Sacyr Sa · BME:SCYR
Sacyr Sa — Q1 2015 Earnings Presentation
26 slides from Sacyr Sa's earnings presentation, May 12, 2015
Slide 1: Results First Quarter 2015
Results First Quarter Q 2015 12 May 2015 1Q2015 – Presentation of Results 1
Slide 2: Contents
CONTENTS 1 Key points 1Q15 1. 2. Operational development 3. Performance by business area 4. Debt breakdown and maturities 5. Appendices 1Q2015 – Presentation of Results 2
Slide 3: Key points 1Q15
Key points 1Q15 Turning point December 2014 Operational p Th growth The th trajectory t j t off the th businesses b i is i continuing ti i development Consolidation in international markets Panama Canal – sound progress Corporate Start of Testa corporate transaction business Completion of Repsol ref
Slide 4: Operational development
Operational development 2 (€ millions) illi ) 1Q 2015 1Q 2014* Chg. 15/14 REVENUE 702 590 +19% EBITDA 111 90 + 23% EBITDA margin 16% 15% +0.6 pp EBIT 76 63 +21% NET PROFIT 25 5 24 +5% CONSTRUCTION BACKLOG 5,114 4,988 (Dec 2014) + 3% * Restated application IFRS 11 1Q2015 – Presentation of Results 4
Slide 5: Business areas
BUSINESS AREAS 1 Construction 1. 2. Concessions 3. Services 4. Industrial 5. Rental Property 1Q2015 – Presentation of Results 5
Slide 6: Construction
Construction Sales in the construction area increased by 22% € million 1Q 2015 1Q 2014 Chg. Revenue 368 301 +22% Spain p 100 77 +29% International 268 224 +20% EBITDA 18 20 ‐10% EBITDA margin g 4.8% 6.6% • +22% growth in global revenue • +20% 0% growth g o t in international te at o a revenue, e e u
Slide 7: Construction: growth in the backlog
Construction Growth in the backlog Country Project wins 1Q 2015 Spain Project wins 1Q 2015 Colombia Pumarejo bridge Murcia 2nd phase urban development Ireland University of Belfast Cádiz Construction of flour storage, mixing and bulk loading silos. Angola Transport Offices Ministry Valencia Extensio
Slide 8: Concessions
Concessions Growth at the concessions business due to the general upturn in traffic, the inauguration of the Rutas del Desierto motorway in Chile (4Q 2014) and the addition of the Longitudinal de la Sierra motorwayy in Peru ((2Q Q 2014). ) (€ millions) 1Q 2015 1Q 2014* Chg. Revenue 133 111 20% Const
Slide 9: Services
Services The services area remains stable in terms of revenue and margins. General: • Total revenue stable (€176m) € million 1Q 2015 1Q 2014 Chg. • EBITDA g growth ((€15m)) • EBITDA margin growth (8.3%) REVENUE 176 178 ‐1 % Environment: Environment 74 73 1% • Increase in revenue. • Margin improvemen
Slide 10: Industrial
Industrial Growth of Sacyr Industrial underpinned by new EPC contract awards • Increase in revenue due to new contract wins: € million 1Q 2015 1Q 2014 Chg. • Electricityy infrastructure ((substations: 1420 CFE REVENUE 53 43 +23 % Monterrey, ELCA Perú, and Stronelairg Scotland – Iberdrola-Scottish Po
Slide 11: Rental Property
Rental Property TESTA : stable and recurring revenue; quality management, with an occupancy level of 96%. 1Q 2015 1Q 2014 Chg. € million Revenue 46 46 0.6% • Leader in Spain's property sector EBITDA 35 37 -5.3% • Increase in revenue and recurring EBITDA ( t i i outt assett disposal (stripping di l g
Slide 12: Sacyr holds an 8.89% stake in Repsol
Sacyr holds an 8.89% stake in Repsol which is consolidated using the equity method. Sacyr has S h adjusted dj t d the th value l off its it Repsol R l stake t k tot reflect fl t the th increase i i Repsol's in R l' equity from conversion differences and its profit in 1Q2015 (€ 68m). It now stands at
Slide 13: Financial debt
Financial debt € million MARCH Net Debt DECEMBER 2014 2015 Testa 1,632 1,688 Sacyr Concesiones 1,735 1,042 Sacyr + Somague (Construction) 192 141 Valoriza 229 218 Industrial 47 38 Sub total Businesses 3,835 3,127 Repsol 2,272 2,248 Stake in Itínere 243 245 S b total Sub t t l Shareholdings Sh h ldi
Slide 14: Maturity schedule
Maturity schedule € million Maturity schedule MARCH Net financial debt 2015 2016 2017 2018 and + 2015 Testa 1,632 81 138 81 1,332 Sacyr Concesiones 1,735 56 425 87 1,167 Sacyr y + Somague g 192 68 29 32 63 Valoriza 229 55 22 25 127 Industrial 47 -9 14 11 31 Repsol 2,272 , -7 0 0 2,279 , Stake in Ití
Slide 15: Appendices
APPENDICES FINANCIAL STATEMENTS Income statement Consolidated balance sheet Income statement by line of business Balance sheet by line of business MANAGEMENT INFORMATION Testa asset valuation Rental income Concessions traffic Impact of change in consolidation method 1Q2015 – Presentation of Results
Slide 16: Income statement
Income statement STATEMENT OF INCOME MARCH % chg (Thousands of Euros) 2015 2014* 15/14 Revenue 701,927 701 927 590,080 590 080 19.0% 19 0% Other income 19,599 14,831 32.2% Gain on sale of building 0 2,290 ‐100.0% Total operating income 721,526 607,201 18.8% External and Operating Expenses ‐610,634 ‐
Slide 17: Consolidated balance sheet
Consolidated balance sheet BALANCE SHEET MARCH DECEMBER Chg (Thousands of Euros) 2015 2014 15/14 NON CURRENT ASSETS 9,768,823 8,628,943 1,139,880 Intangible Assets 7 893 7,893 6 913 6,913 980 Real Estate Investments 1,841,074 1,846,596 ‐5,522 Concessions Investments 1,646,462 1,213,675 432,787 Fixed
Slide 18: 1Q2015 income statement by line of business
1Q2015 income statement by line of business CONSOLIDATED INCOME STATEMENT AS OF MARCH 2015 Sacyr Sacyr Sacyr Holding and (Thousands of Euros) Somague Testa Valoriza TOTAL Construcción Concesiones Industrial Adjustments Turnover 271,461 96,881 132,697 46,354 175,533 52,777 ‐73,776 701,927 Other Sales
Slide 19: 1Q2014 income statement by line of business
1Q2014 income statement by line of business CONSOLIDATED INCOME STATEMENT AS OF MARCH 2014* Sacyr Sacyr Sacyr Holding and (Thousands of Euros) Somague Testa Valoriza TOTAL Construcción Concesiones Industrial Adjustments Turnover 180,212 120,916 110,665 46,096 178,231 42,967 ‐89,007 590,080 Other Sal
Slide 20: 1Q2015 balance sheet by line of business
1Q2015 balance sheet by line of business CONSOLIDATED BALANCE SHEET AS OF MARCH 2015 Sacyr Sacyr Holding and (Thousands of Euros) Somague Testa Valoriza Sacyr Industrial TOTAL Construcción Concesiones Adjustments NON CURRENT ASSETS 307,151 167,544 3,384,323 3,095,491 646,053 128,239 2,040,021 9,768,
Slide 21: 2014 balance sheet by line of business
2014 balance sheet by line of business CONSOLIDATED BALANCE SHEET AS OF DECEMBER 2014 Sacyr Sacyr Holding and (Thousands of Euros) Somague Testa Valoriza Sacyr Industrial TOTAL Construcción Concesiones Adjustments NON CURRENT ASSETS 272,511 170,429 2,448,378 3,118,893 644,498 129,629 1,844,605 8,628
Slide 22: Testa: Market value of assets
Testa: Market value of assets € million Assets appraised pp at €3,180Mn , Implicit capital gains of €1,054Mn LTV maintained at 54% Net Debt Valuation 12.31.13 Sale of assets Change in valuation Valuation 12.31.14 3,287 ‐166 59 3,180 1Q2015 – Presentation of Results 22
Slide 23: Testa: Revenue by product
Testa: Revenue by product REVENUE (€ million) PRODUCT March 2015 March 2014 Chg. 15/14 Offices 26.3 26.4 -0.3% Hotels 6.4 6.3 2.5% Shopping centres 6.7 6.6 2.0% Housing 2.8 2.9 -1.9% Industrial premises 2.3 2.0 11.9% Residences 0.2 0.2 1.7% Garages 0.3 0.3 6.0% Services and other 1.3 1.5 -16.0% LFL
Slide 24: Concessions: revenue breakdown
Concessions: revenue breakdown REVENUE AS OF MARCH ADT MARCH 2015 2014 Var. (% ) 2015 2014 Var. (% ) AUTOVÍA DEL TURIA 2,776 - - 35,050 33,469 4.7% AUTOVÍA NOROESTE C.A.R.M. 1,956 - - 10,866 10,154 7.0% VIASTUR 1,660 1,637 1.4% 21,883 21,560 1.5% PALMA MANACOR 2,004 - - 18,603 17,629 5.5% AUTOVÍA DE
Slide 25: Concessions: impact of change to consolidation method
Concessions: impact of change to consolidation method Revenue as of March Thousands of euros Change in consolidation scope due to corporate resolutions that delimit the control of certain % Stake 2015 2014 Var concessions AUTOVÍA DEL TURIA 51% 2,776 0 2,776 AUTOVÍA NOROESTE C.A.R.M. 51% 1,956 0 1,95
Slide 26: Note on financial information
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. The financial statements at 31 March 2014 have been reformulated in accordance with NIIF11 1