ferrovial overview 2014
TRANSCRIPT
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
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
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)
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)
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
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%