Ferrovial net profit amounted to 312 million euro in 1H2011

EBITDA amounted to 1.014 billion euro, 18.4% more than in the same period of 2010 in like-for-like terms. Revenue amounted to 4.874 billion euro, a 2.4% increase in like-for-like terms. Ferrovial ended the first six months of 2011 with a Construction and Services backlog amounting to 22.788 billion euro. The backlog reflects the company's internationalization, as 67% of the Construction backlog, and 50% in the case of Services, is located in countries outside of Spain. The Construction backlog includes several contracts held by Webber in the US, civil engineering contracts held by Budimex, and the Crossrail project in the UK.

The backlog expanded by 15% at Budimex and 7% at Webber. As regards Services, Amey's backlog performed very well due to the entry into operation of contracts, such as road infrastructure maintenance in Birmingham (UK). Consolidated figures for the first half of 2011 no longer include earnings from Swissport, 407 ETR (which is equity accounted), or the Chilean toll roads.

Strong EBITDA from the main assets

EBITDA increased notably at the company's two main assets: by 29% at Heathrow airport and by 8% at Canadian toll road 407 ETR (in local currency terms in both cases), supported by higher tolls and fees and cost control measures.

Despite changes in the company's consolidation scope and equity accounting of the 407 ETR, the company's geographic and business diversification strategy in recent years is reflected in its income statement. The international business accounted for 66% of revenue and 80% of EBITDA. The Airports division contributed 62% of EBITDA, Services 14%, Toll Roads 14% and Construction 10%.

At the end of the period, the net cash position (not including infrastructure projects) amounted to 300 million euro, compared with 31 million euro at the end of 2010, boosted by the financial closure of the sale of Swissport and of the stake in M-45. Consolidated net debt (including infrastructure projects) amounted to 19.349 billion euro, a reduction of 439 million euro in the last twelve months. The company refinanced all of its debt through the early repayment of 491 million euro and the refinancing of 1.314 billion euro. In July, the company repaid another 300 million euro in advance, and Autopista del Sol (Ausol) refinanced its 492 million euro in debt for a 5-year period.

Services: Steady growth in the main magnitudes

The Services division attained 1.346 billion euro in revenue in the first half of 2011, i.e. 5.7% growth in like-for-like terms, while EBITDA amounted to 143 million euro, an increase of 7.8%. The backlog increased by 4.2% to 12.893 billion euro, due to new contracts such as the waste treatment plant in Catalonia, the contract for waste collection and processing in Murcia, and the street infrastructure maintenance contract in Birmingham.

Amey increased revenue by 8% in like-for-like terms to 583 million euro due to starting up Birmingham and also to performance of the London Underground maintenance contract, among others. The backlog amounted to 6.408 billion euro.

Cespa's waste collection and treatment business in Spain performed positively in terms of revenue due to growth in the tonnage processed and to the entry into operation of new contracts. Ferroser's infrastructure maintenance business also expanded due to new contracts. Revenues amounted to 763 million euro (+4%) and EBITDA totaled 99 million euro. The backlog amounted to 6.485 billion euro, 12% more than at 2010 year-end.

Toll roads: revenue increased by 18.8%

Toll road revenue rose 18.8% with respect to last year in like-for-like terms, to 194 million euro. EBITDA increased by 25% in like-for-like terms to 143 million euro.

This performance was due mainly to booking compensation accounts for 2011 in connection with the R4 and AP36 toll roads in Spain, and higher tolls on Chicago Skyway. Canadian toll road 407 ETR (which is equity accounted) performed very well, with revenues rising 6% to 227 million euro and EBITDA by 6% to 186 million euro.

Construction: 67% of the backlog comes from outside of Spain

The Construction division obtained 1.985 billion euro in revenue and 103 million euro in EBITDA in the first half of 2011. The backlog remained stable at 9.895 billion euro. The international business contributed 1.098 billion euro in revenue, 7.5% more than in the same period of 2010 in like-for-like terms, and 51 million euro in EBITDA (a 3% increase).

The international backlog amounted to 6.665 billion euro, i.e. 67% of the total Construction backlog, due to new contracts at Webber and Budimex and the Crossrail project awarded to Ferrovial in the UK, which is worth 184 million euro. Budimex expanded its main line-items by almost 50% in the period.

The Polish subsidiary increased revenues by 48.3% to 549 million euro and EBITDA by 46.6% to 32 million. Webber's backlog increased by 7% to 1.5 billion euro due to new highway contracts in Texas (H-290, US-75 and IH-35). Revenue in the domestic market amounted to 895 million euro and the backlog totaled 3.23 billion.

Airports: BAA's EBITDA increased 26% impulsed by improved traffic

Revenue at Ferrovial Aeropuertos totaled 1.357 billion euro, while EBITDA amounted to 627 million euro. In like-for-like terms, BAA reported growth of 11.5% in revenue (1.356 billion euro) and 25.7% in EBITDA (633 million euro).

A total of 51 million passengers used BAA's airports, a 7.8% increase in like-for-like terms. BAA performed three bond issues in the first half, enabling it to practically pay off the bank debt (Back stop facility).

It should be noted that the company placed its first issue in the US market for one billion dollars. Heathrow traffic increased by 9.1% in the first six months of 2011, to 33 million passengers. Traffic performance plus higher fees drove the notable improvement in EBITDA. These factors plus cost containment enabled the company to improve margins. Passenger traffic increased notably at the Scottish airports: Glasgow (7.7%), Edinburgh (14.1%) and Aberdeen (12.5%).

Refer to full documentation in attachments box, located at the top left, below the headline.