Analysis by business areas

Analysis by business areas



The level of activity has remained stable in 2007 (+1.1%), as has EBIT profitability (+1.3%), a significant increase being recorded in the backlog (+13.8%) which guarantees income for the forthcoming years.

EBITDA fell by 17.4% due to the change in calculation method. Without these changes the decrease in EBITDA would have been -2.7%. Provisions have been included in 2007 as part of External and operating expenses (i.e. they are recorded before EBITDA) whereas in 2006 they were recorded after EBITDA.


The commencement of operations in the United Kingdom in 2007 has had a negative impact of 6.7 million euro.

Breakdown of Revenues

 Breakdown of Revenues



The main contributor to the growth in backlog is international business, which is 45% up on last year and accounts for almost 40% of the total figure.

 Domestic and international Backlog

The growth of the international backlog will generate a steady increase in the weight of international revenues (currently 31%) in the coming years.



This business is showing signs of recovery, with a growth in revenues (+5.7%). The backlog amounts to 915 million euro.

In the local currency, revenues have increased by 1.7% and the backlog by 24.9% with respect to 2006.

EBITDA (-9.0%) is affected to a great extent by the change in calculation method, and by the major provisions recorded in 2006. If we apply the same criterion for both years, the change is +75.1%.


The performance of EBIT is particularly favorable, and this is attributable to the higher margin on tender awards in 2007.

Tendering operations in the Polish market have increased. This development is explained by the positive trend in the market, boosted by the fact that the Euro 2012 UEFA cup is to be held in Poland and in the Ukraine.

The backlog is at its largest for the last 5 years.

 Development of the Budimex Backlog



The depreciation of the dollar in relation to the euro has resulted in a decline in Revenues in euros. In the local currency, Revenues have increased by +5.5%.

2007 has seen a decrease in the amount of work executed owing to poor weather conditions, which have a significant impact on the type of projects undertaken by Webber. Improved weather conditions during the final quarter of 2007 have allowed for a higher level of activity and, as a result, solid growth in key aggregates: Revenues +14%, EBITDA +12%  

The change in EBITDA calculation method does not affect the performance of EBITDA in Webber.

The growth in backlog indicates the way in which the business is to develop in the future. Backlog is at maximum levels, without including, to date, any Cintra project. The increase in backlog in the local currency is 24.1%.

 Development of the Webber Backlog

Construction Ex-Budimex and Webber:  

Construction Ex-Budimex and Webber 

In revenues, the slight increase in national activity (+0.2%) and in international activity (+0.7%) are combined, excluding Budimex and Webber.

The deceleration of growth in international revenues is related to the completion of projects last year - Chile (Santiago-Talca toll road), Portugal (Norte-Litoral toll road), Poland (Warsaw airport), Ireland (N4-N6 toll road) - which has not been yet been offset by the start-up of new Cintra projects awarded in the United States (SH-130),  Greece (Central Greece) and Ireland (M3 Clonee). Work on these projects shall begin in 2008.

Growth of the national market has slowed down, due to the high rate of execution during 2006, related to the acceleration of projects which allowed for the early opening of various motorway and toll road stretches.

EBITDA is affected by the change in calculation method. If we apply the change in criteria to both years, the evolution of EBITDA would be -4.7%.


The commencement of operations in the United Kingdom in 2007 has affected the development of EBITDA (-6.7 million euro).

EBIT includes less depreciation / amortization in 2007, since depreciation charges in respect of plant (basically tunneling machines) were higher in 2006.

New tender awards are reflected in the growth in backlog, corresponding primarily to international activity, which has gone from 1,256 million euro to 2,041 million euro (+64.2%).

1000 Images, one word: Ferrovial

1000 Images, one word: Ferrovial

Ferrovial is one of the leading infrastructure groups in the world employing 100,000 people in 43 counties worldwide. The company’s investment strategy is focused on 4 main business areas: construction, airports, toll roads and car parking, and services.

Page (1 from 4)Next pageLast page