Acciona Sa · BME:ANA
Acciona Sa — Q1 2010 Earnings Presentation
35 slides from Acciona Sa's earnings presentation, May 12, 2010
Slide 1: Q1 2010 Results, January - March
Q1 2010 JANUARY - MARCH 12" May 2010
Slide 2: Disclaimer
Disclaimer This document has been prepared by ACCIONA, S.A. (“ACCIONA” or the “Company”) exclusively for use during the presentation of financial results of the first quarter 2010 (Q1-2010). Therefore it cannot be disclosed or made public by any person or entity with an aim other than the one expres
Slide 3: Table of Contents
Table of Contents 1. Key Highlights of Q1 2010 2. Operating Performance 3. Financial Information by Division 4. Conclusions Q1 2010 Results Presentation 3
Slide 4: 1. Key Highlights of Q1 2010
1. Key Highlights of Q1 2010
Slide 5: Key Highlights of Q1 2010
Key Highlights of Q1 2010 On the 1st of March 2010, ACCIONA held an Investor Day Investor Day in Madrid presenting the Strategic Plan 2010E-2013E Increased visibility: Strategic focus and targets After the Investor Day ACCIONA has been awarded/short- listed in relevant contracts: Recent – Ener
Slide 6: Investor Day: Strategic Plan 2010E – 2013E
Investor Day: Strategic Plan 2010E – 2013E Financial ratios de-gearing as key objective Core businesses ~98% Capex Significant investment effort (€6,500m) Self-financing of ~50% Internationalization strategy Disposal of non-core assets not contemplated in Business Plan - Rotation of matu
Slide 7: 306MW in Mexico – March 2010
306MW in Mexico – March 2010 ACCIONA awarded 3 wind farms (306MW) in Mexico Located in Oaxaca state, an area with excellent wind resource (load factor: ~45%) The three facilities will feature ACCIONA technology 1.5MW wind turbines (204 units) ACCIONA will strengthen its leading position in the
Slide 8: Highway in Canada – April 2010
Highway in Canada – April 2010 ACCIONA awarded second highway contract in Canada to build and operate the expressway and act as concessionaire for 30 years (€575m) ACCIONA has been selected by Canada’s Alberta Transportation to design, build, operate and maintain the Southeast Stoney Trail The c
Slide 9: Extraordinary Infrastructure Plan – April 2010
Extraordinary Infrastructure Plan – April 2010 The Government presented in April the 2010E-11E Extraordinary Investment Plan of €17bn (PEI) €11bn new build and €6bn maintenance Investment will be split 70% in railway works, 30% in road works Concessions will be for 25 years in the case of rail
Slide 10: 2. Operating Performance
2. Operating Performance
Slide 11: P&L Main Figures
P&L Main Figures Key Figures EBITDA Breakdown² Q1 2010 By Division Jan-Mar Jan-Mar (€m) Chg. (%) 75% Energy 2009 2010 16% Infrastructures Revenue 1,396 1,524 +9.2% 3% Real Estate EBITDA 191 275 +49.3% 3% Water & ES Profit of Services and Other 2% continued 34¹ 39 +17.4% Business activities €275m The
Slide 12: Capex by Division
Capex by Division Capex Breakdown Capex Contribution By Division By Division (€m) Capex Contribution 35% Energy Jan-Mar 10 29% Logistics Energy 90 35% Infrastructures 71 28% 28% Infrastructures Real Estate 16 6% 6% Real Estate Urban & Environ. S. 3 1% Logistic & Transport S. 73 29% 1% Urban and Env.
Slide 13: Debt & Liquidity Analysis
Debt & Liquidity Analysis 54% of Gross Debt non-recourse to ACCIONA Net Debt Breakdown (€m) Gross Debt Breakdown (€m) By Division By Nature 46% (€m) Net Debt % 31-Mar-10 of Total Energy 5,571 73% Infrastructures 372 5% Real Estate 1,109 14% 54% Logistic & Transport S. 240 3% Urban & Environmental S.
Slide 14: Debt & Liquidity Analysis
Debt & Liquidity Analysis Debt Amortization Schedule (€m) 2,083 2 year bridge loan financing the acquisition of Endesa assets (€1,500m; maturity July 2011) 402 430 383 323 1,991 249 299 286 250 16 20 108 2213 13 19 14 27 19 39 61 42 81 54 +12months +24months +36months +48months +60months Other Seriv
Slide 15: 3. Financial Information by Division
3. Financial Information by Division
Slide 16: Energy
Energy Hydro Concentrated Photovoltaic Conventional Wind Biomass WTG Biofuels special regime Solar Power Solar Hydro Q1 2010 Results Presentation 16
Slide 17: Energy: Key Figures
Energy: Key Figures Revenues (€m) EBITDA (€m) 402 53.8% 52.0% +64.8% 17% Generation 209 +59.2% 244 Industrial, develop. & Other 131 7% EBITDA margin 237 154 83% 93% -23 -28 Jan-Mar 09 Jan-Mar 10 Jan-Mar 09 Jan-Mar 10 Despite historic low pool prices in Spain (-41%), the energy division showed a ve
Slide 18: Energy: Capacity
Energy: Capacity MW Installed @ Mar 2010 MW under Construction @ Mar 2010 MW (Total) Spain Internat. Total MW (Total) Spain Internat. Total Wind 4,591 1,639 6,230 Wind 35 373 408 Hydro special regime 232 - 232 Hydro special regime - - - Conventional Hydro 679 - 679 Conventional Hydro - - - Biomass 3
Slide 19: Energy: Production
Energy: Production Attributable Production (GWh) (Attributable GWh) 31-Mar-09 31-Mar-10 Chg. (%) Wind Spain 1,518 2,660 75% Wind international 607 985 62% Total Wind 2,125 3,645 71% Other tech. (19%) Hydro special regime 89 232 162% Conventional Hydro 0 377 n.m. Biomass 56 49 -12% Wind Wind Spain So
Slide 20: Energy: Wind Overview
Energy: Wind Overview Load Factor (%) Prices – Spain (€/MWh) 89.9 83.5 Q1 09 Q1 10 79.7 84.4 -18.4% 73.0 National 28.8% 32.5% 71.5 68.8 International 37.9% 31.5% 62.0 Total 30.8% 32.3% Jan. Feb. March Final Price 1Q2009 Final Price 1Q2010 Average 1Q2009 Average 1Q2010 Attributable GWh Produced Insta
Slide 21: Energy: Capacity Installation
Energy: Capacity Installation LTM: +52% +2,540MW 7,437 679 173 1,227 412 4,897 50 CSP Wind Hydro Conventional special regime Hydro 31-Mar-09 ACCIONA CSP ACCIONA Wind Endesa Endesa Endesa 31-Mar-10 Wind Hydro special convetional regime Hydro LTM: +9% +462MW Total capacity installed (organic + acquire
Slide 22: Infrastructures
Infrastructures Construction Concessions Real Estate Q1 2010 Results Presentation 22
Slide 23: Infrastructures: Key Figures
Infrastructures: Key Figures Revenues (€m) EBITDA (€m) Const. & Eng Concessions 822 776 EBITDA margin 5.0% 5.7% -5.5% 2% 3% 7.4% 44 41 6% 12% 98% 97% 94% 88% Jan-Mar 09 Jan-Mar 10 Jan-Mar 09 Jan-Mar 10 Slowdown of domestic construction during Q1 compensated by: – Higher EBITDA margin – Internation
Slide 24: Infrastructures: Construction Backlog Mar 2010
Infrastructures: Construction Backlog Mar 2010 Construction Backlog (€m) Construction Backlog By Client Type (€m) 31-Mar-09 31-Dec-09 31-Mar-10 Chg. Vs (%) 31-Mar-09 31-Dec-09 Civil works (Spain) 4,149 3,802 3,691 -11% -3% Civil works (Internat.) 1,219 1,282 1,445 19% 13% Total Civil Works 5,368 5,0
Slide 25: Infrastructures: Construction Backlog Mar 2010
Infrastructures: Construction Backlog Mar 2010 International Spain 28% 72% €7,015m International Backlog Spanish Backlog By Geography By Client Europe (42%) Central Administration (52%) Regional Governments (22%) Canada (36%) Municipalities (7%) LatAm (19%) Private (9%) RoW (3%) Group Companies (10%
Slide 26: Infrastructures: Concessions
Infrastructures: Concessions Increased international contribution Very young concessions portfolio Book value of concessions as of Mar 2010: €1,014m (equity and net debt) Revenues Breakdown - By Geography Q1 2009 Q1 2010 64% 36% 76% 24% €17.7m Spain €25.8m International Q1 2010 Results Present
Slide 27: Infrastructures: Real Estate
Infrastructures: Real Estate Revenues (€m) EBITDA (€m) Development 51 28.7% 17.8% Rental Assets +12.3% 46 11% Parkings 13 -30.5% 12% 19% EBITDA margin 24% 24% 9 66% 35% 70% 64% 66% 10% -1% Jan-Mar 09 Jan-Mar 10 Jan-Mar 09 Jan-Mar 10 Accelerated de-stocking in the residential domestic market (housi
Slide 28: Services and Other Businesses
Services and Other Businesses Services Other Businesses Logistic & Transport Urban & Environmental Asset Management Media (GPD) Winery Q1 2010 Results Presentation 28
Slide 29: Logistic & Transport Services: Key Figures
Logistic & Transport Services: Key Figures Revenues (€m) EBITDA (€m) 171 -3.8% 164 Handling Trasmediterránea 20% 19% Other EBITDA margin 63% 65% Jan-Mar 09 Jan-Mar 10 17% 16% 2 1 -1 Jan-Mar 09 Jan-Mar 10 -1 -6 -5 -5 -6 -1 -2.8% -3.4% 1Q 2010 in line with to 1Q 2009, driven by Trasmediterránea €7
Slide 30: Urban & Environmental Services: Key Figures
Urban & Environmental Services: Key Figures Revenues (€m) EBITDA (€m) Agua &ES Other +4.0% 153 159 EBITDA margin 6.1% 6.8% 11 +16.5% 37% 33% 9 18% 31% 67% 69% 82% 63% Jan-Mar 09 Jan-Mar 10 Jan-Mar 09 Jan-Mar 10 Revenues amounted to €159m, up by 4% EBITDA increased 17% reaching €11m driven by the
Slide 31: Urban & Environmental Services: Agua
Urban & Environmental Services: Agua Agua Revenues Breakdown International Revenues Breakdown By Geography By Geography Spain 53% UK (12%) Algeria (7%) Australia (57%) International Italy (8%) 47% Latam (12%) Portugal (2%) USA (1%) ROW (1%) €94m €44m Water backlog as of 31st March was €4,278m Q1 201
Slide 32: Other Businesses: Key Figures
Other Businesses: Key Figures Revenues (€m) EBITDA (€m) +9.2% 24 22 EBITDA margin 21.2% 39.3% 10 +102.6% 5 Jan-Mar 09 Jan-Mar 10 Jan-Mar 09 Jan-Mar 10 Includes: – Bestinver – “Bodegas Hijos de Antonio Barceló” winery business – Media (GPD) Bestinver had €4,396m under management as of March 2010 (v
Slide 33: 4. Conclusions
4. Conclusions
Slide 34: Conclusions
Conclusions Strong growth driven by organic and acquired new capacity in Energy Sharp decline in Spanish energy prices partially offset by higher load factors Spanish energy prices outlook improving Domestic infrastructure slowdown compensated by higher margins and international activity Growth pote
Slide 35: Q1 2010, January - March
Q1 2010 JANUARY - MARCH 12" May 2010