Abengoa Sa · OTC:AGOAF
Abengoa Sa — 9M 2014 Earnings Presentation
27 slides from Abengoa Sa's earnings presentation, Nov 12, 2014
Slide 1: First Nine Months of 2014 Earnings Presentation
Innovative Technology Solutions for Sustainability ABENGOA First Nine Months of 2014 Earnings Presentation November 12, 2014
Slide 2: Forward-looking Statement
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
Agenda 1 Strategy & Business Update 2 Financial Overview 3 Outlook & Targets 4 Appendices 3
Slide 4: Agenda: Strategy & Business Update
Agenda 1 Strategy & Business Update 2 Financial Overview 3 Outlook & Targets 4 Appendices 4
Slide 5: Sept. YTD 2014 at a Glance
Sept. YTD 2014 at a Glance Continued Positive Business Performance YTD 2014 Y-o-Y Change (%) ) Revenues 5,237 M€ +0% Delivering solid EBITDA 1,071 M€ +24% operating Net Income 100 M€ +38% results… Proforma diluted EPS(1) 0.13 € +321% Pipeline 165.6 B€ +33% …while Backlog Concessions 40.3 B€ +11% mai
Slide 6: Sept. 2014 YTD Highlights
Sept. 2014 YTD Highlights E&C revenues negatively impacted by FX (3.9%) & slower ramp-up of new projects Outlook for FY 2014E Performance • Positive Corp. FCF Expected in Business Continued growth in EBITDA & Net Income 2014E Positive performance of Biofuels • Further Deleverage in 2014E Concessions
Slide 7: Geographic Diversification
Geographic Diversification North and South America Key Regions, with Increased Focus in Developing Business in Emerging Markets Revenues by Region Weight (%) Y-o-Y Growth M€ Trend North America 1,895 36% 37% expected to +6% continue in South America 1,281 25% 20% key regions Spain 841 16% 19% Rest o
Slide 8: Engineering & Construction Highlights
E&C Highlights 1 • Delivering solid margins in all our end products • Commencement of E&C works for Chile CSP, T&D Brazil, Ashalim CSP, etc. with Engineering slower ramp-up than anticipated for 2014 & • New orders starting to flow in Q4: B2E Belgium, Hydro plant in Peru, T&D lines Construction in Ku
Slide 9: E&C Pipeline
E&C Pipeline +165 B€ of Pipeline Opportunities Diversified by Sector & Region Opportunities Type Size 28 % Concessions 22% >500M€ Extensive support to B2E renewable projects 22.1 B€ 72 21% 57% 100-500M€ <100 M€ using forest biomass as fuel in certain % Turnkey countries 27 16% Thermal energy storage
Slide 10: Zoom in E&C Pipeline
Zoom in E&C Pipeline Considerable Award Processes to Be Resolved in the Next 4 Months(1) +27 B€ In Billions € Submitted: 1.0 B€ Solar ~7.2 ~2.6 To be submitted : 0.7B€ Submitted: 2.2B€ B€ Under analysis: 0.9 B€ T&D ~5.7 ~7.6 To be submitted: 2.2 B€ B€ Under analysis: 3.2 B€ ~5.4 Conventional ~4.7 B€
Slide 11: Abengoa Concessions Highlights
Abengoa Concessions Highlights 2 • Growing business and margins from new assets brought in operation and efficiencies achieved in our assets Abengoa • Reduced equity investment in projects as planned; on target for 2014E Concessions • Concessions contracted revenues of +40 B€ for period >25 years •
Slide 12: Abengoa Concessions EBV
Abengoa Concessions EBV Successful Closing of the First Sale of Assets to ABY after IPO... Still Significant Value in Abengoa’s Concessions for Future Sales First Sale of Assets to ABY… …and still +2B€ of EBV at Abengoa Asset Stake Loc. Capacity Status Equity Book Value in Concessions Solacor 1&2 74
Slide 13: Biofuels Highlights
Biofuels Highlights 3 • Hugoton in operation • Excellent operational performance in all our plants Biofuels • Increasing the diversification of products produced • Strong margin during Q3 in all geographies Revenue Breakdown Revenues (M€) EBITDA (M€) Margin (M€) 4% 8% 5% +1% +103% 17% 62% 164 4% 1,5
Slide 14: 25 Mgal Cellulosic Ethanol Plant
Hugoton inaugurated on Oct. 17 25 Mgal Cellulosic Ethanol Plant Biomass-to-ethanol Biorefinery Located in Hugoton, KS Main Highlights • First of a kind commercial scale biorefinery facility • Proprietary Enzymes produced as expected • Continuing the process of smooth and safe ramp up ~25 Mgal ~350,0
Slide 15: Agenda: Financial Overview
Agenda 1 Strategy & Business Update 2 Financial Overview 3 Outlook & Targets 4 Appendices 15
Slide 16: Sept. YTD 2014 Financial Highlights
Sept. YTD 2014 Financial Highlights P&L Balance Sheet/CF Other KPI’s revenues corp. leverage ratio(1) e&c backlog €5.2bn 2.1x €7,305 mn +0.1% YoY -0.4x vs Jun’14 +3.3% YoY ebitda Q3 corp fcf concessions backlog €1.1bn €164mn €40.3bn +24.4% YoY vs -€239 mn in Jun’14 As of Sep.’14 net income equity re
Slide 17: Sept. 2014 Total Backlog
Sept. 2014 Total Backlog Maintaining a Solid Total Backlog of ~47.6 B€… Concessions Backlog +40 B€ of contracted revenues; 25 years average remaining life €40,284mn Long-term agreements: feed-in & ad hoc tariffs, take-or-pay contracts, power/water purchase agreements +3.3% YoY …by Sector …by Region
Slide 18: Net Debt Position
Net Debt Position Reduced Leverage Through Execution of Strategic Plan Proforma Corp. Net Debt(1) Concessions Net Debt(2)(3)(4) Millions € Millions € 2,455 2,442 2,525 2,125 2,058 2,117 3.2x 2.5x 8.0x 2.1x 7.0x 6.8x Sep'13 Jun'14 Sep'14 Sep'13 Jun'14 Sep'14 Abengoa stake in ABY(5) Corp. Leverage Adj
Slide 19: Improved Maturity Profile
Improved Maturity Profile Reinforced and extended maturity profile, diversified in sources Successful refinancing of syndicated loan leaves no significant refinancing needs through 2016 Proforma Long Term Corporate Debt Maturity Schedule 186 421 250 300 500 550 0 513 0 355 500 115 280 246 173 110 11
Slide 20: Corporate Free Cash Flow
Corporate Free Cash Flow Positive Corporate FCF expected by YE 2014 Q1 2014 Q2 2014 Q3 2014 9m 2014 • Corporate EBITDA 211 205 183 599 • Net Financial Income/(Expense) (98) (142) (153) (393) • Taxes (11) 11 3 3 • Dividends from ABENGOA YIELD - - - - Funds from Operations 102 74 33 209 • Change in Wo
Slide 21: Agenda: Outlook & Targets
Agenda 1 Strategy & Business Update 2 Financial Overview 3 Outlook & Targets 4 Appendices 21
Slide 22: FY 2014 Business Guidance & Targets
FY 2014 Business Guidance & Targets Raised Corp. EBITDA Guidance, Reaffirmed 2014E EBITDA and Financial Targets. Revised Revenue Guidance Previous Guidance New 2014E Guidance Revenues (B€) 7.9 – 8.0 7-9% 7.4-7.5 1-2% Corporate EBITDA EBITDA (M€) 1,350-1,400 10-14% Confirmed Guidance Raised for 2014
Slide 23: Agenda: Appendices
Agenda 1 Strategy & Business Update 2 Financial Overview 3 Outlook & Targets 4 Appendices 23
Slide 24: YTD Sept. 2014 Results by Activity
YTD Sept. 2014 Results by Activity € in Millions Revenues EBITDA EBITDA Margin YTD ’14 YTD ‘13 Var (%) YTD ’14 YTD ‘13 Var (%) YTD ’14 YTD ‘13 Engineering and Construction E&C 3,090 3,253 -5.0% 504 524 -3.9% 16.3% 16.1% Total E&C 3,090 3,253 -5.0% 504 524 -3.9% 16.3% 16.1% Abengoa Concessions Solar
Slide 25: Pending Capex by segment
Pending Capex by segment Abengoa Total Capacity (%) Country COD Investment Pending CAPEX 2014-2019 Corfo CSP Plant 110 MW 30% Chile Q1 17 1,157 954 203 Ashalim 110 MW 50% Israel Q2 17 823 762 61 Xina 100 MW 40% S.Africa Q3 17 704 634 70 355 Mojave 280 MW 100% US Q3 14 1,224 83 8 M€ South Africa 100
Slide 26: Asset Portfolio Capacity
Asset Portfolio Capacity Revenue visibility backed by our solid asset portfolio Extensive concessional asset base once current capex plan completed Solid producing assets Solar (MW) Transmissions (km) Biofuels (Ml/year) 2,073 3,270 11,528 3,175 420 95 1,223 150 6,385 791 791 5,143 3,175 3,175 1,611
Slide 27: Thank you
Innovative Technology Solutions for Sustainability ABENGOA Thank you November 12, 2014