Annual Report of ACS Group - Grupo ACS

Consolidated Financial Statements
The main assets to which a reasonable value was attributed are intangible assets relating to the Company's construction order book and client base. This company's
sales for all of 2008 amounted to EUR 309,619 thousand and its net profit amounted to EUR 911 thousand (at the year-end exchange rate).
On 22 December 2009, Dragados Construction USA, Inc. closed the acquisition of the US construction company Pulice Construction, Inc., with headquarters in Phoenix,
Arizona (USA). The transaction totalled USD 113.9 million (EUR 75,968 thousand). This company specialising in civil engineering operates in the states of Arizona, Utah,
Nevada and California.
The detail of the allocation of the purchase price at the fair value of the assets and liabilities is as follows:
Thousands of euros
Carrying Amount
Allocation of Assets
Fair Value
of Assets
Property, plant and equipment 11,840 - 11,840
Other intangible assets - 52,231 52,231
Other non-current assets - - -
Current assets 38,162 - 38,162
Non-current liabilities (deferred tax liabilities) (17,649) (15,711) (33,360)
Current liabilities (29,425) - (29,425)
Total net assets 2,928 36,520 39,448
Total fair value of the net assets acquired - - 39,448
Purchase price - - 75,968
Goodwill - - 36,520
The main assets to which a reasonable value was attributed are intangible assets relating to the Company's construction order book and client base. In 2009 annual
sales amounted to EUR 137,135 thousand and its net profit amounted to EUR 12,055 thousand (at the year-end exchange rate).
On 30 December 2009 Dragados Construction, USA, Inc. acquired the US company John P. Picone, Inc. with headquarters in New York (USA). The transaction was
structured in such a manner that on the aforementioned date, 80% of the company's share capital was obtained for US $68.2 million. In one year an additional US
$38.1 million will be paid. The acquisition of the remaining 20% of the share capital is to be completed in four years for an agreed upon US $25.4 million. This company
specializes in civil engineering, and mainly tunnels and infrastructures relating to water. According to several different private rankings, it is one of the three main
companies in New York engaging in this type of construction work, whose main customers are the “New York Department of Environmental Protection” and the “New
York Metropolitan Transportation Authority”.
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Annual Report 2009
ACS Group