Slide 1: 2011 Full Year Results
2011 Full Year Results
Slide 2: Disclaimer
Disclaimer This document may contain statements that constitute forward looking statements about the Company. These statements are based on financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations, which refer to estimates regardin
Slide 3: Contents
Contents 2011 Highlights Business Units Financial Results Looking Ahead
Slide 4: 2011 Highlights (1)
2011 Highlights (1) Cash Access to Capital Value from EBITDA Growth Generation Market divestitures Activity cash €2.1 bn bond Value obtained Operational flow generation: issuances in from divestitures growth across €1,446mn ex- 2011 beats market portfolio infra projects expectations and €1.7bn issue
Slide 5: 2011 Highlights (2)
2011 Highlights (2) January ‣ M45 shadow toll road sold (€68mn) February ‣ Swissport divestment process completed (€692mn) April ‣ Ferrovial’s corporate debt refinanced (€1,314bn) ‣ AUSOL refinancing completed (€492mn) Delivering June July ‣ BAA: Inaugural dollar bond issuance ($1.0bn) Agust ‣ Ferro
Slide 6: 2011 Highlights (3)
2011 Highlights (3) € milion % Change* Spain -9% Revenue 7,446 -1% Intl. +8% EBITDA 819 +9% Net Income 1,269 Net cash position 907 +2,806% ex-infra projects Construction backlog 9,997 -1% Services backlog 12,425 +0.5% Strength & Visibility * Excluding forex impact & perimeter changes.
Slide 7: Contents
Contents 2011 Highlights Business Units Financial Results Looking Ahead
Slide 8: Toll Roads
Toll Roads Financial - €159mn dividends from projects 2011 ∆% L-f-L - Refinancing facilities in 2011 Revenues 390 +5% ‣Ausol (€492mn) EBITDA 283 +14% EBITDA % 72.7% +19bps ‣R4 - standstill until February 27th 2011 ∆% L-f-L Traffic EBITDA - Chile & M45 divestiture completed Autema1 -7% +8% - EBITDA g
Slide 9: 407ETR
407ETR Equity method, Ferrovial stake: 43% CAD Mn 2011 ∆% L-f-L Revenues 675 +8% - EBITDA growth (+11%) EBITDA 553 +11% ‣ Stable traffic (-0.5%) Net Debt 4,831 +7% ‣ Tariff growth Resilient performance EBITDA (CAD million) - New bond issuances (CAD 350mn) AG R (06-11) C 9.4% ‣ No relevant maturities
Slide 10: Services
Services 2011 ∆% L-f-L UK SPAIN Revenues 2,821 +9% EBITDA 312 +5% EBITDA % 11.1% +45bps +19% Revenues +3% EBIT 207 +3% +3% EBITDA +6% EBIT% 7.4% +7bps -8% BACKLOG +7% Blacklog 12,425 -1% L-f-L +9% excluding 2010 one-offs Revenues geographical breakdown - Strong cash flow generation (€164mn) UK 50% -
Slide 11: Construction
Construction 2011 ∆% L-f-L International Domestic Revenues 4,244 -5% EBITDA 248 +4% EBITDA % 5.8% +49bps +8% Revenues -17% EBIT 215 +8% +9% EBITDA +8% +6% BACKLOG -12% EBIT% 5.1% +60bps L-f-L Blacklog 9,997 -1% Backlog Geographical breakdown Work breakdown Civil Works Domestic 3,167 Residential Indu
Slide 12: BAA
BAA | Equity method, Ferrovial stake 49.99% 100% GBP Mn 2011 ∆% L-f-L - 5.88% stake divestment ‣ 100% implied equity value GBP 4.8bn Revenues 2,524 +9% EBITDA 1,287 +18% - Capital structure strengthened EBITDA % 51.0% +500 bps ‣ Issuances in Sterling, Euro, Dollar & Swiss franc (2012) NET DEBT 12,86
Slide 13: Heathrow: Continuous improvement
HEATHROW| Continuous improvement Resilient performance Capital markets access CAGR (06-11) EBITDA 12.9% GBP million GBP 5.1 billion 1,045 issued since 570 2009 2006 2007 2008 2009 2010 2011 18.7% 9.5% 5.5% Traffic Revenues EBITDA
Slide 14: Contents
Contents 2011 Highlights Business Units Financial Results Looking Ahead
Slide 15: Cash Flow ex-infra projects
Cash Flow ex-infra projects Operating Net 2011 cash flow investment Construction 298 -92 Services 164 -99 Swissport 692mn Toll Roads 137 -134 BAA 326mn Other/divestment -21 1,264 Chile 157mn Taxes -67 M45 68mn Total 510 936 1,446 € Mn Remarkable cash flow generation
Slide 16: Net debt evolution
Net debt evolution EX-INFRA PROJECTS €Mn 1,264 907 463 182 31 -68 -67 -328 -367 -90 -114 Net cash EBITDA Dividends Working Taxes Investment Divestment Dividends Interest Other Net cash Dec’10 received capital paid Dec’11 INFRA PROJECTS €Mn 14,529 356 263 -103 -25 -780 -32 -293 -97 -85 (6,102) -19,83
Slide 17: Debt reduction and simplification
Debt reduction and simplification Ex-infra projects Net debt evolution ex-infra projects 31 907 -1,547 -1,172 -1,987 -3,064 x1.7 x1.5 NET CASH x2.1 €907MN x3.2 2006 2007 2008 2009 2010 2011 Net debt (€Mn) Net debt to EBITDA Projects Debt allocated at project level Projects under development not gene
Slide 18: Financial position ex-infra projects
Financial position|ex-infra projects 2012-2015 maturities €Mn 1,024 51 106 18 2012 2013 2014 2015 Liquidity position €Mn 1,108 3,269 2,161 Total Cash Undrawn lines Total liquidity
Slide 19: Profit & Loss
Profit & Loss €Mn 2011 TOTAL VAR. L-f-L(1) Net Revenue 7,446 -1% EBITDA 819 +9% Depreciations -192 -13% EBIT 627 +18% Disposals & impairments(2) 142 Net Financial Result -303 +6% Equity accounted 17 EBT 482 Taxes -61 BAA discontinued 847 Minorities 1 NET PROFIT 1,269 (1) Like-for-Like: Excluding for
Slide 20: Contents
Contents 2011 Highlights Business Units Financial Results Looking Ahead
Slide 21: Looking ahead
Looking ahead Construction / Services Toll roads / Airports Strong backlog World class player Margin vs. growth Dividends from 407 & BAA Selective exposure to emerging economies Attractive pipeline of projects Strong financial discipline
Slide 22: Shareholder remuneration
Shareholder remuneration Dividend 2011 | Euros/share Interim 0.20 Complementary 0.25 0.42 0.45 0.40 TOTAL 0.45 2009 2010 2011
Slide 23: Q&A session
es om se “alll
Slide 24: Slide 24