|Construction Provision *||-345|
|Disposals & impairments||15||460|
|Financial Result from infrastructure projects||-197||-263|
|Financial Result from ex-infrastructure projects||-35||70|
|Corporate income tax||28||-47|
|NET PROFIT FROM CONTINUING OPERATIONS||-356||457|
|NET PROFIT FROM DISCONTINUED OPERATIONS||-3||-198|
|CONSOLIDATED NET INCOME||-359||259|
|NET INCOME ATTRIBUTED||-410||268|
(*) Related to the provision registered in 1Q 2019 corresponding to three contracts in US.
Revenues stood at EUR6,341mn (+9.9% LfL) on the back of higher Construction revenues (+11.4% LfL), partially offset by lower contribution from Toll Roads (-19.2% LfL).
EBITDA: EUR409mn (EUR121mn in 2019, negatively affected by –EUR345mn provision registered in Construction in 1Q 2019). EBITDA impacted by the -EUR22mn one-off cost related to the restructuring plan carried out by the Company.
Depreciation: +9.9% in 2020 (+0.1% LfL) to EUR198mn.
Impairments and fixed asset disposals: EUR15mn in 2020 including the positive impact related to Autema (EUR10mn) compared to EUR460mn in 2019 (impacted by the capital gains from the sale of the 80% stake in Ausol).
Financial result: higher financial expenses in 2020 vs 2019.
Equity-accounted result at net profit level, equity-accounted companies contributed -EUR378mn after tax (2019: EUR296mn).
*EBIT before impairments and disposals of fixed assets
Tax: the corporate income tax for 2020 amounted to EUR28mn (vs -EUR47mn for 2019). There are several impacts to be considered when calculating the effective tax rate; among which the material and/or significant ones are:
Excluding the aforementioned adjustments in the tax result, and adjusting for the impact from previous years spending (-EUR46mn), the resulting effective corporate income tax rate is 15%.
Net income from continuing operations stood at -EUR356mn in 2020 (EUR457mn in 2019). This profit includes a series of impacts, notable among which were:
Net income from discontinued operations stood at -EUR3mn which includes a negative result recorded from Broadspectrum sale -EUR64mn, mainly due to the reclassification to the P&L of reserves corresponding to translation differences net of hedges according to IAS 21. Additionally, a fair value provision was recognized in Amey (-EUR34mn) and International (-EUR25). Services business in Spain has registered a positive result of +EUR121mn in 2020 (without amortization, as per IFRS 5). Ferrovial will continue to closely monitor the impact of the evolution of the COVID-19 on discontinued activities fair value as far as a higher evidence about the impact of the outbreak in these activities is obtained.
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