Acs, Actividades De Construccion Y Servicios Sa · BME:ACS
Acs, Actividades De Construccion Y Servicios Sa — Grupo ACS — 9M 2006 Earnings Presentation
29 slides from Acs, Actividades De Construccion Y Servicios Sa's earnings presentation, Nov 8, 2006
Slide 1: Results 3Q06 January - September
Results 3Q06 January - September November 8th, 2006 1
Slide 2: Results 3Q06: Agenda
Results 3Q06: January - September Executive Summary Income Statement Results by Business Areas Balance Sheet Cash Flow Statement Conclusions 2
Slide 3: Executive Summary
Executive Summary Maintaining the growth with high profitability Turnover Solid turnover growth € 10.476 mn +17,8 % EBIT Good operating performance € 711 mn +19,1 % Net Profit Outstanding results € 607 mn +38,0 % Total Backlog Maintaining the commercial activity € 27.987 mn +9,5 % Total Investment I
Slide 4: Iberdrola Stake Acquisition
Executive Summary Iberdrola Stake Acquisition Grupo ACS has acquired a 10% of Iberdrola for a total amount of € 3,322.2 million, equivalent to 36,8€ per share. This investment reinforces the Group’s commitment within the utility sector. It continues the Group’s strategy that started with the acq
Slide 5: Results 3Q06: Agenda
Results 3Q06: January - September Executive Summary Income Statement Results by Business Areas Balance Sheet Cash Flow Statement Conclusions 5
Slide 6: Income Statement: Key Figures
Income Statement Key Figures Euro Millions 3Q05 3Q06 Var Turnover 8.891,3 10.476,2 +17,8 % EBITDA 785,7 925,2 +17,8 % EBIT 596,4 710,6 +19,1 % Net Profit from Listed Affiliates 64,2 173,8 n.a. Net Profit 440,3 607,5 +38,0 % EPS 1,26 € 1,74 € +37,7 % 6
Slide 7: Income Statement: Breakdown by Activities
Income Statement Breakdown by Activities 3Q06 Turnover EBIT Net Profit 19% 22% 27% 15% 4% 33% 43% 8% 48% 15% 33% 36% 25% 3Q05 Turnover EBIT Net Profit 7% 4% 20% 24% 19% 42% 46% 40% 34% 34% 30% Construction Industrial Services Services Concessions Urbis Unión Fenosa NOTE: The percentages have been ca
Slide 8: Analysis of the Evolution of the EBITDA
Income Statement Analysis of the Evolution of the EBITDA January - September Holding Adjustments : + € 139.6 mn +17.8% n.a. € (5.5) mn +9.5% € 3.4 mn +20.2% € 24.0 mn • Start-up of a new concession 29% • Sustainable growth in all activities € 50.1 mn +22.0% € 925.2 31% € 67.5 mn • Excellent evolutio
Slide 9: Analysis of the Evolution of the Net Profit
Income Statement Analysis of the Evolution of the Net Profit January - September n.a. +93% €-76.8 mn € 170.9 mn n.a. + € 167.2 mn Net impact of the +38% LTM investments € -41.1 mn +19.1% Corporate taxes ABE: € +15.9 mn and other results UNF: € +146.2 mn URB: € +7.9 mn € 114.2 mn Other: € +1.0 mn € 6
Slide 10: Results 3Q06: Agenda
Results 3Q06: January - September Executive Summary Income Statement Results by Business Areas Balance Sheet Cash Flow Statement Conclusions 10
Slide 11: Construction: Income Statement
Results by Business Areas Construction: Income Statement Million Euro 3Q05 3Q06 Var. 06/05 Turnover 4.174,7 5.054,7 +21,1 % EBITDA 307,3 374,8 +22,0 % EBIT 261,7 316,4 +20,9 % Cont. Operations PBT 276,0 335,1 +21,4 % Net Profit 177,8 215,3 +21,1 % EBITDA margin 7,4% 7,4% EBIT Margin 6,3% 6,3% Net Pr
Slide 12: Construction: Activity Breakdown
Results by Business Areas Construction: Activity Breakdown Million Euro 3Q05 3Q06 Var. 06/05 Civil Works 2.460,5 2.922,1 +18,8 % Non residential Building 970,1 1.282,2 +32,2 % Residential Building 744,1 850,4 +14,3 % TOTAL 4.174,7 5.054,7 +21,1 % International 415,5 310,1 -25,4 % % 10% 6% Sales 3Q05
Slide 13: Construction: Backlog Breakdown
Results by Business Areas Construction: Backlog Breakdown Million Euro 3Q05 3Q06 Var. 06/05 Civil Works 6.022,9 6.587,6 +9,4 % Non residential Building 1.783,9 2.157,2 +20,9 % Residential Building 1.221,2 1.643,7 +34,6 % TOTAL 9.028,0 10.388,5 +15,1 % International 658,1 482,3 -26,7 % % 7% 5% Backlo
Slide 14: Industrial Services: Income Statement
Results by Business Areas Industrial Services: Income Statement Million Euro 3Q05 3Q06 Var. 06/05 Turnover 3.010,5 3.493,8 +16,1 % EBITDA 247,8 297,9 +20,2 % EBIT 209,4 257,0 +22,8 % Cont. Operations PBT 194,6 239,0 +22,9 % Net Profit 132,3 163,4 +23,5 % EBITDA margin 8,2% 8,5% EBIT Margin 7,0% 7,4%
Slide 15: Industrial Services: Sales by Activity
Results by Business Areas Industrial Services: Sales by Activity Million Euro 3Q05 3Q06 Var. 06/05 Networks 577,4 575,6 -0,3 % Specialized Products 963,5 1.130,7 +17,3 % Energy Projects 932,9 1.120,5 +20,1 % Control Systems 536,7 667,0 +24,3 % TOTAL 3.010,5 3.493,8 +16,1 % International 961,7 1.179,
Slide 16: Industrial Services: Backlog Breakdown
Results by Business Areas Industrial Services: Backlog Breakdown Million Euro 3Q05 3Q06 Var. 06/05 Networks 848,0 800,0 -5,7 % Specialized Products 1.279,3 1.622,5 +26,8 % Energy Projects 1.157,2 1.477,1 +27,6 % Control Systems 780,1 960,3 +23,1 % TOTAL 4.064,6 4.859,9 +19,6 % International 1.222,6
Slide 17: Services: Income Statement
Results by Business Areas Services: Income Statement Million Euro 3Q05 3Q06 Var. 06/05 Turnover 1.777,7 1.987,4 +11,8 % EBITDA 252,1 276,2 +9,5 % EBIT 148,3 166,3 +12,2 % Cont. Operations PBT 121,9 134,9 +10,7 % Net Profit 82,6 94,8 +14,8 % EBITDA margin 14,2% 13,9% EBIT Margin 8,3% 8,4% Net Profit
Slide 18: Services: Sales by Activity
Results by Business Areas Services: Sales by Activity Million Euro 3Q05 3Q06 Var. 06/05 Environmental 801,1 904,8 +12,9 % Ports & Logistics Services 398,4 414,3 +4,0 % Transportation Services 137,3 149,0 +8,5 % Facility Management 440,9 519,4 +17,8 % TOTAL 1.777,7 1.987,4 +11,8 % International 163,7
Slide 19: Services: Backlog Breakdown
Results by Business Areas Services: Backlog Breakdown Million Euro 3Q05 3Q06 Var. 06/05 Environmental 7.399,6 7.090,7 -4,2 % Ports & Logistics Services 3.216,5 3.674,7 +14,2 % Transportation Services 1.337,8 1.161,6 -13,2 % Facility Management 502,8 811,7 +61,4 % TOTAL 12.456,7 12.738,7 +2,3 % Inter
Slide 20: Net Impact of Listed Affiliates
Results by Business Areas Net Impact of Listed Affiliates Euro Millions 3Q05 3Q06 Stake 68,6 84,4 24,8% 23,4 31,4 24,8% UNF 146,2 35,7% Total Equity Method 92,0 262,0 Financial Expenses (42,8) (135,7) Corporate taxes 15,0 47,5 Net Profit 64,2 173,8 20
Slide 21: Results 3Q06: Agenda
Results 3Q06: January - September Executive Summary Income Statement Results by Business Areas Balance Sheet Cash Flow Statement Conclusions 21
Slide 22: Balance Sheet: Key Figures
Balance Sheet Key Figures Million Euro sep-05 sep-06 Var. 06/05 Fixed Assets 8.882 100% 14.829 100% +67 % Working Capital (1.468) 17% (1.690) 11% +36 % Total Equity 2.521 28% 3.152 21% +25 % Net Debt 1.960 22% 6.062 41% +209 % Non Recourse Financing 580 3.406 +488 % Net Debt With Recourse 1.380 2.65
Slide 23: Net Debt Breakdown
Balance Sheet Net Debt Breakdown 3Q05 3Q06 Debit balance Cash and -700 € 1.300 mn equivalents € 600 mn Net debt with recourse Credit balance € 2,656 mn +576 Gearing 84.2% Long term € 2.680 mn debt € 3.256 mn Non recourse € 580 mn financing +2,826 Total net debt* € 1,960 mn 70% UNF € 3,406 mn 30% pro
Slide 24: Pro-forma Net Debt
Consolidated Balance Sheet Pro-forma Net Debt Oct 2005 Oct 2006 Net debt +1,276 with € 1,380 mn € 2,656 mn recourse Non recourse € 580 mn financing +2,826 Market value of affiliates* € 3,406 mn Adjustment € 11,600 mn from UNF € 2,280 mn acquisition * Includes Abertis, Unión Fenosa, Iberdrola and Urb
Slide 25: Results 3Q06: Agenda
Results 3Q06: January - September Executive Summary Income Statement Results by Business Areas Balance Sheet Cash Flow Statement Conclusions 25
Slide 26: Cash Flow Statement: Key Figures
Cash Flow Statement Key Figures Million Euro 3Q05 3Q06 Var. 06/05 EBITDA 786 925 +17,8 % Cash Flow from Operations 561 632 +12,7 % Working Capital (Requirements) / Excess 163 (182) n.a. Cash Flow from Operating Activities 725 450 -37,9 % Capital Expenditure (3.483) (5.324) +52,9 % Dividends paid (13
Slide 27: Breakdown of Capital Expenditure
Cash Flow Statement Breakdown of Capital Expenditure Gross Net Euro Million Divestments Investment Investment Construction 307,1 33,4 273,7 Industrial Services 349,4 56,5 292,9 Services 245,5 24,5 221,0 Concessions 67,6 65,7 1,9 Subtotal 969,6 180,2 789,5 Iberdrola 3.322,2 3.322,2 Unión Fenosa 1.144
Slide 28: Results 3Q06: Agenda
Results 3Q06: January - September Executive Summary Income Statement Results by Business Areas Balance Sheet Cash Flow Statement Conclusions 28
Slide 29: Conclusions
Conclusions Sustained Value Creation Excellent operating performance 2006 targets outperformed Good performance of affiliates Attractive return to Corporate activity focus on value creation shareholders Long term profitable growth Maintaining our financial strength 29