Good morning. Thank you very much for attending this video conference for the earnings presentation for ACS 2021. I really hope that next year we'll be able to hold this event with a live audience, and that we will have a chance to meet up with so many of you who usually attend our presentations at our headquarters. I'm here with our Corporate General Manager, Mr. Ángel García Altozano. As usual, at the end of the presentation, we'll open a Q&A in order to respond to any queries that you might send us through the system that we've established for that on our website. During my introduction, I will go into the five basic themes that have defined the group's performance in 2021, and which will determine ACS' future in coming years.
First of all, I'd like to underline the excellent performance of our businesses in an environment which is still hard hit by the COVID-19 pandemic, which we hope is soon going to come to an end. In the first part of the presentation, I will analyze the main financial and operational metrics of the group, which as you know, has obtained the biggest net profit ever with EUR 3.045 billion, net profit which includes capital gains obtained from the divestment of our industrial business to the French group, VINCI. I'd like to point out, however, that this transaction, which I will describe later, is part of a broader agreement with VINCI, which includes the establishment of a joint venture for the development of renewable energy assets all over the world, which we're particularly excited about.
Finally, also, the revenue obtained through the sale of our industrial services business, the EUR 5 billion, we'll be allocating, as I've always said, essentially to investing in infrastructure concession projects. I'll talk in more detail about this later as well. I'd also like to spend a few minutes on our corporate simplification plans, which we're currently implementing, including the bid we published yesterday for 21.4% of CIMIC's shares. We know that a well-managed dynamic organization is essential for value creation. That's why we have made these decisions, and why we will be making changes in our corporate governance structure. Finally, I'll focus on our boost towards sustainability, where we want to become a global model in our sector. After this introduction, let me just sum up the most relevant aspects of 2021's earnings.
As I've explained, both our construction and our concessions and services businesses have had excellent net performance with EUR 1.6 billion EBITDA, which is 16% up on 2019 on 2021. Net ordinary profit, including the contribution of industrial services in the year, was EUR 720 million. That's 33% higher in like-for-like terms. I'd also like to underscore the strong recovery of new contracts, up 41% after the very difficult 2020 due to the impact of the pandemic. As a result, our backlog is currently at a record high of over EUR 67 billion. Thirdly, I'd like to mention the group's excellent financial position, which enables us to undertake major investments for our group strategic development. As you know, with the income generated through the sale of our industrial business, the group has a net cash position of EUR 2 billion.
Our main operational metrics in 2021 were the following: Turnover was EUR 27.83 billion. That's a number that is similar to the previous years in like-for-like terms. That is without considering industrial services in either year and adjusting last year for the sale of 50% of these and the impact of the Gorgon project in Australia. Total production increased by 2.5%, demonstrating the recovery that we had predicted a year ago. Production includes 50% of Thiess, plus the joint ventures that we do not consolidate, essentially in America.
Our backlog is at EUR 67.262 billion. That's 11.3% higher than in 2020 in like-for-like terms, and back to the activity levels before the pandemic. Our EBITDA is at EUR 1.598 billion, t hat's up 16%. Also, our EBIT, ordinary EBIT, has reached EUR 1.084 billion, that's up 15%.
Finally, net cash flow from operations before the variations in working capital and investments is at EUR 1.073 billion. That's up 75% in like-for-like terms. That is without the contributions of industrial services or Thiess in either year. On the other hand, the evolution of our main financial metrics in 2021 are as follows: Net attributable profit was EUR 3.045 billion. As I mentioned, 2021 included one-off positive impacts for a total of EUR 2.325 billion, mostly due to the net capital gains obtained from the divestment of industrial services. Without these impacts, net profit was EUR 720 million. That's 33% higher than the previous year, thanks to the recovery of Abertis.
The group's financial position was at EUR 2 billion net cash, and our net equity is above EUR 7 billion, with a substantial increase after the closing of the industrial services divestment. We've also reduced our factoring balance by EUR 426 million to EUR 1 billion, which is equivalent to 3.6% of the group's total turnover. Which means that in the last two years, we've reduced our group's factoring balance by approximately EUR 1.2 billion.
Going into a bit more detail into our turnover, I'd like to point out that our revenue sources are highly diversified by businesses and countries, with a strong presence in the most developed economies. Regions where the group is generating earnings are the U.S. and Canada, with turnover representing 53% and 6% respectively of total production. Australia with 19%, Spain with 11%, and the rest of Europe with 7%. The remaining 4% includes Asia with 3% and Latin America with 1%. On the chart, you can see the evolution of each market in like-for-like terms. That is adjusting for the impact of the exchange rate, which overall has had an impact of 0.5% on our turnover.
Our backlog at the end of 2021 was at EUR 67.262 billion, with a breakdown which is similar to that of our sales. I think it's important to point out that approximately 97% of our backlog comes from developed economies, particularly, the U.S. with 45% of our backlog, up 4% in local currency. Canada, 4%. Australia, with 29% of the total and up 12% in like-for-like terms, considering the adjustments with the divestment of 50% of Thiess and the exchange rate impact. Our backlog in Europe is 18% of the total and up 11%. Of this, European backlog, 8% is Spain, up 12%, and the remaining 10% is in the, in Germany, the U.K. and Poland, mostly.
This excellent evolution of our backlog in 2021 confirms the growth trends we have seen in the last few years, which were interrupted by the global COVID-19 pandemic in 2020, where contracts or contract flows slowed down. In 2021, new contract levels have gone back to normal and we expect strong growth in 2022, 2023 in the group strategic markets, mostly North America and Australia. The main new awards for the group were in Australia. Construction and operation of two tunnels in Melbourne for EUR 2.465 billion. Development of the first section of the M6 Sydney highway in New South Wales for EUR 1.234 billion. The CopperString 2.0 project for the construction of a high-voltage transmission line in Queensland for EUR 1.092 billion.
Operation and maintenance of the regional railway lines of the country for 10 years in New South Wales for EUR 958 million. Design and construction of 9.8 kilometers of tunnels and tunneling for stations at the Sydney Metro and the West Sydney Airport Station for EUR 857 million. In North America, consultancy services prior to the construction of the physics and engineering building at Yale University in New Haven for EUR 306 million. Extension and refurbishment of the I-95 in North Carolina for EUR 243 million. In Europe, I point out the design and construction of the new high-speed railway station in Birmingham, U.K., for EUR 313 million. Here in Spain, the building of an Amazon logistics warehouse in Asturias for EUR 161 million. As well as, of course, various service contracts for Clece in Spain for EUR 702 million.
Going to construction, our turnover was EUR 25.879 billion. In Australia, CIMIC's contribution has recovered strongly after the delays caused by the pandemic and is up 36%. U.S. and Canada represent together about 64% of this business area's turnover and have shown a solid recovery in the second semester of the year, up 8.6% versus Q1. Sales in Spain, which are 6% of our construction business, are up 2.8%, whilst in Germany, with 4% of our turnover, they are up 8%. Our EBITDA from construction was up 1%, up to EUR 1.275 billion. Net ordinary profit, excluding the one-off impacts in HOCHTIEF through the arbitration of the Alto Maipo contract in Chile was EUR 273 million. That's 3.8% more than the previous year.
The positive outlook we have for our main markets and the large backlog of awarded projects in the last quarters makes us be very optimistic on the evolution of our construction business in 2022. We expect growth to exceed 5%. Abertis is also showing solid recovery with average traffic growth of 21%, with positive traffic volume trends at levels equal or higher than those of 2019. As a result, contribution in 2021 to ACS's net profit was EUR 117 million, and it was -EUR 35 million the previous year.
Also, this recovery in mean daily traffic, together with the incorporation of our new toll highways in the U.S., Elizabeth River Crossings, and in Mexico, RCO, where average traffic is higher than before the pandemic, have allowed Abertis to achieve revenues of EUR 4.8 billion, up 20%, and an EBITDA of EUR 3.351 billion, up 28%. In October 2021, Abertis signed a new contract with the Chilean Government to build a tunnel to improve mobility in one of the most congested areas of Santiago. Total investment in the project will be of over EUR 300 million in exchange for an extension on the Autopista Central concession for an additional 20 months.
We've also reached an agreement to take over A'liénor's stake, 35%, and Sanef Aquitaine, which is 100%, to Eiffage for a total amount of EUR 222 million. These two transactions are part of Abertis' strategy divesting of minority stakes in order to use the revenues to invest in new projects in order to continue replacing the Group's cash flows. Iridium has brought in EUR 50 million in net profit, boosted by greater contribution of new concessions and the divestment of various assets, such as the Toledo Hospital or the Baixo Alentejo Highway.
Moving on now to social services turnover. In 2021, was EUR 1.643 billion, up 1.5% with respect to the previous year, and back to normal levels after the impact of COVID on its business during the previous year. Contribution by national market is 92% of our turnover. That's up 18%. While the European market, mainly the U.K., is 8% and grew 4.6% in the year. We're very proud to have Clece within our group because of the social services it provides, regardless of different circumstances, like now with the pandemic, and also because of its contribution to a fairer society in those markets where it operates.
In 2021, the ACS Group's activities generated, this is before working capital variations, and operating investments, a total of EUR 1.073 billion in gross operating cash flows. The split was approximately 70% for construction services activities, and 30% came from the concessions business. Operating cash flows after the deduction for operating investments, and the working capital variation amounted to EUR 558 million. This figure is 50% higher than the figure recorded in 2020, despite the fact that Abertis' dividend fell by 32%. That confirms the trend in recovery for the construction activity, especially in Australia, where the impact has been greater.
As you already know, the Group's net profit in 2021 amounted to EUR 3.045 billion. Out of that figure, EUR 2.325 billion correspond to extraordinary impacts. Mainly the net capital gain for the sale of our Industrial Services business. That means that the ordinary net profit totals EUR 720 million, 33% up on the ordinary net profit figure recorded the previous year, as you can see in this chart. Now, this increase is largely due to Abertis' recovery. Abertis' contribution increased by EUR 152 million.
The contribution of each activity to the ordinary net profit figure is as follows. Construction made an ordinary net profit of EUR 273 million, 3.8% up on the previous year. Concessions generated EUR 167 million in net profit. EUR 117 million out of that figure correspond to Abertis, which in 2020 made a negative contribution to our profit of EUR 35 million. Industrial Services obtained an ordinary net profit figure of EUR 328 million. That's up 5.1%.
Lastly, Services made a net profit of EUR 29 million. That's 64.5% higher than the previous year following the impact of the pandemic in 2020. Let me, if I could, give you some details of the impacts from the sale of Industrial Services on our 2021 financial results, as well as other non-recurring results booked during the year. The net capital gain for the sale of industrial services amounted to EUR 2.909 billion. After the accounting elimination of tax credits that we had registered on our balance sheet without any cash out impact.
Now, after the sale of industrial services, now no longer in our accounting scope, we have felt it was appropriate to cancel, in accounting terms, those credits, although still valid and will be valid from a tax point of view as we move forward. Other non-recurring results include the provisions that were booked for the reassessment of operating risks amounting to EUR 479 million, and the losses incurred by HOCHTIEF for the unfavorable arbitration claim in Chile that was for a value of EUR 102 million.
The ACS Group, at close of 2021, had a net cash position of EUR 2.009 billion. This major improvement in the group's financial position is essentially due to the closure of the Industrial Services business, which had a net impact of more than EUR 4.1 billion. Specifically, the proceeds of the transaction was EUR 4.98 billion, and at the start of the year, we deconsolidated the activity, which had a cash figure of EUR 859 million. The ACS Group has earmarked EUR 879 million to remuneration for shareholders and minorities. Now out of that figure, EUR 488 million have been reserved to pay out dividends for ACS, EUR 204 million to the buyback of treasury stock, and EUR 187 million for minorities.
You may already be familiar with the details of the agreement reached with VINCI. Let me, if I could, just remind you of some of the key elements of that agreement, which entail a major transformation in our strategy in the group. First of all, the sale of our industrial activity for a total figure of EUR 5.58 billion can be broken down as following. EUR 4.902 billion cash payment received on the 30th of December on the signing of the transaction. EUR 78 million that were collected during the year in dividends. And EUR 600 million, as an amount linked to the renewable energies portfolio that Cobra has identified all over the world. We're talking about EUR 40 million per gigawatt.
This agreement also includes the creation of a joint venture to develop the renewables portfolio that ACS and VINCI are going to develop over the next few years. That means a major investment opportunity with a 49% stake in a company that will be developing, as I said, the renewable energy assets in the portfolio of at least 15 GW during this decade.
We will be reserving for this project some of the funds that were earned through the divestment. I also want to point out the value of the assets that we are retaining. Over EUR 1 billion is the value, and they correspond to several wind farms in Latin America with an installed capacity of more than 300 MW. Three CSP plants with installed capacity of 260 MW. That's in Spain, United States of America and South Africa. There's also the Kincardine offshore wind project in Scotland, 50 MW, and a number of desalination plants, water treatment plants, and gas storage facilities.
All in all, this transaction has allowed us to unlock the value of that industrial services business, EUR 6.6 billion in total, and to address with a robust financial position the challenges of investment and growth in the infrastructure sector moving forward. The first strategic goal is the investment in the development operation of infrastructure concession assets, which will allow us to increase the weight of our assets with more recurring cash flow, and strike a balance between different sources of generation of funds between construction concessions without giving up either of them. We believe both in construction and in our concessions business, and this will give us greater visibility on future results and dividends in the group. To do that, we're going to use the two drivers for growth and investment that we have.
We have Abertis for the mature projects or brownfield projects, and Iridium for new or greenfield projects, focusing on strategic markets in the group. I mentioned them before, didn't I? North America, Australia, Europe, including Spain and Germany, where we are a leading reference player in the sector. Turning now to the simplification of the group's corporate structure, we have taken already the first step towards that simplification with the recent tender offer on the remaining 21.4% of CIMIC. With an investment of close to AUD 1.5 billion, EUR 950 million, approximately in equivalent terms, we are planning to totally integrate CIMIC in the organization, promote its growth in a very attractive future with a great upside.
The conditions of the offer were detailed last Wednesday by the CEO of HOCHTIEF in their annual results presentation. I'd like to remind you of some of the key points in that. The final price of AUD 22 per share, with no possibility to modify that. The tender offer is on 21.4% of the capital that is not controlled by HOCHTIEF at the moment. That's equivalent to 66.6 million shares, and it's unconditional. Another way, there's no limit with regard to acceptance of the offer. The period we're talking about is six weeks, that is up until the deadline of 9th of April. We believe that these conditions are highly attractive for CIMIC's minority shareholders.
Likewise, in this corporate simplification or streamlining process, we are going to bring our corporate governance into line with the new stage of the group and also make sure we're fully aligned with international best practices with regard to governance sustainability. That is why at the next annual general shareholders meeting set to be held in May, we will be proposing to increase the independence and diversity of the board of directors, the appointment of a new CEO for the group, and to reinforce our audit committee with regard to sustainability. It will actually be the Audit and Sustainability Committee.
This determined commitment to sustainability has always been part and parcel of the history of our group. Environmental aspects, health and safety at work, social integration, corporate ethics, have always all played a key role in ACS' culture. We're very much aware of the responsibilities that we have vis-à-vis different stakeholders that form part of our community. That is why we have launched our new 2025 master plan with three fundamental themes and a clear goal to drive global sustainability of the infrastructures as a leading company in the sector. In fact, the ACS Group is the leading construction company in the U.S., Australia, Germany, and Spain. It's also a benchmark company in the concessions business through Abertis and Iridium.
These three themes then are promoting the global transition to sustainable infrastructures, to be a key partner in economic development, but then to integrate into the company specialized and diverse talent, and to also be a key player in business practices, good business practices with committed governance and commitment to sustainability. That is why we want to give it the importance that it deserves to sustainable development in the group. To continue to align our interest with society's interest and to drive forward with the measures that will make us more efficient, and more environmentally friendly and reinforce our social factor, and with regard to security diversity, better human resources to make sure that we can continue to promote an ethically responsible business culture.
The detailed aims of the sustainability plan that we have in the group, you can read those on our website. They're there already posted. Let me just summarize the 17 priority goals for you here. The reduction of greenhouse gas emissions. Our aim is to reach a climate neutral position in our operations by 2045, and we've committed to reduce that by 2025, 15% of our Scope 1 emissions, 30% of our Scope 2 emissions, and this is compared to 2019. We're also committed to increasing diversity in our workforce, especially in posts of responsibility. Specifically, we are expecting to increase by 25% the number of women in our senior management posts in the whole group.
We also have a commitment to training with regard to governance, sustainability, and compliance so that we can reinforce our corporate culture and the corporate culture of our suppliers in such key areas. All in all, essentially then, we are a global leader in the infrastructure sector with a large backlog of projects in strategic markets, combining our proven operational efficiency and strong financial position that responds to the global challenges of the sector with a dynamic, competitive, and sustainable model led by 120,000 people in more than 35 countries. They will allow us to continue to grow profitably in the future. Thank you very much. It's now time for our Q&A session.
[Non-English content] Good morning. We have several questions, essentially on two topics. One on the strategy. The first question is from Luis Prieto from Kepler, who's asking, what other simplification measures might you consider as well as that bid on CIMIC's minority stakes?
Well, as I said before, the divestment of our industrial activity will definitely enable us to simplify the group structure, which, as we all know, we have a listed company which owns another listed company, which in turn owns another listed company. They all have construction and some concession businesses. This first step for simplification will mean that we will no longer have three different listed companies, but just two. Also, we're working, as I've said many times, to see what we might do with these billions in revenue that we obtain from the divestment of our industrial business.
As I've said, of course, we strongly believe in construction, but we also want to focus on concessions. We're working to see which infrastructure projects, particularly concession projects, we should invest in. All I can say is that we're working on it. We've identified some opportunities already.
Well, I think that towards the end of this month, when I think we will be publishing the call for the general shareholders meeting, we'll have more information on these decisions, and we'll be able to share them. But basically, it's staying along the same lines. Of course, we're always working to see how we might be able to merge our, or concentrate our construction businesses and our concession businesses on the other hand. Very soon you may hear of some moves in that direction.
Well, I think that's also answered the next question from Bosco Ojeda from UBS, who is saying that, over the last few years, you've sold a lot of businesses, services, Thiess, concessions, y ou're selling Zero-E , you've sold Urbaser. Aren't you divesting too much or too quickly? That is, can you guarantee that you will be able to continue growing your business by making new investments in the last two or three years? Yeah, well, he's asking about new investments. He's saying that you've been divesting a lot.
Well, as I've said, this transaction will help us to simplify. We've already started to simplify our structure, and we'll continue to do so. Of course, what we will do is to invest in opportunities between EUR 4 billion and EUR 5 billion in infrastructures and, if possible, in concessions. Okay. I think all these questions about strategy are essentially the same question. All the 10 questions that have come in about the strategy are basically the same. About the earnings, there's several questions. One, which is asking for more detail on the provisions for operating risks of EUR 479 million this year.
Ángel, you wanna answer that?
Okay. I'm sorry. I think you couldn't hear that. My microphone was off. I'll repeat. Basically of the EUR 480 million, there's two groups. There's one EUR 300 million provision, portfolio provision for working capital and litigation risks, different projects and contracts and litigation that's pending. And then one for EUR 165 million, that's provisioning for the Tonopah asset in Nevada, which will have a capacity lower than the design capacity. We've provisioned that cause we will not be reaching the design capacity. That's the two main items we have for risk provisions.
There's another question that's come in. It's come in by from Fernando Lafuente from Alantra. He's asking what are we trying to achieve with CIMIC? Are we going to restructure it? Are we going to sell it here? He's also asking how we're going to finance or how HOCHTIEF will actually be financing the purchase of CIMIC.
CIMIC has its activities, and it will continue to develop those business activities as before, but it will be integrated in the future in HOCHTIEF. At the moment, we have not planned anything more than that. That in itself is a major simplification, you know, with regard to overheads, et cetera, because it will be part of HOCHTIEF's activity. How will it be funded? The HOCHTIEF CEO had said himself in different ways it could be financed. For instance, with a hybrid bond, with a credit, by selling off an asset for instance, that might be a good option for that. That 20% of Abertis in HOCHTIEF might actually come over to ACS. In other words, we could bring all the concession activities under the umbrella of ACS. We're working on that option, too.
As I said, it's going to allow us to reorganize the group in between concessions and construction. That's what the money will be used for. Of course, there will be these infrastructure projects that we will have the EUR 4 billion there. Fernando's also asking about whether there will be any impact on our construction business because of increases in construction materials or wages. If there are additional costs there, are you managing to pass them on to your clients, your customers? Can you give us an overall picture?
Well, there is, yes, a general trend in the sector to identify concrete project risks and to share them with clients. This is done differently in different parts of the world. You can have alliance or contract progressive guaranteed price. Essentially what all of these are are trying to do is to identify the risks, put them together and share them with the client so that the contractor doesn't have to totally take on those risks. It has two effects, though. One, less advances are reduced. Two, that the growth margin might be slightly lower, although you would expect perhaps that the net margin tends to be the same or better because risks would be reduced quite significantly.
We don't see. That there will be a major downturn there for us, because there was always few risks in the projects that we're taking on.
Another question, actually it has come in several times on the dividend policy, on the payout policy. Some are asking specifically about the dividend for this year, but many others are asking whether we will be changing our payout policy thereafter if we have a long-term strategy, and could you give more color on that?
Well, with this divestment and with our current ability to invest, we are working on a payout policy that we want to be as stable as possible. I'm speaking to the directors, and we had a board of directors meeting yesterday, by the way, and our aim is to propose to the general shareholders meeting a dividend of about EUR 2 per share, and that we maintain that level for the following years.
There's other questions, more technical questions. For example, Filipe Leite from Caixa, CaixaBank is asking whether we could give some additional explanation on the compensations for the AP-7 that Abertis is currently negotiating with the government. Well, the AP-7, as you know, there were two types. In the agreement, there were two types of remuneration. One, for the capital invested in the extension. That was just over EUR 1 billion, and that's been recognized by the government, and we expect to be paid that this next month.
There was another compensation for the fall in traffic volume as a result of the works. We're waiting to see their response to our claim. It hasn't been resolved yet. It was net EUR 3 billion approximately after taxes. The first court ruled in our favor, then there was an appeal. It's going to take a few months, but we hope to be able to receive a significant part of that.
Nicolas Mora from Morgan Stanley is asking us about Dragados. The question is whether there is any intention to integrate Dragados in HOCHTIEF, or whether there is any possibility of combining it or coordinating it with us. There's also a question about possible investment in concessions and what are our strategic markets that we are looking towards.
Let me answer that second part of the question. The strategic markets that we are identifying are markets where there are highways, toll road concessions such as the U.S. There are lots and different highways there, and we're competing there against investment funds or pension funds. Anyway, there are lots of different toll roads, there's highways there that we are examining, and we will of course go for those projects where there is a certainty that we have the best guarantees. You know that in Abertis we have invested in two toll roads. One is in Mexico and one is in the U.S. We're still looking around. We're still seeking others, and some will be for Abertis and some for us.
That first question, what was the first question? Yes, the first question was about Dragados. It was a suggestion. Yes, you're right. It's for concessions, we have 30% Abertis and 20% is with HOCHTIEF.
Yes, we're starting to work to look at whether we can actually bring this, these parts together. When we have our construction company in the States, as well, and Dragados is there too. Yes, we're also working on that element of simplification activity to see what we can do together in a unified fashion.
Before I move on to the next questions, there are some investors and analysts who are asking about the EUR 479 million in provisions. We've already explained that EUR 300 million are for operating businesses, essentially construction. Whether we expect that to be released or whether it's going to be an outlay eventually. Well, there's a bit of everything. Most of it are costs that have already been incurred. Perhaps in some litigation we might receive some compensation, but most of that amount, we don't expect to have for it to become a cash outlay.
Okay. Another question that we've been asked for the suggestion that you might, for instance, acquire 20% of HOCHTIEF. There's a very specific question from CaixaBank about whether you would need authorization from Atlantia for that transaction.
Well, whatever we do in HOCHTIEF, of course, we will do together with our partner, Atlantia, and in agreement with them. In general, there's also a few technical questions that we will answer directly via email from investor relations, but there's really nothing else to answer now.
Well, in that case, if there's nothing else, thank you very much for your questions and for attending this earnings presentation. I hope that all of these goals that we have defined for this year, which are very ambitious, will be achieved as a result of this major divestment that we've made. They will enable us to continue with our current payout policy and to keep growing and to simplify the group structure and to have a governance policy as I've just described. Thank you very much, everyone. Thank you.