Executive Summary. Main Figures. Ferrovial January December 2015

1. Heathrow*
IR Department e: ir@ferrovial.com -  +34 915862730 1
ferrovialResults - Executive summary
January – December 2015
Financing activity
Consolidated performance
Business performance
DIVIDENDS RECEIVED
ETR 407 Heathrow
ORDER BOOK
ETR 407* ServicesHeathrow*3 Construction
EBITDA
REVENUES EBITDA
Ex-infrastructure net cash
• Strong op. performance from 407ETR, HAH & AGS.
EBITDA +14%, +4% and +10%, respectively.
• Construction: revenues & EBITDA +9% & +13%,
respectively, on strong Int’l activity combined with
Budimex’s double digit growth in EBITDA & order
book. EBITDA margin up from 8.9% to 9.2%. Order
book at €8.7bn (+8% vs Dec’14).
• Services: revenues +11%, helped by £ appreciation
(LfL +4.2%), with EBITDA margins at 6.4%. Order
book close to record high, €22.8bn incl. JVs (+2%).
• Traffic at Heathrow +2.2% (beating traffic record
practically on every month) & +5.1% for AGS. Strong
traffic growth in toll roads (407ETR +3.3%, despite
tariff increase) on economic recovery & lower oil
price.
• LBJ (Managed lane) opened on Sept 10th 2015.
• NTE 1-2 (opened in Oct’14) positive traffic trend
(+42.5% in Q4’15 vs Q1’15 in ramp up phase).
• Solid traffic growth on the company’s most
important toll roads (in Europe, the US & Canada)
and at Heathrow & UK regional (AGS) airports.
• Construction and Services order book >€31.5bn
(including JVs), helped by contracts awarded in
traditional (US & Canada) and new markets
(Australia, Colombia & Slovakia, the latter in Jan’16).
• Strong financial position & flexibility: reduced
borrowing cost & extended its maturity profile. Net
cash (ex-infra projects) at €1.5bn.
• Higher dividends paid by HAH & 407ETR: HAH paid
£300mn (+11%), 407ETR CAD750mn (+2.7%),
regional airports paid £60mn.
• Disposed of mature assets; Chicago Skyway (55%)
agreed for USD269mn before tax; Stake in M4 & M3
to Dutch fund DIF, agreed for €61mn; ITR sold by its
creditors in Q1 (USD 50mn to FER).
• Takeover offer for 100% of Broadspectrum (prev.
Transfield Services) submitted in Dec’15.
LIQUIDITY 2
TRAFFIC
407 ETR*
1 Including JVs 2 Ex-infrastructure projects. 3 Lfl * Consolidated by equity method
Services Construction
Shareholder remuneration
In 2015, the second shareholder remuneration programme (“Ferrovial Dividendo
Flexible”) took place, approved in March 2015 AGM.
• 1st script dividend paid in May’15 (equivalent to 2014 complementary div.) of €0.304.
• 2nd script dividend paid in Nov’15 (equivalent to 2015 interim div.) of €0.398.
Both dividends were +4.5% greater than those from 2014.
The AGM also approved a share buy-back programme of up to €250mn. 11,783,954
were repurchased. Additionally 760,990 shares were purchased in December, and are
expected to be amortized in 2016.
€mn
AIRPORTSCONSTRUCTIONTOLL ROADS SERVICES
UK Regional Airports
Financing close:
• Toowoomba 2nd Range Crossing
AUD1,100mn 25Y
• East II ext. of the 407ETR
CAD880mn 30Y
• I-77 toll road
USD648mn 50Y
Liquidity line:
€1,250mn
Expansion and extension
Up from €750mn, at 50pbs vs 80pbs
previously and maturity in 2020
Bond issues :
• LHR c. £1,200mn
o/w €750mn (15Y & 1.5% coupon)
o/w CAD 500mn (10Y & 3.25% coupon)
• 407ETR CAD650mn
CAD 150mn (30Y, 3.30% coupon)
CAD 500mn ( 31Y, 3.83% coupon)
• A-66 Benavente-Zamora €185mn
(26Y, 3.169% coupon)
Strong revenues growth in Toll roads, Construction & Services (on Fx)
Reduced borrowing cost & extended maturities
Focus on Shareholder remuneration remains
ORDER BOOK1
Shareholder remuneration:
+10.2%
€9,701mn
+4.5%
€1,027mn
€31.5bn
Construction & Services
€1,514mn €4,533mn
+14%
CAD840mn
+4%
£1,608mn
-19%
€312mn
+13%
€393mn
€242mn €95mn +2%
€22.8bn
+8%
€8.7bn
+3.3%
2,517mn vkt'000
+2.2%
75.0mn pax
+5.1%
14.0mn pax
Toowomba 2nd Range crossing
Australia, AUD1.1bn investment (25Y)
Bucaramanga Colombia,
€880mn investment (25Y)
Toll roads awarded in 2015:
308
367
917
477 510 532
2010 2011 2012 2013 2014 2015
+4.4%

2. ferrovial
Revenues +11% partially explained by £ appreciation (LfL +4.2%).
EBITDA margins at 6.4% (vs 8.8% in 2014), due to the negative contribution
from the Birmingham contract (-€110mn, -€34mn of this relate to the
losses incurred in 2015 & -€76mn for the possible impact from an
unfavorable resolution of ongoing litigation & a revision of the contract’s
profitability). Order book reached €22,800mn (inc. JV’s).
Spain: Good performance continued, sales +4.9%, with contribution from contracts
won in 2014 (waste collection Madrid, Orense Hospital maintenance) and higher
revenues from road maintenance contracts. EBITDA margins were in line with those
from 2014 (10.7%). Order book (including JV) fell by -8.8% at €6,140mn, due to the
slowdown in public tendering in a year with severalelection processes.
UK: Revenues growth (+14.2%) driven mainly by £ appreciation (LfL +3.0%). EBITDA
(€122mn) was adversely impacted by the loss incurred (-€34mn) on Birmingham
contract during 2015 (over-cost in the capex phase & legal costs) and (-€76mn) for
the possible impact from an unfavorable resolution of the litigation with City Council
& a revision of the contract’s profitability. Order book including JV grew by +6.7% (LfL
+1.3%) at €16,323mn. During the last months of 2015, budgetary pressures on public
entities (expected to continue in 2016) has been offset by higher consultingactivity.
International: Positive performance across all countries; Revenues were €59mn in
Chile (+20%), €26mn in Portugal (+2.4%) & €30mn in Poland (+194%). Revenues
grew by +35.8% (+32.9% LfL), while EBITDA up by +113.2% (+102.2% LfL). Qatar
(equity accounted) €8mn vs €5mn in 2014.
Services
Revenues EBITDA Order book*
Toll roads
Airports
Double-digit growth in revenues & EBITDA, due to NTE 1-2 contribution
(managed lane opened Oct’14, only including one quarter in 2014 vs full
year in 2015), and traffic growth in the main toll roads. LfL sales +17% &
EBITDA +26%. EBITDA margin stood at 64.9% vs 59.5% in 2014.
Positive traffic trend in most toll roads, with good performance of light &
heavy vehicles, supported by economic recovery (USA, Canada, Spain,
Portugal & Ireland), better weather conditions & lower oil price vs 2014. In
Q4, the traffic on NTE 1-2 grew by +42% vs Q1.
Two new toll roads opened in 2015:
• LBJ (Managedlane) in Texas on 10th Sept (3M aheadof schedule)
• A-66 Benavente-Zamorain Spain on 12th May
Other highlights:
• ITR sold to IFM investorsfor ~$5.7bn ($50mn inflow for Ferrovial in 2Q).
• Sale of a stake in M4 & M3 to Dutch fund DIF, agreed for €61mn.
• Sale of Chicago Skyway (55%) to Canadian pensionfunds,agreed for USD269mn.
• Algarve has been classified as financialasset after a contract change in Oct’15.
Revenues EBITDA
HAH contribution to Ferrovial’s equity-accounted results in 2015 was
€186mn vs €74mn 2014, mainly from; the inclusion of a positive non-
recurring (non-cash impact) on HAH expenses from changes in pension plans
conditions agreed with the unions (+£237mn), higher amortization (+19%,
from T2 opening, T1 close in June & new T3 integrated baggage system),
positive mark to mark hedges, and lower tax rate (+£91mn).
Heathrow: Traffic +2.2% (beating traffic record practically on every month) to 75mn
pax, from increased number of seats in larger aircraft (av. seats 208.7 vs 204.5 in
2014). Load factors reached 76.5%,in line with 2014.
Heathrow SP revenues +2.7%; on aeronautical +1% & commercial +8% revenues
(with good performanceat parkings, catering services& duty free stores).
• Record passengersatisfaction(81% rate their experience as very good or excellent).
• “Best Airport in Western Europe” (2015 - 1st time), “Best Airport for Shopping” (6th
consecutive year), and T5 “Best Airport Terminal in the World” (4th time in a row)
by the Skytrax World Airport Awards.
• “Best Airport in Europe” for the secondtime by Airport Council International.
UK Regional airports: Traffic +5.1%, 14.0mn passengers. Revenues +4.0% and
EBITDA +10.1% to £75mn. The airports paid £60mn dividends in 2015, €38mn to FER
Revenues (HAH) *EBITDA(HAH)
Ferrovial controls 25% of HAH (Heathrow) & 50% of AGS
Consolidated by equity method
Debt (HAH)
RAB
* Consolidated by equity method
Revenues +8.8% (+1.2% LfL), with strong International growth
(+14.6%), combined with the growth at Budimex (+6% LfL) & the start of
works in new geographies (Australia, Brazil & MDE), which offset decline
at Webber (-20% LfL). EBITDA improved by +13% on high margins on
contracts that are ending in the US, & Budimex performance (+23% LfL).
80% of revenues are international. Order book (+3.8% LfL) was
negatively impacted by the termination of the US-460 contract in Virginia.
International order backlog represents 81% of total, while the Civil
works segment remains the largest segment (81%).
Relevant contracts were awarded in 2015, such as: Thames Tideway
Tunnel (UK), Toowoomba and Northern Beaches Hospital connectivity
(Australia), 407ETR phase II (Canada), I-285 (US) & several at Budimex.
Budimex: Revenue +6.0% LfL from improvements in residential & non-residential
construction.EBIT +26% LfL on ongoing cost control (materials & subcontractors).
Webber: Revenues LfL -20%, given NTE & LBJ finalization. EBITDA margin (13.8%
vs 8.7% 2014) on major projects in their final stages, with most associated risks
mitigated. Order book -3% LfL, on new contractsawarded in the last quarter.
F. Agroman: LfL revenues grew by +6.4% mainly by the contributions from new
areas(Australia,Brazil & Middle East) and traditional markets.
Revenues EBITDA Order book
Construction
Revenues EBITDA Order book*
Spain
UK
International
IR Department e: ir@ferrovial.com -  +34 915862730 2
Revenues EBITDA Order book
F. Agroman (RoW)
Budimex (Poland)
Webber (USA)
Traffic Revenues EBITDA
*Heathrow (HAH)
Glasgow
Aberdeen
Southampton
Traffic Revenues EBITDA Net debt €
Ausol I (80%)
NTE (57%)
407ETR* (43%)
Chicago Skyway (55%)
FY’15
€mn
£ mn
+18.9%
€513mn
+29.6%
€333mn /64.9%
+3.3%
2,517mn VKT
+16.%
704mn
+17.3%
590mn /83.8%
-4.2bn
-3.3%
39,973
+30.2%
81mn
+29.7%
70mn /86.6%
0.0bn
+12.4%
13,165
+11.4%
51mn
+13.0%
41mn /79.1%
-0.5bn
+28.8%
25,553
n.s.
47mn
n.s.
34mn /72.9%
-0.9bn
+11.3%
€4,897mn
-19.4%
€312mn /6.4%
+1.9%
€22,800mn
+4.9%
1,677mn
+4.1%
179mn /10.7%
-8.8%
6,140mn
+14.2%
3,103mn
-42.0%
122mn /3.9%
+6.7%
16,323mn
+35.8%
116mn
+113.2%
11mn /9.5%
+0.4%
336mn
+8.8%
€4,287mn
+12.8%
€393mn /9.2%
+7.9%
€8,731mn
+14.3%
2,419mn
+0.6%
236mn /9.8%
+0.4%
5,807mn
+6.4%
1,226mn
+23.5%
68mn /5.6%
+38.5%
1,974mn
+7.9%
950mn
+51.1%
89mn /13.8%
-4.5%
643mn
+2.8%
£2,767mn
+4.4%
£1,608mn /58.1%
£13.4bn
£14.9bn
+2.2%
75.0mn
+2.8%
2,767mn
+4.4%
1,608mn /58.1%
+8.8%
104mn
+13.0%
8.7mn
+21.9%
44mn /42.3%
-7.0%
3.5mn
-1.7%
63mn
+6.8%
26mn /41.7%
-3.0%
1.8mn
+0.5%
28mn
+13.6%
8mn /29.5%
* LfL
€mn
€mn
* Including JV’s

3. ferrovial
Long Term Assets
Balance sheet
Current Assets
Equity
Long Term Liabilities & others
Current Liabilities
Gross cash
Ex. Infrastructure Projects
Net cash position
Gross debt
Ex.Infrastructure Projects
Infrastructure Projects
Debt maturity calendar
corporate (€mn)
Liquidity position (ex- infra)
Total cash
Total liquidity
Undrawn lines
• Strong balance sheet and liquidity position to finance future
growth opportunities.
• At the end of 2015, Ferrovial’s net cash position, excluding
infrastructure projects, stood at €1,514mn vs (€1,632mn in
2014). Not including the cash inflow for the disposals of the
Chicago (USD269mn) or the Irish (€61mn) roads.
• The dividends received from projects reached €477mn (€267mn
from Toll Roads, €132mn from Airports & €78mn from Services).
Corporate rating
IR Department e: ir@ferrovial.com -  +34 915862730
Bonds
BBB / stableFitch (confirmed in July 2015)
BBB / stableStandard & Poor’s (confirmed in Jun 2015)
Total
Net cash position
FY’15
€mn
Deferred income16.8bn
8.6bn
25.4bn
66%
34%
6.5bn
1.1bn
9.3bn
8.4bn33%
37%
4%
26%
1.5bn
-6.1bn
-4.5bn
3.0bn
-1.5bn
1.5bn
Net cash (debt) structure total
3.0bn 1.6bn
4.5bn
89%
34mn
2016
10mn
2017
502mn
2018
837mn
2021+
EBITDA
ex-infrastructureCash flow generation
W. Capital
& others
Operating CF
(before tax)
Interests paid
Dividends
(projects)
Net
investment
Construction
Toll roads
Financials
Shareholder
remunerationConstruction
Services
Toll roads
Airports
Construction
ServicesServices Services
Construction
Services
Airports divs
Toll roads divsOther
+ + = + + =
FX impact
Other
Cash
Variation
9mn
2019
12mn
2020
+580 +477 (168) +889 (300) (678) (118)
+380 +267 +120 +272 (30) (532)
+237 +78 (8) +289 (207) (35)
(38) +132 (280) +267 (62) (23)
(70)
*Others
Others
* Includes changes in factoring, provisions, pensions payments UK and
remuneration in shares & others.
+132 (1) (88)
Others
Taxes
(29)

4. ferrovial
IR Department e: ir@ferrovial.com -  +34 915862730 4
INNOVATION PROCESS
ACKNOWLEDGEMENTS
For the last 14 consecutive years Ferrovial has been included in the DJSI (Dow
Jones Sustainability Index) at a global level. In addition, Ferrovial has been
recognised by the FTSE 4Good index for the past 11 years, by the Carbon
Disclosure project for the past 4 years, and is also a member of Stoxx and MSCI
Global sustainability index.
Sustainability is integrated in Ferrovial’s value creation proposition
(economic, social and environmental)
CONTRIBUTION TO VALUE CREATION
Ferrovial is aware of its responsibility vs climate change assumes the firm
commitment to reduce the environmental impact of all its activities. In addition,
this commitment contributes to generate new ideas and business models, to offer
clits innovativesolutionswith lower environmentalimpact
C02 EMISSIONS -43.7% (2009-2015) RENEWABLE ENERGY
19% (100% Amey)
WATER:
water consumption
measurement
methodology.
RECYCLING
1,071,021 tonneswere
recycled in 2015
CONTRIBUTION TO VALUE CREATION
Innovation is one of Ferrovial’s main corporate values and strategic pillars, used
to answer to society’s challenges and the needs of its clients, while pushing for
operating efficiency and the constant search for competitive and
differential solutions. Ferrovial has identifies seven strategic areas in which
innovation is key: toll Roads, Cities, Energy efficiency, energy from waste,
innovativeconstruction,Water,Airports.
CONTRIBUTION TO VALUE CREATION
Ferrovial follows In terms of the remuneration of its top management, the same
principles applicable to the rest of the company, the best market practices,
legal requirementsand its own internalregulation.
Ferrovial compareswith the IBEX35 members and is in the average
compensationof that group.
REMMUNERATION OF PRESIDENT & CEO
22% 35% 43%
VariableFixed Long term incentives
2011 grant
BOARD REMMUNERATION
INNOVATION IN 2015
>100 €46mn 5
R&D
INVESTMENT
R&D
DEVELOPPED
PROJECS
PROJECTS IN
COLLABORATION
WITH MIT
STRATEGY PROCESS CULTURE
Set by committee with
Innovation Director of all
business lines & the
Information & Innovation
Systems director, which
defines the priority areas for
investigation.
Once a business challenge is
identified, it turns into a project,
supported y an open ecosystem
with gvt agencies, investigation
centres, large corporations,
internal technical offices &
competence centres and startups
“Innovation days” supported
by top management, extended
by mid management (SUMMA
university) and built y all
employees (ZURITANKEN)
In 2015 it is executing
2014’s winning ideas
1. Toll Roads
2. Cities
3. Energy efficiency
4.Energy from waste
5. Innovativeconstruction
6.Water
7. Airports
1. Big Data for traffic models
2. Urban Labs (Madrid, Santander & Sheffield)
3. Light for Glass
4.Circular economy
5. WPP (Warning Presenceof People)
6.Ferroagua
7. Insider Navigation
PRIORITY AREAS FOR INVESTIGATION& EXAMPLE OF SPECIFIC PROJECTS
REMMUNERATION PRINCIPLES
Top management & Board remuneration is aligned with Ferrovial’s general
remunerationprinciples:
• Long term value creation
• Transparency
• Attraction & retentionof best professionals
• Responsible objective achievement
• Reasonable balance of fixed & variable remuneration
• Acknowledgementin some casesof differed remunerationconcepts
• No pension commitments
Promoting professional development of all employees is a strategic
priority.
CONTRIBUTION TO VALUE CREATION
Operating excellence & innovation are possible given Ferrovial employees’ talent
& commitment. The Group’s internationalization requires proactive talent
management, aligned with needs of our business & focussed on results and
excellent performance.
70%
MALE
30%
FEMALE
74,032
Workforce
Year end
71,784
Averageworkforce
41.9 42.8AVERAGE AGE
8.5 8.4YEARS OF SENIORITY
77% 81%PERMANENT CONTRACT
87% 13%MANAGEMENT
2.5% 0.7%ROTATION INDEX
67% 33%NEW RECRUITMENTS
Spain 51%
UK 28%
Poland 6%
America 3%
RotW 12%
24countries
A) TALENT MANAGEMENT:
• Differential learning: Ferrovial spent
0.22% of revenues on employee training
(average 22hr/employee) in 2015.
• Succession Planning: 960 people
assessment to identify 284 successors for
key 139 management positions.
B) COMMITMENT:
• 84% employees would recommend
Ferrovial as a good company to work for.
• 91% employees are willing to make an
extra effort so that the Company achieves
its objectives.
Ferrovialhas been recognized
as Top Employer in Spain
for 6 consecutiveyears
Human resources Environment
Say on payInnovation