Ferrovial N.v. · BME:FER
Ferrovial — FY2013 Earnings Presentation
24 slides from Ferrovial's earnings presentation, 2014
Slide 1: Investing for growth - 2013 full year results
Investing for growth 1 2013 E-mail: [email protected] – Tel: +34 91 586 27 30 full year results
Slide 2: Disclaimer
Disclaimer This document may contain statements that constitute forward looking statements about the Company. These statements are based on financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations, which refer to estimates regardin
Slide 3: Agenda
Agenda • 2013 Highlights • Business Units • Financial Results • Looking Ahead
Slide 4: 2013 Highlights (i)
2013 Highlights (i) Record backlog in Services (€17.7bn) Projects awarded: OPERATIONAL M8 (Scotland) GROWTH NTE 3A-3B managed lanes (Texas) Enterprise & Steel acquisition (UK & Chile, Services division) €1.0bn operating cash flow FINANCIAL €461mn dividends from infrastructure projects FLEXIBILITY (e
Slide 5: 2013 Spain outlook
2013 Spain outlook Industrial waste (Ferrovial) Activity cash flow (Ferrovial) Tons €mn 2012 -16.4% 2010-11 -26 2013 +1.9% 2013 +84 Traffic toll roads Improving days of sales outstanding Ausol I Ferrovial Services 211 201 1H’13 -17.6% 164 148 155 146 FY’13 -9.8% 120 Dec’13 +2.4% 2007 2008 2009 2010
Slide 6: 2013 Highlights (ii) Strength & Visibility
2013 Highlights (ii) € million % Change* L-f-L Revenue 8,166 +9% EBITDA 934 +5% Net Income 727 ex–infra projects Operating cash flow 1,048 +15% Net cash position 1,663 +12% Construction backlog 7,867 -7% Services backlog 17,749 +41% Strength & Visibility * Excluding forex impact. 6 E-mail: ir@ferrov
Slide 7: Agenda
Agenda • 2013 Highlights • Business Units • Financial Results • Looking Ahead
Slide 8: Toll roads
Toll roads € million 2013 ∆% • €242mn dividends from projects (2012, €220mn) L-f-L 429 +13% Revenues • Traffic recovery in Ireland and Portugal EBITDA 276 +3% EBITDA % 64.4% • Traffic stabilising in Spain • New projects awarded 2013 ∆% L-f-L Q4 FY NTE 3A3B, Texas, US M8, Scotland, UK Ausol I -0.4% -
Slide 9: 407ETR (Equity method, Ferrovial stake: 43%)
407ETR (Equity method, FERROVIAL stake: 43%) CAD million ∆% • Sharp increase in dividend 2013 L-f-L 680 600 801 +9% 460 (CAD million) Dividend Revenues 300 190 EBITDA 665 +9% EBITDA % 83.0% +10bps 2009 2010 2011 2012 2013 Net debt 5,577 +8% • EBITDA growth (+9%) Traffic (+0.7%) Resilient performance
Slide 10: Services
Services € million 2013 ∆% UK Spain L-f-L Revenues 3,656 +29% +56% Revenues +0.4% EBITDA 322 +15% +41% EBITDA -4% EBITDA % 8.8% -200 bps +53% BACKLOG +21% Backlog 17,749 +41 % L-f-L Backlog by geographic breakdown • Strong cash flow generation €359mn 63% 36% UK Spain Other 1% • Enterprise acquisitio
Slide 11: Amey - profitable growth
Amey -profitable growth Proven organic growth (sales) 2013: Enterprise synergies on track Amey £ million 35 40 £ billion CAGR: 9.7% Synergies 7 1,2 0,7 Net -9 +16 +40 19 16 2007 2012 Costs 2013 2014 (e) 2015 (e) UK Services market is growing Backlog: Anticipating future growth Amey/Enterprise active
Slide 12: Spain: resilient operations & financial performance
Spain: resilient operations & financial performance € billion Sales 100% EBITDA / Cash flow conversion Cumulative 2007 - 2013 Stability 1,39 1,42 1.33 1,37 2007 2013 EBITDA OCF Local government operating spend Backlog: Anticipating future growth 34,2 6,3 24,7 5,2 -28% 2007 2012 2012 2013 Source: Pre
Slide 13: Construction
Construction € million 2013 ∆% ∆% L-f-L L-f-L Budimex Webber F-A Revenues 4,064 -5% Revenues -22% +20% -0.1% EBIT 315 +8% EBIT -14% +14% +12% EBIT % 7.7% +90 bps Backlog 7,867 -7% Backlog -11% -11% -5.6% Backlog by geographic breakdown • Cash flow generation (€304mn) despite 70% 30% declining revenu
Slide 14: HAH (Equity method, Ferrovial stake 25.0%)
HAH (Equity method, FERROVIAL stake 25.0%) 100% GBP million 2013 ∆% • €219mn dividends from HAH L-f-L Revenues 2,652 +12% HAH 100% 2013 dividend - GBP 555mn including GBP 300mn from Stansted divestiture EBITDA 1,441 +18% EBITDA % 54.3% +257 bps • Record 72.3 million passengers at Heathrow in 2013, u
Slide 15: Financial highlights (ex-infrastructure projects)
Financial highlights (ex-infrastructure projects) Gross investment € million 754 • Higher investment 353 Average 2010-2012 2013 - Longer duration • Debt diversification BBB / Stable ( 5 & 8 ye a r s b o n d i s s u a n c e ) - Lower cost BBB- / Stable 1,048 745 • Operating cash flow Average 2010-201
Slide 16: Highest operating cash flow since 2009
Highest operating cash flow since 2009 € million OPERATING CASH FLOW 1.048 2013 2012 914 841 Construction 304 100 811 Services 359 495 Toll Roads (dividends) 242 220 510 Airports (dividends) 219 145 Other (27) (16) Taxes (48) (30) TOTAL 1,048 914 2009 2010 2011 2012 2013 Balanced contribution from b
Slide 17: Net debt evolution
Net debt evolution € million EX-PROJECTS 1.663 1.484 569 489 115 (73) (191) (207) (523) Net cash Dec´12 EBITDA Provision release WK Construction Dividends from Net investment Dividends paid Interest, Taxes & Net cash Dec´13 & Lower factoring & Services projects Other INFRA PROJECTS 365 271 21 -61 -3
Slide 18: Financial position (ex-infra projects)
Financial position (ex-infra projects) € million 2014-2019 maturities 501 509 53 43 11 20 3 2014 2015 2016 2017 2018 2019 >2019 Liquidity position 937 3.788 2.851 Total cash Undrawn lines Total liquidity 18 E-mail: [email protected] – Tel: +34 91 586 27 30
Slide 19: Profit & Loss
Profit & Loss TOTAL VAR. (€mn) L-f-L(1) Net Revenue 8,166 +9% EBITDA 934 +5% Depreciations (233) +8% EBIT 701 +4% Disposals & impairments(2) 126 Net Financial Result (333) Equity accounted 375 EBT 869 Taxes (168) Minorities 26 NET PROFIT 727 733 (1): Like-for-Like: Excluding forex impact, and fair v
Slide 20: Agenda
Agenda • 2013 Highlights • Business Units • Financial Results • Looking Ahead
Slide 21: Looking ahead: Strong financial discipline
Looking ahead CONSTRUCTION TOLL ROADS SERVICES AIRPORTS Margin vs. growth Dividends from 407 & HAH Strong backlog Attractive pipeline of projects Selective growth in existing & Co-investment with financial new markets partners Strong financial discipline 21 E-mail: [email protected] – Tel:
Slide 22: Shareholder remuneration
Shareholder remuneration Dividend 2013 (Euros/share) Interim (paid Dec’13) 0.40 Complementary 0.25 - 0.30 TOTAL 0.65 - 0.70 1.25 0.65 - 0.70 0.40 0.42 0.45 2009 2010 2011 2012 2013 22 E-mail: [email protected] – Tel: +34 91 586 27 30
Slide 23: Q&A Session
Q&A Session 23 E-mail: [email protected] – Tel: +34 91 586 27 30
Slide 24: Investor Relations Department
INVESTOR RELATIONS DEPARTMENT - C/ Príncipe de Vergara, 135 - 28002 MADRID (Spain) T: +34 91 586 27 30 F: +34 91 586 28 69 e-mail: [email protected] website: www.ferrovial.com