Backed by Outside Business, Ferrovial Gains €727 Million in 2013

26/02/2014 – Cinco Dias

Ferrovial closed the fiscal year 2013 with €727 million capital gains. The amount indicates an increase of 5% due to dividends from the Heathrow airport and Canadian highway 407 ETR, apart from the revenues from Enterprise and Steel Ingeniería and the sale of 8.6% stake at the Heathrow Airport Holding.

The group´s sales reached €8.166 million with appreciation of 7% and the operating income verged on €935 million that is 0.8% more in comparison with the numbers from 2012.

The company highlighted that its contract portfolio set record high for the first time after five years of investing (total of €754 million) and reached an amount of €25.616 million, exceeding the score in divestment. Inside the portfolio, 6.6 out of each 10 agreements have been signed in another country, for instance the project on widening of the NTE highway in Texas (the USA) or the task to complete the highway network in the central part of Scotland.

About 68% of Ferriovial´s revenues have been gained outside of Spain. Last year the company focused effords on Servicios by buying Enterprise in Great Britain, a firm related to Amey, and on division Steel Ingeniería in Chile.

The company points out that its cash flow equal to €1.663 million has been spent on infrastructure projects that represents 12% more than in 2012. The amount does not include €523 million in dividends which will be destined for new projects.

The two most precious assets of Ferrovial, Heathrow Airport in London and the Canadian highway 407 in Toronto area, raised the firm´s ebitda by 9.3% and by 19% respectively (in local currency). The reasons for that are both an increase in tariffs and  huge number of customers.

In contrast, the company´s construction business still suffers due to the recession. Revenues in this area diminished by 6% to €4.064 million. However, Ferriovial remarked an increase in yield where the ebidta rose by 1,8% to €343 million. Contract signing in Spain has plummeted by 81% since 2007, whereas the construction works outside the country make 76% of turnover.The portfolio reaches value of €7.867 million, 70% flowing from outside.

Servicios declares a 26% rise (€3.656 million) and up to 2.6% in ebitda (€322 million). This portfolio is worth €17.749 million and its value is appreciating. Acquisitions in the last quarter reach €2.500 million nd the new contract number in Spain adds to local portfolio 21% more in regard to 2012 to €6.330 million.

 The Autopistas field brought a 13% upsurge in sales (€429 million) due to getting involved in the SH130 (Texas) highway operation and to the rise in prices on the Chicago Skyway (…).

When it comes to the Aeropuertos, Heathrow Airport Holding (HAH) pushes sales up by 12% to £2.652 million and by 18% in ebitda to £1.441 million. Last year, Heathrow celebrated its historic record number of passangers received (72.3 million).

The group led by Rafael del Pino and Íñigo Meirás made several changes in holdings within its account last year, such as selling 8.65% of FGP Topco throught which it has stake in Heathrow Airport Holding (HAH) for £392 million. Now the Spanish company holds 25% of HAH. (…).


Original article: Cinco Días (J. F. M.)

Translation: AURA REE