Corporacion Acciona Energias Renovables Sa · BME:ANE
Corporacion Acciona Energias Renovables Sa — ACCIONA Energía — FY2023 Earnings Presentation
42 slides from Corporacion Acciona Energias Renovables Sa's earnings presentation, Mar 1, 2024
Slide 1: Results Presentation FY 2023
FY 2023 – January - December 1 st M a r c h 2 0 2 4 RESULTS PRESENTATION
Slide 2: Disclaimer
A C C I O N A E N E R G Í A F Y 2 0 2 3 R E S U L T S DISCLAIMER This document has been prepared by Corporación Acciona Energías Renovables. S.A. (“ACCIONA Energía” or the “Company” and, together with FORWARD-LOOKING STATEMENTS its subsidiaries, “ACCIONA Energía Group”) exclusively for use during th
Slide 3: Introduction & Key Highlights
01 INTRODUCTION & KEY HIGHLIGHTS
Slide 4: Key Presentation Highlights
A C C I O N A E N E R G Í A F Y 2 0 2 3 R E S U L T S KEY PRESENTATION HIGHLIGHTS RECORD CAPACITY ADDITIONS OF 1.7 GW IN 2023 & SIMILAR LEVELS EXP ECTED FOR 2024 › The company delivered an installation record of +1,701 MW, increasing the pace of growth by more than 3x relative to recent historical l
Slide 5: Ready to Capture Unique Sector Opportunity
A C C I O N A E N E R G Í A F Y 2 0 2 3 R E S U L T S READY TO CAPTURE UNIQUE SECTOR OPPORTUNITY Net Zero – once-in-a-lifetime ACCIONA Energía – growth opportunity privileged position ✓ Unprecedented policy support globally ✓ 30-year track-record and global reach ✓ 145 countries/regions with Net Zer
Slide 6: Record Capacity Additions & Secured Growth 2024-25
A C C I O N A E N E R G Í A F Y 2 0 2 3 R E S U L T S RECORD CAPACITY ADDITIONS & SECURED GROWTH 2024 -25 EVOLUTION OF ANNUAL CAPACITY ADDITIONS Projects approved for investment & 1.7 GW 1.7 GW projects under construction +1,701 MW Record capacity additions 2023 +1.6 GW Under Construction as of Dec
Slide 7: Additional Strategic Progress in 2023
A C C I O N A E N E R G Í A F Y 2 0 2 3 R E S U L T S ADDITIONAL STRATEGIC PROGRESS IN 2023 GROWTH COMMERCIAL NEW OPPORTUNITIES → 40+ GW of pipeline (onshore wind and → +1.5 TWh of long-term PPAs signed → Total certified investment in solar PV, storage, biomass, offshore globally innovation in 2023
Slide 8: Project Returns – Supportive Sector Fundamentals
A C C I O N A E N E R G Í A F Y 2 0 2 3 R E S U L T S PROJECT RETURNS – SUPPORTIVE SECTOR FUNDAMENTALS ENVIRONMENT REMAINS SUPPORTIVE IN KEY MARKETS › Higher PPA prices relative to pre-Energy Crisis › Strong customer demand & scarcity of solid projects › Unit capex costs – coming down in PV and stab
Slide 9: Project Returns – Accretive Investments
A C C I O N A E N E R G Í A F Y 2 0 2 3 R E S U L T S PROJECT RETURNS – ACCRETIVE INVESTMENTS (€/MWh) (US$/MWh) (AU$/MWh) Higher PPA Prices (1) Wind Unit capex costs tailing-off (€m/MW, €m/MWh for BESS) PV BESS ~11-14% ~8-10% 200-300 bps over WACC Spread Confident in our ability to Higher project re
Slide 10: Spanish Commercial Strategy with a Long-Term View
A C C I O N A E N E R G Í A F Y 2 0 2 3 R E S U L T S SPANISH COMMERCIAL STRATEGY WITH A LONG -TERM VIEW CONTINUITY IN OUR LONG-TERM RISK MANAGEMENT POLICY › Balanced approach to hedging driven by local market dynamics and portfolio size and mix › 80:20 contracted-merchant as policy (Spain + Interna
Slide 11: Targeting Increasing Long-Term Spanish PPAs
A C C I O N A E N E R G Í A F Y 2 0 2 3 R E S U L T S TARGETING INCREASING LONG -TERM SPANISH PPAs SPANISH CONSOLIDATED OUTPUT 2022-25 (TWH) 87% 78% 75% ~80% 50% ~80% Contracted vs. Wholesale Targeted Contracted vs. Wholesale 10.5 - 11.5 10.1 9.3 €79/MWh €167/MWh ~€80/MWh €102/MWh €219/MWh Increasin
Slide 12: Spanish Power Price Scenarios Skewed to the Upside
A C C I O N A E N E R G Í A F Y 2 0 2 3 R E S U L T S SPANISH POWER PRICE SCENARIOS SKEWED TO THE UPSIDE Spanish pool price scenarios based on current OMIP forwards 300 275 250 225 200 ✓ Stochastic model based historical volatility of €/MWh 175 150 commodity prices and correlation with pool 125 100
Slide 13: Investment Grade Balance Sheet
A C C I O N A E N E R G Í A F Y 2 0 2 3 R E S U L T S INVESTMENT GRADE BALANCE SHEET HIGHLY CASHFLOW-GENERATIVE ASSET BASE AND 13.5 GW OF ASSETS AT O UR DISPOSAL › Internal cashflow generation finances 55% of capex programme and dividends in 2021-23 CREDIT RATIOS 2023 ARE WITHIN INVESTMENT GRADE LEV
Slide 14: Ability to Manage Growth Cycle within IG Ratings
A C C I O N A E N E R G Í A F Y 2 0 2 3 R E S U L T S ABILITY TO MANAGE GROWTH CYCLE WITHIN IG RATINGS CAPEX FLEXIBILITY AND ASSET ROTATION AS KEY LEVERS Committed capex – flexibility from 2025 onwards › Modest increase in Net Debt by year-end 2025 ₋ Only ~€700m of committed capex in 2025 and full f
Slide 15: Value Crystallisation through Asset Rotation
A C C I O N A E N E R G Í A F Y 2 0 2 3 R E S U L T S VALUE CRYSTALLISATION THROUGH ASSET ROTATION Large pool of investment Streamline & rebalance our Maximise value of our opportunities requires Value crystallisation Flexible approach generation portfolio capabilities capital ▪ Balance sheet or str
Slide 16: Outlook 2024
A C C I O N A E N E R G Í A F Y 2 0 2 3 R E S U L T S OUTLOOK 2024 Consolidated Output 2024 ~26.5 TWh Average Achieved Price 2024 ~€65/MWh ~€1.1 bn ex-capital gains EBITDA 2024 5-10% growth with capital gains (~€1.4 bn) Medium-term Mid to high single-digit CAGR ex-capital gains EBITDA growth 2024-28
Slide 17: Financial Information
02 FINANCIAL INFORMATION jacciona
Slide 18: FY 2023 Results Highlights
A C C I O N A E N E R G Í A F Y 2 0 2 3 R E S U L T S FY 2023 RESULTS HIGHLIGHTS FY 2023 % Chg. FY 2023 % Chg. (€m) vs FY 2022 (€m) vs FY 2022 Revenues 3,547 -18% Total capacity (MW) 13,523 14% Generation Revenues 1,851 -17% Consolidated capacity (MW) 12,131 23% EBITDA 1,285 -22% Total production (G
Slide 19: FY 2023 ESG Highlights
A C C I O N A E N E R G Í A F Y 2 0 2 3 R E S U L T S FY 2023 ESG HIGHLIGHTS Key ESG indicators ESG highlights Environmental FY 2023 FY 2022 Chg. ▪ 99.99% of CAPEX aligned with the European Taxonomy for Sustainable CAPEX aligned with the low-carbon taxonomy (%) 100% 100% - Activities Avoided emissio
Slide 20: Investment
A C C I O N A E N E R G Í A F Y 2 0 2 3 R E S U L T S INVESTMENT Gross Ordinary Capex Ordinary Key highlights (Million Euro) Capex Deferral Capex Spain 283 17 300 ▪ Investment mainly related to the construction of new USA 763 -14 749 generation assets Mexico 8 0 8 ▪ Most of the investment effort rel
Slide 21: Net Debt Evolution – Major Investment Effort
A C C I O N A E N E R G Í A F Y 2 0 2 3 R E S U L T S NET DEBT EVOLUTION – MAJOR INVESTMENT EFFORT Net debt reconciliation FY 2023 (€m) NET FINANCING OPERATING CF INVESTMENT CF OTHERS CF €709m -€2,321m €17m (2,864) (1,278) (340) (348) (2) (1) Debt associated to work in progress (3) IFRS16 adjustment
Slide 22: Net Financial Debt
A C C I O N A E N E R G Í A F Y 2 0 2 3 R E S U L T S NET FINANCIAL DEBT Average Average debt Av. maturity Net financial debt breakdown (€m) cost of debt maturity (years) undrawn Credit Lines (years) Project Debt Project Corporate Debt Debt Corporate Debt Debt breakdown by nature Gross financial deb
Slide 23: Spain – Market Overview
A C C I O N A E N E R G Í A F Y 2 0 2 3 R E S U L T S SPAIN – MARKET OVERVIEW Pool price evolution (€/MWh) Electricity demand 2022 2023 283.4 Jan-Dec 235.5 229.5 (TWh) -2.5% 2023 87.1 -48% 2022 167.5 24,000 201. 200.2 1 1.5 18 .1 2022 2023 16 .6 22,000 154. 142. 141.1 20,000 133.5 12 .2 115.6 6.0 10
Slide 24: Spain – Revenue Drivers
A C C I O N A E N E R G Í A F Y 2 0 2 3 R E S U L T S SPAIN – REVENUE DRIVERS Consolidated output (GWh) Average achieved prices – regulated vs. wholesale (€/MWh) +69% +9% -6% -35% +24% -53% 20% -57% 59% -36% 20% Generation revenues (€m) Average achieved price composition (€/MWh) -27% -29% (€/MWh) FY
Slide 25: Spain – Operating Results
A C C I O N A E N E R G Í A F Y 2 0 2 3 R E S U L T S SPAIN – OPERATING RESULTS Key figures FY 2023 EBITDA evolution (€m) (Million Euro) FY 2023 FY 2022 Ch . (€m) Chg. (%) Generation 1,105 1,555 -450 -28.9% Intragroup adjust., Supply & Other 1,321 1,643 -322 -19.6% Revenues 2,426 3,198 -772 -24.1% G
Slide 26: International – Market Overview
A C C I O N A E N E R G Í A F Y 2 0 2 3 R E S U L T S INTERNATIONAL – MARKET OVERVIEW Power markets Electricity demand (GW) Exchange rates Commodities Average EUR/USD EUR/AUD 2022 1.050 1.515 2023 1.082 1.631 Chg. (%) -3% -7% Closing EUR/USD EUR/AUD 2022 1.067 1.569 2023 1.104 1.621 Chg. (%) -3% -3%
Slide 27: International – Revenue Drivers
A C C I O N A E N E R G Í A F Y 2 0 2 3 R E S U L T S INTERNATIONAL – REVENUE DRIVERS Consolidated output (GWh) Average achieved prices (€/MWh) +13% +9% -12% +14% +28% -4% 23% 0% +10% 11% -37% +4% 18% +19% +15% 27% 21% 0% +9% Generation revenues (€m) -20% 33% +14% +19% 7% 8% +27% 34% %Chg. vs FY 202
Slide 28: International – Operating Results
A C C I O N A E N E R G Í A F Y 2 0 2 3 R E S U L T S INTERNATIONAL – OPERATING RESULTS Key figures FY 2023 EBITDA evolution (€m) (Million Euro) FY 2023 FY 2022 Ch . (€m) Chg. (%) Generation 746 685 61 8.9% USA 129 101 27 26.9% Mexico 252 211 41 19.2% Chile 61 54 8 14.3% Australia 55 69 -13 -19.7% +
Slide 29: Appendix
03 APPENDIX
Slide 30: ACCIONA Energía – Operating Results
A C C I O N A E N E R G Í A F Y 2 0 2 3 R E S U L T S ACCIONA ENERGÍA – OPERATING RESULTS Key figures FY 2023 EBITDA evolution (€m) (Million Euro) FY 2023 FY 2022 Ch . (€m) Chg. (%) Generation Spain 1,105 1,555 -450 -28.9% Generation International 746 685 61 8.9% Intragroup adjust., Supply & Other 1
Slide 31: Debt Maturity & Liquidity
A C C I O N A E N E R G Í A F Y 2 0 2 3 R E S U L T S DEBT MATURITY & LIQUIDITY Liquidity and debt principal maturity schedule (€m) 2,859 Available facilities 1,088 403 602 597 594 Cash 695 224 139 344 116 31
Slide 32: Global Reach across 5 Continents
A C C I O N A E N E R G Í A F Y 2 0 2 3 R E S U L T S GLOBAL REACH ACROSS 5 CONTINENTS With presence in 25 countries & 13.5 GW of total installed capacity in FY 2023 (2) OTHER AMERICAS SPAIN (5.8 GW) Total Installed Total Consolidated (0.4 GW) capacity capacity 0.4 GW 4.7 GW Alaiz y Aitzkibel 2 MW 0
Slide 33: Under Construction & Secured Projects
A C C I O N A E N E R G Í A F Y 2 0 2 3 R E S U L T S UNDER CONSTRUCTION & SECURED PROJECTS MW Scheduled MW Add. per year (1) % ANE Total project Added up to Added Currently Technology Country Asset name 2024 2025 2026 Details stake capacity Dec 2022 2023 under const. Wind Australia MacIntyre Comple
Slide 34: Capex & Commodity Price Evolution
A C C I O N A E N E R G Í A F Y 2 0 2 3 R E S U L T S CAPEX & COMMODITY PRICE EVOLUTION Representative CAPEX costs in the market (1) Commodity price inflation (indexed to 100) (€m/MW, z €m/MWh for BESS) z 1.30 1.35 1.35 1.35 1.20 1.09 0.90 0.97 0.95 0.92 0.89 0.80 0.60 0.65 0.62 0.55 0.58 0.50 0.34
Slide 35: Energy Resource in Context
A C C I O N A E N E R G Í A F Y 2 0 2 3 R E S U L T S ENERGY RESOURCE IN CONTEXT P50 Deviation 35
Slide 36: Installed Capacity
A C C I O N A E N E R G Í A F Y 2 0 2 3 R E S U L T S INSTALLED CAPACITY Installed MW (31 December 2023) Total Consolidated Eq. accounted Net Spain 5,839 5,311 252 5,409 Wind 4,682 4,169 246 4,263 Hydro 868 868 0 868 Solar PV 227 213 6 219 Biomass 61 61 0 59 International 7,684 6,820 364 6,461 Wind
Slide 37: Equity Accounted Capacity
A C C I O N A E N E R G Í A F Y 2 0 2 3 R E S U L T S EQUITY ACCOUNTED CAPACITY Proportional figures (31 December 2023) MW GWh EBITD (€m) NFD (€m) Wind Spain 246 778 44 -44 Wind International 69 156 4 -8 Australia 32 61 3 -7 Hungary 12 22 2 -1 Vietnam 21 69 0 0 USA 4 4 0 0 Solar PV 302 638 23 121 To
Slide 38: Equity Accounted Contribution to EBITDA
A C C I O N A E N E R G Í A F Y 2 0 2 3 R E S U L T S EQUITY ACCOUNTED CONTRIBUTION TO EBITDA (Million Euro) FY 2023 FY 2022 Ch . (€m) Chg. (%) Spain 71 119 -49 International 13 -15 28 Portugal 10 -25 35 Hungary 1 1 0 South Africa 0 1 -1 Egypt 4 1 3 USA 0 -1 0 Mexico -3 2 -5 Dominican Republic 0 0 0
Slide 39: Spain – Achieved Prices
A C C I O N A E N E R G Í A F Y 2 0 2 3 R E S U L T S SPAIN – ACHIEVED PRICES Consolidated chi pric (€/MWh) R nu (€m) production Gas Gas Market Rinv+Ro Banding Total Market Rinv+Ro Banding Total (GWh) Clawback (1) Clawback (1) FY 2023 Regulated 2,063 84.5 5.3 12.3 102.0 174 11 25 211 Wholesale - hed
Slide 40: Wind – Drivers by Country
A C C I O N A E N E R G Í A F Y 2 0 2 3 R E S U L T S WIND – DRIVERS BY COUNTRY Wind prices (€/MWh) and Load factors (%) (1) FY 2023 FY 2022 Chg. (%) . pric (€/MWh) LF (%) . pric (€/MWh) LF (%) . pric (€/MWh) Spain Average 103.6 22.8% 147.6 23.6% -29.8% Spain - Regulated 89.7 174.6 -48.6% Spain - No
Slide 41: Other Technologies – Drivers by Country
A C C I O N A E N E R G Í A F Y 2 0 2 3 R E S U L T S OTHER TECHNOLOGIES – DRIVERS BY COUNTRY Other technologies prices (€/MWh) and Load factors (%) (1) FY 2023 FY 2022 Chg. (%) . pric (€/MWh) LF (%) . pric (€/MWh) LF (%) . pric (€/MWh) Hydro Spain 126.0 22.9% 171.8 20.1% -26.6% Biomass Spain 137.0
Slide 42: Results Presentation
FY 2023 – January - December 1 st M a r c h 2 0 2 4 RESULTS PRESENTATION