It earned €168m in net profit in the first six months of 2014, compared with €287m in the same period last year, which included €138m in capital gains from one-offs including the sale of Stansted Airport as well as the €37m sale by Amey of 40% of the company that groups its PFI projects.
Earnings before interest, taxes, depreciation, and amortisation (EBITDA) grew by 4.8%, to €435m.
International contracts account for 68% of the €26.138bn backlog, which does not yet reflect new contracts worth €1.1bn in total for projects including expansion of the I-77 in North Carolina, construction of a power plant in Poland, the Docklands Light Railway project in London and new contracts to upgrade military facilities in the UK. International revenues increased by 14% compared with the same period last year.
Construction business outside Spain expanded to account for 75% of revenues and 71% of the backlog. Ferrovial Agroman obtained its first important projects in Brazil, Saudi Arabia and Australia during the first half of 2014. Total revenues declined by 3%, to 1.804 billion euro, as projects were completed in the UK. Â
Ferrovial reported that its main assets performed well with traffic continuing to increase on the 407 ETR highway and at Heathrow Airport. Together the two brought in dividends of €151m.
The amount of the total backlog corresponding to services is €18.841bn with the remaining €7.297bn down to construction.
The net cash position, excluding infrastructure projects, was €1.599bn at the end of June. Â
Notable contracts in the period include the project to build, operate and maintain the I-77 in North Carolina; street cleaning and waste collection in Barcelona and Pontevedra, and railway network upgrades in several regions of the UK. Õ¥Ö¼§ schemes include the expansion of two toll roads in Australia and Saudi Arabia.
Got a story? Email news@theconstructionindex.co.uk