Acciona Sa · BME:ANA
Acciona Sa — 9M 2011 Earnings Presentation
45 slides from Acciona Sa's earnings presentation, Nov 11, 2011
Slide 1: 9M 2011 January - September
9M 2011 JANUARY - SEPTEMBER 11th November 2011
Slide 2: Disclaimer
Disclaimer This document has been prepared by ACCIONA, S.A. (“ACCIONA” or the “Company”) exclusively for its use during the presentation of financial results of the first nine months 2011 (9M 2011). Therefore it cannot be disclosed or made public by any person or entity with an aim other than the ex
Slide 3: Table of contents
Table of contents 1. Key highlight 2. Operating performance 3. Financial information by division 4. Conclusions Annex: Detail on key highlights 9M 2011 Results Presentation 3
Slide 4: 1. Key highlights
1. Key highlights
Slide 5: Key highlights
Key highlights Rotation of Disposal of Splau! shopping center for €185m (October) mature assets Installation of 673MW during 9M 2011 Completion of assembly of three wind farms in Mexico totaling 306MW Energy Commissioning of 56.1MW Tuppadahalli wind farm in India Inauguration of 46.5MW Gun
Slide 6: 2. Operating performance
2. Operating performance
Slide 7: P&L main figures
P&L main figures Key figures EBITDA1 breakdown 9M 2011 By division (€m) Jan-Sep Jan-Sep 73% Energy (€m) Chg. (%) 2010 2011 16% Infrastructures Revenues 4,570 4,796 +5.0% 1% Real Estate EBITDA 813 934 +14.8% 3% Water and ES Net profit 101 314 +211.7% Transp. Services and 7% Other Business €934m +14.8
Slide 8: Capex by division
Capex by division Net capex breakdown Key highlights By division (€m) Capex Capex Selective criteria applied to Jan-Sep 10 Jan-Sep 11 investment decisions Energy 398 629 Core businesses capture most of the Group’s Capex: Infrastructures 256 206 – Energy: 72% Real Estate -52 3 – Infrastructures:
Slide 9: Debt breakdown by division and nature
Debt breakdown by division and nature Net debt breakdown Gross debt breakdown By division By nature (€m) Net Debt Net Debt 31-Dec-10 30-Sep-11 Energy 5,616 6,022 Infrastructures -243 -112 33% 33% Real Estate 732 683 67% 67% Water & Environment 53 103 Logistic & Transport S. 157 43 Other Business 271
Slide 10: 3. Financial information by division
3. Financial information by division
Slide 11: Energy
Energy Mini-Hydro Concentrated Solar ACCIONA Conventional Wind Biomass Solar Power Biofuels special regime Photovoltaic Windpower Hydro 9M 2011 Results Presentation 11
Slide 12: Energy: Key figures
Energy: Key figures Revenues (€m) EBITDA (€m) Generation Industrial, 53.1% 57.9% develop. & other 1,178 EBITDA margin 1,071 +10.0% 7% 682 12% 569 +19.8% 88% 93% 649 758 -80 -76 Jan-Sep 10 Jan-Sep 11 Jan-Sep 10 Jan-Sep 11 EBITDA up +20% fuelled by strong performance of generation business: – Recove
Slide 13: Energy: EBITDA reconciliation
Energy: EBITDA reconciliation 9M 2011 Energy EBITDA breakdown (€m) -76m -€76m +€4m €758m €682m -€11m -€69m Generation ACCIONA Development & Consolidation adj Total EBITDA Windpower construction and other 9M 2011 Results Presentation 13
Slide 14: Energy: Installed and under construction capacity
Energy: Installed and under construction capacity Installed MW @ Sep 2011 MW under construction @ Sep 2011 MW (Total) Spain Internat. Total MW (Total) Spain Internat. Total Wind 4,621 2,272 6,893 Wind 21 75 96 Conventional Hydro 680 - 680 Conventional Hydro - - - Hydro special regime 232 - 232 Hydro
Slide 15: Energy: 9M 2011 installed capacity
Energy: 9M 2011 installed capacity Net: +597MW Gross: +673MW 50 8,260 593 31 8,184¹ -8 -68 7,587 31-Dec-10 International Spain Wind CSP 30-Sep-11 Biomass Cogeneration 30-Sep-11 Wind Gross ACCIONA ACCIONA has has installed installed 673MW 673MW in in 9M 9M 2011: 2011: 623MW 623MW of of wind wind and
Slide 16: Energy: Production
Energy: Production Attributable production (GWh) (Attributable GWh) Jan-Sep 10 Jan-Sep 11 Chg. (%) Wind Spain 6,043 5,867 -3% Other tech. Wind Spain Wind International 2,683 3,048 14% (21%) (52%) Total wind 8,726 8,915 2% Hydro special regime 672 517 -23% Conventional Hydro 1,689 1,115 -34% Biomass
Slide 17: Energy: Wind overview
Energy: Wind overview Load factor (%) Prices – Spain (€/MWh) 9M 2010 9M 2011 94.6 93.2 89.4 90.6 90.8 91.4 88.8 88.5 87.7 83.6 78.6 87.6 86.5 +16% 87.1 Spain 24.8% 23.3% 73.0 71.5 70.2 81.4 76.8 62.0 International 28.9% 30.9% Jan Feb March April May June July Aug Sept Total 25.9% 25.3% Final Price 9
Slide 18: Energy: Forward sale
Energy: Forward sale €MWh 60 €56.2MWh €54.3MWh (+0%) €51.4MWh (+7%) €49.07MWh (+8%) 50 40 30 20 Quarterly forward 2011 Pool 2011 YTD: €49.4 10 Quarterly av. 2011 Pool 2010: €36.7 0 Jan Feb Mar Apr May Jun Jul Ago Sep Oct Nov Dec 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 4Q 2011 MW¹ 100
Slide 19: Infrastructures
Infrastructures Construction Concessions Real Estate 9M 2011 Results Presentation 19
Slide 20: Infrastructures: Key figures
Infrastructures: Key figures Revenues (€m) EBITDA (€m) 37% 27% Const. & Eng 2,514 Concessions 5.0% 5.8% 2,315 +8.6% 23% 29% 3% EBITDA margin 29% 4% 147 International % +25.5% 117 77% 71% 29% 23% 96% 97% 77% 71% 86% Jan-Sep 10 Jan-Sep 11 Jan-Sep 10 Jan-Sep 11 Infrastructures revenues up 9% due to h
Slide 21: Infrastructures: Construction backlog Sep 2011
Infrastructures: Construction backlog Sep 2011 Construction backlog (€m) Construction backlog (€m) Chg. vs. (%) 357 6,952 (€m) 30-Sep-10 30-Sep-11 6,879 30-Sep-10 Civil works (Spain) 3,144 2,750 -13% Civil works (Internat.) 1,935 2,104 9% -284 Total Civil Works 5,079 4,854 -4% Non Residential (Spain
Slide 22: Infrastructures: Construction backlog
Infrastructures: Construction backlog Construction backlog Sep 2010 Construction backlog Sep 2011 International International 35% 40% Spain 65% Spain 60% €6,879m €6,952m International backlog Sep 2011 Spanish backlog Sep 2011 By geography By client Europe (35%) Central Admin. (47%) LatAm (31%) Regio
Slide 23: Infrastructures: Concessions
Infrastructures: Concessions Road Rail Canal Port Univer. Hospital Total # of concessions 9 3 1 1 1 6 21 EBITDA 9M 2011 (€m) 18 0 1 0 5 15 43¹ Average life3 (yrs) 31 31 30 30 20 30 30 3 Average consumed life (yrs) 5 7 5 6 4 5 5 Book value (€m) 1,036 62 61 15 27 225 1,414² Book Book value value as as
Slide 24: Infrastructures: Concessions
Infrastructures: Concessions Book value breakdown By status 12% Under construction 48% Operating 40% Operat. + under €1,414m construction Book value breakdown By country 3% 3% 5% Spain Canada 45% Mexico Brazil 44% Chile €1,414m 9M 2011 Results Presentation 24
Slide 25: Infrastructures: Real Estate
Infrastructures: Real Estate Revenues (€m) EBITDA (€m) Development 134 Rental Assets 13% Parkings EBITDA margin -37.5% 12.3% 11.4% 22% 84 12% 16 -42.1% 10 40% 9 5 65% 17 19 48% Jan-Sep 10 Jan-Sep 11 -10 -14 Jan-Sep 10 Jan-Sep 11 Lower revenues and EBITDA in the development business, mainly driven
Slide 26: Real Estate: Destocking
Real Estate: Destocking ~61% first residence ~22% international 1,386 -382 1,004 -122 (Units) 883 30-Sep-10 Destocking LTM 30-Sep-11 Presales as of Total Sept. 2011 Destocking Destocking on on track track 28% 28% reduction reduction of of housing housing stock stock during during LTM LTM 9M 2011 Res
Slide 27: Water & Environment Services
Water & Environment Services Water and Environment Services 9M 2011 Results Presentation 27
Slide 28: Water & Environment Services: Key figures
Water & Environment Services: Key figures Revenues (€m) EBITDA (€m) Agua & ES Other 6.0% 21% 6.1% EBITDA margin 512 -2.0% 502 31 -0.4% 31 31% 34% 21% 13% 79% 87% 69% 66% Jan-Sep 10 Jan-Sep 11 Jan-Sep 10 Jan-Sep 11 Agua & ES EBITDA up +10% partially explained by the positive performance of the O&M
Slide 29: Water: International revenues
Water: International revenues Agua revenues breakdown International revenues breakdown By geography By geography Spain 57% International 43% €289m €126m Latam (47%) Australia (29%) Italy (13%) Algeria (3%) UK (3%) Portugal (2%) USA (1%) RoW (3%) 9M 2011 Results Presentation 29
Slide 30: Water backlog
Water backlog Backlog breakdown (€m) Internat. backlog breakdown Sep 2011 By activity By geography 30% 37% 5,071 Australia (41%) +16.7% 4,346 Mexico (23%) Algeria (9%) Italy (3%) 81% 89% O&M Venezuela (3%) D&C USA (2%) International RoW (19%) 19% 11% 30-Sep-10 30-Sep-11 €1,853m Water backlog incre
Slide 31: Services and Other Business
Services and Other Business Services Other Business Logistic & Transport Handling and other Asset Management Media (GPD) Winery logistics 9M 2011 Results Presentation 31
Slide 32: Logistic & Transport Services: Key figures
Logistic & Transport Services: Key figures Revenues (€m) EBITDA (€m) Trasmediterránea 599 -6.6% Handling 10.4% 4.9% 559 Other 3 0 15% EBITDA margin 15% 3 0 62 17% 20% 13 5% 18% -56.1% 14 67% 27 64% 77% 48% 52% Jan-Sep 10 Jan-Sep 11 Jan-Sep 10 Jan-Sep 11 Good performance of handling business: Reven
Slide 33: Other Business: Key figures
Other Business: Key figures Revenues (€m) EBITDA (€m) Bestinver Winery Corp. and other 95 39.0% 42.5% +18.0% EBITDA margin 80 9% 10% 27% +28.6% 40 31% 31 9 59% 64% 33 42 3 2 -4 -4 Jan-Sep 10 Jan-Sep 11 Jan-Sep 10 Jan-Sep 11 Bestinver reached €5.1bn of assets under management and showed a strong pe
Slide 34: Other Business: Bestinver
Other Business: Bestinver Evolution of assets under management (€m) +6% 6,124 5,792 5,357 5,110 4,806 30-Sep-10 31-Dec-10 31-Mar-11 30-Jun-11 30-Sep-11 9M 2011 Results Presentation 34
Slide 35: 4. Conclusions
4. Conclusions
Slide 36: Conclusions
Conclusions Sound set of results: EBITDA +15%, net profit +212% Strong Energy and Infrastructures EBITDA growth at +20% and +26% respectively Growth of international construction backlog (+15%) in strategic countries Execution of asset rotation strategy at attractive valuation and returns 9M 2011 Re
Slide 37: Annex: Detail on key highlights
Annex: Detail on key highlights
Slide 38: Key highlights
Key highlights Rotation of Disposal of Splau! shopping center for €185m (October) mature assets Installation of 673MW during 9M 2011 Completion of assembly of three wind farms in Mexico totaling 306MW Energy Commissioning of 56.1MW Tuppadahalli wind farm in India Inauguration of 46.5MW Gun
Slide 39: Asset rotation: Disposal of Splau! shopping center
Asset rotation: Disposal of Splau! shopping center ACCIONA has reached an agreement with the real estate group Unibail- Rodamco for the sale of the Splau! shopping center for €185m Splau! has a gross lease area (GLA) of 87% The shopping center is located adjacent to the RCD Espanyol soccer sta
Slide 40: Energy: Assembly completion of 306MW in México
Energy: Assembly completion of 306MW in México ACCIONA Energy has completed the assembly of three wind farms in Oaxaca (Mexico) with a total capacity of 306MW and an investment of over €450m 204 AW-1500 turbines have been used The turbines will be connected to the grid gradually during last mo
Slide 41: Energy: Commissioning of 56.1MW wind farm in India
Energy: Commissioning of 56.1MW wind farm in India ACCIONA Energy has commissioned its third wind farm in India, the 56.1MW Tuppadahalli facility, which represents an investment of €58m Located in the state of Karnataka, the new wind farm contains 34 turbines of 1,650kW The energy will be sold
Slide 42: Energy: Inauguration of 46.5MW wind farm in Australia
Energy: Inauguration of 46.5MW wind farm in Australia ACCIONA has inaugurated its third Australian wind farm, located in New South Wales near the town of Gunning The 46.5MW Gunning wind farm consists of 31 AW-1500 wind turbine generators The project represents an AUD$147m investment (€109m)*
Slide 43: Energy: Awarded first wind farm in Costa Rica
Energy: Awarded first wind farm in Costa Rica ACCIONA Energía awarded a 49.5MW wind farm in Costar Rica, in a tender called by the Instituto Costarricense de Electricidad (ICE), with whom ACCIONA has signed a 20-year PPA (from the signature date) Under the BOT (build, operate and transfer) agree
Slide 44: Infrastructures
Infrastructures ACCIONA awarded the construction of the new container terminal of Cádiz port ACCIONA and FCC have been awarded the construction of the new container terminal of Cadiz’s port The contract awarded to the 50-50 joint venture amounts €91m The new terminal will make possible to tran
Slide 45: 9M 2011 January - September
9M 2011 JANUARY - SEPTEMBER 11th November 2011