November, 12th 2003
ACS Group obtained a Net
It represents a 19,6% increase over the same period of the year before
ACS Group achieved a net consolidated turnover of €3,552 million in the first nine months of 2003, which represents an increase by 10.5% over the same period of the year before. Net Operating Profit After Taxes (NOPAT) amounted to €240.7 million, representing an increase by 13.7% compared to the first nine months of 2002. As a consequence of the favourable evolution of the operating margins and financial results, ACS Group obtained a 20.2% increase of its ordinary profit, reaching €219.6 million.
Net profit attributable to ACS Group in the first nine months of 2003 totalled €150.2 million, 19.6% more than in the same period of the year before. Construction activity accounted for 49% of the Groupís sales and approximately 46% of its net profit.
Turnover amounted to €1,748 million, which represents an 11.2% rise over the same period in 2002, and the contribution to net profit from this area of ACS Group amounted to €69.8 million, 20.8% more than one year earlier. The works portfolio at the end of September 2003 was equal to 20 months of production capacity.
Turnover in the Services area amounted to €1,835 million, with a net profit of €81.6 million, which represents 54% of the Groupís total profit. The orders portfolio is equal to 20 months of sales. Within this area, Cobra Group increased its sales by 9.8% to €1,458 million, thanks to the favourable performance of the domestic market, with growth in excess of 17%. The significant productivity enhancements allowed the net profit of this business to grow by 13.2% to €63.6 million.
Tecmed achieved a turnover of €261 million, representing 14.3% more than in the same period in 2002, and a net profit of €8.7 million, which represents a 23.8% increase. Last of all, Continental Auto had sales totalling €116 million, 10.0% more than in the same period one year before, achieving a net profit of €9.3 million, virtually the same as in September 2002.
The Group continues to enjoy an excellent financial situation, as of 30 September, with a total net debt of €989 million, of which €197 million correspond to project finance without tapping share capital and reserves, which sets financial leverage at 74% of capital and reserves.
Regarding the merger process with Dragados Group, on 14 October the respective General Meetings of Shareholders approved of the proposed transaction by a substantial majority, and it is expected to be completed in December, once the requisite legal periods have elapsed for the effective share swap and the listing of the new shares to be completed.