- The company's main assets proved resilient in the difficult economic situation: traffic on 407 ETR rose by 4.4%, while Heathrow airport traffic increased by 1.6%.
- International markets accounted for 82% of EBITDA and 67% of revenues.
- All the international businesses improved: Toll Roads (excl. Chile, 21%) Regulated Airports (19%), Swissport (48%), Amey (12%), International Construction (27%).
- The Services division presented growth in the main line items. Revenues increased by 4.3% like-for-like to 923 million euro, boosted by good performance at Swissport and Amey.
- The main transactions in 1Q10 include finalizing the sale of BAA's stake in UK real estate company APP.
- The Construction backlog expanded to 9.706 billion euro. Budimex and Webber attained record backlogs.
Ferrovial, a global infrastructure company, obtained 512.6 million euro in EBITDA in the first quarter of 2010, an increase of 2.3% like-for-like. Revenues totalled 2,633.1 million euro in the period. In like-for-like terms, revenues were stable with respect to the same period of 2009 (-1.3%). Net income improved by 24% year-on-year to -80.3 million euro. That figure includes a negative accounting impact amounting to 40 million euro from marking hedges to market and from asset impairment. This effect does not entail any cash outflow. Traffic recovered strongly on Ferrovial's main assets in 1Q10: 407 ETR in Canada registered a 4.4% increase, while Heathrow saw traffic rise 1.6% despite the British Airways strike and the winter weather. The Services division increased revenues by 4.3% to 932 million euro, and EBITDA rose 3.2% in like-for-like terms. Outstanding performance by Swissport and Amey.The Construction division ended the quarter with a backlog of 9.706 billion euro, 20% more than in March 2009, due to good performance in the international area. This quarter's results were affected by a number of factors such as the euro's depreciation against other currencies (Canadian dollar, Polish zloty and pound sterling), a smaller consolidation scope following the divestments in 2009, and the particularly adverse weather this winter, which slowed civil engineering and road maintenance work.Consolidated net debt amounted to 23,157.9 million euro at 31 March 2010. Excluding infrastructure projects, corporate debt amounted to 1.540 billion euro. Ferrovial's geographic and business diversification strategy has been maintained in recent years and is reflected in its income statement. International revenues accounted for 1,772.3 million euro, 67% of the total. Airports contributed 43.3% of EBITDA, Toll Roads 30.4%, Services 16.5% and Construction 9.6%.Ferrovials international businesses have generated important growth. Those of special note include increased EBITDA in the Toll Roads business (excl. Chile, +21%), Regulated Airports (+19%), Swissport (+48%) and International Construction (+27%), as well as increased revenues in Amey (+12%).
Services: Swissport and Amey expanding rapidly
The Services division attained 932 million euro in revenues in the first quarter of 2010, i.e. 4.3% more than in 1Q09 in like-for-like terms, while EBITDA amounted to 83.5 million euro, an increase of 3.2% like-for-like. The backlog was stable at around 9.960 billion euro (similar to the figure at 2009 year-end).Revenues (360.7 million euro) and EBITDA (47.6 million euro) in Spain were stable, declining by close to 1%.. However, the backlog expanded by 1.2% to 4,942.8 million euro. Swissport registered strong growth: in like-for-like terms, revenues increased by 5.2% to 297.2 million euro and EBITDA by 43.9% to 14.2 million euro. The Cargo business increased its contribution as it handled 33% more tonnage than in the same period of 2009.Amey increased revenues by 11.3% like-for-like to 274.1 million pounds. The backlog amounted to 4,434.2 million pounds.
Toll roads: strong traffic growth on 407 ETR
Toll road revenues were stable in like-for-like terms: 214.9 million euro. The decline in traffic on the Chilean toll roads due to the earthquake on 27 February was offset by increased revenues on 407 ETR as a result of higher tolls and traffic (+4.4%).EBITDA increased by 0.8% in like-for-like terms to 153.8 million euro. In Spain, the trend observed in the second half of 2009 continued, and the decline in traffic is decelerating.On 11 March 2010, Cintra commenced steps with a view to selling 10% of the 407 ETR concession company. Despite the uncertainty in the financial markets, a slight upswing has been observed in development activity by governments in some target markets.
Construction: backlog up by more than 20%
The Construction division obtained 869.5 million euro in revenues in the first quarter of 2010. EBITDA amounted to 48.9 million euro, and the backlog totalled 9.706 billion euro, a 20% increase with respect to March 2009.International businesses contributed 56% of the Construction backlog, including record figures at Budimex (1,628.5 million euro) and Webber (1,055.8 million euro). In the first quarter, Ferrovial Agromán was awarded the contract to build the North Tarrant Express (Texas) and the A8 motorway in Northern Ireland.Budimex increased its EBITDA margin from 2.9% to 6.3%, while EBIT increased by 105% in like-for-like terms.
Airports: Passenger traffic expanded again at Heathrow
Revenues at BAA's airports totalled 593.8 million euro, a 6.8% increase in like-for-like terms. EBITDA rose by 5.6% to 219.5 million euro.Heathrow increased traffic by 1.6% to 14.6 million passengers in the first quarter. Adjusting for weather factors and the British Airways strike, traffic would have increased by 3%.Retail sales per passenger increased by 10.7% as the pound was cheap for travellers and also as a result of the improved retail offering in the newly-inaugurated Terminal 5.BAA's passenger numbers were stable in the first quarter (-0.5%), amounting to 23.6 million. Performance in the quarter was affected by the British Airways strike and bad weather. In this context, traffic expanded due to growth on European and long-haul routes.