FCC obtained a net result of 174.5 million euros in the first nine months of the year, which represents a fall of 25.1% compared to the same period last year, after recording an impact of 43.6 million due to differences in change, although it managed to maintain its income above 4,400 million despite the health crisis.
As reported by the company to the National Securities Market Commission (CNMV), this negative impact on exchange differences contrasts with the positive effect that this same item had in the first three quarters of 2019, of up to 23.7 million euros. However, revenues reached 4,448.1 million euros in this period, 2.8% lower, thus mitigating the impact of Covid-19 on the income statement for the first half of the year, when the drop was close to 6%. While in Spain it managed to maintain the highest level of activity in new contracts, which allowed it to compensate for the stoppage intervals recorded in the second quarter, internationally, the effect of more severe activity closures weighed down activity and led to a lower pace of progress on various contracts.
The gross operating profit (Ebitda), for its part, managed to record an increase of 2.8%, to 761.5 million euros, thanks to the progressive recovery of the activity, in contrast to the stoppage experienced by a large part of activity in April. In addition, the company controlled by Carlos Slim recorded a greater contribution from the concession activity, as well as an increase in the result from the sale of excess emission rights in the cement area, which also contributed to the positive evolution of Ebitda. Slim suffers the Covid-19 crisis with a 41% drop in FCC's profit
The group's financial debt also experienced a reduction compared to the end of the previous year, as the debt related to infrastructure concession assets was excluded, the sale of which was agreed at the end of the period. Thus, the net financial debt balance closed in September at 3,084.7 million euros, 13.8% lower than in December 2019.
El Corte Ingles will apply ERTE to part of the workers in its stores in Catalonia, Asturias and Castilla y León, communities where the mobility restriction measures largely imply the closure of their establishments, except for supermarkets and other first-rate products. need.
As both the company and the unions have explained to Efe this Wednesday, these temporary employment regulation files (ERTEs) will be due to force majeure and in principle will last 14 days, pending to know if the aforementioned restrictions are prolonged, in which case , the same would be done with the files. Workers' Commissions estimates that at the moment about 9,000 people will be affected (5,000 in Catalonia, 2,000 in Asturias and another 2,000 in Castilla y León). El Corte Inglés debates if the ICO credit blocks the dividend charged to 2019.
In the event that similar restrictions are imposed in other communities, both parties take it for granted that the company will have to promote similar efforts for affected workers. Although during the national confinement of the first wave, El Corte Inglés completed up to 100% of the salary of the 25,900 employees to whom an ERTE was applied, this time it will not do the same, arguing that now it cannot assume such commitment in in view of the volatility and deterioration of the situation.
Since last June 8, the company reincorporated 100% of its workforce and reopened its centers, it has also made a significant effort to implement strong security measures, from hygiene and ventilation, to the establishment of special boxes for people over 65 years of age. and protocols for maintaining safety distances.
Sfera clothing store showcase business fashion. A different case is that of Viajes El Corte Inglés, which maintains 4,718 workers under an ERTE that in principle will be in force until August 31, 2021, given the particular deterioration of the tourism sector worldwide. The company is committed to guaranteeing employment for Viajes El Corte Inglés workers until February 2022, unless there is an unforeseen or unforeseeable cause.
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