diapositiva 1 - grupo acs · diapositiva 1 author: mabermejoc created date: 4/8/2016 12:03:19 pm
TRANSCRIPT
The leading global contractor
April 2016
Building the future
Legal Disclaimer
2
This document contains forward-looking statements on the intentions. expectations or forecasts of Grupo ACS or itsmanagement at the time the document was drawn up and in reference to various matters including. among others. itscustomer base. its performance. the foreseeable growth of its business lines and its overall turnover. its market share. theresults of Grupo ACS and other matters relating to the Group’s activities and current position. These forward-lookingstatements or forecasts can in some cases be identified by terms such as “expectation”. “anticipation”. “proposal”. “belief” orsimilar. 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 performancebut are conditional on the risks. uncertainties and other pertinent factors that may result in the eventual consequencesdiffering materially from those contained in said intentions. expectations or forecasts.
ACS, Actividades de Construcción y Servicios. S.A. does not undertake to publicly report on the outcome of any revision itmakes 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 possibleunforeseen occurrence. The points contained in this disclaimer must be taken fully into account by all persons or entitiesobliged to take decisions or to draw up or to publish opinions on securities issued by Grupo ACS and. in particular. by theanalysts and investors reading this document. All the aforesaid persons are invited to consult the public documentation andinformation that Grupo ACS reports to or files with the bodies responsible for supervising the main securities markets and. inparticular. 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 topossible changes in the future.
The leading global infrastructure developer
17th
1st
2015… to THE GLOBAL leader
15%
84%
2006… from A LOCAL player
3
Highly diversified in terms of activities…
CONSTRUCTION INDUSTRIAL SERVICES ENVIRONMENT
Building 40%
Civil works52%
Contract mining 8% Support
Services 59%
EPC 41%
Facility management 44%
Waste management
52% Logistic 4%
€ 34.9 bn revenues of which…
4
72% 19% 9%
…and geographies
40%13.9bn
6%2.3bn
25%8.8bn
1%0.2bn
11%3.7bn
17%6.0bn
32%
3%
5%
1%
R 3%
17%
8%
R
1%
6%
4%1%
1%
€ 34.9 bn revenues of which…Figures in € billions
NORTH AMERICA
SOUTH AMERICA AFRICA
AUSTRALIA
EUROPE
ASIA
5
Robust results in an adverse scenario…
EBIT € 1,541 mn -8.5% +5.8%
EBITDA € 2,409 mn -5.6% +3.6%
Net Profit € 725 mn +1.1%
Sales € 34,925 mn +0.1% +1.0%
Var. PRO-FORMA*Var. 14/15
6
2015 RESULT VAR 14-15 Reported Proforma*
* Not taking into account the sale of renewable assets
EBITDA € 2,409 mn -5.6% +3.6%
Sales € 34,925 mn +0.1% +1.0%
…with underlying growth across business activities
23,122
23,254
2014 2015
Contract mining
25,82025,319
+0.6%
6,406
6,447
2014 2015
+0.6%
Renewables disposal
6,7503,139
Incorporation of Clece in jul-14
2,338
2014 2015
SALE
S (€
mn
)EB
ITD
A (€
mn
)
1,410 1,438
2014 2015
291
342
CONSTRUCTION INDUSTRIAL SERVICES ENVIRONMENT
1,002
1,051+4.9%
645
649
902
680
+0.6%
6506,501
+5.0%
Margin5.5% 5.7% Margin10.1% 10.1%
2014 2015 2014 2015
Margin10.8%* 10.9%
+5.9%32
* Including full year of Clece7
(86)
144 213
1,673 Boosting FCF generation
254 311336
1,6162,009
Free Cash Flow for shareholders 2015 (€mn)
Highly focused on Cash Flow generation
1,374
625
Operating CF(bf WC & CAPEX)
WC var OperatingCF
FCF forShareholders
Projects & other assets
5.84% HOT acquisition
Operating Free Cash Flow evolution (€mn)
2014 2015
Operating Net CAPEX
1,673
Operating
FCFNet Project &
Financial Investments
Total Net Investments
393
2012 2013
Disciplined WCmanagement and
investment policy
enhances shareholder’sprofitability
8
Risk and WC
management
system deployment
across business
activities
1,299 1,086 824 2,009
(207) (873) (571)
625
Consolidation adjustments and reclassifications
Operating WC var
625
2,464€
2,980465
160 109
Working Capital12/31/14
Operating WC var.HOCHTIEF
Operating WC var.ACS ex HOT
Others Working Capital12/31/15
Disciplined working capital management
WORKING CAPITAL Variation 2015 (€mn)
Operating CF (bf CAPEX) and WC var Evolution (€mn)
WC var 2012 2013 2014 2015
9
4,9524,235
3,722
2,624
Drastic leverage reduction during the last 5 years…
Net Debt / EBITDA 2015 = 1.09x
-30%
-72%
Dec 2012 Dec 2015Dec 2013 Dec 2014Dec 2011
Project Finance
395
781685
593
541
9,334
10
Indra
Acerinoz
Mapfre
Ebro
Amadeus
ACS
IAG
Grifols
OHL
Enagas
Endesa
Ferrovial
REE
Acciona
FCC
Aena SA
Abertis
Repsol
Arcelor
Gas Natural
Iberdrola
Telefonica
0x
1x
2x
3x
4x
5x
6x
7x
8x
…to achieve a solid financial position
One of the lowest leveraged IBEX companies…
NET DEBT 2015
ND
/EB
ITD
A
€ 2.6 bn
*Source: FACTSET
1.1x EBITDA
Net debt size€ 2,000 mn
€ 30,000 mn
11
Dragados8%
Hochtief25%
Iridium5%Industrial Services
11%
Environment15%
Corporation36%
€ 10.6 bn Gross Debt structure breakdown
Long term72%
Short term9%
Revolving facilities19%
By maturity*
Bank Debt57%
Bonds36%
Other sources7%
By facilities
By currency By activities
CONSTRUCTION
38%
12
* Not including IBE exch. bond nor other financial assets
EUR84%
USD12%
AUD2%
Other currencies2%
Backlog 2015 € 67,072 mn +5.0%
Var. 14-15
28% € 18,787 mn30%
€ 20,249 mn
7% € 4,554 mn
1% € 998 mn
34% € 22,485 mn
2015: a year of successful commercial performance
13
SOUTH AMERICA
42%16.4bn
7%2.5bn
NORTH AMERICA
Backlog (€ bn)
Backlog (€ bn)
Growing in developed markets…
€ 38.6 bn intakes in 2015 of which…
• Leading position in the region of North America which has experienced a strong growth in the last two years
• 75% of the current backlog in North America corresponds to the USA with 56% growth in the last two years
• 15% corresponds to Canada where the backlog has grown by 61% in the last year
• El 10% of the backlog corresponds to Mexico where the backlog has grown by 13%in the last two years
13.5
16.6
20.2
2013 2014 2015
+50%
3.04.6 4.6
2013 2014 2015
14
2013 2014 2015
3%€ 1.2 bn
Middle East 23.5
Backlog (€ bn)
22.1 22.5
Contract mining
…with high potential growth
21%€ 8.0 bn
ASIA PACIFIC
Australia
Rest of Asia
5%€ 2.0 bn
€ 38.6 bn intakes in 2015 of which…
+19%
• Leading position in the Asia Pacific region where the construction backlog has grown by 19% from last year
• This is a high potential growth region for the coming years given the high demand and the public and private investment capacity
15
2013 2014 2015
8%3.3 bn
EUROPE
Backlog (€ bn)
1%0.2 bn
…even in stagnated economies
Spain
AFRICA
13%5.0 bn
Rest of Europe
€ 38.6 bn intakes in 2015 of which…
19.0 19.5 18.8 • Resistant position in a stagnated region with low recovery potential in the mid term
• However…
Slight recovery of the backlog in Germany
Taking advantage of opportunities in countries with higher growth forecast: UK
Backlog (€ bn)
0.41.1 1.0
2013 2014 2015
16
Walking the extra mile…
Reducing corporate complexity in order to gain cash flow visibility
Continuously seeking investment opportunities, promoting sustainable growth and consolidating leading position worldwide
Improving cash conversion and cash management in all layers of the organization
Optimizing debt structure to reduce financial expenses
2006 2012 2016INTERNATIONALIZATION TRANSFORMATION EXCELLENCE
17
STREAMLINING
COMPETITIVENESS
PROFITABILITY
A solid security…
Global leader with a long
successful track record worldwide
Diversified geographical and
business mix
Outperforming an adverse and
challenging scenario
Growing in developed countries
with low risk profile and growth potential
Continuous transformation process which aims at optimizing
operating and financial structure, enhancing efficiency and improving profitability
…to optimize value creation
… with potential for profitable growth
18
Conclusions
High net income potential upside derived from a continuous transformation process to enhance profitability
Solid financial structure after a significant reduction of the Group’s Net Debt
Better prepared to achieve our goals of recurring profitability
Excellent competitive and commercial position as infrastructure developer in the largest developed markets
19