Search filter
Tags
Tags
Back

FCC continues on the path to recovery, having cut losses by 78% in the First Quarter

27/04/2014

FCC continues on the path to recovery, having cut losses by 78% in the First Quarter

• Losses were limited to 31 million euro, compared with 140 million euro one year ago
• EBITDA expanded by 72.5% (168 million euro), supported by the increase in operating profitability
• Revenues increased by 2.7% to 1.435 billion euro, despite the ongoing decline in public sector investment in Spain
• The backlog expanded by 1.8% in the period, to 33.446 billion euro

 

FCC continues on the path to recovery, having cut losses by 78% in the First Quarter

FCC, the Citizen Services Group, has started to reap the rewards of its Strategic Plan. The company slashed losses by 78%, to 31 million euro, compared with 140 million euro in the first quarter of 2013.

This positive performance was not limited to the Group's bottom line. EBITDA amounted to 168 million euro, 72.5% more than in the same period last year, attributable to the good performance by all activities, especially Construction, resulting from the incipient effect of adjustments implemented in Spain and the increase in profitability in various international projects.

Revenues also advanced in the first quarter, to 1.435 billion euro, 2.7% more than in the same period of 2013. This improvement is due to the 14.8% increase in international revenues, particularly in the Construction area, which registered 49.3% growth. In Spain, revenues declined by 4.9% due mainly to the negative impact of the sharp adjustment in public spending on infrastructure.

The backlog also performed well, increasing by 1.8% year-on-year, to 33.446 billion euro, due to major new contracts in the Water and Environmental Services businesses.

At 31 March 2014, net interest-bearing debt amounted to 6.205 billion euro, i.e. an increase of 241 million euro compared with the end of 2013, due primarily to the seasonal increase in working capital in the first half of the year.

According to FCC Vice-Chairman and CEO, Juan Béjar: "These quarterly results fulfil the commitments set out in the strategic plan and in the refinancing agreement signerecently with around 30 banks, and show that the Group continues to improve in profitability and competitiveness".

Milestones in the quarter

Main events at FCC, the Citizen Services group, in the first three months of 2014 included:

- Refinancing of 4.512 billion euro in debt.
- The adjudication of two major railway contracts (Doha and Lima metros) for almost 4.5 billion euro.
- Additional progress with the divestment plan, which has raised 1.670 billion euro.
- Conclusion of the Spanish government's Second Supplier Payment Fund, through which FCC collected 71 million euro in the first quarter.

 

KEY FIGURES (million euro)

KEY FIGURES April 2014 (million euro)

 

% Revenues by region_April 2014

 

Images