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1
2013 Highlights
• Appointment of Mr. Josep Piqué as CEO
• Consolidation in Abertis as Industrial Partner and Reference Shareholder.
18.93% stake as at 12/31/2013, with current market value of € 2.7 bn
• Compliance with Financial Policies. At 2013 year end:
• Recourse Net Debt/ Recourse EBITDA below 3x
• Strong Recourse Liquidity position (€ 1.9 bn)
• Solid Construction activity with:
• EBITDA/Sales margin of 9.4%
• € 8 bn orderbook, and
• € 3 bn new awards
• Satisfactory Results with EBITDA +15.4%
• Strengthening OHL Mexico through:
• Follow-on offering (P$ 7 bn), and
• Integral Refinancing of ConMex (P$ 17 bn)
• 63.64% stake as at 12/31/2013, with current market value of € 2.2 bn
A Year of Consolidation and Compliance
2
I. OHL’s Position
II. 2013 Results
III. Good Governance & CSR
IV. Resolutions Proposal
3
OHL’s PositionA leading Global Platform benefiting from Global Opportunities
Balanced Geographical Exposure (26 countries accross 5 continents)
85% of the Orderbook and 92% of EBITDA from abroad
Source: IMF
Region
∆ GDP
2014E
CPI
2014E
World 3.6% 3.5%
Developed Economies 2.2% 1.5%
USA 2.8% 1.4%
Eurozone 1.2% 0.9%
Emerging Economies 4.9% 5.5%
Mexico 3.0% 4.0%
Spain 0.9% 0.3%
7 in America
� Canada
� USA
� Mexico
� Colombia
� Peru
� Chile
� Honduras
11 in Europe
� Bosnia & Herzegovina
� Bulgaria
� Croatia
� Spain
� Slovenia
� Montenegro
� Poland
� Czech republic
� Slovak republic
� Romania
� Russia
6 in Asia
� Saudi Arabia
� Qatar
� Kuwait
� Turkey
� Kazakhstan
� Vietnam
1 in Africa
� Algeria
1 in Oceania
� Australia
4
OHL’s PositioncotizacionImportant and Steady Growth Track Record
Sales (€ MM) EBITDA (€ MM)
Recurrent Net Profit (€ MM) Orderbook (€ MM)
Solid and consistent growth driven by its two core businesses:
Concessions and Construction
5.959 10.656 12.750 18.398 26.670 32.756
53.045 61.332
76.371 72.455
45.373 51.245
2.729 3.309 3.717
4.224
5.114 5.302
6.024
5.395
5.639 8.897
8.040 8.270
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
1.7722.112 2.231 2.443
3.2783.764 4.009
4.780 4.771 4.870
4.0303.684
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
188 229 262 285
489 543 608 763
991
1.219 1.053
1.215
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
42 49 57
102 105
141 151 156
196 223
260 270
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
8,688 13,965 16,46722,622
31,78438,058
59,06966,727
82,010 81,352
53,41359.515
CAGR 2002-2013: +18.5%
CAGR 2002-2013: +18.4% CAGR 2002-2013: +19.1%
CAGR 2002-2013: +6.9%
■ Long-Term
■ Short-Term
• In 2012 change of scale due to the OHL’s concessions in Brazil and Chile contribution to Abertis
5
OHL’s Position
• Cumulative revaluation (12/31/2002 – 04/30/2014):
• Generating Value for the Shareholder:
• Dividend Payout of 25% from the Recurrent Net Profit + Revaluation
• 100 € invested in 12/31/02 turns as of 04/30/14 in:
• 173 € invested in the Ibex-35, 73€ gain (5.0% annual)
• 218€ invested in the average of the other construction companies,118 € gain (7.1%
annual)
• 1.119 € invested in OHL, 1.019 € gain, 8.6x higher than the average of the other
construction companies (23.8% annual)
crecimientoSuccessful Strategy translated into market value growth (12/31/2002-04/30/2014)
6
OHL’s Position
Mexico78%
Spain14%
Chile5%
Peru3%
2013 Porfolio: € 51.014 MM
Concessions | Direct Concessions
• OHL Concesiones financially independent from the rest of OHL
• Concessions financed in non-recourse basis and in local currency, with no currency risk
• Preference for majority holdings
• Demonstrated ability to succesfully develop new concessions and crystallize the value
through IPOs, direct disposals of concessions, and asset swaps
• Attractive portfolio of direct concessions (1):
• 11 toll roads (820 Km) , 3 ports, 1 railway and 1 airport
• Young portfolio (toll roads – 24 years remaining average life)
• Interest in entering new geographies such as USA, Canada and Colombia
4238
3029 29 24 24
2028 23 22
14 1320
45
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ort
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Au
tovía
Ara
gó
n
Years Remaining(1)
(1) Including new awards in 2014 (Autopista Américo Vespucio in Chile and Autopista Atizapán-Atlacomulco in Mexico)
7
OHL’s Position
Country Concession Status Km /
Operated Infr.
% OHL Traffic Avg / day(1)
/ Passengers year
Years
Remaining
Mexico ConMex
Amozoc – Perote
Puebla
Viaducto Bicentenario
Poetas - Luis Cabrera
Autopista Urbana Norte
Atizapán-Atlacomulco
Total Toll Roads
Toluca Airport
Operation
Operation
Construction
Operation
Operation
Operation
Awarded 2014
Operation
111
123
35
32
7
9
74
391
Commercial Serv.
64%
44%
64%
64%
32%
64%
64%
31%
272.039
28.913
n/a
29.749
28.122
40.120
n/a
398.943
1.088.180
38
20
24
24
29
29
30
42
Spain Euroglosa M45
Autovía Aragón – Tramo 1
Total Toll Roads
Metro Ligero Oeste
Port of Alicante
Port of Sta. Cruz de
Tenerife
Operation
Operation
Operation
Operation
Operation
8
56
64
22 km 2 lines
30 Ha. Dock
15,3 Ha. Dock
100%
95%
51%
100%
65%
74.293
100.002
174.295
5.547.970
201.953/83.241 TEU
24.139 TEU
14
13
23
22
28
Chile Américo Vespucio Oriente
Total Toll Roads
Port of Valparaíso
Awarded 2014
Oper / Constr
9
9
14 Ha. Dock
51%
100%
n/a
n/a
45
30
Peru Autopista del Norte
Total Toll Roads
Operation 356
356
100% 30.531
30.531
20
Total Toll Roads 820 603.769
Concessions | Main Direct Concessions (Figures as of 12/31/13)
(1) Equivalent paying vehicles (except in V. Bicentenario, A. Urbana Norte, Euroglosa 45 and A. Aragón which is used the Average Daily Intensity)
8
OHL’s PositionConstruction | Global Scope and focus on risk management
• 100+ years of experience, leading complex projects worldwide
• Competitive advantages derived from the appropiate geographical diversification and specialisation in
high technological value segments
Markets with Permanent Presence
• Middle East, North Africa and other Latin
American countries
• Selective participation in singular and large
projects
• Support from local partners (occasional basis)
• Focused on civil engineering and non-residential building
• Specialisation in high technological value segments: railways, hospitals and smart-design buildings
• Global management of the excellent human capital through the Centrallized Technical Office
• Preference for design & build projects
• Proyects with positive cash-flow since beginning of work and collections guaranteed
• Underpinned by the solid Balance Sheet of OHL Group and proven ability to structure financings
• Spain, Central & Eastern Europe, USA & Canada,
Mexico, Peru and Chile
• Recurrence and more capillarity in projects
• Management through local subsidiaries
Markets with Occasional Presence
Common Management Criteria
9
OHL’s Position
• Organic growth guaranteed on the back of the important orderbook worthing 36 months of sales
• Orderbook of major international contracts, most of them design & build projects
• 1 to 1.5 years design phase + 2 to 4 years execution period (will take some time in becoming
fully visible across the P&L)
• Steady margins
• € 3 bn new awards in 2013
Construction | Growth and Profitability
Central &
Eastern Europe
28%
USA & Canada
23%
MiddleEast &
N. Africa19%
Spain18%
Others12%
7,2%
9,0% 7,8%
10,0% 9,2% 9,4%
2008 2009 2010 2011 2012 2013
2013 Orderbook: € 8.059,7 MM Construction EBITDA/Sales Margin
10
OHL’s Position
• Developing unique mixed-use and top-quality projects, operated by the most prestigious hotel chains
worldwide
• Mayakoba: Touristic development in Riviera Maya (Mexico) positioned as one of the most
exclusive resorts in the world. Comprising :
• 5 luxury hotels (3 of which are already in operation)
• A golf course, El Camaleón, which made history by hosting the first PGA Tour event
outside the USA
• Canalejas: Landmark Project in Madrid, covering seven historic buildings in Madrid’s city centre,
bordered by Alcalá, Sevilla, Plaza de Canalejas and Carrera de San Jerónimo.
The project will clearly constitute one of Europe’s major luxury destinations, comprising:
• First Four Seasons Hotel in Spain
• Residential area operated by Four Seasons
• An exclusive shopping centre, and
• A parking lot
Other Activities| Developments
11
OHL’s Position
• OHL Industrial:
• Clearly international scope
• Design and construction of large turn-key industrial plants
• Present in among other:
• Oil&Gas
• Petrochemicals
• Power
• Solid handling
• Fire-fighting protection and
• Others
• OHL Services:
• Technical maintenance, cleaning, energy efficiency management and social and health care
• Through its Ingesan subsidiary, it is a leader in the Facilities Management sector
Other Activities | OHL Industrial and OHL Services
12
I. OHL’s Position
II. 2013 Results
III. Good Governance & CSR
IV. Resolutions Proposal
13
Urbana Norte Concession. Mexico
14
Supervía Poetas Concession. Mexico
15
Autovía del Norte Concession. Peru
16
Terminal 2 - Port of Valparaíso Concession. Chile
17
Highway Interchange in Miami. USA.
18
Culver Line Viaduct. New York. USA.
19
Mecca-Medina High-Speed line. Saudi Arabia
20
Modernisation of the railway. Slovak republic
21
CHUM Hospital. Canada
22
Sidra Hospital. Doha. Qatar
23
Jamal Abdul Nasser Viaduct. Kuwait
24
Marmaray Rail Corridor. Turkey
25
Cantábrico Highway. Lindín-Careira. Spain
26
Canalejas Project. Madrid
27
Hydrocarbon Tank Terminal. Algeciras. Spain
28
Biomass Plant. Huelva. Spain
29
R & D
Free - flow toll system . Autopista Urbana Norte. Mexico.Gripper SATOgrab.
Cubipods – Port of Langosteira. La Coruña. Cylindrical parabolic collectors. Thermosolar Plant.Arenales. Seville.
30
2013 ResultsProfit & Loss Account | Key Figures
Sales dropped an 8.6%, despite an increase in both Toll Revenues(1) by 8.7% andInternational Construction by 9.0%
(€ MM) 2013 % 2012 % % Var.
Sales 3,684.2 100.0 4,029.6 100.0 -8.6%
EBITDA 1,215.1 33.0 1,052.9 26.1 +15.4%
Recurrent Net Profit 270.4 7.3 260.1 6.5 +4.0%
(1) Toll Revenues unaffected by: (i) changes in the consolidation method and (ii) construction activity for concessions under the IFRIC 12
Increases in EBITDA and Recurrent Net Profit of 15.4% and 4.0%, respectively
International activity continued to play a leading role within the Group as itaccounts for 75% of Sales and 92% of EBITDA
31
2013 ResultsDebt Structure
86% of the Gross Debt is long-term
Gross Debt (€ MM) 2013 % 2012 % % Var.
Recourse 1,572.6 23.7 1,429.3 26.9 +10.0%
Non-recourse 5,052.9 76.3 3,893.6 73.1 +29.8%
Total 6,625.5 5,322.9 +24.5%
91% of the total Recourse Debt corresponds to Capital Markets and only a 9% is
bank financing
Net Debt (€ MM) 2013 % 2012 % % Var.
Recourse 908.2 16.4 588.8 14.0 +54.2%
Non-recourse 4,633.4 83.6 3,609.0 86.0 +28.4%
Total 5,541.6 4,197.8 +32.0%
Recourse Net Debt / Recourse EBITDA(1) = 2.8x
(1) Recourse EBITDA � € 327 MM (calculated in accordance with the contractual terms)
32
2013 ResultsDebt and Leverage Performance
Notes:
(1) Pro-forma including disposal of Inima
(2) Pro-forma including as Recourse Debt € 400 MM dividend upstreamed from OHL Concessions to OHL Parent Company at the end of 2012, derived from the first phase of the Abertis
Transaction
Recourse Net Debt (€ MM)
730
1.1741.026 989
908
2009 2010 2011 (1) 2012 (2) 2013
2,5x
3,5x
3,0x
2,6x2,8x
2009 2010 2011 (1) 2012 (2) 2013
Recourse Net Debt / Recourse EBITDA
33
2013 ResultsCómodo Perfil de Vencimientos con Recurso 2013E
141
182524
425
300300
2014 2015 2016 2017 2018 2019 2020
Recourse Debt as at 12/31/13 (€ MM) Available Liquidity as at 12/31/13 (€ MM)
664
300
937
2013
■ Credit Lines & Others (undrawn)
■ Syndicated Facility (undrawn)
■ Cash & Equivalents
■ Credit Lines & Others (drawn)
■ Euro-Commercial Paper (outstanding amount)
■ Bonds
■ Syndicated Facility (undrawn)
Strong and Stable € 1.9 bn Liquidity Position, able to cover 1.2x the
Recourse Indebtedness
Comfortable Recourse Maturity Profile
1.901
34
2013 Results
CONCESSIONS � OHL Concesiones financially and organically independent
� Debt in non-recourse basis and in the same currency as the revenues
CONSTRUCTION � Focused on civil engineering and singular building
� More capillarity in places with permanent presence such as Central &
Eastern Europe, USA and Canada, Mexico , Peru, Chile and Spain
� Singular works in countries such as Saudi Arabia, Turkey or Qatar
� Works in other countries with:
Other Activities� Industrial: Design and construction of turn-key industrial plants
� Services: Presence in the Facilities Management sector
� Developments: Development of singular top-quality projects
� Prudent criteria
� Positive Cash flow since beginning of work
� Collections guaranteed
FINANCIAL � Financial discipline and prudency
� Commitment to recover Investment Grade status
Continuity of the Strategy
35
I. OHL’s Position
II. 2013 Results
III. Good Governance & CSR
IV. Resolutions Proposal
36
Good Governance & CSRValue Creation subject to Sustainability
Enhancement of the Values of Transparency, Responsibility and
Honesty within the Corporate Governance Model of the Group
OHL
Constant updating of the Code
of Ethics adopted in 2010 and
operative Channel for
Complaints
Corporate Social Responsibility
controlled by the Audit,
Compliance and CSR
Committee
Risk and Internal Control, and
Internal Audit Departments
reporting to the Audit,
Compliance and CSR
Committee
Compliance Department
reporting to the Secretary of
the Board of Directors
Committed to compliance with
all applicable regulations and
recommendations on Good
Governance
Continued effort in Research,
Development and Innovation.
Great success in
implementation of the results
achieved
Commitment to Sustainable
Development. Sustainability
Report since 2004 and within the
FTSE4Good Ibex since inception
in 2008
Ongoing commitment to
Training as a lever for
development, especially in the
Occupational Risks Prevention
area
37
Good Governance & CSRGood Governance Best Practices carried out in 2013
• OHL has been recognized by the Spanish Market Regulator (CNMV) among the 5
of the Ibex 35 companies that fully follow the recommendations of the Unified
Code of Good Governance
• Establishment of a Compliance Department to support business development
within a defined level of integrity and compliance with internal rules and
applicable laws for the entire Group:
• Improvement of the Organization and Management Model
• Monitorization of the performance and compliance of the Model and
assessment of breaches
• Improving the Risk Management System of the Group:
• Update existing risk maps and
• Develop the Global Risk Management Policy
38
Good Governance & CSRCSR actions undertaken in 2013
• The Sustainability Report done pursuant to international standard Global
Reporting Initiative (GRI) in its highest application level, “A+”
• Obtention of a score rated “High” in the Annual Report to the Carbon Disclosure
Project, demonstrating commitment towards a low-carbon economy
• Creation of 3,974 net jobs representing a growth of 20.0% over the previous
year (+18.2% in Spain and +21.1% abroad)
• 10.1% Reduction in the Incidence Rate of workplace accidents at the Group level
• 458,025 hours of training in the Group. About 8,000 employees have joined
courses on Group Code of Ethics and Human Rights taught in English, Spanish,
Czech and French
• Among the 1,000 European companies that invest more in R&D, according to the
EU Industrial R&D Investment Scoreboard 2013
39
I. OHL’s Position
II. 2013 Results
III. Good Governance & CSR
IV. Resolutions Proposal
40
Resolutions Proposal
First� Approve the Annual Accounts and the Management Report,
corresponding to the financial year ended 2013, for both Obrascón
Huarte Lain, S.A. and the Consolidated Group
Second� Approve the proposal for distribution of the profits earned in the
financial year 2013
Third� Approve the Board of Directors’ management of the Company during the
financial year 2013
Fourth� Re-appoint the external auditors of the Company and its Consolidated
Group for a period of one year
Fifth � Appointment of a Director of the Company
Sixth � Re-elect a Director of the Company
41
Resolutions Proposal
Seventh� Empower the Company, in accordance with the article 146 of the Capital
Companies Act, to acquire the Company’s own shares, either directly or
by an affiliated company
Eighth� Delegate to the Company Board of Directors as provided for under article
297 of the Spanish Companies Act with powers to increase capital of the
Company once or several times
Ninth
� Delegate to the Board of Directors, with power of substitution, to issue
convertible or non-convertible fixed-income securities, with a limited
maximum amount under the conditions set in the Directors’ Report, with
express attribution to exclude the preferential subscription rights of
shareholders and leaving the existing delegation agreement void
Tenth� Acknowledge the use by the Board of Directors of the power delegated
by the General Meeting of Shareholders, to issue simple non-convertible
debentures or bonds
42
Resolutions Proposal
Eleventh � Annual Report on remuneration of directors for the year 2013
Twelfth � Delegation of powers
Thirteenth � Approve the Minutes of the Ordinary General Meeting of Shareholders
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