TRANSPARENCY AND DIALOGUE

Ferrovial's transparency and dialogue principle is underpinned by constant enhancement of communication channels with stakeholders based on innovative corporate disclosures.

Ferrovial's relations with the financial community (institutional investors and analysts) and the media—two of its main opinion-makers —are governed by transparency and a pro-active attitude to promoting awareness of Ferrovial and its activities, transmitting a faithful and timely picture of events that affect the company and supporting analysis of trends in the sectors in which it operates. Regarding the financial community, that strategy is complemented with intense search for, and relations with, all types of investors.

Shareholders and the Financial Community

Ferrovial has had a Shareholders' Department since it was floated on the stock exchange in May 1999. In 2005, the Department received 180 e-mails and 325 telephone calls from shareholders.

In 2005, Ferrovial held 265 meetings: 251 with investors and the rest with analysts. In 2005, there were 20 roadshows (4 more than in 2004), with 190 meetings: two in Spain and the rest elsewhere (in the UK and US, as well as Europe and Canada).

Ferrovial regularly sends information of interest to the analysts and investors who have registered on its mailing list. In 2005, 30 communiqués were sent to 743 analysts and investors in this way.

Part of Ferrovial's web site is devoted to relations with shareholders and investors. It contains past share and financial performance data, quarterly presentations and results, and an archive of research reports by the analysts who cover the company. In 2005, the Investor Relations section of the web site received 196,882 hits and handled over 11,500 downloads.

In terms of Socially Responsible Investing (SRI), Ferrovial renewed its presence in the Dow Jones Sustainability Indexes for the fourth consecutive year and joined FTSE4Good (see Corporate Responsibility Strategy). In 2005, Ferrovial maintained a pro-active approach to relations with investors and analysts under criteria of socially responsible investment and completed eight questionnaires for SRI funds, indices and rankings.

Media

Ferrovial is covered by numerous media, whether newspapers, audiovisual and the Internet (economic, financial, general and sector-specific), both Spanish or foreign, especially in the countries where it has a stable presence, such as Canada, the US (Chicago, Texas and Indiana), Europe (the UK, Poland, Switzerland, Portugal, Ireland and Italy) and Chile.

In 2005, the presence of Ferrovial and its activities in Spanish written media increased to 1,728 articles (10%), i.e. an average of 4.7 per day. Ferrovial was mentioned on a further 187 occasions. Information related to the company was featured in 52 cover stories, 16% of the total number of covers dedicated to construction and services groups in the Spanish press.

As a result of the interest in Ferrovial's activities in the international markets where it operates, the UK press wrote 740 articles about services subsidiary Amey, the Toronto press wrote 152 articles about 407 ETR, and the US press wrote over 200 articles related to the Trans-Texas Corridor, being developed by Cintra.

During the year, Ferrovial published its monthly on-line bulletin, which has 2,236 subscribers (an 11.8% increase). The bulletin was referred to in 63 items in the Spanish press during 2005.

In the first half of 2005, Ferrovial met one of its 2004 transparency objectives: provide the Press Room section of the web site with more comprehensive information about the company and more graphics. This area received a total of 105,696 page views in 2005 (5% of the total). The Press Room in English received a large percentage of hits: 11% of the English web site's total.

In 2005, Ferrovial became the first infrastructure and services group in the world to make its web site accessible in line with the AA standard of the Web Accessibility Initiative (WAI). (More information in the chapter on Support for Socio-economic Development).

Dialogue and Forums

In 2005, Ferrovial developed the first web site to focus on the environment and sustainability for the infrastructure and services industries in Spain. The Canal Construccion Sostenible web site responds to Ferrovial's commitment to make continuous improvement in its communication channels with stakeholders, disseminate the industry's best practices and create an open forum on environmental and sustainable development issues in the industries in which Ferrovial operates. The site features a free monthly bulletin published in conjunction with Fundación Entorno. In 2005, the web site received 31,896 hits and 77 information requests about Ferrovial's environmental management.

Ferrovial's experts also participated in environmental forums and work groups:
• 40 forums, including standards committees, working groups to develop new environmental legislation, environmental and CSR commissions of the CEOE, etc.;
• Cadagua participated as member and founder of ATTA (Association of Water Treatment Technology), whose aim is to collaborate with administrations and institutions in order to apply measures that favour sustainable management and protection of water resources.

Ferrovial is also involved in the private management of airports, an activity with a notable influence on the surrounding communities.

Sydney Airport participated in work and discussion groups regarding the economic development of the community involved, the environmental problems and the development of Botany Bay. There were similar experiences in 2005 at Bristol and Belfast airports (also managed by Ferrovial).

(More information in Support for Socio-economic Development, Value Chain and Environment).

 

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