Acciona Sa · BME:ANA
Acciona Sa — Q1 2013 Earnings Presentation
21 slides from Acciona Sa's earnings presentation, May 13, 2013
Slide 1: Letter to the Comisión Nacional del Mercado de Valores
COMISIÓN NACIONAL DEL MERCADO DE VALORES Paseo de la Castellana, 19 28046 Madrid Madrid, 13 de mayo de 2013 Muy Sres. nuestros: ACCIONA adjunta presentación en ingles que se seguirá en la multiconferencia de hoy a las 12:00PM. La presentación podrá ser seguida vía webcast a través de la Web de ACCIO
Slide 2: Q1 2013 January - March
Q1 2013 JANUARY - MARCH 13% May 2013
Slide 3: Disclaimer
Disclaimer This document has been prepared by ACCIONA, S.A. (“ACCIONA” or the “Company”) exclusively for use during the presentation of financial results for the first quarter 2013 (Q1 2013). Therefore it cannot be disclosed or made public by any person or entity with an aim other than the one expre
Slide 4: Table of contents
Table of contents 1. Q1 2013 key highlights 2. Group financial information 3. Conclussions Q1 2013 Results Presentation 3
Slide 5: 1. Q1 2013 key highlights
1. Q1 2013 key highlights
Slide 6: Q1 2013 key highlights
Q1 2013 key highlights (€m) % Chg. Revenues 1,621 +1.9% EBITDA 327 -0.5% Ordinary EBT 41 +1.5% Capex 99 -24% NFD (vs Dec 12) 7,549 +0.9% Construction backlog 7,047 +1% Water backlog 11,167 +132% Total backlog 18,214 +55% Q1 2013 Results Presentation 5
Slide 7: 2. Group financial information
2. Group financial information
Slide 8: P&L: Key figures
P&L: Key figures Jan-Mar 12 Jan-Mar 13 Chg. Chg. €m €m €m (%) Revenues 1,591 1,621 30 1.9% EBITDA 328 327 (2) -0.5% D&A and provisions (175) (186) (11) 6.2% Results on impairment / reversal of assets (3) 0 3 n.m. Results on non current assets disposals or 2 0 (2) -85.2% held for sale assets val. Oth
Slide 9: Capex by division
Capex by division Capex breakdown Key highlights By division (€m) Capex Significant 24% ordinary capex Jan-Mar 12 Jan-Mar 13 reduction to €99m Energy 64 32 Core areas capture most of Q1 2013 capex: Infrastructures 71 64 − Infrastructure: capex diversified Water 2 4 in various concessions works e.g.
Slide 10: 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-12 31-Mar-13 33% Energy 6,086 5,913 Recourse Infrastructures 225 361 67% Non recourse Water 77 94 Service 40 30 €9,122m Other Activities 1,053 1,152 (Million Euro) 31-Mar
Slide 11: Net debt evolution
Net debt evolution Net debt reconciliation Q1 2013 (€m) Debt associated to work in 289 progress 727 532 Derivatives 577 6,178 6,728 Debt associated to Derivatives work in progress Q1 2013 Results Presentation 10
Slide 12: Debt amortization schedule
Debt amortization schedule Principal repayment schedule (€m)¹ 753 56 8 0 603 94 500 56 489 1 21 8 63 102 3 370 29 7 3 10 35 47 0 18 9 594 517 398 340 295 2013 2014 2015 2016 2017 Energy Infrastructure s Water Service Other Activities No major refinancing events Undrawn corporate credit lines of €0.9
Slide 13: Energy: Key figures
Energy: Key figures Key figures Key highlights Attributable production up 15%: increased capacity in (Million Euro) Jan-Mar 12 Jan-Mar 13 Chg. Chg. (%) LTM (+263MW) and higher national wind and hydro load factors vs. Q1 2012, partially offset by lower solar and Revenues 503 613 110 21.9% wind intern
Slide 14: Energy: Installed capacity and under construction
Energy: Installed capacity and under construction Installed MW @ Mar 2013 Q1 2013 Attributable production Wind Spain +26% 3.0TWh MW (Total) Spain Internat. Total Wind Inter. -4% 1.8TWh Wind 4,728 2,407 7,135 Hydro +73% 0.5TWh Conventional Hydro 680 - 680 Solar -39% 0.1TWh Hydro special regime 232 -
Slide 15: Infrastructure: Key figures and backlog
Infrastructure: Key figures and backlog Key figures Construction backlog Mar 2013 (Million Euro) Jan-Mar 12 Jan-Mar 13 Chg. Chg. (%) International 55% (48% in Q1 2012) Revenues 769 639 -130 -16.9% Spain EBITDA 39 32 -7 -18.5% 45% Margin (%) 5.1% 5.0% €7,047m International backlog Mar 2013 Key highli
Slide 16: Infrastructure: Concessions
Infrastructure: Concessions Road Rail Canal Port Hospital Total # of c oncessions 12 3 1 1 6 23 EBITDA Q1 2013 (€m) 7 0 0 0 4 10¹ 3 Average life (yrs) 33 32 30 30 30 33 3 Average consumed life (yrs) 5 6 6 7 5 5 Equity: €432m Invested capital (€m) 1,399 74 64 16 270 1,891² Net debt4: €1,459m Canada U
Slide 17: Water
Water Divisional key figures Water backlog (€m) (Million Euro) Jan-Mar 12 Jan-Mar 13 Chg. Chg. (%) Australia 37% México 16% By geography Revenues 89 133 45 50.8% Algeria 9% (€11.2bn) Venezuela 2% EBITDA 7 9 2 23.5% USA 2% Row 34% Margin (%) 8.0% 6.5% Spain (85%) Internat. (15%) Key highlights Water
Slide 18: Service and Other Activities
Service and Other Activities Service: Key figures Key highlights (Million Euro) Jan-Mar 12 Jan-Mar 13 Chg. Chg. (%) ACCIONA Service includes: facility services, airport handling, waste management, logistic Revenues 130 137 7 5.1% services and other. Revenues up 5.1% to €137m mainly helped EBITDA -2
Slide 19: 3. Conclussions
3. Conclussions
Slide 20: Conclussions
Conclussions Results negatively impacted by energy regulatory changes Action Plan implementation on track Significant capex reduction Ordinary capex down ~24% to €99m 77% of Q1 2013 capex invested in international markets Creation of ACCIONA Service, to include ACCIONA’s services’ offer Airport hand
Slide 21: Q1 2013 January - March
Q1 2013 JANUARY - MARCH 13% May 2013