Corporacion Acciona Energias Renovables Sa · BME:ANE
Corporacion Acciona Energias Renovables Sa — ACCIONA Energía — H1 2023 Earnings Presentation
37 slides from Corporacion Acciona Energias Renovables Sa's earnings presentation, Jul 28, 2023
Slide 1: H1 2023 Results Presentation
H1 2023 – January - June 2 8 th J u l y 2 0 2 3 RESULTS PRESENTATION
Slide 2: Disclaimer
A C C I O N A E N E R G Í A H 1 2 0 2 3 R E S U L T S DISCLAIMER This document has been prepared by Corporación Acciona Energías Renovables. S.A. (“ACCIONA Energía” or the “Company” and, together with FORWARD-LOOKING STATEMENTS its subsidiaries, “ACCIONA Energía Group”) exclusively for use during th
Slide 3: Introduction
01 INTRODUCTION
Slide 4: Better company and better prospects since IPO
A C C I O N A E N E R G Í A H 1 2 0 2 3 R E S U L T S BETTER COMPANY AND BETTER PROSPECTS SINCE IPO Balance sheet as distinct RETURN-RELATED METRICS ~ Volatile environment but competitive advantage and risk ✓ CREDIT PROFILE sufficient opportunities to mitigator in a higher and more grow while mainta
Slide 5: H1 2023 Highlights
02 H1 2023 HIGHLIGHTS jacciona
Slide 6: Key highlights H1 2023
A C C I O N A E N E R G Í A H 1 2 0 2 3 R E S U L T S KEY HIGHLIGHTS H1 2023 POWER PRICES REMAIN HIGH BUT ARE PAST THEIR ENERGY CRISIS PEAK – SMART HEDGING › H1 results operating figures driven by partial normalisation of power prices in Spain (€88/MWh vs. €206/MWh) and a prolonged period of low glo
Slide 7: 2023 capacity delivery on track – multi-GW leap
A C C I O N A E N E R G Í A H 1 2 0 2 3 R E S U L T S 2023 CAPACITY DELIVERY ON TRACK – MULTI-GW LEAP C A PA C I T Y A D D I T I O N S I N S TA L L E D C A PA C I T Y 2021-2023 2023 (MW) MacIntyre Wind 650 US PV Programme Others (Spain & Peru) 881 232 MacIntyre Wind (+650 MW) US PV Programme (+881 M
Slide 8: High visibility – 2024-25
A C C I O N A E N E R G Í A H 1 2 0 2 3 R E S U L T S HIGH VISIBILITY – 2024-25 2024 2025 ~2 GW ~ 1.8 GW 2.2 GW Additional 2024 Wind + PV Rest of Europe India (imminent closing) projects PV Hybrid. Spain Cotoperi 1.7 GW Boraja PV Croatia Currently under construction – including Opor El Camino y la S
Slide 9: Capacity growth – reaching 20 GW by 2026-27
A C C I O N A E N E R G Í A H 1 2 0 2 3 R E S U L T S CAPACITY GROWTH – REACHING 20 GWs BY 2026 -27 + ~2 GW p.a. +1.8 GW +0.7 GW +0.6 GW ✓ Reaching 20 GW total installed capacity by 2026-27 and 30 GW by 2030 ✓ Modest delay – achieving initial 20 GW target 12-18 months later than initial objective ✓
Slide 10: Outlook 2023
A C C I O N A E N E R G Í A H 1 2 0 2 3 R E S U L T S OUTLOOK 2023 Power prices C U R R E N T E X P E C TAT I O N S Initial Outlook based on a Spanish pool price of €130-150/MWh; actual H1 pool price of €88/MWh and Jan-Dec 2023 average EBITDA prices now expected at ~€100/MWh in a range of €1.2-1.3bn
Slide 11: Financial Information
03 FINANCIAL INFORMATION jacciona
Slide 12: H1 2023 Results Highlights
A C C I O N A E N E R G Í A H 1 2 0 2 3 R E S U L T S H1 2023 RESULTS HIGHLIGHTS H1 2023 % Chg. H1 2023 % Chg. (€m) vs H1 2022 (€m) vs H1 2022 Revenues 1,760 -20% Total capacity (MW) 12,267 9% Generation Revenues 903 -24% Consolidated capacity (MW) 10,829 16% EBITDA 686 -25% Total production (GWh) 1
Slide 13: H1 2023 ESG Highlights
A C C I O N A E N E R G Í A H 1 2 0 2 3 R E S U L T S H1 2023 ESG HIGHLIGHTS Key ESG indicators ESG highlights Environmental H1 2023 H1 2022 Chg. Environmental CAPEX aligned with the low-carbon taxonomy (%) 100% 100% - ▪ Maintaining a 100% alignment of the investment with the European taxonomy Renew
Slide 14: Investment
A C C I O N A E N E R G Í A H 1 2 0 2 3 R E S U L T S INVESTMENT Gross Ordinary Capex Ordinary Key highlights (Million Euro) Capex Deferral Capex Spain 161 15 175 ▪ Investment mainly related to the construction of new USA 381 110 491 generation assets Mexico -3 5 2 ▪ Most of the investment effort re
Slide 15: Net debt evolution – strong cash flow coverage
A C C I O N A E N E R G Í A H 1 2 0 2 3 R E S U L T S NET DEBT EVOLUTION – STRONG CASH FLOW COVERAGE Net debt reconciliation H1 2023 (€m) NET FINANCING OPERATING CF INVESTMENT CF OTHERS CF €383m -€1,544m -€230m (3) (860) (1,278) (2,144) (340) (2) (2) (1) Debt associated to work in progress IFRS16 ad
Slide 16: Net financial debt
A C C I O N A E N E R G Í A H 1 2 0 2 3 R E S U L T S NET FINANCIAL DEBT Av. maturity Net financial debt breakdown (€m) Average Average debt undrawn Credit cost of debt maturity (years) Lines (years) Project Debt Corporate Debt Debt breakdown by nature Gross financial debt – Level Gross financial de
Slide 17: Spain – Market Overview
A C C I O N A E N E R G Í A H 1 2 0 2 3 R E S U L T S SPAIN – MARKET OVERVIEW Pool price evolution (€/MWh) Electricity demand H1 2022 H1 2023 Jan-Jun Jan-Dec (TWh) -3.4% 118.5 112.8 2023 (1) 88.3 97.5 2022 205.9 167.5 2 000 2022 2023 22 000 20 000 18 000 GWh 1 000 1 000 12 000 10 000 Jan eb Mar Apr
Slide 18: Spain – Revenue Drivers
A C C I O N A E N E R G Í A H 1 2 0 2 3 R E S U L T S SPAIN – REVENUE DRIVERS Consolidated output (GWh) Average achieved prices – regulated vs. wholesale (€/MWh) +2% -9% +3% -49% -34% +40% 18% -66% 61% -38% 21% Generation revenues (€m) Average achieved price composition (€/MWh) -69% -32% +42% (€/MWh
Slide 19: Spain – Operating Results
A C C I O N A E N E R G Í A H 1 2 0 2 3 R E S U L T S SPAIN – OPERATING RESULTS Key figures H1 2023 EBITDA evolution (€m) -38.0% (Million Euro) H1 2023 H1 2022 Ch . (€m) Chg. (%) Generation 569 833 -264 -31.7% Intragroup adjust., Supply & Other 655 797 -141 -17.8% Revenues 1,224 1,630 -405 -24.9% Ge
Slide 20: International – Market Overview
A C C I O N A E N E R G Í A H 1 2 0 2 3 R E S U L T S INTERNATIONAL – MARKET OVERVIEW Power markets Electricity demand (GW) Exchange rates Commodities Average EUR/USD EUR/AUD H1 2022 1.050 1.515 H1 2023 1.081 1.618 Chg. (%) 3% 7% Closing EUR/USD EUR/AUD H1 2022 1.039 1.510 H1 2023 1.087 1.64 Chg. (%
Slide 21: International – Revenue Drivers
A C C I O N A E N E R G Í A H 1 2 0 2 3 R E S U L T S INTERNATIONAL – REVENUE DRIVERS Consolidated output (GWh) Average achieved prices (€/MWh) - +1% -11% +21% +19% +6% 23% -8% 10% -44% -9% -11% 20% -13% +4% 24% 22% Generation revenues (€m) -11% -7% -33% -8% 35% +11% 8% 10% -8% 33% 14% %Chg. vs H1 2
Slide 22: International – Operating Results
A C C I O N A E N E R G Í A H 1 2 0 2 3 R E S U L T S INTERNATIONAL – OPERATING RESULTS Key figures H1 2023 EBITDA evolution (€m) (Million Euro) H1 2023 H1 2022 Ch . (€m) Chg. (%) Generation 334 358 -24 -6.6% USA 46 50 -4 -8.1% Mexico 112 101 11 10.5% Chile 33 36 -3 -8.6% Australia 26 39 -13 -33.0%
Slide 23: Appendix
03 APPENDIX
Slide 24: ACCIONA Energía – Operating Results
A C C I O N A E N E R G Í A H 1 2 0 2 3 R E S U L T S ACCIONA ENERGÍA – OPERATING RESULTS Key figures H1 2023 EBITDA evolution (€m) (Million Euro) H1 2023 H1 2022 Ch . (€m) Chg. (%) Generation Spain 569 833 -264 -31.7% Generation International 334 358 -24 -6.6% Intragroup adjust., Supply & Other 856
Slide 25: Debt maturity & liquidity
A C C I O N A E N E R G Í A H 1 2 0 2 3 R E S U L T S DEBT MATURITY & LIQUIDITY Liquidity and debt principal maturity schedule (€m) 2,864 Available 1,307 facilities 2,169 566 564 411 Cash 695 283 235 101 184 82 25
Slide 26: Global reach across 5 continents
A C C I O N A E N E R G Í A H 1 2 0 2 3 R E S U L T S GLOBAL REACH ACROSS 5 CONTINENTS With presence in 18 countries & 12.3 GW of total installed capacity in H1 2023 Total Installed Total Consolidated OTHER AMERICAS S PA I N ( 5 . 8 G W ) capacity capacity (0.3 GW) 4.7 GW 0.2 GW 12.3 GW 10.8 GW 0.3
Slide 27: Under construction & secured projects
A C C I O N A E N E R G Í A H 1 2 0 2 3 R E S U L T S UNDER CONSTRUCTION & SECURED PROJECTS Scheduled MW Additions per year (1) MW Asset % ANE Total project Added up to Currently Start const. Technology Country Added 2023 2023 2024 2025 2026 Details name stake capacity Dec 2022 under const. H2 2023
Slide 28: Hedging/PPA activity – Spain
A C C I O N A E N E R G Í A H 1 2 0 2 3 R E S U L T S HEDGING/PPA ACTIVITY – SPAIN Spanish consolidated output – hedging strategy 2022-25 (TWh) Contracted position – Jan-Dec 2023 › Financial – 3.3 TWh at an average price of €160/MWh › PPA/Supply contracts (5-10 year) – 2.5 TWh at ~€70/MWh Contracted
Slide 29: Capex & commodity price evolution
A C C I O N A E N E R G Í A H 1 2 0 2 3 R E S U L T S CAPEX & COMMODITY PRICE EVOLUTION R p n i C PEX c in h m k (€m/MW) Commodity price inflation (indexed to 100) z z Wind flat +17-18% Solar PV - 3-7% +11-13% (1) ✓ Solar PV capex coming off its peak as module prices are falling strongly (~30%) - po
Slide 30: Energy resource in context
A C C I O N A E N E R G Í A H 1 2 0 2 3 R E S U L T S ENERGY RESOURCE IN CONTEXT P50 Deviation 30
Slide 31: Installed capacity
A C C I O N A E N E R G Í A H 1 2 0 2 3 R E S U L T S INSTALLED CAPACITY Installed MW (30 June 2023) Total Consolidated Eq. accounted Net Spain 5,807 5,279 252 5,377 Wind 4,681 4,167 246 4,261 Hydro 868 868 0 868 Solar PV 197 183 6 189 Biomass 61 61 0 59 International 6,460 5,550 394 5,225 Wind 4,32
Slide 32: Equity accounted capacity
A C C I O N A E N E R G Í A H 1 2 0 2 3 R E S U L T S EQUITY ACCOUNTED CAPACITY Proportional figures (30 June 2023) MW GWh EBITD (€m) NFD (€m) Wind Spain 246 488 21 -21 Wind International 69 75 3 -8 Australia 32 29 2 -7 Hungary 12 12 1 -1 Vietnam 21 32 0 0 USA 4 2 0 0 Solar PV 332 364 23 121 Total e
Slide 33: Equity accounted contribution to EBITDA
A C C I O N A E N E R G Í A H 1 2 0 2 3 R E S U L T S EQUITY ACCOUNTED CONTRIBUTION TO EBITDA (Million Euro) H1 2023 H1 2022 Ch . (€m) Chg. (%) Spain 54 51 3 International 12 2 10 Portugal 10 (6) 17 Hungary 1 1 (1) South Africa - 0 (0) Egypt 3 2 0 USA (0) (1) 0 Mexico (2) 2 (4) Dominican Republic -
Slide 34: Spain – Achieved prices
A C C I O N A E N E R G Í A H 1 2 0 2 3 R E S U L T S SPAIN – ACHIEVED PRICES Consolidated chi p ic (€/MWh) R nu (€m) production Gas Gas Market Rinv+Ro Banding Total Market Rinv+Ro Banding Total (GWh) Clawback Clawback H1 2023 Regulated 1,070 88.0 6.7 11.7 106.5 94 7 13 114 Wholesale - hedged 3,112
Slide 35: Wind – Drivers by country
A C C I O N A E N E R G Í A H 1 2 0 2 3 R E S U L T S WIND – DRIVERS BY COUNTRY Wind prices (€/MWh) (1) and Load factors (%) H1 2023 H1 2022 Chg. (%) . p ic (€/MWh) LF (%) . p ic (€/MWh) LF (%) . p ic (€/MWh) Spain Average 106.6 24.0% 169.2 24.2% -37.0% Spain - Regulated 96.4 212.7 -54.7% Spain - No
Slide 36: Other technologies – Drivers by country
A C C I O N A E N E R G Í A H 1 2 0 2 3 R E S U L T S OTHER TECHNOLOGIES – DRIVERS BY COUNTRY Other technologies prices (€/MWh) and Load factors (%) H1 2023 H1 2022 Chg. (%) . p ic (€/MWh) LF (%) . p ic (€/MWh) LF (%) . p ic (€/MWh) Hydro Spain 131.1 22.5% 171.6 26.6% -23.6% Biomass Spain 120.6 25.9
Slide 37: Results Presentation
H1 2023 – January - June 2 8 th J u l y 2 0 2 3 RESULTS PRESENTATION