Operating profit increased by 78% to 70.5 million euros, with non-construction businesses contributing 72% of the total.
Consolidated sales amounted to 830 million euros, a 34.8% increase, and there was fast growth in all areas: construction (+23.5%), concessions (+34.5%), property development (+249.3%) and services (+64.2%)
The construction backlog increased by 29% to a record 5,560 million euros; property pre-sales increased by 53% and the services backlog by 24%.
Gross capital expenditure amounted to 187.2 million euros, mainly in land purchases, the acquisition of Bristol Airport and the R-4 toll road.
In the first quarter of 2001, Ferrovial reported 48.9 million euros (8,138 million pesetas) in net profit attributable to the controlling company, i.e. 75.3% higher than in the first three months of 2000. This reflected rapid growth in all the Groups lines of business and positive performance by the main operating aggregates, and guarantees continuity of the business in the coming months.
Operating profit increased by 78% to 70.5 million euros (11,723 million pesetas) and the sales margin improved to 8.5% (from 6.4% in March 2000). Businesses other than construction contributed 72% of the total.
Net sales through 31 March 2001 totaled 829.2 million euros (137,967 million pesetas), an increase of 34.8% over the same period in 2000, and all areas made significant progress: revenues increased by 23.5% in construction, 34.5% in concessions, 249.3% in real estate and 64.2% in services.
During the quarter, Ferrovial maintained a rapid pace of capital expenditure, investing 187.2 million euros (31,147 million pesetas) in the period, mainly to acquire land to support growth in the property development business, plus the 55 million euros (9,151 million pesetas) paid to acquire Bristol Airport (UK) and the 28 million euros (4,658 million pesetas) disbursed as capital subscription at the R-4 Toll Road concession company (Spain).
Strong growth in all business areas: construction and concessions
All areas of business expanded revenues considerably: construction boosted revenues by 23.5% over the same period in 2000, to reach 666.4 million euros (110,880 million pesetas). At 31 March 2001, the construction backlog had reached a record 5,560.3 million euros (925,156 million pesetas), a 29% increase with respect to the first quarter of 2000; this figure represents 25 months work.
The concession business, conducted via Cintra, increased revenues by 34.5% through March 2001 to 69.2 million euros (11,514 million pesetas), including sizeable contributions from the 407 ETR toll road in Canada, which increased revenues by 27% and traffic by over 7%, and Ausol (Málaga-Estepona toll road), which attained 29% growth in revenues and 27% growth in traffic. One of the main events in this division was the award of the Scut Norte Litoral toll road project in Portugal, which involves a 30-year concession at a cost of 330 million euros (54,907 million pesetas), and the partial opening of the Temuco-Río Bueno and Collipulli-Temuco toll roads in Chile.
Real estate and services also registered considerable progress
The Groups other strategic areas also made considerable progress. Revenues in the real estate division increased by 249.3% to 73.7 million euros (12,262 million pesetas) as land sales planned throughout 2001, in line with the companys policy of actively managing its land bank in search of returns, were brought forward to the first quarter. The committed sales figure increased by 52% to 181.2 million euros (30,150 million pesetas), partly reflecting the companys aggressive commercial strategy and the success of new initiatives to sell homes through department stores. Through March, Ferrovial Inmobiliaria obtained 30 million euros (4,990 million pesetas) in pre-sales via El Corte Inglés.
Revenues in the services division increased by 64.2% to 46.3 million euros (7,704 million pesetas), driven by new contracts and the contribution by Grupisa, one of Spains leading specialists in comprehensive road maintenance. The services backlog at 31 March 2001 amounted to 729.3 million euros (121,345 million pesetas), a 24.1% increase.
The main event in the telecommunications area, where Ferrovial is involved in both land-line (Uni2) and cable (Ono), was the sale of part of the stake in Wanadoo, France Telecoms Internet portal, at a gain of 9 million euros (1,497 million pesetas).
