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General Shareholders' Meeting 2013
This document contains the agenda and notes from a Ferrovial shareholder meeting held on March 22, 2013 in Madrid. The agenda items included approval of financial statements, distribution of dividends, appointment of directors and auditors, and remuneration plans. The notes provided an overview of Ferrovial's financial position in 2012, including positive operating cash flow, divestments, backlog, and international expansion. Ferrovial reported improved financial metrics in 2012 with increased revenue, EBITDA, and net income compared to 2011.
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General Shareholders' Meeting 2013
- 1. Madrid, 22nd ofMarch 2013
- 2. Rafael del Pino Chairman
- 3. Madrid, 22 March2013
- 4. Santiago Ortiz Vaamonde Secretary of the Board of Directors
- 5. Madrid, 22nd ofMarch 2013
- 6.
- 7. Agenda • MATTERS FORAPPROVAL 1. Approval of the 2012 financial statements 2. Application of results and distribution of dividends 3. Approval of the Board of Directors' management 4. Re-appointment of auditors 5. Re-appointment of Directors 6. Remuneration system: Share delivery plan for members of the Board with executive functions, and Senior Management 7. Authorization to the Board of Directors to acquire own shares 8. Delegation of powers
- 8. Agenda • MATTERS FORADVISORY VOTE 9. Annual report on Directors’ remuneration • MATTERS OF INFORMATION 10. Information on changes to the Board of Directors Regulation 11. Information on the use, by the Board of Directors, of the powers delegated by resolution 6 of the Shareholders' Meeting held on 22 October 2009 (empowerment to the Board to issue debentures, bonds and other financial instruments of the debt)
- 9. Madrid, 22nd ofMarch 2013
- 10.
- 11. Madrid, 22 March2013
- 12. Rafael del Pino Chairman
- 14. The year atFerrovial • Sound financial position • Strong cash flow • Good operating results • Backlog in Services and Construction • Successful asset rotation • Diversification of funding sources • Superb share performance • Excellent remuneration for shareholders
- 15. Improved financial position • Positivenet cash position at parent company (excluding project debt): 1,489 M€ • Lower consolidated net debt (including project debt): 5,106 M€
- 16. Operating cash flowand divestments: 1,489 M€ • Operating cash flow: 909 M€ • Services: 491 M€ • Construction: 100 M€ • Toll road dividends: 220 M€ • Airport dividends: 145 M€ • Capital expenditure: 313 M€ • Divestments: 893 M€
- 17. Good operating results •Revenue: 7,686 M€ (+3%) • EBITDA: 927 M€ (+13%) • Net income: 710 M€
- 18. Backlog: 21,483 M€ •Services: 12,784 M€ • Sheffield (UK) • Treatment plants in the Canary Islands (Spain) • Construction: 8,699 M€ • 407 ETR extension (Toronto) • US 460 (Virginia)
- 19. Internationalized business • Consolidated • Revenue: 62% • EBITDA: 36% • Backlog: 62% • Proportional share • Revenue: 66% • EBITDA: 66% • Backlog: 61%
- 20. Diversification of funding sources •Bond issues in 2012: • 407 ETR: 600 MCAD • HAH: 3,000 M£ • Bank debt: • Excl. consolidated projects: 1,233 M€ (gross) • Corporate bond issue 2013: • Amount: 500 M€ • Term: 5 years • All-in cost: 3.44%
- 21. Good share performance Ferrovial (31.12.11 – 21.03.13) 11.2€ +20% 12.51€ 34% 34% over 2011 37% 9.32€ -3% -5% over IBEX-35 IBEX 35 52% including dividend 31.12.2011 2012 31.12.2012 2013 21.03.2013
- 22. Proposed dividend 1.25€ 2012 Interim 1.00 € 0.50€ Supplementary 0.25 € 0.42€ 0.45€ 0.40(*) Total 1.25 € 2008 2009 2010 2011 2012 (*) Comparison of the dividend under conditions similar to today's (/4)
- 23.
- 24. Awards and recognitions Engineering and Salmón "Social Infrastructure" "Maji ni Uhai" "Empresa más “Top Employers Leader in terms of Construction sector Prize from programme, in the project by Business Igual" from the 2012/2013" infrastructure Expansión Strategic Corporate in the Community's Madrid Regional Certification investment volume Philanthropy category. Awards for Government Excellence "2011 Construction Arte Sacro Business Park Valmayor drinking water Ecofira Innovation Award Leader in Human Heathrow's Terminal 5. Company of the Year" in and the Reading room at plant, honourable mention for for the "Biofuel Project" Resources Best Practices World Airport Awards: the General Contractor the Pablo Olavide the Best Public Works Best Airport Terminal in category University. Spanish Project of 2012 by the the World Architecture Yearbook School of Civil Engineering of Madrid
- 25. Madrid, 22nd ofMarch 2013
- 26. Juan Arena dela Mora Chairman of the Audit and Control Committee
- 27. Audit and Control Committee •Composition • Functions • Activities: • Financial information • Liaising with the external auditor • Internal Control Procedures • Internal Audit • Risk analysis and risk control systems • Actions relating to Corporate Governance and compliance
- 28. Madrid, 22nd ofMarch 2013
- 29. Íñigo Meirás CEO
- 30.
- 31. Balance sheet • Goodoperating performance by the businesses • Backlog: major new contracts • Strong cash flow • Successful asset rotation • Improved financial position • Ready access to the capital markets
- 32. 2012 Results 2012 M€ Chg. 12-11 2012 M€ Chg. 12-11 Revenue 7,686 3% Services backlog 12,784 3% EBITDA 927 13% Construction backlog 8,699 -13% Net cash position EBIT 708 13% 1,489 (excluding projects) Net profit 710 Consolidated net debt -5,106
- 33. Contribution, by businessarea Including equity holdings 2012 Revenues 2012 Revenues 7,686 M€ 8,427 M€ 13% 39% 35% 56% 44% 8% 5% Services Toll roads Construction Airports
- 34. Contribution, by businessarea Including equity holdings 2012 EBITDA 2012 EBITDA 927 M€ 1,671 M€ 19% 34% 33% 37% 29% 19% 29% Services Toll roads Construction Airports
- 35. Geographic distribution Including equity holdings 2012 Revenues 2012 Revenues 7,686 M€ 8,427 M€ 4% 3% 10% 19% 34% 38% 17% 62% 66% INTERNATIONAL INTERNATIONAL 14% 25% 36% Spain United Kingdom USA and Canada Poland Rest of the world
- 36. Geographic distribution Including equity holdings 2012 EBITDA 2012 EBITDA 927 M€ 1,671 M€ 7% 1% 2% 21% 12% 34% 36% 66% INTERNATIONAL INTERNATIONAL 16% 64% 43% Spain United USA and Canada Poland Rest of the world Kingdom
- 37. Net debt ex-projects 1,489 907 2008 2009 31 2010 2011 2012 -1,172 -1,547
- 38.
- 39. January February March April Bond issue Topping out Bond issue Sale announcement HAH Heathrow HAH Edinburgh 700 M€ Terminal T2A 400 M£ 807 M£ Bond issue Bond issue HAH 407 ETR 600 M£ / 400 M CHF 400 M CAD May June Julio August Contract awarded Advisory Bond issue Financial completion 407 East E. F. Qatar HAH Sheffield 1,100 M CAD 400 M CAD 2,000 M£ Bond issue Sale of 10.62% HAH HAH 500 M$ 478 M£ September October November December Insolvency proceedings Contract awarded Dividend CEO R4 US 460 Ferrovial Jorge Gil 1,079 M€ 1€ gross per share Ferrovial Aeropuertos Bond issue Inauguration Concession signed 407 ETR SH-130 A-66 200 M CAD 192 M€ Sale of 5.72% HAH 257 M£
- 40. Asset rotation: 893M€ 16.34% HAH Edinburgh Stansted (x16.7 EV/EBITDA) (x16.0 EV/EBITDA)
- 41. 2012 Results Significant events Businesses Services Toll roads Construction Airports 2013 Priorities
- 42. Cash and Backlog •Cash flow: 491 M€ • Record-high backlog: 12,784 M€ • Focus on operating efficiency • Promotion of cities and energy efficiency: Sheffield • International development: • Contracts in Qatar and Poland • Acquisitions in the UK and Chile
- 43. Results M€ 2012 2011 Change Revenues 2,951 2,821 4.6% EBITDA 314 312 0.6% Operating income 203 207 -2.0% Operating cash flow 491 164 (excluding taxes)
- 44. Geographic distribution Revenue: 2,951M€ 51% 49% Spain United Kingdom
- 45. Backlog 12,784 M€ 44% 56% Spain United Kingdom
- 46. Backlog 12,784 12,378 12,425 9,714 9,967 M€ 2008 2009 2010 2011 2012
- 47. Geographic distribution M€ United Kingdom Spain Revenue 1,491 1,461 Change 16.1% -5.0% EBITDA 118 195 Change 4.4% -1.6% Operating income 101 102 Change 4.4% -7.6%
- 48. 2012 Results Significant events Businesses Services Toll roads Construction Airports 2013 Priorities
- 49. Dividends and adjudications • Dividends:220M€ (38.4% over 2011) • Adjudications:407 Extension and A-66 • 407 ETR: Increase in revenues (8.7%) and dividends (30.7%) • Recovery in traffic in the US and weakness in Europe • Insolvency of R-4 and AP-36 • Opened offices in Australia and Colombia
- 50. Results M€ 2012 2011 Change Revenues 381 390 -2.1% EBITDA 272 283 -4.1% Operating income 204 230 -11.3% Dividends 220 159
- 51. Geographic distribution Including equity holdings Revenue: 636 M€ 5% 3% 20% 16% 80% INTERNATIONAL 17% 39% Spain USA Canada Portugal Ireland Rest of the world
- 52. 2012 Results Significant events Businesses Services Toll roads Construction Airports 2013 Priorities
- 53. More international • Internationaldevelopment: 70% of revenues and backlog • New contracts: • 407 ETR extension (Toronto) • US 460 (Virginia) • Espiño and Padornelo high-speed rail tunnels (Galicia) • Tokamak / ITER buildings (France) • Bialystok incinerator (Poland) • Backlog: 8,699 M€ • EBIT 298 M€ (6.9% margin) • Cash flow: 100 M€
- 54. Results M€ 2012 2011 Change Revenues 4,326 4,244 1.9% EBITDA 337 246 36.8% Operating income 298 214 39.5% Funds from operations 100 298 (excluding taxes)
- 55. Geographic distribution Revenue: 4,326 M€ 1% 3% 30% 33% 70% INTERNATIONAL 10% 23% Spain United Kingdom USA Poland Chile Rest of the world
- 56. Backlog, by market Backlog: 8,699 M€ 8% 2% 30% 14% 70% 3% INTERNATIONAL 5% 37% Spain United Kingdom US Canada Poland Chile Rest of the world A
- 57. Backlog 10,186 9,997 8,756 8,800 8,699 M€ 2008 2009 2010 2011 2012
- 58. 2012 Results Significant events Businesses Services Toll roads Construction Airports 2013 Priorities
- 59. Dividends and operational improvement •Higher level of satisfaction among Heathrow passengers • Operational improvements at Heathrow airport • All-time record at Heathrow (70M passengers) • Divestments: 16.34% of HAH. Edinburgh and Stansted • First dividend: 145M€ • Bond issues: Over 3,000 M£ • Investment in improvements: 1,200 M£
- 60. HAH results M£ 2012 2011 Change Revenues 2,646 2,524 4.8% EBITDA 1,355 1,287 5.3% Operating income 772 634 21.8% Traffic (M.pax) 99.7 99.2 0.5%
- 61.
- 62. Overview Good EBITDA up Business operating 13% performance Solid financial Positive net cash Liquidity structure position 1,489 M€ Construction 21,483 M€ Backlog and Services 62% outside Spain OECD countries Projects in the four Development businesses and focus on emerging markets
- 63. 2013 Priorities • Financialdiscipline • Cash flow generation • Operational management • Internationalization strategy • Workplace Safety, Corporate Responsibility, Environment and Innovation
- 64. Greater value for shareholders
- 65. Madrid, 22nd ofMarch 2013
- 66.
- 67. Madrid, 22nd ofMarch 2013
- 68.
- 69. Madrid, 22nd ofMarch 2013
- 70.
- 71. Items for approval 1. Approval of the 2012 financial statements
- 72. Items for approval 2. Application of income and distribution of dividends
- 73. Items for approval 3.Approval of the Board of Directors' management
- 74. Items for approval 4. Re-appointment of auditors
- 75. Items for approval 5. Re-appointment of Directors
- 76. Items for approval 6. Remuneration system: Share delivery plan for members of the Board with executive functions, and Senior Management
- 77. Matters for approval 7. Authorization granted to the Board of Directors to acquire own shares
- 78. Items for approval 8. Delegation of powers
- 79. Matters for advisory vote 9. Annual report on Directors’ remuneration
- 80. Matters of information 10. Information on changes to the Board of Directors Regulation
- 81. Items for information 11. Information on the use, by the Board of Directors, of the powers delegated by resolution 6 of the Shareholders' Meeting held on 22 October 2009 (empowerment to the Board to issue debentures, bonds and other financial instruments of the debt)
- 82. Madrid, 22nd ofMarch 2013