Florentino Pérez (ACS) expects to close the sale of the industrial division to Vinci in March

Florentino Pérez (ACS) expects to close the sale of the industrial division to Vinci in March

The Spanish company wants to focus its investments on renewable energy and highways, despite the drop in traffic this year due to the pandemic.

The president of ACS, Florentino Pérez.

The president of Grupo ACS, Florentino Pérez, explained this Friday during the presentation of the annual results that he hopes to close the sale of his industrial services division to Vinci before the end of the first quarter of the year.

“We continue to negotiate a purchase agreement that is progressing adequately and that we hope to sign in March“, the president has affirmed. “Among the issues that we at ACS are contemplating is the one that payment is in cash in its entirety and the possibility of investing in renewable energy projects together with Vinci in the future”, he explained.

This new company, Florentino Pérez has indicated, will be able to invest in the projects that ACS Industrial Services is currently developing in the renewable world and that add 25 gigawatts from different technologies and countries.

Renewables and concessions

The president of the construction company has indicated that the group will continue to invest in infrastructure concessions, mainly freeways “where there is a very important growth potential in the coming years.” He has also pointed to the promotion of renewable energy assets, such as wind farms or photovoltaic plants, the area where the company directs its “greatest efforts”.

Despite the negative impact of 280 million euros from Abertis on the group’s accounts due to the drop in traffic on the roads, the manager has predicted that “highway concessions have had a bad time this year but it will not be like that in the future; Abertis is a very good basket”.

As for the development of 25 gigawatts of renewable energies in the group’s portfolio, José María Castillo Lacabex, chief executive officer (CEO) of ACS’s industrial business, “the group wants to commit to this activity in the long term”. To achieve this goal, “the annual investment should be around 1,500 million euros“.

“In the future we seek a better balance between the construction business and the concessions of assets developed by us”, he pointed out. In short, “we are going to continue to invest heavily in highway concessions and in green energy infrastructure projects such as renewables.”

Florentino Pérez has also made it clear that “We do not plan to invest in airports, but in motorways and not increase our stake in Hochtief or Cimic“.

ACS 2020

The ACS Group got a attributable net profit of 574 million euros in 202040.3% less than in 2019, punished by the operational evolution of Abertis, whose traffic has been greatly affected by the confinement measures related to Covid-19 and has reduced its contribution by 280 million euros as its revenues fell 24%.

In addition, this figure includes the impact of extraordinary non-operating results for a value of 28 million euros, related to the sale of Thiess in Australia and other non-recurring results, as explained in the note sent this Thursday to the National Securities Market Commission (CNMV).

Ellsworth Weber