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Sales in Excess of 743 billion pesetas and Net Profit up by 21%

22/02/2001

Sales in Excess of 743 billion pesetas and Net Profit up by 21%

The net turnover for Fomento de Construcciones y Contratas, S.A. (FCC) for the year 2000 was 743,382 thousand million pesetas (4,467.82 million of euros), an increase of 16.7% over the previous fiscal year which reaffirms FCC as the leader among Spanish companies in its sector.

The growth rate would have been 19.14% if the global consolidation of Group's real estate activity had continued. Since the first of January, this activity is included using the equity method following the formation of Realia Business, S.A. (50% FCC and 50% Caja Madrid).

Of the total turnover figure, 121,912 thousand million pesetas (732.71 million of euros) pertain to international activity, an increase of 89.2% under this heading.

SALES BY ACTIVITY (in millions of pesetas)
DEC-00 DEC-99 % CHANGE DEC-00 DEC-99
Services 271.125 221.540 22,4 35,9 34,0
Construction 341.867 310.631 10,1 45,3 47,7
Cement 112.027 72.427 54,7 14,8 11,1
Real estate 0 20.626 (100,0) 0,0 3,2
Grucycsa 30.147 26.080 15,6 4,0 4,0
Intragroup (11.784) (14.280) (17,5) (1,6) (2,2)
TOTAL 743.382 637.024 16,7 100,0 100,0

As shown above, all of the Group's activities show double digit growth rates. In particular, service activities grew by 22.4%, with a strong increase in basic city cleaning services and water and urban management services in Spain and abroad.

Also noteworthy was a 54.7% growth in the Cement business thanks to heavy domestic demand and the purchase of the North American company Giant Cement..

The Construction activity was also strong with an increase of 10.1% and record sales figures and project portfolios.

The gross operating profit was 104,274 thousand million pesetas (626.7 million of euros), an increase of 13% over the previous year.

Activity Margins (in millions of pesetas)
Amount Margin Services
Services 42.894 41,14% 15,82%
Construction 16.758 16,07% 4,90%
Cement 40.553 38,89% 36,20%
Grucycsa 1.688 1,62% 5,60%
Other 2.379 2,28% n/a
TOTAL 104.272 100,00% 14,0%

The ordinary profits were 65,206 million pesetas (391.90 million of euros), which represents an increase of 37.7% compared to the year before.

The before tax results grew by 15.7% to 74,388 million pesetas (447.08 million of euros). This growth is particularly relevant when one considers that extraordinary net profits fell by 45.7% to 9,181 million pesetas (55.18 million of euros). This drop is basically due to the fact that the 1999 results included a surplus of 12,000 million pesetas from the sale of treasury stock.

The net profit was 35,874 million pesetas (215.61 million of euros) which amounts to an increase of 21.6% over the previous year. The net sales margin was 4.8% compared to 4.6% in 1999.

These excellent results were accompanied by a 34% decrease in the Group's net debt, which dropped from 84,191 million pesetas (506 million of euros) in 1999 to 55,489 million pesetas (333.5 million of euros) as of December 31, 2000.

The construction and service portfolio was 2.03 billion pesetas, an increase of 17.3% compared to the end of the 1999 fiscal year.

Investments in 2000 amounted to 70,381 million pesetas (423 million of euros). 60% of this figure corresponds to investment in the public services sector thanks largely to the acquisition of companies in Brazil, Colombia, Puerto Rico, Chile and Mexico. Investment in Telecommunications and New Technologies amounted to 4,143 million pesetas (24.9 million of euros).

As of December 31, 2000, the FCC Group employed 50,042 people, with 1,934 new jobs created during the year.