Corporacion Acciona Energias Renovables Sa · BME:ANE
Corporacion Acciona Energias Renovables Sa — ACCIONA Energía — FY2022 Earnings Presentation
41 slides from Corporacion Acciona Energias Renovables Sa's earnings presentation, Feb 28, 2023
Slide 1: Results Presentation FY 2022
FY 2022 – January - December 2 8 th F e b r u a r y 2 0 2 3 RESULTS PRESENTATION
Slide 2: Disclaimer
A C C I O N A E N E R G Í A F Y 2 0 2 2 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
01 INTRODUCTION
Slide 4: Successful 2022 – Strengthens Ability to Deliver Impact
A C C I O N A E N E R G Í A F Y 2 0 2 2 R E S U L T S SUCCESSFUL 2022 – STRENGTHENS ABILITY TO DELIVER IMPACT Investing in the Ramping-up MW Strong profitability Distinct Balance Sheet Transition growth EBITDA Consolidated NFD/EBITDA CAPEX (€m) capacity (GW) €1,653m 100% EU Under -0.61x Taxonomy +0.
Slide 5: At the Heart of the Transition
A C C I O N A E N E R G Í A F Y 2 0 2 2 R E S U L T S AT THE HEART OF THE TRANSITION CLIMATE ENERGY SOCIAL EMERGENCY INDEPENDENCE PROGRESS ENERGY TRANSITION more urgent than ever & accelerating as a leading contributor on the road to Net Zero Unique asset base & Fully Distinct operational Pioneer in
Slide 6: Priorities 2023
A C C I O N A E N E R G Í A F Y 2 0 2 2 R E S U L T S PRIORITIES 2023 Execute 2.2 GW of capacity currently under construction Preserve excellent ESG – Scope III, Supply Chain credit profile – protect IG rating ~1.8 GW installed capacity in 2023 (MacIntyre, US PV…) Financial PPA/Hedging – maintain pr
Slide 7: FY 2022 Highlights
02 FY 2022 HIGHLIGHTS jacciona
Slide 8: Key Highlights FY 2022
A C C I O N A E N E R G Í A F Y 2 0 2 2 R E S U L T S KEY HIGHLIGHTS FY 2022 STRONG FINANCIAL PERFORMANCE DESPITE LOW OUTPUT › High energy price environment and effective energy and risk management drives growth across key markets › Higher short-term exposure to spot & roll-over of hedges at higher
Slide 9: Pipeline Update
A C C I O N A E N E R G Í A F Y 2 0 2 2 R E S U L T S PIPELINE UPDATE 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, diversif
Slide 10: Capacity Additions Plan – The Pressure Is On
A C C I O N A E N E R G Í A F Y 2 0 2 2 R E S U L T S CAPACITY ADDITIONS PLAN – THE PRESSURE IS ON Annual MW additions per year 2021-30 ~3 GW p.a. +9.3 GW capacity additions target for 2021-25: Maintain cruise speed of at least 2 GW ~2 GW › Some delays (less than one year) & more volatile p.a. inves
Slide 11: Excellent Visibility – Focus on 2023-24
A C C I O N A E N E R G Í A F Y 2 0 2 2 R E S U L T S EXCELLENT VISIBILITY – FOCUS ON 2023 -24 ≥ 2 GW Ampl. Merck 1.8 GW Bolarque II Escepar y Peralejo Hibrid. Mature pipeline & development optionality to support 2024-25 growth Ayora San Juan de Marcona Acquisition of mature US PV Spain hybrid PV pi
Slide 12: Additional Developments
A C C I O N A E N E R G Í A F Y 2 0 2 2 R E S U L T S ADDITIONAL DEVELOPMENTS BATTERY ENERGY STORAGE SYSTEMS › Acquisition of our first utility-scale under-construction plant, the largest in Texas (190 MW/380 MWh), and pipeline of 6 stand-alone BESS projects in advanced development stage, all in ERC
Slide 13: Financial Information
03 FINANCIAL INFORMATION jacciona
Slide 14: FY 2022 Results Highlights
A C C I O N A E N E R G Í A F Y 2 0 2 2 R E S U L T S FY 2022 RESULTS HIGHLIGHTS FY 2022 % Chg. FY 2022 % Chg. (€m) vs FY 2021 (€m) vs FY 2021 Revenues 4,351 76% Total capacity (MW) 11,826 5% Generation Revenues 2,240 48% Consolidated capacity (MW) 9,884 8% EBITDA 1,653 52% Total production (GWh) 23
Slide 15: FY 2022 ESG Highlights
A C C I O N A E N E R G Í A F Y 2 0 2 2 R E S U L T S FY 2022 ESG HIGHLIGHTS Key ESG indicators ESG highlights People FY 2022 FY 2021 Chg. ▪ Redefined the company’s Purpose, Promise and Principles. Challenge the Present to make the Future possible Average Workforce (no.) 2,354 1,762 33.6% ▪ Excellen
Slide 16: Investment
A C C I O N A E N E R G Í A F Y 2 0 2 2 R E S U L T S INVESTMENT Gross Ordinary Capex Ordinary Key highlights (Million Euro) Capex Deferral Capex Spain 243 -34 209 ▪ Investment mainly related to the construction of new USA 747 -382 366 generation assets Mexico 10 129 139 ▪ Most of the investment eff
Slide 17: Net Debt Evolution – Strong Cashflow Coverage
A C C I O N A E N E R G Í A F Y 2 0 2 2 R E S U L T S NET DEBT EVOLUTION – STRONG CASHFLOW COVERAGE Net debt reconciliation FY 2022 (€m) NET FINANCING OPERATING CF INVESTMENT CF OTHERS CF €1,344m -€1,279m -€100m (10) (471) (1,288) (1,101) (329) (1,508) (1) (2) (2) Debt associated to work in progress
Slide 18: Net Financial Debt
A C C I O N A E N E R G Í A F Y 2 0 2 2 R E S U L T S NET FINANCIAL DEBT Av. maturity Net financial debt breakdown (€m) Average Average debt undrawn Credit cost of debt maturity (years) Lines (years) Project Debt Corporate Debt Debt breakdown by nature Gross financial debt – Level Gross financial de
Slide 19: Spain – Market Overview
A C C I O N A E N E R G Í A F Y 2 0 2 2 R E S U L T S SPAIN – MARKET OVERVIEW Pool price evolution (€/MWh) Electricity demand 2021 2022 242.5 235.5 (TWh) -2,9% 2 3 2022 167.5 50% 2021 111.9 23 2 2 ,000 2021 2022 201 1 1 1 1 3 22,000 1 1 200 2 1 1 1 1 20,000 1 2 1 11 12 2 1 ,000 11 GWh 10 2 0 33 1 ,0
Slide 20: Spain – Revenue Drivers
A C C I O N A E N E R G Í A F Y 2 0 2 2 R E S U L T S SPAIN – REVENUE DRIVERS Consolidated output (GWh) Average achieved prices – regulated vs. wholesale (€/MWh) 13% 52% 35% Generation revenues (€m) Average achieved price composition (€/MWh) (€/MWh) FY 2022 FY 2021 Chg. (%) Achieved market price 166
Slide 21: Spain – Operating Results
A C C I O N A E N E R G Í A F Y 2 0 2 2 R E S U L T S SPAIN – OPERATING RESULTS Key figures FY 2022 Consolidated production variation (GWh) (Million Euro) FY 2022 FY 2021 Ch . (€m) Chg. (%) Generation 1,555 799 756 94.6% Intragroup adjust., Supply & Other 1,643 703 940 133.8% Revenues 3,198 1,502 1,
Slide 22: International – Market Overview
A C C I O N A E N E R G Í A F Y 2 0 2 2 R E S U L T S INTERNATIONAL – MARKET OVERVIEW Power markets Electricity demand (GW) Exchange rates Commodities Average EUR/USD EUR/AUD 2021 1.184 1.579 2022 1.050 1.515 Chg. (%) 11% 4% Closing EUR/USD EUR/AUD 2021 1.133 1.561 2022 1.067 1.569 Chg. (%) 6% -1% 2
Slide 23: International – Revenue Drivers
A C C I O N A E N E R G Í A F Y 2 0 2 2 R E S U L T S INTERNATIONAL – REVENUE DRIVERS Consolidated output (GWh) Average achieved prices (€/MWh) 23% 9% 21% 28% 20% Generation revenues (€m) 37% 10% 8% 31% 15% 23
Slide 24: International – Operating Results
A C C I O N A E N E R G Í A F Y 2 0 2 2 R E S U L T S INTERNATIONAL – OPERATING RESULTS Key figures FY 2022 Consolidated production variation (GWh) (Million Euro) FY 2022 FY 2021 Ch . (€m) Chg. (%) Generation 685 718 -33 -4.6% USA 101 144 -42 -29.5% Mexico 211 178 33 18.4% Chile 54 103 -49 -47.8% Au
Slide 25: 2023 Outlook
A C C I O N A E N E R G Í A F Y 2 0 2 2 R E S U L T S 2023 OUTLOOK EBITDA o ANOTHER EXCELLENT YEAR o EBITDA IN A RANGE OF €1.5-1.6BN DEPENDING ON POOL PRICE EVOLUTION NET INVESTMENT CASHFLOW o ~€1.8-1.9BN NET DEBT/EBITDA o ~2X OR BELOW 2022 DIVIDEND – PAYABLE IN 2023 o B O A R D P R O P O S E S € 0
Slide 26: Appendix
03 APPENDIX
Slide 27: ACCIONA Energía – Operating Results
A C C I O N A E N E R G Í A F Y 2 0 2 2 R E S U L T S ACCIONA ENERGÍA – OPERATING RESULTS Key figures FY 2022 Consolidated production variation (GWh) (Million Euro) FY 2022 FY 2021 Ch . (€m) Chg. (%) Generation Spain 1,555 799 756 94.6% Generation International 685 718 -33 -4.6% Intragroup adjust.,
Slide 28: Debt Maturity & Liquidity
A C C I O N A E N E R G Í A F Y 2 0 2 2 R E S U L T S DEBT MATURITY & LIQUIDITY Liquidity and debt principal maturity schedule (€m) 3,952 Available facilities 3,140 768 653 561 Cash 812 112 62 72 58 84 68 28
Slide 29: Global Reach Across 5 Continents
A C C I O N A E N E R G Í A F Y 2 0 2 2 R E S U L T S GLOBAL REACH ACROSS 5 CONTINENTS With presence in 18 countries & 11.8 GW of total installed capacity in 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 P
Slide 30: Under Construction & Secured Projects
A C C I O N A E N E R G Í A F Y 2 0 2 2 R E S U L T S UNDER CONSTRUCTION & SECURED PROJECTS 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 1
Slide 31: Construction Plan – Key Projects
A C C I O N A E N E R G Í A F Y 2 0 2 2 R E S U L T S CONSTRUCTION PLAN – KEY PROJECTS Power Mechanical Project Country Technology Advance Coments (MW) Completion (1) Works related to power evacuation infrastructure and wind farm, as well as WTG erection (40 MW completed) in process. Majority of ass
Slide 32: Hedging/PPA Activity – Spain
A C C I O N A E N E R G Í A F Y 2 0 2 2 R E S U L T S HEDGING/PPA ACTIVITY – SPAIN Spanish consolidated output – hedging strategy 2022-25 (TWh) GENERATION-TO-SUPPLY STRATEGY AT Contracted vs. wholesale WORK ~70-80% output Currently › 3.8 TWh (full volume by 2026) already long-term contracted ~65% Wh
Slide 33: Capex & Commodity Price Evolution
A C C I O N A E N E R G Í A F Y 2 0 2 2 R E S U L T S CAPEX & COMMODITY PRICE EVOLUTION Represen a ive C PEX cos s in he marke (€m/MW) Commodity price inflation (indexed to 100) z z Wind +~5% +17-18% Solar PV -2-5% +11-13% (1) ✓ PV module prices generally downward trending due to steep fall in polys
Slide 34: Energy Resource in Context – P50 Deviation
A C C I O N A E N E R G Í A F Y 2 0 2 2 R E S U L T S ENERGY RESOURCE IN CONTEXT P50 Deviation 34
Slide 35: Installed Capacity
A C C I O N A E N E R G Í A F Y 2 0 2 2 R E S U L T S INSTALLED CAPACITY 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
Slide 36: Equity Accounted Capacity
A C C I O N A E N E R G Í A F Y 2 0 2 2 R E S U L T S EQUITY ACCOUNTED CAPACITY Proportional figures (31 December 2022) MW GWh EBITD (€m) NFD (€m) Wind Spain 493 1,181 154 -42 Wind International 69 109 10 -9 Australia 32 68 7 -7 Hungary 12 20 2 -2 Vietnam 21 17 0 0 USA 4 5 0 0 Solar PV 332 699 31 14
Slide 37: Equity Accounted Contribution to EBITDA
A C C I O N A E N E R G Í A F Y 2 0 2 2 R E S U L T S EQUITY ACCOUNTED CONTRIBUTION TO EBITDA (Million Euro) FY 2022 FY 2021 Ch . (€m) Chg. (%) Spain 119 51 68 International (15) 11 (25) Portugal (25) 15 (40) Hungary 1 (0) 2 South Africa 1 (1) 1 Egypt 1 2 (1) USA (1) 0 (1) Mexico 2 (6) 8 Dominican R
Slide 38: Spain – Achieved Prices
A C C I O N A E N E R G Í A F Y 2 0 2 2 R E S U L T S SPAIN – ACHIEVED PRICES Consolidated chieved price (€/MWh) Revenues (€m) production Market Rinv+Ro Banding Other Total Market Rinv+Ro Banding Other Total (GWh) FY 2022 Regulated 3,212 165.6 24.1 29.4 219.0 532 77 94 703 Wholesale - hedged 4,844 1
Slide 39: Wind – Drivers by Country
A C C I O N A E N E R G Í A F Y 2 0 2 2 R E S U L T S WIND – DRIVERS BY COUNTRY Wind prices (€/MWh) (1) and Load factors (%) FY 2022 FY 2021 Chg. (%) v. price (€/MWh) LF (%) v. price (€/MWh) LF (%) v. price (€/MWh) Spain Average 147.6 23.6% 89.1 24.2% 65.6% Spain - Regulated 174.6 115.5 51.2% Spain
Slide 40: Other Technologies – Drivers by Country
A C C I O N A E N E R G Í A F Y 2 0 2 2 R E S U L T S OTHER TECHNOLOGIES – DRIVERS BY COUNTRY Other technologies prices (€/MWh) and Load factors (%) FY 2022 FY 2021 Chg. (%) v. price (€/MWh) LF (%) v. price (€/MWh) LF (%) v. price (€/MWh) Hydro Spain 171.8 20.1% 43.2 22.7% 297.8% Biomass Spain 157.4
Slide 41: Results Presentation
FY 2022 – January - December 2 8 th F e b r u a r y 2 0 2 3 RESULTS PRESENTATION