ACS Group achieved a net consolidated turnover of €2,335 million in the first half of 2003, which represents an increase by 12.3% over the same period of the year before. Net Operating Profit After Taxes (NOPAT) amounted to €163,3 million, representing an increase by 21.1% compared to the first six months of 2002. As a consequence of the excellent evolution of the operating margins and the maintenance of financial charges at former levels, ACS Group obtained a 26.5% increase of its ordinary profit in the first semester, reaching €146.7 million. Net profit attributable to ACS Group in the first six months of 2003 totalled €101.2 million, 22.1% more than in the same period of the year before. Construction activity accounted for 48% of the Group’s sales and approximately 47% of its net profit. Turnover amounted to €1,134 million, which represents a 14.9% rise over the first half of 2002, and the contribution to net profit from this area of ACS Group amounted to €47.5 million, 32.9% more than one year earlier. The works portfolio was equal to 21 months of production capacity. Turnover in the Services area amounted to €1,224 million, with a net profit of €54.5 million, representing over 53% of the Group’s total profit. The orders portfolio is equal to 22 months of sales. Within this area, Cobra Group increased its sales by 9.6% to €977 million, thanks to the favourable performance of the domestic market, with growth in excess of 20%. The significant productivity enhancements allowed the net profit of this business to grow by 17.4% to €43.3 million. Tecmed achieved a turnover of €174 million, representing 19.2% more than in the first half of 2002, and a net profit of €5.6 million, which represents a 28.4% increase. Last of all, Continental Auto had sales totalling €73 million, 6.4% more than in the same period of the year before, achieving a net profit of €5.6 million. The Group continues to enjoy an excellent financial situation, as of 30 June, with a total net debt of €1,008 million, of which €195 million correspond to project finance without tapping share capital and reserves, which sets financial leverage at just below 80% of capital and reserves—after having invested €1,285 million in the acquisition of 33.5% of Dragados Group. Regarding the process of integration of Dragados Group, on 2 July 2003 the Boards of Directors of the two companies unanimously resolved to propose the merger of the two companies by means of a share swap, in a proportion of 33 new ACS shares for every 68 Dragados shares. This transaction is due to be completed before the end of the year, once it is approved by the respective Extraordinary General Meetings of Shareholders scheduled for the month of October, and after the requisite legal periods have elapsed for the effective share swap and the listing of the new shares to be completed.
