ACS, Actividades de Construccion y Servicios SA · BME:ACS
ACS, Actividades de Construccion y Servicios SA — Q3 2007 Earnings Presentation
18 slides from ACS, Actividades de Construccion y Servicios SA's earnings presentation, Oct 31, 2007
Slide 1: 3Q07 Results Presentation
3Q07 Results Presentation October 31st, 2007
Slide 2: Executive Summary: Good Operating Performance
Executive Summary Good Operating Performance Total Turnover € 16.012 mn +55,0 % EBITDA € 2.607 mn +192 % EBIT € 1.821 mn +162 % Net Profit € 1.265 mn +108 % ¾ Good operating performance of all Group’s activities. ¾Integration of Unión Fenosa since January 2007. ¾Comparable* sales grew by 14.3% and c
Slide 3: Executive Summary: Solid Financial Structure
Executive Summary Solid Financial Structure Total Net Debt € 16.879 mn Net Debt with recourse € 7.988 mn Non recourse Financing € 8.891 mn Net Worth € 10.329 mn Shareholder's Equity € 4.664 mn Minority Interests € 5.665 mn ¾Gearing* as of September 30th, 2007 reaches 77.3% ¾Total Net Debt 3Q07 / Ann
Slide 4: Sales analysis
Sales analysis +55.0% + € 5,685 mn +14% € 1,245 +5% mn • Growth in all € 4,348 mn € 92 mn activities, lead by Industrial Services Domestic 76.9% Sales UNF € 2,431 • Environment & Logistics Int’l sales National Sales mn growing by 42% € 16,012 • Increase in Industrial mn Services, mainly in UNF Inter
Slide 5: EBITDA analysis
EBITDA analysis +192% + € 1,715 mn Margin = 16.3% +€ 1,579 mn +15.2% Margin = 8.7% € 2,607 mn • UNF EBITDA Margin = 8.6% +€ 136 mn consolidated since January 07 • EBITDA increase generated by € 1,028 mn operating areas € 892 mn ex Energy. EBITDA EBITDA EBITDA 3Q06 3Q07 ex Energy 3Q07 5
Slide 6: Operating margins analysis
Operating margins analysis All figures as % of sales 23.5% EBIT 8.2% 8.3% 7.4% 7.4% 11.4% Margin 6.3% 6.3% 6.7% 12.8% 5.0% 5.1% 4.9% D+A 1.9% 1.2% 1.1% 1.2% 1.1% 36.3% 13.4% 16.3% EBITDA 13.2% 8.5% 8.6% 8.6% Margin 7.5% 7.4% 3Q06 3Q07 3Q06 3Q07 3Q06 3Q07 3Q06 3Q07 3Q06 3Q07 Construction Environment
Slide 7: Net Profit analysis
Net Profit analysis +108% €-394 + € 658 mn mn UNF financial results € -107 Increase of the mn € 424 mn investment € 1,127 IBD dividends Urbis and account as UNF not mn financial results contributing anymore ABE: € +34 mn € -479 +25% mn € 54 mn € 1,265 mn + € 147 mn € 50 mn UNF minorities Corporate t
Slide 8: 3Q07 Operating Results: Breakdown by activity
3Q07 Operating Results Breakdown by activity Environment & Industrial Construction Energy Euro Million Logistics Services Turnover 5.654 +11,8 % 2.122 +15,4 % 4.103 +17,4 % 4.348 n.a. International Turnover 289 -6,9 % 240 +21,9 % 1.244 +5,4 % 1.916 n.a. % over total 5% -100bp 11% +60bp 30% -350bp 44
Slide 9: 3Q07 Operating Results: Breakdown by activity
3Q07 Operating Results Breakdown by activity Million Euros Sales 3Q07 Backlog 3Q07 Sales Var. Backlog Var. 17% 17% Construction 5.654 +11,8 % 11.614 +11,8 % Civil Works 3.365 +15,1 % 7.427 +12,7 % 19% 24% 59% Non Residential Building 1.354 +5,6 % 2.250 +4,3 % 64% Residential Building 935 +9,9 % 1.93
Slide 10: Backlog analysis: Contracting and maintenance backlog
Backlog analysis: Contracting and maintenance backlog Grupo ACS Backlog evolution: + € 3,247 mn +12.1% +10.7% +13.9% + € 1,594 mn + € 1,653 mn € +440 mn • Average growth € +428 mn comparing to 3Q06, which was € +1,154 an exceptional mn year • Energy projects backlog grew by 29% since 3Q06 € 16,554 €
Slide 11: Balance Sheet Key Figures
Balance Sheet Key Figures Million Euro sep-06 Dec-06 sep-07 Var. 07/06 Tangible Fixed Assets 2.648 2.917 17.625 LT financial investments 10.220 10.227 10.328 Other non-current assets 1.960 1.960 6.268 Total fixed assets 14.829 100% 15.105 100% 34.221 100% +131 % Working Capital* (5.012) 34% (2.497)
Slide 12: 3Q07 Debt Analysis
3Q07 Debt Analysis € 0.1 bn € 0.4 bn € 0.4 bn 0.3 bn ACS € 0.6 bn 0.1 bn UNF minorities €-0.6 bn € 0.1 bn 0.4 bn UNF € 16.8 bn 0.1 bn Ind. Serv 0.1 bn others € 15.8 bn Net Debt Cash Flow from Working CAPEX Dividends Treasury Others Net Debt 30th June 07 operating Capital Stock 30th Sep 07 activities
Slide 13: Non recourse debt
Net debt breakdown Corporation and rest of activities Net Debt / EBITDA • Debt / EBITDA 07e = 4.8x Debt with recourse € 2.0 bn 07e = 1.5x • Net debt with recourse / € 7.9 bn Net Worth = 77.3% Energy area debt with recourse • No debt expiration of ACS Net Debt Net Debt UNF / EBITDA (UNF) operating ac
Slide 14: Cash Flow from operating activities analysis
Cash Flow from operating activities analysis € 2,607 mn € 166 mn €-30 mn ABE: € 81 mn €-602 mn IBD: € 55 mn Energy € 1,580 mn Increase of debt position €-430 mn Industrial Effective tax €-89 mn rate: 27.6% Services € 352 mn €-293 mn Environment & Logistics € 283 mn € 1,360 mn Construction € 422 mn A
Slide 15: Working capital evolution
Working capital evolution Year to year working capital improvement +49.8% + € 841 mn Working Capital due Working Capital 3Q06 to the incorporation variation from the rest 3Q07 of UNF of activities Credit Balance € 1,690 mn € 2,531 mn € 467 mn € 374 mn 15
Slide 16: 3Q07 Capex breakdown
3Q07 Capex breakdown Gross Euro Million Divestments Net Investment Net Investments 3Q07 Investment 2% 13% Construction 88 -24 64 26% Concessions 400 -61 339 9% Environment & Logistics 277 -44 233 Industrial Services 467 -11 456 Energy 877 0 877 17% Corporation 1.355 -659 696 33% TOTAL 3.464 -799 2.6
Slide 17: Conclusions: Results confirm guidance and good prospects
Conclusions Results confirm guidance and good prospects Turnover 07e > € 21.0 bn EBITDA 07e > € 3.4 bn EBIT 07e > € 2.5 bn Ordinary Net Profit 07e > € 1.0 bn Net Profit 07e > € 1.5 bn 17
Slide 18: 3Q07 Results Presentation
3Q07 Results Presentation October 31st, 2007
ACS, Actividades de Construcción y Servicios — Q3 2007 Earnings Presentation on 6ix