ACS wins € 282 million during 2019 first quarter, an increase of 12.9%
ACS Group sales in 2019 first quarter accounted for € 9,263 million, representing an increase of 6.8%, and 4.0% when adjusted to exchange rate variations. The North American, Australian and Spanish markets continue demonstrating solid growth.
Sales' geographical distribution showed the broad diversification of the Group, with North America accounting for 45% of sales, Europe 22%, Australia 19%, Asia 6%, South America 7%, and Africa the remaining 1%. Sales in Spain accounted for 17% of total.
Backlog at quarter-end amounted to € 75,399 million, growing by 13.1%, and by 8.8% when adjusted to the exchange rate variations. To mention, the good performance in the North American markets, both in the United States and Canada, with a year-on-year growth rate over 25% and 20%, respectively.
Backlog's geographical distribution is similar to current sales.
Total EBITDA accounted for € 761 million, increasing by 10.9%, placing its margin in 8.2%, 30 b.p. higher than last year.
Likewise, EBIT reached € 501 million after increasing by 3.9%, 4.0% in a like to like basis. Sales margin rose up to 5.4%.
The Group's attributable net profit stood at € 282 million, meaning 12.9 % increase.
Infrastructures Net profit grew by 26.9 %, after bringing in Abertis in June 2018, which contribution in 2019 was worth € 43 million.
On its side, Construction activity includes Dragados with a Net profit of € 37 million, and Hochtief which has reduced its contribution to the Group from 72% to 50% after selling to Atlantia an important stake in 2018 last quarter.
Industrial Services Net profit grew by 3.5%, underpinned by the boost of renewable energies investment in the Spanish market.
Likewise, Net profit in Services reached € 9 million growing by 12.1%.
At first-quarter-end ACS Group reported a net debt balance of € 897 million, growing by € 538 million in the last twelve months due to Abertis' acquisition (completed as of 2018 end) and investment growth in concessional projects.
In fact, the Group's total net investment during 2019 first quarter rose up to € 544 million, multiplying by three its figure in a like to like basis.
Net operating CAPEX increased up to € 142 million and mainly corresponded to the acquisition of machinery for mining, civil works, and industrial facilities' projects.
Net financial investment and in projects and grew up to € 402 million, highlighting Industrial Services area with an investment of € 311 million, mainly in renewable energies' concessional projects.
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