Sacyr Sa · BME:SCYR
Sacyr Sa — H1 2017 Earnings Presentation
29 slides from Sacyr Sa's earnings presentation, Sep 8, 2017
Slide 1: Results 2017 First Half
RESULTS 2017 First Half 8 September 2017 1H2017 – Presentation of Results
Slide 2: Table of Contents
Table of Contents HIGHLIGHTS OPERATIONAL EVOLUTION PERFORMANCE BY BUSINESS AREAS ANNEXES 1H2017 – Presentation of Results 2
Slide 3: 1H 2017 Highlights
Highlights 1H 2017 Highlights REVENUE +8% EBITDA +16% EBITDA margin / Revenue = 12.5% OPERATIONAL GROWTH Rotation of mature concession assets: Sale of 49% of Rutas del Algarrobo (Chile) and 4% Tenerife Tram (Spain). Backlog +16%. Amount > 30,100€M; 61% International. High international p
Slide 4: Table of contents
Table of contents HIGHLIGHTS OPERATIONAL EVOLUTION PERFORMANCE BY BUSINESS AREAS ANNEXES 1H2017 – Presentation of Results 4
Slide 5: Operational Evolution (I) - Main Figures
Operational Evolution (I) Main Figures (€ Million) JUN 2017 JUN 2016 Var. Revenue 1,523 1,414 +8% International 57% 54% +3 p.p. EBITDA 191 165 +16% EBITDA margin 12.5% 11.7% +0.8 p.p. EBIT 136 116 +17% Financial Result -88 -106 -17% Net Profit 60 64 -6%* * Like-for-like, without extraordinary in 201
Slide 6: Operational Evolution (II) - Contribution by Activity
Operational Evolution (II) Contribution by Activity REVENUE (1H2017) EBITDA (1H2017) Construction Concessions Services Industrial 1H2017 – Presentation of Results 6
Slide 7: Operational Evolution (III) - EBITDA
Operational Evolution (III) EBITDA (€ Million) 191 165 112 100 39 27 22 31 17 13 Profitability: Consolidated EBITDA margin 1H2017 = 12.5% 1H2017 – Presentation of Results 7
Slide 8: Operational Evolution (IV) - Backlog
Operational Evolution (IV) BACKLOG INTERNATIONAL FOCUS Backlog 1H 2017: 30,165 €M Backlog increase 1H17/2H16 + 16% CONSTRUCTION CONCESSIONS SERVICES INDUSTRIAL International 1H2017 – Presentation of Results 8
Slide 9: Operational Evolution (V) - International Backlog
Operational Evolution (V) BACKLOG International Activity +16% 30,165 25,956 Concession award “Roads 2 and 7” in Paraguay. Backlog: 1,350€M Concession, 277€M Construction. EPC contract of a cement plant in Bolivia for Sacyr Industrial 221€M. Construction of the Quillota – Petorca Hospital (Chil
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 1H2017 = (740) 241 (50) (792) 3,726 (191) 54 83 (22) (63) 2,986 Deuda neta Net Debt EBITDA Working Capital Other Working Otros flujos operative Resultado Financial Inversion Investment Desinversion Divestment Repsol Otros Other++ Deuda Net neta Debt 1S 20
Slide 12: Table of contents
Table of contents HIGHLIGHTS OPERATIONAL EVOLUTION PERFORMANCE BY BUSINESS AREAS ANNEXES 1H2017 – Presentation of Results 12
Slide 13: Construction
Construction (€ Million) 1H 2017 1H 2016 Var. • REVENUE AND EBITDA: sustained growth of the international activity (+5.7%) and slowdown of the activity in Spain and Somague. Revenue 632 687 -8% Sacyr Construcción 530 525 +1% • BACKLOG: 4,501€M. 43 months of activity. 86% is Somague 102 162 -37% inte
Slide 14: Concessions
Concessions (€ Million) 1H 2017 1H 2016 Var. • CONCESSIONS INCOME: Concessions revenue increase due to positive evolution of traffic and commissioning of Valles del Bio-Bio. Revenue 260 263 -1% • ASSET ROTATION: Construction income 87 118 -26% – Sale of 49% Ruta del Algarrobo (La Serena - Vallenar),
Slide 15: Services
Services (€ Million) 1H 2017 1H 2016 Var. • REVENUE AND EBITDA: Positive evolution of revenue due to the contribution of projects from all business lines. Revenue 463 399 +16% • BACKLOG: 6,038€M. 29% international. Environment 192 159 • CONTRACT AWARDS: High number of contract awards Multiservices 2
Slide 16: Industrial
Industrial (€ Million) 1H 2017 1H 2016 Var. • REVENUE AND EBITDA: Relevant increase of the activity. Revenue 259 188 +38% - Integration of EPC Water Contracts (Sohar desalination Oil & Gas 105 112 plant in Oman). Electric Grids 14 14 - Electricity pool price increase. (51.24 €/MW/h) Environment and
Slide 17: Table of contents
Table of contents HIGHLIGHTS OPERATIONAL EVOLUTION PERFORMANCE BY BUSINESS AREA ANNEXES 1H2017 – Presentation of Results 17
Slide 18: Income Statement
Income Statement STATEMENT OF INCOME % chg 1H 2017 1H 2016 (Thousands of Euros) 1H17/1H16 Revenue 1,522,573 1,413,916 7.7% Other income 40,228 47,205 -14.8% Total operating income 1,562,801 1,461,121 7.0% External and Operating Expenses -1,371,973 -1,296,219 5.8% EBITDA 190,828 164,902 15.7% Amortis
Slide 19: Consolidated Balance Sheet
Consolidated Balance Sheet BALANCE SHEET 1H 2017 DEC 2016 Chg 1H17 (Thousands of Euros) NON CURRENT ASSETS 6,884,323 7,023,764 -139,441 Intangible Assets 13,630 13,044 586 Concessions Investments 1,381,610 1,402,267 -20,656 Fixed Assets 370,694 363,350 7,344 Financial Assets 2,979,500 3,110,156 -130
Slide 20: Income Statement by Line of Business 1H 2017
Income Statement by Line of Business 1H 2017 CONSOLIDATED INCOME STATEMENT AS OF JUNE 2017 Sacyr Sacyr Holding and (Thousands of Euros) Construcción Valoriza TOTAL Concesiones Industrial Adjustments Turnover 631,533 260,480 463,185 259,356 -91,981 1,522,573 Other Sales 30,320 4,018 5,234 1,936 -1,28
Slide 21: Income Statement by Line of Business 1H 2016
Income Statement by Line of Business 1H 2016 CONSOLIDATED INCOME STATEMENT AS OF JUNE 2016 Sacyr Sacyr Holding and (Thousands of Euros) Construcción Valoriza TOTAL Concesiones Industrial Adjustments Turnover 687,071 263,183 399,099 187,988 -123,425 1,413,916 Other Sales 29,808 8,385 5,708 2,104 1,20
Slide 22: Balance Sheet by Line of Business 1H 2017
Balance Sheet by Line of Business 1H 2017 CONSOLIDATED BALANCE SHEET AS OF JUNE 2017 Sacyr Sacyr Holding y (Thousands of Euros) Construcción Valoriza TOTAL Concesiones Industrial Ajustes NON CURRENT ASSETS 369,867 3,192,540 745,365 193,426 2,383,125 6,884,323 Intangible Assets 701 60 9,613 1,773 1,4
Slide 23: Balance Sheet by Line of Business 2H 2016
Balance Sheet by Line of Business 2H 2016 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 1H 2017 1Q 2017 VAR. 2Q 2017 Project Finance 2,214 2,214 0 Other business lines debt 238 256 -18 Total Business Lines 2,452 2,470 -18 Corporate Bank Borrowings 187 188 -1 Capital Markets 347 357 -10 Total Corporate 534 545 -11 Repsol 0 773 -773 NET DEBT 2,986 3,788 -802
Slide 25: Debt Maturity
Debt Maturity Net Financial Debt € Million DEBT MATURITY DEBT 1H 2017 2017 2018 2019 2020 2021 and + Sacyr Concesiones 1,955 -8 145 128 190 1,500 Sacyr Construcción + Somague 228 -58 99 18 18 151 Valoriza 288 -25 59 60 37 157 Industrial -19 -63 9 8 8 18 SUBTOTAL BUSINESS LINES DEBT 2,452 -154 312 21
Slide 26: Concessions: Traffic
Concessions: Traffic ACCUMULATED ADT 1H 2017 1H 2016 Var. SHADOW TOLL HIGHWAY SPAIN - AUTOVIA DEL NOROESTE 12,364 11,600 6.6% - Ma-15 PALMA-MANACOR 24,321 22,587 7.7% - AS-II OVIEDO-GIJÓN (VIASTUR) 23,831 23,050 3.4% - AUTURSA CV-35 39,162 37,907 3.3% - ERESMA 7,960 7,448 6.9% - BARBANZA 12,892 12,2
Slide 27: Concessions: Revenue Breakdown
Concessions: Revenue Breakdown REVENUE (€ Thousands) 1H 2017 1H 2016 Var. (% ) AUTOVÍA DEL TURIA 6,748 6,094 10.7% AUTOVÍA NOROESTE C.A.R.M. 3,548 4,105 -13.6% VIASTUR 3,642 3,517 3.6% PALMA MANACOR 5,317 4,928 7.9% AUTOVÍA DEL BARBANZA 5,755 5,458 5.4% AUTOVÍA DEL ERESMA 3,469 3,210 8.1% AUTOVÍA DE
Slide 28: 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 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