apresentação do powerpoint · improved profitability • ebitda rose 6.6% in 2011, supported by...

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APRIL 23, 2012

EXECUTIVE SUMMARY

FULL-YEAR 2011 RESULTS

FINANCIAL STRUCTURE

OUTLOOK

FINANCIAL CALENDAR 2012

CONTENTS

This document was prepared by Grupo Soares da Costa, SGPS, SA (Soares da Costa) to be used for its full-year 2011 results presentation. Nor Soares da Costa, nor any of its represents, 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 constitutes 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. Nor document, nor any part of this document, constitute a contract, nor can be used to integrate or interpret any contract or any type of commitment.

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EXECUTIVE SUMMARY/ 2011’S HIGHLIGHTS

IMPROVED PROFITABILITY

INTENSIFICATION OF THE GROUP’S INTERNATIONAL ACTIVITY

INVESTMENT IN THE BUSINESS’ FUTURE SUSTAINABILITY: REDUCTION OF STRUCTURE COSTS

SOLID ACTIVITY PROSPECTS

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IMPROVED PROFITABILITY

• EBITDA rose 6.6% in 2011, supported by the growth achieved in the Concessions area

• Improvement in the EBITDA margin to 10.8% in 2011, combining this rise and a slight 2% decrease in turnover


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86 88 94

0

20

40

60

80

100

120

2009 2010 2011

EBITDA(millioneuros)

+6.6% +3.0%

9.1% 9.9%

10.8%

2009 2010 2011

EBITDAmargin (%)

INTENSIFICATION OF THE GROUP’S INTERNATIONAL ACTIVITY


• With the contraction of the domestic market , Soares da Costa’s strong international profile continues to stand-out: international turnover grew 6.1%, surpassing 500 million euros

• International turnover weights 62% of total in 2011 (57% in 2010)

• International market represented 66% of the order book as of December 31, 2011 (57% by year-end 2010) 5

Million euros

52% 57% 62%

48% 43% 38%

2009 2010 2011

DomesticTurnover

InternationalTurnover

327 345 325

61 79 114 22 38

80 84

51 25

2009 2010 2011

OtherCountries

Mozambique

U.S.

Angola

INVESTMENT IN THE BUSINESS’ FUTURE SUSTAINABILITY: REDUCTION OF STRUCTURE COSTS

• Cost cutting plan: opex decreased 14% in the last two years, significantly above the 8% decline of turnover • External supplies decreased 5% in 2011, and 20% in the last two years

• Staff costs decreased 5.8% in 2011, excluding 1.1 million euros of non recurrent costs (2.3 million in 2010)

• The number of workers declined by 7% in 2011; of which -14% of the domestic activity


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2,909 2,740 2,356

2,882 3,212 3,193

2009 2010 2011

Number ofWorkers(InternationalMarket)

Number ofWorkers(DomesticMarket)

-7%

-1%

-14% -6%

Mill

ion

euro

s

2009 2010 2011

Otheroperationalcosts

Staff costs

ExternalSupplies

Cost of GoodsSold

-14%

922

815 792

Order book as of December 31, 2011: 1,405 million euros

Angola, 467 million

51%

Mozambique 132 million

14%

U.S. 202 million

22%

Other Countries

122 million 13%

• Order book progress on 1Q 2012: + 199 million euros of works awarded, 95% in the international market

• High exposure to emerging economies

• Focus on MARGIN, not growth

International 66%

Domestic 34%

INTE

RNAT

ION

AL M

ARKE

T

SOLID ACTIVITY PROSPECTS


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FY 2011 RESULTS / KEY FINANCIAL DATA

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Consolidated 2010 2011 Var%

Turnover 893.5 873.5 -2%EBITDA 88.2 94.1 7% EBITDA margin 9.9% 10.8% 0.9 ppEBIT 49.9 58.9 18% EBIT margin 5.6% 6.7% 1.2 ppNet financial expenses -33.5 -51.8 54% Net interest paid -36.0 -41.1 14% Contribution from subsidiaries 0.3 0.2 -53% Other financial income/ costs 2.1 -10.8 604%EBT 16.4 7.1 -57%Taxes -0.3 -4.7 1365%Minorities -0.4 0.0 -109%Net Profit 15.6 2.4 -85%

Capex 29.2 25.7 -12%Net debt 741.9 863.0 16%Million euros

874 MILLION EUROS TURNOVER IN 2011 (-2% VERSUS 2010)

222 203 202

266

200 219 210

244

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

+ International activity grew +6%, and the Concessions area +84%

- Domestic activity decreased 14% and the Construction area fell d 6%, in spite of the international activity growth

FY 2011 RESULTS / TURNOVER EVOLUTION

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380 329

345 325

79 114

38 80 51 25

2010 2011

Other Countries -52%

Mozambique +110%

U.S. +45%

Angola -6%

Portugal -14%

894 million euros 874 million euros

Mill

ion

euro

s

849 796

102 188

15 7

-72 -126

2010 2011

Holding/ Adjust.

Self Energy

Real Estate -51%

Concessions +84%

Construction -6%

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FY 2011 RESULTS / PROFITABILITY

+ Profitability improvement of the Concessions business area: +27% EBITDA e +46% EBIT

- Deterioration of the net financial results (-52 million vs. -33.5 million) and increase in the income tax (-4.7 million vs. -0.3 million in 2010)

59 MILLION EUROS EBIT IN 2011 (+18% VERSUS 2010)

2.4 MILLION EUROS OF NET INCOME IN 2011 (VS. 15.6 MILLION EUROS IN 2010)

94 MILLION EUROS EBITDA IN 2011 (+7% VERSUS 2010)

10

48 43

4

-2

1

94 million euros

6.0%

23.1%

57.0%

10.8%

0%2%4%6%8%10%12%14%16%18%20%22%24%

-10

10

30

50

70

90

110

Construction Concessions Real Estate Self Energy Holding/adjust.

Total

EBITDA(millioneuros)

EBITDAmargin

88.2 94.1

49.9 58.9

-33.5 -51.8

-0.3 -4.7

15.6 2.4

2010 2011

EBITDA

EBIT

Financials

Income tax

2010 2011

Million euros

FY 2011 RESULTS / PERFORMANCE BY BUSINESS AREA

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CONSTRUCTION • The previous quarters trend continued, with a turnover and EBITDA decreasing, mainly as a result of the domestic activity contraction (-16% turnover) , but also due to a lower than expected profitability from the US operations.

CONCESSIONS

REAL ESTATE

ENERGY SERVICES

• Strong increase in turnover related with the accounting of the Transmontana motorway and Estradas do Zambeze projects (137 million euros vs. 50 million in 2010); • Scutvias concession contract: change in the concession’s risk profile.

• The turnover’s negative evolution reflects the reduced commercial activity (development phase of the ongoing projects); profitability benefited from a compensation and the sale of a financial stake during 2011.

• With a quite good performance in the last quarter, Self Energy’s turnover reached 8.6 million in 2011, 1% of consolidated turnover; the negative margin continues to reflect the financing market difficult conditions faced by the clients/ projects.

FY 2011 RESULTS / HIGHLIGHTS BY BUSINESS AREA

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FINANCIAL STRUCTURE / BALANCE SHEET STRUCTURE AS OF DECEMBER 31, 2011

13

Variation to 31 Dec 2010

FINANCIAL STRUCTURE / NET DEBT EVOLUTION

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• Net debt increase 17% compared with year-end 2010 • Non recourse debt, related with project finance investments (specifically to Transmontana motorway concession) rose 36.5%, justifying 85% of the Group’s net debt increase in this period

742

863

443 463

293

400

0

200

400

600

800

1000

1200

Dec 10 Dec 11

Net debt (million euros) Corporate net debt (million euros)

Project Finance (million euros)

FINANCIAL STRUCTURE / CORPORATE AND PROJECT FINANCE DEBT EVOLUTION

15

182 170 157 157 147 158

19 33 63 84 116 151 62 62

62 62

62

62

33 31 29 30

28

29

Dec 09 Dec 10 Mar 11 Jun 11 Sept 11 Dec 11

CPE

Intevias

Autoestradas XXI

Scutvias

Million euros

350

443 463 7.2

8.3 8.2

Dec 09 Dec 10 Dec 11

millioneuros

Corporatenet debt /EBITDA

OUTLOOK / ORDER BOOK TOTALLING 1,405 MILLION EUROS AS OF DECEMBER 31, 2011

PORTUGAL

ANGOLA

UNITED STATES 483 million euros

34% of order book

467 million euros 33% of order book


MOZAMBIQUE 132 million euros

10% of order book

BRAZIL 5 million euros

0.4% of order book

OTHER COUNTRIES


+100 million euros in 1Q 2012






Order book as of December 31, 2011

+ Works awarded in 1Q 2012

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OUTLOOK / GO EVEN FURTHER

PORTUGAL: Low level of investment (public and private), with a continued negative impact on the construction market; Conclusion of the construction of Transmontana motorway; Resumption of the adjustments to the cost structure; Monitoring of opportunities in energy and tourism sector and urban rehabilitation.

AFRICA: Operational and commercial activity is Angola and Mozambique should continue to be intense, with a geographical expansion of the activity in these countries, and of the segment of activity in Angola (infrastructures).

UNITED STATES: Current order book allows the prospect of a year of strong activity ; Geographical expansion of the activity will continue (Texas); Opportunities in the PPP (public-private partnerships) market; Focus on profitability improvement.

BRAZIL: Achieve a relevant growth for the consolidation of the Group’s presence in this market; Strong commercial investment in the knowledge of the market and in the award of further works.

OPE

RATI

ON

AL

ACTI

VITY

Continued monitoring of the debt evolution, namely corporate debt; Project finance debt with a growing trend due to the development of the Transmontana motorway; Sale of mature/ non core assets ongoing. FI

NAN

CIAL

ST

RUCT

URE

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FINANCIAL CALENDAR 2012

Earnings Release: 1Q 2012 – May 28 1H 2012 – August 31 3Q 2012 – November 19

CONTACTOS

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 Commercial Registry Office of Porto: corporate body and register nr. 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]

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APRIL 23, 2012

apresentação do powerpoint · improved profitability • ebitda rose 6.6% in 2011, supported by...

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