Acciona Sa · BME:ANA
Acciona Sa — FY2018 Earnings Presentation
33 slides from Acciona Sa's earnings presentation, Mar 1, 2019
Slide 1: 1st March 2019
1st March 2019
Slide 2: Important information and forward-looking statements
jacciona This document has been prepared by ACCIONA, S.A. (“ACCIONA” or the “Company”) exclusively for use during the presentation of financial results for the full year of 2018 (FY 2018), Therefore it cannot be disclosed or made public by any person or entity with an aim other than the one expresse
Slide 3: 1. FY 2018 Highlights & future outlook
1. FY 2018 Highlights & future outlook José Manuel Entrecanales Chairman & CEO
Slide 4: Meeting or exceeding 2018 financial targets
ACCIONA FY 2018 Results 4| Meeting or exceeding 2018 financial targets Gacciona 2018 Guidance 2018 Actual Group conn > [ Single-digit growth co) | ace | v 9.2% (like for like) v €1,023m (including buy-back) VY 3.48x Real Estate development investment in working capital not included in Working Capita
Slide 5: Strong performance and securing further growth
ACCIONA FY 2018 Results 5 | Strong performance and securing further growth Strong like-for-like EBITDA growth €10,972m €10,846m m infra Services merc : 20170 20184 Healthy Infra Backlog - ex ATLL ~7GW UNDER CONSTRUCTION 2019 PIPELINE Securing further Energy growth €5,768m_— _£6,151m {acciona Bestinv
Slide 6: Testa & Others Trasmediterránea Share Buy-back
Testa & Others Share Buy-back Trasmediterránea R.E. Inventories Other Act. Infra CSP Energy
Slide 7: Long-term contracted assets and infra management
8,025 LT CONTRACTED ASSETS 7,312 65% & 67% INFRA MANAGEMENT CONTRACTS (2)
Slide 8: Key highlights: focus on 2019
ACCIONA FY 2018 Results 8 | Key highlights: focus on 2019 {acciona Maintain credit strength Normal course of business <4.0x Positive operating outlook Secure further profitable growth ee —
Slide 9: 2019 outlook: EBITDA and dividend
EBITDA | > a Headline EBITDA - flat to mid-single digit growth ws os Like-for-like EBITDA — high-single digit growth 7 [ ordinal rot) » snsnninnnnnnnnns souble ag srowth aa ) ( 2019 owidend > f Double-digit growth ) so rr. 72 » ( stn os os y i = oe | » ~— say veto , . nnn Board of Directors proposal
Slide 10: 2. Group financial information
2. Group financial information José Angel Tejero Group Chief Financial Officer
Slide 11: FY 2018 key figures
FY 2018 (€m) Revenues 7,510 EBITDA 1,245 EBITDA like-for-like 1,203 EBT 509 Attributable net profit 328 Attributable net profit - ex. corp.transactions 219 FY 2018 (€m) Total Investment 1,023 Disposal Proceeds 1,420 Net Financial Debt 4,333 Net Debt / EBITDA 3.48x % Chg. vs FY 2017 +3.5% -2.4% +9.2%
Slide 12: Capex breakdown
Capex breakdown (Mion Etro) Jan-Dec 18 Jan-Dec 17 Energy 554 359 Infrastructure 146 386 Construction & Industrial 22 279 Concessions 4 33 Wate 59 55 Service 61 19 Other Activities 28 65 Gross capex 728 810 Real Estate inventories 100 33 Share buy-back 196 6 Total Investment 1,023 849 Divestments 1,4
Slide 13: Group: net debt evolution
ACCIONA FY 2018 Results 13| Group: net debt evolution Gacciona Net debt reconciliation FY 2018 (€m) Operating CF Financing/Others CF Net Investment CF Real Estate Other Divestments Treasury shares Derivatives Forex Dividends Perimeter Net debt Net debt EBITDA Financial results Working Other Dec 2017
Slide 14: Group: debt breakdown by division and nature
ACCIONA FY 2018 Results 14| Group: debt breakdown by division and nature . acciona Gross debt - Level Project Hi Corporate Energy 3,971 2,198 1,186 3,384 -333 3,051 Infrastructure 351 1,407 344 1,750 -1151 600 Gross debt - Currency Construction & Industrial 45 1,007 23 1,029 -784 245 Concessions 276
Slide 15: Group: debt & liquidity
ACCIONA FY 2018 Results 15| Group: debt & liquidity {acciona Gross debt maturities — FY 2018 vs. Proforma for Jan-Feb refinancing activity Average cost of debt 2,149 Stabeeaimenrbae 3.55% CRABS Very cost efficient 1,653 | 1,461 Rolied over continuously 1451 eee! 1,467 : 7 1 Dec 2018 Dec 2017 Backed
Slide 16: 3. Review of Operations
3. Review of Operations Raimundo Fernandez-Cuesta Global Director Markets & Investor Relations
Slide 17: Energy: operating highlights
17| Energy: operating highlights ACCIONA FY 2018 Results {acciona Key figures EBITDA evolution (€m) (Million Euro) Jan-Dec18 Jan-Dec17 Chg. Chg. (%) Fic Producti 12 Generation Spain 854 823 31 37% production ww Produ ‘ion ” Generation International 588 501 87 T4% NewMW 46 Forex 3B Opex 30 Opex a Oth
Slide 18: Infrastructure: operating highlights
ACCIONA FY 2018 Results 18| Infrastructure: operating highlights {acciona Key figures New contracts awarded (€m) (Million Euro) Jan-Dec18 Jan-Dec17 Chg. Chg. (%) 5,200 5,007 4703 , 5,033 Revenues 5,059 4,940 119 24% ’ 51% EBITDA 419 426 8 18% Construction Margin (%) 83% 86% f f Industrial Water 17%
Slide 19: Key figures by business line
jacciona Key figures by business line Highlights by business line (Million Euro) Jan-Dec18 Jan-Dec17 Chg. Chg. (%) = Construction: maintaining high production levels on the back of large and capital intensive construction Construction projects. Consolidating International competitive Revenues 3,137
Slide 20: Key figures
Key figures (Million Euro) Jan-Dec18 Jan-Dec17 Chg. Chg. (%) Trasmediterranea 160 426 -265 62.3% Real Estate 84 n3 -29 25.9% Bestinver 102 106 3 3.2% Corp. & other 45 45 0 -0.6% Revenues 392 690 -298 -43.2% Trasmediterranea 4 45 -41 -917% Real Estate 9 12 -4 -30.5% Bestinver 72 70 3 3.6% Corp. & oth
Slide 21: Q&A
Q&A
Slide 22: Appendix
Appendix
Slide 23: EBITDA Breakdown by Business Profile
EBITDA Breakdown by Business Profile Hi Jan-Dec —_Jan-Dec (Million Euro) 2018 2017 Renewable Generation 821 802 Infrastructure Concessions - Trans., Social & Water 160 157 Long-term Asset Business 981 959 Infrastructure Services 39 45 Financial Services 72 70 Services Business 112 115 Greenfield Inf
Slide 24: ACCIONA: like-for-like key figures
ACCIONA FY 2018 Results 24, ACCIONA: like-for-like key figures jacciona Revenues 7,510 7,254 256 CSP 43 147 -105 Rodovia 24 38 14 Trasmediterranea 160 426 -265 Ruta 160 0 30 -30 Total perimeter variations 227 641 -414 Revenues (like for like) 7,282 6,613 669 EBITDA 1,245 1,275 -31 csP 29 106 -78 Rod
Slide 25: ACCIONA: gross debt maturity breakdown (31 Dec 2018)
ACCIONA FY 2018 Results 25 ACCIONA: gross debt maturity breakdown (31 Dec 2018) jacciona Maturity profile of Group gross debt 713 140 38 134 223 78 150 197 83 104 2019 2020 2021 2022 2023 >2024 @ Credit lines m Loans mECP = Bonds m Project Debt repayments
Slide 26: Corporate Debt
Corporate Debt (Million Euro) atpecis Weight a1 becay Weight FY2018' FY2017' Bank Debt 2,851 61% 3,247 67% Commercial paper program 678 14% 379 8% Bonds 743 16% 862 18% Convertible Bond 0 0% 0 0% Others (ECAs, Supranational) 417 9% 367 8% Total Non-Bank Debt 1,838 39% 1,608 33% Total Corporate Debt
Slide 27: Energy: installed capacity
ACCIONA FY 2018 Results 27| Energy: installed capacity {acciona Spain 5,681 4,456 593 5,036 Wind 4,740 3,516 593 4,098 Hydro 876 876 0 876 CSP 0 0 0 0 Solar PV 3 3 0 3 Biomass 61 61 0 59 International 3,946 3,129 350 2,582 Wind 2,902 2,700 48 1,942 csP 64 64 0 43 Solar PV 980 365 302 596 "EBITDA
Slide 28: Energy: growth
ACCIONA FY 2018 Results 28 | Energy: growth {acciona Wind Mexico El Cortijo 100% 183 183 183 84 99 0 0 Q3 2018 PPA (Electricity, CELs & Capacity) CFE SSB + PPA CELs CFE Calificados, Private (Apple ) Wind Chile SanGabriel «100% «= 183 183 183 ° ° 183 0 gi20z0 PPA with Discoms + Private PPA Wind Austr
Slide 29: Energy: equity-accounted generation capacity
ACCIONA FY 2018 Results 29| Energy: equity-accounted generation capacity {acciona Wind Spain 593 1,378 62 149 2005 Wind International 48 118 6 0 2005 Australia 32 84 5 0 2005 Hungary 12 21 2 0 2006 USA 4 13 0 0 2003 Solar PV 302 56 20 50 2008 (1) Average COD weighted per MW
Slide 30: Wind prices
a) Wind prices Spain Average” Spain - Regulated” Spain - Not regulated Canada usa® India Mexico meine 1 Costa Rica Australia Poland Croatia Portugal Italy Chile — — L° | ci = (1) Prices for consolidated MWs (2) Prices include regulatory incentive and any adjustments due to the application of the ban
Slide 31: Energy: other technologies drivers by country
ACCIONA FY 2018 Results 31| Energy: other technologies drivers by country Gacciona Price other technologies (€/MWh) and Load factors (%) (1) Prices for consolidated MWs
Slide 32: Infrastructure: Concessions
ACCIONA FY 2018 Results 32| Infrastructure: Concessions Pacciona Faas Pen cot te] tot | wae rt # of concessions 7 2 1 1 5 54 70 Proportional EBITDA FY 2018 (€m) 57 5 3 0 25 149 227 Consolidated EBITDA FY 2018 (€m) 40 0 0 0 13 125 165 Average life (yrs) 30 26 30 30 28 27 28 Average consumed life (yrs
Slide 33: 1st March 2019
1st March 2019