ACS gains 416 million euros in the first half of 2017, 7.2% more
Sales in the first half of 2017 accounted for 17,386 million euros, representing an increase of 11.7%. The good production performance in this semester, especially in the construction activity that grows 15.5%, confirms the growth trend shown in the first quarter of the year.
The geographical distribution of sales shows the broad diversification of the Group, with North America accounting for 44% of sales, Europe 20%, Australia 20%, Asia 8%, South America 6% and Africa the rest 2%. Sales in Spain account for 13% of total sales.
Backlog at the end of the first half of 2017 amounted to 65,200 million euros, 5.9% higher than the one twelve months ago despite the depreciation of the US dollar, with an equivalent sales geographical breakdown.
Total EBITDA accounted for 1,224 million euros in the first half of 2017, increasing 12.2% in line with the increase in production, with all activities showing good operating performance.
Likewise, net operating profit (EBIT) stood at 900 million euros after increasing by 7.6%. Sales margin decreased slightly to 5.2% as a result of a higher increase in depreciation due to growth in more capital intensive activities (eg mining).
The attributable net profit in the first half of 2017 increased by 7.2% to stand at 416 million euros. This growth would be 19.1% if Urbaser's contribution was excluded in 2016.
Construction activity grew 24.9%, supported by the excellent performance of HOCHIEF and its subsidiaries, whose contribution to the consolidated profit of the Group increased by 35%.
Net profit in Industrial Services grew 4.6% thanks to the boost of international activity and the rebound of the Spanish market.
Net profit of Services reaches 14 million euros that corresponds to Clece after the sale of Urbaser and Sintax at the end of 2016.
The net impact of Corporación decreased by 31.1% due to lower corporate financial expenses in relation to the previous year.
Net debt of Grupo ACS accounted for 1,654 million euros, decreasing 55.8% since June 2016 and 72% in the last four years. The Group's financial leverage stands at 0.7 times annualized EBITDA.
During the first half of 2017, cash flows generated by operations, before operating working capital variations that have a seasonal effect in this half, totaled 907 million euros, a 5.5% increase thanks to the increase in operating results and a 23% decrease in net financial expenses.
The total volume of Grupo ACS investments during the first half of 2017, including operational, financial and concessionary projects, amounted to 364 million euros, mainly in mining machinery in CIMIC and in energy assets by Cobra.
Total divestments reached 140 million euros, highlighting Sintax sales, worth 55 million euros, and the sales of the hospitals in the Balearic Islands, on the part of Iridium, worth 43 million euros.
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