Abengoa Sa · OTC:AGOAF
Abengoa Sa — FY2009 Earnings Presentation
36 slides from Abengoa Sa's earnings presentation, Feb 25, 2010
Slide 1: 2009 Earnings Presentation
ABENGOA Innovative Solutions for Sustainability 2009 Earnings Presentation February, 25th 2010
Slide 2: Forward-Looking Statement
ABENGOA 2009 Earnings Presentation Forward-Looking Statement Innovative Solutions for Sustainability This presentation contains forward-looking statements and information relating to Abengoa that are based on the beliefs of its management as well as assumptions made and information currently avail
Slide 3: Agenda
ABENGOA 2009 Earnings Presentation Agenda Innovative Solutions for Sustainability 1 2009 Highlights 2 2009 Detailed Financial Analysis 3 Q&A 3
Slide 4: Highlights
ABENGOA 2009 Earnings Presentation Highlights Innovative Solutions for Sustainability ii Outstanding Outstanding performance performance in in aa tough tough environment environment iiii Order Order book book at at all-time all-time high high iii iii Successful Successful execution execution of of o
Slide 5: Outstanding performance in a tough environment
ABENGOA 2009 Earnings Presentation Outstanding performance in a tough environment Innovative Solutions for Sustainability P&L shows double-digit growth and margin expansion (€ in Million) 2009 YoY % 2008 Sales 4,147 +10% 3,769 Operating Cash Flow 916 +46% 627 Ebitda 750 +39% 541 Net Income 1
Slide 6: Order book at all-time high
ABENGOA 2009 Earnings Presentation Order book at all-time high Innovative Solutions for Sustainability ~30.7 bn€ Order backlog in concession activities (average life of 24 years) Order Backlog in concession activities (M€) 30,666 20,866 Q3 '09 2009 ~7.7 bn€ Order backlog from contracting activities
Slide 7: Access to new funding sources. Successful execution of our investment plan
ABENGOA 2009 Earnings Presentation Access to new funding sources. Innovative Solutions for Sustainability Successful execution of our investment plan Growth Growth in in fixed fixed assets assets with with 2,141 2,141 M€ M€ of of investments investments adequately adequately financed financed (€ in
Slide 8: Agenda
ABENGOA 2009 Earnings Presentation Agenda Innovative Solutions for Sustainability 1 2009 Highlights 2 2009 Detailed Financial Analysis 3 Q&A 8
Slide 9: Profit & Loss
ABENGOA 2009 Earnings Presentation Agenda Innovative Solutions for Sustainability Profit & Loss 9
Slide 10: P&L Account
ABENGOA 2009 Earnings Presentation P&L Account Innovative Solutions for Sustainability (€ in Million) 2009 2008 YoY % Sales 4,147 3,769 +10% Operating Cash Flow 916 627 +46% Ebitda 750 541 +39% Depreciation & amortization expense (319) (178) +79% Net operating profit 431 363 +19% Net financial loss
Slide 11: P&L Account: Fair value and one-off facts
ABENGOA 2009 Earnings Presentation P&L Account Innovative Solutions for Sustainability Fair value and one-off facts ‘Fair-value’ and ‘one-off’ items applied to impairment of certain assets: 431 M€ 430 M€ Stock compensation plan +11 Non-cash risks provision + 30 (118) Sale of minority stake in Telv
Slide 12: P&L Account: Analysis Net Financial Result
ABENGOA 2009 Earnings Presentation P&L Account Innovative Solutions for Sustainability Analysis Net Financial Result Lower financial expenses due to lower interest rates and certain ‘one-offs‘: Net Financial Result 'ordinary' (211) Impact of appreciation of BRL/USD (USD debt in Brazil) 54 Cancella
Slide 13: Sales: contribution by Business Unit
ABENGOA 2009 Earnings Presentation Sales: contribution by Business Unit Innovative Solutions for Sustainability 5,000.0 + 582.7 4,800.0 (29.2%) 4,600.0 4,400.0 (151.6) + 62.1 (-17.4%) 4,200.0 + 179.9 (+8.9%) Reduction in +50.9 (+21.7%) volumes (345.9) 4,000.0 (+78.4%) 4,147.3 (internal sales) 3,800.
Slide 14: Ebitda: contribution by Business Unit
ABENGOA 2009 Earnings Presentation Ebitda: contribution by Business Unit Innovative Solutions for Sustainability 850.0 (39,0) (-24,7%) 800.0 + 126.6 (15,1) (12.0) (1) (+44,6%) (+53.6%) 750.4 750.0 700.0 + 91,7 650.0 (+113.2%) + 32.7 +56.3 Sale TLVT 600.0 (+36.0%) shares + 12.3 550.0 541.2 (+133.4%)
Slide 15: Well diversified by Business Units
ABENGOA 2009 Earnings Presentation Well diversified by Business Units Innovative Solutions for Sustainability Evironm. Inform. Industrial € in Million Solar Bioenergy (*) Aggregated Eliminations Consolidated Services Technol. E&C Sales 09 115.9 1,010.0 721.8 759.0 2,576.2 5,182.9 (1,035.6) 4,147.3 S
Slide 16: ...and geographies
ABENGOA 2009 Earnings Presentation …and geographies Innovative Solutions for Sustainability International Activity represents 69% of Total Consolidated Sales Var 2009- € in Millions 2009 % 2008 % 2008 (%) US 836.7 15.5% 762.0 16.5% 9.8% Latin America 1,177.9 21.9% 896.7 19.4% 31.4% Europe (ex Spain)
Slide 17: Solar
ABENGOA 2009 Earnings Presentation Solar Innovative Solutions for Sustainability Highlights Financials Key 2009 Milestones M€ 2009 2008 Var (%) The world’s second power tower technology plant, Sales 115.9 65.0 78.4% PS20 (20 MW), was brought into operation. Ebitda 21.6 9.2 133.4% Ebitda / Sales 18
Slide 18: Bioenergy
ABENGOA 2009 Earnings Presentation Bioenergy Innovative Solutions for Sustainability Highlights Financials Key 2009 Milestones M€ 2009 2008 Var (%) Sales 1,010.0 830.1 21.7% Start of operations at the biodiesel plant in San Roque, Cádiz Ebitda 123.4 90.7 36.0% (Spain), with a production capacity o
Slide 19: Environmental Services
ABENGOA 2009 Earnings Presentation Environmental Services Innovative Solutions for Sustainability Highlights Financials Key 2009 Milestones M€ 2009 2008 Var (%) Sales 721.8 873.4 -17.4% In 2009, Befesa acquired three salt slag treatment Ebitda 118.7 157.8 -24.7% Ebitda / Sales 16.4% 18.1% and recy
Slide 20: Information Technologies
ABENGOA 2009 Earnings Presentation Information Technologies Innovative Solutions for Sustainability Highlights Financials Key 2009 Milestones M€ 2009 2008 Var (%) Sales 759.0 696.9 8.9% Successful integration of DTN Ebitda 172.7 81.0 113.2% Ebitda / Sales 22.8% 11.6% Operating Cash Flow 172.7 81.0
Slide 21: Industrial E&C
ABENGOA 2009 Earnings Presentation Industrial E&C Innovative Solutions for Sustainability Highlights Financials Key 2009 Milestones M€ 2009 2008 Var (%) Construction of two solar thermal power plants Sales 2,576.2 1,993.5 29.2% Engineering activities 2,434.1 1,862.6 30.7% utilizing ISCC technology
Slide 22: Cash Flow Statement and Balance Sheet
ABENGOA 2009 Earnings Presentation Agenda Innovative Solutions for Sustainability Cash Flow Statement and Balance Sheet 22
Slide 23: Cash Flow Statement
ABENGOA 2009 Earnings Presentation Cash Flow Statement Innovative Solutions for Sustainability Strong Strong investment investment effort effort financed financed through through operating operating cash-flow, cash-flow, new new debt debt already already secured secured and and strong strong cash ca
Slide 24: Net Debt Analysis & Covenant
ABENGOA 2009 Earnings Presentation Net Debt Analysis & Covenant Innovative Solutions for Sustainability Net Net Corporate Corporate Debt/Ebitda Debt/Ebitda 1.84 1.84 x, x, well well below below 33 xx contractual contractual limit limit (1) (1) (€ in Million) 31 Dec.09 31 Dec.08 Net corporate debt +
Slide 25: Corporate ("ex Non-Recourse") Activities
ABENGOA 2009 Earnings Presentation Corporate (“ex Non-Recourse”) Activities Innovative Solutions for Sustainability Brief Description and Ebitda Breakdown Ebitda at Corporate entities (“Corporate Ebitda”) is growing rapidly based on solid drivers and large backlog Corporate Ebitda (€ in Million) 2
Slide 26: Net Debt Analysis & Covenant: Adjusted ratio
ABENGOA 2009 Earnings Presentation Net Debt Analysis & Covenant Innovative Solutions for Sustainability Net Net Debt/Ebitda Debt/Ebitda (adjusted) (adjusted) ratio ratio Overall leverage lower when debt associated with assets under construction is taken into account (€ in Million) 31 Dec.09 31 Dec.0
Slide 27: Main Projects in Execution: Timeline
ABENGOA 2009 Earnings Presentation Main Projects in Execution: Timeline Innovative Solutions for Sustainability 2009 2010 2011 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Solnova 1 Start-up H1 2010 Solnova 3 Start-up Q2 10 Solar Algeria Q3 10 Solnova 4 Start up Q4 10 Bioe
Slide 28: Achievements in 2009
ABENGOA 2009 Earnings Presentation Innovative Solutions for Sustainability Achievements in 2009 Proven access to Capital Markets: - 750 M€ of Long-Term Debt raised in last 12 months. 9 200 M€ 6.875% 2014 Convertible Bond issued in June 2009 9 300 M€ 9.625% 2015 Euro Bond issued in November 2009 9
Slide 29: Financial priorities for 2010
ABENGOA 2009 Earnings Presentation Innovative Solutions for Sustainability Financial priorities for 2010 Reinforce Financial Structure: - Maintain Corporate Net Debt / Ebitda belows 3x - Raise new equity at subsidiaries: • At Business Unit level: Befesa, Abengoa Solar, Abengoa Bioenergy • At Proje
Slide 30: Favorable 2010 Outlook
ABENGOA 2009 Earnings Presentation Favorable 2010 Outlook Innovative Solutions for Sustainability Key factors Solar 9 Finance 6 x 50 MW CSP plants in Spain. 9 Complete development for Solana plant in the US. 9 Start-up of operations in 3 x 50 MW CSP plants (Solnova) and Algeria ISCC plant. Bioenergy
Slide 31: Favorable 2010 Outlook
ABENGOA 2009 Earnings Presentation Favorable 2010 Outlook Innovative Solutions for Sustainability Key factors Environmental Services 9 In Recycling, consolidate recovery in volume seen in Q4 as industrial activity in Europe increases 9 Full year operation of salt slag recycling plants acquired in 20
Slide 32: Agenda
ABENGOA 2009 Earnings Presentation Agenda Innovative Solutions for Sustainability 1 2009 Highlights 2 2009 Detailed Financial Analysis 3 Q&A 32
Slide 33: Appendix
ABENGOA Innovative Solutions for Sustainability 2009 Earnings Presentation Appendix
Slide 34: Intragroup activities
ABENGOA 2009 Earnings Presentation Intragroup activities Innovative Solutions for Sustainability Intragroup activities fully eliminated at Consolidated P&L… …but relevant for cash-flow generation perspective. Eliminated Net Profit is recovered over the life of the project as a lower depreciation
Slide 35: Financial Model: Detailed Debt Structure
ABENGOA 2009 Earnings Presentation Financial Model Innovative Solutions for Sustainability Detailed Debt Structure Corporate Consolidated Net debt: €1,257m Net debt: €4,191m Ebitda: €634m Preoperational: €2,373 Ebitda: €750m Operating cash-flow from corporate Corporate debt at Abengoa level (non pro
Slide 36: ABENGOA
ABENGOA Innovative Solutions for Sustainability 2009 Earnings Presentation February, 25th 2010