Isolux Corsán Increases its Backlog by 13% to EUR6.9 bn in the First Quarter
Madrid (ots/PRNewswire) -
- 85% of the company's revenues now come from outside Spain, increasing the weight of international business by 13 points against the same quarter of the previous year - New orders have also grown significantly, standing at EUR814, up 21% against Q1 2013. - The increase in the EBITDA margin at 6.6% as compared with 6.2% in Q1 last year reflected better management efficiency - Isolux Corsan has signed contracts in countries with economic growth potential and investment capacity, particularly the first contract it won in the oil & gas industry in Saudi Arabia
Since January 2014 the Company has brought its accounts into line with the changes in International Financial Reporting Standards (IFRS), 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.
About Isolux Corsan
Isolux Corsan Group is a global benchmark in energy, concessions, construction and maintenance of major infrastructure and operates in over 40 countries on four continents. The construction of transport, railway, airport, maritime, and hydraulic infrastructure and residential and non-residential buildings are the main growth drivers of the company. In the energy sector, Isolux Corsan is one of the leading operators in the world in energy T&D installation and maintenance, one of the largest builders of EPC projects in the solar photovoltaic industry, and occupies an important position among large builders of power plants under EPC contracts. In addition, the Group manages more than 23,500 parking spaces under concession in Spain. Isolux Corsan manages, through its subsidiary Isolux Infrastructure, concessions for 5,959 km of transmission lines in Brazil, India and the U.S., 1,643 km of highways in India, Brazil, Mexico and Spain and promotes and manages 326 MWp of solar PV power plants in Spain, the U.S., India, Italy, Peru, Mexico, Puerto Rico and Japan.
Press contact: Macarena Ramirez, mramirez@isoluxCorsan.com
Macarena Ramírez (+34-91-449-30-00) is for media only