group Profile - Business                      End-to-end infrastructure company: DFB...
Business descriptionWhat is Ferrovial?Group Profile – Main Companies   CONSTRUCTION                 AIRPORTS              ...
Business descriptionAirportsFY 2010                   ABERDEEN               GLASGOW                     EDINBURGH        ...
AirportsFY 2010                 T R A F F IC                                                             E B I T DA       ...
Business descriptionBAA’s Operational highlights                           Largest airport operator in the world          ...
Business descriptionAssets Portfolio: Past & Present                                                                      ...
Business descriptionToll roadsFY 2010                                                                                   Re...
Business descriptionPortfolio                    NORTH AMERICA                                                            ...
Business descriptionServicesFY 2010                                                                                  Reven...
Business descriptionBusiness Portfolio / Activities                                                                       ...
Business descriptionConstructionFY 2010                                                                                  R...
ConstructionFY 2010                   Type of work                                                               Geographi...
Business description     International experience         Canada                             Portugal                     ...
Appendix•   9M ’ 1 1          Results•   Business description•   Introduction to 407 ETR Toll road•   Managed             ...
407 ETR Would you buy this company...?                                Shareholders fund                                   ...
407 ETR Ferrovial bought this company...        Cash generation                                                           ...
407 ETR Investment Summary                                   407 ETR Key indicators performance                           ...
407 ETRAll Electronic Roadside Tolling System                                                                             ...
407 ETR407-ETR                                                                                                      KEY CH...
Fast 407 ETR  Safe  Reliable                                      LOCATION                                     HIGH       ...
407 ETRFinancial overview ($CAD million)                    Revenues                                                      ...
Appendix                                •   9M ’ 1 1      Results                                •   Business description ...
Managed Lanes                    A    simple                                       innovative                             ...
Managed LanesNew assets landmark  “Express Tollway within an Existing Highway”                                Free        ...
Managed LanesConcept“Express Tollway within an existing highway”             Congestion relief                            ...
Ferrovial Presentación Inversores 2011
Ferrovial Presentación Inversores 2011
Ferrovial Presentación Inversores 2011
Ferrovial Presentación Inversores 2011
Ferrovial Presentación Inversores 2011
Ferrovial Presentación Inversores 2011
Ferrovial Presentación Inversores 2011
Ferrovial Presentación Inversores 2011
Ferrovial Presentación Inversores 2011
Ferrovial Presentación Inversores 2011
Ferrovial Presentación Inversores 2011
Ferrovial Presentación Inversores 2011
Ferrovial Presentación Inversores 2011
Ferrovial Presentación Inversores 2011
Ferrovial Presentación Inversores 2011
Ferrovial Presentación Inversores 2011
Ferrovial Presentación Inversores 2011
Ferrovial Presentación Inversores 2011
Ferrovial Presentación Inversores 2011
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Ferrovial Presentación Inversores 2011

  1. 1. • Overview• Business units• Outlook
  2. 2. Disclaimer This document may contain statements that constitute forward looking statements about the Company. These statements are based on financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations, which refer to estimates regarding, among others, future growth in the different business lines and the global business, market share, financial results and other aspects of the activity and situation relating to the Company. Such forward looking statements, by its nature, are not guarantees of future performance and involve risks and uncertainties, and other important factors that could cause actual developments or results to differ from those expressed in these forward looking statements. Analysts and investors, and any other person or entity that may need to take decisions, or prepare or release opinions about the securities issued by the Company, are cautioned not to place undue reliance on those forward looking statements which speak only as of the date of this communication. They are all encouraged to consult the Company’s communications and periodic filings made with the relevant securities markets regulators and, in particular, with the Spanish Securities Markets Regulator.
  3. 3. INDEX 1. Overview 2. Business units 3. Outlook 4. Appendix
  4. 4. Company overview • Capital intensive INFRASTRUCTURE • Inflation protected PROJECTS • LT duration & financing Ring fenced debt • EPS reflects interest expenses PARENT COMPANY Controlling Shareholder 46% Free float 54% • Non capital intensive EXCL INFRA PROJECTS • Backlog visibility Net cash position • EPS accretive 4Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  5. 5. Business overview Leading European airport operator Ownership and manager of 6 UK INFRASTRUCTURE airports, including Heathrow and Stansted PROJECTS (96% EBITDA International) Leading sponsor of tollroads infrastructure development worldwide Key developer of ETR 407 Design, build, finance & operationPARENT COMPANY One of the European construction leading groups Civil engineering, industrial construction & water treatment EXCL INFRA PROJECTS Leading provider of infrastructure (53% EBITDA International) services Infrastructure & Maintenance management Urban services & waste management 5Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  6. 6. Cash flow overview Cintras dividends • Focus on project’s credit rating & BAA future dividends • EBITDA resilient assets INFRASTRUCTURE PROJECTS • Well spread maturities New projects’ equity 407< 5% per year BAA < 10% per year PARENT COMPANYShareholders’ dividends • Focus on cash, not growth • Commitment to strong BS EXCL INFRA PROJECTS Operating cash flow • Indebtedness target: Max. 2X EBITDA 6 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  7. 7. Debt structure overview Debt streamlining BAA ,407 ETR 2012 maturities covered with available NET DEBT INFRASTRUCTURE liquidity PROJECTS €20,690m Long dated toll road concession agreements: Ring fenced debt - Weighted average remaining life > 70 years AIRPORTS TOLL ROADS - Aggregated PLCR (1) of 5.26 X Net Debt €14,910m Net Debt €5,429m PARENTCOMPANY Debt reduction NET CASH EXCL INFRA PROJECTS • Net cash position €280m • Maximum debt target 2X EBITDA Non Infrastructure Net debt evolution (2006-2011) 3,065 Net Debt Net Debt /EBITDA 1,987 1,547 3,2x 1,172 2,1x 1,5x 1,7x -31 ( 1 ) PLCR: Project Life Coverage Ratio -280 2006 2007 2008 2009 2010 9M 11 7 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  8. 8. Sound financial position at ferrovial excl-infrastructure No material maturities High liquidity available until 2015 1,009 1,025(1) 2,259 1,250 102 14 34 21 2011 2012 2013 2014 2015 Total cash Undrawn lines Total liquidity (1) There are no significant maturities expected beyond 2015 8Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  9. 9. Top world class infrastructure assets Probably, the two best infra assets in the world 9M 11/10 ETR-407 HEATHROW Traffic -0.5% -0.5% +6.1% +6.1% Resilience EBITDA +8.4% +8.4% +18.8% +18.8% & Rating A- A-Tariff review Freedom +7.5% + RPI% Growth Combined EBITDA over € 1,000mnLocal currency and local GAAP 9Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  10. 10. Top world class infrastructure assets Successful ongoing access Resilience through the crisis to capital markets Heathrow EBITDA evolution 10): 11.5% Bond Issuance Issuance Date £m Maturity Date CAGR (06- (GBP million) 881 Bond (GBP) Dec - 09 700 Dec - 26 783 Index-Linked Bond (GBP) Dec - 09 235 Dec - 39 637 Class B Bond (GBP) Sep - 10 400 Sep - 18 570 553 Bond (EUR) Oct - 10 434 Oct - 16 High Yield Bond (GBP) Nov - 10 325 Mar - 17 Bond (GBP) May - 11 750 May - 41 Index-Linked Bond (GBP) May - 11 130 Dec - 39 Bond (USD) Jun - 11 621 Jul - 21 2006 2007 2008 2009 2010 TOTAL Amount 3,595 407 ETR EBITDA evolution 0): 9.1% (CAD million) CAGR (06-1 444 500 Bond Issuance Issuance Date CADm Maturity Date 408 414 Senior Bond Jan - 09 300 Jan - 12 353 Senior Bond Jan - 09 200 Jan - 14 Senior Bond Jun - 10 500 Jun - 15 Senior Bond Jun - 10 300 Jun - 20 Senior Bond Nov - 10 400 May - 21 Subordinated Bond Nov - 10 300 Nov - 17 2006 2007 2008 2009 2010 TOTAL Amount 2,000 10Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  11. 11. Diversified portfolioFY 2010 REVENUES EBITDA 9 % 23 % AIRPORTS 37 % 16 % TOLL ROADS 50 % 7 % S E R V I CE S 33 % 25 % CONSTRUCTION UK 56% North America 15% Spain 15% Other 14% 11Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  12. 12. How we create value? Cash flow Cash flow Asset Asset generation generation rotation rotation 12Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  13. 13. Solid cash flow generation€m Cash flow upstream from Strong cash flow generation from infrastructure projects Construction & Services 740 731 739 649 168 267 521 333 433 527 406 503 276 419 355 177 5 355 220 239 209 572 188 178 450 464 130 428 406 105 116 355 344 373 90 283 288 7 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 -31 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 C o ns t ruc t io n S e rv ic e s Resilient performance through the crisis *Before tax payment since 2009 13Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  14. 14. Liquid and valuable portfolio 407 ETR Chilean Toll roads M45 Toll road €m €m €m +1% +4% 380 67 +3% 69 6,800 6,734 367 (1) (1) (1) 2007 Disposal price (2010) 2007 Disposal price (2010) 2007 Disposal price (2010) Value crystallization through the crisis Spanish car parks Naples Airport Swissport €m EV/EBITDA €m 880 398 +1% 400 x13.3 +53% 575 x7.0 (1) (2) 2007 Disposal price (2009) Venice Airport Disposal price (2010) Consensus Disposal price (2011) (Listed Peer) (1) NAV published by Cintra in 2007, (2) Analyst EV consensus - Disposal price: 100% Equity value 14Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  15. 15. BAA Oct´10 Oct´ Sept´11 Sept´ Sept´11 Oct´11 Oct´ Oct´10 Oct´11100% BAA / €m Previous to Divestment Divestment Deal Deal deal announcement process stars process stars announcement announcement x6.4 5,527 BAA´s traded value materially above market consensus 2,387 x2.3 868 Aug´2010 Sept´2011 Oct´2011 Analysts consensus Implied valuation (1) Analysts consensus on BAA September 2011: 100% Equity value. Ferrovial sold 5.88% stake in BAA last 10th October 2011 15Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  16. 16. Strategy based on core competences & financial discipline Solving complex situations in design, tariff flexibility, billing,… Core competences Operational turnarounds based on cost efficiency Investment selection criteria: Congested corridors, lack of alternatives, sound legal framework,… Focus on cash generation & un-levered IRR Financial Discipline Active portfolio management to realize value creation: 407 ETR example (100% equity value data): 1999 (acquisition) 2004 (Cintra IPO) 2010 (10% stake sold) €0.5bn €3.8bn €6.8bn 16Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  17. 17. Track record • Debt reduction 3 years of defensive play • Value resilience • Financial discipline Ready to take selective investments • Selective infra projects pipeline • Strong backlog • Reputation • Geographically diversified experience (1968 onwards: Chile, Australia, US, UK, etc.) Competitive advantages • Co-investors support over time • Engineering & operational expertise • Balance Sheet strength 17Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  18. 18. INDEX 1. Overview 2. Business units 3. Outlook 4. Appendix 18Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  19. 19. Business units INFRASTRUCTURE PROJECTS TOLL ROADS AIRPORTSPARENT COMPANY EXCL INFRA PROJECTS CONSTRUCTION SERVICES 19Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  20. 20. Infrastructure Toll roads EBITDA growth despite negative traffic due to tariffs and grantor payments ETR1 Traffic EBITDA 8,4% -0,5% INDIANA1 12,2% -3,4% CHICAGO +17.2% E B I T D A* 15,3% -6,6%9M 2011 (*): Like-for-Like: Excluding forex impact, perimeter variations and fair value adjustments (1) Equity method 20Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  21. 21. Managed Lanes A simple innovative efficient solution to urban congestion “Existing traffic on the heavily congested corridor provides a substantial and much more clearly established pool of potential users than is typical for a green field toll road” Moodys 21Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  22. 22. Managed LanesNew assets landmark “Express Tollway within an Existing Highway” Free New Tolled Free Lanes Lanes Lanes Speed >50mphA solution to congestion on “existing urban corridors” by means of Active management of “newly added capacity” through tolling 22Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  23. 23. Infrastructure Airports Higher Traffic, Tariffs and Retail drive EBITDA +16.2% +9.7% +4.9% T r a f f i c* R e v e n u e s* E B I T D A* Positive inflation exposure: Tariffs LHR (7.5% + RPI) 2011 = 12.2% 2012 = 12.7% Strong performance of Scottish airports Traffic +8%, EBITDA +11%9M 2011 (*): Like-for-Like: Excluding forex impact, perimeter variations and fair value adjustments 23Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  24. 24. Excl Infra projects Services Robust operating performance RECORD BACKLOG € bn International Spain 2010 6,6 5,4 12.0 +8.7% 2009 4,5 5,5 10.0 +8.5% 2008 4,7 5,0 9.7 2007 5,2 4,6 9.8 2006 5,0 3,7 8.7 R e v e n u e s* E B I T D A* INTERNATIONAL 55%9M 2011 (*): Like-for-Like: Excluding forex impact, perimeter variations and fair value adjustments 24Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  25. 25. Excl Infra projects Construction RECORD BACKLOG Stability at Revenues and EBIT € bn International Spain 2010 6,6 3,6 10.2 2009 4,6 4,2 8.8 2008 3,6 5,2 8.8 +4.8% Revenues* -12.9% 2007 3,6 5,6 9.2 +4.5% EBIT * -2% 2006 3,0 5,6 8.1 INTERNATIONAL CIVIL International Domestic 68% 76%9M 2011 (*): Like-for-Like: Excluding forex impact, perimeter variations and fair value adjustments 25Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  26. 26. INDEX 1. Overview 2. Business units 3. Outlook 4. Appendix 26Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  27. 27. Operational outlook ORGANIC INFLATION GROWTH NEW PROJECTS ASSET ROTATION 27Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  28. 28. Financial outlook DISCIPLINE & OPTIMIZATION• Refinancing & amortization ahead of • Low leverage excluding infra projects maturities• Increasing capital markets presence • Investment focus on core know-how• Reducing dependence on banks • Equity stakes with operational control 28Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  29. 29. Looking forward Tariffs above inflation GROWTH Traffic recovery link to GDP Backlog Financial discipline to invest FLEXIBILITY Net cash position at parent company DELIVERY Portfolio management to crystallize value 29Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  30. 30. INDEX 1. Overview 2. Business units 3. Outlook 4. Appendix 30Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  31. 31. Appendix • 9M ’ 1 1 Results • Business description • Introduction to 407 ETR Toll road • Managed Lanes Toll roads • 2010 Full Year Results 31Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  32. 32. 9M 2011 results SEP´11 SEP´ SEP´10 SEP´ VAR.-% VAR.- L-f-L% SEP’11 SEP’ SEP’10 SEP’ Var% Var% L-f-L% Construction 3,143.8 3,313.2 -5.1 -3.7 Airports 2,160.6 2,091.0 3.3 9.4 Toll Roads 300.3 762.0 -60.6 11.3 Revenues 7,640 9,131 -16.3% +1.9% Services 2,068.1 2,884.1 -28.3 8.5 Others -32.7 80.8 n.s. EBITDA 1,691 1,977 -14.5% +13.1% Total 7,640.1 9,131.0 -16.3 1.9 EBITDA margin 22.1% 21.7% Period depreciation 667 760 SEP´11 SEP´ SEP´10 SEP´ VAR.% L-f-L% Construction 171.4 172.6 -0.6 1.1 EBIT 1,024 1,218 -15.9% +26.1% Airports 1,083.9 952.9 13.8 16.2 Toll Roads 222.8 569.0 -60.8 17.2 EBIT margin 13.4% 13.3% Services 208.4 277.7 -24.9 8.7 Others 4.4 5.2 n.s. Disposals & Impairments 235 264 Total 1,691.0 1,977.3 -14.5 13.1 Financial results -1,085 -1,364 -20.5% +5.3% Equity-accounted affiliates 31 47 SEP´11 SEP´ SEP´10 SEP´ VAR% EBT 205 Construction backlog 9,921 10,186 -2.6 164 Services backlog 12,520 12,378 1.1 Traffic evolution SEP´11 SEP´ SEP´10 SEP´ VAR% VAR Corporate income tax 277 91 ETR-407 1,734,672 1,743,523 -0.5CONSOLIDATED NET INCOME Chicago Skyway 42,679 45,693 -6.6 483 256 Indiana Toll Road 27,441 28,395 -3.4 Autema 19,224 20,414 -5.8 Minorities -1 59 Ausol I 14,812 16,346 -9.4 Ausol II 16,087 17,155 -6.2 NET INCOME ATTRIBUTED 482 315 BAA (million passengers) 83 79 4.9 32 (*): Like-for-Like: Excluding forex impact, perimeter variations and fair value adjustments E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  33. 33. Debt maturity(€m) No more than 10% maturities in any single year 11.9 years average lifeInterest Rate Exposure 2010 3 Inflation Linked 25% Variable 25% 37 Fixed 18% Hedged 32% 21 4.689 1025 3.896 102 3.389 34 2.168 14 1.514 1.400 1.417 1.073 1.000 610 2011 2012 2013 2014 2015 2016-2020 2021-2030 2031-2040 2041-2060 >2061 Infrastructure Excl Infrastructure 33 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  34. 34. Appendix • 9M ’ 1 1 Results • Business description • Introduction to 407 ETR Toll road • Managed Lanes Toll roads • 2010 Full Year Results 34Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  35. 35. Business descriptionWhat is Ferrovial?Ferrovials businesses comprise all the Infrastructures value chain Construction MaintenanceConstruction Infrastructures Services division division operator Operation Toll Roads Airports 35Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  36. 36. Business descriptionWhat is Ferrovial?Group Profile - Business End-to-end infrastructure company: DFBOM Construction Airports Toll Roads Services • Civil Engineering • Development, • Development, • Infrastructure & Financing, Financing, Facility • Building Concession, Management Ownership, • Industrial Management & • Urban Services & Management & One of Largest Operation Waste Operation World’s Largest One of Largest European World’s Largest Private Developer European Services Contractors Airport Company of Road & Maintenance Infrastructure Company 36Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  37. 37. Business descriptionWhat is Ferrovial?Group Profile – Main Companies CONSTRUCTION AIRPORTS TOLL ROADS SERVICES 37Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  38. 38. Business descriptionAirportsFY 2010 ABERDEEN GLASGOW EDINBURGH Revenues: €2,794mn EBITDA´10: €1,272mn STANSTEAD Margin 45.5% HEATHROW SOUTHAMPTON OTHERS 3% SCOTISH 8% STANSTEAD 8% BY AIRPORT 81% HEATHROW 38Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  39. 39. AirportsFY 2010 T R A F F IC E B I T DA OTHERS OTHERS 2% 3% SCOTTISH 8% SCOTTISH 17% 63% HEATHROW STANSTED 8% 81% HEATHROW STANSTED 18% 39Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  40. 40. Business descriptionBAA’s Operational highlights Largest airport operator in the world Heathrow, world’s busiest international airport 109 mn passengers (FY2010) 79% international passengers in the UK 15,000 employees worldwide Over 700 destinations served by UK airports 106,000 sqm retail space in the UK 112,000 car parking spaces 40Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  41. 41. Business descriptionAssets Portfolio: Past & Present BAA Budapest Bristol BAA Retail contracts: Belfast City Boston, Baltimore, BAA Gatwick Cleveland, Pittsburgh BAA Heathrow BAA Stansted BAA Edinburgh BAA Glasgow BAA Aberdeen BAA Naples BAA Southampton ASUR (9 Mexican airports) BAA Melbourne BAA Perth BAA Darwin BAA Alice Springs BAA Launceston Cerro Moreno BAA Tennant Creek Sydney Current portfolio of assets Previous assets in portfolio 41Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  42. 42. Business descriptionToll roadsFY 2010 Revenues: €869mn EBITDA´10: €630mn Margin 72.5% 42Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  43. 43. Business descriptionPortfolio NORTH AMERICA USA Canada Chicago Skyway 407 ETR Indiana Toll Road SH130 North Tarrant Express IH635 EUROPE Spain Portugal Autema Euroscut Algarve Ausol I y II Euroscut Norte Litoral M-203 Euroscut Açores R-4 Ocaña-La Roda Ireland Grecee Eurolink Motorway Ionian Roads M-3 Central Greece 43Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  44. 44. Business descriptionServicesFY 2010 Revenues: €3,896mn Backlog: €12,003mn EBITDA´10: €410mn Margin 10.5% 44Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  45. 45. Business descriptionBusiness Portfolio / Activities Intelligent Smart Cities Assets management Infrastructures As t se en ts m Planning and M m age a na gem an ag an Sew ent of em m ag e Tr en ts af fic t se Lig As htin g FM e d a t nt Win ar st me mai t nten er H lE e a nc Asse ea nag ng Pr maogramm e t R a ni en inte M de nan ed ar ts m gem ng ce Local roads G ni ea Cl Sig ana anag cling ad al Bu Ro io n na l Pr o field Str imp s ild ts m Brid Recy Rai veme t eme ling -up uct ges in ject Na ning ro Land clea et gs lwa nts ur e Pick Stre Asse ay s s W as nt te ailw y s R FERROVIAL Services + Value added - - Value added + 45Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  46. 46. Business descriptionConstructionFY 2010 Revenues: €4,525mn EBITDA: €231mn Margin 5.1% 46Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  47. 47. ConstructionFY 2010 Type of work Geographical Exposure 82% CIVIL WORKS 65% INTERNATIONAL RESIDENTIAL 4% 14% NON RESIDENTIAL 35% DOMESTIC 47Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  48. 48. Business description International experience Canada Portugal Ireland UK• D&B contractor to CINTRA • Among Civil Works leaders • Among Civil Works leaders • D&B contractor to BAA and Amey • Working since year 2006 407 ETR: +300 ME SCUT Norte Litoral: +300 ME M3 Clonee: +500 ME SCUT Algarve: +250 ME N4 / N6 Kinnegad: +300 ME Kinnegad: HET: +900 ME SCUT Azores: +250 ME DFB0 Northern Ireland: +300 ME Bradford Schools 2nd ph.: +200 ME USA• 1st Texas Road Contractor LBJ: +1.600 ME Poland NTE: +1.100 ME • 1st Polish Construction Company SH 130: +600 ME Indiana Toll: +200 ME S-8 W ęzeł Konotopa: +450 ME zeł Konotopa: A-4 Debica – Rzeszow: +350 ME Rzeszow: A-1 Pyrzowice – Piekary: +300 ME Piekary: Year 2005: acquisition of a 100% stake in Webber Year 2000: acquisition of a 59% stake in Budimex Chile • D&B contractor to CINTRA • One of first PPP road contractors to enter the market Greece • D&B contractor to CINTRA Santiago - Talca Italy Talca – Chillán Chillá • Contractor to Italy’s Railways Company (Italfer) E65 Central Greece: +1.300 ME +900 ME Ionia Odos Road: +1.000 ME Collipulli - Temuco Temuco - Río Bueno HS Railway Andora-San Lorenzo: +300 ME Andora- 48 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  49. 49. Appendix• 9M ’ 1 1 Results• Business description• Introduction to 407 ETR Toll road• Managed Lanes Toll roads• 2010 Full Year Results 49 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  50. 50. 407 ETR Would you buy this company...? Shareholders fund Debt 1999: 1999 775 1,937 27x Debt/Ebitda 2010 -563 5,256 Accounting High losses debt 50Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Figures in million $CAN
  51. 51. 407 ETR Ferrovial bought this company... Cash generation Valuation (1999 – 2010) 407 ETR (100%)Initial equity investment (62%) (326mn) 6,850 100% pay-backDividends (00 - 10) 443mn 13x 13x10% disposal 640mn first 10 years 525NET CASH IN 757mn 2000 2010* Valuation x13 Maturity 87 years to maturity 2098 Strong dividend flow Equity valuation sharp increase* December´10 analysts consensus 51Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  52. 52. 407 ETR Investment Summary 407 ETR Key indicators performance (%) 2000-2010 Traffic 45% CAGR: 3.8% Revenues 230% CAGR: 12.7% EBITDA 299% CAGR: 14.8% Strong EBITDA growth thanks to Revenues expansion and Cost control 52Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  53. 53. 407 ETRAll Electronic Roadside Tolling System 53Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  54. 54. 407 ETR407-ETR KEY CHARACTERISTICS DESCRIPTION: Ring road of Toronto Commuting LENGTH: 108Km. 108Km TRAFFIC METTICS ’10: Average work day trips: 380,679 Electronic toll Average revenues per trip: 5.44$ Tolled kilometres (VKT): 2,336 million CONCESSION PERIOD: 1999-2098 Years 99 (remaining 87 years) TARIFF POLICY: High flexibility based on traffic performance RESULTS 2010: Revenues: CAD 624M EBITDA: CAD 500M SHAREHOLDERS’ STRUCTURE● No toll-booths, fully electronic free flow tolling system 43% 40% 17%● No stopping or slow-downs to pay toll CINTRA CPPIB LAVALIN● Transponder not required (except for trucks). If a valid transponder is not detected, digital photographs are BALANCE SHHET´S STRUCTURE taken at entry and exit. Transponders are increasingly popular Mar´11 / CAD Mn● Tolls billed monthly ASSETS 4,975 LIABILITIES Property, plan & Intangible 3,897 -571 Equity● Senior debt rating: A category Cash & ST Investments 617 5,527 Debt Other assets 461 251 Other liabilities 54Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  55. 55. Fast 407 ETR Safe Reliable LOCATION HIGH HOUSEHOLD INCOME Greater Toronto Area 46% higher 23% of Canada population than Canada average SPEED NO REGULATORY REVIEWS Alternatives routes 40kph During concession life vs 100kçph at 407 (99 years) TOLL RATE HIGH TRAFFIC FLEXIBILITY Alternatives routes Including segment, are highly congested direction, time of the day NON-STOP TOLL FACILITY FAST Fully electronic with interchanges every 3km Reliable travel times 55Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  56. 56. 407 ETRFinancial overview ($CAD million) Revenues Capital Expenditure 624 97 CAGR: 8.2% 90 72 77 420 87 years to 49 38 maturity 2005 2010 2005 2006 2007 2008 2009 2010 OPEX Dividends 124 300 104 CAGR: 3.6% 100% pay-back in 190 first 10 years 145 135 120 85 2005 2006 2007 2008 2009 2010 2005 2010 EBITDA EBITDA % Debt / EBITDA X 27 CAGR: 9.6% 500 80% Free-tariff revision 79% 316 77% 76% 7.7% CAGR 02-10* 10 75% * Tariff increase for light Vehicles in Peak hours regular zone (%) 1999 2010 2005 2010 56Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  57. 57. Appendix • 9M ’ 1 1 Results • Business description • Introduction to 407 ETR Toll road • Managed Lanes Toll roads • 2010 Full Year Results 57Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  58. 58. Managed Lanes A simple innovative efficient solution to urban congestion “Existing traffic on the heavily congested corridor provides a substantial and much more clearly established pool of potential users than is typical for a green field toll road” Moodys 58Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  59. 59. Managed LanesNew assets landmark “Express Tollway within an Existing Highway” Free Tolled Lanes Free Lanes Speed >50mph LanesA solution to congestion on “existing urban corridors” by means of Active management of “newly added capacity” through tolling 59Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  60. 60. Managed LanesConcept“Express Tollway within an existing highway” Congestion relief ML provides further capacity Travel time reliability ML provides time saving and reliability Dynamic toll regime Revenue optimization (Tariff may vary every 5´) Electronic collection Barrier free, no slowdown Peak spreading Highly congested Proven solution Former experience are positive Motorists’ choice To pay or not to pay Safety Lower percentage of freight 60Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
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