September 18, 2020

ACS reduces its profit by 30.9% until June due to the coronavirus and Abertis



The construction, concessions and services group ACS obtained a net profit of 361 million euros in the first half, 30.9% less than in the same period of 2019, weighed down by the impact of the coronavirus epidemic and the negative contribution of Abertis.

Without taking Abertis into account, which subtracted 37 million euros from the result in the first half of the year, ACS’s net profit would have fallen by 5.1%, according to data communicated this Friday to the National Securities Market Commission (CNMV) .

In the first half of 2019, Abertis contributed 104 million to the group’s net profit. According to ACS, Abertis’ activity “has been substantially affected by the confinement and mobility restriction measures decreed in most of the countries in which it operates.” These restrictions caused “drastic drops” in toll motorway traffic from the second half of March.

ACS notes that the epidemic also significantly reduced Clece’s cleaning and maintenance activities for social infrastructures, but that the impact was limited in construction activities and industrial services.

ACS’s gross operating profit (ebitda) fell 17% in the first half, to 1,345 million. Without Abertis, ebitda would have stood at 1,391 million, down 6.8%.

Group sales fell 2.6% in the first half, up to 18,337 million. In the second quarter, the cut was 8%. By geographic area, North America represents 51% of sales; Europe, 19%; Oceania, 16%; South America, 8%; and Asia, 5%. By country, the US contributed 45%; Australia, 16%; and Spain, 13%.

ACS ‘portfolio stood at 75,812 million in June, 0.9% less than a year earlier. 43% of the portfolio corresponds to North America; 26% to Australia; and 20% to Europe.

By business area, Infrastructure contributed 161 million to the group’s profit, 45.4% less than in the first half of 2019. In this chapter, the Construction activity reduced its contribution by 3.7%, to 177 million, while that of Concessions had a negative contribution of 16 million, compared to the positive 110 million a year ago.

The Industrial Services area contributed 206 million to net profit, which represents a decrease of 7%. The group’s net debt stood at 2,699 million at the end of the first semester, compared to 725 million a year earlier.

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