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ACS Net Profit accounts for 168 Euro million in the first quarter of 2013

Sales stand at 8,817 Euro million, 83% of them from abroad.

14-05-2013
Ordinary net profit grew by 40% up to 193 Euro million.

Net debt of the Group has decreased in the last twelve months by 43% down to 5,989 Euro million.

Consolidated Results
Sales in the first quarter of 2013 accounted for 8,817 Euro million, representing a reduction of a 2.4% after a decrease in the demand in Spain.
Activity abroad represents 83.1% of sales, growing by 3.2% compared to March 2012. Sales by geographical area demonstrate the diversification of the income sources of the Group, where Asia Pacific weights 39% of sales, America a 33% and Europe a 27%. Spain represents a 17% of the total sales of ACS.
Total backlog by the end of March 2013 accounted for 65,737 Euro million, showing a year to year decrease of a 3.2% after the sale of Thiess Waste Management in the third quarter of 2012. International backlog now represents 84.1 % of the total.
Operating results grew significantly. EBITDA accounted a 12% increase up to 744 Euro million, with a margin on sales of a 8.4% , thanks to the improvements in HOCHTIEF, and the positive evolution of the Industrial Services and Environment activities.
In the same direction, EBIT grew up to 416 Euro million, a 31.4% more than in March 2012. Margin on sales stood at 4.7%.
Ordinary net profit, excluding the extraordinary results of the Group, accounted for 193 Euro million, 39.8% ahead of the figure recorded last year, backed by a positive contribution of Industrial Services and the better financial results from the Corporation, as well as after including Iberdrola dividends the first quarter of the year.
Attributable net profit of the Group, that accounted for 168 Euro million, decreases by 18.8% compared to the figure accounted in March 2012, after a reduction this year of the extraordinary results that in 2012 included, amongst others, the capital gains from the sale of Clece, and that in 2013 account for, amongst others, the value adjustments of Iberdrola.

Financial Situation
Net debt of Grupo ACS accounts for 5,989 Euro million a decrease of a 42.9% compared to March 2012.
39% of the net debt of Grupo ACS corresponds to HOCHTIEF, that in the first quarter of 2013 accounted a net debt growth of 1,177 Euro million thanks mainly to the seasonal variation of its working capital, the payment of dividends in Leighton and from the net investment in machinery and concessions of 489 Euro million. Including this impact, the year to year debt increase of Hochtief accounts just for 477 Euro million.
The net debt of the rest of the Group has diminished by 140 Euro million in the first quarter, even after investing 90 Euro million, and 4,985 Euro million since March 2012, as a consequence of:
- The outstanding operating cash flow generation in the last twelve months, after a non significant working capital variation in the period;
- The sale of assets during 2012, specially the sale of Iberdrola and Abertis, as well as several energy transportation concessions, highways, wind parks, etc.;
- The changes performed in the equity swap contract on Iberdrola shares; and
- The sale of treasury stock in January 2013 for 360 Euro million.
- The current net debt account does not reflect the proceeds from the sale of a 70% the telecomm business in Australia performed by Leighton, ahead of 500 Euro million, nor the sale of the Airports performed by Hochtief, of 1,100 Euro million.
Results per Area of Activity

Construction
Sales in Construction accounted for 6,542 Euro million, showing a decrease of 3.7% after the activity reduction in Spain, from the reduction of investment of Public Administrations and in building.
International sales in Construction account for 6,054 Euro million, a figure now representing 92.5% of the total sales of the area.
EBITDA accounted for 446 Euro million, with a margin on sales of a 6.8%. Net profit accounted for 58 Euro million.
Backlog by March 2013 accounted for 49,292 Euro million, equivalent to 20 months of production. International backlog represents 93.2% of the total in Construction.
Amongst the most important awards of the period, these are the most significant:
- Extension of the contract for the civil and underground works for the Gorgon project in Australia
- Project for the Ottawa´s light train construction (Canada)
- Project for the Shatin to Central Link railway development in Hong Kong, that will connect several existing railway lines to form two strategic railway corridors.
- Passive Fibre Network Design and Construction to bring high speed, fibre optic broadband to Melbourne, Brisbane and southern New South Wales (Australia)
- Refurbishment of the highway A1/A6 between Schiphol-Amsterdam-Almere (Holland)
- Building of the Esso head office in Port Moresby (Papua New Guinea)
- Cape Lambert Port B Wharf Extension construction, a project included as part of the Rio Tinto Iron Ore Expansion projects (Australia)
- Works for the building of Pelli´s Tower in Seville (Spain)
- Enlargement works for Los Angeles World Airport with the expansion and improvements of its Terminal 4 (United States)
- Construction of the ARGE Neubau EKZ shopping center in Böblingen (Germany).

Industrial Services
Sales in Industrial Services accounted for 1,832 Euro million, showing the same sales figure as in 2012 even after the drop accounted in Spain’s domestic market, of a 18%. On the contrary, international sales grew by 16.1% up to 1,126 Euro million, a 61.5% of the total.
EBITDA grew by 10.4%, up to 243 Euro million. Net profit also grew by 13.8% up to 124 Euro million.
Backlog of this area accounted for 7,360 Euro million by the end of the period, equivalent to 13 months of production, being 70.1% from international contracts. The most important awards of the period are:
- EPC project for the low-medium gas compression platform Litoral -A in the oil offshore platform Sonda Campeche (Mexico)
- Works and services in oil wells included in the Chicontepec project (Mexico)
- Construction of 2 wind farms with a total installed capacity of 109.7 MW in the province of Limarí (Chile)
- Installation of toll road systems, and intelligent transport systems, in the East-West highway in Algeria
- Construction of a wastewater treatment plant in Morocco
- Project for two electricity transmission lines and five electrical substations in the states of Baja California, Chihuahua and Coahuila (Mexico).

Environment
Environment accounted for sales of 449 Euro million, showing an increase of a 6.6%. Waste Treatment, a capital intensive activity that includes recycling, treatment, incineration and biomethanisation plants, landfills and several renewable energy sources has grown by 32.6%, thanks mainly to the incorporation of the Chilean business and the start up of several plants abroad.
EBITDA in Environment accounted for 67 Euro million with a margin on sales of 15.0%. Net Profit accounted for 20 Euro million.
Backlog stood for 9,085 Euro million, equivalent to 63 months of activity, with a 45.6% coming from abroad. Amongst the most important awards of the period are:
- Project for the construction of a solid urban waste incineration plant in Gloucester (United Kingdom)
- Contract for street cleaning services in London Borough Waltham Forest (United Kingdom)
- Enlargement of the biogas plant Loma de Los Colorados 2, in Altos de Punitaqui (Chile).
- Project for the Burgos sewage plant enlargement (Spain)
- Contract for the San Fernando landfill management (Madrid, Spain).

Madrid, May 14th, 2013