After the incorporation of Hochtief, turnover amounted to 9,035 million Euros, 144.8% more than the same period last year.• International sales now account for 78.6% of total.
Consolidated Results
Net sales of ACS in the first quarter of 2012 totaled 9,035
million Euros, 144.8% more than last year. Growth in
comparable terms, also considering the sales of Hochtief in
the first quarter of 2011, accounted for a 4.9% growth.
International sales now account for 78.6% of total after
multiplying by five to reach 7,100 million Euros. In
comparable terms the growth has been a 13.5%, while
activity in Spain has decreased by 17.8%.
Sales by geographic area are evenly distributed between
Europe, America and Asia Pacific and demonstrate the
diversification of the Group.
The total backlog in March 2012 amounted to 67,919 million
Euros, a growth of 145.5%. It is significant the growth in
international backlog, which already accounts for 82.0% of
the total, led by the consolidation of Hochtief in the
Group and the expansion of international activities of
Dragados and Industrial Services.
The EBITDA grew by 73.4% to 664 million Euros, with a
margin of 7.4%. The EBIT grew by 2.4% to 317 million Euros,
with a margin of 3.5%.
Net profit increased by 1.3% to 207 million Euros and
includes the gain on the partial sale of Clece and other
extraordinary items.
Results by Business Area
Construction
The Construction area of activity achieved sales of 6,791
million Euros, 6.9% more than in the first quarter of 2011
in comparable terms, including sales of Hochtief in both
periods.
International sales of the Construction activity of Grupo
ACS has grown substantially up to 6,036 million Euros, a
figure already represents 88.9% of the total turnover of
the activity.
The EBITDA for the area reached 396 million Euros, bringing
the margin to 5.8% of sales. Net profit stood at 40 million
Euros.
The backlog at the end of March 2012 stood at 51,654
million Euros, equivalent to 22 months of production. The
international backlog now accounts for 92.7% of the total
from the Construction area.
Among the major awards won by the Group in 2012 include the
following:
Extension of the mining contract in Prominent Hill Copper &
Gold Mine (Western Australia)
Construction of the Northeast Anthony Henday Drive of the
Edmonton Ring Road (Alberta, Canada)
Construction of the marine facilities for the LNG plant in
Curtis Island, Australia
Project for construction of S-8 highway between Sieradz
Poludnie and Lask (Poland)
Contract comprising the passive fiber network construction,
field services delivery and network augmentation and
restoration to bring high speed, optic fiber broadband to
Tasmania (Australia)
Civil works for the development of the Caval Ridge Mine
Project (Queensland, Australia)
Western Highway Duplication: construction of a fully
divided four-lane road and a bypass to the south of the
Trawalla township (Victoria, Australia)
Design and Construction of Interstate 405 Bellevue to
Lynwood (Washington, USA)
Construction of a tunnel for a new Stuttgart railway
station (Germany)
Construction and maintenance of the high-speed railway line
between Olmedo and Pedralba (Valladolid, Spain)
Moorvale coal management contract extension (Australia)
Construction of several tunnels (highway and railway) ,
Norway
Construction of Madrid-Galicia high speed railway line
between Prado and Porto (Orense, Spain)
Industrial Services
Sales at Industrial Services have been practically the same
as in the previous period, decreasing by 1.0% to 1,830
million Euros, mainly because the national market activity
has fallen by 17.4%. By contrast, international sales
increased by 20.1% representing 53% of the total. This
increase comes from countries like Mexico, Brazil, United
States, Peru and northern Europe.
The gross operating profit (EBITDA) for the quarter grew
0.2% to 220 million Euros. Ordinary net profit in the area
reached 109 million, virtually the same as in the previous
period.
This area ended the period with a backlog worth 7,166
million Euros, equivalent to 12 months of production and
64.3% from international contracts.
Among the major awards won during the year 2012
highlights:
Procurement and construction of an oil pipeline with an
extension of 77 kilometers for the oil offshore platform
"Enlace Litoral" (México)
Works in the I-495 highway in Virginia (USA)
Works for the construction of pipeline gas transport
between Apiay and Monterrey (Colombia)
Design, construction, operation and maintenance services
for a waste water treatment plant in Australia, and
development of auxiliary works related to the plant
(Melbourne)
EPC project for the construction of a high voltage
transmission line in Peru
San Fermin photovoltaic plant construction with an
installed capacity of 20 MW (Puerto Rico)
Improvement works for distribution networks in Dominican
Republic
Contract for the Murcia street lightning maintenance
(Murcia, Spain)
Electricity transmission line development Errachida-Tinghir
II- Ouazazate (Morocco)
Maintenance services contract for Telefonica´s telephone
booths in different areas of Spain.
Environment
The Environment area achieved sales of 421 million Euros,
representing growth of 0.4%. The EBITDA of the area reached
61 million Euros, and the margin over sales was 14.4%. The
net profit was 179 million Euros and includes the gain on
the partial sale of Clece.
The current backlog in this area stands at 9,099 million
euros, equivalent to 64 months of activity, with a 35.5% in
international markets. Among the most important awards of
the period are:
Urban waste collection, transport and street cleaning
services contract in Boadilla del Monte (Madrid, Spain)
Street cleaning services for several areas of the city of
Madrid (Spain)
Contract for street cleaning services and urban waste
collection in Melilla (Spain)
Contract for the management of Sierra de Gredos Norte urban
waste treatment plant (Avila, Spain)
Gardening services for the city of Santander (Spain)
Debt and net investments
Grupo ACS net debt as of March 31st, 2012, excluding debt
of Hochtief AG, has been reduced by 1.9% compared with the
first quarter of 2011, to 8,632 million Euros.
Net debt of Hochtief AG at the end of the first quarter of
2012 stood at 1,864 million Euros, bringing the total Group
net debt to 10,496 million Euros which represents 3.9 times
annualized EBITDA.
Out of these, 5,835 million Euros are non-recourse
financing for shareholders, including 4,685 million Euros
for the debt of the vehicles used for the acquisition of
the shares of Iberdrola.
One of these vehicles bore the 221 million shares that were
sold last April 18th, earning 798 million Euros, to which
ACS proceeded to cancel the debt related totaling 700
million Euros.
Also on April 25th, ACS sold the stake that the Group had
in Abertis, obtaining additional resources of 875 million
Euros.
These transactions confirm the ACS objective of reaching at
year end a net debt to EBITDA ratio of less than three
times.
In the first three months of 2012 gross investments totaled
522 million Euros, while disposals totaled 108 million
Euros.
The operational investments in Construction activity relate
mainly to the acquisition of machinery for mining contracts
from Leighton for approximately 145 million Euros, while
concession projects take another 62 million Euros.
Investments in Industrial Services have been used primarily
for energy projects like solar thermal power plants (€ 47
million), transmission lines (€ 45 million), wind farms (€
13 million) or gas storage facilities (€ 13 million).
Disposals mainly come from the partial sale of Clece in the
Environment area amounting to 80 million Euros.
Madrid, 8th of May 2012
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