ACS accounts in the first semester of 2015 for a net profit of 407 euro million
Sales grow by 5.2% up to 17,860 euro million.
Sales in the first half of 2015 accounted for 17,860 euro million, representing an increase of a 5.2% compared to the same period in 2014. The international activity of the Group accounts for 81.6% of the total.
Sales by geographical areas demonstrate the diversification of the income sources of the Group, where North America weights 37% of sales, Europe a 26%, Australia a 19%, Asia a 10% and South America a 6%. Spain represents 18% of the total sales of ACS.
Total backlog by the end of the first half of 2015 accounted for 66,804 euro million showing a 11.6% growth compared to June 2014, with a geographical distribution similar to that of the sales.
Grupo ACS EBITDA accounted for 1,315 euro million, growing by 10.3%. This figure would be significantly higher (+19.3%) if the impact of the sale of renewables were to be considered, as its contribution after the transaction diminishes in 86 euro million.
EBIT grew by 15.7% up to 905 euro million thanks to the good operating evolution of the areas of activity and the positive impact of the US dollar. It is impacted also by the disposal of renewable assets, so not taking into consideration the contribution of those in both years, EBIT would have grown by 31.3% in the first half of 2015.
Net profit accounts for 407 euro Million, a 3.1% ahead of the figure accounted in 2014. By areas of activity, Construction net profit grows by 14.2% and Environment by 2.1%, whilst Industrial Services net profit decreases by 12.3% after the sale of renewable energy assets during the first quarter of 2015.
Net debt of Grupo ACS accounts for 3,508 euro million, a 39.6% below than in June 2014 and 64.4% lower than the figure accounted four years ago. Net debt to annualized EBITDA ratio stand at 1.3x.
This substantial debt reduction, ahead of 2,300 euro million since June 2014, is due mainly to the cash flow from operations, including the change in the working capital evolution trend, which in the last twelve months has improved in more than 400 euro million. Also this reduction has been obtained thanks to the disposals carried out in the Group:
- The sale of John Holland and Leighton Services in CIMIC by late 2014, that altogether contributed with 900 euro million net of taxes.
- The disposal of renewable assets from Industrial Services, after the IPO of Saeta Yield in February 2015, and the agreement with GIP, for an approximate value of 500 euro million.
Results per Area of Activity
Sales in Construction accounted for 12,756 Euro million, showing a 2.1% growth. International sales represent 94.8% of the total sales of the area, being Australia and North America the most important markets.
EBITDA accounted for 770 Euro million.
Net profit accounted for 124 Euro million.
Backlog by the end of the first half of 2015 accounted for 48,486 euro million, 11.0% more than in June 2014. International backlog represents 93.6% of the total in Construction. Amongst the most important awards of the period, these are the most significant:
Design, construction and maintenance for 30 years of the new Eglinton Crosstown light train line in Toronto (Canada)
Design, construction and maintenance of the US181 Harbor Bridge in Corpus Christi, Texas, that will include the largest cable-stayed bridge in the United States.
Design, construction and operation of new bridge over Saint Laurence River in Montreal, Canada.
Design and construction of the SH 288 highway in Clear Creek (Texas, United States)
Construction of the Long Island Rail Road Concourse at Grand Central Terminal in New York (US)
Design and construction of a six kilometer extension of the Mitchell Freeway in Perth (Australia)
Design and construction of Sydney’s M4 East Motorway that will join the M4 Widening at Homebush Bay Drive (Sydney, Australia)
Construction of the high-speed railway line between Mondragón and Bergara (Spain)
Construction of the railway tunnels between Lavanttal and Jauntal (Austria)
Refurbishment of the deficient bridges on Interstate 25 in Colorado (US)
Construction of temporary boarding area and security screening checkpoint for the Terminal 1 of San Francisco´s Airport (US)
Refurbishment of the Interstate 5 in San Diego (California, US)
Improvement works for Mathis Bridge (New Jersey, US).
Construction of the road between Mulaló and Guerrero (Colombia)
Sales in Industrial Services accounted for 3,544 Euro million, out of which 57.1% correspond to international sales, accounting for 2,112 Euro million and a growth of 7%. Total sales decrease by 2.7% after the sale of renewable energy assets during the first semester of 2015.
Total sales drop by 2.7% due to the sale of renewable assets performed during the first half of 2015. Not taking into consideration the renewables contribution in both years, sales would have grown by 0.5%.
EBITDA accounted for 399 Euro million, with a decrease of a 16.8% after the sale of renewables assets already mentioned. Not taking that sale into consideration, EBITDA would have grown by +1.4%.
Net profit decreases again for the same reason by 12.3% and accounted for 208 Euro million. In comparable terms, it would have grown by +0.9%.
Backlog of this area accounted for 8,123 Euro million by the end of the period, equivalent to 15 months of production, being 75.9% from international contracts. The most important awards of the period are:
Engineering, supply, construction and installation of the oil drilling platform PP-Teckel-A (Mexico)
Construction of Valle de México II combined cycle plant (installed capacity of 625 MW) (Mexico)
Assembling and procurement of two tanks of 160 million barrels for the storage of crude oil in the refinery of Cochan (Peru)
Construction of seven regasification stations in the north of Peru.
50 MW Photovoltaic Plant in Honduras
Management contract for the public lighting services of Puerto Rosario (Fuerteventura, Spain)
EPC project for the construction of a 48 MW windfarm (Uruguay)
Works for the electrical connection of several renewable assets in Chile
Design, supply and construction of an underground electricity transmission line in La Planicie (Peru)
Chimalpa Dos electrical substation comprising the construction and installation of two transmission lines and an electrical substation in the State of Mexico (Mexico)
Maintenance services of several stretches of the Spanish high-speed railway line (Spain)
Environment accounted for sales of 1,572 Euro million, showing an increase of 84.6% thanks to the incorporation of Clece to the consolidation perimeter since July 2014.
EBITDA in Environment accounted for 171 Euro million.
Net Profit accounted for 47 Euro million in the first half of 2015.
Backlog accounted for 10,195 Euro million, equivalent to 40 months of activity, with a 40.0% coming from abroad. Amongst the most important awards of the period are:
Contract for the waste collection and street cleaning in Burnley Borough Council (United Kingdom)
Maintenance services of wooded area for public use of the city of Buenos Aires (Argentina).
Facility management services for the Endesa office buildings (Spain)
Cleaning services contracts for several hospitals in Canary Islands, in Spain.
Contract for the Urban waste collection in Calella (Barcelona, Spain)
Extension of the contract for street cleaning services and urban waste collection in Santa Cruz de Tenerife (Spain)