presentation to investors...vitoria pamplona huesca lleida girona barcelona tarragona castellón de...

March, 2003March, 2003

Presentation to Presentation to InvestorsInvestors

Financial HighlightsFinancial Highlights

Business opportunitiesBusiness opportunities

Results by businessResults by business

ConclusionsConclusions

Strategic ReviewStrategic Review

3

Strategic ReviewA clear Corporate Vision...

To become a world reference in the development, construction and operation of Infrastructures and

related Services

Products &Services Clients

Global Solutions

Construction

Support Services

Urban Services

Concessions

Telecom

Improve Client´s

Performance

4

Strategic Review...based on our capabilities...

KNOWLEDGE CLIENT RESOURCES

Managementcapabilities

Profitability

Reliance

Expertise

Service oriented business

5

Strategic Review…and our Organization…

Construction Support Services Urban Services Concessions Telecoms

6

Strategic Review…to achieve our goals

Maximise returns to our shareholdersSustainable

growth

Promote our society’s development

Increase range of products & services

§ Wider costumer base

§ Diversified portfolio of activities

§ Recurrent turnover from our clients

§ Operating efficiency

§ Sound investment strategy

§ Solid financial structure

§ Attractive dividend policy

§ Contribute to economic growth

§ Improve social welfare

§ Respect the environment

8

Financial Highlights2002 Key financials

EBITDA 352.9 410.9 +16.5

2001 2002 Variac. (%)

Revenues 3,921.4 4,420.2 +12.7

EBIT 267.8 305.3 +14.0

Net Profit 149.2 181.4 +21.6

EPS € 2.33 € 2.83 +21.6

Net Debt 124.7 591.1 +374.0

Net Debt with recourse (55.2) 380.1 -

Project Financing 179.9 211.0 +17.2

Working Capital 95.0 (256.6)

Net Investments 207.0 1,050.7 +407.6

(Million Euro)

-

9

Financial HighlightsTrack Record

CAGR 02/98

Revenues 15.8%

EBITDA 28.5%

EBIT 27.5%

Net profit 27.8%

Revenues EBIT Mg. Net Mg.EBITDA Mg.

2,4602,700

3,410

3,921

4,420

4.7%5.2%

6.3% 6.8% 6.9%

2.8% 3.2% 3.5% 3.8% 4.1%

6.1%6.7%

8.2%9.0% 9.3%

1998 1999 2000 2001 2002

(Million Euro)

Continuous improvement: double digit growth over last 5 years

10

Financial HighlightsBalance sheet

1998 1999 2000 2001 2002

Fixed Assets 279.9 652.0 884.5 1,013.9 1,926.1Working Capital 435.2 401.7 208.4 95.0 (256.6)

Total Assets 715.1 1,053.6 1,092.8 1,109.0 1,669.6

Shareholders´Equity 488.0 654.7 814.9 910.8 979.1Other l/t liabilities 38.3 76.3 65.4 73.4 99.4

Net Debt 188.8 322.6 212.6 124.7 591.1Project Financing 15.8 57.2 129.0 179.9 211.0

Net Debt with recourse 173.0 265.4 83.6 (55.2) 380.1

Total Liabilities 715.1 1,053.6 1,092.8 1,109.0 1,669.6

(Million Euro)

11

Financial HighlightsInvestments

492

50

207295280

652

1,014

1,926

250

500

750

1,000

1,250

1,500

1,750

2,000

1998 1999 2000 2001 2002

Investments Fixed Assets

1,051

23.5% stake of

Grupo Dragados

Acquisition:

€ 900 mill.

> 2,000 mill.

Invested in 5

years

Million Euro

885

12

Financial HighlightsWorking Capital

435402

208

95

(257)

52

22

9

(22)

65

(300)

(200)

(100)

100

200

300

400

500

600

(45)

(30)

(15)

15

30

45

60

75

90

1998 1999 2000 2001 2002

Working Capital WC (Days of Sales)

Days of Sales

€ 692 mill.

generated in

the period

1998-2002

Million Euro

13

Financial HighlightsNet Debt

173265

380

211

84

(55)

57

129

180

16

39%

49%

14%

60%

26%

(100)

100

200

300

400

500

600

700

1998 1999 2000 2001 2002

(10 %)

10 %

20 %

30 %

40 %

50 %

60 %

70 %

Net Debt with recourse(Cash) Project Financing Total Net Debt/Shareh. Eq.

Million Euro Debt/ Shareh. Eq.

Total Net Debt

< € 600 mill.

1.43 x EBITDA

39% Net Debt with

recourse/Shareholders´Eq

14

Financial HighlightsProfitability

14,8% 14,2%

12,8%

11,0%10,5%

11,3%

15,3%16,0%

17,3%

19,2%

1998 1999 2000 2001 2002

ROCE ROE

16

Business opportunitiesFuture Infrastructure Development

Public Initiative

Public Works Infrastructure

Environmental Affairs Hydraulic

Economy Energy

Environmental Affairs Urban Waste

Private Initiative

2000 - 2010

2001 - 2008

2002 - 2011

2000 - 2006

National Plan Period

Supported by GDP growth, specifically by large industrial corporations

in sectors such as Oil, Energy, Telecom, Heavy Industries,…

Domestic Market

International Market

Public tender for Concessions across Europe and Latam

17

Business opportunitiesConstruction

Total Investments € 102.9 bn

2000 - 2004

€ 43 bn

2005 - 2006

€ 17.3 bn

2007 - 2010

€ 42.6 bn

(30% financed by EU)

National Infrastructure Plan (2000 – 2010)

Highways € 39.8 bnRailroads € 40.5 bnAirports € 11.4 bnPorts € 7.5 bnOthers € 3.6 bn

Complete the high capacity road network

Update current railway communications (HST)

New Airports Infrastructures

Modernisation & enlargement Spanish Ports

Other actions related to transport infrastructures

Execution Agenda

18

Year 2000 Year 2010

ANDORRA

Palma deMallorca

Nueno

N-IV

Ferrol

Arzúa

VilagarcÍa de Arousa

Vigo

TuiRibadavia

Verín

O Barco

Xinzo de Limia

Marín

Lalín

Santiago deCompostela

San Ciprián

Barreiros

Baamonde

Guntín

ChantadaBecerrea

Monforte de Lemos

Ribadeo

LuarcaVegadeo

AvilésGijón

La EspinaGrado

Mieres

Ponferrada Astorga

Cistierna

Osorno

Quintanadel Puente

La Bañeza

Mombuey

Alcañices

Toro

Benavente

La Magdalena

Mansilla delas Mulas

Aguilar deCampoó

LlanesUnquera

Torrelavega

Potes

Solares

Laredo

Castro Urdiales

Basauri

Armiñón

Gimileo

Cerceda

Lerma

Peñafiel

Riaza

Villalón de Campos

Tordesillas

Ciudad Rodrigo

El Barcode Ávila Arenas de

San Pedro

Béjar

Plasencia

Trujillo

Navalmoralde la Mata

Herrera del Duque

Valencia deAlcántara

Arévalo

Peñarandade Bracamonte

Adanero

Alcalá de Henares

Venturada

AranjuezCañete

Tarancón

Ocaña

Orgaz

Madridejos

Talaverade la Reina

Maqueda

Honrubia

Belmonte

Hellín

Almansa

Casas Ibañez

Alcaraz

La Roda

Ruidera

Almadén

Mérida

La Albuera

Zafra

Llerena

Puertollano

DaimielManzanares

Valdepeñas

Piedrabuena

Villarrobledo

Aranda de Duero

Sto. Domingode la Calzada

Tafalla

Alfaro

Irurzun

Zarauz

JacaBoltaña

Graus

MonzónZuera

Caspe

Fraga

Cervera

Les BorgesBlanques

Híjar

AlcañizMontalbán

Monrealdel Campo

Molina de Aragón

Tarazona

Ágreda

Calatayud

Medinaceli

Alcolea del Pinar

Sacedón

Almadrones

AlmazánSan Estebande Gormaz

Daroca

Oitura

Benabarre

Vielha

El Pont de Suert

La Seu dÚrgell

Túnelde Vielha Llivia

Ripoll

Olot

Vic

Portbou

Figueres

Mataró

Sitges

Vilafrancadel Penedés

Manresa

Bagà

El Vendrell

Castelldefels

Vinarós

Segorbe

Sagunt

XátivaGandía

Benidorm

TorreviejaAlcantarilla

Totana

Vera

Los Gallardos

Adra

Baza

Loja

Almuñécar

Antequera

MarbellaEstepona

Algeciras

Jerez de laFrontera

Ayamonte

Gibraleón

Valverde delCamino

Mazagón

Venta El Alto

Baena

Montoro

Andújar

Bailén Linares

Úbeda

Espiel

Lucena

Écija

EstepaDos Hermanas

Jabugo

Tarifa

La Línea deLa Concepción

Rincón dela Victoria

Motril

Carboneras

Vélez-Rubio

Cieza

PuertoLumbreras

La Unión

PortmanCartagena

Los Alcázares

Novelda

Yecla AlcoyCocentaina

San Juan de Alicante

Requena

CaudeteGrao de Sagunt

Silla

Morella

Amposta

L' Hospitaletde l'Infant

Reus

Igualada

La Jonquera

Barbastro

Sabiñánigo

Reinosa

Cangasde Onís

Ribadesella

Campomanes

A Coruña

Lugo

Oviedo

León

Burgos Logroño

Soria

Valladolid

Zamora

Salamanca

Ávila

Segovia

Guadalajara

Cuenca

Albacete

Madrid

Ciudad Real

Cáceres

Badajoz

Santander

Bilbao San Sebastián

Vitoria Pamplona

Huesca

LleidaGirona

BarcelonaBarcelona

Tarragona

Castellón de la Plana

Valencia

Alicante

Murcia

Almería

Granada

Málaga

Huelva

Sevilla

Córdoba

Jaén

Cádiz

Zaragoza

Teruel

Ourense

Pontevedra

MENORCA

MALLORCA

CABRERAIBIZA

FORMENTERA

Elche

San Rafael

Toledo

Sta. Cruzde Tenerife

Las Palmas deGran Canaria

LA PALMA

GOMERA

TENERIFE

HIERRO

GRAN CANARIA FUERTEVENTURA

LANZAROTEPuerto Real

Chiclana dela Frontera

Guadiaro

Betanzos

Puigcerdà

Mirandade Ebro

Durango

Argandadel Rey

Medina del Campo

Palencia

Carballo

Pola deSiero

ColladoVillalba

CeutaMelilla

Nimes

Marsella

Perpignan

Toulouse

Pau

Montpellier

ToulonBiarritz

BragaOporto

Coimbra

Aveiro

SamtaremSintra

Lisboa

Estoril

Setubal

BejaSines

Faro

Túneldel Cadí

ANDORRA

Palma deMallorca

Nueno

N-IV

Ferrol

Arzúa


Vigo

TuiRibadavia

Verín

O Barco

Xinzo de Limia

Marín

Lalín


San Ciprián

Barreiros

Baamonde

Guntín

Chantada

Becerrea

Monforte de Lemos

Ribadeo

LuarcaVegadeo

Avilés

Gijón

La EspinaGrado

Mieres

Ponferrada Astorga

Cistierna

Osorno

Quintanadel Puente

La Bañeza

Mombuey

Alcañices

Toro

Benavente

La Magdalena


Aguilar deCampoó

LlanesUnquera

Torrelavega

Potes

Solares

Laredo

Castro Urdiales

Basauri

Armiñón

Gimileo

Cerceda

Lerma

Peñafiel

Riaza

Villalón de Campos

Tordesillas

Ciudad Rodrigo


San Pedro

Béjar

Plasencia

Trujillo


Herrera del Duque


Arévalo


Adanero

Alcalá de Henares

Venturada

AranjuezCañete

Tarancón

Ocaña

Orgaz

Madridejos

Talaverade la Reina

Maqueda

Honrubia

Belmonte

Hellín

Almansa

Casas Ibañez

Alcaraz

La Roda

Ruidera

Almadén

Mérida

La Albuera

Zafra

Llerena

Puertollano

DaimielManzanares

Valdepeñas

Piedrabuena

Villarrobledo

Aranda de Duero


Tafalla

Alfaro

Irurzun

Zarauz

JacaBoltaña

Graus

MonzónZuera

Caspe

Fraga

Cervera

Les BorgesBlanques

Híjar

AlcañizMontalbán

Monrealdel Campo

Molina de Aragón

Tarazona

Ágreda

Calatayud

Medinaceli

Alcolea del Pinar

Sacedón

Almadrones


Daroca

Oitura

Benabarre

Vielha

El Pont de Suert

La Seu dÚrgell


Ripoll

Olot

Vic

Portbou

Figueres

Mataró

Sitges


Manresa

Bagà

El Vendrell

Castelldefels

Vinarós

Segorbe

Sagunt

XátivaGandía

Benidorm


Totana

Vera

Los Gallardos

Adra

Baza

Loja

Almuñécar

Antequera

MarbellaEstepona

Algeciras

Jerez de laFrontera

Ayamonte

Gibraleón

Valverde delCamino

Mazagón

Venta El Alto

Baena

Montoro

Andújar

Bailén Linares

Úbeda

Espiel

Lucena

Écija

EstepaDos Hermanas

Jabugo

Tarifa



Motril

Carboneras

Vélez-Rubio

Cieza

PuertoLumbreras

La Unión

PortmanCartagena

Los Alcázares

Novelda



Requena


Silla

Morella

Amposta


Reus

Igualada

La Jonquera

Barbastro

Sabiñánigo

Reinosa

Cangasde Onís

Ribadesella

Campomanes

A Coruña

Lugo

Oviedo

León

Burgos Logroño

Soria

Valladolid

Zamora

Salamanca

Ávila

Segovia

Guadalajara

Cuenca

Albacete

Madrid

Ciudad Real

Cáceres

Badajoz

Santander


Vitoria Pamplona

Huesca

LleidaGirona

BarcelonaBarcelona

Tarragona


Valencia

Alicante

Murcia

Almería

Granada

Málaga

Huelva

Sevilla

Córdoba

Jaén

Cádiz

Zaragoza

Teruel

Ourense

Pontevedra

MENORCA

MALLORCA

CABRERAIBIZA

FORMENTERA

Elche

San Rafael

Toledo



LA PALMA

GOMERA

TENERIFE

HIERRO




Guadiaro

Betanzos

Puigcerdà

Mirandade Ebro

Durango

Argandadel Rey

Medina del Campo

Palencia

Carballo

Pola deSiero

ColladoVillalba

CeutaMelilla

Nimes

Marsella

Perpignan

Toulouse

Pau

Montpellier

ToulonBiarritz

BragaOporto

Coimbra

Aveiro

SamtaremSintra

Lisboa

Estoril

Setubal

BejaSines

Faro

Túneldel Cadí

ANDORRA

Palma deMallorca

Nueno

N-IV

Ferrol

Arzúa


Vigo

TuiRibadavia

Verín

O Barco

Xinzo de Limia

Marín

Lalín


San Ciprián

Barreiros

Baamonde

Guntín

Chantada

Becerrea

Monforte de Lemos

Ribadeo

LuarcaVegadeo

Avilés

Gijón

La EspinaGrado

Mieres

Ponferrada Astorga

Cistierna

Osorno

Quintanadel Puente

La Bañeza

Mombuey

Alcañices

Toro

Benavente

La Magdalena


Aguilar deCampoó

LlanesUnquera

Torrelavega

Potes

Solares

Laredo

Castro Urdiales

Basauri

Armiñón

Gimileo

Cerceda

Lerma

Peñafiel

Riaza

Villalón de Campos

Tordesillas

Ciudad Rodrigo


San Pedro

Béjar

Plasencia

Trujillo


Herrera del Duque


Arévalo


Adanero

Alcalá de Henares

Venturada

AranjuezCañete

Tarancón

Ocaña

Orgaz

Madridejos

Talaverade la Reina

Maqueda

Honrubia

Belmonte

Hellín

Almansa

Casas Ibañez

Alcaraz

La Roda

Ruidera

Almadén

Mérida

La Albuera

Zafra

Llerena

Puertollano

DaimielManzanares

Valdepeñas

Piedrabuena

Villarrobledo

Aranda de Duero


Tafalla

Alfaro

Irurzun

Zarauz

JacaBoltaña

Graus

MonzónZuera

Caspe

Fraga

Cervera

Les BorgesBlanques

Híjar

AlcañizMontalbán

Monrealdel Campo

Molina de Aragón

Tarazona

Ágreda

Calatayud

Medinaceli

Alcolea del Pinar

Sacedón

Almadrones


Daroca

Oitura

Benabarre

Vielha

El Pont de Suert

La Seu dÚrgell


Ripoll

Olot

Vic

Portbou

Figueres

Mataró

Sitges


Manresa

Bagà

El Vendrell

Castelldefels

Vinarós

Segorbe

Sagunt

XátivaGandía

Benidorm


Totana

Vera

Los Gallardos

Adra

Baza

Loja

Almuñécar

Antequera

MarbellaEstepona

Algeciras

Jerez de laFrontera

Ayamonte

Gibraleón

Valverde delCamino

Mazagón

Venta El Alto

Baena

Montoro

Andújar

Bailén Linares

Úbeda

Espiel

Lucena

Écija

EstepaDos Hermanas

Jabugo

Tarifa



Motril

Carboneras

Vélez-Rubio

Cieza

PuertoLumbreras

La Unión

PortmanCartagena

Los Alcázares

Novelda



Requena


Silla

Morella

Amposta


Reus

Igualada

La Jonquera

Barbastro

Sabiñánigo

Reinosa

Cangasde Onís

Ribadesella

Campomanes

A Coruña

Lugo

Oviedo

León

Burgos Logroño

Soria

Valladolid

Zamora

Salamanca

Ávila

Segovia

Guadalajara

Cuenca

Albacete

Madrid

Ciudad Real

Cáceres

Badajoz

Santander


Vitoria Pamplona

Huesca

LleidaGirona

BarcelonaBarcelona

Tarragona


Valencia

Alicante

Murcia

Almería

Granada

Málaga

Huelva

Sevilla

Córdoba

Jaén

Cádiz

Zaragoza

Teruel

Ourense

Pontevedra

MENORCA

MALLORCA

CABRERAIBIZA

FORMENTERA

Elche

San Rafael

Toledo



LA PALMA

GOMERA

TENERIFE

HIERRO




Guadiaro

Betanzos

Puigcerdà

Mirandade Ebro

Durango

Argandadel Rey

Medina del Campo

Palencia

Carballo

Pola deSiero

ColladoVillalba

CeutaMelilla

Nimes

Marsella

Perpignan

Toulouse

Pau

Montpellier

ToulonBiarritz

BragaOporto

Coimbra

Aveiro

SamtaremSintra

Lisboa

Estoril

Setubal

BejaSines

Faro

Túneldel Cadí

National Infrastructure Plan – Highways & Roads


19

National Infrastructure Plan – Railways


FRANCIA

PAU

DAX

LOURDES

TARBES

LE PERTHUS

PERPIGNAN

BAYONNEHENDAYE

CÓRDOBA

SEVILLA

MADRID

CIUDAD REAL

SAN SEBASTIÁN

CASTELLÓN DE LA PLANA

VALENCIA

OROPESALAS PALMAS

SAGUNTO

XÁTIVA

LA ENCINA

VILLAR DE

CHINCHILLA

LA CAÑADA

VANDELLÓS

A CORUÑA

OPORTO

LISBOA

ÁVILA

ALBACETE

LONDON

BRUSSELS

AMSTERDAM

LUXEMBOURG

LE HAVRE

CHERBOURG

ST MALO

ST BRIEUC

LE MANS

VENDÔME

NANTES

ANGERS

POITIERS

FUTUROSCOPE

LA ROCHELLE

ARCACHON

BREST

LILLE

LILLE -E

ARRAS

MELUN

DUNKERQUE

OOSTENDE

ASHFORD

ROTTERDAM

ANTWERP

LIEGE

NAMUR

CHARLEVILLE

AEROPORTCDG TVG

DIJON

LYON

SAARBRÜCKEN

MULHOUSE

ZÜRICH

BERNA

LAUSANA

KOLN

DÜSSELDORF

PARIS

MÁCON

VALENCE

AVIGNON

TURIN

MILAN

BORDEAUX

MARSEILLE

STRANSBURGO

COLMAR

CARTAGENA

MÉRIDA

MEDINA DEL CAMPO

NIMES

PADRÓN

SANTIAGO

AVILÉS GIJÓN

PONFERRADA

CASTEJÓN

TORRELAVEGA

ALAR DEL REY

EL FERROL

ALGECIRAS

BELFORT

BESANCON

REIMSMETZ

LISBOA

JAÉN

GRANADA

ALMERÍAMÁLAGACÁDIZ

HUELVA

CÁCERES

BADAJOZ

MURCIAALICANTE

TERUEL

HUESCA

ZARAGOZA

LLEIDA

BARCELONA

GIRONA

TOLEDO

CUENCA

GUADALAJARA

SEGOVIA

SORIA

LOGROÑOBURGOS

BILBAO

VITORIA

SANTANDER

VALLADOLID

SALAMANCA

OVIEDO

PALENCIA

ZAMORA

LEÓN

LUGO

OURENSEPONTEVEDRA

PERPIGNAN

Year 2000 Year 2010Year 2000 Year 2010

FRANCIA

PAU

DAX

LOURDES

TARBES

LE PERTHUS

PERPIGNAN

BAYONNEHENDAYE

CÓRDOBA

SEVILLA

MADRID

CIUDAD REAL

SAN SEBASTIÁN

CASTELLÓN DE LA PLANA

VALENCIA

OROPESA

LAS PALMAS

SAGUNTO

XÁTIVA

LA ENCINA

VILLAR DECHINCHILLA

LA CAÑADA

VANDELLÓS

A CORUÑA

OPORTO

LISBOA

ÁVILA

ALBACETE

LONDON

BRUSSELS

AMSTERDAM

LUXEMBOURG

LE HAVRE

CHERBOURG

ST MALO

ST BRIEUC

LE MANS

VENDÔME

NANTES

ANGERS

POITIERS

FUTUROSCOPE

LA ROCHELLE

ARCACHON

BREST

LILLE

LILLE -E

ARRAS

MELUN

DUNKERQUE

OOSTENDE

ASHFORD

ROTTERDAM

ANTWERP

LIEGE

NAMUR

CHARLEVILLE

AEROPORT

CDG TVG

DIJON

LYON

SAARBRÜCKEN

MULHOUSE

ZÜRICH

BERNA

LAUSANA

KOLN

DÜSSELDORF

PARIS

MÁCON

VALENCE

AVIGNON

TURIN

MILAN

BORDEAUX

MARSEILLE

20


National Hydraulic Plan (2001 – 2008)

Regulation € 2.7 bn

Irrigation € 6.1 bn

Urban Supply, Sewerage & Purification € 5.4 bn

Prevention & Environmental Restoration € 3.3 bn

Water Control & Quality € 1.2 bn


Satisfy water needs of Eastern Spain

Promote environmental care in the use of water

21

€ bn Growth (%)

Highways 2.68 + 4.7

Railroads 4.08 + 25.9

Hydraulic Works 3.09 + 11.1

Airports 2.21 + 10.1

Ports 0.71 + 10.1

Other 0.43 + 2.7

Total 13.2 + 13.3

National Public Budget for 2003 includes part of the investments carried out by the Infrastructure & Hydraulic Plans

Good prospects for Civil work

activities


22

Telecom.Energy

Generation Distribution

Control Systems

Railroads Urban Systems

Industrial Services

Installation Maintenance

Energy generation, renewable energy, Desalination Plants, Gas storage

Electricity, gas and water

High standard technology (2G & 3G)

Other Networks and Systems

Energy lines, Signaling, & other Control Systems

Traffic Control: Lightening systems, & other Systems

Applied engineering in Industrial Plants, Heating & Air conditioning and Integral Maintenance

Business opportunitiesGrupo Cobra

Grupo Cobra is the leading provider of applied engineering and support services in Spain, Portugal and Latin America, in the fields of Energy, Telecom, Industrial &

Control Systems

New operators Upgrading and maintenance of the existing networks, broadband, fixed systems, new wireless networks, etc.

Outsourcing of facilities services

New capacities for Chemical Plants and other Industrial facilities

Traffic systems for large and medium size cities

Energy shortage in South Europe

Renewable Energy: Support from the Administration

New transportation lines

High speed train development

National Energy Plan Backed by Public & Private Investments

23

Business opportunitiesGrupo Cobra

+ 3.8%

2002 - 2006 2007 - 2011 2002 - 2011

+ 3.9%+ 3.6%

Electricity

New Electricity generation capacity in 2011:

• CCGT: 14,800 MW• Renewables: 14,000 MW

Distribution Target:• Nuclear: 20%• Hydro/Renewals: 29%• Gas: 34%• Fosil: 17%

Total Investments: aprox. € 26 bn.

Gas

New Electricity transportation networks: Total Investments € 2.7 bn.

Total Investment: € 5.2 bn.

• Pipelines: € 1.3 bn.

• Regasification facilities: € 2.6 bn.

• Pumping stations: € 0.3 bn.

• Storage: € 0.9 bn.

70% of Investments during 2002 – 2006 period

* Government Estimates

Demand Growth *

+ 9.2%

2002 - 2006 2007 - 2011 2002 - 2011

+ 6.3%+ 12.1%

Demand Growth *

National Energy Plan (2002 – 2011)

24

Business opportunitiesUrban Services - Tecmed

§ Closure of uncontrolled landfills

§ Construction of new infrastructures

§ Selective waste collection

National Urban Waste Plan (2000-2006)

7%

14%

26%17%

25%

11%Restoring and recycling

Containers National Program

Compost National Program

Recoverable energy

Incineration

Other

Market growth prospects for next 3 years > 10%

Most active business areas: Treatment & Collection


Government main actions

Tecmed´s leadership in development and operation of SUW Treatment Plants8 concessions in the main Spanish cities

25

Business opportunitiesUrban Services - Continental Auto

§ 2002 Revenues: € 142.1 million

§ More than 1,700 employees

§ A fleet of more than 800 vehicles

§ 50 mn users transported

§ 91 mn kilometres travelled

§ Runs 4 main geographic areas under monopoly concessions

GCA is one of the main players

Current leading position will be critical to become one of the main agents in

the process of change

§ Highly fragmented market

§ Increasing service outsourcing from the municipalities

§ Similar prospects for the railway business

§ Consolidation of the interurban market

§ Privatisation of urban services (city buses)

§ Privatisation of the railway lines (high speed train, long distance, suburban train, subway…)

26

Excellent market opportunities to develop new Concessions projects

§ Increasing demand of new & more complex infrastructures

§ Public initiative to satisfy such demand, without Government spending

DEMAND

§ Strong companies to face the whole value chain of these projects

§ Contracting firms are the best positioned: L.T. commitment, management of project´s risks, and technical specialization

SUPPLY

§ Large availability of financial resources for this kind of projects

§ Legal framework which encourages Public & Private partnerships

STABLE MARKET CONDITIONS

Business opportunitiesConcessions

Highways TransferStations

LightRails

Hospitals Airports

28

Results by business 2002 Breakdown

Construction Grupo Cobra Grupo Tecmed Grupo Continental

Revenues EBIT Net Profit

5.1%

41.3%

8.8%

44.8%

3.2%

49.3%

7.0%

40.5%

9.1%

44.9%

5.3%

40.7%

29

2001 2002 Variac.(%)

Revenues 1,885.7 2,199.2 +16.6

EBITDA 130.0 159.4 +22.6

EBIT 108.4 131.4 +21.2

Net Profit 70.7 85.1 +20.3

63%

16%

21%

Non ResidentialBuilding

ResidentialBuilding

Civil Works

Results by business Construction

(Million Euro)

30

1,6501,583

1,679

1,886

2,199

3.8% 4.1%4.9%

5.7% 6.0%

2.5% 2.7% 3.2%3.7% 3.9%

4.9% 5.0%5.7%

6.9% 7.2%

1998 1999 2000 2001 2002


Results by business Construction

(Million Euro)

CAGR 02/98

Revenues 7.4%

EBITDA 18.3%

EBIT 21.5%

Net profit 19.9%

31

2001 2002Variac.

(%)

1,686.5 1,809.5 +7.3

155.5 180.4 +16.0

129.5 146.4 +13.1

69.9 76.9 +10.0

International 25.9% 20.9% -14.6

Results by business Grupo Cobra

Revenues

EBITDA

EBIT

Net Profit

(Million Euro)

31%

13%

8%

29%

11%

8%

Distribution Networks

Telecommunications

Railways Systems

Industrial Systems

Energy Projects

Control Systems

Rev. 2002

32

762

1,009

1,448

1,6871,809

6.2% 6.3%7.3% 7.7% 8.1%

3.4% 3.5% 4.0% 4.1% 4.2%

7.9% 7.6%8.7% 9.2%

10.0%

1998 1999 2000 2001 2002


(Million Euro)

Results by business Grupo Cobra

CAGR 02/98

Revenues 24.1%

EBITDA 31.4%

EBIT 27.4%

Net profit 30.8%

33

Results by business Urban Services - Tecmed

2001 2002 Variac.(%)

Revenues 257.5 313.5 +21.7

EBITDA 43.1 49.4 +14.8

EBIT 24.4 27.5 +12.6

Net Profit 7.7 10.1 +31.3

(Million Euro)

34

Results by business Urban Services - Tecmed

6481

213

257

313

9.7% 9.0% 9.5% 9.5% 8.8%

2.5%3.7%

2.8% 3.0% 3.2%

16.4%15.1%

15.6%

16.7%15.8%

1998 1999 2000 2001 2002


(Million Euro)

CAGR 02/98

Revenues 48.6%

EBITDA 47.3%

EBIT 48.7%

Net profit 51.9%

35

Results by business Urban Services – Continental Auto

2001 2002 Variac.(%)

Revenues 134.8 142.1 +5.4

EBITDA 30.3 33.2 +9.6

EBIT 14.4 15.6 +8.2

Net Profit 10.9 17.1 +57.6

(Million Euro)

36

Results by business Urban Services – Continental Auto

117

135142

6210.5% 10.7%

9.5%8.5% 8.0%

22.4%20.9%

22.4% 23.3%

10.2%

10.9%

12.0%

1999 2000 2001 2002


(Million Euro)

CAGR 02/99

Revenues 10.2%

EBITDA 11.7%

EBIT 12.8%

Net profit 19.4%

38

ACS takes part in the development, construction and maintenance of Infrastructures around Europe

and Latam

ConclusionsGrupo ACS

ACS will lead the consolidation process in the Spanish market

ACS offers attractive profitability and high visibility in revenues

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