Acciona Sa · BME:ANA
Acciona Sa — Q1 2015 Earnings Presentation
22 slides from Acciona Sa's earnings presentation, May 8, 2015
Slide 1: Q1 2015 January - March
Q1 2015 JANUARY - MARCH sth May 2015
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 for the first quarter of 2015 (Q1 2015). Therefore it cannot be disclosed or made public by any person or entity with an aim other than the one ex
Slide 3: Table of contents
Table of contents 1. Q1 2015 key highlights 2. Group financial information 3. Energy 4. Infrastructure 5. Other activities 6. Closing remarks Appendix Q1 2015 3
Slide 4: Q1 2015 key figures
Q1 2015 key figures (€m) % Chg. Revenues 1,528 9.0% EBITDA 280 24.3% EBIT 150 15.8% Ordinary EBT 66 406.0% Ordinary capex 55 -34.3% NFD (vs Dec 14) 5,380 1.6% Q1 2015 4
Slide 5: Group: Capex by division
Group: Capex by division Capex breakdown By division Key highlights (€m) Capex Jan-Mar 14 Jan-Mar 15 Ordinary capex down 34% vs Q1 Energy 76 41 2014 levels Infrastructure 8 13 Energy captures most of the investment effort (74%): Construction 4 8 Water 2 2 - 93MW of wind installed in South Service 3
Slide 6: Group: Debt breakdown by division and nature
Group: Debt breakdown by division and nature Group debt breakdown 31-Dec-14 31-Mar-15 Gross debt - Nature Non- Recourse Gross Cash + (€m) Net debt recourse Net debt debt debt C. Equiv. Recourse debt Non-recourse Energy 4,653 1,306 4,333 5,639 -950 4,689 Infrastructure 252 450 592 1,043 -680 363 Cons
Slide 7: Group: Recourse debt & liquidity
Group: Recourse debt & liquidity Recourse debt: €2,128m Recourse debt amortization schedule (€m) Recourse debt (€m) 31-Mar-15 Convertible Bank debt 567 bond¹ Commercial paper programme 413 308 Bonds 292 Convertible bond 308 Other (ECAs, Supranationals) 548 Capital markets 1,561 Average life 2.47 yea
Slide 8: Group: Recourse debt €1.8bn syndicated contract
Group: Recourse debt €1.8bn syndicated contract New financing contract of €1.8bn ACCIONA signed in March a 5 year syndicated financing contract for €1.8bn divided in two tranches: Tranche A Tranche B Loan for a maximum €1,800m Credit lines €1,440m amount of €360m Will be used to refinance part of th
Slide 9: Group: Non-recourse debt amortization schedule
Group: Non-recourse debt amortization schedule Group: Debt amortization Principal schedule repayment schedule 2015-2024 (€m) Q1 2015 9
Slide 10: Group: Net debt evolution
Group: Net debt evolution Net debt reconciliation Q1 2015 (€m) +€86m (2%) 139 509 493 466 4,748 4,319 -€151m +€50m +€188m Operating CF Investment CF Financing CF Debt associated to work in progress Derivatives Q1 2015 10
Slide 11: Energy: Key figures
Energy: Key figures Key figures EBITDA evolution (€m) (Million Euro) Jan-Mar 14 Jan-Mar 15 Chg. Chg. (%) Revenues 487 640 154 31.6% EBITDA 187 241 54 28.9% Margin (%) 38.4% 37.6% Capacity Production Industrial & Develop. Consolidated installed capacity exceeds Consolidated production up to 2.6% Net
Slide 12: Energy: Installed capacity and under construction
Energy: Installed capacity and under construction Installed MW + Under construction MW @ Q1 2015 Installed MW Under constr. MW Total Consolidated Eq accounted Net Consolidated Wind Spain 4,743 3,466 619 4,074 0 Wind Under construction Wind international 2,437 2,195 49 1,443 30 Conventional Hydro 640
Slide 13: Energy: ACCIONA Windpower
Energy: ACCIONA Windpower Key figures Backlog evolution (MW) (Million Euro) Jan-Mar 14 Jan-Mar 15 Chg. Chg. (%) Revenues 74 188 114 153.0% EBITDA -4 15 19 n.a. Margin (%) -5.0% 8.2% Key highlights Revenues more than double vs Q1 2014 EBITDA improves +€19m AWP installs 187MW in Q1 2015 vs 83MW in Q1
Slide 14: Construction: Key figures and backlog
Construction: Key figures and backlog Key figures Construction backlog Q1 2015 (Million Euro) Jan-Mar 14 Jan-Mar 15 Chg. Chg. (%) International 69% Revenues 524 535 10 2.0% Spain EBITDA 22 22 0 -0.9% 31% Margin (%) 4.2% 4.1% €6,264m International backlog Q1 2015 Key highlights By region EBITDA in li
Slide 15: Infrastructure: Concessions
Infrastructure: Concessions Road Rail Canal Port Hospital Water TOTAL # of concessions 12 2 1 1 6 56 78 Proportional EBITDA Q1 2015 (€m) 14 1 0 0 7 18 39 Consolidated EBITDA Q1 2015 (€m) 7 0 0 0 4 5 14 Average life (yrs) 32 35 30 30 28 n.m. n.m. Average consumed life (yrs) 9 6 9 10 7 n.m. n.m. Inves
Slide 16: Water and Service
Water and Service Water: key figures Service: key figures (Million Euro) Jan-Mar 14 Jan-Mar 15 Chg. Chg. (%) (Million Euro) Jan-Mar 14 Jan-Mar 15 Chg. Chg. (%) Revenues 105 89 -17 -15.7% Revenues 159 165 6 3.7% EBITDA 6 3 -2 -38.5% EBITDA 0 2 2 n.m. Margin (%) 5.3% 3.8% Margin (%) 0.2% 1.5% Key high
Slide 17: Other activities
Other activities Other activities: key figures Key highlights (Million Euro) Jan-Mar 14 Jan-Mar 15 Chg. Chg. (%) Trasmediterranea: Trasmediterranea’s revenues up 5.5% to €87m Revenues 151 127 -25 -16.3% EBITDA increases €8m due to higher volumes of EBITDA 10 11 2 16.2% passengers, vehicles and cargo
Slide 18: Closing remarks
Closing remarks Positive start of the year … Group revenues €1,528m (+9%) Group EBITDA €280m (+24%) … on the back of a strong performance of the international Energy business Revenues €640m (+32%) and EBITDA €241m (+29%) Backed by significant improvement of AWP and greater generation EBITDA Very enc
Slide 19: Appendix
Appendix
Slide 20: Energy: Capacity under the accounting equity method
Energy: Capacity under the accounting equity method Detail of capacity accounted under the equity method Q1 2015 (proportional figures) 31-Mar-15 MW GWh EBITDA NFD Average COD Wind Spain 619 477 18 235 2005 Wind International 49 32 1 13 2005 Australia 33 20 1 8 2005 Hungary 12 8 1 5 2006 USA 4 3 0 0
Slide 21: Energy: Wind drivers by country
Energy: Wind drivers by country Wind prices (€/MWh) and Load factors (%) Q1 2015 Q1 2014 Chg. (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) Spain Average 57.4 32.4% 39.2 32.1% 46.6% Spain - Regulated 64.2 46.1 Spain - Not regulated 41.3 23.0 Canada 56.6 40.3% 55.0 41.4% 2.8
Slide 22: Q1 2015 January - March
Q1 2015 JANUARY - MARCH sth May 2015