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| Ferrovial obtains EBITDA of €2.7 billion in 2008 Spanish construction and services firm Ferrovial obtained revenues of 14.1 billion euro in 2008. Compared in like-for-like terms with 2007, net revenues expanded by 6.3%. EBITDA grew to 2.7 billion euro, an increase of 4.7% in like-for-like terms. Ferrovial obtained cash flow of 2.7 billion euro. Consolidated net debt fell 6.2 billion euro (20.3%) to 24.1 billion euro, compared with 30.3 billion euro in December 2007; 79% of the debt is hedged at a fixed interest rate and backed by quality assets. Excluding infrastructure projects, net debt at parent company level was reduced to 1.7 billion euro. Earnings include a non-recurrent negative impact of 871 million euro due to a fiscal change in the Industrial Buildings Allowance (IBA) in the UK. This effect does not imply a cash outflow. Excluding this impact, net profit totaled 33 million euro. Ferrovial's geographic and business diversification strategy has been maintained in recent years and is reflected in its income statement. Business outside Spain accounted for 9.1 billion euro, i.e. 65% of total revenues. With regard to EBITDA, Construction contributed 10%, Airports 48%, Toll Roads and Car Parks 25% and Services 17%. write your comments about the article :: © 2009 Construction News :: home page |