Mota-Engil Africa Investors Presentation – May 2015

Transcription

Mota‐Engil Africa
Investors Presentation – May 2015
Disclaimer
THIS PRESENTATION IS NOT AN OFFER OR SOLICITATION OF AN OFFER TO BUY OR SELL SECURITIES AND ACCORDINGLY IT IS PROVIDED FOR INFORMATION PURPOSES ONLY. THIS PRESENTATION DOES NOT CONTAIN ALL OF THE INFORMATION THAT IS MATERIAL TO MOTA-ENGIL AFRICA N.V.
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“Adjusted EBITDA” is defined as consolidated net profit before depreciation and amortisation, provision and impairment losses, financial income and costs, gains in associates and jointly controlled companies and income tax. The board of directors of the Company (the “Board”) believes that Adjusted EBITDA is frequently
used by security analysts, investors and other interested parties in evaluating companies in its industry. This is not a measure of operating performance derived in accordance with IFRS, and should not be considered a substitute for gross profit, operating profit, profit before tax, cash flow from operating activities or other
income or cash flow statement data as determined in accordance with IFRS, or as a measure of profitability or liquidity. Adjusted EBITDA is included herein as a supplemental disclosure, because the Board believes that this measure provides useful comparative information to an investor and helps investors evaluate the
performance of the underlying business. However, the Group’s calculation of Adjusted EBITDA may be different from the calculation used by other companies and therefore comparability may be limited.
“backlog” is defined to include projects for which contracts have been signed or awarded and for which the client has secured the funding. If any one of these criteria is pending, the contract is recorded amongst the Group’s Pending Bids and Projects. The Company believes that the Group’s backlog is an indicator of its
short- to medium-term sustainability. However, since backlog figures are subject to substantial fluctuations and uncertainties, backlog is not necessarily indicative of the Group’s revenue, cash flows or results of operations. Unforeseen events or circumstances, including, for example, termination, delay, scope reduction or
adjustments, increased time requirements to complete the work, delays in commencing work, disruption of work, irrecoverable cost overruns or other unforeseen events may affect, projects comprising the backlog and could have a material adverse effect on the Group’s business, financial condition and results of operations.
In addition to backlog, the Group has, in the course of its activity, submitted proposals and tenders for potential projects which are pending and has been awarded projects for which either a contract or a memorandum of understanding has been signed but where the client is yet to secure the requisite funding (together,
“Pending Bids and Projects”). The Group has also pre-qualified to tender for certain projects (together, “Pre-qualification Tenders”).
Whether the Group will be asked to submit proposals for projects it has been pre-qualified to tender for, whether the Group will be awarded the contracts for projects it has submitted proposals and tenders for and whether funding will be secured for projects it has been awarded is subject, in each case, to a number of factors
and uncertainties including general market and economic conditions, the strength of any competing proposals and tenders, budgetary constraints and spending priorities (in the case of public sector clients), governmental approvals and investment policies of supranational and public authorities. Accordingly, there can be no
assurance that the Group will be asked to submit proposals for projects it has been pre-qualified to tender for, awarded the contracts for projects it has submitted proposals and tenders for and/or whether funding will be secured for projects it has been awarded and that therefore any of the Group’s Pending Bids and
Projects and Pre-qualification Tenders will be recorded as backlog going forward.
The value attributed to the Group’s Pre-qualification Tenders by management of the Company is based on a number of assumptions and estimates, including assumptions as to the historical conversion of Pre-qualification Tenders to Pending Bids and Projects. The Group makes no representation as to the accuracy or
completeness of such information. The Group also makes no representation as to when (if at all) any Pre-qualification Tenders can or will be converted to Pending Bids and Projects or backlog. The Group’s methodology for attributing a monetary value to its Pre-qualification Tenders may not be comparable to or consistent
with any methodology used by its competitors to assemble or compute such information. Accordingly, this information is inherently predictive and subject to uncertainty and not necessarily indicative of the Group’s future backlog, Pending Bids and Projects, revenue, cash flows or results of operations.
You are reminded of the important restrictions you have accepted already as a result of the Company having listed securities, any breach of which may constitute breaches of applicable insider dealing and market abuse laws. By attending the presentation and/or accepting a copy of this document, you agree to be bound by
the foregoing limitations and conditions and, in particular, will be taken to have represented, warranted and undertaken that you have read and agree to comply with the contents of this notice including, without limitation, the obligation to keep this document and its contents confidential.
2
Mota-Engil Africa’s presenting team
Gonçalo Moura Martins
Gilberto Rodrigues
Chairman
Chief Executive Officer







Joined Mota-Engil in 1990
Degree in Law from the Law University of Lisbon
Post-graduate degree in Management from Instituto
Superior de Gestão
Advanced Management training from the Catholic
University of Portugal and the University of NorthwesternKellogg School of Management
Chairman of the Board of Mota-Engil Africa
CEO and Vice-Chairman of the Board of Mota-Engil
S.G.P.S., S.A. (“Mota-Engil SGPS”)
Pedro Antelo
Chief Financial Officer

 Degree in Organisation and Management from INP and a
PAFE in Finance from CIFAG
History:
 CFO of MEEC and Board Member of Mota-Engil SGPS
 Group Financial Controller at Portugal Telecom International
 Director of Finance at Portugal Telecom International
 Director of Finance and Planning at Maxitel Services
and Telecom
 CFO of Tecnipublicaciones España, S.L.
 General Manager and CFO of Germinus
Degree in Civil Engineering - University of Porto
 Post-graduate qualification in Advanced Management –
Catholic University of Portugal and the University of
Northwestern-Kellogg School of Management
 Honorary Consul to Malawi
 Chairman of the Board of the Portuguese Association
in Malawi
 CEO of Mota-Engil Engenharia e Construção, S.A.
(“MEEC”)
History:
 Chairman of the Board of Mota-Engil Angola, S.A.

João Vermelho
Investor Relations

MBA, Finance – HEC School of Management
 Degree in Economics - Universidade Nova de Lisboa
History:
 Head of Capital Markets at Banco Nacional de Crédito
Imobiliario
 Chairman and CEO at Central Investimentos, Sociedade
Corretora
 Head of Equity Research at Banco Finantia

3
Contents
Topic
1. Overview of Mota-Engil Africa
2. Financial review
3. Conclusion
4. Appendix
4
Mota-Engil Africa: Who we are

Leading provider of integrated engineering and construction services
in Sub-Saharan Africa

69 years of experience in Africa, founded in Angola in 1946

Offer diversified portfolio of services including:

Strategy focused on leveraging African growth
Grow in existing markets and expand into new geographies
—
Engineering and Construction (roads, railways, bridges and
dams, mining services, civil construction works and real estate
construction and services)
—
Logistics (ports and other infrastructure management)
—
Environment and Services (waste management & collection and
water business)
Diversify revenue streams
Attract, train and retain highly skilled personnel
Listed on Euronext Amsterdam, with a current market cap of
€665m3, c.82% owned by the infrastructure conglomerate Mota-Engil
SGPS (listed on Euronext Lisbon)
2014 Sales1
2014 Adj. EBITDA2
€261m²
€19m
(€0.6m) €0.6m
€2m
3%
€456m
0%
44%
53%
0%
2014 Backlog
€1,424m
€1,048m1
€120m
€570m
5%
5%


40%
47%
53%
Primary markets
€71m
€71m
Currently present in 11 countries

Angola
Malawi
Mozambique
1.
2.
SADC




€712m
Angola


€138m
€555m
Other current markets

50%
West Africa
Add’l target markets

Cape Verde
Ghana
S. Tome and Principe
South Africa
Uganda
Zambia
Zimbabwe
Rwanda




Kenya
Tanzania
Cameroon
Botswana
East Africa
Total includes “Other, eliminations & intercompany”.
3.
Total includes “Other, eliminations & intercompany”. Adjusted EBITDA defined as consolidated net profit before
D&A, provision and impairment losses, financial income and costs, gains/losses in associates and jointly
controlled companies and income tax.
As of 19 May 2015.
5
Mota-Engil Africa: Highlights
Long standing experience in Sub-Saharan Africa
1

Long-standing presence with key focus on Sub-Saharan Africa

Strong relationships with broad and balanced client base, with 51% and 49% of the backlog in the Engineering and Construction
business, that is 96.5% of the total, as of 31 December 2014 composed by public and private clients, respectively
Strong fundamental growth prospects for the African region


2
Facilitated expansion by being able to respond to opportunities in existing and new markets
Significant infrastructure opportunities on the back of robust growth prospects in the region (average GDP growth of 8.4% in
the 2015E – 2019E period1 and ambitious PIDA programme of US$68bn investment until 20202)
Extensive expertise and operational capabilities
3


Successful delivery of large and technically complex projects in the region (e.g. Nacala Corridor and Armando Emílio Guebuza bridge)
Experienced staff with c. 11,700 employees on the ground (including c.1,500 expatriates)
Significant and balanced backlog, proposals and tenders


4
Highly diversified and strong backlog of €1,545m as of 1Q 2015 with c.US$15.6bn pipeline
Contracts relating to backlog at different stages, in both the public and private sector, with focus on “unit price” contracts
Solid financial track-record


5
6
Consistent record of sales growth whilst generating strong margins and significant cash flow
Strong balance sheet positions the Company to win contracts
Highly qualified board and management teams with robust governance structures


Robust governance structure including sub-committees and compliance policies
Highly qualified board and experienced management team with more than 20 years experience on average
1. GDP average of those countries in which Mota-Engil Africa is present or targeting to enter as per IMF – World Economic Outlook Database (April 2015). Countries considered: Angola, Botswana, Cameroon,
Cape Verde, Ghana, Kenya, Malawi, Mozambique, Rwanda, S. Tome & Principe, South Africa, Tanzania, Uganda, Zambia and Zimbabwe.
2. Source: Programme for Infrastructure Development in Africa (PIDA): www.au-pida.org, African Development Bank Group.
6
1
Long standing experience in Sub-Saharan Africa:
Company history
1946
1952
1976
1995-2000
2001-2005
2012
2014
2015
Start of activities
in Angola
Incorporation of
Engil in Portugal
Mota & Companhia
commences operations in
Portugal
Expansion into
Ghana and
Tunisia
Expansion into
Benin, Chad and S.
Tomé & Principe
Restructures
organisational model
to geographic
business segments
Mota-Engil
Africa lists on
Euronext
Amsterdam
Expansion into
Rwanda
1946
1952
Incorporation of
Mota & Companhia
in Angola
Completion of the
Expansion into
first major project:
Namibia and South
Luanda International Africa
Airport in Angola
Country
Angola
Namibia
South Africa
Gabon
Swaziland
Malawi
Mozambique
Cape Verde
Ghana
Tunisia
Benin
Chad
S.Tomé and Principe
Algeria
Zimbabwe
Zambia
Uganda
Rwanda
Cameroon
Kenya
Tanzania
Botswana
1975-76
1982-93
2000
2006
2012
2014
Opening of branches
in Gabon, Swaziland,
Malawi and
Mozambique
Merger of Mota
& Companhia
and Engil
Enters the logistics
sector through the
acquisition of the
Tertir Group in
Portugal
Awarded two
sections of the
Nacala Corridor
railway project in
Malawi
Enters new markets:
Zimbabwe, Zambia
and Uganda
Start of Activities
1946
1975
1976
1982
1983
1990
1993
1995
1997
1999
2001
2002
2005
2007
2014
2014
2014
2015
Date TBD
Date TBD
Date TBD
Date TBD
Tunisia
Algeria
Cape
Verde
Chad
Ghana Benin
Cameroon
Uganda
S. Tome Gabon
and Principe
Kenya
Rwanda
Tanzania
Angola
Where Mota-Engil Africa is
Zambia Malawi
Zimbabwe
Namibia
Botswana Mozambique
Swaziland
Where Mota-Engil Africa has been
South Africa
Future branches
7
Strong fundamental growth prospects for the African
region: The opportunity
2015E-2019E GDP CAGR forecast
MEA target markets
9.2% 8.7%
8.5%
7.6%
10.9%
8.5%
6.7%
8.0%
Cameroon
Tanzania
Kenya
Zimbabwe
South
Africa
Uganda
Cape
Verde
S.Tome &
Principe
Ghana
Rwanda
Zambia
Angola
Malawi
Mozamb.
9.1%
6.2%
4.6% 4.2%
Source: IMF – World Economic Outlook Database (April 2015).
9.4%
7.6%
5.2%
Nigeria
11.3%
9.2%
Senegal
11.1% 10.5%
Botswana
11.6%
Average
8.4%
Average
8.5%
Gabon
Average
7.3%
Ethiopia
MEA current markets: primary MEA current markets: other
Average
11.1%
Other relevant Sub-Saharan
countries
DRC
2
8
2
Strong fundamental growth prospects for the African
region: Infrastructure build
Significant infrastructure opportunities…

Programme for Infrastructure Development in Africa (“PIDA”), initiative led by
the African Union Commission, the NEPAD Secretariat and the African
Development Bank
—
Framework for the development of regional and continental infrastructure
in Africa between 2010 and 2040
—
C.USD360bn of investment required

Additionally, the African Regional Transport Infrastructure Network lays out
the construction of a road network connecting capitals and other major cities
across the continent

As part of PIDA, the Priority Action Plan envisages 51 specific projects by
2020 at a total cost of USD68bn across: (i) energy, (ii) transport, (iii) water
resources and (iv) other sectors
Infrastructure programme forms foundation for growth
(PIDA)
...on the back of high expected government investments
(Expected capital investments, US$bn)
127
118
110
Note: Represents annual aggregate capital investment in Angola, South Africa and Uganda
Source: BMI
Accumulated capital investments.
2013-2019E
2019E
2018E
2017E
2016E
97
2015E
2014E
2013A
94
95
744
103
Infrastructure to be built by
2040
Modern highways
37,300km
Modern railways
30,200km
Port capacity
1.3 bn tons
Power production
54,150MW
Power transmission
16,500km
Water storage
20,101hm
Source: Programme for Infrastructure Development in Africa (PIDA): www.au-pida.org, African Development Bank Group
African Development Bank Group.
2020 Priority Action Plan Projects
3
1 2
9
25
Investment
USDbn
Projects
15
24
Energy
40
Transport
Water resources
ICT
9
3
Extensive expertise and experience: Regions
West Africa
East Africa

Presence in the region since 2000


The Group operates in São Tomé and Príncipe through Mota-Engil S. Tomé, a company
which is wholly-owned by the Group

East African operations are carried out through distinct local branches of MEEC Africa


In São Tomé and Príncipe and Cape Verde, the Group focuses on providing
infrastructure and civil construction services
Strong natural resources sectors (particularly oil and gas), markets such as Uganda and
Kenya is expected to provide significant future opportunities

Key projects include:

—
Praia International Airport (Cape Verde)
—
Maritime Project "Porto Palmeiras" in Ilha do Sal, the third biggest port in the Cape
Verde Islands
—
Water supply system (São Tomé e Principe)
—
Angola
Capacity improvement of Kampala Northern Bypass (Uganda)
SADC


Present in SADC since 1976, Malawi since 1990 and Mozambique since 1993

One of the largest companies operating in the Angolan construction sector


Mota-Engil Africa’s main market
Provides full suite Engineering and Construction services as well as Logistics and waste
collection

Provides full suite of Engineering and Construction activities as well as waste collection
and urban services comprising the collection and management of solid waste, street
cleaning, drainage and sewer maintenance and water business

Currently contracted to manage (i) four ports around Lake Malawi for a period of 35
years and (ii) 10 vessels operating freight services to Tanzania, Mozambique and
Malawi

Group holds 51% of the issued share capital of Mota-Engil Angola; remaining 49% of
Mota-Engil Angola is controlled by a consortium led by Sonangol, Angola’s national oil
company, and BPA


—
Rehabilitation of Luanda Bay
—
Luanda International Airport
—
Rehabilitation of Calueque Dam
—
Nacala Corridor (Malawi)
—
Armando Emilio Guebuza bridge (Mozambique)
—
Olympic Village for the Pan African Games (Mozambique)
10
3
Extensive expertise and experience:
Operational resources
Heavy equipment
Quarries and Aggregate Batching Plants


Investment in Assets
Heavy Plant > 5000 Units
Investment in Skills and Transformation
Training Centres
Type
Units

%
Age Av. Year Av.
Geotechnical equipment
1
0.0%
10.0
2005
Foundations equipment
44
1.1%
15.2
2000
Agricultural and forestry
77
1.9%
6.1
2009
1,039
25.8%
4.1
2011
Concrete equipment
69
1.7%
6.9
2007
Asphalt equipment
61
1.5%
8.0
2007
Light vehicles
Compaction equipment
150
3.7%
7.7
2007
Earthmoving equipment
743
18.4%
6.0
2008
95
2.4%
8.1
2006
1,058
26.3%
5.3
2009
149
3.7%
5.2
2010
4
0.1%
1.0
2014
43
1.1%
5.6
2009
496
12.3%
5.6
2007
1
0.0%
2.0
2013
6.4
2008
Lifting and handling material
Trucks
Compressed air, drilling
and demolition
Water pumping equipment
Quarry equipment
Gensets and power stations
Maritime and fluvial work
Total
Viana warehouse & software programme
4,030
Angola

Total installed capacity 1,030 ton/hr (7 plants)
—
Granite – 750 ton/hr (5 plants)
—
Limestone – 200 ton/hr (1 plant)
—
Pebbles – 80 ton/hr (1 plant)

Total storage area 18,200m2 (9,300m2 covered)
Purpose built warehouse in Luanda to manage Angolan
logistical requirements (2013: 1,616 TEU handled, €57.3m
in total purchases)
Maintain prudent levels of key raw materials, equipment
and components required by operations through specially
designed software programme – total stock (2013):
€20.7m (€14.4m equipment parts and €6.3m in
construction materials)
Also services all of the Company’s equipment across
Angola reducing the Company’s reliance on third-party
dealers and suppliers
SADC

Total installed capacity 1,750 ton/hr (10 plants)
—
Granite – 1,200 ton/hr (7 plants)
—
Basalt – 150 ton/hr (1 plant)
—
Gneiss – 200 ton/hr (1 plant)
—
Gabbro – 200 ton/hr (1 plant)
Precast factories & project camps

West Africa

Total installed capacity 160 ton/hr (2 plants)
—

Basalt – 160 ton/hr (2 plants)


Mota-Engil Africa has the resources and capability to
ensure, to a large degree, self-reliance of its operations in
remote and challenging environments
The Nacala Corridor railway project is supported by
precast factories which have the capacity to produce
bridge beams, pipe and box culverts and concrete railway
sleepers – factories installed within 6 months
Stand-alone camps to house and cater for the significant
workforce required to implement the project
The Group intends to replicate its Angola infrastructure
across its other business segments and will use its
precast factories site in Malawi, which has excellent
railway connections, to service the SADC business
segment
11
3
Extensive expertise and experience: Clients
Overview of the Company’s client base

Clients comprise private companies and public sector entities:
Public Entities1
Private Companies
Several private
developers
1.
Across all regions: Angola, SADC, West Africa and East Africa.

Ministry of Infrastructure

Ministry of Transport

Ministry of Health

Ministry of Defense

Ministry of Agriculture

Ministry of Sports and Youth

Municipalities

Local Governments

Public authorities (Roads Authorities, Railways Authorities,
Airport Authorities)

Supranational entities and development agencies (EU, ADB,
WB, DFID, KFW, CFM)
12
4
Significant and balanced backlog plus a large
number of proposals and tenders
Pipeline1
Historical backlog evolution
Backlog by region (€m)
1,479
Total
28
780
1,621
1,424
89
71
71
1,014
672
518
2012
Angola
SADC
2013
West Africa
712
1,666
1,545
1666
1545
1Q14
1Q15

As of Q1 2015, the Company has a pipeline of USD$15.6bn,
across all countries, including the Sundance contract, which
supports expected growth ahead
570
2014
East Africa
Backlog by region and client type (public vs. private) as of December 2014
By Region
Pipeline1 by region and client sector as of December 2014 (c.US$10bn)
By Client type
By Region
By Client Sector
7%
1%
5%
33%
31%
40%
49%
51%
51%
50%
2%
17%
5%
Angola
SADC
1.
West Africa
East Africa
58%
Public
Private
Angola
SADC
West Africa
East Africa
Constr. / Real Estate
Infrastructure
Logistics
Power
Contracts included in the pipeline are those where the Company has either pending bids, been pre-qualified to tender or has already signed a contract with the client, but the project is not yet fully
financed.
13
5
Adjusted EBITDA2 (€m)
Sales (€m)
Total
727
1,005
1,048
174
230
187
Total
Margin %
15
8
2
19
158
243
261
39
50
34
21.7%
24.2%
24.9%
22.4%
21.7%
18.3%
16
1
10
250
476
468
507
555
29
138
174
230
456
187
16
41
120
100
94
120
-2
-31
2012
Angola
SADC
2013
2014
West Africa
1Q13
East Africa
1Q14
79
Angola
SADC
2013
1Q13
1Q14
34
-1
2014
West Africa
50
East Africa
1Q15
Other, eliminations & intercompany
Total net debt3 (€m)
Net profit (€m)
Total
2012
1Q15
39
105
82
11
24
7
LTM Net debt
/ EBITDA
0.35x
0.61x
0.56x
0.50x
0.93x
²
28
68
81
-26
2012
2013
Angola
SADC
11
52
-16
227
102
24
7
33
-2
West Africa
-1
-52
-1
2014
East Africa
1Q14
145
128
2013
2014
1Q14
56
2012
1Q13
149
1Q15
1Q15
Note: Financials
1.
EBITDA and Consolidated Net Profit figures do not strip out the Angolan minority interests
2.
Adjusted EBITDA defined as consolidated net profit before D&A, provision and impairment losses, financial income and costs, gains/losses in associates and jointly controlled companies and income tax.
3.
Excluding leasing.
14
6
Highly qualified Board and Management teams…
Executive Directors
Non-Executive Directors
Gilberto Rodrigues Chief Executive Officer
Gonçalo Moura Martins Chairman

Civil Engineer with >20 years experience with Mota-Engil

With Mota-Engil since 1990

Previously held various senior positions within Africa organisation

CEO and Vice-Chairman of Mota-Engil SGPS
Pedro Antelo Chief Financial Officer
David Hobley Senior Independent Non-Executive Director

Joined Mota-Engil in 2006, Board Member of Mota-Engil SGPS

Previously held various senior finance roles (CFO)
Paulo Pinheiro Executive Director

Chartered Accountant, previously MD at SG Warburg and Deutsche
Bank

Held various directorships, incl. Orange, Mobinil and Sonaecom

Civil Engineer, joined ENGIL in 1983
Francisco Seixas da Costa Independent Non-Executive Director

Chief Executive Officer Angola Operations

Former Portuguese diplomat and politician

Holds various senior council roles and board positions
Carlos Pascoal Executive Director


Previously held various manager roles within the organisation
Maria Paula Mota Non-Executive Director
Bruno Machado Executive Director


Held planning and management roles in various countries

Civil Engineer, with Mota-Engil since 1983

Member of the Mota-Engil SGPS Board
Senior management team


Senior management with
many years of experience
at Mota-Engil
In addition, Mota-Engil
Africa has highly qualified
regional management
teams, most managers
with >20 years experience
with Mota-Engil
Pedro
Gonçalves
Financial
Controller



Financial Accountant 
Postgraduate in

Advance Mgmt
21 yrs with Mota-Engil 
Vasco Reis
Civil Engineer
Postgraduate in
Advance Mgmt
26 yrs with MotaEngil
Roberto Vidal
Ferreira
António Vieira
Head of
Commercial
Department


MD
Aggregates &
Mining
Services
Geotechnical
Engineering
23 yrs with
Mota-Engil
Head of Business
Development


Civil Engineer, MBA
– IE Madrid
9 yrs with Mota-Engil


Cameron
Beverley
Senior Legal
Counsel
Lawyer, 15 yrs in

UK and Portuguese 
law firms
6 yrs with
Mota-Engil
João
Vermelho
Head of IR
Economist
12 yrs with MotaEngil
15
6
…with robust governance structures
Relationship
agreement

Relationship agreement in place between Mota-Engil S.G.P.S. and the Company which regulates certain aspects of their
relationship
Code of
Ethics and
Business
Conduct

As part of its commitment to conducting its business with honesty, professionalism and integrity, the Company has put in
place a Code of Ethics and Business Conduct, an Anti-Corruption and Bribery Policy and Whistleblower. Rules which
contain broad principles which should be observed by the Group and others as well as specific best practice provisions in
relation to, amongst other things, the acceptance of gifts and hospitality, dealing with public officials, the making of political
and charitable donations and lobbying and advocacy
Subcommittees
led by INEDs

Nomination and Remuneration Committee
—
Three Non-Execs of which two Independent
—
Chairman: Francisco Seixas da Costa (INED)
—
Other members: David Hobley (SINED) and Maria Paula Mota (Non-Exec)

Audit Committee
—
Three Non-Execs of which two Independent
—
Chairman: David Hobley (SINED)
—
Other members: Francisco Seixas da Costa (INED) and Gonçalo Moura Martins (Chairman)

A number of procedural matters must be considered by the Company’s operational personnel whenever the Company or
any one of its subsidiaries is involved in any transaction with a related party
—
Including, amongst others, Group directors, substantial shareholders and / or their associates
Related party
and conflict
policies
adopted
16
Nacala Corridor Railway
Luanda Bay - Angola
17
Contents
Topic
2. Financial review
3. Conclusion
4. Appendix
The selected historical key financial information of the Group set out in the presentation was extracted from the Group’s combined
consolidated audited historical financial statements for the years ended 31 December 2012 and 2013.
Given that MEA did not operate as standalone entity, combined consolidated audited financials for the years ended 31 December
2012 and 2013 are non-statutory special purpose financial statements representing an aggregation of financial information of the
Group. Aggregation assumes the Group in its current form was maintained over the past two years, including the impact of acquired
operations regardless of the date of acquisition.
31 December 2014 consolidated audited financial statements have been prepared in accordance with the International Financial
Reporting Standards (IAS/IFRS) issued by the International Accounting Standards Board (IASB), and with the interpretations issued
by the International Financial Reporting Interpretations Committee (IFRIC) or by the former Standards Interpretation Committee
(SIC), as adopted by the European Union as at December 31, 2014.
Quarterly financials are unaudited consolidated interim financial statements for the three months ended 31 March 2014, 2015.
Interim financial statements for the three months ended 31 March 2013 have been extracted from non-statutory combined
consolidated financial statements.
18
Summary financial highlights
Cash flow statement
Income statement summary
€‘m
2012
2013
2014
1Q13
1Q14
1Q15
€'m
Sales
727.2
1,005.3
1,048.1
173.8
230.1
187.2
Net debt start position3
Adjusted EBITDA2
158.0
242.9
261.1
39.0
50.0
34.3
21.7%
24.2%
24.9%
22.4%
21.7%
18.3%
116.3
191.8
152.2
26.6
35.1
17.6
16.0%
19.1%
14.5%
15.3%
15.2%
9.4%
78.6
105.0
82.1
11.4
23.6
7.1
Adjusted EBITDA margin
Operating profit
Operating profit margin
Consolidated net profit
Attributable to:
Non-controlling interests
30.8
28.8
9.1
5.2
5.1
4.9
Group
47.8
76.2
72.9
6.2
18.5
2.3
2013
2014
56
149
Adjusted EBITDA2
243
261
Change in working capital
(58)
(57)
Operating cash-flow
185
204
Maintenance capex
(29)
(71)
Net financials
(57)
(51)
Corporate tax
(30)
(20)
69
62
(67)
(57)
2
(3)
Dividends
(37)
(5)
Changes in m/l term & perimeter
(60)
6
Change in net debt position
(93)
3
Net debt end position3
149
146
Net debt1/EBITDA
0.6x
0.6x
Free cash-flow bf growth capex
Growth capex
Financial investments
Note: Adjusted EBITDA margin and Operating profit margin calculcated as % of Sales and Services Rendered
Key balance sheet items
€‘m
Total assets
Net book value: Plant, property and
equipment
Net debt3
2012
2013
2014
1,393.4
1,641.1
1,694.7
193.5
261.7
319.2
56.1
149.4
145.1
1Q14
128.0
1Q15
227.0
Note:
1.
Limited comparability between 2014 information and previous years. Company did not operate as standalone entity. Combined consolidated audited financial statements are non-statutory special purpose financial statements representing an aggregation of financial information.
2.
Adjusted EBITDA defined as consolidated net profit before D&A, provision and impairment losses, financial income and costs, gains/losses in associates and jointly controlled companies and income tax.
3.
Excluding leasing.
19
Debt summary
Total net debt2 (€m)
LTM Net debt
/ EBITDA
0.35x
Contractual maturities of debt1 as of Dec 2014 (€m)
0.61x
0.56x
0.50x
0.93x
% total gross
debt
repayable
55%
7%
38%
²
227
149
145
128
209
144
56
27
2012
2013
2014
1Q14
1Q15
1 year
2 years
3–5 years
Debt repayable
Commentary

Robust capital structure and financial flexibility to support growth

The company is well prepared and able to respond to challenges, with a cash-associated management, which allowed stabilizing the net
debt/EBITDA at 0.8x and place the working capital at around 25% of turnover, with a significant improvement of balance ratios associated with the
average time of receipt from clients as of December 2014

Interest cover ratio was 4.2x, 3.3x, 4.4x and 3.7x in 2011, 2012, 2013 and 2014 respectively

Working Capital revolving facilities lines main component of short-term debt
Notes:
1.
Total Borrowings as per contractual maturities (€381m). For financial reporting purposes, the carrying value of Borrowings is determined in order to calculate net debt.
2.
Excluding leasing.
20
Debtors analysis
Total trade debtors by segment
Commentary
€‘m
2014

Net total trade debtors as a percentage of sales for the year ended
31 December 2014 was 64%

Excluding Angola, the increase in total debtors is linked to the
increased activity in the SADC

The Government and other Public Institutions of Angola and
Sonangol (Angolan state oil firm and business partner and
shareholder of Mota-Engil Angola) are the most significant debtors
of Angola segment and each customer balance approximates 30%
of total segment’s receivable

SADC balances are mainly receivable from public and private
entities in Malawi and Mozambique

The Group exposure net of accumulated impairment losses to
balances aged over one year primarily arises from: (i) confirmed
debts of public entities (mainly Angolan public bodies), (ii) withheld
amounts by customers during the period of guarantee and (iii)
customer balances with debt settlement agreements. The
Company’s Board of Directors believes that these accounts
receivable are not impaired

The Company has seen improvements in the Angolan sovereign
debtors with €46 million repaid in the last year
Gross value by segment
Angola
552.9
SADC
165.4
West Africa
11.6
Intercompany adjustments
7.5
Total trade debtors
737.4
Accumulated impairments
(71.5)
Net total trade debtors
665.9
Net total trade debtors as a % of
sales
64%
Trade debtors age analysis (€m)
198
187
205
66
10
Not overdue
0 - 3 months
overdue
3 - 12 months
overdue
1 - 3 years
overdue
Over 3 years
overdue
Trade debtors
21
22
Contents
Topic
2. Financial review
3. Conclusion
4. Appendix
23
Outlook

2015 revenues expected to remain in line with 2014

2016 growth expected on the back of the existing pipeline with significant increase from East and West regions

Expectation of normalised EBITDA margins around 20% levels
Dividend policy
Outlook and dividend policy

The Company intends to follow a progressive dividend policy to remunerate shareholder capital by assessing a set of conditions including the
Company’s:

—
Future operations and profitability
—
Capital expenditure requirements
—
General financial condition
—
Legal and contractual restrictions
—
Other factors that it may deem relevant
The Company targets:
—
Minimum pay-out ratio1 of 50% and a maximum pay-out ratio1 of 75%
Note:
1.
Pay-out ratio is calculated by using the net income adjusted for significant non-recurring and extraordinary items. If applied, this adjustment will be separately explained in the Company’s annual report.
24
Mota-Engil Africa: Highlights
Long standing experience in Sub-Saharan Africa
1

Long-standing presence with key focus on Sub-Saharan Africa

Strong relationships with broad and balanced client base, with 51% and 49% of the backlog in the Engineering and Construction
business, that is 96.5% of the total, as of 31 December 2014 composed by public and private clients, respectively
Strong fundamental growth prospects for the African region


2
Facilitated expansion by being able to respond to opportunities in existing and new markets
Significant infrastructure opportunities on the back of robust growth prospects in the region (average GDP growth of 8.4% in
the 2015E – 2019E period1 and ambitious PIDA programme of US$68bn investment until 20202)
Extensive expertise and operational capabilities
3


Successful delivery of large and technically complex projects in the region (e.g. Nacala Corridor and Armando Emílio Guebuza bridge)
Experienced staff with c. 11,700 employees on the ground (including c.1,500 expatriates)
Significant and balanced backlog, proposals and tenders


4
Highly diversified and strong backlog of €1,545m as of 1Q 2015 with c.US$15.6bn pipeline
Contracts relating to backlog at different stages, in both the public and private sector, with focus on “unit price” contracts


5
6
Consistent record of sales growth whilst generating strong margins and significant cash flow
Strong balance sheet positions the Company to win contracts
Highly qualified board and management teams with robust governance structures


Robust governance structure including sub-committees and compliance policies
Highly qualified board and experienced management team with more than 20 years experience on average
1. GDP average of those countries in which Mota-Engil Africa is present or targeting to enter as per IMF – World Economic Outlook Database (April 2015). Countries considered: Angola, Botswana, Cameroon,
Cape Verde, Ghana, Kenya, Malawi, Mozambique, Rwanda, S. Tome & Principe, South Africa, Tanzania, Uganda, Zambia and Zimbabwe.
2. Source: Programme for Infrastructure Development in Africa (PIDA): www.au-pida.org, African Development Bank Group.
25
Contents
Topic
2. Financial review
3. Conclusion
4. Appendix
26
Latest operational developments
Listing on Euronext
Amsterdam

On 24 November 2014, Mota-Engil Africa successfully listed on the Euronext Amsterdam stock exchange

Script dividend of 20% distributed to existing shareholders of Mota-Engil SGPS

Strong corporate governance policies and procedures implemented

Major shareholders as of 24 November 2014: Mota-Engil SGPS (81.92%), FM- Sociedade de Controlo, S.G.P.S., S.A.
(12.58%) and free float (5.5%)
Continued delivery
of projects

As soon as market conditions are favourable, Mota-Engil will consider an increase in free float

Nacala Corridor Railway US$820m contract for Vale completed in 4Q14

On target to deliver near-term backlog projects, including major projects such as:
–
Sena corridor railway
–
Calueque dam
–
Great East Road
27
Latest operational developments (cont’d)

Overall backlog of €1,545m as of 31 March 2015

Notable recent additions to the backlog (totalling €565m as of 30 April 2015):
Backlog
–
Angola: roads infrastructures and civil construction amounting to €115 million;
–
Malawi: roads and railway infrastructures totalling €109 million;
–
Mozambique: roads and railway infrastructures, mining exploration related works, and maintenance and emergency
works in Nacala’s Corridor that also spins to Malawi territory, all amounting to €233 million;

Pending Bids and
São Tomé and Príncipe: construction of a tourist resort and water infrastructures totalling €13 million;
–
South Africa: civil construction, namely a hospital and apartments totalling €69 million; and
–
Rwanda: expansion works in the Kigali’s International Airport amounting to €26 million.
Pending Bids and Projects indicates success developing a strong project pipeline and extending it to new countries and
sectors

Projects &
As of 31 December 2014, the Project pipeline was approximately US$10 billion, out of which 55% were Public and 45% were
Private clients, and additional Pending Bids and Projects where the Company has been pre-qualified to tender for projects
Pre-qualification
Tenders
–
totals more than US$ 3 billion

As of 31 March 2015 Pending Bids and Projects and Pre-qualification Tenders increased to USD 15.6 billion in aggregate
across all countries, including the Mbalam-Nabeba Iron Ore Project
28
Regional outlook: Angola
Overview
Planned infrastructure projects – PIDA 2012-2040

For a decade Angola has been one of the fastest growing economies in the
world, with real GDP expanding at a 10% average growth rate

With peace following the 27-year civil war, Angola has taken advantage of the
mid-2000s oil boom to rebuild its infrastructure and enhance its democratic
institutions

A strong performance in both the oil and non-oil sectors (mostly construction
and retail) has allowed per capita income to reach middle-income levels
above USD 7,100 which is well above the average of Sub-Saharan countries


In 2014, GDP composition in Angola continued to follow trends observed in
the previous few years, with the primary sector (agriculture, fisheries, oil,
diamonds) declining year to year, mainly due to the falling share of the oil
sector (66% vs. 53% GDP contribution in 2008 vs. 2012)
Angola’s key foreign policy is to diversify access to international finance and
consolidate relations with key strategic partners – in particular China, Portugal
and US
Congo
Central African Interconnection
 3,800km line from the DRC to
South Africa through Angola,
Gabon and Namibia
 Expected cost of USD10.5 billion
 Stage 1
Democratic Republic of Congo
Cabinda
Dundo
Luanda
Dilolo
Central African Inter-Capital
Connectivity
 Addressing the missing links in
several inter-capital connectors
 Stage 2
Angola
Lobito
Huambo
Zambia
Namibe
Macro-economic indicators
Key Indicators
Population size (million, 2014)
Namacunde
Rundu
Angola
3.1%
Exchange rate (LCY:USD, 2014)
98.05
GDP per capita (USD, 2014)
6,111
Real GDP growth (2015E-2019E CAGR)
Namibia
22.1
Population growth (2014-2019E, CAGR)
Real GDP (USDbn, 2014)
Samakwo
Malanje
96.2
10.5%
Source: EIU Country Data, IMF – World Economic Outlook Database (April 2015) and PIDA.
Stage 1 – early concept proposal
Stage 2 – feasibility / needs assessment
Stage 3 – programme / project structuring and promotion to obtain financing
Stage 4 – implementation and operation
29
Regional outlook: SADC
Overview

Growth in SADC countries (i.e. Malawi, Mozambique, South Africa, Zambia
and Zimbabwe) was boosted by investment in infrastructure and in extractive
industries

The buoyant demand for oil, minerals and other natural resources over recent
years has driven investment flow to the region, with South Africa and
Mozambique recording the highest foreign direct investment inflows

Economic prospects in the region as a whole can be expected to face major
challenges, mainly related to preserving political and social stability. It is
recognised that sustaining high growth, making growth more inclusive and
reducing poverty will ultimately help to reduce political and social tensions

The SADC member states unveiled the SADC Regional Infrastructure
Development Master Plan in 2012, which aims to address the infrastructure
deficit between 2013 and 2027
Key Indicators
Population growth (2014-2019E,
CAGR)
Malawi Mozambique
South
Africa
Zambia Zimbabwe
16.8
26.5
53.1
15.0
14.6
2.8%
2.4%
0.6%
3.3%
2.8%
Exchange rate (LCY:USD, 2014) 412.10
31.20
10.55
6.11
n/a
Mphamda-Nkuwa
 Hydroelectric power plant in
Mozambique and Zambezi Basin
 Capacity of 1,500 MW
 Stage 2
North-South Power Transmission
Corridor
 8,000km line from Egypt to South
Africa
 Stage 2
Malawi
Batoka
 Hydroelectric plant in Zambia /
Zimbabwe
 Stage 3
Lilongwe
Zambia
Lusaka
Livingstone
Tete
Nacala
Harare
Zimbabwe
Beira
Bulawayo
Mozambique
Southern Africa Hub Port and Rail
Programme
 Response to challenge of
developing sufficient port capacity
in Southern Africa
 Stage 1
Johannesburg
Maputo
South Africa
Durban
Cape Town
355
638
6,603
1,797
1,056
Real GDP growth (2015E-2019E
CAGR)
8.0
13.5
411.8
26.1
12.7
11.1%
11.6%
4.6%
9.2%
4.2%
North-South Multimodal Corridor
 Programme to modernise the
multimodal corridor
 South Africa, Botswana, Zimbabwe,
Zambia, Malawi and DRC
 Stage 3/4
Beira-Nacala Multimodal Corridors
 Rehabilitation / reconstruction of
railway and road links
 Improving port capacity including
dredging at Beira Port
 Stage 3/4
30
Regional outlook: West
Overview



There are steadily progressing economic and social conditions in West Africa,
the region remains as the fastest growing region on the continent
Growth in the region is widespread with most countries achieving growth of
6% or more supported by favourable developments in agriculture,
manufacturing and services
On the fiscal front, the picture for West Africa remains mixed with fiscal policy
stances differing between countries. Many countries continue to pursue
prudent fiscal policies in order to reduce budget deficits, but challenges to
consolidate public finances remain in many others
Key Indicators
Population growth (2014-2019E, CAGR)
Real GDP growth (2015E-2019E,
CAGR)
Cameroon
Cape Verde
Ghana
S.Tome and
Principe
22.8
0.5
26.4
0.2
2.5%
0.9%
2.0%
2.4%
494.04
82.05
2.87
18,229.20
1,391
4,294
1,592
1,982
28.6
1.9
43.8
0.3
8.0%
7.6%
8.7%
8.5%
Benin
Nigeria
Abuja
Togo
Ghana
Accra
Lagos
Cotonou
Lome
Cameroon
Port Harcourt
Douala
West Africa Air Transport
 Programme aimed at increasing
air transport service levels in West
Africa
 Stage 1
Abidjan-Lagos Coastal Corridor
 Programme to modernise the most
heavily travelled corridor in West
Africa
 Stage 3/4
West Africa Hub Port and Rail
Programme
 Programme to develop regional
hub port and rail linkage, and
expand existing ports
 Stage 1
West Africa Power Transmission
Corridor
 2,000km line from Guinea-Bissau to
Ghana along the coast connecting
with existing Ghana-Nigeria line
 1,000 MW capacity
 Stage 2
Douala-Bangui / Douala Ndjamena
Corridor
 Programme to modernise
multimodal corridor between
Cameroon and the Central African
Republic
 Stage 3
Central Africa Hub Port and Rail
Programme
 Programme to develop regional hub
port and rail linkage, and expand
existing ports
 Stage 1
31
Regional outlook: East
Overview

Most countries in East Africa are expected to maintain a strong economic
performance

Growth will be driven by a number of factors including improved performances
in the agricultural, mining, tourism and industrial sectors

Inflation in most of the countries receded, mainly owing to lower food prices,
prudent fiscal and monetary policies debt and expenditure management, and
exchange rate stability

Monetary policy in the region generally is expected to continue to be prudent
and focused on macroeconomic stability, supporting economic growth and
liquidity, and maintaining low and stable inflation
North-South Power Transmission
Corridor
 8,000km line from Egypt to
South Africa
 Stage 2
Ruzizi II
 Hydroelectric power plant in
Rwanda / DRC
 Stage 3
Lamu Gateway Development
 Developing sufficient port
capacity in East Africa
 Stage 3/4
Uganda
Kenya
Kampala
Eldoret
Nakuru
Rwanda
Nairobi
Kigali
Mwanza
Key Indicators
Kenya
Rwanda
Tanzania
Uganda
Population growth (2014-2019E,
CAGR)
45.5
11.8
52.3
40.1
2.6%
2.7%
2.9%
3.3%
86.12
642.81
1,600.44
2,554.60
1,341
628
925
701
49.6
6.9
40.1
25.3
11.3%
9.2%
8.5%
6.7%
Real GDP growth (2015E-2019E
CAGR)
Uganda-Kenya Petroleum
Products Pipeline
 300 km pipeline for lower cost
mode of transport of petroleum
 Stage 4
Northern Multimodal Corridor
 Modernising the corridor
connecting Kenya and the DRC
 Stage 3/4
Tanzania
Dar es Salaam
Mbeya
Central Corridor
 Modernising the corridor
connecting Tanzania and the
DRC
 Stage 3/4
32
Calueque Dam
33

Mota-Engil Africa Investors Presentation – May 2015

Transcription

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