Acciona Sa · BME:ANA
Acciona Sa — H1 2010 Earnings Presentation
34 slides from Acciona Sa's earnings presentation, Jul 30, 2010
Slide 1: H1 2010 January-June
H1 2010 JANUARY - JUNE 30* July 2010
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 of the first semester 2010 (H1-2010). Therefore it cannot be disclosed or made public by any person or entity with an aim other than the one expre
Slide 3: Table of Contents
Table of Contents 1. Key Highlights of H1 2010 2. Operating Performance 3. Financial Information by Division 4. Conclusions H1 2010 Results Presentation 3
Slide 4: 1. Key Highlights of H1 2010
1. Key Highlights of H1 2010
Slide 5: Key Highlights of H1 2010
Key Highlights of H1 2010 Renewables regulation in Spain: wind and CSP Sector news Ministry of Public Works adjustment in construction contracts Agreement with Dhamma Energy to develop 250MW of solar PV in France Energy Short-listed for solar flagship project in Australia (200MW) Forward sale of 1.1
Slide 6: Spanish wind and CSP regulatory review
Spanish wind and CSP regulatory review Government agreement with wind and solar thermal associations (Asociación Eólica Empresarial and Protermosolar) The Ministry of Industry announced on 2nd July the agreement reached with the associations Key aspects: Wind CSP Temporarily 35% reduction (until 1 J
Slide 7: 250MW Solar PV in France – 200MW CSP Australia
250MW Solar PV in France – 200MW CSP Australia Short-listed by the Australian Agreement to develop 250MW government for the $1.5bn of solar PV in France Solar Flagships Programs ACCIONA signed a framework cooperation ACCIONA’s CSP project short-listed as one agreement with Dhamma Energy to develop o
Slide 8: 3Q 2010 CESUR Auction
3Q 2010 CESUR Auction ACCIONA forward sale of 1.1Twh 3Q 2010 CESUR auction celebrated on 23rd June 2010 The five last resort retailers (previous distributors) to supply the Iberian Peninsula (Endesa, Iberdrola, Gas Natural, Hidrocantábrico and E.On) put a tender for 4,000MW base load. ACCIONA forwar
Slide 9: Real estate assets disposal – June-July 2010
Real estate assets disposal – June-July 2010 Disposal of two real estate properties for €96,8m June 2010 Disposal of a real estate property to Banco Sabadell for €51,3m The building has 37,200m2 and 325 parking spaces The building is rented to Telvent It is located in Madrid’s business area, Polígon
Slide 10: 2. Operating Performance
2. Operating Performance
Slide 11: P&L Main Figures
P&L Main Figures Key Figures EBITDA Breakdown² H1 2010 By Division Jan-Jun Jan-Jun (€m) Chg. (%) 73% Energy 2009 2010 15% Infrastructures Revenue 2,933 3,015 +2.8% 3% Real Estate EBITDA 382 528 +38.5% 3% Water & ES Profit of Services and Other 6% continued 82¹ 83 +1.6% Business activities €528m The
Slide 12: Capex by Division
Capex by Division Capex Breakdown Capex Contribution By Division By Division (€m) Capex Contribution 41.4% Energy Jan-Jun 10 Energy 200 41% 30.1% Infrastructures Infrastructures 145 30% 28.1% Logistics Real Estate -11 -2% Urban & Environ. S. 13 3% 2.8% Urban and Env. Logistic & Transport S. 136 28%
Slide 13: Debt & Liquidity Analysis
Debt & Liquidity Analysis 57% of Gross Debt non-recourse to ACCIONA Net Debt Breakdown (€m) Gross Debt Breakdown (€m) By Division By Nature (€m) Net Debt % 43% 30-Jun-10 of Total Energy 5,656 72% Infrastructures 523 7% Real Estate 1,041 13% Logistic & Transport S. 211 3% 57% Urban & Environmental S.
Slide 14: Debt & Liquidity Analysis
Debt & Liquidity Analysis Debt Amortization Schedule (€m) 2.020 2 year bridge loan financing the acquisition of Endesa assets (€1,500m; maturity June 2011) 1,961 408 416 431 393 257 319 296 310 11 18 17 20 110 21 9 15 27 83 18 45 30 60 41 +12months +24months +36months +48months +60months 319 Energy
Slide 15: 3. Financial Information by Division
3. Financial Information by Division
Slide 16: Energy
Energy Hydro Concentrated Photovoltaic Conventional Wind Biomass WTG Biofuels special regime Solar Power Solar Hydro H1 2010 Results Presentation 16
Slide 17: Energy: Key Figures
Energy: Key Figures Revenues (€m) EBITDA (€m) Generation 47.3% 53.3% 741 Industrial, +42.1% 13% develop. & Other 395 522 EBITDA margin +60.1% 15% 247 87% 85% 449 272 -26 -55 Jan-Jun 09 Jan-Jun 10 Jan-Jun 09 Jan-Jun 10 Despite 1H2010 low pool prices in Spain (-27,8%), the energy division showed a ver
Slide 18: Energy: Capacity
Energy: Capacity MW Installed @ Jun 2010 MW under Construction @ Jun 2010 MW (Total) Spain Internat. Total MW (Total) Spain Internat. Total Wind 4,591 1,639 6,230 Wind 35 418 453 Hydro special regime 232 - 232 Hydro special regime - - - Conventional Hydro 679 - 679 Conventional Hydro - - - Biomass 3
Slide 19: Energy: Production
Energy: Production Attributable Production (GWh) (Attributable GWh) 30-Jun-09 30-Jun-10 Chg. (%) Wind Spain 2.846 4.425 55% Wind international 1.222 1.880 54% Other tech. Total Wind 4.069 6.305 55% (26%) Hydro special regime 151 465 208% Conventional Hydro 41 1.235 n.m. Wind Spain Biomass 85 111 30%
Slide 20: Energy: Wind Overview
Energy: Wind Overview Load Factor (%) Prices – Spain (€/MWh) 89.9 H1 09 H1 10 83.5 81.4 83,6 79.7 78.9 79.8 -12.8% National 26.5% 27.3% 73.0 71.5 70.2 78.6 78.2 72,9 International 33.8% 30.6% 62.0 Total 28.3% 28.2% Jan. Feb. March April May June Final Price1H2009 Final Price 1H2010 Average 1H2009 Av
Slide 21: Infrastructures
Infrastructures Construction Concessions Real Estate H1 2010 Results Presentation 21
Slide 22: Infrastructures: Key Figures
Infrastructures: Key Figures Revenues (€m) EBITDA (€m) Const. & Eng Concessions EBITDA margin 4.6% 5.3% 1,694 -10.1% 2% 1,523 77 3.7% 80 4% 8% 21% 98% 96% 92% 79% Jan-Jun 09 Jan-Jun 10 Jan-Jun 09 Jan-Jun 10 Slowdown of domestic construction during 1H2010 compensated86% by: – Higher EBITDA margin in
Slide 23: Infrastructures: Construction Backlog June 2010
Infrastructures: Construction Backlog June 2010 Construction Backlog (€m) Construction Backlog By Client Type Chg. Vs (%) (€m) 30-Jun-09 31-Dec-09 30-Jun-10 30-Jun-09 31-Dec-09 Civil works (Spain) 4,153 3,802 3,576 -14% -6% Civil works (Internat.) 1,221 1,282 1,445 18% 13% Total Civil Works 5,374 5,
Slide 24: Infrastructures: Construction Backlog June 2010
Infrastructures: Construction Backlog June 2010 International Spain 28% 72% €6,897m International Backlog Spanish Backlog By Geography By Client Europe (40%) Central Administration (52%) Canada (35%) Regional Governments (20%) Municipalities (6%) LatAm (22%) Private (11%) RoW (3%) Group Companies (1
Slide 25: Infrastructures: Concessions
Infrastructures: Concessions Increased international contribution Very young concessions portfolio Book value of concessions as of Jun 2010: €1,196m (equity and net debt) Revenues Breakdown - By Geography H1 2009 H1 2010 35% 24% 65% 76% €39.1m Spain €58.9m International H1 2010 Results Presentation
Slide 26: Infrastructures: Real Estate
Infrastructures: Real Estate Revenues (€m) EBITDA (€m) Development Rental Assets Parkings +1.9% 104 106 EBITDA margin 23.9% 13.8% 10% 11% 25 22% 19% -41.0% 6 15 6 68% 70% 16 12 3 -3 Jan-Jun 09 Jan-Jun 10 Jan-Jun 09 Jan-Jun 10 Accelerated de-stocking in the residential market (housing units reduced f
Slide 27: Services and Other Businesses
Services and Other Businesses Services Other Businesses Logistic & Transport Urban & Environmental Asset Management Media (GPD) Winery H1 2010 Results Presentation 27
Slide 28: Logistic & Transport Services: Key Figures
Logistic & Transport Services: Key Figures Revenues (€m) EBITDA (€m) Handling Trasmediterránea 3.5% 2.6% Other EBITDA margin 13 -30.0% 369 -3.8% 31% 355 17% 9 17% 22% 36% 65% 47% 66% 33% 31% 18% 17% Jan-Jun 09 Jan-Jun 10 Jan-Jun 09 Jan-Jun 10 Acquisition of two new roll-on/roll-off cargo vessels and
Slide 29: Urban & Environmental Services: Key Figures
Urban & Environmental Services: Key Figures Revenues (€m) EBITDA (€m) Agua &ES Other EBITDA margin +0.4% 5.3% 6.0% 336 337 +12.2% 20 33% 32% 18 21% 38% 68% 62% 79% 67% Jan-Jun 09 Jan-Jun 10 Jan-Jun 09 Jan-Jun 10 Revenues in line with 1H2009 EBITDA increased 12% reaching €20m driven by the positive p
Slide 30: Urban & Environmental Services: Agua
Urban & Environmental Services: Agua Agua Revenues Breakdown International Revenues Breakdown By Geography By Geography Spain 54% UK (10%) Algeria (10%) Australia (58%) International Italy (7%) 46% LatAm (11%) Portugal (2%) USA (1%) ROW (1%) €196.9m €90.9m Water backlog as of 30th June was €4,223m H
Slide 31: Other Businesses: Key Figures
Other Businesses: Key Figures Revenues (€m) EBITDA (€m) +11.4 52 EBITDA margin 47 28.2% 37.5% +47.9% 19 13 Jan-Jun 09 Jan-Jun 10 Jan-Jun 09 Jan-Jun 10 Includes: – Bestinver – “Bodegas Hijos de Antonio Barceló” winery business – Media (GPD) Bestinver had €4,273m under management as of June 2010 (vs.
Slide 32: 4. Conclusions
4. Conclusions
Slide 33: Conclusions
Conclusions Strong growth driven by organic and acquired new capacity in Energy Sharp decline in Spanish energy prices partially offset by higher load factors Significant recovery of Spain electricity prices in 2Q with an improved outlook Domestic construction slowdown compensated by higher division
Slide 34: H1 2010 January-June
H1 2010 JANUARY - JUNE 30* July 2010