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Diapositiva 1 WHY ACS? January 10th, 2017 Building the world of tomorrow 7th Spain Investors Day Why ACS is an attractive investment? 1. A global leading contractor 2. Highly diversified in terms of activities and geographies 3. Resilient operating performance 4. Sustainable growth potential 5. Successful transformation process completed 6. Trading at reasonable prices 2 1. A global leading contractor… US & Canada market share(1) US & CAN total construction output $ 891br → top contractors revenues represent 8% Others ACS 21% 18% st Obayashi 1 3% Lendlease 4% Fluor 14% Jacobs 4% Bouygues Skanska 5% 9% Balfour Beatty 6% Tutor Perini BECHTEL 7% 9% ASIA PACIFIC* market share(1) Vinci Others Chinese companies 3% 5% Shimizu excluded Bouygues 17% 3% BECHTEL 13% Taisei 16% Hyundai (1) Market share: from total revenues of top contractors in the region 13% Obayashi TOP 1 INTERNATIONAL 16% Source: ENR, bloomberg, companies’ reports, internal analysis ACS CONTRACTOR 14% 3 2. Highly diversified in terms of activities and geographies North America Europe Asia Pacific 46% 22% 25% 6% 14.6 €bn 6.8 €bn 7.9 €bn 2% 3% 1% 38% 8% R 1% 5% 13% South America Africa 6% 1% 15% 1.8 €bn 0.3 €bn 1% 1% R 4% NOTE: Sales distribution excluding recent disposals of Urbaser & Sintax LTM sales as of Sep 16 4 2. Highly diversified in terms of activities and geographies Facility management EPC 5% 9% Construction Support 75% Services 11% 32% Civil Works Contract mining 5% Industrial Services 20% 38% Environment Building 5% NOTE: Sales distribution excluding recent disposals of Urbaser & Sintax 9M16 Sales. 5 3. Resilient operating performance EBITDA* and margin evolution (€mn) EBIT* and margin evolution (€mn) EBITDA margin 6.5% EBIT margin 4.5% 6.3% 6.2% 4.2% 2,040 2,110 2,039 4.0% 1,390 1,429 1,313 EBITDA EBIT 2014 2015 2016LTM 2014 2015 2016LTM Improved margins across activities… …with a sustainable trend for the future * Excluding the contribution of Urbaser and renewables assets 6 4. Sustainable growth potential… Robust backlog growing across regions… …and activities +9.1% TOTAL 83% Construction 62,138 BACKLOG 51,801 56,975 47,217 Domestic +6.7% +9.7% Asia Pacific +14.6% North America 9M15 9M16 9M15 9M16 3% Facility management Industrial Services 14% Others 27% USA +8.7% 1,748 Mexico 3% 30% 1,608 8,590 Germany 4% Backlog by 8,151 country +5.4% Canadá 5% Spain 10% Australia 9M15 9M16 21% 7 4. Sustainable growth potential Leading position in the US market € 56 mn *LTM € 136 mn € 128 mn +7% C-470 Tolled Highway, Sales* University of Michigan Union Terminal Renov. & Express Lanes, Segment 1, Clinical Pathology, Rehabilitation, Museum +23% Denver, Colorado Michigan Center, Cincinnati, Ohio 12.0 +9% €bn € 54 mn € 346 mn UC Davis North Addition, Backlog Long Island Rail Road office building, (LlRR) Grand Central Sacramento, California 18.3 Terminal, New York 2014 LTM €bn 2015 2016 € 811 mn YoY Sales growth (%) € 44 mn 100km of high speed railway, California ThrogsNeck Bridge, New TOP US Construction York € 59 mn Group in terms of € 62 mn +21% I-10 and SR 303L Estrella revenues Prince George´s Freeway, Arizona Community College in +18% Largo, Maryland +19% € 363 mn € 103 mn Harbor Bridge Naval Academy's Center replacement project, for Cyber SecurityStudies, Corpus Christi, Texas Maryland 2014 2015 2016LTM € 68 mn € 678 mn YoY Backlog growth (%) Sand Lake Road (SR 482), Chesapeake Bay Bridge- Orlando, Florida Tunnel, Virginia 8 5. Successful transformation process completed HOT CIMIC HOT Europe America Structure rationalization Overheads cuts Business reorganization Management and strategy changes B/S quality improvement and sale of non core assets Risk management and system deployment Increased operating efficiency Cash generation focus 9 5. Successful transformation process completed EBIT HOCHTIEF FCF HOCHTIEF 2012 2013 2014 2015 2016LTM 2012 2013 2014 2015 2016LTM 3.8% 3.3% 985 978 2.5% 733 1.9% 689 1.4% 542 496 322 349 Increased operating efficiency (321) (316) . Cost overruns reduction Cash generation focus . D&A reduction thanks to lesser . capital intensity WC capital management discipline . CAPEX reduction 10 5. Successful transformation process completed Total Group indebtedness evolution 2,5x AHS debt include € 742mn from Urbaser 2.293 1,6x DeudaNet Debt Neta / / Swift de-gearing process backed by 1,4x EBITDAEBITDA strong cash generation from… 457 0,8x 5.872 964 3.880 222 Operating activities 2.751 1.587 sep.-14 sep.-15 sep.-16 sep.-16 PF Rotational assets DeudaNet Debt Neta DeudaAssets ligada Held a ActivosFor Sale Mantenidos Debt paraProforma la VentaNet Debt after Urbaser deal closing Sale of non core assets Gross financial expenses evolution Implicit cost of debt Urbaser 5.43% * Ex Urbaser, annualized 4.53% 1,036 3.74%* …allowing a reduction of the implicit 776 cost of debt through restructuring 958 -44% 606 and refinancing efforts 699 -24% 532 2014 2015 LTM 2016 11 5. Successful transformation process completed Deseasonalized Operating Working Capital variation (€mn) 625 387* Urbaser Risk management control 327 system across the group 2013 2014 2015 2016LTM *Ex Urbaser (571) (873) Disciplined Working Capital management as part of transformation process CAPEX Evolution (€mn) Capital intensity reduction as part of transformation process… 941 611 …enhanced by 336 -76% Urbaser sale -32% 229* 2013 2014 2015 2016LTM *Ex Urbaser 12 6. Trading at reasonable prices Price to Earnings (16E) ratio IBEX 35 PER 16E 0,0x 10,0x 20,0x 30,0x 40,0x 50,0x 60,0x CELLNEX TELECOM ACERINOX FERROVIAL SA 34,5x INDITEX PER high (> 17x) MELIA HOTELS INT AMADEUS IT GROUP GRIFOLS SA INDRA SISTEMAS MEDIASET ESPANA 20,1x GAMESA ACCIONA SA AENA SA VISCOFAN MERLIN PROPERTIE ABERTIS BANKINTER 17,3x TECNICAS REUNIDA PER average (13 - 17x) ENDESA ARCELORMITTAL RED ELECTRICA IBERDROLA SA 14,9x CAIXABANK S.A TELEFONICA ENAGAS SA Within the lowest GAS NATURAL SDG percentile of IBEX 35 ACS 12,8x BANKIA SA REPSOL SA DISTRIBUIDORA IN Lowest PE of Group peers PER low (<13x) MAPFRE SA BANCO SANTANDER BBVA BANCO SABADELL INTL CONS AIRLIN Source: Bloomberg 13 6. Trading at reasonable prices Price & valuation ratios vs worldwide peer Group Source: Bloomberg (BI) Price/sales (LTM) EV/EBITDA (LTM) 0,0x 0,2x 0,4x 0,6x 0,8x 1,0x 0x 5x 10x 15x 20x 2016 2016 2015 2015 WW Peer group* ex ACS & China ACS WW Peer group* ex ACS & China ACS Price/FCF (LTM) LTM PE ratio 0x 2x 4x 6x 8x 10x 12x 14x 0x 5x 10x 15x 20x 25x 2016 2016 2015 2015 WW Peer group* ex ACS & China ACS WW Peer group* ex ACS & China ACS *Balfour Beatty PLC, Bouygues SA, Eiffage SA , Ferrovial SA, Fluor Corp, FCC SA, HOCHTIEF AG, Hyundai Engineering & Construction Co Ltd, Jacobs Engineering Group Inc, Boskalis Westminster, OHL SA, Orascom Construction Industries, Sacyr SA, Salini Impregilo SpA, Skanska AB, SNC-Lavalin Group Inc, Strabag SE, Vinci SA, Metallurgical Corp 14 6. Trading at reasonable prices EV to EBITDA ratio (LHS) vs Gearing (RHS) evolution 7,3x 35x WW peer Group* weighted index 7x 30x 5,6x 6x Total Net Debt / EBITDA 25x 5x 20x 4x 17.3x 15x 3x 2,6x 2,4x 2,4x 10x 2x 1,3x 6.9x 5x 0,8x 1x ACS 0x 2009 2010 2011 2012 2013 2014 2015 2016 *EIFFAGE, CHINA STATE CONST, BOUYGUES, FCC, VINCI, BOSKALI W, SACYR, SALINI IMPREGILO, HYUNDAI E&C, SKANSKA, FLUOR, SNC-LAVALIN, HOCHTIEF, BALFOUR BEATTY PLC, STRABAG, FERROVIAL, OHL, JACOBS ENGINEERING, METALLURGICAL CHINA 15 6. Trading at reasonable prices Price to Earnings (Trail LTM) ratio evolution Source: Bloomberg (BI) 25x WW peer Group* weighted index 20x 20.4x 15x 12.8x 10x 5x ACS 0x 2009 2010 2011 2012 2013 2014 2015 2016 *EIFFAGE, CHINA STATE CONST, BOUYGUES, FCC, VINCI, BOSKALI W, SACYR, SALINI IMPREGILO, HYUNDAI E&C, SKANSKA, FLUOR, SNC-LAVALIN, HOCHTIEF, BALFOUR BEATTY PLC, STRABAG, FERROVIAL, OHL, JACOBS ENGINEERING, METALLURGICAL CHINA 16 6. Trading at reasonable prices with attractive intrinsic value ACS market & target price evolution 45 40 35 € 33.5 30 € 30.0 25 12% Upside 20 15 10 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Dec-16 PX_LAST BEST_TARGET_PRICE Source: Bloomberg consensus 17 Conclusions 1. Excellent competitive position worldwide 2. Solid financial fundamentals 3. Multiple growth opportunities 4. Attractive share price 18 4. ANÁLISIS COMPARATIVO SERVICIOS INDUSTRIALES VENTAS por países y regiones VENTAS por actividades Servicios Industriales Desglose por actividades Resto 18% Millones de Euros 2014 2015 Var. Mantenimiento Industrial 3.471 3.759 +8,3% Rep. Dominicana 2% España 33% Redes 661 738 +11,7% Estados Unidos 2% Instalaciones Especializadas 1.965 2.163 +10,0% Chile 2% Sistemas de Control 845 859 +1,7% Portugal 3% Proyectos Integrados 2.923 2.691 -7,9% Brasil 3% Energía Renovable: Generación 406 113 -72,1% Eliminaciones de Consolidación (50) (63) Perú 6% TOTAL 6.750 6.501 -3,7% Total Internacional 4.284 4.335 +1,2% Arabia Saudita7% México 24% % sobre el total de ventas 63,5% 66,7% CARTERA por regiones América del Sur Asia Pacífico 21% 10% Servicios Industriales Cartera por Áreas Geográficas Millones de Euros dic-14 dic.-15 Var. España 1.937 2.026 +4,6% Resto de Europa 370 350 -5,4% América del Norte Europa África América 3.626 3.551 -2,1% 26% 40% 2% Asia Pacífico 1.247 1.659 +33,1% África 842 836 -0,8% TOTAL 8.021 8.421 +5,0% 19.
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