Acciona Sa · BME:ANA
Acciona Sa — Q1 2016 Earnings Presentation
21 slides from Acciona Sa's earnings presentation, May 12, 2016
Slide 1: Q1 2016 January - March
Q1 2016 JANUARY - MARCH #ACCIONA1T16 12th May 2016
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 2016 (Q1 2016). Therefore it cannot be disclosed or made public by any person or entity with an aim other than the one ex
Slide 3: Table of contents
Table of contents 1. Q1 2016 key highlights 2. Group financial information 3. Energy 4. Infrastructure 5. Other activities 6. Closing remarks Appendix #ACCIONA1T16 Q1 2016 3
Slide 4: Q1 2016 key figures
Q1 2016 key figures % Chg. (€m) vs Q1 2015 Revenues 1,418 -7.2% EBITDA 277 -1.0% Ordinary EBIT 45 -32.0% Total EBT 71 7.4% Ordinary capex 299 vs 55 (Q1 2015) NFD 5,396 4.6% (Dec. 2015) #ACCIONA1T16 Q1 2016 4
Slide 5: Group: Capex by division
Group: Capex by division Capex breakdown By division Key highlights (€m) Capex 2016 capex is front-end loaded due to one-off Jan-Mar 15 Jan-Mar 16 acquisitions in Q1: Energy 41 135 - Acquisition of 37% of ATLL from BTG Pactual for €74m Infrastructure 13 111 - Acquisition of two vessels by Trasmedi
Slide 6: Group: Debt breakdown by division and nature
Group: Debt breakdown by division and nature Group debt breakdown Gross debt - Nature 31-Dec-15 31-Mar-16 Non- Recourse Gross Cash + (€m) Net debt recourse Net debt debt debt C. Equiv. Recourse debt Non-recourse Energy 4,295 1,256 3,911 5,167 -763 4,404 Infrastructure 162 716 500 1,217 -924 293 Cons
Slide 7: Group: Recourse debt & liquidity
Group: Recourse debt & liquidity Debt with recourse: €2,767m Debt with recourse (€m) 31-Mar-16 Average cost of Averg. matur. Average maturity debt Undrawn credit (years) Bank debt 1,710 lines (years) Commercial paper programme 234 Bonds 281 Convertible bond 316 Other (ECAs, Supranationals) 226 Capit
Slide 8: Group: Recourse debt & liquidity
Group: Recourse debt & liquidity Maturity profile of debt with recourse (€2,767) 1,129 316 133 695 63 490 273 39 325 233 641 33 127 360 179 293 13 6 39 114 39 2016 2017 2018 2019 > 2020 Credit lines Loans ECP EMTN Convertible Undrawn credit lines cover all corporate maturities for the next three yea
Slide 9: Group: Non-recourse debt amortization schedule
Group: Non-recourse debt amortization schedule Group: Debt amortization Principal schedule repayment schedule 2016-2025 (€m) #ACCIONA1T16 Q1 2016 9
Slide 10: Group: Net debt evolution
Group: Net debt evolution Net debt reconciliation Q1 2016 (€m) 158 151 416 377 4,631 4,822 -€44m +€292m -€11m Operating CF Investment CF Financing/Others CF Debt associated to work in progress Derivatives #ACCIONA1T16 Q1 2016 10
Slide 11: Energy: Key figures
Energy: Key figures Key figures EBITDA evolution (€m) (Million Euro) Jan-Mar 15 Jan-Mar 16 Chg. Chg. (%) Revenues 640 573 -68 -10.6% EBITDA 241 213 -28 -11.7% Margin (%) 37.6% 37.1% Capacity Production Consolidated installed capacity close to Consolidated production slightly above vs Q1 2015 7,1
Slide 12: Energy: Q1 2016 installations and WIP
Energy: Q1 2016 installations and WIP Under construction MW Remaining Project Installed in under Expected Technology Country Asset name Details MW Q1 2016 construct. COD MW Biggest PV plant in Latin America 247MWp PV plant of wich ~140MW expected to be installed in 2016 Solar PV Chile Romero Solar 2
Slide 13: Construction: Key figures and backlog
Construction: Key figures and backlog Key figures Construction backlog 1Q 2016 (Million Euro) Jan-Mar 15 Jan-Mar 16 Chg. Chg. (%) International 75% Revenues 535 427 -108 -20.3% Spain EBITDA 22 23 1 4.2% 25% Margin (%) 4.1% 5.4% €6,535m International backlog Q1 2016 Key highlights By region Revenue
Slide 14: Infrastructure: Concessions
Infrastructure: Concessions Road Rail Canal Port Hospital Water TOTAL # of concessions 12 2 1 1 5 56 77 Proportional EBITDA Q1 2016 (€m) 16 1 0 0 6 28 49 Consolidated EBITDA Q1 2016 (€m) 10 0 0 0 3 24 35 Average life (yrs) 33 31 30 30 28 n.m. n.m. Average consumed life (yrs) 10 6 10 11 7 n.m. n.m. I
Slide 15: Water and Service
Water and Service Water: key figures Service: key figures (Million Euro) Jan-Mar 15 Jan-Mar 16 Chg. Chg. (%) (Million Euro) Jan-Mar 15 Jan-Mar 16 Chg. Chg. (%) Revenues 89 163 75 83.8% Revenues 165 158 -7 -4.0% EBITDA 3 28 25 710.2% EBITDA 2 3 1 3.2% Margin (%) 3.8% 16.9% Margin (%) 1.5% 1.6% Key hi
Slide 16: Other activities
Other activities Other activities: key figures Key highlights (Million Euro) Jan-Mar 15 Jan-Mar 16 Chg. Chg. (%) Trasmediterránea: EBITDA improves by €5m reaching (+€2m in Q1 Revenues 127 128 1 0.8% 2016 vs -€3m in Q1 2015) due to: EBITDA 11 12 1 7.2% ‒ Higher passengers and vehicles volumes Margi
Slide 17: Closing remarks
Closing remarks Q1 2016 EBITDA in line with Q1 2015 despite low pool prices in Spain Full consolidation of ATLL water concession from 1st January 2016 transforms the profile of the water business 2016 capex is front-end loaded due to one-off acquisitions in Q1 FY 2016 outlook maintained despite weak
Slide 18: Appendix
Appendix
Slide 19: Energy: Equity-accounted generation capacity
Energy: Equity-accounted generation capacity Detail of capacity accounted under the equity method Q1 2016 (proportional figures) 31-Mar-16 MW GWh EBITDA NFD Average COD Wind Spain 619 492 12 238 2005 Wind International 48 28 1 9 2005 Australia 32 18 1 5 2005 Hungary 12 7 1 4 2006 USA 4 4 0 0 2003 So
Slide 20: Energy: Wind drivers by country
Energy: Wind drivers by country Wind prices (€/MWh) and Load factors (%) Q1 2016 Q1 2015 Chg. (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) Spain Average 50.1 * 33.2% 58.7 32.4% -14.7% Spain - Regulated 60.2 * 66.5 Spain - Not regulated 27.8 42.4 Canada 55.0 36.0% 52.9 40.3
Slide 21: Q1 2016 January - March
Q1 2016 JANUARY - MARCH #ACCIONA1T16 12th May 2016