Acciona Sa · BME:ANA
Acciona Sa — H1 2020 Earnings Presentation
30 slides from Acciona Sa's earnings presentation, Jul 30, 2020
Slide 1: H1 2020 – January-June Results presentation
H1 2020 – January-June Results presentation 30 th July 2020
Slide 2: Disclaimer
ACCIONA H1 2020 Results 2 Disclaimer This document has been prepared by ACCIONA, S.A. (“ACCIONA” or the “Company”) exclusively for use during the presentation of financial results. Therefore it cannot be disclosed or made public by any person or entity with an aim other than the one expressed above,
Slide 3: H1 2020 key highlights
ACCIONA H1 2020 Results 3 H 1 2 0 2 0 ke y h i g h l i g h t s Full impact of COVID during second quarter of 2020 H1 revenues and EBITDA down 15% and 29% respectively, relative to last year – COVID impact estimated at €468m in revenues, and €144m at EBITDA level (of which €32m in Energy and €90m i
Slide 4: Modest recovery from April lows
ACCIONA H1 2020 Results 4 Modest recovery from April lows Signs of a gradually normalizing environment Monthly operating results during Q2 hint at a gradual improvement in operating environment April saw a steep drop in activity as expected, with some improvement in May and June – Expect normali
Slide 5: Pandemic Protection Plan 2020 – significant progress
ACCIONA H1 2020 Results 5 Pandemic Protection Plan 2020 – significant progress Protecting Protecting our financial position andour business thus, plan to deliver our business plan our ability Liquidity & Liquidity at peak levels - pre-emptive boosting of banking liquidity - €850m Funding Flexibili
Slide 6: Business Plan advancing despite COVID-19: Energy
ACCIONA H1 2020 Results 6 Business Plan advancing despite COVID -19 Energy long-term growth plans remain solid – further progress made during Q2 Approved Energy projects currently at 1.3GW – 780MW under construction not materially affected by COVID – Capacity additions during 2020 ~700MW Good pr
Slide 7: Business Plan advancing despite COVID-19: Infrastructure
ACCIONA H1 2020 Results 7 Business Plan advancing despite COVID -19 Infrastructure project backlog growing – potential for infrastructure-driven economic recovery Despite disruption in tender processes, some public clients are accelerating awards to help the recovery – Private clients in certain s
Slide 8: Green Deal & Next Generation EU opportunities
ACCIONA H1 2020 Results 8 Green Deal & Next Generation EU opportunities The European Green Deal as the EU’s recovery strategy new €1.8tn EU budget 2021-27 to power the Green Deal “Repair short term damage in a way that also invests in our long-term future” EUROPE EU Multiannual Financial EU Next G
Slide 9: Key figures H1 2020
ACCIONA H1 2020 Results 9 Key figures H1 2020 H1 2020 % Chg. (€m) vs H1 2019 Revenues 3,042 -14.8% EBITDA 499 -29.1% EBT 42 -83.8% of which Nordex contribution -72 +114.5% Attributable net profit 22 -85.7% H1 2020 H1 2019 (€m) (€m) Total Investment 504 701 Net Financial Debt 5,281 (1) 4,738 Net Fina
Slide 10: ESG highlights
ACCIONA H1 2020 Results 10 E S G h i g h l i g h t s H 1 2 0 2 0 Key ESG indicators ESG highlights ACCIONA has protected the health and safety of its Environmental Performance Jan-Jun 20 Jan-Jun 19 Chg. (%) employees during the COVID crisis, while ensuring Renewable installed power (MW) 10,407 9,8
Slide 11: Group: Investment by division
ACCIONA H1 2020 Results 11 G r o u p : I n v e s t m e n t b y d i v i s i o n Total Investment breakdown Key highlights (Million Euro) Jan-Jun 20 Jan-Jun 19 Energy growth represents the majority of investment during H1: Energy 415 196 Infrastructure 73 350 - Construction of new windfarms mainly i
Slide 12: Group: Net debt evolution
ACCIONA H1 2020 Results 12 G r o u p : N e t d e b t e v o l u t i o n Net debt reconciliation H1 2020 (€m) Operating Financing/ Net Investment CF: 26€m Others CF: CF: -504€m 111€m 438 866 902 99 126 4.317 3.887 (2) (1) (2) Debt associated to work in progress Derivatives IFRS16 adjustment H1 cashflo
Slide 13: Group: Net financial debt
ACCIONA H1 2020 Results 13 G r o u p : N e t f i n a n c i a l d e b t Net financial debt breakdown by nature (€m) Net debt & cash interest evolution (€m) Av. maturity undrawn Average cost of debt Average debt maturity (years) Credit Lines (years) Project debt Corporate debt
Slide 14: Current liquidity position
ACCIONA H1 2020 Results 14 C u r r e n t l i q u i d i t y p o s i t i o n Successful actions to boost liquidity – comfortable position to address any market volatility Incremental liquidity actions COVID-19: - ~€850m in bilateral COVID-related committed facilities arranged from our relationship b
Slide 15: Energy
ACCIONA H1 2020 Results 15 E n e r g y Key figures EBITDA evolution (€m) (Million Euro) Jan-Jun 20 Jan-Jun 19 Chg. Chg. (%) Output +3 Output -9 Price -78 Price +3 Generation Spain 326 410 -83 -20.4% Other +33 Other -2 Generation International 337 330 7 2.2% Other & Adjustments 182 296 -113 -38.3% Re
Slide 16: Energy Business Plan
ACCIONA H1 2020 Results 16 E n e r g y B u s i n e s s P l a n Short term growth Other singular developments in progress Australia – MacIntyre Complex 1,026MW Gross USA – Tenaska PV Portfolio Targeting 1,600MW by 2024 (1) Spain – Development Portfolio Additional 1,656MW with connection rights (2) c.
Slide 17: Infrastructure
ACCIONA H1 2020 Results 17 I n f r a s t r u c t u r e Key figures EBITDA evolution (€m) (Million Euro) Jan-Jun 20 Jan-Jun 19 Chg. Chg. (%) Construction -76.2% Revenues 1,283 1,759 -476 -27.0% EBITDA 2 198 -196 -98.9% Margin (%) 0.2% 11.3% Concessions Revenues 37 40 -3 -7.7% EBITDA 22 28 -7 -23.9% M
Slide 18: Other Activities
ACCIONA H1 2020 Results 18 O t h e r A c t i v i t i e s Property Development - Key figures Bestinver - Key figures (Million Euro) Jan-Jun 20 Jan-Jun 19 Chg. Chg. (%) (Million Euro) Jan-Jun 20 Jan-Jun 19 Chg. Chg. (%) Revenues 85 56 29 52.7% Revenues 48 48 0 0.7% EBITDA 10 -9 19 210.4% EBITDA 26 31
Slide 19: Concluding remarks
ACCIONA H1 2020 Results 19 C o n c l u d i n g r e m a r k s COVID pandemic takes its toll on financial results primarily in Q2 due to disruption in infra projects and lower Spanish power prices Monthly results evolution suggests gradual recovery – expect significant improvement in H2… – …albeit
Slide 20: Appendix
Appendix
Slide 21: ACCIONA: EBITDA by type of activity
ACCIONA H1 2020 Results 21 A C C I O N A : E B I T D A b y t y p e o f a c t i v i t y Jan-Jun Jan-Jun (Million Euro) LT CONTRACTED 2020 2019 ASSETS 74% & 62% Renewable Generation 422 449 INFRA MANAGEMENT Infrastructure Concessions - Trans., Social & Water 31 48 CONTRACTS (2) Long-term Asset Busines
Slide 22: Group: Debt maturity & breakdown
ACCIONA H1 2020 Results 22 G r o u p : D e b t m a t u r i t y & b r e a kd o w n Gross Debt maturity (€m) 1,441 1,281 (1) 1,060 911 765 700 410 Debt breakdown by nature Gross financial debt - Level Gross financial debt - Currency Gross financial debt - Interest rate Corporate debt (1) Extension of
Slide 23: Income from associates & breakdown
ACCIONA H1 2020 Results 23 I n c o m e f r o m a s s o c i a t e s 2 0 1 9 & 2 0 2 0 b r e a kd o w n Income from Associates • • H1 2020 Q1 2020 Q1 2019 H1 2019 9M 2019 FY 2019 Energy 37 28 17 30 39 46 Generation Spain 26 25 11 15 19 26 Generation International 10 4 5 13 17 17 Other 1 0 1 2 2 3 Infr
Slide 24: Energy business – growth visibility
ACCIONA H1 2020 Results 24 E n e r g y b u s i n e s s – g r o w t h v i s i b i l i t y Energy long-term growth plans remain solid – further progress made during Q2 MW MW % ANA Total Consol. Net MW start Expected Technology Country Asset name added const. Details stake MW MW MW const. 2021 COD YTD
Slide 25: Energy business – Installed capacity
ACCIONA H1 2020 Results 25 E n e r g y b u s i n e s s – I n s t a l l e d c a p a c i t y Installed MW 30-Jun-20 • Total Consolidated Eq accounted Net Spain 5,676 4,451 593 5,013 Wind 4,738 3,514 593 4,078 Hydro 873 873 0 873 Solar PV 3 3 0 3 Biomass 61 61 0 59 International 4,731 3,893 358 3,340 W
Slide 26: Energy business – Equity-accounted capacity
ACCIONA H1 2020 Results 26 E n e r g y b u s i n e s s – E q u i t y - a c c o u n t e d c a p a c i t y H1 2020 (proportional figures) (1) 30-Jun-20 MW GWh EBITDA NFD Average COD Wind Spain 593 607 9 101 2005 Wind International 48 50 1 -1 2005 Australia 32 30 0 -1 2005 Hungary 12 13 0 0 2006 USA 4
Slide 27: Energy business – Wind drivers by country
ACCIONA H1 2020 Results 27 E n e r g y b u s i n e s s – W i n d d r i v e r s b y c o u n t r y Wind prices (€/MWh) (1) and Load factors (%) H1 2020 H1 2019 Chg. (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) Spain Average 64.5 22.5% 74.7 26.3% -13.7% Spain - Regulated 79.3
Slide 28: Energy business – Other technologies drivers by country
ACCIONA H1 2020 Results 28 E n e r g y b u s i n e s s – O t h e r t e c h n o l o g i e s d r i v e r s b y c o u n t r y Other technologies (€/MWh) and Load factors (%) H1 2020 H1 2019 Chg. (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) Hydro Spain 39.5 38.3% 57.7 23.8% -3
Slide 29: Infrastructure business – Concessions
ACCIONA H1 2020 Results 29 I n f r a s t r u c t u r e b u s i n e s s – C o n c e s s i o n s Road Rail Canal Port Hospital Water TOTAL # of concessions 6 2 1 1 5 53 68 Proportional EBITDA H1 2020 (€m) 21 3 1 0 16 25 60 Consolidated EBITDA H1 2020 (€m) 18 0 -1 0 10 21 42 Average life (yrs) 30 26 30
Slide 30: H1 2020 – January-June Results presentation
H1 2020 – January-June Results presentation 30 th July 2020