{"id":1369,"date":"1999-03-03T00:00:00","date_gmt":"1999-03-03T00:00:00","guid":{"rendered":"https:\/\/newsroom.ferrovial.com\/press_releases\/ferrovial-estimates-the-integration-cost-savings-between-1-125-of-construction-turnover-during-the-next-two-years\/"},"modified":"2022-12-21T12:31:56","modified_gmt":"2022-12-21T11:31:56","slug":"ferrovial-estimates-the-integration-cost-savings-between-1-125-of-construction-turnover-during-the-next-two-years","status":"publish","type":"press_release","link":"https:\/\/newsroom.ferrovial.com\/en\/press-releases\/ferrovial-estimates-the-integration-cost-savings-between-1-125-of-construction-turnover-during-the-next-two-years\/","title":{"rendered":"Ferrovial estimates the integration cost savings between 1% and 1.25% of construction turnover during the next two years"},"content":{"rendered":"    <section class=\"wysiwyg text-editor \" id=\"\">\n        <div class=\"container container--narrow container--p-10\">\n            <p><strong><img decoding=\"async\" alt=\"\" src=\"\/wp-content\/uploads\/noticias\/img_integracion_.gif\" \/>Ferrovial estimates the integration cost savings between 1% and 1.25% of construction turnover during the next two years<br \/><\/strong><br \/>The primary objectives of the integration of the Ferrovial and Agrom\u00e1n construction activities into a single structure are greater profitability, verification of synergies in the Group, reduction of ordinary costs (both direct and indirect), and management capacity improvement.<\/p>\n<p>Ferrovial has informed the National Stock Exchange Commission (CMNV) that the total savings in indirect and direct costs would be between 1% and 1.25% of the construction businesss turnover, and that it is foreseeable that the savings would be made during the second year immediately following the integration. Sixty percent of the savings would be produced in the area of personnel and the rest in general expenses.<\/p>\n<p>In return, the additional costs needed to propel these improvements have been calculated to be between four and five billion pesetas.<\/p>\n<p><strong>Agrom\u00e1ns tax credit<\/strong><\/p>\n<p>Ferrovial has also informed the National Stock Exchange Commission (CNMV) that Agrom\u00e1n, at the end of the 1998 business year, had accumulated negative tax bases, due to the losses incurred in previous years and pending tax deductions, which together total 18,282 million pesetas. The resulting tax savings may be estimated to be of the order of 6,700 million pesetas. The integration of the businesses, because of the increased company revenues and the possible improvement of the cumulative business results, will allow the complete use of this tax credit during a shorter period than that which would have been necessary if the its construction activity had not been integrated into Ferrovial.<\/p>\n<p><strong>Construction business organisation<br \/><\/strong><br \/>The ordered configuration of the Groups construction business will be carried out, as already been said, within Agrom\u00e1n, the beneficiary firm of the division project. Once the division has been definitively approved, Agrom\u00e1n will be called Ferrovial Agrom\u00e1n. The final approval of this project is planned to take place at the end of next May, which will allow the operation to be finalised by the end of June or the beginning of July.<\/p>\n<p>From that point on, Cadagua, a subsidiary of the Group that deals with engineering, construction and water treatment plant operation, will become a subsidiary of Ferrovial Agrom\u00e1n.<\/p>\n<p>In turn, and as has been communicated to the National Stock Exchange Commission (CNMV), Agrom\u00e1ns current holdings in Cintra will be taken over by the Ferrovial Group. This holding transfer, whose date has yet to be determined, in any case will be carried out after the verification of the Public Exchange Offer of Agrom\u00e1n shares for Grupo Ferrovial shares, once the latter are listed on the securities market.<\/p>\n        <\/div>\n    <\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","nivel-2":[1168,1178,2251,1132,1905,1149,1439],"nivel-5":[2148],"nivel-1":[896],"nivel-3":[],"nivel-4":[],"class_list":["post-1369","press_release","type-press_release","status-publish","hentry","nivel-2-company-objectives","nivel-2-company-structure","nivel-2-corporate","nivel-2-estrategia-empresarial-es-es","nivel-2-human-resources","nivel-2-infrastructures","nivel-2-operational-efficiency","nivel-5-ferrovial-construction","nivel-1-construction"],"acf":[],"yoast_head":"<title>Ferrovial estimates the integration cost savings between 1% and 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