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FCC: Net Profit increased by 40,7

11/05/2006

FCC: Net Profit increased by 40,7

Fomento de Construcciones y Contratas, S.A. (FCC) obtained 1,819.2 million euro in revenues in the first quarter of 2006, a 19.2% increase on the same period of 2005.

All strategic areas attained solid growth rates: Environmental Services increased revenues by 21.8%, including strong expansion outside Spain; Versia's revenues increased by 51.9% due to strong organic growth in all lines of business plus the consolidation of Grupo Logístico Santos; Construction, still the largest revenue source, expanded by 9.9%; and Cement increased revenues by 39% due to strong performance in Spain and the United States.

International revenues increased by 46.2%, boosted by the recent acquisition of Austrian waste management company ASA and strong performance by the cement subsidiaries in the US, and now represent 11% of the Group total.

Breakdown of revenues by business (million euro)
  31/03/06 31/03/05 % change % of revenues
Environmental Services 554,0 454,9 21,8 30,5
Versia 190,0 125,1 51,9 10,4
Construction 814,8 741,1 9,9 44,8
Cement 278,2 200,2 39,0 15,3
Torre Picasso 4,6 4,0 15,0 0,3
Intergroup -22,3 1,5    
TOTAL 1.819,2 1.526,8 19,2 100

A large volume of new contracts boosted the works and services backlog to a record 22,080.2 million euro at 31 March, 24.6% more than at the same date in 2005.

Earnings

EBITDA increased by 26.3% to 248.2 million euro and the EBITDA margin was 13.6%, up from 12.9% in 1Q05.

Breakdown of EBITDA by business (million euro)
  31/03/06 31/03/05 % change % of revenues
Environmental Services 85,3 71,5 19,3 15,4
Versia 20,8 18,6 11,8 10,9
Construction 49,8 42,0 18,6 6,1
Cement 91,0 57,4 58,6 32,7
Torre Picasso 4,1 3,6 13,9 87,7
Other -2,8 3,5    
TOTAL 248,2 196,5 26,3 13,6

EBIT rose by 36.3% to 168.7 million euro, giving an EBIT margin of 9.3%, up from 8.1% in the first quarter of 2005.

Earnings before taxes (EBT) amounted to 183.8 million euro, a 39.8% increase.

Income from equity-accounted affiliates totalled 21 million euro, a 25% increase due to excellent performance by Realia, whose net profit grew 35.4%.

Earnings attributed to the parent company amounted to 113.8 million euro, 40.7% more than in 1Q05.

Capital expenditure in the first quarter amounted to 578.2 million euro, 4.5 times the figure in 1Q05.

At 31 March, the Group had 68,811 employees, nearly 5,000 more than at the same date in 2005.