Acs, Actividades De Construccion Y Servicios Sa · BME:ACS
Acs, Actividades De Construccion Y Servicios Sa — Grupo ACS — Q1 2009 Earnings Presentation
17 slides from Acs, Actividades De Construccion Y Servicios Sa's earnings presentation, Apr 30, 2009
Slide 1: 1Q09 Results Presentation
1Q09 Results Presentation April 30th, 2009
Slide 2: Grupo ACS 1Q09 Relevant Facts
Grupo ACS 1Q09 Relevant Facts Operating results showed a Despite the economical and good performance financial environment Unión Fenosa sale completed Cash proceeds received Focus on non recourse debt Strength of the financial backed by cash-flow rich structure of the Group assets Novation of the Ib
Slide 3: Grupo ACS 1Q09 Results: Key figures
Grupo ACS 1Q09 Results: Key figures Sustained Positive Operating Performance Total Turnover € 4,080 mn +1.6 % EBITDA € 383 mn +4.9 % EBIT € 287 mn +0.7 % Ordinary Net Profit* € 301 mn +11.2 % Net Profit € 1,306 mn +118.1 % * Profit after taxes not including exceptional results 3
Slide 4: Key figures: Improved Financial Structure
Grupo ACS 1Q09 Results: Key figures Improved Financial Structure Total Net Debt € 8,983 mn Net Debt with Recourse € 123 mn € 5,461 mn in Iberdrola and Hochtief financing vehicles, including the novation of Non Recourse Financing € 8,860 mn the equity swap Net Worth € 3,848 mn € 3,399 mn in project f
Slide 5: Sales analysis
Sales analysis +15.8% -1.6% +1.6% € -52 mn + € 63 mn € 115 mn • Construction and E&L decrease partially compensated by the growth in Industrial Services Domestic 79% Sales • Construction sales grew more than 30% € 4,080 mn Domestic Sales 82% • Environment & Logistics and Industrial Services € 4,017
Slide 6: EBITDA analysis
EBITDA analysis January - March + € 18 mn +4.9% Holding € 4 mn +14.5% -9.9% n.a. -1.3% € 20 mn 42% € (13) mn € (1) mn 37% € 8 mn • Impact from Ports • Improvement of Slowdown in • Contribution from and Logistics slowdown margins and € 383 mn new concessions contribution 26% activity. Margins from 27
Slide 7: Net Profit analysis
Net Profit analysis € mn Mar 08 Mar 09 Var. Construction Net Profit 75 69 -8.3% Concessions Ordinary Net Profit 4 (7) n.s. Environment and Logistics Net Profit 34 34 +0.4% Industrial Services & Energy Net Profit 74 82 +10.1% Listed Companies / Holding & Others 84 123 +46.4% Ordinary Net Profit 271 3
Slide 8: 1Q09 Operating Results
1Q09 Operating Results Breakdown by activity Environment & Industrial Services & Construction Euro Million Logistics Energy Turnover 1,587 -9.9 % 769 +0.4 % 1,721 +10.0 % International Turnover 196 +30.8 % 110 +19.2 % 536 +10.1 % % over total 12% 14% 31% EBITDA 118 -9.9 % 100 -1.3 % 161 +14.5 % Marg
Slide 9: 1Q09 Operating Results: Breakdown by activity
1Q09 Operating Results Breakdown by activity Sales 1Q09 Backlog 1Q09 Million Euros 14% 5% 15% Sales Var. Backlog Var. Construction 1,587 -9.9 % 11,071 -7.3 % 21% Civil Works 1,036 -1.7 % 8,833 +7.0 % 65% Non Residential Building 329 -17.6 % 1,657 -24.2 % Residential Building 222 -27.9 % 581 -61.1 %
Slide 10: Construction Activity Evolution
Construction Activity Evolution Construction Output - quarterly contribution Quarter to quarter % variation 2,500 +22% 30% 2,087 1,870 1,891 1,823 20% 2,000 1,684 1,696 1,676 1,699 1,761 1,742 1,587 1,501 10% 1,500 +13% 1,300 +12% +11% +10% 0% +3% +4% 1,000 -1% -4% -10% 500 -9% -20% -19% 0 -30% -25%
Slide 11: Balance Sheet Key Figures
Balance Sheet Key Figures Million Euros Dec 2008 Mar 2009 Tangible Fixed Assets 5,306 5,629 LT financial investments 7,081 7,993 Other non-current assets 2,233 2,156 Total fixed assets 14,619 70% 15,778 112% Working Capital (2,295) -11% (1,719) -12% Net Assets held for sale* 8,438 41% 2 0% Total Net
Slide 12: 1Q09 Debt Evolution Analysis
1Q09 Debt Evolution Analysis € 48 mn - € 373 mn € 458 mn 287 mn Dividends € 368 mn paid 171 mn Treasury Stock € 141 mn € 9,356 mn € 5,825 mn € 8,983 mn € 2,316 mn € 43 mn € 2,260 mn Cash Flow from Cash flow Non recourse Others Iberdrola Operating Energy & Dividends& Net Debt treasury stock Net Debt
Slide 13: Net debt situation: March 09
Net debt situation: March 09 Net debt € 123 mn with recourse Operating activities free of debt Renewable assets Infrastructure Project finance Maturity >10y concessions € 3,399 mn non recourse debt Treatment plants Cash Rich Assets Port terminals Total Net Debt € 8,983 mn Iberdrola (12.6%) → € 4,799
Slide 14: Working capital evolution: Historical trends
Working capital evolution: Historical trends Working capital evolution* (figures in credit balances, mn€) 3,000 2002 2003 2004 2005 2006 2007 2008 2009 2,709 2,497 2,500 2,280 2,153 2,295 2,000 1,872 1,754 2,064 1,680 1,575 1,477 1,305 1,690 1,722 1,500 1,719 1,163 1,468 1,324 1,000 659 584 423 410
Slide 15: 1Q09 Capex breakdown
1Q09 Capex breakdown Gross Net Euro Million Disposals Investment Investment Construction 31 -4 27 Concessions 34 0 34 Environment & Logistics 77 -3 74 Industrial Services 339 -5 334 Holding & others 2,354 -5,825 -3,471 TOTAL 2,836 -5,837 -3,001 Holding: Gross Investments 1Q09 • Novation of 5.1% Iber
Slide 16: ACS continues delivering value for shareholders
Conclusions ¾ Operating activities performance remains robust • Operating growth is backed by diversification • Increasing the international profile of the Group • Overall backlog close to € 35 bn, highly diversified ¾ Well distributed and solid financial structure • No debt at operating businesses
Slide 17: Dow Jones Sustainability Indexes
Dow Jones Cc Sustainability Indexes Member 2008/09 ACTIVIDADES DE CONSTRUCCION Y SERVICIOS ~