general shareholders' meeting 2012

Madrid, 30 March 2012

Rafael del PinoChairman

Santiago Ortiz VaamondeSecretary of the Board of Directors

Agenda

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

Quorum (provisional)

Rafael del PinoChairman

• 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

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

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€

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€

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

Internationalization• Consolidated

• Sales: 55%• EBITDA: 48%• Backlog: 58%

• Proportional stake• Sales: 62%• EBITDA: 78%• Backlog: 57%

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)

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%

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€

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

Santiago Fernández ValbuenaChairman of the Audit and Control Committee2011

• 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

Íñigo MeirásCEO

2011 Earnings

Significant events

Businesses

2012 Priorities

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

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

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

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%

Contribution, by business area

EBITDA 2011

1.765 B€

18%

45% 25%

12%

EBITDA 2011

818 M€

29% 37%

34%


Toll roads AirportsConstructionServices

Geographic distribution

2011 Revenues

7.446 B€

45%

5%

19%

21%

10%

2011 Revenues

8.678 B€

38%

4%

12%

36%

10%


United Kingdom PolandUS & CanadaSpain Rest of the world


EBITDA 2011

1.765 B€

54%

22%

18%

4%2%

EBITDA 2011

818 M€

52%

16%

12%

9%


United Kingdom PolandUS & CanadaSpain Rest of the world

11%

Net debt ex-projects

2006 2010200920082007

-3,064

2011

-1,937

-1,547

+31 +907

-1,172

2011 Earnings

Businesses

2012 Priorities

Significant events

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

Asset rotation: 1.264 B€

SWISSPORT695 M€ 326 M€

68 M€

BAA

CHILE M45157 M€

Capital gains: 1.069 B€SWISSPORT195 M€

BAA847 M€

M4527 M€

2011 Earnings

Businesses

2012 Priorities

Significant events

Services Toll roads Construction Airports

• 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

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

54%46%

Spain

United Kingdom

Geographic distributionSales: 2.821 B€

50%50%

Spain

United Kingdom

Backlog12.425 B€

54%

2011

9.726

2010200920082007

9.714 9.967

12.378 12.425

B€

Backlog

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%


2011 Earnings

Businesses

2012 Priorities

Significant events

Services Construction AirportsToll roads

• 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


Revenues 390 869 4.6%

EBITDA 283 630 14.4%


Funds from operations (excluding taxes)

137 178

Results

23%

INTERNATIONAL77%

Spain

USA

Portugal

Ireland

Canada

Greece

4%


Sales: 591 M€


8%

13%16%

36%

2011 Earnings

Businesses

2012 Priorities

Significant events


• 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


Revenues 4,244 4,525 -4.5%

EBITDA 248 242 4.3%


Funds from operations (excluding taxes)

298 373

Results


41%32%

INTERNATIONAL59%

16% 6%

5%

Sales: 4.244 B€

Spain

United Kingdom

Poland

USA

Rest of the world

32%

18%

32%7%

Backlog, by marketBacklog: 9.997 B€

Spain

United Kingdom

Poland

Rest of the world

USA

11%

INTERNATIONAL68%

20112010200920082007

9.130 8.756 8.800

9.997

B€

10.186

Backlog

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

2011 Earnings

Businesses

2012 Priorities

Significant events


• 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

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

2011 Earnings

Businesses

2012 Priorities

Significant events

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

• 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

Greater value for shareholders

Quorum

Shareholder remarks

Resolutions

Resolutions• Approval of the 2011 financial statements

Resolutions

• Application of results and distribution of dividends

• Approval of the 2011 financial statements

• Approval of the Board of Directors' management in 2011

Resolutions



• Amendment of the Bylaws

Resolutions




• Amendment of the Shareholders' Meeting Regulations

Resolutions





• Remuneration system: payment of variable remuneration in shares

Resolutions






• Delegation of powers

Resolutions







• 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





general shareholders' meeting 2012

Economy & Finance

b services

b murcia

b crossrail

b gross

b operating cash flow

b capital gains

b ministry of justice

services backlog