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Ferrovial: Investor Presentation Jan Jun 2014 | Presentación Inversores Ene Jun 2014

Ferrovial is a leading infrastructure company based in Spain. The document provides an overview of Ferrovial's business segments and key financial information. It summarizes that in the first half of 2014, Ferrovial experienced growth across most of its business segments, including a 25.7% revenue increase in services and double digit EBITDA growth at its airports division. Ferrovial also has record backlogs in construction and services of over 26 billion euros and maintains a strong financial position with over 3.7 billion euros in liquidity and a net cash position excluding infrastructure projects.

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Investing for growth ferrovial 2014 1 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. 2 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Agenda Group overview Looking Ahead Appendix 2014 – First Half results Introduction to 407ETR Toll road Managed Lanes Toll roads 2013 – Full year results 3 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Ferrovial Business Overview INFRASTRUCTURE PROJECTS €219mn Dividends from Airports PARENT COMPANY Ring fenced debt EXCL INFRA PROJECTS Net cash position €343mn EBITDA from Construction 4 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Leading European airport operator Ownership and manager of 4 UK airports, including Heathrow Leading sponsor of tollroads infrastructure development worldwide Key developer of ETR 407 Design, build, finance operation 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 €242mn Dividends from Toll roads €322mn EBITDA from Services 2013 figures
Debt Overview Net debt evolution ex-infra projects 3,064 1,987 1,547 1H ‘14 NET CASH €1,599mn PROJECTS Debt allocated at project level 1H ‘14 5 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 1,172 31 907 1,484 1,663 1.599 2006 2007 2008 2009 2010 2011 2012 2013 1H14 EX P–RIONJFERCAT SPROJECTS €mn Net debt NTE 667 LBJ 929 NTE 3A3B 65 TOTAL 1,661 TOLL ROADS* €6,835mn Projects under development not generating EBITDA = 23% of Toll roads net debt NET DEBT €7,162mn * €1,163mn related to R4 OLR, both filed for creditor protection €mn €mn
No meaningful maturities until 2018 Financial position (ex-infra projects) 2014-2019 maturities € million - June ‘14 44 42 19 11 Liquidity position 6 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 501 5 510 2014 2015 2016 2017 2018 2019 2019 2.767 3.752 986 Total cash Undrawn lines Total liquidity € million - June ‘14
2014 Overview (up to June) Group Services largest division by revenues, EBITDA and OCF Operations Financial Highest ever backlog, €26bn (Construction Services) Volume and profitability expansion (Services) Traffic growth across the portfolio Credit rating upgrade by Fitch (from BBB- to BBB) 10y corporate bond issued in July (coupon 2.5% ) €1.6bn Net cash* / €3.8bn Liquidity Active pipeline in greenfield projects Investment to grow Financial discipline to invest Future 7 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Spain 2014 … Better collections (Services) € bn +76% 8 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Traffic Ausol I -17,6% -9,8% 1H'13 FY 2013 1H'14 201 211 146 4,2% 120 113 2010 2011 2012 2013 1H 2014 … Better traffic … Higher volumes (Services) Tons Days of sales outstanding Waste -16,2% -6,6% 6,6% 1H'14 1H'13 1H'12 public bidding in Spain 3,7 6,6 1H'13 1H'14 … Higher public bidding
Agenda Group overview Looking Ahead Appendix 2014 – First Half results Introduction to 407ETR Toll road Managed Lanes Toll roads 2013 – Full year results 9 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Capital allocation. Strong financial discipline Financially Low level of corporate debt 10 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Asset rotation to support growth Efficient asset allocation Operational value generation Operationally
Shareholder remuneration Dividend 2013 Interim(paid Dec’13) 0.40 FER Flexible Dividend 0.291 TOTAL 0.691 0.40 0.42 0.45 2009 2010 2011 2012 2013 (Euros/share) 11 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 1.25 0.691 Dividend evolution
Why Ferrovial? Dividend generation Highest ever 12 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Net cash position (2018 2021 main maturities) 34% 17% 13% 14% Strong Backlog Operating cash flow* diversification Solid Financial Position High Quality Assets 22% *2013 OCF ex-infrastructure projects
Thanks 13 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Agenda Group overview Looking Ahead Appendix 2014 – First Half results Introduction to 407ETR Toll road Managed Lanes Toll roads 2013 – Full year results 14 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Record Backlog (Construction Services) 14.7 7.2 26.1 18.8 +78% 7.5 7.3 2005 1H2014 Services Construction (€ bn) International 38% 68% 15 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 34% 66% Domestic International 29% 71% Domestic International €26.1bn (38 months of activity) Construction Services Backlog growth
Toll roads Traffic growth across our portfolio Solid growth in US, Canada and Europe (Ireland, Portugal and Spain) Very active pipeline Bidding in US/ Australia/Canada and selective monitoring of opportunities in other markets. New projects awarded I77, North Carolina, US (Managed Lanes) Opening of NTE “Managed Lanes” (dynamic tolling) 2 - Equity method, *Ausol I Traffic 16 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Traffic evolution 1H 2Q Ausol* (Spain) +1.8% +4.2% Algarve (Portugal) +11.2% +14.6% M4 (Ireland) +4.4% +4.7% ETR 407 2 +3.8% +4.3% 2 Chicago skyway -1.4% +1.6% 1H 2014 Δ% L-f-L
407ETR (Equity method, FERROVIAL stake: 43%) Traffic and EBITDA above expectations No relevant maturities until 2015 30y bond issuance CAD250mn in May 2014 (3.35% coupon) Increasing dividend (CAD525m 2014 ytd) Revenues 17 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 414 +11.3% EBITDA 345 +10.0% EBITDA % 83.5% -110bps Net debt 5,759 +8.76% 408 665 2007 2008 2009 2010 2011 2012 2013 190 300 460 600 680 2009 2010 2011 2012 2013 CAD million 407ETR Resilient performance (EBITDA) CAD million Dividend CAD million 1H2014 Δ% LfL
1H2014 Δ% LfL Revenues 2,125 +25.7% EBITDA 158 +11.6% EBITDA % 7.5% -80 bps Backlog 18,841 +3.6 % Services UK Spain +37% +58% +5% 18 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 +10% -12% +1% Revenues EBITDA BACKLOG L-f-L Largest division in the group Strong revenue growth in Spain UK (combined organic growth +8.6%) Enterprise integration on track Synergies 2015 (e) £40mn Volume and profitability expansion New all-time high in backlog Selective MA 65% 34% UK Spain Other 1% * Excluding forex impact, integration and restructuring costs. € million Services Performance by Geography Backlog by geography
Amey -profitable growth 2013: Enterprise Proven organic growth synergies on track Amey Sales CAGR: 9.7% 0.7 1.2 2007 2012 Amey/Enterprise active bids CAGR: 9% 19 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 7 35 40 7.5 11.2 2012 2013 £ billion 16 19 Synergies Net Costs -9 +16 +40 19% organic growth 12.3 14.6 2011 2013 2011 date includes Enterprise’s bids £ million 2013 2014 (e) 2015 (e) UK Services market is growing Backlog: anticipating future growth € billion
Spain: resilient operations financial performance Sales Stability 1.39 1.42 2007 2013 -28% € billion € billion 20 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Acumulative 2007 - 2013 1.33 1.37 EBITDA OCF 5.2 6.3 2012 2013 34.2 24.7 2007 2012 Source: Presupuestos anuales de las Entidades Locales – Ministerio de Hacienda y Administraciones Públicas 100% EBITDA / Cash flow conversion Local government operating spend Backlog: Anticipating future growth € billion € billion
Construction No global or volume ambitions Competitive tool for infrastructure projects 2014 (H1): • Improvement in Cash Flow • New contracts to be included in the next few months, worth c.€1.1bn • International growth to partially offset Spanish decline • Poland - Infra roads plan 2014-19, €10.0bn • Spain – Higher Public bidding (+76%) € million 21 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Operating Cash Flow 1H 2013 1H 2014 -41 Backlog by geography 71% 29% -191 International Domestic España 29% USA 35% Polonia R.Unido 13% 6% Chile 5% Canadá 3% Otros 9%
100% GBP million 22 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 HAH 1H2014 Δ% LfL Traffic 1H2014 Δ% LfL Heathrow 35.1 +1.9% Scotland 5.3 +8.2% Southampton 0.8 +5.7% Total HAH 41.1 +2.5% HAH (Equity method, FERROVIAL stake 25.0%) Revenues 1,319 +7.2% EBITDA 710 +12.1% EBITDA % 53.8% +230 bps NET DEBT 13,129 +3.5% Terminal 2 at Heathrow (The Queen’s Terminal) was opened to traffic on 4 June. Heathrow’s proposal for third runway shortlisted for further analysis (Airports Commission) Highest ever passenger satisfaction 2014 (H1) • Double digit EBITDA growth • Heathrow: traffic up 1.9% driven by intercontinental demand (PAX million) Shareholders 25.00% 20.00% 13.29% 11.88% 11.18% 10.0% 8,65% Ferrovial Qatar Brittania GIC Alinda CIC USS
Heathrow - Best ever passenger satisfaction 63% 81% 2007 1H 2014 23 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 40 19 2007 1H 2014 48% 79% 2007 1H 2014 Over 79% of passengers surveyed rated their experience as Excellent or very good Missed bags per 1,000 passengers % passengers rating Heathrow “Excellent” or “Very good” Departures punctuality
Income Statement Revenues JUN’13 JUN’14 Var% 4,159 435 10.5% -120 315 7.6% 0 -167 49 197 -52 146 - 23 168 11.5% 4.8% 4.3% Construction 24 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Airports Toll Roads Services Others Total JUN´14 JUN´13 VAR.% LfL% 1,804 3 200 2,125 28 4,159 1,859 4 206 1,655 8 3,732 -3.0 -21.3 -3.0 28.4 258.4 0.7 -21.3 -2.3 25.7 245.3 12.5 Construction Aeropuertos Toll Roads Services Others Total JUN´14 JUN´13 VAR.% LfL% 153 -7 123 158 8 435 154 -6 125 138 4 415 -0.9 -9.7 -1.8 14.7 108.1 4.8 -0.1 -14.7 3.0 11.6 -38.5 3.5 3,732 415 11.1% -113 323 8.7% 0 -186 180 318 -51 267 - 20 287 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% 7,297 18,841 JUN´14 1,145,192 37,755 25,854 10,315 12,764 25,653 35.0 7,867 17,749 JUN´13 1,103,360 38,288 25,765 10,132 12,707 24,562 34.0 -7.3 6.2 VAR% 3.8 -1.4 0.3 1.8 0.5 4.4 1.9 JUN´14 DEC´13 LfL% 12.5% 3.5% 2.2% 1H 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 EBITDA Operating Indicators
Agenda Group overview Looking Ahead Appendix 2014 – First Half results Introduction to 407ETR Toll road Managed Lanes Toll roads 2013 – Full year results 25 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
407 ETR Would you buy this company…? 775 1,937 -1,694 5,759 CAN million Accounting losses High debt 26 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 1999: 27x Debt/Ebitda 1999 2013 Shareholder’s Equity Net debt
407 ETR Ferrovial bought this company… Initial equity investment (62%) (326mn) Dividends (00 - 13) 1,051mn 10% disposal 640mn NET CASH IN 1,691mn 100% pay-back in first 10 years Valuation x20 Strong dividend flow Equity valuation sharp increase 2,098 * June ’14 analysts consensus 27 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 525 10.485 20x 1999 2014 Jun 407 ETR 84 years to maturity € million Cash Generation (1999-2013) Valuation (100%) € million Maturity
407 High density population area Ring road of Toronto 108 km 407 ETR Location 407 28 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 East extension Area of expansion
407 ETR All Electronic Roadside Tolling System Sophisticated electronic toll highway NO toll-booths, “closed ticket” tolling scheme (on/off ramps) NO stopping or slow-downs to pay ALL vehicles able to use highway Transponder not required. If valid transponder is not detected, digital images are taken at entry and exit and invoices posted to registered car owner Tolls billed monthly 29 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 30 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 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
407 ETR Financial overview ($CAD million) 420 801 2005 2013 316 665 75% 77% OPEX CAGR: 3.4% 79% 76% 80% 82% 83% 2005 2013 31 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 97 2005 2006 2007 2008 2009 2010 2011 2012 2013 27 70 74 8.4 90 38 72 77 88 1999 2013 49 85 145 120 135 190 300 460 600 680 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 EBITDA % Revenues EBITDA Capital Expenditure Dividends Net Debt / EBITDA X
407 ETR ETR Recurrent presence in the bond market (June’13) Extending maturities at historically low cost CAD 2,950mn issued since 2009 300 200 Maturity Spread 32 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 500 300 400 300 350 400 200 200 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 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 years Yearly avg maturity: Only 3% of total debt
Agenda Group overview Looking Ahead Appendix 2014 – First Half results Introduction to 407ETR Toll road Managed Lanes Toll roads 2013 – Full year results 33 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
“Express Tollway within an Existing Highway” Free Lanes A solution to congestion on “existing urban corridors” by means of Active management of “newly added capacity” through tolling 34 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Free Lanes Tolled Lanes Speed 50mph Managed Lanes New assets landmark
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 Westbound Eastbound 35 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Time of the day Peak period Managed Lanes Level of demand NTE (untolled) 407ETR (tolled)
Paying for predictability Travel time variability Travel Time Variability Time (min) 70 60 50 40 30 20 10 0 NB AM NB MD NB PM SB AM SB MD SB PM • 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 Time (min) 36 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Data Source: Travel Time Runs Seg 3a and 3b conducted Fall 2012 Free Flow Travel Mean NB - North bound SB - South bound
Toll rates – tariff treshold Tariff treshold 37 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 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
NTE 3 NTE 1-2 38 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 LBJ Dallas and Fort Worth Regional Map Managed Lanes regional map
Shareholder structure CINTRA MERIDIAM 39 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 DALLAS FIREPOLICE PENSION SCHEME Key characteristics 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%
40 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Key characteristics Shareholder structure CINTRA MERIDIAM DALLAS FIREPOLICE PENSION SCHEME 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%
Key characteristics Shareholder structure 50% 14% 10% APG CINTRA MERIDIAM 41 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 DALLAS FIREPOLICE PENSION SCHEME 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% EQUITY DEBT PUBLIC FUNDS Managed Lanes North Tarrant Express 35W 26% Financial structure
25% 54% 20% • 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. Managed Lanes Financial Overview 21% 52% 27% • 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. Figures in US Dollars 42 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 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:
Agenda Group overview Looking Ahead Appendix 2014 – First Half results Introduction to 407ETR Toll road Managed Lanes Toll roads 2013 – Full year results 43 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Income Statement Revenues DEC’12 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 44 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Services Others Total DEC´13 DEC´12 VAR.% LfL% 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 VAR.% L-f-L% 1.8 1.7 2.6 n.s. 0.8 4.0 2.9 15.0 n.s. 4.8 7,630 927 12.1% -219 708 9.3% 52 -301 275 733 -106 628 64 692 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 EBITDA Operating Indicators
Cash Flow generation 2013 Operating Cash Flow Construction+Services 32% 21% 14% Dividends From infra projects 45% 48% Investment flow 20% 45 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 RoW RoW 7% RoW 12% 66% Ex-Infrastructures projects 22% 11%
Diversified portfolio Services Construction Toll Roads Airports Non Capital Intensive PROFIT GENERATION CASH GENERATION Fully consolidated Method €934Mn 30% 20% (1) Proportional: All EBITDA figures are aggregated in a proportional basis to the Ferrovial equity stake in each company or project. 46 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Capital Intensive LONG DURATION LONG TERM VALUE Proportional (1) €1,681Mn EBITDA FY´13 Services Toll Roads Construction Airports 33% 37% 29% 32% 19% 41% Spain 17% UK 17% US 25% RoW 22% Spain 43% UK 24% US 11% RoW Ex – Infrastructure Projects Infrastructure Projects
ferrovial 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

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Ferrovial: Investor Presentation Jan Jun 2014 | Presentación Inversores Ene Jun 2014

  • 1.
    Investing for growth ferrovial 2014 1 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 2.
    Disclaimer This documentmay 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. 2 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 3.
    Agenda Group overview Looking Ahead Appendix 2014 – First Half results Introduction to 407ETR Toll road Managed Lanes Toll roads 2013 – Full year results 3 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 4.
    Ferrovial Business Overview INFRASTRUCTURE PROJECTS €219mn Dividends from Airports PARENT COMPANY Ring fenced debt EXCL INFRA PROJECTS Net cash position €343mn EBITDA from Construction 4 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Leading European airport operator Ownership and manager of 4 UK airports, including Heathrow Leading sponsor of tollroads infrastructure development worldwide Key developer of ETR 407 Design, build, finance operation 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 €242mn Dividends from Toll roads €322mn EBITDA from Services 2013 figures
  • 5.
    Debt Overview Netdebt evolution ex-infra projects 3,064 1,987 1,547 1H ‘14 NET CASH €1,599mn PROJECTS Debt allocated at project level 1H ‘14 5 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 1,172 31 907 1,484 1,663 1.599 2006 2007 2008 2009 2010 2011 2012 2013 1H14 EX P–RIONJFERCAT SPROJECTS €mn Net debt NTE 667 LBJ 929 NTE 3A3B 65 TOTAL 1,661 TOLL ROADS* €6,835mn Projects under development not generating EBITDA = 23% of Toll roads net debt NET DEBT €7,162mn * €1,163mn related to R4 OLR, both filed for creditor protection €mn €mn
  • 6.
    No meaningful maturitiesuntil 2018 Financial position (ex-infra projects) 2014-2019 maturities € million - June ‘14 44 42 19 11 Liquidity position 6 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 501 5 510 2014 2015 2016 2017 2018 2019 2019 2.767 3.752 986 Total cash Undrawn lines Total liquidity € million - June ‘14
  • 7.
    2014 Overview (upto June) Group Services largest division by revenues, EBITDA and OCF Operations Financial Highest ever backlog, €26bn (Construction Services) Volume and profitability expansion (Services) Traffic growth across the portfolio Credit rating upgrade by Fitch (from BBB- to BBB) 10y corporate bond issued in July (coupon 2.5% ) €1.6bn Net cash* / €3.8bn Liquidity Active pipeline in greenfield projects Investment to grow Financial discipline to invest Future 7 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 8.
    Spain 2014 …Better collections (Services) € bn +76% 8 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Traffic Ausol I -17,6% -9,8% 1H'13 FY 2013 1H'14 201 211 146 4,2% 120 113 2010 2011 2012 2013 1H 2014 … Better traffic … Higher volumes (Services) Tons Days of sales outstanding Waste -16,2% -6,6% 6,6% 1H'14 1H'13 1H'12 public bidding in Spain 3,7 6,6 1H'13 1H'14 … Higher public bidding
  • 9.
    Agenda Group overview Looking Ahead Appendix 2014 – First Half results Introduction to 407ETR Toll road Managed Lanes Toll roads 2013 – Full year results 9 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 10.
    Capital allocation. Strongfinancial discipline Financially Low level of corporate debt 10 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Asset rotation to support growth Efficient asset allocation Operational value generation Operationally
  • 11.
    Shareholder remuneration Dividend2013 Interim(paid Dec’13) 0.40 FER Flexible Dividend 0.291 TOTAL 0.691 0.40 0.42 0.45 2009 2010 2011 2012 2013 (Euros/share) 11 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 1.25 0.691 Dividend evolution
  • 12.
    Why Ferrovial? Dividendgeneration Highest ever 12 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Net cash position (2018 2021 main maturities) 34% 17% 13% 14% Strong Backlog Operating cash flow* diversification Solid Financial Position High Quality Assets 22% *2013 OCF ex-infrastructure projects
  • 13.
    Thanks 13 E-mail:ir@ferrovial.es – Tel: +34 91 586 27 30
  • 14.
    Agenda Group overview Looking Ahead Appendix 2014 – First Half results Introduction to 407ETR Toll road Managed Lanes Toll roads 2013 – Full year results 14 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 15.
    Record Backlog (Construction Services) 14.7 7.2 26.1 18.8 +78% 7.5 7.3 2005 1H2014 Services Construction (€ bn) International 38% 68% 15 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 34% 66% Domestic International 29% 71% Domestic International €26.1bn (38 months of activity) Construction Services Backlog growth
  • 16.
    Toll roads Traffic growth across our portfolio Solid growth in US, Canada and Europe (Ireland, Portugal and Spain) Very active pipeline Bidding in US/ Australia/Canada and selective monitoring of opportunities in other markets. New projects awarded I77, North Carolina, US (Managed Lanes) Opening of NTE “Managed Lanes” (dynamic tolling) 2 - Equity method, *Ausol I Traffic 16 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Traffic evolution 1H 2Q Ausol* (Spain) +1.8% +4.2% Algarve (Portugal) +11.2% +14.6% M4 (Ireland) +4.4% +4.7% ETR 407 2 +3.8% +4.3% 2 Chicago skyway -1.4% +1.6% 1H 2014 Δ% L-f-L
  • 17.
    407ETR (Equity method,FERROVIAL stake: 43%) Traffic and EBITDA above expectations No relevant maturities until 2015 30y bond issuance CAD250mn in May 2014 (3.35% coupon) Increasing dividend (CAD525m 2014 ytd) Revenues 17 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 414 +11.3% EBITDA 345 +10.0% EBITDA % 83.5% -110bps Net debt 5,759 +8.76% 408 665 2007 2008 2009 2010 2011 2012 2013 190 300 460 600 680 2009 2010 2011 2012 2013 CAD million 407ETR Resilient performance (EBITDA) CAD million Dividend CAD million 1H2014 Δ% LfL
  • 18.
    1H2014 Δ% LfL Revenues 2,125 +25.7% EBITDA 158 +11.6% EBITDA % 7.5% -80 bps Backlog 18,841 +3.6 % Services UK Spain +37% +58% +5% 18 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 +10% -12% +1% Revenues EBITDA BACKLOG L-f-L Largest division in the group Strong revenue growth in Spain UK (combined organic growth +8.6%) Enterprise integration on track Synergies 2015 (e) £40mn Volume and profitability expansion New all-time high in backlog Selective MA 65% 34% UK Spain Other 1% * Excluding forex impact, integration and restructuring costs. € million Services Performance by Geography Backlog by geography
  • 19.
    Amey -profitable growth 2013: Enterprise Proven organic growth synergies on track Amey Sales CAGR: 9.7% 0.7 1.2 2007 2012 Amey/Enterprise active bids CAGR: 9% 19 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 7 35 40 7.5 11.2 2012 2013 £ billion 16 19 Synergies Net Costs -9 +16 +40 19% organic growth 12.3 14.6 2011 2013 2011 date includes Enterprise’s bids £ million 2013 2014 (e) 2015 (e) UK Services market is growing Backlog: anticipating future growth € billion
  • 20.
    Spain: resilient operations financial performance Sales Stability 1.39 1.42 2007 2013 -28% € billion € billion 20 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Acumulative 2007 - 2013 1.33 1.37 EBITDA OCF 5.2 6.3 2012 2013 34.2 24.7 2007 2012 Source: Presupuestos anuales de las Entidades Locales – Ministerio de Hacienda y Administraciones Públicas 100% EBITDA / Cash flow conversion Local government operating spend Backlog: Anticipating future growth € billion € billion
  • 21.
    Construction Noglobal or volume ambitions Competitive tool for infrastructure projects 2014 (H1): • Improvement in Cash Flow • New contracts to be included in the next few months, worth c.€1.1bn • International growth to partially offset Spanish decline • Poland - Infra roads plan 2014-19, €10.0bn • Spain – Higher Public bidding (+76%) € million 21 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Operating Cash Flow 1H 2013 1H 2014 -41 Backlog by geography 71% 29% -191 International Domestic España 29% USA 35% Polonia R.Unido 13% 6% Chile 5% Canadá 3% Otros 9%
  • 22.
    100% GBP million 22 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 HAH 1H2014 Δ% LfL Traffic 1H2014 Δ% LfL Heathrow 35.1 +1.9% Scotland 5.3 +8.2% Southampton 0.8 +5.7% Total HAH 41.1 +2.5% HAH (Equity method, FERROVIAL stake 25.0%) Revenues 1,319 +7.2% EBITDA 710 +12.1% EBITDA % 53.8% +230 bps NET DEBT 13,129 +3.5% Terminal 2 at Heathrow (The Queen’s Terminal) was opened to traffic on 4 June. Heathrow’s proposal for third runway shortlisted for further analysis (Airports Commission) Highest ever passenger satisfaction 2014 (H1) • Double digit EBITDA growth • Heathrow: traffic up 1.9% driven by intercontinental demand (PAX million) Shareholders 25.00% 20.00% 13.29% 11.88% 11.18% 10.0% 8,65% Ferrovial Qatar Brittania GIC Alinda CIC USS
  • 23.
    Heathrow - Bestever passenger satisfaction 63% 81% 2007 1H 2014 23 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 40 19 2007 1H 2014 48% 79% 2007 1H 2014 Over 79% of passengers surveyed rated their experience as Excellent or very good Missed bags per 1,000 passengers % passengers rating Heathrow “Excellent” or “Very good” Departures punctuality
  • 24.
    Income Statement Revenues JUN’13 JUN’14 Var% 4,159 435 10.5% -120 315 7.6% 0 -167 49 197 -52 146 - 23 168 11.5% 4.8% 4.3% Construction 24 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Airports Toll Roads Services Others Total JUN´14 JUN´13 VAR.% LfL% 1,804 3 200 2,125 28 4,159 1,859 4 206 1,655 8 3,732 -3.0 -21.3 -3.0 28.4 258.4 0.7 -21.3 -2.3 25.7 245.3 12.5 Construction Aeropuertos Toll Roads Services Others Total JUN´14 JUN´13 VAR.% LfL% 153 -7 123 158 8 435 154 -6 125 138 4 415 -0.9 -9.7 -1.8 14.7 108.1 4.8 -0.1 -14.7 3.0 11.6 -38.5 3.5 3,732 415 11.1% -113 323 8.7% 0 -186 180 318 -51 267 - 20 287 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% 7,297 18,841 JUN´14 1,145,192 37,755 25,854 10,315 12,764 25,653 35.0 7,867 17,749 JUN´13 1,103,360 38,288 25,765 10,132 12,707 24,562 34.0 -7.3 6.2 VAR% 3.8 -1.4 0.3 1.8 0.5 4.4 1.9 JUN´14 DEC´13 LfL% 12.5% 3.5% 2.2% 1H 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 EBITDA Operating Indicators
  • 25.
    Agenda Group overview Looking Ahead Appendix 2014 – First Half results Introduction to 407ETR Toll road Managed Lanes Toll roads 2013 – Full year results 25 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 26.
    407 ETR Wouldyou buy this company…? 775 1,937 -1,694 5,759 CAN million Accounting losses High debt 26 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 1999: 27x Debt/Ebitda 1999 2013 Shareholder’s Equity Net debt
  • 27.
    407 ETR Ferrovialbought this company… Initial equity investment (62%) (326mn) Dividends (00 - 13) 1,051mn 10% disposal 640mn NET CASH IN 1,691mn 100% pay-back in first 10 years Valuation x20 Strong dividend flow Equity valuation sharp increase 2,098 * June ’14 analysts consensus 27 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 525 10.485 20x 1999 2014 Jun 407 ETR 84 years to maturity € million Cash Generation (1999-2013) Valuation (100%) € million Maturity
  • 28.
    407 High densitypopulation area Ring road of Toronto 108 km 407 ETR Location 407 28 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 East extension Area of expansion
  • 29.
    407 ETR AllElectronic Roadside Tolling System Sophisticated electronic toll highway NO toll-booths, “closed ticket” tolling scheme (on/off ramps) NO stopping or slow-downs to pay ALL vehicles able to use highway Transponder not required. If valid transponder is not detected, digital images are taken at entry and exit and invoices posted to registered car owner Tolls billed monthly 29 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 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 30 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 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
  • 31.
    407 ETR Financialoverview ($CAD million) 420 801 2005 2013 316 665 75% 77% OPEX CAGR: 3.4% 79% 76% 80% 82% 83% 2005 2013 31 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 97 2005 2006 2007 2008 2009 2010 2011 2012 2013 27 70 74 8.4 90 38 72 77 88 1999 2013 49 85 145 120 135 190 300 460 600 680 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 EBITDA % Revenues EBITDA Capital Expenditure Dividends Net Debt / EBITDA X
  • 32.
    407 ETR ETRRecurrent presence in the bond market (June’13) Extending maturities at historically low cost CAD 2,950mn issued since 2009 300 200 Maturity Spread 32 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 500 300 400 300 350 400 200 200 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 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 years Yearly avg maturity: Only 3% of total debt
  • 33.
    Agenda Group overview Looking Ahead Appendix 2014 – First Half results Introduction to 407ETR Toll road Managed Lanes Toll roads 2013 – Full year results 33 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 34.
    “Express Tollway withinan Existing Highway” Free Lanes A solution to congestion on “existing urban corridors” by means of Active management of “newly added capacity” through tolling 34 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Free Lanes Tolled Lanes Speed 50mph Managed Lanes New assets landmark
  • 35.
    00.00 2.00 4.006.00 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 Westbound Eastbound 35 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Time of the day Peak period Managed Lanes Level of demand NTE (untolled) 407ETR (tolled)
  • 36.
    Paying for predictability Travel time variability Travel Time Variability Time (min) 70 60 50 40 30 20 10 0 NB AM NB MD NB PM SB AM SB MD SB PM • 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 Time (min) 36 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Data Source: Travel Time Runs Seg 3a and 3b conducted Fall 2012 Free Flow Travel Mean NB - North bound SB - South bound
  • 37.
    Toll rates –tariff treshold Tariff treshold 37 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 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
  • 38.
    NTE 3 NTE1-2 38 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 LBJ Dallas and Fort Worth Regional Map Managed Lanes regional map
  • 39.
    Shareholder structure CINTRAMERIDIAM 39 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 DALLAS FIREPOLICE PENSION SCHEME Key characteristics 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%
  • 40.
    40 E-mail: ir@ferrovial.es– Tel: +34 91 586 27 30 Key characteristics Shareholder structure CINTRA MERIDIAM DALLAS FIREPOLICE PENSION SCHEME 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%
  • 41.
    Key characteristics Shareholderstructure 50% 14% 10% APG CINTRA MERIDIAM 41 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 DALLAS FIREPOLICE PENSION SCHEME 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% EQUITY DEBT PUBLIC FUNDS Managed Lanes North Tarrant Express 35W 26% Financial structure
  • 42.
    25% 54% 20% • 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. Managed Lanes Financial Overview 21% 52% 27% • 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. Figures in US Dollars 42 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 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:
  • 43.
    Agenda Group overview Looking Ahead Appendix 2014 – First Half results Introduction to 407ETR Toll road Managed Lanes Toll roads 2013 – Full year results 43 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
  • 44.
    Income Statement Revenues DEC’12 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 44 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Services Others Total DEC´13 DEC´12 VAR.% LfL% 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 VAR.% L-f-L% 1.8 1.7 2.6 n.s. 0.8 4.0 2.9 15.0 n.s. 4.8 7,630 927 12.1% -219 708 9.3% 52 -301 275 733 -106 628 64 692 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 EBITDA Operating Indicators
  • 45.
    Cash Flow generation2013 Operating Cash Flow Construction+Services 32% 21% 14% Dividends From infra projects 45% 48% Investment flow 20% 45 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 RoW RoW 7% RoW 12% 66% Ex-Infrastructures projects 22% 11%
  • 46.
    Diversified portfolio ServicesConstruction Toll Roads Airports Non Capital Intensive PROFIT GENERATION CASH GENERATION Fully consolidated Method €934Mn 30% 20% (1) Proportional: All EBITDA figures are aggregated in a proportional basis to the Ferrovial equity stake in each company or project. 46 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Capital Intensive LONG DURATION LONG TERM VALUE Proportional (1) €1,681Mn EBITDA FY´13 Services Toll Roads Construction Airports 33% 37% 29% 32% 19% 41% Spain 17% UK 17% US 25% RoW 22% Spain 43% UK 24% US 11% RoW Ex – Infrastructure Projects Infrastructure Projects
  • 47.
    ferrovial INVESTOR RELATIONSDEPARTMENT - 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