May, 08th 2003
ACS Group increased its net profit by 30.5% to €42.5 million in the first quarter of 2003
Net consolidated turnover of €1,135 million, which represents an increase by 17.3%
ACS Group achieved a net consolidated turnover of €1,135 million in the first quarter of 2003, which represents an increase by 17.3% over the same period of the year before. Net operating profit (Ebit) amounted to €76.9 million, representing an increase by 26.4% over the first quarter of 2002. This excellent operating profit, together with the control of financial charges, allowed ACS Group to achieve an attributed net profit of €42.5 million, 30.5% more than in the same period the year before.
Construction activity generated 47.6% of the Groupís sales and 48.0% of its net profit. Turnover amounted to €550 million, which represents a 22.6% rise over the same period in 2002, and the contribution to net profit from this area of ACS Group amounted to €22.5 million, 36.5% more than the year before. The works portfolio is at 21 months of production capacity.
Turnover in the Services area amounted to €605 million, with a net profit of €24.4 million, representing 52% of the Groupís total profit. The orders portfolio equals 22 months of sales.
Within this area, Cobra Group increased its sales by 14.5% to €491.6 million, and its net profit grew by 27.5% to €19,7 million. Tecmed achieved a turnover of €78.7 million and a net profit of €2.5 million, representing increases by 14.1% and 23.1% respectively. Last of all, Continental Auto Group had sales totalling €34.51 million, 4.5% more than the year before, with a net profit of €2.2 million. During the first three months of 2003, ACS Group has invested over €400 million, of which €383 million correspond to the bid for 10% of Dragados Group, successfully completed at the end of March. Since then the holding of ACS en Dragados Group amounts to 33.5%, after investing a total €1,283 million.
Net borrowing, not including project finance, amounted to €789 million at year-end, representing 78% of the companyís capital and reserves.
The favourable business prospects, confirmed by the positive evolution of earnings in the first quarter, and the sound balance sheet consolidate ACS as one of the major construction and infrastructure services companies in Spain.