Ferrovial N.v. · BME:FER
Ferrovial — FY2004 Earnings Presentation
21 slides from Ferrovial's earnings presentation, Feb 28, 2005
Slide 1: Earnings presentation 2004
2004 Earnings presentation 28 February 2005
Slide 2: Highlights of 2004
Highlights of 2004 ♣ Change in Group profile ♣ Consolidation of acquisitions made in 2003 ♣ Cash flow Capacity to invest ♣ Cintra IPO ♣ Positioning in the USA ♣ Favourable decision in Canadian dispute Ferrovial: 2004 Earnings Presentation | 2
Slide 3: Key financial figures
Key financial figures 2004 2003 ∆% Net sales 7,268 6,026 +21% Net income 557 341 +63% Pro-forma net income(*) 344 296 +16% Operating cash flow 650 516 +26% (Net debt)/Cash 139 (591) Leverage (%) - 34 Investments 389 862 (*) Pro-forma net income: excluding extraordinary expenses on the Cintra IPO (20
Slide 4: Dividend 2004 - Board proposal
Dividend 2004 - Board proposal 2004 Interim 0.25 € Supplementary 0.57 € TOTAL 0,82 € 0,82 0,67 0,60 0,41 0,28 0,20 1999 2000 2001 2002 2003 2004 Ferrovial: 2004 Earnings Presentation | 4
Slide 5: Change in Group profile
Change in Group profile NET SALES 1998 2004 3,072 CAGR 66% 6% 42% 147 94% 58% 1998 2004 EBIT 1998 2004 452 CAGR 63% 20% 59% 24 80% 41% 1998 2004 Cyclical activities Recurring activities Ferrovial: 2004 Earnings Presentation | 5
Slide 6: International diversification
International diversification NET SALES 1998 2004 2,692 CAGR 40% 11% 37% 352 89% 63% 1998 2004 EBIT 1998 2004 328 -10% CAGR 39% 43% 110% 57% -11 1998 2004 Domestic International Ferrovial: 2004 Earnings Presentation | 6
Slide 7: Ferrovial - Growth story
Ferrovial - Growth story NET SALES EBIT CAGR 21% 7,268 CAGR 44% 766 6,026 615 5,040 4,240 485 3,598 389 2,3822,645 271 1,940 195 1,592 122 42 51 1996 1997 1998 1999 2000 2001 2002 2003 2004 1996 1997 1998 1999 2000 2001 2002 2003 2004 NET INCOME EQUITY and ROE 557 2,253 CAGR 35% 456 1,754 341 344 1,
Slide 8: 2004 Results
2004 Results Ferrovial: 2004 Earnings Presentation | 8
Slide 9: Income statement
Income statement 2004 2003 ∆% Net sales 7,268.2 6,025.9 20.6% EBITDA 1,069.0 885.8 20.7% Depreciation, amortisation and provisions 303.3 270.9 11.9% EBIT 765.8 614.9 24.5% Financial result -83.2 -71.8 15.9% Equity-accounted affiliates 11.0 4.8 130.9% Amortisation of goodwill in consolidation -76.4 -
Slide 10: Break-down by business area
Break-down by business area NET SALES 2004 2003 ∆% Construction Services Construction 3,583.0 3,601.3 -0.5% 33% 48% Real Estate 768.1 728.7 5.4% Infrastructure 614.0 523.6 17.3% 8% 10% Services 2,458.7 1,358.1 81.0% Adjustments -155.6 -185.8 Infrastructure Real Estate Total 7,268.2 6,025.9 20.6% EBI
Slide 11: Gross capital investment - Operating Cash-Flow
Gross capital investment - Operating Cash-Flow (*) Gross capital investment 2004 2003 Cyclical activities Construction 31 45 20% Real Estate 4 5 Infrastructure 193 130 80% Services 120 669 Other 42 13 Total 389 862 Recurring activities Operating Cash-Flow 2004 2003 Cyclical activities Construction 2
Slide 12: Cash position
Cash position Debt 2003 year-end 591 Funds from operations 650 Investment flows -313 Investments -433 Divestments 120 Capital flows (Cintra IPO) 482 Dividend payments -89 Cash at 2004 year-end 139 Ferrovial: 2004 Earnings Presentation | 12
Slide 13: Business areas
Business areas Ferrovial: 2004 Earnings Presentation | 13
Slide 14: Construction - Key figures
CONSTRUCTION - Key figures Construction 2004 2003 ∆% Net sales 3,583.0 3,601.3 -1% EBITDA 292.6 323.0 -10% Margin % 8.2% 9.0% EBIT 169.5 167.9 1% Margin % 4.7% 4.7% Backlog 6,721 6,106 10% • Expanding backlog CWPC (*) 258 254 • New Infrastructure Plan 2020 (Spain) CWPC (days) 26 26 • Poland Budimex
Slide 15: Services - Key figures
SERVICES - Key figures Services 2004 2003 ∆% Net sales 2,458.7 1,358.1 81% • Change in size EBITDA 242.7 109.8 121% - 2003 - Acquisitions Margin % 9.9% 8.1% EBIT 161.4 71.2 126% - 2004 - Integrate and Margin % 6.6% 5.2% Backlog 4,973 5,177 -4% increase profitability Ferrovial: 2004 Earnings Presenta
Slide 16: Services - Key figures (Amey)
SERVICES - Key figures Amey 2004 2003 ∆% Net sales 1,382.9 800.4 73% EBITDA 99.7 53.6 86% • AMEY Margin % 7.2% 6.7% EBIT 74.8 35.0 114% • No negative surprises Margin % 5.4% 4.4% • Restructuring plan Backlog 2,822 2,780 2% - Reorganise busineses - Reorganise management Ex-Amey 2004 2003 (*) ∆% - Inv
Slide 17: Infrastructure - Key figures
INFRASTRUCTURE - Key figures Infrastructure 2004 2003 ∆% Net sales 614.0 523.6 17% • Cintra IPO EBITDA 381.4 316.7 20% • Positioning in the USA Margin % 62.1% 60.5% - Awarded Chicago Skyway EBIT 290.1 245.4 18% - Awarded TTC-35 Margin % 47.2% 46.9% • Awarded Ocaña - La Roda Traffic 2004 2003 ∆% • R-
Slide 18: Infrastructure - Airports
INFRASTRUCTURE - Airports Sidney 2004 2003 ∆% Bristol 2004 2003 ∆% Net Sales 337,6 297,4 14% Net Sales 66,6 60,8 10% EBITDA 272,5 228,0 20% EBITDA 39,2 35,9 9% Margin % 81% 75% Margin % 59% 60% Pax. (millions) 27.617 24.572 12% Pax. (millions) 4.607 3.841 20% VALUATION (*) RECEIPT DIVIDENDS 749 38,3
Slide 19: Real Estate - Key figures
REAL ESTATE - Key figures Real Estate 2004 2003 ∆% Net sales 768.1 728.7 5.4% EBITDA 150.8 136.6 10.3% Margin % 19.6% 18.7% EBIT 146.0 132.7 10.0% • Stable growth and profitability Margin % 19.0% 18.2% Backlog 999 1,036 -3.6% • Pro-active risk management Pre-sales 694 720 -3.6% Land 213 378 -43.6% F
Slide 20: Building the future
Building the future ♣ Solid, profitable portfolios Visibility ♣ Investment capacity intact ♣ International positioning ♣ Eastern Europe ♣ USA ♣ OECD ♣ Good prospects in the domestic market ♣ Continue integrating acquisitions Ferrovial: 2004 Earnings Presentation | 20
Slide 21: Investor Relations contact
2004 Earnings presentation INVESTORS RELATIONS C/ Príncipe de Vergara, 135 28002 MADRID (España) Phone: 91 586 27 30 Fax: 91 586 28 69 e-mail: [email protected] website: www.ferrovial.com 28 February 2005