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ACS
Actividades de Construcción y Servicios

Press releases

July, 29th 2009

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Net profits of the ACS Group in the first half of 2009 reached 1.542 billion euros, about 73% more than in the previous financial year

Turnover increased by 2.3% to over 8.122 billion euros, with about 22.1% coming from abroad.

Consolidated Results
ACS Group turnover in the first half of 2009 was over 8.122 billion euros, an increase of 2.3%. International sales in this first half of 2009 accounted for 22.1% of the total, an increase of 15.7% on international sales in the first half of 2008.
Gross operating income (EBITDA) rose by 2.2% to reach 736 million euros, with a mark-up of 9.1%. The affiliated listed companies: Abertis, Hochtief, and Iberdrola, contributed 69 million euros to the net profits of the ACS Group in the first half of the year.
Net profit reached 1.5421 billion euros, about 72.8% more than for the same period in 2008. Extraordinary results rose to 1.001 billion euros for the sale of the 35.3% share in Unión Fenosa.
Share profit rose by about 86% to reach €4.91. This rise is due to the results of the period, as well as share buy-back and successive amortisations of capital. All this enabled a reduction of about 7.1% in the average number of shares in circulation.
Ordinary profit after tax, and setting aside the extraordinary results of the period, reached 541 million euros, about 3.4% less than the previous year, although in terms of profit per share this rose by about 4%, which confirms the good health of the group’s businesses. This reduction in ordinary profit is due to the reduced contribution from Unión Fenosa in this financial year, after its sale was completed in February 2009.
Total portfolio of works at 30 June 2009 stood at 28.494 billion euros, almost the same as two months ago, and about 2.9% more than at the end of the financial year 2008.
Results by Area of Business
Construction
Construction registered sales of 3.277 billion euros, about 8.6% less than for the same period in 2008, but about 7.8% more than in the second half of 2008. International sales rose by about 33.8%, accounting for 15.0% of total invoice value.
Gross operating income (EBITDA) in this area reached 244 million euros, maintaining a mark-up of about 7.5%. Net profit stood at 143 million euros, also maintaining a mark-up of about 4.3%.
The work portfolio at the end of June 2009 stood at about 11.090 billion euros, which is equal to about 21 months’ production. Of particular note is the growth in the international portfolio, which already accounts for about 30% of the total.
In Spain, over the last three months, several highway project contracts have been signed: the section of motorway between Lavacolla and Arzau, in La Coruña, construction work for the link between Coria del Río and Almensilla, along the Seville SE-40 motorway, or the MU-30 orbital section on the motorway Autovía del Reguerón (Murcia). There has also been significant success in obtaining railway project contracts: the work to widen Atocha Station, or the high-speed section between Peña de los Enamorados and Archidona, in Málaga.
Other significant projects recently awarded in the international market are the construction of the A-1 motorway between Slaskie and Maciejów, in Poland, or the construction of the Algarve Coastal Motorway, in Portugal.
Environment and Logistics
Environment and Logistics secured sales of 1.312 billion euros in the first half of 2009. The rise in income by 10.0% was based on good work done by Environment, which grew by about 12.0%, thanks to international sales rising by 31% to reach 169 million euros, as well as in improve in Maintenance, which rose by about 7%.
Gross operating income (EBITDA) for Environment and Logistics reached 171 million euros, with mark-up standing 13.1%. Net profit was the same as for the first half of 2008: 78 million euros.
The current portfolio for this area of business stands at 10.824 billion euros, equal to 51 months’ activity, and about 3.4% more than the figure for twelve months ago. The most significant awards of the last three months include management of the public service covering cleaning, public spaces, and waste recovery at El Prat de Llobregat, in Barcelona, a solid urban waste transfer plant in Hermosillo (Mexico), and the maintenance of infrastructure and civil works, cleaning, and refurbishment of all the green areas in the Buen Retiro Gardens, Madrid.
Industrial Services
Industrial Services saw its sales increase by about 8.0% to reach 3.552 billion euros, with solid international activity accounting for 31% of invoice value.
Gross operating income (EBITDA) rose by about 12.0% to reach 328 million euros, and net profit rose to 175 million euros, about 10.0% more than in the same period for the previous financial year.
This area closed the half-year with a work portfolio worth 6.579 billion euros, equal to one year’s production. Amongst the most significant awards obtained during this period in Spain are: the project to build the Manchasol II solar thermal power station, with an installed capacity of 50 MW; the contract to carry out enlargement work on the Cartagena refinery; service contracts for the maintenance of the contact catenary for the high-speed lines linking Madrid - Seville, La Sagra - Toledo, and Córdoba - Málaga.
The international market gave a contract to build a CCR (Reformadores con regeneración continua de catalizador) plant for PEMEX in Mexico, building a water-recycling plant in Altona (Australia), or building a 115 kV transmission line and two substations of 400 kV and 115 kV, in Aguascalientes (Mexico).
Leverage and Net Investments
Funds generated by operations in the first half of the year rose to 381 million euros, a very positive figure, given that this is a period in which variations in circulating capital traditionally consume the operating cash flow.
This solid capacity to generate operating funds, and the materialisation of the sale of the 35.3% share in Unión Fenosa, have enabled a significant reduction in the net consolidated debt of the Group.
Total net leverage for the ACS Group at 30 June 2009 stood at 8.752 billion euros, of which non-recourse debt stood at 8.811 billion euros. Operations presented a net cash position of 59 million euros.
Of the total non-recourse financing, 3.310 billion euros come from financing concessionary projects; the rest, i.e. 5.501 billion euros, corresponds to the debt on the instruments used to acquire shares in Hochtief and Iberdrola.
Remaining investments correspond to operations in the Construction area of business, in which investments have been made to a value of 67 million euros, mainly in equipment and machinery for project implementation. Concessionary projects have received investment amounting to 154 million euros, of which over 130 million euros went on I-595 highway in the USA. Environment and Logistics received 116 million euros in investment, of which 84 million euros came from Urbaser treatment plants. Finally, Industrial Services received 667 million euros in investment, mainly in renewable-energy projects, significant among which is investment in solar thermal assets (307 million euros) and wind farms (195 million euros), as well as transmission lines (103 million euros) and desalination plants (34 million euros).