Ferrovial N.v. · BME:FER
Ferrovial — FY2017 Earnings Presentation
23 slides from Ferrovial's earnings presentation, Feb 28, 2018
Slide 1: FY 2017 Results
ferrovial FY 2017 Results 28 February 2018
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: Agenda
Agenda • 2017 Highlights • Business Units • Financial Results • Looking ahead 3 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Slide 4: 2017 Highlights
2017 Highlights Traffic increased across the board Excellent growth from EBITDA grew at double digit in our main assets our infrastructure assets Higher dividends from 407ETR, LHR & AGS c.€1bn Operating Cash Flow (pre-tax) Solid cash generation & €781mn Activity Cash Flow (after tax) finan
Slide 5: Cash flow generation
Cash flow generation Ex- Infrastructure Projects vs Dividends 2017 figures € million - 102 €781mn - 115 ACTIVITY CASH FLOW 999 520 Shareholder remuneration 261 Operating Cash Net Investment Taxes Activity Cash Flow Flow (pre-tax) 5 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Slide 6: 2017 Highlights
2017 Highlights Addressing contracting Our infrastructure assets outperform in Share Price has times of economic growth & inflation underperformed vs peers Reported figures don’t fully reflect FER’s business. More information on assets consolidated under equity method 6 E-mail: ir@ferrovial.es
Slide 7: Agenda
Agenda • 2017 Highlights • Business Units • Financial Results • Looking ahead 7 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Slide 8: Toll roads
Toll roads € million TRAFFIC EVOLUTION Canada 407ETR +2.6% Traffic growth in main markets Spain Solid financial results in LfL terms: Ausol I +10.3% US* • EBITDA +23.8% NTE +10.6% • +€19mn positive impact from success fee LBJ +10.2% €277mn dividends from toll roads * Transactions FY 2017 RESUL
Slide 9: 407ETR Managed Lanes
407ETR Equity method, Ferrovial stake 43% Managed Lanes Global consolidation 407ETR NTE • EBITDA +32.6% (CADmn) FY17 % • TRAFFIC* +10.6% EBITDA (USD mn) Revenues 1,268 +11.7% • TARIFF** +13.2% 75 EBITDA 1,104 +12.1% EBITDA mg 87.1% 57 38 Traffic (VKTs'000) 2,708,589 +2.6% Dividends 845 +7.0% 2015 20
Slide 10: 407ETR: 58% good or very good value for money
407ETR: 58% good or very good value for money Public transit 7% 57% 5% 13% A typical fast food restaurant 3% 56% 9% 20% 407ETR 3% 55% 9% 21% your internet service 5% 51% 8% 22% Airplane travel 4% 47% 7% 26% Your cell phone bill 4% 43% 5% 31% Your electricity bill 3% 41% 8% 28% Taxis 2% 38% 6% 25% Yo
Slide 11: Airports
Airports AIRPORTS TRAFFIC HAH (Equity method, FER stake 25%) (PAX million) FY17 % LfL • Traffic: 78mn; +3.1% Heathrow 78.0 +3.1% AGS 15.1 +4.9% • Revenues: +2.6% due to traffic & retail, despite lower Glasgow 9.9 +5.7% aeronautical tariffs Aberdeen 3.1 +1.9% • EBITDA: +4.6% on cost control Southam
Slide 12: Services
Services € million FY17 % % LfL Revenues +16.3% following the FY integration of BRS Revenues 7,069 +16.3% +1.9% EBITDA 423 +30.2% +14.2% EBITDA mg 6.0% from 5.4% in 2016 EBITDA % 6.0% Order book 20,918 -14.4% -11.3% Order book -11.3% LfL on selective bidding in UK € 396mn operating cash flow
Slide 13: Construction
Construction € million FY17 % % LfL Revenues (+11% LfL) with positive evolution in all Revenues 4,628 +10.3% +11.0% areas EBITDA 199 -41.8% -41.8% EBITDA % 4.3% Lower profitability (EBIT margin 3.5%) EBIT 162 -48.1% -48.1% EBIT % 3.5% • Major projects in their initial phases. Order book 11,145 +
Slide 14: Agenda
Agenda • 2017 Highlights • Business Units • Financial Results • Looking ahead 14 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Slide 15: 2017 Profit & Loss
2017 Profit & Loss € million 2017 2016 IMPAIRMENT & DISPOSALS (2017) Revenues 12,208 10,759 • Capital gain from Norte Litoral & Algarve • Further provision registered at Autema EBITDA 932 944 NET FINANCIAL RESULT Depreciation -375 -342 • 2017: Lower financial expenses (deconsolidations) Impairment &
Slide 16: Strong cash flow generation
Strong cash Ex- Infrastructure Projects flow generation 2017 figures € million OPERATING CASH FLOW pre-tax 2017 Toll roads (Dividends) 277 Airports (Dividends) 237 Services 396 Construction 134 Others -46 TOTAL 999 BALANCED OPERATING CASH FLOW 23% 27% 13% 38% AIRPORTS TOLL ROADS CONSTRUCTION SERVICE
Slide 17: Net debt evolution
Net debt evolution € million EXCLUDING INFRASTRUCTURE PROJECTS 2017 PNT excluding Hybrid bond: €841mn 484 553 1,341 697 253 500 -38 -520 -184 -355 -48 Net Cash Dec'16 EBITDA ex infra Dividends from WC Evolution Investment CF Divestments CF Shareholder Interest, taxes & Hybrid Bond Net cash Dec'17 pr
Slide 18: IFRS 15 impact
IFRS 15 impact An adjustment of -€272mn has been recognized through reserves in the opening balance (Jan 01, 2017). Early application in January 2017 of IFRS 15 Standard: Revenue from contracts with customers. New standard implies more strict threshold for revenue recognition (approval/highly pr
Slide 19: Agenda
Agenda • 2017 Highlights • Business Units • Financial Results • Looking ahead 19 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Slide 20: Shareholder remuneration
Shareholder remuneration 2018 SHAREHOLDER REMUNERATION PROPOSAL (*) 2017 Scrip dividend (reference dividend /share) First scrip dividend (equivalent to 2017 complementary dividend)* 0.312 0.315 Second scrip dividend (equivalent to 2018 interim dividend)* 0.402 0.404 TOTAL 0.714 0.719 Share buyback o
Slide 21: Looking ahead
Looking ahead Capital allocation NTE & LBJ to pay Mitigating risks in focused on infra dividends in contracting projects, mainly in 2019 - 2020 the US 21 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Slide 22: Q&A Session
Q&A Session 22 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
Slide 23: Investor Relations Department
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