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| ACS reports half-year results Grupo ACS, a giant construction company based in Spain, said the sales volume, backlog and operating results were the highest ever accounted in the Group in the first semester, and the operating activities keep demonstrating an outstanding international growth potential, making ACS the leading infrastructure developer in the world, with presence in virtually all markets and proficiency in all types of infrastructure, both in civil, industrial and energy projects. The turnover of Grupo ACS in the first half of 2012 amounted to 18,833 euro million, 98.8% more than the previous year. Growth in comparable terms, considering Hochtief sales in the first half of 2011, would reach 6% International sales now account for 81.3% of total, reaching to 15,305 euro million. In comparable terms, the international growth was 15.3%, while activity in Spain has fallen by 21.5% down to 3, 528 euro million. Sales by geographic area are distributed evenly between Europe, America and Asia Pacific and demonstrate the Group's diversification strategy. Total backlog in June 2012 amounted to 70.562 euro million, with a 9.0% growth. It is important to highlight the growth of the international backlog, which now represents 83.0% of the total. EBITDA grew by 75.9% to 1,578 euro million, with a margin on sales of 8.4% Meanwhile EBIT increased by 27.9% to 831 euro million, with a sales margin of 4.4%. Grupo ACS results of the semester are strongly affected by the macro situation and the capital markets evolution, which led the Group to deeply restructure of its Iberdrola investment. Recurrent net profit of the semester, which does not include extraordinary results of any kind, accounted for 430 euro million, showing a decrease of a 15.4% due to the lower contribution of the Construction activity and the disposals of some assets in Environment, like Clece and Consenur. In the last quarter the Group has reduced its net debt by 20%, more than 1.9 euro billion, thanks to assets disposals and the working capital requirements reduction. Cash flows from the operating activities have been affected by the recent evolution of Hochtief, impacted by a one-off deterioration of its working capital from its affiliate Leighton. Not including this extraordinary effect, the cash flows from the rest of the activities almost got multiplied by 10 up to 492 euro million. In the first semester of 2012 the gross investments accounted for 1,591 euro million, whilst disposals reached 2,113 euro million. write your comments about the article :: © 2012 Construction News :: home page |