G ru p o P ro seg u r – R esu lts 1 H alf 200 9

Grupo Prosegur – Results
1st Half 2009
Madrid, 30th July 2009
Growth
+3.9%
1,025.3
Executive summary
In Million Euros
Sales
Sales
987.3
1H 2009
Profitability
+5.4%
10.1%
103.5
9.9%
1H 2009
98.2
EBITA/
EBITA/EBIT
EBIT
Margin
1H 2008
Total Growth
Maintaining levels of profitability achieving double-digit
1H 2008
Strong growth trend, mainly due to the organic growth:
margins. The EBITA margin has improved by 0.2
percentage points compared to 1H 2008
(+1.9%) with the following breakdown :
+4.7% “Pure” organic growth
- 2.7% due to negative impact of exchange rates
2
Overview of Grupo Prosegur 1H 2009 financial results
In Million Euros
Taxes
% Margin
Profit Before Taxes
Financial Results
% Margin
EBIT
Depreciation
% Margin
EBITDA
Sales
0.2
62.0
-29.2
9.2%
91.1
-7.0
9.9%
98.2
-25.0
12.5%
123.2
987.3
1H 2008
64.7
0.4
64.3
-32.2
9.4%
96.5
-7.0
10.1%
103.5
-28.9
12.9%
132.4
1,025.3
1H 2009
+7.5%
+3.9%
Var.
Profit and Loss Account
Net Profit
62.1
6.3%
+4.2%
+3.8%
+5.9%
+5.4%
Net Consolidated Profit
6.3%
Minority Interests
% Margin
3
Sales analysis
In Million Euros
Depreciati on
% Margin
EBITDA
Sales
98.2
-25.0
12.5%
123.2
987.3
1H 2008
10.1%
103.5
-28.9
12.9%
132.4
1,025.3
1H 2009
+7.5%
+3.9%
Var.
Profit and Loss Account
EBIT
9.9%
+4.2%
+3.8%.
+5.9%
+5.4%
% Margin
9.4%
-7.0
9.2%
-32.2
-7.0
-29.2
64.3
Financial R esults
% Margin
62.0
0.4
96.5
Taxes
0.2
64.7
91.1
Net Profit
62.1
6.3%
Profit Before Taxes
Net Consolidated Profit
6.3%
Minority Interests
% Margin
Total
+3.9%
Organic
+1.9%
1H 2009
1.006,5
+ 18.8
1.025.3
Breakdown of sales growth
987.3
1H 2008
Sales from acquisitions:
• Valtis – France
• Giasa – Argentina
• Ryes – Mexico
• Setha – Brazil
• Centuria – Brazil
• Telemergencia and Punta
Systems – Prosegur Activa
The “pure” organic growth was
+4.7%, having the exchanges
rates a negative impact of -2.7%
4
Operating margin analysis
In Million Euros
Taxes
% Margin
Profit Before Taxes
Financial R esults
% Margin
EBIT
Depreciati on
% Margin
EBITDA
Sales
0.2
62.0
-29.2
9.2%
91.1
-7.0
9.9%
98.2
-25.0
12.5%
123.2
987.3
1H 2008
64.7
0.4
64.3
-32.2
9.4%
96.5
-7.0
10.1%
103.5
-28.9
12.9%
132.4
1,025.3
1H 2009
+7.5%
+3.9%
Var.
Profit and Loss Account
Net Profit
62.1
6.3%
+4.2%
+3.8%.
+5.9%
+5.4%
Net Consolidated Profit
6.3%
Minority Interests
% Margin
9.5%
10.3%
10.2%
Evolution of EBITA margin
10.4%
1Q 2008 2Q 2008 3Q 2008 4Q 2008
10.7%
1Q 2009
9.5%
2Q 2009
5
% Margin
Profit Before Taxes
Financial R esults
% Margin
EBIT
Depreciati on
% Margin
EBITDA
Sales
62.0
-29.2
9.2%
91.1
-7.0
9.9%
98.2
-25.0
12.5%
123.2
987.3
1H 2008
0.4
64.3
-32.2
9.4%
96.5
-7.0
10.1%
103.5
-28.9
12.9%
132.4
1,025.3
1H 2009
+7.5%
+3.9%
Var.
+5.9%
+3.8%.
+4.2%
•
Tax rates have increased by 1.4 percentage points, moving
from 32.0% in 1H 2008 to 33.4% in the current financial year
Overview of tax charges
• The adjustments to foreign exchange rates and derivatives contracted
by the Group in order to neutralize the impact of fluctuations in
exchange rates and interest rates had a total net impact of € -0.8
million
• The pure financial expenses reached € 6.2 million (vs. € 10.1million)
which implies a decrease of € 3.9 million compared to 1H2008. This
decrease is due to the reduction of the average cost of debt during the
first half of 2009
In the first half of 2009, the Group's net financial expenses reached the
amount of € 7.0 million, the same as in the first half of 2008. The financial
expenses breakdown is as follows:
Overview of Financial Results
Financial and Tax results analysis
In Million Euros
Taxes
0.2
64.7
Profit and Loss Account
Net Profit
62.1
6.3%
+5.4%
Net Consolidated Profit
6.3%
Minority Interests
% Margin
6
Non Current Assets
Tangible fixed assets
Goodwill
Intangible asset s
Available-for-sale financial assets and others
Assets due to deferred tax
1,442.5
732.0
24.4
492.8
0.4
7.3
207.1
710.5
281.7
270.5
75.9
34.5
47.9
423.0
37.0
-40.2
425.6
0.6
1,484.9
703.1
26.3
523.1
0.4
153.3
781.8
310.0
304.3
79.5
35.7
52.3
Abridged balance sheet
In Million Euros
Current Assets
Inventories
Customers and other receivables
Available-for-sale non current asset s
Derivative financial instruments
Cash equivalents and other financial asset s
424.6
37.0
-29.4
416.0
1.0
379.9
169.1
0.8
210.0
30/06/2009
Net Equity
Share capital
Treasury share
Accumulated difference and others reserve s
Minority interests
403.5
222.5
0.3
180.7
682.0
153.8
1.2
446.8
80.2
31/12/2008
Non Current Assets
Long term bank loans
Derivative financial instruments
Other non current assets
614.4
133.1
1.5
387.0
92.8
1,484.9
ASSETS
Current Liabilities
Short term bank loans
Derivative financial instruments
Suppliers and other payables
Other current liabilities
1,442.5
TO TAL NE T EQUITY AND LIABILITIES
7
52.0
5.3%
1H 2008
147
Sep. 08
Dec. 08
143
37.6
3.7%
1H 2009
172
Mar. 09
Jun. 09
171
Portugal: € 137 million in 1H 2009
securitization of the client portfolio in Spain and
million. This value includes the effect of the
The company's net banking debt amounted € 171
/building
million of extraordinary investments in land
Note: The 1H2008 Capex figure includes € 12
continuous innovation
objective of searching for operational excellence and
Maintenance of a strong investment policy w ith the
Investments and Net Banking Debt evolution
In Million Euros
Capex
Capex
% over sales
Jun. 08
154
Net
NetBanking
BankingDebt
Debt
195
Mar. 08
8
1,025.3
+
Sales
EBIT
Sales
+3.3%
964.4
9.1%
87,5
9.3%
1H 2009
86.5
1H 2008
21.5%
11.6
54.1
1H 2009
26.3%
16.0
60.9
+12.7%
Residential Security Services
Margin
933.3
Corporate Security Services
Breakdown of Grupo Prosegur results by business areas
In Million Euros
+3.9%
+5.4%
10.1%
103.5
9.9%
1H 2009
98.2
987.3
Total Grupo Prosegur
Sales
EBIT
Margin
1H 2008
EBIT
Margin
1H 2008
9
Corporate Security Services
10
964.4
+
Europe
Sales
EBIT
Margin
LatAm
34.5
5.9%
34.1
-1.4%
5.9%
1H 2009
576.5
576.5
1H 2008
+11.2%
53.4
388.0
51.8
13.8%
348.8
EBIT
14.9%
1H 2009
Sales
584.4
Breakdown of 1H 2009 Corporate Security Services
results by geographic regions
In Million Euros
+3.3%
+1.2%
9.1%
87.5
9.3%
1H 2009
86.5
933.3
Total 1H 2009 Corporate Security Services
Sales
EBIT
Margin
1H 2008
Margin
1H 2008
11
Total Europe
584.4
1H 2008
-3.6%
441.2
-1.4%
576.5
1H 2009
4.2
Total Growth
+2.4%
4.3
Note: Romania consolidates
at 50%
Romania
Corporate Security Services: European Revenues
63.1
+10.3%
Total sales. In Million Euros
+3.8%
67.8
57.2
France
Portugal
65.3
Spain
457.7
12
+3.6%
15.5
Total LatAm
348.8
+11.2%
1H 2008
388.0
1H 2009
Brazil
172.1
174.3
Total Growth
Note: The growth is +13.3% without
considering the exchange rate effect
Argentina Area*
+27.6%
126.9
Note: The growth is +28.8% without
considering the exchange rate effect
99.4
+1.3%
Corporate Security Services: Latin-American Revenues
7.6
+238.7%
Total sales. In Million Euros
Mexico
2.2
27.7
+26.1%
Note: The growth is +14.4% without
considering the exchange rate
effect
14.9
Note: The growth is +285%
without considering the
exchange rate effect Colombia
Peru
22.0
36.0
-5.6%
Note: The growth is +19.6% without
considering the exchange rate effect
Chile
38.2
Note: The growth is +3.2% without
considering the exchange rate effect
* Argentina, Uruguay and Paraguay
13
Slight deterioration of volumes in Spain, not significant in
any of the particular businesse s
Good performance in Portugal and France, which includes
the positive effect of Valtis
Revenues increase in Romania by € 0.1 million
•
Even after the strong negative impact of the exchange rates in Brazil,
Argentina, Chile and Colombia, the region has achieved a doubledigit growth in sales
LatAm
•
1H 2009 margins have shown a slight deterioration in the region. The
higher turnover of business in Mexico has been accompanied by
higher negative results
Brazil
Country
Jan. 2009
Jan. 2009
Date of
Acquisition
Corporate Alarms Monitoring (banking sector)
Guarding Services
Electronic Systems
Activ ity
~ 7.8M €
~ 3.3M €
~ 9M €
Rev enues
127
580
100
Nº Employees
Within the Group's strategy of combining organic and inorganic growth, a number of acquisitions has been executed in 1H 2009 and July 2009 which
strengthen our presence in the current markets
Acquisitions in the First Half of 2009 and July 2009 (only Corporate Security Services)
Margins have been stable in all countries across the region
–
–
–
from H1 2008. This is due to:
Region sales have dropped 1.4% in 1H 2009, compared to those
Europe
1H Highlights of the period
•
•
•
Setha
Brazil (State of
Espiritu Santo)
Jan. 2009
250
Company
Centuria
Argentina
~ 16M €
Giasa
Valuables Transport and Cash Management
France
Feb. 2009
Valtis
4,400
Jun. 2009
~ 31M €
Peru
Guarding Services
Orus, S.A
Electronic Systems: fire protection
85
Jun. 2009
~ 5M €
Segmatic
Valuables Transport, Cash Management and
Guarding Services
6,700
Jul. 2009
~ 81M €
Chile
Brazil (not
consolidated
in 1H 2009)
Norsergel
14
Residential Security Services
15
+12.7%
+37.9%
60.9
26.3%
16.0
21.5%
1H 2009
297,100
230,466
1H 2008
11.6
54.1
–
Total Growth
Chile and Punta Systems in Uruguay
And EBIT margins due to the strategy of
sustainable growth combined with high profitability
Seguridad Electrónica S.A in Peru. This acquisition means
that Prosegur is present in 6 countries
• On June 24th 2009, the Group acquired the100% of Orus
–
Connections and sales, including the positive effect
from incorporating the Telemergencia business in
• Strong growth in Prosegur Activa’s business both in:
Highlights of the period
Residential Security Services 1H 2009 results analysis
In Million Euros
Sales
Sales
EBIT
EBIT
Margin
Connections
1H 08
1H 09
16