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    GFINBUR O   MXP370641013


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FCC doubles its net result to 384.9 million euros

11/01/2021 | 10:27am EST

The attributable net result achieved in the first nine months of the year was 384.9 million euros, which represents an increase of 120.6% compared to that obtained in the previous year.

In the first nine months of the year, the FCC Group's turnover reached 4,864.1 million euros, which is 9.4% higher than the same period in 2020. This behavior is attributed to the good performance in the different activities and services that the Group offers.

The positive evolution of the results is also reflected in the outstanding increase in gross operating profit (Ebitda), which improved by 7% at the end of the third quarter and amounted to 814.7 million euros, driven, mainly, by the Environment and Construction businesses, with an increase of 20.7% and 73.8%, respectively.

It is worth mentioning the evolution of the Group's financial debt, which, at the end of the quarter, stood at 2,417 million euros, which represents a reduction of 13.6%, compared to the same period of 2020.

At the end of September 2021, net worth reached 3,361.3 million euros, 15.6% higher than in the same period of 2020, thanks to the substantial increase achieved by the net result.

For its part, the revenue portfolio stood at 29,789.1 million euros at the end of the third quarter of 2021, with an increase of 1.3% compared to the end of the same period of 2020, among which contracting in the Environment area stands out, with an increase of 11.1%.

Relevant milestones

FCC Inmobiliaria strengthens its size and competitive position On October 8, the Real Estate Head of the Group, FCC Inmobiliaria, reached a agreement with Control Empresarial de Capitales,(CEC) to acquire 13.11% of Realia's share capital for an amount of 83.9 million euros, which gives it a controlling position and its global consolidation in the FCC Group. In addition, 100% of the capital of Jezzine, a rental company owned 100% by Soinmob (a subsidiary of CEC), is incorporated. As a result of this operation, control of FCC Inmobiliaria is maintained, with 80.03% of the capital of the subsidiary, with the remaining 19.97% in Soinmob.

With these two operations, FCC Inmobiliaria's rental assets grow substantially, as a large part of the assets that are incorporated. This operation allows the creation of a solid and large real estate head, which allows diversifying its risk and geographical opportunities, by expanding its activity to new areas of operations in which it is not currently present.

FCC Environment expands presence in Central Europe and the United States of America

FCC Environment Austria has been awarded the contract for the transport and treatment of municipal waste of the West Tyrol Waste Treatment Association, which will begin in January 2022, with a term of 5 years extendable for another 5 years and with a portfolio of 33 million euros.

In the USA, the City Council of Wellington (Florida) awarded FCC Environmental Services the municipal solid waste collection service for 10 years (with a possible extension of another five), which represents a portfolio of more than 110 million euros.

Continuing this trend, in June it won the largest of the residential and commercial solid waste collection contract in Hillsborough County, also in Florida, for eight years (with a possible extension of four) with a portfolio of 230 million euros. Thus, the total portfolio in this growing market exceeds 1,000 million euros, with more than 8 million population served that, after 5 years of organic growth, makes it one of the 20 largest operators in the country.

Aqualia upgrades its credit rating to Investment Grade

In June, Aqualia received recognition for the stability and strength demonstrated by its water cycle management business, with its credit rating being revised upward to investment grade by Fitch Ratings. This is an endorsement of the high operational quality and solid financial profile of the main areas of the FCC Group.

FCC Medio Ambiente reinforces its waste collection and treatment activity in Spain

Last August FCC Medio Ambiente was awarded several lots of the street cleaning contract of the city of Madrid for a joint amount of more than 400 million euros (still pending to be incorporated into the portfolio) and a duration of 6 years, extendable to another two.

The City Council of Valladolid has chosen the joint venture led by FCC Medio Ambiente for the contract for the design, development and operation of the Domestic Waste Treatment and Disposal Center of the regional capital, which serves more than half a million inhabitants. The contract portfolio amounts to more than EUR110 million over 11 years and is scheduled to become operational by the end of next year. Similarly, and in the recovery activity, the new contract for the selective collection and temporary storage of glass packaging waste for ECOVIDRIO in various Autonomous Communities also stands out. The contract represents a portfolio of 13.5 million euros, with an eight-year duration from February 2022. This field of recycling has been present for more than 25 years, reaffirming the commitment to build more sustainable societies and strengthening environmental values.

FCC Construccion wins the European PPP 'Deal of the Year' award for the A465 project in Wales and strengthens its portfolio in Chile

The extension of the A465 motorway in the United Kingdom received the European Project of the Year award. The PFI organization valued the magnitude and importance of the project to be developed as it contributes to the improvement of mobility and connectivity in Wales, as well as to the reactivation of the local economy.

The project awarded in Chile consists of the construction of the industrial bridge in the city of Concepcion that has a budget of more than 125 million euros and an execution period of 32 months.

FCC Construction is a 'preferred bidder' in the Rv.555 Sotra Connection project (Norway)

The project is worth EUR1.7 billion, which includes the design, construction, financing, operation and maintenance for 25 years of a network of roads, tunnels, bridges and viaducts in Vestland county in western Norway. Financial closure is planned for 2022.

Sotra Link will run nine kilometres of a four-lane road, from Storavatnet (Bergen) to Kolltveut (Oygarden). In addition, it will build a suspension bridge between the island of Sotra and Bergen, which will be 900 meters long and 30 meters wide and will have a main span of 600 meters and towers of 144 meters high. The project also includes the construction of 12.5 kilometers of tunnels, three smaller bridges and 14 kilometers of pedestrian and bicycle lane. A new car park will be built at the Straume and Storavatnet transport terminals.


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Sales 2021 35 055 M 1 712 M 1 712 M
Net income 2021 15 789 M 771 M 771 M
Net Debt 2021 - - -
P/E ratio 2021 11,2x
Yield 2021 1,02%
Capitalization 165 B 8 088 M 8 079 M
Capi. / Sales 2021 4,72x
Capi. / Sales 2022 4,23x
Nbr of Employees 10 901
Free-Float 39,5%
Duration : Period :
Grupo Financiero Inbursa, S.A.B. de C.V. Technical Analysis Chart | MarketScreener
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Technical analysis trends GRUPO FINANCIERO INBURSA, S.A.B. DE C.V.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus HOLD
Number of Analysts 10
Last Close Price 26,46 MXN
Average target price 22,75 MXN
Spread / Average Target -14,0%
EPS Revisions
Managers and Directors
Javier Foncerrada Izquierdo Chief Executive Officer & Non-Independent Director
Ra˙l Reynal Pe˝a Director-Administration & Finance
HÚctor Slim Seade Chairman
Laura Diez Barroso Azcßrraga Independent Director
David Antonio Ibarra Mu˝oz Independent Director