Acciona Sa · BME:ANA
Acciona Sa — Investor Day (January 2014)
16 slides from Acciona Sa's investor day presentation, Jan 15, 2014
Slide 1: Juan Muro-Lara, Chief Corporate Development and IR Officer
Juan Muro-Lara Chief Corporate Development and IR Officer 15th January 2014, Madrid 1
Slide 2: ACCIONA's transformation
ACCIONA’s transformation ACCIONA faces challenges … ► Regulatory: major retroactive changes significant impact so far and uncertainty about ongoing Reform ► Operational: related to the business cycle … but also significant growth opportunities in its core businesses The company is implementing a far
Slide 3: 1. Overview of ACCIONA
1. Overview of ACCIONA 3
Slide 4: ACCIONA in a nutshell
Overview of ACCIONA ACCIONA in a nutshell Listed company based in Spain – IBEX 35 ~€2.4bn market capitalisation1; EV of ~€9.8bn A global leader in Renewable Energy, Infrastructures and Water Sustainable development as cornerstone of the business ~45% of its revenues in 2013E from international marke
Slide 5: ACCIONA Group Current structure
ACCIONA Group Current structure EBITDA 2013E¹: €1.3bn 76% 16% 8% Infrastructure, Water & Service Energy Others Infrastruct. 11% Water 4% Service 1% ● #3 global renewable operator ● €5.9bn backlog ● €11bn backlog ● International service ● Asset man.: €8bn AUM ● Leader in key technologies ● 75% civil
Slide 6: 2. Challenges, Opportunities and Action Plan
2. Challenges, Opportunities and Action Plan 6
Slide 7: Current challenges
Current challenges ACCIONA is currently facing challenges affecting its core businesses Regulatory Spanish electricity sector reform Challenges Operational Exposure to the business cycle Growth A new paradigm for credit markets model 7
Slide 8: Opportunities
Opportunities ACCIONA is a global leader in its core businesses and can contribute to addressing global challenges Economic growth as legitimate global aspiration Urbanization and population growth The need for a sustainable energy model Global infrastructures deficit Water stress These long-term tr
Slide 9: Action Plan: What we aim to achieve
Action Plan What we aim to achieve The Action Plan aims to achieve the following: ► Mitigate significant impact of regulatory changes affecting the Spanish renewable energy portfolio ► Financial deleveraging and access to a wider range of sources of capital ► Transformation of the growth model: Focu
Slide 10: 3. Detail on the delivery of the Action Plan
3. Detail on the delivery of the Action Plan 10
Slide 11: Strategic / Financial measures
ACCIONA has a Plan and is delivering ACCIONA is taking determined actions as a response to the challenges faced Strategic / Financial measures Dividend ► 2013 interim dividend canceled unprecedented Capex ► Significant short term capex reduction 9M13 capex –48% ► Significant cost reduction plan bein
Slide 12: Dividend / Capex / Costs
Dividend / Capex / Costs Interim dividend cancelled ► Unprecedented decision in the recent history of the Dividend company Interim dividend cancelled ► Reflects prudent financial management in the light of [?] the impact of negative regulatory changes already suffered since Jan. 2013, as well as the
Slide 13: Asset disposals
Asset disposals Rationale ► Deleveraging ► Rotation of non-strategic assets ► Incorporation of financial partners in core businesses less capital-intensive growth ► December’13: Disposal of Germany renewable assets: 18 wind farms totaling 150.3MW Average weighted life: 8 years EV: €157m (Incl. Net D
Slide 14: Reorganisation
Reorganisation ACCIONA is also going through a deep business reorganisation ► Infrastructure, Water and Service divisions under joint Group structure management ► Structure simplification Corporate measures 2 main operational areas: o Energy o Infrastructure / Water / Service Other activities Manage
Slide 15: Conclusions
Conclusions ACCIONA is facing regulatory, operational and business growth model challenges affecting its core divisions … … but it also has significant growth opportunities in key sectors where it is a global leader renewables and infrastructure The company is implementing a comprehensive Action Pla
Slide 16: Juan Muro-Lara, Chief Corporate Development and IR Officer
Juan Muro-Lara Chief Corporate Development and IR Officer 15th January 2014, Madrid 16