Sacyr Sa · BME:SCYR
Sacyr Sa — FY2013 Earnings Presentation
27 slides from Sacyr Sa's earnings presentation, Feb 28, 2014
Slide 1: Results Second Half 2013
2012 results Results Second Half 2013 28 February 2014 1 Sacyr Vallehermoso
Slide 2: Highlights
2012 results HIGHLIGHTS 1. Operating performance 2. Corporate business 3. Share price trend 4. Reduction of financial debt 2 Sacyr Vallehermoso
Slide 3: Operating performance 2013
2012 results Operating performance 2013 EBITDA Margin EBITDA margin: businesses uphold operating margins International Expansion Penetration of new markets in 2013: Qatar, Peru, Mozambique. Consolidation in countries where the Group already operates: Chile, Angola, Brazil, United Kingdom and Cape Ve
Slide 4: Panama Canal
2012 results PANAMA CANAL On 27 February 2014 the GUPC Consortium concluded negotiations with the Panama Canal Authority with a final conceptual agreement to solve the financing problems concerning construction of the Third Set of Locks on the Panama Canal. The agreement was reached in accordance wi
Slide 5: Operating performance 2013
2012 results Operating performance 2013 (€ million) 2013 2012 * Chg. 13/12 REVENUE 3,065 3,424 -10% INTERNATIONAL (Revenue) 53% 43% +10 bp NET PROFIT CONTINUING OPERATIONS - 322 -899 64% NET PROFIT - 496 -977 49% *Reformulated in consideration of assets held for sale Revenue dragged down by declinin
Slide 6: Operating performance 2013: one-off impacts
2012 results Operating performance 2013 The results for 2013 include a number of one-off accounting impacts with an adverse effect on EBITDA and net profit. (€ million) EBITDA PROFIT AFTER TAX ACCOUNTING PROFIT 375 -496 Panama Canal -182 -127 Property business -168 Regulation of renewable energies -
Slide 7: Operating Margin 2013
2012 results Operating Margin 2013 € million EBITDA EBITDA EBITDA Year-end 2013 2013 - no impact 2012 Construction 139 139 115 Services 116 144 179 Concessions 90 90 94 Rental Property 217 217 218 Holdings and adjustments -187 -5 -18 Total 375 585 586 7 Sacyr Vallehermoso
Slide 8: Corporate business 2013
2012 results Corporate business 2013 Lower exposure to the property market Debt cancellation agreements drawn up with banks Negotiations undertaken with the SAREB "bad bank" Vallehermoso as an asset held for sale Successful rotation of assets for reinvestment Divestments in the amount of €743Mn Pre-
Slide 9: Share price performance in 2013
2012 results Share price performance in 2013 Shareholders Free-float increased from 31% to 58% Weighting increase on the IBEX-35 index to 100% as of mid-December 2013 Solid share price performance 128% increase in 2013 Returns for shareholders: 5% bonus share issue 9 Sacyr Vallehermoso
Slide 10: Reduction of financial debt 2013
2012 results Reduction of financial debt 2013 23% debt reduction in 2013 € million 8,643 -1,235 Vallehermoso - 766 Other 6,642 - 23% NET DEBT NET DEBT 2012 2013 10 Sacyr Vallehermoso
Slide 11: Debt rescheduling
2012 results Debt rescheduling 6,642 3,252 25 279 2.381 730 NET DEBT 2014 2015 2016 + 2013 MATURITY 89% of net debt has long-term maturity 11 Sacyr Vallehermoso
Slide 12: Net debt
2012 results Net debt TYPE OF DEBT December Linked to Net debt Structured (1) contracts and Corporate Dec 2013 works 2012 Testa 1,794 1,794 2,279 Sacyr Concesiones 1,098 1,098 1,379 Sacyr + Somague 193 64 129 180 Valoriza 372 242 130 403 Subtotal Businesses 3,456 3,198 259 0 4,241 Repsol YPF 2,426 2
Slide 13: Business Areas
2012 results BUSINESS AREAS 1. Construction 2. Industrial / Services 3. Concessions 4. Rental Property 13 Sacyr Vallehermoso
Slide 14: Construction
2012 results Construction € million •Consolidation of operating margin. % 2013 2012 Chg. •Growth in international revenues, Revenue 1,891 1,976 -4.3% contributing 63% to total figure (particularly Panama, Angola and Chile). Spain 703 942 -25.4% International 1,188 1,034 14.9% • Large international c
Slide 15: Industrial / Services
2012 results Industrial / Services € million •Organic growth, especially in Sacyr Industrial 2013 2012 % Chg. (Bolivia) with new Oil&Gas projects. REVENUE 1,074 1,123 -4.4% •Major contracts in Water and Environment. Water 289 362 -20% •Impact on EBITDA of new renewable energy Industrial 213 188 13%
Slide 16: Concessions
2012 results Concessions € million • 34 concessions, 8 under construction and 26 2013 2012 % Chg. operational, in 6 countries. Revenue 291 267 8.7% • Higher revenue from concession construction Concession revenue 154 161 - 4.0% in Chile. Construction revenue* 136 107 27.9% • Changes to concession re
Slide 17: Rental Property
2012 results Rental Property € million • Leader of the rental property sector in Spain. % 2013 2012 Chg. • Stable operating profit. Revenue 220 252 -12.7% EBITDA 217 218 -0.3% • Occupancy rate of 97%. NET PROFIT 78 61 28.3% • Lower revenue due to lower GLA. Recurring EBITDA (ex- •Asset rotation: sal
Slide 18: Testa: market value of assets
2012 results Testa: market value of assets Assets appraised at €3,287Mn Implicit capital gains of €996Mn LTV maintained at 55% € million Net Debt Valuation Change in Change in Valuation Sale of assets 31.12.12 valuation investment 31.12.13 -661 18 3,878 -75 145 3,287 Sacyr Vallehermoso
Slide 19: Repsol stake
2012 results Sacyr holds a 9.23% stake in Repsol which is consolidated using the equity method. Repsol reported a post-tax profit of €195Mn at 31 December 2013. Sacyr's share amounts to €18Mn. Sacyr has written down the carrying amount of its stake in Repsol to its fair value, with an impact of €133
Slide 20: Appendices
2012 results APPENDICES FINANCIAL STATEMENTS Income statement Balance sheet MANAGEMENT INFORMATION Maturity schedule 31/12/13 Concession revenue and traffic Rental income Discontinued operations: Vallehermoso 20 Sacyr Vallehermoso
Slide 21: Consolidated income statement
2012 results Consolidated income statement STATEMENT OF INCOME DECEMBER % chg (Thousands of Euros) 2013 2012 13/12 Turnover 3.065.026 3.423.873 -10,5% Other Sales 186.309 204.143 -8,7% Total Income 3.251.335 3.628.016 -10,4% External and Operating Expenses -2.875.861 -3.042.200 -5,5% GROSS OPERATING
Slide 22: Consolidated balance sheet
2012 results Consolidated balance sheet BALANCE SHEET DECEMBER Chg (Thousands of Euros) 2013 2012 1Q 13 NON CURRENT ASSETS 8.891.346 9.787.237 -895.891 Intangible Assets 10.192 11.614 -1.422 Real Estate Investments 1.869.197 2.494.075 -624.878 Concessions Investments 1.374.245 1.384.558 -10.313 Fixe
Slide 23: Maturity Schedule
2012 results Maturity Schedule Maturity schedule NET DEBT DECEMBER 2014 2015 2016 2017 y + (€ million) 2013 Testa 1,794 163 92 136 1,403 Sacyr Concesiones 1,098 8 85 152 853 Vallehermoso 0 0 0 0 0 Sacyr + Somague 193 67 22 16 88 Valoriza 372 36 47 53 236 Repsol YPF 2,426 45 2,381 0 0 Participación I
Slide 24: Sacyr Concessions: Traffic
2012 results Sacyr Concessions: Traffic Revenue (Thousand euros) ADT (Veh/km) 1H 2013 1H 2012 Chg (%) 1H 2013 1H 2012 Chg (%) VIASTUR 6.541 6.445 1,5% 21.293 22.118 -3,7% AUTOVÍA DEL TURIA 5.578 5.900 -5,5% 34.400 36.088 -4,7% AUTOVÍA DEL ERESMA 5.706 5.609 1,7% 6.347 6.465 -1,8% AUTOVÍA DEL ARLANZÓ
Slide 25: Testa: Revenue by products
2012 results Testa: Revenue by products REVENUE (€ Million) DECEMBER Chg. 13/12 PRODUCT 2013 2012 Offices 115.0 123.3 -6.7% Hotels 29.5 29.6 -0.2% Shopping centres 26.1 25.6 2.0% Housing 12.2 13.0 -5.9% Industrial premises 8.5 8.6 -0.6% Senior citizens´homes 1.9 1.8 2.0% Car parks 1.2 1.2 2.6% Servi
Slide 26: Discontinued operations: Vallehermoso
2012 results Discontinued operations: Vallehermoso • Summary of key highlights: € million 2013 2012 % Chg. Sale of housing units 58 132 -56% Extraordinary sales 34 - n.m. Land sales and revenue 378 53 n.m. Service revenue 5 6 -12% TOTAL SALES 475 190 n.m. Contribution to total revenue -135 -94 No. d
Slide 27: Note on financial information
NOTE: The financial information presented in this document has been prepared in accordance with International Financial Reporting Standards. This information is not audited and may be modified in the future. NOTE: The financial information presented in this document has been prepared in accordance w