FY 2016 Results
5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm During 2016 we have delivered … EBIT improvement EBIT margin improvement +5% +60 bps EBIT improvement both in absolute 342 8.8% 324 8.2% and relative terms Business figures FY15 FY16 FY15 FY16 MM € MM € 4Q Recovery 111 Width: 29.7cm (11.69”) 83 4Q EBIT Results above expected, even Height: 21.0cm (8.27”) taking into account seasonality 10.5% 8.3% Business figures Q3 16 Q4 16 Security Margins 3.5% 3.2% Recovery Security EBIT margin recover in all regions Brazil and particularly in Brazil Ex Brazil -3.5% FY 15 -6.0% FY 16 3.16” / 8.02cm 2
5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm During 2016 we have delivered … Growing contract bases, maintaining Churn +9% Thousand connections Alarms Contract base rises by 9% keeping the churn stable despite the 424 389 increase in the salesforce 10,2% 10,2% FY 15 FY 16 Cash Repatriation MM € From Argentina 97 97 MM € cash repatriation from Argentina 0 0 Width: 29.7cm (11.69”) FY14 FY15 FY16 Height: 21.0cm (8.27”) Cash Flow Improvement Operating cash/ EBITDA +700 bps Sustainable and structural improvement of the cash flow 69% 64% 62% FY14 FY15 FY16 % o/sales Indirect cost control -100 bps Continuing with the indirect cost 15.2% 14.2% control plan FY 15 FY 16 3.16” / 8.02cm 3
5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm IPO Prosegur Cash 1 Create the Cash “pure player” 2 Boosting the rest of businesses • Lead the consolidation process in • Customer portfolio growth in Alarms (organic the industry & inorganic) • Similar comparables • Continue investing in new technologies • Tool for consolidation Width: 29.7cm (11.69”) Height: 21.0cm (8.27”) Enhance Prosegur value proposition 3 4 Remunerate shareholders' confidence • Rebalance the portfolio and redistribute value • Partial return of capital invested to across the divisions Prosegur shareholders in cash • Visibility of standalone valuation of each division • Very appealing proposition to investors looking for “cash - proxy” investments 3.16” / 8.02cm 4
5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm P&L Consolidated Results FY 2015 FY 2016 Reconciliation between a Accounting and Business Million Euros Accounting Business 3,902 Sales 3,959 3,902 185 9 458 449 (1) EBITDA 448 42 134 Margin 11.3% 11.5% 11.7% -92 Depreciation -93 -92 IPO Extraordinary Costs 367 EBITA 355 358 Amortization of intangible and -25 -31 -25 Accounting (2) Taxes (1) Expenses Business Net Profit other Width: 29.7cm (11.69”) Net Profit 342 EBIT 324 333 Height: 21.0cm (8.27”) 8.8% Margin 8.2% 8.5% Strong increase of profitability despite the currency effect -59 -36 -59 Financial Result 283 288 274 Profit before taxes 5% Margin 7.0% 7.3% 7.3% 3% FX Sales 2% -140 (2) -99 Taxes -105 -1% EBITDA EBITA EBIT Tax rate 51.1% 34.8% 36.3% Net Profit 185 183 134 -14% - - Minority interests - 185 Net consolidated profit 183 134 Business figures EPS 3.16” / 8.02cm 0.31 0.31 0.22 (Euros per share) 5
5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm Main indicators by business line Sales Sales Contract Base Churn -1% -1% 424 1,743 1,724 389 1,577 1,561 10.2% 10.2% Width: 29.7cm (11.69”) Height: 21.0cm (8.27”) FY15 FY16 FY15 FY16 FY15 FY16 EBIT EBIT ARPU 320 54 313 50 38.4 18.6% 17.9% 36.0 3.5% 3.2% * Prosegur Security Ex Brazil FY15 FY16 FY15 FY16 FY15 FY16 Prosegur Cash sales exclude Chile´s Courier activity (sold in September 2016) FX -17% FX -13% FX -17% Sales and EBIT Million € 3.16” / 8.02cm ARPU in € BTC in thousand connections 6
5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm FY 2016 Width: 29.7cm (11.69”) Height: 21.0cm (8.27”) Results by Business 3.16” / 8.02cm 7
5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm Prosegur Cash • Sales keep growing organically in both geographies • Sales of new products with higher profitability keep improving Width: 29.7cm (11.69”) Prosegur CASH new acquisitions in 2016 Height: 21.0cm (8.27”) • Amount of processed cash keeps growing India: in all geographies ATM Portfolio Spain: • Entry into South Africa and expansion in MIV Australia, India and Spain South Africa: SBV Australia: 3.16” / 8.02cm Toll Secure 8
5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm Prosegur Cash Sales EBIT Cash in transit Cash handling ATM management Forecasting and planning 320 -1% 313 Cash automation 0.5% -16.7% A.V.O.S 14.9% 18.6% 17.9% Width: 29.7cm (11.69”) Height: 21.0cm (8.27”) 1,743 1,724 CASH FY15 Org Inorg FX FY16 FY15 FY16 45% EBIT Margin EBIT PROSEGUR Total sales *Prosegur Cash sales exclude Chile´s Courier activity (sold in September 2016) 3.16” / 8.02cm 9
5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm Prosegur Security • Organic growth of 11.5% (Ex Brazil) • Continuing the turnaround in Security Brazil where EBIT margin increase s from -6% in 2015 to -3.5% in 2016 Width: 29.7cm (11.69”) Spanish Airports Security Coverage • Margin improvement due to the Height: 21.0cm (8.27”) optimization policies carried out Prosegur Competitor 1 Competitor 2 Competitor 3 Competitor 4 Total of Passengers 2% 3% managed (out of 210 6% • million/year) Strong improvement of new product sales 14% 8% 2% 4% combining guarding and technology Volume in revenues (out of 13% 130 Million € ) 13% 38% • CYBER SECURITY keeps growing at Total Airports under 51% management (out of 47) exponential rate 58% 23% 43% 22% 3.16” / 8.02cm 10
5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm Prosegur Security *Sales *EBIT Dynamic Guarding Monitoring Integrated Services Control Centers 54 -1% 50 Fire Protection 0.1% -12.7% 11.5% Cyber Security Width: 29.7cm (11.69”) Height: 21.0cm (8.27”) 3.5% 3.2% 1,577 1,561 SECURITY 49% FY15 Org Inorg FX FY16 FY15 FY16 EBIT Margin EBIT PROSEGUR Total sales *Prosegur Security Ex Brazil 3.16” / 8.02cm 11
5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm Prosegur Alarms • Organic growth of 17.9% • Total contract base of this division reaches 423,773 connections Width: 29.7cm (11.69”) Height: 21.0cm (8.27”) • ARPU improves and Churn Rate keeps stable despite the increase of the salesforce • The average salesforce headcount increases by 25% over last year 3.16” / 8.02cm 12
5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm Prosegur Alarms Euros ARPU Sales 38.4 36.8 36.0 35.0 Ø 36.6 +2% Residential Business 1.5% -17.1% 17.9% Vehicle tracking Access control 2013 2014 2015 2016 213 209 Elderly assistance BTC Thousand connections Width: 29.7cm (11.69”) Height: 21.0cm (8.27”) 424 389 355 FY15 Org Inorg FX FY16 329 ALARMS 6% EBIT 2013 2014 2015 2016 15 Churn 10 7.2% +11.2% +10.3% +10.2% +10.2% 4.7% PROSEGUR FY15 FY16 Total sales 3.16” / 8.02cm 2013 2014 2015 2016 EBIT margin EBIT 13
5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm FY 2016 Width: 29.7cm (11.69”) Height: 21.0cm (8.27”) Results by Region 3.16” / 8.02cm 14
5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm Sales by region Million Euros FY 2015 FY 2016 Var. Organic Inorganic FX 940 Spain 896 4.9% 4.0% 0.8% 216 France (1) 213 1.2% 1.2% 217 Germany 211 2.9% 2.9% 149 • Spain maintains strong growth of nearly 5% Portugal 146 1.6% 1.3% 0.3% 142 ROW (2) 132 7.6% 4.8% 3.6% -0.8% • LatAm improves its organic growth versus last 1,663 Total 1,598 4.0% 3.3% 0.8% -0.1% Width: 29.7cm (11.69”) year Height: 21.0cm (8.27”) 872 Brazil 895 -2.6% 1.9% -4.4% • Brazil Security shows positive organic growth 894 Argentina Area (3) 990 -9.7% 38.8% -48.5% • Inorganic growth in the RoW region 174 Peru 174 0.0% 5.6% -5.6% 150 Chile 147 2.0% 5.2% -3.2% 113 Colombia 111 1.2% 9.4% 3.0% -11.2% 37 Mexico 44 -15.5% -0.9% -14.7% 2,239 Total 2,361 -5.2% 18.1% 0.1% -23.4% 1) Includes Luxembourg 2) Includes Singapore, China, Australia and South Africa 3) Includes Uruguay and Paraguay 3.16” / 8.02cm 15
5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm Financial Width: 29.7cm (11.69”) Height: 21.0cm (8.27”) Information 3.16” / 8.02cm 16
5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm Net Profit FY 2016 FY 2016 Consolidated Results FY 2015 Var. Million Euros Accounting Business 342 5.4% EBIT 324 333 -59 Financial Result -36 -59 283 274 Profit before tax 288 -1.6% 7.3% 7.3% Margin 7.0% Ordinary Tax -105 -98.5 -98.5 Width: 29.7cm (11.69”) Height: 21.0cm (8.27”) 34.8% Tax rate 36.3% Restructuring Tax - - -41.5 185 Net Profit 183 134 Minority interests - - - 185 Net consolidated profit 183 134 0.7% 4.7% Margin 4.6% 3.4% EPS 0.31 0.22 0.31 (Euros per share) 3.16” / 8.02cm 17
Recommend
More recommend
