Sacyr Sa · BME:SCYR
Sacyr Sa — H1 2014 Earnings Presentation
31 slides from Sacyr Sa's earnings presentation, Jul 30, 2014
Slide 1: Results 1H14
Resultados 2012 Results 1H14 30 July 2014 1 Sacyr Vallehermoso
Slide 2: Content
Resultados 2012 CONTENT 1. Highlights 2. Operating performance 3. Reduction of financial debt 4. Share price 5. Business areas 6. Appendices 2 Sacyr Vallehermoso
Slide 3: Highlights 1H14
Resultados 2012 Highlights 1H14 Reinforcing the balance sheet structure (April 2014) Capital increase of €166Mn Convertible bond issue for €250Mn Prepared for growth Industrial construction (Mexico. Bolivia) Concessions + Construction (Chile. Peru. Angola) Increase in construction backlog 1H14 + 9%
Slide 4: Reinforcing the balance sheet structure
Resultados 2012 Reinforcing the balance sheet structure €416 Mn from an accelerated capital increase and convertible bond issue in a simultaneous transaction completed successfully in April. The funds will be used to drive the development of the business lines. particularly infrastructure concession
Slide 5: Operating performance
Resultados 2012 Operating performance (Millions of euros) Chg. 1H14 1H13 * 14/13 NET PROFIT 62 61 +1% REVENUE 1,247 1.353 INTERNATIONAL (Revenue) 43% 44% -1 bp Total backlog** 23,317 23,548 -1% Construction backlog** 4,785 4,396 +9% Months of activity** 41 36 * Restated for held -for-sale activities
Slide 6: Backlog
Resultados 2012 Backlog As a result of the successful internationalisation strategy. the construction backlog is up 9% in 1H14. Total portfolio €23,317 million (Thousands of millions of euros) Sacyr + Somague 4.79 % international backlog Valoriza 8.84 Construction 81% Concessions 41% Services 25% Sa
Slide 7: EBITDA 1H14
Resultados 2012 EBITDA 1H14 Millions of € 248 48** -18 Miami + Tesfrán 200* + Conde Xiquena -2 -13 Olextra & Extragol 161 Renewables -10 4** Businesses 157* Margin 13% Margin Stable profit across the 13% businesses EBITDA EBITDA June 2013 June 2014 *Excluding gains on sales of buildings 7 ** Gains o
Slide 8: Reduction of financial debt 1H14
Resultados 2012 Reduction of financial debt 1H14 Millions of € 6,642 -659 IFRS 11 -166 Capital increase Desinversione - 126 s y otros Disposals and other 5,691 - 14% NET DEBT NET DEBT December 2013 June 2014 8 Sacyr Vallehermoso
Slide 9: Financial debt
Resultados 2012 Financial debt Millions of € TYPE OF DEBT June Construction and Net debt Structured Corporate 2014 contract related Testa 1,702 1,702 Sacyr Concesiones 495 495 Sacyr + Somague (Construction) 135 43 92 Valoriza 262 169 93 Businesses. subtotal 2,594 2,410 184 Repsol YPF 2,245 2.245 Ití
Slide 10: Debt restructuring
Resultados 2012 Debt restructuring 5,691 2,215 25 638 288 2,245 305 NET DEBT 2014 2015 2016 2017 + June 2014 MATURITY 10 Sacyr Vallehermoso
Slide 11: Share price
Resultados 2012 Share price Market capitalisation: €2,308 Mn Profitability in 1H14: +22.01% Sacyr’s trading position: Number 17 on IBEX 35 Weight as a percentage of IBEX35: 0.47% Free-float of more than 60% 11 Sacyr Vallehermoso
Slide 12: Business areas
Resultados 2012 BUSINESS AREAS 1. Construction 2. Industrial / Services 3. Concessions 4. Real estate 12 Sacyr Vallehermoso
Slide 13: Construction
Resultados 2012 Construction In millions of euros 1H14 1H13 Chg. • Sharp increase in international revenue. Revenue which offsets the fall in activity in Spain. 696 740 -6.0% Spain 217 397 -45.2% • Improved operating margin. International 478 343 39.2% % international • Increase in backlog of 9% in
Slide 14: Industrial / Services
Resultados 2012 Industrial / Services In Millions of Euros •Sacyr Industrial international expansion: Bolivia. Mexico. 1H14 1H13 Chg. REVENUE 448 513 -12.6 % •Disposals 1H14: Olextra. Extragol and water concessions in Portugal. Environment 147 135 9.1% •New contracts in Water and Environment. Multis
Slide 15: Concessions
Resultados 2012 Concessions In millions of euros • 34 concessions. 9 under construction and 25 in operation. in 6 countries. 1H14 1H13 Chg. Revenue 118 66 78.3% • Increased revenue due to contribution from construction concessions in Chile + recovery in Revenue from concessions 37 40 -6.4% traffic o
Slide 16: Real estate
Resultados 2012 Real estate In Millions of Euros 1H14 1H13 Chg. • Top real estate company in Spain. Revenue 94 118 -20.7% • Operating margin stability. EBITDA 75 142 -47.2% NET PROFIT 35 70 -49.9% • Rental occupancy of 98%. • Reduction in income and EBITDA due to effect Recurring EBITDA (less relati
Slide 17: Stake in Repsol
Resultados 2012 Sacyr has a stake of 9.05% in Repsol. accounted for using the equity method. Repsol recognised profit after tax of €1,327Mn at 30 June 2014. Sacyr recognised €120Mn of its stake. Sacyr brought the carrying amount of its stake in Repsol into line with its fair value for €30Mn before t
Slide 18: Appendices
Resultados 2012 APPENDICES FINANCIAL STATEMENTS Income statement Balance sheet Income statement by line of business Balance sheet by line of business MANAGEMENT INFORMATION Maturity schedule at 30/6/2014 Debt maturity Revenue from concessions Concession traffic Rental income Discontinued operations:
Slide 19: Income statement
Resultados 2012 Income statement CONSOLIDATED INCOME STATEMENT JUNE Chg. (Thousands of Euros) 2014 2013* 14/13 Revenue 1,247,099 1,352,770 -7.8% Other revenue 31,524 36,606 -13.9% Gains on sales of buildings 4,489 47,608 -90.6% Total operating revenue 1,283,113 1,436,983 -10.7% External and operatin
Slide 20: Balance sheet
Resultados 2012 Balance sheet CONSOLIDATED BALANCE SHEET JUNE DECEMBER Chg. (Thousands of Euros) 2014 2013* 1H14 Non-current assets 7,859,542 8,113,651 -254,109 Intangible assets 7,508 9,337 -1,829 Investment property 1,846,774 1,860,918 -14,145 Concession projects 861,705 891,001 -29,296 PP&E 359,1
Slide 21: Consolidated balance sheet at June 2014
Resultados 2012 CONSOLIDATED BALANCE SHEET AT 30 JUNE 2014 Sacyr Sacyr Holdings and Somague Testa Valoriza TOTAL Construcción Concesiones Adjustments NON-CURRENT ASSETS 229,606 161,076 1,448,203 3,071,660 776,818 2,172,179 7,859,542 Intangible assets 199 39 35 70 6,208 956 7,508 Investment property
Slide 22: Consolidated balance sheet at December 2013
Resultados 2012 CONSOLIDATED BALANCE SHEET AT 31 DECEMBER 2013* Sacyr Sacyr Holdings and (Thousands of Euros) Somague Testa Valoriza TOTAL Construcción Concesiones Adjustments NON-CURRENT ASSETS 265,449 163,969 1,510,890 3,088,688 861,543 2,223,111 8,113,651 Intangible assets 189 60 29 81 8,071 908
Slide 23: Consolidated income statement as of June 2014
Resultados 2012 CONSOLIDATED INCOME STATEMENT AS OF JUNE 2014 Sacyr Sacyr (Thousands of Euros) Somague Testa Valoriza Holding Adjustments TOTAL Construcción Concesiones Turnover 420,056 275,631 117,974 93,448 448,221 -108,232 -122,605 1,247,099 Other Sales 9,678 12,322 1,224 5,493 7,194 104 -11,479
Slide 24: Consolidated income statement as of June 2013
Resultados 2012 CONSOLIDATED INCOME STATEMENT AS OF JUNE 2013* Sacyr Sacyr (Thousands of Euros) Somague Testa Valoriza Holding Adjustments TOTAL Construcción Concesiones Turnover 510,030 230,344 66,182 117,810 512,935 -84,532 -98,105 1,352,770 Other Sales 9,976 10,511 2,022 55,253 9,248 -2,796 -17,0
Slide 25: Maturity schedule
Resultados 2012 Maturity schedule Millions of euros Maturity schedule 2017 + Net financial debt JUNE 2014 2015 2016 seq. (Millions of Euros) 2014 Testa 1,702 73 110 137 1,382 Sacyr Concesiones 495 -8 31 135 338 Sacyr + Somague 135 0 49 12 73 Valoriza 262 8 36 35 183 Repsol YPF 2,245 -19 2.264 0 0 St
Slide 26: Sacyr Concesiones: revenue
Resultados 2012 Sacyr Concesiones: revenue REVENUE 1H14 1H13 Chg. (%) VIASTUR 3.3 3.3 1.6% AUTOVÍA DEL BARBANZA 4.3 2.0 110.3% AUTOVÍA DEL ERESMA 2.8 2.7 4.0% NEOPISTAS 0.7 0.7 -2.8% HOSPITAL DE PARLA (*) 2.2 6.7 -66.7% HOSPITAL DE COSLADA (*) 2.4 7.7 -68.7% SACYR CONCESIONES 0.9 0.8 3.0% AEROPUERTO
Slide 27: Sacyr Concesiones: Traffic
Resultados 2012 Sacyr Concesiones: Traffic ACCUMULATED ADT 2014 2013 Chg. (%) SHADOW TOLL MOTORWAYS AUTOVIA DEL NOROESTE 10.343 10.207 1.33% Ma-15 PALMA-MANACOR 19.764 19.597 0.85% AS-II OVIEDO-GIJÓN (VIASTUR) 21.669 21.293 1.77% AUTURSA CV-35 34.640 34.400 0.70% ERESMA 6.573 6.347 3.56% BARBANZA 11
Slide 28: Testa: Revenue by product
Resultados 2012 Testa: Revenue by product REVENUE (Millions of Euros) PRODUCT 1H 2014 1H 2013* Chg. 14/13 Offices 55.3 57.8 -4.2% Hotels 12.6 13.3 -5.7% Shopping centres 13.0 13.2 -0.9% Housing 5.8 6.1 -5.6% Industrial buildings 4.2 4.4 -3.0% Residences 0.4 0.4 1.8% Garages 0.6 0.6 -4.2% Services an
Slide 29: Accounting impact of IFRS 11
Resultados 2012 Accounting impact of IFRS 11 IFRS 11 “Joint Arrangements” may only be applied if revenue and EBITDA do not have a significant impact on net profit. The standard has a particular effect on the Construction business (due to the change in the accounting method of GUPC) and has a reduced
Slide 30: Discontinued operations: Vallehermoso
Resultados 2012 Discontinued operations: Vallehermoso • Summary of key aggregates: In millions of euros 1H14 1H13* Chg. Housing sales 20 29 -31.8% Extraordinary sales n.r. Land sales and revenue 13 - n.r. Revenue from services 0.3 1 -70% TOTAL SALES 33 30 10% No. of deeds signed (units) 65 111 -40%
Slide 31: Sacyr Vallehermoso
Resultados 2012 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. IFRS 11 was applied for the first time in 2014. Therefore. for comparison 31