Slide 1: Fiscal Year 2013 Earnings Presentation
Fiscal Year 2013 Earnings Presentation ABENGOA February 20, 2014
Slide 2: Forward-looking Statement
2 Forward-looking Statement This presentation contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) and information relating to Abengoa that are based on the beliefs of its management as well as assumptions made and information currentl
Slide 3: Agenda
ABENGOA ) Strategy & Business Update Financial Overview 2014 Outlook & Targets Appendices ais < o Agenda
Slide 4: Agenda: Strategy & Business Update
ABENGOA Agenda
Slide 5: FY 2013 Overview
FY 2013 Overview 7,356 M€ 6.8 B€ 139.0 B€ Pipeline Backlog +44% Revenues +2% 1,365 M€ EBITDA +58% Corp. Leverage +17% Solid Growth and Delivery on our commitments 5 -1.5x 101 M€ Net Income +84% 2.2x YoY Growth
Slide 6: FY 2013 Executive Summary
FY 2013 Executive Summary 6 Solid performance of E&C New concessional assets into operation Continued recovery in Biofuels Earnings guidance achieved Reduced corporate leverage Reduced corporate CAPEX Healthy backlog and solid pipeline Uncertainty eliminated on Spanish CSP assets Key technology prov
Slide 7: Abengoa's Corporate Structure
Dividends upstream / Equity recycling 7 Strong corporate business with upside from financial investments in concessional assets portfolio Abengoa’s Corporate Structure ABENGOA Engineering & Construction Financial Investment Corporate Structure Industrial Production E&C core business & Ind. Prod. mar
Slide 8: Financial Investment in Concessions
2,053 M€ 935 M€ 8 Financial Investment in Concessions 3.3 B€ Equity BV in concessional assets 199 M€ 127 M€ Strong group of low risk contracted assets 59 concessional assets focused on power (generation & transmission) and water Average remaining life of ~25 years with +38 B€ of contracted revenues
Slide 9: Asset Rotation Strategy
Asset Rotation Strategy Crystallizing Value Through Equity Rotation Type/Country Transaction Cash Date USA Equity Sale 300 M$ Q3’13 Spain Equity Unlock 200 M€ Q4’13 Peru Equity Unlock 20 M$ Q4’13 Mexico Equity Unlock 88 M$ Q1’14 China Equity Sale 53 M€ Q1’14 BEFESA Business Sale 620 M€(1) Q2’13 BARG
Slide 10: An "Asset Light" Model
10 An “Asset Light” Model Transition to an asset light model with Abengoa acting as industry partner retaining minority & providing E&C, O&M and other services Continued Solid Business Momentum Reducing CAPEX intensity in New Awards EPC Margin Equity Contribution Committed to Corporate CAPEX Target
Slide 11: Engineering & Construction
11 Engineering & Construction 1 Continued delivery of double-digit growth with attractive margins Significant new bookings in 2013; trend continues in Q1 2014 Strong pipeline and backlog provides visibility on future business FY 2013 KPI’s Bookings 4,882 M€ +36% YoY 6.8 B€ +2% YoY Backlog 139 B€ +58
Slide 12: Concessions-type Infrastructures
12 Concessions-type Infrastructures 2 FY 2013 KPI’s FY’13 Operating Segment Analysis Revenues (M€) +32% EBITDA (M€) +36% Margin (M€) Delivering significant growth and high EBITDA margins 10 new assets brought into operation, including Solana, the largest CSP trough plant worldwide, achieving up to 1
Slide 13: Industrial Production
13 Industrial Production 3 FY’13 Operating Segment Analysis Revenues (M€) -5% EBITDA (M€) +53% Margin (M€) +53% organic EBITDA growth y-o-y; lower revenues due to several plant being closed during Q1’13 Hugoton completes phase one start up; complete ramp up of production expected for March 2014 142
Slide 14: Geographic Diversification
Geographic Diversification Consolidated presence in the five continents, with US and Latam as our first geographies FY 2012 FY 2013 14 2,045 M€ USA 28% 863 M€ 12% 330 M€ 4 % Africa 11% 837 M€ LatAm 32% 2,118 M€ 29% 33% 1,163 M€ FY’13 Revenues 7,356 M€ Diversifying our business mix to capture global
Slide 15: Technology Update
Solar Technologies Technology Update Cutting Edge Technologies 15 Continued technological program development, investing 107 M€ in R&D programs and 319 M€ in R&D related to projects Milestones of the year Bio-refineries Waste to biofuel (W2B) Water Desalination Demonstration plant start-up, already
Slide 16: Agenda: Financial Overview
ABENGOA agenda Cm 4!
Slide 17: FY 2013 Financial Performance
FY 2013 Financial Performance 17 Strong Business and Financial Performance and reinforcing the balance sheet Revenues EBITDA Net Income 7,356 M€ 1,365 M€ 101 M€ +84% YoY Excellent business performance in all our segments achieving deleveraging targets +17% YoY +44% YoY Corporate Net Debt Corporate E
Slide 18: Improved Financial Flexibility
18 Improved Financial Flexibility A successful year on the capital markets to address our future maturities Our successful financial strategy and proactive maturity management have allowed the company to extend maturities and reduce financing costs while sensibly extending our closer maturities beyo
Slide 19: Corporate Business Structure and Leverage Ratios
19 Corporate Business Structure Dec. 2012 Dec. 2013 Financial Investment in Assets(1) Total 1 2 2.2x 3.7x Corporate Net Leverage Ratio Key Leverage Ratios Strong Deleverage at Corporate Level -1.5x De-leverage 9.4x 10.4x Concessions Net Leverage Ratio(2) 4.0x 3.9x Consolidated Net Leverage Ratio 5.8
Slide 20: Corporate Debt Maturity
20 Corporate Debt Maturity 2014E 2015E 2016E 2017E 2018E 2019E Syndicated Loans Other corp. debt Convertible Bonds Expected UoP from Capital Increase and HY Notes 317 Improved Maturity Profile 200 Reinforcing our share capital while lengthening maturity profile 186 2020E+ No refinancing needs throug
Slide 21: Cash-flow Overview
21 Cash generated from operation & ending the year below Corp. Net CAPEX target of 750 M€ Cash-flow Overview EBITDA 1,365 949 Working Capital 228 178 Net Interest Paid (509) (397) Taxes & Other Financial Cost (223) (174) Non-monetary Adjust. (156) (39) Discontinued operations: 35 85 Cash generated f
Slide 22: Agenda: 2014 Outlook & Targets
ABENGOA agenda GB) 2014 Outlook & Targets oO
Slide 23: FY 2014 Business Guidance & Targets
23 *Organic growth excluding 142 M€ positive arbitrationresolution in Brazil for Bioethanol business in 2013 **Positive Corporate FCF: corporate EBITDA - corporate CAPEX - interest expense on net corporate debt - income tax paid ± change in working capital FY 2014E Earnings Guidance 1 Revenues 7,900
Slide 24: Agenda: Appendices
ABENGOA genda C=
Slide 25: Results by Activity
25 Results by Activity € in Millions Revenues EBITDA EBITDA Margin FY 2013 FY 2012 Var (%) FY 2013 FY 2012 Var (%) FY 2013 FY 2012 Engineering and Construction E&C 4,473 3,478 29% 593 476 25% 13.3% 13.7% Technology & Others 336 303 11% 213 148 44% 63.4% 48.8% Total E&C 4,808 3,780 27% 806 624 29% 16
Slide 26: E&C Results Visibility - Pipeline
USA Rest of EU Africa Mexico Our growing pipeline of opportunities spans great visibility on future results 26 E&C Results Visibility - Pipeline Strong business development efforts Increased pipeline all sectors with good prospects to materialize in 2014 Healthy breakdown between turnkey and concess
Slide 27: E&C Backlog
Healthy backlog at the end of 2013 while continuing with a strong bookings performance in Q1 2013 E&C Backlog 27 6,796 by Sector Water Renewable Power Conventional Power T&D Others Industrial Plants Backlog (M€) Europe RoW Mexico USA Brazil Rest Latam by Region +2% Approx. 54% of total backlog expec
Slide 28: Net Debt Position
Liquidity protection & management of corporate leverage: key priorities Net Debt Position 28 Corporate Business Structure Dec. 2012 Dec. 2013 E&C Techno-logy Financial Investment in Assets(1) Indust. Prod. Conces-sions Concessions Net Debt 4,215 5,850 Total Net Debt Position 6,701 7,974 1 2 (1) Incl
Slide 29: Additional EBITDA from Concessions Under Construction
Additional EBITDA from Concessions Under Construction Note: Blue colour indicates change from previously reported date of entry in operation – Projects shown in light grey indicate contracts that have been awarded but where financing is being closed 29 ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü Annual
Slide 30: Capex under construction by segment (I)
30 Capex under construction by segment (I) 2This project falls under the scope of IFRS 10 and is therefore consolidated through equity method until entry into operation 1Uncommitted project (financing and/or partner’s contribution still pending to be secured) - Ashalim CSP Plant1 110 MW 50% Israel Q
Slide 31: Capex under construction by segment (II)
31 Capex under construction by segment (II) 2014 2015 2016+ (M€) Pending Capex ABG Equity Partners Debt Pending Capex ABG Equity Partners Debt Pending Capex ABG Equity Partners Debt Solar 336 56 24 256 23 2 2 19 0 0 0 0 Mojave2 120 31 0 89 0 0 0 0 0 0 0 0 South Africa 100 MW2 156 17 16 123 23 2 2 19
Slide 32: Asset Portfolio Capacity
Solar(1) (MW) Asset Portfolio Capacity 32 Revenue visibility backed by our solid asset portfolio (1) It does not include the new Chilean CSP plant (110 MW) awarded in January 2014 (2) Includes 286 MW of capacity of bioethanol plants cogeneration facilities Cogeneration & Others(2) (MW) Desalination
Slide 33: Consolidated Proforma Net Debt Change in the Period
Consolidated Proforma Net Debt Change in the Period Figures in M€ Dec´12 Dec´13 Net Debt Bridge 7,974 6,701 Operations Taxes & other financials Others Befesa Transac. Net Debt deconsolidation 263 M€ Cash 331 M€ Solana Consolidation Investment Total Capex Operative cash EBITDA 1,365 M€ WC 228 M€ Non-
Slide 34: Thank you
Thank you ABENGOA February 20, 2014 Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. ABENGOA, S.A. By: /s/ MIGUEL ÁNGEL JIMÉNEZ-VELASCO MAZARÍO Name: Mi