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Tue October 23 2018

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Ferrovial profits up 21%

1 Mar Ferrovial has reported net profit of €454m (£400m) for 2017, a 21% increase on the previous year.

North Tarrant Express
North Tarrant Express

International business accounted for 77% of total revenues and the earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to €932m.

Performance was driven by growth in traffic on the transport assets it owns equity in. said the company. It collected €553m in dividends from its assets, a 16% increase on the €477m received in 2016.

The backlog stands at over €32,000m, of which services accounts for €20,918m and construction for €11,145m; 80% of the backlog is located outside Spain. Notable new contracts include the Western Roads Upgrade Project, in Melbourne; the Racibórz Dolny dam, in Poland; the Grand Parkway, in Houston; operation and maintenance of Manchester MetroLink in the UK; upgrading Denver airport; the renewal of the contract for onboard services by Renfe, in Spain; a number of roads in the US and Poland, and railway projects in the latter.

Revenues totalled €12,208m - a 13.5% increase - due to full-year consolidation of Broadspectrum, the Australian company acquired in 2016, and to the contribution by Budimex.

During the period, Ferrovial sold 3.9% of Budimex for €59m, reducing its stake in the Polish construction company to 55.1%. It also divested 51% of the Norte Litoral toll road and 49% of the Algarve toll road, which provided a total of €162m in revenues.

In addition, the company acquired 6.3% of the North Tarrant Express and 3.6% of Lyndon B Johnson Freeway from Dallas Fire & Police Pension Scheme, a former partner in those two concessions, raising its stakes to 62.97% and 54.6%, respectively. The other partners acquired the remainder of those holdings.

In terms of operating performance, traffic increased at all of Ferrovial’s infrastructure assets — both toll roads and airports — including notably: 407 ETR (+2.6%), LBJ (+9.3%), NTE (+10.9%), Ausol I (+10.3%), Heathrow (+3.1%) and Glasgow airport (+5.7%).


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