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20100315 Fcc Corporativa Ingles 2009
20100315 Fcc Corporativa Ingles 2009
20100315 Fcc Corporativa Ingles 2009
20100315 Fcc Corporativa Ingles 2009
20100315 Fcc Corporativa Ingles 2009
20100315 Fcc Corporativa Ingles 2009
20100315 Fcc Corporativa Ingles 2009
20100315 Fcc Corporativa Ingles 2009
20100315 Fcc Corporativa Ingles 2009
20100315 Fcc Corporativa Ingles 2009
20100315 Fcc Corporativa Ingles 2009
20100315 Fcc Corporativa Ingles 2009
20100315 Fcc Corporativa Ingles 2009
20100315 Fcc Corporativa Ingles 2009
20100315 Fcc Corporativa Ingles 2009
20100315 Fcc Corporativa Ingles 2009
20100315 Fcc Corporativa Ingles 2009
20100315 Fcc Corporativa Ingles 2009
20100315 Fcc Corporativa Ingles 2009
20100315 Fcc Corporativa Ingles 2009
20100315 Fcc Corporativa Ingles 2009
20100315 Fcc Corporativa Ingles 2009
20100315 Fcc Corporativa Ingles 2009
20100315 Fcc Corporativa Ingles 2009
20100315 Fcc Corporativa Ingles 2009
20100315 Fcc Corporativa Ingles 2009
20100315 Fcc Corporativa Ingles 2009
20100315 Fcc Corporativa Ingles 2009
20100315 Fcc Corporativa Ingles 2009
20100315 Fcc Corporativa Ingles 2009
20100315 Fcc Corporativa Ingles 2009
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20100315 Fcc Corporativa Ingles 2009

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FCC Corporate presentation 2009

FCC Corporate presentation 2009

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  • 1. ServicesServicios Ciudadanos for Citizens Corporate Presentation Investor Relations
  • 2. Services for Citizens summary 1. Strategic Framework 2. Description and Business Model 3. Business Areas 4. Appendix Corporate Presentation Investor Relations
  • 3. Services for Citizens Strategic Framework 1.1 Urban Growth 1.2 Investment in Infrastructure 1.3 Sustainable Cities Corporate Presentation Investor Relations
  • 4. Services for Citizens Urban Growth World Population & Urban Concentration Percentage 1990 -2030* Mn. Inhabitants % Urban Pop. 8.500 65% OECD Countries 8.000 8 1% 78% 60% 75% 60% 73% 7.500 71% 57% 55% 7.000 1990 2000 2010 2020 2030 55% 53% 6.500 5 1% 50% 49% 6.000 47% 45% 5.500 45% 43% 5.000 40% 1 990 1995 2000 2005 2010 2015 2020 2025 2030 The urban population has increased by almost 50% since 1990 and is expected to expand further by almost 50% by 2030 Rapid growth of cities requires large investments in transport, water, electricity and telecommunications infrastructure 5 * Source: "World Urbanization Prospects: The 2007 Revision Population Database" - United Nations Population Division
  • 5. Services for Citizens Investment in Infrastructure Estimated Annual Investment in Infrastructure 2010-2020 (M$)* OECD Railways Total Roads Electricity Telecoms. Water** 0 100.000 200.000 300.000 400.000 500.000 600.000 700.000 800.000 900.000 In view of the rapid growth of cities, the OECD predicts investment worldwide of over 2 thousand billion dollars per annum on infrastructure between 2010 and 2020 More than half of that investment will take place in OECD countries The role of the private sector is increasing 6 * Source: “Infrastructure to 2030” – OECD 2006 ** Water estimates refer only to OECD and BRIC countries
  • 6. Services for Citizens Sustainable Cities Sustainable Urban Infrastructure (OECD)* Efficiency and reuse of Water wastewater Organic waste Fertilizers and biofuels Paper, cardboard, plastic and Recycling, reuse and energy from packaging waste CO2, NOx emissions Clean fuels Renewable energies and energy Electricity efficiency Public transport, intelligent Transport transport systems The concentration of people in cities puts intense pressure on the environment (emissions, waste…) and natural resources (water, electricity…) Sustainable development has become a priority for the 21st century 7 * Source: “Infrastructure to 2030” – OECD 2006
  • 7. Services for Citizens Description and Business Model 1.1 FCC Group 1.2 Leading Position 1.3 Strong International Presence 1.4 Balanced Business Model 1.5 Earnings Visibility 1.6 Healthy Financial Position 1.7 Solid Shareholder Remuneration Policy 1.8 Strategic Plan 2008-2010 Corporate Presentation Investor Relations
  • 8. Services for Citizens FCC Group Leader in Environmental Services and Infrastructure in Spain and one of the foremost groups in Europe 12.7 billion € in revenues and 1.5 billion € in EBITDA in 2009 More than 90.000 employees Operates in over 50 countries / 44% of revenues come from international markets Balanced business model Healthy financial position Market capitalization of 3.7 billion €* Stable and committed shareholding structure Solid shareholder remuneration policy 9 * As of 29 December, 2009
  • 9. Services for Citizens Leading position #1 in environmental services in Spain and #1 in waste disposal in the UK #2 in infrastructure construction #2 in infrastructure construction in Austria #2 in the world and a leader in Eastern Europe (by no. of concessions) #1 in waste management in Austria and Eastern Europe #1 in industrial waste management in Spain and #2 in the US #1 in Spain's cement market #2 in water management in Spain and #5 in the world #1 in end-to-end water and waste management in Latin America
  • 10. Services for Citizens Strong International Presence Revenues* by Region International Germany U.K. 44% 12% 13% Austria Western Europe 30% 10% USA Eastern Europe Domestic 5% 22% 56% Other countries 8% 44% of revenues come from international markets 87% of international revenues come from Europe, where FCC has become a leader in Infrastructure and Environmental Services Presence in markets with considerable growth prospects 11 * 2009
  • 11. Services for Citizens Balanced Business Model 2009 EBITDA by Business Area: An Integrated and International Group SERVICES & ENERGY INFRASTRUCTURE 52% 48% Environmental Concessions Versia Energy (Global Vía) Construction Cement Services 50% Equity accounted 42% 5% 5% Proactiva 28% 20% 50% Equity accounted Realia (Real Estate) 50% Equity accounted Value creation supported by balanced Infrastructure, Services and Energy business activities, with a strong long-term growth potential Over 50% of EBITDA comes from recurrent activities with high visibility on cash flow generation such as Environmental Services and Energy 12
  • 12. Services for Citizens Earnings visibility Backlog 09 Revenues 09 Coverage 34,960 M€ 12,699.6 M€ 2.8x earnings 09 Environmental Environmental Services : : Services = 6.6x earnings 09 69% 28% Infrastructure Infrastructure : = 1.5x earnings 09 31% 57% + + + Energy Energy Regulated tariff 1% High visibility over 86% of earnings Environmental Services linked to public, regulated and long-term contracts Recurrent earnings with guaranteed minimum energy tariffs 13
  • 13. Services for Citizens Healthy Financial Position Financial Leverage 2009 29% Equity Operating C.F. = 5.74 38% Without recourse Financial Expenses 38% 71% Net Debt Net Debt 62% = 3.45* 62% recourse With EBITDA Debt Structure and Maturity* Services and Energy 86% Long Term Infrastructure 73% 26% 24% 25% 20% 14% 15% Other 3% Dec. 10 Dec. 11 Dec. 12 Dec. 13 > Dec. 13 Leverage at a reasonable level Debt structure in line with cash-flow visibility Strong liquidity position with over 4 billion € in cash and equivalents plus available credit lines* 14 * Net Debt and EBITDA, both with recourse. Data as of FY 2009
  • 14. Services for Citizens Solid Shareholder Remuneration Policy Dividend Yield Dividend Paid per Share 7% 2.05 € 2.13 € 6% 5% 1.61 € 1.57 € 1.36 € 4% 3% 2% 1% 0% 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 Pay-Out: + 2.5% capital 46% 50% 50% 59% 59% amortization Pay-Out at 59% with a 6.7% dividend yield in 2009 Dividend policy: Minimum Pay-Out of 50% 4% average dividend yield in the last 5 years 15
  • 15. Services for Citizens Strategic Plan 2008-2010 Promote Expansion Opportunities Environmental Services and Concessions Europe, USA and emerging countries Entry into renewable energies Consolidate Current Increase Organization Businesses Efficiency Sustain market share Process reengineering Integrate acquired businesses Cost optimization 16
  • 16. Services for Citizens Business Areas Description and Prospects 1.1 Environmental Services 1.2 Construction 1.3 Cement 1.4 Energy 1.5 Versia 1.6 Concessions Corporate Presentation Investor Relations
  • 17. Services for Citizens Environmental Services Revenues* by Type of Business Revenues* by Region 7% Industrial Waste Spain 65% 24% Water U.K 20% 28% Environment International Central & Eastern USA Europe 3% 12% Environment 41% Spain Backlog over annual revenues* Strong exposure to institutional demand Water 14x Stable, regulated and long-term contracts 6.6x annual High entry barriers Environment revenues International 3.2x Capital-intensive projects with private funding (PFI and PPP) Environment 5.3x Spain 18 * 2009
  • 18. Services for Citizens Environmental Services: Prospects Strong increase in demand Greater regulatory requirements Demographic expansion Market increase Large economies of scope Privatization of environmental services Shared customers Geographic expansion Full range of environmental services 19
  • 19. Services for Citizens Environmental Services: Prospects % of Municipal Solid Waste Recycled in the EU* 70% 60% EU 2020 Objective: 50% 50% 40% 30% 20% 10% 0% Greece Sweden France The Net ands Germ any Austra way Denm ark ty Porugal Lat a us Czech Republc Swizerand Mala i Luxembourg Est a n I and a y i r and Ial Fi and and a vi Sl a a Bel um oni Spai Romani oveni Bul a Hungar ovaki Lihuani t ted ngdom gari Cypr gi Nor t l nl Pol cel Iel herl t Sl Uni Ki t The European Waste Framework Directive aims for 50% of municipal solid waste to be recycled by 2020 The European Union currently recycles around 40% on average FCC operates in countries which recycle around 25% of their waste 20 * Source: Eurostat 2007
  • 20. Services for Citizens Construction Revenues* by Type of Business Revenues by Region* Spain Austria 9% Residential Building 22% 47% 25% Non-Residential 22% Germany Building 9% Eastern Europe 13% 62% Others 69% Civil Engineering Rest of Europe 5% 4% High entry barriers Focus on civil engineering High operating flexibility Low investment needs 21 *2009
  • 21. Services for Citizens Construction: Prospects Development of transport infrastructure Application of European Funds in OECD countries to develop infrastructure ≈ 150 billion €/year in 2010-20201 >300 billion € in 2007-2013 Exposure through FCC and Global Via 50% allocated to Eastern Europe Extraordinary Infrastructure Plan (Spain) 15 billion € in 2010 – 2012 EIB to finance 50% 22 1 OECD estimates: “Infrastructure to 2030” report
  • 22. Services for Citizens Construction: Prospects European Funds 2007-2013 by country* M€ %/GDP 2006 60.000 30% 50.000 25% 40.000 20% 30.000 15% 20.000 10% 10.000 5% 0 0% Greece Sweden France Denm ark us Austra The Net ands Lat a Porugal Germ any Czech Republc ty Luxembourg Mala Est a a y i n r and i Fi and vi a Sl a a Ial and t Bel um oni oveni Bul a Lihuani ovaki Romani Hungar Spai gari ted ngdom Cypr gi nl Pol Iel herl t Sl t Uni Ki The European Regional Development Fund (ERDF): >300 billion € 50% of its funds are allocated to Eastern Europe (>150 billion €) Investment in infrastructure to promote economic cohesion among the less developed regions is an ERDF priority 23 *Source: European Commission and Eurostat
  • 23. Services for Citizens Cement Leader in Spain Revenues by Region* Spain 71% USA 14% Tunisia 9% U.K. 3% Rest 3% Region where CPV operates Cement Factories Revenues and EBITDA Margin 2005-2009 Revenues 1.750 High entry barriers 1.500 High cash flow generation 1.250 1.000 Capital intensive business 750 31.9% 33.1% 32.5% 29.3% 27.9% 500 250 0 2005 2006 2007 2008 2009 24 *2009
  • 24. Services for Citizens Cement: Prospects Cement consumption per inhabitant1 (Spain) Cement consumption in the US2 Tons Consumption per inhabitant Average Mn. Tons 1.3 0 0 15 0 1.2 0 0 14 5 1.10 0 1.0 0 0 14 0 900 13 5 800 700 13 0 600 12 5 500 400 12 0 19 9 0 19 9 2 19 9 4 19 9 6 19 9 8 2000 2002 2004 2006 2 0 0 8 2009 2008 2009 2 0 10 2 0 11 2 0 12 2 0 13 2 0 14 Cement consumption in Spain has declined by almost 50% since 2007, approaching a 20-year low Management focused on optimizing free cash flow Cost saving Energy efficiency Exposure to markets with growth potential 25 1 Source: Oficemen, NSI 2 Estimates: US Portland Cement Association (PCA)
  • 25. Services for Citizens Energy Installed Capacity (MW) Location Regulated Tariff 20 MW Solar Solar : 441.7€/MWh 422 MW Wind Wind: 422 MW • Pool price + 31.0 €/MWh • With floor/cap of 75.4/89.9€/MWh 165 MW Biomass Thermo-solar: + Thermo-solar • Pool price + 268.7 €/MWh Wind farms 100 MW under development: • With a cap of 363.9€/MWh Thermo-solar plants 2010-2013 Solar power plants Location Capacity (MW) Status FCC Stake Zabalgarbi Spain 90 MW Operational 30% Energy form Waste Allington U.K. 35 MW Operational 100% (Biomass) Eastcroft U.K. 27 MW Operational 100% 165 MW Zisterdorf Austria 13 MW Operational 100% Recurring revenues with guaranteed tariffs Natural hedge of energy cost in the Cement business in Spain (≈15% of the production cost) Considerable scope for organic growth 26
  • 26. Services for Citizens Versia Revenues by Type of Business* Geographical revenues breakdown* Spain Logistics 68% 35% Handling Western Europe 28% Urban Furniture 29% Car Parks America 3% 13% 10% Vehicle Testing 6% 8% Maintenance & other Municipal services linked to the Group’s strategic activities Management focused on consolidation of current businesses 27 *2009
  • 27. Services for Citizens Concessions Nº of Concessions Countries Key Figures TOLL ROADS 23 6 1,500 km. managed 17 Real toll 13 Spain 8 Shadow toll 2 Portugal 1 High-occupancy 2 Ireland toll 2 Chile 2 Mexico 2 Costa Rica CITY RAILWAYS 7 Spain 83 km. managed AIRPORTS 2 2 9 million passengers per year 1 Spain 1 Chile HOSPITALS 2 Spain 1,100 beds PORTS 7 Spain 1,500,000 m2 3 commercial 4 seaport 41 Infrastructure concessions under management with an average life of 31 years Equity attributable to FCC of 619 M€* Growth aimed on project development (greenfields) in OECD countries 28 * Includes the value of pending concessions attributable to GVI from FCC Group at 31-12-09
  • 28. Services for Citizens Appendix 1.1 History 1.2 Shareholder Structure Corporate presentation Investor Relations
  • 29. Services for Citizens History • Founded in Barcelona, Fomento • The Environmental Services de Obras y Construcciones S.A. division begins expansion abroad (FOCSA) was awarded the with contracts for the collection of • The Company wins its first enlargement of the Port of • Construcciones y Contratas, urban solid waste and street significant water management Barcelona. S.A. is founded in Madrid. cleaning in Caracas (Venezuela). contract for the city of Vigo. 1900 1911 1944 … 1979 1944 1979 1981 1985 1988 1992 • First large Infrastructure • First Environmental Services • The Company enters the Urban • FOCSA and Construcciones y contract abroad: the laying of 640 concession to clean and maintain Furniture sector with the installation, Contratas S.A. merge to create Km coaxial cable for the Barcelona’s sewer system. maintenance and exploitation of more FCC, becoming Spain’s leading telephone system in Tripoli than 2,000 bus stops in Madrid. company in the sector. (Libya). • The Company enters the airport • FCC Energía is formed with the handling sector with a contract • FCC takes over Cementos acquisition of 14 wind farms (422 for Las Palmas airport. Portland Valderrivas. • Acquisition of Alpine, WRG, ASA MW) and 2 solar plants (20 MW) 1994 2000 2002 … 1979 1944 2005 2006 2007 2008 Plan 10 • FCC and Caja Madrid merge • FCC Group buys Grupo Logístico • Acquisition of HRS their real estate businesses in the Santos, to create Spain's leading • Realia goes public. company Realia Business S.A. independent logistics operator. • FCC and Caja Madrid establish Global Vía Infraestructuras out of their respective infrastructure concessions. From local company to international group leader in Environmental Services and Infrastructure, with more than 100 years experience 30
  • 30. Services for Citizens Shareholder Structure Employees: 1.0% 53.9% Retail: 9.1% Domestic Institutional: 13.0% T-Stock: 8.6% Foreign Institutional: 11.0% RBS: 3.4% Stable and committed shareholding structure guaranteeing permanent support to company’s management 38% Free-Float 31 As of 24-02-2010
  • 31. Services for Citizens We help create eco‐efficient communities Thank you

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