FCC ended the first quarter with a net loss of €16.7 million due to the negative impact of discontinued operations (-€7.3 million from completing the sale of Globalvía), extraordinary provisions in the Construction area (€9.1 million) and translation losses (€10.9 million). Adjusting for these extraordinary effects, net profit in the period would have been positive in the amount of €10.6 million despite sharp contraction in the construction industry.

A lower level of activity in the Construction area resulted in a 6.8% decline in revenues to €1,382.1 million. International activities expanded to account for 47.8% of total revenues.

EBITDA amounted to €153.6 million, 9.3% less than the previous year due mainly to the extraordinary provisions booked in the Construction area and to the completion of projects.

Environmental activities (Services and Water) contributed 91.3% of EBITDA, which lends a high degree of stability and visibility to the income statement as a whole and to cash flow.

The capital increase approved by the Board of Directors of FCC, S.A. on 17 December 2015 was completed in the first quarter of 2016. The transaction, amounting to €709.5 million, was carried out and registered on 4 March 2016, having been almost fully subscribed for in the ordinary subscription period. The new shares, which have identical rights to the pre-existing shares, were listed on 7 March. The capital increase further enhanced the FCC Group's capital structure.

Net financial debt was reduced by €771.7 million with respect to the end of 2015 due to the capital increase performed in March and also to containment of costs and capex, the sale of Globalvía (the stake in which was derecognised as an asset available for sale), and measures to protect and enhance cash flow.

At the end of the quarter, the order book stood at €32,385 million, practically in line with the 2015 year-end figure of €32,500 million.

Net financial expenses increased by 8% year-on-year to €93 million in the quarter due to lower financial revenues and greater discounting of financial provisions. The amount in the period included €6.3 million of capitalised interest accrued on Tranche B of the corporate syndicated loan, with no effect on cash flow.

This item does not reflect the impact of the Dutch auction process agreed with most of the institutions holding Tranche B bank debt. This transaction was completed on schedule in April and will be reflected in the second quarter results.