ferrovial investors presentation 2011

• O v e r v i e w

• B u s i n e s s u n i t s

• O u t l o o k

Disclaimer

This document may contain statements that constitute forward looking statements about the

Company. These statements are based on financial projections and estimates and their underlying

assumptions, statements regarding plans, objectives and expectations, which refer to estimates

regarding, among others, future growth in the different business lines and the global business,

market share, financial results and other aspects of the activity and situation relating to the

Company.

Such forward looking statements, by its nature, are not guarantees of future performance and

involve risks and uncertainties, and other important factors that could cause actual developments

or results to differ from those expressed in these forward looking statements.

Analysts and investors, and any other person or entity that may need to take decisions, or prepare

or release opinions about the securities issued by the Company, are cautioned not to place undue

reliance on those forward looking statements which speak only as of the date of this

communication. They are all encouraged to consult the Company’s communications and periodic

filings made with the relevant securities markets regulators and, in particular, with the Spanish

Securities Markets Regulator.

INDEX

1. O v e r v i e w

2. B u s i n e s s u n i t s

3. O u t l o o k

4. A p p e n d i x

4

Investor Relations Department E-mail: [email protected] – Tel: +34 91 586 27 30

Company overview

INFRASTRUCTURE

PROJECTS

PARENT COMPANY

Ring fenced debt

EXCL INFRA PROJECTS

Net cash position

Controlling Shareholder 46%Free float 54%

• Capital intensive

• Inflation protected

• LT duration & financing

• EPS reflects interest expenses

• Non capital intensive

• Backlog visibility

• EPS accretive

5


Business overview

INFRASTRUCTURE

PROJECTS

(96% EBITDA International)

PARENT COMPANY

EXCL INFRA PROJECTS

(53% EBITDA International)

� Leading sponsor of tollroadsinfrastructure development worldwide

� Key developer of ETR 407� Design, build, finance & operation

� Leading European airport operator

� Ownership and manager of 6 UK

airports, including Heathrow and

Stansted

� One of the European construction leading groups

� Civil engineering, industrial construction & water treatment

� Leading provider of infrastructure services

� Infrastructure & Maintenance management

� Urban services & waste management

6


Cash flow overview

• Focus on project’s credit rating

• EBITDA resilient assets

• Well spread maturities

• Focus on cash, not growth

• Commitment to strong BS

• Indebtedness target: Max. 2X EBITDA

� 407< 5% per year

� BAA < 10% per year

Cintra's dividends& BAA future dividends

Operating cash flow

New projects’ equity

PARENT COMPANY

INFRASTRUCTURE

PROJECTS

EXCL INFRA PROJECTS

Shareholders’dividends

7


Debt structure overview

PARENT

COMPANY

INFRASTRUCTURE

PROJECTS

EXCL INFRA PROJECTS • Net cash position

• Maximum debt target 2X EBITDA

Non Infrastructure Net debt evolution (2006-2011)

Debt streamlining

Debt reduction

-31

-280

3,065

1,9871,547

1,1723,2x2,1x

1,5x 1,7x

2006 2007 2008 2009 2010 9M 11

Net Debt Net Debt /EBITDA

NET CASH €280m

NET DEBT€20,690m

� BAA ,407 ETR 2012 maturities covered with available

liquidity

� Long dated toll road concession agreements:

- Weighted average remaining life > 70 years

- Aggregated PLCR ( 1 ) of 5.26 XTOLL ROADS

Net Debt €5,429mAIRPORTS

Net Debt €14,910m

( 1 ) PLCR: Project Life Coverage Ratio

Ring fenced debt

8


Sound financial position at ferrovial excl-infrastructure

(1) There are no significant maturities expected beyond 2015

No material maturities until 2015

High liquidity available

(1)

14 34 21102

1,025

2011 2012 2013 2014 2015

1,250

2,259

1,009

Total cash Undrawn lines Total liquidity

9


Resilience

&

Growth

Probably, the two best infra assets in the worldProbably, the two best infra assets in the worldProbably, the two best infra assets in the world

HEATHROWETR-407

Traffic

Tariff review +7.5% + RPI%Freedom

-0.5%-0.5%

Combined EBITDA over € 1,000mn

Local currency and local GAAP

+18.8%+18.8%+8.4%+8.4%

Top world class infrastructure assets

EBITDA

Rating A- A-

+6.1%+6.1%

9M 11/10

10


Top world class infrastructure assets

570 553637

783881

2006 2007 2008 2009 2010

407 ETR

EBITDA evolution(CAD million)

Heathrow

EBITDA evolution(GBP million)

CAGR (06-10): 11.5%

353408 414 444

500

2006 2007 2008 2009 2010

CAGR (06-10): 9.1%

Successful ongoing access to capital markets

Bond Issuance Issuance Date CADm Maturity Date

Senior Bond Jan - 09 300 Jan - 12

Senior Bond Jan - 09 200 Jan - 14

Senior Bond Jun - 10 500 Jun - 15

Senior Bond Jun - 10 300 Jun - 20

Senior Bond Nov - 10 400 May - 21

Subordinated Bond Nov - 10 300 Nov - 17

TOTAL Amount 2,000

Bond Issuance Issuance Date £m Maturity Date

Bond (GBP) Dec - 09 700 Dec - 26

Index-Linked Bond (GBP) Dec - 09 235 Dec - 39

Class B Bond (GBP) Sep - 10 400 Sep - 18

Bond (EUR) Oct - 10 434 Oct - 16

High Yield Bond (GBP) Nov - 10 325 Mar - 17

Bond (GBP) May - 11 750 May - 41

Index-Linked Bond (GBP) May - 11 130 Dec - 39

Bond (USD) Jun - 11 621 Jul - 21

TOTAL Amount 3,595

Resilience through the crisis

11


5 0 %

2 5 %

9 %

1 6 %3 7 %

3 3 %

2 3 %

7 %

C O N S T R U C T I O N

S E R V I CE S

T O L L R O A D S

A I R P O R T S

FY 2010

EBITDAREVENUES

UK 56% Spain 15%North America 15% Other 14%

Diversified portfolio

12


How we create value?

Asset rotation

Asset rotation

Cash flowgeneration

Cash flowgeneration

13


Solid cash flow generation

Strong cash flow generation from

Construction & Services

Cash flow upstream from

infrastructure projects

Resilient performance through the crisis

€m

7

90 105 116

355

188 209

406

130178

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

*Before tax payment since 2009

428355

450

344

572

283 288

464406 373

5 177

168

220 239

267333

276

-312001 2002 2003 2004 2005 2006 2007 2008 2009 2010

C o nstruc t io n Serv ices

433

355

419

521

740

503527

731 739

649

14


Liquid and valuable portfolio

400398

2007 Disposal price (2009)

880

575

Consensus Disposal price (2011)

67 69


367380


6,7346,800


+1%

+3%+4%+1%

+53%

EV/EBITDA

Spanish car parks

Chilean Toll roads M45 Toll road407 ETR

Naples Airport Swissport

€m

€m€m

€m€m

(1) NAV published by Cintra in 2007, (2) Analyst EV consensus - Disposal price: 100% Equity value

(1)

(1) (1) (1)

(2)

x7.0

x13.3

Venice Airport(Listed Peer)

Disposal price (2010)

Value crystallization through the crisis

15


100% BAA / €m

(1) Analysts consensus on BAA September 2011: 100% Equity value. Ferrovial sold 5.88% stake in BAA last 10th October 2011

BAA

Analysts consensus Implied valuation

5,527

868

2,387

Aug´2010 Sept´2011 Oct´2011

x6.4

Oct´10

Divestment process stars

OctOct´́1010

Divestment process stars

Sept´11SeptSept´́1111Oct´11

Deal announcement

OctOct´́1111

Deal announcement

x2.3

Previous todeal announcement

BAA´s traded value materially above market consensus

16


Strategy based on core competences & financial discipline

FinancialDiscipline

� Investment selection criteria:

� Congested corridors, lack of alternatives, sound legal framework,…

� Focus on cash generation & un-levered IRR

� Active portfolio management to realize value creation:

� 407 ETR example (100% equity value data):

1999 (acquisition) 2004 (Cintra IPO) 2010 (10% stake sold)

€0.5bn €3.8bn €6.8bn

Core competences

� Solving complex situations in design, tariff flexibility, billing,…

� Operational turnarounds based on cost efficiency

17


Track record

� 3 years of defensive play

� Ready to take selective investments

� Competitive advantages

• Debt reduction

• Value resilience

• Financial discipline

• Selective infra projects pipeline

• Strong backlog

• Reputation

• Geographically diversified experience

(1968 onwards: Chile, Australia, US, UK, etc.)

• Co-investors support over time

• Engineering & operational expertise

• Balance Sheet strength

18


INDEX

1. O v e r v i e w


3. O u t l o o k

4. A p p e n d i x

19


Business units

PARENT COMPANY

INFRASTRUCTURE PROJECTS

EXCL INFRA PROJECTS

TOLL ROADS AIRPORTS

CONSTRUCTION SERVICES

20


Infrastructure

Toll roads

+17.2%

INDIANA1

CHICAGO

ETR1

Traffic

EBITDA

(*): Like-for-Like: Excluding forex impact, perimeter variations and fair value adjustments (1) Equity method

E B I T D A*

9M 2011

EBITDA growth despite negative traffic

due to tariffs and grantor payments

�

15,3%

-6,6%

12,2%

-3,4%

-0,5%

8,4%

21


Managed Lanes

solution to urban congestion

“Existing traffic on the heavily congested corridor provides a substantial and much

more clearly established pool of potential users than is typical for a green field toll

road” Moodys

innovative

A simple

efficient

22


New assets landmark

A solution to congestion on “existing urban corridors”

Active management of “newly added capacity” through tolling

by means of

Managed Lanes

Free

Lanes

Free

Lanes

New Tolled

LanesSpeed >50mph

“Express Tollway within an Existing Highway”

23


+4.9%

+9.7%

+16.2%

T r a f f i c* R e v e n u e s* E B I T D A*

� Positive inflation exposure: Tariffs LHR (7.5% + RPI)

� 2011 = 12.2%� 2012 = 12.7%

� Strong performance of Scottish airports Traffic +8%, EBITDA +11%

(*): Like-for-Like: Excluding forex impact, perimeter variations and fair value adjustments

Higher Traffic, Tariffs and Retail drive EBITDA

Infrastructure

Airports

�

9M 2011

24



RECORD BACKLOGRobust operating performance

Excl Infra projects

Services

�

55%

INTERNATIONAL

5,0

5,2

4,7

4,5

6,6

3,7

4,6

5,0

5,5

5,4

2006

2007

2008

2009

2010

International Spain

8.7

9.8

9.7

10.0

12.0

€ bn

+8.5%

+8.7%

R e v e n u e s* E B I T D A*

9M 2011

25



68%

INTERNATIONAL

RECORD BACKLOG

CIVIL

76%I n t e r n a t i o n a l D o m e s t i c

Stability at Revenues and EBIT

+4.8%

+4.5%

-12.9%

-2%

Revenues*

EBIT*

Excl Infra projects

Construction

�

3,0

3,6

3,6

4,6

6,6

5,6

5,6

5,2

4,2

3,6

2006

2007

2008

2009

2010

International Spain

8.1

9.2

8.8

8.8

10.2

€ bn

9M 2011

26


INDEX

1. O v e r v i e w


3. O u t l o o k

4. A p p e n d i x

27


ORGANIC INFLATION

Operational outlook

NEW PROJECTS ASSET ROTATION

GROWTH

28


Financial outlook

• Refinancing & amortization ahead of

maturities

• Increasing capital markets presence

• Reducing dependence on banks

• Low leverage excluding infra projects

• Investment focus on core know-how

• Equity stakes with operational control

OPTIMIZATIONDISCIPLINE &

29


Looking forward

D E L I V E R Y

F L E X I B I L I T Y

G R O W T H

Portfolio management to crystallize value

Financial discipline to invest

Net cash position at parent company

Tariffs above inflation

Traffic recovery link to GDP

Backlog

30


INDEX

1. O v e r v i e w


3. O u t l o o k

4. A p p e n d i x

31


• 9M ’ 1 1 R e s u l t s

• B u s i n e s s d e s c r i p t i o n

• I n t r o d u c t i o n t o 4 0 7 E T R T o l l r o a d

• M a n a g e d L a n e s T o l l r o a d s

• 2 0 1 0 F u l l Y e a r R e s u l t s

•• 9M ’ 1 1 R e s u l t s 9M ’ 1 1 R e s u l t s

•• B u s i n e s s d e s c r i p t i o n B u s i n e s s d e s c r i p t i o n

•• I n t r o d u c t i o n t o 4 0 7 E T R T o l l r o a dI n t r o d u c t i o n t o 4 0 7 E T R T o l l r o a d

•• M a n a g e d L a n e s T o l l r o a d sM a n a g e d L a n e s T o l l r o a d s

•• 2 0 1 0 F u l l Y e a r R e s u l t s2 0 1 0 F u l l Y e a r R e s u l t s

A p p e n d i xA p p e n d i xA p p e n d i x

32

E-mail: [email protected] – Tel: +34 91 586 27 30

9M 2011 results

SEPSEP’’1111 VarVar%%

Revenues

EBITDA

EBITDA margin

Period depreciation

EBIT

EBIT margin

Disposals & Impairments

Financial results

Equity-accounted affiliates

EBT

Corporate income tax

CONSOLIDATED NET INCOME

Minorities

NET INCOME ATTRIBUTED

7,640

1,691

22.1%

667

1,024

13.4%

235

-1,085

31

205

277

483

-1

482

Construction

Airports

Toll Roads

Services

Others

Total

3,143.8

2,160.6

300.3

2,068.1

-32.7

7,640.1

3,313.2

2,091.0

762.0

2,884.1

80.8

9,131.0

-5.1

3.3

-60.6

-28.3

n.s.

-16.3

-3.7

9.4

11.3

8.5

1.9

Construction

Airports

Toll Roads

Services

Others

Total

171.4

1,083.9

222.8

208.4

4.4

1,691.0

172.6

952.9

569.0

277.7

5.2

1,977.3

-0.6

13.8

-60.8

-24.9

n.s.

-14.5

1.1

16.2

17.2

8.7

13.1

SEPSEP´́1111 SEPSEP´́1010 VAR.VAR.--%% LL--ff--L%L%

VAR.%VAR.% LL--ff--L%L%

9,131

1,977

21.7%

760

1,218

13.3%

264

-1,364

47

164

91

256

59

315

SEPSEP’’1010

Construction backlog

Services backlog

Traffic evolutionTraffic evolution

ETR-407

Chicago Skyway

Indiana Toll Road

Autema

Ausol I

Ausol II

BAA (million passengers)

VAR%VAR%

9,921

12,520

SEPSEP´́1111

1,734,672

42,679

27,441

19,224

14,812

16,087

83

10,18610,186

12,37812,378

SEPSEP´́1010

1,743,523

45,693

28,395

20,414

16,346

17,155

79

-2.6

1.1

VARVAR%

-0.5

-6.6

-3.4

-5.8

-9.4

-6.2

4.9

SEPSEP´́1111 SEPSEP´́1010

SEPSEP´́1111 SEPSEP´́1010

LL--ff--L%L%

+1.9%

+13.1%

+26.1%

+5.3%

-16.3%

-14.5%

-15.9%

-20.5%


33


Debt maturity (€m) No more than 10% maturities in any single year

11.9 years average life

Interest Rate Exposure 2010

610

1.400

2.168

1.417 1.514

3.896

4.689

3.389

1.073 1.000

1025

3

37

102

21

34

14

2011 2012 2013 2014 2015 2016-2020 2021-2030 2031-2040 2041-2060 >2061

Infrastructure Excl Infrastructure

Variable 25%

Fixed 18%

Hedged 32%

Inflation Linked 25%

34


• 9M ’ 1 1 R e s u l t s











35


Ferrovial's businesses comprise all the Infrastructures value chain

Construction

division

Services

divisionInfrastructure's

operator

MaintenanceConstruction

Toll Roads Airports

Operation

What is Ferrovial?Business description

36


Construction Airports Toll Roads

• Civil Engineering

• Building

• Industrial

�One of Largest

European

Contractors

• Development,

Financing,

Ownership,

Management &

Operation

� World’s Largest

Airport Company

• Development,

Financing,

Concession,

Management &

Operation

�World’s Largest

Private Developer

of Road

Infrastructure

• Infrastructure &

Facility

Management

• Urban Services &

Waste

�One of Largest

European Services

& Maintenance

Company

End-to-end infrastructure company: DFBOM

Services

Group Profile - Business


37


Group Profile – Main Companies

TOLL ROADS SERVICESCONSTRUCTION AIRPORTS


38


8%

BY AIRPORT

Revenues: €2,794mn

EBITDA´10: €1,272mnMargin 45.5%

HEATHROW

81%

STANSTEAD

SCOTISH

8%

EDINBURGH

GLASGOW

ABERDEEN

STANSTEAD

SOUTHAMPTON

HEATHROW

3%OTHERS

Airports

FY 2010

Business description

39


8%

HEATHROW81%STANSTED

SCOTTISH

8%

3%OTHERS

17%HEATHROW63%

STANSTED

SCOTTISH

18%

2%OTHERS

AirportsFY 2010

E B I T DAT R A F F IC

40


Largest airport operator in the world

Heathrow, world’s busiest international airport

109 mn passengers (FY2010)

79% international passengers in the UK

15,000 employees worldwide

Over 700 destinations served by UK airports

106,000 sqm retail space in the UK

112,000 car parking spaces

BAA’s Operational highlightsBusiness description

41


BristolBelfast CityBAA Gatwick

BAA HeathrowBAA StanstedBAA EdinburghBAA GlasgowBAA AberdeenBAA Southampton

Cerro Moreno

ASUR(9 Mexican airports)

Sydney

Previous assets in portfolio

Current portfolio of assets

BAA Budapest

BAA Retail contracts: Boston, Baltimore, Cleveland, Pittsburgh

BAA MelbourneBAA PerthBAA DarwinBAA Alice SpringsBAA LauncestonBAA Tennant Creek

BAA Naples

Asset's Portfolio: Past & PresentBusiness description

42


EBITDA´10: €630mnMargin 72.5%

Revenues: €869mn

FY 2010

Toll roadsBusiness description

43


Canada407 ETR

USAChicago SkywayIndiana Toll RoadSH130North Tarrant ExpressIH635

GreceeIonian RoadsCentral Greece

IrelandEurolink MotorwayM-3

SpainAutemaAusol I y IIM-203R-4Ocaña-La Roda

PortugalEuroscut AlgarveEuroscut Norte LitoralEuroscut Açores

Portfolio

NORTH AMERICA

EUROPE


44


EBITDA´10: €410mnMargin 10.5%


Backlog: €12,003mn

Services

FY 2010


45


Waste

Buildings

Local ro

ads

National

Roads

Railwa

ys

Recycling

Landfield

Pick-up

Street

cleaning

Hard FM

Real Estate

Management

Gardening

Cleaning

Sewage

Lighting

of Traffic

Planning and Management

Programmedmaintenance

Railway

improvements

Structu

res

Bridges

Signalling

Projects

Assets management

Assets management

Assets managementAssets m

anagement

Asse

ts management

Smart CitiesSmart CitiesIntelligent InfrastructuresIntelligent Infrastructures

Wintermaintenance

+ Value added - - Value added +

Business Portfolio / Activities

FERROVIAL

Services


46


EBITDA: €231mnMargin 5.1%


Construction

FY 2010


47


ConstructionFY 2010

14%

CIVIL WORKS82%

NON RESIDENTIAL4%RESIDENTIAL

Geographical ExposureType of work

35%

INTERNATIONAL65%

DOMESTIC

48


PortugalPortugal• Among Civil Works leaders

SCUT Norte Litoral: +300 MESCUT Norte Litoral: +300 MESCUT Algarve: +250 MESCUT Algarve: +250 MESCUT Azores: +250 MESCUT Azores: +250 ME

IrelandIreland• Among Civil Works leaders

M3 Clonee: +500 MEM3 Clonee: +500 MEN4 / N6 N4 / N6 KinnegadKinnegad: +300 ME: +300 ME

DFB0 Northern Ireland: +300 MEDFB0 Northern Ireland: +300 ME

PolandPoland• 1st Polish Construction Company

SS--8 8 WWęęzezełł KonotopaKonotopa: +450 ME: +450 MEAA--4 4 DebicaDebica –– RzeszowRzeszow: +350 ME: +350 ME

AA--1 1 PyrzowicePyrzowice –– PiekaryPiekary: +300 ME: +300 ME

ItalyItaly• Contractor to Italy’s Railways Company (Italfer)

HS Railway HS Railway AndoraAndora--San Lorenzo: +300 MESan Lorenzo: +300 ME

USAUSA• 1st Texas Road Contractor

LBJ: +1.600 MELBJ: +1.600 MENTE: +1.100 MENTE: +1.100 MESH 130: +600 MESH 130: +600 ME

Indiana Toll: +200 MEIndiana Toll: +200 ME

CanadaCanada• D&B contractor to CINTRA

407 ETR: +300 ME407 ETR: +300 ME

ChileChile• D&B contractor to CINTRA• One of first PPP road

contractors to enter the market

Santiago Santiago -- TalcaTalcaTalca Talca –– ChillChilláánn

CollipulliCollipulli -- TemucoTemucoTemuco Temuco -- RRííoo BuenoBueno

GreeceGreece• D&B contractor to CINTRA

E65 Central Greece: +1.300 MEE65 Central Greece: +1.300 MEIonia Ionia OdosOdos Road: +1.000 MERoad: +1.000 ME

UKUK•• D&B contractor to BAA and Amey

• Working since year 2006

HET: +900 MEHET: +900 MEBradford Schools 2nd ph.: +200 MEBradford Schools 2nd ph.: +200 ME

Year 2000: acquisition of a 59% stake in Budimex

Year 2005: acquisition of a 100% stake in Webber

+900 ME+900 ME

International experienceBusiness description

49


• 9M ’ 1 1 R e s u l t s





•• 9M ’ 1 1 R e s u l t s9M ’ 1 1 R e s u l t s






50


775 1,937

-563 5,256

Would you buy this company...?

Figures in million $CAN

Accountinglosses

Highdebt

Shareholder's fundShareholder's fund DebtDebt

1999:

27x27xDebt/Ebitda

1999

2010

407 ETR

51


Ferrovial bought this company...

V a l u a t i o nV a l u a t i o n( 1 0 0 % )( 1 0 0 % )

Strong dividend flow

Equity valuation sharp increase

Initial equity investment (62%) (326mn)

Dividends (00 - 10) 443mn

10% disposal 640mn

NET CASH IN 757mn

2098

M a t u r i t yM a t u r i t y

100% pay-back

first 10 years

Valuation x13

* December´10 analysts consensus

2000 2010*

13x13x

6,850

525

407 ETRC a s h g e n e r a t i o nC a s h g e n e r a t i o n(1999 (1999 –– 2010)2010)

407 ETR

87 years to maturity

52


Investment Summary

45%

230%

299%

Traffic

Revenues

EBITDA

407 ETR Key indicators performance(%) 2000-2010

Strong EBITDA growth thanks to Revenues expansion and Cost control

CAGR: 3.8%

CAGR: 12.7%

CAGR: 14.8%

407 ETR

53


All Electronic Roadside Tolling System

407 ETR

54


43% 40% 17%

CINTRA CPPIB LAVALIN

KEY CHARACTERISTICS

SHAREHOLDERS’ STRUCTURE

108KmElectronic toll

DESCRIPTION:

LENGTH:

TRAFFIC METTICS ’10:

CONCESSION PERIOD:

TARIFF POLICY:

RESULTS 2010:

Ring road of Toronto

Commuting

108Km.

Average work day trips: 380,679

Average revenues per trip: 5.44$

Tolled kilometres (VKT): 2,336 million

1999-2098

Years 99 (remaining 87 years)

High flexibility based on traffic performance

Revenues: CAD 624M

EBITDA: CAD 500M

407-ETR

● No toll-booths, fully electronic free flow tolling system

● No stopping or slow-downs to pay toll

● Transponder not required (except for trucks). If a valid

transponder is not detected, digital photographs are

taken at entry and exit. Transponders are increasingly

popular

● Tolls billed monthly

● Senior debt rating: A category

407 ETR

BALANCE SHHET´S STRUCTURE

Property, plan & Intangible 3,897 -571 EquityCash & ST Investments 617 5,527 Debt

Other assets 461 251 Other liabilities

4,975 ASSETS LIABILITIES

Mar´11 / CAD Mn

55


407 ETR

LOCATION

Greater Toronto Area

23% of Canada population

TRAFFIC

Alternatives routes

are highly congested

HIGH HOUSEHOLD INCOME

46% higherthan Canada average

NO REGULATORY

REVIEWS

During concession life

(99 years)

SPEED

Alternatives routes 40kph

vs 100kçph at 407

NON-STOP TOLL FACILITY

Fully electronic with interchanges every 3km

TOLL RATE HIGH

FLEXIBILITY

Including segment,

direction, time of the day

FAST

Reliable travel times

FastSafeReliable

56


Financial overview ($CAD million)

420

624

2005 2010

316

500

77%

79%

76%75%

80%

2005 2010

27

10

1999 2010

85

145120 135

300

190

2005 2006 2007 2008 2009 2010

49

97 90

38

7772

2005 2006 2007 2008 2009 2010

Revenues

EBITDA

Capital Expenditure

Dividends

Debt / EBITDA X

OPEX

87 years to

maturity

100% pay-back in

first 10 years

Free-tariff revision

7.7% CAGR 02-10*

* Tariff increase for light Vehicles in Peak hours regular zone (%)

CAGR: 8.2%

CAGR: 9.6%

104124

2005 2010

CAGR: 3.6%

EBITDA %

407 ETR

57


• 9M ’ 1 1 R e s u l t s





•• 9M ’ 1 1 R e s u l t s9M ’ 1 1 R e s u l t s






58


Managed Lanes

solution to urban congestion

“Existing traffic on the heavily congested corridor provides a substantial and much

more clearly established pool of potential users than is typical for a green field toll

road” Moodys

innovative

A simple

efficient

59


New assets landmark

A solution to congestion on “existing urban corridors”

Active management of “newly added capacity” through tolling

by means of

Managed Lanes

Free

Lanes

Free

Lanes

Tolled LanesSpeed >50mph

“Express Tollway within an Existing Highway”

60


Concept

“Express Tollway within an existing highway”

Managed Lanes

Congestion relief ML provides further capacity

Travel time reliability ML provides time saving and reliability

Dynamic toll regime Revenue optimization (Tariff may vary every 5´)

Electronic collection Barrier free, no slowdown

Peak spreading Highly congested

Proven solution Former experience are positive

Motorists’ choice To pay or not to pay

Safety Lower percentage of freight

61


Total new capacity with ML: 10,700 vehicles/hour

Current capacity: 6,300 vehicles/hour

80% of Capacity

Time of the day

Eastbound

Westbound

NTE data

• Bordering capacity levels from 6am-7pm.

• Both directions show signs of capacity being reached resulting in a remarkable peak spreading

Congestion relief (NTE)

00.00

60 m

in A

WD

T

2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 18.00 20.00 22.00 24.00

Congestion in both directions ∫∫∫∫ 13 hours/day

Managed Lanes

62


Level of demand

Time of the day

Eastbound

Westbound

00.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 18.00 20.00 22.00 24.00

NTENTE 407ETR

Managed Lanes

12.00 2.00 4.00 6.00 8.00 10.00 12.00 2.00 4.00 6.00 8.00 10.00 12.00

Time of the day

Peak period

(untolled) (tolled)

63


Travel time reliability (NTE)

Travel time on free lanes

*

Travel time on Managed

LanesTravel Time (Minutes)

Distance (miles)

For a 7 mile trip, a user can save up to 30-40min in rush hour if using the ML

(NTE Eastbound lanes)

Based on NTE data

45

40

35

30

25

20

15

10

5

0

30-40min

7 miles

ML will provide users a reliable and certain travel time

0 1 2 3 4 5 6 7

Managed Lanes

(*) Peak period observations

64


Transportation & Public

• Real alternative to urban traffic congestion

• New routes are unfeasible (lack of space)

• Relief to development issues in urban areas

• A choice to users to pay, or not

• Safety

• Sustainable solution (less emissions)

Why Managed Lanes?

Investor

• Consolidated corridors, heavily congested

• No behaviour changes to induce traffic

• High value of time

− Commuters ( main users)

− willingness to pay

• Dynamic tolls to optimize revenues

• Complex projects

− D&B, Traffic & operational risk

• Federal funds available (TIFIA)

Managed Lanes

65


• Texas economic robustness as compared to the US

− GSP 2010 : Texas 3.4% (USA 2.8%).

− Unemployment rates: (April´11): Texas 8% (USA 9%)

− Over the last ten years, Texas GSP* growth 3.37% (USA 1.56%) .

Why Managed Lanes in Texas?

*CAGR 1991-2010, adjusted by inflation 2 According to the US Census Bureau 3 US Census 2007-2009 3 year median household income

• Growth in population & employment should lead to future traffic demand

− DFW is the 6th most congested region in the United States

− 5 of the 10 most congested locations in the DFW area are located in the projects scope

− one of the fastest growing metropolitan areas in the U.S2.

− Since 2000, the Dallas/Fort Worth has experienced 23.4% total growth, ranking only behind the Houston and Atlanta

metropolitan areas in overall percentage growth

• High household income area �� tolls are affordable

− DFW area $55,486, 18% over Texas average

Managed Lanes

66


Ferrovial as strategic partner for Managed Lanes (I)

End-to-end approach to infrastructures:

Design, Financing, Construction & Operations

D&BTechnical solution

O&MOperational management

Competitive advantage & value added in complex projects

Less competitors & Higher returns

CONSTRUCTION

BRANCH

TOLL ROAD

BRANCH

Managed Lanes

67


51% 42% 7%

CINTRA MERIDIANDALLAS

FIRE&POLICE PENSION SCHEME

KEY CHARACTERISTICS


108KmElectronic toll

DESCRIPTION:

LENGTH:

CONCESSION PERIOD:

TARIFF POLICY:

IH 635 (Dallas County), the most populous county in Texas

13 mile section of the IH 635 and IH 35E

52 years

Open Road Tolling System (no toll booths) with a dynamic

tolling regime (every 5 minutes) to maintain at all times a

minimum speed of 50 mph

Lyndon B Johnson

● Heavy congested area , almost 250.000 cars per day


● Tollway within a freeway: Motorists will be provided

with a choice of driving in non-tolled GP lanes or paying

a toll to bypass such GP lanes

● Tolls setting to ensure minimum speed on new lanes

● As demand grows and capacity becomes scarce, pricing

power increases

● Physically separated from the GP lanes with controlled

access

25% 54% 20%

FINANCIAL STRUCTURE

EQUITY DEBT PUBLIC FUNDS

Managed Lanes

68


57% 33% 10%

CINTRA MERIDIANDALLAS

FIRE&POLICE PENSION SCHEME

KEY CHARACTERISTICS


DESCRIPTION:

LENGTH:

CONCESSION PERIOD:

TARIFF POLICY:

Dallas-Fort Worth Metroplex, Major thoroughfares

between Fort Worth and DFW Airport

13 mile section (IH 820 & SH 183 in Tarrant County)

52 years

Open Road Tolling System (no toll booths) with a dynamic

tolling regime (every 5 minutes) to maintain at all times a

minimum speed of 50 mph

North Tarrant Express

● Heavy congested area , almost 200.000 cars per day


● Tollway within a freeway: Motorists will be provided

with a choice of driving in non-tolled GP lanes or paying

a toll to bypass such GP lanes

● Tolls setting to ensure minimum speed on new lanes

● As demand grows and capacity becomes scarce, pricing

power increases

● Physically separated from the GP lanes with controlled

access

21% 52% 27%

FINANCIAL STRUCTURE

EQUITY DEBT PUBLIC FUNDS

Managed Lanes

69


Financial Overview

− Total Investment: 2.05 bn

− Private Equity: 427 m

Cintra: 243 m (57%)Meridiam: 141 m (33%)DPFPS: 43 m (10%)

− Total Debt: 1.05 bn

PABs: 400 m TIFIA: 650 m

− Public Funds: 537 m

− Total Investment: 2.7 bn

− Private Equity: 665 m

Cintra: 339 m (51%)Meridiam: 282 m (42%)DPFPS: 44 m (7%)

− Total Debt: 1.47 bn

PABs: 615 m TIFIA: 850 m

− Public Funds: 496 m

Financial details Financial details

� First privately-financed road development project of its kind to reach financial close in 2010.

� Texas’ third big recent road project to reach financial close since 2008.

� First combination of TIFIA and tax exempt PABs.

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

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

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

21%21%21%

52%52%52%

27%27%27%

25%25%25%

54%54%54%

20%20%20%

Figures in US Dollars

Managed Lanes

70


• 9M ’ 1 1 R e s u l t s











71


Profit & Loss

TOTALTOTAL VAR.VAR.LL--ff--LL(1)(1)

12,169

2,514

(1,000)

1,514

1,879

(1,725)

62

1,730

85

348

2,163

Net Revenue

EBITDA

Depreciations

EBIT

Disposals & impairments (2)

Net Financial Result

Equity accounted

EBT

Taxes

Minorities

NET PROFITNET PROFIT

+3%

+7%

-2%

+14%

+12%

(1): Like-for-Like: Excluding forex impact, perimeter variations and fair value adjustments (2) Included in EBIT at the statutory accounts

72


Cash Flow ex-infra projects

Construction

Services

Toll Roads

Airports

Other

Taxes

TOTAL

OPERATING OPERATING CASH FLOWCASH FLOW

373

282

178

(12)

50

(60)

811

(38)

94

728

(83)

3

704

NET NET INVESTMENTINVESTMENT

1,5151,515

Remarkable cash flow generation

73


Net debt evolution

-320-138

31146

-60

-420

1,124

178 120

573

Net debtDec´09

EBITDA Dividendsrecived

WK Taxes Investment Divestment Dividendspaid

Interest Other Net cashdec´10

EXEX--PROJECTSPROJECTS

-92

148

-211

355

-22

1,941

3,125

-1,972

-168-670

-1,161

N et debtD ec´09

EB IT D A WK T axes Investment D ivestment D iv idends Interest C apita l F o rex N C P H eldfo r sa le

Others N et debtdec´10

INFRA PROJECTSINFRA PROJECTS

21,11019,836

1,172

74


Capital gains

Impairment / Fair value

BAA

Capital gain


Toll roads

Capital gain


Others

Capital gain


TOTAL

53

-734

-681

680

1,886

2,566

7

-13

-6

740

1,139

1,879

Disposals & impairments

DISPOSALS &DISPOSALS &IMPAIRMENTSIMPAIRMENTS

Naples airport, APP, US retail, other

LHR runway 3, Stansted runway 2, other

10% ETR, 60% Chile (completed transactions)

43% ETR, 40% Chile, other negative impairment

Tube Lines, other

Other

(+2,015) (+148) (-277)

75


+32 bps72.5%EBITDA %

+8%630EBITDA

+7%869Revenues

+16%132Indiana Toll Road2

+7%79Autema

-11%16Ocaña – La roda

+1%23M4

-8%20R4

-7%46Chicago Skyway

-7%54Ausol

+11%456ETR 4071

Toll roads

20102010 ∆∆%%LL--ff--LL

20102010

Financial

Revenues

• Growth driven by ETR407

ETR407 (L-f-L): Traffic: +6%, Revenue: +11%, EBITDA +14%

• €2.9bn new financing facilities in 2010

ETR (€1,263mn), LBJ (€1,190mn), Ausol (€489mn),

• Divestments of 10% ETR, Chile and M45

1 Full year figures. (Fully consolidated until September, last quarter equity consolidated)2 Full year 2010 equity consolidated

∆∆%%LL--ff--LL

76


Domestic

International

+20%12,003Backlog

+56 bps7.2%EBIT %

+12%281EBIT


+9%410EBITDA

+3%3,896Revenues

• Growth at all levels

• Profitability improvement

• Highest ever backlog

• Strong cash flow generation (282mn)

• Divestments of Tube Lines and Swissport

62%

38%

Services

20102010 ∆∆%%LL--ff--LL

R e v e n u e sgeographical breakdown

77


Industrial

Civil works

76%

Non residentialResidential

+16%10,186Backlog

+10 bps 4.2%EBIT %

+1%191EBIT

-3 bps 5.1%EBITDA %

-2%231EBITDA

-1%4,525Revenues

International

Spain

65%

Construction

20102010 ∆∆%%LL--ff--LL

Work breakdown

B a c k l o g

Geographical breakdown

• Strong international growth offsets

Spanish decline

• High cash flow generation

(€373mn)

78


-2.8%103.9UK airports

+2.5%5.5Naples

-0.2%65.7Heathrow

-7.0%18.6Stansted

-7,1%17.9Scotland

-3.2%1.7Southampton

-2.5%109.4TOTAL

Airports


+8%1,272EBITDA

+5%2,794Revenues

20102010 ∆∆%%

20102010 ∆∆%%

Financial

Traffic

• Material increase in profitability

• Strong recovery in LHR traffic

Underlying traffic +3.4%

• Capital structure strengthened

GBP1.9bn new bonds & facilities

Sub-debt refinanced

No significant 2011 maturities

L-f-L

Underlying: Excluding closure of airspace due to ash from an Icelandic volcano, industrial action affecting British Airways' Heathrow operations and severe winter weather

INVESTOR RELATIONS DEPARTMENTC/ Príncipe de Vergara, 135

28002 MADRID (Spain)Tlf: +34 91 586 27 30Fax: +34 91 586 28 69e-mail: [email protected]

website: www.ferrovial.com

NO

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