ferrovial overview 2014

6
Corporate Ratings S&P BBB Fitch BBB The world's leading private investor in transportation infrastructures… Founded in 1952, Ferrovial is one of the world's leading groups specialized in infrastructure and cities, operating through its Toll Roads, Services, Construction and Airports divisions. With around 66,000 employees in more than 25 countries, the company continues to endeavor to make a difference in the world of infrastructure and services and, therefore, in society. The Company manages key assets such as Canada's 407 ETR highway (43.2%) and London's Heathrow Airport (25.0%), both assets consolidated as equity accounted. Through its Services division, Ferrovial maintains a leading position in sophisticated markets such as the UK and Spain, while Construction continues to be a core Ferrovial activity being involved in all areas of construction, namely complex civil and industrial works. Ferrovial is listed in the Madrid Stock Exchange with an over €10Bn market capitalization and an average daily traded volume over €40Mn. Ferrovial is included in the Dow Jones Sustainability, FTSE4Good and Carbon Disclosure Project indexes and has a “Prime” rating by Oekom research. … with presence in all the infrastructure value chain Resilient CF generation from Construction & Services activities through the crisis combined with an increasing upstream of dividends from infrastructure projects. Historical Operating Cash flow and Dividends from infrastructure projects: Operating Cash flow generated at Construction & Services together with dividends from infrastructure projects to serve Parent Company debt, equity investments in new infrastructure projects and dividend to shareholders. Low level of corporate debt (Net cash for the last 5 years), at the core of our strategy to keep our investment grade credit rating: BBB (S&P and Fitch). Structure based on non-recourse debt at infrastructure projects, extracting dividends to remunerate the equity injected. Strong financial situation … …with no meaningful maturities until 2018 Ferrovial has issued three corporate bonds between 2013 and 2014 (maturing in 2018, 2021 & 2024). Ferrovial has almost no banking exposure at parent company level and no meaningful maturities until 2018) Debt allocated at project level to optimise capital structure Outlook: Stable AIRPORTS CONSTRUCTION ferrovial SERVICES 2014 2015 2016 2017 2018 2019 2020 + 43 14 18 11 501 96 811 3,064 1,987 1,547 1,172 31 907 1.484 1.663 1.533 2006 2007 2008 2009 2010 2011 2012 2013 9M'14 IR Department e: [email protected] - +34 915862730 Figures in million Euros 1 Toll Roads' & Airports dividends Operating Cash Flow New projects’ equity PARENT COMPANY INFRASTRUCTURE PROJECTS Ring fenced debt EXCL. INFRA PROJECTS Shareholders’ dividends 2006 2007 2008 2009 2010 2011 2012 2013 503 527 731 749 655 462 595 Construction Services 2006 2007 2008 2009 2010 2011 2012 2013 182 201 397 119 173 159 365 Operating Cash Flow Dividends Construction & Services Toll Roads & Airports Shaping the future NET CASH €1,533mn INFRASTRUCTURES PROJECTS EX-INFRA PROJECTS NET DEBT €7,587mn CONSTRUCTION Civil engineering Industrial construction Water treatment 80 years of experience AIRPORTS Largest airport private investor Ownership and operational management of key UK airports, including Heathrow, combining almost 85 million passengers a year TOLL ROADS Leading sponsor of toll roads infrastructure development worldwide Key developer of 407 ETR and 23 other concessions in 6 different countries SERVICES Leading provider of infrastructure services Infrastructure management and maintenance Urban services and waste management Focus on intelligent cities, waste treatment and energy efficiency + 9M ‘14 TOLL ROADS €12.1Bn Market cap. €40.2Mn Daily traded volume Listed since 1999… …with an attractive shareholder remuneration Balanced capital allocation, reinvesting in new projects for long term value creation, while attractively remunerating our shareholders. Analyst coverage: (including analyst reports from last 3 months) FER SM (Bloomberg) FER.MC (Reuters) Company Ticker 54.9% 42.1% 2.9% Buy Hold Sell 5% 18% 77% Data as of November 2014 Controlling shareholder Blackrock Free-float 2009 2010 2011 2012 2013 2014* 0.40 0.42 0.45 1.25 €/Share Focus on cash flow to parent company… … with a solid track record 0.691 663 461 Toll roads Airports 0.381 * 2014 includes only interim dividend Historical Dividends Source: CNMV (Nov 2014) Shareholder base % €Mn €Mn Maturity calendar ex-infra projects Net debt ex-infra projects €Mn Consensus recommendations 27

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Page 1: Ferrovial Overview 2014

Corporate Ratings S&P BBB Fitch BBB

The world's leading private investor in

transportation infrastructures…

Founded in 1952, Ferrovial is one of the world's leading groups specialized in

infrastructure and cities, operating through its Toll Roads, Services, Construction

and Airports divisions.

With around 66,000 employees in more than 25 countries, the company continues

to endeavor to make a difference in the world of infrastructure and services and,

therefore, in society.

The Company manages key assets such as Canada's 407 ETR highway (43.2%)

and London's Heathrow Airport (25.0%), both assets consolidated as equity

accounted. Through its Services division, Ferrovial maintains a leading position in

sophisticated markets such as the UK and Spain, while Construction continues to

be a core Ferrovial activity being involved in all areas of construction, namely

complex civil and industrial works.

Ferrovial is listed in the Madrid Stock Exchange with an over €10Bn market

capitalization and an average daily traded volume over €40Mn. Ferrovial is

included in the Dow Jones Sustainability, FTSE4Good and Carbon Disclosure

Project indexes and has a “Prime” rating by Oekom research.

… with presence in all the infrastructure value chain

Resilient CF generation from Construction & Services activities through the crisis

combined with an increasing upstream of dividends from infrastructure projects.

Historical Operating Cash flow and Dividends from infrastructure projects:

Operating Cash flow generated at Construction & Services together with

dividends from infrastructure projects to serve Parent Company debt, equity

investments in new infrastructure projects and dividend to shareholders.

Low level of corporate debt (Net cash for the last 5 years), at the core of our

strategy to keep our investment grade credit rating: BBB (S&P and Fitch).

Structure based on non-recourse debt at infrastructure projects, extracting

dividends to remunerate the equity injected.

Strong financial situation … …with no meaningful maturities until 2018

Ferrovial has issued three corporate bonds between 2013 and 2014 (maturing in

2018, 2021 & 2024). Ferrovial has almost no banking exposure at parent

company level and no meaningful maturities until 2018)

Debt allocated at project level

to optimise capital structure Outlook: Stable

A IRPORTSCONSTRUCTION

ferrovialSERV ICES

2014 2015 2016 2017 2018 2019 2020 +

43 14 18 11

501

96

811

3,064

1,9871,547

1,172

31

9071.484

1.663 1.533

2006 2007 2008 2009 2010 2011 2012 2013 9M'14

IR Department e: [email protected] - � +34 915862730 Figures in million Euros 1

Toll Roads' & Airports dividends

Operating Cash Flow

New projects’ equity

PARENT COMPANY

INFRASTRUCTURE

PROJECTS

Ring fenced debt

EXCL. INFRA

PROJECTS

Shareholders’ dividends

2006 2007 2008 2009 2010 2011 2012 2013

503 527

731749

655

462

595

Construction Services

2006 2007 2008 2009 2010 2011 2012 2013

182 201

397

119173 159

365

Operating Cash Flow DividendsConstruction & Services Toll Roads & Airports

Shaping the future

NET CASH

€1,533mn

INFRASTRUCTURES

PROJECTS

EX-INFRA PROJECTS

NET DEBT

€7,587mn

CONSTRUCTION

• Civil engineering• Industrial construction• Water treatment• 80 years of experience

AIRPORTS

• Largest airport private investor• Ownership and operational

management of key UK airports, including Heathrow, combiningalmost 85 million passengers a year

TOLL ROADS

• Leading sponsor of toll roadsinfrastructure developmentworldwide

• Key developer of 407 ETR and 23 other concessions in 6 different countries

SERVICES

• Leading provider of infrastructureservices

• Infrastructure management and maintenance

• Urban services and wastemanagement

• Focus on intelligent cities, wastetreatment and energy efficiency

+

9M ‘14

TOLL ROADS

€12.1BnMarket cap.

€40.2MnDaily traded volume

Listed since 1999… …with an attractive shareholder remuneration

Balanced capital allocation, reinvesting in new projects for long term value

creation, while attractively remunerating our shareholders.

Analyst coverage:

(including analyst reports from last 3 months)

FER SM (Bloomberg)

FER.MC (Reuters)Company Ticker

54.9%

42.1%

2.9%

Buy

Hold

Sell5%

18%

77%

Data as of November 2014

Controlling shareholder

Blackrock

Free-float

2009 2010 2011 2012 2013 2014*

0.40 0.42 0.45

1.25

€/Share

Focus on cash flow to parent company… … with a solid track record

0.691

663461

Toll roads Airports

0.381

* 2014 includes only interim dividend

Historical Dividends

Source: CNMV (Nov 2014)

Shareholder base

%

€Mn

€Mn

Maturity calendar ex-infra projectsNet debt ex-infra projects€Mn

Consensus recommendations

27

Page 2: Ferrovial Overview 2014

ferrovial

2013

Ferrovial geographical & business diversification implies a well balanced portfolio,

with airports as the largest contributor to adjusted Ebitda* (32% weight in 2013).

* 2013 FY - Proportionally considering Ferrovial stake in each project.

Services

Cash flow generation due to International growth despite

declining Spanish market.

International backlog was 70% at FY2013, with US 38%

and Poland 14% being the main markets where we do

have “local” presence through Budimex and Webber

(Texas).

Significant international contracts awarded in 2013, most

of them with our own Toll Roads division (M8 in Scotland

and NTE 3A3B in Texas), with the internal backlog being

over 32% at FY2013.

A recurrent cash flow generator with a long duration backlog providing long term visibility

“Integrated service management” to maximize

infrastructure asset value throughout their lifecycle.

Strong cash flow generation and resilient performance in

a difficult economic context.

Enterprise acquisition at £385Mn (€474Mn), in April

2013, to generate value mainly through synergies, with

an IRR estimated at c.15%.

After the integration of Enterprise the UK will gain weight

reaching more than 60% of the Division backlog.

Ferrovial, vision and valuesFerrovial has distinguished itself, above all, for its excellent professionals. Hard work and creativity centered on performance, have allowed us to

overcome complex challenges and to take advantage of opportunities, transforming individual skills into collective success.

Ferrovial, as a leading developer and operator in the infrastructure and services sector, will continue to shape the future of society with a continuous

focus on talent, integrity, safety, excellence and innovation.” (Rafael del Pino, Ferrovial ‘s Chairman)

Ebitda generated in the UK and North America accounted for over 67% of adjusted

Ebitda*.

UK

Spain36%

63%39%

59%

Construction

A proven competitive tool to success in bidding for greenfield infrastructure projects

Civil works

Industrial & otherResidential

Domestic

International*

30%

70%

Backlog breakdown

20%

78%

2%

IR Department e: [email protected] - � +34 915862730 Figures in million Euros 2

Cash flow ex-infra projects performance

€9,162mn €1,681mn

Services

Toll Roads

Construction

Airports

22%43% 24% 11%SpainUK N. America RoW

A well-balanced international portfolio*… ...translates into diversified cash flows

2%

International

1%

2,328

5,539

8%

39%

11%

42%

29%19%

32%20%

2010 2011 2012 2013

Total Investment (b) -420 -328 -320 -754

Total Divestment (c) 1,124 1,264 893 564

Activity Cash Flow (a+b+c) 1,515 1,447 1,486 858

Interest Payment -138 -114 -32 -46

Others 147 -81 -48 -49

Dividend to Shareholders -320 -376 -826 -523

Net Cash Generation 1.204 875 583 180

2010 2011 2012 2013

Construction 373 298 100 304

Services 282 164 495 359

Dividends from Highways 170 159 220 242

Dividends from Airports 2 0 145 219

Others 43 -43 -16 -27

Taxes -60 -67 -30 -48

Operating Cash Flow (a) 811 511 914 1,048

Revenues EBITDA*

Geographical Work

Reveues Backlog

Page 3: Ferrovial Overview 2014

Our portfolio is its long duration (average maturity >50 years) with attractive tariffs

schemes, allowing in many cases to increase them above inflation rates.

Principally explicit toll projects, where the concession holder profitability is not capped,

resulting in a potential value creation for the long term.

3 main assets in the US (managed lanes) at initial phases of activity; 2 under development

& one recently opened in Oct 2014. Managed lane concept based in congestion

management through dynamic tolling, to offer a solution to congested urban corridors.

407 ETR 43.2% stake in 407 ETR (equity accounted)

Located in Toronto, Ontario (Canada), it runs parallel to the first city ring road, the 401, one of North America's most congested toll roads.

One of the most valuable assets in infrastructure world, given traffic robustness, possibility to almost freely establish the tariffs(*) and LT duration (84Y remaining to 2098).

Resilient performance through the crisis, involving a strong deleverage process since acquisition in 1999, allowing to an increasing dividend distribution policy.

*Toll-setting freedom: Toll charges varied freely provided that traffic is above a certain threshold. The user pays according to the timesaving provided by the highway.

Following the acquisition of BAA Airports Limited in June 2006 (renamed HAH Airports in Oct 2012), Ferrovial became the leading private infrastructure operator in the

world, with four airports in the UK including Heathrow (as well as Glasgow, Southampton & Aberdeen), with 84.9mn passengers in 2013. After recent stake divestments,

Ferrovial holds 25.0% in the company with Qatar (20%), Brittania (13.29%), GIC (11.88%), Alinda (11.18%), CIC (10%) and USS (8.65%) holding the rest, providing a

quality shareholding structure involving sovereign funds of Qatar, China & Singapore and one of the largest pension schemes in the UK (USS).

Heathrow Airport, 15 miles from central London, is regarded as the hub of the aviation world. Flying more than 72mn passengers to over 180 destinations in over 90

countries each year, it's no wonder that some 90 airlines operate from Heathrow.

In 2013 Heathrow distributed dividends to its shareholders amounting £555Mn: a regular dividend (£255Mn) and an extraordinary payment (£300Mn) following the

disposal of Stansted. Heathrow’s intends to keep a recurrent dividend with sustainable growth (expected regular dividend of £270Mn for 2014, £203Mn paid as of 9M14).

MAIN ASSETS

We manage a portfolio of 24 concessions with a total of 2,100kms, distributed throughout

Canada, the United States, Spain, Portugal, Ireland and Greece.

IR Department e: [email protected] - � +34 915862730 3

Toll Roads

A world leading private developer of infrastructures, focus on value creation through risk management

44%

36%

20%

Europe

US

Canada

MAIN ASSETS

Airports

25.0% stake in Heathrow Airports Holding (Equity accounted)

Concession KmManaged

Investment% Cintra % Ferrovial Status

Net debt

Dic-2013Maturity Country

North Tarrant Express 21,4 1.541 56,7 56,7 Under Development -578 2061 USA

NTE (3A/3B) 16,4 970 50,1 50,1 Under Development -38 2061 USA

LBJ Express 27,4 1.901 51,0 51,0 Under Development -910 2061 USA

Indiana Toll Road 252,7 3.044 25,5 50,0 Operation -2.778 2081 USA

Chicago Skyway 12,5 1.391 55,0 55,0 Operation -1.068 2104 USA

SH-130 64,0 1.048 65,0 65,0 Operation -862 2062 USA

Almanzora 41,5 146 23,8 23,8 Under Development 0 2041 Spain

Autovía de la Plata 49,0 191 25,0 25,0 Under Development -29 2042 Spain

Autema 48,3 233 76,3 76,3 Operation -666 2036 Spain

2046 (Ausol I) Spain

2054 (Ausol II) Spain

Madrid - Sur 97,2 1.351 55,0 55,0 Operation -601 2065 Spain

Madrid - Levante 182,8 540 51,8 53,7 Operation -542 2040 Spain

Alcalá - O´Donnell 15,3 99 100,0 100,0 Under Development 0 2065 Spain

SerranoPark 3,297 spaces 76 50,0 50,0 Operation -47 2048 Spain

ViaLivre 174,5 84,0 84,0 Operation 8 2031 Portugal

Euroscut Algarve 129,8 264 77,0 85,0 Operation -149 2030 Portugal

Norte Litoral 119,0 386 75,5 84,0 Operation -209 2031 Portugal

Euroscut Azores 93,7 386 89,0 89,2 Operation -334 2036 Portugal

M4-M6 Highway 36,0 340 66,0 66,0 Operation -112 2033 Ireland

M3 Highway 50,0 549 95,0 95,0 Operation -199 2052 Ireland

Ionian Roads 378,7 33,3 33,3 Under Development 51 2037 Greece

Central Greece 231,0 33,3 33,3 Under Development -348 2038 Greece

407 EDG 35,0 637 50,0 50,0 Under Development -133 2045 Canada

407 ETR 108,0 3.161 43,2 43,2 Operation -3.806 2098 Canada

-453Autopista del Sol 105,2 729 80,0 80,0 Operation

20.16 Corporate Responsibility PlanFerrovial is a financially, ethically, socially and environmentally sustainable company. To achieve this, every three years Ferrovial updates its CR Strategic

Plan. The 20.16 CR Plan, approved in January 2014, defines Ferrovial’s main sustainability items for the next few years and renews its commitments at

the same time it reinforces its alignment with the business priorities.

Corportate governance, Ethics and Integrity, People, The environment, Society and Innovation are its main areas of action.

63%

79%

2007 9m'14

Departures punctuality% Passengers rating Heathrow

“Excellent” or “Very Good”

Missed bags per 1,000

passengers

48%

75%

2007 9m'14

40

19

2007 9m'14

Managed Investment

Operating improvement at Heathrow

408

665

2007 2008 2009 2010 2011 2012 2013

27X

8.4X

1999 2013

85145 120 135

190

300

459

600

680

2005 2006 2007 2008 2009 2010 2011 2012 2013

559

1,310

2007 2008 2009 2010 2011 2012 2013

EBITDA

EBITDA Net Debt/EBITDA Dividends

(CADMn) (CADMn)

(£Mn)

Page 4: Ferrovial Overview 2014

P&L and selected figures Balance sheet

2014 Highlights

OCT NTE Managed Lane opened to public (9 months ahead of schedule)

Indicative non binding offer for 100% of Transfield Services (Australia)

Offer for 6.5% stake in AENA (subject to IPO)

Agreement of Ferrovial Airports & Macquarie (50/50) to acquire 100% of

Aberdeen, Glasgow & Southampton airports

NOV 2nd scrip dividend paid (equiv. to 2014 interim), €0.381

APR Liquidity line agreed (€750mn, 5Y, with 12 banks, cost of 80bps).

JUN I-77 highway concession awarded

Approval of share buy-back programme (up to 3.5% of capital/€350mn)

JUL 3rd corporate bond issued (€300mn, 10Y, 2.5% fixed).

S&P upgraded Ferrovial from BBB- to BBB, stable outlook.

1st scrip dividend paid (equiv. to 2013 complementary), €0.291

I-77 Highway (North Carolina) award and

financial close (June ’14)

LENGTH:

13 mile section (IH820 & SH183 in Tarrant County)

CONCESSION PERIOD: 52 years

TARIFF POLICY:

Open Road Tolling System (no toll booths) with a dynamic tolling (every 5 minutes) to maintain a minimum speed of 50 mph

DESCRIPTION:

Dallas-Fort Worth Metroplex, Major thoroughfares between Fort Worth and DFW Airport

57% 33% 10%

CINTRA MERIDIAM DALLAS FIRE&POLICE

PENSION SCHEME

SHAREHOLDERS’ STRUCTURE

EQUITY DEBT PUBLIC FUNDS

21% 52% 27%

FINANCIAL STRUCTURE

NTE opening (Oct ’14)

2010 2011 2012 2013

Revenues 9.384 7.446 7.630 8.166

EBITDA 1.246 818 927 934

EBIT 961 625 708 701

Financial result -704 -303 -301 -333

Net Income 2.163 1.243 692 727

Market Capitalization 5.457 6.840 8.215 10.317

Employees 100.995 69.990 57.276 66.088

Construction backlog 10.186 9.997 8.699 7.867

Services backlog 12.378 12.425 12.784 17.749

2010 2011 2012 2013 2010 2011 2012 2013

Equity 6.628 6.246 5.780 6.074

Deferred Income 196 292 356 503

Long Term Assets 35.465 17.500 16.660 17.142 Long Term Liabilities 28.596 10.806 11.117 11.230

Investments in infra. projects 21.512 5.960 6.755 7.639 Financial Debt 21.511 6.695 6.996 7.496

Equity-consolidated companies 3.110 5.199 4.322 3.562 Debt at Infra. Projects 19.566 5.503 5.825 6.403

Long Term financial assets 2.184 1.912 1.674 1.810 Debt Ex_Infra. Projects 1.944 1.192 1.171 1.093

Short Term Assets 6.306 5.452 5.570 5.678 Short Term Liabilities 6.975 5.606 4.976 5.013

Trade & other receivables 3.161 2.673 2.198 2.202 Trade and other payables 4.889 3.882 3.267 3.254

Cash & other financial investments 2.701 2.349 2.967 3.130 Financial Debt 1.530 1.214 1.229 1.303

Cash at Infra. Projects 694 188 237 279 Debt at Infra. Projects 1.415 1.145 1.168 1.228

Cas Ex_Infra. Projects 2.007 2.161 2.730 2.851 Debt Ex_Infra. Projects 116 69 61 75

Total Assets 43.287 22.951 22.230 22.820 Total Liabilities & Equity 43.287 22.951 22.230 22.820

Consolidated figures

IR Department e: [email protected] - � +34 915862730 4

KEY CHARACTERISTICS

Heavy congestion.

No toll-booths, fully electronic free flow

tolling system.

Tollway within a freeway: choice of driving in

non-tolled or tolled lanes.

Tolls set to ensure min. speed on new lanes.

As demand grows & capacity becomes

scarce, pricing power increases.

Physically separated from the GP lanes with

controlled access.

TOTAL INVESTMENT: 2.05Bn

EQUITY: 427Mn21%

PABs: 400Mn

TIFIA: 650Mn

TOTAL DEBT: 1,050Mn

PUBLIC FUNDS: 537Mn

52%

27%

CINTRA: 243Mn (57%)

MERIDIEM: 141mn (33%)

DPFPS: 43mN (10%)

FINANCIAL OVERVIEW

� First combination of TIFIA and tax exempt PABs.

� First un-wrapped bond issuance for a toll road.

� First time TIFIA allowed additional debt to beraised beyond its approved federal subsidy cap.

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

Heathrow airport

Opening T2 (June ‘14)

• c.350 flights per day

• 40,000 passengers per day

Third runway

Heathrow’s proposal shortlisted for further

analysis (Airports Commission)

Departures punctuality % passengers rating

Heathrow “Excellent” or

“Very good”

Missed bags per 1,000

passengers

2007 9M 2014

63%

79%

2007 9M 2014

48%

78%

2007 9M 2014

40

19

Location: North of Charlotte, North Carolina

Customer: North Carolina Department of Transportation (NCDoT)

Project: 2 "managed lanes" in each direction of I-77 highway between the links to the I-277 in Charlote and NC-150 in Iredell County

Purpose: Desing, construction, funding, operation and maintenance

Opening: Scheduled for mid-2018.

Concession start date: 2018

Concession end date: 2068

Duration: 50 years

Construction: Joint Venture: Ferrovial Agroman & W.C. English (US).

Length of the highway: 26 miles

Sections: • Southern Section: 2.2 miles• Central Section: 14.9 miles• Northern Section: 8.8 miles

Managed Investment: $655m (€478Mn)

Tariffic Policy: Developer has total freedom to set toll rates along the corridor

Payment methods: Electronic tolling system

Highest ever passenger satisfaction

($Mn)

(€Mn)

Page 5: Ferrovial Overview 2014

Human resources

Environment

Promoting the professional development of all its employees is amongst

Ferrovial’s strategic priorities. The combination of the talent and commitment of

Ferrovial’s professionals is one of the pillars of the company’s success in

infrastructure management.

ESTRATEGY

A) Talent management

Through consolidated Evaluation Processes, such as 360º Feedback for

management; Succession Plans, to review more than 700 people for the

identification of successors and the analysis of management positions and Talent

Identification Programmes.

Additionally, since 2007 the Corporate University provides training for more than

3,000 students each year, wihch accounted for nearly 1,300.00 hours in 2013.

B) Commitment

The company’s rotation index is 2.9% and 8 out of 10 employees would

recommend Ferrovial as a good company to work for:

EQUALITY

Ferrovial ensures that all employees enjoy equal opportunities to develop their

professional careers on the basis of merit, confirmed by its Distinguished Equal

Opportunities Company award in 2010, which remains in force until 2016.

HEALTH & SAFETY

In 2013, Ferrovial’s accident rate maintained its downward path. In particular, an

analysis of the reduction of more than 18% in the Frequency Index, more than

8% in the Incident Index and 22% in the Severity Index.

WORKFORCE (June 2014)

At the end of June 2014, the average workforce numbered 66,862 employees.

45% carry out their activities outside Spain, and 16% work part time; by type of

contract, 82% are on permanent contracts. 30% of total employees are female,

and 14% of senior management.

Key magnitudes and % satisfaction

13

(9%)

13

(100%)

6

(46%)7

(54%)

Changes in senior

management positions

Internal

appointments

Same business Different businessFREQUENCY INDEX: Number ofaccidents resulting in time off workoccurred during the working dayper million hours worked. The resultis expressed per million.

INCIDENT INDEX: Number ofaccidents resulting in time off workthat occurred during the workingday per thousand employeesexposed.

SEVERITY INDEX: Number ofworking days lost due to accidentsat work per thousand hoursworked. The result is expressed perthousand.

Men Women Total

Construction 11,052 1,494 12,546

Corporation 198 139 337

Real Estate 28 47 75

Services 34,810 18,172 52,982

Concessions 599 291 890

Airports 19 13 32

Total 46,706 20,156 66,862

Environmental sustainability plays an increasingly relevant role for Ferrovial.

Beyond its commitment to reduce the environmental impact of its activities

worldwide, the company considers that global challenges such as climate change,

the energy crisis and the loss of biodiversity should not only be tackled with the

responsibility expected of a global company, but also that they could become a

source of new opportunities in the medium and long term.

ENVIRONMENTAL MANAGEMENT SYSTEMS

In 2013, 88% of group sales were covered by environmental management

systems certified by independent entities (under ISO 14001 and EMAS

standards).

Meanwhile, quality certificates increased by 11%, reaching 90% of total group

sales.

For the last 13 consecutive years Ferrovial has been included in the DJSI(Dow Jones Sustainability Index) at a global level.

With a mark of 99 out of 100, Ferrovial leads the CDP (Carbon Disclosure

Project) ratings in all its activity sectors on a global scale. CDP is investors’

principal reference for evaluating how companies deal with the risks and

opportunities related to climate change.

GREENHOUSE GAS EMISSIONS

31.6% reduction in greenhouse gas emissions since 2009.

2013

-31.6%

FOSSIL FUEL EMISSIONS AND ELECTRICITY

In 2013, Ferrovial consumed 37.8% more energy from renewable sourcesthan in the previous year.

WATER

Water consumption of 1,933,592 m3 was 28.4% less than during 2012.

RECYCLING

In 2013, Ferrovial recycled a total of 97,840 tonnes.

Non financial information

IR Department e: [email protected] - � +34 915862730 5

43.7

39.9 0.5

0.4

25.7

21.1

Page 6: Ferrovial Overview 2014

Innovation

Environmental sustainability plays an increasingly relevant role for Ferrovial.

Beyond its commitment to reduce the environmental impact of its activities

worldwide, the company considers that global challenges such as climate change,

the energy crisis and the loss of biodiversity should not only be tackled with the

responsibility expected of a global company, but also that they could become a

source of new opportunities in the medium and long term.

INVESTMENT IN INNOVATION

Through consolidated Evaluation Processes, such as 360º Feedback for

management; Succession Plans, to review more than 700 people for the

identification of successors and the analysis of management positions and Talent

Identification Programmes.

Ferrovial fosters a policy of open innovation, in the form of creating an

ecosystem of partners in the community. The innovation strategy is on three

levels:

− A common government to establish the innovation strategy.

− An ecosystem – public authorities, innovation centres, large companies, SMEs,

start-ups – that seeks to create the appropriate cultural climate.

− The necessary resources for their development: information, financing, public

programmes, etc.

INNOVATION PROJECTS

The important milestones in Ferrovial’s growth are inseparable from its projects.

Ferrovial has defined seven priority areas for action: airports, water, motorways,

intelligent cities, innovative construction, energy efficiency and waste evaluation.

Living Lab Guadalajara

Within the intelligent cities area, the Living Lab Guadalajara is conceived as a

space to unfold new technologies that transform and improve urban services,

resulting in a better quality of life for its inhabitants.

R&D Investment (€Mn)

2013 2012 2011 2010

32.9 32.6 51.32 45

Projects with MIT

The “System for Waste Separation and Evaluation” project started with the

objective of improving the operations and design of the urban waste separation

and treatment plants, which is being worked on by a group of researchers from

the Massachusetts Institute of Technology (MIT), in coordination with Ferrovial

Servicios.

The project, which started in June 2014, will imply an investment of €231,000.

Ferrovial Innovation Awards

Ferrovial is aware that innovation can emerge anywhere, and as a result has

organised a second eddition of its “Ferrovial Innovation Awards” – Zuritanken –

inviting its employees to offer solutions to four challenges (one for each

business unit): Services, Toll Roads, Construction and Airports.

The results of this second round are shown below:

Madrid Smart Lab

The city competition centre runs the Madrid Smart Lab programme, to develop

innovation projects in cooperation with the local council to improve local mobility

and quality of life.

636Participants

677Ideas

45% teams

vs. 55% individuals

59 Proposals

31 Mobility 28 Quality of life

say on pay

Fixed Variable LT incentives2010 Grant

Euros0 200,000 400,000

Percentile

75

0-25%il

25-50%il

50-75%il

75-90%il

Percentile

25

Percentile

90

Mean

Media

ferrovial

Source: Towers Watson

PRESIDENT & CEO REMMUNERATION

2013: balanced contribution between fix, variable and long term incentives:

BOARD REMMUNERATION non executive

Ferrovial compares with IBEX35 and is in the average compensation of that

group.

22% 39% 39%