Abengoa Sa · OTC:AGOAF
Abengoa Sa — Investor Presentation (September 2015)
16 slides from Abengoa Sa's investor presentation, Sep 24, 2015
Slide 1: Market Update Presentation
Innovative Technology Solutions for Sustainability ABENGOA Market Update Presentation September 24th 2015
Slide 2: Disclaimer
Disclaimer • The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended ("Securities Act"), and may not be offered or sold in the United States of America or to U.S. persons unless the securities are registered under the Securities Ac
Slide 3: Rebuilding our Capital Structure
Rebuilding our Capital Structure Current Situation Comprehensive Action Plan • ~2.2 B€ of proceeds planned to be raised to improve liquidity and reduce gross corporate debt: 1 a) Rights issue, 650 M€ underwritten or committed(1) Our financial position has been b) At least ~1.2 B€ cash proceeds from
Slide 4: Rights Issue & Shareholders' Meeting
Rights Issue & Shareholders’ Meeting A group of banks and two of the main shareholders have committed to underwrite and/or subscribe in the equity raise for an aggregate of 650 M€ • Extraordinary Shareholders’ Meeting already convened; expected to take Extraordinary place on October 10, 2015 to appr
Slide 5: Increased Disposal Plan
Increased Disposal Plan Increased disposal program from previous guidance of 500 M€ to at least approx. 1.2 B€ by YE2016 Revised Disposal Plan Assets for potential disposal M€ Asset Details Capacity Cogeneration Two Cogeneration Plants in Brazil 140 MW Increased asset sales SPP1 Combined Cycle in Al
Slide 6: Liquidity and Debt Repayments
Liquidity and Debt Repayments Proceeds used to improve liquidity and reduce gross corporate debt Capital increase and asset sales critical to restore liquidity and reduce debt Pending Cash Proceeds Debt Repayments & Liquidity Improvement M€ ~300 ~2,167 ~250 Additional ~400(1) Potential 500 Repayment
Slide 7: Corporate & NRDP Debt Maturity Profile
Corporate & NRDP Debt Maturity Profile Corporate & non-recourse debt in process (NRDP(1)) maturity profile as of June 30, 2015 Other Corp. Debt Bond Convertible Bonds ABY Exch. (279 M$) (2) Tranche A (post-refi) Commercial Paper NRDP M€ 721 283 242 250 410 208 62 586 6 83 66 500 583 284 550 273 779
Slide 8: Capex Limitation & Control Measures
Capex Limitation & Control Measures Limitation on new net equity capex(1) commitments to 50 M€/y until BB- or Ba3 rating is achieved or Corp. Gross Leverage(2) falls below 3.5x • Should the company exceed the 50 M€ limitation, any excess capex would trigger a mandatory corporate debt repayment for t
Slide 9: Equity Capex Commitment
Equity Capex Commitment Committed net equity capex in concessions under construction of ~1.15 B€ Total Pending Capex (M€) Amounts based on the company´s best estimate as of June 30, 2015. Actual investments or timing thereof may change. ABG Committed Net Equity Capex (M€) M€ Country Entry in Operati
Slide 10: Rebalancing our Business: Asset light strategy
Rebalancing our Business Asset light strategy • Primary focus of our strategic plan • Strong pipeline thanks to our high market share in several key E&C with no markets (i.e. water desalination, solar, transmission) equity investment • Develop full infrastructure projects including development, fina
Slide 11: Seek to Continue Growing (I)
Seek to Continue Growing (I) Continue to pursue asset light growth in attractive end-markets Significant growth in Energy & … for which Abengoa is well-positioned to capture in the next years Water infrastructure… but subordinated to new capex limits Rest of Offers Electric Power (GW) As of June exp
Slide 12: Seek to Continue Growing (II)
Seek to Continue Growing (II) Demonstrated ability to grow turnkey and concessions backlog with 3rd party equity by leveraging our technology leadership Business Description Backlog Evolution Highlights B€ 43% Turnkey Projects • EPC projects awarded by ABG 3.3 as a third party contractor 2.4 • Large
Slide 13: Strong Momentum in Turnkey Projects
Strong Momentum in Turnkey Projects Strong momentum in turnkey E&C projects with additional growth visibility Recent E&C contract wins (Jul-Sep 2015) Company poised for asset-light growth Approx. Equity Project Name Country Sector Project Required Size 1. Commercial Reach T&D line California – Dur
Slide 14: Enhanced Corporate Governance
Enhanced Corporate Governance Commitment to delever and provide independent board oversight • Felipe Benjumea has been appointed Honorary Chairman and José Dominguez as his replacement as Non Executive Chairman New Board of • Reduced number of Board members to 13 (Inversión Directors Corporativa lim
Slide 15: Main Takeaways
Main Takeaways Rights issue, 650 M€ underwritten/committed by a group of banks (465 M€), Inversion Corporativa (120 M€) and another main shareholder (65 M€) At least ~1.2 B€ expected proceeds from increased disposal plan by YE 2016 Expected improvement of liquidity from comprehensive action plan Sig
Slide 16: Thank you
Innovative Technology Solutions for Sustainability ABENGOA Thank you September, 2015