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| Ferrovial obtains 2.163 billion euro net profit in 2010 Spanish construction giant Ferrovial obtained 2.163 billion euro in net profit in 2010, contrasting with losses of 74 million euro in 2009. That figure is the result of capital gains and value realization in asset rotation, internationalization, and obtaining major contracts. EBITDA amounted to 2.514 billion euro in 2010, 6.5% more than 2009 in like-for-like terms. The income statement reflects the robustness of Ferrovial's businesses and the resilience of its main assets. EBITDA increased in like-for-like terms by 38% at Budimex, 23% at Amey, 15% in the International Construction business, 15% at 407 ETR, 7.6% at Cintra and 7.4% at BAA. These results also reflect the addition of long-term contracts such as maintenance in Birmingham (UK), waste management in Murcia, the Donarbon portfolio, financing of the LBJ (Texas), construction of the new terminal at Heathrow, and a number of projects in Poland. Traffic also performed well, rising 5.5% on 407 ETR and 3.4% at Heathrow (excluding extraordinary impacts). Ferrovial's backlog reached an all-time record of 22.190 billion euro at year-end. The Services backlog expanded by 20% to a peak of 12.003 billion euro. The backlog in Construction increased by 16% to 10.186 billion euro. The international area made a major contribution in both cases: 55% in Services and 65% in Construction. This sizeable backlog lends considerable visibility to operations and earnings in the medium and long term. The positive trend in cash flow was maintained, reaching 811 million euro (basically from Construction and Services); combined with divestments, that let to a net cash position of 31 million euro at year-end. That year-end figure does not include the proceeds from divesting Swissport or the M-45. In a difficult economic context, Ferrovial fulfilled its plans in 2010, improved its main financial numbers and reduced parent company debt by 1.200 billion euro. Consolidated net debt, including infrastructure projects, amounted to 19.789 billion euro (-11%), reflecting deconsolidation of 407 ETR.EBIT increased by 14% to 1.514 billion euro on a 2.7% like-for-like increase in revenues to 12.170 billion euro. write your comments about the article :: © 2011 Construction News :: home page |