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FCC: Operating profit increased by 51.9%

09/05/2007

FCC: Operating profit increased by 51.9%

  • Revenues rose by 64.5%
  • International revenues surged 336%

 

FCC obtained 2.922 billion euro in revenues in the first quarter of 2007, a 64.5% increase over the same period of 2006.

International revenues increased by 336% and now account for 28.2% of the total (10.2% in 1Q06) Of the 844.9 million euro in revenues obtained outside Spain, 76% came from Europe and 8% from the USA.

Growth was supported by superb performance in FCC's three strategic areas (construction, services and cement) and consolidation of the companies acquired in 2006 as part of the Strategic Plan.

Excluding the contribution from acquisitions, the company attained 22.8% organic growth.

Breakdown of revenues by business
(million euro)

  31/03/07 31/03/06 % change  
Construction 1.536,4 814,6 88,6  
Servicios 1.005,3 744,0 35,0  
Cement 471,7 278,2 69,6  
Torre Picasso 5,0 4,6 8,6  
Intragroup eliminations (25,9) (22,3)    
TOTAL 2.992,0 1.819,2 64,5  

EBITDA amounted to 377.1 million euro, a 51.9% increase on the first quarter of 2006.

Breakdown of EBITDA by business
(million euro)

  31/03/07 31/03/06 % variación  
Constructión 70,3 49,8 41,2  
Services 150,0 106,1 41,4  
Cement 150,2 91,0 65,1  
Torre Picasso 4,2 4,1 3,4  
Other 2,4 (2,8) N/A  
TOTAL 377,1 248,2 151,1  

Earnings before taxes (EBT) increased by 14.0% to 209.5 million euro, assisted by good performance at equity-accounted affiliates (most notably Realia, which contributed 20.5 million euro).

After deducting taxes and minority interests, net profit amounted to 130.6 million euro, 14.8% more than in the same period of 2006.

Operating cash flow increased by over 62% to 381 million euro due to strong funds from operations and good performance by working capital.

The works and services backlog at 31 March 2007 amounted to 32.819 billion euro, having increased by 48.6% in the last 12 months.

The average workforce in the first quarter of 2007 was 92,534, up from 69,838 last year. The workforce increased by 22,696 employees in the last year.