FCC reduced its losses in the first half of the year to 11.9 million. These results are conditioned by the loss of 71.1 million in discontinued operations corresponding to the impairment of the value of Cemusa, which is expected to be sold in the second half of the year.

Highlights of the first half include the evolution of revenues, with a 6.5% increase to 3.1617 billion with regards to the same period in 2014. This growth has been backed by international activity, the turnover of which increased by 18.7%, led by the areas of Agua and Medio Ambiente.

It can also be attributed to the recovery of cement sales in Spain (with a year-on-year increase of 12.3%) after six years of constant decline. Meanwhile, revenues in the area of Construcción in Spain are still falling year-on-year by 9.5%, even though the progress in international projects offsets it with 16% growth.

This behaviour in the areas of Medio Ambiente and Agua means that the gross operating income (Ebitda) reaches 369.7 million, 3.1% less than in 2014, affected by the exceptional lower results due to the CO2 sales recorded in Cemento in the first half of 2014. In fact, Medio Ambiente and Agua generate 82.5% of the total Ebitda.

Net borrowings as of 30 June reached 5.8098 billion euros, which is an increase of 793.8 million euros with regards to the close of 2014, mainly as a result of the seasonal growth of floating capital, the long-term classification of current financial assets in the area of Construcción already carried out in the first quarter and the negative impact of the exchange rate (72 million euros). With regards to June 2014, the net borrowings were reduced by 605.1 million, which equates to a year-on-year decrease of 9.4%.

MILESTONES OF THE HALF

FCC Medio Ambiente wins contracts in Spain for 670 million euros.

The area of environmental services dedicated the sum of 670 million euros to new contracts and renewals in Spain throughout the first half of the year. This volume was obtained along with the renewal in the local governments and demonstrates the reliability and quality of the service offered by the Group's main activity. The contracts for waste collection and drainage systems in Vitoria and Barcelona stand out amongst the most important ones.

FCC to construct Line 2 of the Panama Metro, a consortium FCC took part in has been awarded the contract to design and construct Line 2 of the Panama Metro for a total of 1.65 billion euros. The works will include 16 stations and 21 kilometres of elevated railway lines in the east of the capital of the country. This contract adds to the list of the great civil engineering works in progress in the area of railways and tunnels, as well as those already carried out in Panama, such as the first metro line, which has been in operation since last year. Therefore, there is a 2.9 year period of revenues guaranteed by the works backlog at the close of the first half. Likewise, FCC presence in Chile has been strengthened with new contracts in railway infrastructure for a combined amount of 98 million euros.