ferrovial reports 1Q2010 results

There was a 24% improvement in net income in the first quarter of 2010 to –EUR 80mn (-EUR 105mn in 2009). The accounting results were affected by various factors: (i) exchange rates, due to euro depreciation against the Canadian dollar (11%), the Polish zloty (14%) and sterling (2%); (ii) changes in the consolidation perimeter due to the disposals made in 2009 (the Car Park division and Gatwick airport); (iii) fair-value adjustments (with no cash impact), mainly driven by movements in Ferrovial’s share-price and hedges against future inflation.