Ferrovial - Annual Report 2011

PDF Version

Spanish version

Significant events

Significant Events

February 18, 2011: Sale of Swissport

Ferrovial Servicios, S.A., a subsidiary of the Company, has closed the sale of all shares representing the capital stock of Swissport International AG, the parent company of the Swissport group. The sale that was reported as Relevant Information via a regulatory filing on November 2, 2010 (registry number 132.473).

 The price of the transaction was CHF 900 M (€ 695 M at the exchange rate on the date of closure) and generated a consolidated net profit after tax for Ferrovial of € 198 M. The funds raised by the sale of Swissport will be allocated to new infrastructure and services projects with a strong potential for value creation.

April 12, 2011: Refinancing of corporate debt

Ferrovial has announced a four-year € 1.305 billion loan agreement with 32 banks. The company has simultaneously amortized € 500 million, which amounts to a significant reduction in gross corporate debt. The agreement represents a continuation of Ferrovial's strategy of reducing debt and managing maturities in advance, as well as extending debt terms.

This financing completely replaces the € 3.3 billion syndicated loan signed in June 2009, of which around € 1.5 billion has already been amortized. This sum includes the aforementioned € 500 million. 

May 4, 2011: BAA, a subsidiary of Ferrovial, announces a 750 million pound bond issue

BAA has successfully placed a £ 750 M bond issue maturing in May 2041 at a fixed annual interest rate of 5.875%. The company has attracted demand for nearly £ 1.5 billion (three times the initial issue size of £ 500 M) and was able to establish the price at the low end of the initial guidance range, at 175 basis points over British government bonds. 

June 23, 2011: BAA, a subsidiary of Ferrovial, announces a 1 billion dollar bond issue

BAA has successfully made its first bond issue in US dollars: a 10-year bond worth a total of USD 1.0 billion. There was an extensive roadshow prior to the issue, which ended last week in the United States with much success, generating considerable investor interest despite significant market volatility. The bond was mainly placed amongst high-quality U.S. institutions, and is a further step in group's diversification of its sources of financing and of its investor base. The bond pays a fixed annual coupon of 4.875%. 

September 15, 2011: Information on the UK Competition Commission

BAA will challenge the decision by the UK Competition Commission requiring it to sell Stansted airport and either Edinburgh or Glasgow airport. The appeal disputes the Competition Commission's view that circumstances have not changed since the original 2009 decision, and it considers that it is neither necessary nor appropriate to require BAA to sell Stansted. BAA will submit its appeal to the Competition Appeal Tribunal tomorrow. 

October 10, 2011: Ferrovial sells 5.88% of BAA for € 325 million

FERROVIAL, indirect owner of 55.87% of BAA Ltd. (BAA) has reached a deal with two investment vehicles managed by Alinda Capital Partners (Alinda) to transfer a 5.88% stake in FGP Topco Ltd. (BAA's parent company) at a price of GBP 280 million (€ 325 million).  

This will make FERROVIAL an indirect holder of 49.99% of BAA, with the rest held by Britannia Airport Partners LP (26.48%) and GIC (17.65%). A representative of Alinda will hold a seat on the boards of FGP Topco Ltd. and BAA. 

October 19, 2011: BAA decides to sell Edinbugh airport

Following the ruling from the UK Competition Commission, requiring BAA to sell either Edinburgh or Glasgow airport, BAA today announces its decision to sell the Edinburgh airport.    

BAA will today begin preparing the sale and expects a formal market approach early next year, with a view to reaching agreement about a sale before the summer of 2012.  

November 16, 2011: Cintra has agreed to sell its 40% stake in INTERVIAL Chile, S.A. to the Colombian company ISA

Cintra Infraestructuras, S.A. ("Cintra"), a subsidiary of Ferrovial, has agreed to sell the 40% that it held in INTERVIAL Chile, S.A. (previously Cintra Concesiones de Infraestructuras de Transporte de Chile Limitada) to the Colombian company ISA. On September 15, 2010, the two companies agreed to the sale of 60% with an option on the remaining 40%. This transaction, pending financial completion, is currently worth an estimated € 160 million.  

© Copyright 2012. Ferrovial

  • Dow Jones Sustainabiliy Indexes
  • LBG Spain
  • The Global Compact
  • FTSE4Good
  • Carbon disclosure project

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