Acciona Sa · BME:ANA
Acciona Sa — Q1 2019 Earnings Presentation
24 slides from Acciona Sa's earnings presentation, May 2019
Slide 1: Q1 2019 results presentation, 10 May 2019
10* May 2019
Slide 2: Important information and forward-looking statements
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 nine months of 2018 (9M 2018). Therefore it cannot be disclosed or made public by any person or entity with an aim other than the one expres
Slide 3: Start of the year affected by several factors at EBITDA level
Start of the year affected by several factors at EBITDA level - perimeter changes (mainly CSP, ATLL) - weaker generation output in Spain - EPC business — lower volumes in Large Projects and back-end loaded start of new water projects Net Income grows despite lower EBITDA - lower depreciation and fin
Slide 4: Group key figures Q1 2019
Revenues EBITDA EBITDA like-for-like EBT Attributable net profit Total investment ” Net Financial Debt (Total investment includes investments in Property Development inventories. In Q1 2018 it also included amounts reflecting the share buyback programme Q1 2019 (€m) 1,708 292 267 118 73 Q1 2019 (€m)
Slide 5: Total Investment breakdown
Total Investment breakdown (Million Euro) Jan-Mar 19 Jan-Mar 18 Energy Infrastructure 101 7 Civil, Social & Water Infrastructure 38 8 Construction & Industrial 15 6 Concessions 1 6 Water 5 10 Service 7 -2 Other Activities 3 29 Net Investment. 136 13 Property Development 133 30 Share buy-back 0 7 Tot
Slide 6: Group: Net debt evolution
ACCIONA Q1 2019 Results 6 | Group: Net debt evolution {acciona Net debt reconciliation Q1 2019 (€m) | Operating CF: -€90m Net Investment CF: -€270m Financing/Others EBITDA Financial Working Other op. CF Capex RealEstate Derivatives Forex & others Net debt results capital (taxes, min. & inventories M
Slide 7: Group: Net debt & liquidity overview
7 | Group: Net debt & liquidity overview Gross debt - Level l® | ™ Corporate Gross debt - Interest rate m Fixed = Project = Variable Gross debt - Currency Corporate debt Euro ™ Bank Debt = US Dollar ™ Non-Bank Debt ™ Others Average cost of debt Average debt maturity (years) Jan-Mar 2019 Jan-Dec 2018
Slide 8: Energy Infrastructure
ACCIONA Q1 2019 Results 8 | ; Energy Infrastructure {acciona Key figures EBITDA evolution (€m) (Million Euro) Jan-Mar 19 Jan-Mar 18 Chg. Chg. (%) Fan onal 8 output 3 putput 8 Generation Spain 2n 239 -28 -11.6% Opex 6 Ones 3 Generation International 183 151 32 21.2% | 222 Other & Adjustments 150 129
Slide 9: Civil, Social & Water Infrastructure
9 | Civil, Social & Water Infrastructure ACCIONA Q1 2019 Results {acciona Key figures EBITDA evolution (€m) (Million Euro) Jan-Mar 19 Jan-Mar 18 Chg. Chg. (%) 90 Revenues 1,108 1,063 45 4.2% lal EBITDA 63 90 -27 _-30.0% (6) — Margin (%) 5.7% 8.4% (2) 0 63 (19) Q12018 Construction Concessions Water S
Slide 10: Key figures by business line
jacciona Key figures by business line (Million Euro) Construction & Industrial Jan-Mar19 Jan-Mar 18 Chg. Chg. (%) Revenues 781 723 58 8.0% EBITDA 38 44 -6 -13.8% Margin (%) 4.8% 6.0% Concessions Revenues 19 27 7 -27.6% EBITDA 11 13 -2 -17.1% Margin (%) 54.1% 47.3% Water Revenues 123 147 -24 = -16.6%
Slide 11: Property Development
1 Property Development Key figures (Million Euro) Jan-Mar 19 Jan-Mar 18 Chg. Chg. (%) Revenues 47 8 39 514.3% EBITDA -6 -3 -3 93.2% Margin (%) “12.9% -40.9% GAV breakdown - estimated as of March 2019 €922m Commercial 64 Properties 11% Development \ International 858 20% Development Spain 69% Mar 201
Slide 12: Bestinver asset management key figures
jacciona Key figures Key Highlights (Million Euro) Jan-Mar 19 Jan-Mar 18 Chg. Chg. (%) = Lower contribution from Bestinver on lower average Revenues 24 25 -2 _--7.0% AUMs EBITDA 15 Ww 4 sili = Average AUMs during the quarter were €5,912m Margin (%) 64.7% 67.3% relative to €6,171m in Q12018 = AUMs st
Slide 13: Slow start of the year at EBITDA level...
Slow start of the year at EBITDA level... Lower than expected load factors Back-end loaded new infrastructure projects ...but strong growth in the bottom line Still confident on delivering full year guidance
Slide 14: Appendix
ACCIONA Q1 2019 Results Appendix
Slide 15: Long-term contracted assets and infra management contracts
LT CONTRACTED ASSETS 75% & 74% INFRA MANAGEMENT CONTRACTS (2) (1)(2)
Slide 16: ACCIONA: Perimeter and IFRS16 effects
ACCIONA Q1 2019 Results 16 ACCIONA: Perimeter and IFRS16 effects jacciona Revenues 1.708 1.680 28 csP 0 31 -31 Rodovia 0 8 -8 ATLL 22 41 -20 Trasmediterranea 0 90 -90 Total perimeter variations 22 170 -148 IFRS16 (0) (0) (0) Revenues (like for like) 1.686 1.510 176 EBITDA 292 320 -28 csP 0 20 -20 Ro
Slide 17: ACCIONA: Debt maturity breakdown
17) ACCIONA: Debt maturity breakdown ACCIONA Q1 2019 Results {acciona Gross debt maturities (€m) - Q1 2019 Proforma for €675m ESG syndicated loan ECP programme (€675m as of 31 March 19) Stable local investor base Very cost efficient Rolled over continuously Backed by €1.4bn LT unused facility 2019 =
Slide 18: Energy: Installed capacity
ACCIONA Q1 2019 Results 18| Energy: Installed capacity {acciona Spain 5.681 4.456 593 5.036 Wind 4.740 3.516 593 4.098 Hydro 876 876 0 876 Solar PV 3 3 0 3 Biomass 61 61 0 59 Internacional 4.010 3.171 358 2.633 Wind 2.911 2.709 48 1.951 csP 64 64 0 43 Solar PV 1.035 398 310 639
Slide 19: Energy: Equity-accounted generation capacity
ACCIONA Q1 2019 Results 19| Energy: Equity-accounted generation capacity {acciona Wind Spain 593 396 19 126 2005 Wind International 48 29 2 -2 2005 Australia 32 18 1 -1 2005 Hungary 12 8 1 0 2006 USA 4 3 0 0 2003 Solar PV 310 14 6 71 2017 (1) Average COD weighted per MW
Slide 20: Energy: Q1 2019 installations and WIP
20| Energy: Q1 2019 installations and WIP MW added and under construction Wind Chile San Gabriel PV Ukraine Dymerka Wind USA Palmas Altas PV Egypt Benban" PV Chile Almeyda PV Chile Usya Wind Chile Tolpan Wind Mexico San Carlos Wind Australia Mortlake Pv Ukraine Gudzovka PV Ukraine Arcyz Wind USA Cha
Slide 21: Wind prices and load factors
Wind prices” (€/MWh) and Load factors (%) () Prices for consolidated MWs (2) Prices include regulatory incentive and any adjustments due to the application of the banding mechanism Spain Average Spain - Regulated Spain - Not regulated Q12019 Av. price (€/MWh) 75.9 86.7 55.4 59.2 27.6 51.8 65.6 108.5
Slide 22: Energy: Other technologies drivers by country
ACCIONA Q1 2019 Results 22| Energy: Other technologies drivers by country jacciona Other technologies (€/MWh) and Load factors (%) EE Spain 61.4 16.9% 52.7 25.8% 16.4% eC <m Spain 148.1 82.7% 139.3 82.1% 6.3% pe = USA 175.2 11.1% 160.2 8.3% 9.4% Le = South Africa 157.1 29.9% 163.5 26.6% -3.9%
Slide 23: Infrastructure: Concessions
ACCIONA Q1 2019 Results 23| Infrastructure: Concessions # of concessions Proportional EBITDA Q12019 (€m) Consolidated EBITDA Q12019 (€m) Average life (yrs) Average consumed life (yrs) Invested capital’ (€m) By region OROKOIORORS Pons oa | con [one | ont | vow Tt 7 2 1 1 5 52 68 14 2 (0) (0) 8 10 32
Slide 24: 10 May 2019
10* May 2019