Annual Report 2019 1. Letter from the Chairperson _ 02
2. Letter from the CEO _ 04
3. Governing Bodies _ 08
4. Value creation in FCC _ 10
5. FCC, ready to face the future _ 12
6. FCC in 2019 _ 18 7. Corporate Social Responsibility of the FCC Group _ 34
Annual Report 2019 Full version FCC_Executive Summary of the Annual Report_2019 3
At 2019 year-end, the gross operating following the financial crisis. Thanks to It is thanks to them, our customers and all 1 income was €1.03 billion, an increase of their executive work, FCC underwent a of you, that the FCC Group will continue 19.1%. An increase that was supported crucial change to significantly reduce its being a stable, long-lasting project with by the greater income generated in all the debt and the cost of this debt. This new a common spirit and long-term vision, business areas and improved operational situation has enabled us to tackle new thereby redoubling our confidence and efficiency. challenges in optimal financial conditions, optimism for a future we wish to see for including recovery of the dividend. everyone. I am convinced we will achieve On 31st December, the Group’s backlog this by working together. closed at €31.04 billion, an increase of As we address the socio-economic con- 7.1%. In terms of volume of contribu- sequences of a historic pandemic, it is Kind regards, tion, the 86.9% increase of Construction vital to have efficient and committed lead- Esther Alcocer Koplowitz in Spain, due to winning important con- ers and teams. We have them at FCC. Chairperson of the FCC Group tracts, was relevant, as well as the order book increase in the Environment area from new contracts awarded overseas, Letter from the Chairperson primarily in the USA. The consolidated net financial debt closed on 31st December at €3.58 billion, a 33% increase on December 2018.
Dear shareholders, Meanwhile, the Group’s net equity rose to €2.47 billion, an increase of 26.3% on the Together, he global challenges we are facing This Annual Report outlines everything previous year. as a result of the COVID-19 pan- we have done over the last year, a year Throughout 2019, the different business T demic can only be managed and in which we continued the growth and areas have reached significant mile- more than navigated by tapping into our resilience improvement from recent years. By rein- stones, which are detailed within this and adapting to the changes with suffi- forcing our operational elasticity and ca- Report. These milestones were made cient flexibility, transforming difficulties into pacity, and maintaining our strong team possible thanks to the commitment and opportunities and thereby overcoming this spirit, we have managed to continue to effort of the people who make the reality ever. historic period we are going through. set FCC apart in the competitive environ- of FCC possible in every single country ment we operate. Our Group has shared difficult experienc- we operate. es together before, moments of uncertain- In the last year, the FCC Group obtained a This commitment, effort, passion and de- ty that we have always faced together with net income of €339.9 million, 21.5% more termination is what has made it possible a positive spirit, convinced we would con- than the previous year. Meanwhile, the net for the company to celebrate on 3rd July, tinue moving forward through hard work attributable income was €266.7 million, 120 years of providing key services to and determination. And it has worked. an increase of 6% on the previous year. society. In 2019, the net sales rose 4.8% on the An important turning point in the compa- previous year to €6.28 billion. ny’s history took place in 2014 when the Carso Group, headed by engineer Carlos Slim, acquired shares in our company FCC_Executive Summary of the Annual Report_2019 5
In the last five years in the structural Therefore, in the context of an ever- 2 area, the Group has reinforced its profit- changing regulatory framework, the ability and operating cash flow by imple- Group’s commitment to the fight against A consolidated menting strict expense containment and corruption and to the application of good and renovated Group reducing structural and corporate costs practices in the businesses, the FCC to be more agile and competitive. Board of Directors approved a new Code with a solid financial of Ethics in February 2018. This aimed Finally, in the financial area, the Carso to encourage any people related to any structure. Group leadership proved to be essential company in the FCC Group to follow the in carrying out a combined consolidation behavioural guidelines to the letter in their process of the capital structure, with two commitment to complying with the laws, expansions: one in December 2014 and regulations, contracts, procedures and the other in March 2016. These expan- ethical principles. sions increased it to €1.71 billion, which served as a base for a thorough restruc- Letter from the CEO turing and subsequent reduction of the company’s debt. These three areas of action have enabled a complete strengthening and renovation of the FCC Group as it now has a solid To all shareholders, financial structure. would like to start this letter by express- Our company experiences special mo- a solid position in all aspects over the last ing my gratitude to society as a whole, ments every year. This year is a historic five years. Corporate culture: integrity, to the professionals whose essential year as our Group celebrates 120 years professionalism and transparency I In the operational area, FCC managed work and tireless efforts have been ex- of working side by side with citizens and to recover its position as a Group special- FCC Group’s global dimension and vast emplary from the start of the COVID-19 sharing great moments. Our commit- ising in environmental services manage- international presence make it imperative crisis, and to our employees, who have ment, professionalism and continuously ment, end-to-end water management, to have a strong commitment to applying been fundamental to fulfilling our commit- improving service to our customers has and infrastructure development and the highest standards of integrity and eth- ment to ensure citizens have the services defined our whole history. management. It also improved the risk ical and regulatory compliance in its activ- expressly classified as essential. These This year, I would like to mention a set management systems, increased ethical ities and businesses. include waste collection and treatment, of fundamental actions revolving around commitment in all projects and promot- street cleaning, end-to-end water service operational, structural and financial prin- ed synergies between the business are- and the management and maintenance of ciples implemented in 2015. Since then, as and the corporate brand value of the transport infrastructure, which are all crit- the FCC Group has carried these out Group in order to increase the profitability ical operations to ensure the proper func- along the road to profitability and contin- of operations and customer satisfaction. tioning of cities and citizens’ wellbeing. ues to be an international leader in citizen services. This plan of initiatives, driven by the new FCC shareholder structure, which since then has been led by Carso Group, has enabled our Group to obtain 6 02 | Letter from the CEO FCC_Executive Summary of the Annual Report_2019 7
The Code also includes a new definition es; the continuous search for excellence movements in Water (6.4%) and Cement was the project for closing the ring road in of the values on which the FCC corporate in its activities; strengthening in consoli- (10.8%). In Construction, income rose by Tenerife for another €203 million. FCC is ready to face culture is based. These values translate dated markets and the increase of inter- 3.9% and Environment recorded growth In 2019, the company In Cementos Portland Valderrivas, it is into: the requirement to be recognised for national activity in the strategic areas with of 3.3%. the future, and the worth noting its main activity, manufac- obtained net income honest and integral behaviour, worthy of growth potential where FCC is present; During the year, each of the FCC business turing cement, which accounted for ap- company’s good the trust of collaborators, customers and and of course, as mentioned previously, of €339.9 million. areas led important events: proximately 90% of the subgroup’s total suppliers as leading and long-standing the synergies between business areas income in 2019. The remaining percent- results in 2019 have partners (honesty and respect); improv- and financial discipline to preserve profit- Water consolidated its presence in the age being from the concrete, aggregate ing and achieving goals to make FCC a ability and continue adding value. United Arab Emirates with new contracts led it to focus on and mortar businesses. With regard to its leader in profitability and competitiveness worth €100 million and acquired the end- Meanwhile, sustainable development, geographical diversification, 40% of rev- growth as part (results-oriented); working with exemplary to-end water management company based on the circular economy, transpar- enue came from international markets in behaviour and vocation to the service by Services Publics et Industries Environne- of its strategy. ency and commitment to society are also 2019. The CPV Group’s main objective developing our ability to seek efficient and ment (SPIE) in France. Similarly, in Spain, priorities for the company. Just as it is to is to remain competitive in terms of both innovative solutions (rigour and profes- it bought Agua y Gestión and purchased advance in the digital era, incorporating costs and market share in the markets in sionalism); favouring diversity by encour- a share in Codeur. The combined amount tools that facilitate new ways of working which it operates, retaining its status as aging professional development, and rec- of these acquisitions was €38 million. every day, adjusting to different needs, an industry benchmark in all the countries ognising merit and creativity as a stimulus and applying smart solutions to improve Environment strengthened its presence in which it has a presence. to productivity and progress (loyalty and collaboration, creativity and productivity. in the USA by adding the solid urban commitment); and taking into account the In the corporate area, special mention waste collection contract for the cities of value our services provide to society, we must be made of the flexible dividend dis- Net income rose by 21.5% Omaha in Nebraska, and Volusia in Flori- are committed to protecting the natural tribution which the company implement- da. With this fifth contract won in Florida world, and the development and well-be- The Group’s contribution to economic ed for the first time in its history in 2019. and together with the contracts in Orlan- ing of communities (well-being and devel- and social development, the result of the With this transaction, FCC announced the do (Orange County) and Lakeland (Polk opment of communities). work and coordination among the different return to dividend payments, which had County), FCC’s presence in the USA was business areas and in the different coun- been suspended since 2013. In 2019, These values are the most important iden- consolidated. The total volume of FCC’s tries in which it operates, have led to the the company paid €0.40 per share to tifying features of our Group, whose vision portfolio in the country, where it already company obtaining good results in 2019. shareholders who opted to receive the is to be a leading international Group in has 10 contracts in Texas, exceeded company’s flexible dividend in cash or its citizen services, offering global and inno- In 2019, the company obtained net in- €1 billion at year-end and provides service equivalent amount in shares released by vative solutions to efficiently manage re- come of €339.9 million, 21.5% more than to over 8 million citizens. the company. sources and improve infrastructure, con- the previous year. At year-end, Construction reached a port- tributing to improving the quality of life of It is also worth noting that at the end of Meanwhile, the net attributable income folio of projects to be developed of €5.62 we need our teams, a set of profession- citizens, and the sustainable progress of the year, the FCC Campus project was was €266.7 million, an increase of 6% on billion, 24.5% more than the previous als who contribute with their experience society. launched. This is the FCC Group’s corpo- the previous year. This was achieved de- year. In the last quarter, the company was and ability to improving the wellbeing of rate university, which fulfils the company’s FCC is ready to face the future, and the spite the increase in income for minority awarded a two-year contract for the con- people and the cities we live in every day. commitment to promoting people. This is company’s good results in 2019 have led shareholders from €28.2 million in 2018 struction and subsequent maintenance With these teams, we want to continue a virtual learning space where the profes- it to focus on growth as part of its strategy. to €73.2 million in 2019. of a section of the A-9 motorway circling progressing, growing and constructing sionals who are part of the FCC Group are Amsterdam and its airport, worth €845 the future of the FCC Group together. The value creation levers that have con- In 2019, the net sales of the FCC Group trained. million. In Spain, the remodelling of the tributed to the company’s stability have rose 4.8% on the previous year to €6.28 Santiago Bernabéu Stadium for €475 mil- We want to continue being references Pablo Colio Abril been and continue being: efficiency, inno- billion. This increase was reflected in lion euros was added to the portfolio, as in our sectors, and in order to do this CEO of the FCC Group vation; efficient management of resourc- all the business areas, with the biggest FCC_Executive Summary of the Annual Report_2019 9
3 Composition of the Board of Directors and Committees(1)
Appointments and Executive Audit and Control Board Remunerations Committee Committee Committee
Esther Alcocer Koplowitz Chairperson (Proprietary) Esther Koplowitz Romero de Juseu Vice President (Proprietary) Pablo Colio Abril Chief Executive Officer Governing Bodies Alicia Alcocer Koplowitz Proprietary Carmen Alcocer Koplowitz Proprietary The governance of the FCC Group con- In this sense, the General Meeting of sists of five essential bodies that allow the Shareholders is the Company’s overrid- Gerardo Kuri Kaufmann company to work with the utmost efficien- ing decision-making body in matters for Executive cy, carrying out each of the functions and which it is responsible and that are spec- Álvaro Vázquez de Lapuerta P duties assigned to them. ified in the Regulations for the General Independent Meeting of Shareholders. Carlos Slim Helú Proprietary Alejandro Aboumrad González P Proprietary Alfonso Salem Slim With 29% women FCC Board of Directors Proprietary on the Board of Juan Rodríguez Torres Average attendance Proprietary Directors, FCC is Antonio Gómez García above the average at Board meetings Proprietary for IBEX 35 64% Proprietary in 2019 was 97%. Manuel Gil Madrigal Independent P companies, which is 22% Independent Henri Proglio Independent 27% on average. 14% Executive
P: Committee President (1) Shows the members of the Board of Directors at the end of the business year. FCC_Executive Summary of the Annual Report_2019 11
For the members of the company, this 4 Code of Ethics and Conduct is the high- Strengths of the business est standard in the FCC Group’s policies and procedures, enabling it to strengthen a culture of compliance and support the Model of value creation creation of long-term value for its projects. MISSION. What we do FCC Group’s business model is based 2. To have a highly specialised, high- on the specialisation of its synergistic ly committed team, which has their Efficiently and sustainably design, per- business areas in the field of design, in- health and safety among its priorities. form and manage environmental services, frastructure execution and the provision comprehensive water management and 3. To have local roots in the places of services to cities. This value creation large infrastructure construction projects where it operates, enabling it to be- proposal is characterised by four aspects to improve the lives of citizens. come part of the communities and to that are common within the Group and build relationships based on trust. VISION. What we want to be across all the businesses: Value creation Mission, vision 4. To have a solid international position To be an international benchmark group 1. To be an operator with a hundred with broad perspectives for develop- for citizen services with global and innova- years’ experience in these business- ment in markets with big opportunities. and values of tive solutions for efficiently managing re- es, with a differentiated technical spe- in FCC sources and infrastructure improvement, cialisation, able to lead large consortia contributing to improve the quality of life in complex projects. the FCC Group of citizens and the sustainable progress of society as a whole.
In addition to its leading position in the dif- erience Honesty and FCC’s vision defines the future sought by 1 Respect ferent businesses, which is key for future 120 years of experience We want to be recognised through the company and provides a purpose for creating value for citizens honest behaviour, deserving of the communities and is the result of its tech- trust placed with us by our its actions. In this way, all its members collaborators, customers and nical and professional capabilities, FCC are for the en ironment suppliers as reference partners in 2 share the same culture and are part of the the long term. Oriented has established a number of essential be- Environmental Management Systems nternationa isation towards results same project: a single FCC. havioural guidelines, which are essential certified according to UNE–EN ISO Present in more than 30 5 We actively pursue 14001 in all business areas countries Well-being and improvement and To achieve its vision, FCC develops and for the Group to operate successfully in development achievement of goals to r make FCC Group a manages environmental services, com- a sustainable and responsible manner. It of communities reference in profitability n estment in the and competitiveness. We are aware of the value prehensive water management and large is about values comm nit rofessiona ism our services bring to society a es and we are committed to infrastructures, maintaining the highest The FCC Group has allocated More than 59,000 protecting the environment These values form part of the FCC a total of €4.8 million to professionals specialised in and the development and standards of operational excellence and well-being of the Group’s new Code of Ethics and Conduct social action, non-profit various areas communities in applying the strictest ethical principles set entities and foundations which we and aim to transmit the principles to all the operate. 3 out in the FCC Group’s Code of Ethics and Rigour company’s employees and instil them. 4 and Professionalism Conduct, in all its regions and activities. Loyalty and We show exemplary behaviour Commitment and a vocation to the service of ea th and safet or orate ocia es onsi i it our customers and develop the We favour diversity, we promote ability of our teams to seek Occupational Health and Safety CSR 2020 Master Plan professional development and efficient and innovative Systems certified according to recognise merit and creativity solutions. as a stimulus to productivity the ISO 45001 standard in all a it and progress. business areas Quality Management Systems certified according to UNE-EN ISO 9001 in all business areas 5 FCC_Executive Summary of the Annual Report_2019 13
FCC’s international footprint places the company in more than 30 countries, which are mostly strategic markets due FCC, ready to face the future to their growth potential, both in terms of activity and sophistication of the type of services required. In 2019, FCC billed €6.28 billion, of which 55% came from the domestic market, FCC is ready to face the future and the The strength of the synergies be- Spain, and about 45% from internation- company’s good results in 2019 have led tween the businesses to promote effi- FCC’s strategy: al markets, primarily in Europe (28%), the it to focus on growth as part of its strategy. cient operations and to take advantage Middle East and North Africa (9.16%), Lat- of the high level of specialisation held FCC’s levers to create value are: in America (6.2%) and the USA (1.37%). focus on by the professionals in all areas. Strengthening the company’s pres- FCC Group perspectives Financial discipline, to preserve prof- ence in consolidated markets and in- growth with itability, improve long-term growth and FCC wants to remain a leader in the coun- creasing international activity in mar- management, which has enabled the tries where it operates, maintaining its kets with growth potential where FCC is company to steer towards growth in competitive position in the consolidated profitability present, becoming part of the commu- In this respect, the internationalisation rope (the Netherlands, Nordic countries, recent years, delivering positive results markets by preserving the quality and con- nities for whom it works. plans as a strategy of diversifying regional United Kingdom, Ireland and Romania). in 2019. tinuity of its services. On the other hand, risks are already bearing fruit. This year, Sustainable development, based on the increase in the international portfolio of The Group’s strategic planning process Innovation and the continuous FCC Medio Ambiente and Aqualia have the circular economy and the promo- projects requires an accurate assessment identifies the objectives to achieve in each search for improvement are also our focused their activity in Europe, North tion of transparency and commitment of the potential and risks and synergies of the areas of business activity, based raison d’être and the key to our good Africa and the Middle East, the USA and to society. between the different business areas. on the improvements to be implement- results. In addition to all this is the ded- Latin America. Meanwhile, FCC Con- ed, market opportunities and the level of ication and loyalty of people at FCC, a In the international sector, FCC aspires to strucción has focused on carrying out risk considered acceptable. This process highly qualified and motivated team of be a facilitating company for its custom- large infrastructure projects obtained in serves as a basis for the preparation of professionals capable of providing in- ers, establishing long-term relationships 2017, 2018 and 2019 and also the con- the operating plans which specify the novative solutions, and concerned with with the reliability of a big leading compa- tribution of markets in America (Central goals to be reached each year. improving people’s lives every day. ny, while also remaining local and focused America, Chile, Peru and Colombia), Mid- on each of the regions where it operates. dle East (Saudi Arabia and Qatar) and Eu- 14 05 | FCC, ready to face the future FCC_Executive Summary of the Annual Report_2019 15
International growth opportunities Sustainable development
For all areas of the FCC Group there are America is also a market with a high de- Finally, for the Construction and Con- For FCC, sustainable development is a better take advantage of the opportuni- opportunities of interest in the markets in velopment potential for the area of Envi- cessions areas, the public-private part- vision of its daily operations, which incor- ties in its markets. With this in mind, the which it operates. In the Middle East and ronmental Services thanks to the know- nership system is being shaped as a porates quality in the service, continuous company’s CSR Master Plan has been North Africa (MENA), there are projects how, experience and use of the most concept likely to grow in markets with improvement, the safety of employees as created using the United Nations (UN) of interest of seawater desalination and advanced and efficient technologies in investment difficulties encountered by a priority and environmental care as a dif- 2030 Agenda as a reference. The plan wastewater treatment in the Water area, the provision of services. For the Water public administrations. ferential value that contributes to efficien- considers the latest international trends technologies which are among Aqualia’s area, the obsolescence of the hydraulic cy and to addressing growing demands regarding sustainability and translates This is especially true in emerging mar- specialist areas. infrastructures and the low penetration from customers and regulators. them into different corporate actions and kets and developing economies. As these of private operators in the sector are the initiatives that provide tangible value for countries face increased infrastructure source of the main growth opportunities FCC and its contribution to the SDGs the business, which the different areas of growth needs, in the face of budget con- for the company in certain countries. the Group can all benefit from. straints, it makes public-private partner- As part of the Corporate Social Responsi- In Environment, the export of RDF (refuse ships an effective mechanism for govern- bility Policy, approved by the FCC Board The challenges posed by the Sustainable derived fuels) to Europe is expected to ments to provide, implement and manage of Directors on 28 July 2016, the Group Development Goals are perfectly integrat- continue to decline, although other op- critical infrastructures and public services, has shown that it wants to be part of the ed into the company’s sustainable strat- portunities will still arise for the Group due using the private sector’s resources and solution to the challenge posed by the egy. And one year on, as we have been to its degree of diversification in the pro- expertise. In this sense, FCC’s experience 2030 Agenda for Sustainable Develop- doing for over a decade, we are renewing duction chain. in the entire development of a project, ment and its Goals (SDG), approved by our commitment to the United Nations from the design to the operation of as- the United Nations in 2015, and therefore Global Compact for another year. sets, is undoubtedly an advantage for the future at a national and international level. 16 05 | FCC, ready to face the future FCC_Executive Summary of the Annual Report_2019 17
Development of the circular economy FCC Medio Ambiente moving towards the competitiveness of its activities in the Financial discipline a circular economy model, enhancing market. FCC is a responsible and committed waste recovery in a waste-to-energy company, with a strong position as a In this field, promoting cooperation be- Preserve profitability and long-term model and thereby reducing greenhouse key player in defining solutions for tack- tween FCC Group’s different business ar- value creation gas emissions. It also uses innovation as ling climate change. Promoting research eas is an essential goal for the company. a lever of change for that transformation, Profitability is a priority for the FCC Group, into processes and solutions that enable The identification of synergies between developing R+D projects focused on im- embodied in a set of actions that improve a strengthening of the circular economy, the different activities and centralising all proving plastic recycling and energy re- the capital structure and use of external the recovery and reuse of resources and the common processes to all the areas covery of waste. resources, the generation of cash and by-products, as well as the monitoring enables the elimination of duplicates and the optimisation of financial costs. The and improvement of feedback from cus- In FCC Construcción, the company is optimises the use of resources that have FCC Group is making steady progress, tomers, stakeholders and society in gen- committed to a circular economy, improv- been underused until now. strengthening its operational capacity and eral, is one of the Group’s strategic lines. ing the efficiency of productive activities, Promote transparency and the economic potential which has en- extending the life and optimising the use Aqualia focuses its research and devel- commitment to society dorsed the company since its formation of the resources we use and minimising opment on improving the end-to-end wa- more than a century ago. the waste we generate. In 2017, FCC FCC has a broad record of incorporating ter management cycle to optimise con- Construcción structured its progress to- compliance at all levels and has the ad- It is worth noting some of the transac- sumption and minimise its environmental wards the circular economy around the vantage of having quality management tions carried out in 2019, such as the impact. The improvement in quality and Ellen MacArthur Foundation’s ReSOLVE systems, occupational risk management issue of simple bonds by FCC Servicios the drive towards intelligent management framework and in 2018 it acceded to the systems and certified environmental sys- Medio Ambiente Holding, S.A.U worth in customer relations are also relevant. Pact for a Circular Economy, promoted by tems in all business areas. €1.1 billion. The main destination of these the Spanish Ministries of Environment and funds was the voluntary early repayment The measures aimed at increasing pro- ported by local development in its highly Our Group’s global dimension and exten- Economy. of all FCC’s syndicated financing, which ductivity have had an impact on reducing qualified and committed teams. sive international presence make it essen- was signed in September 2018 and structural costs by 6.1% compared to the Finally, the FCC Group’s risk management Cementos Portland Valderrivas Group tial to increase our commitment to apply- had a value of €1.2 billion. Meanwhile, previous year. The consolidated net finan- policy and model ensure that they are in- uses the most advanced technologies in ing the highest standards of integrity and in November 2018, FCC S.A. registered cial debt closed in December 2019 with cluded in all areas and at all levels of the all its production processes, seeking to compliance with laws, regulations, con- a promissory note programme worth an increase of 33% on the previous year, organisation, forming part of the values achieve economic optimisation and re- tracts, procedures and ethical principles in €300 million, which was subsequently due primarily to the effect of Cedinsa’s and the culture of the Group. This means spect for the environment, adapting to all our activities, all the regions in which we increased to €600 million in March 2019, change to global consolidation, which ac- that FCC aims to guarantee the achieve- the needs of the surroundings to ensure operate and for all the people connected and in 2019, new financing facilities were counts for €730.2 million and, to a lesser ment of the strategic and financial objec- to any company in the FCC Group. arranged in the form of credit policies and extent, the investments in growth made in tives, effectiveness and efficiency in op- bilateral loans. Environment and Water, and the excep- FCC’s comprehensive behavioural guide erations and transparency and regulatory tional tax payment in May 2019. is the Code of Ethics and Code of Con- These operations have enabled the debt compliance. This means FCC’s risk man- duct, which states the behaviour expect- reduction process and financial organisa- FCC seeks excellence in its activities as agement finally becomes an instrument ed of people who form part of the com- tion to be completed five years after they an instrument for long-term value cre- that supports the company’s profitability pany in their day-to-day activities and started, and have also made it possible ation, one of the aspects that has con- and provides reliability and trust. relationships with third parties. For the to continue with the policy of diversifying tributed to the company’s stability. In this FCC Group, this document represents financing sources. This all contributes to way, the Group is sustained by a selective the highest standard in the set of policies achieving a much more solid and efficient portfolio of projects, portfolio of services and procedures, which also includes the capital structure with financing costs, and collaborating third parties, which en- new company values that form part of the amounts and periods adapted to the na- sures compliance with the Group’s com- culture of compliance. ture of the different business areas. mitments. Similarly, the company is sup- 6 FCC_Executive Summary of the Annual Report_2019 19
Ebitda margin Ebitda 2019 by activity % %
1 1 1 1 48.0% Environmental FCC in 2019 Services 27.5% Water
9.8% Construction Key figures 8.4% Cement 6.3% Corporate services and others
2017 2018 2019
Revenue Revenue 2019 by activity et financial debt Investments i ions of e ros % i ions of e ros i ions of e ros