trending Market Intelligence /marketintelligence/en/news-insights/trending/oz9q6mxgnak48az6ev9qmg2 content esgSubNav
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

Contract provisions drag Ferrovial books to H1 loss

Blog

ESG hits the mainstream for European private equity sponsors

Blog

What’s the Bottom Line: Credit Impact of COVID-19 on US Municipals

Blog

Banking Essentials Newsletter - February Edition, Part 2

Podcast

Episode 3: Transformation of Customer Experience in 2020


Contract provisions drag Ferrovial books to H1 loss

Ferrovial SA booked a net loss in the first half of the year due to a provision for possible losses on its subsidiary's contract with the Birmingham City Council.

The Spanish infrastructure operator and municipal services provider posted a net loss of €72 million in the first six months of 2018, compared with a net income of €240 million in the year-ago period. EBITDA plunged 73.9% year over year to €122 million from €469 million.

The company said the results were negatively affected by a €237 million charge booked for possible losses on Amey's contract with the Birmingham City Council. Excluding the impact of this charge, EBITDA would have amounted to €359 million.

Revenues fell 2.1% to €5.94 billion from €6.06 billion, with the toll roads and services business units posting declines.

Divestments reached €48 million in the first half, compared with €167 million in the year-ago period. Backlog totaled €30.17 billion, of which services accounted for €19.08 billion and construction for €11.09 billion.