Annual Report of ACS Group - Grupo ACS

Directors’ report for the
Consolidated Group for 2010
Industrial Services backlog breakdown by activity 2009 2010 Var. 10/09
Million of euros
Support Services 3,986.6 4,294.7 +7.7%
Energy Projects 2,531.4 2,551.5 +0.8%
Total 6,518.0 6,846.2 +5.0%
International 2,603.0 3,390.8 +30.3%
% over total backlog 40% 50%
The total backlog grew by 5.0% to EUR 6,846 million, equivalent to one year of production. The strong growth experienced
on the international markets was Noteble, greater than 30%, thanks to the signifi cant push received in the area of Integrated
Projects with the recent awarded turnkey project contracts in Latin America, Asia and Northern Europe.
The Mexican market, with a backlog that almost entails one third of the total international backlog, is currently the one
with the greatest growth potential, with important contracts related to the energy sector, both in the electricity and oil &
gas segments.
1.05.05. Listed affi liates
Associates main fi nancial fi gures 2009 2010 Var. 10/09
Million of euros
Abertis 132.1 119.3 -9.7%
Hochtief 51.4 72.3 +40.7%
Iberdrola 209.1 248.7 +18.9%
Income from Associates 392.5 440.2 +12.2%
Financial expenses (392.1) (400.3) +2.1%
Corporate tax 116.8 119.2 +2.1%
Attributable Net Profi t 117.2 159.1 +35.7%
The contribution of these listed affi liate companies to the Group’s profi t prior to deducting fi nance costs and associated taxes
amounted to EUR 440.2 million, 12.2% more than in 2009. The contribution of all of these affi liates increased:
• The contribution of Abertis as a result of its being accounted for by the equity method amounted to EUR 119.3 million. This
fi gure includes the 25.8% holding until August and the 10.3% indirect stake, through Admirabilia S.L., since September.
• The Group’s holding in Hochtief contributed EUR 72.3 million as a result of its being accounted for by the equity method.
• Iberdrola contributed the dividends accrued amounting to EUR 248.7 million, which were accounted for as fi nance
income. This fi gure includes the extraordinary dividend paid in July 2010 and the dividend on account from 2010 received
at the end of December on shares that the Group held on 2 December 2010, representing 15.6% of its capital.
The fi nance expenses associated with the Group’s investments in these companies amounted to EUR 400.3 million. The
positive tax impact was EUR 119.2 million.
Accordingly, the net contribution of the listed companies to the Group’s profi t in 2010 was EUR 159.1 million, 36% more
than in the same period from last year.
18
ANNUAL REPORT 2010
ACS GROUP