Acs, Actividades De Construccion Y Servicios Sa · BME:ACS
Acs, Actividades De Construccion Y Servicios Sa — Grupo ACS — 9M 2013 Earnings Presentation
16 slides from Acs, Actividades De Construccion Y Servicios Sa's earnings presentation, Nov 15, 2013
Slide 1: 3Q/13 Results Presentation
3Q/13 Results Presentation November 15th, 2013
Slide 2: YTD Highlights
YTD Highlights Good operating performance despite difficult economic environment Sustainable Net Income plus positive one-offs Significant disposals completed Recurrent Free Cash Flow implies attractive yield 3rd Quarter 2013 – Results Presentation 2
Slide 3: Key figures 9M13
Key figures 9M13 Var. Comp. Var.* Sales € 28,045 mn -1.5% +3.3% Backlog 19 months € 67,727 mn -10.8% -1.2% EBITDA Margin 7.7% € 2,164 mn -4.2% +0.5% EBIT Margin 4.2% € 1,184 mn +5.1% +9.5% Net Profit € 548 mn n.a. Recurrent Net Profit** € 447 mn -7.6% -3.7% * Excluding f/x impacts (Changes of perime
Slide 4: Grupo ACS Sales 9M13
Grupo ACS Sales 9M13 Industrial Services Construction € 5,390 mn € 21,338 mn (+2.0% comp.) (+3.4% comp.) 19% 5% Environment € 1,344 mn (+7.3% comp.) Total Sales 76% € 28,045 mn (+3.3% comp.) * Not included in the graph, € (27) million from corporation/adjustments 3rd Quarter 2013 – Results Presentat
Slide 5: Grupo ACS Sales 9M13 by region
Grupo ACS Sales 9M13 Africa € 323 mn Spain 1% € 4,192 mn 15% Asia Pacific € 10,662 mn 38% 11% Rest of Europe € 3,203 mn 35% America € 9,666 mn International Sales € 23,854 mn +7.3% comp. (85.1% of the total) Construction Industrial Services Environment € 20,277 mn (+6.7%c.) 95.0% /total € 3,113 mn (
Slide 6: Grupo ACS Backlog by 30th September
Grupo ACS Backlog by 30th September 13 Industrial Services Construction € 7,379 mn € 51,999 mn (+4.6% comp.*) (0% comp.*) 11% 12% Environment € 8,349 mn (-11.8% comp.*) Total Backlog 77% € 67,727 mn (-1.2% comp*.) * Excluding f/x impacts and changes of perimeter 3rd Quarter 2013 – Results Presentati
Slide 7: Grupo ACS Backlog by 30th September by region
Grupo ACS Backlog by 30th September 13 Africa € 516 mn Spain 1% € 9,952 mn 15% Asia Pacific € 29,665 mn Rest of Europe 44% 15% € 10,297 mn 25% America € 17,297 mn International Backlog € 57,775 mn +1.9% comp*. (85.3% of the total) Construction Industrial Services Environment € 48,754 mn (+0.5%c*.) 9
Slide 8: Grupo ACS Backlog Evolution LTM
Grupo ACS Backlog Evolution LTM Positive trend of Projects Awarded, Production, book to bill ratio last 12 months last 12 months LTM = 0.98x Significant recovery in 3Q13 of Forex and perimeter € 41.099 mn € 41.904 mn Construction activity changes € 7.380 mn € 75.912 mn Excluding this effect: € 67.72
Slide 9: EBITDA Analysis
EBITDA Analysis -12.7% € (96)mn -4.2% +13.2% 8% Holding Adj. +7.5% € 24mn € 14 mn 9% € (184) mn • Change of mix towards international waste 29% € 50 mn treatment activities 33% • AUD/EUR forex rates • EPC international impact (€ 96mn) activity growth € 2,260 mn • Domestic sales (+14%) € 2,164 mn red
Slide 10: Recurrent Net Results
Recurrent Net Results € million 9M12 9M13 Construction Net Profit 198 181 -8.9% Industrial Services Net Profit 329 334 +1.5% Environment Net Profit 68 64 -5.3% Holding overheads (29) (26) Holding net financial results (96) (107) Others 15 1 Recurrent Net Profit 484 447 -7.6% Net ordinary contributio
Slide 11: Net debt evolution LTM
Net debt evolution LTM ACS ex HOT debt HOT AG Debt Total Net Debt HOT Reduction of € 0.9 bn 9.214 € 3.9 bn ACS ex HOT 1.882 € 3.0 bn 5.989 5.965 4.952 5.297 2.341 1.966 1.001 1.164 7.332 3.788 3.999 4.296 3.648 sep-12 dec-12 mar-13 jun-13 sep-13 3rd Quarter 2013 – Results Presentation 11
Slide 12: YTD Net Debt Evolution
YTD Net Debt Evolution € 508 mn € (163) mn Proceeds from recent € 366 mn of disposals already investments in capital included intensive projects € 5,297 mn Strong CAPEX in Dividend payment in € 4,952 mn Leighton, especially July mining operations WC deterioration due WC deterioration due
Slide 13: Recurrent Free Cash Flow on Track
Cash Outflow Hochtief Cash Inflow ACS ex-HOT Recurrent Free Cash Flow on Track 74% Dividends received 27% € 266 Leighton CAPEX , mainly in mining 26% Net Financial equipment: € 767 mn Expenses + Tax Payments + Operating investments in the rest Other of activities: € 176 mn 73% € (1,022) Equipm
Slide 14: One-off impacts in the cash flow
Cash Outflow Hochtief Cash Inflow ACS ex-HOT One-off impacts in the cash flow HOCHTIEF share buy-back and increase of stake in Leighton (€ 282mn) Expansion 70% Investments & New joint ventures, mainly in Other one-off Asia Pacific region ( €380 mn) Non Core payments Assets Investments in conce
Slide 15: Strategic Objectives being delivered during 2013
Strategic Objectives being delivered during 2013 World Leader in Infrastructure Development Consolidation in By sales, ACS companies are ranked 1st in US & Asia, developed markets 2nd in Latam and 5th in Europe. Source: ENR Deployment of improved risk control systems in all Risk control Construction
Slide 16: 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, its performance, the foreseeable growth of it