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Ferrovial Investors Presentation Jan Mar 2014 | Presentación Inversores Ene Mar 2014

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Ferrovial Investors Presentation Jan Mar 2014 | Presentación Inversores Ene Mar 2014

  1. 1. 1 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 2014 ferrovial Investing for growth
  2. 2. 2 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 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.
  3. 3. 3 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Agenda G r o u p o v e r v i e w 2 0 1 4 – F i r s t Q u a r t e r r e s u l t s L o o k i n g A h e a d 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 M a n a g e d L a n e s T o l l r o a d s A p p e n d i x
  4. 4. 4 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 INFRASTRUCTURE PROJECTS PARENT COMPANY EXCL INFRA PROJECTS Leading sponsor of tollroads infrastructure development worldwide Key developer of ETR 407 Design, build, finance & operation Leading European airport operator Ownership and manager of 4 UK airports, including Heathrow One of the European construction leading groups Civil engineering, industrial construction & water treatment Leading provider of infrastructure services Infrastructure & Maintenance management Urban services & waste management Capital intensive / Inflation protected / LT duration & financing Controlling Shareholder 43% Free float 57% Non capital intensive / Backlog visibility / EPS accretive Ring fenced debt Net cash position Ferrovial Business Overview €242mn Dividends from Toll roads €219mnDividends from Airports €322mn €343mn EBITDA from Construction EBITDA from Services 2013 figures
  5. 5. 5 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 How to manage Financially Low level of corporate debt Asset rotation to support growth Efficient asset allocation Operational value generation Operationally
  6. 6. 6 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Debt Structure Net debt evolution ex-infra projects 3,064 1,987 1,547 1,172 31 907 1,484 1,663 1.565 2006 2007 2008 2009 2010 2011 2012 2013 1Q14 Debt allocated at project level NET CASH €1,565mn P R O J E C T S E X – I N F R A P R O J E C T S Net debt (€mn) €mn Net debt NTE 614 LBJ 986 NTE 3A3B 52 TOTAL 1,652TOLL ROADS* Net debt €6,775mn Projects under development not generating EBITDA 23% of Toll roads net debt NET DEBT €7,091mn * €1,153mn related to R4 & OLR, both filed for creditor protection Q1 ‘14
  7. 7. 7 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 53 38 20 11 501 4 507 2014 2015 2016 2017 2018 2019 >2019 No meaningful maturities until 2018 Financial position (ex-infra projects) 2014-2019 maturities Liquidity position € million - March ‘14 2,739 3,620 881 Total cash Undrawn lines Total liquidity
  8. 8. 8 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 7.5 7.5 7.2 18.1 2005 1Q2014 Services Construction Strong Backlog (Construction & Services) Backlog at Record levels Strong backlog of €25.6bn as of 1Q2014 (40 months of activity) (€bn) International 25.6 14.7 +74% 38% 67% Construction Services 33% 67% Domestic International 30% 70% Domestic International
  9. 9. 9 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Highlights (2014 year to date) Financial New liquidity Facility (€750mn)1 €25bn backlog (Construction & Services)Operations3 €1.6bn Net cash / €3.6bn LiquidityCash Position ex-infra projects New managed lanes (I77)Future2 4
  10. 10. 10 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Business Overview Airports Toll roads Services Construction Focus on quality service and cost control Higher traffic due to load – factor Q6 (2014-2018) New regulatory period Focus on greenfield projects New concession award (USA) – I77 “managed lanes” Integration of Enterprise acquisition (UK) Focus on cash flow and growth No global or volume ambitions Competitive tool for complex infrastructure projects
  11. 11. 11 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Spain outlook (2013) Industrial waste (Ferrovial) Traffic toll roads Activity cash flow (Ferrovial) Ausol I -16.4% +1.9% -26 +84 -17.6% -9.8% +2.4% 2012 2013 1H’13 FY’13 Dec’13 2010-11 2013 Tons Improving days of sales outstanding 148 155 164 201 211 146 120 2007 2008 2009 2010 2011 2012 2013 Ferrovial Services €mn
  12. 12. 12 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Agenda G r o u p o v e r v i e w 2 0 1 4 – F i r s t Q u a r t e r r e s u l t s L o o k i n g A h e a d 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 M a n a g e d L a n e s T o l l r o a d s A p p e n d i x
  13. 13. 13 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Revenues 91 -5.3% EBITDA 55 -2.1% EBITDA % 60.3% Toll roads 1Q2014 ∆% L-f-L •Pipeline Active bidding in the US / Australia / Canada Selective monitoring of opportunities in Chile, Peru, Colombia, Mexico, Croatia, Ireland & UK. •Traffic recovery in Ireland and Portugal and stabilising in Spain •New projects awarded I77, North Carolina, US (“managed lanes”) US$655mn. 50 years concession •Revenue and EBITDA growth, +11%, at 407ETR combining traffic growth (+3,2%) and tariff increase 1 Financial asset 2 Equity method *Ausol II Traffic Ausol* (Spain) -0.4% -3.7% Algarve (Portugal) +6.2% +15.8% M4 (Ireland) +4.2% +6.0% ETR 4072 +3.2% +11.0% Chicago skyway2 -5.2% -4.2% 1Q 2014 EBITDA∆% L-f-L € million Traffic
  14. 14. 14 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 407ETR (Equity method, FERROVIAL stake: 43%) Revenues 185 +11.2% EBITDA 150 +11.0% EBITDA % 81.1% -20bps Net debt 5,701 +2.2% 1Q2014 ∆% L-f-L 408 665 2007 2008 2009 2010 2011 2012 2013 EBITDA (CAD million) Resilient performance Dividend (CADmillion) • Revenue and EBITDA growth (+11%) Traffic (+3.2%) Tariff growth • No relevant maturities until 2015 • Attractive dividend 190 300 460 600 680 2009 2010 2011 2012 2013 CAD million
  15. 15. 15 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Revenues 1,032 +46% EBITDA 69 +6.1% EBITDA % 6.7% -350 bps Backlog 18,105 +1.5 % Services 1Q2014 ∆% L-f-L +82% +59% +3% +9% -18% -1% Revenues EBITDA BACKLOG L-f-L UK Spain € million • Strong revenue growth both in UK and Spain • EBITDA affected by contracts start up costs, seasonality and Enterprise integration • Enterprise acquisition on track Synergies 2015 (e) £40mn • Expanding international operations Chile, Qatar & Poland SpainUK Operating cash flow 165 164 495 359 2010 2011 2012 2013 Backlog by geographic breakdown 64% 35% Other 1% * Excluding forex impact, integration and restructuring costs.
  16. 16. 16 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Amey -profitable growth 0.7 1.2 2007 2012 CAGR: 9.7% Proven organic growth (sales) 2013: Enterprise synergies on track 7 35 40 UK Services market is growing 7.5 11.2 2012 2013 £ billion 16 19 Synergies Net Costs -9 +16 +40 19% organic growth 12.3 14.6 2011 2013 CAGR: 9% Amey/Enterprise active bids 2011 date includes Enterprise’s bids Backlog: Anticipating future growth € billion £ million 2013 2014 (e) 2015 (e) Amey
  17. 17. 17 Robust medium-term pipeline Amey Prospects pipeline Client segment Year of award Nature 1) Total: EUR 15.7B 19% 25% 21% 20% 15% 2014 20% 2015 44% 2016 20% > 2017 16% 19% 81% 1) Projects with total revenues above EUR 12M per annum Source: Ferrovial Services Environment Local Government Social Utilities Industrial Transport Newly Outsourced Other
  18. 18. 18 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 FS Top 3 TRANSPORT SOCIAL CORPORATEENVIRONMENTAL UK Infrastructure Services market: c. EUR 54BN (2012)
  19. 19. 19 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Spain: resilient operations & financial performance 1.39 1.42 2007 2013 Stability Sales 100% EBITDA / Cash flow conversion 1.33 1.37 EBITDA OCF Backlog: Anticipating future growth 5.2 6.3 2012 2013 € billion Cumulative 2007 - 2013 Local government operating spend 34.2 24.7 2007 2012 -28% Source: Presupuestos anuales de las Entidades Locales – Ministerio de Hacienda y Administraciones Públicas
  20. 20. 20 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Revenues 795 +0.7% EBIT 50 +4.3% EBIT % 6.3% +40 bps Backlog 7,489 -4.7% Construction 1Q2014 ∆% L-f-L • Flat growth and higher EBIT • Poland 1Q contracting +45% Infra roads plan 2014-19, €10.0bn • International growth to offset Spanish decline in 2014 • Weak quarter in Texas due to bad weather DomesticInternational Budimex Webber F-A Revenues +2% -9% +3% EBIT +28% +29% -2% Backlog +5% -10% -5% € million Operating cash flow 373 298 100 304 2010 2011 2012 2013 Backlog by geographic breakdown 70% 30% ∆% L-f-L
  21. 21. 21 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Heathrow 16.0 +0.5% Scotland 2.2 +6.3% Southamptom 0.3 +5.5% Total HAH 18.6 +1.2% HAH (Equity method, FERROVIAL stake 25.0%) Revenues 614 +10% EBITDA 319 +28% EBITDA % 51.9% +712 bps NET DEBT 12,793 +1% 1Q2014 ∆% • Best ever passenger satisfaction Over 80% of passengers surveyed rated their experience as excellent or very good • The Queen´s Terminal (T2) on track for opening on 4 June 2014 • Double digit EBITDA growth • Traffic growth reflects later timing of Easter in 2014 • New regulatory period Q6 (Apr 2014-Dec 2018) • Heathrow`s proposal for third runway shortlisted for further analysis (Airports Commission) (PAX Mn) ∆% L-f-L Traffic 100% GBP million 25.00% 20.00% 13.29% 11.88% 10.0%11.18% 8,65% Ferrovial Qatar Brittania GIC CICAlinda USS Shareholders 1Q2014
  22. 22. 22 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Operating improvement - Heathrow Departures punctuality 2007 1Q 2014 63% 84% Missed bags per 1,000 passengers 2007 1Q 2014 40 14 2007 1Q 2014 48% 80% % passengers rating Heathrow “Excellent” or “Very good”
  23. 23. 23 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 MAR’14 Var% 1,945 184 9.5% -56 128 6.6% 0 -70 15 73 -21 52 - 13 65 19.3% 1.6% -1.8% Construction Airports Toll Roads Services Others Total 794.9 1.3 91.3 1,032.7 24.6 1,944.8 820.5 1.8 97.0 697.4 13.2 1,630.0 -3.1 -28.8 -5.9 48.1 86.0 19.3 0.7 -28.8 -5.3 45.7 77.7 20.8 Construction Aeropuertos Toll Roads Services Others Total 56.5 -3.8 55.1 69.1 7.1 183.9 55.1 -3.5 59.2 71.1 -0.9 181.0 2.5 -10.1 -7.0 -2.8 n.s. 1.6 4.7 -6.4 -2.1 6.1 41.9 4.1 MAR´14 MAR´13 VAR.% L-f-L% VAR.% L-f-L% 1,630 181 11.1% -51 130 9.2% 0 -76 9 83 -21 62 - 10 72 MAR’13 Construction backlog Services backlog Traffic evolution ETR-407 (VKT) Chicago Skyway (ADT) Indiana Toll Road (ADT) Ausol I (ADT) Ausol II (ADT) M4 (ADT) Heathrow (million passengers) VAR% 7,489 18,105 MAR´14 517,849 32,514 21,917 9,105 11,867 24,177 16.0 7,867 17,749 MAR´13 501,920 34,298 22,629 9,207 11,916 23,209 16.0 -4,8 2,0 VAR% 3,2 -5,2 -3,1 -1,1 -0,4 4,2 0,5 MAR´14 MAR´13 MAR´14 DEC´13 L-f-L% 20.8% 4.1% 1.3% 1Q 2014 results EUR MN Revenues EBITDA EBITDA margin Period depreciation EBIT EBIT margin Disposals & Impairments Financial results Equity-accounted affiliates EBT Corporate income tax CONSOLIDATED NET INCOME Discontinued operations Minorities NET INCOME ATTRIBUTED
  24. 24. 24 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Agenda G r o u p o v e r v i e w 2 0 1 4 – F i r s t Q u a r t e r r e s u l t s L o o k i n g A h e a d 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 M a n a g e d L a n e s T o l l r o a d s A p p e n d i x
  25. 25. 25 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Looking ahead C O N S T R U C T I O N S E R V I C E S T O L L R O A D S A I R P O R T S Margin vs. growth Strong backlog Selective growth in existing & new markets Dividends from 407 & HAH Attractive pipeline of projects Co-investment with financial partners Strong financial discipline
  26. 26. 26 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Net cash position (2018 & 2021 main maturities) Highest everDividend generation 24% 43% 22% 11% EBITDA* * 2013 (proportional consolidation) Strong Backlog International diversification Solid Financial Position High Quality Assets Why Ferrovial?
  27. 27. 27 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 2009 2010 2011 2012 2013 Shareholder remuneration Dividend 2013 (Euros/share) 0.40 0.42 0.45 1.25 0.65 - 0.70 Interim (paid Dec’13) 0.40 Complementary 0.25 - 0.30 TOTAL 0.65 - 0.70
  28. 28. 28 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Agenda G r o u p o v e r v i e w 2 0 1 4 – F i r s t Q u a r t e r r e s u l t s L o o k i n g A h e a d 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 M a n a g e d L a n e s T o l l r o a d s A p p e n d i x
  29. 29. 29 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 775 1,937 -1,694 5,577 Figures in $CAN million Accounting losses High debt Shareholder's fund Net debt 1999: 27x Debt/Ebitda 1999 2013 407 ETR Would you buy this company…?
  30. 30. 30 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 V a l u a t i o n ( 1 0 0 % ) Strong dividend flow Equity valuation sharp increase Initial equity investment (62%) (326mn) Dividends (00 - 13) 1,051mn 10% disposal 640mn NET CASH IN 1,691mn 2098 M a t u r i t y 100% pay-back first 10 years Valuation x18 * December´13 analysts consensus 1999 2013* 18x 9,536 525 407 ETR C a s h g e n e r a t i o n (1999 – 2013) 84 years to maturity 407 ETR Ferrovial bought this company… Figures in € million
  31. 31. 31 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 High density population area Ring road of Toronto 108 km 407 407 East extension Area of expansion 407 ETR Location
  32. 32. 32 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 407 ETR All Electronic Roadside Tolling System
  33. 33. 33 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 407 ETR LOCATION Greater Toronto Area 23% of Canada population TRAFFIC Alternatives routes are highly congested HIGH HOUSEHOLD INCOME 46% higher than Canada average NO REGULATORY REVIEWS During concession life (99 years) SPEED Alternatives routes 40kph vs 100kph at 407 NON-STOP TOLL FACILITY Fully electronic with interchanges every 3km TOLL RATE HIGH FLEXIBILITY Including segment, direction, time of the day FAST Reliable travel times Fast Safe Reliable
  34. 34. 34 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 420 801 2005 2013 316 665 83% 77% 79% 76% 80% 75% 82% 2005 2013 27 8.4 1999 2013 85 145 120 135 300 460 600 680 190 2005 2006 2007 2008 2009 2010 2011 2012 2013 49 97 90 38 77 88 70 7472 2005 2006 2007 2008 2009 2010 2011 2012 2013 84 years to maturity 100% pay-back in first 10 years Free-tariff revision ≅ 8% CAGR 02-13* * Tariff increase for light Vehicles in Peak hours regular zone (%) CAGR: 8.4% CAGR: 9.7% 104 136 2005 2013 CAGR: 3.4% EBITDA % 407 ETR Financial overview ($CAD million) Revenues EBITDA OPEX Capital Expenditure Dividends Net Debt / EBITDA X
  35. 35. 35 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 300 200 500 300 400 300 350 400 200 200 2009 2009 2010 2010 2010 2010 2011 2012 2012 2013 10 11 510 287 311 14 14 313 184 2013 2014 2015 2016 2017 2018 2019 2020 Yearly average maturity: Only 3% of total debt CAD 2,950mn issued since 2009 3,49% 3,58% 1,58% 1,70% 1,56% 1,60% 1,39% 3 5 9 30 30 40 39 2009 2009 2010 2011 2012 2012 2013 Maturity Spread Extending maturities at historically low cost years 407 ETR ETRRecurrent presence in the bond market (June’13)
  36. 36. 36 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Agenda G r o u p o v e r v i e w 2 0 1 4 – F i r s t Q u a r t e r r e s u l t s L o o k i n g A h e a d 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 M a n a g e d L a n e s T o l l r o a d s A p p e n d i x
  37. 37. 37 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 A solution to congestion on “existing urban corridors” Active management of “newly added capacity” through tolling by means of Free Lanes Free Lanes Tolled Lanes Speed >50mph “Express Tollway within an Existing Highway” Managed Lanes New assets landmark
  38. 38. 38 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Time of the day Eastbound Westbound 00.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 18.00 20.00 22.00 24.00 407ETR 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 Peak period (untolled) (tolled) Managed Lanes Level of demand NTE
  39. 39. 39 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Time(min) • Free flow time of 14 minutes at 6.00AM • The average travel time during all time periods is significantly higher • In some periods, the average travel time is double the free flow speed and can go up to almost 50 – 60 minutes 0 10 20 30 40 50 60 70 NB AM NB MD NB PM SB AM SB MD SB PM Travel Time Variability Time(min) Data Source: Travel Time Runs Seg 3a and 3b conducted Fall 2012 Paying for predictability Travel Time Variability Free Flow Travel Mean NB - North bound SB - South bound
  40. 40. 40 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Toll rates – tariff treshold Toll Rate Cap 0.75 c/mi Demand threshold 3300 pce/h 2-lane sections Speed Threshold 50 mi/h 12:00 1:00 2:00 3:00 4:00 5:00 6:00 7:00 8:00 9:00 10:00 11:00 12:00 Hour starting Analysis by segment and direction Freedom under the cap TOTAL FREEDOM Freedom under the cap Speed Demand Toll Rate
  41. 41. 41 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 NTE 3 NTE 1-2 LBJ Dallas and Fort Worth Regional Map
  42. 42. 42 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 CINTRA MERIDIAM DALLAS FIRE&POLICE PENSION SCHEME KEY CHARACTERISTICS SHAREHOLDERS’ STRUCTURE 108Km Electronic toll DESCRIPTION: LENGTH: CONCESSION PERIOD: TARIFF POLICY: IH 635 (Dallas County), the most populous county in Texas 13 mile section of the IH 635 and IH 35E 52 years 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 ● Heavy congested area, almost 250,000 cars per day ● No toll-booths, fully electronic free flow tolling system ● Tollway within a freeway: Motorists will be provided with a choice of driving in non-tolled GP lanes or paying a toll to bypass such GP lanes ● Tolls setting to ensure minimum speed on new lanes ● As demand grows and capacity becomes scarce, pricing power increases ● Physically separated from the GP lanes with controlled access FINANCIAL STRUCTURE EQUITY DEBT PUBLIC FUNDS Managed Lanes Lyndon B Johnson 51% 42% 7% 25% 54% 20%
  43. 43. 43 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 CINTRA MERIDIAM DALLAS FIRE&POLICE PENSION SCHEME KEY CHARACTERISTICS SHAREHOLDERS’ STRUCTURE DESCRIPTION: LENGTH: CONCESSION PERIOD: TARIFF POLICY: Dallas-Fort Worth Metroplex, Major thoroughfares between Fort Worth and DFW Airport 13 mile section (IH 820 & SH 183 in Tarrant County) 52 years 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 ● Heavy congested area, almost 200,000 cars per day ● No toll-booths, fully electronic free flow tolling system ● Tollway within a freeway: Motorists will be provided with a choice of driving in non-tolled GP lanes or paying a toll to bypass such GP lanes ● Tolls setting to ensure minimum speed on new lanes ● As demand grows and capacity becomes scarce, pricing power increases ● Physically separated from the GP lanes with controlled access FINANCIAL STRUCTURE EQUITY DEBT PUBLIC FUNDS Managed Lanes North Tarrant Express 57% 33% 10% 21% 52% 27%
  44. 44. 44 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 50% 14% 10% CINTRA MERIDIAM DALLAS FIRE&POLICE PENSION SCHEME KEY CHARACTERISTICS SHAREHOLDERS’ STRUCTURE DESCRIPTION: LENGTH: CONCESSION PERIOD: TARIFF POLICY: 2 “managed lanes” in each direction of the IH-35W, segments 3A and 3B (3B segment to be built by TxDOT) 10.2 mile section (segments 3A 6.2 miles and 3B 4 miles) 48 years 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 ● The corridor south to the 3A segment is currently ranked as the most congested roadway in Texas. ● No toll-booths, fully electronic free flow system ● Tollway within a freeway: Motorists will be provided with a choice of driving in non-tolled GP lanes or paying a toll to bypass such GP lanes ● Tolls setting to ensure minimum speed on new lanes ● As demand grows and capacity becomes scarce, pricing power increases ● Physically separated from the GP lanes with controlled access 32% 59% 9% FINANCIAL STRUCTURE EQUITY DEBT PUBLIC FUNDS APG Managed Lanes North Tarrant Express 35W 26%
  45. 45. 45 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 • First privately-financed road development project of its kind to reach financial close in 2010. • Texas’ third big recent road project to reach financial close since 2008. • First combination of TIFIA and tax exempt PABs. • First un-wrapped bond issuance for a toll road. • First time TIFIA allowed additional debt to be raised beyond its approved federal subsidy cap. • First time that a U.S.-based pension fund made a direct investment in a highway concession. 21% 52% 27% 25% 54% 20% Figures in US Dollars Managed Lanes Financial Overview 32% 59% 9% • Very competitive capital structure in spite of the difficult market conditions. • Strong portion of the debt from TIFIA program with its flexible amortizing structure during the first 25 years. 2.05 bn 427 m 243 m (57%) 141 m (33%) 43 m (10%) 1,050 m 400 m 650 m 537 m 2.70 bn 665 m 339 m (51%) 282 m (42%) 44 m (7%) 1,465 m 615 m 850 m 496 m 1.36 bn 430 m 215 m (50%) 167 m (39%) 43 m (10%) 4 m (1%) 805 m 274 m 531 m 127 m Total Investment: Private Equity: Cintra: Meridiam: DPFPS: APG: Total Debt: PABs: TIFIA: Public Funds:
  46. 46. 46 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Appendix
  47. 47. 47 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Appendix 2 0 1 3 - F u l l y e a r r e s u l t s
  48. 48. 48 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 DEC’13 Var% 8,166 934 11.4% -233 701 8.6% 126 -333 375 869 -168 701 26 727 7.0% 0.8% -1.0% Construction Toll Roads Services Others Total 4,063.6 429.0 3,656.3 17.6 8,166.5 4,325.6 381.4 2,895.0 28.3 7,630.3 -6.1 12.5 26.3 n.s. 7.0 -4.5 13.0 29.3 n.s. 9.0 Construction Toll Roads Services Others Total 342.8 276.3 321.5 -6.3 934.3 336.9 271.6 313.4 4.6 926.6 1.8 1.7 2.6 n.s. 0.8 4.0 2.9 15.0 n.s. 4.8 DEC´13 DEC´12 VAR.% L-f-L% VAR.% L-f-L% 7,630 927 12.1% -219 708 9.3% 52 -301 275 733 -106 628 64 692 DEC’12 Construction backlog Services backlog Traffic evolution ETR-407 (VKT) Chicago Skyway (ADT) Indiana Toll Road (ADT) Ausol I (ADT) Ausol II (ADT) M4 (ADT) Heathrow (million passengers) VAR% 7,867 17,749 DEC´13 2,356,343 41,251 27,924 11,307 13,629 25,591 72.3 8,699 12,784 DEC´12 2,340,004 42,228 27,459 12,537 14,099 25,306 70.0 -9.6 38.8 VAR% 0.7 -2.3 1.7 -9.8 -3.3 1.1 3.4 DEC´13 DEC´12 DEC´13 DEC´12 L-f-L% 9.0% 4.8% 4.0% FY 2013 results EUR MN Revenues EBITDA EBITDA margin Period depreciation EBIT EBIT margin Disposals & Impairments Financial results Equity-accounted affiliates EBT Corporate income tax CONSOLIDATED NET INCOME Discontinued operations Minorities NET INCOME ATTRIBUTED
  49. 49. 49 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Dividends From infra projects 45% Operating Cash Flow Construction+Services 48% Investment flow 20% Cash Flow generation 2013 32% 14%21% 12% RoW 7% RoW 66% Ex-Infrastructures projects 22% 11% RoW
  50. 50. 50 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 (1) Proportional: All EBITDA figures are aggregated in a proportional basis to the Ferrovial equity stake in each company or project. Diversified portfolio Ex – Infrastructure Projects Infrastructure Projects Services Construction Toll Roads Airports Non Capital Intensive PROFIT GENERATION CASH GENERATION Fully consolidated Method €934Mn Proportional (1) €1,681Mn Capital Intensive LONG DURATION LONG TERM VALUE EBITDA FY´13 Services Toll Roads Construction Airports 33% 37% 30% 20% 29% 19% 32% 41% Spain 17% UK 17% US 25% RoW 22% Spain 43% UK 24% US 11% RoW
  51. 51. INVESTOR RELATIONS DEPARTMENT - C/ Príncipe de Vergara, 135 - 28002 MADRID (Spain) T: +34 91 586 27 30 F: +34 91 586 28 69 e-mail: ir@ferrovial.es website: www.ferrovial.com ferrovial

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