2012 Ferrovial Investors Presentation

Global Infrastructure

2 E-mail: [email protected] – 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.

http://www.ferrovial.com/en/index.asp


O v e r v i e w

L o o k i n g A h e a d

A p p e n d i x



Snapshot

• Net cash position at parent

• €1bn credit lines & cash in hand: €3,2bn liquidity

• No short term maturities (until 2015)

• Top class assets supporting cash generation

• €22.5bn backlog (Construction & Services)



Net cash position at parent company

Net debt evolution ex-infra projects

Debt allocated at project level

NET CASH €898mn

P R O J E C T S

E X – I N F R A P R O J E C T S

x3.2

x2.1 x1.5

x1.7

Net debt to EBITDA

Net debt (€mn)

€mn Net debt

SH130 847

NTE 385

LBJ 545

TOTAL 1,777 TOLL ROADS

Debt €6,141mn

Projects under development not generating EBITDA

29% Of toll roads

net debt

NET DEBT €6,508mn

Sep 2012

Sep 2012

-3,064

-1,987 -1,547 -1,172

31 907 898

2006 2007 2008 2009 2010 2011 9M '12



1104514

1,093

2012 2013 2014 2015

Liquidity and no short term maturities

(€mn)

2012-2015 maturities

2,231

3,234

1,003

Total cash Undrawn lines Total liquidity

Liquidity position

(€mn)

Financial position (ex-infra projects)

Sep 2012



Resilience

&

Growth

Probably, the two best infra assets in the world

HEATHROW ETR-407

Traffic

Tariff review +7.5% + RPI% Freedom

Combined annual EBITDA over € 1,600mn

Local currency LHR LfL

+10.1% +9.2%

Top class assets supporting cash generation

EBITDA

Rating A A-

9M 12/11

+0.6% +0.6%



Top class assets supporting growth

EBITDA evolution (GBP million)

Successful ongoing access to capital markets Resilience through the crisis

Heathrow

353

553

2006 2007 2008 2009 2010 2011

EBITDA evolution (CAD million)

407ETR

570

1,045

2006 2007 2008 2009 2010 2011

CAD 2,950 mn issued since 2009

GBP 9,300 mn issued since 2009



Cash flow overview

• Focus on project’s credit rating

• EBITDA resilient assets

• Well spread maturities

• Focus on cash, not growth

• Commitment to strong BS

• Indebtedness target: Max. 2X EBITDA

407< 5% per year

BAA < 10% per year

Cintra's dividends & BAA´s dividends

Operating cash flow

New projects’ equity

PARENT COMPANY

INFRASTRUCTURE PROJECTS

EXCL INFRA PROJECTS

Shareholders’ dividends



Where do we generate cash flow? 2011 - Construction and services OPC- capex, excluding acquisitions (PNI) and divestments (Swssiport)

2011 dividends + 2012 BAA(e) dividends

41%

36%

Where do we get dividends from projects?

47%

Where do we invest equity in new projects?

R o W 13%

R o W 12%

17% 35%

77% 12% R o W 11%



How do we create value?

Asset rotation

Cash flow generation



Solid cash flow generation

Strong cash flow generation from Construction & Services

Cash flow upstream from infrastructure projects

Resilient performance through the crisis

€m

188209

406

130178 182

2006 2007 2008 2009 2010 2011

*Before tax payment since 2009

503 527

731 739

649

462

187 205 188241

165 164

33 34 7992

111

283 288

464406

373

298

2006 2007 2008 2009 2010 2011Services Swissport Construction



100% BAA / €m

(1) Analysts consensus on BAA: 100% Equity value. (2) Ferrovial sold 5.88% stake in BAA (GBP280mn) last 10th October 2011 to two investment vehicles managed by Alinda Capital Partners, (3) Ferrovial sold 10.62% stake in BAA (GBP 478mn) last 17th August 2012 to Qatar holding LLC. As part of the same transaction, other BAA shareholders sold a

9.38%. As a result, Qatar Holding LLC owns 20% and Ferrovial 39.37% of BAA.

Analysts consensus

Implied valuation

868

2,387

5,527

4,176

5,715

Aug´2010 Sept´2011 Oct´2011 July´2012 Aug´2012

5,88% divestment

Equity value

BAA: Markets keep missing SOTP supported by transactions values

EV/EBITDA

Edinburgh Airport BAA´s traded value materially above market consensus

Consensus Disposal price

x12.1

x16.7

April 2012

EV/EBITDA

Naples Airport

Venice airport Disposal price

x7.0

x13.3

2010 (Listed peer)

10,62% divestment



Markets keep missing SOTP supported by transactions values

400398

2007 Disposal price (2009)

880

575

Consensus Disposal price (2011)

67 69


367380


6,7346,800


+1%

+3% +4% +1%

+53%

Spanish Car parks

Chilean Toll roads M45 Toll road

Swissport

€m

€m €m

€m €m

(1) NAV published by Cintra in 2007, (2) Analyst EV consensus - Disposal price: 100% Equity value, EV for Swissport

(1)

(1) (1) (1)

(2)

Value crystallization Disposal prices around 2007 peak valuation despite credit crisis

407 ETR



O v e r v i e w

L o o k i n g A h e a d

A p p e n d i x



What have we done in 2012?

Heathrow +12.7%

New Contracts 407ETR extension

Balance Sheet

Operational Growth (Tariffs) 407ETR ≅ +8%

Sheffield maintenance Managed Lanes (under construction)

LT bond issuance 407ETR dividend BAA Initial dividend



Looking ahead – Value creation in volatile times



Urban population

Unemployment

Socio-demographic

Public resources constraints

& more demanding

society

Limited economic growth

Credit and liquidity shortages

Economic

Regulation

More responsible society

Environmental

Wider value proposition – “Intelligent cities”

Challenging environment

0

20

40

60

80

100

0 20 40 60 80 100 120 140

Dissatisfied citizens Example: Spanish cities 1)

Citiz

en S

atis

fact

ion

(%)

Budget per citizen (EUR)

1) Waste management and collection – city spend and citizen satisfaction (2010) Source: United Nations, OCU, Ferrovial Services analysis

Sheffield GBP2.0bn, Birmingham GBP2.7bn / 25 years



A solution to congestion on “existing urban corridors”

Active management of “newly added capacity” through tolling

by means of

Free

Lanes

Free

Lanes

New Tolled

Lanes Speed >50mph

“Express Tollway within an Existing Highway”

Wider value proposition – Managed lanes



Summary

C O N S T R U C T I O N

S E R V I C E S

T O L L R O A D S

A I R P O R T S

Strong backlog

Margin vs. growth

Selective exposure to emerging

economies

World class player

Dividends from 407 & BAA

Attractive pipeline of projects

Net cash position / No short term maturities / Ample liquidity available



Global Infrastructure



A p p e n d i x

9 M 2 0 1 2 R e s u l t s

I n t r o d u c t i o n t o 4 0 7 E T R T o l l r o a d

M a n a g e d L a n e s T o l l r o a d s

2 0 1 1 R e s u l t s



SEP’12 CHG.%

Revenues

EBITDA

EBITDA margin

Period depreciation

EBIT

EBIT margin

Disposals & Impairments

Financial results

Equity-accounted affiliates

EBT

Corporate income tax

CONSOLIDATED NET INCOME

Minorities

NET INCOME ATTRIBUTED

5,652.6

659.5

11.7%

161.2

498.3

8.8%

-10.7

-271.7

316.7

532.6

-58.0

474.6

13.8

488.5

+2.5%

+10.3%

+10.5%

+10.8%

Construction Airports

Toll Roads Services

Others Total

3,168.7 4.7

293.4 2,204.1

-18.3 5,652.6

3,143.8 6.3

300.3 2,068.1

-3.0 5,515.5

0.8 -25.3

-2.3 6.6 n.s. 2.5

-0.3 8.7

-3.5 3.0

0.5

Construction Airports

Toll Roads Services

Others Total

240.7 -15.4 226.9 216.3

-8.8 659.5

171.4 -8.9

222.8 208.4

4.4 598.1

40.4 -73.7

1.8 3.8 n.s.

10.3

37.0 -22.2

0.4 0.7

8.6

SEP´12 SEP´11 CHG.-% L-f-L%

CHG.% L-f-L%

5,515.5

598.1

10.8%

147.2

450.9

8.2%

235.3

-245.3

21.9

462.8

26.8

489.5

-7.6

481.9

SEP’11

Construction backlog Services backlog

Traffic evolution

ETR-407 Chicago Skyway

Indiana Toll Road Autema Ausol I

Ausol II BAA (million passengers)

VAR%

9,063 13,397

SEP´12

1,745,396 42,803 27,749 15,119 13,420 14,694

53.0

9,997 12,425

SEP´11

1,734,672 42,680 27,441 19,224 14,812 16,087

52.6

-9.3 7.8

VAR%

0.6 0.3 1.1

-21.4 -9.4 -8.7 0.6

SEP´12 SEP´11

SEP´12 DEC´11

L-f-L%

+0.5%

+8.6%

+8.7%

9M 2012 results

EUR MN



A p p e n d i x

9 M 2 0 1 2 R e s u l t s



2 0 1 1 R e s u l t s



775 1,937 -939 5,568

Would you buy this company...?

Figures in million $CAN

Accounting losses

High debt

Shareholder's fund Debt

1999:

27x Debt/Ebitda

1999

1H12

407 ETR



Ferrovial bought this company...

V a l u a t i o n ( 1 0 0 % )

Strong dividend flow

Equity valuation sharp increase

Initial equity investment (62%) (326mn)

Dividends (00 - 11) 576mn

10% disposal 640mn

NET CASH IN 890mn

2098

M a t u r i t y

100% pay-back

first 10 years

Valuation x13

* December´11 analysts consensus

1999 2011*

13x

6,625

525

407 ETR C a s h g e n e r a t i o n (1999 – 2011)

407 ETR

86 years to maturity



407ETR Location

High density population area

Ring road of Toronto 108 km

407

407

East extension

Area of expansion



All Electronic Roadside Tolling System 407 ETR



407 ETR

LOCATION

Greater Toronto Area 23% of Canada

population

TRAFFIC

Alternatives routes are highly congested

HIGH HOUSEHOLD INCOME

46% higher than Canada average

NO REGULATORY REVIEWS

During concession life (99 years)

SPEED

Alternatives routes 40kph vs 100kph at

407

NON-STOP TOLL FACILITY

Fully electronic with interchanges every 3km

TOLL RATE HIGH FLEXIBILITY

Including segment, direction, time of

the day

FAST

Reliable travel times

Fast Safe

Reliable



Financial overview ($CAD million)

420

675

2005 2011

316

554

77%

79%

76%

80%

75%

82%

2005 2011

27

8.7

1999 2011

85145 120 135

300

460

190

2005 2006 2007 2008 2009 2010 2011

49

97 90

38

7788

72

2005 2006 2007 2008 2009 2010 2011

Revenues

EBITDA

Capital Expenditure

Dividends

Debt / EBITDA X

OPEX

86 years to maturity

100% pay-back in first 10 years

Free-tariff revision

≅ 8% CAGR 02-11*

* Tariff increase for light Vehicles in Peak hours regular zone (%)

CAGR: 8.2%

CAGR: 9.8%

104121

2005 2011

CAGR: 2.6%

EBITDA %

407 ETR



300

200

500

300

400

300350

400

200

2009 2009 2010 2010 2010 2010 2011 2012 2012

6 10 11

510

285312

14 14

145

2012 2013 2014 2015 2016 2017 2018 2019

Yearly average maturity: Only 3% of total debt

CAD 2,950mn issued since 2009

3,49%3,58%

1,58%1,70%

1,56% 1,60%

35

9

30 30

40

2009 2009 2010 2011 2012 2012

Maturity

Spread

Recurrent presence in the bond market

Extending maturities at historically low cost

years



A p p e n d i x

9 M 2 0 1 2 R e s u l t s



2 0 1 1 R e s u l t s



New assets landmark

A solution to congestion on “existing urban corridors”

Active management of “newly added capacity” through tolling

by means of

Managed Lanes

Free

Lanes

Free

Lanes

Tolled Lanes Speed >50mph

“Express Tollway within an Existing Highway”



Level of demand

Time of the day

Eastbound Westbound

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

NTE 407ETR

Managed Lanes

12.00 2.00 4.00 6.00 8.00 10.00 12.00 2.00 4.00 6.00 8.00 10.00 12.00

Time of the day

Peak period

(untolled) (tolled)



Travel time reliability (NTE)

Tra

vel T

ime

(Min

utes

)

Distance (miles)

For a 7 mile trip, a user can save up to 30-40min in rush hour if using the ML (NTE Eastbound lanes)

Based on NTE data

45

40

35

30

25

20

15

10

5

0

30-40min

7 miles

ML will provide users a reliable and certain travel time

0 1 2 3 4 5 6 7

Managed Lanes

(*) Peak period observations



51% 42% 7%

CINTRA MERIDIAM DALLAS

FIRE&POLICE PENSION SCHEME

KEY CHARACTERISTICS

SHAREHOLDERS’ STRUCTURE

108Km Electronic toll

DESCRIPTION:

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

Lyndon B Johnson

● Heavy congested area , almost 250.000 cars per day

● 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

25% 54% 20%

FINANCIAL STRUCTURE

EQUITY DEBT PUBLIC FUNDS

Managed Lanes



57% 33% 10%

CINTRA MERIDIAM DALLAS

FIRE&POLICE PENSION SCHEME

KEY CHARACTERISTICS

SHAREHOLDERS’ STRUCTURE

DESCRIPTION:

LENGTH:

CONCESSION PERIOD:

TARIFF POLICY:

Dallas-Fort Worth Metroplex, Major thoroughfares

between Fort Worth and DFW Airport

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

North Tarrant Express

● Heavy congested area , almost 200.000 cars per day

● 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

21% 52% 27%

FINANCIAL STRUCTURE

EQUITY DEBT PUBLIC FUNDS

Managed Lanes



Financial Overview

− Total Investment: 2.05 bn

− Private Equity: 427 m

Cintra: 243 m (57%) Meridiam: 141 m (33%) DPFPS: 43 m (10%)

− Total Debt: 1.05 bn

PABs: 400 m TIFIA: 650 m

− Public Funds: 537 m

− Total Investment: 2.7 bn

− Private Equity: 665 m

Cintra: 339 m (51%) Meridiam: 282 m (42%) DPFPS: 44 m (7%)

− Total Debt: 1.47 bn

PABs: 615 m TIFIA: 850 m

− Public Funds: 496 m

Financial details Financial details

• First privately-financed road development project of its kind to reach financial close in 2010.

• Texas’ third big recent road project to reach financial close since 2008.

• 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.

• First time that a U.S.-based pension fund made a direct investment in a highway concession.

21%

52%

27%

25%

54%

20%

Figures in US Dollars

Managed Lanes



A p p e n d i x

9 M 2 0 1 2 R e s u l t s



2 0 1 1 R e s u l t s



2011 Highlights (1)

€2.1bn bond issuances in 2011

and €1.7bn issued YTD 2012

VALUE FROM

DIVESTITURES

CASH GENERATION

EBITDA GROWTH

ACCESS TO CAPITAL MARKETS

Operational growth across portfolio

9% EBITDA growth (LfL)

Activity cash flow generation: €1,446mn ex-infra projects

€907mn net cash position ex-infra projects

Value obtained from divestitures beats market expectations

BAA / Swissport / M45



Del

iver

ing

2011 Highlights (2)

Ferrovial´s corporate debt refinanced (€1,314bn)

BAA: Inaugural dollar bond issuance ($1.0bn)

BAA 5.88% stake sold (GBP280mn)

Chilean toll roads 40% stake divestment completed (€157mn)

APRIL

JULY

OCTOBER

DECEMBER

First Ferrovial Services Investor day in London

FEBRUARY Swissport divestment process completed (€692mn)

NOVEMBER

AUGUST Ferrovial gets its first rating by S&P and Fitch: Investment grade (BBB-), outlook stable

To invest in future growth

JANUARY M45 shadow toll road sold (€68mn)

AUSOL refinancing completed (€492mn) JUNE

CO

RP

OR

ATE

R

EFIN

AN

CIN

G

CO

RP

OR

ATE



Shareholder remuneration

Dividend 2011

Interim 0.20

Complementary 0.25

TOTAL 0.45

(Euros/share)

201120102009

0.40 0.42 0.45



Cash Flow ex-infra projects

Construction Services

Toll Roads

Other/divestment Taxes

TOTAL

OPERATING CASH FLOW

298 164 137

(21) (67)

510

(92) (99)

(134)

1,264

936

NET INVESTMENT

1,446

Remarkable cash flow generation

Swissport 692

BAA 326

Chile 157

M45 68

(€mn)



Net debt evolution

31

463

182

-68 -67

-328

1,264

-367

-114 -90

907

Net cashDec´10

EBITDA Dividendsrecived

Workingcapital

Taxes Investment Divestment Dividendspaid

Interest Other Net cashDec´11

Ex-projects

356

-780

263

-97-32 -103 -293 -25

-85

14,529

-6.102

-19,836 Net debtDec´10

EBITDA Workingcapital

Taxes Investment Dividends Interest Capital Forex Other Net debtDec´11

Infra projects

Deconsolidated debt

-6,102

(€m)

(€m)



FY 2011 – Pro-forma considering proportional consolidation

Underlying Reported

Diversified portfolio - EBITDA

12%

52%

16%

20%

€819

U K

N o r t h A m e r i c a

S p a i n

R o W

€1,730

18%

22%

53%

7%

U K

N o r t h A m e r i c a

S p a i n

R o W

Construction Toll roads Services Construction Toll roads

Services Airports



Business main events in 2011: Services: strong cash flow generation (EUR 164mn), revenue growth & profitability improvement

with a stable backlog of over 50% international business.

Construction: strong cash flow generation (EUR 298mn), mainly driven by international business, Budimex in particular, which offsets the Spanish market performance.

Airports: double digit growth in EBITDA (+18%) with the highest traffic ever in Heathrow (69,4 Million Pax).

Toll Roads: EBITDA growth was achieved through higher tariffs and grants offsetting weaker traffic.

Asset rotation main events in 2011: Services: Swissport divestment was closed in Q1 2011 (EUR 695mn).

Airports: Ferrovial sold 5,88% of BAA to funds managed by Alinda Capital Partners for GBP 280 mn (EUR 325mn) – implying an equity value of GBP 4,8 bn. Ferrovial retains now 49,99% and accounts its financial statements through equity method.

Toll Roads: Two divestments initiated in 2010 were cashed-in during 2011: M45 (EUR 68mn) and remaining 40% stake in C.Chile (EUR 157mn).

Executive summary – 2011 Highlights



Financial main events in 2011

At ex-Project level In 2011 Ferrovial refinanced its corporate syndicated facility one year prior to maturity through a

4 year facility with 32 leading Financial institutions (maintaining a EUR 541mn liquidity revolving line fully available) and amortized EUR 800 mn, keeping EUR 1bn as outstanding debt.

In 2011 Amey closed a GBP 135mn facility maturing in 2015 with 5 financial institutions. This facility has fully replaced the prior one, extending maturities and enlarging the liquidity in GBP 27mn.

At Project level In June 2011 Ausol closed the refinancing of its EUR 492mn debt with a 21 bank syndicate loan

until 2016, while Radial 4 EUR 548mn financing, matured in July 27th, is awaiting for a sectorial solution from the Ministry of Transportation while a Standstill agreement by the parties has been reached.

BAA has very actively tapped the capital markets

- In 2011 BAA issued bonds in EUR, GBP and USD equivalent to EUR 1,8bn, which resulted in the total cancellation of the refinancing facility.

- In Q1 2012 BAA issued bonds in EUR, CHF and GBP equivalent to EUR 2,4bn.

Executive summary



Revenues 390 +5%

EBITDA 283 +14%

EBITDA % 72.7% +19 bps

Toll roads

2011 ∆% L-f-L

Financial

• €159mn dividends from projects

• Refinancing facilities in 2011

Ausol (€492mn)

R4 – standstill

• Chile & M45 divestiture completed

• EBITDA growth

Tariffs and grants more than offset weak traffic

• Pipeline

USA, Canada & New markets

1 Financial asset 2 Equity method

Autema1 -7% +8%

Chicago Skyway -7% +9%

Ausol -7% +10%

ETR 4072 -1% +10%

Indiana Toll Road2 -3% +4%

2011 EBITDA ∆% L-f-L Traffic



407ETR (Equity method, FERROVIAL stake: 43%)

• EBITDA growth (+11%)

• Stable traffic (-0.5%)

• Tariff growth

• New bond issuances (CAD 350mn)

• No relevant maturities until 2014

• CAD 2.35bn issued since 2009

• Dividend payment (CAD 460mn)

Revenues 675 +8%

EBITDA 553 +11%

Net debt 4,831 +7%

2011 ∆% L-f-L

CAD Mn

353

553

2006 2007 2008 2009 2010 2011

EBITDA (CAD million)

Resilient performance



Revenues 2,821 +9%

EBITDA 312 +5%


EBIT 207 +3%

EBIT % 7.4% +7 bps

Backlog 12,425 -1%

• Strong cash flow generation (€164mn)

• Growth & Profitability improvement

• Stable backlog

• Swissport divestment

Services

2011 ∆% L-f-L

R e v e n u e s geographical breakdown

+19% +3% -8%

+3% +6% +7%

Revenues

EBITDA BACKLOG

L-f-L

UK Spain

+9% excluding 2010 one-offs

Spain 50%

UK 50%



Civil works

76%

Industrial & other Residential

Revenues 4,244 -5%

EBITDA 248 +4%


EBIT 215 +8%

EBIT % 5.1% +60 bps

Backlog 9,997 -1%

Construction

2011 ∆% L-f-L

Work breakdown

B a c k l o g

Geographical breakdown

• Strong cash flow generation (€298mn)

• International business offsets Spanish performance

• Stable backlog

+8%

+9%

+6%

-17%

+8%

-12%

Revenues

EBIT

BACKLOG L-f-L

International Domestic

6,830

3,167

S er ie 1

Domestic

International



Heathrow 69.4 5.5%

Stansted 18.0 -2.8%

Scotland 19.4 8.1%

Southampton 1.8 1.6%

UK airports 108.5 4.4%

BAA (Equity method, FERROVIAL stake 49.99%)

Revenues 2,524 +9%

EBITDA 1,287 +18%

EBITDA % 51.0% +500 bps

NET DEBT 12,862

2011

2011 ∆%

100%, GBP Mn

Traffic

• 5.88% stake divestment

• 100% implied equity value GBP 4.8bn

• Capital structure strengthened

• Issuances in Sterling, Euro, Dollar & Swiss franc (2012)

• 2011: GBP 1.6bn bonds & bank facilities

• 2012: GBP 1.5bn bonds; Maturities already refinanced

• Double digit EBITDA growth

• LHR highest ever traffic

• 2012(e) dividend (GBP 240mn)

• Edinburgh divestment underway

(PAX Mn)

∆% L-f-L



HEATHROW – Continuous improvement

EBITDA (GBP million)

Resilient performance

18.7%9.5%5.5%

T R A F F I C R E V E N U E S E B I T D A

Capital markets access

570

1,045

2006 2007 2008 2009 2010 2011

GBP 5.1 billion issued since 2009



Profit & Loss

TOTAL

VAR.

L-f-L(1)

7,446 819

(192) 627 142

(303) 17

482 (61) 847

1

1,269

Net Revenue EBITDA

Depreciations

EBIT Disposals & impairments(2)

Net Financial Result Equity accounted

EBT Taxes

BAA discontinued Minorities

NET PROFIT

-1% +9% -13%

+18%

+6%

(1): Like-for-Like: Excluding forex impact, perimeter variations and fair value adjustments (2) Included in EBIT at the statutory accounts

(€mn)


INVESTOR RELATIONS DEPARTMENT C/ Príncipe de Vergara, 135

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website: www.ferrovial.com

2012 Ferrovial Investors Presentation

Investor Relations

Transcript of 2012 Ferrovial Investors Presentation