We are entering a process of succession. Ferrovial is doing well…

We continue to analyze the results. Today, Wednesday, it’s the turn of one of the most controversial companies of 2023. Ferrovial. Her reports are particularly interesting as you can see the impact the change of registered office had on her results. We must not lose sight of the fact that with his departure to the Netherlands (the market in which he began trading a few months ago), he sought to finance himself much cheaper, in addition to having to endure severe financial difficulties. The pressure of our “dear” government on taxpayers.

First, let’s take a quick look at your situation. bag. Ferrovial’s share price has declined cumulatively by 2.2% over the past month. Nothing like other business groups analyzed today, such as in the case of Naturgy, which saw a 12% decline in the same comparison. At the close of the session on February 27, 2024, the group’s price was €34.75, representing a decrease of 0.71% from the previous day’s session close. The decline is much larger, 50 basis points, than Capricorn 35 in the same comparison, the index of which, unless there is a new order, the business group remains part of today.

This is good news for Ferrovial shareholders, the first of whom is its president. Rafael del Pinowho controls 20.4% capital, followed by his sister Maria del Pino (8.2%); British origin TIC (6.4%), Based Christopher Hon, a British billionaire ranked 273rd on the list of the richest people on the planet according to Forbes; his other brother Leopoldo del Pino (4.1%) and funds BlackRock (3.18%) And lizard (3%).

Figure income The construction group will continue its growth path in 2023: sales will increase by 13.2% compared to 2022, an increase of approximately 963 million euros, reaching 8.514 million euros. Ferrovial’s sales increase was mainly driven by strong performance in (i) construction, up 9.9%, and (ii) toll roads, up 42.1%.

The airports division saw growth in traffic, with Heathrow receiving 79.2 million passengers, the third highest figure in its history, representing growth of 28.6%. Although we shouldn’t forget this Ferrovial reached an agreement to sell its entire stake in London Heathrow Airport, in which it had a 25% stake, for £2.368 million (€2.735 million) to a French fund Adrian and to the sovereign fund Saudi Arabia Public Investment Fund (PIF).

But the agreement has become complicated for del Pino as several of the UK airport’s shareholders want to exercise their right to sell (known as the “right of accompaniment”) a further 35% to the same buyer.

Net profit amounted to 460 million euros, an increase of 147% year on year, the company reported to the National Securities Market Commission (CNMV). Revenue and profit are growing, and with them the gross operating result (EBITDA), namely 40.6%, increasing from 728 million euros to 991, demonstrating Ferrovial’s ability to generate resources.

But all is not well; the company continues into its thirteenth year. increase debt year after year. At the end of 2022, consolidated net debt stood at €5.781 million and at the end of 2023 it stood at €5.979 million, representing an increase of 3.4%. However, the good performance of EBITDA in the same comparison improved despite the increase in net debt, net debt/EBITDA ratio in the same comparison. It changed from 7.9 to 6.03.

Considering the figures presented by Ferrovial, it can be concluded that his departure from Spain has unfortunately benefited the company, significantly increasing its results in 2023, as well as the rest of the main indicators such as revenue and EBITDA. . Moreover, despite the increase in net debt, its solvency has improved.

Rafael del Pino may be lucky, although it’s worth noting that he’s about to turn 66, so it’s not unreasonable to think about his continuity. Having managed to lead the company with almost totalitarian power, every indication is that when he retires, one of his sons will take over. Rafael is the father of six children, three boys from his first marriage to Cristina Fernandez-Fontecha, who died Rafael. Ignatius and Juan, as well as the three wives of his second wife, Astrid Gil-Cazares, from whom he is divorced: Tadea, Alec and Cleo.

Raphael, the firstborn works at Ferrovial, but it was Ignacio who was chosen to follow in his footsteps in the company, he is already the corporate finance director and runs Ferrovial International SE Sucursal, a subsidiary created by the multinational corporation to maintain its presence. in Spain after his departure to the Netherlands. Ignacio is 34 years old and, like his father, received an MBA from Stanford. He began his career in London at JP Morgan and OakTree, and also worked at Cintra, Ferrovial’s motorway subsidiary. It seems that everything is ready for a “quiet” change of power, although there is no date yet. The truth is that Don Rafael no longer has a rival among his brothers, as if he had in the past, so…

In any case, Rafael Del Pino Calvo-Sotelo’s “patriotic” escape from Spain turned out to be not so bad for him. Do we already know why he left Spain? Yeah, because I couldn’t stand that guy Pedro Sanchez. Well, also because of legal uncertainty. One thing is clear: Ferrovial has not done Spain or its external image any favors.