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Grupo FCC: Net Profits up by 14.6%


Grupo FCC: Net Profits up by 14.6%

· Substantial increase in sales margins

· Cash flow rose by 15.4%

· Construction portfolio valued at 4,018,000,000 euros, an increase of 13.2%

The revenues of Grupo Fomento de Construcciones y Contratas, S.A. (FCC) during the first nine months of 2004 totalled 4,631,900,000 euros, which represents an increase of 3.5% in comparison to the same period last year. This increase comes as a result of the evolution of the Group's activities in Spain. (+4.5%).

Turnover by Activity (in millions of euros)
  Sep-04 Sep-03 % change
Services 1.621,9 1.539,0 5,4
Construction 2.220,1 2.173,3 2,2
Cement 672,6 652,8 3,0
Other 203,1 188,4 7,8
Intragroup Eliminations (85,8) (79,5)  
TOTAL 4.631,9 4.474,0 3,5

The portfolio of construction work and services on order as of 30 September 2004 was a record 16,176,600,000 euros, which represents a 3.9% increase over the same date in 2003. Within this portfolio, the part referring exclusively to the Group's construction activity is notable for its growth of 13.2% to 4,018,300,000 euros. This figure represents an increase of more than one month's business compared to the same figure last year.

The gross operating profit (EBITDA) was 617,200,000 euros with an increase of 5.1% compared to the first three quarters of 2003. This growth represents a rise in the sales margin of 0.2%, bringing it to 13.3%.

The profits before taxes grew by 8.6% to 432,900,000 euros and the net profit, after deducting taxes and minority shareholders, was 265,800,000 euros, 14.6% more than the same period last year. This increase raised the net production margin by 0.5%, to 5.7% compared to its previous 5.2%.

Cash flow increased by 15.4% to 538,700,000 euros.

During the first nine months of the year the companies of the FCC Group made financial and fixed asset investments in the amount of 343,100,000 million euros.