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| Grupo ACS net profit in 2011 totals EUR 962 million In 2011, Spanish construction group 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 2.318 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%. 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 2010. 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. write your comments about the article :: © 2012 Construction News :: home page |