|
contents | business | |||||||||
| Ferrovial obtained 1.269 billion euro net profit in 2011 Ferrovial, a global infrastructure and services company, obtained 1.269 billion euro in net profit in 2011, compared with 2.163 billion euro in 2010. EBITDA amounted to 818 million euro, up 8.9% year-on-year in like-for-like terms. These are the first financial statements to reflect the changes in consolidation scope following the sale of a stake in BAA. The net profit is the result of capital gains, asset rotation, internationalization, and good trading performance by the business areas. Revenues amounted to 7.446 billion euro, a decline of 0.6% year-on-year in like-for-like terms. Ferrovial sold 5.88% of FGP Topco for 326 million euro, and obtained 847 million euro in capital gains on the transaction. Based on the transaction price, 100% of BAA is worth 5.527 billion euro. In 2011, Ferrovial also divested Swissport for 695 million euro, obtaining 195 million euro in capital gains, and its stake in the M-45 toll road for 68 million euro, obtaining 27 million euro in capital gains. Those divestments and that of BAA beat market estimates and raised a total of 1.264 billion euro. The P&L reflects sound performance by Ferrovial's businesses and the resilience of the main assets. In like-for-like terms, EBITDA increased by 14.4% in the Toll Road division, 4.9% in Services and 4.3% in Construction, while BAA registered a 17.8% increase in local currency terms. EBITDA increased by 20.4% at Budimex, 10.8% at 407 ETR and 6% in the Services Spain division. Heathrow Airport and Canadian toll road 407 ETR performed well, with EBITDA up 18.7% and 10.6%, respectively, in local currency terms. This good performance is due not only to traffic growth but also to higher fees and tolls and cost controls. Cash flow excluding infrastructure projects continued to improve, reaching 1.447 billion euro, as a result of good business performance (578 million euro) and divestments (1.264 billion euro), offset partly by investments (328 million euro). Both BAA and 407 ETR issued over 2 billion euro in bonds in 2011, evidencing investors' confidence in those assets' quality. Additionally, approximately 1.700 billion euro have been issued so far in 2012. write your comments about the article :: © 2012 Construction News :: home page |