32 slides from Construcciones Y Auxiliar De Ferrocarriles's earnings presentation, Jul 28, 2023
Slide 1: Half-Year 2023 Results
www.caf.net HALF-YEAR 2023 RESULTS 28 July 2023
Slide 2: Legal Notice
LEGAL NOTICE THIS DOCUMENT HAS BEEN PREPARED FOR INFORMATION PURPOSES ONLY The information contained in this document has not Therefore, on no account should it be construed as Any decision made by third parties as a result of the been verified by independent third parties; advice or recommendation
Slide 3: Contents
CONTENTS 1. HIGHLIGHTS H1 2023 2. FINANCIAL INFORMATION 3. STOCK MARKET INFORMATION 4. SUSTAINABILITY 5. OUTLOOK 6. APPENDICES 3
Slide 4: Highlights H1 2023
A z= HIGHLIGHTS H1 i 2023 -
Slide 5: Key Figures H1 2023
1. Highlights H1 2023 / 1.1 Key Figures ORDER INTAKE BACKLOG REVENUE Positive order intake aligned with €1,964m €13,337m €1,877m objectives. Btb=1. -26% +1% +23% vs H1 2022 vs 31/12/2022 vs H1 2022 New all-time high backlog. EBIT EBIT Mg €85m 4.5% Record-high revenue in both segments and +27% +0.1p.
Slide 6: Significant milestones in the first half of the year
1. Highlights H1 2023 / 1.1 Key Figures / 1.2 Milestones Achieved SIGNIFICANT MILESTONES IN THE FIRST HALF OF THE YEAR / KEY ACHIEVEMENTS FOR THE GROWTH AND / HYDROGEN TRAIN PROTOTYPE / RELEVANT CONTRACT CONFIRMATIONS PROFITABILITY OF THE GROUP AND AWARDS IN SPAIN (RENFE) Diligence in the execution
Slide 7: Positive order intake aligned with objectives
1. Highlights H1 2023 / 1.1 Key Figures / 1.2 Milestones Achieved / 1.3 Order Intake POSITIVE ORDER INTAKE ALIGNED WITH OBJECTIVES / TOTAL (€m) / ORDER INTAKE DISTRIBUTION BY ACTIVITY LINE (%) High order intake volume supported by medium-sized projects, in a period of low intensity of sectoral tende
Slide 8: Main orders announced and signed in the period
1. Highlights H1 2023 / 1.1 Key Figures / 1.2 Milestones Achieved / 1.3 Order Intake (cont.) Main orders announced and signed in the period / CORADIA REGIONAL TRAINS (FRANCE) / BUDAPEST TRAMS (HUNGARY) / ZERO- AND LOW-EMISSION BUSES FOR • 18 Regional Trains belonging to the Coradia Polyvalent • 31 T
Slide 9: New all-time high order backlog
1. Highlights H1 2023 / 1.1 Key Figures / 1.2 Milestones Achieved / 1.3 Order intake / 1.4 Backlog NEW ALL-TIME HIGH ORDER BACKLOG / TOTAL (€m) Backlog grows and consolidates above €13bn as a result of order intake outpacing revenue with double-digit growth Railway Business Buses Business Btb=1 Incr
Slide 10: Diversified and stable backlog distribution in H1 2023
1. Highlights H1 2023 / 1.1 Key Figures / 1.2 Milestones Achieved / 1.3 Order Intake / 1.4 Backlog DIVERSIFIED AND STABLE BACKLOG DISTRIBUTION IN H1 2023 / BACKLOG DISTRIBUTION ACCORDING TO LINE OF ACTIVITY (%) / BACKLOG DISTRIBUTION ACCORDING TO GEOGRAPHIC LOCATION (%) Integrated Solutions and Rest
Slide 11: Financial Information
/2 FINANCIAL INFORMATION 11
Slide 12: Record-high revenue and start of profitability improvement
2. Financial Information / 2.1 Consolidated Statement of Profit or Loss RECORD-HIGH REVENUE AND START OF PROFITABILITY IMPROVEMENT, IN LINE WITH EXPECTATIONS AT THE BEGINNING OF THE YEAR Var. H1 (EUR million) H1 2022 H1 2023 2023/H1 2022 REVENUE 1,530 1,877 +23% All-time high revenue in the first ha
Slide 13: Revenue all-time highs for both segments
2. Financial Information / 2.1 Consolidated Statement of Profit or Loss REVENUE ALL-TIME HIGHS FOR BOTH SEGMENTS REVENUE / CONSOLIDATED / RAILWAY / BUSES +23% +19% +34% 1 1,877 1,530 1 1,429 1,196 334 448 H1 2022 H1 2023 H1 2022 H1 2023 H1 2022 H1 2023 % on revenue % on revenue % on revenue % on rev
Slide 14: Growth in all business lines
2. Financial Information / 2.1 Consolidated Statement of Profit or Loss GROWTH IN ALL BUSINESS LINES RAILWAY REVENUE / ROLLING STOCK / SERVICES / INTEGRATED SOLUTIONS AND SYSTEMS +24% +2% +27% 1 865 697 277 282 222 282 H1 2022 H1 2023 1S2022 1S2023 1S2022 1S2023 % on revenue 46% 46% % on 18% 15% % o
Slide 15: Hefty delivery of buses within the period
2. Financial Information / 2.1 Consolidated Statement of Profit or Loss HEFTY DELIVERY OF BUSES WITHIN THE PERIOD, SUPPORTED BY A MORE RELIABLE SUPPLY CHAIN, BUT STILL NOT FULLY BACK TO NORMAL BUSES REVENUE / No. OF BUSES SUPPLIED The slight improvement in the component 9% supply chain has allowed f
Slide 16: Profitability of the business evolving according to plan
2. Financial Information / 2.1 Consolidated Statement of Profit or Loss PROFITABILITY OF THE BUSINESS EVOLVING ACCORDING TO PLAN, DESPITE THE COMPLEXITY OF THE ENVIRONMENT / EBIT (€m) and EBIT Margin (%) 1 Railway 85 4.5% Buses 2 72 4.4% 67 4.4% 1 0.2% 3 0.9% 78 6.1% 84 5.8% 64 5.3% -7 -1.9% H1 2022
Slide 17: Increase in working capital affects cash flow in the period
2. Financial Information / 2.1 Consolidated Statement of Profit or Loss / 2.2 Cash flow THE INCREASE IN WORKING CAPITAL AFFECTS CASH FLOW IN THE PERIOD / EBITDA-CASH FLOW BRIDGE (€m) 17
Slide 18: Increase in net working capital from project implementation phase
2. Financial Information / 2.1 Consolidated Statement of Profit or Loss / 2.2 Cash flow / 2.3 Consolidated balance sheet INCREASE IN NET WORKING CAPITAL, EXPECTED FROM THE IMPLEMENTATION PHASE OF THE PROJECTS (EUR million) 31/12/2022 30/06/2023 / CAPEX (TANGIBLE + INTANGIBLE) (€m) Fixed assets1 1,42
Slide 19: Financial position remains robust
2. Financial Information / 2.1 Consolidated Statement of Profit or Loss / 2.2 Cash flow / 2.3 Consolidated Balance Sheet / 2.4 Financial Position THE FINANCIAL POSITION REMAINS ROBUST, PROVIDING SOUND FOOTING FOR THE 2026 STRATEGIC PLAN / NET FINANCIAL DEBT (€m) / LIQUIDITY (€m) 1000 2 800 1,5 1.2x
Slide 20: Stock Market Information
/3 STOCK MARKET INFORMATION 20
Slide 21: CAF outperforms the IBEX index and the sector
3. Stock market information CAF OVER PERFORMS THE IBEX INDEX AND THE SECTOR, AND STILL HAS A 26% POTENTIAL1 ACCORDING TO ANALYSTS / CAF PERFORMANCE vs IBEX AND SECTOR2 / STOCK MARKET INDICATORS / SHAREHOLDING STRUCTURE 130 Cartera 30/06/2023 Social 24.04% 120 CAF 35 IBEX Market capitalization (EUR)
Slide 22: Sustainability
/4 SUSTAINABILITY 22
Slide 23: Launch of numerous initiatives in response to sustainability commitments
4. Sustainability LAUNCH OF NUMEROUS INITIATIVES IN RESPONSE TO STRATEGIC SUSTAINABILITY COMMITMENTS DEFINITION OF PURPOSE, MAJOR ADVANCES IN CAF JOINS ASCOM AND SUBMISSION OF EMISSIONS SIGNING OF THE AND UPDATE OF MISSION, DECARBONISATION DEMONSTRATES THE REDUCTION TARGETS FOR "RAILSPONSIBLE CLIMAT
Slide 24: Outlook
/5 OUTLOOK 24
Slide 25: We maintain the outlook of the beginning of the year
5. Outlook WE MAINTAIN THE OUTLOOK OF THE BEGINNING OF THE YEAR This forecast is based on: • THE CONTINUATION OF THE CURRENT COMPONENT SUPPLY SITUATION THROUGHOUT THE YEAR • STRONG RECOVERY FOR SOLARIS IN THE SECOND HALF OF THE YEAR AFTER A FIRST HALF STILL AFFECTED BY THE EXECUTION OF A BACKLOG WIT
Slide 26: Appendices
/6 APPENDICES 26
Slide 27: Contracts announced and included in backlog Jan-Jun 2023
6. Appendices / 6.1 Breakdown of order intake CONTRACTS ANNOUNCED AND INCLUDED IN BACKLOG WITHIN THE PERIOD FROM JANUARY-JUNE 2023 27
Slide 28: Net Financial Debt Bridge
6. Appendices / 6.1 Breakdown of order intake / 6.2 Additional Financial Information NET FINANCIAL DEBT BRIDGE (EUR million) 28
Slide 29: Net Equity Bridge
6. Appendices / 6.1 Breakdown of order intake / 6.2 Additional Financial Information NET EQUITY BRIDGE (EUR million) 1 1 This includes an ordinary gross dividend of €0.86/share paid in July 2023. 29
Slide 30: Most relevant ESG indicators
6. Appendices / 6.1 Breakdown of order intake / 6.2 Additional Financial Information / 6.3 Sustainability Scorecard MOST RELEVANT ESG INDICATORS1 2 Actual Target Actual3 Rating4 DIMENSION KPI FY22 FY23 H1 2023 E Emissions reduction scope 1&2 on year 2019 30.0% ↔ 16.8*% Annual indicator E Scope 3 emi
Slide 31: Alternative Performance Measures (APM)
ALTERNATIVE PERFORMANCE MEASURES (APM) In addition to the financial information prepared in accordance with the generally accepted accounting principles (IFRS), the CAF Group uses specific Alternative Performance Measures (APM) in the management of its business on a recurring and consistent basis, w
Slide 32: Trust in Motion
TRUST IN MOTION