The company has upgraded its year-end projections: net profit growth will exceed 15% EBIT increased 31.8% to 557.9 million, with recurring activities (infrastructure and services) accounting for 62% Consolidated revenues rose 36.2% to 5.319 billion International revenues climbed 84% to 1.989 billion and represented 37% of total revenues The backlogs performed well: construction rose 6.7% to 6.557 billion; real estate exceeded 1 billion (+10%); and services grew 25.8% to 5.002 billion In infrastructure, there was a considerable increase in traffic at all toll roads and airports and a 9.8% rise in the number of parking spaces managed Ferrovial increased net profit by 25.3% to 269.3 million in 9M04. Between January and September 2004, almost all business areas registered significant progress and there was positive performance in margins and the main operating variables (backlog, and toll road and airport traffic), which will guarantee activity in the coming months. The company has upgraded its year-end provisions: net profit will grow by over 15%. EBIT climbed 31.8% to 557.9 million, boosted by an increase in sales and by improved construction and services margins. Non-construction activities accounted for 78% of the total and recurring activities (infrastructure and services) represented 62%, compared with 50% in 9M03. EBITDA rose 32.1% to 727.1 million (vs. 550.3 million in 9M03). Net sales amounted to 5,318.9 million (+36.2%), boosted by the contribution from services and positive traffic and revenue performance at toll roads and airports managed by the company. By business area, construction grew 0.4% and infrastructure by 18.2%, whereas real estate revenues shrank 5.8%. Service revenues tripled (to 257.4%) due principally to the contributions from Amey and Cespa. International revenues amounted to 1,989 million (+83.9%), mainly as a result of incorporating revenues from UK company Amey, and now account for 37% of the total, compared with 28% in 9M03. The UK provided 21% of total Ferrovial´s revenues, with other significant contributions coming from Poland, Canada, Portugal and Chile. Gross capital expenditure totalled 331.8 million, allocated mainly to infrastructure and services. The real estate division invested 155.6 million euros in land purchases. At 30 September 2004, Ferrovial´s net debt amounted to 860.7 million, i.e. 44% leverage. Construction: increased profitability and sharp backlog growth The business volume was maintained in construction, with a slight increase (+0.4%) in revenues to 2.627 billion. Excluding the exchange rate effect on international activities, growth would have been almost 1%. Profitability improved steadily in the period, taking the EBIT margin to 4.7% (compared with 4.3% at September 2003). EBIT rose 9.6% to 122.6 million. The construction backlog reached a record high of 6.557 billion (+6.7%), representing 22 months of activity. Infrastructure: significant growth in traffic and revenues The infrastructure division (toll roads, airports and car parks) registered 18.2% revenue growth, to 460.1 million, and EBIT climbed 15.3% to 219.5 million. The toll road business reported revenues of 341.7 million (+16.1%) and EBIT of 192.8 (+14.7%), driven by strong growth in traffic and revenues at all toll roads (Ausol I, Ausol II, Autema, M45, Chile, etc.) and the consolidation of the Scut Algarve road in Portugal, which commenced tolling in 1Q04. Also significant was the contribution from 407 ETR in Toronto, where revenues rose 11% and the EBITDA margin widened 17% to 71.5%, the highest value registered since December 2001. Daily traffic increased 5.7% (to almost 270,000 journeys) and the number of kilometres travelled grew 8% (to 1,456 million km). Car park revenues rose 17.1% (to 72.5 million) to and the number of parking spaces under management reached almost 200,000, up 9.8% on September 2003. Ferrovial acquired car park company Eguisa (it already owned 42.9%) in the period, adding another 4,400 parking spaces. Revenues in the airport business climbed 39.1% (to 46 million), aided by positive traffic performance at the main airports (Sydney +14% and Bristol +18%), as well as the integration of Belfast City Airport for the full nine months. Among the highlights in the period were the flotation of toll road and car park subsidiary Cintra and the award of a 99-year concession to manage the Chicago Skyway Toll Bridge System. This project will involve investment of $1.820 billion and is Cintra´s first incursion into the US market, a key part of the company"s future expansion strategy. It takes the total number of toll roads managed to seventeen. Real Estate: the backlog guarantees sales for the next nineteen months Real estate revenues fell 5.8% (485.7 million) to due to the delivery of a large number of homes in 9M03 and the seasonal impact on deliveries in 2004. EBIT amounted to 88.4 million. The backlog reached 1.032 billion, up 10%, guaranteeing nineteen months´ sales. Realty brokerage, conducted through Don Piso, increased revenues by 10% to 75.5 million. Services: revenues increase three-fold and EBIT more than five-fold The inclusion of Cespa and Amey led to a significant increase in service division figures: revenues more than tripled in 9M04, totalling 1.864,7 billion (+257.4%), and EBIT rose more than five-fold to 123.1 million (+438%). The division´s EBIT margin improved significantly, reaching 6.6% (vs. 4.4% in 9M03), due to good performance in all activities (urban services, facility management, and integral infrastructure maintenance). The services backlog rose 25.8% to 5.002 billion. In July, Ferrovial made further progress in the restructuring of the services division by selling 100% of its water supply and distribution business for 43.3 million.