News Column

Isolux Corsan increases its backlog by 13% to EUR6.9 bn in the first quarter

June 2, 2014



ENP Newswire - 02 June 2014

Release date- 30052014 - Since January 2014 the Company has brought its accounts into line with the changes in International Financial Reporting Standards and specifically in IFRS 11.

Thus, the Company now consolidates Isolux Infrastructure using the equity method rather than the proportional integration it used before. The change in the way this business is recorded has a relevant impact on the Group's consolidated accounts.

In the first quarter of the year, the Isolux Corsan Group has achieved a backlog of EUR6.9 bn. This is up 13% against the same period of 2013.

The Company's revenues stood at EUR436m, of which 85% came from outside Spain (72% in 2013), above all from strategic areas such as Asia and Latin America. This is a 13 point increase over the percentage of international business.

The Group has also achieved a very significant increase in its new orders during this period. It brought in EUR814m, 21% more than in Q1 2013.

This enabled Isolux Corsan to obtain an EBITDA of EUR29m, increasing the margin from 6.2%, in Q1 last year, to 6.6% reflected better management efficiency.

Projects consolidating international business and opening new markets

During the first quarter, Isolux Corsan has signed contracts in countries with economic growth potential and investment capacity. One such milestone was the award of the company's first Oil&Gas project in Saudi Arabia. This contract has made it possible to formalize a strategic alliance in the country to develop major EPC projects in the Oil& Gas and petrochemicals sectors.

The year has started well, although the seasonality in the business cycle of this sector means Q1 has less weight in the year-end figures. Isolux Corsan has won its first project in the USA toll-road sector, signing a EUR230m contract for the design, construction, finance, operation and maintenance of Section 5 of Highway I-69 in the State of Indiana.

Moreover, the project to build and operate 1,600 km of high-voltage transmission lines and 5 substations in Uttar Pradesh, India will be entering its key construction stage in the next quarters, which will impact increasing revenues.

Press contact:

Macarena Ramirez

Tel: 91 449 30 00

Email: mramirez@isoluxcorsan.com


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: ENP Newswire