ANNUAL REPORT 2011 Worldreginfo - 6C5903d2-Ad15-41Cd-B5e0-9348Feec0a29
Total Page：16
File Type：pdf, Size：1020Kb
ANNUAL REPORT 2011 WorldReginfo - 6c5903d2-ad15-41cd-b5e0-9348feec0a29 ANNUAL REPORT 2011 People-oriented. Passionate about innovation. Striving for excellence. Protecting the environment. Ethically committed. Team spirit. WorldReginfo - 6c5903d2-ad15-41cd-b5e0-9348feec0a29 2 ANNUAL REPORT 2011 > Refurbishment of El Malecón football stadium. Torrelavega. Cantabria WorldReginfo - 6c5903d2-ad15-41cd-b5e0-9348feec0a29 ANNUAL REPORT 3 01 KEY FIGURES AND DATA > Financial performance WorldReginfo - 6c5903d2-ad15-41cd-b5e0-9348feec0a29 004 GRUPOANNUAL SACYR REPORT VALLEHERMOSO 2011 / INFORME ANUAL 2011 KEY FIGURES AND DATA FINANCIAL PERFORMANCE FINANCIAL FIGURES (Millions of euros) December 2011 December 2010 % Chg 11/10 TOTAL REVENUE 3,949 4,820 (18.1%) INTERNATIONAL REVENUE 1,472 1,502 (2.0%) International revenue (%) 37.2% 31.2% 6.0 pp EBITDA 533 572 (6.,7%) Construction (Sacyr – Somague) 141 171 (17.4%) Services (Valoriza) 158 149 6.0% Rental Property (Testa) 200 197 1.8% Concessions (Sacyr Concesiones) 99 66 49.8% Residential Development (Vallehermoso) (53) (54) 1.6% Holding and adjustments (13) 43 n.s. EBITDA margin (%) 13.5% 11.9% 1.6 pp Construction (Sacyr – Somague) 5.8% 6.1% (0.3) pp Services (Valoriza) 16.0% 14.9% 1.1 pp Rental Property (Testa) 79.8% 78.7% 1.1 pp Concessions (Sacyr Concesiones) 65.4% 70.9% (5.5) pp MARKET CAPITALISATION 1,678 1,449 15.8% Number of shares outstanding (thousands) 422,598 304,967 38.6% NET CORPORATE DEBT 322 414 (22.2%) WorldReginfo - 6c5903d2-ad15-41cd-b5e0-9348feec0a29 FINANCIAL PERFORMANCE 005 TOTAL REVENUE INTERNATIONAL REVENUE TOTAL EBITDA (Millions of euros) (Millions of euros) (Millions of euros) 5,000 2.500 1,250 Variation=(18.1%) 4,000 2,000 1,000 Variation=(2.0%) 3,000 1.500 750 Variation=(6.7%) 2,000 1,000 500 1,000 500 250 4,820 3,949 1,502 1,472 572 533 0 0 0 2010 2011 2010 2011 2010 2011 CONSTRUCTION MARGIN SERVICES MARGIN RENTAL PROPERTY MARGIN (Millions of euros) (Millions of euros) (Millions of euros) 250 250 250 Variation=1.8% 200 200 Variation=6.0% 200 Variation=(17.4%) 150 150 150 100 100 100 50 50 50 171 141 149 158 197 200 0 0 0 2010 2011 2010 2011 2010 2011 CONCESSIONS MARGIN NET BORROWINgs NET CORPORATE DEBT (Millions of euros) (Millions of euros) (Millions of euros) Variation=49.8% 100 12.500 500 Variation=(20.0%) Variation=(22.2%) 80 10.000 400 60 7.500 300 40 5,000 200 20 2.500 100 66 99 10.950 8.831 414 322 0 0 0 2010 2011 2010 2011 2010 2011 WorldReginfo - 6c5903d2-ad15-41cd-b5e0-9348feec0a29 6 ANNUAL REPORT 2011 ANNUAL REPORT 2011 WorldReginfo - 6c5903d2-ad15-41cd-b5e0-9348feec0a29 ANNUAL REPORT 7 CONTENTS 01 KEY FIGURES AND DATA 4 02 LETTER FROM THE CHAIRMAN 8 03 SACYR VALLEHERMOSO GROUP 12 Origins and background 14 Present and future 18 04 BUSINESS DIVISIONS 20 Construction: Sacyr-Somague 22 Concessions of Infrastructures: Sacyr Concesiones 32 Property: Testa 40 Services: Valoriza 48 Real-estate development: Vallehermoso 60 05 GROUP HOLDINGS 64 Repsol 66 06 FINANCIAL COMMUNITY 68 07 FINANCIAL PERFORMANCE 76 Income statement 76 Consolidated balance sheet 82 08 AUDIT REPORT 86 Audit report 98 Consolidated financial statements 104 Corporate Governance Report 336 09 ADDRESSES 412 Spain 414 International 416 > Castelo do bode dam, Santarém. Portugal WorldReginfo - 6c5903d2-ad15-41cd-b5e0-9348feec0a29 8 ANNUAL REPORT 2011 LETTER FROM THE CHAIRMAN > Manuel Manrique, Chairman of the Sacyr Vallehermoso Group WorldReginfo - 6c5903d2-ad15-41cd-b5e0-9348feec0a29 LETTER FROM THE CHAIRMAN 9 Dear shareholders, In what is my first letter to you as the Chairman fiscal consolidation. In this context, we believe a of the Sacyr Vallehermoso Group, I would like to sensible course of action is to adopt a cautious thank you for placing your trust in our company; investments policy and to internationalise strongly I am certain that the efforts we are making to so as to diversify sources of revenue. consolidate the group and report growth will make us stronger and more profitable. After the Our strategy is to focus on managing the Group’s events seen in 2011 – the sale of 10% of Repsol, core businesses where we are really competitive, a substantial reduction in debt and the heavy to continue to reduce debt through selling mature provisions made on the income statement – the concessions and property assets, manage cash Group is now in a privileged position in its sector: flow more efficiently, cut costs, bolster equity, with a healthy balance sheet, debt in keeping satisfy shareholders and carry out a coordinated with the cash flow stemming from its recurrent policy with Repsol so as to achieve synergies. businesses, and an Ebitda margin above the Thanks to the value of our assets and, in average of our peers. The consolidation process particular, the capacity of our human resources, I has tested us all, but it now means we can be have no doubt that the market will value the profit optimistic about the future. potential contained in our share price. The economic situation in Spain and in Europe At year-end 2011, the group’s debt had fallen 20% remains very delicate. It is a situation in which against the previous year to 8,831 million euros, governments’ main concerns and tasks are only 322 million of which were corporate debt. focused on reducing the public sector deficit and The debt structure is entirely appropriate given WorldReginfo - 6c5903d2-ad15-41cd-b5e0-9348feec0a29 10 ANNUAL REPORT 2011 the nature of our assets, and 96% of it has long- these long and difficult tendering processes. The term maturity. consolidated order book of works and services amounted to 50,483 million euros, 62% of which The group has shown its strong capacity to report now stems from countries other than Spain. operating profit, which amounted to 533 million euros, fuelled by the positive performance in Innovation has made us more competitive, and the services and concessions areas, strength will continue to do so in the future. In construction in construction – above all on the international and concession tender procedures, our front - and stability in the property business. The professionals know how to hit on the right formula gross margin rose to 13.5%, compared to 11.9% to satisfy our clients’ requirements. We are also the previous year, showing how successful our able to innovate in order to successfully promote efforts have been to contain costs and increase and market homes and buildings, and to provide revenues. Consolidated revenue was down our clients with unrivalled services. 18.1%, due largely to the downturn in the property development market. The creation of the Sacyr industrial division deserves a special mention. This division will The Sacyr Vallehermoso Group has its sights operate in the global energy facility, mining, firmly set abroad, and this will be even more water and waste treatment sectors. This branch apparent in the years to come. Work to extend of activity will use some of the assets and the Panama Canal is continuing according to equipment already existing in Valoriza, and, with schedule, in the process setting world records its new resources and alliances, its sights are for concreting of structures. In our core European also set on the oil and gas infrastructures sector, markets and also in Asia and America, our teams which is booming worldwide. are dedicated to tendering the engineering, I would also highlight the positive impact that the operation and concession projects where Sacyr capitalisation operations carried out in previous Vallehermosohas consolidated its position of years have had on the balance sheet. This is global leadership. We are very proud of our teams a formula we intend to rely on in order to help of professionals, who, with their expertise and consolidate the company, and to ensure that our knowledge, are key to the successful outcome of results are even better in the future by managing WorldReginfo - 6c5903d2-ad15-41cd-b5e0-9348feec0a29 LETTER FROM THE CHAIRMAN 11 our own equity intensively while cutting back THE GROUP HAS SHOWN ITS on borrowing. Shareholders’ efforts, together STRONG CAPACITY TO REPORT with the company’s cost cutting measures, have OPERATING PROFIT, WHICH enabled the group to reduce operating expenses by over 20%. AMOUNTED TO 533 MILLION EUROS, FUELLED BY THE POSITIVE These are the new pillars of the Sacyr PERFORMANCE IN THE SERVICES Vallehermoso Group in the years to come. Pillars which, thanks to the trust of its shareholders, AND CONCESSIONS AREAS, clients and suppliers, supported by the excellent STRENGTH IN CONSTRUCTION management of its workers and partners, will – ABOVE ALL ON THE enable it to look towards the future as a stable, international and innovative company. INTERNATIONAL FRONT – AND STABILITY IN THE PROPERTY BUSINESS. Manuel Manrique Cecilia Chairman of the Sacyr Vallehermoso Group WorldReginfo - 6c5903d2-ad15-41cd-b5e0-9348feec0a29 12 ANNUAL REPORT 2011 > Talavera South baltway. Cable-stayed bridge WorldReginfo - 6c5903d2-ad15-41cd-b5e0-9348feec0a29 ANNUAL REPORT 13 03 SACYR VALLEHERMOSO GROUP > Origins and background > Present and future WorldReginfo - 6c5903d2-ad15-41cd-b5e0-9348feec0a29 14 ANNUAL REPORT 2011 ORIGINS AND BACKGROUND > Cadagua junction. A-8 Bilboa. Vizcaya 25 YEARS OF WORK After 25 years of operations, the Sacyr underline the success of the path it is following: Vallehermoso Group has become a leading 20,422 jobs, a business portfolio of more than business and construction group in both €50,400 million, estimated future Ebitda of 24,000 the Spanish and the European markets. The million of euros, five complementary areas of entrepreneurial spirit of the Group’s property business activities suitably diversified in terms of developers and the day-to-day work of its sector and geographical distribution, revenue of management team have turned what was the 3,950 million of euros in 2011, Ebitda of 533 million seed of an idea into a reality, one whose results of euros in the year, in addition to a major stake WorldReginfo - 6c5903d2-ad15-41cd-b5e0-9348feec0a29 ORIGINS AND BACKGROUND 15 budgets have all become permanent hallmarks of the Group.