These are the company’s first financial statements to reflect the changes following the reduction of its stake in BAA. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) amounted to €818m, up 8.9% year-on-year in like-for-like terms. Revenues amounted to €7.446bn, a decline of 0.6% year-on-year in like-for-like terms.
In construction, the international business performance, especially Budimex, offset the decline in activity in Spain. The division's 2011 revenues amounted to 44.244bn, a 4.5% reduction in like-for-like terms. EBITDA totaled €248m, up 4.3%. The order backlog remained at record highs and amounted to €9.997bn. Revenues from outside Spain totaled €2.489bn, a 7.9% increase. EBITDA from outside Spain came to €119m (+3.5%), while the international backlog amounted to €6.829bn, twice the Spanish backlog (€3.168bn).
In Poland, Budimex obtained revenues of €1.323bn. EBITDA grew by 20.4%, to 72m euro, and the backlog grew by 24.2%, to 41.920bn. In the US, Webber obtained €425m in revenues and €17m in EBITDA. At year-end, the backlog amounted to €1.650bn (+4.7%). In the domestic market, revenues totaled €1.770bn and EBITDA was €128m.
Ferrovial sold 5.88% of BAA’s FGP Topco for €326m and obtained €847m in capital gains on the transaction. Based on the transaction price, 100% of BAA is worth €5.527bn. In 2011, Ferrovial also divested Swissport for €695m, obtaining €195m in capital gains, and its stake in the M-45 toll road for €68m, obtaining €27m euro in capital gains. Those divestments and that of BAA beat market estimates and raised a total of €1.264bn, said Ferrovial.
In like-for-like terms, EBITDA increased by 14.4% in the toll road division, 4.9% in services and 4.3% in construction, while BAA registered a 17.8% increase in local currency terms. EBITDA increased by 20.4% at Budimex, 10.8% at 407 ETR and 6% in the Services Spain division.
Ferrovial said that Heathrow Airport and the Canadian toll road 407 ETR performed well, with EBITDA up 18.7% and 10.6%, respectively, in local currency terms.
The company reduced net debt to €5.171bn, from €19.789bn at 2010 year-end, through early repayments, divestments and deconsolidations. In 2011, Ferrovial obtained notable new contracts including: Crossrail, in the UK; construction of Telefónica's new data processing center and a contract to maintain it for 15 years; construction of the Manor Expressway Northeast, in Texas; and a number of projects in Poland and Ireland.
Ferrovial's order backlog amounts to 22.422bn euro, close to record highs, with the international component gaining ground and accounting for 68% of the order book in construction and 51% in services).
Amey's revenues increased by 18.6% to €1.284bn euro, while its EBITDA increased to €113m euro. It ended the year with an order backlog of €6.252bn.
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