Sacyr Sa · BME:SCYR
Sacyr Sa — Q3 2015 Earnings Presentation
30 slides from Sacyr Sa's earnings presentation, Nov 12, 2015
Slide 1: Results Third Quarter 2015
Results Third Quarter 2015 12 November 3Q2015 – Presentation 2015 of results 1
Slide 2: Contents
CONTENTS 1. Highlights 3Q2015 2. Operational Development 3. Performance by business area 4. Financial debt 5. Annexes 3Q2015 – Presentation of results 2
Slide 3: Highlights 3Q2015
Highlights 3Q2015 CORPORATE BUSINESS Sale of Testa 77% delivered as of sept 2015 (25% 1Q/15 + 52% 3Q/15) 23% share of Sacyr in Testa recognized as a discontinued operation Reduction of the financial debt Partial cancellation of REPSOL loan Reduction of Corporate debt IMPROVEMENT OF STRATEGIC
Slide 4: Operational Development
Operational Development € million SEPT 15 SEPT 14* Chg 15/14 REVENUE 2,123 1,842 15% EBITDA 247 163 51% EBITDA margin 11.6% 8.8% +2.8 pp EBIT 134 114 18% NET PROFIT 532 83 - BACKLOG 31,231 28,616 (Dec. 14) +9% CORPORATE NET DEBT 91 540 (Dec. 14) -83% (Includes debt associated with Itinere) * Adjuste
Slide 5: Backlog 3Q2015
Backlog 3Q2015 € 31.2 bn 48% INTERNATIONAL NOTE The backlog at 30 Sep. does not include the portfolio of GUPC (Panama), or the concessions Pedemontana-Veneta (Italy) and Mar 1 (Colombia), that are accounted using the equity method. 3Q2015 – Presentation of results 5
Slide 6: Business Areas
BUSINESS AREAS 1. Construction 2. Concessions 3. Services 4. Industrial 3Q2015 – Presentation of results 6
Slide 7: Construction
Construction Strong growth in SEPT 15 SEPT 14 Chg. international revenue due to € million further evolution of the projects in Chile, Mexico, Revenue 1,175 1,124 +5% Peru, Italy. International activity: 85% Spain 295 336 backlog and 75% revenue. -12% Margin affected by the slowdown of the work
Slide 8: Construction - Backlog
Construction - Backlog Main awards 9M15 Country Project Country Project Colombia Puente Pumarejo €154m Qatar QEZ-1 urban devolpment in Ras Bufontas €205m Colombia Puerta de Hierro motorway €113m Spain AVE platform Corredor Mediterráneo €33m Colombia Mar 1 motorway €178m Northern Ireland Ulster Unive
Slide 9: Concessions
Concessions € million SEPT 15 SEPT 14 Chg. Chg.* Relevant growth of concessions income due to: REVENUE 410 302 +36% +8% Positive evolution of 207 213 -3% -3% traffics in Spain (+5%) Construction income Start of operation of new concessions Concession income 203 89 +128% +22% Further progress
Slide 10: Concessions – Contract awards
Concessions – Contract awards Main awards 9M15 Country Project Corridor 5 Puerta del Hierro – Cruz del Vizo motorway. Planned investment Colombia €256m. 25 year concession term. 202km. Backlog : € 916m. Mar 1 motorway (Antioquia). Planned investment €930m. 25 year concession Colombia term. 176km. Ba
Slide 11: Services
Services € million SEPT 2015 SEPT 2014 Chg. Chg.* REVENUE 567 538 5% 7.7% The growth continues in environmental and multiservices Environment 233 220 6% activities as a result of the intense tender activity in all their Multiservices 226 206 9% business lines. Water 108 112 -4% Contraction in wa
Slide 12: Services – Contract awards
Services – Contract awards Main awards 9M15 Country Project Spain Street cleaning and waste collection in the city of Guadalajara for 15 years Management of street cleaning, waste collection and containers in Poio Spain (Pontevedra) for 16 years Spain Full services for the Moncloa transport Hub (Mad
Slide 13: Industrial
Industrial Sacyr Fluor: strategic acquisition 50% Fluor S.A. EPC Projects. € million SEPT 2015 SEPT 2014 Chg. Sacyr Nervión incorporation: maintenance of industrial REVENUE 190 131 45% installations. 95 Power plants 89 +7% Significant increase in EPC revenue due to the contribution of EPC 95 4
Slide 14: Industrial – Contract awards
Industrial – Contract awards Main awards 9M15 Country Project Peru Adaptation to new fuel specifications in La Pampilla. €156m Mexico Work on substations and 4th phase eastern transmission lines. €12m Spain Geothermal installation at Hotel Santa Marta and Val Market Panama Maintenance for electricit
Slide 15: Sacyr holds an 8.73% stake in Repsol
Sacyr holds an 8.73% stake in Repsol which is consolidated using the equity method • As of 30 September 2015 Sacyr has accounted its percentage of the net profit of REPSOL, for a total amount of €73m. Book value has been adjusted in € -373m. (17,5 €/share). • In 3Q2015 an amount of €600m was repaid
Slide 16: Financial Debt
Financial Debt € Million Net debt SEPT 2015 JUNE 2015 Chg. 3Q15 Sacyr Concesiones (project finance) 1,723 1,724 0% Sacyr + Somague (construction) 121 189 Valoriza 149 142 Industrial 32 56 Other business areas 302 387 -22% Repsol 1,652 2,236 -26% Corporate 91 534 -83% BANK BORROWINGS 3,768 4,881 -23%
Slide 17: 3Q15 Net debt evolution
3Q15 Net debt evolution 3Q 2015 5,334 - 1,238 4,224 + 61 + 26 + 41 Deuda Net Neta debt 1S2015 1H2015 Cobro Testa Proceeds from Adquisición 50% Acquisition Pago de Dividendo 50% Dividend payment Operativo e Inversión Operational & Deuda Neta3Q2015 Net debt 3T 2015 Julio/Agosto sale of TESTA Fluor S.A
Slide 18: Maturity schedule
Maturity schedule 92% of net debt due from 2018 onwards 4,224 3,870 +2,226 192 +1,644 422 -260 NET DEBT 3Q2015 2015 2016 2017 2018 and + 3Q2015 – Presentation of results 18
Slide 19: Annexes
ANNEXES FINANCIAL STATEMENTS Income statement Consolidated balance sheet Income statement by line of business Balance sheet by line of business Maturity schedule MANAGEMENT INFORMATION Description of TESTA transaction Concessions traffic Impact of change in consolidation method for concessions 3Q201
Slide 20: Income statement
Income statement STATEMENT OF INCOME SEPTEMBER % chg (Thousands of Euros) 2015 2014* 15/14 Revenue 2,123,178 1,841,885 15.3% Other income 77,784 52,440 48.3% Total operating income 2,200,962 1,898,817 15.9% External and Operating Expenses -1,954,412 -1,735,884 12.6% GROSS PROFIT FROM ORDINARY OPERAT
Slide 21: Consolidated balance sheet
Consolidated balance sheet BALANCE SHEET SEPTEMBER DECEMBER Chg (Thousands of Euros) 2015 2014 % NON CURRENT ASSETS 6,933,640 8,628,943 -1,695,303 Intangible Assets 7,345 6,913 432 Real Estate Investments 0 1,846,596 -1,846,596 Concessions Investments 1,581,204 1,213,675 367,529 Fixed Assets 371,854
Slide 22: 3Q 2015 income statement by line of business
3Q 2015 income statement by line of business CONSOLIDATED INCOME STATEMENT AS OF SEPTEMBER 2015 Sacyr Sacyr Sacyr Holding and (Thousands of Euros) Somague Valoriza TOTAL Construcción Concesiones Industrial Adjustments Turnover 892,841 282,122 409,682 566,842 189,777 -218,087 2,123,178 Other Sales 35
Slide 23: 3Q 2014 income statement by line of business
3Q 2014 income statement by line of business CONSOLIDATED INCOME STATEMENT AS OF SEPTEMBER 2014* Sacyr Sacyr Sacyr Holding and (Thousands of Euros) Somague Valoriza TOTAL Construcción Concesiones Industrial Adjustments Turnover 715,339 408,633 302,035 538,454 131,168 -253,744 1,841,885 Other Sales 1
Slide 24: 3Q 2015 balance sheet by line of business
3Q 2015 balance sheet by line of business CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 2015 Sacyr Sacyr Sacyr Holding y (Thousands of Euros) Somague Valoriza TOTAL Construcción Concesiones Industrial Ajustes NON CURRENT ASSETS 287,611 140,830 3,148,314 648,956 166,240 2,541,688 6,933,640 Intangible As
Slide 25: 2H 2014 balance sheet by line of business
2H 2014 balance sheet by line of business CONSOLIDATED BALANCE SHEET AS OF DECEMBER 2014 Sacyr Sacyr Holding and (Thousands of Euros) Somague Testa Valoriza Sacyr Industrial TOTAL Construcción Concesiones Adjustments NON CURRENT ASSETS 272,511 170,429 2,448,378 3,118,893 644,498 129,629 1,844,605 8,
Slide 26: Description of the Testa sale operation
Description of the Testa sale operation Share capital reduction at Testa and payment of special dividend for a PRE-SALE COMPLETED combined amount of €1.2bn. Cancellation of loan between Sacyr and OPERATIONS JUNE 2015 Testa in the amount of €953m. • €431m capital increase, fully subscribed by Merlin.
Slide 27: Maturity schedule
Maturity schedule NET FINANCIAL DEBT € million MATURITY SCHEDULE SEPTEMBER 2015 2015 2016 2017 2018 and + Sacyr Concesiones 1,723 -82 98 110 1,597 Sacyr Construcción + Somague 121 -51 73 35 64 Valoriza 149 -31 32 16 132 Industrial 32 -35 15 21 31 SUBTOTAL ACTIVITIES DEBT 2,025 -199 218 182 1,824 Rep
Slide 28: Concessions: revenue breakdown
Concessions: revenue breakdown Thousands of euros REVENUE AS OF SEPTEMBER ADT SEPTEMBER 2015 2014 Chg. (% ) 2015 2014 Chg. (% ) AUTOVÍA DEL TURIA 8,811 - 0.0% 36,511 34,780 5.0% AUTOVÍA NOROESTE C.A.R.M. 6,231 - 0.0% 10,969 10,396 5.5% VIASTUR 5,075 4,917 3.2% 22,036 21,335 3.3% PALMA MANACOR 7,359
Slide 29: Concessions: impact of change to consolidation method
Concessions: impact of change to consolidation method As explained in the first half of 2015, as a result of changes to the corporate resolutions that delimit the control of certain concessions companies, these concessions were fully consolidated. These companies and their impact on revenues at 30 S
Slide 30: Note on financial information
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. Testa is accounted as a discontinued operation since January 2015 and, therefore, the