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Integrated Report Integrated Report BORRADOR 28/02/2017 INFORME DE GESTIÓN DEL GRUPO CONSOLIDADO 2016 Photo: Queensferry Crossing Bridge (Scotland, United Kingdom) Photo: Queensferry Crossing 2016 ACTIVIDADES DE Construction Y Services INTEGRATED REPORT INTEGRATED REPORT MAIN FIGURES OF THE ACS GROUP Financial and operating data € Mn 2011 2012(1) 2013(2) 2014 2015(4) 2016(4) Turnover 28,471.9 38,396.2 35,178.0 34,880.9 33,291.3 31,975.2 Gross operating profit (EBITDA) (3) 2,317.7 3,088.4 2,832.5 2,552.7 2,140.7 2,023.4 Net operating profit (EBIT) 1,333.3 1,579.4 1,639.7 1,684.2 1,420.8 1,445.0 Attributable net profit 961.9 (1,927.9) 701.5 717.1 725.3 751.0 Funds from operations 1,286.7 1,299.4 1,085.8 824.1 1,794.8 1,376.4 Dividends paid 613.9 639.2 398.0 318.0 344.5 326.2 Net investments/(Divestments) 2,901.9 (2,285.2) 494.3 (313.0) 259.0 (522.9) Total assets 47,987.6 41,563.4 39,965.4 39,320.7 35,279.8 33,373.3 Equity 6,191.3 5,711.5 5,488.9 4,897.9 5,197.3 4,981.9 Shareholders´ equity 3,319.1 2,656.5 3,267.9 3,033.5 3,421.0 3,581.8 Non- controlling interests 2,872.2 3,055.0 2,221.0 1,864.4 1,776.3 1,400.1 Total net debt (5) 9,334.2 4,952.0 3,811.1 3,722.3 2,624.1 1,214.4 Net debt with recourse 3,368.7 3,569.5 2,553.9 2,739.6 2,083.2 1,012.3 Non recourse financing 5,965.5 1,382.4 1,257.1 982.7 540.9 202.0 Order book (6) 74,333.4 74,587.9 59,363.0 63,871.0 58,942.2 66,526.3 Number of employees 162,262 162,471 157,689 210,345 170,241 176,755 Data per share € 2011 2012 2013 2014 2015 2016 Earnings 3.24 (6.62) 2.26 2.31 2.35 2.44 Gross dividend* 1.968 1.112 1.153 1.153 1.152 1.210 Cash-flow 4.34 4.46 3.50 2.65 5.16 4.46 Shareholders´ equity 11.19 9.12 10.53 9.76 11.09 11.61 * 2016 final dividend pending of approval Stock market data 2011 2012 2013 2014 2015 2016 Listed shares 314,664,594 314,664,594 314,664,594 314,664,594 314,664,594 314,664,594 Market capitalization (€ Million) 7,205.7 5,991.1 7,872.8 9,115.7 8,500.5 9,446.2 Year-end closing price 22.90 € 19.04 € 25.02 € 28.97 € 27.02 € 30.02 € Annual revaluation -34.71% -16.86% 31.41% 15.79% -6.75% 11.12% Key ratios 2011 2012(1) 2013(2) 2014 2015(4) 2016(4) Operating margin 4.7% 4.1% 4.7% 4.8% 4.3% 4.5% Net margin 3.4% -5.0% 2.0% 2.1% 2.2% 2.3% ROE 23.3% n.a. 22.7% 22.0% 20.8% 21.4% Gearing (7) 150.8% 86.7% 69.4% 76.0% 50.5% 24.4% Dividend yield 8.6% 5.8% 4.6% 4.0% 4.3% 3.8% (1) 2012 data have been reestated as a result of the entry into force of the revised IAS 19, which applies retroactively. (2) 2013 data have been reestated as a result of the entry into force of the IFRS 10, 11 and 12 new standards. Additionally there has been a reclassification of the results from John Holland and Leighton Services as discontinued operations in both exercises after its sale. (3) 2014, 2015 and 2016 EBITDA and EBIT include Joint Ventures Net Results (companies executing projects managed with partners) not fully consolidated. (4) In compliance with IFRS 5, Urbaser has been reclassified as discontinued operations as consequence of its sale agreement. Likewise the prior comparable period has been restated. (5) In 2014, total net debt includes the proceeds pending to be collected obtained after the sale of John Holland and Leighton Services in December 2014, accounted in the balance sheet by 31st of December 2014 as Accounts receivable. (6) Includes the order book proportional to the stake in joint ventures that the Group does not fully consolidate. 7) Gearing: Net Debt / (Shareholders´Equity+Non-controlling interests). 30.2 Turnover Services 5% 40,000 38,396 35,178 34,881 AMÉRICA 30,000 33,291 31,975 Industrial Services 28,472 19% 30.2 20,000 Construction Canada l l € Mn 2016 Turnover by area of 76% activity 10,000 30.2 0 United States l l 2011 20121 20132 2014 20154 20164 Services Mexico l l Net operating profit (EBIT) 4% Guatemala l 2,000 Honduras l Industrial Services 1,640 1,684 Costa Rica l 1,579 30% Panama l 1,500 1,421 1,445 Construction 1,333 2016 Gross operating profit 66% 1,000 (EBITDA) by area of activity € Mn 500 0 2011 20121 20132 2014 20154 20164 Attributable net profit Internationalization 1,000 40,000 100% 962 84% 85% 84% 85% 702 717 725 751 87% 500 73% 32,421 30,000 29,932 29,299 0 (1,928) 28,366 27,682 20,649 20,000 (500) 50% € Mn € Mn (1,000) 10,000 (1,500) (2,000) 0 0% 1 2 4 4 2011 2012 2013 2014 2015 2016 2011 2012 2013 2014 2015 2016 Earnings per share (€) Dividend per share (€) Market capitalization 10,000 9,446 9,116 8,000 8,501 7,873 7,206 6,000 5,991 € Mn 4,000 3.24 (6.62) 2.26 2.31 2.35 2.44 1.97 1.11 1.15 1.15 1.15 1.21 2,000 2011 2012 2013 2014 2015 2016 2011 2012 2013 2014 2015 2016* 0 2011 2012 2013 2014 2015 2016 (1) 2012 data have been reestated as a result of the entry into force of the revised IAS 19, which applies retroactively. (2) 2013 data have been reestated as a result of the entry into force of the IFRS 10, 11 and 12 new standards. Additionally there has been a reclassification of the results from John Holland and Leighton Services as discontinued operations in both exercises after its sale. (3) 2014, 2015 and 2016 EBITDA and EBIT include Joint Ventures Net Results (companies executing projects managed with partners) not fully consolidated. (4) In compliance with IFRS 5, Urbaser has been reclassified as discontinued operations as consequence of its sale agreement. Likewise the prior comparable period has been restated. * 2016 final dividend pending of approval Norway l Sweden l United Kingdom l l l Denmark l l Ireland l Germany l l Poland l l Netherlands l l Czech Republic l Austria l France l l Romania l 4 Italy l 50.3 Portugal l l l Bulgaria l Spain l l l Greece l l 30.2 50.3 30.2 50.3 Canada l l Mongolia l 30.2 United States l l 50.3 Georgia l Algeria l Japan l Israel l Kazakhstan Morocco l l Egypt l Hong Kong l Dominican Republic l United Arab Emirates l Bangladesh l 50.3 Jamaica l Mauritania l Saudi Arabia l l Saint Kitts and Nevis l Qatar l l Cape Verde l Philippines l Thailand l Venezuela l Ivory Coast l India l l Vietnam l Colombia l l Benin l Kenya l Cameroon l Ecuador l l R. Congo l Indonesia Malaysia l Brazil l Peru l l Angola l Bolivia l Singapore l l Chile l l l Construction Uruguay l l Industrial Services Sudáfrica l Australia l l l Services Argentina l l New Zealand l l Construction(1) Industrial Services Services(3) € Mn 2016 € Mn 2016 € Mn 2016 Market capitalization Turnover 24,217 Turnover 6,256 Turnover 1,538 International 95.1% International 72.7% International 7.4% Gross operating profit Gross operating profit Gross operating profit 1,405 630 78 (EBITDA)(2) (EBITDA) (EBITDA) Margin 5.8% Margin 10.1% Margin 5.0% Net profit 311 Net profit 305 Net profit 84 Margin 1.3% Margin 4.9% Margin 5.4% Order book(2) 55,769 Order book 8,762 Order book 1,995 Employees 64,281 Employees 40,806 Employees 71,616 (1) Construction includes the activity of Dragados, Hochtief and Iridium (2) EBITDA Includes Joint Ventures Net Results (companies executing projects managed with partners) not fully consolidated. Includes the order book proportional to the stake in joint ventures that the Group does not fully consolidated. (3)In 2016, Urbaser has been reclassified as discontinued operations as consequence of its sale agreement. 4 INTEGRATED REPORT ABOUT THIS REPORT 5 This document contains the The requirements contained in Integrated Report for the ACS the guide for preparing directors’ Group that aims to offer a reports for listed companies issued Linked to other Group documents comprehensive vision of the by the Spanish National Securities Consolidated Financial Statements company and its activities. Market Commission were also taken Corporate Governance Report into account. Annual Director´s Remuneration This report has been prepared in accordance with the principle of The content of the report was integration and includes the most selected based on a preliminary significant financial and extra- analysis that identified the most financial information to demonstrate relevant matters for the company the Group’s value creation.
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