Acs, Actividades De Construccion Y Servicios Sa · BME:ACS
Acs, Actividades De Construccion Y Servicios Sa — Grupo ACS — Q3 2008 Earnings Presentation
20 slides from Acs, Actividades De Construccion Y Servicios Sa's earnings presentation, Oct 24, 2008
Slide 1: 3Q08 Results Presentation
3Q08 Results Presentation October 24th, 2008
Slide 2: Grupo ACS 3Q08 Results: Key figures - Good Operating Performance
Grupo ACS 3Q08 Results: Key figures Good Operating Performance Total Turnover € 12.380 mn +6 % EBITDA € 1.134 mn +10 % EBIT € 871 mn +9 % Ordinary Net Profit € 892 mn +21 % On-going Activities Net Profit* € 1.037 mn +58 % Net Profit € 1.705 mn +35 % *Excluding UNF and Continental Auto profit contrib
Slide 3: Grupo ACS 3Q08 Results: Key figures - Financial Structure
Grupo ACS 3Q08 Results: Key figures Financial Structure Total Net Debt € 9.296 mn Net Debt with Recourse € 3.099 mn Non Recourse Financing € 6.197 mn Net Worth € 11.063 mn Shareholder's Equity € 4.584 mn Minority Interests € 6.478 mn ¾Gearing* as of end of September 08 reached 28% ¾Net Debt with rec
Slide 4: Sales analysis
Sales analysis +6.1% +41.3% -0.2% + € 716 mn € -20 mn • Construction decrease compensated by the growth in the rest of € 736 mn activities, led by Industrial Services Domestic 80% Sales € 12,380 mn • Construction sales doubling Domestic Sales 85% • Environment & Logistics and Industrial Services € 1
Slide 5: EBITDA analysis
EBITDA analysis Holding Adjustments : January - September +21.8% € (1) mn + € 106 mn +10.3% € 77 mn 37% +11.6% • Excellent evolution of -5.8% € 33 mn Energy related activities n.a. • International activity € 1,134 27% increased 33% € (25) mn € 22 mn • Sustainable growth in all activities mn • Contri
Slide 6: Operating margins analysis
Operating margins analysis All figures as % of sales 8.4% 7.4% 7.4% 7.0% EBIT 8.3% 6.8% Margin 6.3% 6.3% 5.1% 2.2% D+A 5.0% 2.0% 1.2% 1.4% 1.2% 1.2% 13.4% 13.4% 9.2% EBITDA 8.8% 8.8% 8.6% Margin 7.5% 7.5% 3Q07 3Q08 3Q07 3Q08 3Q07 3Q08 3Q07 3Q08 Construction Environment Industrial Grupo ACS & Logisti
Slide 7: Net Profit analysis
Net Profit analysis € mn Sep 07 Sep 08 Var. Construction Net Profit 241 227 -5.5% Concessions Ordinary Net Profit 20 38 +85.0% Environment and Logistics Net Profit 102 117 +15.2% Industrial Services Net Profit 195 236 +21.0% UNF Ordinary Net Profit 134 265 +97.8% Listed Companies / Holding & Others
Slide 8: 3Q08 Operating Results
3Q08 Operating Results Breakdown by activity Environment & Construction Industrial Services Euro Million Logistics Turnover 5.326 -5,8 % 2.362 +11,3 % 4.893 +19,3 % International Turnover 581 +101,2 % 293 +22,1 % 1.635 +31,5 % % over total 11% 12% 33% EBITDA 397 -5,8 % 316 +11,6 % 429 +21,8 % Margin
Slide 9: 3Q08 Operating Results
3Q08 Operating Results Breakdown by activity Sales 3Q08 Backlog 3Q08 Million Euros 16% 8% Sales Var. Backlog Var. 17% Construction 5.326 -5,8 % 11.158 -3,9 % Civil Works 3.273 -2,7 % 8.373 +12,8 % 22% Non Residential Building 1.181 -12,8 % 1.848 -17,9 % 62% Residential Building 872 -6,8 % 936 -51,7
Slide 10: Balance Sheet Key Figures
Balance Sheet Key Figures Million Euros dec-07 sep-08 Tangible Fixed Assets 18.475 5.088 LT financial investments 10.300 7.087 Other non-current assets 5.846 2.075 Total fixed assets 34.621 109% 14.251 67% Working Capital (3.441) -11% (1.369) -6% Net Assets held for sale* 492 2% 8.360 39% Total Net
Slide 11: 3Q08 Debt Evolution Analysis
3Q08 Debt Evolution Analysis - € 7.3 bn Unión Fenosa €5.8 bn Debt € 0.2 bn Non Recourse debt €2.2 bn reclassified € 16.6 bn € 1 bn € 0.3 bn € 9.3 bn €1.2 bn € 0.8 bn 0.6 bn ACS 2.1 bn investments 0.4 bn Treasury 2.4 bn cash Stock €0.2 bn € 0.4 bn collected from assets disposals Net cash flow Dividen
Slide 12: Net debt situation
Net debt situation Debt position as of September 30th, 2008 Euro Million Businesses Corporate TOTAL LT debt with recourse 1,589 1,923 3,512 ST debt with recourse 2,242 1,245 3,487 Cash and equivalents (4,258) 358 (3,900) Total net debt with recourse (427) 3,526 3,099 Total debt without recourse 3,07
Slide 13: Unión Fenosa sale facts
Unión Fenosa sale facts € mn Price agreed @ 18.33 € /share 7,592 9.99% sold in August 1,675 Non Recourse debt already paid back (468) Cash already obtained 1,107 35.3% to be sold once CNC approval is obtained 5,917 Non Recourse debt to be paid back (2,237) Cash to be obtained 3,680 Taxes on total ca
Slide 14: Pro-forma net debt after transaction completion
Pro-forma net debt after transaction completion Total Net Debt Pro-forma Net Debt € 9,296 mn € 6,083 mn € 2.237 mn Net Debt / EBITDA 08e pf = 4x Net Debt with Net Debt / Net Worth = 92% recourse € 3,099 mn € 5,917 mn € 114 mn Net Cash € 467 mn Non Recourse Debt € 6,197 mn € 6,197 mn Non recourse deb
Slide 15: LT Debt Maturity Grupo ACS
LT Debt Maturity Grupo ACS 5.000 4.032 4.000 2.829 3.000 2.426 million € 2.000 1.000 303 0 2009 2010 2011 2012 y ss No significant debt refinancing until December 2010 15
Slide 16: 3Q08 Working capital evolution
3Q08 Working capital evolution 3Q08 Working capital variation Debit Balance increase 1,385 mn Working Capital Working Capital Working Capital 31st Dec 07 Reclassification Adjusted from investment from financing from operating 30th Sept 08 of UNF 31st Dec 07 activities activities activities Credit Ba
Slide 17: Working capital evolution: Historical trends
Working capital evolution: Historical trends Working capital evolution* (figures in credit balances, mn€) 3.000 2002 2003 2004 2005 2006 2007 2008 2.709 2.497 2.500 2.280 Debit balance 2.153 increase of €1,385 mn 2.000 1.872 1.754 2.064 1.680 1.575 1.477 1.305 1.690 1.722 1.324 1.500 1.163 1.468 1.0
Slide 18: 3Q08 Capex breakdown
3Q08 Capex breakdown Gross Euro Million Divestments Net Investment Investment Construction 65 -17 48 Concessions 136 -1.006 -870 Environment & Logistics 234 -40 194 Industrial Services 830 -14 816 Corporation 859 -1.675 -816 TOTAL 2.124 -2.752 -628 Gross Investments 3Q08 3% 6% 11% 41% 39% 18
Slide 19: Conclusions: Sustainable value creation for our shareholders
Conclusions ¾ Good results in operating activities • Diversification allows to maintain operating growth • International activity maintains its growing trend ¾ Solid financial structure of the Group • Cash position at operating businesses → Growth opportunities • More than € 3bn of liquidity to face
Slide 20: Dow Jones Sustainability Indexes
Dow Jones Cc Sustainability Indexes Member 2008/09 ACTIVIDADES DE CONSTRUCCION Y SERVICIOS ~