Railway achieved a net result of 50 million euros in the first half, compared to the losses of 184 million euros recorded in the same period last year, thanks to the recovery in traffic on its motorways and airports, after the lifting restrictions on mobility, as well as for the contribution of its construction activity.
More specifically, its Canadian toll highway (407 ETR) increased its traffic by 57% and its sales by 50%, while its American toll highways also recorded an increase in traffic, which, accompanied by an increase in tolls, accounted for double-digit growth in all billings, according to the company’s income statement.
In airports, traffic at London’s Heathrow airport increased sixfold to €26.1 million over this period, mainly due to leisure travel on weekends and school holidays. The rest of its UK airports (Aberdeen, Glasgow and Southampton) have also benefited from increased mobility.
For its part, the Construction division recorded an increase in its turnover of 4.1% on a comparable basis, supported by its Polish subsidiary (Budimex), with 83% of turnover achieved internationally.
The impact of inflation on the prices of supplies and subcontracting influenced the operating profit of this division, which fell by 64%, to 26 million euros, being partially offset by the application of the price revision and the positive evolution of Budimex.
Según han explained the directives of the company in a conference with analyzes subsequent to the publication of the results, the impact in the first semester of the inflation of the materials rising to 50 million euros, cifra que esperan que se vulva a repetir en el second semester.
Regarding the revision of the prices of the contracts approved by the governments where it operates, the administrators clarified that 50% of its portfolio in Spain belongs to public markets and therefore falls under the price revision decree, although they have made note that the Community of Madrid, as well as Aena, do not apply this opinion.
The backlog amounted to €12,043 million, excluding pre-awarded contracts for an approximate amount of €1,800 million, highlighting the award for the construction of the Coffs Harbor bypass, in New South Wales (Australia).
Improves its Ebitda by 11%
With all this, sales for the company as a whole increased by 6.2%, to 3,465 million euros, and gross operating income (Ebitda) by 11.3%, to 306 million. euros.
From a financial standpoint, its liquidity amounted to 5,937 million euros, while net cash excluding infrastructure projects reached 1,521 million euros, including discontinued operations.
In this sense, Ferrovial continues to move forward with the complete sale of the Services activity, which brought in 1,406 million euros, while EBITDA stood at 78 million euros. The portfolio of this division reaches 7,921 million euros.