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Ferrovial Presentación Inversores 2011

- Ferrovial has infrastructure projects and other business units. Infrastructure projects are capital intensive with long-term debt financing, while other business units are less capital intensive. - The outlook is for resilient earnings from infrastructure assets with well-spread debt maturities, while excluding infrastructure projects the focus is on operating cash flow and a net cash position with maximum debt targets. - Ferrovial has been reducing debt levels over time outside of its infrastructure projects.

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• Overview • Business units • Outlook
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.
INDEX 1. Overview 2. Business units 3. Outlook 4. Appendix
Company overview • Capital intensive INFRASTRUCTURE • Inflation protected PROJECTS • LT duration & financing Ring fenced debt • EPS reflects interest expenses PARENT COMPANY Controlling Shareholder 46% Free float 54% • Non capital intensive EXCL INFRA PROJECTS • Backlog visibility Net cash position • EPS accretive 4 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Business overview Leading European airport operator Ownership and manager of 6 UK INFRASTRUCTURE airports, including Heathrow and Stansted PROJECTS (96% EBITDA International) Leading sponsor of tollroads infrastructure development worldwide Key developer of ETR 407 Design, build, finance & operation PARENT COMPANY One of the European construction leading groups Civil engineering, industrial construction & water treatment EXCL INFRA PROJECTS Leading provider of infrastructure (53% EBITDA International) services Infrastructure & Maintenance management Urban services & waste management 5 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Cash flow overview Cintra's dividends • Focus on project’s credit rating & BAA future dividends • EBITDA resilient assets INFRASTRUCTURE PROJECTS • Well spread maturities New projects’ equity 407< 5% per year BAA < 10% per year PARENT COMPANY Shareholders’ dividends • Focus on cash, not growth • Commitment to strong BS EXCL INFRA PROJECTS Operating cash flow • Indebtedness target: Max. 2X EBITDA 6 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Debt structure overview Debt streamlining BAA ,407 ETR 2012 maturities covered with available NET DEBT INFRASTRUCTURE liquidity PROJECTS €20,690m Long dated toll road concession agreements: Ring fenced debt - Weighted average remaining life > 70 years AIRPORTS TOLL ROADS - Aggregated PLCR (1) of 5.26 X Net Debt €14,910m Net Debt €5,429m PARENT COMPANY Debt reduction NET CASH EXCL INFRA PROJECTS • Net cash position €280m • Maximum debt target 2X EBITDA Non Infrastructure Net debt evolution (2006-2011) 3,065 Net Debt Net Debt /EBITDA 1,987 1,547 3,2x 1,172 2,1x 1,5x 1,7x -31 ( 1 ) PLCR: Project Life Coverage Ratio -280 2006 2007 2008 2009 2010 9M 11 7 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Sound financial position at ferrovial excl-infrastructure No material maturities High liquidity available until 2015 1,009 1,025(1) 2,259 1,250 102 14 34 21 2011 2012 2013 2014 2015 Total cash Undrawn lines Total liquidity (1) There are no significant maturities expected beyond 2015 8 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Top world class infrastructure assets Probably, the two best infra assets in the world 9M 11/10 ETR-407 HEATHROW Traffic -0.5% -0.5% +6.1% +6.1% Resilience EBITDA +8.4% +8.4% +18.8% +18.8% & Rating A- A- Tariff review Freedom +7.5% + RPI% Growth Combined EBITDA over € 1,000mn Local currency and local GAAP 9 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Top world class infrastructure assets Successful ongoing access Resilience through the crisis to capital markets Heathrow EBITDA evolution 10): 11.5% Bond Issuance Issuance Date £m Maturity Date CAGR (06- (GBP million) 881 Bond (GBP) Dec - 09 700 Dec - 26 783 Index-Linked Bond (GBP) Dec - 09 235 Dec - 39 637 Class B Bond (GBP) Sep - 10 400 Sep - 18 570 553 Bond (EUR) Oct - 10 434 Oct - 16 High Yield Bond (GBP) Nov - 10 325 Mar - 17 Bond (GBP) May - 11 750 May - 41 Index-Linked Bond (GBP) May - 11 130 Dec - 39 Bond (USD) Jun - 11 621 Jul - 21 2006 2007 2008 2009 2010 TOTAL Amount 3,595 407 ETR EBITDA evolution 0): 9.1% (CAD million) CAGR (06-1 444 500 Bond Issuance Issuance Date CADm Maturity Date 408 414 Senior Bond Jan - 09 300 Jan - 12 353 Senior Bond Jan - 09 200 Jan - 14 Senior Bond Jun - 10 500 Jun - 15 Senior Bond Jun - 10 300 Jun - 20 Senior Bond Nov - 10 400 May - 21 Subordinated Bond Nov - 10 300 Nov - 17 2006 2007 2008 2009 2010 TOTAL Amount 2,000 10 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Diversified portfolio FY 2010 REVENUES EBITDA 9 % 23 % AIRPORTS 37 % 16 % TOLL ROADS 50 % 7 % S E R V I CE S 33 % 25 % CONSTRUCTION UK 56% North America 15% Spain 15% Other 14% 11 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
How we create value? Cash flow Cash flow Asset Asset generation generation rotation rotation 12 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Solid cash flow generation €m Cash flow upstream from Strong cash flow generation from infrastructure projects Construction & Services 740 731 739 649 168 267 521 333 433 527 406 503 276 419 355 177 5 355 220 239 209 572 188 178 450 464 130 428 406 105 116 355 344 373 90 283 288 7 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 -31 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 C o ns t ruc t io n S e rv ic e s Resilient performance through the crisis *Before tax payment since 2009 13 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Liquid and valuable portfolio 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 through the crisis Spanish car parks Naples Airport Swissport €m EV/EBITDA €m 880 398 +1% 400 x13.3 +53% 575 x7.0 (1) (2) 2007 Disposal price (2009) Venice Airport Disposal price (2010) Consensus Disposal price (2011) (Listed Peer) (1) NAV published by Cintra in 2007, (2) Analyst EV consensus - Disposal price: 100% Equity value 14 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
BAA Oct´10 Oct´ Sept´11 Sept´ Sept´11 Oct´11 Oct´ Oct´10 Oct´11 100% BAA / €m Previous to Divestment Divestment Deal Deal deal announcement process stars process stars announcement announcement x6.4 5,527 BAA´s traded value materially above market consensus 2,387 x2.3 868 Aug´2010 Sept´2011 Oct´2011 Analysts consensus Implied valuation (1) Analysts consensus on BAA September 2011: 100% Equity value. Ferrovial sold 5.88% stake in BAA last 10th October 2011 15 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Strategy based on core competences & financial discipline Solving complex situations in design, tariff flexibility, billing,… Core competences Operational turnarounds based on cost efficiency Investment selection criteria: Congested corridors, lack of alternatives, sound legal framework,… Focus on cash generation & un-levered IRR Financial Discipline Active portfolio management to realize value creation: 407 ETR example (100% equity value data): 1999 (acquisition) 2004 (Cintra IPO) 2010 (10% stake sold) €0.5bn €3.8bn €6.8bn 16 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Track record • Debt reduction 3 years of defensive play • Value resilience • Financial discipline Ready to take selective investments • Selective infra projects pipeline • Strong backlog • Reputation • Geographically diversified experience (1968 onwards: Chile, Australia, US, UK, etc.) Competitive advantages • Co-investors support over time • Engineering & operational expertise • Balance Sheet strength 17 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
INDEX 1. Overview 2. Business units 3. Outlook 4. Appendix 18 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Business units INFRASTRUCTURE PROJECTS TOLL ROADS AIRPORTS PARENT COMPANY EXCL INFRA PROJECTS CONSTRUCTION SERVICES 19 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Infrastructure Toll roads EBITDA growth despite negative traffic due to tariffs and grantor payments ETR1 Traffic EBITDA 8,4% -0,5% INDIANA1 12,2% -3,4% CHICAGO +17.2% E B I T D A* 15,3% -6,6% 9M 2011 (*): Like-for-Like: Excluding forex impact, perimeter variations and fair value adjustments (1) Equity method 20 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Managed Lanes A simple innovative efficient solution to urban congestion “Existing traffic on the heavily congested corridor provides a substantial and much more clearly established pool of potential users than is typical for a green field toll road” Moodys 21 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Managed Lanes New assets landmark “Express Tollway within an Existing Highway” Free New Tolled Free Lanes Lanes Lanes Speed >50mph A solution to congestion on “existing urban corridors” by means of Active management of “newly added capacity” through tolling 22 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Infrastructure Airports Higher Traffic, Tariffs and Retail drive EBITDA +16.2% +9.7% +4.9% T r a f f i c* R e v e n u e s* E B I T D A* Positive inflation exposure: Tariffs LHR (7.5% + RPI) 2011 = 12.2% 2012 = 12.7% Strong performance of Scottish airports Traffic +8%, EBITDA +11% 9M 2011 (*): Like-for-Like: Excluding forex impact, perimeter variations and fair value adjustments 23 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Excl Infra projects Services Robust operating performance RECORD BACKLOG € bn International Spain 2010 6,6 5,4 12.0 +8.7% 2009 4,5 5,5 10.0 +8.5% 2008 4,7 5,0 9.7 2007 5,2 4,6 9.8 2006 5,0 3,7 8.7 R e v e n u e s* E B I T D A* INTERNATIONAL 55% 9M 2011 (*): Like-for-Like: Excluding forex impact, perimeter variations and fair value adjustments 24 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Excl Infra projects Construction RECORD BACKLOG Stability at Revenues and EBIT € bn International Spain 2010 6,6 3,6 10.2 2009 4,6 4,2 8.8 2008 3,6 5,2 8.8 +4.8% Revenues* -12.9% 2007 3,6 5,6 9.2 +4.5% EBIT * -2% 2006 3,0 5,6 8.1 INTERNATIONAL CIVIL International Domestic 68% 76% 9M 2011 (*): Like-for-Like: Excluding forex impact, perimeter variations and fair value adjustments 25 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
INDEX 1. Overview 2. Business units 3. Outlook 4. Appendix 26 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Operational outlook ORGANIC INFLATION GROWTH NEW PROJECTS ASSET ROTATION 27 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Financial outlook DISCIPLINE & OPTIMIZATION • Refinancing & amortization ahead of • Low leverage excluding infra projects maturities • Increasing capital markets presence • Investment focus on core know-how • Reducing dependence on banks • Equity stakes with operational control 28 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Looking forward Tariffs above inflation GROWTH Traffic recovery link to GDP Backlog Financial discipline to invest FLEXIBILITY Net cash position at parent company DELIVERY Portfolio management to crystallize value 29 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
INDEX 1. Overview 2. Business units 3. Outlook 4. Appendix 30 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Appendix • 9M ’ 1 1 Results • Business description • Introduction to 407 ETR Toll road • Managed Lanes Toll roads • 2010 Full Year Results 31 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
9M 2011 results SEP´11 SEP´ SEP´10 SEP´ VAR.-% VAR.- L-f-L% SEP’11 SEP’ SEP’10 SEP’ Var% Var% L-f-L% Construction 3,143.8 3,313.2 -5.1 -3.7 Airports 2,160.6 2,091.0 3.3 9.4 Toll Roads 300.3 762.0 -60.6 11.3 Revenues 7,640 9,131 -16.3% +1.9% Services 2,068.1 2,884.1 -28.3 8.5 Others -32.7 80.8 n.s. EBITDA 1,691 1,977 -14.5% +13.1% Total 7,640.1 9,131.0 -16.3 1.9 EBITDA margin 22.1% 21.7% Period depreciation 667 760 SEP´11 SEP´ SEP´10 SEP´ VAR.% L-f-L% Construction 171.4 172.6 -0.6 1.1 EBIT 1,024 1,218 -15.9% +26.1% Airports 1,083.9 952.9 13.8 16.2 Toll Roads 222.8 569.0 -60.8 17.2 EBIT margin 13.4% 13.3% Services 208.4 277.7 -24.9 8.7 Others 4.4 5.2 n.s. Disposals & Impairments 235 264 Total 1,691.0 1,977.3 -14.5 13.1 Financial results -1,085 -1,364 -20.5% +5.3% Equity-accounted affiliates 31 47 SEP´11 SEP´ SEP´10 SEP´ VAR% EBT 205 Construction backlog 9,921 10,186 -2.6 164 Services backlog 12,520 12,378 1.1 Traffic evolution SEP´11 SEP´ SEP´10 SEP´ VAR% VAR Corporate income tax 277 91 ETR-407 1,734,672 1,743,523 -0.5 CONSOLIDATED NET INCOME Chicago Skyway 42,679 45,693 -6.6 483 256 Indiana Toll Road 27,441 28,395 -3.4 Autema 19,224 20,414 -5.8 Minorities -1 59 Ausol I 14,812 16,346 -9.4 Ausol II 16,087 17,155 -6.2 NET INCOME ATTRIBUTED 482 315 BAA (million passengers) 83 79 4.9 32 (*): Like-for-Like: Excluding forex impact, perimeter variations and fair value adjustments E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Debt maturity (€m) No more than 10% maturities in any single year 11.9 years average life Interest Rate Exposure 2010 3 Inflation Linked 25% Variable 25% 37 Fixed 18% Hedged 32% 21 4.689 1025 3.896 102 3.389 34 2.168 14 1.514 1.400 1.417 1.073 1.000 610 2011 2012 2013 2014 2015 2016-2020 2021-2030 2031-2040 2041-2060 >2061 Infrastructure Excl Infrastructure 33 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Appendix • 9M ’ 1 1 Results • Business description • Introduction to 407 ETR Toll road • Managed Lanes Toll roads • 2010 Full Year Results 34 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Business description What is Ferrovial? Ferrovial's businesses comprise all the Infrastructures value chain Construction Maintenance Construction Infrastructure's Services division division operator Operation Toll Roads Airports 35 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Business description What is Ferrovial? Group Profile - Business End-to-end infrastructure company: DFBOM Construction Airports Toll Roads Services • Civil Engineering • Development, • Development, • Infrastructure & Financing, Financing, Facility • Building Concession, Management Ownership, • Industrial Management & • Urban Services & Management & One of Largest Operation Waste Operation World’s Largest One of Largest European World’s Largest Private Developer European Services Contractors Airport Company of Road & Maintenance Infrastructure Company 36 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Business description What is Ferrovial? Group Profile – Main Companies CONSTRUCTION AIRPORTS TOLL ROADS SERVICES 37 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Business description Airports FY 2010 ABERDEEN GLASGOW EDINBURGH Revenues: €2,794mn EBITDA´10: €1,272mn STANSTEAD Margin 45.5% HEATHROW SOUTHAMPTON OTHERS 3% SCOTISH 8% STANSTEAD 8% BY AIRPORT 81% HEATHROW 38 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Airports FY 2010 T R A F F IC E B I T DA OTHERS OTHERS 2% 3% SCOTTISH 8% SCOTTISH 17% 63% HEATHROW STANSTED 8% 81% HEATHROW STANSTED 18% 39 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Business description BAA’s Operational highlights Largest airport operator in the world Heathrow, world’s busiest international airport 109 mn passengers (FY2010) 79% international passengers in the UK 15,000 employees worldwide Over 700 destinations served by UK airports 106,000 sqm retail space in the UK 112,000 car parking spaces 40 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Business description Asset's Portfolio: Past & Present BAA Budapest Bristol BAA Retail contracts: Belfast City Boston, Baltimore, BAA Gatwick Cleveland, Pittsburgh BAA Heathrow BAA Stansted BAA Edinburgh BAA Glasgow BAA Aberdeen BAA Naples BAA Southampton ASUR (9 Mexican airports) BAA Melbourne BAA Perth BAA Darwin BAA Alice Springs BAA Launceston Cerro Moreno BAA Tennant Creek Sydney Current portfolio of assets Previous assets in portfolio 41 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Business description Toll roads FY 2010 Revenues: €869mn EBITDA´10: €630mn Margin 72.5% 42 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Business description Portfolio NORTH AMERICA USA Canada Chicago Skyway 407 ETR Indiana Toll Road SH130 North Tarrant Express IH635 EUROPE Spain Portugal Autema Euroscut Algarve Ausol I y II Euroscut Norte Litoral M-203 Euroscut Açores R-4 Ocaña-La Roda Ireland Grecee Eurolink Motorway Ionian Roads M-3 Central Greece 43 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Business description Services FY 2010 Revenues: €3,896mn Backlog: €12,003mn EBITDA´10: €410mn Margin 10.5% 44 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Business description Business Portfolio / Activities Intelligent Smart Cities Assets management Infrastructures As t se en ts m Planning and M m age a na gem an ag an Sew ent of em m ag e Tr en ts af fic t se Lig As htin g FM e d a t nt Win ar st me mai t nten er H lE e a nc Asse ea nag ng Pr maogramm e t R a ni en inte M de nan ed ar ts m gem ng ce Local roads G ni ea Cl Sig ana anag cling ad al Bu Ro io n na l Pr o field Str imp s ild ts m Brid Recy Rai veme t eme ling -up uct ges in ject Na ning ro Land clea et gs lwa nts ur e Pick Stre Asse ay s s W as nt te ailw y s R FERROVIAL Services + Value added - - Value added + 45 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Business description Construction FY 2010 Revenues: €4,525mn EBITDA: €231mn Margin 5.1% 46 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Construction FY 2010 Type of work Geographical Exposure 82% CIVIL WORKS 65% INTERNATIONAL RESIDENTIAL 4% 14% NON RESIDENTIAL 35% DOMESTIC 47 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Business description International experience Canada Portugal Ireland UK • D&B contractor to CINTRA • Among Civil Works leaders • Among Civil Works leaders • D&B contractor to BAA and Amey • Working since year 2006 407 ETR: +300 ME SCUT Norte Litoral: +300 ME M3 Clonee: +500 ME SCUT Algarve: +250 ME N4 / N6 Kinnegad: +300 ME Kinnegad: HET: +900 ME SCUT Azores: +250 ME DFB0 Northern Ireland: +300 ME Bradford Schools 2nd ph.: +200 ME USA • 1st Texas Road Contractor LBJ: +1.600 ME Poland NTE: +1.100 ME • 1st Polish Construction Company SH 130: +600 ME Indiana Toll: +200 ME S-8 W ęzeł Konotopa: +450 ME zeł Konotopa: A-4 Debica – Rzeszow: +350 ME Rzeszow: A-1 Pyrzowice – Piekary: +300 ME Piekary: Year 2005: acquisition of a 100% stake in Webber Year 2000: acquisition of a 59% stake in Budimex Chile • D&B contractor to CINTRA • One of first PPP road contractors to enter the market Greece • D&B contractor to CINTRA Santiago - Talca Italy Talca – Chillán Chillá • Contractor to Italy’s Railways Company (Italfer) E65 Central Greece: +1.300 ME +900 ME Ionia Odos Road: +1.000 ME Collipulli - Temuco Temuco - Río Bueno HS Railway Andora-San Lorenzo: +300 ME Andora- 48 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Appendix • 9M ’ 1 1 Results • Business description • Introduction to 407 ETR Toll road • Managed Lanes Toll roads • 2010 Full Year Results 49 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
407 ETR Would you buy this company...? Shareholder's fund Debt 1999: 1999 775 1,937 27x Debt/Ebitda 2010 -563 5,256 Accounting High losses debt 50 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Figures in million $CAN
407 ETR Ferrovial bought this company... Cash generation Valuation (1999 – 2010) 407 ETR (100%) Initial equity investment (62%) (326mn) 6,850 100% pay-back Dividends (00 - 10) 443mn 13x 13x 10% disposal 640mn first 10 years 525 NET CASH IN 757mn 2000 2010* Valuation x13 Maturity 87 years to maturity 2098 Strong dividend flow Equity valuation sharp increase * December´10 analysts consensus 51 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
407 ETR Investment Summary 407 ETR Key indicators performance (%) 2000-2010 Traffic 45% CAGR: 3.8% Revenues 230% CAGR: 12.7% EBITDA 299% CAGR: 14.8% Strong EBITDA growth thanks to Revenues expansion and Cost control 52 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
407 ETR All Electronic Roadside Tolling System 53 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
407 ETR 407-ETR KEY CHARACTERISTICS DESCRIPTION: Ring road of Toronto Commuting LENGTH: 108Km. 108Km TRAFFIC METTICS ’10: Average work day trips: 380,679 Electronic toll Average revenues per trip: 5.44$ Tolled kilometres (VKT): 2,336 million CONCESSION PERIOD: 1999-2098 Years 99 (remaining 87 years) TARIFF POLICY: High flexibility based on traffic performance RESULTS 2010: Revenues: CAD 624M EBITDA: CAD 500M SHAREHOLDERS’ STRUCTURE ● No toll-booths, fully electronic free flow tolling system 43% 40% 17% ● No stopping or slow-downs to pay toll CINTRA CPPIB LAVALIN ● Transponder not required (except for trucks). If a valid transponder is not detected, digital photographs are BALANCE SHHET´S STRUCTURE taken at entry and exit. Transponders are increasingly popular Mar´11 / CAD Mn ● Tolls billed monthly ASSETS 4,975 LIABILITIES Property, plan & Intangible 3,897 -571 Equity ● Senior debt rating: A category Cash & ST Investments 617 5,527 Debt Other assets 461 251 Other liabilities 54 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Fast 407 ETR Safe Reliable LOCATION HIGH HOUSEHOLD INCOME Greater Toronto Area 46% higher 23% of Canada population than Canada average SPEED NO REGULATORY REVIEWS Alternatives routes 40kph During concession life vs 100kçph at 407 (99 years) TOLL RATE HIGH TRAFFIC FLEXIBILITY Alternatives routes Including segment, are highly congested direction, time of the day NON-STOP TOLL FACILITY FAST Fully electronic with interchanges every 3km Reliable travel times 55 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
407 ETR Financial overview ($CAD million) Revenues Capital Expenditure 624 97 CAGR: 8.2% 90 72 77 420 87 years to 49 38 maturity 2005 2010 2005 2006 2007 2008 2009 2010 OPEX Dividends 124 300 104 CAGR: 3.6% 100% pay-back in 190 first 10 years 145 135 120 85 2005 2006 2007 2008 2009 2010 2005 2010 EBITDA EBITDA % Debt / EBITDA X 27 CAGR: 9.6% 500 80% Free-tariff revision 79% 316 77% 76% 7.7% CAGR 02-10* 10 75% * Tariff increase for light Vehicles in Peak hours regular zone (%) 1999 2010 2005 2010 56 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Appendix • 9M ’ 1 1 Results • Business description • Introduction to 407 ETR Toll road • Managed Lanes Toll roads • 2010 Full Year Results 57 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Managed Lanes A simple innovative efficient solution to urban congestion “Existing traffic on the heavily congested corridor provides a substantial and much more clearly established pool of potential users than is typical for a green field toll road” Moodys 58 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Managed Lanes New assets landmark “Express Tollway within an Existing Highway” Free Tolled Lanes Free Lanes Speed >50mph Lanes A solution to congestion on “existing urban corridors” by means of Active management of “newly added capacity” through tolling 59 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Managed Lanes Concept “Express Tollway within an existing highway” Congestion relief ML provides further capacity Travel time reliability ML provides time saving and reliability Dynamic toll regime Revenue optimization (Tariff may vary every 5´) Electronic collection Barrier free, no slowdown Peak spreading Highly congested Proven solution Former experience are positive Motorists’ choice To pay or not to pay Safety Lower percentage of freight 60 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Managed Lanes Congestion relief (NTE) Congestion in both directions ∫ 13 hours/day NTE data Total new capacity with ML: 10,700 vehicles/hour Current capacity: 6,300 vehicles/hour 60 min AWDT 80% of Capacity Westbound Eastbound 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 Time of the day • Bordering capacity levels from 6am-7pm. • Both directions show signs of capacity being reached resulting in a remarkable peak spreading 61 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Managed Lanes Level of demand NTE (untolled) 407ETR (tolled) Peak period Westbound Eastbound 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 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 62 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Managed Lanes Travel time reliability (NTE) Based on NTE data ML will provide users a reliable and certain travel time Travel Time (Minutes) 7 miles 45 40 * 35 n es 30 e la fr e 30-40min on 25 e tim 20 el av 15 10 Tr es anaged Lan 5 Trav el time on M 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 63 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Managed Lanes Why Managed Lanes? Transportation & Public Investor • Real alternative to urban traffic congestion • Consolidated corridors, heavily congested • No behaviour changes to induce traffic • New routes are unfeasible (lack of space) • High value of time • Relief to development issues in urban areas − Commuters ( main users) − willingness to pay • A choice to users to pay, or not • Dynamic tolls to optimize revenues • Safety • Complex projects − D&B, Traffic & operational risk • Sustainable solution (less emissions) • Federal funds available (TIFIA) 64 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Managed Lanes Why Managed Lanes in Texas? • Texas economic robustness as compared to the US − GSP 2010 : Texas 3.4% (USA 2.8%). − Unemployment rates: (April´11): Texas 8% (USA 9%) − Over the last ten years, Texas GSP* growth 3.37% (USA 1.56%) . • Growth in population & employment should lead to future traffic demand − DFW is the 6th most congested region in the United States − 5 of the 10 most congested locations in the DFW area are located in the projects scope − one of the fastest growing metropolitan areas in the U.S2. − Since 2000, the Dallas/Fort Worth has experienced 23.4% total growth, ranking only behind the Houston and Atlanta metropolitan areas in overall percentage growth • High household income area tolls are affordable − DFW area $55,486, 18% over Texas average *CAGR 1991-2010, adjusted by inflation 2 According to the US Census Bureau 3 US Census 2007-2009 3 year median household income 65 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Managed Lanes Ferrovial as strategic partner for Managed Lanes (I) End-to-end approach to infrastructures: Design, Financing, Construction & Operations CONSTRUCTION TOLL ROAD BRANCH BRANCH D&B O&M Technical solution Operational management Competitive advantage & value added in complex projects Less competitors & Higher returns 66 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Managed Lanes Lyndon 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 108Km 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 51% 42% 7% ● No toll-booths, fully electronic free flow tolling system DALLAS ● Tollway within a freeway: Motorists will be provided CINTRA MERIDIAN FIRE&POLICE with a choice of driving in non-tolled GP lanes or paying PENSION SCHEME a toll to bypass such GP lanes ● Tolls setting to ensure minimum speed on new lanes FINANCIAL STRUCTURE ● As demand grows and capacity becomes scarce, pricing 25% 54% 20% power increases EQUITY DEBT PUBLIC FUNDS ● Physically separated from the GP lanes with controlled access 67 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Managed Lanes North 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 57% 33% 10% ● No toll-booths, fully electronic free flow tolling system DALLAS ● Tollway within a freeway: Motorists will be provided CINTRA MERIDIAN FIRE&POLICE with a choice of driving in non-tolled GP lanes or paying PENSION SCHEME a toll to bypass such GP lanes ● Tolls setting to ensure minimum speed on new lanes FINANCIAL STRUCTURE ● As demand grows and capacity becomes scarce, pricing 21% 52% 27% power increases EQUITY DEBT PUBLIC FUNDS ● Physically separated from the GP lanes with controlled access 68 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Managed Lanes Financial Overview Financial details Financial details − Total Investment: 2.05 bn − Total Investment: 2.7 bn − Private Equity: 21% 21% 427 m − Private Equity: 25% 25% 665 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% 52% 1.05 bn − Total Debt: 54% 54% 1.47 bn PABs: 400 m PABs: 615 m TIFIA: 650 m TIFIA: 850 m − Public Funds: 27% 27% 537 m − Public Funds: 20% 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 69 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Appendix • 9M ’ 1 1 Results • Business description • Introduction to 407 ETR Toll road • Managed Lanes Toll roads • 2010 Full Year Results 70 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Profit & Loss TOTAL VAR. L-f-L(1) Net Revenue 12,169 +3% EBITDA 2,514 +7% Depreciations (1,000) -2% EBIT 1,514 +14% Disposals & impairments (2) 1,879 Net Financial Result (1,725) +12% Equity accounted 62 EBT 1,730 Taxes 85 Minorities 348 NET PROFIT 2,163 (1): Like-for-Like: Excluding forex impact, perimeter variations and fair value adjustments (2) Included in EBIT at the statutory accounts 71 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Cash Flow ex-infra projects OPERATING NET CASH FLOW INVESTMENT Construction 373 (38) Services 282 94 Toll Roads 178 728 Airports (12) (83) Other 50 3 Taxes (60) TOTAL 811 704 1,515 Remarkable cash flow generation 72 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Net debt evolution EX-PROJECTS EX- 1,124 573 178 120 146 31 -60 -138 -320 -420 1,172 Net debt EBITDA Dividends WK Taxes Investment Divestment Dividends Interest Other Net cash Dec´09 recived paid dec´10 INFRA PROJECTS 3,125 1,941 148 355 -92 -22 -211 -168 -670 -1,161 -1,972 19,836 21,110 N e t de bt E B IT D A WK T a xe s Inv e s t m e nt D iv e s t m e nt D iv ide nds Inte re s t C a pit a l F o re x N C P H e ld O t he rs N e t de bt D ec´09 fo r s a le de c ´10 73 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Disposals & impairments DISPOSALS & IMPAIRMENTS Capital gains 53 Naples airport, APP, US retail, other LHR runway 3, Stansted runway 2, other Impairment / Fair value -734 BAA -681 Capital gain 680 10% ETR, 60% Chile (completed transactions) 43% ETR, 40% Chile, other negative impairment Impairment / Fair value 1,886 (+2,015) (+148) (-277) Toll roads 2,566 Capital gain 7 Tube Lines, other -13 Other Impairment / Fair value Others -6 Capital gain 740 Impairment / Fair value 1,139 TOTAL 1,879 74 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Toll roads Financial ∆% 2010 L-f-L Revenues 869 +7% • Growth driven by ETR407 EBITDA 630 +8% EBITDA % 72.5% +32 bps ETR407 (L-f-L): Traffic: +6%, Revenue: +11%, EBITDA +14% Revenues ∆% 2010 L-f-L ETR 4071 456 +11% Indiana Toll Road2 132 +16% • €2.9bn new financing facilities in 2010 Autema 79 +7% Ausol 54 -7% ETR (€1,263mn), LBJ (€1,190mn), Ausol (€489mn), Chicago Skyway 46 -7% M4 23 +1% R4 20 -8% Ocaña – La roda 16 -11% • Divestments of 10% ETR, Chile and M45 1 Full year figures. (Fully consolidated until September, last quarter equity consolidated) 2 Full year 2010 equity consolidated 75 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Services 2010 ∆% L-f-L • Growth at all levels Revenues 3,896 +3% EBITDA 410 +9% EBITDA % 10.5% +54 bps EBIT 281 +12% • Profitability improvement EBIT % 7.2% +56 bps Backlog 12,003 +20% • Highest ever backlog Revenues geographical breakdown • Strong cash flow generation (282mn) Domestic 38% • Divestments of Tube Lines and Swissport 62% International 76 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Construction 2010 ∆% L-f-L Revenues 4,525 -1% EBITDA 231 -2% EBITDA % 5.1% -3 bps • Strong international growth offsets EBIT 191 +1% Spanish decline EBIT % 4.2% +10 bps Backlog 10,186 +16% Backlog • High cash flow generation Geographical breakdown Work breakdown (€373mn) Non residential Residential Spain Industrial 65% 76% International Civil works 77 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Airports Financial 2010 ∆% L-f-L • Material increase in profitability Revenues 2,794 +5% EBITDA 1,272 +8% EBITDA % 45.5% +131 bps • Strong recovery in LHR traffic Underlying traffic +3.4% Traffic 2010 ∆% Heathrow 65.7 -0.2% • Capital structure strengthened Stansted 18.6 -7.0% GBP1.9bn new bonds & facilities Scotland 17.9 -7,1% Southampton 1.7 -3.2% Sub-debt refinanced UK airports 103.9 -2.8% No significant 2011 maturities Naples 5.5 +2.5% TOTAL 109.4 -2.5% Underlying: Excluding closure of airspace due to ash from an Icelandic volcano, industrial action affecting British Airways' Heathrow operations and severe winter weather 78 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
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 NOV 11 II

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Ferrovial Presentación Inversores 2011

  • 1.
    • Overview • Business units • Outlook
  • 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.
  • 3.
    INDEX 1. Overview 2. Business units 3. Outlook 4. Appendix
  • 4.
    Company overview • Capital intensive INFRASTRUCTURE • Inflation protected PROJECTS • LT duration & financing Ring fenced debt • EPS reflects interest expenses PARENT COMPANY Controlling Shareholder 46% Free float 54% • Non capital intensive EXCL INFRA PROJECTS • Backlog visibility Net cash position • EPS accretive 4 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 5.
    Business overview Leading European airport operator Ownership and manager of 6 UK INFRASTRUCTURE airports, including Heathrow and Stansted PROJECTS (96% EBITDA International) Leading sponsor of tollroads infrastructure development worldwide Key developer of ETR 407 Design, build, finance & operation PARENT COMPANY One of the European construction leading groups Civil engineering, industrial construction & water treatment EXCL INFRA PROJECTS Leading provider of infrastructure (53% EBITDA International) services Infrastructure & Maintenance management Urban services & waste management 5 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 6.
    Cash flow overview Cintra's dividends • Focus on project’s credit rating & BAA future dividends • EBITDA resilient assets INFRASTRUCTURE PROJECTS • Well spread maturities New projects’ equity 407< 5% per year BAA < 10% per year PARENT COMPANY Shareholders’ dividends • Focus on cash, not growth • Commitment to strong BS EXCL INFRA PROJECTS Operating cash flow • Indebtedness target: Max. 2X EBITDA 6 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 7.
    Debt structure overview Debt streamlining BAA ,407 ETR 2012 maturities covered with available NET DEBT INFRASTRUCTURE liquidity PROJECTS €20,690m Long dated toll road concession agreements: Ring fenced debt - Weighted average remaining life > 70 years AIRPORTS TOLL ROADS - Aggregated PLCR (1) of 5.26 X Net Debt €14,910m Net Debt €5,429m PARENT COMPANY Debt reduction NET CASH EXCL INFRA PROJECTS • Net cash position €280m • Maximum debt target 2X EBITDA Non Infrastructure Net debt evolution (2006-2011) 3,065 Net Debt Net Debt /EBITDA 1,987 1,547 3,2x 1,172 2,1x 1,5x 1,7x -31 ( 1 ) PLCR: Project Life Coverage Ratio -280 2006 2007 2008 2009 2010 9M 11 7 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 8.
    Sound financial positionat ferrovial excl-infrastructure No material maturities High liquidity available until 2015 1,009 1,025(1) 2,259 1,250 102 14 34 21 2011 2012 2013 2014 2015 Total cash Undrawn lines Total liquidity (1) There are no significant maturities expected beyond 2015 8 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 9.
    Top world classinfrastructure assets Probably, the two best infra assets in the world 9M 11/10 ETR-407 HEATHROW Traffic -0.5% -0.5% +6.1% +6.1% Resilience EBITDA +8.4% +8.4% +18.8% +18.8% & Rating A- A- Tariff review Freedom +7.5% + RPI% Growth Combined EBITDA over € 1,000mn Local currency and local GAAP 9 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 10.
    Top world classinfrastructure assets Successful ongoing access Resilience through the crisis to capital markets Heathrow EBITDA evolution 10): 11.5% Bond Issuance Issuance Date £m Maturity Date CAGR (06- (GBP million) 881 Bond (GBP) Dec - 09 700 Dec - 26 783 Index-Linked Bond (GBP) Dec - 09 235 Dec - 39 637 Class B Bond (GBP) Sep - 10 400 Sep - 18 570 553 Bond (EUR) Oct - 10 434 Oct - 16 High Yield Bond (GBP) Nov - 10 325 Mar - 17 Bond (GBP) May - 11 750 May - 41 Index-Linked Bond (GBP) May - 11 130 Dec - 39 Bond (USD) Jun - 11 621 Jul - 21 2006 2007 2008 2009 2010 TOTAL Amount 3,595 407 ETR EBITDA evolution 0): 9.1% (CAD million) CAGR (06-1 444 500 Bond Issuance Issuance Date CADm Maturity Date 408 414 Senior Bond Jan - 09 300 Jan - 12 353 Senior Bond Jan - 09 200 Jan - 14 Senior Bond Jun - 10 500 Jun - 15 Senior Bond Jun - 10 300 Jun - 20 Senior Bond Nov - 10 400 May - 21 Subordinated Bond Nov - 10 300 Nov - 17 2006 2007 2008 2009 2010 TOTAL Amount 2,000 10 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 11.
    Diversified portfolio FY 2010 REVENUES EBITDA 9 % 23 % AIRPORTS 37 % 16 % TOLL ROADS 50 % 7 % S E R V I CE S 33 % 25 % CONSTRUCTION UK 56% North America 15% Spain 15% Other 14% 11 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 12.
    How we createvalue? Cash flow Cash flow Asset Asset generation generation rotation rotation 12 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 13.
    Solid cash flowgeneration €m Cash flow upstream from Strong cash flow generation from infrastructure projects Construction & Services 740 731 739 649 168 267 521 333 433 527 406 503 276 419 355 177 5 355 220 239 209 572 188 178 450 464 130 428 406 105 116 355 344 373 90 283 288 7 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 -31 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 C o ns t ruc t io n S e rv ic e s Resilient performance through the crisis *Before tax payment since 2009 13 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 14.
    Liquid and valuableportfolio 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 through the crisis Spanish car parks Naples Airport Swissport €m EV/EBITDA €m 880 398 +1% 400 x13.3 +53% 575 x7.0 (1) (2) 2007 Disposal price (2009) Venice Airport Disposal price (2010) Consensus Disposal price (2011) (Listed Peer) (1) NAV published by Cintra in 2007, (2) Analyst EV consensus - Disposal price: 100% Equity value 14 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 15.
    BAA Oct´10 Oct´ Sept´11 Sept´ Sept´11 Oct´11 Oct´ Oct´10 Oct´11 100% BAA / €m Previous to Divestment Divestment Deal Deal deal announcement process stars process stars announcement announcement x6.4 5,527 BAA´s traded value materially above market consensus 2,387 x2.3 868 Aug´2010 Sept´2011 Oct´2011 Analysts consensus Implied valuation (1) Analysts consensus on BAA September 2011: 100% Equity value. Ferrovial sold 5.88% stake in BAA last 10th October 2011 15 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 16.
    Strategy based oncore competences & financial discipline Solving complex situations in design, tariff flexibility, billing,… Core competences Operational turnarounds based on cost efficiency Investment selection criteria: Congested corridors, lack of alternatives, sound legal framework,… Focus on cash generation & un-levered IRR Financial Discipline Active portfolio management to realize value creation: 407 ETR example (100% equity value data): 1999 (acquisition) 2004 (Cintra IPO) 2010 (10% stake sold) €0.5bn €3.8bn €6.8bn 16 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 17.
    Track record • Debt reduction 3 years of defensive play • Value resilience • Financial discipline Ready to take selective investments • Selective infra projects pipeline • Strong backlog • Reputation • Geographically diversified experience (1968 onwards: Chile, Australia, US, UK, etc.) Competitive advantages • Co-investors support over time • Engineering & operational expertise • Balance Sheet strength 17 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 18.
    INDEX 1. Overview 2. Business units 3. Outlook 4. Appendix 18 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 19.
    Business units INFRASTRUCTURE PROJECTS TOLL ROADS AIRPORTS PARENT COMPANY EXCL INFRA PROJECTS CONSTRUCTION SERVICES 19 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 20.
    Infrastructure Toll roads EBITDA growth despite negative traffic due to tariffs and grantor payments ETR1 Traffic EBITDA 8,4% -0,5% INDIANA1 12,2% -3,4% CHICAGO +17.2% E B I T D A* 15,3% -6,6% 9M 2011 (*): Like-for-Like: Excluding forex impact, perimeter variations and fair value adjustments (1) Equity method 20 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 21.
    Managed Lanes A simple innovative efficient solution to urban congestion “Existing traffic on the heavily congested corridor provides a substantial and much more clearly established pool of potential users than is typical for a green field toll road” Moodys 21 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 22.
    Managed Lanes New assetslandmark “Express Tollway within an Existing Highway” Free New Tolled Free Lanes Lanes Lanes Speed >50mph A solution to congestion on “existing urban corridors” by means of Active management of “newly added capacity” through tolling 22 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 23.
    Infrastructure Airports Higher Traffic, Tariffs and Retail drive EBITDA +16.2% +9.7% +4.9% T r a f f i c* R e v e n u e s* E B I T D A* Positive inflation exposure: Tariffs LHR (7.5% + RPI) 2011 = 12.2% 2012 = 12.7% Strong performance of Scottish airports Traffic +8%, EBITDA +11% 9M 2011 (*): Like-for-Like: Excluding forex impact, perimeter variations and fair value adjustments 23 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 24.
    Excl Infra projects Services Robust operating performance RECORD BACKLOG € bn International Spain 2010 6,6 5,4 12.0 +8.7% 2009 4,5 5,5 10.0 +8.5% 2008 4,7 5,0 9.7 2007 5,2 4,6 9.8 2006 5,0 3,7 8.7 R e v e n u e s* E B I T D A* INTERNATIONAL 55% 9M 2011 (*): Like-for-Like: Excluding forex impact, perimeter variations and fair value adjustments 24 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 25.
    Excl Infra projects Construction RECORD BACKLOG Stability at Revenues and EBIT € bn International Spain 2010 6,6 3,6 10.2 2009 4,6 4,2 8.8 2008 3,6 5,2 8.8 +4.8% Revenues* -12.9% 2007 3,6 5,6 9.2 +4.5% EBIT * -2% 2006 3,0 5,6 8.1 INTERNATIONAL CIVIL International Domestic 68% 76% 9M 2011 (*): Like-for-Like: Excluding forex impact, perimeter variations and fair value adjustments 25 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 26.
    INDEX 1. Overview 2. Business units 3. Outlook 4. Appendix 26 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 27.
    Operational outlook ORGANIC INFLATION GROWTH NEW PROJECTS ASSET ROTATION 27 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 28.
    Financial outlook DISCIPLINE & OPTIMIZATION • Refinancing & amortization ahead of • Low leverage excluding infra projects maturities • Increasing capital markets presence • Investment focus on core know-how • Reducing dependence on banks • Equity stakes with operational control 28 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 29.
    Looking forward Tariffs above inflation GROWTH Traffic recovery link to GDP Backlog Financial discipline to invest FLEXIBILITY Net cash position at parent company DELIVERY Portfolio management to crystallize value 29 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 30.
    INDEX 1. Overview 2. Business units 3. Outlook 4. Appendix 30 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 31.
    Appendix • 9M ’ 1 1 Results • Business description • Introduction to 407 ETR Toll road • Managed Lanes Toll roads • 2010 Full Year Results 31 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 32.
    9M 2011 results SEP´11 SEP´ SEP´10 SEP´ VAR.-% VAR.- L-f-L% SEP’11 SEP’ SEP’10 SEP’ Var% Var% L-f-L% Construction 3,143.8 3,313.2 -5.1 -3.7 Airports 2,160.6 2,091.0 3.3 9.4 Toll Roads 300.3 762.0 -60.6 11.3 Revenues 7,640 9,131 -16.3% +1.9% Services 2,068.1 2,884.1 -28.3 8.5 Others -32.7 80.8 n.s. EBITDA 1,691 1,977 -14.5% +13.1% Total 7,640.1 9,131.0 -16.3 1.9 EBITDA margin 22.1% 21.7% Period depreciation 667 760 SEP´11 SEP´ SEP´10 SEP´ VAR.% L-f-L% Construction 171.4 172.6 -0.6 1.1 EBIT 1,024 1,218 -15.9% +26.1% Airports 1,083.9 952.9 13.8 16.2 Toll Roads 222.8 569.0 -60.8 17.2 EBIT margin 13.4% 13.3% Services 208.4 277.7 -24.9 8.7 Others 4.4 5.2 n.s. Disposals & Impairments 235 264 Total 1,691.0 1,977.3 -14.5 13.1 Financial results -1,085 -1,364 -20.5% +5.3% Equity-accounted affiliates 31 47 SEP´11 SEP´ SEP´10 SEP´ VAR% EBT 205 Construction backlog 9,921 10,186 -2.6 164 Services backlog 12,520 12,378 1.1 Traffic evolution SEP´11 SEP´ SEP´10 SEP´ VAR% VAR Corporate income tax 277 91 ETR-407 1,734,672 1,743,523 -0.5 CONSOLIDATED NET INCOME Chicago Skyway 42,679 45,693 -6.6 483 256 Indiana Toll Road 27,441 28,395 -3.4 Autema 19,224 20,414 -5.8 Minorities -1 59 Ausol I 14,812 16,346 -9.4 Ausol II 16,087 17,155 -6.2 NET INCOME ATTRIBUTED 482 315 BAA (million passengers) 83 79 4.9 32 (*): Like-for-Like: Excluding forex impact, perimeter variations and fair value adjustments E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 33.
    Debt maturity (€m) No more than 10% maturities in any single year 11.9 years average life Interest Rate Exposure 2010 3 Inflation Linked 25% Variable 25% 37 Fixed 18% Hedged 32% 21 4.689 1025 3.896 102 3.389 34 2.168 14 1.514 1.400 1.417 1.073 1.000 610 2011 2012 2013 2014 2015 2016-2020 2021-2030 2031-2040 2041-2060 >2061 Infrastructure Excl Infrastructure 33 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 34.
    Appendix • 9M ’ 1 1 Results • Business description • Introduction to 407 ETR Toll road • Managed Lanes Toll roads • 2010 Full Year Results 34 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 35.
    Business description What isFerrovial? Ferrovial's businesses comprise all the Infrastructures value chain Construction Maintenance Construction Infrastructure's Services division division operator Operation Toll Roads Airports 35 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 36.
    Business description What isFerrovial? Group Profile - Business End-to-end infrastructure company: DFBOM Construction Airports Toll Roads Services • Civil Engineering • Development, • Development, • Infrastructure & Financing, Financing, Facility • Building Concession, Management Ownership, • Industrial Management & • Urban Services & Management & One of Largest Operation Waste Operation World’s Largest One of Largest European World’s Largest Private Developer European Services Contractors Airport Company of Road & Maintenance Infrastructure Company 36 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 37.
    Business description What isFerrovial? Group Profile – Main Companies CONSTRUCTION AIRPORTS TOLL ROADS SERVICES 37 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 38.
    Business description Airports FY 2010 ABERDEEN GLASGOW EDINBURGH Revenues: €2,794mn EBITDA´10: €1,272mn STANSTEAD Margin 45.5% HEATHROW SOUTHAMPTON OTHERS 3% SCOTISH 8% STANSTEAD 8% BY AIRPORT 81% HEATHROW 38 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 39.
    Airports FY 2010 T R A F F IC E B I T DA OTHERS OTHERS 2% 3% SCOTTISH 8% SCOTTISH 17% 63% HEATHROW STANSTED 8% 81% HEATHROW STANSTED 18% 39 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 40.
    Business description BAA’s Operationalhighlights Largest airport operator in the world Heathrow, world’s busiest international airport 109 mn passengers (FY2010) 79% international passengers in the UK 15,000 employees worldwide Over 700 destinations served by UK airports 106,000 sqm retail space in the UK 112,000 car parking spaces 40 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 41.
    Business description Asset's Portfolio:Past & Present BAA Budapest Bristol BAA Retail contracts: Belfast City Boston, Baltimore, BAA Gatwick Cleveland, Pittsburgh BAA Heathrow BAA Stansted BAA Edinburgh BAA Glasgow BAA Aberdeen BAA Naples BAA Southampton ASUR (9 Mexican airports) BAA Melbourne BAA Perth BAA Darwin BAA Alice Springs BAA Launceston Cerro Moreno BAA Tennant Creek Sydney Current portfolio of assets Previous assets in portfolio 41 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 42.
    Business description Toll roads FY2010 Revenues: €869mn EBITDA´10: €630mn Margin 72.5% 42 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 43.
    Business description Portfolio NORTH AMERICA USA Canada Chicago Skyway 407 ETR Indiana Toll Road SH130 North Tarrant Express IH635 EUROPE Spain Portugal Autema Euroscut Algarve Ausol I y II Euroscut Norte Litoral M-203 Euroscut Açores R-4 Ocaña-La Roda Ireland Grecee Eurolink Motorway Ionian Roads M-3 Central Greece 43 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 44.
    Business description Services FY 2010 Revenues: €3,896mn Backlog: €12,003mn EBITDA´10: €410mn Margin 10.5% 44 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 45.
    Business description Business Portfolio/ Activities Intelligent Smart Cities Assets management Infrastructures As t se en ts m Planning and M m age a na gem an ag an Sew ent of em m ag e Tr en ts af fic t se Lig As htin g FM e d a t nt Win ar st me mai t nten er H lE e a nc Asse ea nag ng Pr maogramm e t R a ni en inte M de nan ed ar ts m gem ng ce Local roads G ni ea Cl Sig ana anag cling ad al Bu Ro io n na l Pr o field Str imp s ild ts m Brid Recy Rai veme t eme ling -up uct ges in ject Na ning ro Land clea et gs lwa nts ur e Pick Stre Asse ay s s W as nt te ailw y s R FERROVIAL Services + Value added - - Value added + 45 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 46.
    Business description Construction FY 2010 Revenues: €4,525mn EBITDA: €231mn Margin 5.1% 46 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 47.
    Construction FY 2010 Type of work Geographical Exposure 82% CIVIL WORKS 65% INTERNATIONAL RESIDENTIAL 4% 14% NON RESIDENTIAL 35% DOMESTIC 47 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 48.
    Business description International experience Canada Portugal Ireland UK • D&B contractor to CINTRA • Among Civil Works leaders • Among Civil Works leaders • D&B contractor to BAA and Amey • Working since year 2006 407 ETR: +300 ME SCUT Norte Litoral: +300 ME M3 Clonee: +500 ME SCUT Algarve: +250 ME N4 / N6 Kinnegad: +300 ME Kinnegad: HET: +900 ME SCUT Azores: +250 ME DFB0 Northern Ireland: +300 ME Bradford Schools 2nd ph.: +200 ME USA • 1st Texas Road Contractor LBJ: +1.600 ME Poland NTE: +1.100 ME • 1st Polish Construction Company SH 130: +600 ME Indiana Toll: +200 ME S-8 W ęzeł Konotopa: +450 ME zeł Konotopa: A-4 Debica – Rzeszow: +350 ME Rzeszow: A-1 Pyrzowice – Piekary: +300 ME Piekary: Year 2005: acquisition of a 100% stake in Webber Year 2000: acquisition of a 59% stake in Budimex Chile • D&B contractor to CINTRA • One of first PPP road contractors to enter the market Greece • D&B contractor to CINTRA Santiago - Talca Italy Talca – Chillán Chillá • Contractor to Italy’s Railways Company (Italfer) E65 Central Greece: +1.300 ME +900 ME Ionia Odos Road: +1.000 ME Collipulli - Temuco Temuco - Río Bueno HS Railway Andora-San Lorenzo: +300 ME Andora- 48 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 49.
    Appendix • 9M ’ 1 1 Results • Business description • Introduction to 407 ETR Toll road • Managed Lanes Toll roads • 2010 Full Year Results 49 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 50.
    407 ETR Wouldyou buy this company...? Shareholder's fund Debt 1999: 1999 775 1,937 27x Debt/Ebitda 2010 -563 5,256 Accounting High losses debt 50 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Figures in million $CAN
  • 51.
    407 ETR Ferrovialbought this company... Cash generation Valuation (1999 – 2010) 407 ETR (100%) Initial equity investment (62%) (326mn) 6,850 100% pay-back Dividends (00 - 10) 443mn 13x 13x 10% disposal 640mn first 10 years 525 NET CASH IN 757mn 2000 2010* Valuation x13 Maturity 87 years to maturity 2098 Strong dividend flow Equity valuation sharp increase * December´10 analysts consensus 51 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 52.
    407 ETR InvestmentSummary 407 ETR Key indicators performance (%) 2000-2010 Traffic 45% CAGR: 3.8% Revenues 230% CAGR: 12.7% EBITDA 299% CAGR: 14.8% Strong EBITDA growth thanks to Revenues expansion and Cost control 52 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 53.
    407 ETR All ElectronicRoadside Tolling System 53 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 54.
    407 ETR 407-ETR KEY CHARACTERISTICS DESCRIPTION: Ring road of Toronto Commuting LENGTH: 108Km. 108Km TRAFFIC METTICS ’10: Average work day trips: 380,679 Electronic toll Average revenues per trip: 5.44$ Tolled kilometres (VKT): 2,336 million CONCESSION PERIOD: 1999-2098 Years 99 (remaining 87 years) TARIFF POLICY: High flexibility based on traffic performance RESULTS 2010: Revenues: CAD 624M EBITDA: CAD 500M SHAREHOLDERS’ STRUCTURE ● No toll-booths, fully electronic free flow tolling system 43% 40% 17% ● No stopping or slow-downs to pay toll CINTRA CPPIB LAVALIN ● Transponder not required (except for trucks). If a valid transponder is not detected, digital photographs are BALANCE SHHET´S STRUCTURE taken at entry and exit. Transponders are increasingly popular Mar´11 / CAD Mn ● Tolls billed monthly ASSETS 4,975 LIABILITIES Property, plan & Intangible 3,897 -571 Equity ● Senior debt rating: A category Cash & ST Investments 617 5,527 Debt Other assets 461 251 Other liabilities 54 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 55.
    Fast 407 ETR Safe Reliable LOCATION HIGH HOUSEHOLD INCOME Greater Toronto Area 46% higher 23% of Canada population than Canada average SPEED NO REGULATORY REVIEWS Alternatives routes 40kph During concession life vs 100kçph at 407 (99 years) TOLL RATE HIGH TRAFFIC FLEXIBILITY Alternatives routes Including segment, are highly congested direction, time of the day NON-STOP TOLL FACILITY FAST Fully electronic with interchanges every 3km Reliable travel times 55 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 56.
    407 ETR Financial overview($CAD million) Revenues Capital Expenditure 624 97 CAGR: 8.2% 90 72 77 420 87 years to 49 38 maturity 2005 2010 2005 2006 2007 2008 2009 2010 OPEX Dividends 124 300 104 CAGR: 3.6% 100% pay-back in 190 first 10 years 145 135 120 85 2005 2006 2007 2008 2009 2010 2005 2010 EBITDA EBITDA % Debt / EBITDA X 27 CAGR: 9.6% 500 80% Free-tariff revision 79% 316 77% 76% 7.7% CAGR 02-10* 10 75% * Tariff increase for light Vehicles in Peak hours regular zone (%) 1999 2010 2005 2010 56 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 57.
    Appendix • 9M ’ 1 1 Results • Business description • Introduction to 407 ETR Toll road • Managed Lanes Toll roads • 2010 Full Year Results 57 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 58.
    Managed Lanes A simple innovative efficient solution to urban congestion “Existing traffic on the heavily congested corridor provides a substantial and much more clearly established pool of potential users than is typical for a green field toll road” Moodys 58 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 59.
    Managed Lanes New assetslandmark “Express Tollway within an Existing Highway” Free Tolled Lanes Free Lanes Speed >50mph Lanes A solution to congestion on “existing urban corridors” by means of Active management of “newly added capacity” through tolling 59 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 60.
    Managed Lanes Concept “Express Tollwaywithin an existing highway” Congestion relief ML provides further capacity Travel time reliability ML provides time saving and reliability Dynamic toll regime Revenue optimization (Tariff may vary every 5´) Electronic collection Barrier free, no slowdown Peak spreading Highly congested Proven solution Former experience are positive Motorists’ choice To pay or not to pay Safety Lower percentage of freight 60 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 61.
    Managed Lanes Congestion relief(NTE) Congestion in both directions ∫ 13 hours/day NTE data Total new capacity with ML: 10,700 vehicles/hour Current capacity: 6,300 vehicles/hour 60 min AWDT 80% of Capacity Westbound Eastbound 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 Time of the day • Bordering capacity levels from 6am-7pm. • Both directions show signs of capacity being reached resulting in a remarkable peak spreading 61 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 62.
    Managed Lanes Level ofdemand NTE (untolled) 407ETR (tolled) Peak period Westbound Eastbound 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 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 62 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 63.
    Managed Lanes Travel timereliability (NTE) Based on NTE data ML will provide users a reliable and certain travel time Travel Time (Minutes) 7 miles 45 40 * 35 n es 30 e la fr e 30-40min on 25 e tim 20 el av 15 10 Tr es anaged Lan 5 Trav el time on M 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 63 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 64.
    Managed Lanes Why ManagedLanes? Transportation & Public Investor • Real alternative to urban traffic congestion • Consolidated corridors, heavily congested • No behaviour changes to induce traffic • New routes are unfeasible (lack of space) • High value of time • Relief to development issues in urban areas − Commuters ( main users) − willingness to pay • A choice to users to pay, or not • Dynamic tolls to optimize revenues • Safety • Complex projects − D&B, Traffic & operational risk • Sustainable solution (less emissions) • Federal funds available (TIFIA) 64 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 65.
    Managed Lanes WhyManaged Lanes in Texas? • Texas economic robustness as compared to the US − GSP 2010 : Texas 3.4% (USA 2.8%). − Unemployment rates: (April´11): Texas 8% (USA 9%) − Over the last ten years, Texas GSP* growth 3.37% (USA 1.56%) . • Growth in population & employment should lead to future traffic demand − DFW is the 6th most congested region in the United States − 5 of the 10 most congested locations in the DFW area are located in the projects scope − one of the fastest growing metropolitan areas in the U.S2. − Since 2000, the Dallas/Fort Worth has experienced 23.4% total growth, ranking only behind the Houston and Atlanta metropolitan areas in overall percentage growth • High household income area tolls are affordable − DFW area $55,486, 18% over Texas average *CAGR 1991-2010, adjusted by inflation 2 According to the US Census Bureau 3 US Census 2007-2009 3 year median household income 65 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 66.
    Managed Lanes Ferrovial asstrategic partner for Managed Lanes (I) End-to-end approach to infrastructures: Design, Financing, Construction & Operations CONSTRUCTION TOLL ROAD BRANCH BRANCH D&B O&M Technical solution Operational management Competitive advantage & value added in complex projects Less competitors & Higher returns 66 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 67.
    Managed Lanes Lyndon BJohnson KEY CHARACTERISTICS DESCRIPTION: IH 635 (Dallas County), the most populous county in Texas LENGTH: 13 mile section of the IH 635 and IH 35E 108Km 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 51% 42% 7% ● No toll-booths, fully electronic free flow tolling system DALLAS ● Tollway within a freeway: Motorists will be provided CINTRA MERIDIAN FIRE&POLICE with a choice of driving in non-tolled GP lanes or paying PENSION SCHEME a toll to bypass such GP lanes ● Tolls setting to ensure minimum speed on new lanes FINANCIAL STRUCTURE ● As demand grows and capacity becomes scarce, pricing 25% 54% 20% power increases EQUITY DEBT PUBLIC FUNDS ● Physically separated from the GP lanes with controlled access 67 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 68.
    Managed Lanes North TarrantExpress 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 57% 33% 10% ● No toll-booths, fully electronic free flow tolling system DALLAS ● Tollway within a freeway: Motorists will be provided CINTRA MERIDIAN FIRE&POLICE with a choice of driving in non-tolled GP lanes or paying PENSION SCHEME a toll to bypass such GP lanes ● Tolls setting to ensure minimum speed on new lanes FINANCIAL STRUCTURE ● As demand grows and capacity becomes scarce, pricing 21% 52% 27% power increases EQUITY DEBT PUBLIC FUNDS ● Physically separated from the GP lanes with controlled access 68 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 69.
    Managed Lanes Financial Overview Financial details Financial details − Total Investment: 2.05 bn − Total Investment: 2.7 bn − Private Equity: 21% 21% 427 m − Private Equity: 25% 25% 665 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% 52% 1.05 bn − Total Debt: 54% 54% 1.47 bn PABs: 400 m PABs: 615 m TIFIA: 650 m TIFIA: 850 m − Public Funds: 27% 27% 537 m − Public Funds: 20% 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 69 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 70.
    Appendix • 9M ’ 1 1 Results • Business description • Introduction to 407 ETR Toll road • Managed Lanes Toll roads • 2010 Full Year Results 70 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 71.
    Profit & Loss TOTAL VAR. L-f-L(1) Net Revenue 12,169 +3% EBITDA 2,514 +7% Depreciations (1,000) -2% EBIT 1,514 +14% Disposals & impairments (2) 1,879 Net Financial Result (1,725) +12% Equity accounted 62 EBT 1,730 Taxes 85 Minorities 348 NET PROFIT 2,163 (1): Like-for-Like: Excluding forex impact, perimeter variations and fair value adjustments (2) Included in EBIT at the statutory accounts 71 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 72.
    Cash Flow ex-infraprojects OPERATING NET CASH FLOW INVESTMENT Construction 373 (38) Services 282 94 Toll Roads 178 728 Airports (12) (83) Other 50 3 Taxes (60) TOTAL 811 704 1,515 Remarkable cash flow generation 72 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 73.
    Net debt evolution EX-PROJECTS EX- 1,124 573 178 120 146 31 -60 -138 -320 -420 1,172 Net debt EBITDA Dividends WK Taxes Investment Divestment Dividends Interest Other Net cash Dec´09 recived paid dec´10 INFRA PROJECTS 3,125 1,941 148 355 -92 -22 -211 -168 -670 -1,161 -1,972 19,836 21,110 N e t de bt E B IT D A WK T a xe s Inv e s t m e nt D iv e s t m e nt D iv ide nds Inte re s t C a pit a l F o re x N C P H e ld O t he rs N e t de bt D ec´09 fo r s a le de c ´10 73 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 74.
    Disposals & impairments DISPOSALS & IMPAIRMENTS Capital gains 53 Naples airport, APP, US retail, other LHR runway 3, Stansted runway 2, other Impairment / Fair value -734 BAA -681 Capital gain 680 10% ETR, 60% Chile (completed transactions) 43% ETR, 40% Chile, other negative impairment Impairment / Fair value 1,886 (+2,015) (+148) (-277) Toll roads 2,566 Capital gain 7 Tube Lines, other -13 Other Impairment / Fair value Others -6 Capital gain 740 Impairment / Fair value 1,139 TOTAL 1,879 74 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 75.
    Toll roads Financial ∆% 2010 L-f-L Revenues 869 +7% • Growth driven by ETR407 EBITDA 630 +8% EBITDA % 72.5% +32 bps ETR407 (L-f-L): Traffic: +6%, Revenue: +11%, EBITDA +14% Revenues ∆% 2010 L-f-L ETR 4071 456 +11% Indiana Toll Road2 132 +16% • €2.9bn new financing facilities in 2010 Autema 79 +7% Ausol 54 -7% ETR (€1,263mn), LBJ (€1,190mn), Ausol (€489mn), Chicago Skyway 46 -7% M4 23 +1% R4 20 -8% Ocaña – La roda 16 -11% • Divestments of 10% ETR, Chile and M45 1 Full year figures. (Fully consolidated until September, last quarter equity consolidated) 2 Full year 2010 equity consolidated 75 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 76.
    Services 2010 ∆% L-f-L • Growth at all levels Revenues 3,896 +3% EBITDA 410 +9% EBITDA % 10.5% +54 bps EBIT 281 +12% • Profitability improvement EBIT % 7.2% +56 bps Backlog 12,003 +20% • Highest ever backlog Revenues geographical breakdown • Strong cash flow generation (282mn) Domestic 38% • Divestments of Tube Lines and Swissport 62% International 76 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 77.
    Construction 2010 ∆% L-f-L Revenues 4,525 -1% EBITDA 231 -2% EBITDA % 5.1% -3 bps • Strong international growth offsets EBIT 191 +1% Spanish decline EBIT % 4.2% +10 bps Backlog 10,186 +16% Backlog • High cash flow generation Geographical breakdown Work breakdown (€373mn) Non residential Residential Spain Industrial 65% 76% International Civil works 77 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 78.
    Airports Financial 2010 ∆% L-f-L • Material increase in profitability Revenues 2,794 +5% EBITDA 1,272 +8% EBITDA % 45.5% +131 bps • Strong recovery in LHR traffic Underlying traffic +3.4% Traffic 2010 ∆% Heathrow 65.7 -0.2% • Capital structure strengthened Stansted 18.6 -7.0% GBP1.9bn new bonds & facilities Scotland 17.9 -7,1% Southampton 1.7 -3.2% Sub-debt refinanced UK airports 103.9 -2.8% No significant 2011 maturities Naples 5.5 +2.5% TOTAL 109.4 -2.5% Underlying: Excluding closure of airspace due to ash from an Icelandic volcano, industrial action affecting British Airways' Heathrow operations and severe winter weather 78 Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 79.
    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 NOV 11 II