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…

2

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 …

3

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 …

4

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

5

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

6

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

7

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

8

75%

12% 13%

16%

13%

27%

43%

1%

Backlog breakdown as of March 2014

9

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


Environment € 1,781 mn

Industrial Services

€ 7,067 mn

2013 € 38.4 bn


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 …

12

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 …

13

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

14

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

15

(€ 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


253 235

488

HOCHTIEF


-596

29

-567

Industrial Services


451

249

700

Environment


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

17

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

18

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

19

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

20

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

21

Operating Activities Summary

Financial Structure Additional Details

Indicative Terms and Conditions

Financial Statements

Cash Flow Statement

Management Profile

Shareholding and organizational structure

22

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

23

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

24

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

25

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

26

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

27

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

28

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

29

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





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

32

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

33

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





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

35

• 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

36

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

37

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





Cash Flow Statement

Management Profile


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


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


Appendixes

45





Cash Flow Statement

Management Profile


46


47


48


49

Appendixes

50





Cash Flow Statement

Management Profile

Grupo ACS Management Committee

51

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

52

Grupo ACS Management Team

53

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

presentation to fixed income investors - grupo acs · presentation to fixed income investors july...

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