Fomento de Construcciones y Contratas SA: FCC holds its 2022 General Assembly

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FCC held its general meeting of shareholders today in Madrid. All items on the agenda were approved, including the 2021 annual accounts.

Chaired by Esther Alcocer Koplowitz, President of the FCC Group, and Pablo Colio Abril, CEO of the company, both took advantage of this important event to thank the Board of Directors, the management team and all the employees of FCC for their hard work in 2021, noting that their dedication has contributed to FCC’s strong results and the growth and development of the FCC Group.

In her speech to shareholders, Esther Alcocer Koplowitz underlined: “2021 has been a demanding year for FCC and an extraordinary one in terms of results. A year in which we once again demonstrated our great ability to turn every challenge into an opportunity“.

In addition, the president of the FCC group underlined how much “the FCC group, currently present in 25 countries, closed the 2021 financial year with a profit of 580 million euros. A figure doubled compared to the previous year“.

The FCC in numbers

At this annual meeting, the CEO presented the details of the financial results to the shareholders and reported on the most important events. In his presentation, he pointed out that “one of the keys to our success is the strong shareholder base of the FCC Group, whose benchmark is the Carso Group. The various operational, structural and financial measures put in place, driven by the strengthening of FCC shareholders since 2015, have certainly made us resilient. This is demonstrated by the higher returns and profits achieved in 2021.”.

The FCC group closed the 2021 financial year with a net profit group share of 580.1 million euros, more than double that recorded in the previous financial year.

The Group improved its gross operating result (EBITDA) by 7.6% to reach 1,126.6 million euros in 2021. It is also worth mentioning the good performance of the net operating result (EBIT), which recorded a turnover of 802.2 million euros, 40.1% more than the previous year. This increase reflects the positive evolution of EBITDA, as well as the accounting impact of the full integration of Realia and the adjustment made to the value of property, plant and equipment and goodwill in the Cement area.

The Group’s consolidated revenue amounted to 6,659.3 million euros, up 8.1% compared to 2020, due to the good performance of most of its activities during the year, in particular the Environment domain, which grew by 12.4%.

As for the business portfolio, at the end of last year it amounted to 30,196.9 million euros, up 2.7% compared to 2020. Note in particular in this section the contribution of the Environment sector, up 17%.

Equity increased significantly, with a figure of 4,440.7 million euros, up 52.7% compared to the end of 2020, explained by the strong increase achieved by net profit and the effect of consolidation full version of Realia and Jezzine.

The net financial debt as of December 31 last year amounted to 3,225.7 million euros, which represents an increase of 427.9 million euros compared to 2020. This increase is the consequence of the full debt consolidation of Realia and Jezzine in the real estate sector with an additional amount of 889.7 million euros at the end of the year.

Pablo Colio ended his speech with a message of confidence to shareholders, telling them that “the FCC group and each of its businesses focus their strategy on strengthening their competitive position in the key markets where they are currently present; and on selective growth in these new attractive markets aligned with corporate culture and business risks“. He also pointed out that “the promotion of sustainable development has been and will remain one of the Group’s strategic vectors through the promotion of the construction and management of sustainable and resilient infrastructure; the promotion of the circular economy and the efficient use of water; and the Group’s contribution to climate change adaptation and mitigation“.

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