Corporacion Acciona Energias Renovables Sa · BME:ANE
Corporacion Acciona Energias Renovables Sa — Acciona Energía — H1 2021 Earnings Presentation
29 slides from Corporacion Acciona Energias Renovables Sa's earnings presentation, Jul 29, 2021
Slide 1: Cover letter to CNMV
COMISION NACIONAL DEL MERCADO DE VALORES Madrid, 28 de julio de 2021 Muy Sres. nuestros: Dear Sirs, Corporación Acciona Energías Corporación Acciona Energías Renovables, S.A. (“Acciona Energía”) Renovables, S.A. (“Acciona Energía”), adjunta presentación en inglés que se attaches the presentation to
Slide 2: H1 2021 Results Presentation
H1 2021 – January - June 2 9 th J u l y 2 0 2 1 RESULTS PRESENTATION
Slide 3: Disclaimer
A C C I O N A E n e r g í a H 1 2 0 2 1 R E S U L T S DISCLAIMER This document has been prepared by Corporación Acciona Energías Renovables. S.A. (“ACCIONA Energía” or the “Company” and, together with FORWARD-LOOKING STATEMENTS its subsidiaries, “ACCIONA Energía Group”) exclusively for use during th
Slide 4: Key Highlights H1 2021
A C C I O N A E n e r g í a H 1 2 0 2 1 R E S U L T S KEY HIGHLIGHTS H1 2021 ACCIONA ENERGÍA – INDEPENDENTLY LISTED & FINANCED PURE-PLAY RENEWABLE UTILITY › Successful IPO process completed – shares started trading on 1 July › Full exercise of Green Shoe option (2.25%) ahead of time – brings total f
Slide 5: New Capacity – Construction Activity
A C C I O N A E n e r g í a H 1 2 0 2 1 R E S U L T S NEW CAPACITY – CONSTRUCTION ACTIVITY Intense construction activity during 2021 Total capacity additions and Projects under construction & to construction activity in 2021 start construction in 2021 Under construction Jun 2021 Asset name Country M
Slide 6: Pipeline Update & Commercial Activity
A C C I O N A E n e r g í a H 1 2 0 2 1 R E S U L T S PIPELINE UPDATE & COMMERCIAL ACTIVITY PIPELINE PROJECTS: NEW OPPORTUNITIES – ACQUISITION & GREENFIELD › McIntyre: ACCIONA places firm order for Nordex turbines › In the US, the company begins construction work on its first solar projects in this
Slide 7: Innovation & New Technologies
A C C I O N A E n e r g í a H 1 2 0 2 1 R E S U L T S INNOVATION & NEW TECHNOLOGIES GREEN HYDROGEN › Formalisation & structuring of JV with Plug Power in advanced state – supply of green hydrogen in Spain & Portugal › JV partners working together with several clients towards on-site generation and s
Slide 8: H1 2021 Results Highlights
A C C I O N A E n e r g í a H 1 2 0 2 1 R E S U L T S H1 2021 RESULTS HIGHLIGHTS H1 2021 % Chg. H1 2021 % Chg. (€m) vs H1 2020 (€m) vs H1 2020 Revenues 1,041 23% Total capacity (MW) 11,188 8% Generation Revenues 698 16% Consolidated capacity (MW) 9,125 9% EBITDA 501 18% Total production (GWh) 12,557
Slide 9: ESG Highlights – H1 2021
A C C I O N A E n e r g í a H 1 2 0 2 1 R E S U L T S ESG HIGHLIGHTS – H1 2021 Key ESG indicators ESG highlights People 30-Jun-21 30-Jun-20 Chg. (%) Top ESG rating in the global energy sector in a cross-sector assessment conducted by S&P Global Ratings Workforce (no.) 1,557 1,552 0.3% Arranged €
Slide 10: Investment
A C C I O N A E n e r g í a H 1 2 0 2 1 R E S U L T S INVESTMENT Net Investment Key highlights Net Capex Net (Million Euro) Ordinary Capex Deferral Investment Capex related to the construction of new generation assets Spain 32 -7 25 USA 48 76 124 Mexico 61 54 115 Chile 73 198 271 Most of the investm
Slide 11: Net Debt Evolution
A C C I O N A E n e r g í a H 1 2 0 2 1 R E S U L T S NET DEBT EVOLUTION Net debt reconciliation H1 2021 (€m) NET FINANCING OPERATING INVESTMENT OTHERS CF: €249m CF: -€661m CF: €1,706m (14) (516) (21) (277) (2) (1) (2) Debt associated to work in progress IFRS16 adjustment Derivatives 1. IFRS16 adjus
Slide 12: Net Financial Debt
A C C I O N A E n e r g í a H 1 2 0 2 1 R E S U L T S NET FINANCIAL DEBT Net financial debt breakdown (€m) Average maturity (years) (1) Debt breakdown by nature (1) Gross financial debt - Level Gross financial debt - Currency Gross financial debt - Interest rate Corporate debt 1. Proforma for the re
Slide 13: Debt Maturity & Liquidity
A C C I O N A E n e r g í a H 1 2 0 2 1 R E S U L T S DEBT MATURITY & LIQUIDITY Liquidity and debt principal maturity schedule (€m) 1,675 1,418 Available 1,177 facilities 389 320 Cash 498 36 117 92 73 12
Slide 14: Spain – Market Overview
A C C I O N A E n e r g í a H 1 2 0 2 1 R E S U L T S SPAIN – MARKET OVERVIEW Pool price evolution (€/MWh) Electricity demand H1 2020 H1 2021 Jan-Jun 114.1 120.2 (TWh) 5.4% 2021 58.6 102% 2020 29.0 Spanish production mix and hydro reserves evolution Commodities Average H1 2021 NBP 6.6 CO2 43.9 Hydra
Slide 15: Spain – Revenue Drivers
A C C I O N A E n e r g í a H 1 2 0 2 1 R E S U L T S SPAIN – REVENUE DRIVERS Consolidated output (GWh) Average achieved prices – regulated vs. wholesale (€/MWh) -58% +2% -6% +60% +2% 11% +9% +94% 34% -21% 55% Generation revenues (€m) Average achieved price composition (€/MWh) -18% +4% (€/MWh) Jan-J
Slide 16: Spain – Operating Results
A C C I O N A E n e r g í a H 1 2 0 2 1 R E S U L T S SPAIN – OPERATING RESULTS Key figures H1 2021 EBITDA evolution (€m) (Million Euro) Jan-Jun 21 Jan-Jun 20 Chg. (€m) Chg. (%) Generation 321 308 13 4.3% Intragroup adjust., Supply & Other 243 164 79 48.1% Revenues 564 472 92 19.5% Generation 179 16
Slide 17: International – Market Overview
A C C I O N A E n e r g í a H 1 2 0 2 1 R E S U L T S INTERNATIONAL – MARKET OVERVIEW Power markets Electricity demand (GW) Exchange rates Commodities 16
Slide 18: International – Revenue Drivers
A C C I O N A E n e r g í a H 1 2 0 2 1 R E S U L T S INTERNATIONAL – REVENUE DRIVERS Consolidated output (GWh) Average achieved prices (€/MWh) +240% 0% +6% +6% -5% +20% +40% 24% +1% +19% -18% -16% 10% 18% -14% 28% 20% Generation revenues (€m) 6% 28% -4% 30% +18% -2% 8% 13% +193% 20% 28% %Chg. vs H1
Slide 19: International – Operating Results
A C C I O N A E n e r g í a H 1 2 0 2 1 R E S U L T S INTERNATIONAL – OPERATING RESULTS Key figures H1 2021 EBITDA evolution (€m) (Million Euro) Jan-Jun 21 Jan-Jun 20 Chg. (€m) Chg. (%) Generation 377 296 82 27.6% USA 107 36 70 192.6% Mexico 76 78 -1 -1.9% Chile 49 42 7 17.9% Australia 31 32 -1 -3.5
Slide 20: Concluding Remarks
A C C I O N A E n e r g í a H 1 2 0 2 1 R E S U L T S CONCLUDING REMARKS STRONG FIRST HALF – EXPECT TO MAINTAIN SOLID DOUBLE-DIGIT EBITDA GROWTH INTO THE FULL YEAR DESPITE WEAKER OUTPUT SO FAR › HIGHER BENEFIT FROM SPANISH PRICES IN H2 – ACCOUNTING OF REGULATORY BANDING IN SYNC WITH MARKET PRICES &
Slide 21: Appendix
Qacciona 02 APPENDIX
Slide 22: Acciona Energía Operating Results
A C C I O N A E n e r g í a H 1 2 0 2 1 R E S U L T S ACCIONA ENERGÍA OPERATING RESULTS Key figures H1 2021 EBITDA evolution (€m) (Million Euro) Jan-Jun 21 Jan-Jun 20 Chg. (€m) Chg. (%) Generation Spain 321 308 13 4.3% Generation International 377 296 82 27.6% Intragroup adjust., Supply & Other 343
Slide 23: Scheduled Capacity Additions
A C C I O N A E n e r g í a H 1 2 0 2 1 R E S U L T S SCHEDULED CAPACITY ADDITIONS Scheduled Capacity Additions per (1) MW year (MW) Under Start Start Asset % ANA Added Technology Country Total const. const. const. 2021 2022 2023 2024 Details name stake YTD Jun 2021 2021 2022 Wind Mexico San Carlos
Slide 24: Installed Capacity
A C C I O N A E n e r g í a H 1 2 0 2 1 R E S U L T S INSTALLED CAPACITY Installed MW (30 June 2021) Total Consolidated Eq accounted Net Spain 5,677 4,452 593 5,014 Wind 4,738 3,514 593 4,078 Hydro 873 873 0 873 Solar PV 4 4 0 4 Biomass 61 61 0 59 International 5,511 4,672 358 4,314 Wind 4,006 3,804
Slide 25: Equity Accounted Capacity
A C C I O N A E n e r g í a H 1 2 0 2 1 R E S U L T S EQUITY ACCOUNTED CAPACITY Proportional figures (30 June 2021) MW GWh EBITDA (€m) NFD (€m) Wind Spain 593 680 31 74 Wind International 48 44 0 -2 Australia 32 29 0 -2 Hungary 12 12 0 0 USA 4 3 0 0 Solar PV 310 352 13 43 Total equity accounted 952
Slide 26: Spain – Achieved Prices
A C C I O N A E n e r g í a H 1 2 0 2 1 R E S U L T S SPAIN – ACHIEVED PRICES Consolidated production Achieved price (€/MWh) Revenues (€m) (GWh) Market Rinv+Ro Banding Total Market Rinv+Ro Banding Total H1 2021 Regulated 2,865 50.6 34.3 -9.4 75.6 145 98 -27 217 Wholesale - hedged 1,780 40.3 40.3 72
Slide 27: Wind – Drivers by Country
A C C I O N A E n e r g í a H 1 2 0 2 1 R E S U L T S WIND – DRIVERS BY COUNTRY Wind prices (€/MWh) (1) and Load factors (%) H1 2021 H1 2020 Chg. (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) Spain Average 59.7 26.0% 64.5 22.5% -7.5% Spain - Regulated 70.7 79.3 Spain - Not
Slide 28: Other Technologies – Drivers by Country
A C C I O N A E n e r g í a H 1 2 0 2 1 R E S U L T S OTHER TECHNOLOGIES – DRIVERS BY COUNTRY Other technologies (€/MWh) and Load factors (%) H1 2021 H1 2020 Chg. (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) Hydro Spain 53.3 29.0% 39.5 38.3% 34.9% Biomass Spain 132.5 77.9%
Slide 29: Results Presentation
H1 2021 – January - June 2 9 th J u l y 2 0 2 1 RESULTS PRESENTATION