Ferrovial Chairman Rafael del Pino
advocated contra-cyclical policies to foster public investment during a downturn in private investment in order to "lay the foundations for growth and job creation". Such measures should consider "cuts in current expenditure and greater investment or, at least, smaller cuts in investment in public works, as Brazil and the United Kingdom are doing".
During his address to the company's Ordinary General Meeting, Rafael del Pino emphasized that "Ferrovial fulfilled its goals for the year
" despite the difficult economic situation.
Ferrovial's Chairman detailed the main developments in 2010: "We strengthened our financial position by generating cash flow in excess of market expectations. We attained a positive net cash position at parent company level and landed important contracts, which provides assurance of future business
Rafael del Pino also described the main lines of action planned for 2011, noting that "our geographical diversification strategy is paying off
". The company is considering opportunities in other markets that offer legal, political and economic stability "in order to contribute to those countries' development through our innovative solutions
", he concluded.
Rafael del Pino also noted that "Ferrovial is evolving as a more innovative, greener and more socially committed company
" and highlighted the agreement with Massachusetts Institute of Technology (MIT) to seek advanced solutions in infrastructure, water, energy efficiency and intelligent cities.
He also referred to the recognition achieved by the company for its environmental performance through its leading position in the world's principal CSR indices, such as DJSI, FTSE4Good, SAM and Fortune.
Record backlog and international contribution
Íñigo Meirás, CEO of Ferrovial, highlighted that the company had attained its financial and business goals in 2010. Meirás emphasized that activities outside Spain now account for 69% of revenues and 85% of EBITDA. Íñigo Meirás also referred to the Construction and Services backlog, which exceeded 22 billion euro, evidencing the company's solid foundations and assuring future growth. Ferrovial obtained 2.163 billion euro in net profit in 2010. EBITDA amounted to 2.514 billion euro, 6.5% more than 2009 in like-for-like terms. Revenues totaled 12,169 million euro.
Íñigo Meirás also referred to the Construction and Services backlog, which exceeded 22 billion euro, evidencing the company's solid foundations and assuring future growth. Ferrovial obtained 2.163 billion euro in net profit in 2010. EBITDA amounted to 2.514 billion euro, 6.5% more than 2009 in like-for-like terms. Revenues totaled 12,169 million euro.
The CEO also highlighted Ferrovial's policy of rotating assets, commenting that the company attained prices in excess of analyst estimates in such divestments as 407 ETR and Swissport.
Íñigo Meirás underlined each business area's main achievements, including an improvement in earnings and profitability in the Services division, financial closure of projects and divestment of some assets by Cintra, the global expansion of Ferrovial Agroman, and the recovery in international traffic at the Airports division.
Supplementary dividend of 0.30 euro
The shareholders approved the payment of a 0.30 euro per share supplementary dividend on May 19th 2011. Considering the 0.12 euro per share interim dividend paid in November, total shareholder remuneration out of 2010 income amounts to 0.42 euro per share.
The shareholders also approved all items on the agenda, including the separate and consolidated financial statements, granting discharge to the Board of Directors, establishment of the number of Board members, and modification of the Bylaws and the Shareholders' Meeting Regulation with a view to adapting them to the new legislation.
They also approved the remuneration system for senior management and the Board of Directors.