january-march 2013 results

January - March 2013

Results

1

A I R P O R T S M O T O R W A Y S C O N S T R U C T I O N S E R V I C E S

INDEX

GENERAL OVERVIEW ....................................1 Business performance ...............................1

MOTORWAYS ...............................................2 Traffic performance ..................................2 Other important matters ...........................3 Contract awards .......................................3 Tenders ...................................................3 407-ETR ..................................................4

SERVICES ....................................................5 Businesses in Spain ..................................5 United Kingdom .......................................5 Other international ...................................5 Backlog ...................................................5 Corporate activity .....................................6

CONSTRUCTION ...........................................7 Budimex ..................................................7 Webber ...................................................7 Ferrovial Agroman ....................................7 Backlog ...................................................7

AIRPORTS ...................................................8 HAH traffic ...............................................8 Tariffs .....................................................8 Income statement ....................................9 Regulatory matters ...................................9 Net debt ..................................................9 Dividends ................................................9 Disposals .................................................9

CONSOLIDATED INCOME STATEMENT ......... 10 BALANCE SHEET AND OTHER MAGNITUDES . 12

Consolidated net debt ............................. 13 Corporate credit rating ............................ 13 Corporate bond issuance ......................... 13

APPENDIX I: SIGNIFICANT EVENTS ............. 14 APPENDIX II: PRINCIPAL CONTRACT AWARDS

................................................................ 15 APPENDIX III: EXCHANGE-RATE MOVEMENTS

................................................................ 16 Comparable information: Income statement analysis in like-for-like terms responds to the need to have an accurate picture of the performance of the underlying business. The principal adjustments made to achieve this comparable analysis is the elimination of fair-value adjustments (hedging, impairments and asset revaluations), Exchange-rate movements and changes to the consolidation perimeter. *EBIT For the purposes of analysis, all the comments referring to EBIT are before impairments and disposals of fixed assets

GENERAL OVERVIEW The highlights of the first quarter of 2013 were Ferrovial’s first issuance of corporate bonds, the award of

the concession for a new section of the North Tarrant Express toll motorway in Texas to a consortium led

by Cintra (with a total estimated investment of USD1,380mn), the acquisition of Enterprise (one of the

top British companies in the field of services to utilities and the public sector), and the initiation of

services for the mining industry with the acquisition of Steel Ingeniería in Chile.

Ferrovial successfully placed its first corporate bond issue (EUR500mn of senior five-year bonds at 240bp

over midswap, with a coupon of 3.375%). Demand exceeded EUR5,590mn or 11x oversubscribed. The

proceeds have been applied to amortizing corporate debt.

The merger of Enterprise into Amey, the subsidiary of Ferrovial Servicios in the UK, will create a company

that has one of the most diversified product offerings in the sector, 21,000 employees and will double

Amey’s turnover in the UK to more than EUR2,600mn. The deal will facilitate entry into the services to

utilities segment.

During the first quarter, HAH paid a quarterly dividend to its shareholders amounting to GBP64mn (vs.

GBP60mn in 2012). The 407ETR also paid a quarterly dividend, in this case amounting to CAD100mn (vs.

CAD87.5mn in 2012).

The net cash position excluding infrastructure projects stood at EUR1,047mn at the end of the first

quarter. This figure does not reflect the payment made for the acquisition of the services company

Enterprise in April 2013.

BUSINESS PERFORMANCE The combination of tariff increases and cost-controls resulted in notable growth at the EBITDA level at

both Heathrow Airport (+11%) and the 407ETR toll motorway (+7%), both in local currency terms. Both

assets are consolidated by the equity method.

As regards traffic, Heathrow posted a new record in the first quarter (16 million passengers vs. 15.7

million in the same period last year), or growth of 1.8%. Traffic on the 407ETR (-1.5%) was affected by

the fact that in 2013 the quarter had two fewer working days than in the same period in 2012.

The Services division was stable in terms of revenues (-1.9%), affected by the decline in activity in Spain,

mainly offset by the new contracts in the UK.

In the Construction business, the trend observed in previous quarters continues, with declining domestic

activity partially offset by international growth.

At the Toll Motorways division, the weak economic environment and fuel prices close to all-time highs

worked against any recovery in traffic.

Consolidated revenues reached EUR1,643mn and EBITDA EUR181mn. Net income reached 100 million

euros.

Mar-13 Mar-12 Chg. (%) LfL (%)

Mar-13 Dec-12 Chg. (%)

Revenues 1,642.8 1,707.2 -3.8 -1.8

Construction Backlog 8,538 8,699 -1.9

EBITDA 180.8 192.0 -5.9 -6.2

Services Backlog 12,542 12,784 -1.9

EBIT* 129.7 141.4 -8.3 -9.5

Net result 100.0 7.6 n.s. 26.9

Traffic Mar-13 Mar-12 Chg. (%)

Capex -79.5 -66.4 19.7

ETR 407 (VKT´ 000) 501,920 509,432 -1.5

Chicago Skyway (ADT) 34,298 35,320 -2.9

Indiana Toll Road (ADT) 22,629 22,066 2.6

Autema (ADT) 14,603 16,723 -12.7

Mar-13 Dec-12 Chg. (mn)

Ausol I (ADT) 9,207 11,456 -19.6

Net financial Debt -5,755.8 -5,105.5 -650

Ausol II (ADT) 11,916 13,035 -8.6 Net Debt Ex-Infrastructure Projects

1,047.1 1,489.2 -442

Heathrow (million pax.) 16.0 15.7 1.8

Results January-March 2013

2

MOTORWAYS

Mar-13 Mar-12 Chg (%) Like for

Like (%)

Revenues 97.0 88.0 10.2 10.1

EBITDA 59.2 80.3 -26.3 -26.3

EBITDA Margin 61.0% 91.3%

EBIT 43.8 66.3 -33.9 -33.9

EBIT Margin 45.2% 75.3%

Revenues increased by 10%, partly due to the entry into operation of the

SH-130 in November 2012 and the significant tariff hike on the Chicago

Skyway (+14% for light vehicles and +25% for heavy vehicles), with

traffic performance more resilient than expected. Growth at sales level

was driven as well by the reversal of a provision carried out in 2012 in

Norte Litoral, due to a potential penalty on unavailability.

The inclusion in 1Q12 of the reversal of EUR20mn of VAT-related

provisions at Autema, was reflected in the 26% drop at the EBITDA level.

TRAFFIC PERFORMANCE

In Spain, traffic on all the corridors continued to decline at similar rates to

those observed in the last quarter of 2012. This decline is explained by

the deterioration in the economy and the rise in fuel prices. On top of the

declining traffic through the corridors, the toll motorways continued to

lose market share, for two fundamental reasons: i) the accumulated drop

in traffic since the beginning of the economic crisis has resulted in a

considerable improvement in traffic conditions on the non-toll alternative

routes; and ii) the reduced willingness to pay tolls in difficult economic

times, has been exacerbated in recent quarters by the general

uncertainty regarding the Spanish economy, the loss of purchasing power

due to the increased tax burden imposed by the government and the

increase in unemployment. On top of all this, VAT increased from 18% to

21% as of 1 September 2012, which increased user tariffs by 2.5%.

There are also other specific factors weighing on Spanish toll motorways:

At Ausol, the (7.5%) increase in the tariff, effective 28 July 2012, as a

result of the cancellation of a compensation account approved in 1999 for

lower traffic at that time, and the opening to traffic of the San Pedro de

Alcántara tunnel on 26 June, are having a negative impact on traffic on

the tranche I of the motorway.

At Autema, 1 January 2013 was the first anniversary of the coming into

effect of the new tariff decree, which removed the discount for local users

on the Sant Cugat-Terrassa section. Now that the effect of this change in

the tariff regime has consolidated, the decline in traffic has moderated.

This motorway has a compensation mechanism that guarantees its

operating results, according to the 1999 agreement.

In Portugal, the modification to the Norte Litoral’s concession contract

eliminated the traffic risk, and the contract for the Algarve motorway

concession is in the process of being modified along similar lines. In the

Azores, 15 December 2012 was the first anniversary of the full opening of

the concession. The drop in traffic is due to the combination of adverse

weather conditions and a calendar effect with two fewer working days,

which had a negative effect on works in the region and thus on heavy

vehicle traffic.

Ireland: On the M4 there were clear signs of recovery in the first quarter.

Even though traffic on the motorway continues to decline, market share

has increased. On the M3, as on the M4, first quarter traffic growth was

practically flat for both light and heavy vehicles, indicative of a change of

trend.

Traffic (IMD) Revenues EBITDA EBITDA Margin

Full consolidation Mar-13 Mar-12 Chg. Mar-13 Mar-12 Chg. Mar-13 Mar-12 Chg. Mar-13 Mar-12 Chg.

(pbs)

Chicago Skyway 34,298 35,320 -2.9% 13.1 11.2 17.0% 11.2 9.5 18.0% 84.8% 84.2% 67

SH-130 5,307 3.0 n.s. 1.0 0.1 n.s. 32.3%

Ausol I 9,207 11,456 -19.6%

Ausol II 11,916 13,035 -8.6%

Ausol

7.7 9.9 -22.1% 5.6 7.5 -25.6% 72.0% 75.3% -335

Autema* 14,603 16,723 -12.7% 20.9 21.3 -1.7% 19.2 38.9 -50.7% 91.7% 182.9% -9,113

Radial 4 4,044 4,672 -13.4% 2.9 3.2 -8.0% 1.2 0.8 63.7% 42.7% 24.0% 1,869

Ocaña-La Roda 2,278 2,282 -0.1% 2.3 2.2 4.9% 0.6 0.4 54.4% 26.6% 18.1% 851

M4 23,209 23,507 -1.3% 5.0 4.9 1.5% 3.4 3.4 0.4% 68.6% 69.4% -78

M3* 24,749 24,537 0.9% 5.2 4.7 10.5% 3.9 3.6 8.8% 76.1% 77.3% -121

Euroscut Algarve

8.7 10.0 -13.2% 7.7 9.0 -14.6% 88.9% 90.3% -144

Euroscut Norte Litoral*

19.5 10.6 84.2% 18.1 9.5 89.2% 92.7% 90.3% 241

Azores 7,431 8,186 -9.2% 4.8 5.2 -7.7% -1.6 4.2 n.s. -32.3% 79.8% n.s.

Holding & Others 4.0 4.9 n.s. -11.0 -6.5 n.s.

Total

97.0 88.0 10.2% 59.2 80.3 -26.3% 61.0% 91.3% -3,021

Equity consolidated Mar-13 Mar-12 Chg. Mar-13 Mar-12 Chg. Mar-13 Mar-12 Chg. Mar-13 Mar-12 Chg.

(pbs)

407 ETR (VKT) 501,920 509,432 -1.5% 124.8 118.5 5.4% 101.5 95.9 5.8% 81.3% 80.9% 34

Indiana Toll Road 22,629 22,066 2.6% 34.1 32.0 6.6% 24.2 24.7 -1.7% 71.1% 77.1% -601

Ionian Roads 24,444 26,502 -7.8% 12.2 12.5 -2.4% -0.3 4.7 -106.2% -2.4% 37.9% n.s.

* Financial assets


3

Traffic trends on the North American motorways continued to be positive,

thanks to the modest improvement in the economy and the slight decline

in the price of fuel. The strength of heavy vehicle traffic in particular,

reinforces the impression of economic recovery.

Chicago Skyway: traffic performance was more robust than expected

after the significant hike in tariffs (+17.5%), especially as regards heavy

vehicles.

Indiana Toll Road: traffic recovery continued on this motorway. The

increases in heavy vehicle traffic on all sections of the motorway and in

light vehicle traffic on the sections furthest away from the Skyway, more

than offset the negative impact of the traffic increases on this motorway.

SH-130: traffic on this motorway, which was opened to traffic in October

2012 and for which no comparable data is thus available, is at its highest

on the days before a public holiday. The concession reached an

agreement with TxDOT on 1 April, under the terms of which heavy

vehicles will pay the same toll as light vehicles for one year, to encourage

heavy vehicle use. TxDOT will compensate the concession for revenues

lost resulted from the reduction in tolls for heavies.

OTHER IMPORTANT MATTERS

TARIFF INCREASES ON THE CHICAGO SKYWAY

On 1 January 2013, and in accordance with the increases set in the

contract, new tariffs came into effect. The weighted average increase was

17.5%, with charges for light vehicles increasing by 14% and 25% for

heavy vehicles.

RADIAL 4

On 14 September 2012, the Board of the Radial 4 agreed to request

protection from its creditors through the courts. On 4 October, this

request for voluntary creditor protection was granted.

The Radial 4 project has been directly affected by external factors

(substantial reduction in expected traffic levels, higher expropriation

charges, economic crisis, etc.), which under the current conditions

prevent the motorway from meeting various commitments to

expropriated landowners and financial institutions. An important factor in

this decision, was that the possible measures of support to the concession

in legal terms were not correctly implemented by the contracting body.

The above-mentioned decision – an anyway compulsory step in legal

terms - was taken in view of all these elements, in the confidence that a

solution could be reached within the next few months.

Ferrovial’s investment relating to this project is fully provisioned, such

that the resolution of the creditor protection situation should have

absolutely no negative impact whatsoever on the group’s accounts.

The net debt associated with this asset amounts to EUR587mn.

As a result of filing for creditor protection, the stand-still agreements with

the lending banks were terminated.

OCAÑA - LA RODA

The Ocaña-La Roda toll motorway filed for creditor protection on 19

October 2012. On 4 December the courts accepted the request.

Ferrovial’s investment in this project is provisioned in full, and it does not

expect there to be any negative impact whatsoever on its accounts from

the resolution of the creditor protection situation.

The net debt associated with this asset amounts to EUR532mn.

The creditor protection filing triggered the early expiration of the

financing contract, which matured on 31 December 2012.

DIFFERENTIATION BETWEEN FINANCIAL AND

INTANGIBLE ASSETS

In the application of IFRIC 12, concession contracts can be classified as

either intangible or financial assets. Contracts treated as financial assets

are those than include some revenue guarantee mechanism, and where

there is thus no traffic risk. In the case of Cintra, the concessions treated

as financial assets are the following: Autema, Norte Litoral and the M-3.

CONTRACT AWARDS

NTE extension: On 4 March 2013 Cintra signed the contract for the

design, construction, financing and operation of the new section (NTE 3A-

3B), which lengthens the NTE toll motorway. The total estimated

investment is USD1,380mn for a 43-year concession dating from the

opening to traffic, expected to be in mid-2018.

The project includes Section 3A (10.5km), the junction between the I-

35W and the IH-820; and Section 3B (5.8km).

The project comprises remodelling the existing lanes, which will be toll-

free, and the construction of two additional ‘managed lanes’ that will be

subject to electronic tolls, as well as the operation and maintenance of

the whole section.

Cintra will be responsible for the construction of Section 3A and the

junction, which will be carried out by Ferrovial Agroman and Webber, as

well as the operation and maintenance of the two segments. The Texas

Department of Transport (TxDOT) will be responsible for the construction

of Section 3B.

The consortium comprises Cintra, Meridiam Infrastructure y Dallas Police

and Fire Pension System.

The financing is expected to be closed in 3Q13.

TENDERS

In spite of the uncertainty in the markets, there has been a slight

recovery in the development activities of public authorities in some of

Ferrovial’s international target markets.

In North America, Ferrovial is evaluating various different projects in

various States, and in Europe, the company is working on various

projects.

The company is also studying projects in other markets such as Australia

and Latin America.


4

407-ETR

CAD Mar-13 Mar-12 Chg (%)

Revenues 166.7 156.5 6.5

EBITDA 135.5 126.6 7.0


EBIT 121.5 112.7 7.7


Financial results -50.2 -70.0 28.3

EBT 71.2 42.7 66.7

Corporate income tax -18.9 -11.0 -71.6

Net Income 52.4 31.7 65.1

Net Income attributable to Ferrovial

22.6 13.7 65.1

Contribution to Ferrovial equity

accounted result (€) 13.7 7.1 91.9

N.B: since Ferrovial’s disposal of 10% in 2010, the motorway has been consolidated by the equity method, as a reflection of the percentage controlled by Ferrovial (43%).

407ETR posted significant revenue and EBITDA growth of 6.5% and

7.0% respectively in local currency terms. This positive performance

reflected the combination of the tariff increases that came into effect on 1

February and robust traffic. Average revenues per journey had an

increase above 8% vs. 2012.

The financial result was a substantial improvement over the same period

last year due to the fall in CPI, which had a positive impact on the

inflation-linked bonds.

407ETR contributed EUR13.7mn to Ferrovial’s equity-accounted results,

after the annual amortization of the goodwill generated after the sale of

10% of the company in 2010, which is amortized over the life of the asset

as a function of the anticipated traffic levels.

DIVIDENDS

On 14 February, the Board of 407 International approved the payment of

an ordinary dividend of CAD0.129/share, totaling CAD100mn.

After the close of the quarter, and coinciding with the publication of its

results, the motorway announced and distributed a second payment of

CAD130mn.

CAD 2013 2012 Chg.%

Q1 100.0 87.5 +14,2

Q2 130.0 87.5 +48,4

Q3 87.5

Q4 189.9

Q4 147.3

Total Q4 337.1

Total 599.9

TRAFFIC

The slight decline in traffic measured in terms of kilometers travelled

(VKT) (-1.5%), was due to the calendar effect of two fewer working days

in 2013 (with Easter falling in March in 2013 and in April in 2012) and one

day fewer due to 2012 being a leap year. In normalized terms, traffic

growth in the first quarter was flat. The average distance travelled

increased by 0.6% per trip and the average numbers of journeys per day

also increased. The particular strength of heavy vehicle traffic reflects the

correlation with economic recovery in the province of Ontario.

NET DEBT

407ETR closed the quarter with a net debt position of CAD 5,243.8mn.

The company has no significant debt maturities until 2015 (CAD500mn).

CREDIT RATINGS

S&P: "A" (Senior Debt), "A-" (Junior Debt) and "BBB" (Subordinated

Debt).

DBRS: "A" (Senior Debt), "A low" (Junior Debt) and "BBB" (Subordinated

Debt).

407ETR TARIFFS

The table below compares the 2012 and 2013 tariffs (1 February

increase) for light vehicles:

CAD 2013 2012

Regular Zone Peak Period Monday-Friday: 6am-7am, 9am-10am, 3pm-4pm, 6pm-7pm

Peak Hours Monday-Friday: 7am-9am, 4pm-6pm

26.20¢ /km

27.20¢ /km

24.20¢ /km

25.20¢ /km

Light Zone Peak Period Monday-Friday: 6am-7am, 9am-10am, 3pm-4pm, 6pm-7pm Peak Hours Monday-Friday: 7am-9am, 4pm-6pm

24.90¢ /km

25.85¢ /km

22.60¢ /km

23.55¢ /km

Midday Rate Weekdays 10am-3pm 22.70¢/km 21.00¢/km

Midday Rate Weekends & public holidays 11am-7pm

21.00¢/km 19.35¢/km

Off Peak Rate Weekdays 7pm-6am, Weekends & public holidays 7pm-11am

19.35¢/km 19.35¢/km

Transponder: Monthly rental $3.25 $3.00

Transponder: Annual rental $21.50 $21.50

Video toll per journey $3.80 $3.80

Cargo per journey (This is not a charge per km.)

$0.70 $0.60


5

SERVICES

Mar-13 Mar-12 Chg.(%) LfL (%)

Revenues 710.3 732.9 -3.1 -1.9

EBITDA 70.8 69.4 2.0 2.8


EBIT 42.4 42.3 0.0 1.0


Backlog* 12,542.2 12,783.9 -1.9 0.2

*Backlogs compared with December 2012

The economic difficulties and financial tensions in this division’s principal

markets continued throughout the first quarter of 2013.

In Spain, where economic activity continued to contract, revenues were

2.7% lower than in the first quarter of 2012. In the UK, revenues fell

3.4%, although in this case this was mostly due to increased activity in

some contracts in the first quarter of 2012 as a reflection of works related

to the Olympic Games.

One positive aspect was the start of the division’s activities in Poland in

1Q13 thanks to winning various highway and buildings maintenance

contracts worth EUR20mn, and another was the incorporation of Steel in

Chile: this company specialises in services to companies in the mining

sector.

Altogether, in pro-forma terms, the division’s revenues were 1.9% lower

than in 2012, although EBIT growth was flat.

BUSINESSES IN SPAIN

Mar-13 Mar-12 Chg. (%)

Revenues 344.7 354.1 -2.7

EBITDA 48.6 45.9 5.9

EBITDA Margin 14.1% 13.0% EBIT 26.1 24.1 8.5

EBIT Margin 7.6% 6.8% Backlog* 5,197.8 5,219.4 -0.4

As in previous quarters, revenues continued to decline YoY, reflecting the

negative economic growth in Spain (six consecutive quarters of GDP

contraction). In spite of this, EBITDA and EBIT were higher than in the

same period last year as a reflection of control over costs, which in recent

years have been adapted to the decline in activity, and active

management of portfolio quality.

The difficulties related to the economic environment are principally

reflected in reductions in services due to clients’ Budget restrictions, and

in the fall in tonnes of waste processed at tips and treatment plants (-7%

vs. 2012) due to the effects of recession. This combined with various

contracts being abandoned due to low returns or investment required in

working capital; in 1Q13, a number of contracts were cancelled,

principally for maintenance and cleaning of public gardens in several

cities, with a combined impact on revenues of approximately 1% vs.

1Q12.

UNITED KINGDOM


Revenues 352.8 373.7 -5.6 -3.4

EBITDA 21.6 23.2 -6.6 -4.4


EBIT 16.9 18.4 -8.2 -6.0


Backlog* 7,138.3 7,467.6 -4.4 -0.8

The negative variations of the various magnitudes are principally due to

carrying out non-recurrent works in the first quarter of 2012 related to

the Olympic Games, which represented approximately 6% of revenues.

The higher turnover on contracts in the Consultancy segment helped to

offset this effect.

Margins remained flat. The main offsetting factor this year was the

increased contribution from Consultancy contracts and structural cost-

cutting after integrating all the previously differentiated activities of local

authority and central government highway maintenance contracts.

OTHER INTERNATIONAL


Revenues 12.8 5.1 151.3 151.3

Backlog* 206.1 96.9 112.7

This new business unit includes infrastructure maintenance and

environmental services in countries other than Spain and the UK. The

breakdown of revenues by country is as follows: Portugal (EUR5.1mn),

Poland (EUR1.3mn) and Chile (EUR6.3mn).

BACKLOG

The backlog reached EUR12,542mn (-1.9% vs. December 2012, +0.2%

ex-currency effect).

The principal contract awards in the quarter include a 15-year

maintenance contract for Telefónica’s data centre, one-year maintenance

contracts for Heathrow and Stansted Airports and the Heathrow Express,

and a five-year contract for highway consultancy services for the county

of Kent.

In other international markets, the backlog includes mining services in

Chile (EUR46mn) and the first contract awards in Poland for highway and

buildings maintenance, together worth EUR20mn.


6

CORPORATE ACTIVITY

SALE OF AMEY’S PFIs

In March, Amey closed the sale of 40% of the companies that execute

long-term PFI projects for GBP37mn to the Dutch investment fund DIF.

Prior to this sale, Amey owned 50%, which it consolidated by the equity

method. After the sale, Amey maintains a 10% interest in the companies.

The capital gain on the sale amounted to EUR20.1mn.

ACQUISITION OF STEEL

On 4 March, Ferrovial Servicios closed its acquisition of 70% of Steel

Ingeniería, a company that specializes in the mining sector in Chile, for

EUR21mn, which will give it entry into this new market.

With this acquisition, Ferrovial Servicios starts operations in Latin America

and continues to roll out its international expansion after its recent

contract awards in Poland and Qatar, as well as its recent acquisition of

Enterprise in the UK.

ACQUISITIÓN OF ENTERPRISE

On 8 April, Ferrovial closed the acquisition of the British company Enterprise, after receiving the green light from the European competition

authorities.

Enterprise is one of the principal British companies in the field of services to utilities and the public sector. With this acquisition, Ferrovial Servicios

not only increases its turnover, but also expands its product offering in certain areas.

The integration of Enterprise into Amey will generate cost and revenue synergies estimated at c.GBP40mn.

In 2012, Enterprise turned over more than EUR1,200mn, excluding the joint-venture with Mouchel, which is not included in this agreement. The

company has 9,600 employees and provides services to energy and water companies, as well as environmental and highway maintenance services

for the public sector.

This deal is part of the company’s strategic objective of profitable growth by means of selective transactions and the development of the Services

activity, together with an expanding internationalization, as demonstrated by the increase of its activities in Poland and Qatar.

The merger of Enterprise with Amey, subsidiary of Ferrovial Servicios in the UK, will create a company with one of the broadest product offerings in

the UK, 21,000 employees and turnover in excess of EUR2,600mn. Amey will now manage more than 320 contracts, covering a wide range of

integrated services: utilities, infrastructure maintenance for road, rail and plant, waste management, solutions for government, social housing and

consultancy.


7

CONSTRUCTION

Mar-13 Mar-12 Chg. % Like-for-Like

(%)

Revenues 820.5 898.3 -8.7 -6.0

EBITDA 55.1 48.5 13.5 7.3


EBIT 48.7 39.7 22.7 11.6


Backlog* 8,538.2 8,699.4 -1.9 -2.5

*Backlogs compared with December 2012

The drop in activity (-6.0% in comparable terms) is a continuation of the

trend seen in recent years: a significant decline in activity in Spain offset

by the growth in other international markets, principally the US. Note that

in the first quarter, international turnover accounted for more than 73%

of the division’s sales.

In the first quarter of 2013 there was also a significant drop in activity in

Poland after the completion of some large infrastructure projects, and this

was not offset by new contracts due to the decline in highway

construction contracts put out to tender last year.

EBIT growth reached 7.3% in comparable terms, principally as a

reflection of the improved results in the US.

BUDIMEX


(%)

Revenues 188.7 264.9 -28.8 -21.6

EBITDA 7.4 11.4 -35.1 -48.1


EBIT 5.7 8.2 -31.0 -53.6


Backlog* 1,136.9 1,193.9 -4.8 -2.6

The quarter was notable for the completion of large projects and the

decline in public-sector contracts put out to tender, as well as for bad

weather.

The backlog stood at EUR1,137mn, or a contraction of 2.6% vs.

December 2012, reflecting the impact of the cut in public investment in

highways already known and the completion of large projects. The above

was partly offset by the award of some large industrial construction

projects (for a copper processing plant).

In addition to the above-mentioned industrial construction contracts,

Budimex has been pre-awarded contracts since the end of the quarter

worth more than EUR300mn.

WEBBER


(%)

Revenues 157.8 115.2 36.9 36.0

EBITDA 7.0 4.7 48.1 46.9


EBIT 5.5 3.4 59.6 58.3


Backlog* 1,324.8 1,288.3 2.8 -0.1

Webber reported strong revenue growth in local currency terms (+36%)

as a reflection of the increase on the level of execution on the NTE and

LBJ toll motorways, with the organic business remaining at the same

levels as in 2012.

The backlog remained stable in spite of the higher execution on the

“managed lanes” and thanks to new contract awards such as the US-290,

the I-10 highways.

FERROVIAL AGROMAN


(%)

Revenues 474.0 518.2 -8.5 -8.3

EBITDA 40.7 32.4 25.4 25.8


EBIT 37.5 28.0 33.9 34.4


Backlog* 6,076.5 6,217.2 -2.3 -3.0

Revenues fell 8.3%, principally as a consequence of the performance of

the Spanish market (-31%), where the civil works segment was in

particularly sharp decline due to cutbacks in public works put out to

tender (-45% in 2012). This contraction in the Spanish market was

partially offset by the positive contributions from other international

markets, especially the US, thanks to the works related to new toll

motorways in Texas, as well as contributions from projects in the UK

(Cross Rail) and Canada (407 East Extension).

The improvement in profitability is a reflection of the margins generated

on the US projects and also of the reversal of provisions due to project

completions not being offset by the start of new projects.

BACKLOG

Mar-13 Dec-12 Chg. %

Civil work 6,740.8 6,837.4 -1.4

Residential work 184.4 284.2 -35.1

Non-residential work 891.4 867.2 2.8

Industrial 721.6 710.6 1.5

Total 8,538.2 8,699.4 -1.9

The backlog declined 1.9% vs. December 2012 given the slowdown in the

award of new contracts which could not cope with the level of work

execution.

The contract for the NTE Extension (approximately for EUR760mn) has

not yet been included in the backlog, it will be done once the

project reaches financial close.

Ferrovial is now being considered as a benchmark in the US market

thanks to its ability to develop complex projects such as the LBJ and NTE

toll motorways in Texas.

The international backlog stood at EUR5,982mn at the end of the quarter,

well above the domestic backlog (EUR2,556mn, -3%). The weight of the

International backlog represents more than 70% of the total.


8

AIRPORTS The contribution made by HAH to Ferrovial’s equity-accounted results was

a negative EUR5.9mn (including two months of Stansted Airport’s

results); this principally reflected the combination of the positive impact

of the capital gain on the sale of Stansted Airport (EUR137.8mn) and the

negative impact (-EUR128mn) of marking the derivatives portfolio to

market (mainly due to the inflation-linked elements).

HAH TRAFFIC

In the first quarter of 2013, traffic at Heathrow Airport reached a new all-

time high of 16 million passengers (+1.8%), beating the previous record

in the first quarter of 2012. Adjusting for the leap year in 2012, the

increase would have been 3%.

This traffic growth reflected an acceleration of the trends observed

recently of increasing load-factors and the use of larger aircraft. Load-

factors reached first-quarter historical highs (71.9% vs. 69.5% in 2012)

and the average number of seats per flight reached 199.9 per aircraft (vs.

195.5 in 2012). The acquisition of bmi by British Airways made a notable

contribution to these results, as bmi’s old routes are now seeing load-

factors more in line with those of BA.

T5 has recently been named, for a second year in a row, as the best

airport terminal in the world by “Skytrax World Airports Awards”.

International traffic at Heathrow (+2.2%) outperformed domestic traffic,

particularly in terms of European routes, with growth on routes to Italy,

Germany and Norway.

Routes to emerging economies such as China, India, Russia and Brazil

saw traffic growth. There was also growth on routes to the Middle East,

but only modest increases in traffic on routes to North and South

America.

Breakdown of traffic by destination (Stansted excluded from both years):

Mar-13 Mar-12 LfL (%)

UK 2.6 2.6 -2.0%

Europe 7.3 7.0 3.8%

Long Haul 8.5 8.4 0.4%

Total 18.3 18.1 1.4%

TARIFFS

The maximum applicable aeronautical tariff increases for the 2012/2013

regulatory year came into effect on 1 April 2012.

The following table shows the increase at Heathrow Airport in April 2012

that supported the revenue growth in 1Q13:

2012 Regulation

Heathrow +12.7% RPI+7.5%

The tariffs that came into force on 1 April 2013 were based on inflation in

August 2012, which was 2.9%. Tariffs at Heathrow Airport have increased

by 10.4%.

GBP Traffic Revenues EBITDA EBITDA Margin

Mar-13 Mar-12 Chg. Mar-13 Mar-12 Chg. Mar-13 Mar-12 Chg. Mar-13 Mar-12 Chg.

(bps)

Heathrow 16.0 15.7 1.8% 494 462 6.7% 228 206 10.7% 46.2% 44.6% 167

Heathrow express

45 45 1.7% 16 15 8.2% 36.3% 34.1% 216

Holding

-19 -23

-1 2

Heathrow total 16.0 15.7 1.8% 520 484 7.4% 244 223 9.4% 47.0% 46.1% 87

Stansted* 2.2 2.4 -7.7% 32 30 5.9% 7 5 43.1% 22.4% 16.6% 584

Regulated

airports 18.1 18.0 0.6% 551 514 7.3% 251 228 10.1% 45.6% 44.4% 118

Glasgow 1.3 1.4 -0.6% 18 17 2.3% 3 4 -18.0% 17.9% 22.3% -443

Aberdeen 0.7 0.7 -1.3% 14 13 2.9% 4 4 -2.2% 31.2% 32.8% -163

Scottish airports 2.1 2.1 -0.9% 31 30 2.6% 7 8 -9.6% 23.7% 26.9% -319

Southampton 0.3 0.3 -6.5% 5 5 -3.1% 1 1 -26.3% 12.5% 16.5% -393

Adjustments

-1 -2 -3 -3 Total (LfL) 20.5 20.5 0.3% 587 548 7.3% 256 234 9.6% 43.6% 42.7% 92

Perimeter changes

1.1

41

13

Total 20.5 21.6 -4.8% 587 589 -0.2% 256 247 3.6% 43.6% 42.0% 161

*Until February


9

INCOME STATEMENT

GBP Mar-13 Mar-12 Chg. % LfL (%)

Revenues 587.4 588.6 -0.2 7.3

EBITDA 256.3 247.3 3.6 9.6

EBITDA margin % 43.6% 42.0%

Depreciation 132.2 152.5 -13.3 -3.5

EBIT 124.1 94.8 30.9 28.1

EBIT margin % 21.1% 16.1%

Impairments & disposals 349.4

Financial results -605.9 -241.3 -151.1 13.0

EBT -132.3 -146.4 9.6 47.7

Corporate income tax 117.3 111.9 4.8 -21.5

Net income (100%) -15.1 -34.6 56.4 55.3

Contribution to Ferrovial equity

accounted result (€) -5.9 -20.7 71.3 55.3

Revenues and EBITDA growth of 7.3% and 9.6% respectively reflected

the 10.7% increase in aeronautical revenues, driven by the increase in

tariffs (+12.7% at Heathrow in April 2012), and the increase in passenger

traffic (+1.4%); Comercial revenues increased by 4.2% and Other

revenues by 1.8%.

The substantial worsening in the financial result was principally a

reflection of the deterioration in the market value of the inflation-linked

derivatives (-GBP434mn) taken out by Heathrow after the increase in

expectations of future inflation in the UK; this has no cash impact.

GBP Mar-13 Mar-12 Chg. % LfL (%)

Aeronautic 336.8 326.6 3.1 10.7

Retail 129.4 137.3 -5.7 4.2

Others 121.2 124.7 -2.8 1.8

TOTAL 587.4 588.6 -0.2 7.3

Aeronautica

l Retail Other

GBP Mar-13 LfL

(%) Mar-13

LfL

(%) Mar-13

LfL

(%)

Heathrow 300.9 11.7 107.5 3.3 130.4 -2.3

Stansted 16.8 5.7 11.6 16.0 3.4 -18.0

Glasgow 8.3 0.3 5.9 2.8 3.4 6.6

Aberdeen 7.4 -0.1 2.6 6.5 3.6 6.9

Southampton 3.3 -1.2 1.5 -9.6 0.5 5.2

Other &

adjustments

0.2 -9.8 -20.0 -21.3

Total

airports 336.8 10.7 129.4 4.2 121.2 1.8

Aeronautical revenues increased by 11.7% at Heathrow thanks to the

combination of an improvement in traffic (+1.8%) and the tariff increase

(+12.7%) in April 2012.

Retail earnings (+4.2%) continued the positive trend seen in previous

years.

At Heathrow, retail earnings increased by 3.3%. Net retail earnings per

passenger reached GBP6.33, or an increase of 1.2%. Net retail earnings

per passenger were probably affected by the higher proportion of

European traffic, which has traditionally had a lower propensity to spend

money in Heathrow’s retail area.

REGULATORY MATTERS

DEFINING HEATHROW’S DEVELOPMENT FOR THE NEXT

5 YEARS

Following publication of the full business plan in January, the next steps

in the regulatory review process are for the CAA to complete its own

research and analysis. It is expected to publish its initial price cap

proposals at the end of April 2013 for consultation. Final price cap

proposals are expected to be published in October 2013. Following the

enactment of the new Civil Aviation Act 2012, the CAA will also provide a

draft airport licence alongside the price cap proposals.

REGULATORY ASSET BASE (RAB)

The increase in the RAB to GBP13,727mn (vs. GBP13,471mn) reflects the

investments made (GBP307mn) and the increase in inflation (GBP105mn),

offset by depreciation during the period (GBP145mn) and the profiling

(GBP10mn).

NET DEBT

GBP Mar-13 Dec-12 Chg. %

Senior loan facility 588.1 587.7 0.1%

Subordinated 716.8 717.0 0.0%

Securitized Group 10,671.8 11,315.2 -5.7%

Non-Securitized Group 334.4 337.2 -0.8%

Other & adjustments -348.5 -26.2 n.s.

Total 11,962.7 12,931.0 -7.5%

DIVIDENDS

In 2012 HAH distributed GBP240mn to its shareholders in the form of

dividends. In the first quarter of 2013 it distributed GBP64mn.

DISPOSALS

SALE OF STANSTED AIRPORT

The sale process initiated in August 2012 was concluded on 18 January

with the announcement of the sale of Stansted Airport to MAG

(Manchester Airport Group) for GBP1,500mn (EBITDA 2012 GBP94mn,

RAB 2012 GBP1,343mn). The deal was closed on 28 February,

contributing capital gains of GBP353mn (100%) or EUR137.8mn to

Ferrovial’s net result.

The proceeds were applied to the early amortization of a GBP639mn

revolving line of credit, a GBP100mn Class B loan and GBP300mn were up

streamed out of the securitized group, for the partial retirement of debt

of ADI Finance 1 Limited or for distribution to HAH shareholders.


10

CONSOLIDATED INCOME STATEMENT

Before Fair

value Adjustments

Fair value Adjustments

Mar-13

Before Fair

value Adjustments

Fair value Adjustments

Mar-12

Revenues 1,643

1,643 1,707

1,707

Other income 2

2 5

5

Total income 1,645

1,645 1,712

1,712

COGS 1,464

1,464 1,520

1,520

EBITDA 181

181 192

192

EBITDA margin 11.0%

11.0% 11.2%

11.2%

Period depreciation 51

51 51

51

EBIT (ex disposals & impairments) 130

130 141

141

EBIT margin 7.9%

7.9% 8.3%

8.3%

Disposals & impairments 20

20 0

0

EBIT 150

150 141

141

EBIT margin 9.1%

9.1% 8.3%

8.3%

FINANCIAL RESULTS -114 99 -15 -92 -26 -117

Financial result from financings of infrastructures projects -84

-84 -67

-67

Derivatives, other fair value adjustments & other financial result from infrastructure projects

-2 68 66 -5 -4 -9

Financial result from financings of other companies -13

-13 -8

-8

Derivatives, other fair value adjustments & other financial result

from Other companies -14 31 17 -11 -22 -33

Equity-accounted affiliates 136 -124 13 4 -15 -11

EBT 172 -25 148 53 -41 13

Corporate income tax -10 -25 -35 -16 8 -8

Net Income from continued operations 162 -50 112 37 -33 4

Net income from discontinued operations

CONSOLIDATED NET INCOME 162 -50 112 37 -33 4

Minorities 10 -23 -12 2 1 3

NET INCOME ATTRIBUTED 172 -72 100 39 -32 8


11

REVENUES

Mar-13 Mar-12 Chg. % Like-for-Like (%)

Construction 820.5 898.3 -8.7 -6.0

Toll Roads 97.0 88.0 10.2 10.1

Services 710.3 732.9 -3.1 -1.9

Others 15.0 -12.1 n.s.

Total 1,642.8 1,707.2 -3.8 -1.8

EBITDA


Construction 55.1 48.5 13.5 7.3

Toll Roads 59.2 80.3 -26.3 -26.3

Services 70.8 69.4 2.0 2.8

Others -4.4 -6.2 n.s.

Total 180.8 192.0 -5.9 -6.2

DEPRECIATION

Depreciation was maintained at the same level as last year at EUR51mn.

EBIT (before impairments and disposal of fixed assets)


Construction 48.7 39.7 22.7 11.6

Toll Roads 43.8 66.3 -33.9 -33.9

Services 42.4 42.3 0.0 1.0

Others -5.2 -6.8 n.s.

Total 129.7 141.4 -8.3 -9.5

*For purposes of analysis, all the comments referring to EBIT are before

impairments and disposals of fixed assets.

IMPAIRMENTS AND DISPOSAL OF FIXED ASSETS

EUR20mn for the capital gain on the sale of Amey’s Joint-Ventures.

NET FINANCIAL EXPENSES

Mar-13 Mar-12 Chg. %

Infra projects -84.3 -67.4 -25.1

Other -13.4 -7.7 -74.1

Net financial result (financing) -97.7 -75.1 -30.1

Infra projects 65.7 -9.0 n.s.

Other 17.1 -33.4 151.2

Derivatives, other fair value adjustments & other financial result

82.8 -42.4 295.3

Financial Result -14.9 -117.5 87.3

The financial result improved by 87.3%, thanks to a combination of:

A 30.1% deterioration in the financing result, principally as a reflection of

the increased financial expenses on infrastructure projects due to an

increase in the level of debt associated with the projects that started

operations (SH-130). The other companies also saw their financial

expenses increase, mainly due to financial expenses generated with the

bond issuance and early anticipation costs on bank debt.

Movements in the financial result due to derivatives and others were

determined by the impact of the rise in Ferrovial’s share price on the

derivatives contracts covering share option schemes. On this occasion

and due to the entry into force of the IFRS 13, mandatory from January

1, 2013, the credit risk of the parties involved in the contract must be

included in the valuation of derivatives to the Fair Value Measurement.

The first impact is recognized in the profit and loss account as stated in

paragraph BC229 of the standard, indicating that the application of this

new approach must be done prospectively like a change in estimates.

Successive changes in the credit risk will be recorded against reserves to

the extent that derivatives qualify for hedge considered efficient.

EQUITY ACCOUNTED RESULTS

Mar-13 Mar-12 Chg. %

Construction -0.4 0.0 n.s.

Services 4.5 2.8 n.s.

Toll Roads 14.4 6.7 114.2

Airports -5.9 -20.7 0.7

Total 12.6 -11.2 2.1

The companies consolidated by the equity method made a contribution of

EUR12.6mn (vs. –EUR11mn in 2012). This was principally a reflection of

the contribution from the 407ETR toll motorway (EUR13.7mn). At HAH (-

EUR5.9mn), the accounting losses on marking to market the inflation-

linked derivatives almost completely offset the capital gain on the sale of

Stansted airport.

NET RESULT

The group made a net profit of EUR100mn (vs. EUR8mn in 2012),

principally due to the positive impact of marking to market its portfolio of

derivatives and the capital gains on the disposals of Amey’s Joint-

Ventures.


12

BALANCE SHEET AND OTHER MAGNITUDES

Mar-13 Dec-12

FIXED AND OTHER NON-CURRENT ASSETS 16,997 16,638

Consolidation goodwill 1,511 1,487

Intangible assets 118 116

Investments in infrastructure projects 7,170 6,755

Property 40 35

Plant and Equipment 499 507

Equity-consolidated companies 4,232 4,304

Non-current financial assets 1,654 1,668

Receivables from Infrastructure assets 1,331 1,334

Financial assets classified as held for sale 1 1

Restricted Cash and other non-current assets 149 148

Other receivables 173 186

Deferred taxes 1,606 1,609

Derivative financial instruments at fair value 168 158

CURRENT ASSETS 5,408 5,580

Assets classified as held for sale 2 2

Inventories 407 394

Trade & other receivables 2,363 2,203

Trade receivable for sales and services 1,716 1,647

Other receivables 525 436

Taxes assets on current profits 123 120

Cash and other financial investments 2,625 2,972

Infrastructure project companies 278 237

Restricted Cash 37 25

Other cash and equivalents 241 212

Other companies 2,347 2,735


TOTAL ASSETS 22,405 22,217

EQUITY 5,752 5,762

Capital & reserves attributable to the Company´s equity holders 5,575 5,642

Minority interest 177 121

DEFERRED INCOME 393 356

NON-CURRENT LIABILITIES 11,357 11,117

Pension provisions 80 105

Other non current provisions 1,295 1,166

Financial borrowings 7,234 6,996

Financial borrowings on infrastructure projects 6,018 5,825

Financial borrowings other companies 1,216 1,171

Other borrowings 202 203

Deferred taxes 1,110 1,080

Derivative financial instruments at fair value 1,436 1,567

CURRENT LIABILITIES 4,902 4,982

Financial borrowings 1,297 1,229

Financial borrowings on infrastructure projects 1,229 1,168

Financial borrowings other companies 68 61


Trade and other payables 3,145 3,273

Trades and payables 2,459 2,648

Deferred tax liabilities 95 75

Other liabilities 592 549

Trade provisions 397 415

TOTAL LIABILITIES & EQUITY 22,405 22,217


13

CONSOLIDATED NET DEBT

The net cash position excluding infrastructure projects stood at

EUR1,047mn at the end of the first quarter of 2013. This position does

not reflect the payment made in April 2013 for the acquisition of the

British services company Enterprise.

This is EUR442mn less than the amount reported at end-2012

(EUR1,489mn), very much in line with the deterioration seen in the first

quarter of 2012 vs. The close of 2011 (EUR388mn), reflecting the

seasonality in payments and in cash generation in the first part of the

year. This slight deterioration is mainly due to a payment made to the

Spanish tax authorities in January 2013 for the withholding tax

(EUR85mn) on the dividend distribution in December 2012.

Ferrovial made investments totalling EUR79.5mn in 1Q13.

Net Project debt reached EUR6,803mn. The variation vs. December 2012

(EUR6,595mn) is principally due to the investment in projects in the

construction phase.

This Project debt includes EUR1,177mn of net debt related to toll

motorways under construction (the NTE and the LBJ). It also includes

EUR1,119mn related to the R4 and the OLR, which have sought creditor

protection.

The group’s net debt amounts to EUR5,756mn.

Mar-13 Dec-12

NCP ex-infrastructures projects 1,047.1 1,489.2

Toll roads -6,445.2 -6,238.1

Others -357.7 -356.6

NCP infrastructures projects -6,802.9 -6,594.7

Net Cash Position -5,755.8 -5,105.5

CORPORATE CREDIT RATING

In August 2011, the rating agencies Standard&Poor’s and Fitch Ratings

rated Ferrovial for the first time, in both cases as Investment Grade.

These opinions were confirmed by both agencies in the second quarter of

2012:

Agency Rating Outlook

S&P BBB- Stable

FITCH BBB- Stable

CORPORATE BOND ISSUANCE

In January, Ferrovial successfully placed its first bond issue (EUR500mn,

five years). The issue was closed at a price of 240bp over midswap, with

a coupon of 3.375%. Demand exceeded EUR5,590mn, of 11x

oversubscribed. More than 93% of the issue was placed outside Spain,

mainly in countries such as Germany, France the UK and Switzerland.

Ferrovial’s net proceeds from the deal amounted to EUR496.2mn, which it

used to optimise its financial structure by retiring part of its corporate

bank debt and extending its maturity profile. The next significant

maturities fall in 2015 (EUR661mn), and then again in 2018 (EUR501mn).

Bond performance: Since its issuance below par at 99.692, it has strongly

performed till 102.374, yielding an implicit 2.9% at the end of march.


14

APPENDIX I: SIGNIFICANT EVENTS Ferrovial successfully issued EUR500mn of bonds maturing on

30 January 2018.

(18 January 2013)

Ferrovial Emisiones, S.A., a subsidiary of Ferrovial, successfully

completed the pricing of a EUR500mn bond issue maturing on 30

January 2018 and guaranteed by Ferrovial and some of its subsidiaries

(the Bonds). The Bonds will accrue a 3.375% coupon payable

annually.

On 3 January the Bonds were subscribed and paid for by the investors

for whom the issue was intended, and the Bonds started trading in

the regulated London stockmarket.

The net proceeds of EUR497.75mn were applied to amortising existing

corporate debt.

Ferrovial Services reached an agreement with 3i Group plc to

acquire 100% of the capital of Enterprise Plc.

(21 February 2013)

The investment made by Ferrovial Services amounted to an EV of

GBP385mn (EUR443mn). The perimeter of the transaction does not

include Enterprise’s joint-venture with Mouchel Limited (Mouchel) for

highway maintenance services in the UK.

Enterprise is one of the principal British supplier of services to energy

and water companies (“utilities”), as well as to public-sector

infrastructure clients. In 2012 it turned over GBP1,100mn

(EUR1,267mn) with EBITDA of GBP60mn (EUR69.1mn), excluding the

joint-venture with Mouchel.

With this acquisition, Ferrovial Services – whose UK presence is

through its subsidiary Amey – enters the utility supply services sector,

and also strengthens its environmental services business.

The deal was closed on 9 April 2013, once it had the competition

authorities’ green light.


15

APPENDIX II: PRINCIPAL CONTRACT AWARDS

CONSTRUCTION

Hetco 2 Programme Change, Heathrow Airport, UK.

Juncal teaching building, Alcobendas, Spain.

134 residential units, Miralbueno, Spain.

EDAR Tomaszow Mazowiecki, Department of Water Management in

Tomaszow, Poland.

Cesion Gomasper, Canary Islands government, Spain.

Reforma Hotel Beach House, Evertmel, S.L., Spain.

65 Viviendas La Térmica, Inmobiliaria Acinipo, Spain.

Metro Railway Station Granada, Granada Metro, Spain.

EDAR Gorzow Wielkopolski, Department of Water and Drainage

Management, Poland.

Maintenance of EDARs Ibiza Zone E-2, Balearic Islands government,

Spain.

BUDIMEX

A4 Rzeszow West - Rzeszow Central, Generalna Dyrekcja Dróg

Krajowych, Poland.

University Hospital Clinic in Bialysto, Medyczny University, Poland.

KGHM – industrial units, Poland.

Breakwater refurbishment in Dziwnow, Poland.

WEBBER

US 290, TxDOT, USA.

Denton FM 1171, TxDOT, USA.

I 10 Bexar County, TxDOT, USA.

I-45 TMS Improvements, TxDOT, USA.

SERVICES

SPAIN

Industrial, Waste Treatment and Local Administrations

Renewal of the urban waste collection and highway cleaning contract

in Premiá del Mar.

New contract for gardening services in the Banco de Santander

financial city.

Contract extension for urban waste collection in Formentera.

Infrastructure

New contract for maintenance of Telefónica data centres.

Extension of integrated services management in various districts of

Madrid (Usera, Fuencarral-El Pardo, Hortaleza and Central).

Extension of cleaning contract for the Virgen del Rocío University

Hospital.

Extension of cleaning contract for the University of Seville.

UNITED KINGDOM

Extension of HAH contracts: maintenance of Heathrow Airport T4 and

T5, Heathrow Express and Stansted Airport.

New consultancy contract for integrated services for the County of

Kent.

Extension of HAH contracts: Maintenance of T4 and T5 terminals at

Heathrow Airport.

INTERNATIONAL

Inclusion of Steel Ingeniería, Chile backlog.

Renewal of urban waste collection contract for Planalto Beirao,

Portugal.

Inclusion of Ferrovial Services Polish backlog.


16

APPENDIX III: EXCHANGE-RATE MOVEMENTS

Exchange-rate Last

(Balance sheet) Change% 13/12

Exchange-rate Mean (P&L)

Change% 13/12

GBP 0.8437 3.8% 0.8537 2.4%

US Dollar 1.2819 -2.9% 1.3162 -0.7%

Canadian Dollar 1.3045 -0.6% 1.3354 1.1%

Polish Zloty 4.1801 2.3% 4.1752 0.3%

Exchange rates are expressed in units of currency per euro, with negative variations signifying euro depreciation and positive variations euro

appreciation.

INVESTOR RELATIONS DEPARTMENT

ADDRESS: PRÍNCIPE DE VERGARA 135 - 28002 MADRID

TELEPHONE: +34 91 586 25 65

FAX: +34 91 586 26 89

E-MAIL: [email protected]

WEB: HTTP://WWW.FERROVIAL.COM

Important information

This document contains statements regarding the Company’s future intentions, expectations and forecasts at the time of writing. These statements are

based on projections and financial estimates with underlying assumptions, announcements relating to plans, objectives and expectations that refer to

various aspects, including the growth of the various lines of business and the global business, market share, the Company’s results and other aspects

relating to its activities and situation.

These estimates, projections and forecasts are not in themselves guarantees of future performance as they are subject to risks, uncertainties and other

important factors that could result in the development and final results differing from those contained in these estimates, projections and forecasts.

This should be taken into account by all individuals or institutions that might have to take decisions or form or transmit opinions relating to stocks and

shares issued by the Company, and in particular, by the analysts and investors who consult this document. All interested parties are invited to consult

the documentation and information publicly available or filed by the Company with stock market supervisory authorities and, in particular, the

information filed with the CNMV (the Spanish stock market regulator).

january-march 2013 results

Investor Relations

corporate debt

corporate activity

r p o r t sm o t o r

services division

issuance of corporate

corporate bond issuance

field of services

services companyenterprise