In the first half, Ferrovial obtained the concession to operate Sydney airport, Australia´s largest
Excluding extraordinary items, net profit rose by 29%
Operating profit grew 54% to 242.4 million euros; concessions contributed 43% of the total
Consolidated revenues increased by 25% to 2,312.4 million euros. All areas rose substantially: construction (+12.2%), concessions (+34.8%), property development (+142.2%) and services (+57.4%)
The construction backlog amounted to 6,120 million euros and that of real estate to 859 million euros.
Ferrovial had a net cash position of 121.8 million euros on 30 June
Gross capital expenditure amounted to 637.3 million euros in the first half
Madrid, 30 July 2002
In the first half of 2002, net profit attributed to the controlling company increased by 184% to 327.6 million and by 29% excluding extraordinary items, which were generated mainly as a result of Macquarie (the world´s third-largest concessions group) acquiring 40% of Ferrovial´s toll road business. In the first half, all the Group´s business areas continued to make considerable progress; margins and the main operating figures (backlogs and toll road traffic) performed positively, ensuring activity in the coming months.
Operating profit climbed 54% to 242.4 million euros and the operating margin improved from 8.5% in June 2001 to 10,5%. Concessions provided 43% of total operating profit.
Net revenues increased 25% year-on-year to 2,312.4 million euros; all business lines expanded considerably. The sharp pace of production in Spain increased construction revenues by 12.2%, and revenue growth at the Ausol (Spain) and 407 ETR (Canada) toll roads and Bristol airport (UK) boosted concessions by 34.8%. Real estate sales multiplied 2.5-fold on June 2001 (+142.2%), boosted by the considerable increase in homes delivered. Service revenues rose 57.4%.
Through June, sales abroad increased 5% to 609 million euros and accounted for 26% of total group revenues; Poland, Portugal, Canada and Chile were the main contributors.
Gross capital expenditure amounted to 637.3 million euros, mainly in concessions (393 million euros), to acquire a stake in Sydney airport (233 million euros) and an additional 5.8% interest in 407 ETR (Toronto, Canada), as well as property development (land purchases) and the ONO capital increase (32.6 million euros).
On 30 June, Ferrovial had a net cash position of 121,8 million euros, after receiving 816 million euros in January in the Cintra capital increase, which was subscribed entirely by Australian group Macquarie.
Growth in construction and definitive consolidation in concessions
Construction revenues increased by 12.2% to 1,713 million euros, boosted by a strong pace of production in Spain on the M-45, Artxanda tunnel and Estepona-Guadiaro (Málaga) toll roads. Despite this intense activity, the construction backlog amounted to 6,119 million euros on 30 June.
Outside Spain, Ferrovial obtained a 200 million euros contract to expand Warsaw airport, which will double capacity to 12.5 million passengers per year in preparation for Poland´s entry into the EU.
Concession revenues climbed 34.8% to 203.6 million euros, with substantial contributions from the 407 ETR (Canada; revenues +35%), Ausol (Málaga-Estepona; +14%) toll roads and a greater contribution from airports (Bristol airport: traffic +40% to 1.5 million passengers in June). The M45 and Artxanda tunnel (Bilbao) toll roads were opened in the first half and the Estepona-Guadiaro (Málaga, Spain) stretch will open shortly.
In addition to the alliance with Australia´s Macquarie Infrastructure Group (MIG), which acquired 40% of Cintra, in June, Ferrovial obtained the 3,850 million euros concession to operate Sydney airport, Australia´s largest (over 25 million passengers) and the world´s largest privatized airport. Ferrovial paid 233 million euros for a 20% stake. This transaction triples Ferrovial´s airport revenues. It is estimated that over 40 million passengers already use the 12 airports operated by Ferrovial in Australia, the UK, Mexico and Chile.
Considerable growth in property development and services
Property sales also grew substantially, since they multiplied 2.5-fold on June 2001 to 316.6 million euros (i.e. a 142.2% increase). The pre-sales portfolio amounted to 859 million euros, similar to last year, despite strong growth in sales in the first half of the year.
Service revenues increased 57.5% to 156.5 million euros and the services backlog rose by 13.3% on June 2001 to 811 million euros. The consolidation of Eurolimp (acquired at the end of 2001) contributed 41 million euros in service revenues.
In telecommunications, Ferrovial is present in the cable business via a 10% stake in ONO. In the period, Ferrovial paid 32.6 million euros in the capital increase at ONO, which now has all the funding it needs to complete development of its integrated cable business in Spain.
