The net turnover for Fomento de Construcciones y Contratas, S.A. (FCC) during fiscal year 2001 rose to 5,173.2 billion euros, which represents a 15.8% increase over the previous fiscal year. These results are a consequence of excellent performance in the Group's three strategic sectors (services, construction and cement).

Of the total turnover figure, 839.1 million euros came from international activities. The significant increase obtained in 2000 was further consolidated, permitting an increase from 10% in 1999 to 16.2% in the last fiscal year.

The Group was awarded many new contracts during the last fiscal year, as attested to by the fact that new contract awards amounted to 5,221 billion euros.

Thanks to these contracts, the portfolio of construction work and services to be carried out at the end of the fiscal year was 13,656 billion euros, equivalent to an annual growth of 12%.

Services. The service area was extremely active in terms of the awarding of numerous contracts and the acquisition of new companies to expand upon and complement the Group's traditional activities.

The most significant growth was seen in the following areas:

* water (+17%), thanks to 120 new contracts signed during the year. * passenger transport (+67%), due to the purchase of Automóviles Portillo which operates on the Costa del Sol. * urban furniture (+23%) as a result of the implementation of the Río de Janeiro contract.

174 new contracts valued at 1,4 billion euros were awarded in urban sanitation and the handling activity was marked by the acquisition of Logística de Mercancías Aeroportuarias, a company that provides cargo handling at airports in Madrid and Barcelona. In 2002, the first cargo and passenger handling license was obtained for the Brussels airport.

An Industrial Waste Division was created to promote this activity and the FCC Group purchased the Grupo Ekonor, S.A., a concern with waste transfer centers located in Valencia, Madrid, Vitoria and Córdoba that treats more than 150,000 tons of waste per year.

Construction. Growth in the construction sector came primarily from the domestic market, principally due to the strength of this sector in Spain and in particular to the execution of the Infrastructure Plan.

The portfolio of work to be performed was 2,947 billion euros, the highest ever in FCC's one hundred year history.

Cement. The turnover in the cement sector in the Spanish market increased by 12.8%, while the sales of factories in the United States grew by 38.5%. The specific weight of international cement activity has increased, now representing 33.5% of the total as compared to 29% the year before.

Profits. The gross operating profit (Ebitda) was 704.4 million euros, which represents a growth of 12.4% and a sales margin of 13.6%.

During the fiscal year in question, 229 million euros were allocated to provisions for depreciation and working capital, a 19% increase over the previous year. The net operating profit (Ebit) was 476 million euros, 9.2% of the turnover.

The ordinary results were 434 million euros, 10.8% more than the year before and 8.4% of turnover. The extraordinary results for 2001 dropped by 35% compared to the year before which did not prevent the Group from obtaining before-tax profits of 470 million euros, compared to 447 million the year before.

The controlling company earned profits of 241 million euros, an 11.8% increase over the previous year.

The Group invested a total of 556 million euros, 31.2% more than in 2000, primarily in the acquisitions of the companies Ekonor and Automóviles Portillo.

As of December, there were 51,996 employees, an increase of 1,954 positions compared to the year before.