Ferrovial Financial Results Jan Sep 2015

29 October 2015
Results January - September 2015
Ferrovial, S.A. and subsidiaries

Results for January – September 2015. Ferrovial S.A. and subsidiaries
2
CONTENTS
CONTENTS ..........................................................................2
GENERAL OVERVIEW...........................................................3
Business performance.............................................................................3
TOLL MOTORWAYS ............................................................ 4
Assets in operation................................................................................. 4
Financial Assets.......................................................................................5
Assets under development......................................................................5
Tendered projects.................................................................................. 6
Assets subject to insolvency proceedings............................................... 6
407ETR toll road.....................................................................................7
NTE road (sections 1 and 2) ....................................................................8
LBJ toll road........................................................................................... 9
Autema ................................................................................................ 10
M3 and M4 ............................................................................................ 10
SERVICES .......................................................................... 11
Spain ..................................................................................................... 11
UK.......................................................................................................... 11
International.........................................................................................12
Backlog .................................................................................................12
CONSTRUCTION ................................................................ 13
Budimex................................................................................................13
Webber .................................................................................................13
Ferrovial Agroman................................................................................13
Backlog .................................................................................................13
AIRPORTS.........................................................................14
Heathrow Airport ..................................................................................14
HAH Profit and Loss Account ................................................................15
Regional Airports (AGS).........................................................................16
BALANCE SHEET................................................................ 17
CONSOLIDATED PROFIT AND LOSS ACCOUNT................... 17
NET DEBT AND CREDIT RATING .........................................19
Net debt.................................................................................................19
Credit rating ..........................................................................................19
Debt maturities ex-projects..................................................................19
SHAREHOLDER REMUNERATION...................................... 20
2014-2015 Dividend............................................................................20
Share buy-back and cancellation........................................................20
SHAREHOLDER STRUCTURE ............................................ 20
ANNEXES...........................................................................21
I: Signifficant events..............................................................................21
II: Main contract awards ........................................................................22
III: Exchange rate movements...............................................................23

3
GENERAL OVERVIEW
In the first nine months of 2015, sales increased by +11.5%, with
double-digit growth in Services, Construction and Motorways, helped by
the strength of the main currencies to which the company is exposed.
EBITDA rose by +16.2%.
In operating terms, we highlight the strong traffic growth, with a third
quarter above the first half of the year on the company’s most important
motorways (in Europe, the US and Canada), and at Heathrow and Glasgow
airports. The Construction and Services backlogs remained close to
their all-time highs, reaching EUR31,288mn (including JVs), helped by
the contribution of Budimex’s backlog, +23% in the period.
During the period, the group closed the financing of:
− Toowoomba Second Range Crossing, in Australia, with an investment
of AUD1.100mn, and a 25 year duration from the date it opens to
traffic.
− 407 East Partial Extension Phase 2, in Canada, with an investment of
CAD880mn and a maturity of 30 years from the opening of the first
phase, expected in 2017.
− The I-77 toll road, in North Carolina, with an investment of USD648mn
and a maturity of 50 years from the opening date.
In financial terms, the group took advantage of the favourable economic
climate to issue bonds that enabled it to reduce its financial expenses
and extend its debt maturities.
− Autopista A-66 Benavente-Zamora: issue of an EUR185mn bond at
26 years with an annual coupon of 3.169%.
− 407ETR: issue of CAD150mn, at 3.3% and 30 years, and of
CAD500mn at 3.83% and 31 years.
− Heathrow: issues of GBP1.2bn; of which we highlight the EUR750mn
issue at 1.5% and 15 years; and the CAD500mn at 3.25% & 10 years.
− Extension of Ferrovial’s line of liquidity to EUR1.25bn (vs. EUR750mn
previously) at five years (2020) and a reduction in the spreads to 50bp,
signed by 22 banks.
The group’s net cash position, excluding infrastructure projects, stood at
EUR1,199mn at the close of the third quarter, after share buy-backs
amounting to EUR217mn.
Heathrow Airport Holdings Ltd. (HAH) and the 407ETR motorway
increased their ordinary dividend payments vs. 2014. HAH paid
GBP225mn (+11%) and 407ETR paid CAD563mn (+7%). The regional
airports paid a dividend of GBP41mn.
In the third quarter the Group reached an agreement with Dutch fund DIF
for the sale of a stake in Irish toll roads M4 and M3 for EUR61mn. In the
second quarter, the sale of the Indiana Toll Road concession was
completed by its creditors to Australian fund IFM Investors (for
USD5,725mn). Ferrovial received USD50mn of this, as agreed.
The execution of the shareholder remuneration programme approved
at the AGM in March proceeded. The first scrip dividend was paid in May
2015 (equivalent to the 2014 complementary dividend) of EUR0.304 per
share (+4.5% vs. 2013). The second, to be paid November 2015 (equivalent
to the 2015 interim dividend), as approved by the Board on 29 October
2015, amounts to EUR0.398 per share (+4.5%). At the same time, the AGM
approved a share buy-back programme of up to EUR250mn, of which at
end-September, a total of EUR217mn had been executed.
In the third quarter, Cintra was awarded two toll motorway concessions:
− Toowoomba Second Range Crossing in Australia.
− Bucaramanga-Barrancabermeja-Yondó (Ruta del Cacao) in
Colombia, with a total estimated investment of COP2.6bn, or around
EUR880mn.
Business performance
At the Construction division, sales increased by +10.1%, with particularly
strong international activity (+14.3%). Budimex reported double-digit
growth in EBITDA and backlog. EBITDA margin grew from 8.7% in
September 2014 to 9.1%.
The Construction backlog increased vs. December 2014 by +1.9%, reaching
EUR8,249mn at 30 September 2015. The highlights included the award of
the Times Tideway Tunnel (London), which will imply an investment of
EUR1,050mn.
Services continued to post strong revenue growth, helped by the
appreciation of sterling (+13.1%). The backlog rose by +3.0% vs. December
2014 reaching EUR23,039mn (including JVs).
Cintra reported strong traffic growth on its main toll motorways, especially
in the third quarter, on the back of the economic recovery and the lower oil
price. We highlight the extraordinary performance of the 407ETR, +3.4%
vs. +2.9% in the first half of the year, and despite the increase in toll prices.
Solid growth was seen in Spain, Portugal and Ireland. In the US, we
highlight the positive evolution of the NTE (Managed Lane) which opened in
October 2014; the opening of the LBJ (Managed Lane) in September 2015
finished three months ahead of schedule; and the traffic growth on the
SH130 (+17.4%).
At the Airports division, traffic at Heathrow Airport rose by 2.3% (+1.3% in
the first half of the year), with more seats sold in larger aircraft, and
increases in traffic to Europe, the US, the Middle East and Latin America as
well as domestic. At the regional airports, traffic expanded by +6.7%
(Glasgow +13.6%, Southampton -0.2%, Aberdeen -4.2%).
The main equity-accounted assets continued to show strong operating
performance, with EBITDA growth of +6.6% proforma at HAH, +10.7% at
the regional airports and +14.1% at the 407ETR in local currency terms.
Sep-15 Sep-14 Var.
Like-for-
Like
Sep-15 Dec-14 Var.
Revenues 7,233 6,488 11.5% 4.2% Construction Backlog 8,249 8,091 1.9%
EBITDA 815 701 16.2% 5.2% Services Backlog (Incl JVs) 23,039 22,369 3.0%
EBIT(*) 609 512 19.0% 4.0%
Net result 483 270 79.0% Traffic evolution Sep-15 Sep-14 Var.
Net debt Sep-15 Dec-14 ETR 407 (VKT´ 000) 1,882,267 1,820,860 3.4%
Net Debt Ex-Infra Projects 1,199 1,632 Chicago Skyway (ADT) 40,620 41,424 -1.9%
Total net debt -6,491 -6,230 Ausol I (ADT) 13,610 12,177 11.8%
Ausol II (ADT) 15,733 14,368 9.5%
M4 (ADT) 28,642 26,670 7.4%
Heathrow (million pax.) 56.9 55.7 2.3%
AGS (million pax.) 10.8 10.1 6.7%

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*EBIT before impairments and fixed asset disposals
TOLL MOTORWAYS
Sep-15 Sep-14 Var. Like-for-Like
Revenues 389 323 20.4% 19.2%
EBITDA 261 203 28.6% 25.8%
EBITDA Margin 66.9% 62.7%
EBIT 185 142 30.3% 22.2%
EBIT Margin 47.6% 44.0%
In the first nine months of 2015, revenue growth in this division was very
positive (+20.4%) as a reflection of the contribution from the NTE 1-2
(Managed Lane opened in October 2014, which thus made no contribution
to the first nine months results last year), on the back of the traffic
increases on the main assets, and the positive FX impact. In Like-for-Like
terms, revenue growth reached +19.2%.
There was also strong growth at the EBITDA level (+28.6%). The EBITDA
margin increased from 62.7% to 66.9%.
In the first nine months of 2015, two new motorways opened to traffic: LBJ,
a motorway run under the managed lane format, which came into
operation on 10 September in Texas (USA); and the A66 Benavente-
Zamora toll road (Spain), opened on 12 May.
Assets in operation
TRAFFIC GROWTH
Traffic performance to September was very positive on the majority of the
Group’s motorways, with a good performance from both light and heavy
traffic. We highlight that at the majority of the Group’s motorways, traffic
growth in the third quarter was considerably higher than in the first half of
the year. The main factors that supported this trend were: the economic
recovery observed in the second half of 2014 (in the US, Canada, Spain,
Portugal and Ireland), the more favourable weather conditions than in
2014 and the lower price of oil compared with 2014.
By country:
In Canada, traffic rose by +3.4%, with both light (+3.3%) and heavy
(+4.9%) traffic growth, positively affected by increased congestion on
alternative routes due to the ongoing roadworks, the growth in both the
local and the North American economy, the better weather conditions in
2015 and the lower price of oil. We highlight, the +4.2% growth in the third
quarter standalone, favoured by the Pan Am Games held in Toronto in July
and August.
In the US, the weather conditions were less adverse than in 2014 (although
Chicago and Texas were impacted by torrential rain, especially in May)
which, combined with the drop in the oil price and the macro improvement,
drove traffic growth on the SH-130 (+17.4%). This motorway is still in the
ramp-up phase and motorists are increasingly becoming familiar with the
road and choosing to use it. The Chicago Skyway (-1.9%) was negatively
impacted by the roadworks on one of its access ramps, which remained
closed until end-September 2015.
In Spain, the positive trend observed in the past two years continued, with
traffic growth on all the motorways boosted by the recovery of the Spanish
economy (mainly impacting heavy traffic), a sharp recovery in foreign
tourism during the summer (which had an impact on light traffic) and the
lower fuel prices. Ausol I continued to report double-digit growth (+11.8%),
while Autema (+7.2%) saw heavy vehicles traffic grow (+11.0%) as well as
the positive impact from roadworks on the alternative toll-free route. In
the third quarter alone, traffic at Autema rose by +9.6%.
The Portuguese concessions reported solid traffic growth, confirming the
trend initiated towards the end of 2013 on the back of the economic
recovery in Portugal and the good weather conditions, as well as the
increase in foreign tourism (on Algarve, which reported cumulative traffic
growth in the first nine months of the year of +10.6%) and the increase in
tourism supported by the new low-cost airlines flying to the Azores (where
traffic has increased by +5.6%).
In Ireland, traffic has continued to post consistent growth since the
negative trend reversed in the second quarter of 2013. Traffic growth on
the M3 (+10.2%) and M4 (+7.4%) reflect the continuing improvement in the
Irish economy and in the levels of employment in the country. We highlight
the significant increase in heavy traffic (+15.1% and +9.9% respectively).
€ million Traffic Revenues EBITDA EBITDA Margin Net Debt 100%
Global consolidation Sep-15 Sep-14 Var. Sep-15 Sep-14 Var.
Sep-
15
Sep-14 Var. Sep-15 Sep-14 Sep-15 Share
Intangible assets
Chicago Skyway 40,620 41,424 -1.9% 61 46 34.7% 53 40 34.3% 86.8% 87.1% -1,313 55%
SH-130 7,746 6,599 17.4% 20 13 53.6% 10 4 149.5% 48.3% 29.7% -1,155 65%
NTE 24,492 33 0 n.s. 24 0 n.s. 73.7% n.s. -899 57%
LBJ 9,494 6,345 49.6% 9 2 n.s. 4 -1 n.s. 39.0% -67.3% -1,244 51%
Ausol I 13,610 12,177 11.8% 42 38 10.9% 34 30 13.1% 81.5% 79.9% -449 80%
Ausol II 15,733 14,368 9.5%
M4 28,642 26,670 7.4% 19 17 7.8% 13 12 6.4% 67.8% 68.7% 0 66%
Algarve 11,490 10,384 10.6% 31 36 -14.3% 26 33 -19.4% 85.5% 90.8% -132 85%
Azores 8,670 8,207 5.6% 17 16 5.9% 14 13 5.7% 80.1% 80.2% -322 89%
Financial Assets
Autema 71 71 -0.1% 65 64 0.6% 91.2% 90.5% -631 76%
M3 16 16 1.7% 12 12 -0.9% 74.5% 76.4% 0 95%
Norte Litoral 35 32 8.5% 29 28 5.5% 83.8% 86.2% -173 84%
Via Livre 10 10 2.9% 1 1 -31.4% 8.7% 13.1% 5 84%
The complete LBJ was opened to traffic on September 2015 with its final configuration, having only two small segments of the toll road open before this
date (which is the reason we see data for the toll road for before its official opening date).

5
€ million Traffic Revenues EBITDA EBITDA Margin Net Debt 100%
Equity Consolidated Sep-15 Sep-14 Var. Sep-15 Sep-14 Var. Sep-15 Sep-14 Var. Sep-15 Sep-14 Sep-15 Particip.
Intangible assets
407 ETR (VKT'000) 1,882,267 1,820,860 3.4% 530 446 18.7% 449 377 19.3% 84.8% 84.4% -4,172 43%
Central Greece 14,008 17,723 -21.0% 8 6 38.5% 3 4 -23.2% 37.8% 68.1% -344 33%
Ionian Roads 24,462 24,064 1.7% 56 55 2.9% 37 40 -7.2% 66.2% 73.4% 41 33%
Serrano Park 4 4 3.1% 2 2 -1.3% 62.0% 64.8% -45 50%
Financial Assets
A-66 Benavente
Zamora
43 8 454.6% 15 8 90.0% 34.3% 100.0% -166 25%
Financial Assets
In the application of IFRIC 12, concession contracts can be classified in two
ways: as either intangible assets or financial assets.
Intangible assets (where the operator assumes the traffic risk) are those
where remuneration comprises the right to charge the corresponding tariffs
depending on level of use.
Financial assets are concession agreements where the remuneration
comprises an unconditional contractual right to receive cash or other
financial assets, either because the entity awarding the concession
guarantees the payment of agreed sums, or because it guarantees that it
will cover the shortfall between the sums received from the users of the
public service and the said agreed amounts. In this type of contract, the
demand risk is assumed by the entity awarding the concession.
Assets in operation classified as financial assets, where there is no traffic
risk to some kind of guarantee mechanism, are the Norte Litoral, Eurolink
M3, Autema, ViaLivre and A66.
Assets under development
ASSETS UNDER CONSTRUCTION
€ million
Global consolidation
Invested
Capital
Pending
committed
capital
Net Debt
100%
Share
Global Consolidation
Intangible Assets 60 -297 -270
NTE 35W 58 -124 -229 50%
I-77 2 -174 -42 90%
Equity Consolidated
Financial Assets 0 -31 -513
407-East Extension I 0 -11 -442 50%
407-East Extension II -21 -71 50%
NTE 35W: the financing was closed in September 2013 and the programme
is advancing as scheduled (37.6% complete); opening is expected in mid-
2018.
407 East Extension Phase I: construction work started in March 2013 and
is now 89.3% complete.
CONCESSION AWARDS
Toowoomba Second Range Crossing (Queensland, Australia):
Ferrovial, in a consortium in which its subsidiary Cintra Infrastructuras
participates, has been selected as Preferred Tenderer for the design,
construction, financing, operation and maintenance of 41km of toll
motorway in Toowoomba, Queensland. Cintra has a 40% stake in this
project.
The project has a 25-year duration from the date it opens to traffic
(estimated for end-2018) and implies an investment of AUD1.1bn.
The commercial and financing closing was reached in August 2015. The
investment in the project will be financed as follows:
- Bank debt of AUD395mn (lent by four banks: Westpac, NAB, ING and
Intesa).
- Financing period of 4.5 years.
- Equity of AUD44mn.
- Administration grants of AUD650mn.
Bucaramanga-Barrancabermeja-Yondó (Colombia): Ferrovial, in a
consortium led by its subsidiary Cintra Infraestructuras, has been awarded
the design, construction, financing, operation and maintenance of 152km
of the Bucaramanga-Barrancabermeja-Yondó motorway (Ruta del
Cacao) in Colombia. The infrastructure will improve the connections
between the east of the country and its most important oil-producing
areas. Cintra has a 40% interest in this project.
The concession has a duration of 25 years (with a possibility of a four-year
extension) from the date of signature. Remuneration will be by availability
payments, explicit tolls and toll revenues guaranteed by the
administration.
The project has a total estimated investment of COP2.6bn, or around
EUR880mn.
I-77 (North Carolina): the financing of this project took place in May, as
follows:
− Private Activity Bonds (PABs) for USD100mn, at 5%, and maturities up
to 2054.
− A TIFIA loan for a total initial amount of USD189mn, maturing in 2053.
− A contribution from the North Carolina Department of Transport
(NCDOT) amounting to USD94.7mn.
The total debt (PABs and TIFIA) has been rated BBB- by Fitch Ratings and
BBB by DBRS.
Award: Ferrovial, in a consortium led by its subsidiary Cintra
Infraestructuras, closed an agreement in June 2014 with the NCDOT for
the design, construction, financing, operation and maintenance of the I-77
for an amount of USD648mn (c.EUR581mn). The concession has a
duration of 50 years from the date it opens to traffic.

6
407 East Extension Phase II (Canada): on 10 March, the financing of the
project was closed. The investment was financed as follows:
− A short-term bond for CAD264mn, maturing at the end of the
construction period, at a cost of 1.743%.
− A second, long-term, bond for CAD108mn, maturing in June 2047, at
a cost of 3.76%.
− A revolving loan for CAD241mn, maturing at the end of the
construction period, at a cost of 1.703%.
DBRS and Moody’s affirmed their rating of the project at A (low) and A3
respectively, with Stable Outlook.
Award: on 21 January 2015, Ferrovial through its subsidiary Cintra
Infraestructuras, in a 50% consortium with Holcim Inc. (Canada) was
selected by Infrastructure Ontario and the Ontario Ministry of Transport as
preferred bidder for the design, construction, financing and maintenance
of the 407 East Extension Phase II toll road, which is to be extended
towards the East, through the Greater Toronto area.
The 32km concession will have a duration of 30 years from the date the
first section opens to traffic, expected to be at end-2017. The project
includes an extension of 22km, with two lanes in each direction, of the
407ETR, from Harmony Road (Oshawa), to the 35/115 toll road
(Clarington) and a connection with the 401 toll road in a new 10km
junction.
This project will be run under an explicit tolls format (like Phase I), under
which the Ontario administration is responsible for fixing the tariffs and
collecting the revenues, while the concession will be remunerated by
means of an availability payment formula for the maintenance.
Cintra, together with Holcim, will be responsible for the project
development, while the design and construction will be carry out by
Ferrovial Agroman and Dufferin.
A66 Benavente – Zamora: in May 2015, Cintra and its partners closed the
refinancing of the Autovía de la Plata between Benavente and Zamora by
means of issuing a EUR185mn bond with an annual coupon of 3.169% and
a maturity of 26 years.
Tendered projects
Ferrovial continues to monitor development activity in its target
international markets (North America, Europe and Australia).
In the US, Cintra has been shortlisted for the I-66 Managed Lanes project
(Virginia) to the west of Washington D.C.
At a European level, in the first nine months of the year the consortium led
by Cintra has been pre-qualified for the D4-R7 Bratislava Ring Road in
Slovakia in consortium with the investment fund Macquarie and the
Austrian company Porr. Offers are expected to be presented in mid-
November 2015.
Assets subject to insolvency
proceedings
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 2012, this
request for court-ordered insolvency proceedings was granted. As a result
of this filing for insolvency, the standstill agreements with the creditor
banks were terminated.
Impairments have been recognised for all the investments and guarantees
relating to this project. The resolution of the insolvency process should
have absolutely no negative impact whatsoever on Ferrovial’s accounts.
OCAÑA - LA RODA
In March 2015, a court order opened the liquidation process. At this point,
the insolvency administrators appointed by the Court took control of the
company, which was therefore no longer in Ferrovial’s hands, and it was
deconsolidated from the group’s accounts with effect from 28 February
2015.
The impact: a reduction in net debt of EUR559mn and an accounting
profit, with no cash impact, of EUR64mn, due to the reversal of
impairments recognised in previous financial years in excess of the capital
invested.
INDIANA TOLL ROAD
On 27 May 2015, the sale of the asset was completed (as had been agreed
under the pre-packaged Chapter 11 process) to the Australian investment
fund IFM Investors in the name of IFM Global Infrastructure Fund for
USD5,725mn. Ferrovial received EUR46mn (USD50mn) for the sale and
booked a capital gain of EUR30mn after tax.
€ million Traffic Revenues EBITDA EBITDA Margin
Net Debt
100%
Intangible assets Sep-15 Sep-14 Var. Sep-15 Sep-14 Var. Sep-15 Sep-14 Var. Sep-15 Sep-14 Sep-15 Share
Global Consolidation
Radial 4 5,059 4,852 4.3% 11.5 10.5 9.8% 5.6 4.9 15.5% 49.1% 46.6% -638 55%

7
407ETR toll road
PROFIT & LOSS ACCOUNT
CAD million Sep-15 Sep-14 Var.
Revenues 749 660 13.5%
EBITDA 635 557 14.1%
EBIT 571 506 12.9%
Financial results -246 -286 14.2%
EBT 325 219 48.3%
Corporate income tax -88 -58 -52.5%
Net Income 237 162 46.8%
Contribution to Ferrovial equity
accounted result (€)
63 39 62.3%
NB: since Ferrovial’s sale of 10% in 2010, the asset has been consolidated by the equity method,
as a reflection of Ferrovial’s percentage stake (43.23%).
In the first nine months of the year, 407ETR has posted significant revenue
growth (+13.5%) in local currency terms, principally as a reflection of the
tariff increases applied since February 2015, as well as the increase in the
number of journeys. The heavy congestion on the alternative routes due to
roadworks continues to have a positive impact on traffic of the concession.
The average revenue per journey increased by +8.0% vs. 2014.
The motorway reported EBITDA growth of +14% in the first nine months,
and the EBITDA margin improved from 84.4% in the same period in 2014
to 84.8%.
The financial result fell in the first nine months, reflecting:
− A rise in interest expenses (of +CAD11mn) due to an increase in debt,
mainly as a consequence of the issuance of CAD250mn undertaken in
May 2104, CAD150mn in March 2015 and the refinancing of
CAD500mn in May 2015.
− A CAD22mn drop in expenses (with no cash impact) due to lower
inflation expectations and CAD30mn of fair value adjustments.
407ETR’s contribution to Ferrovial’s equity-accounted results amounted
to EUR63mn (vs. EUR39mn in the same period last year), after the annual
amortisation of the goodwill generated by the sale of a 10% stake in 2010,
which is written down over the life of the asset as a function of the expected
traffic flows.
DIVIDENDS
At end-September 2015, 407ETR distributed dividends of CAD563mn (vs.
CAD525mn in 2014). Of this, EUR174mn were attributable to Ferrovial (vs.
EUR163mn in 2014).
At the October Board meeting, the payment of another CAD187.5mn in the
fourth quarter was approved.
CADmn 2015 2014 2013 2012
Q1 187.5 175.0 100.0 87.5
Q2 187.5 175.0 130.0 87.5
Q3 187.5 175,0 200.0 87.5
Q4 187.5 205.0 250.0 337.5
Total 750.0 730.0 680.0 600.0
TRAFFIC
In terms of traffic, the total number of kilometres travelled grew by +3.4%,
with an increase in the number of journeys (+2.8%), and in the average
distance travelled (+0.6%). In the third quarter, traffic benefitted from the
congestion on the parallel roads due to roadworks, the lower price of oil
and the Pan Am/ Parapan American Games held in July and August in
Toronto. Thus the traffic during the third quarter rose +4.2% compared to
+2.9% in the first half of the year.
The record number of journeys in a single day has been beaten twice
during 2015 (on 26 June 460,389 journeys were reached, and on 25
September 460,458). The previous record was in June 2011.
NET DEBT
At 30 September 2015, 407ETR’s net debt reached CAD6.25bn, and had
an average cost of 4.75%. During the first nine months of the year, the
concession issued the following:
− On 27 March, a CAD150mn bond issue (Senior Notes Series 15-A1). This
issue matures on 27 March 2045 and has a coupon of 3.30%.
− On 11 May, a CAD500mn bond issue (Senior Notes, Series 15-A2). This
issue matures on 11 May 2046 and has a coupon of 3.83%. The issue
will be used for the partial cancellation of the CAD500mn (Senior
Notes, Series 10-A1) maturing in June 2015 and general corporate
expenses.
After these issues, 45% of the debt matures at over 20 years. There are no
significant debt maturities until 2016 (CAD798mn falls due in that year).
CREDIT RATING
S&P: on 30 January, the agency affirmed its credit rating at "A" (Senior
debt), "A-" (Junior debt) and "BBB" (Subordinated debt), with Stable
Outlook.
DBRS: "A" (Senior debt), "A low" (Junior debt) and "BBB" (Subordinated
debt).
407ETR TARIFFS
The table below compares the 2014 and 2015 tariffs (the latter came into
effect on 1 February 2015) for light vehicles:
CAD 2015 2014
Regular Zone
AM Peak Period: Mon-Fri: 6am-7am, 9am-10am
AM Peak Hours: Mon-Fri: 7am-9am
30,56¢ /km
34,13¢ /km
28,3¢ /km
30,2¢ /km
PM Peak Period: Mon-Fri: 3pm-4pm, 6pm-7pm
PM Peak Hours: Mon-Fri : 4pm-6pm
31,13¢ /km
34,73¢ /km
28,3¢ /km
30,2¢ /km
Light Zone
AM Peak Period: Mon-Fri: 6am-7am, 9am-10am
AM Peak Hours: Mon-Fri: 7am-9am
29,05¢ /km
32,43¢ /km
26,9¢ /km
28,7¢ /km
PM Peak Period: Mon-Fri: 3pm-4pm, 6pm-7pm
PM Peak Hours: Mon-Fri: 4pm-6pm
29,59¢ /km
33,01¢ /km
26,9¢ /km
28,7¢ /km
Midday Rate
Weekends & public holidays 11am-7pm
23,59¢/km 22,25¢/km
Off Peak Rate
Weekdays 7pm-6am, Weekends & public holidays 7pm-
11am
19,74¢/km 19,35¢/km

8
NTE road (sections 1 and 2)
NTE’s results for the first nine months of 2015 were as follows:
USD mn Sep-15 Sep-14
Revenues 36.6 -
EBITDA 27.0 -
EBITDA Margin 74% -
In standalone quarterly terms:
Q3 Q2 Q1
% Change
3Q/2Q
P&L (USD mn)
Revenue 14.7 12.5 9.4 16.7%
EBITDA 11.2 9.4 6.4 19.5%
EBTIDA margin 77% 75% 68%
Traffic (mn of transactions)
Transactions 5.5 5.0 4.0 10.7%
Average Tariffs (USD)
Segment 1 (6.4 miles)
Peak-period 3.0 2.9 2.9 3.1%
off-peak period 1.3 1.2 1.1 11.0%
Daily average 1.6 1.5 1.4 8.1%
Segment 2 (6.86 miles)
Peak-period 3.5 3.4 3.3 2.9%
off-peak period 1.5 1.3 1.3 11.4%
Daily average 1.8 1.7 1.6 8.3%
Max. toll in the quarter (USD)
Segment 1 5.3 5.3 4.2 0.0%
Segment 2 5.7 5.7 4.3 0.0%
The NTE has posted very positive quarterly results in terms of both revenues
and EBITDA (in USD mn) since it was opened, as shown in the following
charts:
PROFIT AND LOSS ACCOUNT
In the third quarter of 2015, revenues expanded by +17% vs. second
quarter to USD14.7mn. This mainly reflected the increase in traffic
(+10.7%). The average toll charged was USD2.67 vs. the USD2.51 and
USD2.38 in the second and first quarters of 2015 respectively.
TRAFFIC
NTE is still in the ramp-up phase, such that in the third quarter of 2015 it
posted 5.5 million transactions, 11% more than in the second quarter of the
year.
TARIFFS NTE (January to September 2015)
The table to the left shows the average tariffs for each quarter, calculated
for light vehicles and by segment.
On 2 April 2015, the dynamic tolling system came into effect on the NTE,
since when tariffs can be set every five minutes, depending on the levels of
traffic observed. This has meant that the maximum tariff has reached
USD0.83 per mile at certain times.
In line with the second quarter, the maximum tariff in the third quarter was
USD5.3 in segment 1 and USD5.7 in segment 2.
NET DEBT
The motorway’s net debt at 30 September 2015 reached USD1,005mn,
with an average cost of 5.4%.
6.4
9.4
12.5
14.7
0 5 10 15
4Q2014
1Q2015
2Q2015
3Q2015
NTE - Quarterlyrevenuesevolution
2.2
6.4
9.4
11.2
0 5 10 15
4Q2014
1Q2015
2Q2015
3Q2015
NTE - QuarterlyEBITDA evolution

9
LBJ toll road
On 10 September, Ferrovial inaugurated the LBJ Express. This state of
the art motorway, in terms of its design and its advanced technology, is
located in the northern part of Dallas, in one of the most congested
corridors in the US.
Cintra leads the consortium which has a 52-year concession to operate
the 21.3km urban motorway which runs around the north of Dallas on the
IH-635, between the US-75 and the IH-35E, and a section of Loop 12.
Construction started in 2010 and finished more than three months
ahead of schedule, and was accomplished by Ferrovial Agroman and
Webber. The project was carried out with the corridor open to traffic, while
widening and improving the existing lanes and constructing new dynamic
toll lanes (managed lanes) throughout the whole length of the motorway.
This motorway follows the NTE, opened last year, which was Ferrovial’s
first managed lanes project in the US. Its design makes the LBJ and NTE
unique projects in their category, as they are managed lanes constructed
within an urban highway. With the addition of two managed lanes,
capacity on the route is doubled on the whole length of the corridor.
The motorway has a dynamic tolling system which allows flexibility in the
determination of the tariff depending on the level of congestion. Speed is
guaranteed at a minimum of 50mph (around 80kmh). The tariffs can
be modified every five minutes. The maximum tariff is actually 84 cents per
mile (adjusted for inflation each year).
The other members of the consortium apart from Cintra, the reference
manager of the asset with a 51% stake, are the infrastructure fund APG
(26.46%), Meridiam (15.94% and DPFPS, a local pension fund (6.6%).
Key facts about the concession company:
Type Description
Concessionaire LBJ InfrastructureGroupLLC
Location Dallas,Texas
Customer Texas Department of Transportation
51% Cintra Infraestructuras S.A.
26,46% APG
15,94% Meridiam
6,6% Dallas PoliceandFirePension System
Openingday Sep-15
Concession start date 2009
Concession enddate 2061
Duration 52years
Purpose Plan,design,construct,maintain andenhance.
Investment USD 2.627mn
Lenght of thehighway 21,3Km(13 miles)
Number of lanes (IH-635)9 lanes in totalin each direction
TollSysten Open
Payment methods Transponder andvideo
EquityStructure

10
Financial structure: the project has used four sources of financing: Private
Activity Bonds (PABs)* for USD615mn, a long-term TIFIA** loan for
USD850mn provided by the US Department of Transport, and
contributions from the partners (USD672mn) and the Texas Department of
Transport (USD490mn).
PABs issuance in 2010: LBJ Infrastructure Group LLC issued bonds for
USD615mn as part of the process of financing the motorway.
These tax-free bonds were issued in the US municipal bond market. They
consisted of four issues: two of USD91mn and USD51mn with coupons of
7.5% and maturing in 2032 and 2033 respectively, and another two for
USD55mn and USD419mn with 7% coupons and maturing in 2034 and
2040 respectively.
* PABs: tax-free bonds issued by or in the name of local or state
governments. This is a common form of financing for public/private
infrastructure projects in the US.
** Transportation Infrastructure Finance and Innovation Act (TIFIA) is a
programme that provides Federal credit (direct loans, guarantees, lines of
credit, amongst others) for financing transport infrastructure of regional or
national importance. TIFIA loans have the following characteristics:
− Long-term, low fixed cost
− Joint public/private investment
− Patient lender
− Contributes to project trustworthiness
− Flexible repayment conditions
To date, the LBJ Express has been awarded the following prizes:
− March 2010: Project Finance of the Year; North American Project Bond
Deal of the Year 2010 - Project Finance Magazine; Developer of the
Year; Public-Private Partnership Transaction of the Year - annual
survey, Infrastructure Investor.
− June 2010: KPMG Infrastructure 100.
− July 2010: Project of the Year - American Road & Transportation
Builders Association (ARTBA).
For more information on the concession, click on the following links:
https://youtu.be/9GMj3H5OovA
https://youtu.be/pnNFZ8qJY-c
Autema
In January 2015, as explained in Note 34 to the 2014 annual consolidated
accounts, the Generalitat de Cataluña (GenCat) notified Autema of its
intention to modify the concession regime of the project, switching it from a
system whereby GenCat committed to pay a guaranteed level of EBITDA to
a system under which the remuneration will depend on the number of
users of the infrastructure, with the administration subsidising part of the
toll paid by each user.
On 16 July 2015, the Catalonian Government official journal (Diario Oficial
de la Generalitat de Cataluña) published the Decree 161/2015, of July
14th, including the modification of the administrative concession of the
Autema project. The Company understands that this contractual
modification has no legal basis, and, for this reason, has filed allegations,
firstly via administrative procedure, and, after it was dismissed, via filing a
contentious-administrative appeal before the Catalonian High Court of
Justice (Tribunal Superior de Justicia de Cataluña). Notwithstanding the
above, as of September 2015 a provision was recognised for the potential
regime modification, an amount of EUR71mn (which has implied a
negative impact of EUR53mn on net profit).
M3 and M4
In September 2015, Ferrovial, through its Toll Motorway division Cintra,
reached an agreement with the Dutch infrastructure fund DIF to sell 46%
of the M4 and 75% of the M3 for EUR61.1mn. As a result of this deal,
Ferrovial will own 20% of each concession, remaining as a core industrial
shareholder.
The transaction is expected to close once the necessary approvals have
been obtained from the Irish authorities and the financing banks. At
present, Cintra has stakes of 66% and 95%, respectively, in the M4 and M3
concessions, situated in Dublin (Ireland). DIF owns 34% of the M4.
At 30 September 2015 the deal remained pending its close so, in
accounting terms, for the first nine months of the year both motorways (M3
and M4) remain as “Assets classified as held for sale”. This reclassification
reduced debt by EUR294mn.
Sources and Uses funds (USD mn)
Total Sources 2,627 %s/total
Equity 672 26%
Subsidies 490 19%
PABs * 615 23%
TIFIA** 850 32%
Total Uses 2,627 %s/total
Construction,opex,capex andinsurance 2,247 86%
Interest costs capitalized 242 9%
Biddingcosts 58 2%
Reserveaccount 81 3%

11
SERVICES
Revenues 3,621 3,202 13.1% 5.6%
EBITDA 264 246 7.2% -3.8%
EBIT 160 150 6.6% -8.4%
EBITDA at Ferrovial %
in equity accounted
businesses
25 17 42.1% 27.4%
Backlog* 20,876 20,354 2.6% -0.8%
JVs Backlog* 2,163 2,016 7.3% 2.9%
Global Backlog+JVs* 23,039 22,369 3.0% -0.5%
*Backlogs vs. December 2014.
Over the nine months to September, revenues grew by +13.1% compared
to 2014, although a portion of this was produced by exchange rate
movements, especially sterling. Ex exchange rates, revenue growth would
have been +5.6%. By business, revenues grew by +5.9% in Spain, by
+16.5% in the UK (+4.7% ex FX impact), and +38.7% in International
(+33.8% ex FX impact).
EBITDA margin was 7.3%, which was below the figure of 7.7% in 2014, as a
result of adverse developments in the UK.
The backlog reached EUR23,039mn, +3% vs. December 2014. Ex FX
impact, it would have been in line with the figure in December 2014
(-0.5%).
Spain
Revenues 1,242 1,173 5.9% 5.9%
EBITDA 133 122 8.7% 8.4%
EBIT 68 61 12.2% 11.7%
in equity accounted
businesses
3 3 -19.1% -19.1%
Backlog* 5,928 6,392 -7.3% -7.3%
JVs Backlog* 330 344 -4.0% -4.0%
Global Backlog+JVs* 6,258 6,736 -7.1% -7.1%
The positive performance for revenues and margins continued vs. 2014.
Revenues increased by +5.9%, with a notable contribution from new
contracts won in 2014, such as waste collection in Madrid or maintenance
at Orense Hospital, and the higher volume from highway maintenance
contracts.
EBITDA and EBIT margins improved, mainly on the back of the contribution
from contracts that began at the beginning of 2014, where start-up costs
were incurred in the first half of last year. The profit from these contracts
has already stabilised in 2015, feeding through positively to margin
performance generally. Prominent among these contracts in terms of their
volume were passenger care services on Renfe’s long-distance trains and
highway cleaning in Madrid.
The backlog reached EUR6,258mn (-7.1% vs. December 2014). The fall in
backlog is due to the slowdown in public tendering in a year with several
election processes.
Highlights over the quarter were a maintenance contract for public lighting
in Guadalajara (EUR19mn over 12 years) and the call-out control and
response contract for Catalonia’s Emergency Medical Assistance System
(EUR19mn over 2 years).
UK
Revenues 2,293 1,968 16.5% 4.7%
EBITDA 123 120 2.4% -16.7%
EBIT 88 89 -0.7% -21.8%
in equity accounted
businesses
13 10 31.6% 18.2%
Backlog* 14,642 13,682 7.0% 1.8%
JVs Backlog* 1,816 1,616 12.4% 6.9%
Global Backlog+JVs* 16,458 15,298 7.6% 2.4%
In the UK revenues were +16.5% above those in September 2014. This
growth mostly came from stronger sterling against the euro. Excluding this
effect, revenues would have climbed by a solid +4.7%.
Compared to the previous year, margin performance over 9M 2015 was
impacted by costs incurred in concluding the investment phase of the
Birmingham infrastructure maintenance contract. This contract made a
negative EBITDA contribution of EUR23mn. Today, a court case with
Birmingham City Council is still ongoing to resolve differences in
interpretation of the contract with regard to the scope of activity in said
investment phase. The case is expected to end in the first half of 2016.
Excluding Birmingham, EBITDA and EBIT would be in line with the previous
year, in a context of public spending cuts under the fiscal consolidation
programme that is being pursued by the government, whereby
government budgets have been reduced by approximately 20% in 2015.
The backlog reached EUR16,458mn, which was +7.6% vs. December 2014.
Excluding the FX impact, the backlog would have risen by +2.4% against
December 2014. Highlights in the quarter were the award of the Isle of
Wight waste collection and treatment contract (EUR370mn over 25 years)
and maintenance contracts for the water distribution network for Severn
Trent Water (EUR312mn over six years) and for Yorkshire Water (EUR155mn
over 4.5 years).

12
International
Revenues 85 61 38.7% 33.8%
EBITDA 8 3 126.2% 107.6%
EBIT 3 0 n.s. n.s.
EBIT Margin 3.4% -0.4%
EBITDA at Ferrovial % in
equity accounted
businesses
9 4 119.9% 81.0%
Backlog* 306 279 9.5% 11.7%
JVs Backlog* 18 56 -68.5% -70.9%
Global Backlog+JVs* 323 335 -3.6% -3.3%
The International division encompasses the activities of Ferrovial Servicios
in countries other than Spain and the UK. Compared to 2014, revenues
from these activities rose by +38.7%, +33.8% ex the FX impact.
The strong revenue growth consolidates the positive contribution to EBIT
from this business area, compared to the negative EBIT figure of
September 2014.
There were positive performances across all countries: revenues in Poland
were EUR20mn (+205% vs. 2014), EUR45mn in Chile (+22.4%), and
EUR19mn in Portugal (+5%). With respect to Qatar, which is equity-
accounted, accumulated profit to September was EUR8mn, vs. EUR4mn in
2014.
Backlog
At the September 2015 close, the backlog remained close to its peak, at
EUR23,039mn, which represents growth of +3% vs. December 2014 (in line
with December levels ex the FX impact).
By business area, Spain accounts for 27% of the backlog (EUR6,258mn),
while the UK represents 71% (EUR16,458mn) and the remainder falls
within the International division (EUR323mn).

13
CONSTRUCTION
Revenues 3,233 2,936 10.1% 2.4%
EBITDA 295 256 15.2% -0.6%
EBIT 273 229 19.5% 1.9%
Backlog* 8,249 8,091 1.9% -0.8%
*Backlog vs. December 2014.
LFL revenues rose by +2.4%, mainly from substantial growth from
international activity (+14.3%; +4.1% LfL), combined with growth at
Budimex (+5.0% LFL) and the start of work in new geographical areas
(Australia, Brazil, and Oman), which made up for the decline at Webber (-
21.7% LFL). International turnover was responsible for 80% of the
division’s revenues, with the regional mix very much focussed on the
company’s traditional strategic markets (North America 32%, Poland 29%,
and the UK 8%). Activity in Spain fell by -4% during 9M15.
Budimex
Revenues 909 860 5.7% 5.0%
EBITDA 48 38 28.0% 26.9%
EBIT 44 34 31.8% 30.7%
Backlog* 1,749 1,426 22.7% 21.7%
The division had a very positive performance during the first nine months
2015, in a continuation of the trend that began in mid-2014. Like for Like,
we highlight both revenue growth (+5.0%) from improvements in both
residential and non-residential construction, as well as the increase in
profitability (EBITDA +26.9% with EBITDA margin up from 4.4% to 5.3%),
mainly on the back of ongoing cost control with respect to materials and
sub-contractors.
The backlog reached EUR1,749mn, which represents a rise of +21.7% LFL
vs. December 2014. Healthy progress in terms of contract work continued in
the third quarter of 2015 compared to 2014 (a record year for Budimex),
with civil works contracts worth over EUR740mn signed under the 2014-20
New Highway Plan.
Webber
LFL revenues fell by -21.7%, which was mainly due to the conclusion of the
NTE 1-2 and LBJ projects.
Profitability improved over the previous year, with an EBITDA margin of
+14.3%, compared to the +9.6% of the first nine months of 2014, on the
back of management of the major projects at their final stages, having
satisfactorily mitigated most of their associated risks. On the other hand,
the lack of contracting for major projects, together with the high execution
rate of concessional projects, brought the backlog down by -19.0% in local
currency terms.
Revenues 493 518 -4.8% -21.7%
EBITDA 71 50 41.7% 15.5%
EBIT 65 44 45.9% 18.8%
Backlog* 772 880 -12.3% -19.0%
Ferrovial Agroman
Revenues 1,830 1,558 17.4% 10.1%
EBITDA 176 169 4.5% -10.9%
EBIT 164 150 9.0% -8.7%
Backlog* 5,728 5,785 -1.0% -3.3%
Ferrovial Agroman revenues posted a LFL increase of +10.1%, given
contributions from new zones such as Australia, Brazil and the Middle East,
and supported by ongoing sales in the company’s core markets.
Backlog
Sep-15 Dec-14 Var.
Civil work 6,571 6,345 3.6%
Residential work 336 260 29.4%
Non-residential work 649 732 -11.4%
Industrial 692 755 -8.3%
Total* 8,249 8,091 1.9%
The backlog grew by +1.9% from its December 2014 level (although it
slipped back slightly, by -0.8% LFL).
The civil works segment remains the largest segment (representing around
80% of total backlog) with the Group remaining very selective when
participating in tenders. The international backlog amounted to
EUR6,490mn (+6% vs. December 2014), far higher than the domestic one
(EUR1,759mn; -11% vs. December 2014), representing 79% of total
backlog.
During the first nine months of the year, major contracts were won in
traditional markets such as the Thames Tideway Tunnel (UK), Toowoomba
(Australia), Highway 407 ETR Phase II (Canada), the S7 Ostroda and the S3
Sulechow - Nowa Sol (Poland) or Northern Beaches Hospital Connectivity
(Australia).
On the other hand, the backlog does not include a significant volume of
contracts that are pending signature or have been signed after 30
September 2015, which for example at Budimex amount approximately to
EUR500mn, mainly from Poland’s Directorate-General for Highways.

14
AIRPORTS
The contribution of HAH to Ferrovial’s equity-accounted results in the first
nine months of the year was EUR120mn, vs. EUR35mn in the same period
of 2014, as a consequence of:
− the inclusion of a positive non-recurring effect on HAH expenses of
GBP237mn, with no cash impact, after an agreement with the unions
to change the conditions of the pensions plan;
− operating improvements at Heathrow Airport and cost controls; and
− higher depreciation expenses (+29.0%), due to the impact of the
opening of T2, the increase of depreciation at T1 after its closure in
June, and the new integrated baggage facility at T3.
Heathrow Airport
TRAFFIC HEATHROW SP
In the first nine months of 2015, the number of passengers at Heathrow
reached 56.9 million, +2.3% higher than the same period in 2014, a new
record for this period following particularly strong figures for the summer
months. The third quarter standalone saw traffic growth of +3.9%
compared with the third quarter of 2014.
The traffic performance was mainly driven by the increase in the number of
seats due to the use of bigger aircraft (with an average number of seats per
aircraft of 208.1 vs. 204 in 2014).
Load-factors reached 76.9% vs. 77.2% in 2014, reflecting the increased
capacity in the aircraft.
A large part of traffic growth is contributed by European traffic, which in
the first nine months of 2015 saw nearly a million more passengers than in
the same period in 2014, mainly due to the increase in the number of seats
offered by BA on short-haul flights.
Long-haul traffic expanded by +1.0%, due to the increase in the size of
aircraft (partly due to more Airbus A380s being used), to growth in traffic to
North America (+1.4%), to the Middle East (+5.5%) reflecting the use of
more and bigger aircraft, to Latin America (+8.9%) given Avianca’s new
route to Colombia and the strong performance of the routes to Brazil and
Mexico.
In March, Vietnam Airlines moved its London operations from Gatwick to
Heathrow, following in the footsteps of other airlines such as Air China,
which moved last year.
Traffic performance by destination
Million pax Sep-15 Sep-14 Var.
UK 4.0 3.9 0.8%
Europe 23.7 22.8 4.0%
Long Haul 29.2 28.9 1.0%
Total 56.9 55.7 2.3%
HEATHROW SP REVENUES
Revenue growth of +4.1% reflecting the increase in aeronautical revenues
of +3.0%, driven by a combination of higher traffic and tariff increases.
The average aeronautical revenues per passenger increased by +0.7% to
GBP 22.82 (vs. GBP22.66 in 2014).
Revenue breakdown
GBP million Sep-15 Sep-14 Var. Like-for-Like
Aeronautic 1,299 1,261 3.0% 3.0%
Retail 393 371 5.9% 5.9%
Others 376 354 6.2% 6.2%
TOTAL 2,068 1,986 4.1% 4.1%
Retail earnings increased by +5.9%:
− We highlight the good performance of car parks (+9.6%), on the back
of the increased capacity (parking at T2 and the new business car park
with 800 spaces at T5 which opened in February 2015), as well as the
increase in the number of passengers.
− There was also strong growth at the bureaux de change (+15.6%), in
catering services (+17.2%) and the airside specialist shops (+10.3%),
mainly due to the opening of new retail space in T5 and T2 and the
increase in passenger numbers. Of the airside specialist shops, there
was double-digit revenue growth in the luxury goods shops, which
benefitted from the opening of new space at T5 towards the end of
2014, including brands such as Louis Vuitton, Cartier, Rolex, Fortnum &
Mason, Bottega Veneta and Hermès.
− The Duty Free shops (-1.1%) were affected by the refurbishment at T5;
which, once completed, should have a positive impact in the final
quarter of the year.
Net retail earnings per passenger reached GBP6.66, or an increase of
+5.0%.
The Other revenues line rose by +6.2%, mainly due to the higher charges
for supplies and the increase in rental earnings after the opening of T2.
Meanwhile, demand is increasing for Heathrow Express through an
increased product range including advance purchase of tickets and
promotions such as “Kids go Free”.
GBP million Traffic (million passengers) Revenues EBITDA EBITDA Margin
Sep-15 Sep-14 Var. Sep-15 Sep-14 Var. Sep-15 Sep-14 Var. Sep-15 Sep-14 Var. (pbs)
Heathrow SP 56.9 55.7 2.3% 2,068 1,986 4.1% 1,224 1,172 4.4% 59.2% 59.0% 21
Exceptionals & adjs 2 -2 n.a. -4 -27 n.a. n.a. n.a. n.a.
Total HAH 56.9 55.7 2.3% 2,070 1,984 4.3% 1,220 1,144 6.6% 59.0% 57.7% 129
Data in the above table referring to Total HAH are Like-for-Like, that is, not including the impact of the change in pensions plan conditions agreement.
Accounting EBITDA showed an increase of +27.3%.

15
HEATHROW SP EBITDA
Heathrow’s adjusted EBITDA increased by +4.4% in the first nine months of
the year vs. revenue growth of +4.1%. EBITDA margin reached +59.2%
(+59.0% in 2014).
The company maintained tight cost control, with a small reduction in
comparable costs. Operating expenses in the first nine months of the year
included GBP46mn for the operation of the new T2, and additional
expenses for the opening of the integrated baggage facility at T3. These
were offset by savings related to closing T1 ahead of schedule. Total costs
also include GBP7mn for planning activities related to the expansion of the
airport.
USER SATISFACTION
Heathrow was selected as the “Best Airport in Western Europe” for the first
time in 2015, and “Best Airport for Shopping” for the sixth consecutive year
by Skytrax World Airport Awards. In addition, T5 was selected for the fourth
consecutive year as “Best Airport Terminal”.
Heathrow was also selected as “Best Airport in Europe” for the second time
by Airport Council International.
User satisfaction reached record levels in 2015, with 81% of passengers
rating their experience as “very good” or “excellent” (78% in 2014).
In spite of being at maximum occupancy levels, the airport continues to
deliver top quality services.
REGULATORY ASPECTS
Regulatory Asset Base (RAB): at end-September 2015, the RAB reached
GBP14,891mn (vs. GBP14,860mn at end-December 2014).
New regulatory period: the new regulatory period (Q6) started on 1 April
2014 and lasts until 31 December 2018. The CAA approved an annual
maximum tariff increase per passenger of RPI -1.5%.
Airports Commission: on 1 July 2015, the Airports Commission clearly and
unanimously recommended a new plan for the north-west runway at
Heathrow, as a means of solving the capacity problems in the UK. It
recognised the role that Heathrow plays as the only hub airport and the
only solution that can help the global growth of British companies.
At present, Heathrow has 82 long-haul connections and is one of the only
six airports in the world that has regular flights to more than 50 long-haul
destinations. The expansion could support 40 new long-haul connections
to the emerging markets. The government now has to review the report
and make a final decision, which is expected towards the end of the year.
HAH NET DEBT
At 30 September 2015, the average cost of Heathrow’s external debt was
5.04%, including all the interest-rate, exchange-rate and inflation hedges
in place (vs. 5.76% in December 2014).
GBP million Sep-15 Dec-14 Var.
Loan Facility (ADI Finance 2) 498 497 0.1%
Subordinated 990 898 10.2%
Securitized Group 11,870 11,598 2.3%
Other & adjustments -15 -16 -5.8%
Total 13,342 12,978 2.8%
Net debt is held at FGP Topco, HAH’s parent company.
HAH Profit and Loss Account
GBP million Sep-15 Sep-14 Var. Like-for-Like
Revenues 2,070 1,984 4.3% 4.3%
EBITDA 1,457 1,144 27.3% 6.6%
EBITDA margin % 70.4% 57.7%
Depreciation 540 419 29.0% 29.0%
EBIT 917 726 26.4% -6.3%
EBIT margin % 44.3% 36.6%
Impairments & disposals -1 0 n.s. n.a.
Financial results -458 -581 21.1% 0.6%
EBT 458 145 216.3% -22.4%
Corporate income tax -111 -40 -177.0% 0.8%
Result from discontinued
operations
8 n.a. n.s.
Net income 347 112 209.0% -29.9%
Contribution to Ferrovial
equity accounted result
(€)
120 35 244.0% -29.9%
HAH EBITDA
EBITDA at HAH increased by +27.3% in the first nine months of the year
reaching GBP1,457mn. This increase reflected the higher revenues driven
by traffic growth, cost control effort and the inclusion of a positive non-
recurrent effect on HAH expenses of GBP237mn from changes to the
conditions of the pensions plan, after an agreement with the unions.
DEPRECIATION
We highlight the +29.0% increase in depreciation in the first nine months
of the year as a consequence of the impact of depreciation of T2 after it
was opened in 2014, the increased depreciation of T1 due to its closure at
30 June of 2015 and the new integrated baggage facility at T3.
FINANCIAL RESULT
The financial result improved due to the positive evolution vs. 2014 both of
the hedging mark to market (+GBP58mn) and the financing financial
income (+GBP64mn), which includes a positive impact from lower interest
expense of bonds and inflation-linked swaps (-GBP49mn of expenses in
September 2015 vs. -GBP128mn in September 2014 ).
DIVIDENDS
In the first nine months of 2015, HAH distributed ordinary dividends of
GBP225mn (EUR76mn of which correspond to Ferrovial), vs. GBP203mn in
the same period last year.

16
Regional Airports (AGS)
AGS TRAFFIC
Traffic (million passengers)
Jun-15 Jun-14 Var.
Glasgow 6.7 5.9 13.6%
Aberdeen 2.7 2.8 -4.2%
Southampton 1.4 1.4 -0.2%
Total non regulated 10.8 10.1 6.7%
In the first nine months of 2015, the number of passengers at the regional
airports expanded by +6.7% to 10.8 million.
Traffic at Glasgow reached 6.7 million (+13.6%). International traffic
(+17.0%) grows helped by the incorporation of Ryanair in Octobre 2014,
the new routes and higher frequencies of Wizz Air, the increase in capacity
and load factors of Easyjet and the increased frequencies of Icelandair and
Jet2. Domestic traffic (+9.9%) increases on the back of the incorporation of
Ryanair, the increase of capacity in the London routes of BA, the increase
in rotations of Longanair and higher load factors in Easyjet to Belfast and
Bristol (although to some extent negatively impacted by Easyjet’s cutbacks
to London).
Additionally, Glasgow Airport has officially inaugurated the expansion of its
East module. The project, which had a cost of over EUR4.5mn and was
which completed at the beginning of the summer, has introduced a series
of improvements at the terminal, which will allow to respond to the
increased number of routes (22 new routes compared with 2014) and
services offered by the airport, allowing for 750,000 more passengers a
year. Last year, the airport gained 22 new routes and services, including a
new daily service to Halifax, Nova Scotia, with the Canadian airline
WestJet, a direct service to Las Vegas and new connections to a number of
European cities such as Prague, Dubrovnik, Budapest and Bordeaux. In the
coming months, it will open routes to Lublin, Vilnius, Cancun, Barbados
and Cuba, as well as Milan.
Traffic at Aberdeen reached 2.7 million (-4.2%), reflecting the fact that it
is closely linked to the oil and gas industry in the North Sea, so it was
impacted by the fall in oil prices, especially during the second and third
quarters of the year. Demand for both international (-3.6%) and domestic
(-3.8%) services is falling, as are corporate helicopter movements in the
sector (-6.1%).
Traffic at Southampton stood at 1.4 million (-0.2%) due to capacity
reductions by Flybe on its summer routes. Domestic traffic increased
(+1.5%), mainly due to the good performance on the Leeds, Newcastle and
Belfast routes, while international traffic deteriorated (-3.2%) on the back
of the negative performance of the routes to Nice, Brest, Nantes and
Clermont.
AGS EBITDA
For the first nine months of the year, the regional airports posted EBITDA
growth of +10.7% vs. an increase in revenues of +5.1% due to cost
controls.
AGS NET BANK DEBT
At 30 September 2015, the regional airports’ bank debt stood at
GBP493mn.
AGS DIVIDENDS
During the first nine months of 2015, the regional airports distributed
dividends amounting to GBP41mn, GBP28mn of which corresponded to
Ferrovial.
AGS RESULTS
GBP million Revenues EBITDA EBITDA Margin
Jun-15 Jun-14 Var. Jun-15 Jun-14 Var. Jun-15 Jun-14 Var. (pbs)
Glasgow 78.5 72.4 8.4% 33.4 27.8 20.0% 42.6% 38.4% 411.9
Aberdeen 48.9 48.4 1.1% 20.5 18.7 9.7% 41.9% 38.6% 328.5
Southampton 21.1 20.5 3.0% 6.5 5.8 11.8% 30.9% 28.5% 244.3
Corporate -2 n.a. n.a. n.a. n.a.
Total AGS 148.6 141.3 5.1% 58.0 52.4 10.7% 39.0% 37.1% 195.1

17
BALANCE SHEET
Sep-15 Dec-14 Sep-15 Dec-14
FIXED AND OTHER NON-CURRENT ASSETS 19,381 19,426 EQUITY 6,294 6,021
Consolidation goodwill 2,049 1,982 Capital & reserves attrib to the Company´s equity holders 5,857 5,672
Intangible assets 221 223 Minority interest 437 349
Investments in infrastructure projects 9,594 9,290 DEFERRED INCOME 1,051 987
Property 15 6
Plant and Equipment 466 451 NON-CURRENT LIABILITIES 12,788 13,030
Equity-consolidated companies 3,232 3,317 Pension provisions 77 101
Non-current financial assets 2,234 2,324 Other non current provisions 1,407 1,378
Receivables from Infrastructure assets 1,391 1,467 Financial borrowings 8,724 8,707
Long term investments with associated companies 433 375 Financial borrowings on infrastructure projects 7,146 7,331
Restricted Cash and other non-current assets 338 405 Financial borrowings other companies 1,578 1,375
Other receivables 71 76 Other borrowings 184 202
Deferred taxes 1,187 1,438 Deferred taxes 1,082 1,310
Derivative financial instruments at fair value 383 395 Derivative financial instruments at fair value 1,314 1,332
CURRENT ASSETS 6,909 6,048 CURRENT LIABILITIES 6,157 5,435
Assets classified as held for sale 544 2 Liabilities classified as held for sale 522 0
Inventories 415 357 Financial borrowings 1,429 1,368
Trade & other receivables 2,599 2,244 Financial borrowings on infrastructure projects 1,336 1,276
Trade receivable for sales and services 1,989 1,716 Financial borrowings other companies 93 92
Other receivables 561 454 Derivative financial instruments at fair value 134 100
Taxes assets on current profits 50 74 Trade and other payables 3,437 3,493
Cash and other temporary financial investments 3,324 3,439 Trades and payables 2,872 2,979
Infrastructure project companies 451 396 Liabilities from corporate tax 74 56
Restricted Cash 72 59 Other non comercial liabilities 491 458
Other cash and equivalents 380 337 Trade provisions 635 475
Other companies 2,873 3,043
Derivative financial instruments at fair value 27 5
TOTAL ASSETS 26,290 25,474 TOTAL LIABILITIES & EQUITY 26,290 25,474
CONSOLIDATED PROFIT AND LOSS ACCOUNT
Before Fair
value
Adjustments
Fair value
Adjustments
Sep-15
Before Fair
value
Adjustments
Fair value
Adjustments
Sep-14
Revenues 7,233 7,233 6,488 6,488
Other income 7 7 6 6
Total income 7,239 7,239 6,493 6,493
COGS 6,424 6,424 5,792 5,792
EBITDA 815 815 701 701
EBITDA margin 11.3% 11.3% 10.8% 10.8%
Period depreciation 205 205 189 189
EBIT (ex disposals & impairments) 609 609 512 512
EBIT margin 8.4% 8.4% 7.9% 7.9%
Disposals & impairments 38 1 39 0 0
EBIT 648 1 648 512 512
EBIT margin 9.0% 9.0% 7.9% 7.9%
FINANCIAL RESULTS -369 48 -321 -306 15 -291
Financial result from financings of infrastructures projects -332 -332 -267 -267
Derivatives, other fair value adjustments & other financial result
from infrastructure projects
-13 -1 -14 -8 -4 -12
Financial result from ex infra projects -26 -26 -25 -25
Derivatives, other fair value adjustments & other ex infra projects 1 50 51 -6 19 13
Equity-accounted affiliates 184 19 204 90 1 91
EBT 463 68 531 297 16 313
Corporate income tax -57 -14 -71 -71 -5 -76
Net Income from continued operations 406 54 461 226 11 237
Net income from discontinued operations
Consolidated Net Income 406 54 461 226 11 237
Minorities 22 0 22 32 0 33
NET INCOME ATTRIBUTED 428 54 483 259 11 270

18
REVENUES
Construction 3,233 2,936 10.1% 2.4%
Airports 4 4 3.2% 3.2%
Toll Roads 389 323 20.4% 19.2%
Services 3,621 3,202 13.1% 5.6%
Others -14 21 -167.0% -165.9%
Total 7,233 6,488 11.5% 4.2%
EBITDA
Construction 295 256 15.2% -0.6%
Airports -11 -11 -6.5% -6.5%
Toll Roads 261 203 28.6% 25.8%
Services 264 246 7.2% -3.8%
Others 6 7 -4.1% -4.7%
Total 815 701 16.2% 5.2%
DEPRECIATION
This was higher than in the same period last year (+8.9% Like-for-Like), at
EUR205mn.
EBIT (before impairments and disposals of fixed assets)
Construction 273 229 19.5% 1.9%
Airports -11 -11 -6.4% -6.4%
Toll Roads 185 142 30.3% 22.2%
Services 160 150 6.6% -8.4%
Others 3 3 8.3% 6.8%
Total 609 512 19.0% 4.0%
For the purposes of analysis, all comments regarding EBIT are before impairments and fixed
asset disposals.
IMPAIRMENTS AND FIXED ASSET DISPOSALS
Impairments and fixed asset disposals reached EUR39mn in the first nine
months of 2015, including mainly:
− Ferrovial’s capital gain from the sale of the Indiana Toll Road, which
amounted to +EUR46mn.
− The positive impact of the deconsolidation of the Ocaña–La Roda toll
motorway of +EUR64mn on the back of reversal of the motorway’s
cumulative losses.
− The provision registered at Autema (-EUR71mn).
FINANCIAL RESULT
Sep-15 Sep-14 Var.
Infrastructure projects -332 -267 -24.2%
Ex infra projects -26 -25 -2.6%
Net financial result (financing) -357 -292 -22.3%
Infrastructure projects -14 -12 -18.9%
Ex infra projects 51 13 281.0%
Derivatives, other fair value adj &
other financial result
36 1 n.s.
Financial Result -321 -291 -10.4%
Financial expenses increased by EUR30mn in 9M15 vs. 2014, as a
combination of the following impacts:
− Higher expenses for infrastructure project financing, mainly from the
entry into operation of the US toll motorways (NTE 1-2 and LBJ, which
represent EUR40mn and EUR13mn more in expenses respectively) and
lower capitalised interest.
− Inflows from equity swaps amounting to EUR46.5mn (EUR22mn less
than in 2014), fundamentally corresponding to the impact of the
company’s equity swap hedging, explained by the rise in the share price
in the first nine months of 2015 (the closing price on 30 September
2015 was EUR21.34/share vs. EUR16.43/share as at December 2014).
The YoY comparison is affected by the lower average balance of equity
swaps vs. the same period in 2014. At end-June 2015, the number of
shares hedged reached 6.3 million shares.
EQUITY-ACCOUNTED RESULTS
Sep-15 Sep-14 Var.
Construction 1 -2 134.2%
Services 23 17 33.0%
Toll Roads 63 41 56.4%
Airports 117 35 235.5%
Total 204 91 124.2%
We highlight the solid operating performance of the principal equity-
accounted assets. EBITDA growth in the first nine months of the year was
+14.1% for the 407ETR, +27.3% (6.6% LfL) for HAH, and +10.7% for the
regional airports.
At the net profit level, the equity-accounted assets contributed EUR204mn
after tax (vs. EUR91mn in the same period in 2014), implying growth of
+124.2%. There was a notable contribution from Heathrow, at EUR120mn
(vs. EUR35mn in 2014), helped by the positive non-recurring effect on HAH
expenses of GBP237mn, with no cash impact, after an agreement with the
unions to change the conditions of the pensions plan.
TAXATION
The tax rate was 13.3% (21.6% ex equity accounted), affected by the
positive non-recurring effect on HAH expenses and deconsolidation of the
Ocaña–La Roda toll motorway, which did not generate a tax charge as it
represented a reversal of provisions which had not been tax-deductible,
and the equity–accounted results which were already included net of tax.
NET RESULT
Net profit rose to EUR483mn (EUR270mn in September 2014). This was
affected by a set of extraordinary items, most notably including the
pension and derivative adjustments at HAH (+EUR86mn), the
deconsolidation of Ocaña-La Roda (+EUR64mn), the Autema provision
registered (-EUR53mn) and the sale of the Indiana Toll Road (+EUR30mn),
which altogether totalled EUR126mn.

19
NET DEBT AND CREDIT RATING
Net debt
The net cash position ex infrastructure projects stood at EUR1,199mn at
30 September 2015 (vs. EUR1,450mn as of June 2015 and EUR1,632mn in
December 2014). Among the different elements that have led to this net
financial position, we highlight:
- This position does not include any item for discounts from factoring or
German method, which as of December 2014 totalled EUR118mn.
- Over the first nine months of 2015, Ferrovial made net investments
excluding infrastructure projects of EUR207mn (vs. EUR120mn in the
same period of 2014).
- During the first nine months of the year, Ferrovial utilized EUR349mn
for shareholder remuneration, including both share repurchases scrip
dividends and EUR15mn from Budimex; compared to the EUR274mn of
the same period of 2014 (EUR30mn at Budimex)
- On the other hand, dividends received from projects amounted to
EUR317mn up to September, EUR177mn of which came from Toll
roads, EUR104mn from Airports and EUR35mn from Services.
Net project debt was EUR7,690mn (EUR7,862mn in December 2014). This
net debt includes EUR270mn that relates to toll roads under construction
(NTE 35W and I-77). It also includes the EUR638mn related to the R4 radial
toll road which has filed for bankruptcy.
Two opposite impacts came to bear on net debt developments over the
first nine months of the year:
- The negative exchange rate impact from the euro depreciation, which
resulted in an increase of EUR355mn.
- The debt reduction from deconsolidation of the debt associated with
the Ocaña-La Roda concession (net debt: EUR559mn) and EUR294mn
from reclassification of the toll motorways in Ireland as “Held-for-sale
assets”.
Consolidated net group debt at 30 September 2015 was EUR6,491mn.
sep-15 dic-14
NCP ex-infrastructures projects 1,199 1,632
Toll roads -7,221 -7,509
Others -469 -353
NCP infrastructures projects -7,690 -7,862
Total Net Cash Position -6,491 -6,230
sep-15 dic-14
Gross financial debt -10,153 -10,079
Gross debt ex-infrastructure -1,671 -1,471
Gross debt infrastructure -8,482 -8,608
Gross Cash 3,662 3,848
Gross cash ex-infrastructure 2,873 3,103
Gross cash infrastructure 789 745
Total net financial position -6,491 -6,230
Credit rating
In August 2011, credit rating agencies Standard & Poor’s and Fitch rated
Ferrovial’s debt for the first time, and in both cases these were within the
“Investment Grade” category.
Standard & Poor’s upgraded its rating from BBB- to BBB in May 2013, with
outlook stable. On 17 June 2015, Standard & Poors confirmed its rating for
Ferrovial at BBB /Stable/A-2.
In July 2014, Fitch upgraded its credit rating to BBB from BBB-, with
outlook stable. In July 2015, Fitch ratings confirmed its rating for Ferrovial
of BBB /Stable /F3.
Agency Rating Outlook
S&P BBB Stable
FITCH BBB Stable
Debt maturities ex-projects
Year Corporate debt maturities
2015 36
2016 40
2017 10
2018 503
2019 214
2020 3
2021 - 2030 802
2031 - 2040 8
2041 - 2050 0

Resultados enero – septiembre 2015. Ferrovial S.A. y Sociedades Dependientes
20
SHAREHOLDER REMUNERATION
2014-2015 Dividend
The company held its AGM on 27 March 2015. The AGM approved two
capital increases, by means of the issuance of new ordinary shares, with no
issue premium, of the same class and series as those at present in
circulation, charged to reserves.
These increases form part of the shareholder remuneration system known
as the Ferrovial Flexible Dividend, which the company introduced in
2014, and which will replace the traditional complementary dividend
payment for 2014 and the 2015 interim dividend.
The purpose of this programme is to offer to all the company’s
shareholders the option, at their choice, of receiving free new shares in the
company, thus with no alteration to its policy of paying its shareholders in
cash, as they can alternatively opt to receive a cash payment by means of
selling the free rights that they receive, pro rata to their existing holdings to
the company (or selling them in the market).
The first of the scrip issues (equivalent to the 2014 complementary
dividend) took place in May 2015, with the following result:
− The price at which Ferrovial guaranteed to buy the rights was fixed at
EUR0.304 gross per right.
− The number of rights required to receive one new share was 66.
− The holders of 47.82% of the rights opted to have new shares in
Ferrovial, which involved the issue of 5,306,164 new shares (0.72% of
the outstanding shares prior to the capital increase).
− The holders of 52.18% of the rights opted to receive cash. Ferrovial
bought 382,182,272 rights (for a gross amount of EUR116,183,410.69).
At the Board Meeting held on 29 October 2015, the terms were set for the
second scrip issue (equivalent to the 2015 interim dividend). Subsequently,
by means of a Significant Event, the guaranteed fixed price at which
Ferrovial commits to buy back the rights (EUR0.398), the number of rights
required to receive one new share in the company (57 rights) and the
transaction calendar were published.
Share buy-back and cancellation
At end-September 2015, the company had bought back shares for a total
value of EUR217mn (10.4 million shares).
The buy-back programme will amount to a maximum of EUR250mn, or 18
million shares. The programme started on 26 May 2015 and will close on 18
November 2015, as approved by the Board.
The previously mentioned share repurchase programme (capital reduction
by means of the buy-back and subsequent cancellation of treasury stock)
was approved in the AGM which took place in 27 March 2015. The purpose
of the programme is to contribute to the company’s shareholder
remuneration policy by means of increasing earnings per share.
Ferrovial’s equity (fully paid-up and subscribed) as of 30 September 2015
amounted to EUR147,539,067.60. The share capital comprises
737,695,338 ordinary shares of one single class with a nominal value of 20
euro cents (EUR0.20) each
SHAREHOLDER STRUCTURE
In August 2015, Portman Baela S.L. and Karlovy S.L. transmitted their total
Ferrovial stake to their shareholders (deal described in further detail in the
“Signifficant events” Appendix on page 22). Following the aforementioned
transaction, and as published in the CNMV, the significant shareholdings in
Ferrovial S.A. are now as follows:
− Rafael del Pino y Calvo-Sotelo (both through Rijn Capital BV and
personally): 20.100%
− Leopoldo del Pino y Calvo-Sotelo (both through Siemprelara, S.L.U.
and in own name): 8.296%
− María del Pino y Calvo-Sotelo (both through Menosmares, S.L.U. and
in own name): 8.090%
− Joaquín del Pino y Calvo-Sotelo (both through Soziancor, S.L.U. and
in own name): 2.524%
− Also, María and Joaquín del Pino y Calvo-Sotelo are holders, jointly
and indirectly, through Casa Grande de Cartagena, S.L.U., of 1.209%.
After the above-mentioned transaction, the previous shareholder
agreement between these stakeholders has been dissolved.

21
ANNEXES
I: Signifficant events
 Ferrovial communicates the resolutions of the 2015 AGM
(27 March, 2015)
 Ferrovial agrees a scrip issue charged to reserves as a means of
implementing the Ferrovial Flexible Dividend system of
shareholder remuneration.
(30 April, 2015)
At the same time, Ferrovial agreed to carry out a buy-back programme
to reduce the company’s capital by means of the cancellation of
treasury stock, with the purpose of supporting the company’s
shareholder remuneration policy by means of increasing earnings per
share.
 Ferrovial announced the closure of the period for trading the free
rights assigned corresponding to the scrip issue for the purposes of
implementing the Ferrovial Flexible Dividend shareholder
remuneration system.
(21 May, 2015)
At the end of this period, the holders of 47.82% of the rights (a total of
350,206,858 rights) opted to receive new Ferrovial shares. The
definitive number of ordinary shares with a nominal value of
EUR0.20/share issued in the capital increase thus amounts to
5,306,164. The holders of 52.18% of the rights have sold their rights to
Ferrovial, which acquired a total of 382,182,272 rights
(EUR116,183,410.69). The capital increase was closed on 21 May, 2015.
 Portman Baela, a company controlled by the Del Pino family and
main shareholder in Ferrovial, announced the sale of its stake to its
shareholders.
(4 and 7 August 2015)
Portman Baela S.L. and Karlovy S.L., companies in which María, Rafael,
Joaquín and Leopoldo del Pino y Calvo-Sotelo indirectly have holdings,
transferred their shares in Ferrovial to companies controlled by their
shareholders by means of a structured transaction in two phases which
took place on 4 and 7 August 2015.
In this transaction, Portman Baela transferred 301,130,059 shares
representing 40.820% of Ferrovial which it held in its name up to that
moment, to its shareholders Menosmares, S.L.U., Rijn Capital BV,
Soziancor, S.L.U. and Siemprelara, S.L.U., companies which are
respectively controlled by María, Rafael, Joaquín and Leopoldo del
Pino y Calvo-Sotelo in proportion to their most recent respective
holdings in Portman Baela.
On the other hand, Karlovy, S.L., the parent company of Portman
Baela S.L., sold all of the 18,426 shares in Ferrovial, S.A. which it had
held directly, to the same companies, Menosmares, S.L.U., Rijn Capital
BV, Soziancor, S.L.U. and Siemprelara, S.L.U. in proportion to their
respective holdings in Karlovy, S.L.
At the same time, Rijn Capital BV delivered to Mediobanca the 23
million shares representing 3.118% of Ferrovial executing the forward
sale carried out in November 2014, and meanwhile Mediobanca
returned to Rijn Capital BV the 4.5 million shares representing 0.610%
of Ferrovial that had been given on loan to it under said forward sale.
The transaction is part of the orderly transition of the second
generation of the Pino family with regard to capital in Ferrovial, S.A.,
whereby the various family branches that thus far held most of their
investment in the company jointly through Portman Baela, S.L. have
come to hold their interest in Ferrovial, S.A. via companies controlled by
each of them.
As a result of the sale by Portman Baela of its Ferrovial shares, the
shareholders’ agreements regarding Ferrovial, S.A. have ceased to
have legal effect in relation to the shareholders of Portman Baela and
its parent company, Karlovy, S.L, as has the de facto concerted action
arrangement that existed among them.
As a result of these transactions, each of the Del Pino siblings is a
holder, directly and indirectly, of the following interests in Ferrovial:
María del Pino y Calvo-Sotelo, 8.090%; Rafael del Pino y Calvo-
Sotelo, 20.100%; Joaquín del Pino y Calvo-Sotelo, 2.524% and
Leopoldo del Pino y Calvo-Sotelo, 8.296%.
Furthermore, María and Joaquín del Pino y Calvo-Sotelo are holders,
jointly and indirectly, through Casa Grande de Cartagena, S.L.U., of
1.209% of Ferrovial.

22
II: Main contract awards
CONSTRUCTION
SPAIN
 The A-68 motorway Figueruelas-Gallur in Zaragoza province.
 Construction of the Palmas Altas development in Seville.
 Building of the Montepino logistics platform in Torrejón, Madrid.
 Construction of the Edificio Castellana 76, Madrid.
 Refurbishment works on the Hotel Tryp Ambassador in Madrid.
 New corporate offices for Real Madrid football club.
 Refurbishment of the Bank of Spain’s data processing centre in Madrid.
 Construction of the new Castilblanco viaduct over the García de Sola
reservoir, Badajoz.
 Construction of the Alcántara municipal sports centre in Salamanca
district, Madrid.
 Construction of the CAGE (Backup Emergency Control Centre) buildings
at the Ascó and Vandellós nuclear power stations.
BUDIMEX
 New S7 ring-road, Ostroda.
 S3 Sulechow - Nowa Sol motorway.
 Goleniow - Nowogard section of the S6 motorway.
 Construction of the Phase III collective housing units ("Nowe Czyzyny").
 Section 2 of the S17 Garwolin-Kurkow, between Warsaw and Lublin.
 Suwalki ring-road.
 Section 1 of the S17 Garwolin-Kurkow, between Warsaw and Lublin.
 Krakow Zablocie - Krakow Krzeniomki rail connection.
 Hospital in Zabki.
 Access roads to the municipal waste treatment facility in Poznan.
 Residential building, Lakowa in Lodz.
 Equilibrium office building.
 Residential building, Batalianow Chlopskich.
 Manufacture facility for food industry machinery.
 Apartment building in Mielno - Dune B.
 Residential building, Wolczynska Warsaw.
 Business centre in Katowice.
 Residential building, Rolna III & IV in Poznan.
 Hospital in Lublin.
 District court building in Zamosc.
 Dairy product processing facility.
 Completion of the Hrubieszowa ring-road.
INTERNATIONAL
 Construction of the central section of the Thames Tideway Tunnel,
London.
 Toowoomba Second Range Crossing in Australia.
 Design and construction of the second phase of the 407ETR extension
in Toronto, Canada.
 Design and enhancements works of the current road network around
the new Northern Beaches hospital in Australia.
 Works on the Route 5 North, Lampa in Chile.
 Construction of the Club Hipico metro station in Chile, as well as others.
WEBBER
 IH 45 South in Navarro County, Texas.
 Improvement work on the Walcrest reservoir and pump station in
Dallas.
 IH 40 motorway in Potter County, Texas.
 Works on the US 87 motorway.
 Restoration and widening of the SL 335 motorway in Texas.
 Hardy Toll Road North, Harris County, Houston.
 CR 48m motorway, Brazoria County.
 Reconstruction work on 53rd Street in the city of Galveston.
SERVICES
SPAIN
 Construction, implementation and operation of the waste processing
plant at Orís (Barcelona) which serves the Osona and El Ripollés
districts.
 Modernising of the cleaning service for Seville University.
 New hospital cleaning contract for the SAS (Andalusian Health Service)
in Cadiz province.
 New public lighting service contract for Guadalajara council.
 New call-out control and response contract work for the Emergency
Medical Assistance System.
 Facility management, integrated maintenance, building cleaning,
gardening and security services for the European University of Madrid.
 Cleaning of public buildings for Zaragoza council.
 Modernisation of cleaning at the Virgen del Rocío University Hospital,
Seville.
 Integrated lighting and energy management contract for San
Sebastián de los Reyes, Madrid.
 Waste management for the Ford factory in Almussafes, Valencia
region, as well as several of the company’s buildings and facilities.
 Highway cleaning and urban waste collection in Villagarcía de Arousa,
Pontevedra.
UK
 New highway cleaning, infrastructure maintenance and lighting
contract in Trafford.
 New waste collection and treatment contract on the Isle of Wight
 Contract award for prisoner rehabilitation from the Ministry of Justice.
 Sewage system maintenance for Severn Trent Water.
 Prison maintenance contract (Ministry of Justice).
 New maintenance and repair contract for the Yorkshire sewage system.
 New maintenance contract for military quarters with the Ministry of
Defence.
 New contract for construction of an electricity substation on the Isle of
Walney.
 Maintenance of overhead cables for Network Rail.
 Rubbish collection in Dartford.
INTERNATIONAL
 Landfill site in Warsaw (Poland), via acquisition of Pro Eko Natura in
March 2015.
 Integrated services and rental of permanent support teams for the
Ministro Hales Division, Chile.
 Maintenance services and repair of electricity facilities for the Andina
Division, Chile.
 New transport leasing and maintenance contract for the
Chuquicamata Division in Chile.
 New highway maintenance contract in the region of Katowice -
Pszczyna in Poland.

23
III: Exchange rate movements
Exchange-rate Last (Balance
sheet)
Change 9M 15/14 Exchange-rate Mean (P&L) Change 9M 15/14
GBP
0.7390 -4.85% 0.7258 -10.17%
US Dollar
1.1182 -7.59% 1.1104 -17.70%
Canadian Dollar
1.4981 6.59% 1.4140 -4.37%
Polish Zloty
4.2474 -0.82% 4.1534 -0.71%
Exchange rate expressed in currency units per euro, with negative variations signifying euro depreciation and positive variations signifying euro
appreciation.
IIMPORTANT NOTICE
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).
INVESTOR RELATIONS DEPARTMENT
ADDRESS: Príncipe de Vergara 135 - 28002 Madrid
TEL.: +34 91 586 25 65
FAX: +34 91 586 26 89
E-MAIL: ir@ferrovial.com
WEBSITE: http://www.ferrovial.com

Ferrovial Financial Results Jan Sep 2015

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