Apresentação do PowerPoint§ão_4q2012... · 2013-04-15 · Signature of an agreement (in...
Transcript of Apresentação do PowerPoint§ão_4q2012... · 2013-04-15 · Signature of an agreement (in...
1
2
This document was prepared by Grupo Soares da Costa, SGPS, SA (Soares da Costa) to be used for its full-year 2012 results presentation. Nor Soares da Costa, nor any of its representatives, assume any type of responsibility regarding the eventual negative effects or losses caused by the use of the information contained in this document. This document does not constitute a public offer or an invitation to buy or sell shares, namely as defined in the Portuguese Securities Code, chapter III. This document does not constitute an offer/ request to buy, sell or exchange, and is not a voting request or the request for an approval in any jurisdiction. Neither the document, nor any part of its parts, constitute a contract, nor can it be used to integrate or interpret any contract or any type of commitment.
PREPARING THE FUTURE: RESTRUCTURE, ADAPT, ENHANCE 3
FULL-YEAR 2012 EARNINGS 7
FINANCIAL STRUCTURE 14
ORDER BOOK 16
CONTENTS
3
PREPARING THE FUTURE: RESTRUCTURE, ADAPT, ENHANCE
In the context of the current strategic
plan (revised in November 2011)
And taking into consideration the
market and the demand conditions
expected for the several construction
markets in which the Group operates,
the management of the company
continued to implement in 2012 several
measures having as goal
THE REINFORCEMENT OF THE GROUP’S ECONOMIC AND FINANCIAL
SUSTAINABILITY,
from which we highlight:
Adaptation of the operational structure (commercial, administrative support, technical, etc.) to the profile of activity expected for the Group, with the requirements of growing internationalization and improved efficiency
Signature of an agreement (in November 2012) with six financial institutions to the reprogramming of their respective recourse bank loans, totalling circa 275 million Euros
Resizing of portfolio of assets and financial participations is ongoing, with an active search of alienation opportunities of our mature and/ or non core assets
4
ADAPT THE ORGANIZATIONAL STRUCTURE
Increase of the activity's
internationalization level
Weak prospects
of domestic activity
Need to adapt the operational structure: HIGHER FLEXIBILITY AND EFFICIENCY
Human Resources
- Total number of workers decreased 19% in 2012; - Number of workers in Portugal declined 36% in 2012.
Cost Structure
- To a 8% decrease in turnover, cost of good sold reduced 21%, external supplies 14% and recurrent staff costs 7%.
Organizational Structure
Amongst other measures for streamlining the structure, some subsidiaries were merged, aiming to simplify and gain efficiency:
- Construction area: Contacto and Socometal (already in 2013) merger into Soc. de Construções Soares da Costa;
- Concessions area: Soares da Costa-Serviços Técnicos e de Gestão merger into Soares da Costa Concessões SGPS.
PREPARING THE FUTURE: RESTRUCTURE AND ADAPT
5,952
5,549 5,297
5,017 4,754
4,510
Dec-10 Dec-11 Mar-12 Jun-12 Sept-12 Dec-12
21% 18%
50% 47%
17% 17%
3% 4%
2011 2012
O. operationalcosts(recurrent)Staff costs(recurrent)
ExternalSupplies
Cost of GoodsSold
5
FINANCIAL PROGRAMME
GOAL: IMPROVE THE GROUP’S FINANCIAL SUSTAINABILITY
• New credit facility amounting to 47 million Euros, to back the
Group’s restructuring process and the operational activity and
working capital needs
• Extension of maturity profile (to 9 years) of 275 million Euros
of bank debt, rebalancing the relation between long term
assets and liabilities
Positive impact already visible at balance sheet
as of 31.12.2012: current liabilities decreased 19%
vs. previous year
• Introduction of a 3-year capital grace period
• Standardization of spreads on a moderate level
2012’s net financing cost do not yet reflect this
conditions (average cost of 7.5%), but from 2013’s onwards the impact will
be positive
PREPARING THE FUTURE: RESTRUCTURE AND ADAPT
6
ENHANCE SOARES DA COSTA’S ACTIVITY AND PROFITABILITY
Domestic Activity
Conclusion of the production
capacity adjustment to the expected
level of activity
Improvement of the international
activity support operations and back
office's efficiency
Focus on the Group’s core activity:
Construction; alienation of mature
and/or non core assets
International Activity
Reinforcement of the international operational structure with
qualified and experienced staff: workers allocated to the
international activity weighted 75% in 2012 vs. 68% in 2011
Intensification of the commercial effort in the African markets
in which the Group operates
Maintenance of a balanced portfolio of activity: (1) growth and
consolidation of positioning and profitability in a mature market :
United States (Florida) and (2) gradual entrance in a new core
market (Brazil)
INTERNATIONAL ACTIVITY GROWTH PROTECTION/ IMPROVEMENT OF OPERATIONAL PROFITABILITY IN THE SEVERAL MARKETS
IMPROVEMENTS OF THE GROUP'S CASHFLOW GENERATION
“Preparing the future is building the present." Antoine de Saint-Exupéry
PREPARING THE FUTURE: ENHANCE
7
FULL-YEAR 2012 EARNINGS | KEY PERFORMANCE INDICATORS
CONSOLIDATED TURNOVER REACHED 802 MILLION EUROS (-8% YOY)
EBITDA OF 72 MILLION EUROS (-23.5% YOY), CORRESPONDING TO A 9.0% MARGIN
RECURRENT EBITDA OF 103 MILLION EUROS (+7.5% YOY), CORRESPONDING TO A 12.8% MARGIN
NET LOSSES OF -47 MILLION EUROS, STRONGLY IMPACTED BY NON-RECURRENT COSTS (NET) OF -35 MILLION EUROS
FINANCIAL RESULTS OF -69 MILLION EUROS, A 33.3% INCREASE COMPARED WITH 2011
8
Figures in million Euros
FULL-YEAR 2012 EARNINGS | KEY PERFORMANCE INDICATORS
Consolidated 2011 2012 YoY 4Q 2011 4Q 2012 YoY
Turnover 873.5 801.8 -8% 243.8 182.6 -25%
EBITDA 94.1 71.9 -24% 23.6 6.5 -72%
EBITDA margin 10.8% 9.0% -1.8 pp 9.7% 3.6% -6.1 pp
Recurrent EBITDA 95.4 102.5 7.5% 24.3 20.9 -14%
Recurrent EBITDA margin 10.9% 12.8% 1.9 pp 10.0% 11.4% 1.5 pp
EBIT 58.9 10.9 -82% 13.7 -20.5 -249%
EBIT margin 6.7% 1.4% -5.4 pp 5.6% -11.2% -16.8 pp
Recurrent EBIT 62.2 60.8 -8.8% 17.1 13.3 -8.8%
Recurrent EBIT margin 7.1% 7.6% 0.5 pp 7.0% 7.3% 0.3 pp
Net financial expenses -51.8 -69.0 33% -13.8 -17.7 28%
EBT 7.1 -58.2 n.m. -0.1 -38.1 n.m.
Taxes -4.7 10.7 n.m. -1.9 6.7 n.m.
Minorities 0.0 0.6 n.m. 0.1 0.7 594%
Net Profit 2.4 -46.9 n.m. -1.9 -30.9 n.m.
Capex 25.7 9.5 -63% 9.1 3.5 -61%
Net debt 863.0 1,024.2 18.7% 863.0 1,024.2 18.7%
9
FULL-YEAR 2012 EARNINGS | EVOLUTION OF TURNOVER
TURNOVER OF 802 MILLION EUROS,
A 8% DECREASE COMPARED WITH 2011
874 million Euros 802 million Euros
Figu
res
in m
illio
n E
uro
s
+ Turnover in Angola and U.S. rose 9% and 10% in
2012, respectively; turnover of the real estate area
increased 21% compared with the previous year
- Turnover of the construction area decreased
11%, impacted by the sharp fall of the construction
activity in Portugal (-39% vs. 2011)
200 219
210
244
199
230
191 183
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
329 236
325
353
114 126
80 65
25
21
2011 2012
Other countries -15%
Mozambique -19%
US +10%
Angola +9%
Portugal -28%
796 713
188
157
7
22
9
2
-126 -91
2011 2012
Holding/ Adjust.
Energia Própria -81%
Real Estate +210%
Concessions -16%
Construction -11%
10
94.1
71.9
1.4
10.8
11.1
8.7
2011 2012
EBITDA OF 72 MILLION EUROS,
CORRESPONDING TO A 9.0% MARGIN
Figures in million Euros
RECURRENT EBITDA OF 102.5 MILLION EUROS,
CORRESPONDING TO A 12.8% MARGIN
94 million Euros
72 million Euros +7.5%
95 million Euros 102.5 million Euros
Non-recurrent costs impacting EBITDA
2011 2012
Tax nature lawsuit Impairments with customers Termination of labour contracts
0 0
-1.4
-8.7 -11.1 -10.8
Total -1.4 -30.6
FULL-YEAR 2012 EARNINGS | OPERATIONAL PROFITABILITY
47.7
29.0
43.3
46.7
4.1
5.6
-2.1 -2.5 -6.8
2011 2012
Holding/ Adjust.
Energia Própria +23%
Real estate +37%
Concessions +8%
Construction -39%
11
As part of the
restructuring plan of the
activity of the Group,
and targeting to improve
sustainability and a
better adequacy to the
economic and financial
context, several impacts
of a non recurrent
nature were accounted
in 2012:
TOTAL NON-RECURRENT IMPACTS AT THE NET INCOME LEVEL IN 2012: -35.4 million
TOTAL NON-RECURRENT IMPACTS AT THE EBITDA LEVEL IN 2012: -30.6 million
TOTAL NON-RECURRENT IMPACTS AT THE EBIT LEVEL IN 2012: -49.9 million
FULL-YEAR 2012 EARNINGS | NON-RECURRENT IMPACTS
Figures in
millio
n Eu
ros
11.8
7.1
-8.0
-5.8
-1.5
-19.6
-8.7
-10.8
Tax effect
Costa Rica's alienation capital gain
Other impairments
Impairments on concession assets
Impairments on real estate assets
Impairments with customers
Tax nature lawsuit
Termination of Labor Contracts
12
10.9
-46.9 -54.7
+0.7
-15.1 +10.7 +0.6
EBIT Net financingcost
Contributionfrom equityconsolidatedcompanies
Other financialcosts/ gains
Taxes Minorities Net Loss
Besides the non-recurrent impacts that harmed EBIT, 2012’s net loss was
also penalised by the increase in net financing costs (+13.5 million) and by
the deterioration of other financial costs (+4.3 million)
Net financing cost reflects the general aggravation of the financing
conditions, the increase in indebtness level and an agreement with the
Madeira’s government; this figure does not yet benefit from the more
favourable conditions set by the financial programme
Figu
res
in m
illio
n E
uro
s
FULL-YEAR 2012 EARNINGS | PROFITABILITY
REPORTED NET LOSS INCLUDES NON-
RECURRENT (NET) COSTS OF 35.4
MILLION EUROS, MEANING THAT
RECURRENT NET LOSS WAS -11.5
MILLION (VS. +2.4 MILLION IN 2011)
13
187.6 156.8
23.1%
29.8%
0%2%4%6%8%10%12%14%16%18%20%22%24%26%28%30%32%34%
0.0
50.0
100.0
150.0
200.0
250.0
2011 2012
Turnover EBITDA margin
7.2 22.1
57.0% 25.2%
0%2%4%6%8%10%12%14%16%18%20%22%24%26%28%30%32%34%36%38%40%42%44%46%48%50%52%54%56%58%60%62%64%66%68%70%72%74%76%78%80%82%84%86%88%90%92%94%96%98%100%102%104%106%108%110%
0.0
5.0
10.0
15.0
20.0
25.0
2011 2012
Turnover EBITDA margin
8.6 1.6
-23.9%
-158.6%
-250%-248%-246%-244%-242%-240%-238%-236%-234%-232%-230%-228%-226%-224%-222%-220%-218%-216%-214%-212%-210%-208%-206%-204%-202%-200%-198%-196%-194%-192%-190%-188%-186%-184%-182%-180%-178%-176%-174%-172%-170%-168%-166%-164%-162%-160%-158%-156%-154%-152%-150%-148%-146%-144%-142%-140%-138%-136%-134%-132%-130%-128%-126%-124%-122%-120%-118%-116%-114%-112%-110%-108%-106%-104%-102%-100%-98%-96%-94%-92%-90%-88%-86%-84%-82%-80%-78%-76%-74%-72%-70%-68%-66%-64%-62%-60%-58%-56%-54%-52%-50%-48%-46%-44%-42%-40%-38%-36%-34%-32%-30%-28%-26%-24%-22%-20%-18%-16%-14%-12%-10%-8%-6%-4%-2%0%
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
2011 2012
Turnover EBITDA margin
796.2 712.5
6.0%
4.1%
0%
2%
4%
6%
8%
10%
300.0
400.0
500.0
600.0
700.0
800.0
900.0
2011 2012
Turnover EBITDA margin
• Turnover decreased 16% due to the lower recognition of turnover coming from Transmontana and Estradas do Zambeze (105 million vs. 145 million in 2011)
• As expected, this effect had a positive impact on margin that improved 6.7 p.p.
• Turnover declined 11% with the international activity growth not completely offsetting the sharp fall of the activity in Portugal (-39%)
• Margin was strongly impacted by non-recurrent costs of restructuring: recurrent margin increase 0.8 p.p. to 7.0%
CONSTRUCTION CONCESSIONS
REAL ESTATE
ENERGIA PRÓPRIA
FULL-YEAR 2012 EARNINGS| EVOLUTION BY BUSINESS AREA
Figures in million Euros
• 2012’s turnover includes 17.1 million related with sales of the Talatona project (Angola)
14
FINANCIAL STRUCTURE| BALANÇO SHEET AS OF DECEMBER 31, 2012
Figures in million Euros
Variation to 31.12.2011
Financial Programme: reclassification of bank liabilities from current to non current
Shareholders’ equity evolution mainly reflects the incorporation of the net loss of 2012 (-46.9 million) and the net variation of the fair value of the hedging derivatives (-12.3 million Euros)
Non-current accounts receivable (+42%) reflect the financial assets of the concessions Transmontana and Estradas do Zambeze (that follow the financial assets accounting model)
ASSETS 1,792 million +2% 1,792 million +2%
Others 281 million
Loans 235 million
-17%
Cash & equiv. 101 million +18%
-23%
Accounts
receivable393 million -11%
Accounts
payable198 million -15%
Others 179 million +4%
Current
764 million
Inventories 89 million -30%
Current
714 million
-54%
Non Current
1,025 million
Loans 888 million +39%
Others 137 million +2%
SHAREHOLDERS' EQUITY +
LIABILITIES
Non Current
1,028 million
Intangibles 325 million -5%
Shareholders' Equity 53 million
+42%
Others 116 million +36%
Tangibles 250 million -8%
Accounts
receivable329 million
15
158 147 142 147 141
62 62 62 66 66
151 151 184 184 225
29 28 29 28
28
Dec 11 Mar 12 Jun 12 Sept 12 Dec 12
CPE
AutoestradasXXI
Intevias
Scutvias
463 486 499 536 564
8.1 8.9 8.0 8.0 8.9
Dec 11 Mar 12 Jun 12 Sept 12 Dec 12
463 486 499 536 564
400 389 417 426
460
Dec 11 Mar 12 Jun 12 Sept 12 Dec 12
Net debt inprojectfinance
Corporatenet debt
FINANCIAL STRUCTURE | NET DEBT EVOLUTION
NET DEBT OF 1.024 MILLION EUROS BY DECEMBER 31, +63 million or 7% compared with September 30
EVOLUTION OF CORPORATE NET DEBT AND RATIO EVOLUTION OF PROJECT FINANCE NET DEBT
Figu
res
in m
illio
n E
uro
s
426 400 389
417
Note: Ratio Corporate Net Debt / EBITDA calculated with the last twelve months EBITDA associated with the recurrent activity financed with corporate debt
Project finance net debt (+8%) weighted 56% of
this increase, with Transmontana’s project
growing 40 million Euros
1.024 961
916 874 863
460
Corporate net debt increase (+5%) weighted
44%, supporting restructuring operations,
operational activity and working capital needs
of the Group
16
BY DECEMBER 31 THE GROUP’S ORDER BOOK REACHED 1.048 MILLION EUROS
ORDER BOOK AS OF 31.12.2012
ORDER BOOK
The international market represents 80% of the order book (vs. 70% weight in 2012’s turnover)
Main non-domestic market: AFRICA, representing 52% of the order book
Strong exposure to emerging economies and/ or economies with a high growth potential
International838 million
Euros 80%
Domestic 210 million
Euros 20%
Angola 50%
Oman 3%
Mozambique 14%
Romania 1%
United States 18%
Brazil 1% Other
countries 13%
INTERNATIONAL ORDER BOOK AS OF 31.12.2012
17
ORDER BOOK
MAIN WORKS ON ORDER BOOK AND WORKS AWARDED YEAR-TO-DATE
Main works: Transmontana motorway, Mangualde/ Celorico/ Guarda Gas Pipeline, Bridges on EN 234, Sana Evolution Hotel, Paço de Sousa Wastewater Treatment Centre, Moura-Safara Water Adductor
PORTUGAL
Main works: New Tete Bridge, refurbishment of road N221 (stretch II and III), Sofala e Manica Provincial Bridges, MR14 at Siphofaneni (Swaziland), requalification of Banco de Moçambique in Beira, VIP Executive Tete Hotel
MOZAMBIQUE
Main works: Permanent Residential Housing Development (Soyo), requalification of the “Municipality of Sambizanga and Encostas da Boa Vista”, Luanda Towers, Fútila Industrial Development Hub, Office Buildings and Infrastructures “Rainha Ginga“ and “Cidade Alta”, Science and Technology Museum
ANGOLA
Main works: I-75/ SR56 to S Fowler Ave, I-75 DB Airport Access, I-595 Section A&B, I-275 South, I-75 Bibb County, Design-build US27 - Barry to US129
UNITED STATES
Main works: Unit 3 of Cezarina Cement Plant (Brazil), Emergency Works in the Viracopos Airport (Brazil), Tecuci Bypass (Romania), Muscat Roadway Interchanges (Oman), refurbishment of EN1 road (São Tomé & Príncipe)
OTHER COUNTRIES
WORKS AWARDED IN 1Q 2013:
+ 153 MILLION EUROS
PIPELINE OF PROPOSALS ON TENDER AND/ OR DECISION:
6 BILLION EUROS
18
FINANCIAL CALENDAR 2013 CONTACTS
Earnings Release: 1st quarter of 2013 – May 27 1st half of 2013 – August 14 3rd quarter of 2013 – November 25
GRUPO SOARES DA COSTA SGPS SA
www.soaresdacosta.pt Public Company Head office: Rua de Santos Pousada, 220 4000-478 Porto Share Capital 160,000,000 Euros Commercial Registry Office of Porto, corporate body and register number: 500 265 753 Representative for Market Relations António Frada T: +351 22 834 22 43 Investor Relations Rita Carles T: + 351 21 791 3236 | + 351 22 834 2217 [email protected]