Ferrovial - Annual Report 2010

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Spanish version

Construction

International Construction

Outside Spain, the international construction division also operates in all areas of civil works and building construction. The division operates with local presence through subsidiaries such as Budimex in Poland or Webber in the State of Texas in the US, as well as through stable local offices in countries that are considered of strategic interest such as the UK, Ireland, Italy, Portugal, Chile, Puerto Rico, Greece and the United States.

In 2010 revenue was 2.3954 billion euro, a 25% increase on the previous year, with growth of over 15% in all three business divisions. Of particular note is the good level of new contract awards, which brought the order backlog to 6.4952 billion euro (not including Cadagua’s international order backlog). This figure now represents 64% of the total order backlog. The international backlog was up 42%, with a growth of over 35% in the three business divisions.

The net operating margin improved in 2010 to 4.1%, thanks to Budimex gradually reaching a level of profitability in line with expectations and the improved profitability of Webber. The trend for improvement is expected to continue in the future.

Major contracts include the LBJ highway in Texas, a collaborative effort between Ferrovial Agroman and its subsidiary Webber (1.675 billion euro, with 60% for Ferrovial Agroman and 40% for Webber); the 1st design and construction phase of the East Terminal of Heathrow Airport in London (900 million euro, in a 55% joint venture) and the A-8 Belfast-Larne divided highway in Ireland (124 million euro, with a 33% joint venture).

Also of note is the opening of other major toll roads built by Cintra, such as the M3 in Ireland and DBFO in Northern Ireland; the remodeling of the M-50 Dublin beltway for the National Roads Authority; and the T5 baggage tunnel in Heathrow Airport for BAA.

In 2010 Ferrovial received the Major Contractor of the Year award in Ireland for its outstanding financial soundness and extraordinary construction activity in the country. The award was part of the CMG Building and Design Awards 2010 organized by the communication group Commercial Media Group (CMG).

© Copyright 2010. Ferrovial

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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