Ferrovial reports like-for-like growth
By Steve Skinner03 March 2009
Ferrovial reported 2008 sales of € 14,1 billion, down -3,6% on 2007.
In like-for-like terms after asset disposals and exchange rate movements that saw the UK Pound depreciate, 2008 revenues represented a +6,3% increase. Pre-tax profit for 2008 fell from € 3 billion in 2007 to € 2,7 billion in 2008, although, again, in like-for-like terms this represented a 4,7% growth.
Construction revenues for the Group remained static year-on-year at € 5,2 billion, with 39% of sales generated from international activity.
In Poland, Ferrovial's subsidiary Budimex increased sales +17,8% to € 982 million from € 833 million the previous year. In the US, Webber's revenues increased +17,6% to € 366 million from € 311 million. Domestic sales in Spain of € 3,2 billion were affected by a weak residential market aggravated by a cutback in government contracts and strong price competition.
A statement said Ferrovial's geographic and business diversification strategy has been maintained in recent years and is reflected in its income statement. Business outside Spain accounted for € 9,1 billion, or 65% of total revenues. With regard to pre-tax profits, construction contributed 10%, airports 48%, toll roads and car parks 25% and services 17%.