Mixed results at Ferrovial construction

By Helen Wright29 April 2013

Continuing decline in domestic demand has hit Spanish contractor Ferrovial’s construction division during the first quarter, with revenues down 6% year-on-year to €820.5 million.

However, earnings before interest, tax, depreciation and amortisation (EBITDA) in the construction division were up 7.3% compared to the first three months of 2012, to €55.1 million.

Ferrovial said a positive performance from its international business, especially in the US, partly offset lower activity in Spain, where the market saw a 45% decline in public tenders in 2012.

Ferrovial Agroman, the company’s core infrastructure and construction business, reported an 8.3% drop in revenues for the first three months of the year to €474 million, while EBITDA was up 26% to €41 million.

However, the company reported a significant drop in activity from Poland due to a decline in highway construction contracts. Budimex, the company’s Polish road building business, reported a 22% year-on-year decline in revenues for the first quarter to €119 million, while EBITDA halved year-on-year to €7.4 million.

Meanwhile, Webber – the company’s US construction operation – reported a 36% rise in revenues for the period to €158 million, while EBITDA was up 47% to €7 million.

Overall, the construction backlog decreased 2.5% compared to the end of the first quarter in 2012 to €8.5 billion, of which over 70% came from outside Spain – particularly toll road projects in Canada and the US.

Delivered directly to your inbox, Construction Europe Newsletter features the pick of the breaking news stories, product launches, show reports and more from KHL's world-class editorial team.
More News from Construction Europe
Loxam accelerates environmental shift
Equipment rental company aims to halve direct emissions by 2030 and cut indirect emissions by 30%
Construction starts on Milan’s renewable offices
New CityWave building will put ‘quality of life’ first and aims to have a “positive impact” on the environment
New HBOX+ lighting tower from Himoinsa
HBOX+ is designed for efficiency, connected remote control, safety and easy transport
Mike Hayes Editor, Construction Europe Tel: +44 (0)1892 786 231 E-mail: mike.hayes@khl.com
Simon Kelly Sales Manager Tel: +44 (0) 1892 786 223 E-mail: simon.kelly@khl.com