Abengoa Sa · OTC:AGOAF
Abengoa Sa — H1 2018 Earnings Presentation
24 slides from Abengoa Sa's earnings presentation, Sep 30, 2018
Slide 1: 2018 H1 Results Presentation
2018 H1 Results Presentation September 30, 2018
Slide 2: Forward Looking Statements
Forward Looking Statements ▪ This presentation contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) and information relating to Abengoa that are based on the beliefs of its management as well as assumptions made and information current
Slide 3: Agenda
Agenda 1 2018 H1 Highlights 2 Financial Review 3 Conclusion 3
Slide 4: 2018 H1 Highlights
1 _ 2018 H1 Highlights ABENGOA
Slide 5: Abengoa completes first half of 2018 with improved profitability and bookings of €977 million
Abengoa completes first half of 2018 with improved profitability and Highlights of the period bookings of €977 million ▪ Continued improvements of Health and Safety indicators with a Lost Time Injury Rate (LTIR) of 2.4 (5.1 in H1 2017) ▪ Revenues reached €552 million compared to €691 million in the
Slide 6: Commitment to Health & Safety
Commitment to 878 and 1,115 days without fatal accidents among Abengoa personnel and Health & Safety its subcontractors’ personnel, respectively Working towards the goal of zero accidents Lost Time Injury Rate – H1 2018 ABENGOA Contractors LTIR H1 2017: 5.1 878 934 1,115 2.4 Below comparable industr
Slide 7: Financial Review
? | Financial Review ABENGOA
Slide 8: Key Consolidated Figures
Key Consolidated Figures Continued improvement of operating profitability. (€ million) ▪ Revenues of €552 million, lower than the first half of 2017 due to completion of projects H1 2018 H1 2017 Change Jun’ 17 ▪ EBITDA of €87 million, a large increase mostly due to lack of restructuring costs and a
Slide 9: Revenues by Segment and Geography; Main projects in execution
Revenues lower than H1 2017 due to certain projects coming to an Revenues end in South Africa, Latin America, and Middle East Revenue by Segment Revenue by Geography 1% South America 17% 9% Middle East 26% 12% E&C Africa North America Concessions 13% Spain 83% 14% 25% Europe (ex Spain) Others ➢ Main
Slide 10: EBITDA Bridge
EBITDA Bridge Continued improvements in profitability, mainly due to reductions in overhead Figures in € million EBITDA June 2018 EBITDA June 2017 100 80 90 70 80 60 70 60 55 50 50 40 87 58 -52 40 30 30 20 20 32 10 10 16 10 0 0 E&C Concessions EBITDA Q1 2018 E&C Concessions Restructuring EBITDA Q1 A
Slide 11: Reductions in Overhead Costs
Reductions in Continued reductions in overhead costs, with overall target of 3.5x sales Overhead Costs Overhead Costs (€m) Main Drivers 70,0 60,0 (41%) 50,0 ▪ Lighter structure: accommodating 40,0 organizational structure to the real level of 64,8 activity 30,0 ▪ Increased operational efficiencies 2
Slide 12: Financial Debt Structure
Financial debt reduced with the sale of Atlantica Yield with additional Financial Debt Structure paydowns in the short term Financial Debt as of June 30, 2018(1) (€ million) ▪ Gross corporate debt reduced in first six months due to sale of 25% stake in Atlantica Yield 113 (346) • ~additional $325 mi
Slide 13: Summary Cash Flow
Capex and debt amortization financed mostly through Summary Cash Flow divestments Sources & Uses as of June 30, 2018 (€ million) Total Sources: €613m Total Uses: €(613)m 110 90 (464) Operating CF: €(63)m 580 70 50 69 (88) (86) 30 33 10 (44) -10 Cash Divestments Financing Capex & Other Profit adj. WC
Slide 14: E&C Bookings
Abengoa has been awarded in the first six months of 2018 new projects for a E&C Bookings total value of €977 million Main projects awarded in H1 2018 Electromechanical construction and assembly project for the Codelco Humos Negros Chile National Copper Corporation of Chile (Codelco) Centro Comercial
Slide 15: E&C Commercial Opportunities
E&C Commercial Abengoa will leverage on its pipeline to continue building up its Opportunities project backlog Pipeline by Region Pipeline by Project Type 4% South America 4% Middle East 12% 5% Rest of Europe (excl. Spain) 5% 31% E&C 5% Mexico and Central America ▪ Abengoa currently has a pipeline o
Slide 16: Update on agreement with Algonquin; AAGES Joint Venture
Update on agreement Agreement reached with Algonquin for the sale of the remaining 16.5% stake in with Algonquin Atlantica Yield Sale of 16.5% stake AAGES Joint Venture P ▪ Agreement reached to sell 16.5% stake in ▪ Core team of 25 people fully staffed. Now focusing in AY completing its footprint in
Slide 17: Update on Asset Disposal Plan
Update on Asset Significant progress on the completion of A3T and other asset disposals Disposal Plan Other Assets pledged to the new financing Bioenergy USA 1G & 2G bioethanol √ Bioenergy Europe 1G bioethanol √ ▪ Construction of asset virtually completed AB San Roque Biodiesel √ Cogeneration ▪ Over
Slide 18: Conclusion
3 Conclusion ABENGOA
Slide 19: Conclusion: First half of 2018 marked by increased profitability
Conclusion First half of 2018 marked by increased profitability Recovery of business activity, with approximately €977 million of new projects awarded in first six months Strong increase in profitability, with EBITDA of €87 million registered in the first half Continued improvements in overhead cost
Slide 20: Appendix
> Appendix 20
Slide 21: Financial Debt: Maturity Profile
Financial Debt: Post restructuring financial debt with improved maturity profile Maturity Profile Figures in € million H1 2018 Maturity Corporate Financial Debt(1) New Money 1 656 2021(2) New Money 2 259 2021(2) Old Money 1,499 2022 / 2023 Loan - Centro Tecnológico Palmas Altas 77 Short-term. Secure
Slide 22: Results by Segment
Results by Segment Revenues EBITDA (Figures in € million) H1 2018 H1 2017 ∆% H1 2018 H1 2017 ∆% Engineering and Construction 458 606 (24)% 32 10 240% Concession-type Infrastructure 94 86 9% 55 58 (5)% Total 552 691 (20)% 87 68 31% One off restructuring expenses (advisors) (52) Total 552 691 (20)% 87
Slide 23: Consolidated Cash Flow
Consolidated Cash Flow Figures in €million H1 2018 H1 2017 Profit for the period from continuing operations (76) 5,215 Non-monetary adjustments & others 145 (5,290) Profit for the period adjusted by non monetary adjustments 69 (75) Operating Variations in working capital (88) (83) Activities Net int
Slide 24: Thank you
2018 H1 Results Presentation September 30, 2018 Thank you