ACS, Actividades de Construccion y Servicios SA · BME:ACS
ACS, Actividades de Construccion y Servicios SA — Q1 2006 Earnings Presentation
28 slides from ACS, Actividades de Construccion y Servicios SA's earnings presentation, May 4, 2006
Slide 1: Results 1Q06 January - March
Results 1Q06 January - March May 4th, 2006 1
Slide 2: Results 1Q06 Agenda
Results 1Q06 Executive Summary Consolidated Results 1Q06 Business Areas Consolidated Balance Sheet March 31st 2006 Cash Flows 1Q06 Conclusions 2
Slide 3: Executive Summary
Executive Summary Maintaining the growth with high profitability Turnover Solid turnover growth € 3.201 mn +18,9 % Net Profit Outstanding results € 158 mn +39,5 % EBIT Operating margin growth € 211 mn +24,0 % Profit from Affiliates Increased contribution from affiliates € 72 mn +197,6 % Total Backlo
Slide 4: Results 1Q06 Agenda
Results 1Q06 Executive Summary Consolidated Results 1Q06 Business Areas Consolidated Balance Sheet March 31st 2006 Cash Flows 1Q06 Conclusions 4
Slide 5: Key Figures
Consolidated Results 1Q06 Key Figures Euro Millions 1Q05 1Q06 Var Turnover 2.692,3 3.200,6 +18,9 % EBITDA 231,7 280,4 +21,0 % EBIT 170,6 211,5 +24,0 % Profit from Affiliates 24,1 71,6 +197,6 % Net Profit 113,4 158,2 +39,5 % EPS 0,32 € 0,45 € +39,2 % 5
Slide 6: Breakdown By Activities
Consolidated Results 1Q06 Breakdown By Activities 1Q06 Turnover EBIT Net Profit 21% 19% 22% 31% 42% 4% 47% 7% 34% 13% 36% 24% 1Q05 Turnover EBIT Net Profit 10% 5% 20% 24% 42% 17% 38% 45% 35% 34% 30% Construction Industrial Services Services Concessions Urbis Unión Fenosa NOTE: The percentages have b
Slide 7: Analysis of the evolution of the EBITDA
Consolidated Results 1Q06 Analysis of the evolution of the EBITDA Holding Adjustments : + € 48.7 mn +21% n.a. € (3.4) mn 1% +10,2% € 2.9 mn +29,1% € 7.7 mn • Start of new Concessions 29% • Double digit increase in all € 21.0 mn • activities International +22.5% activity increased € 280.4 32% • Excel
Slide 8: Analysis of the evolution of the net profit
Consolidated Results 1Q06 Analysis of the evolution of the net profit +198% -27% + € 44.8 mn +39.5% € -16.3 mn Other results Increased tax +24% -130% € 47.6 mn rate €-27.4 mn € 40.9 mn Net impact of the LTM investment ABE: € -0.4 mn € 158.2 UNF: € +44 mn URB: € +2.2 mn mn Other: € +1.4 mn Outstandin
Slide 9: Results 1Q06 Agenda
Results 1Q06 Executive Summary Consolidated Results 1Q06 Business Areas Consolidated Balance Sheet March 31st 2006 Cash Flows 1Q06 Conclusions 9
Slide 10: Construction: Results
Business Areas Construction: Results Million Euro 1Q05 1Q06 Var. 06/05 Turnover 1.224,2 1.500,8 +22,6 % EBITDA 91,1 111,6 +22,5 % EBIT 75,2 93,8 +24,8 % Cont. Operations PBT 80,1 98,2 +22,6 % Net Profit 52,1 63,9 +22,6 % EBITDA margin 7,4% 7,4% EBIT Margin 6,1% 6,3% Net Profit Margin 4,3% 4,3% Effec
Slide 11: Construction: activity breakdown
Business Areas Construction: activity breakdown Million Euro 1Q05 1Q06 Var. 06/05 Civil Works 704,1 863,1 +22,6 % Non residential Building 272,7 366,8 +34,5 % Residential Building 247,4 270,9 +9,5 % TOTAL 1.224,2 1.500,8 +22,6 % International 127,2 86,4 -32,1 % % 10% 6% Sales 1Q05 Sales 1Q06 20% 18%
Slide 12: Construction: backlog breakdown
Business Areas Construction: backlog breakdown Million Euro 1Q05 1Q06 Var. 06/05 Civil Works 5.742,0 6.208,9 +8,1 % Non residential Building 1.729,8 2.041,8 +18,0 % Residential Building 1.054,9 1.389,0 +31,7 % TOTAL 8.526,7 9.639,7 +13,1 % International 584,7 627,4 +7,3 % % 7% 7% Backlog 1Q05 Backlo
Slide 13: Industrial Services: Results
Business Areas Industrial Services: Results Million Euro 1Q05 1Q06 Var. 06/05 Turnover 937,3 1.091,0 +16,4 % EBITDA 72,2 93,2 +29,1 % EBIT 60,5 78,9 +30,3 % Cont. Operations PBT 58,3 71,9 +23,5 % Net Profit 40,0 48,9 +22,3 % EBITDA margin 7,7% 8,5% EBIT Margin 6,5% 7,2% Net Profit Margin 4,3% 4,5% E
Slide 14: Industrial Services: sales by activity
Business Areas Industrial Services: sales by activity Million Euro 1Q05 1Q06 Var. 06/05 Networks 195,3 194,0 -0,6 % Specialized Products 287,1 358,0 +24,7 % Energy Projects 288,9 333,1 +15,3 % Control Systems 166,0 205,9 +24,0 % TOTAL 937,3 1.091,0 +16,4 % International 273,6 351,5 +28,5 % % 29% 32%
Slide 15: Industrial Services: backlog breakdown
Business Areas Industrial Services: backlog breakdown Million Euro 1Q05 1Q06 Var. 06/05 Networks 812,8 962,8 +18,5 % Specialized Products 1.137,1 1.433,5 +26,1 % Energy Projects 988,1 1.217,1 +23,2 % Control Systems 736,0 936,9 +27,3 % TOTAL 3.674,0 4.550,3 +23,9 % International 1.084,2 1.265,0 +16,
Slide 16: Services: Results
Business Areas Services : Results Million Euro 1Q05 1Q06 Var. 06/05 Turnover 555,7 625,8 +12,6 % EBITDA 76,2 83,9 +10,2 % EBIT 43,7 49,3 +12,8 % Cont. Operations PBT 34,8 38,5 +10,7 % Net Profit 23,3 26,1 +11,8 % EBITDA margin 13,7% 13,4% EBIT Margin 7,9% 7,9% Net Profit Margin 4,2% 4,2% Effective T
Slide 17: Services: Sales by activity
Business Areas Services: Sales by activity Million Euro 1Q05 1Q06 Var. 06/05 Environmental 253,0 287,7 +13,7 % Ports & Logistics 119,7 133,1 +11,3 % Passenger Transportation 42,1 47,6 +12,9 % Facility Management 140,9 157,4 +11,7 % TOTAL 555,7 625,8 +12,6 % International 48,8 55,7 +14,3 % % 9% 9% Sa
Slide 18: Services: backlog breakdown
Business Areas Services: backlog breakdown Million Euro 1Q05 1Q06 Var. 06/05 Environmental 6.448,6 7.260,9 +12,6 % Ports & Logistics 3.300,0 3.769,1 +14,2 % Passenger Transportation 1.432,9 1.263,0 -11,9 % Facility Management 601,7 706,4 +17,4 % TOTAL 11.783,2 12.999,4 +10,3 % International 1.095,4
Slide 19: Affiliated companies
Business Areas Affiliated companies Euro Millions 1Q05 1Q06 Var. 06/05 Stake Abertis 17,2 16,8 -2,3 % 24,8% Urbis 6,9 9,1 +31,7 % 24,8% UNF 44,4 34,5% Total 24,2 70,3 +191,0 % 19
Slide 20: Results 1Q06 Agenda
Results 1Q06 Executive Summary Consolidated Results 1Q06 Business Areas Consolidated Balance Sheet March 31st 2006 Cash Flows 1Q06 Conclusions 20
Slide 21: Consolidated Balance Sheet March 31st 2006: Key Figures
Consolidated Balance Sheet March 31st 2006 Key Figures Million Euro mar-05 mar-06 Var. 06/05 Fixed Assets 5.779 100% 10.770 100% +86 % Working Capital (1.163) 20% (1.575) 15% +35 % Total Equity 2.136 37% 2.685 25% +26 % Net Debt 1.807 31% 5.734 53% +217 % Non Recourse Financing 457 3.143 +588 % Net
Slide 22: Net debt breakdown
Consolidated Balance Sheet March 31st 2006 Net debt breakdown 1Q06 1Q05 Debit balance Cash and +36 € 180 mn € 144 mn equivalents Net debt with recourse Credit balance € 2,591 mn +1,277 Gearing 96.5% Long term € 1,494 mn debt € 2,771 mn Non recourse € 457 mn financing +2,686 Total net debt € 1,807 mn
Slide 23: Net debt evolution
Consolidated Balance Sheet March 31st 2006 Net debt evolution 7.000 96% 100% 6.000 72% 63% 72% 5.000 51% 51% % over net worth 48% Euro Million 4.000 44% 35% 44% 3.000 27% 27% 24% 22% 2.000 14% 27% 20% 16% 1.000 7% 0 -12% dic-00 dic-01 dic-02 dic-03 dic-04 dic-05 mar-05 mar-06 Corporate Net Debt Non
Slide 24: Results 1Q06 Agenda
Results 1Q06 Executive Summary Consolidated Results 1Q06 Business Areas Consolidated Balance Sheet March 31st 2006 Cash Flows 1Q06 Conclusions 24
Slide 25: Cash Flows 1Q06 Key Figures
Cash Flows 1Q06 Key Figures Million Euro 1Q05 1Q06 Var. 06/05 EBITDA 232 280 +21,0 % Cash Flow from Operations 159 152 -4,9 % Working Capital (Requirements) / Excess (93) (226) +144,4 % Cash Flow from Operating Activities 67 (75) n.a. Capital Expenditure (360) (1.166) +223,8 % Dividends paid (49) (7
Slide 26: Breakdown of net investments
Cash Flows 1Q06 Breakdown of net investments (Euro million) Construction 54 Equipment 35 Divestment of SOPOL -24 Other investments 43 Industrial Services 40 Wind farms 17 Acquisition of Humiclima 19 Other investments 4 Urban Services 33 Environmental assets 17 Ports and Logistics assets 8 Other inve
Slide 27: Results 1Q06 Agenda
Results 1Q06 Executive Summary Consolidated Results 1Q06 Business Areas Consolidated Balance Sheet March 31st 2006 Cash Flows 1Q06 Conclusions 27
Slide 28: Conclusions
Conclusions Sustained value creation Excellent operating performance Positive net contribution from affiliates Corporate activity focus on value creation Maintaining our financial strength Attractive return to shareholders 28
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