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The New ACS Group Construction 1H/03 Revenues

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The New ACS Group Construction 1H/03 Revenues Global Construction Conference November,November, 20032003 Index Highlights The new ACS Group Outlook for 2003 Conclusions 2 Highlights Strategic rationale of the merger Creation of a European leader • #1 in the most profitable market: Spain • Market leader in all businesses related to the development and management of infrastructures Excellent growth opportunities • Diversified portfolio of activities • Government Investment Plans Potential synergies from the merger Financial strength Industry’s reference stock • Market Capitalization > € 4.3 bn • Liquidity > € 20 mn daily 3 Highlights Creation of a market leader … # 1 in Spanish Construction # 1 in Industrial Services in Spain, Portugal & Latam # 1 in Waste Management in Spain # 1 in Ports and Logistics Services in Spain Core shareholder in the # 1 transport infrastructure concessions company worldwide (by # of concessions) 4 Highlights … of European size … Comp. EBIT 03e* € million 650 Margin on sales 6,0% 525 425 4,3% 3,3% 285 3,0% 250 1,9% 200 1,6% Sales 03e (€ bn) ACS Vinci Bouygues Skanska Ferrovial** Hochtieff Total Sales 10.8 17.5 21.5 14.9 7.0 12.3 Comp. Sales* 10.8 15.7 14.2 12.3 5.8 12.3 * Comparable data are estimated figures in those activities carried out by all companies:Construction, Services & Industrial. It does not include data from Concessions, Real Estate and other businesses. ** Ferrovial figures include CESPA & Amey full year data Source: Analysts’ Reports and Companies data 5 Highlights … and invested in Concessions Equity Investments in Concessions* € billion 3.0 1.7 1.0 Vinci Ferrovial ACS Main Cofiroute(85%), carparks, Cintra (60%), including Abertis (12%), highways, Assets airports & ASF (17%) ETR 407, carparks & airports airports & railroads Accounting Global consolidation Global consolidation Equity accounted method (except ASF: Equity acc.) * Source: Companies’ Reports. It does not consider implicit capital gains. 6 Highlights Highly diversified New ACS Group Urban and Industrial Construction Logistics Concessions Services Services Revenues 2003e 52% 29% 19% Equity Accounted EBIT 2003e 47% 31% 22% Equity Accounted High recurrence and visibility of revenues 7 Highlights Sound Financial Structure Shareholders’ Operating Assets Equity1 & Goodwill € 2.0 bn Solid Balance Sheet € 2.6 bn LT Liabilities €0.5 bn Financial Assets Net Debt € 1.4 bn € 1.5 bn 1 Before accounting for the extraordinary provision for the costs of the merger Strong Cash Generation EBITDA 03e > € 900 mn Free Cash Flow 03e > € 500 mn Merger Synergies Recurrent net savings of € 85 mn from 2006 Extraordinary provision of € 110 mn2 in 2003 2 Net impact on P&L, after tax deductions 8 Highlights Excellent Growth Opportunities Public Initiative Domestic Market Ministry of National Plan Period Public Works Infrastructure 2000 - 2010 Environment Hydraulic 2001 - 2008 Economy Energy 2002 - 2011 Environment Urban Waste 2000 - 2006 International Market Public tender for Concessions across Europe and Latam Private Initiative • Supported by GDP growth • Recovery of investment in equipment • Investment in infrastructures • New highway concessions • PFI in hospitals, airports, light trains, etc. • Outsourcing of services by large corporations & public entities 9 The new ACS Group Construction A clear leader in Spain 1H/03 Total sales (€ bn) 2.8 1.7 1.4 1.4 0.8 0.6 New Group Ferrovial Acciona FCC OHL Sacyr- Vallehermoso Domestic 92% 79% 87% 96% 90% 86% sales 10 The new ACS Group Construction 1H/03 Revenues: € 2.8 bn Residential Building Extended throughout the Non Residential Building Spanish territory 11% 22% Administrative offices, Cultural, Sports & Industrial buildings, Health Centres, Hospitals 67% Civil Works Highways and Roads, Tunnels, Railways & subways, Hydraulic & coastal infrastructures, Airports. 11 The new ACS Group Construction-Business opportunities National Infrastructure Plan (2000 – 2010) Total Investments € 102.9 bn (30% financed by EU) Highways € 39.8 bn Complete the high capacity road network Railroads € 40.5 bn Update current railway communications (HST) Airports € 11.4 bn New Airports Infrastructures Ports € 7.5 bn Modernisation & enlargement Spanish Ports Others € 3.6 bn Other actions related to transport infrastructures Budget breakdown 2000 - 2004 2005 - 2006 2007 - 2010 € 43 bn € 17.3 bn €42.6 bn National Hydraulic Plan (2001 – 2008) Regulation € 2.7 bn Satisfy water needs of Irrigation €6.1 bn Eastern Spain Urban Supply, Sewerage & Purification €5.4 bn Prevention & Environmental Restoration € 3.3 bn Promote environmental Water Control & Quality € 1.2 bn care in the use of water Total Investments € 18.8 bn 12 The new ACS Group Construction-Business Opportunities National Public Budget for 2004 includes part of the investments carried out by the Infrastructure & Hydraulic Plans € bn Growth (%) Highways 3.56 - 1.0 Railroads 4.57 + 8.5 Hydraulic Works 3.34 + 11.4 Airports 2.32 + 5.2 Ports 2.26 + 23.6 Good prospects Total 16.1 + 8.2 for Civil work activities 13 The new ACS Group Construction-Strategic Positioning Targets Competitive Advantage Maintain consistent growth Highly competitive position in public sector projects Consolidate profitability through focusing on projects of: Proven quality and technical capacity Wide global multi-disciplinary experience Significant size Solid backlog Value added Wide geographical presence Specialisation Complete domestic coverage Selective international expansion : Operations in more than 15 countries Build presence in stable countries with Corporate reputation long-term prospects Worldwide prestige Concession projects Technical awareness 14 The new ACS Group Industrial Services An unrivalled leader 1H/03 Revenues (€ bn) 1.5 0.8 0.3 0.3 0.2 New Group Abengoa Elecnor Isolux Técnicas Reunidas 15 The new ACS Group Industrial Services Positioned throughout the value chain Promotion Engineering Installation Maintenance Energy 9 999 Oil & Gas - 9 99 Systems - 9 99 Industrial - 9 99 Integrated services for large clients and public sector 16 The new ACS Group Industrial Services-Highly diversified 1H/03 Revenues: €1.5 bn Industrial Oil & Gas Industrial, thermodynamic, Maintenance & mechanic and sanitary installation of Installation & maintenance 19% networks and storage 23% systems as the off shore Plants construction 28% 30% Systems Energy Systems related to Mainly generation and telecommunications, rail & distribution of energy street traffic, and industrial control 17 The new ACS Group Industrial Services-Business Opportunities National Energy Plan Backed by Public & Private Investments Energy Oil & Gas Systems Industrial Services Generation Distribution Need to Railroads Urban Systems Telecom Installation Maintenance permanently match the supply and Energy lines, High Energy generation, Electric grid: industrial capacity Traffic Control: Applied engineering in Industrial Plants, Signaling, & standard renewable energy, HT & LT lines to the new Lightening Heating & Air conditioning and Integral other Control technology Desalination Plants, demands from the systems, & Maintenance Systems & other Gas storage market : other systems Networks Operating and and Systems drilling structures Energy Renewabl New High speed Traffic systems New capacities for Outsourcing of shortage e Energy: transportation train for large and Storage facilities New Chemical Plants and facilities services in South Support lines development medium size Pipelines operators other Industrial Europe from the cities facilities Adminis- Industrial networks Upgrading & tration maintenance Home distribution of the existing networks 18 The new ACS Group Industrial Services-Solid foundations for future growth Targets Competitive Advantage Lead sector growth in the coming years Unrivalled leadership position Improve productivity State-of-the-art technical qualification Processes and services integration Growth in value added services capacity Strict cost-control policy Wide geographical reach Geographical expansion based on strict 50 countries profitability criteria 200 operational centres in Spain Investment in promotion of technology- Dynamic and efficient structure intensive businesses Strong corporate culture Geographic/ product matrix structure Compensation scheme linked to objectives Business diversification Selective growth to maximise profitability 19 The new ACS Group Urban & Logistic Services A benchmark for the sector 1H/03 Revenues (€ bn) 1.0 1.0 0.5 0.3 New Group FCC Ferrovial Acciona (incl. Cespa*) * Ferrovial acquired Cespa in August 2003 20 The new ACS Group Urban & Logistic Services 1H/03 Revenues: €1.0 bn Facility Management Transport Road passenger transport Integrated building maintenance Railway transport Sanitary services Advertising management 7% Urban fixtures & furnishings 23% 24% Port & Logistics Environmental Port handling 46% Loading Solid urban waste management: Towage Collection and treatment Maritime Agency Street cleaning Consignment Special waste (Sanitary, Industrial) Transit Integrated management of water Logistics Services cycle Gardening and reforestation 21 The new ACS Group Urban & Logistic Services-Business Opportunities National Urban Waste Plan (2000-2006) Total Investments € 3.3 bn 11% 7% 14% Restoring and recycling Compost National Program Incineration 25% Containers National Program Recoverable energy Other 26% 17% Government main actions Closure of uncontrolled landfills Market growth prospects for next 3 years > 10% Construction of new infrastructures Selective waste collection Most active
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