Rafael del Pino, Chairman of Ferrovial, calls for “investment in infrastructure”
29-Jun-2010 Ferrovial's Chairman, Rafael del Pino, today highlighted the need to maintain "productive investment" in order to lay the foundations for "growth in the future". Speaking to the shareholders at the annual meeting, Del Pino called for sustained investment in infrastructure as it "has proven its ability to generate wealth, dynamize the economy and create jobs".
The Chairman said that Ferrovial "will be stronger after the crisis". He considers the company's goal is not only to withstand the current situation but to "emerge stronger, as a diversified, internationalized group of the right size and, above all, one that is more profitable for shareholders".
Del Pino outlined the company's strategy for achieving this, which "seeks to reduce debt and rotate mature assets through selective divestments, while also improving operating efficiency and generating cash flow".
The Chairman highlighted the support obtained from banks in recent months for the major projects headed by Ferrovial, such as the NTE and LBJ highways in the US and the infrastructure management project in Birmingham (UK).
Del Pino noted that these projects were awarded "on the basis of innovation and the capacity to offer solutions so that infrastructures improve citizens' living standards".
Ferrovial's CEO, Íñigo Meirás, described the company's performance in 2009. He noted that activities outside Spain now account for 65% of revenues and 85% of EBITDA.
Meirás also highlighted the all-time record backlog for the Construction and Services divisions, which is currently close to 23 billion euro, evidencing the company's solid foundations and assuring future growth.
Ferrovial obtained 246 million euro in net income in 2009 after deducting the impact of divestments during the year. EBITDA amounted to 2.540 billion euro in 2009, 8.9% more than 2008 in like-for-like terms. Revenues totaled 12,095 million euro.
Finally, the CEO detailed Ferrovial's asset rotation policy. In the last few months, Ferrovial has divested Cintra Aparcamientos, Gatwick airport, real estate company APP, Tube Lines and 60% of Cintra Chile. The company raised close to 3 billion euro from divestments in 2009 and 2010.
Supplementary dividend of 0.30 euro
The shareholders approved all the items on the agenda, including the payment of a 0.30 euro per share supplementary dividend on 1 July 2010. Considering the 0.10 euro per share interim dividend paid in December, total shareholder remuneration out of 2009 income amounts to 0.40 euro per share.