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Net profit increased by 52.7%

15/11/2007

Net profit increased by 52.7%

  • Over 50% growth in all operating line-items
  • Overseas revenues increased four-fold and now amount to over 3.6 billion euro

 

FCC obtained 10,240.5 million euro in revenues in the first nine months of 2007, 60.8% more than in the same period of 2006.

FCC's international activities have quadrupled and now account for 35.9% of total revenues, up from 13.1% in the same period of 2006.

Of the total international revenues (3,676.3 million euro), 82% were obtained in Europe and 6% in the USA. Construction is the area with the largest exposure to other countries, in both absolute and relative terms (40% of revenues).

VENTAS POR ACTIVIDADES (millones de euros)
    % SOBRE VENTAS
  SEP-07 SEP-06 % VARIACIÓN % sobre ventas SEP-07
Construction 5.064,1 2.889,8 75,2 49,4
Environmental Services 2.830,9 1.882,9 50,3 27,6
Versia 716,5 623,9 14,8 7,0
Cement 1.449,3 1.027,1 41,1 14,1
Realia* 283,9 N/A N/A 2,7
Torre Picasso 15,6 14,6 6,7 0,2
Other (119,8 (70,3) 70,6 (1,0)
TOTAL 10.240,5 6.368,1 60,8 100,0

* Realia has been fully consolidated since 1 June 2007

The backlog of works and services amounted to a record 32,623.4 million euro, 38.6% more than at the end of September 2006.

In the first nine months of 2007, 10,004 million euro in new contracts were obtained, 50% more than in the same period of 2006.

Construction

Construction expanded by over 75% due to dynamic performance in Spain and the addition of Alpine, which has been consolidated since 15 November 2006. Alpine contributed 1,826.7 million euro in revenues.

Excluding Alpine, revenues increased by 12%, supported  by strong performance by civil engineering, which increased revenues by 19.1% to 60.2% of the total. The contribution by residential building in Spain declined to 8.75% of this area's total revenues.

Environmental Services

The Environmental Services division performed well, expanding by over 50%. Deducting the impact of consolidating WRG, SmVAK and the Gonzalo Mateo group, organic growth was 14.6%.

The division's overseas activities tripled: revenues increased from 305.9 million euro in 2006 to 1,047.6 million euro in the first nine months of 2007. UK company WRG, consolidated since October 2006, contributed 638.9 million euro.

Versia

Versia, which covers non-environmental services, increased revenues by 14.8% to over 716.5 million euro. The handling business expanded by 51% as a result of obtaining new licences from AENA in Spain and consolidating Flightcare Italia, while Urban Furniture expanded by 24% due to new contracts such as Málaga and New York.

Cement

Cementos Portland Valderrivas reported 1,449.3 million euro in consolidated revenues in the first nine months of 2007, 41.1% more than in 2006, as a result of consolidating Cementos Lemona and Uniland. Sales of cement and clinker amounted to 13.8 million euro in the first nine months of 2007.  Prices also rose in the markets where Cementos Portland Valderrivas operates, particularly in Spain, the USA, Tunisia, Argentina and the United Kingdom.

Real Estate

. Realia. On the occasion of Realia's flotation on 6 June, its ownership structure was modified, resulting in a change in the method by which FCC consolidates this subsidiary.  Through May, FCC recognised this holding by the equity method; since June, it has been fully consolidated.  Revenues increased by 19.5%. There was a notable 45.8% increase in office rents.

. FCC now fully consolidates Torre Picasso, having acquired the 20% it did not own. Occupancy is 100% and rents average 27 euro per square metre per month.

Earnings

EBITDA amounted to 1,504.5 million euro, a 58.8% increase, and the EBITDA margin was 14.7%.

Ebitda por actividades (millones de euros)
  Importe % Total % Margen sobre ventas
Construction 269,4 17,9 6,1
Environmental Services 530,8 35,3 17,2
Versia 74,6 5,0 12,4
Cement 480,7 32,0 34,0
Realia* 131,4 N/A N/A
Torre Picasso 12,7 2,6 84,6
Other 4,9 0,3  
TOTAL 1.504,5 100 14,7

* Realia has been fully consolidated since 1 June 2007

EBIT increased by 53.3% to 989.1 million euro, while earnings before taxes (EBT) exceeded 1,025 million euro, a 53.13% increase.

Earnings attributed to equity holders of the parent company amounted to over 613 million euro, 52.7% more than in 2006.

Net debt amounts to 8.161 billion euro; the increase since December 2006 is due mostly to full consolidation of Realia (1.946 billion euro). Of the total debt, 38.1% is without recourse to the parent company.

At 30 September, the Group had 98,572 employees, having added 6,007 so far this year.