Results Presentation 2013 | Resultados Financieros 2013

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Information about Results Presentation 2013 | Resultados Financieros 2013
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Published on February 24, 2014

Author: Ferrovial

Source: slideshare.net

Investing for growth ferrovial 1 2013 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

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 regarding, among others, future growth in the different business lines and the global business, market share, financial results and other aspects of the activity and situation relating to the Company. Such forward looking statements, by its nature, are not guarantees of future performance and involve risks and uncertainties, and other important factors that could cause actual developments or results to differ from those expressed in these forward looking statements. Analysts and investors, and any other person or entity that may need to take decisions, or prepare or release opinions about the securities issued by the Company, are cautioned not to place undue reliance on those forward looking statements which speak only as of the date of this communication. They are all encouraged to consult the Company’s communications and periodic filings made with the relevant securities markets regulators and, in particular, with the Spanish Securities Markets Regulator. 2 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

Agenda • Overview • 2013 Highlights • Business • Financial • Looking Units Results Ahead • Appendix 3 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

Ferrovial Business Overview 2013 figures € 219m n Dividends from Airports € 242m n airport operator  INFRASTRUCTURE Leading European  Ownership and manager of 4 UK airports, including Heathrow PROJECTS Ring fenced debt Dividends from Toll roads Capital intensive / Inflation protected / LT duration & financing    Leading sponsor of tollroads infrastructure development worldwide Key developer of ETR 407 Design, build, finance & operation PARENT COMPANY Controlling Shareholder 43% Free float 57%  € 343m n EXCL INFRA PROJECTS EBITDA from Construction   Net cash position € 322m n EBITDA from Services 4   Non capital intensive / Backlog visibility / EPS accretive E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 One of the European construction leading groups Civil engineering, industrial construction & water treatment Leading provider of infrastructure services Infrastructure & Maintenance management Urban services & waste management

How to manage Financially Operationally 5 Low level of corporate debt Asset rotation to support growth Efficient asset allocation Operational value generation E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

Debt Structure EX–INFRA PROJECTS Net debt evolution ex-infra projects 907 NET CASH €1,663mn 1,484 1,663 31 1,987 1,547 1,172 Net debt (€mn) 3,064 2006 2007 2008 2009 2010 2011 2012 2013 Debt allocated at project level PROJECTS Projects under development not generating EBITDA NET DEBT €7,015mn €mn Net debt NTE 578 LBJ 910 NTE 3A3B TOLL ROADS* Net debt €6,698mn 38 TOTAL 1,526 * €1.143mn related to R4 & OLR, both filed for creditor protection 6 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 23% of Toll roads net debt

No meaningful maturities until 2018 Financial position (ex-infra projects) € million 2014-2019 maturities 501 53 43 2014 2015 20 2016 11 2017 509 3 2018 2019 Liquidity position 937 3,788 2,851 Total cash 7 Undrawn lines E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Total liquidity >2019

Strong Backlog (Construction & Services) Backlog at Record levels Highest ever International Contribution Construction 25.6 30% +74% 14.7 70% 17.7 Construction (€ bn) 7.2 7.5 International Services 7.9 36% 2005 International Domestic Services FY13 38% 70% 64% Domestic International Strong backlog of €25.6bn as of Dec’13 (40 months of activity) 8 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

Agenda • Overview • 2013 Highlights • Business • Financial • Looking Units Results Ahead • Appendix 9 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

2013 Highlights (i) Record backlog in Services (€17.7bn) OPERATIONAL GROWTH Projects awarded: M8 (Scotland) NTE 3A-3B managed lanes (Texas) Enterprise & Steel acquisition (UK & Chile, Services division) €1.0bn operating cash flow FINANCIAL FLEXIBILITY (ex infra projects) €461mn dividends from infrastructure projects €1.7bn net cash position / 3.8bn liquidity €1.0bn bond issuance (5 and 8 years) VALUE CRYSTALIZATION 10 £1.5bn divestiture of Stansted airport 8.65% divestiture of HAH (100% ≈ £4,500mn) E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

2013 Spain outlook Industrial waste (Ferrovial) Activity cash flow (Ferrovial) €mn Tons 2012 -16.4% 2010-11 +1.9% 2013 Traffic toll roads -26 +84 2013 Improving days of sales outstanding Ausol I Ferrovial Services 201 1H’13 FY’13 Dec’13 -17.6% 148 155 164 146 -9.8% 120 +2.4% 2007 11 211 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 2008 2009 2010 2011 2012 2013

Financial highlights (ex-infrastructure projects) Gross investment € million • Higher investment 754 353 Average 2010-2012 • Debt diversification 2013 - Longer duration - Lower cost BBB / Stable (5 & 8 years bond issuance) BBB- / Stable 1,048 745 • Operating cash flow Average 2010-2012 12 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 2013

Highest operating cash flow since 2009 € million OPERATING CASH FLOW 1,048 Construction Services Toll Roads (dividends) Airports (dividends) 510 2009 2010 2011 2012 304 359 242 219 100 495 220 145 (27) (48) (16) (30) TOTAL 811 2012 Other Taxes 841 2013 914 1,048 914 2013 Balanced contribution from business divisions 13 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

Net debt evolution € million EX-PROJECTS 1,663 1,484 569 489 115 (73) (191) (207) (523) Net cash Dec´12 EBITDA Provision release WK Construction & Lower factoring & Services Dividends from projects Net investment Dividends paid Interest, Taxes & Net cash Dec´13 Other INFRA PROJECTS 365 271 -61 21 -312 -704 -6,595 -7,015 Net debt Dec´12 14 EBITDA Working capital Investment Dividends & Interest E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Capital Taxes, Forex & Other Net debt Dec´13

Toll roads € million 2013 ∆% • €242mn dividends from projects (2012, €220mn) L-f-L Revenues 429 +13% EBITDA 276 +3% EBITDA % • Traffic recovery in Ireland and Portugal • Traffic stabilising in Spain 64.4% • New projects awarded 2013 ∆% L-f-L Q4 FY Ausol I -0.4% -9.8% Algarve +9.6% 0.0% M4 +3.1% +1.1% NTE 3A3B, Texas, US M8, Scotland, UK • Pipeline Active pipeline in the US / Australia / Canada Traffic ETR 407 2 Chicago skyway2 EBITDA +0.7% +9.3% -2.3% Selective monitoring of opportunities in Chile, Peru, Colombia, Mexico, Croatia, Ireland & UK. +15.3% 1 Financial asset 2 Equity method 15 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

407ETR (Equity method, FERROVIAL stake: 43%) CAD million ∆% 2013 L-f-L 83.0% Net debt +10bps 5,577 EBITDA % +9% +8% 190 2009 300 460 2010 2011 680 2012 2013 • EBITDA growth (+9%) Traffic (+0.7%) Resilient performance EBITDA Tariff growth 665 (CAD million) • Long term bond issuances 40 years / CAD200mn / 4.68% 39 years / CAD200mn / 3.98% 408 2007 16 No relevant maturities until 2015 2008 2009 2010 2011 2012 2013 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Dividend 665 EBITDA +9% 600 (CAD million) 801 Revenues • Sharp increase in dividend

Services € million 2013 ∆% UK Spain L-f-L 3,656 Backlog -200 bps 17,749 EBITDA % +15% 8.8% EBITDA +29% 322 Revenues +41 % +56% Spain -4% BACKLOG +21% L-f-L • Strong cash flow generation €359mn Other 1% • Enterprise acquisition on track Synergies 2015 (e) £40mn Operating cash flow 495 359 165 EBITDA +53% 36% UK +0.4% +41% Backlog by geographic breakdown 63% Revenues • Expanding international operations Chile, Qatar & Poland 164 • Record backlog €17.7bn 2010 2011 2012 2013 Organic growth 19% * Excluding forex impact, integration and restructuring costs. 17 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

Amey -profitable growth Proven organic growth (sales) Amey 2013: Enterprise synergies on track £ million £ billion CAGR: 9.7% 35 Synergies -9 Net 16 2007 2013 UK Services market is growing CAGR: 9% 2014 (e) 19% organic growth € billion 14.6 11.2 7.5 2013 2012 2011 date includes Enterprise’s bids 18 19 2015 (e) Backlog: Anticipating future growth 12.3 2011 +40 Costs 2012 Amey/Enterprise active bids +16 7 1.2 0.7 40 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 2013

Robust medium-term pipeline Amey Prospects pipeline Total: EUR 15.7B Client segment Environment Year of award Newly Outsourced Local Government > 2017 15% 19% Social Nature 1) 2014 16% 20% 19% 2016 20% 20% 21% 25% Transport 2015 44% 81% Other Utilities Industrial 1) Projects with total revenues above EUR 12M per annum Source: Ferrovial Services 19

UK Infrastructure Services market: c. EUR 54BN TRANSPORT ENVIRONMENTAL FS Top 3 20 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 SOCIAL (2012) CORPORATE

Spain: resilient operations & financial performance € billion Sales 100% EBITDA / Cash flow conversion Cumulative 2007 - 2013 Stability 1.39 1.42 1.33 1.37 2007 2013 EBITDA OCF Local government operating spend Backlog: Anticipating future growth 6.3 34.2 24.7 5.2 -28% 2007 2012 2012 Source: Presupuestos anuales de las Entidades Locales – Ministerio de Hacienda y Administraciones Públicas 21 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 2013

Construction € million ∆% 2013 L-f-L Budimex -5% Revenues -22% +20% -0.1% 315 +8% EBIT EBIT ∆% 4,064 Revenues L-f-L -14% +14% +12% Backlog -11% -11% -5.6% 7.7% Backlog -7% Backlog by geographic breakdown 70% 30% International 304 298 22 2011 declining revenues • International growth offsets Spanish 2012 performance • Poland Annual contracting +19% 100 2010 • Cash flow generation (€304mn) despite Domestic Operating cash flow 373 F-A +90 bps 7,867 EBIT % Webber 2013 Infra roads plan 2014-19, €10.0bn E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

HAH (Equity method, FERROVIAL stake 25.0%) 100% GBP million 2013 • ∆% €219mn dividends from HAH L-f-L Revenues 2,652 EBITDA 1,441 +18% EBITDA % 54.3% +257 bps NET DEBT 12,683 HAH 100% 2013 dividend - GBP 555mn including GBP +12% -2% 300mn from Stansted divestiture • in 2013, up 3.4% • 2013 (PAX Mn) ∆% Heathrow 72.3 10.9 +1.7% 84.9 GBP1.0bn issued in 2013 +3.2% 1.7 Capital structure strengthened +3.4% Scotland Double digit EBITDA growth • Traffic +3.3% Southamptom UK airports Extending maturities at the lowest ever GBP coupon (4,6%) • Successful divestments above expectations 8.65% HAH sold to USS (100% HAH implied equity value GBP4,500mn) Stansted divestiture by GBP1.5bn Shareholders 25.00% 20.00% Ferrovial 23 Record 72.3 million passengers at Heathrow Qatar 13.29% Brittania 11.88% GIC 11.18% 10.0% 8,65% Alinda CIC USS E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

Operating improvement - Heathrow Departures punctuality Missed bags per 1,000 passengers 40 77% 63% 15 2007 2013 2007 % passengers rating Heathrow “Excellent” or “Very good” 75% 48% 2007 24 2013 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 2013

Agenda • Overview • 2013 Highlights • Business • Financial • Looking Units Results Ahead • Appendix 25 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

Looking ahead CONSTRUCTION TOLL SERVICES ROADS AIRPORTS  Margin vs. growth  Dividends from 407 & HAH  Strong backlog  Attractive pipeline of projects  Selective growth in existing & new markets  Co-investment with financial partners Strong financial discipline 26 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

Shareholder remuneration Dividend 2013 (Euros/share) Interim (paid Dec’13) 0.40 Complementary 0.25 - 0.30 TOTAL 0.65 - 0.70 1.25 0.40 0.45 2009 27 0.42 2010 2011 0.65 - 0.70 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 2012 2013

Appendix 28 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

Appendix 2013 - Full year results Introduction Managed 29 to Lanes 4 0 7 E T R To l l To l l r o a d s E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 road

Cash Flow generation 2013 Ex-Infrastructures projects Operating Cash Flow Construction+Services 32% 21% 22% 14% RoW 11% Dividends From infra projects 45% 48% RoW 7% Investment flow 20% 30 66% E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 RoW 12%

Diversified portfolio Ex – Infrastructure Projects Services Infrastructure Projects Construction Toll Roads Airports Non Capital Intensive Capital Intensive PROFIT GENERATION LONG DURATION CASH GENERATION LONG TERM VALUE Fully consolidated Method Proportional (1) €934Mn 30% €1,681Mn EBITDA FY´12 33% 32% Services Toll Roads 37% 41% Spain 17% UK Construction 17% US 25% RoW 22% Spain (1) Proportional: All EBITDA figures are aggregated in a proportional basis to the Ferrovial equity stake in each company or project. 31 19% Airports E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 43% UK 20% 29% 24% US 11% RoW

FY 2013 results EUR MN DEC’13 DEC’12 Revenues 8,166 7,630 7.0% EBITDA 934 927 0.8% 4.8% EBITDA margin 11.4% 12.1% Period depreciation -233 701 708 EBIT margin 8.6% 9.3% Disposals & Impairments 126 52 Financial results -333 375 869 733 Corporate income tax -168 -106 CONSOLIDATED NET INCOME 701 628 L-f-L% -6.1 12.5 26.3 n.s. 7.0 -4.5 13.0 29.3 n.s. 9.0 SEP´12 VAR.% L-f-L% 240.7 226.9 215.0 -24.3 658.3 1.8 1.7 2.6 n.s. 0.8 4.0 2.9 15.0 n.s. 4.8 275 EBT VAR.% -301 Equity-accounted affiliates DEC´12 -219 EBIT DEC´13 9.0% L-f-L% Construction Toll Roads Services Others Total 4,063.6 429.0 3,656.3 17.6 8,166.5 SEP´13 -1.0% 4.0% Construction Toll Roads Services Others Total 221.0 199.6 211.5 -0.4 631.6 Minorities 26 64 NET INCOME ATTRIBUTED 727 692 4,325.6 381.4 2,895.0 28.3 7,630.3 DEC´13 Construction backlog Services backlog Traffic evolution ETR-407 (VKT) Discontinued operations 32 Var% Chicago Skyway (ADT) Indiana Toll Road (ADT) Ausol I (ADT) Ausol II (ADT) M4 (ADT) Heathrow (million passengers) E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 7,867 17,749 DEC´13 2,356,343 41,251 27,924 11,307 13,629 25,591 72.3 DEC´12 VAR% 8,699 12,784 -9.6 38.8 DEC´12 VAR% 2,340,004 42,228 27,459 12,537 14,099 25,306 70.0 0.7 -2.3 1.7 -9.8 -3.3 1.1 3.4

Appendix 2013 - Full year results Introduction Managed 33 to Lanes 407 ETR Toll To l l r o a d s E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 road

407 ETR Would you buy this company…? Figures in $CAN million Shareholder's fund Net debt 1999: 1999 775 1,937 27x Debt/Ebitda 34 -1,694 5,577 Accounting losses 2013 High debt E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

407 ETR Ferrovial bought this company… Figures in € million Cash generation Valuation 407 ETR (1999 – 2013) Initial equity investment (62%) (326mn) Dividends (00 - 13) (100%) 1,051mn 10% disposal 640mn NET CASH IN 1,691mn 100% pay-back 9,536 18x first 10 years Valuation x18 525 1999 Maturity 2098 84 years to maturity Strong dividend flow Equity valuation sharp increase * December´13 analysts consensus 35 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 2013*

407 ETR Location Area of expansion 407 East extension High density population area Ring road of Toronto 108 km 407 36 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

407 ETR All Electronic Roadside Tolling System 37 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

Fast 407 ETR Safe R eliable LOCATION Greater Toronto Area 23% of Canada population HIGH HOUSEHOLD INCOME 46% higher than Canada average SPEED NO REGULATORY REVIEWS Alternatives routes 40kph vs 100kph at During concession life (99 years) 407 TOLL RATE HIGH FLEXIBILITY TRAFFIC Alternatives routes are highly congested Including segment, direction, time of the day NON-STOP TOLL FACILITY Fully electronic with interchanges every 3km 38 FAST Reliable travel times E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

407 ETR Financial overview ($CAD million) Capital Expenditure Revenues 97 801 CAGR: 8.4% 72 77 420 84 years to maturity 2005 49 88 70 74 38 2005 2006 2007 2008 2009 2010 2011 2012 2013 2013 OPEX Dividends CAGR: 3.4% 680 136 600 100% pay-back in first 10 years 104 460 300 85 2005 EBITDA 145 120 135 Net Debt / EBITDA X EBITDA % CAGR: 9.7% 665 83% 190 2005 2006 2007 2008 2009 2010 2011 2012 2013 2013 80% 90 Free-tariff revision 27 ≅ 8% CAGR 02-13* 82% 79% 316 77% 8.4 76% 75% 2005 39 2013 * Tariff increase for light Vehicles in Peak hours regular zone (%) E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 1999 2013

407 ETR ETRRecurrent presence in the bond market Extending maturities at historically low cost (June’13) CAD 2,950mn issued since 2009 500 Maturity 3,49% 40 3,58% 30 39 years 400 300 300 200 2009 2010 2010 2010 2011 2012 2012 2013 510 1,39% 287 9 313 311 184 5 2009 2010 2011 2012 2012 2013 10 2014 14 11 2013 40 2010 Yearly average maturity: Only 3% of total debt 1,56% 1,60% 1,70% 2009 200 30 Spread 3 400 200 2009 1,58% 300 350 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 2015 2016 2017 14 2018 2019 2020

Appendix 2013 - Full year results Introduction Managed 41 to Lanes 4 0 7 E T R To l l Toll roads E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 road

Managed Lanes New assets landmark “Express Tollway within an Existing Highway” Free Tolled Lanes Free Lanes Speed >50mph Lanes A solution to congestion on “existing urban corridors” by means of Active management of “newly added capacity” through tolling 42 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

Managed Lanes Level of demand NTE 407ETR (untolled) (tolled) Peak period Westbound Eastbound 00.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 18.00 20.00 22.00 24.00 12.00 2.00 4.00 Time of the day 43 6.00 8.00 10.00 12.00 2.00 4.00 Time of the day E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 6.00 8.00 10.00 12.00

Paying for predictability Travel Time Variability 70 60 50 Tim e (m in) Time (min) 40 30 20 10 Free Flow Travel Mean 0 NB AM NB MD NB PM SB AM NB - North bound SB MD SB PM SB - South bound • • The average travel time during all time periods is significantly higher • 44 Free flow time of 14 minutes at 6.00AM In some periods, the average travel time is double the free flow speed and can go up to almost 50 – 60 minutes E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Data Source: Travel Tim e Runs Seg 3a and 3b conducted Fall 2012

Toll rates – tariff treshold Toll Rate Toll Rate Cap Demand threshold 0.75 c/mi 3300 pce/h 2-lane sections Speed Speed Threshold Demand 12:00 1:00 2:00 3:00 4:00 Hour starting Analysis by segment and direction Freedom under the cap 45 5:00 6:00 7:00 TOTAL FREEDOM 8:00 9:00 10:00 11:00 12:00 Freedom under the cap E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 50 mi/h

Dallas and Fort Worth Regional Map LBJ NTE 1-2 NTE 3 46 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

Managed Lanes Lyndon B Johnson KEY CHARACTERISTICS DESCRIPTION: 108K m Electronic toll LENGTH: CONCESSION PERIOD: TARIFF POLICY: IH 635 (Dallas County), the most populous county in Texas 13 mile section of the IH 635 and IH 35E 52 years Open Road Tolling System (no toll booths) with a dynamic tolling regime (every 5 minutes) to maintain at all times a minimum speed of 50 mph ● Heavy congested area, almost 250,000 cars per day ● No toll-booths, fully electronic free flow tolling SHAREHOLDERS’ STRUCTURE 51% system ● Tollway within a freeway: Motorists will be provided 42% CINTRA MERIDIAM with a choice of driving in non-tolled GP lanes or 7% DALLAS FIRE&POLICE PENSION SCHEME paying a toll to bypass such GP lanes ● Tolls setting to ensure minimum speed on new lanes ● As demand grows and capacity becomes scarce, pricing power increases ● FINANCIAL STRUCTURE 25% Physically separated from the GP lanes with 54% EQUITY DEBT controlled access 47 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 20% PUBLIC FUNDS

Managed Lanes North Tarrant Express KEY CHARACTERISTICS DESCRIPTION: Dallas-Fort Worth Metroplex, Major thoroughfares between Fort Worth and DFW Airport LENGTH: CONCESSION PERIOD: TARIFF POLICY: 13 mile section (IH 820 & SH 183 in Tarrant County) 52 years Open Road Tolling System (no toll booths) with a dynamic tolling regime (every 5 minutes) to maintain at all times a minimum speed of 50 mph ● Heavy congested area, almost 200,000 cars per day ● No toll-booths, fully electronic free flow tolling SHAREHOLDERS’ STRUCTURE 57% system ● Tollway within a freeway: Motorists will be provided 33% CINTRA MERIDIAM with a choice of driving in non-tolled GP lanes or 10% DALLAS FIRE&POLICE PENSION SCHEME paying a toll to bypass such GP lanes ● Tolls setting to ensure minimum speed on new lanes ● As demand grows and capacity becomes scarce, pricing power increases ● FINANCIAL STRUCTURE 21% Physically separated from the GP lanes with EQUITY controlled access 48 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 52% 27% DEBT PUBLIC FUNDS

Managed Lanes North Tarrant Express 35W KEY CHARACTERISTICS DESCRIPTION: 2 “managed lanes” in each direction of the IH-35W, segments 3A and 3B (3B segment to be built by TxDOT) LENGTH: CONCESSION PERIOD: TARIFF POLICY: 10.2 mile section (segments 3A 6.2 miles and 3B 4 miles) 52 years Open Road Tolling System (no toll booths) with a dynamic tolling regime (every 5 minutes) to maintain at all times a minimum speed of 50 mph ● The corridor south to the 3A segment is currently SHAREHOLDERS’ STRUCTURE ranked as the most congested roadway in Texas. 50% ● No toll-booths, fully electronic free flow system ● Tollway within a freeway: Motorists will be provided 39% CINTRA MERIDIAM with a choice of driving in non-tolled GP lanes or 1% 10% APG DALLAS FIRE&POLICE PENSION SCHEME paying a toll to bypass such GP lanes ● Tolls setting to ensure minimum speed on new lanes ● As demand grows and capacity becomes scarce, pricing power increases ● Physically separated FINANCIAL STRUCTURE 32% from the GP lanes with EQUITY controlled access 49 E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 59% DEBT 9% PUBLIC FUNDS

Managed Lanes Financial Overview Figures in US Dollars Total Investment: Private Equity: 2.05 bn 21% Cintra: Meridiam: DPFPS: APG: 2.70 bn 427 m 25% 243 m (57%) 141 m (33%) 43 m (10%) 52% Total Debt: PABs: TIFIA: 27% 54% 1,050 m 32% 20% 537 m First combination of TIFIA and tax exempt PABs. • First un-wrapped bond issuance for a toll road. • First time TIFIA allowed additional debt to be raised beyond its approved federal subsidy cap. • 59% 1,465 m 805 m 274 m 531 m 9% 496 m First time that a U.S.-based pension fund made a direct investment in a highway concession. 430 m 215 m (50%) 167 m (39%) 43 m (10%) 4 m (1%) 615 m 850 m • 50 665 m 339 m (51%) 282 m (42%) 44 m (7%) 400 m 650 m Public Funds: 1.36 bn 127 m • First privately-financed road development project of its kind to reach financial close in 2010. • Very competitive capital structure in spite of the difficult market conditions. • Texas’ third big recent road project to reach financial close since 2008. • Strong portion of the debt from TIFIA program with its flexible amortizing structure during the first 25 years. E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30

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

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