Grupo ACS net profit in 2011 totals EUR 962 million

Transcription

1 Grupo ACS net profit in 2011 totals EUR 962 million Turnover grew up to EUR 28,472 million, a 98.7% increase. International turnover now accounts for 72.5% of the total. The Grupo ACS ordinary net profit grew by 8.8% to EUR 951 million. Grupo ACS Results In Euro Million var. Sales 28,472 14, % EBITDA 2,318 1, % EBIT 1,333 1, % Net Profit 962 1, % Ordinary Net Profit from Continuing Operations* % Net Investments 2,902 2, % Cash Flow from Operations 1,287 1, % Net Debt 9,334 8, % * Profit after taxes and minority interest without including extraordinary results or the results of interrupted operations Consolidated Results In a difficult economic and financial environment, ACS has increased its turnover significantly, both thanks to the integration of Hochtief and to the international growth of the rest of activities. In 2011, ACS Group achieved a total turnover of EUR 28,472 million, a 98.7% increase over the prior year. International sales accounted for EUR 20,649 million, or 72.5% of the total, and almost multiplied by four over the prior year. The gross operating profit (EBITDA) climbed 61.9% to EUR million with a sales margin of 8.1%. The earnings before income and taxes (EBIT) grew by 28.3% to reach EUR 1,333 million with a sales margin of 4.7%. 1

2 The recurring net profit, i.e., the profit from continuous activities, excluding any extraordinary results and capital gains from asset sell offs, increased 8.8% to EUR 951 million. The net profit of 2011 totaled EUR 962 million, 26.7% less than the prior fiscal year due to capital gains brought in last year, in particular the gains from the sale of 15.5% of Abertis in September The capital gains obtained after the sale of assets in 2011 compensated the extraordinary losses and provisions of the year: The capital gains on asset sales account for EUR 224 million and include, toll motorways, the assets of renewable energy and transmission lines, and the sale of the hospital waste treatment business. The extraordinary losses and provisions include, amongst others, the negative results of Hochtief in the first quarter of the year, which impacted in ACS for EUR 76 million, and the adjustment made for reasons of prudence to neutralize the net contribution of Iberdrola, that in 2011 accounted for EUR 126 million. Capital gains and extraordinary losses generated by Hochtief from 1 June 2011, mainly in its Australian subsidiary Leighton, had no accounting impact on the income statement of ACS. The total backlog at the end of 2011 amounted to EUR 66,152 million, with particularly strong growth at 338.6% in the international portfolio, which currently accounts for 80.9% of the total. Results by Business Area Construction The Construction area achieved sales in the amount of EUR 19,802 million, or 247.2% more than in 2010, thanks to the consolidation of Hochtief in this area of the business by the global integration method beginning on June 1, International sales in the ACS Group s Construction business have grown substantially to EUR 16,858 million, an amount equivalent to 85.1% of the total construction turnover. The gross operating profit (EBITDA) reached EUR 1,210 million, which represents a 183.4% increase and a sales margin of 6.1%. The net profit was EUR 370 million, or 97.5% higher than last year. 2

3 The backlog at the end of 2011 amounted to EUR 50,336 million, which is the equivalent of 22 months of production. The international backlog has already come to represent 91.4% of the total Construction portfolio. Some of the most important contracts awarded to the Group in 2011 include the following: mining management contracts in Australia and Indonesia for the extraction of coal, worth more than EUR 2,000 million contracts for the construction of the Royal Adelaide Hospital and the Perth Children s Hospital in Australia worth more than EUR 1,250 million the construction and remodelling of the Forth Crossing bridge in Scotland, a project worth a total of EUR 950 million the Wheatstone gas project in Australia, for more than EUR 510 million a contract for the construction and design of a tunnel on the SR 99 in Seattle (United States) worth EUR 438 million a contract to build a railway bridge and tunnel, stations and viaducts for the South Island railway line in Hong Kong, worth more than EUR 400 million a contract to build and maintain the A8 motorway in Germany, worth more than EUR 380 million the project for the construction of the S 17 highway section between Dabrowica and Witosa (Poland) for EUR 245 million a contract to refurbish the convention centre in Oakland, California, worth nearly EUR 225 million a contract to build the A 308 motorway between the towns of Iznalloz and Darro (Granada) with an investment of EUR 200 million Industrial Services Sales in the Group s Industrial Services division have decreased by 1.6% to EUR 7,045 million in 2011 due to a decline in the Spanish domestic market, especially in the EPC projects segment. International sales, on the other hand, grew by 26.5% to reach EUR 3,383 million, or 48% of the total. This strong increase is due to new production in Latin American countries like Mexico, Brazil, Chile and Peru, and from the north of Europe, a region that grows more than 66%. 3

4 The gross operating profit (EBITDA) grew by 10.5% to EUR 907 million. The net profit rose to EUR 492 million, which is 23% more than in the same period during the prior year. This division finished out the period with a backlog worth EUR million, which is the equivalent of 12 months of production, and a total of 60.7% originating from international contracts. Some of the most important contracts awarded during 2011 include: a turn key project to build the thermosolar plant of Tonopah, in Nevada, US, for EUR 587 million. the project to develop the high speed railway line between Mecca and Medina in Saudi Arabia for EUR 420 million. a project for the turn key construction of a 500 MW combinedcycle plant in Parnaíba (Brazil) worth EUR 262 million a contract to build the Renace II Hydroelectric Plant in Alto Verapaz (Guatemala), worth EUR 152 million the development of a CGGT plant in Querétaro, Mexico, for EURO 116 million. a contract to build two wind parks in Salamanca totaling 70 MW, worth EUR 101 million a turnkey contract for two support facilities for the Eldfisk II oil platform in the North Sea (Norway), worth EUR 96 million a contract for a maritime terminal and storage plant for liquefied petroleum gas in Quito (Ecuador), worth EUR 95 million a contract for signage and control services for a set of highways in Huesca, worth EUR 91 million a contract to build a 200 MW open cycle power plant in the Lambayeque region of Peru, worth EUR 90 million the turn key project to build the CCGT plant of Great Island, in Ireland, with an installed capacity of 430 MW for EUR 80 million. a project to build a 50 MW thermosolar plant in Caceres, worth EUR 55 million a project to expand the high voltage lines between Cuiabá and Rio Verde Norte in Brazil, worth EUR 50 million a contract to build a national gas storage terminal in Guadalajara (Mexico), worth EUR 35 million the project to build gas storage and transportation facilities in Saudi Arabia for EUR 44 million. 4

5 Environment The Environment division achieved sales of EUR 1,686 million, which represents a total growth of 11.6%. The gross operating profit (EBITDA) for the division reached EUR 253 million, with the sales margin at 15.0%. The net profits amounted to EUR 128 million. The division s current portfolio is valued at EUR 8,914 million euros, which is equivalent to 64 months of activity. International markets account for 37% of the portfolio. The most significant contract awards for the period are: waste collection, street cleaning and public premises maintenance contracts in Viladecans (in Barcelona) worth a total of EUR 106 million a contract to perform street cleaning and waste transportation in Mostoles, Madrid, for EUR 84 million. a contract to operate the Las Mulas dump ground in Fuenlabrada, Madrid (worth EUR 29 million) a waste collection and street cleaning contract with the Gosport Borough Council, United Kingdom (EUR 26 million) an extension of the contract to operate the comprehensive waste treatment plant in Meruelo, Cantabria (EUR 20 million) contracts in France worth a total of EUR 33 million for urban waste collection in the Boucle de la Seine Communauté de Communes (Île de France) and in the municipality of La Ciotat (Marseille) Debt and net investments The funds generated by operating activities in 2011 amounted to EUR 1,287 million, down by 3.9%. The positive operating results and the global consolidation of Hochtief since June have been compensated by the negative evolution of working capital from Construction in Spain. In 2011 net investments accounted for EUR 2,902 million. Gross investments totaled EUR 4,775 million and disposals EUR 1,854 million. The main line item is the EUR 1,080 million investment to acquire approximately 22% of the equity of Hochtief. There have also been significant investments by Hochtief itself, which has invested EUR 1,668 million in concessions and equipment for the mining business. Iridium has likewise invested EUR 591 million, and the Industrial Services division has invested EUR 1,236 million, primarily in energy projects. 5

6 The most notable divestments include the ones performed by Hochtief for EUR 655 million, which include Leighton s sale of the HWE mining contracts, the sale of the renewable energy assets and transmission line projects in Brazil for EUR 680 million and the sales of the Chilean highways and the I595 in Florida for EUR 249 million. Additionally, over the last months of the year, the Group has agreed to sell various concession and renewable energy assets worth a total EV of EUR 1,000 million. These projects are still pending execution, and as such, their results were not included in the financial statements for the period. During 2012 the funds obtained from the sale of assets, including the closure of these transactions, will account for more than EUR 3,000 million. The net debt of ACS by year end 2011 is EUR 9,334 million, of which EUR 5,965 million constitute non recourse financing for shareholders, including EUR 4,962 million in debt for the vehicles used to acquire the shares of Iberdrola, which will reach maturity in the period from late 2014 to March The remainder corresponds to the financing of concession projects (EUR 395 million) and the acquisition of Hochtief (EUR 608 million), which has been recently refinanced through July In the last twelve months Grupo ACS has refinanced more than EUR 7,700 million. During 2011 the Group agreed to refinance long term loans for a total of EUR 6,300 million, and the last 9 th of February ACS refinanced a syndicated loan for close to EUR 1,400 million. The current level of debt is equivalent to 3.6 times annualized EBITDA of 2011, and comes down to 3.0 times if the dividends received from affiliates are accounted in the calculation. Madrid, 29 th of February