TheMoodieReport.com

TheMoodieReport.com: "Ferrovial profits rise +19.8% as new BAA owner posts impressive half-year results � 31/07/06
Source: �The Moodie Report
By Dermot Davitt
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SPAIN. Grupo Ferrovial, the new owner of BAA, today reported half-year (January�June) profits of �237.4 million, up +19.8% on H1 2005. Revenues increased by +28.8% to �5,254.7 million. EBIT increased by +27.9% to �523.1 million boosted by growth in revenues and improved margins. EBITDA increased by +33.2% to �745.1 million.

As the group diversifies into new areas of business, particularly services and infrastructure, nearly half of revenues now come from outside Spain � and this figure will rise with the addition of BAA.

'This acquisition is a further transformation of Ferrovial's business profile and its international presence, increasing both its size and profitability: once it has fully integrated BAA, Ferrovial's revenues will exceed �14 billion.'
Ferrovial underlines the importance of BAA

The key Infrastructure division posted a +19.6% increase in revenues to �419.7 million, driven by airports, toll roads and car parks. The improvement in the airport business (revenues +11.7%, EBITDA +44%) was due mainly to strong growth in traffic, including a +10% increase at Bristol Airport. As reported above, Ferrovial has an option to sell its stake in Bristol to Macquarie. The other airports in the Ferrovial portfolio include Belfast, Sydney and Cerro Moreno in Chile.

During the first half of 2006 gross capital expenditure reached a record �3,081.5 million, nearly five times the H1 2005 figure. This was mainly spent acquiring BAA (up to the end of June, 27.78% of BAA had been acquired at a cost o"