Acs, Actividades De Construccion Y Servicios Sa · BME:ACS
Acs, Actividades De Construccion Y Servicios Sa — Grupo ACS — H1 2011 Earnings Presentation
20 slides from Acs, Actividades De Construccion Y Servicios Sa's earnings presentation, Aug 31, 2011
Slide 1: Results presentation 1st Half 2011
Results presentation 1st Half 2011 August 31st, 2011
Slide 2: Disclaimer
Disclaimer This document contains forward‐looking statements on the intentions, expectations or forecasts of Grupo ACS or its management at the time the document was drawn up and in reference to various matters including, among others, its customer base, base its performance, performance the foresee
Slide 3: Relevant facts of the period
Relevant facts of the period Hochtief control achieved Majority in AGM and share capital* >50% Full consolidation in ACS accounts Mature assets disposal under process First batch of renewable assets sale agreed Concessions disposals in process Good operating performance EBITDA & EBIT growth Internat
Slide 4: Hochtief control achieved
Hochtief control achieved Public offer completed Current stake 48.9% 4 members of the board ACS stake + HOT treasury stock > 53% Full consolidation of Hochtief since June 1st ACS will keep acting as the reference industrial shareholder: Reinforcing value creation strategy Supporting S ti manag
Slide 5: Mature asset disposal under process
Mature asset disposal under process Renewable assets disposals: ‐ 100 MW of Thermosolar, 95.5 MW of Wind in June ‐ 657 MW of Wind in August Remaining assets to be sold in the coming 6 months Ongoing highways sale process Hochtief airports sale in the latest stages of the process Clece: pending of bu
Slide 6: Good operating performance
Good operating performance Sales € 9.47 bn +26.5% EBITDA € 897 mn +22.5% Margin 9.5% EBIT € 650 mn +17.2% Margin 6.9% Recurrent Net Profit € 541 mn +14.2% Net Profit € 604 mn +20.5% 1st Half 2011 – Results Presentation 6
Slide 7: Solid financial position
Solid financial position Net debt € 9.85 bn w/ recourse € 2.11 bn non recourse € 7.74 bn Cash flow generation € 581 mn +26.9% Net Debt / EBITDA + Div. * 3.3 x Intense refinancing capacity: During the 1H11 more than € 5 bn have been extended to 2014 and beyond * Annualized EBITDA ex‐renewables + di
Slide 8: 1H11 Sales evolution
1H11 Sales evolution +26.5% Abroad Construction (+59.6%) + € 1,983 mn 53% Hochtief contribution Significant increase in Dragados International (+18%) € 9,473 mn Environmental Services (+12.2%) Abroad 31% Spain Growth in the international activity, mainly in waste treatment € 7,490 mn 47% Indus
Slide 9: International Activity
International Activity € 123 mn International Sales 1H11: € 48 mn +156% € 203 mn € 4.98 bn (+117.3%) 10 11 € 209 mn € 938 mn € 0 mn Canada € 1,081 1 081 mn 11 +13 3% +13.3% 10 € 184 mn € 742 mn +26.4% € 201 mn Germany 11 10 11 € 440 mn +145.4% Poland 10 € 158 mn +27% € 148 mn 10 11 Rest of US 10 11
Slide 10: Backlog analysis
Backlog analysis Backlog 1H11: € 64.7 bn 78.7% international New contracts in the last 6 months: Spain p US & Canada Rest of Europe € 1.7 1 7 bn b € 1.2 bn € 1.6 bn Australia Africa & Middle East Latin America € 3.4 bn € 0.4 0 4 bn € 0.5 bn 1st Half 2011 – Results Presentation 10
Slide 11: EBITDA Analysis
EBITDA Analysis +16.4% Holding Adj. € (12) mn + € 165 mn +22.5% € 63 mn +7.9% +42.1% € 10 mn • Higher contribution 48% f from renewables bl • Growth in • EPC international international activity growth operations € 104 mn € 897 14% • Contribution of HOT for one month th (June2011) (J 2011) 51% exclu
Slide 12: Profit contribution by activity
Profit contribution by activity € million 1H10 1H11 Var. Construction Net Profit 125 184 +47 1% +47.1% Environmental Services Net Profit 40 34 -16.0% Industrial Services Net Profit 185 227 +22.8% Corporation & Affiliates 123 96 -9.3% Recurrent Net Profit* Profit 473 541 +14 2% +14.2% Exceptionals (C
Slide 13: 1H11 Operating Results Breakdown by activity
1H11 Operating Results Breakdown by activity Construction Construction Environmental Services Environmental Services Industrial Services Industrial Services 1H11 Var. 11/10 1H11 Var. 11/10 1H11 Var. 11/10 Sales 5 008 8 5.008,8 +59 6% +59,6% 854 7 854,7 +12 2% +12,2% 3 640 4 3.640,4 +0 4% +0,4% % Int
Slide 14: Balance Sheet Key Figures
Balance Sheet Key Figures As of 30th June 2011 Total Net Assets Total Liabilities & Working Capital Shareholders’ Equity q y € (3,810) (3 810) mn Fixed Assets € 8,391 mn Net Worth € 7,928 mn Non current assets in p projects j € 2,294 mn LLong TTerm Financial Net Debt Investments € 9,849 mn € 11,800
Slide 15: Net debt situation: 30th June 2011
Net debt situation: 30th June 2011 Corporation Net Debt with € 376 mn Includes Net Debt recourse from Hochtief Operating Co. € 710 mn € 2,110 mn € 1,734 mn Treatment pplants Project P j t € 203 mn Finance Energy projects € 339 mn € 1,256 mn Net Concessions € 714 mn Debt € 9,849 Non recourse debt Deb
Slide 16: 1H11 Net Debt Evolution
1H11 Net Debt Evolution Shareholders Reclassification HOTstNet debt of net debt to 31 May11y Net retribution Others assets held for investment sale € 326 mn € 38mn payments € 630 mn € 479 mn CF from Operating € 9,849 mn activities € 1,988 mn € 581 mn € 8,003 mn Net Debt Net Debt 31st Dec 2010 30th J
Slide 17: 1H11 Capital Expenditure
1H11 Capital Expenditure Total net investments 1H11 = € 1,818 mn 1H11 Gross Investments = € 2,587 , mn Operating activities Concessional assets Corporation Total € 411 mn Total € 1,194 mn Total € 982 mn Construction € 299 mn Construction € 719 mn Hochtief € 982 mn Industrial Svcs. € 61 mn Industrial
Slide 18: Working capital evolution
Working capital evolution LTM Working capital variation Credit Balance increase € 1,166 mn Working Capital 30th Jun 10 variation 31st Dec 10 30th Jun 11 June – Dec10 Credit Balance € 2,644 mn WC from Hochtief financial consolidation activities WC from € 3,387 mn operating activities € 77 mn € 743 mn
Slide 19: Conclusions
Conclusions Successful Success u fulfillment u e o of ACS’s CS s main a objec objectives es H hti f control Hochtief t l achieved hi d Good performance from operations Strong balance sheet Operational p and financial 2011 targets g are fullyy achievable 1st Half 2011 – Results Presentation 19
Slide 20: ACTIVIDADES DE CONSTRUCCION Y SERVICIOS
ACTIVIDADES DE CONSTRUCCION Y SERVICIOS reo