Corporacion Acciona Energias Renovables Sa · BME:ANE
Corporacion Acciona Energias Renovables Sa — ACCIONA Energía — FY2021 Earnings Presentation
38 slides from Corporacion Acciona Energias Renovables Sa's earnings presentation, Feb 24, 2022
Slide 1: Results Presentation FY 2021
FY 2021 – January - December 2 4 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 E N E R G Í A F Y 2 0 2 1 R E S U L T S DISCLAIMER This document has been prepared by Corporación Acciona Energías Renovables. S.A. (“ACCIONA Energía” or the “Company” and, together with FORWARD-LOOKING STATEMENTS its subsidiaries, “ACCIONA Energía Group”) exclusively for use during th
Slide 3: Introductory Remarks
01 INTRODUCTORY REMARKS José Manuel Entrecanales Chairman
Slide 4: Encouraging Start as Independently-Listed Company
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 ENCOURAGING START AS INDEPENDENTLY-LISTED COMPANY IPO as catalyst for ACCIONA Energía achieving its full potential BALANCE SHEET CAPACITY TO RECAPITALISATION OF THE GROWTH COMPANY GROW – NO CONSTRAINTS BETTER THAN EXPECTED 2021 FINANCIAL RESULT
Slide 5: Post-IPO Reckoning – Opportunities & Challenges
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 POST-IPO RECKONING – OPPORTUNITIES & CHALLENGES OPPORTUNITIES CHALLENGES LOWER COST OF CAPITAL X SUPPLY CHAIN PPA PRICES X ENERGY TRANSITION HURDLES INCREASED DEAL FLOW X GEOPOLITICS SUPPORTIVE POLICY GREEN HYDROGEN 5
Slide 6: Looking Ahead – 2022 and Beyond
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 LOOKING AHEAD – 2022 AND BEYOND FOCUS ON 2022 POSITIVE SHORT & MEDIUM-TERM OUTLOOK Deployment of Energy Supply business strategy in Spain – high level of visibility to electricity sales 2022 upbeat outlook – based on our commercial policy P
Slide 7: FY 2021 Highlights
02 FY 2021 HIGHLIGHTS Rafael Mateo Chief Executive Officer
Slide 8: Key Highlights FY 2021
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 KEY HIGHLIGHTS FY 2021 STRONG DOUBLE-DIGIT GROWTH DESPITE CHALLENGES › EBITDA up 25% to €1,086m driven by new capacity in operation (Texas in particular), the higher price environment and the Hydro Levy rebate › Consolidated generation exceeds 20
Slide 9: Pipeline Update
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 PIPELINE UPDATE Pipeline & Capacity growth (GW) Key highlights Short-term projects 2022-23 Increased the Secured & Under Construction pipeline with c.650MW of projects in the US (458MW), Peru (131MW) and the Caribbean (58MW) with fast start of
Slide 10: Capacity Additions Plan
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 CAPACITY ADDITIONS PLAN Annual MW additions per year 2021-25 MW additions breakdown 2021-25 Asset name Country MW McIntyre Complex Australia 786 San Juan de Marcona Peru 131 Ayora Spain 86 Country GW Escepar y Peralejo Hibrid. Spain 62 Spain 2.0
Slide 11: Supply Chain & Risk Mitigation Actions
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 SUPPLY CHAIN & RISK MITIGATION ACTIONS › The global supply chain environment in the ST remains complex – commodity volatility & logistics/shipping particularly challenging › PV module manufacturers appear to increase margins even at the expense o
Slide 12: Commercial Activity – PPA & Supply Market
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 COMMERCIAL ACTIVITY – PPA & SUPPLY MARKET ESG as main driver of the large and growing corporate PPA market EXTREMELY HIGH SPOT PRICES AND UNPRECEDENTED VOLATILITY – SURGE IN INDUSTRIAL DEMAND FOR LONG-TERM PPA CONTRACTS › Significant increase in
Slide 13: Energy Transition – New Businesses & Innovation
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 ENERGY TRANSITION – NEW BUSINESSES & INNOVATION ACCIONA Energía continues to accelerate its strategy in energy transition sectors – LT growth & decarbonisation leadership GREEN HYDROGEN › Power-2-Green H2 Mallorca project in operation: first gree
Slide 14: Financial Information
03 FINANCIAL INFORMATION Arantza Ezpeleta Chief Financial & Sustainability Officer
Slide 15: FY 2021 Results Highlights
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 FY 2021 RESULTS HIGHLIGHTS FY 2021 % Chg. FY 2021 % Chg. (€m) vs FY 2020 (1) (€m) vs FY 2020 Revenues 2,472 40% Total capacity (MW) 11,245 5% Generation Revenues 1,517 23% Consolidated capacity (MW) 9,169 6% EBITDA 1,086 25% Total production (GWh
Slide 16: FY 2021 ESG Highlights
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 FY 2021 ESG HIGHLIGHTS Key ESG indicators ESG highlights Top ESG rating in the global energy sector in assessment conducted by S&P Global People FY 2021 FY 2020 Chg. Ratings. Working to obtain additional ratings in coming months Workforce (no.)
Slide 17: Investment
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 INVESTMENT Gross Ordinary Capex Net Ordinary Key highlights (Million Euro) Capex Deferral Capex Spain 75 -24 51 Investment mainly related to the construction of new generation USA 180 -27 153 assets Mexico 66 85 151 Chile 49 236 285 Other America
Slide 18: Net Debt Evolution
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 NET DEBT EVOLUTION Net debt reconciliation FY 2021 (€m) NET FINANCING OPERATING CF INVESTMENT CF OTHERS CF €792m -€819m €1,692m (14) (516) (2,718) (10) (471) (1,508) (2) (1) (2) Debt associated to work in progress IFRS16 adjustment Derivatives 1.
Slide 19: Net Financial Debt
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 NET FINANCIAL DEBT Net financial debt breakdown (€m) Average Average debt Av. maturity undrawn cost of debt maturity (years) (1) Credit Lines (years) (1) Project Debt Corporate Debt (2) Debt breakdown by nature Gross financial debt – Level Gross
Slide 20: Spain – Market Overview
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 SPAIN – MARKET OVERVIEW Pool price evolution (€/MWh) Electricity demand 2020 2021 236.8 242.4 (TWh) 2.4% 2021 111.9 230% 2020 34.0 NBP CO2 Spanish production mix and hydro reserves evolution Commodities Average 2021 13.6 53.4 Average 2020 2.8 24.
Slide 21: Spain – Revenue Drivers
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 SPAIN – REVENUE DRIVERS Consolidated output (GWh) Average achieved prices – regulated vs. wholesale (€/MWh) -92% -3% +35% +93% +3% +27% 2% +116% 41% -24% 57% (1) Generation revenues (€m) Average achieved price composition (€/MWh) -83% +24% (€/MWh
Slide 22: Spain – 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 SPAIN – OPERATING RESULTS Key figures FY 2021 EBITDA evolution (€m) (Million Euro) FY 2021 FY 2020 Chg. (€m) Chg. (%) Generation 799 646 154 23.8% Intragroup adjust., Supply & Other 703 356 347 97.3% Revenues 1,502 1,002 500 49.9% Generation 522
Slide 23: International – Market Overview
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 INTERNATIONAL – MARKET OVERVIEW Power markets Electricity demand (GW) Exchange rates Commodities Average EUR/USD EUR/AUD 2020 1,143 1,651 2021 1,184 1,579 Chg.(%) -3% 5% Closing EUR/USD EUR/AUD 2020 1,227 1,590 2021 1,133 1,561 Chg.(%) 8% 2% 23
Slide 24: International – Revenue Drivers
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 INTERNATIONAL – REVENUE DRIVERS Consolidated output (GWh) Average achieved prices (€/MWh) +3% +9% +15% -7% +132% +43% +12% 23% +20% -10% -9% 10% -16% 20% -11% 30% 18% Generation revenues (€m) +18% +23% -15% 33% +20% +8% 8% 14% +106% 25% 20% %Chg.
Slide 25: International – 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 INTERNATIONAL – OPERATING RESULTS Key figures FY 2021 EBITDA evolution (€m) (Million Euro) FY 2021 FY 2020 Chg. (€m) Chg. (%) Generation 718 585 133 22.7% USA 144 70 74 106.4% Mexico 178 164 14 8.4% Chile 103 85 17 20.2% Australia 54 64 -10 -15.3
Slide 26: 2022 Outlook
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 2022 OUTLOOK (1) GROUP EBITDA: SOLID DOUBLE-DIGIT GROWTH NET INVESTMENT CASHFLOW: €1.0-1.2BN NET FINANCIAL DEBT: BROADLY IN LINE WITH FY 2021 NET DEBT/EBITDA: BELOW FY 2021 RATIO – IMPROVING IG PROFILE 2021 DIVIDEND PAYABLE IN 2022: BOARD PROPOSE
Slide 27: Appendix
03 APPENDIX
Slide 28: 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 29: Debt Maturity & Liquidity
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 DEBT MATURITY & LIQUIDITY Liquidity and debt principal maturity schedule (€m) 2,313 The drawn portion of the syndicated loan facility (€550m as of 31 Dec 2021) was fully Available repaid in Jan 2022 mainly with the proceeds facilities 1,516 of th
Slide 30: Scheduled Capacity Additions
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 SCHEDULED CAPACITY ADDITIONS Scheduled Capacity Additions per year (MW) (1) MW Under Start Asset % ANE 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
Slide 31: Global Reach Across 5 Continents
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 GLOBAL REACH ACROSS 5 CONTINENTS With presence in 17 countries & 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 (0.2 GW) 0.8 GW Lloseta 9 MW Merck Distr
Slide 32: Installed Capacity
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 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 4,00
Slide 33: Equity Accounted Capacity
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 EQUITY ACCOUNTED CAPACITY Proportional figures (31 December 2021) MW GWh EBITDA (€m) NFD (€m) Wind Spain 593 1,285 83 22 Wind International 48 86 2 -3 Australia 32 59 2 -2 Hungary 12 21 0 0 USA 4 6 0 0 Solar PV 317 679 26 33 Total equity accounte
Slide 34: Spain – Achieved Prices
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 SPAIN – ACHIEVED PRICES Consolidated Achieved price (€/MWh) Revenues (€m) production Gas Gas Market Rinv+Ro Banding Total Market Rinv+Ro Banding Total (GWh) Clawback Clawback FY 2021 Regulated 5,413 103.1 36.7 -23.0 116.7 558 199 -125 632 Wholesa
Slide 35: Wind – Drivers by Country
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 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
Slide 36: Other Technologies – Drivers by Country
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 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.
Slide 37: Sustainable Finance & Ratings
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 SUSTAINABLE FINANCE & RATINGS SUSTAINABLE FINANCE OPERATIONS AWARDS AND RECOGNITIONS AMOUNT EMTN - GREEN NOTES MATURITY TOP ESG SCORE IN POWER SECTOR (MILLION) BY S&P XS2388941077 (0.375%) EUR 500 Oct-27 Scored 86 out of 100 points in its ESG eva
Slide 38: Results Presentation
FY 2021 – January - December 2 4 th F e b r u a r y 2 0 2 2 RESULTS PRESENTATION