Management report > Letter from the chairman
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Letter from the chairman

Fellow shareholders,

Ferrovial ended 2015 in a good financial and business position, which allows it to look to 2016 and subsequent years with optimism. The company improved its key financials with respect to the previous year. Net profit amounted to 720 million euro in 2015 (compared with 402 million euro the previous year), revenues increased by 10.2%, EBITDA rose by 4.5% and operating cash flow, excluding projects, amounted to 889 million euro before taxes. Ferrovial ended the year with a net cash position of 1,514 million euro, excluding infrastructure project debt, and it does not have significant corporate debt maturities until 2018.

Ferrovial's results are the consequence of its strong business performance and the non-recurring revenues generated by the rotation of assets. In addition, the new record Services and Construction backlog —over 31,500 million euro— is a guarantee of future business. It is noteworthy that 81% of the Construction backlog and 73% of the Services backlog are in international markets. The company's business units obtained significant contracts, such as the Toowoomba toll road, in Australia; the Ruta del Cacao toll road, in Colombia; the I-285, in Atlanta; the new extension to 407 ETR, in Toronto and the Thames Tideway Tunnel, in London.

The company's two main infrastructure assets —407 ETR and Heathrow Airport— performed strongly once again, with growth in revenues and EBITDA, with record traffic numbers and with excellent levels of customer satisfaction. The LBJ in Texas, the company's second managed lanes project, started operations in 2015, after the NTE opened to traffic in 2014. Traffic levels on both roads are encouraging.

Ferrovial enjoys a sound financial position and a level of liquidity that enables it to consider acquisition opportunities that may arise in the market. In December 2015, it made a takeover bid for the Australian services company Broadspectrum, a process that is ongoing at the time this report goes to press.

Once again, Ferrovial met the strict requirements to remain in the Dow Jones Sustainability Index, FTSE4Good and Carbon Disclosure Project index, reinforcing its commitment to corporate social responsibility and the environment. Additionally, its "Target Zero" initiative in the area of health and safety resulted in a substantial improvement in safety indices.

This performance enabled the company to remunerate shareholders satisfactorily where dividends plus share appreciation provided a total return of 31%.

2015 was another good year for Ferrovial and for its shareholders, clients and professionals. A year which evidenced the effectiveness of a strategy based on financial discipline and profitable growth focused on key markets such as North America, the United Kingdom, Poland, Australia, Colombia, Peru and Chile. As a result Ferrovial is a sounder and a more international company committed to operational excellence and innovation.

I would like to take this opportunity to thank the shareholders for placing their trust in Ferrovial and its professionals.










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