FCC's quarterly earnings continue to reflect the impact of the write-downs and adjustments contained in the Business Plan In the first nine months of 2013, the Citizen Services group reported a net loss of 675 million as a result of the liquidation of Alpine and value adjustments to its renewable energy assets, together with the costs of the various restructuring processes undertaken in the Group's business areas.

While infrastructure activity slumped in Spain, revenues slowed their decline and amounted to 4.965 billion, 9.8% less than in the same period of 2012. EBITDA amounted to 504 million euro, a decline of 34.9% with respect to the first nine months of 2012.

Nevertheless, although the impact of the restructuring measures is only beginning to be felt, the EBITDA margin improved in all areas, reaching 10.2%, and this steady recovery should continue into 2014. The improvement was particularly notable in the Construction and Cement areas as a result of the initial restructuring measures adopted, which will have a greater impact on earnings in the next few quarters.

Also on the positive side, debt was reduced by 7.2% in just nine months to 6.577 billion euro. That figure is in line with the objectives set in the Business Plan, one of whose priorities is to reduce leverage. This reduction in indebtedness does not yet reflect the expected receipt in the coming months of 300 million euro from divestments that have already been announced, or the first tranche of the Spanish government's Second Supplier Payment Plan.

Meanwhile, the order book expanded by 4,9% to 32.408 billion euro, equivalent to over three years' revenues. The increase is the result of landing major contracts in the areas of water, waste management and construction. However, the backlog does not yet include close to 2,000 million euro in major new contracts such as the construction of lines 4, 5 and 6 of Riyadh metro, or the new bridge over the River Mersey in Liverpool.

Regarding discontinued operations, FCC Energy contributed a net loss of 162.4 million euro due to value adjustments amounting to 225.2 million euro in its portfolio of renewable assets as a result of a series of regulatory changes implemented by the government. An additional 419.9 million euro is due to writing off the investment in Alpine and including its results up to the date of deconsolidation as well as provisions for risks associated with the current liquidation process. The remaining 63.7 million euro is attributable to Versia.

Overall, discontinued activities made a negative contribution of 654.9 million euro in the first nine months, compared with a loss of 124.5 million euro in the same period of 2012.

KEY FIGURES (million euro)