Acs, Actividades De Construccion Y Servicios Sa · BME:ACS
Acs, Actividades De Construccion Y Servicios Sa — Grupo ACS — Q1 2015 Earnings Presentation
13 slides from Acs, Actividades De Construccion Y Servicios Sa's earnings presentation, May 13, 2015
Slide 1: 1Q15 Results Presentation
1Q15 Results Presentation May 13th, 2015
Slide 2: Results Highlights
Results Highlights Revenues growth & solid backlog Relevant projects awarded Operating margins increase Reorganization is paying off Solid operating cash flow Despite disposals carried out during LTM Saeta Yield & other divestments De-gearing process underway 2
Slide 3: Key financials 1Q15
Key financials 1Q15 Sales +6.0% Positive impact of forex vs. 1Q14 Backlog >€ 66 bn Recent awards not yet included EBIT +15.3% +6.0% like-for-like. Reorganization paying off Net Profit +2.5% Achievable FY2015 targets Operating CF € 460 mn +2% after disposals in LTM before WC 3
Slide 4: Sales
Sales 5.993 +3.0% 1.811 -2.1% TOTAL SALES € mn 771 +84.2% 70% 21% 9% 3M15 Construction Industrial Services Environment 3.624 +22.6% € 8,570 mn 2.575 -5.1% 1.694 +7.8% +6.0% 635 -17.7% € mn 20% 7% 42% 30% 42 -40.3% 1% Spain Rest of Europe America Asia Pacific Africa Not included in graph 1: € (5) mil
Slide 5: Backlog
Backlog 48.117 +8.3% 10.297 +25.4% BACKLOG € mn 8.046 +7.2% 72% 12% 16% 31.3.2015 Construction Industrial Services Environment 23.625 +36% 22.244 -6.2% € 66,460 mn 11.610 +16.2% +10.5% 8.080 -6.0% € mn 18% 12% 36% 33% 901 +85.5% 1% Spain Rest of Europe America Asia Pacific Africa Significant project
Slide 6: Operating results
Operating results € mn (1) (20) 19 58 643 643 625 625 587 587 EBITDA +9.4% 3M14 Construction Industrial Services Environment Corporation 3M15 (19) 11 (1) 67 428 428 438 438 380 380 EBIT +15.3% 3M14 Construction Industrial Services Environment Corporation 3M15 Reorganization efforts in Construction s
Slide 7: Net Results
Net Results € mn 3M14 3M15 Construction Net Profit 50 56 +11.8% Industrial Services Net Profit 125 118 -6.0% Environment Net Profit 21 22 +5.0% Corporation Net Result 7 12 +84% Net Profit 202 207 +2.5% Financial expenses savings expected from now on after refinancing / deleverage process carried out
Slide 8: Cash Flow
Cash Flow CF from operations before WC +2% 451 460 Iberdrola 13 51 Dividends +11.8% 447 400 € mn 3M14 3M15 Growth backed by operating profitability and forex impact Positive trend despite disposals in the period and Iberdrola dividend reduction Impacts from interest rate decline & deleverage process
Slide 9: Cash Flow
Cash Flow Cash outflow – Working Capital 1.105 1.184 1.087 c. €100mn forex impact 814 € mn 33% 3M12 3M13 3M14 3M15 +3.1% -2.9% +0.5% -11.3% YTD var. €/US$ €/AU$ +1.6% -3.1% -3.5% -4.7% Working capital always peaks in Q1 due to industry’s seasonality Approx. € 100 million impact from € devaluation vs
Slide 10: Cash Flow
Cash Flow Net Divestments 3M15 € 273 mn Financial/Concessional assets Net Regular Capex 3M15 Net Investments 3M15 € 91 mn € (364) mn Quarterly investments, €mn Construction € 8 mn Industrial Services € (397) mn 249 184 Environment € 25 mn 78 100 91 1Q14 2Q14 3Q14 4Q14 1Q15 51% Saeta Yield IPO in Feb
Slide 11: Net Debt evolution LTM
Net Debt evolution LTM € 754 mn -16.4% € 624 mn € 1.226 mn € 604 mn € 4.579 mn Net debt€ /3.825 mn Annualized EBITDA = 1,5x € 3.827 mn € 3.223 mn Net Debt Operating Cash flow Operating CAPEX Net financial Dividends & treasury Net Debt 31/03/14 net of WC variation (net) disposals & others stock 31/03
Slide 12: Conclusions
Conclusions Revenues growth visibility Backed by geographical diversification & solid backlog Operating profitability Risk management policies and accountability measures implemented should keep improvements improving operating margins Financial expenses savings Positive impact in 2H15 from delevera
Slide 13: 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 and in reference to various matters including, among others, its customer base, its performance, the foreseeable growth of it