Acciona Sa · BME:ANA
Acciona Sa — Q1 2018 Earnings Presentation
23 slides from Acciona Sa's earnings presentation, May 11, 2018
Slide 1: Q1 2018 Results Presentation
11th May 2018
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 quarter of 2018 (Q1 2018). Therefore it cannot be disclosed or made public by any person or entity with an aim other than
Slide 3: Key highlights
| Key highlights P&L- an encouraging start of the year with growth in EBITDA and Net Profit - Energy - good operating performance driven by higher production and new capacity - Infrastructure - flat Revenues, and higher Construction margins Financial charges continue to decrease - lower average cost
Slide 4: Key figures
| Key figures Q1 2018 (€m) Revenues 1,680 EBITDA 320 Pre-tax Profit 103 Net Profit 61 Q1 2018 (€m) Gross Capex 102 Net Investment Cash-flow' 143 Net Financial Debt 5,374 * Net Investment Cash-flow is equivalent to net capex +/- change in Real Estate inventories +/- change in payable to capex provide
Slide 5: Group: capex by division
| Group: capex by division Capex breakdown jacciona Key highlights (Citta) Jan-Mar 18 “pe Jan-Mar 17 Energy 87 95 Infrastructure 13 176 Construction & Industrial 6 167 Concessions 2 1 Water 7 5 Service -2 1 Other Activities 2 2 Gross capex 102 272 Divestments 0 -12 Net capex 102 260 Net Investment c
Slide 6: Group: Net debt evolution
ACCIONA Q1 Results presentation 6 | Group: Net debt evolution Net debt reconciliation Q1 2018 (€m) 207 105 Operating CF Net Investment CF Financing/Others CF Net debt EBITDA Financial results Working Other Gross Real Estate Other Treasury shares Derivatives Forex. Perimeter Net debt Net Debt Dec 201
Slide 7: Net debt allocation by division
31-Dec-17 31-Mar-18 (Million Euro) & ‘orporate Debt |. Cash + Net debt Pe . Project Debt Gross debt . Net debt allocation C. Equiv. Energy 3,971 3,014 1,245 4,259 -345 3,914 Infrastructure 351 1159 449 1,608 =1,055 554 Construction 134 881 25 906 -597 309 Gross debt - Currency Industrial -90 1 0 1 -
Slide 8: Group: Debt & liquidity
ACCIONA Q1 Results presentation 8 | Group: Debt & liquidity Maturity profile of Group gross debt as of 31 March 2018 ! Dec 2017 Q1 2018 805 413 3.86 2018 2019 2020 2021 2022 @ Credit lines @ Loans meECP = Bonds m@ Project Debt repayments Liquidity Cash i. Available committed credit lines = Total Liq
Slide 9: Group: New syndicated loan facility / refinancing
| Group: New syndicated loan facility / refinancing! {acciona Key features = Amount: €1,300m = Term: 5-year (bullet) = Interest: fixed at 1.56% = Underwriters: Intesa, Santander, Caixabank and Natwest (pro rata) Positive implications = Refinances corporate short-term maturities -average maturity inc
Slide 10: Energy
| Energy Key figures EBITDA evolution (€m) (Million Euro) Jan-Mar18 Jan-Mar17 Chg. Chg. (%) 7 20 Generation Spain 239 220 19 8.8% 208 ; ~~ Generation International 151 141 10 7.2% Other 129 103 26 25.3% Revenues 519 463 55 12.0% Generation Spain 138 124 B 10.7% Generation International 105 102 3 3.2
Slide 11: Infrastructure
| Infrastructure jacciona Key figures Backlog by activity (Million Euro) Jan-Mar 18 Jan-Mar 17 Chg. Chg. (%) 19,378 18,831 18,568 | goo | | OO al =v Revenues 1,063 1,066 3 -0.3% EBITDA 90 86 4 4.1% Margin (%) 8.4% 8.1% 31-Mar-17 31-Dec-17 31-Mar-18 @ Construction Industrial Water = m™ Services Key H
Slide 12: Infrastructure
| Infrastructure jacciona Key figures by activity Highlights by activity (Million Euro) Jan-Mar18 Jan-Mar17 Chg. Chg. (%) Construction Construction: higher weight of high-margin equipment- Revenues 659 648 1 17% intensive International projects relative to the Domestic EBITDA 41 35 5 15.6% business.
Slide 13: Other Activities
| Other Activities Other activities: Key figures Key Highlights . i = (Million Euro) Jan-Mar 18 Jan-Mar17 Chg. Chg. (%) Trasmediterranea: Gearon 90 aa A AGA — Revenues improved by 4.8% driven by higher numbers of passenger, vehicles and linear meters Real Estate 8 B 5 39.9% ; : ; ; — Disposal will b
Slide 14: Closing remarks
| Closing remarks jacciona Good start of the year with EBITDA up 6.4% driven by Energy Generation volumes Continuing improvement of funding structure — new refinancing transaction Spanish CSP disposal completed and Trasme pending CNMC approval - €1bn cash proceeds FY 2018 outlook remains unchanged a
Slide 15: Appendix
Appendix
Slide 16: Group: corporate debt breakdown
| Group: corporate debt breakdown (Million Euro) Bank Debt Commercial paper program Bonds Others (ECAs, Supranational) Total Non-Bank Debt Total Corporate Debt Corporate Debt 31-Mar-18 3,397 391 922 442 1,755 5,152 Weight Q12018' 66% 8% 18% 9% 34% 100% 31-Dec-17 3,247 379 862 367 1,608 4,855 Weight
Slide 17: Energy: installed capacity
ACCIONA Q1 Results presentation 17| Energy: installed capacity {acciona Spain 5,901 4,623 619 5,229 Wind 4,710 3,433 619 4,042 Hydro 876 876 0 876 CSP 250 250 0 250 Solar PV 3 3 (0) 3 Biomass 61 61 0) 59 Internacional 3,257 3,009 78 2,190 Wind 2,806 2,604 48 1,846 CSP 64 64 0 43 Solar PV 386 341 30
Slide 18: Energy: equity-accounted generation capacity
ACCIONA Q1 Results presentation 18| Energy: equity-accounted generation capacity jacciona Wind Spain 619 524 21 146 2005 Wind International 48 30 2 2 2005 Australia 32 20 1 ) 2005 Hungary 12 5 1 2 2006 USA 4 4 0 0 2003 Solar PV 30 11 4 58 2008 Note: Average COD weighted per MW
Slide 19: Energy: Q1 2018 installations and WIP
ACCIONA Q1 Results presentation 19| Energy: Q1 2018 installations and WIP {acciona MW added and under construction Wind Wind Wind Wind Pv Pv Mexico Chile Australia Spain Mexico Egypt El Cortijo San Gabriel Mont Gellibrand El Cabrito Puerto Libertad (1) Benban (1) 183 183 0 0 15 Q3 2018 PPA + CELS +
Slide 20: Energy: wind drivers by country
| Energy: wind drivers by country Wind prices (€/MWh) and Load factors (%) Spain Average Spain - Regulated Spain - Not regulated Canada usa™* India Mexico nzeng El Costa Rica Australia Poland Croatia Portugal Italy Chile MASGHLE South Africa Note: Prices for consolidated MWs Q12018 Av. price (€/MWh)
Slide 21: Energy: Other technologies drivers by country
ACCIONA Q1 Results presentation 21| Energy: Other technologies drivers by country jacciona Other technologies (€/MWh) and Load factors (%) EE} 00 spain 527 25.8% 476 25.0% EE 00 spain 139.3 82.1% 156.5 71.5% BSS south africa 163.5 26.6% 157.6 33.5% He chile 68.6 16.0% 162 nm (1) Average national pri
Slide 22: Infrastructure: Concessions
ACCIONA Q1 Results presentation 22| Infrastructure: Concessions Pins on De me Ds | er || {acciona # of concessions 10 2 1 1 6 55 75 Proportional EBITDA Q1 2018 (€m) 15 1 0 i} 6 35 56 Consolidated EBITDA Q1 2018 (€m) : 2 — 0 - 0 - 0 _ 3 - 3 , 44 Average life (yrs) 29 27 30 30 28 27 28 Average consume
Slide 23: 11th May 2018
11th May 2018