SPAIN. Leading transport and infrastructure group Ferrovial today reported growth in all business areas during 2006. Its strong full-year results underlined the impact of the acquisition of UK airports operator BAA in mid-2006.
Ferrovial noted across-the-board growth, increasing diversification into recurring activities (services and infrastructure projects) and a shift in exposure towards international markets.
Driven by the BAA deal, activities outside Spain accounted for 60% of revenues and 72% of EBITDA, after consolidating BAA for six months (68% of Infrastructure division revenues) and the sale of the Real Estate division, in a year in which the Company invested a record €4,445 million.
EBITDA increased by +106% to €2,324 million. Revenues totalled €12,354.6 million, a +48.5% increase. Infrastructure revenues surged by +285% as a result of consolidating BAA for half the year, plus new concessions and good traffic performance at toll roads and airports.
As a result, net profit amounted to €1,426 million in 2006 (up +242.8% over 2005). Ferrovial ended the year with a net debt position (excluding concession companies’ debt) of €3,064.1 million (46% leverage).
For the period under Ferrovial ownership, BAA posted revenues of €1,979.7 million or 68% of the entire Infrastructure division. Traffic increased by +7% between July and December at BAA’s airports: Heathrow, Gatwick, Stansted, Glasgow, Edinburgh, Aberdeen and Southampton in the UK, as well as Budapest, Hungary and Naples, Italy.
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