Acs, Actividades De Construccion Y Servicios Sa · BME:ACS
Acs, Actividades De Construccion Y Servicios Sa — Grupo ACS — FY2009 Earnings Presentation
47 slides from Acs, Actividades De Construccion Y Servicios Sa's earnings presentation, Feb 26, 2010
Slide 1: Results Presentation
RESULTS ‘ PRESENTATION Madrid, February 26th, 2010
Slide 2: Legal Notice
LEGAL NOTICE 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
Slide 3: Executive Summary
Executive Executive Summary Summary 2009 2009 Results Results 2009 2009 Financial Financial Situation Situation Conclusions Conclusions 3
Slide 4: We did better than expected in 2009
We did better than expected in 2009 Targets for 2009 Reality 2009 Increase Increaseofofactivity, activity,promoting international promoting internationalexpansion expansion Total Totalsales sales+2.2% International +2.2% Internationalsales sales+22.4% +22.4% 9 Improve Improveoperating operatingand e
Slide 5: Main figures 2009
Main figures 2009 Year Year2009 2009 Δ Revenues € 15,606 mn +2.2 % EBITDA € 1,458 mn +5.5 % Net Profit € 1,952 mn +8.1 % EPS 6.28 € +15.6 % Net Debt € 9,271 mn ‐0.9 % Backlog € 29,507 mn +6.6 % Number of Employees 142,176 +2.9 % SPL has been reclassified as available for sale 5
Slide 6: Relevant facts for 2009
Relevant facts for 2009 Unión UniónFenosa Fenosasale salecompletion. completion. Net Netcapital capitalgains gains€€1,002 1,002mn mn Iberdrola IberdrolaEquity EquitySwap Swapnovation novation €€2,349 2,349mn mn 3.98 3.98million millionshares sharescancelled cancelled Representing Representing1.25% 1
Slide 7: Increased cash flow generation
Increased cash flow generation Cash Flow from Disposal of 35.3% Cancellation of UNF non operating activities of Unión Fenosa recourse debt €€1,652 1,652mn mn €€5,825 5,825mn mn €€2,260 2,260mn mn € 3,565 mn Cash Flow before investments €€ 5,217 5,217 mn mn Source of cash Use of cash 7
Slide 8: Efficient application of the cash generated
Efficient application of the cash generated Cash Flow before investments Corporate net €€5,217 debt reduction 5,217mn mn €€2,271 2,271mn mn Shareholders Direct Investment Non recourse debt increase €€1,119 1,119mn mn €€1,565 1,565mn mn €€2,953 2,953mn mn Dividends Treasury Stock Others Total Investm
Slide 9: Increasing internationalization
Increasing internationalization Sales Sales2009 2009 International +22.4% 26% 74% Domestic Backlog Backlog2009 2009 International +30.2% 35% Sales Sales €€4,104 4,104mn mn 42 42countries countries 65% Backlog Backlog €€10,325 10,325mn mn 32,201 32,201employees employees Domestic 9
Slide 10: 2009 Results
Executive Executive Summary Summary 2009 2009 Results Results 2009 2009 Financial Financial Situation Situation Conclusions Conclusions 10
Slide 11: 2009 Consolidated results
2009 Consolidated results Euro Millions 2008 2009 Var Turnover 15,276 15,606 +2.2 % EBITDA 1,382 1,458 +5.5 % EBIT 1,043 1,080 +3.6 % Ordinary Net Profit from Continuing Op* 700 842 +20.4 % Net Profit 1,805 1,952 +8.1 % EPS 5.43 € 6.28 € +15.6 % EBITDA Margin 9.1% 9.3% EBIT Margin 6.8% 6.9% Ordinary
Slide 12: 2009 Results – Sales analysis
2009 Results – Sales analysis Sales Sales2009 2009 €€15,606 15,606mn mn Environment = € 2,639 mn International = € 4,104 mn 17% Construction = € 6,125 mn 26% 39% 74% 44% Industrial Services & Energy = € 6,862 mn Domestic = € 11,502 mn Total Totalsales sales +2.2% +2.2% International Internationalsal
Slide 13: 2009 Results – International expansion
2009 Results – International expansion International InternationalSales Sales 2009 2009 €€4,104 4,104mn mn +22.4% +22.4% International 14% 23% International International 34% 77% 66% Domestic Domestic Domestic 86% International InternationalBacklog Backlog2009 2009 €€10,325 10,325mn mn +30.2% +30.2%
Slide 14: 2009 Results – EBITDA Analysis
2009 Results – EBITDA Analysis + € 76 mn +5.5% Corporation / Adjustments € 5 mn +15.1% ‐7.2% 45% € 89 mn € (35) mn +8.4% 41% ‐41.6% € 1,458 Reduction of activity € 26 mn • High value added mn 23% in Spain € (9) mn activities growing like EPC and 22% € 1,382 mn Stable margins renewables 1% • Consolid
Slide 15: 2009 Results – Net profit analysis (I)
2009 Results – Net profit analysis (I) € million 2008 2009 Var. EBIT: EBIT:Construction Construction 411 380 ‐7.6% EBIT: EBIT:Concessions Concessions 8 (1) n.a. EBIT: EBIT:Environment Environment 195 202 +3.4% EBIT: EBIT:Industrial IndustrialServices Services&&Energy Energy 472 537 +13.9% Gross Gros
Slide 16: 2009 Results – Net profit analysis (II)
2009 Results – Net profit analysis (II) € million 2008 2009 Var. Ordinary OrdinaryNet NetProfit Profit 700 842 +20.4% from fromContinuing ContinuingOperations Operations UNF sale capital gain 403 1,002 Ordinary profit UNF 398 80 Profit SPL 29 28 Other exceptional 275 Attributable Attributablenet net
Slide 17: Construction: 2009 Results
Construction: 2009 Results Construction Construction Million Euro 2008 2009 Var. 09/08 Turnover 6,625 6,125 ‐7.5% EBITDA 494 459 ‐7.2% Margin 7.5% 7.5% EBIT 411 380 ‐7.6% Margin 6.2% 6.2% Net Profit 275 241 ‐12.2% Margin 4.2% 3.9% Backlog 11,023 11,431 +3.7% Months 20 22 Sales evolution 2000‐09 € mi
Slide 18: Construction: Sales and Backlog 2009
Construction: Sales and Backlog 2009 2009 Sales Δ Backlog Δ Construction Construction 6,125 6,125 ‐7.5% ‐7.5% 11,431 11,431 +3.7% +3.7% Civil Works 4,389 +6.6% 9,544 +11.9% Non Residential Building 1,189 ‐20,0% 1,427 ‐21,0% Residential Building 547 ‐46.4% 460 ‐33.5% International 23% 1,427 +74.9% 37
Slide 19: Construction: Main contracts awarded 2009
Construction: Main contracts awarded 2009 Project Amount (€ mn) Type of Project Works for the construction of the I595 highway in Florida (US). 845 Civil Works‐ Roads Works for the Portuguese high‐speed railway line between Porceirao and Caia. 289 Civil Works ‐ Railways Project for the construction
Slide 20: Construction: International Presence
Construction: International Presence International € 1,427 mn € 4,260 mn InternationalSales Sales2009 2009 International InternationalBacklog Backlog2009 2009 23% of total 37% of total US, New York Portugal Ireland US, New York Portugal Ireland Civil Works High speed trains Civil Works Civil Works H
Slide 21: Construction: North America
Construction: North America A30 Highway Montreal A30 Highway Montreal Sales Sales2009 2009ininUS USand andCanada Canada €€624 mn 624 mn Other Vancouver International 10% 13% Montreal NY subway Toronto NY subway Salt Lake Sacramento Secaucus New York & White Plains 77% Phoenix Raleigh Dallas Spain Da
Slide 22: Environment: 2009 Results
Environment: 2009 Results Environment Environmental Environment Services January ‐ December Million Euro 2008 2009 Var. 09/08 Turnover 2,414 2,639 +9.3% EBITDA 315 341 +8.4% Margin 13.0% 12.9% EBIT 195 202 +3.4% Margin 8.1% 7.7% Net Profit 145 146 +1.1% Margin 6.0% 5.5% Backlog 10,412 11,457 +10.0%
Slide 23: Environment: Sales and Backlog 2009
Environment: Sales and Backlog 2009 2009 Sales Δ Backlog Δ Environment Environment 2,639 2,639 +9.3% +9.3% 11,457 11,457 +10% +10% Environmental Services 1,621 +10.0% 10,287 +10.5% Facility Management 1,018 +8.2% 1,170 +6.2% International 14% 366 +19% 30% 3,466 +4.5% Sales Backlog 10% 39% 61% 90% 23
Slide 24: Environment: Main contracts awarded 2009
Environment: Main contracts awarded 2009 Contract Amount (€ mn) Company Project for the construction of a solid urban waste treatment plant in Barcelona. 642 Environmental Services Solid urban waste collection and street cleaning in the eastern area of the city of Barcelona. 381 Environmental Servic
Slide 25: Environment: International presence
Environment: International presence International € 366 mn € 3,466 mn InternationalSales Sales2009 2009 International InternationalBacklog Backlog2009 2009 14% of total 30% of total Mexico UK France Mexico UK France SUW treatment SUW treatment SUW treatment SUW treatment SUW treatment SUW treatment
Slide 26: Environment: France
Environment: France Sales Treatment plant in Marseille Sales2009 2009ininFrance France Treatment plant in Marseille €€94 mn 94 mn Other International 4% 10% Paris 86% Chateau SUW treatment in Paris D'Olonne SUW treatment in Paris Spain Valence Backlog Backlog2009 2009ininFrance France Chalosse €€2,0
Slide 27: Industrial Services & Energy: 2009 Results
Industrial Services & Energy: 2009 Results Industrial IndustrialServices Services&&Energy Services Energy January ‐ December Million Euro 2008 2009 Var. 09/08 Turnover 6,477 6,862 +6.0% EBITDA 591 680 +15.1% Margin 9.1% 9.9% EBIT 472 537 +13.9% Margin 7.3% 7.8% Net Profit 317 348 +10.0% Margin 4.9%
Slide 28: Industrial Services & Energy: Sales and Backlog 2009
Industrial Services & Energy: Sales and Backlog 2009 2009 Sales* Δ Backlog Δ Industrial IndustrialServices Services&&Energy Energy 6,862 6,862 +6% +6% 6,619 6,619 +6% +6% Support Services 4,351 -1.9% 4,156 +3.2% Networks 888 -7.2% Specialized Products 2,363 -0.2% Control Systems 1,100 -0.8% Energy P
Slide 29: Industrial Services & Energy: Main contracts awarded 2009
Industrial Services & Energy: Main contracts awarded 2009 Project Amount (€ mn) Type of Project Project for the Construction of the thermosolar plant Manchasol II with an installed capacity of 50 MW (Ciudad Real, Spain) 350 Energy Projects Project fo the enhancement of Caracas´s subway line 1 (Venez
Slide 30: Industrial Services & Energy: International Presence
Industrial Services & Energy: International Presence International € 2,297 mn € 2,599 mn InternationalSales Sales2009 2009 International InternationalBacklog Backlog2009 2009 33% of total 39% of total Mexico US Uzbekistan Mexico US Uzbekistan Primary energy Control Systems CCGT plant Primary energy
Slide 31: Industrial Services & Energy: Mexico
Industrial Services & Energy: Mexico Sales Sales2009 2009ininMexico Mexico Refineries Refineries €€585 585mnmn Other 9% International 25% Monterrey 66% Culiacán Offshore Offshore Aguascalientes Spain Tampico Manzanillo Backlog Backlog2009 2009ininMexico Mexico Minatitlán €€521 mn 521 mn Oaxaca Other
Slide 32: Listed affiliates, Grupo ACS
Listed affiliates, Grupo ACS Euro Million 2008 2009 Var 130 140 +7.0 % 44 52 +18.6 % 185 208 +12.5 % Income from Associates 359 400 +11.3 % Financial expenses (457) (403) Corporate tax 115 120 Attributable Net Profit 17 118 +576.0 % Stake Stake Stake 12% 25.8% 30% One of the largest utilities in the
Slide 33: 2009 Financial Situation
Executive Executive Summary Summary 2009 2009 Results Results 2009 2009 Financial Financial Situation Situation Conclusions Conclusions 33
Slide 34: Consolidated Balance Sheet
Consolidated Balance Sheet 31st of December 2009 Net Assets Net Worth and Working Capital Liabilities € (2,804) mn Fixed FixedAssets Net Assets NetWorth Worth €€5,977 5,977mn mn €€4,592 4,592mn mn Long Longterm termfinancial financialinvestments investments €€9,352 Net NetDebt Debt 9,352 €€9,271 9,2
Slide 35: Net debt evolution in 2009
Net debt evolution in 2009 Reduction Reductionofof€€84 84mn mn €€ 262 262 mn mn €€ 766 766 mn mn €€ 1,119 1,119 mn mn 653 mn Dividends €€ 2,168 2,168 466 mn treasury stocks. mn mn €€ 5,825 5,825 €€9,356 9,356mn mn mn €€9,271 9,271mn mn mn €€ 2,349 2,349 €€ 1,652 1,652 mn mn €€ 2,260 2,260 mn mn mn m
Slide 36: Net debt, 31st of December 2009
Net debt, 31st of December 2009 €€302 302mn mn Net Debt Operating activities almost free of debt Renewables Maturity >10 years Non recourse debt Infrastructure €€3,741 Cash flow 3,741mn mn Project Finance concessions generation Treatment plants capacity debt netdebt debt netdebt 9,271mnmn mn recours
Slide 37: Best working capital account in ACS history
Working capital historical evolution Working Workingcapital capitalevolution* evolution*(Credit (Creditbalance, balance,€€million) million) 2002 2003 2004 2005 2006 2007 2008 2009 3,000 2,804 2,709 2,497 Improvement 2,500 2,280 2,295 € 509 mn 2,031 1,872 2,153 2,000 1,754 2,064 1,680 1,575 1,477 1,7
Slide 38: 2009 Investments
2009 Investments 2009 2009Investments Investments €€4,598 4,598mn mn Infrastructure concessions • Infrastructure concessions: € 253 mn As of 31st of December 2009 Total highways (km) # 2,717 Total Investment (€mn) ACS investment 11,723 1,104 9 € 173 million in Florida I‐595 highway Total Railway (km
Slide 39: Conclusions
Executive Executive Summary Summary 2009 2009 Results Results 2009 2009 Financial Financial Situation Situation Conclusions Conclusions 39
Slide 40: Conclusions: 2009 has been an exceptional year for Grupo ACS
Conclusions 2009 2009has hasbeen beenan anexceptional exceptionalyear yearfor forGrupo GrupoACS… ACS… Growth Growth Cash Cashflow flowgeneration generation Investment Investmentcapacity capacity • Sustained • Growing operating • Attractive portfolio of international cash flow infrastructure expansio
Slide 41: Sales evolution 2000-2009
2000 – 2009: a decade of economical value creation Sales Salesevolution evolution2000‐2009 2000‐2009 € bn 18.000 15.276 15.606 Average annual growth > 18% 14.892 15.000 13.507 11.582 12.000 10.354 9.000 8.429 6.000 4.420 3.921 3.410 3.000 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Employees
Slide 42: EBITDA 2000-2009
2000 – 2009: a decade of economical value creation EBITDA EBITDA2000‐2009 2000‐2009 € bn 1.600 1.458 1.383 Average annual growth > 20% 1.284 1.196 1.200 1.024 922 761 800 411 400 353 280 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 42
Slide 43: Net Profit 2000-2009
2000 – 2009: a decade of economical value creation Net NetProfit Profit2000‐2009 2000‐2009 € bn 2.500 Average annual growth > 36% 1.952 2.000 1.805 1.551 1.500 1.250 1.000 609 452 500 181 230 121 149 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 43
Slide 44: EPS 2000-2009
2000 – 2009: a decade of economical value creation EPS EPS2000‐2009 2000‐2009 7€ 6,28 € 6€ Average annual growth > 29% 5,43 € 5€ 4,51 € 4€ 3,58 € 3€ 2€ 1,74 € 1,30 € 0,94 € 1,07 € 1€ 0,63 € 0,78 € 0€ 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 44
Slide 45: ACS: leading value creation between 2000 and 2009
ACS: leading value creation between 2000 and 2009 Value Creation between 2000 and 2009 according to Instituto de Empresa Business School (IE) Average annual ACS Euro Million ACS profitability = 20% Endesa 6,840.89 4,336.76 Iberdrola 2,897.75 24.328 Ferrovial 868.30 21.974 ‐373.99 Acerinox ACS Market
Slide 46: Objectives 2010
Objectives 2010 Sustained Sustainedand andcoherent coherent Maintain Maintainfinancial financial Continue Continuegrowing growingglobally globally investment investmentpolicy policy strength strength • International expansion • Development of • Non recourse project in all areas of activity infrastru
Slide 47: Sustainability Indexes
ACTIVIDADES DE CONSTRUCCION Y SERVICIOS > @ Sustainability Indexes | oemmesitinnanteal