General Shareholders' Meeting 2012
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Transcript of General Shareholders' Meeting 2012
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Madrid, 30 March 2012
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Rafael del PinoChairman
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Madrid, 30 March 2012
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Santiago Ortiz VaamondeSecretary of the Board of Directors
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Madrid, 30 March 2012
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Agenda
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Agenda
• Approval of the 2011 financial statements• Application of income and distribution of
dividends• Approval of the Board of Directors' management
in 2011• Amendment of the Bylaws• Amendment of the Shareholders' Meeting
Regulations• Remuneration system: payment of part of the
variable remuneration in shares• Delegation of powers• Annual report on director remuneration
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Madrid, 30 March 2012
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Quorum (provisional)
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Madrid, 30 March 2012
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Rafael del PinoChairman
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• Signs of recovery by the world economy• Recovery in the United States• Easing recession in Europe• Growth in emerging countries
• Situation in Spain • Fiscal consolidation• Reform policies
• Labour market• Financial sector• Public administrations
• Growth and investment in infrastructure
Economic situation
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The year at Ferrovial
• Improved financial position• Operating cash flow and divestments• Good EBITDA performance by the businesses• Record-high backlog• Divestments providing value • Share performance
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Improved financial position
• Positive net cash position at parent company (excluding project debt): 907 M€
• Reduction of total debt (including project debt): 5.171 B€
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Operating cash flow and divestments: 1.446 B€• Operating cash flow: 511 M€
• Construction: 298 M€• Services: 164 M€• Toll roads: 137 M€
• Capital expenditure: 328 M€
• Divestments: 1.264 B€
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Record-high backlog: 22.422 B€
• Services: 12.425 B€• Murcia: 1.000 B€• Ministry of Justice: 450 M£
• Construction: 9.997 B€• Crossrail: 263 M€• Telefónica datacenter
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Internationalization• Consolidated
• Sales: 55%• EBITDA: 48%• Backlog: 58%
• Proportional stake• Sales: 62%• EBITDA: 78%• Backlog: 57%
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Diversification of funding sources• Bond issues
• ETR 407: 350 M CAD• BAA: 1.000 B$• BAA: 880 M£
• Consolidated bank debt• excluding projects: 1.261 B€ (gross)
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FER vs. IBEX 35 (2011 closing)
IBEX 35
2011
-13%
2012
9.33€+25%
7,44€
31/12/2010 31/12/2011 29/03/2012
38% vs. IBEX 35
25% vs. 2010
8.49€+14%
-20%
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Proposed dividend
2011
Interim 0.20 €
Supplementary
0.25 €
Total 0.45 €
(*) Comparison of the dividend under conditions similar to today's (/4)
2006 2010200920082007
0.25€
0.29€
0.50€
0.40 (*)0.42€
2011
0.45€
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CSR
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Distinctions
Inclusion in the index due to its policies relating to Social Responsibility, Corporate Governance, Ethical Management, the Environment and Human Rights
“Transport Infrastructure Award” for the design and construction of the Northern Ireland DBFO Package 2
Named “Water Company of the Year” for contribution to the development of the international water market
LBJ Express toll road named “North American Project Bond Deal of the Year 2010”
“Large Company of the Year
“Top Employers España 2011” certification
"Stock of the Year"
“Bioenergía de Oro” awardfor the BIOFUEL project
“The Lawyer Awards” in the “Best in-house/public sector HR initiative” category
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Madrid, 30 March 2012
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Santiago Fernández ValbuenaChairman of the Audit and Control Committee2011
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• Members
• Functions
• Activities:• Financial information• Liaising with the external auditor• Internal control procedures• Internal audit• Analysis of risks and oversight systems• Actions relating to corporate governance and compliance• Evaluation of the Audit and Control Committee
Audit and Control Committee
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Madrid, 30 March 2012
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Íñigo MeirásCEO
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2011 Earnings
Significant events
Businesses
2012 Priorities
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Balance sheet• Good operating performance by the businesses• Improved financial position• High operating cash flow• Record-high backlog• Ready access to the capital markets• Monetisation of assets
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Change in consolidation scope• Impact of the sale of 5.88% of BAA
• Equity method• Valued at: 4.762 B£• Capital gains: 847 M€• Deconsolidation of 14.874 B€ in debt
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2011 Earnings
2011 M€
Pro-forma change
11-10
Sales 7,446 -0.6%
EBITDA 818 8.9%
EBIT 627 17.9%
Net income
1,269
2011 M€ Chg. 11-10
Construction backlog 9,997 -1.8%
Services backlog 12,425 0.4%
Consolidated net debt -5,171
Net cash position 907
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Contribution, by business area
Toll roads AirportsConstructionServices
2011 Revenues
8.678 M€
Including equity holdings
43%
32%
18%
7%
2011 Revenues
7.446 B€
57%
37%
6%
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Contribution, by business area
EBITDA 2011
1.765 B€
18%
45% 25%
12%
EBITDA 2011
818 M€
29% 37%
34%
Including equity holdings
Toll roads AirportsConstructionServices
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Geographic distribution
2011 Revenues
7.446 B€
45%
5%
19%
21%
10%
2011 Revenues
8.678 B€
38%
4%
12%
36%
10%
Including equity holdings
United Kingdom PolandUS & CanadaSpain Rest of the world
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Geographic distribution
EBITDA 2011
1.765 B€
54%
22%
18%
4%2%
EBITDA 2011
818 M€
52%
16%
12%
9%
Including equity holdings
United Kingdom PolandUS & CanadaSpain Rest of the world
11%
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Net debt ex-projects
2006 2010200920082007
-3,064
2011
-1,937
-1,547
+31 +907
-1,172
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2011 Earnings
Businesses
2012 Priorities
Significant events
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January February March AprilRevenues
M4568 M€
May June July August
September October November December
Sale closed
Swissport695 M€
Debt refinanced
Ferrovial 1.314 B€
Bond issue
BAA750 M£
Refinancing
Ausol492 M€
Bond issue
BAA1.000 B$
Investment grade
Ferrovial
Sale of 5.88%
BAA326 M€
Contract awarded
Crossrail263 M€
Sale of toll roads
Chile157 M€
Acquisition
PNI50 M€
Bond issue
407 ETR350 M CAD
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Asset rotation: 1.264 B€
SWISSPORT695 M€ 326 M€
68 M€
BAA
CHILE M45157 M€
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Capital gains: 1.069 B€SWISSPORT195 M€
BAA847 M€
M4527 M€
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2011 Earnings
Businesses
2012 Priorities
Significant events
Services Toll roads Construction Airports
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• Cash flow: 164 M€• Cost control• Growth and improvement in results• Record-high backlog: 12.425 B€• New contracts: Murcia and UK Ministry of
Justice • Intelligent Cities division
Focus on profitable growth
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M€ 2011 2010 Pro-forma
Revenues 2,821 3,896 9.4%
EBITDA 312 413 4.9%
Operating income 207 284 3.3%
Operating cash flow(excluding taxes)
164 282
Results
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54%46%
Spain
United Kingdom
Geographic distributionSales: 2.821 B€
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50%50%
Spain
United Kingdom
Backlog12.425 B€
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54%
2011
9.726
2010200920082007
9.714 9.967
12.378 12.425
B€
Backlog
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M€ United Kingdom
Spain
Sales 1,284 1.537
Pro-forma change 18.6% 2.8%
EBITDA 113 198
Pro-forma change 2.8% 6%
Operating income
97 111
Pro-forma change 3.5% 3%
Geographic distribution
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2011 Earnings
Businesses
2012 Priorities
Significant events
Services Construction AirportsToll roads
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• EBITDA growth: 14%• Divestments: Chile and M45• Refinancing: Ausol• Dividends: 159 M€• Study of new projects in the OECD and in other
markets• Weak traffic• Adjudications: Extension of 407 and A334
Effective management
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M€ 2011 2010 Pro-forma
Revenues 390 869 4.6%
EBITDA 283 630 14.4%
Operating income 230 517 38.8%
Funds from operations (excluding taxes)
137 178
Results
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23%
INTERNATIONAL77%
Spain
USA
Portugal
Ireland
Canada
Greece
4%
Geographic distribution
Sales: 591 M€
Including equity holdings
8%
13%16%
36%
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2011 Earnings
Businesses
2012 Priorities
Significant events
Services Toll roads Construction Airports
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• Development in other countries offsets Spanish market
• New contracts:• Telefónica datacenter (Spain)• Crossrail (UK)• Line 9 of the Iława railway (Poland)• Hydroelectric power station tunnels in Ituango
(Colombia)• Highway 290 (Texas, US)• Darsait wastewater plant (Oman)
• Budimex: record earnings and backlog• Backlog: 9.997 B€• Cash flow: 298 M€
Operations outside Spain
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M€ 2011 2010 Pro-forma
Revenues 4,244 4,525 -4.5%
EBITDA 248 242 4.3%
Operating income 215 202 8.4%
Funds from operations (excluding taxes)
298 373
Results
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Geographic distribution
41%32%
INTERNATIONAL59%
16% 6%
5%
Sales: 4.244 B€
Spain
United Kingdom
Poland
USA
Rest of the world
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32%
18%
32%7%
Backlog, by marketBacklog: 9.997 B€
Spain
United Kingdom
Poland
Rest of the world
USA
11%
INTERNATIONAL68%
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20112010200920082007
9.130 8.756 8.800
9.997
B€
10.186
Backlog
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Growth of 35% in revenues, 20% in
EBITDA and 24% in the backlog
5% growth in the
backlog
8.2% growth in EBIT
Doubled the
international backlog
Subsidiaries
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2011 Earnings
Businesses
2012 Priorities
Significant events
Services Toll roads Construction Airports
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• Improvement in traffic: 4.4% at BAA and 5.5% at LHR
• Bond issues in 2011: 1.000 B$ and 880 M£• Bond issues in 2012: 2.340 B€• Higher level of satisfaction among Heathrow
passengers• Investment in terminals and infrastructure:
>900 M£ • Dividend announcement
Increase in traffic
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M£ 2011 2010 Change Pro-forma
Revenues 2,524 2,389 5.7% 9.2%
EBITDA 1,287 1,098 17.3% 17.8%
Operating income 634 485 30.7% 32.6%
Traffic (M.pax) 109 104 4.4%
BAA earnings
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2011 Earnings
Businesses
2012 Priorities
Significant events
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Overview
9% improvement in EBITDA
Business Backlog Liquidity Development
Good performance by the main
assets
Record high in Construction and Services
Solid financial structure
Projects in the four businesses
22.422 B€, 58% outside Spain
Positive net cash position 907 M€
OECD countriesand focus on emerging markets
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• Financial discipline• Cash flow• Organic growth• Recovery in share price• Analysis of opportunities in OECD markets and
emerging countries• Commitment to Workplace Safety, CSR and the Environment
2012 Priorities
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Greater value for shareholders
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Madrid, 30 March 2012
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Quorum
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Madrid, 30 March 2012
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Shareholder remarks
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Madrid, 30 March 2012
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Resolutions
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Resolutions• Approval of the 2011 financial statements
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Resolutions
• Application of results and distribution of dividends
• Approval of the 2011 financial statements
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• Approval of the Board of Directors' management in 2011
Resolutions
• Application of results and distribution of dividends
• Approval of the 2011 financial statements
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• Amendment of the Bylaws
Resolutions
• Approval of the Board of Directors' management in 2011
• Application of results and distribution of dividends
• Approval of the 2011 financial statements
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• Amendment of the Shareholders' Meeting Regulations
Resolutions
• Amendment of the Bylaws
• Approval of the Board of Directors' management in 2011
• Application of results and distribution of dividends
• Approval of the 2011 financial statements
![Page 78: General Shareholders' Meeting 2012](https://reader036.fdocuments.in/reader036/viewer/2022062405/557bd699d8b42aac4c8b474f/html5/thumbnails/78.jpg)
• Remuneration system: payment of variable remuneration in shares
Resolutions
• Amendment of the Shareholders' Meeting Regulations
• Amendment of the Bylaws
• Approval of the Board of Directors' management in 2011
• Application of results and distribution of dividends
• Approval of the 2011 financial statements
![Page 79: General Shareholders' Meeting 2012](https://reader036.fdocuments.in/reader036/viewer/2022062405/557bd699d8b42aac4c8b474f/html5/thumbnails/79.jpg)
• Delegation of powers
Resolutions
• Remuneration system: payment of variable remuneration in shares
• Amendment of the Shareholders' Meeting Regulations
• Amendment of the Bylaws
• Approval of the Board of Directors' management in 2011
• Application of results and distribution of dividends
• Approval of the 2011 financial statements
![Page 80: General Shareholders' Meeting 2012](https://reader036.fdocuments.in/reader036/viewer/2022062405/557bd699d8b42aac4c8b474f/html5/thumbnails/80.jpg)
• Application of results and distribution of dividends• Approval of the Board of Directors' management in 2011
• Annual report on director remuneration
Resolutions
• Delegation of powers
• Remuneration system: payment of variable remuneration in shares
• Amendment of the Shareholders' Meeting Regulations
• Amendment of the Bylaws
• Approval of the 2011 financial statements
![Page 81: General Shareholders' Meeting 2012](https://reader036.fdocuments.in/reader036/viewer/2022062405/557bd699d8b42aac4c8b474f/html5/thumbnails/81.jpg)
Madrid, 30 March 2012