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FCC mantiene una buena evolución de sus ingresos a pesar de los efectos del COVID-19

29/07/2020

FCC mantiene una buena evolución de sus ingresos a pesar de los efectos del COVID-19

FCC's turnover totalled EUR 2,822.2 million, 5.7% less than during the first half of 2019

• The gross operating profit (EBITDA) reached EUR 433.6 million at the end of the first half of the year, 6% less than in the previous period

• The Group's revenue portfolio closed the first half of the year at EUR 31,398.4 million

During the first half of 2020, the revenues stood at EUR 2,822.2 million, 5.7%, less than the first half of 2019. This is due to the impact of the measures taken since mid-March in most of the countries in which the Group operates to combat the COVID-19 health crisis. With regards to the business areas, the effect was less in Environment and Water, since these areas provide essential services, with a greater impact in the Construction and Cement areas. Moreover, the Concession activity registered an increase in its contribution, after the acquisition of the majority stake in the Cedinsa group in November of last year.

The FCC Group's gross operating profit (EBITDA) stood at EUR 433.6 million in the first half of the year, 6% less than in the same period of 2019, mainly due to the contraction of revenues in the business areas as a result of the effect of coronavirus.

Moreover, the net profit for the first half of the year includes both the effect on the operating profit of the sanitary measures taken and the behaviour of the exchange differences recorded, EUR ‐27.2 million in this first half, compared to EUR 9.7 million in the same period of 2019. Therefore, the attributable net profit for the first half of the year was EUR 75.9 million, 41.1% less when compared to the same period of the previous year.

The Group's revenue portfolio closed the first half of the year at EUR 31,398.4 million. In terms of contribution volume, the weight of the Water activity stands out, representing 49% of the consolidated total. At the end of the first half of the year, the international portfolio of the construction area should also be taken into account, which grew by 10.2%, compared to the same period in 2019.

The Group's financial position has shown a slight increase compared to 2019. At the end of the first half of the year, net financial debt stood at EUR 3,789.8 million, 5.9% higher than during 2019. The vast majority of this debt is without recourse and is affiliated in the business areas for an amount of EUR 3,619.6 million.

Milestones 

FCC Medio Ambiente strengthens its position in Spain and the US with new contracts

FCC Medioambiente consolidates its presence in the northwest of Spain after being awarded with the street cleaning contract in Coruña and the extension of the urban waste collection, street cleaning and vehicle collection and deposit contracts in Oviedo. The A Coruña contract will include the supply of more sustainable vehicles, "Zero Emissions" or "Eco" vehicles, allowing the city to make progress in the innovation and sustainability of its services. The combined portfolio is worth more than EUR 207 million.

In the US, the city of Omaha (Nebraska) awarded FCC Environmental Services a five-year contract to manage recyclable materials in February. This contract is in addition to two other contracts granted in the same city in 2019, to collect municipal solid waste (US$ 560 million) and residential green waste. Likewise, the company was also awarded with a contract to treat and sell recyclable waste in Huntsville, Texas. Recyclable waste will be processed at the Houston plant. Thanks to these new contracts, recycling services will be provided to more than 4.5 million people in the state of Texas and nearly 8.5 million in the country as a whole.

FCC Construcción signs new contracts in Mexico and Norway

FCC Construcción has signed a contract for the design, construction and maintenance of section 2 of the Maya Train, state of Campeche, in Mexico, in collaboration with Carso Infraestructuras y Construcción (CICSA), which will have a length of 200 kilometres. The contract is worth over EUR 700 million and will have a 28-month execution period, adding five years for the maintenance of the section. This project will join the many other projects executed on infrastructures, with more than 2,600 kilometres of railways currently under way.

During this half of the year, a motorway contract worth EUR 253 million was awarded in Norway. This is the first contract awarded in Norway and includes the design and construction of a section of the E6, with 25 kilometres of the new route and a 47-month execution period. Therefore, at the end of the first half of the year, the international portfolio in the area grew by 10.2%, compared to the end of 2019, with which the total portfolio increased by 3.7%, to EUR 5,833.2 million.

Aqualia enters into concession agreements in Latin America and boosts its presence in the Middle East

Aqualia acquired various comprehensive water management assets in Colombia for more than 450,000 inhabitants across 13 municipalities. Twelve of the concessions acquired were in the Córdoba Department and one was acquired through a public bidding process, the Villa del Rosario concession in the metropolitan area of Cúcuta. Together, the concessions acquired during the period add up to a portfolio of over EUR 360 million in revenues.

Last January, the company boosted its presence in Saudi Arabia by acquiring 51% of a local group, Qatarat Saqia Desalination Company Ltd and Haaisco, totalling EUR 16.1 million. Qatarat is the concession holder responsible for managing the desalination plant at Jeddah airport until 2029, on the Red Sea coast. Haaisco operates several desalination plants. The combined portfolio amounts to more than EUR 180 million in revenues.

FCC is shortlisted as a bidder for a motorway construction and operation contract in the UK

FCC has been shortlisted as "preferred bidder" for the expansion of the A465 motorway in Wales (United Kingdom). FCC is part of the Future Valleys consortium, together with other local and international partners. The project, developed under the PPP model, involves splitting the current motorway, which has a length of 18 kilometres, aimed at improving the region's connectivity and development, with an expected investment of over EUR 600 million.

FCC distributes a scrip dividend of € 0.4 per share for the financial year 2019

FCC's General Shareholders' Meeting, held on 2 June, approved the distribution of a scrip dividend. Consequently, FCC paid €0.40 per share last month to those shareholders who chose to receive the company's scrip dividend in cash. 98.7% of the shareholders chose to receive the equivalent amount in new shares issued by the company. This is the second consecutive year that the FCC Group has applied this type of scrip dividend system, which the vast majority of shareholders use in its formula of new shares issued, which backs the Group's reinvestment and financial strengthening policy.
 

KEY FIGURES

  (M€) Jun. 20 Jun. 19 Chg. (%)
Net turnover (NT) 2,822.2 2,993,8 -5.7%
 Gross Operating Profit EBITDA 433.6 461.3 -6.0%
         Ebitda margin 15.4% 15.4% 0.0 p.p.
  Net Operating Profit EBIT 187.9 244.8 -23.2%
        Ebit margin 6.7% 8.2% -1.5 p.p.
 Income attributable to equity holders of the parent company 75.9 128.9 -41.1%
   (M€) Jun. 20 Dec. 19 Chg. (%)
  Equity 2,513.5 2,473.8  1.6%
  NET FINANCIAL DEBT 3,789.8 3,578.7  5.9%
  BACKLOG 31,398.4 31,038.4  1.2%