Spanish contractor ACS reported a net loss for 2012 of €2 billion after the impact of writedowns totalling €1.3 billion on its investment in energy company Iberdrola. The result compares to net profit of €962 million in 2011.
The value of Iberdrola’s stock has declined dramatically as Spain’s economy has deteriorated, and impairment charges also dragged ACS to a first half loss for last year of €1.2 billion.
During 2012, the group sold 755 million shares of Iberdrola in several transactions, equivalent to 12% of its share capital.
The write-downs overshadowed otherwise generally positive results for the company, which owns German contractor Hochtief. Total revenues were up 35% year-on-year to €38.4 billion, and, stripping out the Iberdrola effect, net profit would have been €705 million for the year. This figure would, however, still have represented a decrease of 9.9% compared to 2011.
ACS said international sales now accounted for 84.4% of total revenues, reaching €32.4 billion last year. The proportion of revenues from Spain dropped 23.6% compared to 2011 to €6 billion.