The purchase of Cespa has been completed, consolidating Ferrovials services strategy


The strong growth in Ferrovial´s services division following the acquisition of Cespa and Amey has led to the division´s internal reorganisation

The acquisition consolidates Ferrovial´s services strategy, which focuses on urban services, facility management and integrated infrastructure maintenance

The impact of the Cespa and Amey operations on Ferrovial is as follows:

? Services revenues will exceed 2.2 billion euros (services will contribute 30% of the Group´s total business volume in 2004, compared to 7% in 2002)
? Ferrovial´s total volume of business will exceed 7 billion euros in 2004

Madrid, 5 November 2003. Following approval by the competition authorities, Ferrovial today completed the purchase of services company Cespa and 25% of Ecocat. The acquisition of a other further 25% of Ecocat in the hands of Agbar (via the company Trasa) is expected shortly.

Ferrovial purchased the Cespa Group (previously owned by Agbar and French company Suez) for 501.5 million euros, although this figure will be adjusted according to Cespa´s equity at 30 September 2003.

Cespa is Spain´s second-largest street cleaning and solid waste management operator, and leader in industrial waste management. This acquisition consolidates Ferrovial´s strategy of growth in services, making it one of the sector´s largest operators, with a major presence not only in waste collection and management, but also in infrastructure maintenance and facility management in Spain and in the UK (via UK company Amey, also acquired this year).


The strong growth in services makes it advisable for this division to undergo internal reorganisation. Ferrovial´s Board of Directors has approved a restructuring intended to organise the various services business lines via a number of transactions that will be carried out in the coming months.

As a result of these operations, Ferrovial Servicios (a subsidiary fully owned by Ferrovial) will continue to head this area, but it will also directly operate in facility management. The other activities will be executed by independent specialised subsidiaries: Cespa (urban services, waste management and treatment, and gardening), Grupisa (infrastructure maintenance), Eurolimp (facility cleaning), and Amey (facility management and maintenance under PFI and PPP in the UK).

A major urban services group

Cespa adds specialisation, size and complementary activities to Ferrovial´s Services division, putting it among the top companies in this segment. For some years, Ferrovial has focused on growing in three lines of business: urban services, facility management and infrastructure upkeep. Ferrovial views services as strategic since it is an area with growth potential and because of the stability it lends to the bottom line through long-term contracts.

With the Cespa acquisition, Ferrovial will become a powerful services company. In urban services (cleaning and municipal waste collection), it will serve 14.5 million people in over 600 cities and towns, including several districts of Madrid, the eastern part of Barcelona and the cities of A Coruña, Alicante, Murcia, Huelva, Granada and Zamora.

It will also be in charge of maintaining 37 million square metres of green areas in Bilbao, Madrid, Barcelona and other cities, and it will manage over 30 landfills with a capacity for over 25 million cubic metres of waste.

The services area will have over 2.2 billion euros in revenues

The impact in Ferrovial of Cespa, with the recent acquisition of Amey, will be as follows:

? The services area´s revenues will reach over 2.2 billion euros, accounting for 30% of the Groups total revenues in 2004, up from 7% in 2002
? Ferrovial´s revenues (Ferrovial plus Cespa and Amey) will have over 7 billion euros in 2004.


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