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FCC's net income grows 13.3%


FCC's net income grows 13.3%

The net turnover figure of Fomento de Construcciones y Contratas, S.A. (FCC) in 2002 increased to 5,497.2 million euros, which is a 6.3% increase over last year's sales.

All sectors show positive growth rates as a consequence of strong activity in strategic sectors of the Spanish market: services (+11.26%), construction (+8%), cement (13.9%).

SALES BY ACTIVITY (in millions of euros)
Public services 2.003,5 1.921,4 4,2 35,9
Construction 2.613,1 2.396,0 9,1 46,7
Cement 831,4 791,7 5,0 14,9
Grucycsa 126,3 121,8 3,7 2,2
Torre Picasso 15,9 14,9 6,7 0,3
Intragroup (93,0) (72,5)    
TOTAL 5.497,2 5.173,2 6,3 100,0

Thanks to the high level of registered contracts, the pending works and services portfolio reached the historic amount of 15,299.2 million euros, with an annual growth rate of 11.5%.

Services. In the service sector, the notable growth of national activity compensated for the drop in the international division.

The highest growth rates were seen in:

- Urban transportation (+103.7%), due to the expansion of the consolidation perimeter with the purchase of Transportes Portillo.

- Handling (+45.2%). This increased sales figure is a consequence of the incorporation of the Brussels airport activity in the fourth quarter.

- Waste management (+29.6%) Set up in 2001, this division was already fully operative in 2002 and acquired various businesses throughout Spain.

- Urban Furniture (+17.8%) This growth is primarily due to the start of the Rio de Janeiro and Brasilia contracts.

Construction. This sector obtained new contracts totaling 2,797.8 million euros, which represents an increase of 18% over last year, placing the portfolio at the new record amount of 3,408.9 million euros, which ensures 15.7 months of activity.

Cement. Cementos Portland, S.A. is in the midst of an ambitious industrial investment plan (2003-2005), for an overall sum of 446.7 million euros. The plan is aimed to modernize the company's factories in the United States and Spain in order to make them more efficient, safe and environmentally friendly.

Profits. Gross profit (Ebitda) reached 741.3 million euros, which represents a 5.3% growth rate and a margin over sales of 13.5%.

Activity Margins (in millions of euros)
Amount % Total
Public services 317,4 42,8%
Construction 123,6 16,7%
Cement 272,1 36,7%
Grucycsa 4,8 0,7%
Torre Picasso 14,4 1,9%
Others 9,1 1,2%
TOTAL 741,3 100,0

Gross profit (Ebit) reached 498.1 million euros and makes up 9.1% of sales. Ordinary results climbed to 469.3 million euros, 8.1% more than the previous year and makes up 8.5% of turnover.

Profit before taxes is at 455.3 million euros, 3.1% less than the previous year, due to the fact that in 2001 excess profits were obtained from the sale of a financial participation, which was added to the provisions carried out this year to compensate for the depreciation of the stock portfolio.

Profit attributed to the holding company was 273 million euros, a 13.3% increase over last year.

Investments climbed to 732.7 million euros, a 31.9% increase over 2001."

On December 31, the number of employees was 54,881, with an increase of 2,885 jobs in a year.