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| FCC'S international revenues exceed domestic for the first time  Spanish construction and services group FCC reported profit of 178 million euro in the first nine months of 2011, which is 6.9% less than in 9M10. In a challenging economic climate, the Group made progress in its global expansion, with revenues outside Spain increasing by 9.9% and the international backlog by 11%, offsetting the decline in infrastructure-related demand in Spain.Revenues outside Spain (+9.9%) amounted to 4.309 billion euro. The Group also achieved a milestone: for the first time in its more than 100-year history, revenues from outside Spain accounted for more than half of the total (51%). As a result, the international backlog amounted to 5.081 billion euro, i.e. three out of every four new contracts came from outside Spain. The Group reduced net financial debt by 10.6% y/y to 7.786 billion euro, similar to the figure at 31 December 2010 and very close to the target set by the group for 31 December 2011. The assets and liabilities corresponding to FCC Energía and Cement activities in the US (Giant) have been designated as "discontinued operations" in the consolidated financial statements and are classified as available for sale. In the first three quarters, revenues amounted to 8.441 billion euro, 2.8% less year-on-year (2.3% less in like-for-like terms, adjusting for the sale of Versia assets in 2010). Sales outside Spain were concentrated mainly in Europe (86% of the total), followed by the US (2.9%), Latin America (6.6%), and Asia and Africa (4.7%). EBITDA from the Services area, which includes Environment, Industrial Waste, Water and other businesses under Versia, expanded 6.9% in like-for-like terms (adjusting for divestments at Versia), and now account for 61.9% of the Group total. The good performance of activities such as Environment offset the contraction in Construction and Cement, but could not prevent a 5.9% decline in EBITDA to 950 million euro, which includes 14 million euro in restructuring costs. FCC's backlog increased by 2.4% in the first three quarters of 2011 to 36.151 billion euro, of which 72.5% are long-term contracts in the Services area. write your comments about the article :: © 2011 Construction News :: home page |