ACS Actividades de Constrccn y Srvcos : accounts for a net profit of 725 million euros in 2015

Net debt dropped by 30% down to 2,624 million euros, equivalent to 1,09 times 2015 EBITDA.
Consolidated Results
Sales in the year 2015 accounted for 34,925 million euro, representing an increase of 0.1% compared to the prior period. The international activity of the Group accounts for 83.2% of the total, therefore Spain represents 16.8% of the total sales of ACS.
The significant growth experienced in North America has enabled an increase of the Group's turnover in this market which already represent 40% of the sales whilst Europe reaches 25%, Australia 17%, Asia 11%, South America 6% and Africa 1%.
At the end of 2015, total backlog accounted for 67,072 million euro showing a 5.0% growth compared to december 2014, as a result of the strong contracting activity in the United States, Canada and Australia, and maintaining a similar geographical breakdown as of sales.
Grupo ACS EBITDA accounted for 2,409 million euro, dropping by 5.6%. However this variation is mainly explained by the disposal of renewable assets from Industrial Services during the first quarter of 2015, so without considering the contribution of these renewable assets in both periods, EBITDA would have grown by 3.6% in 2015.
EBIT dropped by 8.5% down to 1,541 million euro also due to the renewable assets disposal. Not taking into consideration the contribution of these assets in both periods, EBIT would have grown by 5.8% in 2015.
Net Profit grows by 1.1% up to 725 million euro despite the fact that it includes the impacts of the lower contribution from Industrial Services due to the already mentioned disposal of renewable assets.
Thus, net recurring profit from operating activities, without taking into account renewable assets disposals during 2015, reached 691 million euro, growing by 13.1% in the year. This growth is backed by an excellent operating evolution of HOCHTIEF after culminating its transformation process, and a solid stability of the remaining activities despite de difficult macro scenario

Financial Situation
Net debt of Grupo ACS accounts for 2,624 million euro, 29.5% lower than in December 2014 and 72% lower than the figure accounted four years ago. As of December 2015, Net debt to EBITDA ratio stood at 1.09x. Out of the total net debt, 541 million euro correspond to Project Finance debt whilst the remaining balance, 2,083 million euros, correspond to net debt from the other operating activities
This significant deleverage has been mainly possible thanks to a 144% increase in cash flow from operating activities, up to 2,009 million euro. This positive evolution of funds generated from operations is backed by the excellent performance of operating working capital which has improved by 625 million euros across the activities, particularly in construction.
Net investment in 2015 account for 393 million euros, broken down in a total investment of 2,228 million euros and divestments reaching 1,835 million euros.
 Operational investments in Construction amounted to 37 million euros and mainly correspond to acquisition of machinery for mining contracts by HOCHTIEF and divestment of concessional assets from Iridium.
 Net disposals in Industrial Services amounted to € 119 million, and correspond mainly to the sale of energy assets which includes the sale of 75% of Saeta Yield in February and the sale to the specialized fund GIP of a 50% stake in the company which develops the energy projects. Additionally we have invested € 360 million in various energy projects, particularly in renewable assets in America.
 Environmental Services has invested € 155 million in maintenance CAPEX and in development of concessional assets, mainly in the Essex Treatment Plant in the UK.
 The investments of the corporation includes 4.05 million stocks in HOCHTIEF by ACS which represent 5.8% stake in the capital share, for a total amount of 311 million euros. After this transaction, Grupo ACS' stake in HOCHTIEF amounts to 70%, once adjusted by HOCHTIEF's treasury stock.
This solid financial situation has allowed the Group to continue to provide attractive remuneration for shareholders throughout 2015. Thus, Grupo ACS has devoted 851 million euros to dividend payments and acquisition of treasury stock for its scrip dividend program as well as for HOCHTIEF's treasury stock purchase plan.

Results per Area of Activity
Construction
Sales in Construction accounted for 25,319 Million euro, showing a slight decrease of 1.9%. This is mainly due to the slowdown in the contract mining activity in Australia. International sales represent 94.6%, being Australia, the United States and Canada the most important markets.
Construction EBITDA accounted for 1,438 million euro, growing by 2,0%.
Net profit accounted for 304 million euro, growing by 36,4%.
By the end of 2015, the backlog of construction activities accounted for 48,874 million euro, 7.0% more than in december 2014. International backlog represents 94.1% of the total in Construction.
Amongst the most important awards during 2015, these are the most significant:
­ Design and construction of the new M5 motorway that will run via twin tunnels from the existing M5 to a new interchange at St Peters .(Sidney, Australia)
­ Contract for the design and construction of the new Eglinton Crosstown light metro line in Toronto (Canada)
­ Rehabilitation and improvement works in the Corpus Christi Harbor Bridge in the highway US-181 (Texas, United States)
­ Design and construction of the new bridge over the St. Lawrence River in Montreal (Canada)
­ Project for the construction of the segments 2 and 3 of the California high speed railway system, located withinthe cities of Hanford, Corcoran and Allensworth and with a lenght of around 100 kilometers.
­ Design and construction of the Highway ('SH') 288 from U.S. Route ('US') in Clear Creek (Utah, United States)
­ Construction of the Long Island Rail Road (LlRR) Concourse at Grand Central Terminal in New york (United States)
­ Design and construction of a six kilometer extension of the Mitchell Freeway in Perth's NorthWest corridor. (Australia)
­ Design and construction of Sydney's M4 East Motorway that will join the M4 Widening at Homebush Bay Drive(Sydney, Australia)
­ Construction of tunnels between Lavanttal and Jauntal (Austria)
­ Three-year contract extension to continue turnkey operations at Lake Vermont Coal Mine (Australia)
­ Four-year contract extension at the Ukhaa Khudag (UHG) coal mine in Mongolia
­ Replacement of structurally deficient bridges on I-25 in Colorado (United States)
­ Construction of temporary boarding area and security screening checkpoint for the Terminal 1 of San Francisco´s Airport (United States)
­ Works for the enlargement of the I-95 in Miami (United States)
­ Rehabilitation and improvement works for the I-5 road in San Diego (California, United States)
­ Improvement works for Mathis Bridge (New Jersey, United States)
­ Construction of the road between Mulaló and Guerrero (Colombia)
­ Construction of the Radom ringroad in the S-7 express road (Poland)
­ Contract to design and build a new interchange at Provincial Trunk Highway 59 and PTH 101 in Winnipeg (Manitoba, Canada)
­ Delivery of the RAAF Base Williamtown Redevelopment Stage 2 Project in the Hunter region of New South Wales (Australia)
­ Contract for the building and operation during 30 year of a new laboratory and administration building for the Berlin-Brandenburg State Laboratory (Germany)
­ Three-year contract extension to continue operations at Sonoma and Drake coal mines in Collinsville (Australia)
­ Contract to deliver gas infrastructure for QGC Pty Limited in the Surat Basin (Queensland, Australia)
­ Project for the construction of a new building for the Bochum university (Germany)
­ Project for the construction of the M-11 highway between Gorey and Enniscorthy (Ireland)
­ Design and build contract of the S6 road between Kielpino-Kolombrezeg in Poland.

Industrial Services
Sales in Industrial Services reached 6,501 million euro, out of which 66.7% correspond to international sales which accounted for 4,369 million euro growing by 1.2%.
Total sales dropped by 3.7% due to the sale of renewable assets during the first quarter of 2015. Not taking into consideration the renewables contribution in both years, sales would have grown by 0.6%.
EBITDA accounted for 680 million euro, with a decrease of 24.6% due to the sale of renewables assets already mentioned. Not taking that sale into consideration, EBITDA would have grown by +0.6%.
Net Profit accounted for 320 million euro and decreases by 23.7% also due to the renewable assets disposal. Excluding the contribution of the renewable energy activity, Net Profit would remain practically stable compared to 2014.
Industrial Services has increased its backlog by 5.0% up to 8,421 million euro, equivalent to 16 months of production, being 75.9% from international contracts. The most important awards of the period are:
­ Contract for the electrification of 420 kilometers of Israel railway network
­ Engineering, suply, construction and installation of the oil drilling platform PP-Teckel-A (Mexico)
­ Facilities of traction power maintenance, overhead contact line, electrical substations and associated systems of high-speed railway lines for ADIF in Spain.
­ Habilitation and Assembly of two tanks of 160 million barrels for the storage of crude oil in the refinery of Cochan (Peru)
­ Supply and installation of electromechanical equipment for 3 electrical substations in Dhahran (Saudi Arabia)
­ Construction of Valle de México II combined cycle plant with an installed capacity of 625 MW (Mexico)
­ Construction of seven regasification stations in the north of Peru
­ Fotovoltaic plant of 50MW in Honduras
­ Management contract for the public lighting services of Puerto Rosario (Fuerteventura, Spain)
­ Construction of a 48 MW windfarm (Uruguay)
­ Work for the electrical connection of renewables in Chile
­ Design, supply and construction of an underground electricity transmission line in La Planicie(Perú)
­ Chimalpa Dos electrical substation comprising the construction and installation of two transmission lines and a electrical substation in the State of Mexico (Mexico)
­ Electrical and plumbing installations for the new terminal of the Argel airport (Algeria)
­ Duba combined cycle plant with a total power of 500 (Saudi Arabia)
­ Construction in the Miguel Allende de Tula refinery of plants for the production of ultra-low sulfur diesel (Mexico)
­ Construction of the Johan Sverdrup living quarter jacket (Norway)
­ Construction and assembly of three tanks for oil storage in the Esmeraldas refinery (Ecuador)
­ Construction and equipment of Machala hospital with a capacity of 120 beds (Ecuador)
­ Works for mechanical assembly in the nitric acid plant of Yara Norge company (Norway)

Environment
Environment accounted for sales of 3,139 million euro, showing an increase of 34.2% thanks to the incorporation of Clece to the consolidation perimeter since July 2014.

EBITDA in Environment accounted for 342 million euro, an increase of 17.6% due to above-mentioned incorporation of Clece.
Net Profit accounted for 73 million euro in 2015, 1,4% higher than in the previous year.
Backlog accounts for 9,777 million euro, equivalent to 37 months of activity, with a 40.5% 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)
­ Contract with the Spanish Ministry of Defense for cleaning services of several facilities (Spain)
­ Urban waste collection contract in Montpellier (France)
­ Contract for the maintenance of green areas of the city of Buenos Aires (Argentina)
­ Contract for waste operation services in South al Batinah Governatore (Oman)
­ Renewal of the contract for the cleaning services of various hospitals in the Canary Islands (Spain)
­ Contract for cleaning services as well as ueban waste collection and transport in Terracina (Italy)
­ 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)
­ Renewal of the contract for the cleaning services of the Virgen de las Nieves Hospital and new contract for the San Cecilio Hospital claning services (Granada, Spain)
­ Renewal of a contract for cleaning services and achievement of new contract for cleaning services in Primary Health Centers of the Instituto Catalán de Salud (Spain)
­ Contract for home care services in Sevilla (Spain)