1H 2020 R esults Presentation August 14 th , 2020
COVID-19 impact on Grupo ACS • CONSTRUCTION and INDUSTRIAL ACTIVITIES considered essential in most countries worldwide, thus showing resilience with lower impacts . 1H20 Sales breakdown by region • ABERTIS: Significant reduction in contribution to the Group's Net Profit (- 141 € mn YoY) due 6% to confinement and mobility total sales 1.1 € bn restriction measures applied. +0.3% ABE revenue down by 31% YoY. 51% 13% Significant traffic recovery total sales total sales since restrictions have been 9.4 € bn 2.4 € bn lifted. +6.2% -19.6% • FACILITY MANAGEMENT: Net Profit down by 18 € mn YoY after significant reduction in cleaning activities and 21% 8% maintenance of social total sales total sales infrastructures that were shut 1% 3.4 € bn 1.4 € bn down (schools, leisure, non total sales -15.9% +14.6% 0.3 € bn essential facilities and air +80% transport) 1H20 – Results Presentation 2
1H20 Key figures Figures in € million and % variation 1H20 reported YoY Var. YoY Var. EX ABERTIS 18,337 -2.6% -2.6 % SALES 75,812 BACKLOG -0.9 % -0.9% 1,345 EBITDA -6.8% -17.0% 859 EBIT -21.8% -6.7% 361 NET PROFIT -5.1% -30.9% 2,699 +1,974 NET FINANCIAL DEBT n.a 1H20 – Results Presentation 3
Sales breakdown by activity INFRASTRUCTURE INDUSTRIAL SERVICES SERVICES -1.3% 14,235 14,049 -6.9% 3,804 -3.4% 3,540 786 759 1H19 1H20 1H19 1H20 1H19 1H20 » International sales » Sales positive evolution in » Sales affected by COVID increase (+12%), North America despite COVID restrictions particularly from Brazilian situation. » Reinforcement of critical energy proyects. » CIMIC’s sales contribution infrastructure cleaning » Activity in Spain affected affected by COVID and currency services (hospitals and by renewable project headwinds. public buildings) timing effects. 1H20 – Results Presentation 4
EBITDA breakdown by activity INFRASTRUCTURE INDUSTRIAL SERVICES SERVICES CONSTRUCTION CONCESSIONS -4.5% 1,049 1,002 -6.6% 413 -54.7% 385 47 144 21 7.4% 7.2% (32) 10.8% 10.9% 5.9% 2.8% 1H19 1H20 1H19 1H20 1H19 1H19 1H20 1H20 » Slight margin decrease in construction due to » Highly labour intensive » Solid margin stability business mix change with higher contribution business from “Construction Management” » Cost increase in thanks to flexible cost » Reduction of ABE contribution to -45 € mn structure specific supplies for due to traffic restrictions. safety and prevention 1H20 – Results Presentation EBITDA margin 5
Net Profit by activities Figures in Euro Million Var. 1H19 1H20 184 177 Construction (Dragados + HOT ex ABE) -3.7% 6 20 n.s. Concessions - Iridium 206 221 Industrial Services -7.0% 19 1 Services (Clece) n.s. (6) HQ Overheads (12) Net Profit ex Abertis 419 398 -5.1% n.a. Abertis contribution 104 (37) Attributable Net Profit 361 523 -30.9% 1H20 – Results Presentation 6
Abertis 1H20 results 1H20 Highlights Abertis – Key figures Average traffic performance in 1H20 of -29% due to temporary 1H19 1H20 Var. LFL* Euro Million lockdown measures. Improving traffic trends since end-April Revenues 2,592 1,789 -24% -31% EBITDA 1,784 -31% 1,109 -38% Net Profit 134 -74% 514 n.a pre PPA *comparable variations consider constant portfolio, FX rates and other non-comparable effects Abertis contribution to Grupo ACS 1H19 1H20 Var. Euro Million April 28 th , 2020: Abertis paid half of the 875 € m dividend to its EBITDA 130 (45) -135.1% three shareholders. The AGM resolved the other half shall be paid in Q4 2020 subject to verification by the Abertis Board of PBT (45) 130 -135.1% Directors of COVID-19 impacts Net Profit 104 (37) -135.3% June 5 th , 2020: Abertis and GIC closed the acquisition of 72% of Red de Carreteras de Occidente (RCO) in Mexico Dividends 432 216 -50% Strong liquidity position after recent capital market transactions 1H20 – Results Presentation Figures in Euro Million 7
Free Cash Flow generation 1H20 YoY var. ex ABE = neutral 1,409 1,345 64 Regular seasonality + ↓ factoring (-215 € mn) 1,600 (190) 258 176 (624) Dividends from CAPEX & EBITDA GROSS FFO NET FFO FCF affiliates, Financial WC variation operating results, taxes & 1H20 1H20 1H20 1H20 leases other 1H20 – Results Presentation Figures in Euro Million 8
Free Cash Flow factoring adjusted 1H19 1H20 (37) (130) (93) ABE dividends 432 € mn Dividends ↓ -216 € mn (409) Dividends 216 € mn 215 (562) (625) (624) FCF var. from activities -63 € mn FCF Factoring FCF fact. adj. FCF Factoring FCF fact. adj. 1H19 variation 1H19 1H20 variation 1H20 1H20 – Results Presentation Adjustment for ABE’s dividend Figures in Euro Million 9
Net Debt evolution 1H20 1,409 (54) (1,600) (434) (453) (809) (759) (2,699) Net Debt Dec- Gross FFO WC var. (1) CAPEX + op. Dividends + BICC payments Net project Net Debt Jun- NET DEBT NET DEBT 19 Leases Treasury stock investments 20 DEC-19 JUN-20 (ACS) and other (2) (1) 215 € mn lower factoring vs 1H19 Figures in Euro Million 1H20 – Results Presentation (2) Includes share acquisition of HOT (105 € mn) and CIM (190 € mn) 10
Positive Backlog trend 1H20 Backlog evolution » Robust backlog: highly diversified in F/X impact LFL YoY var.= NEUTRAL terms of activities, geographies and risk +6.8% CAGR 2016-2020 profile 76,502 75,812 69,782 » Positive outlook based on stimulus plan 65,200 61,551 and green deal agreements as part of crisis response from Goverments » Project pipeline of 230 € bn in PPPs and 6 GW of renewable energy projects 1H16 1H17 1H18 1H19 1H20 Backlog breakdown by region 1% 13% >> 28.0 € bn +0.2% vs 1H19 Spain 21% 6% Rest of Europe North America >> 20.1 € bn +13.7% vs 1H19 South America 8% Asia Pacific >> 8.5 € bn +14.7% vs 1H19 51% Africa 1H20 – Results Presentation 12
Selected awards 2Q20 ASIA PACIFIC SERVICES ASIA PACIFIC Contracts to provide maintenance for MINING 277 € MN Five-year contract extension by Jellinbah UGL ´ s clients in the oil and gas sector in 1,539 € MN Group to continue to provide mining Western Australia and Victoria (Australia) services at its Lake Vermont Coal Mine in Queensland (Australia) SERVICES FOR EUROPE BUILDINGS NORTH AMERICA 245 € MN BUILDING Renewal of the home help services Construction of a New Bed Tower and contract for the Madrid City Council 400 € MN Clinical Services Podium adjacent to the (Spain) existing Wexner Medical Center Hospital (Columbus, Ohio, United States) EUROPE WORKS CIVIL 195 € MN NORTH AMERICA Design and construction of the project for a new section of the A15 motorway BUILDING Construction of a new facility to house all in Arnhem (Netherlands) current USDOT and Volpe Center functions in 376 € MN a single building on the existing Cambridge EUROPE WORKS campus. The new building is 13 stories tall CIVIL 185 € MN and 400,000 sf (Cambridge, Massachusetts, Contract to build the replacement of the United States) A40 Rhine Bridge in Duisburg- Neuenkamp (Germany) NORTH AMERICA SPECIALIZED AMERICA, EUROPE & MIDDLE WORKS CIVIL FCILITIES Contract to widen and rehabilitate 53.6 lane 351 € MN EAST 152 € MN miles of U.S. Highway 50 between Watt Avenue and Interstate 5 in Sacramento, Several contracts in industrial California (United States) maintenance and specialized facilities 1H20 – Results Presentation 12
Conclusions 1 Resilience of operating activities despite Covid situation 2 Solid financial position supported by cash flow stability from core businesses 3 Positive outlook and strong backlog provides high visibility 1H20 – Results Presentation 13
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