ACS, Actividades de Construccion y Servicios SA · BME:ACS
ACS, Actividades de Construccion y Servicios SA — H1 2010 Earnings Presentation
17 slides from ACS, Actividades de Construccion y Servicios SA's earnings presentation, Jul 30, 2010
Slide 1: 1H10 Results Presentation
1H10 Results Presentation 30th of July 2010
Slide 2: 1H10 Results: Key figures
1H10 Results: Key figures Good operating performance Total Turnover € 8,134 mn +0.1 % EBITDA € 790 mn +6.6 % EBIT € 594 mn +4 4 % +4.4 Profit after taxes not including Recurrent Net Profit € 493 mn +10.6 % exceptional results and discontinued operations Ordinary EPS* 1.63 € p/s +15.0 % Net Profit €
Slide 3: Profit contribution by activity
Profit contribution by activity € million illi 6M09 6M10 V Var. EBIT: Construction 204 194 -4.9% EBIT Concessions EBIT: C i 6 7 +26 1% +26.1% EBIT: Environmental Services 105 104 -0.3% EBIT: Industrial Services 274 312 +13.7% Gross contribution from affiliates and Corporation 189 208 +9.7% Ordinary
Slide 4: 1H10 Results – Sales analysis
1H10 Results – Sales analysis Sales 6M10 € 8,134 mn Environmental Services International = € 2,362 mn = € 1,380 mn Construction = € 3,120 mn 17% 29% 38% 71% 45% Industrial Services = € 3,632 mn Domestic = € 5,772 mn Total sales +0.1% +0 1% International sales +31.7% +31 7% +2,2% +5,2% +71,3% +16,3%
Slide 5: Construction Sales analysis
Construction Sales analysis +71.3% -18.3% + € 351 mn - € 508 mn -4.8% - € 157 mn • Canada, Chile, Poland & USA beingg • Civil Works -16% the main contributors • Building -21% Domestic 85% 73% Sales € 3,277 3 277 mn € 3,120 mn Domestic Sales International International 27% Sales Sales 15% Internation
Slide 6: Environmental Services Sales analysis
Environmental Services Sales analysis +5.2% +9.3% 9 3% + € 68 mn +2.7% + € 46 mn + € 22 mn • Exclusively domestic activity, mainly in social & health services • Basically from 60% international activities (+15%) which represents 23% of sales 62% Waste € 1,380 mn Mgmt. € 1,312 1 312 mn 40% Facility 3
Slide 7: Industrial Services Sales analysis
Industrial Services Sales analysis +1 2% +1.2% +3.4% +2.2% + € 26 mn + € 50 mn + € 76 mn - € 87 mn + € 63 mn - € 13 mn + € 113 mn • International EPC +15% • International +15%, • Renewables +27% mainly coming from Specialized Products 64% Domestic Domestic Sales 68% Sales € 3,632 mn € 3,556 3 556 mn
Slide 8: 1H10 Results – International expansion
1H10 Results – International expansion International Sales 6M10 € 2,362 mn +31.7% International International International 14% 27% 36% 73% 64% Domestic D Domestic ti Domestic 86% International Backlog 6M10 € 11,590 mn +31.1% International International International 31% 45% 44% 55% 56% 69% Domestic
Slide 9: EBITDA analysis
EBITDA analysis January - June Holding Adj. € (3) mn +17.0% + € 49 mn +6.6% € 56 mn 48% -4.7% +3.4% € (11) mn +12.7% € 6 mn • Higher contribution 44% € 1 mn • Growth in all areas from renewables € 790mn 9 • Higher of activity, • EPC international Slowdown in contribution from specially abroad activi
Slide 10: 1H10 Operating Results
1H10 Operating Results Breakdown by activity Environmental Construction Industrial Services Euro Million Services Turnover 3.120 -4,8 % 1.380 +5,2 % 3.632 +2,2 % I t International ti lTTurnover 843 +71,3 71 3 % 199 +15,8 15 8 % 1 304 1.304 +16,3 16 3 % % over total 27% 14% 36% EBITDA 233 -4,7 % 177
Slide 11: Balance Sheet Key Figures
Balance Sheet Key Figures As off 30th off June 2010 Total Net Assets Total Liabilities & Working Capital Shareholders’ Equity € (2,625) (2 625) mn Fixed Assets € 3,108 mn Net Worth € 3,549 3 549 mn Non current assets in projects € 5,420 Long Term Net Debt Financial € 10,423 mn Investments € 8,081 Ot
Slide 12: Net debt situation: June 2010
Net debt situation: June 2010 € 784 mn Net debt Operating activities with a low debt level Renewable assets Project finance Infrastructure Maturity >10y € 4,415 mn non recourse debt concessions Cash Rich Assets Treatment plants 23 mn Non Recourrse Debt Total Nett Debt mn € 9,639 m € 10,42 Iberdrola
Slide 13: Cash Flow generation in 1H10
Source of cash Application of cash Cash Flow generation in 1H10 Operating Cash Flow Increase of Corporate before CAPEX Net Debt € 485 mn € 481 mn FREE CASH FLOW BEFORE INVESTMENTS & Increase of non SHAREHOLDERS’ RETURN recourse debt € 966 mn € 670 mn € 354 mn Treasury Stock Dividends Others Net Inve
Slide 14: 1H10 Capital Expenditures and Investments
1H 10 Capital 1H10 Gross Investments = € 1,049 mn • Construction: € 51 mn Infrastructure Concessions: € 299 mn •Infrastructure •Environmental Services: € 45 mn 1% 5% •Industrial Services: € 645 mn 61% 29% •Corporation: p € 9 mn 4% 1H10 Net Investments = € 1,024 mn 14
Slide 15: Credit Balance: Working capital evolution
Working capital evolution LTM Working capital variation Credit Balance increase 594 mn Working Working Capital Working Capital Capital 31st Dec 09 30th June 10 30th Jun 09 from other from operating variation 2H09 activities activities alance Credit Ba € 2,031 mn € 2,625 mn Differences € 2,789 mn bet
Slide 16: Conclusions
Conclusions 1H10 results let us keep our 2010 targets IInternational t ti l growth th b based d on iinternal t l capabilities biliti 6 10 International 6m10 I t ti lSSales l 6 10 International 6m10 I t ti lBBacklog kl g +32% +31% Sustainable & profitable growth 6m10 EBITDA +7% 6m10 Recurrent EPS +15
Slide 17: Dow Jones Sustainability Indexes
Dow Jones_ ' @ Sustainability Indexes Member 2009/10 ACTIVIDADES DE CONSTRUCCION Y SERVICIOS >
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