January-June 2013 results

January - June 2013
Results
1
A I R P O R T SM O T O R W A Y S C O N S T R U C T I O NS E R V I C E S
INDEX
GENERAL OVERVIEW....................................1
Performance By Business Line ...................1
TOLL ROADS................................................2
Assets in operation ...................................2
Assets under development ........................3
Contracts out to tender .............................3
Assets under creditor protection.................4
407-ETR ..................................................5
SERVICES ....................................................6
New organisational structure .....................6
Results ....................................................6
Spain ......................................................6
United Kingdom .......................................6
International............................................7
Backlog ...................................................7
Corporate activity .....................................7
CONSTRUCTION...........................................8
Budimex ..................................................8
Webber ...................................................8
Ferrovial Agromán ....................................8
Backlog ...................................................8
AIRPORTS ...................................................9
HAH.- Traffic performance.........................9
Tariffs .....................................................9
Income statement ..................................10
Revenue breakdown ...............................10
Regulatory aspects .................................10
Net debt................................................11
Dividends ..............................................11
Disposals ...............................................11
CONSOLIDATED INCOME STATEMENT .........12
BALANCE SHEET AND OTHER MAGNITUDES .14
Consolidated net debt .............................15
Corporate credit rating............................15
Corporate bond issuance.........................15
CONSOLIDATED CASH FLOW.......................16
Cash Flow Excluding Infrastructure Projects
............................................................17
Cash Flow from Infrastructure Projects .....18
APPENDIX I: SIGNIFICANT EVENTS .............19
APPENDIX II: PRINCIPAL CONTRACT AWARDS
................................................................20
APPENDIX III: EXCHANGE-RATE MOVEMENTS
................................................................21
Comparable information: The principal adjustments made to
achieve this comparable analysis is the elimination of fair-value
adjustments (hedging, impairments and asset revaluations),
Exchange-rate movements, divestments and any costs related to
acquisitions.
*EBIT
For the purposes of analysis, all the comments referring to EBIT
are before impairments and disposals of fixed assets
GENERAL OVERVIEW
During the first half of the year, Ferrovial has seen the culmination of important corporate operations,
such as the acquisition of Enterprise, one of the principal British utilities and public-sector services
companies, or the start of services to the mining industry with the acquisition of Steel Ingeniería in Chile.
Also in this period, the sale of Stansted airport has been completed and a new concession has been
awarded to a consortium led by Cintra (another section of the North Tarrant Express motorway in Texas
[USA], currently in its building phase like the LBJ project). In addition to all these, the company made its
two first corporate bond issuances.
The integration of Enterprise into Amey, the UK subsidiary of Ferrovial Servicios, will create one of the
most diversified companies in the sector, with a staff of 21,000, and will double its annual turnover in the
UK to more than GBP2,000mn. The deal will enable Ferrovial to enter the utilities services sector.
Ferrovial, through a consortia led by Cintra, was awarded a new concession (another section of the North
Tarrant Express toll in Texas (USA), with a total estimated investment of USD1,380mn.
During the first six months of the year, HAH paid dividends of GBP128mn to its shareholders. The 407ETR
also paid dividends during the semester amounting to CAD230mn. In July it paid a third dividend of
CAD200mn.
During the first half, Ferrovial issued two corporate bonds: its inaugural issue (five years, EUR500mn,
3.375% coupon) and a second issue (eight years, EUR500mn, coupon 3.375%). In both cases, demand
was particularly strong, with oversubscription of 11x and 6x respectively. The funds obtained were used
for the early repayment of corporate debt. With these issues, Ferrovial has managed to optimize its
corporate debt maturity calendar, lower the cost of debt while cancelling most of the bank debt at
corporate level.
At the end of the first six months of the year, the group’s net cash position, excluding infrastructure
projects, stood at EUR427mn after making net investments of EUR558mn and paying dividends for
EUR273mn.
Performance By Business Line
The Services backlog reached a record high with the incorporation of Enterprise. Sales in Spain remained
stable in spite of the difficult economic environment.
Tariff increases and cost controls combined to allow notable EBITDA growth, both at Heathrow Airport
(+21%), and at the 407ETR (+10%), both in local currency terms [both assets are consolidated by the
equity method].
In respect of traffic, Heathrow reached 34mn passengers, reflecting a 2.4% increase. 407ETR traffic, flat
at (-0,3%), reflects the combination of an improvement in the average distance travelled (+0.7%) and a
slight decline in the number of vehicles (-1.0%).
At the Construction division, the trend was similar to previous quarters, with the decline in the domestic
business partially offset by international growth.
At the Toll Roads division, there was no recovery in traffic due to the combination of a weak economic
environment and high fuel prices (close to all-time highs).
Consolidated revenues reached EUR3,758mn, EBITDA EUR415mn and net profit EUR287mn.
Jun-13 Jun-12 Chg. (%) LfL (%) Jun-13 Dec-12 Chg. (%)
Revenues 3,757.7 3,655.8 2.8 3.8 Construction Backlog 8,102 8,699 -6.9
EBITDA 414.6 438.7 -5.5 -1.6 Services Backlog 15,592 12,784 22.0
EBIT* 301.7 332.6 -9.3 -4.2
Net result 287.3 256.6 12.0 26.9 Traffic Jun-13 Jun-12 Chg. (%)
Capex -811.0 -382.0 112.3 ETR 407 (VKT´ 000) 1,103,360 1,106,661 -0.3
Chicago Skyway (ADT) 38,288 39,729 -3.6
Indiana Toll Road (ADT) 25,765 25,447 1.2
Autema (ADT) 14,130 15,924 -11.3
Jun-13 Dec-12 Chg. (mn) Ausol I (ADT) 10,132 12,300 -17.6
Net financial Debt -6,459.6 -5,106.5 -1,353 Ausol II (ADT) 12,707 13,564 -6.3
Net Debt Ex-Infrastructure
Projects
426.6 1,488.1 -1,062 Heathrow (million pax.) 34.4 33.6 2.4

Results January-June 2013
2
TOLL ROADS
Jun-13 Jun-12 Chg (%)
Like for
Like (%)
Revenues 206.2 186.4 10.6 10.8
EBITDA 125.1 150.8 -17.0 -17.0
EBITDA Margin 60.7% 80.9%
EBIT 91.0 119.7 -24.0 -23.9
EBIT Margin 44.1% 64.2%
Revenues increased by 11%, partly due to the entry into operation of the
SH-130 in November 2012 and the significant tariff increases on the
Chicago Skyway (+14% for light traffic and +25% for heavy traffic), with
traffic performance more resilient than expected. The revenue growth
was also driven by the reversal of a provision booked in 2012 on the
Norte Litoral for a potential fine to be imposed by the government for
non-availability.
The reversal of EUR20mn of VAT-related provisions at Autema booked in
1Q12 explained the 17% drop at the EBITDA level.
Assets in operation
TRAFFIC PERFORMANCE
In Spain, the rate of decline in traffic on all the corridors continued at the
same pace seen in previous quarters. This decline is explained by the
deterioration in the economy and the rise in the price of fuel.
On top of the fall in traffic on the corridors, toll roads are suffering from
an ongoing loss of market share for two fundamental reasons: the
cumulative fall in traffic since the beginning of the crisis has resulted in a
considerable improvement in traffic conditions on the free alternative
routes and secondly, the increasing disinclination of drivers to pay tolls
due to the loss of purchasing power. In addition, VAT rose from 18% to
21% on 1 September 2012, which implied a 2.5% increase in tariffs paid
by motorway users.
There have been other individual circumstances which have had a
negative impact on Ausol I, such as the 7.5% increase in tariffs which
came into effect on 28 July 2012 due to the cancellation of a
compensation account approved in 1999 for tariff reductions at the time,
and the opening of the San Pedro de Alcántara tunnel on 26 June 2012.
This all led to a significant drop in the motorway’s market share on a
corridor which, although it is starting to show signs of improvement, is
still falling as a reflection of the economic crisis. One positive note is the
recovery in the second quarter of the heavy vehicle traffic at Ausol II,
thanks to a local quarry restarting operations.
In the Azores, on 15 December 2012 the concession celebrated its first
year under operation. The rate of decline in traffic moderated
substantially in the second quarter after the normalization of the negative
calendar effect in the first quarter and the improvement in the weather,
in a region where tourism is so important.
On the M4 traffic has shown signs of recovery as a reflection of the
improvement in economic conditions in Ireland and particularly in
employment. Both traffic on the corridor and the motorway’s market
share improved in the second quarter.
In Greece traffic on both the Central Greece and the Ionian Roads
motorways continues in sharp decline as a consequence of the
combination of two factors: the economic crisis and the high price of fuel.
In the case of Central Greece, the concession only has one of the planned
toll booths in operation (located just after the last exit to Ionian Roads).
Traffic
Revenues EBITDA EBITDA Margin
Net Debt
100%
Global consolidation Jun-13 Jun-12 Chg. Jun-13 Jun-12 Chg. Jun-13 Jun-12 Chg. Jun-13 Jun-12 Jun-13 Share
Intangible assets
Chicago Skyway 38,288 39,729 -3.6% 29.0 25.7 12.7% 25.1 22.0 13.9% 86.6% 85.7% -1,127 55%
SH-130 5,463 6.5 n.s. 2.3 0.2 n.s. 35.2% -904 65%
Ausol I 10,132 12,300 -17.6%
20.4 22.0 -7.4% 12.8 16.6 -23.1% 62.6% 75.4%
-452
80%
Ausol II 12,707 13,564 -6.3%
M4 24,562 24,639 -0.3% 10.6 10.3 2.7% 7.2 7.1 1.9% 68.4% 68.9% -114 66%
Algarve 6,824 7,260 -6.0% 17.4 19.1 -9.0% 14.9 16.3 -8.9% 85.6% 85.5% -149 85%
Azores 7,719 8,148 -5.3% 10.1 10.4 -3.6% 1.1 8.5 n.s. 10.8% 81.7% -330 89%
Financial assets
Autema 44.5 43.0 3.5% 39.4 57.9 -31.9% 88.7% 134.8% -669 76%
M3 10.4 9.8 6.9% 7.9 7.3 7.9% 75.6% 74.9% -203 95%
Norte Litoral 32.5 21.8 49.2% 29.0 18.6 55.5% 89.2% 85.6% -200 84%
Via Livre 6.4 8.3 -23.0% 0.4 2.8 -87.2% 5.6% 34.0% 8 84%
Equity accounted Jun-13 Jun-12 Chg. Jun-13 Jun-12 Chg. Jun-13 Jun-12 Chg. Jun-13 Jun-12 Jun-13 Share
407 ETR (VKT) 1,103,360 1,106,661 -0.3% 277.4 264.2 5.0% 234.2 218.1 7.4% 84.4% 82.5% -3,867 43%
Intangible assets
Indiana Toll Road 25,765 25,447 1.2% 74.0 70.8 4.5% 55.9 56.9 -1.7% 75.5% 80.3% -2,899 50%
Central Greece 17,275 18,029 -4.2% 3.8 3.9 -3.2% -0.7 0.0 n.s. -19.4% 0.5% -240 33%
Ionian Roads 26,253 28,380 -7.5% 26.3 27.5 -4.3% 8.3 13.5 -38.6% 31.4% 49.0% 12 33%
Serrano Park 2.6 2.4 11.9% 1.6 1.2 30.8% 59.6% 50.9% -48 50%

3
TRAFFIC PERFORMANCE (cont.)
At the ETR-407 traffic remains flat, -0.3% when compared to the same
period last year.
In North America, in spite of the significant increase in tariffs applied last
1st
of January, traffic on the Chicago Skyway has been more robust than
expected, especially in terms of heavy vehicles. In accordance with the
contract, the weighted average increase in tariffs was 17.5%, with a 14%
rise in the case of light vehicles and 25% for heavy vehicles.
On the Indiana Toll Road there was a notable (+2.7%) increase in heavy
vehicle traffic on the ticket section of the motorway (the latest accounts
for more than 60% of the total revenues of the Highway).
On the SH-130, which opened to traffic in October 2012 and where there
are thus no comparables, traffic is much heavier on the southbound
carriageway and on the days prior to a public holiday. On 1 April the
Texan administration (TxDOT), in an attempt to promote the usage of the
different segments of the toll road, introduced a discount rate for heavy
vehicles, which will pay the same tariff as light vehicles for a period of
one year. The TxDOT will pay the concessionaire a compensation for the
revenues loss. After the discount came into effect, heavy vehicle traffic
jumped by 33% in June vs. March.
FINANCIAL ASSETS
In the application of IFRIC 12, concession contracts are classified as one
of two types: intangible assets or financial assets.
Intangible assets (the operator assumes the traffic risk) are those where
remuneration consists of the right to collect the tariffs corresponding to
the degree of utilization.
Financial assets, are those concession agreements where the
remuneration consists of an unconditional contractual right to receive
cash or other financial assets, either because the entity awarding the
contract guarantees the payment of determined amounts, or because the
entity guarantees that the deficit between the amounts received from the
users of the public service and the said determined amounts. These are
thus concession agreements where the demand risk is assumed by the
entity awarding the contract.
The financial assets in operation managed by Cintra are Norte Litoral,
Eurolink M3, Autema and Via Livre.
Assets under development
ASSETS UNDER CONSTRUCTION
Global
consolidation
Invested
Capital
Pending
committed capital
Net Debt
100%
Share
Intangible assets
NTE 123 56 -506 57%
LBJ 172 88 -781 51%
Equity accounted
Financial assets
ETR-East 0 11 -93 50%
NTE: the project is on schedule, with 62% of the construction complete,
and it is expected to be finished in 2015.
LBJ: the project is on schedule, with 59% of the construction complete,
and it is expected to be finished in 2015.
407 East: construction works started in the first week of March and are
expected to be completed in 2015. The credit rating agencies DBRS and
S&P have affirmed the project’s rating at A- with stable outlook.
CONTRACT AWARDS
- NTE Extension: on 4 March 2013, the parties concerned signed the
contract for the design, construction, financing and operation of the new
section (NTE 3A-3B). The total estimated investment amounts to
USD1,380mn, the concession has a life of 43 years from the date it opens
to traffic, expected to be mid-2018. The project includes section 3A
(10.5km); the junction with the 1-35W and the IH-820; and section 3B
(5.8km).
This project consists of remodelling the existing carriageways, which will
be non-toll, and the construction of two additional “managed lanes” with
electronic tolls, as well as the operation and maintenance of the whole
roadway.
Cintra will be responsible for the construction of section 3A and the
junction, which will be built by Ferrovial Agromán and Webber, as well as
for the operation and maintenance of the two segments. The TxDOT will
be in charge of the construction of section 3B.
The consortium includes Cintra, Meridiam Infrastructure and the Dallas
Police and Fire Pension System; financing is expected to be closed during
the third quarter of this year.
- A66 Benavente-Zamora: this contract was awarded to Cintra in
December 2012 and is in the process of closing the financing.
Contracts out to tender
In spite of the uncertainty in the markets, there has been a slight
recovery in public authority development activity in some of Ferrovial’s
target international markets, principally North America, Europe, Australia
and Latin America.
In Europe, Cintra as part of a consortium with AMEY Ventures, Uberior
(Lloyds Bank infrastructure fund) and Meridiam, last 8 July submitted a
bid for the “M8 M73 M74 Highway Improvements”. The consortium of
which Cintra is a member had been selected for the BAFO phase at the
beginning of this year. This is a project under the Availability Payment
scheme in Scotland (UK). Once the bids have been presented, the
contract is expected to be awarded in mid-August this year.
In Canada, Infrastructure Ontario published a “Request For Qualification”
on 25 March 2013 for the 407East Extension Phase II project. The
consortium formed by Cintra and Ferrovial Agromán presented its
response to the RFQ on 6 June, and is expecting Infrastructure Ontario to
announce the list of pre-qualified bidders for the RFP in July/August 2013.
The project comprises the design, construction, financing and
maintenance of approximately 33km of motorway.

4
Assets under creditor protection
Traffic Revenues EBITDA EBITDA Margin
Net Debt
100%
Global consolidation Jun-13 Jun-12 Chg. Jun-13 Jun-12 Chg. Jun-13 Jun-12 Chg. Jun-13 Jun-12 Jun-13 Share
Intangible assets
Ocaña-La Roda 2,505 2,894 -13.4% 5.3 6.0 -11.9% 0.5 2.1 -76.5% 9.5% 35.7% -538 54%
Radial 4 4,290 5,334 -19.6% 6.0 7.1 -14.8% 2.5 2.5 -1.8% 41.1% 35.6% -593 55%
RADIAL 4
On 14 September 2012, the Board of the Radial 4 agreed to request
protection from its creditors through the courts. On 4 October, this
request for voluntary creditor protection was granted.
Ferrovial’s investment relating to this project is fully provisioned, such
that the resolution of the creditor protection situation should have
absolutely no negative impact whatsoever on the group’s accounts.
As a result of filing for creditor protection, the stand-still agreements with
the lending banks were terminated.
OCAÑA - LA RODA
The Ocaña-La Roda toll road filed for creditor protection on 19 October
2012. On 4 December the courts accepted the request.
Ferrovial’s investment in this project is provisioned in full, and it does not
expect there to be any negative impact whatsoever on its accounts from
the resolution of the creditor protection situation.
The creditor protection filing triggered the early expiration of the
financing contract, which matured on 31 December 2012.

5
407-ETR
PROFIT AND LOSS ACCOUNT
CAD Jun-13 Jun-12 Chg (%)
Revenues 371.9 344.9 7.8
EBITDA 314.0 284.7 10.3
EBIT 284.1 255.3 11.3
Financial results -110.0 -153.8 28.5
EBT 174.1 101.5 71.6
Corporate income tax -46.0 -28.9 -59.3
Net Income 128.1 72.6 76.5
Net Income attributable
to Ferrovial
55.4 31.4 76.5
Contribution to
Ferrovial equity
accounted result (€)
34.7 17.4 99.4
NB: since Ferrovial’s sale of 10% of the concession in 2010, the toll road is consolidated by the
equity method as a reflection of Ferrovial’s stake in the concession (43.23%).
407ETR achieved significant revenue (+7.8%) and EBITDA (+10.3%)
growth in local currency terms. This performance was a reflection of a
combination of the tariff increases on 1 February, solid traffic and
improved efficiency. Average revenue per trip increased by 8.7% vs.
2012.
The financial result also improved significantly vs. last year thanks to the
lower level of inflation, which had a positive impact on the inflation-
indexed bonds.
407ETR made a contribution to Ferrovial’s equity method results of
EUR34.7mn after annual depreciation of the goodwill generated on the
sale of 10% of the concession in 2010, which is amortized over the life of
the asset as a function of expected traffic.
DIVIDENDS
On 14 February, the Board of 407 International approved the payment of
an ordinary dividend of CAD0.129/share, totaling CAD100mn.
On 24 April, the Board of 407 International the payment of an ordinary
dividend of CAD0.168mn per share, or a total of CAD130.0mn.
After the close of the quarter, and coinciding with the publication of its
results, the toll road announced and distributed a third payment of
CAD200mn.
CAD mn 2013 2012
Q1 100.0 87.5
Q2 130.0 87.5
Q3 200.0 87.5
Q4 337.5
Total 430.0 600.0
TRAFFIC
Traffic growth was stable (-0.3%) after the normalization of the negative
calendar effect in the first quarter (-1.5%), thanks to the combination of
an improvement in the average distance travelled (+0.7%) and a slight
decline in the number of vehicles (-1.0%).
NET DEBT
The motorway’s net debt at 30 June reached CAD5,295mn.
On 10 June, 407ETR issued CAD200mn. This issue matures on 11
September 2052 and has a coupon of 3.98%.
After this issue, more than 30% of the motorway’s debt has a maturity of
more than 25 years. The company has no significant debt maturities until
2015 (CAD500mn) and 2016 (CAD208mn).
At 30 June 2013, the average cost of 407ETR’s external borrowings was
5.1%, taking into account all its interest-rate, foreign-exchange and
inflation hedges.
CREDIT RATING
S&P: "A" (Senior debt), "A-" (Junior debt) and "BBB" (Subordinated debt).
DBRS: "A" (Senior debt), "A low" (Junior debt) and "BBB" (Subordinated
debt).
TARIFFS
The table below compares the tariffs in 2012 and 2013 (increase on 1
February) applicable to light vehicles:
CAD 2013 2012
Regular Zone
Peak Period
Monday-Friday:
6am-7am, 9am-10am, 3pm-4pm, 6pm-7pm
Peak Hours
Monday-Friday:
7am-9am, 4pm-6pm
26.20¢ /km
27.20¢ /km
24.20¢ /km
25.20¢ /km
Light Zone
Peak Period
Monday-Friday:
6am-7am, 9am-10am, 3pm-4pm, 6pm-7pm
Peak Hours
Monday-Friday: 7am-9am, 4pm-6pm
24.90¢ /km
25.85¢ /km
22.60¢ /km
23.55¢ /km
Midday Rate
Weekdays 10am-3pm
22.70¢/km 21.00¢/km
Midday Rate
Weekends & public holidays 11am-7pm
21.00¢/km 19.35¢/km
Off Peak Rate
Weekdays 7pm-6am,
Weekends & public holidays 7pm-11am
19.35¢/km 19.35¢/km
Transponder: Monthly rental $3.25 $3.00
Transponder: Annual rental $21.50 $21.50
Video toll per journey $3.80 $3.80
Cargo per journey
(This is not a charge per km.)
$0.70 $0.60

6
SERVICES
New organisational structure
The reported information reflects the new organisational structure of the
Services division, which includes grouping the business units by
geographical areas: Spain, the UK and International.
In the cases of Spain and the UK, the structure for each country includes
all the activities carried out in these countries. Spain will be managed
under the Ferrovial Servicios brand, and the UK under the Amey brand.
International includes all other countries. At present it comprises
Portugal, Poland, Chile and Qatar.
Results
Jun-13 Jun-12 Chg.(%) LfL (%)
Revenues 1,680.7 1,456.5 15.4 17.7
EBITDA 137.7 143.2 -3.8 7.6
EBIT 75.2 89.7 -16.2 1.6
Backlog* 15,592.3 12,783.9 22.0 25.7
*Backlogs compared with December 2012.
The H1 2013 Services account includes three months of Enterprise and
six of Steel Ingeniería Chile, both companies acquired this year.
Enterprise revenues contribution was EUR254.1mn and EBITDA reached
EUR12.1mn. Steel revenues contribution was EUR21.2mn, and EBITDA
for EUR4.5mn.
The accounts also reflect the acquisition costs of Enterprise (EUR5.4mn)
and those derived from its integration into Amey (EUR6.9mn) and
reorganization costs in Spain (EUR2.3mn).
The Like for like variation shows the performance vs 1H2012, excluding
acquisition and integration costs, and the forex impact.
Spain
Jun-13 Jun-12 Chg. (%) LfL (%)
Revenues 702.2 704.6 -0.3 -0.3
EBITDA 95.2 97.8 -2.6 -0.4
EBIT 50.8 54.8 n.s. -3.2
Backlog* 5,659.6 5,219.4 8.4
A new plan to integrate all the activities in Spain under the same business
unit was launched at the beginning of the year. This brand new
organisation will provide overhead savings and a more efficient delivery
to ours clients.
The costs from this new organisation plan reached EUR2.3mn up to June.
Like for Like variation excludes this impact. The forecasted cost for the
full year is expected to be EUR6mn.
Revenues were stable in spite of the weakness of the Spanish economy,
principally due to the contribution made by new infrastructure
maintenance contracts awarded in the latter months. In this context, the
start of operations on new maintenance contracts are to be highlighted,
such as health centres in the Madrid region, Orense Hospital, Telefónica’s
data processing centre, or the handling of telephone enquiries for the
Madrid local authority.
The contribution from those new contracts offset the decreases in tonnes
processed (6.6% lower than in the same period in 2012).
The like for like EBITDA performance is in line with revenues. In both
years, EBITDA includes reversals of provisions for overdue receivables
now cashed in amounting to EUR8mn.
United Kingdom
The entity resulting from the merger of Amey and Enterprise operates in
four business areas: Government, Consulting & Rail, Built Environment
and Utilities & Defence. With revenues of more than GBP2bn, Amey
covers a wide range of services to utilities, highway and rail maintenance,
waste management and facility management.
The same day the acquisition was closed, a new management team was
appointed. Its principal challenge is to lead the integration process, in
order to achieve the target of recurrent synergies estimated to arise on
the integration. These first three months have confirmed the strategic
sense of the acquisition, as well as the estimated target for synergies
(GBP40mn from 2015, at a non-recurrent cost of GBP40mn in the next
two years).
From the commercial point of view, one of the principal objectives has
been to try and ensure a controlled transition, avoiding any negative
impact to either clients or, of course, the public. In these first few months
management has visited a significant number of the most important
projects and clients to present the new organisation.
UK PERFORMANCE
Revenues 943.4 740.9 27.3 32.3
EBITDA 38.5 44.7 -13.8 18.2
EBIT 23.5 35.1 -33.0 6.1
Backlog* 9,743.8 7,467.6 30.5 37.5
Amey’s 1H13 accounts include three months of Enterprise. It also includes
the acquisition (EUR5.4mn) and integration (EUR6.9mn) costs incurred up
to June. The Like for like variation shows the performance vs 1H2012,
excluding these costs.
The growth of revenues is due mainly to Enterprise (EUR254.1mn).
Excluding this contribution from Enterprise, revenues were a 3.3% lower
than 1H2012, mainly because of the impact of the one-off works carried
out in 2012 related to the Olympic Games.
At EBITDA level, Enterprise contributes with EUR12.1mn, before
integration and acquisition costs (EUR12.3mn).
Amey generated a non-recurrent profit of EUR6.6mn in 2012 derived from
the agreement with the defined benefit pension funds to limit the future
rights of the participants in those funds. Adjusting for the above, Amey’s
performance on its contracts vs. 2012 was positive.
The EBIT includes the amortisation of the goodwill arising on the
acquisition of Enterprise. This goodwill basically reflects the value of the

7
contracts in Enterprise’s portfolio at the time of the acquisition. The
annual amortisation of this is expected to amount to GBP10.6mn in the
first year (EUR2.6mn to June).
International
Revenues 35.1 11.1 216.9 216.9
Backlog* 188.9 96.9 94.9
This new business unit includes the infrastructure maintenance and
environmental services in countries other than Spain and the UK. The
breakdown of revenues by country is as follows: Chile (EUR21.2mn),
Portugal (EUR10.9mn) and Poland (EUR2.8mn).
Backlog
Enterprise’s backlog of EUR2,509mn to June has been incorporated into
the division’s second quarter figures.
There were some very important contract awards during the first half of
the year, both in Spain and in the UK, taking the Services backlog to
record highs.
The principal contract awards during the second quarter include the
maintenance of public spaces in four Madrid districts (eight years,
EUR307mn), waste treatment in Alicante (25 years, EUR284mn) and
cleaning services for health centres in the Community of Madrid (three
years, EUR29mn).
In Spain, it’s worth to mention different energy efficiency contracts, with
a total value in backlog of EUR162mn.
All those contracts share their common view on the significance of energy
savings, up to 35% of global consumption by applying innovative
technical solutions.
In the UK, contracts to be noted are the design, construction and
operation of a waste treatment complex in Milton Keynes (18 years,
EUR137mn); maintenance of public buildings in three districts of London,
Chelsea, Kensington and Hammersmith & Fullham (5 years, EUR182mn);
street maintenance and highway cleaning in Liverpool (9 years,
EUR132mn); and waste collection in Northamptonshire (7 years,
EUR90mn).
In the International segment, which has doubled its size, the most
significant impacts on the backlog in the year to date have been the
incorporation of Steel Ingeniería’s backlog (EUR46.4mn), the renewal of
the waste collection contract for Planalto Beirao in Portugal (nine years)
and various contracts for highway maintenance and facility management
in Poland.
Corporate activity
SALE OF AMEY’S PFIs
In March, Ferrovial Servicios closed the sale of 40% of the companies
that execute long-term PFI contracts for GBP37mn to the Dutch
investment fund DIF. Prior to this, Amey held a 50% stake that was
consolidated by the equity method. After the sale, Amey has a 10% stake
in these companies. The capital gain amounted to EUR20.4mn.
ACQUISITION OF STEEL
On 4 March, Ferrovial Servicios closed the acquisition of 70% of Steel
Ingeniería, a company specialising in the mining sector in Chile, for
EUR28.5mn (including EUR8.5mn as of debt), marking the entry into this
new market.
With this acquisition, Ferrovial Servicios initiates operations in Latin
America and progresses its international expansion beyond the recent
contract awards in Poland and Qatar, and the recent acquisition of
Enterprise in the UK.
ACQUISITION OF ENTERPRISE
On 8 April, Ferrovial Servicios closed the acquisition of the British
company Enterprise, after receiving the approval of the European
competition authorities, for EUR473.9mn.
Enterprise is one of the principal companies in the UK in the area of
services to utilities and the public sector. With this acquisition, Ferrovial
Servicios not only increases its turnover but also expands its product
range in certain business areas.
The merger of Enterprise into Amey will generate cost and revenue
synergies estimated at around GBP40mn.

8
CONSTRUCTION
Jun-13 Jun-12 Chg. %
Like-for-Like
(%)
Revenues 1,859.2 2,025.5 -8.2 -7.8
EBITDA 154.5 161.4 -4.3 -4.0
EBIT 139.8 141.2 -1.0 -0.7
Backlog* 8,102.4 8,699.4 -6.9 -6.1
*Backlogs vs. December 2012.
The contraction in activity (-7.8% in comparable terms) continues the
trend seen in the last few years: a significant drop in business in Spain,
offset by growth in international markets, principally the US. International
turnover in the first half of the year represented 75% of the Division’s
revenues.
In the first half of 2013, there was also a significant decline in activity in
Poland after the completion of some important infrastructure contracts,
which have not been replaced by new contracts due to the drop in
highway contracts put out to tender in the last year.
EBITDA was 4.0% weaker in comparable terms.
Budimex
Like-for-Like
(%)
Revenues 475.9 687.5 -30.8 -30.8
EBITDA 18.3 30.5 -40.1 -40.1
EBIT 14.8 23.8 -38.0 -37.9
Backlog* 1,249.1 1,193.9 4.6 10.9
The period was marked by the completion of large projects and the
contraction in public-sector tendering in the preceding year, as well as by
bad weather.
The backlog reached EUR1,249mn, or an increase of 11% vs. December
2012, reflecting a change of trend in the award of new contracts. Awards
of note include contracts for the construction of the Gdansk tramway and
the Krzyz-Debica section of the A4 motorway.
The change of trend in the level of contracts out to tender is supported
by the approval of the EU budget, with Poland as the principal beneficiary
of funds. Polish government has announced a new investment plan for
roads for PLN30bn, which is expected to begin being tendered by the end
of 2013.
Webber
Like-for-Like
(%)
Revenues 347.5 276.4 25.7 26.7
EBITDA 18.7 11.3 64.8 66.3
EBIT 15.2 8.9 70.5 72.1
Backlog* 1,181.7 1,288.3 -8.3 -9.6
Strong revenue growth in local currency terms (+27%), thanks to
execution on the NTE and LBJ toll roads, with slightly higher returns than
on the rest of the portfolio.
The backlog fell (by 10% in local currency terms) due to the above-
mentioned high level of execution, although it includes some notable
highway projects such as the US-290 and the I-10.
Ferrovial Agromán
Like-for-Like
(%)
Revenues 1,035.8 1,061.6 -2.4 -1.9
EBITDA 117.5 119.5 -1.7 -1.4
EBIT 109.8 108.5 1.2 1.5
Backlog* 5,671.5 6,217.2 -8.8 -8.5
Revenues (-1.9%) reflect the combination of performance in the Spanish
market (-25%), with notable declines in civil works in particular, driven by
the cuts in public-sector contracting (-45% in 2012). These cuts in the
Spanish market were offset by the strong contribution from international
markets, especially the US, for works related to new toll roads in Texas,
as well as projects in the UK (CrossRail) and Canada (407 East
Extension).
Profitability was stable vs. the previous year, as a combination of the
margins generated on the US projects and the reversal of provisions on
completion of projects, which were not offset by provisions made on the
start of new projects.
Backlog
Jun-13 Dec-12 Chg. %
Civil work 6,451.2 6,837.4 -5.6
Residential work 186.4 284.2 -34.4
Non-residential work 752.3 867.2 -13.3
Industrial 712.4 710.6 0.3
Total 8,102.4 8,699.4 -6.9
The backlog contracted 6.9% vs. December 2012, as the high level of
execution was not matched by new contract awards. The figure for the
backlog does not yet include the contract for the NTE extension
(approximately EUR760mn), which will not be included until the financing
for the project is closed.
Ferrovial’s ability to undertake complex projects, such as the LBJ and NTE
toll roads in Texas, has resulted in the group being a reference the US
market.
The international backlog amounts to EUR5,647mn, much higher than the
domestic backlog (EUR2,455mn, -7%). The international backlog
represents c.70% of the total.

9
AIRPORTS
HAH’s contribution to Ferrovial’s equity-accounted result reached
EUR140.3mn, principally a reflection of the capital gain on the sale of
Stansted Airport (EUR137.8mn). Note that the division’s net result
excluding exceptional items was positive (+EUR2.2mn).
HAH.- Traffic performance
Heathrow traffic grew 2.4% vs. the same period last year. This positive
traffic growth was a consequence of an acceleration of the trends noted
earlier, with an increase in load-factors and the operation of larger
aircraft. Occupancy levels reached 74.4% in the first half vs. 73.2% in
2012, and the average number of seats per flight reached 201.4 vs. 196.1
in 2012. The acquisition of bmi by British Airways made a notable
contribution to the achievement of these results, as bmi’s former routes
now have load-factors more in line with those of BA. European traffic was
particularly supportive, with an increase of 4.9% in the first half.
Long-haul traffic has increased in all regions except Africa. Middle East
traffic growth was particularly robust (+4%), thanks to the increase in
larger-capacity aircraft, driven by the expansion of airlines such as
Emirates, Etihad and Saudi Airlines. Routes to North America, Latin
America and Asia Pacific saw their rate of growth accelerate in the second
quarter after capacity increases.
Heathrow was nominated as the “best airport of 2013” in the ACI Europe
Awards, in the category of airport with more than 25 million passengers.
In addition, T5 had earlier been nominated as the best airport terminal in
the world by “Skytrax World Airports Awards” for the second year
running.
Traffic growth by destination (ex-Stansted in both years):
Jun-13 Jun-12 LfL (%)
UK 5.6 5.6 1.0%
Europe 16.4 15.8 4.2%
Long Haul 18.1 18.0 0.8%
Total 40.2 39.3 2.2%
Tariffs
The maximum aeronautical tariffs applicable to the 2012/2013 and
2013/2014 regulatory years came into effect on 1 April 2012 and 2013
respectively.
The following table shows the increase in tariffs at Heathrow in April 2012
and 2013 which underpin the revenue growth in the first semester of
2013:
2013 2012 Regulation
Heathrow +10.4% +12.7% RPI+7.5%
GBP Traffic Revenues EBITDA EBITDA Margin
Jun-13 Jun-12 Chg. Jun-13 Jun-12 Chg. Jun-13 Jun-12 Chg. Jun-13 Jun-12
Chg.
(bps)
Heathrow 34.4 33.6 2.4% 1,086 975 11.4% 575 474 21.3% 53.0% 48.6% 431
Heathrow express 60 58 4.8% 34 33 4.6% 56.7% 56.7% -6
Holding 0 1 -95.4% -3 6 n.s.
Heathrow total 1,147 1,034 10.9% 607 513 18.2% 52.9% 49.6% 326
Glasgow 3.3 3.3 1.2% 42 40 3.9% 12 13 -3.5% 29.4% 31.7% -226
Aberdeen 1.6 1.6 2.0% 28 28 0.7% 10 10 3.3% 37.0% 36.1% 92
Southampton 0.8 0.8 -1.5% 12 12 -1.4% 3 3 -10.5% 24.0% 26.4% -244
Non Regulated 5.8 5.7 1.1% 82 80 2.0% 26 26 -1.8% 31.2% 32.4% -119
Adjustments 1 1 -15.2% 1 0 n.s.
HAH total 40.2 39.3 2.2% 1,230 1,116 10.2% 633 540 17.3% 51.5% 48.4% 310

10
Income statement
GBP Jun-13 Jun-12 Chg. % LfL (%)
Revenues 1,229.6 1,115.5 10.2 10.2
EBITDA 632.8 539.6 17.3 17.3
EBITDA margin % 51.5% 48.4%
Depreciation 262.6 270.6 -2.9 -2.9
EBIT 370.2 269.0 37.6 37.6
EBIT margin % 30.1% 24.1%
Financial results -490.0 -282.3 -73.6 16.8
EBT -119.8 -12.9 n.s. n.s.
Corporate income tax 126.0 76.2 65.4 -120.1
Result from discontinued
operations
349.5 174.9 99.9 -85.3
Net income (100%) 355.8 238.2 49.4 104.6
Contribution to Ferrovial
equity accounted result (€)
140.3 145.0 -3.3 104.6
Revenue and EBITDA growth of 10.2% and 17.3% respectively, as a
consequence of the 14.4% increase in aeronautical revenues, driven by
tariff increases (+12.7% at Heathrow in April 2012) and the increase in
passenger traffic (+2.4%); commercial revenues rose 4.8% and the
Other revenues element by 4.2%.
The deterioration in the financial result vs. June 2012 was principally a
consequence of the drop in the market value of Heathrow’s derivatives
portfolio, particularly its inflation hedges (-GBP133mn vs. +GBP147mn in
2012), with no cash impact, after the increase in expectations of future
inflation in the UK vs. December 2012. Nevertheless, the performance of
this variable in the second quarter had a positive impact on the market
value of the portfolio, which showed a loss of GBP422mn in the first
quarter.
At 30 June 2013, the average cost of Heathrow’s external borrowings was
5.86%, taking into account all its interest-rate, foreign-exchange and
inflation hedges.
Revenue breakdown
GBP Jun-13 Jun-12 Chg. % LfL (%)
Aeronautic 736.2 643.3 14.4 14.4
Retail 252.8 241.3 4.8 4.8
Others 240.7 231.0 4.2 4.2
TOTAL 1,229.6 1,115.5 10.2 10.2
Aeronautic. Retail Other
GBP Jun-13
LfL
(%)
Jun-13
LfL
(%)
Jun-13
LfL
(%)
Heathrow 692.6 15.5 229.5 4.9 224.8 4.1
Glasgow 20.9 2.6 13.3 3.9 7.3 7.6
Aberdeen 15.1 -5.2 5.9 9.0 7.1 8.2
Southampton 7.6 1.0 3.5 -7.7 1.2 3.4
Other &
adjustments
0.6 -1.6 0.3 -32.4
Total
airports
736.2 14.4 252.8 4.8 240.7 4.2
Aeronautical revenues increased by 15.5% at Heathrow, as a reflection of
the combination of traffic growth (+2.4%) and the tariff increases in April
2012 (+12.7%) and 2013 (+10.4%). Average aeronautical revenues per
passenger increased 13% to GBP20.15 (vs. GBP17.83 in 2012). In
addition, in the second quarter of 2013 growth included a recovery
through the “k factor” for the lower actual tariff revenues in 2011/2012.
Retail revenues (+4.8%). Retail revenue growth continued the same
positive trend seen in previous years.
At Heathrow, commercial revenues increased 4.9%. Net retail revenues
per passenger reached GBP6.22, or an increase of 1.9%. Net retail
revenues per passenger were probably affected by the higher proportion
of European traffic, which has traditionally had a lower propensity to
spend money at Heathrow’s retail outlets.
Regulatory aspects
REGULATORY ASSET BASE (RAB)
The increase in the RAB to GBP13,985mn in 2013 (vs. GBP13,471mn in
December 2012) reflects the investments made (GBP650mn) and inflation
(GBP160mn), offset by depreciation in the period (GBP290mn) and a
small amount for profiling and changes to the consolidation perimeter
(GBP6mn).
DEFINITION OF THE DEVELOPMENT OF HEATHROW
AIRPORT FOR THE NEXT FIVE YEARS
After Heathrow’s publication of its Full Business Plan in January, On 30
April 2013 the CAA published Initial Proposals proposing price controls
and a draft licence. The CAA proposes that the maximum allowable yield
per passenger will increase by RPI minus 1.3% per year; compared to
Heathrow's Full Business Plan of RPI plus 5.9%.
On 25 June 2013 Heathrow submitted a Revised Business Plan in line with
the CAA's Initial Proposals and based on a reduced GBP2bn capital
investment plan. The revised capital plan aims to sustain and selectively
enhance the passenger experience, rather than deliver more noticeable
passenger experience and resilience improvements previously planned.
On 19 July 2013 Heathrow submitted to the CAA its Alternative Business
Plan. This provided updates to the original Full Business Plan, including a
refined GBP3bn capital plan, GBP427mn of operational savings, a slightly
higher passenger forecast, and a revised profile for the maximum
allowable yield per passenger of RPI plus 4.6% per year. Delivery of the
Alternative Business Plan by Heathrow is conditional on fair and
reasonable final proposals from the CAA.
The CAA will publish its final proposals for consultation on 4 October 2013
with the publication of the final Q6 determination expected on 9 January
2014.

11
AIRPORTS COMMISSION
The UK government has formed the Airports Commission, chaired by Sir
Howard Davies, to determine how to maintain the UK's status as an
international hub for aviation. The Commission has been established to
assess options for meeting the UK's international connectivity needs,
recommend the optimum approach and to ensure any need is met as
expeditiously as practicable.
There is a compelling case for growth at Heathrow and on 17 July 2013,
Heathrow submitted options for a third runway to be located to the north-
west, south-west or north of the existing airport; all three options have
been designed to evolve to four runways if required.
A third runway at Heathrow is the fastest, most cost effective and most
practical route to meeting the UK's international connectivity needs. A
third runway could increase Heathrow's capacity to 740,000 flights and
130 million passengers per year.
A third runway can be delivered for less cost than building a new hub
airport. The options are estimated to cost between £14 billion and £17
billion, of which approximately £9-11 billion relates to the development of
the airport infrastructure, and £5-7 billion relates to surface access,
environmental and community funding. The development of the airport
infrastructure would deliver a third runway, additional taxiways, further
passenger terminal capacity and connectivity with the existing
infrastructure including track transit and baggage infrastructure.
The Commission is expected to produce an interim report by the end of
2013 and to report its full findings in summer 2015. However, the lead
times to implement any recommendations in terms of new runways are
expected to be significant even if immediate political consensus in support
of the recommendations is achieved.
Net debt
GBP Jun-13 Dec-12 Chg. %
Senior loan facility 588.4 587.7 0.1%
Subordinated 753.0 717.0 5.0%
Securitized Group 10,884.9 11,315.2 -3.8%
Non-Securitized Group 329.1 337.2 -2.4%
Other & adjustments -346.4 -26.2 n.s.
Total 12,209.0 12,931.0 -5.6%
Dividends
In the first half of 2013, HAH paid dividends amounting to GBP128mn. In
2012, HAH paid dividends of GBP240mn.
Disposals
SALE OF STANSTED AIRPORT
The sale process initiated in August 2012 was concluded on 18 January
with the announcement of the sale of Stansted Airport to MAG
(Manchester Airport Group) for GBP1,500mn (EBITDA 2012 GBP94mn,
RAB 2012 GBP1,343mn). The deal was closed on 28 February,
contributing capital gains of GBP353mn (100%) or EUR137.8mn to
Ferrovial’s net result.

12
CONSOLIDATED INCOME STATEMENT
Before Fair
value
Adjustments
Fair value
Adjustments
Jun-13
Before Fair
value
Adjustments
Fair value
Adjustments
Jun-12
Revenues 3,758 3,758 3,656 3,656
Other income 5 5 8 8
Total income 3,762 3,762 3,664 3,664
COGS 3,348 3,348 3,225 3,225
EBITDA 415 415 439 439
EBITDA margin 11.0% 11.0% 12.0% 12.0%
Period depreciation 113 113 106 106
EBIT (ex disposals & impairments) 302 302 333 333
EBIT margin 8.0% 8.0% 9.1% 9.1%
Disposals & impairments 21 21
EBIT 323 323 333 333
EBIT margin 8.6% 8.6% 9.1% 9.1%
FINANCIAL RESULTS -220 33 -186 -195 -18 -212
Financial result from financings of infrastructures projects -169 -169 -141 -141
Derivatives, other fair value adjustments & other financial result
from infrastructure projects
-3 9 6 -4 -2 -6
Financial result from financings of other companies -30 -30 -17 -17
Derivatives, other fair value adjustments & other financial result
from Other companies
-18 24 7 -33 -15 -48
Equity-accounted affiliates 213 -32 181 97 71 168
EBT 316 2 317 235 54 288
Corporate income tax -41 -9 -51 -43 5 -38
Net Income from continued operations 274 -8 267 191 59 250
Net income from discontinued operations
CONSOLIDATED NET INCOME 274 -8 267 191 59 250
Minorities 21 0 20 5 1 6
NET INCOME ATTRIBUTED 295 -8 287 197 60 257

13
REVENUES
Jun-13 Jun-12 Chg. % Like-for-Like (%)
Construction 1,859.2 2,025.5 -8.2 -7.8
Toll Roads 206.2 186.4 10.6 10.8
Services 1,680.7 1,456.5 15.4 17.7
Others 11.5 -12.6 n.s.
Total 3,757.7 3,655.8 2.8 3.8
EBITDA
Construction 154.5 161.4 -4.3 -4.0
Toll Roads 125.1 150.8 -17.0 -17.0
Services 137.7 143.2 -3.8 7.6
Others -2.7 -16.6 n.s.
Total 414.6 438.7 -5.5 -1.6
DEPRECIATION
Increase of a 6.9%, in comparable terms, over the same period last year,
reaching EUR113mn.
EBIT (before impairments and disposal of fixed assets)
Construction 139.8 141.2 -1.0 -0.7
Toll Roads 91.0 119.7 -24.0 -23.9
Services 75.2 89.7 -16.2 1.6
Others -4.3 -18.0 n.s.
Total 301.7 332.6 -9.3 -4.2
*For analytical purposes, all references to EBIT are before impairments and asset
disposals.
IMPAIRMENTS AND DISPOSAL OF FIXED ASSETS
This heading includes the capital gain (EUR20mn) on the sale of the
Amey joint ventures.
NET FINANCIAL EXPENSES
Infra projects -168.9 -141.2 -19.6
Other -30.3 -17.0 -78.3
Net financial result (financing) -199.2 -158.1 -25.9
Infra projects 6.3 -5.9 n.s.
Other 6.6 -48.4 113.7
Derivatives, other fair value
adjustments & other financial result
12.9 -54.3 123.7
Financial Result -186.3 -212.4 12.3
The financial result improved by 12.3%, reflecting the combination of:
The financing result deteriorated 26%. This was principally due to the
increase in financial expenses on infrastructure projects due to the higher
level of debt, principally associated with the projects coming into
operation (SH-130). Financial expenses also increased at the other
companies, principally due to the accelerated amortization of the
origination fees of the bank loans repaid after the bond issuances.
(EUR16million).
The financial result on derivatives and others is determined by the impact
of the improvement in Ferrovial’s share price on the derivatives contracts
covering share option schemes.
EQUITY ACCOUNTED RESULTS
Construction -0.7 -0.3 n.s.
Services 6.4 6.4 -0.8
Toll Roads 34.9 17.0 105.2
Airports 140.3 145.0 3.3
Total 180.9 168.1 -7.6
The companies consolidated by the equity method made a contribution of
EUR181mn (vs. EUR168mn in 2012). This was principally a reflection of
the contribution from the 407ETR toll motorway (EUR35mn) and HAH
(EUR140mn), the latest mainly due to the capital gain on the sale of
Stansted airport (EUR138mn).
CORPORATE INCOME TAX
Corporate tax rate reached 37%, excluding results from equity accounted
affiliates.
NET RESULT
Net profit reached EUR287mn (vs. EUR257mn in 2012).

14
BALANCE SHEET AND OTHER MAGNITUDES
Jun-13 Dec-12
FIXED AND OTHER NON-CURRENT ASSETS 17,523 16,638
Consolidation goodwill 1,907 1,487
Intangible assets 222 116
Investments in infrastructure projects 7,346 6,755
Property 39 35
Plant and Equipment 527 507
Equity-consolidated companies 4,115 4,304
Non-current financial assets 1,681 1,668
Receivables from Infrastructure assets 1,320 1,334
Financial assets classified as held for sale 1 1
Restricted Cash and other non-current assets 152 148
Other receivables 208 186
Deferred taxes 1,499 1,609
Derivative financial instruments at fair value 187 158
CURRENT ASSETS 5,091 5,580
Assets classified as held for sale 2 2
Inventories 396 394
Trade & other receivables 2,640 2,204
Trade receivable for sales and services 1,865 1,647
Other receivables 648 437
Taxes assets on current profits 127 120
Cash and other financial investments 2,025 2,971
Infrastructure project companies 276 237
Restricted Cash 29 25
Other cash and equivalents 247 212
Other companies 1,750 2,734
TOTAL ASSETS 22,614 22,217
EQUITY 5,932 5,762
Capital & reserves attributable to the Company´s equity holders 5,678 5,642
Minority interest 254 121
DEFERRED INCOME 419 356
NON-CURRENT LIABILITIES 11,404 11,117
Pension provisions 91 105
Other non current provisions 1,370 1,166
Financial borrowings 7,359 6,996
Financial borrowings on infrastructure projects 6,144 5,825
Financial borrowings other companies 1,215 1,171
Other borrowings 209 203
Deferred taxes 1,168 1,080
Derivative financial instruments at fair value 1,207 1,567
CURRENT LIABILITIES 4,859 4,982
Financial borrowings 1,279 1,229
Financial borrowings on infrastructure projects 1,197 1,168
Financial borrowings other companies 82 61
Trade and other payables 3,163 3,272
Trades and payables 2,586 2,648
Deferred tax liabilities 125 75
Other liabilities 453 549
Trade provisions 350 415
TOTAL LIABILITIES & EQUITY 22,614 22,217

15
Consolidated net debt
The net cash position excluding infrastructure projects fell vs. December
2012, to EUR427mn. After investing EUR604mn in the first half (mainly
the purchase of Enterprise in April for EUR474mn), paying the
complementary dividend on 23 May (EUR0.25/share) totaling EUR183mn
and the payment in January 2013 of the withholding tax corresponding to
the dividend paid on account in December 2012 (EUR85mn).
The net project debt reached EUR6,886mn. The variation was principally
a reflection of the investments made in the toll roads under construction
in the US.
This net debt includes EUR1.287mn related to toll roads under
construction (the NTE and the LBJ). It also includes EUR1.131mn related
to the radial motorways (R4 and OLR) which are have sought creditor
protection.
Group net debt reached EUR6,460mn.
Jun-13 Dec-12
NCP ex-infrastructures projects 426.6 1,488.1
Toll roads -6,537.7 -6,238.1
Others -348.5 -356.5
NCP infrastructures projects -6,886.2 -6,594.6
Net Cash Position -6,459.6 -5,106.5
Corporate credit rating
In August 2011, the rating agencies S&P and Fitch Ratings rated Ferrovial
for the first time, in both cases as “Investment-grade”.
Standard&Poor’s upgraded Ferrovial’s rating from BBB- a BBB on 9 May
2013.
Agency Rating Outlook
S&P BBB Stable
FITCH BBB- Stable
Corporate bond issuance
Ferrovial has issued two corporate bonds in 2013.
In January it made its inaugural issue which was very well-received by
the market and was 11x over-subscribed. The EUR500mn issue has a
five-year maturity and was closed at a Price of midswap +240bp, with a
coupon of 3.375%.
On 28 May Ferrovial issued a second bond which once again attracted a
high level of interest and was 6x over-subscribed. The EUR500mn issue
has an eight-year maturity and closed at a Price of midswap +200bp,
with a coupon of 3.375%.
In both cases the funds obtained have been applied to the early
retirement of corporate debt. With these two issues, Ferrovial has
managed to optimize its debt maturity calendar and has significantly
reduced its bank debt.
Year Corporate debt maturity
2013 61
2014 30
2015 150
2016 20
2017 11
2018 501
2019 0
2020 0
2021 - 2030 503
2031 - 2040 1
2041 - 2050 1

16
CONSOLIDATED CASH FLOW
Jun-13
Ex-infrastructure
projects
Infrastructure
projects
Adjustments Total
EBITDA 242 173 415
Dividends received 139 -4 135
Working capital -519 -25 -544
Operating flow (before taxes) -138 147 -4 5
Tax payment -14 -7 -21
Operating cash flow -152 140 -4 -16
Investment -604 -375 55 -923
Divestment 46 66 112
Investment cash flow -558 -309 55 -811
Activity cash flow -710 -168 51 -827
Interest flow -13 -132 0 -145
Capital flow & Minorities 1 96 -55 42
Dividend payment -273 -3 4 -272
Forex impact -31 -44 0 -75
Deconsolidated Debt of assets cassified as
held for sale
Other (non-cash) -35 -39 -2 -76
Financing Cash Flow -352 -121 -54 -526
Net cash variation -1,062 -289 -2 -1,353
Net cash initial position 1,488 -6,618 24 -5,107
Net cash final position 427 -6,907 21 -6,460
Jun-12
Ex-infrastructure
projects
Infrastructure
projects
Adjustments Total
EBITDA 253 187 440
Dividends received 147 -13 135
Working capital -115 -17 0 -132
Operating flow (before taxes) 285 170 -13 443
Tax payment -15 -7 -21
Operating cash flow 271 164 -13 422
Investment -110 -363 56 -416
Divestment -9 43 34
Investment cash flow -119 -319 56 -382
Activity cash flow 152 -156 44 40
Interest flow -37 -139 -176
Capital flow & Minorities 0 102 -56 46
Dividend payment -202 -13 13 -202
Forex impact 40 -70 1 -30
Deconsolidated Debt of assets cassified as
held for sale
Other (non-cash) -14 -32 -1 -46
Financing Cash Flow -212 -152 -44 -408
Net cash variation -61 -307 -1 -368
Net cash initial position 907 -6,102 25 -5,171
Net cash final position 846 -6,409 24 -5,539

17
Cash Flow Excluding
Infrastructure Projects
OPERATING FLOW
Operating flows excluding infrastructure projects and by business area,
2013 vs. 2012 are shown in the following table:
Operating flow Jun-13 Jun-12
Construction -191 -186
Services -28 348
Dividends from Toll roads 77 65
Dividends from Airports 50 75
Other -47 -16
Operating flow (before taxes) -138 285
Tax payment -14 -15
Total -152 271
The “Other” heading includes the flows from operations corresponding to
the Corporate Centre and the Airports and Toll Roads parent companies.
The significant variation in flows from operations in 2013 vs. 2012 is a
reflection of the impact on 2012 of the payments received in the first half
of the year totalling EUR683mn (EUR499mn in the Services division and
EUR184mn in Construction) as part of the Supplier Payment Plan under
Royal Decree 4/2012.
A breakdown by business of the flows in the Construction and Services
divisions is shown in the table below:
Construction jun-13 jun-12
EBITDA 148 155
Settlement of provisions from completed
works (non cash)
-86 -70
Adjusted EBITDA 61 85
Factoring Variation 9 -63
Ex Budimex Working Capital -138 65
Budimex Working Capital -123 -273
Operating Cash Flow before Taxes -191 -186
Services jun-13 jun-12
EBITDA 114 124
Dividends from projects 12 7
Factoring Variation 0 -51
UK pension scheme payments -9 -21
UK Working Capital -79 -34
Ex UK Working Capital -66 322
Operating Cash Flow before Taxes -28 348
At the Toll Roads division, the 2013 operating flow includes EUR77mn of
dividends and capital repayments from the motorway concession
companies, as reflected in the table below:
Dividends and Capital
reimbursements
jun-13 jun-12
ETR 407 74 55
Irish toll roads 3 11
Dividends 77 65
Spanish toll roads 1
Capital reimbursements 1
Total 77 65
INVESTMENT FLOW
The following table shows the breakdown by business segment of the
investment flows excluding infrastructure projects, distinguishing in each
case between the amounts paid for investments made and the proceeds
received from disposals.
Jun-13 Investment Divestment
Investment
Cash Flow
Construction -21 1 -20
Services -525 49 -476
Toll roads -56 -56
Airports -4 -4
Others -2 -2
Total -604 46 -558
Jun-12 Investment Divestment
Investment
Cash Flow
Construction -14 3 -11
Services -37 -7 -44
Toll roads -56 0 -56
Airports 0 -18 -18
Others -2 13 11
Total -110 -9 -119
Highlights of the investment flows included the acquisition of the UK
company Enterprise in the Services division for EUR474mn, as well as for
of the Chilean company Steel Ingeniería, for EUR29mn, and also capital
increases for infrastructure projects (US toll roads under construction)
and in Services (Amey projects), as well as investment in material fixed
assets, principally at the Services division.
Equity investment in toll roads jun-13 jun-12
LBJ -34 -31
NTE -20 -17
NTE 3A&B -1
Spanish toll roads -1 -1
SH-130 -5
Other -2
Total -55 -56

18
As regards disposals in 2013, Services sold 40% of Amey’s JVs for
EUR44mn and also Ecocat for EUR5mn, which is offset by the EUR4mn of
costs associated with the HAH disposals made the previous year, but paid
in 2013.
Also of note in 2012 was the outflow in January adjusting the sale price
of Swissport in 2011 for tax contingencies (EUR7mn, in accordance with
the sale agreements), and in Other, the sale of land in Valdebebas
(Madrid) for EUR13mn. At the Airports division, outflows included the
payment in 2012 of the costs associated with the disposal of 5.88% of
HAH in 2011 (EUR18mn).
FINANCING FLOW
The financing outflow includes dividend payments, which in 2013
corresponded to the complementary dividend paid to Ferrovial, S.A.
shareholders amounting to EUR183mn, and EUR11mn paid to the
minority shareholders in Budimex. In addition, note that in January 2013,
Ferrovial paid over the withholding tax on Dec-12 dividends, amounting
to EUR85mn.
Meanwhile, note that net interest payments amounted to EUR13mn, the
negative impact of exchange-rate movements to EUR31mn and other
non-cash debt movements including accounting changes in debt which
have no impact on cash flow (-EUR35mn).
The positive impact of the mark to market by the derivatives signed to
cover the forex in the dividends pending to be received by the
infrastructure projects are not included under this heading (EUR20mn).
Cash Flow from Infrastructure
Projects
OPERATING FLOW
The operating flows at the concession companies basically reflect inflows
at the companies with projects already in operation, although it also
includes VAT payments and refunds at those in the construction phase.
The following table shows a breakdown of the cash flows from operations
for infrastructure projects:
Jun-13 Jun-12
Toll roads 114 118
Other 26 46
Operating flow 140 164
As regards the operating flows not generated by the Toll roads division,
note the improved flow at Services, principally as a consequence of the
one-off VAT refund in 2012 from the A2 corridor.
INVESTMENT FLOW
The principal outflow in this respect was investment in concession assets
under construction at the Toll roads division in 2013, particularly in the
US (the North Tarrant Express and the LBJ).
Jun-13 Jun-12
LBJ -201 -168
North Tarrant Express -160 -128
SH-130 -4 -41
Chicago -1 0
Spanish Toll Roads 0 -3
Portuguese Toll Roads -2 -10
Other 0 0
Toll Roads Total -368 -351
Others -7 -12
Projects Total -375 -363
FINANCING FLOW
The financing flows include the dividend payments and capital
repayments made by the concession companies to their shareholders, as
well as the capital increases received by these companies. In the case of
the concession companies consolidated by the Group by the global
integration method, these amounts correspond to 100% of the cash
outflows and inflows of the concession companies, independent of the
percentage stake held by the Group. No dividends or capital repayments
are included for the companies consolidated by the equity method.
The interest flows correspond to the interest paid by the concession
companies, as well as other commissions and costs closely related to
obtaining financing. The flow for these items corresponds to the interest
expense relating to the period, as well as any other element which has a
direct impact on net debt during the period. This amount does not match
the financing result in the income statement, fundamentally due to the
timing differences between accrual and payment of interest.
Interest Cash Flow Jun-13 Jun-12
Spanish toll roads -31 -42
US toll roads -64 -62
Portuguese toll roads -14 -12
Other toll roads -7 -9
Toll Roads Total -116 -125
Other -16 -15
Total -132 -139
In addition, the financing flow includes the impact of exchange-rate
movements on foreign currency-denominated debt, which at end-June
2013 amounted to -EUR44mn, fundamentally due to dollar appreciation
against the euro, which had a significant impact on the net debt of the US
toll roads.
Finally, the heading “Other non-cash debt movements” includes elements
that imply a variation in accounting debt, but where there is no actual
cash outflow or inflow, such as interest accrued and not yet paid, etc.

19
APPENDIX I: SIGNIFICANT
EVENTS
 Ferrovial successfully issued EUR500mn of bonds maturing on
30 January 2018.
(18 January 2013)
Ferrovial Emisiones, S.A., a Ferrovial subsidiary, successfully closed
the pricing of a EUR500mn bond issue maturing on 30 January 2018
and guaranteed by Ferrovial and some of its subsidiaries. The bonds
have a coupon of 3.375% payable annually.
On 3 January the issue was subscribed and paid by the investors, and
started trading on the regulated London Stock Exchange.
The net proceeds of EUR497.75mn will be used to retire existing
corporate debt.
 Ferrovial Servicios reaches an agreement with 3i Group plc
for the acquisition of 100% of Enterprise Plc.
(21 February 2013)
The investment made by Ferrovial Servicios amounts to an EV of
GBP385mn. The deal does not include Enterprises’s joint-venture with
Mouchel Limited (Mouchel) for highway maintenance services in the
UK.
Enterprise is one of the principal British services companies in the
utilities (energy and water) and public-sector infrastructure sectors. In
2012, turnover reached GBP1.1bn (EUR1.267bn) and EBITDA
GBP60mn (EUR69.1mn), excluding the JV with Mouchel.
With this acquisition Ferrovial Servicios – with a presence in the UK
through its subsidiary Amey – enters the field of services to energy
and water companies, as well as strengthening its environmental
services business.
The acquisition was closed on 9 April 2013, after obtaining the
approval of the competition authorities.
 The rating agency Standard & Poor’s upgrades Ferrovial,
S.A.’s long-term rating from “BBB -” to “BBB” with stable
outlook.
(9 May 2013)
 Ferrovial successfully issues EUR500mn of bonds maturing on
7 June 2021.
(28 May 2013)
Ferrovial Emisiones, S.A., a Ferrovial subsidiary, successfully closed
the pricing of a EUR500mn bond issue maturing on 7 June 2021,
guaranteed by Ferrovial and some of its subsidiaries. The bonds carry
a coupon of 3.375%, payable annually.
The bonds were subscribed and paid up on 7 June, and listed for
trading on the regulated London Stock Exchange.
The net proceeds of EUR496.58mn will be applied to the retirement of
existing corporate debt (reduced to c.EUR28mn outstanding from the
syndicated loan).

20
APPENDIX II: PRINCIPAL
CONTRACT AWARDS
CONSTRUCTION
 Santiago Metro T4 L3, Empresa Pasajeros Metro, S.A., Chile.
 Hetco 2 Programme Change, Heathrow Airport, UK.
 Educational building, Juncal Alcobendas, Spain.
 Mostoles University Hospital, Inversiones Sur 2012, S.A., Spain.
 134 residential units, Miralbueno, Spain.
 EDAR Tomaszow Mazowiecki, Department of Water Management,
Tomaszow, Poland.
 Iregua water supply, Aguas de las Cuencas de España, Spain.
 Dual carriageway Purchena - Cesion DETEA, Autovía del Almanzora,
Spain.
 Drainage improvements in Sandin, Aqueducts & Drainage Authority,
Puerto Rico.
 Arroyo Niebla, Acuasur, Spain.
 60 residential units Bon Pastor, Ayuntamiento de Barcelona, Spain.
 51 residential units Vitra Legazpi, Vitra Madrid, Spain.
 Improvements to wasteland irrigation Sector 3, SEIASA del Norte,
Spain.
 Gomasper concession, Canary Islands government, Spain.
 Refurbishment Hotel Beach House, Evertmel, S.L., Spain.
 65 residential units La Térmica, Inmobiliaria Acinipo, Spain.
 HQ Pevasa Bermeo, Vasco-Montañesa Fishery, Spain.
 Metro station in Granada, Metro de Granada, Spain.
 EDAR Gorzow Wielkopolski, Department of Water and Drainage
Management Poland.
 EDAR maintenance, Ibiza Zona E-2, Balearic Islands government,
Spain.
BUDIMEX
 Metropolitano de Pomerania Phase I, Poland.
 Continuation of works on A4, Tarnow Rzeszow, Poland.
 A4 Rzeszow West - Rzeszow Central, Poland.
 University Hospital Clinic in Bialysto, Poland.
 KGHM – industrial units, Poland.
 Extension of take-off zone at Warsaw Airport, Poland.
 Apartments in Sienna Phase II, Poland.
 Pavilion with 4 cupolas, Wroclawiu Museum, Poland.
 EDAR modernisation, Tomaszów Mazowiecki, Poland.
 Waste treatment plant, Belzyce, Poland.
 Teaching centre at Chemistry faculty, University of Poznan, Poland.
 Garage for MPK Lublin (municipal transport company), Poland.
 Landing zone at Okecie PPS Airport, Poland.
 Construction of additional floors for buildings in Wroclaw, Poland.
 Pensions Sabe-Swinoujscie, Poland.
 Construction of furnace for KGHM POLSKA MIEDZ SA, Poland.
 Remodelling of breakwater in Dziwnow, Poland.
WEBBER
 US 290, TxDOT, USA.
 Denton FM 1171, TxDOT, USA.
 I 10 Bexar County, TxDOT, USA.
 I-45 TMS Improvements, TxDOT, USA.
 US 59 Angelina, TxDOT, USA.
 Lonestar Executive Airport Runway Ext, TxDOT, USA.
SERVICES
SPAIN
Industrial, Treatment and Local Administrations
 Contract for cleaning and conservation for public and green spaces for
Madrid City Council. Lot 1, including the Central, Chamberí, Tetuán
and Argüelles districts.
 Waste treatment and evaluation plant, Vega Baja, Alicante
 Highway cleaning and waste collection, City of Alicante
 Renewal of contract for maintenance of parks and gardens in Almeria.
 Renewal of contract for urban waste collection and highway cleaning
in Premiá del Mar
 New gardening contract for Banco de Santander’s financial city
 Extension of contract for urban waste collection in Formentera
Infrastructure
 New maintenance contract for Telefónica’s data processing centre
 Cleaning of primary health care centres for the Community of Madrid
 Extension of services contract for various Madrid districts (Usera,
Fuencarral-El Pardo, Hortaleza and Central)
 Extension of cleaning contract for the Virgen del Rocío University
Hospital
 Extension of contract for cleaning Seville University
UK
 Design, construction and operation of a waste treatment complex in
Milton Keynes.
 Street maintenance and highway cleaning in Liverpool.
 Maintenance and conservation of municipal buildings in three London
boroughs (Chelsea, Kensington and Hammersmith & Fulham).
 Waste collection in Northamptonshire.
 Extension of BBA contracts: maintance of T4 and T5 at Heathrow,
Heathrow Express and Stansted Airport.
 New consultancy contract for integrated services for the county of
Kent.
 Installation and maintance of meters and water distribution networks
for United Utilities.
INTERNATIONAL
 Incorporation of Steel Ingeniería’s portfolio, Chile.
 Renewal of urban waste collection contract for Planalto Beirao,
Portugal.
 Different awards by Ferrovial Servicios Poland.
 Furnace cleaning, Chuquimata mine.

21
APPENDIX III: EXCHANGE-RATE MOVEMENTS
Exchange-rate Last
(Balance sheet)
Change% 13/12
Exchange-rate Mean
(P&L)
Change% 13/12
GBP 0.8565 5.4% 0.8532 3.9%
US Dollar 1.3005 -1.5% 1.3103 0.8%
Canadian Dollar 1.3691 4.3% 1.3407 2.7%
Polish Zloty 4.3316 6.0% 4.2153 0.0%
Exchange rates are expressed in units of currency per euro, with negative variations signifying euro depreciation and positive variations euro
appreciation.
INVESTOR RELATIONS DEPARTMENT
ADDRESS: PRÍNCIPE DE VERGARA 135 - 28002 MADRID
TELEPHONE: +34 91 586 25 65
FAX: +34 91 586 26 89
E-MAIL: IR@FERROVIAL.ES
WEB: HTTP://WWW.FERROVIAL.COM
Important information
This document contains statements regarding the Company’s future intentions, expectations and forecasts at the time of writing. These statements are
based on projections and financial estimates with underlying assumptions, announcements relating to plans, objectives and expectations that refer to
various aspects, including the growth of the various lines of business and the global business, market share, the Company’s results and other aspects
relating to its activities and situation.
These estimates, projections and forecasts are not in themselves guarantees of future performance as they are subject to risks, uncertainties and other
important factors that could result in the development and final results differing from those contained in these estimates, projections and forecasts.
This should be taken into account by all individuals or institutions that might have to take decisions or form or transmit opinions relating to stocks and
shares issued by the Company, and in particular, by the analysts and investors who consult this document. All interested parties are invited to consult
the documentation and information publicly available or filed by the Company with stock market supervisory authorities and, in particular, the
information filed with the CNMV (the Spanish stock market regulator).

January-June 2013 results

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