January-March 2013 results

January - March 2013
Results
1
A I R P O R T SM O T O R W A Y S C O N S T R U C T I O NS E R V I C E S
INDEX
GENERAL OVERVIEW....................................1
Business performance...............................1
MOTORWAYS...............................................2
Traffic performance ..................................2
Other important matters ...........................3
Contract awards .......................................3
Tenders...................................................3
407-ETR ..................................................4
SERVICES ....................................................5
Businesses in Spain ..................................5
United Kingdom .......................................5
Other international ...................................5
Backlog ...................................................5
Corporate activity .....................................6
CONSTRUCTION...........................................7
Budimex ..................................................7
Webber ...................................................7
Ferrovial Agroman ....................................7
Backlog ...................................................7
AIRPORTS ...................................................8
HAH traffic...............................................8
Tariffs .....................................................8
Income statement ....................................9
Regulatory matters ...................................9
Net debt..................................................9
Dividends ................................................9
Disposals .................................................9
CONSOLIDATED INCOME STATEMENT .........10
BALANCE SHEET AND OTHER MAGNITUDES .12
Consolidated net debt .............................13
Corporate credit rating............................13
Corporate bond issuance.........................13
APPENDIX I: SIGNIFICANT EVENTS .............14
APPENDIX II: PRINCIPAL CONTRACT AWARDS
................................................................15
APPENDIX III: EXCHANGE-RATE MOVEMENTS
................................................................16
Comparable information: Income statement analysis in like-for-like
terms responds to the need to have an accurate picture of the
performance of the underlying business. The principal adjustments
made to achieve this comparable analysis is the elimination of fair-
value adjustments (hedging, impairments and asset revaluations),
Exchange-rate movements and changes to the consolidation
perimeter.
*EBIT
For the purposes of analysis, all the comments referring to EBIT
are before impairments and disposals of fixed assets
GENERAL OVERVIEW
The highlights of the first quarter of 2013 were Ferrovial’s first issuance of corporate bonds, the award of
the concession for a new section of the North Tarrant Express toll motorway in Texas to a consortium led
by Cintra (with a total estimated investment of USD1,380mn), the acquisition of Enterprise (one of the
top British companies in the field of services to utilities and the public sector), and the initiation of
services for the mining industry with the acquisition of Steel Ingeniería in Chile.
Ferrovial successfully placed its first corporate bond issue (EUR500mn of senior five-year bonds at 240bp
over midswap, with a coupon of 3.375%). Demand exceeded EUR5,590mn or 11x oversubscribed. The
proceeds have been applied to amortizing corporate debt.
The merger of Enterprise into Amey, the subsidiary of Ferrovial Servicios in the UK, will create a company
that has one of the most diversified product offerings in the sector, 21,000 employees and will double
Amey’s turnover in the UK to more than EUR2,600mn. The deal will facilitate entry into the services to
utilities segment.
During the first quarter, HAH paid a quarterly dividend to its shareholders amounting to GBP64mn (vs.
GBP60mn in 2012). The 407ETR also paid a quarterly dividend, in this case amounting to CAD100mn (vs.
CAD87.5mn in 2012).
The net cash position excluding infrastructure projects stood at EUR1,047mn at the end of the first
quarter. This figure does not reflect the payment made for the acquisition of the services company
Enterprise in April 2013.
BUSINESS PERFORMANCE
The combination of tariff increases and cost-controls resulted in notable growth at the EBITDA level at
both Heathrow Airport (+11%) and the 407ETR toll motorway (+7%), both in local currency terms. Both
assets are consolidated by the equity method.
As regards traffic, Heathrow posted a new record in the first quarter (16 million passengers vs. 15.7
million in the same period last year), or growth of 1.8%. Traffic on the 407ETR (-1.5%) was affected by
the fact that in 2013 the quarter had two fewer working days than in the same period in 2012.
The Services division was stable in terms of revenues (-1.9%), affected by the decline in activity in Spain,
mainly offset by the new contracts in the UK.
In the Construction business, the trend observed in previous quarters continues, with declining domestic
activity partially offset by international growth.
At the Toll Motorways division, the weak economic environment and fuel prices close to all-time highs
worked against any recovery in traffic.
Consolidated revenues reached EUR1,643mn and EBITDA EUR181mn. Net income reached 100 million
euros.
Mar-13 Mar-12 Chg. (%) LfL (%) Mar-13 Dec-12 Chg. (%)
Revenues 1,642.8 1,707.2 -3.8 -1.8 Construction Backlog 8,538 8,699 -1.9
EBITDA 180.8 192.0 -5.9 -6.2 Services Backlog 12,542 12,784 -1.9
EBIT* 129.7 141.4 -8.3 -9.5
Net result 100.0 7.6 n.s. 26.9 Traffic Mar-13 Mar-12 Chg. (%)
Capex -79.5 -66.4 19.7 ETR 407 (VKT´ 000) 501,920 509,432 -1.5
Chicago Skyway (ADT) 34,298 35,320 -2.9
Indiana Toll Road (ADT) 22,629 22,066 2.6
Autema (ADT) 14,603 16,723 -12.7
Mar-13 Dec-12 Chg. (mn) Ausol I (ADT) 9,207 11,456 -19.6
Net financial Debt -5,755.8 -5,105.5 -650 Ausol II (ADT) 11,916 13,035 -8.6
Net Debt Ex-Infrastructure
Projects
1,047.1 1,489.2 -442 Heathrow (million pax.) 16.0 15.7 1.8

Results January-March 2013
2
MOTORWAYS
Mar-13 Mar-12 Chg (%)
Like for
Like (%)
Revenues 97.0 88.0 10.2 10.1
EBITDA 59.2 80.3 -26.3 -26.3
EBITDA Margin 61.0% 91.3%
EBIT 43.8 66.3 -33.9 -33.9
EBIT Margin 45.2% 75.3%
Revenues increased by 10%, partly due to the entry into operation of the
SH-130 in November 2012 and the significant tariff hike on the Chicago
Skyway (+14% for light vehicles and +25% for heavy vehicles), with
traffic performance more resilient than expected. Growth at sales level
was driven as well by the reversal of a provision carried out in 2012 in
Norte Litoral, due to a potential penalty on unavailability.
The inclusion in 1Q12 of the reversal of EUR20mn of VAT-related
provisions at Autema, was reflected in the 26% drop at the EBITDA level.
TRAFFIC PERFORMANCE
In Spain, traffic on all the corridors continued to decline at similar rates to
those observed in the last quarter of 2012. This decline is explained by
the deterioration in the economy and the rise in fuel prices. On top of the
declining traffic through the corridors, the toll motorways continued to
lose market share, for two fundamental reasons: i) the accumulated drop
in traffic since the beginning of the economic crisis has resulted in a
considerable improvement in traffic conditions on the non-toll alternative
routes; and ii) the reduced willingness to pay tolls in difficult economic
times, has been exacerbated in recent quarters by the general
uncertainty regarding the Spanish economy, the loss of purchasing power
due to the increased tax burden imposed by the government and the
increase in unemployment. On top of all this, VAT increased from 18% to
21% as of 1 September 2012, which increased user tariffs by 2.5%.
There are also other specific factors weighing on Spanish toll motorways:
At Ausol, the (7.5%) increase in the tariff, effective 28 July 2012, as a
result of the cancellation of a compensation account approved in 1999 for
lower traffic at that time, and the opening to traffic of the San Pedro de
Alcántara tunnel on 26 June, are having a negative impact on traffic on
the tranche I of the motorway.
At Autema, 1 January 2013 was the first anniversary of the coming into
effect of the new tariff decree, which removed the discount for local users
on the Sant Cugat-Terrassa section. Now that the effect of this change in
the tariff regime has consolidated, the decline in traffic has moderated.
This motorway has a compensation mechanism that guarantees its
operating results, according to the 1999 agreement.
In Portugal, the modification to the Norte Litoral’s concession contract
eliminated the traffic risk, and the contract for the Algarve motorway
concession is in the process of being modified along similar lines. In the
Azores, 15 December 2012 was the first anniversary of the full opening of
the concession. The drop in traffic is due to the combination of adverse
weather conditions and a calendar effect with two fewer working days,
which had a negative effect on works in the region and thus on heavy
vehicle traffic.
Ireland: On the M4 there were clear signs of recovery in the first quarter.
Even though traffic on the motorway continues to decline, market share
has increased. On the M3, as on the M4, first quarter traffic growth was
practically flat for both light and heavy vehicles, indicative of a change of
trend.
Traffic (IMD) Revenues EBITDA EBITDA Margin
Full consolidation Mar-13 Mar-12 Chg. Mar-13 Mar-12 Chg. Mar-13 Mar-12 Chg. Mar-13 Mar-12
Chg.
(pbs)
Chicago Skyway 34,298 35,320 -2.9% 13.1 11.2 17.0% 11.2 9.5 18.0% 84.8% 84.2% 67
SH-130 5,307 3.0 n.s. 1.0 0.1 n.s. 32.3%
Ausol I 9,207 11,456 -19.6%
Ausol II 11,916 13,035 -8.6%
Ausol 7.7 9.9 -22.1% 5.6 7.5 -25.6% 72.0% 75.3% -335
Autema* 14,603 16,723 -12.7% 20.9 21.3 -1.7% 19.2 38.9 -50.7% 91.7% 182.9% -9,113
Radial 4 4,044 4,672 -13.4% 2.9 3.2 -8.0% 1.2 0.8 63.7% 42.7% 24.0% 1,869
Ocaña-La Roda 2,278 2,282 -0.1% 2.3 2.2 4.9% 0.6 0.4 54.4% 26.6% 18.1% 851
M4 23,209 23,507 -1.3% 5.0 4.9 1.5% 3.4 3.4 0.4% 68.6% 69.4% -78
M3* 24,749 24,537 0.9% 5.2 4.7 10.5% 3.9 3.6 8.8% 76.1% 77.3% -121
Euroscut Algarve 8.7 10.0 -13.2% 7.7 9.0 -14.6% 88.9% 90.3% -144
Euroscut Norte Litoral* 19.5 10.6 84.2% 18.1 9.5 89.2% 92.7% 90.3% 241
Azores 7,431 8,186 -9.2% 4.8 5.2 -7.7% -1.6 4.2 n.s. -32.3% 79.8% n.s.
Holding & Others 4.0 4.9 n.s. -11.0 -6.5 n.s.
Total 97.0 88.0 10.2% 59.2 80.3 -26.3% 61.0% 91.3% -3,021
Equity consolidated Mar-13 Mar-12 Chg. Mar-13 Mar-12 Chg. Mar-13 Mar-12 Chg. Mar-13 Mar-12
Chg.
(pbs)
407 ETR (VKT) 501,920 509,432 -1.5% 124.8 118.5 5.4% 101.5 95.9 5.8% 81.3% 80.9% 34
Indiana Toll Road 22,629 22,066 2.6% 34.1 32.0 6.6% 24.2 24.7 -1.7% 71.1% 77.1% -601
Ionian Roads 24,444 26,502 -7.8% 12.2 12.5 -2.4% -0.3 4.7 -106.2% -2.4% 37.9% n.s.
* Financial assets

3
Traffic trends on the North American motorways continued to be positive,
thanks to the modest improvement in the economy and the slight decline
in the price of fuel. The strength of heavy vehicle traffic in particular,
reinforces the impression of economic recovery.
Chicago Skyway: traffic performance was more robust than expected
after the significant hike in tariffs (+17.5%), especially as regards heavy
vehicles.
Indiana Toll Road: traffic recovery continued on this motorway. The
increases in heavy vehicle traffic on all sections of the motorway and in
light vehicle traffic on the sections furthest away from the Skyway, more
than offset the negative impact of the traffic increases on this motorway.
SH-130: traffic on this motorway, which was opened to traffic in October
2012 and for which no comparable data is thus available, is at its highest
on the days before a public holiday. The concession reached an
agreement with TxDOT on 1 April, under the terms of which heavy
vehicles will pay the same toll as light vehicles for one year, to encourage
heavy vehicle use. TxDOT will compensate the concession for revenues
lost resulted from the reduction in tolls for heavies.
OTHER IMPORTANT MATTERS
TARIFF INCREASES ON THE CHICAGO SKYWAY
On 1 January 2013, and in accordance with the increases set in the
contract, new tariffs came into effect. The weighted average increase was
17.5%, with charges for light vehicles increasing by 14% and 25% for
heavy vehicles.
RADIAL 4
On 14 September 2012, the Board of the Radial 4 agreed to request
protection from its creditors through the courts. On 4 October, this
request for voluntary creditor protection was granted.
The Radial 4 project has been directly affected by external factors
(substantial reduction in expected traffic levels, higher expropriation
charges, economic crisis, etc.), which under the current conditions
prevent the motorway from meeting various commitments to
expropriated landowners and financial institutions. An important factor in
this decision, was that the possible measures of support to the concession
in legal terms were not correctly implemented by the contracting body.
The above-mentioned decision – an anyway compulsory step in legal
terms - was taken in view of all these elements, in the confidence that a
solution could be reached within the next few months.
Ferrovial’s investment relating to this project is fully provisioned, such
that the resolution of the creditor protection situation should have
absolutely no negative impact whatsoever on the group’s accounts.
The net debt associated with this asset amounts to EUR587mn.
As a result of filing for creditor protection, the stand-still agreements with
the lending banks were terminated.
OCAÑA - LA RODA
The Ocaña-La Roda toll motorway filed for creditor protection on 19
October 2012. On 4 December the courts accepted the request.
Ferrovial’s investment in this project is provisioned in full, and it does not
expect there to be any negative impact whatsoever on its accounts from
the resolution of the creditor protection situation.
The net debt associated with this asset amounts to EUR532mn.
The creditor protection filing triggered the early expiration of the
financing contract, which matured on 31 December 2012.
DIFFERENTIATION BETWEEN FINANCIAL AND
INTANGIBLE ASSETS
In the application of IFRIC 12, concession contracts can be classified as
either intangible or financial assets. Contracts treated as financial assets
are those than include some revenue guarantee mechanism, and where
there is thus no traffic risk. In the case of Cintra, the concessions treated
as financial assets are the following: Autema, Norte Litoral and the M-3.
CONTRACT AWARDS
NTE extension: On 4 March 2013 Cintra signed the contract for the
design, construction, financing and operation of the new section (NTE 3A-
3B), which lengthens the NTE toll motorway. The total estimated
investment is USD1,380mn for a 43-year concession dating from the
opening to traffic, expected to be in mid-2018.
The project includes Section 3A (10.5km), the junction between the I-
35W and the IH-820; and Section 3B (5.8km).
The project comprises remodelling the existing lanes, which will be toll-
free, and the construction of two additional ‘managed lanes’ that will be
subject to electronic tolls, as well as the operation and maintenance of
the whole section.
Cintra will be responsible for the construction of Section 3A and the
junction, which will be carried out by Ferrovial Agroman and Webber, as
well as the operation and maintenance of the two segments. The Texas
Department of Transport (TxDOT) will be responsible for the construction
of Section 3B.
The consortium comprises Cintra, Meridiam Infrastructure y Dallas Police
and Fire Pension System.
The financing is expected to be closed in 3Q13.
TENDERS
In spite of the uncertainty in the markets, there has been a slight
recovery in the development activities of public authorities in some of
Ferrovial’s international target markets.
In North America, Ferrovial is evaluating various different projects in
various States, and in Europe, the company is working on various
projects.
The company is also studying projects in other markets such as Australia
and Latin America.

4
407-ETR
CAD Mar-13 Mar-12 Chg (%)
Revenues 166.7 156.5 6.5
EBITDA 135.5 126.6 7.0
EBIT 121.5 112.7 7.7
Financial results -50.2 -70.0 28.3
EBT 71.2 42.7 66.7
Corporate income tax -18.9 -11.0 -71.6
Net Income 52.4 31.7 65.1
Net Income attributable
to Ferrovial
22.6 13.7 65.1
Contribution to
Ferrovial equity
accounted result (€)
13.7 7.1 91.9
N.B: since Ferrovial’s disposal of 10% in 2010, the motorway has been consolidated by the equity
method, as a reflection of the percentage controlled by Ferrovial (43%).
407ETR posted significant revenue and EBITDA growth of 6.5% and
7.0% respectively in local currency terms. This positive performance
reflected the combination of the tariff increases that came into effect on 1
February and robust traffic. Average revenues per journey had an
increase above 8% vs. 2012.
The financial result was a substantial improvement over the same period
last year due to the fall in CPI, which had a positive impact on the
inflation-linked bonds.
407ETR contributed EUR13.7mn to Ferrovial’s equity-accounted results,
after the annual amortization of the goodwill generated after the sale of
10% of the company in 2010, which is amortized over the life of the asset
as a function of the anticipated traffic levels.
DIVIDENDS
On 14 February, the Board of 407 International approved the payment of
an ordinary dividend of CAD0.129/share, totaling CAD100mn.
After the close of the quarter, and coinciding with the publication of its
results, the motorway announced and distributed a second payment of
CAD130mn.
CAD 2013 2012 Chg.%
Q1 100.0 87.5 +14,2
Q2 130.0 87.5 +48,4
Q3 87.5
Q4 189.9
Q4 147.3
Total Q4 337.1
Total 599.9
TRAFFIC
The slight decline in traffic measured in terms of kilometers travelled
(VKT) (-1.5%), was due to the calendar effect of two fewer working days
in 2013 (with Easter falling in March in 2013 and in April in 2012) and one
day fewer due to 2012 being a leap year. In normalized terms, traffic
growth in the first quarter was flat. The average distance travelled
increased by 0.6% per trip and the average numbers of journeys per day
also increased. The particular strength of heavy vehicle traffic reflects the
correlation with economic recovery in the province of Ontario.
NET DEBT
407ETR closed the quarter with a net debt position of CAD 5,243.8mn.
The company has no significant debt maturities until 2015 (CAD500mn).
CREDIT RATINGS
S&P: "A" (Senior Debt), "A-" (Junior Debt) and "BBB" (Subordinated
Debt).
DBRS: "A" (Senior Debt), "A low" (Junior Debt) and "BBB" (Subordinated
Debt).
407ETR TARIFFS
The table below compares the 2012 and 2013 tariffs (1 February
increase) for light vehicles:
CAD 2013 2012
Regular Zone
Peak Period
Monday-Friday:
6am-7am, 9am-10am, 3pm-4pm, 6pm-7pm
Peak Hours
Monday-Friday:
7am-9am, 4pm-6pm
26.20¢ /km
27.20¢ /km
24.20¢ /km
25.20¢ /km
Light Zone
Peak Period
Monday-Friday:
6am-7am, 9am-10am, 3pm-4pm, 6pm-7pm
Peak Hours
Monday-Friday: 7am-9am, 4pm-6pm
24.90¢ /km
25.85¢ /km
22.60¢ /km
23.55¢ /km
Midday Rate
Weekdays 10am-3pm
22.70¢/km 21.00¢/km
Midday Rate
Weekends & public holidays 11am-7pm
21.00¢/km 19.35¢/km
Off Peak Rate
Weekdays 7pm-6am,
Weekends & public holidays 7pm-11am
19.35¢/km 19.35¢/km
Transponder: Monthly rental $3.25 $3.00
Transponder: Annual rental $21.50 $21.50
Video toll per journey $3.80 $3.80
Cargo per journey
(This is not a charge per km.)
$0.70 $0.60

5
SERVICES
Mar-13 Mar-12 Chg.(%) LfL (%)
Revenues 710.3 732.9 -3.1 -1.9
EBITDA 70.8 69.4 2.0 2.8
EBIT 42.4 42.3 0.0 1.0
Backlog* 12,542.2 12,783.9 -1.9 0.2
*Backlogs compared with December 2012
The economic difficulties and financial tensions in this division’s principal
markets continued throughout the first quarter of 2013.
In Spain, where economic activity continued to contract, revenues were
2.7% lower than in the first quarter of 2012. In the UK, revenues fell
3.4%, although in this case this was mostly due to increased activity in
some contracts in the first quarter of 2012 as a reflection of works related
to the Olympic Games.
One positive aspect was the start of the division’s activities in Poland in
1Q13 thanks to winning various highway and buildings maintenance
contracts worth EUR20mn, and another was the incorporation of Steel in
Chile: this company specialises in services to companies in the mining
sector.
Altogether, in pro-forma terms, the division’s revenues were 1.9% lower
than in 2012, although EBIT growth was flat.
BUSINESSES IN SPAIN
Mar-13 Mar-12 Chg. (%)
Revenues 344.7 354.1 -2.7
EBITDA 48.6 45.9 5.9
EBIT 26.1 24.1 8.5
Backlog* 5,197.8 5,219.4 -0.4
As in previous quarters, revenues continued to decline YoY, reflecting the
negative economic growth in Spain (six consecutive quarters of GDP
contraction). In spite of this, EBITDA and EBIT were higher than in the
same period last year as a reflection of control over costs, which in recent
years have been adapted to the decline in activity, and active
management of portfolio quality.
The difficulties related to the economic environment are principally
reflected in reductions in services due to clients’ Budget restrictions, and
in the fall in tonnes of waste processed at tips and treatment plants (-7%
vs. 2012) due to the effects of recession. This combined with various
contracts being abandoned due to low returns or investment required in
working capital; in 1Q13, a number of contracts were cancelled,
principally for maintenance and cleaning of public gardens in several
cities, with a combined impact on revenues of approximately 1% vs.
1Q12.
UNITED KINGDOM
Revenues 352.8 373.7 -5.6 -3.4
EBITDA 21.6 23.2 -6.6 -4.4
EBIT 16.9 18.4 -8.2 -6.0
Backlog* 7,138.3 7,467.6 -4.4 -0.8
The negative variations of the various magnitudes are principally due to
carrying out non-recurrent works in the first quarter of 2012 related to
the Olympic Games, which represented approximately 6% of revenues.
The higher turnover on contracts in the Consultancy segment helped to
offset this effect.
Margins remained flat. The main offsetting factor this year was the
increased contribution from Consultancy contracts and structural cost-
cutting after integrating all the previously differentiated activities of local
authority and central government highway maintenance contracts.
OTHER INTERNATIONAL
Revenues 12.8 5.1 151.3 151.3
Backlog* 206.1 96.9 112.7
This new business unit includes infrastructure maintenance and
environmental services in countries other than Spain and the UK. The
breakdown of revenues by country is as follows: Portugal (EUR5.1mn),
Poland (EUR1.3mn) and Chile (EUR6.3mn).
BACKLOG
The backlog reached EUR12,542mn (-1.9% vs. December 2012, +0.2%
ex-currency effect).
The principal contract awards in the quarter include a 15-year
maintenance contract for Telefónica’s data centre, one-year maintenance
contracts for Heathrow and Stansted Airports and the Heathrow Express,
and a five-year contract for highway consultancy services for the county
of Kent.
In other international markets, the backlog includes mining services in
Chile (EUR46mn) and the first contract awards in Poland for highway and
buildings maintenance, together worth EUR20mn.

6
CORPORATE ACTIVITY
SALE OF AMEY’S PFIs
In March, Amey closed the sale of 40% of the companies that execute
long-term PFI projects for GBP37mn to the Dutch investment fund DIF.
Prior to this sale, Amey owned 50%, which it consolidated by the equity
method. After the sale, Amey maintains a 10% interest in the companies.
The capital gain on the sale amounted to EUR20.1mn.
ACQUISITION OF STEEL
On 4 March, Ferrovial Servicios closed its acquisition of 70% of Steel
Ingeniería, a company that specializes in the mining sector in Chile, for
EUR21mn, which will give it entry into this new market.
With this acquisition, Ferrovial Servicios starts operations in Latin America
and continues to roll out its international expansion after its recent
contract awards in Poland and Qatar, as well as its recent acquisition of
Enterprise in the UK.
ACQUISITIÓN OF ENTERPRISE
On 8 April, Ferrovial closed the acquisition of the British company Enterprise, after receiving the green light from the European competition
authorities.
Enterprise is one of the principal British companies in the field of services to utilities and the public sector. With this acquisition, Ferrovial Servicios
not only increases its turnover, but also expands its product offering in certain areas.
The integration of Enterprise into Amey will generate cost and revenue synergies estimated at c.GBP40mn.
In 2012, Enterprise turned over more than EUR1,200mn, excluding the joint-venture with Mouchel, which is not included in this agreement. The
company has 9,600 employees and provides services to energy and water companies, as well as environmental and highway maintenance services
for the public sector.
This deal is part of the company’s strategic objective of profitable growth by means of selective transactions and the development of the Services
activity, together with an expanding internationalization, as demonstrated by the increase of its activities in Poland and Qatar.
The merger of Enterprise with Amey, subsidiary of Ferrovial Servicios in the UK, will create a company with one of the broadest product offerings in
the UK, 21,000 employees and turnover in excess of EUR2,600mn. Amey will now manage more than 320 contracts, covering a wide range of
integrated services: utilities, infrastructure maintenance for road, rail and plant, waste management, solutions for government, social housing and
consultancy.

7
CONSTRUCTION
Mar-13 Mar-12 Chg. %
Like-for-Like
(%)
Revenues 820.5 898.3 -8.7 -6.0
EBITDA 55.1 48.5 13.5 7.3
EBIT 48.7 39.7 22.7 11.6
Backlog* 8,538.2 8,699.4 -1.9 -2.5
*Backlogs compared with December 2012
The drop in activity (-6.0% in comparable terms) is a continuation of the
trend seen in recent years: a significant decline in activity in Spain offset
by the growth in other international markets, principally the US. Note that
in the first quarter, international turnover accounted for more than 73%
of the division’s sales.
In the first quarter of 2013 there was also a significant drop in activity in
Poland after the completion of some large infrastructure projects, and this
was not offset by new contracts due to the decline in highway
construction contracts put out to tender last year.
EBIT growth reached 7.3% in comparable terms, principally as a
reflection of the improved results in the US.
BUDIMEX
Like-for-Like
(%)
Revenues 188.7 264.9 -28.8 -21.6
EBITDA 7.4 11.4 -35.1 -48.1
EBIT 5.7 8.2 -31.0 -53.6
Backlog* 1,136.9 1,193.9 -4.8 -2.6
The quarter was notable for the completion of large projects and the
decline in public-sector contracts put out to tender, as well as for bad
weather.
The backlog stood at EUR1,137mn, or a contraction of 2.6% vs.
December 2012, reflecting the impact of the cut in public investment in
highways already known and the completion of large projects. The above
was partly offset by the award of some large industrial construction
projects (for a copper processing plant).
In addition to the above-mentioned industrial construction contracts,
Budimex has been pre-awarded contracts since the end of the quarter
worth more than EUR300mn.
WEBBER
Like-for-Like
(%)
Revenues 157.8 115.2 36.9 36.0
EBITDA 7.0 4.7 48.1 46.9
EBIT 5.5 3.4 59.6 58.3
Backlog* 1,324.8 1,288.3 2.8 -0.1
Webber reported strong revenue growth in local currency terms (+36%)
as a reflection of the increase on the level of execution on the NTE and
LBJ toll motorways, with the organic business remaining at the same
levels as in 2012.
The backlog remained stable in spite of the higher execution on the
“managed lanes” and thanks to new contract awards such as the US-290,
the I-10 highways.
FERROVIAL AGROMAN
Like-for-Like
(%)
Revenues 474.0 518.2 -8.5 -8.3
EBITDA 40.7 32.4 25.4 25.8
EBIT 37.5 28.0 33.9 34.4
Backlog* 6,076.5 6,217.2 -2.3 -3.0
Revenues fell 8.3%, principally as a consequence of the performance of
the Spanish market (-31%), where the civil works segment was in
particularly sharp decline due to cutbacks in public works put out to
tender (-45% in 2012). This contraction in the Spanish market was
partially offset by the positive contributions from other international
markets, especially the US, thanks to the works related to new toll
motorways in Texas, as well as contributions from projects in the UK
(Cross Rail) and Canada (407 East Extension).
The improvement in profitability is a reflection of the margins generated
on the US projects and also of the reversal of provisions due to project
completions not being offset by the start of new projects.
BACKLOG
Mar-13 Dec-12 Chg. %
Civil work 6,740.8 6,837.4 -1.4
Residential work 184.4 284.2 -35.1
Non-residential work 891.4 867.2 2.8
Industrial 721.6 710.6 1.5
Total 8,538.2 8,699.4 -1.9
The backlog declined 1.9% vs. December 2012 given the slowdown in the
award of new contracts which could not cope with the level of work
execution.
The contract for the NTE Extension (approximately for EUR760mn) has
not yet been included in the backlog, it will be done once the
project reaches financial close.
Ferrovial is now being considered as a benchmark in the US market
thanks to its ability to develop complex projects such as the LBJ and NTE
toll motorways in Texas.
The international backlog stood at EUR5,982mn at the end of the quarter,
well above the domestic backlog (EUR2,556mn, -3%). The weight of the
International backlog represents more than 70% of the total.

8
AIRPORTS
The contribution made by HAH to Ferrovial’s equity-accounted results was
a negative EUR5.9mn (including two months of Stansted Airport’s
results); this principally reflected the combination of the positive impact
of the capital gain on the sale of Stansted Airport (EUR137.8mn) and the
negative impact (-EUR128mn) of marking the derivatives portfolio to
market (mainly due to the inflation-linked elements).
HAH TRAFFIC
In the first quarter of 2013, traffic at Heathrow Airport reached a new all-
time high of 16 million passengers (+1.8%), beating the previous record
in the first quarter of 2012. Adjusting for the leap year in 2012, the
increase would have been 3%.
This traffic growth reflected an acceleration of the trends observed
recently of increasing load-factors and the use of larger aircraft. Load-
factors reached first-quarter historical highs (71.9% vs. 69.5% in 2012)
and the average number of seats per flight reached 199.9 per aircraft (vs.
195.5 in 2012). The acquisition of bmi by British Airways made a notable
contribution to these results, as bmi’s old routes are now seeing load-
factors more in line with those of BA.
T5 has recently been named, for a second year in a row, as the best
airport terminal in the world by “Skytrax World Airports Awards”.
International traffic at Heathrow (+2.2%) outperformed domestic traffic,
particularly in terms of European routes, with growth on routes to Italy,
Germany and Norway.
Routes to emerging economies such as China, India, Russia and Brazil
saw traffic growth. There was also growth on routes to the Middle East,
but only modest increases in traffic on routes to North and South
America.
Breakdown of traffic by destination (Stansted excluded from both years):
Mar-13 Mar-12 LfL (%)
UK 2.6 2.6 -2.0%
Europe 7.3 7.0 3.8%
Long Haul 8.5 8.4 0.4%
Total 18.3 18.1 1.4%
TARIFFS
The maximum applicable aeronautical tariff increases for the 2012/2013
regulatory year came into effect on 1 April 2012.
The following table shows the increase at Heathrow Airport in April 2012
that supported the revenue growth in 1Q13:
2012 Regulation
Heathrow +12.7% RPI+7.5%
The tariffs that came into force on 1 April 2013 were based on inflation in
August 2012, which was 2.9%. Tariffs at Heathrow Airport have increased
by 10.4%.
GBP Traffic Revenues EBITDA EBITDA Margin
Mar-13 Mar-12 Chg. Mar-13 Mar-12 Chg. Mar-13 Mar-12 Chg. Mar-13 Mar-12
Chg.
(bps)
Heathrow 16.0 15.7 1.8% 494 462 6.7% 228 206 10.7% 46.2% 44.6% 167
Heathrow express 45 45 1.7% 16 15 8.2% 36.3% 34.1% 216
Holding -19 -23 -1 2
Heathrow total 16.0 15.7 1.8% 520 484 7.4% 244 223 9.4% 47.0% 46.1% 87
Stansted* 2.2 2.4 -7.7% 32 30 5.9% 7 5 43.1% 22.4% 16.6% 584
Regulated
airports
18.1 18.0 0.6% 551 514 7.3% 251 228 10.1% 45.6% 44.4% 118
Glasgow 1.3 1.4 -0.6% 18 17 2.3% 3 4 -18.0% 17.9% 22.3% -443
Aberdeen 0.7 0.7 -1.3% 14 13 2.9% 4 4 -2.2% 31.2% 32.8% -163
Scottish airports 2.1 2.1 -0.9% 31 30 2.6% 7 8 -9.6% 23.7% 26.9% -319
Southampton 0.3 0.3 -6.5% 5 5 -3.1% 1 1 -26.3% 12.5% 16.5% -393
Adjustments -1 -2 -3 -3
Total (LfL) 20.5 20.5 0.3% 587 548 7.3% 256 234 9.6% 43.6% 42.7% 92
Perimeter changes 1.1 41 13
Total 20.5 21.6 -4.8% 587 589 -0.2% 256 247 3.6% 43.6% 42.0% 161
*Until February

9
INCOME STATEMENT
GBP Mar-13 Mar-12 Chg. % LfL (%)
Revenues 587.4 588.6 -0.2 7.3
EBITDA 256.3 247.3 3.6 9.6
EBITDA margin % 43.6% 42.0%
Depreciation 132.2 152.5 -13.3 -3.5
EBIT 124.1 94.8 30.9 28.1
EBIT margin % 21.1% 16.1%
Impairments & disposals 349.4
Financial results -605.9 -241.3 -151.1 13.0
EBT -132.3 -146.4 9.6 47.7
Corporate income tax 117.3 111.9 4.8 -21.5
Net income (100%) -15.1 -34.6 56.4 55.3
Contribution to
Ferrovial equity
accounted result (€)
-5.9 -20.7 71.3 55.3
Revenues and EBITDA growth of 7.3% and 9.6% respectively reflected
the 10.7% increase in aeronautical revenues, driven by the increase in
tariffs (+12.7% at Heathrow in April 2012), and the increase in passenger
traffic (+1.4%); Comercial revenues increased by 4.2% and Other
revenues by 1.8%.
The substantial worsening in the financial result was principally a
reflection of the deterioration in the market value of the inflation-linked
derivatives (-GBP434mn) taken out by Heathrow after the increase in
expectations of future inflation in the UK; this has no cash impact.
GBP Mar-13 Mar-12 Chg. % LfL (%)
Aeronautic 336.8 326.6 3.1 10.7
Retail 129.4 137.3 -5.7 4.2
Others 121.2 124.7 -2.8 1.8
TOTAL 587.4 588.6 -0.2 7.3
Aeronautica
l
Retail Other
GBP Mar-13
LfL
(%)
Mar-13
LfL
(%)
Mar-13
LfL
(%)
Heathrow 300.9 11.7 107.5 3.3 130.4 -2.3
Stansted 16.8 5.7 11.6 16.0 3.4 -18.0
Glasgow 8.3 0.3 5.9 2.8 3.4 6.6
Aberdeen 7.4 -0.1 2.6 6.5 3.6 6.9
Southampton 3.3 -1.2 1.5 -9.6 0.5 5.2
Other &
adjustments
0.2 -9.8 -20.0 -21.3
Total
airports
336.8 10.7 129.4 4.2 121.2 1.8
Aeronautical revenues increased by 11.7% at Heathrow thanks to the
combination of an improvement in traffic (+1.8%) and the tariff increase
(+12.7%) in April 2012.
Retail earnings (+4.2%) continued the positive trend seen in previous
years.
At Heathrow, retail earnings increased by 3.3%. Net retail earnings per
passenger reached GBP6.33, or an increase of 1.2%. Net retail earnings
per passenger were probably affected by the higher proportion of
European traffic, which has traditionally had a lower propensity to spend
money in Heathrow’s retail area.
REGULATORY MATTERS
DEFINING HEATHROW’S DEVELOPMENT FOR THE NEXT
5 YEARS
Following publication of the full business plan in January, the next steps
in the regulatory review process are for the CAA to complete its own
research and analysis. It is expected to publish its initial price cap
proposals at the end of April 2013 for consultation. Final price cap
proposals are expected to be published in October 2013. Following the
enactment of the new Civil Aviation Act 2012, the CAA will also provide a
draft airport licence alongside the price cap proposals.
REGULATORY ASSET BASE (RAB)
The increase in the RAB to GBP13,727mn (vs. GBP13,471mn) reflects the
investments made (GBP307mn) and the increase in inflation (GBP105mn),
offset by depreciation during the period (GBP145mn) and the profiling
(GBP10mn).
NET DEBT
GBP Mar-13 Dec-12 Chg. %
Senior loan facility 588.1 587.7 0.1%
Subordinated 716.8 717.0 0.0%
Securitized Group 10,671.8 11,315.2 -5.7%
Non-Securitized Group 334.4 337.2 -0.8%
Other & adjustments -348.5 -26.2 n.s.
Total 11,962.7 12,931.0 -7.5%
DIVIDENDS
In 2012 HAH distributed GBP240mn to its shareholders in the form of
dividends. In the first quarter of 2013 it distributed GBP64mn.
DISPOSALS
SALE OF STANSTED AIRPORT
The sale process initiated in August 2012 was concluded on 18 January
with the announcement of the sale of Stansted Airport to MAG
(Manchester Airport Group) for GBP1,500mn (EBITDA 2012 GBP94mn,
RAB 2012 GBP1,343mn). The deal was closed on 28 February,
contributing capital gains of GBP353mn (100%) or EUR137.8mn to
Ferrovial’s net result.
The proceeds were applied to the early amortization of a GBP639mn
revolving line of credit, a GBP100mn Class B loan and GBP300mn were up
streamed out of the securitized group, for the partial retirement of debt
of ADI Finance 1 Limited or for distribution to HAH shareholders.

10
CONSOLIDATED INCOME STATEMENT
Before Fair
value
Adjustments
Fair value
Adjustments
Mar-13
Before Fair
value
Adjustments
Fair value
Adjustments
Mar-12
Revenues 1,643 1,643 1,707 1,707
Other income 2 2 5 5
Total income 1,645 1,645 1,712 1,712
COGS 1,464 1,464 1,520 1,520
EBITDA 181 181 192 192
EBITDA margin 11.0% 11.0% 11.2% 11.2%
Period depreciation 51 51 51 51
EBIT (ex disposals & impairments) 130 130 141 141
EBIT margin 7.9% 7.9% 8.3% 8.3%
Disposals & impairments 20 20 0 0
EBIT 150 150 141 141
EBIT margin 9.1% 9.1% 8.3% 8.3%
FINANCIAL RESULTS -114 99 -15 -92 -26 -117
Financial result from financings of infrastructures projects -84 -84 -67 -67
Derivatives, other fair value adjustments & other financial result
from infrastructure projects
-2 68 66 -5 -4 -9
Financial result from financings of other companies -13 -13 -8 -8
Derivatives, other fair value adjustments & other financial result
from Other companies
-14 31 17 -11 -22 -33
Equity-accounted affiliates 136 -124 13 4 -15 -11
EBT 172 -25 148 53 -41 13
Corporate income tax -10 -25 -35 -16 8 -8
Net Income from continued operations 162 -50 112 37 -33 4
Net income from discontinued operations
CONSOLIDATED NET INCOME 162 -50 112 37 -33 4
Minorities 10 -23 -12 2 1 3
NET INCOME ATTRIBUTED 172 -72 100 39 -32 8

11
REVENUES
Mar-13 Mar-12 Chg. % Like-for-Like (%)
Construction 820.5 898.3 -8.7 -6.0
Toll Roads 97.0 88.0 10.2 10.1
Services 710.3 732.9 -3.1 -1.9
Others 15.0 -12.1 n.s.
Total 1,642.8 1,707.2 -3.8 -1.8
EBITDA
Construction 55.1 48.5 13.5 7.3
Toll Roads 59.2 80.3 -26.3 -26.3
Services 70.8 69.4 2.0 2.8
Others -4.4 -6.2 n.s.
Total 180.8 192.0 -5.9 -6.2
DEPRECIATION
Depreciation was maintained at the same level as last year at EUR51mn.
EBIT (before impairments and disposal of fixed assets)
Construction 48.7 39.7 22.7 11.6
Toll Roads 43.8 66.3 -33.9 -33.9
Services 42.4 42.3 0.0 1.0
Others -5.2 -6.8 n.s.
Total 129.7 141.4 -8.3 -9.5
*For purposes of analysis, all the comments referring to EBIT are before
impairments and disposals of fixed assets.
IMPAIRMENTS AND DISPOSAL OF FIXED ASSETS
EUR20mn for the capital gain on the sale of Amey’s Joint-Ventures.
NET FINANCIAL EXPENSES
Infra projects -84.3 -67.4 -25.1
Other -13.4 -7.7 -74.1
Net financial result (financing) -97.7 -75.1 -30.1
Infra projects 65.7 -9.0 n.s.
Other 17.1 -33.4 151.2
Derivatives, other fair value
adjustments & other financial result
82.8 -42.4 295.3
Financial Result -14.9 -117.5 87.3
The financial result improved by 87.3%, thanks to a combination of:
A 30.1% deterioration in the financing result, principally as a reflection of
the increased financial expenses on infrastructure projects due to an
increase in the level of debt associated with the projects that started
operations (SH-130). The other companies also saw their financial
expenses increase, mainly due to financial expenses generated with the
bond issuance and early anticipation costs on bank debt.
Movements in the financial result due to derivatives and others were
determined by the impact of the rise in Ferrovial’s share price on the
derivatives contracts covering share option schemes. On this occasion
and due to the entry into force of the IFRS 13, mandatory from January
1, 2013, the credit risk of the parties involved in the contract must be
included in the valuation of derivatives to the Fair Value Measurement.
The first impact is recognized in the profit and loss account as stated in
paragraph BC229 of the standard, indicating that the application of this
new approach must be done prospectively like a change in estimates.
Successive changes in the credit risk will be recorded against reserves to
the extent that derivatives qualify for hedge considered efficient.
EQUITY ACCOUNTED RESULTS
Construction -0.4 0.0 n.s.
Services 4.5 2.8 n.s.
Toll Roads 14.4 6.7 114.2
Airports -5.9 -20.7 0.7
Total 12.6 -11.2 2.1
The companies consolidated by the equity method made a contribution of
EUR12.6mn (vs. –EUR11mn in 2012). This was principally a reflection of
the contribution from the 407ETR toll motorway (EUR13.7mn). At HAH (-
EUR5.9mn), the accounting losses on marking to market the inflation-
linked derivatives almost completely offset the capital gain on the sale of
Stansted airport.
NET RESULT
The group made a net profit of EUR100mn (vs. EUR8mn in 2012),
principally due to the positive impact of marking to market its portfolio of
derivatives and the capital gains on the disposals of Amey’s Joint-
Ventures.

12
BALANCE SHEET AND OTHER MAGNITUDES
Mar-13 Dec-12
FIXED AND OTHER NON-CURRENT ASSETS 16,997 16,638
Consolidation goodwill 1,511 1,487
Intangible assets 118 116
Investments in infrastructure projects 7,170 6,755
Property 40 35
Plant and Equipment 499 507
Equity-consolidated companies 4,232 4,304
Non-current financial assets 1,654 1,668
Receivables from Infrastructure assets 1,331 1,334
Financial assets classified as held for sale 1 1
Restricted Cash and other non-current assets 149 148
Other receivables 173 186
Deferred taxes 1,606 1,609
Derivative financial instruments at fair value 168 158
CURRENT ASSETS 5,408 5,580
Assets classified as held for sale 2 2
Inventories 407 394
Trade & other receivables 2,363 2,203
Trade receivable for sales and services 1,716 1,647
Other receivables 525 436
Taxes assets on current profits 123 120
Cash and other financial investments 2,625 2,972
Infrastructure project companies 278 237
Restricted Cash 37 25
Other cash and equivalents 241 212
Other companies 2,347 2,735
TOTAL ASSETS 22,405 22,217
EQUITY 5,752 5,762
Capital & reserves attributable to the Company´s equity holders 5,575 5,642
Minority interest 177 121
DEFERRED INCOME 393 356
NON-CURRENT LIABILITIES 11,357 11,117
Pension provisions 80 105
Other non current provisions 1,295 1,166
Financial borrowings 7,234 6,996
Financial borrowings on infrastructure projects 6,018 5,825
Financial borrowings other companies 1,216 1,171
Other borrowings 202 203
Deferred taxes 1,110 1,080
Derivative financial instruments at fair value 1,436 1,567
CURRENT LIABILITIES 4,902 4,982
Financial borrowings 1,297 1,229
Financial borrowings on infrastructure projects 1,229 1,168
Financial borrowings other companies 68 61
Trade and other payables 3,145 3,273
Trades and payables 2,459 2,648
Deferred tax liabilities 95 75
Other liabilities 592 549
Trade provisions 397 415
TOTAL LIABILITIES & EQUITY 22,405 22,217

13
CONSOLIDATED NET DEBT
The net cash position excluding infrastructure projects stood at
EUR1,047mn at the end of the first quarter of 2013. This position does
not reflect the payment made in April 2013 for the acquisition of the
British services company Enterprise.
This is EUR442mn less than the amount reported at end-2012
(EUR1,489mn), very much in line with the deterioration seen in the first
quarter of 2012 vs. The close of 2011 (EUR388mn), reflecting the
seasonality in payments and in cash generation in the first part of the
year. This slight deterioration is mainly due to a payment made to the
Spanish tax authorities in January 2013 for the withholding tax
(EUR85mn) on the dividend distribution in December 2012.
Ferrovial made investments totalling EUR79.5mn in 1Q13.
Net Project debt reached EUR6,803mn. The variation vs. December 2012
(EUR6,595mn) is principally due to the investment in projects in the
construction phase.
This Project debt includes EUR1,177mn of net debt related to toll
motorways under construction (the NTE and the LBJ). It also includes
EUR1,119mn related to the R4 and the OLR, which have sought creditor
protection.
The group’s net debt amounts to EUR5,756mn.
Mar-13 Dec-12
NCP ex-infrastructures projects 1,047.1 1,489.2
Toll roads -6,445.2 -6,238.1
Others -357.7 -356.6
NCP infrastructures projects -6,802.9 -6,594.7
Net Cash Position -5,755.8 -5,105.5
CORPORATE CREDIT RATING
In August 2011, the rating agencies Standard&Poor’s and Fitch Ratings
rated Ferrovial for the first time, in both cases as Investment Grade.
These opinions were confirmed by both agencies in the second quarter of
2012:
Agency Rating Outlook
S&P BBB- Stable
FITCH BBB- Stable
CORPORATE BOND ISSUANCE
In January, Ferrovial successfully placed its first bond issue (EUR500mn,
five years). The issue was closed at a price of 240bp over midswap, with
a coupon of 3.375%. Demand exceeded EUR5,590mn, of 11x
oversubscribed. More than 93% of the issue was placed outside Spain,
mainly in countries such as Germany, France the UK and Switzerland.
Ferrovial’s net proceeds from the deal amounted to EUR496.2mn, which it
used to optimise its financial structure by retiring part of its corporate
bank debt and extending its maturity profile. The next significant
maturities fall in 2015 (EUR661mn), and then again in 2018 (EUR501mn).
Bond performance: Since its issuance below par at 99.692, it has strongly
performed till 102.374, yielding an implicit 2.9% at the end of march.

14
APPENDIX I: SIGNIFICANT
EVENTS
 Ferrovial successfully issued EUR500mn of bonds maturing on
30 January 2018.
(18 January 2013)
Ferrovial Emisiones, S.A., a subsidiary of Ferrovial, successfully
completed the pricing of a EUR500mn bond issue maturing on 30
January 2018 and guaranteed by Ferrovial and some of its subsidiaries
(the Bonds). The Bonds will accrue a 3.375% coupon payable
annually.
On 3 January the Bonds were subscribed and paid for by the investors
for whom the issue was intended, and the Bonds started trading in
the regulated London stockmarket.
The net proceeds of EUR497.75mn were applied to amortising existing
corporate debt.
 Ferrovial Services reached an agreement with 3i Group plc to
acquire 100% of the capital of Enterprise Plc.
(21 February 2013)
The investment made by Ferrovial Services amounted to an EV of
GBP385mn (EUR443mn). The perimeter of the transaction does not
include Enterprise’s joint-venture with Mouchel Limited (Mouchel) for
highway maintenance services in the UK.
Enterprise is one of the principal British supplier of services to energy
and water companies (“utilities”), as well as to public-sector
infrastructure clients. In 2012 it turned over GBP1,100mn
(EUR1,267mn) with EBITDA of GBP60mn (EUR69.1mn), excluding the
joint-venture with Mouchel.
With this acquisition, Ferrovial Services – whose UK presence is
through its subsidiary Amey – enters the utility supply services sector,
and also strengthens its environmental services business.
The deal was closed on 9 April 2013, once it had the competition
authorities’ green light.

15
APPENDIX II: PRINCIPAL
CONTRACT AWARDS
CONSTRUCTION
 Hetco 2 Programme Change, Heathrow Airport, UK.
 Juncal teaching building, Alcobendas, Spain.
 134 residential units, Miralbueno, Spain.
 EDAR Tomaszow Mazowiecki, Department of Water Management in
Tomaszow, Poland.
 Cesion Gomasper, Canary Islands government, Spain.
 Reforma Hotel Beach House, Evertmel, S.L., Spain.
 65 Viviendas La Térmica, Inmobiliaria Acinipo, Spain.
 Metro Railway Station Granada, Granada Metro, Spain.
 EDAR Gorzow Wielkopolski, Department of Water and Drainage
Management, Poland.
 Maintenance of EDARs Ibiza Zone E-2, Balearic Islands government,
Spain.
BUDIMEX
 A4 Rzeszow West - Rzeszow Central, Generalna Dyrekcja Dróg
Krajowych, Poland.
 University Hospital Clinic in Bialysto, Medyczny University, Poland.
 KGHM – industrial units, Poland.
 Breakwater refurbishment in Dziwnow, Poland.
WEBBER
 US 290, TxDOT, USA.
 Denton FM 1171, TxDOT, USA.
 I 10 Bexar County, TxDOT, USA.
 I-45 TMS Improvements, TxDOT, USA.
SERVICES
SPAIN
Industrial, Waste Treatment and Local Administrations
 Renewal of the urban waste collection and highway cleaning contract
in Premiá del Mar.
 New contract for gardening services in the Banco de Santander
financial city.
 Contract extension for urban waste collection in Formentera.
Infrastructure
 New contract for maintenance of Telefónica data centres.
 Extension of integrated services management in various districts of
Madrid (Usera, Fuencarral-El Pardo, Hortaleza and Central).
 Extension of cleaning contract for the Virgen del Rocío University
Hospital.
 Extension of cleaning contract for the University of Seville.
UNITED KINGDOM
 Extension of HAH contracts: maintenance of Heathrow Airport T4 and
T5, Heathrow Express and Stansted Airport.
 New consultancy contract for integrated services for the County of
Kent.
 Extension of HAH contracts: Maintenance of T4 and T5 terminals at
Heathrow Airport.
INTERNATIONAL
 Inclusion of Steel Ingeniería, Chile backlog.
 Renewal of urban waste collection contract for Planalto Beirao,
Portugal.
 Inclusion of Ferrovial Services Polish backlog.

16
APPENDIX III: EXCHANGE-RATE MOVEMENTS
Exchange-rate Last
(Balance sheet)
Change% 13/12
Exchange-rate Mean
(P&L)
Change% 13/12
GBP 0.8437 3.8% 0.8537 2.4%
US Dollar 1.2819 -2.9% 1.3162 -0.7%
Canadian Dollar 1.3045 -0.6% 1.3354 1.1%
Polish Zloty 4.1801 2.3% 4.1752 0.3%
Exchange rates are expressed in units of currency per euro, with negative variations signifying euro depreciation and positive variations euro
appreciation.
INVESTOR RELATIONS DEPARTMENT
ADDRESS: PRÍNCIPE DE VERGARA 135 - 28002 MADRID
TELEPHONE: +34 91 586 25 65
FAX: +34 91 586 26 89
E-MAIL: IR@FERROVIAL.ES
WEB: HTTP://WWW.FERROVIAL.COM
Important information
This document contains statements regarding the Company’s future intentions, expectations and forecasts at the time of writing. These statements are
based on projections and financial estimates with underlying assumptions, announcements relating to plans, objectives and expectations that refer to
various aspects, including the growth of the various lines of business and the global business, market share, the Company’s results and other aspects
relating to its activities and situation.
These estimates, projections and forecasts are not in themselves guarantees of future performance as they are subject to risks, uncertainties and other
important factors that could result in the development and final results differing from those contained in these estimates, projections and forecasts.
This should be taken into account by all individuals or institutions that might have to take decisions or form or transmit opinions relating to stocks and
shares issued by the Company, and in particular, by the analysts and investors who consult this document. All interested parties are invited to consult
the documentation and information publicly available or filed by the Company with stock market supervisory authorities and, in particular, the
information filed with the CNMV (the Spanish stock market regulator).

January-March 2013 results

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