Abengoa SA · OTC:AGOAF
Abengoa SA — Investor Presentation (October 2009)
96 slides from Abengoa SA's investor presentation, Oct 6, 2009
Slide 1: Investors Relations 2009
ABENGOA With the sun … we produce thermoelectric and photovoltaic electric energy Innovative solutions for sustainability Investors Relations 2009 With biomass … we produce ecological biofuels and animal feed With waste … we produce new materials through recycling, and we treat and desalinate water
Slide 2: Forward-Looking Statement
ABENGOA Forward-Looking Statement This presentation contains forward-looking statements and information relating to Abengoa that are based on the beliefs of its management as well as assumptions made and information currently available to Abengoa. Such statements reflect the current views of Abe
Slide 3: Contents
ABENGOA Contents 1 About Abengoa Solar Bioenergy Environmental Services Information Technologies Industrial Engineering and Construction 2 Update on key projects and management 3 Annex: 1H ’09 results 3
Slide 4: About Abengoa
About Abengoa ABENGOA
Slide 5: Our Organization
About Abengoa ABENGOA Our Organization Abengoa is a technology company that applies innovative solutions for sustainability in the infrastructure, environmental and energy sectors. ABENGOA Corporate Area Focus- Abengoa Abengoa Befesa Telvent Abeinsa Abengoa Solar Bioenergy Foundation Business Units
Slide 6: Our Businesses
About Abengoa ABENGOA Our Businesses ABENGOA SOLAR ABENGOA BIOENERGY BEFESA TELVENT ABEINSA International leader Only bioethanol International leader International leader Leader in Spain an in solar power plants producer on the on industrial waste in IT for the energy, Latin America in three key tre
Slide 7: The Strength of Our Business
About Abengoa ABENGOA The Strength of Our Business We have a balanced a portfolio of business, and the markets in which we operate, associated with sustainability, will continue to grow in most geographical locations Future Options Growth Cash-Flow Generation Solar (new technologies) Bioenergy (
Slide 8: The Strength of Our Business
About Abengoa ABENGOA The Strength of Our Business Abengoa combines business areas and geographies with a low degree of correlation risk, which enables us to maintain a low volatility profile Solar Recurrent business 46% Water and desalination plants areas Electric assets, either company-owned or
Slide 9: Financials 1998-2008
About Abengoa ABENGOA Financials 1998 1998--2008 2008 Sustained growth and return Revenues (M€) Operating Cash Flow (M€) 2007 2007--2008 2008 3,769 3,769 627 627 3,215 452 % % 20 27 GR: GR: CA CA 9% +3 7% +1 601 59 1998 2008 2007 2008 1998 2008 2007 2008 Net Profit (M€) Earnings per share (€) 140 14
Slide 10: Backlog
ABENGOA Backlog Order Order book book covers covers 19 19 months months of of sales sales in in contracting contracting activities activities Portfolio % over Business Units Sep. 2009 Dec.08 (*) Industrial Engineering & Construction 4.083 + 30% 21 months (**) Environmental Services 399 - 26% 14 mont
Slide 11: Abengoa Financing Strategy
About Abengoa ABENGOA Abengoa Financing Strategy Current financing model has served to finance growth in an ordered manner. Use of two sources of financing to ensure availability of sufficient funds to meet financial commitments: Non-recourse debt (NR): used to finance significant investments. C
Slide 12: Cash and Debt Split per Division
About Abengoa ABENGOA Cash and Debt Split per Division Cash and debt distribution per division (2008) (M€) Solar Bio Env. Serv. Inf. Techn. Eng. Constr. Total Gross corporate debt* 109 1.348 160 236 751 2.604 Gross non-recourse debt (NR) 581 204 382 169 966 2.302 Cash and cash equivalents** 263 424
Slide 13: Long Term Corporate Debt
About Abengoa ABENGOA Long Term Corporate Debt Long Term Corporate Debt 200 M€ senior unsecured convertible notes due in 2014 issued by Abengoa SA Abengoa SA credit facilities: 3 X 600 M€ syndicated facilities due in 2011 and 2012 150 M€ bilateral loan with ICO (Spanish Agency, guaranteed by
Slide 14: Long Term Corporate Debt: Other Financial Ratios
About Abengoa ABENGOA Long Term Corporate Debt Long Term Corporate Debt: Other Financial Ratios Total Net Debt to Ebitda: Figures in M€ 2008 LTM 2009 Net Debt 2.836 3.761 Ebitda 541 578 Covenant 5,24 6,51 Preoperational Net Debt (*) -1.481 -1.923 Net debt adjusted for preoperational net debt 1.355
Slide 15: Amortization Calendar
About Abengoa ABENGOA Amortization Calendar Amortization Calendar No refinancing risk exists for 77% of Total Net Debt (NR Debt) Adequate repayment profile: Repayment instalments follow project cash-flow generation profile. Flexible repayment mechanisms (minimum and target amortisation, cash
Slide 16: Financial Priorities for 2009
About Abengoa ABENGOA Financial Priorities for 2009 Financial Priorities for 2H09-1H10: Convertible bond issue √: Proven success to access capital markets avoids relying solely on bank debt Ongoing discussions regarding extension of bank debt maturity 2011. No significant refinancing needs u
Slide 17: Solar
About Abengoa Solar ABENGOA
Slide 18: Solar
About Abengoa ABENGOA Solar ABENGOA SOLAR With the sun … we produce thermoelectric and photovoltaic electric energy Leaders in solar energy, with a plan for developing thousands of megawatts of clean energy in the coming years The world’s largest plant under development, located in the U.S. (Solan
Slide 19: Backup – Glossary of technologies: CSP
About Abengoa ABENGOA Solar Backup – Glossary of technologies - CSP - Trough Operating principle: Parabolic troughs are used to track the sun and concentrate sunlight on to the thermally efficient receiver tubes placed in the trough focal line. In these tubes, a thermal transfer fluid is circulated,
Slide 20: Backup – Hybrid (ISCC)
About Abengoa ABENGOA Solar Hybrid (ISCC) Backup – Glossary of technologies - Integrated Solar Combined Cycle Operating principle: An integrated plant consists of a conventional combined cycle, a solar collector field, and a solar steam generator. During sunny periods, feedwater is converted to satu
Slide 21: Backup – Photovoltaic
About Abengoa ABENGOA Solar Photovoltaic Backup – Glossary of technologies - Operation principle: When certain materials, called semiconductors, are exposed to solar rays, electrons from the valence band are excited to the conduction band. The physical structure of the semiconductor creates an elect
Slide 22: Solar Historical Milestones & main achievements
About Abengoa ABENGOA Solar 1 Historical Milestones & main achievements PS10 Solnova 1,3 and 4 starts its operation start construction Construction of the Solar Sevilla PV Almeria Platform in Spain starts its operation 1984 90`s and early 2000s 2006 2007 2008 2009 PS20 R&D starts its operation Parti
Slide 23: Solar Geographical footprint
About Abengoa ABENGOA Solar 2 Geographical footprint Madrid Rome San Francisco Denver Sevilla Almeria Phoenix Ain-Ben-Mattar Hassi-R-mel Abu-Dhabi Mumbai Brisbone Santiago Over 340 employees 23
Slide 24: Solar Regulatory framework
About Abengoa ABENGOA Solar 3 Regulatory framework Key considerations Many countries consider solar as one of the technologies with greatest potential for the future and therefore have built regulatory models to promote solar So far the European model (Feed in tariff) has proven to be more effec
Slide 25: Solar Key competitive advantages
About Abengoa ABENGOA Solar 4 Key competitive advantages Integrated along the value chain, from R&D to Development, including manufacturing of some key proprietary technologies, providing an important differentiation factor against competition Unique multi-technology approach, both CSP and PV, apply
Slide 26: Solar Key competitive advantages
About Abengoa ABENGOA Solar 4 Key competitive advantages Commercialy Demo projects R&D proven We can reduce cost dramatically CSP trough R&D investment… ¾ DSG ¾ Trough oil ¾ With molten salt ¾ New though storage generations ¾ Air receiver ¾ Saturated ¾ Superheated ¾ Molten salt Storage ¾ Steam water
Slide 27: Solar Strategic goals
About Abengoa ABENGOA Solar 5 Strategic goals H1 H2 H3 Core Business Growth Future options Operate existing plants: Build and operate several Develop potential future new plants (trough, tower markets: CSP: PS10 & PS20 Development and PV) in Spain North Africa / Middle East PV: 5 plants
Slide 28: Solar Key figures (current development)
About Abengoa ABENGOA Solar 6 Key figures (current development, as of July 2009) MW MW MW MW MW MW Early Land & Key permits Construction Operation Total Connection Spain n.d. 200 400 150 31 781 CSP US n.d. - 280 - - 280 International n.d. - - 150 - 150 Spain n.d. 20 17 - 12 49 PV Internati
Slide 29: Solar Key figures
About Abengoa ABENGOA Solar 6 Key figures Sales (M€) Operating Cash Flow (M€) 65 41 18 10 0 0 2006 2007 2008 2006 2007 2008 Operational magnitudes 43 MWs in operation in CSP and PV plants 300 MW Solar Complex under construction in Spain Thousand of MWs in development, mainly in Spain and the U
Slide 30: Bioenergy
About Abengoa Bioenergy ABENGOA
Slide 31: Bioenergy
About Abengoa ABENGOA Bioenergy ABENGOA BIOENERGY With biomass … we produce ecological biofuels and animal feed Leaders in the development of second-generation technologies for obtaining bioethanol from biomass A global leader, and the only bioethanol producer with a presence in the three key geog
Slide 32: Bioenergy Historical Milestones & main achievements
About Abengoa ABENGOA Bioenergy 1 Historical Milestones & main achievements Joint venture with Cepsa (Total) for ETBE facility and 200 kt/year Abengoa identifies the need for a renewable biodiesel plant alternative for transport sector energy needs Start- up Salamanca Plant. 200 Construction
Slide 33: Bioenergy Geographical footprint
About Abengoa ABENGOA Bioenergy 2 Geographical footprint York, NE Colwich, KS Portales, NM 210 Ml/year 95 Ml/year 125 Ml/year Cartagena, Sp Coruña, Sp Salamanca, Sp Lacq, FR Rotterdam, NE San Roque,Sp Since 2001 Since 2001 Since 2001 150 Ml/year 195 Ml/year 200 Ml/year 250 Ml/year 480 Ml/year 250 Ml
Slide 34: Bioenergy Market overview
About Abengoa ABENGOA Bioenergy 3 Market overview Expected demand growth due to existing regulation Biofuels demand (Gl) EU (*) US (**) Brazil (*) 114 10% 10% : : -20 -20 G R 08 G R 08 76 1% CA CA :1 -20 G R 08 CA 36 23 14 4 2008 2020 2008 2020 2008 2020 Source: Sources: Icis, Matiff, Abengoa estima
Slide 35: Bioenergy Market overview (EU)
About Abengoa ABENGOA Bioenergy 3 Market overview (EU) France Mandatory Targets plus Ecotax.: Sweden 7% 10% Total tax break 500 €/m3 5,75% 2008 2010 2012 Jan. 04 – Dec. 2010. Partial tax break (2007 – 2013). e5 massive introduction Segregation well defined Netherlands UK Total tax break 500 €/m3 Jan
Slide 36: Bioenergy Market overview (USA)
About Abengoa ABENGOA Bioenergy 3 Market overview (USA) Re ne wa ble Fue l S ta nda Renewable rds, Fuel ca pa city (Bgal) Standards ( bn of ga llons) Ethanol 40 Year To tal R FS 3 6Bgal 36 bn Market Share 35 Co n ven ti o n al O th er Ad van ced Cel l u l o s e 2015 12% 30 b i o fu el Fu el s 25 202
Slide 37: Bioenergy Market overview (Brazil)
About Abengoa ABENGOA Bioenergy 3 Market overview (Brazil) Ethanol Demand by Types of Consumption Estimated FFV growth Gasoline Anydrous consumption (Bl) FFV/Ethanol only cars, FFV cars as FFV Anydrous consumption (Bl) M cars % of total fleet Hydrous consumption (Bl) 50 100% 75.9 80 40 80% 70 60 50.
Slide 38: Bioenergy Key competitive advantages
About Abengoa ABENGOA Bioenergy 4 Key competitive advantages The only bioethanol producer with a presence in the three key geographical locations: U.S., Europe and Brazil. R&D An ambitious research program to develop 2G bioethanol with research grants from the DoE (87.5 M€) and the European Union (3
Slide 39: Bioenergy Key competitive advantages (R&D projects deployment)
About Abengoa ABENGOA Bioenergy 4 Key competitive advantages (R&D projects deployment) Technology Goals Specific Projects Hybrid concept (integration 1G) Enzimatic • CO2 reduction Lacq Hydrolisis Biomass • Ethanol production (60% GHG savings) • Renewable energy Gasification (bioelectricity, vapor) •
Slide 40: Leading 2nd generation
About Abengoa ABENGOA Bioenergy 4 Key competitive advantages (R&D projects deployment) Leading 2nd generation Biomass Plant Hugoton (KS, US) • Capacity : 16 Mgal/year biomass, cogeneration 75MW • Raw material : Corn Stover, Wheat Straw, Switch Grass • Technology : Enzymatic Hydrolysis (glucose & xyl
Slide 41: Bioenergy Strategic goals
About Abengoa ABENGOA Bioenergy 5 Strategic goals H1 H2 H3 Core Business Growth Future options First generation assets in Deployment of hybrid Deployment stand alone Europe, US and Brazil biomass concept (Hughoton biomass concept plant) Develop sustainable raw Deployment of biomass materia
Slide 42: Backup – 1G and 2G
About Abengoa ABENGOA Bioenergy Backup – 1G and 2G - Cereal Crops Starch Grain Cellulosics Conventional fermentation technology (1G) uses… Feed Cellulosics Starch To produce ethanol Stover / Straw Fiber Feed To produce DDGS Sugar Crops Sugar Sugar Cellulosic technologies (2G) can use in addition… Ce
Slide 43: Backup – Hughoton project
About Abengoa ABENGOA Bioenergy Backup – Hughoton project - A combination of current technology with Enzymatic Hydrolisis, Gasification & Catalisis and electricity production Hughoton will be first trial through this concept Sinergies in personnel, utilities, process steams, logistic and raw mat
Slide 44: Bioenergy Key figures
About Abengoa ABENGOA Bioenergy 6 Key figures Sales (M€) Operating Cash Flow (M€) 830 112 % % R : 32 R : 50 G G CA CA 614 80 476 50 2006 2007 2008 2006 2007 2008 Operational magnitudes Capacity to produce 450 Mgal per year (1703 Ml per year) of bioethanol Technological investment in 2008: over 2
Slide 45: Environmental Services
About Abengoa Environmental Services ABENGOA
Slide 46: Environmental Services
About Abengoa ABENGOA Environmental Services BEFESA With waste … we produce new materials through recycling, and we treat and desalinate water Leaders in industrial waste treatment, as well as water generation and management European leaders in the recycling of steel mill dust (more than 690,000 t
Slide 47: Environmental Services Historical Milestones & main achievements
About Abengoa ABENGOA Environmental Services 1 Historical Milestones & main achievements US market entry: Acquisition of NSR, water engineering company, based in Texas Completion of desalination plants in China, India Water infrastructure and Steel Dust Recycling and Algeria environmental services a
Slide 48: Environmental Services Geographical footprint
About Abengoa ABENGOA Environmental Services 2 Geographical footprint Sweden United Kingdom Ukraine Germany United States Portugal France Spain China Morocco Algeria India Mexico UAE Nicaragua Ecuador Peru Angola Chile Argentina 48
Slide 49: Environmental Services Key competitive advantages
About Abengoa ABENGOA Environmental Services 3 Key competitive advantages Steel and salt slag waste recycling. European leaders in steel waste recycling and salt slag waste recycling. Close relationship with customers (steel producers) Great capabilities in desalination. In-house capabilities for de
Slide 50: Environmental Services Strategic goals
About Abengoa ABENGOA Environmental Services 4 Strategic goals H1 H2 H3 Core Business Growth Future options Aluminium waste recycling in Salt slags treatment in Spain Aluminium waste recycling in Spain and Europe new geographies Salt slags treatment in Spain Steel residues recycling in S
Slide 51: Backup – Water Infrastructure Market
About Abengoa ABENGOA Environmental Services Backup – Water Infrastructure Market - Over 520B$ will be invested in the global water The global desalination market will grow a 10% market by 2016 annual average during the next 10 years CAGR: 5% CAGR: 10% 1.1 Global water market growth 5.10 Desalinatio
Slide 52: Environmental Services Key figures
About Abengoa ABENGOA Environmental Services 5 Key figures Sales (M€) Operating Cash Flow (M€) 873 5% R: 2 158 G % CA 770 : 65 GR CA 124 555 58 2006 2007 2008 2006 2007 2008 Operational magnitudes Water desalination capacity: 1,3 millions of m3/ day 2,5 t of waste treated per year One of the g
Slide 53: Environmental Services Highlights (Desalination plants portfolio)
About Abengoa ABENGOA Environmental Services 5 Highlights (Desalination plants portfolio) Plant Location Type of contract Date m3/day Carboneras Spain EPC 2002 120.000 Almería Spain EPC + O&M 15 years 2002 50.000 Atabal Spain EPC 2004 165.000 Cartagena Spain EPC, Finance + O&M 2006 65.000 Bajo Alman
Slide 54: Information Technologies
About Abengoa Information Technologies ABENGOA
Slide 55: Information Technologies
About Abengoa ABENGOA Information Technologies TELVENT With information technologies … we manage business and operational processes in a secure and efficient way Leaders in the development of information technologies for a sustainable and secure world Leaders in energy administration through the m
Slide 56: Information Technologies Historical Milestones & main achievements
About Abengoa ABENGOA Information Technologies 1 Historical Milestones & main achievements Sainco, the origin of Telvent, commences Restructuring within Abengoa results in Telvent makes three activities focusing on the development, Sainco becoming the holding company of acquisitions, in China, suppl
Slide 57: Information Technologies Geographical footprint
About Abengoa ABENGOA Information Technologies 2 Geographical footprint Sales distribution (%) Canada Sweden United Kingdom Netherlands USA Spain China Qatar Mexico Saudi Arabia Venezuela Thailand Brazil Australia Argentina Over 5200 employees 57
Slide 58: Information Technologies Key competitive advantages
About Abengoa ABENGOA Information Technologies 3 Key competitive advantages Telvent is a leading IT company that aims through technology and information to help the world’s sustainability and security Focused on attractive core industries and geographies in Energy, Transportation, Environment, Publi
Slide 59: Key competitive advantages (Smart Grid)
About Abengoa ABENGOA Information Technologies 3 Key competitive advantages (Smart Grid) It is the Right Time for Smart Grid "a new smart grid ... will save us money, protect our power sources from blackout or attack, and deliver clean, alternative forms of Improved energy delivery efficiency by e
Slide 60: Key competitive advantages (Smart Grid)
About Abengoa ABENGOA Information Technologies 3 Key competitive advantages (Smart Grid) Disturbance in the Grid Forecasting weather conditions to predict generation needs and anticipate to potential impacts in T&D lines Demand Response Capability to manage energy peaks by switching loads Centralize
Slide 61: Information Technologies Strategic goals
About Abengoa ABENGOA Information Technologies 4 Strategic goals H1 H2 H3 Core Business Growth Future options Ongoing improvements to core Expand energy and transport Deepen Energy and platforms and solutions with information services Transportation presence in Middle East, and Asia Leverage
Slide 62: Information Technologies Key figures
About Abengoa ABENGOA Information Technologies 5 Key figures Sales (M€) Operating Cash Flow (M€) % R : 21 697 G % CA : 39 81 597 GR CA 476 56 42 2006 2007 2008 2006 2007 2008 Operational magnitudes Manage more than 60% of the total hydrocarbon movements in North America and Latin America pipelines
Slide 63: Industrial Engineering and Construction
About Abengoa Industrial Engineering and Construction ABENGOA
Slide 64: Industrial Engineering and Construction
About Abengoa ABENGOA Industrial Engineering and Construction ABEINSA With engineering … we build and operate conventional and renewable energy power plants, power transmission systems and industrial infrastructures Leader in Spain and Latin America in engineering and industrial construction project
Slide 65: Industrial Engineering and Construction Historical Milestones
About Abengoa ABENGOA Industrial Engineering and Construction 1 Historical Milestones & main achievements Foundation of International expansion Abeinsa adopts its PS10 construction ZeroEmissions was Abengoa Creation of affiliates in current name First commercial Power born Engineering company Latam
Slide 66: Industrial Engineering and Construction Geographical footprint
About Abengoa ABENGOA Industrial Engineering and Construction 2 Geographical footprint Russia United Kingdom Germany Netherlands Poland France Switzerland Romania USA Portugal Spain Serbia China Morocco Algeria Mexico India Honduras Libya Saudí UAE Nicaragua Costa Rica Arabia Panama Colombia Peru Br
Slide 67: Global Leader in Transmission
About Abengoa ABENGOA Industrial Engineering and Construction 2 Geographical footprint (Global Leader in Transmission) Top 25 international contractors in Power 1. Grupo ACS 2. Iberdrola Ingeniería y Construcción 3. Abeinsa 4. Bouygues 5. China National Machinery Indus. Corp. Top 5 international con
Slide 68: One of the largest HV Transmission operators in LatAm
About Abengoa ABENGOA Industrial Engineering and Construction 2 Geographical footprint (One of the largest HV Transmission operators in LatAm) Reference Investment Abengoa Investment Concession Contract Status (Operational Country Project Kms Abengoa Stake Operator EUR MM EUR MM Type Start Date) Per
Slide 69: Industrial Engineering and Construction Key competitive advantages
About Abengoa ABENGOA Industrial Engineering and Construction 3 Key competitive advantages Strong performance during last years and good expectations for the future. Current project backlog: over 9000 million € Transmission and Distribution. Largest international contractor in Transmission and Distr
Slide 70: Industrial Engineering and Construction Strategic goals
About Abengoa ABENGOA Industrial Engineering and Construction 4 Strategic goals H1 H2 H3 Core Business Growth Future options EPC of transmission lines in Concession of transmission EPC and concession of Europe and Latin America lines in Latin America transmission lines in new geographies EPC
Slide 71: Industrial Engineering and Construction Key figures
About Abengoa ABENGOA Industrial Engineering and Construction 5 Key figures Sales (M€) Operating Cash Flow (M€) 236 % % R : 21 R : 31 G G CA 731 CA 183 269 214 138 1.216 1.304 1.169 2006 2007 2008 2006 2007 2008 Internal sales Consolidated sales at ABG Operational magnitudes Concessions of transmi
Slide 72: Update on key projects
Update on key projects ABENGOA
Slide 73: Main Projects in Execution
Update on key projects ABENGOA Main Projects in Execution 2009 2010 2011 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 PS 20 Solnova 1 9 Start-up April, 28th Start-up Q4 09 Solnova 3 Start-up Q2 10 Solar Algeria Q3 10 Solnova 4 Start up Q4 10 Solana Applied for FLG Ethanol
Slide 74: Annex: 1H '09 results
Annex: 1H ’09 results ABENGOA
Slide 75: First Half 2009
ABENGOA Innovative Solutions for Sustainability First Half 2009 Earnings Presentation August, 26th 2009
Slide 76: Forward-Looking Statement
ABENGOA First Half 2009 Earnings Presentation Forward-Looking Statement Innovative Solutions for Sustainability This presentation contains forward-looking statements and information relating to Abengoa that are based on the beliefs of its management as well as assumptions made and information curr
Slide 77: Agenda
ABENGOA First Half 2009 Earnings Presentation Agenda Innovative Solutions for Sustainability 1 H1 2009 Highlights 2 H1 2009 Detailed Financial Analysis 3 Q&A 77
Slide 78: Highlights
ABENGOA First Half 2009 Earnings Presentation Highlights Innovative Solutions for Sustainability ii Positive Positive operating operating performance performance in in core core business business iiii Well Well diversified diversified by by business business and and geographies geographies iii iii O
Slide 79: H1 2009: Main Figures
ABENGOA First Half 2009 Earnings Presentation H1 2009: Main Figures Innovative Solutions for Sustainability Sales Operating Cash Flow Sustained Revenue Growth Improved Operating Performance 3,769.2 627.2 3,214.5 % 452.4 27.8 399.5 % 11.2 % 312.6 1,632.0 1,814.1 38.7 % 17.3 22.0% 16.6% 19.2% 14.1% 20
Slide 80: H1 2009: Highlights (P&L)
ABENGOA First Half 2009 Earnings Presentation H1 2009: Highlights (P&L) Innovative Solutions for Sustainability Profitable growth in P&L Main Figures (€ in Million) H1 2009 YoY % H1 2008 Sales 1,814 +11% 1,632 Operating Cash Flow 399 +28% 313 Ebitda 315 +13% 278 Net Income 83 +16% 71 Ebitd
Slide 81: H1 2009: Highlights (Pro Forma P&L)
ABENGOA First Half 2009 Earnings Presentation H1 2009: Highlights (Pro Forma P&L) Innovative Solutions for Sustainability Higher Higher growth growth excluding excluding one-off one-off items items at at Env. Env. Services Services and and IT IT (€ in Million) H1 2009 (*) YoY % H1 2008 (**) Sales
Slide 82: H1 2009: Highlights (Balance Sheet)
ABENGOA First Half 2009 Earnings Presentation H1 2009: Highlights (Balance Sheet) Innovative Solutions for Sustainability Growth Growth in in fixed fixed assets assets with with 877 877 M€ M€ of of investments investments is is adequately adequately financed financed (€ in Million) 30 Jun.09 YoY % 3
Slide 83: Agenda
ABENGOA First Half 2009 Earnings Presentation Agenda Innovative Solutions for Sustainability 1 H1 2009 Highlights 2 H1 2009 Detailed Financial Analysis 3 Q&A 83
Slide 84: P&L Account
ABENGOA First Half 2009 Earnings Presentation P&L Account Innovative Solutions for Sustainability (€ in Million) H1 2009 H1 2008 YoY % Sales 1,814 1,632 +11% Operating Cash Flow 399 313 +28% Ebitda 315 278 +13% Depreciation & amortization expense (108) (80) +35% Net operating profit 207 198 +4% Net
Slide 85: Pro Forma P&L Account
ABENGOA First Half 2009 Earnings Presentation Pro Forma P&L Account Innovative Solutions for Sustainability (€ in Million) H1 09 (*) H1 08 (**) YoY % Sales 1,814 1,632 +11% Operating Cash Flow 383 273 +40% Ebitda 298 238 +25% Depreciation & amortization expense (108) (66) +64% Net operating profit 1
Slide 86: Sales: Contribution by Business Unit
ABENGOA First Half 2009 Earnings Presentation Sales: Contribution by Business Unit Innovative Solutions for Sustainability + 371.5 (+48.7%) 2.100,0 Increase in (108.6) execution: (-25.5%) 2.000,0 Renewables & Reduction in Transmission volumes (191.2) 1.900,0 (internal sales) 1.800,0 + 75.4 (+26.4%)
Slide 87: Ebitda: Contribution by Business Unit
ABENGOA First Half 2009 Earnings Presentation Ebitda: Contribution by Business Unit Innovative Solutions for Sustainability 350,0 330,0 314.5 (+13.1%) 310,0 (+25.2%) (*) +55.2 290,0 (42.6%) 270,0 +16.5 278.0 (40.0) (TLVT shares) (land divest.) +30.0 250,0 (+135.0%) (14.9) 230,0 (-16.0%) + 4.4 (6.4)
Slide 88: Intragroup Activities
ABENGOA First Half 2009 Earnings Presentation Intragroup Activities Innovative Solutions for Sustainability Intragroup activities fully eliminated at Consolidated P&L… …but relevant for cash-flow generation perspective. Eliminated Net Profit is recovered over the life of the project as a lower d
Slide 89: Net Debt Analysis & Covenant
ABENGOA First Half 2009 Earnings Presentation Net Debt Analysis & Covenant Innovative Solutions for Sustainability Net Net Debt/Ebitda Debt/Ebitda ratios ratios in in line line with with previous previous periods periods (€ in Million) 30 Jun.09 31 Dec.08 30 Jun.08 Net debt ex non-recourse + Long-te
Slide 90: Cash Flow Statement
ABENGOA First Half 2009 Earnings Presentation Cash Flow Statement Innovative Solutions for Sustainability Strong Strong investment investment effort effort financed financed through through operating operating cash-flow, cash-flow, new new debt debt already already secured secured and and strong str
Slide 91: Distribution by Business Units
ABENGOA First Half 2009 Earnings Presentation Distribution by Business Units Innovative Solutions for Sustainability Well diversified by business … Evironm. Inform. Industrial € in Million Solar Bioenergy Aggregated Eliminations Consolidated Services Technol. E&C Sales 46.1 390.8 317.2 361.4 1,134.7
Slide 92: International Activity
ABENGOA First Half 2009 Earnings Presentation International Activity Innovative Solutions for Sustainability … and geographies Total Abroad 1,299.3 M€ (71.6%) (+23.6%) Europe (ex Spain) 226.0 M€ (12.5%) United States Total Spain 418.9 M€ (23.1%) 514.7 M€ (28.4%) Asia (-11.4%) 50.5 M€ (2.8%) Africa 1
Slide 93: Main Projects in Execution: Timeline
ABENGOA First Half 2009 Earnings Presentation Main Projects in Execution: Timeline Innovative Solutions for Sustainability 2009 2010 2011 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 PS 20 Solnova 1 9 Start-up April, 28th Start-up Q4 09 Solnova 3 Start-up Q2 10 Solar Alger
Slide 94: Backlog
ABENGOA First Half 2009 Earnings Presentation Backlog Innovative Solutions for Sustainability Order Order book book covers covers close close to to 20 20 months months of of sales sales in in contracting contracting activities activities Portfolio % over Business Units Jun. 2009 Dec.08 (*) Industria
Slide 95: Agenda
ABENGOA First Half 2009 Earnings Presentation Agenda Innovative Solutions for Sustainability 1 H1 2009 Highlights 2 H1 2009 Detailed Financial Analysis 3 Q&A 95
Slide 96: First Half 2009
ABENGOA Innovative Solutions for Sustainability First Half 2009 Earnings Presentation August, 26th 2009