Acs, Actividades De Construccion Y Servicios Sa · BME:ACS
Acs, Actividades De Construccion Y Servicios Sa — Grupo ACS — H1 2013 Earnings Presentation
17 slides from Acs, Actividades De Construccion Y Servicios Sa's earnings presentation, Aug 30, 2013
Slide 1: 1H/13 Results Presentation
1H/13 Results Presentation August 30th, 2013
Slide 2: YTD Highlights
YTD Highlights Sales resilience resilience, backlog impacted by forex Sustainable net results Working g capital p control remains top p priority p y Disposals l program under d way 1st Half 2013 – Results Presentation 2
Slide 3: Key figures 6M13
Key figures 6M13 Var. Comp. Var.* Sales € 19,121 19 121 mn +1 5% +3.6% +1.5% +3 6% Backlog 20 months € 69,786 mn ‐11.9% 11.9% ‐4.5% 4.5% EBITDA Margin 8.1% € 1,545 mn ‐2.1% ‐0.2% EBIT Margin 4.4% € 850 mn +2.3% +3.7% Net Profit € 357 mn n.a. Recurrent Net Profit** € 310 mn ‐7.5% ‐6.7% * Excluding f/
Slide 4: Grupo ACS Sales 6M13
Grupo ACS Sales 6M13 Industrial Services Construction € 3,641 mn € 14,602 mn (+0.5% comp.) (+4 4% comp.) (+4.4% comp ) 19% 5% Environment € 897 mn (+4 4% comp (+4.4% comp.)) Total Sales 76% € 19,121 19 121 mn (+3.6% comp.) * Not included in the graph, € (18) million from corporation/adjustments 1st
Slide 5: Grupo ACS Sales 6M13
Grupo ACS Sales 6M13 Africa € 206 mn Spain 1% € 2,949 2 949 mn 15% A i Pacific Asia P ifi € 7,519 mn 39% 11% Rest of Europe € 2,045 mn 34% America € 6,403 mn International Sales € 16,172 mn +8.2% comp. (85% of the total) Construction Industrial Services Environment € 13,807 13 807 mn (+8.3%c.) (+8 3
Slide 6: Grupo ACS Backlog by 30th June
Grupo ACS Backlog by 30th June 13 Industrial Services Construction € 7,399 mn € 53,704 mn (+5.5% comp.) ( 4 8% comp (‐4.8% comp.)) 11% 12% Environment € 8,683 mn ( 10 2% comp.) (‐10.2% comp ) Total Backlog 77% € 69,786 69 786 mn (‐4.5% comp.) 1st Half 2013 – Results Presentation 6
Slide 7: Grupo ACS Backlog by 30th June
Grupo ACS Backlog by 30th June 13 Africa € 588 mn Spain 1% € 10,255 10 255 mn 15% A i Pacific Asia P ifi € 30,342 mn Rest of Europe 43% 17% € 11,853 mn 24% America € 16,747 mn International Backlog € 59,531 mn ‐2.7% comp. (85% of the total) Construction Industrial Services Environment € 50,441 50 44
Slide 8: EBITDA Analysis
EBITDA Analysis ‐8.6% € (33)mn ‐2.1% 8% Holding Adj. +12.1% € 12 mn 9% +6.1% € 15 mn € (88) mn • Change of mix towards 28% waste treatment € 28 mn 31% • AUD/EUR forex rates • EPC PC international impact activity growth € 1,578 mn • Activity reduction in • Cost reduction € 1,545 mn Spain measures • G
Slide 9: Recurrent Net Results
Recurrent Net Results € million 6M12 6M13 Construction Net Profit 138 120 ‐13.3% Industrial Services Net Profit 227 237 +4.4% Environment Net Profit 45 46 +1.7% Holding overheads (20) (17) Holding net financial results & others (71) (77) Others 15 1 Recurrent Net Profit 335 310 ‐7.5% Net ordinary co
Slide 10: Net debt evolution LTM
Net debt evolution LTM ACS ex HOT debt HOT AG Debt Total Net Debt HOT Reduction of 9.214 € 0.2 bn 8.579 € 2.6 bn ACS ex HOT 1.882 € 2.8 2 8 bn b 1.810 5 988 5.988 5 965 5.965 4.952 2.341 1.966 1.164 6.769 7.332 3 788 3.788 3 647 3.647 3 999 3.999 jun-12 sep-12 dec-12 mar-13 jun-13 1st Half 2013 – Re
Slide 11: YTD Net Debt Evolution
YTD Net Debt Evolution € 211 mn € 217 mn of € 802 mn investments in concessions & energy projects WC deterioration due to Leighton WC deterioration d t i ti due d € 5,965 mn growth in Oil&Gas projects € 4,952 4 952 mn Strong CAPEX in mining operation Net Debt Hochtief AG Rest of ACS Net Debt
Slide 12: YTD Net debt evolution
YTD Net debt evolution Cash Outflow Cash Inflow € 491 mn € 612 mn € 30 mn Concessions and energy € 470 mn from € 770 mn projects NEXTGEN sale € 334 mn Mainly mining equipment i t € 3.057 mn € 2.936 mn € 2.936 mn € 5,965 mn € 2.286 2 286 mn € 4,952 mn € 1.952 mn Grupo ACS ‐ Net Cash flow from R
Slide 13: Cash flow from operating activities
Hochtief ACS ex‐HOT Cash flow from operating activities 2Q13 215 mn • Working capital management programs implemented, especially in Leighton whose 1Q13 underclaims levels have being reduced in 2Q13 1Q13 269 mn • Pre‐payments reduction in line with large works 844 mn progress 2Q13 • Activity in Spai
Slide 14: We keep our Strategic Objectives for 2013
We keep our Strategic Objectives for 2013 Profitability Global Growth Increase Increase Consolidation in Risks Control developed markets World Leader in Infrastructure Development Net Debt Reduction Sale of non core Operating Cash A Assets Fl Generation Flow G i 1st Half 2013 – Results Presentation
Slide 15: Profitability programs under development
Profitability programs under development Construction Simplification of business structure, cost saving programs in Hochtief Europe Risk management systems improved and overheads reduction in Flatiron (Hochtief America) Working capital & risk management, changes in procurement and shared services in
Slide 16: Debt reduction targets under way
Debt reduction targets under way Assets sold not yet Assets under sale Cash flow collected processes generation Hochtief H h i f Airports, Ai H h i f reall estate Hochtief Working W ki capital i l sold in May requirements to be Energy assets Cash= h c. € 1.1 bn b reduced in 2H13 Concessional assets
Slide 17: 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 andd in i reference f to various i matters including, i l di among others, h i customer base, its b i performance, its f the