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Ferrovial and Abertis lose ground with financial reports

30-Jul-2010

Shares in Ferrovial and Abertis, Spanish infrastructure players with airport interests, lost ground yesterday, upon the release of their financial reports for the six months ended 30-Jun-2010. Bolsa de Madrid’s Ibex 35 Index closed 0.15% higher yesterday.

Ferrovial Airports reports 12.4% reduction in six months ended Jun-2010

Shares in Spain’s Ferrovial, investor in the UK’s BAA, lost 1.6% yesterday, upon the release of the operator’s financial report for UK airports for the six months ended 30-Jun-2010.

Overall, Ferrovial reported a narrowing of its net loss to EUR164.5 million in 1HFY2010, compared with a EUR278.2 million loss in the previous corresponding period. Overall revenue declined 2.7% year-on-year to EUR5,766 million, while EBITDA dipped 2.5% to EUR1,178.2 million.

The airports sector posted a revenue reduction of 12.4% to EUR1,281.6 million, while EBITDA was down 11.3% to EUR582.2 million for the six month period. Details include:

  • Revenue: EUR1,281.6 million, -12.4%;
    • Heathrow: GBP804.9 million;
    • Heathrow express: GBP86.4 million;
    • Stansted: GBP106.0 million;
    • Scotland: GBP103.5 million;
    • Southampton: GBP12.6 million;
    • Naples: GBP29.0 million;
  • EBITDA: EUR582.2 million, -11.3%;
    • Heathrow: GBP343.0 million;
    • Heathrow express: GBP24.7 million;
    • Stansted: GBP33.9 million;
    • Scotland: GBP34.8 million;
    • Southampton: GBP4.0 million;
    • Naples: GBP11.1 million.

In 1HFY2010, Ferrovial Airports was affected by the closure of UK airspace between 15-Apr-2010 and 20-Apr-2010 due to the volcano ash crisis of Iceland, and British Airwaysstrikes (34 days in the first half). As a result, traffic declined 5.1% year-on-year, with an estimated loss of 2.7 million passengers and GBP43 million.

Ferrovial Airports is the division that integrates all of Ferrovial SA’s airport operations and management activities. This division includes BAA airports, while Ferrovial also manages Cerro Moreno Airport in Antofagasta, Chile.

See CAPA airport operator/investor profile on Ferrovial

Abertis EBITDA up 6.6% in first half 2010

Also in Spain yesterday, Abertis released its financial highlights for the 6 months ended 30-Jun-2010. Overall, the operator reported year-on-year growth in revenue, operating costs and profitability at EBITDA, operating and net levels, details include:

  • Revenue: EUR1,970 million, +7.7% year-on-year;
  • Operating costs: EUR793 million, +9%;
  • EBITDA: EUR1,177 million, +6.6%;
  • Operating profit (EBIT): EUR704 million, +4%;
  • Net profit: EUR335 million, +5%.

The airports sector represented 6.5% of total revenue at EUR129, while EBITDA rose 6.0% in 1HFY2010 to EUR36 million.

Shares in the company declined 1.2% yesterday.

Abertis has stakes in 30 airports in nine countries, with worldwide traffic level exceeding 80 million passengers p/a. For more information on its airport portfolio, visit CAPA’s profile page on Abertis

Selected airports daily share price movements (% change): 29-Jul-2010


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