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Ferrovial order-book hits record level

25 Feb 15 Ferrovial’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) grew last year by 5% to €980m (£719m) and its order backlog reached a record level.

The North Tarrant Express opened in October.
The North Tarrant Express opened in October.

The company’s income statement also shows an 8% growth in revenue to €8.8bn. Most of the record order backlog  - 71% - is outside Ferrovial’s home country of Spain. The backlog is made up of €22.369bn in services contracts and €8.091bn in construction. Major wins included a 28-year contract for a treatment plant in North Yorkshire, work on the extension of the London Underground, a section of the Pacific Highway in Australia, several urban services contracts with the city government in Madrid and a number of road projects in Poland.

Ferrovia reported that its principal assets maintained a robust performance: traffic continued to increase on the 407 ETR highway in Canada and at Heathrow Airport, and both registered growth in revenues. Ferrovial received €565m in dividends from its investment in these assets.

In the fourth quarter, the company completed the acquisition of Glasgow, Aberdeen and Southampton airports, in line with a strategy of strengthening its airports division.

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Net profit amounted to €402m, compared with €727m in 2013, which included extraordinary items such as the sale of Stansted airport and of 40% of the Amey subsidiary that groups its PFI projects. Net profit would have increased by 8.7% excluding non-recurring impacts in both years.

The North Tarrant Express highway in Texas was inaugurated on 4 October, nine months ahead of schedule. The road uses an advanced system of managed lanes on which tolling is dynamic. This concession runs for 52 years and required an investment of US$2.1bn. The company’s second managed lane project in Texas is expected to be inaugurated in the second half of 2015.

In construction, international activity continued to grow, accounting for 76% of revenues and 76% of the backlog. Budimex registered notable growth in revenues (5%), EBITDA (24%) and the backlog (36%). During the year, Ferrovial Agroman landed major projects in Australia, Saudi Arabia and Brazil, as well as several road contracts roads in Poland. Total revenues amounted to €3.942bn euro, mainly as a result of completion of projects in the UK, while EBITDA increased by 1.7%. The backlog amounted to €8.091bn, an increase of 2.9% year-on-year.

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