Acs, Actividades De Construccion Y Servicios Sa · BME:ACS
Acs, Actividades De Construccion Y Servicios Sa — FY2021 Earnings Presentation
26 slides from Acs, Actividades De Construccion Y Servicios Sa's earnings presentation, Feb 25, 2022
Slide 1: 2021 Results Presentation
2021 Results Presentation February 25th, 2022 th
Slide 2: Executive Summary 2021
Executive Summary 2021 1 POSITIVE BUSINESS PERFORMANCE SALE OF THE INDUSTRIAL ACTIVITY 2 STRATEGIC AGREEMENT WITH VINCI JV FOR RENEWABLES DEVELOPMENT 3 INVESTMENT IN INFRASTRUCTURE DEVELOPMENT AND OPERATION SIMPLIFICATION OF THE GROUP’S STRUCTURE AND 4 CORPORATE GOVERNANCE UPDATE 5 BOOST TO SUSTAINA
Slide 3: Good Business performance
1. Good Business performance EBITDA ORDINARY NET PROFIT 1 Positive performance of operating activities 1,598 +16% €mn 720 +33% €mn BACKLOG ORDER INTAKE 2 Projects backlog at record highs 67.3 +11% €bn 36.5 +41% €bn PROCEEDS FROM THE NET CASH POSITION SALE OF INDUSTRIAL 3 Strong financial position to
Slide 4: Key operating figures 2021
1.1 Key operating figures 2021 YoY 2020 (1) 2021 Variation SALES 27,853 27,837 -0.1% PRODUCTION (2) 30,538 31,316 +2.5% BACKLOG 60,425 67,262 +11.3% EBITDA 1,384 1,598 +15.5% EBIT 941 1,084 +15.2% Gross FFO(3) 612 1,073 +75% (1) Comparable pro forma figures: Elimination of negative impacts from Gorg
Slide 5: Key financial figures
1.2 Key financial figures YoY 2020 2021 Variation ORDINARY NET PROFIT 542 720 +32.9% EXTRAORDINARY IMPACTS (1) 32 2,325 n.a. TOTAL NET PROFIT 574 3,045 n.a. NET (DEBT) / CASH (1,820) 2,009 3,829 FACTORING BALANCE ( 1,438 ) ( 1,012 ) -29.6% NET WORTH 4,276 7,028 +64.6% (1) Results from non-recurring
Slide 6: Geographical distribution: Sales
1.3 Geographical distribution: Sales Sales 2021 27,837 €mn -0.1% +0.5 % ex FX Latam USA 1% s/sales +12.1% Asia 53% s/sales 3% s/sales -7.3% -5.5% -2.7 % ex FX Australia 19% s/sales +15.3% +9.8 % ex FX Rest of Europe 7% s/sales Spain Canada +3.3% 11% s/sales +3.6% 6% s/sales -1.5% -5.2 % ex FX Figure
Slide 7: Geographical distribution: Backlog
1.3 Geographical distribution: Backlog Backlog 2021 67,262 €mn +11.3% +6.2 % ex FX Latam USA 1% s/backlog -10.9% Asia 45% s/backlog +12.9% +4.2% ex FX 2% s/backlog -8.4% Australia 30% s/backlog +14.1% +12.0% ex FX Rest of Europe Canada 10% s/backlog Spain 4% s/backlog -1.7% -9.2% ex FX +10.0% 8% s/b
Slide 8: Backlog evolution
1.4 5 years backlog evolution BACKLOG ORDER INTAKE SERVICES 67.3 64,7 2,9 58,9 58,0 9,4 Pandemic JV 54,4 impact SERVICES JV 37,2 36.5 34,9 1,8 CONSTRUCTION 5,0 25,8 55,0 CONSTRUCTION 29,7 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 2018 2019 2020 2021 * Historical data excluding Industrial Services and 50% o
Slide 9: Main Awards 2021
1.5 Main Awards 2021 Design and Build of a new Construction and operations phase station to be constructed in Civil Works (until 2051) of three-lane twin PPP Curzon Street to connect the new High Speed 2 line in 313 €MN tunnels of the North East Link Primary Package PPP in Melbourne 2,465 €MN Birmin
Slide 10: Results by business area: Construction
1.6 Results by business area: CONSTRUCTION North America Comparable (-5.2%) 2021 YoY Var.* Rest of Europe Sales 25,879 -0.7% (-6.2%) EBITDA 1,275 +1.0% Germany 1% Ordinary Net Profit 273 +3.8% (+8.0%) 4% 64% *Comparable annual growth: excludes extraordinary impacts (Gorgon in 2020 and Alto Maipo in
Slide 11: Results by business area: Concessions
1.6 Results by business area: CONCESSIONS Recovery of traffic levels to pre-pandemic ABERTIS 2021 Comp. Var* levels. 2021 Var. €mn Turnover 4,854 +20% Operating performance backed by new investments in México (RCO) & USA (ERC) EBITDA 145 +188 EBITDA 3,351 +28% Debt reduction and issuance of hy
Slide 12: Results by business area: Services
1.6 Results by business area: SERVICES Rest of Europe 2021 YoY Var. (+18.2%) Sales 1,643 +5.7% EBITDA 88 +43% Ordinary Net Profit 29 +65.4% 8% Sales growth and recovery of operating margins to pre-pandemic levels 10% 92% 1.600 8% Sales 6% Spain 1.300 4% EBITDA (+4.6%) margin 2% 1.000 0% 2018 2019
Slide 13: Operating Cash Flow (FFO)
1.7 Operating Cash Flow (FFO) 6% 30% Construction EBITDA 1,598 Concessions 64% Services Financial expenses, Taxes & others (525) (525) Gross Operating Cash Flow 1,073 Working Capital Var. (ex – factoring) (192) (192) 1,598 (323) CAPEX & Operating Leases (323) 558 Operating Cash Flow (FFO) 558 EBITDA
Slide 14: Net Profit 2021: Evolution
1.8 Net Profit 2021: Evolution Net Profit 2020 Net Profit 2021 3,045 2,325 720 574 542 60 28 Net capital gain REPORTED -50% Thiess Extraordinary Ordinary Ordinary Industrial Services and REPORTED 2020 contribution Impacts (2) 2020 2021 other impacts 2021 (1) Figures in euro million (1) Elimination o
Slide 15: Net Profit 2021: Breakdown per activity
1.8 Net Profit 2021: Breakdown per activity 2020 2021 Var. Construction (Dragados + HOT 1 ex ABE) 262 273 +3.8% Concessions (1) 167 n.a Industrial Services 2 312 328 +5.1% Services (Clece) 18 29 +64.5% Corporation (49) (77) Ordinary Net Profit 541 720 +32.9% (1) Thiess contribution adjusted in 2020
Slide 16: Net Profit 2021: Extraordinaries
1.8 Net Profit 2021: Extraordinaries 2021 Ordinary Net Profit 720 Net capital gain on sale of Industrial Services 2,909 Transaction capital gain 3,517 (-) Elimination of tax credits (608) Provisions for revaluation of operating risks (479) Net Capital Gain 2,909 Loss Alto Maipó (Chile) HOCHTIEF (102
Slide 17: Net Debt Evolution
1.9 Net Debt Evolution NET DEBT 2020 (1,820) (879) 29 Adjustment for deconsolidation of Industrial (1/1/2021) (859) 4,980 2.009 NET DEBT 2020 adjusted (2,679) (1,820) Cash Flow from Operating Activities 558 (2,679) Proceeds from the sale of Industrial 4,980 (859) 558 NET DEBT December 2020 Adjustmen
Slide 18: Strategic agreement with VINCI
2. Strategic agreement with VINCI Euro million 1 Cash payment (as of December 30, 2021) 4,902 8 energy assets Dividends recieved in 2021 78 + SALE OF Proceeds received at year-end 2021 4,980 INDUSTRIAL ACTIVITY Earn-out (15GW renewables development) 600 + 25 GW of Renewable energy Pipeline TOTAL TRA
Slide 19: Investment in development and operation of infrastructure concession assets
3. Investment in development and operation of infrastructure concession assets Increasing the weighting of assets with higher cash recurrence TARGET Increase visibility of the Group’s future results and dividends ACQUISITION OF HIGHWAY CONCESSIONS IN STRATEGIC MARKETS Spain North America Europe Aust
Slide 20: Simplification of the Group's organizational structure
4. Simplification of the Group’s organizational structure Increase transparency and TARGET tracking of cash flows CONSTRUCTION CONCESSIONS SERVICES 100% 52% 30% 100% 100% 20% 100% 100% 79% BROWNFIELD GREENFIELD EUROPE Renewable energy & TENDER OFFER • On February 23, 2022 HOCHTIEF AG launched a wa
Slide 21: Corporate governance update
4. Corporate governance update TARGET More efficient Governance Alignment with Good Corporate Governance principles and recommendations 1 INCREASE IN INDEPENDENCE AND DIVERSITY OF THE BOARD OF DIRECTORS 2 DUALITY OF FUNCTIONS Proposal for the appointment of a new Managing Director (CEO) 3 EMPHASIS O
Slide 22: Boost to sustainability: A long history within the Group
5. Boost to sustainability: A long history within the Group Qualitative commitments related to the 2030 Agenda for Sustainable Development Sustainability Functional and operational Policy framework for the promotion Contribution (2020) of good management practices to the SDGs (2016) among group comp
Slide 23: New Sustainability Master Plan 2025
5. New Sustainability Master Plan 2025 KEY PLAYER IN ECONOMIC Driving global sustainability of infrastructures DEVELOPMENT INTEGRATING TARGET SPECIALIZED AND DIVERSE TALENT PROMOTING THE GLOBAL TRANSITION TO S Occupational health & safety SUSTAINABLE INFRASTRUCTURE S Development of specialized and d
Slide 24: SMP 2025: Priority objectives to 2025
5. SMP 2025: With 17 priority objectives to 2025
Slide 25: Conclusions
Conclusions 1 A global leader in the infrastructure sector… 2 … with a large backlog of projects in strategic markets 3 strong financial position Combining proven operational efficiency and a 4 … that responds to the global challenges of the sector with a dynamic, competitive and sustainable model …
Slide 26: Legal Disclaimer
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 others. its customer base. its performance. the foreseeable growth
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