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Ferrovial: Presentación de Inversores 2014
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1 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 302014ferrovial
Investing for growth
2 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Disclaimer
This document may contain statements that constitute forward looking statements about the Company. These
statements are based on financial projections and estimates and their underlying assumptions, statements
regarding plans, objectives and expectations, which refer to estimates regarding, among others, future growth in
the different business lines and the global business, market share, financial results and other aspects of the activity
and situation relating to the Company.
Such forward looking statements, by its nature, are not guarantees of future performance and involve risks and
uncertainties, and other important factors that could cause actual developments or results to differ from those
expressed in these forward looking statements.
Analysts and investors, and any other person or entity that may need to take decisions, or prepare or release
opinions about the securities issued by the Company, are cautioned not to place undue reliance on those forward
looking statements which speak only as of the date of this communication. They are all encouraged to consult the
Company’s communications and periodic filings made with the relevant securities markets regulators and, in
particular, with the Spanish Securities Markets Regulator.
3 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
4 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
INFRASTRUCTURE
PROJECTS
PARENT COMPANY
EXCL INFRA PROJECTS
� Leading sponsor of tollroadsinfrastructure development
worldwide
� Key developer of ETR 407
� Design, build, finance & operation
� Leading European airport operator
� Ownership and manager of 4 UK
airports, including Heathrow
� One of the European
construction leading groups
� Civil engineering, industrial
construction & water treatment
� Leading provider of infrastructure
services� Infrastructure & Maintenance
management
� Urban services & waste
management
Capital intensive / Inflation protected / LT duration & financing
Controlling Shareholder 43%Free float 57%
Non capital intensive / Backlog visibility / EPS accretive
Ring fenced debt
Net cash position
Ferrovial Business Overview
€242mnDividends from Toll roads
€219mnDividends from Airports
€322mn
€343mnEBITDA from Construction
EBITDA from Services
2013 figures
5 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Debt Overview
Net debt evolution ex-infra projects
3,064
1,9871,547
1,172
31
9071,484 1,663 1.599
2006 2007 2008 2009 2010 2011 2012 2013 1H14
PROJECTSEX – INFRA PROJECTS
€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
1H ‘14
PROJECTS Debt allocated at project level
1H ‘14
NET CASH €1,599mn
€mn
€mn
6 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
44 42 19 11
501
5
510
2014 2015 2016 2017 2018 2019 >2019
No meaningful maturities until 2018Financial position (ex-infra projects)
2014-2019 maturities€ million - June ‘14
2.7673.752
986
Total cash Undrawn lines Total liquidity
Liquidity position€ million - June ‘14
7 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
2014 Overview (up to June)
Financial
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
Highest ever backlog, €26bn (Construction & Services)
Volume and profitability expansion (Services)
Traffic growth across the portfolio
Operations
Active pipeline in greenfield projects
Investment to grow
Financial discipline to invest
Future
Group Services largest division by revenues, EBITDA and OCF
8 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Spain 2014
Traffic Ausol I
201 211
146120 113
2010 2011 2012 2013 1H 2014
… Better traffic
… Higher volumes(Services)
… Better collections(Services)
Tons
Days of sales outstanding
Waste
-16,2% -6,6%
6,6%
1H'14 1H'13 1H'12
-17,6% -9,8%
4,2%
1H'13 FY 2013 1H'14
public bidding in Spain
3,7
6,6
1H'13 1H'14
€ bn +76%
… Higher public bidding
9 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
10 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Capital allocation. Strong financial discipline
FinanciallyLow level of corporate
debt
Asset rotation to support growth
Efficient asset
allocation
Operationalvalue
generation
Operationally
11 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
2009 2010 2011 2012 2013
Shareholder remuneration
Interim (paid Dec’13) 0.40
FER Flexible Dividend 0.291
TOTAL 0.691
(Euros/share)
0.40 0.42 0.45
1.25
0.691
Dividend evolution
Dividend 2013
12 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Net cash position(2018 & 2021 main maturities)
Highest everDividend generation
17%34%
13% 14%
Strong Backlog
Operatingcash flow*diversification
Solid FinancialPosition
High Quality Assets
Why Ferrovial?
22%
*2013 OCF ex-infrastructure projects
13 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Thanks
14 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
15 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
7.5 7.3
7.2
18.8
2005 1H2014
Services
Construction
Record Backlog (Construction & Services)
(€bn)
International
26.1
14.7
+78%
38% 68%
34%
66%Domestic
International
29%
71%
Domestic
International
€26.1bn (38 months of activity)
Construction
Services
Backlog growth
16 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
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
1H 2Q
Ausol* (Spain) +1.8% +4.2%
Algarve (Portugal) +11.2% +14.6%
M4 (Ireland) +4.4% +4.7%
ETR 4072
+3.8% +4.3%
Chicago skyway2
-1.4% +1.6%
1H 2014 ∆% L-f-L
Traffic evolution
17 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
� 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)
407ETR (Equity method, FERROVIAL stake: 43%)
Revenues414 +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
190300
460600
680
2009 2010 2011 2012 2013
CAD million
407ETR
Resilient performance (EBITDA)CAD million
DividendCAD million
1H2014 ∆% LfL
18 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Revenues 2,125 +25.7%
EBITDA 158 +11.6%
EBITDA % 7.5% -80 bps
Backlog 18,841 +3.6 %
Services
+37%
+58%
+5%
+10%
-12%
+1%
Revenues
EBITDA
BACKLOG
L-f-L
UK Spain
� Largest division in the group
� Strong revenue growth in Spain & UK (combined organic growth +8.6%)
� Enterprise integration on trackSynergies 2015 (e) £40mn
� Volume and profitability expansion
� New all-time high in backlog
� Selective M&A
SpainUK
65% 34%Other 1%
* Excluding forex impact, integration and restructuring costs.
€ million
Services
Performance by Geography
Backlog by geography
1H2014 ∆% LfL
19 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Amey -profitable growth
0.7
1.2
2007 2012
CAGR: 9.7%
7
35 40
7.5
11.2
2012 2013
£ billion
1619
Synergies
Net
Costs
-9 +16 +40
19% organic growth
12.3
14.6
2011 2013
CAGR: 9%
Amey/Enterprise active bids
2011 date includes Enterprise’s bids
£ million
2013 2014 (e) 2015 (e)
2013: Enterprise synergies on trackProven organic growth
Backlog: anticipating future growthUK Services market is growing
Amey Sales
€ billion
20 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Spain: resilient operations & financial performance
1.39 1.42
2007 2013
Stability
1.33 1.37
EBITDA OCF
5.2
6.3
2012 2013
Acumulative 2007 - 2013
34.2
24.7
2007 2012
-28%
Source: Presupuestos anuales de las Entidades Locales –Ministerio de Hacienda y Administraciones Públicas
Sales€ billion
100% EBITDA / Cash flow conversion
Local government operating spend Backlog: Anticipating future growth
€ billion
€ billion € billion
21 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
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%)
DomesticInternational
71% 29%
-191
-41
1H 2013 1H 2014
Operating Cash Flow
Backlog by geography
España29%
USA35%
Polonia13%R.Unido
6%
Chile5%
Canadá3%
Otros9%
€ million
22 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
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)
100% GBP million
25.00% 20.00% 13.29% 11.88% 10.0%11.18% 8,65%
Ferrovial Qatar Brittania GIC CICAlinda USS
HAH
1H2014 ∆% LfL
1H2014 ∆% LfL
Traffic
Shareholders
23 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Heathrow - Best ever passenger satisfaction
63%
81%
2007 1H 2014
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 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
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
Airports
Toll Roads
Services
Others
Total
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
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
JUN´14 JUN´13 VAR.% LfL%
3,732
415
11.1%
-113
323
8.7%
0
-186
180
318
-51
267
-
20
287
JUN’13
Construction backlog
Services backlog
Traffic evolution
ETR-407 (VKT)
Chicago Skyway (ADT)
Indiana Toll Road (ADT)
Ausol I (ADT)
Ausol II (ADT)
M4 (ADT)
Heathrow (million passengers)
VAR%
7,297
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
Income Statement Revenues
EBITDA
Operating Indicators
JUN´14 JUN´13 VAR.% LfL%
25 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
26 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
775 1,937
-1,694 5,759
CAN million
Accountinglosses
Highdebt
1999:
27x Debt/Ebitda
1999
2013
407 ETR
Would you buy this company…?
Shareholder’s Equity Net debt
27 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Strong dividend flow
Equity valuation sharp increase
Initial equity investment (62%) (326mn)
Dividends (00 - 13) 1,051mn
10% disposal 640mn
NET CASH IN 1,691mn
2,098
100% pay-backin first 10 years
Valuation x20
* June ’14 analysts consensus
525
10.485
1999 2014 Jun
20x
407 ETR
84 years to maturity
407 ETR
Ferrovial bought this company…
€ million
Cash Generation(1999-2013)
Valuation(100%)
€ million
Maturity
28 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
High density population area
Ring road of Toronto108 km
407
407
East extension
Area of expansion
407 ETR
Location
29 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
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
30 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% higherthan Canada average
NO REGULATORY
REVIEWS
During concession
life (99 years)
SPEED
Alternatives routes
40kph vs 100kph at
407
NON-STOP TOLL FACILITY
Fully electronic with interchangesevery 3km
TOLL RATE HIGH
FLEXIBILITY
Including segment,
direction, time of
the day
FAST
Reliable travel times
Fast
Safe
Reliable
31 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
420
801
2005 2013
316
665
75%
77%
79%
76%
80% 82%
83%
2005 2013
27
8.4
1999 2013
85145 120 135
190
300
460
600
680
2005 2006 2007 2008 2009 2010 2011 2012 2013
49
9790
38
72 7788
70 74
2005 2006 2007 2008 2009 2010 2011 2012 2013
84 years to maturity
100% pay-back in first 10
years
Free-tariff revision
≅ 8% CAGR 02-13*
* Tariff increase for light Vehicles in Peak hours regular zone (%)
CAGR: 8.4%
CAGR: 9.7%
104
136
2005 2013
CAGR: 3.4%
EBITDA %
407 ETR
Financial overview ($CAD million)
Revenues
EBITDA
OPEX
Capital Expenditure
Dividends
Net Debt / EBITDA X
32 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
300
200
500
300
400
300
350
400
200 200
2009 2009 2010 2010 2010 2010 2011 2012 2012 2013
10 11
510
287311
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
4039
2009 2009 2010 2011 2012 2012 2013
Maturity
Spread
years
407 ETR
ETR Recurrent presence in the bond market (June’13)
Extending maturities at historically low cost CAD 2,950mn issued since 2009
Yearly avg maturity: Only 3% of total debt
33 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
34 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
A solution to congestion on “existing urban corridors”
Active management of “newly added capacity” through tolling
by means of
Free
Lanes
Free
Lanes
Tolled Lanes
Speed >50mph
“Express Tollway within an Existing Highway”
Managed Lanes
New assets landmark
35 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Time of the day
Eastbound
Westbound
00.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 18.00 20.00 22.00 24.00 12.00 2.00 4.00 6.00 8.00 10.00 12.00 2.00 4.00 6.00 8.00 10.00 12.00
Time of the day
Peak period
Managed Lanes
Level of demand
NTE (untolled) 407ETR (tolled)
36 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Tim
e (
min
)• Free flow time of 14 minutes at 6.00AM
• The average travel time during all time periods is significantly higher
• In some periods, the average travel time is double the free flow speed and can go up to almost 50 – 60 minutes
0
10
20
30
40
50
60
70
NB AM NB MD NB PM SB AM SB MD SB PM
Travel Time Variability
Tim
e (
min
)
Data Source: Travel Time Runs Seg 3a and 3b conducted Fall 2012
Paying for predictability
Free Flow Travel
Mean
NB - North bound SB - South bound
Travel time variability
37 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Toll rates – tariff treshold
Toll Rate Cap 0.75 c/mi
Demand threshold 3300 pce/h
2-lane sections
Speed Threshold 50 mi/h
12:00 1:00 2:00 3:00 4:00 5:00 6:00 7:00 8:00 9:00 10:00 11:00 12:00
Hour starting
Analysis by segment and direction
Freedom under the cap TOTAL FREEDOM Freedom under the cap
Speed
Demand
Toll Rate
Tariff treshold
38 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
NTE
3
NTE 1-2
LBJ
Dallas and Fort Worth Regional Map
Managed Lanes regional map
39 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
CINTRA MERIDIAMDALLAS
FIRE&POLICE
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
EQUITY DEBT PUBLIC FUNDS
Managed Lanes
Lyndon B Johnson
51% 42% 7%
25% 54% 20%
Shareholder structure
Financial structure
40 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
CINTRA MERIDIAMDALLAS
FIRE&POLICE
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
EQUITY DEBT PUBLIC FUNDS
Managed Lanes
North Tarrant Express
57% 33% 10%
21% 52% 27%
Key characteristics
Shareholder structure
Financial structure
41 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
50% 14% 10%
CINTRA MERIDIAMDALLAS
FIRE&POLICE 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
APG
Managed Lanes
North Tarrant Express 35W
26%
Key characteristics
Shareholder structure
Financial structure
42 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
• First privately-financed roaddevelopment project of its kind toreach financial close in 2010.
• Texas’ third big recent road projectto reach financial close since 2008.
• First combination of TIFIA and taxexempt PABs.
• First un-wrapped bond issuance fora toll road.
• First time TIFIA allowed additionaldebt to be raised beyond itsapproved federal subsidy cap.
• First time that a U.S.-based pensionfund made a direct investment in ahighway concession.
21%
52%
27%
25%
54%
20%
Figures in US Dollars
Managed Lanes
Financial Overview
32%
59%
9%
• Very competitive capital structurein spite of the difficult marketconditions.
• Strong portion of the debt fromTIFIA program with its flexibleamortizing structure during thefirst 25 years.
2.05 bn
427 m
243 m (57%)141 m (33%)43 m (10%)
1,050 m
400 m650 m
537 m
2.70 bn
665 m
339 m (51%)282 m (42%)44 m (7%)
1,465 m
615 m850 m
496 m
1.36 bn
430 m
215 m (50%)167 m (39%)43 m (10%)4 m (1%)
805 m
274 m531 m
127 m
Total Investment:
Private Equity:
Cintra: Meridiam: DPFPS:APG:
Total Debt:
PABs:TIFIA:
Public Funds:
43 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
44 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
DEC’13 Var%
8,166
934
11.4%
-233
701
8.6%
126
-333
375
869
-168
701
26
727
7.0%
0.8%
-1.0%
Construction
Toll Roads
Services
Others
Total
4,063.6
429.0
3,656.3
17.6
8,166.5
4,325.6
381.4
2,895.0
28.3
7,630.3
-6.1
12.5
26.3
n.s.
7.0
-4.5
13.0
29.3
n.s.
9.0
Construction
Toll Roads
Services
Others
Total
342.8
276.3
321.5
-6.3
934.3
336.9
271.6
313.4
4.6
926.6
1.8
1.7
2.6
n.s.
0.8
4.0
2.9
15.0
n.s.
4.8
DEC´13 DEC´12 VAR.% LfL%
VAR.% L-f-L%
7,630
927
12.1%
-219
708
9.3%
52
-301
275
733
-106
628
64
692
DEC’12
Construction backlog
Services backlog
Traffic evolution
ETR-407 (VKT)
Chicago Skyway (ADT)
Indiana Toll Road (ADT)
Ausol I (ADT)
Ausol II (ADT)
M4 (ADT)
Heathrow (million passengers)
VAR%
7,867
17,749
DEC´13
2,356,343
41,251
27,924
11,307
13,629
25,591
72.3
8,699
12,784
DEC´12
2,340,004
42,228
27,459
12,537
14,099
25,306
70.0
-9.6
38.8
VAR%
0.7
-2.3
1.7
-9.8
-3.3
1.1
3.4
DEC´13 DEC´12
DEC´13 DEC´12
L-f-L%
9.0%
4.8%
4.0%
FY 2013 results
EUR MN
Revenues
EBITDA
EBITDA margin
Period depreciation
EBIT
EBIT margin
Disposals & Impairments
Financial results
Equity-accounted affiliates
EBT
Corporate income tax
CONSOLIDATED NET INCOME
Discontinued operations
Minorities
NET INCOME ATTRIBUTED
EBITDA
Operating Indicators
Income Statement Revenues
45 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Dividends
From infra projects 45%
Operating Cash Flow
Construction+Services
48%
Investment flow
20%
Cash Flow generation 2013
32% 14%21%
12%RoW
7%RoW
66%
Ex-Infrastructures projects
22% 11%RoW
46 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
(1) Proportional: All EBITDA figures are aggregated in a proportional basis to the Ferrovial equity stake in each company or project.
Diversified portfolio
Services Construction Toll Roads Airports
Non Capital Intensive
PROFIT GENERATION
CASH GENERATION
Fully consolidated Method
€934MnProportional (1)
€1,681Mn
Capital Intensive
LONG DURATION
LONG TERM VALUE
EBITDAFY´13
Services
Toll Roads
Construction
Airports
33%
37%
30% 20%
29%19%
32%
41%Spain
17%UK
17%US
25%RoW
22%Spain
43%UK
24%US
11%RoW
Ex – Infrastructure Projects Infrastructure Projects
INVESTOR RELATIONS DEPARTMENT - C/ Príncipe de Vergara, 135 - 28002 MADRID (Spain)T: +34 91 586 27 30 F: +34 91 586 28 69 e-mail: ir@ferrovial.es
website: www.ferrovial.com
ferrovial
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