Acciona Sa · BME:ANA
Acciona Sa — 9M 2013 Earnings Presentation
23 slides from Acciona Sa's earnings presentation, Nov 12, 2013
Slide 1: Juan Muro-Lara, Chief Corporate Development and IR Officer
Juan Muro-Lara Chief Corporate Development and IR Officer 12th November 2013
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 for the first nine months of 2013 (9M 2013). Therefore it cannot be disclosed or made public by any person or entity with an aim other than the on
Slide 3: Table of contents
Table of contents 1. Update on the electricity sector reform 2. 9M 2013 key highlights 3. Group financial information 4. Conclusions 9M 2013 Results Presentation 3
Slide 4: 1. Update on the electricity sector reform
1. Update on the electricity sector reform
Slide 5: Update on the electricity sector reform (i)
Update on the electricity sector reform (i) Regulatory visibility to improve towards year-end: it is expected that the Electricity Sector Act and the new framework for renewables (in the form of a Royal Decree) will be approved before year-end A Ministerial Order containing the standards and the out
Slide 6: Update on the electricity sector reform (ii)
Update on the electricity sector reform (ii) Not possible to indicate a range of outcomes: providing a reasonable range of potential impacts for ACCIONA remains impractical and imprudent 9M 2013 figures contain no adjustment for new regulation since 14 July given impossibility of a reliable calculat
Slide 7: 2. 9M 2013 key highlights
2. 9M 2013 key highlights
Slide 8: 9M 2013 key highlights
9M 2013 key highlights (€m) % Chg. Revenues 4,951 -4.2% EBITDA 964 -7.3% EBT 82 -51.5% Ordinary capex 310 -48% NFD (vs Dec 12) 7,373 -1.5% Construction backlog 5,917 -18% Water backlog: D&C¹ 548 -9% O&M² 10,522 +153% 1 Design and Construction 2 Operation and Maintenance services 9M 2013 Results Pres
Slide 9: 3. Group financial information
3. Group financial information
Slide 10: P&L: Key figures
P&L: Key figures Jan-Sep 12 Jan-Sep 13 Chg. Chg. €m €m €m % Revenues 5,165 4,951 -215 -4.2% EBITDA 1,040 964 -76 -7.3% D&A and provisions -527 -584 -57 10.7% Results on impairment / reversal of assets -15 1 16 n.m. Results on non current assets disposals and 11 36 25 n.m. other gains and losses EBIT
Slide 11: Capex by division
Capex by division Capex breakdown Key highlights By division (€m) Capex Significant 48% ordinary capex Jan-Sep 12 Jan-Sep 13 reduction to €310m Energy 322 166 Core areas capture most of 9M 2013 Infrastructure 259 147 capex: Water 14 25 − Infrastructure: Capex down by 43%. Diversified in various Serv
Slide 12: 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 30-Sep-13 34% Non recourse Energy 6,086 5,578 66% Recourse Infrastructure 225 454 Water 77 107 Service 42 29 €8,985m Other Activities 1,052 1,205 (Million Euro) 30-Sep
Slide 13: Net debt evolution
Net debt evolution Net debt reconciliation 9M 2013 (€m) Debt associated 727 402 to work in progress 425 Derivatives 577 6,178 6,546 Debt associated to Derivatives work in progress 9M 2013 Results Presentation 13
Slide 14: Debt amortization schedule
Debt amortization schedule Principal repayment schedule 2013-2017 (€m)¹ Undrawn corporate credit lines of €0.8bn ¹ Excludes bilateral credit policies, project bridge financing and real estate development loans Note: Repayment schedule during the period to December 2017 9M 2013 Results Presentation 1
Slide 15: Energy: Key figures
Energy: Key figures Key figures Key highlights Attributable production up 12%: increased capacity in (Million Euro) Jan-Sep 12 Jan-Sep 13 Chg. Chg. (%) LTM (+105MW) and higher national wind and hydro load factors vs. 9M 2012, partially offset by lower Revenues 1,590 1,627 37 2.3% solar and internati
Slide 16: Energy: Installed capacity and under construction
Energy: Installed capacity and under construction Installed MW @ Sept 2013 9M 2013 Attributable production Wind Spain 6.8TWh +7% MW (Total) Spain Internat. Total Wind Inter. 4.5TWh +0.3% Wind 4,743 2,416 7,159 Hydro 2.4TWh +87% Conventional Hydro 681 - 681 Solar 0.5TWh -8% Hydro special regime 231 -
Slide 17: Infrastructure: Key figures and backlog
Infrastructure: Key figures and backlog Key figures Construction backlog Sept 2013 (Million Euro) Jan-Sep 12 Jan-Sep 13 Chg. Chg. (%) International 52% Revenues 2,415 2,048 -367 -15.2% Spain EBITDA 123 100 -23 -18.8% 48% Margin (%) 5.1% 4.9% €5,917m International backlog Sept 2013 Key highlights By
Slide 18: Infrastructure: Concessions
Infrastructure: Concessions Road Rail Canal Port Hospital Total # of concessions 12 3 1 1 5 22 EBITDA 9M 2013 (€m) 26 0 2 0 14 38¹ 3 Average life (yrs) 33 32 30 30 30 33 Average consumed life (yrs) 3 6 7 7 8 6 6 Equity: €416m Invested capital (€m) 1,360 72 62 17 212 1,799² Net debt4: €1,383m Canada
Slide 19: Water
Water key figures Water backlog (€m) (Million Euro) Jan-Sep 12 Jan-Sep 13 Chg. Chg. (%) Revenues 342 415 73 21.4% (€548m) D&C¹ EBITDA 25 31 6 25.4% Margin (%) 7.2% 7.4% Spain (12%) International (88%) Key highlights Water revenues and EBITDA up 21.4% and 25.4% respectively helped both by D&C and O&M
Slide 20: Service and Other Activities
Service and Other Activities Service: key figures Key highlights (Million Euro) Jan-Sep 12 Jan-Sep 13 Chg. Chg. (%) ACCIONA Service includes: facility services, airport handling, waste management, logistic Revenues 442 473 30 6.9% services and other Revenues up ~7% to €473m mainly helped by EBITDA 1
Slide 21: 4. Conclusions
4. Conclusions
Slide 22: Conclusions
Conclusions Results negatively impacted by Law 15/2012 and RD-L 2/2013 energy regulatory changes €137m 9M 2013 results do not reflect major impact from RD-L 9/2013 Impact of the new renewables regulation continue to be neither possible nor prudent to estimate Significant capex reduction Ordinary cap
Slide 23: Juan Muro-Lara, Chief Corporate Development and IR Officer
Juan Muro-Lara Chief Corporate Development and IR Officer 12th November 2013