Acciona Sa · BME:ANA
Acciona Sa — 9M 2014 Earnings Presentation
26 slides from Acciona Sa's earnings presentation, Nov 6, 2014
Slide 1: 9M 2014 January - September
9M 2014 JANUARY - SEPTEMBER 6t November 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 nine months of 2014 (9M 2014). Therefore it cannot be disclosed or made public by any person or entity with an aim other than the on
Slide 3: 1. 9M 2014 key highlights
1. 9M 2014 key highlights
Slide 4: 9M 2014 key highlights
9M 2014 key highlights 9M 2014 key highlights ► Strategic alliance with KKR Sale of a 1/3rd stake in ACCIONA Energía International • Conditions precedent completed Closing of the transaction (October) ► New accounting since January 2014: • IFRS 11 implementation • Extension of accounting useful
Slide 5: 9M 2014 key highlights
9M 2014 key highlights ► Conditions precedent completed ► 2.2GW net operating renewable capacity in 11 ► Effective closing in October No impact international markets Strategic in cash proceeds in 9M results ► Additional announced assets are pending of alliance with ► Acquisition price of €397m som
Slide 6: 9M 2014 key highlights
9M 2014 key highlights ► Disposal of German wind assets ► Impact 9M 2014: (150MW) for EV €157m • No P&L contribution for 2014 ► Debt decons. as of Dec 2013: €85m • Capital gain: +€28m / Cash: +€67m +€36m ► Sale of two minority stakes of 12% and ► Impact 9M 2014: 13% of two transport concessions in •
Slide 7: 9M 2014 key figures
9M 2014 key figures % Chg. vs (€m) 9M 2013 Revenues 4,728 +0.6% EBITDA 771 -8.0% EBITDA (ex regulatory impact) 929 +10.8% PBT 209 +153.5% Ordinary capex 320 +19.6% NFD 5,921 -10.7% 9M 2014 7
Slide 8: 2. Group financial information
2. Group financial information
Slide 9: Group: Capex by division
Group: Capex by division Capex breakdown By division Key highlights (€m) Capex +20% increase in net ordinary capex Jan-Sep 13 Jan-Sep 14 Energy captures most of the investment effort: Energy 166 265 - 174MW under construction Infrastructure 135 68 • 100% international Construction 105 51 • 138MW
Slide 10: 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 €7,567m 31-Dec-13 30-Sep-14 Energy 4,810 4,699 Non recourse (67%) Infrastructure 222 480 Recourse (33%) Construction 142 325 Water 54 124 Recourse debt Service 26 30 Dec
Slide 11: Group: Net debt evolution
Group: Net debt evolution Net debt reconciliation 9M 2014 (€m) LTM: -€709m (-11%) 6,630 -€590m -€119m 370 308 486 427 5,362 €196m 5,008 -€503m +€210m +€175m Operating CF Investment CF Financing CF Net debt* Sept 2013 Debt associated to work in progress Derivatives *IFRS 11 restated 9M 2014 11
Slide 12: Group: Debt amortization schedule
Group: Debt amortization schedule Principal repayment schedule 2014-2018 (€m)¹ Energy Infrastructure Other activities Undrawn corporate credit lines: €1.9bn as of 30th September 2014 vs €1.0bn as of 31st December 2013 ¹ Excludes bilateral credit policies, project bridge financing and real estate dev
Slide 13: Energy: Key figures
Energy: Key figures Key figures Latest regulatory changes (Million Euro) Jan-Sep 13 Jan-Sep 14 Chg. Chg. (%) €651m Variation +€46m €539m Revenues 1,507 1,526 19 1.3% -17% -€158m EBITDA 651 539 -113 -17.3% Var. ex reg. changes 9M 2013 RDL Operat. 9M 2014 +7% Margin (%) 43.2% 35.3% EBITDA 413/2014 EBI
Slide 14: Energy: Severe impact of cumulative measures
Energy: Severe impact of cumulative measures Impact of regulatory changes 2012-2014 Law 15/2012¹ RD 413/2014 Total impact + RDL 2/2013² Revenues -€18m -€171m -€189m EBITDA -€80m -€158m -€239m EBT -€88m -€194m -€283m EBT would have been €283m higher excluding the total impact of regulatory measures i
Slide 15: Energy: Wind drivers by country
Energy: Wind drivers by country Wind prices (€/MWh) and Load factors (%) 9M 2014 9M 2013 Chg. (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) Spain Average 53.8 24.5% 85.1 26.2% -36.8% Spain - Regulated 65.6 Spain - Not regulated 33.2 Canada 53.1 30.8% 62.8 32.9% -15.4% USA 3
Slide 16: Energy: Installed capacity and under construction
Energy: Installed capacity and under construction Installed MW + Under construction MW @ 9M 2014 Installed MW Under constr. MW Total Attributable Eq accounted Attributable Wind Spain 4,743 3,466 619 0 Wind - Under construction Wind international 2,299 2,057 48 138 South Africa 138MW Conventional H
Slide 17: Energy: Capacity under the equity accounting method
Energy: Capacity under the equity accounting method Detail of capacity via the equity accounting method 9M 2014 (proportional figures) 30-Sep-14 MW GWh EBITDA NFD Average COD Wind Spain 619 1,104 33 232 2005 Wind International 48 94 5 14 2005 Australia 33 66 3 9 2005 Hungary 11 17 2 5 2006 USA 4 11
Slide 18: Energy: ACCIONA Windpower
Energy: ACCIONA Windpower ACCIONA Windpower Assembly of turbines (MW) Backlog (MW) 1,011 International 100% 528 +369MW 159 AWP installed 528MW in 9M 2014 vs 159MW in 9M 2013 9M 2014 18
Slide 19: Construction: Key figures and backlog
Construction: Key figures and backlog Key figures Construction backlog 9M 2014 (Million Euro) Jan-Sep 13 Jan-Sep 14 Chg. Chg. (%) International 65% Revenues 1,998 1,884 -115 -5.8% Spain EBITDA 87 88 1 0.9% 35% Margin (%) 4.3% 4.7% €6,312m International backlog 9M 2014 Key highlights By region Reve
Slide 20: Construction: Concessions
Construction: Concessions Road Rail Canal Port Hospital Total # of concessions 12 1 1 1 5 20 Proportional EBITDA 9M 2014 (€m) 71 2 2 0 17 86 Consolidated EBITDA 9M 2014 (€m) 25 0 0 0 10 29 Average life (yrs) 33 35 30 30 28 31 Average consumed life (yrs) 7 5 8 9 6 7 Equity: €443m Invested capital (€m
Slide 21: Water and Service
Water and Service Water: key figures Service: key figures (Million Euro) Jan-Sep 13 Jan-Sep 14 Chg. Chg. (%) (Million Euro) Jan-Sep 13 Jan-Sep 14 Chg. Chg. (%) Revenues 347 329 -18 -5.2% Revenues 463 523 60 12.9% EBITDA 20 20 0 -1.2% EBITDA 18 21 4 21.1% Margin (%) 5.8% 6.1% Margin (%) 3.8% 4.1% Key
Slide 22: Other activities
Other activities Other activities: key figures Key highlights (Million Euro) Jan-Sep 13 Jan-Sep 14 Chg. Chg. (%) Trasmediterranea: Revenues 474 547 73 15.4% Trasmediterranea’s EBITDA amounted to €30m compared to €15m from previous year EBITDA 63 102 40 63.1% EBITDA increases due to higher averag
Slide 23: Other activities: Bestinver
Other activities: Bestinver AUM Evolution (€m) AUM: -€899m 8,930 New investment team 8,031 Luis Rivera President Beltrán Lastra Chief Investment Officer , Ricardo Cañete Head of Iberian coverage , 4,975 Bestinver reported EBITDA of €71m in 9m 2014 vs. €52m in 9M 2013 9M 2014 23
Slide 24: 3. Closing remarks
3. Closing remarks
Slide 25: Closing remarks
Closing remarks Results severely impacted by new regulation Regulatory impact (RDL 413/2014): -€194m EBT Total impact (Law 15/2012+ RDL 2/2013 + RDL 413/2014): -€283m EBT Improvements at operating level (vs. Sep 2013) EBITDA up +11% ex regulatory impact (RDL 413/2014) Net debt down by 11% an
Slide 26: 9M 2014 January - September
9M 2014 JANUARY - SEPTEMBER 6t November 2014