2012 Results Presentation. Madrid, February 27, 2013

Transcription

1 2012 Results Presentation Madrid, February 27, 2013

2 Any declaration made in this presentation that may differ from previous past figures made in reference to, but not limited to; the operational development, business strategies and future goals, are to be interpreted only as future estimates, and as such, they imply known and unknown risks, uncertainties and other factors that could cause OHL s results, behavior and achievements, or the results and conditions of its activities, to be substantially different to those and to its future estimates. This presentation and the future estimations contained here within, aregivenonthisdateandohlexpresslydeclinesfromany obligation or compromise to give any update or revision of the information contained here within, any change in its expectations or modification in the facts, conditions and circumstances in which these future estimates were founded. 2

3 Summary Pages 2012 Transformational Year 4 to 5 Economic Environment 6 to 7 OHL s Position 8 to Results 19 to 27 OHL s Future 28 to 30 3

4 2012 Transformational Year 4

5 2012 Transformational Year Highlights OHL becomes a reference shareholder of Abertis Desinvestment of Inima Keyresultsachievedintheyear: ( mn) (1) % Var. Significant increase in Net Profit 1, % Significant reduction of the Recourse Net Debt Significant increase of the Parent Company shareholder s equity , % 2, , % Focused on value creation, subject always to the stringent financial policies applied (1) Figures re-stated according to the presentation of OHL Brazil and Chilean concession assets as discontinued operations 5

6 Economic Environment 6

7 Economic Environment Macro Figures Macro Figures P 2014P World Developed Economies USA Eurozone Emerging Economies Mexico Spain GDP Growth 3.2% 3.5% 4.1% CPI 4.0% 3.7% 3.6% GDP Growth 1.3% 1.4% 2.2% CPI 1.9% 1.6% 1.8% GDP Growth 2.3% 2.0% 3.0% CPI 1.9% 1.7% 1.7% GDP Growth -0.4% -0.2% 1.0% CPI 2.3% 1.6% 1.4% GDP Growth 5.1% 5.5% 5.9% CPI 6.1% 5.8% 5.3% GDP Growth 3.8% 3.5% 3.5% CPI 3.9% 3.5% 3.0% GDP Growth -1.4% -1.5% 0.8% CPI 2.4% 2.4% 1.4% Sources: IMF/ January CPI: average rate for the period 7

8 OHL s Position 8

9 OHL s Position Concessions ABERTIS #1 transport infrastructure player worldwide post transaction with OHL OHL, reference shareholder OHL holdsa 15.3% stake 2012 net dividendof 0.66/share (approx. 82 mn) + 1x20 bonusshares DIRECT CONCESSIONS Continuityof importantgrowth: +34.3% in Sales and +59.1% in EBITDA Portfolio of the 16 major concessions: 11 tollroads(848 Km), 2 railways, 2 portsand 1 airport Geographical presence: Strategic countries: Mexico, Peru and Spain Interest in other countries: USA and Colombia PERFORMANCE CRITERIA OHL Concesiones financially independent from the rest of OHL Minimunprofitabilitytarget fortheequityof 15% Concessions financed in non-recourse basis and in local currency Preference for majority holdings Orderbook ,933 mn Mexico 76% Spain 17% Argentina 4% Peru 3% 9

10 OHL s Position Main Concessions (Figures as at 12/31/12) Country Highways Stage Km % OHL Traffic Average/ day Years remaining Mexico Conmex Amozoc Perote Puebla Viaducto Bicentenario Poetas Luis Cabrera Autopista Urbana Norte Total Operation Operation Construction Operation Construction Operation % 51% 74% 74% 37% 74% 64% 269,523 28,795 n/a 25,702 n/a 12, , Spain Euroglosa M45 Autopista Eje Aeropuerto Autovía Aragón Fase1 Total Operation Operation Operation % 100% 95% 98% 74,076 7,239 99, , Peru Autopista del Norte Operation % 26, Argentina Aecsa Operation 60 89% 197,063 8 Total Highways ,029 Country Others Stage Operating Infrastructure % OHL Passangers/ year Years remaining Mexico Toluca International Airport Operation Commercial services 36% 895, Spain Oeste Light Rail Móstoles Navalcarnero Port of Alicante Port of Sta. Cruz de Tenerife Operation Construction Operation Construction 22 Km 2 lines 15 Km 1 line 30 Ha. Dock 15.3 Ha. Dock 51% 100% 100% 65% 6,461,444 n/a 316,792 n/a Note: The average traffic/day corresponds to paying vehicles in every case 10

11 OHL s Position Construction Among the 20 largest contractors, leading emblematic projects worldwide. Competitive Advantages derived from: Specialisationin niches withhighdegreeof technicalcomplexitysuchas railways, hospitals and smart buildings Solid balance sheet and proven ability to structure OHL Group s financing Highlycompetitiveduetothegeographicaldiversificationand technological specialization Global management of the excellent human capital Centrallized Technical Office Suitableorderbook mix bygeography(developed& emergingeconomies) and bysizeof projects: More capillarityin places withpermanentpresence suchas Central & Eastern Europe, USA, Canada and Spain Singular works in countries such as Saudi Arabia, Turkey, Kuwait or Qatar Increasinglyinternationalorderbook withspainaccountingforonly21.6% Orderbook ,107 mn Central & Eastern Europe 31% Spain 22% Middle East & North Africa 20% USA & Canada 20% Others 8% 11

12 OHL s Position Construction Orderbook of high quality Organic growth guaranteed by the important orderbook that represents a 3 years of sales. Outstandingsuccessin winningsignificantinternationalawards, althoughwilltakesometime in becomming fully visible across the P&L: Large-scale construction projects with 1, to 1.5 years of design phase and execution periods of between 3 and 5 years. 2011/2012 Major Awards Country Mn Date Toronto underground enlargement Canada 136 Jan CHUM Hospital, Montreal Canada 742 Feb.2011 Urban Viaduct Kuwait 310 Feb.2011 Bosphorous tunnels& railway Turkey 653 Oct.2011 La Meca-Medina high speed railway Saudi Arabia 586 Oct.2011 Ural-Polar railway Russia 1,500 Dec.2011 Water mains for shaft USA 182 Jan.2012 Olympic Flame Building in Sochi Russia 441 Jun TOTAL (8 larger contracts) 4,520 12

13 OHL s Position Other Activities Industrial: Clearly international scope Design and construction of turn-key industrial plants Present in among other, Oil& Gas, petrochemicals, power, solid handling, fire-fighting protection and others Developments: Development and promotion of top quality projects in areas of cultural and touristic interest Since inception, and through Mayakoba project, accrues relevant experience in development and promotion of high quality projects operated by the most prestigious hotel chains worldwide Wide range of services associated with the entire life cycle of the project: Identification of opportunities and feasibility analysis Design and execution of the construction Fundraising and structuring the financing Strategic Alliances Commerzialization, operation and desinvestment 13

14 OHL s Position Global Presence 9 in America - United States - Canada - Mexico - Brazil - Chile - Argentina - Colombia - Peru - Uruguay 10 in Europe - Spain - Czech Republic - Slovakia - Hungary - Bulgaria - Bosnia Herzegovina - Montenegro - Romania - Poland - Russia 6 in Asia - Turkey - Qatar - Azerbaijan - Kuwait - Jordan - Saudi Arabia 2 in Africa - Algeria - Marocco 1 in Oceania - Australia Orderbook 82% EBITDA 82% 18% 18% Spain Rest of World Significant and balanced geographic diversification(28 countries accross 5 continents) 14

15 OHL s Position : cotizacion 10 Years of Solid and Steady Growth Track Record CAC:+11.9% Sales ( mn) EBITDA ( mn) x CAC:+23.1% x CAC:+20.4% Net Profit ( mn) x 5 x Orderbook ( mn) CAC:+28.2% Long Term Short Term Substantial growth driven by its two core activities, Concessions and Construction x 12 15

16 OHL s Position 2012: cotizacion Transformational year for OHL and continuity of the growth Sales ( mn) EBITDA ( mn) % % (*) (*) 2012 Recurrent Net Profit ( mn) Total Net Profit ( mn) % (*) (*) 2012 Outstanding growths even without considering our concession assets in Brazil and Chile swapped with Abertis % (*) 2011 restated figures for comparision purposes 16

17 OHL s Position Strengthening cotizacion the financial position Total Leverage (nº times) 5,1x -21.6% 4,0x 2011(*) 2012 Recourse Liquidity Position ( mn) Recourse Net Debt ( mn) -53.6% (*) 2012 Parent Company Shareholder s Equity ( mn) % % (*) (*) 2012 Strong Leverage reduction (total & with Recourse), increase of Recourse Liquidity Position and increase of Parent Company Shareholder s Equity (*) 2011 restated figures for comparision purposes 17

18 OHL s Position : crecimiento Continuity of Value Creation & Impact on Share Price 10 The peformance of the stock price shows the success of the strategy and the results obtained OHL CAGR: +21,4% Other cons. comp. avg GAGR : +4,3% Ibex - 35 CAGR: +3,1% OHL S.A. Ibex 35 Index Av. Other Construction Comp. Generation of value for the shareholders: Dividend Payout of 25% from the Recurrent Net Profit Remaining 75% reinvested in the Group generating a 18.8% ROE(2) 100 of 12/31/02 turn as of 12/31/12 in: 135 invested in the Ibex-35, 35 surplus 152 invested in the average of the other construction companies, 52 surplus 693 invested in OHL, 593 surplus, 11.3 times higher than the average of the other construction companies In % Ibex35,-15.3% Sector Average (without OHL) and +13.3% OHL (1) Average of the construction companies quoted (without OHL) (2) As of 2012 year end (based on the Recurrent Profit) 18

19 2012 Results 19

20 Results OHL s Milestones Abertis and Inima transactions closed, both: Obtaining significant profits Reducing global leverage and Recourse Net Debt Strengthening the balance sheet: Increase of +75.6% of Parent Company Shareholder s Equity by reaching 2.1 bn Financial Structure optimization: Recourse Debt maturity profile improved Better Recourse Liquidity position and complete renewal of the credit lines platform Long term needs covered in capital markets. Of Recourse Debt, 87% is bonds and 13% financial institutions Comply with the anticipated 2012 target: Recourse Net Debt / Recourse EBITDA < 2x 20

21 2012 Results Profit & Loss Account ( mn) 2012 % 2011 (1) % % Var. Sales 4, , % EBITDA 1, % Recurrent Net Profit % Total Net Profit 1, % Significant growths at all levels of the P&L: Sales +8.8%, EBITDA +38.1% and Recurrent Net Profit +16.5% Annual Net Profit topped 1 bn, multiplying by 4.5 times the figure from previous year. Includes extraordinary transactions: 1.1 bn capital gains obtained from the sale of Inima and the swap of the assets with Abertis Non-recurrent provisions for an amount of mn International activity continued to play a leading role within the Group as they accountfor67%ofsalesand82%ofebitda (1) Figures re-stated according to the presentation of OHL Brazil and Chilean concession assets as discontinued operations. 21

22 2012 Results Profit & Loss Account Performance by Division ( mn) Concessions Var 12/11 Construction Var 12/11 Other Activities Var 12/11 Total Var 12/11 Sales % 2, % % 4, % %/ Group 15.9% 68.0% 16.1% EBITDA % % ,330.5% 1, % %/ Sales 71.1% 24.0% 4.9% Concessions is the primary engine of the Group, providing growth figures of +34.3% and +59.1% in Sales and EBITDA, respectively. Construction activity registered a slight decline of 4.5% in global terms (+11.8% International and-31.7% in Spain) Other Activities sales grow by +81.6% driven by the Industrial division and to the sales of land in the Development division 22

23 2012 Results Strong reduction of Total Leverage and with Recourse Recourse Net Debt Total Net Debt Recourse Net Debt 1, Recourse EBITDA Ratio Total Net Debt 3,900 4,198 Total EBITDA 762 1,053 Ratio % Recourse Net Debt / Recourse EBITDA = 1.6: Ratio < 2 as announced in 2011 Results Presentation 2012 Recourse EBITDA = mn (*) Total Net Debt / Total EBITDA = 4.0: Conservative for a mainly concessional Group 1.1 Deleveraging in % (*) Total EBITDA 1,052.9 mn Non-recourse EBITDA mn 23

24 2012 Results Debt Structure Gross Debt( mn) 2012 % 2011 (*) % Var 12/11 Recourse Gross Debt 1, % 1, % -18.3% Non-recourse Gross Debt 3, % 2, % +30.1% Total Gross Debt 5, % 4, % +12.3% Long Term 4, % 4, % +16.6% Short Term % % -13.8% 89% of the Gross Debt is long term Recourse Debt: 87% bonds and 13% financial institutions Net Debt( mn) 2012 % 2011 (*) % Recourse Net Debt % 1, % -53.6% Non-Recourse Net Debt 3, % 2, % +37.2% Total Net Debt 4, % 3, % +7.6% 53.6% decrease in Recourse Net Debt (*) 2011 re-stated figures for comparision purposes 24

25 2012 Results OHL Concesiones Non-recourse Net Debt Consolidation Method Country Concession Net Debt( mn) Full Consolidation Mexico Amozoc-Perote Conmex Viaducto Bicentenario Autopista Urbana Norte Spain Euroglosa M-45 Autopista Eje Aeropuerto Autopista Aragón Oeste Light Rail Móstoles-Navalcarnero Port of Alicante Peru Autopista del Norte 26.9 Argentina Aecsa 5.1 Proportional Consolidation Mexico Poetas Luis Cabrera 85.1 Total Main Concessions 2,535.2 Non-recourse financing secured by Abertis stake Non-recourse financing secured by OHL Mexico stake Others TOTAL OHL Concesiones 3,

26 Results 2012 Recourse Liquidity as at 12/31/12 Recourse Liquidity Availability( mn) 12/31/12 Maturity 2015 Euromarket Notes 2018 Euromarket Notes 2020 Euromarket Notes Syndicated Facility(*) Revolving Credit Lines Others(discounts, mortgages& others) Recourse Availability 2,557 Recourse Financing Drawn 1,429 Recourse Financing Available 1,128 Recourse Cash & Equivalents 840 Recourse Liquidity Available 1,968 April 2015 March 2018 March 2020 January 2016 Annual Renewal (*) Signed increase of Syndicated Facility up to 300 mn since January

27 2012 Results Comfortable Financial Situation Recourse Debt Maturities(*) 1,968 mn Available Liquidity ( mn) ( mn) Credit Lines & Others (disposed) Syndicated Facility (non-disposed) Euromarket Notes Credit Lines & Others (non-disposed) Syndicated Facility (non-disposed) Recourse Cash & Equivalents Comfortable maturity profile Refinancing analysis and execution well ahead of time. Actions during 2012: March: 300 mn bond issue in the euromarket, bullet with an 8 year term April: 3 year extension of the syndicated facility increasing its principal by 25% up to 300 mn Obtained a margin facility in December of up to 800 mn, collaterizedwith Abertisstake with a 3 year maturity( 476 mnwhere drawn at closing of 2012) Strong and stable liquidity position, able to cover 1.3 times the full recourse maturities (*) Signed increase of Syndicated Facility up to 300 mn since January

28 OHL s Future 28

29 OHL s Future Continuity of the Strategy CONCESSIONS CONSTRUCTION Other Activities FINANCIAL OHL Concesiones financial and organically independent Debtin non-recourse basisand in thesamecurrency as therevenues Focused on civil engineering and singular building More capillarityin places withpermanentpresence suchas Central & Eastern Europe, USA, Canada and Spain Singular works in countries such as Saudi Arabia, Turkey, Kuwait and Qatar Works in other countries maintaining the commitment with prudent criteria: Positive cash flow since beginning of work Collections guaranteed Industrial: Design and construction of turn-key industrial plants Desarrollos: Development and promotion of top quality projects in areas of cultural and touristic interest Financial discipline and prudency Commitment to recover Investment Grade status 29

30 OHL s Future 2013 Estimates Expected growth: Sales > +5% EBITDA > +10% Recurrent Net Profit> +10% Recourse Net Debt/ Recourse EBITDA < 3x 30