NET DEBT AND CORPORATE CREDIT RATING
NET DEBT
The net cash position, excluding infrastructure projects, stood at EUR1,341mn at 31 December 2017 vs. EUR697mn in December 2016.
The main drivers of this change in the net cash position ex-infrastructure projects included the following:
- Cash flow obtained from the issuance of hybrid subordinated bond (EUR500mn), treated as an equity instrument.
- Dividends received from projects (+EUR553mn): this figure increased by +16.0% compared to the dividends received in 2016 (EUR477mn). Notable this year was the contribution of EUR237mn made by Airports (as compared with EUR134mn in 2016), affected by the greater dividend paid out by HAH, supported by higher inflation and the good operating performance and the extraordinary dividend payout by AGS following its refinancing (AGS’s total contribution amounted to EUR84mn, of which EUR43mn was an extraordinary amount).
- Cash flow from divestments amounting to +EUR253mn, of which EUR59mn come from sale of a stake in Budimex (sale of 1 million shares equivalent to a holding of 3.9%) and EUR104mn obtained after the sale of 51% of Norte Litoral and EUR58mn for the sale of 49% of Algarve.
- Working capital performance was negative in the period standing at -EUR38mn compared to the previous year.
- Total investments of -EUR355mn, which includes the investment to acquire the minority stakes in NTE and LBJ for -EUR94mn.
- Ferrovial shareholder remuneration in the amount of -EUR520mn. In addition, -EUR48mn was distributed to minorities in subsidiaries.
Net project debt stood at EUR4,804mn (EUR4,963mn in December 2016). This net debt includes EUR826mn that relates to toll roads under construction (NTE 35W and I-77).
The Group’s consolidated net debt at 31 December 2017 stood at EUR3,463mn (compared with EUR4,266mn in December 2016).
(EUR million) |
DEC-17 |
DEC-16 |
NCP ex-infrastructures projects |
1,341 |
697 |
Toll roads |
-4,274 |
-4,426 |
Others |
-530 |
-537 |
NCP infrastructures projects |
-4,804 |
-4,963 |
Total Net Cash /(Debt) Position |
-3,463 |
-4,266 |
(EUR million) |
DEC-17 |
DEC-16 |
Gross financial debt |
-8,367 |
-8,093 |
Gross debt ex-infrastructure |
-2,797 |
-2,584 |
Gross debt infrastructure |
-5,570 |
-5,510 |
Gross Cash |
4,904 |
3,827 |
Gross cash ex-infrastructure |
4,156 |
3,301 |
Gross cash infrastructure |
748 |
526 |
Total net financial position |
-3,463 |
-4,266 |
CORPORATE CREDIT RATING
AGENCY |
RATING |
OUTLOOK |
S&P |
BBB |
Estable |
Fitch Ratings |
BBB |
Estable |
EX-INFRASTRUCTURE DEBT MATURITIES
YEAR |
CORPORATE DEBT MATURITIES |
2018 |
541 |
2019 |
79 |
2020 |
5 |
2021 – 2031 |
2.100 |
2031 – 2041 |
0 |
>2041 |
8 |
Following the close of 2017, in January 2018, of the EUR541mn that mature in 2018, EUR500mn have already been amortized (five year bond with a 3.375% coupon).