Acciona Sa · BME:ANA
Acciona Sa — H1 2022 Earnings Presentation
38 slides from Acciona Sa's earnings presentation, Jul 29, 2022
Slide 1: H1 2022 Results Presentation
H1 2022 – January - June 2 9 th J u l y 2 0 2 2 RESULTS PRESENTATION
Slide 2: Disclaimer
A C C I O N A H 1 2 0 2 2 R E S U L T S DISCLAIMER This document has been prepared by ACCIONA. S.A. (“ACCIONA” or the “Company” and, together with its subsidiaries, the “ACCIONA Group”) FORWARD-LOOKING STATEMENTS exclusively for use during the presentation of financial results. Therefore it cannot b
Slide 3: Introductory Remarks
01 INTRODUCTORY REMARKS José Manuel Entrecanales Chairman & CEO
Slide 4: Key Highlights H1 2022
A C C I O N A H 1 2 0 2 2 R E S U L T S KEY HIGHLIGHTS H1 2022 ✓ ✓ EBITDA Net Profit €1,064m €201m Investment +66% vs H1 2021 +36% vs H1 2021 €1,217m INFRASTRUCTURE BACKLOG MWs UNDER CONSTRUCTION 20,580 2,064 3x +14% 91% OF CAPEX ALIGNED 18,096 WITH THE EUROPEAN 692 TAXONOMY 4
Slide 5: Group Financial Information
02 GROUP FINANCIAL INFORMATION José Ángel Tejero Chief Financial & Sustainability Officer
Slide 6: Financial Results Highlights - H1 2022
A C C I O N A H 1 2 0 2 2 R E S U L T S FINANCIAL RESULTS HIGHLIGHTS - H1 2022 H1 2022 % Chg. H1 2022 FY 2021 (€m) vs H1 2021 (€m) (€m) Revenues 5,177 46% Net Investment 1,217 -20 EBITDA 1,064 66% H1 2022 FY 2021 EBT 445 95% (€m) (€m) of which Nordex contribution -108 Net Financial Debt 5,041 4,344
Slide 7: ESG Results Highlights H1 2022
A C C I O N A H 1 2 0 2 2 R E S U L T S ESG RESULTS HIGHLIGHTS H1 2022 Key ESG indicators ESG Highlights ▪ Weight of variable remuneration linked to sustainability goals increases to 10% People H1 2022 H1 2021 % Chg. ▪ Financing instruments linked to sustainability increase to a total of €6,885m, wi
Slide 8: Investment by Division
A C C I O N A H 1 2 0 2 2 R E S U L T S INVESTMENT BY DIVISION Net Investment breakdown (€m) (Million Euro) H1 2022 H1 2021 Energy 770 661 Infrastructure 143 144 Construction 51 102 Concessions 87 0 Water 3 31 Other Infrastructure Activities 3 10 Other Activities 223 277 Net Ordinary Capex 1,136 1,0
Slide 9: Net Debt Evolution
A C C I O N A H 1 2 0 2 2 R E S U L T S NET DEBT EVOLUTION Net debt reconciliation H1 2022 (€m) NET OPERATING CF: INVESTMENT CF: FINANCING/OTHERS CF: €589m -€1,217m -€47m (37) (1,677) (70) (1,140) (2,808) (2,637) (1) (1) Debt associated to work in progress IFRS16 adjustment Derivatives 1. Note IFRS1
Slide 10: Energy
03 Energy José Ángel Tejero Chief Financial & Sustainability Officer
Slide 11: ACCIONA Energía – Operating Results
A C C I O N A H 1 2 0 2 2 R E S U L T S ACCIONA ENERGÍA – OPERATING RESULTS Key figures H1 2022 Key highlights H1 2022 ▪ ACCIONA Energía reported good financial performance in H1 2022 supported by the higher commodity environment across its key markets – the company is firmly on track to meet the FY
Slide 12: ACCIONA Energía - Construction Plan
A C C I O N A E N E R G Í A H 1 2 0 2 2 R E S U L T S ACCIONA ENERGÍA - CONSTRUCTION PLAN Capacity under construction (MW) McIntyre 923 Tenaska Union 405 McIntyre 787 Fort Bend 309 Red Tailed Hawk 458 San Juan de Marcona 136 Tenaska Union 405 High Point 126 Fort Bend 165 McIntyre 923 Enren (Calabaza
Slide 13: Infrastructure
04 Infrastructure Luis Castilla Infrastructure CEO
Slide 14: Infrastructure
A C C I O N A H 1 2 0 2 2 R E S U L T S INFRASTRUCTURE Key figures H1 2022 EBITDA evolution (€m) (Million Euro) H1 2022 H1 2021 Chg. Chg. (%) Construction Revenues 2,003 1,598 405 25.3% EBITDA 84 57 28 49.2% Margin (%) 4.2% 3.5% +18.8% Concessions Revenues 22 20 2 8.3% EBITDA 15 18 -4 -19.5% Margin
Slide 15: Infrastructure backlog and revenues by region
A C C I O N A H 1 2 0 2 2 R E S U L T S INFRASTRUCTURE New record infrastructure backlog with €20,580m at the end of H1 2022 Revenues by region EUROPE Föllo Line Rail: €1,000m (60%) Water Management Cerdeña: €209m (100%) NORTH AMERICA Moss Railway: €654m (45%) Hospital Novo Do Alentejo €149m (100%)
Slide 16: Construction
A C C I O N A H 1 2 0 2 2 R E S U L T S CONSTRUCTION Strong growth in revenues and profitability despite a challenging input cost environment Key figures H1 2022 Key highlights H1 2022 (Million Euro) H1 2022 H1 2021 Chg. Chg. (%) ▪ +25% growth in revenues, operations being particularly strong in Bra
Slide 17: Concessions
A C C I O N A H 1 2 0 2 2 R E S U L T S CONCESSIONS Focus on sustainable greenfield concessions with low demand risk Key figures H1 2022 Key highlights H1 2022 (Million Euro) H1 2022 H1 2021 Chg. Chg. (%) ▪ YoY growth rates distorted by the assets sold during 2021 ▪ Financial close of the long-term
Slide 18: Water
A C C I O N A H 1 2 0 2 2 R E S U L T S WATER Increase weight of long-term revenues supported by O&M contracts Key figures H1 2022 Key highlights H1 2022 (Million Euro) H1 2022 H1 2021 Chg. Chg. (%) ▪ +9% increase in revenues; new historical half- yearly sales record ▪ Significant presence in Middle
Slide 19: Property Development
05 Property Development Andrés Pan de Soraluce Real Estate CEO
Slide 20: Property Development
A C C I O N A H 1 2 0 2 2 R E S U L T S PROPERTY DEVELOPMENT H1 2022 results in line with the yearly schedule of deliveries Key figures H1 2022 Key highlights H1 2022 ▪ 108 units delivered in H1 2022, versus 156 in H1 2021, at an Average Selling Price of €192k (Million Euro) H1 2022 H1 2021 Chg. Chg
Slide 21: Bestinver
06 Bestinver Enrique Pérez-Pla Bestinver CEO
Slide 22: Bestinver
A C C I O N A H 1 2 0 2 2 R E S U L T S BESTINVER Leading independent provider of comprehensive financial services Key figures H1 2022 Key highlights H1 2022 (Million Euro) H1 2022 H1 2021 Chg. Chg. (%) ▪ €5.5bn Assets Under Management (AUM) as of June 2022, which represents a 22% decline relative t
Slide 23: Urban Electric Mobility
07 Urban Electric Mobility Carlos Sotelo Silence CEO
Slide 24: Urban Electric Mobility
A C C I O N A H 1 2 0 2 2 R E S U L T S URBAN ELECTRIC MOBILITY Strong growth in Silence vehicle sales while Sharing business recovering towards pre COVID19 levels Silence Sharing +72% increase in sales in H1 2022 Mobility recovery on track ▪ ~6,500 Silence vehicles sold in H1 2022, vs 3,800 in H1 2
Slide 25: Appendix
08 APPENDIX
Slide 26: EBITDA & Capital Employed by Type of Activity
A C C I O N A H 1 2 0 2 2 R E S U L T S EBITDA & CAPITAL EMPLOYED BY TYPE OF ACTIVITY EBITDA CAPITAL (3) LT CONTRACTED EMPLOYED 63% ASSETS & INFRA 65% MANAGEMENT CONTRACTS (2) €10,159m €8,569m Non - LT Contracted (28%) (20%) Generation (1) GREENFIELD DEVELOPMENT BUSINESS LONG-TERM ASSET BUSINESS SER
Slide 27: Net Financial Debt
A C C I O N A H 1 2 0 2 2 R E S U L T S 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
Slide 28: Debt Maturity & Breakdown
A C C I O N A H 1 2 0 2 2 R E S U L T S DEBT MATURITY & BREAKDOWN Liquidity and gross debt maturity schedule (€m) 6,108 Available facilities 3,186 1,538 1,590 946 1,069 921 567 Cash 2,921 369 223 189 June 2022 Liquidity Debt breakdown by nature Gross financial debt – Level Gross financial debt – Cur
Slide 29: ACCIONA Energía
A C C I O N A H 1 2 0 2 2 R E S U L T S ACCIONA ENERGÍA Global reach with presence in 17 countries across 5 continents with 11.2GW of total installed capacity in H1 2022 S PA I N ( 5 . 7 G W ) 4.7 GW Total Installed OTHER AMERICAS 0.8 GW (0.2 GW) capacity 61 MW 0.2 GW 11.2 GW 87 MW (1) REST OF EUROP
Slide 30: Energy – Scheduled Capacity Additions
A C C I O N A H 1 2 0 2 2 R E S U L T S ENERGY – SCHEDULED CAPACITY ADDITIONS MW Scheduled Capacity Additions per year (MW) (1) Under Start Start Asset % ANE Added Technology Country Total const. const. const. 2022 2023 2024 2025 2026 Details name stake YTD Jun 2022 2022 2023 Wind Spain Pedregales 1
Slide 31: Energy – Installed Capacity
A C C I O N A H 1 2 0 2 2 R E S U L T S ENERGY – INSTALLED CAPACITY Installed MW (30 June 2022) Total Consolidated Eq. accounted Net Spain 5,697 4,650 512 5,131 Wind 4,681 3,648 506 4,125 Hydro 868 868 0 868 Solar PV 87 73 7 79 Biomass 61 61 0 59 International 5,515 4,678 358 4,320 Wind 4,005 3,804
Slide 32: Energy – Wind, Drivers by Country
A C C I O N A H 1 2 0 2 2 R E S U L T S ENERGY – WIND, DRIVERS BY COUNTRY Wind prices (€/MWh) (1) and Load factors (%) H1 2022 H1 2021 Chg. (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) Spain Average 169.2 24.2% 59.7 26.0% 183.5% Spain - Regulated 208.6 70.7 194.8% Spain -
Slide 33: Energy – Other Technologies, Drivers by Country
A C C I O N A H 1 2 0 2 2 R E S U L T S ENERGY – OTHER TECHNOLOGIES, DRIVERS BY COUNTRY Other technologies prices (€/MWh) and Load factors (%) H1 2022 H1 2021 Chg. (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) Hydro Spain 171.6 26.6% 53.3 29.0% 222.1% Biomass Spain 185.0 82
Slide 34: Concessions – Transport & Hospital Concessions Breakdown
A C C I O N A H 1 2 0 2 2 R E S U L T S CONCESSIONS – TRANSPORT & HOSPITAL CONCESSIONS BREAKDOWN 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 (borde
Slide 35: Concessions – Details of Water Concessions under IFRIC12
A C C I O N A H 1 2 0 2 2 R E S U L T S CONCESSIONS – DETAILS OF WATER CONCESSIONS UNDER IFRIC12 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% O
Slide 36: Property Development
A C C I O N A H 1 2 0 2 2 R E S U L T S PROPERTY DEVELOPMENT Highly concentrated in Madrid, Catalonia and Lisbon & specific attractive opportunities elsewhere in Spain & abroad Development activity mainly concentrated in Madrid, Catalonia & Lisbon enhancing the TOTAL GAV highest sustainability stand
Slide 37: Sustainable Finance and Ratings
S U S T A I N A B I L I T Y R E S U L T S 2 0 2 1 SUSTAINABLE FINANCE AND RATINGS SUSTAINABLE FINANCE OPERATIONS GREEN FINANCING FINANCING LINKED TO SUSTAINABILITY COMMITMENTS Active operations 46 Active operations 4 New operations during H1 2022 7 New operations H1 2022 2 Current outstanding amount
Slide 38: Results Presentation
H1 2022 – January - June 2 9 th J u l y 2 0 2 2 RESULTS PRESENTATION