Annual Report ACS G roup Main Figu of the AC

285 Pages·2006·7.11 MB·English

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0 5
Annual Report Main Figures
ACS G r o u p of the ACS G r o u p
w w w. g r u p o a c s . c o m
growth for the future Millions of Euros
Financial and operating data 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4( 1 ) 2 0 0 5( 1 )
Tu rn o v e r 3 , 4 1 0 . 4 3 , 9 2 1 . 4 4 , 4 2 0 . 2 8 , 8 2 5 . 1 1 0 , 8 1 7 . 9 1 2 , 1 1 3 . 9
Operating pro f i t 2 1 4 . 3 2 6 7 . 8 3 0 5 . 3 5 7 3 . 5 7 2 3 . 9 8 1 7 . 4
P rofit before tax 1 7 6 . 6 2 2 2 . 3 2 5 0 . 4 2 8 3 . 4 6 2 3 . 3 8 0 4 . 3
Attributable net pro f i t 1 2 0 . 8 1 4 9 . 2 1 8 1 . 4 2 2 9 . 5 4 5 2 . 5 6 0 8 . 7
Cash-flow (*) 1 8 9 . 4 2 3 8 . 4 3 1 2 . 8 5 0 5 . 4 7 0 9 . 7 8 8 6 . 8
Dividends paid 2 5 . 0 3 2 . 0 3 8 . 4 4 6 . 1 9 6 . 8 1 3 7 . 6
Total investments 3 0 7 . 6 2 0 1 . 7 1 , 0 5 0 . 7 6 5 7 . 5 1 , 1 9 6 . 4 4 , 2 1 6 . 4
Total assets 3 , 3 3 8 . 7 3 , 8 8 0 . 6 4 , 9 1 4 . 5 1 1 , 2 2 6 , 3 1 2 , 3 9 9 . 6 1 7 , 7 1 2 . 5
S h a reholders’ equity 8 1 4 . 9 9 1 0 . 8 9 8 0 . 4 1 , 7 9 6 . 4 1 , 9 0 5 . 4 2 , 4 8 0 . 9
Total net debt 2 1 2 . 6 1 2 4 . 7 5 9 4 . 5 1 , 2 3 0 . 6 1 , 4 2 3 . 9 4 , 2 6 4 . 6
O rder book 6 , 1 9 1 . 5 6 , 8 0 9 . 9 7 , 4 2 2 . 5 2 2 , 5 3 7 . 8 2 3 , 9 2 8 . 4 2 6 , 8 6 8 . 1
Number of employees 2 8 , 9 1 0 3 0 , 8 0 4 3 2 , 5 5 5 9 7 , 1 1 2 1 0 7 , 7 4 8 1 1 3 , 2 7 3
(*)Net profit + Depreciation + Change in povisions
Euros
Data per share ( 2 ) 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4( 1 ) 2 0 0 5( 1 )
E a rn i n g s 0 . 6 3 0 . 7 8 0 . 9 4 0 . 7 6 1 . 3 0 1 . 7 4
G ross dividend 0 . 1 7 0 . 2 0 0 . 2 4 0 . 2 7 0 . 3 9 0 . 6 0
C a s h - f l o w 0 . 9 9 1 . 2 4 1 . 6 3 1 . 6 8 2 . 0 1 2 . 5 1
S h a reholders’ equity 4 . 2 4 4 . 7 4 5 . 1 0 5 . 0 5 5 . 4 0 7 . 0 3
Stock market data 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5
Listed share s( 2 ) 1 9 2 , 1 8 5 , 4 4 8 1 9 2 , 1 8 5 , 4 4 8 1 9 2 , 1 8 5 , 4 4 8 3 5 5 , 5 8 0 , 4 9 3 3 5 2 , 8 7 3 , 1 3 4( 3 ) 3 5 2 , 8 7 3 , 1 3 4
Market capitalization (?M i l l i o n ) 1 , 6 0 8 . 0 1 , 7 5 5 . 3 1 , 9 6 3 . 5 4 , 5 8 7 . 0 5 , 9 2 8 . 3 9 , 6 0 1 . 7
Ye a r-end closing price( 2 ) ? 8 . 3 7 ? 9 . 1 3 ? 1 0 . 2 2 ? 1 2 . 9 0 ? 16.80 ? 27.21
Annual re v a l u a t i o n 6 . 5 9 % 9 . 1 6 % 1 1 . 8 6 % 2 6 . 2 6 % 3 0 . 2 3 % 6 1 . 9 6 %
Key ratios 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4( 1 ) 2 0 0 5( 1 )
Operating margin 6 . 3 % 6 . 8 % 6 . 9 % 6 . 5 % 6 . 7 % 6 . 7 %
Net margin 3 . 5 % 3 . 8 % 4 . 1 % 2 . 6 % 4 . 2 % 5 . 0 %
R O E 1 6 . 4 % 1 7 . 3 % 1 9 . 2 % 1 6 . 5 % 2 3 . 6 % 2 7 . 5 %
Gearing ( 4 ) 2 3 . 3 % 1 2 . 5 % 5 4 . 9 % 6 4 . 9 % 7 0 . 5 % 1 6 1 . 8 %
Dividend yield 2 . 0 % 2 . 2 % 2 . 3 % 2 . 1 % 2 . 3 % 2 . 2 %
(1)Under IFRSs standards
(2)Adjusted by the 3 x 1 Split of year 2004 (reduction of the nominal value of the shares from ?1.50 to ?0.50 with the consequent and simultaneous increase in the number of shares in proportion
to the stock capital)
(3)On June 10th, 2004, there was a reduction in the stock capital by a nominal amount of ?1,353,679.5 through the redemption of 902,453 shares of treasury stock
(4)Gearing: Net Debt / (Shareholders´Equity+Minority interests)
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Directory
Head offices of the ACS Group’s main companies
Main Figures
of the ACS G r o u p
ACS, Actividades de Construcción y Servicios, S.A.
Avda. Pío XII, 102, 28036 Madrid
Tel: [phone], Fax: [phone]
www.grupoacs.com
Evolución de la licitación
Turnover Net operating profit Attributable net profit Earnings per share Dividend per share Market capitalization
oficial 2002-2005
Millions of Euros Millions of Euros Millions of Euros Euros Euros Millions of Euros
DRAGADOS ACS, Servicios y Concesiones ACS, Servicios, Comunicaciones y Energía
14,000 1,000 700 1.8 1.74 0.6 0.60 10,000 9,602 Avda. de Tenerife, 4 - 6, San Sebastián de los Reyes, 28700 Madrid Julian Camarillo, 6-A, 28037 Madrid Cardenal Marcelo Spínola, 10, 28016 Madrid
12,000 12,114 900 817 600 609 1.6 0.5 9,000 Tel: [phone], Fax: [phone] Tel: [phone], Fax: [phone] Tel: [phone], Fax: [phone]
10,818 800 1.4 1.30 8,000
10,000 700 724 500 1.2 0.4 0.39 7,000
8,000 8,825 600 574 400 452 1.0 0.94 1.07(**) 6,000 5,928
500 0.3 0.27 5,000 4,587 VÍAS Y DYCVENSA URBASER, S.A. DRAGADOS COBRA INSTALACIONES Y MANTENIMIENTOS, MANTENIMIENTO Y MONTAJES
64,,000000 3,410 3,921 4,420 430000 268 305 320000 181 230 00..86 0.63 0.78 0 . 7 6 0.2 0.17 0.20 0.24 43,,000000 COrOenNsSeT, R11U -C 2Cº IyO 4NºES, S.A. VEedrifaiccirou zT orreón 3º - Esq. 2A8lb0a3s7a nMza, d1r6id - 1º CINOFNRCAEESSITORNUECST DUERAS S(GERRUVPICOIO CSO, BSR.AA. )COBRA ASYEURDVIAC IAO LSA, S E.AXP. (LMOATEASCSIÓAN) Y TINeiDdeU, S5T -R 1IºAL (MASA)
2,000 120000 214 100 121 149 00..42 0.1 21,,000000 1,608 1,755 1,963 2Te8l0: 2+03 4M 9a1d r4id17 98 00 LTeal :G (5u8a2ri1ta2 )( V9e9n2e z3u1e l1a1) TFealx: :+ [phone] 105 0 202 A28vd7a0.0 d Sea Tne Sneerbifaes 4tiá -n6 C28a0rd1e6n Mal aMdarirdcelo Spínola, 10 G28ra0n1 3V íMa,a 6d7ri d- 2ª planta E28d7ifi0c9io MMaildernidio
0 0 0 0 0 0 Fax: [phone] Fax: [phone] www.urbaser.com de los Reyes Tel: [phone] Tel: [phone] Tel: [phone]
www.vycsa.es Madrid Fax: [phone] Fax: [phone] Fax: [phone]
2000 2001 2002 2003 2004(*) 2005(*) 2000 2001 2002 2003 2004(*) 2005(*) 2000 2001 2002 2003 2004(*) 2005(*) 2000 2001 2002 2003 2004(*) 2005(*) 2000 2001 2002 2003 2004 2005 2000 2001 2002 2003 2004 2005 DYCASA DRAGADOS S.P.L. Tel: [phone] www.grupocobra.com www.maessa.com www.masagrupo.com
DRACE Avda. Leandro N. Alem, 986 Julian Camarillo, 6A Fax: [phone]
(*)Under IFRSs standars (*)Under IFRSs standars
(**)Exclude extraordinary merger expenses Avda. Fuente de la Mora, 2 1001 - Buenos Aires 28037 Madrid ENERGÍAS Y RECURSOS APLICACIÓN MAKIBER, S.A.
28050 Madrid Argentina Tel: [phone] AMBIENTALES, S.A. (EYRA) DE PINTURAS, API, S.A. Paseo de la Castellana, 182
Tel: [phone] Tel: [phone] Fax: [phone] Cardenal Marcelo Spínola, 10 General Moscardó, 27 - 1º 28046 Madrid
Fax: [phone] Fax: [phone] 28016 Madrid 28020 Madrid Tel: [phone]
I n t e rnational pre s e n c e
2005 Turnover 2005 Operating profit Internationalization www.drace.com www.dycasa.com CONTINENTAL AUTO S.L. Tel: [phone] Tel: [phone] Fax: [phone]
by business by business Millions of Euros Avda. de América, 9 - A Fax: [phone] Fax: [phone]
DRAVO, S.A. COMUNIDADES Intercambiador de Transportes www.apisa.net INTECSA-UHDE
2,500 20% Countries in wich ACS Group is present
19.8% 24.2% 1 7 % 1 7 % Plaza de Castilla, 3 GESTIONADAS, S.A. 28002 Madrid ELECTRONIC TRAFFIC, INDUSTRIAL, S.A.
1 6 % 28046 Madrid (COGESA) Tel: [phone] S.A. (ETRA) I N S TALACIONES Y MONTA J E S Vía de los Poblados, 11
2,000 2 , 1 0 6 16% Afghanistan Tel: [phone] Orense, 34 - 1º Fax: [phone] Tres Forques, 147 ELÉCTRICOS, S.A. (IMES) Edificio Trianon
1 5 % 1 2 % 1 4 % 1 , 8 0 1 Algeria Fax: [phone] 28020 Madrid www.continental-auto.net Polígono Industrial Ramón y Cajal, 107 28033 Madrid
Andorra
46.8% 42.2% 1,500 12% Argentina Tel: [phone] Vara de Quart 28043 Madrid Tel: [phone]
Australia TECSA EMPRESA Fax:[phone] CLECE, S.A. 46014 Valencia Tel: [phone] Fax: [phone]
1,000 1 , 1 9 8 8% Belgium CONSTRUCTORA, S.A. Avda. de Manoteras 46 bis; 2º Tel: [phone] Fax: [phone] www.intecsauhde.com
Bolivia Avda. Madariaga, 1 - 4ª planta 28050 Madrid Fax: [phone] www.imes.es
33.4% 33.6%
500 4 9 8 6 1 0 5 2 0 4% BCraanzailda 4Te8l0: 1+43 4B 9ilb4a 4o48 86 00 TFealx: :+ [phone] 911 1 200 www.etra.es CONTROL Y MONTAJES IPNríInTcEipCe EdNe EVReGrgÍaAra, 120
Chile
Fax: [phone] SOCIEDAD ESPAÑOLA INDUSTRIALES (CYMI) 28006 Madrid
0 0% China
2000 2001 2002 2003 2004(*) 2005(*) Colombia www.tecsa-constructora.com PUBLIMEDIA, SISTEMAS DE MONTAJES Teide, 4 - Edificio F-7 Tel: [phone]
Dominican Republic PUBLICITARIOS INDUSTRIALES, S.A. San Sebastián de los Reyes Fax: [phone]
■ Construction ■ Construction ■ International Turnover Ecuador GEOCISA Fernando Rey, 3 (SEMI) 28709 Madrid www.initec.es
■ Industrial Services ■ Industrial Services % International over total Egypt Llanos de Jerez, 10 - 12 Ciudad de la Imagen Barquillo, 19 Tel: [phone]
■ Services and Concessions ■ Services and Concessions El Salvador Coslada Pozuelo de Alarcón 28014 Madrid Fax: [phone] SOCIEDAD IBERICA DE
(*)Under IFRSs standars Ethiopia 28820 Madrid 28220 Madrid Tel: [phone] www.cymisa.com CONSTRUCCIÓN ELÉCTRICA
France
Germany Tel: [phone] Tel: [phone] Fax: [phone] (SICE)
Greece Fax: [phone] Fax: [phone] www.semisa.com DRAGADOS OFF SHORE Pol. Ind. Alcobendas
Guatemala www.geocisa.com www.publimedia-sp.com Bajo de la Cabezuela, s/n C/ Sepúlveda, 6
Holland Puerto Real Alcobendas 28108 Madrid
Honduras Peru
Millions of Euros Millions of Euros Millions of Euros India Portugal 11510 Cádiz Tel: [phone]
Construction 2005 Industrial Services 2005 Services and Concessions 2005 Ireland South Africa Tel: [phone] Fax: [phone]
Israel Spain Fax: [phone] www.sice.com
Turnover 5,725 Turnover 4,077 Turnover 2,420 Italy Sweden
International 9.7% International 32.3% International 9.7% Kuwait Switzerland
Net operating profit 359 Net operating profit 286 Net operating profit 206 Mexico Tunisia
Margin 6.3% Margin 7.0% Margin 8.5%
Morocco Uganda
Net Profit 239 Net Profit 179 Net profit 212
Margin 4.2% Margin 4.4% Margin 8.8% Nicaragua United Arab Emirates
Order book 9,369 Order book 4,269 Order book 13,230 Norway United Kingdom
Employees 18,217 Employees 32,122 Employees 62,875 Panama Venezuela
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0 5
Annual Report Main Figures
ACS G r o u p of the ACS G r o u p
w w w. g r u p o a c s . c o m
growth for the future Millions of Euros
Financial and operating data 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4( 1 ) 2 0 0 5( 1 )
Tu rn o v e r 3 , 4 1 0 . 4 3 , 9 2 1 . 4 4 , 4 2 0 . 2 8 , 8 2 5 . 1 1 0 , 8 1 7 . 9 1 2 , 1 1 3 . 9
Operating pro f i t 2 1 4 . 3 2 6 7 . 8 3 0 5 . 3 5 7 3 . 5 7 2 3 . 9 8 1 7 . 4
P rofit before tax 1 7 6 . 6 2 2 2 . 3 2 5 0 . 4 2 8 3 . 4 6 2 3 . 3 8 0 4 . 3
Attributable net pro f i t 1 2 0 . 8 1 4 9 . 2 1 8 1 . 4 2 2 9 . 5 4 5 2 . 5 6 0 8 . 7
Cash-flow (*) 1 8 9 . 4 2 3 8 . 4 3 1 2 . 8 5 0 5 . 4 7 0 9 . 7 8 8 6 . 8
Dividends paid 2 5 . 0 3 2 . 0 3 8 . 4 4 6 . 1 9 6 . 8 1 3 7 . 6
Total investments 3 0 7 . 6 2 0 1 . 7 1 , 0 5 0 . 7 6 5 7 . 5 1 , 1 9 6 . 4 4 , 2 1 6 . 4
Total assets 3 , 3 3 8 . 7 3 , 8 8 0 . 6 4 , 9 1 4 . 5 1 1 , 2 2 6 , 3 1 2 , 3 9 9 . 6 1 7 , 7 1 2 . 5
S h a reholders’ equity 8 1 4 . 9 9 1 0 . 8 9 8 0 . 4 1 , 7 9 6 . 4 1 , 9 0 5 . 4 2 , 4 8 0 . 9
Total net debt 2 1 2 . 6 1 2 4 . 7 5 9 4 . 5 1 , 2 3 0 . 6 1 , 4 2 3 . 9 4 , 2 6 4 . 6
O rder book 6 , 1 9 1 . 5 6 , 8 0 9 . 9 7 , 4 2 2 . 5 2 2 , 5 3 7 . 8 2 3 , 9 2 8 . 4 2 6 , 8 6 8 . 1
Number of employees 2 8 , 9 1 0 3 0 , 8 0 4 3 2 , 5 5 5 9 7 , 1 1 2 1 0 7 , 7 4 8 1 1 3 , 2 7 3
(*)Net profit + Depreciation + Change in povisions
Euros
Data per share ( 2 ) 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4( 1 ) 2 0 0 5( 1 )
E a rn i n g s 0 . 6 3 0 . 7 8 0 . 9 4 0 . 7 6 1 . 3 0 1 . 7 4
G ross dividend 0 . 1 7 0 . 2 0 0 . 2 4 0 . 2 7 0 . 3 9 0 . 6 0
C a s h - f l o w 0 . 9 9 1 . 2 4 1 . 6 3 1 . 6 8 2 . 0 1 2 . 5 1
S h a reholders’ equity 4 . 2 4 4 . 7 4 5 . 1 0 5 . 0 5 5 . 4 0 7 . 0 3
Stock market data 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5
Listed share s( 2 ) 1 9 2 , 1 8 5 , 4 4 8 1 9 2 , 1 8 5 , 4 4 8 1 9 2 , 1 8 5 , 4 4 8 3 5 5 , 5 8 0 , 4 9 3 3 5 2 , 8 7 3 , 1 3 4( 3 ) 3 5 2 , 8 7 3 , 1 3 4
Market capitalization (?M i l l i o n ) 1 , 6 0 8 . 0 1 , 7 5 5 . 3 1 , 9 6 3 . 5 4 , 5 8 7 . 0 5 , 9 2 8 . 3 9 , 6 0 1 . 7
Ye a r-end closing price( 2 ) ? 8 . 3 7 ? 9 . 1 3 ? 1 0 . 2 2 ? 1 2 . 9 0 ? 16.80 ? 27.21
Annual re v a l u a t i o n 6 . 5 9 % 9 . 1 6 % 1 1 . 8 6 % 2 6 . 2 6 % 3 0 . 2 3 % 6 1 . 9 6 %
Key ratios 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4( 1 ) 2 0 0 5( 1 )
Operating margin 6 . 3 % 6 . 8 % 6 . 9 % 6 . 5 % 6 . 7 % 6 . 7 %
Net margin 3 . 5 % 3 . 8 % 4 . 1 % 2 . 6 % 4 . 2 % 5 . 0 %
R O E 1 6 . 4 % 1 7 . 3 % 1 9 . 2 % 1 6 . 5 % 2 3 . 6 % 2 7 . 5 %
Gearing ( 4 ) 2 3 . 3 % 1 2 . 5 % 5 4 . 9 % 6 4 . 9 % 7 0 . 5 % 1 6 1 . 8 %
Dividend yield 2 . 0 % 2 . 2 % 2 . 3 % 2 . 1 % 2 . 3 % 2 . 2 %
(1)Under IFRSs standards
(2)Adjusted by the 3 x 1 Split of year 2004 (reduction of the nominal value of the shares from ?1.50 to ?0.50 with the consequent and simultaneous increase in the number of shares in proportion
to the stock capital)
(3)On June 10th, 2004, there was a reduction in the stock capital by a nominal amount of ?1,353,679.5 through the redemption of 902,453 shares of treasury stock
(4)Gearing: Net Debt / (Shareholders´Equity+Minority interests)
05
Annual Report
ACS Group
About this 2005 Annual Report
For the first time, the ACS Group Annual Report includes information on activities, as well as econonomic and
financial, corporate responsibility and good governance information in a single document. The 2005 Annual
Report has four sections and combines all public information on the Group which is of significance to
shareholders, clients, employees, and in general, anyone with an interest in detailed information on the ACS
Group’s ecnomic, financial, social and environmental activities, results and outlook. This is the second year
that the ACS Group has published specific public reports on corporate responsibility and good governance.
As in the case of last year’s report, the aim of the Report on Corporate Responsibility is to describe the
Company’s social and environmental principles, programs and actions, and evidence the quality of the ACS
Group’s relations with interest groups. This document follows the guidelines of the 2002 guide “Global
Reporting Initiative” (GRI) and focuses on those matters that are especially significant to a company of the
characteristics of the ACS Group.

Contents
Letter from the Chairman..................................... 04 3. Corporate Responsibility Report ....................... 178
Management Bodies ........................................... 06 3.1 The ACS Group and Corporate Responsibility .... 180
Corporate Strategy ............................................. 12 3.2 Commitment to the Creation of Value ............... 182
3.3 Commitment to Information Transparency......... 190
1. Activity Report .............................................. 14 3.4 Commitment to Research,
1.1 Construction ................................................. 16 Development and Innovation ............................ 193
1.2 Industrial Services ......................................... 30 3.5 Commitment to the Natural Environment .......... 202
1.3 Services and Concessions ............................ 42 3.6 Commitment to Individuals
1.4 Strategic Investments ................................... 54 and the Social Environment............................... 216
2. Economic and Financial Report .................... 58 4. Corporate Governance Report .......................... 232
2.1 Directors’ Report of the Consolidated Group ..... 60
2.2 Consolidated Financial Statements ............... 76 Appendices ............................................................ 272
2.3 Auditors’ Report on Consolidated GRI Indicators.................................................... 272
Financial Statements ....................................... 174 Directory ........................................................... 274
2.4 Historical Performance ................................. 176 Agenda ............................................................. 276
Letter from
the Chairman
2005 has been a decisive year for our Group. We have consolidated our leadership in the infrastructure and services sector in Spain,
continued our expansion in international markets and made the largest investment in the history of ACS with the acquisition of a
significant stake in Unión Fenosa.
Economically, all of our initially foreseen objectives have been surpassed. Sales were up by 12%, reaching over 12,100 million euros and
net profit grew by 34.5% to 609 million euros. The positive operating results of each activity and the improvement in working capital
contributed to the generation of cash flow prior to investments and the distribution of dividends of over 1,350 million euros, enabling us
to finance a portion of the 4,217 million euros invested this year.
Without a doubt, the Group's most significant investment was in Union Fenosa. When we reached an agreement to acquire 22.1% of
the third ranked Spanish electricity utility for 2,219 million euros on September 23rd, we were aware that we were taking a major leap
forward in the corporate track record of ACS. Our knowledge of the markets in which Unión Fenosa operates, the opportunities existing
in the energy sector and the company's leadership position as an integrated gas and electricity utility made this investment a strategic
objective for our Group.
In order to reinforce our position as a reference shareholder of Unión Fenosa, two months later, ACS launched a takeover bid which was
recently completed and has enabled us to increase our ownership interest in this company to 34.5%. Additionally, the financing
arrangement used has allowed the Group to maintain its investment policy, which is aimed at guaranteeing the sustainable development
of our activities in upcoming years.
Construction area sales were up by 9.5% this year, reaching 5,725 million euros. The positive performance of this sector in Spain and its
future outlook, especially with respect to civil works, following the recent approval of the 2005-2020 Strategic Infrastructure and Transport
Plan, guarantees ongoing stability in terms of income in upcoming years.
The performance of the Industrial Services area was excellent in 2005, backed by heavy domestic and international demand for energy-
related systems, of which our companies knew how to take advantage, as well as the improvement of the operating efficiency of all
activities. In this respect, sales exceeded 4,000 million euros for the first time in the area's history, up by 16.8%.
Services and Concessions area sales increased by 9.9% to 2,420 million euros, in view of the growing need for services relating to
infrastructures. The area reinforced its leadership position in the Spanish market and increased its multinational offer in the environmental
and port and logistics services areas.
The performance of the total order book, which increased by over 12% to nearly 27,000 million euros, clearly evidences the ACS Group's
excellent position, which will guarantee its success in the near future. It also demonstrates that the Group's competitiveness and technical
capacity are increasingly more valued by our clients.
The contribution to the Group's net profit of companies accounted for the equity method, amounted to 145 million euros, up by 53.5%
from the previous year. The inclusion of Unión Fenosa within the scope of consolidation in the last quarter, the positive results obtained
by each company and the increase in ownership interest in Abertis and Urbis to the current 24.8% respectively, accounted for this growth.
The solid performance of our business lines, confirmed by the excellent results obtained, and the Group's investment policy aimed at
obtaining long-term profitability, has been backed by the strong support of our investors. In fact, in 2005 the ACS share had the best
stock market performance since 1997, increasing by 62%, which tripled the revaluation of the main Spanish and European indicators.
04 Annual Report 2005 ACS Group
Letter from the Chairman
Also worthy of mention is our Group's considerable effort in terms of corporate responsibility, relating to our commitment to "do good
work", or in other words, to meet the expectations of clients, shareholders, employees and the society as a whole. In 2005 ACS
continued to develop programs and to undertake measures to improve the social and environmental impact of our activity. In this respect,
noteworthy is the substantial increase in environmentally certified production, which now accounts for 87% of total production. Significant
advances were also made in terms of job safety as evidenced by the improvement of all the prevention indexes, confirming our position
as one of the safest companies in the sector.
Finally, once again I would like to express my sincere gratitude to our shareholders, clients and employees for their confidence in our
Group, which we attempt to respond to with the same dedication and enthusiasm for such a passionate project as ACS.
Florentino Pérez
Annual Report 2005 ACS Group 05
Management Bodies
Board
of Directors
Executive Chairman
Mr. Florentino Pérez Rodríguez (cid:1)
Civil Engineer
Chairman and CEO of ACS Group since 1993
Member of the Board of Directors of ACS Group since 1989
Executive Vice Chairman
Mr. Antonio García Ferrer (cid:1)
Civil Engineer
Member of the Board of Directors of ACS Group since 2003
Member of the Board of Directors of Abertis Infraestructuras
Member of the Board of Directors of Inmobiliaria Urbis
Vice Chairman
Mr. Pablo Vallbona Vadell (cid:1)(cid:1)
Naval Engineer and MBA from the IESE
Member of the Board of Directors of ACS Group since 1997
Executive Vice Chairman of Banca March
Vice Chairman of Corporación Financiera Alba
Vice Chairman of Abertis Infraestructuras
(cid:1)Member of the Executive Committee
(cid:1)Member of the Audit Committee
(cid:1)Member of the Appointment and Remuneration Committee
06 Annual Report 2005 ACS Group
Management Bodies
Directors Mr. Joan-David Grimà i Terré
Doctorate in Economics and Business Studies
Mr. José María Loizaga Viguri (cid:1)(cid:1) Member of the Board of Directors of ACS Group since 2003
General Manager of Santander Central Hispano
Economist
Member of the Board of Directors of Antena 3, TV
Member of the Board of Directors of ACS Group since 1989
Chairman of Mercapital, S.L.
Chairman of Mercapital Private Equity, S.G.E.C.R., S.A. Mr. Pedro López Jiménez (cid:1)
Chairman of Cartera Hotelera, S.A.
Civil Engineer
Chairman of Bodegas Lan
Member of the Board of Directors of ACS Group since 1989
Vice Chairman of Zardoya Otis
Chairman of Unión Fenosa
Vice Chairman of Banco Urquijo
Member of the Board of Directors of CEPSA
Chairman of Terratest
Dr. José María Aguirre González (cid:1) Member of the Board of Directors of Keller Group Plc
Member of the Board of Directors of Lingotes Especiales
Doctorate in Civil Engineering
Member of the Board of Directors of ACS Group since 1995
Chairman of Banco Guipuzcoano Mr. Santos Martínez-Conde Gutiérrez-Barquín (cid:1)
Member of the Board of Directors of Acerinox
Civil Engineer
Member of the Board of Directors of Siemens España
Member of the Board of Directors of ACS Group since 2001
General Manager of Corporación Financiera Alba
Mr. Agustín Batuecas Torrego Member of the Board of Directors of Acerinox
Member of the Board of Directors of Unión Fenosa
Civil Engineer
Member of the Board of Directors of ACS Group since 1999
Chairman and CEO of Continental Auto Mr. Javier Monzón de Cáceres
Vice Chairman of Fenebús
B.A. in Economics
Member of the Board of Directors of ACS Group since 2003
Mr. Álvaro Cuervo García (cid:1) Chairman of Indra
Doctorate in Economics. Professor of Business Economics
Member of the Board of Directors of ACS Group since 1997 Mr. Miquel Roca i Junyent
Member of the Advisory Board of Privatisations
Lawyer
Member of the Board of Directors of ThyssenKrupp
Member of the Board of Directors of ACS Group since 2003
Member of the Board of Directors of SONAE INDUSTRIA, SONAE SGPS
Secretary of the Board of Directors of Abertis Infraestructuras
Vice Chairman of TAFISA
Secretary of the Board of Directors of Banco de Sabadell
Mr. Manuel Delgado Solís (cid:1)
Mr. Julio Sacristán Fidalgo (cid:1)
B.S. in Pharmacy. Lawyer
B.S. in Chemistry
Member of the Board of Directors of ACS Group since 2003
Member of the Board of Directors of ACS Group since 1998
Member of the Board of Directors of Unión Fenosa
Mr. Francisco Servando Verdú Pons
Mr. Javier Echenique Landiríbar (cid:1)(cid:1)
B.A. in Economics and MBA from the Chicago University
B.A. in Economics
Member of the Board of Directors of ACS Group in the period 2002-2003
Member of the Board of Directors of ACS Group since 2003
and re-elected in 2006
Member of the Board of Directors of Telefónica Móviles
CEO of Banca March
Member of the Board of Directors of Uralita
Member of the Board of Directors of Corporación Financiera Alba
Member of the Board of Directors of ENCE
Mr. Isidro Fernández Barreiro (cid:1)
Secretary General and Director
Industrial Engineer
Member of the Board of Directors of ACS Group since 2003
Mr. José Luis del Valle Pérez (cid:1)(cid:1)(cid:1)
CEO of Corporación Financiera Alba
Member of the Board of Directors of Banca March Lawyer and State Attorney
Member of the Board of Directors of Prosegur Member of the Board of Directors of ACS Group since 1989
Annual Report 2005 ACS Group 07