Fomento de Construcciones y Contratas FCC
Posted on Friday, 16 December 2011 16:26
Spanish construction and services company Fomento de Construcciones y Contratas (FCC) is hoping to sell its airport handling unit Flightcare for EUR 200.00 million, according to a Belgian news report.
Citing sources it did not name, L’Echo said Santander and Morgan Stanley have been hired to find a buyer for the Madrid-based business.
Flightcare has not generated profit at pre-tax or net level since 2006. Last year it posted a net loss of 12.87 million on revenue of EUR 116.77 million.
The group serves 14 airports, according to its website. Among them are Brussels National, Madrid Barajas and Rome Leonardo da Vinci – Fiumicino and Giovanni Battista Pastine – Ciampino.
It was established in 1994 at Gran Canaria airport.
L’Echo’s sources said FCC wants to focus on its core activities.
It put Flightcare on sale in September and had hoped to close a deal by the end of the year, they said. The transaction has now been put back to 2012 because of a lack of suitable offers.
L’Echo suggested several potential buyers for Flightcare – namely other handling firms such as Menzies, D Nata, Acciona, Celebi and Swissport.
FCC had debt of EUR 8.37 billion as at 31st December 2010 on earnings before interest, tax, depreciation and amortisation of EUR 1.43 billion for the year, so a desire to reduce borrowings is likely to be behind the sale.
This year FCC agreed to exit car park operator Estacionamientos y Servici to two private equity buyers for EUR 115.00 million but is yet to ink another deal.
The group recorded lower net earnings for the third consecutive year in 2010, though it remained profitable through the financial crisis. Revenue has declined consistently since 2008.
