Ferrovial increased net income by 143% to 808.8 million euro in the first nine months of 2007

Press releases

- EBITDA amounted to 2,359 million euro, up 58.2% following the addition of BAA  - Overseas markets contributed 64% of revenues and 81% of EBITDA in the first nine months  - Net financial debt amounted to 1,986 million euro, 56% less than in September 2006 Ferrovial obtained 808.8 million euro in net income between January and September 2007, a 142.6% increase on the same period of 2006. Consolidating airport operator BAA greatly increased all the Group's line items and accentuated its international profile. Sixty-four per cent of revenues were obtained outside Spain. The sharp increase in net income in the first nine months of 2007 was based on strong recurring business performance and the capital gains from the sale of Sydney and Budapest airports the UK. EBITDA increased by 58.2% to 2,359 million euro. The UK is Ferrovial's new "domestic" market, having contributed 60% of EBITDA in the period, contrasting with 19% contributed by Spain. BAA accounts for 54% of Group EBITDA. After deducting depreciation and amortisation, EBIT amounted to 1,513 million euro, a 52.6% increase. Net revenues totalled 10,864 million euro, 26% more than last year, as a result of adding BAA, which contributed 2,934 million euro. The Construction division reported 3,782.7 million euro in sales, while the Services division reported 3,404 million euro, a 9.2% increase underpinned by organic growth. The Tolls Roads and Car Parks division increased revenues by 19.7% to 766 million euro. Spain accounted for 36% of revenues, the UK for 42%, and Canada and the US for 8%. Poland contributed 6%, the same proportion as the rest of Europe together (Ireland, Switzerland, Italy and Portugal). Chile contributed 2% and the rest of the world the remaining 1%. Net financial debt with recourse to the parent company amounted to 1,986 million euro at the end of September, 56% less than last year. Construction: backlog up 13.3% The Construction division attained 3,782.7 million euro in revenues, in line with the first nine months of 2006. International revenues increased because of good performance at Budimex (+12.9%), while domestic revenues were practically flat (-0.3%) due to completion of a number of projects in 2006. EBITDA amounted to 255.1 million euro (+1.3%). The construction backlog increased by 13.3% to 8,804 million euro at 30 September. The Polish subsidiary, Budimex, increased revenues by 12.9% to 616.9 million euro and expanded its backlog by 12.1% to 876 million euro. The Polish market has an overall healthy tone, and tendering is on the increase due to plans to hold the 2012 UEFA European Football Championship there. US subsidiary Webber contributed 226.7 million euro in revenues, an 8.5% decline attributable to the euro/dollar exchange rate effect; nevertheless, its backlog continued to rise, reaching 620 million euro (+18.2%). Airports: 2,963 million euro in revenues In the Airports division, ADI (the company through which BAA is held) contributed 213 million euro in net income, 1,262.6 million euro in EBITDA and 2,933.6 million euro in revenues. Ferrovial sold two airports in the first nine months of 2007: Budapest (owned by BAA) for approximately 1,950 million euro, which generated a capital gain of 172.6 million. And the stake in Sydney airport, which generated a capital gain of 474.8 million euro. Passenger numbers in the UK, BAA's core market, totalled 119.4 million euro (+1.4%). Toll roads and Car parks: EBITDA increased by 20.8% Toll road revenues amounted to 766.2 million euro (+19.7%) and EBITDA increased by 20.8% to 520.5 million euro. Key growth drivers were the consolidation of Indiana Toll Road, the Ocaña-La Roda toll road in Spain, the Bosque and Talca-Chillán toll roads in Chile, and the Norte-Litoral road in Portugal, plus the euro's strong appreciation against the Canadian dollar (+4.8%), and increasing traffic. Car park revenues rose by 8.1% to 105.7 million euro. During the period, the Group added 6,369 new parking spaces and it now manages a total of 257,637. Services: 68% of revenues came from outside Spain The Services area has established itself as the group's second-largest generator of revenues: 31% of the total. During the third quarter, the Services division greatly increased its key figures and further accentuated its international character: countries other than Spain contributed close to 68% of revenues and 58% of EBITDA. Services attained 3,404.1 million euro in revenues in the first nine months of 2007 (+9.2%) due to good performance in both Spain and the United Kingdom. EBIT amounted to 227.7 million euro, a 17.6% increase. The services backlog totalled 9,531 million euro, 25.2% more than in 9M06. The backlog does not include that of Tube Lines (maintenance of three London Underground lines for 30 years), which would add approximately 13,796 million euro. The Services area is gaining ground in the UK through Amey. The UK market now accounts for 42.6% of the area's total revenues, i.e. 1,450.8 million euro, having increased by 5.9%. Amey's EBIT increased by 16.2% to 110 million euro and its backlog expanded by 24.8% to 5,121 million euro. Handling company Swissport contributed 864.7 million euro in revenues in the first nine months of 2007, i.e. 25% of the Services division's total revenues. This year the company commenced operations in Spain, obtained new contracts in the UK, and is integrating the operations of its acquisitions in Japan and Korea. In Spain, Services revenues increased by 15.5% to 1,088.6 million euro, and EBIT rose by 24% to 96.7 million euro. Key figures  


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