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Tue June 15 2021

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Ferrovial profits rise

5 May 16 First-quarter results from Ferrovial show a profits up by 32% to €157m (£124m).

Revenues amounted to €2.083bn and earnings before interest, taxes, depreciation and amortisation  (EBITDA ) rose to €194m.

The company said that its main assets continued to perform very well: traffic and revenues increased on the 407 ETR and at Heathrow Airport, with EBITDA rising by 9% and 7.6%, respectively, in local currency terms. The dividends from those assets were in line with the previous year.

The order book totalled €30.166bn, of which services account for €21.291bn and construction for €8.875bn; 75% of the backlog is located outside Spain. Notable new contracts in the quarter include a section of high-speed railway line in California; the Olsztyn bypass and a number of sections of the S17 and S3 highways, in Poland; and maintenance of 370km of roads in the United Kingdom.

Ferrovial collected €109m in dividends from the assets in which it holds a stake, and realised €131m in capital gains on divesting Chicago Skyway and the Irish toll roads.

Notable new contracts in the first quarter include a section of high-speed railway line in California; the Olsztyn bypass and a number of sections of the S17 and S3 highways, in Poland; and maintenance of 370 km of roads in the United Kingdom.

In construction, profitability was maintained by a selective approach to bidding. Revenues totalled €806m, affected by the completion of large projects, although order intake remains robust, said the company. Budimex registered strong growth (revenues +7%, EBITDA +4.4%).

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MPU

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