Ferrovial reported strong results in 2013, with revenues increasing 9% to €8.2 billion and EBITDA growing 5% to €934 million. Net cash position remained high at €1.7 billion despite gross investments doubling to €754 million. Toll road revenues benefited from new projects entering operation while existing assets like ETR407 and Heathrow airport delivered significant EBITDA growth. The services division performed well through organic growth and an acquisition in the UK. Two new toll road contracts were awarded in the US and UK.
1. ferrovial
Results - Executive summary
Januar y – D ecemb er 2 013
TOLL ROADS
SERVICES
CONSTRUCTION
AIRPORTS
corporate activity
Bond issuances
Acquisitions
Projects awarded
ENTERPRISE
NTE 3A3B
M8
2018 & 2021
€474mn
$1.4bn
£0.4bn
€1,000mn
(April’13)
Acquired by Amey in the UK, it
doubles its turnover.
Texas (US) Total project
Scotland (UK) Total project
€500mn each, 3.375% coupon
Extending maturities, diversifying
funding and reducing costs.
Awarded through consortia led by Cintra.
consolidated performance
Solid results and excellent cash generation,
combining dividends for infrastructure
projects and operating cash flow from
Construction and Services.
Net cash position (corporate level) at all
times high, €1,7bn, while gross investment
reaches €754 million, twice the average of
last three years.
Ferrovial tapped the financial markets with
a 5 and 8 year bond issuances reducing
cost while extending maturities.
Revenues
EBITDA
+9%
+5%
€8,166mn
€934mn
Operating flow1
Gross investment1
1,048mn 754mn
Corporate net cash1
Dividend paid
523mn
Liquidity1
1,663mn 3,788mn
business performance
Operational growth with record backlog in
Services. ETR407 toll road and Heathrow
airport delivering significant growth in
EBITDA terms. Two new awards in Toll
Roads (NTE 3A3B in Dallas and M8 in
Scotland). Signs of traffic stabilization in
Spain.
Services division comes to the front with the
acquisition of Enterprise (UK), successful
commercial activity (+19% organic growth)
and cash flow generation at its highest in the
UK.
In Spain, backlog increased by 21% as result
of a remarkable commercial activity. Also,
average days of collection were shortened to
levels only seen before the crisis.
EBITDA
ETR 407*
Heathrow*
+9%
+19% +15% +4%
CAD665mn
£1,380mn
e: ir@ferrovial.com -
€322mn
Construction
€343mn
Dividends received
Traffic
ETR 407
Heathrow
ETR 407
217mn
219mn +0.7% +3.4%
2,356mn vkt’000
Heathrow*
72.3mn pax
Backlog
Services
Construction
+41% (7)%
€17,749mn
IR Department
Services
+34 915862730
€7,867mn
* Consolidated by equity method 1 Excluding infrastructure projects / All variation excluding forex impact.
1
2. toll roads
ferrovial
services
1 2M ’1 3
Revenues
EBITDA
Debt
Revenues
EBITDA
+13.0%
2.9%
6.7bn
+29.3%
+15.0% +40.7%
429mn
276mn/64.4%
3,656mn
322mn/8.8%
Revenues increased thanks to the entry of SH-130 into
operation and Chicago Skyways tariff increase, together
with a more resilient traffic growth.
Traffic
Revenues
EBITDA
407ETR*
+0.7%
+9.2%
+9.3%
Stake 43%
2,356mn VKT
582mn
483mn/83.0%
(2.3)%
+14.3%
+15.3%
41,251
61mn
53mn/87.3%
Indiana*
+1.7%
+5.4%
(0.8)%
Stake 50%
27,924
156mn
119mn/76.2%
Chicago
Skyway
Stake 55%
1.1mn
2.8mn
Ausol **
(3.3)%
(5.0)%
(11.5)%
Stake 80%
13,629
46mn
+1.1%
+4.1%
+5.4%
Stake 66%
25,591
22mn
15mn/68.9%
Revenues
EBITDA
Backlog
+0.4%
(3.8)%
+21.3%
1,421mn
177mn/12.4%
6,330mn
+55.7%
+40.8%
+53.4%
2,163mn
137mn/6.3%
11,188mn
Spain.-
Stable revenues. Lower
margins in EBITDA due to costs
related to business integration and
start up contracts. Otherwise, in
line with revenues. Strong increase
in backlog.
UK.- Figures reflect the Enterprise
acquisition (April ‘13). The drop in
profitability is due to lower margins
in Enterprise, expected to increase
in the coming years.
32mn/70.3%
M4
17,749mn
Enterprise acquisition is progressing as expected, with
necessary actions to achieve synergies in procurement and
supply areas, plus cross-selling between activities.
Net debt
3.8mn
Backlog
0.4mn
0.1mn
International.- This division
+204.3% n.s.
+138.7%
72mn
includes Chile (39mn)m Portugal
(25mn) and Poland (6mn).
231mn
8mn/10.6%
* Consolidated by equity method
** Ausol II traffic
construction
airports
Ferrovial controls 25% of HAH
Consolidated by equity method
Revenues
EBITDA
Backlog
Revenues
EBITDA
Debt
(4.5)%
4.0%
(7.1)%
+12.3%
+17.9%
£12.7bn
4,064mn
343mn/8.4%
7,867mn
£2,652mn
£1,441mn/54.3%
RAB £14.6bn
Same dynamics than in previous quarters: significant
decline in Spain offsets by the growth in international
markets, 75% of the revenues, mainly the US.
Revenues
EBITDA
Backlog
(0.1)%
+8.1%
(5.6)%
2,274mn
272mn/11.9%
Positive performance thanks to tariff increase and
passenger traffic. EBITDA jumped boosted by cost
reductions.
5,729mn
Traffic
Revenues
EBITDA
+3.4%
+12.4%
+19.0%
72.3mn
2.477mn/55.7%
1.380mn
+3.0%
+4.8%
+6.2%
12.6mn
179mn/36.0%
65mn
RoW
F. Agroman.- Combines
Spanish underperformance (-27%),
due to cuts in the public sector, with
the positive growth posted by other
markets, mainly the US.
Others
Poland
Budimex.- The finalisation of
large projects impacts performance,
although backlog stands thanks to
new bids from the central
government.
Heathrow
(21.7)%
(20.4)%
(11.0)%
1,099mn
45mn/4.1%
1,044mn
Stansted disposal
US
Webber.- Strong performance
due to NTE and LBJ motorways
execution. The backlog contracted
but with new significant awards.
+20.2%
+19.8%
(11.3)%
690mn
27mn/3.9%
Price
EBITDA’12
RAB’12
Purchased by:
Manchester Airport Group
Jan 2013
£1,5bn
£94bn
£1.3bn
1,095mn
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: ir@ferrovial.es website: www.ferrovial.com
2
3. ferrovial
balance sheet
1 2M ’1 3
22.8bn
net debt (cash) structure total
Total
Equity
6.1bn
(1.7)bn
Corporate
Projects
7.0bn
Fixed
Non current
Assets
Liabilities
corporate
17.1bn
11.2bn
Gross cash
2.9bn
Current
Current
Gross debt
1.2bn 88%
Assets
Liabilities
5.7bn
5.5bn
Bonds
net cash
Strong balance sheet and high liquidity position to
face future opportunities.
1.7bn
liquidity position
Total cash
debt maturity calendar
corporate
53mn
43mn
20mn
11mn
2014
2015
2016
2017
Undrawn lines
2.9bn
At end-December, Ferrovial's net cash position,
excluding infrastructure projects, amounted to
EUR1,663mn after net investments of EUR(191)mn
and dividend payments totaling EUR523mn.
0.9bn
3.8bn
Total liquidity
corporate rating
Standard & Poor’s
1.0bn
BBB / stable
2018+
Fitch
BBB- / stable
cash flow generation ex-infra
EBITDA
Dividends
from projects
Working
capital
Operations
flow
Net
investment
Financials
569
489
39
1,048
(191)
mn
mn
mn
mn
mn
mn
Construction
Toll roads
Construction
Services
Dividends
329
242
(25)
Net cash
position
(678) 1.663
(474)
(523)
Enterprise acquisition
mn
to shareholders
Services
Airports
Services
Toll roads
Interests paid
264
219
67
(135)
(44)
New projects
Services
Taxes
28
(48)
Airports
453
HAH 8,65%
divestiture
IR Department
e: ir@ferrovial.com -
+34 915862730
3
4. ferrovial
human resources
1 2M ’1 3
environment
Employees worldwide
2013
2009 - 2013
66,088
52mn
-31.9%
Investment
Spain
UK
RoW
Reduction of
carbon footprint
55%
28%
4%
In infrastructure &
technologies to reduce
America
Poland
7%
6%
environment impact
2010 - 2013
Lower energy
consumption
6,900
Women in the company
28,2%
311
6,200
Women in management positions
14%
The combination of talent and commitment made
made by Ferrovial’s professionals is one of the pillars of its
success and future sustainability. Professional
development, transversal management of talent
and the increasing internationalisation are among the
company’s strategic priorities, in an environment that
guarantees equal opportunities on the basis of merit.
270
2010
2011
2012
2013
-11.6% -8.7%
Power supply
(,000 Mvh)
Fuels
(,000 Gj)
Priorities
Risk management
and environment
responsibility
Management of
new business
oportunities
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: ir@ferrovial.es website: www.ferrovial.com
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