Ferrovial 9M 2015 Investing for Growth

Transcription

1 Ferrovial Investing for Growth 9M

2 Human Resources Environment FY2014 figures 70% MALE 69,088 Workforce 30% FEMALE 43.3 AVERAGE AGE YEARS OF SENIORITY % PERMANENT CONTRACT 81% 85% MANAGEMENT 15% 2.9% 0.6% ROTATION INDEX 67% 33% NEW RECRUITMENTS -39 Reduction of greenhouse gas emissions Spain 54% Turnover index: 3.6% Present in 25 countries UK 27% America 4% Poland 6% Employee education commitment Total training hours: 1,281,414 Hours per employee: 19 Investment per employee: 258 % of Co revenue: 0.20% RoW 9% 17 Of electricity consumed by ferrovial came from renewable sources 100 in the case of Amey 2

3 3 Ferrovial Overview & Strategy

4 What is? Design, financing, construction, operation & maintenance of infrastructure assets & provider of services to cities TOLL ROADS AIRPORTS INFRASTRUCTURE PROJECTS CONSTRUCTION SERVICES EX- INFRASTRUCTURE PROJECTS 4 STRATEGY 1. CF Generation 2. Profitable Growth 3. Shareholder Remuneration

5 1. Cash Flow Generation million 2014 figures 349mn EBITDA from Construction 387mn EBITDA from Services EX-INFRASTRUCTURE PROJECTS Net cash position Non capital intensive / Backlog visibility / EPS accretive PARENT COMPANY 65% Institutional & Retail Investors 35% Founder s family members (Chairman controls 20%) 341mn Dividends from Airports 255mn Dividends from Toll roads INFRASTRUCTURE PROJECTS Ring fenced debt Capital intensive / Inflation protected / LT duration & financing 5

6 1. Cash Flow Generation: sources and uses million Sources & Uses 2014 figures Balanced contribution from all businesses c70% of OCF generated in UK, Canada & US Construction 30% 22% 21% 27% Services Toll Roads (dividends) Airports (dividends) 1.076mn OCF Including dividends from projects, net of taxes 22% 48% OPERATING CASH FLOW FY % 10% 5% 2014 Construction 236 Services 302 Toll Roads (dividends) 255 Airports (dividends) 341 Taxes & other (58) TOTAL 1, mn Investments 13% 65% 22% Operating CF Other Investment Dividends & Buy back Interest 6

7 2. Profitable growth. Solid Financial Situation million 9M 15 figures EX INFRASTRUCTURE PROJECTS NET CASH 1,199mn mn Net debt evolution ex-infrastructure projects M 15 PARENT COMPANY 7 INFRASTRUCTURE PROJECTS NET DEBT 7,690mn TOLL ROADS* 7,221mn * 270mn related to NTE 35W & I77, toll roads under construction. * 638mn related to R4 toll road in Spain which has filed for Bankruptcy mn Debt maturities ex-infrastructure projects >2020

8 3. Shareholder remuneration (CF Criteria) per share Scrip Dividend million Evolution 2014 Scrip dividend eq. to 2013 complementary (Jul 14) Scrip dividend eq. to 2014 interim (Nov 14) TOTAL paid in Scrip dividend eq. to 2014 complementary (May 15) Scrip dividend eq. to 2015 interim (Nov 15E) TOTAL paid in Strong growth in shareholder remuneration % % Share Buyback 2014: 235mn 2015: up to 250mn 217mn executed as of 30 th September 2015 (To be executed May 26th to November 18th 2015) +6% 8

9 Ferrovial today: 9M 15 Results Double digit revenues (+12%) & EBITDA (+16%) Supported by operational performance & FX impact Significant traffic growth at key assets Airports, Highways (Canada, US, Europe) on the back of: Lower oil prices Economic recovery since 2H 14 Third quarter standalone stronger than 1H 15 in most assets Strong EBITDA performance of Eq. Ac. assets 14.1% 407 ETR (local FX) HAH (Heathrow Airports Holding) +6.6% LfL (+27.3% accounting) AGS (UK non regulated Airports) +10.7% (local FX) Higher dividends from 407ETR & Heathrow +7% & +11%, respectively ( 250mn for Ferrovial) Two dividends paid by UK regional airports: GBP41mn ( 28mn for Ferrovial). Strong construction & services backlog A combined 31,288mn (including JV) at 30 th Sep 2015 New projects awarded Toowoomba 2nd Range Crossing (Australia) AUD1.100mn investment, 25Y duration from opening Bucaramanga-Barrancabermeja (Colombia) 880mn investment, 25Y duration from signing (+4 potential extension) Asset disposals M3 & M4 stakes (75% & 46% respectively) sold for 61mn to Dutch fund DIF. FER maintains 20% in each. ITR sold by its creditors for USD5,725mn (USD50mn compensation for FER) Strong financial position Net cash (ex-infra projects) at 1,199mn (after 217mn of share repurchase programme executed) Reducing borrowing costs & extending maturity A-66 Benavente-Zamora, (Spain) issued 185mn, 26Y, at 3.169% Heathrow issued c. 1,200mn: 750mn, 15Y, at 1.5% & CAD500mn at 10Y, at 3.25%) ETR407 issued CAD650mn: CAD150mn (30Y at 3.30%) & CAD500mn (31Y at 3.83%) Liquidity Line increased & extended : 1.3bn (5Y, 50bps) signed by 22 banks. Financial close of new toll roads: Toowoomba Second Range Crossing (Australia) 407 East Partial Extension Phase II (Canada) CAD880mn, 30Y duration from opening I-77 (North Carolina) $648mn, 50Y duration from opening 9

10 10 Toll roads: traffic growth and new concessions awarded million 174mn 407ETR dividends (+7%). FY 15 div announced (+3%) Traffic growth across our portfolio Canada, US, Europe. Especially strong 3Q ETR407: +3.4% YTD (+4.2% in 3Q) with c.+10% in tariffs NTE 1-2 Managed Lanes (1Y of operations) Continues to show strong improvements Traffic +11% 3Q/2Q 15; +24% 2Q/1Q 15 EBITDA +20% 3Q/2Q 15; +46% 2Q/1Q 15 LBJ Managed Lanes (opened Sep 15) 3 months ahead of schedule Financial close reached: Toowoomba Second Range Crossing, Australia I-77, North Carolina, US (Managed Lanes) 407 East extension phase II, Canada New project awarded: Toowoomba Second Range Crossing (Australia) Bucaramanga-Barrancabermeja-Yondó (Colombia) Other relevant events: OLR deconsolidated: non-cash positive impact of 64mn ITR disposal by its creditors: $50mn in 9M 15 for Ferrovial M3 & M4 partial disposal: 61mn proceeds Active pipeline: Bidding in US / Australia / Canada & monitoring opportunities elsewhere After 9M2015 close: Sale of 55% in Chicago Skyway to 3 Canadian pension funds agreed EV US$2.8bn (US$269mn equity for Ferrovial s stake) TRAFFIC GROWTH 9M 15 % 9M 15 figures Revenues % EBITDA % 159 Canada 407ETR +3.4% Ireland M4 +7.4% Portugal Algarve +10.6% Dividends from projects USA Chicago -1.9% SH % Spain Ausol I +11.8% M'15

11 407ETR CAD million 407-ETR (43%, Equity method) +3,4% traffic despite c.+10% in tariff (Feb 2015) +4.2% traffic in 3Q standalone 2015 Dividend c.+3% Strong Results ( mn) NTE USD million 9M 15 figures NTE 1-2 Texas (56.7% Global consolidation) 1 year of operations now complete Traffic +11% 3Q/2Q 15; +24% 2Q/1Q 15 Avg. tariff per transaction $2.67 (+6% 3Q/2Q) Revenues Revenues +18.7% EBITDA +19.3% Net debt / EBITDA 3Q'15 2Q'15 1Q'15 $14.7 mn $12.5 mn $9.4 mn 4Q'14 $6.4 mn 27x 08x EBITDA 3Q'15 $11.2 mn 2Q'15 $9.4 mn 1Q'15 $6.4 mn Dividends Q'14 $2.2 mn Average tariffs Segment 1 Segment 2 25% 5% 8% 27% 6% 8% $1,42 $1,49 $1,61 $1,60 $1,69 $1,83 $1,26 $1, Q 15 dividend already announced by ETR407 4Q'14 1Q'15 2Q'15 3Q'15 4Q'14 1Q'15 2Q'15 3Q'15

12 Services: Backlog close to all-time high million 9M 15 figures Strong revenue growth LfL (+5.6%) Spain +5.9%, UK +4.7% & International +33.8% EBITDA margins slightly lower at 7.3% (vs 7.7% in 9M 14) On the back of weaker performance of UK Backlog remains close to all-time high 23,039mn (Including JV) at 30 th Sep 2015 UK backlog represents 71% 9M 15 % Revenues 3, % EBITDA % EBITDA % 7.30% -40 bp Backlog 23, % Performance by geography Spain: Revenue growth of c.6% Increased profitability: EBITDA margin 10.7% vs 10.4 in 9M 14 EBITDA: +8.4% organic UK: Revenue growth helped by GBP appreciation (+4.7% LfL) Lower margins than 9M 14 (5.4%), impacted by: Higher costs on finalization of investment phase in Birmingham contract (Negative 23mn impact at EBITDA) Ex-Birmingham, EBITDA & EBIT in line with 2014 Higher backlog: +7.6% to 16.5bn (+2.4% LfL) UK SPAIN +17% +2% +8% Revenues EBITDA Backlog Operating cash flow % +9% -7% 302 FY

13 Construction: Strong international performance million 9M 15 figures International represents 80% of total revenues Strong performance of international revenues (+14.3%) Improved profitability Driven by end of projects Strong growth in Poland (Budimex) Revenues +5.7% (+5.0% LfL) EBITDA +28.0% (+26.9% LfL) Backlog +22.7% vs Dec 14 (+21.7% LfL) 9M 15 % Revenues 3, % EBITDA % EBITDA % 9.14% +40 bp Backlog 8, % Backlog +1.9% (-0.8%LfL) Projects pending signature or signed post 30 Sep 15 to be included For example at Budimex c.eur500mnto Civil works represent 80% International backlog represents 79% Maintaining selective criteria when tendering projects 298 Operating cash flow FY14 figures Budimex Order Backlog (PLNbn) Backlog by country % % 21% 21% 14% 22% Spain Poland US UK RotW M'15

14 Heathrow: New record number of passengers Equity method, Ferrovial stake 25% 9M 15 figures 14 Strong intercontinental traffic growth More seats sold on larger aircraft North America: increased frequencies Middle East with increased flights & larger aircrafts LatAm: Avianca new Colombia service, growth in Brazil and Mexico Vietnam Airlines moved to Heathrow Short haul led by European flights Almost 1mn more passengers vs 9M 14 European +4% growth reflects BA seat capacity increase Proforma EBITDA +6.6% Accounting EBITDA includes +GBP237mn of a non-recurring noncash positive impact on expenses, from change of pensions plan conditions agreed with the unions Dividends to shareholders: GBP225mn (+11%) 76mn for Ferrovial Heathrow capacity expansion proposal recommended by Independent Commission. Government decision expected before year end UK Regional Airports (AGS): Equity method, Ferrovial stake 50% +6.7% YoY reached 10.8mn passengers Traffic: EBITDA +10.7% Two dividends paid to shareholders (GBP41mn) 28mn for Ferrovial Heathrow passenger traffic (9M 15 vs 9M 14) 56.9mn passengers (+2.3%) North America 13.1mn +1.4% Latin America 0.9m +8.9% GBPmn UK 4.0m +0.8% Africa 2.5m -6.6% Europe 23.7m +4.0% M. East 4.8m +5.5% Asia Pacific 7.9m -0.4% 9M 15 % Revenues 2,070 +4% EBITDA 1, % EBITDA % 70.39% bp Net debt 13,342 +3% Heathrow Shareholders 25% 20% 12,7% 11,2% 11,2% 10% 10% Ferrovial Qatar Brittania GIC Alinda CIC USS

15 Heathrow: Best ever passenger service levels 9M 15 figures Quarterly passenger satisfaction Passenger satisfaction European ranking ASQ score (out of 5) 4,20 4,00 3,80 3,60 3,40 Q Q ,62 3,65 3,76 3,77 3,81 3Q ,89 3,93 3,97 3,98 4,02 4,09 4,13 4,16 3,20 Q4-06 Q2-07 Q4-07 Q2-08 Q4-08 Q2-09 Q4-09 Q2-10 Q4-10 Q2-11 Q4-11 Q2-12 Q4-12 Q2-13 Q4-13 Q2-14 Q4-14 Q2-15 European Average Heathrow European top quartile European competitors LHR European comparators 63% Departures within 15 minutes of schedule 78% 79% 77% Baggage performance connect rate 98% 98% 98% 96% M M M M Best Airport in Western Europe 2015 World s Best Airport Shopping 2010, 2011, 2012, 2013, 2014, 2015 Terminal 5 World s Best Airport Terminal 2012, 2013, 2014, 2015 Europe s best airport 2015 (over 25mn passengers) 2015 Eco-innovation award

16 Thank you 16 Ferrovial Investor Relations Tel:

17 Appendix Introduction to 407ETR Toll road Managed Lanes Toll roads 407ETR vs Managed Lanes Historic consolidated & business units figures 17

18 407 ETR Location Area of expansion 407 East extension High density population area 407 Ring road of Toronto 108 km 18

19 407 ETR All Electronic Roadside Tolling System Sophisticated electronic toll highway NO toll-booths, closed ticket tolling scheme (on/off ramps) NO stopping or slow-downs to pay ALL vehicles able to use highway Transponder not required. If valid transponder is not detected, digital images are taken at entry and exit and invoices posted to registered car owner Tolls billed monthly 19

20 Fast Safe Reliable 407 ETR LOCATION Greater Toronto Area 23% of Canada population HIGH HOUSEHOLD INCOME 46% higher than Canada average SPEED Alternatives routes 40kph vs 100kph at 407 NO REGULATORY REVIEWS During concession life (99 years) TRAFFIC Alternatives routes are highly congested TOLL RATE HIGH FLEXIBILITY Including segment, direction, time of the day NON-STOP TOLL FACILITY Fully electronic with interchanges every 3km FAST Reliable travel times 20

21 407 ETR Cash flow and valuation overview Cash Generation (1999-9M 15) 407 ETR Valuation (100%) million million Initial equity invest.(62%) dividends 10%Disposal -326 mn 1,565 mn 640 mn 100% pay-back in first 10 years 28x 14,577 NET CASH IN 1,879 mn Valuation x28 Maturity years to maturity Strong dividend flow Equity valuation sharp increase 21 * December 2015 analysts consensus

22 407 ETR Financial overview ($CAD million) 2014 figures Revenues CAGR: 8.7% 888 Capital Expenditure years to maturity OPEX CAGR: 4.3% % pay-back in first 10 years Dividends EBITDA Net Debt / EBITDA X CAGR: 9.8% 736 Free-tariff revision 27X 82% 83% 83% 83% 83% 8% CAGR 02-15* % 77% 79% 76% 80% 8, * Tariff increase for light Vehicles in Peak hours regular zone (%)

23 407 ETR Strong focus on value creation: EBITDA annual % growth 18.9 EBITDA growth Traffic growth GDP growth (annual) Strong EBITDA generation even with negative traffic and GDP 23

24 Appendix Introduction to 407ETR Toll road Managed Lanes Toll roads 407ETR vs Managed Lanes Historic consolidated & business units figures 24

25 Managed Lanes New assets landmark Express Tollway within an Existing Highway Free Lanes Tolled Lanes Speed >50mph Free Lanes A solution to congestion on existing urban corridors by means of Active management of newly added capacity through tolling 25

26 Managed Lanes Level of demand NTE (untolled) 407ETR (tolled) Peak period Time of the day Westbound Eastbound Time of the day 26

27 Paying for predictability Travel time variability Time (min) Time (min) Free Flow Travel Mean 10 0 NB AM NB MD NB PM SB AM SB MD SB PM NB - North bound SB - South bound Free flow time of 14 minutes at 6.00am The average travel time during all time periods is significantly higher In some periods, the average travel time is double the free flow speed and can go up to almost minutes 27 Data Source: Travel Time Runs Seg 3a and 3b conducted Fall 2012

28 Dallas and Fort Worth Regional Map Managed Lanes regional map LBJ NTE 1-2 NTE 35W 28

29 Toll rates tariff threshold Tariff threshold Toll Rate Toll Rate Cap c/mi Speed Demand threshold Speed Threshold 3300 pce/h 2-lane sections 50 mi/h Demand 12:00 1:00 2:00 3:00 4:00 5:00 6:00 7:00 8:00 9:00 10:00 11:00 12:00 Hour starting Analysis by segment and direction Freedom under the cap TOTAL FREEDOM Freedom under the cap 29

30 Managed Lanes North Tarrant Express Opened on October 2014, 9 months ahead of schedule Key characteristics DESCRIPTION: Dallas-Fort Worth Metroplex, Major thoroughfares between Fort Worth and DFW Airport LENGTH: 13 mile section (IH 820 & SH 183 in Tarrant County) CONCESSION PERIOD: 52 years TARIFF POLICY: 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 No toll-booths, fully electronic free flow tolling system Tollway within a freeway: Motorists will be provided with a choice of driving in non-tolled GP lanes or 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 from the GP lanes with controlled access CINTRA Shareholder structure 57% 33% 10% Financial structure MERIDIAM 21% 52% 27% DALLAS FIRE&POLICE PENSION SCHEME EQUITY DEBT PUBLIC FUNDS 30

31 Managed Lanes Lyndon B Johnson Opened on September 10 th 2015, 3 months ahead of schedule Key characteristics DESCRIPTION: IH 635 (Dallas County), the most populous county in Texas 108Km Electronic toll LENGTH: CONCESSION PERIOD: 13 mile section of the IH 635 and IH 35E 52 years TARIFF POLICY: 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 No toll-booths, fully electronic free flow tolling system Shareholder structure Tollway within a freeway: Motorists will be provided with a choice of driving in non-tolled GP lanes or 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 from the GP lanes with controlled access 51% 26% 16% 7% CINTRA APG MERIDIAM DALLAS FIRE&POLICE PENSION SCHEME Financial structure 24% 56% 19% EQUITY DEBT PUBLIC FUNDS 31

32 Managed Lanes North Tarrant Express 35W Expected to open in mid-2018 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: 10.2 mile section (segments 3A 6.2 miles and 3B 4 miles) CONCESSION PERIOD: 48 years TARIFF POLICY: 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 ranked as the most congested roadway in Texas. No toll-booths, fully electronic free flow system Tollway within a freeway: Motorists will be provided with a choice of driving in non-tolled GP lanes or 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 CINTRA Shareholder structure 50% 26% 14% 10% APG Financial structure MERIDIAM 32% 59% 9% DALLAS FIRE&POLICE PENSION SCHEME Physically separated from the GP lanes with controlled access EQUITY DEBT PUBLIC FUNDS 32

33 Managed Lanes Financial Overview 2014 figures Figures in US Dollars Total Investment: 2.10 bn 2.6 bn 1.41 bn Private Equity: Cintra: Meridiam: DPFPS: APG: 21% 427 m 243 m (57%) 141 m (33%) 43 m (10%) 24% 672 m 343 m (51%) 107 m (16%) 44 m (7%) 177 m (26%) 31% 430 m 216 m (50%) 60 m (14%) 43 m (10%) 112 m (26%) Total Debt: 52% 1,102 m 56% 1,456 m 60% 847 m PABs: TIFIA: 398 m 704 m 606m 850 m 274 m 573m Public Funds: 27% 573 m 19% 490 m 9% 126 m First combination of TIFIA and tax exempt PABs. First private activity bond issuance for a toll road. First time that a U.S.-based pension fund made a direct investment in a highway concession. First privately-financed road development project of its kind to reach financial close in Texas third big recent road project to reach financial close since Very competitive capital structure in spite of the difficult market conditions. Strong portion of the debt from TIFIA program with its flexible amortizing structure during the first 25 years. 33

34 Appendix Introduction to 407ETR Toll road Managed Lanes Toll roads 407ETR vs Managed Lanes Historic consolidated & business units figures 34

35 How does the 407ETR compare to the new Managed Lanes? Participation: Partners: Concession period: 407ETR 43%. Equity consolidated SNC Lavalin (17%), Intoll (30%), CPPIB (10%) 99 years Opened 1999 (83 years remaining) Managed Lanes (NTE1-2) 56.7%. Global consolidation Meridiam (33%), Dallas fire & police pension scheme (10%) 52 years Opened October 2014 (51 years remaining) Location: Length: Greater Toronto Area (Ontario province) 108kms. 24 segments From 2+2 lanes up to 5+5 lanes per direction (dep on segment) Separate toll road Dallas-Fort Worth Metroplex, between Fort Worth & DFW Airport 13 miles. 2 segments. 2 lanes per direction Tollway within a freeway Benefits: Predictability & reliable travel times Alternative routes are highly congested Average speed: 100km/h vs 40km/h on the alternative Safety & comfort Predictability & reliable travel times (minimum speed 50m/hr) Higher speed allowed on NTE (60mph in free lanes, 70mph NTE) Safety & comfort Open tolling? Tariff Policy: Yes. No toll booths, fully electronic, free flow system Freedom to set tariffs Penalty paid if traffic falls below threshold Tariffs can be changed every 30 days Different tariffs depending on segment, direction, time, day.. Yes. No toll booths, fully electronic, free flow system Freedom to set tariffs up to cap ($0.84, updated with inflation) Cap is lifted if av. speed <50m/hr of cars >3,300pce/h (2 lanes) Dynamic tolling (tariffs can be changed every 5 minutes) Different tariffs depending on segment, direction, time, day.. Regulatory risk? Collection: Not a regulated activity, but a contractual agreement From drivers. Licence plate not renewed if tolls not paid. Not a regulated activity, but a contractual agreement From TxDOT (who charges the drivers). No collection risk Dividends: Strong growth (from CAD85mn 2005 to 750mn 2015E) 5 initial years lock-up 35

36 Ferrovial today: 9M 15 Results 36

37 9M 15 Results million Income Statement 9M M 2014 Var % LfL Revenues 7,233 6, % 4.2% EBITDA % 5.2% EBITDA margin 11.3% 10.8% Period depreciation EBIT % 4.0% EBIT margin 8.4% 7.9% Disposals & Impairments 39 0 Financial results Equity-accounted affiliates EBT Corporate income tax CONSOLIDATED NET INCOME Discontinued operations 0 0 Minorities NET INCOME ATTRIBUTED % 37 Revenues 9M M 2014 Var % LfL Construction 3,233 2, % 2.4% Airports % 3.2% Toll Roads % 19.2% Services 3,621 3, % 5.6% Other % % Total 7,233 6, % 4.2% EBITDA 9M M 2014 Var % LfL Construction % -0.6% Airports % -6.5% Toll Roads % 25.8% Services % -3.8% Other % -4.7% Total % 5.2% Operating Indicators 9M 2015 Dec-14 Var % Construction Backlog 8,249 8, % Services Backlog inc.jvs 23,039 22, % Traffic evolution 9M M 2014 Var % ETR 407 (Kms 000) 1,882,267 1,820, % Chicago Skyway (IMD) 40,620 41, % Ausol I (IMD) 13,610 12, % Ausol II (IMD) 15,733 14, % M4 (IMD) 28,642 26, % Heathrow (Mn pax) % AGS (Mn pax) %

38 Diversified portfolio million 9M 15 figures Ex Infrastructure Projects Infrastructure Projects Services Construction Toll Roads Airports Non Capital Intensive PROFIT GENERATION CASH GENERATION Fully consolidated Method 815Mn EBITDA Capital Intensive LONG DURATION LONG TERM VALUE Proportional (1) 1,488Mn Services -1% Toll Roads 32% 36% Construction 36% 17% Airports 19% 32% 29% Spain UK US & Canada RoW Spain UK US & Canada RoW 37% 13% 38% 12% 18% 44% 31% 6% (1) Proportional: All EBITDA figures are aggregated in a proportional basis to the Ferrovial equity stake in each company or project (mainly ETR 407 toll road in Canada and UK airports). 38

39 Appendix Introduction to 407ETR Toll road Managed Lanes Toll roads 407ETR vs Managed Lanes Historic consolidated & business units figures 39

40 1,2 0 1, % % % % % 9.5 % 9.0 % Historic consolidated figures: M 15 mn Operating CF ex-infra projects Net debt OCF ex-infra ,097 1,076 ND -5,171-5,106-5,352-6,230-6,491 Op. CF (Construction & Services) Dividens from infra (Toll roads & Airports) Holding & Others Op. CF: Construction Services Dividends: Toll Roads Airports Holding & Others N. CASH EX- I NFRA INFRA PROJ ,489-6,077-6,595-7,015 Net cash at parent company 1,663 1,632 1,199-7,862-7, M '1 5 Net debt at infra projects level (non recourse to parent company) Revenues EBITDA & Margins 7,446 7,686 8,166 8,802 7, % 12.1% 11.4% 11.2% 11.3% 55% 62% 68% 69% 72% % 38% 32% 31% 28% M'15 Domestic International M'15 EBITDA Margin 40

41 % 9.0 % 8.0 % 7.0 % 6.0 % 5.0 % 4.0 % 3.0 % 2.0 % 1.0 % 0.0 % Construction figures: M 15 mn Operating & investment CF (ex-projects) OCF ex-infra Revenues 4,244 4,326 4,064 3,942 10% 14% 17% 17% 31% 33% 27% 29% 3,233 15% 28% % 53% 56% 54% 57% EBITDA ex-project Working Capital Operating Cash Flow Investment Cash Flow M M'15 *F.Agroma n Budimex Webber 20% 80% D om estic International EBITDA & Margins Backlog EBITDA Margin 5.8% 7.8% 8.4% 8.8% 9.1% 9,997 17% 19% 8,699 15% 14% 7,867 8,091 8,249 14% 11% 9% 13% 18% 21% % 71% 73% 71% 69% M'15 EBITDA Margin M'15 *F.Agroman 6.3% 11.1% 11.9% 11.1% 9.6% 9M 15 Budimex 5.5% 4.0% 4.1% 4.8% 5.3% Webber 4.0% 3.9% 3.9% 8.7% 14.3% 9M 15 * Ferrovial Agroman unit was created in 2013, previous that, Other markets was the relevant unit. 41 *F.Agroma n Budimex Webber 12% 8% 80% 21% 79% Building Industrial Civil work D om estic International

42 % % % 9.0 % 8.0 % 7.0 % 6.0 % 5.0 % 4.0 % 3.0 % 2.0 % 1.0 % 0.0 % Services figures: M 15 mn Operating & investment CF (ex-projects) Revenues OCF ex-infra ,821 2,951 3,656 46% 51% 59% 4,401 62% 3,621 63% % 49% 39% 36% 34% EBITDA Dividends received Working Capital Operating Cash Flow Investment Cash Flow M M'15 Spain UK International 34% 66% Domestic International EBITDA & Margins Backlog with JV s 11.1% 10.6% 8.8% 8.8% 7.3% EBITDA 17,749 Margin % 12,425 12, % % 44% 68% 63% 50% 56% M'15 EBITDA Margin España 12.9% 13.4% 12.4% 10.7% 10.7% UK 8.8% 7.9% 6.3% 7.7% 5.4% 22,369 23,039 27% 71% M'15 UK España Internac ional Services backlog includes JV s from 2014 to 9M

43 Toll roads figures: M 15 Dividends received Portfolio (Km s) mn ,974 km 27 concessions 9 countries 10% 54% 18% 9% 9% Spain EEUU Canada Europe Others M' ETR Others Years to maturity Concession length (Km s) ETR NTE LB J Ausol I Autema Algarve Norte-Litoral M4 407-ETR NTE LB J Ausol I Autema Algarve Norte-Litoral M4 43

44 Airports figures: M 15 Heathrow (25% stake) 2 runways 185 destinations Portfolio *AGS (50% stake) Aberdeen Glasgow Southampton Heathrow Operational improvements 63% Punctuality 77% % Passengers rating Heathrow as Excellent or Very Good 81% 48% Dividends received from airports mn M'15 Capital expenditure 1,141 1, M' AG S HA H M' M'15 Traffic mn passengers HAH EBITDA (mn ) 1, Heathrow AGS Glasgow Aberdeen Southampton ,441 1,457 1,355 1, M'15 *Ferrovial increased its stake in AGS from 25% (held through HAH) to 50% in

45 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. 45