ACS contracted its net profit by 6% between January and June, going from the 351 million euros it registered in 2021 to 330 million this year. Without considering in 2021 the contribution of the Industrial Services activity (Cobra) sold last December (215 million euros) to Vinci, as well as the negative impact (94 million euros) due to changes in the value of financial instruments linked to share of ACS, the growth of the group’s net profit reaches 43.7%.
This improvement is mainly based on the recovery of traffic on Abertis toll roads above pre-pandemic levels. Thus, the contribution of the concessionaire of Catalan origin to the gross operating result (ebitda) rose by 32 million and in profit by 27 million , up to 52 million.
Of the 330 million profit, the construction area contributed 170 million, 8% more than a year before
Of the 330 million profit, the construction area contributed 170 million, 8% more than a year before; concessions (Abertis and Iridium) 79 million, 91% more; services (Clece) 16 million, 13.1% more; and real estate and energy corporation and activities, 65 million –17 million in 2021–, including in this figure the results from the sale of renewable energy assets, mainly 25 % of photovoltaic plants in Spain sold to Galp.
The group chaired by Florentino Pérez recorded a gross operating profit (ebitda) of 816 million euros , which is 10.7% more than the previous year, highlighting the contribution of Abertis, of 64 million euros, double that in 2021. Meanwhile, ACS increased its sales by 15.6% between January and June compared to the same period last year, to 15,415 million euros. The portfolio of the Spanish multinational stood at 69,397 million euros in June, a volume that represents an increase of 15.7% (+6.5% adjusted for the exchange rate).
ACS has undertaken divestments this year amounting to 508 million euros, of which 386 million correspond to the sale of SCE’s energy assets, mainly the sale of 25% of the photovoltaic plants in Spain to Galp. Iridium sold concession assets for 84 million euros, highlighting the transfer from both ACS and Acciona of a 75% stake in the Windsor Essex toll road in Ontario , Canada, to Desjardins Global AM. In this way, ACS and its subsidiary Fluor and Acciona maintain a minority stake in the concession, while the group led by the also president of Real Madrid will be in charge of the operation and maintenance of the highway.
The net book value of assets held for sale was 613 million
The ACS assets held for sale correspond to the energy, water and gas installation projects that the group retained in the Industrial Services sale process. The balance as of June 30, 2022 amounted to 2,483 million, while the liabilities linked to these assets totaled 1,870 million. Therefore, the net book value of assets held for sale stood at 613 million after the transfer of renewable energy assets in Spain (25% of Titan) and Latin America (wind farms in Uruguay) during 2022.