FCC's consolidated accounts for 2012 reflect a large extraordinary writedown due the impact of the crisis on some of its areas of activity. The company ended the year with a loss of 1,028 million euro. These results mark the end of one phase and the beginning of another, under a new strategic plan.

Tomorrow, FCC Vice-Chairman and CEO Juan Béjar will give a presentation to analysts on the basics of the plan: a focus on strategic businesses (environmental services, infrastructure and water), a significant reduction of debt, adaptation of the group to the current conditions in the markets where it operates, and a recovery in recurring operating income to ensure stable returns for shareholders. Said Mr Béjar, "We will work tirelessly on repositioning and adaptation to leverage FCC Group's long-standing strengths."

The writedowns and restructuring provisions recognised in 2012 amount to 1,146 million euro. Of that figure, 300 million euro correspond to operating losses in construction activities in Central and Eastern Europe, grouped under Alpine.

The strategic reorganisation and the withdrawal from specific Construction and Cement markets, together with other non-recurrent losses, led to restructuring provisions of 204 million euro. Additionally, losses due to writedowns on equity-accounted affiliates (Realia and Globavía) and discontinued businesses (FCC Energy) totalled 372 million euro, and another 352 million euro corresponds to impairment of goodwill at several companies.

Consolidated revenues amounted to 11,152 million euro, evidencing the effects of the Construction area's reorganisation and withdrawal from certain markets in Central and Eastern Europe, together with the decline in the area's activity in Spain. Excluding the revenues from the areas affected by the adjustments, growth outside Spain would have totalled 8.4% in the areas of Environment, Cement and Versia.

Strength in Environmental Services

EBITDA totalled 753 million euro in 2012, i.e. 40% less than in 2011, due mainly to the impact of the 300 million euro in exceptional losses and provisions at Alpine resulting from the discontinuation and progressive withdrawal from certain contracts and markets, mainly in Eastern Europe.

Excluding the net effect of writedowns at Alpine, FCC Group EBITDA would have amounted to 971 million euro, i.e. a decline of 22.7%, due mainly to weak Construction and Cement demand in Spain. However, that figure does not yet reflect the positive effect of the operating restructuring plan implemented in Cement in the second half of the year.

Additionally, the Environmental Services area, which is increasingly important, significantly expanded its contribution to overall operating profit, although this effect was due to non-recurrent losses in the Construction area. This area has very consistent EBITDA (683 million euro).
Interest-bearing debt, which was also affected by the one-off restructuring process, increased by 494 million euro in the year, to 7,087 million euro at 31 December 2012.

The Group's backlog shrank by just 2.9% Amounting to almost 25 billion euro, the backlog is equivalent to two and half years' of billing.

KEY FIGURES (million euro)