Excluding extraordinary items, net profit would have grown by 21%.
Operating profit grew by 49% to 105.2 million euros, of which concessions accounted for 50%.
Consolidated revenues totaled 1.006 billion euros, i.e. up 21%, and all areas increased substantially: construction (+16.9%), concessions (+34.5%), real estate (+55.6%) and services (+38.4%).
The construction backlog reached a record high at over 6 billion euros and the real estate backlog amounted to 827 million euros.
The alliance with Macquarie was formalized in the first quarter, opening possibilities for expansion in the concession market
At 31 March, Ferrovial had a net cash position of 378 million euros, having received 816 million euros for the Macquarie transaction
Madrid, 29 April 2002
Ferrovial net profit attributed to the controlling company increased by 424% in the first quarter of 2002 to 256.3 million euros; it grew by 21% excluding extraordinary items, which were generated mainly by the Macquarie transaction completed in January (the world´s third-largest concession group acquired 40% of Ferrovial´s toll road business). In the first quarter of 2002, Ferrovial again grew substantially in all business lines, and margins and the key operating figures (construction and services backlogs, real estate pre-sales) performed positively, ensuring activity in the coming months.
Operating profit rose by 49% to 105.2 million euros and the sales margin improved from 8.5% in March 2001 to 10.5%; concessions represented 50% of total operating profit.
Net revenues amounted to 1.006 billion euros in the first quarter of 2002, i.e. 21% higher than in the same period of 2001. All business lines rose considerably: the strong increase in production in Spain boosted construction revenues by 16.9%, and higher revenues at Ausol and Canada´s 407 ETR pushed concession revenues up by 34.5%. The Group´s real estate revenues increased by 55.6% and services revenues rose by 38.4%.
At 31 March 2002, sales outside Spain had increased by 11% to 259 million euros and represent 26% of Group revenues; Poland, Portugal, Canada and Chile were the major contributors.
Gross capital expenditure amounted to 99.4 million euros, which was aimed mainly at real estate development (land acquisitions) and payment of the capital increase at ONO (32.6 million euros).
At 31 March, Ferrovial had a net cash position of 378 million euros, having received 816 million euros in the capital increase at Cintra, which was fully subscribed by Australian group Macquarie.
Fast growth in construction, and concessions boosted by the MIG alliance
Construction revenues increased by 16.9% to 778.8 million euros through March, with a significant contribution from the pace of toll road construction in Spain since the following will be open to traffic in 2002: M-45 (recently opened), the Artxanda tunnel and Estepona-Guadiaro (Malaga). At 31 March, despite intense activity, the construction backlog reached a record high of over 6 billion euros (6.170 billion euros), after the addition of the Radial 4 toll road project (Madrid).
Concession revenues rose by 34.5% to 93.1 million euros, with a significant contribution by 407 ETR, which increased revenues by 40%, and Ausol (Malaga-Estepona toll road), which grew by 29%.
In January 2002, Ferrovial formalized its alliance with Australia´s Macquarie Infrastructure Group (MIG), which acquired 40% of Cintra via a capital increase amounting to 816 million euros. This transaction reinforces Ferrovial´s leading position in concessions worldwide (committed investment of 1.5 billion euros) and opens the possibility for growth in privately-managed infrastructure in and outside Spain. In the first quarter of 2002, Ferrovial acquired an additional 5% of 407 ETR (it now owns 67.1%) and opened the M-45 (Madrid) to traffic, which will operate under a shadow toll road system until 2025.
Real estate and services also grew
Real estate revenues increased substantially, by 55.6% to 114.7 million euros. Pre-sales amounted to 827 million euros, i.e. up 8% on 2001 year-end (767 million euros). Ferrovial Inmobiliaria sold 569 homes via El Corte Ingles department stores for 117.71 million euros in the first quarter and expanded to the department stores in Zaragoza and Barcelona.
Services revenues increased by 38.4% to 64.1 million euros and the backlog amounted to 816 million euros, i.e. 11.9% higher than in March 2001. The addition of Eurolimp (acquired at 2001 year-end) contributed 12 million euros to services revenues.
In telecommunications, Ferrovial paid 32.6 million euros in the capital increase at ONO (of which it owns 10%), thereby meeting its financing needs to complete the development of its integrated cable business in Spain.
