2. • 2010 Highlights
• Business Units
• Financial Results
• Looking ahead
• Final remarks
2
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
3. 2010 - Highlights
Strong Cash flow generation
Net cash position at “parent” (ex-infra project debt)
Swissport & M45 divestments not included yet
Value crystallization
Operational growth across portfolio
EBITDA up by 7% (L-f-L)
3
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
4. Financial performance
*
Revenue 12,169 +3%
EBITDA 2,514 +7%
Stability
Net Income 2,163 n.s.
Net cash at “parent” 31 n.s.
Strength (Swissport & M45 divestments not included yet)
Construction backlog 10,186 +16%
Visibility Services backlog 12,003 +20%
* Excluding forex impact & perimeter changes
4
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
9. Construction
2010 ∆%
L-f-L
Revenues 4,525 -1%
EBITDA 231 -2%
EBITDA % 5.1% -3 bps
• Strong international growth offsets
EBIT 191 +1%
Spanish decline
EBIT % 4.2% +10 bps
Backlog 10,186 +16%
Backlog • High cash flow generation
Geographical breakdown Work breakdown (€373mn)
Non residential
Residential
Spain Industrial
65% 76%
International Civil works
9
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
10. Airports
Financial 2010 ∆%
L-f-L • Material increase in profitability
Revenues 2,794 +5%
EBITDA 1,272 +8%
EBITDA % 45.5% +131 bps
• Strong recovery in LHR traffic
Underlying traffic +3.4%
Traffic
2010 ∆%
Heathrow 65.7 -0.2% • Capital structure strengthened
Stansted 18.6 -7.0%
GBP1.9bn new bonds & facilities
Scotland 17.9 -7,1%
Southampton 1.7 -3.2%
Sub-debt refinanced
UK airports 103.9 -2.8% No significant 2011 maturities
Naples 5.5 +2.5%
TOTAL 109.4 -2.5%
Underlying: Excluding closure of airspace due to ash from an Icelandic volcano, industrial action affecting British Airways' Heathrow operations and severe winter weather
10
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
11. • Highlights
• Business Units
• Financial Results
• Looking ahead
• Final remarks
11
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
12. Profit & Loss
TOTAL VAR.
L-f-L(1)
Net Revenue 12,169 +3%
EBITDA 2,514 +7%
Depreciations (1,000) -2%
EBIT 1,514 +14%
Disposals & impairments (2)
1,879
Net Financial Result (1,725) +12%
Equity accounted 62
EBT 1,730
Taxes 85
Minorities 348
NET PROFIT 2,163
(1): Like-for-Like: Excluding forex impact, perimeter variations and fair value adjustments (2) Included in EBIT at the statutory accounts
12
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
13. Disposals & impairments
DISPOSALS &
IMPAIRMENTS
Capital gains 53 Naples airport, APP, US retail, other
LHR runway 3, Stansted runway 2, other
Impairment / Fair value -734
BAA -681
Capital gain 680 10% ETR, 60% Chile (completed transactions)
43% ETR, 40% Chile, other negative impairment
Impairment / Fair value 1,886 (+2,015) (+148) (-277)
Toll roads 2,566
Capital gain 7 Tube Lines, other
-13 Other
Impairment / Fair value
Others -6
Capital gain 740
Impairment / Fair value 1,139
TOTAL 1,879
13
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
14. Net result by business units “proforma”
(Excluding divestments, fair value adjustments and forex)
Two different profiles within the same company
VALUE EPS
(Infrastructure projects) (Construction & Services)
-202 NET PROFIT +329
Airports Toll roads Services Construction
-187 -14 +187 +142
Not including -73mn, mainly referred to corporate debt cost
14
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
15. Net debt evolution
EX-PROJECTS
EX-
1,124
573
178 120 146
31
-60 -138
-320
-420
1,172
Net debt EBITDA Dividends WK Taxes Investment Divestment Dividends Interest Other Net cash
Dec´09 recived paid dec´10
INFRA PROJECTS 3,125
1,941
148 355
22
-92 -211 -168
-670
-1,161
-1,972
19,836
21,110
N e t de bt E B IT D A WK T a xe s Inv e s t m e nt D iv e s t m e nt D iv ide nds Inte re s t C a pit a l F o re x E quit y O t he rs N e t de bt
D ec´09 m e t ho d de c ´10
15
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
17. Debt reduction and simplification
PARENT
Net debt evolution ex-infra projects
3,064 Net debt to EBITDA
x3.2
NET CASH 1,987 Net debt
€31MN x2.1 1,547
x1.5 1,172
x1.7
-31
2006 2007 2008 2009 2010
PROJECTS
Debt allocated at project level
TOLL ROADS
Debt €5,026
• No relevant 2011 maturities in BAA & ETR
NET DEBT
€19,836MN
AIRPORTS
Debt €14,528
17
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
18. • 2010 Highlights
• Business Units
• Financial Results
• Looking ahead
• Final remarks
18
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
19. Looking ahead
Infrastructures
TODAY TOMORROW
407ETR HEATHROW “MANAGED LANES”
• Tariff regime • Sustainable and innovative
solution to urban congestion
Flexibility RPI + 7.5%
• Sophisticated model, requires
• Traffic resilience (FY 2010) wide variety of skills, limiting
+5.5% +3.4%** competition
• Strong financial profile* • Active management of newly
A A- added capacity through toll
setting flexibility
• Growth outlook (2011)
• Current assets: NTE, LBJ
Double digit growth (EBITDA)
* Senior debt ratings / ** Underlying traffic excluding volcano ash, BA strikes, Snow
19
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
20. Looking ahead
Services
CHALLENGES & TRENDS FERROVIAL STRATEGY
• Budget cuts • Efficiency gains in current
− Lower investments portfolio
− Scope reduction
− Liquidity constraints
• Aggressive competition • Broadened services offer
− Smart cities
− Energy efficiency
• Outsourcing of public • Focus on international
services markets
20
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
21. Looking ahead
Construction
70% International backlog is...
... Group related No payment risk
... “Value engineering” Potential for efficiencies
International BACKLOG almost doubles domestic one
65%
52% (€6.6mn)
42% (€4.6mn)
(€3.6mn)
2008 2009 2010
21
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
22. Looking ahead
Parent company financial position
Net cash position at “parent“ ...
No meaningful 2011 maturities
... additional >€750mn from Swissport & M45 sales ...
... leverage capacity
22
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
23. A competitive edge
INFRASTRUCTURE SERVICES CONSTRUCTION FINANCIAL
INFRASTRUCTURE SERVICES CONSTRUCTION FINANCIAL
Differential
Integrated value Record backlog No net debt
traffic
know-how added services “Value engineering” at parent
Landmark Long term Profitable Flexibility
assets: stable growth
ETR407 cash flow
Heathrow
Managed Lanes
23
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
24. • 2010 Highlights
• Business Units
• Financial Results
• Looking ahead
• Final remarks
24
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
25. Final remarks
DELIVERY Active portfolio managment
FINANCIAL
Net cash position at parent company
FLEXIBILITY
SUPERIOR Traffic recovery
GROWTH Tariffs above inflation
POTENTIAL
Backlog
25
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
26. INVESTOR RELATIONS DEPARTMENT
C/ Príncipe de Vergara, 135
28002 MADRID (Spain)
Tlf: +34 91 586 27 30
Fax: +34 91 586 28 69
e-mail: ir@ferrovial.es
website: www.ferrovial.com