Acs, Actividades De Construccion Y Servicios Sa · BME:ACS
Acs, Actividades De Construccion Y Servicios Sa — Grupo ACS — Q1 2011 Earnings Presentation
19 slides from Acs, Actividades De Construccion Y Servicios Sa's earnings presentation, May 11, 2011
Slide 1: 1Q11 Results Presentation
1Q11 Results Presentation 11th May 2011
Slide 2: Disclaimer
Disclaimer This document contains forward-looking statements on the intentions, expectations or forecasts of Grupo ACS or its management at the time the document was drawn up and in reference to various matters including, among others, its customer base, its performance, the foreseeable growth of it
Slide 3: Relevant facts of the period
Relevant facts of the period Good operating performance EBITDA margin improved +80 b.p. bp Solid Cash Flow from Operations +11.6% Solid financial evolution Total Net Debt € 8.8 8 8 bn Net Debt with Recourse < € 1.7 bn Significant corporate achievements H hti f offer Hochtief ff finished, fi i h d cu
Slide 4: 1Q11 Results: Key figures
1Q11 Results: Key figures Good operating performance Total Turnover € 3,690 mn +0.1% EBITDA € 383 mn +8 4% +8.4% EBIT € 309 mn +17.2% Net Profit € 204 mn -31.3% Cash Flow from Operations € 130 mn +11.6% 4
Slide 5: Profit contribution by activity (I)
Profit contribution by activity (I) € million 1Q10 1Q11 Var. R Reported t dNNett Profit P fit 297 204 -31.3% 31 3% Net profit from discontinued activities (18) (10) Capital gains from asset disposals (29) Hochtief exceptional (Leighton) 51 Iberdrola dividends adjustment* (62) 99 Total Exceptionals (
Slide 6: Profit contribution by activity (II)
Profit contribution by activity (II) € million illi 1Q10 1Q11 V Var. Construction Operating Profit 93 88 -6.2% Concessions Operating Profit 0 9 n.s. Environmental Services Operating Profit 35 35 +0.5% Industrial Services Operating Profit 158 208 +31.8% 31.8% Ordinary Contribution from Affiliates* 16
Slide 7: 1Q11 Results – Sales analysis
1Q11 Results – Sales analysis Sales 1Q11 € 3,690 mn Environmental Services International = € 1,336 mn = € 420 mn Construction 12% = € 1,405 mn 38% 36% 64% 50% Industrial Services = € 1,849 mn Domestic = € 2,354 mn Total sales +0.1% +0 1% International sales +31.7% +31 7% +12,3% +49,3% +21,6% +35,2%
Slide 8: Construction Sales analysis
Construction Sales analysis +21.6% -15.5% + € 75 mn - € 180 mn -7% • Canada, Chile, Poland & USA beingg - € 105 mn the main contributors • Civil Works -12.2% 77% • Building -21.2% Domestic Sales € 1,510 1 510 mn 70% Domestic Sales € 1,405 mn 23% International International 30% Sales Sales Internatio
Slide 9: Environmental Services Sales analysis
Environmental Services Sales analysis +12.3% n.a. + € 46 mn +1.2% + € 42 mn + € 4 mn • Remaining legacy logistics activity • Basically from international activities (+27 5%) which (+27.5%) represents 21% of sales Waste 90% Mgmt. € 419 mn Waste Mgmt. 100% € 373 mn 10% Logistics Waste 1Q10 Management
Slide 10: Industrial Services Sales analysis
Industrial Services Sales analysis +8.6% + € 61 mn +3.0% -0.5% 0 5% International Domestic Var. Adj. -€3 mn - € 5 mn + € 53 mn - € 66 mn International Domestic + € 127 mn Adj. -€16mn Adj. -€13mn + € 58 mn - € 63 mn • International +13.5%, +13 5% • International EPC +69% coming from all areas 56% Dom
Slide 11: 1Q11 Results – International expansion
1Q11 Results – International expansion International Sales 1Q11 € 1,336 mn +31.7% International International International 30% 23% 44% 70% 56% 77% D Domestic ti D Domestic ti D Domestic ti International Backlog 1Q11 € 12,819 mn +22.1% International International International 49% 36% 52% 51% 48% 64
Slide 12: EBITDA analysis
EBITDA analysis Holding Adj. +16.1% € (5) mn + € 30 mn +8.4% € 30 mn +7.2% -7% ns n.s. € 4 mn • Higher Hi h contribution t ib ti 55% from renewables • Growth in • EPC international € (8) mn € 9 mn international operations activity growth € 383mn 52% • Higher Slowdown in contribution from domestic ac
Slide 13: 1Q11 Operating Results
1Q11 Operating Results Breakdown by activity Construction Environmental Services Industrial Services 1Q11 Var. 11/10 1Q11 Var. 11/10 1Q11 Var. 11/10 Sales 1.405,0 -7,0% 419,5 +12,3% 1.849,0 +3,0% % International 30 1% 30,1% +21 6% +21,6% 22 5% 22,5% +49 3% +49,3% 43 6% 43,6% +29 6% +29,6% EBITDA 105
Slide 14: Balance Sheet Key Figures
Balance Sheet Key Figures As off 31stt March h 2011 Total Net Assets Working Capital Fixed Assets € (3,130) mn € 2,816 mn Total Liabilities & Shareholders’ Equity N currentt assets Non t iin projects j t € 2,484 mn Net Worth € 5, 5,188 88 mn Long Term Financial Investments Net Debt € 11,062 , mn € 8
Slide 15: Net debt situation: 31st March 2011
Net debt situation: 31st March 2011 Effective Cash Operating activities € 666 mn free of debt Net Debt with Net debt in the recourse Corporation € 1,649 1 649 mn € 2,315 2 315 mn Treatment plants Project € 209 mn Finance Energy projects Net € 1,521 mn € 306 mn Concessions € 1,006 mn Debt Non € 8,803
Slide 16: 1Q11 Capital Expenditure
1Q11 Capital Expenditure Totall net investments i 1Q11 = € 1,027 mn 1Q11 Gross Investments = € 1,182 mn Operating activities Concessional assets Corporation Total € 52 mn Total € 393 mn Total € 737 mn Construction € 14 mn Concessions € 156 mn Hochtief € 736 mn Concessional assets Environm. Svcs. € 2
Slide 17: Working capital evolution
Working capital evolution LTM Working capital variation Credit Balance increase € 841 mn Working Capital 31st Dec 10 31st Mar 11 31st Mar 10 variation Mar – Dec10 alance Credit Ba WC from WC from € 2,289 mn Paid operating investment dividends activities activities € 3,130 3 130 mn € 67 mn € 3,386 mn
Slide 18: Operations and strategy on track to fulfill targets
Conclusions Operations and strategy on track to fulfill targets Operating activities performing better than expected Financial structure reinforced M&A activity Operational and financial 2011 targets are fully achievable 18
Slide 19: ACTIVIDADES DE CONSTRUCCION Y SERVICIOS >
ACTIVIDADES DE CONSTRUCCION Y SERVICIOS >