The turnover of Grupo ACS in 2012 amounted to €38,396 million (+ 34.9%). Growth in comparable terms, considering Hochtief sales in the whole 2011, would reach 4.1%. EBITDA grew by 33.3% to €3,088 euro million, with a margin on sales of 8.0%. Ordinary net profit of the period accounted for 705 euro million.

Grupo ACS results of the period are affected by the divestment of its Iberdrola investment.

• During 2012 the Group sold, in several transactions all through the year, 755 million shares of Iberdrola, equivalent to 12% of its share capital. The net capital losses from these disposals accounted for €1,312 million.
• Additionally the accounts include losses of €1,308 million as a consequence of the impairment tests on the shares of Iberdrola and the value adjustments, at market prices, of the derivatives of Iberdrola.

The Grupo ACS net debt has been reduced in the last year by 16.9% and by 31st of December, 2012, amounted to €4,952 million, of which €1,164 million correspond to Hochtief and the rest, €3,7 billion, to syndicated loans and bilaterals, non recourse debt from affiliates and to the acquisition of the stake in Hochtief.

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