Sacyr Sa · BME:SCYR
Sacyr Sa — Q1 2019 Earnings Presentation
31 slides from Sacyr Sa's earnings presentation, May 10, 2019
Slide 1: Results 2019 First Quarter
Results 2019 First Quarter 10 May 2019 sacyr.com
Slide 2: Table of Contents
Table of Contents 1 Highlights 2 Operational Development 3 Performance by Business Area 4 Annexes sacyr.com
Slide 3: Highlights: Operational Profitability
1 Highlights Operational Profitability • Focused on business profitability and cash generation o EBITDA €143 M (+28%) o EBITDA Margin of the Group Q1 2019 = 14.7% +17% Q1 2018 = 12.6% o EBIT €104 M (+40%) o Net profit €38 M (+10%) Q1 2019 = €131 M o Operating Cash Flow +111% Q1 2018 = €62 M Presenta
Slide 4: Highlights: Reinforcement in Strategic Markets
1 Highlights Operational Reinforcement in Strategic Markets • Backlog €42,912 M: 72% International Construction 88% Concessions 82% • Relevant awards in strategic markets: o Chile: Los Vilos – La Serena highway, Chacalluta Airport, “Provincia Cordillera” and “Sótero del Río” Hospitals, construction
Slide 5: Highlights: Corporate
1 Highlights Corporate Shareholder remuneration Capital Markets • Dividend payout policy: • After the financial closing: Convertible bond o Scrip dividend in February 2019 issue worth €175 M, 5-year term. 3.75% o 1 x 35 shares or 0.051€ cash annual fixed interest and 35% conversion o Confidence in t
Slide 6: Table of Contents
Table of Contents 1 Highlights 2 Operational Development 3 Performance by Business Area 4 Annexes sacyr.com
Slide 7: Operational Development: Key Financials
2 Operational Development Key Financials € Million Q1 2019 Q1 2018 Var. EBITDA Revenue 972 887 +10% +28% EBITDA 143 111 +28% EBITDA margin 14.7% 12.6% +2.1 pp EBIT 104 74 +40% Net profit 38 35 +10% Operating Cash-flow +111% Operating Cash-flow 131 62 +111% Backlog (Q1 2019 vs 2H 2018) 42,912 41,674
Slide 8: Contribution by Activity
2 Operational Development Contribution by Activity Revenue Q1 2019 Ebitda Q1 2019 Backlog Q1 2019 Industrial 11% Services 16% Services 14% Engineering & Industrial 5% Concessions Infrastructures 65% Industrial 43% Concessions 6% Services 51% 25% Engineering & Engineering & Infrastructures Concession
Slide 9: Backlog: Main awards Q1 2019
2 Operational Development Backlog Main awards Q1 2019 Europe • Construction of one section of AVE in Almería • Construction of Évora • After the • Construction of a bulding between terminals 1 and 2 in Tenerife Sur rail track, part of the financial closing: Airport Portuguese High Speed Enlargement
Slide 10: Net Debt Evolution
2 Operational Development Net Debt Evolution € million Debt increase Debt variation Debr decrease due to operating flow due to Financial Debt increase due to net investment due to Result financing flow (131) 226 58 (21) -212 -21 313 125 -41 -143 58 4,177 81 4,177 81 -69 4,045 Net debt EBITDA Working
Slide 11: Table of Contents
Table of Contents 1 Highlights 2 Operational Development 3 Performance by Business Area 4 Annexes sacyr.com
Slide 12: Concessions
3 Performance by Business Area Concessions Income Revenue increase due mainly to: Concessions Operating increase of assets, commissioning of El Tepual Airport and possitive traffic evolution € Million Q1 2019 Q1 2018 Var. Construction Income Relevant increase due to works in different concessions: R
Slide 13: Concessions: Contract Awards
3 Performance by Business Area Contract Awards Backlog €28,064 M Concession Ruta 5, section “Los Vilos – La Serena” in Chile. Total length 245 km beginning at the north of Los Vilos and ending in the interurban tranche at the south of Coquimbo, plus other 16 km of urban section. 37 Concessions Plann
Slide 14: Engineering & Infrastructures
3 Performance by Business Area Engineering & Infrastructures Revenue € Million 14% increase due to international (+6%) and Q1 2019 Q1 2018 Var. Spain (+80%) growth Revenue 456 400 +14% EBITDA EBITDA 41 29 +40% Strong increase by 40% . EBITDA margin 9%. Improvement in execution rate of big projects E
Slide 15: Main Contract Awards
3 Performance by Business Area Main Contract Awards Backlog Construction of Provincia Construction of a 205 km road Construction of one section of €6,554 M Cordillera Hospital, €153 M in Áncash, in the north of AVE “Arejos-Níjar” in Almería, Construction of Sótero del Rio Lima for €34 M €98 M Hospit
Slide 16: Services
3 Performance by Business Area Revenue and EBITDA Services • Environment: 11% increase due to contribution, € Million among others, of the waste recovery, street cleaning, Q1 2019 Q1 2018 Var. Green areas maintenance and waste transport in Revenue 266 252 +5% Bogotá, Colombia. Environment 113 102 11
Slide 17: Services: Contract awards
3 Performance by Business Area Contract awards Backlog Extension of the contract for Home Assistance for the Madrid City Council. €23 M. 5-month term. €5,836 M Extension cleaning service of El Prat Airport. €14 M. 1-year term. Puerta al Mar and San Carlos Hospital and other centers in Cádiz. €14 M.
Slide 18: Industrial
3 Performance by Business Area Industrial € Million Revenue and Ebitda • Oil & Gas: Completion of big contracts in backlog: Q1 2019 Q1 2018 Var. Nuevo Mundo Project and the gasoline unit at La Pampilla refinery, in Peru Revenue 110 133 -17% • Industrial process plants: Close to the completion of big
Slide 19: Industrial: Contract Awards
3 Performance by Business Area Contract Awards Backlog €2,458 M Sacyr Industrial has signed two contracts for the construction of two wind farms, one for 84 MW in Bio Bio and other for 155 MW in Antofagasta. Projects include foundation, Access preparation including the path to the discharge port and
Slide 20: Table of Contents
Table of Contents 1 Highlights 2 Operational Development 3 Performance by Business Area 4 Annexes sacyr.com
Slide 21: Annex: Income Statement Q1 2019
4 Annex: Income Statement Q1 2019 INCOME STATEMENT MAR. 2019 MAR. 2018 % Chg 19/18 (Thousands of Euros) Revenue 972,381 887,298 9.6% Other income 70,706 79,018 -10.5% Total operating income 1,043,087 966,317 7.9% External and Operating Expenses -900,011 -854,821 5.3% EBITDA 143,076 111,496 28.3% Amo
Slide 22: Annex: Consolidated Balance Sheet Q1 2019
4 Annex: Consolidated Balance Sheet Q1 2019 BALANCE SHEET MAR. 2019 DEC. 2018 Chg 19/18 (Thousands of Euros) NON CURRENT ASSETS 9,363,173 8,895,503 467,670 Intangible Assets 36,835 25,901 10,933 Concessions Investments 1,344,386 1,353,656 -9,270 Fixed Assets 413,973 441,230 -27,258 Right of use over
Slide 23: Annex: Income Statement by Line of Business Q1 2019
4 Annex: Income Statement by Line of Business Q1 2019 CONSOLIDATED INCOME STATEMENT AS OF MARCH 2019 Sacyr Eng & Sacyr Sacyr Sacyr Holding & (Thousands of Euros) TOTAL Infrastructures Concessions Services Industrial Adjustments Turnover 455,668 218,073 265,696 110,337 -77,393 972,381 Other Income 56
Slide 24: Annex: Income Statement by Line of Business Q1 2018
4 Annex: Income Statement by Line of Business Q1 2018 CONSOLIDATED INCOME STATEMENT AS OF MARCH 2018 Sacyr Eng & Sacyr Sacyr Sacyr Holding & (Thousands of Euros) TOTAL Infrastructures Concessions Services Industrial Adjustments Turnover 400,389 144,588 251,963 133,042 -42,684 887,298 Other Income 48
Slide 25: Annex: Balance Sheet by Line of Business Q1 2019
4 Annex: Balance Sheet by Line of Business Q1 2019 CONSOLIDATED BALANCE SHEET AS OF MARCH 2019 Sacyr Eng & Sacyr Sacyr Sacyr Holding & (Thousands of Euros) TOTAL Infrastructures Concessions Services Industrial adjustments NON CURRENT ASSETS 1,903,712 3,658,916 949,824 194,177 2,656,543 9,363,173 Int
Slide 26: Annex: Balance Sheet by Line of Business 2H 2018
4 Annex: Balance Sheet by Line of Business 2H 2018 CONSOLIDATED BALANCE SHEET AS OF DECEMBER 2018 Sacyr Eng & Sacyr Sacyr Sacyr Holding & (Thousands of Euros) TOTAL Infrastructures Concessions Services Industrial adjustments NON CURRENT ASSETS 1,777,267 3,432,587 906,566 192,451 2,586,632 8,895,503
Slide 27: Annex: Net financial debt breakdown and maturity schedule
4 Annex: Net financial debt breakdown and maturity schedule € Million Q1 2019 2H 2018 Var. Financiación de proyectos 3,053 2.907 146 Deuda Bancaria (líneas operativas) 442 461 -19 Mercado de Capitales (Bonos + ECP) 682 677 5 Deuda Neta 4,177 4,045 132 Debt 2019 2020 2021 2022 2023 & + Sacyr Concesio
Slide 28: Annex: Concessions - Traffic
4 Annex: Concessions - Traffic ACCUMULATED ADT 1Q 2019 1Q 2018 CHG. SHADOW TOLL HIGHWAY SPAIN - AUTOVIA DEL NOROESTE 12,361 12,348 0.1% - Ma-15 PALMA-MANACOR 21,846 22,146 -1.4% - AS-II OVIEDO-GIJÓN (VIASTUR) 23,993 23,672 1.4% - AUTURSA CV-35 39,575 38,201 3.6% - ERESMA 7,399 7,230 2.3% - BARBANZA
Slide 29: Annex: Concessions – revenue evolution
4 Annex: Concessions – revenue evolution REVENUE BREAKDOWN € Miles Q1 2019 Q1 2018 Var. (%) SPAIN 39,067 36,943 5.8% IRELAND 293 288 1.8% PORTUGAL 219 217 0.9% CHILE 41,109 36,986 11.1% PERU 9,676 4,188 131.0% COLOMBIA 20,195 15,685 28.8% URUGUAY 1,466 448 227.6% PARAGUAY 2,112 875 141.4% MEXICO 3,0
Slide 30: Annex: Alternative Performance Measures
4 Annex: Alternative Performance Measures The Sacyr Group presents its earnings in accordance with International Financial Reporting Standards (IFRS). The Group also provide certain additional financial measurements, known as Alternative Performance Measures (APMs) used by management in decision-mak
Slide 31: sacyr.com
sacyr.com NOTE The financial information contained in this document is drafted according to the International Financial Reporting Standards. This information Pº de la Castellana, 83-85 has not been audited and therefore may be modified in the future. This document is not a offer, invitation or recom