* EBITDA excludes contribution from projects but it includes EBITDA from Services.
** WC evolution includes the impact from IFRS16 (-EUR72mn).
***Ferrovial’s net cash position includes Budimex’s net cash position at 100% that reached EUR553mn in 2021 and EUR667mn in 2022.
(*) In 2022, ex-infrastructure debt includes outstanding ECP (Euro Commercial Paper), which at December 31st, 2022, had a carrying amount of EUR696mn (1.82% average rate).
Net cash position ex-infra projects: stood at EUR1,439mn in December 2022 vs EUR2,182mn in December 2021. The main drivers of this change were: