Ferrovial Explained

Ferrovial S.E.
Type:Societas Europaea
Traded As:
NASDAQ:
Founder:Rafael del Pino
Location:Kingsfordweg 241,Amsterdam, Netherlands
Area Served:Spain, Portugal, United Kingdom, Ireland, Poland, United States, Canada, Chile, Australia
Key People:Rafael del Pino Calvo-Sotelo (Chairman), Ignacio Madridejos (CEO)
Industry:Transportation
Services:Residential, commercial property and infrastructure construction; toll road operation; airport and infrastructure management; waste management; facility management
Revenue: €12.208 billion (2017)[1]
Operating Income: €638 million (2017)
Net Income: €454 million (2017)
Assets: €8.063 billion (2017)[2]
Equity: €6.234 billion (2017)
Num Employees: 95,978 (2017)
Divisions:Airports
Construction
Highways
Services
Subsid:Amey, AGS Airports (50%), Webber, Budimex, FerroNATS, Ditecpesa, Cintra US, Inacua, FBSerwus, Ferrovial Serviços, Zity, Ferrovial Servicios Chile, Cadagua, Tecpresa, Edytesa, Autema, Vialivre, B2in, BFK

Ferrovial S.E. (pronounced as /es/), previously Grupo Ferrovial, is a Spanish multinational company that operates in the infrastructure sector for transportation and mobility with four divisions: Highways, Airports, Construction, and Mobility and Energy Infrastructure.[3] The Highway sector develops, finances, and operates tolls on highways such as the 407 ETR, the North Tarrant Express, the LBJ Express, Euroscut Azores, I-66, I-77, NTE35W, and Ausol I. The Construction business designs and builds public and private works such as roads, highways, airports, and buildings. The Mobility and Energy Infrastructure Department is responsible for managing renewable energy, sustainable mobility, and circular-economy projects. Ferrovial is present in more than 20 countries where its business lines operate.[4] [5]

In 2021, Ferrovial Services' infrastructure services area in Spain was sold to Portobello, and its Environmental business in Spain and Portugal was sold to PreZero (part of Schwarz Group).[6]

History

20th century

Ferrovial was founded by Rafael del Pino y Moreno in 1952 as a company focused on railway construction. Its first works consisted of the renovation of tracks for Renfe and operating railroad tie sleeper workshops.[7] [8]

The company received its first international project, a railway project in Venezuela, in 1954. Two years later, it renovated the railway between Bilbao and Portugalete.[9]

In the 1960s, Ferrovial focused on the road market through the Redia Plan11 and the concession of the Bilbao-Behobia Highway, the first toll road tendered with private financing and management in Spain.[10] During 1974, the company obtained its second concession in Spain, the Burgos-Armiñón highway, which linked Burgos with Bilbao and the French border of Behobia. In the late 1970s, it began building 700 kilometers of roads in Libya, with completion in 1986.[11]

In 1985, Ferrovial acquired Cadagua, an engineering and construction company for water treatment plants established in 1971.[12] It was began building the High-Speed Train between Madrid and Seville, as well as numerous infrastructure projects for the 1992 Olympic Games in Barcelona and the World Expo of Seville in 1992.[13] In the same year, Rafael del Pino Calvo-Sotelo started as CEO, and he began to reorganize the company.[14]

In 1995, Ferrovial purchased the construction company Agroman[15] founded in 1927, which it returned to profitability three years later. In 1997, construction began on the Guggenheim Museum of Modern and Contemporary Art[16] in Bilbao.[17]

During 1999, Ferrovial went public,[18] and integrated all its construction activity into Ferrovial Agroman.[19] Following the founder's retirement in 2000, his son, Rafael del Pino Calvo-Sotelo, became chair.[20] That same year, Ferrovial took over Budimex, then the leading Polish construction company in terms of turnover and market capitalization.[21]

That same year, the company expanded via the acquision of 58.5% of Polish construction company Budimex Dromex S.A.[22] It also received the Ontario Highway 407 407 ETR concession in Toronto, Canada.[23]

21st century

By following the internationalization and diversification strategy, Ferrovial acquired a 20% share in the Sydney Airport in the airport sector in 2002.[24] One years later, it also acquired two urban services companies, the British company Amey[25] and Spanish company Cespa.[26] The concessionaire Cintra went public in 2004,[27] and in 2005, Ferrovial acquired the handling company Swissport[28] and the Texan construction company Webber.[29]

In 2006, the company bought the British airport operator BAA[30] and through this operation, it came to manage seven airports in the United Kingdom: Heathrow, Gatwick, Stansted, Glasgow, Edinburgh, Aberdeen, and Southampton, and it took ownership of shares and managing the Budapest Airport in Hungary, the Naples Airport in Italy, and Melbourne Airport in Australia. In 2006, Cintra also obtained the concession for operating the Indiana Toll Road turnpike.[31] and signed an agreement with the Texas Department of Transportation to build and manage Segments 5 and 6 of the SH-130 Turnpike.[32]

In 2007, Ferrovial sold the Budapest airport,[33] as well as its holdings in the Australian airports in Sydney, Melbourne, Launceston, Perth and three airports in the Northern Territory.[34] It also started to concentrate its airport business in the UK. That year, Cintra signed a contract for the construction and operation of the Central Greece Toll Highway (E65),[35] and Amey was chosen by Network Rail (the UK's railway infrastructure manager) as one of three providers for Britain's National Rail track renovation services.[36]

During 2008, the Montabliz viaduct, the highest one in Spain, was inaugurated and connected Cantabria and the Inner Plateau by road.[37] A year later, Cintra was awarded the construction, maintenance, and operation of the North Tarrant Express Highway in Texas in the US.[38] At the end of 2009, the company absorbed the highway management company Cintra;[39] it was awarded maintenance and management of the LBJ Express Texan highway;[40] it changed its corporate name to Ferrovial S.A.; and it sold the Gatwick airport for €1.659 billion, according to the British Competition Commission's indications, which opened a file at the end of 2008 for alleged monopoly.[41]

In 2009, the company changed its logo.[42]

In 2010, Ferrovial sold Swissport.[43] Through BAA, it sold its stake in Airport Property Partnership and the Naples Airport.[44] Likewise, Ferrovial, sold all its shares in Tube Lines (concessionaire of three London Underground lines) to Transport for London through Amey;[45] [46] [47] signed an agreement for the construction of Heathrow Terminal 2 in London;[48] and sold 60% of Cintra Chile.[49]

A year later in 2011, it sold 5.88% of BAA.[50] In addition, it announced the sale of the Edinburgh Airport, per the decision of the British Competition Commission.[51] In that same year, the company was also awarded a new construction section of the Crossrail including Farringdon Station,[52] as part of the project to build a fast railway connection passing through the city of London's underground. It had previously been awarded the construction of two tunnels between Royal Oak and Farringdon and the accesses and bays at the Bond Street and Tottenham Court Road stations. The company closed 2011 with a debt of €5.171 billion, one of the lowest in the sector, and it has one of the most international portfolios.[53] [54] [55] [56]

In August 2012, Ferrovial announced the sale of 10.6% of BAA to Qatar Holding for €607 million, retaining a 39.37% stake in the UK airports manager following the deal. In October of the same year, it sold 5.2% of Heathrow Airports Holding for €319.3 million to CIC International.[57]

In 2014, the international trading company Ferrovial International was created. It was based in Spain and aimed to combine the company's active concessions, services, and construction abroad. That same year, the company reduced its stake in Heathrow Airport by up to 25% after selling the pension fund for universities and other British educational institutions; this was 8.65% of its shares in the parent company. With a contract to build an urban road in Saudi Arabia for €145 million, Ferrovial strengthened its presence in the Middle East.[58]

In 2015, it purchased 3 British airports (Aberdeen, Glasgow, and Southampton), for about €1.3 billion.[59] In addition, the central section of the Thames Tideway Tunnel was awarded in consortium with Laing O'Rourke.[60]

In 2016, Ferrovial expanded the 407 ETR in Toronto, Canada.[61] In addition, it signed a contract to manage and renovate the largest and fifth-busiest airport in the United States: Denver International Airport.[62] It purchased the waste treatment company Biotran.[63] That same year, and for the fifteenth consecutive year, it appeared on the Dow Jones Sustainability Index (DJSI).[64] In May 2016, Ferrovial acquired Broadspectrum. On 30 June 2018, it completed the sale of this company to Ventia.[65]

The company earned €376 million in 2016. Sales increased by 11% to €10.759 billion, and the Gross Operating Income (GOI) was €944 million.[66]

At the end of the decade, in 2017, Ferrovial entered the urban mobility business by working with Renault to launch the carsharing operator Zity in Madrid. In 2018, the company launched Wondo,[67] a Mobility as a Service start-up to provide residents access to the main urban mobility services in Madrid. In 2021, it sold Wondo to the Finnish company MaaS Global.[68] [69]

In the town of El Salado, Colombia, the company built a water system[70] as part of the Social Infrastructures program: a solar-powered aqueduct.[71]

Ignacio Madridejos was appointed as the new CEO of the company in 2019. Broadspectrum was sold to Ventia for €303 million. The RiverLinx consortium, which Ferrovial participates in, was chosen to manage the Silvertown Tunnel in London.

In October 2021, Ferrovial launched its new Energy Infrastructure and Mobility business unit. It sold its Environmental business in Spain and Portugal to PreZero. The company began construction of a section of the Sydney Metro for €1.240 billion.[72] Ferrovial launched the AIVIA initiative for developing the 5G roads of the future; it renewed its agreement with MIT for another five years and with Lilium for developing a network of more than 10 vertiports (vertical takeoff urban airports) in the United States.[73] [74]

In July 2022, the company was fined €38.5 million, along with five other contractors, by the Comisión Nacional de los Mercados y la Competencia (CNMC) for bidding collusion in public tenders for building and civil infrastructure works.[75]

In April 2023, the company announced that it was moving its headquarters from Madrid to Amsterdam.[76]

In November 2023, the company announced the sale of its 25% stake in Heathrow Airport for £2.37 billion.[77] [78] The equity is intended to be sold to Ardian, which would acquire 15%, and Saudi Arabia's Public Investment Fund, which would acquire the remaining 10%. It was reported that Ferrovial expects to complete the sale by mid-2024, which is subject to regulatory conditions.

Business Lines

Ferrovial operates through four divisions:

Highways

Through its subsidiary Cintra, Ferrovial manages more than 22 highways with over 1,262 kilometers.[79]

In Spain, it operates the Autema highway concession, A66, and the Autopista del Sol (E15), as well as the SerranoPark car park in Madrid.[80] [81] [82] [83]

In Portugal, it owns a share in the Scut Açores highway. In Canada and the United States, it operates highways under a barrier-free toll system, including the 407 ETR, the 407 East Phase 2, and the 407 EDG highways (Toronto), the LBJ Expressway, the North Tarrant Express and NTE Extension (Dallas), and I-77 (North Carolina).[84] [85] [86]

In European countries, Ferrovial has a share in the M3 and M4 highways in Ireland, and it is overseeing the M8 improvement project in Scotland.[87] [88] [89] [90]

In 2015, the group increased its profit by 80% to €720 million, following the sale and deconsolidation of highways.[91]

Airports

Ferrovial's first foray into private airport management was with the purchase of a share in the Mexican company Aeropuertos del Sureste in 1998.[92] Since then, Ferrovial has managed different airports around the world.[93]

With the acquisition of BAA in 2006,[94] [95] now called Heathrow Airport Holdings (HAH),[96] it went on to manage seven airports in the United Kingdom: Heathrow, Gatwick, Stansted, Southampton, Aberdeen, Glasgow and Edinburgh. It also acquired two airports in Europe in Naples and Budapest, which it would later sell. Following a British Competition Commission's ruling,[97] Ferrovial sold Gatwick Airport in 2009,[41] announced the sale of Edinburgh Airport in April 2012,[98] and put the Stansted Airport up for sale in August of the same year.[99]

Ferrovial currently operates four airports in the United Kingdom: Heathrow, Southampton, Glasgow, and Aberdeen.[100] [101]

At the beginning of 2021, Ferrovial Airports announced its foray into the urban air mobility (UAM) and advanced air mobility (AAM) business through the construction and design of vertiports, the infrastructures needed by eVTOLs. Currently, Ferrovial has announced its plans for the development of vertiport networks in Spain, the United Kingdom, and the United States.[102]

In 2022, Ferrovial Airports reached an agreement with the Turkish infrastructure company YDA Group for the acquisition of a 60% stake in the company that manages the concession of Dalaman International Airport in Turkey.[103] [104] [105]

Construction

The company's construction division, which was called Ferrovial Agroman until 2020, is now Ferrovial Construction, and has been involved in the following major projects:

Construction subsidiaries

Mobility and Energy Infrastructure

Ferrovial Mobility and Energy Infrastructures promote the transition to a sustainable and clean economy and are involved in projects such as offshore wind farms.[118]

Services

In 2021, Ferrovial Services' infrastructure services area in Spain was sold to Portobello, and it came to an agreement with PreZero, a Schwarz Group company, on closing the sale of its Environmental business in Spain and Portugal. This division was in charge of the maintenance and conservation of infrastructures and services, as well as managing urban and environmental services. It has the following international subsidiaries:[68] [119]

Sustainability

Ferrovial has been cited for sustainability.

Criticism

The Palau Case

As part of the Palau Case investigation, Anti-Corruption discovered "sufficient evidence" of Ferrovial Agroman paying illicit commissions to the Democratic Convergence of Catalonia (CDC) party through the Palau de la Música Catalana to ensure that public works such as the City of Justice and the unfinished line 9 of the Barcelona Metro station would be awarded to them.[124]

On 15 January 2018, the Provincial Court of Barcelona issued a judgment in the Palau Case, acquitting the two executives related to Ferrovial Agroman. The prosecution appealed that acquittal, but the appeal was dismissed by the Supreme Court.

External links

Notes and References

  1. Web site: Business Performance 2017 . Ferrovial . 17 March 2018.
  2. Web site: Business Performance 2017 . Ferrovial . 17 March 2018.
  3. Web site: Ferrovial: premio a la presencia exterior . 3 November 2014 . ES.
  4. Web site: The World's Biggest Public Companies . Forbes . en.
  5. Web site: Grupo Ferrovial SA . Bloomberg . en.
  6. Web site: Magariño . Javier Fernández . 1 February 2022 . Ferrovial cierra la venta a Portobello del área de servicios a infraestructuras en España por 170 millones . 10 March 2023 . Cinco Días . es.
  7. Web site: Rafael Castro . Balaguer . Rafael de Pino y Montero – Ferrovial (1) . Finanzas para mortales . 11 July 2017 . es.
  8. Web site: Ferrovial Business Lines: 1990s . ferrovial.es . es.
  9. Web site: Official Cintra Website - History . 2 February 2009 . https://web.archive.org/web/20140812112651/http://www.cintra.es/index.asp?MP=12&MS=84&MN=2 . 12 August 2014 . dead . en.
  10. http://www.ferrovial.com/en/index.asp?MP=14&MS=255&MN=3 Ferrovial - History
  11. News: Spanish firm set to buy Amey . BBC News . en.
  12. Web site: Spanish firm secures Northern Ireland Airport . BBC News . en.
  13. Web site: Webber Acquisition . Ferrovial . en.
  14. Web site: Bloomberg Politics . . https://web.archive.org/web/20060206114322/https://www.bloomberg.com/apps/news?pid=10000085 . 6 February 2006 . live . en.
  15. News: BAA agrees to Ferrovial takeover . BBC News . en.
  16. Web site: Reuters Breaking International News & Views . . en.
  17. http://www.ferrovial.com/en/index.asp?MP=18&MS=338&MN=2&id=1164 Ferrovial sells Sidney airport
  18. Web site: Newsfeed . dead . https://web.archive.org/web/20121130010516/http://www.ferrovial.com/en/Press-Room/Announcements/BAA-announces-sale-of-Budapest-Airport-1309-billion . 30 November 2012 . 12 November 2017 . Ferrovial . en.
  19. http://www.ferrovial.com/en/index.asp?MP=14&MS=789&MN=3 Ferrovial Management Changes
  20. Web site: BAA completes sale of Australian assets . moodiereport.com . en.
  21. Web site: BAA sells World Duty Free shops . BBC News . en.
  22. Web site: Investment Profile Poland . fifoost.org . 21 . https://web.archive.org/web/20071016030212/http://www.fifoost.org/polen/pola.pdf . 16 October 2007 . en.
  23. Web site: Ferrovial's BAA agrees to the partial sale of APP assets for 265 mln stg . Forbes . 24 March 2008 . en.
  24. Web site: Ferrovial sells Belfast . dead . https://web.archive.org/web/20120217160747/http://www.ferrovial.com/en/index.asp?MP=18&MS=338&MN=1&IDR=&TR=&accion=si&titulo=belfast&fechadesde=20%2F05%2F2008&fechahasta=01%2F11%2F2008&pag=0&id=1353 . 17 February 2012 . 18 February 2022 . en.
  25. Web site: Amey reaches financial close on £2.7bn Birmingham Highways PFI . 14 September 2010 . 22 August 2012 . https://web.archive.org/web/20120822105709/http://www.nce.co.uk/news/transport/amey-reaches-financial-close-on-27bn-birmingham-highways-pfi/5217447.article . dead . en .
  26. Web site: Cintra Sells Car Parks Division . dead . https://web.archive.org/web/20160303172139/http://www.tiic.pt/highlights/cintra-sells-car-parks-division . 3 March 2016 . 14 September 2010 . en.
  27. Web site: BAA sells Gatwick airport for 1.657 billion euro . dead . https://web.archive.org/web/20120229225520/http://www.ferrovial.com/en/index.asp?MP=18&MS=338&MN=2&IDR=&TR=&accion=&titulo=&fechadesde=&fechahasta=&pag=50&id=1475 . 29 February 2012 . 14 September 2010 . en.
  28. Web site: 26 October 2009 . 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. . dead . https://web.archive.org/web/20110716012329/http://www.sbolsas.com/ing/ficheros/documentos/comiteasesor/AC13-09eng.pdf . 16 July 2011 . 4 January 2010 . . en.
  29. Web site: Cintra finishes raising 2 billion dollars to finance the North Tarrant Express in Texas . dead . https://web.archive.org/web/20120229225539/http://www.ferrovial.com/en/index.asp?MP=18&MS=338&MN=2&IDR=&TR=&accion=&titulo=&fechadesde=&fechahasta=&pag=30&id=1518 . 29 February 2012 . 14 September 2010 . en.
  30. Web site: Cintra sells 60% of its Chilean subsidiary to ISA for 209 million euros . dead . https://web.archive.org/web/20120229225555/http://www.ferrovial.com/en/index.asp?MP=18&MS=338&MN=2&IDR=&TR=&accion=&titulo=&fechadesde=&fechahasta=&pag=30&id=1525 . 29 February 2012 . 14 September 2010 . en.
  31. News: Razed M3 site 'was national monument' . The Irish Times . 23 July 2019 . en.
  32. Web site: Top 10 Discoveries of 2007 - Lismullin Henge, Tara, Ireland - Archaeology Magazine Archive . 23 July 2019 . archive.archaeology.org . en.
  33. News: Harvey . Adam . Dispute over effects of M3 work . The Irish Times . 23 July 2019 . en.
  34. Web site: Tara . 23 July 2019 . DiscoveryProgramme . en.
  35. Web site: Rath Lugh - Images of Destruction . indymedia.ie . en.
  36. News: 1 March 2008 . Heaney hits out over 'tar on Tara' . en-GB . BBC News . 23 July 2019.
  37. Web site: M45 Motorway . 23 July 2019 . irishmotorwayinfo.com . en.
  38. Web site: TfL completes Tube Lines buy out . The Independent . en.
  39. Web site: Amey buys WYG rail division . builderandengineer.co.uk . en.
  40. Web site: Ferrovial sells its 50% stake in Autopista Trados 45 for 67 million euro . dead . https://web.archive.org/web/20120229225725/http://www.ferrovial.com/en/index.asp?MP=18&MS=338&MN=2&IDR=&TR=&accion=&titulo=&fechadesde=&fechahasta=&pag=0&id=1627 . Ferrovial . 29 February 2012 . 14 September 2010 . en.
  41. Web site: Spanish firm acquires U.K. waste management firm . recyclingtoday.com . en.
  42. Web site: Edinburgh Airport sold to Global Infrastructure Partners for £807m . BBC News . 23 April 2012 . en.
  43. Web site: Ferrovial completes sale of 10.62% of Heathrow Airport Holdings to Qatar Holding . https://archive.today/20130409130148/http://www.ferrovial.com/en/Business-Lines/Airports/Airports-Announcements/Ferrovial-completes-sale-of-1062-of-Heathrow-Airport-Holdings-to-Qatar-Holding . 9 April 2013 . Ferrovial . en.
  44. Web site: Stansted Airport being sold to Manchester for £1.5bn . BBC News . en.
  45. Web site: Ferrovial buys Enterprise from 3i for £385m . The Telegraph . 21 February 2013 . en.
  46. News: 8 May 2010 . Tube maintenance back 'in house' as new deal is signed . BBC News . en-GB . 10 May 2010.
  47. Web site: 7 May 2010 . Amey sells its stake in Tube Lines to Transport for London (TfL) and agrees to continue with the maintenance service . 8 March 2021 . en-GB . Ferrovial.
  48. News: Davidson . Helen . 29 October 2017 . Manus Island: dark chapter of Australian immigration poised to close . The Guardian . 30 October 2017 . en.
  49. Web site: Ferrovial y el Gobierno de Madrid, enfrentados por la autopista M-203 . Expansión . es.
  50. News: 26 October 2010 . Serrano a 16,5 metros bajo tierra . El País . en.
  51. Web site: 14 June 2019 . Ferrovial y Unicaja venden el 85% de la Autopista del Sol (Málaga) . Ferrovial and Unicaja sell 85% of the Autopista del Sol (Málaga) . 1 September 2019 . Cincodias.elpais.com . El País . ES . Ferrovial y Unicaja han vendido el 85% de la Autopista del Sol (Ausol), infraestructura en la que el banco tenía el 20% del capital y la constructora, el 20% restante. Tras la operación, Ferrovial se quedará con una participación del 15% sobre la que pesa una opción de compra y de venta, mientras que Unicaja sale del capital. El precio total de la operación ha sido de 584,6 millones entre las dos operaciones. BBVA ha sido asesor en la operación de Cintra, propietaria de Ausol, y de Unicaja..
  52. Web site: Se abre al tráfico la primera autopista de Ferrovial en Portugal . Euroinmo.
  53. Web site: 19 June 2012 . Ferrovial y Globalvía ya compiten por los peajes que proyecta Esperanza Aguirre . CincoDías . es.
  54. Web site: 27 February 2017 . Ferrovial ganó 376 millones el año pasado, un 47% menos por el impacto de los extraordinarios . Expansión . es.
  55. Web site: 15 September 2015 . Ferrovial vende una participación en dos autopistas irlandesas . El País . es.
  56. Web site: 25 February 2016 . Ferrovial obtiene un beneficio neto de 720 millones de euros en 2015 . ELMundo . es.
  57. Web site: El calculado adiós a México de Ferrovial . dead . https://web.archive.org/web/20160307125337/http://www.americaeconomica.com/numeros4/261/reportajes/raul261.htm . 7 March 2016 . 1 November 2018 . América Económica . es.
  58. Web site: 20 August 2008 . La filial de Ferrovial BAA deberá vender tres de sus siete aeropuertos del Reino Unido . RTVE . es.
  59. Web site: Ferrovial vende el aeropuerto de Edimburgo por casi mil millones . Expansión . es.
  60. Web site: Ferrovial abandona la lucha legal y venderá el aeropuerto de Stansted . El Mundo . es.
  61. Web site: 12 December 2015 . Ferrovial, atrapada en la batalla política por la ampliación de Heathrow . El Confidencial . es.
  62. Web site: Los aeropuertos de Heathrow y Gatwick registran récord de viajeros en mayo . Expansión.
  63. Web site: 6 February 2017 . Elevating Infrastructure: Ferrovial Agroman . 1 November 2018 . New Civil Engineer.
  64. Web site: F and werrovial adquiere una de las mayores constructoras de Texas, Webber Group . El Mundo.
  65. Web site: Magariño . Javier Fernández . 2021-05-27 . Ferrovial entra en la finlandesa MaaS Global con la aportación de su 'app' de movilidad Wondo . 2023-03-11 . Cinco Días . es.
  66. Web site: Ferrovial, el constructor de autopistas de EEUU . ES.
  67. Web site: Ferrovial entrega sistema de agua en El Salado, Colombia . 11 March 2023 . The Manufacturer . en-GB.
  68. Web site: Magariño . Javier Fernández . 1 February 2022 . Ferrovial cierra la venta a Portobello del área de servicios a infraestructuras en España por 170 millones . 11 March 2023 . Cinco Días . es.
  69. News: Ferrovial y Renault lanzan 'Zity' para competir con Car2Go en Madrid . es.
  70. Web site: Ignacio Madridejos, nombrado Consejero Delegado de Ferrovial Ferrovial . 11 March 2023 . Ferrovial . es.
  71. News: Ferrovial gana el Túnel Silvertown de Londres por unos 2.000 millones . es.
  72. Web site: Magariño . Javier Fernández . 12 January 2021 . Ferrovial abre su plataforma de autopistas 5G, AIVIA, a la industria de la automoción . 11 March 2023 . Cinco Días . es.
  73. Web site: Magariño . Javier Fernández . 16 April 2021 . Ferrovial renueva por cinco años su acuerdo de investigación con el MIT . 11 March 2023 . Cinco Días . es.
  74. Web site: APOLODORO: sensores y tecnologías, clave para entender cómo se comportan los puentes Ferrovial . 11 March 2023 . Ferrovial . es.
  75. News: Spain's six top builders fined, restricted over bidding collusion . 7 July 2022 . Reuters . 15 March 2024 . en.
  76. News: 'Ferrovial is not leaving Spain' says chairman, as HQ move to Netherlands approved - Spain in English . 14 April 2023 . Spain in English . 12 August 2023 . en.
  77. News: Strydom . Martin . 2023-11-29 . Ferrovial sells its 25% stake in Heathrow for £2.4bn . en . 29 November 2023 . 0140-0460.
  78. News: 29 November 2023 . Ferrovial to sell its 25% stake in London's Heathrow for $3 billion . en . Reuters . 29 November 2023.
  79. Web site: Horizon and RiverRock have acquired an 89.2% stake in Euroscut Azores, a Portuguese shadow toll road in the Azores. RiverRock. 7 March 2024. 18 June 2024.
  80. Web site: Design-Build Guarantee . 4 March 2019 . State of Georgia . en.
  81. Web site: 10 August 2005 . Ferrovial refuerza su apuesta por Estados Unidos con la compra de la texana Webbe . ES.
  82. Web site: Company Overview of Ferrovial Agroman US Corp. . . ES.
  83. Web site: Ferrovial reorganiza su filial de servicios para crecer más en Australia y EEUU . ES.
  84. Web site: 23 May 2012 . Ferrovial prolongará la autopista 407 en Canadá por 780 millones . ES.
  85. Web site: Ferrovial awarded two road maintenance contracts in Canada worth 200 million euro . 4 January 2020 . Ferrovial . en.
  86. Web site: Broadspectrum finally gives into Ferrovial's overtures . en.
  87. News: 13 September 2016 . Ferrovial entra al mercado de la transmisión eléctrica con la compra de Transchile . ES . El País .
  88. News: Gerrard . Bradley . 6 April 2017 . Heathrow's largest shareholder sees 'positive side effects' from Brexit . The Telegraph . en.
  89. Web site: 30 May 2003 . Ferrovial cierra la compra de la británica Amey y la excluye de Bolsa . ES.
  90. News: Morby . Aaron . 14 June 2021 . Ferrovial UK arm edges into profit after five years of losses . Construction Enquirer . 14 June 2021 . en.
  91. News: 17 July 2019 . 18 companies suspended from Prompt Payment Code . PBCToday . 17 July 2019 . en.
  92. Web site: Ferrovial history: 1990s . dead . https://web.archive.org/web/20100806160420/http://www.ferrovial.com/en/index.asp?MP=14&MS=254&MN=3 . 2010-08-06 . 2007-12-01.
  93. Web site: Top 10 Discoveries of 2007 - Lismullin Henge, Tara, Ireland - Archaeology Magazine Archive . 2019-07-23 . archive.archaeology.org.
  94. Web site: Ferrovial se hace con el 83% de BAA con su opa. El Mundo.
  95. Web site: Annual accounts. Página web antigua BAA. 2018-11-01. 2013-01-18. https://web.archive.org/web/20130118061909/http://www.baa.com/investor-centre/document-centre/annual-accounts. dead.
  96. Web site: Hotel Marqués de Riscal . On Diseño .
  97. Web site: CaixaForum Madrid . 1 November 2018 . Herzog & de Meuron.
  98. Web site: 3 September 2018 . Montabliz, con 198 metros, es el viaducto más alto de España . El Diario Montanes . es.
  99. Web site: 'Celtic Tiger threatens 'very soul of historic Ireland' . thestar.com . en.
  100. Web site: 26 April 2006 . Ferrovial y Sando se adjudican las obras de ampliación del aeropuerto de Málaga por 17,4 millones . La opinión de Málaga . es.
  101. Web site: Los mil y un viaductos de Ferrovial en las Azores . Expansion . es.
  102. Web site: 2021-10-30 . Ferrovial construirá 25 vertiports eVTOL en Reino Unido. - Avatar Energía, blog de Energías Renovables . 11 March 2023 . avatarenergia.com . es.
  103. News: Ferrovial compra el Aeropuerto de Dalaman en Turquía por 140 millones .
  104. Web site: Cáceres . Iván . 16 December 2021 . Vertipuertos y taxis aéreos, la próxima revolución del transporte que encabeza Ferrovial en España . 11 March 2023 . Business Insider España . es.
  105. Web site: EFE . 18 October 2021 . Ferrovial planifica su primer vertipuerto para aerotaxis eléctricos en Florida . 11 March 2023 . Cinco Días . es.
  106. Web site: Ferrovial history: 1990s . 1 December 2007 . 6 August 2010 . https://web.archive.org/web/20100806160420/http://www.ferrovial.com/en/index.asp?MP=14&MS=254&MN=3 . dead . en.
  107. Web site: Ferrovial history: 2000 - 2004 . 1 December 2007 . 7 February 2009 . https://web.archive.org/web/20090207212950/http://www.ferrovial.com/en/index.asp?MP=21&MS=594&MN=5 . dead . en.
  108. Web site: Hotel Marqués de Riscal . On Diseño . es.
  109. Web site: CaixaForum Madrid . Herzog & de Meuron . 1 November 2018 . es.
  110. Web site: Montabliz, con 198 metros, es el viaducto más alto de España . El Diario Montanes . 3 September 2018 . es.
  111. Web site: Ferrovial y Sando se adjudican las obras de ampliación del aeropuerto de Málaga por 17,4 millones . La opinión de Málaga . 26 April 2006 . es.
  112. Web site: Los mil y un viaductos de Ferrovial en las Azores . Expansion . es.
  113. Web site: Ferrovial Agroman to build Heathrow Airport's new Terminal 2 . 14 September 2010 . 10 July 2011 . https://web.archive.org/web/20110710235649/http://www.ferrovial.com/en/index.asp?MP=18&MS=338&MN=2&IDR=&TR=&accion=&titulo=&fechadesde=&fechahasta=&pag=20&id=1554 . dead . en.
  114. Web site: Crossrail awards major construction contracts for Farringdon and Whitechapel stations . https://web.archive.org/web/20130322063815/http://www.crossrail.co.uk/news/articles/crossrail-awards-major-construction-contracts-for-farringdon-whitechapel-stations. dead . 22 March 2013 . . 23 November 2011 . 1 September 2019 . en.
  115. Web site: 26 June 2002 . Ferrovial toma el 20% del aeropuerto de Sidney por 233 millones . 11 March 2023 . abc . es.
  116. News: Ferrovial adquirirá la constructura de Banesto, Agroman, por 2.000 millones de pesetas .
  117. Web site: Sevilla . Diario de . 16 June 2008 . Muere Rafael del Pino, el hombre que hizo de las traviesas un imperio . 11 March 2023 . Málaga Hoy . es-ES.
  118. News: Ferrovial and RWE team up on offshore wind in Spain . RWE . 11 March 2023 . en.
  119. Web site: EENDA . PreZero completa la compra de la división de Medio Ambiente de Ferrovial . 11 March 2023 . www.eysmunicipales.es . es.
  120. Web site: EFE . 15 September 2015 . Ferrovial vende una participación en dos autopistas irlandesas . 11 March 2023 . Cinco Días . es.
  121. Web site: 17 June 2014 . Ferrovial mantendrá 885 km de autopistas en Escocia por 114 millones de euros . 11 March 2023 . La Vanguardia . es.
  122. Web site: Redacción . 7 March 2017 . Cintra: una excelencia española en Eslovaquia . 11 March 2023 . Buenos diás Eslovaquia . es.
  123. Web site: Participant members . en . 2024-06-20 . https://web.archive.org/web/20240516130521/https://www.gresb.com/nl-en/gresb-participant-members/ . 2024-05-16 . Scroll to 'Public Disclosure Universe' and search for Ferrovial.
  124. Web site: 30 April 2020 . El Supremo ratifica las condenas de Millet y Montull, y el comiso de 6, 6 millones a CDC . 11 March 2023 . La Vanguardia . es.

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