Acciona Sa · BME:ANA
Acciona Sa — H1 2016 Earnings Presentation
23 slides from Acciona Sa's earnings presentation, Jul 29, 2016
Slide 1: 29 July 2016
29t July 2016
Slide 2: Disclaimer
| Disclaimer jacciona 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 2016 (H1 2016). Therefore it cannot be disclosed or made public by any person or entity with an aim other than th
Slide 3: Table of contents
| Table of contents 1. H12016 key highlights 2. Group financial information 3. Energy 4. Infrastructure 5. Other activities 6. Closing remarks Appendix
Slide 4: H1 2016 key figures
| H1 2016 key figures % Chg. (€m) vs H1 2015 Revenues 2,/64 -16.3% EBITDA 525 -8.4% Ordinary EBIT 252 -20.0% Total EBIT 868 175.4% Ordinary EBT 87 -43.2% Total EBT 587 283.4% Ordinary capex 527 VS. 98 (H1 2015) NFD 5,452 5.7% (Dec. 2015)
Slide 5: H1 2016 key figures: extraordinary effects at EBT
| H1 2016 key figures Breakdown of €500m extraordinary effects at EBT Positive effects +€710m Negative effects -€210m = Capital gain associated to AWP-Nordex deal > +€657m = Other positive effects > €53m — Capital gain associated to the acquisition of a 37% of ATLL to BTG Pactual — Unwinding of a pr
Slide 6: Group: Capex by division
| Group: Capex by division Capex breakdown Key highlights (€m) Capex ™ Strong H1 capex due to the significant investment in the Jan-Jun 15 Jan-Jun 16 Energy division during the period... EnETEY oe) 284 — Capacity installed in H1 2016: 103MW of PV in Chile and 3MW of wind in US Infrastructure 30 183
Slide 7: Group: Debt breakdown by division and nature
| Group: Debt breakdown by division and nature 31-Dec-15 30-Jun-16 Non- Cash + (€m) Net debt Recourse debt recourse Gross debt . Net debt C. Equiv. debt Energy 4,295 1,965 2,845 4,810 -470 4,340 Infrastructure 162 725 502 1227 -880 348 Construction 136 532 380 912 -663 249 Water 7 154 15 269 -200 70
Slide 8: Group: Recourse debt & liquidity
| Group: Recourse debt & liquidity Debt with recourse: €3,755m Debt with recourse (€m) 30-Jun-16 : Averg. matur. Undrawn i Bank debt 2,633 eeensnsnsnenaninninianananad —eutnanantnnnneneneseued — fe See ck aa all Commercial paper programme 297 Bonds 281 Convertible bond 318 300% ” ab Other (ECAs, Sup
Slide 9: Group: Recourse debt & liquidity
| Group: Recourse debt & liquidity Maturity profile of debt with recourse (€3,755m) 59 jog 314 0 162 oh 149 iB 2016 2017 2018 Credit lines mLoans ECP MEMTN 1,327 1,354 63 318 133 739 763 552 113 2019 > 2020 Convertible
Slide 10: Group: Refinancing transactions
| Group: Refinancing transactions Gacciona ACCIONA has conducted three key refinancing transactions aiming to reduce the average cost of debt and increase flexibility vy Estimated annualized financial cost savings of ~€50m from 2017 vy Extraordinary derivatives breakage costs accounted in H1 2016 v_
Slide 11: Group: Non-recourse debt amortization schedule
ACCIONA H1 Results presentation vi| Group: Non-recourse debt amortization schedule Gacciona Principal repayment schedule 2016-2025 (€m) 2/6 240 — =a i 48 2016 2017 2018 2019 2020 Average 2021-25 m Energy Spain Energy International Mlnfrastructure ™® Other Activities
Slide 12: Group: Net debt evolution
| Group: Net debt evolution Net debt reconciliation H1 2016 (€m) 157 109 oe 183 5S a -525 Investment CF Financing/Others CF Net debt EBITDA Financialresults Working Other Net ordinary Other Treasury shares Derivatives Forex Perimeter Net debt Dec 2015 capital operating CF Capex investment CF changes
Slide 13: Energy: Key figures
| Energy: Key figures jacciona Key figures EBITDA evolution (€m) (Million Euro) Jan-Jun15 Jan-Jun16 Chg. Chg. (%) 472 Revenues 1,460 952 -508 -34.8% —_ — 368 EBITDA 472 368 -103 -219% Margin (%) 32.3% 38.7% = AWP deconsolidated as of 15 April 2016 Capacity H1 2015 EBITDA Non-Generation & H1 2016 EBI
Slide 14: Energy: H1 2016 installations and WIP
ACCIONA H1 Results presentation 14{ Energy: H1 2016 installations and WIP jacciona Under construction MW Biggest PV plant in Latin America 247MWp PV plant of which over 200MW are expected to be Solar PV Chile Romero Solar 247* 103 144 H12017 _ installed in 2016.Will contribute to cover part of the 6
Slide 15: Construction: Key figures and backlog
| Construction: Key figures and backlog Construction backlog H1 2016 (€m) Key figures (Million Euro) Jan-Jun15 Jan-Jun16 Chg. Chg. (%) Revenues 1,085 925 -161 14.8% EBITDA 46 51 5 107% Margin (%) 4.2% 5.5% Key highlights © Spain22% \ 78% International backlog H1 2016 by region / International / = Re
Slide 16: Infrastructure: Concessions
| Infrastructure: Concessions # of concessions 13 2 1 1 Proportional EBITDA H1 2016 (€m) 33 1 1 (0) Consolidated EBITDA H12016 (€m) 21 0 0 0 Average life (yrs) 33 30 30 30 Average consumed life (yrs) 9 5 10 " Invested capital’ (€m) 959 51 80 18 By degree of construction By region 3% 1% 3% 21%, 27% 9
Slide 17: Water and Service
Water and Service jacciona Water: key figures Service: key figures (Million Euro) Jan-Jun15 Jan-Jun16 Chg. Chg. (%) (Million Euro) Jan-Jun15 Jan-Jun16 Chg. Chg. (%) Revenues 187 331 144 77.2% Revenues 352 327 -25 -7.0% EBITDA 13 56 43 343.7% EBITDA 1 nN 0 -0.3% Margin (%) 6.8% 16.9% Margin (%) 3.0%
Slide 18: Other activities
| Other activities Other activities: key figures Key figures (Million Euro) Jan-Jun15 Jan-Jun16 Chg. Chg. (%) Revenues 278 288 10 3.6% EBITDA 32 40 8 25.8% Margin (%) 11.5% 13.9% Other activities: EBITDA breakdown (Million Euro) — Jan-Jun15 = Jan-Jun16 = Chg. Chg. (%) Trasmediterranea 2 14 12 nm. Re
Slide 19: Closing remarks
| Closing remarks facciona Positive performance of all businesses except Energy which was affected by low pool prices in Spain EBT growth on the back of AWP-Nordex merger capital gain Strong H1 capex due to Energy investment in the new capacity under construction and one-off acquisitions in the peri
Slide 20: Appendix
Appendix
Slide 21: Energy: Equity-accounted generation capacity
ACCIONA H1 Results presentation 21| Energy: Equity-accounted generation capacity Gacciona Detail of capacity accounted under the equity method Wind Spain 619 811 20 231 2005 Wind International 48 58 3 8 2005 Australia 32 38 1 5 2005 Hungary 12 13 1 3 2006 USA 4 7 0 0 2003 Solar PV 30 28 10 81 2008 N
Slide 22: Energy: Wind drivers by country
| Energy: Wind drivers by country Wind prices (€/MWh) and Load factors (%) H12016 Av. price (€/MWh) Spain Average 49.6" Spain - Regulated 60.7* Spain - Not regulated 27.1 Canada 55.0 usa™* 29.1 India 52.4 Mexico 66.9 Costa Rica 103.7 Australia 75.0 Greece 84.5 Poland 78.4 Croatia 105.2 Portugal 106.
Slide 23: 29 July 2016
29t July 2016