Fostering constructive ideas. 05 Q1 Results and strategic development. June, 2005
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1 Fostering constructive ideas 05 Q1 Results and strategic development June, 2005
2 Contents 1 2 Q1 Results Highlights Business Areas Strategic Development Strategic Development by Area 04/07 Forecast 2
3 Contents 1 Q1 Results Highlights Areas of Business 2 Strategic Development Strategic Development by Area 04/07 Forecast 3
4 Profit and loss account MARCH % Change (Mn Euros) /04 Net Sales Other Income % 49.9% TOTAL INCOME Eternal and operating expenses 1,027.0 (827.1) (739.5) 16.1% 11.8% GROSS OPERATING PROFIT Depreciation Trade Provisions (48.6) (8.3) (46.8) (6.4) 38.1% 3.7% 30.9% NET OPERATING PROFIT Financial Results Translation and forex differences Results from equity accounted subsidiaries Provisions for financial investments Results from sales of non current assets Other profit and losses (2.2) (1.5) (1.4) 0.7 (0.4) 91.5 (20.1) (8.6) (0.8) % (74.4%) 94.5% (97.6%) (146.2%) PROFIT BEFORE TAXES Corporate Tax Minorities (80.9) (1.6) 93.0 (20.4) (4.4) 143.9% 296.1% (64.4%) NET ATTRIBUTABLE PROFIT % 4
5 Highlights Operating data Net Sales EBITDA NET PROFIT 9.2% 6.2% 3.8% 34.0% 21.7% 1.3% 12.1% 2.2% Q % 16.0% 30.1% 32.6% Sacyr Somague Vallehermoso Itinere Testa -0.2 Valoriza Total = Mn Total = Mn Total = Mn 9.7% 6.1% 2.9% 37.4% 23.8% 0.5% 17.7% 6.8% Q % 21.7% 35.8% 15.4% Sacyr Somague Vallehermoso Itinere Testa Valoriza Total = Mn Total = Mn Total = 68.2 Mn Sacyr Somague Vallehermoso Itinere Testa Valoriza 5
6 Highlights Operating data MARCH %Change (Mn Euros) /04 Construction SACYR-SOMAGUE -Order Book Months of activity Housing Development VALLEHERMOSO -Committed Sales Nº houses -Order Book -Land Reserve (m 2 ) % Housing Concessions ITINERE -Income Order Property TESTA -Rentals -Net Surface (m 2 ) % Occupancy -Income Order Services VALORIZA -Income Order 3, ,809 4,237 92% 49, , % 2,271 3,838 2, ,582 3,598 91% 33, , % 1,957 3, % 29.4% 32.4% 1.7% 14.3% 17.7% 1.1% 46.6% 19.0% (0.9)% 1.7% 16.0% 23.2% 6
7 Contents 1 Q1 Results Highlights Business Areas 2 Strategic Development Strategic Development by Area 04/07 Forecast 7
8 Areas of Business Construction Construction SACYR-SOMAGUE (Mn Euros) 2005 MARCH 2004 % Change 05/04 Net Sales EBITDA EBITDA/Net Sales % % (2.1%) (20.2%) (18.4%) EBIT EBIT/Net Sales % % (12.6%) (10.7%) NET PROFIT NET PROFIT/Net Sales % % 132.2% 137.3% CASH FLOW % 8
9 Areas of Business Construction Construction SACYR MARCH % Change (Mn Euros) /04 Net Sales EBITDA % (6.3%) EBITDA/Net Sales 8.3% 9.3% (11.0%) EBIT % EBIT/Net Sales 6.0% 5.3% 14.1% NET PROFIT NET PROFIT/Net Sales % % 42.6% 35.5% CASH FLOW % 9
10 Areas of Business Construction Construction SOMAGUE MARCH % Change (Mn Euros) /04 Net Sales EBITDA (14.8%) (56.1%) EBITDA/Net Sales 3.2% 6.2% (48.5%) EBIT (80.3)% EBIT/Net Sales 1.0% 4.4% (76.9%) NET PROFIT NET PROFIT/Net Sales % % 334.0% 409.3% CASH FLOW % 10
11 Areas of Business Construction Net Sales by geographical area Order Book by geographical area Portugal 31% Others 1% Costa Rica Italy 1% 17% Others 4% Spain Spain Portugal 55% Chile 8% 60% 20% Chile 3% 26.1 MONTHS OF GUARANTEED ACTIVITY 11
12 Areas of Business Housing Development Housing development VALLEHERMOSO MARCH % Change (Mn Euros) /04 Net Sales EBITDA % 191.9% EBITDA/Net Sales 24.8% 13.6% 82.7% EBIT % EBIT/Net Sales 23.0% 13.8% 66.5% NET PROFIT NET PROFIT/Net Sales % % 223.7% 102.6% CASH FLOW % 12
13 Areas of Business Housing Development Committed Sales (Mn Euros) January February March 116 Land purchase by geographical area North South Canary 28% 16% Islands 6% Catalonia Committed Sales (Units) East 14% 11% Centre Galicia 7% 18% January February March
14 Areas of Business Concessions Concessions ITINERE MARCH % Change (Mn Euros) /04 Net Sales EBITDA % 15.5% EBITDA/Net Sales 76.6% 72.7% 5.4% EBIT % EBIT/Net Sales 37.0% 31.6% 17.0% NET PROFIT NET PROFIT/Net Sales (12.6) (15.8%) (18.1) (25.0%) 30.7% (36.8%) CASH FLOW % 14
15 Areas of Business Concessions: New Projects Project Scut Isla Azores M3 Clonee-Kells Toll Highway Santiago-Brión Highway Salnés Highway AS-18 Highway CV-35 Highway Parla Tram Ibiza Airport Access Road Barbanza Highway Plaza Elíptica Transport Hub Kalotina-Bourgas Toll Highway Contracting Authority Azores Autonomous Region Ministry of Public Works - Ireland Galician Government Galician Government Principality of Asturias Valencia Government Region of Madrid Government of the Balearic Islands Galician Government Region of Madrid Republic of Bulgaria Filing Date mm-dd-yy PRE-QUALIFIED PRE-QUALIFIED AWARDED AWARDED 15
16 Areas of Business Concessions MARCH 05 (Mn Euros) Net Sales EBITDA Traffic growth Toll income by concessionaire Audasa Avasa Audenasa Aucalsa Aunor Autoestradas Spain Elqui The Lakes Pacific Route Central Litoral Chile TOTAL % 5.4% 5.7% 8.5% 6.1% 6.0% 5.0% 4.7% 4.0% 1.0% * 3.2% 4.6% Pacific Route 6% The Lakes 6% Elqui 7% Autoestradas 3% Aunor 5% Aucalsa 9% Audenasa 10 % Central Litoral 1% Avasa 18 % Audasa 35% * Non comparable data due to opening of new tranches 16
17 Areas of Business Property Property TESTA MARCH % Change (Mn Euros) /04 Net Sales EBITDA % 25.8% EBITDA/Net Sales 81.6% 77.2% 5.7% EBIT % EBIT/Net Sales 67.3% 60.7% 10.9% NET PROFIT NET PROFIT/Net Sales % % (79.2%) (82.6%) CASH FLOW (71.4%) 17
18 Areas of Business Property: New Projects Project M 2 o/surface Invest.(Mn Euros) Starting year Josefa Valcarcel 48 SyV Tower 19,551 19, Offices 39, Itaroa Porto Pí Terraces 37,776 7, Commercial SyV Tower Hotels Alameda de Osuna 44,776 33,200 33,200 9, Parla and Coslada Hospitals awarded in Q2 under concession Houses Villajoyosa Les Corts Juan Llorens Sagrada Familia Consejo de Ciento Los Madrazo 9,318 17,259 11,298 6,470 6,000 5,907 5, Elderly people home 52, TOTAL 179,
19 Areas of Business Property Product Rentals (Mn Euros) MARCH 05 /m 2 /year % Ocup. Rentals by geographical area Oficces Retail Hotels Industrial Houses Elderly people homes Parking TOTAL % 97.2% 100% 99.9% 96.7% 100% 100% 96.1% País Vasco Baleares 2% 3% Castilla la M ancha 3% South 7% Catalonia 19 % Other 4% Centre 62% 19
20 Areas of Business Services Services VALORIZA MARCH % Change (Mn Euros) /04 Net Sales EBITDA % 295.5% EBITDA/Net Sales 8.0% 3.0% 163.8% EBIT 1.2 (0.7) 271.8% EBIT/Net Sales 3.7% (3.2%) 214.6% NET PROFIT NET PROFIT/Net Sales (0.2) (0.5%) (1.4) (6.6%) 88.6% 92.4% CASH FLOW % 20
21 Areas of Business Services Acquisitions/Divestments: Environment: 100% of Sufi for 142 million. Water Distribution: 33% of Emalsa, water distributor for Las Palmas/Santa Brígida cities, 93.9 million ( 60 million cash in balance sheet). Alternative Energies: sale of 100% of Finerge for 149 million due to its financial opportunity ( 91.9 million in capital gains). Rationale: Strategic: The acquisition generates an excellent platform for growth. Operational: It provides access to run businesses where Valoriza was not involved in (urban waste and environmental services management) and strengthens our position in water and alternative energies Forecast. These acquisitions will supports to: Turnover to reach 380 million (sales 05/04 > 300%) EBITDA margin target > 10% Business size to double in one year 21
22 Q1 Results Conclusions EBITDA ROBUST INCREASE WITH IMPROVED MARGINS Q1/05 Q1/ Mill Mill. (+38.1%) 24.5% 19.4% (+25.8) Net Results DOUBLED Q1/05 Q1/ Mill Mill. (+111.7%) Sustained growth and improved margins 22
23 1 Q1 Results Highlights Areas of business 2 Strategic Development Strategic Development by Area 04/07 Forecast 23
24 Strategy: Construction Target: Consolidate a construction company leader in profitability with a weight of around 60% in civil works and 40% in building. Strengthen international presence through local players: Chile Sacyr Chile, Portugal Somague and Italy SIS. Solid trackrecord in turnover (CAGR : 21.5%). In Civil Works Sustained growth, increasing market share and developing new markets. New Infrastructure Plan in Spain (06/20) with 241,000 Mn Euros to be invested. Expansion as construction provider for our concessions unit: Ireland, Greece, Costa Rica, Mexico and Brazil. In Building The group will carry out 80% of the residential building developed by Vallehermoso. Growing in external clients once has been consolidated the entire delegations network opened in 2004 (market share below 1% Vs. 4% in civil works). 24
25 Strategy: Housing development Target: Increase market share (0.7% in 2004) in a highly fragmented market. Positioning in urban or buildable land with a timeline for urban development (3/10 years). Maintain a reserve equivalent to 5 years of sales (4.5 5 Mn m2). Cost of land equivalent to 35% - 45% of sale price. First residence Target sales of 5,000 5,500 units per year. Type: 80-unit per development: Flats of 100/125 m2 surface. Present in cities of more than 100,000 inhabitants. Second Residence Sales objective of 500 1,000 units per year. Clients focus: Domestic: Large projects, with low-density, services and leisure supply combined. E.U.: Mediterranean and south atlantic coast: transport infrastructure are essential (airports, train, etc.),with a balanced range of services,health care, leisure/golf. 1st line beach is not a must. 25
26 Strategy: Concessions Target: Geographical expansion and corporate actions. Consolidate and increase domestic presence in tollroads and expand into new geographic areas: Countries such as Italy, Greece or Ireland, with new projects on the boards. Emerging nations with solid financial systems and low political risk such as Chile, Costa Rica, Brazil and Mexico, with an adequate selection of local partners. Opportunities in European eastern countries. Increase exposure to other transportation infrastructure concessions such as airports, ports, rail systems, etc. Create value with new concesions (target: 2 by year) and corporate actions. Reinforce the fitting of new operation systems with greater induced traffic (freeflow) and customer loyalty (payment systems, discounts, etc). 26
27 Strategy: Rental Property Target: Consolidate leading position in Spanish market, providing recurrent earnings and generate capital gains on assets. Increase letting surface in next 4 years: New products development Offices Shopping Centers Hotels Other Products TOTAL M2 50,497 7,000 37,259 62, ,851 Maintain an asset turnover policy to set average portfolio age at 20 years. Enter into new products under concession such as hospitals and rental homes backed by the regional and Central administrations new plans and taxation rules. Increase third parties property management (real estate funds). 27
28 Strategy: Services Target: Expansion where we have an active role (alternative energies and water) and get into new areas (environmental and multiservices). Integration of service activities from Somague group into Valoriza in 2005 to increase its visibility and geographical synergies. Water Cycle Strategy is aimed at strengthening the organic growth combined with acquisitions. Alternative Energies In cogeneration and biomass, through Iberese, developing more than 100MW of capacity under management. Target to reach 400 MW. Environmental Incipient presence in Portugal. Main areas of interests are collection and treatment of waste, with the potential acquisition of companies in Spain and bidding for new contracts as a way of expansion. Multiservices Expansion of existing activities: Gardening and landscaping (highways network controlled by SyV) and integral facilities (owned property portfolio). SyV expects to start operations in businesses such as: airport handling, cleaning and others. For the implementation in this areas, acquisitions of specialized companies are considered an option. Investments forecasted for next 3 years of Mn
29 1 Q1 Results Highlights Areas of business 2 Strategic Development Strategic Development by Areas 04/07 Forecast 29
30 Strategic Development Performance by Area Net Sales Performance CAGR: 12% Ebitda Performance CAGR: 15% Construction Housing Development Concessions Property Services Sales and operating profit growth expected higher than 10% (cagr) due to: Organic growth strategy in all the activities. Focus on activities with high operating margins (concessions). Development of new aeas (services). 30
31 Strategic Development Performance by Area 2% 5% Net Sales Breakdown 8% 9% 28% 26% 11% 4% EBITDA Breakdown 0% 8% 19% 52% 15% 55% 33% 32% 57% 49% 28% 27% 20% 18% Construction Concessions Services Housing Development Property Investment effort in recurrent activities (concessions, rental property and services) makes the importance of these areas to grow in the future. 31
32 Fostering constructive ideas June, 2005
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