Search filter

Revenues remain stable


Revenues remain stable

  • Good performance in services and construction offset cement and real estate earnings
  • International revenues rose from 28% to 37%.
  • The ratios for the first quarters of 2007 and 2008 are not comparable.


FCC obtained 3,263.4 million euro in revenues in the first quarter of 2008, 9.1% more than in the same period of 2007. In like-for-like terms, revenues fell 1.4%.

in the first quarter of 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.

in the first quarter of 2007, FCC consolidated two months (January and February) of the international Environmental Services business due to the process of integrating WRG. The one-month delay was adjusted in the second quarter of 2007, which included four months (March, April, May and June).

For homogeneous comparison, a proforma income statement has been drafted for in the first quarter of 2007 after making two adjustments: full consolidation of 28.34% of Realia in both years, and consolidation of three months of international activity by Environmental Services in 2007.

Activity outside Spain continues to grow and accounts for 37.3% of the total, compared with 28.2% last year, despite appreciation of the euro with respect to the dollar and sterling. Of the total international revenues, 83% were obtained in Europe and 5% in the USA. Construction is the area with the largest exposure to other countries, in both absolute and relative terms (44.6% of revenues).




 DIC-08DIC-07% CHANGE% of sales Mar-08
Environmental Services900.4780.115.427.6
Torre Picasso6.



* Realia has been fully consolidated since 1 June 2007

The backlog of works and services amounted to a record 34.703 billion euro at 31 March 2008, 6% more than at 31 March 2007.

Environmental Services

Environmental Services (waste collection and elimination, street cleaning, water management, industrial waste treatment, etc.) is FCC's fastest-growing division (15.4%); it also improved profitability. Industrial waste management expanded by 34%.


Versia, which covers non-environmental services, increased revenues by 0.5% due to the sale of CTSA, specialised in mass highway transit. Urban Furniture grew by 18.1% due to strong expansion in Spain (new contracts in Madrid, Málaga, and Pamplona) and in the US (New York and Boston).


The construction business grew by more than 5% due to good performance by the international area, which expanded by 57.9%. Outside Spain, FCC operates mainly in Central and Eastern European countries such as Austria, Germany, Croatia, Romania, Serbia and the Czech Republic.


Cementos Portland Valderrivas revenues contracted by 13.2% due to a 15.7% decrease in demand in Spain.

Improvements in international business (23% of sales) are due to good performance by cement consumption and prices in Tunisia, Argentina, and Uruguay. Business in the US was negatively affected by the appreciation of the euro vs. the US dollar (17%).


Real Estate

Realia. Revenues fell by 35.1% due to lower rotation of assets (-86.1%). Rental revenues grew 12.8% due to good performance of prices in Madrid and Paris, a higher occupancy rate and the opening of a shopping mall in Guadalajara, Spain. Revenues in the home-building area fell 43.7% due to strong land sales in the first quarter of 2007. Real estate pre-sales fell 47%.

Torre Picasso. Torre Picasso has been fully consolidated as of 25 July 2007, after FCC acquired the 20% it did not own. The occupancy rate is 100%.


EBITDA totalled 450.9 million euro, i.e. 19.6% growth, and the EBITDA margin was 13.8% (12.6% in 1Q07). In like-for-like terms, there was an 11.4% decline.






Breakdown of EBITDA by business (million euro)
 Amount% of total% Margin
Environmental Services153.134.017.0
Torre Picasso5.41.285.5

*Realia has been fully consolidated since 1 June 2007

Income attributed to the parent company totalled 83.9 million euro (130.6 million euro in 2007), reflecting the fall in earnings at Portland Valderrivas and Realia and the effects of the change in consolidation scope.

Applying the same criteria as for revenues and EBITDA, net attributable profit fell by 29.8%.