Abengoa Sa · OTC:AGOAF
Abengoa Sa — Investor Day (April 2015)
25 slides from Abengoa Sa's investor day presentation, Apr 7, 2015
Slide 1: Financial Review: Completing Transformation
Financial Review ABENGOA Completing Transformation 9th Annual Analyst and Investor Day New York City & London, April 7 & 9, 2015 Ignacio Garcia Alvear Co-CFO for IR & Capital Markets
Slide 2: Financial Information Disclaimer
2 Financial Information Disclaimer The consolidated financial data for the quarter ended March 31, 2015 presented in the following slides is preliminary, and unaudited, based upon our estimates and is subject to completion of our financial closing procedures, including finalization of our audit proc
Slide 3: Forward-looking Statement
3 Forward-looking Statement This presentation contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) and information relating to Abengoa that are based on the beliefs of its management as well as assumptions made and information currentl
Slide 4: Agenda
4 Agenda Introduction 2015e Updated Outlook Key Financial Takeaways A Free Cash Flow Generative Model Q1 2015e Highlights
Slide 5: Agenda: Introduction
5 Agenda Introduction
Slide 6: Key Highlights
6 Key Highlights Setting the path to a solid and recurrent FCF-generative Abengoa Significant liquidity enhancement actions during Q1 to protect our credit profile Strengthening Abengoa’s balance sheet through corporate transactions Abengoa 3.0, our FCF generative model, completed and ready to deliv
Slide 7: Q1 2015e Highlights
ABENGOA sons 2) > Q12015e Highlights
Slide 8: Sneak Peek on Q1 2015e
Sneak Peek on Q1 2015e Delivering on our words already in Q1, before expectations Figures in M€ Q1’2015 Previous Period Operating KPIs Liquidity Highlights Revenues EBITDA Backlog Change in WC & Others Corp. Liquidity Corporate Transactions Cash Proceeds (incl.EIG entry) 1,540-1,570 Q1’14 1,538 265-
Slide 9: Corporate Liquidity Analysis
9 Corporate Liquidity Analysis 3.0 B€ of corporate liquidity, with further improvements already secured Dec’14 Corp. Liquidity Split 2.9 B€ ~300 M€ of additional undrawn working capital lines Mar’15 Liquidity Highlights Qualitative Highlights: Internal cash pool that allows a flexible approach to ca
Slide 10: Understanding our WC Position
10 Understanding our WC Position Better start for our working capital in Q1 Q1 Recovery November Backdrop Corp. WC Quarterly Evolution Q4 Situation Outcome EIG deal signed on March 27 – cash to be received in Q2 Working capital picking up in Q1 as announced compare to historical average As scheduled
Slide 11: Continued Financing Activity
Continued Financing Activity Significant activity on the credit side during Q1 Banking 328 M$ raised through sale of 13% stake in ABY 279 M$ exchangeable notes, demonstrating ability to monetize our ABY participation 244 M€ CB 2017 put has been executed; repaid in cash on Feb 3 Repayment of 300 M€ o
Slide 12: FY 2014 Net Debt Highlights
FY 2014 Net Debt Highlights € Millions xxxxxxxxxxxcxxx Corp. Net Debt Corp Leverage “NRDP” (Bridge Loan) Corp+Bridge Loan ratio Project Net Debt Cons. Net Debt Cons. Leverage Corp FCF after equity recycling +270 +120 +460 (1,503) -0.3x -0.1x -0.5x 1.5x - - - (1,946) -0.3x -0.1x -0.5x 3.6x - - - (2,9
Slide 13: 2015 Corporate Leverage Build-up
2015 Corporate Leverage Build-up Corporate leverage of 1.2x after planned transactions in 2015 2.4x 0.3x 0.1x 0.0x Already done 0.5x 0.1x 0.3x 1.2x 2015 Highly Expected Transactions 0.5x 0.7x Upside Other Concessions Sale ROFO 3 Add. 2% ABY sale APW1 Exch. Bond ABY ROFO 2 2014 Corp leverage Adj. Cor
Slide 14: Agenda: 2015e Updated Outlook
14 Agenda 2015e Updated Outlook
Slide 15: Significant corporate cash generation expected in 2015
Significant corporate cash generation expected in 2015 Strategic Actions in 2015 APW-1 EIG Agreement 3 460 M€ ROFO 3 agreement 4 200 M€ Sale of 13% stake in ABY 1 270 M€ ROFO 2 agreement 2 120 M€ Additional value in ABY 5 300 M€ Sale of Concessions in operation 6 510 M€ Transaction Value Comments Ca
Slide 16: Strong cash generation expected for 2015
Strong cash generation expected for 2015 2015 Corporate FCF Guidance 16 FY 2015E Corporate EBITDA Net Financial Income/(Expense) & Taxes Dividends from Abengoa Yield Funds from Operations Change in Working Capital & Others Cash Flow from Operations Corp. CAPEX (incl. R&D & Maintenance, Hugoton) Equi
Slide 17: Corporate transactions expected to improve capital structure and credit profile
Corporate transactions through 2015 are expected to significantly improve our capital structure and credit profile 17 Confirming consolidated and corporate net debt targets Improved Leverage Targets ABY’s stake crystallization EIG’s entry into APW-1 Visibility on asset sales + + Corp. + NRDP ND 3.2x
Slide 18: Agenda: A Free Cash Flow Generative Model
18 Agenda A Free Cash Flow Generative Model
Slide 19: FCF generation in concessional projects
FCF generation in concessional projects Abengoa 3.0, de-risking our business model, represents a credit positive game changer FCF generation from construction phase 1 FCF generation during operational phase 2 A model poised to secure growth while reducing capital effort Recurrent cash-flow generatio
Slide 20: Additional O&M Backlog
20 Additional O&M Backlog Sector # of Projects Amount Weighted Avg. Period Annual Amount 6 206 M€ 26 years 7.9 M€/yr 2 65 M€ 20 years 3.3 M€/yr 1 9 M€ 18 years 0.5 M€/yr 10 1,281 M€ 22 years 58.4 M€/yr 2 239 M€ 21 years 11.2 M€/yr ABY 21 1,800 M€ 22 years 81.3 M€/yr 1 20 M€ 32 years 0.6 M€/yr 1 71 M
Slide 21: Asset Value at the Corporate Level
21 Asset Value at the Corporate Level 8.2 B€ of assets backing up our corporate+NRDP net debt of 4.3 B€ Total Asset Value at Corporate 8.9 Asset Value in Concessions R&D and proprietary knowledge value* 0.7 Abengoa Yield Operation Construction + APW Project Assets (NRDP) 1.3 Equity Book Value 1.5 Eq
Slide 22: Rating agencies update
Rating agencies update A strategy poised to deliver key credit positives required for a rating upgrade We continue committed to our rating improvement target Creation of Abengoa Yield as a recurrent equity recycling vehicle Formalized major agreement with partners for equity capex commitments for th
Slide 23: Agenda: Key Financial Takeaways
23 Agenda Key Financial Takeaways
Slide 24: WC recovering in Q1, as expected
WC recovering in Q1, as expected 24 Main Highlights Building up on Abengoa 3.0, a credit improving business model A solid start of the year, improving the main KPIs of the business, providing solid outlook for 2015 Reinforced liquidity buffer through strategic transactions Simplified balance sheet s
Slide 25: Thank you
Thank you ABENGOA April 7 & 9, 2015 Innovative Technology Solutions for Sustainability