FCC’s foreign income exceeds domestic for the first time in its history

Report by Julia Pastor, in Madrid | FCC has obtained €178 million in the first nine months of 2011, which means a 6,9% less than in in the same period of 2010, according to a  Friday’s company press release. Nevertheless, FCC’s internationalisation process, with a growing income from foreign markets of almost 9,9% reaching €4.309 billion, represents a milestone in FCC’s 100 years history: for the first time, income coming from foreign markets stands at 51% and so exceeds that obtained in Spain. Along with these results, the company’s order backlog in foreign countries rose by 11% reaching to €5.081 billion. This figure means that three out of four contracts come from the international activity.

FCC’s sales in foreing markets are held mainly in Europe, which represents about 86% over the total, while the remaining 14% is distributed among the US (2,9%), LatinAmerica (6,6%), and a group of Asian and African countries (4,7%).

On the other hand, the company’s net financial debt fell by 10,6% yearly to €7.786 billion. The figure, which is almost similar to the one achieved in 2010, December 31, remains close to FCC’s goals. This debt reduction is due to the fact that energy assets and liabilities and cement-related activities in the US (through the subsidiary Giant) have been described as ‘suspended activities’ in the firm’s consolidated financial statement, as well as included as assets and liabilities for sale.

Baldomero Falcones, FCC’s president and CEO, considers that

“the results reflect the strategic bet on internationalisation, financial stability and efficiency.”