Sacyr Sa · BME:SCYR
Sacyr Sa — 9M 2023 Earnings Presentation
34 slides from Sacyr Sa's earnings presentation, Nov 3, 2023
Slide 1: Presentation of Results 9M 2023
Presentation of Results 9M 2023 3 November 2023 Pedemontana Veneta Highway, Italy
Slide 2: Table of Contents
Table of Contents 1 Highlights 2 Operating Performance 3 Performance by Business Area 4 Annexes 2 Rutas del Este, Paraguay
Slide 3: Highlights
1 Highlights Idaho University, USA
Slide 4: Continued value growth of concessional assets
Highlights Sacyr in 2023 Continued value growth of concessional assets 3,254€M Value of Concessional Assets (Dec. 23) +443€M vs Investor Day 2021 Valuation 4
Slide 5: Sacyr consolidates its position as one of the world's leading concession groups
Highlights Sacyr in 2023 Sacyr consolidates its position as one of the world's leading concession groups Specialist in greenfield 3º 90 % 4 24 Largest P3 transport Average projects with low EBITDA comes Assets infrastructure from concessional Commissioning in remaining life demand risk developer ass
Slide 6: Active management of the concessional portfolio
Highlights Milestones 9M 2023 Active management of the concessional portfolio Operations with the objective of optimising our concessional portfolio, creating value and geographically balancing our Commissioning of 4 assets assets in 2023 Rutas del Este ✓ Sale 49% Sale of full Rotation of Pedemontan
Slide 7: Focus on Concessions and Recourse Net Debt Reduction
Highlights Milestones 9M 2023 Focus on Concessions and Recourse Net Debt Reduction • 100% sale • 100% sale • It is agreed to maintain • Sale Process Complete • Sale agreement signed in July 100% Sacyr Agua • 420€M already received • CNMC authorization received • Sacyr stands up for a • Collection ex
Slide 8: Other milestones
Highlights Milestones 9M 2023 Other milestones Closure of Repsol derivative Shareholder remuneration 0.136€ Early unwind of Continued dividend 0.115€ 0.096€ existing options growth 0.136€/share 2021 2022 2023 Cash End of Scrip Dividend 1x45 0.058€ 91% shares per chose Entry exposure to January 2023
Slide 9: Sustainability
Highlights Milestones 9M 2023 Sustainability Sustainable Financing Framework BME IBEX ESG Index Created to enable transparency, disclosure and integrity of our • Sacyr included in the new sustainability index created by BME. sustainable financing activities • This index consists of 27 companies • It
Slide 10: Results 9M-23: Business Shift and Profitability Growth
Highlights Results 9M-23 Continua Business Shift: creación deGrowth Profitability valor EBITDA EBITDA Margin EBIT Net Profit 980 €M 30.2% 846 €M 92 €M +12%* +490bp* +14%* +36%* *The 2022 income statement has been restated by accounting for VSM and Facilities as discontinued operations. Ulster Univer
Slide 11: Main Figures 9M-23
Highlights Main Figures 9M-23 Million Euros 9M-23 9M-22* Chg.% Revenues 3,244 3,457 -6% EBITDA 980 874 +12% EBITDA Margin 30.2% 25.3% +490 bp EBIT 846 745 +14% Net Profit 92 68 +36% Operating Cash Flow 487 377 +29% *2022 figures have been restated by accounting for VSM and Facilities as discontinued
Slide 12: Operating Performance
2 Operating Performance Antofagasta Hospital, Chile
Slide 13: Sacyr Concesiones Asset Valuation
Sacyr Concesiones Asset Valuation Growth platform with continuous value creation Million Euros +443€M 260 361 3,254 (41) (302) 286 165 (252) (34) 2,811 Valuation Rolling Forward Inflation Exchange Refinancing and Δ Interest Higher growth Δ Discount Growth from Valuation ID 2021 Rate Asset Rotations
Slide 14: Explanation of Future Investments
Sacyr Concesiones Asset Valuation Explanation of Future Investments • The valuation provided on Investor Day 2021 included €196 million as value creation from potential award of new projects. It was considered that one new contract award per year would be obtained during the period 2021-2025, each r
Slide 15: Contribution by Activity 9M-23
Operating Performance Contribution by Activity 9M-23 EBITDA+12% growth up to 980€M EBITDA Margin up to 30.2% Revenues EBITDA EBITDA 3,244 €M 980 €M Concessional Assets CONCESSIONS ENG & INFRA* OTHER CONCESSIONS ENG & INFRA* OTHER 880€M 90% EBITDA from of total 39% 56% 5% 66% 33% 1% concessional asse
Slide 16: Net Debt Evolution 9M-23
Operating Performance Net Debt Evolution 9M-23 Million Euros -31 577 -56 -63 7,968 -420 7,490 -980 538 625 -132 EBITDA WORKING OTHER ADJ. FINANCIAL NET REPSOL ERESMA FINANCING PROCEEDS CAPITAL +TAX RESULT INVESTMENT* DERIVATIVE & N6 FLOW, FOREX FROM & OTHER VSM SALE DEC.22 SEPT.23 Funds from operati
Slide 17: Recourse Net Debt Evolution Q3-23
Operating Performance Recourse Net Debt Evolution Q3-23 Million Euros 48 -31 5 -32 21 -56 16 661 -420 12 82 627 -31 EBITDA WORKING TAXES DISTRIBUTIONS FINANCIAL NET REPSOL ERESMA & PURCHASE FINANCING PROCEEDS FROM INVESTMENT* DERIVATIVE N6 OF FLOW, CAPITAL CONCESSIONS RESULT FROM TREASURY FOREX & OT
Slide 18: Performance by Business Areas
3 Performance by Business Areas Perth Desalination Plant , Australia
Slide 19: Concessions: Asset valuation higher than 3,250€M
Performance by Business Areas Concessions Asset valuation higher than 3,250€M REVENUES 1,356 1,439 -6% Portfolio of 69 assets (with 58 assets already in operation) Operating Revenues 1,047 890 +18% 24-year average remaining life Infrastructure Concessions 898 753 +19% Water Concessions 149 137 +9% C
Slide 20: Commissioning of concessional assets in 2023
Performance by Business Areas Concessions Commissioning of 4 concessional assets in 2023 Pamplona-Cúcuta Next commissioning 20.9 km of Functional Italy 99% Unit 3 (15 km) and Functional Unit 5 (5.9 km). Final stage of the construction works of Functional Unit 4. Colombia Pedemontana It is estimated
Slide 21: Concessions – Breakdown by Country
Performance by Business Areas Concessions – Breakdown by Country Million Euros COUNTRY PAIS C. NEGOCIOS REVENUE EBITDA EBITDA ASSETS ACTIVOS Italy* 334 246 3 Chile 347 175 19 Colombia 341 182 6 Spain 242 108 22 Uruguay 141 66 2 Mexico 67 32 2 Paraguay 100 38 1 Oman 27 11 1 Peru 28 10 1 Brazil 37 3 1
Slide 22: Engineering & Infrastructure: Sustained growth in profitability
Performance by Business Areas Engineering & Infrastructure Sustained growth in REVENUES 1,986 2,228 -11% profitability EBITDA 322 303 +6% EBITDA margin of 4.6% EBITDA margin 16% 14% Backlog (vs. Dec. 2022) 7,506 7,354 +2% ― Strong focus on profitability vs volume (achieving an EBITDA margin of 4.6%
Slide 23: Engineering & Infrastructure: Main Projects
Performance by Business Areas Engineering & Infrastructure Study, Design and Extension Construction Construction AVE Almería Construction Catania, Sicily Section Line 8 FGC several Real Estate Railroad Integration “Canal del Dique” Railway Network Barcelona Promotions Project Colombia Italy Spain Sp
Slide 24: Annexes
4 Annexes 25 de Abril Bridge, Lisboa, Portugal
Slide 25: Income Statement 9M-23
Annexes Income Statement 9M-23 Consolidated Income Statement Thousand euros REVENUE 3,244,100 3,456,505 -6.1% Other income 152,604 183,222 -16.7% Total operating income 3,396,704 3,639,727 -6.7% External and Operating Expenses -2,416,217 -2,765,665 -12.6% EBITDA 980,487 874,062 12.2% Depreciation an
Slide 26: Balance Sheet September 2023
Annexes Balance Sheet September 2023 Thousand Euros Thousand Euros NON CURRENT ASSETS 11,403,368 11,933,034 -529,666 EQUITY 1,665,531 1,358,413 307,118 Intangible Assets 87,892 98,347 -10,455 Shareholder's Equity 712,028 535,662 176,366 Concessions Investments 1,461,531 1,520,034 -58,503 Minority In
Slide 27: Income Statement by Business Area 9M-23
Annexes Income Statement by Business Area 9M-23 Consolidated Income Statement 9M 2023 Thousand Euros REVENUE 1,355,680 1,986,137 170,705 -268,422 3,244,100 Other income 17,774 132,092 7,163 -4,425 152,604 Total operating income 1,373,454 2,118,229 177,868 -272,847 3,396,704 External and Operating Ex
Slide 28: Income Statement by Business Area 9M-22
Annexes Income Statement by Business Area 9M-22 Consolidated Income Statement 9M 2022* Thousand Euros REVENUE 1,439,486 2,227,655 137,018 -347,654 3,456,505 Other income 21,390 156,595 9,380 -4,143 183,222 Total operating income 1,460,876 2,384,250 146,398 -351,797 3,639,727 External and Operating E
Slide 29: Net Debt
Annexes Net Debt Significant reduction of commercial paper by -115M€ 7,307 Million Euros Sep. 23 Dec. 22 Change Project Finance Debt 7,307 6,944 363 Bank borrowings (operating lines) -148 -332 184 Capital Markets (Bonds + ECP) 809 878 -69 809 Bank Total Net Debt 7,968 7,490 478 Borrowings Project Ca
Slide 30: Concessions – Breakdown of Assets
Annexes Concessions – Breakdown of Assets Aunor (51%) Palma - Manacor (40%) Viastur (70%) Road 32 Turia (56%) Barbanza (100%) Eresma (51%) Transport Hub 2 Velindre Hospital (31%) Arlanzón (55%) H. Parla (51%) H. Braga (1%) H. Noreste (51%) Hospital 9 H. Haçor (1%) Int. Plaza Elíptica (51%) Idaho Uni
Slide 31: Concessions: Traffic
Annexes Concessions Tr a ff i c 88,069 88,450 31
Slide 32: Concessions: Revenues Breakdown
Annexes Concessions Revenues breakdown € thousand Revenues CHILE COLOMBIA 261,679 254,782 205,264 221,288 27.5% 15.1% Breakdown SPAIN URUGUAY MEXICO 127,835 70,610 64,691 124,213 60,247 51,946 2.9% 17.2% 24.5% PARAGUAY 45,210 31,543 43.3% PERU 27,800 29,057 -4.3% BRAZIL 12,388 5,839 112.2% USA 7,983
Slide 33: Alternative Performance Measures
Annexes Alternative Performance Measures 33
Slide 34: Note
sacyr NOTE The financial information contained in this document is prepared accordingto the International Financial Reporting Standards. This information has not been audited and therefore maybe modified in the future. This document doesnot constitutean offer, invitation orrecommendationto buy, sell