presentación inversores 2012
TRANSCRIPT
Global Infrastructure
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.
3 E-mail: [email protected] – Tel: +34 91 586 27 30
O v e r v i e w
L o o k i n g A h e a d
A p p e n d i x
4 E-mail: [email protected] – Tel: +34 91 586 27 30
Snapshot
• Net cash position at parent
• €1bn credit lines & cash in hand: €3,2bn liquidity
• No short term maturities (until 2015)
• Top class assets supporting cash generation
• €22.5bn backlog (Construction & Services)
5 E-mail: [email protected] – Tel: +34 91 586 27 30
Net cash position at parent company
Net debt evolution ex-infra projects
Debt allocated at project level
NET CASH €898mn
P R O J E C T S
E X – I N F R A P R O J E C T S
x3.2
x2.1 x1.5
x1.7
Net debt to EBITDA
Net debt (€mn)
€mn Net debt
SH130 847
NTE 385
LBJ 545
TOTAL 1,777 TOLL ROADS
Debt €6,141mn
Projects under development not generating EBITDA
29% Of toll roads
net debt
NET DEBT €6,508mn
Sep 2012
Sep 2012
-3,064
-1,987 -1,547 -1,172
31 907 898
2006 2007 2008 2009 2010 2011 9M '12
6 E-mail: [email protected] – Tel: +34 91 586 27 30
1104514
1,093
2012 2013 2014 2015
Liquidity and no short term maturities
(€mn)
2012-2015 maturities
2,231
3,234
1,003
Total cash Undrawn lines Total liquidity
Liquidity position
(€mn)
Financial position (ex-infra projects)
Sep 2012
7 E-mail: [email protected] – Tel: +34 91 586 27 30
Resilience
&
Growth
Probably, the two best infra assets in the world
HEATHROW ETR-407
Traffic
Tariff review +7.5% + RPI% Freedom
Combined annual EBITDA over € 1,600mn
Local currency LHR LfL
+10.1% +9.2%
Top class assets supporting cash generation
EBITDA
Rating A A-
9M 12/11
+0.6% +0.6%
8 E-mail: [email protected] – Tel: +34 91 586 27 30
Top class assets supporting growth
EBITDA evolution (GBP million)
Successful ongoing access to capital markets Resilience through the crisis
Heathrow
353
553
2006 2007 2008 2009 2010 2011
EBITDA evolution (CAD million)
407ETR
570
1,045
2006 2007 2008 2009 2010 2011
CAD 2,950 mn issued since 2009
GBP 9,300 mn issued since 2009
9 E-mail: [email protected] – Tel: +34 91 586 27 30
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´s dividends
Operating cash flow
New projects’ equity
PARENT COMPANY
INFRASTRUCTURE PROJECTS
EXCL INFRA PROJECTS
Shareholders’ dividends
10 E-mail: [email protected] – Tel: +34 91 586 27 30
Where do we generate cash flow? 2011 - Construction and services OPC- capex, excluding acquisitions (PNI) and divestments (Swssiport)
2011 dividends + 2012 BAA(e) dividends
41%
36%
Where do we get dividends from projects?
47%
Where do we invest equity in new projects?
R o W 13%
R o W 12%
17% 35%
77% 12% R o W 11%
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How do we create value?
Asset rotation
Cash flow generation
12 E-mail: [email protected] – Tel: +34 91 586 27 30
Solid cash flow generation
Strong cash flow generation from Construction & Services
Cash flow upstream from infrastructure projects
Resilient performance through the crisis
€m
188209
406
130178 182
2006 2007 2008 2009 2010 2011
*Before tax payment since 2009
503 527
731 739
649
462
187 205 188241
165 164
33 34 7992
111
283 288
464406
373
298
2006 2007 2008 2009 2010 2011Services Swissport Construction
13 E-mail: [email protected] – Tel: +34 91 586 27 30
100% BAA / €m
(1) Analysts consensus on BAA: 100% Equity value. (2) Ferrovial sold 5.88% stake in BAA (GBP280mn) last 10th October 2011 to two investment vehicles managed by Alinda Capital Partners, (3) Ferrovial sold 10.62% stake in BAA (GBP 478mn) last 17th August 2012 to Qatar holding LLC. As part of the same transaction, other BAA shareholders sold a
9.38%. As a result, Qatar Holding LLC owns 20% and Ferrovial 39.37% of BAA.
Analysts consensus
Implied valuation
868
2,387
5,527
4,176
5,715
Aug´2010 Sept´2011 Oct´2011 July´2012 Aug´2012
5,88% divestment
Equity value
BAA: Markets keep missing SOTP supported by transactions values
EV/EBITDA
Edinburgh Airport BAA´s traded value materially above market consensus
Consensus Disposal price
x12.1
x16.7
April 2012
EV/EBITDA
Naples Airport
Venice airport Disposal price
x7.0
x13.3
2010 (Listed peer)
10,62% divestment
14 E-mail: [email protected] – Tel: +34 91 586 27 30
Markets keep missing SOTP supported by transactions values
400398
2007 Disposal price (2009)
880
575
Consensus Disposal price (2011)
67 69
2007 Disposal price (2010)
367380
2007 Disposal price (2010)
6,7346,800
2007 Disposal price (2010)
+1%
+3% +4% +1%
+53%
Spanish Car parks
Chilean Toll roads M45 Toll road
Swissport
€m
€m €m
€m €m
(1) NAV published by Cintra in 2007, (2) Analyst EV consensus - Disposal price: 100% Equity value, EV for Swissport
(1)
(1) (1) (1)
(2)
Value crystallization Disposal prices around 2007 peak valuation despite credit crisis
407 ETR
15 E-mail: [email protected] – Tel: +34 91 586 27 30
O v e r v i e w
L o o k i n g A h e a d
A p p e n d i x
16 E-mail: [email protected] – Tel: +34 91 586 27 30
What have we done in 2012?
Heathrow +12.7%
New Contracts 407ETR extension
Balance Sheet
Operational Growth (Tariffs) 407ETR ≅ +8%
Sheffield maintenance Managed Lanes (under construction)
LT bond issuance 407ETR dividend BAA Initial dividend
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Looking ahead – Value creation in volatile times
18 E-mail: [email protected] – Tel: +34 91 586 27 30
Urban population
Unemployment
Socio-demographic
Public resources constraints
& more demanding
society
Limited economic growth
Credit and liquidity shortages
Economic
Regulation
More responsible society
Environmental
Wider value proposition – “Intelligent cities”
Challenging environment
0
20
40
60
80
100
0 20 40 60 80 100 120 140
Dissatisfied citizens Example: Spanish cities 1)
Citiz
en S
atis
fact
ion
(%)
Budget per citizen (EUR)
1) Waste management and collection – city spend and citizen satisfaction (2010) Source: United Nations, OCU, Ferrovial Services analysis
Sheffield GBP2.0bn, Birmingham GBP2.7bn / 25 years
19 E-mail: [email protected] – Tel: +34 91 586 27 30
A solution to congestion on “existing urban corridors”
Active management of “newly added capacity” through tolling
by means of
Free
Lanes
Free
Lanes
New Tolled
Lanes Speed >50mph
“Express Tollway within an Existing Highway”
Wider value proposition – Managed lanes
20 E-mail: [email protected] – Tel: +34 91 586 27 30
Summary
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
Strong backlog
Margin vs. growth
Selective exposure to emerging
economies
World class player
Dividends from 407 & BAA
Attractive pipeline of projects
Net cash position / No short term maturities / Ample liquidity available
21 E-mail: [email protected] – Tel: +34 91 586 27 30
Global Infrastructure
22 E-mail: [email protected] – Tel: +34 91 586 27 30
A p p e n d i x
9 M 2 0 1 2 R e s u l t s
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 1 R e s u l t s
23 E-mail: [email protected] – Tel: +34 91 586 27 30
SEP’12 CHG.%
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
5,652.6
659.5
11.7%
161.2
498.3
8.8%
-10.7
-271.7
316.7
532.6
-58.0
474.6
13.8
488.5
+2.5%
+10.3%
+10.5%
+10.8%
Construction Airports
Toll Roads Services
Others Total
3,168.7 4.7
293.4 2,204.1
-18.3 5,652.6
3,143.8 6.3
300.3 2,068.1
-3.0 5,515.5
0.8 -25.3
-2.3 6.6 n.s. 2.5
-0.3 8.7
-3.5 3.0
0.5
Construction Airports
Toll Roads Services
Others Total
240.7 -15.4 226.9 216.3
-8.8 659.5
171.4 -8.9
222.8 208.4
4.4 598.1
40.4 -73.7
1.8 3.8 n.s.
10.3
37.0 -22.2
0.4 0.7
8.6
SEP´12 SEP´11 CHG.-% L-f-L%
CHG.% L-f-L%
5,515.5
598.1
10.8%
147.2
450.9
8.2%
235.3
-245.3
21.9
462.8
26.8
489.5
-7.6
481.9
SEP’11
Construction backlog Services backlog
Traffic evolution
ETR-407 Chicago Skyway
Indiana Toll Road Autema Ausol I
Ausol II BAA (million passengers)
VAR%
9,063 13,397
SEP´12
1,745,396 42,803 27,749 15,119 13,420 14,694
53.0
9,997 12,425
SEP´11
1,734,672 42,680 27,441 19,224 14,812 16,087
52.6
-9.3 7.8
VAR%
0.6 0.3 1.1
-21.4 -9.4 -8.7 0.6
SEP´12 SEP´11
SEP´12 DEC´11
L-f-L%
+0.5%
+8.6%
+8.7%
9M 2012 results
EUR MN
24 E-mail: [email protected] – Tel: +34 91 586 27 30
A p p e n d i x
9 M 2 0 1 2 R e s u l t s
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 1 R e s u l t s
25 E-mail: [email protected] – Tel: +34 91 586 27 30
775 1,937 -939 5,568
Would you buy this company...?
Figures in million $CAN
Accounting losses
High debt
Shareholder's fund Debt
1999:
27x Debt/Ebitda
1999
1H12
407 ETR
26 E-mail: [email protected] – Tel: +34 91 586 27 30
Ferrovial bought this company...
V a l u a t i o n ( 1 0 0 % )
Strong dividend flow
Equity valuation sharp increase
Initial equity investment (62%) (326mn)
Dividends (00 - 11) 576mn
10% disposal 640mn
NET CASH IN 890mn
2098
M a t u r i t y
100% pay-back
first 10 years
Valuation x13
* December´11 analysts consensus
1999 2011*
13x
6,625
525
407 ETR C a s h g e n e r a t i o n (1999 – 2011)
407 ETR
86 years to maturity
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407ETR Location
High density population area
Ring road of Toronto 108 km
407
407
East extension
Area of expansion
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All Electronic Roadside Tolling System 407 ETR
29 E-mail: [email protected] – Tel: +34 91 586 27 30
407 ETR
LOCATION
Greater Toronto Area 23% of Canada
population
TRAFFIC
Alternatives routes are highly congested
HIGH HOUSEHOLD INCOME
46% higher than Canada average
NO REGULATORY REVIEWS
During concession life (99 years)
SPEED
Alternatives routes 40kph vs 100kph at
407
NON-STOP TOLL FACILITY
Fully electronic with interchanges every 3km
TOLL RATE HIGH FLEXIBILITY
Including segment, direction, time of
the day
FAST
Reliable travel times
Fast Safe
Reliable
30 E-mail: [email protected] – Tel: +34 91 586 27 30
Financial overview ($CAD million)
420
675
2005 2011
316
554
77%
79%
76%
80%
75%
82%
2005 2011
27
8.7
1999 2011
85145 120 135
300
460
190
2005 2006 2007 2008 2009 2010 2011
49
97 90
38
7788
72
2005 2006 2007 2008 2009 2010 2011
Revenues
EBITDA
Capital Expenditure
Dividends
Debt / EBITDA X
OPEX
86 years to maturity
100% pay-back in first 10 years
Free-tariff revision
≅ 8% CAGR 02-11*
* Tariff increase for light Vehicles in Peak hours regular zone (%)
CAGR: 8.2%
CAGR: 9.8%
104121
2005 2011
CAGR: 2.6%
EBITDA %
407 ETR
31 E-mail: [email protected] – Tel: +34 91 586 27 30
300
200
500
300
400
300350
400
200
2009 2009 2010 2010 2010 2010 2011 2012 2012
6 10 11
510
285312
14 14
145
2012 2013 2014 2015 2016 2017 2018 2019
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%
35
9
30 30
40
2009 2009 2010 2011 2012 2012
Maturity
Spread
Recurrent presence in the bond market
Extending maturities at historically low cost
years
32 E-mail: [email protected] – Tel: +34 91 586 27 30
A p p e n d i x
9 M 2 0 1 2 R e s u l t s
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 1 R e s u l t s
33 E-mail: [email protected] – Tel: +34 91 586 27 30
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 Lanes Speed >50mph
“Express Tollway within an Existing Highway”
34 E-mail: [email protected] – Tel: +34 91 586 27 30
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
NTE 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)
35 E-mail: [email protected] – Tel: +34 91 586 27 30
Travel time reliability (NTE)
Tra
vel T
ime
(Min
utes
)
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
36 E-mail: [email protected] – Tel: +34 91 586 27 30
51% 42% 7%
CINTRA MERIDIAM DALLAS
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
Lyndon B Johnson
● 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
25% 54% 20%
FINANCIAL STRUCTURE
EQUITY DEBT PUBLIC FUNDS
Managed Lanes
37 E-mail: [email protected] – Tel: +34 91 586 27 30
57% 33% 10%
CINTRA MERIDIAM DALLAS
FIRE&POLICE PENSION SCHEME
KEY CHARACTERISTICS
SHAREHOLDERS’ STRUCTURE
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
● 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
21% 52% 27%
FINANCIAL STRUCTURE
EQUITY DEBT PUBLIC FUNDS
Managed Lanes
38 E-mail: [email protected] – Tel: +34 91 586 27 30
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%
52%
27%
25%
54%
20%
Figures in US Dollars
Managed Lanes
39 E-mail: [email protected] – Tel: +34 91 586 27 30
A p p e n d i x
9 M 2 0 1 2 R e s u l t s
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 1 R e s u l t s
40 E-mail: [email protected] – Tel: +34 91 586 27 30
2011 Highlights (1)
€2.1bn bond issuances in 2011
and €1.7bn issued YTD 2012
VALUE FROM
DIVESTITURES
CASH GENERATION
EBITDA GROWTH
ACCESS TO CAPITAL MARKETS
Operational growth across portfolio
9% EBITDA growth (LfL)
Activity cash flow generation: €1,446mn ex-infra projects
€907mn net cash position ex-infra projects
Value obtained from divestitures beats market expectations
BAA / Swissport / M45
41 E-mail: [email protected] – Tel: +34 91 586 27 30
Del
iver
ing
2011 Highlights (2)
Ferrovial´s corporate debt refinanced (€1,314bn)
BAA: Inaugural dollar bond issuance ($1.0bn)
BAA 5.88% stake sold (GBP280mn)
Chilean toll roads 40% stake divestment completed (€157mn)
APRIL
JULY
OCTOBER
DECEMBER
First Ferrovial Services Investor day in London
FEBRUARY Swissport divestment process completed (€692mn)
NOVEMBER
AUGUST Ferrovial gets its first rating by S&P and Fitch: Investment grade (BBB-), outlook stable
To invest in future growth
JANUARY M45 shadow toll road sold (€68mn)
AUSOL refinancing completed (€492mn) JUNE
CO
RP
OR
ATE
R
EFIN
AN
CIN
G
CO
RP
OR
ATE
42 E-mail: [email protected] – Tel: +34 91 586 27 30
Shareholder remuneration
Dividend 2011
Interim 0.20
Complementary 0.25
TOTAL 0.45
(Euros/share)
201120102009
0.40 0.42 0.45
43 E-mail: [email protected] – Tel: +34 91 586 27 30
Cash Flow ex-infra projects
Construction Services
Toll Roads
Other/divestment Taxes
TOTAL
OPERATING CASH FLOW
298 164 137
(21) (67)
510
(92) (99)
(134)
1,264
936
NET INVESTMENT
1,446
Remarkable cash flow generation
Swissport 692
BAA 326
Chile 157
M45 68
(€mn)
44 E-mail: [email protected] – Tel: +34 91 586 27 30
Net debt evolution
31
463
182
-68 -67
-328
1,264
-367
-114 -90
907
Net cashDec´10
EBITDA Dividendsrecived
Workingcapital
Taxes Investment Divestment Dividendspaid
Interest Other Net cashDec´11
Ex-projects
356
-780
263
-97-32 -103 -293 -25
-85
14,529
-6.102
-19,836 Net debtDec´10
EBITDA Workingcapital
Taxes Investment Dividends Interest Capital Forex Other Net debtDec´11
Infra projects
Deconsolidated debt
-6,102
(€m)
(€m)
45 E-mail: [email protected] – Tel: +34 91 586 27 30
FY 2011 – Pro-forma considering proportional consolidation
Underlying Reported
Diversified portfolio - EBITDA
12%
52%
16%
20%
€819
U K
N o r t h A m e r i c a
S p a i n
R o W
€1,730
18%
22%
53%
7%
U K
N o r t h A m e r i c a
S p a i n
R o W
Construction Toll roads Services Construction Toll roads
Services Airports
46 E-mail: [email protected] – Tel: +34 91 586 27 30
Business main events in 2011: Services: strong cash flow generation (EUR 164mn), revenue growth & profitability improvement
with a stable backlog of over 50% international business.
Construction: strong cash flow generation (EUR 298mn), mainly driven by international business, Budimex in particular, which offsets the Spanish market performance.
Airports: double digit growth in EBITDA (+18%) with the highest traffic ever in Heathrow (69,4 Million Pax).
Toll Roads: EBITDA growth was achieved through higher tariffs and grants offsetting weaker traffic.
Asset rotation main events in 2011: Services: Swissport divestment was closed in Q1 2011 (EUR 695mn).
Airports: Ferrovial sold 5,88% of BAA to funds managed by Alinda Capital Partners for GBP 280 mn (EUR 325mn) – implying an equity value of GBP 4,8 bn. Ferrovial retains now 49,99% and accounts its financial statements through equity method.
Toll Roads: Two divestments initiated in 2010 were cashed-in during 2011: M45 (EUR 68mn) and remaining 40% stake in C.Chile (EUR 157mn).
Executive summary – 2011 Highlights
47 E-mail: [email protected] – Tel: +34 91 586 27 30
Financial main events in 2011
At ex-Project level In 2011 Ferrovial refinanced its corporate syndicated facility one year prior to maturity through a
4 year facility with 32 leading Financial institutions (maintaining a EUR 541mn liquidity revolving line fully available) and amortized EUR 800 mn, keeping EUR 1bn as outstanding debt.
In 2011 Amey closed a GBP 135mn facility maturing in 2015 with 5 financial institutions. This facility has fully replaced the prior one, extending maturities and enlarging the liquidity in GBP 27mn.
At Project level In June 2011 Ausol closed the refinancing of its EUR 492mn debt with a 21 bank syndicate loan
until 2016, while Radial 4 EUR 548mn financing, matured in July 27th, is awaiting for a sectorial solution from the Ministry of Transportation while a Standstill agreement by the parties has been reached.
BAA has very actively tapped the capital markets
- In 2011 BAA issued bonds in EUR, GBP and USD equivalent to EUR 1,8bn, which resulted in the total cancellation of the refinancing facility.
- In Q1 2012 BAA issued bonds in EUR, CHF and GBP equivalent to EUR 2,4bn.
Executive summary
48 E-mail: [email protected] – Tel: +34 91 586 27 30
Revenues 390 +5%
EBITDA 283 +14%
EBITDA % 72.7% +19 bps
Toll roads
2011 ∆% L-f-L
Financial
• €159mn dividends from projects
• Refinancing facilities in 2011
Ausol (€492mn)
R4 – standstill
• Chile & M45 divestiture completed
• EBITDA growth
Tariffs and grants more than offset weak traffic
• Pipeline
USA, Canada & New markets
1 Financial asset 2 Equity method
Autema1 -7% +8%
Chicago Skyway -7% +9%
Ausol -7% +10%
ETR 4072 -1% +10%
Indiana Toll Road2 -3% +4%
2011 EBITDA ∆% L-f-L Traffic
49 E-mail: [email protected] – Tel: +34 91 586 27 30
407ETR (Equity method, FERROVIAL stake: 43%)
• EBITDA growth (+11%)
• Stable traffic (-0.5%)
• Tariff growth
• New bond issuances (CAD 350mn)
• No relevant maturities until 2014
• CAD 2.35bn issued since 2009
• Dividend payment (CAD 460mn)
Revenues 675 +8%
EBITDA 553 +11%
Net debt 4,831 +7%
2011 ∆% L-f-L
CAD Mn
353
553
2006 2007 2008 2009 2010 2011
EBITDA (CAD million)
Resilient performance
50 E-mail: [email protected] – Tel: +34 91 586 27 30
Revenues 2,821 +9%
EBITDA 312 +5%
EBITDA % 11.1% +45 bps
EBIT 207 +3%
EBIT % 7.4% +7 bps
Backlog 12,425 -1%
• Strong cash flow generation (€164mn)
• Growth & Profitability improvement
• Stable backlog
• Swissport divestment
Services
2011 ∆% L-f-L
R e v e n u e s geographical breakdown
+19% +3% -8%
+3% +6% +7%
Revenues
EBITDA BACKLOG
L-f-L
UK Spain
+9% excluding 2010 one-offs
Spain 50%
UK 50%
51 E-mail: [email protected] – Tel: +34 91 586 27 30
Civil works
76%
Industrial & other Residential
Revenues 4,244 -5%
EBITDA 248 +4%
EBITDA % 5.8% +49 bps
EBIT 215 +8%
EBIT % 5.1% +60 bps
Backlog 9,997 -1%
Construction
2011 ∆% L-f-L
Work breakdown
B a c k l o g
Geographical breakdown
• Strong cash flow generation (€298mn)
• International business offsets Spanish performance
• Stable backlog
+8%
+9%
+6%
-17%
+8%
-12%
Revenues
EBIT
BACKLOG L-f-L
International Domestic
6,830
3,167
S er ie 1
Domestic
International
52 E-mail: [email protected] – Tel: +34 91 586 27 30
Heathrow 69.4 5.5%
Stansted 18.0 -2.8%
Scotland 19.4 8.1%
Southampton 1.8 1.6%
UK airports 108.5 4.4%
BAA (Equity method, FERROVIAL stake 49.99%)
Revenues 2,524 +9%
EBITDA 1,287 +18%
EBITDA % 51.0% +500 bps
NET DEBT 12,862
2011
2011 ∆%
100%, GBP Mn
Traffic
• 5.88% stake divestment
• 100% implied equity value GBP 4.8bn
• Capital structure strengthened
• Issuances in Sterling, Euro, Dollar & Swiss franc (2012)
• 2011: GBP 1.6bn bonds & bank facilities
• 2012: GBP 1.5bn bonds; Maturities already refinanced
• Double digit EBITDA growth
• LHR highest ever traffic
• 2012(e) dividend (GBP 240mn)
• Edinburgh divestment underway
(PAX Mn)
∆% L-f-L
53 E-mail: [email protected] – Tel: +34 91 586 27 30
HEATHROW – Continuous improvement
EBITDA (GBP million)
Resilient performance
18.7%9.5%5.5%
T R A F F I C R E V E N U E S E B I T D A
Capital markets access
570
1,045
2006 2007 2008 2009 2010 2011
GBP 5.1 billion issued since 2009
54 E-mail: [email protected] – Tel: +34 91 586 27 30
Profit & Loss
TOTAL
VAR.
L-f-L(1)
7,446 819
(192) 627 142
(303) 17
482 (61) 847
1
1,269
Net Revenue EBITDA
Depreciations
EBIT Disposals & impairments(2)
Net Financial Result Equity accounted
EBT Taxes
BAA discontinued Minorities
NET PROFIT
-1% +9% -13%
+18%
+6%
(1): Like-for-Like: Excluding forex impact, perimeter variations and fair value adjustments (2) Included in EBIT at the statutory accounts
(€mn)
INVESTOR RELATIONS DEPARTMENT C/ Príncipe de Vergara, 135
28002 MADRID (Spain) Tlf: +34 91 586 27 30 Fax: +34 91 586 28 69 e-mail: [email protected]
website: www.ferrovial.com