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Ferrovial

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Ferrovial, S.A.
Company typeSociedad Anónima
BMAD: FER
IndustryConstruction, transportation, services
Founded1952
FounderRafael del Pino y Moreno
HeadquartersMadrid, Spain
Area served
Spain, Portugal, United Kingdom, Ireland, Italy, Poland, Switzerland, Greece, USA, Canada, Chile
Key people
Rafael del Pino Calvo-Sotelo (Chairman), Iñigo Meirás Amusco (CEO)
ServicesResidential, commercial property and infrastructure construction; toll road operation; airport and infrastructure management; waste management; facility management
Revenue€12.17 billion (2010)[1]
€3.393 billion (2010)[1]
€2.163 billion (2010)[1]
Total assets€43.29 billion (end 2010)[1]
Total equity€6.628 billion (end 2010)[1]
Number of employees
100,995 (average, 2010)[1]
SubsidiariesBAA
Websitewww.ferrovial.com
Ferrovial head office, in Chamartín, Madrid

Ferrovial, S.A. (previously Grupo Ferrovial, English: Ferrovial Group) is a Spanish multinational company involved in the design, construction, financing, operation (DBFO) and maintenance of transport, urban and services infrastructure. It is a publicly-traded company and is part of the IBEX 35 market value-weighted stock market index. The company is headquartered in Madrid.[2]

History

The company was founded by Rafael del Pino y Moreno in 1952 as a railroad construction company called Ferrovial, from the Spanish word for "railroad".

  • In June 1995, Ferrovial acquired 98.27% of Agromán,[3] another leading Spanish contractor.
  • In February 1998, Ferrovial set up Cintra. Presided over by Rafael del Pino Calvo-Sotelo, Cintra originally comprised three business lines: Car Parks, Toll Roads and Airports (the latter would eventually be separated from the other two business lines).[4]
  • In April 2000, Ferrovial bought 58.5% of the Polish construction company Budimex Dromex S.A., which led to Budimex strengthening its position in the Polish market.[5] Budimex Dromex is now the biggest contractor (roads, buildings and pipe systems) in Poland. Ferrovial has now implemented a programme allowing Polish workers to work in Spain for at least a year to learn EU standards.
  • In December 2000, Ferrovial acquired Bristol Airport in Southwest England.
  • In January 2002, Joaquín Ayuso was appointed CEO of the Ferrovial group. Santiago Bergareche remained on the Board and was appointed Vice Chairman.
  • In June 2002, Ferrovial acquired the concession for Sydney airport, the largest airport in Australia.[6]
  • In August 2005, Ferrovial acquired 100% of Texan group Webber, specializing in civil engineering infrastructure, recycling of aggregates and extraction and supply of sand in Texas.[9]
  • In August 2005, Ferrovial acquired Swissport International from Candover Partners Ltd. for 336 million euros.[10] Swissport provides ground services for over 70 million passengers and 3.2 Tg of cargo a year on behalf of some 650 client companies.
  • In November 2006, BAA sold its stake in Bristol airport to Maquarie.[12]
  • In March 2007, Ferrovial finalised the sale of its stake in Sydney Airport. MAp exercised its call option on Ferrovial Airports' 20.9% stake in Sydney Airport for the agreed price of A$1.009 billion (around 607 million euros).[13]
  • In May 2007, Ferrovial announced changes in its corporate structure. Iñigo Meirás, former Head of the Services Division, was appointed CEO of the new Airports Division. Santiago Olivares, who was head of the international area of the Services division and CEO of the handling subsidiary, Swissport, was appointed CEO of Ferrovial Servicios. Enrique Díaz Rato, then CEO of Cintra, was appointed to head the Toll Roads & Car Parks Division.[14]
  • In November 2007, BAA finalised the sale of its stakes in 6 Australian airports to Hastings Fund Management Limited for approx. 495 millions euros.[15]
  • In March 2008, BAA announced the sale of World Duty Free Europe (WDF) to Autogrill for 546.6 million pounds.[16] This deal was finalised on 21 May 2008. Autogrill paid an additional 15.75 million pounds in accrued interest payments [17]
  • In March 2008, BAA announced the sale of 33 properties of Airport Property Partnership (APP) to Arora Family Trust, a private group, for 265 million pounds.[18]
  • In September 2008, Ferrovial Airports Division sold Belfast City Airport Limited to ABN Amro Global Infrastructure Fund / Faros Infrastructure Partners LLC for 132.5 million pounds.[19]
  • In September 2008, BAA announced it had put Gatwick Airport up for sale.[20]
  • On 7 July 2009, Ferrovial subsidiary Amey and the UK's Birmingham City Council announced financial close on the £2.7bn Birmingham Highways private finance initiative (PFI) scheme.[21]
  • On 27 July 2009, Ferrovial subsidiary Cintra completed the sale of its 99.92% stake in subsidiary Cintra Aparcamientos, S.A. to a consortium for 451 million euros, including bank debt.[22]
  • On 20 October 2009, Ferrovial's shareholders agreed to the appointment of Íñigo Meirás as the new CEO, relieving Joaquín Ayuso who was subsequently named Vice-Chairman of the group. Two days later, Cintra's shareholders approved the Cintra-Ferrovial merger project.[23]
  • On 21 OCtober 2009, BAA reached an agreement to sell London Gatwick airport to an entity controlled by Global Infrastructure Partnership for 1.510 billion pounds.[24]
  • Ferrovial's majority-owned subsidiary Cintra was reacquired in full in December 2009.[25] The deal was structured as a reverse takeover (despite both companies being publicly-traded),[26] resulting in Ferrovial taking Cintra's stock market listing and ISIN code. The new company began trading on 7 December 2010 as Ferrovial S.A.
  • On 17 December 2009, NTE Mobility Partners LLC, a consortium in which Cintra has a majority stake, completed raising 2 billion dollars to finance the North Tarrant Express Managed Lanes project in Texas.[27]
  • On 29 December 2009, Cintra sold 60% of its Chilean subsidiary to ISA for 209 million euros.[28]
  • On 23 January 2010, Ferrovial subsidiary Budimex, through concession company Autostrada Poludnie suspended the project with the Polish government to build the A1 toll road.[29]
  • On 29 January 2010, Ferrovial Subsidiary BAA announced the completion of a £500m equity injection into the group's London airports.[30]
  • On 5 March 2010, Ferrovial Agroman announced a design and build contract to build Heathrow Airport's new T2A Terminal for 812 million pounds along with UK construction company Laing O'Rourke.[31]
  • On 2 June 2010, Ferrovial was presented with the EC's International Cooperation Award for Sustainable Development for its 'Maji ni Uhai' project in Tanzania.[32]
  • On 17 June 2010, LBJ Infrastructure Group, a consortium in which Ferrovial subsidiary Cintra has a majority stake, secured the placement of Private Activity Bonds, the last phase of the 2.78 billion dollars financing for the LBJ highway in Texas.[33]
  • On 23 June 2010, Ferrovial published its worldwide carbon footprint of 1,953,510 tonnes of CO2 equivalent (2009).[34]
  • On 27 June 2010, Transport for London completed the deal to purchase PPP contractor Tube Lines from Ferrovial for £310m.[35]
  • On 1 July 2010, Ferrovial subsidiary Amey acquired the national rail consultancy of WYG Engineering Limited (‘WYG’), part of the WYG Group (formerly, White Young Green).[36]
  • On 21 July 2010, Ferrovial sold its 50% stake in Autopista Trados 45 for 67 million euros.[37]
  • On 1 September 2010, Ferrovial Servicios subsidiary AmeyCespa acquired Dickerson Group, including its U.K. waste management company Donarbon, for 48.6 million pounds.[38]

Ferrovial Group Companies (whole or majority owned)

Heathrow Airport, London, which is the largest and busiest in Europe.
Sector Country Corporation Assets
Services United Kingdom Amey Plc
Airports infrastructure United Kingdom BAA Aberdeen Airport (Ownership and operator)
Edinburgh Airport (Ownership and operator) Note: The UK Competition Commission has ruled that BAA must sell either Edinburgh or Glasgow no later than March 2011.
Glasgow International Airport (Ownership and operator) Note: See Edinburgh above.
London Heathrow Airport (Ownership and operator)
London Stansted Airport (Ownership and operator) Note: The UK Competition Commission has ruled that BAA must sell Stansted no later than March 2011.
Southampton Airport (Ownership and operator)
Naples Airport (Operator)
Construction Spain Ferrovial Agromán
Poland Budimex Budimex
Water treatment Spain Cadagua
Urban & industrial waste Spain Cespa It was formerly owned by Aguas de Barcelona/Suez. In 2006 it had sales of €823.6m., with 14,508 employees. It operates in Spain and Portugal.
Toll road management Spain Cintra Europistas
Ausol
Autema
Autopista M-45
Autopista R-4
Autopista Madrid-Levante
Autopista M-203
Eurolink M4
407 ETR
Euroscut Algarve
Euroscut Norte Litoral
Chicago Skyway
Indiana East-West Toll Road
SH-130 (segments 5&6)
Ionian Roads, Greece
Infrastructure maintenance Spain Ferroser

Ferrovial has total sales of €12.169 billion and 100,995 employees.[39]

Investments

  • Ferrovial owns 100%[40] of Cintra, a leading international toll road and car park operator.
  • Ferrovial owns a 55.87% stake in airport operator BAA Ltd[41]
  • Ferrovial owns 100% of Amey, the UK Services company; 100% of Cespa, the Spanish environmental services, waste treatment and management company; 100% of W.W.Webber, the Texan construction company
  • Ferrovial owns 59.06% of Budimex, the Polish constructor.

Major projects

Guggenheim museum, Bilbao.
  • Ferrovial is one of the sponsors for the much talked about M3 Motorway being built in Ireland, through the Hill of Tara archaeological complex.[44] The Irish Justice ruled in 2007 in favor of the project, which is supported by the Green Party and local communities, as it will give a substantial boost to trade and communications.
  • Ferrovial, and its Polish subsidiary Budimex, were placed on GES's watchlist of "companies to engage with or exclude" related to a construction contract on behalf of the Polish government in 2007.[45] The contract was subsequently cancelled by the national government and the matter closed.

Ownership

According to the CNMV (Comisión Nacional del Mercado de Valores), the Spanish Securities Market Commission in charge of supervising and inspecting the Spanish Stock Markets, 44.268% of the shareholding is currently held by Portman Baela, S.L. on behalf of the Del Pino family, and 3.868% is held by Banco Santander, S.A..[46]

References

  1. ^ a b c d e f "Annual Report 2010" (PDF). Ferrovial. Retrieved 22 April 2011.
  2. ^ "Contacts." Ferrovial. Retrieved on 3 February 2011. "Príncipe de Vergara 135, Madrid 28002"
  3. ^ Ferrovial Business Lines: 1990s
  4. ^ Official Cintra Website - History
  5. ^ Investment Profile Poland: Page 21
  6. ^ Ferrovial - History
  7. ^ Spanish firm set to buy Amey
  8. ^ Spanish firm secures Northern Ireland Airport
  9. ^ Webber Acquisition
  10. ^ Ferrovial Agrees to Buy Swissport
  11. ^ BAA agrees to Ferrovial takeover
  12. ^ Ferrovial Sells Bristol Airport Stake to Macquarie
  13. ^ Ferrovial sells Sidney airport
  14. ^ Ferrovial Management Changes
  15. ^ BAA Sell Australian Assets
  16. ^ BAA sells World Duty Free shops
  17. ^ BAA completes sale of World Duty Free Europe
  18. ^ Ferrovial's BAA agrees to partial sale of APP assets for 265 mln stg
  19. ^ Ferrovial sells Belfast
  20. ^ BAA pledges to keep Stansted after Gatwick sale
  21. ^ Amey reaches financial close on £2.7bn Birmingham Highways PFI
  22. ^ Cintra Sells Car Parks Division
  23. ^ Cintra-Ferrovial merger creates a leader in transportation infrastructure management
  24. ^ BAA sells Gatwick airport for 1.657 billion euro
  25. ^ "Notice of the Technical Advisory Committee of the IBEX Indices concerning the merger between Grupo Ferrovial, S.A. and Cintra Concesiones de Infraestructuras de Transporte, S.A." (PDF). Sociedad de Bolsas. 26 October 2009. Retrieved 2010-01-04.
  26. ^ Rucinski, Tracy (20 October 2009). "Ferrovial to close Gatwick sale in coming weeks". Reuters. Retrieved 3 January 2010.
  27. ^ Cintra finishes raising 2 billion dollars to finance the North Tarrant Express in Texas
  28. ^ Cintra sells 60% of its Chilean subsidiary to ISA for 209 million euros
  29. ^ Autostrada Poludnie and the Polish Government suspend the contract to build the A1 toll road
  30. ^ Equity injection into London airport group
  31. ^ Ferrovial Agroman to build Heathrow Airport's new Terminal 2
  32. ^ Commission rewards Europe's best green businesses
  33. ^ Cintra closes 2.78 billion dollars financing for the LBJ Freeway in Texas
  34. ^ Ferrovial calculates its worldwide carbon footprint
  35. ^ TfL completes Tube Lines buy out
  36. ^ Amey buys WYG rail division
  37. ^ Ferrovial sells its 50% stake in Autopista Trados 45 for 67 million euro
  38. ^ Spanish firm acquires U.K. waste management firm
  39. ^ Ferrovial, Annual Report, Financial Year 2010, consulted May 9, 2011.
  40. ^ CNMV
  41. ^ Investor Information
  42. ^ Ferrovial history: 1990s
  43. ^ Ferrovial history: 2000 - 2004
  44. ^ 'Celtic Tiger threatens 'very soul of historic Ireland'
  45. ^ GES Global Ethical Standard
  46. ^ Significant shareholdings and treasury stock of the entity consulted May 9, 2011.

External links

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