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Isolux Corsan Consolidated Revenues Reach EUR1.58 Billion (+2%) in Q3 2015 Due to a Strong Backlog
Madrid (ots/PRNewswire) -
- EPC backlog keeps on growing, up to EUR7.0 billion YTD (+5%); the figure represents almost three years of regular business activity
- Latin America concentrates 56% of the EPC business, followed by Spain (15%), Asia (13%) and the Middle East and Africa (11%)
- Net corporate leverage, stable at 1.6 billion
- Net loss of EUR20 million in the first nine months of 2015
Isolux Corsan posted revenues of EUR1.58 billion in Q3 2015. The figure represents an increase of 2% over the same period last year. This positive evolution of the revenue is driven by the Company's strong backlog as well as to a solid and growing international activity. Isolux Corsan's backlog continues to evolve very positively; at the end of Q3 2015 it amounted up to EUR6.99 billion (+ 5%). The figure represents almost three years of regular business activity.
In addition, 83% of the backlog is not related to Isolux Corsan's own concessions business. The Group has made a significant effort to reduce down to 17% the weight of its own backlog, a level that reflects not only Isolux Corsan's competitiveness by carrying out mainly third party projects, but also the sustainability of its EPC business as the Company does not need to invest in concessions to keep growing.
New orders in the year amounted up to EUR1.79 billion. In the third quarter, Isolux Corsan has been awarded significant projects such as the construction of high-voltage lines between Kenya and Ethiopia in a joint venture with Siemens (EUR170 million), of a photovoltaic solar plant in Chile (EUR124 million) and transmission lines and substations in India and Kuwait (EUR33 million).
Latin America remains as the main market for the Group and accounts for 56% of the revenues generated by the EPC business, followed by Spain (15%), Asia (13%) and the Middle East and Africa (11%).
Year-on-year new orders decreased by 19%. The company foresees reaching its annual budget, around EUR3 billion, provided no delays in important ongoing bids. Isolux Corsan has been selected as "preferred bidder" for the implementation of the Mecca subway, a EUR900 million deal.
EBITDA until September totaled EUR115 million. The figure reflects a non-recurring negative impact related to the macroeconomic situation in Brazil.
Isolux Corsan recorded a cumulative loss of EUR20 million in the first nine months of 2015.
Net corporate level has remained stable, around EUR1.6 billion. The Company intends to reduce leverage via certain divestments, with the main strategic goals of adapting to new market conditions, driving growth and improving competitiveness.