Acciona Sa · BME:ANA
Acciona Sa — FY2021 Earnings Presentation
44 slides from Acciona Sa's earnings presentation, Feb 25, 2022
Slide 1: FY 2021 Results Presentation
FY 2021 – January - December 2 5 th F e b r u a r y 2 0 2 2 RESULTS PRESENTATION
Slide 2: Disclaimer
A C C I O N A F Y 2 0 2 1 R E S U L T S DISCLAIMER This document has been prepared by ACCIONA. S.A. (“ACCIONA” or the “Company” and, together with its subsidiaries, the “ACCIONA Group”) FORWARD-LOOKING STATEMENTS exclusively for use during the presentation of financial results. Therefore it cannot b
Slide 3: Introductory Remarks
01 INTRODUCTORY REMARKS José Manuel Entrecanales Chairman & CEO
Slide 4: ACCIONA – A Unique Business
A C C I O N A F Y 2 0 2 1 R E S U L T S ACCIONA – A UNIQUE BUSINESS S U S TA I N A B L E C H A L L E N G E S ACCIONA’S SOLUTIONS 25 YEARS AGO 2021 HIGHLIGHTS ✓ CLIMATE CHANGE ENERGY Successful IPO of Acciona Energía Global CO2 emissions +51.4% €1,086m EBITDA (+25.1% yoy) ✓ €18,096m total backlog WAT
Slide 5: Group Financial Information & FY 2022 Outlook
02 GROUP FINANCIAL INFORMATION & FY 2022 OUTLOOK José Ángel Tejero Chief Financial & Sustainability Officer
Slide 6: Key Highlights FY 2021
A C C I O N A F Y 2 0 2 1 R E S U L T S KEY HIGHLIGHTS FY 2021 Significant improvement in all metrics + 3 1 % G R O W T H I N E B I T D A G R O U P (1), + 2 6 % L I K E - F O R - L I K E (2) ACCIONA ENERGÍA’S EBITDA GREW BY 25%; THE REST OF ACCIONA INCREASED EBITDA BY 50% HIGHLY VISIBLE CASH-FLOW GE
Slide 7: Financial Results Highlights - FY 2021
A C C I O N A F Y 2 0 2 1 R E S U L T S FINANCIAL RESULTS HIGHLIGHTS - FY 2021 FY 2021 % Chg. FY 2021 FY 2020 (€m) vs FY 2020 (1) (€m) (€m) Revenues 8,104 25% Gross Investment 1,543 843 EBITDA 1,483 31% FY 2021 FY 2020 EBT 575 11% (€m) (€m) of which Nordex contribution -81 Net Financial Debt 4,344 4
Slide 8: ESG Results Highlights FY 2021
A C C I O N A F Y 2 0 2 1 R E S U L T S ESG RESULTS HIGHLIGHTS FY 2021 Key ESG indicators ESG highlights ▪ Modification of the corporate bylaws, to underscore the present and future alignment People FY 2021 FY 2020 % Chg. of the company's activities with models of sustainable development Workforce (
Slide 9: Investment by Division
A C C I O N A F Y 2 0 2 1 R E S U L T S INVESTMENT BY DIVISION (Million Euro) FY 2021 FY 2020 Net Investment breakdown (€m) (1) Energy 819 577 Includes the collection of Infrastructure 185 172 €1.5bn from the sale of a c17.3% Construction 127 79 stake of ACCIONA Energía at its IPO Concessions 8 72 W
Slide 10: Net Debt Evolution
A C C I O N A F Y 2 0 2 1 R E S U L T S NET DEBT EVOLUTION Net debt reconciliation 2021 (€m) OPERATING CF: NET INVESTMENT CF: FINANCING/OTHERS CF: €751m -€20m -€340m (96) (1,034) (70) (1,140) (3,109) (2,637) (1) (1) Debt associated to work in progress IFRS16 adjustment Derivatives 1. IFRS16 lease pa
Slide 11: Net Financial Debt
A C C I O N A F Y 2 0 2 1 R E S U L T S NET FINANCIAL DEBT Net financial debt breakdown by nature (€m) Net debt & cash interest evolution (€m) Average Average Av. maturity undrawn cost of debt debt maturity (years) Credit Lines (years) Project Debt Corporate Debt 11
Slide 12: 2022 Outlook
A C C I O N A F Y 2 0 2 1 R E S U L T S (1) 2022 OUTLOOK GROUP EBITDA: SOLID DOUBLE-DIGIT GROWTH 2022 GROSS CONSOLIDATED CAPEX: BETWEEN €1.7BN AND €1.9BN 2021 PROPOSED DIVIDEND: DPS €4.1, PRUDENT AND SUSTAINABLE GROWTH GOING FORWARD LEVERAGE RATIO: IMPROVING INVESTMENT GRADE PROFILE 1. Growing geost
Slide 13: Energy
03 Energy José Ángel Tejero Chief Financial & Sustainability Officer
Slide 14: ACCIONA Energía – Operating Results
A C C I O N A E N E R G Í A F Y 2 0 2 1 R E S U L T S ACCIONA ENERGÍA – OPERATING RESULTS Key figures FY 2021 EBITDA evolution (€m) (1) (Million Euro) FY 2021 FY 2020 Chg. (€m) Chg. (%) Generation Spain 799 646 154 23.8% Generation International 718 585 133 22.7% Intragroup adjust., Supply & Other 9
Slide 15: ACCIONA Energía
A C C I O N A F Y 2 0 2 1 R E S U L T S ACCIONA ENERGÍA Global reach with presence in 17 countries across 5 continents with 11.2GW of total installed capacity in 2021 S PA I N ( 5 . 7 G W ) 4.7 GW 19 MW OTHER AMERICAS Celada Fusión 48 MW Petra 6 MW Total Installed Lloseta 9 MW (0.2 GW) 0.8 GW capaci
Slide 16: Infrastructure
04 Infrastructure Luis Castilla Infrastructure CEO
Slide 17: Infrastructure
A C C I O N A F Y 2 0 2 1 R E S U L T S INFRASTRUCTURE Key figures FY 2021 EBITDA evolution (€m) (Million Euro) FY 2021 FY 2020 Chg. Chg. (%) Construction Revenues 3,626 2,776 850 30.6% EBITDA 163 50 113 225.2% +51.0% Margin (%) 4.5% 1.8% Concessions Revenues 53 98 -45 -46.1% EBITDA 46 67 -21 -31.5%
Slide 18: Infrastructure
A C C I O N A F Y 2 0 2 1 R E S U L T S INFRASTRUCTURE Record backlog with an historical new awards peak of €8,546m in 2021 2021 Revenues by region EUROPE Föllo Line Rail: €1,000m (60%) Water Management Cerdeña: €209m (100%) (2) Moss Railway: €654m (45%) Hospital Novo Do Alentejo €149m (100%) NORTH
Slide 19: Infrastructure
A C C I O N A F Y 2 0 2 1 R E S U L T S INFRASTRUCTURE The infrastructure industry will significantly rebound after the COVID-19 pandemic decline, supported by ongoing infrastructures plans and fueled by national recovery programs across our footprint North America Europe Infrastructure industry mar
Slide 20: Construction
A C C I O N A F Y 2 0 2 1 R E S U L T S CONSTRUCTION Top line exceeding its all-time high and another record year in projects awards Key figures FY 2021 Key highlights FY 2021 ▪ Successful and complete integration of Lend Lease Engineering (LLE). Tripled business (Million Euro) FY 2021 FY 2020 Chg.
Slide 21: Concessions
A C C I O N A F Y 2 0 2 1 R E S U L T S CONCESSIONS Strong focus on sustainable greenfield concessions with low demand risk Key figures FY 2021 Key highlights FY 2021 (Million Euro) FY 2021 FY 2020 Chg. Chg. (%) ▪ YoY growth rates distorted by the assets sold in Dec 2020 and throughout 2021 Revenues
Slide 22: Water
A C C I O N A F Y 2 0 2 1 R E S U L T S WATER Increase weight of mid & long-term revenues through operation and management of the water lifecyle Key figures FY 2021 Key highlights FY 2021 (Million Euro) FY 2021 FY 2020 Chg. Chg. (%) ▪ ACCIONA is a global leader in designing, financing, constructing,
Slide 23: Property Development
05 Property Development Andrés Pan de Soraluce Real Estate CEO
Slide 24: Property Development
A C C I O N A F Y 2 0 2 1 R E S U L T S PROPERTY DEVELOPMENT A unique player specialized in high value added development projects with innovative sustainable solutions Key figures FY 2021 Key highlights FY 2021 ▪ c.450 dwellings delivered in 2021 at an average selling price of €200k (Million Euro) F
Slide 25: Property Development
A C C I O N A F Y 2 0 2 1 R E S U L T S PROPERTY DEVELOPMENT Highly concentrated in Madrid, Catalonia and Lisbon & specific attractive opportunities elsewhere in Spain & abroad Development activity mainly concentrated in Madrid, Catalonia & Lisbon enhancing the TOTAL GAV highest sustainability stand
Slide 26: Property Development
A C C I O N A F Y 2 0 2 1 R E S U L T S PROPERTY DEVELOPMENT Successful evolution of our iconic campuses in Madrid OMBÚ PROJECT MESENA PROJECT 26
Slide 27: Bestinver
06 Bestinver Enrique Pérez-Pla Bestinver CEO
Slide 28: Bestinver
A C C I O N A F Y 2 0 2 1 R E S U L T S BESTINVER Leading independent provider of comprehensive financial services Key figures FY 2021 Key highlights FY 2021 (Million Euro) FY 2021 FY 2020 Chg. Chg. (%) ▪ €7,046m Assets Under Management (AUM) at December 2021, a c€700m net increase versus December 2
Slide 29: Urban Electric Mobility
07 Urban Electric Mobility Carlos Sotelo Silence CEO
Slide 30: Urban Electric Mobility
A C C I O N A F Y 2 0 2 1 R E S U L T S URBAN ELECTRIC MOBILITY Accelerating the adoption and use of light electric vehicles to decarbonize urban centers Silence Light electric vehicles are key to ACCIONA acquired Silence in H1-2021 decarbonizing cities ▪ Leading European manufacturer of electric mo
Slide 31: Urban Electric Mobility
A C C I O N A F Y 2 0 2 1 R E S U L T S URBAN ELECTRIC MOBILITY Holistic approach across the urban mobility value chain Manufacturing Recharging solutions Commercialization Light connected EVs BaaS: Charging services Sales and MaaS and removable batteries and infrastructure ▪ Vehicle sales for priva
Slide 32: Urban Electric Mobility
A C C I O N A F Y 2 0 2 1 R E S U L T S URBAN ELECTRIC MOBILITY Key growth levers: battery subscription and distribution network Launch battery subscription model (Battery as a Service – Baas) Scaling distribution network ▪ All vehicles use removable batteries with patented system by Silence ▪ Clien
Slide 33: Urban Electric Mobility
A C C I O N A F Y 2 0 2 1 R E S U L T S URBAN ELECTRIC MOBILITY New category “nanocar”: technology, connected & compact size with removable batteries – production to start in H2-22 Electric vehicle with 2 removable Two-seater and batteries <2.3 m long Fulfilling Affordable design, safety price and c
Slide 34: Appendix
08 APPENDIX
Slide 35: EBITDA & Capital Employed by Type of Activity
A C C I O N A F Y 2 0 2 1 R E S U L T S EBITDA & CAPITAL EMPLOYED BY TYPE OF ACTIVITY EBITDA CAPITAL (3) LT CONTRACTED EMPLOYED 64% ASSETS & INFRA 70% MANAGEMENT CONTRACTS (2) €8,874m €7,483m 13% 14% 4% 10% 8% 7% 3% Non - LT (11%) Contracted (19%) Generation 97% 79% 78% 87% FY 2021 FY 2020 FY 2021 F
Slide 36: Debt Maturity & Breakdown
A C C I O N A F Y 2 0 2 1 R E S U L T S DEBT MATURITY & BREAKDOWN Liquidity and gross debt maturity schedule (€m) 5,438 Available 2,901 facilities 1,898 Cash 2,536 1,326 1,047 478 730 272 571 Debt breakdown by nature Gross financial debt – Level Gross financial debt – Currency Gross financial debt –
Slide 37: Scheduled Capacity Additions
A C C I O N A F Y 2 0 2 1 R E S U L T S SCHEDULED CAPACITY ADDITIONS MW Scheduled Capacity Additions per year (MW)(1) Under Start Asset % ANA Added Technology Country Total const. const. 2021 2022 2023 2024 2025 2026 Details name stake YTD Dec 2021 2022 Wind Mexico San Carlos 100% 198 145 145 Privat
Slide 38: Installed Capacity
A C C I O N A F Y 2 0 2 1 R E S U L T S INSTALLED CAPACITY Installed MW (31 December 2021) Total Consolidated Eq. accounted Net Spain 5,736 4,496 600 5,067 Wind 4,782 3,557 593 4,124 Hydro 873 873 0 873 Solar PV 19 5 7 11 Biomass 61 61 0 59 International 5,509 4,672 358 4,312 Wind 4,005 3,804 48 3,2
Slide 39: Energy – Wind, Drivers by Country
A C C I O N A F Y 2 0 2 1 R E S U L T S ENERGY – WIND, DRIVERS BY COUNTRY Wind prices (€/MWh) (1) and Load factors (%) FY 2021 FY 2020 Chg. (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) Spain Average 89.1 24.2% 69.1 23.2% 28.9% Spain - Regulated 115.5 84.7 36.3% Spain - Not
Slide 40: Energy – Other Technologies, Drivers by Country
A C C I O N A F Y 2 0 2 1 R E S U L T S ENERGY – OTHER TECHNOLOGIES, DRIVERS BY COUNTRY Other technologies prices (€/MWh) and Load factors (%) FY 2021 FY 2020 Chg. (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) Hydro Spain 43.2 22.7% 43.9 30.9% -1.6% Biomass Spain 140.9 83.1
Slide 41: Concessions – Transport & Hospital Concessions Breakdown
A C C I O N A F Y 2 0 2 1 R E S U L T S CONCESSIONS – TRANSPORT & HOSPITAL CONCESSIONS BREAKDOWN Name Description Period Country ACCIONA Status Accounting method Asset type Remodeling, restoration, operation and maintenance of a 76.5km strech of an existing road between km 62 (A-2) and km 139 A2 - S
Slide 42: Concessions – Details of Water Concessions under IFRIC12
A C C I O N A F Y 2 0 2 1 R E S U L T S CONCESSIONS – DETAILS OF WATER CONCESSIONS UNDER IFRIC12 Name Description Period Country ACCIONA Status Accounting method Asset type EDAR 8B Construction, operation and maintenance of the wastewater treatment plant "08B Zone" of Aragon 2008 - 2031 Spain 100% O
Slide 43: Sustainable Finance and Ratings
S U S T A I N A B I L I T Y R E S U L T S 2 0 2 1 SUSTAINABLE FINANCE AND RATINGS SUSTAINABLE FINANCE OPERATIONS ESG RATINGS GREEN FINANCING Active operations 39 New or re-openings in 2021 22 Current outstanding amount (M€) 2,126.8 ALLOCATION OF PROCEEDS 100% of all requests for disbursement were re
Slide 44: Results Presentation
FY 2021 – January - December 2 5 th F e b r u a r y 2 0 2 2 RESULTS PRESENTATION