Revenue totalled 鈧�2.603bn, 82% of which was obtained outside of the group鈥檚 home territory of Spain. Earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to a loss of 鈧�116m due to a potential 鈧�345m charge in the construction division, relating to possible losses on some construction contracts in the United States. But for that effect, EBITDA would have been 鈧�229m. EBITDA was also affected by the services division being classified as 鈥渁vailable for sale鈥�.
The company said that its main infrastructure assets continued to perform well, particularly the managed lanes roads projects in Texas. EBITDA increased at 407 Express Toll Route (ETR) (+7.1%), Heathrow Airport (+7%) and Texan toll roads North Tarrant Expressway (NTE) (+45.4%) and Lyndon B Johnson Highway (+23.7%), in local currency terms in all cases.
Ferrovial collected 鈧�244m in dividends from the assets in which it holds a stake: 407 ETR distributed CA$500m (拢312m), Heathrow GBP 200m and AGS GBP 20m. Dividend coming from toll roads increased 聽10%. The company also announced that NTE will distribute a dividend this year for the first time.
Net cash, excluding Infrastructure projects but including the Services division, amounted to 鈧�482m at the end of the period. Consolidated net debt amounted to 鈧�3.926bn.
The construction backlog stood at 鈧�11.405bn, a new record, 88% of which is outside Spain - particularly the United States and Poland. That figure does not yet include 鈧�1.250bn in international construction projects.
In the second quarter, Cintra reached an agreement to sell 65% of the Ausol concession company to Meridian infrastructure fund for 鈧�447m. Cintra will retain a 15% stake in the concessionaire. This deal will provide 鈧�474m in capital gains that are not accounted for in the first-half results.
Services reported 鈧�3.597bn in revenues (+10.5%), with EBITDA of 鈧�168m (+9.4% excluding Amey's problems in Birmingham). Spain performed well, with revenues up 2.8%, driving 5.3% growth in EBITDA. Revenues in the United Kingdom increased by 22.7%, with EBITDA amounting to 鈧�18m. International revenues, from such countries as the US, Poland, Chile and Portugal, amounted to 鈧�331m, an increase of 31.1% in like-for-like terms. Broadspectrum, the Australian subsidiary, reported 鈧�816m in revenues in the quarter.
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