ACS, Actividades de Construccion y Servicios SA · BME:ACS
ACS, Actividades de Construccion y Servicios SA — H1 2006 Earnings Presentation
28 slides from ACS, Actividades de Construccion y Servicios SA's earnings presentation, Jul 27, 2006
Slide 1: Results 1H06 January - June
Results 1H06 January - June July 27th, 2006 1
Slide 2: Results 1H06 Agenda
Results 1H06 Executive Summary Consolidated Results 1H06 Business Areas Consolidated Balance Sheet June 30th 2006 Cash Flows 1H06 Conclusions 2
Slide 3: Executive Summary
Executive Summary Maintaining the growth with high profitability Turnover Solid turnover growth € 6.798 mn +18,8 % Net Profit Outstanding results € 376 mn +38,0 % EBIT Operating margin growth € 450 mn +19,2 % N et P ro fit fro m Listed A ffiliates Net contribution from listed affiliates € 106 mn n.a
Slide 4: Consolidated Results 1H06
Results 1H06 Executive Summary Consolidated Results 1H06 Business Areas Consolidated Balance Sheet June 30th 2006 Cash Flows 1H06 Conclusions 4
Slide 5: Key Figures
Consolidated Results 1H06 Key Figures Euro Millions 1H05 1H06 Var Turnover 5.720,0 6.797,8 +18,8 % EBITDA 501,4 597,7 +19,2 % EBIT 377,4 450,0 +19,2 % Net Profit from Listed Affiliates 37,8 105,9 n.a. Net Profit 272,5 376,0 +38,0 % EPS 0,78 € 1,08 € +38,2 % 5
Slide 6: Breakdown By Activities
Consolidated Results 1H06 Breakdown By Activities 1H06 Turnover EBIT Net Profit 14% 19% 22% 5% 32% 42% 8% 47% 15% 34% 36% 26% 1H05 Turnover EBIT Net Profit 4% 5% 20% 24% 19% 42% 46% 41% 35% 34% 31% Construction Industrial Services Services Concessions Urbis Unión Fenosa NOTE: The percentages have be
Slide 7: Analysis of the evolution of the EBITDA
Consolidated Results 1H06 Analysis of the evolution of the EBITDA Holding Adjustments : + € 96.3 mn +19.2% n.a. € (6.3) mn 1% +10,9% € 6.2 mn +21,9% € 17.7 mn • Start-up of a new concession 29% • Activity increase in Environmental € 35.5 mn Services and Facility +22.5% Management € 597.7 32% € 43.2
Slide 8: Analysis of the evolution of the net profit
Consolidated Results 1H06 Analysis of the evolution of the net profit +234% +166% €-71.9 mn + € 103.5 mn € 114 mn n.a. +38% Net impact of the € -11.2 mn LTM investments +19% Corporate taxes and other results ABE: € +10.3 mn UNF: € +91.2 mn € 72.6 mn URB: € +7.0 mn Other: € +5.5 mn € 376 mn Outstandi
Slide 9: Business Areas
Results 1H06 Executive Summary Consolidated Results 1H06 Business Areas Consolidated Balance Sheet June 30th 2006 Cash Flows 1H06 Conclusions 9
Slide 10: Construction: Results
Business Areas Construction: Results Million Euro 1H05 1H06 Var. 06/05 Turnover 2.643,1 3.184,7 +20,5 % EBITDA 191,6 234,8 +22,5 % EBIT 163,4 199,4 +22,1 % Cont. Operations PBT 171,8 209,2 +21,8 % Net Profit 111,3 134,1 +20,5 % EBITDA margin 7,2% 7,4% EBIT Margin 6,2% 6,3% Net Profit Margin 4,2% 4,2
Slide 11: Construction: activity breakdown
Business Areas Construction: activity breakdown Million Euro 1H05 1H06 Var. 06/05 Civil Works 1.561,6 1.830,3 +17,2 % Non residential Building 594,2 790,8 +33,1 % Residential Building 487,3 563,6 +15,7 % TOTAL 2.643,1 3.184,7 +20,5 % International 267,4 183,6 -31,3 % % 10% 6% Sales 1H05 Sales 1H06 1
Slide 12: Construction: backlog breakdown
Business Areas Construction: backlog breakdown Million Euro 1H05 1H06 Var. 06/05 Civil Works 5.806,1 6.379,4 +9,9 % Non residential Building 1.764,1 2.181,2 +23,6 % Residential Building 1.148,9 1.563,1 +36,0 % TOTAL 8.719,1 10.123,7 +16,1 % International 598,2 546,7 -8,6 % % 7% 5% Backlog 1H05 Backl
Slide 13: Industrial Services: Results
Business Areas Industrial Services: Results Million Euro 1H05 1H06 Var. 06/05 Turnover 1.960,7 2.339,8 +19,3 % EBITDA 162,0 197,5 +21,9 % EBIT 134,0 167,0 +24,6 % Cont. Operations PBT 123,9 157,4 +27,0 % Net Profit 85,3 106,9 +25,4 % EBITDA margin 8,3% 8,4% EBIT Margin 6,8% 7,1% Net Profit Margin 4,
Slide 14: Industrial Services: sales by activity
Business Areas Industrial Services: sales by activity Million Euro 1H05 1H06 Var. 06/05 Networks 395,9 388,6 -1,8 % Specialized Products 619,9 765,9 +23,6 % Energy Projects 595,7 752,3 +26,3 % Control Systems 349,2 433,0 +24,0 % TOTAL 1.960,7 2.339,8 +19,3 % International 598,3 778,5 +30,1 % % 31% 3
Slide 15: Industrial Services: backlog breakdown
Business Areas Industrial Services: backlog breakdown Million Euro 1H05 1H06 Var. 06/05 Networks 962,4 891,1 -7,4 % Specialized Products 1.223,5 1.583,9 +29,5 % Energy Projects 1.038,3 1.302,7 +25,5 % Control Systems 803,1 977,5 +21,7 % TOTAL 4.027,3 4.755,2 +18,1 % International 1.261,7 1.417,4 +12
Slide 16: Services: Results
Business Areas Services : Results Million Euro 1H05 1H06 Var. 06/05 Turnover 1.158,1 1.310,5 +13,2 % EBITDA 162,6 180,3 +10,9 % EBIT 95,2 107,5 +12,8 % Cont. Operations PBT 77,9 88,0 +13,1 % Net Profit 51,1 61,2 +19,8 % EBITDA margin 14,0% 13,8% EBIT Margin 8,2% 8,2% Net Profit Margin 4,4% 4,7% Effe
Slide 17: Services: Sales by activity
Business Areas Services: Sales by activity Million Euro 1H05 1H06 Var. 06/05 Environmental 524,2 595,0 +13,5 % Ports & Logistics Services 254,9 274,2 +7,6 % Transportation Services 88,8 97,2 +9,5 % Facility Management 290,2 344,1 +18,6 % TOTAL 1.158,1 1.310,5 +13,2 % International 105,7 124,3 +17,5
Slide 18: Services: backlog breakdown
Business Areas Services: backlog breakdown Million Euro 1H05 1H06 Var. 06/05 Environmental 6.462,3 7.177,9 +11,1 % Ports & Logistics Services 3.260,3 3.722,8 +14,2 % Transportation Services 1.386,2 1.213,3 -12,5 % Facility Management 584,9 683,6 +16,9 % TOTAL 11.693,7 12.797,6 +9,4 % International 1
Slide 19: Net impact of Listed Affiliates
Business Areas Net impact of Listed Affiliates Euro Millions 1H05 1H06 Stake 35,7 46,0 24,8% 17,6 24,7 24,8% UNF 91,2 34,5% Total Equity Method 53,3 161,9 Financial Expenses (23,9) (86,2) Corporate taxes 8,4 30,2 Net Contribution 37,8 105,9 19
Slide 20: Consolidated Balance Sheet June 30th 2006
Results 1H06 Executive Summary Consolidated Results 1H06 Business Areas Consolidated Balance Sheet June 30th 2006 Cash Flows 1H06 Conclusions 20
Slide 21: Consolidated Balance Sheet June 30th 2006 Key Figures
Consolidated Balance Sheet June 30th 2006 Key Figures Million Euro jun-05 jun-06 Var. 06/05 Fixed Assets 6.118 100% 10.879 100% +78 % Working Capital (1.477) 24% (1.754) 16% +19 % Total Equity 2.206 36% 2.720 25% +23 % Net Debt 1.760 29% 5.788 53% +229 % Non Recourse Financing 550 3.255 +492 % Net D
Slide 22: Net debt breakdown
Consolidated Balance Sheet June 30th 2006 Net debt breakdown 1H05 1H06 Debit balance Cash and -368 € 838 mn equivalents € 470 mn Net debt with recourse Credit balance € 2,532 mn +954 Gearing 93.1% Long term € 2.048 mn debt € 3.002 mn Non recourse € 550 mn financing +2,705 Total net debt € 1,760 mn 7
Slide 23: Net debt evolution
Consolidated Balance Sheet June 30th 2006 Net debt evolution 7.000 93% 100% 6.000 72% 75% 5.000 % over net worth 55% Euro Million 4.000 51% 50% 48% 44% 50% 3.000 35% 27% 24% 2.000 22% 22% 27% 25% 14% 1.000 20% 7% 0 0% dic-00 dic-01 dic-02 dic-03 dic-04 dic-05 jun-05 jun-06 Corporate Net Debt Non rec
Slide 24: Cash Flows 1H06
Results 1H06 Executive Summary Consolidated Results 1H06 Business Areas Consolidated Balance Sheet June 30th 2006 Cash Flows 1H06 Conclusions 24
Slide 25: Cash Flows 1H06 Key Figures
Cash Flows 1H06 Key Figures Million Euro 1H05 1H06 Var. 06/05 EBITDA 501 598 +19,2 % Cash Flow from Operations 358 426 +18,8 % Working Capital (Requirements) / Excess 172 (118) n.a. Cash Flow from Operating Activities 530 307 -42,0 % Capital Expenditure (724) (1.480) +104,5 % Dividends paid (49) (71
Slide 26: Breakdown of net investments
Cash Flows 1H06 Breakdown of net investments (Euro million) Construction 168 Equipment 39 PFIs/PPPs 91 Other investments 62 Divestment of SOPOL -24 Industrial Services 107 Renewable energy projects 101 Acquisition of Humiclima 19 Other investments 26 Divestment in Brazilian Transmission Lines -39 Ur
Slide 27: Conclusions
Results 1H06 Executive Summary Consolidated Results 1H06 Business Areas Consolidated Balance Sheet June 30th 2006 Cash Flows 1H06 Conclusions 27
Slide 28: Conclusions
Conclusions Sustained value creation Excellent operating performance 2006 targets Positive net contribution from affiliates Attractive return to Corporate activity focus on value creation shareholders Long term profitable growth Maintaining our financial strength 28
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