Earnings Labs

Ferrovial SE (FER)

Q1 2020 Earnings Call· Wed, May 13, 2020

$67.70

-0.03%

Key Takeaways · AI generated
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Same-Day

+0.00%

1 Week

+0.00%

1 Month

+2.75%

vs S&P

-6.28%

Transcript

Transcript

Operator

Begoña Morenés: Good afternoon, everybody, and welcome to Ferrovial's webcast to discuss our First Quarter 2020 Financial Results. We hope you and your families are all safe and well in these troubled times. Just as a reminder, both the results report and presentation are available to you in our website. Today's results are not a set of interim accounts as per IAS 34. We'd like to highlight that first quarter financial information included in our report has been impacted by the COVID-19 outbreak, mainly during the second half of March. However, at this stage, given the uncertainty about the speed and extent of the resumption in activity, it's not possible to predict how the health crisis will affect Ferrovial Group's 2020 financial statements, especially in relation to impairment tests of assets, fair value of discontinued activities or provisions for onerous contracts. Ferrovial will continue to monitor closely trading conditions and further evidence on wider economic impacts from COVID-19 pandemic, and will update the market on these impacts accordingly. [Operator Instructions] With this, I'll hand over to Mr. Ernesto López Mozo, Ferrovial's CFO, who will be leading this conference call. Ernesto, the floor is yours. Ernesto López Mozo: Thank you, Begoña, and hello to everybody. Well, starting with the first slide, well, Page 3, actually, we have the overview of the quarter in this unprecedented global health crisis. The operating impact from COVID-19 has really been felt in the second half of March. And the main impact in Toll Roads & Airports and traffic. In Toll Roads the main impact has been on light traffic, and heavy traffic has fallen as well, but has shown more resilience. In Airports, the strong impact, as we said, happened in the second part of March in Heathrow and AGS. In Construction and Services, the…