Acciona Sa · BME:ANA

Acciona Sa — Q1 2011 Earnings Presentation

42 slides from Acciona Sa's earnings presentation, May 12, 2011

  1. Slide 1: 1Q 2011 January - March, 12 May 2011

    1Q 2011 JANUARY - MARCH 12% May 2011

  2. Slide 2: Disclaimer

    Disclaimer This document has been prepared by ACCIONA, S.A. (“ACCIONA” or the “Company”) exclusively for its use during the presentation of financial results of the first quarter 2011 (1Q 2011). Therefore it cannot be disclosed or made public by any person or entity with an aim other than the expres

  3. Slide 3: Table of contents

    Table of contents 1. Key highlights 2. Operating performance 3. Financial information by division 4. Conclusions 1Q 2011 Results Presentation 3

  4. Slide 4: 1. Key highlights

    1. Key highlights

  5. Slide 5: Key highlights

    Key highlights ƒ Successful refinancing of the €1,575m bridge loan raised to finance Refinancing the acquisition of 2,084MW of renewable assets in June 2009 (April) Rotation of mature assets ƒ Disposal of ACCIONA's 50% in two Chilean toll roads1 (April) Energy: ƒ Disposal of 15% stake in ACCIONA Ter

  6. Slide 6: Successful bridge loan refinancing (April)

    Successful bridge loan refinancing (April) ƒ ACCIONA has refinanced the €1,575m bridge loan raised to finance the acquisition of 2,084MW of renewable assets in June 2009 ƒ The refinancing has been done through a syndicated project finance of €1,421.2m ƒ The €154m difference with the original amount

  7. Slide 7: Disposal of two Chilean toll roads (April)

    Disposal of two Chilean toll roads (April) ƒ ACCIONA has sold to Atlantia its 50% stake in Americo Vespucio Sur and Red Vial Litoral Central motorways in Chile and their operating company, for a total enterprise value of €458m: - Equity value: €281.5m - Subrogation of shareholders' loan: €11.9m - Pe

  8. Slide 8: ACCIONA Termosolar & Mitsubishi Corporation (Feb)

    ACCIONA Termosolar & Mitsubishi Corporation (Feb) ƒ ACCIONA has sold a 15% stake in ACCIONA Termosolar to Mitsubishi Corporation ƒ ACCIONA Termosolar is the holding company of three CSP plants already in commercial operation and a fourth currently under construction (4 plants with a combined capacit

  9. Slide 9: Energy: International expansion

    Energy: International expansion Golice windpark Poland (March) ƒ ACCIONA Energy has started the construction of its first windpark in Poland (38MW) ƒ It represents an investment of around PLN223m (€57m¹) and will be completed in 2011 Lamèque windpark Canada (May) ƒ ACCIONA Energy has put its 45MW La

  10. Slide 10: Energy: Forward sale

    Energy: Forward sale €MWh 60 €51.4MWh (+11%)3 €49.07MWh (+8%) 50 40 30 20 Quarterly forward 2011 Pool 2011 YTD: €45.6 Quarterly av. 2011 Pool 2010: €36.7 10 0 Jan Feb Mar Apr May Jun Jul Ago Sep Oct Nov Dec 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 MW¹1 100 229 500 650 700 900 GWh 216 500 1,10

  11. Slide 11: ACCIONA Agua

    ACCIONA Agua Atacama seawater desalination plant (May) ƒ ACCIONA Agua has been selected by the CAP Group to design, build, bring into service and operate for 20 years a seawater desalination plant in the Copiapó Valley in Atacama Region III (Chile) ƒ The project represents an investment of $63.5m1 (

  12. Slide 12: 2. Operating performance

    2. Operating performance

  13. Slide 13: P&L main figures

    P&L main figures Key figures EBITDA breakdown 1Q 2011 By division (€m) Jan-Mar Jan-Mar (€m) Chg. (%) 5 8 -3 308 2011 2010 40 259 Revenues 1,453 1,524 -4.7% EBITDA 308 275 +12.3% Net profit 56 37 +53.1% Energy Infrastructures Real Estate Water Transp. Services and ES and Other Total Business The The

  14. Slide 14: Capex by division

    Capex by division Net capex breakdown Key highlights By division (€m) Capex Capex 1Q 2010 1Q 2011 ƒ Selective criteria applied to investment decisions Energy 90 180 ƒ Two core businesses capture most Infrastructures 71 47 of the Group’s Capex: Real Estate 16 -9 – Energy: 79% 99% Water & Environtment

  15. Slide 15: Debt breakdown by division and nature

    Debt breakdown by division and nature Net debt breakdown Gross debt breakdown By division By nature (€m) Net Debt Net Debt 31-Dec-10 31-Mar-11 Energy 5,616 5,696 Infrastructures -243 -70 48% 45% 52% 55% Real Estate 732 739 Water & Environment 53 74 Logistic & Transport S. 157 158 Other Business 271

  16. Slide 16: 3. Financial information by division

    3. Financial information by division

  17. Slide 17: Energy

    Energy Mini-Hydro Concentrated Solar ACCIONA Conventional Wind Biomass Solar Power Biofuels special regime Photovoltaic Windpower Hydro 1Q 2011 Results Presentation 17

  18. Slide 18: Energy: Key figures

    Energy: Key figures Revenues (€m) EBITDA (€m) Generation 52.0% 60.6% 427 Industrial, 402 +6.1% develop. & other 10% EBITDA margin 17% 259 209 +23.8% 83% 90% 237 282 -28 -23 Jan-Mar 10 Jan-Mar 11 Jan-Mar 10 Jan-Mar 11 ƒ Strong performance of generation business Æ EBITDA up +19% – Recovery of pool pri

  19. Slide 19: Energy: EBITDA reconciliation

    Energy: EBITDA reconciliation 1Q 2011 Energy EBITDA breakdown (€m) -€23m €282m +€1m +€5m €259m -€7m -€23m Generation Biofuels ACCIONA Development & Consolidation Total EBITDA Windpower construction adj and other 1Q 2011 Results Presentation 19

  20. Slide 20: Energy: Installed capacity and under construction

    Energy: Installed capacity and under construction Installed MW @ Mar 2011 MW under construction @ Mar 2011 MW (Total) Spain Internat. Total MW (Total) Spain Internat. Total Wind 4,601 1,779 6,380 Wind 25 505 529 Conventional Hydro 680 - 680 Conventional Hydro - - - Hydro special regime 232 - 232 Hyd

  21. Slide 21: Energy: 1Q 2011 installed capacity

    Energy: 1Q 2011 installed capacity Net: +34MW Gross: +110MW 11 7,697¹ 99 1 -8 7,621 7,587 -68 31-Dec-10 International Spain Wind 31-Mar-11 Biomass Cogeneration 31-Mar-11 Wind ACCIONA ACCIONA has has installed installed 110MW 110MW of of Wind Wind in in 1Q 1Q 2011 2011 1 Adjusted by the reduction of

  22. Slide 22: Energy: Production

    Energy: Production Attributable production (GWh) (Attributable GWh) Jan-Mar 10 Jan-Mar 11 Chg. (%) Wind Spain 2,660 2,432 -9% Other tech. Wind Spain Wind International 985 1,130 15% (15%) (58%) Total wind 3,645 3,563 -2% Hydro special regime 232 185 -20% Conventional Hydro 377 275 -27% Biomass 49 96

  23. Slide 23: Energy: Wind overview

    Energy: Wind overview Load factor (%) Prices – Spain (€/MWh) 88.8 88.5 1Q 2010 1Q 2011 83.6 87.0 73.0 +28% Spain 71.5 32.5% 29.7% 62.0 67.9 International 31.5% 35.5% Total Jan Feb March 32.3% 31.3% Final Price 1Q 2010 Final Price 1Q 2011 Average 1Q 2010 Average 1Q 2011 Attributable production (GWh)

  24. Slide 24: Infrastructures

    Infrastructures Construction Concessions Real Estate 1Q 2011 Results Presentation 24

  25. Slide 25: Infrastructures: Key figures

    Infrastructures: Key figures Revenues (€m) EBITDA (€m) Const. & Eng 27% 30% Concessions 776 EBITDA margin 5.7% 5.6% -7.6% 718 3% International % 4% 88% 60% 44 -9.6% 40 12% 40% 97% 96% 88% 60% 86% Jan-Mar 10 Jan-Mar 11 Jan-Mar 10 Jan-Mar 11 ƒ Slowdown of domestic construction volumes ƒ Stable infrast

  26. Slide 26: Infrastructures: Construction backlog March 2011

    Infrastructures: Construction backlog March 2011 Construction backlog (€m) Construction backlog Mar 2011 By client type Chg. vs. (%) (€m) 31-Mar-10 31-Mar-11 31-Mar-10 Civil works (Spain) 3,691 3,003 -19% Civil works (Internat.) 1,445 2,444 69% Total Civil Works 5,136 5,447 6% Residential (Spain) 82

  27. Slide 27: Infrastructures: Construction backlog

    Infrastructures: Construction backlog Construction backlog Mar 2010 Construction backlog Mar 2011 International International 28% 41% Spain 72% Spain 59% €7,015m €7,582m International backlog Mar 2011 Spanish backlog Mar 2011 By geography By client Europe (38%) Central Admin. (47%) LatAm (26%) Regio

  28. Slide 28: Infrastructures: Concessions

    Infrastructures: Concessions Road Rail Canal Port Univer. Hospital Total # of concessions 11 3 1 1 1 5 22 EBITDA 1Q 2011 (€m) 11 0 0 0 2 5 16¹ Average life3 (yrs) 31 31 30 30 20 30 30 Average consumed life3 (yrs) 6 7 5 6 4 5 6 Book value (€m) 1.079 52 49 15 24 195 1.476² Book Book value value as as

  29. Slide 29: Infrastructures: Concessions

    Infrastructures: Concessions Book value breakdown By status 16% Operational 47% Under construction 37% Operat. + under construction €1,476m Book value breakdown By country 4%4% Spain 16% Canada 43% Chile Brazil Mexico 33% €1,476m Note: Weighted average by book value (equity + net debt) excluding SPV

  30. Slide 30: Infrastructures: Real Estate

    Infrastructures: Real Estate Revenues (€m) EBITDA (€m) Development 51 17.8% 16.3% Rental Assets Parkings 11% -44.7% EBITDA margin 19% 28 -49.3% 9 5 18% 3 3 70% 40% 6 7 42% -5 0 Jan-Mar 10 Jan-Mar 11 Jan-Mar 10 Jan-Mar 11 ƒ Lower revenues and EBITDA in the development business; mainly driven by a low

  31. Slide 31: Real Estate: Destocking

    Real Estate: Destocking ~70% first residence 1,540 ~25% international -403 1,137 -167 (Units) 970 Mar-10 Destocking LTM Mar-11 Presales as of Total March 2011 Destocking Destocking on on track track 26% 26% reduction reduction of of housing housing stock stock during during the the LTM LTM 1Q 2011 R

  32. Slide 32: Water & Environment Services

    Water & Environment Services Water and Environmental Services 1Q 2011 Results Presentation 32

  33. Slide 33: Water & Environment Services: Key figures

    Water & Environment Services: Key figures Revenues (€m) EBITDA (€m) Agua & ES Other 6.8% 5.3% 159 153 -3.9% EBITDA margin 33% 35% 11 -24.9% 8 18% 4% 67% 65% 96% 82% Jan-Mar 10 Jan-Mar 11 Jan-Mar 10 Jan-Mar 11 ƒ Water business has shown lower volumes of international construction mainly due to delays

  34. Slide 34: Water & Environment Services

    Water & Environment Services Agua revenues breakdown International revenues breakdown By geography By geography Spain 61% International 39% €85m €33m Latam (35%) Australia (34%) Italy (19%) UK (5%) Algeria (3%) USA (2%) Portugal (1%) RoW (1%) 1Q 2011 Results Presentation 34

  35. Slide 35: Water backlog

    Water backlog Backlog breakdown (€m) Internat. backlog breakdown Mar 2011 By activity By geography 32% 40% 4,785 Australia (41%) 4,278 +11.8% Mexico (24%) Algeria (9%) Venezuela (4%) 79% 87% O&M USA (2%) D&C Italy (2%) International RoW (18%) 21% 13% €1,916m 31-Mar-10 31-Mar-11 ƒ Strengthened intern

  36. Slide 36: Services and Other Business

    Services and Other Business Services Other Businesses Logistic & Transport Handling and other Asset Manager Media (GPD) Winery logistics 1Q 2011 Results Presentation 36

  37. Slide 37: Logistic & Transport Services: Key figures

    Logistic & Transport Services: Key figures Revenues (€m) EBITDA (€m) Trasmediterránea Handling Other 164 -9.0% 149 19% 19% 0 -6 -€10m 16% -16 17% 1 -5 -1 -15 66% 64% -1 Jan-Mar 10 Jan-Mar 11 Jan-Mar 10 Jan-Mar 11 ƒ Trasmediterránea affected by lower passenger volume in the Strait and higher oil pric

  38. Slide 38: Other Business: Key figures

    Other Business: Key figures Revenues (€m) EBITDA (€m) Bestinver Winery 39.3% 41.8% Corp. and other 30 EBITDA margin +24.6% 24 13% 12% 23% 13 27% 10 +32.4% 10 14 61% 64% -1 -1 Jan-Mar 10 Jan-Mar 11 Jan-Mar 10 Jan-Mar 11 ƒ The asset fund manager Bestinver reached €5.8bn of assets under management and

  39. Slide 39: Other Business: Bestinver

    Other Business: Bestinver Evolution of assets under management (€m) +32% 5,792 5,357 4,806 4,396 4,273 31-Mar-10 30-Jun-10 30-Sep-10 31-Dec-10 31-Mar-11 1Q 2011 Results Presentation 39

  40. Slide 40: 4. Conclusions

    4. Conclusions

  41. Slide 41: Conclusions

    Conclusions Sound set of results: EBITDA +12%, net profit +53% Strong Energy EBITDA growth Æ ACCIONA leverages from Spanish pool price recovery Strong growth of international construction backlog (+61%) in strategic countries Execution of asset rotation strategy at attractive valuation and returns S

  42. Slide 42: 1Q 2011 January - March, 12 May 2011

    1Q 2011 JANUARY - MARCH 12% May 2011

Acciona — Q1 2011 Earnings Presentation on 6ix