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ServicesServicios Ciudadanos
         for Citizens



                       Corporate Presentation
                       Investor Relations
Services for Citizens


                                      summary
1.   Strategic Framework
2.   Description and Business Model
3.   Business Areas
4.   Appendix




                                           Corporate Presentation
                                           Investor Relations
Services for Citizens




Strategic Framework
    1.1 Urban Growth
    1.2 Investment in Infrastructure
    1.3 Sustainable Cities




                                       Corporate Presentation
                                       Investor Relations
Services for Citizens




Urban Growth
                                     World Population & Urban Concentration Percentage 1990 -2030*


 Mn. Inhabitants                                                                                                                                  % Urban Pop.
    8.500                                                                                                                                                     65%

                               OECD Countries
   8.000                                               8 1%
                                              78%                                                                                                             60%
                                       75%                                                                                                     60%
                               73%
    7.500              71%

                                                                                                                                     57%
                                                                                                                                                              55%
    7.000             1990     2000    2010   2020     2030                                                        55%

                                                                                                 53%
    6.500
                                                                               5 1%                                                                           50%

                                                            49%
   6.000
                                         47%
                                                                                                                                                              45%
    5.500                 45%
                43%

    5.000                                                                                                                                                     40%
        1 990              1995           2000                2005             2010              2015             2020               2025              2030




  The urban population has increased by almost 50% since 1990 and is expected to expand further by
  almost 50% by 2030
  Rapid growth of cities requires large investments in transport, water, electricity and telecommunications
  infrastructure
                                                                                                                                                                        5
                                                 * Source: "World Urbanization Prospects: The 2007 Revision Population Database" - United Nations Population Division
Services for Citizens




Investment in Infrastructure
                                 Estimated Annual Investment in Infrastructure 2010-2020 (M$)*


                                                                                                                                        OECD

           Railways                                                                                                                     Total




               Roads



           Electricity



          Telecoms.



               Water**


                             0      100.000   200.000   300.000   400.000   500.000   600.000    700.000      800.000       900.000



  In view of the rapid growth of cities, the OECD predicts investment worldwide of over 2 thousand billion
  dollars per annum on infrastructure between 2010 and 2020
  More than half of that investment will take place in OECD countries
  The role of the private sector is increasing

                                                                                                                                                   6
                                                                                                  * Source: “Infrastructure to 2030” – OECD 2006
                                                                                        ** Water estimates refer only to OECD and BRIC countries
Services for Citizens




Sustainable Cities
                                    Sustainable Urban Infrastructure (OECD)*


                                                                                    Efficiency and reuse of
                           Water
                                                                                    wastewater



                Organic waste                                                       Fertilizers and biofuels



Paper, cardboard, plastic and                                                       Recycling, reuse and energy from
                  packaging                                                         waste


         CO2, NOx emissions                                                         Clean fuels


                                                                                    Renewable energies and energy
                      Electricity                                                   efficiency


                                                                                    Public transport, intelligent
                      Transport                                                     transport systems




    The concentration of people in cities puts intense pressure on the environment (emissions, waste…) and
    natural resources (water, electricity…)
    Sustainable development has become a priority for the 21st century

                                                                                                                                7
                                                                               * Source: “Infrastructure to 2030” – OECD 2006
Services for Citizens




Description and Business Model
    1.1 FCC Group
    1.2 Leading Position
    1.3 Strong International Presence
    1.4 Balanced Business Model
    1.5 Earnings Visibility
    1.6 Healthy Financial Position
    1.7 Solid Shareholder Remuneration Policy
    1.8 Strategic Plan 2008-2010


                                                Corporate Presentation
                                                Investor Relations
Services for Citizens




FCC Group

 Leader in Environmental Services and Infrastructure in Spain and one of the
 foremost groups in Europe

 12.7 billion € in revenues and 1.5 billion € in EBITDA in 2009

 More than 90.000 employees

 Operates in over 50 countries / 44% of revenues come from international
 markets

 Balanced business model

 Healthy financial position

 Market capitalization of 3.7 billion €*

 Stable and committed shareholding structure

 Solid shareholder remuneration policy

                                                                                              9
                                                                  * As of 29 December, 2009
Services for Citizens




Leading position

#1 in environmental services in Spain and
                                                                #1 in waste disposal in the UK
          #2 in infrastructure construction



                                                              #2 in infrastructure construction in Austria
                  #2 in the world                             and a leader in Eastern Europe
         (by no. of concessions)



                                                                   #1 in waste management in Austria
                                                                   and Eastern Europe
                                 #1 in industrial
                                 waste management
                                 in Spain and
                                  #2 in the US         #1 in Spain's cement market



                                                       #2 in water management in Spain and
                                                       #5 in the world



                                                    #1 in end-to-end water and waste management in
                                                    Latin America
Services for Citizens




Strong International Presence
                                          Revenues* by Region




                              International             Germany                               U.K.
                                   44%                    12%                                 13%



                                                        Austria                           Western Europe
                                                         30%                                   10%




                                                         USA                               Eastern Europe
 Domestic                                                5%                                     22%
   56%



                                                                  Other countries
                                                                        8%



   44% of revenues come from international markets
   87% of international revenues come from Europe, where FCC has become a leader in Infrastructure and
   Environmental Services
   Presence in markets with considerable growth prospects
                                                                                                            11
                                                                                              * 2009
Services for Citizens




Balanced Business Model
                               2009 EBITDA by Business Area: An Integrated and International Group




               SERVICES & ENERGY                                                   INFRASTRUCTURE
                                52%                                                        48%


Environmental                                                    Concessions
                               Versia            Energy          (Global Vía)      Construction      Cement
  Services                                                        50% Equity
                                                                   accounted



   42%                           5%               5%              Proactiva             28%            20%
                                                                  50% Equity
                                                                   accounted


                                                                 Realia (Real
                                                                   Estate)
                                                                  50% Equity
                                                                   accounted



    Value creation supported by balanced Infrastructure, Services and Energy business activities, with a
    strong long-term growth potential
    Over 50% of EBITDA comes from recurrent activities with high visibility on cash flow generation such as
    Environmental Services and Energy
                                                                                                              12
Services for Citizens




Earnings visibility
                  Backlog 09                 Revenues 09                         Coverage

                   34,960 M€                 12,699.6 M€                       2.8x earnings 09



            Environmental                   Environmental
               Services           :
                                  :           Services             =           6.6x earnings 09
                 69%                             28%


              Infrastructure                 Infrastructure
                                  :                                =           1.5x earnings 09
                   31%                            57%

                       +                          +                                  +

                                                Energy
                   Energy                                                      Regulated tariff
                                                 1%




  High visibility over 86% of earnings
  Environmental Services linked to public, regulated and long-term contracts
  Recurrent earnings with guaranteed minimum energy tariffs
                                                                                                  13
Services for Citizens




Healthy Financial Position
                                                       Financial Leverage 2009

         29%                    Equity
                                                                                                          Operating C.F.
                                                                                                                                      = 5.74
                                                            38%     Without recourse                   Financial Expenses
                                                                   38%
         71%                    Net Debt                                                                      Net Debt
                                                            62%
                                                                                                                                     = 3.45*
                                                                  62% recourse
                                                                   With
                                                                                                               EBITDA



                                                     Debt Structure and Maturity*

                                           Services and Energy                                        86% Long Term
 Infrastructure                                    73%
                                                                                                           26%
      24%                                                                                   25%
                                                                                                                                         20%
                                                                              14%                                         15%
    Other
     3%



                                                                            Dec. 10      Dec. 11         Dec. 12       Dec. 13       > Dec. 13
   Leverage at a reasonable level
   Debt structure in line with cash-flow visibility
   Strong liquidity position with over 4 billion € in cash and equivalents plus available credit lines*
                                                                                                                                                  14
                                                                                  * Net Debt and EBITDA, both with recourse. Data as of FY 2009
Services for Citizens




Solid Shareholder Remuneration Policy

                         Dividend Yield                             Dividend Paid per Share


7%                                                                         2.05 €      2.13 €
6%
5%
                                                                  1.61 €                           1.57 €
                                                         1.36 €
4%
3%
2%
1%
0%
      2005         2006         2007      2008   2009    2005     2006     2007        2008        2009

Pay-Out:                                                                                 +

                                                                                    2.5% capital
      46%          50%          50%       59%    59%                                amortization



     Pay-Out at 59% with a 6.7% dividend yield in 2009
     Dividend policy: Minimum Pay-Out of 50%
     4% average dividend yield in the last 5 years

                                                                                                            15
Services for Citizens




Strategic Plan 2008-2010

                             Promote Expansion Opportunities
                           Environmental Services and Concessions
                           Europe, USA and emerging countries
                           Entry into renewable energies




      Consolidate Current                                         Increase Organization
         Businesses                                                      Efficiency
   Sustain market share                                         Process reengineering
   Integrate acquired businesses                                Cost optimization




                                                                                          16
Services for Citizens




Business Areas
Description and Prospects
    1.1 Environmental Services
    1.2 Construction
    1.3 Cement
    1.4 Energy
    1.5 Versia
    1.6 Concessions



                                 Corporate Presentation
                                 Investor Relations
Services for Citizens




Environmental Services
   Revenues* by Type of Business                            Revenues* by Region

                 7%         Industrial Waste        Spain
                                                     65%
                24%         Water
                                                                                     U.K
                                                                                     20%

                28%         Environment
                            International                                     Central & Eastern
                                                    USA                            Europe
                                                    3%                              12%

                            Environment
                41%         Spain


                                                     Backlog over annual revenues*


 Strong exposure to institutional demand
                                                          Water       14x
 Stable, regulated and long-term contracts
                                                                                   6.6x annual
 High entry barriers                               Environment                     revenues
                                                   International      3.2x
 Capital-intensive projects with private funding
 (PFI and PPP)                                     Environment        5.3x
                                                         Spain


                                                                                                  18
                                                                                       * 2009
Services for Citizens




Environmental Services: Prospects

                                            Strong increase in demand
                                            Greater regulatory requirements
                                            Demographic expansion




               Market increase                                                Large economies of scope
  Privatization of environmental services                               Shared customers
  Geographic expansion                                                  Full range of environmental services



                                                                                                               19
Services for Citizens




      Environmental Services: Prospects
                                                                                            % of Municipal Solid Waste Recycled in the EU*


70%

60%

                                                                                                                                                                                                                                            EU 2020 Objective: 50%
50%

40%

30%

20%

10%

0%




                                                                                                                                                                                              Greece
                                                                      Sweden




                                                                                                                                                            France
      The Net ands

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                     The European Waste Framework Directive aims for 50% of municipal solid waste to be recycled by 2020
                     The European Union currently recycles around 40% on average
                     FCC operates in countries which recycle around 25% of their waste

                                                                                                                                                                                                                                                                                           20
                                                                                                                                                                                                                                             * Source: Eurostat 2007
Services for Citizens




Construction
   Revenues* by Type of Business                                            Revenues by Region*


                                                                   Spain                             Austria
                9%           Residential Building
                                                                                                      22%
                                                                    47%
                           25%
                             Non-Residential
               22%                                                                                  Germany
                             Building
                                                                                                      9%
                                                                                                  Eastern Europe
                                                                                                       13%
                           62%
                                                                   Others
               69%            Civil Engineering                                                   Rest of Europe
                                                                    5%
                                                                                                        4%




                                          High entry barriers

                                          Focus on civil engineering

                                          High operating flexibility

                                          Low investment needs



                                                                                                                       21
                                                                                                               *2009
Services for Citizens




Construction: Prospects

Development of transport infrastructure                         Application of European Funds
        in OECD countries                                         to develop infrastructure
     ≈ 150 billion €/year in 2010-20201                          >300 billion € in 2007-2013

     Exposure through FCC and Global Via                         50% allocated to Eastern Europe




                             Extraordinary Infrastructure Plan (Spain)
                                  15 billion € in 2010 – 2012
                                  EIB to finance 50%


                                                                                                                         22
                                                                     1 OECD estimates: “Infrastructure to 2030” report
Services for Citizens




  Construction: Prospects
                                                                                   European Funds 2007-2013 by country*
         M€                                                                                                                                                                                                                                                  %/GDP 2006

60.000                                                                                                                                                                                                                                                                        30%


50.000                                                                                                                                                                                                                                                                        25%


40.000                                                                                                                                                                                                                                                                        20%


30.000                                                                                                                                                                                                                                                                        15%


20.000                                                                                                                                                                                                                                                                        10%


10.000                                                                                                                                                                                                                                                                        5%


    0                                                                                                                                                                                                                                                                         0%




                                                                                                                                                                                                Greece
                                                                          Sweden




                                                                                                                                                                              France
                      Denm ark

                                    us




                                                        Austra




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         The European Regional Development Fund (ERDF): >300 billion €
         50% of its funds are allocated to Eastern Europe (>150 billion €)
         Investment in infrastructure to promote economic cohesion among the less developed regions is an ERDF
         priority

                                                                                                                                                                                                                                                                                    23
                                                                                                                                                                                                *Source: European Commission and Eurostat
Services for Citizens




Cement
                  Leader in Spain                                     Revenues by Region*


                                                              Spain
                                                               71%                             USA
                                                                                               14%
                                                                                            Tunisia
                                                                                              9%

                                                                                            U.K. 3%
                                                                                               Rest
                                                                                                3%

                  Region where CPV operates
                            Cement Factories
                                                           Revenues and EBITDA Margin 2005-2009
                                               Revenues

                                                   1.750
 High entry barriers                               1.500

 High cash flow generation                         1.250
                                                   1.000
 Capital intensive business
                                                    750     31.9%      33.1%   32.5%   29.3%          27.9%
                                                    500
                                                    250
                                                      0
                                                             2005       2006    2007    2008           2009

                                                                                                                  24
                                                                                                          *2009
Services for Citizens




Cement: Prospects
          Cement consumption per inhabitant1 (Spain)                                                               Cement consumption in the US2

     Tons                      Consumption per inhabitant                           Average                Mn. Tons
1.3 0 0
                                                                                                    15 0

1.2 0 0
                                                                                                    14 5
1.10 0

1.0 0 0
                                                                                                    14 0

  900
                                                                                                    13 5
  800

  700
                                                                                                    13 0

  600
                                                                                                    12 5
  500

  400
                                                                                                    12 0
          19 9 0    19 9 2   19 9 4   19 9 6   19 9 8   2000   2002   2004   2006    2 0 0 8 2009
                                                                                                            2008      2009     2 0 10     2 0 11    2 0 12     2 0 13    2 0 14




          Cement consumption in Spain has declined by almost 50% since 2007, approaching a 20-year low
           Management focused on optimizing free cash flow
                       Cost saving
                       Energy efficiency
          Exposure to markets with growth potential

                                                                                                                                                                                  25
                                                                                                                                                    1 Source: Oficemen, NSI
                                                                                                                         2 Estimates: US Portland Cement Association (PCA)
Services for Citizens




Energy
 Installed Capacity (MW)                         Location                                       Regulated Tariff

 20 MW           Solar                                                                   Solar : 441.7€/MWh


 422 MW          Wind                                                                    Wind:
 422 MW
                                                                                         • Pool price + 31.0 €/MWh
                                                                                         • With floor/cap of 75.4/89.9€/MWh

 165 MW          Biomass
                                                                                         Thermo-solar:
   +
                  Thermo-solar
                                                                                         • Pool price + 268.7 €/MWh
                                                       Wind farms
 100 MW           under development:                                                     • With a cap of 363.9€/MWh
                                                       Thermo-solar plants
                  2010-2013                            Solar power plants



                                                          Location       Capacity (MW)          Status        FCC Stake
                                          Zabalgarbi        Spain            90 MW           Operational         30%
Energy form Waste
                                           Allington         U.K.            35 MW           Operational        100%
    (Biomass)
                                           Eastcroft         U.K.            27 MW           Operational        100%
       165 MW
                                          Zisterdorf        Austria          13 MW           Operational        100%


  Recurring revenues with guaranteed tariffs
  Natural hedge of energy cost in the Cement business in Spain (≈15% of the production cost)
  Considerable scope for organic growth                                                                                   26
Services for Citizens




Versia

    Revenues by Type of Business*                              Geographical revenues breakdown*



                                                       Spain
                            Logistics                   68%
        35%

                            Handling

                                                                                             Western Europe
        28%                 Urban Furniture                                                       29%


                            Car Parks                                                             America
                                                                                                    3%
        13%

        10%                 Vehicle Testing

        6%
        8%                  Maintenance & other




 Municipal services linked to the Group’s strategic activities
 Management focused on consolidation of current businesses


                                                                                                              27
                                                                                                    *2009
Services for Citizens




Concessions
                            Nº of Concessions               Countries                                 Key Figures
         TOLL ROADS           23                           6                                1,500 km. managed
                              17   Real toll              13 Spain
                              8    Shadow toll             2   Portugal
                              1    High-occupancy          2 Ireland
                                   toll                    2 Chile
                                                           2 Mexico
                                                           2 Costa Rica

         CITY RAILWAYS         7                               Spain                        83 km. managed

         AIRPORTS              2                           2                                9 million passengers per year
                                                           1 Spain
                                                           1   Chile
         HOSPITALS             2                               Spain                        1,100 beds

         PORTS                 7                               Spain                        1,500,000 m2
                               3   commercial
                               4   seaport



 41 Infrastructure concessions under management with an average life of 31 years
 Equity attributable to FCC of 619 M€*
 Growth aimed on project development (greenfields) in OECD countries

                                                                                                                                                 28
                                                    * Includes the value of pending concessions attributable to GVI from FCC Group at 31-12-09
Services for Citizens




Appendix
    1.1 History
    1.2 Shareholder Structure




                                Corporate presentation
                                Investor Relations
Services for Citizens




History
• Founded in Barcelona, Fomento                                           • The Environmental Services
de Obras y Construcciones S.A.                                            division begins expansion abroad
(FOCSA) was awarded the                                                   with contracts for the collection of    • The Company wins its first
enlargement of the Port of           • Construcciones y Contratas,        urban solid waste and street            significant water management
Barcelona.                           S.A. is founded in Madrid.           cleaning in Caracas (Venezuela).        contract for the city of Vigo.




          1900                    1911              1944 … 1979
                                                     1944    1979                        1981                1985                  1988            1992


                                                    • First large Infrastructure
               • First Environmental Services                                            • The Company enters the Urban               • FOCSA and Construcciones y
                                                    contract abroad: the laying of 640
               concession to clean and maintain                                          Furniture sector with the installation,      Contratas S.A. merge to create
                                                    Km coaxial cable for the
               Barcelona’s sewer system.                                                 maintenance and exploitation of more         FCC, becoming Spain’s leading
                                                    telephone system in Tripoli
                                                                                         than 2,000 bus stops in Madrid.              company in the sector.
                                                    (Libya).


• The Company enters the airport                                                                                       • FCC Energía is formed with the
handling sector with a contract       • FCC takes over Cementos                                                        acquisition of 14 wind farms (422
for Las Palmas airport.               Portland Valderrivas.                • Acquisition of Alpine, WRG, ASA           MW) and 2 solar plants (20 MW)




          1994                    2000              2002 … 1979
                                                     1944    2005                        2006                2007                  2008            Plan 10


             • FCC and Caja Madrid merge           • FCC Group buys Grupo Logístico             • Acquisition of HRS
             their real estate businesses in the   Santos, to create Spain's leading            • Realia goes public.
             company Realia Business S.A.          independent logistics operator.              • FCC and Caja Madrid establish
                                                                                                Global Vía Infraestructuras out of
                                                                                                their respective infrastructure
                                                                                                concessions.


      From local company to international group leader in Environmental Services and Infrastructure, with
      more than 100 years experience
                                                                                                                                                                       30
Services for Citizens




Shareholder Structure


    Employees: 1.0%
                                                                                         53.9%



    Retail: 9.1%




    Domestic Institutional: 13.0%                                               T-Stock: 8.6%




    Foreign Institutional: 11.0%                                                   RBS: 3.4%




 Stable and committed shareholding structure guaranteeing permanent support to company’s management
 38% Free-Float

                                                                                                       31
                                                                                    As of 24-02-2010
Services
               for Citizens


We help create eco‐efficient communities


Thank you

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20100315 Fcc Corporativa Ingles 2009

  • 1. ServicesServicios Ciudadanos for Citizens Corporate Presentation Investor Relations
  • 2. Services for Citizens summary 1. Strategic Framework 2. Description and Business Model 3. Business Areas 4. Appendix Corporate Presentation Investor Relations
  • 3. Services for Citizens Strategic Framework 1.1 Urban Growth 1.2 Investment in Infrastructure 1.3 Sustainable Cities Corporate Presentation Investor Relations
  • 4. Services for Citizens Urban Growth World Population & Urban Concentration Percentage 1990 -2030* Mn. Inhabitants % Urban Pop. 8.500 65% OECD Countries 8.000 8 1% 78% 60% 75% 60% 73% 7.500 71% 57% 55% 7.000 1990 2000 2010 2020 2030 55% 53% 6.500 5 1% 50% 49% 6.000 47% 45% 5.500 45% 43% 5.000 40% 1 990 1995 2000 2005 2010 2015 2020 2025 2030 The urban population has increased by almost 50% since 1990 and is expected to expand further by almost 50% by 2030 Rapid growth of cities requires large investments in transport, water, electricity and telecommunications infrastructure 5 * Source: "World Urbanization Prospects: The 2007 Revision Population Database" - United Nations Population Division
  • 5. Services for Citizens Investment in Infrastructure Estimated Annual Investment in Infrastructure 2010-2020 (M$)* OECD Railways Total Roads Electricity Telecoms. Water** 0 100.000 200.000 300.000 400.000 500.000 600.000 700.000 800.000 900.000 In view of the rapid growth of cities, the OECD predicts investment worldwide of over 2 thousand billion dollars per annum on infrastructure between 2010 and 2020 More than half of that investment will take place in OECD countries The role of the private sector is increasing 6 * Source: “Infrastructure to 2030” – OECD 2006 ** Water estimates refer only to OECD and BRIC countries
  • 6. Services for Citizens Sustainable Cities Sustainable Urban Infrastructure (OECD)* Efficiency and reuse of Water wastewater Organic waste Fertilizers and biofuels Paper, cardboard, plastic and Recycling, reuse and energy from packaging waste CO2, NOx emissions Clean fuels Renewable energies and energy Electricity efficiency Public transport, intelligent Transport transport systems The concentration of people in cities puts intense pressure on the environment (emissions, waste…) and natural resources (water, electricity…) Sustainable development has become a priority for the 21st century 7 * Source: “Infrastructure to 2030” – OECD 2006
  • 7. Services for Citizens Description and Business Model 1.1 FCC Group 1.2 Leading Position 1.3 Strong International Presence 1.4 Balanced Business Model 1.5 Earnings Visibility 1.6 Healthy Financial Position 1.7 Solid Shareholder Remuneration Policy 1.8 Strategic Plan 2008-2010 Corporate Presentation Investor Relations
  • 8. Services for Citizens FCC Group Leader in Environmental Services and Infrastructure in Spain and one of the foremost groups in Europe 12.7 billion € in revenues and 1.5 billion € in EBITDA in 2009 More than 90.000 employees Operates in over 50 countries / 44% of revenues come from international markets Balanced business model Healthy financial position Market capitalization of 3.7 billion €* Stable and committed shareholding structure Solid shareholder remuneration policy 9 * As of 29 December, 2009
  • 9. Services for Citizens Leading position #1 in environmental services in Spain and #1 in waste disposal in the UK #2 in infrastructure construction #2 in infrastructure construction in Austria #2 in the world and a leader in Eastern Europe (by no. of concessions) #1 in waste management in Austria and Eastern Europe #1 in industrial waste management in Spain and #2 in the US #1 in Spain's cement market #2 in water management in Spain and #5 in the world #1 in end-to-end water and waste management in Latin America
  • 10. Services for Citizens Strong International Presence Revenues* by Region International Germany U.K. 44% 12% 13% Austria Western Europe 30% 10% USA Eastern Europe Domestic 5% 22% 56% Other countries 8% 44% of revenues come from international markets 87% of international revenues come from Europe, where FCC has become a leader in Infrastructure and Environmental Services Presence in markets with considerable growth prospects 11 * 2009
  • 11. Services for Citizens Balanced Business Model 2009 EBITDA by Business Area: An Integrated and International Group SERVICES & ENERGY INFRASTRUCTURE 52% 48% Environmental Concessions Versia Energy (Global Vía) Construction Cement Services 50% Equity accounted 42% 5% 5% Proactiva 28% 20% 50% Equity accounted Realia (Real Estate) 50% Equity accounted Value creation supported by balanced Infrastructure, Services and Energy business activities, with a strong long-term growth potential Over 50% of EBITDA comes from recurrent activities with high visibility on cash flow generation such as Environmental Services and Energy 12
  • 12. Services for Citizens Earnings visibility Backlog 09 Revenues 09 Coverage 34,960 M€ 12,699.6 M€ 2.8x earnings 09 Environmental Environmental Services : : Services = 6.6x earnings 09 69% 28% Infrastructure Infrastructure : = 1.5x earnings 09 31% 57% + + + Energy Energy Regulated tariff 1% High visibility over 86% of earnings Environmental Services linked to public, regulated and long-term contracts Recurrent earnings with guaranteed minimum energy tariffs 13
  • 13. Services for Citizens Healthy Financial Position Financial Leverage 2009 29% Equity Operating C.F. = 5.74 38% Without recourse Financial Expenses 38% 71% Net Debt Net Debt 62% = 3.45* 62% recourse With EBITDA Debt Structure and Maturity* Services and Energy 86% Long Term Infrastructure 73% 26% 24% 25% 20% 14% 15% Other 3% Dec. 10 Dec. 11 Dec. 12 Dec. 13 > Dec. 13 Leverage at a reasonable level Debt structure in line with cash-flow visibility Strong liquidity position with over 4 billion € in cash and equivalents plus available credit lines* 14 * Net Debt and EBITDA, both with recourse. Data as of FY 2009
  • 14. Services for Citizens Solid Shareholder Remuneration Policy Dividend Yield Dividend Paid per Share 7% 2.05 € 2.13 € 6% 5% 1.61 € 1.57 € 1.36 € 4% 3% 2% 1% 0% 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 Pay-Out: + 2.5% capital 46% 50% 50% 59% 59% amortization Pay-Out at 59% with a 6.7% dividend yield in 2009 Dividend policy: Minimum Pay-Out of 50% 4% average dividend yield in the last 5 years 15
  • 15. Services for Citizens Strategic Plan 2008-2010 Promote Expansion Opportunities Environmental Services and Concessions Europe, USA and emerging countries Entry into renewable energies Consolidate Current Increase Organization Businesses Efficiency Sustain market share Process reengineering Integrate acquired businesses Cost optimization 16
  • 16. Services for Citizens Business Areas Description and Prospects 1.1 Environmental Services 1.2 Construction 1.3 Cement 1.4 Energy 1.5 Versia 1.6 Concessions Corporate Presentation Investor Relations
  • 17. Services for Citizens Environmental Services Revenues* by Type of Business Revenues* by Region 7% Industrial Waste Spain 65% 24% Water U.K 20% 28% Environment International Central & Eastern USA Europe 3% 12% Environment 41% Spain Backlog over annual revenues* Strong exposure to institutional demand Water 14x Stable, regulated and long-term contracts 6.6x annual High entry barriers Environment revenues International 3.2x Capital-intensive projects with private funding (PFI and PPP) Environment 5.3x Spain 18 * 2009
  • 18. Services for Citizens Environmental Services: Prospects Strong increase in demand Greater regulatory requirements Demographic expansion Market increase Large economies of scope Privatization of environmental services Shared customers Geographic expansion Full range of environmental services 19
  • 19. Services for Citizens Environmental Services: Prospects % of Municipal Solid Waste Recycled in the EU* 70% 60% EU 2020 Objective: 50% 50% 40% 30% 20% 10% 0% Greece Sweden France The Net ands Germ any Austra way Denm ark ty Porugal Lat a us Czech Republc Swizerand Mala i Luxembourg Est a n I and a y i r and Ial Fi and and a vi Sl a a Bel um oni Spai Romani oveni Bul a Hungar ovaki Lihuani t ted ngdom gari Cypr gi Nor t l nl Pol cel Iel herl t Sl Uni Ki t The European Waste Framework Directive aims for 50% of municipal solid waste to be recycled by 2020 The European Union currently recycles around 40% on average FCC operates in countries which recycle around 25% of their waste 20 * Source: Eurostat 2007
  • 20. Services for Citizens Construction Revenues* by Type of Business Revenues by Region* Spain Austria 9% Residential Building 22% 47% 25% Non-Residential 22% Germany Building 9% Eastern Europe 13% 62% Others 69% Civil Engineering Rest of Europe 5% 4% High entry barriers Focus on civil engineering High operating flexibility Low investment needs 21 *2009
  • 21. Services for Citizens Construction: Prospects Development of transport infrastructure Application of European Funds in OECD countries to develop infrastructure ≈ 150 billion €/year in 2010-20201 >300 billion € in 2007-2013 Exposure through FCC and Global Via 50% allocated to Eastern Europe Extraordinary Infrastructure Plan (Spain) 15 billion € in 2010 – 2012 EIB to finance 50% 22 1 OECD estimates: “Infrastructure to 2030” report
  • 22. Services for Citizens Construction: Prospects European Funds 2007-2013 by country* M€ %/GDP 2006 60.000 30% 50.000 25% 40.000 20% 30.000 15% 20.000 10% 10.000 5% 0 0% Greece Sweden France Denm ark us Austra The Net ands Lat a Porugal Germ any Czech Republc ty Luxembourg Mala Est a a y i n r and i Fi and vi a Sl a a Ial and t Bel um oni oveni Bul a Lihuani ovaki Romani Hungar Spai gari ted ngdom Cypr gi nl Pol Iel herl t Sl t Uni Ki The European Regional Development Fund (ERDF): >300 billion € 50% of its funds are allocated to Eastern Europe (>150 billion €) Investment in infrastructure to promote economic cohesion among the less developed regions is an ERDF priority 23 *Source: European Commission and Eurostat
  • 23. Services for Citizens Cement Leader in Spain Revenues by Region* Spain 71% USA 14% Tunisia 9% U.K. 3% Rest 3% Region where CPV operates Cement Factories Revenues and EBITDA Margin 2005-2009 Revenues 1.750 High entry barriers 1.500 High cash flow generation 1.250 1.000 Capital intensive business 750 31.9% 33.1% 32.5% 29.3% 27.9% 500 250 0 2005 2006 2007 2008 2009 24 *2009
  • 24. Services for Citizens Cement: Prospects Cement consumption per inhabitant1 (Spain) Cement consumption in the US2 Tons Consumption per inhabitant Average Mn. Tons 1.3 0 0 15 0 1.2 0 0 14 5 1.10 0 1.0 0 0 14 0 900 13 5 800 700 13 0 600 12 5 500 400 12 0 19 9 0 19 9 2 19 9 4 19 9 6 19 9 8 2000 2002 2004 2006 2 0 0 8 2009 2008 2009 2 0 10 2 0 11 2 0 12 2 0 13 2 0 14 Cement consumption in Spain has declined by almost 50% since 2007, approaching a 20-year low Management focused on optimizing free cash flow Cost saving Energy efficiency Exposure to markets with growth potential 25 1 Source: Oficemen, NSI 2 Estimates: US Portland Cement Association (PCA)
  • 25. Services for Citizens Energy Installed Capacity (MW) Location Regulated Tariff 20 MW Solar Solar : 441.7€/MWh 422 MW Wind Wind: 422 MW • Pool price + 31.0 €/MWh • With floor/cap of 75.4/89.9€/MWh 165 MW Biomass Thermo-solar: + Thermo-solar • Pool price + 268.7 €/MWh Wind farms 100 MW under development: • With a cap of 363.9€/MWh Thermo-solar plants 2010-2013 Solar power plants Location Capacity (MW) Status FCC Stake Zabalgarbi Spain 90 MW Operational 30% Energy form Waste Allington U.K. 35 MW Operational 100% (Biomass) Eastcroft U.K. 27 MW Operational 100% 165 MW Zisterdorf Austria 13 MW Operational 100% Recurring revenues with guaranteed tariffs Natural hedge of energy cost in the Cement business in Spain (≈15% of the production cost) Considerable scope for organic growth 26
  • 26. Services for Citizens Versia Revenues by Type of Business* Geographical revenues breakdown* Spain Logistics 68% 35% Handling Western Europe 28% Urban Furniture 29% Car Parks America 3% 13% 10% Vehicle Testing 6% 8% Maintenance & other Municipal services linked to the Group’s strategic activities Management focused on consolidation of current businesses 27 *2009
  • 27. Services for Citizens Concessions Nº of Concessions Countries Key Figures TOLL ROADS 23 6 1,500 km. managed 17 Real toll 13 Spain 8 Shadow toll 2 Portugal 1 High-occupancy 2 Ireland toll 2 Chile 2 Mexico 2 Costa Rica CITY RAILWAYS 7 Spain 83 km. managed AIRPORTS 2 2 9 million passengers per year 1 Spain 1 Chile HOSPITALS 2 Spain 1,100 beds PORTS 7 Spain 1,500,000 m2 3 commercial 4 seaport 41 Infrastructure concessions under management with an average life of 31 years Equity attributable to FCC of 619 M€* Growth aimed on project development (greenfields) in OECD countries 28 * Includes the value of pending concessions attributable to GVI from FCC Group at 31-12-09
  • 28. Services for Citizens Appendix 1.1 History 1.2 Shareholder Structure Corporate presentation Investor Relations
  • 29. Services for Citizens History • Founded in Barcelona, Fomento • The Environmental Services de Obras y Construcciones S.A. division begins expansion abroad (FOCSA) was awarded the with contracts for the collection of • The Company wins its first enlargement of the Port of • Construcciones y Contratas, urban solid waste and street significant water management Barcelona. S.A. is founded in Madrid. cleaning in Caracas (Venezuela). contract for the city of Vigo. 1900 1911 1944 … 1979 1944 1979 1981 1985 1988 1992 • First large Infrastructure • First Environmental Services • The Company enters the Urban • FOCSA and Construcciones y contract abroad: the laying of 640 concession to clean and maintain Furniture sector with the installation, Contratas S.A. merge to create Km coaxial cable for the Barcelona’s sewer system. maintenance and exploitation of more FCC, becoming Spain’s leading telephone system in Tripoli than 2,000 bus stops in Madrid. company in the sector. (Libya). • The Company enters the airport • FCC Energía is formed with the handling sector with a contract • FCC takes over Cementos acquisition of 14 wind farms (422 for Las Palmas airport. Portland Valderrivas. • Acquisition of Alpine, WRG, ASA MW) and 2 solar plants (20 MW) 1994 2000 2002 … 1979 1944 2005 2006 2007 2008 Plan 10 • FCC and Caja Madrid merge • FCC Group buys Grupo Logístico • Acquisition of HRS their real estate businesses in the Santos, to create Spain's leading • Realia goes public. company Realia Business S.A. independent logistics operator. • FCC and Caja Madrid establish Global Vía Infraestructuras out of their respective infrastructure concessions. From local company to international group leader in Environmental Services and Infrastructure, with more than 100 years experience 30
  • 30. Services for Citizens Shareholder Structure Employees: 1.0% 53.9% Retail: 9.1% Domestic Institutional: 13.0% T-Stock: 8.6% Foreign Institutional: 11.0% RBS: 3.4% Stable and committed shareholding structure guaranteeing permanent support to company’s management 38% Free-Float 31 As of 24-02-2010
  • 31. Services for Citizens We help create eco‐efficient communities Thank you