Operating profit increased by 68% to 271.5 million euros, with non-construction activities contributing 70% of the total.
Consolidated revenues were up 27.2% to 2,924.8 million euros, with strong growth in all areas: construction (+23.6%), concessions (+30.3%), real estate (+80.6%) and services (+17.9%).
The construction backlog reached 5,410 million euros (+16%), the presale portfolio increased 25.% to 883 million euros and the services backlog totaled 721 million euros.
Gross capital expenditure totaled 469 million euros, mainly to acquire Bristol Airport and land and set up companies which will operate concessions in Spain and Portugal.
Ferrovials attributed net profit
surged by 47.9% in the first nine months of 2001 to 166.9 million euros. This performance was based on strong growth through September in all business areas plus positive performance in the main operating figures (construction backlog, presale portfolio and toll road traffic) which guarantees continued activity in the coming months.
rose by 68% to 271.5 million euros and the sales margin improved to 9.3% from 7% in September 2000. Non-construction activities contributed 70% of total operating profit.
through 30 September 2001 totaled 2,924.8 million euros, a 27.2% increase over the same period in 2000, and all areas made major progress: construction increased revenues by 23.6%, concessions by 30.3%, real estate by 80.6% and services by 17.9%.
468.9 million euros in the first nine months, mainly to acquire Bristol Airport (UK), to increase its stake in Santiago-Talca and to set up companies which will build and operate concessions in Spain (R-4) and Portugal (Scut Algarve and Scut Norte Litotal).
Concessions boosted by the agreement with Macquarie Infrastructure Group (MIG)
revenues reached 2,394 million euros, up 23.6% year-on-year. At 30 September 2001, the construction backlog amounted to 5,410.4 million euros (+16.1%), which is a considerable increase in view of the rapid pace of construction.
business, carried out through Cintra, saw revenues up 30.3% through September 2001; there were major contributions from Express Toll Route 407 in Canada, where revenues rose by 23%, and Ausol (Málaga-Estepona toll road), where revenues increased by 19% on 27% growth in traffic, and the addition of Bristol Airport contributed 21 million euros.
In September, Ferrovial clinched an agreement with Macquarie Infrastructure Group (MIG) under which that Australian groupthe worlds third-largest toll road operatoris to acquire 40% of Cintras toll road business via an 816 million euros capital increase. Strategically, the operation brings out the value of Cintras concessions (1,800 million euros, net of debt), it strengthens Ferrovial by giving it greater capacity and flexibility to finance future investment opportunities, and it combines Ferrovials experience in bidding for and operating concessions with MIGs financing know-how. The operation will be carried out in the first quarter of 2002 and will generate 231 million euros in extraordinary gains after taxes.
The extension of ETR 407 in Canada was completed several months ahead of schedule, adding 39 km to make a total of 108 km, when the West and East extensions were opened to traffic on 30 July and 30 August, respectively. In August, the Group also completed financing for the Santiago-Talca toll road in Chile with a 421 million dollar bond issue, i.e. the largest bond placement for financing projects in Chile so far in 2001. Consequently, Ferrovials four toll roads on Route 5 of the Pan-American Highway in Chile are now fully funded.
Considerable progress in real estate and services
There was also considerable growth in all line-items of the real estate
business, where revenues surged by 80.6% to 219.2 million euros. Committed sales increased by 10% to 464.2 million euros, evidencing the success of the companys innovative initiatives to sell homes. At 30 September, Ferrovial Inmobiliaria had sold homes worth xxx million euros through the El Corte Inglés department store chain. In July, Ferrovial further expanded its marketing channels by acquiring Don Piso, Spains leading realtor chain, which has 117 company-owned offices and 77 franchisees, enabling Ferrovial to further diversify its offering of real estate products and services.
business increased revenues by 17.9% to 157.8 million euros, and the services backlog stood at 721.2 million euros at 30 September 2001.