Sacyr Sa · BME:SCYR
Sacyr Sa — Q1 2016 Earnings Presentation
29 slides from Sacyr Sa's earnings presentation, May 6, 2016
Slide 1: Results Q1 2016
Results Q1 2016 6 May 2016 Q12016 – Presentation of Results 1
Slide 2: Contents
CONTENTS 1. Q12016 Results 2. Operational Development 3. Performance by Business Area 4. Financial Debt 5. Annexes Q12016 – Presentation of Results 2
Slide 3: Q1 2016 Results
Q1 2016 RESULTS • Consolidation of international markets o Opening new markets: Oman, Ecuador o International construction backlog -> 84% o Interannual backlog growth -> +14% Business Areas • EBITDA margin -> 11.9% • Net profit -> + 68% • Successful rotation of concession assets Q12016: multiples P/
Slide 4: Panama Canal
Panama Canal Panama Canal expansion project will be inaugurated on June 26, 2016. The GUPC consortium, led by Sacyr, has successfully passed performance tests meeting the requirements of the contract, so that it is expected to get the “Functional Completion” by the end of May. The completion o
Slide 5: Operational Development
Operational Development Revenue +4% EBITDA +7% € million € million 81 Backlog +14% Net Profit +68% € billion € million 42 Q12016 – Presentation of Results 5 * 2015 restated without Testa, Aeromur, Braga and Vila Franca de Xira Hospitals. It is not included the backlog of Pedemontana Veneta (Italy) a
Slide 6: Profitability: EBITDA
Profitability: EBITDA € million 81 75 47 44 18 14 15 13 7 4 Profitability: Consolidated EBITDA margin Q1 2016 = 11.9% Q12016 – Presentation of Results 6
Slide 7: Backlog
Backlog 1 Internationalization (% Backlog) 2 Sustained Growth € billion Spain International +14% Q1 2015 Q1 2016 84% International construction backlog Specialization in high added value works due to technical complexity or large scale Selective international presence, countries with political, e
Slide 8: Business Areas
Business Areas 1. Construction 2. Concessions 3. Services 4. Industrial Q12016 – Presentation of Results 8
Slide 9: Construction
Construction € million Q1 2016 Q1 2015 ∆ Slowdown in the markets where Revenue 337 368 -8% Somague operates. Sacyr Construction 257 271 -5% Moderate decrease in the rest of Somague 81 97 -17% the construction activity, due to the completion of Rutas de Algarrobo EBITDA 13 18 -26% and Valles del
Slide 10: Concessions
Concessions Relevant growth of concessions income € million Q1 2016 Q1 2015 ∆ ∆* due to: • Positive evolution of traffics in Revenue Spain +7%. 132 133 -1% +3% • Start of operation of Rutas del Desierto. Construction income 61 69 -12% -12% • Income contribution, concessions in Chile and Colombia.
Slide 11: Concessions: Disinvestments
Concessions: Disinvestments 1 Main disinvestments Q1 2016 Country Project Portugal 49% Braga Hospital Portugal 49% Villafranca Hospital Portugal 39% Isla Terceira Hospital, Azores 2 Internationalization: Backlog € 12.8 bn Spain International Q1 2015 Q1 2016 Q12016 – Presentation of Results 11
Slide 12: Traffic
Traffic ACCUMULATED ADT Mar-16 Mar-15 Chg. SHADOW TOLL HIGHWAY SPAIN - AUTOVIA DEL NOROESTE 11,342 10,866 4.4% - Ma-15 PALMA-MANACOR 19,942 18,603 7.2% - AS-II OVIEDO-GIJÓN (VIASTUR) 22,210 21,883 1.5% - AUTURSA CV-35 36,321 35,050 3.6% - ERESMA 7,060 6,532 8.1% - BARBANZA 11,570 11,426 1.3% - ARLAN
Slide 13: Services
Services € million Q1 2016 Q1 2015 ∆ High revenue growth (+7%) with solid evolution in Multiservices and Environment activities. Revenue 188 176 7% Environment 78 74 5% Water: completion of the desalination plant in Israel. Multiservices 81 71 13% EBITDA positive performance in all business li
Slide 14: Services – Contract Awards
Services – Contract Awards Main awards Q1 2016 Country Project Design, construction, operation and maintenance of a desalination plant in Sohar, on the coast of OMAN Batinah, for an amount of $1.2 billion (€ 1.05 bn ) Valoriza Servicios Medioambientales has won a contract for the collection and tran
Slide 15: Industrial
Industrial Significant increase in EPC revenue due to € million Q1 2016 Q1 2015 ∆ the contribution of Refinery of La Pampilla (Peru), regasification plant in Cartagena (Colombia), cement plant in Oruro Revenue 86 53 63% (Bolivia) and electric grid projects in Mexico , Peru and Panama. Also Sacyr O
Slide 16: Sacyr holds an 8.5% stake in Repsol
Sacyr holds an 8.5% stake in Repsol which is consolidated using the equity method • As of March 31st 2016 its equity value in Repsol is 15.5€/share. • Repsol has contributed to Sacyr´s Q1 2016 net profit € 18m. • In the first quarter 2016 the loan principal associated with this stake has been reduce
Slide 17: Financial Debt
Financial Debt Q1 2016 Project Working € million Corporate Repsol TOTAL 2S2015 Finance Capital Sacyr Concesiones 1,685 1,685 1,720 Other business lines 181 185 366 322 Corporate 543* 543 525 Repsol 1,629 1,629 1,613 NET DEBT 1,873 185 543 1,629 4,223 4,180 * Convertible bonds € 453m Q12016 – Present
Slide 18: Maturity Schedule
Maturity Schedule 96% of net debt due from 2018 onwards 4,223 1,774 408 1,887 181 -27* Net Debt Deuda Q112016 Neta T2016 2016 2017 2018 2019 2020y&++ 2020 * 2016 maturities include an issue of convertible bonds that has been amortized after the closure. Q12016 – Presentation of Results 18
Slide 19: Net debt evolution
Net debt evolution € billion 7.08 4.22 Deuda Neta 1T2015 Deuda Neta 1T2016 Net Debt Q1 2015 Net Debt Q1 2016 Q12016 – Presentation of Results 19
Slide 20: Annexes
Annexes FINANCIAL STATEMENTS Income Statement Consolidated Balance Sheet Income Statement by line of business Balance Sheet by line of business Maturity Schedule Concessions income Q12016 – Presentation of Results 20
Slide 21: Income Statement
Income Statement STATEMENT OF INCOME MARCH % chg (Thousands of Euros) 2016 2015 * 16/15 Revenue 679,913 656,853 3.5% Other income 13,606 19,418 -29.9% Total operating income 693,519 676,271 2.6% External and Operating Expenses -612,861 -601,175 1.9% GROSS PROFIT FROM ORDINARY OPERATIONS(1) 80,658 75
Slide 22: Balance Sheet
Balance Sheet BALANCE SHEET MARCH DECEMBER Chg (Thousands of Euros) 2016 2015 NON CURRENT ASSETS 6,749,736 6,778,086 -28,350 Intangible Assets 15,870 14,816 1,055 Concessions Investments 1,642,679 1,643,853 -1,174 Fixed Assets 362,595 376,148 -13,553 Financial Assets 3,154,491 3,164,864 -10,372 Rece
Slide 23: Income Statement by line of business Q1 2016
Income Statement by line of business Q1 2016 CONSOLIDATED INCOME STATEMENT AS OF MARCH 2016 Sacyr Sacyr Sacyr Holding and (Thousands of Euros) Valoriza TOTAL Construccion Concesiones Industrial Adjustments Turnover 337,305 132,000 187,585 86,261 -63,238 679,913 Other Sales 6,449 2,196 2,666 1,340 95
Slide 24: Income Statement by line of business Q1 2015
Income Statement by line of business Q1 2015 CONSOLIDATED INCOME STATEMENT AS OF MARCH 2015 Sacyr Sacyr Sacyr Holding and (Thousands of Euros) Valoriza TOTAL Construccion Concesiones Industrial Adjustments #¡DIV/0! #¡DIV/0! #¡DIV/0! #¡DIV/0! #¡DIV/0! #¡DIV/0! Turnover 368,342 132,697 175,533 52,777
Slide 25: Balance sheet by line of business Q1 2016
Balance sheet by line of business Q1 2016 CONSOLIDATED BALANCE SHEET AS OF MARCH 2016 Sacyr Sacyr Sacyr Holding y (Thousands of Euros) Valoriza TOTAL Construcción Concesiones Industrial Ajustes NON CURRENT ASSETS 378,239 3,171,412 638,020 203,193 2,358,872 6,749,736 Intangible Assets 106 44 7,993 6,
Slide 26: Balance Sheet by line of business 2015
Balance Sheet by line of business 2015 CONSOLIDATED BALANCE SHEET AS OF DECEMBER 2015 Sacyr Sacyr Sacyr Holding y (Thousands of Euros) Valoriza TOTAL Construcción Concesiones Industrial Ajustes NON CURRENT ASSETS 372,995 3,181,176 640,974 203,575 2,379,366 6,778,086 Intangible Assets 130 50 7,805 5,
Slide 27: Maturity Schedule
Maturity Schedule NET FINANCIAL DEBT € million MATURITY SCHEDULE Q1 2016 2016 2017 2018 2019 2020 &+ Sacyr Concesiones 1,685 -134 72 85 119 1,543 Sacyr Construcción + Somague 164 43 41 17 10 53 Valoriza 184 -10 27 22 29 116 Industrial 18 -35 19 10 11 13 SUBTOTAL ACTIVITIES DEBT 2,051 -136 159 134 16
Slide 28: Concessions: revenue breakdown
Concessions: revenue breakdown REVENUE (€ Thousands) 1Q 2016 1Q 2015 Chg. (%) AUTOVÍA DEL TURIA 2,919 2,776 5.1% AUTOVÍA NOROESTE C.A.R.M. 1,890 1,956 -3.4% VIASTUR 1,694 1,660 2.0% PALMA MANACOR 2,163 2,004 8.0% AUTOVÍA DEL BARBANZA 3,876 3,717 4.3% AUTOVÍA DEL ERESMA 1,520 1,396 8.9% AUTOVÍA DEL A
Slide 29: Note on financial information
NOTE: The financial information contained in this document is drafted according to the International Financial Reporting Standards. This information has not been audited and therefore may be modified in the future. Testa is accounted as a discontinued operation since January 2015 and the 2015 income