Ferrovial - Annual Report 2010

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Performance over the year

Despite the difficult economic situation in 2010, Services activity was notable for growth in all its lines of business and the record backlog (12 billion euro). These results demonstrate the soundness and stability of the business.

Among the highlights are the start of the Birmingham contract (an example of the Smart Cities concept); the acquisition of Donarbon in the United Kingdom; the energy efficiency contract concluded with the sports facilities of the city of Bilbao; the award to Cespa of the services contract for the city of Murcia; the disinvestment in Swissport; and the change in the Tube Lines operating model. The strategy outlines for 2011 are continuous improvement, new services and entry into new markets.

Sales have grown 6%, mainly on the international front, although they have remained stable in Spain and earnings have improved substantially thanks to the effectiveness of the efficiency plans (including operating efficiency plans) introduced in late 2009 and early 2010. These results demonstrate yet another year of sound business by Ferrovial Servicios, which has been capable of maintaining stability and improving profits in what have been very difficult market situations.

Maintenance and conservation in the United Kingdom

Amey continues to register solid growth. Combined revenue for 2009 reached 1.099 billion pounds, 6.8% more than the previous year. Among the highlights of this revenue growth is the execution of contracts awarded to Amey since 2009 (road maintenance, inspection of civil rail works, maintenance of rail track and a number of facility management contracts in BAA).

A number of important milestones were achieved in 2010. Among them is the start of the Birmingham contract, under which we provide all the maintenance services for the city's infrastructure over the next 25 years. This contract implements a practical concept of smart cities that integrates all the services provided for a city, coordinates them and obtains economic and environmental advantages, as well as providing integrated and better quality services for citizens.

Maintenance and conservation in Spain

The current situation of maintenance and facility management activity is the result of stiff competition from a large number of non-expert and "traditional" companies operating this activity due to their move from their original activities (linked to construction or installation) toward other safe-haven activities with greater stability and longer portfolio life. Possible developments in infrastructure conservation activity include supply moving toward sectors that offer security and continued activity. The infrastructure conservation business in Spain is and will be a sector where the rest of the business structures will converge (construction sector, technical assistance, asphalt companies, etc.) for budget and continuity reasons.

Municipal and waste treatment services

In municipal services, Cespa recorded revenue of 951.6 million euro, with EBITDA at 161.1 million euro. The short and medium-term economic objectives, which are key for the company’s viability, are basically focused on trying to maintain the profitability of its activities. This involves three main strategic lines of action: improvement of operating efficiency, extreme selectivity in the decision on which new contracts to bid for, and continuation with the policy of geographical expansion.


The major growth in revenue and EBITDA has been determined by an increased contribution from freight, as the volume of managed tons has increased substantially, as has handling activity.

On November 2, Ferrovial reached an agreement with PAI Partners for the sale of Swissport International AG for 900 million Swiss francs. The deal had an enterprise value of 1.210 billion Swiss francs. It was concluded on February 17, 2011.

© 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