Ferrovial SE (FER) 2023 Q3 法說會逐字稿

Good afternoon, everybody. This is Silvia Ruiz speaking, and I would like to welcome you to Ferrovial's conference call to discuss the financial results for the 9 months of 2023. Just as a reminder, both the results report and presentation are available to you on our website. I am joined here today by Ernesto Mozo, our CFO; and by the CFOs of the different business divisions. If you have any questions, you may ask them to the form included in the webcast. During the Q&A session at the end of this call, we will be reading out your questions and who they are from. With this, I will hand over to Ernesto. Ernesto, the floor is yours.

大家下午好。我是 Silvia Ruiz，歡迎您參加 Ferrovial 的電話會議，討論 2023 年 9 個月的財務表現。今天我們的財務長 Ernesto Mozo 也加入了我的行列。以及不同業務部門的財務長。如果您有任何疑問，您可以透過網路廣播中包含的表格詢問他們。在本次電話會議結束時的問答環節中，我們將讀出您的問題以及問題的來源。至此，我將把工作交給埃內斯托。埃內斯托，地板是你的。

Thanks, Silvia, and welcome, everybody, to the first 9 months of 2023 results for Ferrovial. Well, really, this was another strong quarter. I mean our infrastructure assets performed really well, starting with the 407 ETR. We had distributions in the first 9 months were higher than last year and also another one was announced post-closing of the quarter. And this was done on the back of improved traffic performance. The managed lanes as well posted a strong revenue growth and additional dividends from 35 West. In airports, with a strong summer performance and improvement along the year, Heathrow was outstanding with September already above pre-pandemic levels. Construction, I mean, with a profitable quarter, the full 9 months are affected by the first half year results with impact from completion of large projects in the U.S. In terms of net cash position, we closed the first 9 months with a net cash of EUR 635 million at infrastructure level. And this cash evolution is driven by dividends from infrastructure projects close to EUR 400 million and in particular, the first one from NTE35W.

謝謝西爾維婭，歡迎大家了解法羅維亞 2023 年前 9 個月的表現。嗯，確實，這是另一個強勁的季度。我的意思是，從 407 ETR 開始，我們的基礎設施資產表現非常好。我們在前 9 個月的分配高於去年，並在本季度結束後宣布了另一個分配。這是在交通性能改善的基礎上實現的。管理車道也實現了強勁的收入成長，並獲得了來自 35 West 的額外股息。在機場方面，希思羅機場憑藉夏季強勁的表現和全年的改善表現尤為突出，9 月份的機場表現已經高於大流行前的水平。我的意思是，建築業季度盈利，整個 9 個月受到上半年業績的影響，以及美國大型項目完成的影響。億歐元。這項現金演變是由近 4 億歐元基礎設施項目的股息推動的，尤其是 NTE35W 的第一個股息。

The main cash outflow was the repayment of what we said, the buyback of the hybrid bond that implied EUR 511 million outflow. And then we invested in equity and also in shareholder remuneration, EUR 338 million. Of course, these months were full of corporate events with listing in Euronext Amsterdam. We are also progressing with the U.S. listing. That, of course, depends on SEC approval. And we announced the second scrip dividend expected to be paid at the end of this month. From an ESG perspective, probably I would like to highlight the issuance of a sustainability-linked bond, our first one, EUR 500 million.

主要的現金流出是償還我們所謂的混合債券的回購，這意味著 5.11 億歐元的流出。然後我們投資了股權和股東薪酬，共 3.38 億歐元。當然，這幾個月充滿了在阿姆斯特丹泛歐交易所上市的企業活動。我們也在推動美國上市工作。當然，這取決於 SEC 的批准。我們也宣布了預計將於本月底支付的第二次股利。從 ESG 的角度來看，我可能想強調發行與永續發展相關的債券，這是我們的第一筆 5 億歐元債券。

Okay. We move to the next slide. We start with the performance, the operating performance from toll roads, and here we see the growth both in revenues and EBITDA. Really, the U.S. assets are contributing to these consolidated numbers, 83% of revenues and 93% of EBITDA. [Segment] 3C that opened to traffic at the end of June implies a 66% additional length to the NTE35W. It meant EUR 81 million investment are part, and it has a concession term that ends in 2061. Dividends from the managed lanes, the main one was this 35West upto 100% of our shareholder base was USD 435 million. But also we got regular dividends from NTE and LBJ for 100 shareholder base, it was USD 123 million.

好的。我們轉到下一張投影片。我們從收費公路的業績、營運表現開始，在這裡我們看到了收入和 EBITDA 的成長。實際上，美國資產對這些綜合數字做出了貢獻，佔收入的 83% 和 EBITDA 的 93%。 【路段】6月底通車的3C意味著比NTE35W增加66%的長度。這意味著 8,100 萬歐元的投資是其中的一部分，並且其特許權期限將於 2061 年結束。而且我們也從 NTE 和 LBJ 獲得了 100 名股東的定期股息，為 1.23 億美元。

Also in NTE, I mean the success of performance means the ultimate configuration has been brought forward. And here, we're going to be building additional lanes, managed lane segment 2, and a general purpose lane in segment, 1. I mean this additional capacity that was part of the concession, as I said, was brought forward, is much needed in a corridor that has more growth than expected, that is important to keep the appeal of the corridor for the long term. This ultimate configuration has been financed fully with debt. In August, we issued USD 414 million of private activity bonds. And of course, this construction will start soon, and traffic will start to be affected since the start of 2024 next year. If we move on to the next slide, please. Here is the 407 ETR dividends, as I mentioned in the introduction, are above the 2022 numbers.

同樣在NTE中，我的意思是性能的成功意味著終極配置已經被提出。在這裡，我們將建造額外的車道，管理車道段 2，以及段 1 中的通用車道。 ，這對於保持走廊的長期吸引力非常重要。這項最終配置已完全透過債務融資。 8 月份，我們發行了 4.14 億美元的私募活動債券。當然，這個建設很快就會開始，從明年2024年初開始，交通就會開始受到影響。請繼續看下一張投影片。正如我在簡介中提到的，這是 407 ETR 股息，高於 2022 年數字。

And of course, you see that the operational performance has an important increase vis-a-vis 2022. Traffic in terms of VKTs is growing close to 17%, but as revenues at EBITDA are close to 16% growth. Here, we have the revenue per trip fairly stable with a little increase on average triplet. In terms of dividends, we do not only have the increase reflected in these numbers of CAD 300 million versus CAD 200 million, so CAD 100 million increase. But also there was an announcement of an additional CAD 650 million dividend. When you see the traffic performance, you see that we keep improving. We are, I mean, closing the quarter close to a 4% drop vis-a-vis 2019, and 9.4% increase versus 2022.

當然，您會發現與 2022 年相比，營運績效有了顯著成長。在這裡，我們的每次旅行收入相當穩定，平均三人組略有增加。就股息而言，我們不僅體現在3億加元與2億加元的數字上，因此增加了1億加元。但也宣布追加 6.5 億加元股息。當您看到流量表現時，您會發現我們不斷改進。我的意思是，本季結束時，與 2019 年相比下降了近 4%，與 2022 年相比增長了 9.4%。

Clearly, we've seen increased mobility and commuting patterns. And also, we've seen construction activities in Highway 401. I mean this is usually done in terms of maintenance of the main alternative. We move to the next slide. Clearly, here, we touch on the long-term drivers that we like to have a look at. And well, the mobility that you see is pretty much shared in comparable terms in terms of evolution between the main alternatives, the 407 and also urban transit, so you see mobility improving across the board. Toronto really is important, it keeps growing in terms of population at a high rate. It's the first of Canada's big 3 cities to keep a growth rate of 3% in terms of population. And well, the Ontario population grew slightly above 3%. And you see that in general, Canada is also growing well, and it was the highest growth rate recorded for a 12-month period since 1957. When we look into the return to the office statistics, we see that, that keeps improving. Of course, the 54% is an average of peak days and low days, right? But clearly, the trend is more presence in the office. If we move on to the next one, please.

顯然，我們看到流動性和通勤模式增加。而且，我們還看到了 401 號高速公路的建設活動。我們轉到下一張投影片。顯然，在這裡，我們觸及了我們希望了解的長期驅動因素。嗯，你所看到的流動性在主要替代方案 407 和城市交通之間的演變方面幾乎是共享的，因此你會看到流動性全面改善。多倫多確實很重要，它的人口一直在快速成長。它是加拿大三大城市中第一個維持3%人口成長率的城市。而且，安大略省的人口成長率略高於 3%。你會看到，總的來說，加拿大的成長也很好，這是自 1957 年以來 12 個月內記錄的最高成長率。當然，54%是高峰日和低谷日的平均值，對嗎？但顯然，趨勢是更多出現在辦公室。如果我們繼續下一篇，請。

Here, we are looking at the managed lanes in Dallas-Fort Worth. And we see that all the 3 of them grew revenue per transaction, the average revenue per transaction above inflation that is how the soft cap evolves every year, right? So with inflation of 6.5%, you had double digits in 2 of them, and an 8.4% increase in NTE. That has driven this growth in revenues and EBITDA, as I said, across the board with very solid EBITDA and margins. I mean, NTE clearly, there's a strong performance ongoing with frequent mandatory modes. LBJ is still impacted by construction works in the area, the Eastern entry point of that road. Well, an NTE 35West is showing a positive performance in traffic.

在這裡，我們正在研究達拉斯-沃斯堡的管理車道。我們看到他們三個的每筆交易收入都成長了，每筆交易的平均收入高於通貨膨脹，這就是軟上限每年的演變，對嗎？因此，在通貨膨脹率為 6.5% 的情況下，其中 2 個數字達到了兩位數，NTE 成長了 8.4%。正如我所說，這推動了收入和 EBITDA 的全面成長，並且 EBITDA 和利潤率非常穩健。我的意思是，NTE 顯然，頻繁的強制模式正在帶來強勁的表現。林登·約翰遜仍然受到該道路東部入口地區的建築工程的影響。嗯，NTE 35West 在交通方面表現出了積極的表現。

Independent of the additional segment we see, right, I mean, it would have grown at 5.6%. But if we consider the increase in traffic from that segment, that is a 14.4% increase. NTE and LBJ also grew traffic nicely. Okay. So we move on please to the next slide, and we first look at the I-77 that keeps building our most optimistic expectations. Transaction is growing close to 20%, revenues more than 56% and EBITDA to 7%. So it's clearly and growing more than another, is a fantastic asset where you see the revenue per transaction is growing at 31.8%. And on the right, we have the I-66 that is also ramping up. I mean you have the quarterly revenue per transaction growing up. And the third quarter of the year had a 43.6% increase versus the first quarter of 2023, and traffic also going up close to 30%, the third quarter versus the first quarter, quarterly transaction. So as we like to say, cautiously optimistic, but clearly, a very strong ramp-up.

獨立於我們看到的額外部分，對，我的意思是，它會增長 5.6%。但如果我們考慮該細分市場的流量成長，則會增加 14.4%。 NTE 和 LBJ 的流量也成長良好。好的。因此，我們請繼續看下一張投影片，我們先看看 I-77，它一直在建立我們最樂觀的期望。交易成長接近 20%，營收成長超過 56%，EBITDA 達到 7%。因此，它顯然比其他資產增長得更快，是一項出色的資產，您可以看到每筆交易的收入增長了 31.8%。右邊，I-66 公路也在加速行駛。我的意思是每筆交易的季度收入都在成長。而今年第三季與 2023 年第一季相比成長了 43.6%，流量也成長了近 30%，第三季與第一季相比，季交易量也成長了近 30%。正如我們想說的，謹慎樂觀，但顯然，成長非常強勁。

Moving into airports, we look at Heathrow, well, Heathrow results were released last week. So probably you are aware of all the numbers, but if we just stop on some of them, I think that they are remarkable. I mean we ended September above 2019 levels. But really, it has been trading at those 2019 levels pretty close throughout the summer. Clearly, demand is there, and Heathrow has upgraded the expected traffic for the end of the year to 79.3 million passengers. So it's not only leisure, inbound leisure that is experiencing a notable increase. I think that all the different segments are increasing. And it's good to see business travel reaching 27% of total traffic and the pre-pandemic was 32%.

進入機場，我們看看希思羅機場，嗯，希思羅機場的結果上週發布了。所以你可能知道所有的數字，但如果我們只關注其中的一些數字，我認為它們是引人注目的。我的意思是，我們 9 月的業績高於 2019 年的水準。但實際上，整個夏天它的交易價格都非常接近 2019 年的水準。顯然，需求是存在的，希斯洛機場已將年底的預期客流量提升至 7,930 萬人次。因此，不僅是休閒，入境休閒也在顯著增加。我認為所有不同的細分市場都在增加。很高興看到商務旅行佔總流量的 27%，疫情前為 32%。

So as I mentioned, all sectors and nationalities are traveling out or through Heathrow. In brief, we look into the CMA appeal that finally came to a conclusion, the final determination didn't move much the needle. I mean they corrected some things like the 8-K factor, the cost of debt and passenger forecast. So I mean, his expectation is that it should have a meaningful impact and the message Heathrow sent is that it's time to move on. It's disappointed, but it's time to move on with the operation of the airport. If we move to the next slide, please.

正如我所提到的，所有部門和國籍的人都在希思羅機場出行或途經希思羅機場。簡而言之，我們調查了CMA的上訴，最終得出了結論，最終的裁決並沒有太多進展。我的意思是他們糾正了一些事情，例如 8-K 因素、債務成本和乘客預測。所以我的意思是，他的期望是它應該產生有意義的影響，而希思羅機場發出的信息是，是時候繼續前進了。雖然很失望，但時候繼續機場的運作了。請轉到下一張投影片。

We see the remainder of the portfolio. All of it is growing. I mean, AGS is growing, not as much as Heathrow compared to 2019 levels, but we still have very solid performance and looking for the airlines to also come back or sign new flights in the area, I mean, making up for some of the airlines that have left operations. If we look into that amount, that's much better in terms of comparison to 2019 and even 2022. So beating both years, it's close to 4% above 2019 levels and with a good showing of revenues and EBITDA. Last but not least, it's a new terminal one that keeps progressing, and the project remains and valid on the schedule. I mean there was a reaffirmation of the ratings that were done at financial close and then negotiations with international carriers are ongoing. We had the agreement with Korean Airlines. But I mean that negotiation with Airlines is in good shape. But we have already contributed close to EUR 200 million of the total equity. Remember that this project has investment concentrated in 2023, '24 and '25. '24 being the peak of investment.

我們看到了投資組合的其餘部分。一切都在增長。我的意思是，AGS 正在成長，與2019 年的水平相比，不如希思羅機場，但我們仍然擁有非常穩健的表現，並希望航空公司也回來或在該地區簽署新航班，我的意思是，彌補一些已停止營運的航空公司。如果我們研究這個數字，就會發現與 2019 年甚至 2022 年相比要好得多。最後但並非最不重要的一點是，這是一個不斷進展的新航站樓，並且該項目仍然按計劃有效。我的意思是，財務結算時的評級得到了重申，然後與國際運營商的談判正在進行中。我們與大韓航空簽訂了協議。但我的意思是與航空公司的談判進展順利。但我們已經出資了總股本的近2億歐元。請記住，該項目的投資集中在 2023 年、'24 和 '25 年。 24 年是投資高峰期。

Moving on to Construction. As I mentioned, we had a profitable third quarter. I mean, the Budimex keeps having a strong showing, where we keep some EBIT margins stable. And for real construction, I mean, the first 6 months were affected by completion works in some large projects still is finalizing some of them, but I mean the contribution is more in line with what we saw in the similar quarter last year. While order book keeps a strong showing and you have the breakdown by geography on the slide.

繼續施工。正如我所提到的，我們第三季實現了盈利。我的意思是，Budimex 一直表現強勁，我們保持了一些息稅前利潤率的穩定。對於實際建設，我的意思是，前六個月受到一些大型項目竣工工程的影響，其中一些項目仍在完成，但我的意思是，貢獻與我們在去年類似季度看到的情況更加一致。雖然訂單簿保持強勁表現，但幻燈片上按地理位置進行了細分。

If we move on to the discussion of net cash, well, remember that in this quarterly information, we have the operational update. We don't have other lines of results that will come at year-end. So in the net cash evolution, we have the different blocks here. And I would like to again underscore the dividends from projects block. Of course, we have equity investments and investments in other businesses, and this is basically to help self-performance in construction that helps in a stable environment. Then we have EUR 110 million of shareholder remuneration.

如果我們繼續討論淨現金，請記住，在本季度資訊中，我們有營運更新。年底我們沒有其他結果。因此，在淨現金的演變中，我們有不同的區塊。我想再次強調項目區塊的紅利。當然，我們有股權投資，也有其他業務的投資，基本上是為了幫助自身的建設，有助於穩定的環境。然後我們還有1.1億歐元的股東報酬。

And as I mentioned in the introduction, the main cost of cash outflow is the repayment of the hybrid bond. In other financing cash flow, the main component here is the positive carry we have with the interest in the cash being higher than the interest we pay in that. Okay, so if we move on to the last slide, clearly the portfolio is performing strongly. We have the increase in dividends helping the cash generation here and the pricing flexibility is providing to be very valuable in these assets. We are still looking through a very interesting investment pipeline ahead, in particular, in the U.S. We are progressing with the U.S. listing application and of course, advancing on the decarbonization road map. Okay, so thanks for bearing with us for the presentation. And now, we open the floor to the Q&A session. Thank you.

正如我在引言中提到的，現金流出的主要成本是混合債券的償還。在其他融資現金流中，這裡的主要組成部分是我們擁有的正利差，現金利息高於我們支付的利息。好的，如果我們繼續看最後一張投影片，顯然該投資組合表現強勁。我們增加的股息有助於產生現金，而且定價彈性使這些資產非常有價值。我們仍在尋找未來非常有趣的投資管道，特別是在美國。好的，感謝您接受我們的演示。現在，我們開始問答環節。謝謝。

Thank you very much, Ernesto. The Q&A session will begin shortly. Please, stay tuned. Okay. So starting with the first set of questions from Nicolo Pessina from Mediobanca.

非常感謝你，埃內斯托。問答環節即將開始。請繼續關注。好的。首先，來自 Mediobanca 的 Nicolo Pessina 提出了第一組問題。

First question. Is 407 ETR peak traffic strong enough to allow for a tariff increase in 2024?

第一個問題。 407 ETR 峰值流量是否足以允許在 2024 年提高資費？

This is Jose Velao, CFO of Cintra. You're right. The peak hours traffic is strong and is growing in these 9 months. But at this moment of time, we have no any update about the great increase. We are pointed in the right direction. That's what we can say.

我是 Jose Velao，Cintra 的財務長。你說得對。高峰時段客流量強勁，並且在這 9 個月中一直在增長。但目前，我們還沒有任何有關大幅成長的最新消息。我們的方向是正確的。這就是我們可以說的。

Next question from Nicolo. Can you provide an update on the tender for the SLR400 project?

尼可洛的下一個問題。您能否提供 SLR400 專案招標的最新情況？

First, tender is progressing well. We are working hard just to submit our proposal in the coming months. So everything is working under expectation.

一是招標工作進展順利。我們正在努力工作，以便在未來幾個月內提交我們的提案。所以一切都在預期中進行。

Last question from Nicolo. Would it be fair to expect a sizable increase of the dividend to Ferrovial shareholders in 2024, considering the increase of dividends received from the underlying assets?

尼可洛的最後一個問題。考慮到從基礎資產收到的股利增加，預計 2024 年法羅維亞股東的股利大幅增加是否公平？

Well, I mean you're right to point out that the strong showing of all the infrastructure assets and their dividends. I mean the Board will have to make a call on this, of course, taking also into account that we are facing quite interesting investments ahead. So it's not the time to discuss that. But I mean, we're very happy with the performance of the assets, as you mentioned.

嗯，我的意思是你指出所有基礎設施資產及其股息的強勁表現是正確的。我的意思是，當然，董事會必須對此做出決定，同時也要考慮到我們未來面臨相當有趣的投資。所以現在不是討論這個的時候。但我的意思是，正如您所提到的，我們對資產的表現非常滿意。

Next set of questions coming from Filipe Leite from CaixaBank.

下一組問題來自 CaixaBank 的 Filipe Leite。

First question to a listing process. Is the process to be listed in the U.S. stock market delayed? Why and when do you expect to have the process completed?

關於上市過程的第一個問題。美股上市進程是否延後？您預計該流程為何以及何時完成？

Okay. Well, really in the U.S. stock market listing, we are running as fast as possible. Of course, it's the prerogative of the SEC. So we'll have to see how the process evolves. So I don't think it's delayed. It just takes the time it takes. Okay. So the most likely outcome now could be a first quarter listing, but as I said, it's the SEC prerogative.

好的。那麼，真的在美股上市，我們是跑得盡可能快。當然，這是 SEC 的特權。所以我們必須看看這個過程如何演變。所以我不認為它有延遲。這只是需要時間。好的。因此，現在最有可能的結果可能是第一季上市，但正如我所說，這是 SEC 的特權。

Next question from Filipe on 407 ETR. Until when should the [401] be impacted by expansion, construction activity?

Filipe 提出了下一個關於 407 ETR 的問題。 [401] 何時會受到擴建、建設活動的影響？

Filipe, this is Jose Velao from Cintra again. The 401 construction works central cost of business. It's part of the plans on the MTO that is published. And in the case of the current construction works effect to the central section of the 401, we expect it to continue to year 2025.

Filipe，我又是來自辛特拉的 Jose Velao。 401建築工程核心成本業務。這是已發布的 MTO 計劃的一部分。就目前的建設工程對 401 國道中部路段的影響而言，我們預計這種影響將持續到 2025 年。

Next set of questions coming from Robert Joynson from BNP.

下一組問題來自法國巴黎銀行 (BNP) 的羅伯特·喬恩森 (Robert Joynson)。

First question, with the run rate of 407 ETR workday traffic around 8%, 10% below the 2019 baseline during May, September. To what extent would potential total increases in 2024 be dependent on further traffic improvement?

第一個問題，5 月、9 月 407 ETR 工作日流量的運行率約為 8%，比 2019 年基線低 10%。 2024 年潛在的總成長在多大程度上取決於交通的進一步改善？

Robert, as I said before, we are in the right direction in terms of traffic performance. The traffic performance that we're seeing right now in these 8 months is above our expectation, but we cannot any update about this toll increase with in the future, when it makes economic sense.

羅伯特，正如我之前所說，就流量表現而言，我們正朝著正確的方向前進。我們現在看到的這 8 個月的交通狀況超出了我們的預期，但當未來具有經濟意義時，我們無法提供有關通行費增加的任何最新資訊。

Next question from Robert. With COVID restrictions in Ontario ending almost 18 months ago, is the 407 ETR, -- are there any pressure from the MTO to end the 2021 first (inaudible) agreement?

羅伯特提出下一個問題。安大略省的新冠疫情限制已於近 18 個月前結束，407 ETR 是否有來自 MTO 的壓力要求終止 2021 年第一份（聽不清楚）協議？

Robert again, there's a fluent communication between the concession and MTO, but this is not one of the topics that they are treating. I mean, they have a lot of things to speak about. This is not on the table.

再次羅伯特，特許經營權和 MTO 之間的溝通很流暢，但這不是他們正在討論的主題之一。我的意思是，他們有很多話要說。這不在桌面上。

Last question from Robert. When the U.S. listing is completed, is Ferrovial committed to maintain a listing in Madrid?

羅伯特的最後一個問題。美國上市完成後，法羅維亞是否承諾維持在馬德里上市？

Robert, Ernesto here. Well, more than using the word commitment, I think it makes sense to maintain the listing in Madrid for European funds and retail investors alike, right? So it would make sense to keep the listing in Madrid.

羅伯特，埃內斯託在這裡。嗯，除了使用「承諾」這個詞之外，我認為對於歐洲基金和散戶投資者來說，維持在馬德里上市更有意義，對嗎？因此，保留在馬德里上市是有意義的。

Next set of questions coming from Fernando Lafuente from Alantra.

下一組問題來自 Alantra 的 Fernando Lafuente。

First question. Strong quarter in construction with EBITDA margin of 3.7% versus 1.1% in the second quarter, and 3.9% in the first quarter. What the reasons for the improvement? Is it sustainable in the fourth quarter and onwards?

第一個問題。建築業季表現強勁，EBITDA 利潤率為 3.7%，而第二季為 1.1%，第一季為 3.9%。改善的原因是什麼？第四季及以後的情況是否可持續？

Thank you, Fernando, for the question. This is Ignacio Gaston from Construction. Yes, this is basically that Budimex and Webber are keeping the same trend of profitability that we saw in previous quarters. And the result of the rest of the business of Ferrovial Construction that was hugely impacted by the provision of losses in the U.S. projects finishing this year was mainly accounted in second quarter, or in the first half of the year. In terms of sustainable for the fourth quarter, we expect the same trend in Webber and Budimex. And we think that we have accounted for all the losses in these ending projects in the U.S.

謝謝費爾南多的提問。我是來自建築業的伊格納西奧·加斯頓。是的，這基本上表明 Budimex 和 Webber 保持了與我們在前幾個季度看到的相同的獲利趨勢。而受今年完工的美國專案提列虧損影響較大的法羅維亞其餘業務的業績主要體現在第二季度，或者說是上半年。就第四季的永續發展而言，我們預期 Webber 和 Budimex 也會出現同樣的趨勢。我們認為我們已經解釋了美國這些結束項目的所有損失。

Next question from Fernando. What is the expectation of dividends from concessions in 2023?

費爾南多的下一個問題。 2023年特許權股利預期如何？

Fernando, Ernesto here. I mean we don't provide that kind of information. I mean there's very strong performance. We don't provide the short-term guidance, sorry.

費爾南多，埃內斯託在這裡。我的意思是我們不提供此類資訊。我的意思是性能非常強。抱歉，我們不提供短期指導。

Next question from Luis Prieto from Kepler Cheuvreux.

下一個問題來自 Kepler Cheuvreux 的 Luis Prieto。

Any hints you could provide us to understand a bit better the potential stream of schedule '22 payments, we should see over the short or medium term?

您可以向我們提供任何提示，以便我們更好地了解我們應該在短期或中期看到的 22 號計劃付款的潛在流嗎？

Sorry. I had a problem with my computer, Luis. I can provide you some hints about how it's working. I think it's part of the contracts, as you know. It depends on the traffic on peak hours and the threshold just to calculate the amount of Schedule '22 payments. But as you know, we don't need to reach because we repeat in previous calls, we don't need to reach 2019 traffic levels to increase toll rate. That means that we can pay a significant amount of Schdule '22 in the future. But with the component effect of the revenues, increase when we restart, we will compensate, we will offset this amount of payments.

對不起。我的電腦有問題，路易斯。我可以為您提供一些有關其工作原理的提示。正如你所知，我認為這是合約的一部分。計算 Schedule '22 付款金額取決於高峰時段的流量和門檻。但如您所知，我們不需要達到，因為我們在先前的電話中重複過，我們不需要達到 2019 年的交通水準來提高通行費率。這意味著我們將來可以支付大量的 Schdule '22。但是隨著收入的成分效應，當我們重新啟動時增加，我們會補償，我們會抵消這筆付款。

Next set of questions coming from Sathish Sivakumar from Citi.

下一組問題來自花旗銀行的 Sathish Sivakumar。

First question. Can you comment what percentage of contracts in the construction segment are still on 2019 to 2022 pricing?

第一個問題。您能否評論一下建築領域仍有多少比例的合約仍以 2019 年至 2022 年定價？

Yes. Thank you for the question. All our contracts are with current prices. I mean, the value of the contracts are updated with the current costs. In terms of the sale and in some contracts that there is an intersection of prices, it has also been updated. So we can say that all the contracts are at current prices.

是的。謝謝你的提問。我們所有的合約均以當前價格為準。我的意思是，合約的價值會根據當前成本進行更新。在銷售方面以及在一些合約中存在價格交集的情況下，也進行了更新。因此我們可以說所有合約均以當前價格計算。

Next question from Sathish also. What is the reason for increasing revenue per transaction of I-66? Do you expect it to continue to increase further going forward?

下一個問題也來自 Sathish。 I-66 每筆交易收入增加的原因是什麼？您預計未來還會繼續增加嗎？

This is Jose Velao from Cintra. The main reason here is that the asset is ramping up, and we are seeing a good value for money in peak hours for our customers, and that is good for our revenue as well.

我是來自辛特拉的何塞·維勞。主要原因是資產正在增加，我們看到客戶在高峰時段物有所值，這對我們的收入也有好處。

Next set of questions coming from Marcin Wojtal from Bank of America.

下一組問題來自美國銀行的 Marcin Wojtal。

First question. Do you anticipate the 407 ETR to distribute another dividend before the end of calendar year 2023?

第一個問題。您預計 407 ETR 會在 2023 日曆年年底前再次派發股息嗎？

After the additional distribution approved in October by the Board, we reached a level of CAD 950 million. I think it's a good level. our dividend for this year, thanks for the good performance of the asset. It's not likely to see an additional dividend during this year.

十月董事會批准追加分配後，我們達到了 9.5 億加元的水平。我認為這是一個很好的水平。我們今年的股息，感謝該資產的良好表現。今年不太可能額外派發股息。

Next question from Marcin also. Can you comment if the I-66 is so far performing in line or above your internal forecast?

下一個問題也是來自 Marcin。您能否評論一下 I-66 到目前為止的表現是否符合或高於您的內部預測？

Marcin, the I-66 is performing quite well according to our expectations and continuing, as I said, the ramping up. The corridor volumes have already reached per construction and some segments are above construction levels. And customers, as I said, are experiencing an unattractive time savings in peak hours, and we are seeing a high and really good performance of heavy vehicles as well. So perspectives are quite good.

Marcin，I-66 的表現非常符合我們的預期，正如我所說，正在繼續提升。走廊容量已達到每項建設的水平，部分路段超過建設水平。正如我所說，客戶在高峰時段體驗到了毫無吸引力的時間節省，而且我們也看到了重型車輛的高且非常好的性能。所以前景還是非常好的。

Next question from Marcin. Do you expect Heathrow to distribute dividends to its ultimate shareholders in 2024?

馬爾辛的下一個問題。您預計希斯洛機場會在 2024 年分配股利給最終股東嗎？

Here Laura López, CFO Ferrovial Airports. Heathrow in last week's call stated that they don't expect dividends in 2023. So no further comments here. What is important is to highlight that the assets has deleveraged more than expected. And at the end of the day, operational performance will be key for dividends. As Ernesto mentioned before, the performance is being remarkable.

勞拉‧洛佩斯 (Laura López)，法羅維亞機場財務長。希思羅機場在上週的電話會議中表示，他們預計 2023 年不會派息。重要的是要強調資產去槓桿化程度超出預期。最終，營運績效將成為股利的關鍵。正如埃內斯託之前提到的，表現非常出色。

Next set of questions coming from Elodie Rall from JPMorgan.

下一組問題來自摩根大通的艾洛迪·拉爾 (Elodie Rall)。

First question, what is the minus EUR 18 million reported and others on the EBITDA line, please?

第一個問題，EBITDA 行報告的負 1800 萬歐元和其他金額是多少？

Elodie, probably it's not minus [EUR 18 million]. It's another figure. But I mean, in the others, we have the costs from the restructuring transaction and the listing in the U.S. So you have all these sort of fees that goes from the advisers, auditing of the [COB] accounts, lawyers for 20F. So you have all that main impact over there.

艾洛迪，可能不負 [1800 萬歐元]。又是另外一個身影了。但我的意思是，在其他方面，我們有來自重組交易和在美國上市的費用。 所以你有來自顧問、[COB] 帳戶審計、20F 律師的所有這些費用。所以你在那裡擁有所有主要影響力。

Next question from Elodie. Do you have an update on the timing of the U.S. listing? What are the main considerations? And also on timing of your upcoming Capital Markets Day?

艾洛迪的下一個問題。您有關於美國上市時間的最新消息嗎？主要考慮哪些因素？還有即將到來的資本市場日的時間安排嗎？

Well, we commented before, right? I mean, timing is probably more likely to -- they have our U.S. listing in the first quarter of the year, but I mean, we cannot be more precise given that it's SEC's prerogative. And well, the Capital Markets Day, when we have visibility, will be announced and we're looking forward to it.

嗯，我們之前評論過，對吧？我的意思是，時間可能更有可能——他們讓我們在今年第一季在美國上市，但我的意思是，考慮到這是美國證券交易委員會的特權，我們不能更準確。好吧，當我們有知名度時，我們將宣布資本市場日，我們對此充滿期待。

And last question from Elodie. If you maintain a listing in Madrid, do you expect to get sufficient liquidity in the U.S. line to move the primary listing to the U.S.? Or you think the U.S. will be a secondary listing most likely?

艾洛迪的最後一個問題。如果您維持在馬德里上市，您是否期望在美國線獲得足夠的流動性以將主要上市轉移到美國？或者您認為美國最有可能成為二次上市？

Well, the U.S. initially will -- I mean, it's expected to be a secondary listing. But the idea here is that given that our business is in the U.S., we like U.S. investors, and we have so much growth ahead is that it will become more and more relevant. So I mean it would be natural to have more weight in the U.S. in the long term, but initially, we shouldn't expect that to happen.

嗯，美國最初會——我的意思是，預計將進行二次上市。但這裡的想法是，鑑於我們的業務在美國，我們喜歡美國投資者，而且我們未來的成長如此之大，它將變得越來越重要。所以我的意思是，從長遠來看，美國的權重增加是很自然的，但最初，我們不應該期望這種情況會發生。

Next set of questions coming from José Manuel Arroyas from Santander.

下一組問題來自桑坦德銀行的 José Manuel Arroyas。

First question on 407 ETR. Can you please outline the main factors that matter in defining the dividends that follow 407 ETR campaign in 2024 and in particular, the interplay of debt maturities, liquidity and the ability to issue new bonds?

關於 407 ETR 的第一個問題。您能否概述一下確定 2024 年 407 ETR 活動後股息的主要因素，特別是債務到期日、流動性和發行新債券能力之間的相互作用？

Of course, the main factor is the performance of the asset, the traffic performance, the revenue is the main factor of the 407 ETR. Of course, we need to deal with other stakeholders like rating agencies, and that means that we need to sell then how strong is the performance of the asset. Yes, to ask for additional debt or negotiate with then the liquidity at the end of the year, but it's part of the normal cost of the business. But these are the main factors.

當然，主要因素是資產的表現、流量表現、收入是407 ETR的主要因素。當然，我們需要與評級機構等其他利害關係人打交道，這意味著我們需要出售資產的表現有多強。是的，在年底要求額外的債務或與流動資金進行談判，但這是企業正常成本的一部分。但這些是主要因素。

Next question from José Manuel Arroyas. On construction, can you provide an update on cash outflows from construction in full year '23? Have your expectations changed relative to the first half when you hinted that outflows of EUR 120 million, EUR 100 million could be possible?

下一個問題來自何塞·曼努埃爾·阿羅亞斯。關於建築業，您能否提供 23 年全年建築業現金流出的最新情況？當您暗示可能流出 1.2 億歐元、1 億歐元時，您的預期相對於上半年是否有所變化？

Yes. Well, as you have seen in September, the working capital in construction has been minus EUR 193 million. As you know, in the last quarter of the year is when usually we have our first payments from certain clients, particularly in Budimex and specific contracts. So yes, we can keep this forecast of gas consumption online in working capital of between EUR 120 million and EUR 150 million.

是的。嗯，正如您在 9 月所看到的，建築營運資金為負 1.93 億歐元。如您所知，我們通常會在每年的最後一個季度收到某些客戶的第一筆付款，特別是 Budimex 和特定合約。所以，是的，我們可以將天然氣消耗線上預測保持在 1.2 億歐元至 1.5 億歐元的營運資金之間。

Next set of questions coming from Pierre Rousseau from Barclays.

下一組問題來自巴克萊銀行的皮耶·盧梭。

Heathrow, what's the plan to adapt to the new pricing environment?

希斯洛機場，適應新的定價環境有何計畫？

Laura again. Currently, Heathrow is working in the update of the business plans. In December, they will see more detail updated in the investor report as they have announced in last week recall.

又是勞拉。目前，希思羅機場正著手更新商業計畫。 12 月，他們將在投資者報告中看到更多更新的詳細信息，正如他們在上週的召回中所宣布的那樣。

Next question from Pierre. USD 1 billion of orders in the U.S. announced in September, other the risky projects? What is the margin outlook? Is it instrumental to get to your construction margin target?

皮埃爾的下一個問題。 9月公佈的美國10億美元訂單，還有哪些風險項目？利潤率前景如何？它有助於實現您的建設利潤率目標嗎？

Well, as previously mentioned, our backlog in this moment, once we finish the current rates in the U.S. is quite healthy. I mean, with (inaudible) case inflation and the bid was in a better situation with knowing the impact of inflation, COVID, et cetera, and prices of the materials. So we expect profitability on those. But remember that they are in early stages, like Ontario or some others. And probably the margin will be shown more as the previous [project].

嗯，正如前面提到的，一旦我們完成美國當前的利率，我們目前的積壓就非常健康。我的意思是，在通貨膨脹（聽不清楚）的情況下，由於了解通貨膨脹、新冠肺炎等以及材料價格的影響，投標處於更好的情況。因此，我們預計這些業務將實現盈利。但請記住，它們正處於早期階段，就像安大略省或其他一些國家一樣。可能利潤會像之前的[項目]一樣顯示更多。

Last question from Pierre. You mentioned performance for I-66 and I-77 compared well with your most ambitious expectations. Could you share them?

皮埃爾的最後一個問題。您提到 I-66 和 I-77 的性能與您最雄心勃勃的期望相比較。能分享一下嗎？

Pierre, we cannot share with you future projections. So sorry for that. But I agree with you that the I-66 and I-67 are having a really good performance.

皮埃爾，我們無法與您分享未來的預測。對此感到非常抱歉。但我同意你的觀點，I-66 和 I-67 的表現非常好。

Next set of questions coming from Augustin Cendre from Stifel.

下一組問題來自 Stifel 的 Augustin Cendre。

First question, LBJ. Could you please elaborate on the LBJ traffic recovery in context of working conference and of the ongoing works? Do you have any visibility on the timing of a recovery?

第一個問題，林登·約翰遜。您能否在工作會議和正在進行的工作中詳細介紹一下 LBJ 流量恢復情況？您對恢復時間有了解嗎？

Sorry, Augustin. Thank you for your question. Yes, I can elaborate. LBJ is performing quite well. The general mobility and the congestion is improving in the area and Q4 in part for this recovery in the presence in the [office] and the economic growth of the area on the corridor. I think that LBJ performing is in the right direction and the only issue that we can see in the traffic mobility in the area in the 635 is construction works that's expected to end in the beginning of 2025. But LBJ as a conclusion, I can say that is performing quite well.

對不起，奧古斯丁。謝謝你的提問。是的，我可以詳細說明。 LBJ的表現相當不錯。該地區和第四季度的整體流動性和擁塞情況正在改善，部分原因是[辦公室]的復甦以及走廊地區的經濟成長。我認為 LBJ 的表演方向是正確的，我們在 635 地區的交通流動性中看到的唯一問題是預計將於 2025 年初結束的建築工程。

Next question from Augustin. From your construction, I understand that the end of the I-285 project has been delayed to the first quarter of 2024 from the third quarter from '23, and that discussions regarding the I-66 contracts are still ongoing. Should we then expect further losses from the Ferrovial Construction division or is it mostly behind us?

奧古斯丁的下一個問題。從你的解釋中，我了解到I-285專案的結束時間已從2023年第三季度推遲到2024年第一季度，有關I-66合約的討論仍在進行中。那麼，我們是否應該預期法羅維亞建築部門會進一步虧損，還是已經基本擺脫困境了？

Well, substantial completion of the I-285 project is going to be in this year. I mean, probably there will be some further works, but they're small in terms of (inaudible) and other small things. But (inaudible) will be in Q4 2023. Regarding losses, I mean, as of September, we have considered all the potential losses that we can have in this contract. So in terms of this particular project, yes, I think that the worst is behind us. And now it's time I mean for the -- we are both in mediation processes, I mean with the clients. So we expect that there should be a recovery on (inaudible).

嗯，I-285 計畫將於今年實質完成。我的意思是，可能還會有一些進一步的作品，但就（聽不清楚）和其他小事而言，它們很小。但（聽不清楚）將在 2023 年第四季進行。因此，就這個特定項目而言，是的，我認為最糟糕的時期已經過去了。現在我的意思是——我們都在調解過程中，我的意思是與客戶。因此，我們預期（聽不清楚）應該會出現復甦。

Next set of questions coming from Graham Hunt from Jefferies.

下一組問題來自 Jefferies 的 Graham Hunt。

First question. For the I-77, can you talk about the developments you're seeing around the corridor which is supporting such strong volume and price growth from the corridor?

第一個問題。對於 I-77，您能談談您在走廊周圍看到的發展嗎？

This is Jose Velao from Cintra. What we are seeing in the area is very attractive and is attracting a lot of new employment and the population is growing as well, and we think that the trend will continue in the future. We have to take into account that there is not a real alternative. And this is part of the reason that has this volume and strong volume.

我是來自辛特拉的何塞·維勞。我們在該地區看到的情況非常有吸引力，正在吸引大量的新就業機會，人口也在成長，我們認為這種趨勢未來將持續下去。我們必須考慮到沒有真正的替代方案。這也是擁有如此體積和強勁體積的部分原因。

Next question from Jefferies. So for the I-66 can you provide any more color on how the consumer is responding to the ramp-up of pricing? And did you see a meaningful change in heavy vehicle contribution in the third quarter versus the second one?

杰弗里斯的下一個問題。那麼對於 I-66，您能否提供更多關於消費者對價格上漲的反應的資訊？您是否看到第三季重型車輛貢獻與第二季相比發生了有意義的變化？

Yes. What I can say here is that there's a good safe travel times during peak hours. And this value is attracting users to use or highway. And at the same times, the heavy traffic vehicles are having a good behavior during this quarter. So both factors are [improving] our revenue.

是的。我在這裡可以說的是，高峰時段有一個很好的安全出行時間。而這個價值就是吸引用戶使用或是高速公路。同時，交通繁忙的車輛在本季表現良好。所以這兩個因素都在[提高]我們的收入。

Last question from Graham. For MTO, what percentage of MTO capacity is now covered by airlines agreements? And have there been any discussions with retail partners for the commercial operation?

格雷厄姆的最後一個問題。對於 MTO，目前航空公司協議涵蓋了多少百分比的 MTO 運力？是否與零售合作夥伴就商業營運進行討論？

Out of the 2027 traffic, around 25% is committed with current international carriers contract, Air France, LOT, KLM, Etihad and Korean. In relation with the retail MTO commercial program is managed by URW through a master concession agreement. URW is progressing along with MTO with the definition of the program, launching the procurement process during next year.

在 2027 年的運輸量中，約 25% 是透過目前的國際航空公司合約（法國航空、LOT、荷蘭皇家航空、阿提哈德航空和大韓航空）承擔的。與零售相關的 MTO 商業計劃由 URW 透過主特許權協議進行管理。 URW 正在與 MTO 一起制定該計劃，並於明年啟動採購流程。

Next set of questions coming from Nicolas Mora from Morgan Stanley.

下一組問題來自摩根士丹利的 Nicolas Mora。

First question, can you help us understand the traffic performance on NTE35West? Underlying, it's up only 5% despite end of construction disruption. Why is traffic failing to recover against a very disrupted third quarter 2022 basis? Are you charging the same price per mile on the Segment 3C than the rest of the Segments [AB]?

第一個問題，您能幫我們了解NTE35West上的流量表現嗎？儘管施工中斷結束，但基本面僅上漲 5%。與 2022 年第三季的情況相比，流量為何未能恢復？您對 3C 路段的每英里收費是否與其他路段 [AB] 相同？

First, I don't think that is underperforming. You have to take into account that after a long period of construction disruption in the corridor, there's some ramp up here. And there's still been some construction works in the US175 connector that is affecting to the general mobility as well in the corridor. So I think that things are going and are progressing well in terms of traffic performance in the Segment AB and the Segment C. Under Segment C, we are seeing a strong ramp up. In terms of tariffs, toll rates, the Segment 3C is in line with the toll rates of AB.

首先，我不認為這表現不佳。你必須考慮到，在走廊長期施工中斷之後，這裡有一些坡道。 US175 連接器中仍有一些建設工程，這也影響了走廊的整體交通。因此，我認為 AB 段和 C 段的流量表現方面一切進展順利。在資費、通行費率方面，3C段與AB段通行費率一致。

Next question from Nicolas Mora. On the U.S. manacles overall, are you starting to see some fatigue from the U.S. consumer?

尼古拉斯·莫拉提出下一個問題。就美國的整體枷鎖而言，您是否開始看到美國消費者有些疲倦？

Nicolas, the answer is no. I think there is a lot of value that the users are evaluating. And we see that in different poles that we are sending to our customers, and we don't see any fatigue on our U.S. consumer.

尼古拉斯，答案是否定的。我認為用戶正在評估很多價值。我們看到，在我們向客戶發送的不同方面，我們沒有看到美國消費者有任何疲勞。

Okay. Another set of questions from Stifel, Tobias Woerner.

好的。 Stifel、Tobias Woerner 提出了另一組問題。

First question. The buyback of the hybrid bond has reduced your NCP quite markedly. Are you comfortable with this level of cash? If not, what are you going to do about this?

第一個問題。混合債券的回購顯著降低了 NCP。您對這個水準的現金感到滿意嗎？如果沒有，你打算對此做什麼？

Yes, we are comfortable with the level of cash. Actually, cash should be used to earn double-digit returns or return to shareholders, right? So I mean, we've been holding cash and looking for opportunities. We are in a very comfortable position. So there's no need to raise in the additional hybrid or to look for new cash.

是的，我們對現金水準感到滿意。其實現金應該用來賺取兩位數的回報或回報股東吧？所以我的意思是，我們一直持有現金並尋找機會。我們處於一個非常舒適的位置。因此，無需籌集額外的混合資金或尋找新的現金。

Next question from Tobias also. Given a CMA decision, have you changed your attitude to your stake in Heathrow? If so, would you consider selling it?

托比亞斯也提出了下一個問題。鑑於 CMA 的決定，您對希思羅機場股份的態度是否有所改變？如果是這樣，你會考慮賣掉它嗎？

Well, Heathrow, I guess that the answer is like any other asset in the portfolio. I mean we are open to different alternatives as with any other in the portfolio. So if an opportunity keeps knocking on our door, we will look at it on financial merits.

好吧，希思羅機場，我想答案就像投資組合中的任何其他資產一樣。我的意思是，與投資組合中的任何其他選擇一樣，我們對不同的選擇持開放態度。因此，如果機會不斷來敲我們的門，我們會根據財務狀況來考慮。

And last question from Tobias. Can you give us a bit of color on the progress seen at MTO? And what does it mean in terms of timing of the development of these assets, please?

托比亞斯的最後一個問題。能為我們介紹一下 MTO 的進展嗎？請問這些資產的開發時機是什麼意思？

Tobias, really happy to share the progress in MTO. The project is in good progress. So we in the third quarter, truly visible advance. But still of the forefront of the terminal has been erected with the first steel 3 columns. The total demolition is almost completed, and the air training closure is well advanced. Targeting to be opened very soon by Thanksgiving. The design phase is 97% achieved. There's really good progress. If you have in mind that we are in a complex context of the full development of GSK with interference service effectors from other works that are being performed at the same time in different terminals, though there are effective mitigation plan in collaboration with the port authority, and we are confident in the satisfactory delivery of the project. Thank you.

Tobias，非常高興分享 MTO 的進展。該專案進展順利。所以我們在第三季真正看到了進步。但航站的最前端仍豎立了第一根鋼柱3根。整體拆除已基本完成，空中訓練合流工作正順利進行。目標是感恩節前很快開業。設計階段已完成97%。確實有很好的進步。如果您考慮到我們正處於 GSK 全面發展的複雜背景下，儘管與港務局合作制定了有效的緩解計劃，但不同碼頭同時進行的其他工作的干擾服務效應器，我們對專案的圓滿交付充滿信心。謝謝。

Okay. So it seems that there are no further questions.

好的。所以看來沒有更多的問題了。

Okay. So thanks, Silvia, and thank you, everyone. I mean we're looking forward to what's coming up and the potential U.S. listing and the Capital Markets Day. So I hope to see you soon, guys. Thank you. Bye now.

好的。謝謝西爾維婭，謝謝大家。我的意思是，我們期待即將發生的事情以及潛在的美國上市和資本市場日。所以我希望很快就能見到你們，夥計們。謝謝。再見了。