The FCC Group's consolidated revenues in the year 2000 will be approximately 710,000 million pesetas, an 11% increase over the previous year. The news was announced today by the company's Chairman, Marcelino Oreja Aguirre, during the General Meeting of Shareholders held in Barcelona.
The before-tax profits will be 60,000 million pesetas, an increase of 28%, and the parent company's profits will be 24,000 million pesetas which represents an increase of 25%. These figures do not include the extraordinary profits earned in 1999 or those which may be earned in the year 2000.
This being his first General Meeting of Shareholders since he took over as FCC's Chairman six months ago, Marcelino Oreja highlighted the decision of Esther Koplowitz to reach an agreement with Vivendi and take control of the company which owns 57% of FCC. 'This decision, added Oreja, was an act of courage, common sense and responsibility which has enabled FCC to be the splendid organization it is today and as such merits the recognition and applause of the entire Group'.
The Chairman of FCC had more words of praise for Vivendi's Chairman, Jean-Marie Messier, 'universally recognized as one of the great business leaders'.
FCC's productive activities are based on two fundamental and strategic pillars: services and construction on the one hand and the cement business on the other. The company will continue to manage and control these activities, since they are consubstantial to the Group's business standards and history.
In addition, FCC will retain control over the real estate business and make financial investments to optimize their value and maintain them in its portfolio as appropriate.
FCC will place special emphasis on the development of services, to which it will allocate a significant amount of the financial resources obtained from divestitures of its construction and real estate holdings.
Provided that the conditions on the stock market are right, the divestment of 49% of FCC Construcción will take place in the fourth quarter of this year. Realia, the real estate company created with Caja Madrid, is expected to be listed on the stock exchange within one year at the latest.
Marcelino Oreja announced FCC's decision to bet heavily on the growth of international activity in the services sector, in connection with which it has created a parity company with Vivendi known as Proactiva Medio Ambiente to manage waste and water treatment services in Latin America.
With respect to investments in other sectors with high growth and revenue potential, FCC has decided to support its interest along with Vivendi as the leading shareholders in Xfera and to create a new business unit devoted to new technologies, the purpose of which will be to identify, analyze and undertake possible investments in this area.
Along these lines, Marcelino Oreja announced that Vivendi and FCC will immediately create a company where the companies' stockholdings in Xfera will be deposited and which will be responsible for permanently coordinating, monitoring and promoting this activity.
On the occasion of the 100th anniversary of FCC's founding, Marcelino Oreja informed shareholders of the implementation of the Centennial Plan under which all company employees will be allowed to buy 20 FCC shares for half their market price, charged against treasury stock.
The General Meeting of Shareholders approved the dividend payment of 48 pesetas per share as opposed to the 27.50 pesetas paid the year before, an increase of 75%.
Marcelino Oreja finished his speech by emphasizing the current situation of the leading services and construction group in Spain, noting that the strategies in place allow the company to look toward the future with confidence and optimism. 'A future', he said, 'which will undoubtedly be one of leadership and success'.
