ACS, Actividades de Construccion y Servicios SA · BME:ACS
ACS, Actividades de Construccion y Servicios SA — Q1 2024 Earnings Presentation
32 slides from ACS, Actividades de Construccion y Servicios SA's earnings presentation, May 14, 2024
Slide 1: Q1 2024 Results Presentation
Q1 2024 | Results Presentation Q1 2024 RESULTS PRESENTATION May 14th, 2024
Slide 2: Q1 2024 overview
Q1 2024 | Results Presentation Q1 2024 overview Net Profit of €177mn, Strong LTM Net Net Debt position Record Q1 new FY 2024 guidance: up 16.7% vs. Operating Cash Flow decreased by orders of €13.2bn, up Ordinary Net Profit comparable Q1 2023 (“NOCF”) of €1.3bn €323mn yoy on the 8.5% yoy; further gro
Slide 3: P&L and operating KPIs
Q1 2024 | Results Presentation P&L and operating KPIs Solid Net Profit growth on a comparable basis Euro Million Q1 2023 Q1 2023* Q1 2024 yoy yoy FX-adj. ▪ Strong sales performance across activities with an increase Sales 8,111 8,089 8,706 7.6% 9.0% of 7.6% yoy (9.0% fx-adj.), driven particularly by
Slide 4: Net Attributable Profit breakdown
Q1 2024 | Results Presentation Net Attributable Profit breakdown Strong growth at Net Attributable Profit level enhanced by the acquisition of Hochtief minorities Net Attributable Profit breakdown Euro Million Q1 2023 (1) Q1 2024 yoy ▪ Infrastructure's contribution impacted by (i) the Integrated sol
Slide 5: Cash flow performance
Q1 2024 | Results Presentation Cash flow performance Strong cash flow generation in the LTM with Q1 reflecting typical seasonal patterns Euro Million Q1 2023 Q1 2024 yoy LTM ▪ Q1 operating working capital outflow in line with Profit before tax (PBT) 278 280 +2 1,129 typical seasonal patterns (-€1,27
Slide 6: Financial position
Q1 2024 | Results Presentation Financial position Solid cash flow generation coupled with disciplined strategic capital allocation resulted in improved net debt position as of end of Q1 2024 yoy Figures in €mn +323mn yoy ▪ The group ended Q1 2024 with a net debt position of €1,625mn, a decrease of €
Slide 7: Order backlog and new orders
Q1 2024 | Results Presentation Order backlog and new orders Continued growth in backlog visibility and diversification towards high growth markets Digital & New orders development (€bn) Other Technology Natural Energy 8% 7% 17.0 1.2x 1.2x 1.3x resources transition 15.0 1.2x 5% 5% 13.0 1.1x 1.2x 11.0
Slide 8: Selected recent significant project announcements
Q1 2024 | Results Presentation Selected recent significant project announcements Energy transition Digital & Technology BHE(1) and Social Infrastructure o HumeLink West project; high voltage transmission project to connect o Meta hyperscale data center campus, 65,000- o Royal Prince Alfred Hospital;
Slide 9: Performance by Segment
Q1 2024 | Results Presentation Q1 2024 | Results Presentation Performance by Segment 9
Slide 10: Integrated Solutions – Turner
Q1 2024 | Results Presentation Integrated Solutions – Turner Strong order book and low risk, client-focused delivery model growing in advanced technology opportunities, including in Europe Euro Million Q1 2023 Q1 2024 yoy yoy FX-adj. Sales 3,657 4,020 9.9% 10.4% ▪ Solid sales growth of 9.9% yoy (10.
Slide 11: Integrated Solutions – CIMIC
Q1 2024 | Results Presentation Integrated Solutions – CIMIC Robust margins and backlog opportunity from energy transition and sustainable mobility Euro Million Q1 2023 Q1 2023* Q1 2024 yoy yoy FX-adj. Sales 1,793 1,793 1,887 5.2% 10.2% ▪ Sales growth of 5.2% yoy (10.2% fx-adj.) driven by ramp-up of
Slide 12: Engineering & Construction
Q1 2024 | Results Presentation Engineering & Construction Solid civil engineering & public buildings prospects driven by infrastructure needs Euro Million Q1 2023 Q1 2024 yoy yoy FX-adj. Sales 2,030 2,186 7.7% 7.8% ▪ Sales increased by 7.7% yoy with increasing EBITDA margins to 5.3% EBITDA 104 116 1
Slide 13: Engineering & Construction – Dragados
Q1 2024 | Results Presentation Engineering & Construction – Dragados Improved operating margins in Dragados Euro Million Q1 2023 Q1 2024 yoy yoy FX-adj. Sales 1,334 1,375 3.1% 3.1% ▪ Sales growth of 3.1% and operating leverage driving increase in EBITDA margin up to 5.3% EBITDA 69 73 6.3% 6.2% % mar
Slide 14: Engineering & Construction – Hochtief E&C
Q1 2024 | Results Presentation Engineering & Construction – Hochtief E&C Strong backlog and revenue growth Euro Million Q1 2023 Q1 2024 yoy yoy FX-adj. Sales 696 811 16.6% 16.9% ▪ Sales increased by 16.6% yoy up to €811m EBITDA 35 42 20.3% 20.6% ▪ PBT increased by 20.7%, with margin variation % marg
Slide 15: Infrastructure
Q1 2024 | Results Presentation Infrastructure High quality brownfield concessions and high growth greenfield investment platform Euro Million Q1 2023 Q1 2023* Q1 2024 yoy Sales 46 24 27 12.9% ▪ Once adjusting the Q1 2023 consolidation method of the SH-288 to equity method to ensure Iridium 46 24 27
Slide 16: Infrastructure – Abertis
Q1 2024 | Results Presentation Infrastructure – Abertis Stable contribution to ACS Group EBITDA and Net Profit on the back of strong operating performance and cash flow generation Euro Million Q1 2023 Q1 2024 yoy Strong operating performance Sales (100%) 1,306 1,487 13.9% ▪ Revenues up 14% and EBITD
Slide 17: Infrastructure – Abertis: Key figures by country
Q1 2024 | Results Presentation Infrastructure – Abertis Key figures by country EUROPE OVERSEAS HOLDING TOTAL € Mn France Spain Italy USA (2) Mexico Chile Brazil Arg. Int. (3) A.Infra. (4) Total Group Km 1,769 631 236 309 1,011 412 3,193 175 152 - 7,886 Concessions (1) 2 7 1 5 5 4 7 2 2 - 35 Traffic
Slide 18: Infrastructure – Greenfield equity investments
Q1 2024 | Results Presentation Infrastructure – Greenfield equity investments Strong international and well-diversified portfolio of assets with a current fair value of €2.7bn Portfolio (# of assets) Roads 34 Social 40 NORTH EUROPE LATIN AMERICA ASIA / PACIFIC AMERICA Rail 13 Number of assets 18 67
Slide 19: Conclusions and strategic guidelines
Q1 2024 | Results Presentation Q1 2024 | Results Presentation Conclusions and strategic guidelines
Slide 20: Conclusions
Q1 2024 | Results Presentation Conclusions REVENUES* NET PROFIT LTM NOCF Solid operating performance +9.0% €177mn €1.3bn (FX adjusted) (up 16.0% comparable) (up €0.53bn yoy) 2023A FY 2024 FY TARGET FY guidance €600mn +8-12% ORDINARY NET PROFIT Capital allocation priorities ✓ Strategic accretive M&A
Slide 21: Strategic guidelines by segment
Q1 2024 | Results Presentation Strategic guidelines by segment Strong cash generation to drive balance between yield and growth Integrated Solutions Infrastructure E&C Greenfield E&C • US leadership with • Leading Australasian player • Perpetual value creation • Investment track record • Ongoing de-
Slide 22: Appendix
Q1 2024 | Results Presentation Q1 2024 | Results Presentation Appendix
Slide 23: New reporting structure
Q1 2024 | Results Presentation New reporting structure Introducing a new reporting structure to reflect the transformation of our business ACS ACS – group level S Segment level Integrated Turner ✓ Better visibility of each Solutions segment CIMIC KPI Q1 and 9M H1 and FY ✓ Alignment with our Engineer
Slide 24: CIMIC – 10% stake acquisition of Thiess
Q1 2024 | Results Presentation CIMIC – 10% stake acquisition of Thiess The 10% stake acquisition will allow CIMIC to strengthen its governance over the day-to-day operations of the company. The group will fully consolidate Thiess starting in Q2 2024 Thiess (AUD million) 2022 2023 yoy Sales 3,950 5,9
Slide 25: ACS Group – Main KPIs
Q1 2024 | Results Presentation ACS Group – Main KPIs Main KPIs - Profit and loss Main KPIs - New orders and backlog Euro million Q1 2023 Q1 2023* Q1 2024 yoy 2023 Euro million Q1 2023 Q1 2024 yoy 2023 Sales New orders Turner 3,657 3,657 4,020 +9.9% 16,185 Turner 4,545 7,073 +55.6% 18,595 Cimic 1,793
Slide 26: Income Statement
Q1 2024 | Results Presentation Income Statement Euro Million Q1 2023 Q1 2023* Q1 2024 yoy yoy FX-adj. Sales 8,111 8,089 8,706 +7.6% +9.0% EBITDA 462 437 461 +5.5% +7.2% EBIT 329 304 327 +7.3% +9.0% Ordinary financial result (89) (85) (79) (1) Other results 38 39 33 EBT 278 259 280 +8.4% +9.4% Taxes
Slide 27: Sales and backlog by geography
Q1 2024 | Results Presentation Sales and backlog by geography Sales by Geography Backlog by Geography Euro Million Q1 2023 Q1 2024 yoy Euro Million Q1 2023 Q1 2024 yoy North America 5,016 5,445 +8.5% North America 38,849 42,890 +10.4% Asia Pacific 1,789 1,863 +4.1% Asia Pacific 18,661 19,132 +2.5% E
Slide 28: Balance Sheet
Q1 2024 | Results Presentation Balance Sheet Financial balance sheet - Net assets Financial balance sheet - Liabilities and equity Euro Million Dec-23 Mar-24 Euro Million Dec-23 Mar-24 Fixed assets 12,369 12,481 Net equity 5,631 5,775 - Tangible and intangible assets 2,430 2,460 - Equity 5,008 4,915
Slide 29: Cash flow performance
Q1 2024 | Results Presentation Cash flow performance Euro Million Q1 2023 Q1 2024 1Q2023 LTM 1Q2024 LTM PROFIT BEFORE TAX 278 280 1,020 1,129 D&A 133 134 642 553 Operating WC variation (1,456) (1,275) (410) 108 Tax payments, associates and other adjs. (87) (24) (16) (40) OPERATING CASH FLOW (1,132)
Slide 30: FX rate impact
Q1 2024 | Results Presentation FX rate impact Average Exchange Rate (€ vs. currency) Mar-23 Dec-23 Mar-24 Var. LTM Var. YTD US Dollar 1.0776 1.0829 1.0825 +0.5% -0.0% Australian Dollar 1.5835 1.6347 1.6586 +4.7% +1.5% Closing Exchange Rate (€ vs. currency) Mar-23 Dec-23 Mar-24 Var. LTM Var. YTD US D
Slide 31: Legal Disclaimer
Q1 2024 | Results Presentation Q1 2024 | Results Presentation Legal 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 othe
Slide 32: Q1 2024 | Results Presentation
Q1 2024 | Results Presentation
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