general shareholders' meeting 2013

Madrid, 22nd of March 2013

Rafael del PinoChairman

Madrid, 22 March 2013

Santiago Ortiz VaamondeSecretary of the Board of Directors

Agenda

Agenda• MATTERS FOR APPROVAL

1. Approval of the 2012 financial statements

2. Application of results and distribution of dividends

3. Approval of the Board of Directors' management

4. Re-appointment of auditors

5. Re-appointment of Directors

6. Remuneration system: Share delivery plan for members of the

Board with executive functions, and Senior Management

7. Authorization to the Board of Directors to acquire own shares

8. Delegation of powers

Agenda• MATTERS FOR ADVISORY VOTE

9. Annual report on Directors’ remuneration

• MATTERS OF INFORMATION10. Information on changes to the Board of Directors Regulation

11. Information on the use, by the Board of Directors, of the

powers delegated by resolution 6 of the Shareholders' Meeting

held on 22 October 2009 (empowerment to the Board to issue

debentures, bonds and other financial instruments of the debt)

Quorum (provisional)

Madrid, 22 March 2013

Rafael del PinoChairman

The year at Ferrovial

• Sound financial position

• Strong cash flow

• Good operating results

• Backlog in Services and Construction

• Successful asset rotation

• Diversification of funding sources

• Superb share performance

• Excellent remuneration for shareholders

Improved financial position

• Positive net cash position at parent

company (excluding project debt): 1,489

M€

• Lower consolidated net debt (including

project debt): 5,106 M€

Operating cash flow and divestments: 1,489 M€• Operating cash flow: 909 M€

• Services: 491 M€• Construction: 100 M€• Toll road dividends: 220 M€• Airport dividends: 145 M€

• Capital expenditure: 313 M€

• Divestments: 893 M€

Good operating results

• Revenue: 7,686 M€ (+3%)

• EBITDA: 927 M€ (+13%)

• Net income: 710 M€

Backlog: 21,483 M€

• Services: 12,784 M€ • Sheffield (UK)• Treatment plants in the Canary Islands (Spain)

• Construction: 8,699 M€ • 407 ETR extension (Toronto)• US 460 (Virginia)

Internationalized business

• Consolidated• Revenue: 62%• EBITDA: 36%• Backlog: 62%

• Proportional share• Revenue: 66%• EBITDA: 66%• Backlog: 61%

Diversification of funding sources

• Bond issues in 2012:• 407 ETR: 600 MCAD• HAH: 3,000 M£

• Bank debt: • Excl. consolidated projects: 1,233 M€ (gross)

• Corporate bond issue 2013: • Amount: 500 M€• Term: 5 years• All-in cost: 3.44%

Good share performance

Ferrovial (31.12.11 – 21.03.13)

37% over IBEX-35

34% over 2011

IBEX 35

2012

-5%

2013

11.2€+20%

9.32€

31.12.2011 31.12.2012 21.03.2013

12.51€34%

-3%

52% including dividend

Proposed dividend

2012

Interim 1.00 €

Supplementary 0.25 €

Total 1.25 €

(*) Comparison of the dividend under conditions similar to today's (/4)

201020092008

0.50€

0.40(*) 0.42€

2011

0.45€

2012

1.25€

Corporate Social Responsibility

Awards and recognitions

"2011 Construction Company of the Year" in the General Contractor category

Valmayor drinking water plant, honourable mention for the Best Public Works Project of 2012 by the School of Civil Engineering of Madrid

Leader in Human Resources Best Practices

“Top Employers 2012/2013"Certification

Ecofira Innovation Award for the "Biofuel Project"

"Empresa más Igual" from the Madrid Regional Government

Salmón Prize from Expansión

Leader in terms of infrastructure investment volume

Arte Sacro Business Park and the Reading room at the Pablo Olavide University. Spanish Architecture Yearbook

Heathrow's Terminal 5. World Airport Awards: Best Airport Terminal in the World

Engineering and Construction sector

"Maji ni Uhai" project by Business in the Community's Awards for Excellence

"Social Infrastructure" programme, in the Strategic Corporate Philanthropy category.

Juan Arena de la MoraChairman of the Audit and Control Committee

• Composition

• Functions

• Activities:• Financial information• Liaising with the external auditor• Internal Control Procedures• Internal Audit• Risk analysis and risk control systems• Actions relating to Corporate Governance and

compliance

Audit and ControlCommittee

Íñigo MeirásCEO

2012 Results

Significant events

Businesses

2013 Priorities

Balance sheet• Good operating performance by the businesses

• Backlog: major new contracts

• Strong cash flow

• Successful asset rotation

• Improved financial position

• Ready access to the capital markets

2012 Results

2012 M€ Chg. 12-11

Revenue 7,686 3%

EBITDA 927 13%

EBIT 708 13%

Net profit 710

2012 M€ Chg. 12-11

Services backlog 12,784 3%

Construction backlog 8,699 -13%

Net cash position (excluding projects)

1,489

Consolidated net debt -5,106

Contribution, by business area

Services Toll roads Construction Airports

2012 Revenues

8,427 M€

Including equity holdings

39%

2012 Revenues

7,686 M€

5%

56%

35%

8%44%

13%

Contribution, by business area 2012 EBITDA

1,671 M€2012 EBITDA

927 M€


34%

29%

37%

19%

29%

19%

33%


Geographic distribution2012 Revenues

7,686 M€2012 Revenues

8,427 M€


Spain

United Kingdom

USA and Canada Poland Rest of the world

25%

38%

14%

19%

4%

34%

36%

17%

10%

3%

66%INTERNATIONAL

62%INTERNATIONAL

Geographic distribution2012 EBITDA

1,671 M€ 2012 EBITDA

927 M€


64%

16%

12%

7% 1%

34%

43%

21%

2%

Spain

United Kingdom

USA and Canada Poland Rest of the world

66%INTERNATIONAL

36%INTERNATIONAL

Net debt ex-projects

2010

20092008

2011

-1,547

31

907

-1,172

2012

1,489

2012 Results

Businesses

2013 Priorities

Significant events

Financial completion

Sheffield2,000 M£

April

August

Sale of 10.62%

HAH478 M£

December

Sale announcement

Edinburgh807 M£

Concession signed

A-66192 M€

CEO

Jorge GilFerrovial Aeropuertos

Bond issue

407 ETR400 M CAD

Julio

November

March

Dividend

Ferrovial1€ gross per share

Bond issue

HAH400 M£

Bond issue

HAH400 M CAD

February

June

October

Topping out

HeathrowTerminal T2A

Advisory

F. Qatar

Contract awarded

US 4601,079 M€

Sale of 5.72%

HAH257 M£

Inauguration

SH-130

Bond issue

HAH600 M£ / 400 M CHF

Bond issue

HAH500 M$

January

May

SeptemberInsolvency proceedings

R4

Contract awarded

407 East E.1,100 M CAD

Bond issue

HAH700 M€

Bond issue

407 ETR200 M CAD

Asset rotation: 893M€

16.34% HAH

Edinburgh(x16.7 EV/EBITDA)

Stansted(x16.0 EV/EBITDA)

2012 Results

Businesses

2013 Priorities

Significant events


• Cash flow: 491 M€

• Record-high backlog: 12,784 M€

• Focus on operating efficiency

• Promotion of cities and energy efficiency: Sheffield

• International development:• Contracts in Qatar and Poland

• Acquisitions in the UK and Chile

Cash and Backlog

M€ 2012 2011 Change

Revenues 2,951 2,821 4.6%

EBITDA 314 312 0.6%

Operating income 203 207 -2.0%

Operating cash flow (excluding taxes)

491 164

Results

Geographic distributionRevenue: 2,951 M€

Spain United Kingdom

51% 49

%

Backlog12,784 M€

Spain United Kingdom

56%

44%

2011201020092008

9,714 9,967

12,378 12,425

M€

Backlog

12,784

2012

M€ United Kingdom

Spain

Revenue 1,491 1,461

Change 16.1% -5.0%

EBITDA 118 195

Change 4.4% -1.6%

Operating income

101 102

Change 4.4% -7.6%

Geographic distribution

2012 Results

Businesses

2013 Priorities

Significant events

Services Construction AirportsToll roads

• Dividends: 220M€ (38.4% over 2011)

• Adjudications:407 Extension and A-66

• 407 ETR: Increase in revenues (8.7%) and dividends

(30.7%)

• Recovery in traffic in the US and weakness in Europe

• Insolvency of R-4 and AP-36

• Opened offices in Australia and Colombia

Dividends and adjudications

M€ 2012 2011 Change

Revenues 381 390 -2.1%

EBITDA 272 283 -4.1%

Operating income 204 230 -11.3%

Dividends220 159

Results

Geographic distribution

Revenue: 636 M€Including equity holdings

20%

Spain

USA Canada Portugal Rest of the worldIreland

17%

39%

16%

5% 3%

80%INTERNATIONAL

2012 Results

Businesses

2013 Priorities

Significant events


• International development: 70% of revenues and

backlog

• New contracts:• 407 ETR extension (Toronto)

• US 460 (Virginia)

• Espiño and Padornelo high-speed rail tunnels (Galicia)

• Tokamak / ITER buildings (France)

• Bialystok incinerator (Poland)

• Backlog: 8,699 M€

• EBIT 298 M€ (6.9% margin)

• Cash flow: 100 M€

More international

M€ 2012 2011 Change

Revenues 4,326 4,244 1.9%

EBITDA 337 246 36.8%

Operating income 298 214 39.5%

Funds from operations (excluding taxes)

100 298

Results

Geographic distributionRevenue: 4,326 M€

Spain United Kingdom USA Poland Rest of the worldChile

3%1%

33%

23%

10%

30%

70%INTERNATIONAL

Backlog, by marketBacklog: 8,699 M€

Spain

United Kingdom

USA

Poland Rest of the worldChile

2%

70%INTERNATIONAL

Canada

8%

30%

5%

37%

3%

14%

2011201020092008

M€

Backlog

2012

8,756 8,800

9,99710,186

8,699

2012 Results

Businesses

2013 Priorities

Significant events


• Higher level of satisfaction among Heathrow

passengers

• Operational improvements at Heathrow airport

• All-time record at Heathrow (70M passengers)

• Divestments: 16.34% of HAH. Edinburgh and

Stansted

• First dividend: 145M€

• Bond issues: Over 3,000 M£

• Investment in improvements: 1,200 M£

Dividends and operational improvement

M£ 2012 2011 Change

Revenues 2,646 2,524 4.8%

EBITDA 1,355 1,287 5.3%

Operating income 772 634 21.8%

Traffic (M.pax) 99.7 99.2 0.5%

HAH results

2012 Results

Businesses

2013 Priorities

Significant events

Overview

Business

Development

Good operating

performance

Projects in the four businesses

Backlog Constructionand Services

Liquidity Solid financial structure

EBITDA up13%

OECD countries and focus on

emerging markets

21,483 M€62% outside

Spain

Positive net cash position 1,489

M€

• Financial discipline

• Cash flow generation

• Operational management

• Internationalization strategy

• Workplace Safety, Corporate Responsibility,

Environment and Innovation

2013 Priorities

Greater value for shareholders

Quorum

Shareholder remarks

Agenda


Items for approval


2. Application of income and distribution of dividends

Items for approval




Items for approval






6. Remuneration system: Share delivery plan for members

of the Board with executive functions, and Senior

Management

Items for approval








7. Authorization granted to the Board of Directors to

acquire own shares

Matters for approval








7. Authorization granted to the Board of Directors to acquire own

shares

8. Delegation of powers

Items for approval

Matters for advisoryvote

9. Annual report on Directors’ remuneration

10. Information on changes to the Board of Directors

Regulation

Matters of information

11. Information on the use, by the Board of Directors, of the

powers delegated by resolution 6 of the Shareholders' Meeting

held on 22 October 2009 (empowerment to the Board to issue

debentures, bonds and other financial instruments of the debt)

10. Information on changes to the Board of Directors

Regulation

Items for information

general shareholders' meeting 2013

Economy & Finance