Presentation to Fixed Income Investors - Grupo ACS · Presentation to Fixed Income Investors July...
Transcript of Presentation to Fixed Income Investors - Grupo ACS · Presentation to Fixed Income Investors July...
Presentation to Fixed Income Investors
July 2014
Grupo ACS is a world reference in the infrastructure industry, developing both civil and industrial engineering projects.
A world leading infrastructure developer…
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Construction Environment
Civil Works
Contract Mining & Concessions
Industrial Services
Support Services & integrated projects in energy, oil and gas
Integral industrial and urban waste management
ACS companies employ near to 160,000 people, including approximately
13,000 engineers and other 17,000 university graduates.
ACS is listed on IBEX-35 stock index (ACS.SM)
EBITDA 2013
€ 3.0 bn
Market Cap (30/06/14)
€ 10.5 bn
1Q14 Backlog
€ 63.9 bn Revenues 2013
> € 38.4 bn
ACS focuses on complex projects in a number of sectors including transportation, energy, environment and urban infrastructures.
… with a solid track record of integration and operating growth …
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795 981 1,096 1,219
1,380 1,382 1,429 1,505
2,318
3,088 3,002
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
EBITDA (€ mn)
CAGR 14%
8,825 10,818 12,114
13,869 15,345 15,276 15,387 15,380
28,472
38,396 38,373
14% 17% 17% 16% 16% 22%
26% 34%
73%
84% 86%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Revenues (€ mn)
% international CAGR c. 16%
Grupo ACS achieved a CAGR of a 16% in revenues since 2003 through different integration processes and organic growth.
EBITDA CAGR 14% in the period 2003-13 thanks to a successful internationalization process
... and an advantageous competitive position in developed markets …
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ACS can successfully bid for large and complex projects all around the world
ACS has the expertise, the size and the ability to attract financial partners to
be eligible for certain projects
World leader in Construction World leader in Greenfield Concessions
A leader on its reference markets
… based on a clear corporate strategy
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ACS pursues operating efficiency, promoting best practices and corporate culture amongst Group’s companies
A Global Group
Sector Leadership
Decentralization
Unique culture and strategy
Operational independence
Client Service
Profit Orientation Risk Management
Country Client
Project Execution
... with defined corporate targets
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Strategic objectives 2014-2016
Recurrent Net Profit annual growth
>10%
Profitable Growth Moderate
financial gearing Attractive return to shareholders
< 1.4x
Stable dividend policy
Business Net Debt*
EBITDA
Sustainable value creation
* Excluding Debt (and EBITDA) from project finance (concessions, renewables, etc.) and discontinued operations
Key financial figures
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Net Profit
Sales
Backlog
EBITDA
EBIT
2013 Q1 14 € mn
38,373 8,800
63,419 63,874
3,002 648
1,746 421
702 200
Comp. Var.*
+6.1%
-2.0%
+3.1%
+16.9%
n.a.
* Excluding f/x impacts and perimeter changes
Comp. Var.*
+9.0%
-1.8%
+0.8%
+11.1%
+20.6%
Geographical diversification
The map includes countries with more than € 1 mn sales In China ACS develops its activity in Hong Kong and Macau
Grupo ACS operates worldwide, focused on developed countries
Extensive geographic diversity. ACS has significant international operations: construction, industrial services and environment derived respectively 95%, 61% and 36% of their sales abroad in 2013
14%
12%
29% 5%
31%
1% 8%
North America € 11,061 mn Spain
€ 5,245 mn
South America € 1,993 mn
Rest of Europe € 4,549 mn
Asia € 3,063 mn
Oceania € 11,998 mn
Africa € 464 mn
Spain
Rest of Europe
North America South
America
Oceania
Africa Asia
Sales € 38,373 mn
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75%
12% 13%
16%
13%
27%
43%
1%
Backlog breakdown as of March 2014
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Construction € 48,156 mn
Environment € 8,210 mn
Industrial Services
€ 7,508 mn
America € 17,372 mn
Spain € 9,992 mn
Asia Pacific € 27,431 mn
Africa € 486 mn
Rest of Europe
€ 8,594 mn
Total Backlog 63,874 mn
Resilience reflects ACS position in key markets
Solid backlog (19 months; LTM book to bill ratio > 1) Large share of recurring revenues (especially maintenance activities)
Growth in relevant Markets
Opportunities in Latam
Maintain leadership in Europe
77%
18%
5%
60%
31%
9%
Business diversification
Sales Breakdown by activities
Construction € 29,559 mn
Environment € 1,781 mn
Industrial Services
€ 7,067 mn
2013 € 38.4 bn
Construction € 1,826 mn
Environment € 275 mn
Industrial Services € 937 mn
EBITDA Breakdown by activities
2013 € 3.0 bn
Substantial business diversification with industrial and environmental services
representing respectively 31% and 9% of 2013 EBITDA 10
6.2%
13.3%
15.4%
Construction Industrial Services
Environment
2013 EBITDA margin (€mn)
Operating margins
11
1,826
937
275
Construction Industrial Services
Environment
2013 EBITDA (€mn)
€ 3.0 bn
Average 7.8%
466
203
-885
-207
-948
2009 2010 2011 2012 2013
1,125 1,188
2,172
1,506
1,959
2009 2010 2011 2012 2013
1,327
-2,070 -2,726
2,285
-476
2009 2010 2011 2012 2013
Stable cash flow generation from operations …
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FFO before WC variation and CAPEX (€mn) Working Capital Variation (€mn)
Net cash flow from investments (€mn)
Cash out from working capital
and net investments averaging
€ 0.6 bn in the period 2009-2013
while in 2013 amounted
€ 1.42 bn
Average = (332)
Average = (274)
Average = 1,590
Date Item Seller
2014 Aurelis & Streif HOCHTIEF
2014 Seville Subway concession Iridium
2013 Nextgen (Telecomm Business) Leighton
2013 HOCHTIEF Airport concessions HOCHTIEF
2013 HOCHTIEF Services Business HOCHTIEF
2012 Principe Pio Transfer Station Iridium
2012 Thiess Waste Management (Australia) HOCHTIEF
2012 Vespucio Norte Highway in Chile (45,45%) HOCHTIEF
2012 Chilean Highway Ruta del Canal Iridium
2012 FTG Transportation Iridium
2012 7 Transmission lines in Brazil Industrial Services
2012 Clece (23,5%) Environment
2011 Florida Highway I-595 (50%) Iridium
2011 Chilean Highways: Túnel S. Cristobal & Vespucio Norte Iridium
2011 11 Wind parks Industrial Services
2011 9 Wind parks Industrial Services
2011 2 Thermosolars + 5 wind parks Industrial Services
2010 8 Transmission Lines in Brazil Industrial Services
2010 SPL (Ports Business) Environment
… and a consistent asset rotation policy …
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Total Investments and Disposals 2008-13 (€ mn)
Not including disposals of stakes in listed companies such as Abertis, Iberdrola and Union Fenosa
€ 7.1 bn EV in disposals from operating companies since 2010
2,969
4,598
5,1134,756
2,586 2,4832,798
5,905
2,789
1,853
4,781
2,008
2008 2009 2010 2011 2012 2013
Investments Disposals
9,089
8,003
9,334
4,952 4,235 4,579
2009 2010 2011 2012 2013 1Q14
4.2x
5.2x
3.5x
1.5x 1.4x
6.7x 7.3x
5.6x
2.6x 2.4x
2009 2010 2011 2012 2013
Business Net Debt / EBITDA
Total Net Debt (Incl. AHFS) / EBITDA
-55%
202% 180%
151%
87% 77%
2009 2010 2011 2012 2013
… has permitted to achieve a successful deleveraging process during the last years
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Net Debt 2009-13 (€mn) Debt to EBITDA Ratios 2009-13
Gearing (Net debt/ Equity) 2009-13 Data in € bn 2009 2010 2011 2012 2013
Business Net Debt* 5.35 6.52 8.94 4.17 3.55
Business EBITDA* 1.28 1.26 2.57 2.72 2.60
Ratio 4.2x 5.2x 3.5x 1.5x 1.4x
Total Net Debt (Incl. Assets held for sale)
9.57 10.92 13.06 7.97 7.21
Total EBITDA 1.43 1.51 2.32 3.09 3.00
Ratio 6.7x 7.3x 5.6x 2.6x 2.4x
* Excluding Debt and EBITDA from project finance (concessions, renewables, etc.) and sold assets (in 2013)
Sound financial structure
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(€ million) 1,691
3,747
3,201
3,030
11,669
-7,090
4,579
Gross Debt
Cash & Equivalent
Net Debt
Long Term Bank Debt
Bonds and CPs
Non recourse and leasing
16%
84%
Long term deposits Short term deposits and cash
Short Term Bank Debt
32.0%
14.4%
27.3%
26.2%
• 188.2 million shares of IBE not included
• No cash pooling across the Group
-8%
75%
11% 23%
Banks Bondholders Leasing provider Project Financing
Net Debt Breakdown by lender type
Debt Structure as of 31/03/2014
Debt breakdown by business (as of 31/03/14)
16
688
104
792
Iridium
Recourse Project Finance Net Debt
-262
90
-172
Dragados
Recourse Project Finance Net Debt
253 235
488
HOCHTIEF
Recourse Project Finance Net Debt
-596
29
-567
Industrial Services
Recourse Project Finance Net Debt
451
249
700
Environment
Recourse Project Finance Net Debt
2,887
451
3,338
ACS Corporation
Recourse Non Recourse Net Debt
(€ million)
Construction Area of Activity
€ 8,083 mn 69%
€ 3,586 mn 31%
Total gross debt
ACS (Ex HOCHTIEF) HOCHTIEF
Maturity Profile
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11,669
818 661 728
134 57
1,188
2,958
2,201
57 638 1,038
1,191
3,776
2,862
785 772 1,095
2,379
1Q14-1Q15 1Q15-1Q16 1Q16-1Q17 1Q17-1Q18 1Q18-1Q19 Beyond
HOCHTIEF ACS (Ex HOCHTIEF) Total
150
1,536
476
466
2,958
2,201
1Q14-1Q15 1Q15-1Q16
Syndicated Loans
Capital Markets
Bilateral Bank Lines & Leasing
Non Recourse
Total
Maturities details
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Dragados Syndicated Loan
106
ACS Syndicated Loan 1,430
Maturities until Q1-2016 (ACS ex HOCHTIEF)
Includes HOCHTIEF acquisition debt of
€ 449 mn (due Jul/15) 3,057
2,840
2,956 2,951
2011 2012 2013 Average
Bank lines renewal
93%
104%
99%
Good access to funding and strong relationship with banks support liquidity profile
Fixed Income Debt
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9%
14%
22%
28% 32%
2011 2012 2013 Sep 2013 Dec 2014 March
Bond Debt/Total Gross Debt (%) *
55% 35%
10% Straight bonds
Equity-linked bonds
Eurocommercial paper
Increasing access to money markets and capital markets:
Net bank debt substituted with fixed income debt like bonds and ECPs
* It does not include the last issuance by HOCHTIEF (22th May) : a 5 year straight bond of € 500 mn
Conclusions
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ACS
Debt of Quality
Business profile relying on scale and sustainable profitability
Diversified sales and backlog, by business and geography
Solid balance sheet and Cash flow generation capacity
Clear, focused and achievable strategy
Good operating margins with further potential to increase
Resilient operating profitability over recent years, despite the challenging macro environment
Deleveraging capacity and liquidity availability
Appendixes
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Operating Activities Summary
Financial Structure Additional Details
Indicative Terms and Conditions
Financial Statements
Cash Flow Statement
Management Profile
Shareholding and organizational structure
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Medioambiente Servicios Industriales
Con recurso 478 9,0%
Proyectos 251 4,7%
Total Neta 730 13,8%
74%
11%
15%
Servicios Industriales
Con recurso (744) (14,0%)
Proyectos 58 1,1%
Total Neta (686) (12,9%)
ACS, Actividades de Construcción y
Servicios
Con recurso 3.202 60,4%
Sin recurso 582 11,0%
Total Neta 3.783 71,4%
Mr. Florentino Pérez
Corporación Financiera Alba
Mr. Cortina & Mr. Alcocer
Fluxá Family Free Float
12.5% 11.3% 7.6% 5.6% 63%
Listed in Madrid Stock Exchange
€ 38,373 mn Revenues 2013
Construction
100%
€ 3,866 mn
Industrial Services
100%
€ 7,067 mn
Environment
100%
€ 1,781 mn
Construction
59%
EUROPE
100% 70% 100%
€ 25,693 mn
€ 7,944 mn € 14,767 mn € 2,982 mn
HOCHTIEF’s Free Float
Qatar Holdings
30% 11%
HOCHTIEF’s Ownership (Listed in Frankfurt Stock Exch.)
A best-in-class engineering firm and greenfield project developer: Construction
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Construction
ACS is the largest construction company of the western world focused in developing infrastructures globally
Sales 13 €29.6 bn
EBITDA 13 €1,826 mn
Current Backlog €48.2 bn
Develops state-of-the-art construction activities such as Civil Works, Contract Mining and General Building activities in 30 countries, with a technical team including 10,000+ engineers
Local reputed brands: Dragados, Hochtief, Leighton, Turner, Flatiron, and Iridium, operating in Australia, USA, Canada and > 20 other countries
ACS is the leading greenfield concession developer in the world (Equity invested > € 1.2 bn)
5%
12%
33%
50%
0% Spain
Asia Pacific
Africa
Rest of Europe
America
Sales by region
55%
15%
20%
10% Civil Works
Mining
Gen. Building
Others
Sales
Main contracts in progress: Railways and Transit
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Ottawa Light Rail Transit, Canada
€ 700mn
London Subway, UK € 500mn
New York Subway, US € 1,200mn
Línea 2 Metro of Lima, Perú € 3,900mn
Thomson Line in Singapore € 240mn
Sydney Sub. & Brisbane highway
€ 1,150mn
Hong Kong Tunnels, China € 500mn
Main contracts in progress: Highways and Bridges
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Alaskan Way, Seattle, US € 600mn
Bridges in Scotland € 1,000mn
Amsterdam – Schipol Highway € 218mn
S8 highway, Poland € 330mn
Qatar Orbital highway € 1,200mn
Sydney highways maintenance € 219mn
Perth Airport accesses € 453mn
US and Canadian Highways € 1,100mn
Presidio Parkway San Francisco € 130mn
Australian Embassy, Jakarta € 185mn
Tech center, Edmonton, Canada € 230mn
Main contracts in progress: Building
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Residential complex, India € 182mn
Macao Resort, China € 2,100mn
Central Terminal LA Airport, US € 230mn
Pelli Tower, Seville, Spain € 77mn
Sydney Mall, Australia € 296mn
Sydney University Bus. Sch., Aust. € 140mn
A best-in-class engineering firm and greenfield project developer: Industrial Services
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Industrial Services is a leading support services & EPC contractor with a decisive presence in emerging markets
Sales 13 € 7.1 bn
EBITDA 13 € 937 mn
Current Backlog € 7.5 bn
Focus on the development, construction, maintenance and operation of energy, industrial and mobility infrastructures
Support Services: networks of electricity, gas and water; installation and maintenance of HV electricity lines, telco systems, railway installations, electricity facilities, heating/cooling systems; control systems (traffic and transport)
Integrated projects (EPC for energy) & concessions (wind farms, solar plants, desalination, gas storage…)
Very strong presence in Latam & Middle East, growing in Asia Pacific
39%
10%
42%
3% 6%
Spain
Asia Pacific
Africa
Rest of Europe
America
Sales by region
Industrial Services Support Services
EPCs
Generation
50% 46%
4%
Sales
A best-in-class engineering firm and greenfield project developer: Environment
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Waste management, treatment, recycling and urban services. A very visible, stable and profitable activity
Sales 13 € 1.8 bn
EBITDA 13 € 275 mn
Current Backlog € 8.2 bn
64%
17%
16%
3%
Spain
Africa
Rest of Europe
America
Sales by region
Environment
Urban Services
Waste Treatment
Logistics
63%
30%
7%
Sales
A stable, profitable capital intensive, concession-like activity based on technical skills . Long term contracts, with predictable cash flows of:
Integral management of industrial wastes
Treatment, recovery and disposal of urban solid waste , street cleaning and management of green spaces
Integral water cycle
Leading player with in-house technology. Urbaser: one of the main urban services providers in Spain and France, with increasing presence in UK and USA
Oil offshore platforms, Mexico € 700mn
Treatment plants in UK and France € 1,200mn
Main contracts in progress: Industrial & Environmental
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Industrial projects in Saudi Arabia € 1,900mn
Telecom infrastructures in Australia € 400mn
Mining and gas contracts, Australia € 3,000mn
Solar plants in South Africa € 1,000mn
Transmission lines in Latam € 500mn
Appendixes
30
Operating Activities Summary
Financial Structure Additional Details
Indicative Terms and Conditions
Financial Statements
Cash Flow Statement
Management Profile
Cash Flow Statement
31
Grupo ACS Net Cash Flows
TOTAL HOT ACS exHOT TOTAL HOT ACS exHOT TOTAL ACS exHOT
Cash Flow from Operating Activities
before Working Capital1,506 1,347 159 1,959 1,076 884 +30.1% +454.3%
Operating working capital variation (207) (424) 217 (948) (658) (290)
Cash Flow from Operating Activities 1,299 923 377 1,012 418 594 -22.1% +58%
1. Payments for investments (2,496) (1,724) (772) (2,484) (1,650) (834)
2. Cash collected from disposals 4,781 588 4,194 2,008 1,912 96
Cash flow from Investing Activities 2,285 (1,136) 3,422 (476) 262 (738) n.a. n.a.
1. Treasury stock acquisition (84) 1 (85) 157 0 157
2. Dividends paid (639) (151) (488) (398) (180) (218)
3. Other financial sources (124) (12) (112) 379 (128) 508
Other Net Cash Flows (847) (162) (685) 139 (308) 447 n.a. n.a.
Total Cash Flow generated / (Used) 2,737 (376) 3,113 674 372 302 -75.4% -90.3%
Var.
Euro Mi l l ion
2012 2013
14%
86%
ACS ex HOCHTIEF
HOCHTIEF
81%
Leighton HOCHTIEF Americas HOCHTIEF Europe Dragados Industrial Services Environment
2013 Cash Flow Analysis
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Total Group Cash Flow (2013)
EBITDA 2013
€ 3,002 mn
Net Financial
Expenses * € 504 mn
Cash flow from the operating activities
€ 1,959 mn
Net CAPEX
€ 941mn
Recurrent Free Cash
Flow
€ 1,018 mn
Taxes and other
adjustments € 539 mn
Financial Investment
& Disposals € 465 mn
Operating working capital
variation € 948mn
Net Cash Generated € 674 mn
Extraordinary items
* Includes dividends received
Cash Inflow Cash Outflow
Others € 139 mn
Disposals
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Total Disposals 2008-13 (€ mn) Total Investment 2008-13 (€ mn)
Annual average disposals (2008-13) = € 3.35 bn, Investments = € 3.75 bn.
2,969
4,598
5,1134,756
2,586 2,483
2008 2009 2010 2011 2012 2013
Construction Industrial Services Environment Holding Total
2,798
5,905
2,789
1,853
4,781
2,008
2008 2009 2010 2011 2012 2013
Construction Industrial Services Environment Holding Total
Appendixes
34
Operating Activities Summary
Financial Structure Additional Details
Indicative Terms and Conditions
Financial Statements
Cash Flow Statement
Management Profile
Germany 15%
UK 7%
France 7%
Rest of Europe
11%
Asia (incl. Japan)
14%
USA & CAN 7%
Others 12%
Australia 7%
Spain 21%
Sources of funding
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• Wide international diversification of banking relationships
• The Group has more than 200 lenders and strong banking relationships
• 75 international banks provide lending facilities > € 50 million
• A track record of renewals even under challenging market conditions
Breakdown of number of banks by countries
Well-balanced and diversified sources of funding
Proven access to financing
Liquidity sources
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Undrawn bank lines plus unrestricted cash and equivalents near to € 8.9 bn
€ 3,160 mn 57%
€ 2,400 mn 43%
Undrawn Drawn
€ 1,359 mn 19%
€ 5,731 mn 81%
Restricted (1) Unrestricted
Cash and equivalents Committed Bank Lines
€ 5,731 mn 64%
€ 3,160 mn 36%
Unrestricted Cash and Equivalents (1)
Undrawn Bank Lines
Liquid Financial Resources
7,090 8,891
(1). Restricted cash: Collaterals + Cash in joint ventures + cash in Debt Service Reserve Accounts of Project Finance
• ST Debt mitigated by cash in B/S
• Operating subsidiaries benefit from decentralized financing (short term facilities to finance working capital needs, guarantees…)
5,560
Short term financing ratio
Liquid Financial resources
Debt Maturing IQ 14-IQ15 = 2.36x
Capital and money market instruments
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Issuer Instrument Maturity Size (mn) Yield at
issuance Current
Yield Z-spread
HOCHTIEF Bond 23/03/17 € 500 5.500% 1.826% 1.500%
HOCHTIEF Bond 20/03/20 € 750 3.875% 2.791% 1.991%
HOCHTIEF Bond 28/03/19 € 500 2.625% 2.305% 1.687%
LEIGHTON Bond 28/07/14 AUD 183 9.500% 4.070% 1.444%
LEIGHTON Bond 13/11/22 USD 370 5.950% 5.160% 2.912%
LEIGHTON US PP 10/15-07/20 USD 384 4.50%-7.66% n.a. n.a
ACS ACS
Exchangeable Bond IBE Exchangeable Bond IBE
20/10/18
€ 721 € 405
2.625% 1.625%
0.0041% 0.519%
n.a
ACS Euro-commercial paper € 536** n.a. n.a. n.a
** Outstanding Debt as of 30/06/14 (Programed Size: € 750 mn)
Data as of 30th of June, 2014
Net debt linked to Asset held for Sale (€mn)
38
3,714
3,023 2,973 2,982
2011 2012 2013 2014 (Q1)
2% 2%
15%
3%
78%
Years 1&2 Years 3&4 Years 5&6 Years 7 to 10
Beyond
Maturity of the Debt from Assets Held for Sale
97% Non
Recourse
20%
28%
44%
2%
6%
Desalinization Plants & Others
Transport Concessions
Wind Farms
Thermosolar Plants
Transmission Lines
87%
5%
Others
Spain
Portugal Mexico
Brazil
721
632
537
458 399
2010 2011 2012 2013 2014 (Q1)
Factoring & Securitization
Off balance sheet debt
39
(€ million)
13%
44%
43%
Breakdown by Areas of Activity
Construction
Industrial Services
Environment
-45%
52% 48%
Breakdown by Instrument Type
Factoring Securitization
25%
25%
4% 3%
44%
Project Finance
Capital Markets
Leasing
Factoring and Securitization
Banks Loans
48% 47%
7% 5%
-6%
Total Financial Liabilities* Breakdown
40
Gross Debt Net Debt
* Includes B/S debt, debt from assets held for sale and off B/S debt ** Net cash position with lending banks
**
€ 2,262 mn 28%
€ 1,500 mn 19%
€ 3,398 mn 42%
€ 923 mn 11%
ACS (Ex HOCHTIEF) total gross debt
8,083
Maturities ACS ex HOCHTIEF
41
Maturity Profile of Total Gross Debt of the Group
150
1,536
600 476 1,024
2,316 199
802
466
389
2,958
2,201
57
638 1,038 1,191
1Q14-1Q15 1Q15-1Q16 1Q16-1Q17 1Q17-1Q18 1Q18-1Q19 Beyond
Syndicated Loans Capital Markets
Bilateral Bank Lines & Leasing Non Recourse
Total
Appendixes
42
Operating Activities Summary
Financial Structure Additional Details
Indicative Terms and Conditions
Financial Statements
Cash Flow Statement
Management Profile
Indicative Terms and Conditions
43
Issuer ACS, Actividades de Construcción y Servicios, S.A.
Rating Unrated
Guarantor None
Currency Any currency agreed between the Issuer, the Arranger and the Dealers
Denomination: EUR 100,000 + EUR 100,000
Governing law of the notes English law
Listing: Irish Stock Exchange
Selling restrictions USA, UK, EU, German and others as are customary
Arranger Société Générale
Fiscal, paying and listing agent Societe Generale Bank & Trust
ICSDs Euroclear Bank SA/NV and Clearstream Banking, société anonyme
EMTN Programme main features
Indicative Terms and Conditions
44
Issuer ACS, Actividades de Construcción y Servicios, S.A.
Rating Unrated
Status Unsecured, unsubordinated
Currency EUR
Coupon Fixed, annually
Maturity 5 -7 years
Use of proceeds Repayment of existing debt and for general corporate purposes
Documentation EMTN Programme
Indicative Terms and Conditions
Appendixes
45
Operating Activities Summary
Financial Structure Additional Details
Indicative Terms and Conditions
Financial Statements
Cash Flow Statement
Management Profile
Financial Statements
46
Financial Statements
47
Financial Statements
48
Financial Statements
49
Appendixes
50
Operating Activities Summary
Financial Structure Additional Details
Indicative Terms and Conditions
Financial Statements
Cash Flow Statement
Management Profile
Grupo ACS Management Committee
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Mr. Florentino Pérez Rodríguez, Chairman and CEO, Born in 1947. Civil Engineer. Although Mr. Pérez started his career in the private sector, he held different posts in the Public Administration between 1976 and 1982 (in the Madrid City Council and in 3 Ministries: Industry and Energy, Transport, and Agriculture). In 1983, he returned to the private sector as top executive of Construcciones Padrós, S.A. Since 1993, he has been the Chairman and CEO of the ACS Group, first as the chairman of OCP Construcciones S.A., as result of the merger of Construcciones Padrós with Geocisa, and since 1997 as the chairman and CEO of the so-called ACS Group, as result of the merger of OCP Construcciones S.A. with Ginés Navarro, S.A. Mr. Antonio García Ferrer, Executive Vice Chairman, Born in 1945. Civil Engineer. Mr. García started his career in Dragados y Construcciones, S.A. in 1970. After assuming various positions of responsibility in the construction Company, in 1989 he was appointed Regional Manager for Madrid. Then, in 1998, he was placed at the head of the Building business and in 2001, he became General Manager of the Industrial and Services Divisions. In 2002 Mr. García was appointed as the Chairman of Grupo Dragados, S.A., and in December 2003 he became the Executive Vice Chairman of the ACS Group.
Mr. Ángel García Altozano, Corporate General Manager, Born in 1949. Civil Engineer and MBA. Mr. García Altozano started his professional career in the construction sector. He was General Manager of the Instituto Nacional de Industria (INI) and President of Bankers Trust for Spain and Portugal. In 1997 he joined the ACS Group as Corporate General Manager with responsibility over the economic-financial areas, corporate development and affiliates. Mr. José Luis del Valle Pérez, General Secretary Born in 1950. Lawyer and State Attorney. From 1975 until 1983 Mr. del Valle held various positions in the Public Administration and was a member of the Parliament from 1979 to 1982 and Deputy Secretary of the Ministry of Territorial Administration. He has been a member of the Board of Directors of the ACS since 1989 and has been the Secretary General to the Board of Directors since 1997. Mr. Eugenio Llorente Gómez, Chairman and CEO of the Industrial Services Area, Born in 1947. Industrial Technical Engineer and MBA, Madrid Business School. Mr. Llorente started his professional career in Cobra Instalaciones y Servicios, S.A. in 1973. After occupying different positions of responsibility, in 1989 was named director of Downtown, in 1998 he was promoted Corporate General Manager and in 2004 General Manager. Currently, he is General Manager of ACS Services, Communications and Energy and responsible for the Industrial Services Area of the Group.
Grupo ACS Management Committee
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Grupo ACS Management Team
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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 Construcción y Servicios, 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 (IRFS). 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