Ferrovial N.V. · BME:FER
Ferrovial — Merger or Acquisition (February 2013)
10 slides from Ferrovial's merger presentation, Feb 21, 2013
Slide 1: Acquisition of Enterprise – Investors' Presentation
Acquisition of Enterprise Investors’ Presentation 21 February 2013 1
Slide 2: Disclaimer
DISCLAIMER This document has been prepared by Ferrovial Servicios, S.A. (“Ferrovial Servicios” or “the Company”) exclusively in connection with the presentation of the acquisition of Enterprise plc (“Enterprise”) to investors and analysts. Therefore, this document may not be disclosed or published,
Slide 3: Key Terms of the Transaction
Key Terms of the Transaction • Acquisition 100% of Enterprise 1) Scope • Revenue: £1.1 billion; EBITDA: £60 million; employees: 9,600 (2012) 1) • Ferrovial Services Acquirer • Integration of Enterprise into Amey, Ferrovial Services’ subsidiary in the UK Price • Firm value: £385 million Financing • U
Slide 4: Enterprise - Major UK Services Provider
Enterprise - Major UK Services Provider 2012 Revenues: £1.1 billion Wide geographical coverage • Water 224 • Power 181 Utilities & Defence • Gas 112 • Defence 111 • Environment 251 Government • Local Roads 129 Services • Social 76 Housing & FM c.20 utilities c.50 councils Note: EnterpriseMouchel JV
Slide 5: Amey+Enterprise - Solid Foundations for Profitable Growth
Amey+Enterprise - Solid Foundations for Profitable Growth 2012 data Amey + Enterprise Revenues £1.2bn £1.1bn £2.3bn CAGR 2010-12 13.7% 4.6% 9.1% Revenue Growth Order Book £5.9bn £2.3bn £8.2bn Pipeline £8bn £12bn £19.5bn EBITDA £95.9m £59.9m £155.8m Operational EBITDA Margin 7.9% 5.4% 6.7% Efficiency
Slide 6: Strategic Rationale
Strategic Rationale 1 Entry into Utilities services Leading UK services provider 2 Cost synergies with broad capabilities, Service enhancement through Amey’s diverse markets and 3 asset management skills comprehensive geographical 4 Balanced portfolio of activities coverage 5 Scale and geographic co
Slide 7: Diverse and Balanced Portfolio
Diverse and Balanced Portfolio 2012 data Major Player in the UK Revenue £2.3bn Revenue £1.2bn Revenue £1.1bn Environm. 1% Consult. 10% Roads Environm. Consulting 12% 19% 11% Roads & FM Rail 39% 17% Utilities FM Roads & 48% Rail 60% FM 20% Environm. 18% 23% Utilities 22% Note: EnterpriseMouchel JV no
Slide 8: Platform for Growth in Attractive UK Markets
Platform for Growth in Attractive UK Markets Enterprise Market CAGR customer base size 2013-15E Growth drivers (examples) • Focus on maintenance spend • Severn Trent in new regulatory cycles • United Utilities Entry to Utilities £19bn 5-7% • Asset management approach • Western Power market • Outsour
Slide 9: £40m Recurring Synergies from 2015
£40m Recurring Synergies from 2015 c.£40m recurring synergies in 2015 Systematic approach to integration 39 • Focus on key cost and revenue drivers Additional − Procurement and direct costs 31 revenue − Central and divisional overheads 11 − Integrated sale of asset management and consulting services
Slide 10: High Potential of Value Creation
High Potential of Value Creation Synergies Market Growth Value Creation Cost reduction £28m pa Utilities 5-7% Asset Management Local Government 3-5% IRR c.15% contribution £11m pa Capabilities to be exported to other countries Efficient Execution Rigorous and systematic approach Ferrovial Services p