Results Presentation · Results Presentation Apresentação de Resultados 1º Trimestre 2010 May24,...
Transcript of Results Presentation · Results Presentation Apresentação de Resultados 1º Trimestre 2010 May24,...
1st Quarter 2010
Results Presentation
Apresentação de Resultados 1º Trimestre 2010
Results PresentationMay 24, 2010
Highlights
Key Financial Indicators
Turnover Performance
Apresentação de Resultados 1º Trimestre 2010
EBITDA Performance
Performance by Business Area: Construction, Concessions, Real Estate
Net Debt
Backlog
Outlook
1ST Quarter 2010 Results Presentation
HIGHLIGHTS
• Consolidated turnover suffered a slight decrease of 4% to €222.2mn
compared with the 1Q09(*), with the Construction and industry turnover
having a 5% decline;
• EBITDA margin had a positive evolution reaching 11.4%, slightly above
the 11.3% of 1Q09, with the Construction and industry area margin rising
to 7.3% from 6.5% in the same period of last year;
Apresentação de Resultados 1º Trimestre 2010
to 7.3% from 6.5% in the same period of last year;
• Financial results were in line with the previous year, in spite of the
average cost of debt decrease, influenced by the €/USD evolution;
• Group’s net income amounted to €1.4mn versus €2.2mn in 1Q09, also
pressured by a increase in the effective tax rate from 13.7% to 35.2%;
• Backlog rose 4% compared with 31 Dec 2009, reaching €1,829mn,
including the HSR Poceirão-Caia stretch, awarded in last Dec and signed
between the Portuguese State and the concessionaire ELOS on May 8.
(*) 1Q09 results were restated taking into consideration IFRIC , interpretation 12.
1ST Quarter 2010 Results Presentation
KEY FINANCIAL INDICATORS
Consolidated (€mn) 1Q 20091Q 2009
proforma1Q 2010 YoY%
Turnover 226.8 231.4 222.2 -4%
EBITDA 25.5 25.8 25.3 -2%
EBITDA margin 11.3% 11.2% 11.4% 0.2 pp
Recurrent EBITDA (*) 22.0 22.3 25.3 13%
Recurrent EBITDA margin 9.7% 9.6% 11.4% 1.7 pp
D&A + Provisions -9.2 -9.0 -8.9 -2%
Apresentação de Resultados 1º Trimestre 2010
(*) Excluding in the 1Q09, €3.5mn of non recurring gains related with the constitution of “Auto-estradas XXI, Subconcessionária Transmontana, SA”,
counterbalanced by €3.5mn of financial costs.
D&A + Provisions -9.2 -9.0 -8.9 -2%
EBIT 16.3 16.8 16.4 -2%
EBIT margin 7.2% 7.2% 7.4% 0.1 pp
Net financial expenses -14.0 -14.0 -14.2 1%
EBT 2.3 2.8 2.2 -19%
Taxes -0.4 -0.4 -0.8 107%
Effective Tax Rate 16.4% 13.7% 35.2% -
Net Profit 1.8 2.2 1.4 -34%
Net debt 636.2 636.2 721.5 13%
1ST Quarter 2010 Results Presentation
TURNOVER PERFORMANCE
50
100
150
200
250
300
Concessions
Real Estate
Construction and 50
100
150
200
250
300
Others
Mozambique
US
Apresentação de Resultados 1º Trimestre 2010
• Consolidated turnover declined 4% versus 1Q09’s figure, on a
comparable basis, strongly influenced by adverse weather conditions and
some delays in 2 relevant works due to processual issues;
• 55% of turnover was non domestic, with the Angolan activity registering
a positive evolution in this quarter compared with 1Q09.
0
50
1Q09 2Q09 3Q09 4Q09 1Q10
Construction and
Industry0
50
1Q09 1Q09
prof.
2Q09 3Q09 4Q09 1Q10
Angola
Portugal
1ST Quarter 2010 Results Presentation
EBITDA PERFORMANCE
9.7% 9.6%
7.1%
10.2% 9.9%
11.4%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
5
10
15
20
25
30
Recurrent EBITDA
(€mn)
Recurrent EBITDA
Apresentação de Resultados 1º Trimestre 2010
• Consolidated recurrent EBITDA margin had a positive performance in
this quarter, supported by the Construction and industry margin
improvement (+0.8pp to 1Q09);
• Changes in the accounting of the construction phase of the concessions,
had a positive impact in the Construction area profitability, but a negative
one in the Concessions margin: 67.7% in 1Q09 to 58.0% (recurrent basis).
(*) Excluding in the 1Q09, €3.5mn of non recurring gains related with the constitution of “Auto-estradas XXI, Subconcessionária Transmontana, SA”. Excluding in the 3Q09, €2.4m of costs related with the
liquidation of a company in the Real Estate business area.
0.0%
2.0%
0
1Q09 1Q09 prof. 2Q09 3Q09 4Q09 1Q10
Recurrent EBITDA
margin (%)
1ST Quarter 2010 Results Presentation
CONSTRUCTION AND INDUSTRY
Construction and Industry
(€mn)1Q 2009 1Q 2010 YoY%
Turnover 214.7 204.1 -4.9%
EBITDA 14.0 14.9 6.0%
EBITDA margin 6.5% 7.3% 0.8 pp
Apresentação de Resultados 1º Trimestre 2010
• Turnover decrease of 5% mainly explained by: (i) Changes in the
accounting of the construction phase of the concessions, (ii) adverse
weather conditions experienced in the quarter and (iii) lower activity level
in some countries, like Mozambique and Guinea (with the conclusion of
significant works);
• The Angolan market continues to display a significant dynamism:
turnover increased by 9% compared with 1Q09;
• In spite of the turnover slight contraction , EBITDA had a positive
evolution, with margin improving to 7.3% from 6.5% before.
1ST Quarter 2010 Results Presentation
CONCESSION S
• Turnover had a quite positive evolution in the trimester, benefiting from
Concessions (€ mn) 1Q 2009 1Q 2010 YoY%
Turnover 12.0 16.4 36.3%
Recurrent EBITDA (*) 8.14 9.5 16.6%
Recurrent EBITDA margin 67.7% 58.0% -9.7 pp
Apresentação de Resultados 1º Trimestre 2010
• Turnover had a quite positive evolution in the trimester, benefiting from
a €4.8mn contribution from AEXXI, although below expectations due to
the mentioned processual issues;
• Recurrent EBITDA also had a positive performance: +16% compared
with 1Q09. However, as mentioned, contribution from AEXXI to EBITDA
has immaterial , putting some pressure on the area’s margin;
• SCUTVIAS, Concessions’ main contributor, had a 3% growth in turnover
and +2.7pp margin improvement, reaching 94.8%, with traffic continuing
in a recovery trend, compared with the 1Q09 (ADT rose 1.3%).
(*) Excluding in the 1Q09, €3.5mn of non recurring gains related with the constitution of “Auto-estradas XXI, Subconcessionária Transmontana, SA”.
1ST Quarter 2010 Results Presentation
REAL ESTATE
Real Estate (€mn) 1T 2009 1T 2010 Var. anual %
Turnover 0.1 1.6 n.m.
EBITDA 0.36 0.9 156.0%
EBITDA margin 662.0% 56.2% -605.8 pp
Apresentação de Resultados 1º Trimestre 2010
• This business area strategy is now focused on the development of
projects in the Angolan market;
• Main projects: “Casas de Gaia” (in Portugal) is currently being
commercialised, project Imokandandu is being prepared and “Residências
de Talatona” are under construction, these last two projects both in
Angola.
• Real estate turnover had a positive evolution compared with 1Q09, with
Soarta (Luis de Camões and Santo Amaro) registering the sale of some
fractions.
1ST Quarter 2010 Results Presentation
NET DEBT
636
663
646
676
722
580
600
620
640
660
680
700
720
740
Net debt
Apresentação de Resultados 1º Trimestre 2010
• Net debt by the end of 1Q10 was €722mn, of which €284mn non
recourse debt, a 7% increase compared with year-end 2009;
• Net debt increase was mainly due to: financing needs of a real estate
project in Angola, some degradation of the average collection time and
equity investments in some concession projects being developed.
(*) Annualised EBITDA based on 1Q 2010’s figure.
580
1Q09 2Q09 3Q09 4Q09 1Q10
2007 2008 2009 1Q 2010 (*)
Net debt / EBITDA 8.7 x 7.0 x 7.5 x 7.1 x
1ST Quarter 2010 Results Presentation
BACKLOG
€m %
Portugal 788.7 43%
Angola 479.7 26%
US 86.2 5%
Israel 240.0 13%
Mozambique 72.6 4%
Romania 28.0 2%
S. Tomé e Principe 18.3 1%
Apresentação de Resultados 1º Trimestre 2010
• Backlog reached €1,829mn, growing 4% compared with year-end 2009,
already including the contribution of Soares da Costa’s stake in the
construction of the HSR stretch between Poceirão and Caia.
• International markets represent 57% of the group’s backlog.
S. Tomé e Principe 18.3 1%
Costa Rica 30.1 2%
Other 85.4 5%
Total 1,829.0 100%
1ST Quarter 2010 Results Presentation
OUTLOOK
Strong focus on international markets:
• New markets/ countries (Abu Dhabi but also Libya, Oman e Argel);
• Reinforce of its presence in the US and Central American markets;
• Expansion of activity in Africa, namely at Equatorial Guinea.
Apresentação de Resultados 1º Trimestre 2010
The Concessions business area is a key piece from the Group’s growth
Guidance 2010:
Consolidated turnover € 970m
Consolidated EBITDA €98m
Strategic Plan is currently being
analysed and should be presented
up to 3Q 2010
1ST Quarter 2010 Results Presentation
GRUPO SOARES DA COSTA SGPS SAPublic Company
Head Office: Rua de Santos Pousada, 220
Apresentação de Resultados 1º Trimestre 2010
Head Office: Rua de Santos Pousada, 220
4000-478 Porto
Share Capital € 160.000.000
Commercial Registry Office of Porto: corporate body and
register nr. 500 265 753
www.soaresdacosta.pt
Representative for Market Relations
António Frada
T: +351 22 834 22 43
Investor Relations
Rita Carles
T: + 351 21 791 3236 | + 351 22 834 1217
1ST Quarter 2010 Results Presentation