Acciona Sa · BME:ANA
Acciona Sa — Q1 2014 Earnings Presentation
22 slides from Acciona Sa's earnings presentation, May 14, 2014
Slide 1: Q1 2014 January-March
Q1 2014 JANUARY - MARCH 14th May 2014
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 quarter of 2014 (Q1 2014). Therefore it cannot be disclosed or made public by any person or entity with an aim other than the one ex
Slide 3: 1. Q1 2014 key highlights
1. Q1 2014 key highlights
Slide 4: Q1 2014 key highlights
Q1 2014 key highlights Q1 2014 key highlights Regulatory framework ► Draft Ministerial Order published 3rd February 2014 renewables ► Strengthening of Balance Sheet and liquidity: • First issue of a convertible bond (€342m) Balance sheet • Net debt reduction despite severe regulatory impact • Liquid
Slide 5: Q1 2014 key highlights
Q1 2014 key highlights Accounting: ► New consolidation method: IFRS 11 Proportionally accounted assets now ► Q1 2013 restated to be comparable accounted by equity method implementation ► Applicable since July 2013 ► Impact Q1 2014: Renewables Spain: ► New remuneration scheme based on • Revenues: -€6
Slide 6: Q1 2014 key figures
Q1 2014 key figures (€m) % Chg. Revenues 1,402 -8.7% EBITDA 226 -19.3% EBITDA (ex regulatory impact) 288 +2.8% EBIT 129 +17.0% Ordinary capex 84 -0.5% NFD (vs Dec 13) 5,902 -2.3% Q1 2014 6
Slide 7: 2. Group financial information
2. Group financial information
Slide 8: Group: Capex by division
Group: Capex by division Capex breakdown By division Key highlights (€m) Capex Jan-Mar 13 Jan-Mar 14 Ordinary capex in line with Q1 2013 Energy 32 76 Energy captures most of the investment effort: WISE 54 8 Infrastructure 49 4 - 277MW under construction Water 4 2 • 100% international Service 0 3
Slide 9: Group: Debt breakdown by division and nature
Group: Debt breakdown by division and nature Net debt breakdown Gross debt breakdown By division By nature (€m) Net Debt Net Debt 31-Dec-13 31-Mar-14 Energy 4,811 4,688 Non recourse (65%) WISE 222 349 Recourse (35%) Infrastructure 142 226 Water 54 99 Service 26 23 €5,902m Other Activities 1,006 866
Slide 10: Group: Net debt evolution
Group: Net debt evolution Net debt reconciliation Q1 2014 (€m) -€138m 370 308 318 347 -€169m +€27m +€5m 5,362 Operating CF Investment CF Financing CF 5,237 Debt associated to work in progress Derivatives Q1 2014 10
Slide 11: Group: Debt amortization schedule
Group: Debt amortization schedule Principal repayment schedule 2014-2018 (€m)¹ Undrawn corporate credit lines of €1.7bn as of 31st March 2014 ¹ Excludes bilateral credit policies, project bridge financing and real estate development loans Note: Repayment schedule during the period to December 2018 Q
Slide 12: Energy: Key figures
Energy: Key figures Key figures Latest regulatory changes - Severe impact (Million Euro) Jan-Mar 13 Jan-Mar 14 Chg. Chg. (%) €237m Variation +€11m €187m Revenues 564 487 -78 -13.8% -21% -€62m EBITDA 237 187 -50 -21.2% Var. ex reg. changes Q1 2013 RD-L Other Q1 2014 +5% Margin (%) 42.0% 38.4% EBITDA
Slide 13: Energy: Wind drivers by country
Energy: Wind drivers by country Wind prices (€/MWh) and Load factors (%) Q1 2014 Q1 2013 Chg. (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) Spain 38.1 32.1% 85.7 34.5% -55.5% USA 45.3 46.5% 46.7 34.9% -2.9% India 45.9 20.7% 54.9 19.2% -16.4% Mexico 51.4 51.0% 52.2 50.9% -1.
Slide 14: Energy: Installed capacity and under construction
Energy: Installed capacity and under construction Installed MW + Under construction MW @ Q1 2014 Installed MW Under constr. MW Total Attributable Eq accounted Attributable Wind Spain 4,743 3,466 619 0 Wind - Under construction Wind international 2,254 2,012 48 183 Chile 45MW South Africa 138MW C
Slide 15: Energy: Capacity under the equity accounting method
Energy: Capacity under the equity accounting method Detail of capacity via the equity accounting method 31-Mar-14 MW GWh Q1 EBITDA NFD Average COD Wind Spain 619 509 9 278 2005 Wind International 48 33 1 16 2005 Australia 33 22 1 11 2005 Hungary 11 6 1 5 2006 USA 4 4 0 0 2003 Solar PV 30 10 4 113 20
Slide 16: Infrastructure: Key figures and backlog
Infrastructure: Key figures and backlog Key figures Construction backlog Q1 2014 (Million Euro) Jan-Mar 13 Jan-Mar 14 Chg. Chg. (%) International 55% Revenues 628 524 -103 -16.4% Spain EBITDA 29 22 -7 -24.6% 45% Margin (%) 4.7% 4.2% €5,528m International backlog Q1 2014 Key highlights By region Re
Slide 17: Infrastructure: Concessions
Infrastructure: Concessions Road Rail Canal Port Hospital Total # of concessions 12 3 1 1 5 22 Proportional EBITDA Q1 2014 (€m) 23 2 0 0 5 28 Consolidated EBITDA Q1 2014 (€m) 8 0 0 0 3 9 Average life (yrs) 33 32 30 30 29 31 Average consumed life (yrs) 7 8 8 9 6 7 Equity: €422m Invested capital (€m)
Slide 18: Water and Service
Water and Service Water: key figures Service: key figures (Million Euro) Jan-Mar 13 Jan-Mar 14 Chg. Chg. (%) (Million Euro) Jan-Mar 13 Jan-Mar 14 Chg. Chg. (%) Revenues 114 105 -9 -7.6% Revenues 132 159 27 20.5% EBITDA 5 6 0.1 2.2% EBITDA 0.6 0.4 -0.2 -31.6% Margin (%) 4.8% 5.3% Margin (%) 0.4% 0.2%
Slide 19: Other activities
Other activities Other activities: key figures Key highlights (Million Euro) Jan-Mar 13 Jan-Mar 14 Chg. Chg. (%) Trasmediterranea: Trasmediterranea’s EBITDA fell to -€11m Revenues 125 151 26 21.1% EBITDA decreases due to the Easter holidays EBITDA 7 10 3 44.1% falling in April this year vs. Marc
Slide 20: 3. Closing remarks
3. Closing remarks
Slide 21: Closing remarks
Closing remarks Results severely impacted by new regulation Regulatory impact: -€62m EBITDA / -€81m EBT Improvements at operating level EBITDA up +3% ex regulatory impact Net debt down by 2% and increased liquidity up by +28% (vs. Dec 2013) Rigorous Action Plan for the transformation of growth
Slide 22: Q1 2014 January-March
Q1 2014 JANUARY - MARCH 14th May 2014