Acciona Sa · BME:ANA
Acciona Sa — Q1 2017 Earnings Presentation
19 slides from Acciona Sa's earnings presentation, May 12, 2017
Slide 1: 12th May 2017
12th May 2017
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 quarter of 2017(Q1 2017). Therefore it cannot be disclosed or made public by any person or entity with an aim other than
Slide 3: Key highlights
| Key highlights = A positive start to the year driven by good performance across the Infrastructure division — Particularly in International Construction, with higher volumes = Higher contribution from Energy Generation activities but: — Non-generation: deconsolidation of ACCIONA Windpower & lower
Slide 4: Q1 2017 key figures
| Q1 2017 key figures Jacciona Q1 2017 % Chg. (€m) vs Q1 2016 Revenues 1,634 +15.2% EBITDA 301 +8.5% Ordinary EBT 98 +116.5% Total Net Profit 60 +20.8% Q1 2017 Q1 2016 (€m) (€m) Gross Capex 272 299 Net Investment Cashflow! 319 292 Net Financial Debt 5,498 5,396 ™ Net Investment Cashflow is equivalen
Slide 5: Group: Capex by division
| Group: Capex by division jacciona Capex breakdown Key highlights (m) Meri pes Mery = Strong Q1 2017 capex due to the significant Jan-Mar Jan-Mar investment in the Infrastructure division during the Energy 135 95 period Infrastructure m 176 — One-off Geotech acquisition for an amount of €139m (Aust
Slide 6: Group: Debt breakdown by division and nature
| Group: Debt breakdown by division and nature 31-Dec-16 31-Mar-17 (€m) Net debt a aaa Project Debt Gross debt Cea Net debt Energy 4,294 2,979 4,755 4,734 -357 4,377 Infrastructure -16 947 356 1,303 -1,056 247 Construction -65 734 241 974 -804 170 Water 21 160 110 270 -229 4 Services 27 53 6 59 -23
Slide 7: Group: Net debt evolution
| Group: Net debt evolution Net debt reconciliation Q1 2017 (€m) Net debt EBITDA Dec 2016 Net Investment CF Financing/Others CF Financial — Working Other Gross Divestment — Other Treasury Derivatives Forex Dividends Perimeter Net debt results capital operating Capex investment shares changes & March
Slide 8: Group: Debt & liquidity
ACCIONA Q1 Results presentation 8 | Group: Debt & liquidity Maturity profile of Group gross debt 1,135 : Dec 2016 March 2017 590 390 1,081 ' 421 3.88 a 81 me 85 Dec 2016 March 2017 2017 2018 2019 2020 2021 2022 >2023 Credit lines HLoans BECP Bonds MConvertible Project Debt repayments Liquidity Cash
Slide 9: Energy: Key figures
| Energy: Key figures jacciona Key figures EBITDA evolution (€m) 7" 12 (Million Euro) Jan-Mar16 Jan-Mar 17 Chg. Chg. (%) 213 — Pd 208 Revenues 573 463 -109 -19.1% -16 EBITDA 213 208 4 -2.1% Margin (%) 37.1% 44.9% Q1 2016 EBITDA Generation AWP, Non- Q12017 EBITDA Generation & Capacity Production othe
Slide 10: Infrastructure: Construction
ACCIONA Q1 Results presentation 10| Infrastructure: Construction jacciona Construction & Industrial: Key figures Concessions: Key figures (Million Euro) Jan-Mar16 Jan-Mar 17 Chg. Chg. (%) (Million Euro) Jan-Mar16 Jan-Mar17 Chg. Chg. (%) Revenues 402 693 291 725% Revenues 25 34 9 36.9% EBITDA n 36 25
Slide 11: Infrastructure: Water and Service
ACCIONA Q1 Results presentation vi| Infrastructure: Water and Service jacciona Water: key figures Services: key figures (Million Euro) Jan-Mar16 Jan-Mar17 Chg. Chg. (%) (Million Euro) Jan-Mar16 Jan-Mar17 Chg. Chg. (%) Revenues 163 76 12 75% Revenues 158 72 13 85% EBITDA 28 32 5 WA% EBITDA 3 4 2 59.9
Slide 12: Other activities
| Other activities Other activities: Key figures Key figures (Million Euro) Jan-Mar 16 Jan-Mar 17 Chg. Chg. (%) Trasmediterranea 88 86 -2 -2.7% Real Estate a 13 1 10.8% Bestinver 19 22 3 13.6% Winery 7 6 1 -15.7% Corp. & other 2 2 (0) 2.1% Revenues 128 128 1) 0.3% Trasmediterranea 2 -6 7 na. Real Es
Slide 13: Closing remarks
| Closing remarks Encouraging start of the year: — EBITDA up 8.5% driven by International Construction volumes - Review of regulatory incentives in Spain and higher power prices — supportive - Positive performance of Bestinver — Lower financial charges — structural transformation Q1 Net Debt reflect
Slide 14: Appendix
Appendix
Slide 15: Energy: Equity-accounted generation capacity
15| Energy: Equity-accounted generation capacity Detail of capacity accounted under the equity method ACCIONA Q1 Results presentation jacciona Wind Spain 619 408 Wind International 48 31 Australia 32 20 Hungary 12 7 USA 4 4 Solar PV 30 12 Note: Average COD weighted per MW
Slide 16: Energy: Q1 2017 installations and WIP
ACCIONA Q1 Results presentation 16| Energy: Q1 2017 installations and WIP jacciona MW installed in Q1 2017 Wind India Bannur 48 Q12017 Feed-in tariff + GBI (Generation Based Incentive) Under construction MW Wind India Bannur 27 Q2 2017 Feed-in tariff + GBI (Generation Based Incentive) Wind Mexico El
Slide 17: Energy: Wind drivers by country
| Energy: Wind drivers by country Wind prices (€/MWh) and Load factors (%) Q12017 Q12016 Chg. (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) Spain Average 74.7* 29.0% 50.7 33.2% 47.4% Spain - Regulated 85.0* 60.7 Spain - Not regulated 54.4 28.5 [4] canada 617 36.6% 55.0 36.0
Slide 18: Infrastructure: Concessions
ACCIONA Q1 Results presentation is| Infrastructure: Concessions Gacciona # of concessions 13 2 1 1 6 57 80 Proportional EBITDA Q1 2017 (€m) 20 1 ~ 0 0 7 30 54 Consolidated EBITDA Q12017(€m) Bo . 0 0. ae 5 33 Average life (yrs) 35 35 30 30 29 25 58 Average consumed life (yrs) 49 oo 7 a oO | 1 mi a 0
Slide 19: 12th May 2017
12th May 2017