Sacyr Sa · BME:SCYR
Sacyr Sa — H1 2013 Earnings Presentation
30 slides from Sacyr Sa's earnings presentation, Jul 31, 2013
Slide 1: Results First Half 2013
Results First Half 2013 31 July, 2013 1 Sacyr Vallehermoso
Slide 2: Index
Index • Highlights first half 2013 • Financial Debt • Business Areas • Appendices 2 Sacyr Vallehermoso
Slide 3: First half 2013
First half 2013 Margins: Strong consolidated margin and business performance. OPERATING OPERATING Contracting: Backlog and new markets picking up. DATA International expansion: International footprint expanding. Mature assets sold in 1H13: FINANCIAL Resources to invest in new projects generated. Gea
Slide 4: Operating performance
Operating performance (€ Million) 1H 2013 1H 2012 Chg. 13/12 REVENUE 1,679 1,741 -3.6% EBITDA 260 264 -1.4% EBITDA Margin/ Revenue 15.5% 15.1% +0.4pb INTERNATIONAL (Revenue) 52% 42% +10.0pb EBIT 173 128 34.2% NET PROFIT 61 -735 n.s Revenue fell, mainly due to the decline in public tenders in Spain B
Slide 5: International activity
International activity BACKLOG €Mn. 38,997 REVENUE 1,679 Mn€ 54% INTERNATIONAL 52% INTERNATIONAL International International 54% 52% International backlog The share of international revenue at Sacyr now stands at: 82% in construction 57% Construction 63% in concessions 65% Concessions 30% in service
Slide 6: Sacyr Vallehermoso
• Highlights First quarter 2013 • Financial Debt • Business Areas • Appendices 6 Sacyr Vallehermoso
Slide 7: Net Financial Debt
Net Financial Debt TYPE OF DEBT (€ million) JUNE Linked to contracts Corporate NET DEBT Structured (1) 2013 and works Testa 1,825 1,825 Sacyr Concesiones 1,261 1,261 Vallehermoso 1,199 1,199 Sacyr + Somague 218 61 157 Valoriza 381 259 122 Repsol YPF 2,366 2,366 Participación Itínere 248 248 Corporat
Slide 8: Debt rescheduling
Debt rescheduling 6 -20 7,983 6,718 2013-1014 25 16% 2015 + 84% 936 329 DEUDA N. 2013 2014 2015 + 2013 MATURITY 8 Sacyr Vallehermoso
Slide 9: Maturity schedule
Maturity schedule € million Maturity schedule NET DEBT JUNE 2016 y + 2013 2014 2015 (€ million) 2013 Testa 1,825 48 580 73 1,125 Sacyr Concesiones 1,261 -42 42 265 995 Vallehermoso 1,199 86 11 950 152 Sacyr + Somague 218 84 33 28 73 Valoriza 381 1 55 50 275 Repsol YPF 2,366 -17 0 2,383 0 Participaci
Slide 10: Sacyr Vallehermoso
• Highligths first quarter 2013 • Financial Debt • Business areas • Appendices 10 Sacyr Vallehermoso
Slide 11: Construction
Construction € Million • International profile: selective awarding in steady and without political risk 1H 2013 1H 2012 Chg. countries. Revenue 931 1,002 -7.1% • Large international component of Spain 396 491 -19.3% backlog: 82% International 535 511 4.6% • New markets: awarded contracts in % intern
Slide 12: Industrial / Services
Industrial / Services € Million 1S 2013 1S 2012 Chg. • Organic growth especially in Sacyr industrial (Bolivia) REVENUE 552 529 4.4% • Relevant contracts in water (Canal de Isabel II) Water 156 162 - 4% and Environment (Madrid). Industrial 117 92 28% • Impact in EBITDA of the new renewable energy Env
Slide 13: Concessions
Concessions € Million • 34 concession assets in 5 countries, 8 concessions under construction, 26 concessions operational. 1H 2013 1H 2012 Chg. Revenue 121 125 -3.7% •Divestment: Autopista del sol ( Costa Rica) price of sale 103M€ Concessions revenue 77 71 9.8% Construction revenue* 43 55 -21.1% • R
Slide 14: Rental Property
Rental Property € Million •Stable operating profit. 1H 2013 1H 2012 Chg. Cifra de Negocios 120 126 -4.8% • Occupancy rate of 97%. EBITDA 143 119 20.6% •GAV: 3.878 Mn€ (31 December 2012) EBITDA* 95.5 99.3 -3.8% EBITDA/Cifra de Negocios 80% 79% • Asset Rotation: Sale of Brickell building (Miami) with
Slide 15: Housing
Housing € Million 1S 2013 1S 2012 Variac Revenue 56 49 14.1% • 111 property deeds signed in 1H2013 Housing 29 43 -32% • Sale of land in Oporto and related debt Land 25 4 n.s. cancelation 25 M€. Services 1 3 -54% • 620 houses in stock (16 already sold) EBITDA -41 -16 n.s EBITDA margin -72% -33% At 31
Slide 16: Sacyr Vallehermoso: Repsol stake
Sacyr holds a 9.53% stake in Repsol which is consolidated using the equity method. Repsol posted a post-tax profit of €901 million at 30 June 2013. Sacyr's share of this profit amounts to €85 million. Sacyr ha ajustado el valor contable de su participación en Repsol para adecuarla a su valor razonab
Slide 17: Index
Index • Highlights first half 2013 • Financial Debt • Business Areas • Appendices 17 Sacyr Vallehermoso
Slide 18: Appendices
Appendices FINANCIAL STATEMENTS •Consolidated income statement •Consolidated balance sheet •Consolidated income statement by business area •Consolidated balance sheet by business area MANAGEMENT INFORMATION •Rental income •Concession revenue and traffic •GAV Testa at 31 December 2012 •GAV Vallehermo
Slide 19: Consolidated income statement
Consolidated income statement STATEMENT OF INCOME AT 30 JUNE % chg (Thousands of Euros) 2013 2012 1H13/1H12 Turnover 1,679,240 1,741,404 -3.6% Other Sales 124,778 95,347 30.9% Total Income 1,804,017 1,836,751 -1.8% External and Operating Expenses -1,544,004 -1,573,003 -1.8% GROSS OPERATING PROFIT 26
Slide 20: Consolidated balance sheet
Consolidated balance sheet BALANCE SHEET JUNE DECEMBER Chg (Thousands of Euros) 2013 2012 1H 13 NON CURRENT ASSETS 8,885,337 9,787,236 -901,899 Intangible Assets 8,389 11,614 -3,225 Real Estate Investments 1,944,286 2,494,075 -549,789 Concessions Investments 1,365,291 1,384,558 -19,267 Fixed Assets
Slide 21: Consolidated income statement by business at 30 June 2013
Consolidated income statement by business at 30 June 2013 CONSOLIDATED INCOME STATEMENT AS OF JUNE 2013 Sacyr Sacyr (Thousands of Euros) Somague Vallehermoso Testa Valoriza Holding Adjustments TOTAL Construcción Concesiones Turnover Other Sales 700,789 40,767 2009 230,344 10,511 120,559 3,366 56,181
Slide 22: Consolidated income statement by business at 30 June 2012
Consolidated income statement by business at 30 June 2012 CONSOLIDATED INCOME STATEMENT AS OF JUNE 2012 Sacyr Sacyr (Thousands of Euros) Somague Vallehermoso Testa Valoriza Holding Adjustments TOTAL Construcción Concesiones Turnover 748,911 253,585 125,183 49,255 125,581 528,934 13,467 -103,512 1,74
Slide 23: Consolidated balance sheet by business at 30 June 2013
Consolidated balance sheet by business at 30 June 2013 CONSOLIDATED BALANCE SHEET AS OF JUNE 2013 Sacyr Sacyr (Thousands of Euros) Somague Vallehermoso Testa Valoriza Holding Adjustments TOTAL Construcción Concesiones NON CURRENT ASSETS 356,784 158,583 1,806,652 80,352 3,201,902 983,846 7,131,097 -4
Slide 24: Consolidated balance sheet by business at 31 December 2012
Consolidated balance sheet by business at 31 December 2012 CONSOLIDATED BALANCE SHEET AS OF DECEMBER 2012 Sacyr Sacyr (Thousands of Euros) Somague Vallehermoso Testa Valoriza Holding Adjustments TOTAL Construcción Concesiones NON CURRENT ASSETS 353,744 159,738 2,015,882 95,882 3,638,109 1,002,032 7,
Slide 25: Testa: Revenue by products
Testa: Revenue by products REVENUE (€ Million) FIRST HALF Chg. 13/12 Product 2013 2012 Offices 76.9 83.1 -7.3% Hotels 14.7 14.5 1.4% Shopping centres 13.1 12.8 2.7% Housing 5.8 6.6 -12.6% Industrial premises 4.4 4.4 -1.4% Senior citizens' homes 0.9 0.9 2.3% Car parks 0.5 0.5 1.7% Services and other
Slide 26: Sacyr Concessions: Traffic
Sacyr Concessions: Traffic Revenue (Thousand euros) ADT (Veh/km) 1H 2013 1H 2012 Chg (%) 1H 2013 1H 2012 Chg (%) VIASTUR 3.257 3.292 -1,1% 21.293 22.118 -3,7% AUTOVÍA DEL TURIA 2.750 2.822 -2,6% 34.400 36.088 -4,7% AUTOVÍA DEL ERESMA 2.735 2.741 -0,2% 6.347 6.465 -1,8% AUTOVÍA DEL ARLANZÓN 5.103 - 0
Slide 27: Vallehermoso: Asset Valuation
Vallehermoso: Asset Valuation € million 31 December Chg. 12/11 ASSET APPRAISAL 2012 2011 Absolute % Land 1,438 1,549 -111 -7% Related to finished goods and other 410 635 -225 -35% Work-in-progress - - - - TOTAL 1,848 2,184 -336 -15% UNREALISED GAINS 406 512 -106 -21% 27 Sacyr Vallehermoso
Slide 28: Testa: Fair value of assets
Testa: Fair value of assets Assets valued at €3,900 million Unrealized gains of €1,100 million LTV maintained at 59% € Million Net Debt 28 Sacyr Vallehermoso
Slide 29: Maturity Schedule 30/06/2013
Maturity Schedule 30/06/2013 Maturity schedule NET DEBT JUNE 2013 2014 2015 (€ million) 2013 2016 y + Testa 2,199 422 580 73 1,125 Sacyr Concesiones 1,261 -42 42 265 995 Vallehermoso 1,199 86 11 950 152 Sacyr + Somague 218 84 33 28 73 Valoriza 381 1 55 50 275 Repsol YPF 2,366 -17 0 2,383 0 Participa
Slide 30: Sacyr Vallehermoso
NOTE: The financial information presented in this document has been prepared in accordance with International Financial Reporting Standards. This information is not audited and may be modified in the future. 30 Sacyr Vallehermoso