Results Presentation 2013 28th of February, 2014 Executive Summary Consolidation of Global Leadership Good Operating Results Net Profit > € 700 mn Financial structure reinforced HOCHTIEF Restructuring 2013 – Results Presentation 2 ACS’s Consolidation of Global Leadership Var. 13/12 Comparable Var.* Sales € 38,373 mn -0.1% +6.1% Backlog € 63,419 mn -15.0% -2.0% World leader in Construction * Excluding forex impact and perimeter changes World leader in Concessions 2013 – Results Presentation 3 Good Results 2013 Var. 13/12 Comparable Var.* +3.1% EBITDA Margin 7.8% € 3,002 mn -2.8% EBIT Margin 4.5% € 1,746 mn +10.5% +16.9% Recurrent Net Profit € 580 mn -0.3% +7.0% Operating Cash Flow € 1,959 mn +30.1% n.a. * Excluding forex impact 2013 – Results Presentation 4 Net Profit > € 700 mn € million 2012 2013 Recurrent Net Profit Construction 249 261 Recurrent Net Profit Industrial Services 416 418 Recurrent Net Profit Environment 72 79 737 758 (155) (176) 582 580 (2,510) 122 (1,928) 702 Operating Recurrent Net Profit Overheads, financial results and taxes Recurrent Net Profit Extraordinaries and Iberdrola contribution Net Profit 2013 – Results Presentation 5 Financial structure reinforced Business Net Debt Project Finance €9,334mn Total Net Debt Business Net Debt / EBITDA* -55% €395mn -47% 4.5x €4,952mn €8,939mn €781mn 2011 * Not including projects EBITDA (Concessions, Renewables, etc.) -14,5% €4,235mn €685mn 1.6x 1.4x €4,171mn €3,550mn 2012 2013 2013 – Results Presentation 6 HOCHTIEF: Achieving objectives in 2013 Solid results Reported net profit €171mn +10.3% Recurrent Net Profit €208mn +123% Simplification of the organization in Europe Restructuring process Overheads reduction Risk systems homogenization Assets disposal €1,770mn Strategic refocus Leighton stake increased Higher operating integration Net debt reduction Telco Services Airports Aurelis (2014) Net Debt €401mn -66% 2013 – Results Presentation 7 Sales Sales 2013 € 38,373 mn Environment € 1,781 mn (+5.3%) (+8.7%comp.*) Industrial Services € 7,067 mn (+0.2%) (+2.9% comp.*) -0.1% (+6.1% comp.*) 5% 18% 77% * Excluding forex impact Construction € 29,559 mn (-0.4%) (+6.7% comp.*) 2013 – Results Presentation 8 Sales by geographical areas North America € 11,061 mn Spain € 5,245 mn Rest of Europe € 4,549 mn Asia € 3,063 mn Africa Asia 8% 14% 1% Sales South America € 1,993 mn Africa € 464 mn The map includes countries with more than € 1 mn sales In China ACS develops its activity in Hong Kong and Macau Oceania € 11,998 mn 31% € 38,373 mn Oceania 5% South America Spain Rest of Europe 12% 29% North America 2013 – Results Presentation 9 Backlog evolution 2013 Backlog reduction New Order Book 12 months Production 12 months € 40,176 mn € 41,658 mn Backlog increase Perimeter changes € 2,810 mn € 74,588 mn Forex impact 18 months € 6,877 mn € 34,901 mn € 33,419 mn In comparable terms, excluding those impacts, backlog would have decreased by 2% Backlog 31/12/12 € 63,419 mn Backlog 31/12/13 2013 – Results Presentation 10 Backlog by areas of activity Backlog 31/12/13 Environment € 8,443 mn (-8.2%) (-3.3% comp.*) Industrial Services € 7,413 mn (+3.5%) (+5.6 comp.*) € 63,419 mn -15% (-2% comp.*) 13% 12% 75% Construction € 47,563 mn (-18.3%) (-2.7% comp.*) * Excluding forex impact and perimeter changes 2013 – Results Presentation 11 Geographical diversification - Backlog North America € 13,547 mn Spain € 10,177 mn Rest of Europe € 9,044 mn Asia Pacific € 27,544 mn Africa Spain 1% 16% 44% South America € 2,708 mn Africa € 398 mn The map includes countries with more than € 1 mn of backlog In China ACS develops its activity in Hong Kong and Macau Asia Pacific Backlog € 63,419 mn 4% South America 14% Rest of Europe 21% North America 2013 – Results Presentation 12 Construction - Sales +6.7%* € 29,683 mn € 2,118 mn € 29,559 mn Asia Pacific € 14,851mn (-3.3%) Spain € 1,393mn (-23.1%) 5% 50% Sales 12% € 29,559mn Sales 2012 Rest of Europe € 3,560mn (+5.7%) Sales 2013* • Average exchange rate impact: AUD (-9.1%), US$ (-3%) 33% • Sale of Nextel in Australia and Services in Europe America € 9,754mn (+6.7%) • Construction in Spain (-23.1%) * Includes forex effect 2013 – Results Presentation 13 Construction - Backlog -2.7%* € 9,084 mn € 58,227 mn € 47,563 mn Asia Pacific € 26,703mn (-17.8%) 17 months Spain € 3,354mn (-6.8%) 7% 56% Backlog € 47,563mn Backlog 31/12/12 12% Backlog 31/12/13* • Closing exchange rate impact: AUD (-17.7%), US$ (-4%) • Sale of Nextel in Australia, Services in Germany and Dragados Greece • Construction in Spain (-6.8%) * Includes forex effect and perimeter variations 25% Rest of Europe € 5,569mn (-34.7%) America € 11,937mn (-12.3%) 2013 – Results Presentation 14 Main Awards in Construction € 157 mn € 341 mn € 217 mn € 2,144 mn € 501 mn Alberta´s Institute of Technology Bank subway station enlargement, London Anti flooding protection in Raciborz (Poland) Resort in Macau Railway link between Shatin and Central Hong Kong € 610 mn Ottawa light train € 182 mn € 70 mn € 167 mn Railway Tunnel in Eglington, Toronto Integral highway maintenance in Madrid Residential complex in Gurgaon, India € 1,323 mn QCG gas project civil works € 79 mn Pulaski Skyway Bridge in New Jersey € 77 mn € 1,011 mn Pelli Tower, Seville Kings mining deposit maintenance and operation (Australia) € 218 mn € 122 mn State Road 23 in Florida € 163 mn 86 Street subway station, New York Schipol – Amsterdam highway € 481 mn Moreton Bay Railway project in Brisbane € 671 mn Sydney’s North West 2013 – Results Presentation Rail Link 15 Industrial Services - Sales +2.9%* € 184 mn Africa € 411 mn (+139%) Asia Pacific € 210 mn (+26.2%) € 7,050 mn Spain € 2,739 mn (-6.8%) 39% 6% 3% Sales € 7,067 mn € 7,067 mn 10% Sales 2013* • Average exchange rate impact : MXN (-0.7%), BRL (-12.8%) • Growth in Latam, Saudi Arabia and Southafrica • 61% of sales abroad America € 3,014 mn (+0.7%) Rest of Europe € 693 mn (-11.5%) -3.1% EPC +6.2% € 4,031 mn Renewables € 3,904 mn € 2,704 mn -8.4% € 2,872 mn € 374 mn 2012 * Includes forex effect 42% Support Services Excluding eliminations Sales 2012 2013 2012 2013 2012 € 343 mn 2013 2013 – Results Presentation 16 Industrial Services - Backlog +5.6%* € 152 mn € 7,413 mn € 7,161 mn Backlog 31/12/12 13 months Africa € 337 mn (-36.7%) Asia Pacific € 841 mn (+301%) 31% Spain € 2,327 mn (-8.6%) 5% Backlog 11% 8% Rest of Europe € 597 mn (-5.4%) € 7,413 mn Backlog 31/12/13* America € 3,310 mn (+2.1%) 45% • Closing exchange rate impact : MXN (-5.2%), BRL (-16.8%) • Awards in Saudi Arabia and Latam • 69% of backlog abroad * Includes forex effect and perimeter changes Support Services EPC +11,2% -6,5% € 4,052 mn € 4,507 mn 2012 2013 € 3,109 mn € 2,905 mn 2012 2013 2013 – Results Presentation 17 Main Awards – Industrial Services € 315 mn € 101 mn € 298 mn Litoral offshore platform in the Gulf of Mexico Madrid city control systems Plastics factory in Saudi Arabia +1.9% € 51 mn Electrical power plant in Dominican Republic € 7,331 mn € 83 mn € 7,471 mn Oil treatment plant in UAE € 47 mn Endesa’s network support services New Order Book12 New Order Book13 € 455 mn Fertilizers plant in Saudi Arabia € 73 mn € 54 mn Sewage services in Lima, Peru Oil fields maintenance and operation in Chicontepec, Mexico € 38 mn 2 wind parks totalling 110 MW in Limarí, Chile € 199 mn Installation of 10 reactors in Sabic’s power plants in Saudi Arabia € 63 mn € 52 mn Gas offshore project Vega Pleyade in Argentina 500kv high tension line in Brazil € 491 mn Illanga100MW thermosolar plant in South Africa 2013 – Results Presentation 18 Environment - Sales +8.7%* Africa € 52 mn (+8.3%) America € 286 mn (+76.3%) € 57 mn Spain € 1,148 mn (-8.5%) 3% 16% € 1,781 mn € 1,691 mn Sales 2012 Rest of Europe € 296 mn (+50.5%) € 1,781 mn 17% Sales 2013* • Activity increase in France and the UK • Acquisition of the minorities in Chile * Includes forex effect Sales Treatment Plants Urban Services 64% Logistics -2.9% +42.9% € 373 mn € 533 mn 2012 2013 € 1,151 mn € 1,118 mn 2012 2013 -21.9% € 167 mn 2012 € 130 mn 2013 2013 – Results Presentation 19 Environment - Backlog -3.3%* America € 1,008 mn (+188%) € 451 mn Africa € 61 mn (-35%) 12% € 9,201 mn € 8,443 mn Rest of Europe € 2,879 mn (-4.2%) Backlog 31/12/12 Spain € 4,496 mn (-15.2%) 1% Backlog 53% € 8,443 mn 34% Backlog 31/12/13* • Activity increase in France and the UK Treatment Plants -2,9% • Acquisition of the minorities in Chile * Includes forex effect and perimeter changes € 6,045 mn € 5,868 mn 31/12/12 31/12/13 Urban Services -4,9% € 2,707 mn € 2,575 mn 31/12/12 31/12/13 2013 – Results Presentation 20 Main Awards – Environment -25% € 293 mn Incineration plant in Gloucester € 1,964 mn € 1,475 mn € 49 mn Street cleaning in Waltham Forest (London) Order book12 Order book13 € 60 mn Street Cleaning in Paris € 48 mn € 24 mn Street Cleaning in Linares (Jaén) Street cleaning and SUW collection in Bayonne € 23 mn € 46 mn Treatment plant in Malaga Street cleaning and SUW collection in Palafrugell 2013 – Results Presentation 21 Operating Results - EBITDA +3.1% -8.5% 8% € (170) mn 29% € (86)mn Holding € 16 mn +14.0% +3.7% € 33mn € 3,088 mn -2.8% Forex effect €183mn • Forex impact (€ 160 mn) • EPC projects growth abroad • Activity Reduction in Spain • Margin increases in Support Services € 34mn 9% • Waste treatment activity increase abroad 31% € 3,002 mn 63% 60% 2012 Construction Industrial Services Environment 2013 2013 – Results Presentation 22 Operating Results - EBITDA Construction Industrial Services Environment -0.5%* €1,995 mn €160mn €1,826 mn +5.3%* €904 mn €15mn €937 mn +17.5%* €9mn €275 mn €241 mn Margin 6.7% Margin 6.2% Margin 12.8% Margin 13.3% Margin 14.3% Margin 15.4% EBITDA 12 EBITDA 13* EBITDA 12 EBITDA 13* EBITDA 12 EBITDA 13* * Includes forex effect 2013 – Results Presentation 23 Net Investments 2013 Cash Outflow Cash Inflow Operating Investments Disposals Net €941mn €1,089mn €148mn €465mn Financial and in Projects TOTAL €1,395mn €2,484mn €1,860mn €2,008mn €476mn 2013 – Results Presentation 24 Net operating investments details 2013 Net Operating Investments Depreciation TOTAL €1,208mn Dragados €42mn HOT America €15mn Leighton €761mn PPA €194mn TOTAL €941mn €68mn €22mn Environment Industrial Services €141mn €56mn €851mn Construction €817mn HOT Europe €33mn 2013 – Results Presentation 25 Net operating investments evolution Construction Environment Industrial Services €991 mn €848 mn €817 mn €72mn €69mn €65mn €72mn €39mn €22mn 2011 2012 * Not including Iridium nor Holding 2013 2011 2012 2013 2011 2012 2013 2013 – Results Presentation 26 Net financial investments 2013 Investments in concessions and projects • Construction • Industrial Services • Environment € 673 mn € 372 mn € 125 mn Financial Investments Financial Disposals • Telecomm € 451 mn • Services € 236 mn • Airports € 1,083 mn • Others € 90 mn • 6% LEI acquisition € 198 mn • HOT acquisition + Others € 27 mn € 1,395 mn € (1.860) mn 2013 – Results Presentation 27 Working Capital Evolution 2013 Operating working capital -€ 948 mn Debtor account increase Creditor account increase € 658 mn € 290 mn € 123 mn € 2,698 mn Underclaims in Leighton Working Capital 31/12/12 Construction activity reduction in Spain Operating Working Operating Working Capital Var. Capital Var. Rest of HOCHTIEF ACS € 1,627 mn € 1,627 mn Consolidation adjustments Others Working Capital 31/12/13 2013 – Results Presentation 28 Recurrent Free Cash Flow Cash outflow Financial Results & Dividends Cash Inflow € 504 mn Taxes and other adjustments +30,1% vs. 2012 € 539 mn EBITDA 2013 € 3,002 mn Cash flow from the operating activities Net CAPEX € 941mn before CAPEX and operating WC variation Recurrent Free Cash Flow € 1,959 mn € 1,018 mn 2013 – Results Presentation 29 Extraordinary items in the Free Cash Flow Cash outflow Cash Inflow Financial disposals Financial and concessional investments Activity drop in Spain Underclaims in Leighton € 1,395 mn € 1,860 mn Operating working capital variation Recurrent Free Cash Flow € 1,018 mn € 948mn Net Cash Generated 2013 € 535 mn 2013 – Results Presentation 30 Net Debt Evolution in 2013 Debt increase Equity Swap partial cancellation -€ 398 mn Call Spread monetization € 535 mn Debt decrease +€ 856 mn € 458 mn € 496 mn € 220 mn € 4,952 mn Net Debt 31/12/12 ACS dividends -€ 193 mn Dividends to minorities -€ 205 mn ACS treasury stock (net) +€ 157 mn HOT treasury stock -€ 255 mn Net Cash Flow Generated € 4,455 mn € 4,235 mn “FleetCo” in LEI +€ 332 mn Other adjustments -€ 112 mn Dividends and Treasury Stock Net Impact from Iberdrola Derivatives Others € 4,235 mn Net Debt 31/12/13 2013 – Results Presentation 31 Significant debt reduction in 2 years Business net debt Project Finance €9,334mn Total Net Debt Business Net Debt / EBITDA* -55% €395mn -47% 4.5x €4,952mn €8,939mn €781mn €4,235mn 1.6x 1.4x €4,171mn €3,550mn 2011 * Not including EBITDA from concessional projects, renewables, etc. 2012 -14,5% €685mn 2013 2013 – Results Presentation 32 Other financial liabilities Net Debt from Assets Held for Sale €4,590mn Total Factoring - 25% €632mn €3,560mn €3,431mn €537mn €458mn €3,023mn €2,973mn 2012 2013 €3,958mn 2011 2013 – Results Presentation 33 Financial Gearing Reduction Business Net Debt Project Finance (including AHfS) Total Net Debt (incl. Debt from AHfS) Total Net Debt / EBITDA €13,292mn 5.7x €4,353mn €7,975mn 2.6x €8,939mn 2011 €3,804mn €7,208mn 2.4x €3,658mn €4,171mn €3,550mn 2012 2013 2013 – Results Presentation 34 Fixed income capital markets access Consolidated debt structure 31st December 2013 Project Finance Bond debt as a percentage of total debt 6% Bank Financing Bonds 3x 28% 28.0% 8.8% 64% 2% 2011 2013 Others 2013 – Results Presentation 35 Results 2013 Conclussions Good Results Financial structure reinforcement Investments for the future Demonstrated profitability Recurrent cash flow generation EBIT=€1,746mn +10.5% >€1,000mn -14.5% in 2013 -55% in two years Net Debt Reduction Disposal of non core assets €1,860 mn in 2013 >€6,500 mn in two years Infrastructure development Concessions Energy Projects Stake increase in HOCHTIEF and Leighton 56% HOT 58% LEI 2013 – Results Presentation 36 Strategic objectives fulfillment Largest international contractor in USA, Asia-Pacific and 2nd in Latam 1st 2nd 1st • Restructuring plan in HOCHTIEF • Risk control system unification • Overheads reduction Strategic Objectives 2013-15 Profitability Increase Global Growth Risks Control Consolidation in developed markets World Leader in Infrastructure Development Net Debt Reduction Sale of non core Assets Disposals € 2,008 million Operating Cash Flow +30.1% Operating Cash Flow Generation Net Debt -14.5% 2013 – Results Presentation 37 Corporate Strategy in Grupo ACS Reinforcement of Global Leadership Profitability Increase Increased Financial Efficiency Growth in developed markets Risk control systems homogenized Improvements in working capital management Investments in infrastructure development projects Growth in high value added activities Increase access to capital markets 2013 – Results Presentation 38 Strategic objectives 2014-2016 Profitable Growth Recurrent Net Profit annual growth >10% Moderate financial gearing Business Net Debt EBITDA < 1.4x Attractive return to shareholders Stable dividend policy Sustainable value creation 2013 – Results Presentation 39 Disclaimer DISCLAIMER This document contains forward-looking statements on the intentions, expectations or forecasts of Grupo ACS or its management at the time the document was drawn up and in reference to various matters including, among others, its customer base, its performance, the foreseeable growth of its business lines and its overall turnover, its market share, the results of Grupo ACS and other matters relating to the Group’s activities and current position. These forward-looking statements or forecasts can in some cases be identified by terms such as “expectation”, “anticipation”, “proposal”, “belief” or similar, or their corresponding negatives, or by the very nature of predictions regarding strategies, plans or intentions. Such forward-looking statements or forecasts in no way constitute, by their very nature, guarantees of future performance but are conditional on the risks, uncertainties and other pertinent factors that may result in the eventual consequences differing materially from those contained in said intentions, expectations or forecasts. ACS, Actividades de Construction y Servicios, S.A. does not undertake to publicly report on the outcome of any revision it makes of these statements to adapt them to circumstances or facts occurring subsequent to this presentation including, among others, changes in the business of the company, in its strategy for developing this business or any other possible unforeseen occurrence. The points contained in this disclaimer must be taken fully into account by all persons or entities obliged to take decisions or to draw up or to publish opinions on securities issued by Grupo ACS and, in particular, by the analysts and investors reading this document. All the aforesaid persons are invited to consult the public documentation and information that Grupo ACS reports to or files with the bodies responsible for supervising the main securities markets and, in particular, with the National Securities Market Commission (CNMV in its Spanish initials). This document contains financial information drawn up in accordance with International Financial Reporting Standards (IRFS). The information has not been audited, with the consequence that it is not definitive information and is thus subject to possible changes in the future
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