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FCC increased EBITDA by 3.4% to 613.3 million euro in the first nine months of 2016

26/10/2016

FCC increased EBITDA by 3.4% to 613.3 million euro in the first nine months of 2016

Gross interest-bearing debt was cut by 1,609.8 million euro with respect to 2015 year-end. Environmental Services and Water maintained their strong contribution, accounting for 79.7% of EBITDA and 84.1% of the backlog.

FCC increased EBITDA by 3.4% to 613.3 million euro in the first nine months of 2016

The FCC Group reported 613.3 million euro in EBITDA in the first nine months of 2016, a 3.4% increase. The EBITDA margin increased to 14%, from 12% in the same period of 2015.

EBIT was negative in the amount of €44.4 million in the first nine months of 2016, contrasting with €273.9 million in the same period of 2015. This change is attributable to a 299.9 million euro impairment in the Cement division because of the delay in the expected recovery in demand, particularly in Spain, as a result of the unexpected cutback in public expenditure in the period.

Even though net financial expenses were cut by 22.4% in the period, earnings before taxes were negative in the amount of 182.8 million euro, basically because of the aforementioned impairment of goodwill.

Consolidated group revenues declined by 8.6% in the first nine months to 4,380 million euro, mainly as a result of the steady decline in Construction in Spain, where revenues fell by 36.4% in the first nine months, and also of sterling's depreciation.

The increase in profitability in the Environment and Water businesses was maintained, with margins of 15.5% and 22.8%, respectively; together, these areas accounted for 84.1% of the backlog at 30 September, which provides a high level of visibility and strengthens the prospects for the Group as a whole.

Operating and structural expenses declined by 13.2% year-on-year, enhancing operating profitability.

Gross interest-bearing debt at 30 September 2016 was 1,609.8 million euro lower than at 2015 year-end.

KEY FIGURES(million euro)Revenues:4.380,0(Sept 2016);4.792,4(Sept 2015),Change -8,6% -EBITDA: 613,3(Sept 2016);593,4(Sept 2015);Change 3,4%- Income attributable to equity holders of the parent company: 179,4(Sept 2016); 13,6(Sept 2015)- Net interest-bearing debt: 4.176,7(Sept 2016); 5.473,6(Dic 2015);Change -23,7% - Backlog: 30.556,4%(Sept 2016); 32.499,7(Dic 2015); Change -5,9%

Revenues by region: Latin America 5,3%; UK 15,4%; Spain 51,7%; Middle East and North Africa 11,7%; Central Europe 8,8%; U.S.A and Canada 4,8%; Others 2.3%

EBITDA by Business Areas: Corp.Services 2,7%; Constructión 5,5%; Cement 12,1%; Envir. Services 51,9%; Water 27,8%

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