Ferrovial N.v. · BME:FER
Ferrovial — 9M 2019 Earnings Presentation
18 slides from Ferrovial's earnings presentation, Oct 30, 2019
Slide 1: 9M 2019 Results
ferrovial 9M 2019 Results 30 October 2019
Slide 2: Disclaimer
Disclaimer This presentation has been produced by Ferrovial, S.A. (“the Company”) for the sole purpose expressed therein. Therefore, neither this document nor any of the information contained herein constitute or form part of and should not be construed as, an offer to purchase, sale or exchange any
Slide 3: 9M 2019 Highlights
9M 2019 Highlights 407ETR traffic increased by +1.5% in 3Q 2019 Toll roads: Outstanding CAD1.05bn (+14%) FY19 dividend distributed by 407ETR 3Q 2019 performance MLs strong performance boosted by new connections FER reached financial close of NTE 3C Managed Lane Heathrow: Solid growth On tr
Slide 4: Toll Roads
Toll Roads € mn RESULTS AUSOL SOLD FOR €447MN (65% EQUITY) 9M 2019 % CH LFL** • 100% equity value equivalent to €688mn Revenues 461 31,8% • Call/put option for remaining 15% EBITDA 332 40,6% • Capital gains aprox.€474mn Margin 72,1% including FV adjustment for the remaining stake ** %LFL: change vs
Slide 5: 407 ETR - Outstanding 3Q 2019
407 ETR - Outstanding 3Q 2019 CADmn Equity method, Ferrovial stake 43% Toronto, Canada Quarterly performance 9M 2019 performance 1Q 2019 2Q 2019 3Q 2019 9,3% 8,9% 8,4% +11,4% +10,6% +8,9% +7,1% +7,7% +4,7% +1,5% -0,3% -1,0% -2,0% Traffic (VKT) Revenues EBITDA Dividends Traffic (VKT) Revenue growth E
Slide 6: Managed Lanes – Strong performance continues
Managed Lanes – Strong performance continues Global Consolidation Texas, Texas, US USA (USD mn) NTE – EBITDA LBJ – EBITDA NTE 35W – EBITDA* +32% +28% 3Q 2019 more than yoy yoy double 3Q 2018 34 34 26 26 21 20 86,8% 20 15 85,3% 16 84,0% 11 82,7% 9 85,1% 78,1% 82,2% 78,9% 80,0% 76,6% 77,0% 3Q 2015 3Q
Slide 7: Managed Lanes - Improving connectivity
Managed Lanes - Improving connectivity Global Consolidation Texas, Texas, US USA (USD mn) Connected trips between NTE 35W, NTE 1 & 2, the SH183 TEXpress & LBJ supported growth at the projects. • 1 183 TEXpress opened in 2 Oct 2018, connecting NTE & LBJ. Both projects have seen growth in trips connec
Slide 8: NTE 3C
NTE 3C Global consolidation, 53.7% stake Texas, USA • In August 2019 NTE Mobility Partners Segments 3 reached financial close for the Segment 3C Change Order (NTE 3C) • NTE 3C is a 6.7mile northbound extension of NTE 35W 3A & 3B (in full operation since 2018) that will be completed by end of 2023 •
Slide 9: I-77: traffic +44% in first four months of operation
I-77: traffic +44% in first four months of operation Global consolidation, 50.1% stake Charlotte, North Carolina, USA 430,000 15,000 2.2 mn 52% $6/month Different Unique Total trips % of users Average vehicles have vehicles every on I-77 with monthly bill used I-77 weekday transponder • Express lane
Slide 10: Heathrow
Heathrow Equity consolidated, 25% stake London, UK (GBP mn) On track for 9th consecutive year of traffic growth Retail revenues +3.1% MAIN FIGURES HEATHROW SP HEATHROW TRAFFIC BY AREA EBITDA: +6.3% (+3.6% exIFRS16) 61mn passengers (+0.7%) UK 2.211 4,1% 2.302 -0.5% HEATHROW REVENUES 0,8% 387 North 38
Slide 11: Net zero Carbon in Heathrow 2.0 targets
Net zero Carbon in Heathrow 2.0 targets Carbon neutral airport Zero carbon airport Carbon neutral growth operations from 2020 operations by 2050 from the new runway Sustainable expansion • Construction to mitigate environmental impact (i.e. pioneering offsite manufacturing) • Capacity to be released
Slide 12: Construction
(€ mn) Construction • 9M 2019 results in line with 1H 2019 (-€348mn 9M 2019 RESULTS EBIT), with Budimex & Webber presenting a 9M 2019 % Ch % CH LFL positive performance and profitability similar to Revenues 3.760 -3,2% -5,1% recent quarters. EBITDA -320 n.s. n.s. EBITDA % -8,5% • FA, in the 3Q stand
Slide 13: Services (discontinued activity)
Services (discontinued activity ) Services divestment progressing Birmingham agreement signed (no impact on Ferrovial P&L) • Taking longer because the transaction is more likely • Amey to pay GBP215mn settlement to be based on subsets of the original perimeter. • Operations could be extendable until
Slide 14: Consolidated P&L
(LfL figures; €mn) Consolidated P&L P&L (EUR mn) 9M 2019 9M 2018 • Revenues: flat (-0.2%) lower contribution from Construction (-3.2%) offset by higher contribution from Toll Roads (+36%). REVENUES 4.292 4.300 • EBITDA ex-IFRS 16 impacted by -€345mn (at 100%) Construction Construction Provision -345
Slide 15: Net Debt evolution (ex-infrastructure)
(€mn) Net Debt evolution ( ex-infrastructure) Including discontinued activities 345 (118) (122) (397) 365 (166) (11) (161) (288) 1,236 (20) WK: -€336mn 662 NCP Dec'2018 Dividends from EBITDA*** US Non-cash US Construction WC evolution BMH cash flow Taxes Net Investment Shareholder Other NCP Sep'19 p
Slide 16: Final remarks…
Final remarks… +14% 9 Consecutive year of traffic growth +60% Price above consensus valuation 407ETR Heathrow Ausol FY2019 dividend growth New record high supported Market appetite for by higher pax satisfaction infrastructure +40.5% Focus on €662mn Construction risks EBITDA growth & NTE Net Cash Po
Slide 17: Ferrovial: solutions to congestion Q&A
Ferrovial: solutions to congestion Q&A 17 17 Photo: 401 West (July 2019)
Slide 18: Ferrovial
ferrovial INVESTOR RELATIONS DEPARTMENT - C/ Príncipe de Vergara, 135 - 28002 MADRID (Spain) T: +34 91 586 27 30 F: +34 91 586 28 69 e-mail: ir@ferrovial.es website: www.ferrovial.com