Acs, Actividades De Construccion Y Servicios Sa · BME:ACS
Acs, Actividades De Construccion Y Servicios Sa — Grupo ACS — 9M 2014 Earnings Presentation
15 slides from Acs, Actividades De Construccion Y Servicios Sa's earnings presentation, Nov 14, 2014
Slide 1: 3Q/14 Results Presentation
3Q/14 Results Presentation November 14th, 2014
Slide 2: Results Highlights
Results Highlights Like-for-like* growth in Sales, Good operating performance EBIT & Net Profit Resilient backlog Sound contracting activity Book to bill YTD (ex contract mining) = 0.98x Stable net debt • Similar gearing as of 1H14 despite investment expansion • Total investments YTD € 1.6 bn • Stro
Slide 3: Key figures 9M14
Key figures 9M14 Var. Var. (like-for-like)* Sales € 28,232 mn -2.6% +2.3% Backlog 19 months € 66,135 mn -2.4% -5.4% EBITDA Margin 6.6% € 1,865 mn -13.7% -4.5% EBIT Margin 4.3% € 1,206 mn +2.2% +10.0% Net Profit € 551 mn +0.5% +5.3% Operating FCF (before WC) € 670mn +29.0% * Like-for-like variations
Slide 4: Grupo ACS Sales 9M14
Grupo ACS Sales 9M14 Total Sales € 28,232 mn +2.3%* Industrial Services Africa € 201 mn € 5,171 mn Environment -37.6% Spain -1.6%* € 1,600 mn € 4,424 mn -0.5%* 1% +5.5% 18% 15% 6% 41% 9% 76% 34% Rest of Asia Pacific Europe Construction € 11,522 mn € 2,523 mn € 21,480 mn -0.8% America -20.5% +3.4%* N
Slide 5: Grupo ACS Backlog Evolution 9M14
Grupo ACS Backlog Evolution 9M14 YTD Book to bill ratio (ex contract mining) 0.98x € 27,2 bn € 27,7 bn € 5,0 bn € 0,2 bn € 1,9 bn Forex and New orders Production New orders, Production, perimeter Ex Cont. Ex Cont. Contract Contract changes Mining Mining Mining Mining € 63,4 bn € 67,9 bn € 67,9 bn €
Slide 6: EBITDA Analysis
EBITDA Analysis € 68 mn Like for like -4.5% Telco & € 84 mn € 50 mn Services Non Underlying FleetCo (Forex & perimeter changes) € 2.160 mn € 2.092 mn € 1.999 mn € 1.865 mn EBITDA 9M13 Adjusted EBITDA 9M14 Adjusted EBITDA 9M13 EBITDA 9M14 Third Quarter 2014 – Results Presentation 6
Slide 7: EBIT Analysis
EBIT Analysis +15.5% -4.2% € (28) mn 0% € 68 mn € (0) mn Corp. • Revenues decrease • Adjustments in by 4.1% € (14) mn Urbaser contracts • Change of Mix during 2013 8% • Margin improvement in (lower EPC activity) 8% • Clece incorporation America and Leighton (lower margins) • Lower PPA depreciation 5
Slide 8: 9M14 Net Results
9M14 Net Results € million 9M13 9M14 Construction Net Profit 149 143 -3.6% Industrial Services Net Profit 334 314 -5.9% Environment Net Profit 54 55 +1.6% Corporation Net Result 11 38 n.s. Net financial expenses (107) (99) Financial stakes, overheads & others 118 137 Net Profit 548 551 +0.5% Third Q
Slide 9: Cash Flow from Operations
Cash Flow from Operations 9M13 9M14 Net Financial Expenses, Tax Payments & Net Financial Other Expenses, Tax Payments & (782) Other (684) Operating Op. CAPEX Op. CAPEX activities EBITDA (Net) Operating (Net) FCF activities EBITDA (511) (before WC) 2,160 (859) FCF (before WC) 1,865 + 29% 670 519 Thir
Slide 10: Net Investments 9M14
Net Investments 9M14 Regular Capex € 511 mn Financial investments € 1,079 mn 25% Clece & Shareholding 1T14 2T14 3T14 Waste treatment increase in plants HOT 249 Corporation 212 184 Environment 161 208 124 Industrial Services 78 129 Construction 55 576 41 60 23 Energy projects Proportional HOCHTIEF ta
Slide 11: Operating Working Capital YTD Variation
Operating Working Capital YTD Variation 9M13 9M14 HOCHTIEF ACS ex HOCHTIEF € (577) mn € (821) mn Good performance during 3Q14 in all business units Seasonal effect & lower down € (770) mn € (638) mn payments (Mexico, concessions) Less deterioration € (1,459) mn than in 3Q/2013 € (1,347) mn Third Qua
Slide 12: Net debt evolution LTM
Net debt evolution LTM € 405 mn € 723 mn € 732 mn Cash flow € 1.570 mn from financial € 1.733 mn instruments € 594 mn € 5.872 mn € 5.872 mn € 5.458 mn Shareholding € 5.027 mn increase in HOT & LEI € 3.294 mn Net Debt Operating CF CAPEX Net Financial WC Variation ACS dividends & Others & Net Debt 30
Slide 13: Restructuring process in HOCHTIEF and Leighton
Restructuring process in HOCHTIEF and Leighton • New organization defined and implemented • Restructuring of Leighton Group businesses is on track Organizational restructuring • HOCHTIEF America showing good performance • Strong turnaround in terms of Cash Flow in Europe • Real Estate sale in HOCHTI
Slide 14: Conclusions: 2014 Operating & Financial targets maintained
Conclusions Diversification Geographical and activity diversification contribute to pays off operating resilience and visibility Profitability Efforts in restructuring, refinancing and risk prospects reinforced management reaffirms long term guidance Increase cash flow from operations Cash flow focu
Slide 15: 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