Ferrovial is still waiting to complete the last step of the corporate project that has led it to change its headquarters from Spain to the Netherlands and that, in the process, caused a clash with the Government. According to its managers in a conference with analysts, the final milestone of the plan, that of starting to be listed in New York, is still awaiting approval from the US market supervisor, the SEC, and it is most likely that it will now materialize. “in the first quarter of 2024.”
With the jump to the US market, the company chaired by Rafael del Pino aspires to access investors with a more international profile and gain a presence in the United States market, where it has the main infrastructures under development.
“We do not see fatigue in American consumers,” but rather “a lot of value” and “attractive opportunities,” company officials indicated. 82% of the income from its highway management business comes from the United States, where it operates large assets in Texas and other states. It is waiting for a large concession in Georgia and, in the airport field, it continues working on the construction project for terminal one at JFK in New York.
In the first nine months of the year, Ferrovial reports, its gross operating profit (ebitda) stood at 700 million euros, 34% more than in the same period of the previous year, while revenues increased by 12%, to 6,221 million. The company did not report the net profit, as it had no obligation to do so.
The improvement in income, he indicates, is mainly due to the construction and highway businesses, which experienced an increase of 8.5% and 41%, respectively. The recovery of vehicle traffic after the pandemic is giving a boost to turnover. Toll roads alone contribute 577 million euros of gross operating profit and, of this figure, 535 million come from North America.
The company also has another of its main assets at London's Heathrow airport. It has been in the capital for more than fifteen years and its current participation is 25%. Its managers indicated yesterday to analysts, when asked about the possible sale of the stake, that they are receptive to different options. “We are open to alternatives and, if the opportunity arises, we will look at financial convenience,” they indicated.
The company estimates its liquidity position at 635 million, which means it has no immediate needs to issue debt. When reporting his plan to move to the Netherlands, he announced that he would dedicate 500 million euros to redeem a hybrid bond. This operation was already completed a few months ago, before being released on June 16 on the Amsterdam stock exchange.
