Abengoa SA · OTC:AGOAF
Abengoa SA — H1 2009 Earnings Presentation
22 slides from Abengoa SA's earnings presentation, Aug 26, 2009
Slide 1: First Half 2009 Earnings Presentation
ABENGOA Innovative Solutions for Sustainability First Half 2009 Earnings Presentation August, 26th 2009
Slide 2: Forward-Looking Statement
ABENGOA First Half 2009 Earnings Presentation Forward-Looking Statement Innovative Solutions for Sustainability This presentation contains forward-looking statements and information relating to Abengoa that are based on the beliefs of its management as well as assumptions made and information curr
Slide 3: Agenda
ABENGOA First Half 2009 Earnings Presentation Agenda Innovative Solutions for Sustainability 1 H1 2009 Highlights 2 H1 2009 Detailed Financial Analysis 3 Q&A 3
Slide 4: Highlights
ABENGOA First Half 2009 Earnings Presentation Highlights Innovative Solutions for Sustainability ii Positive Positive operating operating performance performance in in core core business business iiii Well Well diversified diversified by by business business and and geographies geographies iii iii O
Slide 5: H1 2009: Main Figures
ABENGOA First Half 2009 Earnings Presentation H1 2009: Main Figures Innovative Solutions for Sustainability Sales Operating Cash Flow Sustained Revenue Growth Improved Operating Performance 3,769.2 627.2 3,214.5 % 452.4 27.8 399.5 % 11.2 % 312.6 1,632.0 1,814.1 38.7 % 17.3 22.0% 16.6% 19.2% 14.1% 20
Slide 6: H1 2009: Highlights (P&L)
ABENGOA First Half 2009 Earnings Presentation H1 2009: Highlights (P&L) Innovative Solutions for Sustainability Profitable growth in P&L Main Figures (€ in Million) H1 2009 YoY % H1 2008 Sales 1,814 +11% 1,632 Operating Cash Flow 399 +28% 313 Ebitda 315 +13% 278 Net Income 83 +16% 71 Ebitd
Slide 7: H1 2009: Highlights (pro forma P&L)
ABENGOA First Half 2009 Earnings Presentation H1 2009: Highlights (pro forma P&L) Innovative Solutions for Sustainability Higher Higher growth growth excluding excluding one-off one-off items items at at Env. Env. Services Services and and IT IT (€ in Million) H1 2009 (*) YoY % H1 2008 (**) Sales
Slide 8: H1 2009: Highlights (Balance Sheet)
ABENGOA First Half 2009 Earnings Presentation H1 2009: Highlights (Balance Sheet) Innovative Solutions for Sustainability Growth Growth in in fixed fixed assets assets with with 877 877 M€ M€ of of investments investments is is adequately adequately financed financed (€ in Million) 30 Jun.09 YoY % 3
Slide 9: Agenda
ABENGOA First Half 2009 Earnings Presentation Agenda Innovative Solutions for Sustainability 1 H1 2009 Highlights 2 H1 2009 Detailed Financial Analysis 3 Q&A 9
Slide 10: P&L Account
ABENGOA First Half 2009 Earnings Presentation P&L Account Innovative Solutions for Sustainability (€ in Million) H1 2009 H1 2008 YoY % Sales 1,814 1,632 +11% Operating Cash Flow 399 313 +28% Ebitda 315 278 +13% Depreciation & amortization expense (108) (80) +35% Net operating profit 207 198 +4% Net
Slide 11: Pro forma P&L Account
ABENGOA First Half 2009 Earnings Presentation Pro forma P&L Account Innovative Solutions for Sustainability (€ in Million) H1 09 (*) H1 08 (**) YoY % Sales 1,814 1,632 +11% Operating Cash Flow 383 273 +40% Ebitda 298 238 +25% Depreciation & amortization expense (108) (66) +64% Net operating profit 1
Slide 12: Sales: contribution by Business Unit
ABENGOA First Half 2009 Earnings Presentation Sales: contribution by Business Unit Innovative Solutions for Sustainability + 371.5 (+48.7%) 2.100,0 Increase in (108.6) execution: (-25.5%) 2.000,0 Renewables & Reduction in Transmission volumes (191.2) 1.900,0 (internal sales) 1.800,0 + 75.4 (+26.4%)
Slide 13: Ebitda: contribution by Business Unit
ABENGOA First Half 2009 Earnings Presentation Ebitda: contribution by Business Unit Innovative Solutions for Sustainability 350.0 330.0 314.5 (+13.1%) 310.0 (*) (+25.2%) +55.2 290.0 (42.6%) 270.0 +16.5 278.0 (40.0) (TLVT shares) (land divest.) +30.0 250.0 (+135.0%) (14.9) 230.0 (-16.0%) + 4.4 (6.4)
Slide 14: Intragroup activities
ABENGOA First Half 2009 Earnings Presentation Intragroup activities Innovative Solutions for Sustainability Intragroup activities fully eliminated at Consolidated P&L… …but relevant for cash-flow generation perspective. Eliminated Net Profit is recovered over the life of the project as a lower d
Slide 15: Net Debt Analysis & Covenant
ABENGOA First Half 2009 Earnings Presentation Net Debt Analysis & Covenant Innovative Solutions for Sustainability Net Net Debt/Ebitda Debt/Ebitda ratios ratios in in line line with with previous previous periods periods (€ in Million) 30 Jun.09 31 Dec.08 30 Jun.08 Net debt ex non-recourse + Long-te
Slide 16: Cash Flow Statement
ABENGOA First Half 2009 Earnings Presentation Cash Flow Statement Innovative Solutions for Sustainability Strong Strong investment investment effort effort financed financed through through operating operating cash-flow, cash-flow, new new debt debt already already secured secured and and strong str
Slide 17: Distribution by Business Units
ABENGOA First Half 2009 Earnings Presentation Distribution by Business Units Innovative Solutions for Sustainability Well diversified by business … Evironm. Inform. Industrial € in Million Solar Bioenergy Aggregated Eliminations Consolidated Services Technol. E&C Sales 46.1 390.8 317.2 361.4 1,134.7
Slide 18: International Activity
ABENGOA First Half 2009 Earnings Presentation International Activity Innovative Solutions for Sustainability … and geographies Total Abroad 1,299.3 M€ (71.6%) (+23.6%) Europe (ex Spain) 226.0 M€ (12.5%) United States Total Spain 418.9 M€ (23.1%) 514.7 M€ (28.4%) Asia (-11.4%) 50.5 M€ (2.8%) Africa 1
Slide 19: Main Projects in execution: timeline
ABENGOA First Half 2009 Earnings Presentation Main Projects in execution: timeline Innovative Solutions for Sustainability 2009 2010 2011 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 PS 20 Solnova 1 9 Start-up April, 28th Start-up Q4 09 Solnova 3 Start-up Q2 10 Solar Alger
Slide 20: Backlog
ABENGOA First Half 2009 Earnings Presentation Backlog Innovative Solutions for Sustainability Order Order book book covers covers close close to to 20 20 months months of of sales sales in in contracting contracting activities activities Portfolio % over Business Units Jun. 2009 Dec.08 (*) Industria
Slide 21: Agenda
ABENGOA First Half 2009 Earnings Presentation Agenda Innovative Solutions for Sustainability 1 H1 2009 Highlights 2 H1 2009 Detailed Financial Analysis 3 Q&A 21
Slide 22: First Half 2009
ABENGOA Innovative Solutions for Sustainability First Half 2009 Earnings Presentation August, 26th 2009