Ferrovial - Annual Report 2011

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Ferrovial Agroman is the Ferrovial subsidiary that carries out civil engineering, construction and industrial projects. It is an international benchmark for its technical capability to carry out major transport infrastructures. It is constantly improving its position in the international market. It is, remarkable that international operations are larger than those carried out in Spain.  

The construction business posted revenue of 4.244 billion euro in 2011. It has an order backlog of 9.997 billion euro, equivalent to 28 months of guaranteed production at current levels. It reached an all-time high for the company's international order backlog at the end of 2011, with 6.83 billion euro.

2011 saw a continuation of the strategic trend of previous years in international business, and it continues to increase its contribution to the total. In 2011 it accounted for 59% of sales, 68% of portfolio and 87% of generated cash flow. Furthermore, the international division has improved its profitability margins, and its absolute figures increased compared to 2010 around 4-5% in net sales, portfolio and EBIT, despite the difficult international climate.

Also of note is how the division exceeded once again its forecasts with excellent pre-tax operating cash flow - around 300 million euro - which amounts to more than 1.5 billion euro of generated cash flow, accumulated over the last four years. This is an exceptional figure, taking into account the current financial climate. The division's net operating margin increased by 6% and profit before tax increased by 9%. This has been achieved despite a drop in sales due to business contraction in Spain, partially offset by international growth.

Results 2011: Alejandro de la Joya

Results 2011: Alejandro de la Joya

The CEO of Ferrovial Agroman underlines the growth of its international business, with a large contribution from traditional strategic markets.


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This is an electronic version of the 2011 Annual Report prepared by Ferrovial S.A. for its stakeholders, which aims to be complete and accurate. The contents of this version can be checked by referring to the print version. A copy of the print version in PDF format is available to download on this web page