Presentation to Investors · Promote global best practices, single risk management and cost control . Strengthen ACS’s position as the leading infrastructure company in the world

The world’s leading infrastructure developer

Presentation to Investors

September 2012

Areas of Activity

Index

2

Introduction

Corporate Strategy

Consolidated Financial Results

Additional data

Grupo ACS

3

The world’s leading infrastructure & concessions developer Engineering contractor and greenfield developer

with annual revenues over €35bn

In the fields of civil and industrial engineering: developing civil works, energy, oil&gas, mining, environment and support services

Active in 5 continents with a stable presence in 50 countries, employing 163,000 people

Through a worldwide, decentralized and flexible structure of local leading companies

Focused on generating sustained shareholders value

Construction Environment Industrial Services

Group’s history

In less than three decades Grupo ACS has become one of the largest infrastructure developers of the world

183 196 510 755 955 911 792 731 792 976 2.166 2.460 2.700 3.410 3.921 4.420 8.429

10.354 11.582 13.507 14.892 15.276 15.387 15.380

28.472

35.000

1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012e

Sales evolution 1987-2012e (€ million)

4

Key historical milestones for ACS

5

Origins (1983 – 1992)

1 Consolidation (1993 – 1999)

2

Growth (2000 – 2006)

3 Leadership (2006, now)

4

Three engineers acquire in 1983 a small construction company (Padros) with financial difficulties and turned it around

Story repeated with the transaction of Ocisa (1986)

First diversification to Industrial Services: Acquisitions of Semi and Cobra

Integration of all companies to create OCP in 1992

Acquisition of Auxini (1996), a medium sized construction company in Spain

Merger with Gines Navarro (1997) to create ACS, Actividades de Construcción y Servicios SA

The resulting Group becomes top 5 in Spain, well diversified and financially stronger after the downturn of the 90s

Merger with Dragados. ACS becomes the largest contractor in Spain and top 10 in the world

Synergies, culture and skills are shared, ACS becomes the most profitable construction company in Spain

ACS and La Caixa create Abertis, the leading concessions company in the world

ACS develops its investment strategy: applying cash flows to diversify towards activities we know well.

Anticipation of the downturn in Spain: ACS sells Urbis (Real Estate) in the peak and internationalizes its activities (Hochtief and US activities)

Invests in energy with the expertise of Industrial Services

Focus on its core contracting businesses to become global leader, cover all key markets and promote profitability

Grupo ACS areas of activity

6

Technology-oriented Group with a decentralized operational structure

Industrial Services Construction Environment

Promotes Entrepreneurship Global Competitive Advantages

Grupo ACS human capital

7

29%

33%

38%

Employees with a degree

31%

69%

Rest of employees

Total number of employees 163,021 Number of employees with a degree 49,823

Number of training hours per year More than 940,000

Number of senior engineers 14,338

Senior Engineers

Other Senior degrees*

* Architects, Economists, lawyers, other technical degrees

Other middle technical degrees

32%

12% 18%

35%

3%

America

Spain

Asia Pacific

Rest of Europe

Africa

Top 3 in the US

Leader in Spain and Germany

Leading Industrial

player Leader in Asia &

Australia

World leader in mining and concessions

Global & Local leadership

8

ACS covers the most important markets of the world with profitable, competitive and reputed companies.

Employees by geo area

Consolidated operating key figures

9

Turnover € 28,472 mn +98.7% € 18,833 mn 98.8%

EBITDA € 2,318 mn +61.9% € 1,578 mn +75.9%

EBIT € 1,333 mn +28.3% € 831 mn +27.9%

Margin 8.1% 8.4%

Margin 4.7% 4.4%

Backlog € 67,919 mn 22 months € 70,562 mn +9.0%

Recurrent Net Results € 951 mn +8.8% € 430 mn -15.4%

Note: Hochtief fully consolidated since June 1st , 2011

2011 Var 11/10 1H12 Var.

Consolidated financial key figures

10

Net Debt € 9,334 mn +16.6% € 8,579 mn -12.9%

2011 Var 11/10 1H12 Var.

Hochtief AG € 990 mn € 1,810 mn

Net Worth € 6,191 mn € 5,284 mn

Rest of activities € 8,344 mn € 6,769 mn

Net Investments € 2,902 mn € (522) mn

Gross Investments € 4,755 mn € 1,591 mn Disposals € 1,854 mn € 2,113 mn

Revenues breakdown as of 1H12

11

76%

19%

5%

Construction € 14,349 mn

Turnover 1H 12 € 18,833 mn

Environment € 859 mn

Industrial Services € 3,641 mn

19%

10%

31%

39%

1% 5,90

3,90 3,52

0,86 0,65 0,51 0,45 0,35 0,27 0,24

Australia US Spain Germany Mexico Indonesia Canada UAE Poland Brazil

Turn

over

by

coun

try,

1H1

2 €b

n America € 5,836 mn

Spain € 3,528 mn

Asia Pacific € 7,418 mn

Rest of Europe € 1,961 mn

Africa € 90 mn

Corporación Financiera ALBA

18,3%

Florentino Pérez 12,5%

Corporación Financiera ALCOR

9,0% Iberostar Hotels

5,6% Treasury Stock

6,2%

Other managers & Employees

4,0%

Free float: Retail 15,0%

Free Float: Institutionals

29,4%

Shareholder structure

12

As of June 2012

Areas of Activity

Index

13

Introduction

Corporate Strategy


Additional data

Grupo ACS is…

14

…a world leader in infrastructure development…

…a Group involved in the development of key economic industries…

…related to civil and industrial engineering…

Vision

…committed with the social and economic development

Searching for global leadership

Optimizing profitability

Promoting sustainable growth

Mission

Culture and Values to promote growth and profitability

15

Risk management and control Technical excellence

Client orientation Decentralization and lean structure

ACS is promoting globally its competitive advantages, culture and values

Investment capacity Operating efficiency

Local presence, global management Diversification

Service culture

Technical capabilities

Entrepreneurship

Grupo ACS competitive advantages

16

Efficient management of resources

Constant search of sustainable and growing profitability

Rigorous investment in attractive business opportunities

Commitment orientation

Civil engineering Specialization in civil works

infrastructure development Large projects

management capability Development, construction

and management of concessions

Industrial Engineering Value chain integration:

engineering, development, procurement, construction and maintenance Specialized in large and

complex “turn key projects” Investment capacity in:

energy concessions, high voltage transmission lines and desalinization

Client Knowledge Flexibility and

adaptability Local presence

and global leadership for clients worldwide

Ethics and professionalism

Grupo ACS Corporate Targets

17

A long term industrial approach covering two main goals

Commercial coordination to achieve profitable activity growth

Promote global best practices, single risk management and cost control

Strengthen ACS’s position as the leading

infrastructure company in the world

Increase profitability in our areas of activity

A global leader in infrastructure development

18

Source: ENR Magazine, August 2012. Data in US$ million Source: Public Works Finacing Magazine, October 2011.

Private clients Administrations

Cont

ract

or

Conc

essi

ons o

pera

tor

Energy projects

Electricity

Oil & Gas PPPs

Transportation

Environment

Telecomm

Construction

Main areas of activity of Grupo ACS In the global infrastructure development industry Main areas of activity of Grupo ACS In the global infrastructure development industry

19

Mining

Macroeconomic long term growth trends Infrastructures are macro growth engines

20

Advanced economies invest normally c. 5% of GDP

Emerging markets surpass 10% on GDP, led by China

They are a key tool for the social and economical development of any country

There are factors that clearly promote an investment trend in infrastructures

Multiply the effect of other investments

Increase productivity Promote employment

Developing or improving energy & resources infrastructures

Developing transportation networks

In the maintenance of their existing assets

Increase of income per capita

Demographic changes

Regulatory, environmental or technological changes

Key markets in infrastructure development Current situation: plenty of opportunities

Asset renewal Energy & Resources

Energy, transportation and social infrastructures

Maintenance Energy Convergence

Oil & Gas

Energy & Resources, huge transportation infrastructures

Energy & Resources Transportation Concessions

Key markets in infrastructure development

21

Energy, Resources, social infrastructures

• Limited public spending • Demanding governments • High per capita rent users • Stable regulatory frameworks • Strong financial markets • Sophistication:

New PPP models Availability payment Shadow tolls

Clean energy & Renewables

Environmental assets • Large investments in

maintenance & renewal of assets

Opportunities Challenges

Main characteristics

Private financing opportunities

Strong concurrence

Availability of capital intensive projects

Requires size and a strong local presence

Increasing demand

Less risk means less profitability

22

Advanced economies

• Large energy and resources projects to be developed

• Private collaboration demand to provide: Technical capacity Financial resources

• Huge demographic changes

Opportunities Challenges

Inefficient subcontracting industry

Changing regulatory frameworks

Unstable Local currencies

Very strong demand

Lack of qualified local concurrence

Underdeveloped financial markets

Ethics and professionalism Users payment capacity

Growing & dynamic economies

Brazil, Mexico, India, South Africa…

Obsolete or inexistent assets

Oil, gas, resources, transportation

23

Emerging markets

Strategy wrap up considerations I

24

There are plenty of profitable opportunities • Transportation

concessions foster civil works activities

• Strong demand for natural resources make mining contracting a growing business

• Increasing demand for energy assets

Long term visibility: infrastructures are always demanded • In advanced economies to

keep competitiveness

• Existing infrastructures insufficient to promote development in emerging markets

A coherent diversification generate business opportunities • Technical excellence in a

varied portfolio of activities facilitates serving client needs

• Strong local presence allows better knowledge of clients and quick reaction time

Strategy wrap up considerations II

25

Large investments

require sizeable

companies

With significant global financial muscle

With global technical

capabilities and resources

availability

With an efficient and balanced global risk

management

With local presence to serve clients

Areas of Activity

Index

26

Introduction

Corporate Strategy


Additional data

27

Construction

Environment Industrial Services

Construction

ACS Construction activity

28

Largest construction company of the western world focused in the development of infrastructures worldwide

Includes the contribution of several companies of the Group: Dragados (leader in Spain) Hochtief (leader in Germany) Leighton (leader in Australia) Turner & Flatiron (Top 3 USA) PolAqua (Top 5 Poland) Iridium (World leader in concessions development)

Develops highly sophisticated Civil Works, Mining and General contracting activities in 30 countries, with a technical team including 10,000+ engineers

ACS is the leading greenfield concession developer in the world, with a current portfolio of over 48 projects

€ mn 2011 Var. 1H12 Var.

Turnover 19,802 +247% 14,348 +187%

% Abroad 85.1% 91.3%

EBITDA 1,210 +183% 1,028 +194%

margin 6.1% 7.2%

EBIT 449 +30.8% 375 +67%

margin 2.3% 2.6%

Backlog 50,336 +354% 53,522 +9.8%

% abroad 91.4% 93.2%

Net Debt 2,442 +100% 3,234 +9.7%

Revenues 2011

Construction activity: General contracting

29

Specialized en large contracts, ACS companies develop complex projects for clients worldwide

€ 16.3 billion

84%

16%

Abroad

Revenues In Spain

Top ranked companies in the most important markets for construction. Specialized teams developing concessions, PPPs,

tunneling Main areas of growth:

Australia & SE Asia, large civil works projects US & Canada, PPPs and infrastructure refurbishing Central Europe: convergence needs in civil works

General Contracting

Construction activity: Contract mining

30

Leighton: world leader in a fast growing activity in emerging markets: Asia and Africa. Leader in Australia.

€ 3.5 billion

Mining management and exploitation for third parties. Long term contracts with high visibility Capital intensive business Huge growth potential:

Australia, Indonesia, Mongolia, India, Africa Leighton might explore new business models and

opportunities to keep growing

Mining Contracting

100%

Revenues Abroad

Revenues 2011

Promotion Financing Construction Ramp-up Operation

5 24 43

Construction activity: Greenfield Concessions

31

ACS is the leading greenfield concessions developer in the world, with more than 70 projects under way and close to 50 offers in course

* As of Dec 31st, 2011

Long term investment activity synergic with general contracting Worldwide opportunities, specially in 1st world Relies on ACS’s financial strength

Concessions US&Can Spain

Other Countries

Greenfield development phase

€ 1.1 billion ACS Equity Investment*

Brownfield

Number of projects

Industrial Services

ACS Industrial Services Activity

32

Industrial Services is a leading support services & EPC contractor with a decisive presence in emerging markets

Very strong presence in Latin America and Middle East, growing in Asia Pacific

With companies specialized in the development of energy infrastructures through turn key projects

Very strong capabilities in industrial maintenance services

Developing projects for oil, gas, electricity, renewables, power lines, industrial maintenance and high-speed rail

High technical, financial and environmental sophistication, with a workforce that includes more than 2,000 engineers

€ mn 2011 Var. 1H12 Var.

Turnover 7,045 -1.6% 3,641 +0%

% Abroad 48% 55%

EBITDA 907 +10.5% 453 +0.4%

margin 12.9% 12.5%

EBIT 828 +31.8% 429 +7.7%

margin 11.7% 11.8%

Backlog 6,875 +0.4% 7,217 +8.2%

% abroad 61% 63%

Cash position 835 +60.5% 1,063 +200%

ACS Industrial Services: Support Services

33

ACS is a global player in the support services and industrial maintenance industry, as a supplier of utilities and energy companies

€ 4.4 billion Revenues 2011

48% 52%

Abroad

Revenues In Spain

Includes three segments of activity: Networks: Maintenance services for electricity,

gas and water distribution assets Specialized products: Maintenance of power

plants, high speed railroad and transmission lines Control Systems: Support services for

municipalities like lightening and traffic lights management and road security

Support Services

ACS Industrial Services: EPC Projects

34

ACS is a world reference in the Engineering, procurement and construction activities for utilities and oil&gas companies

€ 2.3 billion Revenues 2011

52% 48%

Abroad

Revenues In Spain

Development of turn key projects Electricity generation projects: Power plants

installment, CCGTs & renewable energy Oil & gas facility projects (off-shore platforms,

refineries, etc) Growth potential in Central Europe, South

America, Asia and Australia Joint ventures with Hochtief and Leighton

EPC Projects

Industrial Services investments in energy assets

35

Wind Parks Thermosolar Transmission lines Desalinization Gas storage

One of the leading project developers in the world after having built assets with a combined investment > € 7 bn

Assets

2,000 MW built in the last years

Assets

350 MW built, very advanced technology

250 MW in operation

€ 0.8 bn invested

Assets

>20 lines built in Brazil & Peru

Concessional investor

€ 0.3 bn invested

Assets

2 plants in the Mediterranean

International expansion to Australia, Mexico and Middle East

€ 0.3 bn invested

Assets

Castor project: Strategic natural gas storage facility in Spain

> € 1bn total investment

1,000 MW in operation

Environment

ACS Environment activity

36

Waste management, treatment, recycling and urban services. A very visible, stable and profitable activity

World leader in design, construction and operation of waste treatment plants, a capital-intensive activity that requires a strong technological and financial capacity

The Group currently operates over 300 facilities, including energy recovery plants, biogas production, composting, transfer, pre-treatment and landfills

Mainly in Europe, where Urbaser is a leader in the provision of urban services, especially in France, United Kingdom and Spain

Visibility and predictability of revenues due to long term contracts

€ mn 2011 Var. 1H12 Var.

Turnover 1,686 +11.6% 859 +0.5%

% Abroad 24% 23%

EBITDA 253 +6.7% 123 -5.3%

margin 15% 14.3%

EBIT 112 -10.3% 54 -10.9%

margin 6.6% 6.3%

Backlog 8,941 -7.5% 9,823 +5.2%

% abroad 37% 43%

Net Debt 1,124 -5.5% 755 -37%

Companies participated by ACS

37

• First in class electric utility • Worldwide renewable energy

generation leader

14.8% stake

• Regulated sector under continuous consolidation process

• Sustainable & predictable long-term growth

• Strong entry barriers

Market value over € 20 bn

• Telecommunications service company: majority stakeholder TeliaSonera telecommunications group

17.0% stake

• Sales 2011: € 841 mn • EBITDA 2011: € 47 mn • Book Value: € 198 mn

ACS acts as the local partner of TeliaSonera since the development of the license back in 2000

Areas of Activity

Index

38

Introduction

Corporate Strategy


Additional data

Sales

39

76%

19%

5%

Construction € 14,349 mn (+186.5%) (+8.1% pf.*)

Sales 1H12 € 18,833 mn +98.8% (+6.0 pf.*)

Environment € 859 mn (+0.5%)

Industrial Services € 3,641 mn (+0%)

* Adding back HOCHTIEF results from January to May 2011

69%

25%

6%

Construction € 19,802 mn (+247%)

Sales 2011 € 28,472 mn +98.7%

Environment € 1,686 mn (+11.6%)

Industrial Services € 7,045 mn (-1.6%)

Geographical Diversification - Sales

40

19%

10%

31%

39%

1%

Sales per geographical areas 1H12

America € 5,836 mn

Spain € 3,528 mn



Africa € 90 mn

International Sales

€ 15,305 mn (81% of the total)

27%

12%

27%

33%

1%

Sales per geographical areas 2011


Spain € 7,823 mn



Africa € 179 mn

International Sales


Backlog

41

76%

10%

14%

Backlog 1H12 € 70,562 mn

Environment € 9,823 mn

Construction € 53,522 mn

Industrial Services € 7,217 mn

17%

16%

23%

43%

1%

Backlog per geographical areas 1H12


Spain € 11,962 mn



Africa € 435 mn

International Backlog


Operating Results

42

EBITDA 1H12

EBIT 1H12

Margin 8.4%

Margin 4.4%

€ 897 mn

€ 1,578 mn

EBITDA 30/06/11 EBITDA 30/06/12

€ 681 mn (+75.9%)

€ 650 mn € 831 mn

EBIT 30/06/11 EBIT 30/06/12

€ 181 mn (+27.9%)

HOCHTIEF fully consolidated since June 1st, 2011

EBITDA 2011

EBIT 2011

Margin 8.1%

Margin 4.7%

€ 1.432 mn

€ 2.318 mn

EBITDA 2010 EBITDA 2011

€ 886 mn (+61.9%)

€ 1.039 mn € 1.333 mn

EBIT 2010 EBIT 2011

€ 294 mn (+28.3%)

1H12 Impact on results - Iberdrola cleaning-up process

43 * Processes closed on July 2012

1H12 € million

Recurrent net results 430

Sale of Abertis 193

Iberdrola value adjustment by impairment test (962)

Sale of 3,7% Iberdrola (599)

Sale of other assets 73

Net results before provisions & adjustments 97

Iberdrola financing restructuring costs * (302)

Others (66)

Net results after provisions & adjustments (1,233)

Million Euro 1H11 1H12 Var.

Turnover 5,009 14,348 +186.5%

EBITDA 350 1,028 +194.1%

Margin 7.0% 7.2%

EBIT 225 375 +66.9%

Margin 4.5% 2.6%

Net Profit 134 98 -27.4%

Margin 2.7% 0.7%

Backlog 48,741 53,522 +9.8%

Months 22 22

Construction

44

9%

10%

30%

51% 7%

13%

24%

56% Sales 1H12

Backlog 1H12

Million Euro 2010 2011 Var.

Turnover 5,703 19,802 +247.2%

EBITDA 427 1,210 +183.4%

Margin 7.5% 6.1%

EBIT 343 449 +30.8%

Margin 6.0% 2.3%

Net Profit 187 370 +97.5%

Margin 3.3% 1.9%

Backlog 11,088 50,336 +354.0%

Months 24 22

15%

12%

27%

46% 9%

14%

22%

55% Sales 2011

Backlog 2011

America Spain Asia Pacific Rest of Europe

Construction - Main awards in the last months

45

Construction of a new children's hospital in Perth and the Royal

Adelaide Hospital, Australia > € 1,200 mn

Construction of the Al Mafraq hospital in Abu Dhabi

€ 278 mn

Construction of the Forth Replacement Crossing

project in Scotland

€ 250 mn

Design and Construction of the tunnel for the SR-

99 in Seattle (US)

€ 438 mn

Construction of a railway bridge, tunnel, elevated/underground stations

and viaduct for the South Island railway line in Hong Kong

€ 408 mn

Planning, financing, upgrading, operating and maintenance of a A8

highway section in Germany

€ 382 mn

Construction, operation and conservation of the A-308 highway from Iznalloz to Darro in Granada

(Spain)

€ 199 mn

Renovation including demolishing and rebuilding

parts of the existing Oakland Medical Mart and Convention

Center, Oakland, CA

€ 225 mn

Section 5 of S8 highway between Sieradz Poludnie

and Lask

€ 330 mn

Anthony Henday Drive for the Edmonton Ring Road

€ 374 mn

Multiple mining contracts

> € 3.650 mn

Gas projects

> € 1.600 mn

Environment

46

57% 33%

4% 5% 1%

77%

10%

9% 1% 3%


Turnover 855 859 +0.5%EBITDA 130 123 -5.3%Margin 15.2% 14.3%

EBIT 61 54 -10.9%Margin 7.1% 6.3%

Net Profit 56 45 -19.7%Margin 8.3% 22.7%

Backlog 9,335 9,823 +5.2%Months 70 70

Note: 2011 data include Consenur figures, sold in July 2011


Turnover 1,511 1,686 +11.6%

EBITDA 237 253 +6.7%

Margin 15.7% 15.0%

EBIT 125 112 -10.3%

Margin 8.3% 6.6%

Net Profit 152 128 -15.8%

Margin 10.1% 7.6%

Backlog 9,669 8,941 -7.5%

Months 77 64

63%

26%

4% 5% 2%

76%

12%

7% 2% 3%

America Spain Asia Pacific Rest of Europe Rest of the World

Sales 1H12

Backlog 1H12

Sales 2011

Backlog 2011

Environment - Main awards in the last months

47

Contract for waste collection and street cleaning services in Gosport

Borough Council (U.K) € 26 mn

Urban solid waste collection in La Ciotat (Marseille, France)

€ 16 mn

Contract for urban solid waste collection in Boucle de la Seine

(France)

€ 17 mn

Contract extensions > € 500 mn

Design, construction and operation of a waste treatment

plant in Essex, UK. € 997 mn

Several contracts for street cleaning and waste

collection in different areas of Madrid Region

> € 180 mn

Several gardening, cleaning and street cleaning contracts in

different municipalities in Spain

> € 160 mn


Turnover 3,640 3,641 +0.0%

EBITDA 451 453 +0.4%

Margin 12.4% 12.5%

EBIT 398 429 +7.7%

Margin 10.9% 11.8%

Ordinary Net Profit 227 227 +0.0%

Margin 6.2% 6.2%

Backlog 6,669 7,217 +8.2%

Months 11 12

Industrial Services

48

37%

12%

43%

3% 5%

45%

12%

39%

2% 2%


Turnover 7,158 7,045 -1.6%

EBITDA 821 907 +10.5%

Margin 11.5% 12.9%

EBIT 628 828 +31.8%

Margin 8.8% 11.7%

Net Profit 400 492 +23.0%

Margin 5.6% 7.0%

Backlog 6,846 6,875 +0.4%

Months 11 12

39%

13%

42%

3% 3%

52%

10%

33%

3% 2%

America Spain Asia Pacific Rest of Europe Rest of the World

Sales 1H12

Backlog 1H12

Sales 2011

Backlog 2011

Industrial Services- Main awards in the last months

49

EPC contract for a 500 MW combined cycle power plant in

Parnaíba (Brazil)

€ 262 mn

Works for the high-speed railway line between Mecca and Medina

(Saudi Arabia)

€ 420 mn

Contract for the development of Renace II hydroelectric project

(Guatemala)

€ 152 mn

Engineering, procurement and construction (EPC) of two jackets for Eldfisk II oil platform in the North Sea

(Norway)

€ 96 mn

Construction of a liquefied petroleum gas storage plant in Quito (Ecuador)

€ 95 mn

Signalling and other services for a group of roads in Huesca (Spain)

€ 91 mn

Sauz CCGT power plant construction in Querétaro

state (Mexico)

€ 116 mn

EPC contract for a 100 MW thermosolar plant in Tonopah

(Nevada, USA)

€ 587 mn

EPC contract for a 200 MW thermal power plant in

Lambeyeque area (Peru)

€ 90 mn

Construction of a distribution oil pipeline of 77 km in the offshore

platform Enlace Litoral

€ 204 mn

High tension line between the states of Rio Grande do Sul, Santa Catarina

and Parana

€ 160 mn

Ma’aden Bauxite Mine

€ 70 mn

Tangible and Intangible Assets

€ 8,942 mn

Financial Assets € 6,870 mn

Net Assets Held for Sale € 3,032 mn

Other Assets € 2,064 mn

Working Capital € (3,087) mn

Net Worth € 5,284 mn

Net Debt € 8,579 mn

Other Liabilities € 3,959 mn

Net Assets Equity and Liabilities

As of June, 30th, 2012

Consolidated Balance Sheet

50

Total Net Assets

€ 17,882 mn

€ 4,558 mn

Net Debt evolution LTM

51

Total € 9,849 mn € 9,334 mn € 10,496 mn € 8,579 mn

Rest of Grupo ACS

SPVs Iberdrola

HOCHTIEF AG € 1,100 mn

€ (2,754) mn

€ 384 mn

€ 710 mn

€ 4,965 mn

€ 4,174 mn

June 2011 June 2012

€ 1,810 mn

€ 2,211 mn

March 2012

€ 1,864 mn

€ 3,517 mn

€ 5,115 mn

Dec 2011

€ 990 mn

€ 3,639 mn

€ 4,705 mn

€ (1,270) mn

€ (54) mn

€ (1,306) mn

€ (557) mn

€ (1,917) mn

Debt variation

L12M L3M

€ 9,334 mn

€ 8,579 mn

€ 396 mn

€ 2,113 mn

€ 1,591 mn

€ 388 mn € 225 mn

Net Debt 31/12/2011

Net Debt 30/06/12

Net debt evolution since 31/12/11

52

Net cash flow from

the operating activities ACS € 492 mn HOT € (96) mn

Investments payments

Shareholders remuneration

Cash from Disposals

Others

Res. Monte Carmelo (IBD) € 1,599 mn

Refinancing processes

53

ACS does not have any significant LT debt maturity up to Nov14

Since 31/12/11 > € 4,900 mn

Syndicated loan ACS € 1,430 mn

Syndicated loan Urbaser € 506 mn

July 2012

Elimination of margin calls Elimination of the exposure to share

price falls for a 8.25% of IBE Keeping exposure for a potential

upside

1H2012

Natixis (IBD) € 1,434 mn

Maturity July 2015 Maturity November 2014

Elimination of margin calls Reduction of € 1,000 mn of non

recourse debt from Iberdrola

Investments

54

Operating activities

Concessional assets

Corporation

€ 1,148 mn € 424 mn € 19 mn

Gross Investments = € 1,591 mn

Total Net Investments 1H12 = € (522) mn

Total Disposals = € 2,113 mn

Construction

€ 197 mn

Environment

€ 84 mn

Industrial Services

€ 130 mn

Corporation

€ 1,703 mn

Sale of obsolete mining material

Clece (EV € 506 mn)

Wind farms 3,69% IBE (€ 798 mn) 10,28% ABE (€ 897 mn)

Equipment, Victoria D.P. (LEI) Bidding

Airports (HOT) Energy Projects

Operating activities

Concessional assets

Corporation

€ 1,387 mn € 2,262 mn € 1,106 mn

Gross Investments = € 4,755 mn

Total Net Investments 2011= € 2,902 mn

Total Disposals = € 1,854mn

Construction

€ 944 mn

Environment

€ 230 mn

Industrial Services

€ 680 mn

Highways, mining contracts

Hospital waste business Ports

Transmission lines, renewable assets

Equipment, Bidding

Energy Projects Highway concessions Hochtief

3,377 2,969

4,578 5,099

4,755

1,591

902

2,798

5,905

2,782

1,854 2,113

2007 2008 2009 2010 2011 1H12

Investments Disposals

Investment track record

55

Grupo ACS has invested in the last 5½ years more than € 22.3 bn

€ mn UNF Sale Debt reduction effort

Net Investments

2,475 171

(1,327)

2,317 2,901

(522)

1.668

Hochtief

655 1.222

183

Areas of Activity

Index

56

Introduction

Corporate Strategy


Additional data

Financial Statements 2011

57

Grupo ACS Income statement

Million Euro Var.

Net Sales 14,329 100.0 % 28,472 100.0 % +98.7%

Other revenues 339 2.4 % 519 1.8 % +53.0%

Total Income 14,668 102.4 % 28,991 101.8 % +97.7%

Operating expenses (9,995) (69.8 %) (20,355) (71.5 %) n.s.

Personnel expenses (3,241) (22.6 %) (6,319) (22.2 %) +94.9%

Operating Cash Flow (EBITDA) 1,432 10.0 % 2,318 8.1 % +61.9%

Fixed assets depreciation (391) (2.7 %) (954) (3.4 %) n.s.

Current assets provisions (2) (0.0 %) (30) (0.1 %) n.s.

Ordinary Operating Profit (EBIT) 1,039 7.3 % 1,333 4.7 % +28.3%

Results on fixed assets disposals (18) (0.1 %) (40) (0.1 %) n.s.

Other operating results (0) (0.0 %) 81 0.3 % n.s.

Operating Profit 1,021 7.1 % 1,374 4.8 % +34.7%

Financial income 490 3.4 % 521 1.8 % +6.4%

Financial expenses (803) (5.6 %) (1,217) (4.3 %) +51.6%

Ordinary Financial Result (313) (2.2 %) (695) (2.4 %) +122.4%

Foreign exchange Results 25 0.2 % (22) (0.1 %) n.a.

Impairment non current assets results (1) (0.0 %) (98) (0.3 %) n.s.

Results on non current assets disposals 536 3.7 % 367 1.3 % -31.5%

Net Financial Result 248 1.7 % (449) (1.6 %) n.s.

Results on equity method 222 1.5 % 318 1.1 % +43.6%

PBT of continued operations 1,490 10.4 % 1,244 4.4 % -16.5%

Corporate income tax (217) (1.5 %) (181) (0.6 %) -16.6%

Net profit of continued operations 1,273 8.9 % 1,063 3.7 % -16.5%

Profit after taxes of the discontinued operations 81 0.6 % 46 0.2 % -43.6%

Consolidated Result 1,354 9.5 % 1,108 3.9 % -18.2%

Minority interest (42) (0.3 %) (147) (0.5 %) n.s.

Net Profit Attributable to the Parent Company 1,313 9.2 % 962 3.4 % -26.7%

2010 2011

Grupo ACS Consolidated balance sheet

Million Euro Var.

Intangible Fixed Assets 1,614 4.7 % 4,753 9.9 % +194.6%

Tangible Fixed Assets 1,218 3.6 % 3,344 7.0 % +174.5%

Concession Projects Assets 2,380 7.0 % 835 1.7 % -64.9%

Property Assets 57 0.2 % 80 0.2 % +39.1%

Investments accounted by Equity Method 2,333 6.8 % 1,570 3.3 % -32.7%

Long Term Financial Investments 7,509 22.0 % 7,352 15.3 % -2.1%

Financial Instruments Debtors 60 0.2 % 24 0.0 % -60.3%

Deferred Taxes Assets 824 2.4 % 2,083 4.3 % +152.8%

Fixed and Non-current Assets 15,995 46.8 % 20,040 41.8 % +25.3%

Non Current Assets Held for Sale 4,577 13.4 % 8,087 16.9 % +76.7%

Inventories 618 1.8 % 1,775 3.7 % +187.2%

Accounts receivables 6,939 20.3 % 10,703 22.3 % +54.2%

Short Term Financial Investments 3,502 10.2 % 3,006 6.3 % -14.2%

Other Short Term Assets 101 0.3 % 221 0.5 % +119.6%

Cash and banks 2,453 7.2 % 4,155 8.7 % +69.4%

Current Assets 18,190 53.2 % 27,948 58.2 % +53.6%

TOTAL ASSETS 34,185 100 % 47,988 100 % +40.4%

Shareholders' Equity 5,519 16.1 % 5,682 11.8 % +3.0%

Adjustment s from Value Changes (1,341) (3.9 %) (2,363) (4.9 %) +76.3%

Minority Interests 264 0.8 % 2,872 6.0 % n.a.

Net Worth 4,442 13.0 % 6,191 12.9 % +39.4%

Subsidies 70 0.2 % 58 0.1 % -16.9%

Long Term Financial Liabil ities 9,621 28.1 % 9,604 20.0 % -0.2%

Deferred Taxes Liabil ities 271 0.8 % 1,175 2.4 % +333.7%

Long Term Provisions 407 1.2 % 2,033 4.2 % +399.3%

Financial Instruments Creditors 240 0.7 % 422 0.9 % +75.4%

Other Long Term Accrued Liabil ities 161 0.5 % 184 0.4 % +14.3%

Non-current Liabilities 10,771 31.5 % 13,477 28.1 % +25.1%

Liabil ities from Assets Held for Sale 3,590 10.5 % 4,995 10.4 % +39.1%

Short Term Provisions 233 0.7 % 1,268 2.6 % +443.6%

Short Term Financial Liabil ities 4,337 12.7 % 6,891 14.4 % +58.9%

Trade accounts payables 10,155 29.7 % 14,561 30.3 % +43.4%

Other current payables 656 1.9 % 604 1.3 % -8.0%

Current Liabilities 18,971 55.5 % 28,320 59.0 % +49.3%

TOTAL EQUITY & LIABILITIES 34,185 100 % 47,988 100 % +40.4%

December-10 December-11

Stock market evolution

58

20

40

60

80

100

120

140

160

ene 10 abr 10 jul 10 oct 10 ene 11 abr 11 jul 11 oct 11 ene 12 abr 12 jul 12 sep 12

Price Base 100 for Actividades de Construccion y Servicios S.A. (ES Listing) (ES) in EUR as of 07/09/12

Actividades de Construccion y Servicios S.A. (ES Listing) (Rebased) Hochtief AG (Rebased) Iberdrola S.A. (Rebased)

The world’s leading infrastructure developer

Disclaimer This document contains forward-looking statements on the intentions, expectations or forecasts of Grupo ACS or its management at the time the document was drawn up and in reference to various matters including, among others, its customer base, its performance, the foreseeable growth of its business lines and its overall turnover, its market share, the results of Grupo ACS and other matters relating to the Group’s activities and current position. These forward-looking statements or forecasts can in some cases be identified by terms such as “expectation”, “anticipation”, “proposal”, “belief” or similar, or their corresponding negatives, or by the very nature of predictions regarding strategies, plans or intentions.

Such forward-looking statements or forecasts in no way constitute, by their very nature, guarantees of future performance but are conditional on the risks, uncertainties and other pertinent factors that may result in the eventual consequences differing materially from those contained in said intentions, expectations or forecasts.

ACS, Actividades de Construcción y Servicios, S.A. does not undertake to publicly report on the outcome of any revision it makes of these statements to adapt them to circumstances or facts occurring subsequent to this presentation including, among others, changes in the business of the company, in its strategy for developing this business or any other possible unforeseen occurrence. The points contained in this disclaimer must be taken fully into account by all persons or entities obliged to take decisions or to draw up or to publish opinions on securities issued by Grupo ACS and, in particular, by the analysts and investors reading this document. All the aforesaid persons are invited to consult the public documentation and information that Grupo ACS reports to or files with the bodies responsible for supervising the main securities markets and, in particular, with the National Securities Market Commission (CNMV in its Spanish initials).

This document contains financial information drawn up in accordance with International Financial Reporting Standards (IRFS). The information has not been audited, with the consequence that it is not definitive information and is thus subject to possible changes in the future

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