Ferrovial N.v. · BME:FER
Ferrovial — Shareholder Meeting (April 2022)
82 slides from Ferrovial's shareholder meeting presentation, April 2022
Slide 1: North Tarrant Express, Texas, USA
North Tarrant Express, Texas, USA.
Slide 2: Chairman Rafael del Pino
CHAIRMAN Rafael del Pino Ruta del Cacao, Antioquia, Colombia.
Slide 3: Secretary Santiago Ortiz Vaamonde
SECRETARY Santiago Ortiz Vaamonde “DemoSATH” floating wind farm, Bilbao, Spain.
Slide 4: Agenda
Agenda ITER, Cadarache, France. © SNC Engage .
Slide 5: Agenda
Agenda 1st Approval of the financial statements and non-financial information 2nd Application of results 3rd Grant discharge to the Board of Directors 4th Re-elect, ratify and appoint directors 5th First capital increase through the issuance of ordinary shares 6th Second capital increase through the
Slide 6: Agenda
Agenda 9th Amendment of the Shareholders' Meeting Regulations 10th Consultative vote on the Company's Climate Strategy Report 11th Director Remuneration Policy 12th Consultative vote on Annual report on Director Remuneration 13th Acquisition of own shares 14th Delegation of powers 15th Amendments to
Slide 7: Provisional quorum
Provisional quorum Heathrow Airport, London, UK.
Slide 8: North Tarrant Express, Texas, USA
North Tarrant Express, Texas, USA.
Slide 9: Chairman Rafael del Pino
CHAIRMAN Rafael del Pino Interstate 66, Virginia, USA.
Slide 10: The year at Ferrovial
The year at Ferrovial D4R7 expressway, Slovakia.
Slide 11: The year at Ferrovial
The year at Ferrovial • Pandemic under control • Corporate transactions • Improved earnings • Shareholder remuneration • Traffic recovering • Sustainability • Dividends
Slide 12: Operating results
Operating results Highway 407, Toronto, Canada. FROM CONTINUING OPERATIONS
Slide 13: Operating results
Operating results FROM CONTINUING OPERATIONS REVENUE EBITDA NET PROFIT 6,778 M€ 596 M€ 1,197 M€ +5.4% +39.5%
Slide 14: Financial position
Financial position Raciborz Dolny dam, Silesia, Poland.
Slide 15: Financial position
Financial position NET CASH POSITION (1) CONSOLIDATED NET DEBT (2) TOTAL LIQUIDITY (3) 2,182 M€ 4,451 M€ 6,421 M€ +9.6% (1) Excl. infrastructure projects. Incl. net cash in Services (107 M€) (2) Incl. infrastructure projects (3) Excl. Infrastructure. Incl. available liquidity lines (991 M€)
Slide 16: Cash flow and investment
Cash flow and investment Heathrow Airport, London, UK.
Slide 17: Cash flow and investment
Cash flow and investment OPERATING CASH FLOW* INVESTMENTS DIVESTMENTS 607 M€ 1,112 M€ 1,621 M€ 469 M€ 3 M€ 864 M€ 54 M€ 1,040 M€ 529 M€ TOLL ROADS AIRPORTS TOLL ROADS AIRPORTS SERVICES CONSTRUCTION DIVIDENDS DIVIDENDS 44 M€ 227 M€ 55 M€ 67 M€ 47 M€ 5 M€ CONSTRUCTION SERVICES CONSTRUCTION SERVICES TO
Slide 18: Backlog
Backlog Thames Tideway Tunnel, London, United Kingdom.
Slide 19: Backlog
Backlog CONSTRUCTION • I-35 (USA): 1,500 M$ • Sydney Metro (Australia): 1,240 M€ • I-16/I-75 (USA): 229 M$ • Murcia-Almería high-speed rail (Spain): 171 M€ 12,216 M€ • IH-10/Hays (USA): 161 M$ • S6 (Poland): 128 M€ • Norwich Link (UK): 125 M€
Slide 20: International footprint
International footprint Glasgow Airport, United Kingdom.
Slide 21: International footprint
International footprint REVENUE EBITDA CONSTRUCTION BACKLOG FULL CONSOLIDATION 84% 80% 85% TERMS REVENUE EBITDA CONSTRUCTION BACKLOG PROPORTIONATE CONSOLIDATION 86% 86% 81% TERMS Excl. Services
Slide 22: Funding sources
Funding sources LBJ Express, Texas, USA.
Slide 23: Funding sources
Funding sources • Corporate bonds • Transchile refinanced: 115 M$ - 500 M€ bond matured in June and was not - 5 years refinanced - Yield: 3.6% • Syndicated credit lines • Centella financed: 143 M$ - 250 M€ - 5 years - Yield: 2.62%-3.52% • ECB ECP at negative rates: - 250 M€ outstanding as of 31 Dece
Slide 24: Share performance
Share performance Battersea Station NLE, London, United Kingdom.
Slide 25: Share performance
Share performance SHAREHOLDER RETURN FERROVIAL IBEX35 TSR 24.3% 22% 8% -2.7% 23.75€ -13.8% D J F M A M J J A S O N D J F M A 2021 2022
Slide 26: Shareholder remuneration
Shareholder remuneration Highway 407, Toronto, Canada.
Slide 27: Shareholder remuneration
Shareholder remuneration SHAREHOLDER PROPOSED SHAREHOLDER REMUNERATION 2021 REMUNERATION 2022* € / share € / share Scrip dividend 0.197 Projected scrip dividend 0.285 (June 2021) Scrip dividend 0.305 Projected scrip dividend 0.43 (November 2021) TOTAL 0.512 TOTAL 0.715 Buyback of up to 22 M shares c
Slide 28: Corporate governance
Corporate governance Thames Tideway Tunnel, London, United Kingdom.
Slide 29: Corporate governance
Corporate governance Changes in Board composition: 2 new female Independent Directors • 33% of Directors are female, and 67% are Independent Internal rules and regulations • Approval - Sustainability Policy • Amendments - Board of Directors Regulation - Tax Compliance and Best Practices Policy - Ris
Slide 30: ESG
ESG Ferrovial Stronger Together 2020 project — construction of a mother and child care center in Anganwadi, India.
Slide 31: ESG
ESG Member of Dow Jones ESG ~) Sustainability Indices INDUSTRY Powered by the S&P Global CSA \TOPRATED (/ FTSE4Good * EURONEXT * EURONEXT arena TOXX 7 y ESG Leaders VE pes VE ws STOX ins os ARG FE120 2B, Eiastoner20 ISS ESG> &. by MMeResenerURe re” OREANISATION ke seers Boomers BUSINESS FOR inden DC
Slide 32: Awards and accolades
accolades Awards and Aberdeen Airport, United Kingdom.
Slide 33: Awards and accolades
Awards and accolades SEAL Awards CSR Accreditation Digital Transformation “Greenhouse Gas “Environmental “Excellence in social Strategy Target Setter Award” leadership, transparency responsibility” award Abacus. “Digital 407 ETR. and commitment” award transformation in the construction industry” awa
Slide 34: Conclusions and acknowledgements
Conclusions and acknowledgements Silvertown Tunnel, London, United Kingdom.
Slide 35: North Tarrant Express, Texas, USA
North Tarrant Express, Texas, USA.
Slide 36: Óscar Fanjul
ÓSCAR FANJUL North Tarrant Express, Texas, USA. CHAIRMAN OF THE AUDIT AND CONTROL COMMITTEE
Slide 37: Audit and Control Committee
Audit and Control Committee • Composition: 4 Independent • Activities in connection with: Directors - Oversight of financial and non-financial reporting - Internal control over financial reporting • 5 meetings in 2021 - Internal audit - Control and management of financial and non-financial risks - C
Slide 38: North Tarrant Express, Texas, USA
North Tarrant Express, Texas, USA.
Slide 39: Ignacio Madridejos, CEO
Ignacio Madridejos San Ignacio bridge, Bilbao, Spain. CHIEF EXECUTIVE OFFICER
Slide 40: 2021 Results
2021 Results “DemoSATH” floating wind farm, Bilbao, Spain.
Slide 41: 2021: the recovery
2021: the recovery • Recovering after the pandemic • Airports • Financial position • Construction • Higher revenue and EBITDA • Energy Infrastructure and Mobility • Toll Roads • Sustainability
Slide 42: Horizon 24 plan: Year Two
Horizon 24 plan: Year Two • People • Operational excellence - Serious and fatal accident frequency - Sustainability strategy rate: -15.1% - Technological progress and digitalization • Sustainable growth • Innovation - Toll Roads - “Digital Horizon 22-24” plan - Airports - Energy - Construction - Oth
Slide 43: 2021 Results
2021 Results M€ 2021 2020 Chg. 21-20 Revenue 6,778 6,532 3.8% EBITDA 596 406 46.9% EBIT* 1,476 189 Net income 1,197 -424 Construction backlog 12,216 10,129 * After impairments and fixed asset disposals
Slide 44: 2021 Results: contribution by business
2021 Results CONTRIBUTION, BY BUSINESS 1% 9% Airports Toll Roads 90% 415 M€ Construction Toll Roads 245 M€ Construction -26 M€ -38 M€ Airports Other 6,778 M€ 596 M€ REVENUE EBITDA
Slide 45: 2021 Results: geographic distribution
2021 Results GEOGRAPHIC DISTRIBUTION 9% 9% Other United Kingdom 330 M€ USA & Canada 16% Spain 26% Poland 164 M€ Poland 120 M€ 40% Spain USA & -1 M€ -17 M€ Canada Other United Kingdom 6,778 M€ 596 M€ REVENUE EBITDA 84% INTERNATIONAL 80% INTERNATIONAL
Slide 46: Contribution by business, proportionate consolidation
2021 Results CONTRIBUTION, BY BUSINESS. IN PROPORTIONATE CONSOLIDATION TERMS 6% 12% Airports Toll Roads 82% 593M€ Construction Toll Roads 245 M€ Construction 90M€ -40 M€ Airports Other 7,515 M€ 888 M€ REVENUE EBITDA
Slide 47: Geographic distribution, proportionate consolidation
2021 Results GEOGRAPHIC DISTRIBUTION. IN PROPORTIONATE CONSOLIDATION TERMS 10% 14% 2% 11% Other United Kingdom Other United Kingdom 18% 14% 14% Poland Spain Spain 23% Poland 39% 55% USA & USA & Canada Canada 7,515 M€ 888 M€ REVENUE EBITDA 86% INTERNATIONAL 86% INTERNATIONAL
Slide 48: 2021 Results: Cash flow
2021 Results CASH FLOW OPERATING CASH FLOW 77% 37% Toll Roads Services Toll Roads (dividends) 469 Airports (dividends) 3 Construction 44 7% Construction Services 227 1% Other (-136) Airports TOTAL 607 M€
Slide 49: Net cash position
2021 Results NET CASH POSITION. EXCL. INFRASTRUCTURE PROJECTS 2,182 1,991 1,631 M€ 2019 2020 2021
Slide 50: Capitalization
2021 Results CAPITALIZATION 19,829 20,218 17,423 16,564 M€ 2019 2020 2021 6 April 2022
Slide 51: Shareholder remuneration
2021 Results SHAREHOLDER REMUNERATION TOTAL SHAREHOLDER DIVIDENDS AND RETURN (TSR) SHARE BUYBACKS 463 M€ 24.3%
Slide 52: Corporate transactions
2021 Results CORPORATE TRANSACTIONS INVESTMENTS DIVESTMENTS • I-66: Additional 5.7% stake (162 • Services M€) - Environment Spain and Portugal: 1,032 M€ - Infrastructure Spain: 171 M€ • IRB Infrastructure Developers: - Timec: 14 M€ 24.86% minority stake (369 M€) • Construction assets • Dalaman airpo
Slide 53: Milestones
Milestones Highway 407, Toronto, Canada.
Slide 54: Milestones
Milestones JAN-MAR APR-JUN JUL-SEP OCT-DEC 1Q 2Q 3Q 4Q POLAND USA (Texas) AUSTRALIA (Sydney) SPAIN AND PORTUGAL Sale of real estate Road contract Contract to build a section Divestment division I-35 METRO SERVICES BUDIMEX 1,500 M$ 1,240 M€ 1,032 M€ 331 M€ POLAND (Gdansk) USA (Texas) INDIA USA (Georg
Slide 55: Traffic
Traffic Interstate 77, North Carolina, USA.
Slide 56: Traffic: Toll Roads and Airports
Traffic: Toll Roads and Airports TOLL ROADS AIRPORTS • Traffic: • HAH - 407 ETR: 13%* - Traffic: -12.3% - NTE: 32.7% - Passengers (million): 19.4 - LBJ: 23% - NTE 35W: 26.8% • AGS - I-77: 45.8% - Traffic: 6% - Passengers (million): 3.5 *km traveled
Slide 57: Toll Roads
Toll Roads Interstate 66, Virginia, USA.
Slide 58: Toll Roads results
Toll Roads RESULTS M€ 2021 2020 Chg. 21-20 Revenue 588 439 34.1% EBITDA 415 280 48.6% EBIT 275 171 60.3% Dividends 469 340
Slide 59: Toll Roads revenue by geography
Toll Roads REVENUE BY GEOGRAPHY. IN PROPORTIONATE CONSOLIDATION TERMS 11% Other 20% Spain 5% Portugal 64% USA & Canada 888 M€ 80% INTERNATIONAL
Slide 60: Airports
Airports Heathrow Airport, London, UK.
Slide 61: Airports results
Airports RESULTS HAH AGS M£ 2021 2020 Chg. 21-20 M£ 2021 2020 Chg. 21-20 Revenue 1,214 1,175 3.3% Revenue 87 71 22.5% EBITDA 357 89 303.2% EBITDA -6 -25 76.2% Traffic 19.4 22.1 -12.3% Traffic 3.5 3.3 6.2%
Slide 62: Construction
Construction Concordia bridge, Madrid, Spain.
Slide 63: Construction results
Construction RESULTS M€ 2021 2020 Chg. 21-20 Revenue 6,077 5,984 1.6% EBITDA 245 214 14.2% EBIT 132 101 Operating cash flow (excl. 44 168 infra.)
Slide 64: Construction revenue by geography
Construction REVENUE, BY GEOGRAPHY 8% Other 16% Spain 9% United Kingdom 29% Poland 38% USA & Canada 6,077 M€ 84% INTERNATIONAL
Slide 65: Construction backlog by geography
Construction BACKLOG, BY GEOGRAPHY 11% Other 15% Spain 9% United Kingdom 25% Poland 40% USA & Canada 12,216 M€ 85% INTERNATIONAL
Slide 66: Services, Energy Infrastructure and Mobility, Water
Water Services and Mobility Energy Infrastructure Los Limonetes photovoltaic power plant, Badajoz, Spain.
Slide 67: Services: discontinued operations
Services DISCONTINUED OPERATIONS M€ 2021 2020 Chg. 21-20 Revenue 5,090 4,681 8.7% EBITDA 365 217 67.9% Operating cash flow (excl. infra. and taxes) 227 402 Services backlog 8,373 8,293 1%
Slide 68: Energy Infrastructure and Mobility
Energy Infrastructure and Mobility Energy • Transchile (Araucanía): 204 km of 220 kV double circuit line • Centella (Coquimbo): 250 km of 220 kV double circuit line and a disconnecting substation • Seville photovoltaic plant (50 MW) Mobility • Zity carsharing (Madrid, Paris and Lyon) • MaaS Global •
Slide 69: Other businesses: Water
Other businesses Water • P3 projects for water treatment plants • Strengthened team and concession capabilities • Organic growth and acquisitions • Analysis of opportunities in the USA, Europe and Latin America
Slide 70: Sustainability
Sustainability D4R7 expressway, Slovakia.
Slide 71: Climate change: decarbonization
Climate change: decarbonization Carbon footprint: (Scopes 1&2, in absolute terms) • 798,000 t CO2 - -5.3% reduction with respect to 2020 (45.000 t) • 2021 target with respect to 2009: Absolute: -18.28% / Intensity: -24.48% • Reduction with respect to 2009: Absolute: -23.5% / Intensity: -58.4% Carbon
Slide 72: EU taxonomy: maximal eligibility
EU taxonomy: maximal eligibility 0.3% 9.8% Other 12.4% 0.8% Energy Other Water 2.6% Energy 13.6% 7.2% Construction Water 73.7% 79.6% Transport Transport 89.3% 84.6% INCN CAPEX 10.7% Ineligible 15.2% Ineligible
Slide 73: 2022 Priorities
2022 Priorities Silvertown Tunnel, London, United Kingdom.
Slide 74: 2022 Priorities
2022 Priorities People Operational excellence • Ensure health, safety and well-being • Agile, efficient and innovative operating model • Attract local talent • Enhance risk management • Increase presence of women in the company • Reduce environmental impact, particularly CO2 emissions Sustainable gr
Slide 75: North Tarrant Express, Texas, USA
North Tarrant Express, Texas, USA.
Slide 76: Final quorum
Final quorum Zity, Paris, France
Slide 77: Shareholder remarks
Shareholder remarks Heathrow Airport, London, UK.
Slide 78: North Tarrant Express, Texas, USA
North Tarrant Express, Texas, USA.
Slide 79: Agenda
Agenda ITER, Cadarache, France. © SNC Engage .
Slide 80: Agenda
Agenda 1st Approval of the financial statements and non-financial information 2nd Application of results 3rd Grant discharge to the Board of Directors 4th Re-elect, ratify and appoint directors 5th First capital increase through the issuance of ordinary shares 6th Second capital increase through the
Slide 81: Agenda
Agenda 9th Amendment of the Shareholders' Meeting Regulations 10th Consultative vote on the Company's Climate Strategy Report 11th Director Remuneration Policy 12th Consultative vote on Annual report on Director Remuneration 13th Acquisition of own shares 14th Delegation of powers 15th Amendments to
Slide 82: North Tarrant Express, Texas, USA
North Tarrant Express, Texas, USA.