EBITDA amounted to 630.9 million euro, a 121.1% increase.
Revenues from other countries now account for 62% and amounted to 2,124.9 million euro
Highlights of the period were the integration of BAA and the sale of Sydney airport
Ferrovial ended the first quarter of 2007 with growth in all line items, more diversification into recurring areas (services and infrastructure projects) and increased international exposure after integrating BAA, the world’s largest private airport company, in July 2006.
Net income amounted to 449.9 million euro in the first quarter of 2007, a 303.1% increase on 1Q06 basically as a result of the sale of the stake in Sydney airport. Net income increased by 14.5% in Services and Construction, which are more focused on the income statement than the Infrastructure division, which concentrates on long-term value creation.
EBITDA increased by 121.1% to 630.9 million euro and EBIT rose by 79.1% to 349.6 million euro, boosted by consolidation of BAA.
In the first quarter, the Airports, Toll Roads and Services areas contributed 84% of EBIT and 90% of EBITDA.
Net revenues totalled 3,407.4 million euro, a 46.6% increase due to: the addition of BAA (which contributed 845.1 million euro in revenues); organic growth in Construction (10.6%) and Services (8.9%), the addition of new toll roads (which contributed an additional 40.2 million euro in all); and growth in the number of parking spaces.
International revenues increased by 69.7% to 2,124.9 million euro and represented 62% of the company’s total. In addition to the UK (41%) and Spain (38%), the other countries making the greatest contribution to the group were Poland (5%), the rest of Europe (Ireland, Switzerland, Italy and Portugal: 5%) and North America (Canada and the US: 8%).
Ferrovial ended the first quarter with net debt of 1.393 billion euro (excluding infrastructure companies’ debt), compared with 3.064 billion euro at 2006 year-end.
Main events in the period
Construction revenues increased by 10.6% to 1,217.3 million euro, driven by positive performance in Spain and Poland (via Budimex). The Construction division’s EBIT amounted to 58.2 million euro, a 9.8% increase, and its backlog was 8.362 billion euro at the end of the quarter, 10.5% higher given the rapid pace of work. In Poland, Budimex’s revenues increased by 36.3% to 169.4 million euro, and the backlog was a record 805 million euro. US company Webber contributed 78.2 million euro in revenues and a 504 million euro backlog (+6.4%).
Airports: consolidating BAA contributed 845.1 million euro in revenues and 182.3 million euro in EBITDA. Traffic at the UK airports managed by BAA increased by 2%. In March, Ferrovial reached an agreement to sell its 20.9% stake in Sydney airport to Macquarie Airports (MAp) and realised a capital gain of 475 million euro.
Toll roads: strong traffic performance on the main toll roads led to 193.7 million euro in revenues (+25.4%) and 136.5 million euro in EBITDA (+24.5%). Other contributors to growth were: the toll increase on 407 ETR; first-time consolidation (proportionate) of the Indiana Toll Road; full consolidation of the Talca-Chillán toll road and acquisition of the Bosque toll road (both in Chile); commencement of billing for traffic on the Norte Litoral toll road; and growth on R-4 due to traffic performance after the opening of the Ocaña-La Roda toll road.
Car parks: revenues increased by 9.7% to 33.6 million euro and the number of managed parking spaces reached 253,285 (a 5.3% increase). EBITDA increased by 20% to 12.2 million euro, and the EBITDA margin rose to 25.2%. Services division revenues totalled 1,118.2 million euro (+8.9%). EBIT totalled 67 million euro, a 6.5% increase.
The Services backlog amounted to 8.986 billion euro (+25.1%), not including that of Tube Lines (maintenance of three London Underground lines for 30 years), which would add 14.315 billion euro. The Services division is firmly established in the UK through Amey: 504 million euro in revenues (+7.2%) and a backlog of 5.044 billion euro (+20.4%). Swissport, the world’s leading independent handling company, contributed 274 million euro in revenues in the period (24% of the Services division’s total).
The UK market accounted for 45% of the Services division’s total revenues and over 47% of its EBIT, while the Spanish market expanded by 12.9% to 340.2 million euro and the backlog totalled 3.942 billion euro, 83.4% more than at the end of 2004.
