ACS earned 477 million euros in the first nine months of the year, representing a drop of 37.9% compared to the same period of the previous year, weighed down by the negative contribution of Abertis, whose traffic has been “strongly affected” by the containment measures introduced in most of the countries to stop the advance of the coronavirus.
Without taking this effect into account, the profit would have been 485 million euros, that is, 15.7% lower than last year, according to the group that presides Florentino Parez to the National Securities Market Commission (CNMV).
While in the same period of 2019, Abertis’ contribution was 193 million euros, out of a total profit of 769 million, the measures to restrict mobility in much of the world have caused a negative contribution of 8 million euros to Your results.
In addition to this impact, its Services business has also suffered the consequences of the crisis, after the cessation of activity, especially in the second quarter of the year, of some social infrastructures, such as schools or leisure and air transport.
In the rest of the activities the impact was less, with falls in quarterly production of between 5% and 10%, both in the Construction activity and in Industrial and Mining Services, which have been considered essential during the state of alarm , collects Europa Press.
For all this, sales reached 27,204 million euros, 5.5% less due mainly to the impact of Covid-19, while the gross operating result (Ebitda) was 1,994 million, 17.1% less, a percentage that, without the Abertis’ negative contribution would be 7.4%.
Regarding the activity of each one of its businesses, the Infrastructure obtained a profit of 260 million, 44% less; Industrial Services of 243 million euros, 10% less; and Citizen Services, another 6 million euros, 78% less.
Portfolio reduction
The ACS portfolio stood, as of September 2020, at 73,494 million euros, 5.3% less than last year due to the impact of the exchange rate, mainly the US dollar, which has devalued 8% . Adjusted for this currency effect, the group’s total portfolio remains practically stable compared to the previous year.
The group’s total net investments up to the third quarter amounted to 867 million euros, with a total net debt of 3,448 million euros, equivalent to 1.3 times the group’s annualized Ebitda and 179% higher than in 2019.
This debt figure is 2,212 million euros higher than a year ago, after having faced the payments derived from the exit of BICC by its Australian subsidiary Cimic, increasing the volume of operational and financial investments and increasing treasury shares “taking advantage of the volatility of the capital market “.
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