Acciona Sa · BME:ANA
Acciona Sa — Investor Presentation (September 2024)
55 slides from Acciona Sa's investor presentation, September 2024
Slide 1: ACCIONA Company Overview
September 2024 ACCIONA Company Overview
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
Slide 3: Company Overview
O01 COMPANY OVERVIEW
Slide 4: 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 Infrastructure solutions Sustainability as our main strategic guideline ✓ Focus on the energy transition and the glo
Slide 5: 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 2023 HIGHLIGHTS ✓ €1,285m EBITDA (-4% yoy) CLIMATE CHANGE ENERGY 13.5 GW Installed Capacity (+1.7GW yoy) 24.9 Twh production (+4% yoy) INFRASTRUCTURE ✓ €551m EBITDA (+49% yoy) GLOBALIZATION, WATER & NA
Slide 6: >25 Years of Sustainable Solutions
>25 YEARS OF SUSTAINABLE SOLUTIONS 13.5 GW 10m sqm. of houses, Renewable Energy industrial, commercial or office Installed capacity buildings 6,000 kms of roads >300 TWh 600 major bridges produced Valdebebas Madrid Cebu bridge Philippines Fort Bend County Cunningham Texas Texas 3,000 km 85 water tre
Slide 7: Strong Demand for Smart Infrastructures
STRONG DEMAND FOR SMART INFRASTRUCTURES Scarcity of players with the necessary technical and financial capabilities to deliver such a broad portfolio of sustainable solutions Sustainable, Mitigating, Adaptative, Resilient, Transformative 99% CAPEX EU TAXONOMY “SMART” infrastructure developer ALIGNED
Slide 8: Valuable Asset Base
VALUABLE ASSET BASE Broad infrastructure capabilities, global footprint and local expertise -> unique generation opportunities ENERGY INFRASTRUCTURE 13.5 GW €34 bn backlog +1.7 GW in 2023 (3x previous) 2023 a record year (sales, backlog & operating margins) Global platform High growth in OECD countr
Slide 9: 2023 Highlights
2023 HIGHLIGHTS Financial Results Revenues by region Net Debt/EBITDA Net Investment Cashflow (€m) EBITDA €1,981m €17,021m 2.54x +0.77x 3.31x -4% vs. 2022 3.31x €3,327m +52% yoy NET PROFIT FY 2022 FY 2023 €541m Other Energy Spain International Businesses +23% vs. 2022 Installed Capacity (MW) Infrastr
Slide 10: Group EBITDA Breakdown
GROUP EBITDA BREAKDOWN EBITDA 2023: €1,981m ND/EBITDA 3.31x 64% 27% 6% 3% ENERGY INFRASTRUCTURE NORDEX (1) OTHER ACTIVITIES EBITDA: €1,285m EBITDA: €551m EBITDA: €117m EBITDA: €54m (70.2% Generation margin) (7.1% margin) (2.2% margin) (4.4% margin) ▪ 13.5 GW total installed capacity ▪ Four businesse
Slide 11: Capital Employed by Type of Activity
C A P I TAL E MPL OYED B Y T Y PE OF A C T I V I TY - 2 0 23 €10,093m €1,301m €11,394m SERVICES & GREENFIELD BUSINESS Renewable Energy Development Infrastructure Services Financial Services Greenfield Infrastructure – Construction & Water projects RISK Residential Development LONG-TERM ASSET BUSINES
Slide 12: ACCIONA Energía
O02 ACCIONA Energia
Slide 13: ACCIONA Energía
A C C I O N A E N E R G Í A – 8 3 . 7 7 % (1) s t a k e o w n e d b y A C C I O N A 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 RoW (2) › Glo
Slide 14: Global Reach Across 5 Continents
GLOBAL REACH ACROSS 5 CONTINENTS With presence in 25 countries & 13.5 GW of total installed capacity in FY 2023(1) December 2022 OTHER AMERICAS SPAIN (5.8 GW) Total Installed Total Consolidated (0.4 GW) capacity capacity 0.4 GW 4.7 GW Alaiz y Aitzkibel 2 MW 0.2 GW Merck Distributed Gen. 2 MW 13.5 GW
Slide 15: Operating Figures at a Glance
OPERATING FIGURES AT A GLANCE (1) 13.5 GW (2) 24.9 TWh 78% contracted output INSTALLED CAPACITY TOTAL PRODUCTION 6 years average residual contracted life 13.5 GW Total installed capacity FY 2023 operating figures Consolidated Avoided emissions Contracted energy Multi-technology Multi-geography capac
Slide 16: Preserving Balanced Risk Profile
PRESERVING BALANCED RISK PROFILE 2023 consolidated 2023 EBITDA breakdown 2023 EBITDA breakdown 2023 EBITDA breakdown production breakdown by by geography by technology by currency remuneration scheme Biomass & CSP Other RoW % Others AUD currencies Australia 78% contracted Hydro c.6 years residual le
Slide 17: Record Capacity Additions & Secured Growth
RECORD CAPACITY ADDITIONS & SECURED GROWTH 2024-25 EVOLUTION OF ANNUAL CAPACITY ADDITIONS Projects approved for investment & 1.7 GW 1.7 GW projects under construction +1,701 MW Record capacity additions 2023 +1.6 GW Under Construction as of Dec 2023 0.7 GW 0.7 GW 0.6 GW +2.3 GW Increase in consolida
Slide 18: 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
Slide 19: Value Creation Strategy
VALUE CREATION STRATEGY Key value drivers: life extension & profitable growth VALUE CREATION Extract maximum value from Growth in capacity existing asset base additions Life extension & operational excellence MWs IRR>WACC Value crystallization through Asset Rotation Balanced risk management & Invest
Slide 20: Financial Strategy & Risk Management
FINANCIAL STRATEGY & RISK MANAGEMENT Strong financial profile based on large, highly Key value drivers: life extension & profitable growth & contracted and diversified asset portfolio asset rotation › High cashflow generation › Maintain a flexible approach to medium-term growth › 70-80% contracted p
Slide 21: Emblematic Energy Projects
EMBLEMATIC ENERGY PROJECTS MACINTYRE WIND FARM ALDOGA PV PLANT FORTY MILE WIND FARM 923 MW 486 MWp 279 MW ACCIONA Energía's largest plant to date ACCIONA Energía’s first PV investment in ACCIONA Energía's largest wind farm in and one of the biggest in APAC Australia, one of the largest in the countr
Slide 22: Infrastructure
03 INFRASTRUCTURE
Slide 23: Leader in Transformative Infrastructure Projects
L E ADER I N T R ANSFORMATI VE I NF R AS TRUCTURE P R O J ECT S Differentiation through specialization and ground-breaking use of technology, providing innovative, sustainable and impactful solutions globally CONSTRUCTION › Specialist in large civil construction projects with core capabilities parti
Slide 24: Infrastructure Market & Public Investment Plans
INFRASTRUCTURE MARKET & PUBLIC INVESTMENT PLANS Solid and predictable demand for infrastructure assets with 72% of SDG targets related to infrastructure development North America Europe Infrastructure market(1) % CAGR (2019-2026E; $ billions; % CAGR) • Texas Transport Programme ($100bn in road • Fre
Slide 25: Infrastructure Backlog: €24,508m at Dec 2023
INFRASTRUCTURE BACKLOG: €24,508m at Dec 2023 Record backlog ever (€34bn in terms of Aggregated Backlog(1)), with Australia & New Zealand as ACCIONA’s main Infra markets EUROPE NORTH AMERICA Backlog by activities Moss Railway: €654m (45%) Water Management Cerdeña: €209m (100%) Site C Dam: €1,400m (50
Slide 26: Recent Emblematic Infrastructure Projects
RECENT EMBLEMATIC INFRASTRUCTURE PROJECTS CEBU BRIDGE WESTERN HARBOUR TUNNEL SAO PAULO LINE 6 Philippines Australia Brazil A bridge with a 640-metre cable-stayed section, Sydney’s third harbour crossing, featuring twin, three-lane, A 15 km subway line with 15 stations. with 150-metre-high piers supp
Slide 27: Infrastructure – Concession Assets
INFRASTRUCTURE – CONCESSION ASSETS Young, diversified and well-balanced risk-wise asset concession portfolio # assets NORTH AMERICA EUROPE Transport 9 3 assets 48 assets Water 58 12% total equity 8% total equity Health 2 Transmission lines 3 WTE 1 Equity invested €395m (31-12-2023) Equity committed
Slide 28: Infrastructure – Main Concession Assets
I NF RASTRUCTURE – MA I N C ONCES S I ON A S S ETS 4 large projects -3 of them recently awarded (1) – with a strong focus on energy transition Projects Under Construction New Calcasieu River Bridge (I-10), Louisana – €2.8bn São Paulo Metro L6 – €4bn USA Design, construction and maintenance of approx
Slide 29: Infrastructure – Concession Assets Strategy
I NF RASTRUCTURE - C ONCESS I ON A S S ETS S T R ATEGY Focus on high added value sectors in selected geographies Add 2-4 new transport concessions per year, with Equity IRR above 10% Increase the portfolio of water cycle management assets with special focus in Brazilian opportunities Consolidate our
Slide 30: Nordex
04 Nordex
Slide 31: Nordex
NO RDEX A global industry leader in the onshore wind turbine market ▪ Nordex Group is one of the leading integrated, global manufacturers of innovative onshore wind turbine systems ▪ Founded in 1985, Nordex has more than 35 years of experience in the manufacturing of on-shore wind turbines, with a p
Slide 32: Nordex: Turning Point in FY 2023
NO RDEX Turning point in FY 2023 with EBITDA margin breakeven reached Key figures FY 2023 (1) Key highlights FY 2023 (Million Euro) FY 2023 FY 2022 Chg. Chg. (%) ▪ Sales amounted to €6.5bn, +14% vs FY 2022, above company guidance, and Gross margin increased by 102.6% yoy, reaching 15.2% of sales. Re
Slide 33: Other Activities
O05 OTHER ACTIVITIES
Slide 34: Other Activities Overview
OTHER ACTIVITIES OVERVIEW PROPERTY DEVELOPMENT BESTINVER ELECTRIC URBAN 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 motorc
Slide 35: Financing
06 FINANCING
Slide 36: Net Financial Debt
NET FINANCIAL DEBT Net financial debt breakdown (€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 36
Slide 37: Debt Maturity & Breakdown
DEBT MATURITY & BREAKDOWN Liquidity and gross debt maturity schedule (€m) 7,891 Available facilities 1,928 1,770 1,460 922 991 839 986 806 Cash 309 Debt breakdown by nature Gross financial debt – Level Gross financial debt – Currency Gross financial debt – Interest rate Corporate debt 7%2% Euro 12%
Slide 38: Key Figures - EBITDA Evolution (2017–2023)
KEY FIGURES - EBITDA EVOLUTION (2017 – 2023) Covid-19 Covid-19 Disposal Transmediterranea Covid-19 Covid-19 38
Slide 39: Leverage Evolution (2010–2023)
LEVERAGE EVOLUTION (2010 – 2023) Gross debt (€m) 2010-2012: leverage > 5x net debt/EBITDA 10,064 2013: 5.7x leverage (regulatory reform in 9,047 Spain) implemented plan (incl. cancellation 8,211 8,954 of dividend) to reduce leverage to 4.5-4.0x 7,537 6,990 7,262 7,417 2017 -2023: 7,032 6,771 6,858 6
Slide 40: ESG at the Heart of Our Strategy
07 ESG AT THE HEART OF OUR STRATEGY
Slide 41: ACCIONA – The First Company of a New Sector
ACCIONA- THE FIRST COMPANY OF A NEW SECTOR SUSTAINABLE SOLUTIONS TO DESIGN A BETTER PLANET ACCIONA is a company operating in a new sector that focuses its strategy and solutions on the needs and opportunities for the development of the sustainable agenda defined by the SDGs and the conversion to a l
Slide 42: Sustainable Finance
S U S TAI NABLE F I NA NCE Gross Corporate Debt Financing 2023 Outstanding Total 2023 Amount €6,914m Type of financing Instruments (no.) instruments (no.) (€m) Outstanding Amount (€m) Green/Sust. Linked 21% Corporate Debt Conventional 11 54 1,484 4,276 Green Financing Conventional + 4 6 1,198 2,119
Slide 43: Appendix – FY 2023 Results
08 APPENDIX – FY 2023 RESULTS
Slide 44: Financial Results Highlights – FY 2023
A C C I O N A F Y 2 0 2 3 R E S U L T S FINANCIAL RESULTS HIGHLIGHTS – FY 2023 FY 2023 % Chg. FY 2023 FY 2022 (€m) vs FY 2022 (€m) (€m) Revenues 17,021 52% Net Investment Cashflow 3,327 2,004 EBITDA 1,981 -4% EBT 819 -6% Net Financial Debt 6,551 5,253 Attributable net profit 541 23% NFD/EBITDA 3.31x
Slide 45: Energy – Key Figures FY 2023
A C C I O N A F Y 2 0 2 3 R E S U L T S ENERGY – KEY FIGURES FY 2023 Key figures FY 2023 Key highlights FY 2023 ▪ FY 2023 results operating figures driven by the reduction in energy prices, particularly in Europe; achieved generation prices fell by 24% to €86/MWh ▪ In Spain, the average captured pri
Slide 46: Infrastructure - Financial Figures FY2023
A C C I O N A F Y 2 0 2 3 R E S U L T S INFRASTRUCTURE - FINANCIAL FIGURES FY2023 Key figures FY 2023 EBITDA evolution (€m) (Million Euro) FY 2023 FY 2022 Chg. Chg. (%) Construction Revenues 6,301 4,560 1,741 38.2% EBITDA 370 227 143 63.0% +49.3% Margin (%) 5.9% 5.0% Concessions Revenues 50 52 -2 -3
Slide 47: Construction
A C C I O N A F Y 2 0 2 3 R E S U L T S CONSTRUCTION Strong growth in revenues, profitability and backlog Key figures FY 2023 Key highlights FY 2023 ▪ 38% growth in revenues (Oceania +63%, United Kingdom +80%, Chile +88%, Brazil (Million Euro) FY 2023 FY 2022 Chg. Chg. (%) +32%). The main projects u
Slide 48: Concessions
A C C I O N A F Y 2 0 2 3 R E S U L T S CONCESSIONS Growing relevance with new significant project additions Key figures FY 2023 Key highlights FY 2023 ▪ EBITDA grew by 80.8%, due to the greater contribution of the Line 6 (Million Euro) FY 2023 FY 2022 Chg. Chg. (%) concession of the São Paulo under
Slide 49: Water
A C C I O N A F Y 2 0 2 3 R E S U L T S WATER O&M long-term oriented revenues account for 77% of backlog Key figures FY 2023 Key highlights FY 2023 (Million Euro) FY 2023 FY 2022 Chg. Chg. (%) ▪ 4,6% decrease in revenues, as a result of lower growth in in Design & Construction Revenues 1,214 1,272 -
Slide 50: Nordex - Financial Figures FY2023
A C C I O N A F Y 2 0 2 3 R E S U L T S NORDEX - FINANCIAL FIGURES FY2023 Turning point in FY 2023 with EBITDA margin breakeven reached Key figures FY 2023 (1) Key highlights FY 2023 (Million Euro) FY 2023 FY 2022 Chg. Chg. (%) ▪ Sales amounted to €6.5bn, +14% vs FY 2022, above company Revenues 6,48
Slide 51: Property Development – Financial Figures FY2023
A C C I O N A F Y 2 0 2 3 R E S U L T S PROPERTY DEVELOPMENT – FINANCIAL FIGURES FY2023 High visibility of 2024 & 2025 deliveries with a backlog of pre-sales of 1,393 units at December 2023 Key figures FY 2023 Key highlights FY 2023 (Million Euro) FY 2023 FY 2022 Chg. Chg. (%) ▪ 720 units delivered
Slide 52: Bestinver – Financial Figures FY2023
A C C I O N A F Y 2 0 2 3 R E S U L T S BESTINVER – FINANCIAL FIGURES FY2023 Strong recovery of AUM in FY 2023 Key figures FY 2023 Key highlights FY 2023 (Million Euro) FY 2023 FY 2022 Chg. Chg. (%) ▪ €5.9bn Assets Under Management (AUM) as of December 2023, a 15.7% Revenues 96 101 -5 -4.9% increase
Slide 53: ESG Results Highlights – FY 2023
A C C I O N A F Y 2 0 2 3 R E S U L T S ESG RESULTS HIGHLIGHTS – FY 2023 Metrics 2023 Highlights Social FY 2023 FY 2022 Chg. (%) Social Workforce (FTE) 57,843 45,892 26.0% ▪ There was a significant increase in total workforce, as a result of the Women in exec. and mang. positions (%) 22.64% 22.19% +
Slide 54: Net Debt Evolution
A C C I O N A F Y 2 0 2 3 R E S U L T S NET DEBT EVOLUTION Net debt reconciliation FY 2023 (€m) OPERATING CF NET INVESTMENT CF FINANCING/OTHERS CF €1,900m -€3,327m 430m (11) (2,002) (3,651) 5 (2,745) (2,078) (1) (2) Debt associated to work in progress IFRS16 adjustment Derivatives 1. Note IFRS16 lea
Slide 55: Investment by Division
A C C I O N A F Y 2 0 2 3 R E S U L T S INVESTMENT BY DIVISION Net Investment breakdown (€m) (Million Euro) FY 2023 FY 2022 Energy 2,321 1,279 Infrastructure 267 244 Construction 163 128 Concessions 67 92 €140m construction Water 14 14 €275m machinery & €67m in shareholder loan Land acquisition Urba