Abengoa Sa · OTC:AGOAF
Abengoa Sa — Q3 2010 Earnings Presentation
30 slides from Abengoa Sa's earnings presentation, Nov 11, 2010
Slide 1: Third Quarter 2010 Earnings Presentation
Innovative Solutions for Sustainability ABENGOA Third Quarter 2010 Earnings Presentation (Non-audited figures) November 11th, 2010
Slide 2: Forward-looking Statement
Forward-looking Statement 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 available to Abengoa. Such statements reflect the current views of Abengoa with re
Slide 3: Agenda
Agenda 1 Q3 Business Information 2 Q3 Financial Information 3 2010 Guidance 4 Appendix 3
Slide 4: Agenda: Q3 Business Information
Agenda 1 Q3 Business Information 2 Q3 Financial Information 3 2010 Guidance 4 Appendix 4
Slide 5: Upcoming Segment Reporting Changes
Upcoming Segment Reporting Changes Our business has being evolving over the last 10 years We are starting to adapt our segment reporting to our current business reality We will provide a reconciliation to our actual segment reporting for the next 2Qs 5
Slide 6: Successful Business Model
Successful Business Model 1 E&C 70 years of experience Propietary know-how #1 international contractor in T&D* 2 Contracted off-takes Asset owned operations Solar, Transmission & Desalination No market risk 25 years off-take contracts ahead 3 Commodity processing Asset owned operations Biofuels, Ste
Slide 7: Q3 Highlights
Q3 Highlights Good results in a very challenging environment YTD revenues of 4,119 Meur, an increase of 29% Another successful Q. YTD EBITDA of 641 Meur, an increase of 25% 24th in a row 65% of our revenues from international markets E&C backlog up to 9.6 beur Continue 3 CSP plants, 3 bioethanol pla
Slide 8: Business Diversification
Business Diversification YTD 2010 revenues by sectors YTD 2010 revenues by geographies 6% 4% 4% 17% 14% 4,119 Meur 49% 29% 77% Energy Environment Others Europe Latin America US Africa Asia & Oceania International markets, outside Spain, Energy and Environment account for 94% account for 65% 8
Slide 9: Balanced Asset Portfolio
Balanced Asset Portfolio Gross fixed assets as of Q3 2010 in Meur 4,115 2,777 3,363 2,557 Q3 2010 Q3 2009 1,054 Power Transmission 956 Solar CSP Cogeneration Biofuels 307 85 Recycling Water Note: excluding E&C assets 9
Slide 10: Assets Portfolio after Capex Plan
Assets Portfolio after Capex Plan Contracted off-takes Commodity processing 1,443 Solar Power Assets Cogeneration Assets Biofuels Assets (MW) (MW) (ML/yr) 3.051 3,141 750 90 626 1.905 500 300 326 193 161 43 2009 Q310 2013/14 2009 Q310 2013/14 2009 Q310 2013/14 Transmission Assets Desalination Assets
Slide 11: Technology Quarter Update: Solar Technology
Technology Quarter Update Solar Technology Eureka, the 2nd generation Central Receiver solar power experimental plant (Solucar Platform, Spain), is accumulating operation hours, reaching its technical objectives and demonstrating the viability of this new overheated steam technology that will increa
Slide 12: Technology Quarter Update: Biofuels Technology
Technology Quarter Update Biofuels Technology Production, with proprietary technology, of 120 m3 enzymes for the lignocellulosic ethanol. A running industrial test is operating as we speak today at our biomass 2nd generation ethanol demonstration plant This plant has a capacity of 5ML; being the wor
Slide 13: E&C Highlights
E&C Highlights +20% increase supported by a strong backlog Meur 9M 2010 9M 2009 YoY % Begin construction of four 50 MW CSP Revenues 2,493 2,047 22% plants in Spain EBITDA 311 297* 5% Begin construction of 100 MW CSP plant in EBITDA margin 12% 14% Abu-Dhabi Backlog 9,586 6,532 47% Completion phase of
Slide 14: Contracted Off-takes Highlights
Contracted Off-takes Highlights Two new plants in operation during Q3. Seven YTD Meur 9M 2010 9M 2009 YoY % Start-up of 50 MW CSP Solnova 4 plant in Revenues 229 156 47% Spain EBITDA 151 102 49% Start-up of 100 ML/day Chennai Gross fixed assets 4,422 2,862 54% desalination plant in India WIP* 1,427
Slide 15: Commodity Processing Highlights
Commodity Processing Highlights Remarkable EBITDA increase Meur 9M 2010 9M 2009 YoY % EBITDA increase due to better performance of Revenues 1,398 987 41% aluminum, salt slags recycling and biofuels EBITDA 178 114 56% Biofuel EBITDA margin of 12.2% in Q3 ‘10 Gross fixed assets 4,417 3,513 26% Start-u
Slide 16: Business Objectives
Business Objectives Recurring EBITDA increased from 43% to 52% 2009 YTD 2010 2013 26% 28% 28% 32% 48% 57% 17% 24% 40% 19% Engineering Contracted offtakes Commodity processing 2013 Target: to double our EBITDA from 2009 being 67% from recurring activities 16
Slide 17: Agenda: Q3 Financial Information
Agenda 1 Q3 Business Information 2 Q3 Financial Information 3 2010 Guidance 4 Appendix 17
Slide 18: Key Financial Information
Key Financial Information Meur 9M Q32010 2010 9M 2009 (1) YoY % Revenues Revenues 4,119 3,191 29% EBITDA EBITDA 641 513 25% Net Net income Income 156 159 (2%) EBITDA margin EBITDA Margin 16% 16% EPS (€)EPS (€) 1.7 1.8 (2%) Grossassets Fixed Fixed Assets 9,977 7,442 34% (1) Restated in accordance wit
Slide 19: Contribution by BU
Contribution by BU Strong operating performance in every business Revenues (Meur) 410 4,119 29% 446 73 3,191 34 % 31 % 5% 5% 64 % 61 % 9M '09 Engineering Contracted off- Commodity 9M '10 takes processing EBITDA (Meur) 64 641 25% 513 14 50 28% 22 % 24% 20 % 58 % 48% 9M '09 Engineering Contracted off-
Slide 20: Financing Highlights
Financing Highlights Meur Sept 30 ’10 June 30 ‘10 Key highlights Total EBITDA LTM 944 897 Capex of 350 Meur in Q3 Corporate EBITDA LTM* 725 707 Strong Liquidity position of 2.6 b eur Corporate Net Debt 1,969 1,736 Debt ratios in line with previous periods Non Recourse Debt 3,440 3,430 New financings
Slide 21: Net Debt Bridge
Net Debt Bridge Consolidated, in Meur Preoperational debt 5,409 267 113 4,191 1.834 1.479 641 2.373 3.575 1.818 Net debt (Dec EBITDA Capex NWC, taxes Financial Net debt (Sep 09) and other interests 10) 21
Slide 22: High Revenue Visibility
High Revenue Visibility Backlog Conversion (Meur) Backlog Conversion (Meur) Engineering Order Book 9,586 Soft * Backlog 982 8,604 ~4,000 ~3,100 Backlog ~1,300 ~700 ~400 Q3 2010 Q4 2010 2011 2012 2013 +2013 32,682 30,707 Offtake contracts Asset based, recurring revenues 616 905 64 390 Q3 2010 Q4 2010
Slide 23: Agenda: 2010 Guidance
Agenda 1 Q3 Business Information 2 Q3 Financial Information 3 2010 Guidance 4 Appendix 23
Slide 24: 2010 Guidance
2010 Guidance Good execution YTD Solid backlog Strong liquidity FY 2010 Guidance Revenues EBITDA 6.0-6.2 beur 900-930 Meur 24
Slide 25: Agenda: Appendix
Agenda 1 Q3 Business Information 2 Q3 Financial Information 3 2010 Guidance 4 Appendix 25
Slide 26: P&L Account
P&L Account Meur 9M ‘10 9M ‘09 YoY % Sales 4,119 3,190 +29% EBITDA 641 513 +25% Depreciation & amortization expense (222) (153) +45% Net operating profit 418 377 +16% Net financial expense (180) (112) +60% Profit before income tax 238 248 (4%) Income tax expense (38) (69) (45%) Profit of the year 20
Slide 27: Balance Sheet
Balance Sheet 2.6 b eur in cash and equivalents Meur Sept 30 ‘10 YoY % Dec 31 ‘09 Fixed assets corporate 3,716 +11% 3,355 Fixed assets non recourse activities 4,869 +29% 3,767 Other Assets 3,729 +12% 3,320 Cash and short term financial 2,576 +27% 2,028 investments (mostly public debt, repos and depo
Slide 28: Cash-flow Statement
Cash-flow Statement 1.9 beur of financing flows, together with strong operating cash-flow, allow to invest 1.6 beur Meur 9M '10 I. Consolidated after-tax profit 200 Non-monetary adjustments to the profit 174 II. Cash generated by operations 374 III. Variations in working capital (65) A. Net Cash Flo
Slide 29: Reconciliation
Reconciliation YTD in Meur Engineering Environm. Bioenergy Solar IT Total & IC Services 1,644 183 149 517 2,493 E&C 164 15 44 87 311 Contracted 174 10 44 229 off-takes 111 5 36 151 Commodity 406 991 1,398 processing 72 106 178 1,818 600 991 193 517 4,119 Total 275 92 106 80 87 640 Revenues 29 EBITDA
Slide 30: Third Quarter 2010 Earnings Presentation
Innovative Solutions for Sustainability ABENGOA Third Quarter 2010 Earnings Presentation (Non-audited figures) November 11th, 2010