General Shareholders' Meeting 2013

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General Shareholders' Meeting 2013

  1. 1. Madrid, 22nd of March 2013
  2. 2. Rafael del Pino Chairman
  3. 3. Madrid, 22 March 2013
  4. 4. Santiago Ortiz Vaamonde Secretary of the Board of Directors
  5. 5. Madrid, 22nd of March 2013
  6. 6. Agenda
  7. 7. Agenda• MATTERS FOR APPROVAL 1. Approval of the 2012 financial statements 2. Application of results and distribution of dividends 3. Approval of the Board of Directors management 4. Re-appointment of auditors 5. Re-appointment of Directors 6. Remuneration system: Share delivery plan for members of the Board with executive functions, and Senior Management 7. Authorization to the Board of Directors to acquire own shares 8. Delegation of powers
  8. 8. Agenda• MATTERS FOR ADVISORY VOTE 9. Annual report on Directors’ remuneration• MATTERS OF INFORMATION 10. Information on changes to the Board of Directors Regulation 11. Information on the use, by the Board of Directors, of the powers delegated by resolution 6 of the Shareholders Meeting held on 22 October 2009 (empowerment to the Board to issue debentures, bonds and other financial instruments of the debt)
  9. 9. Madrid, 22nd of March 2013
  10. 10. Quorum (provisional)
  11. 11. Madrid, 22 March 2013
  12. 12. Rafael del Pino Chairman
  13. 13. The year at Ferrovial• Sound financial position• Strong cash flow• Good operating results• Backlog in Services and Construction• Successful asset rotation• Diversification of funding sources• Superb share performance• Excellent remuneration for shareholders
  14. 14. Improved financialposition• Positive net cash position at parent company (excluding project debt): 1,489 M€• Lower consolidated net debt (including project debt): 5,106 M€
  15. 15. Operating cash flow anddivestments: 1,489 M€• Operating cash flow: 909 M€ • Services: 491 M€ • Construction: 100 M€ • Toll road dividends: 220 M€ • Airport dividends: 145 M€• Capital expenditure: 313 M€• Divestments: 893 M€
  16. 16. Good operating results• Revenue: 7,686 M€ (+3%)• EBITDA: 927 M€ (+13%)• Net income: 710 M€
  17. 17. Backlog: 21,483 M€• Services: 12,784 M€ • Sheffield (UK) • Treatment plants in the Canary Islands (Spain) • Construction: 8,699 M€ • 407 ETR extension (Toronto) • US 460 (Virginia)
  18. 18. Internationalizedbusiness• Consolidated • Revenue: 62% • EBITDA: 36% • Backlog: 62%• Proportional share • Revenue: 66% • EBITDA: 66% • Backlog: 61%
  19. 19. Diversification offunding sources• Bond issues in 2012: • 407 ETR: 600 MCAD • HAH: 3,000 M£• Bank debt: • Excl. consolidated projects: 1,233 M€ (gross)• Corporate bond issue 2013: • Amount: 500 M€ • Term: 5 years • All-in cost: 3.44%
  20. 20. Good share performanceFerrovial (31.12.11 – 21.03.13) 11.2€ +20% 12.51€ 34% 34% over 2011 37% 9.32€ -3% -5% over IBEX-35 IBEX 35 52% including dividend 31.12.2011 2012 31.12.2012 2013 21.03.2013
  21. 21. Proposed dividend 1.25€ 2012 Interim 1.00 € 0.50€ Supplementary 0.25 € 0.42€ 0.45€ 0.40(*) Total 1.25 € 2008 2009 2010 2011 2012(*) Comparison of the dividend under conditions similar to todays (/4)
  22. 22. Corporate Social Responsibility
  23. 23. Awards and recognitions Engineering and Salmón "Social Infrastructure" "Maji ni Uhai" "Empresa más “Top Employers Leader in terms of Construction sector Prize from programme, in the project by Business Igual" from the 2012/2013" infrastructure Expansión Strategic Corporate in the Communitys Madrid Regional Certification investment volume Philanthropy category. Awards for Government Excellence"2011 Construction Arte Sacro Business Park Valmayor drinking water Ecofira Innovation Award Leader in Human Heathrows Terminal 5.Company of the Year" in and the Reading room at plant, honourable mention for for the "Biofuel Project" Resources Best Practices World Airport Awards:the General Contractor the Pablo Olavide the Best Public Works Best Airport Terminal incategory University. Spanish Project of 2012 by the the World Architecture Yearbook School of Civil Engineering of Madrid
  24. 24. Madrid, 22nd of March 2013
  25. 25. Juan Arena de la MoraChairman of the Audit and Control Committee
  26. 26. Audit and ControlCommittee• Composition• Functions• Activities: • Financial information • Liaising with the external auditor • Internal Control Procedures • Internal Audit • Risk analysis and risk control systems • Actions relating to Corporate Governance and compliance
  27. 27. Madrid, 22nd of March 2013
  28. 28. Íñigo Meirás CEO
  29. 29. 2012 ResultsSignificant eventsBusinesses2013 Priorities
  30. 30. Balance sheet• Good operating performance by the businesses• Backlog: major new contracts• Strong cash flow• Successful asset rotation• Improved financial position• Ready access to the capital markets
  31. 31. 2012 Results 2012 M€ Chg. 12-11 2012 M€ Chg. 12-11Revenue 7,686 3% Services backlog 12,784 3%EBITDA 927 13% Construction backlog 8,699 -13% Net cash positionEBIT 708 13% 1,489 (excluding projects)Net profit 710 Consolidated net debt -5,106
  32. 32. Contribution, by business area Including equity holdings 2012 Revenues 2012 Revenues 7,686 M€ 8,427 M€ 13% 39% 35%56% 44% 8% 5% Services Toll roads Construction Airports
  33. 33. Contribution, by business area Including equity holdings 2012 EBITDA 2012 EBITDA 927 M€ 1,671 M€ 19% 34% 33%37% 29% 19% 29% Services Toll roads Construction Airports
  34. 34. Geographic distribution Including equity holdings 2012 Revenues 2012 Revenues 7,686 M€ 8,427 M€ 4% 3% 10% 19% 34% 38% 17% 62% 66% INTERNATIONAL INTERNATIONAL14% 25% 36% Spain United Kingdom USA and Canada Poland Rest of the world
  35. 35. Geographic distribution Including equity holdings 2012 EBITDA 2012 EBITDA 927 M€ 1,671 M€ 7% 1% 2% 21% 12% 34% 36% 66% INTERNATIONAL INTERNATIONAL16% 64% 43% Spain United USA and Canada Poland Rest of the world Kingdom
  36. 36. Net debt ex-projects 1,489 907 2008 2009 31 2010 2011 2012 -1,172 -1,547
  37. 37. 2012 ResultsSignificant eventsBusinesses2013 Priorities
  38. 38. January February March AprilBond issue Topping out Bond issue Sale announcementHAH Heathrow HAH Edinburgh700 M€ Terminal T2A 400 M£ 807 M£ Bond issue Bond issue HAH 407 ETR 600 M£ / 400 M CHF 400 M CADMay June Julio AugustContract awarded Advisory Bond issue Financial completion407 East E. F. Qatar HAH Sheffield1,100 M CAD 400 M CAD 2,000 M£ Bond issue Sale of 10.62% HAH HAH 500 M$ 478 M£September October November DecemberInsolvency proceedings Contract awarded Dividend CEOR4 US 460 Ferrovial Jorge Gil 1,079 M€ 1€ gross per share Ferrovial AeropuertosBond issue Inauguration Concession signed407 ETR SH-130 A-66200 M CAD 192 M€ Sale of 5.72% HAH 257 M£
  39. 39. Asset rotation: 893M€ 16.34% HAH Edinburgh Stansted (x16.7 EV/EBITDA) (x16.0 EV/EBITDA)
  40. 40. 2012 ResultsSignificant eventsBusinesses Services Toll roads Construction Airports2013 Priorities
  41. 41. Cash and Backlog• Cash flow: 491 M€• Record-high backlog: 12,784 M€• Focus on operating efficiency• Promotion of cities and energy efficiency: Sheffield• International development: • Contracts in Qatar and Poland • Acquisitions in the UK and Chile
  42. 42. ResultsM€ 2012 2011 ChangeRevenues 2,951 2,821 4.6%EBITDA 314 312 0.6%Operating income 203 207 -2.0%Operating cash flow 491 164(excluding taxes)
  43. 43. Geographic distributionRevenue: 2,951 M€ 51% 49% Spain United Kingdom
  44. 44. Backlog12,784 M€ 44% 56% Spain United Kingdom
  45. 45. Backlog 12,784 12,378 12,425 9,714 9,967 M€ 2008 2009 2010 2011 2012
  46. 46. Geographic distribution M€ United Kingdom SpainRevenue 1,491 1,461Change 16.1% -5.0%EBITDA 118 195Change 4.4% -1.6%Operating income 101 102Change 4.4% -7.6%
  47. 47. 2012 ResultsSignificant eventsBusinesses Services Toll roads Construction Airports2013 Priorities
  48. 48. Dividends andadjudications• Dividends: 220M€ (38.4% over 2011)• Adjudications:407 Extension and A-66• 407 ETR: Increase in revenues (8.7%) and dividends (30.7%)• Recovery in traffic in the US and weakness in Europe• Insolvency of R-4 and AP-36• Opened offices in Australia and Colombia
  49. 49. ResultsM€ 2012 2011 ChangeRevenues 381 390 -2.1%EBITDA 272 283 -4.1%Operating income 204 230 -11.3%Dividends 220 159
  50. 50. Geographic distribution Including equity holdings Revenue: 636 M€ 5% 3% 20% 16% 80% INTERNATIONAL 17% 39%Spain USA Canada Portugal Ireland Rest of the world
  51. 51. 2012 ResultsSignificant eventsBusinesses Services Toll roads Construction Airports2013 Priorities
  52. 52. More international• International development: 70% of revenues and backlog• New contracts: • 407 ETR extension (Toronto) • US 460 (Virginia) • Espiño and Padornelo high-speed rail tunnels (Galicia) • Tokamak / ITER buildings (France) • Bialystok incinerator (Poland)• Backlog: 8,699 M€• EBIT 298 M€ (6.9% margin)• Cash flow: 100 M€
  53. 53. ResultsM€ 2012 2011 ChangeRevenues 4,326 4,244 1.9%EBITDA 337 246 36.8%Operating income 298 214 39.5%Funds from operations 100 298(excluding taxes)
  54. 54. Geographic distribution Revenue: 4,326 M€ 1% 3% 30% 33% 70% INTERNATIONAL 10% 23%Spain United Kingdom USA Poland Chile Rest of the world
  55. 55. Backlog, by market Backlog: 8,699 M€ 8% 2% 30% 14% 70% 3% INTERNATIONAL 5% 37%Spain United Kingdom US Canada Poland Chile Rest of the world A
  56. 56. Backlog 10,186 9,997 8,756 8,800 8,699 M€ 2008 2009 2010 2011 2012
  57. 57. 2012 ResultsSignificant eventsBusinesses Services Toll roads Construction Airports2013 Priorities
  58. 58. Dividends and operationalimprovement• Higher level of satisfaction among Heathrow passengers• Operational improvements at Heathrow airport• All-time record at Heathrow (70M passengers)• Divestments: 16.34% of HAH. Edinburgh and Stansted• First dividend: 145M€• Bond issues: Over 3,000 M£• Investment in improvements: 1,200 M£
  59. 59. HAH resultsM£ 2012 2011 ChangeRevenues 2,646 2,524 4.8%EBITDA 1,355 1,287 5.3%Operating income 772 634 21.8%Traffic (M.pax) 99.7 99.2 0.5%
  60. 60. 2012 ResultsSignificant eventsBusinesses2013 Priorities
  61. 61. Overview Good EBITDA up Business operating 13% performance Solid financial Positive net cash Liquidity structure position 1,489 M€ Construction 21,483 M€ Backlog and Services 62% outside Spain OECD countries Projects in the four Development businesses and focus on emerging markets
  62. 62. 2013 Priorities• Financial discipline• Cash flow generation• Operational management• Internationalization strategy• Workplace Safety, Corporate Responsibility, Environment and Innovation
  63. 63. Greater value for shareholders
  64. 64. Madrid, 22nd of March 2013
  65. 65. Quorum
  66. 66. Madrid, 22nd of March 2013
  67. 67. Shareholder remarks
  68. 68. Madrid, 22nd of March 2013
  69. 69. Agenda
  70. 70. Items for approval 1. Approval of the 2012 financial statements
  71. 71. Items for approval 2. Application of income and distribution of dividends
  72. 72. Items for approval3. Approval of the Board of Directors management
  73. 73. Items for approval 4. Re-appointment of auditors
  74. 74. Items for approval 5. Re-appointment of Directors
  75. 75. Items for approval 6. Remuneration system: Share delivery plan for members of the Board with executive functions, and Senior Management
  76. 76. Matters for approval 7. Authorization granted to the Board of Directors to acquire own shares
  77. 77. Items for approval 8. Delegation of powers
  78. 78. Matters for advisoryvote 9. Annual report on Directors’ remuneration
  79. 79. Matters of information 10. Information on changes to the Board of Directors Regulation
  80. 80. Items for information 11. Information on the use, by the Board of Directors, of the powers delegated by resolution 6 of the Shareholders Meeting held on 22 October 2009 (empowerment to the Board to issue debentures, bonds and other financial instruments of the debt)
  81. 81. Madrid, 22nd of March 2013
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