jga 2012 14-5-13 ingles [modo de compatibilidad]resultados 2012economic environment macro figures...

Resultados 20122012 Transformational Year

Highlights

2

• OHL becomes a reference shareholder of Abertis

• Disinvestment of Inima

• Year of outstanding results:

(€ mn) 2012 2011 (1) % Var.

Significant increase of the Net

Profit1,005.5 223.3 +350.3%

Significant reduction of the

Recourse Net Debt588.8 1,270.1 -53.6%

Significant increase of the Parent

Company Shareholder’s Equity2,135.2 1,215.7 +75.6%

(1) Figures re-stated according to the presentation of OHL Brazil and Chilean concession assets as discontinued operations

Focused on creating value, subject always to the stringent financial policies

applied

Resultados 2012

3

I. Economic Environment

II. OHL’s Position

III. 2012 Results

IV. OHL’s Future

V. Resolutions Proposal

Resultados 2012Economic Environment

Macro Figures

Macro Figures 2012 2013P 2014P

WorldGDP Growth 3.2% 3.3% 4.0%

CPI 4.0% 3.8% 3.8%

Developed

Enconomies

GDP Growth 1.3% 1.2% 2.2%

CPI 2.0% 1.7% 2.0%

USAGDP Growth 2.3% 1.9% 3.0%

CPI 2.1% 1.8% 1.7%

EurozoneGDP Growth -0.4% -0.3% 1.1%

CPI 2.5% 1.7% 1.5%

Emerging

Economies

GDP Growth 5.1% 5.3% 5.7%

CPI 5.9% 5.9% 5.6%

MexicoGDP Growth 3.9% 3.4% 3.4%

CPI 4.1% 3.7% 3.2%

SpainGDP Growth -1.4% -1.6% 0.7%

CPI 2.4% 1.9% 1.5%

4Source: IMF

Resultados 2012

5



III. 2012 Results

IV. OHL’s Future


Resultados 2012OHL’s Position

Concessions

ABERTIS

• #1 transport infrastructure player worldwide post transaction with OHL

• OHL, a reference shareholder

• OHL holds a 18,93% stake

• 2012 Net dividend of € 0.66/share (approx. € 82 mn)+ 1x20 bonus shares

DIRECT CONCESSIONS

• Continuity of important growth:

• +34.3% in Sales and + 59.1% in EBITDA

• Portfolio of 17 major concessions:

• 11 toll roads (848 Km) , 2 railways, 3 ports and 1 airport

• Geographical presence:

• Strategic countries: Mexico, Peru and Spain

• Interest in other countries: USA and Colombia

PERFORMANCE CRITERIA

• OHL Concesiones financially independent from the rest of OHL

• Minimun profitability target for the equity of 15% in €

• Concessions financed in non-recourse basis and in local currency

• Preference for mayority holdings

￭ Mexico 76%

￭ Spain 17%

￭ Argentina 4%

￭ Peru 3%

2012 Orderbook

€ 44,933 mn

6


Main Direct Concessions (Figures as at 12/31/12)Country Highways Stage Km % OHL Traffic

Average / day

Years

Remaining

Mexico Conmex

Amozoc – Perote

Puebla

Viaducto Bicentenario

Poetas - Luis Cabrera

Autopista Urbana Norte

Total

Operation

Operation

Construction

Operation

Construction

Operation

155

123

35

32

5

9

359

74%

51%

74%

74%

37%

74%

64%

269,523

28,795

n/a

25,702

n/a

12,349

336,369

39

21

25

25

30

30

Spain Euroglosa M45

Autopista Eje Aeropuerto

Autovía Aragón – Tramo 1

Total

Operation

Operation

Operation

8

9

56

73

100%

100%

95%

98%

74,076

7,239

99,415

180,730

15

15

14

Peru Autopista del Norte Operation 356 100% 26,359 21

Argentina Aecsa Operation 60 89% 197,063 8

Total Highways 848 675,029

Country Others Stage Operating

Infrastructures

% OHL Passangers/

Year

Years

Remaining

Mexico Toluca International Airport Operation Commercial

services

36% 895,341 43

Spain Oeste Light Rail

Móstoles – Navalcarnero

Port of Alicante

Port of Sta. Cruz de Tenerife

Operation

Construction

Operation

Construction

22 km 2 lines

15 Km 1 line

30 Ha. Dock

15.3 Ha. Dock

51%

100%

100%

65%

6,461,444

n/a

316,792

n/a

24

15

23

29

Chile Port of Valparaiso Construction 13,6 Ha. dock 100% n/a 30

Note: The average traffic/day corresponds to paying vehicles in every case 7


Construction

• Among the 20 largest constractors, leading emblematic projects worldwide

• Competitive Advantages derived from:

• Specialization in niches with high degree of technical complexity such as

railways, hospitals and smart buildings

• Solid balance sheet and proven ability to structure OHL Group’s financing

• Highly competitive due to the geographical diversification and

technological specialization

• Global management of the excellent human capital

• Centrallized Technical Office

• Suitable orderbook mix by geography (developed & emerging economies)

and by size of projects:

• More capillarity in places with permanent presence such as Central &

Eastern Europe, USA, Canada and Spain

• Singular works in countries such as Saudi Arabia, Turkey, Kuwait or Qatar

• Increasingly international orderbook with Spain accounting for only 21.6%

￭ Central & Eastern Europe 31%

￭ Spain 22%

￭ Middle East & North Africa 20%

￭ USA & Canada 20%

￭ Others 8%

2012 Orderbook

€ 8,107 mn

8


High Quality Construction Orderbook

• Organic growth guaranteed by the important orderbook that represents a 3 years of sales.

• Outstanding success in winning significant international awards, although will take some time in

becoming fully visible across the P&L:

• Large-scale construction projects with 1 to 1.5 years of design phase and execution periods of

between 3 and 5 years.

2011/2012 Major Awards Country € Mn Date

Toronto underground enlargement Canada 136 Jan. 2011

CHUM Hospital, Montreal Canada 742 Feb.2011

Urban Viaduct Kuwait 310 Feb.2011

Bosphorous tunnels & railway Turkey 653 Oct.2011

La Meca-Medina high speed railway Saudi Arabia 586 Oct.2011

Ural-Polar railway Russia 1,500 Dec.2011

Water mains for shaft USA 182 Jan.2012

Olympic Flame Building in Sochi Russia 411 Jun.2012

TOTAL (8 major contracts) 4,520

9


Other Activities

• OHL Industrial:

• Clearly international scope

• Design and construction of turn-key industrial plants

• Present in among other, Oil&Gas, petrochemicals, power, solid handling, fire-fighting protection

and others

• Developments:

• Development and promotion of top quality projects in areas of cultural and touristic interest

• Since inception, and through Mayakoba project, accrues relevant experience in development

and promotion of high quality projects operated by the most prestigious hotel chains worldwide

• Wide range of services associated with the entire life cycle of the project:

• Identification of opportunities and feasibility analysis

• Design and execution of the construction

• Fundraising and structuring the financing

• Strategic Alliances

• Commerzialization, operation and disinvestment

10

OHL’s PositionGlobal Presence

Significant and balanced geographical diversification (28 countries accross 5 continents)

Orderbook

EBITDA

� Spain

� Rest of the World

18%

82%

9 in America

• United States

• Canada

• Mexico

• Brazil

• Chile

• Argentina

• Colombia

• Peru

• Uruguay

10 in Europe

• Spain

• Czech Republic

• Slovakia

• Hungary

• Bulgaria

• Bosnia Herzegovina

• Montenegro

• Romania

• Poland

• Russia

6 in Asia

• Turkey

• Qatar

• Azerbaijan

• Kuwait

• Jordan

• Saudi Arabia

2 in Africa

• Algeria

• Marocco

1 in Oceania

• Australia

11

Resultados 2012

2012: Transformational year for OHL and growth continuity

OHL’s Position

3.7024.030

0

500

1.000

1.500

2.000

2.500

3.000

3.500

4.000

4.500

2011 2012

7621.053

0

500

1.000

1.500

2.000

2.500

3.000

3.500

4.000

4.500

2011 2012

Sales (€ mn) EBITDA (€ mn)

+38.1%

+8.8%

Outstanding growths even without considering our concession assets in Brazil

and Chile swapped with Abertis

223 260

0

200

400

600

800

1.000

1.200

2011 2012

223

1.005

0

200

400

600

800

1.000

1.200

2011 2012

Recurrent Net Profit (€ mn) Total Net Profit (€ mn)

+350.3%

+16.5%

(*) (*)

(*)(*)

(*) 2011 restated figure, without assets in Brazil and Chile, for comparison purposes .12

Resultados 2012

2002-2012: 10 years of solid and steady growth track record

OHL’s Position

42 49 57

102 105

141 151 156

196

223

260

0

50

100

150

200

250

300

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

(*)

5.95910.65612.750

18.39826.670

32.756

53.04561.332

76.371

45.373

2.7293.309

3.717

4.224

5.114

5.302

6.024

5.395

5.639

8.04072.455

8.897

0

10.000

20.000

30.000

40.000

50.000

60.000

70.000

80.000

90.000

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

(*)

1.7722.112 2.231

2.443

3.278

3.7644.009

4.780 4.771 4.870

4.030

0

1.000

2.000

3.000

4.000

5.000

6.000

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

(*)

188 229 262 285

489543

608

763

991

1.219

1.053

0

200

400

600

800

1.000

1.200

1.400

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

(*)

Sales (€ mn) EBITDA (€ mn)

Recurrent Net Profit (€ mn) Orderbook (€ mn)

CAC:+18.8%

CAC:+20.0%CAC:+19.9%

■ Long

Term

■ Short

Term

CAC:+8.6%

Substantial growth driven by its two core activities, Concessions and

Construction

13

(*) 2012 without Brazilian and Chilean assets


Continuity in Creating Value and Impact on Share Price (12/31/02-03/31/13)

• The performance of the stock price shows the succes of the strategy and the results obtained.

• Generation of value for the shareholders:

• Dividend payout of 25% from the Recurrent Net Profit

• Remaining 75% reinvested in the Group generating a 18.8% ROE(2)

• € 100 of 12/31/02 turn as of 03/31/13 in:

• € 131 invested in the Ibex-35, € 31 surplus

• € 137 invested in the average of the other construction companies, € 37 surplus

• € 840 invested in OHL,€ 740 surplus, 19.9 times higher than the average of the other construction

companies (1)

In 2012 -4.7% Ibex35, -15.3% Sector Average ( without OHL) and +13.3% OHL

(1) Average of the construction companies quoted (without OHL)

(2) As of 2012 year end (based on the Recurrent Profit) 14

Resultados 2012

15



III. 2012 Results

IV. OHL’s Future


Resultados 2012

Urbana Norte Motorway - Mexico

16

Resultados 2012

Poetas Motorway - Mexico

17

Resultados 2012

Airport Connection- Poland

18

Resultados 2012

Orange Line Underground. Miami – USA

19

Resultados 2012

Highway Transfer Zone. Miami – USA

20

Resultados 2012

Brno Tunnel – Czech Republic

21

Resultados 2012

Cubipod Dock. La Coruña - Spain

22

Resultados 2012

CHUM Hospital - Canada

23

Resultados 2012

Sidra Hospital - Qatar

24

Resultados 2012

Mostoles Hospital in Madrid - Spain

25

Resultados 2012

Fractionation Plant in Pisco - Peru

26

Resultados 2012

Thermosolar Plant in Morón de la Frontera. Seville - Spain

27

Resultados 2012

• Abertis and Inima transactions closed, both:

• Obtaining significant profits (€ 1.1bn)

• Reducing global leverage(from 5.1 to 4.0 times) and Recourse Net Debt (-53.6%)

• Strengthening the balance sheet:

• Increase of +75.6%of the Parent Company Shareholder’s Equity reaching €2.1bn

• Financial structure optimization:

• Recourse Debt maturity profile improved

• Better Recourse Liquidity position and complete renewal of the credit lines platform

• Long term needs covered in capital markets. Of Recourse Debt, 87% is bonds and

13% financial institutions

• Comply with the 2012 anticipated target: Recourse Net Debt / Recourse EBITDA < 2x

2012 Results

2012 OHL’s Milestones

28

Resultados 20122012 Results

Profit & Loss Account – Performance by Division

(€ mn) ConcessionsVar

12/11Construction

Var

12/11

Other

Activities

Var

12/11Total

Var

12/11

Sales 642.5 +34.3% 2,738.3 -4.5% 648.8 +81.6% 4,029.6 +8.8%

%/ Group 15.9% 68.0% 16.1%

EBITDA 749.0 +59.1% 252.4 -12.3% 51.5 +1,330.5% 1,052.9 +38.1%

%/ Group 71.1% 24.0% 4.9%

• Concessions is the primary engine of the Group, providing growth figures of+34.3 and +59.1 in Sales and EBITDA, respectively.

• Construction activity registered a slight decline of -4.5% in global terms (+11.8International and -31.7 in Spain).

• Other Activities sales grow by +81.6% driven by the Industrial andDevelopments Divisions.

29


Profit & Loss Account – Key figures

• Significant growths at all levels of the P&L: Sales +8.8%, EBITDA +38.1% andRecurrent Net Profit +16.5%

• Annual Net Profit topped € 1bn, which implies 4.5 times the figure fromprevious year. Includes extraordinary transactions:

• € 1.1bn capital gains obtained from the disposal of Inima and the swap ofthe assets with Abertis

• International activity continued to play a leading role within the Group as theyaccount for 67% of Sales and 82% of EBITDA

(€ mn) 2012 % 2011 (1) % % Var.

Sales 4,029.6 100.0 3,702.0 100.0 +8.8%

EBITDA 1,052.9 26.1 762.3 20.6 +38.1%

Recurrent Net Profit 260.1 6.5 223.3 6.0 +16.5%

Total Net Profit 1,005.5 25.0 223.3 6.0 +350.3%

(1) Figures restated according to the presentation of OHL Brazil and Chilean concessions assets as discontinued operations.

30


Strong reduction of Total Leverage and Recourse Debt

• Recourse Net Debt / Recourse EBITDA = 1.6:

• Ratio < 2 as announced in 2011 Results

Presentation

• 2012 Recourse EBITDA= € 375.6 mn(*)

1.270

589

0

200

400

600

800

1.000

1.200

1.400

2011 2012

• Total Net Debt / Total EBITDA = 4.0:

• Conservative for a mainly concessional Group

• 1.1 Deleveraging in 2012

2011 2012

Recourse Net Debt 1,270 589

Recourse EBITDA 337 376

Ratio 3.8 1.6

3.9004.198

0

500

1.000

1.500

2.000

2.500

3.000

3.500

4.000

4.500

2011 2012

2011 2012

Total Net Debt 3,900 4,198

Total EBITDA 762 1,053

Ratio 5.1 4.0

-53.6%

+7.6%

Recourse Net Debt Total Net Debt

(*) Total EBITDA €1,052.9mn – Non-recourse EBITDA €677.3mn31

Resultados 20122012 Results Comfortable Financial Situation

180

300

425524

300

2013 2014 2015 2016 2017 2018 2019 2020

Recourse Debt Maturities (*)

(€ mn)

€ 1,968mn Available Liquidity

888

840

240

2012

￭ Credit Lines & Others

(undrawn)

￭ Syndicated Facility

(undrawn)

￭ Recourse Cash &

Equivalents

(€ mn)

• Comfortable maturity profile

• Refinancing analysis and execution well ahead of time. Actions during 2012:

• March: € 300mn bond issue in the euromarket, bullet with an 8 year term

• April: 3 year extension of the syndicated facility increasing its principal by 25% up to € 300mn

• Obtained a margin facility in December of up to € 971 mn, collaterized with Abertis stake and a 3 year

maturity (€ 476mn drawn at closing of 2012)

• Actions during 2013:

• March: € 300mn secured bond issued by OHL Concesiones, exchangeable for shares of OHL

Mexico, bullet with a 5 year term

• April: Program of Euro Commercial Paper for a maximum outstanding amount of up to € 300mn.

Short-term financing source in the capital market, increasing flexibility and diversification of

sources

• Strong and stable liquidity position, able to cover 1.3 times the full recourse maturities

￭ Credit Lines & Others

(drawn)

￭ Syndicated Facility

(undrawn)

￭ Euromarket Notes

(*) Signed increase of Syndicated Facility up to € 300mn since January 201332

Resultados 2012

33



III. 2012 Results

IV. OHL’s Future


Resultados 2012OHL’s Future

Continuity of the Strategy

CONCESSIONS � OHL Concesiones financially and organically independent

� Indebtedness in a non-recourse basis and in the same currency as

revenues

CONSTRUCTION � Focused on civil engineering and singular building

� More capillarity in places with permanent presence such as Central &

Eastern Europe, USA, Canada and Spain

� Singular works in countries such as Saudi Arabia, Turkey, Kuwait and Qatar

� Works in other countries maintaining the commitment with prudent

criteria:

Other Activities � Industrial: Design and construction of turn-key industrial plants

� Developments: Development and promotion of top quality projects in

areas of cultural and touristic interest

� Positive cash-flow since beginning of work

� Collections guaranteed

FINANCIAL � Financial discipline and prudency

� Commitment to recover Investment Grade status

34


2013 Estimates

• Expected growth:

• Sales > +5%

• EBITDA > +10%

• Recurrent Net Profit > +10%

• Recourse Net Debt / Recourse EBITDA < 3x

35

Resultados 2012OHL’s FutureCorporate Governance

Enhancing the

values of

transparency,

prudence and

honesty in the

Corporate

Governance model

of the OHL Group

� Revision of the Code of Ethics adopted in 2010 in order to expand its reach, cover

various aspects on the reform of the organic law 5/2010 of the Penal Code, and

enhance the control and prevention systems of criminal acts and unlawful conduct.

� The Board of Directors decided to assign the role to promote and control the policy of

Corporate Social Responsibility of the OHL Group, to the Audit and Compliance

Committee.

New commitments

for the Group’s

future Corporate

Government

� The 2011 Corporate Governance Annual Report of the Comisión Nacional del

Mercado de Valores (Spanish market regulator), latest published version, notes that

OHL is the leader in Corporate Governance among the companies in the Ibex-35.

� Promote the communication, training and dissemination measures, necessary for

understanding the Code of Ethics by all employees of OHL.

� Reinforced internal control and risk management, improving the Group’s

management structure, actions carried out under the direction of the Audit

Committee, Compliance and Corporate Social Responsability of the Board of Directors

� In order to consolidate the commitment of information transparency with its different

stakeholders, the Audit, Compliance and Corporate Social Responsibility Committee

has increased the levels of internal and external transparency, and has approved:

36

� A communication, distribution and Code of Ethics training plan, and

� The Groups’ Ethics Communication Channel procedure.


Sustainable Development

37

Corporate and

Social

Responsibility for

the OHL Group

� Since 2002 the Group reports on its policies, Corporate Social Responsibility (CSR)

management and performance management systems and on its commitment with sustainable

development.

� The sustainability Report is made pursuant to international standard Global Reporting

Initiative (GRI) in its highest application level A+, guaranteed by GRI.

2012 Milestones

� Renewal in 2012, for the fourth consecutive year, the presence of OHL in the FTSE4Good Ibex

index

� The Group obtained a score rated “High”, with a 10 points improvement over the previous

year in the Carbon Disclosure Project index and, for the second year running, is included in the

select group Carbon Disclosure Leadership Index.

� Mayakoba attained the “5 diamonds” valuation, maximum score granted by AAA (American

Automobile Association) and received a favorable report from the Federal Attorney for

Environmental Protection (PROFEPA) of the Government of Mexico to Mayakoba’s Touristic

Development and therefore placing itself, another year, as a main reference within the

environmentally sustainable and responsible tourism destinations at an international level.

� OHL has continued creating jobs, +7.4% in Spain and +10.1% throughout the Group.

� The continuous improvement in prevention related matters, which in 2012, year on year, has

reduced the Group’s overall labour accident incidence rate by -9%.

� Success in implementing the results of the R&D projects, with the Cubipod as a great example

of artificial breakwater element for the protection of port docks, which has already been used

in two works, both in San Andrés dock at the Port of Málaga and the First Phase of the Outer

Harbour dock of Langosteira in La Coruña, having high expectations of an increasing use

worldwide.

Resultados 2012

38



III. 2012 Results

IV. OHL’s Future


Resultados 2012Resolutions Proposal

First� Approval of the Annual Accounts and the Management Report,

corresponding to 2012 exercise of both Obrascón Huarte Lain, S.A. and

its Consolidated Group

Second � Approval of the proposal to distribute results

Third � Management approval of the Board of Directors during 2012

Fourth � Re-appointment the Company’s and its Consolidated Group Auditors

Fifth� Authorization for the Company to acquire own shares, directly or

through any subsidiary of the Group, according to article 146 of the

Adapted Text of the Capital Companies Act.

39

Resultados 2012

Sixth� Approval of the participation of Executive Directors in a share capital

investment system designed for the OHL Group management team

(Plan OHL Capital 2016)

Seventh � Annual Report on the retributions to the Board of Directors

Eight� Report on the use of the delegated faculty granted by the General

Shareholders Meeting to issue bonds

Ninth � Delegation of faculties

Tenth � Approval of the Shareholders’ Meeting certificate

Resolutions Proposal

40

jga 2012 14-5-13 ingles [modo de compatibilidad]resultados 2012economic environment macro figures...

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