Acciona Sa · BME:ANA
Acciona Sa — 9M 2015 Earnings Presentation
27 slides from Acciona Sa's earnings presentation, Oct 30, 2015
Slide 1: 9M 2015 January-September results, 30th October 2015
9M 2015 JANUARY - SEPTEMBER 30% October 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 9 months of 2015 (9M 2015). Therefore it cannot be disclosed or made public by any person or entity with an aim other than the one e
Slide 3: Table of contents
Table of contents 1. 9M 2015 key highlights 2. Group financial information 3. Energy 4. Infrastructure 5. Other activities 6. Closing remarks Appendix #ACCIONAresults 9M 2015 3
Slide 4: 9M 2015 key figures
9M 2015 key figures (€m) % Chg. Revenues 4,946 4.6% EBITDA 883 14.4% EBIT 501 17.9% Ordinary EBT 248 69.5% Ordinary capex 128 -60.0% NFD (vs Dec 14) 5,367 1.4% #ACCIONAresults 9M 2015 4
Slide 5: AWP – Nordex transaction
AWP – Nordex transaction Acciona Windpower (“AWP”) and Nordex (“Nx”) combine to create a new industry leader, European-based, with a strong global footprint and a sustainable market position Combined volume of ~2.8GW in 2015E Clear ambition to be amongst the five largest global WTG manufacturers Hig
Slide 6: Nordex and AWP
Nordex and AWP German listed company with ~€2.4bn¹ market cap Spanish company 100% subsidiary of ACCIONA Headquartered in Hamburg Four turbine assembly plants in Spain, USA and Production operations centralized in Rostock Brazil and a new plant under construction in (Germany): WTG assembly and blade
Slide 7: AWP and Nordex transaction
AWP and Nordex transaction AWP and Nordex combine to create a new industry leader, European-based, with a strong global footprint and a sustainable market position Transaction structure €335m in Cash 16.1m new Nx shares + 12.9m existing Nx SKion/ €366m in cash (EV) shares Momentum 100% Contribution
Slide 8: AWP and Nordex transaction
AWP and Nordex transaction Valuation of AWP Shareholder restructuring Nx to pay ACCIONA with new Nx shares + cash SKion/Momentum partial Acquisition of AWP by Nx consideration disposal to ACCIONA 16.1m new €785m shares (authorized capital) SKion/ ACCIONA Momentum Free Float New Nx Sh Expected ACCION
Slide 9: Transaction rationale
Transaction rationale The combination of AWP and Nx creates value and reduces future market risk Strategic shareholder 4 1 Leadership Nx backed by ACCIONA, with a AWP and Nx combined to vision for sustainable, long-term become top 5 onshore WTG value creation and a proven capability to develop green
Slide 10: Transaction remarks
Transaction remarks The combination of AWP and Nx creates value and reduces future market risk Compelling fit with respect to scale, geography and product platforms Strong synergies from 2019E (>€95m) The combined entity will be backed by ACCIONA as its strategic shareholder Corporate governance and
Slide 11: Group: Capex by division
Group: Capex by division Capex breakdown By division Key highlights (€m) Capex Ordinary capex down 60% vs 9M 2014 Jan-Sep 14 Jan-Sep15 levels Energy 265 78 Energy captures most of the investment Infrastructure 68 44 effort (61%): Construction 51 21 - Residual capex related to the completion Water 7
Slide 12: Group: Debt breakdown by division and nature
Group: Debt breakdown by division and nature Group debt breakdown 31-Dec-14 30-Sep-15 Gross debt - Nature Non- Recourse Gross Cash + (€m) Net debt recourse Net debt debt debt C. Equiv. Recourse debt Energy 4,653 1,266 4,044 5,310 -883 4,426 Non-recourse Infrastructure 252 504 498 1,002 -628 373 Cons
Slide 13: Group: Recourse debt & liquidity
Group: Recourse debt & liquidity Recourse debt: €2,431m Recourse debt amortization schedule (€m) Recourse debt (€m) 30-Sep-15 Convertible bond¹ Bank debt 947 311 Commercial paper programme 346 Bonds 292 Convertible bond 311 Other (ECAs, Supranationals) 535 Average life 2.58 years vs. 2.44 as of Dec
Slide 14: Group: Non-recourse debt amortization schedule
Group: Non-recourse debt amortization schedule Group: Debt amortization Principal schedule repayment schedule 2015-2024 (€m) #ACCIONAresults 9M 2015 14
Slide 15: Group: Net debt evolution
Group: Net debt evolution €m 162 509 405 466 4,319 4,800 -€252m +€72m +€253m Operating CF Investment CF Financing/Others CF Debt associated to work in progress Derivatives ACCIONA Real Estate Debt refinancing and capitalization increased consolidated debt Increase in WC driven by reimbursement of Sp
Slide 16: Energy: Key figures
Energy: Key figures Key figures EBITDA evolution (€m) (Million Euro) Jan-Sep 14 Jan-Sep15 Chg. Chg. (%) Revenues 1,526 2,097 571 37.4% EBITDA 539 679 141 26.1% Margin (%) 35.3% 32.4% Capacity Production Industrial & Develop. Consolidated installed capacity exceeds Consolidated production slightly ab
Slide 17: Energy: Installed capacity and under construction
Energy: Installed capacity and under construction Installed MW + Under construction MW @ 9M 2015 Installed MW Under constr. MW Total Consolidated Eq accounted Net Consolidated Construction of 247MW Wind Spain 4,743 3,466 619 4,074 5 El Romero Solar PV Wind international 2,465 2,225 48 1,462 0 plant
Slide 18: Energy: ACCIONA Windpower
Energy: ACCIONA Windpower Key figures Backlog evolution (MW) (Million Euro) Jan-Sep 14 Jan-Sep15 Chg. Chg. (%) Revenues 467 762 294 63.0% EBITDA 15 68 53 n.m. Margin (%) 3.2% 8.9% Key highlights Revenues increase more than 1.6x vs 9M 2014 EBITDA improves +€53m AWP installs 752MW in 9M 2015 vs 528MW
Slide 19: Construction: Key figures and backlog
Construction: Key figures and backlog Key figures Construction backlog 9M 2015 (Million Euro) Jan-Sep 14 Jan-Sep15 Chg. Chg. (%) International 67% Revenues 1,884 1,620 -263 -14.0% EBITDA 88 68 -20 -22.5% Spain 33% Margin (%) 4.7% 4.2% €5,608m International backlog 9M 2015 Key highlights By region EB
Slide 20: Infrastructure: Concessions
Infrastructure: Concessions Road Rail Canal Port Hospital Water TOTAL # of concessions 13 2 1 1 6 54 77 Proportional EBITDA 9M 2015 (€m) 55 2 3 0 19 55 133 Consolidated EBITDA 9M 2015 (€m) 28 0 0 0 11 16 52 Average life (yrs) 33 35 30 30 28 n.m. n.m. Average consumed life (yrs) 9 6 9 10 7 n.m. n.m.
Slide 21: Water and Service
Water and Service Water: key figures Service: key figures (Million Euro) Jan-Sep 14 Jan-Sep15 Chg. Chg. (%) (Million Euro) Jan-Sep 14 Jan-Sep15 Chg. Chg. (%) Revenues 329 300 -29 -8.9% Revenues 523 541 19 3.6% EBITDA 20 23 3 16.0% EBITDA 21 22 1 3.4% Margin (%) 6.1% 7.7% Margin (%) 4.1% 4.1% Key hig
Slide 22: Other activities
Other activities Other activities: key figures Key highlights (Million (Million Euro) Euro) Jan-Sep Jan-Sep 14 14 Jan-Sep15 Jan-Sep15 Chg. Chg. Chg. (%) Chg. (%) Trasmediterranea: Revenues 547 472 -74 -13.6% Trasmediterranea’s revenues up 1.4% to €335m Revenues 547 472 -74 -13.6% EBITDA increases by
Slide 23: Closing remarks
Closing remarks Strong 9M 2015 results … Group revenues €4,946m (+5%) Group EBITDA €883m (+14%) Group EBT €248m (+19%) … on the back of a strong performance of the Energy business Revenues €2,097m (+37%) and EBITDA €679m (+26%) … based on growth of international generation + significant improvement
Slide 24: Appendix
Appendix
Slide 25: Energy: Capacity under the accounting equity method
Energy: Capacity under the accounting equity method Detail of capacity accounted under the equity method 9M 2015 (proportional figures) 30-Sep-15 MW GWh EBITDA NFD Average COD Wind Spain 619 1,069 46 225 2005 Wind International 48 90 4 11 2005 Australia 32 61 2 7 2005 Hungary 12 19 1 4 2006 USA 4 9
Slide 26: Energy: Wind drivers by country
Energy: Wind drivers by country Wind prices (€/MWh) and Load factors (%) 9M 2015 9M 2014 Chg. (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) Spain Average 65.4 25.0% 54.0 24.5% 21.3% Spain - Regulated 75.1 64.2 Spain - Not regulated 44.9 32.9 Canada 57.5 28.6% 53.4 30.8% 7.7
Slide 27: 9M 2015 January-September results, 30th October 2015
9M 2015 JANUARY - SEPTEMBER 30% October 2015