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FCC's revenue rose 2.2% in 2015 due to growth in international markets


FCC's revenue rose 2.2% in 2015 due to growth in international markets

  • Group turnover was affected by a reduction in infrastructure activity in the Spanish market, resulting in a fall in profits for FCC Construcción
  • Net losses for the Group were 46.3 million euros compared with 724 million in 2014
  • Gross operating profit (EBITDA) was up 1.3% to 814.6 million euros despite the low sale of CO2 emission rights in Cemento - without which profit would have been up 3.5%
  • Environment and Water units accounted for 79.3% of the gross operating profit (EBITDA) and had positive net profit
  • Carlos M. Jarque, executive director and CEO of FCC: "2015 was a year of profound change in the operation, finance and management areas of the Group." 


FCC's revenue rose 2.2% in 2015 due to growth in international markets

FCC Group's revenue was up 2.2% to 6.476 billion euros in 2015. This improvement was due to a 9.8% growth in revenue from international markets, which was seen across all business areas, particularly Water (+39.5%). FCC Industrial, the group’s installation, service and maintenance business, saw revenues rise 7.5%. Its EBITDA was also up 3.8% due to collaboration and exploration of synergies with business across FCC Group.

Conversely, turnover for the Group in Spain fell 3.7% to 3.4078 billion euros. This was mainly due to a 13.4% reduction in domestic revenue for the Construction business as a consequence of the continued fall in domestic infrastructure investment in recent years.

FCC Group has reduced its net losses to 46.3 million euros compared with 724 million euros last year. Had it not been for the impact of discontinued operations and allowances made for the sanitation process, profits would have totalled 35.1 million euros.

Among last year's lines of action, Carlos M. Jarque, executive director and CEO of FCC, said that "we have focussed on working as a Group with synergies in strategic aspects, new structures in different areas and reducing costs." The capital increase of 709.5 million euros approved on 17 December 2015 and the debt write-off negotiated and agreed on of at least 15% of the so-called Tranche B, are among the milestones of 2015.

"These operations will bolster the capital and financial structure of the Group. Furthermore, it will allow us to reduce debt, strengthen Cementos Portland and harness resources for other strategic corporate purposes," added Jarque. He also stated that, "2015 was a year of profound change in the operation, finance and management areas of the Group."

The gross operating profit (EBITDA) for the Group was up 1.3% to 814.6 million euro, despite the impact of low sales of CO2 emission rights in the Cement area. Without the effect of these low sales of rights, the gross operating profit would have been up 3.5%. Savings in Corporate Services also contributed to the increase in EBITDA.

At the year-end, the Environmental Services and full-cycle Water Management businesses accounted for 79.3% of the gross operating profit of the Group. The remaining 20.7% came from cyclical activities linked to infrastructure and building construction.

Net financial debt at 31 December 2015 was 5.4736 billion euros, representing a decrease of 243.9 million on last September and an increase of 457.6 million euros with regard to the year-end 2014. This increase is largely due to the reclassification of long-term financial assets in the Construction area, the effect of the exchange rate on foreign currency denominated debt and the reduction in the cash balance.

As regards the business portfolio, the amount totalled 32.5 billion at year-end 2015, in line with the 32.996 billion at year-end 2014. These figures Group’s represent a continuation of historically high levels seen in recent years. The Water business represents 44.4% of the total portfolio, while Environmental Services represents 36.4%, with Construction the remaining 19.2%.

Milestones of the financial year

Capital increase for the amount of 709.5 million euros.

On 17 December FCC Group's Board of Directors agreed to implement a capital increase of 709.5 million euros at an issue price of 6 euros per share. The aim of the operation was boost the Group's capital structure and reduce financial debt. The Group's two main shareholders, who are both on the Board, committed to subscribing their shares. Similarly, Inversora Carso undertook a commitment to subscribe any amount that did not correspond to other shareholders during the ordinary subscription process. The funds from the capital increase will be received on 4 March 2016.

FCC Aqualia secures its biggest contract ever in Egypt (2.400 million euros)

Last August, an FCC Aqualia-led consortium was awarded the tender for the Abu Rawash treatment plant located in Cairo (Egypt). When the plant is fully operational, it will process 1.6 million m3 of water daily. It will also provide service to 5.5 million people, making it one of the largest treatment plants in the world. Additionally, in this financial year, FCC Aqualia won further important international projects, in line with its strategic objectives. This includes projects in Latin America (Mexico and Chile) and Saudi Arabia relating to treatment plant network set-up and maintenance.

FCC Medio Ambiente awarded a waste recycling contract in Dallas (US) for a period of 15 years.

In November the Environment Services area of FCC was awarded a contract for the construction and operation contract for a waste recycling plant in Dallas. The 15 year contract, extendable for a further 10 years, has an estimated revenue of 270 million euros. This followed the announcement in September last year that FCC had secured a contract for the collection of municipal solid waste in two areas of Orange County (Florida). The 85 million euro contract is for a period of 10 years and will provide a service to 400,000 residents. In Spain, the Environmental Services area turned over an additional sum of around 1,400 million euros over the financial year.

FCC Construcción is leading the consortium for the construction of the 392 million euro Toyo Tunnel

Last October a consortium (with FCC comprising 40%) was awarded the construction project of the Toyo Tunnel and an adjacent section of highway in Colombia for a total of 392 million euros. The award comprises the design, construction, operation and maintenance of the tunnel for a 10-year period. Furthermore, in May last year a consortium that FCC took part in was awarded the contract to design and construct Line 2 of the Panama Metro for a total of 663 million euros.

The sale of Globalvía for approximately 210 million euros

In July, FCC, which owned 50% of Globalvía, agreed with the shareholder of the other 50%, to sell the entire company, amounting to 210 million euro for FCC. The agreement is structured in one payment of 834 million euros, expected to be made in the first half of 2016, and another which could be around 127 million euros, which is payable in February 2017.



(million euro)

Dec. 15

Dec. 14


Net sales

6.476 6.334,1 2,2%
EBITDA 814,6 804 1,3%

EBITDA margin



-0,1 p.p





Income attributable to equity holders of the parent company




Net interest-bearing debt



Portfolio 32.449,7 32.996,5 -1,5%


Revenues by Region 2015