FCC continues with its plan to spin off the real estate (FCYC) and cement (Cementos Portland Valderrivas -CPV) businesses to merge them into Inmocemento and take this company public before the end of this year. The company, which attributes a book value of 1.6 billion euros to the future new subsidiary, is finalizing the procedures to be able to execute the operation.
In this task, CPV has called an extraordinary meeting of shareholders on November 27 in which it will dissolve the board of directors and appoint Pablo Colio, CEO of FCC, as sole administrator for a period of six years.
Inmocemento will bring together the stakes that FCC has in FCYC, 80.03%, and Cementos Portland, 99.028%. It thus seeks to give greater visibility to both businesses and, most especially, to real estate, in which it holds 76.652% of Realia, 21.224% of Metrovacesa and 100% of Jezzine Uno.
While waiting to complete the operation, FCC presented its results for the first nine months of the year this Thursday, in which it obtained an attributable net profit of 426.6 million, 6.3% more than in the same period of 2023. This growth is supported by the improvement of the concessions area due to the entry into global consolidation of the Parla Tram concession in April.
FCC increased its revenues by 8.4%, to 6,550.1 million euros, at the end of the third quarter. This increase comes from the positive evolution of activity in all business areas, among which Water stands out, reinforced with its entry into the United States market, and Concessions, with a greater contribution of new contracts to the consolidation perimeter.
The group controlled by the Mexican Carlos Slim recorded a gross operating result (ebitda) of 985.8 million euros, which is 7.6% more than in September 2023, supported by the increase in income.
“Its more moderate progress is explained, to a large extent, by the effect of a provision made in the waste treatment activity and lower electricity sales prices in the recovery plants in the Environment, together with a lower contribution from certain completed works in Construction”, explains the company. Thus, the group’s gross operating margin stood at 15.1%. ?
Net financial debt closed at 3,207.6 million, with an increase of 3.5% compared to December 2023, explained by investments of more than 1,000 million euros, including Environment (Urbaser, in the United Kingdom, ESG , in France and GEL Reclying, in the United States) and Water (MDS, in the United States); and by the exclusion of the financial debt of discontinued activities and those in the process of being spun off (real estate and cement).
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