Consolidated Net Debt of ex-Infrastructure project companies
CONSOLIDATED NET DEBT* (EUR billion)
Cash and cash equivalents
EUR 4.6 billion
Borrowings and other
EUR 3.5 billion
Consolidated Net Debt of ex-infrastructure project companies*
EUR -1.1 billion
LIQUIDITY* (EUR million)
(EUR million)
DEC-23
Cash and cash equivalents
4,585
Undrawn credit lines
788
Others
14
Total Liquidity ex-infrastructure projects
5,387
*Non-IFRS financial measure. For the definition and reconciliation of the most directly comparable IFRS measure, refer to Alternative Performance Measures of the Integrated Annual Report
DEBT MATURITIES (EUR million)
2024*
2025
2026
> 2027
820
755
794
1,068
(*) In 2024, ex-infrastructure debt includes outstanding ECP (Euro Commercial Paper), which at December 31 st , 2023, had a carrying amount of EUR 500 million (4.09% average rate) and mature in 2024.
RATING
Standard & Poor’s
BBB / stable
Fitch Ratings
BBB / stable
Ferrovial’s consolidated net debt includes Budimex’s consolidated net debt at 100% that reached EUR -667 million in December 2022 and EUR -864 million in December 2023.
The company has made some modifications in the reporting of “Change in cash and cash equivalents” to align it with the IAS 7 criteria, as explained in the APM of Consolidated Net Debt. The main changes are as follows:
Financial Leases, previously included in cash flows from (used in) operating activities, are now reported on the cash flows from (used in) financing activities (EUR 87 million in 2023 and EUR 72 million in 2022).
Interest received, previously included in the cash flows from (used in) financing activities, are now included in the cash flows from (used in) investing activities (EUR 228 million in 2023 and EUR 5 million in 2022).
The changes in debt with no cash impact are reported as Other changes in Consolidated Net Debt, rather than as part of Ferrovial’s Cash Flows.
Cash and cash equivalents at ex-infrastructure project companies stood at EUR 4,585 million in December 2023 vs EUR 4,962 million in December 2022. Main drivers of this change were:
Dividends from projects: EUR 741 million, mainly from Toll Roads dividends, including EUR 281 million from 407 ETR and EUR 397 million from US Managed Lanes, particularly noteworthy was the first year of dividend distribution from NTE 35W (EUR 251 million), along with EUR 109 million from NTE and EUR 37 million from LBJ. Airports distributed EUR 6 million from Doha airport maintenance contract. Energy Infrastructure and Mobility reached EUR 30 million of dividends, including EUR 11 million from Serveo and EUR 18 million related to an intercompany loan repayment following the refinancing process with bank debt at Berrocal photovoltaic plant.
Adjusted EBITDA ex-infrastructure project companies: EUR 51 million, including adjusted EBITDA ex-infrastructure projects from Construction and headquarters.
Tax payments reached EUR -155 million, including EUR 50 million of withholding tax on dividends paid from Canada, along with the corporate income tax and the tax rates of subsidiaries operating in other jurisdictions.
Investments stood at EUR -454 million, including EUR 214 million of equity invested in NTO, together with EUR 53 million invested in I-66 Managed Lanes project and EUR 35 million invested in NTE 3C.
Interest received and other investing activities Cash flows reached EUR 228 million.
Divestments reached EUR 43 million related to the sale of the Azores toll road.
Shareholder Remuneration: EUR -250 million in 2023, EUR -136 million from the scrip dividend and EUR -114 million from the treasury share repurchase including the share buyback program (EUR 62 million) along with the discretionary shares purchased (EUR 52 million).
Other cash flows from (used in) financing activities stood at EUR -896 million, including the hybrid bond repayment at EUR -511 million together with EUR 137 million from interest flows.
Effect of exchange rate on Cash & Cash equivalents reached EUR 161 million.
