Acciona Sa · BME:ANA
Acciona Sa — 9M 2019 Earnings Presentation
25 slides from Acciona Sa's earnings presentation, Nov 8, 2019
Slide 1: 8th November 2019
8th November 2019
Slide 2: Important information and forward-looking statements
jacciona This document has been prepared by ACCIONA, S.A. (“ACCIONA” or the Company”) exclusively for use during the presentation of financial results. Therefore it cannot be disclosed or made public by any person or entity with an aim other than the one expressed above, without the prior written co
Slide 3: Strong EBITDA on headline and like-for-like basis
Strong EBITDA on headline and like-for-like basis — Low hydro generation volumes in Spain offset by higher achieved prices — Contribution from new energy investments — SLR settlement more than offsets lower volumes in maturing Large Construction Projects — Water EPC projects ramping up in Q3 — incre
Slide 4: 9M 2019 key figures
9M 2019 (€m) Revenues 5,287 EBITDA 933 EBITDA like-for-like 884 EBT — ex. corp. transactions 352 Attributable net profit 213 Attributable net profit — ex. corp. transactions 213 9M 2019 (€m) Total Net Investment” 982 Net Financial Debt 5,166 Net Financial Debt incl. IFRS16 5,375 (1) Total Net Invest
Slide 5: Total Investment breakdown and key highlights
jacciona Total Investment breakdown Key highlights = Vast majority of capex represents discretionary growth (Million Euro) Jan-Sep 19 Jan-Sep 18 investrrente. P P ys Energy 346 sv = Energy investment mainly related to: Infrastructure 369 14 — Windfarms: San Gabriel and Tolpan (Chile), Palmas Altas a
Slide 6: Group: Net debt evolution
ACCIONA 9M 2019 Results 6 | Group: Net debt evolution {acciona Net debt reconciliation 9M 2019 (€m) Operating CF: €426m Net Investment CF: -€982m 731 Financing/Others CF: -€277m (192) (72) (13) (251) 221 148 (139 ) cide Net debt EBITDA Financial Working Other op.CFNet Ordinary Property Dividends Der
Slide 7: Group: Net financial debt & liquidity overview
ACCIONA 9M 2019 Results 7 | Group: Net financial debt & liquidity overview {acciona Gross financial debt - Level Gross financial debt - Interest rate Net financial debt breakdown by nature (€m) 1,385 6,573 aa ™ Corporate ™ Fixed 5,188 5,166 209 5,375 ™ Project = Variable Lec ) — (1,407 Gross financi
Slide 8: Energy
ACCIONA 9M 2019 Results 8 | Energy {acciona Key figures EBITDA evolution (€m) Output 2 (Million Euro) Jan-Sep19 — Jan-Sep 18 Chg. Chg. (%) Output 52 Price = -1 : ‘ Spain 47 Price 452 Forex +10 Generation Spain 571 614 -43 -7.0% International +24 Opex -4 Opex 3 Generation International 493 424 68 16.
Slide 9: Energy capacity in progress
9 | Energy capacity in progress 2019 installations and WIP (MW)” ACCIONA 9M 2019 Results {acciona 1106MW growth visibility 2020-2021 462MW 420 145 275 Installed MW 2019 expected ™ Chile (Further detail in Appendix L 1 493MW 75 613MW PrAD 158 198 118 MW under MW to start construction construction Dec
Slide 10: Infrastructure
10| Infrastructure ACCIONA 9M 2019 Results {acciona Key figures EBITDA evolution (€m) (Million Euro) Jan-Sep 19 —Jan-Sep 18 Chg. Chg. (%) 68 Revenues 3,700 3,658 42 1.2% 310 oa] ta) 2) cal 8 326 EBITDA 326 310 16 5.1% (49) Margin (%) 8.8% 8.5% 9M 2018 Construction Concessions Water Services 9M 2019
Slide 11: Key figures by business line
jacciona Key figures by business line Key highlights by business line (Million Euro) Jan-Sep 19 Jan-Sep 18 Chg. Chg. (%) Construction & Industrial = Construction & Industrial: positive impact of Sydney Revenues 2,556 2,581 -25 --1.0% Light Rail more than compensates for the lower EBITDA 237 169 68 4
Slide 12: Property Development
ACCIONA 9M 2019 Results 12| Property Development Gacciona Key figures Key highlights ™ Revenues increase due to the delivery of 372 residential (Million Euro) Jan-Sep 19 Jan-Sep 18 Chg. Chg. (%) units during the first nine months of the year, although Revenues 71 21 50 245.3% margin reflected in Q4
Slide 13: Bestinver
ACCIONA 9M 2019 Results 13| Bestinver {acciona Key figures Key Highlights (Million Euro) Jan-Sep 19 Jan-Sep 18 Chg. Chg. (%) ao. . . Revenues 2 78 3 Sa = Lower contribution from Bestinver on slightly lower = average AUMs (€5,979m vs €6,272m in 9M 2018) EBITDA 46 52 -6 _-10.7% d product mix Margin (%
Slide 14: Profits increasing strongly - supportive of full year targets
Profits increasing strongly - supportive of full year targets Intense investment activity - securing future growth Acceleration of renewable energy pipeline & capacity under construction Robust EPC backlog underpinning Infra revenues Committed to financial policy — NFD/EBITDA <4x
Slide 15: Appendix
Appendix
Slide 16: Long-term contracted assets and infrastructure management contracts
LT CONTRACTED ASSETS 61% & 68% INFRA MANAGEMENT CONTRACTS (2) (1) (1)(2)
Slide 17: ACCIONA: Perimeter and IFRS16 effects
17 ACCIONA: Perimeter and IFRS16 effects ACCIONA 9M 2019 Results Revenues 5,287 5,427 -139 csP 0 43 -43 Rodovia do Aco (0) 22 -22 ATLL 22 121 -100 Trasmediterranea 0 160 -160 Total perimeter variations 22 346 -324 IFRS16, 1) 0 0 Revenues (like for like) 5,265 5,080 185 EBITDA 933 883 50 CSP 0 29 -29
Slide 18: ACCIONA: Debt maturity breakdown
18} ACCIONA: Debt maturity breakdown ACCIONA 9M 2019 Results {acciona Gross debt maturities (€m) - 9M 2019 Proforma for €675m ESG syndicated loan Stable local investor base Very cost efficient Rolled over continuously ECP programme (€881mas of 30 September 19) Backed by €1.4bn LT unused facility Clo
Slide 19: Energy: Installed capacity
ACCIONA 9M 2019 Results 19| Energy: Installed capacity {acciona Spain 5,681 4,456 593 5,036 Wind 4,740 3,516 593 4,098 Hydro 876 876 0 876 Solar PV 3 3 0 3 Biomass 61 61 i?) 59 Internacional 4,390 3,552 358 3,003 Wind 3,188 2,986 48 2,228 csP 64 64 0 43 Solar PV 1,138 501 310 732 EBITDA ontribution,
Slide 20: Energy: Equity-accounted generation capacity
ACCIONA 9M 2019 Results 20| Energy: Equity-accounted generation capacity {acciona Wind Spain 593 985 45 118 2005 Wind International 48 84 5 -2 2005 Australia 32 57 4 -1 2005 Hungary 12 19 2 -1 2006 USA 4 9 0 0 2003 Solar PV 310 271 23 61 2017 (1) Average COD weighted per MW
Slide 21: Energy: 9M 2019 installations and WIP
ACCIONA 9M 2019 Results 21| Energy: 9M 2019 installations and WIP {acciona MW added and under construction Wind Chile San Gabriel 100% 183 183 183 141 42 - Q12020 PPA with Discoms + Private PPA Wind USA Palmas Altas 100% 145 145 145 145 - - Q12020 Financial hedge + PTC + Merchant Pv Chile Almeyda 10
Slide 22: Wind prices and load factors
Spain Average Spain - Regulated Spain - Not regulated () Prices for consolidated MWs (2) Prices include regulatory incentive and any adjustments due to the application of the banding mechanism (3) 93MW located in the US additionally receive a “normalized” PTC of $25/MWh 9M 2019 Av. price (€/MWh) 75.
Slide 23: Energy: Other technologies drivers by country
ACCIONA 9M 2019 Results 23| Energy: Other technologies drivers by country acciona asym Other technologies (€/MWh) and Load factors (%) FE ‘spain 59.0 21.1% 54.5 38.2% 8.2% pC | Spain 146.8 81.5% 145.5 79.4% 0.9% ps Ee = USA W717 23.3% 164.4 23.6% 8.1% ee eC = South Africa 159.3 23.8% 161.2 22.7% -1.
Slide 24: Infrastructure: Concessions
ACCIONA 9M 2019 Results 24 Infrastructure: Concessions Pacciona OROKOIORORS 7 2 1 1 5 53 69 # of concessions Proportional EBITDA 9M 2019 (€m) 7 4 3 3 0 24 4 104 Consolidated EBITDA 9M 2019 (€m) 26 0 0 0 10 21 49 Average life (yrs) 7 30 21 30 30 28 26 27 Average consumed life (yrs) 7 " 5 13 14 8 12 9
Slide 25: 8th November 2019
8th November 2019