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FCC records a 4.4% increase in revenue to €4.792 billion due to international activity


FCC records a 4.4% increase in revenue to €4.792 billion due to international activity

  • During the first nine months of the year, the high revenue and adjustments on expenditure contributed to a 2% increase in gross operating profit (EBITDA) to €593.4 million
  • Net financial debt was reduced by €92.3 million as of 30 June 2015 to a total of €5.717 billion.
  • Accumulated losses for the first nine months of the year are €13.6 million.


FCC records a 4.4% increase in revenue to €4.792 billion due to international activity

FCC has taken a further step towards implementing its clean-up strategy, as demonstrated by its results from the third quarter. The first nine months of the year saw FCC, the Citizen Services Group, record losses of €13.6 million, equating to a decrease of 98.3% against corresponding figures from September 2014; which included provisions for €719 million resulting primarily from the decline in revenue from landfill for the environmental services business in the UK.

This improvement to the income statement is based on the positive development of revenue, with a year-on-year increase of 4.4% reaching €4.792 billion. It is driven by a 14.7% increase of activity in international markets where growth of more than double digits in all business areas is reported. Revenue in Spain slipped by 3.4% to €2.5281 billion. This is mainly due to a 14.6% decrease of domestic revenue for FCC Construction as a result of the continuing decline in public investment in infrastructure.

Gross operating profit (EBITDA) increased 2% to €593.4 million due to the positive performance of FCC Aqualia, the water division, and FCC Environment, the environmental services division. Together they now generate 81.4% of the total EBITDA. In September, the EBITDA margin stood at 16%, representing a growth of 68% against the same month of the previous year.

Cumulative figures are reduced by declines in the performance of Cementos Portland Valderrivas, the cement division. This is mainly due to the low sale of CO2 emission rights (€3.9 million for the period against €19.3 million for the same period in 2014), and to a lesser extent, in construction.

The development of financial debt was equally positive with figures in June showing a decrease of €92.3 million to €5.717 billion. However, seasonal growth of floating capital, the negative impact of the type of change and the transfer of current financial assets to the long term, have led to an increase in debt by 14% compared to figures at the end of the 2014 financial year.

In results from continuing operations there has been a reduction of net financial expenditure by 27%, mainly due to the increase of capital raised in December 2014, which in turn reduced debt, even though it still remains high.


3T 2015 Key Figures

3T 2015 Revenue breakdown by region

3T 2015 EBITDA by Business Area