Acciona Sa · BME:ANA
Acciona Sa — 9M 2016 Earnings Presentation
24 slides from Acciona Sa's earnings presentation, Nov 4, 2016
Slide 1: 4th November 2016
4th November 2016
Slide 2: Disclaimer
| Disclaimer jacciona This document has been prepared by ACCIONA, S.A. (“ACCIONA” or the “Company”) exclusively for use during the presentation of financial results for the first half of 2016 (H1 2016). Therefore it cannot be disclosed or made public by any person or entity with an aim other than th
Slide 3: Key highlights
| Key highlights jacciona = Impact of weak Spanish Electricity prices almost fully offset by good performance of Infrastructure Division and Other Activities " Consolidation perimeter changes (AWP out, ATLL in) broadly neutral in EBITDA = Extraordinary items: AWP — Nordex capital gains, compensated
Slide 4: 9M 2016 key figures
| 9M 2016 key figures % Chg. (€m) vs 9M 2015 Revenues 4,324 -12.6% EBITDA 840 -4.8% Total EBIT 796 58.4% Ordinary EBT 193 -22.3% Total EBT 284 14.8% Gross capex 745 svs. 128 (9M 2015) Net Investment Cash-Flow 595 svs. 72 (9M 2015) NFD 5,426 vs. 5,159 (Dec. 2015)
Slide 5: 9M 2016 Extraordinaries
| 9M 2016 Extraordinaries {Reciona Breakdown of €92m extraordinary effects at EBT Positive effects +€711m Negative effects -€619m (with limited impact in cash- flow) = Capital gain associated to AWP-Nordex deal > +€657m = Other positive effects > €53m — Capital gain associated to the acquisition of
Slide 6: Group: Capex by division
| Group: Capex by division Capex breakdown Key highlights (€m) Energy Infrastructure Construction Water Service Other Activities Gross capex Divestments Net capex Net Investment cashflow Jan-Sep 15 78 44 21 15 Capex Jan-Sep 16 387 298 179 98 21 61 745 -40 705 595 Strong 9M2016 capex due to the signi
Slide 7: Group: Refinancing transactions
| Group: Refinancing transactions jacciona ACCIONA has conducted key refinancing transactions aiming to reduce the average cost of debt, optimize cash management and increase flexibility v Estimated annualized financial cost savings of ~€75m from 2017 | v Full extraordinary derivatives breakage cost
Slide 8: Group: Debt breakdown by division and nature
| Group: Debt breakdown by division and nature Gacciona 31-Dec-15 30-Sep-16 Non Cash + (€m) Net debt | Recourse debt recourse Gross debt C. Equiv Net debt 48% EB Recourse debt Eau. {BB Non-recourse 52% Energy 4,295 1,977 2,911 4,889 -504 4,385 Infrastructure 162 797 345 1,142 -921 221 Construction 1
Slide 9: Group: Recourse debt & liquidity
| Group: Recourse debt & liquidity Debt with recourse: €3,810m Debt with recourse (€m) 30-Sep-16 H Average cost of debt : Averg. matur. Undrawn i Bank debt 2.730 credit lines (years) Commercial paper programme 263 Bonds 296 2.94 Convertible bond 320 241 3.90 3.88 Other (ECAs, Supranationals) 201 r r
Slide 10: Group: Recourse debt & liquidity
| Group: Recourse debt & liquidity Maturity profile of debt with recourse (€3,810m) 697 2016 2017 2018 Credit lines Loans ECP mEMTN 1,322 2019 Convertible 1,428 > 2020
Slide 11: Group: Non-recourse debt amortization schedule
ACCIONA 9M Results presentation vi| Group: Non-recourse debt amortization schedule Gacciona Principal repayment schedule 2016-2025 (€m) 379 262 220 234 252 44 49 91 2 — 146 152 69 2016 2017 2018 2019 2020 Average 2021-25 @ Energy Spain Energy International Mlnfrastructure ® Other Activities
Slide 12: Group: Net debt evolution
ACCIONA 9M Results presentation 12| Group: Net debt evolution Ascciona Net debt reconciliation 9M 2016 (€m) 77 Operating CF Net Investment CF Financing/Others CF Net debt EBITDA Financial Working Other Net ordinary Divestment Other Treasury Derivatives Forex Dividends Perimeter Net debt Dec 2015 res
Slide 13: Energy: Key figures
| Energy: Key figures Key figures EBITDA evolution (€m) ara 679 (Million Euro) Jan-Sep15_ Jan-Sep16 Chg. Chg. (%) 7 534 Revenues 2,097 1,360 -737 -35.2% “87 Pt -59 EBITDA 679 534 -145 -21.4% Margin (%) 32.4% 39.3% 9M 2015 EBITDA —_ Generation AWP,Non- 9M 2016 EBITDA = AWP deconsolidated as of 15 Apr
Slide 14: Energy: 9M 2016 installations and WIP
ACCIONA 9M Results presentation 14| Energy: 9M 2016 installations and WIP Ascciona Under construction MW Biggest PV plant in Latin America * 247MWp PV plant that are expected to be installed in 2016 Solar PV Chile Romero Solar 247 238 9 Q42016 Will contribute to cover part of the 600GWh renewable su
Slide 15: Energy: Growth visibility
| Energy: Growth visibility jacciona New Capacity Awarded during 2016 Asset Country Technology MWs (ANA) Award Date Start of Construction CoD El Cortijo Mexico Wind 168.0 Mar-16 Q12017 Q3 2018 San Gabriel Chile Wind 183.0 Sep-16 Q3 2017 Q12019 Tolpan Chile Wind 87.0 Sep-16 Q4 2019 42021 Mont Gellibr
Slide 16: Infrastructure: Construction
ACCIONA 9M Results presentation 16| Infrastructure: Construction Gacciona Key figures Construction backlog 9M 2016 (€m) (Million Euro) Jan-Sep15 Jan-Sep16 Chg. Chg. (%) / International’ Revenues 1,622 1,547 15 -4.6% a N 78% © Spain22% | EBITDA 68 90 23 33.3% NN _ a Margin (%) 4.2% 5.9% Key highlight
Slide 17: Infrastructure: Concessions
ACCIONA 9M Results presentation i7| Infrastructure: Concessions ies “ 13 2 1 1 6 56 79 jacciona # of concessions Proportional EBITDA 9M 2016 (€m) 49 2 3 0 18 105 172 Consolidated EBITDA 9M 2016 (€m) 31 0} 0 0} 9 78 114 Average life (yrs) 33 29 30 30 28 nm. nm Average consumed life (yrs) 9 5 10 1 7 n
Slide 18: Infrastructure: Water and Service
| Infrastructure: Water and Service jacciona Water: key figures Service: key figures (Million Euro) Jan-Sep15_ Jan-Sep16 Chg. Chg. (%) (Million Euro) Jan-Sep15 Jan-Sep16 Chg. Chg. (%) Revenues 300 515 215 71.6% Revenues 541 501 -40 TA% EBITDA 23 92 69 297.7% EBITDA 22 20 2 -8.1% Margin (%) 7.7% 17.9
Slide 19: Other activities
| Other activities Other activities: key figures Key figures (Million Euro) Jan-Sep15_ Jan-Sep16 Chg. Chg. (%) Revenues 472 500 28 5.9% EBITDA 89 104 15 16.8% Margin (%) 18.9% 20.8% Other activities: EBITDA breakdown (Million Euro) Jan-Sep15_ Jan-Sep16 Chg. Chg. (%) Trasmediterranea 38 55 7 44.2% Re
Slide 20: Closing remarks
| Closing remarks facciona Short-term weakness in Spanish generation broadly offset by good results Infrastructure Division and Other Activities Securing growth for the future at attractive returns — margins: * ~700 MWSs to be delivered mainly in 2017 - 2019 * Construction backlog up 28% to 7,2 Bn T
Slide 21: Appendix
Appendix
Slide 22: Energy: Equity-accounted generation capacity
ACCIONA 9M Results presentation 22| Energy: Equity-accounted generation capacity Gacciona Detail of capacity accounted under the equity method Wind Spain 619 1,068 30 222 2005 Wind International 48 86 4 7 2005 Australia 32 59 3 4 2005 Hungary 12 7 2 3 2006 USA 4 10 0 0 2003 Solar PV 30 48 7 79 2008
Slide 23: Energy: Wind drivers by country
| Energy: Wind drivers by country Wind prices (€/MWh) and Load factors (%) 9M 2016 Av. price (€/MWh) Spain Average 54.5 * Spain - Regulated 66.5 * Spain - Not regulated 30.7 Canada 54.5 Usa ** 311 India 52.4 Mexico 66.7 Costa Rica 87.0 Australia 70.3 Greece 84.5 Poland 78.5 Croatia 105.5 Portugal 10
Slide 24: 4th November 2016
4th November 2016