Sacyr Sa · BME:SCYR
Sacyr Sa — 9M 2014 Earnings Presentation
28 slides from Sacyr Sa's earnings presentation, Nov 13, 2014
Slide 1: Results 9M14
Resultados 2012 Results 9M14 13 November 2014 1 Sacyr Vallehermoso
Slide 2: Index
Resultados 2012 INDEX 1. Highlights 2. Operating performance 3. Reduction of financial debt 4. Business areas 5. Appendices 2 Sacyr Vallehermoso
Slide 3: 9M14 highlights
Resultados 2012 9M14 highlights Construction backlog +20% Growth Industrial construction backlog +86% Concession revenue +33% FURTHER GROWTH IN CORE Profitability Construction EBITDA margin 5.9% BUSINESSES Panama Canal: agreement signed International International construction revenue +39% expansion
Slide 4: Operating performance
Resultados 2012 Operating performance (€ million) Chg. 9M 2014 9M 2013 14/13 NET PROFIT 83 80 +3% REVENUE 1,979 2,028 -2% INTERNATIONAL (Revenue) 46% 44% +2bp Total backlog** 26,736 27,345 -2% Construction backlog** 5,265 4,396 +20% Months of activity** 42 36 * Restated due to application of IFRS 11
Slide 5: Backlog
Resultados 2012 Backlog As a result of the successful internationalization strategy, the construction backlog grew 20% in 9M14 Total backlog €26,736 Mn Testa 1.2 % International backlog Sacyr Valoriza 8.7 Concesiones 11.5 Construction 83% Concessions 45% Services 25% Sacyr + Somague 5.3 (€ Bn) 5 Sac
Slide 6: EBITDA 9M14
Resultados 2012 EBITDA 9M14 € million 370 46** -30 277 -10 -7 -4 4** 324* Disposals Renewables Non-recurring Businesses 273* Stable profitability across the businesses EBITDA EBITDA September 2013 September 2014 6 * Excluding gains on sales of properties Sacyr Vallehermoso ** Gains on sales of prope
Slide 7: Reduction of financial debt in 9M14
Resultados 2012 Reduction of financial debt in 9M14 € million 6,642 IFRS 11 -5.2% 6,298 NET DEBT NET DEBT December 2013 September 2014 7 Sacyr Vallehermoso
Slide 8: Financial debt
Resultados 2012 Financial debt € million TYPE OF DEBT September Linked to Net Debt Structured contracts and Corporate 2014 works Testa 1,655 1,655 Sacyr Concesiones 978 978 Sacyr + Somague (Construction) 158 47 110 Valoriza 271 164 107 Subtotal Businesses 3,062 2,844 218 Repsol 2,276 2,276 Stake in
Slide 9: Debt rescheduling
Resultados 2012 Debt rescheduling 6,298 2,538 25 778 625 2,258 99 NET DEBT 2014 2015 2016 2017 + September 2014 MATURITIES 9 Sacyr Vallehermoso
Slide 10: Business areas
Resultados 2012 BUSINESS AREAS 1. Construction 2. Industrial / Services 3. Concessions 4. Rental Property 10 Sacyr Vallehermoso
Slide 11: Construction
Resultados 2012 Construction € million • Growth in total revenue driven by 39% increase in international revenue 9M 2014 9M 2013 % Chg Revenue 1,124 1,092 3.0% • Profitability: improved operating margin Spain 336 524 -35.9% • Increase in backlog of 20% due to contract wins in: International 788 568
Slide 12: Industrial / Services
Resultados 2012 Industrial / Services € million 9M 2014 9M 2013 % Chg • Sacyr Industrial international expansion: REVENUE 670 753 -11.1 % Bolivia, Peru, Mexico. 86% like-for-like increase in backlog. Environment 221 205 7.8% •Disposals in 9M 2014: Olextra, Extragol and Multiservices 206 200 3.2% wat
Slide 13: Concessions
Resultados 2012 Concessions € million • 33% increase in revenue due to contribution 9M 2014 9M 2013 % Chg from construction concessions in Chile + recovery in traffic on our concessions Revenue 302 227 33% Concession revenue 89 92 -4% • Impact on concession revenue and EBITDA of disposals Constructi
Slide 14: Rental property
Resultados 2012 Rental property € million • Top real estate company in Spain 9M 2014 9M 2013 % Chg • Stable operating margin Revenue 141 167 -15.6% • 96% occupancy EBITDA 111 179 -37.9% Recurring EBITDA (ex- • Reduction in income and EBITDA due to impact disposals and non-recurring 106 133 -19.7% of
Slide 15: Repsol stake
Resultados 2012 Sacyr holds a 9.05% stake in Repsol which is consolidated using the equity method. Repsol reported a 28% year-on-year increase in net profit for the nine months ended 30 September 2014 to €1,646 million, of which Sacyr's share amounted to €149 million. Sacyr reduced the carrying amou
Slide 16: Appendices
Resultados 2012 APPENDICES FINANCIAL STATEMENTS Income statement Consolidated balance sheet Income statement by line of business Balance sheet by line of business MANAGEMENT INFORMATION Maturity schedule at 30/9/14 Concession traffic Rental income Discontinued operations: Vallehermoso Accounting imp
Slide 17: Income statement
Resultados 2012 Income statement STATEMENT OF INCOME SEPTEMBER % chg (Thousands of Euros) 2014 2013* 14/13 Revenue 1,978,642 2,027,751 -2.4% Other income 57,302 60,661 -5.5% Gain on sale of building 4,492 46,046 -90.2% Total operating income 2,040,436 2,134,458 -4.4% External and Operating Expenses
Slide 18: Consolidated balance sheet
Resultados 2012 Consolidated balance sheet BALANCE SHEET SEPTEMBER DECEMBER Chg (Thousands of Euros) 2014 2013* 9M 14 NON CURRENT ASSETS 8,861,442 8,763,467 97,975 Intangible Assets 6,693 9,371 -2,678 Real Estate Investments 1,841,378 1,860,918 -19,540 Concessions Investments 1,197,125 1,234,544 -37
Slide 19: Income statement by line of business
Resultados 2012 Income statement by line of business CONSOLIDATED INCOME STATEMENT AS OF SEPTEMBER 2014 Sacyr Sacyr Holding and (Thousands of Euros) Somague Testa Valoriza TOTAL Construcción Concesiones Adjustments Turnover 715,339 408,633 302,035 140,737 669,845 -257,947 1,978,642 Other Sales 18,67
Slide 20: Income statement by line of business
Resultados 2012 Income statement by line of business CONSOLIDATED INCOME STATEMENT AS OF SEPTEMBER 2013* Sacyr Sacyr Holding and (Thousands of Euros) Somague Testa Valoriza TOTAL Construcción Concesiones Adjustments Turnover 760,961 330,699 226,834 166,761 753,092 -210,595 2,027,751 Other Sales 16,9
Slide 21: Balance sheet by line of business
Resultados 2012 Balance sheet by line of business CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 2014 Sacyr Sacyr Holding and (Thousands of Euros) Somague Testa Valoriza TOTAL Construcción Concesiones Adjustments NON CURRENT ASSETS 225,348 164,826 2,314,100 3,085,864 766,253 2,305,051 8,861,442 Intangib
Slide 22: Balance sheet by line of business
Resultados 2012 Balance sheet by line of business CONSOLIDATED BALANCE SHEET AS OF DECEMBER 2013* Sacyr Sacyr Holding and (Thousands of Euros) Somague Testa Valoriza TOTAL Construcción Concesiones Adjustments NON CURRENT ASSETS 265,449 163,969 2,168,484 3,088,688 861,543 2,215,334 8,763,467 Intangib
Slide 23: Maturity schedule
Resultados 2012 Maturity schedule € million Maturity schedule Net financial debt SEPTEMBER 2014 2015 2016 2017 + (€ million) 2014 Testa 1,655 42 93 137 1,383 Sacyr Concesiones 978 -68 142 265 639 Sacyr + Somague 158 -32 85 19 86 Valoriza 271 -67 114 35 189 Repsol 2,276 18 2,258 0 0 Stake in Itínere
Slide 24: Sacyr Concesiones: Traffic
Resultados 2012 Sacyr Concesiones: Traffic ACUMULATED IMD SEPTEMBER 2014 SEPTEMBER 2013 Var(%) DIRECT TOOLL ABROAD 14,539 14,364 1.22% N6 GALWAY - BALLINASLOE (IRLANDA) 9,661 9,356 3.26% VALLES DEL DESIERTO (CHILE) 4,878 5,008 -2.60% TRANSPORT HUB (Nº of traveller) 13,042,608 13,026,565 0.12% SHADOW
Slide 25: Testa: Revenue by product
Resultados 2012 Testa: Revenue by product REVENUE (€ million) PRODUCT 9M 2014 9M 2013* Chg. 14/13 Offices 82.7 85.9 -3.7% Hotels 19.0 20.0 -5.1% Shopping centres 19.5 19.6 -0.2% Housing 8.7 9.1 -4.8% Industrial premises 6.4 6.5 -0.1% Residences 0.5 0.5 1.9% Car parks 0.9 0.9 1.7% Mixed use 4.2 3.4 2
Slide 26: Accounting impact of IFRS 11
Resultados 2012 ACCOUNTING IMPACT OF IFRS 11 Application of IFRS 11 Joint Arrangements resulted in a decline in revenue and EBITDA, with no impact on net profit. The standard affects, in particular, the Concessions and Construction businesses (due to the change in the consolidation method of GUPC).
Slide 27: Discontinued operations: Vallehermoso
Resultados 2012 Discontinued operations: Vallehermoso • Summary of key highlights: € million 9M14 9M13* % Chg. Sale of housing units 26 43 -40% Extraordinary sales 8 10 -20% Land sales and revenue 34 6 n.m. Service revenue 0.4 2 n.m. TOTAL SALES 68 61 12% No. deeds signed (units) 98 220 -55% Housing
Slide 28: 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 28