Acs, Actividades De Construccion Y Servicios Sa · BME:ACS
Acs, Actividades De Construccion Y Servicios Sa — Grupo ACS — H1 2008 Earnings Presentation
29 slides from Acs, Actividades De Construccion Y Servicios Sa's earnings presentation, Jul 31, 2008
Slide 1: 1H08 Results Presentation
1H08 Results Presentation July 31st, 2008
Slide 2: Index
Index Grupo ACS 1H08 Results Sale of 45.3% of Unión Fenosa 2
Slide 3: Executive Summary: Good Operating Performance
Grupo ACS 1H08 Results: Executive Summary Good Operating Performance Total Turnover € 11.707 mn +12 % EBITDA € 1.909 mn +12 % EBIT € 1.363 mn +14 % Ordinary Net Profit € 560 mn +16 % Net Profit € 893 mn -12 % ProForma* Net Profit € 1.188 mn +18 % ¾ Good operating performance of all Group’s activitie
Slide 4: Executive Summary: Financial Structure
Grupo ACS 1H08 Results: Executive Summary Financial Structure Total Net Debt € 18.442 mn Net Debt with Recourse € 8.530 mn Non Recourse Financing € 9.912 mn Net Worth € 9.949 mn Shareholder's Equity € 4.470 mn Minority Interests € 5.479 mn ¾Gearing* as of end of June 08 reached 86% ¾Total Net Debt 1
Slide 5: Sales analysis
Sales analysis +12.5% + € 1,298 mn +8.3% € 660 mn +26.0% Domestic 73.6% Sales • Construction € 638 mn decreases by 5% compensated by the € 11,707 growth in the rest of activities, lead mn by Industrial • Construction sales Services and Energy growing by 111% Domestic Sales 76.4% • Environment & Logi
Slide 6: EBITDA analysis
EBITDA analysis +9.1% Margin = 16.3% Margin =33.5% Margin = 16.4% +€ 95 mn Energy Margin = 36.6% • EBITDA increase generated by € 1,137 mn Energy. Energy € 1,042 mn +15.8% +€ 105 mn Margin = 9.3% Rest of Act. Margin = 8.8% • EBITDA increase Rest of Act. generated by operating areas € 773 mn ex Energ
Slide 7: Operating margins analysis
Operating margins analysis All figures as % of sales 23.8% EBIT 7.6% 22.5% 11.6% 8.3% 8.3% 7.3% 11.4% Margin 6.3% 6.3% 12.8% 11.0% D+A 5.1% 5.1% 5.0% 4.7% 1.2% 1.2% 1.3% 1.3% 36.6% 33.5% 13.4% 13.4% 16.4% 16.3% EBITDA 8.9% 8.6% Margin 7.5% 7.5% 1H07 1H08 1H07 1H08 1H07 1H08 1H07 1H08 1H07 1H08 Const
Slide 8: Net Profit analysis
Net Profit analysis € mn June 07 June 08 Var. Construction Ordinary Net Profit 150 156 +3.7% Concessions Ordinary Net Profit 28 6 n.s. Environment and Logistics Ordinary Net Profit 68 78 +15.0% Industrial Services Ordinary Net Profit 129 159 +23.6% Energy Ordinary Net Profit 89 153 +71.9% Listed Com
Slide 9: 1H08 Operating Results: Breakdown by activity
1H08 Operating Results Breakdown by activity Environment & Industrial Construction Energy Euro Million Logistics Services Turnover 3.584 +0,5 % 1.567 +12,2 % 3.290 +19,8 % 3.393 +19,2 % International Turnover 368 +111,2 % 189 +19,8 % 1.042 +22,6 % 1.486 +17,1 % % over total 10% 12% 32% 44% EBITDA 26
Slide 10: 1H08 Operating Results: Breakdown by activity
1H08 Operating Results Breakdown by activity Million Euros Sales 1H08 Backlog 1H08 17% 10% Sales Var. Backlog Var. 17% Construction 3.584 +0,5 % 11.752 +4,3 % Civil Works 2.166 +1,7 % 8.569 +20,6 % 23% Non Residential Building 805 -8,3 % 1.975 -10,5 % 60% Residential Building 613 +9,7 % 1.208 -38,2
Slide 11: Grupo ACS awarding evolution in Construction
Grupo ACS awarding evolution in Construction Domestic Civil Works International Civil Works 2.250 2.000 1.979 1.989 1.206 2.000 1.500 1.752 1.000 708 722 1.750 500 673 1.500 0 1H07 2H07 1H08 1H07 2H07 1H08 € 533 million incorporated Domestic Building 2.500 with Schiavone 1.714 acquisition 2.000 1.34
Slide 12: Balance Sheet Key Figures
Balance Sheet Key Figures Million Euros dec 07 jun-08 Var. 08/07 Tangible Fixed Assets 18.475 19.152 LT financial investments 10.632 10.219 Other non-current assets 5.514 5.900 Total fixed assets 34.621 100% 35.272 100% +2 % Working Capital (3.441) 10% (2.364) 7% -31 % Total Net Assets 31.180 32.908
Slide 13: 1H08 Debt Evolution Analysis
1H08 Debt Evolution Analysis € 0.2 bn € 0.6 bn + € 1.8 bn 0.3 bn ACS € 1.3 bn 0.1 bn UNF 0.2 bn Treasury Stock 2.1 bn € 0.9 bn investments 0.8 bn cash €1.9 bn collected from € 18.4 bn € 0.7 bn assets disposals € 16.6 bn Net Debt Operating Cash Net Interests Working Net cash flow Dividends Others Net
Slide 14: Net debt situation
Net debt situation € 12,289 mn € 6,153 mn ACS Ex-UNF Debt Debt* € 3,106 mn € 9,183 mn € 729 mn € 5,424 mn Net Debt with recourse Non Recourse Debt ACS ex- UNF Non UNF Corporate Debt ACS ex-UNF UNF Recourse Debt Consolidated Net Debt € 18,442 mn € 8,530 mn € 9,912 mn Total Net Debt with recourse Tota
Slide 15: Grupo ACS ex-UNF Debt with Recourse 1H08
Grupo ACS ex-UNF Debt with Recourse 1H08 € 12,289 mn ACS ex-UNF Debt € 3,106 mn € 9,183 mn Net Debt with recourse ACS ex-UNF Non Recourse Debt ACS ex-UNF € 1,977 mn ¾ € 883 mn in 2 SPV’s to finance 36.6% of Unión Fenosa* Debt with recourse allocated in the equity ¾ € 745 mn are allocated in Iberdrol
Slide 16: Grupo ACS Ex-UNF Non Recourse Debt 1H08
Grupo ACS Ex-UNF Non Recourse Debt 1H08 € 12,289 mn ACS Ex-UNF Debt € 3,106 mn € 9,183 mn Net Debt with recourse ACS ex-UNF Non Recourse Debt ACS ex-UNF ¾ € 2,810 mn are used in 2 SPVs that finance 36.6% € 6,356 mn stake of Unión Fenosa Non Recourse Debt in the SPVs to finance ¾ € 2,612 mn are alloc
Slide 17: Guarantee mechanisms for SPVs and Equity Swaps
Grupo ACS guarantee mechanisms for SPVs and Equity Swaps ¾ Substitution of debt: Non recourse SPVs to finance Unión Margin calls* is substituted by corporate debt Fenosa (36.6%), referenced to share Hochtief (25.1%) and prices ¾ The total amount of debt remains Iberdrola (7.2%) unchanged ¾ Allocatio
Slide 18: LT Debt Maturity Grupo ACS
LT Debt Maturity Grupo ACS 5.000 4.728 4.117 4.000 3.318 3.137 3.000 million € 2.000 1.135 1.000 348 385 403 0 2009 2010 2011 2012 y ss Grupo ACS long term debt ex-UNF Unión Fenosa No significant debt refinancing until December 2010 18
Slide 19: 1H08 Working capital evolution
1H08 Working capital evolution 1H08 Working capital variation Debit Balance increase 1,077 mn Working Capital Working Capital Working Capital 31st Dec 07 from investment from financing from operating 30th June 08 activities activities activities Credit Balance € 303 mn UNF tariff deficit € 2,364 mn
Slide 20: Working capital evolution: Good performance in 2nd Quarter
Working capital evolution: Good performance in 2nd Quarter 08 WC Var. WC Var. 31st Dec 07 1Q08 31st Mar 08 2Q08 30th June 08 Credit Balance € 1,673 mn € 2,364 mn € 3,441 mn € 691 mll € 1,768 mn Improvement of 11 days on sales 20
Slide 21: 1H08 Capex breakdown
1H08 Capex breakdown Gross Investments 1H08 Gross 2% Euro Million Divestments Net Investment 5% Investment 7% Construction 37 -15 22 Concessions 103 -581 -478 38% Environment & Logistics 160 -20 140 Industrial Services 532 -6 526 25% Energy 494 -430 64 Corporation 813 0 813 TOTAL 2.139 -1.052 1.087
Slide 22: Conclusions
Conclusions ¾ Good results in all operating activities • Diversification allows to maintain operating growth • International activity maintains its growing trend • Good working capital performance in 2Q/08 ¾ Solid financial structure of the Group • Balanced distribution of risks amongst types of deb
Slide 23: Index
Index Grupo ACS 1H08 Results Sale of 45.3% of Unión Fenosa 23
Slide 24: Sale of 45.3% of Unión Fenosa: Transaction Details
Sale of 45.3% of Unión Fenosa: Transaction Details Grupo ACS has reached an 9.99% next week agreement with Gas Natural to sell 35.3% after its stake in Unión Fenosa regulatory approval € 7,592 million in cash 414.1 million 18.33 € per share shares sold 24
Slide 25: Profitability Analysis
Profitability Analysis € mn Funds obtained from disposal 7,592 Book value at June 30th 2008 5,266 Accounting capital gains 2,326 Estimated taxes on capital gains 467 Net accounting capital gains 1,859 Total funds invested since September 2005 4,809 Dividends received during the period 413 Net financ
Slide 26: Pro-forma net debt after transaction completion
Pro-forma net debt after transaction completion Total Net Debt Pro-forma Net Debt € 18,442 mn € 5,164 mn Net Debt / EBITDA 08e pf = 3.3x Net Debt with Net Debt / Net Worth = 77% recourse € 5,424 mn Cash Position of more than 1.2 € 8,530 mn billion excluding non recourse debt € 4,315 mn € 1,209 mn Ne
Slide 27: Summary of pro-forma figures 1H08 excluding UNF
Summary of pro-forma figures 1H08 excluding UNF € mn June 08 pf Sales 8,314 EBITDA 773 Net Worth 6,616 Shareholders equity 6.329 Minority Interests 287 Total Net Debt 5,164 With Recourse (1,209) Non Recourse 6,373 27
Slide 28: Pro forma LT Debt Maturity Grupo ACS
Pro forma LT Debt Maturity Grupo ACS 5.000 4.117 4.000 2.908 3.000 2.426 million € 2.000 1.000 348 0 2009 2010 2011 2012 y ss No significant debt refinancing until December 2010 28
Slide 29: Dow Jones Sustainability Indexes
Dow Jones @ Sustainability Indexes Member 200708 ACTIVIDADES DE CONSTRUCCION Y SERVICIOS ~