Sacyr Sa · BME:SCYR
Sacyr Sa — Sacyr Vallehermoso — FY2011 Earnings Presentation
34 slides from Sacyr Sa's earnings presentation, Feb 29, 2012
Slide 1: Second half results
Second half results 29 February 2012
Slide 2: Second half results agenda
Second half results 2011 highlights 2011 results Business areas Appendices 2 Sacyr Vallehermoso
Slide 3: 2011 highlights
2011 highlights INTERNATIONAL activity in core businesses Business areas PROFITABILITY: cost containment / focus on margins DEBT: reduction and rescheduling REDUCTION in shareholding / decrease in debt Stake in Repsol Modification and renewal of financing VISIBILITY AND RECURRENCE IN EBIT
Slide 4: Strong international activity
Strong international activity CONSTRUCTION BACKLOG €50,483 million 62% INTERNATIONAL Internat. 77% CONCESSIONS Internat. 74% SERVICES Internat. 25% 33% 4 Sacyr Vallehermoso
Slide 5: Profitability: EBITDA margin
Profitability: EBITDA margin 13.5% 78.7% 79.8% 70.9% 65.4% 11.9% 16.0% 14.9% 6.1% 5.8% Construction Services Concessions Rental Property SyV 2010 2011 Group 5 Note: EBITDA from residential development 2H11 = -29.5% yoy = -6.8% Sacyr Vallehermoso
Slide 6: Borrowings
Borrowings . December December Net debt % Chg 2011 2010 Capital-intensive activities 5,089 4,833 5% Testa 2,413 2,425 0% Sacyr Concesiones 1,375 1,107 24% Vallehermoso 1,301 1,300 0% Other business areas 623 539 16% Sacyr + Somague 157 -39 Valoriza 466 578 -19% Equity investments 2,611 5,209 -50% Re
Slide 7: Borrowings by type of debt
Borrowings TYPE OF DEBT December Corporate Net debt Structured (1) Project finance 2011 Testa 2,413 2,413 Sacyr Concesiones 1,375 1,375 Vallehermoso 1,301 1,301 Sacyr + Somague 157 55 102 Valoriza 466 296 170 Repsol YPF 2,354 2,354 Stake in Itínere 257 257 Corporate 322 322 TOTAL 8,645 4,139 4,184 3
Slide 8: Debt reduction
Debt reduction Reduction of debt of more than €10,600 million 2008 - 2011 €19,526m €11,861m €10,995m €8,831m Corp. debt = 1,866 Corp. debt = 527 Corp. debt = 414 Corp. debt = 322 2008 2009 2010 2011 8 Sacyr Vallehermoso
Slide 9: Debt rescheduling
Debt rescheduling 96% of debt is long-term, with 75% maturing at 4 or more years 6 -20 8,831 6,605 25 950 974 302 NET DEBT 2012 2013 2014 2015 + 2011 9 MATURITY Sacyr Vallehermoso
Slide 10: Backlog: high visibility
Backlog: high visibility € million AT 31 DECEMBER 2011 % of BACKLOG BY ACTIVITY Backlog EBITDA(1) Implied EBITDA Sacyr - Somague (construction backlog) 6,681 5.8% 386 Vallehermoso (pre-sales) 59 Sacyr Concesiones (revenue backlog) 29,233 65.4% 19,131 Testa (leases backlog) 2,431 79.8% 1,940 Valoriza
Slide 11: Second half results agenda
Second half results 2011 highlights 2011 results Business areas Appendices 11 Sacyr Vallehermoso
Slide 12: 2011 Results
2011 Results Concessions 99 Construction 141 Services 158 Rental Property 200 Housing. -53 Adjustments -12 • Stability at Testa • Excellent performance in Services • Better results in Concessions • Smaller negative impact from Residential Development 12 Sacyr Vallehermoso
Slide 13: Second half results agenda
Second half results 2011 highlights 2011 results Business areas Appendices 13 Sacyr Vallehermoso
Slide 14: Construction
Construction € million CONSTRUCTION 2011 2010 Chg Revenue 2,439 2,819 -13% Spain 1,253 1,553 -19% •Strong international contracting International 1,185 1,266 -6% •Growth in international revenues EBITDA 141 171 -17% mitigates slowdown in Spain EBITDA margin 5.8% 6.1% - 0.3 •Steady margins 2011 BACKL
Slide 15: Concessions
Concessions € million Chg CONSTRUCTION 2011 2010 •International contracting, financing completed Backlog Investment Revenue 573 534 7% Concepción Cabrero €400 million €170 million Concession revenue 152 94 62% Access to Iquique €247 million €88 million La Serena – Vallenar €754 million €220 million
Slide 16: Services
Services € million CONSTRUCTION 2011 2010 Chg •Organic growth and excellent margin REVENUE 991 1,000 -0.8% performance by the businesses Environment 326 301 8.3% •Close monitoring of working capital •Major international contract wins (desalination) Water 257 294 -12.6% and strong domestic contractin
Slide 17: Rental Property
Rental Property € million % Chg CONSTRUCTION 2011 2010 •Stable operating profit Revenue 251 250 0.4% EBITDA 200 197 1.8% •Improved financial result, driving sharp increase in net profit EBITDA margin 79.8% 78.7% 1.1 NET PROFIT 72 61 18.7% •Occupancy of over 97% •Contribution of 35% of Group EBITDA •
Slide 18: Residential Development
Residential Development € million 2011 CONSTRUCTION 2011 2010 Chg No. housing deeds REVENUE 180 783 -77% 577 exchanged Housing 172 478 -64% No. unsold homes 1,153 Extraordinary housing sales - 31 -100% GAV 2011 = €2,184 million Extraordinary land sales 1 268 -99% Services 7 6 3% Finished constructio
Slide 19: Repsol
Repsol In December, SyV refinanced the €2,447 million loan taken out to acquire Repsol through a modification and renewal of the original loan: % stake in Repsol 10.01% held by SyV Amount refinanced €2,447 million Maturity January 2015 Interest rate (10,01%) Euribor+350bp The remainder was repaid
Slide 20: Second half results agenda
Second half results 2011 highlights 2011 results Business areas Appendices 20 Sacyr Vallehermoso
Slide 21: Appendices
Second half results Appendices FINANCE STATEMENTS •Consolidated income statement •Consolidated balance sheet •Consolidated income statement by business areas in 2011 and 2010 •Consolidated balance sheet by business at 31 December 2011 and 2010 ASSET VALUATION •Testa •Vallehermoso MANAGEMENT INFORMAT
Slide 22: Consolidated income statement
Consolidated income statement YEAR ENDED 31 € million DECEMBER % Chg. CONSOLIDATED INCOME STATEMENT 2011 2010 2011/2010 Revenue 3,949 4,820 -18.1% Other income 299 296 1.1% External and operating expenses -3,715 -4,545 -18.3% GROSS OPERATING INCOME 533 572 -6.7% Depreciation and amortisation -206 -1
Slide 23: Consolidated balance sheet
Consolidated balance sheet € million AT 31 DECEMBER Chg CONSOLIDATED BALANCE SHEET 2011 2010 2011/2010 Non-current assets 10,866 14,588 - 3,722 Investment properties 2,624 2,654 -30 Concession projects 1,709 1,646 63 Financial assets 5,756 9,462 -3,705 Other non-current assets 777 826 -49 Current as
Slide 24: Analysis of income
Analysis of income € million 2011 2010 € million 2011 2010 SyV Group net profit/(loss) -1,604 204 RECURRING PROFIT 106 111 Testa 72 61 Non-recurring -1,711 98 Construction 63 75 Repsol -208 98 Valoriza 36 39 Loss on sale of Repsol -940 0 Concessions -13 -39 Writedown of Radiales -445 0 Vallehermoso
Slide 25: Consolidated income statement by business 2011
Consolidated income statement by business for the year ended 31 December 2011 2009 CONSOLIDATED INCOME STATEMENT AS OF DECEMBER 2011 (Thousands of Euros) Sacyr Concessions Vallehermoso Testa Valoriza Somague Holding Adjustments TOTAL Revenue 1,743,051 573,226 179,606 250,902 991,901 695,730 36,153 -
Slide 26: Consolidated income statement by business 2010
Consolidated income statement by business for the year ended 31 December 2010* CONSOLIDATED INCOME STATEMENT AS OF DECEMBER 2010 (Thousands of Euros) Sacyr Concessions Vallehermoso Testa Valoriza Somague Holding Adjustments TOTAL Revenue 2,019,838 533,925 783,180 249,911 1,000,402 799,331 43,784 -60
Slide 27: Consolidated balance sheet by business 2011
Consolidated balance sheet by business at 31 December 2011 CONSOLIDATED BALANCE SHEET AS OF DECEMBER 2011 (Thousands of Euros) Sacyr Concessions Vallehermoso Testa Valoriza Somague Holding Adjustments TOTAL NON CURRENT ASSETS 362,872 2,317,661 106,827 3,769,082 1,043,107 168,663 8,539,277 -5,441,548
Slide 28: Consolidated balance sheet by business 2010
Consolidated balance sheet by business at 31 December 2010 CONSOLIDATED BALANCE SHEET AS OF DECEMBER 2010 (Thousands of Euros) Sacyr Concessions Vallehermoso Testa Valoriza Somague Holding Ajustes TOTAL NON CURRENT ASSETS 320,623 2,111,734 110,130 3,788,903 1,051,926 171,760 10,138,199 -3,105,182 14
Slide 29: Borrowings: maturity schedule
Borrowings: maturity schedule € million December Maturity Net debt 2011 12 13 14 Beyond Capital-intensive activities 5,089 46 803 724 3,516 Testa 2,413 12 702 512 1,187 Sacyr Concesiones 1,375 -27 45 209 1,148 Vallehermoso 1,301 61 56 3 1,181 Other business areas 623 88 162 41 332 Sacyr + Somague 15
Slide 30: Testa: Fair value of assets
Testa: Fair value of assets Fair value of assets (€ million) Industrial Senior citizens' 4,105 4,073 3% homes Construction in 0% progress, land and Hotels other 12% Other uses 2% 1% 2,425 2,413 Residential rentals 8% 1,157 1,162 Shopping centres 8% Offices 65% Dec 10 Dec 11 GAV Unrealised gains Net
Slide 31: Vallehermoso: Asset Valuation
Vallehermoso: Asset Valuation € million 31 December Chg 2011/2010 ASSET APPRAISAL 2011 2010 Absolute % Related to land 1,549 1,608 -59 -3.7% Related to finished goods and other 635 801 -166 -20.1% Work-in-progress - 29 -29 n.m. TOTAL 2,184 2,438 -254 -10.4% UNREALISED GAINS 512 591 -79 -13.4% 31 Sac
Slide 32: Testa: Revenue by product
Testa: Revenue by product € million AT 31 DECEMBER Chg 2011/2010 PRODUCT 2011 2010 Offices 166 165 0.6% Shopping centres 25 25 -0.5% Hotels 29 28 2.2% Housing 13 13 2.0% Industrial premises 10 11 -10.4% Senior citizens' homes 2 2 0.6% Garages 1 1 2.1% Services and other 5 5 1.8% REVENUE 251 250 0.4%
Slide 33: Sacyr Concesiones: Traffic
Sacyr Concesiones: Traffic REVENUE TO 31 DECEMBER ADT THROUGH DECEMBER 2011 2010 Chg. (%) 2011 2010 Chg. (%) Turia (*) 5,643 2,514 124.5% 36,374 37,302 -2.5% Aunor (*) 3,827 1,630 134.8% 11,076 11,814 -6.3% Viastur 6,578 6,247 5.3% 22,518 22,045 2.1% Palma – Manacor 3,405 3,257 4.6% 20,642 20,993 -1
Slide 34: NOTE: The financial information presented in this document has been prepared in accordance with
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.