Acciona Sa · BME:ANA
Acciona Sa — H1 2011 Earnings Presentation
42 slides from Acciona Sa's earnings presentation, Jul 27, 2011
Slide 1: 1H 2011 Results, January - June
1H 2011 RESULTS JANUARY - JUNE 27% July 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 half 2011 (1H 2011). Therefore it cannot be disclosed or made public by any person or entity with an aim other than the expressed
Slide 3: Table of contents
Table of contents 1. Key highlights 2. Operating performance 3. Financial information by division 4. Conclusions 1H 2011 Results Presentation 3
Slide 4: 1. Key highlights
1. Key highlights
Slide 5: Key highlights
Key highlights Disposal of car park portfolio for €190m EV Rotation of mature assets Completion of the disposal of two Chilean concessions to Atlantia for €458m EV Installation of 394MW during 1H 2011 Grid connection of the fourth 50MW CSP plant in Spain Energy ACCIONA awarded €24m contract for elec
Slide 6: Asset rotation: Disposal of car park portfolio
Asset rotation: Disposal of car park portfolio ACCIONA has sold its portfolio of current operative car park concessions, comprising 17,147 parking spaces spread across Spain, Andorra and Brazil, for a total EV of €190m: - EQT Infrastructure has acquired the entire concessions portfolio in Spain and
Slide 7: Energy: Grid connection of the fourth Spanish CSP plant
Energy: Grid connection of the fourth Spanish CSP plant ACCIONA Energy has put into service its 50MW “Palma del Río I” CSP plant in Córdoba (Spain) It represents an investment of around €247m It is the fourth CSP plant that ACCIONA has grid connected in Spain, taking its operating CSP capacity in th
Slide 8: Energy: Electricity supply contract from Acuamed
Energy: Electricity supply contract from Acuamed ACCIONA was awarded a contract to supply power to all the desalination, water treatment plants and other installations managed by the publicly-owned company Aguas de las Cuencas Mediterráneas (Acuamed) The ∼ €24.1m contract has got one year duration,
Slide 9: Energy: Forward sale
Energy: Forward sale €MWh 60 €54.3MWh €51.4MWh (+7%) €49.07MWh (+8%) 50 40 30 20 Quarterly forward 2011 Pool 2011 YTD: €46.6 Quarterly av. 2011 Pool 2010: €36.7 10 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 MW¹ 100 229 500 650 700 900 51
Slide 10: Infrastructures: Dike construction in Brazil
Infrastructures: Dike construction in Brazil The LLX-OSX companies (part of the Brazilian holding group, Grupo EBX) have awarded ACCIONA a contract for the engineering, design and construction of the breakwaters for a shipyard (Estaleiro) in the Açu port complex in São João da Barra (Brazil) The pro
Slide 11: Water: Wastewater treatment plant in Peru
Water: Wastewater treatment plant in Peru ACCIONA Agua has been awarded a build-design-operate-maintain contract for the Escalerilla wastewater treatment plant (WWTP) in Arequipa (Peru) The contract is worth around €17.4m The plant will benefit more than 150,000 people initially, a figure that is ex
Slide 12: 2. Operating performance
2. Operating performance
Slide 13: P&L main figures
P&L main figures Key figures EBITDA1 breakdown 1H 2011 By division (€m) Jan-Jun Jan-Jun 77% Energy (€m) Chg. (%) 2010 2011 16% Infrastructures Revenues 3,015 3,084 +2.3% 1% Real Estate EBITDA 528 631 +19.4% 3% Water and ES Net profit 78 248 +216.4% Transp. Services and 3% Other Business €631m +19.4%
Slide 14: Capex by division
Capex by division Net capex breakdown Key highlights By division (€m) Capex Capex Selective criteria applied to Jan-Jun 10 Jan-Jun 11 investment decisions Energy 200 436 Core businesses capture most of the Group’s Capex: Infrastructures 145 112 – Energy: 77% Real Estate -11 0 – Infrastructures: 20%
Slide 15: 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-Jun-11 Energy 5,616 5,818 Infrastructures -243 -253 33% Real Estate 732 733 67% Water & Environment 53 88 Logistic & Transport S. 157 75 Other Business 271 196 €8,6
Slide 16: 3. Financial information by division
3. Financial information by division
Slide 17: Energy
Energy Mini-Hydro Concentrated Solar ACCIONA Conventional Wind Biomass Solar Power Biofuels special regime Photovoltaic Windpower Hydro 1H 2011 Results Presentation 17
Slide 18: Energy: Key figures
Energy: Key figures Revenues (€m) EBITDA (€m) Generation 53.3% 60.0% Industrial, 809 develop. & other 741 +9.1% 8% EBITDA margin 13% +23.0% 485 395 87% 92% 449 535 -54 -50 Jan-Jun 10 Jan-Jun 11 Jan-Jun 10 Jan-Jun 11 EBITDA up +23% fuelled by strong performance of generation business: – Recovery of p
Slide 19: Energy: EBITDA reconciliation
Energy: EBITDA reconciliation 1H 2011 Energy EBITDA breakdown (€m) -€50m €535m +€6m €485m -€11m -€45m Generation ACCIONA Development & Consolidation adj Total EBITDA Windpower construction and other 1H 2011 Results Presentation 19
Slide 20: Energy: Installed and under construction capacity
Energy: Installed and under construction capacity Installed MW @ June 2011 MW under construction @ June 2011 MW (Total) Spain Internat. Total MW (Total) Spain Internat. Total Wind 4,619 1,994 6,614 Wind 23 289 311 Conventional Hydro 680 - 680 Conventional Hydro - - - Hydro special regime 232 - 232 H
Slide 21: Energy: 1H 2011 installed capacity
Energy: 1H 2011 installed capacity Net: +318MW Gross: +394MW 50 7,981 29 7,904¹ 315 -8 -68 7,587 31-Dec-10 International Spain Wind CSP 30-Jun-11 Biomass Cogeneration 30-Jun-11 Wind Gross Net ACCIONA ACCIONA has has installed installed 394MW 394MW in in 1H 1H 2011: 2011: 344MW 344MW of of wind wind
Slide 22: Energy: Production
Energy: Production Attributable production (GWh) (Attributable GWh) Jan-Jun 10 Jan-Jun 11 Chg. (%) Wind Spain 4,425 4,255 -4% Other tech. Wind Spain Wind International 1,880 2,179 16% (21%) (52%) Total wind 6,305 6,434 2% Hydro special regime 465 396 -15% Conventional Hydro 1,235 862 -30% Biomass 11
Slide 23: Energy: Wind overview
Energy: Wind overview Load factor (%) Prices – Spain (€/MWh) 1H 2010 1H 2011 90.8 88.1 88.8 88.5 87.7 83.6 90.6 78.6 +21% Spain 27.3% 25.7% 73.0 71.5 70.2 81.4 72.9 62.0 International 30.6% 32.8% Total 28.2% 27.6% Jan Feb March April May June Final Price 1H 2010 Final Price 1H 2011 Average 1H 2010 A
Slide 24: Infrastructures
Infrastructures Construction Concessions Real Estate 1H 2011 Results Presentation 24
Slide 25: Infrastructures: Key figures
Infrastructures: Key figures Revenues (€m) EBITDA (€m) Const. & Eng 40% 32% Concessions 1,574 5.3% 21% 6.3% 1,523 +3.3% EBITDA margin 21% 4% 30% 30% 4% International % 99 +24.2% 80 79% 70% 30% 21% 96% 96% 79% 70% 86% Jan-Jun 10 Jan-Jun 11 Jan-Jun 10 Jan-Jun 11 Infrastructures revenues up 3% due to h
Slide 26: Infrastructures: Construction backlog June 2011
Infrastructures: Construction backlog June 2011 Construction backlog (€m) Construction backlog June 2011 By client type Chg. vs. (%) (€m) 30-Jun-10 30-Jun-11 Jun-10 Civil works (Spain) 3,576 2,935 -18% Civil works (Internat.) 1,445 2,337 62% Total Civil Works 5,020 5,272 5% Residential (Spain) 66 90
Slide 27: Infrastructures: Construction backlog
Infrastructures: Construction backlog Construction backlog June 2010 Construction backlog June 2011 International International 28% 42% Spain 72% Spain 58% €6,897m €7,524m International backlog June 2011 Spanish backlog June 2011 By geography By client Europe (37%) Central Admin. (47%) LatAm (30%) R
Slide 28: Infrastructures: Concessions
Infrastructures: Concessions Road Rail Canal Port Univer. Hospital Total # of concessions 9 3 1 1 1 6 21 EBITDA 1H 2011 (€m) 11 0 0 0 3 10 30¹ Average life3 (yrs) 31 31 30 30 20 30 30 Average consumed life3 (yrs) 5 7 5 6 4 5 5 Book value (€m) 1,019 57 54 15 24 206 1,419² Book Book value value as as
Slide 29: Infrastructures: Concessions
Infrastructures: Concessions Book value breakdown By status 18% Under construction 44% Operating 38% Operat. + under €1,419m construction Book value breakdown By country 4% 4% 6% Spain Canada 45% Chile Brazil 41% Mexico €1,419m 1H 2011 Results Presentation 29
Slide 30: Infrastructures: Real Estate
Infrastructures: Real Estate Revenues (€m) EBITDA (€m) Development Rental Assets 13.8% 11.7% 106 Parkings 11% EBITDA margin 19% -41.4% 15 7 -50.5% 62 6 5 16% 13 12 37% 70% -4 -10 47% Jan-Jun 10 Jan-Jun 11 Jan-Jun 10 Jan-Jun 11 Lower revenues and EBITDA in the development business, mainly driven by a
Slide 31: Real Estate: Destocking
Real Estate: Destocking ~67% first residence ~23% international 1,443 -384 1,059 (Units) -132 927 30-Jun-10 Destocking LTM 30-Jun-11 Presales as of June Total 2011 Destocking Destocking on on track track 27% 27% reduction reduction of of housing housing stock stock during during LTM LTM 1H 2011 Resu
Slide 32: Water & Environment Services
Water & Environment Services Water and Environment Services 1H 2011 Results Presentation 32
Slide 33: Water & Environment Services: Key figures
Water & Environment Services: Key figures Revenues (€m) EBITDA (€m) Agua & ES Other 6.0% 21% 6.0% 337 336 EBITDA margin -0.2% 20 +1.1% 20 12% 32% 21% 33% 79% 88% 68% 67% Jan-Jun 10 Jan-Jun 11 Jan-Jun 10 Jan-Jun 11 Jan-Jun 10 Jan-Jun 11 Water & Environment EBITDA up +12% partially explained by the po
Slide 34: Water & Environment Services
Water & Environment Services Agua revenues breakdown International revenues breakdown By geography By geography Spain 55% International 45% €195m €88m Latam (47%) Australia (29%) Italy (13%) Algeria (4%) UK (2%) USA (1%) Portugal (1%) RoW (1%) 1H 2011 Results Presentation 34
Slide 35: Water backlog
Water backlog Backlog breakdown (€m) Internat. backlog breakdown June 2011 By activity By geography 31% 40% Australia (41%) 4,693 +11.1% 4,223 Mexico (23%) Algeria (9%) Venezuela (3%) O&M Italy (3%) 81% 88% D&C USA (2%) International RoW (19%) 19% 12% €1,865m 30-Jun-10 30-Jun-11 Water backlog increa
Slide 36: Services and Other Business
Services and Other Business Services Other Business Logistic & Transport Handling and other Asset Management Media (GPD) Winery logistics 1H 2011 Results Presentation 36
Slide 37: Logistic & Transport Services: Key figures
Logistic & Transport Services: Key figures Revenues (€m) EBITDA (€m) Trasmediterránea Handling Other 2.6% -2.2% 355 EBITDA margin -5.9% 334 17% 17% 17% 9 20% 2 3 -7 4 4 66% 63% -11 -7 Jan-Jun 10 Jan-Jun 11 Jan-Jun 10 Jan-Jun 11 Good performance of handling business Trasmediterránea affected by lower
Slide 38: Other Business: Key figures
Other Business: Key figures Revenues (€m) EBITDA (€m) Bestinver Winery Corp. and other 63 37.5% 42.6% EBITDA margin +20.9% 10% 52 11% 26% 27 30% +37.2% 19 6 28 59% 64% 21 1 1 -3 -2 Jan-Jun 10 Jan-Jun 11 Jan-Jun 10 Jan-Jun 11 Bestinver reached €6.1bn of assets under management and showed a strong per
Slide 39: Other Business: Bestinver
Other Business: Bestinver Evolution of assets under management (€m) +43% 6,124 5,792 5,357 4,806 4,273 30-Jun-10 30-Sep-10 31-Dec-10 31-Mar-11 30-Jun-11 1H 2011 Results Presentation 39
Slide 40: 4. Conclusions
4. Conclusions
Slide 41: Conclusions
Conclusions Sound set of results: EBITDA +19%, net profit +216% Strong Energy EBITDA growth (+23%) Strong growth of international construction backlog (+61%) in strategic countries Execution of asset rotation strategy at attractive valuation and returns 1H 2011 Results Presentation 41
Slide 42: 1H 2011 Results, January - June
1H 2011 RESULTS JANUARY - JUNE 27% July 2011