Corporacion Acciona Energias Renovables Sa · BME:ANE
Corporacion Acciona Energias Renovables Sa — ACCIONA Energía — H1 2022 Earnings Presentation
35 slides from Corporacion Acciona Energias Renovables Sa's earnings presentation, Jul 28, 2022
Slide 1: H1 2022 Results Presentation
H1 2022 – January - June 2 8 th J u l y 2 0 2 2 RESULTS PRESENTATION
Slide 2: Disclaimer
A C C I O N A E N E R G Í A H 1 2 0 2 2 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: Introductory Remarks
01 INTRODUCTORY REMARKS José Manuel Entrecanales Chairman
Slide 4: A Changing Renewable Sector Backdrop
A C C I O N A E N E R G Í A H 1 2 0 2 2 R E S U L T S A CHANGING RENEWABLE SECTOR BACKDROP Supportive long-term energy policy: Healthy short-term decarbonisation + security of supply profitability/cashflow No windfalls. ~€10bn invested – Erratic/contradictory regulatory actions historical returns er
Slide 5: H1 2022 Highlights
02 H1 2022 HIGHLIGHTS Rafael Mateo Chief Executive Officer
Slide 6: Key Highlights H1 2022
A C C I O N A E N E R G Í A H 1 2 0 2 2 R E S U L T S KEY HIGHLIGHTS H1 2022 GOOD FINANCIAL PERFORMANCE IN H1 2022 – FIRMLY ON TRACK TO MEET OUTLOOK 2022 › Results supported by the higher commodity environment across our key markets (Australia, Americas, Europe) and lower interest charges post recap
Slide 7: Supply Chain Update – Risk Containment
A C C I O N A E N E R G Í A H 1 2 0 2 2 R E S U L T S SUPPLY CHAIN UPDATE – RISK CONTAINMENT ▪ Proactive management actions taken to contain disruptions/risks in Australia & Europe – securing and locking-in logistics, equipment supply, contractors ▪ Commodities & Freight – metal prices seem past the
Slide 8: Construction Plan – >2GW Under Construction
A C C I O N A E N E R G Í A H 1 2 0 2 2 R E S U L T S CONSTRUCTION PLAN – >2GW UNDER CONSTRUCTION Capacity under construction (MW) McIntyre 923 Tenaska Union 405 McIntyre 787 Fort Bend 309 Red Tailed Hawk 458 San Juan de Marcona 136 Tenaska Union 405 High Point 126 Fort Bend 165 McIntyre 923 Enren (
Slide 9: Construction Plan – Key Projects
A C C I O N A E N E R G Í A H 1 2 0 2 2 R E S U L T S CONSTRUCTION PLAN – KEY PROJECTS Expected Project Country Technology Capacity Construction Progress Comments Completion(1) 100% Civil works ongoing. Majority of assembly to be completed Macintyre Australia Wind 923 15% Q4 2023 throughtout 2023 an
Slide 10: Additional Developments
A C C I O N A E N E R G Í A H 1 2 0 2 2 R E S U L T S ADITIONAL DEVELOPMENTS Wind development projects Sento Sé (850 MW) and Ipupiara (354 MW) awaiting connection to the grid Brazil permits. If successful, construction could commence in 2023 and mechanical completion in 2024-25 Second wave of projec
Slide 11: Hedging/PPA Activity – Intense Activity in Spain
A C C I O N A E N E R G Í A H 1 2 0 2 2 R E S U L T S HEDGING/PPA ACTIVITY – INTENSE ACTIVITY IN SPAIN Spanish consolidated output – hedging strategy 2022-23 (TWh) 11 GENERATION-TO-SUPPLY STRATEGY 10 › 1.7 TWh PPAs signed with Industrial & Commercial Open Potentially open Potential hedging of an use
Slide 12: Financial Information
03 FINANCIAL INFORMATION Arantza Ezpeleta Chief Financial & Sustainability Officer
Slide 13: H1 2022 Results Highlights
A C C I O N A E N E R G Í A H 1 2 0 2 2 R E S U L T S H1 2022 RESULTS HIGHLIGHTS H1 2022 % Chg. H1 2022 % Chg. (€m) vs H1 2021 (€m) vs H1 2021 Revenues 2,206 112% Total capacity (MW) 11,212 0% Generation Revenues 1,191 71% Consolidated capacity (MW) 9,328 2% EBITDA 909 82% Total production (GWh) 12,
Slide 14: H1 2022 ESG Highlights
A C C I O N A E N E R G Í A H 1 2 0 2 2 R E S U L T S H1 2022 ESG HIGHLIGHTS Key ESG indicators ESG highlights ▪ Highest S&P ESG assessment score in the global energy sector (87/100, People H1 2022 H1 2021 Chg. improving on last year’s 86/100). Working to obtain additional ratings in the coming mont
Slide 15: Investment
A C C I O N A E N E R G Í A H 1 2 0 2 2 R E S U L T S INVESTMENT Gross Ordinary Capex Net Ordinary Key highlights (Million Euro) Capex Deferral Capex Spain 134 17 150 Investment mainly related to the construction of new generation assets in the US, Spain and Australia, and capex deferral USA 121 -35
Slide 16: Net Debt Evolution
A C C I O N A E N E R G Í A H 1 2 0 2 2 R E S U L T S NET DEBT EVOLUTION Net debt reconciliation H1 2022 (€m) NET FINANCING OPERATING CF INVESTMENT CF OTHERS CF €838m -€770m -€121m (6) (934) 1,109 (2) (1) (2) Debt associated to work in progress IFRS16 adjustment Interest Rate Derivatives 1. IFRS16 a
Slide 17: Spain – Market Overview
A C C I O N A E N E R G Í A H 1 2 0 2 2 R E S U L T S SPAIN – MARKET OVERVIEW Pool price evolution (€/MWh) Electricity demand Jan-Jun Jan-Dec H1 2021 H1 2022 2022 205.9 177.0 (1) 120.5 118.3 (TWh) -1.8% 2021 58.6 111.9 251.6% 1. Estimated pool price Jan-Dec 2022: Actual prices Jan-Jun 2022 and futur
Slide 18: Spain – Revenue Drivers
A C C I O N A E N E R G Í A H 1 2 0 2 2 R E S U L T S SPAIN – REVENUE DRIVERS Consolidated output (GWh) Average achieved prices – regulated vs. wholesale (€/MWh) 20% 45% 35% Generation revenues (€m) Average achieved price composition (€/MWh) (€/MWh) H1 2022 H1 2021 Chg. (%) 24% Achieved market price
Slide 19: Spain – Operating Results
A C C I O N A E N E R G Í A H 1 2 0 2 2 R E S U L T S SPAIN – OPERATING RESULTS Key figures H1 2022 Consolidated production variation (GWh) (Million Euro) H1 2022 H1 2021 Chg. (€m) Chg. (%) Generation 833 321 512 159.4% Intragroup adjust., Supply & Other 797 243 554 228.2% Revenues 1,630 564 1,066 1
Slide 20: International – Market Overview
A C C I O N A E N E R G Í A H 1 2 0 2 2 R E S U L T S INTERNATIONAL – MARKET OVERVIEW Power markets Electricity demand (GW) Exchange rates Commodities Average EUR/USD EUR/AUD H1 2021 1.201 1.570 H1 2022 1.085 1.515 Chg. (%) 11% 4% Closing EUR/USD EUR/AUD H1 2021 1.186 1.581 H1 2022 1.039 1.510 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 2 R E S U L T S INTERNATIONAL – REVENUE DRIVERS Consolidated output (GWh) Average achieved prices (€/MWh) 23% 9% 20% 27% 22% Generation revenues (€m) 37% 11% 10% 28% 14% 21
Slide 22: International – Operating Results
A C C I O N A E N E R G Í A H 1 2 0 2 2 R E S U L T S INTERNATIONAL – OPERATING RESULTS Key figures H1 2022 Consolidated production variation (GWh) (Million Euro) H1 2022 H1 2021 Chg. (€m) Chg. (%) Generation 358 377 -19 -5.1% USA 50 107 -57 -53.3% Mexico 101 76 25 32.4% Chile 36 49 -13 -26.4% Austr
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 2 R E S U L T S ACCIONA ENERGÍA – OPERATING RESULTS Key figures H1 2022 Consolidated production variation (GWh) (Million Euro) H1 2022 H1 2021 Chg. (€m) Chg. (%) Generation Spain 833 321 512 159.4% Generation International 358 377 -19 -5.1% Intragroup adjust., S
Slide 25: Net Financial Debt
A C C I O N A E N E R G Í A H 1 2 0 2 2 R E S U L T S NET FINANCIAL DEBT Net financial debt breakdown (€m) Average Average debt Av. maturity undrawn cost of debt maturity (years) (1) Credit Lines (years) (1) Project Debt Corporate Debt (2) Debt breakdown by nature Gross financial debt – Level Gross
Slide 26: Debt Maturity & Liquidity
A C C I O N A E N E R G Í A H 1 2 0 2 2 R E S U L T S DEBT MATURITY & LIQUIDITY Liquidity and debt principal maturity schedule (€m) 2,756 Available 1,396 facilities 788 847 Cash 1,360 564 233 312 63 75 60 64 26
Slide 27: Scheduled Capacity Additions
A C C I O N A E N E R G Í A H 1 2 0 2 2 R E S U L T S SCHEDULED CAPACITY ADDITIONS MW Scheduled Capacity Additions per year (MW) (1) Under Start Start Asset % ANE Added Technology Country Total const. const. const. 2022 2023 2024 2025 2026 Details name stake YTD Jun 2022 2022 2023 Wind Spain Pedrega
Slide 28: Global Reach Across 5 Continents
A C C I O N A E N E R G Í A H 1 2 0 2 2 R E S U L T S GLOBAL REACH ACROSS 5 CONTINENTS With presence in 17 countries & 11.2GW of total installed capacity in H1 2022 S PA I N ( 5 . 7 G W ) 4.7 GW Total Installed OTHER AMERICAS 0.8 GW (0.2 GW) capacity 61 MW 0.2 GW 11.2 GW 87 MW (1) REST OF EUROPE (0.
Slide 29: Installed Capacity
A C C I O N A E N E R G Í A H 1 2 0 2 2 R E S U L T S INSTALLED CAPACITY Installed MW (30 June 2022) Total Consolidated Eq. accounted Net Spain 5,697 4,650 512 5,131 Wind 4,681 3,648 506 4,125 Hydro 868 868 0 868 Solar PV 87 73 7 79 Biomass 61 61 0 59 International 5,515 4,678 358 4,320 Wind 4,005 3
Slide 30: Equity Accounted Capacity
A C C I O N A E N E R G Í A H 1 2 0 2 2 R E S U L T S EQUITY ACCOUNTED CAPACITY Proportional figures (30 June 2022) MW GWh EBITDA (€m) NFD (€m) Wind Spain 593 1,285 83 22 Wind International 48 86 2 -3 Australia 32 59 2 -2 Hungary 12 21 0 0 USA 4 6 0 0 Solar PV 317 679 26 33 Total equity accounted 95
Slide 31: Spain – Achieved Prices
A C C I O N A E N E R G Í A H 1 2 0 2 2 R E S U L T S SPAIN – ACHIEVED PRICES Consolidated Achieved price (€/MWh) Revenues (€m) production Market Rinv+Ro Banding Total Market Rinv+Ro Banding Total (GWh) H1 2022 Regulated 1,712 206.7 22.2 -20.9 207.9 354 38 -36 356 Wholesale - hedged 2,225 125.1 125.
Slide 32: Wind – Drivers by Country
A C C I O N A E N E R G Í A H 1 2 0 2 2 R E S U L T S WIND – DRIVERS BY COUNTRY Wind prices (€/MWh) (1) and Load factors (%) H1 2022 H1 2021 Chg. (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) Spain Average 169.2 24.2% 59.7 26.0% 183.5% Spain - Regulated 208.6 70.7 194.8% Sp
Slide 33: Other Technologies – Drivers by Country
A C C I O N A E N E R G Í A H 1 2 0 2 2 R E S U L T S OTHER TECHNOLOGIES – DRIVERS BY COUNTRY Other technologies prices (€/MWh) and Load factors (%) H1 2022 H1 2021 Chg. (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) Hydro Spain 171.6 26.6% 53.3 29.0% 222.1% Biomass Spain 18
Slide 34: Sustainable Finance & Ratings
A C C I O N A E N E R G Í A H 1 2 0 2 2 R E S U L T S SUSTAINABLE FINANCE & RATINGS SUSTAINABLE FINANCE OPERATIONS AWARDS AND RECOGNITIONS AMOUNT EMTN - GREEN NOTES MATURITY TOP ESG SCORE IN POWER SECTOR (MILLION) BY S&P XS2388941077 (0.375%) EUR 500 Oct-27 Scored 87 out of 100 points in its ESG eva
Slide 35: Results Presentation
H1 2022 – January - June 2 8 th J u l y 2 0 2 2 RESULTS PRESENTATION