Sacyr Sa · BME:SCYR
Sacyr Sa — 9M 2017 Earnings Presentation
29 slides from Sacyr Sa's earnings presentation, Nov 13, 2017
Slide 1: Results 2017 Third Quarter
R E S U LT S 2 0 1 7 Third Quarter 13 November 2017 3Q2017 – Presentation of Results
Slide 2: Table of Contents
Table of Contents HIGHLIGHTS OPERATIONAL EVOLUTION PERFORMANCE BY BUSINESS AREAS ANNEXES 3Q2017 – Presentation of Results 2
Slide 3: Highlights 9M 2017
Highlights 9M 2017 Revenue +4%. EBITDA +4% (Concessions +10%, Services +13%, Industrial +17%). PROFITABILITY Stability: EBITDA margin / Revenue = 12.1%. Rotation of mature concession assets: sale of 49% of Rutas del Algarrobo (Chile) and 4% of Tenerife Tram (Spain). High international procur
Slide 4: Table of Contents
Table of Contents HIGHLIGHTS OPERATIONAL EVOLUTION PERFORMANCE BY BUSINESS AREAS ANNEXES 3Q2017 – Presentation of Results 4
Slide 5: Operational Evolution (I)
Operational Evolution (I) Main Figures (€ Million) 9M 2017 9M 2016 Var. Revenue 2,249 2,161 +4% International 56% 52% +4 p.p. EBITDA 272 262 +4%* EBITDA margin 12.1% 12.1% - EBIT 177 159 +11% Financial Result -141 -155 -9% Net Profit 97 89 +8%** • Does not include the non-recurring expense due to re
Slide 6: Operational Evolution (II)
Operational Evolution (II) Contribution by Activity REVENUE (9M2017) EBITDA (9M2017) Construction Concessions Services Industrial 3Q2017 – Presentation of Results 6
Slide 7: Operational Evolution (III)
Operational Evolution (III) EBITDA Evolution (€ Million) 272 262 175 9M 2016 158 9M 2017 59 38 52 26 25 22 Construction Concessions Services Industrial TOTAL Profitability: Consolidated EBITDA margin 9M2017 = 12.1% 3Q2017 – Presentation of Results 7
Slide 8: Operational Evolution (IV)
Operational Evolution (IV) BACKLOG INTERNATIONAL FOCUS +14% 29,683 25,956 International Backlog 9M2017: €29,683 million Backlog increase 9M17/2H16 + 14% CONSTRUCTION CONCESSIONS SERVICES INDUSTRIAL International 3Q2017 – Presentation of Results 8
Slide 9: Operational Evolution (V)
Operational Evolution (V) High level of procurement in strategic markets • Roads 2 and 7 in • Operation of waste • Roads 2 and 7 in treatment plant in Paraguay. €1,350 M Paraguay. €277 M • EPC of waste construction. Melbourne treatment plant in concession. (Australia) €113 M. • Road corridor 4G Cúcu
Slide 10: Repsol
Repsol Stake of Sacyr in Repsol: 122.7 million shares = 8% 20 mill. shares 30 mill. shares 72.7 mill. shares Elimination of the Elimination of the Elimination of the Repsol market price Repsol market price Repsol market price variation risk under variation risk under variation risk under 10.7€
Slide 11: Debt Evolution
Debt Evolution (€ Million) Net Debt decrease 9M2017 = (534) 439 (64) (792) 3,726 (272) 80 110 30 (65) 3,192 Deuda neta Net Debt EBITDA Working Capital Other Working Otros flujos operating Resultado Financial Inversion Investment Desinversion Divestment Repsol Otros Other++ Deuda Net neta Debt 1S 201
Slide 12: Table of Contents
Table of Contents HIGHLIGHTS OPERATIONAL EVOLUTION PERFORMANCE BY BUSINESS AREAS ANNEXES 3Q2017 – Presentation of Results 12
Slide 13: Construction
Construction (€ Million) 9M 2017 9M 2016 Var. • REVENUE AND EBITDA: sustained growth of international activity (+10%) and slowdown of the activity in Spain. Decline of Somague activity due to the Revenue 877 997 -12% deceleration of its markets. Sacyr Construcción 750 742 +1% • BACKLOG: €4,338 M. 45
Slide 14: Concessions
Concessions • CONCESSIONS INCOME: Concessions revenue increase due to positive evolution of traffic and commissioning of Valles del Bio-Bio. (€ Million) 9M 2017 9M 2016 Var. • ASSET ROTATION: Revenue 417 401 +4% – Sale of 49% Ruta del Algarrobo (La Serena - Vallenar), in Chile. EV €161 M. Constructi
Slide 15: Services
Services • REVENUE AND EBITDA: Positive evolution of revenue (€ Million) 9M 2017 9M 2016 Var. due to the contribution of projects from all business lines. Improvement of businesses profitability. Revenue 704 654 +8% • BACKLOG: €6,029 M. 30% overseas. Environment 293 262 • AWARDINGS: High number of c
Slide 16: Industrial
Industrial (€ Million) 9M 2017 9M 2016 Var. • REVENUE AND EBITDA: Relevant increase of the activity. Revenue 387 290 +34% - Integration of EPC water contracts (Sohar desalination Oil & Gas 152 172 plant in Oman). Electrical Grids 26 16 - Electricity pool price increase. (50.30 €/MW/h). Environment &
Slide 17: Table of Contents
Table of Contents HIGHLIGHTS OPERATIONAL EVOLUTION PERFORMANCE BY BUSINESS AREA ANNEXES 3Q2017 – Presentation of Results 17
Slide 18: Income Statement
Income Statement STATEMENT OF INCOME % chg 9M 2017 9M 2016 (Thousands of Euros) 9M17/9M16 Revenue 2,248,681 2,161,221 4.0% Other income 48,726 60,139 -19.0% Total operating income 2,297,407 2,221,360 3.4% External and Operating Expenses -2,025,697 -1,959,711 3.4% EBITDA 271,710 261,649 3.8% Amortisa
Slide 19: Consolidated Balance Sheet
Consolidated Balance Sheet BALANCE SHEET SEP 2017 DEC 2016 Chg 9M17 (Thousands of Euros) NON CURRENT ASSETS 7,081,957 7,023,764 58,193 Intangible Assets 15,914 13,044 2,870 Concessions Investments 1,375,605 1,402,267 -26,662 Fixed Assets 368,665 363,350 5,315 Financial Assets 3,100,334 3,110,156 -9,
Slide 20: Income Statement by Line of Business Sept 17
Income Statement by Line of Business Sept 17 CONSOLIDATED INCOME STATEMENT AS OF SEPTEMBER 2017 Sacyr Sacyr Holding and (Thousands of Euros) Construcción Valoriza TOTAL Concesiones Industrial Adjustments Turnover 876,863 416,771 704,007 387,214 -136,174 2,248,681 Other Sales 31,079 6,827 9,987 2,783
Slide 21: Income Statement by Line of Business Sept 16
Income Statement by Line of Business Sept 16 CONSOLIDATED INCOME STATEMENT AS OF SEPTEMBER 2016 Sacyr Sacyr Holding and (Thousands of Euros) Construcción Valoriza TOTAL Concesiones Industrial Adjustments Turnover 996,712 401,213 653,921 289,743 -180,369 2,161,221 Other Sales 34,287 10,242 12,658 1,8
Slide 22: Balance Sheet by Line of Business Sept 17
Balance Sheet by Line of Business Sept 17 CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 2017 Sacyr Sacyr Holding y (Thousands of Euros) Construcción Valoriza TOTAL Concesiones Industrial Ajustes NON CURRENT ASSETS 377,012 3,286,815 772,119 190,135 2,455,876 7,081,957 Intangible Assets 622 71 12,028 1,6
Slide 23: Balance Sheet by Line of Business Dec 16
Balance Sheet by Line of Business Dec 16 CONSOLIDATED BALANCE SHEET AS OF DECEMBER 2016 Sacyr Sacyr Holding y (Thousands of Euros) Construcción Valoriza TOTAL Concesiones Industrial Ajustes NON CURRENT ASSETS 363,685 3,200,814 716,131 191,383 2,551,750 7,023,764 Intangible Assets 633 47 9,083 1,961
Slide 24: Net Financial Debt
Net Financial Debt € Million 9M 2017 Dec. 2016 Var. 9M Project Finance 2,317 2,187 130 Other business lines debt 292 248 44 Total Business Lines 2,609 2,435 174 Corporate Bank Borrowings 220 255 -35 Capital Markets 363 271 92 Total Corporate 583 526 57 Repsol 0 765 -765 NET DEBT 3,192 3,726 -534 3Q2
Slide 25: Debt Maturity
Debt Maturity NET FINANCIAL DEBT € Million DEBT MATURITY DEBT 2017 2018 2019 2020 2021 and + Sacyr Concesiones 1,998 -37 184 95 193 1,563 Sacyr Construcción + Somague 258 -60 131 17 18 151 Valoriza 333 -29 90 61 29 182 Industrial 20 -70 23 8 7 52 SUBTOTAL BUSINESS LINES DEBT 2,609 -196 428 181 247 1
Slide 26: Concessions: Traffic
Concessions: Traffic ACCUMULATED ADT 9M 2017 9M 2016 Var. SHADOW TOLL HIGHWAY SPAIN - AUTOVIA DEL NOROESTE 12,308 11,626 5.9% - Ma-15 PALMA-MANACOR 25,778 24,142 6.8% - AS-II OVIEDO-GIJÓN (VIASTUR) 23,394 22,761 2.8% - AUTURSA CV-35 39,088 37,973 2.9% - ERESMA 8,193 7,733 5.9% - BARBANZA 14,010 13,5
Slide 27: Concessions: Revenue Breakdown
Concessions: Revenue Breakdown REVENUE (€ Thousands) 9M 2017 9M 2016 Var. (% ) AUTOVÍA DEL TURIA 10,154 9,204 10.3% AUTOVÍA NOROESTE C.A.R.M. 5,347 6,245 -14.4% VIASTUR 5,395 5,229 3.2% PALMA MANACOR 8,514 7,945 7.2% AUTOVÍA DEL BARBANZA 7,780 7,485 3.9% AUTOVÍA DEL ERESMA 5,378 5,014 7.3% AUTOVÍA D
Slide 28: Medidas alternativas de rendimiento
Medidas alternativas de rendimiento 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 an
Slide 29: 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. This document is not a offer, invitation or recommendation to buy, sell or exchange s