Sacyr Sa · BME:SCYR
Sacyr Sa — Sacyr Vallehermoso — Q3 2012 Earnings Presentation
23 slides from Sacyr Sa's earnings presentation, Nov 14, 2012
Slide 1: Results Third Quarter 2012
3Q12 1 Results Third Quarter 2012 14 NOVEMBER 2012 Sacyr Vallehermoso
Slide 2: Index
3Q12 2 Index • Highlights • Profitability • International activity • Backlog • Borrowings • Business Areas • Appendices Sacyr Vallehermoso
Slide 3: Third Quarter 2012
3Q12 3 Third Quarter 2012 Solid earnings performance in the third quarter, featuring: Higher revenue than in preceding quarters Steady EBITDA Tight control over operating expenses Strong backlog: efforts in international contracting 30 Sept Chg. in (€ million) 3Q12 3Q11 2012 3Q12/11 2,650 REVENUE 90
Slide 4: EBITDA
3Q12 4 EBITDA 421 (€ million) 168 399 148 124 124 111 78 73 68 5.7% 5.3% 17.2% 14.9% 67.4% 63.0% 79.9% 89.0% 13.9% 15.1% Construction Services Concessions Rental Property SACYR Sep 2011 Sep 2012 Note: EBITDA of the Rental Property division in 2012 includes €19mn of proceeds from asset disposals. EBI
Slide 5: International activity
3Q12 5 BACKLOG: €39,378 million International activity 54% INTERNATIONAL Major contract wins in Panama, Angola, Chile and Togo, among others, in 3Q12. Internacional 54% Contract wins after 3Q12 will increase the international backlog by more than €1,700 million: Antofagasta Hospital construction and
Slide 6: Net debt
3Q12 6 Net debt (Millions of euros) TYPE OF DEBT SEP Linked to contracts Corporate December Net debt Structured (1) 2012 and works 2011 Testa 2,375 2,375 2,413 Sacyr Concesiones 1,384 1,384 1,375 Vallehermoso 1,306 1,306 1,301 Sacyr + Somague 228 56 172 157 Valoriza 421 278 143 466 Repsol YPF 2,393
Slide 7: Maturity schedule
3Q12 7 Maturity schedule (€ million) Maturity schedule NET DEBT 2012 2013 2014 2015 + September (€ million) 2012 Testa 2,375 -29 692 517 1,195 Sacyr Concesiones 1,384 -95 46 45 1,388 Vallehermoso 1,306 54 34 29 1,190 Sacyr Construcción + Somague 228 -103 205 7 118 Valoriza 421 -56 103 62 313 Repsol
Slide 8: Construction
3Q12 8 Construction € million •International activities account for 9M 9M % over half of total revenue CONSTRUCTION Chg. 2012 2011 Revenue 1,455 1,945 -25% •Selective tenders in stable countries Spain 710 1,049 -32% with no political risk Portugal 120 284 -58% •Steady margins ROW 625 612 2% % intern
Slide 9: Services
3Q12 9 Services € million •Organic growth and excellent margin 9M 9M performance by the businesses 2012 2011 % Chg. •Impact of electricity/gas price spread in 2011 REVENUE 836 721 16% on quarterly comparisons in the Energy Water 273 177 55% business Alternative energies 143 128 12% •Temporary margin
Slide 10: Concessions
3Q12 10 Concessions € million 9M 9M • Positive outlook for new international CONSTRUCTION % Chg. 2012 2011 tenders: One hospital and one motorway contract in Chile won in 4Q12 will increase Revenue 193 369 -48% the international backlog by €1,680 million Concession revenue 115 101 14% •Financing of
Slide 11: Rental Property
3Q12 11 Rental Property € million % 9M 9M Chg. CONSTRUCTION 2012 2011 •Stable operating profit Revenue 188 185 1.5% •LFL revenue growth of 3% EBITDA 168 148 13% EBITDA margin 89% 80% •Asset rotation: sales generate €19 million NET PROFIT 77 53 45% •Occupancy rate of over 96% •GAV: €4,073 million 9M
Slide 12: Residential Development
3Q12 12 Residential € million Development 9M 9M % Chg. CONSTRUCTION 2012 2011 REVENUE 115 130 -12% Housing 62 124 -50% Land 48 1 n.m. Services 4 5 -19% EBITDA -27 -15 -78% EBITDA margin -23% -11% At 30 September 2011 Debt GAV Related to finished goods 340 635 Related to land 984 1,549 Cash and cash
Slide 13: Sacyr Vallehermoso
3Q12 13 Sacyr holds a 9.7% stake in Repsol which is consolidated using the equity method. • Repsol posted a post-tax profit of €1,796 million for 9M 2012. Sacyr's share amounts to €185 million. •Sacyr has written down the carrying amount of its stake in Repsol to its fair value of €2,600 million, wi
Slide 14: Appendices
3Q12 14 Appendices FINANCIAL STATEMENTS •Consolidated income statement •Consolidated balance sheet •Consolidated income statement by business area •Consolidated balance sheet by business area MANAGEMENT INFORMATION •Rental income •Concession revenue and traffic Sacyr Vallehermoso
Slide 15: Consolidated income statement
3Q12 15 Consolidated income statement STATEMENT OF INCOME SEPTEMBER % Chg 3Q 3Q 3Q Chg. (Thousands of Euros) 2012 2011 12/11 2012 2011 12/11 Turnover 2,649,634 3,027,009 -12.5% 908,230 936,554 -3.0% Other Sales 130,696 215,424 -39.3% 35,349 63,492 -44.3% Total Income 2,780,329 3,242,433 -14.3% 943,5
Slide 16: Consolidated balance sheet
3Q12 16 Consolidated balance sheet BALANCE SHEET September December Chg. (Thousands of Euros) 2012 2011 9M 2012 NON CURRENT ASSETS 9,974,341 10,795,321 -820,980 Intangible Assets 11,168 14,982 -3,815 Real Estate Investments 2,554,552 2,623,606 -69,054 Concessions Investments 1,481,793 1,594,395 -112
Slide 17: Income statement by business at September 2012
3Q12 17 Income statement by business at 30 September 2012 CONSOLIDATED INCOME STATEMENT AS OF SEPTEMBER 2012 Sacyr Sacyr (Thousands of Euros) Somague Vallehermoso Testa Valoriza Holding Adjustments TOTAL Turnover Construcción 1,068,317 2009 386,535 Concesiones 192,942 114,602 188,304 835,704 21,099
Slide 18: Income statement by business at September 2011
3Q12 18 Income statement by business at 30 September 2011 CONSOLIDATED INCOME STATEMENT AS OF SEPTEMBER 2011 Sacyr Sacyr (Thousands of Euros) Somague Vallehermoso Testa Valoriza Holding Adjustments TOTAL Construcción Concesiones Turnover 1,425,749 519,693 369,311 130,161 185,445 720,645 24,696 -348,
Slide 19: Consolidated balance sheet by business at September 2012
3Q12 19 Consolidated balance sheet by business at 30 September 2012 CONSOLIDATED BALANCE SHEET AS OF DECEMBER 2012 Sacyr Sacyr (Thousands of Euros) Somague Vallehermoso Testa Valoriza Holding Adjustments TOTAL Construcción Concesiones NON CURRENT ASSETS 359,062 156,428 2,117,514 98,396 3,820,865 1,0
Slide 20: Consolidated balance sheet by business at December 2011
3Q12 20 Consolidated balance sheet by business at 31 December 2011 CONSOLIDATED BALANCE SHEET AS OF DECEMBER 2011 Sacyr Sacyr (Thousands of Euros) Somague Vallehermoso Testa Valoriza Holding Adjustments TOTAL Construcción Concesiones NON CURRENT ASSETS 362,872 168,663 2,245,983 101,700 3,769,082 1,0
Slide 21: Testa: Revenue by product
3Q12 21 Testa: Revenue by product € million SEPTEMBER Chg. 12/11 PRODUCT 2012 2011 Offices 124.8 121.6 2.6% Shopping centres 19.2 18.3 4.7% Hotels 21.8 21.3 2.2% Housing 9.8 10.2 -3.9% Industrial premises 6.5 7.4 -11.9% Senior citizens' homes 1.4 1.4 1.1% Car parks 0.9 0.9 0.8% Services and other 3.
Slide 22: Sacyr Concesiones: Traffic
3Q12 22 Sacyr Concesiones: Traffic Revenue to 30 September ADT through Septem ber (Thousand of euros) 2012 2011 C hg. (%) 2012 2011 Chg. (%) HOSPITAL D E COSLADA 10,437 10,571 -1.3% - - - HOSPITAL D E PARLA 9,690 9,850 -1.6% - - - VIASTUR 4,853 4,944 -1.8% 21,654 22,566 -4.0% INTERCAMBIADOR DE MONCL
Slide 23: 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.