But for the write-down at CPV, the group said that it would have reported €316m net profit, €15m more than in 2010.
Net financial debt was reduced by 19% to €6.277bn and FCC said that the figure should improve considerably with a Spanish government plan to ensure payment to suppliers of public administrations.
Greater diversification meant that services now account for 65% of FCC’s earnings and international business for 52.4%.
Revenues amounted to €11.755bn, 1.3% less than in 2010. The total is attributable to 13.6% growth in international revenues, which almost entirely offset the decline in Spain. The greatest growth in revenues was in America (+48%), Eastern Europe (+16.4%), the UK (+9.2%) and Austria and Germany (+5.1%).
A steady improvement in margins in environmental and municipal services offset the decline in infrastructure-related demand in Spain in EBITDA terms. Group earnings before interest, taxes, depreciation, and amortization were €1.252bn, a 6.6% decline on 2010. Services accounted for 65% of the total, and Infrastructure for 35%.
The accounting adjustment at Cementos Portland Valderrivas, together with other income from asset sales, had a negative impact of €208m impact on FCC group earnings before interest and tax, which declined to €400m.
The backlog totalled €35.238bn, on par with the previous year despite the decline in order intake in Spain. It represents 6.9 years of activity in services and almost 1.5 years in infrastructure, said FCC> Two-thirds of the backlog corresponds to services and a third to infrastructure. International activity expanded by 8.5% in 2011.
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