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Spanish group reports 2009 results

World Cement,

In 2009, FCC's net attributable income amounted to €307.2 million, down 8% with respect to 2008; the company also shrank debt with recourse by 10%, strengthened its international footprint and expanded its backlog by 5.6%.

FCC improved steadily in 2009: it obtained net profit of €95.6 million in the first half of the year and €211.6 million in the second half, i.e. an increase of 121%.

Revenues totalled €12 669.6 million, down 6.7% with respect to 2008, due primarily to a 10.2% decline in revenues in Spain resulting from the slowdown in infrastructure activity.

The international business, which accounted for 44.3% of the group's total revenues, performed in line with last year, falling just 2.1% as a result of the 10.3% depreciation of the pound sterling against the euro, which impacted the International Environmental area. International revenues would have remained almost stable (-0.6%) at constant exchange rates.

The backlog of works and services amounted to €34 547.5 million at 2009 year-end, 5.6% more than at 2008 year-end.

Revenues in the cement area fell by 27.3% in 2009 to €1035.4 million, due primarily to the decline in domestic cement consumption. This is the result of the severe adjustment in residential construction in Spain that started in early 2007.

International revenues, which account for 29% of the total, fell 13.2% as a result of the sharp decline in cement consumption in the US (revenues -30%) and of the depreciation of the pound sterling. This performance was partially offset by a notable increase in exports to third countries and a slight improvement in revenues in Tunisia (2%).

Despite the slowdown, the EBITDA margin declined just 1.4 percentage points to 27.9%, due largely to lower energy costs, cost savings and optimisation of production capacity in the face lower demand.

The 2009-2011 cost saving plan is proceeding apace. Recurring savings amounting to €71 million have been attained, compared with the annual target of €65 million.

Cementos Portland Valderrivas' net interest-bearing debt was reduced by 19.5% to €1419.3 million.

The full results, including those for the company’s other divisions, can be found on the FCC website.

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