Acs, Actividades De Construccion Y Servicios Sa · BME:ACS
Acs, Actividades De Construccion Y Servicios Sa — Grupo ACS — H1 2014 Earnings Presentation
16 slides from Acs, Actividades De Construccion Y Servicios Sa's earnings presentation, Sep 1, 2014
Slide 1: 1H/14 Results Presentation
1H/14 Results Presentation September 1st, 2014
Slide 2: YTD Highlights
YTD Highlights Good operating performance Like‐for‐like* growth in impacted by f/x effects Sales, EBIT & Net Profit Stable net debt LTM despite • Proportional public offer in LEI completed significant investments performed • Increase in HOT stake Restructuring process in HOCHTIEF • Corporate streaml
Slide 3: Key figures 6M14
Key figures 6M14 Var. Var. (like‐for‐like)* Sales € 18,759 mn ‐5.0% +5.1% Backlog 19 months € 63,103 mn ‐9.6% ‐3.5% EBITDA Margin 6.8% € 1,277 mn ‐15.2% ‐2.1% EBIT Margin 4.5% € 838 mn +3.2% +13.9% Net Profit € 395 mn +10.7% +19.2% * Like‐for‐like variations are calculated adjusting forex and change
Slide 4: Grupo ACS Sales 6M14
Grupo ACS Sales 6M14 Industrial Services Construction € 3,643 mn € 14,277 mn +3.7%* +5.6%* 19% 5% Environment € 852 mn +0.3%* Total Sales 76% € 18,759 mn +5.1%* Not included in the graph: € (13) million from adjustments * Like for like variations, which are calculated adjusting forex and changes of
Slide 5: Grupo ACS Sales 6M14
Grupo ACS Sales 6M14 Africa € 143 mn Spain 1% € 3,038 mn 16% Asia Pacific € 7,546 mn 40% 9% Rest of Europe € 1,699 mn 34% America € 6,334 mn International Sales € 15,721 mn +5.4%* (84% of the total) Construction Industrial Services Environment € 13,488 mn (+6.0%*) 95% /total € 1,943 mn (+0.6%*) 53%/
Slide 6: Grupo ACS Backlog Evolution LTM
Grupo ACS Backlog Evolution LTM New orders, Production, last 12 months last 12 months Book to bill ratio LTM = 0.94x Forex and perimeter changes € 38.203 mn € 40.531 mn € 4.355 mn € 69.786 mn Excluding this effect: € 63.103 mn € 63.103 mn ‐3.5% Backlog June 13 Backlog June 14 1st Half 2014 – Results
Slide 7: Grupo ACS Backlog by 30th June
Grupo ACS Backlog by 30th June 14 Total Backlog € 63.103 mn ‐3.5% * Industrial Services Africa € 546 mn € 7,554 mn Construction +5.6% * Spain € 46,918 mn 1% € 10,197 mn ‐5.1% * Environment 12% € 8,630 mn 16% ‐1.6% * 14% 41% 14% Rest of Europe € 8,648 mn 74% 28% Asia Pacific America € 26,225 mn € 17,
Slide 8: EBITDA Analysis
EBITDA Analysis € 62 mn Like for like ‐2.1% Telco & Services € 102 mn € 1.506 mn € 1.444 mn € 36 mn Forex € 1.415 mn FleetCo € 1.277 mn EBITDA 6M13 Adjusted EBITDA 6M14 Adjusted EBITDA 6M13 EBITDA 6M14 1st Half 2014 – Results Presentation 8
Slide 9: EBIT Analysis
EBIT Analysis +14.2% ‐0.8% € (3) mn ‐7.7% • Slightly larger provisions € (5) mn € 45 mn Corp. • Flat revenues • Activity slowdown € (12) mn 7% 8% • Lower PPA amortization and FleetCo impact € 25 mn +3.2% 51% 54% € 838 mn € 813 mn f/x effect € (66) mn Perimeter changes effect € (19) mn 42% 38% Variat
Slide 10: 6M14 Net Results
6M14 Net Results € million 6M13 6M14 Construction Net Profit 120 109 ‐9.2% Industrial Services Net Profit 237 237 0% Environment Net Profit 46 46 0% Corporation Net Result (46) 3 n.a. Net financial expenses (77) (74) Financial stakes, overheads & others 31 77 Net Profit 357 395 +10.7% 1st Half 2014
Slide 11: Net debt evolution LTM
Net debt evolution LTM €33mn €261mn €1.346mn €1.556mn €173mn €290mn €5,812mn €5,620mn €1.019mn €868mn €2.101mn €1.962mn €3,811mn Shareholding increase in €943mn HOT & LEI € 742 mn Net Debt 30 Operating CF Net Dividends & Debt Operating CF Net WC Variation Dividends & Others & Debt Jun 13 after WC In
Slide 12: Cash Flow from Operations
Cash Flow from Operations 6M13 6M14 Net Financial Expenses, Tax Payments & Other Net Financial Expenses, Tax (319) Payments & Other (409) Op. CAPEX Operating (Net) Op. CAPEX activities EBITDA Operating (Net) FCF (658) activities EBITDA (327) (before WC) 1,506 FCF (before WC) 1,277 + 2,2% 541 529 1st
Slide 13: Operating Working Capital Variation
Operating Working Capital Variation 6M13 6M14 HOCHTIEF ACS ex HOCHTIEF € (774) mn € (904) mn Aprox. € 660 mn recovered in 2H/2013 Factoring € (720) mn reduction € (578) mn Factoring reduction € 12 mn € 62 mn Adjusted WC Similar impact YTD variation € (1,482) mn than in 1H/2013 € (1,494) mn 1st Half
Slide 14: Restructuring in HOCHTIEF and Leighton underway
Restructuring in HOCHTIEF and Leighton underway HOCHTIEF Europe Leighton HOCHTIEF Americas • New structure in place: • HOT stake: 69.6% • Solid performance: Construction, Services, • New structure in place: exceptionally strong Q2, PPPs, Engineering Construction, Mining, positive trend in CF from •
Slide 15: Conclusions
Conclusions Sales & Backlog Despite forex negative impact & 2013 assets disposals resilience Positive profitability HOT restructuring efforts to show results from 2H 2014 trends Full guidance reaffirmed Increase cash flow from operations Cash flow focus Revert working capital trend Sale of non core
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