Grupo Dragados increased turnover by 18.8% in the year 2001 to over 5,500 million Euro

Net profit grew by 31.8% to 240.6 million euros

Grupo Dragados increased its aggregate turnover by 18.8% to 5,500 million euros last year. Concessions was the section with the highest growth, 29.4%, followed by Industrial which grew by 25.4%, Services by 22.4% and Construction by 16.1%. The turnover figures are higher than those previously given.

The net sum of total revenue (INCN), meanwhile, rose to 5,116 million euros, an increase of 19% with respect to 2001. This increase of just over 1,335 million euros comprised 26% of the total revenue, and derived from international markets. This is an increase of 17.5% compared to the 1,136 million euros arising from outside our borders in the year 2000.

The principal company´s net profit was 240.6 million euros last year, up 31.8% from the year 2000, while pre-tax profit rose to over 351 million euros, up 28.8% from the previous year. In this sense there was significant growth in Services and Construction´s pre-tax profit, with increases of 50% and 47% respectively. Industrial, meanwhile, also saw its pre-tax profit grow significantly, by 26.7%, while the pre-tax profit of Concessions fell by 4.3%, due to the fact that the extraordinary profit arising from the sale of 35% of Valora to Aumar was included in the year 2000. Ordinary profit in Concessions increased by 11.5% in the year 2001.

Grupo DragadosÂ's portfolio grew by 23.5% in 2001, to 17,366 million euros. Most significant was an increase of 40.7% in the Industrial Division´s portfolio, thanks to contracts for new 'key in hand' plants and the building of off-shore platforms. ServicesÂ' portfolio, on the other hand, grew by 27.2%, that of Concessions by 11.7% and that of Construction by 13.6%.

These results, the highest in Grupo DragadosÂ's history, include regulated provisions of 13.1 million euros derived from equity participation which the group has in Jazztel, and other provisions totalling 38 million euros for the year, to balance the impact of the crisis in Argentina, assuming a 1.7 peso/dollar parity.

Furthermore, the value of investments made over the previous year rose to 360 million euros, chiefly centred on the Concessions area, to be precise the North-South motorway in Chile, and the R-2 motorway in Madrid. The investments made in Services were aimed more at waste cleaning, collection and treatment activities, as well as harbour services management. At the end of last year, Grupo DragadosÂ's net debt accounted for 14.5% of its total resources.

As far as real estate activity is concerned, the amalgamation of Urbis and Dragados Inmobiliaria finalised on the 30th June last year, so that Grupo Dragados has a 20% participation in the new company.

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(source: Grupo Dragados)

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