(Ferrovial) Other

Risks and Opportunities

Other risks related to climate change are those related to the evolution of the prices of several raw materials and energy. We consider that this risk is strongly related to regulatory decisions.

The prices of several raw materials and energy could affect the heavy construction business, by increasing production costs. Energy prince, in particular fuel and kerosene, could have an impact on the activity of some of our main customers and users, such as airlines. Higher production costs for airlines would have an impact on air traffic and passengers, which are the main sources of revenues at BAA. Moreover, a significant increase in fuel prices could also affect toll road traffic, reducing the revenues of Ferrovial, BAA and Cintra.