Cox Abg Group Sa · BME:COXG
Cox Abg Group Sa — IPO Roadshow (November 2024)
45 slides from Cox Abg Group Sa's IPO roadshow presentation, November 2024
Slide 1: Corporate Presentation
Corporate Presentation
Slide 2: Disclaimer
Disclaimer IMPORTANT: Please read the following before continuing. THIS PRESENTATION, ITS CONTENTS AND ANY INFORMATION PROVIDED AT THIS PRESENTATION ARE STRICTLY CONFIDENTIAL ARE FOR DISCUSSION PURPOSES ONLY AND MUST NOT BE RELIED UPON FOR ANY PURPOSES. THIS PRESENTATION IS NOT FOR RELEASE, PUBLICAT
Slide 3: Introduction to COX
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Slide 4: Overview: key financial and operational figures
COX: Vertically Integrated Utility with Innovative Solutions Around Water and Energy Operating Financial(2) Overview Key financial and operational figures 10 Operating and awarded Concessions/Projects(1) • COX is a vertically and horizontally integrated utility of Water and Energy +335k m3/day desal
Slide 5: Synergistic Business Divisions at the Core of Environmental Transition
Synergistic Business Divisions at the Core of Environmental Transition Water Clean Energy International Following the integration with Synergetic with energy Transmission Generation Overview operator with water Abengoa, presence across division due to water • Electric transmission & • Clean energy g
Slide 6: International Presence Coupled with On-the-Ground Expertise
International Presence Coupled with On-the-Ground Expertise Geographic Footprint MENA, Americas and South Africa as core strategic areas Core strategic areas linked to: (1) water infrastructure demand and Agadir(2) (2) fast-growing markets for energy SPP1(2) Presence in other countries mainly throug
Slide 7: Clean Energy Transition Company, Vertically Integrated
COX: Clean Energy Transition Company, Vertically Integrated with Innovative Solutions Around Water and Energy • Growth potential underpinned by critical population needs and narrow competitive landscape Experienced • Three long-term cash flow generative concessions with attractive project terms Wate
Slide 8: Two Main Sources of Synergies from Combining Water & Energy
Two Main Sources of Synergies from Combining Water & Energy unlocks a new sion nces en er co gy Sustainable projects er pr t wa oje Water & Energy Highly One ct… Energy as main Complementary Sectors OpEx item of water concession Energy cost as key driver of water tariff: one water concession may unl
Slide 9: Our Divisions
Our Divisions
Slide 10: Experienced Operator in Fast Growing Water Markets
WATER Experienced Operator in Fast Growing Water Markets Attractive Portfolio Presence in fast-growing market + Experienced Team + of Concessions Global Desalination Market Expected to Double by 2030… >55 years 3 Operating (€bn) of track record Concessions + Expansion rights 2030E 30(9) 9.5% c.x2 23
Slide 11: Water Business: Deep Technical Know-How & Capabilities
Water Business: Deep Technical Know-How & Capabilities to Support Future Water Platform Growth Track Record Delivering COX Pioneer Track Record Client Certificates Posing a Vertical Integration In-House Experienced Team Recognised Concessions in the Water Sector Barrier to Entry(6) Creating Synergie
Slide 12: Water: COX Has Significant Market Share Across Selected Key Markets
Water: COX Has Significant Market Share Across Selected Key Markets Track Record in Strategic Countries Upcoming Tenders in Strategic Countries Present Total Country Total Capacity % of total Gov. Committed Total Capacity Tendered Total Project Amount Since Capacity (k MLD) built (MLD) (5) capacity(
Slide 13: Track Record and Experience in Generation and Transmission
ENERGY Track Record and Experience in Generation and Transmission Generation Transmission Experienced player in asset c.1.3GW 683MW >31k km >330 >1GW 1 development, construction Brought RtB #PPA signed/ Sold in asset Transmission lines built Substations built worldwide auction granted rotation and r
Slide 14: COX Generation Strategy is Predicated in Three Pillars
COX Generation Strategy is Predicated in Three Pillars 1.a 3 main synergies 1 a Energy follows • Turning water concessions into sustainable projects Water • Energy optimizing water tariff (energy is main OpEx item for water concessions) 906 906 • Water concession unlocking a new generation project (
Slide 15: Premium Engineering Capabilities Across Water & Energy Sectors
Premium Engineering Capabilities Across Water & Energy Sectors Engineering (track record) O&M (ongoing contracts) Desalination 40 desalination plants-built 535k m3/day 4 contracts (1 for third party) Water of desalination Water Waste & Treatment >55 years of experience in water, with 282 projects Tr
Slide 16: Investment Case
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Slide 17: COX Competitive Edge at a Glance
COX Competitive Edge at a Glance 1 Experienced Water Operator 2 Transmission & International Renewables Player A vertically and horizontally integrated 3 Premium Engineering Capabilities business model 4 Synergistic Set Up Experienced Management Combining Operational 5 & Financial Expertise Source:
Slide 18: Investment Case at a Glance
Investment Case at a Glance PREDICTABILITY >90% THE PERFECT COMBINATION OF 1 Concession driven business model of group 2023A EBITDA is coming from assets & concessions COX: Differentiated FOCUS IPO proceeds mostly destinated to Water concession- 2 Water and captive energy projects and Captive Energy
Slide 19: COX: Value Creation in Water & Energy
Investment case What will you get by investing in COX… 1 Every € 1,000,000 € 160,000 of CAPEX EBITDA converts into COX: Value WATER creation in Water & Energy 2 Every € 1,000,000 € 100,000 of CAPEX EBITDA ENERGY converts into GENERATION Source: Company information. Note: The contents of this page ma
Slide 20: Identified Opportunities
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Slide 21: Sizeable Identified Opportunities Across Middle East, North Africa and Americas
Sizeable Identified Opportunities Across Middle East, North Africa and Americas Key Considerations Identified Opportunities(1) COX’s project selection criteria are mainly i) country, ii) client, iii) technological challenge and iv) competitors Africa (Morocco + Tunisia) Large number of opportunities
Slide 22: Only a Few Transmission Concession Markets Worldwide
There Are Only a Few Transmission Concession Markets Worldwide, and COX Has Presence Across the Key Ones Key Considerations Identified Opportunities(1) Limited countries permit concession-based transmission; typically, the 3% Panama Transmission System 8% 4% Chile 26% Operator (TSO) owns the Colombi
Slide 23: Services: More than €80bn Opportunities in Engineering and O&M
Services COX has Identified More than €80bn Opportunities in Engineering and O&M Water EPC Transmission EPC Generation EPC O&M By Geography By Status By Geography By Technology By Status By Technology By Status 3% 2% 5%8% 14% 1% 2% 6% 5% 9% 30% 5% 24% 30% 34% 9% 6% €29.5 €15.5 €15.5 €23.4 €29.5 €752
Slide 24: Financial Information
Financial Information
Slide 25: H1 2024 Financial Performance
H1 2024 Financial Performance Does not include KHI Strong performance in H1 2024, supporting a successful H2 2024 acquisition(3) COX Assets & Concessions Services H1 affected €m 2.9x €m by bioenergy seasonality €m 406 581 115% 175 115% 45 50 55% 125 306 50 99 207 Revenue 197 36 46 361 151 52 406 17
Slide 26: Flexible Balance Sheet: Net Financial Debt Position
Flexible Balance Sheet Disciplined Capital Structure Strategy Net Financial Debt Position Gross Debt/EBITDA (2023)(1) 2.7x Net Debt/EBITDA (2023)(3) 1.8x Company Target Adj. Gross Debt/Adj. EBITDA (2023)(2) 1.3x Adj. Net Debt/Adj. EBITDA (2023)(4) (0.2x) <1.0x (Dec-2023, €m) 280 100% (98) 100% Other
Slide 27: Latest developments
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Slide 28: Latest Developments: Growth and Delivery in 2024
LATEST DEVELOPMENTS GROWTH AND DELIVERY IN 2024 MADE PROGRESS TOWARDS TRANSMISSION LINES ASSETS IN ENERGY 2 SECURING WATER CONCESSIONS 2 CONCESSIONS AWARDED IN 5 NEW ASSET IN SOUTH AFRICA (1) IN CHILE AND MOROCCO BRAZIL CHILE: TWO NEW WATER DESALINATION PROJECTS OF 485,000 m3 OF WATER PER DAY EXPECT
Slide 29: Closing remarks
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Slide 30: Closing Remarks: Growth and Delivery
CLOSING REMARKS Growth and Delivery CONCESSION DRIVEN STRATEGY FOCUSED ON WATER, ENERGY AND SERVICES (EP, O&M) • Large opportunity in the Water Sector • Strong capabilities (ranked 3rd Globally 2014-2021(1)) • 55 years of experience on the water sector 1 • 253 client certificates (key entry barrier)
Slide 31: Appendix 1: Pipeline
Appendix 1 Pipeline
Slide 32: Sizeable Renewable Energy Generation Pipeline with Near Term Visibility
Sizeable Renewable Energy Generation Pipeline with Near Term Visibility: c.37.5% of Gross Capacity RtB by 2025(1) Solar PV pipeline (including storage and a possible In operation & Advanced onshore wind project) Under construction Backlog Development Development Total Development Pipeline: 3.6GW +54
Slide 33: Appendix 2: Company Overview
Appendix 2 Company Overview
Slide 34: Highly Experienced Industry Team Across All Verticals
Highly Experienced Industry Team Across All Verticals Management Leadership Corporate Functions José Olivé Enrique Riquelme Nacho Moreno CFO Executive Chairman CEO 31 <1 15 15 28 <1 Javier García Head of Corporate Strategy Water Energy 12 8 Pablo Infante Jose A. Hurtado Head of Water Head of Energy
Slide 35: COX Water Concessions
COX Water Concessions c. €29m EBITDA with State-Owned Counterparties 2 concessions in Agadir(1) ( Morocco) Accra ( Ghana)(8) Operation of a 60,000 m3/day ultrafiltration + Overview 275,000 m3/day reverse osmosis desalination plant in Agadir, Morocco divided in 2 plants reverse osmosis desalination p
Slide 36: Experienced Project Operator Across Multiple Clean Energy Technologies
Experienced Project Operator Across Multiple Clean Energy Technologies The group currently operates 5 projects PV Solar Thermal Energy / Hybridization with Solar Thermal Energy Bioenergy Meseta de los Andes San Javier I - PMGD Solar Power Plant 1 KHI(2) Sao Joao (Chile) (Chile) (SPP1)(1) (Algeria) (
Slide 37: Appendix 3: Medium Term Outlook
Appendix 3 Medium Term Outlook
Slide 38: Water Concessions Outlook
Water Concessions Outlook Today’s Water Concessions Tangible Growth Opportunities SEDA + 2024 & 2025 Further Near-Term SEDA(1) AEB(1) Accra AEB Expansion Opportunities Opportunities Capacity • 50,000 (drinking) • ~1,407,000 (COD 2026) • Additional growth from (m3/day) • 150,000 • 125,000 • 60,000 •
Slide 39: Transmission Lines Concessions Outlook
Transmission Lines Concessions Outlook Awarded Concessions Growth Opportunities Capacity (m3/day) Brazil Chile Additional Opportunities Length • n.a. (extension of • 108 km • 575 km • 4,830 km substation) Availability Tariff • €118(1), indexed to BRL • €2.1 m(4) indexed to BRL • €90-95(1), indexed t
Slide 40: Generation Outlook
Generation Outlook In Operation Renewable Energy Pipeline Captive Energy SPP1(1) KHI Sao Joao Chilean Solar PV Other Pipeline Projects (Solar PV) Gross Capacity / • 100 GWh, increasing to • Meseta de los Andes: 385 1a • Energy follows water: 906 2 • Selective Development: MW Production • 1,280 GWh 1
Slide 41: EP(C), O&M and Corporate Level Medium Term Outlook
EPC & OEM EP(C), O&M and Corporate Level Medium Term Outlook Historicals (2023A) Medium-Term Outlook(1) • Target cumulative revenues of c.€6.0-7.0bn in the medium term, • Revenues: €318m EP(C) with higher ramp-up in the short-term • EBITDA: €38m • No capex expected except for limited needs in transm
Slide 42: Appendix 4: Financial Information
Appendix 4 Financial Information
Slide 43: Financial Profile Positioned to Capture Growth
Financial Profile Positioned to Capture Growth 2023 Key Financial Highlights Cash Flow Conversion (€m) Capital Structure (1) (4) (3) (1) (9) (2) (6) (8) (5) (2) (9) (7) Source: Company information Note: Abengoa S.A.'s productive units have only been consolidated within the Company's results since th
Slide 44: c.€400m Revenue in Engineering and Other Services
c.€400m Revenue in Engineering and Other Services Lead to Breakeven of 100% Central and Corporate Costs Assets & Concessions (Dec-2023, €m) Services (EPC & Other Services) (Dec-2023, €m) Generation Water EPC Services b 175 12 406 0 c (57) 0 104 d e 104 (126) (14) (11) 53 (54) (118) a b c d e (1) (11
Slide 45: www.grupocox.com
www.grupocox.com