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2011 Full Year Results
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           • Note on accounting changes:
decisions, or prepare or release opinions about the securities issued by the
                                                                                       For purposes of comparison, BAA's results have been shown as equity-accounted
Company, are cautioned not to place undue reliance on those forward looking            in both the 2010 and the 2011 P&Ls. In the accounts filed in accordance with
statements which speak only as of the date of this communication. They are all         NIIF5, in the 2010 P&L BAA's results were included under discontinued activities,
encouraged to consult the Company’s communications and periodic filings made           while in 2011 ten months were reported as discontinued activities and two months
                                                                                       as equity-accounted.
with the relevant securities markets regulators and, in particular, with the Spanish
Securities Markets Regulator.
Contents
           2011 Highlights


           Business Units


           Financial Results


           Looking Ahead
2011 Highlights (1)
      Cash          Access to Capital      Value from
                                                                 EBITDA Growth
    Generation          Market             divestitures

Activity cash       €2.1 bn bond        Value obtained          Operational
flow generation:    issuances in        from divestitures       growth across
€1,446mn ex-        2011                beats market            portfolio
infra projects                          expectations
                    and €1.7bn issued
                                                                9% EBITDA growth
                    YTD 2012
€907mn net cash                                                 (LfL)
                                        BAA / Swissport / M45
position ex-infra
projects
2011 Highlights (2)
               January    ‣ M45 shadow toll road sold (€68mn)
               February   ‣ Swissport divestment process completed (€692mn)
                 April    ‣ Ferrovial’s corporate debt refinanced (€1,314bn)
                          ‣ AUSOL refinancing completed (€492mn)
  Delivering




                 June

                 July     ‣ BAA: Inaugural dollar bond issuance ($1.0bn)
                Agust     ‣ Ferrovial gets its first rating by S&P and Fitch: Investment grade (BBB-), outlook stable
               October    ‣ BAA 5.88% stake sold (GBP280mn)
               November   ‣ First Ferrovial Services Investor day in London
               December   ‣ Chilean toll roads 40% stake divestment completed (€157mn)


               2012           To invest in future growth
2011 Highlights (3)
                                                           € milion   % Change*

                                                                                  Spain -9%
                       Revenue                              7,446       -1%       Intl. +8%


                       EBITDA                                819       +9%

                       Net Income                           1,269

                       Net cash position
                                                             907      +2,806%
                       ex-infra projects

                       Construction backlog                 9,997      -1%


                       Services backlog                    12,425     +0.5%




                                                Strength & Visibility
* Excluding forex impact & perimeter changes.
Contents
           2011 Highlights


           Business Units


           Financial Results


           Looking Ahead
Toll Roads
    Financial                                              -   €159mn dividends from projects

                                      2011      ∆% L-f-L
                                                           -   Refinancing facilities in 2011
    Revenues                           390       +5%
                                                                ‣Ausol (€492mn)
    EBITDA                             283      +14%
    EBITDA %                          72.7%     +19bps          ‣R4 - standstill until February 27th

       2011 ∆% L-f-L                  Traffic   EBITDA     -   Chile & M45 divestiture completed

    Autema1                           -7%        +8%
                                                           -   EBITDA growth
    Chicago Skyway                    -7%        +9%
                                                                ‣Tariffs and grants more than offset weak traffic
    Ausol                             -7%       +10%

    ETR 407     2
                                      -1%       +10%
                                                           -   Pipeline

                                                                USA, Canada & New markets
    Indiana Toll Road2                -3%        +4%




1 Financial asset | 2 Equity method
407ETR
Equity method, Ferrovial stake: 43%

 CAD Mn                2011         ∆% L-f-L


Revenues               675            +8%
                                                    - EBITDA growth (+11%)
EBITDA                 553            +11%
                                                        ‣ Stable traffic (-0.5%)
Net Debt               4,831          +7%

                                                        ‣ Tariff growth
Resilient performance
EBITDA (CAD million)                                - New bond issuances (CAD 350mn)
                                     6-11)
                              CAGR (0
                                  9.4%                  ‣ No relevant maturities until 2014

                                                        ‣ CAD 2.35bn issued since 2009
                                             553
 353
                                                    - Dividend payment (CAD 460mn)
 2006     2007   2008     2009     2010      2011
Services
                2011       ∆% L-f-L              UK                          SPAIN
Revenues       2,821        +9%

EBITDA          312         +5%

EBITDA %       11.1%       +45bps             +19%                Revenues   +3%
EBIT            207          +3%
                                               +3%                EBITDA     +6%

EBIT%          7.4%         +7bps
                                                -8%               BACKLOG    +7%

Blacklog       12,425        -1%
                                                                    L-f-L
                                               +9%
                                        excluding 2010 one-offs

Revenues       geographical breakdown

                                           - Strong cash flow generation (€164mn)
       UK         50%
                                           - Growth & Profitability improvement
       Spain
               50%                         - Stable backlog
                                           - Swissport divestment
Construction
                    2011      ∆% L-f-L              International                Domestic
  Revenues          4,244       -5%

  EBITDA            248        +4%

  EBITDA %          5.8%      +49bps
                                                         +8%          Revenues      -17%
  EBIT              215         +8%
                                                         +9%           EBITDA       +8%
                                                         +6%          BACKLOG       -12%
  EBIT%             5.1%      +60bps
                                                                        L-f-L
  Blacklog          9,997       -1%


 Backlog
Geographical breakdown   Work breakdown
                            Civil Works

Domestic    3,167
                            Residential
                            Industrial & other   - Strong cash flow generation (€298mn)
                                                 - International business offsets Spanish performance
                                                 - Stable backlog
   Inter-
 national
            6,830
                            76%
BAA |
Equity method, Ferrovial stake 49.99%

100% GBP Mn     2011       ∆%
                           L-f-L
                                    -   5.88% stake divestment

                                        ‣ 100% implied equity value GBP 4.8bn
Revenues        2,524     +9%

EBITDA          1,287    +18%       -   Capital structure strengthened

EBITDA %        51.0%    +500 bps       ‣ Issuances in Sterling, Euro, Dollar & Swiss
                                          franc (2012)
NET DEBT        12,862
                                        ‣ 2011: GBP 1.6bn bonds & bank facilities
    Traffic
                2011       ∆%           ‣ 2012: GBP 1.5bn bonds; Maturities already
   (PAX Mn)
                                          refinanced
  Heathrow      69.4      5.5%

  Stansted      18.0      -2.8%
                                    -   Double digit EBITDA growth

  Scotland      19.4      8.1%      -   LHR highest ever traffic

  Southampton    1.8      1.6%      -   2012(e) dividend (GBP 240mn)
  UK airports   108.5     4.4%
                                    -   Edinburgh divestment underway
HEATHROW|
  Continuous improvement
                               Resilient performance        Capital markets access
                                        CAGR (06-11)
EBITDA
                                          12.9%
GBP million

                                                         GBP 5.1 billion
                                                 1,045
                                                          issued since
       570                                                    2009

       2006   2007      2008   2009    2010       2011




                                                                18.7%


                                              9.5%
              5.5%


              Traffic                         Revenues          EBITDA
Contents
           2011 Highlights


           Business Units


           Financial Results


           Looking Ahead
Cash Flow ex-infra projects
                      Operating               Net
           2011       cash flow           investment

   Construction          298                 -92

   Services              164                 -99
                                                       Swissport   692mn
   Toll Roads            137                 -134
                                                       BAA         326mn
   Other/divestment      -21                1,264
                                                       Chile       157mn
   Taxes                 -67                           M45         68mn

   Total                 510                 936

                                  1,446

    € Mn




  Remarkable cash flow generation
Net debt evolution
                                                                                                            EX-INFRA PROJECTS
€Mn                                                                             1,264
                                                                                                                                 907

               463
                          182
      31

                                        -68          -67          -328                        -367                     -90
                                                                                                          -114
  Net cash    EBITDA    Dividends    Working        Taxes     Investment Divestment          Dividends   Interest     Other     Net cash
  Dec’10                received     capital                                                     paid                            Dec’11



                                                                                                                    INFRA PROJECTS
€Mn                                                                                                        14,529


              356                                                                   263
                       -103         -25         -780        -32          -293                      -97                  -85      (6,102)

  -19,836



  Net Debt   EBITDA    Working      Taxes     Investment Dividends   Interest      Capital        Forest Deconsolidated Other   Net debt
   Dec’10              capital                                                                               debt               Dec’11
Debt reduction and simplification
Ex-infra projects                                            Net debt evolution ex-infra projects

                                                                                         31       907
                                                             -1,547       -1,172
                                                  -1,987
                                       -3,064                               x1.7
                                                                x1.5
            NET CASH                                  x2.1
             €907MN
                                         x3.2

                                       2006        2007       2008         2009         2010     2011

                                         Net debt (€Mn)      Net debt to EBITDA


Projects
                                     Debt allocated at project level
                                     Projects under development not generating EBITDA

                                                €Mn                    Net debt
           NET DEBT                   SH130                               747
           €6,102MN                   NTE                                 260                  23%
                         TOLL                                                            Of toll roads net
                                      LBJ                                 323                  debt
                        ROADS
                       Debt €5,692    TOTAL                             1,330
Financial position|ex-infra projects
                                                 2012-2015 maturities
€Mn




                                                        1,024
       51                                 106
                    18
      2012         2013                   2014           2015


                                                      Liquidity position
€Mn


                             1,108
                                                     3,269
        2,161

      Total Cash          Undrawn lines          Total liquidity
Profit & Loss
                                                                                 €Mn

                                                                                                          2011                              TOTAL   VAR. L-f-L(1)

                                                                                  Net Revenue                                               7,446       -1%
                                                                                  EBITDA                                                     819       +9%
                                                                                  Depreciations                                              -192      -13%
                                                                                  EBIT                                                       627       +18%
                                                                                  Disposals & impairments(2)                                 142
                                                                                  Net Financial Result                                       -303      +6%
                                                                                  Equity accounted                                           17
                                                                                  EBT                                                        482
                                                                                  Taxes                                                      -61
                                                                                  BAA discontinued                                           847
                                                                                  Minorities                                                  1
                                                                                  NET PROFIT                                                1,269


(1) Like-for-Like: Excluding forex impact, perimeter variations and fair value adjustments (2) Included in EBIT at the statutory accounts
Contents
           2011 Highlights


           Business Units


           Financial Results


           Looking Ahead
Looking ahead
  Construction / Services                Toll roads / Airports
Strong backlog                   World class player


Margin vs. growth                Dividends from 407 & BAA

Selective exposure to emerging
economies                        Attractive pipeline of projects




                 Strong financial discipline
Shareholder remuneration
Dividend 2011 | Euros/share




 Interim                      0.20




 Complementary                0.25
                                            0.42
                                                   0.45
                                     0.40


 TOTAL                        0.45

                                     2009   2010   2011
Q&A session
Ferrovial Results Presentation 2011

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Ferrovial Results Presentation 2011

  • 1. 2011 Full Year Results
  • 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 • Note on accounting changes: decisions, or prepare or release opinions about the securities issued by the For purposes of comparison, BAA's results have been shown as equity-accounted Company, are cautioned not to place undue reliance on those forward looking in both the 2010 and the 2011 P&Ls. In the accounts filed in accordance with statements which speak only as of the date of this communication. They are all NIIF5, in the 2010 P&L BAA's results were included under discontinued activities, encouraged to consult the Company’s communications and periodic filings made while in 2011 ten months were reported as discontinued activities and two months as equity-accounted. with the relevant securities markets regulators and, in particular, with the Spanish Securities Markets Regulator.
  • 3. Contents 2011 Highlights Business Units Financial Results Looking Ahead
  • 4. 2011 Highlights (1) Cash Access to Capital Value from EBITDA Growth Generation Market divestitures Activity cash €2.1 bn bond Value obtained Operational flow generation: issuances in from divestitures growth across €1,446mn ex- 2011 beats market portfolio infra projects expectations and €1.7bn issued 9% EBITDA growth YTD 2012 €907mn net cash (LfL) BAA / Swissport / M45 position ex-infra projects
  • 5. 2011 Highlights (2) January ‣ M45 shadow toll road sold (€68mn) February ‣ Swissport divestment process completed (€692mn) April ‣ Ferrovial’s corporate debt refinanced (€1,314bn) ‣ AUSOL refinancing completed (€492mn) Delivering June July ‣ BAA: Inaugural dollar bond issuance ($1.0bn) Agust ‣ Ferrovial gets its first rating by S&P and Fitch: Investment grade (BBB-), outlook stable October ‣ BAA 5.88% stake sold (GBP280mn) November ‣ First Ferrovial Services Investor day in London December ‣ Chilean toll roads 40% stake divestment completed (€157mn) 2012 To invest in future growth
  • 6. 2011 Highlights (3) € milion % Change* Spain -9% Revenue 7,446 -1% Intl. +8% EBITDA 819 +9% Net Income 1,269 Net cash position 907 +2,806% ex-infra projects Construction backlog 9,997 -1% Services backlog 12,425 +0.5% Strength & Visibility * Excluding forex impact & perimeter changes.
  • 7. Contents 2011 Highlights Business Units Financial Results Looking Ahead
  • 8. Toll Roads Financial - €159mn dividends from projects 2011 ∆% L-f-L - Refinancing facilities in 2011 Revenues 390 +5% ‣Ausol (€492mn) EBITDA 283 +14% EBITDA % 72.7% +19bps ‣R4 - standstill until February 27th 2011 ∆% L-f-L Traffic EBITDA - Chile & M45 divestiture completed Autema1 -7% +8% - EBITDA growth Chicago Skyway -7% +9% ‣Tariffs and grants more than offset weak traffic Ausol -7% +10% ETR 407 2 -1% +10% - Pipeline USA, Canada & New markets Indiana Toll Road2 -3% +4% 1 Financial asset | 2 Equity method
  • 9. 407ETR Equity method, Ferrovial stake: 43% CAD Mn 2011 ∆% L-f-L Revenues 675 +8% - EBITDA growth (+11%) EBITDA 553 +11% ‣ Stable traffic (-0.5%) Net Debt 4,831 +7% ‣ Tariff growth Resilient performance EBITDA (CAD million) - New bond issuances (CAD 350mn) 6-11) CAGR (0 9.4% ‣ No relevant maturities until 2014 ‣ CAD 2.35bn issued since 2009 553 353 - Dividend payment (CAD 460mn) 2006 2007 2008 2009 2010 2011
  • 10. Services 2011 ∆% L-f-L UK SPAIN Revenues 2,821 +9% EBITDA 312 +5% EBITDA % 11.1% +45bps +19% Revenues +3% EBIT 207 +3% +3% EBITDA +6% EBIT% 7.4% +7bps -8% BACKLOG +7% Blacklog 12,425 -1% L-f-L +9% excluding 2010 one-offs Revenues geographical breakdown - Strong cash flow generation (€164mn) UK 50% - Growth & Profitability improvement Spain 50% - Stable backlog - Swissport divestment
  • 11. Construction 2011 ∆% L-f-L International Domestic Revenues 4,244 -5% EBITDA 248 +4% EBITDA % 5.8% +49bps +8% Revenues -17% EBIT 215 +8% +9% EBITDA +8% +6% BACKLOG -12% EBIT% 5.1% +60bps L-f-L Blacklog 9,997 -1% Backlog Geographical breakdown Work breakdown Civil Works Domestic 3,167 Residential Industrial & other - Strong cash flow generation (€298mn) - International business offsets Spanish performance - Stable backlog Inter- national 6,830 76%
  • 12. BAA | Equity method, Ferrovial stake 49.99% 100% GBP Mn 2011 ∆% L-f-L - 5.88% stake divestment ‣ 100% implied equity value GBP 4.8bn Revenues 2,524 +9% EBITDA 1,287 +18% - Capital structure strengthened EBITDA % 51.0% +500 bps ‣ Issuances in Sterling, Euro, Dollar & Swiss franc (2012) NET DEBT 12,862 ‣ 2011: GBP 1.6bn bonds & bank facilities Traffic 2011 ∆% ‣ 2012: GBP 1.5bn bonds; Maturities already (PAX Mn) refinanced Heathrow 69.4 5.5% Stansted 18.0 -2.8% - Double digit EBITDA growth Scotland 19.4 8.1% - LHR highest ever traffic Southampton 1.8 1.6% - 2012(e) dividend (GBP 240mn) UK airports 108.5 4.4% - Edinburgh divestment underway
  • 13. HEATHROW| Continuous improvement Resilient performance Capital markets access CAGR (06-11) EBITDA 12.9% GBP million GBP 5.1 billion 1,045 issued since 570 2009 2006 2007 2008 2009 2010 2011 18.7% 9.5% 5.5% Traffic Revenues EBITDA
  • 14. Contents 2011 Highlights Business Units Financial Results Looking Ahead
  • 15. Cash Flow ex-infra projects Operating Net 2011 cash flow investment Construction 298 -92 Services 164 -99 Swissport 692mn Toll Roads 137 -134 BAA 326mn Other/divestment -21 1,264 Chile 157mn Taxes -67 M45 68mn Total 510 936 1,446 € Mn Remarkable cash flow generation
  • 16. Net debt evolution EX-INFRA PROJECTS €Mn 1,264 907 463 182 31 -68 -67 -328 -367 -90 -114 Net cash EBITDA Dividends Working Taxes Investment Divestment Dividends Interest Other Net cash Dec’10 received capital paid Dec’11 INFRA PROJECTS €Mn 14,529 356 263 -103 -25 -780 -32 -293 -97 -85 (6,102) -19,836 Net Debt EBITDA Working Taxes Investment Dividends Interest Capital Forest Deconsolidated Other Net debt Dec’10 capital debt Dec’11
  • 17. Debt reduction and simplification Ex-infra projects Net debt evolution ex-infra projects 31 907 -1,547 -1,172 -1,987 -3,064 x1.7 x1.5 NET CASH x2.1 €907MN x3.2 2006 2007 2008 2009 2010 2011 Net debt (€Mn) Net debt to EBITDA Projects Debt allocated at project level Projects under development not generating EBITDA €Mn Net debt NET DEBT SH130 747 €6,102MN NTE 260 23% TOLL Of toll roads net LBJ 323 debt ROADS Debt €5,692 TOTAL 1,330
  • 18. Financial position|ex-infra projects 2012-2015 maturities €Mn 1,024 51 106 18 2012 2013 2014 2015 Liquidity position €Mn 1,108 3,269 2,161 Total Cash Undrawn lines Total liquidity
  • 19. Profit & Loss €Mn 2011 TOTAL VAR. L-f-L(1) Net Revenue 7,446 -1% EBITDA 819 +9% Depreciations -192 -13% EBIT 627 +18% Disposals & impairments(2) 142 Net Financial Result -303 +6% Equity accounted 17 EBT 482 Taxes -61 BAA discontinued 847 Minorities 1 NET PROFIT 1,269 (1) Like-for-Like: Excluding forex impact, perimeter variations and fair value adjustments (2) Included in EBIT at the statutory accounts
  • 20. Contents 2011 Highlights Business Units Financial Results Looking Ahead
  • 21. Looking ahead Construction / Services Toll roads / Airports Strong backlog World class player Margin vs. growth Dividends from 407 & BAA Selective exposure to emerging economies Attractive pipeline of projects Strong financial discipline
  • 22. Shareholder remuneration Dividend 2011 | Euros/share Interim 0.20 Complementary 0.25 0.42 0.45 0.40 TOTAL 0.45 2009 2010 2011