Abengoa Sa · OTC:AGOAF
Abengoa Sa — Debt Investor Presentation (August 2016)
33 slides from Abengoa Sa's debt investor presentation, Aug 16, 2016
Slide 1: Updated Viability Plan & Financial Restructuring Terms
Updated Viability Plan & Financial Restructuring Terms Innovative Technology Solutions for Sustainability August 16th, 2016 1
Slide 2: Disclaimer 1 / 2
August 16th, 2016 Disclaimer 1 / 2 Many factors could cause the actual results, performance or achievements of Abengoa to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others: • • • •
Slide 3: Disclaimer 2 / 2
August 16th, 2016 Disclaimer 2 / 2 • • • • • • • 3
Slide 4: Agenda
Agenda Initial Considerations 16th , 2016 Introduction August 4
Slide 5: Initial Considerations
Initial Considerations 5
Slide 6: Introduction
Initial Considerations Introduction • • • i. ii. • • • - 6
Slide 7: Introduction (cont'd.)
Initial Considerations Introduction (cont’d.) • - • - - - The Company, the CoCom and the New Money Investor Group have signed an agreement to secure approximately €1,170m of New Money and €307m of bonding lines enabling ABG to reinitiate normalised operations. This agreement requires adherence of at
Slide 8: Updated Viability Plan
Updated Viability Plan 8
Slide 9: Updated Viability Plan: Initial Considerations
Viability Plan Update Updated Viability Plan: Initial Considerations Latest Other Significant Changes in the Developments Updated Viability Plan • • • • • • • • • • The Updated Viability Plan significantly reduces Abengoa’s risk and cash needs as a result of the change in the perimeter and reflects
Slide 10: Viability Plan Update – Key Assumptions
Viability Plan Update – Key Assumptions Viability Plan Update • • General • Assumptions - - • - • • New Business • 10
Slide 11: Viability Plan Update – Project Detailed Assumptions
Viability Plan Update – Project Detailed Assumptions Viability Plan Update – Key Projects Strategy Update A3T • • A4T • Norte 3 • Zapotillo • • • • 11
Slide 12: Viability Plan Update – Other Key Assumptions
Viability Plan Update – Other Key Assumptions Cost Structure, Overdue Suppliers, Contingencies and Risks • Cost Structure Overdue Suppliers • • • Contingencies and Risks 12
Slide 13: 5-Year Cash Flow
5-Year Cash Flow 5-Year Cash Flow • • (a) (b) (c) a Includes A3T, Norte 3 and Zapotillo b Includes Bioenergy bussiness in Europe, US and Brazil, Yoigo, real estate assets, and solar and water assets in Israel, South Africa, Ghana, Algeria and India, among others c Assuming 8.8%-14% gross margins les
Slide 14: Update on Disposal Plan
Update Updateon onDisposal DisposalPlan Plan Despite the challenging environment, Abengoa has made significant progress on the sale of non-core assets in transactions under attractive terms for the Company, allowing for the streamlining and de-risking of the Company Executed Disposals to Date Potent
Slide 15: Abengoa Value Proposition: A Viable Company with Solid Fundamentals
Abengoa Value Proposition A Viable Company with Solid Fundamentals Abengoa has a Global footprint makes Lighter structure and solid engineering Abengoa’s business more increasing operational and construction resilient and the size of its efficiency business in high backlog and pipeline growth market
Slide 16: Updated Financial Restructuring Terms
Updated Financial Restructuring Terms 16
Slide 17: Updated Financial Restructuring Terms – Summary Takeaways
Initial Considerations Updated Financial Restructuring Terms – Summary Takeaways • • • Abengoa has completed a critical milestone in the restructuring process and is working towards gaining sufficient creditor support to emerge with a renewed and sustainable capital structure and operational profile
Slide 18: New Abengoa Cash Needs to Re-initiate Activity (1/2)
Update on the Negotiations of the Main Financial Restructuring Terms New Abengoa Cash Needs to Re-initiate Activity (1/2) • Restructuring Proposal Sources Uses • New Money I A (“NM I A”): €839.1m Rollover of the March bondholder facility and refinancing of the TCI loan • New Money I B (“NM I B”): €1
Slide 19: New Abengoa Cash Needs to Re-initiate Activity (2/2)
Update on the Negotiations of the Main Financial Restructuring Terms New Abengoa Cash Needs to Re-initiate Activity (2/2) • • Refinancing of the March bondholder facility (€175.5m) and the TCI loan (€129.4m ex interest already paid) • Repayment of NM I A commitment and underwriting fees (€50.3m) and
Slide 20: Restructuring Proposal – New Money Main Terms Summary
Update on the Negotiations of the Main Financial Restructuring Terms Restructuring Proposal – New Money Main Terms Summary • New Money New Money Facility I New Money Facility II New Money Facility I A New Money Facility I B Amount • €839.1m • €106.0m • €194.5m Interest Cost • 5% cash + 9% PIK • 5% c
Slide 21: Restructuring Proposal – New Money / Other Facilities Main Terms Summary
Update on the Negotiations of the Main Financial Restructuring Terms Restructuring Proposal – New Money / Other Facilities Main Terms Summary New Money / Other Facilities A3T Contingent Facility / New Money Facility III New Syndicated Bonding / Roll Over Bonding Old Bonding • €209.0m syndicated bond
Slide 22: Restructuring Proposal – Old Money Main Terms
Update on the Negotiations of the Main Financial Restructuring Terms Restructuring Proposal – Old Money Main Terms • • Old Money Senior Old Money Facility Junior Old Money Facility Unaffected Debt • Allocation of Senior / Junior Old Money Facility to existing lenders based on their participation in
Slide 23: Existing Shareholders Main Terms, Management Incentive Plan and Corporate Governance
Update on the Negotiations of the Main Financial Restructuring Terms Restructuring Proposal – Existing Shareholders Main Terms, Management Incentive Plan and Corporate Governance • • • Equity (%) New Money Facility I A 30% New Money Facility I B New Money Facility II 15% New Money Facility III 5% Ne
Slide 24: Existing Shareholders Main Terms, Management Incentive Plan and Corporate Governance (Cont'd)
Update on the Negotiations of the Main Financial Restructuring Terms Restructuring Proposal – Existing Shareholders Main Terms, Management Incentive Plan and Corporate Governance (Cont’d) • i. ii. • i. ii. iii. • i. ii. iii. 24
Slide 25: Restructuring Agreement – Existing Financial Debt
Existing Financial Debt Restructuring Agreement – Existing Financial Debt • Original Debt Position Restructured Debt Non- Spanish Non-Spanish Debt w/ Spanish Debt subject to Unaffected Bonding Debt subject to guarantees Unaffected Bonding Debt w/ Spanish Roll-over Roll-over "homologación" Debt Lines
Slide 26: Pro Forma Capital Structure Post Financial Restructuring
Pro Forma Capital Structure Pro Forma Capital Structure Post Financial Restructuring • Debt instrument Total excl. disposals (€m) Interest Maturity New Money I A 839 5% cash + 9% PIK 2020 New Money I B 106 5% cash + 9% PIK 2020 New Money II 195 5% cash + 9% PIK 2020 7% PIK when drawn A3T Contingent
Slide 27: Next Steps, Timeline and Process
Next Steps, Timeline and Process 27
Slide 28: Transaction Estimated Timetable – Key Milestones
Next Steps, Timeline and Process Transaction Estimated Timetable – Key Milestones Tentative Date Key Spanish Events Before August 31st Execution of restructuring agreement. Start of signing before public notary and filing of authorization for chapter 11 companies. Before August 31st Call of General
Slide 29: Main Takeaways and Conclusions
Main Takeaways and Conclusions 29
Slide 30: Updated Viability Plan and Financial Restructuring Terms – Conclusions
Main Takeaways & Conclusions Updated Viability Plan and Financial Restructuring Terms – Conclusions • - • • • • Abengoa strongly encourages financial creditors to support the agreement by adhering to the final restructuring agreement by end of August in order to achieve the required 75% support to p
Slide 31: Creditors' Advisors Remarks
Creditors’ Advisors Remarks 31
Slide 32: Annex
Annex 32
Slide 33: A3T - 220MW Cogeneration plant with one steam & one gas turbine
A3T Overview A3T - 220MW Cogeneration plant with one steam & one gas turbine Overview Key Operational Data • • Technology Efficient cogeneration – CCGT • • Capacity 220 MW • Location Tabasco, Mexico • Current ownership 100% Abengoa • • COD Q3 2017 • Construction progress 92.1% • Gas turbine GE • • E