Acciona Sa · BME:ANA
Acciona Sa — FY2022 Earnings Presentation
42 slides from Acciona Sa's earnings presentation, Feb 28, 2023
Slide 1: FY 2022 Results Presentation
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 F Y 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
Slide 3: Introduction
01 INTRODUCTION
Slide 4: 25 Years of Sustainable Solutions
A C C I O N A F Y 2 0 2 2 R E S U L T S 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
Slide 5: 2022 - Global Sustainable Infra Solutions Provider
A C C I O N A F Y 2 0 2 2 R E S U L T S 2022 - GLOBAL SUSTAINABLE INFRA SOLUTIONS PROVIDER €22,020m 12 GW INFRASTRUCTURE INSTALLED BACKLOG CAPACITY Western Harbor Tunnel in Sydney Started the construction of 1,026 MW MacIntyre Wind Farm Precinct -3.3% CO2 EMISSIONS (scope 1+2) HIGHEST +43% SUSTAINAB
Slide 6: 2022 Social Cashflow
A C C I O N A F Y 2 0 2 2 R E S U L T S 2022 SOCIAL CASHFLOW €12,176m €12,176m (+21% vs. 2021) Economic value created & distributed Dividend Financial costs & other Employees Tax €7,403m €2,004m €1,510m €1,370m contribution Suppliers Ordinary capex & Tax contribution Employees Net Investment +45% vs
Slide 7: Group Financial Information
02 GROUP FINANCIAL INFORMATION
Slide 8: 2022 Highlights
A C C I O N A F Y 2 0 2 2 R E S U L T S 2022 HIGHLIGHTS Financial Results Revenues by region Net Debt/EBITDA Net Investment Cashflow (€m) EBITDA €2,068m -0.39x 2.93x +39% vs. 2021 €11,195m 2.54x €2,004m NET PROFIT FY 2021 FY 2022 €441m International Spain Other Energy Businesses +33% vs. 2021 Instal
Slide 9: Financial Results Highlights – FY 2022
A C C I O N A F Y 2 0 2 2 R E S U L T S FINANCIAL RESULTS HIGHLIGHTS – FY 2022 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 5,2
Slide 10: Exceeding 2022 Guidance
A C C I O N A F Y 2 0 2 2 R E S U L T S EXCEEDING 2022 GUIDANCE 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 growt
Slide 11: ESG Results Highlights FY 2022
A C C I O N A F Y 2 0 2 2 R E S U L T S ESG RESULTS HIGHLIGHTS FY 2022 Key ESG indicators ESG highlights ▪ Articulation of a new Purpose, Promise and Principles that summarizes the why of our actions: to People FY 2022 FY 2021 % Chg. challenge the present to make the future possible ▪ ACCIONA is inc
Slide 12: Investment by Division
A C C I O N A F Y 2 0 2 2 R E S U L T S INVESTMENT BY DIVISION 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 Urban & Enviromental Services 10 9 in transport concess
Slide 13: Net Debt Evolution
A C C I O N A F Y 2 0 2 2 R E S U L T S NET DEBT EVOLUTION 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 1. Note IFRS16 lease payments FY 2022
Slide 14: Energy
03 ENERGY
Slide 15: ACCIONA Energía
A C C I O N A F Y 2 0 2 2 R E S U L T S ACCIONA ENERGÍA 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 stab
Slide 16: ACCIONA Energía – Pipeline Update
A C C I O N A F Y 2 0 2 2 R E S U L T S ACCIONA ENERGÍA – 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, dive
Slide 17: Infrastructure
04 INFRASTRUCTURE
Slide 18: Infrastructure
A C C I O N A F Y 2 0 2 2 R E S U L T S INFRASTRUCTURE 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% Mar
Slide 19: New Record Infrastructure Backlog – €22,020m
A C C I O N A F Y 2 0 2 2 R E S U L T S NEW RECORD INFRASTRUCTURE BACKLOG – €22,020m €9,142m new awards in 2022; Australia & New Zealand as ACCIONA’s main Infra markets EUROPE Backlog by activities Föllo Line Rail: €1,000m (60%) Water Management Cerdeña: €209m (100%) €30,394m Moss Railway: €654m (45
Slide 20: Construction
A C C I O N A F Y 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 FY 2022 Key highlights FY 2022 ▪ +25.8% growth in revenues, operations being particularly strong in Australia, Spain, (Million Euro) FY 2022 FY 20
Slide 21: Concessions
A C C I O N A F Y 2 0 2 2 R E S U L T S CONCESSIONS 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
Slide 22: Water
A C C I O N A F Y 2 0 2 2 R E S U L T S WATER 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% y
Slide 23: Urban & Environmental Services
A C C I O N A F Y 2 0 2 2 R E S U L T S URBAN & ENVIRONMENTAL SERVICES €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 effici
Slide 24: Other Activities
05 OTHER ACTIVITIES
Slide 25: Other Activities
A C C I O N A F Y 2 0 2 2 R E S U L T S OTHER ACTIVITIES 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% Bestinv
Slide 26: Property Development
A C C I O N A F Y 2 0 2 2 R E S U L T S PROPERTY DEVELOPMENT 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 202
Slide 27: Bestinver
A C C I O N A F Y 2 0 2 2 R E S U L T S BESTINVER 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 th
Slide 28: 2023 Outlook
06 2023 OUTLOOK
Slide 29: 2023 Outlook
A C C I O N A F Y 2 0 2 2 R E S U L T S 2023 OUTLOOK 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 CO NSTRUCTION & CONCESSIONS GROSS CONSOLIDATED CAPEX o €1.8 - €1.9BN AT ACCIONA ENERGÍA o €0.8 - €0.9BN IN THE R
Slide 30: Appendix
07 APPENDIX
Slide 31: Capital Employed by Type of Activity
A C C I O N A F Y 2 0 2 2 R E S U L T S CAPITAL EMPLOYED BY TYPE OF ACTIVITY €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-TER
Slide 32: Net Financial Debt
A C C I O N A F Y 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 32
Slide 33: Debt Maturity & Breakdown
A C C I O N A F Y 2 0 2 2 R E S U L T S 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 financia
Slide 34: Global Reach Across 5 Continents
A C C I O N 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 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 Pedreg
Slide 35: Energy – Under Construction & Secured Projects
A C C I O N A F Y 2 0 2 2 R E S U L T S ENERGY – 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 11 912
Slide 36: Energy – Installed Capacity
A C C I O N A F Y 2 0 2 2 R E S U L T S ENERGY – 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 4,100
Slide 37: Energy – Wind – Drivers by Country
A C C I O N A F Y 2 0 2 2 R E S U L T S ENERGY – WIND – DRIVERS BY COUNTRY 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 -
Slide 38: Energy – Other Technologies – Drivers by Country
A C C I O N A F Y 2 0 2 2 R E S U L T S ENERGY – OTHER TECHNOLOGIES – DRIVERS BY COUNTRY 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 8
Slide 39: Concessions – Transport & Hospital Concessions Breakdown
A C C I O N A F Y 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 40: Concessions – Details of Water Concessions under IFRIC12
A C C I O N A F Y 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 41: Sustainable Finance and Ratings
A C C I O N A F Y 2 0 2 2 R E S U L T S SUSTAINABLE FINANCE AND RATINGS 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 * T
Slide 42: Results Presentation
FY 2022 – January - December 2 8 th F e b r u a r y 2 0 2 3 RESULTS PRESENTATION