Acciona Sa · BME:ANA
Acciona Sa — H1 2015 Earnings Presentation
21 slides from Acciona Sa's earnings presentation, Jun 29, 2015
Slide 1: H1 2015 January-June
H1 2015 JANUARY - JUNE 29th June 2015
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 half of 2015 (H1 2015). Therefore it cannot be disclosed or made public by any person or entity with an aim other than the one expre
Slide 3: Table of contents
Table of contents 1. H1 2015 key highlights 2. Group financial information 3. Energy 4. Infrastructure 5. Other activities 6. Closing remarks Appendix #ACCIONA1H15 H1 2015 3
Slide 4: H1 2015 key figures
H1 2015 key figures (€m) % Chg. Revenues 3,304 9.9% EBITDA 573 21.4% EBIT 313 23.5% Ordinary EBT 153 183.2% Ordinary capex 99 -48.2% NFD (vs Dec 14) 5,153 -2.7% #ACCIONA1H15 H1 2015 4
Slide 5: Group: Capex by division
Group: Capex by division Capex breakdown By division Key highlights (€m) Capex Ordinary capex down 48% vs H1 2014 Jan-Jun 14 Jan-Jun 15 levels Energy 188 65 Energy captures most of the investment Infrastructure 21 30 effort (66%): Construction 10 11 - 93MW of wind installed in South Water 5 13 Afric
Slide 6: Group: Debt breakdown by division and nature
Group: Debt breakdown by division and nature Group debt breakdown 31-Dec-14 30-Jun-15 Gross debt - Nature Non- Recourse Gross Cash + (€m) Net debt recourse Net debt debt debt C. Equiv. Recourse debt Energy 4,653 1,306 4,050 5,356 -814 4,542 Non-recourse Infrastructure 252 477 523 999 -682 317 Constr
Slide 7: Group: Recourse debt & liquidity
Group: Recourse debt & liquidity Recourse debt: €2,326m Recourse debt amortization schedule (€m) Recourse debt (€m) 30-Jun-15 Convertible Bank debt 807 bond¹ Commerc ial paper programme 369 309 Bonds 292 Convertible bond 309 Other (ECAs, Supranationals) 549 Capital markets 1,519 Average life 2.72 ye
Slide 8: Group: Non-recourse debt amortization schedule
Group: Non-recourse debt amortization schedule Group: Debt amortization Principal schedule repayment schedule 2015-2024 (€m) 367 336 6 298 309 39 290 9 32 10 29 11 31 27 27 123 104 184 88 77 80 39 14 46 199 171 179 191 165 84 2015 2016 2017 2018 2019 Average 2020-24 #ACCIONA1H15 H1 2015 8
Slide 9: Group: Net debt evolution
Group: Net debt evolution Net debt reconciliation H1 2015 (€m) -€141m (-3%) 509 466 182 395 4,319 4,576 -€242m +€45m +€56m Operating CF Investment CF Financing CF Extraordinary divestments & Others Debt associated to work in progress Derivatives #ACCIONA1H15 H1 2015 9
Slide 10: Energy: Key figures
Energy: Key figures Key figures EBITDA evolution (€m) (Million Euro) Jan-Jun 14 Jan-Jun 15 Chg. Chg. (%) Revenues 980 1,460 480 48.9% EBITDA 363 472 108 29.9% Margin (%) 37.0% 32.3% Capacity Production Industrial & Develop. Consolidated installed capacity exceeds Consolidated production flat vs H1 2
Slide 11: Energy: Installed capacity and under construction
Energy: Installed capacity and under construction Installed MW + Under construction MW @ H1 2015 Installed MW Under constr. MW Total Consolidated Eq accounted Net Consolidated Wind Spain 4,743 3,466 619 4,074 0 Wind Under construction Wind international 2,437 2,195 49 1,443 30 Conventional Hydro 640
Slide 12: Energy: ACCIONA Windpower
Energy: ACCIONA Windpower Key figures Backlog evolution (MW) 423 -560 (Million Euro) Jan-Jun 14 Jan-Jun 15 Chg. Chg. (%) 1,093 -526 Revenues 210 561 351 167.1% 956 -34 EBITDA -5 45 49 n.m. 1,047 3rd parties & EPC 944 Group Margin (%) -2.2% 8.0% 46 12 Backlog Awarded Installed Backlog Dec 2014 Jun 20
Slide 13: Construction: Key figures and backlog
Construction: Key figures and backlog Key figures Construction backlog H1 2015 (Million Euro) Jan-Jun 14 Jan-Jun 15 Chg. Chg. (%) International 68% Revenues 1,186 1,084 -101 -8.5% EBITDA 45 46 0 1.0% Spain 32% Margin (%) 3.8% 4.2% €5,732m International backlog H1 2015 Key highlights By region EBITDA
Slide 14: Infrastructure: Concessions
Infrastructure: Concessions Road Rail Canal Port Hospital Water TOTAL # of concessions 12 2 1 1 6 54 76 Proportional EBITDA H1 2015 (€m) 31 1 1 0 14 36 82 Consolidated EBITDA H1 2015 (€m) 16 0 0 0 8 10 33 Average life (yrs) 33 35 30 30 28 n.m. n.m. Average consumed life (yrs) 9 6 9 10 6 n.m. n.m. In
Slide 15: Water and Service
Water and Service Water: key figures Service: key figures (Million Euro) Jan-Jun 14 Jan-Jun 15 Chg. Chg. (%) (€m) ene-jun 14 ene-jun 15 Var. Var. (%) Revenues 214 187 -27 -12.5% Ingresos 335 352 16 4.9% EBITDA 11 13 1 13.3% EBITDA 9 11 1 15.0% Margin (%) 5.2% 6.8% Margen (%) 2.7% 3.0% Key highlights
Slide 16: Other activities
Other activities Other activities: key figures Key highlights (Million Euro) Jan-Jun 14 Jan-Jun 15 Chg. Chg. (%) Trasmediterranea: Trasmediterranea’s revenues up 1.1% to €187m Revenues 339 278 -61 -18.1% EBITDA increases €7m mainly due to higher EBITDA 42 32 -10 -23.6% volumes, lower fuel cost in th
Slide 17: Closing remarks
Closing remarks Strong H1 2015 results … Group revenues €3,304m (+10%) Group EBITDA €573m (+21%) Group EBT €153m (+71%) … on the back of a strong performance of the Energy business Revenues €1,460m (+49%) and EBITDA €472m (+30%) … based on growth of international generation + significant improvement
Slide 18: Appendix
Appendix
Slide 19: Energy: Capacity under the accounting equity method
Energy: Capacity under the accounting equity method Detail of capacity accounted under the equity method H1 2015 (proportional figures) 30-Jun-15 MW GWh EBITDA NFD Average COD Wind Spain 619 806 32 233 2005 Wind International 49 60 3 12 2005 Australia 33 39 2 8 2005 Hungary 12 15 1 4 2006 USA 4 7 0
Slide 20: Energy: Wind drivers by country
Energy: Wind drivers by country Wind prices (€/MWh) and Load factors (%) H1 2015 H1 2014 Chg. (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) Spain Average 60.7 28.1% 46.5 27.8% 30.5% Spain - Regulated 70.2 55.2 Spain - Not regulated 42.3 28.0 Canada 56.0 32.2% 53.1 35.0% 5.5
Slide 21: H1 2015 January-June
H1 2015 JANUARY - JUNE 29th June 2015