Acciona Sa · BME:ANA
Acciona Sa — Q1 2012 Earnings Presentation
25 slides from Acciona Sa's earnings presentation, May 11, 2012
Slide 1: Q1 2012 January - March
Q1 2012 JANUARY - MARCH 11 May 2012
Slide 2: Disclaimer
Disclaimer This document has been prepared by ACCIONA, S.A. (“ACCIONA” or the “Company”) exclusively for use during the presentation of financial results of the of the first quarter 2012 (Q1 2012). Therefore it cannot be disclosed or made public by any person or entity with an aim other than the one
Slide 3: Table of contents
Table of contents 1. Q1 2012 key highlights 2. Group financial information 3. Core divisions - financial information 4. Other businesses - financial information 5. Conclusions Q1 2012 Results Presentation 3
Slide 4: 1. Q1 2012 key highlights
1. Q1 2012 key highlights
Slide 5: Q1 2012 key highlights
Q1 2012 key highlights Revenues up +9.5%, boosted by strong growth of core businesses: Energy +17.8% Infrastructures +7.2% Water and ES +5.1% EBITDA up +6.5%, fuelled by 11.5% ACCIONA Energy growth NFD up +4% to ~€7.3bn vs Dec. 2011 on capex and seasonal WC needs 2012 AGM on 24th May 2012: Proposal
Slide 6: 2. Group financial information
2. Group financial information
Slide 7: P&L: Key figures
P&L: Key figures Jan-Mar 11 Jan-Mar 12 Chg. Chg. €m €m €m (%) Revenues 1,453 1,591 138 9.5% EBITDA 308 328 20 6.5% D&A and provisions (157) (175) (18) 11.5% Results on impairment / reversal of assets (5) (3) 2 -43.5% Results on non current assets disposals or 12 0 (11) n.m. held for sale assets val.
Slide 8: Capex by division
Capex by division Capex breakdown Key highlights By division (€m) Capex Jan-Mar 11 Jan-Mar 12 Strict criteria applied to investment Energy 180 64 decisions Core areas capture most of Q1 2012 Infrastructures 47 71 capex: Real Estate 1 0 − Infrastructures: capex diversified in concessions works e.g. C
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-11 31-Mar-12 of Total 33% Energy 6,173 6,172 85% Recourse Infrastructures -232 -112 -2% 67% Non recourse Real Estate 651 661 9% Water & Environment 124 171 2% Logistic
Slide 10: Debt amortization schedule
Debt amortization schedule Principal repayment schedule (€m)¹ +12 months +24 months +36 months +48 months No major refinancing events Undrawn corporate credit lines of €1.4bn + cash of €1.9bn ¹Excludes bilateral credit policies, project bridge financing (mostly energy) and real estate development lo
Slide 11: 3. Core divisions - financial information
3. Core divisions - financial information
Slide 12: Energy: Key figures
Energy: Key figures Key figures Key highlights Production up 13.1%: increased capacity (+591MW), higher international wind load factors, partially offset by (Million Euro) Jan-Mar 11 Jan-Mar 12 Chg. Chg. (%) lower hydro and wind load factors in Spain Revenues 427 503 76 17.8% Pool prices up 13.0% vs
Slide 13: Energy: Installed capacity and under construction
Energy: Installed capacity and under construction Installed MW @ Mar 2012 MW under construction @ Mar 2012 MW (Total) Spain Internat. Total MW (Total) Spain Internat. Total Wind 4,637 2,283 6,921 Wind 102 133 235 Conventional Hydro 680 - 680 Conventional Hydro - - - Hydro special regime 232 - 232 Hy
Slide 14: Energy: Spanish pool price
Energy: Spanish pool price €MWh €53.3MWh (+5%) €51.7MWh Quarterly forward 2012 Pool FY2011 : €50.3 Quarterly av. pool 2012 Pool Q1 2012: €52.2 Q1 2012 Q2 2012 MW¹ 618 610 GWh 1,349 1,332 €/MWh 53.3 51.7 % Var vs Pool price² 5% - % Saleable energy³ 66% 63% 1Assuming load base (100% load factor) 2Quar
Slide 15: Infrastructures: Key figures
Infrastructures: Key figures Key figures Construction backlog (€m) Chg. vs. (%) (Million Euro) Jan-Mar 11 Jan-Mar 12 Chg. Chg. (%) (€m) 31-Mar-11 31-Mar-12 31-Mar-11 Civil works (Spain) 3,003 2,563 -15% Revenues 718 769 51 7.2% Civil works (Internat.) 2,444 2,754 13% EBITDA 40 39 -1 -2.6% Total Civi
Slide 16: Infrastructures: Construction backlog
Infrastructures: Construction backlog Construction backlog March 2012 Construction backlog March 2012 By work type International Civil works 76% 48% (vs 41% in Q1 11) Non residential 15% Residential 3% ANA Development 0% Spain 52% Other¹ 6% €6,975m €6,975m International backlog March 2012 Spanish ba
Slide 17: Infrastructures: Concessions
Infrastructures: Concessions Road Rail Canal Port Univer. Hospital Total # of c oncessions 10 3 1 1 1 6 22 EBITDA Q1 2012 (€m) 6 0 0 0 2 7 13¹ 3 Average life (yrs) 32 32 30 30 20 30 31 3 Average c onsumed life (yrs) 5 6 6 7 5 6 6 Equity: €325 Invested capital (€m) 1,165 69 63 16 21 237 1,554² Net de
Slide 18: Water & Environment Services: Key figures
Water & Environment Services: Key figures Divisional key figures Water business (Million Euro) Jan-Mar 11 Jan-Mar 12 Chg. Chg. (%) (Million Euro) Jan-Mar 11 Jan-Mar 12 Chg. Chg. (%) Revenues 153 161 8 5.1% Revenues 85 89 4 4.7% EBITDA 8 9 1 14.1% EBITDA 6 8 1 19.7% Margin (%) 5.3% 5.8% Margin (%) 7.
Slide 19: Water backlog breakdown
Water backlog breakdown Backlog breakdown (€m) Internat. backlog breakdown March 2012 By activity By geography 40% 36% 4,785 4,815 +0.6% O&M and services 87% D&C 85% International €1,753m 13% 15% 31-Mar-11 31-Mar-12 Water backlog slightly up to €4,815m in March 2012 vs €4,785m in March 2011 Q1 2012
Slide 20: 4. Other businesses - financial information
4. Other businesses - financial information
Slide 21: Infrastructures: Real Estate
Infrastructures: Real Estate Key figures LTM destocking (units) ~ 61% first residence (Million Euro) Jan-Mar 11 Jan-Mar 12 Chg. Chg. (%) ~ 25% international Revenues 28 14 -14 -50.3% EBITDA 5 0 -5 n.m. Margin (%) 16.3% -2.0% Key highlights Q1 2012 results explained by: − Promotion activity, which wa
Slide 22: Services and Other Business: Key figures
Services and Other Business: Key figures Logistics & transport services TRASMEDITERRÁNEA affected by: − Fuel cost per mile sailed +11% − Occupancy rate: (Million Euro) Jan-Mar 11 Jan-Mar 12 Chg. Chg. (%) • Passenger: +2.9% • Vehicle: +4.6% Revenues 149 150 1 0.6% • Linear meter: +4.7% Restructuring
Slide 23: 5. Conclusions
5. Conclusions
Slide 24: Conclusions
Conclusions Revenues +9.5%, boosted by strong growth in core business areas EBITDA up + 6.5%, fuelled by ACCIONA Energy 11.5% increase Capex: €132m and DFN ~ €7.3bn (+4% vs Dec. 2011) Focused in global growth in the three core activities: Energy, Infrastructures and Water Q1 2012 Results Presentatio
Slide 25: Q1 2012 January - March
Q1 2012 JANUARY - MARCH 11 May 2012