- Strong increase in sales margins
- Cash flow rose by 35%
- Construction portfolio valued at 19,023,000,000 euros, an increase of 17.6%
The revenues of Grupo Fomento de Construcciones y Contratas, S.A. (FCC) during the first nine months of 2005 totalled 5,117,400,000 euros, which represents an increase of 9.4% in comparison to the same period last year.
International sales were up by 13.3% and accounted for 9.6% of the Group's total revenues.
Revenues by Activity(in millions of euros) | | Sep-05 | Sep-04 | % change |
| Services | 2.008,8 | 1.710,3 | 16,9 |
| Construction | 2.393 | 2.295,4 | 4,3 |
| Cement | 736,3 | 676,8 | 8,8 |
| Torre Picasso | 18,4 | 16,3 | 12,9 |
| Write-offs Intragroup | (39,1) | (22,4) | |
| TOTAL | 5.117,4 | 4.676,4 | 9,4% |
The gross operating profit (EBITDA) was 715,000,000 euros with an increase of 15.8% compared to the first three quarters of 2004. This growth represents a rise in the sales margin from 13.2% to 14%.
Ebitda by Activity (in millions of euros) | | % OF SALES |
| | SEP-05 | SEP-04 | %Change | %Margin |
| Construction | 137 | 123,5 | 4,3 | 5,7 |
| Services | 319,1 | 269,2 | 18,5 | 15,9% |
| Cement | 237,6 | 203,5 | 16,7 | 32,3 |
| Torre Picasso | 12 | 11 | 12,9 | 65,2 |
| Other | 9,6 | 10,5 | (8,6) | |
| TOTAL | 715,3 | 617,7 | 15,8 | 14 |
The profits before taxes (EBIT) grew by 18.3% to 504,000,000 euros, and the net profit, aided by the strong performance of the companies carried by the equity method, whose revenues were up by 31%. The contribution of Realia, with 47.6 million euros, was noteworthy.
The net profit, after deducting taxes and minority shareholders' portions, was 283.1 million euros, 14.7% more than the same period last year.
The cash flow from operations was 567.6 million euros, an increase of 35%.
The order book as of 30 September 2005 was valued at a record 19,023,000,000 euros, which represents an increase of 17.6% compared to the same date in 2004. The most notable component of the total portfolio is the construction activity, which grew by 18.8% and is valued at 4,772,000,000 euros. This figure represents 18 months of sales. Of the total construction portfolio, 65% corresponds to civil work, 24% to non-residential construction and just 11% to residential construction.
During the first nine months of the year, the companies of the FCC Group invested 473 million euros, 35.1% more than the same period last year. The most significant investments were:
- Grupo Logístico Santos (128 million).
- 8.06% de Cementos Portland Valderrivas (150 million)
- Grupo Marepa (paper recycling) (50 million).
- Grupo Entemanser (water treatment) (75 million).
The net debt decreased to 401 million euros which represents a reduction of 24.4% compared to the previous year.
