Acciona Sa · BME:ANA
Acciona Sa — 9M 2012 Earnings Presentation
32 slides from Acciona Sa's earnings presentation, Nov 14, 2012
Slide 1: 9M 2012 Results, January - September
9M 2012 JANUARY - SEPTEMBER 14% November 2012
Slide 2: Disclaimer
Disclaimer This document has been prepared by ACCIONA, S.A. (“ACCIONA” or the “Company”) exclusively for use during the presentation of financial results of the of the first nine months 2012 (9M 2012). Therefore it cannot be disclosed or made public by any person or entity with an aim other than the
Slide 3: Table of contents
Table of contents 1. 9M 2012 key highlights 2. Energy reform 3. Group financial information 4. Core divisions - financial information 5. Other businesses - financial information 6. Conclusions 9M 2012 Results Presentation 3
Slide 4: 1. 9M 2012 key highlights
1. 9M 2012 key highlights
Slide 5: 9M 2012 key highlights
9M 2012 key highlights Revenues: €5,165m (+7.7%); EBITDA: €1,040m (+11.4%); Ordinary EBT: €168m (+49.4%¹) Energy growth backed by capacity increase and higher wind load factors Infrastructures impacted by lower volumes in Spain Ordinary capex down ~33% to €588m vs 9M 2011 60% of capex invested inter
Slide 6: 2. Energy reform
2. Energy reform
Slide 7: Energy reform
Energy reform On 14th September Government approved draft legislation to end tariff deficit Introduction of generation taxes and levies as main instruments Improved regulatory visibility welcomed but fiscal measures are disproportionate Limited impact to ACCIONA’s Spanish generation project finance
Slide 8: Main implications of the draft legislation
Main implications of the draft legislation Taxes, levies, green cents and restrictions on CSP Introduction of 6% tax on revenues from all electricity generation sources (both Ordinary and Special Regimes) Levy on hydro generation revenues (22%) Î 90% rebate on stations with less than 50MW and pumpin
Slide 9: Impact of the measures
Impact of the measures Total estimated Regulatory measures affecting ACCIONA annual gross impact 1 6% generation revenue tax 22% hydro levy Pre-tax: 2 643MW of ACCIONA’s capacity entitled to 90% rebate Σ~€80m-€100m CSP: electricity output attributable to natural gas 3 usage not entitled to a premium
Slide 10: Strategic response: corrective measures
Strategic response: corrective measures ACCIONA is committed to preserving its profitability and strong balance sheet position Available tools to mitigate the impact of energy reform, including: Capex reduction Cost savings Assets rotation 9M 2012 Results Presentation 10
Slide 11: 3. Group financial information
3. Group financial information
Slide 12: P&L: Key figures
P&L: Key figures Jan-Sep 11 Jan-Sep 12 Chg. Chg. €m €m €m (%) Revenues 4,796 5,165 369 7.7% EBITDA 934 1,040 106 11.4% D&A and provisions -514 -527 -13 2.6% Results on impairment / reversal of assets -4 -15 -11 247.7% Results on non current assets disposals or 278 7 -271 -97.4% held for sale assets
Slide 13: Capex by division
Capex by division Capex breakdown Key highlights By division (€m) Capex Significant ordinary capex reduction to Jan-Sep 11 Jan-Sep 12 €588m (-33%) Energy 629 322 60% of capex invested internationally Infrastructures 206 259 Core areas capture most of 9M 2012 capex: Real Estate 3 2 − Infrastruc
Slide 14: Debt breakdown by division and nature
Debt breakdown by division and nature Net debt breakdown Gross debt breakdown By division By nature (€m) Net Debt Net Debt 31-Dec-11 30-Sep-12 30% Energy 6,173 6,253 Recourse Infrastructures -232 254 70% Non recourse Real Estate 651 600 Water & Environment 124 122 €9,473m Logistic & Transport S. 128
Slide 15: Net debt evolution
Net debt evolution Net debt reconciliation 9M 2012 9M 2012 Results Presentation 15
Slide 16: Debt amortization schedule
Debt amortization schedule Principal repayment schedule (€m)¹ No major refinancing events Undrawn corporate credit lines of €1.2bn ¹Excludes bilateral credit policies, project bridge financing and real estate development loans 9M 2012 Results Presentation 16
Slide 17: 4. Core divisions - financial information
4. Core divisions - financial information
Slide 18: Energy: Key figures
Energy: Key figures Key figures Key highlights (Million Euro) Jan-Sep 11 Jan-Sep 12 Chg. Chg. (%) Attributable production up 15.9%: increased capacity in LTM (+209MW) and higher national and international Revenues 1,178 1,590 412 35.0% wind load factors vs. 9M 2011, partially offset by lower hydro
Slide 19: Energy: Installed capacity and under construction
Energy: Installed capacity and under construction Installed MW @ Sep 2012 MW under construction @ Sep 2012 MW (Total) Spain Internat. Total MW (Total) Spain Internat. Total Wind 4,691 2,362 7,054 Wind 53 54 107 Conventional Hydro 680 - 680 Conventional Hydro - - - Hydro special regime 232 - 232 Hydr
Slide 20: Energy: Spanish pool price
Energy: Spanish pool price €MWh €55.6MWh (+13%) €53.4MWh €53.3MWh (+5%) €52.0MWh (+12%) Quarterly forward 2012 Pool FY2011: €50.3 Quarterly av. pool 2012 Pool 9M 2012: €48.8 Ene Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Q1 2012 Q2 2012 Q3 2012 Q4 2012 MW¹ 618 656 710 492 GWh 1,349 1,433 1,568 1,0
Slide 21: Infrastructures: Key figures
Infrastructures: Key figures Key figures Construction backlog (€m) Chg. vs. (%) (Million Euro) Jan-Sep 11 Jan-Sep 12 Chg. Chg. (%) (€m) 30-Sep-11 30-Sep-12 30-Sep-11 Civil works (Spain) 2,750 2,579 -6% Revenues 2,514 2,415 -99 -3.9% Civil works (Internat.) 2,104 3,062 46% EBITDA 147 123 -24 -16.1% T
Slide 22: Infrastructures: Construction backlog
Infrastructures: Construction backlog Construction backlog Sep 2012 Construction backlog Sep 2012 By work type International Civil works (78%) 51% Non residential (14%) (40% in 9M 11) Spain 49% Residential (2%) ANA Development (0%) Other¹ (6%) €7,248m €7,248m International backlog Sep 2012 Spanish b
Slide 23: Infrastructures: Concessions
Infrastructures: Concessions Road Rail Canal Port Hospital Total # of concessions 11 3 1 1 6 22 EBITDA 9M 2012 (€m) 24 0 2 0 17 42¹ 3 Average life (yrs) 32 32 30 30 30 31 3 Average consumed life (yrs) 5 6 6 7 6 6 Equity: €388m Invested capital (€m) 1,388 72 65 16 271 1,854² Net debt4: €1,466m Under
Slide 24: Water & Environment Services: Key figures
Water & Environment Services: Key figures Divisional key figures Water business (Million Euro) Jan-Sep 11 Jan-Sep 12 Chg. Chg. (%) (Million Euro) Jan-Sep 11 Jan-Sep 12 Chg. Chg. (%) Revenues 502 566 64 12.8% Revenues 289 342 53 18.2% EBITDA 31 31 1 1.9% EBITDA 23 26 3 13.8% Margin (%) 6.1% 5.5% Marg
Slide 25: ACCIONA awarded the management contract for Aigües Ter Llobregat
ACCIONA awarded the management contract for Aigües Ter Llobregat About the contract Benefits of the transaction The Catalonian Regional Government has awarded Further strengthening of ACCIONA’s a consortium led by ACCIONA (39%) and the credentials with this high-profile contract Brazilian invest
Slide 26: Water backlog breakdown
Water backlog breakdown Backlog breakdown (€m) Internat. backlog breakdown Sep 2012 By activity By geography O&M and services D&C International €1,690m ATTL contract is not included in the water backlog as of Sep 2012 9M 2012 Results Presentation 26
Slide 27: 5. Other businesses - financial information
5. Other businesses - financial information
Slide 28: Real Estate
Real Estate Key figures LTM destocking (units) ~70% first residence (Million Euro) Jan-Sep 11 Jan-Sep 12 Chg. Chg. (%) ~22% international Revenues 84 51 -33 -39.5% EBITDA 10 2 -8 -80.9% Margin (%) 11.4% 3.6% Key highlights 9M 2012 results explained by: − Property development activity affected by c
Slide 29: Services and Other Business: Key figures
Services and Other Business: Key figures Logistics & transport services TRASMEDITERRÁNEA affected by: − Ï Fuel cost per mile sailed +8.4% − Ï Occupancy rate: (Million Euro) Jan-Sep 11 Jan-Sep 12 Chg. Chg. (%) • Passenger: +3.4pp • Vehicle: +4.6pp Revenues 559 560 0 0.1% • Linear meter: -5.0pp Rest
Slide 30: 6. Conclusions
6. Conclusions
Slide 31: Conclusions
Conclusions Strong set of results in a challenging environment: Revenues +7.7%, EBITDA +11.4%, Ordinary EBT: +49.4%1 Significant capex reduction Æ Ordinary capex down ~33% to €588m 60% of 9M 2012 capex invested abroad Energy reform: Significant negative impact on P&L but limited on project finance s
Slide 32: 9M 2012, January - September
9M 2012 JANUARY - SEPTEMBER 14% November 2012