Investors Presentation 2012 | Presentación Inversores 2012

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  • 1. Global Infrastructure
  • 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. E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 2
  • 3. OverviewLooking AheadAppendix E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 3
  • 4. Snapshot • Net cash position at parent • €1bn credit lines & cash in hand: €3,2bn liquidity • No short term maturities (until 2015) • Top class assets supporting dividend generation • €22.5bn backlog (Construction & Services) E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 4
  • 5. Net cash position at parent company EX–INFRA PROJECTS Net debt evolution ex-infra projects Sep 2012 907 898 NET CASH 31 €898mn x1.7 x1.5 x2.1 -1,547 -1,172 x3.2 -1,987 Net debt to EBITDA -3,064 Net debt (€mn) 2006 2007 2008 2009 2010 2011 9M 12 Sep 2012 PROJECTS Debt allocated at project level Projects under development not generating EBITDA NET DEBT €mn Net debt €6,508mn SH130 847 NTE 385 29% TOLL ROADS LBJ 545 Of toll roads net debt Debt €6,141mn TOTAL 1,777 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 5
  • 6. Liquidity and no short term maturities 2012-2015 maturities Sep 2012 1,093 (€mn) 45 110 14 2012 2013 2014 2015 Liquidity position (€mn) 1,003 3,234 2,231 Total cash Undrawn lines Total liquidityFinancial position (ex-infra projects) E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 6
  • 7. Top class assets supporting cash generation 9M 12/11 ETR-407 HEATHROW Traffic +0.6% +0.6% Resilience EBITDA +9.2% +10.1% & Rating A A-Tariff review Freedom +7.5% + RPI% Growth Combined annual EBITDA over € 1,600mn Probably, the two best infra assets in the worldLocal currencyLHR LfL E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 7
  • 8. Top class assets supporting growth HeathrowEBITDA evolution(GBP million) GBP 9,300 mn 1,045 issued since 2009 570 2006 2007 2008 2009 2010 2011 Successful ongoing access Resilience through the crisis to capital markets 407ETREBITDA evolution(CAD million) 553 CAD 2,950 mn 353 issued since 2009 2006 2007 2008 2009 2010 2011 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 8
  • 9. Cash flow overview • Focus on project’s credit rating Cintras dividends & BAA´s dividends INFRASTRUCTURE • EBITDA resilient assets PROJECTS • Well spread maturities New projects’ equity  407< 5% per year  BAA < 10% per yearPARENT COMPANY Shareholders’ dividends • Focus on cash, not growth • Commitment to strong BS EXCL INFRA PROJECTS Operating cash flow • Indebtedness target: Max. 2X EBITDA E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 9
  • 10. Where do we generate cash flow? 2011 - Construction and services OPC- capex, excluding acquisitions (PNI) and divestments (Swssiport) 36% 17% 35% R o W 13% Where do we get dividends from projects? 41% 47% R o W 12% Where do we invest equity in new projects? 77% 12% R o W 11%2011 dividends + 2012 BAA(e) dividends E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 10
  • 11. How do we create value? Cash flow Asset generation rotation E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 11
  • 12. Solid cash flow generation€m Cash flow upstream from Strong cash flow generation from infrastructure projects Construction & Services 731 739 406 649 503 527 406 464 462 373 209 288 188 178 182 283 298 130 92 34 79 111 33 205 241 187 188 165 164 2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011 Services Swissport Construction Resilient performance through the crisis *Before tax payment since 2009 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 12
  • 13. BAA: Markets keep missing SOTP supported by transactions values BAA´s traded value materially above market consensus Edinburgh Airport EV/EBITDA 100% BAA / €m 5,715 x16.7 5,527 Equity valueAnalysts consensus Implied valuation x12.1 4,176 Consensus Disposal price 2,387 April 2012 Naples Airport 868 EV/EBITDA x13.3 Aug´2010 Sept´2011 Oct´2011 July´2012 Aug´2012 Oct´ 2012 5.88% 10.62% & 5.72% x7.0 divestment divestment Venice airport Disposal price(1) Analysts consensus on BAA: 100% Equity value.(2) Ferrovial sold 5.88% stake in BAA (GBP280mn) last 10th October 2011 to two investment vehicles managed by Alinda Capital Partners, (Listed peer) 2010(3) Ferrovial sold 10.62% stake in BAA (GBP 478mn) last 17th August 2012 to Qatar holding LLC. As part of the same transaction, other BAA shareholders sold a 9.38%. As a result, Qatar Holding LLC owns 20% and Ferrovial 39.37% of BAA.(4) Ferrovial sold 5.72% stake in BAA (GBP 257mn) last 31th October 2012 to Stable Investment Group. As part of the same transaction, other BAA shareholders sold a 4.28%. As a result, Stable owns 10% and Ferrovial 33.7% of BAA. E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 13
  • 14. Markets keep missing SOTPsupported by transactions values 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 Disposal prices around 2007 peak valuation despite credit crisis Spanish Car parks Swissport €m €m 880 398 +1% 400 +53% 575 (1) (2) 2007 Disposal price (2009) Consensus Disposal price (2011) (1) NAV published by Cintra in 2007, (2) Analyst EV consensus - Disposal price: 100% Equity value, EV for Swissport E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 14
  • 15. OverviewLooking AheadAppendix E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 15
  • 16. What have we done in 2012?Operational Growth (Tariffs) Heathrow +12.7% 407ETR ≅ +8%New Contracts 407ETR extension Sheffield maintenance Managed Lanes (under construction)Balance Sheet BAA Initial dividend 407ETR dividend LT bond issuance E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 16
  • 17. Looking ahead – Value creation in volatile times E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 17
  • 18. Wider value proposition – “Intelligent cities” Sheffield GBP 2.0bn, Birmingham GBP 2.7bn / 25 years Challenging environment Dissatisfied citizens Example: Spanish cities 1) Economic Limited economic growth Citizen Satisfaction (%) 100 Credit and liquidity shortages 80 Public resources constraints & 60 more demanding society 40 Environmental Socio-demographic Regulation Urban population 20 More responsible society Unemployment 0 0 20 40 60 80 100 120 140 Budget per citizen (EUR) 1) Waste management and collection – city spend and citizen satisfaction (2010) Source: United Nations, OCU, Ferrovial Services analysis E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 18
  • 19. Wider value proposition – Managed lanes “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 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 19
  • 20. SummaryN et cash position / N o short term m aturities / Am ple liquidity available CONSTRUCTION TOLL ROADS SERVICES AIRPORTS  Strong backlog  World class player  Margin vs. growth  Dividends from 407 & BAA  Selective exposure to emerging economies  Attractive pipeline of projects E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 20
  • 21. Global Infrastructure E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 21
  • 22. Appendix9 M 2 0 1 2 R e s u l t sIntroduction to 407 ETR Toll roadManaged Lanes Toll roads2011 Results E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 22
  • 23. 9M 2012 results SEP´12 SEP´11 CHG.-% L-f-L% EUR MN SEP’12 SEP’11 CHG.% L-f-L% Construction 3,168.7 3,143.8 0.8 -0.3 Airports 4.7 6.3 -25.3 8.7 Toll Roads 293.4 300.3 -2.3 -3.5 Revenues 5,652.6 5,515.5 +2.5% +0.5% Services 2,204.1 2,068.1 6.6 3.0 Others -18.3 -3.0 n.s. EBITDA 659.5 598.1 +10.3% +8.6% Total 5,652.6 5,515.5 2.5 0.5 EBITDA margin 11.7% 10.8% Period depreciation 161.2 147.2 SEP´12 SEP´11 CHG.% L-f-L% Construction 240.7 171.4 40.4 37.0 EBIT 498.3 450.9 +10.5% +8.7% Airports -15.4 -8.9 -73.7 -22.2 Toll Roads 226.9 222.8 1.8 0.4 EBIT margin 8.8% 8.2% Services 216.3 208.4 3.8 0.7 Others -8.8 4.4 n.s. Disposals & Impairments -10.7 235.3 Total 659.5 598.1 10.3 8.6 Financial results -271.7 -245.3 +10.8%Equity-accounted affiliates 316.7 21.9 SEP´12 DEC´11 VAR% EBT 532.6 462.8 Construction backlog 9,063 9,997 -9.3 Services backlog 13,397 12,425 7.8 Corporate income tax -58.0 26.8 Traffic evolution SEP´12 SEP´11 VAR% ETR-407 1,745,396 1,734,672 0.6CONSOLIDATED NET INCOME 474.6 489.5 Chicago Skyway 42,803 42,680 0.3 Indiana Toll Road 27,749 27,441 1.1 Minorities 13.8 -7.6 Autema 15,119 19,224 -21.4 Ausol I 13,420 14,812 -9.4NET INCOME ATTRIBUTED 488.5 481.9 Ausol II 14,694 16,087 -8.7 BAA (million passengers) 53.0 52.6 0.6 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 23
  • 24. Appendix9M 2012 ResultsI n t r o d u c t i o n t o 4 0 7 E T R T o l l r o a dManaged Lanes Toll roads2011 Results E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 24
  • 25. 407 ETRWould you buy this company...? Shareholders fund Debt 1999: 1999 775 1,937 27x Debt/Ebitda 1H12 -939 5,568 Accounting High losses debt E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Figures in million $CAN 25
  • 26. 407 ETR Ferrovial bought this company... Cash generation 407 ETR Valuation (1999 – 2011) (100%) Initial equity investment (62%) (326mn) 100% pay-back 6,625 Dividends (00 - 11) 576mn 13x 10% disposal 640mn first 10 years NET CASH IN 890mn 525 Valuation x13 1999 2011* Maturity 86 years to maturity 2098 Strong dividend flow Equity valuation sharp increase* December´11 analysts consensus E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 26
  • 27. 407ETR Location Area of expansion 407 East extension High density population area Ring road of Toronto 108 km 407 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 27
  • 28. 407 ETRAll Electronic Roadside Tolling System E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 28
  • 29. Fast407 ETR SafeR eliable LOCATION HIGH Greater Toronto Area HOUSEHOLD INCOME 23% of Canada 46% higher population than Canada average SPEED NO REGULATORY Alternatives routes REVIEWS 40kph vs 100kph at During concession 407 life (99 years) TRAFFIC TOLL RATE HIGH FLEXIBILITY Alternatives routes Including segment, are highly congested direction, time of the day NON-STOP TOLL FACILITY FAST Fully electronic with interchanges Reliable travel times every 3km E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 29
  • 30. 407 ETRFinancial overview ($CAD million) Revenues Capital Expenditure 97 CAGR: 8.2% 675 90 77 88 72 420 49 86 years to maturity 38 2005 2011 2005 2006 2007 2008 2009 2010 2011 OPEX Dividends 460 121 104 CAGR: 2.6% 100% pay-back in first 10 300 years 190 145 135 120 85 2005 2011 2005 2006 2007 2008 2009 2010 2011 EBITDA EBITDA % Debt / EBITDA X 27 CAGR: 9.8% 554 Free-tariff revision 82% 80% 316 79% ≅ 8% CAGR 02-11* 77% 76% 8.7 75% 2005 2011 * Tariff increase for light Vehicles in Peak hours regular zone 1999 2011 (%) E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 30
  • 31. Recurrent presence in the bond market Extending maturities at historically low cost CAD 2,950mn issued since 2009 500 400 400 Maturity 350 3,58% 40 years 300 300 3003,49% 200 200 30 30 2009 2009 2010 2010 2010 2010 2011 2012 2012 Yearly average maturity: Only 3% of total debt Spread 510 1,58% 1,56% 1,60% 1,70% 312 285 9 145 5 3 14 6 10 11 14 2009 2009 2010 2011 2012 2012 2012 2013 2014 2015 2016 2017 2018 2019 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 31
  • 32. Appendix9M 2012 ResultsIntroduction to 407 ETR Toll roadM a n a g e d Lanes Toll roads2011 Results E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 32
  • 33. 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 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 33
  • 34. Managed LanesLevel of demand NTE (untolled) 407ETR (tolled) Peak period Westbound Eastbound00.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 18.00 20.00 22.00 24.00 12.00 2.00 4.00 6.00 8.00 10.00 12.00 2.00 4.00 6.00 8.00 10.00 12.00 Time of the day Time of the day E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 34
  • 35. Managed Lanes Travel time reliability (NTE)Based on NTE dataML will provide users a reliable and certain travel time 7 miles 45 Travel Time (Minutes) 40 35 30 30-40min 25 20 15 10 5 0 0 1 2 3 4 5 6 7 Distance (miles) For a 7 mile trip, a user can save up to 30-40min in rush hour if using the ML (NTE Eastbound lanes)(*) Peak period observations E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 35
  • 36. M anaged LanesLyndon B Johnson KEY CHARACTERISTICS DESCRIPTION: IH 635 (Dallas County), the most populous county in Texas LENGTH: 13 mile section of the IH 635 and IH 35E 108K m Electronic toll CONCESSION PERIOD: 52 years TARIFF POLICY: 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 SHAREHOLDERS’ STRUCTURE● Heavy congested area , almost 250.000 cars per day● No toll-booths, fully electronic free flow tolling 51% 42% 7% system DALLAS CINTRA MERIDIAM FIRE&POLICE● Tollway within a freeway: Motorists will be provided PENSION SCHEME with a choice of driving in non-tolled GP lanes or paying a toll to bypass such GP lanes FINANCIAL STRUCTURE● Tolls setting to ensure minimum speed on new lanes● As demand grows and capacity becomes scarce, 25% 54% 20% pricing power increases EQUITY DEBT PUBLIC FUNDS● Physically separated from the GP lanes with controlled access E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 36
  • 37. M anaged LanesNorth Tarrant Express KEY CHARACTERISTICS DESCRIPTION: Dallas-Fort Worth Metroplex, Major thoroughfares between Fort Worth and DFW Airport LENGTH: 13 mile section (IH 820 & SH 183 in Tarrant County) CONCESSION PERIOD: 52 years TARIFF POLICY: 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 SHAREHOLDERS’ STRUCTURE● Heavy congested area , almost 200.000 cars per day● No toll-booths, fully electronic free flow tolling 57% 33% 10% system DALLAS CINTRA MERIDIAM FIRE&POLICE● Tollway within a freeway: Motorists will be provided PENSION SCHEME with a choice of driving in non-tolled GP lanes or paying a toll to bypass such GP lanes FINANCIAL STRUCTURE● Tolls setting to ensure minimum speed on new lanes● As demand grows and capacity becomes scarce, 21% 52% 27% pricing power increases EQUITY DEBT PUBLIC FUNDS● Physically separated from the GP lanes with controlled access E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 37
  • 38. Managed LanesFinancial Overview Financial details Financial details − Total Investment: 2.05 bn − Total Investment: 2.7 bn − Private Equity: 25% 665 m − Private Equity: 21% 427 m Cintra: 243 m (57%) Cintra: 339 m (51%) Meridiam: 141 m (33%) Meridiam: 282 m (42%) DPFPS: 43 m (10%) DPFPS: 44 m (7%) − Total Debt: 52% 1.05 bn − Total Debt: 54% 1.47 bn PABs: 400 m PABs: 615 m TIFIA: 650 m TIFIA: 850 m − Public Funds: 27% 537 m − Public Funds: 20% 496 m• First combination of TIFIA and tax exempt PABs. • First privately-financed road development project of its kind to reach financial close in 2010.• First un-wrapped bond issuance for a toll road. • Texas’ third big recent road project to reach• First time TIFIA allowed additional debt to be raised financial close since 2008. beyond its approved federal subsidy cap.• First time that a U.S.-based pension fund made a direct investment in a highway concession. Figures in US Dollars E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 38
  • 39. Appendix9M 2012 ResultsIntroduction to 407 ETR Toll roadManaged Lanes Toll roads2 0 1 1 Results E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 39
  • 40. 2011 Highlights (1) CASH Activity cash flow generation: €1,446mn ex-infra projectsGENERATION €907mn net cash position ex-infra projects ACCESS TO €2.1bn bond issuances in 2011 CAPITAL MARKETS and €1.7bn issued YTD 2012 VALUE FROM Value obtained from divestitures beats market expectationsDIVESTITURES BAA / Swissport / M45 EBITDA Operational growth across portfolio GROWTH 9% EBITDA growth (LfL) E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 40
  • 41. 2011 Highlights (2) CORPORATE JANUARY M45 shadow toll road sold (€68mn) FEBRUARY Swissport divestment process completed (€692mn) APRIL Ferrovial´s corporate debt refinanced (€1,314bn)Delivering REFINANCING JUNE AUSOL refinancing completed (€492mn) JULY BAA: Inaugural dollar bond issuance ($1.0bn) AUGUST Ferrovial gets its first rating by S&P and Fitch: Investment grade (BBB-), outlook stable CORPORATE OCTOBER BAA 5.88% stake sold (GBP280mn) NOVEMBER First Ferrovial Services Investor day in London DECEMBER Chilean toll roads 40% stake divestment completed (€157mn) To invest in future growth E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 41
  • 42. Shareholder remuneration Dividend 2011 (Euros/share) Interim 0.20 Complementary 0.25 TOTAL 0.45 0.42 0.45 0.40 2009 2010 2011 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 42
  • 43. Cash Flow ex-infra projects (€mn) OPERATING NET CASH FLOW INVESTMENT Construction 298 (92) Services 164 (99) Toll Roads 137 (134) Swissport 692 BAA 326 Other/divestment (21) 1,264 Chile 157 Taxes (67) M45 68 TOTAL 510 936 1,446 Remarkable cash flow generation E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 43
  • 44. Net debt evolution Ex-projects 1,264 (€m) 907 463 182 31 -68 -67 -90 -114 -328 -367 Net cash EBITDA Dividends Working Taxes Investment Divestment Dividends Interest Other Net cash Dec´10 recived capital paid Dec´11 Infra projects (€m) 14,529 356 263 -85 -103 -25 -780 -32 -97 -293 -6,102 -6.102 -19,836 Net debt EBITDA Working Taxes Investment Dividends Interest Capital Forex Deconsolidated Other Net debt Dec´10 capital debt Dec´11 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 44
  • 45. Diversified portfolio - EBITDA Reported Underlying FY 2011 – Pro-forma considering proportional consolidation UK UKRoW North 16% America 53% 20% 12% 7% 18% 52% RoW 22% North America Spain Spain €819 €1,730 Construction Toll roads Construction Services Toll roads Services Airports E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 45
  • 46. Executive summary – 2011 HighlightsBusiness main events in 2011: Services: strong cash flow generation (EUR 164mn), revenue growth & profitability improvement with a stable backlog of over 50% international business. Construction: strong cash flow generation (EUR 298mn), mainly driven by international business, Budimex in particular, which offsets the Spanish market performance. Airports: double digit growth in EBITDA (+18%) with the highest traffic ever in Heathrow (69,4 Million Pax). Toll Roads: EBITDA growth was achieved through higher tariffs and grants offsetting weaker traffic.Asset rotation main events in 2011: Services: Swissport divestment was closed in Q1 2011 (EUR 695mn). Airports: Ferrovial sold 5,88% of BAA to funds managed by Alinda Capital Partners for GBP 280 mn (EUR 325mn) – implying an equity value of GBP 4,8 bn. Ferrovial retains now 49,99% and accounts its financial statements through equity method. Toll Roads: Two divestments initiated in 2010 were cashed-in during 2011: M45 (EUR 68mn) and remaining 40% stake in C.Chile (EUR 157mn). E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 46
  • 47. Executive summaryFinancial main events in 2011At ex-Project level  In 2011 Ferrovial refinanced its corporate syndicated facility one year prior to maturity through a 4 year facility with 32 leading Financial institutions (maintaining a EUR 541mn liquidity revolving line fully available) and amortized EUR 800 mn, keeping EUR 1bn as outstanding debt.  In 2011 Amey closed a GBP 135mn facility maturing in 2015 with 5 financial institutions. This facility has fully replaced the prior one, extending maturities and enlarging the liquidity in GBP 27mn.At Project level  In June 2011 Ausol closed the refinancing of its EUR 492mn debt with a 21 bank syndicate loan until 2016, while Radial 4 EUR 548mn financing, matured in July 27th, is awaiting for a sectorial solution from the Ministry of Transportation while a Standstill agreement by the parties has been reached.  BAA has very actively tapped the capital markets - In 2011 BAA issued bonds in EUR, GBP and USD equivalent to EUR 1,8bn, which resulted in the total cancellation of the refinancing facility. - In Q1 2012 BAA issued bonds in EUR, CHF and GBP equivalent to EUR 2,4bn. E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 47
  • 48. Toll roads Financial 2011 ∆% L-f-L • €159mn dividends from projects Revenues 390 +5% EBITDA 283 +14% • Refinancing facilities in 2011 EBITDA % 72.7% +19 bps Ausol (€492mn) R4 – standstill 2011 ∆% L-f-L Traffic EBITDA 1 • Chile & M45 divestiture completed Autema -7% +8% Chicago Skyway -7% +9% Ausol -7% +10% • EBITDA growth Tariffs and grants more than offset weak traffic ETR 4072 -1% +10% Indiana Toll Road2 -3% +4% • Pipeline USA, Canada & New markets1 Financial asset2 Equity method E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 48
  • 49. 407ETR (Equity method, FERROVIAL stake: 43%) CAD Mn 2011 ∆% • EBITDA growth (+11%) L-f-L 675 +8% Revenues • Stable traffic (-0.5%) EBITDA 553 +11% Net debt 4,831 +7% • Tariff growth • New bond issuances (CAD 350mn) Resilient performance EBITDA (CAD million) • No relevant maturities until 2014 553 • CAD 2.35bn issued since 2009 353 • Dividend payment (CAD 460mn) 2006 2007 2008 2009 2010 2011 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 49
  • 50. Services 2011 ∆% UK Spain L-f-L Revenues 2,821 +9% EBITDA 312 +5% +19% Revenues +3% EBITDA % 11.1% +45 bps EBIT 207 +3% +3% EBITDA +6% EBIT % 7.4% +7 bps -8% BACKLOG +7% Backlog 12,425 -1% L-f-L +9% excluding 2010 one-offs Revenues • Strong cash flow generation (€164mn) geographical breakdown • Growth & Profitability improvement UK Spain 50% 50% • Stable backlog • Swissport divestment E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 50
  • 51. Construction 2011 ∆% L-f-L International Domestic Revenues 4,244 -5% EBITDA 248 +4% EBITDA % 5.8% +49 bps Revenues -17% +8% EBIT 215 +8% EBIT +8% +9% EBIT % 5.1% +60 bps +6% BACKLOG -12% Backlog 9,997 -1% L-f-L Backlog • Strong cash flow generation (€298mn) Geographical breakdown Work breakdown Industrial & other Domestic 3,167 Residential • International business offsets Spanish performanceInternational 6,830 76% S e i 1 r e Civil works • Stable backlog E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 51
  • 52. BAA (Equity method, FERROVIAL stake 49.99%) ∆% 100%, GBP Mn 2011 5.88% stake divestment L-f-L • 2,524 +9% Revenues • 100% implied equity value GBP 4.8bn EBITDA 1,287 +18% • Capital structure strengthened EBITDA % 51.0% +500 bps • Issuances in Sterling, Euro, Dollar & Swiss franc (2012) NET DEBT 12,862 • 2011: GBP 1.6bn bonds & bank facilities • 2012: GBP 1.5bn bonds; Maturities already refinanced Traffic 2011 ∆% • Double digit EBITDA growth (PAX Mn) Heathrow 69.4 5.5% • LHR highest ever traffic Stansted 18.0 -2.8% Scotland 19.4 8.1% • 2012(e) dividend (GBP 240mn) Southampton 1.8 1.6% UK airports 108.5 4.4% • Edinburgh divestment underway E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 52
  • 53. HEATHROW – Continuous improvement Resilient performance Capital markets access EBITDA (GBP million) 1,045 GBP 5.1 billion issued since 2009 570 2006 2007 2008 2009 2010 2011 18.7% 5.5% 9.5% TRAFFIC REVENUES EBITDA E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 53
  • 54. Profit & Loss TOTAL VAR. (€mn) L-f-L(1) Net Revenue 7,446 -1% EBITDA 819 +9% Depreciations (192) -13% EBIT 627 +18% Disposals & impairments(2) 142 Net Financial Result (303) +6% Equity accounted 17 EBT 482 Taxes (61) BAA discontinued 847 Minorities 1 NET PROFIT 1,269(1): Like-for-Like: Excluding forex impact, perimeter variations and fair value adjustments (2) Included in EBIT at the statutory accounts E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 54
  • 55. 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