Sacyr Sa · BME:SCYR
Sacyr Sa — Sacyr Vallehermoso — H1 2012 Earnings Presentation
27 slides from Sacyr Sa's earnings presentation, Jul 31, 2012
Slide 1: Results First Half 2012
First half 2012 1 Results First Half 2012 31 July 2012 Sacyr Vallehermoso
Slide 2: Index
First half 2012 2 Index • Highlights • Accounting issues • Results Profitability International activity Backlog • Borrowings • Business Areas • Appendices Sacyr Vallehermoso
Slide 3: Highlights
First half 2012 3 Highlights Businesses uphold operating margins: 15.1% EBITDA margin Write-down of stake in Repsol of €850 million (€741 million net impact on results including tax effect) Creation of Sacyr Industrial: a new business which will contribute to Group's sustained growth Strategic dispo
Slide 4: Write-down of investment in Repsol
First half 2012 4 Write-down of investment in Repsol 20 April 2012: the group detected indications that its investment in Repsol was impaired following the Argentine government's announcement that it planned to expropriate 51% of YPF, S.A. and 51% of Repsol YPF Gas, thereby affecting Repsol. On 29 M
Slide 5: Profitability: EBITDA margin
First half 2012 5 Profitability: EBITDA margin 94.5% 15.1% 79.6% 13.7% 67.0% 61.0% 16.7% 15.7% 5.7% 5.6% Construction Services Concessions Rental Property SACYR 1H 2011 1H 2012 Note: EBITDA margin from rental property not including asset sales would have been 79.1%. EBITDA margin from residential de
Slide 6: International activity
First half 2012 6 International activity CONSTRUCTION BACKLOG €49,442 million 62% INTERNATIONAL Internat. 78% CONCESSIONS International 62% Internat. 74% SERVICES Internat. 33% 25% Sacyr Vallehermoso
Slide 7: Backlog: high visibility
First half 2012 7 Backlog: high visibility € million 30 JUNE 2012 % of BACKLOG BY ACTIVITY Backlog EBITDA(1) Implied EBITDA Sacyr Construcción - Somague (construction 6,462 5.8% 374 backlog) Vallehermoso (pre-sales) 44 Sacyr Concesiones (revenue backlog) 28,681 65.4% 18,770 Testa (leases backlog) 2,
Slide 8: Index
First half 2012 8 Index • Highlights •Results Profitability International activity Backlog •Borrowings •Business Areas •Appendices Sacyr Vallehermoso
Slide 9: Net debt
First half 2012 9 Net debt TYPE OF DEBT JUNE Linked to contracts Corporate December Net debt Structured (1) 2011 2012 and works Testa 2,370 2,370 2,413 Sacyr Concesiones 1,241 1,241 1,375 Vallehermoso 1,312 1,312 1,301 Sacyr + Somague 203 56 147 157 Valoriza 410 286 124 466 Repsol YPF 2,361 2,361 2,
Slide 10: Maturity schedule
First half 2012 10 Maturity schedule Maturity schedule NET DEBT June 2012 2013 2014 2015 + (€ MilIion) 2012 Testa 2,370 -22 687 512 1,193 Sacyr Concesiones 1,241 -133 44 44 1,286 Vallehermoso 1,312 48 64 25 1,175 Sacyr Construcción + Somague 203 28 76 4 94 Valoriza 410 21 46 45 299 Repsol 2,361 -7 0
Slide 11: Index
First half 2012 11 Index • Highlights • Accounting issues • Results Profitability International activity Backlog • Borrowings • Business Areas • Appendices Sacyr Vallehermoso
Slide 12: Construction
First half 2012 12 Construction € million % •International activities account for CONSTRUCTION 1H 2012 1H 2011 Chg. over half of total revenue Revenue 1,002 1,349 -26% Spain 491 722 -32% •Selective tenders in stable countries with no political risk International 511 627 -19% % international 51% 46%
Slide 13: Services
First half 2012 13 Services € million CONSTRUCTION 1H 2012 1H 2011 % Chg. •Organic growth and excellent margin performance by the businesses REVENUE 529 493 7% Environment 150 167 -10% •Impact of electricity/gas price spread in 1H11 on quarterly comparisons in the Energy Water 162 128 26% business M
Slide 14: Concessions
First half 2012 14 Concessions € million CONSTRUCTION 1H 2012 1H 2011 % Chg. Revenue 125 267 -53% • Positive outlook for new international tenders Concession revenue 70 64 10% •Vallenar-Caldera refinancing Construction revenue* 55 203 -73% EBITDA 43 43 0% •Sale in July of 45% of Autovía Arlanzón EBI
Slide 15: Rental Property
First half 2012 15 Rental Property € million % CONSTRUCTION 1H 2012 1H 2011 Chg. •Stable operating profit Revenue 126 123 2% EBITDA 119 98 21% •Asset rotation: sales generate €19 million EBITDA margin 79% 80% -0.5pp NET PROFIT 55 36 52% •Occupancy rate of over 96% •GAV: €4,073 million 1H 2012 BACKLO
Slide 16: Residential Development
First half 2012 16 Residential € million Development CONSTRUCTION 1H 2012 1H 2011 % Chg. REVENUE 49 96 -49% Housing 43 93 -54% Land 4 1 192% Services 3 3 -9% EBITDA -16 -6 -164% EBITDA margin -32.6% -6.2% At 30 June 2012 Debt GAV 1H 2012 Related to finished goods 359 635 No. deeds signed 151 Related
Slide 17: Repsol
First half 2012 17 Repsol Sacyr Vallehermoso holds a 10% stake in Repsol which is consolidated using the equity method. • Repsol posted a post-tax profit of €1,036 million for 1H 2012. Sacyr's share amounts to €106 million. •In the first half, Sacyr wrote down the carrying amount of its 10% stake in
Slide 18: Appendices
First half 2012 18 Appendices FINANCIAL STATEMENTS •Consolidated income statement •Consolidated balance sheet •Consolidated income statement by business area •Consolidated balance sheet by business area MANAGEMENT INFORMATION •Rental income •Concession revenue and traffic Sacyr Vallehermoso
Slide 19: Consolidated income statement
First half 2012 19 Consolidated income statement STATEMENT OF INCOME June % chg (Thousands of Euros) 2012 2011 12/11 Turnover 1,741,403.7 2,090,455 -16.7% Other Sales 95,347.2 151,931 -37.2% Total Income 1,836,750.9 2,242,387 -18.1% External and Operating Expenses -1,573,003.5 -1,958,110 -19.7% GROS
Slide 20: Consolidated balance sheet
First half 2012 20 Consolidated balance sheet BALANCE SHEET June December Chg. (Thousands of Euros) 2012 2011 1H 2012 NON CURRENT ASSETS 9,862,867 10,795,321 -932,454 Intangible Assets 11,428 14,982 -3,555 Real Estate Investments 2,563,548 2,623,606 -60,058 Concessions Investments 1,359,531 1,594,39
Slide 21: Income statement by business at June 2012
First half 2012 21 Income statement by business at 30 June 2012 CONSOLIDATED INCOME STATEMENT AS OF JUNE 2012 Sacyr Sacyr (Thousands of Euros) Somague Vallehermoso Testa Valoriza Holding Adjustments TOTAL Turnover Construcción 748,911 2009 253,585 Concesiones 125,183 49,255 125,581 528,934 13,467 -1
Slide 22: Income statement by business at June 2011
First half 2012 22 Income statement by business at 30 June 2011 CONSOLIDATED INCOME STATEMENT AS OF JUNE 2011 Sacyr Sacyr (Thousands of Euros) Somague Vallehermoso Testa Valoriza Holding Adjustments TOTAL Construcción Concesiones Turnover 983,225 366,157 267,192 97,551 123,329 493,325 16,709 -257,03
Slide 23: Consolidated balance sheet by business at June 2012
First half 2012 23 Consolidated balance sheet by business at 30 June 2012 CONSOLIDATED BALANCE SHEET AS OF JUNE 2012 Sacyr Sacyr (Thousands of Euros) Somague Vallehermoso Testa Valoriza Holding Adjustments TOTAL Construcción Concesiones NON CURRENT ASSETS 357,706 161,690 2,014,320 101,563 3,803,536
Slide 24: Consolidated balance sheet by business at December 2011
First half 2012 24 Consolidated balance sheet by business at 31 December 2011 CONSOLIDATED BALANCE SHEET AS OF DECEMBER 2011 Sacyr Sacyr (Thousands of Euros) Somague Vallehermoso Testa Valoriza Holding Adjustments TOTAL C onstrucción Concesiones NON CURRENT ASSETS 362,872 168,663 2,245,983 101,700 3
Slide 25: Testa: Revenue by product
First half 2012 25 Testa: Revenue by product € million FIRST HALF Chg. 12/11 PRODUCT 2012 2011 Offices 83.1 81.0 2.5% Shopping centres 12.8 12.2 4.5% Hotels 14.5 14.2 1.9% Housing 6.6 6.8 -3.2% Industrial premises 4.4 4.9 -10.0% Senior citizens' homes 0.9 0.9 1.3% Car parks 0.6 0.6 0.0% Services and
Slide 26: Sacyr Concesiones: Traffic
First half 2012 26 Sacyr Concesiones: Traffic Revenue to 30 June ADT through June (Thousand of euros) 2012 2011 Chg. (%) 2012 2011 Chg. (%) AUTOVÍA DEL TURIA 2,822 2,756 2.4% 36,087 36,598 -1.4% AUTOVÍA NOROESTE C.A.R.M. 1,899 1,758 8.0% 10,631 11,192 -5.0% VIASTUR 3,292 3,348 -1.7% 22,118 22,946 -3
Slide 27: Note on financial information
NOTE: The financial information presented in this document has been prepared in accordance with International Financial Reporting Standards. This information is not audited and may be modified in the future.