Operating income increased by 40% to 271.2 million euros, 67% of which was from non-construction businesses Consolidated revenues totalled 3,600 million euros (+36%), with considerable growth in all areas: construction (+34.2%), concessions (+43.4%), property development (+24.8%) and services (+112.7%). Ferrovial confirmed its position as Spain's top group in construction (going into a boom period for the sector with the Spanish government's Infrastructure Plan 00-07) and property development; it is also the world's leading concession company in terms of total investment (1,300 million euros). The construction backlog (+31%) set a new record, the services backlog increased by 24% and real estate pre-sales rose by 40%. Gross capital investment amounted to 602 million euros at year-end (2 billion euros in the last 3 years). At 2000 year-end, net earnings attributable to the controlling company totalled 159.2 million euros (26,490 million pesetas), i.e. 43.2% higher than the 111.2 million euros (18,505 million pesetas) in 1999. This was due to good performance in margins, sales and backlog in all business areas, which maintained the fast pace of growth in recent years: 34% CAGR in the period 96-00 (37% in the period 98-00). Operating profit increased by 39.5% to 271.2 million euros (45,124 million pesetas) and the margin on sales improved to 7.5%. Businesses other than construction accounted for 67% of operating profit. Net revenues in 2000 amounted to 3,597.6 million euros (598,597 million pesetas), i.e. 36% higher than in 1999. Revenues soared in all areas: construction (+34.2%), concessions (+43.4%), property development (+24.8%), and services (+112.7%). In 2000, 32% of the Group's total revenues had been obtained outside Spain. These figures confirm Ferrovial as Spain's top construction group; the country's Infrastructure Plan 00-07 guarantees considerable growth in capital expenditure, which will benefit the construction industry. Ferrovial is also Spain's top property development company in terms of committed sales and the world's leading concession company in terms of investment (1,300 million euros). Ferrovial maintained the pace of capital expenditure in 2000, investing 602 million euros (100,165 million pesetas), mainly on the acquisition of a majority stake in Polish construction company Budimex, the concession of the Scut del Algarve toll road in Portugal, the acquisition of Grupisa, and investments in land for property development at a cost of 235 million euros (nearly 40,000 million pesetas). Ferrovial has invested nearly 2 billion euros in the last 3 years. Revenues surged in all areas: construction and concessions Revenues surged in all business areas: by 34.2% in construction to 2,969.5 million euros (494,089 million pesetas) over 1999. At 2000 year-end, the construction backlog set a new record, attaining 5,283 million euros (879,027 million pesetas), i.e. an increase of 31% over 1999, equivalent to 24 months of work in Spain. In 2000, Ferrovial took over Poland's top construction group, Budimex, which reported revenues of 601.4 million euros (100,065 million pesetas) and has favourable growth prospects, stimulated by Poland's ambitious Infrastructure Plan and its likely accession to the EU. Ferrovial's backlog outside Spain totals over 1,600 million euros (266,220 million pesetas), mainly in Poland, Portugal, Chile and Canada. Concession revenues (via Cintra) increased by 43.4% to 257 million euros (42,762 million pesetas) at 2000 year-end; traffic increased by over 10% (considerably higher than expected) on the 407 ETR toll road in Canada and by 28% on Spain's Costa del Sol toll road (in comparable terms). The R-4 (Spain) and Scut del Algarve (Portugal) toll roads and Bristol and Niagara Falls airports were the largest cocessions obtained in 2000. During the year, Ferrovial also completed refinancing of the 407 ETR toll road (Toronto, Canada) and placed all the subordinated debt with the concession company's shareholders. Ferrovial also closed the financing for Collipulli-Temuco toll road (Chile) and the Scut del Algarve toll road (the latter concession runs until 2030). Real estate, services and telecommunications Real estate revenues totalled 305.3 million euros (50,798 million pesetas) due to a large number of property deliveries towards the end of the year. Committed sales grew by 40% to 601.4 million euros (100,065 million pesetas), making Ferrovial Spain's top home-builder and assuring fast growth in the medium term. In partnership with Morgan Stanley, Ferrovial sold two office buildings and booked capital gains of 5.4 million euros (900 million pesetas). The company also launched an initiative to sell homes via El Corte Inglés department stores. The services business doubled revenues to 194.2 million euros (32,312 million pesetas) due to new contracts and the acquisition of Grupisa, a leading road maintenance company. The services backlog increased by 24.5% and stood at 729.3 million euros (121,347 million pesetas) at 2000 year-end. In telecommunications, Ferrovial maintained its exposure to fixed telephony (via Uni2) and cable (Ono-Cableuropa). In 2000, Ferrovial received over 4 million shares in Wanadoo after Uni2's residential ISP business was spun off and contributed to Wanadoo, France Telecom's portal. Actions in this division are aimed at bringing out the value of current investments and seeking new cable and wireless business opportunities.