The Ebitda of Abertis’ Spanish toll roads that expire in 2029 amounts to 110 million euros
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ACS obtained an attributable net profit of 605 million euros in the first nine months of the year, which represents an increase of 5% compared to the same period of the previous year, thanks mainly to the good progress of Turner, the US subsidiary that it wants to promote in Europe.
The ordinary profit was 489 million euros, 13.6% higher than a year ago, once the extraordinary elements of the year were excluded: the accounting capital gain in Cimic, the derivatives subscribed on its own shares and the termination of its contract in Highway SH-288 in Texas (United States).
Regarding this last point, the company defends that, at a net profit level, the impact of the termination of this contract, valued at 181 million euros at the profit before tax level, has been zero, as this negative amount was offset by the provisions and extraordinary results.
According to its income statement, before extraordinary items, Turner contributed 221 million euros to the profit, Cimic with 149 million, Dragados with 96 million, Hochtief with 23 million, Abertis with 140 million and Iridium with another 11 million.
These last two companies were the only ones in the entire group that contributed less this year than in 2023, 8.5% and 44.7% less, respectively, Abertis affected by the application of the new tax on concessionaires in France and the incorporation of the new assets recently acquired, and Iridium for the lower participation in the SH-288 highway in 2024 compared to the previous year, when it transferred 56% of its capital to Abertis.
The group’s turnover amounted to 29,702 million euros, 12.5% more, with the United States and Canada accounting for 61% of this sales figure, followed by Australia, with 21%; Spain, with 9%; and Germany, with another 3%.
RECORD PORTFOLIO
The gross operating result (Ebitda) was 1,679 million euros, 17.9% more than the previous year, at the same time that the project portfolio rose to a new record of 86,555 million euros at the end of September, after awarded contracts in these nine months of more than 40,000 million euros.
In this sense, the company highlights that around 50% of the awards come from new generation infrastructure markets, driven by strong growth in the digital infrastructure segment and with important data center contracts in all regions.
On a financial level, ACS closed the third quarter of 2024 with a net debt position of 2,400 million euros, which represents an increase of 1,810 million in the last twelve months and includes the debt of the Australian mining company Thiess after its incorporation into the consolidation scope last April (1,120 million euros), as well as the increase of 650 million in Abertis.
HIGHWAY EXPIRATION
Regarding this last company, the Government has commissioned a study this week to analyze the end of the concession contracts for the A-6, AP-51 and AP-61 highways, passing through Madrid, Ávila and Segovia, which are in the Abertis portfolio and will expire in 2029.
At the analyst conference to explain the results, the CEO, Juan Santamaría, pointed out that the Ebitda of the concessionaire that operates these roads, Castellana de Autopistas, is around 110 million euros per year.
DATA CENTERS
Santamaría has also reviewed the status of its data center projects, on which it will make an independent presentation in 2025, as it is one of the pillars of the company’s new strategy towards digital infrastructures.
In this sense, it has estimated at 1.1 GW the data center projects it is currently developing in Spain (278 MW), Australia (220 MW), the US (300 MW) and Chile (300 MW), for a value of 3.4 billion euros, which are part of a total portfolio of 5.1 GW.
In addition, it has identified additional opportunities for 4 GW, in a market in which it foresees projects worth more than 300,000 million dollars (283,000 million euros), and for which it is looking for a partner with which to promote these projects with a participation of 50%.
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