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Net profit up 41.8%

14/11/2006

Net profit up 41.8%

  • International revenues increased by 68.4%
  • Capital expenditure amounted to more than 4,445 million euro

The Fomento de Construcciones y Contratas, S.A. (FCC) Group obtained 6,368.1 million euro in revenues in the first nine months of 2006, a 24.4% increase on the same period of 2005.

International revenues increased by 68.4% and now represent 13% of total Group revenues (9% in 2005).

All of FCC's strategic areas registered over 20% revenue growth due to good business performance and the effect of investments under the Strategic Plan.

Breakdown of revenues by business(million euro)
  30/09/06 30/09/05 % change  
Construction 2,889.8 2,393.0 + 20.8  
Environmental services 1,882.9 1,499.4 + 25.6  
Versia 623.9 509.4 + 22.5  
Cement 1,027.1 736.3 + 39.5  
Torre Picasso 14.6 13.6 + 7.7  
Intragroup eliminations (70.3) (34.3)    
Total 6,368.1 5,122 + 24.4  

EBITDA totalled 947.5 million euro, a 32.5% increase on the first nine months of 2005. As a result, the EBITDA margin increased to 14.9% (from 14%).

Cement
Breakdown of EBITDA by business (million euros)
  30/09/06 30/09/05 % change  
Constructión 177.4 137.0 + 29.5  
Environmental services 324.6 244.5 + 32.8  
Versia 77.3 74.6 + 3.6  
349.3 237.6 + 47.0  
Torre Picasso 12.4 12.0 + 3.1  
Other 6.6 9.6 - 31.7  
Total 947.5 715.3 + 32.5  

Earnings before taxes (EBT) rose by 32.9% to 670 million euro, assisted by good performance at equity-accounted affiliates (notably Realia, which contributed 48.9 million euro).

Deducting taxes and minority interests gives net profit, which amounted to 401.6 million euro, 41.8% more than in the same period of 2005.

Funds from operations amounted to 954.5 million euro, a 35.9% increase.

The backlog of works and services at 30 September 2006 was a record 23,540 million euro, 23.7% more than at 30 September 2005.

In the first nine months of 2006, the FCC Group companies invested 4,445 million euro, nine times the 9M05 figure.

In the first nine months of 2006, the FCC Group's workforce averaged 72,148 (vs. 66,441 in 9M05); the Group had 75,811 employees at 30 September 2006.