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FCC reported a robust set of results for H1 23. The company managed to maintain its margin in this challenging environment mainly thanks to the cement business, where FCC has increased its margin by 18.6pp due to prices hikes to offset cost inflation. The company’s order book is still increasing at internationally, reflecting the drive for international expansion.
Fomento de Construcciones y Contratas Fomento de Construcciones y Contratas, S.A.
FCC reported a robust set of results for FY22, with the top line exceeding market expectations. Revenues were 5% and EBITDA 6% above our expectations, but EBIT fell short of estimates as €200 million of goodwill adjustments in the cement business were made to reflect higher energy costs. The company’s order book increased by 33%, of which 64% was international, reflecting the drive for international expansion.
FCC published good H1 22 results with revenues up by 13%, supported by a higher level of activity and a perimeter effect. The company was able to maintain its margin because the negative impact of cost inflation was offset by new acquisitions. The net income nonetheless dropped by 2.5% due to a higher share of minority interests.
FCC showed a resilient performance with stable revenues (-1.9%) and net-profit (-1.7%). However, external factors like the sale of CO2 rights and the perimeter effect of the Cedinsa acquisition were significant contributors to this resilience. FCC has reduced its net debt significantly (-21%) and awaits the completion of its sale of the Spanish assets which will reduce net debt further by €691m.
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