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FCC: Net profit increased by 34%

27/07/2006

FCC: Net profit increased by 34%

FCC obtained 3,963.7 million euro in revenues in the first half of 2006, a 19.8% increase on the same period of 2005.

All strategic areas performed very well: Environmental Services increased revenues by 24%, while expanding rapidly outside Spain; Versia's revenues increased by 26.8% due to organic growth in all lines of business plus the consolidation of Grupo Logístico Santos; Construction, still the largest revenue source, expanded by 14.5%; and Cement increased revenues by 30% due to strong performance in Spain and the United States.

International revenues increased by 56.72% to account for 12% of the Group total, boosted by the recent acquisition of Austrian waste management company ASA and strong performance by the cement subsidiaries in the US.

Breakdown of revenues by business (million euro)
30/06/0630/06/05% change% of revenues
Environmental Services1,196.0964.624.030.2
Versia405.7320.026.810.2
Construction1,781.21,555.414.544.9
Cement614.4472.130.114.3
Torre Picasso9.38.68.10.2
Intergroup-42.9-11.8
TOTAL3,963.73,308.919.8100

A large volume of new contracts boosted the works and services backlog to a record 23,185.3 million euro at 30 June, 23.4% more than at the same date in 2005.

Earnings

EBITDA increased by 28.5% to 583 million euro and the EBITDA margin was 14.7%, up from 13.7% in 1H05.

Breakdown of EBITDA by business (million euro)
30/06/0630/06/05% change% of revenues
Environmental Services194.9148.930,916,3
Versia53,151,23,713,1
Construction109,589,122,96,1
Cement213,7151,541,134,8
Torre Picasso8,17,57,486,6
Other3,75,5
TOTAL583,0453,728,514,7

EBIT rose by 31.3% to over 400 million euro, giving an EBIT margin of 10.1% (9.2% in the first half of 2005).

Earnings before taxes (EBT) amounted to 422.1 million euro, a 30.4% increase.

Results at equity-accounted affiliates totalled 43 million euro, boosted by good performance by Realia, whose net profit grew 18.5%.

Earnings attributed to the parent company amounted to 258.5 million euro, 33.9% more than in 1H05.

Capital expenditure in the first half totalled 984 million euro, 3 times the figure in 1H05.

At 30 June, the group had 75,133 , employees, having created over 5,000 jobs in a year.