Acciona Sa · BME:ANA
Acciona Sa — H1 2013 Earnings Presentation
28 slides from Acciona Sa's earnings presentation, Jul 30, 2013
Slide 1: Letter to CNMV
COMISIÓN NACIONAL DEL MERCADO DE VALORES Calle Edison, núm. 4 28006 Madrid Madrid, 30 de julio de 2013 Muy Sres. nuestros: ACCIONA adjunta presentación en ingles que se seguirá en la multiconferencia de hoy a las 12:00PM. La presentación podrá ser seguida vía webcast a través de la Web de ACCIONA (w
Slide 2: Juan Muro-Lara, Chief Corporate Development and IR Officer
Juan Muro-Lara Chief Corporate Development and IR Officer 30th July 2013
Slide 3: 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 half 2013 (H1 2013). Therefore it cannot be disclosed or made public by any person or entity with an aim other than the one expresse
Slide 4: Table of contents
Table of contents 1. Electricity sector reform 2. H1 2013 key highlights 3. Group financial information 4. Conclusions H1 2013 Results Presentation 3
Slide 5: 1. Electricity sector reform
1. Electricity sector reform
Slide 6: Progress on electricity sector reform in Spain
Progress on electricity sector reform in Spain On 12th of July, the Spanish cabinet approved Royal Decree Law 9/2013 defining the key principles of the electricity sector reform Electricity sector operating under the new regulatory principles since 14th July A barrage of draft legislation has been r
Slide 7: Major cuts to regulated costs to eliminate the deficit
Major cuts to regulated costs to eliminate the deficit The reform aims to provide a structural solution to the Tariff Deficit problem Government estimates the impact of the reform on €4.5bn in 2014 from regulated cost savings and increased revenues €2.7bn savings in regulated costs Extraordinary tar
Slide 8: Proposed framework for renewable & related generation
Proposed framework for renewable & related generation Renewables & related technologies to contribute with a significant share of the regulated cost savings New model based on regulatory definition of “reasonable return” over the entire life of the asset Reasonable project return concept defined as
Slide 9: Proposed framework for renewable & related generation
Proposed framework for renewable & related generation Investment incentive per MW: only if it is required to achieve regulatory target New model: revenues from selling return in the market + investment Opex incentive per MWh for installations incentive whose operating costs are higher than the m
Slide 10: Main implications of the proposed renewable framework
Main implications of the proposed renewable framework Radical and unpredictable departure from Special Regime framework in place for the last ten years: Complete transformation of economic model to one with no international benchmarks Third major change in framework in the space of a few months
Slide 11: Estimated legislative calendar – renewable energy
Estimated legislative calendar – renewable energy 1 Electricity Sector Act 1. Energy regulator CNE to publish non-binding report 2. Council of Ministers review and bill approval Expected enactment: 3. Referral to Parliament end of Nov 4. Congress & Senate review and approval 2 Royal Decree – renewab
Slide 12: 2. H1 2013 key highlights
2. H1 2013 key highlights
Slide 13: H1 2013 key highlights
H1 2013 key highlights (€m) % Chg. Revenues 3,255 -2.8% EBITDA 655 -3.2% EBT 54 -52.0% Capex 226 -34% NFD (vs Dec 12) 7,420 -1% Construction backlog 6,325 -7.7% Water backlog: D&C¹ 609 -6% O&M² 10,545 +154% 1 Design and Construction 2 Operation and Maintenance services H1 2013 Results Presentation 1
Slide 14: 3. Group financial information
3. Group financial information
Slide 15: P&L: Key figures
P&L: Key figures Jan-Jun 12 Jan-Jun 13 Chg. Chg. €m €m €m % Revenues 3,349 3,255 -94 -2.8% EBITDA 677 655 -22 -3.2% D&A and provisions -338 -383 -45 13.2% Results on impairment / reversal of assets -10 1 11 n.m. Results on non current assets disposals and 3 -0 -3 n.m. other gains and losses EBIT 332
Slide 16: Capex by division
Capex by division Capex breakdown Key highlights By division Significant 34% ordinary capex (€m) Capex reduction to €226m Jan-Jun 12 Jan-Jun 13 Core areas capture most of H1 2013 Energy 194 95 capex: Infrastructure 154 118 − Infrastructure: capex diversified in various concessions works e.g. Wat
Slide 17: Debt breakdown by division and nature
Debt breakdown by division and nature Net debt breakdown Gross debt breakdown By division By nature (€m) Net Debt Net Debt 31-Dec-12 30-Jun-13 34% Non recourse Energy 6,086 5,732 66% Recourse Infrastructure 225 431 Water 77 93 Service 42 35 €8,926m Other Activities 1,052 1,129 (Million Euro) 30-Jun-
Slide 18: Net debt evolution
Net debt evolution Net debt reconciliation H1 2013 (€m) Debt associated 298 727 to work in progress 496 Derivatives 577 6,178 6,626 Debt associated to Derivatives work in progress H1 2013 Results Presentation 17
Slide 19: Debt amortization schedule
Debt amortization schedule Principal repayment schedule 2013-2017 (€m)¹ Energy Infrastructure Wa ter Service Other Activities Undrawn corporate credit lines of €0.9bn ¹ Excludes bilateral credit policies, project bridge financing and real estate development loans Note: Repayment schedule during the
Slide 20: Energy: Key figures
Energy: Key figures Key figures Key highlights Attributable production up 13%: increased capacity in LTM (+243MW) and higher national wind and hydro load (Million Euro) Jan-Jun 12 Jan-Jun 13 Chg. Chg. (%) factors vs. H1 2012, partially offset by lower solar and international wind load factor Reven
Slide 21: Energy: Installed capacity and under construction
Energy: Installed capacity and under construction Installed MW @ Jun 2013 H1 2013 Attributable production Wind Spain 5.1TWh +12% MW (Total) Spain Internat. Total Wind Inter. 3.1TWh -0.4% Wind 4,743 2,416 7,159 Hydro 1.6TWh +70% Conventional Hydro 680 - 680 Solar 0.3TWh -8% Hydro special regi
Slide 22: Infrastructure: Key figures and backlog
Infrastructure: Key figures and backlog Key figures Construction backlog Jun 2013 International (Million Euro) Jan-Jun 12 Jan-Jun 13 Chg. Chg. (%) 50% (47% in H1 2012) Revenues 1,577 1,333 -244 -15.5% Spain EBITDA 78 64 -13 -17.3% 50% Margin (%) 4.9% 4.8% €6,325m International backlog Jun 2013 Key h
Slide 23: Infrastructure: Concessions
Infrastructure: Concessions Road Rail Canal Port Hospital Total # of concessions 12 3 1 1 6 23 EBITDA H1 2013 (€m) 16 0 1 0 10 24¹ 3 Average life (yrs) 33 32 30 30 30 33 3 Average consumed life (yrs) 6 7 7 8 6 6 Equity: €419m Invested capital (€m) 1,348 72 63 16 257 1,829² Net debt4: €1,410m Canada
Slide 24: Water
Water key figures Water backlog (€m) (Million Euro) Jan-Jun 12 Jan-Jun 13 Chg. Chg. (%) Revenues 206 266 61 29.4% (€609m) D&C¹ EBITDA 16 19 3 22.2% Margin (%) 7.6% 7.2% Spain (11%) International (89%) Key highlights Water revenues and EBITDA up 29.4% and 22.2% respectively helped both by D&C and O
Slide 25: Service and Other Activities
Service and Other Activities Service: key figures Key highlights (Million Euro) Jan-Jun 12 Jan-Jun 13 Chg. Chg. (%) ACCIONA Service includes: facility services, airport handling, waste management, logistic Revenues 278 295 17 6.0% services and other Revenues up 6% to €295m mainly helped by EBITD
Slide 26: 4. Conclusions
4. Conclusions
Slide 27: Conclusions
Conclusions Results negatively impacted by Law 15/2012 and RD-L 2/2013 energy regulatory changes Action Plan implementation on track H1 2013 results do not reflect any impact from RD-L 9/2013 Significant capex reduction Ordinary capex down 34% to €226m 75% invested in international markets Impact of
Slide 28: Juan Muro-Lara, Chief Corporate Development and IR Officer
Juan Muro-Lara Chief Corporate Development and IR Officer 30th July 2013