Acs, Actividades De Construccion Y Servicios Sa · BME:ACS
Acs, Actividades De Construccion Y Servicios Sa — H1 2015 Earnings Presentation
14 slides from Acs, Actividades De Construccion Y Servicios Sa's earnings presentation, Jul 31, 2015
Slide 1: 1H15 Results Presentation
1H15 Results Presentation July 31st, 2015
Slide 2: Results Highlights
Results Highlights Increasing visibility on revenues Strong order intake 1H15 Good operating results Operating margins increase Positive operating cash flow Working capital improvement Significant reduction of net debt Net Debt / EBITDA = 1.3x 2
Slide 3: Key financials 1H15
Key financials 1H15 Sales +5.2% International diversification Positive impact of forex Backlog +11.6% Strong order intake 1H15 book-to-bill 1.05x EBIT +15.7% Reorganization paying off Net Profit +3.1% In line with FY2015 targets Significant improvement of the 1H14 1H15 + €731mn Operating Cash Flow €
Slide 4: Sales
Sales 12.756 +2.1% 3.544 -2.7% TOTAL SALES € mn 1.572 +84.6% 71% 20% 9% 1H15 Construction Industrial Services Environment € 17,860 mn 7.736 +22.1% 5.336 -7.3% +5.2% 3.295 +8.5% € mn 1.407-17.2% 18% 8% 43% 30% 86 -39.5% 1% Spain Rest of Europe America Asia Pacific Africa Not included in graph 1: € (1
Slide 5: Backlog
Backlog 48.486 +11% BACKLOG € mn +7.5% +18.1% 8.123 10.194 73% 15% June 2015 12% Construction Industrial Services Environment € 66,804 mn +41.9% 24.820 -4.1% 22.026 +9.8% +11.6% 11.191 -8.5% 7.912 € mn +56,3% 17% 12% 37% 33% 854 1% Spain Rest of Europe America Asia Pacific Africa 5
Slide 6: Operating results
Operating results (80) 40 0 163 1.275 1.275 1.315 1.315 € mn 1.192 1.192 EBITDA +10.3% 1H14 Construction Industrial Services Environment Corporation 1H15 (83) 25 0 181 880 880 905 905 € mn 782 782 EBIT +15.7% 1H14 Construction Industrial Services Environment Corporation 1H15 Reorganization efforts i
Slide 7: Net Results
Net Results € mn 1H14 1H15 Construction Net Profit 109 124 +14.2% Industrial Services Net Profit 237 208 -12.3% Environment Net Profit 46 47 +2.1% Corporation Net Result 3 27 n.a. Net Profit 395 407 +3.1% Industrial Services affected by renewable assets disposals Financial expenses savings expected
Slide 8: Cash Flow from Operations evolution
Cash Flow from Operations evolution 1H14 1H15 € 872 mn € (577) mn € 620 mn € (1,560) € 43 mn mn Cash flow Cash flow WC variation Cash inflow from from from operating operating operating activities € (688) mn activities activities before WC before WC variation variation WC variation Cash outflow from
Slide 9: Working Capital evolution
Working Capital evolution Cash flow from WC variation Jan-Jun (€ mn) 1H12 1H13 1H14 1H15 -577 -728 -1.493 Most significant -1.559 33% cash generation in 2Q ever Cash flow from WC variation Apr-Jun 607 (€ mn) 86 2Q12 2Q13 2Q14 2Q15 33% -406 -454 ACS has generated € 408 mn of cash flow from WC in the
Slide 10: Cash Flow from underlying businesses
Cash Flow from underlying businesses 1H14 1H15 +13,5% € 101 mn € 168 mn € 250 mn € 94 mn € 9mn € 51 mn € 13 mn Renewables Discont. Operations Taxes paid IBE IBE + Taxes paid Dividends Dividends Renowables €872 mn €848 mn €747 mn €620 mn CF from Pre Tax Pre Tax CF from Operation. Underlying Underlyin
Slide 11: Investments
Investments Net Investments 1H15 € 68 mn Financial/Concessional assets Net Regular Capex 1H15 Net Investments / (Disposals) 6M15 € 203 mn € (135) mn Half year investments, €mn Construction € (6) mn -38% Industrial Services € (163) mn 327 284 203 Environment € 34 mn 1H14 2H14 1H15 Sale of 75% of Saet
Slide 12: Net Debt evolution LTM
Net Debt evolution LTM Net debt / Annualized EBITDA = 1,3x - € 2,304 mn -39.6% € 1.555 mn € 487 mn € 1.841 mn € 605 mn € 5.812 mn € 4.257 mn € 3.508 mn € 2.903 mn Net Debt Operating Cash flow Operating CAPEX Net financial Dividends & treasury Net Debt 30/06/14 net of WC variation (net) disposals & o
Slide 13: Conclusions
Conclusions Revenues growth visibility Solid & diversified backlog supported by new orders during 1H15 Operating profitability HOCHTIEF & CIMIC transformation process improvements starting to pay-off in margins enhancement Deleverage begins to Positive impact on financial expenses generate savings e
Slide 14: 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
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