Acciona Sa · BME:ANA
Acciona Sa — 9M 2008 Earnings Presentation
24 slides from Acciona Sa's earnings presentation, Nov 14, 2008
Slide 1: 9m08 Results Conference Call
9m08 Results Conference Call 14th November 2008
Slide 2: Disclaimer
9m 2008 RESULTS Disclaimer This presentation contains statements that constitute forward looking statements in its general meaning and within the meaning of Spanish Applicable Law and any other applicable law regarding securities markets. These statements appear in a number of places in this documen
Slide 3: Table of Contents
9m 2008 RESULTS Table of Contents Key Highlights for the Period Financial Information by Division Conclusions 1 9m08 Results Presentation
Slide 4: Table of Contents
9m 2008 RESULTS Table of Contents Key Highlights for the Period Financial Information by Division Conclusions 2 9m08 Results Presentation
Slide 5: Key Highlights for the Period
9m 2008 RESULTS Key Highlights for the Period I. Financial Highlights II. Solid Financial Position III. Future Strategy 3 9m08 Results Presentation
Slide 6: I. Financial Highlights
9m 2008 RESULTS I. Financial Highlights Group Revenues up 89.4% to €9.353 million (up 5.5% ex Endesa) Strong increase in EBITDA to €2.100 million (193.8% y-o-y growth and +4.5% ex Endesa) Boosted by: – The consolidation of Endesa which contributed with €4.145 million revenues – ACCIONA Energy which
Slide 7: II. Solid Financial Position (I)
9m 2008 RESULTS II. Solid Financial Position (I) Ordinary dividends from Endesa sufficient to service the acquisition debt At September end, the minimum value of the put option was €10.9bn, which is €1.9bn in excess of current acquisition debt level Acciona is currently negotiating the refinancing o
Slide 8: II. Solid Financial Position (II)
9m 2008 RESULTS II. Solid Financial Position (II) Net Debt Breakdown by Division (€m) Debt Amortisation Schedule (ex. Endesa) Infraestructures 104 Real Estate 1,232 423 395 Energy 3,400 345 345 Logistics & Transport Services 442 € million 138 Urban & Environmental Services 121 298 Other Businesses -
Slide 9: III. Future Strategy (I)
9m 2008 RESULTS III. Future Strategy (I) Acciona’s future business model rests on three pillars Infrastructures Energy Agua Construction Endesa Desalination Concessions Renewables Water treatment Real Estate 7 9m08 Results Presentation
Slide 10: III. Future Strategy (II)
9m 2008 RESULTS III. Future Strategy (II) Renewable Energy strong fundamentals persist despite current challenging environment Growing energy/electricity demand in the medium and long term World Energy Outlook 2008 (IEA) Public awareness of supply security and energy dependence risks Increased clima
Slide 11: III. Future Strategy (III)
9m 2008 RESULTS III. Future Strategy (III) Renewable Energy strong fundamentals persist despite current challenging environment Public and Private Support for Renewables: – Europe: EU´s 20-20-20 targets by 2020 – USA: Strong Government support, emphasised by Barack Obama – ASIA: Growing regulatory s
Slide 12: III. Future Strategy (III)
9m 2008 RESULTS III. Future Strategy (III) Our Investments are in line with the strategy… (Million Euro) Investments % Jan-Sep 08 o/ Total Acciona Infraestructures 85 4.4% Acciona Real Estate 88 4.5% Acciona Energy 1,080 55.7% Acciona Logistics & Transport Services 17 0.9% Acciona Urban & Enviroment
Slide 13: Table of Contents
9m 2008 RESULTS Table of Contents Key Highlights for the Period Financial Information by Division Conclusions 11 9m08 Results Presentation
Slide 14: Infrastructures: Key Figures
9m 2008 RESULTS Infrastructures: Key Figures Revenues (€ million) EBITDA (€ million) 7.8% 2,767 -5.2% 215 6.0% 1% 2,624 -26.8% 4% 2% Const. & Eng. 157 Concessions 14% 99% EBITDA margin 96% 98% 86% 9m07 9m08 9m07 9m08 Backlog: Geographical Breakdown Backlog: Business Breakdown Construction Backlog (€
Slide 15: Infrastructures: Concessions
9m 2008 RESULTS Infrastructures: Concessions Book value of concessions @ September 2008: €642 million(¹) (equity and debt) Young portfolio of concessions: – Average life: 4.5 years – Average remaining life: 25 years In Q3 Acciona reaches an agreement to sell its stake in five mature concessions for
Slide 16: Real Estate: Key Figures
9m 2008 RESULTS Real Estate: Key Figures Revenues (€ million) EBITDA (€ million) 29.8% 103 345 9% 33.6% 5% -34.7% 21% -42.1% Parkings 37% 200 Rental Assets 67 9% Development 16% 74% 18% EBITDA margin 39% 54% 74% 45% Jan-Sep 07 Jan-Sep 08 Jan-Sep 07 Jan-Sep 08 Presales dropped from €192 million in 9m
Slide 17: Energy: Key Figures
9m 2008 RESULTS Energy: Key Figures Revenues (€ million) EBITDA (€ million) 33.8% 1.236 418 79.6% 62.2% 12% 37.5% 52% Generation Reven. 688 Industrial & Other 258 8% 88% 42% EBITDA margin 48% 92% 58% 9m07 9m08 9m07 9m08 Load Factor (%) Prices – Spain (€/MWh) 111,9 106,4 106,3 108,3 104,4 Jan - Sep 9
Slide 18: Energy: Capacity
9m 2008 RESULTS Energy: Capacity MW installed @ Sep 08 MW under construction @ Sep 08 MW (Total) National International Total Wind 3,117 989 4,105 MW (Total) National International Total Mini Hydro 59 - 59 Solar PV 49 - 49 Wind 310 627 937 Solar Thermoelectric - 64 64 Solar Thermoelectric 50 - 50 Bi
Slide 19: Logistics & Transport Services
9m 2008 RESULTS Logistics & Transport Services Revenues (€ million) EBITDA (€ million) 11.7% 718 735 84 2.4% 9% 16% 16% 6.5% Handling -43.1% Trasmediterránea 48 68% 67% 64% Other 22% EBITDA margin 36% 24% 9% 17% 19% 9m07 9m08 9m07 9m08 The division has suffered a severe margin contraction during the
Slide 20: Urban & Environmental Services
9m 2008 RESULTS Urban & Environmental Services Revenues (€ million) EBITDA (€ million) 7.4% 7.0% 564 13.5% 42 496 35 18.3% Water 57% 59% 63% Other 58% 43% 42% 37% 41% 9m07 9m08 Jan-Sep 07 Jan-Sep 08 Acciona Agua’s revenues up 23.6% and EBITDA up 22.0% to €229 million and €18 million respectively Acc
Slide 21: Other Businesses
9m 2008 RESULTS Other Businesses Revenues (€ million) EBITDA (€ million) 28.3% 32 -7.5% -33.7% 20.3% 114 106 21 9m07 9m08 9m07 9m08 Includes: – Bestinver – “Boodegas Hijos de Antonio Barceló” winery business – Media (GPD) Bestinver had €3,296 million under management @ Sept. 08 19 9m08 Results Prese
Slide 22: Endesa
9m 2008 RESULTS Endesa Revenues (€ million) EBITDA (€ million) 4.145 Acciona consolidates its 25% 1.353 stake in Endesa proportionally since 4Q07 Revenues EBITDA Endesa’s revenues increased 28% to €16.5 billion Endesa’s EBITDA up 14% to €5.4 billion At the date of preparation of this presentation th
Slide 23: Table of Contents
9m 2008 RESULTS Table of Contents Key Highlights for the Period Financial Information by Division Conclusions 21 9m08 Results Presentation
Slide 24: Conclusions
9m 2008 RESULTS Conclusions Acciona’s future business strategy relies on three pillars under the sustainability umbrella: Infrastructures, Energy and Water Under a challenging environment, the sound results of the period respond to the defensive business mix of the company, together with our strong