Ferrovial N.V. · BME:FER
Ferrovial — FY2022 Earnings Presentation
30 slides from Ferrovial's earnings presentation, Feb 28, 2023
Slide 1: FY 2022 Financial Results
FY 2022 FINANCIAL RESULTS Picture: I-66 28 February 2023 February 2023 1
Slide 2: Disclaimer
February 2023 DISCLAIMER 2 Pic: solar photovoltaic plant “El Berrocal “
Slide 3: Disclaimer (cont.)
February 2023 DISCLAIMER (cont.) 3 Pic: solar photovoltaic plant “El Berrocal “
Slide 4: Disclaimer (cont.)
February 2023 DISCLAIMER (cont.) 4 Pic: solar photovoltaic plant “El Berrocal “
Slide 5: 2022 Overview
2022 OVERVIEW • Toll Roads: MLs posted strong revenue growth despite global macro environment. 407ETR solid increase vs. 2021 following a late reopening. • Airports: strong traffic recovery. • Construction: inflationary pressure mitigated by active management. Orderbook at all-time-high. • I-66 Mana
Slide 6: 2022 Main Figures
2022 MAIN FIGURES DIVIDENDS REVENUES ORDERBOOK FROM €7.6bn €14.7bn PROJECTS €475mn GROSS GROSS NET CASH INVESTMENT* DIVESTMENT* POSITION * -€856mn €429mn €1.4bn Pic: LBJ *Ex-infrastructures February 2023 66
Slide 7: Strategy – On the Road to Horizon 24
STRATEGY – ON THE ROAD TO HORIZON 24 • • • • • • • • • • • • • • • 7 February 2023 7
Slide 8: ESG
ESG EU TAXONOMY*** 2022 vs 2022 TARGET 2021 Restrictive scenario -35.3% Scope 1 & 2 absolute emissions (vs 2009) -25.4% -3.6% GHG 2030 emissions Scope 3 absolute emissions (vs 2012) -36.8% -20% 2030 -2.9% 40% 25% Renewable 100% Eligible Aligned Consumption (% total consumption) 70% -4.0% Revenue Rev
Slide 9: Long Duration Value Creation Potential with Inflation & Interest Rates Protection
LONG DURATION VALUE CREATION POTENTIAL WITH INFLATION & INTEREST RATES PROTECTION % Equity Value* US Managed Lanes 407ETR Others • • Heathrow • • • NTO 407ETR HEATHROW NEW TERMINAL US MLs ONE • • • • 407ETR US MLs NTO Heathrow Others Flexible pricing framework CPI linked Inc. other infra projects an
Slide 10: FY 2022 Performance vs 2021 (US Managed Lanes)
FY 2022 PERFORMANCE vs 2021 EUR mn DEC-22 % Ch LfL Revenues 780 22.4% EBITDA 550 21.6% EBITDA mg 70.5% • • +44.5% +45.0% USD215mn Revenue EBITDA NTE USD155mn LBJ USD60mn ASSETS UNDER DEVELOPMENT • • • • • • • Pic: NTE35W • • • February 2023 10 10
Slide 11: 407 ETR: Traffic Recovery Continues & Dividend Ramping Up
407 ETR TRAFFIC RECOVERY CONTINUES & DIVIDEND RAMPING UP FY 2022 PERFORMANCE vs 2021 CAD mn DEC-22 VAR. Traffic (VKT mn) 2,213 30.5% Revenues 1,327 29.7% EBITDA 1,139 32.6% EBITDA mg 85.8% • DIVIDENDS • FINANCIAL POSITION • • Picture: 407 11 February 2023 11
Slide 12: Toronto: Solid Growth vs. 2021 Following the Reopening
TORONTO SOLID GROWTH VS. 2021 FOLLOWING THE REOPENING 407ETR PERFORMANCE VS. 2019 & 2021 (VKT) EVOLUTION OF 407, MAIN ALTERNATIVES & URBAN TRANSIT* (VS. 2019) RETURN TO THE OFFICE CATCHING UP WITH OTHER • GEOGRAPHIES DESPITE A SLOWER START** • 42% • o o o February 2023 12
Slide 13: Toronto: Key Drivers to Fuel Long Term Growth
TORONTO KEY DRIVERS TO FUEL LONG TERM GROWTH MAJOR EMPLOYMENT ZONES ALONG THE 407 POPULATION • An Immigration Plan to Grow the Economy • ONTARIO MACROECONOMIC FORECAST** OUTLOOK • • • February 2023 13
Slide 14: DFW Managed Lanes: Double Digit Rev/Transaction Growth
DFW MANAGED LANES DOUBLE DIGIT REV/TRANSACTION GROWTH AVG REVENUE PER TRANSACTION NTE LBJ NTE35W +18.8% +11.8% +20.7% • FY 2022 PERFORMANCE (VS. 2021) NTE VAR. LBJ VAR. NTE35W VAR. Transactions Revenues EBITDA EBITDA mg NTE35W & LBJ IMPACTED BY CONSTRUCTION WORKS Pic: LBJ February 2023 1414
Slide 15: Managed Lanes Revenue Outperformance vs. Pre-COVID Levels
MANAGED LANES REVENUE OUTPERFORMANCE VS. PRE-COVID LEVELS IN ALL ASSETS TRAFFIC & REVENUE RECOVERY (INDEX 100 = FEB 2020*) NTE 35W: NTE: LBJ: I-77: Traffic Revenues February 2023 15
Slide 16: DFW: North Texas Top Area for Job and Population Growth
DFW NORTH TEXAS CONTINUES TO BE A TOP AREA FOR JOB AND POPULATION GROWTH • Samsung • JC Penney • Wells Fargo • Goldman Sachs • Oneworld Alliance’s • In terms of employment, DFW-Arlington, was 3rd region of the nation’s 12 largest metropolitan statistical areas**** • According to Texas Mobility Plan
Slide 17: I-77: Revenues Growing Due to Higher Tolls & Traffic
I-77 REVENUES GROWING DUE TO HIGHER TOLLS & STRONG TRAFFIC GROWTH FY 2022 PERFORMANCE vs 2021 USD mn DEC-22 VAR. Transactions 34 18.7% Revenues 61 66.6% EBITDA 38 90.8% EBITDA mg 62.9% REVENUES • • +43.1% ADDITIONAL 7.135% STAKE ACQUISITION • Acquired stake for USD 109mn (EUR 104mn) • The deal highl
Slide 18: I-66: Full Configuration Open to Traffic, Ahead of Schedule
I-66 FULL CONFIGURATION OPEN TO TRAFFIC, DELIVERED AHEAD OF SCHEDULE PROJECT DETAILS REGION UPDATE • I-66 MLs fully open on Nov 22nd, with initial operating data ramping up in • Virginia shows a low unemployment rate (2.8%*, below the national line with expectations. rate 3.7%) • Flexible pricing fr
Slide 19: IRB: Promising Growth Ahead
IRB PROMISING GROWTH AHEAD SOLID PERFORMANCE EURmn DEC-22 VAR. Revenues 802 10.7% EBITDA 427 14.2% EBITDA mg 53.2% • Double digit traffic growth vs. 2021 in main assets (traffic already above pre-COVID levels): Mumbai-Pune +16.5% & Ahmedabad-Vadodara +10.9% • Inflation linked toll rates: Ahmedabad-V
Slide 20: Heathrow: Traffic Grew More Than Any Other Major Airport
HEATHROW TRAFFIC GREW MORE THAN ANY OTHER MAJOR AIRPORT FY 2022 PERFORMANCE vs 2021 (Heathrow SP) GBP mn DEC-22 VAR. Revenues 2,913 140.0% EBITDA 1,684 n.s. EBITDA mg 57.8% OPERATIONAL PERFORMANCE MONTHLY TRAFFIC (passengers mn) 8 7 6 5 4 3 2 1 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec • • •
Slide 21: Other Airport Assets
OTHER AIRPORT ASSETS AGS - ONGOING TRAFFIC IMPROVEMENT DALAMAN - STRONG TRAFFIC RECOVERY EUR mn DEC-22 GBP mn DEC-22 VAR. Revenues 44 Revenues 167 92.4% EBITDA 35 EBITDA 47 n.s. EBITDA mg 79.0% EBITDA mg 28.3% Concession fee depreciation -4 EBITDA post concession fee* 30 Operating performance MONTHL
Slide 22: Construction: Solid CF Generation, Orderbook at All-Time High
CONSTRUCTION SOLID CF GENERATION. ORDERBOOK AT-ALL-TIME HIGH FY2022 PERFORMANCE vs 2021 EUR mn DEC-22 DEC-21 % Ch LfL Revenues 6,463 6,077 2.2% EBIT 63 132 -50.5% EBIT % 1.0% 2.2% Order book 14,743 12,216 18.7% • POSITIVE OPERATING CF • • ORDER BOOK AT ALL TIME HIGH Pic: Thames Tideway Tunnel • 15%
Slide 23: P&L
P&L EUR mn DEC-22 DEC-21 REVENUES 7,551 6,910 EBITDA 728 610 Period depreciation -299 -270 EBIT (ex disposals & impairments) 429 340 Disposals & impairments -6 1,139 EBIT 423 1,479 Financial Result from infrastructure projects -365 -307 Financial Result from ex-infrastructure projects 45 -28 FINANCI
Slide 24: Net Debt Evolution (Ex-Infrastructure)
NET DEBT EVOLUTION (EX-INFRASTRUCTURE) INCLUDING DISCONTINUED ACTIVITIES 228 475 (119)** (91) 429 (856) NCP does not include (578) Amey’s vendor loan (€189mn) (232) 2,182 1,439 NCP Dec'21*** Dividends EBITDA* WC Taxes Investments Divestments Shareholder Other NCP Dec'22*** from projects evolution Re
Slide 25: Transaction Approval at AGM: Corporate Reorganisation
TRANSACTION APPROVAL AT AGM CORPORATE REORGANISATION TO ALIGN CORPORATE STRUCTURE WITH INTERNATIONAL PROFILE* 1 2 3 • • • • • • • • • • • *Information on the rationale of the transaction can be found in the common draft terms of the Merger published on www.ferrovial.com **According to research analy
Slide 26: Transaction Description (i): Reverse Merger into FISE
TRANSACTION DESCRIPTION (i) FERROVIAL, S.A. REVERSE MERGER INTO FERROVIAL INTERNATIONAL SE (FISE) - SEEKING A DUAL LISTING IN THE NETHERLANDS AND SPAIN, AND APPLY FOR SUBSEQUENT LISTING IN THE US Reverse Merger of Ferrovial, S.A. into Ferrovial International SE "FISE", a Dutch SE that already CURREN
Slide 27: Transaction Description (ii): Reverse Merger into FISE
TRANSACTION DESCRIPTION (ii) FERROVIAL, S.A. REVERSE MERGER INTO FERROVIAL INTERNATIONAL SE (FISE) - SEEKING A DUAL LISTING IN THE NETHERLANDS AND SPAIN, AND APPLY FOR SUBSEQUENT LISTING IN THE US CURRENT STRUCTURE Ferrovial, S.A. Spanish Entity Merger • 100 Listed on Spanish 100% % Stock Exchange F
Slide 28: Pic: NTE35W
• • • • • • • • Pic: NTE35W February 2023 28
Slide 29: Q&A
Q&A February 2023 29
Slide 30: Investor Relations Contact
For a world on the move INVESTOR RELATIONS DEPARTAMENT Ferrovial Corporacién, S.A. Principe de Vergara, 135 28002 Madrid (Spain) Tel. +34 91586 2730 Fax +34 91586 28 69 e-mail: [email protected] website: www.ferrovial.com Sustainability Award S&P Global @ TOP RATED ESG ferrovial | £2 Corporate ESC Pe