9M18 Key figures Figures in € million Like for Like Var. (1) YoY Var. 27,091 SALES +5.2 % +11,4 % +12.3 % 1,806 +5.5 % EBITDA +16.4 % 1,350 +9.3 % EBIT +20.9 % 691 +14.6 % NET PROFIT 1,927 +24.7 % LTM Operating Cash Flow (2) - € 1,544 mn (128) NET DEBT +10.2 % 70,329 +7.7 % BACKLOG (1) Adjusted by FX (Forex) impact (2) EBITDA – Net financial expenses and taxes + dividends received – other operating cash income/expenses + WC variations – Net CAPEX LTM = Last 12 months Operating Cash Flow 9M18 – Results Presentation 2
Sales evolution across activities and core markets GRUPO ACS 10.37 € bn sales + 15.6 % ex FX In € million + 11.4 % + 7.7 % ex FX 5.27 € bn sales Key markets ex F/X 1,601 + 17.2 % 3.83 € bn sales 27,091 + 5.2 % + 27.5% ex FX 1.0 € bn sales 25,758 -0,6% 0.7 € bn sales 9M18 9M17 CONSTRUCTION INDUSTRIAL SERVICES SERVICES + 12.3 % + 8.7 % ex ex F/X 1,343 F/X + 5.2 % 20,874 257 + 5.6 % 1 ex F/X 19,775 5,109 + 3.5 % 1,121 4,936 + 5.1 % 1,067 9M17 9M18 9M17 9M18 9M18 9M17 9M18 – Results Presentation 3
Operating results - EBITDA CONSTRUCTION INDUSTRIAL SERVICES SERVICES € million +14.2% ex FX F/X 1,281 +9.0% ex FX +9.5% ex FX 1,197 F/X 513 F/X 498 59 54 9M17 9M18 9M17 9M18 9M17 9M18 • • Margin stability accross activities Significant F/X negative impact 9M18 – Results Presentation 4
Net Profit by activities Var. 9M17 9M18 Figures in € million 282 324 Construction Net Profit (ex ABE via HOT ) +14.8% 252 260 Industrial Services Net Profit +3.3% 23 25 Services Net Profit (ex SINTAX) +7.8% Net Profit from activities 557 609 +9.3 % Abertis Contribution 0 123 0 Net Capital gains & other non-recurrent results (1) 98 (52) (41) HQ overheads 603 691 Attributable Net Profit +14.6 % (1) Includes the capital gains from SINTAX sale in 9M17 and provision reversals 9M18 – Results Presentation 5
9M18 Net Debt evolution CF from CAPEX Net Debt Net Debt FFO* bf WC 9M18 WC SH’s F/X & other & Financial 2017 and CAPEX variation remuneration adjustments 9M18 Investments Seasonality effect *Funds from Operations € 329 mn Reclassification of MasMóvil derivative as ST financial investment € 7 mn € (373) mn Net F/X impact Operating CAPEX € 241 mn disposal of € 55 mn SaetaYield Other +19,7% vs 9M17 € 100 mn collection from 153 Urbaser sale in 2016 391 538 € (78) mn Net Project investments Net Cash 110 € 417 mm ACS Position dividend and 1,549 128 € mn treasury stock € 121 mn HOT & 1,011 CIM dividend to minorities Figures in € million NOTE: € 100mn received from the pending collection from Urbaser sale was 9M18 – Results Presentation already accounted as current financial assets, thus included in the net debt. 6
Strong LTM cash flow generation CF from CAPEX Net Debt Net Debt FFO* bf WC LTM WC SH’s F/X & other & Financial variation remuneration adjustments and CAPEX 9M17 9M18 Investments *Funds from Operations € 329 mn Reclassification of MasMóvil derivative as ST financial investment 1,416 € 111 mn F/X impact and others 1,927 440 € (425) mn Net 629 Operating CAPEX € 265 mn Net Cash Position Financial/ Project divestments 128 € mn 160 34 +24.7% vs 9M17 Figures in € million 9M18 – Results Presentation 7
Backlog breakdown by business area INDUSTRIAL SERVICES SERVICES CONSTRUCTION + 9.5 % ex FX 1.12 58.15 + 12.2 % ex FX € bn + 22.0 % ex FX 54.14 0.54 € bn 9.72 9.15 2.46 € bn 2.02 € bn € bn € bn 3Q17 3Q18 3Q17 3Q18 3Q17 3Q18 Annual growth adjusted by FX FX impact in € bn 9M18 – Results Presentation 8
Backlog’s outperforming trend Backlog evolution with/ex FOREX impact Backlog evolution in USA and Canada (in bn LCC) + 8.6 % CARG F/X adjusted + 67.7 % vs 3Q17 + 25.6 % vs3Q17 + 7.3 % CARG with F/X 26.32 Billion USD Billion CAD 20.94 73.97 20.61 70.33 7.75 66.67 4.63 4.65 65.31 62.14 3Q18 3Q16 3Q17 3Q18 3Q16 3Q17 61.13 Backlog evolution in Australia & New Zealand 56.98 Billion AUD 1.18x 1.09x 0.99x 1.13x 23.12 + 52 % vs3Q16 22.49 3Q17 3Q18 3Q15 3Q16 Backlog of operating Base year 15.18 companies (not including commercial and Backlog with F/X impact Backlog F/X adjusted residential work in hand) Book-to-build ratio Commercial and residential Figures in € billion 3Q18 3Q16 3Q17 9M18 – Results Presentation 9
Strong order intake in 3Q18 NORTH AMERICA NORTH AMERICA Improvements works along I-16 between Project in consortium with Fluor for ROADS I-95 and I-516 which includes widening the construction of the largest bridge BRIDGE 1.052 € MN from 4 lanes to 6 lanes, and in North America crossing border 223 € MN reconstruction of the I-16 at I-95 between Canada and United States. interchange to increase operational The bridge Gordie Howe will connect efficiency (Georgia, United States) the cities of Windsor (Canada) and Detroit (United States). ASIA PACIFIC ASIA PACIFIC BUILDING PROJECT Construction of a 300 MW 148 € MN EPC Combined Cycle plant of natural 423 € MN PPP project for the Waikeria Corrections gas, integrated with a seawater and Treatment (prision) Facility reverse osmosis desalination plant construction (New Zealand) located in Duqm (Oman) CONTRACT SOUTH AMERICA EUROPE MINING ROADS 140 € MN 258 € MN Extension of the contract for Construction of A-1 express road in mining services in the El Encuentro the section between Iodzkie open pit (Chile). border-Razasawa (Poland) HYDRAULIC NORTH AMERICA RAILWAYS ASIA PACIFIC 136 € MN 249 € MN Repair and rehabilitation works in Works for the construction of Catskill aqueduct in New York metropolitan railway infrastructure (United States) Metro Tunnel in Melbourne (Australia) 9M18 – Results Presentation 10
Abertis transaction completed Ownership structure as of today 3 2 ACS sold 16.85 mn sh of HOT for 143.04 ps ACS subscribed 6.35 mn sh capital increase in HOT for 143.04ps 23.86 % 50.41 % 50 % 30 % 20 % Abertis Holdco S.A Equity: € 6.9 bn (HoldCo) Total Debt: € 9.8 bn 100 % Abertis Minorities participaciones S.A.U Equity: € 16.5 bn (ABE shares) (MidCo) 98.7 % 1.3 % 1 HOT transfered ABE shares to MidCo 9M18 – Results Presentation 11
Abertis transaction strengthens Grupo ACS balance sheet NET WORTH IMPACT ( € mn) NET DEBT IMPACT ( € mn) + 2,411 +1,044 635 ∆ Minorities 3,455 ∆ Equity 1,776 1,382 6,063 2,411 3,652 2,070 916 128 Net Worth Net Debt Net Worth HOT sale to Net Debt Acquisition of HOT sale to Proforma Proforma as of Sep-18 as of Sep-18 Post-transaction Post-transaction & ∆K 10% HOT 9M18 – Results Presentation 12
Conclusions Double digit sales growth (ex FX) Resilient top line performance across 1 activities Operating margin stability + 7,7 % ex FX + 10.2 % 1.18 x 2 Strong high quality Backlog vs 3Q17 vs 3Q17 book-to-bill ratio USA Canada Spain Outperformance in key strategic ex FX + 25.6 % ex FX + 67.7 % + 10.1 % vs markets vs 3Q17 3Q17 vs 3Q17 Net Profit + 14.6 % vs 3Q17 3 Net Profit growth beating consensus 3Q18 Net Cash Transactions ’ 4 Solid financial position Position completion € ( 128 ) mn 9M18 – Results Presentation 13
Legal Disclaimer This document contains forward-looking statements on the intentions. expectations or forecasts of Grupo ACS or its management at the time the document was drawn up and in reference to various matters including. among others. its customer base. its performance. the foreseeable growth of its business lines and its overall turnover. its market share. the results of Grupo ACS and other matters relating to the Group’s activities and current position. These forward-looking statements or forecasts can in some cases be identified by terms such as “expectation” . “anticipation” . “proposal” . “belief” or similar. or their corresponding negatives. or by the very nature of predictions regarding strategies. plans or intentions. Such forward-looking statements or forecasts in no way constitute. by their very nature. guarantees of future performance but are conditional on the risks. uncertainties and other pertinent factors that may result in the eventual consequences differing materially from those contained in said intentions. expectations or forecasts. ACS. Actividades de CONSTRUCTION y SERVICES. S.A. does not undertake to publicly report on the outcome of any revision it makes of these statements to adapt them to circumstances or facts occurring subsequent to this presentation including. among others. changes in the business of the company. in its strategy for developing this business or any other possible unforeseen occurrence. The points contained in this disclaimer must be taken fully into account by all persons or entities obliged to take decisions or to draw up or to publish opinions on securities issued by Grupo ACS and. in particular. by the analysts and investors reading this document. All the aforesaid persons are invited to consult the public documentation and information that Grupo ACS reports to or files with the bodies responsible for supervising the main securities markets and. in particular. with the National Securities Market Commission (CNMV in its Spanish initials). This document contains financial information drawn up in accordance with International Financial Reporting Standards (IFRS). The information has not been audited. with the consequence that it is not definitive information and is thus subject to possible changes in the future.
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