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| ACS accounts in the first semester of 2015 for a net profit of 407 euro million Sales in the first half of 2015 accounted for 17,860 euro million, representing an increase of a 5.2% compared to the same period in 2014. The international activity of the Group accounts for 81.6% of the total. Sales by geographical areas demonstrate the diversification of the income sources of the Group, where North America weights 37% of sales, Europe a 26%, Australia a 19%, Asia a 10% and South America a 6%. Spain represents 18% of the total sales of ACS. Total backlog by the end of the first half of 2015 accounted for 66,804 euro million showing a 11.6% growth compared to June 2014, with a geographical distribution similar to that of the sales. Grupo ACS EBITDA accounted for 1,315 euro million, growing by 10.3%. This figure would be significantly higher (+19.3%) if the impact of the sale of renewables were to be considered, as its contribution after the transaction diminishes in 86 euro million. EBIT grew by 15.7% up to 905 euro million thanks to the good operating evolution of the areas of activity and the positive impact of the US dollar. It is impacted also by the disposal of renewable assets, so not taking into consideration the contribution of those in both years, EBIT would have grown by 31.3% in the first half of 2015. Net profit accounts for 407 euro Million, a 3.1% ahead of the figure accounted in 2014. By areas of activity, Construction net profit grows by 14.2% and Environment by 2.1%, whilst Industrial Services net profit decreases by 12.3% after the sale of renewable energy assets during the first quarter of 2015. Financial Situation Net debt of Grupo ACS accounts for 3,508 euro million, a 39.6% below than in June 2014 and 64.4% lower than the figure accounted four years ago. Net debt to annualized EBITDA ratio stand at 1.3x. This substantial debt reduction, ahead of 2,300 euro million since June 2014, is due mainly to the cash flow from operations, including the change in the working capital evolution trend, which in the last twelve months has improved in more than 400 euro million. Also this reduction has been obtained thanks to the disposals carried out in the Group: - The sale of John Holland and Leighton Services in CIMIC by late 2014, that altogether contributed with 900 euro million net of taxes. - The disposal of renewable assets from Industrial Services, after the IPO of Saeta Yield in February 2015, and the agreement with GIP, for an approximate value of 500 euro million. write your comments about the article :: © 2015 Construction News :: home page |