ferrovial investors presentation jan mar 2014 | presentación inversores ene mar 2014

1 E-mail: [email protected] – Tel: +34 91 586 27 302014ferrovial

Investing for growth

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

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.


Agenda

G r o u p o v e r v i e w

2 0 1 4 – F i r s t Q u a r t e r r e s u l t s

L o o k i n g A h e a d

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

A p p e n d i x


INFRASTRUCTURE

PROJECTS

PARENT COMPANY

EXCL INFRA PROJECTS

� Leading sponsor of tollroadsinfrastructure development

worldwide

� Key developer of ETR 407

� Design, build, finance & operation

� Leading European airport operator

� Ownership and manager of 4 UK

airports, including Heathrow

� 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

Capital intensive / Inflation protected / LT duration & financing

Controlling Shareholder 43%Free float 57%

Non capital intensive / Backlog visibility / EPS accretive

Ring fenced debt

Net cash position

Ferrovial Business Overview

€242mnDividends from Toll roads

€219mnDividends from Airports

€322mn

€343mnEBITDA from Construction

EBITDA from Services

2013 figures


How to manage

FinanciallyLow level of corporate

debt

Asset rotation to support growth

Efficient asset

allocation

Operationalvalue

generation

Operationally


Debt Structure

Net debt evolution ex-infra projects

3,064

1,9871,547

1,172

31

9071,484 1,663 1.565

2006 2007 2008 2009 2010 2011 2012 2013 1Q14

Debt allocated at project level

NET CASH €1,565mn

P R O J E C T S

E X – I N F R A P R O J E C T S

Net debt (€mn)

€mn Net debt

NTE 614

LBJ 986

NTE 3A3B 52

TOTAL 1,652TOLL ROADS*

Net debt €6,775mn

Projects under development not generating EBITDA

23%

of Toll roads

net debt

NET DEBT

€7,091mn

* €1,153mn related to R4 & OLR, both filed for creditor protection

Q1 ‘14


53 38 20 11

501

4

507

2014 2015 2016 2017 2018 2019 >2019

No meaningful maturities until 2018Financial position (ex-infra projects)

2014-2019 maturities

Liquidity position

€ million - March ‘14

2,7393,620

881

Total cash Undrawn lines Total liquidity


7.5 7.5

7.2

18.1

2005 1Q2014

Services

Construction

Strong Backlog (Construction & Services)

Backlog at Record levels

Strong backlog of €25.6bn as of 1Q2014 (40 months of activity)

(€bn)

International

25.6

14.7

+74%

38% 67%

Construction

Services

33%

67%Domestic

International

30%

70%

Domestic

International


Highlights (2014 year to date)

Financial New liquidity Facil ity (€750mn)1

€25bn backlog (Construction & Services)Operations3

€1.6bn Net cash / €3.6bn LiquidityCash Positionex-infra projects

New managed lanes ( I77)Future2

4


Business Overview

A i rports

Tol l roads

Services

Construct ion

� Focus on quality service and cost control

� Higher traffic due to load – factor

� Q6 (2014-2018) New regulatory period

� Focus on greenfield projects

� New concession award (USA) – I77 “managed lanes”

� Integration of Enterprise acquisition (UK)

� Focus on cash flow and growth

� No global or volume ambitions

� Competitive tool for complex infrastructure projects


Spain outlook (2013)

Industrial waste (Ferrovial)

Traffic toll roads

Activity cash flow (Ferrovial)

Ausol I

-16.4%

+1.9%

-26

+84

-17.6%

-9.8%

+2.4%

2012

2013

1H’13

FY’13

Dec’13

2010-11

2013

Tons

Improving days of sales outstanding

148155

164

201211

146

120

2007 2008 2009 2010 2011 2012 2013

Ferrovial Services

€mn


Agenda






A p p e n d i x


Revenues 91 -5.3%

EBITDA 55 -2.1%

EBITDA % 60.3%

Toll roads

1Q2014 ∆%

L-f-L•Pipeline

Active bidding in the US / Australia / Canada

Selective monitoring of opportunities in Chile,

Peru, Colombia, Mexico, Croatia, Ireland & UK.

•Traffic recovery in Ireland and Portugal and stabilising in Spain

•New projects awarded

I77, North Carolina, US (“managed lanes”)

US$655mn. 50 years concession

•Revenue and EBITDA growth, +11%, at 407ETR combining traffic growth (+3,2%) and tariff increase

1 Financial asset

2 Equity method

*Ausol II Traffic

Ausol* (Spain) -0.4% -3.7%

Algarve (Portugal) +6.2% +15.8%

M4 (Ireland) +4.2% +6.0%

ETR 4072 +3.2% +11.0%

Chicago skyway2 -5.2% -4.2%

1Q 2014 EBITDA∆%

L-f-L

€ million

Traffic


407ETR (Equity method, FERROVIAL stake: 43%)

Revenues185 +11.2%

EBITDA 150 +11.0%

EBITDA % 81.1% -20bps

Net debt 5,701 +2.2%

1Q2014 ∆%

L-f-L

408

665

2007 2008 2009 2010 2011 2012 2013

EBITDA (CAD million)

Resilient performance

Dividend

(CAD

millio

n)

• Revenue and EBITDA growth (+11%)

Traffic (+3.2%)

Tariff growth

• No relevant maturities until 2015

• Attractive dividend

190300

460600

680

2009 2010 2011 2012 2013

CAD million


Revenues 1,032 +46%

EBITDA 69 +6.1%

EBITDA % 6.7% -350 bps

Backlog 18,105 +1.5 %

Services

1Q2014 ∆%

L-f-L

+82%

+59%

+3%

+9%

-18%

-1%

Revenues

EBITDA

BACKLOG

L-f-L

UK Spain

€ million

• Strong revenue growth both in UK and Spain

• EBITDA affected by contracts start up costs, seasonality and Enterprise integration

• Enterprise acquisition on track

Synergies 2015 (e) £40mn

• Expanding international operations

Chile, Qatar & Poland

SpainUK

Operating cash flow

165 164

495

359

2010 2011 2012 2013

Backlog by geographic breakdown

64% 35%Other 1%

* Excluding forex impact, integration and restructuring costs.


Amey -profitable growth

0.7

1.2

2007 2012

CAGR: 9.7%

Proven organic growth (sales) 2013: Enterprise synergies on track

7

35 40

UK Services market is growing

7.5

11.2

2012 2013

£ billion

1619

Synergies

Net

Costs

-9 +16 +40

19% organic growth

12.3

14.6

2011 2013

CAGR: 9%

Amey/Enterprise active bids

2011 date includes Enterprise’s bids

Backlog: Anticipating future growth

€ billion

£ million

2013 2014 (e) 2015 (e)

Amey

17

Robust medium-term pipeline

Amey Prospects pipeline

Client segment Year of award Nature 1)

Total: EUR 15.7B

19%

25%21%

20%

15%2014

20%

2015

44%

2016

20%

> 2017

16% 19%

81%

1) Projects with total revenues above EUR 12M per annumSource: Ferrovial Services

EnvironmentLocal Government

Social

UtilitiesIndustrial

Transport

NewlyOutsourced

Other


FS Top 3

TRANSPORT SOCIAL CORPORATEENVIRONMENTAL

UK Infrastructure Services market: c. EUR 54BN (2012)


Spain: resilient operations & financial performance

1.39 1.42

2007 2013

Stability

Sales 100% EBITDA / Cash flow conversion

1.33 1.37

EBITDA OCF

Backlog: Anticipating future growth

5.2

6.3

2012 2013

€ billion

Cumulative 2007 - 2013

Local government operating spend

34.2

24.7

2007 2012

-28%

Source: Presupuestos anuales de las Entidades Locales –Ministerio de Hacienda y Administraciones Públicas


Revenues 795 +0.7%

EBIT 50 +4.3%

EBIT % 6.3% +40 bps

Backlog 7,489 -4.7%

Construction

1Q2014 ∆%

L-f-L

• Flat growth and higher EBIT

• Poland

1Q contracting +45%

Infra roads plan 2014-19, €10.0bn

• International growth to offset Spanish

decline in 2014

• Weak quarter in Texas due to bad

weather

DomesticInternational

Budimex Webber F-A

Revenues +2% -9% +3%

EBIT +28% +29% -2%

Backlog +5% -10% -5%

€ million

Operating cash flow

373 298

100

304

2010 2011 2012 2013

Backlog by geographic breakdown

70% 30%

∆%

L-f-L


Heathrow 16.0 +0.5%

Scotland 2.2 +6.3%

Southamptom 0.3 +5.5%

Total HAH 18.6 +1.2%

HAH (Equity method, FERROVIAL stake 25.0%)

Revenues 614 +10%

EBITDA 319 +28%

EBITDA % 51.9% +712 bps

NET DEBT 12,793 +1%

1Q2014

∆%

• Best ever passenger satisfaction

Over 80% of passengers surveyed rated their experience as

excellent or very good

• The Queen´s Terminal (T2) on track for

opening on 4 June 2014

• Double digit EBITDA growth

• Traffic growth reflects later timing of Easter

in 2014

• New regulatory period Q6 (Apr 2014-Dec 2018)

• Heathrow`s proposal for third runway

shortlisted for further analysis (Airports

Commission)

(PAX Mn)

∆%L-f-L

Traffic

100% GBP million

25.00% 20.00% 13.29% 11.88% 10.0%11.18% 8,65%

Ferrovial Qatar Brittania GIC CICAlinda USS

Shareholders

1Q2014


Operating improvement - Heathrow

Departures punctuality

2007 1Q 2014

63%

84%

Missed bags per 1,000 passengers

2007 1Q 2014

40

14

2007 1Q 2014

48%

80%

% passengers rating Heathrow “Excellent” or “Very good”


MAR’14 Var%

1,945

184

9.5%

-56

128

6.6%

0

-70

15

73

-21

52

-

13

65

19.3%

1.6%

-1.8%

Construction

Airports

Toll Roads

Services

Others

Total

794.9

1.3

91.3

1,032.7

24.6

1,944.8

820.5

1.8

97.0

697.4

13.2

1,630.0

-3.1

-28.8

-5.9

48.1

86.0

19.3

0.7

-28.8

-5.3

45.7

77.7

20.8

Construction

Aeropuertos

Toll Roads

Services

Others

Total

56.5

-3.8

55.1

69.1

7.1

183.9

55.1

-3.5

59.2

71.1

-0.9

181.0

2.5

-10.1

-7.0

-2.8

n.s.

1.6

4.7

-6.4

-2.1

6.1

41.9

4.1

MAR´14 MAR´13 VAR.% L-f-L%

VAR.% L-f-L%

1,630

181

11.1%

-51

130

9.2%

0

-76

9

83

-21

62

-

10

72

MAR’13

Construction backlog

Services backlog

Traffic evolution

ETR-407 (VKT)

Chicago Skyway (ADT)

Indiana Toll Road (ADT)

Ausol I (ADT)

Ausol II (ADT)

M4 (ADT)

Heathrow (million passengers)

VAR%

7,489

18,105

MAR´14

517,849

32,514

21,917

9,105

11,867

24,177

16.0

7,867

17,749

MAR´13

501,920

34,298

22,629

9,207

11,916

23,209

16.0

-4,8

2,0

VAR%

3,2

-5,2

-3,1

-1,1

-0,4

4,2

0,5

MAR´14 MAR´13

MAR´14 DEC´13

L-f-L%

20.8%

4.1%

1.3%

1Q 2014 results

EUR MN

Revenues

EBITDA

EBITDA margin

Period depreciation

EBIT

EBIT margin

Disposals & Impairments

Financial results

Equity-accounted affiliates

EBT

Corporate income tax

CONSOLIDATED NET INCOME

Discontinued operations

Minorities

NET INCOME ATTRIBUTED


Agenda






A p p e n d i x


Looking ahead

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

S E R V I C E S

T O L L R O A D S

A I R P O R T S

� Margin vs. growth

� Strong backlog

� Selective growth in existing & new markets

� Dividends from 407 & HAH

� Attractive pipeline of projects

� Co-investment with financial partners

Strong financial discipline


Net cash position(2018 & 2021 main maturities)

Highest everDividend generation

24% 43% 22% 11%

EBITDA*

* 2013 (proportional consolidation)

Strong Backlog

Internationaldiversification

Solid FinancialPosition

High Quality Assets

Why Ferrovial?


2009 2010 2011 2012 2013

Shareholder remuneration

Dividend 2013(Euros/share)

0.40 0.42 0.45

1.25

0.65 - 0.70

Interim (paid Dec’13) 0.40

Complementary 0.25 - 0.30

TOTAL 0.65 - 0.70


Agenda






A p p e n d i x


775 1,937

-1,694 5,577

Figures in $CAN million

Accountinglosses

Highdebt

Shareho lder ' s fund Net debt

1999:

27x Debt/Ebitda

1999

2013

407 ETR

Would you buy this company…?


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

Strong dividend flow

Equity valuation sharp increase

Initial equity investment (62%) (326mn)

Dividends (00 - 13) 1,051mn

10% disposal 640mn

NET CASH IN 1,691mn

2098

M a t u r i t y

100% pay-back

first 10 years

Valuation x18

* December´13 analysts consensus

1999 2013*

18x

9,536

525

407 ETRC a s h g e n e r a t i o n

(1999 – 2013)

84 years to maturity

407 ETR

Ferrovial bought this company…

Figures in € million


High density population area

Ring road of Toronto108 km

407

407

East extension

Area of expansion

407 ETR

Location


407 ETR

All Electronic Roadside Tolling System


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 100kph at

407

NON-STOP TOLL FACILITY

Fully electronic with interchangesevery 3km

TOLL RATE HIGH

FLEXIBILITY

Including segment,

direction, time of

the day

FAST

Reliable travel times

Fast

Safe

Reliable


420

801

2005 2013

316

665

83%

77%

79%

76%

80%

75%

82%

2005 2013

27

8.4

1999 2013

85145 120 135

300

460

600

680

190

2005 2006 2007 2008 2009 2010 2011 2012 2013

49

9790

38

7788

70 7472

2005 2006 2007 2008 2009 2010 2011 2012 2013

84 years to maturity

100% pay-back in first 10

years

Free-tariff revision

≅ 8% CAGR 02-13*

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

CAGR: 8.4%

CAGR: 9.7%

104

136

2005 2013

CAGR: 3.4%

EBITDA %

407 ETR

Financial overview ($CAD million)

Revenues

EBITDA

OPEX

Capital Expenditure

Dividends

Net Debt / EBITDA X


300

200

500

300

400

300

350

400

200 200

2009 2009 2010 2010 2010 2010 2011 2012 2012 2013

10 11

510

287311

14 14

313

184

2013 2014 2015 2016 2017 2018 2019 2020

Yearly average maturity: Only 3% of total debt

CAD 2,950mn issued since 2009

3,49%3,58%

1,58%

1,70%

1,56% 1,60%

1,39%

3

5

9

30 30

4039

2009 2009 2010 2011 2012 2012 2013

Maturity

Spread

Extending maturities at historically low cost

years

407 ETR

ETRRecurrent presence in the bond market (June’13)


Agenda






A p p e n d i x


A solution to congestion on “existing urban corridors”

Active management of “newly added capacity” through tolling

by means of

Free

Lanes

Free

Lanes

Tolled Lanes

Speed >50mph

“Express Tollway within an Existing Highway”

Managed Lanes

New assets landmark


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

407ETR

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)

Managed Lanes

Level of demand

NTE


Tim

e (

min

)

• Free flow time of 14 minutes at 6.00AM

• The average travel time during all time periods is significantly higher

• In some periods, the average travel time is double the free flow speed and can go up to almost 50 – 60 minutes

0

10

20

30

40

50

60

70

NB AM NB MD NB PM SB AM SB MD SB PM

Travel Time Variability

Tim

e (

min

)

Data Source: Travel Time Runs Seg 3a and 3b conducted Fall 2012

Paying for predictability

Travel T ime Var iabi l i ty

Free Flow Travel

Mean

NB - North bound SB - South bound


Toll rates – tariff treshold

Toll Rate Cap 0.75 c/mi

Demand threshold 3300 pce/h

2-lane sections

Speed Threshold 50 mi/h

12:00 1:00 2:00 3:00 4:00 5:00 6:00 7:00 8:00 9:00 10:00 11:00 12:00

Hour starting

Analysis by segment and direction

Freedom under the cap TOTAL FREEDOM Freedom under the cap

Speed

Demand

Toll Rate


NTE

3

NTE 1-2

LBJ

Dallas and Fort Worth Regional Map


CINTRA MERIDIAMDALLAS

FIRE&POLICE

PENSION SCHEME

KEY CHARACTERISTICS

SHAREHOLDERS’ STRUCTURE

108Km

Electronic 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

● Heavy congested area, almost 250,000 cars per day

● No toll-booths, fully electronic free flow tolling

system

● 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

FINANCIAL STRUCTURE

EQUITY DEBT PUBLIC FUNDS

Managed Lanes

Lyndon B Johnson

51% 42% 7%

25% 54% 20%



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




● Heavy congested area, almost 200,000 cars per day

● No toll-booths, fully electronic free flow tolling

system








controlled access

FINANCIAL STRUCTURE


Managed Lanes

North Tarrant Express

57% 33% 10%

21% 52% 27%


50% 14% 10%


FIRE&POLICE PENSION SCHEME

KEY CHARACTERISTICS


DESCRIPTION:

LENGTH:

CONCESSION PERIOD:

TARIFF POLICY:

2 “managed lanes” in each direction of the IH-35W, segments

3A and 3B (3B segment to be built by TxDOT)

10.2 mile section (segments 3A 6.2 miles and 3B 4 miles)

48 years




● The corridor south to the 3A segment is currently

ranked as the most congested roadway in Texas.

● No toll-booths, fully electronic free flow system








controlled access

32% 59% 9%

FINANCIAL STRUCTURE


APG

Managed Lanes

North Tarrant Express 35W

26%


• 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%

52%

27%

25%

54%

20%

Figures in US Dollars

Managed Lanes

Financial Overview

32%

59%

9%

• Very competitive capital structure

in spite of the difficult market

conditions.

• Strong portion of the debt from

TIFIA program with its flexible

amortizing structure during the

first 25 years.

2.05 bn

427 m

243 m (57%)141 m (33%)43 m (10%)

1,050 m

400 m650 m

537 m

2.70 bn

665 m

339 m (51%)282 m (42%)44 m (7%)

1,465 m

615 m850 m

496 m

1.36 bn

430 m

215 m (50%)167 m (39%)43 m (10%)4 m (1%)

805 m

274 m531 m

127 m

Total Investment:

Private Equity:

Cintra: Meridiam: DPFPS:APG:

Total Debt:

PABs:TIFIA:

Public Funds:


Appendix


Appendix

2 0 1 3 - F u l l y e a r r e s u l t s


DEC’13 Var%

8,166

934

11.4%

-233

701

8.6%

126

-333

375

869

-168

701

26

727

7.0%

0.8%

-1.0%

Construction

Toll Roads

Services

Others

Total

4,063.6

429.0

3,656.3

17.6

8,166.5

4,325.6

381.4

2,895.0

28.3

7,630.3

-6.1

12.5

26.3

n.s.

7.0

-4.5

13.0

29.3

n.s.

9.0

Construction

Toll Roads

Services

Others

Total

342.8

276.3

321.5

-6.3

934.3

336.9

271.6

313.4

4.6

926.6

1.8

1.7

2.6

n.s.

0.8

4.0

2.9

15.0

n.s.

4.8

DEC´13 DEC´12 VAR.% L-f-L%

VAR.% L-f-L%

7,630

927

12.1%

-219

708

9.3%

52

-301

275

733

-106

628

64

692

DEC’12

Construction backlog

Services backlog

Traffic evolution

ETR-407 (VKT)

Chicago Skyway (ADT)

Indiana Toll Road (ADT)

Ausol I (ADT)

Ausol II (ADT)

M4 (ADT)

Heathrow (million passengers)

VAR%

7,867

17,749

DEC´13

2,356,343

41,251

27,924

11,307

13,629

25,591

72.3

8,699

12,784

DEC´12

2,340,004

42,228

27,459

12,537

14,099

25,306

70.0

-9.6

38.8

VAR%

0.7

-2.3

1.7

-9.8

-3.3

1.1

3.4

DEC´13 DEC´12

DEC´13 DEC´12

L-f-L%

9.0%

4.8%

4.0%

FY 2013 results

EUR MN

Revenues

EBITDA

EBITDA margin

Period depreciation

EBIT

EBIT margin

Disposals & Impairments

Financial results

Equity-accounted affiliates

EBT

Corporate income tax

CONSOLIDATED NET INCOME

Discontinued operations

Minorities

NET INCOME ATTRIBUTED


Dividends

From infra projects 45%

Operating Cash Flow

Construction+Services

48%

Investment flow

20%

Cash Flow generation 2013

32% 14%21%

12%RoW

7%RoW

66%

Ex-Infrastructures projects

22% 11%RoW


(1) Proportional: All EBITDA figures are aggregated in a proportional basis to the Ferrovial equity stake in each company or project.

Diversified portfolio

Ex – Infrastructure Projects Infrastructure Projects

Services Construction Toll Roads Airports

Non Capital Intensive

PROFIT GENERATION

CASH GENERATION

Fully consolidated Method

€934MnProportional (1)

€1,681Mn

Capital Intensive

LONG DURATION

LONG TERM VALUE

EBITDAFY´13

Services

Toll Roads

Construction

Airports

33%

37%

30% 20%

29%19%

32%

41%Spain

17%UK

17%US

25%RoW

22%Spain

43%UK

24%US

11%RoW

INVESTOR RELATIONS DEPARTMENT - C/ Príncipe de Vergara, 135 - 28002 MADRID (Spain)T: +34 91 586 27 30 F: +34 91 586 28 69 e-mail: [email protected]

website: www.ferrovial.com

ferrovial

ferrovial investors presentation jan mar 2014 | presentación inversores ene mar 2014

Investor Relations

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