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Madrid, 30 March 2012
Rafael del PinoChairman
Madrid, 30 March 2012
Santiago Ortiz VaamondeSecretary of the Board of Directors
Madrid, 30 March 2012
Agenda
Agenda• Approval of the 2011 financial statements• Application of income and distribution of dividends• Approval of the Bo...
Madrid, 30 March 2012
Quorum (provisional)
Madrid, 30 March 2012
Rafael del PinoChairman
Economic situation• Signs of recovery by the world economy    •   Recovery in the United States    •   Easing recession in...
The year at Ferrovial•   Improved financial position•   Operating cash flow and divestments•   Good EBITDA performance by ...
Improved financialposition• Positive net cash position at parent company (excluding  project debt): 907 M€• Reduction of t...
Operating cash flow anddivestments: 1.446 B€• Operating cash flow: 511 M€    • Construction: 298 M€    • Services: 164 M€ ...
Record-high backlog:22.422 B€• Services: 12.425 B€    • Murcia: 1.000 B€    • Ministry of Justice: 450 M£• Construction: 9...
Internationalization• Consolidated    • Sales: 55%    • EBITDA: 48%    • Backlog: 58%• Proportional stake    • Sales: 62% ...
Diversification offunding sources• Bond issues    • ETR 407: 350 M CAD    • BAA: 1.000 B$    • BAA: 880 M£• Consolidated b...
FER vs. IBEX 35(2011 closing)                                        9.33€                                        +25%    ...
Proposed dividend                                 0.50€                                                                   ...
CSR
Distinctions                      “Top Employers España                      2011” certification                          ...
Madrid, 30 March 2012
Santiago Fernández ValbuenaChairman of the Audit and Control Committee2011
Audit and ControlCommittee• Members• Functions• Activities:    •   Financial information    •   Liaising with the external...
Madrid, 30 March 2012
Íñigo MeirásCEO
2011 EarningsSignificant eventsBusinesses2012 Priorities
Balance sheet• Good operating performance by the businesses•   Improved financial position•   High operating cash flow•   ...
Change inconsolidation scope• Impact of the sale of 5.88% of BAA    •   Equity method    •   Valued at: 4.762 B£    •   Ca...
2011 Earnings             2011 M€   Pro-forma change                           2011 M€   Chg. 11-10                       ...
Contribution, by business area                                    Including equity holdings   2011 Revenues               ...
Contribution, by business area                                          Including equity holdings   EBITDA 2011           ...
Geographic distribution                                          Including equity holdings   2011 Revenues                ...
Geographic distribution                                       Including equity holdings   EBITDA 2011                     ...
Net debt ex-projects                                                 2011       2006    2007     2008     2009     2010   ...
2011 EarningsSignificant eventsBusinesses2012 Priorities
January      February        March              AprilRevenues     Sale closed                        Debt refinancedM45   ...
Asset rotation: 1.264 B€SWISSPORT   BAA695 M€      326 M€CHILE       M45157 M€      68 M€
Capital gains: 1.069 B€SWISSPORT   BAA195 M€      847 M€M4527 M€
2011 EarningsSignificant eventsBusinesses    Services   Toll roads   Construction   Airports2012 Priorities
Focus on profitablegrowth•   Cash flow: 164 M€•   Cost control•   Growth and improvement in results•   Record-high backlog...
ResultsM€                    2011    2010    Pro-formaRevenues              2,821   3,896      9.4%EBITDA                 ...
Geographic distributionSales: 2.821 B€                        Spain                        United Kingdom         46%     ...
Backlog12.425 B€                   Spain                   United Kingdom       50%   50%
Backlog                           12.378   12.425   9.726   9.714   9.967                            54%                  ...
Geographic distribution M€                 United Kingdom   Spain Sales                       1,284   1.537 Pro-forma chan...
2011 EarningsSignificant eventsBusinesses    Services   Toll roads   Construction   Airports2012 Priorities
Effective management•   EBITDA growth: 14%•   Divestments: Chile and M45•   Refinancing: Ausol•   Dividends: 159 M€•   Stu...
Results M€                      2011   2010   Pro-forma Revenues                 390    869       4.6% EBITDA             ...
Geographic distributionIncluding equity holdingsSales: 591 M€                 4%                8%     23%     Spain      ...
2011 EarningsSignificant eventsBusinesses    Services   Toll roads   Construction   Airports2012 Priorities
Operations outside Spain• Development in other countries offsets Spanish market• New contracts:    •   Telefónica datacent...
ResultsM€                      2011    2010    Pro-formaRevenues                4,244   4,525      -4.5%EBITDA            ...
Geographic distributionSales: 4.244 B€                    5%                   Spain                                      ...
Backlog, by marketBacklog: 9.997 B€                                 Spain                    11%                          ...
Backlog                             10.186   9.997     9.130           8.800             8.756                            ...
Subsidiaries                               Growth of 35% in  8.2% growth in EBIT      revenues, 20% in EBITDA             ...
2011 EarningsSignificant eventsBusinesses    Services   Toll roads   Construction   Airports2012 Priorities
Increase in traffic• Improvement in traffic: 4.4% at BAA and 5.5% at LHR• Bond issues in 2011: 1.000 B$ and 880 M£• Bond i...
BAA earningsM£                2011    2010    Change   Pro-formaRevenues          2,524   2,389     5.7%       9.2%EBITDA ...
2011 EarningsSignificant eventsBusinesses2012 Priorities
Overview   Business               Backlog            Liquidity        Development                         Record high in G...
2012 Priorities•    Financial discipline•    Cash flow•    Organic growth•    Recovery in share price•    Analysis of oppo...
Greater value for  shareholders
Madrid, 30 March 2012
Quorum
Madrid, 30 March 2012
Shareholder remarks
Madrid, 30 March 2012
Resolutions
Resolutions• Approval of the 2011 financial statements
Resolutions•• Application of results and distribution of dividends
Resolutions••• Approval of the Board of Directors management in  2011
Resolutions•••• Amendment of the Bylaws
Resolutions••••• Amendment of the Shareholders Meeting Regulations
Resolutions•••••• Remuneration system: payment of variable  remuneration in shares
Resolutions••••••• Delegation of powers
Resolutions•••••••• Annual report on director remuneration
Madrid, 30 March 2012
General Shareholders' Meeting 2012
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General Shareholders' Meeting 2012

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We recently held our GSM 2012. Our Chairman, Rafael del Pino, highlighted the importance of protecting infrastructure investment as it is "ideal to stimulate the economy and create jobs."

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Transcript of "General Shareholders' Meeting 2012"

  1. 1. Madrid, 30 March 2012
  2. 2. Rafael del PinoChairman
  3. 3. Madrid, 30 March 2012
  4. 4. Santiago Ortiz VaamondeSecretary of the Board of Directors
  5. 5. Madrid, 30 March 2012
  6. 6. Agenda
  7. 7. Agenda• Approval of the 2011 financial statements• Application of income and distribution of dividends• Approval of the Board of Directors management in 2011• Amendment of the Bylaws• Amendment of the Shareholders Meeting Regulations• Remuneration system: payment of part of the variable remuneration in shares• Delegation of powers• Annual report on director remuneration
  8. 8. Madrid, 30 March 2012
  9. 9. Quorum (provisional)
  10. 10. Madrid, 30 March 2012
  11. 11. Rafael del PinoChairman
  12. 12. Economic situation• Signs of recovery by the world economy • Recovery in the United States • Easing recession in Europe • Growth in emerging countries• Situation in Spain • Fiscal consolidation • Reform policies • Labour market • Financial sector • Public administrations • Growth and investment in infrastructure
  13. 13. The year at Ferrovial• Improved financial position• Operating cash flow and divestments• Good EBITDA performance by the businesses• Record-high backlog• Divestments providing value• Share performance
  14. 14. Improved financialposition• Positive net cash position at parent company (excluding project debt): 907 M€• Reduction of total debt (including project debt): 5.171 B€
  15. 15. Operating cash flow anddivestments: 1.446 B€• Operating cash flow: 511 M€ • Construction: 298 M€ • Services: 164 M€ • Toll roads: 137 M€• Capital expenditure: 328 M€• Divestments: 1.264 B€
  16. 16. Record-high backlog:22.422 B€• Services: 12.425 B€ • Murcia: 1.000 B€ • Ministry of Justice: 450 M£• Construction: 9.997 B€ • Crossrail: 263 M€ • Telefónica datacenter
  17. 17. Internationalization• Consolidated • Sales: 55% • EBITDA: 48% • Backlog: 58%• Proportional stake • Sales: 62% • EBITDA: 78% • Backlog: 57%
  18. 18. Diversification offunding sources• Bond issues • ETR 407: 350 M CAD • BAA: 1.000 B$ • BAA: 880 M£• Consolidated bank debt • excluding projects: 1.261 B€ (gross)
  19. 19. FER vs. IBEX 35(2011 closing) 9.33€ +25% 8.49€ 38% +14% 7,44€ vs. IBEX 35 IBEX 35 25% -13% -20% 2011 2012 vs. 2010 31/12/2010 31/12/2011 29/03/2012
  20. 20. Proposed dividend 0.50€ 0.45€ 0.42€ 0.40 (*) 0.29€ 2011 0.25€ Interim 0.20 € Supplementary 0.25 € Total 0.45 € 2006 2007 2008 2009 2010 2011(*) Comparison of the dividend under conditions similar to todays (/4)
  21. 21. CSR
  22. 22. Distinctions “Top Employers España 2011” certification “Transport Infrastructure “The Lawyer Awards” in Award” for the design and the “Best in-house/public construction of the sector HR initiative” Northern Ireland DBFO"Stock of the category Package 2Year"Named “Water Company of LBJ Express toll road “Bioenergía de Oro” award Inclusion in the index due “Large Companythe Year” for contribution named “North American for the BIOFUEL project to its policies relating to of the Yearto the development of the Project Bond Deal of the Social Responsibility,international water market Year 2010” Corporate Governance, Ethical Management, the Environment and Human Rights
  23. 23. Madrid, 30 March 2012
  24. 24. Santiago Fernández ValbuenaChairman of the Audit and Control Committee2011
  25. 25. Audit and ControlCommittee• Members• Functions• Activities: • Financial information • Liaising with the external auditor • Internal control procedures • Internal audit • Analysis of risks and oversight systems • Actions relating to corporate governance and compliance • Evaluation of the Audit and Control Committee
  26. 26. Madrid, 30 March 2012
  27. 27. Íñigo MeirásCEO
  28. 28. 2011 EarningsSignificant eventsBusinesses2012 Priorities
  29. 29. Balance sheet• Good operating performance by the businesses• Improved financial position• High operating cash flow• Record-high backlog• Ready access to the capital markets• Monetisation of assets
  30. 30. Change inconsolidation scope• Impact of the sale of 5.88% of BAA • Equity method • Valued at: 4.762 B£ • Capital gains: 847 M€ • Deconsolidation of 14.874 B€ in debt
  31. 31. 2011 Earnings 2011 M€ Pro-forma change 2011 M€ Chg. 11-10 11-10 Construction backlog 9,997 -1.8%Sales 7,446 -0.6%EBITDA 818 8.9% Services backlog 12,425 0.4%EBIT 627 17.9% Consolidated net debt -5,171Net income 1,269 Net cash position 907
  32. 32. Contribution, by business area Including equity holdings 2011 Revenues 2011 Revenues 7.446 B€ 8.678 M€ 18% 32% 37% 57% 7% 6% 43% Services Toll roads Construction Airports
  33. 33. Contribution, by business area Including equity holdings EBITDA 2011 EBITDA 2011 818 M€ 1.765 B€ 18% 29% 37% 45% 25% 34% 12% Services Toll roads Construction Airports
  34. 34. Geographic distribution Including equity holdings 2011 Revenues 2011 Revenues 7.446 B€ 8.678 B€ 5% 4% 10% 19% 38% 45% 12% 10% 21% 36% Spain United Kingdom US & Canada Poland Rest of the world
  35. 35. Geographic distribution Including equity holdings EBITDA 2011 EBITDA 2011 818 M€ 1.765 B€ 2% 4% 11% 22% 9% 18% 52% 12% 16% 54% Spain United Kingdom US & Canada Poland Rest of the world
  36. 36. Net debt ex-projects 2011 2006 2007 2008 2009 2010 +31 +907 -1,172 -1,547 -1,937 -3,064
  37. 37. 2011 EarningsSignificant eventsBusinesses2012 Priorities
  38. 38. January February March AprilRevenues Sale closed Debt refinancedM45 Swissport Ferrovial68 M€ 695 M€ 1.314 B€May June July AugustBond issue Refinancing Bond issue Investment gradeBAA Ausol BAA Ferrovial750 M£ 492 M€ 1.000 B$September October November December Sale of 5.88% Contract awarded Sale of toll roads BAA Crossrail Chile 326 M€ 263 M€ 157 M€ Acquisition PNI 50 M€ Bond issue 407 ETR 350 M CAD
  39. 39. Asset rotation: 1.264 B€SWISSPORT BAA695 M€ 326 M€CHILE M45157 M€ 68 M€
  40. 40. Capital gains: 1.069 B€SWISSPORT BAA195 M€ 847 M€M4527 M€
  41. 41. 2011 EarningsSignificant eventsBusinesses Services Toll roads Construction Airports2012 Priorities
  42. 42. Focus on profitablegrowth• Cash flow: 164 M€• Cost control• Growth and improvement in results• Record-high backlog: 12.425 B€• New contracts: Murcia and UK Ministry of Justice• Intelligent Cities division
  43. 43. ResultsM€ 2011 2010 Pro-formaRevenues 2,821 3,896 9.4%EBITDA 312 413 4.9%Operating income 207 284 3.3%Operating cash flow 164 282(excluding taxes)
  44. 44. Geographic distributionSales: 2.821 B€ Spain United Kingdom 46% 54%
  45. 45. Backlog12.425 B€ Spain United Kingdom 50% 50%
  46. 46. Backlog 12.378 12.425 9.726 9.714 9.967 54% B€ 2007 2008 2009 2010 2011
  47. 47. Geographic distribution M€ United Kingdom Spain Sales 1,284 1.537 Pro-forma change 18.6% 2.8% EBITDA 113 198 Pro-forma change 2.8% 6% Operating income 97 111 Pro-forma change 3.5% 3%
  48. 48. 2011 EarningsSignificant eventsBusinesses Services Toll roads Construction Airports2012 Priorities
  49. 49. Effective management• EBITDA growth: 14%• Divestments: Chile and M45• Refinancing: Ausol• Dividends: 159 M€• Study of new projects in the OECD and in other markets• Weak traffic• Adjudications: Extension of 407 and A334
  50. 50. Results M€ 2011 2010 Pro-forma Revenues 390 869 4.6% EBITDA 283 630 14.4% Operating income 230 517 38.8% Funds from operations 137 178 (excluding taxes)
  51. 51. Geographic distributionIncluding equity holdingsSales: 591 M€ 4% 8% 23% Spain 13% USA 16% Canada Portugal 36% Ireland Greece INTERNATIONAL 77%
  52. 52. 2011 EarningsSignificant eventsBusinesses Services Toll roads Construction Airports2012 Priorities
  53. 53. Operations outside Spain• Development in other countries offsets Spanish market• New contracts: • Telefónica datacenter (Spain) • Crossrail (UK) • Line 9 of the Iława railway (Poland) • Hydroelectric power station tunnels in Ituango (Colombia) • Highway 290 (Texas, US) • Darsait wastewater plant (Oman)• Budimex: record earnings and backlog• Backlog: 9.997 B€• Cash flow: 298 M€
  54. 54. ResultsM€ 2011 2010 Pro-formaRevenues 4,244 4,525 -4.5%EBITDA 248 242 4.3%Operating income 215 202 8.4%Funds from operations 298 373(excluding taxes)
  55. 55. Geographic distributionSales: 4.244 B€ 5% Spain United Kingdom 41% USA 32% Poland Rest of the world 16% 6% INTERNATIONAL 59%
  56. 56. Backlog, by marketBacklog: 9.997 B€ Spain 11% 32% United Kingdom 18% USA Poland 7% Rest of the world 32% INTERNATIONAL 68%
  57. 57. Backlog 10.186 9.997 9.130 8.800 8.756 B€ 2007 2008 2009 2010 2011
  58. 58. Subsidiaries Growth of 35% in 8.2% growth in EBIT revenues, 20% in EBITDA and 24% in the backlog5% growth in the backlog Doubled the international backlog
  59. 59. 2011 EarningsSignificant eventsBusinesses Services Toll roads Construction Airports2012 Priorities
  60. 60. Increase in traffic• Improvement in traffic: 4.4% at BAA and 5.5% at LHR• Bond issues in 2011: 1.000 B$ and 880 M£• Bond issues in 2012: 2.340 B€• Higher level of satisfaction among Heathrow passengers• Investment in terminals and infrastructure: >900 M£• Dividend announcement
  61. 61. BAA earningsM£ 2011 2010 Change Pro-formaRevenues 2,524 2,389 5.7% 9.2%EBITDA 1,287 1,098 17.3% 17.8%Operatingincome 634 485 30.7% 32.6%Traffic (M.pax) 109 104 4.4%
  62. 62. 2011 EarningsSignificant eventsBusinesses2012 Priorities
  63. 63. Overview Business Backlog Liquidity Development Record high in Good performance Solid financial Projects in the four Construction by the main assets structure businesses and Services9% improvement 22.422 B€, OECD countriesin EBITDA 58% outside Spain Positive net cash and focus on position 907 M€ emerging markets
  64. 64. 2012 Priorities• Financial discipline• Cash flow• Organic growth• Recovery in share price• Analysis of opportunities in OECD markets and emerging countries• Commitment to Workplace Safety, CSR and the Environment
  65. 65. Greater value for shareholders
  66. 66. Madrid, 30 March 2012
  67. 67. Quorum
  68. 68. Madrid, 30 March 2012
  69. 69. Shareholder remarks
  70. 70. Madrid, 30 March 2012
  71. 71. Resolutions
  72. 72. Resolutions• Approval of the 2011 financial statements
  73. 73. Resolutions•• Application of results and distribution of dividends
  74. 74. Resolutions••• Approval of the Board of Directors management in 2011
  75. 75. Resolutions•••• Amendment of the Bylaws
  76. 76. Resolutions••••• Amendment of the Shareholders Meeting Regulations
  77. 77. Resolutions•••••• Remuneration system: payment of variable remuneration in shares
  78. 78. Resolutions••••••• Delegation of powers
  79. 79. Resolutions•••••••• Annual report on director remuneration
  80. 80. Madrid, 30 March 2012
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