Slide 1: First Quarter 2014 Earnings Presentation
First Quarter 2014 Earnings Presentation ABENGOA May 14, 2014
Slide 2: Forward-looking Statement
2 Forward-looking Statement This presentation contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) and information relating to Abengoa that are based on the beliefs of its management as well as assumptions made and information currentl
Slide 3: Agenda
ABENGOA : Strategy & Business Update Financial Overview 2014 Outlook & Targets Appendices =? é o Agenda
Slide 4: Agenda: Strategy & Business Update
ABENGOA Agenda (a) Strategy & Business Update sal
Slide 5: Q1 2014 Overview
Q1 2014 Overview 1,584 M€ 7,244 M€ 159 B€ Pipeline Backlog Revenues 302 M€ EBITDA Corp. Leverage Improvement in main KPI’s 5 42 M€ Pro-Forma Net Income 2.5x Change (*) Pro-forma net income excludes the mark-to-market of derivatives (hedging and embedded options in convertible bonds): -9 M€ in Q1'14
Slide 6: Q1 2014 Executive Summary
Q1 2014 Executive Summary 6 Positive performance of main Business KPI’s 1 Strong new bookings performance (1.5 B€) with strategic contracts confirming good prospects for H2 2014 Growing backlog +16% y-o-y and 7% q-o-q to 7,244 M€ Pipeline growing 58% y-o-y. Expected to sign new attractive projects a
Slide 7: Engineering & Construction
7 Engineering & Construction 1 As expected some big solar projects (Solana, Spain CSP) are now fully executed, driving a softer execution in Q1 Strong new bookings in Q1 proves ability of business development division to turn pipeline into backlog Strong pipeline and backlog provides good outlook fo
Slide 8: Concessions
8 Concessionstype Infrastructures 2 Revenues (M) 68 126 Q1'13 Q1'14 +85% EBITDA (M) 29 82 Q1'13 Q1'14 +187% Margin (M) Q1'13 Q1'14 Concessions Highlights 42.0% Equity Invest. 69 M in concessions Installed Capacity Total Equity BV 3,510 M as of Mar. 2014 35 in operation Total # of Assets 24 constr./d
Slide 9: Industrial Production
9 Industrial Production 3 Revenues (M) Q1'13 Q1'14 +0% EBITDA (M) 8 39 Q1'13 Q1'14 +360% Margin (M) Q1'13 Q1'14 Industrial Production Highlights 9.5% 406 406 545 ML vs 403 ML Q1 2013 Ethanol Produced ~0.86 $ Vs 0.45 $ Q1 2013 Crush Spread Hugoton Start-up in Q2 2.1% +360% EBITDA growth y-o-y thanks
Slide 10: Geographic Diversification
Geographic Diversification Consolidated presence in the five continents, with North and South America as our key geographies Q1 2013 Q1 2014 10 45% 202 M 13% 45 M 3 % South America 24% 322 M 20% 34% 157 M 1,584 M Diversifying our business mix to capture global growth opportunities Spain 10% 9% 13% R
Slide 11: Technology Update
Technology Update 11 Continued development of our technology Solar Technologies Cutting Edge Technologies Milestones of the year Bio-refineries Waste to biofuel (W2B) Water Desalination Demonstration plant start-up, already treated, 1,195 tons of municipal solid waste producing 11,640 l ethanol 100%
Slide 12: Agenda: Financial Overview
12 Agenda 2014 Outlook & Targets 3 Appendices 4 Strategy & Business Update 1 2014 Outlook & Targets Appendices Strategy & Business Update Financial Overview 2
Slide 13: Q1 2014 Financial Performance
Q1 2014 Financial Performance 13 Revenues EBITDA Pro-Forma Net Income 1,584 M 302 M 42 M +94% YoY Positive performance of -4% YoY +24% YoY Corporate Net Debt LTM Corporate EBITDA 2,421 M 975 M +37% YoY 1 2 E&C Backlog E&C Pipeline 7,244 M 159 B +16% YoY +7% QoQ Corporate Leverage 2.5x Corporate CAPE
Slide 14: Key Drivers for 2014
14 3.5 B backlog for rest of 2014E Improved performance of Biofuels 4 new concessions to reach COD in 2014 with an annual Ebitda contribution of ~150 M investment in concessions 3 4 Ebitda Growth Potential Reduced Corporate Capex Improving Financing Cost 90 M 14 Commitment to 450 M in 2014 HY Bond i
Slide 15: Strong bookings during Q1 strengthens backlog
Strong bookings during Q1 strengthens backlog E&C Backlog 15 6,796 Water Renewable Power Conventional Power T&D Others Industrial Plants 6.3 6.8 7.2 Mar. 2013 Dec. 2013 Mar. 2014 Backlog (B) 21% 11% 25% 21% 8% 14% Europe Rest of South America North America Brazil Asia Region +16% 28% 31% 20% 8% 1% 1
Slide 16: Proactive management of Corporate Net Debt to meet 2014 leverage targets
Proactive management of Corporate Net Debt to meet 2014 leverage targets Net Debt Position 16 Dec. 2013 Mar. 2014 Concessions NR Net Debt (1) 4,883 5,850 6,087 Total Net Debt Position 7,257 7,974 8,508 Corporate Net Debt 2,374 2,124 2,421 Mar. 2013 Concessions NR Net Debt / NR EBITDA Corporate net d
Slide 17: Improved Maturity Profile
17 Improved Maturity Profile Reinforced and extended maturity profile, diversified in sources No refinancing needs through 2015 Rest of 2014E 2015E 2016E 2017E 2018E 2019E Syndicated Loans Other corp. debt Convertible Bonds Expected UoP from Capital Increase and HY Notes 2020E Bonds 2021E+ 88 49 172
Slide 18: Cash-flow Overview
Cash generated from operations affected by seasonality, with disciplined investment Cash-flow Overview 18 Cash as of March 31, 2014 EBITDA 244 302 Working Capital (232) (573) Net Interest Paid (95) (135) Taxes & Other Financial Cost 18 (32) Non-monetary Adjust. 24 (11) Discontinued operations 21 0 C
Slide 19: Agenda: 2014 Outlook & Targets
19 Agenda Appendices 4 Strategy & Business Update 1 Financial Overview 2 Appendices Strategy & Business Update Financial Overview 2014 Outlook & Targets 3
Slide 20: 2014 Guidance Confirmed
20 Q1 2014 Highlights 1 2014 Guidance Confirmed FY 2014 Business Guidance & Targets FY 2014E Earnings Guidance & Key Financial Targets Positive Performance Strong Business Momentum despite Q1 Seasonality Concessional operations growing with new operating assets and YieldCO project progressing as pla
Slide 21: Agenda: Appendices
21 Agenda 2014 Outlook & Targets 3 Strategy & Business Update 1 Financial Overview 2 2014 Outlook & Targets Strategy & Business Update Financial Overview Appendices 4
Slide 22: Results by Activity
22 Results by Activity in Millions Revenues EBITDA EBITDA Margin Q1 2014 Q1 2013 Var (%) Q1 2014 Q1 2013 Var (%) Q1 2014 Q1 2013 Engineering and Construction E&C 995 1,083 -8% 138 137 1% 13.9% 12.7% Technology & Others 57 91 -37% 43 70 -38% 75.9% 76.8% Total E&C 1,052 1,174 -10% 181 207 -12% 17.3% 1
Slide 23: E&C Results Visibility - Pipeline
2% 20% 14% 10% 20% 25% 9% North America Rest of EU Asia & Oceania Rest of South America 11% 12% 38% 17% 11% 10% Our growing pipeline of opportunities spans great visibility on future results 23 E&C Results Visibility - Pipeline Continued effort to increase business opportunities Pipeline increases i
Slide 24: Capex under construction by segment (I)
24 Capex under construction by segment (I) 1This project falls under the scope of IFRS 10 and is therefore consolidated through equity method until entry into operation Ashalim CSP Plant 110 MW 50% Israel Q2 17 n/a 805 n/a 54 n/a n/a Xina 100 MW 40% S.Africa Q4 16 n/a 647 n/a 68 n/a n/a Uruguay Wind
Slide 25: Capex under construction by segment (II)
25 Capex under construction by segment (II) 2014 2015 2016+ (M) Pending Capex ABG Equity Partners Debt Pending Capex ABG Equity Partners Debt Pending Capex ABG Equity Partners Debt Solar 288 43 19 226 28 3 2 23 0 0 0 0 Mojave1 110 24 0 86 0 0 0 0 0 0 0 0 South Africa 100 MW1 118 11 11 96 28 3 2 23 0
Slide 26: Asset Portfolio Capacity
Asset Portfolio Capacity 26 Revenue visibility backed by our solid asset portfolio Solar (MW) 2,660 9,740 2,660 Mar. 2014 2017E 560 260 660 820 Mar 2014 2015E (1) Includes 286 MW of capacity of bioethanol plants cogeneration facilities (2) Assumes sale of Qingdao Cogeneration & Others(1) (MW) Desali
Slide 27: Thank you
Thank you ABENGOA May 14, 2014 QUARTERLY INFORMATION (QUARTERLY ADVANCE OF THE FINANCIAL RESULTS): QUARTER: First YEAR: 2014 PERIOD ENDED: 03/31/2014 I. IDENTIFYING INFORMATION OF THE ISSUER Company name: ABENGOA, S.A. Campus Palmas Altas, calle Energía Solar nº 1, 41014 TAX Number: Registered Offic
Slide 28: Evolution of the Business
Evolution of the Business First Quarter 2014
Slide 29: Significant Events Reported to the CNMV
(1)This project falls under the scope of IFRS 10 and is therefore consolidated through equity method until entry into operation (2)Projects where financing and/or partner’s contribution still pending to be secured 7. Significant Events Reported to the CNMV Details of the Relevant Event corresponding
Slide 30: Signatures
Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. ABENGOA, S.A. By: /s/ MIGUEL ÁNGEL JIMÉNEZ-VELASCO MAZARÍO Name: Miguel Ángel Jiménez-Velasco Mazarío T