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Grupo ACS Key Operating & Financial Figures

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Grupo ACS Key Operating & Financial Figures Works on the construction of Lima’s Metro Line 2 (Peru) WorldReginfo - 71a985cf-f25d-4c84-8bee-c421f0c02885 RESULTS REPORT 1Q19 INDEX 1 Executive Summary 3 Main figures 3 Relevant facts 5 2 Consolidated Financial Statements 6 2.1 Income Statement 6 2.1.1 Sales and Backlog 7 2.1.2 Operating Results 9 2.1.3 Financial Results 9 2.1.4 Results from Associates 10 2.1.5 Net Profit Attributable to the Parent Company 10 2.2 Consolidated Balance Sheet 11 2.2.1 Non-Current Assets 12 2.2.2 Working Capital 12 2.2.3 Net Worth 12 2.2.4 Net Debt 12 2.3 Net Cash Flows 13 2.3.1 Operating Activities 13 2.3.2 Investments 14 2.3.3 Other Cash Flows 14 3 Evolution per Areas of Activity 15 3.1 Infrastructures 15 3.1.1. Construction 15 3.1.2 Abertis 17 3.2 Industrial Services 18 3.3 Services 20 4 Annex 21 4.1 Main figures per area of activity 21 4.2 Share data 22 4.3 Exchange Rate Effect 23 4.4 Main Awards 24 4.4.1 Infrastructure 24 4.4.2 Industrial Services 24 4.4.3 Services 24 5 ACS Group organizational structure 25 6 Glossary 26 2 WorldReginfo - 71a985cf-f25d-4c84-8bee-c421f0c02885 RESULTS REPORT 1Q19 1 Executive Summary Main figures Grupo ACS Key operating & financial figures Euro Million 3M18 3M19 Var. Turnover 8,671 9,263 +6.8% Backlog 66,677 75,399 +13.1% Months 22 23 EBITDA (1) 686 761 +10.9% Margin 7.9% 8.2% EBIT (1) 482 501 +3.9% Margin 5.6% 5.4% Attributable Net Profit 249 282 +12.9% EPS 0.80 € 0.91 € +14.3% Net Investments 161 544 n.s Investments 183 571 Disposals 21 27 Total Net (Debt)/Cash (359) (897) +149.8% Businesses' Net (Debt)/Cash (158) (778) Project Financing (201) (119) Data presented according to ACS Group management criteria. IFRS 16 has been applied (Operational Leases) since January 2019, with restament of the comparable period. (1) It includes Net Results from Joint Ventures, not fully consolidated in the Group. - Sales in the period accounted for € 9,263 million, an increase of 6.8%. All activities showed a good performance. Adjusted by currency effects, sales grew by 4.0%. - Backlog accounted for € 75,399 million, growing by 13.1% during the last twelve months. That is, 8.8% adjusted by exchange rate impact. This growth is mainly underpinned by large Infrastructure project awards. - The Group’s EBITDA accounted for € 761 million, growing by 10.9%. EBITDA margin increased 30 b.p., standing at 8.2%. - EBIT stood at € 501 million and grew by 3.9%. EBIT margin slightly decreased due to the increase in depreciations owing to intensive capital activities’ growth. 3 WorldReginfo - 71a985cf-f25d-4c84-8bee-c421f0c02885 RESULTS REPORT 1Q19 Grupo ACS Main figures details Euro Million 3M18 3M19 Var. Backlog 66,677 75,399 +13.1% Direct 61,288 70,582 +15.2% Proportional* 5,389 4,817 -10.6% Work Done 9,086 9,604 +5.7% Direct 8,671 9,263 +6.8% Proportional* 415 341 -17.8% EBITDA 686 761 +10.9% Direct 650 757 +16.5% Proportional* 36 4 -89.0% EBIT 482 501 +3.9% Direct 446 497 +11.4% Proportional* 36 4 -89.0% * Refers to the proportional stake of the operating Joint Ventures and projects not fully consolidated in the Group - The Group’s attributable Net Profit reached € 282 million which represents 12.9% increase. All activities showed solid growth rates. Construction activity contribution (not considering Abertis) grew in comparable terms by 7.2%*. Net Profit included € 43 million from Abertis’ contribution during the period, both directly via ACS and indirectly via HOCHTIEF. Grupo ACS Net Profit breakdown Euro Million 3M18 3M19 Var. Infrastructures 103 131 +26.9% Construction (ex ABE) 103 88 -14.6% Abertis 0 43 n.a Industrial Services 125 129 +3.5% Services 8 9 +12.1% Net Profit from activities 236 270 +14.1% Corporation 13 12 -8.7% TOTAL Net Profit 249 282 +12.9% - The Group maintained a € 897 million net debt position as of March 2019, increasing by € 538 million compared to the outstanding balance of 12 months ago, due to last year’s Abertis acquisition and a significant increase in concessional projects’ investment. - Excluding non-recourse debt (project finance) net debt position reached € 778 million. * Considering the same stake of ACS in HOCHTIEF, which has changed from 71.8% to 50.4% after its sale to Atlantia during 2018 last quarter. 4 WorldReginfo - 71a985cf-f25d-4c84-8bee-c421f0c02885 RESULTS REPORT 1Q19 Relevant facts a) Dividends - On December 13th, 2018, by virtue of the authorisation conferred by agreement of the Annual General Meeting held on May the 8th, 2018, the Board of Directors signed off the second execution of scrip dividend in February 2019 at an equivalent amount of € 0.45 per share. 74% of ACS capital opted for shares remuneration. - Likewise, the AGM held on May 10th, 2019 signed off the Scrip Dividend System for 2019 of approximately € 1.89 per share to be executed in two terms: the first one in July 2019 at an average amount of € 1.44 per share, and the second one in February 2020 worth € 0.45 per share. b) Corporate Governance - On February 27th, 2019, the ACS Board of Directors signed off the modification of several articles (3, 24, 26, and 27) of the Board of Directors Regulation, essentially to adapt it to the modifications made in the Law on Corporations by the Law of November 28th 2018 and the CNMV’s Technical Guide. c) Acquisitions and transfer of shares - On February 11th, 2019 Cobra Instalaciones y Servicios S.A., subsidiary wholly owned by ACS, Actividades de Construcción y Servicios, S.A., bought Global Infrastructure Partners (GIP) 49% stake in Bow Power SL company, for $ 96.8 million (equity value), becoming 100% shareholder of the mentioned company, and therefore, consolidating it by global integration. d) Others - On April 24th, 2019 a presentation on different reports of ACS Group Industrial Services area was held for the investors and analysts. Its content is available here. 5 WorldReginfo - 71a985cf-f25d-4c84-8bee-c421f0c02885 RESULTS REPORT 1Q19 2 Consolidated Financial Statements 2.1 Income Statement Grupo ACS Income statement Euro Million 3M18 3M19 Var. Net Sales 8,671 100.0 % 9,263 100.0 % +6.8% Other revenues* 115 1.3 % 118 1.3 % +2.2% Total Income 8,786 101.3 % 9,381 101.3 % +6.8% Operating expenses (6,261) (72.2 %) (6,570) (70.9 %) +4.9% Personnel expenses (1,839) (21.2 %) (2,050) (22.1 %) +11.5% Operating Cash Flow (EBITDA) 686 7.9 % 761 8.2 % +10.9% Fixed assets depreciation (180) (2.1 %) (245) (2.6 %) +36.3% Current assets provisions (25) (0.3 %) (16) (0.2 %) -36.4% Ordinary Operating Profit (EBIT) 482 5.6 % 501 5.4 % +3.9% Impairment & gains on fixed assets (1) (0.0 %) 4 0.0 % -438.1% Other operating results (22) (0.3 %) (32) (0.3 %) +41.7% Operating Profit 458 5.3 % 473 5.1 % +3.2% Financial income 33 0.4 % 48 0.5 % +46.6% Financial expenses (112) (1.3 %) (123) (1.3 %) +10.2% Ordinary Financial Result (79) (0.9 %) (76) (0.8 %) -4.7% Foreign exchange results 4 0.0 % 21 0.2 % Changes in fair value for financial instruments 132 1.5 % 34 0.4 % Impairment & gains on financial instruments (84) (1.0 %) 1 0.0 % Net Financial Result (28) (0.3 %) (19) (0.2 %) -31.2% Results on equity method 2 0.0 % 58 0.6 % n.s. PBT of continued operations 432 5.0 % 511 5.5 % +18.3% Corporate income tax (117) (1.3 %) (129) (1.4 %) +10.3% Net profit of continued operations 315 3.6 % 382 4.1 % +21.3% Minority interest (66) (0.8 %) (101) (1.1 %) +53.0% Net Profit Attributable to the Parent 249 2.9 % 282 3.0 % +12.9% Company * Includes, apart from other revenues, the Joint Ventures Net Results, which are those companies that are executing projects but managed with partners NOTE: March 2018 close has been restated due to IFRS 16 application (Operational Leases), which means an increase of EBITDA of € 59.8 million, a higher amount of depreciations worth € 51.1 million, and higher financial expenses worth € 9.6 million 6 WorldReginfo - 71a985cf-f25d-4c84-8bee-c421f0c02885 RESULTS REPORT 1Q19 2.1.1 Sales and Backlog - Sales during the period accounted for € 9,263 million, increasing by 6.8% , 4.0% when adjusted to currency effects mainly related to the USD revalorization against euro. - Sales breakdown by geographical areas demonstrated the diversification of the Group’s revenue sources, where North America represented 45.3% of total sales, Asia Pacific 24.6%, Europe 22.4%, of which Spain represents 16.9%, and the remaining regions 7.7%. Grupo ACS Sales per Geographical Areas Euro Million 3M18 % 3M19 % Var. Europe 1,764 20.3 % 2,075 22.4% +17.7% North America 3,818 44.0 % 4,194 45.3% +9.8% South America 667 7.7 % 639 6.9% -4.2% Asia Pacific 2,276 26.2 % 2,281 24.6% +0.2% Africa 145 1.7 % 73 0.8% -50.0% TOTAL 8,671 9,263 +6.8% Grupo ACS Sales per Countries Euro Million 3M18 % 3M19 % Var. EE.UU 3,176 36.6 % 3,659 39.5% +15.2% Australia 1,645 19.0 % 1,715 18.5% +4.2% Spain 1,210 14.0 % 1,566 16.9% +29.4% Canada 281 3.2 % 302 3.3% +7.4% Germany 218 2.5 % 174 1.9% -20.2% Mexico 361 4.2 % 233 2.5% -35.3% Rest of the world 1,779 20.5 % 1,614 17.4% -9.3% TOTAL +6.8% 8,671 9,263 - It is worth noting the good evolution of sales in the Group’s main strategic regions.
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