Acciona Sa · BME:ANA
Acciona Sa — 9M 2020 Earnings Presentation
26 slides from Acciona Sa's earnings presentation, Nov 6, 2020
Slide 1: 9M 2020 Results Presentation
| A C C I O N A 9 M 2 0 2 0 R E S U L T S 9M 2020 - January-September 6 November 2020 RESULTS PRESENTATION
Slide 2: Disclaimer
| A C C I O N A 9 M 2 0 2 0 R E S U L T S DISCLAIMER This document has been prepared by ACCIONA. S.A. (“ACCIONA” or the “Company”) exclusively for Particularly, this document does not constitute an offer to purchase, sell or exchange or the use during the presentation of financial results. Therefore
Slide 3: Key Highlights 9M 2020
| A C C I O N A 9 M 2 0 2 0 R E S U L T S KEY HIGHLIGHTS 9M 2020 Q3 performance confirms the improving trend in the operating environment GRADUAL CONVERGENCE TOWARDS ‘NORMALISED’ PROFITABILITY LEVELS ACROSS MOST OF ACCIONA’S BUSINESSES… › …although the slope of recovery has proven to be less steep t
Slide 4: Key Figures 9M 2020
| A C C I O N A 9 M 2 0 2 0 R E S U L T S KEY FIGURES 9M 2020 9M 2020 (€m) % Chg. vs 9M 2019 9M 2020 (€m) 9M 2019 (€m) Revenues 4,554 -13.9% Total Investment 660 982 EBITDA 760 -23.8% EBT 136 -61.4% 9M 2020 (€m) Dec 2019 (€m) (1) of which Nordex contribution -56 62.6% Net Financial Debt 5,230 4,915
Slide 5: Quarterly Revenue & EBITDA – Closing the Gap
| A C C I O N A 9 M 2 0 2 0 R E S U L T S QUARTERLY REVENUE & EBITDA – CLOSING THE GAP Converging towards normalized levels of activity – expect trend to continue in Q4 and 2021 Revenues (€m) 1,903 1,861 1,708 1,718 1,622 1,512 1,420 Q1 Q2 Q3 Q4 2019 2020 EBITDA (€m) 5
Slide 6: Investment by Division
| A C C I O N A 9 M 2 0 2 0 R E S U L T S INVESTMENT BY DIVISION Total Investment breakdown Key highlights (Million Euro) Jan-Sep 20 Jan-Sep 19 Reduction in quarterly investment cash outflows to contain indebtedness, while protecting the business plan – no energy investments have been postponed En
Slide 7: Net Debt Evolution
| A C C I O N A 9 M 2 0 2 0 R E S U L T S NET DEBT EVOLUTION Net debt reconciliation 9M 2020 (€m) NET FINANCING/ O P E R AT I N G INVESTMENT OTHERS CF: €324m CF: -€660m CF: €21m (5,694) (42) (106) (7) (618) (5,230) 464 (4,915) (299) 133 (149) 12 760 3,887 4,179 5,230 126 88 902 963 Net debt EBITDA F
Slide 8: Net Financial Debt
| A C C I O N A 9 M 2 0 2 0 R E S U L T S NET FINANCIAL DEBT Net financial debt breakdown by nature (€m) Net debt & cash interest evolution (€m) 1,015 6,826 5,811 464 5,694 5,230 (1,596) Corporate Project Debt Gross Debt Cash + Net Debt IFRS 16 Net Debt Debt 9M 2020 C. Equiv. 9M 2020 liability incl.
Slide 9: Liquidity and Near-Term Debt Maturity
| A C C I O N A 9 M 2 0 2 0 R E S U L T S LIQUIDITY AND NEAR-TERM DEBT MATURITY Liquidity remains at peak levels and markets have normalised significantly in recent months Commercial paper market and EMTN activity recovering fast Bank of Spain/ECB remains supportive in commercial paper issuance
Slide 10: Energy Business
| A C C I O N A 9 M 2 0 2 0 R E S U L T S ENERGY BUSINESS Key figures 9M 2020 EBITDA evolution (€m) (Million Euro) Jan-Sep 20 Jan-Sep 19 Chg. Chg. (%) Generation Spain 491 571 -80 -13.9% Generation International 486 493 -7 -1.4% Other & Adjustments 291 434 -143 -32.9% Output +10 -3.7% Output Price -
Slide 11: Energy Business Plan – High Visibility
| A C C I O N A 9 M 2 0 2 0 R E S U L T S ENERGY BUSINESS PLAN – HIGH VISIBILITY Major increase in scheduled capacity additions › Potential additional capacity 5,000MW › Minimum committed target MW already installed YTD 392MW › Additional targeted capacity increases to be fed from 14.8 GW of total p
Slide 12: Infrastructure Business
| A C C I O N A 9 M 2 0 2 0 R E S U L T S INFRASTRUCTURE BUSINESS Key figures 9M 2020 (Million Euro) Jan-Sep 20 Jan-Sep 19 Chg. Chg. (%) EBITDA evolution (€m) Construction 351 -63.4% Revenues 1,950 2,556 -606 -23.7% EBITDA 22 232 -209 -90.4% Margin (%) 1.1% 9.1% 13 128 Concessions (209) (4) (23) Rev
Slide 13: Infra Backlog - Advancing Despite COVID-19
| A C C I O N A 9 M 2 0 2 0 R E S U L T S INFRA BACKLOG - ADVANCING DESPITE COVID-19 Infrastructure activity – gradual stabilisation after Q2 disruption Activity resuming normality - no suspended projects due to COVID, much improved logistics & procurement, and resuming International mobility Re
Slide 14: Other Activities
| A C C I O N A 9 M 2 0 2 0 R E S U L T S OTHER ACTIVITIES Property Development - Key figures 9M 2020 Bestinver - Key figures 9M 2020 (Million Euro) Jan-Sep 20 Jan-Sep 19 Chg. Chg. (%) (Million Euro) Jan-Sep 20 Jan-Sep 19 Chg. Chg. (%) Revenues 107 71 36 50.8% Revenues 76 72 4 4.9% EBITDA 8 -4 12 n.
Slide 15: Concluding Remarks
| A C C I O N A 9 M 2 0 2 0 R E S U L T S CONCLUDING REMARKS ENCOURAGING OPERATING TRENDS – GRADUAL NORMALISATION OF LEVELS OF ACTIVITY/PROFITABILITY… › …despite COVID uncertainties in Q4 ACCIONA’S BUSINESS MODEL REMAINS INTACT AND VERY RELEVANT IN A P OST-COVID WORLD › COVID impact is manageable an
Slide 16: Appendix
02 APPENDIX
Slide 17: ACCIONA: EBITDA by Type of Activity
| A C C I O N A 9 M 2 0 2 0 R E S U L T S ACCIONA: EBITDA BY TYPE OF ACTIVITY (Million Euro) LT CONTRACTED Jan-Sep 2020 Jan-Sep 2019 ASSETS & INFRA 71% MANAGEMENT 63% Renewable Generation 612 627 CONTRACTS (2) Infrastructure Concessions - Trans., Social & Water 53 65 Long-term Asset Business 665 692
Slide 18: Debt Maturity & Breakdown
| A C C I O N A 9 M 2 0 2 0 R E S U L T S DEBT MATURITY & BREAKDOWN Gross debt maturity schedule (€m) 1,577 531 714 912 447 1,153 (1) 1,492 2020 2021 2022 2023 2024 2025 >2025 Other Corporate Debt Project Debt ECP Debt breakdown by nature Gross financial debt - Level Gross financial debt - Currency
Slide 19: Income from Associates - 2019 & 2020 Breakdown
| A C C I O N A 9 M 2 0 2 0 R E S U L T S INCOME FROM ASSOCIATES - 2019 & 2020 BREAKDOWN Q1 2020 H1 2020 9M 2020 Q1 2019 H1 2019 9M 2019 FY 2019 Energy 28 37 51 17 30 39 46 Generation Spain 25 26 32 11 15 19 26 Generation International 4 10 17 5 13 17 17 Other 0 1 2 1 2 2 3 Infrastructure 7 1 12 17
Slide 20: Energy Business – Scheduled Capacity Additions
| A C C I O N A 9 M 2 0 2 0 R E S U L T S ENERGY BUSINESS – SCHEDULED CAPACITY ADDITIONS MW Scheduled Capacity Additions per year (MW) Added Under const. Start const Technology Country Asset name % ANA stake Total 2020 2021 2022 2023 Details YTD Sep 2020 2021 PV Chile Usya 100% 64 64 64 Private PPA
Slide 21: Energy Business – Installed Capacity
| A C C I O N A 9 M 2 0 2 0 R E S U L T S ENERGY BUSINESS – INSTALLED CAPACITY Installed MW (30 September 2020) Total Consolidated Eq accounted Net Spain 5,677 4,452 593 5,014 Wind 4,738 3,514 593 4,078 Hydro 873 873 0 873 Solar PV 4 4 0 4 Biomass 61 61 0 59 International 4,829 3,991 358 3,438 Wind
Slide 22: Energy Business – Equity-Accounted Capacity
| A C C I O N A 9 M 2 0 2 0 R E S U L T S ENERGY BUSINESS – EQUITY-ACCOUNTED CAPACITY Proportional figures (30 September 2020) (1) MW GWh EBITDA (€m) NFD (€m) Average COD Wind Spain 593 861 27 28 2005 Wind International 48 74 2 0 2005 Australia 32 49 1 0 2005 Hungary 12 16 0 0 2006 USA 4 9 0 0 2003
Slide 23: Energy – Wind Drivers by Country
| A C C I O N A 9 M 2 0 2 0 R E S U L T S ENERGY – WIND DRIVERS BY COUNTRY Wind prices (€/MWh) (1) and Load factors (%) 9M 2020 9M 2019 Chg. (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) Average 66.3 21.4% 75.6 24.0% -12.3% Spain Regulated 81.8 88.5 Not regulated 38.6 51.2
Slide 24: Energy – Other Technologies Drivers by Country
| A C C I O N A 9 M 2 0 2 0 R E S U L T S ENERGY – OTHER TECHNOLOGIES DRIVERS BY COUNTRY Other technologies (€/MWh) and Load factors (%) 9M 2020 9M 2019 Chg. (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) Hydro Spain 41.6 33.2% 59.0 21.1% -29.6% Biomass Spain 127.1 82.8% 146
Slide 25: Infrastructure Business – Concessions
| A C C I O N A 9 M 2 0 2 0 R E S U L T S INFRASTRUCTURE BUSINESS – CONCESSIONS (1) Road Rail Canal Port Hospital Water Total # of concessions 6 3 1 1 5 53 69 Proportional EBITDA 9M 2020 (€m) 33 4 3 0 24 39 94 Consolidated EBITDA 9M 2020 (€m) 29 0 0 0 15 32 26 Average life (yrs) 30 35 20 30 28 26 29
Slide 26: Results Presentation
| A C C I O N A 9 M 2 0 2 0 R E S U L T S 9M 2020 - January-September 6 November 2020 RESULTS PRESENTATION