Acciona Sa · BME:ANA
Acciona Sa — Investor Presentation (February 2011)
9 slides from Acciona Sa's investor presentation, February 2011
Slide 1: Pioneers in development and sustainability
acciona Pioneers in development and sustainability February 2011
Slide 2: Current hot topics
Current hot topics 1) Impact of austerity program – cut in infrastructure investment Related to external 2) Spanish wind and CSP R.D. factors 3) Spanish electricity prices 4) MW under construction / Capex targets ACCIONA 5) Asset rotation related 6) Refinancing process of €1.5 bridge loan 2
Slide 3: Impact of austerity program
1 Impact of austerity program €5.7bn Impact on ACCIONA €5.7bn cuts cuts in in infrastructure infrastructure spending spending over over 2010 2010 and and 2011 2011 5 public works cancelled Æ €257m Impact on 1-3 year delay in works worth €560m ACCIONA Negotiations of legal compensation PPP pl
Slide 4: Spanish wind and CSP R.D.
Spanish wind and CSP R.D. 2 Key aspects On On December, December, the the Ministry Ministry of of Industry Industry made made fully fully into into law law the the agreement agreement reached reached with with the the wind wind and and CSP CSP sector sector The R.D. includes short-term measures th
Slide 5: Spanish electricity prices
3 Spanish electricity prices Pool prices evolution (€/MWh) Impact on ACCIONA (€/MWh) Exceptionally low pool prices during 1Q10 Æ ~80% MW in Spain under RD 436 → Strong recovery in 2H10 significant upside to higher pool price Rising electricity demand (+3.2% in 2010) Strategy Hedging→ forward s
Slide 6: Renewables capacity expansion
Renewables capacity expansion 4 MW under construction MW under construction @ Sep 2010 BIOFUELS Wind Hydro Biomass¹ SPV CSP¹ Total SPAIN SPAIN 35MW - 16MW - 150MW 201MW INTERNATIONAL INTERNA. 403MW - - - 403MW 604MW 604MW under under construction construction 100% Wind Wind equivalent: attributable~
Slide 7: Asset rotation
5 Asset rotation In 2010 ACCIONA has sold 4 Real Estate properties for a total of Real Estate €123m Location Sq m² €m Madrid 37,200 51.3 rental assets 3 offices buildings in Madrid Madrid 17,546 45.5 Warsaw 82,455 8.3 1 development site in Warsaw Madrid 3,485 18.4 Considering disposal of mat
Slide 8: Bridge loan refinancing
6 Bridge loan refinancing Starting point Process timing €1.5bn bridge loan maturing June 2011 Technical due diligence - wind and hydro Raised to fund acquisition of 2,079MW resource evaluation completed (wind + hydro) free of debt for €2.9bn Refinancing execution expected by 1Q2011 Assets to
Slide 9: Pioneers in development and sustainability
acciona Pioneers in development and sustainability February 2011