Acciona Sa · BME:ANA
Acciona Sa — H1 2017 Earnings Presentation
21 slides from Acciona Sa's earnings presentation, Jul 28, 2017
Slide 1: 28 July 2017
28" July 2017
Slide 2: Disclaimer
| Disclaimer jacciona This document has been prepared by ACCIONA, S.A. (“ACCIONA” or the “Company”) exclusively for use during the presentation of financial results for the first half of 2017 (H1 2017). Therefore it cannot be disclosed or made public by any person or entity with an aim other than th
Slide 3: Key highlights
| Key highlights « Apositive first half driven by good performance... — ...across the Infrastructure division, particularly in International Construction, with higher volumes and consolidation of margin levels - ... Energy Generation, where higher prices in Spain and new capacity abroad have offset
Slide 4: Residential business integrated into Testa Residencial
| Residential business integrated into Testa Residencial Gacciona acciona Real Estate . \ ACCIONA receives... Residential assets: - GAV > €400m Stake in Testa - NAV > €336m l l l l l l l J 1 1 1 l I l l l l l t 221% ACCIONA Real ~~ contributes... testa CD > ACCIONA contributes it residential rental
Slide 5: Residential business integrated into Testa Residencial
| Residential business integrated into Testa Residencial Gacciona Key Operational Figures TR+ANA GAV (€m) 400 1,779 2,179 NAV (€m) 336 1,480 1,816 Assets 10 108 118 Units 1,058 7,983 9,041 Gross rents (€m) 13 57 70 Net rents (€m) 9 40 50 Spain’s benchmark locati SOCIMI/REIT ocations asset management
Slide 6: H1 2017 key figures
| H1 2017 key figures H1 2017 % Chg. (€m) vs H12016 Revenues 3,388 +22.6% EBITDA 579 +10.4% Ordinary EBT 148 +69.8% Ordinary Net Profit 80 +81,5% H1 2017 H1 2016 (€m) (€m) Gross Capex 484 527 Net Investment Cashflow! 501 450 Net Financial Debt 5,571 5,452 ™ Net Investment Cashflow is equivalent to G
Slide 7: Group: Capex by division
| Group: Capex by division Capex breakdown jacciona Key highlights (€m) Energy Infrastructure Construction Water Service Other Activities Gross capex Divestments Net capex Net Investment cashflow Jan-Jun 16 284 183 82 87 14 60 Capex Jan-Jun 17 156 263 246 12 501 Significant investment in the Infrast
Slide 8: Net debt by division
31-Dec-16 30-Jun-17 (€m) Net debt See Project Debt Gross debt Cau Net debt Energy 4,294 2,977 1,629 4,606 -322 4,284 Infrastructure -16 1,033 339 1,373 -972 400 Construction -65 824 225 1,049 -716 333 Water 21 159 107 266 -231 35 Services 27 50 8 57 -25 32 Other businesses 114 161 37 197 -65 132 Cor
Slide 9: Group: Net debt evolution
| Group: Net debt evolution Net debt reconciliation H1 2017 (€m) Net Investment CF Financing/Others CF Net debt EBITDA. Financial results Working Other Gross Divestment Other Treasury shares Derivatives Forex Perimeter Net debt Dec 2016 capital operating CF Capex investment CF changes & other June 2
Slide 10: Group: Debt & liquidity
ACCIONA H1 Results presentation 10| Group: Debt & liquidity Maturity profile of Group gross debt 152 4.74% 163 Dec 2016 June 2017 1,115 343 Average maturity (years) ay ie 1,021 587 iz 421 3.64 486 490 0 | 160 : es Dec 2016 June 2017 2017 2018 2019 2020 2021 2022 >2023 ” verg. matur. undrawn credit l
Slide 11: Energy: Key figures
| Energy: Key figures jacciona Key figures EBITDA evolution (€m) Million E “Jun 16 -Jun17 Chg. Chg. (% (Million Euro) Jan-Jun Jan-Jun 1g ig. (%) 368 a a 367 Revenues 952 870 -82 -8.6% -28 EBITDA 368 367 1 -0.3% Margin (%) 38.7% 42.2% H12016 EBITDA — Generation AWP,Non- —-H12017 EBITDA Generation & C
Slide 12: Infrastructure: Construction
ACCIONA H1 Results presentation 12| Infrastructure: Construction jjacciona Construction & Industrial: Key figures Concessions: Key figures (Million Euro) Jan-Jun 16 Jan-Jun 17 — Chg. Chg. (%) (Million Euro) Jan-Jun16 Jan-Jun 17 Chg. Chg. (%) Revenues 873 1,548 675 773% Reventies 52 67 15 293% EBITDA
Slide 13: Infrastructure: Water and Service
ACCIONA H1 Results presentation 13| Infrastructure: Water and Service jjacciona Water: key figures Services: key figures (Million Euro) Jan-Jun16 —Jan-Jun17 Chg. Chg. (%), (Million Euro) Jan-Jun16 Jan-Jun17_— Chg. Chg. (%), Revenues 331 337 6 1.9% Revenues 327 357 30 92% EBITDA 56 61 5 8.3% EBITDA u
Slide 14: Other activities
| Other activities Other activities: Key figures Key figures (Million Euro) Jan-Jun16 Jan-Jun 17 Chg. Chg. (%) Trasmediterranea 194 190 -4 -2.2% Real Estate 34 26 -8 -24.2% Bestinver 39 46 6 16.4% Corp. & other 20 19 1 -7.2% Revenues 288 280 -8 -2.6% Trasmediterranea 14 2 -13 -88.7% Real Estate (0)
Slide 15: Closing remarks
| Closing remarks Good progress in core businesses during H1, continuing with Q1 trends: — EBITDA up 10.4% driven by Energy Generation in Spain, International Construction, Water and Bestinver — Lower financial charges — structural transformation H1 Net Debt reflects one-off investments and seasonal
Slide 16: Appendix
Appendix
Slide 17: Energy: Equity-accounted generation capacity
ACCIONA H1 Results presentation 17| Energy: Equity-accounted generation capacity Gacciona Detail of capacity accounted under the equity method Wind Spain 619 687 34 185 2005 Wind International 48 56 4 4 2005 Australia 32 35 2 2 2005 Hungary 12 14 1 2 2006 USA 4 8 0 0 2003 Solar PV 30 31 11 67 2008 N
Slide 18: Energy: H1 2017 installations and WIP
ACCIONA H1 Results presentation 18| Energy: H1 2017 installations and WIP jjacciona MW installed in H1 2017 Wind India Bannur 69 H1 2017 Feed-in tariff + GBI (Generation Based Incentive) MW Under construction Wind India Bannur 6 Q2 2017 Feed-in tariff + GBI (Generation Based Incentive) Wind Mexico E
Slide 19: Energy: Wind drivers by country
| Energy: Wind drivers by country Wind prices (€/MWh) and Load factors (%) 12017 Av. price (€/MWh) Spain Average 67,2 Spain - Regulated 78,5 Spain - Not regulated 60,9 f=] Canada 57,9 Be usa 32,1 5 Inca 53,0 E-il Mexico 70,6 Costa Rica 107,2 Australia 63,4 lemma! Poland 68,9 Es Croatia 105,6 Ej Port
Slide 20: Infrastructure: Concessions
ACCIONA H1 Results presentation 20| Infrastructure: Concessions Gacciona Pros ot | cat |e | toot | vee 3 2 1 1 6 57 80 # of concessions Proportional EBITDA H1 2017 (€m) 39 2 1 0 13 62 112 Consolidated EBITDA H1 2017 (€m) 26 0 0 0 7 52 80 Average life (yrs) 34 35 30 30 29 26 31 Average consumed life
Slide 21: July 2017
28 July 2017