Sacyr Sa · BME:SCYR
Sacyr Sa — FY2017 Earnings Presentation
34 slides from Sacyr Sa's earnings presentation, Feb 28, 2018
Slide 1: Results 2017
R E S U LT S 2 0 1 7 28 February 2018 2017 – Presentation of Results
Slide 2: Table of Contents
Table of Contents HIGHLIGHTS OPERATIONAL DEVELOPMENT PERFORMANCE BY BUSINESS AREAS ANNEXES 2017 – Presentation of Results 2
Slide 3: Highlights
Highlights Financing closing of Pedemonana Veneta highway. Third derivative transaction over Repsol shares: 100% position covered (risk eliminated). Total Corporate repayment of the syndicated loan. Financing closing of Road Corridor 21 and 24 Uruguay. Mature assets rotation: 49% Rutas de Al
Slide 4: Pedemontana Veneta
Pedemontana Veneta One of the most important infrastructures in Italy, considered a strategic asset with national relevance, as it is located between the existing highways A4 and A27, crossing the Véneto region. €12,000m of future income aprox., and an estimated initial daily traffic of 27,000 v
Slide 5: Pedemontana Veneta
Pedemontana Veneta Client Veneto Region Concessionaire Superstrada Pedemontana Veneta S.p.A. (SPVeneta) Project Design, construction, financing, operation and maintenance of the highway Period of concesssion 39 years since construction is finished Start of construction 2011 End of construction Septe
Slide 6: Table of Contents
Table of Contents HIGHLIGHTS OPERATIONAL EVOLUTION PERFORMANCE BY BUSINESS AREAS ANNEXES 2017 – Presentation of Results 6
Slide 7: Operational Evolution (I)
Operational Evolution (I) Main Figures (€ million) 2017 2016 Var. Revenue 3,093 2,860 +8% International 58% 51% +7 p.p. EBITDA* 423 360 +18% EBITDA margin 13.7% 12.6% +1.1 p.p. EBIT 257 208 +23% Financial Result -174 -201 -13% Net Profit 131 120 +9%** ** Net profit increase, without extraordinaries
Slide 8: Operational Evolution (II)
Operational Evolution (II) Contribution by activity REVENUE 2017 EBITDA 2017 Construction Concessions Services Industrial 2017 – Presentation of Results 8
Slide 9: Operational Evolution (III)
Operational Evolution (III) EBITDA Evolution (€ million) 423 360 232 207 93 83 76 58 34 30 * * Profitability: consolidated EBITDA margin 2017 = 13.7% • Does not include the non-recurring expense due to redundancy plan of Sacyr Construcción and Somague for an amount of €25.5m in 2016, and €17m of Som
Slide 10: Operational Evolution (IV)
Operational Evolution (IV) INTERNATIONAL EXPANSION: BACKLOG INCREASE +58% (€ million) +58% 41,001 25,956 INCREASE +110% CONCESSIONS BACKLOG (€ million) +110% 27,163 12,926 2017 – Presentation of Results 10
Slide 11: Operational Evolution (V)
Operational Evolution (V) High level of procurement in strategic markets • Roads 2 and 7 in • 4G Road corridor Cúcuta- • Operation and Paraguay. €1,350m Pamplona (Colombia) €479m • Cement plant in Bolivia management of concession. construction. €226m. Antofagasta Hospital • Roads 2 and 7 in Paraguay
Slide 12: Debt Evolution
Debt Evolution (€ million) Net Debt decrease 2017 = (305) 582 (69) (870) 3,726 (406) 145 213 (98) 162 3,421 36 3,259 Deuda Netneta Debt2016 EBITDA* Working Capital Other Otrosoperating flujos Financial Resultado Inversion Investment Desinversion Divestment Repsol Otros++ Other Deuda neta Net Debt En
Slide 13: Table of Contents
Table of Contents HIGHLIGHTS OPERATIONAL EVOLUTION PERFORMANCE BY BUSINESS AREAS ANNEXES 2017 – Presentation of Results 13
Slide 14: Construction
Construction (€ million) 2017 2016 Var. • REVENUE.. Small reduction if compared with the same period of the previous year due to the slowdown of the activity in Spain and Somague. Revenue 1,225 1,250 -2% International growth of Sacyr Construcción 29%. EBITDA* 93 58 60% • EBITDA: Increase by 60% with
Slide 15: Construction - Procurement
Construction - Procurement Country Project 4G Road Corridor construction between Cúcuta and Pamplona, with an estimated amount of aprox. €479m for COLOMBIA construction. This is the fourth 4G concession project that Sacyr has been awarded in Colombia. Construction in Paraguay of Roads 2 (between Asu
Slide 16: Concessions
Concessions • CONCESSIONS INCOME: Increase in concessions (€ million) 2017 2016 Var. income due to positive traffic evolution and commissioning of Valles del Bio Bio and Antofagasta Hospital. Revenue 613 552 +11% • CONSTRUCTION INCOME: Revenue increase due to the Construction income 257 243 6% const
Slide 17: Concessions - Awardings
Concessions - Awardings Country Project Construction and operation of Roads 2 (between Asunción and Coronel Oviedo) and 7 (between Coronel Oviedo and PARAGUAY Caaguazú), with a planned investment for construction of €475m, backlog €1,350m and 30-year concession term. This project consists of renovat
Slide 18: Services
Services (€ million) 2017 2016 Var. • REVENUE AND EBITDA: Positive evolution of revenue due to the contribution of projects from all business lines. Revenue 952 908 +5% Improvement of businesses profitability. Environment 390 347 Multiservices had a relevant growth in revenue by 14% due to contrib
Slide 19: Services - Awardings
Services - Awardings Country Project CHILE Operation and maintenance of Antofagasta Hospital in Chile, for a 15-year term. €139m. Operation of a waste treatment and compost plant in Melbourne City (Australia), for an amount of AUSTRALIA €113m and a 15-year term. Operation and maintenance services fo
Slide 20: Industrial
Industrial (€ million) 2017 2016 Var. • REVENUE AND EBITDA: Significant increase of the activity. Revenue 523 401 +31% EPC Oil & Gas 197 235 • Oil&Gas: Completion of big projects in 2016: diesel unit of Electrical Grids 44 22 La Pampilla refinery (Peru) and the regasification plant of Cartagena (Col
Slide 21: Industrial - Procurement
Industrial - Procurement Country Project Turnkey construction of a new cement plant in Potosi (Bolivia) for a total amount of €226m and a 36- BOLIVIA month term for the completion of works. Design and construction of organic waste treatment plant in Melbourne (Australia), for a total amount of AUSTR
Slide 22: Table of Contents
Table of Contents HIGHLIGHTS OPERATIONAL EVOLUTION PERFORMANCE BY BUSINESS AREAS ANNEXES 2017 – Presentation of Results 22
Slide 23: Income Statement
Income Statement STATEMENT OF INCOME % chg 2017 2016 (Thousands of Euros) 17/16 Revenue 3,092,606 2,860,475 8.1% Other income 176,877 103,177 71.4% Total operating income 3,269,483 2,963,652 10.3% External and Operating Expenses -2,846,891 -2,604,091 9.3% EBITDA 422,592 359,561 17.5% Amortisation an
Slide 24: Consolidated Balance Sheet
Consolidated Balance Sheet BALANCE SHEET 2017 2016 Chg 17/16 (Thousands of Euros) NON CURRENT ASSETS 8,098,032 7,023,764 1,074,269 Intangible Assets 17,188 13,044 4,144 Concessions Investments 1,370,054 1,402,267 -32,213 Fixed Assets 387,600 363,350 24,250 Financial Assets 3,059,941 3,110,156 -50,21
Slide 25: Income Statement by Line of Business 2017
Income Statement by Line of Business 2017 CONSOLIDATED INCOME STATEMENT AS OF DECEMBER 2017 Sacyr Sacyr Holding and (Thousands of Euros) Construcción Valoriza TOTAL Concesiones Industrial Adjustments Turnover 1,224,984 612,764 951,896 522,851 -219,890 3,092,606 Other Sales 153,084 11,516 24,776 6,43
Slide 26: Income Statement by Line of Business 2016
Income Statement by Line of Business 2016 CONSOLIDATED INCOME STATEMENT AS OF DECEMBER 2016 Sacyr Sacyr Holding and (Thousands of Euros) Construcción Valoriza TOTAL Concesiones Industrial Adjustments Turnover 1,249,922 552,438 908,249 400,579 -250,713 2,860,475 Other Sales 71,544 13,386 26,244 4,071
Slide 27: Balance Sheet by Line of Business 2017
Balance Sheet by Line of Business 2017 CONSOLIDATED BALANCE SHEET AS OF DECEMBER 2017 Sacyr Sacyr Holding and (Thousands of Euros) Construcción Valoriza TOTAL Concesiones Industrial adjustments NON CURRENT ASSETS 1,304,452 3,397,139 798,911 188,215 2,409,315 8,098,032 Intangible Assets 638 82 13,411
Slide 28: Balance Sheet by Line of Business 2016
Balance Sheet by Line of Business 2016 CONSOLIDATED BALANCE SHEET AS OF DECEMBER 2016 Sacyr Sacyr Holding and (Thousands of Euros) Construcción Valoriza TOTAL Concesiones Industrial adjustments NON CURRENT ASSETS 363,685 3,200,814 716,131 191,383 2,551,750 7,023,764 Intangible Assets 633 47 9,083 1,
Slide 29: Net Financial Debt
Net Financial Debt € million 2017 2016 VAR. Project Finance 2,517 2,187 330 Other business lines debt 310 248 62 Total business lines 2,827 2,435 392 Corporate Bank Borrowings 188 255 -67 Capital Markets 406 271 135 Total Corporate 594 526 68 Repsol 0 765 -765 NET DEBT 3,421 3,726 -305 2017 – Presen
Slide 30: Debt Maturity
Debt Maturity NET FINANCIAL DEBT € million Debt Maturity DEBT 2017 2018 2019 2020 2021 2022 and + Sacyr Concesiones 2,141 -26 271 178 134 1,584 Sacyr Construcción + Somague 337 -1,464 90 159 22 1,530 Valoriza 312 10 68 34 29 171 Industrial 37 -69 5 8 6 87 SUBTOTAL BUSINESS LINES DEBT 2,827 -1,549 43
Slide 31: Concessions: Traffic
Concessions: Traffic ACCUMULATED ADT 2017 2016 Var. SHADOW TOLL HIGHWAY SPAIN - AUTOVIA DEL NOROESTE 12,446 11,726 6.1% - Ma-15 PALMA-MANACOR 25,183 23,713 6.2% - AS-II OVIEDO-GIJÓN (VIASTUR) 23,432 22,879 2.4% - AUTURSA CV-35 39,091 37,976 2.9% - ERESMA 8,194 7,754 5.7% - BARBANZA 13,644 13,257 2.9
Slide 32: Concessions: Income Breakdown
Concessions: Income Breakdown (Thousand of Euros) 2017 2016 Var. (% ) AUTOVÍA DEL TURIA 13,382.6 12,290.6 8.9% AUTOVÍA NOROESTE C.A.R.M. 6,810.4 7,024.8 -3.1% VIASTUR 7,225.1 7,022.6 2.9% PALMA MANACOR 11,104.8 10,407.8 6.7% AUTOVÍA DEL BARBANZA 9,335.2 9,007.6 3.6% AUTOVÍA DEL ERESMA 7,195.7 6,719.
Slide 33: Alternative Performance Measures
Alternative Performance Measures The Sacyr Group presents its earnings in accordance with International Financial Reporting Standards (IFRS). The Group also provide certain additional financial measurements, known as Alternative Performance Measures (APMs) used by management in decision-making and e
Slide 34: NOTE: The financial information contained in this document is drafted according to the International
NOTE: The financial information contained in this document is drafted according to the International Financial Reporting Standards. This information has not been audited and therefore may be modified in the future. This document is not a offer, invitation or recommendation to buy, sell or exchange s