Acciona Sa · BME:ANA

Acciona Sa — Investor Presentation (March 2023)

58 slides from Acciona Sa's investor presentation, March 2023

  1. Slide 1: ACCIONA Company Overview

    March 2023 ACCIONA Company Overview

  2. Slide 2: Disclaimer

    DISCLAIMER This document has been prepared by ACCIONA. S.A. (“Company” )exclusively for use as support material for the introduction of ACCIONA the Securities Act) unless they are qualified institutional buyers as defined in Rule 144A under the Securities Act (“Rule 144A”). The Securities Group’s ac

  3. Slide 3: Table of Contents

    TABLE OF CONTENTS Sections Page 1 Company overview 4 2 ACCIONA Energía 10 3 ACCIONA Infrastructure 17 4 ACCIONA Other activities 24 5 Financial Overview 26 6 ESG at the heart of our strategy 31 7 Appendix 34

  4. Slide 4: Company Overview

    O01 COMPANY OVERVIEW

  5. Slide 5: ACCIONA at a Glance

    ACCIONA AT A GLANCE Providing the state-of-the-art sustainable solutions of today while exploring the solutions for tomorrow  Leading greenfield developer and operator of sustainable and regenerative Energy & Infrastructure assets Sustainability as our main strategic guideline  Focus on the energy

  6. Slide 6: A Unique Business Model

    A UNIQUE BUSINESS MODEL S U S TA I N A B L E C H A L L E N G E S ACCIONA’S SOLUTIONS 25 YEARS AGO 2022 HIGHLIGHTS  €1,653m EBITDA (+52% yoy) CLIMATE CHANGE ENERGY 11.8 GW Installed Capacity 23.9 Twh production INFRASTRUCTURE  €369m EBITDA (+14% yoy) WATER & NATURE Construction, Water, Concessions

  7. Slide 7: Years of Sustainable Solutions

    25 YEARS OF SUSTAINABLE SOLUTIONS 10m sqm. of houses, More than industrial, commercial or office buildings 6,000 kms of roads 300 TWh produced 600 major bridges Valdebebas Madrid Cebu bridge Philippines Fort Bend County Cunningham Texas Texas 3,000 km 85 water treatment of high-speed rail plants man

  8. Slide 8: 2022 Highlights

    2022 HIGHLIGHTS Financial Results Revenues by region Net Debt/EBITDA Net Investment Cashflow (€m) EBITDA €2,068m -0.39x €11,195m 2.93x +39% vs. 2021 +38% yoy 2.54x €2,004m NET PROFIT FY 2021 FY 2022 €441m International Spain Other Energy Businesses +33% vs. 2021 Installed Capacity (MW) Infrastructur

  9. Slide 9: Group EBITDA Mainly Driven by Energy

    GROUP EBITDA MAINLY DRIVEN BY ENERGY EBITDA 2022: €2,068m ND/EBITDA 2.54x 79% 18% 3% ENERGY INFRASTRUCTURE OTHER ACTIVITIES EBITDA: €1,653m EBITDA: €369m EBITDA: €73m (76.2% Generation margin) (6.1% margin) (6.2% margin)  11.8 GW generation assets  Construction (5.0% margin)  Bestinver -> €5,117m

  10. Slide 10: ACCIONA Energía

    02 ACCIONA Energía

  11. Slide 11: ACCIONA Energía – 82.7% stake owned by ACCIONA

    ACCIONA ENERGÍA – 82.7% stake owned by ACCIONA A renewable energy & sustainability pioneer with 30 years track-record LEADING INDEPENDENT RENEWABLE ENERGY PURE-PLAY › Pioneer in the large-scale deployment and operation of renewables across the globe › Global reach & technological diversification – d

  12. Slide 12: Operating Figures at a Glance

    OPERATING FIGURES AT A GLANCE (1) 11.8 GW 23.9 TWh 78% contracted output (2) INSTALLED CAPACITY TOTAL PRODUCTION 7 years average residual contracted life 11.8 GW Total installed capacity 2022 operating figures Consolidated Equivalent households Contracted energy Multi-technology Multi-geography capa

  13. Slide 13: Global Reach Across 5 Continents

    GLOBAL REACH ACROSS 5 CONTINENTS Presence in 18 countries & 11.8 GW of total installed capacity at December 2022 Total Installed Total Consolidated OTHER AMERICAS S PA I N ( 5 . 8 G W ) capacity capacity (0.3 GW) 4.7 GW 0.2 GW 11.8 GW 9.9 GW 0.2 GW Pedregales 18 MW Extremadura 125 MW 58 MW 0.9 GW Bo

  14. Slide 14: Fully Integrated Across the Value Chain

    FULLY INTEGRATED ACROSS THE VALUE CHAIN PROJECT ENGINEERING & O&M AND ASSET ENERGY SUPPLY CHAIN MANAGEMENT DEVELOPMENT CONSTRUCTION MANAGEMENT  Local hubs with global reach  In-house capabilities  Large scale – purchasing power  Higher availability than market  Energy management with a team of

  15. Slide 15: Value Creation Strategy

    VALUE CREATION STRATEGY Key value drivers: life extension & profitable growth Balanced risk management underpinned by major value creation from life extension of existing asset base, which also enables targeting for profitable growth with higher returns VALUE CREATION Extract maximum value from Fast

  16. Slide 16: Energy Transition Growth Opportunity

    ENERGY TRANSITION GROWTH OPPORTUNITY DECARBONIZATION TARGETS AND WIDER INDUSTRY FUNDAMENTALS ARE DRIVING AN UNPRECEDENTED GROWTH IN RENEWABLES WORLDWIDE › CO2 emissions reductions globally by 2050 and strong governmental support › Wind and Solar PV technologies fully proven, competitive and integrat

  17. Slide 17: Infrastructure

    03 INFRASTRUCTURE

  18. Slide 18: Infrastructure - Global leader in transformative Infrastructure projects

    INFRASTRUCTURE - Global leader in transformative Infrastructure projects Differentiation through specialization and ground-breaking use of technology , providing innovative, sustainable and impactful solutions globally CONSTRUCTION 2022 Revenues by region › Specialist in large civil construction pro

  19. Slide 19: Infrastructure Backlog: €22,020m at Dec 2022

    INFRASTRUCTURE BACKLOG: €22,020m at Dec 2022 Record backlog ever, with Australia & New Zealand as ACCIONA’s main Infra markets EUROPE Water Management Cerdeña: €209m (100%) Föllo Line Rail: €1,000m (60%) Moss Railway: €654m (45%) Hospital Novo Do Alentejo €149m (100%) Backlog by activities NORTH AME

  20. Slide 20: Infrastructure Market & Public Investment Plans

    INFRASTRUCTURE MARKET & PUBLIC INVESTMENT PLANS The infrastructure market is confirming its recovery after Covid-19, with investment levels similar to those of 2019 and the expectation that the growth path will continue thanks to the many investment plans underway in different regions. North America

  21. Slide 21: Construction

    CONSTRUCTION Specialized in large highly-complex construction projects Key figures FY 2022  Increasing demand for large and complex infrastructures worldwide and few players with skills and size to address it (Million Euro) FY 2022 FY 2021 Chg. Chg. (%)  High-quality geographically diversified and

  22. Slide 22: Concessions

    CONCESSIONS Focus on sustainable greenfield concessions with low demand risk Key figures FY 2022  Focus on sustainable greenfield investments that can provide future steady cash- (Million Euro) FY 2022 FY 2021 Chg. Chg. (%) flows, leveraging on the group’s technical and financial capabilities  Pro

  23. Slide 23: Water

    WAT E R Specialist in D&C of large water treatment facilities and Management of entire water cycle Key figures FY 2022 (Million Euro) FY 2022 FY 2021 Chg. Chg. (%)  World largest desalination company by cumulative capacity in the last 10 years Revenues 1,272 1,052 220 20.9%  Global leader in rever

  24. Slide 24: Other Activities

    04 OTHER ACTIVITIES

  25. Slide 25: Other Activities Overview

    OTHER ACTIVITIES OVERVIEW PROPERTY DEVELOPMENT BESTINVER ELECTRIC MOBILITY A unique player specialized in high value-added Leading independent provider of comprehensive Silence: Leading European manufacturer of electric development projects with innovative sustainable financial services motorcycles

  26. Slide 26: Financing

    06 FINANCING

  27. Slide 27: Net Financial Debt

    NET FINANCIAL DEBT Net financial debt breakdown by nature (€m) Net debt & cash interest evolution (€m) Average Average Av. maturity undrawn cost of debt debt maturity (years) Credit Lines (years) Project Debt Corporate Debt 27

  28. Slide 28: Debt Maturity & Breakdown

    DEBT MATURITY & BREAKDOWN Liquidity and gross debt maturity schedule (€m) 7,266 Available 4,591 facilities 1,660 1,259 1,324 974 920 566 277 221 212 Cash 2,675 Debt breakdown by nature Gross financial debt – Level Gross financial debt – Currency Gross financial debt – Interest rate Corporate debt 28

  29. Slide 29: Key Figures - EBITDA Evolution (2017–2022)

    KEY FIGURES - EBITDA EVOLUTION (2017 – 2022) Disposal Transmediterranea 29

  30. Slide 30: Leverage Evolution (2010–2022)

    LEVERAGE EVOLUTION (2010 – 2022) Gross debt (€m) 8,954 9,047 8,211 7,537 2010-2012: leverage > 5x net debt/EBITDA 7,032 7,262 7,417 6,990 6,771 6,744 6,858 2013: 5.7x leverage (regulatory reform in 6,229 6,383 Spain) implemented plan (incl. cancellation of dividend) to reduce leverage to 4.5-4.0x 20

  31. Slide 31: ESG at the Heart of Our Strategy

    07 ESG AT THE HEART OF OUR STRATEGY

  32. Slide 32: ACCIONA - The First Company of a New Sector

    A C C I ONA- T H E F I R S T C O MP ANY O F A N E W S E C T OR SUSTAINABLE SOLUTIONS TO DESIGN A BETTER PLANET ESG RATING (1) ACCIONA is a company operating in a new sector that focuses its strategy and solutions on the needs and opportunities for the 19.8 Low Risk development of the sustainable age

  33. Slide 33: Sustainability – Leading into the Next Frontier

    S U S T AI NAB I LI T Y – L E ADI NG I NT O T H E NE XT F R O NT I ER AMBITION ACTION ACCOUNTABILITY DECARBONIZATION GOVERNANCE TRANSPARENCY › Integration of the Finance and Sustainability teams SUSTAINABILITY REPORT › SBTi Objective: Reduce scope 1 and 2 under a Chief Financial and Sustainability O

  34. Slide 34: Appendix – FY 2022 Results

    09 APPENDIX – FY 2022 RESULTS

  35. Slide 35: Financial Results Highlights – FY 2022

    F I N ANC I AL R E S ULTS H I G HLI GHT S – F Y 2 0 22 FY 2022 % Chg. FY 2022 FY 2021 (€m) vs FY 2021 (€m) (€m) Revenues 11,195 38% Net Investment Cashflow 2,004 20 EBITDA 2,068 39% FY 2022 FY 2021 EBT 869 51% (€m) (€m) of which Nordex contribution -194 Net Financial Debt 5,253 4,344 Attributable ne

  36. Slide 36: Exceeding 2022 Guidance

    E X C EEDI NG 2 0 22 G U I DANC E 2022 2022 GUIDANCE ACTUAL  Solid double-digit €2,068m EBITDA growth (+39%)  ~€1.7bn - €1.9bn INVESTMENT €2bn gross capex  Improving NET DEBT/EBITDA 2.54x vs. 2.93x credit profile Prudent & €4.5/share  2022 DIVIDEND sustainable growth (+10%) 36

  37. Slide 37: ESG Results Highlights FY 2022

    E S G R E S UL TS H I G HLI GHT S F Y 2 0 22 Key ESG indicators ESG highlights People FY 2022 FY 2021 % Chg.  Articulation of a new Purpose, Promise and Principles that summarizes the why of our actions: to challenge the present to make the future possible  ACCIONA is included in the S&P Dow Jones

  38. Slide 38: Investment by Division

    I N V ES TMENT B Y D I V I S I ON Net Investment breakdown (€m) (Million Euro) FY 2022 FY 2021 Energy 1,279 819 Infrastructure 244 185 Construction 128 127 Concessions 92 8 Water 14 41 Includes €112m equity invested in Urban & Enviromental Services 10 9 transport concessions and €20m Includes land d

  39. Slide 39: Net Debt Evolution

    N E T D E B T E V O LUT I ON Net debt reconciliation FY 2022 (€m) OPERATING CF NET INVESTMENT CF FINANCING/OTHERS CF €1,661m -€2,004m -€552m (2,002) 5 (2,745) (1) (1) Debt associated to work in progress IFRS16 adjustment Derivatives 39 1. Note IFRS16 lease payments FY 2022: €146m of which €26m is re

  40. Slide 40: ACCIONA Energía

    A C C I ONA E N ERGÍ A Key figures FY 2022 Key highlights FY 2022 (Million Euro) FY 2022 FY 2021 Chg. (€m) Chg. (%)  Strong financial performance in FY 2022 despite low output, supported by a high energy price environment, an effective energy management and the stability of the financial costs Gene

  41. Slide 41: ACCIONA Energía – Pipeline Update

    A C C I ONA E N ERGÍ A – P I P E L I NE U P D AT E Pipeline & Capacity growth (GW) (buffer) Early-stage (buffer) pipeline Advanced development Highly Under visible Added Added construction & ~20 2021 2022 Secured Installed + U/C 2022 & Secured pipeline (4.6 GW)  Dynamic, diversified & efficient pip

  42. Slide 42: Infrastructure

    I N F RAS T RUC TURE Key figures FY 2022 EBITDA evolution (€m) (Million Euro) FY 2022 FY 2021 Chg. Chg. (%) Construction Revenues 4,560 3,626 934 25.8% EBITDA 227 163 64 39.4% +14.2% Margin (%) 5.0% 4.5% Concessions Revenues 52 53 -1 -1.8% EBITDA 37 46 -9 -18.8% Margin (%) 71.5% 86.5% Water Total Re

  43. Slide 43: Construction

    C O N S TRUC TI ON Strong growth in revenues and profitability despite a challenging input cost environment Key figures FY 2022 Key highlights FY 2022  +25.8% growth in revenues, operations being particularly strong in Australia, Spain, (Million Euro) FY 2022 FY 2021 Chg. Chg. (%) Brazil and Canada

  44. Slide 44: Concessions

    C O N C ES S I ONS Focus on sustainable greenfield concessions with low demand risk Key figures FY 2022 Key highlights FY 2022  YoY growth rates distorted by the assets sold during 2021 (Million Euro) FY 2022 FY 2021 Chg. Chg. (%)  Financial close of the long-term non-recourse financing for LINHA

  45. Slide 45: Water

    WA T ER Increasing weighting of long-term oriented revenues supported by O&M contracts Key figures FY 2022 Key highlights FY 2022 (Million Euro) FY 2022 FY 2021 Chg. Chg. (%)  +c.21% increase in revenues, with strong growth both in Design & Construction (+19% yoy) and Operation & Maintenance (+26%

  46. Slide 46: Urban & Environmental Services

    U R B AN & E N VI RONMENT AL S E RVI C ES €744m orderbook, +118% yoy, providing high long-term visibility Key figures FY 2022 Key highlights FY 2022 (Million Euro) FY 2022 FY 2021 Chg. Chg. (%)  YoY growth rates distorted by perimeter changes (healthcare & energy efficiency) Revenues 148 165 -17 -1

  47. Slide 47: Other Activities

    O T HER A C T I VI T I ES Key figures FY 2022 (Million Euro) FY 2022 FY 2021 Chg. Chg. (%) FY 2022 FY 2021 Chg. (%) Property Development Revenues 247 190 58 30.5% EBITDA 13 27 -15 -53.4% Property development Margin (%) 5.2% 14.4% GAV (€m) €1,541m €1,361m +13.2% Bestinver Revenues 101 128 -27 -21.0%

  48. Slide 48: Property Development

    P R O P ERTY D E VEL OPMENT FY 2022 guidance met in terms of deliveries with a relevant weighting of BTR Key figures FY 2022 Key highlights FY 2022  Strong growth in revenues driven by the 617 units delivered in FY 2022, (versus 443 in FY 2021, (Million Euro) FY 2022 FY 2021 Chg. Chg. (%) +39% yoy)

  49. Slide 49: Bestinver

    B E S T I NVER AUM negatively affected by performance Key figures FY 2022 Key highlights FY 2022  Revenues and EBITDA fell versus the previous year due to the 27% decline in Assets (Million Euro) FY 2022 FY 2021 Chg. Chg. (%) Under Management (AUM), affected by the negative market evolution for equ

  50. Slide 50: 2023 Outlook

    2 0 23 O U T L OOK EBITDA o ACCIONA ENERGÍA: €1.5-1.6BN DEPENDING ON POOL PRICE EVOLUTION o REST OF THE GROUP: SOLID DOUBLE DIGIT GROWTH MAINLY DRIVEN BY CONSTRUCTION & CONCESSIONS GROSS CONSOLIDATED CAPEX o €1.8 - €1.9BN AT ACCIONA ENERGÍA o €0.8 - €0.9BN IN THE REST OF THE ACCIONA GROUP PROFIT BEF

  51. Slide 51: Capital Employed by Type of Activity

    C A P I T AL E MP L OYED B Y T Y P E O F A C T I VI T Y €8,291m €1,986m €10,277m SERVICES & GREENFIELD BUSINESS Renewable Energy Development Infrastructure Services Financial Services Greenfield Infrastructure – Construction & Water projects Residential Development RISK LONG-TERM ASSET BUSINESS Rene

  52. Slide 52: Energy – Under Construction & Secured Projects

    E N ERGY – U N DER C O N S TRUC TI ON & S E C URED P R O J EC TS MW Scheduled MW Additions per year (1) Under Start Asset % ANE Added Technology Country Total const. const. 2023 2024 2025 2026 Details name stake 2022 Dec 2022 2023 Wind Australia MacIntyre Complex 70% 923 11 912 650 262 PPA with Clea

  53. Slide 53: Energy – Installed Capacity

    E N ERGY – I NS T ALLED C A P A CI TY Installed MW (31 December 2022) Total Consolidated Eq. accounted Net Spain 5,796 4,775 499 5,243 Wind 4,681 3,674 493 4,138 Hydro 868 868 0 868 Solar PV 186 172 6 178 Biomass 61 61 0 59 International 6,030 5,109 394 4,787 Wind 4,100 3,815 69 3,250 CSP 64 64 0 48

  54. Slide 54: Energy – Wind – Drivers by Country

    E N ERGY – WI N D – D R I VERS B Y C O U NTRY Wind prices (€/MWh) (1) and Load factors (%) FY 2022 FY 2021 Chg. (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) Spain Average 147.6 23.6% 89.1 24.2% 65.6% Spain - Regulated 174.6 115.5 51.2% Spain - Not regulated 131.4 41.8 214.

  55. Slide 55: Energy – Other Technologies – Drivers by Country

    E N ERGY – O T HER T E C HNOL OGI ES – D R I VERS B Y C O U NTRY Other technologies prices (€/MWh) and Load factors (%) FY 2022 FY 2021 Chg. (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) Hydro Spain 171.8 20.1% 43.2 22.7% 297.8% Biomass Spain 157.4 83.8% 140.9 83.1% 11.7% S

  56. Slide 56: Concessions – Transport & Hospital Concessions Breakdown

    C O N C ES S I ONS – T R A NS P ORT & H O S P I TAL C O N C ES S I ONS B R EAK DOWN Name Description Period Country ACCIONA Status Accounting method Asset type Remodeling, restoration, operation and maintenance of a 76.5km strech of an existing road between km 62 (A-2) and km 139 (border of A2 - Sec

  57. Slide 57: Concessions – Details of Water Concessions

    C O N C ES S I ONS – D E T AI L S O F WA T ER C O NC ES S I ONS U N DER I F R I C 12 Name Description Period Country ACCIONA Status Accounting method Asset type EDAR 8B Construction, operation and maintenance of the wastewater treatment plant "08B Zone" of Aragon 2008 - 2031 Spain 100% Operational G

  58. Slide 58: Sustainable Finance and Ratings

    S U S T AI NAB LE F I NA NCE A ND R A T I NGS SUSTAINABLE FINANCE OPERATIONS ESG RATINGS GREEN FINANCING Active operations(2) 48 New or re-openings in 2022(2) 9 Total amount (€m) (1) 3,966 FINANCING LINKED TO SUSTAINABILITY COMMITMENTS Active Operations 11 New in 2022 9 * Total amount (€m) (1) 5,038

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