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ACS reduces its semi-annual profit by 31% due to the "drastic fall" in Abertis traffic


ACS obtained a net profit of 361 million euros in the first half of the year, which represents a decrease of 30.9% compared to the same period of the previous year. The construction company attributes this fall to the evolution of Abertis, whose traffic has been strongly affected by the confinement measures introduced in most countries to face the Covid-19 pandemic.

"The confinement and restriction measures for mobility decreed in most of the countries where Abertis operates have caused drastic drops in average daily traffic since March, with strong setbacks in the months of April and May," explained the company in a statement. The contribution of its subsidiary to net profit has fallen by 141 million compared to the first half of 2019. And if it is not taken into account, earnings would have decreased by 5.1%.

According to the accounts that ACS has sent to the National Securities Market Commission (CNMV), the gross operating profit (ebitda) it fell by 17% year-on-year, reaching 1,345 million. In this section, it must also be taken into account that without considering Abertis' contribution, the decline would have been 6.8%. For its part, the net operating result (EBIT) stood at 859 million, 21.8% less.

Regarding income, decreased 2.6% year-on-year, to 18,337 million. Specifically, sales in North America represented 51% of the total, in Europe they accounted for 19% and in Australia, 16%. Somewhat less significant was the turnover in South America, Asia and Africa, which accounted for 8%, 5% and 1% of the total, respectively.

By Country, 45% of revenues were registered in the United States. Australia and Spain were behind, with 16% and 13% of total turnover, respectively. And considerably more residual were the contributions of Canada (4%) and Germany (2%).

The accounts also show that the construction company had a net debt of 2,699 million at the end of the first semester, equivalent to 1 times the ebitda. This figure is 1,974 million euros higher than a year ago, after having faced the payments derived from the exit of BICC by CIMIC, increasing the volume of operating and financial investments, and increasing treasury shares in ACS and Hochtief, taking advantage of volatility of the market in recent months.

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