Acs, Actividades De Construccion Y Servicios Sa · BME:ACS
Acs, Actividades De Construccion Y Servicios Sa — Grupo ACS — H1 2009 Earnings Presentation
18 slides from Acs, Actividades De Construccion Y Servicios Sa's earnings presentation, Jul 30, 2009
Slide 1: 1H09 Results Presentation
1H09 Results Presentation July 30th, 2009
Slide 2: Grupo ACS 1H09 Relevant Facts
Grupo ACS 1H09 Relevant Facts Good performance of Diversified in resilient markets core businesses with solid backlogs Significant investments in More than € 1 bn already operating activities invested in 6 months Cash position & non recourse Strong financial structure debt backed by cash-flow rich a
Slide 3: Grupo ACS 1H09 Results: Key figures - Sustained Positive Operating Performance
Grupo ACS 1H09 Results: Key figures Sustained Positive Operating Performance Total Turnover € 8,122 mn +2.3 % EBITDA € 736 mn +2.2 % EBIT € 561 mn -1.4 % Ordinary Net Profit Ordinary Net Profit* € 541 mn -3.4 % from Continuing Operations grows by 15.1% Ordinary EPS* 1.72 € p/s +4.0 % Shares buy-back
Slide 4: Grupo ACS 1H09 Results: Key figures - Improved Financial Structure
Grupo ACS 1H09 Results: Key figures Improved Financial Structure Total Net Debt € 8,752 mn Cash position in operating Net Debt with Recourse (Cash) € (59 mn) activities € 5.5 bn in IBE and HOT SPVs, Non Recourse Financing € 8,811 mn including the novation of the equity swap Net Worth € 4,000 mn € 3.
Slide 5: Sales analysis
Sales analysis +15.7% -0.9% +2.3% € -60 mn + € 184 mn € 244 mn • Mainly Construction Domestic 78% Sales • Environment & Logistics and Construction sales € 8,122 mn Domestic grew more than 30% Sales 80% • Industrial Services grew € 7,938 mn by 7% International International 22% Sales 20% Sales Intern
Slide 6: EBITDA analysis
EBITDA analysis January - June + € 16 mn +2.2% Holding Adj. € 4 mn +12% -8.6% 44% € 35 mn 40% € (23) mn n.a. +9.6% € 736 mn 23% Slowdown in activity. Margins € (15) mn € 15 mn • Improvement of margins and 21% maintained in 2008 contribution € 720 mn levels from 1% • New concessions • Growth in all a
Slide 7: Net Profit analysis
Net Profit analysis € mn Jun 08 Jun 09 Var. Construction Net Profit 156 143 -8.4% Concessions Ordinary Net Profit 6 (12) n.a. Environment and Facility Mgmt. Net Profit 60 65 +8.0% Industrial Services & Energy Net Profit 159 175 +10.0% Listed Companies / Holding & Others 8 76 n.s. Ordinary Net Profit
Slide 8: 1H09 Operating Results
1H09 Operating Results Breakdown by activity Environment & Industrial Services & Construction Euro Million Logistics Energy Turnover 3,277 -8.6 % 1,312 +10.0 % 3,552 +8.0 % International Turnover 492 +33.8 % 172 +32.3 % 1,118 +7.3 % % over total 15% 13% 31% EBITDA 244 -8.6 % 171 +9.6 % 328 +12.0 % M
Slide 9: 1H09 Operating Results
1H09 Operating Results Breakdown by activity Sales 1H09 Backlog 1H09 Million Euros 12% 5% 15% Sales Var. Backlog Var. Construction 3,277 -8.6 % 11,091 -5.6 % 21% Civil Works 2,211 +2.1 % 8,891 +3.8 % 67% Non Residential Building 689 -14.4 % 1,620 -18.0 % 80% Residential Building 377 -38.5 % 580 -52.
Slide 10: Construction Activity Evolution
Construction Activity Evolution Local and General International Construction Output - quarterly contribution regional elections credit crunch elections 2,500 2,087 1,870 1,891 1,823 2,000 1,684 1,696 1,676 1,699 1,761 1,742 1,691 Quarterly 1,587 average sales 1,501 1,300 € 1.7 bn 1,500 1,000 500 0 0
Slide 11: Balance Sheet Key Figures
Balance Sheet Key Figures Million Euros Dec 2008 Jun 2009 Tangible Fixed Assets 5.306 5.306 LT financial investments 7.082 8.469 Other non-current assets 2.232 2.284 Total fixed assets 14.619 70% 16.059 112% Working Capital (2.295) -11% (2.031) -14% Net Assets held for sale* 8.438 41% 338 2% Total N
Slide 12: 1H09 Debt Evolution Analysis
1H09 Debt Evolution Analysis € million -604 736 584 €287 mn €518 mn SPL Interim €218 mn PPPs 1,018 dividends in Jan-09 €298 mn Treasury stock 236 acquisition 942 241 244 €95 mn of 9,356 2,316 corporate taxes 8,752 Excluding IBD €438 mn taxes 5,825 €736 mn EBITDA €118 mn div dividends on UNF capital
Slide 13: Net debt situation: June
Net debt situation: June 09 € (59) mn Cash Operating activities free of debt Renewable assets € 3,310 mn Maturity >10y Project finance Infrastructure non recourse debt concessions Cash Rich Assets Total Non Recourse Debt Treatment plants € 8,811 mn € 8,752 mn Total Net Debt Iberdrola (12.0%) → € 4,8
Slide 14: 1H09 Working capital evolution
1H09 Working capital evolution 1H09 Working capital variation Debit Balance increase 264 mn Working Capital Working Capital Working Capital 31st Dec 08 from financing from operating from other 30th June 09 activities activities activities Credit Balance Deferred taxes € 2,031 mn reclassification fro
Slide 15: 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 2009 2,709 2,497 2,500 2,280 2,295 2,031 1,872 2,153 2,000 1,754 2,064 1,680 1,575 1,477 1,305 1,690 1,722 1,500 1,719 1,163 1,468 1,324 1,000 659 584 42
Slide 16: 1H09 Capex breakdown
1H09 Capex breakdown Gross Net Euro Million Disposals Investment Investment Construction 67 -8 59 Concessions 154 0 154 Environment & Logistics 116 -16 100 Industrial Services 667 -13 654 Holding & others 2,367 -5,825 -3,458 TOTAL 3,371 -5,862 -2,491 Gross Investments 1H09 Holding: 2% 5% 3% • Novati
Slide 17: ACS continues delivering value for shareholders
Conclusions ¾ Operating activities performance remains robust • Internationalization & diversification as main drivers of growth • ACS keeps taking advantage of operating investment opportunities • Backlog remains stable despite the economical environment ¾ Well distributed and solid financial struc
Slide 18: Dow Jones Sustainability Indexes
Dow Jones Cc Sustainability Indexes Member 2008/09 ACTIVIDADES DE CONSTRUCCION Y SERVICIOS ~