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October 2014 Investor Presentation – ACS Group

ACS Group · Oct 1, 2014 · 43 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. October 2014 Investor Presentation – ACS Group – slide 1
    Presentation to Investors October 2014
  2. October 2014 Investor Presentation – ACS Group – slide 2
    2
  3. October 2014 Investor Presentation – ACS Group – slide 3
    Grupo ACS: a good investment opportunity Most international contractor (ENR June14) Leading player in developed markets in terms of: A unique global player Size, investment reach and local presence Technical and industrial…
  4. October 2014 Investor Presentation – ACS Group – slide 4
    Grupo ACS is the largest international contractor 2013 Revenues 2014e* Revenues 38.4 bn (51.0bn) 37.6 bn (49.6bn) * Factset consensus 4
  5. October 2014 Investor Presentation – ACS Group – slide 5
    The most geographically diversified contractor (with local leading companies) Grupo ACS 2013 revenues by Geographical Area 1st 27% 27% 10.5bn 10.3bn 4th 40% 15.6bn 1% 2nd 5% 0.2bn 1st 1.8bn 5
  6. October 2014 Investor Presentation – ACS Group – slide 6
    With a wide array of technical & industrial capabilities (In construction and concessions) 1st 2nd Grupo ACS presence (countries with 1 mn sales in 2013) Greenfield Concessions 2nd 1st 6
  7. October 2014 Investor Presentation – ACS Group – slide 7
    With a wide array of technical & industrial capabilities (and in services activities) Grupo ACS presence (countries with 1 mn sales in 2013) 1st 1st 3rd 7th 7th 7
  8. October 2014 Investor Presentation – ACS Group – slide 8
    A Group built through different integration processes and organic growth 1983 1986 1988 1989 1992 1996 1997 1997 1997 2003 2003 2011 2011 2011 Employees 157.689 97.112 70 9.872 1983 1993 2003 2013 8
  9. October 2014 Investor Presentation – ACS Group – slide 9
    Total revenues evolution since 1997 Sales ( mn) % international 38.396 38.373 86% 84% 73% 28.472 CAGR 19% 15.345 15.276 15.387 15.380 13.869 26% 34% 12.114 10.818 22% 16% 8.825 17% 17% 16% 16% 14% 15% 15% 13%…
  10. October 2014 Investor Presentation – ACS Group – slide 10
    Operating margins historical evolution 3.088 3.002 9,8% EBITDA ( mn) 9,3% 9,3% 2.318 9,0% 9,0% 9,1% 9,0% 9,0% 9,1% 8,8% margin 8,2% 8,1% 8,0% 7,8% CAGR 21% 1.380 1.382 1.429 1.505 1.096 1.219 6,7% 981 6,1% 795 6,0% 353 411…
  11. October 2014 Investor Presentation – ACS Group – slide 11
    Revenues and backlog by area of activity Revenues 2013 38,373 mn Backlog 30/06/14: 63,103 mn Industrial Services Environment Industrial Services Environment 7,067 mn 1,781 mn 7,554 mn 8,630 mn 18% 12% 14% 5% 77% 74%…
  12. October 2014 Investor Presentation – ACS Group – slide 12
    Operating activities KPIs. Construction 93,4% 94,8% Construction Sales ( mn) Construction Backlog ( mn) Disposal of non- core activities International 85,1% 29.683 29.559 58.239 49.897 47.564 46.920 19.802 22,5% 32,7% 5.703…
  13. October 2014 Investor Presentation – ACS Group – slide 13
    Operating activities KPIs. Industrial Services Industrial Services Sales ( mn) Industrial Services Backlog ( mn) 61,2% 7.555 International 58,3% 7.413 7.158 48,0% 7.161 7.050 7.067 37,4% 7.045 33,5% 6.846 6.875 6.619…
  14. October 2014 Investor Presentation – ACS Group – slide 14
    Operating activities KPIs. Environment Environment Sales ( mn) 35,5% Environment Backlog ( mn) International 9.669 Disposal of non- 25,8% core activities 24,2% 9.201 18,8% 1.781 1.691 8.941 1.686 8.630 1.511 8.443 2010 2011…
  15. October 2014 Investor Presentation – ACS Group – slide 15
    Financial Soundness: Deleveraging process Net Debt 2009-13 (mn) Debt to EBITDA Ratios 2009-13 9.089 9.334 7,3x 6,7x 8.003 -55% Business Net Debt / EBITDA 5,6x 5,2x 4.952 4,2x 4.235 3,5x Total Net Debt 2,6x 2,4x (Incl. AHFS)…
  16. October 2014 Investor Presentation – ACS Group – slide 16
    Cash flow analysis (I) Operating cash flow before WC variation and CAPEX (mn) Recurrent operating cash flow since HOT integration (mn) 2.172 2.172 2.096 1.959 1.959 Adjusted by 1.506 Iberdrola non- 1.125 1.188 recurring…
  17. October 2014 Investor Presentation – ACS Group – slide 17
    Cash flow analysis (II) Recurrent Free Cash Flow (mn) 2011 2012 2013 958 1.095 942 2.172 2.096 1.959 1.214 1.214 1.001 1.001 1.017 1.017 Recurrent Net Op. Recurrent Recurrent Net Op. Recurrent Recurrent Net Op.…
  18. October 2014 Investor Presentation – ACS Group – slide 18
    Asset rotation policy 7.1 bn EV in disposals from operating companies since 2010 Total Investments and Disposals 2008-13 ( mn) Date Item Seller 2014 Aurelis & Streif HOCHTIEF 2014 Seville Subway concession Iridium 2013 Nextgen…
  19. October 2014 Investor Presentation – ACS Group – slide 19
    Sale processes of non core assets under way Comments Leighton non core assets John Holland, Services and Real Estate. HOCHTIEF Real Estate Already 40% sold & collected Renewable energy Wind parks and thermosolar plants in Spain…
  20. October 2014 Investor Presentation – ACS Group – slide 20
    Market multiples vs. Peers Larsen & Toubro Dividend 15e yield = 4.2% (12.7x; 21.8x) 19 Free Cash Flow 15e Yield = 9.0% Ferrovial (18x; 29x) 17 15 Bouygues P/E 2015e Skanska Fluor Median 13 6.1x; 12.3x VINCI 11…
  21. October 2014 Investor Presentation – ACS Group – slide 21
    Returns vs Peers 16% 14% Eiffage 12% Free Cash Flow Yield 10% VINCI Bouygues 8% Hyundai E&C ACS Fluor Skanska 6% 4% Ferrovial 2% Larsen & Toubro Balfour Beatty 0% 0% 1% 2% 3% 4% 5% 6% 7% Dividend Yield…
  22. October 2014 Investor Presentation – ACS Group – slide 22
    Top management aligned with shareholder returns Top Management 14% ownership in ACS Business, technical and specialized backgrounds Most of their career in ACS, 170+ years of combined 86% experience in contracting management…
  23. October 2014 Investor Presentation – ACS Group – slide 23
    Strategic objectives 2014-2016 Hochtief Financial efficiency increase Restructuring Spains recovery Interest rates Access to the fixed Net Profit growth in operating activities reduction income markets Minorities Capital…
  24. October 2014 Investor Presentation – ACS Group – slide 24
    ANEXXES 1H/14 KEY FIGURES 24
  25. October 2014 Investor Presentation – ACS Group – slide 25
    Key figures 6M14 Var. Var. (like-for-like)* Sales 18,759 mn -5.0% +5.1% Backlog 19 months 63,103 mn -9.6% -3.5% EBITDA Margin 6.8% 1,277 mn -15.2% -2.1% EBIT Margin 4.5% 838 mn +3.2% +13.9% Net Profit 395 mn +10.7% +19.2% *…
  26. October 2014 Investor Presentation – ACS Group – slide 26
    Grupo ACS Sales 6M14 Industrial Services Construction 3,643 mn 14,277 mn +3.7%* +5.6%* 19% 5% Environment 852 mn +0.3%* Total Sales 76% 18,759 mn +5.1%* Not included in the graph: (13) million from adjustments * Like for…
  27. October 2014 Investor Presentation – ACS Group – slide 27
    Grupo ACS Sales 6M14 Africa 143 mn Spain 1% 3,038 mn 16% Asia Pacific 7,546 mn 40% 9% Rest of Europe 1,699 mn 34% America 6,334 mn International Sales 15,721 mn +5.4%* (84% of the total) Construction Industrial Services…
  28. October 2014 Investor Presentation – ACS Group – slide 28
    Grupo ACS Backlog Evolution LTM New orders, Production, last 12 months last 12 months Book to bill ratio LTM = 0.94x Forex and perimeter 38.203 mn 40.531 mn changes 4.355 mn 69.786 mn Excluding this effect: 63.103 mn 63.103…
  29. October 2014 Investor Presentation – ACS Group – slide 29
    EBITDA Analysis 62 mn Like for like -2.1% Telco & Services 102 mn 1.506 mn 1.444 mn 36 mn Forex 1.415 mn FleetCo 1.277 mn EBITDA 6M13 Adjusted EBITDA 6M14 Adjusted EBITDA 6M13 EBITDA 6M14 29
  30. October 2014 Investor Presentation – ACS Group – slide 30
    EBIT Analysis +14.2% -0.8% (3) mn -7.7% Slightly larger provisions (5) mn 45 mn Flat revenues Corp. Activity slowdown (12) mn 7% 8% Lower PPA amortization and FleetCo impact 25 mn +3.2% 51% 54% 838 mn 813 mn f/x…
  31. October 2014 Investor Presentation – ACS Group – slide 31
    6M14 Net Results million 6M13 6M14 Construction Net Profit 120 109 -9.2% Industrial Services Net Profit 237 237 0% Environment Net Profit 46 46 0% Corporation Net Result (46) 3 n.a. Net financial expenses (77) (74) Financial…
  32. October 2014 Investor Presentation – ACS Group – slide 32
    Net Debt Evolution Dec12 Jun14 Grupo ACS Total Net Debt Seasonality effect on (restated after IFRS changes) Activities Net Debt 5.620 mn 5.812 mn 4.519 mn 803 mn 681 mn 781 mn 3.811 mn 999 mn 1.611 mn 685 mn 4.187 mn 3.818…
  33. October 2014 Investor Presentation – ACS Group – slide 33
    Net Debt bridge over LTM impacted Cash outflow Cash inflow by investments & cash flow seasonality 2nd Half 2013 1st Half 2014 294mn 1.019mn 1.346mn 5,812mn 5,620mn 2.518mn 173mn 688mn 290mn 1.499mn 1.101mn…
  34. October 2014 Investor Presentation – ACS Group – slide 34
    1H14 Total investments impacted by HOT & LEI acquisitions 742 mn invested Net financial and in Hochtief and Net Operating concessions CAPEX investments Leighton 692 mn -49.5% 658 mn 327 mn (9) mn 6M13 6M14 Includes…
  35. October 2014 Investor Presentation – ACS Group – slide 35
    Operating working capital outflow affected by seasonal effects 6M13 6M14 HOCHTIEF ACS ex HOCHTIEF (774) mn (904) mn Aprox. 660 mn recovered in 2H/2013 Factoring (720) mn reduction (578) mn Factoring reduction 12 mn 62…
  36. October 2014 Investor Presentation – ACS Group – slide 36
    Recurrent FCF from operations keeps growing 6M13 6M14 Net Financial Expenses, Tax Less dividends from Payments & non-consolidated Other Net Financial affiliates Expenses, Tax (319) Payments & Other (409) Operating Op. CAPEX…
  37. October 2014 Investor Presentation – ACS Group – slide 37
    ANEXXES GRUPO ACS STRUCTURE 37
  38. October 2014 Investor Presentation – ACS Group – slide 38
    Grupo ACS Structure Florentino Other Core Free Float Prez (CEO) Shareholders 12.5% 27% 60.5% Listed in Madrid Stock Exchange HOCHTIEFs Ownership (Listed in Frankfurt Stock Exch.) HOCHTIEFs Qatar Free Float Holdings 28% 11%…
  39. October 2014 Investor Presentation – ACS Group – slide 39
    HOCHTIEF Structure Grupo ACS Qatar Holdings Free Float 61% 11% 28% Listed in Frankfurt Stock Exchange Revenues 2013 25,693 mn 100% 70%* Free Float* 100% 7,944 mn 14,767 mn 30% 2,982 mn HOCHTIEF Americas Leighton EUROPE…
  40. October 2014 Investor Presentation – ACS Group – slide 40
    Rest of Grupo ACS Activities Civil Engineering Revenues 2013 Industrial Engineering 12,714 mn 100% 100% 100% Construction Environment Industrial Services 3,866 mn 1,781 mn 7,067 mn Leading construction company in Present in…
  41. October 2014 Investor Presentation – ACS Group – slide 41
    Areas of activity: Construction ACS is the largest international contactor, focused in developing infrastructures globally Others Civil Works Construction 10% Gen. Building 20% Sales 55% Sales 13 EBITDA 13 Current Backlog…
  42. October 2014 Investor Presentation – ACS Group – slide 42
    Areas of activity: Industrial Services Industrial Services is a leading support services & EPC contractor with a decisive presence in emerging markets Generation 5% Industrial Services Support Services EPCs 30% Sales Sales 13…
  43. October 2014 Investor Presentation – ACS Group – slide 43
    Areas of activity: Environment Waste management, treatment, recycling and urban services. A very visible, stable and profitable activity Logistics Urban Services 8% Environment Waste Treatment 28% Sales Sales 13 EBITDA 13…

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