ACS, Actividades de Construcción y Servicios, S.A. (ACSAF) Q4 2024 Earnings Call Transcript

2025-02-28 10:59:11 ET

ACS, Actividades de Construcción y Servicios, S.A. (ACSAF)

Q4 2024 Earnings Conference Call

February 28, 2025, 6:00 am ET

Company Participants

Javier Crespo - Head, IR

Ángel García Altozano - Corporate GM

Emilio Grande - CFO

Conference Call Participants

Presentation

Javier Crespo

Good morning to everyone, and thank you very much for joining us today in attending 2024 Financial Results Presentation for the ACS Group.

I'm here with Ángel García Altozano, who's our Corporate General Manager; and Mr. Emilio Grande, who's the CFO for the Group.

And as usual, following the presentation, there'll be time for a Q&A session, so that we can clarify any points you'd like to raise. And if you're following us through streaming on the website, you can also send in your questions through the usual channel.

Let me start off with the first slide on the screen this morning. ACS had what we think was an excellent year 2024 with regard to the operational evolution of our businesses and cash generation. It was very satisfactory with regard to the relevant corporate transactions for the Group's strategy.

Ordinary net profit totaled €684 million. That's up 14% comfortably outstripping the target, which was envisaged at between 8% and 12%. Now these are the ordinary figures. They do not include non-recurring items, which are essentially the capital gain for the sale of 57% of the SH-288 in 2023 and the impact of the book capital gain in CIMIC and the termination of the SH-288. These are both net of provisions and non-recurring results in 2024.

Net profit totaled €828 million and earnings per share was €3.23 per share. That's equivalent to an increase of 7.8% in like-for-like terms, the before tax profit increased by 23.6%. That was driven by Turner's growth because Turner saw growth in top profit by 37%. So this year, we have recorded exceptional net operating cash flow generation that was €2.1 billion that's €1.1 billion more than in 2023, thanks to the excellent operations and strong growth in our bit as well as solid cash conversion....

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