Acs, Actividades De Construccion Y Servicios Sa · BME:ACS
Acs, Actividades De Construccion Y Servicios Sa — Grupo ACS — Q1 2007 Earnings Presentation
33 slides from Acs, Actividades De Construccion Y Servicios Sa's earnings presentation, May 4, 2007
Slide 1: Results 1Q07 January - March
Results 1Q07 January - March May 4th, 2007 1
Slide 2: Results 1Q07: Agenda
Results 1Q07: January - March Executive Summary Income Statement Results by Business Areas Balance Sheet Cash Flow Statement Conclusions 2
Slide 3: Executive Summary
Executive Summary 1. Good operating performance 2. Outstanding results Growth High Profitability 3. Integration of Unión Fenosa Creation of Value 4. Acquisition of 25.1% of Hochtief 5. Sale of Grupo Continental Auto 3
Slide 4: Good Operating Performance
Executive Summary Good Operating Performance 1. Good operating performance Million Euros 1Q06 1Q07 Var. c. VAR. Turnover 3,153.0 5,004.1 +58.7% +15.0% EBITDA 271.0 861.7 +217.9 % +16.3 % EBIT 207.7 600.9 +189.3 % +16.0 % c. VAR refers to the comparable figures without Union Fenosa globally integrate
Slide 5: Outstanding Results
Executive Summary Outstanding Results 2. Outstanding results Million Euros 1Q06 1Q07 Var. c.VAR. Ordinary Net Profit 158.2 225.5 +42.6 % +42.6 % Net Profit 158.2 369.1 +133.4 % +133.4 % EPS 0.45 € 1.08 € +139.1 % +139.1 % c. VAR refers to the comparable figures without Union Fenosa globally integrat
Slide 6: Integration of Unión Fenosa
Executive Summary Integration of Union Fenosa 3. Integration of Unión Fenosa Environment Industrial Construction Concessions Energy & Logistics Services Strategic investments on listed companies 6
Slide 7: Acquisition of Hochtief
Executive Summary Acquisition of Hochtief 4. Acquisition of Hochtief Acquisition of a 25.1% stake in 1. Strategic growth platform for the Hochtief already completed US market € 1.264 million in cash 2. Leading and highly profitable € 72 per share contractor in Asia Grupo ACS becomes the industri
Slide 8: Sale of Grupo Continental Auto
Executive Summary Sale of Grupo Continental Auto 5. Sale of Grupo Continental Auto Agreement with National Express Company valued at EV of € 701.6 million Closing expected before summer Capital Gain of € 510.5 million 8
Slide 9: Results 1Q07: Agenda
Results 1Q07: January - March Executive Summary Income Statement Results by Business Areas Balance Sheet Cash Flow Statement Conclusions 9
Slide 10: Income Statement Key Figures
Income Statement Key Figures Euro Millions 2006 2007 Var c. VAR Turnover 3.153,0 5.004,1 +58,7 % +15,0 % EBITDA 271,0 861,7 +217,9 % +16,3 % EBIT 207,7 600,9 +189,3 % +16,0 % Ordinary Net Profit 158,2 225,5 +42,6 % +42,6 % Net Profit 158,2 369,1 +133,4 % +133,4 % EPS 0,45 € 1,08 € +139,1 % +139,1 %
Slide 11: Income Statement Breakdown by Activities
Income Statement Breakdown by Activities 2007 Turnover EBIT Ordinary Net Profit 17% 22% 28% 32% 33% 5% 16% 58% 13% 13% 9% 26% 28% 2006 Turnover EBIT Ordinary Net Profit 16% 21% 4% 18% 4% 36% 43% 47% 13% 35% 36% 27% Construction Industrial Services Environment & Logistics Energy Abertis Urbis Note 1.
Slide 12: Analysis of the Evolution of the EBITDA
Income Statement Analysis of the Evolution of the EBITDA n.a. Holding Adjustments : € 0.4 mn January - March € 546.6 mn + € 590.7 mn +218% +21.6% • Integration of UNF 63% € 20.1 mn +17.9% € 861.7 +11.9% n.a. • Excellent € 13.4 mn evolution of Energy related mn € (3.1) mn activities • International €
Slide 13: Results 1Q07: Agenda
Results 1Q07: January - March Executive Summary Income Statement Results by Business Areas Balance Sheet Cash Flow Statement Conclusions 13
Slide 14: Construction: Income Statement
Results by Business Areas Construction: Income Statement Million Euro 2006 2007 Var. 07/06 Turnover 1.500,8 1.675,6 +11,6 % EBITDA 111,6 124,9 +11,9 % EBIT 93,8 104,7 +11,6 % Cont. Operations PBT 98,2 111,4 +13,4 % Net Profit 63,9 71,2 +11,6 % EBITDA margin 7,4% 7,5% EBIT Margin 6,3% 6,2% Net Profit
Slide 15: Construction: Activity Breakdown
Results by Business Areas Construction: Activity Breakdown Million Euro 2006 2007 Var. 07/06 Civil Works 863,1 1.007,2 +16,7 % Non residential Building 366,8 425,1 +15,9 % Residential Building 270,9 243,3 -10,2 % TOTAL 1.500,8 1.675,6 +11,6 % International 86,4 81,9 -5,3 % % 6% 5% Sales 1Q06 Sales 1
Slide 16: Construction: Backlog Breakdown
Results by Business Areas Construction: Backlog Breakdown Million Euro 2006 2007 Var. 07/06 Civil Works 6.208,9 6.841,0 +10,2 % Non residential Building 2.041,8 2.146,2 +5,1 % Residential Building 1.389,0 1.954,7 +40,7 % TOTAL 9.639,7 10.941,9 +13,5 % International 627,4 735,5 +17,2 % % 7% 7% Backlo
Slide 17: Environment & Logistics: Income Statement
Results by Business Areas Environment & Logistics: Income Statement Million Euro 2006 2007 Var. 07/06 Turnover 578,2 663,4 +14,7 % EBITDA 74,6 88,0 +17,9 % EBIT 45,5 54,0 +18,7 % Cont. Operations PBT 34,5 42,8 +24,1 % Net Profit 23,4 28,3 +20,8 % EBITDA margin 12,9% 13,3% EBIT Margin 7,9% 8,1% Net P
Slide 18: Environment & Logistics: Sales by Activity
Results by Business Areas Environment & Logistics: Sales by Activity Million Euro 2006 2007 Var. 07/06 Environmental 287,7 313,5 +9,0 % Ports & Logistics Services 133,1 156,2 +17,4 % Facility Management 157,4 193,7 +23,0 % TOTAL 578,2 663,4 +14,7 % International 55,7 75,6 +35,6 % % 10% 11% Sales 1Q0
Slide 19: Environment & Logistics: Backlog Breakdown
Results by Business Areas Environment & Logistics: Backlog Breakdown Million Euro 2006 2007 Var. 07/06 Environmental 7.260,9 7.312,5 +0,7 % Ports & Logistics Services 3.769,1 4.833,4 +28,2 % Facility Management 706,4 865,8 +22,6 % TOTAL 11.736,4 13.011,7 +10,9 % International 1.887,3 2.486,6 +31,8 %
Slide 20: Industrial Services: Income Statement
Results by Business Areas Industrial Services: Income Statement Million Euro 2006 2007 Var. 07/06 Turnover 1.091,0 1.327,0 +21,6 % EBITDA 93,2 113,3 +21,6 % EBIT 78,9 95,9 +21,6 % Cont. Operations PBT 71,9 87,8 +22,1 % Net Profit 48,9 61,4 +25,7 % EBITDA margin 8,5% 8,5% EBIT Margin 7,2% 7,2% Net Pr
Slide 21: Industrial Services: Sales by Activity
Results by Business Areas Industrial Services: Sales by Activity Million Euro 2006 2007 Var. 07/06 Networks 194,1 207,2 +6,8 % Specialized Products 358,0 499,9 +39,7 % Energy Projects 333,1 360,3 +8,2 % Control Systems 205,8 259,6 +26,1 % TOTAL 1.091,0 1.327,0 +21,6 % International 351,5 411,8 +17,2
Slide 22: Industrial Services: Backlog Breakdown
Results by Business Areas Industrial Services: Backlog Breakdown Million Euro 2006 2007 Var. 07/06 Networks 962,7 1.042,4 +8,3 % Specialized Products 1.433,6 1.512,3 +5,5 % Energy Projects 1.217,1 1.898,0 +55,9 % Control Systems 936,9 1.014,0 +8,2 % TOTAL 4.550,3 5.466,7 +20,1 % International 1.265,
Slide 23: Energy: Income Statement
Results by Business Areas Energy: Income Statement Million Euro 2006 2007 Var. 07/06 Turnover 1.412,3 n.a. EBITDA 546,6 n.a. EBIT 360,0 n.a. Cont. Operations PBT 21,6 398,0 n.a. Net Profit 29,6 98,7 +233,8 % EBITDA margin 38,7% EBIT Margin 25,5% Net Profit Margin 7,0% Effective Tax Rate 27,2% 23
Slide 24: Energy: Sales by Activity
Results by Business Areas Energy: Sales by Activity Million Euro 2006 2007 Var. 07/06 Generation 703,7 532,7 -24,3 % Distribution 153,3 174,8 +14,0 % Gas 147,4 134,5 -8,8 % International 607,9 604,7 -0,5 % Others 20,8 -34,4 n.a. Total 1.633,1 1.412,3 -13,5 % Sales 1Q06 Sales 1Q07 38% 37% 43% 42% 9%
Slide 25: Net Impact of Listed Affiliates
Results by Business Areas Net Impact of Listed Affiliates Euro Millions 2006 2007 Var. 07/06 Current Stake 16,8 23,5 +40 % 24,8% 53,5 n.a. 11,9% Total Contribution 16,8 77,0 +357 % Financial expenses (15,4) (56,4) Corporate tax 5,4 18,3 Net Profit 6,8 38,9 +469 % 25
Slide 26: Results 1Q07: Agenda
Results 1Q07: January - March Executive Summary Income Statement Results by Business Areas Balance Sheet Cash Flow Statement Conclusions 26
Slide 27: Balance Sheet Key Figures
Balance Sheet Key Figures Million Euro mar-06 mar-07 Var. 07/06 Fixed Assets 10.770 100% 31.165 100% +189 % Working Capital (1.575) 15% (2.813) 9% +79 % Total Equity 2.685 25% 9.256 30% +245 % Net Debt 5.734 53% 14.791 47% +158 % Non Recourse Financing 3.143 7.491 +138 % Net Debt With Recourse 2.591
Slide 28: Net Debt Breakdown
Balance Sheet Net Debt Breakdown 1Q06 1Q07 Debit balance Net cash /(STDebt) € 180 mn +437 Net debt with € 257 mn recourse Credit balance € 7,299 mn € 2,771 mn +4,271 Gearing 79% Long term debt € 7,042 mn € 3,143 mn Non recourse financing +4,348 Total net debt € 5,734 mn 40% UNF € 7,491 mn 50% IBD 10
Slide 29: Results 1Q07: Agenda
Results 1Q07: January - March Executive Summary Income Statement Results by Business Areas Balance Sheet Cash Flow Statement Conclusions 29
Slide 30: Cash Flow Statement Key Figures
Cash Flow Statement Key Figures Million Euro 2006 2007 Var. 07/06 EBITDA 271 862 +217,9 % Cash Flow from Operations 152 609 +301,7 % Working Capital (Requirements) / Excess (226) (225) -0,6 % Cash Flow from Operating Activities (75) 384 n.a. Capital Expenditure (1.166) (538) -53,9 % Dividends paid (
Slide 31: Breakdown of Capital Expenditure
Cash Flow Statement Breakdown of Capital Expenditure Gross Euro Million Divestments Net Investment Investment Construction 40,6 -1,1 39,5 Concessions 110,2 0,0 110,2 Environment & Logistics 76,4 -2,9 73,5 Industrial Services 135,1 -12,6 122,5 Energy 171,8 0,0 171,8 Corporation 20,6 0,0 20,6 TOTAL 55
Slide 32: Results 1Q07: Agenda
Results 1Q07: January - March Executive Summary Income Statement Results by Business Areas Balance Sheet Cash Flow Statement Conclusions 32
Slide 33: Conclusions: Growth, Profitability and Value
Conclusions Growth, Profitability and Value Good operating performance Extraordinary results Core activities value creation Growth, Profitability Integration of Unión Fenosa and Value Acquisition of 25.1% of Hochtief Corporate Sale of Grupo Continental Auto activity 33