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Grupo FCC: Net Profits up by 14.7%

15/11/2005

Grupo FCC: Net Profits up by 14.7%

  • Strong increase in sales margins
  • Cash flow rose by 35%
  • Construction portfolio valued at 19,023,000,000 euros, an increase of 17.6%

The revenues of Grupo Fomento de Construcciones y Contratas, S.A. (FCC) during the first nine months of 2005 totalled 5,117,400,000 euros, which represents an increase of 9.4% in comparison to the same period last year.

International sales were up by 13.3% and accounted for 9.6% of the Group's total revenues.

Revenues by Activity(in millions of euros)
  Sep-05 Sep-04 % change
Services 2.008,8 1.710,3 16,9
Construction 2.393 2.295,4 4,3
Cement 736,3 676,8 8,8
Torre Picasso 18,4 16,3 12,9
Write-offs Intragroup (39,1) (22,4)  
TOTAL 5.117,4 4.676,4 9,4%

The gross operating profit (EBITDA) was 715,000,000 euros with an increase of 15.8% compared to the first three quarters of 2004. This growth represents a rise in the sales margin from 13.2% to 14%.

Ebitda by Activity (in millions of euros)
  % OF SALES
  SEP-05 SEP-04 %Change %Margin
Construction 137 123,5 4,3 5,7
Services 319,1 269,2 18,5 15,9%
Cement 237,6 203,5 16,7 32,3
Torre Picasso 12 11 12,9 65,2
Other 9,6 10,5 (8,6)  
TOTAL 715,3 617,7 15,8 14

The profits before taxes (EBIT) grew by 18.3% to 504,000,000 euros, and the net profit, aided by the strong performance of the companies carried by the equity method, whose revenues were up by 31%. The contribution of Realia, with 47.6 million euros, was noteworthy.

The net profit, after deducting taxes and minority shareholders' portions, was 283.1 million euros, 14.7% more than the same period last year.

The cash flow from operations was 567.6 million euros, an increase of 35%.

The order book as of 30 September 2005 was valued at a record 19,023,000,000 euros, which represents an increase of 17.6% compared to the same date in 2004. The most notable component of the total portfolio is the construction activity, which grew by 18.8% and is valued at 4,772,000,000 euros. This figure represents 18 months of sales. Of the total construction portfolio, 65% corresponds to civil work, 24% to non-residential construction and just 11% to residential construction.

During the first nine months of the year, the companies of the FCC Group invested 473 million euros, 35.1% more than the same period last year. The most significant investments were:

  • Grupo Logístico Santos (128 million).
  • 8.06% de Cementos Portland Valderrivas (150 million)
  • Grupo Marepa (paper recycling) (50 million).
  • Grupo Entemanser (water treatment) (75 million).

The net debt decreased to 401 million euros which represents a reduction of 24.4% compared to the previous year.