Results Presentation th of February, 2014

Transcription

1 Results Presentation th of February, 2014

2 Executive Summary Consolidation of Global Leadership Good Operating Results Net Profit > 700 Financial structure reinforced HOCHTIEF Restructuring 2

3 ACS s Consolidation of Global Leadership Var. 13/12 Comparable Var.* Sales 38, % +6.1% Backlog 63, % -2.0% World leader in Construction World leader in Concessions * Excluding forex impact and perimeter changes 3

4 Good Results 2013 Var. 13/12 Comparable Var.* EBITDA Margin 7.8% 3, % +3.1% EBIT Margin 4.5% 1, % +16.9% Recurrent Net Profit % +7.0% Operating Cash Flow 1, % n.a. * Excluding forex impact 4

5 Net Profit > 700 million Recurrent Net Profit Construction Recurrent Net Profit Industrial Services Recurrent Net Profit Environment Operating Recurrent Net Profit Overheads, financial results and taxes (155) (176) Recurrent Net Profit Extraordinaries and Iberdrola contribution (2,510) 122 Net Profit (1,928) 702 5

6 Financial structure reinforced Business Net Debt Project Finance Total Net Debt Business Net Debt / EBITDA* 9, x 8,939-47% -55% 4, ,5% 4, x 1.4x 4,171 3, * Not including projects EBITDA (Concessions, Renewables, etc.) 6

7 HOCHTIEF: Achieving objectives in 2013 Solid results Restructuring process Reported net profit % Recurrent Net Profit % Simplification of the organization in Europe Overheads reduction Risk systems homogenization Strategic refocus Assets disposal 1,770 Leighton stake increased Higher operating integration Telco Services Airports Aurelis (2014) Net debt reduction Net Debt % 7

8 Sales Sales , % (+6.1% comp.*) Environment 1,781 (+5.3%) (+8.7%comp.*) Industrial Services 7,067 (+0.2%) (+2.9% comp.*) 18% 5% 77% Construction 29,559 (-0.4%) (+6.7% comp.*) * Excluding forex impact 8

9 Sales by geographical areas North America 11,061 Spain 5,245 Rest of Europe 4,549 Asia 3,063 South America 1,993 Africa 464 Oceania 11,998 Oceania Africa 31% 1% 8% 5% South America Asia Sales 14% 38,373 29% Spain 12% North America Rest of Europe The map includes countries with more than 1 sales In China ACS develops its activity in Hong Kong and Macau 9

10 Backlog evolution 2013 Backlog reduction Backlog increase New Order Book 12 months Production 12 months Perimeter changes 2,810 Forex impact 6,877 40,176 41, months 74,588 34,901 33,419 63,419 In comparable terms, excluding those impacts, backlog would have decreased by 2% Backlog 31/12/12 Backlog 31/12/13 10

11 Backlog by areas of activity Backlog 31/12/13 Environment 8,443 (-8.2%) (-3.3% comp.*) 63,419-15% (-2% comp.*) 13% Industrial Services 7,413 (+3.5%) (+5.6 comp.*) 12% 75% Construction 47,563 (-18.3%) (-2.7% comp.*) * Excluding forex impact and perimeter changes 11

12 Geographical diversification - Backlog North America 13,547 Spain 10,177 Rest of Europe 9,044 Asia Pacific 27,544 Africa 1% 16% Spain South America 2,708 Africa 398 Asia Pacific 44% 4% South America Backlog 63,419 21% 14% North America Rest of Europe The map includes countries with more than 1 of backlog In China ACS develops its activity in Hong Kong and Macau 12

13 Construction - Sales 29, %* 2,118 29,559 Sales 2012 Sales 2013* Asia Pacific 14,851 (-3.3%) 50% Sales 29,559 5% 12% Spain 1,393 (-23.1%) Rest of Europe 3,560 (+5.7%) Average exchange rate impact: AUD (-9.1%), US$ (-3%) Sale of Nextel in Australia and Services in Europe Construction in Spain (-23.1%) 33% America 9,754 (+6.7%) * Includes forex effect 13

14 Construction - Backlog 58, %* 9,084 47,563 Backlog 31/12/12 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%) Asia Pacific 26,703 (-17.8%) 56% 17 months Backlog 47,563 25% 7% 12% Spain 3,354 (-6.8%) America 11,937 (-12.3%) Rest of Europe 5,569 (-34.7%) * Includes forex effect and perimeter variations 14

15 Main Awards in Construction , Alberta s Institute of Technology 610 Bank subway station enlargement, London Anti flooding protection in Raciborz (Poland) Resort in Macau Railway link between Shatin and Central Hong Kong Ottawa light train Railway Tunnel in Eglington, Toronto 79 Pulaski Skyway Bridge in New Jersey 122 State Road 23 in Florida Integral highway maintenance in Madrid Street subway station, New York 77 Pelli Tower, Seville 218 Schipol Amsterdam highway Residential complex in Gurgaon, India 1,011 Kings mining deposit maintenance and operation (Australia) 1,323 QCG gas project civil works Moreton Bay Railway project in Brisbane Sydney s North West Rail Link 15

16 Industrial Services - Sales +2.9%* 184 Africa 411 (+139%) Asia Pacific 210 (+26.2%) 6% 3% 39% Spain 2,739 (-6.8%) 7,050 7,067 Sales 7,067 Sales 2012 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 (+0.7%) Excluding eliminations 42% Support Services -3.1% 4,031 3,904 EPC +6.2% 2,704 2,872 10% 374 Rest of Europe 693 (-11.5%) Renewables -8.4% 343 * Includes forex effect

17 Industrial Services - Backlog +5.6%* 7, ,413 Asia Pacific 841 (+301%) Africa 337 (-36.7%) 11% 5% 31% Backlog 7,413 8% 13 months Spain 2,327 (-8.6%) Rest of Europe 597 (-5.4%) Backlog 31/12/12 Backlog 31/12/13* Closing exchange rate impact : MXN (-5.2%), BRL (-16.8%) Awards in Saudi Arabia and Latam 69% of backlog abroad 45% Support Services +11,2% 4,052 4,507 America 3,310 (+2.1%) EPC -6,5% 3,109 2,905 * Includes forex effect and perimeter changes

18 Main Awards Industrial Services 315 Litoral offshore platform in the Gulf of Mexico 51 Electrical power plant in Dominican Republic 47 Endesa s network support services 101 Madrid city control systems 298 Plastics factory in Saudi Arabia 83 Oil treatment plant in UAE 7, % 7,471 New Order Book12 New Order Book Fertilizers plant in Saudi Arabia 54 Oil fields maintenance and operation in Chicontepec, Mexico Sewage services in Lima, Peru 199 Installation of 10 reactors in Sabic s power plants in Saudi Arabia wind parks totalling 110 MW in Limarí, Chile 63 Gas offshore project Vega Pleyade in Argentina kv high tension line in Brazil Illanga100MW thermosolar plant in South Africa 18

19 Environment - Sales +8.7%* 57 16% Africa 52 (+8.3%) America 286 (+76.3%) Spain 3% 1,148 (-8.5%) 1,691 1,781 Sales 2012 Sales 2013* Rest of Europe 296 (+50.5%) 17% Sales 1,781 64% Activity increase in France and the UK Acquisition of the minorities in Chile * Includes forex effect Treatment Plants Urban Services Logistics +42.9% -2.9% 1,151 1, % 19

20 Environment - Backlog -3.3%* 451 Africa America 61 (-35%) 1,008 (+188%) Spain 4,496 1% 12% (-15.2%) 9,201 8,443 Backlog 31/12/12 Backlog 31/12/13* Rest of Europe 2,879 (-4.2%) 34% Backlog 8,443 53% Activity increase in France and the UK Acquisition of the minorities in Chile Treatment Plants -2,9% 6,045 5,868 Urban Services -4,9% 2,707 2,575 * Includes forex effect and perimeter changes 31/12/12 31/12/13 31/12/12 31/12/13 20

21 Main Awards Environment 293 Incineration plant in Gloucester -25% 49 Street cleaning in Waltham Forest (London) 60 Street Cleaning in Paris 1,964 Order book12 1,475 Order book13 48 Street Cleaning in Linares (Jaén) 24 Street cleaning and SUW collection in Bayonne 46 Treatment plant in Malaga 23 Street cleaning and SUW collection in Palafrugell 21

22 Operating Results - EBITDA +3.1% 8% -8.5% -2.8% (86) Forex effect % (170) +3.7% % 34 Waste treatment activity increase abroad Holding 16 9% 3,088 Forex impact ( 160 ) Activity Reduction in Spain EPC projects growth abroad Margin increases in Support Services 3,002 31% 63% 60% 2012 Construction Industrial Services Environment

23 Operating Results - EBITDA Construction -0.5%* Industrial Services Environment 1, , %* %* 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 23

24 Net Investments 2013 Cash Outflow Cash Inflow Investments Disposals Net Operating Financial and in Projects 1,089 1, , TOTAL 2,484 2,

25 Net operating investments details 2013 Net Operating Investments Depreciation TOTAL 1,208 Dragados 42 TOTAL Environment Industrial Services PPA HOT America 15 Leighton Construction 817 HOT Europe 33 25

26 Net operating investments evolution Construction 991 Industrial Services Environment * Not including Iridium nor Holding 26

27 Net financial investments 2013 Investments in concessions and projects Construction Industrial Services Environment Financial Investments % LEI acquisition 198 HOT acquisition + Others 27 Financial Disposals Telecomm Services Airports Others , ,395 (1.860) 27

28 Working Capital Evolution 2013 Operating working capital Debtor account increase Creditor account increase ,698 Underclaims in Leighton Construction activity reduction in Spain 1,627 1,627 Consolidation adjustments Working Capital 31/12/12 Operating Working Capital Var. HOCHTIEF Operating Working Capital Var. Rest of ACS Others Working Capital 31/12/13 28

29 Recurrent Free Cash Flow Financial Results & Dividends 504 Cash outflow Cash Inflow Taxes and other adjustments ,1% vs EBITDA ,002 Cash flow from the operating activities before CAPEX and operating WC variation Net CAPEX 941 Recurrent Free Cash Flow 1,959 1,018 29

30 Extraordinary items in the Free Cash Flow Cash outflow Cash Inflow Financial disposals 1,860 Financial and concessional investments 1,395 Activity drop in Spain Underclaims in Leighton Recurrent Free Cash Flow 1,018 Operating working capital variation 948 Net Cash Generated

31 Net Debt Evolution in 2013 Equity Swap partial cancellation Call Spread monetization Debt increase Debt decrease ACS dividends ,952 Dividends to minorities ACS treasury stock (net) HOT treasury stock ,455 4,235 4,235 FleetCo in LEI Other adjustments Net Debt 31/12/12 Net Cash Flow Generated Dividends and Treasury Stock Net Impact from Iberdrola Derivatives Others Net Debt 31/12/13 31

32 Significant debt reduction in 2 years Business net debt Project Finance Total Net Debt Business Net Debt / EBITDA* 9, % -55% 4.5x 8,939 4, ,5% 4, x 1.4x 4,171 3, * Not including EBITDA from concessional projects, renewables, etc. 32

33 Other financial liabilities Net Debt from Assets Held for Sale Factoring Total 4, , % 3, ,958 3,023 2,

34 Financial Gearing Reduction Business Net Debt Total Net Debt (incl. Debt from AHfS) 13,292 Project Finance (including AHfS) Total Net Debt / EBITDA 5.7x 4,353 8,939 7, x 3,804 7, x 3,658 4,171 3,

35 Fixed income capital markets access Consolidated debt structure 31 st December 2013 Project Finance 6% Bonds Bond debt as a percentage of total debt Bank Financing 28% 3x 28.0% 64% 2% Others 8.8%

36 Results 2013 Conclussions Good Results Demonstrated profitability Recurrent cash flow generation EBIT= 1, % > 1,000 Financial structure reinforcement Net Debt Reduction Disposal of non core assets -14.5% in % in two years 1,860 in 2013 > 6,500 in two years Investments for the future Infrastructure development Stake increase in HOCHTIEF and Leighton Concessions Energy Projects 56% HOT 58% LEI 36

37 Strategic objectives fulfillment Largest international contractor in USA, Asia-Pacific and 2 nd in Latam 1 st 2 nd 1 st Restructuring plan in HOCHTIEF Risk control system unification Overheads reduction Strategic Objectives Global Growth Consolidation in developed markets Profitability Increase Risks Control World Leader in Infrastructure Development Net Debt Reduction Sale of non core Assets Operating Cash Flow Generation Disposals 2,008 million Operating Cash Flow +30.1% Net Debt -14.5% 37

38 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 38

39 Strategic objectives Profitable Growth Moderate financial gearing Attractive return to shareholders Recurrent Net Profit annual growth >10% Business Net Debt EBITDA < 1.4x Stable dividend policy Sustainable value creation 39

40 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