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| Ferrovial EBITDA up 31% to €3.04bn In 2007, Spanish construction giant Ferrovial obtained €3.04bn in EBITDA, an increase of 31% over 2006. Good performance by the company's various divisions was reflected in an 18.4% increase in revenues in 2007 to €14.63bn. The United Kingdom became Ferrovial's largest single market in 2007. The UK accounted for €6.02bn in revenues, 41% of the total, compared with €5.30bn obtained in Spain (36%). EBIT increased by 31% to €1.91bn, and the consolidated EBIT margin was 13.1%. This represents an increase on the 11.8% margin obtained in 2006, since BAA's margin is 21.6%. Net income fell to €733.7m as a result of lower extraordinary gains compared with 2006, a year of major disposals, including real state, Europistas and Bristol Airport. The main assets sold in 2007 were Sydney and Budapest airports, as well as a minority stake in six Australian airports. Exluding changes in consolidation scope and non-recurring earnings, net income would have increased by 12.2%. The 2007 income statement includes provisions for the stock option plan (€126m), the debt related to Habitat (€35m) and BAA's restructuring plan (€107m). Consolidated net debt was reduced by €2.53bn in 2007, i.e. by 7.8%. Excluding infrastructure project debt that is without recourse to the parent company, the reduction was 36.8%: from €3.06bn to €1.94bn. The Construction division attained €5.20bn in revenues in a year characterised by a sustained level of activity. The backlog increased by 13.8% to €9.13bn, guaranteeing earnings visibility in the next few years. International activities now account for nearly 40% of the backlog, having increased by 45% in the last year. Polish subsidiary Budimex increased sales by a notable 5.7% to €833.7m, and its backlog expanded by 33.1% to €915m, the largest figure in the last five years. The volume of contracts for tender in Poland is rising due to plans to hold the UEFA Euro 2012 soccer championship there. In the US, Webber contributed €311.5m in revenues and its backlog increased by 12.2% to a record €566m. write your comments about the article :: © 2008 Construction News :: home page |