ACS, Actividades de Construccion y Servicios SA · BME:ACS
ACS, Actividades de Construccion y Servicios SA — 9M 2010 Earnings Presentation
19 slides from ACS, Actividades de Construccion y Servicios SA's earnings presentation, Oct 29, 2010
Slide 1: 9m10 Results Presentation
9m10 Results Presentation 29th October 2010
Slide 2: Disclaimer
Disclaimer This document contains fforward-looking g statements on the intentions,, expectations p or fforecasts off Grupo p ACS or its management g at the time the document was drawn up and in reference to various matters including, among others, its customer base, its performance, the foreseeable
Slide 3: Relevant facts of the period
Relevant facts of the period Good operating performance Consistent Ordinary y EPS +12.4% Solid cash flow from operations +20.0% Significant corporate achievements Sale of 15.55% of Abertis completed p € 2.3 bn Agreement for the sale of SPL Hochtief offer announced Strong g financial structure Net ca
Slide 4: 3Q10 Results: Key figures
3Q10 Results: Key figures Good operating performance Total Turnover € 12,203 mn +1.1 % EBITDA € 1,191 mn +8.1 % EBIT € 897 mn +7 4 % +7.4 Recurrent Net Profit € 735 mn +8.1 % Profit after taxes not including exceptional results and discontinued Ordinary EPS 2.45 € p/s +12.4 % operations Net Profit €
Slide 5: Profit contribution by activity
Profit contribution by activity € million illi 9M09 9M10 V Var. EBIT: Construction 304 290 -4.8% EBIT Concessions EBIT: C i 6 11 +78 8% +78.8% EBIT: Environmental Services 157 157 +0.1% EBIT: Industrial Services 396 474 +19.5% Gross contribution from affiliates and Corporation 247 253 +2.9% Ordinary
Slide 6: 9m10 Results – Sales analysis
9m10 Results – Sales analysis Sales 9M10 € 12,203 mn Environmental Services International = € 3,670 mn = € 2,067 mn Construction = € 4,634 mn 17% 30% 38% 70% 45% Industrial Services = € 5,473 mn Domestic = € 8,533 mn Total sales +1.1% +1 1% International sales +31.4% +31 4% +4,5% +4,3% +76,2% +12,9%
Slide 7: Construction Sales analysis
Construction Sales analysis +76.2% -20.2% + € 593 mn - € 827 mn -4.8% - € 234 mn • Canada, Chile, Poland & USA beingg • Civil Works -19% the main contributors • Building -22% Domestic 84% 70% Sales € 4,868 4 868 mn € 4,634 mn Domestic Sales International International 30% Sales Sales 16% Internation
Slide 8: Environmental Services Sales analysis
Environmental Services Sales analysis +4.3% +8.0% 8 0% + € 85 mn +2.1% + € 60 mn + € 25 mn • Exclusively domestic activity, mainly in social & health services Waste • Basically from 61% Mgmt. international activities (+16%) which represents 24% of sales 62% Waste € 2,067 mn Mgmt. € 1,982 1 982 mn Fa
Slide 9: Industrial Services Sales analysis
Industrial Services Sales analysis +4.5% -3.9% 3 9% +18% Var. Adj. +€11 mn - € 130 mn + € 352 mn + € 233 mn + € 233 mn Adj. -€50mn Adj. -€61mn + € 100 mn - € 230mn + € 119 mn • International +8.6%, mainly coming from • International EPC +19.9% 64% Specialized Products • Renewables +55% (+€ 82 mn) Do
Slide 10: 9m10 Results – International expansion
9m10 Results – International expansion International Sales 9M10 € 3,670 mn +31.4% International International International 15% 30% 36% 70% 64% Domestic D Domestic ti Domestic 85% International Backlog 9M10 € 12,077 mn +28,6% International International International 46% 33% 50% 50% 54% 67% Domestic
Slide 11: EBITDA analysis
EBITDA analysis Holding Adj. € (5) mn +20.5% + € 90 mn +8.1% € 100 mn 48% -4.7% +2.8% € (17) mn +31.7% € 7 mn • Higher contribution € 44% € 5 mn • Growth in all areas from renewables Slowdown in • Higher of activity, • EPC international 1 191 1,191mn contribution from specially abroad activity growt
Slide 12: 9m10 Operating Results
9m10 Operating Results Breakdown by activity Environmental Construction Industrial Services Euro Million Services Turnover 4,634 -4.8 % 2,067 +4.3 % 5,473 +4.5 % I t International ti lTTurnover 1 372 1,372 +76.2 76 2 % 303 +15.8 15 8 % 1 958 1,958 +12.9 12 9 % % over total 30% 15% 36% EBITDA 346 -4.
Slide 13: Balance Sheet Key Figures
Balance Sheet Key Figures As off 30th September b 2010 Total Net Assets Total Liabilities & Working Capital Shareholders’ Equity € (2,522) (2 522) mn Fixed Assets € 3,096 mn Net Worth € 4,443 4 443 mn Non current assets in projects € 5,833 Long Term Net Debt Financial € 9,077 mn Investments € 7,320
Slide 14: Net debt situation: September 2010
Net debt situation: September 2010 € 893 mn Net cash Operating activities with net cash position Renewable assets € 4,608 mn Project finance Infrastructure Maturity >10y non recourse debt concessions Cash Rich Assets bt course Deb Treatment plants 70 mn mn ebt € 9,077 m Tottal Non Rec € 9,97 otal Ne
Slide 15: Cash Flow generation in 9m10
Source of cash Application of cash Cash Flow generation in 9m10 Cash flow from operating activities Cash flow from disposals € 786 mn € 2,311 mn FREE CASH FLOW BEFORE INVESTMENTS & SHAREHOLDERS’ RETURN € 3,097 mn Nett decrease N d of total debt Treasury Stock Dividends Others Corporate Debt Reductio
Slide 16: 9m10 Capital Expenditure
9m10 Capital Expenditure 9M10 Gross Investments = € 1,940 mn O Operating ti activities ti iti C Concessional i l assets t C Corporation ti Total € 205 mn Total €1,491mn Total € 244 mn Construction € 74 mn Concessions € 510 mn Miscellanea € 244 mn Environm. Svcs. € 84 mn Industrial Svcs. € 981 mn Ind
Slide 17: Working capital evolution
Working capital evolution LTM Working capital variation Credit Balance increase € 921 mn Working Working Capital Working Capital Capital 31st Dec 09 30th Sep p 10 30th Sep 09 from other from operating variation 4Q09 activities activities alance Credit Ba € 1,601 mn € 2,522 mn € 2,789 mn Accrued and
Slide 18: ACS is fulfilling its corporate targets for 2010
Conclusions ACS is fulfilling its corporate targets for 2010 1 Operating activities performing ahead of expectations 2 Achievement of M&A targets g 3 Group’s financial structure enhancement 18
Slide 19: Actividades de Construccion y Servicios
ACTIVIDADES DE CONSTRUCCION Y SERVICIOS >
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