full year results

Transcription

1 full year results

2 H i g h l i g h t s B u s i n e s s U n i t s F i n a n c i a l R e s u l t s L o o k i n g a h e a d F i n a l r e m a r k s 2

3 Highlights Strong Cash flow generation Net cash position at parent (ex-infra project debt) Swissport & M45 divestments not included yet Value crystallization Operational growth across portfolio EBITDA up by 7% (L-f-L) 3

4 Financial performance * S t a b i l i t y Revenue EBITDA Net Income 12,169 +3% 2,514 +7% 2,163 n.s. S t r e n g t h Net cash at parent (Swissport & M45 divestments not included yet) 31 n.s. V i s i b i l i t y Construction backlog Services backlog 10, % 12, % * Excluding forex impact & perimeter changes 4

5 Strategic review Operational GROWTH Asset ROTATION Efficient capital allocation Debt OPTIMIZATION 5

6 H i g h l i g h t s B u s i n e s s U n i t s F i n a n c i a l R e s u l t s L o o k i n g a h e a d F i n a l r e m a r k s 6

7 Toll roads Financial Revenues EBITDA EBITDA % 2010 % L-f-L % +7% +8% +32 bps Growth driven by ETR407 ETR407 (L-f-L): Traffic: +6%, Revenue: +11%, EBITDA +14% Revenues 2010 % L-f-L ETR Indiana Toll Road % +16% 2.9bn new financing facilities in 2010 Autema 79 +7% Ausol Chicago Skyway % -7% ETR ( 1,263mn), LBJ ( 1,190mn), Ausol ( 489mn), M % R4 Ocaña La roda % -11% Divestments of 10%ETR, Chile and M45 1 Full year figures. (Fully consolidated until September, last quarter equity consolidated) 2 Full year 2010 equity consolidated 7

8 Services Revenues EBITDA EBITDA % EBIT EBIT % Backlog 2010 % L-f-L 3, % % 12,003 +3% +9% +54 bps +12% +56 bps +20% Growth at all levels Profitability improvement Highest ever backlog R e v e n u e s geographical breakdown Domestic Strong cash flow generation (282mn) 38% Divestments of Tube Lines and Swissport 62% International 8

9 Construction 2010 % L-f-L Revenues 4,525-1% EBITDA EBITDA % % -2% -3 bps Strong international growth offsets EBIT EBIT % % +1% +10 bps Spanish decline Backlog 10, % B a c k l o g High cash flow generation Geographical breakdown Work breakdown ( 373mn) Spain Residential Non residential Industrial International 65% 76% Civil works 9

10 Airports Financial Revenues 2010 % L-f-L 2,794 +5% Material increase in profitability EBITDA 1,272 +8% EBITDA % 45.5% +131 bps Strong recovery in LHR traffic Underlying traffic +3.4% Traffic 2010 % Heathrow % Capital structure strengthened Stansted Scotland Southampton % -7,1% -3.2% GBP1.9bn new bonds & facilities Sub-debt refinanced UK airports % No significant 2011 maturities Naples % TOTAL % Underlying: Excluding closure of airspace due to ash from an Icelandic volcano, industrial action affecting British Airways' Heathrow operations and severe winter weather 10

11 H i g h l i g h t s B u s i n e s s U n i t s F i n a n c i a l R e s u l t s L o o k i n g a h e a d F i n a l r e m a r k s 11

12 Profit & Loss TOTAL VAR. L-f-L (1) Net Revenue EBITDA Depreciations EBIT Disposals & impairments (2) Net Financial Result Equity accounted EBT Taxes Minorities NET PROFIT 12,169 2,514 (1,000) 1,514 1,879 (1,725) 62 1, ,163 +3% +7% -2% +14% +12% (1): Like-for-Like: Excluding forex impact, perimeter variations and fair value adjustments (2) Included in EBIT at the statutory accounts 12

13 Disposals & impairments DISPOSALS & IMPAIRMENTS Capital gains Impairment / Fair value BAA Capital gain Impairment / Fair value Toll roads Capital gain Impairment / Fair value Others Capital gain Impairment / Fair value TOTAL ,886 2, ,139 1,879 Naples airport, APP, US retail, other LHR runway 3, Stansted runway 2, other 10% ETR, 60% Chile (completed transactions) 43% ETR, 40% Chile, other negative impairment (+2,015) (+148) (-277) Tube Lines, other Other 13

14 Net result by business units proforma (Excluding divestments, fair value adjustments and forex) Two different profiles within the same company VALUE (Infrastructure projects) EPS (Construction & Services) -202 NET PROFIT +329 Airports -187 Toll roads -14 Services +187 Construction +142 Not including -73mn, mainly referred to corporate debt cost 14

15 Net debt evolution EX-PROJECTS 1, ,172 Net debt Dec 09 EBITDA Dividends recived WK Taxes Investment Divestment Dividends paid Interest Other Net cash dec 10 INFRA PROJECTS 3,125 1, , ,972 21,110 19,836 N et debt D ec 09 EB IT D A WK T axes Investment D ivestment D ividends Interest C apital F o rex Equity metho d Others N et debt de c 10 15

16 Cash Flow ex-infra projects Construction Services Toll Roads Airports Other Taxes OPERATING CASH FLOW (12) 50 (60) NET INVESTMENT (38) (83) 3 TOTAL ,515 Remarkable cash flow generation 16

17 Debt reduction and simplification P A R E N T NET CASH 31MN Net debt evolution ex-infra projects 3,064 Net debt to EBITDA x3.2 1,987 x2.1 1,547 x1.5 1,172 Net debt x P R O J E C T S NET DEBT 19,836MN TOLL ROADS Debt 5,026 AIRPORTS Debt 14,528 Debt allocated at project level No relevant 2011 maturities in BAA & ETR 17

18 H i g h l i g h t s B u s i n e s s U n i t s F i n a n c i a l R e s u l t s L o o k i n g a h e a d F i n a l r e m a r k s 18

19 Looking ahead Infrastructures TODAY TOMORROW 407ETR HEATHROW MANAGED LANES Tariff regime Flexibility RPI + 7.5% Sustainable and innovative solution to urban congestion Traffic resilience (FY 2010) +5.5% +3.4% ** Sophisticated model, requires wide variety of skills, limiting competition Strong financial profile * A A - Active management of newly added capacity through toll setting flexibility Growth outlook (2011) Double digit growth (EBITDA) Current assets: NTE, LBJ * Senior debt ratings / ** Underlying traffic excluding volcano ash, BA strikes, Snow 19

20 Looking ahead Services CHALLENGES & TRENDS FERROVIAL STRATEGY Budget cuts Lower investments Scope reduction Liquidity constraints Efficiency gains in current portfolio Aggressive competition Broadened services offer Smart cities Energy efficiency Outsourcing of public services Focus on international markets 20

21 Looking ahead Construction 70% International backlog is Group related No payment risk... Value engineering Potential for efficiencies International BACKLOG almost doubles domestic one 42% ( 3.6mn) 52% ( 4.6mn) 65% ( 6.6mn)

22 Looking ahead Parent company financial position Net cash position at parent... No meaningful 2011 maturities... additional > 750mn from Swissport & M45 sales leverage capacity 22

23 A competitive edge INFRASTRUCTURE INFRASTRUCTURE SERVICES SERVICES CONSTRUCTION CONSTRUCTION FINANCIAL FINANCIAL Differential traffic know-how Integrated value added services Record backlog Value engineering No net debt at parent Landmark assets: ETR407 Heathrow Managed Lanes Long term stable cash flow Profitable growth Flexibility 23

24 H i g h l i g h t s B u s i n e s s U n i t s F i n a n c i a l R e s u l t s L o o k i n g a h e a d F i n a l r e m a r k s 24

25 Final remarks D E L I V E R Y Active portfolio managment F I N A N C I A L F L E X I B I L I T Y Net cash position at parent company S U P E R I O R G R O W T H P O T E N T I A L Traffic recovery Tariffs above inflation Backlog 25

26 INVESTOR RELATIONS DEPARTMENT C/ Príncipe de Vergara, MADRID (Spain) Tlf: Fax: website: