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Good afternoon. I'm Manuel Manrique. I'm the Chairman and Chief Executive Officer of Sacyr. As usual, I am accompanied by Mr. Carlos Mijangos, who is the company's Managing Director and CFO. Thank you very much, dear analysts, media representatives and investors, for attending this Presentation of Results of Sacyr Relating to Financial Year 2018, the First Quarter of 2018. First of all, I would like to especially remember Pilar AragĂłn, who was the person responsible for Investors Relations, and who unfortunately passed away a few weeks ago. For those of us who are part of Sacyr, this is a huge personal and professional loss. We shall always remember Pilar as an excellent human being, as a person who loved her family dearly, very hard-working person, very efficient, loyal and very collaborative. We shall always keep her very deep in our hearts. As usual, we have called upon you in order to report about Sacyr's economic and financial results for the first quarter of 2018. By way of introduction, I'm going to touch upon the highlights and main figures that have characterized the results for this period. Next, Mr. Carlos Mijangos will provide you with the specific detail of each of the holding's divisions.And to finish off and as usual, we shall be available in order to address any questions from the analysts. After the progress obtained in the past financial years, I should say that the results delivered by Sacyr in this first quarter, they have proven to be very sound. Thanks to the positive effort and all of the management actions that we have been implementing over the past quarters and which have been reported to you, Sacyr's now stands as a much stronger and secure company. So the results delivered in the first quarter of 2018 gave testimony of that. With a revenue growth of 13%, we have been able to make progress across divisions. 65% (sic) [ 61% ] of this revenue already comes from markets overseas. EBITDA has been growing nearly 20%, and we are already above EUR 110 million for the quarter, with an EBITDA margin or profitability margin that is also rising, with an expansion in 3 countries and with a growing international backlog. To finish up, we're talking about a net profit of EUR 35 million, in line with our target. I would also like to highlight some of the major awards attained over the past month, which due to their characteristics are to be pointed out: The operation of a waste treatment plant in the United States, with a revenue stream of nearly EUR 3 billion; so the early construction projects in Florida, the United States, are the ones that we're going to undertake; the first concession airport in Chile; a highway in Northern Ireland in the amount of EUR 162 million; then contracts concerning the Lima Pan American Games; the rehabilitation of several urban areas in the city of Bogota; the construction of a fuel terminal located in Peru; the design and commissioning of some water facility for farming purposes in Adelaide, Australia, in the amount of EUR 85 million; among many other awards. As for the financial aspect, I would like to say that 3/4 of our debt are associated to financing concession-related projects in the long term. And without any resources coming from the headquarters or the parent company, which shows that the group is building a strong concessions profile. In this past quarter, we should also highlight that we have been able to reinforce our soundness concerning remuneration to shareholders by paying scrip dividends to shareholders. This has enabled us to, once again, resume a normal dividend payout policy, with a profitability estimate between 4% to 5%. During the next GSM, a number of measures will be subjected for approval in order to favor the representation of shareholders on the company's Board of Directors as well as in the company's corporate governance body. This is one of the commitments that we undertook at the beginning of the strategic period. The board is certain and confident that the appointment of new directors or nonexecutive directors will enable us to deliver better results for all shareholders. So this transformation of Sacyr, turn it into a modern and sound company that is ready to face the challenges of the upcoming years. It's also reflected by the corporate identity that we launched recently under another plan that is challenges at hand. So the capacity for integration, innovation, adaptation across our businesses in order to run the various services to customers, consolidate us as a differential company and as a global company that makes a difference in the infrastructure and services sector. So these quarterly results reinforce our track record and our profitable growth track record and our sustainable business model, which, in our opinion, account for the best formula in order to keep on providing the expected return to shareholders, employees and customers as they expect. And without any further ado, I would now like to now give the floor to Mr. Carlos Mijangos. And I shall be available for questions.
Good afternoon, everybody. We are going to now start analyzing how the company has evolved during the first quarter of 2018. From the operational standpoint, the company was able to grow by 13% across all 4 core business areas. Profitability from business has gone up by 19% in terms of EBITDA, with a general improvement across all 4 divisions. We shall highlight engineering and infrastructure with 96%, 8% for concessions, 10% for services and 4% for the industrial division. Therefore, the consolidated revenue accounts for 60 basis points more vis-à -vis the first quarter of 2017. As for the main awards benefiting Sacyr, Sacyr continues to be successful in most of its strategic markets. And some of the milestones we should mention, our entry into the United States with 2 major infrastructure projects in the region of Florida. Some contracts were signed in April, and we were also selected as the preferential bidder for the construction and operation of a waste treatment plant in Connecticut. In other regular markets, we have also been awarded some projects in Chile, Peru, Colombia and Australia. Therefore, we can see that the company continues to internationalize its business. More than 70% of the company's backlog comes from overseas and more than 60% of revenues for 2018 is already coming from overseas operations. As for the most important international division, engineering and infrastructures, and concessions, they account for, also, an important portfolio coming from overseas. From the corporate standpoint, this period has been characterized by a steady profitability process for shareholders. We had a scrip dividend out of the profit for 2017 that was completed in 2018. We are talking about EUR 0.052 in cash and 95.86% of shareholders chose to receive shares. So this will allow us some continuity over the years with profitability that we can expect to be reaching 4% and 5%. We have also launched another issue of EMTN program up to EUR 500 million in order to provide financial stability through these bonds issuance over the long term. These are some of the main figures. The revenue has gone up to EUR 887 million, with a growth rate of 13%. EBITDA reached EUR 111 million, with a 19% growth, EBIT EUR 74 million, with a 14% increase. The same as with the financial results. And then we're also talking of a net profit with an increase of 11% more than the previous period. The backlog went up by 0.4% but is already over EUR 41 billion. As for the contribution by activity, in terms of revenue, the most important unit is engineering and infrastructure accounted for 43%, followed by services were 27%, concessions 16% and industrial unit 14%. In terms of EBITDA, the division that makes the greater contribution is concessions with 50%, followed by engineering and infrastructure with 25%, services 16% and industrial 9%. Here you can see the major weight that engineering and infrastructure have on the effort the company is carrying out. EBITDA has gone up by 19% year-on-year, and all areas have experienced a growth in order to reach EUR 111 million compared to EUR 94 million back in 2017. As for the backlog, this is the breakdown: 72% comes from international business, 28% from Spain. And over the total, we have 59% located in Europe, Italy and Spain being the most important countries, 28% for each one of them. In America, we speak of 38%, Chile has 11%, Mexico -- followed by Mexico, Peru and other countries. We should point out the quantum leap achieved in this quarter vis-à -vis the first quarter of 2017, where the group backlog went up by 46%, especially the concessions backlog, thanks to the awards attained in 2017, amongst which we find the fourth project for the 4G program in Columbia or the 2 first concessions attained in Mexico with the [indiscernible] project. As for the main projects that have been awarded to Sacyr, in the case of engineering and infrastructure, we're talking about different projects in Bogota in the amount of EUR 38 million, including the building of a couple of buildings and a stadium also in Peru. Also the construction of the [indiscernible] airport, this is a project that includes enlarging the terminal as well as the nearby buildings. The construction of different tunnels, the rehabilitation and remodulation of several buildings in Spain. And in April, we were awarded another project in Northern Ireland to carry out a project for remodeling a highway as well as several streets in Miami. In the case of the concessions unit, we were awarded the El Tepual Airport project. There in Chile, we already operate hospitals and roads by the Tepual airport, which is the fourth most important airport in Chile. This is a 6-year concession term, and the backlog amounts to EUR 58 million. As for Sacyr services, we continue to carry out an internationalization strategy, mainly in the countries where we have already seen our projects bear fruit. We have some projects in Columbia and Chile, the most important ones being in Columbia, for example, the waste collection project. We also have other projects in the amount of EUR 170 million in Bogota, this includes green areas maintenance in Bogota. In the case of Chile, we have some cleaning and minor maintenance of several metro lines in Santiago. Also the management and conservation of the roadway corridor in Peru, and home assistance services in Madrid. And finally, we have some other additional minor contracts from Valencia, Madrid and Seville. In the case of Sacyr industrial, there are 2 projects which we're highlighting. First is the construction of a new fuel storage and distribution facility in Mollendo in the amount of EUR 31 million. This is very important. In [indiscernible] the first phase has been completed for the implementation of 1 module in La Pampilla facilities and now we are finishing off a concession plant. We have a great experience in that country. And there is under construction of 1 water treatment plant in Adelaide. This is a plant that will make it possible to improve an irrigation area in Australia in the amount of EUR 85 million. Here you can see in this map where we currently operate, mainly in Italy, Portugal, Spain, the U.K. and Australia, and then in the United States and the specific acres. If we now talk about the net debt evolution, we can see that from the operational standpoint, the company has been able to generate EUR 62 million in cash during the quarter. The -- minus expenses, financial result going up to EUR 46 million. We did EUR 144 million in investment in concessions over the quarter. This has, again, an impact on the division's strategic approach, with some other investments and asset amortization. And then we also have some debt increase due to financing flows. So the net debt that in the first quarter is EUR 3,557 million. Regarding business areas. In the case of engineering infrastructures, we're talking about EUR 400 million, with a 14% increase and EBITDA being 96% higher. The margin is 7.3%. So here we should mention that some of the large concessions projects are increasingly gaining strength, even though these will be better reflected in the second half of the year, even though this already has an impact on the results. Some important milestones are the following: the awards of 5.5 kilometers length of line in the Metro de Sao Paulo. As you can see in the pictures, this is monorail system that has been quite a successful project for the company. And then our new operations in the United States took 2 awards that we have already described. So this is a list of some of the main contract awards that we have already discussed. We should mention that this backlog corresponds to 43 months of activity. From the concession's standpoint, we also see that construction is speeding up, even though the relevant figure here comes from concessions in the amount of EUR 96 million, with a 9% increase, and with an EBITDA margin -- sorry, EBITDA also went by 8% and the margin remained quite steady at 61%. These are some young projects, and these margins will continue to grow as the years go by. We should highlight that every year Sacyr Concesiones commissions 2 or 3 projects, at least. And therefore, here we have included Antofagasta Hospital, which is already having an impact on 2018 figures. We are planning to have 2 other major assets being commissioned before year-end. Two projects in Mexico have been closed up, the Tláhuac Hospital in the amount of EUR 86 million and the Pirámides-Tulancingo-Pachuca in the amount of EUR 89 million. And then the El Tepaul Airport, where we intend to reach 16,000 square meters. Puerto Montt is a very -- is a good tourist destination in Chile. Well, regarding services, all areas have been growing quite dynamically. Multiservices has been experiencing quite a strong increase through some major awards. So EBITDA has also gone up from the environmental viewpoint. There have also been some new awards. This is reflected in our figures. And in the case of Water, it has grown by 4%, due to some contract awards, compared to previous quarters. Some milestones, we have been selected as a preferred bidder for the construction and operation of 1 waste treatment plan in Connecticut. With the margin remaining steady and the seasonal margin of 6.7% will continue to grow over the year. Here you can see a list of some of the main projects we have already described. And to finish off, the industrial area, we have been growing at a rate of 20% or 30%. This year, we have actually reached growth rates which are more in line with the company's [ side ]. All this time, we continue to grow with a variation of 9% year-on-year and a revenue of EUR 133 million. Even though in the first quarter of last year, the electric pool was very expensive and generation contributed EUR 33 million, biomass this year somehow offset the pool drop. And as for divisions, in the case of oil and gas, we are about to complete some major projects in Peru. And we are already beginning to find some relevant increase due to a higher execution rate in the contracts of Chile. Environmental and mining continued to grow through the Cementera de Potosà project as well as the urban waste treatment plant in Melbourne and the Adelaide project that we have just mentioned. And finally, as for the Water business, there has been a strong rise due to an increased execution rate in several contracts like Sohar desalination plant. And we have also seen some other domestic projects like 1 desalination plant in Tenerife. And then power generation, which is also very important. And now we have -- we would like to open the session for questions if there are any.
[Operator Instructions] The first question comes from [indiscernible].
Carlos, I have a couple of questions for you. On Slide 13, you talked about the evolution, your working capital was quite good news, which is a positive sign. I would like to know whether this is due to some extraordinary events on which you're focused for the rest of the year. Or -- then you mentioned EUR 144 million in investment, I would like to know how much was allocated to concessions. And you also mentioned some other flows that I would like to know more about. Regarding the construction division, I would like to know whether it's possible to know how much the Pedemontana project contributed in the concession business in terms of [indiscernible]. We talk about first quarter, in which your estimates for the rest of the year is taking into account this impact.
Okay, I'm going to address the first question. It's true that there is a seasonal effect because usually, the first quarter of the year is the worst for our sector. However, our concern was quite positive. And that's why we have this working capital in the amount of EUR 19 million. Last year, we finished off with EUR 100 million, and we intend to exceed that amount throughout this fiscal year. But it's true that the worst month of -- the worst period is the first quarter and this one the last quarter. Then we have tax payments and then other operating flows. This has to do with financing adjustments and its commitments to some projects that are currently in the pipeline in the construction division. As for EUR 144 million in investments during the first quarter, we invested EUR 50 million in concessions. The company made a big effort because we had several contract milestones to fulfill. And to finish off, as for the Pedemontana construction, regarding concessions, they contributed EUR 19 million in revenue and EUR 15.5 million in terms of EBITDA.
[Operator Instructions] The next question comes from [indiscernible] [ Silva ] from [indiscernible] Bank.
I have 2 questions. The first question is a follow-on. Could you please clarify the issue concerning dividend? You are saying that you expect the DPS to increase by 4% or 5% on an annual basis? Or are you talking about a different kind of dividend remuneration? What are you referring to specifically? The second question is concerned with your debt maturities throughout the year. I would like to know what your gross debt is for this year.
Well, as for the scrip -- the dividend issue, we're going to set a scrip dividend payment in the second half of the year. This is going to be done in July, after the GSM. And we intend this to be kind of recurrent. We want to pay a maximum payment at the end of this year or at the beginning of January next year, as we did last year, and provide some supplementary payment in July. So that if we add up both dividends, we are talking about a profitability between 4% to 5% on an annual basis. Regarding the debt maturities that -- report debt maturity -- that report is mainly debt that is undertaken in order to support business. Here we're talking about convertible bonds that will mature in May 2019 and we have other corporate bond issues in the amount of EUR 35 million to EUR 40 million, approximately, that will also mature in the next 4 to 5 years. And then we have some other promissory notes that will mature within less than 1 year and after 1 year. If you go to Page 30, you can see our net maturity list. The corporate debt is the one that we need to refinance on a yearly basis. Here we have EUR 300 million. That's why we launched the EMTN program a couple of weeks ago in order to give more security to the company, in order to extend the debt maturities and extend these operational lines that are of less than 1 year.
[Operator Instructions] We have another question from [indiscernible] [ Silva ] from [indiscernible] Bank.
Sorry, but I insist on this question on the sale of assets. Have you made any decisions in this regard? And are you going to include the process -- the Itinere sale process? Are you going to consider any payments in this regard?
Okay. As for the asset rotation and turnover, that's part of the company strategy. So yes, of course, we have several processes that are currently in the pipeline, and we will continue moving in that direction as we move forward. So Sacyr Concesiones, or concessions, can obtain funds by rotating assets, and we have been doing over the past 6 to 7 years. As for Itinere, we are moving forward. The written arbitration proceeding that was filed in July, all the relevant stages have been fulfilled. We have submitted all the relevant documentation. And now we are looking forward to the closing of the arbitration proceedings. So we believe that after July, an award will be issued, an arbitration award.
There are no further questions.
Well, thank you very much for attending this presentation of results. We shall now finish this presentation. And we shall call upon all of you in order to attend the next half-yearly presentation of results, which will take place in July.