Net profit increased by 38%
Net profit increased by 38%
- Revenues totalled 13,880 billion euro (+46.4%).
- International revenues increased three-fold and account for 36% of the total.
- EBITDA increased by 47.2%.
- Construction accounted for 50% of revenues and 17.5% of EBITDA.
- Services accounted for 34% of revenues and 41% of EBITDA.
Fomento de Construcciones y Contratas, S.A. (FCC) obtained revenues amounting to 13,880.6 million euro in 2007, a 46.4% increase over the previous year.
This increase in revenue is due to organic growth and consolidation of companies acquired in 2006 (WRG, Alpine, Uniland, SmVAK, Lemona and Flightcare Italia). All strategic areas attained double-digit growth.
Overseas revenue accounted for 36% of the total (4.996 billion euro), triple the 2006 figure. The areas with the greatest proportion of overseas revenue are Construction (41%) and Environmental Services (36%). Of the total international revenues, 83% were obtained in Europe and 5% in the USA.
|SALES||% OF SALES|
|DEC-07||DEC-06||% CHANGE||% of sales DEC-07|
New contracts in 2007 totalled 13.447 billion euro (+23%) and the backlog of pending projects as of 31 December was 33.148 billion euro, 8% more than at the end of 2006.
Environmental Services attained 32.3% growth in revenues and increased the profitability of all of its activities, especially overseas, where 36% of its projects are based. The breakdown of revenues is as follows:
- Urban sanitation: 1,445.9 million euro (+9.1%).
- Water: 827.8 million euro (+16.3%).
- International: 1,278.9 million euro (+101.4%).
- Industrial waste: 200 million euro (+22.5%).
Versia, which covers non-environmental services, increased revenues by 10.8% to over 960.8 million euro:
- Logistics: 340.6 million euro (+2%).
- andling: 258.4 million euro (+40.0%).
- Urban Furniture 136.3 million euro (14.7%).
- Car parks: 74.8 million euro (+3.7%).
- Maintenance and Systems: 50 million euro (-13.2%).
- Vehicle testing: 47.3 million euro (+6.3%).
- SVAT: 24.6 million euro (+1.5%).
Construction experienced 58.3% growth in 2007, with revenues totalling
6.957 billion euro. Other countries accounted for 41.2% of business, especially Central and Eastern European countries such as Germany, Austria and Switzerland.
FCC's Austrian subsidiary, Alpine, contributed 2,595 million euro, of which 1,752.5 million come from civil engineering, 604.6 million from non-residential building and 238 million from residential building.
The overall breakdown of Construction revenues by project type is as follows:
- Civil engineering: 63.6%.
- Non-residential building: 24.7%
- Residential building (homes): 11.7%
The Construction backlog as of 31 December is 9.075 billion euro, broken down as follows:
- Civil engineering: 69.5%.
- Non-residential building: 21%
- Residential building (homes): 9.5%
Cementos Portland Valderrivas, S.A. attained 1,888.7 million euro in revenues in 2006, a 28.8% increase.
The results of Cementos Lemona and Corporación Uniland, which were integrated from their acquisition dates in 2006 (March and August, respectively), were consolidated for the full year in 2007.
In Spain revenues totalled 1,430.7 million euro, up 28.5% from 2006, while international revenues amounted to 458.1 million euro, up 29.8% from 2006.
Sales of cement and clinker increased in all countries, particularly in Tunisia, Argentina, Uruguay and the United Kingdom, and the US market also performed well despite the deceleration in the second half of the year.
Prices also performed satisfactorily in the various markets, and in some cases improved with respect to the first half. The largest price increases were in Spain, the US, Tunisia, Argentina and the United Kingdom.
- FCC carried Realia by the equity method until the IPO on 6 June 2007. Since then, FCC has fully consolidated RB Holdings Business, the holding company that owns 51% of Realia and fully consolidates it. Revenues increased by 3.1% to 751.6 million euro, supported by the rental business (+32%) and rotation of land (+70%).
- Torre Picasso has been fully consolidated as of 15 July, having acquired the 20% it did not own. Revenues totalled 21.8 million euro, an 11.5% increase.
EBITDA totalled 2,042.1 million euro, i.e. 47.2% year-on-year growth, and the EBITDA margin was 14.7%, 0.1 points more than in 2006.
Breakdown of EBITDA by business (million euro)
|Importe||% Total||% Margen sobre ventas|
EBIT increased by 47.4% to 1,299.4 million euro and the EBIT margin rose to 9.4% due to the good performance of environmental services.
Earnings before taxes (EBT) amounted to 1.270 billion euro, a 43.2% increase.
Earnings attributed to equity holders of the parent company, after deducting taxes and minority interests, amounted to 737 million euro, 38% more than in 2006. The tax rate was 27.5% (31.4% in 2006).
Investments amounted to 1.732 billion euro, of which 1.362 billion euro were for intangible assets and property, plant and equipment, and 370 million euro went towards financial assets.
Net financial debt was 7.967 billion euro, of which 4.846 is with recourse to the parent company and the rest is project finance. Net financial debt with recourse is 2.71 times EBITDA.
As of 31 December, there were 96,137 employees. A total of 3,500 jobs were created in 2006.