Hochtief Aktiengesellschaft · XETR:HOT
Hochtief Aktiengesellschaft — Hochtief — H1 2024 Earnings Presentation
41 slides from Hochtief Aktiengesellschaft's earnings presentation, Jul 24, 2024
Slide 1: H1 2024 Results Presentation
H1 2024 Results Presentation July 24 2024 © Rendering courtesy of Gensler Juan Santamaría, CEO Peter Sassenfeld, CFO Mike Pinkney, Head of Corporate Strategy Tobias Loskamp, Head of Capital Markets Strategy H1 2024 results presentation – July 24, 2024 1
Slide 2: HOCHTIEF Group – H1 2024 overview
HOCHTIEF Group – H1 2024 overview Operational net Strong operating Net debt position of Record H1 new FY 2024 guidance: profit up 11% to cash flow of EUR EUR 1.1bn driven orders of EUR operational net EUR 301m, or 1.7bn LTM driven by strategic 21.3bn, up 18% yoy profit of +18% on a by sustained high
Slide 3: HOCHTIEF Group – H1 2024 Key Figures
HOCHTIEF Group – H1 2024 Key Figures* (EUR million) H1 2023 H1 2023 H1 2024 yoy FY 2023 reported comparable comparable Sales 13,016 13,701 14,652 6.9% 27,756 Operational profit before tax/PBT 392 410 442 8.0% 774 Operational PBT margin in % 3.0% 3.0% 3.0% 0 bps 2.8% Operational net profit 270 256 30
Slide 4: HOCHTIEF Group – Key P&L figures
HOCHTIEF Group – Key P&L figures Sales by region H1 2024 3% 2% Robust sales Solid operational PBT growth driven by all performance operating segments, firm Group margin with an increase 27% Americas Operational net profit up 11% to Asia Pacific of 7% yoy driven EUR 301m, or up 18% on comparable basi
Slide 5: HOCHTIEF Group – Cash flow performance
HOCHTIEF Group – Cash flow performance Net operating cash flow LTM 1495 (EURm) 1,285 Strong LTM performance Net operating Net op. cash 995 912 with operating cash flow of capex contains flow of EUR EUR 1.69bn, up EUR 409m mainly job-costed 1.29bn LTM, up yoy, incl. benefit of EUR 74m tunneling and E
Slide 6: HOCHTIEF Group – Net cash development yoy
HOCHTIEF Group – Net cash development yoy HOCHTIEF ended H1 2024 with a net debt Adjusting for the full consolidation of S&P investment grade position of EUR 1.1bn, driven by strategic Thiess, the Abertis capital increase, bolt- rating unchanged at BBB-, capital allocation decisions on M&A and the H
Slide 7: HOCHTIEF Group – Order backlog and new orders
HOCHTIEF Group – Order backlog and new orders New orders development (EURbn) 1.2 Very strong new orders Order backlog rises to 1.1 1.1 1.2 25 up 18% to EUR 21.3bn yoy, EUR 65.9bn, +23%, or 14% 21.3 Book to bill 18.6 1.0 +14% on a comparable on a comparable basis; 20 LTM basis; 1.2x work done LTM ord
Slide 8: Selected recent significant project announcements
HOCHTIEF Group – Selected recent significant project announcements Energy transition Digital infrastructure New sustainable mobility 700MWac Cobbora Solar Farm, Pacific Partnerships Data Center, Leighton Asia (06/2024) civil, structural, Metro Trains Melbourne, UGL (05/2024) extension (06/2024) deve
Slide 9: Turner – H1 2024 results in EURm
Turner – H1 2024 results in EURm (see slide 26 for further details Essentials Financials (EUR million) H1 2023 H1 2024 yoy Strong sales growth of 14% to EUR 8.6bn; Q2 acceleration Sales 7,619 8,650 14% Significant increase in PBT margin to 3.0% in Q2 2024, EBITDA 191 242 27% +70bps yoy (H1 2024 +50b
Slide 10: Turner - Strategic acquisition of Dornan Engineering in Europe
Turner - Strategic acquisition of Dornan Engineering in Europe Strategic acquisition of a European advanced-tech engineering Sales split per market (FY2023) business for an EV of ~EUR 400m ✓ Dornan, headquartered in Ireland, is one of the leading MEP* engineering companies in Europe. 18% Data Center
Slide 11: CIMIC – H1 2024 results in EURm
CIMIC – H1 2024 results in EURm (see slide 28 for further details) Essentials Financials* (EUR million) H1 2023 H1 2024 yoy Acquisition of an additional 10% of Thiess for AUD 320m comparable Operational PBT of EUR 193m, up 6% on a comparable basis Sales 4,449 4,160 -6% and consistent with FY 2024 gu
Slide 12: Engineering & Construction – H1 2024 results
Engineering & Construction (HT Europe + Flatiron) – H1 2024 results (see slide 31 for further details) Essentials Financials (EUR million) H1 2023 H1 2024 yoy Sales increased by 13% yoy to EUR 1.8bn Sales 1,559 1,766 13% EBITDA 79 88 12% Operational PBT stable at EUR 39m, with firm margins Operation
Slide 13: Abertis – H1 2024 results
Abertis – H1 2024 results (see slide 33 for further details) Essentials Financials (EUR million) H1 2023 H1 2024 yoy Average daily traffic (ADT) up +1% in H1 2024 yoy Operating revenues and EBITDA up 6% yoy comparable Sales (100%) 2,717 3,021 11% Net profit pre-PPA amounts to EUR 402m, up 1% yoy EBI
Slide 14: Corporate Strategy
Corporate Strategy Key elements of Strategy Group objectives Consolidate core market positions and Focus on cash generation and maintaining develop presence in the structural growth a strong, de-risked balance sheet Sustainable cash-backed profits areas of high-tech, energy transition and Maintain I
Slide 15: Reaffirming existing strengths whilst expanding high-tech infrastructure presence
Reaffirming existing strengths whilst expanding high-tech infrastructure presence Further develop HOCHTIEF’s presence in the value chain of rapidly expanding high-tech, energy transition and sustainable infrastructure markets Digital Energy transition New sustainable Social Reshoring Sustainable inf
Slide 16: Bolt-on acquisitions in H1 2024
Bolt-on acquisitions in H1 2024 Part of HOCHTIEF’s capital allocation strategy is focused on carrying out bolt-on acquisitions to enhance and expand our engineering, digital and logistics services know-how and client-offering. Sedgman acquired Sedgman also acquired Thiess announced a share Thiess al
Slide 17: HOCHTIEF Group – Capital allocation & Guidance
HOCHTIEF Group – Capital allocation & Guidance Capital allocation Organic growth opportunities Guidance 2024 Shareholder remuneration Growth in high-tech, energy transition and Operational net profit sustainable infrastructure EUR 560 – 610m FY 2023 dividend of EUR 4.40/share paid in July 2024, 65%
Slide 18: HOCHTIEF Group – Accelerating ESG drive
HOCHTIEF Group – Accelerating ESG drive Significant progress in Group wide Working HOCHTIEF has been included for the 18th year running in the implementation of ambitious Groups to align activities Dow Jones Sustainability World Index (DJSI), received the Sustainability Plan 2025 (60+ and benefit fr
Slide 19: Appendix: H1 2024
Appendix: H1 2024 Frankfurt University of Applied Sciences, Frankfurt, Germany H1 2024 results presentation – July 24, 2024 19
Slide 20: HOCHTIEF Group – Overview
HOCHTIEF Group – Overview H1 H1 H1 H1 HOCHTIEF Group H1 Δ H1 FY HOCHTIEF Group 2023 2023 H1 Δ H1 FY 2023 2023 2024 in % 2023 2024 in % 2023 (EUR million) reported comparable (EUR million) reported comparable P&L-key figures P&L-key figures Sales 13,015.6 13,701.3 14,651.6 6.9% 27,756.0 Operational n
Slide 21: HOCHTIEF Group – Statement of earnings
HOCHTIEF Group – Statement of earnings HOCHTIEF Group H1 H1 ∆% Sales (EUR million) 2023 2024 H1 +13% yoy, include first time full consolidation of Thiess; 97% Sales 13,015.6 14,651.6 12.6% of sales are international. Change in inventories -15.5 15.5 Total Revenues 13,000.1 14,667.1 Materials -9,720.
Slide 22: HOCHTIEF Group – Statement of cash flows (statutory)
HOCHTIEF Group – Statement of cash flows (statutory) HOCHTIEF Group H1 H1 ∆ FY (EUR million) 2023 2024 H1 2023 Profit before tax / PBT 371.8 486.3 114.5 715.0 Depreciation 144.2 225.2 81.0 320.5 Other adjustments to net profit -100.8 -46.8 54.0 -149.5 Changes in Working Capital -639.8 -459.8 180.0 -
Slide 23: HOCHTIEF Group – Balance sheet (assets)
HOCHTIEF Group – Balance sheet (assets) HOCHTIEF Group FY H1 Δ (EUR million) 2023 2024 FY Assets 19,006.2 23,697.7 4,691.5 Non-current assets NON- Non-current assets 5,661.6 8,279.9 2,618.3 Intangible assets 1,102.0 3,348.2 2,246.2 Increase of Intangible Assets due to recognition CURRENT of goodwill
Slide 24: HOCHTIEF Group – Balance sheet (liabilities and equity)
HOCHTIEF Group – Balance sheet (liabilities and equity) HOCHTIEF Group FY H1 Δ Shareholders‘ equity – (EUR million) 2023 2024 FY Movements in H1 2024 (EUR million) SHARE- Liabilities and shareholders’ equity 19,006.2 23,697.7 4,691.5 Put option Thiess -653 HOLDERS’ Profit after taxes 463 EQUITY Shar
Slide 25: HOCHTIEF Group - Financing structure H1 2024
HOCHTIEF Group - Financing structure H1 2024 Net cash / Net debt calculation: • Strong liquidity position of EUR 6.3bn per end H1 2024 (cash, end H1 2023 end H1 2024 end FY 2023 cash equivalents and marketable securities) period end (EUR m) Cash and cash equivalents 4,404 5,635 5,150 • In March 2024
Slide 26: Turner
Turner H1 2024 results presentation – July 24, 2024 © Robert G. Gomez © Manica Architecture © Turner Construction © Turner Construction 26
Slide 27: Turner - Segment overview
Turner - Segment overview Financials (USD million) • High added-value construction management solutions (USD million) H1 2023 H1 2024 yoy with 45 offices across the U.S. Sales 8,235 9,335 13% • Client-focused delivery model resulting in 80% repeat EBITDA 206 261 27% Operational PBT 193 266 38% clien
Slide 28: CIMIC
CIMIC © UGL © ©CPBContractors © ©CPBContractors © UGL H1 2024 results presentation – July 24, 2024 28
Slide 29: CIMIC - Segment overview
CIMIC - Segment overview Financials (AUD million) • Largest Australasian player providing engineering-led (AUD million) H1 2023 H1 2024 yoy integrated solutions and critical mineral-related comparable services with over 30,000 employees across the whole Sales 7,197 6,834 -5% project lifecycle EBITDA
Slide 30: CIMIC – Thiess
CIMIC – Thiess Financials – Thiess (AUD million) (AUD million) 2022 2023 yoy • On 24 April, CIMIC announced the acquisition of an additional 10% equity interest in Thiess, for a purchase Sales 3,950 5,903 49% EBITDA 1,151 1,471 28% price of AUD 320 million, increasing CIMIC’s ownership PBT 386 428 1
Slide 31: Engineering & Construction
H1 2024 results presentation – July 24, 2024 Engineering & Construction © HOCHTIEF © Flatiron/Dragados © Udo Görisch © HOCHTIEF Datacenter © HOCHTIEF 31
Slide 32: Engineering & Construction - Segment overview
Engineering & Construction - Segment overview Order Backlog FY 2023 • Leading civil engineering businesses in Europe Regional split: (HOCHTIEF) and North America (Flatiron) where we differentiate through superior technical resources, skills and know-how • Building construction activities in Germany
Slide 33: Abertis
Abertis © ajpmedia.com © Abertis © Abertis © Abertis H1 2024 results presentation – July 24, 2024 33
Slide 34: Abertis – Snapshot H1 2024
Abertis – Snapshot H1 2024 • Revenues +11% and EBITDA +13% (+6% L-f-L) underpinned by the geographical diversification of the Strong portfolio, inflation linked tariffs and contribution from new assets. operating • Solid +0.8%traffic growth(1) supported by HV traffic evolution, contribution from new
Slide 35: Abertis – Key figures H1 2024
Abertis – Key figures H1 2024 Europe Overseas Holding Total EURm France Spain Italy USA2 Mexico Chile Brazil Argentina International 3 A. Infra 4 Total group km 1,769 631 236 309 1,011 412 3,193 175 152 - 7,886 Concessions 2 7 1 5 5 4 7 2 2 - 35 Traffic1 -1.8% 3.0% -0.2% -1.1% +2.3% 2.6% -2.3% 3.7%
Slide 36: 2023 strategic high-growth markets: Equity investments
2023 strategic high-growth markets: Equity investments (cEUR 150m committed) Digital infrastructure Energy transition New sustainable mobility HOCHTIEF PPP Solutions plans to invest Strategy to establish a diversified HOCHTIEF PPP Solutions executing in sustainable edge data centers in portfolio of
Slide 37: FX rates
FX rates End of period: Q1 H1 March March Change June 30, June 30, Change 31, 2023 31, 2024 (%) 2023 2024 (%) EUR/USD 1.09 1.08 -1% EUR/USD 1.09 1.07 1.5% USD/EUR 0.92 0.92 1% USD/EUR 0.92 0.93 -1.5% EUR/AUD 1.63 1.66 2% EUR/AUD 1.64 1.61 2% AUD/EUR 0.61 0.60 -2% AUD/EUR 0.61 0.62 -2% Period average
Slide 38: The HOCHTIEF Group
The HOCHTIEF Group • HOCHTIEF is an engineering-led global infrastructure solutions provider with leading positions in North America, Australia and Europe and a rapidly expanding presence in high-tech, energy transition and sustainable infrastructure markets. • Founded in 1873 • Ranked #2 in ENR Top
Slide 39: Leading positions in developed markets – FY 2023
HOCHTIEF, leading positions in developed markets – FY 2023 ©UdoGoerisch ©BigAcorn-Studios ©Abertis © UGL Engineering & Turner CIMIC Construction Abertis Turner provides high added-value Australia-based CIMIC Group is an Comprises HOCHTIEF’s European 20% equity investment in leading construction mana
Slide 40: Disclaimer
Disclaimer This presentation and the report contain forward-looking statements. These statements reflect the current views, expectations and assumptions of the Executive Board of HOCHTIEF Aktiengesellschaft and are based on information currently available to the Executive Board. Such statements invo
Slide 41: Investor Relations contacts and calendar
Investor Relations contacts and calendar 7 November 2024 Nine months results 2024 For further information please contact: Investor Relations HOCHTIEF Aktiengesellschaft Alfredstr. 236 45133 Essen, Germany Phone: +49 201 824 1870 Fax: +49 201 824 9 1870 investor-relations@hochtief.de Mike Pinkney Tob