Acciona Sa · BME:ANA
Acciona Sa — FY2020 Earnings Presentation
39 slides from Acciona Sa's earnings presentation, Feb 19, 2021
Slide 1: FY 2020 Results Presentation
FY 2020 - January-December 1 9 th F e b r u a r y 2 0 2 1 RESULTS PRESENTATION
Slide 2: Disclaimer
A C C I O N A F Y 2 0 2 0 R E S U L T S DISCLAIMER This document has been prepared by ACCIONA. S.A. (“ACCIONA” or the “Company”) exclusively for use during the of 1933, as amended (the “Securities Act”). Neither this presentation nor any part or copy of it may be published, released, presentation of
Slide 3: A New Phase - Faster Growth
01 A NEW PHASE - FASTER GROWTH José Manuel Entrecanales Chairman & CEO
Slide 4: ACCIONA 2020 – Resilient & Fit for Higher Growth
A C C I O N A F Y 2 0 2 0 R E S U L T S ACCIONA 2020 – RESILIENT & FIT FOR HIGHER GROWTH Leaving the worst of COVID behind – ACCIONA’s business model validated and growth potential reinforced ACCIONA’S BUSINESS MODEL MAJOR PROGRESS IN SECURING FUTURE GROWTH ✓ VALIDATED NOT A LOST YEAR €12.1bn 3.6 GW
Slide 5: COVID-19 as Catalyst for Megatrend Acceleration
A C C I O N A F Y 2 0 2 0 R E S U L T S COVID-19 AS CATALYST FOR MEGATREND ACCELERATION Vulnerabilities of the world’s current C-19 leaves behind a major global development model exposed economic shock requiring action COVID RECOVERY POLICIES AS CATALYST TO ACCELERATE THE TRANSITION TO A SUSTAINABLE
Slide 6: ACCIONA Energía – Seizing the Net Zero Opportunity
A C C I O N A F Y 2 0 2 0 R E S U L T S ACCIONA ENERGÍA – SEIZING THE NET ZERO OPPORTUNITY Step-change in structure to capture unique window of opportunity in growth prospects and cost of capital ENERGY TRANSITION DRIVERS Net Zero as global target Nearly three-quarters of global GDP with Net ▪ The b
Slide 7: ACCIONA Energía IPO as Growth Booster
A C C I O N A F Y 2 0 2 0 R E S U L T S ACCIONA ENERG ÍA IPO AS GROWTH BOOSTER Unconstrained, competitive, and focused on maximising growth & value extraction Growth potential boosted by IPO ~2GW/year 2021-25 ~20 GW 2x previous target ~15 GW › BEST-IN-CLASS › STAND-ALONE 10.1 GW 10.7 GW › PURE-PLAY
Slide 8: Accelerating Growth in Sustainable Infra Market
A C C I O N A F Y 2 0 2 0 R E S U L T S ACCELERATING GROWTH IN SUSTAINABLE INFRA MARKET Excellent positioning of non-energy businesses – poised to benefit from stand-alone focus and new structure PROPERTY URBAN INFRA WATER DEVELOPMENT MOBILITY BESTINVER ▪ Accelerate ▪ Increase weight of mid & ▪ Incr
Slide 9: Sustainability Master Plan 2021-25
A C C I O N A F Y 2 0 2 0 R E S U L T S SUSTAINABILITY MASTER PLAN 2021 -25 Structural adaptation – preparing the company for the new phase of global transformation SMP 2021-25 – a plan of a new generation that goes beyond policies & public commitments in order to accelerate our ‘Regenerative by Des
Slide 10: Renewed ACCIONA – Fit for Purpose
A C C I O N A F Y 2 0 2 0 R E S U L T S RENEWED ACCIONA – FIT FOR PURPOSE Ready to face opportunities and challenges in the decade to come H I G H E R G R O W T H A N D V A L U E C R E AT I O N P O T E N T I A L H O N E D S T R AT E G I C F O C U S A C C E S S T O L O W E R C O S T O F C A P I TA L
Slide 11: ACCIONA Energía Accelerating Growth
02 ACCIONA ENERGÍA ACCELERATING GROWTH Rafael Mateo CEO - ACCIONA Energía
Slide 12: ACCIONA Energía – A Non-Replicable Platform
A C C I O N A F Y 2 0 2 0 R E S U L T S ACCIONA ENERGÍA – A NON-REPLICABLE PLATFORM Following 30 years, ACCIONA Energía has become a unique multi-technology platform of global scale Leading global pure- 100% renewable since 10,694MW Vertically integrated play operator in inception – no legacy, total
Slide 13: ACCIONA Energía – Strategic Priorities 2021-2025
A C C I O N A F Y 2 0 2 0 R E S U L T S ACCIONA ENERGÍA – STRATEGIC PRIORITIES 2021 -2025 Accelerating sound and profitable growth Value maximization as solid foundation for growth Accelerate growth momentum & new business models Widen the competitive gap in ‘new energy’ solutions Growth Proactive a
Slide 14: ACCIONA Energía – Growth Outlook
A C C I O N A F Y 2 0 2 0 R E S U L T S ACCIONA ENERGÍA – GROWTH OUTLOOK Business Plan under IPO – 2021 –2025 Capacity build–out plan 2021-25 By technology 2020 2025 16.0 GW 10.7 GW ~20 GW 1% 0.3% 5% 8% 1% Solar PV 0.3% 9.8 GW Advanced 11% +4.8 GW (52%) development 30% ~20.0 GW Onshore wind +4.5 GW
Slide 15: ACCIONA Energía – Growth Outlook
A C C I O N A F Y 2 0 2 0 R E S U L T S ACCIONA ENERGÍA – GROWTH OUTLOOK Business Plan under IPO – 2021 –2025 BP 21-25 - Annual Additions (MW) Annual capacity additions1 (GW) 3.5 3.0 Target capacity constructed per annum 2.6 Capacity secured – under construction 2021-22 Highly visible pipeline Advan
Slide 16: ACCIONA Energía – Ready for a Decade of Growth
A C C I O N A F Y 2 0 2 0 R E S U L T S ACCIONA ENERGÍA – READY FOR A DECADE OF GROWTH Visibility to 2030 Pipeline fueling 2021-25 growth ~20 GW BEYOND ONSHORE WIND AND SOLAR Mature pipeline 16 GW 9.8 GW INNOVATIVE RENEWABLE PROJECTS TO BE SUBMITTED TO EU FUNDS Additional identified 6.3 GW opportuni
Slide 17: Group Financial Information & Outlook 2021
03 GROUP FINANCIAL INFORMATION & OUTLOOK 2021 José Ángel Tejero Group Chief Financial Officer
Slide 18: Financial Results Highlights - FY 2020
A C C I O N A F Y 2 0 2 0 R E S U L T S FINANCIAL RESULTS HIGHLIGHTS - FY 2020 FY 2020 (€m) % Chg. vs FY 2019 FY 2020 (€m) FY 2019 (€m) Revenues 6,472 -10% Net Investment 526 1,241 EBITDA 1,124 -22% FY 2020 (€m) FY 2019 (€m) (1) EBT 508 -7% Net Financial Debt 4,733 5,317 of which Nordex contribution
Slide 19: ESG Results Highlights - FY 2020
A C C I O N A F Y 2 0 2 0 R E S U L T S ESG RESULTS HIGHLIGHTS - FY 2020 Key ESG indicators ESG highlights Environmental Performance 31-Dec-20 31-Dec-19 % Var ▪ Protecting health and safety during the COVID crisis while ensuring the continuity of its operations Renewable installed power (MW) 10,694
Slide 20: Investment by Division
A C C I O N A F Y 2 0 2 0 R E S U L T S INVESTMENT BY DIVISION Net Investment breakdown Key highlights (Million Euro) Jan-Dec 20 Jan-Dec 19 ▪ Reduction in net ordinary capex to contain indebtedness while protecting the business plan – no energy investment postponement Energy 607 608 ▪ New energy cap
Slide 21: Net Debt Evolution
A C C I O N A F Y 2 0 2 0 R E S U L T S NET DEBT EVOLUTION Net debt reconciliation FY 2020 (€m) NET FINANCING OPERATING INVESTMENT OTHERS CF: €920m CF: -€526m CF: €282m (4,915) (829) (14) (8) (106) (4,733) (211) 318 (4,239) 494 (200) 395 1,124 207 Net -debt EBITDA Financial Working Other op. CF Net
Slide 22: Energy Business
A C C I O N A F Y 2 0 2 0 R E S U L T S ENERGY BUSINESS Key figures FY 2020 EBITDA evolution (€m) (Million Euro) Jan-Dec 20 Jan-Dec 19 Chg. Chg. (%) 890 28 Generation Spain 694 766 -72 -9.4% 831 Generation International 668 670 -2 -0.3% (65) (22) (1) Other & Adjustments 419 562 -143 -25.4% Price -86
Slide 23: Infrastructure Business
A C C I O N A F Y 2 0 2 0 R E S U L T S INFRASTRUCTURE BUSINESS Key figures FY 2020 EBITDA evolution (€m) (Million Euro) Jan-Dec 20 Jan-Dec 19 Chg. Chg. (%) 466 Construction Revenues 2,776 3,430 -654 -19% EBITDA 50 284 -233 -82% 17 Margin (%) 1.8% 8.3% 213 (233) (4) (32) Concessions -54% Revenues 98
Slide 24: Infra Backlog at Historical Highs
A C C I O N A F Y 2 0 2 0 R E S U L T S INFRA BACKLOG AT HISTORICAL HIGHS Record year in terms of new project awards ▪ Linha 6 metro in São Paulo ▪ Millennium Line Broadway metro project in Canada Significant new projects additions ▪ S19 Rzeszow Potudine-Babica motorway in Poland ▪ A section of Malo
Slide 25: Other Activities
A C C I O N A F Y 2 0 2 0 R E S U L T S OTHER ACTIVITIES Property Development - Key figures FY 2020 Bestinver - Key figures FY 2020 (Million Euro) Jan-Dec 20 Jan-Dec 19 Chg. Chg. (%) (Million Euro) Jan-Dec 20 Jan-Dec 19 Chg. Chg. (%) Revenues 201 141 60 43% Revenues 114 99 15 16% EBITDA 19 20 -1 -7%
Slide 26: ACCIONA 2021 Outlook
A C C I O N A F Y 2 0 2 0 R E S U L T S ACCIONA 2021 OUTLOOK GROUP EBITDA +10-15% GROWTH 2020 DIVIDEND: BOARD PROPOSAL DPS €3.9 - REINSTATE TO LEVELS INTENDED BEFORE COVID 2021 DIVIDEND: MODERATE SUSTAINABLE GROWTH UP TO €2BN GROSS CAPEX IN THE CONTEXT OF THE IPO OF ACCIONA ENERGÍA 26
Slide 27: Appendix
04 APPENDIX
Slide 28: ACCIONA: EBITDA by Type of Activity
A C C I O N A F Y 2 0 2 0 R E S U L T S ACCIONA: EBITDA BY TYPE OF ACTIVITY LT CONTRACTED Jan-Dec Jan-Dec ASSETS & INFRA (Million Euro) 70% MANAGEMENT 61% 2020 2019 CONTRACTS (2) Renewable Generation 853 911 Infrastructure Concessions - Trans., Social & Water 89 78 14% Long-term Asset Business 941 9
Slide 29: Net Financial Debt
A C C I O N A F Y 2 0 2 0 R E S U L T S NET FINANCIAL DEBT Net financial debt breakdown by nature (€m) Net debt & cash interest evolution (€m) 7,000 947 6,858 140 5,912 6,500 120 Quarterly Net Interest expense 494 4,733 4,239 6,000 100 (2,620) 80 Net Debt 5,500 60 5,000 40 4,500 20 Corporate Project
Slide 30: Debt Maturity & Breakdown
A C C I O N A F Y 2 0 2 0 R E S U L T S DEBT MATURITY & BREAKDOWN Liquidity and gross debt maturity schedule (€m) 5,545 Cash 2,620 1,957 Available 2,925 1,442 1,165 facilities 821 476 634 265 FY 2020 2021 2022 2023 2024 2025 2026 >2026 Other Corporate Debt Project Debt Euro Commercial Paper Availabl
Slide 31: Income from Associates – 2019 & 2020 Breakdown
A C C I O N A F Y 2 0 2 0 R E S U L T S INCOME FROM ASSOCIATES – 2019 & 2020 BREAKDOWN • • Q1 2020 H1 2020 9M 2020 FY 2020 Q1 2019 H1 2019 9M 2019 FY 2019 Energy 28 37 51 58 17 30 39 46 Generation Spain 24 26 32 38 11 15 19 26 Generation International 3 10 17 17 5 13 17 17 Other 1 1 2 2 1 2 2 3 Infr
Slide 32: Energy – Scheduled Capacity Additions
A C C I O N A F Y 2 0 2 0 R E S U L T S ENERGY – SCHEDULED CAPACITY ADDITIONS MW Scheduled Capacity Additions per year (MW) 1 Under Start Start Asset FY Technology Country % ANA stake Total const. const. const. 2020 2021 2022 2023 Details name 2020 Dec 2020 2021 2022 PV Chile Usya 100% 64 64 64 Priv
Slide 33: Energy - Strong, Visible & Diversified Pipeline
A C C I O N A F Y 2 0 2 0 R E S U L T S ENERGY - STRONG, VISIBLE & DIVERSIFIED PIPELINE ACCIONA ENERGIA’s aims to reach c.20GW of installed capacity by 2025E, mostly from international markets, and has further identified additional opportunities of 20 GW beyond 2025E Highly Advanced Additional 2015
Slide 34: Energy - Strong, Visible & Diversified Pipeline
A C C I O N A F Y 2 0 2 0 R E S U L T S ENERGY - STRONG, VISIBLE & DIVERSIFIED PIPELINE Target capacity additions of +9.3GW until 2025E, doubling in size, to be achieved through a secured and U/C pipeline of 3GW and highly visible pipeline of 6.3 GW. An additional 9.8GW of advanced development pipel
Slide 35: Energy – Installed Capacity
A C C I O N A F Y 2 0 2 0 R E S U L T S ENERGY – INSTALLED CAPACITY Installed MW (31 December 2020) Total Consolidated Eq accounted Net Spain 5,677 4,452 593 5,014 Wind 4,738 3,514 593 4,078 Hydro 873 873 0 873 Solar PV 4 4 0 4 Biomass 61 61 0 59 International 5,017 4,179 358 3,820 Wind 3,722 3,519
Slide 36: Energy – Equity-Accounted Capacity
A C C I O N A F Y 2 0 2 0 R E S U L T S ENERGY – EQUITY-ACCOUNTED CAPACITY Proportional figures (31 December 2020) (1) MW GWh EBITDA (€m) NFD (€m) Average COD Wind Spain 593 1.289 46 93 2005 Wind International 48 99 2 -2 2005 Australia 32 67 2 -2 2005 Hungary 12 21 0 0 2006 USA 4 12 0 0 2003 Solar P
Slide 37: Energy – Wind, Drivers by Country
A C C I O N A F Y 2 0 2 0 R E S U L T S ENERGY – WIND, DRIVERS BY COUNTRY Wind prices (€/MWh) (1) and Load factors (%) FY 2020 FY 2019 Chg. (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) Spain Average 67.5 23.2% 71.8 25.6% -6.0% Spain - Regulated 82.3 82.7 Spain - Not regula
Slide 38: Energy – Other Technologies, Drivers by Country
A C C I O N A F Y 2 0 2 0 R E S U L T S ENERGY – OTHER TECHNOLOGIES, DRIVERS BY COUNTRY Other technologies (€/MWh) and Load factors (%) FY 2020 FY 2019 Chg. (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) Hydro Spain 43.6 30.9% 56.9 22.5% -23.4% Biomass Spain 130.7 81.3% 142.
Slide 39: FY 2020 Results Presentation
FY 2020 - January-December 1 9 th F e b r u a r y 2 0 2 1 RESULTS PRESENTATION