Abengoa Sa · OTC:AGOAF
Abengoa Sa — Debt Investor Presentation (November 2014)
18 slides from Abengoa Sa's debt investor presentation, Nov 17, 2014
Slide 1: Market Update
Market Update ABENGOA November, 2014
Slide 2: Forward-looking Statement
2 Forward-looking Statement This presentation contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) and information relating to Abengoa that are based on the beliefs of its management as well as assumptions made and information currentl
Slide 3: The Facts
The Facts 3 2 3 4 Abengoa has never failed to close non-recourse financing on any of its long-term concessional assets 5 Rationale for "non-recourse in process" has been to make a distinction between general corporate purposes guaranteed debt and project specific debt. Such rationale has been explai
Slide 4: Action Plan
Action Plan 4 1 Commitment to maintain consistency in our quarterly presentations, which will include the following: Complete split of our debt by different type: corporate, non-recourse in process and non recourse Corporate and Consolidated Cash Flows Book value of concessional assets under constru
Slide 5: Green Bond Accounted as N/R Debt in Process
5 Green Bond Accounted as N/R Debt in Process Nature The nature of the Green Bond Issue is similar to other bridge financing that has been considered non-recourse in the past To repay/replace more expensive bridge loans in Brazil and Mexico Remaining portion in cash at the project level To finance,
Slide 6: Bridge Loans
6 Bridge Loans There are two type of instruments in Non Recourse Debt in Process Provided to a corporate entity Same use of proceeds as Bridge Loans: bridging debt in projects Provided directly to SPV by bank Same contractor guarantees as a project finance (technical guarantees) but it also has spon
Slide 7: Debt Classification
7 Debt Classification N/R Debt In Process N/R Debt Corporate CAPEX and General Corporate Purposes Use Repayment Corporate Guarantees Corporate Cash/EBITDA Short Term/Bridge Financing of Project Debt Long Term Project Financing Corporate Debt Long Term Financing of Project Project Finance Cash Flow N
Slide 8: N/R Debt In Process – Sources & Uses
8 N/R Debt In Process – Sources & Uses N/R Debt in Process - Project List (Q3 2014) N/R Debt in Process (Q3 2014PF) Sources (€m) Uses (€m) Project specific Bridge Loans 854 Cash 135 Green Bond 495 Invested in Projects 1,457 Revolving Bridge Facilities 243 Total Sources 1,592 Total Uses 1,592 € in Mi
Slide 9: Gross Debt Structure and Ratios
9 Gross Debt Structure and Ratios 3,302 M€ 3,315 M€ 3,510 M€ 3,653 M€ 3,812 M€ Abengoa Equity Invested in Concession Assets Millions € 3.2x 2.2x 2.5x 2.5x 2.1x(2) Corporate Leverage(1) (as reported) 6.6x 5.8x 6.0x 5.5x 5.6x(2) Consolidated Leverage Corporate Debt does not include Other Loans & Borro
Slide 10: Net Debt Overview
Pre-operation debt 10 Net Debt Overview Net Corporate Debt Non-Recourse Debt Dec. 2013 Pro Forma Sep. 2014(1) Total Corporate Debt Corporate Cash, Equiv. & STFI Corporate Net Debt Non-recourse Debt Non-recourse Debt in Process Non-recourse Cash Equiv. & STFI Total Net Non-recourse debt 4,942 5,531 6
Slide 11: Cash Position Overview
11 Cash Position Overview Non-Recourse Cash Freely available €337m DSRA €197m Millions € 3,003 3,878 4,207 4,255 4,250 Corporate Liquidity Freely available €2,716m, including €601M of Ear-marked for debt repayment Linked to suppliers payments ~€1,000m And additionally Treasury Stock of €173 m
Slide 12: Corporate Debt Maturity Profile
12 601 M€ of cash earmarked for debt repayment Use current liquidity to selectively buy-back some of our outstanding bonds at current prices Ear-marked Action Plan Corporate Debt Maturity Profile Sept 30, 2014 Pro-forma Recourse Maturity (€m) Corp. Cash 3,716 M€ Refinancing of syndicate Loan with Tr
Slide 13: Consolidated Liquidity Analysis
13 Consolidated Liquidity Analysis Millions € Main Sources of Liquidity Main Uses of Liquidity Millions € Forward looking amounts in the chart represent the Company’s best estimate as of September 30, 2014 and can change with changes in facts and circumstances Cash & STFI @ Sep 2014 Undrawn credit l
Slide 14: Credit Rating Metrics
14 Credit Rating Metrics Non recourse Debt in Process No Expected Impact Green Bond included in corporate debt (PR on Nov 14) Corporate Adjusted Net Debt Leverage Consolidated Adjusted Net Debt Leverage B/positive B+/negative Reviewed by Fitch recently: Accounting of Green Bond analyzed by Fitch in
Slide 15: Conclusions
15 Conclusions Business remains the same; strong positive outlook 1 Sound financial health underpinned by strong liquidity position 2 Accounting for non-recourse debt in process unchanged for 12 years 3 Reaffirmed support from key relationship banks 4 5 Commitment to increase disclosure in our finan
Slide 16: Appendix
ABENGOA Appendix
Slide 17: Confirmation of Green Bond Ranking
Confirmation of Green Bond Ranking 17 Abengoa, S.A. (the “Parent Guarantor”) 2,359 M€ Credit Facilities Abengoa Solar S.A. Abeinsa Ingeniería y Construcción Industrial S.A. Project Companies (Non-Recourse Subsidiaries) 800 M€ Existing HY Notes 1,100 M$ & 1,050 M€ Existing High Yield Notes 650 M€ Exi
Slide 18: Thank you
Thank you ABENGOA November 2014