ACS, Actividades de Construccion y Servicios SA · BME:ACS
ACS, Actividades de Construccion y Servicios SA — H1 2007 Earnings Presentation
17 slides from ACS, Actividades de Construccion y Servicios SA's earnings presentation, Jul 27, 2007
Slide 1: 1H07 Results Presentation
1H07 Results Presentation July 27th, 2007
Slide 2: Executive Summary: Good Operating Performance
Executive Summary Good Operating Performance Total Turnover € 10.409 mn +55,3 % EBITDA € 1.709 mn +196 % EBIT € 1.192 mn +171 % Net Profit € 1.010 mn +169 % ¾ Good operating performance of all Group’s activities. ¾Integration of Unión Fenosa since January 2007. ¾Comparable* sales grew by 13.9% and c
Slide 3: Executive Summary: Solid Financial Structure
Executive Summary Solid Financial Structure Total Net Debt € 15.836 mn Net Debt with recourse € 7.122 mn Non recourse Financing € 8.715 mn Net Worth € 10.474 mn Shareholder's Equity € 4.848 mn Minority Interests € 5.626 mn ¾Gearing* as of June 30th, 2007 reaches 68%. ¾Total Net Debt 1H07 / Annualize
Slide 4: Corporate Activity: Relevant Facts
Executive Summary Corporate Activity: Relevant Facts ¾ Hochtief stake acquisition ¾ Sale of Continental Auto ¾ Grupo ACS position in Iberdrola 4
Slide 5: Sales analysis
Sales analysis +55.3% + € 3,708 mn +14% € 765 mn +9% • Growth in all € 2,846 mn € 97 mn activities, lead by Industrial Services Domestic 76.4% Sales UNF € 1,577 • Environment & Logistics Int’l sales National Sales mn growing by 27% € 10,409 • Increase in Industrial mn Services, mainly in UNF Interna
Slide 6: EBITDA analysis
EBITDA analysis +196% + € 1,132 mn Margin = 16.4% +€ 1,042 mn +15.7% Margin = 8.7% € 1,709 mn • UNF EBITDA Margin = 8.6% +€ 90 mn consolidated since January 07 • EBITDA increase generated by € 667 mn operating areas € 577 mn ex Energy. EBITDA EBITDA EBITDA 1H06 1H07 ex Energy 1H07 6
Slide 7: Operating margins analysis
Operating margins analysis All figures as % of sales 23.8% EBIT 8.1% 8.3% 7.3% 11.4% 7.1% 6.6% Margin 6.3% 6.3% 12.8% 5.1% 5.1% 5.0% D+A 2.0% 1.2% 1.3% 1.3% 1.1% 36.6% 13.4% 16.4% EBITDA 13.2% 8.4% 8.6% 8.6% Margin 7.5% 7.4% 1H06 1H07 1H06 1H07 1H06 1H07 1H06 1H07 1H06 1H07 Construction Environment
Slide 8: Net Profit analysis
Net Profit analysis +169% €-231 + € 634 mn mn UNF financial results € -75 Increase of the mn € 424 mn investment € 751 IBD dividends Urbis and account as UNF not mn financial results contributing anymore ABE: € +6.7 mn € -331 +31% mn € 54 mn € 1.010 mn + € 114 mn € 50 mn UNF minorities € 8* mn € 376
Slide 9: 1H07 Operating Results: Breakdown by activity
1H07 Operating Results Breakdown by activity Environment & Industrial Construction Energy Euro Million Logistics Services Turnover 3.566 +12,0 % 1.397 +15,1 % 2.745 +17,3 % 2.847 n.a. International Turnover 174 -5,1 % 158 +27,0 % 850 +9,1 % 1.269 n.a. % over total 5% -90bp 11% +110bp 31% -240bp 45%
Slide 10: 1H07 Operating Results: Breakdown by activity
1H07 Operating Results Breakdown by activity Million Euros Sales 1H07 Backlog 1H07 Sales Var. Backlog Var. 16% 17% Construction 3.566 +12,0 % 11.269 +11,3 % Civil Works 2.129 +16,3 % 7.108 +11,4 % 24% 20% 60% Non Residential Building 878 +11,1 % 2.206 +1,1 % 63% Residential Building 559 -0,9 % 1.955
Slide 11: Backlog analysis: Contracting and maintenance backlog
Backlog analysis: Contracting and maintenance backlog Grupo ACS Backlog evolution: + € 3,557 mn +13.4% +11.6% +15.9% + € 1,744 mn + € 1,813 mn € +434 mn • Average growth € +668 mn comparing to 1H06, which was € +1,310 an exceptional mn quarter • Energy projects backlog grew by 51% since 1H06 € 16,78
Slide 12: Balance Sheet Key Figures
Balance Sheet Key Figures Million Euro jun-06 Dec-06 jun-07 Var. 07/06 Tangible Fixed Assets 2.394 2.917 17.562 LT financial investments 6.543 10.227 10.154 Other non-current assets 1.942 1.960 6.156 Total fixed assets 10.879 100% 15.105 100% 33.871 100% +211 % Working Capital (1.754) 16% (2.497) 17
Slide 13: Cash Flow from operating activities analysis
Cash Flow from operating activities analysis € 1,709 mn € 121 mn €-21 mn ABE: € 66 mn €-410 mn IBD: € 55 mn Energy € 1,042 mn Increase of debt position of ACS €-304 mn Industrial Effective tax €-59 mn rate: 21.1% Services € 235 mn €-182 mn Environment & Logistics € 187 mn € 875 mn Construction € 266
Slide 14: Working capital evolution
Working capital evolution Year to year working capital improvement +74.4% + € 1,304 mn Working Capital due Working Capital 1H06 to the incorporation variation from the rest 1H07 of UNF of activities Credit Balance € 1,754 mn € 3,058 mn € 778 mn € 526 mn 14
Slide 15: 1H Investments breakdown
1H Investments breakdown Million Euro 2006 2007 Var. 07/06 EBITDA 577 1.709 +196,2 % Cash Flow from Operations 426 1.057 +148,3 % Working Capital (Requirements) / Excess (189) (182) -3,6 % Cash Flow from Operating Activities 237 875 +269,5 % Net Investments (1.480) (2.019) +36,4 % Dividends paid (71
Slide 16: Conclusions
Conclusions ¾ Good results in all operating activities that confirm our guidance for 2007 ¾ Solid financial structure of the Group to continue investing in strategic opportunities: ¾Related to Grupo ACS core skills ¾Backed by a solid cash flow generation capacity Sustainable value creation for our s
Slide 17: 1H07 Results Presentation
1H07 Results Presentation July 27th, 2007
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