Hochtief Aktiengesellschaft · XETR:HOT
Hochtief Aktiengesellschaft — Hochtief — 9M 2024 Earnings Presentation
40 slides from Hochtief Aktiengesellschaft's earnings presentation, Nov 7, 2024
Slide 1: 9M 2024 Results Presentation
9M 2024 Results Presentation November 7, 2024 © Rendering courtesy of Gensler Juan Santamaría, CEO Peter Sassenfeld, CFO Mike Pinkney, Head of Capital Markets Strategy Tobias Loskamp, Head of Investor Relations 9M 2024 results presentation – November 7, 2024 1
Slide 2: HOCHTIEF Group – 9M 2024 overview
HOCHTIEF Group – 9M 2024 overview Operational net Strong operating Net debt position Strong new order FY 2024 guidance: profit up 12% to cash flow of EUR driven by strategic growth sustained operational net EUR 450m, or 1.79bn LTM up capital allocation, with EUR 32.1bn, profit of +18% on a EUR 432m
Slide 3: HOCHTIEF Group – 9M 2024 Key figures
HOCHTIEF Group – 9M 2024 Key figures* (EUR million) 9M 2023 9M 2023 9M 2024 yoy FY 2023 reported comparable comparable reported Sales 20,362 21,949 23,577 7.4% 27,756 Operational profit before tax / PBT 572 630 714 13.4% 774 Operational PBT margin in % 2.8% 2.9% 3.0% 20 bps 2.8% Operational net prof
Slide 4: Key P&L figures
HOCHTIEF Group – Key P&L figures Sales by region 9M 2024 3% 2% Robust sales Solid operational PBT growth driven by all Americas performance operating segments, firm Group margin Asia Pacific 31% with a Operational net profit of EUR 450m up Germany comparable 12% yoy (vs FY24 guidance of up to 10% in
Slide 5: Cash flow performance
HOCHTIEF Group – Cash flow performance Operating cash flow LTM (EURm) 1,791 +432 1,358 Strong LTM performance Net operating Net op. cash with operating cash flow of capex contains flow of EUR EUR 1.79bn, up EUR 432m mainly mining and 1.28bn LTM, up yoy job-costed EUR 301m yoy tunneling 9M cash flow
Slide 6: Net cash development yoy
HOCHTIEF Group – Net cash development yoy HOCHTIEF ended 9M 2024 with a net Adjusting for the full consolidation of S&P investment grade debt position of EUR 1.66bn, driven by Thiess, the Abertis capital increase, M&A, credit rating unchanged at strategic capital allocation decisions fx-effects and
Slide 7: New orders and order backlog
HOCHTIEF Group – New orders and order backlog New orders development (EURbn) 1.3 1.2 32.1 1.0 28.5 Book to bill Strong new orders up Order backlog rises to LTM 15% to EUR 32.1bn yoy, EUR 66.0bn, +18%, or 10% 20.9 +13% on a comparable on a comparable basis; basis; 1.3x work done order backlog visibil
Slide 8: Selected recent significant project announcements
HOCHTIEF Group – Selected recent significant project announcements Energy transition Digital infrastructure New sustainable mobility Western Downs Battery, UGL (08/2024) design and Vantage Data Center Campus, Turner, USD 2bn Metro Trains Melbourne, UGL (05/2024) extension construct Stage 2 of the 27
Slide 9: Turner – 9M 2024 results in EURm
Turner – 9M 2024 results in EURm (see slide 24 for further details) Essentials Financials (EUR million) 9M 2023 9M 2024 yoy Very strong op. PBT growth, +39% yoy to EUR 393m, with sustained sales growth of 14% Sales 11,889 13,585 14% EBITDA 295 385 31% Continued significant op. PBT margin expansion,
Slide 10: CIMIC – 9M 2024 results in EURm
CIMIC – 9M 2024 results in EURm (see slide 27 for further details) Essentials Financials* (EUR million) 9M 2023 9M 2024 yoy Following the acquisition of an additional 10% for AUD 320m in comparable comparable Q2 2024, Thiess is now a fully consolidated entity Sales 7,479 7,083 -5% Operational PBT of
Slide 11: Engineering & Construction (HT Europe + Flatiron) – 9M 2024 results
(see slide 31 for further details) Engineering & Construction (HT Europe + Flatiron) – 9M 2024 results Essentials Financials (EUR million) 9M 2023 9M 2024 yoy Sales increased by 12% yoy to EUR 2.8bn Sales 2,467 2,751 12% Operational PBT up 2% at EUR 61m; margin variation EBITDA 133 134 1% reflects p
Slide 12: Integration of North American civil construction businesses Flatiron and Dragados
HOCHTIEF Group – Integration of North American civil construction businesses Flatiron and Dragados to create value for HOCHTIEF HOCHTIEF and ACS have agreed to integrate their North American businesses, Flatiron and Dragados, to create the 2nd largest civil engineering and construction player: • Unp
Slide 13: Abertis – 9M 2024 results
Abertis – 9M 2024 results (see slide 33 for further details) Essentials Financials Average daily traffic (ADT) up +1% in 9M 2024 yoy (EUR million) 9M 2023 9M 2024 yoy Revenues up 9% and EBITDA up 10% yoy supported by Sales (100%) 4,199 4,585 9% EBITDA (100%) 2,940 3,229 10% solid tariff increases EB
Slide 14: Corporate Strategy
Corporate Strategy Digitalization Decarbonization Demographics Deglobalization Key elements of Strategy Group objectives Consolidate core market positions and Focus on cash generation and maintaining develop presence in the structural growth a strong, de-risked balance sheet Sustainable cash-backed
Slide 15: Reaffirming existing strengths whilst expanding high-tech infrastructure presence
Reaffirming existing strengths whilst expanding high-tech infrastructure presence Further develop HOCHTIEF’s presence in the value chain of rapidly expanding high-tech, energy transition and sustainable infrastructure markets as a developer and investor Digital Energy transition New sustainable Soci
Slide 16: Capital allocation & Guidance
HOCHTIEF Group – Capital allocation & Guidance Capital allocation Organic growth opportunities Guidance 2024 Shareholder remuneration Growth in high-tech, energy transition and Operational net profit sustainable infrastructure EUR 560 – 610m FY 2023 dividend of EUR 4.40/share paid in July 2024, 65%
Slide 17: Appendix: 9M 2024
Appendix: 9M 2024 Frankfurt University of Applied Sciences, Frankfurt, Germany 9M 2024 results presentation – November 7, 2024 17
Slide 18: Overview
HOCHTIEF Group – Overview 9M 9M 9M 9M HOCHTIEF Group 2023 2023 9M Δ 9M FY HOCHTIEF Group 2023 2023 9M Δ 9M FY 2024 in % 2023 2024 in % 2023 (EUR million) reported comparable (EUR million) reported comparable P&L-key figures P&L-key figures Sales 20,361.9 21,948.6 23,576.7 7.4% 27,756.0 Operational n
Slide 19: Statement of earnings
HOCHTIEF Group – Statement of earnings HOCHTIEF Group 9M 9M ∆% Sales: +16% yoy, 97% of sales are international, including (EUR million) 2023 2024 9M first time full consolidation of Thiess Sales 20,361.9 23,576.7 15.8% Change in inventories -0.8 39.4 Materials, personnel costs Materials -15,171.8 -1
Slide 20: Statement of cash flows (statutory)
HOCHTIEF Group – Statement of cash flows (statutory) HOCHTIEF Group 9M 9M ∆ FY (EUR million) 2023 2024 9M 2023 Profit before tax / PBT 536.0 711.5 175.5 715.0 Depreciation and amortization 226.3 409.9 183.6 320.5 Other adjustments to net profit -90.1 58.7 148.8 -149.5 Changes in working capital (net
Slide 21: Balance sheet (assets)
HOCHTIEF Group – Balance sheet (assets) Non-current assets HOCHTIEF Group FY 9M Δ (EUR million) 2023 2024 FY Intangible assets / property plant & Assets 19,006.2 24,052.3 5,046.1 equipment Increase due to recognition of goodwill from NON- Non-current assets 5,661.6 8,017.7 2,356.1 consolidation of T
Slide 22: Balance sheet (liabilities and equity)
HOCHTIEF Group – Balance sheet (liabilities and equity) Shareholders‘ equity – HOCHTIEF Group FY 9M Δ 2023 2024 FY Movements in 9M 2024 (EUR million) (EUR million) Liabilities and shareholders’ equity 19,006.2 24,052.3 5,046.1 Put option Thiess -655 SHARE- Profit after taxes 636 HOLDERS’ Shareholder
Slide 23: Financing structure 9M 2024
HOCHTIEF Group - Financing structure 9M 2024 Net cash / Net debt calculation: • Strong liquidity position of EUR 5.5bn per end 9M 2024 (cash, cash equivalents and marketable securities) end 9M 2023 end 9M 2024 end FY 2023 period end (EUR m) Cash and cash equivalents 4,276 4,775 5,150 • In March 2024
Slide 24: Turner
Turner 9M 2024 results presentation – November 7, 2024 © Robert G. Gomez © Manica Architecture © Turner Construction © Turner Construction 24
Slide 25: Turner - Segment overview
Turner - Segment overview Financials • High added-value construction management solutions (USD million) 9M 2023 9M 2024 yoy with 45 offices across the U.S. Sales 12,858 14,738 15% • Client-focused delivery model resulting in 80% repeat EBITDA 319 418 31% Operational profit before tax / PBT 305 426 4
Slide 26: Turner - Strategic acquisition of Dornan Engineering in Europe
Turner - Strategic acquisition of Dornan Engineering in Europe Strategic acquisition of a European advanced-tech engineering Sales split per market (FY2023) business for an EV of ~EUR 400m ✓ Dornan, headquartered in Ireland, is one of the leading MEP* engineering companies in Europe. 18% Data Center
Slide 27: CIMIC
CIMIC © UGL © ©CPBContractors © ©CPBContractors © UGL 9M 2024 results presentation – November 7, 2024 27
Slide 28: CIMIC - Segment overview
CIMIC - Segment overview Financials • Largest Australasian player providing engineering-led (AUD million) 9M 2023 9M 2024 yoy integrated solutions and critical mineral-related comparable comparable services with over 30,000 employees across the whole Sales 12,184 11,603 -5% EBITDA 1,277 1,388 9% pro
Slide 29: CIMIC – Thiess
CIMIC – Thiess Financials – Thiess (AUD million) 2022 2023 yoy • On 24 April, CIMIC announced the acquisition of an additional 10% equity interest in Thiess, for a purchase Sales 3,950 5,903 49% EBITDA 1,151 1,471 28% price of AUD 320 million, increasing CIMIC’s ownership PBT 386 428 11% of Thiess t
Slide 30: CIMIC - Bolt-on acquisitions in 9M 2024
CIMIC - Bolt-on acquisitions in 9M 2024 Part of HOCHTIEF’s capital allocation strategy is focused on carrying out bolt-on acquisitions to enhance and expand our engineering, digital and logistics services know-how and client-offering. Sedgman acquired Sedgman also acquired Thiess announced a share T
Slide 31: Engineering & Construction
Engineering & Construction © HOCHTIEF © Udo Görisch © HOCHTIEF Datacenter © Flatiron/Dragados © HOCHTIEF 9M 2024 results presentation – November 7, 2024 31
Slide 32: Engineering & Construction - Segment overview
Engineering & Construction - Segment overview Order Backlog FY 2023 • Leading civil engineering businesses in Europe Regional split: (HOCHTIEF) and North America (Flatiron) where we differentiate through superior technical resources, skills and know-how • Building construction activities in Germany
Slide 33: Abertis
Abertis © ajpmedia.com © Abertis © Abertis © Abertis 9M 2024 results presentation – November 7, 2024 33
Slide 34: Abertis – Key figures 9M 2024
Abertis – Key figures 9M 2024 Europe Overseas Holding Total EURm France Spain Italy USA2 Mexico Chile Brazil Argentina International 3 A. Infra 4 Total group km 1,769 631 236 309 1,011 412 3,193 175 152 - 7,886 Concessions 2 7 1 5 5 4 7 2 2 - 35 Traffic1 -1.1% 3.3% -0.7% -1.9% +1.8% 3.6% -1.0% 4.1%
Slide 35: Accelerating ESG drive
HOCHTIEF Group – Accelerating ESG drive Significant progress in Group wide Working HOCHTIEF has been included for the 18th year running in the implementation of ambitious Groups to align activities Dow Jones Sustainability World Index (DJSI), received the Sustainability Plan 2025 (60+ and benefit fr
Slide 36: FX rates
FX rates End of period: Q1 H1 9M Mar 31st Mar 31st yoy Jun 30th Jun 30th yoy Sep 30th Sep 30th yoy 2023 2024 2023 2024 2023 2024 EUR / USD 1.09 1.08 -1% EUR / USD 1.09 1.07 -1.5% EUR / USD 1.06 1.11 5% USD / EUR 0.92 0.92 1% USD / EUR 0.92 0.93 1.5% USD / EUR 0.94 0.90 -5% EUR / AUD 1.63 1.66 2% EUR
Slide 37: The HOCHTIEF Group
The HOCHTIEF Group • HOCHTIEF is an engineering-led global infrastructure solutions provider with leading positions in North America, Australia and Europe and a rapidly expanding presence in high-tech, energy transition and sustainable infrastructure markets. • Founded in 1873 • Ranked #2 in ENR Top
Slide 38: Leading positions in developed markets – FY 2023
HOCHTIEF, leading positions in developed markets – FY 2023 ©UdoGoerisch ©BigAcorn-Studios ©Abertis © UGL Engineering & Turner CIMIC Construction Abertis Turner provides high added-value Australia-based CIMIC Group is an Comprises HOCHTIEF’s European 20% equity investment in leading construction mana
Slide 39: Disclaimer
Disclaimer This presentation and the report contain forward-looking statements. These statements reflect the current views, expectations and assumptions of the Executive Board of HOCHTIEF Aktiengesellschaft and are based on information currently available to the Executive Board. Such statements invo
Slide 40: Investor Relations contacts
Investor Relations contacts For further information please contact: Investor Relations HOCHTIEF Aktiengesellschaft Alfredstr. 236 45133 Essen, Germany Phone: +49 201 824 1870 Fax: +49 201 824 9 1870 investor-relations@hochtief.de Mike Pinkney Tobias Loskamp Nadine Wärmer Martina Horst 9M 2024 result