|
||||||||||||||||||||||||||||||||||||||||||||||
Ownership |
|
|||||||||||||||||||||||||||||||||||||||||||||
 |
 Company profile In August 2005 spanish-based Ferrovial acquired Swissport International from Candover Partners Ltd. Ferrovial is one of the world´s leading infrastructure and services groups, by profitability and capitalization (which exceeds 8,000 million euros) and more than 50,000 employees. Half a century after its foundation as a construction company, sizeable cash flow and an investment policy aimed at growth in its four strategic lines of business have enabled Ferrovial to become one of Europe's leading specialists in the design, construction, financing, maintenance and management of transport, urban and services infrastructure. Expansion has driven it to seek new markets, eventually leading to the creation of a multinational group with a stable presence in a dozen countries in Europe (UK, Poland, Portugal, Ireland, Italy, Switzerland and Greece), North America (the USA and Canada), Australia and Latin America, mainly, Chile. Growth, which is a priority of Ferrovial`s business strategy, is underpinned by a sizeable capital expenditure programme, with a clear objective of expanding internationally. Between 1997 and 2004, the Group invested nearly 3,700 million euro, of which 80% was allocated to infrastructure and services. As a result, Ferrovial`s profile has changed profoundly, from being exposed primarily to cyclical activities to becoming a group with 60% of operating profit coming from infrastructure and services. Ferrovial obtained EUR 1.4 billion in net profit in 2006.That is a 243% increase compared to 2005. The net profit figure includes an extraordinary result during year 2006 of EUR 1 billion after the selling of the real estate business division, the Bristol Airport and Europistas. Net sales amounted to EUR 12.3 billion, a 48.5% increase. Foreign EBITDA is 73% and foreign sales amounted to EUR 7.2 billion (a 88% increase). For the third consecutive year, Ferrovial was the only Spanish construction group to be selected for the Dow Jones Sustainability Indexes, one of the world’s leading sustainability benchmark. Services Organic growth, reinforced with an intense acquisition policy in Spain and other countries in recent years, has made Ferrovial one of Europe`s largest services companies, with a stabilised business profile and greater international presence. Ferrovial`s strategy in this area focuses on growth in three business lines: urban services (street cleaning, industrial and municipal waste collection and processing and green spaces), facility management and infrastructure maintenance. In this activity, Ferrovial maintains a stable presence in Spain, Portugal and the UK. In the UK, Ferrovial works throught its subsidiary Amey, one of the leading services companies. Amey is focusing on comprehensive infrastructure maintenance (highways, railways and underground rail) and facility management. It is also one of the largest and most experienced players in the field of private sector development and financing of infrastructure and services for government under the PFI and PPP formulae (for instance, Tube Lines, a 30-year contract to manage the refurbishment and maintenance three lines of London Underground). Construction Construction continues to be Ferrovial´s mainstay due mainly to the investment in infrastructure arising and the cash flow which this area generates. The Group operates in all areas of construction: civil engineering, building and industrial construction. Ferrovial is increasing its exposure to private sector projects in infrastructure, and it has moved strongly into foreign markets, primarly Eastern Europe, where it acquired Budimex, Poland´s largest construction company, and the US, throught Webber Group in Texas. The company also maintains a stable presence in other european countries (Portugal, Ireland and Italy) and Latin America (Chile and Puerto Rico). Infrastructure Ferrovial is one of the world´s leading private-sector developers of transport infrastructure, with committed investment in concession companies´ equity that totals 2.3 billion euro. This activity is carried on through the development and management of toll roads and parking lots (through Cintra) and airport management. With over 35 years´ experience in this field , Ferrovial –through Cintra- currently manages 18 toll roads in Spain, Portugal, Ireland, Chile, Canada and the United States (Chicago). It has also been chosen as `strategic partner` of the State of Texas for a period of 50 years for the design and planning of an intermodal infrastructure corridor (1,300 kilometres). The company is involved in managing four airports - in the UK, Australia and Chile, which handle 35 million passengers per year. Ferrovial has been selected as preferred bidder for the acquisition of Exeter International Airport, in southwest England. Ferrovial, through its subsidiary Cintra, is one of Spain´s largest private-sector car park development companies and currently manages over 214,000 spaces, mainly in Spain. Acquisition of BAA In June 2006, Ferrovial took control of BAA, the world's largest airport management company, thereby becoming the world's leading private sector infrastructure operator. This is one of the largest overseas acquisitions ever undertaken by a Spanish company and it entails a further transformation of the group's business profile and its international presence, increasing both its size and profitability: with the full consolidation of BAA, Ferrovial's revenues will exceed 14 billion euro and its EBITDA will amount to over 3 billion euro, ranking it first among the world's infrastructure groups. Once BAA has been fully integrated, the infrastructure and services businesses will account for 60% of Ferrovial's revenues and 85% of its EBITDA, and it will obtain 60% of total revenues and 80% of total EBITDA outside Spain. Ferrovial undertook the acquisition as the leader (62% stake) of a consortium with Caisse des Dépôt (28%) and the Singapore government's investment firm GIC (10%). The offer, which was supported by the Board of Directors of BAA, totalled 11.964 billion pounds sterling, i.e. 950.25 pence per share, including a dividend of 15.25 pence declared previously by BAA. BAA manages 7 airports in the UK (Heathrow, Gatwick, Stansted, Glasgow, Edinburgh, Aberdeen and Southampton) which are used by close to 145 million passengers each year. BAA recently announced the acquisition of 75% of Budapest airport and has interests in Naples airport and in several airports in Australia and the USA. For the fifth consecutive year, Ferrovial was the only Spanish construction group to be selected for the Dow Jones Sustainability Indexes, one of the worlds leading sustainability benchmark. Also, for the second time, Ferrovial is selected for the FTSE4Good index of socially responsible companies which includes companies from around the world with a commitment to corporate responsibility. Property Development Property development is also a key business at Ferrovial. Ferrovial´s strategy in this market is based on product type (first homes–considered to be less cyclical), new sales channels and development of property services. Ferrovial manages more than 19,000 homes in 40 cities of Spain and Portugal.
|
|||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||
