Acciona Sa · BME:ANA
Acciona Sa — 9M 2018 Earnings Presentation
23 slides from Acciona Sa's earnings presentation, Nov 16, 2018
Slide 1: 16 November 2018
16t November 2018
Slide 2: Important information and forward-looking statements
jacciona This document has been prepared by ACCIONA, S.A. (“ACCIONA" or the “Company”) exclusively for use during the presentation of financial results for the nine months of 2018 (9M 2018). Therefore it cannot be disclosed or made public by any person or entity with an aim other than the one expres
Slide 3: On track to meet FY 2018 growth targets
On track to meet FY 2018 growth targets: - Strong operating profit growth on a like-for-like basis - Energy - EBITDA growth driven by normalisation of production and new projects in operation - Infrastructure - maintaining high levels of Construction volumes and improving margins €1bn proceeds from
Slide 4: Group key figures 9M 2018
Revenues EBITDA EBITDA like-for-like EBT EBT like-for-like - ex. corp. trans. Attributable net profit Gross Capex Net Investment Cash-flow! Net Financial Debt 9M 2018 (€m) 5,427 883 851 323 241 222 9M 2018 (€m) 443 -229 5,045 % Chg. vs 9M 2017 +1.8% -2.6% +9.9% -2.3% +9,0% -4.2% 9M 2017 (€m) 669 655
Slide 5: Capex breakdown
Capex breakdown (Million Euro) Jan-Sep 18 “ape Jan-Sep 17 Energy 329 300 Infrastructure 119 299 Construction & Industrial 29 254 Concessions 8 7 Water 26 19 Service 56 9 Other Activities -6 71 Gross capex 443 669 Divestments -981 -13 Net capex -539 656 Net Investment cashflow -229 655 jacciona Key h
Slide 6: Group: Net debt evolution
ACCIONA 9M 2018 Results 6 | Group: Net debt evolution jacciona Net debt reconciliation 9M 2018 (€m) Operating CF SN 72 9 NS 105 108 a i va || : 209 | (18) (22) 169 ! 101 | (981) (883) Net debt EBITDA Financial Working Other Gross Divestment Real Estate Other Treasury Derivatives Forex Dividends Peri
Slide 7: Net debt by division and gross debt allocation
jacciona 31-Dec-17 30-Sep-18 Gross debt - Level (Million Euro) Cc corporate Debt |. Cash + Net debt is . Project Debt Gross debt . Net debt allocation C. Equiv. 25% BB Project Hi Corporate Energy 3,971 2,401 1225 3,625 -403 3,222 75% Infrastructure 351 1395 410 1,805 “1,127 678 Construction 134 1,02
Slide 8: Group: Debt & liquidity
8 | Group: Debt & liquidity Maturity profile of Group gross debt as of 30 Sep 2018 . 137 87 1,330 760 278 | 315 150 143 9 154 2018 2019 2020 2021 2022 2023 >2024 Credit lines Loans meECP ™ Bonds Liquidity @ Project Debt repayments Cash S: Available committed credit lines = €1,629m €1,931m Total Liqu
Slide 9: Energy: Key figures and EBITDA evolution
Key figures EBITDA evolution (€m) (Million Euro) Jan-Sep18 Jan-Sep17 Chg. Chg. (%) Output +36 Output #24 Generation Spain 614 67 4 -0.6% ie a ie 3 x x Generation International 424 350 74 21.1% T T Development & Other 549 307 242 78.8% 524 25 18 18 531 Revenues 1,587 4275 312 245% Leen! (3) ———— (52)
Slide 10: Infrastructure: Key figures and EBITDA evolution
ACCIONA 9M 2018 Results 10| ; 0} Infrastructure facciona Key figures EBITDA evolution (€m) aR 34 6 (Million Euro) Jan-Sep18 Jan-Sep17 Chg. Chg. (%) 286 a —_ — — __ 310 (3) (10) (3) 180 Revenues 3,658 3,606 51 1.4% as EBITDA 310 286 24 8.3% Margin (%) 85% 7.9% ja 9M 2017 Construction Industrial Conce
Slide 11: Key figures by business line
Key figures by business line (Million Euro) Jan-Sep18 Jan-Sep17 Chg. Chg. (%) Construction Revenues 2,330 2,277 53 2.3% EBITDA 156 122 34 28.1% Margin (%) 6.7% 5.4% Industrial Revenues 253 192 60 31.4% EBITDA 13 7 6 89.1% Margin (%) 5.1% 3.5% Concessions Revenues 85 108 -23 -21.6% EBITDA 39 43 <3 -8
Slide 12: Other activities: Key figures
Key figures (Million Euro) Jan-Sep18 Jan-Sep17 Chg. Chg. (%) Trasmediterranea 160 333 -173 -519% Real Estate 21 99 -79 79.2% Bestinver 78 71 7 10.1% Corp. & other 29 30 1 2.9% Revenues 288 533 -245 -46.0% Trasmediterranea 4 40 36 -90.6% Real Estate 8 B -20 na. Bestinver 52 48 4 8.1% Corp. & other 4
Slide 13: Solid underlying results - on track to deliver FY 2018 targets
Solid underlying results - on track to deliver FY 2018 targets Excellent growth visibility - 674 MW under construction! + 620 MW approved * Strict focus on returns * Consistent with de-gearing path Sale of Testa stake to Blackstone to accelerate full exit from residential rental business * Increased
Slide 14: Appendix
Appendix
Slide 15: Group: Like for like key figures
ACCIONA 9M 2018 Results 15| Group: Like for like key figures jacciona Revenues 5,427 5,333 2% 7,254 CSP 43 113 -62% 147 Trasmediterranea 160 333 -52% 426 Ruta 160 0 28 -100% 30 Total perimeter variations 203 474 -57% 603 Revenues (like for like) 5,224 4,858 8% 6,651 EBITDA 883 907 -3% 1,275 CSP 29 8
Slide 16: Corporate Debt
Corporate Debt (Million Euro) 30-Sep-18 ospare! 31-Dec-17 vee Bank Debt 3,021 60% 3,247 67% Commercial paper program 750 15% 379 8% Bonds 835 17% 862 18% Others (ECAs, Supranational) 417 8% 367 8% Total Non-Bank Debt 2,002 40% 1,608 33% Total Corporate Debt 5,023 100% 4,855 100%
Slide 17: Energy: installed capacity
ACCIONA 9M 2018 Results 17| Energy: installed capacity {acciona Spain 5,672 4,394 619 5,000 Wind 4,731 3,454 619 4,063 Hydro 876 876 0 876 CSP 0 0 0 0 Solar PV 3 3 0 3 Biomass 61 61 0 59 Internacional 3,353 3,105 78 2,286 Wind 2,902 2,700 48 1,942 csP 64 64 0 43 Solar PV 386 341 30 301
Slide 18: Energy: equity-accounted generation capacity
ACCIONA 9M 2018 Results 18| Energy: equity-accounted generation capacity {acciona Wind Spain 619 1,032 45 136 2005 Wind International 48 88 5 1 2005 Australia 32 64 4 (0) 2005 Hungary 12 15 1 1 2006 USA 4 10 0 0 2003 Solar PV 30 46 16 49 2008 Note: Average COD weighted per MW
Slide 19: Energy: 9M 2018 installations and WIP
19| Energy: 9M 2018 installations and WIP MW added and under construction ACCIONA 9M 2018 Results {acciona Wind Wind Wind Wind PV Wind PV PV Mexico Chile Australia Spain Ukraine USA Mexico Egypt El Cortijo San Gabriel Mont Gellibrand El Cabrito Dymerka Palmas Altas Puerto Libertad (1) Benban (1) 183
Slide 20: Wind prices (€/MWh) and Load factors (%)
Wind prices (€/MWh) and Load factors (%) 9M 2018 9M 2017 Chg, (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) Spain Average* 69.5 23.9% 70.2 23.0% -1.0% EE Spain - Regulated* 81.6 86.0 Spain - Not regulated 45.4 39.1 BA canada 58.1 27.7% 56.6 26.7% 2.6% B= usa 28.8 35.6% 30.4
Slide 21: Energy: Other technologies drivers by country
ACCIONA 9M 2018 Results 21| Energy: Other technologies drivers by country acciona asym Other technologies (€/MWh) and Load factors (%)
Slide 22: Infrastructure: Concessions
ACCIONA 9M 2018 Results 22| Infrastructure: Concessions Faas Pen ct re | tort | wae 10 2 1 1 6 54 74 jacciona # of concessions Proportional EBITDA 9M 2018 (€m) 52 4 3 0 19 nN2 181 Consolidated EBITDA 9M 2018(m) 3 0 0 < . | 0 5 Ba soi) =—COt(‘<‘d 20 6 2 30 BC a 23 scsegarcnenmrst atts on 5 2 BO a ee
Slide 23: 16 November 2018
16t November 2018