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| Ferrovial announces results for first nine months of 2008 Spanish construction and service firm Ferrovial reported revenues of €10,518.9m in the first nine months of 2008. On a like-for-like basis, net revenues would have increased 6.3% compared with the same period last year. Ferrovials EBITDA for the nine months reached €2, 118.1m. Total net income lies at €41.7m, reflecting the accounting (non-cash) impact of the market valuation of the financial instruments used to hedge against interest-rate movements, inflation and the share price (derivatives). On top of this, costs and depreciation were higher at BAA, which were in line with the companys own forecasts. Gross consolidated investment reached €943.7m. Most of this investment was in the Airports division due to ADIL, BAAs investment vehicle. Also, Ferrovial invested €105m in buying shares in Cintra, €60m in buying treasury stock and €104m in buying land in Valdebebas. In the year to September, Ferrovials international businesses made a revenue contribution of €6,866.7m, or 65% of the total. The remaining €3,652.2m corresponded to Spain. Ferrovials diversification strategy over the last few years is reflected in the profit and loss account. Airports, Services and Toll Roads and Parking represent 89% of the EBITDA. Construction represents 11% of the total (€226.5m). Backlog growth at Ferrovials various subsidiaries continued to expand between January and September, laying the foundations for future growth. Excluding Tube Lines, Services closed the third quarter with a backlog of €9,944m, or YOY growth of 4.3%, of which 50% was generated outside Spain. Meanwhile, the Construction backlog reached €9,222m, up 4.8%. The profitable diversification initiated several years ago in this division has resulted in the international contribution representing 41% of the backlog. write your comments about the article :: © 2008 Construction News :: home page |