Page 4 - FCC-N10-eng

Corporate
FCC is a solid company with a history da-
ting back more than one hundred years
and, as such, has experienced more than
one crisis. Although it must be said that we
never had to face such a harsh economic
cycle, it is also true that we have the assets,
the people, and the determination not only
to surpass this crisis but also to become a
more competitive company.
At FCC we are tackling the challenges of
the crisis with rigour. The main objective
is to maintain fnancial stability so that we
can continue to fnance, without signifcant
disruptions, the requirements of our opera-
tions.
This objective explains the divestments we
have made of certain assets to make it pos-
sible for us to press ahead with our plans
while maintaining what is essential for our
group. These disposals allow us to maintain
our leadership positioning in activities such
as environmental services and major infras-
tructure, our core businesses.
We must continue being tenacious in ma-
naging payment collections so that we can
meet our funding needs while, at the same
time, developing strategies to conduct our
business based on criteria of cash and pro-
ftability. The combination of divestments
and payments collections management
allows us to reduce our debt substantially,
which is essential in a scenario in which f-
nancial markets are restricting borrowings
and increasing their margins.
Although at year-end 2011 more than half
of our revenues were generated abroad
and our company plays the role of a local
company in many foreign countries, bran-
ching out internationally is not only a neces-
sity; it is also an opportunity for our group
and for all who are part of it. Our presence
in three sectors (Services, Infrastructures,
and Energy) in which global demand is
growing exponentially, is a source of oppor-
tunities that we must seize despite knowing
the diffculties entailed in operating in other
markets and cultures.
Since the crisis began three years ago, we
have made great efforts to achieve greater
effciency. I am aware of the sacrifces that
all of us have had to make, such as certain
essential adjustments to remain competiti-
ve, maintain the proftability of our activities,
and to protect employment and remunera-
te our shareholders. We must continue to
stress effciency policies based on the new
technological platform so that we can re-
vamp our processes and procedures and
use our size and diversifcation to the best
advantage.
The year that we are about to face is going
to be just as demanding, even more than
the previous ones, and I hope the last one
in this long crisis. I feel proud of a group
with such a great human team, a commit-
ted Board of Directors, and a core share-
holder, Esther Koplowitz, all of whom are
concentrating their efforts so that we may
overcome this great challenge.
With all the best wishes for you and your
families in this coming year, I send you my
warmest regards.
Baldomero Falcones Jaquotot
The start of a new year
represents an excellent
opportunity to bring to
mind the key objectives
of our company and to
dwell on what is expected
of each of us during this
period.
Message from the
chairman and CEO