CONSOLIDATED FINANCIAL STATEMENTS 2017. FERROVIAL, S.A. AND SUBSIDIARIES

2.4 GROSS PROFIT FROM OPERATIONS (EBITDA) AND PROFIT FROM OPERATIONS BEFORE IMPAIRMENT AND DISPOSALS OF NON-CURRENT ASSETS

EBITDA at December 2017 amounted to EUR 932 million (December 2016: EUR 944 million), representing a decrease of 1.2% with respect to 2016.

The depreciation and amortisation charge for 2017 is EUR 375 million, compared to EUR 342 million in 2016.

Thus, profit from operations before impairment and disposals of non-current assets at December 2017 amounted to EUR 557 million (December 2016: EUR 602 million), representing a fall of 7.4% with respect to 2016, due mainly to the worsening of the margin of the Construction business.

The directors’ report provides a detailed analysis of the changes in these headings by business.

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