The acquisition halfway with the Italian group Atlantia of the concessionaire Abertis is already giving revenues to ACS. ANDThe construction and services group earned 691 million euros in the first nine months of the year, 14.6% more than in the same period of 2017.
As reported by the presiding company Florentino Pérez, the net profit of the group incorporates the net contribution of Abertis from the month of June, which amounts to 123 million euros, 81 million directly from ACS and another 42 from its German subsidiary, Hochtief. ACS and Atlantia reached an agreement in March to acquire Abertis through a joint venture, Abertis Holdco, which is controlled 50% plus one share by the Italian group, 30% by ACS and another 20% by Hochtief.
Up to September, ACS sales reached 27,091 million euros, 5.2% more than in 2017, supported by its powerful geographical diversification. The group achieves 45% of its turnover in North America, 21% in Europe, 19% in Australia, 8% in Asia, 6% in South America and 1% in Africa. Sales in Spain account for 14% of the total. Without the currency effect, the increase in turnover would have been 11.4%, according to the group.
The ACS portfolio also grew by 7.7% to 70,329 million euros. Its geographical distribution is very similar to that of its sales, with North America in the lead (42%) followed by Australia (23%). The gross profit of the group reached 1,806 million, 5.5% more than in the same period of the previous year, with a margin of 6.7%.
The financial situation of the company has also improved significantly. From having a debt of 1,416 million euros in September 2017, it has gone to a net cash position of 128 million. The company attributes the improvement to «Strong generation of operating cash from activities in the last twelve months». The group also adds that "the group's own funds will be reinforced by more than 2,400 million euros thanks to the sale of 16.85 million shares of Hochtief to Atlantia at a price of 143.04 euros per share last October 29th". Within the agreement signed to acquire Abertis, ACS agreed to sell 23.9% of its German subsidiary to the Italian firm.
However, to maintain control of your subsidiary, ACS has subscribed a capital increase of 6.35 million shares at the same price that will allow it to place its stake in Hochtief at 50.4%.
Construction was the division that most contributed to the benefit of ACS, 366 million euros. The division billed 20,874 million, with an increase of 5.6% until September. The net profit of the activity soared 29.6%, supported "by a solid operating performance of all the companies in this activity" and also by the indirect contribution of Abertis via Hochtief. Excluding this contribution, the increase would have been 15%.
Industrial services was the other great lever of the company. Its sales totaled 5,109 million euros, 3.5% more than in the same period of the previous year, boosted by the recovery of the domestic market and strong growth in Latin American countries. The net profit of the division was 260 million euros, 3.3% higher than the previous year.
The rest of the benefit of the company was contributed by the corporation -41 million- and services -25 million-. This area was affected by the capital gain from the sale of Sintax in 2017. Clece's net profit was up 7.8%, according to ACS.