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to four years. Baldomero Falcones men-tioned that FCC had made great progress in its international diversifcation strategy in 2010. With operations in 54 countries, the contribution of international markets, both in terms of sales as well as backlog increa-sed and the Group’s international activities generated 5,562 million Euros in revenues, that is, 46% of the total fgure.

By business areas, growth in the Services Versia, and energy divisions mitigated the impact of the weaker performance in the Construction and Cement business areas. Net investments in 2010 amounted to 576 million Euros, 31.6% less than in the pre-vious year.

Growth investments totaled 175 million Euros and were earmarked for several transport infrastructure concessions and the construction of two thermosolar plants included in the project backlog of the Ener-gy division.

As to divestments, it was agreed in 2010 to sell the vehicle technical inspection bu-siness for 180 million Euros and 19 un-derground parking facilities for 72 million Euros, both of which are included in Versia. Regarding the internationalization objecti-ve, the CEO and chairman expressed that FCC’s goal was to generate 60% of Group sales abroad within two to three years. In 2010, the percentage of international sales was 45% and 55% in the infrastructures division.

Improve the organization’s effciency

He stressed that it is necessary to continue improving the organization’s effciency be reengineering the organization and proces-ses, developing information technologies, optimizing costs, manage talent, and con-centrate on results.

With regards to innovation, Baldomero Fal-cones mentioned in his speech that this was one of the Group’s best growth leve-rages.

At the present time, 40 R+D+i projects were in the pipeline and the Group had

spent 11 million Euros in 2010 to this pur-pose. It also created a specifc department to promote innovation and development throughout the organization and to provide its support for obtaining aid and grants.

Innovation, one of FCC’s best growth

leverages

Baldomero Falcones, CEO and chairman of FCC, during his speech at the AGM.