FCC's revenues in the first nine months of 2008 amounted to 10.857 billion euro, an increase of 6% on the same period of 2007.

FCC's internationalisation strategy continues to prove successful; international revenues now account for 41.2% of the total, compared with 36% last year and 13% two years ago. Continental Europe accounted for 71% of international business, the UK for 14% and the USA for 6%.

The degree of internationalisation of each of the business areas is as follows:

• Services: 37.4%
• Versia: 30.6%
• Construction: 48.1%
• Cement: 27.2% 
• Realia: 17.4%

Those international revenues were attained despite the adverse currency effect: the pound sterling depreciated by 13.4% against the euro in the period, affecting Services in particular, and the US dollar depreciated by the same percentage, which had an impact particularly on the Cement business.

The backlog of works and services amounted to a record 36.248 billion euro at 30 September 2008, 11.1% more than at 30 September 2007.

Environmental Services

Environmental Services (waste collection and elimination, street cleaning, water management, industrial waste treatment, etc.) increased revenues by 3.5% due to growth in Spain (+4.5%), while international revenues were negatively impacted by the depreciation of the pound sterling against the euro. Nevertheless, international revenues accounted for 37.4% of the total. Over half of international revenues were generated in the United Kingdom, where FCC is the leading municipal waste manager.

Versia

This company, which covers non-environmental municipal services, experienced a 3.5% decline in revenues. The main reason for the decline was the sale of the bus company in November 2007, coupled with the impact of the truckers' strike in June, which had a considerable negative effect on the logistics business. Urban Furniture continued to expand internationally, obtaining 97.1 million euro in total revenues; the New York contract contributed 18.9 million euro.

Construction

The Construction division experienced 14.5% growth, due particularly to 38.3% growth in the international area, which now accounts for 48.1% of the division's total revenues. The contraction in business in Spain improved to -1.22% (from -6.1% in the first half and -16.6% in the first quarter), in line with the slight improvement projected for the full year.

This division's international presence is concentrated mainly in Europe, which represents 92% of the total; Austria alone accounts for 48% due to subsidiary Alpine, which contributed 2,552.8 million euro in revenues in the first nine months of 2008 (39.7% more than last year).

Cement

Consolidated revenues decreased by 17.6% as a result of poor performance in Spain, where sales fell by 20.3% as a result of the sharp cutback in residential building. The international business, which accounts for 27.2% of the total, was impacted by the adverse dollar/euro exchange rate and by good performance by consumption and prices in Tunisia, Argentina and Uruguay.

Real Estate

• Realia. FCC has fully consolidated Realia only since June 2007. Revenues declined by 42.3% to 296.5 million euro, broadly as a result of lower land sales (-81.3%), an activity that accounted for 45.2% of total revenues in 2007 (a record year in this area).
  Revenues in the Rental business increased by 17.8% due to the rent increases in the main markets (Madrid and particularly, refurbishment of some office buildings in Paris), higher occupancy (97% in September, vs. 95% a year ago), and the opening of shopping malls in Guadalajara and Murcia (in June).
• Torre Picasso has been fully consolidated since 25 July 2007, after FCC acquired the 20% it did not own. The occupancy rate is very close to 100%.

Infrastructure concessions

Starting in the first half of 2008, Globalvía (GVI) and FCC's other infrastructure concessions are presented together as a separate business area; previously, they were presented as part of the Construction division. Globalvía is proportionately consolidated, in line with FCC's 50% stake.

GVI's assets at 30 September are as follows: Túnel de Sóller (56.5%), Autopista Central Gallega (61.4%), Metro Barajas (100%), Madrid 404 (100%), Concesiones de Madrid (100%), Hospital Sureste (66.7%), Concesiones Aeroportuarias (45%), Aucosta (35.7%), Port sur Castellón (30%), Terminal Polivalente de Castellón (78.7%), Nautic Tarragona (25%), Operador Logístico de Graneles (20%) and Marina Port Vell (7.61%).

Other concessions owned by FCC will be transferred to GVI in the coming months.

Earnings

EBITDA was reduced by 5.1% to 1,433.9 million euro.

EBIT amounted to 881.5 million euro (9.7% lower), while earnings before taxes (EBT) amounted to 545.7 million euro, compared with 1,025.9 million euro in the same period of 2007, which included 258.5 million euro in extraordinary gains on the Realia IPO.

Earnings attributed to equity holders of the parent company amounted to 297.1 million euro, 51.6% less. This reduction is mainly the result of comparison with the gain from the Realia IPO in 2007 (this accounts for 71% of the decline) and, to a lesser extent, of the reduction in EBIT and higher interest costs on financing acquisitions by the Group.

At 30 September, net financial debt amounted to 9,631.3 million euro, i.e. 1,663.9 million euro more than at the end of 2007. Debt increased mainly because of net investment in the period totalling 1,192.4 million euro (53% in environmental services and alternative energy projects) and, to a lesser extent, of the increase in working capital needed to finance growth in revenue.

Environmental services and general services (Versia) are the main sources of debt, accounting for 49.9% of the total, mainly to finance stable long-term public service concessions and contracts. Debt attributable to infrastructure concessions (including the 50% stake in Global Vía) amounted to 579.1 million euro (6% of the total), associated with very long-term concession projects.

At the end of the third quarter, 29.9% of total net debt was without recourse.

Pro-forma earnings.

Between January and May 2007, FCC carried its 49.16% stake in Realia by the equity method. After Realia's IPO in June 2007, FCC's 28.34% stake was fully consolidated.

To facilitate comparison, 2007 pro-forma data were obtained by making two adjustments:

     - Full consolidation of the 28.34% stake in Realia.
     - Elimination of the extraordinary gain on the sale of the stake in Realia in the June 2007 IPO.

Under this homogeneous comparison, revenues would have increased by 3.2%, EBITDA would have declined by 13.9%, EBIT would have been 21.21% lower, and net profit attributed to the parent company would have been 23.5% lower.