This result was obtained in spite of a 2% decline in operating revenues. Good performance by Construction, with revenues up 11%, offset the 36% decline in Cement revenues, caused mainly by deconsolidating Giant.

Operating expenses declined by €20 million in January, a 6% reduction with respect to the same period of 2016. This result was achieved mainly by cutting outsourcing expenses by 17%, procurements by 6% and insurance premiums by 20%. All areas saw a reduction in total operating expenses in January.

Administration expenses declined by 22% in January 2017 in year-on-year terms, to €18 million, from €23 million in the same period of 2016. This was achieved through tight control of expenditure in such areas as personnel, leases, information technology, purchases and travel. Personnel expenses declined by 20%.

Financial expenses were cut by 41% year-on-year. This was primarily the result of a reduction in the company's debt and in the cost of servicing the debt.

Net income attributable to the majority shareholders was a net loss of €2.4 million. However, adjusting for the €7.4 million negative exchange rate effect, net income for the majority shareholders was €5 million profit in January, compared with a  €28 million loss in 2016, after adjusting for the extraordinary revenue arising from the haircut on Realia's debt.

In January 2017, FCC’s Environment division obtained EBITDA amounting to €29.8 million, 5% less than in the same period of 2016 because of the depreciation in sterling; Aqualia reported EBITDA of €16.5 million, a 12% increase year-on-year; and Construction reported EBITDA of €5.1 million, compared with a loss of €10.1 million in January 2016.

Gross interest-bearing debt

Gross interest-bearing debt amounted to €4,869 million at the end of January 2017, a reduction of over €2,000 million with respect to the same date in 2016. FCC group's total gross debt was cut by nearly 30% in the space of a year, from €6,894 million in January 2016 to €4,869 million at the end of January 2017.