2. 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. INDEX
1. Overview
2. Business units
3. Outlook
4. Appendix
4. Company overview
• Capital intensive
INFRASTRUCTURE
• Inflation protected
PROJECTS
• LT duration & financing
Ring fenced debt • EPS reflects interest expenses
PARENT COMPANY
Controlling Shareholder 46%
Free float 54%
• Non capital intensive
EXCL INFRA PROJECTS • Backlog visibility
Net cash position • EPS accretive
4
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
5. Business overview
Leading European airport operator
Ownership and manager of 6 UK
INFRASTRUCTURE airports, including Heathrow and
Stansted
PROJECTS
(96% EBITDA International) Leading sponsor of tollroads
infrastructure development
worldwide
Key developer of ETR 407
Design, build, finance & operation
PARENT COMPANY
One of the European
construction leading groups
Civil engineering, industrial
construction & water treatment
EXCL INFRA PROJECTS
Leading provider of infrastructure
(53% EBITDA International) services
Infrastructure & Maintenance
management
Urban services & waste
management
5
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
6. Cash flow overview
Cintra's dividends
• Focus on project’s credit rating
& BAA future dividends • EBITDA resilient assets
INFRASTRUCTURE
PROJECTS • Well spread maturities
New projects’ equity 407< 5% per year
BAA < 10% per year
PARENT COMPANY
Shareholders’
dividends
• Focus on cash, not growth
• Commitment to strong BS
EXCL INFRA PROJECTS
Operating cash flow • Indebtedness target: Max. 2X EBITDA
6
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
7. Debt structure overview
Debt streamlining
BAA ,407 ETR 2012 maturities covered with available
NET DEBT INFRASTRUCTURE liquidity
PROJECTS
€20,690m Long dated toll road concession agreements:
Ring fenced debt
- Weighted average remaining life > 70 years
AIRPORTS TOLL ROADS - Aggregated PLCR (1) of 5.26 X
Net Debt €14,910m Net Debt €5,429m
PARENT
COMPANY
Debt reduction
NET CASH EXCL INFRA PROJECTS • Net cash position
€280m • Maximum debt target 2X EBITDA
Non Infrastructure Net debt evolution (2006-2011)
3,065
Net Debt Net Debt /EBITDA
1,987
1,547
3,2x 1,172
2,1x
1,5x 1,7x -31
( 1 ) PLCR: Project Life Coverage Ratio -280
2006 2007 2008 2009 2010 9M 11 7
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
8. Sound financial position at ferrovial excl-infrastructure
No material maturities High liquidity available
until 2015
1,009
1,025(1) 2,259
1,250
102
14 34 21
2011 2012 2013 2014 2015 Total cash Undrawn lines Total liquidity
(1) There are no significant maturities expected beyond 2015
8
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
9. Top world class infrastructure assets
Probably, the two best infra assets in the world
9M 11/10 ETR-407 HEATHROW
Traffic -0.5%
-0.5% +6.1%
+6.1% Resilience
EBITDA +8.4%
+8.4% +18.8%
+18.8%
&
Rating A- A-
Tariff review Freedom +7.5% + RPI% Growth
Combined EBITDA over € 1,000mn
Local currency and local GAAP
9
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
10. Top world class infrastructure assets
Successful ongoing access
Resilience through the crisis
to capital markets
Heathrow
EBITDA evolution
10): 11.5% Bond Issuance Issuance Date £m Maturity Date
CAGR (06-
(GBP million)
881
Bond (GBP) Dec - 09 700 Dec - 26
783 Index-Linked Bond (GBP) Dec - 09 235 Dec - 39
637 Class B Bond (GBP) Sep - 10 400 Sep - 18
570 553
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
2006 2007 2008 2009 2010 TOTAL Amount 3,595
407 ETR
EBITDA evolution
0): 9.1%
(CAD million) CAGR (06-1
444
500 Bond Issuance Issuance Date CADm Maturity Date
408 414 Senior Bond Jan - 09 300 Jan - 12
353
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
2006 2007 2008 2009 2010 TOTAL Amount 2,000
10
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
11. Diversified portfolio
FY 2010
REVENUES EBITDA
9 %
23 % AIRPORTS
37 % 16 %
TOLL ROADS 50 %
7 %
S E R V I CE S
33 % 25 %
CONSTRUCTION
UK 56% North America 15% Spain 15% Other 14%
11
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
12. How we create value?
Cash flow
Cash flow Asset
Asset
generation
generation rotation
rotation
12
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
13. Solid cash flow generation
€m
Cash flow upstream from Strong cash flow generation from
infrastructure projects Construction & Services
740 731 739
649
168
267
521 333
433 527
406 503 276
419
355 177
5
355 220 239
209 572
188 178
450 464
130 428 406
105 116 355 344 373
90 283 288
7
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 -31
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
C o ns t ruc t io n S e rv ic e s
Resilient performance through the crisis
*Before tax payment since 2009
13
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
14. Liquid and valuable portfolio
407 ETR Chilean Toll roads M45 Toll road
€m €m €m
+1% +4% 380 67 +3% 69
6,800
6,734 367
(1) (1) (1)
2007 Disposal price (2010) 2007 Disposal price (2010) 2007 Disposal price (2010)
Value crystallization through the crisis
Spanish car parks Naples Airport Swissport
€m EV/EBITDA €m
880
398 +1% 400 x13.3 +53%
575
x7.0
(1) (2)
2007 Disposal price (2009) Venice Airport Disposal price (2010) Consensus Disposal price (2011)
(Listed Peer)
(1) NAV published by Cintra in 2007, (2) Analyst EV consensus - Disposal price: 100% Equity value
14
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
15. BAA
Oct´10
Oct´ Sept´11
Sept´
Sept´11 Oct´11
Oct´
Oct´10 Oct´11
100% BAA / €m Previous to
Divestment
Divestment Deal
Deal
deal announcement
process stars
process stars announcement
announcement
x6.4 5,527
BAA´s traded value
materially above
market consensus 2,387 x2.3
868
Aug´2010 Sept´2011 Oct´2011
Analysts consensus Implied valuation
(1) Analysts consensus on BAA September 2011: 100% Equity value. Ferrovial sold 5.88% stake in BAA last 10th October 2011
15
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
16. Strategy based on core competences & financial discipline
Solving complex situations in design, tariff flexibility, billing,…
Core
competences Operational turnarounds based on cost efficiency
Investment selection criteria:
Congested corridors, lack of alternatives, sound legal framework,…
Focus on cash generation & un-levered IRR
Financial
Discipline 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
16
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
17. Track record
• Debt reduction
3 years of defensive play
• Value resilience
• Financial discipline
Ready to take selective investments • Selective infra projects pipeline
• Strong backlog
• Reputation
• Geographically diversified experience
(1968 onwards: Chile, Australia, US, UK, etc.)
Competitive advantages • Co-investors support over time
• Engineering & operational expertise
• Balance Sheet strength
17
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
18. INDEX
1. Overview
2. Business units
3. Outlook
4. Appendix
18
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
19. Business units
INFRASTRUCTURE PROJECTS
TOLL ROADS AIRPORTS
PARENT COMPANY
EXCL INFRA PROJECTS
CONSTRUCTION SERVICES
19
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
20. Infrastructure
Toll roads
EBITDA growth despite negative traffic
due to tariffs and grantor payments
ETR1
Traffic
EBITDA
8,4%
-0,5%
INDIANA1
12,2%
-3,4%
CHICAGO
+17.2%
E B I T D A* 15,3%
-6,6%
9M 2011 (*): Like-for-Like: Excluding forex impact, perimeter variations and fair value adjustments (1) Equity method
20
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
21. Managed Lanes
A simple
innovative
efficient
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
21
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
22. Managed Lanes
New assets landmark
“Express Tollway within an Existing Highway”
Free New Tolled Free
Lanes Lanes Lanes
Speed >50mph
A solution to congestion on “existing urban corridors”
by means of
Active management of “newly added capacity” through tolling
22
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
23. Infrastructure
Airports
Higher Traffic, Tariffs and Retail drive EBITDA
+16.2%
+9.7%
+4.9%
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%
9M 2011 (*): Like-for-Like: Excluding forex impact, perimeter variations and fair value adjustments
23
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
24. Excl Infra projects
Services
Robust operating performance RECORD BACKLOG
€ bn
International Spain
2010 6,6 5,4 12.0
+8.7% 2009 4,5 5,5 10.0
+8.5% 2008 4,7 5,0 9.7
2007 5,2 4,6 9.8
2006 5,0 3,7 8.7
R e v e n u e s* E B I T D A* INTERNATIONAL
55%
9M 2011 (*): Like-for-Like: Excluding forex impact, perimeter variations and fair value adjustments
24
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
25. Excl Infra projects
Construction
RECORD BACKLOG
Stability at Revenues and EBIT
€ bn
International Spain
2010 6,6 3,6
10.2
2009 4,6 4,2 8.8
2008 3,6 5,2 8.8
+4.8% Revenues* -12.9%
2007 3,6 5,6 9.2
+4.5% EBIT *
-2%
2006 3,0 5,6
8.1
INTERNATIONAL CIVIL
International Domestic 68% 76%
9M 2011 (*): Like-for-Like: Excluding forex impact, perimeter variations and fair value adjustments
25
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
26. INDEX
1. Overview
2. Business units
3. Outlook
4. Appendix
26
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
27. Operational outlook
ORGANIC INFLATION
GROWTH
NEW PROJECTS ASSET ROTATION
27
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
28. Financial outlook
DISCIPLINE & OPTIMIZATION
• Refinancing & amortization ahead of • Low leverage excluding infra projects
maturities
• Increasing capital markets presence • Investment focus on core know-how
• Reducing dependence on banks • Equity stakes with operational control
28
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
29. Looking forward
Tariffs above inflation
GROWTH Traffic recovery link to GDP
Backlog
Financial discipline to invest
FLEXIBILITY
Net cash position at parent company
DELIVERY Portfolio management to crystallize value
29
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
30. INDEX
1. Overview
2. Business units
3. Outlook
4. Appendix
30
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
31. Appendix
• 9M ’ 1 1 Results
• Business description
• Introduction to 407 ETR Toll road
• Managed Lanes Toll roads
• 2010 Full Year Results
31
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
33. Debt maturity
(€m)
No more than 10% maturities in any single year
11.9 years average life
Interest Rate Exposure 2010 3
Inflation
Linked 25% Variable 25%
37
Fixed 18%
Hedged 32%
21 4.689
1025 3.896
102 3.389
34
2.168
14 1.514
1.400 1.417
1.073 1.000
610
2011 2012 2013 2014 2015 2016-2020 2021-2030 2031-2040 2041-2060 >2061
Infrastructure Excl Infrastructure
33
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
34. Appendix
• 9M ’ 1 1 Results
• Business description
• Introduction to 407 ETR Toll road
• Managed Lanes Toll roads
• 2010 Full Year Results
34
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
35. Business description
What is Ferrovial?
Ferrovial's businesses comprise all the Infrastructures value chain
Construction Maintenance
Construction Infrastructure's Services
division division
operator
Operation
Toll Roads Airports
35
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
36. Business description
What is Ferrovial?
Group Profile - Business
End-to-end infrastructure company: DFBOM
Construction Airports Toll Roads Services
• Civil Engineering • Development, • Development, • Infrastructure &
Financing, Financing, Facility
• Building
Concession, Management
Ownership,
• Industrial
Management & • Urban Services &
Management &
One of Largest Operation Waste
Operation
World’s Largest One of Largest
European
World’s Largest Private Developer European Services
Contractors Airport Company of Road & Maintenance
Infrastructure Company
36
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
37. Business description
What is Ferrovial?
Group Profile – Main Companies
CONSTRUCTION AIRPORTS TOLL ROADS SERVICES
37
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
39. Airports
FY 2010
T R A F F IC E B I T DA
OTHERS
OTHERS
2% 3%
SCOTTISH
8%
SCOTTISH 17%
63% HEATHROW
STANSTED 8% 81% HEATHROW
STANSTED
18%
39
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
40. Business description
BAA’s Operational highlights
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
40
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
41. Business description
Asset's Portfolio: Past & Present
BAA Budapest
Bristol
BAA Retail contracts: Belfast City
Boston, Baltimore, BAA Gatwick
Cleveland, Pittsburgh
BAA Heathrow
BAA Stansted
BAA Edinburgh
BAA Glasgow
BAA Aberdeen BAA Naples
BAA Southampton
ASUR
(9 Mexican
airports)
BAA Melbourne
BAA Perth
BAA Darwin
BAA Alice Springs
BAA Launceston
Cerro Moreno BAA Tennant Creek
Sydney
Current portfolio of assets
Previous assets in portfolio
41
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
43. Business description
Portfolio
NORTH AMERICA
USA
Canada Chicago Skyway
407 ETR Indiana Toll Road
SH130
North Tarrant Express
IH635
EUROPE
Spain Portugal
Autema Euroscut Algarve
Ausol I y II Euroscut Norte Litoral
M-203 Euroscut Açores
R-4
Ocaña-La Roda
Ireland Grecee
Eurolink Motorway Ionian Roads
M-3 Central Greece
43
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
45. Business description
Business Portfolio / Activities
Intelligent
Smart Cities Assets management Infrastructures
As
t se
en ts
m Planning and M m
age a na
gem
an
ag
an Sew
ent
of em
m ag e Tr en
ts af
fic t
se Lig
As htin
g
FM e
d a t nt Win
ar st me mai t
nten er
H lE e a nc
Asse
ea nag ng Pr
maogramm
e
t
R a ni
en
inte
M de nan ed
ar
ts m
gem
ng ce
Local roads
G ni
ea
Cl
Sig
ana
anag
cling
ad al
Bu
Ro io n
na l
Pr o
field
Str
imp
s
ild
ts m
Brid
Recy
Rai veme
t
eme
ling
-up
uct ges
in
ject
Na
ning
ro
Land
clea et
gs
lwa nts
ur e
Pick
Stre
Asse
ay s
s
W as
nt
te ailw
y
s
R
FERROVIAL
Services
+ Value added - - Value added +
45
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
46. Business description
Construction
FY 2010
Revenues: €4,525mn
EBITDA: €231mn
Margin 5.1%
46
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
47. Construction
FY 2010
Type of work Geographical Exposure
82% CIVIL WORKS 65% INTERNATIONAL
RESIDENTIAL 4% 14% NON RESIDENTIAL
35% DOMESTIC
47
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
48. Business description
International experience
Canada Portugal Ireland UK
• D&B contractor to CINTRA • Among Civil Works leaders • Among Civil Works leaders • D&B contractor to BAA and Amey
• Working since year 2006
407 ETR: +300 ME SCUT Norte Litoral: +300 ME M3 Clonee: +500 ME
SCUT Algarve: +250 ME N4 / N6 Kinnegad: +300 ME
Kinnegad: HET: +900 ME
SCUT Azores: +250 ME DFB0 Northern Ireland: +300 ME Bradford Schools 2nd ph.: +200 ME
USA
• 1st Texas Road Contractor
LBJ: +1.600 ME Poland
NTE: +1.100 ME • 1st Polish Construction Company
SH 130: +600 ME
Indiana Toll: +200 ME S-8 W ęzeł Konotopa: +450 ME
zeł Konotopa:
A-4 Debica – Rzeszow: +350 ME
Rzeszow:
A-1 Pyrzowice – Piekary: +300 ME
Piekary:
Year 2005: acquisition of a
100% stake in Webber
Year 2000: acquisition of a 59%
stake in Budimex
Chile
• D&B contractor to CINTRA
• One of first PPP road
contractors to enter the market
Greece
• D&B contractor to CINTRA
Santiago - Talca
Italy
Talca – Chillán
Chillá • Contractor to Italy’s Railways Company (Italfer) E65 Central Greece: +1.300 ME
+900 ME Ionia Odos Road: +1.000 ME
Collipulli - Temuco
Temuco - Río Bueno HS Railway Andora-San Lorenzo: +300 ME
Andora-
48
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
49. Appendix
• 9M ’ 1 1 Results
• Business description
• Introduction to 407 ETR Toll road
• Managed Lanes Toll roads
• 2010 Full Year Results
49
E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
50. 407 ETR
Would you buy this company...?
Shareholder's fund Debt
1999:
1999 775 1,937 27x
Debt/Ebitda
2010 -563 5,256
Accounting High
losses debt
50
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30 Figures in million $CAN
51. 407 ETR
Ferrovial bought this company...
Cash generation Valuation
(1999 – 2010)
407 ETR (100%)
Initial equity investment (62%) (326mn) 6,850
100% pay-back
Dividends (00 - 10) 443mn 13x
13x
10% disposal 640mn
first 10 years
525
NET CASH IN 757mn 2000 2010*
Valuation x13
Maturity
87 years to maturity
2098
Strong dividend flow
Equity valuation sharp increase
* December´10 analysts consensus
51
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
53. 407 ETR
All Electronic Roadside Tolling System
53
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
54. 407 ETR
407-ETR
KEY CHARACTERISTICS
DESCRIPTION: Ring road of Toronto
Commuting
LENGTH: 108Km.
108Km
TRAFFIC METTICS ’10: Average work day trips: 380,679
Electronic toll
Average revenues per trip: 5.44$
Tolled kilometres (VKT): 2,336 million
CONCESSION PERIOD: 1999-2098
Years 99 (remaining 87 years)
TARIFF POLICY: High flexibility based on traffic performance
RESULTS 2010: Revenues: CAD 624M
EBITDA: CAD 500M
SHAREHOLDERS’ STRUCTURE
● No toll-booths, fully electronic free flow tolling system
43% 40% 17%
● No stopping or slow-downs to pay toll
CINTRA CPPIB LAVALIN
● Transponder not required (except for trucks). If a valid
transponder is not detected, digital photographs are
BALANCE SHHET´S STRUCTURE
taken at entry and exit. Transponders are increasingly
popular
Mar´11 / CAD Mn
● Tolls billed monthly ASSETS 4,975 LIABILITIES
Property, plan & Intangible 3,897 -571 Equity
● Senior debt rating: A category Cash & ST Investments 617 5,527 Debt
Other assets 461 251 Other liabilities
54
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
55. Fast
407 ETR
Safe
Reliable
LOCATION HIGH
HOUSEHOLD INCOME
Greater Toronto Area
46% higher
23% of Canada population
than Canada average
SPEED NO REGULATORY
REVIEWS
Alternatives routes 40kph
During concession life
vs 100kçph at 407 (99 years)
TOLL RATE HIGH
TRAFFIC
FLEXIBILITY
Alternatives routes Including segment,
are highly congested direction, time of the day
NON-STOP TOLL
FACILITY FAST
Fully electronic with
interchanges every 3km Reliable travel times
55
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
56. 407 ETR
Financial overview ($CAD million)
Revenues Capital Expenditure
624 97
CAGR: 8.2% 90
72 77
420
87 years to 49
38
maturity
2005 2010 2005 2006 2007 2008 2009 2010
OPEX Dividends
124 300
104 CAGR: 3.6% 100% pay-back in
190
first 10 years 145 135
120
85
2005 2006 2007 2008 2009 2010
2005 2010
EBITDA EBITDA % Debt / EBITDA X
27
CAGR: 9.6% 500
80%
Free-tariff revision
79%
316
77%
76%
7.7% CAGR 02-10* 10
75%
* Tariff increase for light Vehicles in Peak hours regular zone (%)
1999 2010
2005 2010
56
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
57. Appendix
• 9M ’ 1 1 Results
• Business description
• Introduction to 407 ETR Toll road
• Managed Lanes Toll roads
• 2010 Full Year Results
57
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
58. Managed Lanes
A simple
innovative
efficient
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
58
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
59. Managed Lanes
New assets landmark
“Express Tollway within an Existing Highway”
Free Tolled Lanes Free
Lanes Speed >50mph Lanes
A solution to congestion on “existing urban corridors”
by means of
Active management of “newly added capacity” through tolling
59
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
60. Managed Lanes
Concept
“Express Tollway within an existing highway”
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
60
Investor Relations Department E-mail: ir@ferrovial.es – Tel: +34 91 586 27 30
61. Managed Lanes
Congestion relief (NTE)
Congestion in both directions ∫ 13 hours/day
NTE data
Total new capacity with ML:
10,700 vehicles/hour
Current capacity:
6,300 vehicles/hour
60 min AWDT
80% of Capacity
Westbound
Eastbound
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
Time of the day
• Bordering capacity levels from 6am-7pm.
• Both directions show signs of capacity being reached resulting in a remarkable peak spreading
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