Ferrovial - Annual Report 2010

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Construction

Construction in Spain

The Construction division in Spain operates in all areas of civil work and building construction. In civil engineering, the division designs and builds all kinds of infrastructures: roads, railroads, hydraulic, maritime, hydroelectric, industrial works, etc. The division also has wide-ranging experience in commercial and residential building construction.

Turnover reached 1.9970 billion euro, with an order backlog totaling 3.1808 billion euro, a fall of 18% and 14% respectively over the previous year, and in line with the performance of other major companies in the market. The reduction of the order backlog and sales basically reflect the difficult situation of the market for private construction and, since 2010, public works as well. Despite these falls, the adaptations made to the structure and the strict profit-geared contracting criteria have maintained net operating margin slightly above 4.0%, in a favorable environment that is increasingly similar to the European. Future expectations of maintaining similar levels of profitability in Spain are favorable, thanks to the large proportion of public works in the company's order backlog, its low default levels and the continued efforts made to align the sales structure with business reality.

A number of major contracts were won in 2010, despite strong competition. They include major works such as access to the new airport terminal in Barcelona (221 million euro in a 40% joint venture) for SEITT; access to Sagrera station (189 million euro in a 38% joint venture) for ADIF; and others such as the container terminal at the El Prat loading bay (90 million euro in a 60% joint venture) for the private client Tercat, which prove our competitiveness with this kind of customers. Other important works with budgets of over 50 million euro are the Andoain-Urnieta high-speed rail link for the Basque regional government (64 million euro in a 50% joint venture) and the Etxebarri flood reservoir for Consorcio de Aguas de Bilbao Bizkaia (53 million euro in a 60% joint venture).

There have also been numerous official openings, including: the new Malaga Airport Terminal inaugurated by the King and Queen of Spain; the Bens WWTP in La Coruña; the partial opening of the underground parking garage in Serrano street in Madrid; works forming part of the opening of the Madrid-Valencia AVE high-speed railroad line, such as the Villar-Fuentes and Cuenca-Gabaldón sections; and major non-residential buildings such as the penitentiary in Figureras, the Rafael del Pino sports complex in Toledo, and the restoration of the San Telmo palace in Seville.

The main projects that received awards in 2010 were the Montabliz viaduct, the highest in Spain and the sixth highest in Europe, at 145 meters in height and 721 meters in length, which provides a technical solution that respects the environment. It was completed in 2008 and received the Segovia Aqueduct Prize, as well as the Outstanding Concrete Structures award. Also receiving awards were the works in the Arte Sacro business park (Bauwelt Architecture Prize) and the Abroñigales collector, which received a special mention from the Madrid delegation of the Civil Engineers’ Professional Association.

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This is an electronic version of the 2010 Annual Report prepared by Ferrovial S.A. for its stakeholders, which aims to be complete and accurate. The contents of this version can be checked by referring to the print version. A copy of the print version in PDF format is available to download on this web page