Economic and Financial Report - Grupo ACS

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22.1 Directors’ Report on the Consolidated Group Economic and Financial Report 2.1.1 Business performance of the ACS Group in 2007 2.1.1.1 Main financial aggregates Main Financial Aggregates 2006 2007 Var. 07/06 Millions of Euros Revenue 13,868.7 21,311.7 +53.7% International 16.4% 23.7% Gross profit from operations 1,218.9 3,490.5 +186.4% Margin 8.8% 16.4% Net profit from operations 942.5 2,486.5 +163.8% Margin 6.8% 11.7% Ordinary net profit* 815.1 1,010.2 +23.9% Attributable net profit 1,250.1 1,551.1 +24.1% Margin 9.0% 7.3% EPS 3.58 € 4.51 € +25.8% Cash flow from operations 899.1 2,122.8 +136.1% Net investments 5,399.8 3,403.2 -37.0% Total net debt 8,746.3 16,574.5 +89.5% Net Debt with Recourse 1,753.4 6,933.1 +295.4% Non Recourse Financing 6,992.9 9,641.4 +37.9% Net worth 3,256.4 10,441.0 +220.6% Shareholders' Equity 3,115.7 4,653.8 +49.4% Minority Interests 140.7 5,787.3 n.a. Leverage** 53.8% 66.4% * Profit after taxes excluding extraordinary results ** Net Debt with recourse / Equity In 2007, the ACS Group’s operating performance was excellent in all areas, with a total turnover of EUR 21,311.7 million, up 53.7% on 2006, as well as a 186.4% increase in EBITDA, which exceeded EUR 3,490.5 million. Ordinary net profit reached EUR 1,010.2 million, up by 23.9%. The net profit attributable to the Group rose by 24.1% to EUR 1,551.1 million, with a margin of 7.3% over revenue. Earnings per share stood at EUR 4.51 per share. These excellent results were accompanied by significant cash flows from operating activities, which increased by 136.1% to EUR 2,122.8 million. This allowed for the allocation to net investments of EUR 3,403.2 million, of which EUR 1,265 million was invested in Hochtief and over EUR 1,100 million was invested in renewable energy projects, treatment plants, and public equipment and transportation infrastructure concessions. The sale of Continental Auto gave rise to a divestment of EUR 659 million. With respect to the Group’s debt, the balance of net debt with recourse stood at EUR 6,933.1 million, equivalent to leveraging of 66.4%. Non-recourse financing amounted to EUR 9,641.4 million, giving rise to a total net debt of 16,574.5 million. 04
2.1.1.2 Consolidated income statement of the ACS Group Consolidated income statement 2006 % 2007 % Var. 07/06 Millions of Euros Revenue 13,868.7 100.0% 21,311.7 100.0% +53.7% Other income 723.4 5.2% 1.024.1 4.8% +41.6% Total production value 14,592.1 105.2% 22,335.8 104.8% +53.1% Annual Report 2007 ACS Group Operating expenses (10,224.5) (73.7%) (14,779.9) (69.4%) +44.6% Staff costs (3,148.7) (22.7%) (4,065.4) (19.1%) +29.1% Gross profit from operations 1,218.9 8.8% 3,490.5 16.4% +186.4% Depreciation and amortization charge (258.6) (1.9%) (966.1) (4.5%) +273.6% Current assets allowances (17.8) (0.1%) (37.9) (0.2%) +112.8% Net profit from operations 942.5 6.8% 2,486.5 11.7% +163.8% Finance income 198.1 1.4% 499.4 2.3% +152.2% Finance costs (420.6) (3.0%) (1,115.0) (5.2%) +165.1% Exchange differences (15.4) (0.1%) 1.3 0.0% n.a. Net impairment losses (12.8) (0.1%) (71.0) (0.3%) n.a. Gains on companies accounted for using the equity 330.5 2.4% 193.1 0.9% -41.6% Gains on non-current assets disposals 583.8 4.2% 339.9 1.6% n.a. Other gains or losses (78.9) (0.6%) (122.5) (0.6%) +55.3% Profit before tax from continuing operations 1,527.2 11.0% 2,211.8 10.4% +44.8% Income tax (274.1) (2.0%) (513.1) (2.4%) +87.2% Profit after tax from continuing operations 1,253.1 9.0% 1,698.7 8.0% +35.6% Profit after tax from discontinued operations 20.2 0.1% 423.7 2.0% n.a. Profit for the year 1,273.4 9.2% 2,122.4 10.0% +66.7% Minority interests (23.3) (0.2%) (571.3) (2.7%) n.a. Profit attributable to the parent 1,250.1 9.0% 1,551.1 7.3% +24.1% 05
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22.4 Historical Performance Economi
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Project Director and Editor ACS Gro
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