Isolux Corsan Consolidated Revenues Reach €1.58 Billion (+2%) in Q3 2015 Due to a Strong Backlog

Nov 25, 2015, 10:08 ET from Isolux Corsán

MADRID, November 25, 2015 /PRNewswire/ --

  • EPC backlog keeps on growing, up to €7.0 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 €20 million in the first nine months of 2015

Isolux Corsan posted revenues of €1.58 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 €6.99 billion (+ 5%). The figure represents almost three years of regular business activity.

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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 €1.79 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 (€170 million), of a photovoltaic solar plant in Chile (€124 million) and transmission lines and substations in India and Kuwait (€33 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 €3 billion, provided no delays in important ongoing bids. Isolux Corsan has been selected as "preferred bidder" for the implementation of the Mecca subway, a €900 million deal.

EBITDA until September totaled €115 million. The figure reflects a non-recurring negative impact related to the macroeconomic situation in Brazil.

Isolux Corsan recorded a cumulative loss of €20 million in the first nine months of 2015.

Net corporate level has remained stable, around €1.6 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.

SOURCE Isolux Corsán