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FCC obtains 40.1 million euro net profit in the first nine months of the year


FCC obtains 40.1 million euro net profit in the first nine months of the year

  • Revenues from outside Spain expanded by 6.6% and accounted for 57% of the total
  • Net interest-bearing debt declined by 10.6% year-on-year


FCC obtains 40.1 million euro net profit in the first nine months of the year

Madrid, 12 November 2012. FCC obtained net profit of 40.1 million euro in the first nine months of 2012, i.e. 77.5% less than in the same period of 2011, due to the sharp decline in infrastructure activity and cement consumption in Spain and to the global economic crisis. Despite these difficulties, FCC made progress with its internationalisation process and its commitment to reducing debt.

The ongoing internationalisation process is evident in revenues from outside Spain, which amounted to 4.689 billion euro in the first nine months of the year, i.e. an increase of 6.6% on the same period of 2011. That figure accounts for 57% of total Group revenues, which amounted to 8.227 billion euro in the period, down 3.7% year-on-year.

The Environmental Services and Water businesses, which are recurrent in nature, expanded revenues by 3.2% while EBITDA remained practically stable, representing 64.8% of the Group total. Group EBITDA amounted to 777 million euro, i.e. 18.5% less than in 9M11.

This item declined by less than in the first half of the year, due to the combination of lower construction demand in Spain and the impact of a strategic plan to increase the profitability and results of international construction projects, which included a notable reorganisation of markets and led to a temporary decline in revenues and earnings.

Debt reduction is another strategic commitment on which the Group has made progress. At 30 September, net financial debt amounted to 7.241 billion euro, i.e. down 10.6% year-on-year. The assets and liabilities corresponding to FCC Energy have been designated as "discontinued operations" since September 2011 and are classified under assets and liabilities available for sale. The assets and liabilities corresponding to Giant Cement (the cement area's main company in the US) have been reclassified as continuing operations.

Main milestones

The California Transportation Commission awarded a contract to design and build a replacement for the Gerald Desmond Bridge in the Port of Long Beach (Los Angeles) to a joint venture including FCC (145 million euro in attributable revenue). FCC, the Citizen Services Group, also reinforced its leading position in railway works in 2012. Adif, Spain's national railway infrastructure company, awarded the company new contracts worth a total of more than 123 million euro. These include a section of the north-northwest high-speed rail corridor, for 97.8 million euro, and the first phase of the new high-speed railway station in Girona, for 25 million euro.

Other notable contracts obtained in previous quarters include several adjudications in Algeria totalling more than 2 billion euro; the construction of two tunnels and the Highway 407 station on the Toronto subway (Canada) for 269 million euro; three sections of Romania's Simeria Braşov line for 830 million euro in total; Olsztyn tramway (north of Warsaw) for 62.5 million euro; and a rail-road project awarded to Alpine for 170 million euro.

Aqualia is the first Spanish company to be awarded a water management contract in Abu Dhabi (UAE). This contract includes the operation and maintenance of more than 2,400 km of sewers, 68 wastewater pumping stations and 19 wastewater treatment plants in the city of Al Ain. Buckinghamshire (UK) awarded FCC Environment a 30-year waste management services contract worth 350 million euro.

Key figures

(millon euro) 2012 2011 Chg. (%)
Net sales 8.227 8.544 -3,7%
EBITDA 777 953 -18,5%
EBIT 329 482 -31,7%
Income attributable to equity holders of the parent company 40,1 178,1 -77,5%