Acciona Sa · BME:ANA
Acciona Sa — 9M 2010 Earnings Presentation
35 slides from Acciona Sa's earnings presentation, Nov 15, 2010
Slide 1: 9M 2010 January-September, 15th November 2010
9M 2010 JANUARY - SEPTEMBER 15th November 2010
Slide 2: Disclaimer
Disclaimer This document has been prepared by ACCIONA, S.A. (“ACCIONA” or the “Company”) exclusively for use during the presentation of financial results of the first nine months 2010 (9M10). Therefore it cannot be disclosed or made public by any person or entity with an aim other than the one expre
Slide 3: Table of Contents
Table of Contents 1. Key Highlights 2. Operating Performance 3. Financial Information by Division 4. Conclusions 9M10 Results Presentation 3
Slide 4: 1. Key Highlights
1. Key Highlights
Slide 5: Key Highlights
Key Highlights Grid connection of the third Concentrated Solar Power (CSP) plant of 50MW (October) Grid connection of the second biomass plant from straw Energy combustion in Spain (16MW) Start of the construction of a wind farm in Canada (45MW, August) and a wind farm in India (56MW, October)
Slide 6: Energy: CSP and biomass plant grid connections
Energy 1 Grid connection of the third CSP plant (October) ACCIONA Energy has grid connected its new 50MW CSP plant at Majadas de Tiétar (Cáceres, Spain) The project represents an investment of €237m The plant will produce clean electricity equivalent to the consumption of around 30,000 homes 2
Slide 7: Energy: Start of construction of two wind farms in Canada and India
Energy 3 Start of the construction of two wind farms: Canada and India Launching of construction of a 45MW windfarm in Lamèque (Canada) It will represent an investment of ∼ CAD115m (∼ €83m1) ACCIONA will sell the power produced to the utility New Brunswick Power under a 25-year contract It w
Slide 8: Energy: 4Q CESUR auction forward sale of 1.4TWh
Energy 4 4Q CESUR auction Æ forward sale of 1.4TWh CESUR 3Q 2010: 44.5 45 +1% CESUR 2Q 2010: 40.5 (€/MWh) CESUR 1Q 2010: 39.4 Avg Pool 3Q 2010: 44.1 +16% 35 +55% Avg Pool 2Q 2010: 35.0 25 Avg Pool 1Q 2010: 25.4 15 Jan Feb Mar Apr May Jun Jul Ago Sep Monthly average pool price Quarter arithmetic aver
Slide 9: Infrastructures: Northern Link tunnel and Windsor Essex Parkway
Infrastructures 5 ACCIONA, as a part of the Transcity consortium, awarded the Northern Link tunnel in Australia for €1,100m Northern Link tunnel The Transcity consortium, formed by ACCIONA (40%), BMD Constructions in Australia (30%) and Ghella (30%), has been (~ €1,100m) chosen to design, constr
Slide 10: Water: Water treatment plants in Italy
Water 7 Water treatment plants in Italy (€32m) ACCIONA Agua has been awarded a contract for the management, overseeing, control and maintenance of 165 water treatment plants and 494 pumping stations in Sardinia The total amount of the contract awarded is €32m The 3 year contract had been put o
Slide 11: 2. Operating Performance
2. Operating Performance
Slide 12: P&L Main Figures
P&L Main Figures Key Figures EBITDA Breakdown1 9M10 By Division Jan-Sep Jan-Sep (€m) Chg. (%) 69% Energy 2009 2010 14% Infrastructures Revenues 4,700 4,570 -2.8% 2% Real Estate EBITDA 695 813 +17.0% 4% Water and ES Net profit of Services and Other 11% continued 104 101 -3.3% Business activities €813
Slide 13: Capex by Division
Capex by Division Net Capex Breakdown Key Highlights By Division Capex Capex Core businesses capture most of (€m) 9M09 9M10 the Group’s Capex: Energy 848 398 – Energy: 52% Infrastructures 136 256 – Infrastructures: 33% 87% Real Estate 71 -52 – Water: 2% Water & Environtment 5 19 Exceptional inve
Slide 14: Debt & Liquidity Analysis
Debt & Liquidity Analysis Net Debt Breakdown Gross Debt Breakdown By Division By Nature (€m) Net Debt % 30-Sep-10 of Total 42% Energy 5,781 71% Infrastructures 635 8% Real Estate 1,013 13% 58% Logistic & Transport 207 3% Water & Environment 51 1% Other Business 412 5% Total Net Debt 8,098 100% €9,58
Slide 15: Debt & Liquidity Analysis: Amortization Schedule
Debt & Liquidity Analysis Debt Amortization Schedule (€m) 2,059 2 year bridge loan financing the acquisition of Endesa assets (€1,500m; maturity June 2011) 571 385 407 390 1,991 369 291 306 263 20 22 115 1815 6 20 24 30 20 35 67 47 84 67 +12months +24months +36months +48months +60months Energy Infra
Slide 16: 3. Financial Information by Division
3. Financial Information by Division
Slide 17: Energy
Energy Mini-Hydro Concentrated Solar Conventional Wind Biomass WTG Biofuels special regime Solar Power Photovoltaic Hydro 9M10 Results Presentation 17
Slide 18: Energy: Key Figures
Energy: Key Figures Revenues (€m) EBITDA (€m) 1,071 Generation 46.7% 53.1% +23.9% Industrial, 12% develop. & other 864 EBITDA margin 20% 569 +41.1% 404 80% 88% 649 428 -24 -80 Jan-Sep 09 Jan-Sep 10 Jan-Sep 09 Jan-Sep 10 Despite 9M10 low pool prices in Spain (-11.0% vs 9M09), the energy division sh
Slide 19: Energy: Capacity
Energy: Capacity MW Installed @ Sep 2010 MW under Construction @ Sep 2010 MW (Total) Spain Internat. Total MW (Total) Spain Internat. Total Wind 4,591 1,654 6,244 Wind 35 403 438 Hydro special regime 232 - 232 Hydro special regime - - - Conventional Hydro 680 - 680 Conventional Hydro - - - Biomass 4
Slide 20: Energy: Production
Energy: Production Attributable Production (GWh) (Attributable GWh) 30-Sep-09 30-Sep-10 Chg. (%) Other tech. Wind Spain Wind Spain 4,345 6,043 39% (27%) (51%) Wind international 2,012 2,683 33% Total Wind 6,356 8,726 37% Hydro special regime 318 672 112% Conventional Hydro 354 1,689 377% Biomass 102
Slide 21: Energy: Wind Overview
Energy: Wind Overview Load Factor (%) Prices – Spain (€/MWh) 89.9 9M09 9M10 87.6 85.7 87.2 83.5 81.4 79.7 78.9 79.8 80.3 -4.4% Spain 23.8% 24.8% 73.0 71.5 70.2 78.6 78.2 76.5 78.1 76.8 71.7 International 31.6% 28.9% 62.0 Total 25.6% 25.9% Jan. Feb. March April May June July Aug. Sept. Final Price 9M
Slide 22: Infrastructures
Infrastructures Construction Concessions Real Estate 9M10 Results Presentation 22
Slide 23: Infrastructures: Key Figures
Infrastructures: Key Figures Revenues (€m) EBITDA (€m) 24% 34% Const. & Eng 24% 37% Concessions EBITDA margin 5.2% 5.0% 2,653 International % 2% -12.7% 138 2,315 -15.4% 4% 10% 117 23% 98% 96% 90% 77% Jan-Sep 09 Jan-Sep 10 Jan-Sep 09 Jan-Sep 10 Slowdown of domestic construction volumes during 9M10
Slide 24: Infrastructures: Construction Backlog September 2010
Infrastructures: Construction Backlog September 2010 Construction Backlog (€m) Construction Backlog By Client Type Chg. Vs (%) (€m) 30-Sep-09 31-Dec-09 30-Sep-10 30-Sep-09 31-Dec-09 Civil works (Spain) 4,027 3,802 3,144 -22% -17% Civil works (Internat.) 1,266 1,282 1,935 53% 51% Total Civil Works 5,
Slide 25: Infrastructures: Construction Backlog September 2010
Infrastructures: Construction Backlog September 2010 Construction Backlog 9M09 Construction Backlog 9M10 International International 24% 35% Spain Spain 76% 65% €7,178m €6,879m International Backlog 9M10 Spanish Backlog 9M10 By Geography By Client Europe (39%) Central Administration (48%) Canada (23
Slide 26: Infrastructures: Concessions
Infrastructures: Concessions Increased international contribution Very young concessions portfolio Book value of concessions as of Sep 2010: €1,286m (equity and net debt) Revenues Breakdown - By Geography 9M09 9M10 32% 24% 68% 76% €64.5m Spain €91.1m International 9M10 Results Presentation 26
Slide 27: Infrastructures: Real Estate
Infrastructures: Real Estate Revenues (€m) EBITDA (€m) Development 163 Rental Assets 10% -17.8% Parkings 134 21.6% 12.3% EBITDA margin 21% 13% 35 -53.4% 22% 10 16 9 69% 65% 24 17 2 Jan-Sep 09 Jan-Sep 10 -10 Jan-Sep 09 Jan-Sep 10 De-stocking in the residential market (housing units reduced from 2,2
Slide 28: Services and Other Business
Services and Other Business Services Other Businesses Logistic & Transport Urban & Environmental Asset Management Media (GPD) Winery 9M10 Results Presentation 28
Slide 29: Logistic & Transport Services: Key Figures
Logistic & Transport Services: Key Figures Revenues (€m) EBITDA (€m) Handling 12.4% 10.4% 627 Trasmediterránea -4.5% 599 Other 78 15% EBITDA margin 15% 7% -20.0% 62 5% 68% 67% 76% 77% 18% 17% 17% 18% Jan-Sep 09 Jan-Sep 10 Jan-Sep 09 Jan-Sep 10 Trasmediterránea affected by lower passenger volume on
Slide 30: Water & Environment Services: Key Figures
Water & Environment Services: Key Figures Revenues (€m) EBITDA (€m) 6.2% 6.0% Agua & ES 520 -1.5% 512 Other 32 -5.0% EBITDA margin 31 32% 31% 35% 21% 68% 69% 65% 79% Jan-Sep 09 Jan-Sep 10 Jan-Sep 09 Jan-Sep 10 Good performance of water and environment services: EBITDA up 15% Facility services an
Slide 31: Water & Environment Services: Agua
Water & Environment Services: Agua Agua Revenues Breakdown International Revenues Breakdown By Geography By Geography Spain 54% Australia (62%) Latam (10%) UK (9%) International Algeria (7%) 46% Italy (7%) Portugal (2%) USA (1%) RoW (1%) €304.3m €139.0m Water backlog as of 30th September was €4,346m
Slide 32: Other Business: Key Figures
Other Business: Key Figures Revenues (€m) EBITDA (€m) 29.8% 39.0% 80 EBITDA margin +10.7% 72 31 +44.5% 22 Jan-Sep 09 Jan-Sep 10 Jan-Sep 09 Jan-Sep 10 Includes: – Bestinver – “Bodegas Hijos de Antonio Barceló” winery business – Media (GPD) Bestinver had €4,806m under management as of September 2010
Slide 33: 4. Conclusions
4. Conclusions
Slide 34: Conclusions
Conclusions Strong growth driven by organic and acquired new capacity in Energy Decline in Spanish energy prices offset by higher load factors and forward sale strategy Significant recovery of Spain electricity prices in 3Q with an improved outlook Domestic construction slowdown partially offset by
Slide 35: 9M 2010 January-September, 15th November 2010
9M 2010 JANUARY - SEPTEMBER 15th November 2010