16.11.06

16.11.2006: Meldung: Agbar Group obtains third-quarter profits of 134 million euros

The Group maintains its trend of growth, with a 24.5% increase in the profit from operations, amounting to 285.3 million euros, and considerable increases in the main sectors of activity

The Agbar Group obtained a net profit attributable to the parent of 134 million euros in the third quarter of the year. The Group followed a clearly upwards trend in this period, as shown by the main magnitudes, which experienced important increases. The operating revenues went from 2,300.4 to 2,427.1 million euros (+5.5%), the operating cash flow from 364.1 to 438.7 million euros (+20.5%), and the profit from operations from 229.2 to 285.3 million euros (+24.5%).

This considerable increase in the operating revenues was not reflected in the net profit, due to the greater distribution of the profits among the minority shareholders (this account increased by 61.1%, going from 63.9 to 103 million euros) and to the reduction in atypical revenues, which went from 85.4 to 74.2 million euros (-13.1%). These two circumstances explain the slight reduction in the profits in relation to the same period of the previous year (-14.3%). It should also be pointed out that Agbar acquired important companies, such as the Bristol Water Group and the RTD Group, which only made contributions to the results in the months in which Agbar had effective control: RTD, starting from May (inclusive), and Bristol Water Group, starting from July (inclusive).

As for the profit distributed to minority interests, this mainly concerns the other shareholders of Aguas Andinas, S.A. (in which the Agbar Group has a 28.4% holding), Applus+ Servicios Tecnológicos (Agbar has a 53.1% holding) and Compañía de Seguros Adeslas (Agbar has a holding of 54.8%).

Important growth in the main sectors of activity

The three main sectors of activity recorded important growth in the revenues and profit from operations. Water had operating revenues of 1,039.9 million euros (+17.2) and profit of 168.8 million euros (+45.5%); Health had operating revenues of 809.2 million euros (+9.6%) and profit of 77.8 million euros (+11.7%), and Inspection and Certification had operating revenues of 379.4 million euros (+22%) and profit of 37.9 million euros (+12.7%). It should be highlighted that the Group’s operating margin increased from 10%, in the first 9 months of the previous year, to 11.8%, in the same period this year.

Polarization in the main sectors

As regards the contribution of the different activities to the overall profit, a polarization of the Group is observed in the main sectors (Water, Health and Inspection), especially in Water. This sector contributed 42.8% of the Group’s operating revenues (in the same period of the previous year it contributed 38.6%), and 59.2% of the profit from operations (50.6% in the same period of the previous year). Health contributed 33.3% of the operating revenues (32.1% in the same period of the previous year), and 27.3% of the profit from operations (30.4% in the same period of the previous year). Inspection and Certification contributed 15.6% of the operating revenues (13.5% in the same period of the previous year), and 13.3% of the profit from operations (14.7% in the same period of the previous year).

With the increase in overall profit and in profit from the main sectors of activity, the improvement of efficiency in the operating margin and the integration of the new acquisitions (Bristol Water Group and RTD Group) into its results, the Agbar Group continues its upwards trend and increases the expectations of growth and profit.
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