Ferrovial first-half net earnings up 49% to 115 million euros

Press releases

Operating income increased by 63.2% to 158 million euros, and non-construction business contributed 70% of the total. Consolidated revenues totaled 1.850 billion euros, a 29.7% increase, boosted by strong growth in all areas: construction (+25.4%), concessions (+30.5%), property development (+115.8%) and services (+19.5%). The construction backlog reached a record 5.566 billion euros (+18%) and property pre-sales increased by 21% to 333.3 million euros. Gross capital expenditure amounted to 300 million euros, to acquire Bristol Airport, the R-4 and Scut del Algarve toll roads and land. Ferrovial increased net earnings attributable to the controlling company by 48.9% to 115.3 million euros in the first half of 2001, due to the rapid growth through June in all the Groups business areas and positive performance by the main operating variables (backlog, and toll road traffic), which assure sustained business performance in the coming months. Operating income increased by 63.2% to 157.9 million euros and the sales margin improved to 8.5% (6.8% in June 2000). Non-construction businesses contributed 70% of the total in this line-item. Net revenues in the first half of 2001 amounted to 1.850 billion euros, a 29.7% increase over the same period of 2000, and there was considerable progress in all areas: construction boosted revenues by 25.4%, concessions by 30.5%, real estate by 115.8% and services by 19.5%. In the first six months of 2001, Ferrovial invested 300 million euros, mainly to acquire Bristol Airport (UK), capitalize the R-4 (Spain) and Scut del Algarve (Portugal) toll road concession companies, and to buy land to cater for the growth needs of the real estate business. 407 ETR toll road in Canada extended, and two toll roads in Chile partly opened The construction area obtained 1.527 billion euros in revenues, a 25.4% increase over the same period of 2000. At 30 June 2001, the construction backlog had reached a record 5.566 billion euros, 18% more than in mid-2000. The concession business, performed via Cintra, increased revenues by 30.5% through June 2001 to 151 million euros, due to sizable contributions from the 407 ETR toll road in Canada, where revenues increased by 25% on a 5% increase in traffic; Ausol (the Málaga-Estepona toll road in Spain) increased revenues by 23% and traffic by 24%, and Autema, where traffic increased by 10%. In the first half of 2001, the 24-km Western Extension of the 407 ETR toll road in Canada was completed and is now open to traffic. Also, with the 15-km Eastern Extension, which is due to open in August (two months ahead of schedule) a total of 108 km of toll road will be operational. The Temuco-Rio Bueno and Collipulli-Temuco stretches of toll road in Chile were also partly opened, and contributed 4.4 million euros in earnings on 7.4 million euros in revenues. Also, Bristol Airportmanaged by Ferrovial since the beginning of the yearsaw a 12% increase in passenger numbers to 1,081,000. Major progress in Real Estate and Services All the financial variables of the real estate division increased substantially: revenues rose by 115.8% to 130.7 million euros as land sales due to be spread over the full year were brought forward to the first half, in line with the active policy of land management and profitability. Property pre-sales increased by 21% to 333.3 million euros, reflecting the success of the companys commercial strategy, including innovative moves to sell homes. At 30 June, Ferrovial Inmobiliaria had pre-sold homes through the El Corte Inglés department store chain worth a total of 55.4 million euros. In July, the real estate strategy was strengthened by the acquisition of Don Piso, Spains largest chain of realtors, which will enable Ferrovial to diversify its range of real estate products and services. The services business obtained a 19.5% increase in revenues to 99.4 million euros, due to new contracts for comprehensive road upkeep. The services backlog totaled 716.5 million euros at 30 June 2001. In telecommunications, Ferrovial maintains its strategy of realizing the value of its past investments and actively seeking opportunities in cable and mobile telephony. In the first half of 2001, it obtained 14.3 million euros in capital gains on the sale of part of its stake in Wanadoo. In July, Ferrovial sold its 7.6% stake in Spanish fixed telephony operator Uni2 to the latters majority shareholder, France Telecom.


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