ferrovial investors presentation jan mar 2014 | presentación inversores ene mar 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
G r o u p o v e r v i e w
2 0 1 4 – F i r s t Q u a r t e r r e s u l t s
L o o k i n g A h e a d
I n t r o d u c t i o n t o 4 0 7 E T R T o l l r o a d
M a n a g e d L a n e s T o l l r o a d s
A p p e n d i x
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
How to manage
FinanciallyLow level of corporate
debt
Asset rotation to support growth
Efficient asset
allocation
Operationalvalue
generation
Operationally
6 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Debt Structure
Net debt evolution ex-infra projects
3,064
1,9871,547
1,172
31
9071,484 1,663 1.565
2006 2007 2008 2009 2010 2011 2012 2013 1Q14
Debt allocated at project level
NET CASH €1,565mn
P R O J E C T S
E X – I N F R A P R O J E C T S
Net debt (€mn)
€mn Net debt
NTE 614
LBJ 986
NTE 3A3B 52
TOTAL 1,652TOLL ROADS*
Net debt €6,775mn
Projects under development not generating EBITDA
23%
of Toll roads
net debt
NET DEBT
€7,091mn
* €1,153mn related to R4 & OLR, both filed for creditor protection
Q1 ‘14
7 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
53 38 20 11
501
4
507
2014 2015 2016 2017 2018 2019 >2019
No meaningful maturities until 2018Financial position (ex-infra projects)
2014-2019 maturities
Liquidity position
€ million - March ‘14
2,7393,620
881
Total cash Undrawn lines Total liquidity
8 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
7.5 7.5
7.2
18.1
2005 1Q2014
Services
Construction
Strong Backlog (Construction & Services)
Backlog at Record levels
Strong backlog of €25.6bn as of 1Q2014 (40 months of activity)
(€bn)
International
25.6
14.7
+74%
38% 67%
Construction
Services
33%
67%Domestic
International
30%
70%
Domestic
International
9 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Highlights (2014 year to date)
Financial New liquidity Facil ity (€750mn)1
€25bn backlog (Construction & Services)Operations3
€1.6bn Net cash / €3.6bn LiquidityCash Positionex-infra projects
New managed lanes ( I77)Future2
4
10 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Business Overview
A i rports
Tol l roads
Services
Construct ion
� Focus on quality service and cost control
� Higher traffic due to load – factor
� Q6 (2014-2018) New regulatory period
� Focus on greenfield projects
� New concession award (USA) – I77 “managed lanes”
� Integration of Enterprise acquisition (UK)
� Focus on cash flow and growth
� No global or volume ambitions
� Competitive tool for complex infrastructure projects
11 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Spain outlook (2013)
Industrial waste (Ferrovial)
Traffic toll roads
Activity cash flow (Ferrovial)
Ausol I
-16.4%
+1.9%
-26
+84
-17.6%
-9.8%
+2.4%
2012
2013
1H’13
FY’13
Dec’13
2010-11
2013
Tons
Improving days of sales outstanding
148155
164
201211
146
120
2007 2008 2009 2010 2011 2012 2013
Ferrovial Services
€mn
12 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Agenda
G r o u p o v e r v i e w
2 0 1 4 – F i r s t Q u a r t e r r e s u l t s
L o o k i n g A h e a d
I n t r o d u c t i o n t o 4 0 7 E T R T o l l r o a d
M a n a g e d L a n e s T o l l r o a d s
A p p e n d i x
13 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Revenues 91 -5.3%
EBITDA 55 -2.1%
EBITDA % 60.3%
Toll roads
1Q2014 ∆%
L-f-L•Pipeline
Active bidding in the US / Australia / Canada
Selective monitoring of opportunities in Chile,
Peru, Colombia, Mexico, Croatia, Ireland & UK.
•Traffic recovery in Ireland and Portugal and stabilising in Spain
•New projects awarded
I77, North Carolina, US (“managed lanes”)
US$655mn. 50 years concession
•Revenue and EBITDA growth, +11%, at 407ETR combining traffic growth (+3,2%) and tariff increase
1 Financial asset
2 Equity method
*Ausol II Traffic
Ausol* (Spain) -0.4% -3.7%
Algarve (Portugal) +6.2% +15.8%
M4 (Ireland) +4.2% +6.0%
ETR 4072 +3.2% +11.0%
Chicago skyway2 -5.2% -4.2%
1Q 2014 EBITDA∆%
L-f-L
€ million
Traffic
14 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
407ETR (Equity method, FERROVIAL stake: 43%)
Revenues185 +11.2%
EBITDA 150 +11.0%
EBITDA % 81.1% -20bps
Net debt 5,701 +2.2%
1Q2014 ∆%
L-f-L
408
665
2007 2008 2009 2010 2011 2012 2013
EBITDA (CAD million)
Resilient performance
Dividend
(CAD
millio
n)
• Revenue and EBITDA growth (+11%)
Traffic (+3.2%)
Tariff growth
• No relevant maturities until 2015
• Attractive dividend
190300
460600
680
2009 2010 2011 2012 2013
CAD million
15 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Revenues 1,032 +46%
EBITDA 69 +6.1%
EBITDA % 6.7% -350 bps
Backlog 18,105 +1.5 %
Services
1Q2014 ∆%
L-f-L
+82%
+59%
+3%
+9%
-18%
-1%
Revenues
EBITDA
BACKLOG
L-f-L
UK Spain
€ million
• Strong revenue growth both in UK and Spain
• EBITDA affected by contracts start up costs, seasonality and Enterprise integration
• Enterprise acquisition on track
Synergies 2015 (e) £40mn
• Expanding international operations
Chile, Qatar & Poland
SpainUK
Operating cash flow
165 164
495
359
2010 2011 2012 2013
Backlog by geographic breakdown
64% 35%Other 1%
* Excluding forex impact, integration and restructuring costs.
16 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Amey -profitable growth
0.7
1.2
2007 2012
CAGR: 9.7%
Proven organic growth (sales) 2013: Enterprise synergies on track
7
35 40
UK Services market is growing
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
Backlog: Anticipating future growth
€ billion
£ million
2013 2014 (e) 2015 (e)
Amey
17
Robust medium-term pipeline
Amey Prospects pipeline
Client segment Year of award Nature 1)
Total: EUR 15.7B
19%
25%21%
20%
15%2014
20%
2015
44%
2016
20%
> 2017
16% 19%
81%
1) Projects with total revenues above EUR 12M per annumSource: Ferrovial Services
EnvironmentLocal Government
Social
UtilitiesIndustrial
Transport
NewlyOutsourced
Other
18 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
FS Top 3
TRANSPORT SOCIAL CORPORATEENVIRONMENTAL
UK Infrastructure Services market: c. EUR 54BN (2012)
19 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Spain: resilient operations & financial performance
1.39 1.42
2007 2013
Stability
Sales 100% EBITDA / Cash flow conversion
1.33 1.37
EBITDA OCF
Backlog: Anticipating future growth
5.2
6.3
2012 2013
€ billion
Cumulative 2007 - 2013
Local government operating spend
34.2
24.7
2007 2012
-28%
Source: Presupuestos anuales de las Entidades Locales –Ministerio de Hacienda y Administraciones Públicas
20 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Revenues 795 +0.7%
EBIT 50 +4.3%
EBIT % 6.3% +40 bps
Backlog 7,489 -4.7%
Construction
1Q2014 ∆%
L-f-L
• Flat growth and higher EBIT
• Poland
1Q contracting +45%
Infra roads plan 2014-19, €10.0bn
• International growth to offset Spanish
decline in 2014
• Weak quarter in Texas due to bad
weather
DomesticInternational
Budimex Webber F-A
Revenues +2% -9% +3%
EBIT +28% +29% -2%
Backlog +5% -10% -5%
€ million
Operating cash flow
373 298
100
304
2010 2011 2012 2013
Backlog by geographic breakdown
70% 30%
∆%
L-f-L
21 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Heathrow 16.0 +0.5%
Scotland 2.2 +6.3%
Southamptom 0.3 +5.5%
Total HAH 18.6 +1.2%
HAH (Equity method, FERROVIAL stake 25.0%)
Revenues 614 +10%
EBITDA 319 +28%
EBITDA % 51.9% +712 bps
NET DEBT 12,793 +1%
1Q2014
∆%
• Best ever passenger satisfaction
Over 80% of passengers surveyed rated their experience as
excellent or very good
• The Queen´s Terminal (T2) on track for
opening on 4 June 2014
• Double digit EBITDA growth
• Traffic growth reflects later timing of Easter
in 2014
• New regulatory period Q6 (Apr 2014-Dec 2018)
• Heathrow`s proposal for third runway
shortlisted for further analysis (Airports
Commission)
(PAX Mn)
∆%L-f-L
Traffic
100% GBP million
25.00% 20.00% 13.29% 11.88% 10.0%11.18% 8,65%
Ferrovial Qatar Brittania GIC CICAlinda USS
Shareholders
1Q2014
22 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Operating improvement - Heathrow
Departures punctuality
2007 1Q 2014
63%
84%
Missed bags per 1,000 passengers
2007 1Q 2014
40
14
2007 1Q 2014
48%
80%
% passengers rating Heathrow “Excellent” or “Very good”
23 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
MAR’14 Var%
1,945
184
9.5%
-56
128
6.6%
0
-70
15
73
-21
52
-
13
65
19.3%
1.6%
-1.8%
Construction
Airports
Toll Roads
Services
Others
Total
794.9
1.3
91.3
1,032.7
24.6
1,944.8
820.5
1.8
97.0
697.4
13.2
1,630.0
-3.1
-28.8
-5.9
48.1
86.0
19.3
0.7
-28.8
-5.3
45.7
77.7
20.8
Construction
Aeropuertos
Toll Roads
Services
Others
Total
56.5
-3.8
55.1
69.1
7.1
183.9
55.1
-3.5
59.2
71.1
-0.9
181.0
2.5
-10.1
-7.0
-2.8
n.s.
1.6
4.7
-6.4
-2.1
6.1
41.9
4.1
MAR´14 MAR´13 VAR.% L-f-L%
VAR.% L-f-L%
1,630
181
11.1%
-51
130
9.2%
0
-76
9
83
-21
62
-
10
72
MAR’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%
7,489
18,105
MAR´14
517,849
32,514
21,917
9,105
11,867
24,177
16.0
7,867
17,749
MAR´13
501,920
34,298
22,629
9,207
11,916
23,209
16.0
-4,8
2,0
VAR%
3,2
-5,2
-3,1
-1,1
-0,4
4,2
0,5
MAR´14 MAR´13
MAR´14 DEC´13
L-f-L%
20.8%
4.1%
1.3%
1Q 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
24 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Agenda
G r o u p o v e r v i e w
2 0 1 4 – F i r s t Q u a r t e r r e s u l t s
L o o k i n g A h e a d
I n t r o d u c t i o n t o 4 0 7 E T R T o l l r o a d
M a n a g e d L a n e s T o l l r o a d s
A p p e n d i x
25 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Looking ahead
C O N S T R U C T I O N
S E R V I C E S
T O L L R O A D S
A I R P O R T S
� Margin vs. growth
� Strong backlog
� Selective growth in existing & new markets
� Dividends from 407 & HAH
� Attractive pipeline of projects
� Co-investment with financial partners
Strong financial discipline
26 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Net cash position(2018 & 2021 main maturities)
Highest everDividend generation
24% 43% 22% 11%
EBITDA*
* 2013 (proportional consolidation)
Strong Backlog
Internationaldiversification
Solid FinancialPosition
High Quality Assets
Why Ferrovial?
27 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
2009 2010 2011 2012 2013
Shareholder remuneration
Dividend 2013(Euros/share)
0.40 0.42 0.45
1.25
0.65 - 0.70
Interim (paid Dec’13) 0.40
Complementary 0.25 - 0.30
TOTAL 0.65 - 0.70
28 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Agenda
G r o u p o v e r v i e w
2 0 1 4 – F i r s t Q u a r t e r r e s u l t s
L o o k i n g A h e a d
I n t r o d u c t i o n t o 4 0 7 E T R T o l l r o a d
M a n a g e d L a n e s T o l l r o a d s
A p p e n d i x
29 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
775 1,937
-1,694 5,577
Figures in $CAN million
Accountinglosses
Highdebt
Shareho lder ' s fund Net debt
1999:
27x Debt/Ebitda
1999
2013
407 ETR
Would you buy this company…?
30 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
V a l u a t i o n( 1 0 0 % )
Strong dividend flow
Equity valuation sharp increase
Initial equity investment (62%) (326mn)
Dividends (00 - 13) 1,051mn
10% disposal 640mn
NET CASH IN 1,691mn
2098
M a t u r i t y
100% pay-back
first 10 years
Valuation x18
* December´13 analysts consensus
1999 2013*
18x
9,536
525
407 ETRC a s h g e n e r a t i o n
(1999 – 2013)
84 years to maturity
407 ETR
Ferrovial bought this company…
Figures in € million
31 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
High density population area
Ring road of Toronto108 km
407
407
East extension
Area of expansion
407 ETR
Location
32 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
407 ETR
All Electronic Roadside Tolling System
33 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
407 ETR
LOCATION
Greater Toronto Area
23% of Canada
population
TRAFFIC
Alternatives routes
are highly congested
HIGH HOUSEHOLD INCOME
46% higherthan Canada average
NO REGULATORY
REVIEWS
During concession
life (99 years)
SPEED
Alternatives routes
40kph vs 100kph at
407
NON-STOP TOLL FACILITY
Fully electronic with interchangesevery 3km
TOLL RATE HIGH
FLEXIBILITY
Including segment,
direction, time of
the day
FAST
Reliable travel times
Fast
Safe
Reliable
34 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
420
801
2005 2013
316
665
83%
77%
79%
76%
80%
75%
82%
2005 2013
27
8.4
1999 2013
85145 120 135
300
460
600
680
190
2005 2006 2007 2008 2009 2010 2011 2012 2013
49
9790
38
7788
70 7472
2005 2006 2007 2008 2009 2010 2011 2012 2013
84 years to maturity
100% pay-back in first 10
years
Free-tariff revision
≅ 8% CAGR 02-13*
* Tariff increase for light Vehicles in Peak hours regular zone (%)
CAGR: 8.4%
CAGR: 9.7%
104
136
2005 2013
CAGR: 3.4%
EBITDA %
407 ETR
Financial overview ($CAD million)
Revenues
EBITDA
OPEX
Capital Expenditure
Dividends
Net Debt / EBITDA X
35 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
Yearly average maturity: Only 3% of total debt
CAD 2,950mn issued since 2009
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
Extending maturities at historically low cost
years
407 ETR
ETRRecurrent presence in the bond market (June’13)
36 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Agenda
G r o u p o v e r v i e w
2 0 1 4 – F i r s t Q u a r t e r r e s u l t s
L o o k i n g A h e a d
I n t r o d u c t i o n t o 4 0 7 E T R T o l l r o a d
M a n a g e d L a n e s T o l l r o a d s
A p p e n d i x
37 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
38 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
407ETR
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
(untolled) (tolled)
Managed Lanes
Level of demand
NTE
39 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
Travel T ime Var iabi l i ty
Free Flow Travel
Mean
NB - North bound SB - South bound
40 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
41 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
NTE
3
NTE 1-2
LBJ
Dallas and Fort Worth Regional Map
42 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
CINTRA MERIDIAMDALLAS
FIRE&POLICE
PENSION SCHEME
KEY CHARACTERISTICS
SHAREHOLDERS’ STRUCTURE
108Km
Electronic toll
DESCRIPTION:
LENGTH:
CONCESSION PERIOD:
TARIFF POLICY:
IH 635 (Dallas County), the most populous county in Texas
13 mile section of the IH 635 and IH 35E
52 years
Open Road Tolling System (no toll booths) with a dynamic
tolling regime (every 5 minutes) to maintain at all times a
minimum speed of 50 mph
● Heavy congested area, almost 250,000 cars per day
● No toll-booths, fully electronic free flow tolling
system
● Tollway within a freeway: Motorists will be provided
with a choice of driving in non-tolled GP lanes or
paying a toll to bypass such GP lanes
● Tolls setting to ensure minimum speed on new lanes
● As demand grows and capacity becomes scarce,
pricing power increases
● Physically separated from the GP lanes with
controlled access
FINANCIAL STRUCTURE
EQUITY DEBT PUBLIC FUNDS
Managed Lanes
Lyndon B Johnson
51% 42% 7%
25% 54% 20%
43 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
CINTRA MERIDIAMDALLAS
FIRE&POLICE
PENSION SCHEME
KEY CHARACTERISTICS
SHAREHOLDERS’ STRUCTURE
DESCRIPTION:
LENGTH:
CONCESSION PERIOD:
TARIFF POLICY:
Dallas-Fort Worth Metroplex, Major thoroughfares
between Fort Worth and DFW Airport
13 mile section (IH 820 & SH 183 in Tarrant County)
52 years
Open Road Tolling System (no toll booths) with a dynamic
tolling regime (every 5 minutes) to maintain at all times a
minimum speed of 50 mph
● Heavy congested area, almost 200,000 cars per day
● No toll-booths, fully electronic free flow tolling
system
● Tollway within a freeway: Motorists will be provided
with a choice of driving in non-tolled GP lanes or
paying a toll to bypass such GP lanes
● Tolls setting to ensure minimum speed on new lanes
● As demand grows and capacity becomes scarce,
pricing power increases
● Physically separated from the GP lanes with
controlled access
FINANCIAL STRUCTURE
EQUITY DEBT PUBLIC FUNDS
Managed Lanes
North Tarrant Express
57% 33% 10%
21% 52% 27%
44 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
50% 14% 10%
CINTRA MERIDIAMDALLAS
FIRE&POLICE PENSION SCHEME
KEY CHARACTERISTICS
SHAREHOLDERS’ STRUCTURE
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%
FINANCIAL STRUCTURE
EQUITY DEBT PUBLIC FUNDS
APG
Managed Lanes
North Tarrant Express 35W
26%
45 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
• First privately-financed road
development project of its kind to
reach financial close in 2010.
• Texas’ third big recent road project
to reach financial close since 2008.
• First combination of TIFIA and tax
exempt PABs.
• First un-wrapped bond issuance for
a toll road.
• First time TIFIA allowed additional
debt to be raised beyond its
approved federal subsidy cap.
• First time that a U.S.-based pension
fund made a direct investment in a
highway concession.
21%
52%
27%
25%
54%
20%
Figures in US Dollars
Managed Lanes
Financial Overview
32%
59%
9%
• Very competitive capital structure
in spite of the difficult market
conditions.
• Strong portion of the debt from
TIFIA program with its flexible
amortizing structure during the
first 25 years.
2.05 bn
427 m
243 m (57%)141 m (33%)43 m (10%)
1,050 m
400 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:
46 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Appendix
47 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Appendix
2 0 1 3 - F u l l y e a r r e s u l t s
48 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.% L-f-L%
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
49 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
50 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
Ex – Infrastructure Projects Infrastructure Projects
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
INVESTOR RELATIONS DEPARTMENT - C/ Príncipe de Vergara, 135 - 28002 MADRID (Spain)T: +34 91 586 27 30 F: +34 91 586 28 69 e-mail: ir@ferrovial.es
website: www.ferrovial.com
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