Ferrovial Investors Presentation Jan Sep 2014 | Presentación Inversores Ene Sep 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

Group overview

Looking Ahead

Appendix

2014 – 9M Results

Introduction to 407ETR Toll road

Managed Lanes Toll roads

2013 – Full year results


INFRASTRUCTURE

PROJECTS

EX-INFRASTRUCTURE

PROJECTS

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

Cash Flow Overview

€242mnDividends from Toll roads

€219mnDividends from Airports

€322mn

€343mnEBITDA from Construction

EBITDA from Services

2013 figures

PARENT COMPANY


UK 34% 2.7% 2.5%

Canada 22% 2.5% 2.5%

USA 17% 3.1% 3.2%

Spain 13% 1.7% 2.2%

Poland 7% 2.8% 3.3%

Germany 0% 1.1% 1.8%

France 0% 0.7% 1.5%

Italy 0% 0.6% 1.1%

RoW 7% - % - %

Where does our Operating CF come from?GDP Forecast 2015 & 2016

* Source: Real GDP growth Expectations from European Commission (November 2014) & Bloomberg consensus (for Canada)

2013 Operating CF(€1,048mn)

Real GDP Growth exp.*2015 2016

Over 70% of OCF from faster growing economies

Almost no exposure to Eurozone excluding Spain


PARENT COMPANY

Debt Overview

Net debt evolution ex-infrastructure projects

3,064

1,9871,547

1,172

31

9071,484 1,663 1.533

2006 2007 2008 2009 2010 2011 2012 2013 9M´14

EX – INFRASTRUCTURE PROJECTS

TOLL ROADS*

€7,241mn

Non-Recurrent to parent company

= 26%

of Toll roads net

debt

* €1,170mn related to R4 & OLR, both filed for creditor protection

9M’14 Figures

INFRASTRUCTURE PROJECTS

Debt allocated at project level

NET CASH €1,533mn

€mn

€mn

NET DEBT €7,587mn

*Projects under development not generating EBITDA

Projects under development* Net Debt

NTE 767

LBJ 1,047

NTE3 A3B 85

TOTAL 1,899


43 14 18 11

501

96

811

2014 2015 2016 2017 2018 2019 >2019

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

2014-2019 maturities€m - September ‘14

3.0673.935

868

Total cash Undrawn lines Total liquidity

Liquidity position

€m - September ‘14


(1) Proportional: All EBITDA figures are aggregated in a proportional basis to the Ferrovial equity stake in each company or project (mainly ETR 407 toll road in Canada and UK airports).

Diversified portfolio

Services Construction Toll Roads Airports

Non Capital IntensivePROFIT GENERATIONCASH GENERATION

Fully consolidated Method

€934MnProportional (1)

€1,681Mn

Capital IntensiveLONG DURATIONLONG TERM VALUE

EBITDAServices

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

Ex – Infrastructure Projects Infrastructure ProjectsFY ‘13 FY ‘13


2014 Overview

Financial

Credit rating upgrade by Fitch (from BBB- to BBB)

10y corporate bond issued in July (coupon 2.5% )

€1.5bn Net cash* / €3.9bn Liquidity

Highest ever backlog, €27bn (Construction & Services)

Volume and profitability expansion (Services)

Traffic growth across toll roads and airports portfolio

Operations

Corporate

transactions

Group Services largest division by revenues & Backlog

Transfield services (TSE-AU) indicative non-binding proposal for 100%

Potential Aena privatization, bid as anchor investor(Subject to IPO result)

Aberdeen, Glasgow & Southampton, acquisition agreement for 100% (50/50 consortium with Macquarie Infrastructure Fund 4)

(*) Net Cash excluding infrastructure projects


Spain 2014

Traffic Ausol I

201 211

146120 116

2010 2011 2012 2013 9M´14

… Better traffic(Toll roads)

… Higher volumes(Services)

… Better collections(Services)

Tons

Days of sales outstanding

Waste

-6,6% -5,3%

5,2%

1H'13 FY 2013 9M´14

-9,8%

1,8%5,2%

FY 2013 1H´14 3Q'14

public bidding in Spain

5,8

8,9

8M'13 8M'14

€ bn +55%

… Higher public bidding(Construction)


Agenda

Group overview

Looking Ahead

Appendix

2014 – 9M Results





Capital allocation. Strong financial discipline

FinanciallyLow level of corporate

debt

Asset rotation to support growth

Efficient asset

allocation

Operationalvalue

generation

Operationally


0.381

2009 2010 2011 2012 2013 YTD´14

Shareholder remuneration

Scrip dividend equivalent to the ´14 interim dividend (to be paid Nov’14) 0.381

(€/share)

0.40 0.42 0.45

1.25

0.691

Dividend evolution

Dividends

(*) 2014 Scrip dividend amount based on VWAP of Ferrovial´s shares on 23rd, 24th, 27th, 28th and 29th October.

Interim dividend (paid Dec´13) 0.40

Scrip dividend equivalent to the ´13 complementary dividend (paid Jul’14) 0.291

TOTAL 0.691

2013

2014*

*


Net cash position(2018 & 2021 main maturities)

Highest everDividend generation

17%34%

13% 29%

Strong Backlog

Operatingcash flow*diversification

Solid FinancialPosition

High Quality Assets

Why Ferrovial?

7%

*2013 Operating Cash Flow incl-dividends


Thanks


Agenda

Group overview

Looking Ahead

Appendix

2014 – 9M Results





7.5 7.7

7,2

20,7

2005 9M´14

Services

Construction

Record Backlog (Construction & Services)

(€bn)

International

28.4

14.7

+93%

38% 68%

32%

68%Domestic

International

26%

74%

Domestic

International

€28.4bn (42 months of activity)

Construction

Services

Backlog growth


Toll roads

� Traffic growth across our portfolio Solid growth in Canada &Europe (Ireland, Portugal and Spain)

� Very active pipeline Bidding in US / Australia / Canada and selective monitoring of opportunities in other markets

� New projects awarded I77, North Carolina, US (Managed Lanes)

� Opening of NTE “Managed Lanes” (dynamic tolling) 4th October, 9 months ahead of schedule

� ITR filed for chapter 11 pre-packeddebt restructuring agreed with lenders

2 - Equity method, *Ausol I Traffic

9M 3Q

Ausol I (Spain) +3.3% +5.2%

Algarve (Portugal) +10.0% +8.9%

M4 (Ireland) +3.6% +2.0%

ETR 4072

+3.4% +2.8%

Chicago skyway -0.6% +0.6%

2014 ∆%

Traffic evolution


� Traffic and EBITDA above expectations

� No relevant maturities until 2015

� 10y bond issuance CAD250mn in May 2014 (3.35% coupon)

� 2014 dividend up +7%

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

Revenues660 +10.5%

EBITDA 557 +10.2%

EBITDA % 84.4% -30bps

Net debt 5,898 +8.7%

408

665

557

2007 2008 2009 2010 2011 2012 2013 9M2014

300

460

600680 730

2010 2011 2012 2013 2014

CAD million

407ETR

Resilient performance (EBITDA)CAD million

DividendCAD million

9M´14 ∆%


Revenues 3,202 +22.2%

EBITDA 246 +16.5%

EBITDA % 7.7% -40 bps

Backlog (Inc. JV) 20,675 +11 %

Services

+30%

+52%

+17%

+11%

-4%

+0%

Revenues

EBITDA

BACKLOG

UK Spain

� Largest division in the group by revenues and backlog

� Strong revenue growth in Spain & UK (combined organic growth +7.8%)

� Enterprise integration on track

� Volume and profitability expansion

� Increase in margins (9M 7.7% vs 1Q 6.7%)

� New all-time high in backlog €20.675mn (Including JV)

� Selective M&A indicative non-binding offer for 100% of Transfield Services in Australia (TSE-AU)

SpainUK

66% 32%Other 2%

* Excluding forex impact, integration and restructuring costs.

€ million

Services

Performance by Geography

Backlog by geography

9M´14 ∆%


Amey: profitable growth

0.7

1.2

2007 2012

7

35 40

7.5

11.2

2012 2013

£ billion

1619

Synergies

Net

Costs

-9 +16 +40

19% organic growth

12.3

14.6

2011 2013

Amey/Enterprise active bids

2011 date includes Enterprise’s bids

£ million

2013 2014 (e) 2015 (e)

2013: Enterprise synergies on trackProven organic growth

Backlog: anticipating future growthUK Services market is growing

Amey Sales

€ billion


Spain: resilient operations & financial performance

1.39 1.42

2007 2013

Stability

1.33 1.37

EBITDA OCF

5.2

6.3

2012 2013

Acumulative 2007 - 2013

34.2

24.7

2007 2012

-28%

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

Sales€ billion

100% EBITDA / Cash flow conversion

Local government operating spend Backlog: Anticipating future growth

€ billion

€ billion € billion


España25%

USA33%

Polonia15%

R.Unido11%

Canadá3%

Otros13%

Construction

� No global or volume ambitions

� Competitive tool for infrastructure

projects

2014 (9M):

•Backlog (-1.8% vs Dec 13) doesn’t include €800mn

already awarded

• Sales -0.2% & EBITDA +16.1%

• International turnover 77%

• Poland: infrastructure roads plan 2014-19, €10.0bn

• Spain: higher Public bidding (+55% year to August)

DomesticInternational

74% 26%

Backlog by geography


Heathrow 55.7 +1.5%

Glasgow 5.9 +3.7%

Southampton 1.4 +4.2%

Aberdeen 2.8 +8.2%

TOTAL HAH 65.8 +2.0%

HAH (Equity method, Ferrovial stake 25.0%)

Revenues 2,125 +8.1%

EBITDA 1,199 +11.2%

EBITDA % 56.4% +160 bps

NET DEBT* 12,798 +0.9%

� Heathrow T2 opened on 4 June (c.350m flights per day)

� Heathrow’s proposal for 3rd runway shortlisted for further analysis (Airports Commission)

� Highest ever passenger satisfaction

� 2014 traffic estimate growth doubles to 1.5% (73.4mn passengers)

9M 2014:

• Double digit EBITDA growth

• Heathrow: traffic up 1.5% driven by intercontinental demand.

Ferrovial airports

• Has reached an agreement to acquire (50/50 consortium with Macquarie Infrastructure Fund 4) 100% of Aberdeen, Glasgow and Southampton airports.

• Has made an offer for a stake in Aena in the context of the potential privatisation, subject to the outcome of the IPO.

(PAX million)

100% GBP million

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

Ferrovial Qatar Brittania GIC CICAlinda USS

HAH

9M´14 ∆%

9M´14 ∆%

Traffic

Shareholders

*Var % vs Dec 2013


Heathrow - Best ever passenger satisfaction

63%

79%

2007 9M´14

40

19

2007 9M´14

48%

78%

2007 9M´14

Over 78% of passengers surveyed rated their experience as

Excellent or very good

Missed bags per 1,000 passengers

% passengers rating Heathrow “Excellent” or

“Very good”

Departures punctuality


JUN’14 Var%

6,488

701

10.8%

-189

512

7.9%

0

-291

91

313

-76

237

-

33

270

10.2%

11.1%

13.7%

-44.4%

Construction

Airports

Toll Roads

Services

Others

Total

2,936

4

323

3,202

21

6,488

2,942

5

318

2,620

3

5,889

-0.2

-20.5

1.6

22.2

n.s

10.2

2.7

-20.5

2.0

18.5

n.s

10.2

Construction

Aeropuertos

Toll Roads

Services

Others

Total

256

-11

203

246

7

701

221

-9

200

211

9

631

16.1

-16.4

1.5

16.5

-23.4

11.1

15.0

-12.3

4.8

10.6

-44.8

9.3

9M´14 9M´13 VAR.% LfL%

5,889

631

10.7%

-181

451

7.7%

22

-258

317

532

-78

454

-

31

485

9M’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%

7,726

20,675

9M´14

1,820,860

41,424

28,692

12,177

14,368

26,670

56

7,867

18,624

9M´13

1,760,406

41,673

28,303

11,793

14,024

25,753

55

-1.8

11.0

VAR%

3.4

-0.6

1.4

3.3

2.5

3.6

1.5

9M´14 DEC´13

LfL%

10.2%

9.3%

11.1%

9M 2014 Results

€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

Income Statement Revenues

EBITDA

Operating Indicators

9M´14 9M´13 VAR.% LfL%

9M’14


Agenda

Group overview

Looking Ahead

Appendix

2014 – 9M Results





775 1,937

-1,694 5,759

CAN million

Accountinglosses

Highdebt

1999:

27x Debt/Ebitda

1999

2013

407 ETR

Would you buy this company…?

Shareholder’s Equity Net debt


Strong dividend flow

Equity valuation sharp increase

Initial equity investment (62%) (326mn)

Dividends (00 - 13) 1,051mn

10% disposal 640mn

NET CASH IN 1,365mn

2,098

100% pay-backin first 10 years

Valuation x21

* Sept ’14 analysts consensus

525

10.918

1999 Sept´14

21x

407 ETR

84 years to maturity

407 ETR

Ferrovial bought this company…

€ million

Cash Generation(1999-2013)

Valuation(100%)

€ million

Maturity


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

Sophisticated electronic toll highway

� NO toll-booths, “closed ticket” tolling scheme (on/off ramps)

� NO stopping or slow-downs to pay

� ALL vehicles able to use highway

� Transponder not required. If valid transponder is not

detected, digital images are taken at entry and exit and

invoices posted to registered car owner

� Tolls billed monthly


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

75%

77%

79%

76%

80% 82%

83%

2005 2013

27

8.4

1999 2013

85145 120 135

190

300

460

600

680

2005 2006 2007 2008 2009 2010 2011 2012 2013

49

9790

38

72 7788

70 74

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

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

years

407 ETR

ETR Recurrent presence in the bond market (June’13)

Extending maturities at historically low cost CAD 2,950mn issued since 2009

Yearly avg maturity: Only 3% of total debt


Agenda

Group overview

Looking Ahead

Appendix

2014 – 9M Results





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 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

Managed Lanes

Level of demand

NTE (untolled) 407ETR (tolled)


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

Free Flow Travel

Mean

NB - North bound SB - South bound

Travel time variability


Toll rates – tariff threshold

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

Tariff threshold


NTE

3

NTE 1-2

LBJ

Dallas and Fort Worth Regional Map

Managed Lanes regional map


CINTRA MERIDIAMDALLAS

FIRE&POLICE

PENSION SCHEME

Key characteristics

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

EQUITY DEBT PUBLIC FUNDS

Managed Lanes

Lyndon B JohnsonConstruction expected to be concluded in 2015

51% 42% 7%

25% 54% 20%

Shareholder structure

Financial structure



FIRE&POLICE

PENSION SCHEME

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


Managed Lanes

North Tarrant ExpressOpened on October 4th, 9 months ahead of schedule

57% 33% 10%

21% 52% 27%

Key characteristics


Financial structure


50% 14% 10%


FIRE&POLICE PENSION SCHEME

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%


APG

Managed Lanes

North Tarrant Express 35WExpected to open in mid-2018

26%

Key characteristics


Financial structure


• First privately-financed roaddevelopment project of its kind toreach financial close in 2010.

• Texas’ third big recent road projectto reach financial close since 2008.

• First combination of TIFIA and taxexempt PABs.

• First un-wrapped bond issuance fora toll road.

• First time TIFIA allowed additionaldebt to be raised beyond itsapproved federal subsidy cap.

• First time that a U.S.-based pensionfund made a direct investment in ahighway concession.

21%

52%

27%

25%

54%

20%

Figures in US Dollars

Managed Lanes

Financial Overview

32%

59%

9%

• Very competitive capital structurein spite of the difficult marketconditions.

• Strong portion of the debt fromTIFIA program with its flexibleamortizing structure during thefirst 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:


Agenda

Group overview

Looking Ahead

Appendix

2014 – 9M Results





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.% LfL%

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

EBITDA

Operating Indicators

Income Statement Revenues


% International

EX-INFRASTRUCTURE

PROJECTS

INFRASTRUCTURE PROJECTSPARENT COMPANY

Accounting overview2013 figures

Revenue EBITDA

Revenue EBITDA

5%

95%

29%

71%

% National

Revenue EBITDA

construction

services


EX-INFRASTRUCTURE PROJECTS

PROPORTIONAL CONSOLIDATED FULLY CONSOLIDATED

PROPORTIONAL CONSOLIDATED FULLY CONSOLIDATED

INFRASTRUCTURE PROJECTS

PARENT COMPANY

Accounting overview2013 figures

11% 8%

29%32%

39%

19% 20%

42%

Revenue

EBITDA

Revenue

EBITDA

- 5%

30%-

50%

37% 35%

45%

Revenue

EBITDA

Revenue

EBITDA

19%

61%

5%

29%

39%

81%

71%

95%

construction services construction services

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

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Investor Relations

Ferrovial Investors Presentation Jan Sep 2014 | Presentación Inversores Ene Sep 2014