ACS Group obtained a pro-forma* Net Profit of €380.3 million in 2003
It represents a 16.5% increase over the 2002 pro-forma net profit
25.02.2004
ACS Group achieved a consolidated turnover of €10,733.6 million in financial year 2003, which represents a 7.7% increase over the year before. Gross Operating Profit (GOP) amounted to €931.8 million, representing a 16.0% increase over the comparable figure for one year earlier.These results mean that the new ACS GROUP is Spain’s leading company in the field of Construction and Services.
Net Operating Profit After Taxes (NOPAT) totalled €649.0 million, 12.5% more than the pro-forma figure for 2002. This favourable operating profit, the improvement in the financial expenditure and the contribution to profits of the companies consolidated by the equity method have enabled the Group’s ordinary profit to grow by 21.2% to a total €537.3 million.
Net profit amounted to €380.3 million, 16.5% more than the pro-forma figure for the year before, after an increase of the effective tax rate by 9 percentage points.
Construction activity generated 51.7% of the sales of the new Group and 47.6% of the net operating profit. Turnover amounted to €5,595 million, which represents a 5.0% growth over the year 2002, and the contribution of this area to ACS Group’s net operating profit amounted to €330.9 million, 6.0% more than the year before. The works portfolio totals approximately €7.9 billion, the equivalent of 17 months of production capacity, the same ratio as at the end of the previous year.
The Industrial Services area increased its sales by 8.6% to €3,069 million and its net operating profit by 12.3% to €227.3 million, respectively representing 28.4% of total sales and 32.7% of the total net operating profit. The works portfolio at year-end was over €3.0 billion, 9.5% more than the joint figure for the two companies in December 2002.
Service activity, within the Services and Concessions area, achieved a turnover of €2,157 million and a net operating profit of €142.7 million, the increases in percentage terms being 13.6% and 16.4% respectively. In this same area, Concessions had a net profit of €55.2 million, of which €38.8 million came from the contribution of the holding in Abertis carried by the equity method.
Increase of Investment
During financial year 2003 the two companies together carried out a net investment of €543 million, 18.8% more than in 2002. This figure does not take into account the 385 million euros corresponding to the bid launched in March 2003 for an additional 10% of the share capital of Dragados Group.
Net borrowing, not considering project finance, totalled €914 million at the end of the year, which represents 51% of the company’s equity and reserves, and after having amortised 35% of the share capital of Dragados, equal to over 1,300 million euros.
Last December, after the completion of the merger process, a provision was set aside in the 2003 profit & loss account for merger expenses, with a non-recurring effect of €111.5 million on the net profit. The foregoing, plus the fact that the merger is effective from an accounting standpoint as from 1 May 2003, explains the difference between the pro-forma and the book profit, which totals €229.5 million and represents a 27.3% increase over the net profit of ACS in 2002.
N.B.: In order to evaluate the performance of the new merged Group, information is given using pro-forma figures. This is the same as considering the merger effective as of 1 January 2002 and excluding the provision for extraordinary charges booked in December 2003.
Net Operating Profit After Taxes (NOPAT) totalled €649.0 million, 12.5% more than the pro-forma figure for 2002. This favourable operating profit, the improvement in the financial expenditure and the contribution to profits of the companies consolidated by the equity method have enabled the Group’s ordinary profit to grow by 21.2% to a total €537.3 million.
Net profit amounted to €380.3 million, 16.5% more than the pro-forma figure for the year before, after an increase of the effective tax rate by 9 percentage points.
Construction activity generated 51.7% of the sales of the new Group and 47.6% of the net operating profit. Turnover amounted to €5,595 million, which represents a 5.0% growth over the year 2002, and the contribution of this area to ACS Group’s net operating profit amounted to €330.9 million, 6.0% more than the year before. The works portfolio totals approximately €7.9 billion, the equivalent of 17 months of production capacity, the same ratio as at the end of the previous year.
The Industrial Services area increased its sales by 8.6% to €3,069 million and its net operating profit by 12.3% to €227.3 million, respectively representing 28.4% of total sales and 32.7% of the total net operating profit. The works portfolio at year-end was over €3.0 billion, 9.5% more than the joint figure for the two companies in December 2002.
Service activity, within the Services and Concessions area, achieved a turnover of €2,157 million and a net operating profit of €142.7 million, the increases in percentage terms being 13.6% and 16.4% respectively. In this same area, Concessions had a net profit of €55.2 million, of which €38.8 million came from the contribution of the holding in Abertis carried by the equity method.
Increase of Investment
During financial year 2003 the two companies together carried out a net investment of €543 million, 18.8% more than in 2002. This figure does not take into account the 385 million euros corresponding to the bid launched in March 2003 for an additional 10% of the share capital of Dragados Group.
Net borrowing, not considering project finance, totalled €914 million at the end of the year, which represents 51% of the company’s equity and reserves, and after having amortised 35% of the share capital of Dragados, equal to over 1,300 million euros.
Last December, after the completion of the merger process, a provision was set aside in the 2003 profit & loss account for merger expenses, with a non-recurring effect of €111.5 million on the net profit. The foregoing, plus the fact that the merger is effective from an accounting standpoint as from 1 May 2003, explains the difference between the pro-forma and the book profit, which totals €229.5 million and represents a 27.3% increase over the net profit of ACS in 2002.
N.B.: In order to evaluate the performance of the new merged Group, information is given using pro-forma figures. This is the same as considering the merger effective as of 1 January 2002 and excluding the provision for extraordinary charges booked in December 2003.