Resultados 2012 Transformational 2012 Year

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2 Resultados 2012 Transformational 2012 Year Highlights OHL becomes a reference shareholder of Abertis Disinvestment of Inima Year of outstanding results: ( mn) (1) % Var. Significantincreaseof thenet Profit Significant reduction of the Recourse Net Debt Significant increase of the Parent Company Shareholder s Equity 1, % , % 2, , % Focused on creating value, subject always to the stringent financial policies applied (1) Figures re-stated according to the presentation of OHL Brazil and Chilean concession assets as discontinued operations 2

3 Resultados 2012 I. EconomicEnvironment II. OHL sposition III.2012 Results IV.OHL sfuture V. ResolutionsProposal 3

4 Resultados Economic 2012 Environment Macro Figures Macro Figures P 2014P World Developed Enconomies USA Eurozone Emerging Economies Mexico Spain GDP Growth 3.2% 3.3% 4.0% CPI 4.0% 3.8% 3.8% GDP Growth 1.3% 1.2% 2.2% CPI 2.0% 1.7% 2.0% GDP Growth 2.3% 1.9% 3.0% CPI 2.1% 1.8% 1.7% GDP Growth -0.4% -0.3% 1.1% CPI 2.5% 1.7% 1.5% GDP Growth 5.1% 5.3% 5.7% CPI 5.9% 5.9% 5.6% GDP Growth 3.9% 3.4% 3.4% CPI 4.1% 3.7% 3.2% GDP Growth -1.4% -1.6% 0.7% CPI 2.4% 1.9% 1.5% Source: IMF 4

5 Resultados 2012 I. EconomicEnvironment II. OHL sposition III.2012 Results IV.OHL sfuture V. ResolutionsProposal 5

6 OHL s Resultados Position 2012 Concessions ABERTIS #1 transport infrastructure player worldwide post transaction with OHL OHL, a reference shareholder OHL holdsa 18,93% stake 2012 Net dividendof 0.66/share (approx. 82 mn)+ 1x20 bonusshares DIRECT CONCESSIONS Continuityof importantgrowth: +34.3% in Sales and % in EBITDA Portfolio of 17 major concessions: 11 tollroads(848 Km), 2 railways, 3 portsand 1 airport Geographical presence: Strategic countries: Mexico, Peru and Spain Interest in other countries: USA and Colombia PERFORMANCE CRITERIA OHL Concesiones financially independent from the rest of OHL Minimunprofitabilitytarget fortheequityof 15% in Concessions financed in non-recourse basis and in local currency Preference for mayority holdings 2012 Orderbook 44,933 mn Mexico 76% Spain 17% Argentina 4% Peru 3% 6

7 OHL s Resultados Position 2012 Main Direct Concessions(Figures as at 12/31/12) Country Highways Stage Km % OHL Traffic Average/ day Mexico Spain Conmex Amozoc Perote Puebla Viaducto Bicentenario Poetas - Luis Cabrera Autopista Urbana Norte Total Euroglosa M45 Autopista Eje Aeropuerto Autovía Aragón Tramo 1 Total Operation Operation Construction Operation Construction Operation Operation Operation Operation % 51% 74% 74% 37% 74% 64% 100% 100% 95% 98% 269,523 28,795 n/a 25,702 n/a 12, ,369 74,076 7,239 99, ,730 Years Remaining Peru Autopista del Norte Operation % 26, Argentina Aecsa Operation 60 89% 197,063 8 Total Highways ,029 Country Others Stage Operating Infrastructures Mexico Toluca International Airport Operation Commercial services Spain Oeste LightRail Móstoles Navalcarnero Port of Alicante Port of Sta. Cruz de Tenerife Operation Construction Operation Construction 22 km 2 lines 15 Km 1 line 30 Ha. Dock 15.3 Ha. Dock % OHL Passangers/ Year Years Remaining 36% 895, % 100% 100% 65% 6,461,444 n/a 316,792 n/a Chile Port of Valparaiso Construction 13,6 Ha. dock 100% n/a 30 Note: The average traffic/day corresponds to paying vehicles in every case

8 OHL s Resultados Position 2012 Construction Among the 20 largest constractors, leading emblematic projects worldwide Competitive Advantages derived from: Specializationin niches withhighdegreeof technicalcomplexitysuchas railways, hospitals and smart buildings Solid balance sheet and proven ability to structure OHL Group s financing Highlycompetitiveduetothegeographicaldiversificationand technological specialization Global management of the excellent human capital Centrallized Technical Office Suitableorderbook mix bygeography(developed& emergingeconomies) and bysizeof projects: More capillarityin places withpermanentpresence suchas Central & Eastern Europe, USA, Canada and Spain Singular worksin countriessuchas SaudiArabia, Turkey, Kuwait orqatar Increasingly international orderbook with Spain accounting for only 21.6% 2012 Orderbook 8,107 mn Central & Eastern Europe 31% Spain 22% Middle East & North Africa 20% USA & Canada 20% Others 8% 8

9 OHL s Resultados Position 2012 High Quality Construction Orderbook Organic growth guaranteed by the important orderbook that represents a 3 years of sales. Outstanding success in winning significant international awards, although will take some time in becoming fully visible across the P&L: Large-scaleconstructionprojectswith1 to1.5 yearsof designphaseand executionperiodsof between3 and 5 years. 2011/2012 Major Awards Country Mn Date Toronto underground enlargement Canada 136 Jan CHUM Hospital, Montreal Canada 742 Feb.2011 Urban Viaduct Kuwait 310 Feb.2011 Bosphorous tunnels& railway Turkey 653 Oct.2011 La Meca-Medina high speed railway Saudi Arabia 586 Oct.2011 Ural-Polar railway Russia 1,500 Dec.2011 Water mains for shaft USA 182 Jan.2012 Olympic Flame Building in Sochi Russia 411 Jun.2012 TOTAL (8 major contracts) 4,520 9

10 OHL s Resultados Position 2012 Other Activities OHL Industrial: Clearly international scope Design and construction of turn-key industrial plants Present in among other, Oil&Gas, petrochemicals, power, solid handling, fire-fighting protection and others Developments: Development and promotion of top quality projects in areas of cultural and touristic interest Since inception, and through Mayakoba project, accrues relevant experience in development and promotion of high quality projects operated by the most prestigious hotel chains worldwide Wide range of services associated with the entire life cycle of the project: Identification of opportunities and feasibility analysis Design and execution of the construction Fundraising and structuring the financing Strategic Alliances Commerzialization, operation and disinvestment 10

11 OHL s Position Global Presence 9 in America United States Canada Mexico Brazil Chile Argentina Colombia Peru Uruguay 10 in Europe Spain Czech Republic Slovakia Hungary Bulgaria Bosnia Herzegovina Montenegro Romania Poland Russia 6 in Asia Turkey Qatar Azerbaijan Kuwait Jordan Saudi Arabia 2 in Africa Algeria Marocco 1 in Oceania Australia Orderbook 82% 18% EBITDA Spain Rest of the World Significant and balanced geographical diversification(28 countries accross 5 continents) 11

12 OHL s Position Resultados : Transformational year for OHL and growth continuity Sales ( mn) EBITDA ( mn) % 2011(*) % (*) 2012 Recurrent Net Profit ( mn) Total Net Profit ( mn) % % (*) (*) 2012 Outstanding growths even without considering our concession assets in Brazil and Chile swapped with Abertis (*) 2011 restated figure, without assets in Brazil and Chile, for comparison purposes. 12

13 OHL s Position Resultados : 10 years of solid and steady growth track record Sales ( mn) EBITDA ( mn) CAC:+8.6% (*) Recurrent Net Profit ( mn) CAC:+20.0% (*) CAC:+18.8% (*) CAC:+19.9% Long Term Short Term Orderbook( mn) (*) Substantial growth driven by its two core activities, Concessions and Construction (*) 2012 without Brazilian and Chilean assets 13

14 Resultados OHL s Position 2012 Continuity in Creating Value and Impact on Share Price (12/31/02-03/31/13) Theperformance of thestock priceshows thesuccesof thestrategyand theresultsobtained. Generation of value for the shareholders: Dividendpayoutof 25% fromtherecurrentnet Profit Remaining75% reinvestedin thegroupgeneratinga 18.8% ROE(2) 100 of 12/31/02 turnas of 03/31/13 in: 131 investedin theibex-35, 31 surplus 137 investedin theaverageof theotherconstructioncompanies, 37 surplus 840 investedin OHL, 740 surplus, 19.9 times higherthantheaverageof theotherconstruction companies (1) In % Ibex35, -15.3% Sector Average( without OHL) and +13.3% OHL (1) Average of the construction companies quoted(without OHL) (2) As of 2012 yearend(basedontherecurrentprofit) 14

15 Resultados 2012 I. EconomicEnvironment II. OHL sposition III.2012 Results IV.OHL sfuture V. ResolutionsProposal 15

16 Resultados 2012 Urbana Norte Motorway - Mexico 16

17 Resultados 2012 Poetas Motorway - Mexico 17

18 Resultados 2012 Airport Connection-Poland 18

19 Resultados 2012 Orange Line Underground. Miami USA 19

20 Resultados 2012 Highway Transfer Zone. Miami USA 20

21 Resultados 2012 Brno Tunnel Czech Republic 21

22 Resultados 2012 Cubipod Dock. La Coruña- Spain 22

23 Resultados 2012 CHUM Hospital - Canada 23

24 Resultados 2012 Sidra Hospital - Qatar 24

25 Resultados 2012 Mostoles Hospital in Madrid - Spain 25

26 Resultados 2012 Fractionation Plant in Pisco- Peru 26

27 Resultados 2012 Thermosolar Plant in Morón de la Frontera. Seville- Spain 27

28 2012 Results Resultados OHL s Milestones Abertis and Inima transactions closed, both: Obtaining significant profits ( 1.1bn) Reducing global leverage(from 5.1 to 4.0 times) and Recourse Net Debt (-53.6%) Strengthening the balance sheet: Increase of +75.6%of the Parent Company Shareholder s Equity reaching 2.1bn Financial structure optimization: Recourse Debt maturity profile improved Better Recourse Liquidity position and complete renewal of the credit lines platform Long term needs covered in capital markets. Of Recourse Debt, 87% is bonds and 13% financial institutions Comply with the 2012 anticipated target: RecourseNet Debt/ RecourseEBITDA < 2x 28

29 2012 Resultados Results 2012 Profit& Loss Account Performance by Division ( mn) Concessions Var 12/11 Construction Var 12/11 Other Activities Var 12/11 Total Var 12/11 Sales % 2, % % 4, % %/ Group 15.9% 68.0% 16.1% EBITDA % % ,330.5% 1, % %/ Group 71.1% 24.0% 4.9% Concessions is the primary engine of the Group, providing growth figures of and in Sales and EBITDA, respectively. Construction activity registered a slight decline of -4.5% in global terms (+11.8 International and-31.7 in Spain). Other Activities sales grow by +81.6% driven by the Industrial and Developments Divisions. 29

30 2012 Resultados Results 2012 Profit& LossAccount Key figures ( mn) 2012 % 2011 (1) % % Var. Sales 4, , % EBITDA 1, % Recurrent Net Profit % Total Net Profit 1, % Significant growths at all levels of the P&L: Sales +8.8%, EBITDA +38.1% and Recurrent Net Profit +16.5% Annual Net Profit topped 1bn, which implies 4.5 times the figure from previous year. Includes extraordinary transactions: 1.1bn capital gains obtained from the disposal of Inima and the swap of the assets with Abertis International activity continued to play a leading role within the Group as they accountfor67%ofsalesand82%ofebitda (1) Figures restated according to the presentation of OHL Brazil and Chilean concessions assets as discontinued operations. 30

31 2012 Resultados Results 2012 Strong reduction of Total Leverage and Recourse Debt Recourse Net Debt Total Net Debt Recourse Net Debt 1, Recourse EBITDA Ratio % Recourse Net Debt/ Recourse EBITDA = 1.6: Ratio < 2 as announcedin 2011 Results Presentation 2012 Recourse EBITDA= mn(*) Total Net Debt 3,900 4,198 Total EBITDA 762 1,053 Ratio Total Net Debt/ Total EBITDA = 4.0: Conservative for a mainly concessional Group 1.1 Deleveraging in % (*) Total EBITDA 1,052.9mn Non-recourse EBITDA 677.3mn 31

32 2012 Resultados Results 2012 Comfortable Financial Situation Comfortable maturity profile Refinancing analysis and execution well ahead of time. Actions during 2012: March: 300mn bond issuein theeuromarket, bulletwithan8 yearterm April: 3 yearextensionof thesyndicatedfacilityincreasingitsprincipal by25% up to 300mn Obtaineda marginfacilityin Decemberof up to 971 mn, collaterizedwithabertis stakeand a 3 year maturity( 476mn drawn at closing of 2012) Actions during 2013: March: 300mn securedbond issuedbyohl Concesiones, exchangeableforshares of OHL Mexico, bulletwitha 5 yearterm April: Programof Euro CommercialPaperfora maximumoutstandingamountof up to 300mn. Short-termfinancingsourcein thecapital market, increasingflexibilityand diversificationof sources Strong and stable liquidity position, able to cover 1.3 times the full recourse maturities Recourse Debt Maturities(*) 1,968mn Available Liquidity ( mn) ( mn) CreditLines& Others (drawn) Syndicated Facility (undrawn) Euromarket Notes CreditLines& Others (undrawn) Syndicated Facility (undrawn) RecourseCash & Equivalents (*) Signed increase of Syndicated Facility up to 300mn since January

33 Resultados 2012 I. EconomicEnvironment II. OHL sposition III.2012 Results IV.OHL sfuture V. ResolutionsProposal 33

34 OHL s Resultados Future 2012 Continuity of the Strategy CONCESSIONS CONSTRUCTION OHL Concesiones financially and organically independent Indebtednessin a non-recourse basisand in thesamecurrency as revenues Focused on civil engineering and singular building More capillarityin places withpermanentpresence suchas Central & Eastern Europe, USA, Canada and Spain Singular works in countries such as Saudi Arabia, Turkey, Kuwait and Qatar Works in other countries maintaining the commitment with prudent criteria: Positive cash-flow since beginning of work Collections guaranteed Other Activities FINANCIAL Industrial: Design and construction of turn-key industrial plants Developments:Developmentand promotionof top qualityprojectsin areas of cultural and touristic interest Financial discipline and prudency Commitment to recover Investment Grade status 34

35 OHL s Resultados Future Estimates Expected growth: Sales > +5% EBITDA > +10% RecurrentNet Profit> +10% RecourseNet Debt/ RecourseEBITDA < 3x 35

36 OHL s Resultados Future 2012 Corporate Governance Enhancing the values of transparency, prudence and honesty in the Corporate Governance model of the OHL Group Revision of the Code of Ethics adopted in 2010 in order to expand its reach, cover various aspects on the reform of the organic law 5/2010 of the Penal Code, and enhance the control and prevention systems of criminal acts and unlawful conduct. TheBoardofDirectorsdecidedtoassigntheroletopromoteandcontrolthepolicyof Corporate Social Responsibility of the OHL Group, to the Audit and Compliance Committee. New commitments for the Group s future Corporate Government The 2011 Corporate Governance Annual Report of the Comisión Nacional del Mercado de Valores (Spanish market regulator), latest published version, notes that OHL is the leader in Corporate Governance among the companies in the Ibex-35. Promote the communication, training and dissemination measures, necessary for understanding the Code of Ethics by all employees of OHL. Reinforced internal control and risk management, improving the Group s management structure, actions carried out under the direction of the Audit Committee, Compliance and Corporate Social Responsability of the Board of Directors In order to consolidate the commitment of information transparency with its different stakeholders, the Audit, Compliance and Corporate Social Responsibility Committee has increased the levels of internal and external transparency, and has approved: A communication, distribution and Code of Ethics training plan, and The Groups Ethics Communication Channel procedure. 36

37 OHL s Resultados Future 2012 Sustainable Development Corporate and Social Responsibility for the OHL Group 2012 Milestones Since 2002 the Group reports on its policies, Corporate Social Responsibility (CSR) management and performance management systems and on its commitment with sustainable development. The sustainability Report is made pursuant to international standard Global Reporting Initiative(GRI) in its highest application level A+, guaranteed by GRI. Renewal in 2012, for the fourth consecutive year, the presence of OHL in the FTSE4Good Ibex index The Group obtained a score rated High, with a 10 points improvement over the previous yearinthecarbondisclosureprojectindexand,forthesecondyearrunning,isincludedinthe select group Carbon Disclosure Leadership Index. Mayakoba attained the 5 diamonds valuation, maximum score granted by AAA (American Automobile Association) and received a favorable report from the Federal Attorney for Environmental Protection (PROFEPA) of the Government of Mexico to Mayakoba s Touristic Development and therefore placing itself, another year, as a main reference within the environmentally sustainable and responsible tourism destinations at an international level. OHL has continued creating jobs, +7.4% in Spain and +10.1% throughout the Group. The continuous improvement in prevention related matters, which in 2012, year on year, has reduced the Group s overall labour accident incidence rate by-9%. Success in implementing the results of the R&D projects, with the Cubipod as a great example of artificial breakwater element for the protection of port docks, which has already been used in two works, both in San Andrés dock at the Port of Málaga and the First Phase of the Outer Harbour dock of Langosteira in La Coruña, having high expectations of an increasing use worldwide. 37

38 Resultados 2012 I. EconomicEnvironment II. OHL sposition III.2012 Results IV.OHL sfuture V. ResolutionsProposal 38

39 Resolutions Resultados 2012 Proposal First Approval of the Annual Accounts and the Management Report, corresponding to 2012 exercise of both Obrascón Huarte Lain, S.A. and its Consolidated Group Second Approval of the proposal to distribute results Third Management approval of the Board of Directors during 2012 Fourth Re-appointment the Company s and its Consolidated Group Auditors Fifth Authorization for the Company to acquire own shares, directly or through any subsidiary of the Group, according to article 146 of the Adapted Text of the Capital Companies Act. 39

40 Resolutions Resultados 2012 Proposal Sixth Approval of the participation of Executive Directors in a share capital investment system designed for the OHL Group management team (Plan OHL Capital 2016) Seventh Annual Report on the retributions to the Board of Directors Eight Report on the use of the delegated faculty granted by the General Shareholders Meeting to issue bonds Ninth Delegation of faculties Tenth Approval of the Shareholders Meeting certificate 40