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Ferrovial

Ferrovial - Integrated annual report 2013 / Construction

Ferrovial Agroman is the unit that carries out civil engineering construction, building and industrial projects. It is internationally renowned for its design capacity and construction of exceptional projects of all kinds, and primarily for its major transport infrastructures.

Its track record to date includes projects totaling more than 490 km of tunnels, 19,200 kilometers of roads (including 4,000 kilometers of toll roads) and 4,700 kilometers of railroad track (including 700 kilometers of high-speed railroad). Its outstanding commitment to safety and the environment is reflected in its various awards for Heathrow’s Terminal T2A (Constructing Excellence, RoSPA, Green Apple), which in 2013 broke the record in the United Kingdom for consecutive hours with no accidents.

In 2013, the business maintained a level of sales of over 4 billion euro, as in previous years, thanks to the strong expansion of its international activity. This positioning is based on stable strategic markets, including North America, United Kingdom, Poland and Latin America, and was boosted in 2013 with contract awards in new markets in the Middle East, Latin America and Australia. It has a large order backlog of more than 7.8 billion euro, which amounts to around two years of work and guarantees stability in the level of future sales.

Alejandro de la Joya 2013 Results

Ferrovial Agroman
  • 76% revenue
    (international business)
  • 5.5 millions  hours
    with no reportable incidents T2A
  • 23countries
  • 46.3millions dolars
    of of average monthly production of the LBJ

In 2013, the international business maintained the strategic trend of previous years, increasing its contribution to the business as a whole to 76% in sales and 70% in order backlog. This growth is likely to continue into the future, as indicated by the percentage of international placed offers volume accounting for 80% of the total, and contracts awarded at 84%. Furthermore, more than 90% of international sales and more than 85% of the international order backlog is in the main strategic markets: United States and Canada, Poland and the United Kingdom, all of which are stable markets with low country risk.

EBIT

Business margins in 2013 continued their upward trend of recent years. The EBITDA and EBIT before impairment losses and disposal of assets were up 2% and 5%, respectively, in 2013, improving even on 2012 figures that were already up sharply. The EBIT margin accounts for 7.7% of net revenues, the highest achieved by Ferrovial Agroman since the 1999 merger of the two companies. Growth was even higher in Profit Before Tax, with a 25% improvement on 2012 to a total of 394 million euro.

Pre-tax operating cash flow has, once again, been very positive, exceeding the 300 million euro mark and practically tripling that of 2012. Ferrovial Agroman thus culminates a six-year period of consecutive positive flows since the 2008 crisis erupted in Spain, with an accumulated cash flow of more than 1.900 billion euro.