Ferrovial
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| Type | Public (BMAD: FER) |
|---|---|
| Industry | Design, construction, financing, operation and maintenance of transport, urban and services infrastructure |
| Founded | 1952 |
| Founder(s) | Rafael del Pino y Moreno |
| Headquarters | Madrid, 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) |
| Revenue | € 14,126 million (2008) |
| Operating income | € 1,550 million (2008) |
| Net income | €(836) million (2008) |
| Employees | 107,376 (end of FY2008) |
| Subsidiaries | BAA |
| Website | www.ferrovial.com |
Ferrovial, S.A. (previously Grupo Ferrovial, English: Ferrovial Group, BMAD: FER) is a multinational Spanish company involved in the design, build, 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.
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 February 1998, Ferrovial set up Cintra. Presided over by Rafael del Pino y Calvo-Sotelo, Cintra originally comprised 3 business lines: Car Parks, Toll Roads and Airports (the latter would eventually be separated from the other two business lines).[2]
- 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.[3] 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 European 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.[4]
- In April 2003, Ferrovial acquired Amey plc, a British contractor and major investor in Tube Lines, one of the two public-private partnership companies responsible for the maintenance of London Underground's lines and rolling stock.[5]
- In May 2003, Ferrovial acquired Belfast City Airport.[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.[7]
- In August 2005, Ferrovial acquired Swissport International from Candover Partners Ltd. for 336 million euros.[8] 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 June 2006, a Ferrovial-led consortium purchased the British company BAA Limited, for 10 billion pounds.[9] BAA owns and operates seven British airports, including London Heathrow Airport, and operates or carries out retail management in several others.
- In November 2006, BAA sold its stake in Bristol airport to Maquarie.[10]
- 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 billoin (around 607 million euros).[11]
- 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. [12]
- In November 2007, BAA finalised the sale of its stakes in 6 Australian airports to Hastings Fund Management Limited for approx. 495 millions euros. [13]
- In March 2008, BAA announced the sale of World Duty Free Europe (WDF) to Autogrill for 546.6 million pounds. [14] This deal was finalised on 21 May 2008. Autogrill paid an additional 15.75 million pounds in accrued interest payments [15]
- 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. [16]
- 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. [17]
- In September 2008, BAA announced it had put Gatwick Airport up for sale. [18]
- Ferrovial's majority-owned subsidiary Cintra was reacquired in full in December 2009.[19] The deal was structured as a reverse takeover (despite both companies being publicly-traded),[20] resulting in Ferrovial taking Cintra's stock market listing and ISIN code.
Ferrovial Group Companies (whole or majority owned)
Amey (UK-based services company)
BAA (UK-based airport operator)
(ownership and operation)
- Aberdeen Airport
- Edinburgh Airport Note: The UK Competition Commission has ruled that BAA must sell either Edinburgh or Glasgow no later than March 2011.
- Glasgow International Airport Note: See Edinburgh above.
- London Heathrow Airport
- London Stansted Airport Note: The UK Competition Commission has ruled that BAA must sell Stansted no later than March 2011.
- Southampton Airport
- Naples Airport (Operated only)
Budimex (Polish construction company)
- Budimex
Cadagua (water treatment specialist)
Cespa (urban & industrial waste specialist)
- Cespa
Cintra
Toll road management
- 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
Car park management
- Cintra Car Parks
Ferrovial Agromán (construction company)
- Ferrovial Agromán
MCI (Infrastructure maintenance)
- MCI
Swissport International (Ground Handling, Services)
Tube Lines (Maintenance & Upkeep of London Underground)
- Tube Lines
Investments
- Ferrovial owns a 55.87% stake in airport operator BAA Ltd[22]
- Ferrovial owns 100% of Amey, the UK Services company; 100% of Swissport International, the Air handling company; 100% of Cespa, the Spanish environmental services, waste treatment and management company; 100% W.W.Webber, the Texan construction company
- Ferrovial owns 59.06% of Budimex, the Polish constructor.
Major projects
- Major construction projects undertaken by Ferrovial include the Bilbao Guggenheim Museum completed in 1997[23] and Terminal 4 at Madrid Barajas International Airport completed in 2006.[24]
- Ferrovial is one of the sponsors for the much talked about M3 Motorway being built in Ireland, through the Hill of Tara archaeological complex.[25] 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.[26] The contract was subsequently cancelled by the national government and the matter closed.
Ownership
Around 60% of the company is still owned by the Del Pino family.[27]
References
- ^ Ferrovial Business Lines: 1990s
- ^ Official Cintra Website - History
- ^ Investment Profile Poland: Page 21
- ^ Ferrovial - History
- ^ Spanish firm set to buy Amey
- ^ Spanish firm secures Northern Ireland Airport
- ^ Webber Acquistion
- ^ Ferrovial Agrees to Buy Swissport
- ^ BAA agrees to Ferrovial takeover
- ^ Ferrovial Sells Bristol Airport Stake to Macquarie
- ^ Ferrovial sells Sidney airport
- ^ Ferrovial Management Changes
- ^ BAA Sell Australian Assets
- ^ BAA sells World Duty Free shops
- ^ BAA completes sale of World Duty Free Europe
- ^ Ferrovial's BAA agrees to partial sale of APP assets for 265 mln stg
- ^ Ferrovial sells Belfast
- ^ BAA pledges to keep Stansted after Gatwick sale
- ^ "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. http://www.sbolsas.com/ing/ficheros/documentos/comiteasesor/AC13-09eng.pdf. Retrieved 2010-01-04.
- ^ Rucinski, Tracy (20 October 2009). "Ferrovial to close Gatwick sale in coming weeks". Reuters. http://uk.reuters.com/article/idUKTRE59J2DJ20091020. Retrieved 3 January 2010.
- ^ CNMV
- ^ Investor Information
- ^ Ferrovial history: 1990s
- ^ Ferrovial history: 2000 - 2004
- ^ 'Celtic Tiger threatens 'very soul of historic Ireland'
- ^ GES Global Ethical Standard
- ^ Annual Report 2007 - Disclosure re shareholders
External links
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