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FCC continues its restructuring after losses of 11.9 million euros in the first semester


FCC continues its restructuring after losses of 11.9 million euros in the first semester

Revenues grew 6.5%, up to 3,161.7 million due to the positive development of international business and despite the drop of 9.5% in construction business in Spain


The Ebitda reaches 369.7 million, 3,1% less than in the first semester 2014


FCC continues its restructuring after losses of 11.9 million euros in the first semester

FCC reduced its losses in the first half of the year to 11.9 million. These results are conditioned by the 71.1 million loss from discontinued operations related to the deterioration in value of Cemusa, whose sale is planned for the second half of the year. 

In the first semester, the highlight is the evolution of revenues, an increase of 6.5% over the same period of 2014, up to 3,161.7 million euros. This growth is supported by the international business, whose turnover increased 18.7%, led by the areas of Water and Environment. This is coupled with the recovery in sales of cement in Spain (with an increase of 12.3%) after six years of continuous declines. Meanwhile, revenue in Spain in the Construction area still yielded 9.5% year over year, while the progress of large international projects made up an increase of 16%.

This behaviour in the areas of Environment and Water causes the gross operating profit (EBITDA) to reach 369.7 million euros, 3.1% less than in 2014, affected by lower exceptional income from the sale of CO2 measured in Cement in the first half of 2014. In fact, Environment and Water already generate 82.5% of total EBITDA.

Net financial debt as of June 30 amounted to 5809.8 million euros, an increase of 793.8 million euros compared to the end of 2014, mainly due to seasonal working capital expansion, the sorting long term current financial assets in the area of Construction already made in the first quarter, and the negative impact of the exchange rate (72 million euros). Compared to June 2014, net debt was reduced by 605.1 million, representing a decrease of 9.4%.


FCC Environment achieved contracts in Spain worth 670 million euros
The area of environmental services has contracted an amount of 670 million euros in renovations and new contracts in Spain during the first semester. This volume has been obtained in parallel with the renewal given in local government and demonstrates the strength and quality of service offered by the Group's core business. Among the most important contracts is the collection of waste and sewage in Vitoria and Barcelona.

FCC will build Line 2 of the Panama Metro
A consortium in which FCC participates has been awarded the design and construction of Line 2 of the Panama City Metro, for a total amount of 1,650 million euros. The work will have 16 stations and 21 kilometres of elevated track in the east of the capital. This contract joins other large civil engineering works in development in the railway and tunnel sector, as well as those already implemented in Panama, such as the first metro line, operational since last year. Thus, the period of guaranteed income for the work portfolio at the end of June amounts to 2.9 years. FCC has also reinforced its presence in Chile with new road infrastructure contracts for a combined amount of 98 million euros.


KEY FIGURES (millions of euros) 1S 2015

% EBITDA by Business Area 1S 2015