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Fri July 30 2021

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Ferrovial makes €268m profit

28 Feb 20 Ferrovial achieved a profit of €268m (£227m) in 2019, turning round last year’s net loss of €448m.

Ferrovial's toll road assets performed well
Ferrovial's toll road assets performed well

Revenues were just over €6bn last year, representing a rise of 5.5%. The figures were driven by the performance of its infrastructure assets, which increased dividends. They also reflect capital gains on the sale of 65% of Ausol and 11.75% of Ruta del Cacao.

The company’s main infrastructure assets continued to perform well, particularly the managed lanes projects in Texas, which registered double-digit growth in revenues and earnings before interest, tax, depreciation and amortisation (EBITDA). Revenues from stakes in assets, including Heathrow, increased by 17% to €729m.

EBITDA totalled €121m, affected by a provision booked in the Construction division in first quarter of 2019. The international market accounted for 83% of revenues.

This time last year, its results for 2018 had been dragged down by a €774m impairment charge for Amey.

In 2019, the construction division registered €5,413m in revenues, stable year-on-year. Most of the revenue - 86% - came from outside Spain, with Poland and North America as the main contributors. The backlog topped €11.4bn, civil engineering being the largest single component. The division’s results were affected by a €345 million provision in the first quarter of 2019 for potential losses on some projects in the United States due to increased costs of outsourced services and raw materials and the longer time being taken to approve the design phase.

Its services division, which is up for sale, reported €6,995m in revenues and €309m in EBITDA.

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