Acciona Sa · BME:ANA
Acciona Sa — H1 2012 Earnings Presentation
25 slides from Acciona Sa's earnings presentation, Jul 25, 2012
Slide 1: H1 2012 January-June, 25th July 2012
H1 2012 JANUARY - JUNE 25% July 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 half 2012 (H1 2012). Therefore it cannot be disclosed or made public by any person or entity with an aim other than the one ex
Slide 3: Table of contents
Table of contents 1. H1 2012 key highlights 2. Group financial information 3. Core divisions - financial information 4. Other businesses - financial information 5. Conclusions H1 2012 Results Presentation 3
Slide 4: 1. H1 2012 key highlights
1. H1 2012 key highlights
Slide 5: H1 2012 key highlights
H1 2012 key highlights Revenues: €3,349m, EBITDA: €677m NFD up +7% to ~€7.5bn vs. Dec. 2011 on capex, dividend payment and derivatives mark-to-market Capex down ~40% to €342m Execution of the AGM agreement to cancel treasury shares (9.89%) New number of shares: 57,259,550 H1 2012 Results Presentatio
Slide 6: 2. Group financial information
2. Group financial information
Slide 7: P&L: Key figures
P&L: Key figures Jan-Jun 11 Jan-Jun 12 Chg. Chg. €m €m €m (%) Revenues 3,084 3,349 265 8.6% EBITDA 631 677 46 7.2% D&A and provisions -332 -338 -6 1.7% Results on impairment / reversal of assets -8 -10 -2 27.4% Results on non c urrent assets disposals or 217 2 -215 -99.1% held for sale assets val. O
Slide 8: Capex by division
Capex by division Capex breakdown Key highlights By division (€m) Capex Jan-Jun 11 Jan-Jun 12 Significant capex reduction (-40%) to Energy 436 194 €342m, in line with H1 2012 depreciation Core areas capture most of H1 2012 Infrastructures 112 154 capex: Real Estate 0 2 − Infrastructures: capex diver
Slide 9: 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-Jun-12 of Total Energy 6,173 6,308 85% 32% Recourse Infrastructures -232 53 1% 68% Real Estate 651 654 9% Non recourse Water & Environment 124 121 2% Logistic & T
Slide 10: Debt amortization schedule
Debt amortization schedule Principal repayment schedule (€m)¹ No major refinancing events Undrawn corporate credit lines of €1.3bn ¹Excludes bilateral credit policies, project bridge financing (mostly energy) and real estate development loans H1 2012 Results Presentation 10
Slide 11: 3. Core divisions - financial information
3. Core divisions - financial information
Slide 12: Energy: Key figures
Energy: Key figures Key figures Key highlights (Million Euro) Jan-Jun 11 Jan-Jun 12 Chg. Chg. (%) Attributable production up 14.0%: increased capacity in LTM (+351MW), higher national and international wind Revenues 809 1,068 259 32.0% load factors vs. H1 2011, partially offset by lower hydro load f
Slide 13: Energy: Installed capacity and under construction
Energy: Installed capacity and under construction Installed MW @ Jun 2012 MW under construction @ Jun 2012 MW (Total) Spain Internat. Total MW (Total) Spain Internat. Total Wind 4,637 2,327 6,965 Wind 105 89 194 Conventional Hydro 680 - 680 Conventional Hydro - - - Hydro special regime 232 - 232 Hyd
Slide 14: Energy: Spanish pool price
Energy: Spanish pool price €MWh €55.6MWh €53.3MWh (+5%) €52.0MWh (+12%) Quarterly forward 2012 Pool FY2011: €50.3 Quarterly av. pool 2012 Pool H1 2012: €48.7 Q1 2012 Q2 2012 Q3 2012 MW¹ 618 656 710 GWh 1,349 1,433 1,568 €/MWh 53.3 52.0 55.6 % Var vs Pool price² 5% 12% - % Saleable energy³ 74% 66% 97
Slide 15: Infrastructures: Key figures
Infrastructures: Key figures Key figures Construction backlog (€m) Chg. vs. (%) (Million Euro) Jan-Jun 11 Jan-Jun 12 Chg. Chg. (%) (€m) 30-Jun-11 30-Jun-12 30-Jun-11 Civil works (Spain) 2,935 2,641 -10% Revenues 1,574 1,577 4 0.2% Civil works (Internat.) 2,337 2,609 12% EBITDA 99 78 -22 -22.0% Total
Slide 16: Infrastructures: Construction backlog
Infrastructures: Construction backlog Construction backlog June 2012 Construction backlog June 2012 By work type International Civil works 77% 47% (vs. 42% in H1 11) Non residential 14% Residential 2% ANA Development 0% Spain 53% Other¹ 6% €6,850m €6,850m International backlog June 2012 Spanish back
Slide 17: Infrastructures: Concessions
Infrastructures: Concessions Road Rail Canal Port Univer. Hospital Total # of concessions 11 3 1 1 1 6 23 EBITDA H1 2012 (€m) 15 0 1 0 3 12 26¹ 3 Average life (yrs) 32 32 30 30 20 30 31 3 Average consumed life (yrs) 5 6 6 7 5 6 6 Equity: €340m Invested capital (€m) 1,293 72 64 16 21 263 1,768² Net d
Slide 18: Water & Environment Services: Key figures
Water & Environment Services: Key figures Divisional key figures Water business (Million Euro) Jan-Jun 11 Jan-Jun 12 Chg. Chg. (%) (Million Euro) Jan-Jun 11 Jan-Jun 12 Chg. Chg. (%) Revenues 336 352 16 4.8% Revenues 195 206 11 5.4% EBITDA 20 20 -1 -3.5% EBITDA 15 17 2 14.6% Margin (%) 6.0% 5.6% Marg
Slide 19: Water backlog breakdown
Water backlog breakdown Backlog breakdown (€m) Internat. backlog breakdown June 2012 By activity By geography 40% 35% 4,693 4,802 +2.3% O&M and services 88% D&C 86% International €1,687m 12% 14% 30-Jun-11 30-Jun-12 Water backlog slightly up to €4,802m in June 2012 vs. €4,693m in June 2011 H1 2012 Re
Slide 20: 4. Other businesses - financial information
4. Other businesses - financial information
Slide 21: Real Estate
Real Estate Key figures LTM destocking (units) ~62% first residence (Million Euro) Jan-Jun 11 Jan-Jun 12 Chg. Chg. (%) ~24% international Revenues 62 31 -31 -50.3% EBITDA 7 0 -7 -97.2% Margin (%) 11.7% 0.6% Key highlights H1 2012 results explained by: − Property development activity, which was affec
Slide 22: Services and Other Business: Key figures
Services and Other Business: Key figures Logistics & transport services TRASMEDITERRÁNEA affected by: − Fuel cost per mile sailed +13% (Million Euro) Jan-Jun 11 Jan-Jun 12 Chg. Chg. (%) − Occupancy rate: • Passenger: +2.6pp Revenues 334 336 2 0.6% • Vehicle: +4.4pp • Linear meter: -1.6pp EBITDA -7 -
Slide 23: 5. Conclusions
5. Conclusions
Slide 24: Conclusions
Conclusions Revenues: €3,349m and EBITDA: €677m NFD up +7% to ~€7.5bn vs. Dec. 2011 on capex, dividend payment and debt derivatives mark to market Significant capex reduction Capex down ~40% to €342m H1 2012 Results Presentation 24
Slide 25: H1 2012 January-June, 25th July 2012
H1 2012 JANUARY - JUNE 25% July 2012