Abengoa Sa · OTC:AGOAF
Abengoa Sa — Q1 2018 Earnings Presentation
24 slides from Abengoa Sa's earnings presentation, May 16, 2018
Slide 1: 2018 Q1 Results Presentation
2018 Q1 Results Presentation 16th May 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 Q1 Highlights 2 Financial Review 3 Conclusion 3
Slide 4: 2018 Q1 Highlights
‘| | 2018 Q1 Highlights ABENGOA
Slide 5: Abengoa completes first quarter of 2018 with improved profitability and bookings of €802 million
Abengoa completes first quarter of 2018 with improved Highlights of the period profitability and bookings of €802 million ▪ Continued improvements of Health and Safety indicators with a Lost Time Injury Rate (LTIR) of 2.7 (6.3 in Q1 2017) ▪ Revenues reached €300 million compared to €336 million in t
Slide 6: Commitment to Health & Safety
Commitment to 787 and 1,024 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 – Q1 2018 ABENGOA Contractors LTIR Q1 2017: 6.3 787 934 1,024 2.7 Below comparable industr
Slide 7: Financial Review
? | Financial Review ABENGOA
Slide 8: Key Consolidated Figures
Continued improvement of operating profitability. Net result driven by Key Consolidated Figures the one-off positive impact of the financial restructuring (€ million) ▪ Revenues of €300 million, slightly lower than the first Q1 2018 Q1 2017 Change quarter of 2017 Mar’ 17 ▪ EBITDA of €43 million, a l
Slide 9: Revenues by Segment and Geography
Revenues slightly lower than Q1 2017 due to certain T&I projects Revenues coming to an end in Europe and Middle East Revenue by Segment Revenue by Geography 1% South America 15% 10% Middle East 9% 28% E&C Africa 13% North America Concessions Europe (ex Spain) 85% 13% 26% Spain Others ➢ Main projects
Slide 10: EBITDA Bridge
EBITDA Bridge Continued improvements in profitability, mainly due to reductions in overhead Figures in € million EBITDA March 2018 EBITDA March 2017 50 40 45 40 30 35 20 30 28 25 10 25 43 -52 20 0 3 15 -10 10 -24 15 -20 5 0 -30 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 40,0 35,0 30,0 (51%) ▪ Lighter structure: accommodating 25,0 organizational structure to the real level of 20,0 activity 37,5 15,0 ▪ Increased operational efficienc
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 March 31, 2018(1) (€ million) ▪ Gross corporate debt reduced in first quarter due to 19 sale of 25% stake in Atlantica Yield (374) • ~additional $325 milli
Slide 13: Summary Cash Flow
Capex and debt amortization financed mostly through Summary Cash Flow divestments Sources & Uses as of March 31, 2018 (€ million) Total Sources: €498m Total Uses: €(498)m 110 90 70 (467) Operating CF: €(14)m 493 50 (1) 30 (17) 23 (36) 10 5 -10 Cash Divestments Financing Capex & Other Profit adj. WC
Slide 14: E&C Bookings
Abengoa has been awarded in the first three months of 2018 new projects E&C Bookings for a total value of €802 million Main projects awarded in Q1 2018 Electromechanical construction and assembly project for the Codelco Humos Negros Chile National Copper Corporation of Chile (Codelco) Centro Comerci
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 Middle East Pipeline by Project Type 4% 5% South America 5% Rest of Europe 12% 6% 29% E&C 6% Mexico and Central ▪ Abengoa currently has a pipeline of America 6% Spain Con
Slide 16: Update on agreement with Algonquin
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 ▪ Team of 19 people currently working, with ▪ Agreement reached to sell 16.5% stake in additional members to join shortly AY. Clo
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 √ ▪ Completion expected by Q4 2018 AB San Roque Biodiesel √ Cogeneration ▪ Over 50% of the
Slide 18: Conclusion
3 Conclusion ABENGOA
Slide 19: Conclusion: First quarter of 2018 marked by increased profitability
Conclusion First quarter of 2018 marked by increased profitability Recovery of business activity, with approximately €802 million of new projects awarded in first three months Strong increase in profitability, with EBITDA of €43 million registered in the first quarter Selected by Shanghai Electric G
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 Q1 2018 Maturity Corporate Financial Debt(1) New Money 1 621 2021(2) New Money 2 241 2021(2) Old Money 1,428 2022 / 2023 Loan - Centro Tecnológico Palmas Altas 78 Short-term. Secure
Slide 22: Results by Segment
Results by Segment Revenues EBITDA (Figures in € million) Q1 2018 Q1 2017 ∆% Q1 2018 Q1 2017 ∆% Engineering and Construction 255 294 (13)% 15 3 489% Concession-type Infrastructure 45 42 7% 28 25 13% Total 300 336 (11)% 43 28 56% One off restructuring expenses (advisors) (52) Total 300 336 (11)% 43 (
Slide 23: Consolidated Cash Flow
Consolidated Cash Flow Figures in €million Q1 2018 Q1 2017 Profit for the period from continuing operations 20 5,654 Non-monetary adjustments & others 3 (5,708) Profit for the period adjusted by non monetary adjustments 23 (54) Operating Variations in working capital (1) (6) Activities Net interests
Slide 24: Thank you
2018 Q1 Results Presentation 16th May 2018 Thank you