|
contents | business | |||||||||
| Ferrovial obtains EBITDA of 1.178 billion euro in 1H of 2010 Spanish construction company Ferrovial obtained EBITDA of 1.178 billion euro in the first half of 2010, i.e. an increase of 3% with respect to the same period of 2009 in like-for-like terms. Revenues totalled 5.766 billion euro, slightly higher (+0.4%) in like-for-like terms than the same period last year. Net income improved by 41% year-on-year to -164 million euro. This figure reflects a negative accounting impact of 167 million euro resulting from various fair value adjustments, primarily due to the decline in Ferrovial's share price in June compared with the end of 2009 (from 8.23 euro to 5.35 euro) This effect does not entail any cash outflow. Ferrovial ended the first six months of 2010 with a record construction and services backlog amounting to 22.871 billion euro, i.e. up 22% with respect to December 2009, ensuring future earnings visibility. The international backlog continues to gain in importance, accounting for 65% of the Construction division total and 58% in Services. International contracts now account for 61% of the total backlog. The performance by the business divisions reflects signs of economic recovery. Traffic would have expanded by 2.3% in like-for-like terms at London's Heathrow Airport, while Canada's 407 ETR toll road registered 6% growth. The cargo volume handled by Swissport increased 36% and UK subsidiary Amey reported a 13% improvement in revenues. Excluding infrastructure projects, consolidated debt also improved considerably, amounting to 922 million euro at the end of June 2010, compared with 1.809 billion euro in June 2009. Consolidated net debt totalled 24.485 billion euro, on par with June 2009 and 10% more than in December 2009. This increase is due to depreciation of the euro with respect to the pound sterling and the US and Canadian dollars. In recent months, the company refinanced 3.200 billion euro, evidencing the market's confidence in Ferrovial's sound assets. Financing deals in the period included the LBJ highway in the US, the 407 ETR in Canada, and Ausol in Spain. Ferrovial's geographic and business diversification strategy has been maintained in recent years and is reflected in its income statement. The international business accounted for 67% of revenues and 84% of EBITDA. Airports contributed 45% of EBITDA, Toll Roads 31%, Services 15% and Construction 9%. Ferrovial maintained its asset rotation policy in the first half of the year, selling BAA's stake in real estate company APP (244 million pounds) and divesting Tube Lines (206 million pounds). In July the company announced the sale of 50% of Trados 45, which manages a section of Madrid's M-45 highway, for 68 million euro. write your comments about the article :: © 2010 Construction News :: home page |