Ferrovial boosts operating profit 4.7% through March thanks to US highways

Despite the effect produced by the Omicron variant and the effect of weather conditions on mobility, Highways I-77, NTE and 407 ETR reach pre-pandemic levels In some cases they even surpassed them, while at the same time rates were raised, increasing the sales of these toll roads by almost 50%.

Since these are quarterly results, The company did not disclose net profit in the income statement.s is 1.5% higher, although it posted an operating result of 66 million, which takes into account impairments and the disposal and depreciation of fixed assets.

Group sales reached €1,573 million, 7% higher on comparable termsWith net cash from infrastructure projects of €2.204 million, including current liquidity of €6,456 million and discontinued operations. Consolidated net debt remains virtually unchanged at around €4,500m.

airports

Alongside the highways division, the airports division showed some improvement during this period after tripling its sales at London Heathrow airport to 516m euros. 238% increase in revenue from AGS airports (Aberdeen, Glasgow and Southampton).

This good development is explained by the dynamism with which air traffic has been recorded in the UK, with Heathrow reaching 52.8 million passengers, the highest number of passengers since the start of the pandemic which caused the 2022 forecasts to be revised upwards.

construction activity

Construction division increased comparable sales by 4.3%, thanks to its Polish subsidiary (Budimex), which increased its revenue by 28.4% through March. In fact, 83% of business revenues corresponded to international operations, particularly in Poland and the United States.

However, this activity’s Ebitda fell 23% to 36m euros, providing a 2.6% margin from 3.7% a year ago. In a conference with analysts, the company’s executives explained that this decrease was due to the increase in material prices, especially in Poland, due to its proximity to Ukraine, and the increase in energy prices in Spain as a whole, which led to inflation. 10 million euros impact in this first quarter.

Construction projects portfolio amounted to 12,231 million eurosThis represents an all-time high for the company, with 41% in the United States, 25% in Poland and 15% in Spain.

Finally, Ferrovial reported that it continues to make progress in the full divestment of its Services business, which was classified as a discontinued operation, and therefore some of its results were not included in the group items. However, it revealed that the revenue of this segment was 774 million euros, Ebita’s 41 million euros and its portfolio 7,815 million euros, ie 6.8% lower.